[ Pierre/NNP Vinken/NNP ]
,/, 
[ 61/CD years/NNS ]
old/JJ ,/, will/MD join/VB 
[ the/DT board/NN ]
as/IN 
[ a/DT nonexecutive/JJ director/NN Nov./NNP 29/CD ]
./. 

[ Mr./NNP Vinken/NNP ]
is/VBZ 
[ chairman/NN ]
of/IN 
[ Elsevier/NNP N.V./NNP ]
,/, 
[ the/DT Dutch/NNP publishing/VBG group/NN ]
./. 

[ Rudolph/NNP Agnew/NNP ]
,/, 
[ 55/CD years/NNS ]
old/JJ and/CC 
[ former/JJ chairman/NN ]
of/IN 
[ Consolidated/NNP Gold/NNP Fields/NNP PLC/NNP ]
,/, was/VBD named/VBN 
[ a/DT nonexecutive/JJ director/NN ]
of/IN 
[ this/DT British/JJ industrial/JJ conglomerate/NN ]
./. 

[ A/DT form/NN ]
of/IN 
[ asbestos/NN ]
once/RB used/VBN to/TO make/VB Kent/NNP 
[ cigarette/NN filters/NNS ]
has/VBZ caused/VBN 
[ a/DT high/JJ percentage/NN ]
of/IN 
[ cancer/NN deaths/NNS ]
among/IN 
[ a/DT group/NN ]
of/IN 
[ workers/NNS ]
exposed/VBN to/TO 
[ it/PRP ]
more/RBR than/IN 
[ 30/CD years/NNS ]
ago/IN ,/, 
[ researchers/NNS ]
reported/VBD ./. 

[ The/DT asbestos/NN fiber/NN ]
,/, 
[ crocidolite/NN ]
,/, is/VBZ unusually/RB resilient/JJ once/IN 
[ it/PRP ]
enters/VBZ 
[ the/DT lungs/NNS ]
,/, with/IN 
[ even/RB brief/JJ exposures/NNS ]
to/TO 
[ it/PRP ]
causing/VBG 
[ symptoms/NNS ]
[ that/WDT ]
show/VBP up/IN 
[ decades/NNS ]
later/JJ ,/, 
[ researchers/NNS ]
said/VBD ./. 

[ Lorillard/NNP Inc./NNP ]
,/, 
[ the/DT unit/NN ]
of/IN 
[ New/JJ York-based/JJ Loews/NNP Corp./NNP ]
[ that/WDT ]
makes/VBZ Kent/NNP 
[ cigarettes/NNS ]
,/, stopped/VBD using/VBG 
[ crocidolite/NN ]
in/IN 
[ its/PRP$ Micronite/NN cigarette/NN filters/NNS ]
in/IN 
[ 1956/CD ]
./. 

Although/IN 
[ preliminary/JJ findings/NNS ]
were/VBD reported/VBN more/RBR than/IN 
[ a/DT year/NN ]
ago/IN ,/, 
[ the/DT latest/JJS results/NNS ]
appear/VBP in/IN 
[ today/NN 's/POS New/NNP England/NNP Journal/NNP ]
of/IN 
[ Medicine/NNP ]
,/, 
[ a/DT forum/NN ]
likely/JJ to/TO bring/VB 
[ new/JJ attention/NN ]
to/TO 
[ the/DT problem/NN ]
./. 

[ A/DT Lorillard/NNP spokewoman/NN ]
said/VBD ,/, ``/`` 
[ This/DT ]
is/VBZ 
[ an/DT old/JJ story/NN ]
./. 

[ We/PRP ]
're/VBP talking/VBG about/IN 
[ years/NNS ]
ago/IN before/IN 
[ anyone/NN ]
heard/VBD of/IN 
[ asbestos/NN ]
having/VBG 
[ any/DT questionable/JJ properties/NNS ]
./. 

[ There/EX ]
is/VBZ 
[ no/DT asbestos/NN ]
in/IN 
[ our/PRP$ products/NNS ]
now/RB ./. 

''/'' 

[ Neither/DT Lorillard/NNP ]
nor/CC 
[ the/DT researchers/NNS ]
[ who/WP ]
studied/VBD 
[ the/DT workers/NNS ]
were/VBD aware/JJ of/IN 
[ any/DT research/NN ]
on/IN 
[ smokers/NNS ]
of/IN 
[ the/DT ]
Kent/NNP 
[ cigarettes/NNS ]
./. 

``/`` 
[ We/PRP ]
have/VBP 
[ no/DT useful/JJ information/NN ]
on/IN whether/IN 
[ users/NNS ]
are/VBP at/IN 
[ risk/NN ]
,/, ''/'' said/VBD 
[ James/NNP A./NNP Talcott/NNP ]
of/IN 
[ Boston/NNP 's/POS Dana-Farber/NNP Cancer/NNP Institute/NNP ]
./. 

[ Dr./NNP Talcott/NNP ]
led/VBD 
[ a/DT team/NN ]
of/IN 
[ researchers/NNS ]
from/IN 
[ the/DT National/NNP Cancer/NNP Institute/NNP ]
and/CC 
[ the/DT medical/JJ schools/NNS ]
of/IN 
[ Harvard/NNP University/NNP ]
and/CC 
[ Boston/NNP University/NNP ]
./. 

[ The/DT Lorillard/NNP spokeswoman/NN ]
said/VBD 
[ asbestos/NN ]
was/VBD used/VBN in/IN ``/`` 
[ very/RB modest/JJ amounts/NNS ]
''/'' in/IN 
[ making/VBG paper/NN ]
for/IN 
[ the/DT filters/NNS ]
in/IN 
[ the/DT early/JJ 1950s/CD ]
and/CC replaced/VBN with/IN 
[ a/DT different/JJ type/NN ]
of/IN 
[ filter/NN ]
in/IN 
[ 1956/CD ]
./. 

From/IN 
[ 1953/CD ]
to/TO 
[ 1955/CD ]
,/, 
[ 9.8/CD billion/CD ]
Kent/NNP 
[ cigarettes/NNS ]
with/IN 
[ the/DT filters/NNS ]
were/VBD sold/VBN ,/, 
[ the/DT company/NN ]
said/VBD ./. 

Among/IN 
[ 33/CD men/NNS ]
[ who/WP ]
worked/VBD closely/RB with/IN 
[ the/DT substance/NN ]
,/, 
[ 28/CD ]
have/VBP died/VBN --/: more/JJ than/IN 
[ three/CD times/NNS ]
[ the/DT expected/VBN number/NN ]
./. 

[ Four/CD ]
of/IN 
[ the/DT five/CD surviving/VBG workers/NNS ]
have/VBP 
[ asbestos-related/JJ diseases/NNS ]
,/, including/VBG 
[ three/CD ]
with/IN recently/RB diagnosed/VBN 
[ cancer/NN ]
./. 

[ The/DT total/NN ]
of/IN 
[ 18/CD deaths/NNS ]
from/IN 
[ malignant/JJ mesothelioma/NN ]
,/, 
[ lung/NN cancer/NN ]
and/CC 
[ asbestosis/NN ]
was/VBD far/RB higher/JJR than/IN expected/VBN ,/, 
[ the/DT researchers/NNS ]
said/VBD ./. 

``/`` 
[ The/DT morbidity/NN rate/NN ]
is/VBZ 
[ a/DT striking/JJ finding/NN ]
among/IN 
[ those/DT ]
of/IN 
[ us/PRP ]
[ who/WP ]
study/VBP 
[ asbestos-related/JJ diseases/NNS ]
,/, ''/'' said/VBD 
[ Dr./NNP Talcott/NNP ]
./. 

[ The/DT percentage/NN ]
of/IN 
[ lung/NN cancer/NN deaths/NNS ]
among/IN 
[ the/DT workers/NNS ]
at/IN 
[ the/DT West/NNP Groton/NNP ]
,/, 
[ Mass./NNP ]
,/, 
[ paper/NN factory/NN ]
appears/VBZ to/TO be/VB 
[ the/DT highest/JJS ]
for/IN 
[ any/DT asbestos/NN workers/NNS ]
studied/VBN in/IN 
[ Western/JJ industrialized/VBN countries/NNS ]
,/, 
[ he/PRP ]
said/VBD ./. 

[ The/DT plant/NN ]
,/, 
[ which/WDT ]
is/VBZ owned/VBN by/IN 
[ Hollingsworth/NNP ]
&/CC 
[ Vose/NNP Co./NNP ]
,/, was/VBD under/IN 
[ contract/NN ]
with/IN 
[ Lorillard/NN ]
to/TO make/VB 
[ the/DT cigarette/NN filters/NNS ]
./. 

[ The/DT finding/NN ]
probably/RB will/MD support/VB 
[ those/DT ]
[ who/WP ]
argue/VBP that/IN 
[ the/DT U.S./NNP ]
should/MD regulate/VB 
[ the/DT class/NN ]
of/IN 
[ asbestos/NN including/VBG crocidolite/NN ]
more/RBR stringently/RB than/IN 
[ the/DT common/JJ kind/NN ]
of/IN 
[ asbestos/NN ]
,/, 
[ chrysotile/NN ]
,/, found/VBN in/IN 
[ most/JJS schools/NNS ]
and/CC 
[ other/JJ buildings/NNS ]
,/, 
[ Dr./NNP Talcott/NNP ]
said/VBD ./. 

[ The/DT U.S./NNP ]
is/VBZ 
[ one/CD ]
of/IN 
[ the/DT few/JJ industrialized/VBN nations/NNS ]
[ that/WDT ]
does/VBZ n't/RB have/VB 
[ a/DT higher/JJR standard/NN ]
of/IN 
[ regulation/NN ]
for/IN 
[ the/DT smooth/JJ ]
,/, 
[ needle-like/JJ fibers/NNS ]
such/JJ as/IN 
[ crocidolite/NN ]
[ that/WDT ]
are/VBP classified/VBN as/IN 
[ amphobiles/NNS ]
,/, according/VBG to/TO 
[ Brooke/NNP T./NNP Mossman/NNP ]
,/, 
[ a/DT professor/NN ]
of/IN 
[ pathlogy/NN ]
at/IN 
[ the/DT University/NNP ]
of/IN 
[ Vermont/NNP College/NNP ]
of/IN 
[ Medicine/NNP ]
./. 

[ More/RBR common/JJ chrysotile/NN fibers/NNS ]
are/VBP curly/JJ and/CC are/VBP more/RBR easily/RB rejected/VBN by/IN 
[ the/DT body/NN ]
,/, 
[ Dr./NNP Mossman/NNP ]
explained/VBD ./. 

In/IN 
[ July/NNP ]
,/, 
[ the/DT Environmental/NNP Protection/NNP Agency/NNP ]
imposed/VBD 
[ a/DT gradual/JJ ban/NN ]
on/IN virtually/RB 
[ all/DT uses/NNS ]
of/IN 
[ asbestos/NN ]
./. 

By/IN 
[ 1997/CD ]
,/, almost/RB 
[ all/DT remaining/VBG uses/NNS ]
of/IN 
[ cancer-causing/JJ asbestos/NN ]
will/MD be/VB outlawed/VBN ./. 

About/IN 
[ 160/CD workers/NNS ]
at/IN 
[ a/DT factory/NN ]
[ that/WDT ]
made/VBD 
[ paper/NN ]
for/IN 
[ the/DT ]
Kent/NNP 
[ filters/NNS ]
were/VBD exposed/VBN to/TO 
[ asbestos/NN ]
in/IN 
[ the/DT 1950s/CD ]
./. 

[ Areas/NNS ]
of/IN 
[ the/DT factory/NN ]
were/VBD particularly/RB dusty/JJ where/WRB 
[ the/DT crocidolite/NN ]
was/VBD used/VBN ./. 

[ Workers/NNS ]
dumped/VBD 
[ large/JJ burlap/NN sacks/NNS ]
of/IN 
[ the/DT imported/VBN material/NN ]
into/IN 
[ a/DT huge/JJ bin/NN ]
,/, poured/VBD in/IN 
[ cotton/NN ]
and/CC 
[ acetate/NN fibers/NNS ]
and/CC mechanically/RB mixed/VBD 
[ the/DT dry/JJ fibers/NNS ]
in/IN 
[ a/DT process/NN ]
used/VBN to/TO make/VB 
[ filters/NNS ]
./. 

[ Workers/NNS ]
described/VBD ``/`` 
[ clouds/NNS ]
of/IN 
[ blue/JJ dust/NN ]
''/'' 
[ that/WDT ]
hung/VBD over/IN 
[ parts/NNS ]
of/IN 
[ the/DT factory/NN ]
,/, even/RB though/IN 
[ exhaust/NN fans/NNS ]
ventilated/VBD 
[ the/DT area/NN ]
./. 

``/`` 
[ There/EX ]
's/VBZ 
[ no/DT question/NN ]
that/IN 
[ some/DT ]
of/IN 
[ those/DT workers/NNS ]
and/CC 
[ managers/NNS ]
contracted/VBD 
[ asbestos-related/JJ diseases/NNS ]
,/, ''/'' said/VBD 
[ Darrell/NNP Phillips/NNP ]
,/, 
[ vice/NN president/NN ]
of/IN 
[ human/JJ resources/NNS ]
for/IN 
[ Hollingsworth/NNP ]
&/CC 
[ Vose/NNP ]
./. 

``/`` But/CC 
[ you/PRP ]
have/VBP to/TO recognize/VB that/IN 
[ these/DT events/NNS ]
took/VBD 
[ place/NN 35/CD years/NNS ]
ago/IN ./. 

[ It/PRP ]
has/VBZ 
[ no/DT bearing/NN ]
on/IN 
[ our/PRP$ work/NN force/NN today/NN ]
./. 
''/''

[ Yields/NNS ]
on/IN 
[ money-market/JJ mutual/JJ funds/NNS ]
continued/VBD to/TO slide/VB ,/, amid/IN 
[ signs/NNS ]
that/IN 
[ portfolio/NN managers/NNS ]
expect/VBP 
[ further/JJ declines/NNS ]
in/IN 
[ interest/NN rates/NNS ]
./. 

[ The/DT average/JJ seven-day/JJ compound/NN yield/NN ]
of/IN 
[ the/DT 400/CD taxable/JJ funds/NNS ]
tracked/VBN by/IN 
[ IBC/NNP 's/POS Money/NNP Fund/NNP Report/NNP ]
eased/VBD 
[ a/DT fraction/NN ]
of/IN 
[ a/DT percentage/NN point/NN ]
to/TO 
[ 8.45/CD %/NN ]
from/IN 
[ 8.47/CD %/NN ]
for/IN 
[ the/DT week/NN ]
ended/VBD 
[ Tuesday/NNP ]
./. 

[ Compound/NN yields/NNS ]
assume/VBP 
[ reinvestment/NN ]
of/IN 
[ dividends/NNS ]
and/CC that/IN 
[ the/DT current/JJ yield/NN ]
continues/VBZ for/IN 
[ a/DT year/NN ]
./. 

[ Average/JJ maturity/NN ]
of/IN 
[ the/DT funds/NNS '/POS investments/NNS ]
lengthened/VBD by/IN 
[ a/DT day/NN ]
to/TO 
[ 41/CD days/NNS ]
,/, 
[ the/DT longest/JJS ]
since/IN 
[ early/JJ August/NNP ]
,/, according/VBG to/TO 
[ Donoghue/NNP 's/POS ]
./. 

[ Longer/JJR maturities/NNS ]
are/VBP thought/VBN to/TO indicate/VB 
[ declining/VBG interest/NN rates/NNS ]
because/IN 
[ they/PRP ]
permit/VBP 
[ portfolio/NN managers/NNS ]
to/TO retain/VB relatively/RB 
[ higher/JJR rates/NNS ]
for/IN 
[ a/DT longer/JJR period/NN ]
./. 

[ Shorter/JJR maturities/NNS ]
are/VBP considered/VBN 
[ a/DT sign/NN ]
of/IN rising/VBG 
[ rates/NNS ]
because/IN 
[ portfolio/NN managers/NNS ]
can/MD capture/VB 
[ higher/JJR rates/NNS ]
sooner/RB ./. 

[ The/DT average/JJ maturity/NN ]
for/IN 
[ funds/NNS ]
open/JJ only/RB to/TO 
[ institutions/NNS ]
,/, considered/VBN by/IN 
[ some/DT ]
to/TO be/VB 
[ a/DT stronger/JJR indicator/NN ]
because/IN 
[ those/DT managers/NNS ]
watch/VBP 
[ the/DT market/NN ]
closely/RB ,/, reached/VBD 
[ a/DT high/JJ point/NN ]
for/IN 
[ the/DT year/NN --/: 33/CD days/NNS ]
./. 

Nevertheless/RB ,/, said/VBD 
[ Brenda/NNP Malizia/NNP Negus/NNP ]
,/, 
[ editor/NN ]
of/IN 
[ Money/NNP Fund/NNP Report/NNP ]
,/, yields/NNS ``/`` may/MD 
[ blip/VB ]
up/RP again/RB before/IN 
[ they/PRP ]
[ blip/VBP ]
down/RP ''/'' because/IN of/IN 
[ recent/JJ rises/NNS ]
in/IN 
[ short-term/JJ interest/NN rates/NNS ]
./. 

[ The/DT yield/NN ]
on/IN 
[ six-month/JJ Treasury/NNP bills/NNS ]
sold/VBN at/IN 
[ Monday/NNP 's/POS auction/NN ]
,/, for/IN 
[ example/NN ]
,/, rose/VBD to/TO 
[ 8.04/CD %/NN ]
from/IN 
[ 7.90/CD %/NN ]
./. 

Despite/IN 
[ recent/JJ declines/NNS ]
in/IN 
[ yields/NNS ]
,/, 
[ investors/NNS ]
continue/VBP to/TO pour/VB 
[ cash/NN ]
into/IN 
[ money/NN funds/NNS ]
./. 

[ Assets/NNS ]
of/IN 
[ the/DT 400/CD taxable/JJ funds/NNS ]
grew/VBD by/IN 
[ $/$ 1.5/CD billion/CD ]
during/IN 
[ the/DT latest/JJS week/NN ]
,/, to/TO 
[ $/$ 352.7/CD billion/CD ]
./. 

Typically/RB ,/, 
[ money-fund/NN yields/NNS ]
beat/VBP 
[ comparable/JJ  short-term/JJ investments/NNS ]
because/IN 
[ portfolio/NN managers/NNS ]
can/MD vary/VB 
[ maturities/NNS ]
and/CC go/VB after/IN 
[ the/DT highest/JJS rates/NNS ]
./. 

[ The/DT top/JJ money/NN funds/NNS ]
are/VBP currently/RB yielding/VBG well/RB over/IN 
[ 9/CD %/NN ]
./. 

[ Dreyfus/NNP World-Wide/NNP Dollar/NNP ]
,/, 
[ the/DT top-yielding/JJ fund/NN ]
,/, had/VBD 
[ a/DT seven-day/JJ compound/NN yield/NN ]
of/IN 
[ 9.37/CD %/NN ]
during/IN 
[ the/DT latest/JJS week/NN ]
,/, down/RB from/IN 
[ 9.45/CD %/NN ]
[ a/DT week/NN ]
earlier/JJR ./. 

[ It/PRP ]
invests/VBZ heavily/RB in/IN 
[ dollar-denominated/JJ securities/NNS ]
overseas/RB and/CC is/VBZ currently/RB waiving/VBG 
[ management/NN fees/NNS ]
,/, 
[ which/WDT ]
boosts/VBZ 
[ its/PRP$ yield/NN ]
./. 

[ The/DT average/JJ seven-day/JJ simple/JJ yield/NN ]
of/IN 
[ the/DT 400/CD funds/NNS ]
was/VBD 
[ 8.12/CD %/NN ]
,/, down/RB from/IN 
[ 8.14/CD %/NN ]
./. 

[ The/DT 30-day/JJ simple/JJ yield/NN ]
fell/VBD to/TO 
[ an/DT average/JJ 8.19/CD %/NN ]
from/IN 
[ 8.22/CD %/NN ]
;/: 
[ the/DT 30-day/JJ compound/NN yield/NN ]
slid/VBD to/TO 
[ an/DT average/JJ 8.53/CD %/NN ]
from/IN 
[ 8.56/CD %/NN ]
./. 

[ J.P./NNP Bolduc/NNP ]
,/, 
[ vice/NN chairman/NN ]
of/IN 
[ W.R./NNP Grace/NNP ]
&/CC 
[ Co./NNP ]
,/, 
[ which/WDT ]
holds/VBZ 
[ a/DT 83.4/CD %/NN interest/NN ]
in/IN 
[ this/DT energy-services/JJ company/NN ]
,/, was/VBD elected/VBN 
[ a/DT director/NN ]
./. 

[ He/PRP ]
succeeds/VBZ 
[ Terrence/NNP D./NNP Daniels/NNP ]
,/, formerly/RB 
[ a/DT W.R./NNP Grace/NNP vice/NN chairman/NN ]
,/, 
[ who/WP ]
resigned/VBD ./. 

[ W.R./NNP Grace/NNP ]
holds/VBZ 
[ three/CD ]
of/IN 
[ Grace/NNP Energy/NNP 's/POS seven/CD board/NN seats/NNS ]
./. 

[ Pacific/NNP First/NNP Financial/NNP Corp./NNP ]
said/VBD 
[ shareholders/NNS ]
approved/VBD 
[ its/PRP$ acquisition/NN ]
by/IN 
[ Royal/NNP Trustco/NNP Ltd./NNP ]
of/IN 
[ Toronto/NNP ]
for/IN 
[ $/$ 27/CD ]
[ a/DT share/NN ]
,/, or/CC 
[ $/$ 212/CD million/CD ]
./. 

[ The/DT thrift/NN holding/VBG company/NN ]
said/VBD 
[ it/PRP ]
expects/VBZ to/TO obtain/VB 
[ regulatory/JJ approval/NN ]
and/CC complete/VB 
[ the/DT transaction/NN ]
by/IN 
[ year-end/NN ]
./. 

[ McDermott/NNP International/NNP Inc./NNP ]
said/VBD 
[ its/PRP$ Babcock/NNP ]
&/CC 
[ Wilcox/NNP unit/NN ]
completed/VBD 
[ the/DT sale/NN ]
of/IN 
[ its/PRP$ Bailey/NNP Controls/NNP Operations/NNP ]
to/TO 
[ Finmeccanica/NNP S.p/NNP ]
./. 
[ A./NNP ]
for/IN 
[ $/$ 295/CD million/CD ]
./. 

[ Finmeccanica/NNP ]
is/VBZ 
[ an/DT Italian/JJ state-owned/JJ holding/VBG company/NN ]
with/IN 
[ interests/NNS ]
in/IN 
[ the/DT mechanical/JJ engineering/NN industry/NN ]
./. 

[ Bailey/NNP Controls/NNP ]
,/, based/VBN in/IN 
[ Wickliffe/NNP ]
,/, 
[ Ohio/NNP ]
,/, makes/VBZ 
[ computerized/JJ industrial/JJ controls/NNS systems/NNS ]
./. 

[ It/PRP ]
employs/VBZ 
[ 2,700/CD people/NNS ]
and/CC has/VBZ 
[ annual/JJ revenue/NN ]
of/IN about/IN 
[ $/$ 370/CD million/CD ]
./. 

[ The/DT federal/JJ government/NN ]
suspended/VBD 
[ sales/NNS ]
of/IN 
[ U.S./NNP savings/NNS bonds/NNS ]
because/IN 
[ Congress/NNP has/VBZ n't/RB ]
lifted/VBN 
[ the/DT ceiling/NN ]
on/IN 
[ government/NN debt/NN ]
./. 

Until/IN 
[ Congress/NNP acts/VBZ ]
,/, 
[ the/DT government/NN ]
has/VBZ n't/RB 
[ any/DT authority/NN ]
to/TO issue/VB 
[ new/JJ debt/NN obligations/NNS ]
of/IN 
[ any/DT kind/NN ]
,/, 
[ the/DT Treasury/NNP ]
said/VBD ./. 

[ The/DT government/NN 's/POS borrowing/NN authority/NN ]
dropped/VBD at/IN 
[ midnight/NN Tuesday/NNP ]
to/TO 
[ $/$ 2.80/CD trillion/CD ]
from/IN 
[ $/$ 2.87/CD trillion/CD ]
./. 

[ Legislation/NN ]
to/TO lift/VB 
[ the/DT debt/NN ceiling/NN ]
is/VBZ ensnarled/VBN in/IN 
[ the/DT fight/NN ]
over/IN cutting/VBG 
[ capital-gains/JJ taxes/NNS ]
./. 

[ The/DT House/NNP ]
has/VBZ voted/VBN to/TO raise/VB 
[ the/DT ceiling/NN ]
to/TO 
[ $/$ 3.1/CD trillion/CD ]
,/, but/CC 
[ the/DT Senate/NNP ]
is/VBZ n't/RB expected/VBN to/TO act/VB until/IN 
[ next/JJ week/NN ]
at/IN 
[ the/DT earliest/JJS ]
./. 

[ The/DT Treasury/NNP ]
said/VBD 
[ the/DT U.S./NNP ]
will/MD default/VB on/IN 
[ Nov./NNP 9/CD ]
if/IN 
[ Congress/NNP ]
does/VBZ n't/RB act/VB by/IN then/RB ./. 

[ Clark/NNP J./NNP Vitulli/NNP ]
was/VBD named/VBN 
[ senior/JJ vice/NN president/NN ]
and/CC 
[ general/JJ manager/NN ]
of/IN 
[ this/DT U.S./NNP sales/NNS ]
and/CC 
[ marketing/NN arm/NN ]
of/IN 
[ Japanese/JJ auto/NN maker/NN Mazda/NNP Motor/NNP Corp/NNP ]
./. 

In/IN 
[ the/DT new/JJ position/NN ]
[ he/PRP ]
will/MD oversee/VB 
[ Mazda/NNP 's/POS U.S./NNP sales/NNS ]
,/, 
[ service/NN ]
,/, 
[ parts/NNS ]
and/CC 
[ marketing/NN operations/NNS ]
./. 

Previously/RB ,/, 
[ Mr./NNP Vitulli/NNP ]
,/, 
[ 43/CD years/NNS ]
old/JJ ,/, was/VBD 
[ general/JJ marketing/NN manager/NN ]
of/IN 
[ Chrysler/NNP Corp./NNP 's/POS Chrysler/NNP division/NN ]
./. 

[ He/PRP ]
had/VBD been/VBN 
[ a/DT sales/NNS ]
and/CC 
[ marketing/NN executive/NN ]
with/IN 
[ Chrysler/NNP ]
for/IN 
[ 20/CD years/NNS ]
./. 

When/WRB 
[ it/PRP ]
's/VBZ 
[ time/NN ]
for/IN 
[ their/PRP$ biannual/JJ powwow/NN ]
,/, 
[ the/DT nation/NN 's/POS manufacturing/VBG titans/NNS ]
typically/RB jet/VBP off/RP to/TO 
[ the/DT sunny/JJ confines/NNS ]
of/IN 
[ resort/NN towns/NNS ]
like/IN 
[ Boca/NNP Raton/NNP ]
and/CC 
[ Hot/NNP Springs/NNP ]
./. 

Not/RB 
[ this/DT year/NN ]
./. 

[ The/DT National/NNP Association/NNP ]
of/IN 
[ Manufacturers/NNP ]
settled/VBD on/IN 
[ the/DT Hoosier/NNP capital/NN ]
of/IN 
[ Indianapolis/NNP ]
for/IN 
[ its/PRP$ fall/NN board/NN meeting/NN ]
./. 

And/CC 
[ the/DT city/NN ]
decided/VBD to/TO treat/VB 
[ its/PRP$ guests/NNS ]
more/JJR like/IN 
[ royalty/NN ]
or/CC 
[ rock/NN stars/NNS ]
than/IN 
[ factory/NN owners/NNS ]
./. 

[ The/DT idea/NN ]
,/, of/IN 
[ course/NN ]
:/: to/TO prove/VB to/TO 
[ 125/CD corporate/JJ decision/NN makers/NNS ]
that/IN 
[ the/DT buckle/NN ]
on/IN 
[ the/DT Rust/NNP Belt/NNP ]
is/VBZ n't/RB so/RB rusty/JJ after/IN 
[ all/DT ]
,/, that/IN 
[ it/PRP ]
's/VBZ 
[ a/DT good/JJ place/NN ]
for/IN 
[ a/DT company/NN ]
to/TO expand/VB ./. 

On/IN 
[ the/DT receiving/VBG end/NN ]
of/IN 
[ the/DT message/NN ]
were/VBD 
[ officials/NNS ]
from/IN 
[ giants/NNS ]
like/IN 
[ Du/NNP Pont/NNP ]
and/CC 
[ Maytag/NNP ]
,/, along/IN with/IN 
[ lesser/JJR knowns/NNS ]
like/IN 
[ Trojan/NNP Steel/NNP ]
and/CC 
[ the/DT Valley/NNP Queen/NNP Cheese/NNP Factory/NNP ]
./. 

For/IN 
[ starters/NNS ]
,/, 
[ the/DT executives/NNS ]
joined/VBD 
[ Mayor/NNP William/NNP H./NNP Hudnut/NNP III/NNP ]
for/IN 
[ an/DT evening/NN ]
of/IN 
[ the/DT Indianapolis/NNP Symphony/NNP Orchestra/NNP ]
and/CC 
[ a/DT guest/NN pianist-comedian/NN Victor/NNP Borge/NNP ]
./. 

[ Champagne/NN ]
and/CC 
[ dessert/NN ]
followed/VBD ./. 

[ The/DT next/JJ morning/NN ]
,/, with/IN 
[ a/DT police/NN escort/NN ]
,/, 
[ busloads/NNS ]
of/IN 
[ executives/NNS ]
and/CC 
[ their/PRP$ wives/NNS ]
raced/VBD to/TO 
[ the/DT Indianapolis/NNP Motor/NNP Speedway/NNP ]
,/, 
[ unimpeded/JJ ]
by/IN 
[ traffic/NN ]
or/CC 
[ red/JJ lights/NNS ]
./. 

[ The/DT governor/NN ]
could/MD n't/RB make/VB 
[ it/PRP ]
,/, so/IN 
[ the/DT lieutenant/NN governor/NN ]
welcomed/VBD 
[ the/DT special/JJ guests/NNS ]
./. 

[ A/DT buffet/NN breakfast/NN ]
was/VBD held/VBN in/IN 
[ the/DT museum/NN ]
,/, where/WRB 
[ food/NN ]
and/CC 
[ drinks/NNS ]
are/VBP banned/VBN to/TO 
[ everyday/JJ visitors/NNS ]
./. 

Then/RB ,/, in/IN 
[ the/DT guests/NNS '/POS honor/NN ]
,/, 
[ the/DT speedway/NN ]
hauled/VBD out/IN 
[ four/CD drivers/NNS ]
,/, 
[ crews/NNS ]
and/CC even/RB 
[ the/DT official/JJ Indianapolis/NNP 500/CD announcer/NN ]
for/IN 
[ a/DT 10-lap/JJ exhibition/NN race/NN ]
./. 

After/IN 
[ the/DT race/NN ]
,/, 
[ Fortune/NNP 500/CD executives/NNS ]
drooled/VBD like/IN 
[ schoolboys/NNS ]
over/IN 
[ the/DT cars/NNS ]
and/CC 
[ drivers/NNS ]
./. 

[ No/DT dummies/NNS ]
,/, 
[ the/DT drivers/NNS ]
pointed/VBD out/IN 
[ they/PRP ]
still/RB had/VBD 
[ space/NN ]
on/IN 
[ their/PRP$ machines/NNS ]
for/IN 
[ another/DT sponsor/NN 's/POS name/NN ]
or/CC 
[ two/CD ]
./. 

Back/RB 
[ downtown/NN ]
,/, 
[ the/DT execs/NNS ]
squeezed/VBD in/IN 
[ a/DT few/JJ meetings/NNS ]
at/IN 
[ the/DT hotel/NN ]
before/IN boarding/VBG 
[ the/DT buses/NNS ]
again/RB ./. 

[ This/DT time/NN ]
,/, 
[ it/PRP ]
was/VBD for/IN 
[ dinner/NN ]
and/CC dancing/NN 
[ --/: a/DT block/NN ]
away/RB ./. 

Under/IN 
[ the/DT stars/NNS ]
and/CC 
[ moons/NNS ]
of/IN 
[ the/DT renovated/VBN Indiana/NNP Roof/NNP ballroom/NN ]
,/, 
[ nine/CD ]
of/IN 
[ the/DT hottest/JJS chefs/NNS ]
in/IN 
[ town/NN ]
fed/VBD 
[ them/PRP ]
[ Indiana/NNP duckling/NN mousseline/NN ]
,/, 
[ lobster/NN consomme/NN ]
,/, veal/NN 
[ mignon/NN ]
and/CC 
[ chocolate/JJ terrine/NN ]
with/IN 
[ a/DT raspberry/NN sauce/NN ]
./. 

Knowing/VBG 
[ a/DT tasty/JJ --/: and/CC free/JJ --/: meal/NN ]
when/WRB 
[ they/PRP ]
eat/VBP 
[ one/CD ]
,/, 
[ the/DT executives/NNS ]
gave/VBD 
[ the/DT chefs/NNS ]
[ a/DT standing/JJ ovation/NN ]
./. 

More/JJR than/IN 
[ a/DT few/JJ CEOs/NNS ]
say/VBP 
[ the/DT red-carpet/JJ treatment/NN ]
tempts/VBZ 
[ them/PRP ]
to/TO return/VB to/TO 
[ a/DT heartland/NN city/NN ]
for/IN 
[ future/JJ meetings/NNS ]
./. 

But/CC for/IN now/RB ,/, 
[ they/PRP ]
're/VBP looking/VBG forward/RB to/TO 
[ their/PRP$ winter/NN meeting/NN --/: Boca/NNP ]
in/IN 
[ February/NNP ]
./. 

[ South/NNP Korea/NNP ]
registered/VBD 
[ a/DT trade/NN deficit/NN ]
of/IN 
[ $/$ 101/CD million/CD ]
in/IN 
[ October/NNP ]
,/, reflecting/VBG 
[ the/DT country/NN 's/POS economic/JJ sluggishness/NN ]
,/, according/VBG to/TO 
[ government/NN figures/NNS ]
released/VBD 
[ Wednesday/NNP ]
./. 

[ Preliminary/JJ tallies/NNS ]
by/IN 
[ the/DT Trade/NNP ]
and/CC 
[ Industry/NNP Ministry/NNP ]
showed/VBD 
[ another/DT trade/NN deficit/NN ]
in/IN 
[ October/NNP ]
,/, 
[ the/DT fifth/JJ monthly/JJ setback/NN ]
[ this/DT year/NN ]
,/, casting/VBG 
[ a/DT cloud/NN ]
on/IN 
[ South/NNP Korea/NNP 's/POS export-oriented/JJ economy/NN ]
./. 

[ Exports/NNS ]
in/IN 
[ October/NNP ]
stood/VBD at/IN 
[ $/$ 5.29/CD billion/CD ]
,/, 
[ a/DT mere/JJ 0.7/CD %/NN increase/NN ]
from/IN 
[ a/DT year/NN ]
earlier/JJR ,/, while/IN 
[ imports/NNS ]
increased/VBD sharply/RB to/TO 
[ $/$ 5.39/CD billion/CD ]
,/, up/RB 
[ 20/CD %/NN ]
from/IN 
[ last/JJ October/NNP ]
./. 

[ South/NNP Korea/NNP 's/POS economic/JJ boom/NN ]
,/, 
[ which/WDT ]
began/VBD in/IN 
[ 1986/CD ]
,/, stopped/VBD 
[ this/DT year/NN ]
because/IN of/IN 
[ prolonged/VBN labor/NN disputes/NNS ]
,/, 
[ trade/NN conflicts/NNS ]
and/CC 
[ sluggish/JJ exports/NNS ]
./. 

[ Government/NN officials/NNS ]
said/VBD 
[ exports/NNS ]
at/IN 
[ the/DT end/NN ]
of/IN 
[ the/DT year/NN ]
would/MD remain/VB under/IN 
[ a/DT government/NN target/NN ]
of/IN 
[ $/$ 68/CD billion/CD ]
./. 

Despite/IN 
[ the/DT gloomy/JJ forecast/NN ]
,/, 
[ South/NNP Korea/NNP ]
has/VBZ recorded/VBN 
[ a/DT trade/NN surplus/NN ]
of/IN 
[ $/$ 71/CD million/CD ]
so/IN far/IN 
[ this/DT year/NN ]
./. 

From/IN 
[ January/NNP ]
to/TO 
[ October/NNP ]
,/, 
[ the/DT nation/NN 's/POS accumulated/VBN exports/NNS ]
increased/VBD 
[ 4/CD %/NN ]
from/IN 
[ the/DT same/JJ period/NN last/JJ year/NN ]
to/TO 
[ $/$ 50.45/CD billion/CD ]
./. 

[ Imports/NNS ]
were/VBD at/IN 
[ $/$ 50.38/CD billion/CD ]
,/, up/RB 
[ 19/CD %/NN ]
./. 

[ Newsweek/NNP ]
,/, trying/VBG to/TO keep/VB 
[ pace/NN ]
with/IN 
[ rival/JJ Time/NNP magazine/NN ]
,/, announced/VBD 
[ new/JJ advertising/NN rates/NNS ]
for/IN 
[ 1990/CD ]
and/CC said/VBD 
[ it/PRP ]
will/MD introduce/VB 
[ a/DT new/JJ incentive/NN plan/NN ]
for/IN 
[ advertisers/NNS ]
./. 

[ The/DT new/JJ ad/NN plan/NN ]
from/IN 
[ Newsweek/NNP ]
,/, 
[ a/DT unit/NN ]
of/IN 
[ the/DT Washington/NNP Post/NNP Co./NNP ]
,/, is/VBZ 
[ the/DT second/JJ incentive/NN ]
plan/NN 
[ the/DT magazine/NN ]
has/VBZ offered/VBN 
[ advertisers/NNS ]
in/IN 
[ three/CD years/NNS ]
./. 

[ Plans/NNS ]
[ that/WDT ]
give/VBP 
[ advertisers/NNS discounts/NNS ]
for/IN maintaining/VBG or/CC 
[ increasing/VBG ad/NN spending/NN ]
have/VBP become/VBN 
[ permanent/JJ fixtures/NNS ]
at/IN 
[ the/DT news/NN weeklies/NNS ]
and/CC underscore/VBP 
[ the/DT fierce/JJ competition/NN ]
between/IN 
[ Newsweek/NNP ]
,/, 
[ Time/NNP Warner/NNP Inc./NNP 's/POS Time/NNP magazine/NN ]
,/, and/CC 
[ Mortimer/NNP B./NNP Zuckerman/NNP 's/POS U.S./NNP News/NNP ]
&/CC 
[ World/NNP Report/NNP ]
./. 

[ Alan/NNP Spoon/NNP ]
,/, recently/RB named/VBN 
[ Newsweek/NNP president/NN ]
,/, said/VBD 
[ Newsweek/NNP 's/POS ad/NN rates/NNS ]
would/MD increase/VB 
[ 5/CD %/NN ]
in/IN 
[ January/NNP ]
./. 

[ A/DT full/JJ ]
,/, 
[ four-color/JJ page/NN ]
in/IN 
[ Newsweek/NNP ]
will/MD cost/VB 
[ $/$ 100,980/CD ]
./. 

In/IN 
[ mid-October/NNP ]
,/, 
[ Time/NNP magazine/NN ]
lowered/VBD 
[ its/PRP$ guaranteed/VBN circulation/NN rate/NN base/NN ]
for/IN 
[ 1990/CD ]
while/IN not/RB increasing/VBG 
[ ad/NN page/NN rates/NNS ]
;/: with/IN 
[ a/DT lower/JJR circulation/NN base/NN ]
,/, 
[ Time/NNP 's/POS ad/NN rate/NN ]
will/MD be/VB effectively/RB 
[ 7.5/CD %/NN ]
higher/JJR per/IN 
[ subscriber/NN ]
;/: 
[ a/DT full/JJ page/NN ]
in/IN 
[ Time/NNP costs/VBZ ]
about/IN 
[ $/$ 120,000/CD ]
./. 

[ U.S./NNP News/NNP ]
has/VBZ yet/RB to/TO announce/VB 
[ its/PRP$ 1990/CD ad/NN rates/NNS ]
./. 

[ Newsweek/NNP ]
said/VBD 
[ it/PRP ]
will/MD introduce/VB 
[ the/DT Circulation/NNP Credit/NNP Plan/NNP ]
,/, 
[ which/WDT ]
awards/VBZ 
[ space/NN credits/NNS ]
to/TO 
[ advertisers/NNS ]
on/IN ``/`` 
[ renewal/NN advertising/NN ]
./. 

''/'' 
[ The/DT magazine/NN ]
will/MD reward/VB with/IN ``/`` 
[ page/NN ]
bonuses/NNS ''/'' 
[ advertisers/NNS ]
[ who/WP ]
in/IN 
[ 1990/CD ]
meet/VBP or/CC exceed/VBP 
[ their/PRP$ 1989/CD spending/NN ]
,/, as/RB long/RB as/IN 
[ they/PRP ]
spent/VBD 
[ $/$ 325,000/CD ]
in/IN 
[ 1989/CD ]
and/CC 
[ $/$ 340,000/CD ]
in/IN 
[ 1990/CD ]
./. 

[ Mr./NNP Spoon/NNP ]
said/VBD 
[ the/DT plan/NN ]
is/VBZ not/RB 
[ an/DT attempt/NN ]
to/TO 
[ shore/VB ]
up/IN 
[ a/DT decline/NN ]
in/IN 
[ ad/NN pages/NNS ]
in/IN 
[ the/DT first/JJ nine/CD months/NNS ]
of/IN 
[ 1989/CD ]
;/: 
[ Newsweek/NNP 's/POS ad/NN pages/NNS ]
totaled/VBD 
[ 1,620/CD ]
,/, 
[ a/DT drop/NN ]
of/IN 
[ 3.2/CD %/NN ]
from/IN 
[ last/JJ year/NN ]
,/, according/VBG to/TO 
[ Publishers/NNP Information/NNP Bureau/NNP ]
./. 

``/`` 
[ What/WP ]
matters/VBZ is/VBZ 
[ what/WP advertisers/NNS ]
are/VBP paying/VBG per/IN 
[ page/NN ]
,/, and/CC in/IN 
[ that/DT department/NN ]
[ we/PRP ]
are/VBP doing/VBG fine/RB 
[ this/DT fall/NN ]
,/, ''/'' said/VBD 
[ Mr./NNP Spoon/NNP ]
./. 

[ Both/DT Newsweek/NNP ]
and/CC 
[ U.S./NNP News/NNP ]
have/VBP been/VBN gaining/VBG 
[ circulation/NN ]
in/IN 
[ recent/JJ years/NNS ]
without/IN 
[ heavy/JJ use/NN ]
of/IN 
[ electronic/JJ giveaways/NNS ]
to/TO 
[ subscribers/NNS ]
,/, such/JJ as/IN 
[ telephones/NNS ]
or/CC 
[ watches/NNS ]
./. 

However/RB ,/, 
[ none/NN ]
of/IN 
[ the/DT big/JJ three/CD weeklies/NNS ]
recorded/VBD 
[ circulation/NN gains/NNS ]
recently/RB ./. 

According/VBG to/TO 
[ Audit/NNP Bureau/NNP ]
of/IN 
[ Circulations/NNP ]
,/, 
[ Time/NNP ]
,/, 
[ the/DT largest/JJS ]
newsweekly/RB ,/, had/VBD 
[ average/JJ circulation/NN ]
of/IN 
[ 4,393,237/CD ]
,/, 
[ a/DT decrease/NN ]
of/IN 
[ 7.3/CD %/NN ]
./. 

[ Newsweek/NNP 's/POS circulation/NN ]
for/IN 
[ the/DT first/JJ six/CD months/NNS ]
of/IN 
[ 1989/CD ]
was/VBD 
[ 3,288,453/CD ]
,/, 
[ flat/JJ ]
from/IN 
[ the/DT same/JJ period/NN last/JJ year/NN ]
./. 

[ U.S./NNP News/NNP '/POS circulation/NN ]
in/IN 
[ the/DT same/JJ time/NN ]
was/VBD 
[ 2,303,328/CD ]
,/, down/RB 
[ 2.6/CD %/NN ]
./. 

[ New/NNP England/NNP Electric/NNP System/NNP ]
bowed/VBD out/IN of/IN 
[ the/DT bidding/NN ]
for/IN 
[ Public/NNP Service/NNP Co./NNP ]
of/IN 
[ New/NNP Hampshire/NNP ]
,/, saying/VBG that/IN 
[ the/DT risks/NNS ]
were/VBD too/RB high/JJ and/CC 
[ the/DT potential/JJ payoff/NN ]
too/RB far/RB in/IN 
[ the/DT future/NN ]
to/TO justify/VB 
[ a/DT higher/JJR offer/NN ]
./. 

[ The/DT move/NN ]
leaves/VBZ 
[ United/NNP Illuminating/NNP Co./NNP ]
and/CC 
[ Northeast/NNP Utilities/NNP ]
as/IN 
[ the/DT remaining/VBG outside/JJ bidders/NNS ]
for/IN 
[ PS/NNP ]
of/IN 
[ New/NNP Hampshire/NNP ]
,/, 
[ which/WDT ]
also/RB has/VBZ proposed/VBN 
[ an/DT internal/JJ reorganization/NN plan/NN ]
in/IN 
[ Chapter/NN 11/CD bankruptcy/NN proceedings/NNS ]
under/IN 
[ which/WDT ]
[ it/PRP ]
would/MD remain/VB 
[ an/DT independent/JJ company/NN ]
./. 

[ New/NNP England/NNP Electric/NNP ]
,/, based/VBN in/IN 
[ Westborough/NNP ]
,/, 
[ Mass./NNP ]
,/, had/VBD offered/VBN 
[ $/$ 2/CD billion/CD ]
to/TO acquire/VB 
[ PS/NNP ]
of/IN 
[ New/NNP Hampshire/NNP ]
,/, well/RB below/IN 
[ the/DT $/$ 2.29/CD billion/CD value/NN United/NNP Illuminating/NNP places/NNS ]
on/IN 
[ its/PRP$ bid/NN ]
and/CC 
[ the/DT $/$ 2.25/CD billion/CD Northeast/NNP ]
says/VBZ 
[ its/PRP$ bid/NN ]
is/VBZ worth/IN ./. 

[ United/NNP Illuminating/NNP ]
is/VBZ based/VBN in/IN 
[ New/NNP Haven/NNP ]
,/, 
[ Conn./NNP ]
,/, and/CC 
[ Northeast/NNP ]
is/VBZ based/VBN in/IN 
[ Hartford/NNP ]
,/, 
[ Conn/NNP ]
./.
[ PS/NNP ]
of/IN 
[ New/NNP Hampshire/NNP ]
,/, 
[ Manchester/NNP ]
,/, 
[ N.H./NNP ]
,/, values/VBZ 
[ its/PRP$ internal/JJ reorganization/NN plan/NN ]
at/IN about/IN 
[ $/$ 2.2/CD billion/CD ]
./. 

[ John/NNP Rowe/NNP ]
,/, 
[ president/NN ]
and/CC 
[ chief/JJ executive/JJ officer/NN ]
of/IN 
[ New/NNP England/NNP Electric/NNP ]
,/, said/VBD 
[ the/DT company/NN 's/POS return/NN ]
on/IN 
[ equity/NN ]
could/MD suffer/VB if/IN 
[ it/PRP ]
made/VBD 
[ a/DT higher/JJR bid/NN ]
and/CC 
[ its/PRP$ forecasts/NNS ]
related/VBN to/TO 
[ PS/NNP ]
of/IN 
[ New/NNP Hampshire/NNP --/: such/JJ ]
as/IN 
[ growth/NN ]
in/IN 
[ electricity/NN demand/NN ]
and/CC improved/VBN 
[ operating/NN efficiencies/NNS ]
--/: did/VBD n't/RB come/VB 
[ true/JJ ]
./. 

``/`` When/WRB 
[ we/PRP ]
evaluated/VBD raising/VBG 
[ our/PRP$ bid/NN ]
,/, 
[ the/DT risks/NNS ]
seemed/VBD 
[ substantial/JJ ]
and/CC 
[ persistent/JJ ]
over/IN 
[ the/DT next/JJ five/CD years/NNS ]
,/, and/CC 
[ the/DT rewards/NNS ]
seemed/VBD 
[ a/DT long/JJ way/NN ]
out/IN ./. 

[ That/WDT ]
got/VBD hard/RB to/TO take/VB ,/, ''/'' 
[ he/PRP ]
added/VBD ./. 

[ Mr./NNP Rowe/NNP ]
also/RB noted/VBD that/IN 
[ political/JJ concerns/NNS ]
also/RB worried/VBN 
[ New/NNP England/NNP Electric/NNP ]
./. 

[ No/DT matter/NN ]
[ who/WP ]
owns/VBZ 
[ PS/NNP ]
of/IN 
[ New/NNP Hampshire/NNP ]
,/, after/IN 
[ it/PRP ]
emerges/VBZ from/IN 
[ bankruptcy/NN proceedings/NNS its/PRP$ rates/NNS ]
will/MD be/VB among/IN 
[ the/DT highest/JJS ]
in/IN 
[ the/DT nation/NN ]
,/, 
[ he/PRP ]
said/VBD ./. 

``/`` 
[ That/DT ]
attracts/VBZ 
[ attention/NN .../: ]
[ it/PRP ]
was/VBD just/RB 
[ another/DT ]
[ one/CD ]
of/IN 
[ the/DT risk/NN factors/NNS ]
''/'' 
[ that/WDT ]
led/VBD to/TO 
[ the/DT company/NN 's/POS decision/NN ]
to/TO withdraw/VB from/IN 
[ the/DT bidding/NN ]
,/, 
[ he/PRP ]
added/VBD ./. 

[ Wilbur/NNP Ross/NNP Jr./NNP ]
of/IN 
[ Rothschild/NNP Inc./NNP ]
,/, 
[ the/DT financial/JJ adviser/NN ]
to/TO 
[ the/DT troubled/JJ company/NN 's/POS equity/NN holders/NNS ]
,/, said/VBD 
[ the/DT withdrawal/NN ]
of/IN 
[ New/NNP England/NNP Electric/NNP ]
might/MD speed/VB up/IN 
[ the/DT reorganization/NN process/NN ]
./. 

[ The/DT fact/NN ]
that/IN 
[ New/NNP England/NNP ]
proposed/VBD 
[ lower/JJR rate/NN ]
increases/NNS 
[ --/: 4.8/CD %/NN ]
over/IN 
[ seven/CD years/NNS ]
against/IN around/IN 
[ 5.5/CD %/NN boosts/NNS ]
proposed/VBN by/IN 
[ the/DT other/JJ two/CD outside/JJ bidders/NNS ]
--/: complicated/IN 
[ negotiations/NNS ]
with/IN 
[ state/NN officials/NNS ]
,/, 
[ Mr./NNP Ross/NNP ]
asserted/VBD ./. 

``/`` Now/RB 
[ the/DT field/NN ]
is/VBZ less/RBR cluttered/VBN ,/, ''/'' 
[ he/PRP ]
added/VBD ./. 

[ Separately/RB ]
,/, 
[ the/DT Federal/NNP Energy/NNP Regulatory/NNP Commission/NNP ]
turned/VBD down/IN for/IN now/RB 
[ a/DT request/NN ]
by/IN 
[ Northeast/NNP seeking/VBG approval/NN ]
of/IN 
[ its/PRP$ possible/JJ purchase/NN ]
of/IN 
[ PS/NNP ]
of/IN 
[ New/NNP Hampshire/NNP ]
./. 

[ Northeast/NNP ]
said/VBD 
[ it/PRP ]
would/MD refile/VB 
[ its/PRP$ request/NN ]
and/CC still/RB hopes/VBZ for/IN 
[ an/DT expedited/VBN review/NN ]
by/IN 
[ the/DT FERC/NNP ]
so/IN that/IN 
[ it/PRP ]
could/MD complete/VB 
[ the/DT purchase/NN ]
by/IN 
[ next/JJ summer/NN ]
if/IN 
[ its/PRP$ bid/NN ]
is/VBZ 
[ the/DT one/NN ]
approved/VBD by/IN 
[ the/DT bankruptcy/NN court/NN ]
./. 

[ PS/NNP ]
of/IN 
[ New/NNP Hampshire/NNP shares/NNS ]
closed/VBD yesterday/NN at/IN 
[ $/$ 3.75/CD ]
,/, off/IN 
[ 25/CD cents/NNS ]
,/, in/IN 
[ New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ ]
trading/NN ./. 

[ Norman/NNP Ricken/NNP ]
,/, 
[ 52/CD years/NNS ]
old/JJ and/CC 
[ former/JJ president/NN ]
and/CC 
[ chief/NN operating/VBG officer/NN ]
of/IN 
[ Toys/NNPS ]
``/`` 
[ R/NNP ]
''/'' 
[ Us/NNP ]
[ Inc./NNP ]
,/, and/CC 
[ Frederick/NNP Deane/NNP Jr./NNP ]
,/, 
[ 63/CD ]
,/, 
[ chairman/NN ]
of/IN 
[ Signet/NNP Banking/NNP Corp./NNP ]
,/, were/VBD elected/VBN 
[ directors/NNS ]
of/IN 
[ this/DT consumer/NN electronics/NNS ]
and/CC 
[ appliances/NNS ]
retailing/NN 
[ chain/NN ]
./. 

[ They/PRP ]
succeed/VBP 
[ Daniel/NNP M./NNP Rexinger/NNP ]
,/, retired/VBN 
[ Circuit/NNP City/NNP executive/JJ vice/NN president/NN ]
,/, and/CC 
[ Robert/NNP R./NNP Glauber/NNP ]
,/, 
[ U.S./NNP Treasury/NNP undersecretary/NN ]
,/, on/IN 
[ the/DT 12-member/JJ board/NN ]
./. 

[ Commonwealth/NNP Edison/NNP Co./NNP ]
was/VBD ordered/VBN to/TO 
[ refund/VB ]
about/IN 
[ $/$ 250/CD million/CD ]
to/TO 
[ its/PRP$ current/JJ ]
and/CC 
[ former/JJ ratepayers/NNS ]
for/IN 
[ illegal/JJ rates/NNS ]
collected/VBN for/IN 
[ cost/NN overruns/NNS ]
on/IN 
[ a/DT nuclear/JJ power/NN plant/NN ]
./. 

[ The/DT refund/NN ]
was/VBD about/IN 
[ $/$ 55/CD million/CD ]
more/JJR than/IN previously/RB ordered/VBN by/IN 
[ the/DT Illinois/NNP Commerce/NNP Commission/NNP ]
and/CC 
[ trade/NN groups/NNS ]
said/VBD 
[ it/PRP ]
may/MD be/VB 
[ the/DT largest/JJS ]
ever/RB required/VBN of/IN 
[ a/DT state/NN ]
or/CC 
[ local/JJ utility/NN ]
./. 

[ State/NN court/NN Judge/NNP Richard/NNP Curry/NNP ]
ordered/VBD 
[ Edison/NNP ]
to/TO make/VB 
[ average/JJ refunds/NNS ]
of/IN about/IN 
[ $/$ 45/CD ]
to/TO 
[ $/$ 50/CD each/DT ]
to/TO 
[ Edison/NNP customers/NNS ]
[ who/WP ]
have/VBP received/VBN 
[ electric/JJ service/NN ]
since/IN 
[ April/NNP 1986/CD ]
,/, including/VBG about/IN 
[ two/CD million/CD customers/NNS ]
[ who/WP ]
have/VBP moved/VBN during/IN 
[ that/DT period/NN ]
./. 

[ Judge/NNP Curry/NNP ]
ordered/VBD 
[ the/DT refunds/NNS ]
to/TO begin/VB 
[ Feb./NNP 1/CD ]
and/CC said/VBD that/IN 
[ he/PRP ]
would/MD n't/RB entertain/VB 
[ any/DT appeals/NNS ]
or/CC 
[ other/JJ attempts/NNS ]
to/TO block/VB 
[ his/PRP$ order/NN ]
by/IN 
[ Commonwealth/NNP Edison/NNP ]
./. 

``/`` 
[ The/DT refund/NN pool/NN .../: ]
may/MD not/RB be/VB held/VBN 
[ hostage/NN ]
through/IN 
[ another/DT round/NN ]
of/IN 
[ appeals/NNS ]
,/, ''/'' 
[ Judge/NNP Curry/NNP ]
said/VBD ./. 

[ Commonwealth/NNP Edison/NNP ]
said/VBD 
[ it/PRP ]
is/VBZ already/RB appealing/VBG 
[ the/DT underlying/VBG commission/NN order/NN ]
and/CC is/VBZ considering/VBG 
[ appealing/VBG Judge/NNP Curry/NNP 's/POS order/NN ]
./. 

[ The/DT exact/JJ amount/NN ]
of/IN 
[ the/DT refund/NN ]
will/MD be/VB determined/VBN 
[ next/JJ year/NN ]
based/VBN on/IN 
[ actual/JJ collections/NNS ]
made/VBN until/IN 
[ Dec./NNP 31/CD ]
of/IN 
[ this/DT year/NN ]
./. 

[ Commonwealth/NNP Edison/NNP ]
said/VBD 
[ the/DT ruling/NN ]
could/MD force/VB 
[ it/PRP ]
to/TO slash/VB 
[ its/PRP$ 1989/CD earnings/NNS ]
by/IN 
[ $/$ 1.55/CD ]
[ a/DT share/NN ]
./. 

For/IN 
[ 1988/CD ]
,/, 
[ Commonwealth/NNP Edison/NNP ]
reported/VBD 
[ earnings/NNS ]
of/IN 
[ $/$ 737.5/CD million/CD ]
,/, or/CC 
[ $/$ 3.01/CD ]
[ a/DT share/NN ]
./. 

[ A/DT Commonwealth/NNP Edison/NNP spokesman/NN ]
said/VBD that/IN tracking/VBG down/RP 
[ the/DT two/CD million/CD customers/NNS whose/WP$ addresses/NNS ]
have/VBP changed/VBN during/IN 
[ the/DT past/JJ 3/CD 1\/2/CD years/NNS ]
would/MD be/VB ``/`` 
[ an/DT administrative/JJ nightmare/NN ]
./. 
''/'' 

In/IN 
[ New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN yesterday/NN ]
,/, 
[ Commonwealth/NNP Edison/NNP ]
closed/VBD at/IN 
[ $/$ 38.375/CD ]
,/, down/RB 
[ 12.5/CD cents/NNS ]
./. 

[ The/DT $/$ 2.5/CD billion/CD Byron/NNP 1/CD plant/NN ]
near/IN 
[ Rockford/NNP ]
,/, 
[ Ill./NNP ]
,/, was/VBD completed/VBN in/IN 
[ 1985/CD ]
./. 

In/IN 
[ a/DT disputed/VBN 1985/CD ruling/NN ]
,/, 
[ the/DT Commerce/NNP Commission/NNP ]
said/VBD 
[ Commonwealth/NNP Edison/NNP ]
could/MD raise/VB 
[ its/PRP$ electricity/NN rates/NNS ]
by/IN 
[ $/$ 49/CD million/CD ]
to/TO pay/VB for/IN 
[ the/DT plant/NN ]
./. 

But/CC 
[ state/NN courts/NNS ]
upheld/VBD 
[ a/DT challenge/NN ]
by/IN 
[ consumer/NN groups/NNS ]
to/TO 
[ the/DT commission/NN 's/POS rate/NN increase/NN ]
and/CC found/VBD 
[ the/DT rates/NNS ]
illegal/JJ ./. 

[ The/DT Illinois/NNP Supreme/NNP Court/NNP ]
ordered/VBD 
[ the/DT commission/NN ]
to/TO audit/VB 
[ Commonwealth/NNP Edison/NNP 's/POS construction/NN expenses/NNS ]
and/CC refund/VB 
[ any/DT unreasonable/JJ expenses/NNS ]
./. 

[ The/DT utility/NN ]
has/VBZ been/VBN collecting/VBG for/IN 
[ the/DT plant/NN 's/POS construction/NN cost/NN ]
from/IN 
[ its/PRP$ 3.1/CD million/CD customers/NNS ]
subject/JJ to/TO 
[ a/DT refund/NN ]
since/IN 
[ 1986/CD ]
./. 

In/IN 
[ August/NNP ]
,/, 
[ the/DT commission/NN ]
ruled/VBD that/IN between/IN 
[ $/$ 190/CD million/CD ]
and/CC 
[ $/$ 195/CD million/CD ]
of/IN 
[ the/DT plant/NN 's/POS construction/NN cost/NN ]
was/VBD unreasonable/JJ and/CC should/MD be/VB refunded/VBN ,/, plus/CC 
[ interest/NN ]
./. 

In/IN 
[ his/PRP$ ruling/NN ]
,/, 
[ Judge/NNP Curry/NNP ]
added/VBD 
[ an/DT additional/JJ $/$ 55/CD million/CD ]
to/TO 
[ the/DT commission/NN 's/POS calculations/NNS ]
./. 

[ Last/JJ month/NN ]
,/, 
[ Judge/NNP Curry/NNP ]
set/VBD 
[ the/DT interest/NN rate/NN ]
on/IN 
[ the/DT refund/NN ]
at/IN 
[ 9/CD %/NN ]
./. 

[ Commonwealth/NNP Edison/NNP ]
now/RB faces/VBZ 
[ an/DT additional/JJ court-ordered/JJ refund/NN ]
on/IN 
[ its/PRP$ summer\/winter/JJ rate/NN differential/JJ collections/NNS ]
that/IN 
[ the/DT Illinois/NNP Appellate/NNP Court/NNP ]
has/VBZ estimated/VBN at/IN 
[ $/$ 140/CD million/CD ]
./. 

And/CC 
[ consumer/NN groups/NNS ]
hope/VBP that/IN 
[ Judge/NNP Curry/NNP 's/POS Byron/NNP 1/CD order/NN ]
may/MD set/VB 
[ a/DT precedent/NN ]
for/IN 
[ a/DT second/JJ nuclear/JJ rate/NN case/NN ]
involving/VBG 
[ Commonwealth/NNP Edison/NNP 's/POS Braidwood/NNP 2/CD plant/NN ]
./. 

[ Commonwealth/NNP Edison/NNP ]
is/VBZ seeking/VBG about/IN 
[ $/$ 245/CD million/CD ]
in/IN 
[ rate/NN increases/NNS ]
to/TO pay/VB for/IN 
[ Braidwood/NNP 2/CD ]
./. 

[ The/DT commission/NN ]
is/VBZ expected/VBN to/TO rule/VB on/IN 
[ the/DT Braidwood/NNP 2/CD case/NN ]
by/IN 
[ year/NN end/NN ]
./. 

[ Last/JJ year/NN Commonwealth/NNP Edison/NNP ]
had/VBD to/TO refund/VB 
[ $/$ 72.7/CD million/CD ]
for/IN 
[ poor/JJ performance/NN ]
of/IN 
[ its/PRP$ LaSalle/NNP I/NNP ]
[ nuclear/JJ plant/NN ]
./. 

[ Japan/NNP 's/POS domestic/JJ sales/NNS ]
of/IN 
[ cars/NNS ]
,/, 
[ trucks/NNS ]
and/CC 
[ buses/NNS ]
in/IN 
[ October/NNP ]
rose/VBD 
[ 18/CD %/NN ]
from/IN 
[ a/DT year/NN ]
earlier/JJR to/TO 
[ 500,004/CD units/NNS ]
,/, 
[ a/DT record/NN ]
for/IN 
[ the/DT month/NN ]
,/, 
[ the/DT Japan/NNP Automobile/NNP Dealers/NNPS '/POS Association/NNP ]
said/VBD ./. 

[ The/DT strong/JJ growth/NN ]
followed/VBD 
[ year-to-year/JJ increases/NNS ]
of/IN 
[ 21/CD %/NN ]
in/IN 
[ August/NNP ]
and/CC 
[ 12/CD %/NN ]
in/IN 
[ September/NNP ]
./. 

[ The/DT monthly/JJ sales/NNS ]
have/VBP been/VBN setting/VBG 
[ records/NNS ]
[ every/DT month/NN ]
since/IN 
[ March/NNP ]
./. 

[ October/NNP sales/NNS ]
,/, compared/VBN with/IN 
[ the/DT previous/JJ month/NN ]
,/, inched/VBD down/RB 
[ 0.4/CD %/NN ]
./. 

[ Sales/NNS ]
of/IN 
[ passenger/NN cars/NNS ]
grew/VBD 
[ 22/CD %/NN ]
from/IN 
[ a/DT year/NN ]
earlier/JJR to/TO 
[ 361,376/CD units/NNS ]
./. 

[ Sales/NNS ]
of/IN 
[ medium-sized/JJ cars/NNS ]
,/, 
[ which/WDT ]
benefited/VBD from/IN 
[ price/NN reductions/NNS ]
arising/VBG from/IN 
[ introduction/NN ]
of/IN 
[ the/DT consumption/NN tax/NN ]
,/, more/RBR than/IN doubled/VBD to/TO 
[ 30,841/CD units/NNS ]
from/IN 
[ 13,056/CD ]
in/IN 
[ October/NNP 1988/CD ]
./. 

[ Texas/NNP Instruments/NNPS Japan/NNP Ltd./NNP ]
,/, 
[ a/DT unit/NN ]
of/IN 
[ Texas/NNP Instruments/NNPS Inc./NNP ]
,/, said/VBD 
[ it/PRP ]
opened/VBD 
[ a/DT plant/NN ]
in/IN 
[ South/NNP Korea/NNP ]
to/TO manufacture/VB 
[ control/NN devices/NNS ]
./. 

[ The/DT new/JJ plant/NN ]
,/, located/VBN in/IN 
[ Chinchon/NNP ]
about/IN 
[ 60/CD miles/NNS ]
from/IN 
[ Seoul/NNP ]
,/, will/MD help/VB meet/VB increasing/VBG and/CC 
[ diversifying/VBG demand/NN ]
for/IN 
[ control/NN products/NNS ]
in/IN 
[ South/NNP Korea/NNP ]
,/, 
[ the/DT company/NN ]
said/VBD ./. 

[ The/DT plant/NN ]
will/MD produce/VB 
[ control/NN devices/NNS ]
used/VBN in/IN 
[ motor/NN vehicles/NNS ]
and/CC 
[ household/NN appliances/NNS ]
./. 

[ The/DT survival/NN ]
of/IN 
[ spinoff/NN Cray/NNP Computer/NNP Corp./NNP ]
as/IN 
[ a/DT fledgling/NN ]
in/IN 
[ the/DT supercomputer/NN business/NN ]
appears/VBZ to/TO depend/VB heavily/RB on/IN 
[ the/DT creativity/NN --/: and/CC longevity/NN --/: of/IN its/PRP$ chairman/NN ]
and/CC 
[ chief/NN designer/NN ]
,/, 
[ Seymour/NNP Cray/NNP ]
./. 

Not/RB only/RB is/VBZ 
[ development/NN ]
of/IN 
[ the/DT new/JJ company/NN 's/POS initial/JJ machine/NN ]
tied/VBD directly/RB to/TO 
[ Mr./NNP Cray/NNP ]
,/, so/RB is/VBZ 
[ its/PRP$ balance/NN sheet/NN ]
./. 

[ Documents/NNS ]
filed/VBN with/IN 
[ the/DT Securities/NNPS ]
and/CC 
[ Exchange/NNP Commission/NNP ]
on/IN 
[ the/DT pending/VBG spinoff/NN ]
disclosed/VBD that/IN 
[ Cray/NNP Research/NNP Inc./NNP ]
will/MD withdraw/VB 
[ the/DT ]
almost/RB 
[ $/$ 100/CD million/CD ]
in/IN 
[ financing/NN ]
[ it/PRP ]
is/VBZ providing/VBG 
[ the/DT new/JJ firm/NN ]
if/IN 
[ Mr./NNP Cray/NNP ]
leaves/VBZ or/CC if/IN 
[ the/DT product-design/JJ project/NN ]
[ he/PRP ]
heads/VBZ is/VBZ scrapped/VBN ./. 

[ The/DT documents/NNS ]
also/RB said/VBD that/IN although/IN 
[ the/DT 64-year-old/JJ Mr./NNP Cray/NNP ]
has/VBZ been/VBN working/VBG on/IN 
[ the/DT project/NN ]
for/IN more/RBR than/IN 
[ six/CD years/NNS ]
,/, 
[ the/DT Cray-3/NNP machine/NN ]
is/VBZ at/IN 
[ least/JJS ]
[ another/DT year/NN ]
away/RB from/IN 
[ a/DT ]
fully/RB 
[ operational/JJ prototype/NN ]
./. 

Moreover/JJR ,/, 
[ there/EX ]
have/VBP been/VBN 
[ no/DT orders/NNS ]
for/IN 
[ the/DT Cray-3/NNP ]
so/RB far/RB ,/, though/IN 
[ the/DT company/NN ]
says/VBZ 
[ it/PRP ]
is/VBZ talking/VBG with/IN 
[ several/JJ prospects/NNS ]
./. 

While/IN 
[ many/JJ ]
of/IN 
[ the/DT risks/NNS ]
were/VBD anticipated/VBN when/WRB 
[ Minneapolis-based/JJ Cray/NNP Research/NNP ]
first/RB announced/VBD 
[ the/DT spinoff/NN ]
in/IN 
[ May/NNP ]
,/, 
[ the/DT strings/NNS ]
[ it/PRP ]
attached/VBD to/TO 
[ the/DT financing/NN ]
had/VBD n't/RB been/VBN made/VBN 
[ public/JJ ]
until/IN 
[ yesterday/NN ]
./. 

``/`` 
[ We/PRP ]
did/VBD n't/RB have/VB much/RB of/IN 
[ a/DT choice/NN ]
,/, ''/'' 
[ Cray/NNP Computer/NNP 's/POS chief/NN financial/JJ officer/NN ]
,/, 
[ Gregory/NNP Barnum/NNP ]
,/, said/VBD in/IN 
[ an/DT interview/NN ]
./. 

``/`` 
[ The/DT theory/NN ]
is/VBZ that/IN 
[ Seymour/NNP ]
is/VBZ 
[ the/DT chief/JJ designer/NN ]
of/IN 
[ the/DT Cray-3/NNP ]
,/, and/CC without/IN 
[ him/PRP ]
[ it/PRP ]
could/MD not/RB be/VB completed/VBN ./. 

[ Cray/NNP Research/NNP ]
did/VBD not/RB want/VB to/TO fund/VB 
[ a/DT project/NN ]
[ that/WDT ]
did/VBD not/RB include/VB 
[ Seymour/NNP ]
./. 
''/'' 

[ The/DT documents/NNS ]
also/RB said/VBD that/IN 
[ Cray/NNP Computer/NNP ]
anticipates/VBZ needing/VBG perhaps/RB 
[ another/DT $/$ 120/CD million/CD ]
in/IN 
[ financing/NN ]
beginning/VBG 
[ next/JJ September/NNP ]
./. 

But/CC 
[ Mr./NNP Barnum/NNP ]
called/VBD that/IN ``/`` 
[ a/DT worst-case/JJ ] 
''/'' 
[ scenario/NN ]
./. 

[ The/DT filing/NN ]
on/IN 
[ the/DT details/NNS ]
of/IN 
[ the/DT spinoff/NN ]
caused/VBD 
[ Cray/NNP Research/NNP stock/NN ]
to/TO jump/VB 
[ $/$ 2.875/CD yesterday/NN ]
to/TO close/VB at/IN 
[ $/$ 38/CD ]
in/IN 
[ New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ ]
trading/NN ./. 

[ Analysts/NNS ]
noted/VBD yesterday/NN that/IN 
[ Cray/NNP Research/NNP 's/POS decision/NN ]
to/TO link/VB 
[ its/PRP$ $/$ 98.3/CD million/CD promissory/JJ note/NN ]
to/TO 
[ Mr./NNP Cray/NNP 's/POS presence/NN ]
will/MD complicate/VB 
[ a/DT valuation/NN ]
of/IN 
[ the/DT new/JJ company/NN ]
./. 

``/`` 
[ It/PRP ]
has/VBZ to/TO be/VB considered/VBN as/IN 
[ an/DT additional/JJ risk/NN ]
for/IN 
[ the/DT investor/NN ]
,/, ''/'' said/VBD 
[ Gary/NNP P./NNP Smaby/NNP ]
of/IN 
[ Smaby/NNP Group/NNP Inc./NNP ]
,/, 
[ Minneapolis/NNP ]
./. 

``/`` 
[ Cray/NNP Computer/NNP ]
will/MD be/VB 
[ a/DT concept/NN stock/NN ]
,/, ''/'' 
[ he/PRP ]
said/VBD ./. 

``/`` 
[ You/PRP ]
either/RB believe/VBP 
[ Seymour/NNP ]
can/MD do/VB 
[ it/PRP ]
again/RB or/CC 
[ you/PRP ]
do/VBP n't/RB ./. 
''/'' 

Besides/IN 
[ the/DT designer/NN 's/POS age/NN ]
,/, 
[ other/JJ risk/NN factors/NNS ]
for/IN 
[ Mr./NNP Cray/NNP 's/POS new/JJ company/NN ]
include/VBP 
[ the/DT Cray-3/NNP 's/POS tricky/JJ ]
,/, 
[ unproven/JJ chip/NN technology/NN ]
./. 

[ The/DT SEC/NNP documents/NNS ]
describe/VBP 
[ those/DT chips/NNS ]
,/, 
[ which/WDT ]
are/VBP made/VBN of/IN 
[ gallium/NN arsenide/NN ]
,/, as/IN being/VBG so/RB fragile/JJ and/CC 
[ minute/JJ they/PRP ]
will/MD require/VB 
[ special/JJ robotic/JJ handling/NN equipment/NN ]
./. 

In/IN 
[ addition/NN ]
,/, 
[ the/DT Cray-3/NNP ]
will/MD contain/VB 
[ 16/CD processors/NNS ]
--/: twice/RB as/RB many/JJ as/IN 
[ the/DT largest/JJS current/JJ supercomputer/NN ]
./. 

[ Cray/NNP Computer/NNP ]
also/RB will/MD face/VB 
[ intense/JJ competition/NN ]
,/, not/RB only/RB from/IN 
[ Cray/NNP Research/NNP ]
,/, 
[ which/WDT ]
has/VBZ about/RB 
[ 60/CD %/NN ]
of/IN 
[ the/DT world-wide/JJ supercomputer/NN market/NN ]
and/CC 
[ which/WDT ]
is/VBZ expected/VBN to/TO roll/VB out/RP 
[ the/DT C-90/NN machine/NN ]
,/, 
[ a/DT direct/JJ competitor/NN ]
with/IN 
[ the/DT Cray-3/NNP ]
,/, in/IN 
[ 1991/CD ]
./. 

[ The/DT spinoff/NN ]
also/RB will/MD compete/VB with/IN 
[ International/NNP Business/NNP Machines/NNPS Corp./NNP ]
and/CC 
[ Japan/NNP 's/POS Big/JJ Three/CD --/: Hitachi/NNP Ltd./NNP ]
,/, 
[ NEC/NNP Corp./NNP ]
and/CC 
[ Fujitsu/NNP Ltd/NNP ]
./. 

[ The/DT new/JJ company/NN ]
said/VBD 
[ it/PRP ]
believes/VBZ 
[ there/EX ]
are/VBP fewer/JJR than/IN 
[ 100/CD potential/JJ customers/NNS ]
for/IN 
[ supercomputers/NNS ]
priced/VBN between/IN 
[ $/$ 15/CD million/CD ]
and/CC 
[ $/$ 30/CD million/CD ]
--/: presumably/RB 
[ the/DT Cray-3/NNP price/NN range/NN ]
./. 

Under/IN 
[ terms/NNS ]
of/IN 
[ the/DT spinoff/NN ]
,/, 
[ Cray/NNP Research/NNP stockholders/NNS ]
are/VBP to/TO receive/VB 
[ one/CD Cray/NNP Computer/NNP ]
share/NN for/IN 
[ every/DT two/CD Cray/NNP Research/NNP shares/NNS they/PRP ]
own/VBP in/IN 
[ a/DT distribution/NN ]
expected/VBN to/TO occur/VB in/IN about/IN 
[ two/CD weeks/NNS ]
./. 

[ No/DT price/NN ]
for/IN 
[ the/DT new/JJ shares/NNS ]
has/VBZ been/VBN set/VBN ./. 

Instead/RB ,/, 
[ the/DT companies/NNS ]
will/MD leave/VB 
[ it/PRP ]
up/IN to/TO 
[ the/DT marketplace/NN ]
to/TO decide/VB ./. 

[ Cray/NNP Computer/NNP ]
has/VBZ applied/VBN to/TO trade/VB on/IN 
[ Nasdaq/NNP ]
./. 

[ Analysts/NNS ]
calculate/VBP 
[ Cray/NNP Computer/NNP 's/POS initial/JJ book/NN value/NN ]
at/IN about/IN 
[ $/$ 4.75/CD ]
[ a/DT share/NN ]
./. 

Along/IN with/IN 
[ the/DT note/NN ]
,/, 
[ Cray/NNP Research/NNP ]
is/VBZ transferring/VBG about/IN 
[ $/$ 53/CD million/CD ]
in/IN 
[ assets/NNS ]
,/, primarily/RB 
[ those/DT ]
related/VBN to/TO 
[ the/DT Cray-3/CD development/NN ]
,/, 
[ which/WDT ]
has/VBZ been/VBN 
[ a/DT drain/NN ]
on/IN 
[ Cray/NNP Research/NNP 's/POS earnings/NNS ]
./. 

[ Pro-forma/JJ balance/NN sheets/NNS ]
clearly/RB show/VBP why/WRB 
[ Cray/NNP Research/NNP ]
favored/VBD 
[ the/DT spinoff/NN ]
./. 

Without/IN 
[ the/DT Cray-3/NNP research/NN ]
and/CC 
[ development/NN expenses/NNS ]
,/, 
[ the/DT company/NN ]
would/MD have/VB been/VBN able/JJ to/TO report/VB 
[ a/DT profit/NN ]
of/IN 
[ $/$ 19.3/CD million/CD ]
for/IN 
[ the/DT first/JJ ]
[ half/DT ]
of/IN 
[ 1989/CD ]
rather/RB than/IN 
[ the/DT $/$ 5.9/CD million/CD it/PRP ]
posted/VBD ./. 

On/IN 
[ the/DT other/JJ hand/NN ]
,/, had/VBD 
[ it/PRP ]
existed/VBN then/RB ,/, 
[ Cray/NNP Computer/NNP ]
would/MD have/VB incurred/VBN 
[ a/DT $/$ 20.5/CD million/CD loss/NN ]
./. 

[ Mr./NNP Cray/NNP ]
,/, 
[ who/WP ]
could/MD n't/RB be/VB reached/VBN for/IN 
[ comment/NN ]
,/, will/MD work/VB for/IN 
[ the/DT new/JJ Colorado/NNP Springs/NNPS ]
,/, 
[ Colo./NNP ]
,/, 
[ company/NN ]
as/IN 
[ an/DT independent/JJ contractor/NN --/: the/DT arrangement/NN ]
[ he/PRP ]
had/VBD with/IN 
[ Cray/NNP Research/NNP ]
./. 

Regarded/VBN as/IN 
[ the/DT father/NN ]
of/IN 
[ the/DT supercomputer/NN ]
,/, 
[ Mr./NNP Cray/NNP ]
was/VBD paid/VBN 
[ $/$ 600,000/CD ]
at/IN 
[ Cray/NNP Research/NNP last/JJ year/NN ]
./. 

At/IN 
[ Cray/NNP Computer/NNP ]
,/, 
[ he/PRP ]
will/MD be/VB paid/VBN 
[ $/$ 240,000/CD ]
./. 

Besides/IN 
[ Messrs./NNP Cray/NNP ]
and/CC 
[ Barnum/NNP ]
,/, 
[ other/JJ senior/JJ management/NN ]
at/IN 
[ the/DT company/NN ]
includes/VBZ 
[ Neil/NNP Davenport/NNP ]
,/, 
[ 47/CD ]
,/, 
[ president/NN ]
and/CC 
[ chief/NN executive/NN officer/NN ]
;/: 
[ Joseph/NNP M./NNP Blanchard/NNP ]
,/, 
[ 37/CD ]
,/, 
[ vice/NN president/NN ]
,/, engineering/NN ;/: 
[ Malcolm/NNP A./NN Hammerton/NNP ]
,/, 
[ 40/CD ]
,/, 
[ vice/NN president/NN ]
,/, 
[ software/NN ]
;/: and/CC 
[ Douglas/NNP R./NNP Wheeland/NNP ]
,/, 
[ 45/CD ]
,/, 
[ vice/NN president/NN ]
,/, 
[ hardware/NN ]
./. 

[ All/DT ]
came/VBD from/IN 
[ Cray/NNP Research/NNP ]
./. 

[ Cray/NNP Computer/NNP ]
,/, 
[ which/WDT ]
currently/RB employs/VBZ 
[ 241/CD people/NNS ]
,/, said/VBD 
[ it/PRP ]
expects/VBZ 
[ a/DT work/NN force/NN ]
of/IN 
[ 450/CD ]
by/IN 
[ the/DT end/NN ]
of/IN 
[ 1990/CD ]
./. 

[ John/NNP R./NNP Stevens/NNP ]
,/, 
[ 49/CD years/NNS ]
old/JJ ,/, was/VBD named/VBN 
[ senior/JJ executive/NN vice/NN president/NN ]
and/CC 
[ chief/NN operating/VBG officer/NN ]
,/, 
[ both/DT new/JJ positions/NNS ]
./. 

[ He/PRP ]
will/MD continue/VB to/TO report/VB to/TO 
[ Donald/NNP Pardus/NNP ]
,/, 
[ president/NN ]
and/CC 
[ chief/NN executive/NN officer/NN ]
./. 

[ Mr./NNP Stevens/NNP ]
was/VBD 
[ executive/NN vice/NN president/NN ]
of/IN 
[ this/DT electric-utility/NN holding/NN company/NN ]
./. 

[ Arthur/NNP A./NNP Hatch/NNP ]
,/, 
[ 59/CD ]
,/, was/VBD named/VBN 
[ executive/NN vice/NN president/NN ]
of/IN 
[ the/DT company/NN ]
./. 

[ He/PRP ]
was/VBD previously/RB 
[ president/NN ]
of/IN 
[ the/DT company/NN 's/POS Eastern/NNP Edison/NNP Co./NNP unit/NN ]
./. 

[ John/NNP D./NNP Carney/NNP ]
,/, 
[ 45/CD ]
,/, was/VBD named/VBN to/TO succeed/VB 
[ Mr./NNP Hatch/NNP ]
as/IN 
[ president/NN ]
of/IN 
[ Eastern/NNP Edison/NNP ]
./. 

Previously/RB 
[ he/PRP ]
was/VBD vice/RB 
[ president/NN ]
of/IN 
[ Eastern/NNP Edison/NNP ]
./. 

[ Robert/NNP P./NNP Tassinari/NNP ]
,/, 
[ 63/CD ]
,/, was/VBD named/VBN 
[ senior/JJ vice/NN president/NN ]
of/IN 
[ Eastern/NNP Utilities/NNPS ]
./. 

[ He/PRP ]
was/VBD previously/RB 
[ vice/NN president/NN ]
./. 

[ The/DT U.S./NNP ]
,/, claiming/VBG 
[ some/DT success/NN ]
in/IN 
[ its/PRP$ trade/NN diplomacy/NN ]
,/, removed/VBD 
[ South/NNP Korea/NNP ]
,/, 
[ Taiwan/NNP ]
and/CC 
[ Saudi/NNP Arabia/NNP ]
from/IN 
[ a/DT list/NN ]
of/IN 
[ countries/NNS ]
[ it/PRP ]
is/VBZ closely/RB watching/VBG for/IN allegedly/RB failing/VBG to/TO honor/VB 
[ U.S./NNP patents/NNS ]
,/, 
[ copyrights/NNS ]
and/CC 
[ other/JJ intellectual-property/JJ rights/NNS ]
./. 

However/RB ,/, 
[ five/CD other/JJ countries/NNS --/: China/NNP ]
,/, 
[ Thailand/NNP ]
,/, 
[ India/NNP ]
,/, 
[ Brazil/NNP ]
and/CC 
[ Mexico/NNP --/: will/MD ]
remain/VB on/IN 
[ that/DT so-called/JJ priority/NN watch/NN list/NN ]
as/IN 
[ a/DT result/NN ]
of/IN 
[ an/DT interim/JJ review/NN ]
,/, 
[ U.S./NNP Trade/NNP Representative/NNP Carla/NNP Hills/NNP ]
announced/VBD ./. 

Under/IN 
[ the/DT new/JJ U.S./NNP trade/NN law/NN ]
,/, 
[ those/DT countries/NNS ]
could/MD face/VB 
[ accelerated/JJ unfair-trade/JJ investigations/NNS ]
and/CC 
[ stiff/JJ trade/NN sanctions/NNS ]
if/IN 
[ they/PRP ]
do/VBP n't/RB improve/VB 
[ their/PRP$ protection/NN ]
of/IN 
[ intellectual/JJ property/NN ]
by/IN 
[ next/JJ spring/NN ]
./. 

[ Mrs./NNP Hills/NNP ]
said/VBD 
[ many/JJ ]
of/IN 
[ the/DT 25/CD countries/NNS ]
that/IN 
[ she/PRP ]
placed/VBD under/IN varying/VBG 
[ degrees/NNS ]
of/IN 
[ scrutiny/NN ]
have/VBP made/VBN ``/`` 
[ genuine/JJ progress/NN ]
''/'' on/IN 
[ this/DT touchy/JJ issue/NN ]
./. 

[ She/PRP ]
said/VBD 
[ there/EX ]
is/VBZ ``/`` 
[ growing/VBG realization/NN ]
''/'' around/IN 
[ the/DT world/NN ]
[ that/DT denial/NN ]
of/IN 
[ intellectual-property/JJ rights/NNS ]
harms/VBZ 
[ all/DT trading/VBG nations/NNS ]
,/, and/CC particularly/RB 
[ the/DT ]
``/`` 
[ creativity/NN ]
and/CC 
[ inventiveness/NN ]
of/IN 
[ an/DT ]
 {/( offending/VBG }/) 
[ country/NN 's/POS own/JJ citizens/NNS ]
./. 
''/'' 

[ U.S./NNP trade/NN negotiators/NNS ]
argue/VBP that/IN 
[ countries/NNS ]
with/IN 
[ inadequate/JJ protections/NNS ]
for/IN 
[ intellectual-property/JJ rights/NNS ]
could/MD be/VB hurting/VBG 
[ themselves/PRP ]
by/IN discouraging/VBG 
[ their/PRP$ own/JJ scientists/NNS ]
and/CC 
[ authors/NNS ]
and/CC by/IN deterring/VBG 
[ U.S./NNP high-technology/NN firms/NNS ]
from/IN investing/VBG or/CC marketing/VBG 
[ their/PRP$ best/JJS products/NNS ]
there/RB ./. 

[ Mrs./NNP Hills/NNP ]
lauded/VBD 
[ South/NNP Korea/NNP ]
for/IN creating/VBG 
[ an/DT intellectual-property/JJ task/NN force/NN ]
and/CC 
[ special/JJ enforcement/NN teams/NNS ]
of/IN 
[ police/NN officers/NNS ]
and/CC 
[ prosecutors/NNS ]
trained/VBN to/TO pursue/VB 
[ movie/NN ]
and/CC 
[ book/NN pirates/NNS ]
./. 

[ Seoul/NNP ]
also/RB has/VBZ instituted/VBN 
[ effective/JJ search-and-seizure/JJ procedures/NNS ]
to/TO aid/VB 
[ these/DT teams/NNS ]
,/, 
[ she/PRP ]
said/VBD ./. 

[ Taiwan/NNP ]
has/VBZ improved/VBN 
[ its/PRP$ standing/NN ]
with/IN 
[ the/DT U.S./NNP ]
by/IN initialing/VBG 
[ a/DT bilateral/JJ copyright/NN agreement/NN ]
,/, amending/VBG 
[ its/PRP$ trademark/NN law/NN ]
and/CC 
[ introducing/VBG legislation/NN ]
to/TO protect/VB 
[ foreign/JJ movie/NN producers/NNS ]
from/IN 
[ unauthorized/JJ showings/NNS ]
of/IN 
[ their/PRP$ films/NNS ]
./. 

[ That/DT measure/NN ]
could/MD compel/VB 
[ Taipei/NNP 's/POS growing/VBG number/NN ]
of/IN 
[ small/JJ video-viewing/JJ parlors/NNS ]
to/TO pay/VB 
[ movie/NN producers/NNS ]
for/IN showing/VBG 
[ their/PRP$ films/NNS ]
./. 

[ Saudi/NNP Arabia/NNP ]
,/, for/IN 
[ its/PRP$ part/NN ]
,/, has/VBZ vowed/VBN to/TO enact/VB 
[ a/DT copyright/NN law/NN ]
compatible/JJ with/IN 
[ international/JJ standards/NNS ]
and/CC to/TO apply/VB 
[ the/DT law/NN ]
to/TO 
[ computer/NN software/NN ]
as/RB well/RB as/IN to/TO 
[ literary/JJ works/NNS ]
,/, 
[ Mrs./NNP Hills/NNP ]
said/VBD ./. 

[ These/DT three/CD countries/NNS ]
are/VBP n't/RB completely/RB off/IN 
[ the/DT hook/NN ]
,/, though/RB ./. 

[ They/PRP ]
will/MD remain/VB on/IN 
[ a/DT lower-priority/JJ list/NN ]
[ that/WDT ]
includes/VBZ 
[ 17/CD other/JJ countries/NNS ]
./. 

[ Those/DT countries/NNS ]
--/: including/IN 
[ Japan/NNP ]
,/, 
[ Italy/NNP ]
,/, 
[ Canada/NNP ]
,/, 
[ Greece/NNP ]
and/CC 
[ Spain/NNP --/: are/VBP ]
still/RB of/IN 
[ some/DT concern/NN ]
to/TO 
[ the/DT U.S./NNP ]
but/CC are/VBP deemed/VBN to/TO pose/VB 
[ less-serious/JJ problems/NNS ]
for/IN 
[ American/JJ patent/NN ]
and/CC 
[ copyright/NN owners/NNS ]
than/IN 
[ those/DT ]
on/IN 
[ the/DT ]
``/`` 
[ priority/NN ]
''/'' 
[ list/NN ]
./. 

[ Gary/NNP Hoffman/NNP ]
,/, 
[ a/DT Washington/NNP lawyer/NN ]
specializing/VBG in/IN 
[ intellectual-property/JJ cases/NNS ]
,/, said/VBD 
[ the/DT threat/NN ]
of/IN 
[ U.S./NNP retaliation/NN ]
,/, combined/VBN with/IN 
[ a/DT growing/VBG recognition/NN ]
that/IN protecting/VBG 
[ intellectual/JJ property/NN ]
is/VBZ in/IN 
[ a/DT country/NN 's/POS own/JJ interest/NN ]
,/, prompted/VBD 
[ the/DT improvements/NNS ]
made/VBN by/IN 
[ South/NNP Korea/NNP ]
,/, 
[ Taiwan/NNP ]
and/CC 
[ Saudi/NNP Arabia/NNP ]
./. 

``/`` 
[ What/WP ]
[ this/DT ]
tells/VBZ 
[ us/PRP ]
is/VBZ 
[ that/DT U.S./NNP trade/NN law/NN ]
is/VBZ working/VBG ,/, ''/'' 
[ he/PRP ]
said/VBD ./. 

[ He/PRP ]
said/VBD 
[ Mexico/NNP ]
could/MD be/VB 
[ one/CD ]
of/IN 
[ the/DT next/JJ countries/NNS ]
to/TO be/VB removed/VBN from/IN 
[ the/DT priority/NN list/NN ]
because/IN of/IN 
[ its/PRP$ efforts/NNS ]
to/TO craft/VB 
[ a/DT new/JJ patent/NN law/NN ]
./. 

[ Mrs./NNP Hills/NNP ]
said/VBD that/IN 
[ the/DT U.S./NNP ]
is/VBZ still/RB concerned/VBN about/IN ``/`` 
[ disturbing/JJ developments/NNS ]
in/IN 
[ Turkey/NNP ]
and/CC continuing/VBG 
[ slow/JJ progress/NN ]
in/IN 
[ Malaysia/NNP ]
./. 

''/'' 
[ She/PRP ]
did/VBD n't/RB 
[ elaborate/JJ ]
,/, although/IN 
[ earlier/JJR U.S./NNP trade/NN reports/NNS ]
have/VBP complained/VBN of/IN 
[ videocassette/NN piracy/NN ]
in/IN 
[ Malaysia/NNP ]
and/CC 
[ disregard/NN ]
for/IN 
[ U.S./NNP pharmaceutical/JJ patents/NNS ]
in/IN 
[ Turkey/NNP ]
./. 

[ The/DT 1988/CD trade/NN act/NN ]
requires/VBZ 
[ Mrs./NNP Hills/NNP ]
to/TO issue/VB 
[ another/DT review/NN ]
of/IN 
[ the/DT performance/NN ]
of/IN 
[ these/DT countries/NNS ]
by/IN 
[ April/NNP 30/CD ]
./. 

So/IN far/RB ,/, 
[ Mrs./NNP Hills/NNP has/VBZ n't/RB ]
deemed/VBD 
[ any/DT cases/NNS ]
bad/JJ enough/RB to/TO merit/VB 
[ an/DT accelerated/VBN investigation/NN ]
under/IN 
[ the/DT so-called/JJ special/JJ 301/CD provision/NN ]
of/IN 
[ the/DT act/NN ]
./. 

[ Argentina/NNP ]
said/VBD 
[ it/PRP ]
will/MD ask/VB 
[ creditor/NN banks/NNS ]
to/TO halve/VB 
[ its/PRP$ foreign/JJ debt/NN ]
of/IN 
[ $/$ 64/CD billion/CD --/: the/DT third-highest/JJS ]
in/IN 
[ the/DT developing/VBG world/NN ]
./. 

[ The/DT declaration/NN ]
by/IN 
[ Economy/NNP Minister/NNP Nestor/NNP Rapanelli/NNP ]
is/VBZ believed/VBN to/TO be/VB 
[ the/DT first/JJ time/NN ]
such/JJ 
[ an/DT action/NN ]
has/VBZ been/VBN called/VBN for/IN by/IN 
[ an/DT Argentine/JJ official/NN ]
of/IN 
[ such/JJ stature/NN ]
./. 

[ The/DT Latin/NNP American/NNP nation/NN ]
has/VBZ paid/VBN very/RB little/RB on/IN 
[ its/PRP$ debt/NN ]
since/IN 
[ early/JJ last/JJ year/NN ]
./. 

``/`` 
[ Argentina/NNP ]
aspires/VBZ to/TO reach/VB 
[ a/DT reduction/NN ]
of/IN 
[ 50/CD %/NN ]
in/IN 
[ the/DT value/NN ]
of/IN 
[ its/PRP$ external/JJ debt/NN ]
,/, ''/'' 
[ Mr./NNP Rapanelli/NNP ]
said/VBD through/IN 
[ his/PRP$ spokesman/NN ]
,/, 
[ Miguel/NNP Alurralde/NNP ]
./. 

[ Mr./NNP Rapanelli/NNP ]
met/VBD in/IN 
[ August/NNP ]
with/IN 
[ U.S./NNP Assistant/NNP Treasury/NNP Secretary/NNP David/NNP Mulford/NNP ]
./. 

[ Argentine/JJ negotiator/NN Carlos/NNP Carballo/NNP ]
was/VBD in/IN 
[ Washington/NNP ]
and/CC 
[ New/NNP York/NNP ]
[ this/DT week/NN ]
to/TO meet/VB with/IN 
[ banks/NNS ]
./. 

[ Mr./NNP Rapanelli/NNP ]
recently/RB has/VBZ said/VBD 
[ the/DT government/NN ]
of/IN 
[ President/NNP Carlos/NNP Menem/NNP ]
,/, 
[ who/WP ]
took/VBD 
[ office/NN July/NNP 8/CD ]
,/, feels/VBZ 
[ a/DT significant/JJ reduction/NN ]
of/IN 
[ principal/NN ]
and/CC 
[ interest/NN ]
is/VBZ 
[ the/DT only/JJ way/NN ]
[ the/DT debt/NN problem/NN ]
may/MD be/VB solved/VBN ./. 

But/CC 
[ he/PRP ]
has/VBZ not/RB said/VBD before/IN that/IN 
[ the/DT country/NN ]
wants/VBZ 
[ half/PDT the/DT debt/NN ]
forgiven/VBN ./. 

 (/( During/IN 
[ its/PRP$ centennial/NN year/NN ]
,/, 
[ The/NNP 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 ]
./. 

 )/) 

[ THREE/CD COMPUTERS/NNS ]
THAT/WDT 
[ CHANGED/VBD ]
[ the/DT face/NN ]
of/IN 
[ personal/JJ ]
computing/NN were/VBD launched/VBN in/IN 
[ 1977/CD ]
./. 

[ That/DT year/NN ]
[ the/DT Apple/NNP II/NNP ]
,/, 
[ Commodore/NNP Pet/NNP ]
and/CC 
[ Tandy/NNP TRS-80/NNP ]
came/VBD to/TO 
[ market/NN ]
./. 

[ The/DT computers/NNS ]
were/VBD 
[ crude/JJ ]
by/IN 
[ today/NN 's/POS standards/NNS ]
./. 

[ Apple/NNP II/NNP owners/NNS ]
,/, for/IN 
[ example/NN ]
,/, had/VBD to/TO use/VB 
[ their/PRP$ television/NN sets/NNS ]
as/IN 
[ screens/NNS ]
and/CC stored/VBD 
[ data/NNS ]
on/IN 
[ audiocassettes/NNS ]
./. 

But/CC 
[ Apple/NNP II/NNP ]
was/VBD 
[ a/DT major/JJ advance/NN ]
from/IN 
[ Apple/NNP I/NNP ]
,/, 
[ which/WDT ]
was/VBD built/VBN in/IN 
[ a/DT garage/NN ]
by/IN 
[ Stephen/NNP Wozniak/NNP ]
and/CC 
[ Steven/NNP Jobs/NNP ]
for/IN 
[ hobbyists/NNS ]
such/JJ as/IN 
[ the/DT Homebrew/NNP Computer/NNP Club/NNP ]
./. 

In/IN 
[ addition/NN ]
,/, 
[ the/DT Apple/NNP II/NNP ]
was/VBD 
[ an/DT affordable/JJ $/$ 1,298/CD ]
./. 

[ Crude/JJ ]
as/IN 
[ they/PRP ]
were/VBD ,/, 
[ these/DT early/JJ PCs/NNS ]
triggered/VBD 
[ explosive/JJ product/NN development/NN ]
in/IN 
[ desktop/NN models/NNS ]
for/IN 
[ the/DT home/NN ]
and/CC 
[ office/NN ]
./. 

[ Big/JJ mainframe/NN computers/NNS ]
for/IN 
[ business/NN ]
had/VBD been/VBN around/IN for/IN 
[ years/NNS ]
./. 

But/CC 
[ the/DT new/JJ 1977/CD PCs/NNS --/: unlike/JJ earlier/JJR built-from-kit/JJ types/NNS ]
such/JJ as/IN 
[ the/DT Altair/NNP ]
,/, 
[ Sol/NNP ]
and/CC 
[ IMSAI/NNP --/: had/VBD keyboards/NNS ]
and/CC could/MD store/VB about/IN 
[ two/CD pages/NNS ]
of/IN 
[ data/NNS ]
in/IN 
[ their/PRP$ memories/NNS ]
./. 

[ Current/JJ PCs/NNS ]
are/VBP more/RBR than/IN 
[ 50/CD times/NNS ]
faster/JJR and/CC have/VBP 
[ memory/NN capacity/NN 500/CD times/NNS ]
greater/JJR than/IN 
[ their/PRP$ 1977/CD counterparts/NNS ]
./. 

[ There/EX ]
were/VBD 
[ many/JJ pioneer/NN PC/NN contributors/NNS ]
./. 

[ William/NNP Gates/NNP ]
and/CC 
[ Paul/NNP Allen/NNP ]
in/IN 
[ 1975/CD ]
developed/VBD 
[ an/DT early/JJ language-housekeeper/JJ system/NN ]
for/IN 
[ PCs/NNS ]
,/, and/CC 
[ Gates/NNP ]
became/VBD 
[ an/DT industry/NN billionaire/NN six/CD years/NNS ]
after/IN 
[ IBM/NNP ]
adapted/VBD 
[ one/CD ]
of/IN 
[ these/DT versions/NNS ]
in/IN 
[ 1981/CD ]
./. 

[ Alan/NNP F./NNP Shugart/NNP ]
,/, currently/RB 
[ chairman/NN ]
of/IN 
[ Seagate/NNP Technology/NNP ]
,/, led/VBD 
[ the/DT team/NN ]
[ that/WDT ]
developed/VBD 
[ the/DT disk/NN ]
drives/NNS for/IN 
[ PCs/NNS ]
./. 

[ Dennis/NNP Hayes/NNP ]
and/CC 
[ Dale/NNP Heatherington/NNP ]
,/, 
[ two/CD Atlanta/NNP engineers/NNS ]
,/, were/VBD 
[ co-developers/NNS ]
of/IN 
[ the/DT internal/JJ modems/NNS ]
[ that/WDT ]
allow/VBP 
[ PCs/NNS ]
to/TO share/VB 
[ data/NNS ]
via/IN 
[ the/DT telephone/NN ]
./. 

[ IBM/NNP ]
,/, 
[ the/DT world/NN leader/NN ]
in/IN 
[ computers/NNS ]
,/, did/VBD n't/RB offer/VB 
[ its/PRP$ first/JJ PC/NN ]
until/IN 
[ August/NNP 1981/CD ]
as/IN 
[ many/JJ other/JJ companies/NNS ]
entered/VBD 
[ the/DT market/NN ]
./. 

[ Today/NN ]
,/, 
[ PC/NN shipments/NNS ]
annually/RB total/VBP 
[ some/DT $/$ 38.3/CD billion/CD world-wide/JJ ]
./. 

[ F.H./NNP Faulding/NNP ]
&/CC 
[ Co./NNP ]
,/, 
[ an/DT Australian/JJ pharmaceuticals/NNS company/NN ]
,/, said/VBD 
[ its/PRP$ Moleculon/NNP Inc./NNP ]
affiliate/NN acquired/VBD 
[ Kalipharma/NNP Inc./NNP ]
for/IN 
[ $/$ 23/CD million/CD ]
./. 

[ Kalipharma/NNP ]
is/VBZ 
[ a/DT New/JJ Jersey-based/JJ pharmaceuticals/NNS concern/NN ]
[ that/WDT ]
sells/VBZ 
[ products/NNS ]
under/IN 
[ the/DT Purepac/NNP label/NN ]
./. 

[ Faulding/NNP ]
said/VBD 
[ it/PRP ]
owns/VBZ 
[ 33/CD %/NN ]
of/IN 
[ Moleculon/NNP 's/POS voting/NN stock/NN ]
and/CC has/VBZ 
[ an/DT agreement/NN ]
to/TO acquire/VB 
[ an/DT additional/JJ 19/CD %/NN ]
./. 

[ That/DT stake/NN ]
,/, together/RB with/IN 
[ its/PRP$ convertible/JJ ]
preferred/VBN 
[ stock/NN holdings/NNS ]
,/, gives/VBZ 
[ Faulding/NNP ]
[ the/DT right/NN ]
to/TO increase/VB 
[ its/PRP$ interest/NN ]
to/TO 
[ 70/CD %/NN ]
of/IN 
[ Moleculon/NNP 's/POS voting/NN stock/NN ]
./. 

[ Oil/NN production/NN ]
from/IN 
[ Australia/NNP 's/POS Bass/NNP Strait/NNP fields/NNS ]
will/MD be/VB raised/VBN by/IN 
[ 11,000/CD barrels/NNS ]
[ a/DT day/NN ]
to/TO about/IN 
[ 321,000/CD barrels/NNS ]
with/IN 
[ the/DT launch/NN ]
of/IN 
[ the/DT Whiting/NNP field/NN ]
,/, 
[ the/DT first/JJ ]
of/IN 
[ five/CD small/JJ fields/NNS ]
scheduled/VBN to/TO be/VB brought/VBN into/IN 
[ production/NN ]
before/IN 
[ the/DT end/NN ]
of/IN 
[ 1990/CD ]
./. 

[ Esso/NNP Australia/NNP Ltd./NNP ]
,/, 
[ a/DT unit/NN ]
of/IN 
[ New/JJ York-based/JJ Exxon/NNP Corp./NNP ]
,/, and/CC 
[ Broken/NNP Hill/NNP Pty./NNP ]
operate/VBP 
[ the/DT fields/NNS ]
in/IN 
[ a/DT joint/JJ venture/NN ]
./. 

[ Esso/NNP ]
said/VBD 
[ the/DT Whiting/NNP field/NN ]
started/VBD 
[ production/NN Tuesday/NNP ]
./. 

[ Output/NN ]
will/MD be/VB gradually/RB increased/VBN until/IN 
[ it/PRP ]
reaches/VBZ about/IN 
[ 11,000/CD barrels/NNS ]
[ a/DT day/NN ]
./. 

[ The/DT field/NN ]
has/VBZ 
[ reserves/NNS ]
of/IN 
[ 21/CD million/CD barrels/NNS ]
./. 

[ Reserves/NNS ]
for/IN 
[ the/DT five/CD new/JJ fields/NNS ]
total/VBP 
[ 50/CD million/CD barrels/NNS ]
./. 

[ The/DT Perch/NNP ]
and/CC 
[ Dolphin/NNP fields/NNS ]
are/VBP expected/VBN to/TO start/VB producing/VBG 
[ early/JJ next/JJ year/NN ]
,/, and/CC 
[ the/DT Seahorse/NNP ]
and/CC 
[ Tarwhine/NNP fields/NNS ]
later/JJ 
[ next/JJ year/NN ]
./. 

[ Esso/NN ]
said/VBD 
[ the/DT fields/NNS ]
were/VBD developed/VBN after/IN 
[ the/DT Australian/JJ government/NN ]
decided/VBD in/IN 
[ 1987/CD ]
to/TO make/VB 
[ the/DT first/JJ 30/CD million/CD barrels/NNS ]
from/IN 
[ new/JJ fields/NNS ]
free/JJ of/IN 
[ excise/JJ tax/NN ]
./. 

[ R.P./NNP Scherer/NNP Corp./NNP ]
said/VBD 
[ it/PRP ]
completed/VBD 
[ the/DT $/$ 10.2/CD million/CD sale/NN ]
of/IN 
[ its/PRP$ Southern/NNP Optical/NNP subsidiary/NN ]
to/TO 
[ a/DT group/NN ]
led/VBD by/IN 
[ the/DT unit/NN 's/POS president/NN ]
,/, 
[ Thomas/NNP R./NNP Sloan/NNP ]
,/, and/CC 
[ other/JJ managers/NNS ]
./. 

Following/VBG 
[ the/DT acquisition/NN ]
of/IN 
[ R.P./NNP Scherer/NNP ]
by/IN 
[ a/DT buy-out/JJ group/NN ]
led/VBN by/IN 
[ Shearson/NNP Lehman/NNP Hutton/NNP ]
earlier/JJR 
[ this/DT year/NN ]
,/, 
[ the/DT maker/NN ]
of/IN 
[ gelatin/NN capsules/NNS ]
decided/VBD to/TO divest/VB 
[ itself/PRP ]
of/IN 
[ certain/JJ ]
of/IN 
[ its/PRP$ non-encapsulating/JJ businesses/NNS ]
./. 

[ The/DT sale/NN ]
of/IN 
[ Southern/NNP Optical/NNP ]
is/VBZ 
[ a/DT part/NN ]
of/IN 
[ the/DT program/NN ]
./. 

[ The/DT White/NNP House/NNP ]
said/VBD 
[ President/NNP Bush/NNP ]
has/VBZ approved/VBN 
[ duty-free/JJ treatment/NN ]
for/IN 
[ imports/NNS ]
of/IN 
[ certain/JJ types/NNS ]
of/IN 
[ watches/NNS ]
[ that/WDT ]
are/VBP n't/RB produced/VBN in/IN ``/`` 
[ significant/JJ quantities/NNS ]
''/'' in/IN 
[ the/DT U.S./NNP ]
,/, 
[ the/DT Virgin/NNP Islands/NNPS ]
and/CC 
[ other/JJ U.S./NNP possessions/NNS ]
./. 

[ The/DT action/NN ]
came/VBD in/IN 
[ response/NN ]
to/TO 
[ a/DT petition/NN ]
filed/VBN by/IN 
[ Timex/NNP Inc./NNP ]
for/IN 
[ changes/NNS ]
in/IN 
[ the/DT U.S./NNP Generalized/NNP System/NNP ]
of/IN 
[ Preferences/NNPS ]
for/IN 
[ imports/NNS ]
from/IN developing/VBG 
[ nations/NNS ]
./. 

Previously/RB ,/, 
[ watch/NN imports/NNS ]
were/VBD denied/VBN 
[ such/JJ duty-free/JJ treatment/NN ]
./. 

[ Timex/NNP ]
had/VBD requested/VBN 
[ duty-free/JJ treatment/NN ]
for/IN 
[ many/JJ types/NNS ]
of/IN 
[ watches/NNS ]
,/, covered/VBN by/IN 
[ 58/CD different/JJ U.S./NNP tariff/NN classifications/NNS ]
./. 

[ The/DT White/NNP House/NNP ]
said/VBD 
[ Mr./NNP Bush/NNP ]
decided/VBD to/TO grant/VB 
[ duty-free/JJ status/NN ]
for/IN 
[ 18/CD categories/NNS ]
,/, but/CC turned/VBD down/RP 
[ such/JJ treatment/NN ]
for/IN 
[ other/JJ types/NNS ]
of/IN 
[ watches/NNS ]
``/`` because/RB of/IN 
[ the/DT potential/NN ]
for/IN 
[ material/NN injury/NN ]
to/TO watch/VB 
[ producers/NNS ]
located/VBN in/IN 
[ the/DT U.S./NNP ]
and/CC 
[ the/DT Virgin/NNP Islands/NNPS ]
./. 

''/'' 

[ Timex/NNP ]
is/VBZ 
[ a/DT major/JJ U.S./NNP producer/NN ]
and/CC 
[ seller/NN ]
of/IN 
[ watches/NNS ]
,/, including/VBG 
[ low-priced/JJ battery-operated/JJ watches/NNS ]
assembled/VBN in/IN 
[ the/DT Philippines/NNP ]
and/CC 
[ other/JJ developing/VBG nations/NNS ]
covered/VBN by/IN 
[ the/DT U.S./NNP tariff/NN preferences/NNS ]
./. 

[ U.S./NNP trade/NN officials/NNS ]
said/VBD 
[ the/DT Philippines/NNP ]
and/CC 
[ Thailand/NNP ]
would/MD be/VB 
[ the/DT main/JJ beneficiaries/NNS ]
of/IN 
[ the/DT president/NN 's/POS action/NN ]
./. 

[ Imports/NNS ]
of/IN 
[ the/DT types/NNS ]
of/IN 
[ watches/NNS ]
[ that/WDT ]
now/RB will/MD be/VB eligible/JJ for/IN 
[ duty-free/JJ treatment/NN ]
totaled/VBD about/IN 
[ $/$ 37.3/CD million/CD ]
in/IN 
[ 1988/CD ]
,/, 
[ a/DT ]
relatively/RB 
[ small/JJ share/NN ]
of/IN 
[ the/DT $/$ 1.5/CD billion/CD ]
in/IN 
[ U.S./NNP watch/NN ]
imports/NNS 
[ that/DT year/NN ]
,/, according/VBG to/TO 
[ an/DT aide/NN ]
to/TO 
[ U.S./NNP Trade/NNP Representative/NNP Carla/NNP Hills/NNP ]
./. 

[ Magna/NNP International/NNP Inc./NNP 's/POS chief/JJ financial/JJ officer/NN ]
,/, 
[ James/NNP McAlpine/NNP ]
,/, 
[ resigned/JJ ]
and/CC 
[ its/PRP$ chairman/NN ]
,/, 
[ Frank/NNP Stronach/NNP ]
,/, is/VBZ stepping/VBG in/IN to/TO help/VB turn/VB 
[ the/DT automotive-parts/JJ manufacturer/NN ]
around/IN ,/, 
[ the/DT company/NN ]
said/VBD ./. 

[ Mr./NNP Stronach/NNP ]
will/MD direct/VB 
[ an/DT effort/NN ]
to/TO reduce/VB 
[ overhead/NN ]
and/CC 
[ curb/VB capital/NN ]
spending/NN ``/`` until/IN 
[ a/DT more/RBR satisfactory/JJ level/NN ]
of/IN 
[ profit/NN ]
is/VBZ achieved/VBN and/CC maintained/VBN ,/, ''/'' 
[ Magna/NNP ]
said/VBD ./. 

[ Stephen/NNP Akerfeldt/NNP ]
,/, currently/RB 
[ vice/NN president/NN finance/NN ]
,/, will/MD succeed/VB 
[ Mr./NNP McAlpine/NNP ]
./. 

[ An/DT ambitious/JJ expansion/NN ]
has/VBZ left/VBN 
[ Magna/NNP ]
with/IN 
[ excess/JJ capacity/NN ]
and/CC 
[ a/DT heavy/JJ debt/NN load/NN ]
as/IN 
[ the/DT automotive/JJ industry/NN ]
enters/VBZ 
[ a/DT downturn/NN ]
./. 

[ The/DT company/NN ]
has/VBZ reported/VBN 
[ declines/NNS ]
in/IN 
[ operating/NN profit/NN ]
in/IN 
[ each/DT ]
of/IN 
[ the/DT past/JJ three/CD years/NNS ]
,/, despite/IN 
[ steady/JJ sales/NNS growth/NN ]
./. 

[ Magna/NNP ]
recently/RB cut/VBD 
[ its/PRP$ quarterly/JJ dividend/NN ]
in/IN 
[ half/DT ]
and/CC 
[ the/DT company/NN 's/POS Class/NNP ]
[ A/NNP shares/NNS ]
are/VBP wallowing/VBG far/RB below/IN 
[ their/PRP$ 52-week/JJ high/NN ]
of/IN 
[ 16.125/CD Canadian/JJ dollars/NNS ]
 (/( 
[ US$/$ 13.73/CD ]
 )/) ./. 

On/IN 
[ the/DT Toronto/NNP Stock/NNP Exchange/NNP yesterday/NN ]
,/, 
[ Magna/NNP shares/NNS ]
closed/VBD up/IN 
[ 37.5/CD Canadian/JJ cents/NNS ]
to/TO 
[ C$/$ 9.625/CD ]
./. 

[ Mr./NNP Stronach/NNP ]
,/, 
[ founder/NN ]
and/CC 
[ controlling/VBG shareholder/NN ]
of/IN 
[ Magna/NNP ]
,/, resigned/VBD as/IN 
[ chief/NN executive/NN officer/NN last/JJ year/NN ]
to/TO seek/VB ,/, unsuccessfully/RB ,/, 
[ a/DT seat/NN ]
in/IN 
[ Canada/NNP 's/POS Parliament/NNP ]
./. 

[ Analysts/NNS ]
said/VBD 
[ Mr./NNP Stronach/NNP ]
wants/VBZ to/TO resume/VB 
[ a/DT more/RBR influential/JJ role/NN ]
in/IN running/VBG 
[ the/DT company/NN ]
./. 

[ They/PRP ]
expect/VBP 
[ him/PRP ]
to/TO cut/VB 
[ costs/NNS ]
throughout/IN 
[ the/DT organization/NN ]
./. 

[ The/DT company/NN ]
said/VBD 
[ Mr./NNP Stronach/NNP ]
will/MD personally/RB direct/VB 
[ the/DT ]
restructuring/NN ,/, assisted/VBN by/IN 
[ Manfred/NNP Gingl/NNP ]
,/, 
[ president/NN ]
and/CC 
[ chief/NN executive/NN ]
./. 

[ Neither/DT ]
[ they/PRP ]
nor/CC 
[ Mr./NNP McAlpine/NNP ]
could/MD be/VB reached/VBN for/IN 
[ comment/NN ]
./. 

[ Magna/NNP ]
said/VBD 
[ Mr./NNP McAlpine/NNP ]
resigned/VBD to/TO pursue/VB 
[ a/DT consulting/NN career/NN ]
,/, with/IN 
[ Magna/NNP ]
as/IN 
[ one/CD ]
of/IN 
[ his/PRP$ clients/NNS ]
./. 

[ Lord/NNP Chilver/NNP ]
,/, 
[ 63-year-old/JJ chairman/NN ]
of/IN 
[ English/NNP China/NNP Clays/NNP PLC/NNP ]
,/, was/VBD named/VBN 
[ a/DT nonexecutive/JJ director/NN ]
of/IN 
[ this/DT British/JJ chemical/NN company/NN ]
./. 

[ Japanese/JJ investors/NNS ]
nearly/RB single-handedly/RB bought/VBD up/RP 
[ two/CD new/JJ mortgage/NN securities-based/JJ mutual/JJ funds/NNS ]
totaling/VBG 
[ $/$ 701/CD million/CD ]
,/, 
[ the/DT U.S./NNP Federal/NNP National/NNP Mortgage/NNP Association/NNP ]
said/VBD ./. 

[ The/DT purchases/NNS ]
show/VBP 
[ the/DT strong/JJ interest/NN ]
of/IN 
[ Japanese/JJ investors/NNS ]
in/IN 
[ U.S./NNP mortgage-based/JJ instruments/NNS ]
,/, 
[ Fannie/NNP Mae/NNP 's/POS chairman/NN ]
,/, 
[ David/NNP O./NNP Maxwell/NNP ]
,/, said/VBD at/IN 
[ a/DT news/NN conference/NN ]
./. 

[ He/PRP ]
said/VBD more/RBR than/IN 
[ 90/CD %/NN ]
of/IN 
[ the/DT funds/NNS ]
were/VBD placed/VBN with/IN 
[ Japanese/JJ institutional/JJ investors/NNS ]
./. 

[ The/DT rest/NN ]
went/VBD to/TO 
[ investors/NNS ]
from/IN 
[ France/NNP ]
and/CC 
[ Hong/NNP Kong/NNP ]
./. 

Earlier/JJR 
[ this/DT year/NN ]
,/, 
[ Japanese/JJ investors/NNS ]
snapped/VBD up/RP 
[ a/DT similar/JJ ]
,/, 
[ $/$ 570/CD million/CD mortgage-backed/JJ securities/NNS mutual/JJ fund/NN ]
./. 

[ That/DT fund/NN ]
was/VBD put/VBN together/RB by/IN 
[ Blackstone/NNP Group/NNP ]
,/, 
[ a/DT New/NNP York/NNP investment/NN bank/NN ]
./. 

[ The/DT latest/JJS two/CD funds/NNS ]
were/VBD assembled/VBN jointly/RB by/IN 
[ Goldman/NNP ]
,/, 
[ Sachs/NNP ]
&/CC 
[ Co./NNP ]
of/IN 
[ the/DT U.S./NNP ]
and/CC 
[ Japan/NNP 's/POS Daiwa/NNP Securities/NNPS Co/NNP ]
./. 

[ The/DT new/JJ ]
,/, 
[ seven-year/JJ funds/NNS ]
--/: one/CD offering/VBG 
[ a/DT fixed-rate/JJ return/NN ]
and/CC 
[ the/DT other/JJ ]
with/IN 
[ a/DT floating-rate/JJ return/NN ]
linked/VBN to/TO 
[ the/DT London/NNP interbank/NN ]
offered/VBD 
[ rate/NN --/: offer/VBP two/CD key/JJ advantages/NNS ]
to/TO 
[ Japanese/JJ investors/NNS ]
./. 

First/JJ ,/, 
[ they/PRP ]
are/VBP designed/VBN to/TO eliminate/VB 
[ the/DT risk/NN ]
of/IN 
[ prepayment/NN --/: mortgage-backed/JJ securities/NNS ]
can/MD be/VB retired/VBN early/RB if/IN 
[ interest/NN rates/NNS ]
decline/VBP ,/, and/CC 
[ such/JJ prepayment/NN ]
forces/VBZ 
[ investors/NNS ]
to/TO redeploy/VB 
[ their/PRP$ money/NN ]
at/IN 
[ lower/JJR rates/NNS ]
./. 

Second/JJ ,/, 
[ they/PRP ]
channel/VBP 
[ monthly/JJ mortgage/NN payments/NNS ]
into/IN 
[ semiannual/JJ payments/NNS ]
,/, reducing/VBG 
[ the/DT administrative/JJ burden/NN ]
on/IN 
[ investors/NNS ]
./. 

By/IN addressing/VBG 
[ those/DT problems/NNS ]
,/, 
[ Mr./NNP Maxwell/NNP ]
said/VBD ,/, 
[ the/DT new/JJ funds/NNS ]
have/VBP become/VBN ``/`` extremely/RB attractive/JJ to/TO 
[ Japanese/JJ ]
and/CC 
[ other/JJ investors/NNS ]
outside/IN 
[ the/DT U.S/NNP ]
./. 

''/'' 

[ Such/JJ devices/NNS ]
have/VBP boosted/VBN 
[ Japanese/JJ investment/NN ]
in/IN 
[ mortgage-backed/JJ securities/NNS ]
to/TO more/RBR than/IN 
[ 1/CD %/NN ]
of/IN 
[ the/DT $/$ 900/CD billion/CD ]
in/IN 
[ such/JJ instruments/NNS ]
outstanding/JJ ,/, and/CC 
[ their/PRP$ purchases/NNS ]
are/VBP growing/VBG at/IN 
[ a/DT rapid/JJ rate/NN ]
./. 

[ They/PRP ]
also/RB have/VBP become/VBN 
[ large/JJ purchasers/NNS ]
of/IN 
[ Fannie/NNP Mae/NNP 's/POS corporate/JJ debt/NN ]
,/, buying/VBG 
[ $/$ 2.4/CD billion/CD ]
in/IN 
[ Fannie/NNP Mae/NNP bonds/NNS ]
during/IN 
[ the/DT first/JJ nine/CD months/NNS ]
of/IN 
[ the/DT year/NN ]
,/, or/CC almost/RB 
[ a/DT tenth/NN ]
of/IN 
[ the/DT total/JJ amount/NN ]
issued/VBN ./. 

[ James/NNP L./NNP Pate/NNP ]
,/, 
[ 54-year-old/JJ executive/NN vice/NN president/NN ]
,/, was/VBD named/VBN 
[ a/DT director/NN ]
of/IN 
[ this/DT oil/NN concern/NN ]
,/, expanding/VBG 
[ the/DT board/NN ]
to/TO 
[ 14/CD members/NNS ]
./. 

[ LTV/NNP Corp./NNP ]
said/VBD 
[ a/DT federal/JJ bankruptcy/NN court/NN judge/NN ]
agreed/VBD to/TO extend/VB until/IN 
[ March/NNP 8/CD ]
,/, 
[ 1990/CD ]
,/, 
[ the/DT period/NN ]
in/IN 
[ which/WDT ]
[ the/DT steel/NN ]
,/, 
[ aerospace/NN ]
and/CC 
[ energy/NN products/NNS company/NN ]
has/VBZ 
[ the/DT exclusive/JJ right/NN ]
to/TO file/VB 
[ a/DT reorganization/NN plan/NN ]
./. 

[ The/DT company/NN ]
is/VBZ operating/VBG under/IN 
[ Chapter/NN 11/CD ]
of/IN 
[ the/DT federal/JJ Bankruptcy/NNP Code/NNP ]
,/, giving/VBG 
[ it/PRP ]
[ court/NN protection/NN ]
from/IN 
[ creditors/NNS '/POS lawsuits/NNS ]
while/IN 
[ it/PRP ]
attempts/VBZ to/TO work/VB out/RP 
[ a/DT plan/NN ]
to/TO pay/VB 
[ its/PRP$ debts/NNS ]
./. 

[ Italian/JJ chemical/NN giant/NN Montedison/NNP S.p.A./NNP ]
,/, through/IN 
[ its/PRP$ Montedison/NNP Acquisition/NNP N.V./NNP indirect/JJ unit/NN ]
,/, began/VBD 
[ its/PRP$ $/$ 37-a-share/JJ tender/NN offer/NN ]
for/IN 
[ all/DT the/DT common/JJ shares/NNS ]
outstanding/JJ of/IN 
[ Erbamont/NNP N.V./NNP ]
,/, 
[ a/DT maker/NN ]
of/IN 
[ pharmaceuticals/NNS ]
incorporated/VBN in/IN 
[ the/DT Netherlands/NNPS ]
./. 

[ The/DT offer/NN ]
,/, advertised/VBN in/IN 
[ today/NN 's/POS editions/NNS ]
of/IN 
[ The/DT Wall/NNP Street/NNP Journal/NNP ]
,/, is/VBZ scheduled/VBN to/TO expire/VB at/IN 
[ the/DT end/NN ]
of/IN 
[ November/NNP ]
./. 

[ Montedison/NN ]
currently/RB owns/VBZ about/IN 
[ 72/CD %/NN ]
of/IN 
[ Erbamont/NN 's/POS common/JJ shares/NNS ]
outstanding/JJ ./. 

[ The/DT offer/NN ]
is/VBZ being/VBG launched/VBN pursuant/JJ to/TO 
[ a/DT ]
previously/RB announced/VBN 
[ agreement/NN ]
between/IN 
[ the/DT companies/NNS ]
./. 

[ Japan/NNP 's/POS reserves/NNS ]
of/IN 
[ gold/NN ]
,/, 
[ convertible/JJ foreign/JJ currencies/NNS ]
,/, and/CC 
[ special/JJ drawing/NN rights/NNS ]
fell/VBD by/IN 
[ a/DT hefty/JJ $/$ 1.82/CD billion/CD ]
in/IN 
[ October/NNP ]
to/TO 
[ $/$ 84.29/CD billion/CD ]
,/, 
[ the/DT Finance/NNP Ministry/NNP ]
said/VBD ./. 

[ The/DT total/NN ]
marks/VBZ 
[ the/DT sixth/JJ consecutive/JJ monthly/JJ decline/NN ]
./. 

[ The/DT protracted/JJ downturn/NN ]
reflects/VBZ 
[ the/DT intensity/NN ]
of/IN 
[ Bank/NNP ]
of/IN 
[ Japan/NNP yen-support/JJ intervention/NN ]
since/IN 
[ June/NNP ]
,/, when/WRB 
[ the/DT U.S./NNP currency/NN ]
temporarily/RB surged/VBD above/IN 
[ the/DT 150.00/CD yen/NNS level/NN ]
./. 

[ The/DT announcement/NN ]
follows/VBZ 
[ a/DT sharper/JJR $/$ 2.2/CD billion/CD decline/NN ]
in/IN 
[ the/DT country/NN 's/POS foreign/JJ reserves/NNS ]
in/IN 
[ September/NNP ]
to/TO 
[ $/$ 86.12/CD billion/CD ]
./. 

Pick/VB 
[ a/DT country/NN ]
,/, 
[ any/DT country/NN ]
./. 

[ It/PRP ]
's/VBZ 
[ the/DT latest/JJS investment/NN craze/NN ]
sweeping/VBG 
[ Wall/NNP Street/NNP ]
:/: 
[ a/DT rash/NN ]
of/IN 
[ new/JJ closed-end/JJ country/NN funds/NNS ]
,/, 
[ those/DT ]
publicly/RB traded/VBN 
[ portfolios/NNS ]
[ that/WDT ]
invest/VBP in/IN 
[ stocks/NNS ]
of/IN 
[ a/DT single/JJ foreign/JJ country/NN ]
./. 

No/RB fewer/JJR than/IN 
[ 24/CD country/NN funds/NNS ]
have/VBP been/VBN launched/VBN or/CC registered/VBN with/IN 
[ regulators/NNS ]
[ this/DT year/NN ]
,/, triple/RB 
[ the/DT level/NN ]
of/IN 
[ all/DT ]
of/IN 
[ 1988/CD ]
,/, according/VBG to/TO 
[ Charles/NNP E./NNP Simon/NNP ]
&/CC 
[ Co./NNP ]
,/, 
[ a/DT Washington-based/JJ research/NN firm/NN ]
./. 

[ The/DT turf/NN ]
recently/RB has/VBZ ranged/VBN from/IN 
[ Chile/NNP ]
to/TO 
[ Austria/NNP ]
to/TO 
[ Portugal/NNP ]
./. 

[ Next/JJ week/NN ]
,/, 
[ the/DT Philippine/NNP Fund/NNP 's/POS launch/NN ]
will/MD be/VB capped/VBN by/IN 
[ a/DT visit/NN ]
by/IN 
[ Philippine/JJ President/NNP Corazon/NNP Aquino/NNP --/: the/NNP first/JJ time/NN ]
[ a/DT head/NN ]
of/IN 
[ state/NN ]
has/VBZ kicked/VBN off/RP 
[ an/DT issue/NN ]
at/IN 
[ the/DT Big/NNP Board/NNP ]
here/RB ./. 

[ The/DT next/JJ province/NN ]
?/. 

``/`` 
[ Anything/NN ]
[ 's/VBZ possible/JJ --/: how/WRB ]
about/RP 
[ the/DT New/NNP Guinea/NNP Fund/NNP ]
?/. ''/'' quips/VBZ 
[ George/NNP Foot/NNP ]
,/, 
[ a/DT managing/VBG partner/NN ]
at/IN 
[ Newgate/NNP Management/NNP Associates/NNP ]
of/IN 
[ Northampton/NNP ]
,/, 
[ Mass/NNP ]
./. 

[ The/DT recent/JJ explosion/NN ]
of/IN 
[ country/NN funds/NNS ]
mirrors/VBZ 
[ the/DT ]
``/`` 
[ closed-end/JJ fund/NN mania/NN ]
''/'' of/IN 
[ the/DT 1920s/NNS ]
,/, 
[ Mr./NNP Foot/NNP ]
says/VBZ ,/, when/WRB narrowly/RB focused/VBN 
[ funds/NNS ]
grew/VBD wildly/RB popular/JJ ./. 

[ They/PRP ]
fell/VBD into/IN 
[ oblivion/NN ]
after/IN 
[ the/DT 1929/CD crash/NN ]
./. 

Unlike/IN 
[ traditional/JJ open-end/JJ mutual/JJ funds/NNS ]
,/, most/RBS of/IN 
[ these/DT one-country/JJ portfolios/NNS ]
are/VBP 
[ the/DT ]
``/`` 
[ closed-end/JJ ]
''/'' 
[ type/NN ]
,/, issuing/VBG 
[ a/DT fixed/VBN number/NN ]
of/IN 
[ shares/NNS ]
[ that/WDT ]
trade/VBP publicly/RB ./. 

[ The/DT surge/NN ]
brings/VBZ to/TO nearly/RB 
[ 50/CD ]
[ the/DT number/NN ]
of/IN 
[ country/NN funds/NNS ]
[ that/WDT ]
are/VBP or/CC soon/RB will/MD be/VB listed/VBN in/IN 
[ New/NNP York/NNP ]
or/CC 
[ London/NNP ]
./. 

[ These/DT funds/NNS ]
now/RB account/VBP for/IN 
[ several/JJ billions/NNS ]
of/IN 
[ dollars/NNS ]
in/IN 
[ assets/NNS ]
./. 

``/`` 
[ People/NNS ]
are/VBP looking/VBG to/TO stake/VB 
[ their/PRP$ claims/NNS ]
''/'' now/RB before/RB 
[ the/DT number/NN ]
of/IN 
[ available/JJ nations/NNS ]
runs/VBZ out/RP ,/, says/VBZ 
[ Michael/NNP Porter/NNP ]
,/, 
[ an/DT analyst/NN ]
at/IN 
[ Smith/NNP Barney/NNP ]
,/, 
[ Harris/NNP Upham/NNP ]
&/CC 
[ Co./NNP ]
,/, 
[ New/NNP York/NNP ]
./. 

Behind/IN 
[ all/DT the/DT hoopla/NN ]
is/VBZ 
[ some/DT heavy-duty/JJ competition/NN ]
./. 

As/IN 
[ individual/JJ investors/NNS ]
have/VBP turned/VBN away/RB from/IN 
[ the/DT stock/NN market/NN ]
over/IN 
[ the/DT years/NNS ]
,/, 
[ securities/NNS firms/NNS ]
have/VBP scrambled/VBN to/TO find/VB 
[ new/JJ products/NNS ]
that/WDT 
[ brokers/NNS ]
find/VBP easy/JJ to/TO sell/VB ./. 

And/CC 
[ the/DT firms/NNS ]
are/VBP stretching/VBG 
[ their/PRP$ nets/NNS ]
far/RB and/CC wide/RB to/TO do/VB 
[ it/PRP ]
./. 

[ Financial/JJ planners/NNS ]
often/RB urge/VBP 
[ investors/NNS ]
to/TO diversify/VB and/CC to/TO hold/VB 
[ a/DT smattering/NN ]
of/IN 
[ international/JJ securities/NNS ]
./. 

And/CC 
[ many/JJ emerging/VBG markets/NNS ]
have/VBP 
[ outpaced/VBN ]
[ more/RBR mature/JJ markets/NNS ]
,/, such/JJ as/IN 
[ the/DT U.S./NNP ]
and/CC 
[ Japan/NNP ]
./. 

[ Country/NN funds/NNS ]
offer/VBP 
[ an/DT easy/JJ way/NN ]
to/TO get/VB 
[ a/DT taste/NN ]
of/IN 
[ foreign/JJ stocks/NNS ]
without/IN 
[ the/DT hard/JJ research/NN ]
of/IN seeking/VBG out/RP 
[ individual/JJ companies/NNS ]
./. 

But/CC 
[ it/PRP ]
does/VBZ n't/RB take/VB much/JJ to/TO get/VB burned/VBN ./. 

[ Political/JJ ]
and/CC 
[ currency/NN gyrations/NNS ]
can/MD whipsaw/VB 
[ the/DT funds/NNS ]
./. 

[ Another/DT concern/NN ]
:/: 
[ The/DT funds/NNS '/POS share/NN prices/NNS ]
tend/VBP to/TO swing/VB more/RBR than/IN 
[ the/DT broader/JJR market/NN ]
./. 

When/WRB 
[ the/DT stock/NN market/NN ]
dropped/VBD nearly/RB 
[ 7/CD %/NN Oct./NNP 13/CD ]
,/, for/IN 
[ instance/NN ]
,/, 
[ the/DT Mexico/NNP Fund/NNP ]
plunged/VBD about/RB 
[ 18/CD %/NN ]
and/CC 
[ the/DT Spain/NNP Fund/NNP ]
fell/VBD 
[ 16/CD %/NN ]
./. 

And/CC 
[ most/JJS country/NN funds/NNS ]
were/VBD clobbered/VBN more/RBR than/IN 
[ most/JJS stocks/NNS ]
after/IN 
[ the/DT 1987/CD crash/NN ]
./. 

[ What/WP ]
's/VBZ so/RB wild/JJ about/IN 
[ the/DT funds/NNS '/POS frenzy/NN ]
right/RB now/RB is/VBZ that/IN 
[ many/JJ ]
are/VBP trading/VBG at/IN historically/RB 
[ fat/JJ premiums/NNS ]
to/TO 
[ the/DT value/NN ]
of/IN 
[ their/PRP$ underlying/JJ portfolios/NNS ]
./. 

After/IN trading/VBG at/IN 
[ an/DT average/JJ discount/NN ]
of/IN more/JJR than/IN 
[ 20/CD %/NN ]
in/IN 
[ late/JJ 1987/CD ]
and/CC 
[ part/NN ]
of/IN 
[ last/JJ year/NN ]
,/, 
[ country/NN funds/NNS ]
currently/RB trade/VBP at/IN 
[ an/DT average/JJ premium/NN ]
of/IN 
[ 6/CD %/NN ]
./. 

[ The/DT reason/NN ]
:/: 
[ Share/NN prices/NNS ]
of/IN 
[ many/JJ ]
of/IN 
[ these/DT funds/NNS ]
[ this/DT year/NN ]
have/VBP climbed/VBN much/RB more/RBR sharply/RB than/IN 
[ the/DT foreign/JJ stocks/NNS they/PRP ]
hold/VBP ./. 

[ It/PRP ]
's/VBZ probably/RB 
[ worth/IN ]
paying/VBG 
[ a/DT premium/NN ]
for/IN 
[ funds/NNS ]
[ that/WDT ]
invest/VBP in/IN 
[ markets/NNS ]
[ that/WDT ]
are/VBP partially/RB closed/VBN to/TO 
[ foreign/JJ investors/NNS ]
,/, such/JJ as/IN 
[ South/NNP Korea/NNP ]
,/, 
[ some/DT specialists/NNS ]
say/VBP ./. 

But/CC 
[ some/DT European/JJ funds/NNS ]
recently/RB have/VBP skyrocketed/VBN ;/: 
[ Spain/NNP Fund/NNP ]
has/VBZ surged/VBN to/TO 
[ a/DT startling/JJ 120/CD %/NN premium/NN ]
./. 

[ It/PRP ]
has/VBZ been/VBN targeted/VBN by/IN 
[ Japanese/JJ investors/NNS ]
as/IN 
[ a/DT good/JJ long-term/JJ play/NN ]
tied/VBN to/TO 
[ 1992/CD 's/POS European/JJ economic/JJ integration/NN ]
./. 

And/CC 
[ several/JJ new/JJ funds/NNS ]
[ that/WDT ]
are/VBP n't/RB even/RB fully/RB invested/VBN yet/RB have/VBP jumped/VBN to/TO trade/VB at/IN 
[ big/JJ premiums/NNS ]
./. 

``/`` 
[ I/PRP ]
'm/VBP very/RB alarmed/VBN to/TO see/VB 
[ these/DT rich/JJ valuations/NNS ]
,/, ''/'' says/VBZ 
[ Smith/NNP Barney/NNP 's/POS Mr./NNP Porter/NNP ]
./. 

[ The/DT ]
newly/RB fattened/VBN 
[ premiums/NNS ]
reflect/VBP 
[ the/DT ]
increasingly/RB 
[ global/JJ marketing/NN ]
of/IN 
[ some/DT country/NN funds/NNS ]
,/, 
[ Mr./NNP Porter/NNP ]
suggests/VBZ ./. 

Unlike/IN 
[ many/JJ U.S./NNP investors/NNS ]
,/, 
[ those/DT ]
in/IN 
[ Asia/NNP ]
or/CC 
[ Europe/NNP ]
seeking/VBG 
[ foreign-stock/JJ exposure/NN ]
may/MD be/VB less/RBR resistant/JJ to/TO paying/VBG 
[ higher/JJR prices/NNS ]
for/IN 
[ country/NN funds/NNS ]
./. 

``/`` 
[ There/EX ]
may/MD be/VB 
[ an/DT international/JJ viewpoint/NN ]
cast/VBN on/IN 
[ the/DT funds/NNS ]
listed/VBN here/RB ,/, ''/'' 
[ Mr./NNP Porter/NNP ]
says/VBZ ./. 

Nonetheless/RB ,/, 
[ plenty/JJ ]
of/IN 
[ U.S./NNP analysts/NNS ]
and/CC 
[ money/NN managers/NNS ]
are/VBP aghast/JJ at/IN 
[ the/DT lofty/JJ trading/NN levels/NNS ]
of/IN 
[ some/DT country/NN funds/NNS ]
./. 

[ They/PRP ]
argue/VBP that/IN 
[ U.S./NNP investors/NNS ]
often/RB can/MD buy/VB 
[ American/JJ depositary/JJ receipts/NNS ]
on/IN 
[ the/DT big/JJ stocks/NNS ]
in/IN 
[ many/JJ funds/NNS ]
;/: 
[ these/DT so-called/JJ ADRs/NNPS ]
represent/VBP 
[ shares/NNS ]
of/IN 
[ foreign/JJ companies/NNS ]
traded/VBN in/IN 
[ the/DT U.S/NNP ]
./. 

That/DT 
[ way/NN investors/NNS ]
can/MD essentially/RB buy/VB 
[ the/DT funds/NNS ]
without/IN paying/VBG 
[ the/DT premium/NN ]
./. 

For/IN 
[ people/NNS ]
[ who/WP ]
insist/VBP on/RP jumping/VBG in/RB now/RB to/TO buy/VB 
[ the/DT funds/NNS ]
,/, 
[ Newgate/NNP 's/POS Mr./NNP Foot/NNP ]
says/VBZ :/: ``/`` 
[ The/DT only/JJ advice/NN ]
[ I/PRP ]
have/VBP for/IN 
[ these/DT folks/NNS ]
is/VBZ that/IN 
[ those/DT ]
[ who/WP ]
come/VBP to/TO 
[ the/DT party/NN ]
late/RB had/VBD better/RBR be/VB ready/JJ to/TO leave/VB quickly/RB ./. 

''/''

[ The/DT U.S./NNP ]
and/CC 
[ Soviet/NNP Union/NNP ]
are/VBP holding/VBG 
[ technical/JJ talks/NNS ]
about/IN 
[ possible/JJ repayment/NN ]
by/IN 
[ Moscow/NNP ]
of/IN 
[ $/$ 188/CD million/CD ]
in/IN 
[ pre-Communist/JJ Russian/JJ debts/NNS ]
owed/VBD to/TO 
[ the/DT U.S./NNP government/NN ]
,/, 
[ the/DT State/NNP Department/NNP ]
said/VBD ./. 

If/IN 
[ the/DT debts/NNS ]
are/VBP repaid/VBN ,/, 
[ it/PRP ]
could/MD clear/VB 
[ the/DT way/NN ]
for/IN 
[ Soviet/JJ bonds/NNS ]
to/TO be/VB sold/VBN in/IN 
[ the/DT U.S/NNP ]
./. 

However/RB ,/, after/IN 
[ two/CD meetings/NNS ]
with/IN 
[ the/DT Soviets/NNS ]
,/, 
[ a/DT State/NNP Department/NNP spokesman/NN ]
said/VBD that/IN 
[ it/PRP ]
's/VBZ ``/`` too/RB early/RB to/TO say/VB ''/'' whether/IN 
[ that/DT ]
will/MD happen/VB ./. 

[ Coincident/JJ ]
with/IN 
[ the/DT talks/NNS ]
,/, 
[ the/DT State/NNP Department/NNP ]
said/VBD 
[ it/PRP ]
has/VBZ permitted/VBN 
[ a/DT Soviet/JJ bank/NN ]
to/TO open/VB 
[ a/DT New/NNP York/NNP branch/NN ]
./. 

[ The/DT branch/NN ]
of/IN 
[ the/DT Bank/NNP ]
for/IN 
[ Foreign/NNP Economic/NNP Affairs/NNP ]
was/VBD approved/VBN 
[ last/JJ spring/NN ]
and/CC opened/VBD in/IN 
[ July/NNP ]
./. 

But/CC 
[ a/DT Soviet/JJ bank/NN ]
here/RB would/MD be/VB crippled/VBN unless/IN 
[ Moscow/NNP ]
found/VBD 
[ a/DT way/NN ]
to/TO settle/VB 
[ the/DT $/$ 188/CD million/CD debt/NN ]
,/, 
[ which/WDT ]
was/VBD lent/VBN to/TO 
[ the/DT country/NN 's/POS short-lived/JJ democratic/JJ Kerensky/NNP government/NN ]
before/IN 
[ the/DT Communists/NNS ]
seized/VBD 
[ power/NN ]
in/IN 
[ 1917/CD ]
./. 

Under/IN 
[ a/DT 1934/CD law/NN ]
,/, 
[ the/DT Johnson/NNP Debt/NNP Default/NNP Act/NNP ]
,/, as/RB amended/VBN ,/, 
[ it/PRP ]
's/VBZ illegal/JJ for/IN 
[ Americans/NNS ]
to/TO extend/VB 
[ credit/NN ]
to/TO 
[ countries/NNS ]
in/IN 
[ default/NN ]
to/TO 
[ the/DT U.S./NNP government/NN ]
,/, unless/IN 
[ they/PRP ]
are/VBP 
[ members/NNS ]
of/IN 
[ the/DT World/NNP Bank/NNP ]
and/CC 
[ International/NNP Monetary/NNP Fund/NNP ]
./. 

[ The/DT U.S.S.R./NNP ]
belongs/VBZ to/TO 
[ neither/DT organization/NN ]
./. 

[ Moscow/NNP ]
has/VBZ settled/VBN 
[ pre-1917/JJ debts/NNS ]
with/IN 
[ other/JJ countries/NNS ]
in/IN 
[ recent/JJ years/NNS ]
at/IN 
[ less/JJR ]
than/IN 
[ face/NN value/NN ]
./. 

[ The/DT State/NNP Department/NNP ]
stressed/VBD 
[ the/DT pre-1933/JJ debts/NNS ]
as/IN 
[ the/DT key/NN ]
to/TO satisfying/VBG 
[ the/DT Johnson/NNP Act/NNP ]
./. 

But/CC 
[ the/DT Soviets/NNS ]
might/MD still/RB face/VB 
[ legal/JJ obstacles/NNS ]
to/TO 
[ raising/VBG money/NN ]
in/IN 
[ the/DT U.S./NNP ]
until/IN 
[ they/PRP ]
settle/VBP 
[ hundreds/NNS ]
of/IN 
[ millions/NNS ]
of/IN 
[ dollars/NNS ]
in/IN 
[ additional/JJ debt/NN ]
still/RB outstanding/JJ from/IN 
[ the/DT World/NNP War/NNP II/NNP lend-lease/JJ program/NN ]
./. 

In/IN 
[ another/DT reflection/NN ]
that/IN 
[ the/DT growth/NN ]
of/IN 
[ the/DT economy/NN ]
is/VBZ leveling/VBG off/RP ,/, 
[ the/DT government/NN ]
said/VBD that/IN 
[ orders/NNS ]
for/IN 
[ manufactured/VBN goods/NNS ]
and/CC spending/NN on/IN 
[ construction/NN ]
failed/VBD to/TO rise/VB in/IN 
[ September/NNP ]
./. 

Meanwhile/RB ,/, 
[ the/DT National/NNP Association/NNP ]
of/IN 
[ Purchasing/NNP Management/NNP ]
said/VBD 
[ its/PRP$ latest/JJS survey/NN ]
indicated/VBD that/IN 
[ the/DT manufacturing/NN economy/NN ]
contracted/VBD in/IN 
[ October/NNP ]
for/IN 
[ the/DT sixth/JJ consecutive/JJ month/NN ]
./. 

[ Its/PRP$ index/NN ]
inched/VBD up/RB to/TO 
[ 47.6/CD %/NN ]
in/IN 
[ October/NNP ]
from/IN 
[ 46/CD %/NN ]
in/IN 
[ September/NNP ]
./. 

[ Any/DT reading/NN ]
below/IN 
[ 50/CD %/NN ]
suggests/VBZ 
[ the/DT manufacturing/NN sector/NN ]
is/VBZ generally/RB declining/VBG ./. 

[ The/DT purchasing/VBG managers/NNS ]
,/, however/RB ,/, also/RB said/VBD that/IN 
[ orders/NNS ]
turned/VBD up/RB in/IN 
[ October/NNP ]
after/IN 
[ four/CD months/NNS ]
of/IN 
[ decline/NN ]
./. 

[ Factories/NNS ]
booked/VBD 
[ $/$ 236.74/CD billion/CD ]
in/IN 
[ orders/NNS ]
in/IN 
[ September/NNP ]
,/, nearly/RB 
[ the/DT same/JJ ]
as/IN 
[ the/DT $/$ 236.79/CD billion/CD ]
in/IN 
[ August/NNP ]
,/, 
[ the/DT Commerce/NNP Department/NNP ]
said/VBD ./. 

If/IN not/RB for/IN 
[ a/DT 59.6/CD %/NN surge/NN ]
in/IN 
[ orders/NNS ]
for/IN 
[ capital/NN goods/NNS ]
by/IN 
[ defense/NN contractors/NNS ]
,/, 
[ factory/NN orders/NNS ]
would/MD have/VB fallen/VBN 
[ 2.1/CD %/NN ]
./. 

In/IN 
[ a/DT separate/JJ report/NN ]
,/, 
[ the/DT department/NN ]
said/VBD 
[ construction/NN spending/NN ]
ran/VBD at/IN 
[ an/DT annual/JJ rate/NN ]
of/IN 
[ $/$ 415.6/CD billion/CD ]
,/, not/RB significantly/RB different/JJ from/IN 
[ the/DT $/$ 415.8/CD billion/CD ]
reported/VBN for/IN 
[ August/NNP ]
./. 

[ Private/JJ construction/NN spending/NN ]
was/VBD down/RB ,/, but/CC 
[ government/NN building/NN activity/NN ]
was/VBD up/RB ./. 

[ The/DT figures/NNS ]
in/IN 
[ both/DT ]
[ reports/NNS ]
were/VBD adjusted/VBN to/TO remove/VB 
[ the/DT effects/NNS ]
of/IN 
[ usual/JJ seasonal/JJ patterns/NNS ]
,/, but/CC were/VBD n't/RB adjusted/VBN for/IN 
[ inflation/NN ]
./. 

[ Kenneth/NNP Mayland/NNP ]
,/, 
[ economist/NN ]
for/IN 
[ Society/NNP Corp./NNP ]
,/, 
[ a/DT Cleveland/NNP bank/NN ]
,/, said/VBD 
[ demand/NN ]
for/IN 
[ exports/NNS ]
of/IN 
[ factory/NN goods/NNS ]
is/VBZ beginning/VBG to/TO taper/VB off/RP ./. 

At/IN 
[ the/DT same/JJ time/NN ]
,/, 
[ the/DT drop/NN ]
in/IN 
[ interest/NN rates/NNS ]
since/IN 
[ the/DT spring/NN ]
has/VBZ failed/VBN to/TO revive/VB 
[ the/DT residential/JJ construction/NN industry/NN ]
./. 

``/`` 
[ What/WP sector/NN ]
is/VBZ stepping/VBG forward/RB to/TO pick/VB up/RP 
[ the/DT slack/NN ]
?/. ''/'' 
[ he/PRP ]
asked/VBD ./. 

``/`` 
[ I/PRP ]
draw/VBP 
[ a/DT blank/NN ]
./. 

''/'' 

By/IN 
[ most/JJS measures/NNS ]
,/, 
[ the/DT nation/NN 's/POS industrial/JJ sector/NN ]
is/VBZ now/RB growing/VBG very/RB slowly/RB --/: if/IN at/IN 
[ all/DT ]
./. 

[ Factory/NN payrolls/NNS ]
fell/VBD in/IN 
[ September/NNP ]
./. 

So/RB did/VBD 
[ the/DT Federal/NNP Reserve/NNP Board/NNP 's/POS industrial-production/JJ index/NN ]
./. 

Yet/CC 
[ many/JJ economists/NNS ]
are/VBP n't/RB predicting/VBG that/IN 
[ the/DT economy/NN ]
is/VBZ about/IN to/TO slip/VB into/IN 
[ recession/NN ]
./. 

[ They/PRP ]
cite/VBP 
[ a/DT lack/NN ]
of/IN ``/`` 
[ imbalances/NNS ]
''/'' 
[ that/WDT ]
provide/VBP 
[ early/JJ warning/NN signals/NNS ]
of/IN 
[ a/DT downturn/NN ]
./. 

[ Inventories/NNS ]
are/VBP closely/RB watched/VBN for/IN 
[ such/JJ clues/NNS ]
,/, for/IN 
[ instance/NN ]
./. 

[ Economists/NNS ]
say/VBP 
[ a/DT buildup/NN ]
in/IN 
[ inventories/NNS ]
can/MD provoke/VB 
[ cutbacks/NNS ]
in/IN 
[ production/NN ]
[ that/WDT ]
can/MD lead/VB to/TO 
[ a/DT recession/NN ]
./. 

But/CC 
[ yesterday/NN 's/POS factory/NN orders/NNS report/NN ]
had/VBD 
[ good/JJ news/NN ]
on/IN 
[ that/DT front/NN ]
:/: 
[ it/PRP ]
said/VBD 
[ factory/NN inventories/NNS ]
fell/VBD 
[ 0.1/CD %/NN ]
in/IN 
[ September/NNP ]
,/, 
[ the/DT first/JJ decline/NN ]
since/IN 
[ February/NNP 1987/CD ]
./. 

``/`` 
[ This/DT ]
conforms/VBZ to/TO 
[ the/DT ]
`/`` 
[ soft/JJ landing/NN ]
'/'' 
[ scenario/NN ]
,/, ''/'' said/VBD 
[ Elliott/NNP Platt/NNP ]
,/, 
[ an/DT economist/NN ]
at/IN 
[ Donaldson/NNP ]
,/, 
[ Lufkin/NNP ]
&/CC 
[ Jenrette/NNP Securities/NNP Corp/NNP ]
./. 

``/`` 
[ I/PRP ]
do/VBP n't/RB see/VB 
[ any/DT signs/NNS ]
that/IN 
[ inventories/NNS ]
are/VBP excessive/JJ ./. 

''/'' 
[ A/DT soft/JJ landing/NN ]
is/VBZ 
[ an/DT economic/JJ slowdown/NN ]
that/WDT 
[ eases/VBZ inflation/NN ]
without/IN leading/VBG to/TO 
[ a/DT recession/NN ]
./. 

[ The/DT department/NN ]
said/VBD 
[ orders/NNS ]
for/IN 
[ nondurable/JJ goods/NNS --/: those/DT ]
intended/VBN to/TO last/VB fewer/JJR than/IN 
[ three/CD years/NNS --/: fell/VBD 0.3/CD %/NN ]
in/IN 
[ September/NNP ]
to/TO 
[ $/$ 109.73/CD billion/CD ]
after/RB climbing/VBG 
[ 0.9/CD %/NN ]
[ the/DT month/NN ]
before/RB ./. 

[ Orders/NNS ]
for/IN 
[ durable/JJ goods/NNS ]
were/VBD up/RB 
[ 0.2/CD %/NN ]
to/TO 
[ $/$ 127.03/CD billion/CD ]
after/IN rising/VBG 
[ 3.9/CD %/NN ]
[ the/DT month/NN ]
before/RB ./. 

[ The/DT department/NN ]
previously/RB estimated/VBD that/IN 
[ durable-goods/NNS orders/NNS ]
fell/VBD 
[ 0.1/CD %/NN ]
in/IN 
[ September/NNP ]
./. 

[ Factory/NN shipments/NNS ]
fell/VBD 
[ 1.6/CD %/NN ]
to/TO 
[ $/$ 234.4/CD billion/CD ]
after/IN rising/VBG 
[ 5.4/CD %/NN ]
in/IN 
[ August/NNP ]
./. 

[ Shipments/NNS ]
have/VBP been/VBN relatively/RB level/JJ since/IN 
[ January/NNP ]
,/, 
[ the/DT Commerce/NNP Department/NNP ]
noted/VBD ./. 

[ Manufacturers/NNS '/POS backlogs/NNS ]
of/IN 
[ unfilled/JJ orders/NNS ]
rose/VBD 
[ 0.5/CD %/NN ]
in/IN 
[ September/NNP ]
to/TO 
[ $/$ 497.34/CD billion/CD ]
,/, helped/VBN by/IN 
[ strength/NN ]
in/IN 
[ the/DT defense/NN capital/NN goods/NNS sector/NN ]
./. 

Excluding/VBG 
[ these/DT orders/NNS ]
,/, 
[ backlogs/NNS ]
declined/VBD 
[ 0.3/CD %/NN ]
./. 

In/IN 
[ its/PRP$ construction/NN spending/NN report/NN ]
,/, 
[ the/DT Commerce/NNP Department/NNP ]
said/VBD 
[ residential/JJ construction/NN ]
,/, 
[ which/WDT ]
accounts/VBZ for/IN nearly/RB 
[ half/NN ]
of/IN 
[ all/DT construction/NN spending/NN ]
,/, was/VBD off/JJ 
[ 0.9/CD %/NN ]
in/IN 
[ September/NNP ]
to/TO 
[ an/DT annual/JJ rate/NN ]
of/IN 
[ $/$ 191.9/CD billion/CD ]
./. 

[ David/NNP Berson/NNP ]
,/, 
[ economist/NN ]
for/IN 
[ the/DT Mortgage/NNP Bankers/NNP Association/NNP ]
,/, predicted/VBD 
[ the/DT drop/NN ]
in/IN 
[ interest/NN rates/NNS ]
eventually/RB will/MD boost/VB spending/NN on/IN 
[ single-family/JJ homes/NNS ]
,/, but/CC probably/RB not/RB until/IN 
[ early/JJ next/JJ year/NN ]
./. 

Spending/NN on/IN 
[ private/JJ ]
,/, 
[ nonresidential/JJ construction/NN ]
was/VBD off/JJ 
[ 2.6/CD %/NN ]
to/TO 
[ an/DT annual/JJ rate/NN ]
of/IN 
[ $/$ 99.1/CD billion/CD ]
with/IN 
[ no/DT sector/NN showing/VBG strength/NN ]
./. 

[ Government/NNP construction/NN spending/NN ]
rose/VBD 
[ 4.3/CD %/NN ]
to/TO 
[ $/$ 88/CD billion/CD ]
./. 

After/RB adjusting/VBG for/IN 
[ inflation/NN ]
,/, 
[ the/DT Commerce/NNP Department/NNP ]
said/VBD 
[ construction/NN spending/NN ]
did/VBD n't/RB 
[ change/VB ]
in/IN 
[ September/NNP ]
./. 

For/IN 
[ the/DT first/JJ nine/CD months/NNS ]
of/IN 
[ the/DT year/NN ]
,/, 
[ total/JJ construction/NN spending/NN ]
ran/VBD about/RB 
[ 2/CD %/NN ]
above/IN 
[ last/JJ year/NN 's/POS level/NN ]
./. 

[ The/DT government/NN 's/POS construction/NN ]
spending/NN 
[ figures/NNS ]
contrast/VBP with/IN 
[ a/DT report/NN ]
issued/VBD earlier/RBR in/IN 
[ the/DT week/NN ]
by/IN 
[ McGraw-Hill/NNP Inc./NNP 's/POS F.W./NNP Dodge/NNP Group/NNP ]
./. 

[ Dodge/NNP ]
reported/VBD 
[ an/DT 8/CD %/NN increase/NN ]
in/IN 
[ construction/NN contracts/NNS ]
awarded/VBN in/IN 
[ September/NNP ]
./. 

[ The/DT goverment/NN ]
counts/VBZ 
[ money/NN ]
as/IN 
[ it/PRP ]
is/VBZ spent/VBN ;/: 
[ Dodge/NNP ]
counts/VBZ 
[ contracts/NNS ]
when/WRB 
[ they/PRP ]
are/VBP awarded/VBN ./. 

[ The/DT government/NN ]
includes/VBZ 
[ money/NN ]
spent/VBN on/IN 
[ residential/JJ renovation/NN ]
;/: 
[ Dodge/NNP ]
does/VBZ n't/RB ./. 

Although/IN 
[ the/DT purchasing/NN managers/NNS '/POS index/NN ]
continues/VBZ to/TO indicate/VB 
[ a/DT slowing/VBG economy/NN ]
,/, 
[ it/PRP ]
is/VBZ n't/RB signaling/VBG 
[ an/DT imminent/JJ recession/NN ]
,/, said/VBD 
[ Robert/NNP Bretz/NNP ]
,/, 
[ chairman/NN ]
of/IN 
[ the/DT association/NN 's/POS survey/NN committee/NN ]
and/CC 
[ director/NN ]
of/IN 
[ materials/NNS management/NN ]
at/IN 
[ Pitney/NNP Bowes/NNP Inc./NNP ]
,/, 
[ Stamford/NNP ]
,/, 
[ Conn/NNP ]
./. 

[ He/PRP ]
said/VBD 
[ the/DT index/NN ]
would/MD have/VB to/TO be/VB in/IN 
[ the/DT low/JJ 40/CD %/NN range/NN ]
for/IN 
[ several/JJ months/NNS ]
to/TO be/VB considered/VBN 
[ a/DT forecast/NN ]
of/IN 
[ recession/NN ]
./. 

[ The/DT report/NN ]
offered/VBD 
[ new/JJ evidence/NN ]
that/IN 
[ the/DT nation/NN 's/POS export/NN growth/NN ]
,/, though/IN still/RB continuing/VBG ,/, may/MD be/VB slowing/VBG ./. 

Only/RB 
[ 19/CD %/NN ]
of/IN 
[ the/DT purchasing/VBG managers/NNS ]
reported/VBD 
[ better/JJR export/NN orders/NNS ]
in/IN 
[ October/NNP ]
,/, down/RB from/IN 
[ 27/CD %/NN ]
in/IN 
[ September/NNP ]
./. 

And/CC 
[ 8/CD %/NN ]
said/VBD 
[ export/NN orders/NNS ]
were/VBD down/RB 
[ last/JJ month/NN ]
,/, compared/VBN with/IN 
[ 6/CD %/NN ]
[ the/DT month/NN ]
before/RB ./. 

[ The/DT purhasing/NN managers/NNS '/POS report/NN ]
also/RB added/VBD 
[ evidence/NN ]
[ that/IN inflation/NN ]
is/VBZ under/IN 
[ control/NN ]
./. 

For/IN 
[ the/DT fifth/JJ consecutive/JJ month/NN ]
,/, purchasing/VBG 
[ managers/NNS ]
said/VBD 
[ prices/NNS ]
for/IN 
[ the/DT goods/NNS they/PRP ]
purchased/VBD fell/VBD ./. 

[ The/DT decline/NN ]
was/VBD even/RB steeper/JJR than/IN in/IN 
[ September/NNP ]
./. 

[ They/PRP ]
also/RB said/VBD that/IN 
[ vendors/NNS ]
were/VBD delivering/VBG 
[ goods/NNS ]
more/RBR quickly/RB in/IN 
[ October/NNP ]
than/IN 
[ they/PRP ]
had/VBD for/IN 
[ each/DT ]
of/IN 
[ the/DT five/CD previous/JJ months/NNS ]
./. 

[ Economists/NNS ]
consider/VBP that/DT 
[ a/DT sign/NN ]
that/IN 
[ inflationary/JJ pressures/NNS ]
are/VBP abating/VBG ./. 

When/WRB 
[ demand/NN ]
is/VBZ stronger/JJR than/IN 
[ suppliers/NNS ]
can/MD handle/VB and/CC 
[ delivery/NN times/NNS ]
lengthen/VBP ,/, 
[ prices/NNS ]
tend/VBP to/TO rise/VB ./. 

[ The/DT purchasing/NN managers/NNS '/POS report/NN ]
is/VBZ based/VBN on/IN 
[ data/NNS ]
provided/VBN by/IN more/RBR than/IN 
[ 250/CD purchasing/NN executives/NNS ]
./. 

[ Each/DT ]
of/IN 
[ the/DT survey/NN 's/POS indicators/NNS ]
gauges/VBZ 
[ the/DT difference/NN ]
between/IN 
[ the/DT number/NN ]
of/IN 
[ purchasers/NNS ]
reporting/VBG 
[ improvement/NN ]
in/IN 
[ a/DT particular/JJ area/NN ]
and/CC 
[ the/DT number/NN ]
reporting/VBG 
[ a/DT ]
worsening/NN ./. 

For/IN 
[ the/DT first/JJ time/NN ]
,/, 
[ the/DT October/NNP survey/NN ]
polled/VBD 
[ members/NNS ]
on/IN 
[ imports/NNS ]
./. 

[ It/PRP ]
found/VBD that/IN of/IN 
[ the/DT 73/CD %/NN ]
[ who/WP ]
import/VBP ,/, 
[ 10/CD %/NN ]
said/VBD 
[ they/PRP ]
imported/VBD more/RBR in/IN 
[ October/NNP ]
and/CC 
[ 12/CD %/NN ]
said/VBD 
[ they/PRP ]
imported/VBD less/JJR than/IN 
[ the/DT previous/JJ month/NN ]
./. 

While/IN acknowledging/VBG 
[ one/CD month/NN 's/POS figures/NNS ]
do/VBP n't/RB prove/VB 
[ a/DT trend/NN ]
,/, 
[ Mr./NNP Bretz/NNP ]
said/VBD ,/, ``/`` 
[ It/PRP ]
does/VBZ lead/VB 
[ you/PRP ]
to/TO suspect/VB 
[ imports/NNS ]
are/VBP going/VBG down/RB ,/, or/CC at/IN 
[ least/JJS ]
not/RB increasing/VBG 
[ that/RB much/RB ]
./. 

''/'' 

[ Items/NNS ]
listed/VBN as/IN being/VBG in/IN 
[ short/JJ supply/NN ]
numbered/VBD only/RB about/RB 
[ a/DT dozen/NN ]
,/, but/CC 
[ they/PRP ]
included/VBD 
[ one/CD newcomer/NN ]
:/: 
[ milk/NN ]
and/CC 
[ milk/NN powder/NN ]
./. 

``/`` 
[ It/PRP ]
's/VBZ 
[ an/DT odd/JJ thing/NN ]
to/TO put/VB on/IN 
[ the/DT list/NN ]
,/, ''/'' 
[ Mr./NNP Bretz/NNP ]
noted/VBD ./. 

[ He/PRP ]
said/VBD that/IN for/IN 
[ the/DT second/JJ month/NN ]
in/IN 
[ a/DT row/NN ]
,/, 
[ food/NN processors/NNS ]
reported/VBD 
[ a/DT shortage/NN ]
of/IN 
[ nonfat/JJ dry/JJ milk/NN ]
./. 

[ They/PRP ]
blamed/VBD increased/VBN 
[ demand/NN ]
for/IN 
[ dairy/NN products/NNS ]
at/IN 
[ a/DT time/NN ]
of/IN exceptionally/RB 
[ high/JJ U.S./NNP exports/NNS ]
of/IN 
[ dry/JJ milk/NN ]
,/, coupled/VBN with/IN 
[ very/RB low/JJ import/NN quotas/NNS ]
./. 

[ Pamela/NNP Sebastian/NNP ]
in/IN 
[ New/NNP York/NNP ]
contributed/VBD to/TO 
[ this/DT article/NN ]
./. 

Here/RB are/VBP 
[ the/DT Commerce/NNP Department/NNP 's/POS figures/NNS ]
for/IN 
[ construction/NN ]
spending/NN in/IN 
[ billions/NNS ]
of/IN 
[ dollars/NNS ]
at/IN seasonally/RB adjusted/VBN 
[ annual/JJ rates/NNS ]
./. 

Here/RB are/VBP 
[ the/DT Commerce/NNP Department/NNP 's/POS latest/JJS figures/NNS ]
for/IN 
[ manufacturers/NNS ]
in/IN 
[ billions/NNS ]
of/IN 
[ dollars/NNS ]
,/, seasonally/RB adjusted/VBN ./. 

Judging/VBG from/IN 
[ the/DT Americana/NNS ]
in/IN 
[ Haruki/NNP Murakami/NNP 's/POS ]
``/`` 
[ A/DT Wild/NNP Sheep/NNP Chase/NNP ]
''/'' (/( 
[ Kodansha/NNP ]
,/, 
[ 320/CD pages/NNS ]
,/, 
[ $/$ 18.95/CD ]
 )/) ,/, 
[ baby/NN boomers/NNS ]
on/IN 
[ both/DT ]
[ sides/NNS ]
of/IN 
[ the/DT Pacific/NNP ]
have/VBP 
[ a/DT lot/NN ]
in/IN 
[ common/NN ]
./. 

Although/IN set/VBN in/IN 
[ Japan/NNP ]
,/, 
[ the/DT novel/NN 's/POS texture/NN ]
is/VBZ almost/RB entirely/RB 
[ Western/JJ ]
,/, especially/RB 
[ American/JJ ]
./. 

[ Characters/NNS ]
drink/VBP 
[ Salty/NNP Dogs/NNP ]
,/, 
[ whistle/VBP ]
``/`` 
[ Johnny/NNP B./NNP Goode/NNP ]
''/'' and/CC watch/VBP 
[ Bugs/NNP Bunny/NNP reruns/NNS ]
./. 

[ They/PRP ]
read/VBP 
[ Mickey/NNP Spillane/NNP ]
and/CC talk/VBP about/IN 
[ Groucho/NNP ]
and/CC 
[ Harpo/NNP ]
./. 

[ They/PRP ]
worry/VBP about/IN 
[ their/PRP$ careers/NNS ]
,/, drink/VBP too/RB much/RB and/CC suffer/VBP through/IN 
[ broken/VBN marriages/NNS ]
and/CC 
[ desultory/JJ affairs/NNS ]
./. 

[ This/DT ]
is/VBZ 
[ Japan/NNP ]
?/. 

For/IN 
[ an/DT American/JJ reader/NN ]
,/, 
[ part/NN ]
of/IN 
[ the/DT charm/NN ]
of/IN 
[ this/DT engaging/JJ novel/NN ]
should/MD come/VB in/IN recognizing/VBG that/IN 
[ Japan/NNP ]
is/VBZ n't/RB 
[ the/DT buttoned-down/JJ society/NN ]
of/IN 
[ contemporary/JJ American/JJ lore/NN ]
./. 

[ It/PRP ]
's/VBZ also/RB refreshing/VBG to/TO read/VB 
[ a/DT Japanese/JJ author/NN ]
[ who/WP ]
clearly/RB does/VBZ n't/RB belong/VB to/TO 
[ the/DT self-aggrandizing/JJ ]
``/`` 
[ we-Japanese/JJ ]
''/'' 
[ school/NN ]
of/IN 
[ writers/NNS ]
[ who/WP ]
perpetuate/VBP 
[ the/DT notion/NN ]
of/IN 
[ the/DT unique/JJ Japanese/NN ]
,/, 
[ unfathomable/JJ ]
by/IN 
[ outsiders/NNS ]
./. 

If/IN ``/`` 
[ A/DT Wild/NNP Sheep/NNP Chase/NNP ]
''/'' carries/VBZ 
[ an/DT implicit/JJ message/NN ]
for/IN 
[ international/JJ relations/NNS ]
,/, 
[ it/PRP ]
's/VBZ that/IN 
[ the/DT Japanese/NNS ]
are/VBP more/RBR like/IN 
[ us/PRP ]
than/IN 
[ most/JJS ]
of/IN 
[ us/PRP ]
think/VBP ./. 

[ That/DT ]
's/VBZ not/RB to/TO say/VB that/IN 
[ the/DT nutty/JJ plot/NN ]
of/IN ``/`` 
[ A/DT Wild/NNP Sheep/NNP Chase/NNP ]
''/'' is/VBZ rooted/VBN in/IN 
[ reality/NN ]
./. 

[ It/PRP ]
's/VBZ imaginative/JJ and/CC often/RB funny/JJ ./. 

[ A/DT disaffected/JJ ]
,/, 
[ hard-drinking/JJ ]
,/, 
[ nearly-30/JJ hero/NN ]
sets/VBZ off/IN for/IN 
[ snow/NN country/NN ]
in/IN 
[ search/NN ]
of/IN 
[ an/DT elusive/JJ sheep/NN ]
with/IN 
[ a/DT star/NN ]
on/IN 
[ its/PRP$ back/NN ]
at/IN 
[ the/DT behest/NN ]
of/IN 
[ a/DT sinister/JJ ]
,/, 
[ erudite/JJ mobster/NN ]
with/IN 
[ a/DT Stanford/NNP degree/NN ]
./. 

[ He/PRP ]
has/VBZ in/IN tow/NN 
[ his/PRP$ prescient/JJ girlfriend/NN ]
,/, 
[ whose/WP$ sassy/JJ retorts/NNS ]
mark/VBP 
[ her/PRP ]
as/IN 
[ anything/NN ]
but/CC 
[ a/DT docile/JJ butterfly/NN ]
./. 

Along/IN 
[ the/DT way/NN ]
,/, 
[ he/PRP ]
meets/VBZ 
[ a/DT solicitous/JJ Christian/JJ chauffeur/NN ]
[ who/WP ]
offers/VBZ 
[ the/DT hero/NN God/NNP 's/POS phone/NN number/NN ]
;/: and/CC 
[ the/DT Sheep/NNP Man/NNP ]
,/, 
[ a/DT sweet/JJ ]
,/, 
[ roughhewn/JJ figure/NN ]
[ who/WP ]
wears/VBZ 
[ --/: what/WP ]
else/RB 
[ --/: a/JJ sheepskin/NN ]
./. 

[ The/DT 40-year-old/JJ Mr./NNP Murakami/NNP ]
is/VBZ 
[ a/DT publishing/NN sensation/NN ]
in/IN 
[ Japan/NNP ]
./. 

[ A/DT more/RBR recent/JJ novel/NN ]
,/, ``/`` 
[ Norwegian/NNP Wood/NNP ]
''/'' (/( 
[ every/DT Japanese/NN ]
under/IN 
[ 40/CD ]
seems/VBZ to/TO be/VB fluent/JJ in/IN 
[ Beatles/NNP lyrics/NNS ]
 )/) ,/, has/VBZ sold/VBN more/JJR than/IN 
[ four/CD million/CD copies/NNS ]
since/IN 
[ Kodansha/NNP ]
published/VBD 
[ it/PRP ]
in/IN 
[ 1987/CD ]
./. 

But/CC 
[ he/PRP ]
is/VBZ just/RB 
[ one/CD ]
of/IN 
[ several/JJ youthful/JJ writers/NNS --/: Tokyo/NNP 's/POS brat/NN pack/NN --/: who/WP ]
are/VBP dominating/VBG 
[ the/DT best-seller/NN charts/NNS ]
in/IN 
[ Japan/NNP ]
./. 

[ Their/PRP$ books/NNS ]
are/VBP written/VBN in/IN 
[ idiomatic/JJ ]
,/, 
[ contemporary/JJ language/NN ]
and/CC usually/RB carry/VBP 
[ hefty/JJ dashes/NNS ]
of/IN 
[ Americana/NNS ]
./. 

In/IN 
[ Robert/NNP Whiting/NNP 's/POS ]
``/`` 
[ You/PRP Gotta/NNP ]
Have/NNP 
[ Wa/, ]
''/'' (/( 
[ Macmillan/NNP ]
,/, 
[ 339/CD pages/NNS ]
,/, 
[ $/$ 17.95/CD ]
 )/) ,/, 
[ the/DT Beatles/NNP ] 
give/VBP 
[ way/NN ]
to/TO 
[ baseball/NN ]
,/, in/IN 
[ the/DT Nipponese/JJ version/NN ]
[ we/PRP ]
would/MD be/VB hard/RB put/VBN to/TO call/VB 
[ a/DT ]
``/`` 
[ game/NN ]
./. 

''/'' As/IN 
[ Mr./NNP Whiting/NNP ]
describes/VBZ 
[ it/PRP ]
,/, 
[ Nipponese/JJ baseball/NN ]
is/VBZ 
[ a/DT ]
``/`` 
[ mirror/NN ]
of/IN 
[ Japan/NNP 's/POS fabled/JJ virtues/NNS ]
of/IN 
[ hard/JJ work/NN ]
and/CC 
[ harmony/NN ]
./. 

''/'' ``/`` 
[ Wa/NNP ]
''/'' is/VBZ 
[ Japanese/NNP ]
for/IN ``/`` 
[ team/NN spirit/NN ]
''/'' and/CC 
[ Japanese/JJ ballplayers/NNS ]
have/VBP 
[ miles/NNS ]
and/CC 
[ miles/NNS ]
of/IN 
[ it/PRP ]
./. 

[ A/DT player/NN 's/POS commitment/NN ]
to/TO 
[ practice/NN ]
and/CC 
[ team/NN image/NN ]
is/VBZ as/RB important/JJ as/IN 
[ his/PRP$ batting/NN average/NN ]
./. 

[ Polls/NNS ]
once/RB named/VBD 
[ Tokyo/NNP Giants/NNP star/NN Tatsunori/NNP Hara/NNP ]
,/, 
[ a/DT ]
``/`` 
[ humble/JJ ]
,/, uncomplaining/JJ ,/, 
[ obedient/JJ soul/NN ]
,/, ''/'' as/IN 
[ the/DT male/JJ symbol/NN ]
of/IN 
[ Japan/NNP ]
./. 

But/CC other/JJ than/IN 
[ the/DT fact/NN ]
[ that/DT besuboru/FW ]
is/VBZ played/VBN with/IN 
[ a/DT ball/NN ]
and/CC 
[ a/DT bat/NN ]
,/, 
[ it/PRP ]
's/VBZ unrecognizable/JJ :/: 
[ Fans/NNS ]
politely/RB return/VBP 
[ foul/JJ balls/NNS ]
to/TO 
[ stadium/NN ushers/NNS ]
;/: 
[ the/DT strike/NN zone/NN ]
expands/VBZ depending/VBG on/IN 
[ the/DT size/NN ]
of/IN 
[ the/DT hitter/NN ]
;/: 
[ ties/NNS ]
are/VBP permitted/VBN 
[ --/: even/JJ welcomed/VBN --/: since/IN ]
[ they/PRP ]
honorably/RB sidestep/VBP 
[ the/DT shame/NN ]
of/IN 
[ defeat/NN ]
;/: 
[ players/NNS ]
must/MD abide/VB by/IN 
[ strict/JJ rules/NNS ]
of/IN 
[ conduct/NN ]
even/RB in/IN 
[ their/PRP$ personal/JJ ]
lives/NNS 
[ --/: players/NNS ]
for/IN 
[ the/DT Tokyo/NNP Giants/NNP ]
,/, for/IN 
[ example/NN ]
,/, must/MD always/RB wear/VB 
[ ties/NNS ]
when/WRB on/IN 
[ the/DT road/NN ]
./. 

``/`` 
[ You/PRP Gotta/NNP ]
Have/NNP 
[ Wa/NNP ]
''/'' is/VBZ 
[ the/DT ]
often/RB 
[ amusing/JJ chronicle/NN ]
of/IN how/WRB 
[ American/JJ ballplayers/NNS ]
,/, rationed/VBN to/TO 
[ two/CD ]
per/IN 
[ team/NN ]
,/, 
[ fare/VBP ]
in/IN 
[ Japan/NNP ]
./. 

Despite/IN 
[ the/DT enormous/JJ sums/NNS ]
of/IN 
[ money/NN ]
[ they/PRP ]
're/VBP paid/VBN to/TO stand/VB up/RP at/IN 
[ a/DT Japanese/JJ plate/NN ]
,/, 
[ a/DT good/JJ number/NN ]
decide/VBP 
[ it/PRP ]
's/VBZ not/RB worth/JJ 
[ it/PRP ]
and/CC run/VBP for/IN 
[ home/NN ]
./. 

``/`` 
[ Funny/NNP Business/NNP ]
''/'' 
[ (/( ]
Soho/NNP ,/, 
[ 228/CD pages/NNS ]
,/, 
[ $/$ 17.95/CD ]
 )/) by/IN 
[ Gary/NNP Katzenstein/NNP ]
is/VBZ 
[ anything/NN ]
but/RB ./. 

[ It/PRP ]
's/VBZ 
[ the/DT petulant/JJ complaint/NN ]
of/IN 
[ an/DT impudent/JJ American/NN ]
[ whom/WP ]
[ Sony/NNP ]
hosted/VBD for/IN 
[ a/DT year/NN ]
while/IN 
[ he/PRP ]
was/VBD on/IN 
[ a/DT Luce/NNP Fellowship/NNP ]
in/IN 
[ Tokyo/NNP ]
--/: to/IN 
[ the/DT regret/NN ]
of/IN 
[ both/DT ]
[ parties/NNS ]
./. 

In/IN sometimes/RB 
[ amusing/JJ ]
,/, more/RBR often/RB 
[ supercilious/JJ ]
,/, 
[ even/RB vicious/JJ passages/NNS ]
,/, 
[ Mr./NNP Katzenstein/NNP ]
describes/VBZ how/WRB 
[ Sony/NNP ]
invades/VBZ even/RB 
[ the/DT most/RBS mundane/JJ aspects/NNS ]
of/IN 
[ its/PRP$ workers/NNS '/POS lives/NNS ]
--/: at/IN 
[ the/DT regimented/JJ office/NN ]
,/, where/WRB 
[ employees/NNS ]
are/VBP assigned/VBN 
[ lunch/NN partners/NNS ]
--/: and/JJ at/IN ``/`` 
[ home/NN ]
''/'' in/IN 
[ the/DT austere/JJ company/NN dormitory/NN ]
run/VBN by/IN 
[ a/DT prying/JJ caretaker/NN ]
./. 

[ Some/DT ]
of/IN 
[ his/PRP$ observations/NNS ]
about/IN 
[ Japanese/JJ management/NN style/NN ]
are/VBP on/IN 
[ the/DT mark/NN ]
./. 

[ It/PRP ]
's/VBZ probably/RB true/JJ that/IN 
[ many/JJ salarymen/NNS ]
put/VBN in/IN 
[ unproductive/JJ overtime/NN ]
just/RB for/IN 
[ the/DT sake/NN ]
of/IN 
[ solidarity/NN ]
,/, that/IN 
[ the/DT system/NN ]
is/VBZ so/RB hierarchical/JJ that/IN only/RB 
[ the/DT assistant/JJ manager/NN ]
can/MD talk/VB to/TO 
[ the/DT manager/NN ]
and/CC 
[ the/DT manager/NN ]
to/TO 
[ the/DT general/JJ manager/NN ]
,/, and/CC that/IN 
[ Sony/NNP ]
was/VBD chary/JJ of/IN letting/VBG 
[ a/DT young/JJ ]
,/, 
[ short-term/JJ American/JJ employee/NN ]
take/VB on/IN 
[ any/DT responsibility/NN ]
./. 

[ All/DT ]
of/IN 
[ this/DT ]
must/MD have/VB been/VBN enormously/RB frustrating/VBG to/TO 
[ Mr./NNP Katzenstein/NNP ]
,/, 
[ who/WP ]
went/VBD to/TO 
[ Sony/NNP ]
with/IN 
[ degrees/NNS ]
in/IN 
[ business/NN ]
and/CC 
[ computer/NN science/NN ]
and/CC was/VBD raring/JJ to/TO invent/VB 
[ another/DT Walkman/NNP ]
./. 

But/CC 
[ Sony/NNP ]
ultimately/RB took/VBD 
[ a/DT lesson/NN ]
from/IN 
[ the/DT American/JJ management/NN books/NNS ]
and/CC fired/VBD 
[ Mr./NNP Katzenstein/NNP ]
,/, after/IN 
[ he/PRP ]
committed/VBD 
[ the/DT social/JJ crime/NN ]
of/IN making/VBG 
[ an/DT appointment/NN ]
to/TO see/VB 
[ the/DT venerable/JJ Akio/NNP Morita/NNP ]
,/, 
[ founder/NN ]
of/IN 
[ Sony/NNP ]
./. 

[ It/PRP ]
's/VBZ 
[ a/DT shame/NN their/PRP$ meeting/NN ]
never/RB took/VBD 
[ place/NN ]
./. 

[ Mr./NNP Katzenstein/NNP ]
certainly/RB would/MD have/VB learned/VBD 
[ something/NN ]
,/, and/CC 
[ it/PRP ]
's/VBZ even/RB 
[ possible/JJ Mr./NNP Morita/NNP ]
would/MD have/VB too/RB ./. 

[ Ms./NNP Kirkpatrick/NNP ]
,/, 
[ the/DT Journal/NNP 's/POS deputy/NN editorial/NN features/NNS editor/NN ]
,/, worked/VBD in/IN  
[ Tokyo/NNP ]
for/IN 
[ three/CD years/NNS ]
./. 

[ More/JJR ]
and/CC 
[ more/JJR corners/NNS ]
of/IN 
[ the/DT globe/NN ]
are/VBP becoming/VBG 
[ free/JJ ]
of/IN 
[ tobacco/NN smoke/NN ]
./. 

In/IN 
[ Singapore/NNP ]
,/, 
[ a/DT new/JJ law/NN ]
requires/VBZ 
[ smokers/NNS ]
to/TO put/VB out/RP 
[ their/PRP$ cigarettes/NNS ]
before/IN entering/VBG 
[ restaurants/NNS ]
,/, 
[ department/NN stores/NNS ]
and/CC 
[ sports/NNS centers/NNS ]
or/CC face/VB 
[ a/DT $/$ 250/CD fine/NN ]
./. 

[ Discos/NNS ]
and/CC 
[ private/JJ clubs/NNS ]
are/VBP exempt/JJ from/IN 
[ the/DT ban/NN ]
,/, and/CC smoking/NN will/MD be/VB permitted/VBN in/IN 
[ bars/NNS ]
except/IN during/IN 
[ meal/NN hours/NNS ]
,/, 
[ an/DT official/NN ]
said/VBD ./. 

[ Singapore/NNP ]
already/RB bans/VBZ smoking/NN in/IN 
[ all/DT theaters/NNS ]
,/, 
[ buses/NNS ]
,/, 
[ public/JJ elevators/NNS ]
,/, 
[ hospitals/NNS ]
and/CC 
[ fast-food/NN restaurants/NNS ]
./. 

In/IN 
[ Malaysia/NNP ]
,/, 
[ Siti/NNP Zaharah/NNP Sulaiman/NNP ]
,/, 
[ a/DT deputy/NN minister/NN ]
in/IN 
[ the/DT prime/JJ minister/NN 's/POS office/NN ]
,/, launched/VBD 
[ a/DT ]
``/`` 
[ No-Smoking/NNP Week/NNP ]
''/'' at/IN 
[ the/DT Mara/NNP Institute/NNP ]
of/IN 
[ Technology/NNP ]
near/IN 
[ Kuala/NNP Lumpur/NNP ]
and/CC urged/VBD 
[ other/JJ schools/NNS ]
to/TO ban/VB 
[ on-campus/JJ ]
smoking/NN ./. 

[ South/NNP Korea/NNP ]
has/VBZ 
[ different/JJ concerns/NNS ]
./. 

In/IN 
[ Seoul/NNP ]
,/, 
[ officials/NNS ]
began/VBD visiting/VBG about/RB 
[ 26,000/CD cigarette/NN stalls/NNS ]
to/TO remove/VB 
[ illegal/JJ posters/NNS ]
and/CC 
[ signboards/NNS ]
advertising/VBG 
[ imported/VBN cigarettes/NNS ]
./. 

[ South/NNP Korea/NNP ]
has/VBZ opened/VBN 
[ its/PRP$ market/NN ]
to/TO 
[ foreign/JJ cigarettes/NNS ]
but/CC restricts/VBZ advertising/NN to/TO 
[ designated/VBN places/NNS ]
./. 

[ A/DT marketing/NN study/NN ]
indicates/VBZ that/IN 
[ Hong/NNP Kong/NNP consumers/NNS ]
are/VBP 
[ the/DT most/RBS materialistic/JJ ]
in/IN 
[ the/DT 14/CD major/JJ markets/NNS ]
where/WRB 
[ the/DT survey/NN ]
was/VBD carried/VBN out/RP ./. 

[ The/DT study/NN ]
by/IN 
[ the/DT Backer/NNP Spielvogel/NNP Bates/NNP ad/NN agency/NN ]
also/RB found/VBD that/IN 
[ the/DT colony/NN 's/POS consumers/NNS ]
feel/VBP more/RBR pressured/JJ than/IN 
[ those/DT ]
in/IN 
[ any/DT ]
of/IN 
[ the/DT other/JJ surveyed/VBN markets/NNS ]
,/, 
[ which/WDT ]
include/VBP 
[ the/DT U.S./NNP ]
and/CC 
[ Japan/NNP ]
./. 

[ The/DT survey/NN ]
found/VBD that/IN nearly/RB 
[ half/NN ]
of/IN 
[ Hong/NNP Kong/NNP consumers/NNS ]
espouse/VBP 
[ what/WP ]
[ it/PRP ]
identified/VBD as/IN 
[ materialistic/JJ values/NNS ]
,/, compared/VBN with/IN about/RB 
[ one-third/JJ ]
in/IN 
[ Japan/NNP ]
and/CC 
[ the/DT U.S/NNP ]
./. 

More/JJR than/IN 
[ three/CD ]
in/IN 
[ five/CD ]
said/VBD 
[ they/PRP ]
are/VBP under/IN 
[ a/DT great/JJ deal/NN ]
of/IN 
[ stress/NN ]
most/JJS of/IN 
[ the/DT time/NN ]
,/, compared/VBN with/IN less/JJR than/IN 
[ one/CD ]
in/IN 
[ two/CD U.S./NNP consumers/NNS ]
and/CC 
[ one/CD ]
in/IN 
[ four/CD ]
in/IN 
[ Japan/NNP ]
./. 

[ The/DT Thai/NNP cabinet/NN ]
endorsed/VBD 
[ Finance/NNP Minister/NNP Pramual/NNP Sabhavasu/NNP 's/POS proposal/NN ]
to/TO build/VB 
[ a/DT $/$ 19/CD million/CD conference/NN center/NN ]
for/IN 
[ a/DT joint/JJ meeting/NN ]
of/IN 
[ the/DT World/NNP Bank/NNP ]
and/CC 
[ International/NNP Monetary/NNP Fund/NNP two/CD years/NNS ]
from/IN now/RB ./. 

[ The/DT meeting/NN ]
,/, 
[ which/WDT ]
is/VBZ expected/VBN to/TO draw/VB 
[ 20,000/CD ]
to/TO 
[ Bangkok/NNP ]
,/, was/VBD going/VBG to/TO be/VB held/VBN at/IN 
[ the/DT Central/NNP Plaza/NNP Hotel/NNP ]
,/, but/CC 
[ the/DT government/NN ]
balked/VBD at/IN 
[ the/DT hotel/NN 's/POS conditions/NNS ]
for/IN undertaking/VBG 
[ necessary/JJ expansion/NN ]
./. 

[ A/DT major/JJ concern/NN ]
about/IN 
[ the/DT current/JJ plan/NN ]
is/VBZ whether/IN 
[ the/DT new/JJ center/NN ]
can/MD be/VB built/VBN in/IN 
[ such/JJ a/DT short/JJ time/NN ]
./. 

[ Yasser/NNP Arafat/NNP ]
has/VBZ written/VBN to/TO 
[ the/DT chairman/NN ]
of/IN 
[ the/DT International/NNP Olympic/NNP Committee/NNP ]
asking/VBG 
[ him/PRP ]
to/TO back/VB 
[ a/DT Palestinian/JJ bid/NN ]
to/TO join/VB 
[ the/DT committee/NN ]
,/, 
[ the/DT Palestine/NNP Liberation/NNP Organization/NNP news/NN agency/NN WAFA/NNP ]
said/VBD ./. 

[ An/DT official/NN ]
of/IN 
[ the/DT Palestinian/NNP Olympic/NNP Committee/NNP ]
said/VBD 
[ the/DT committee/NN ]
first/RB applied/VBD for/IN 
[ membership/NN ]
in/IN 
[ 1979/CD ]
and/CC renewed/VBD 
[ its/PRP$ application/NN ]
in/IN 
[ August/NNP ]
of/IN 
[ this/DT year/NN ]
./. 

[ The/DT PLO/NNP ]
in/IN 
[ recent/JJ months/NNS ]
has/VBZ been/VBN trying/VBG to/TO join/VB 
[ international/JJ organizations/NNS ]
but/CC failed/VBD earlier/RBR 
[ this/DT year/NN ]
to/TO win/VB 
[ membership/NN ]
in/IN 
[ the/DT World/NNP Health/NNP Organization/NNP ]
and/CC 
[ the/DT World/NNP Tourism/NNP Organization/NNP ]
./. 

[ A/DT Beijing/NNP food-shop/JJ assistant/NN ]
has/VBZ become/VBN 
[ the/DT first/JJ mainland/NN Chinese/NN ]
to/TO get/VB 
[ AIDS/NNP ]
through/IN 
[ sex/NN ]
,/, 
[ the/DT People/NNP 's/POS Daily/NNP ]
said/VBD ./. 

[ It/PRP ]
said/VBD 
[ the/DT man/NN ]
,/, 
[ whom/WP ]
[ it/PRP ]
did/VBD not/RB 
[ name/VB ]
,/, had/VBD been/VBN found/VBN to/TO have/VB 
[ the/DT disease/NN ]
after/IN 
[ hospital/NN tests/NNS ]
./. 

Once/RB 
[ the/DT disease/NN ]
was/VBD confirmed/VBN ,/, 
[ all/DT the/DT man/NN 's/POS associates/NNS ]
and/CC 
[ family/NN ]
were/VBD tested/VBN ,/, but/CC 
[ none/NN ]
have/VBP so/RB far/RB been/VBN found/VBN to/TO have/VB 
[ AIDS/NNP ]
,/, 
[ the/DT newspaper/NN ]
said/VBD ./. 

[ The/DT man/NN ]
had/VBD for/IN 
[ a/DT long/JJ time/NN ]
had/VBN ``/`` 
[ a/DT chaotic/JJ sex/NN life/NN ]
,/, ''/'' including/VBG 
[ relations/NNS ]
with/IN 
[ foreign/JJ men/NNS ]
,/, 
[ the/DT newspaper/NN ]
said/VBD ./. 

[ The/DT Polish/JJ government/NN ]
increased/VBD 
[ home/NN electricity/NN charges/NNS ]
by/IN 
[ 150/CD %/NN ]
and/CC doubled/VBD 
[ gas/NN prices/NNS ]
./. 

[ The/DT official/JJ news/NN agency/NN PAP/NNP ]
said/VBD 
[ the/DT increases/NNS ]
were/VBD intended/VBN to/TO bring/VB unrealistically/RB 
[ low/JJ energy/NN charges/NNS ]
into/IN 
[ line/NN ]
with/IN 
[ production/NN costs/NNS ]
and/CC compensate/VB for/IN 
[ a/DT rise/NN ]
in/IN 
[ coal/NN prices/NNS ]
./. 

In/IN 
[ happier/JJR news/NN ]
,/, 
[ South/NNP Korea/NNP ]
,/, in/IN establishing/VBG 
[ diplomatic/JJ ties/NNS ]
with/IN 
[ Poland/NNP yesterday/NN ]
,/, announced/VBD 
[ $/$ 450/CD million/CD ]
in/IN 
[ loans/NNS ]
to/TO 
[ the/DT ]
financially/RB strapped/VBN 
[ Warsaw/NNP government/NN ]
./. 

In/IN 
[ a/DT victory/NN ]
for/IN 
[ environmentalists/NNS ]
,/, 
[ Hungary/NNP ]
[ 's/POS parliament/NN ]
terminated/VBD 
[ a/DT multibillion-dollar/JJ River/NNP Danube/NNP dam/NN being/VBG ]
built/VBN by/IN 
[ Austrian/JJ firms/NNS ]
./. 

[ The/DT Nagymaros/NNP dam/NN ]
was/VBD designed/VBN to/TO be/VB twinned/VBN with/IN 
[ another/DT dam/NN ]
,/, now/RB nearly/RB 
[ complete/JJ ]
,/, 
[ 100/CD miles/NNS ]
upstream/RB in/IN 
[ Czechoslovakia/NNP ]
./. 

In/IN ending/VBG 
[ Hungary/NNP ]
[ 's/POS part/NN ]
of/IN 
[ the/DT project/NN ]
,/, 
[ Parliament/NNP ]
authorized/VBD 
[ Prime/NNP Minister/NNP Miklos/NNP Nemeth/NNP ]
to/TO modify/VB 
[ a/DT 1977/CD agreement/NN ]
with/IN 
[ Czechoslovakia/NNP ]
,/, 
[ which/WDT ]
still/RB wants/VBZ 
[ the/DT dam/NN ]
to/TO be/VB built/VBN ./. 

[ Mr./NNP Nemeth/NNP ]
said/VBD in/IN 
[ parliament/NN ]
that/IN 
[ Czechoslovakia/NNP ]
and/CC 
[ Hungary/NNP ]
would/MD suffer/VB 
[ environmental/JJ damage/NN ]
if/IN 
[ the/DT twin/NN dams/NNS ]
were/VBD built/VBN as/IN planned/VBN ./. 

[ Czechoslovakia/NNP ]
said/VBD in/IN 
[ May/NNP ]
[ it/PRP ]
could/MD seek/VB 
[ $/$ 2/CD billion/CD ]
from/IN 
[ Hungary/NNP ]
if/IN 
[ the/DT twindam/NN  contract/NN ]
were/VBD broken/VBN ./. 

[ The/DT Czech/JJ dam/NN ]
ca/MD n't/RB be/VB operated/VBN solely/RB at/IN 
[ peak/NN periods/NNS ]
without/IN 
[ the/DT Nagymaros/NNP project/NN ]
./. 

[ A/DT painting/NN ]
by/IN 
[ August/NNP Strindberg/NNP ]
set/VBD 
[ a/DT Scandinavian/JJ price/NN record/NN ]
when/WRB 
[ it/PRP ]
sold/VBD at/IN 
[ auction/NN ]
in/IN 
[ Stockholm/NNP ]
for/IN 
[ $/$ 2.44/CD million/CD ]
./. 

``/`` 
[ Lighthouse/NNP II/NNP ]
''/'' was/VBD painted/VBN in/IN 
[ oils/NNS ]
by/IN 
[ the/DT playwright/NN ]
in/IN 
[ 1901/CD ]
.../: 

After/IN 
[ years/NNS ]
of/IN 
[ decline/NN ]
,/, 
[ weddings/NNS ]
in/IN 
[ France/NNP ]
showed/VBD 
[ a/DT 2.2/CD %/NN upturn/NN last/JJ year/NN ]
,/, with/IN 
[ 6,000/CD more/JJR couples/NNS ]
exchanging/VBG 
[ rings/NNS ]
in/IN 
[ 1988/CD ]
than/IN in/IN 
[ the/DT previous/JJ year/NN ]
,/, 
[ the/DT national/JJ statistics/NNS office/NN ]
said/VBD ./. 

But/CC 
[ the/DT number/NN ]
of/IN 
[ weddings/NNS last/JJ year/NN --/: 271,124/CD --/: was/VBD ]
still/RB well/RB below/IN 
[ the/DT 400,000/CD ]
registered/VBN in/IN 
[ 1972/CD ]
,/, 
[ the/DT last/JJ year/NN ]
of/IN increasing/VBG 
[ marriages/NNS ]
./. 

[ BRAMALEA/NNP Ltd./NNP ]
said/VBD 
[ it/PRP ]
agreed/VBD to/TO issue/VB 
[ 100/CD million/CD Canadian/JJ dollars/NNS ]
 (/( 
[ US$/$ 85.1/CD million/CD ]
 )/) of/IN 
[ 10.5/CD %/NN senior/JJ debentures/NNS due/JJ Nov./NNP 30/CD ]
,/, 
[ 1999/CD ]
,/, together/RB with/IN 
[ 100,000/CD bond/NN purchase/NN warrants/NNS ]
./. 

[ The/DT Toronto-based/JJ real/JJ estate/NN concern/NN ]
said/VBD 
[ each/DT bond/NN warrant/NN ]
entitles/VBZ 
[ the/DT holder/NN ]
to/TO buy/VB 
[ C$/$ 1,000/CD principal/NN amount/NN ]
of/IN 
[ debentures/NNS ]
at/IN 
[ par/NN ]
plus/CC accrued/VBN 
[ interest/NN ]
to/TO 
[ the/DT date/NN ]
of/IN 
[ purchase/NN ]
./. 

[ The/DT warrants/NNS ]
expire/VBP 
[ Nov./NNP 30/CD ]
,/, 
[ 1990/CD ]
./. 

[ The/DT issue/NN ]
will/MD be/VB 
[ swapped/VBN ]
into/IN 
[ fixed-rate/JJ U.S./NNP dollars/NNS ]
at/IN 
[ a/DT rate/NN ]
[ the/DT company/NN ]
said/VBD is/VBZ less/JJR than/IN 
[ 9/CD %/NN ]
;/: 
[ a/DT spokesman/NN ]
declined/VBD to/TO elaborate/VB ./. 

[ Lead/JJ underwriters/NNS ]
for/IN 
[ the/DT issue/NN ]
are/VBP 
[ Scotia/NNP McLeod/NNP Inc./NNP ]
and/CC 
[ RBC/NNP Dominion/NNP Securities/NNP Inc./NNP ]
,/, 
[ both/DT Toronto-based/JJ investment/NN dealers/NNS ]
./. 

[ Bramalea/NNP ]
said/VBD 
[ it/PRP ]
expects/VBZ to/TO complete/VB 
[ the/DT issue/NN ]
by/IN 
[ the/DT end/NN ]
of/IN 
[ the/DT month/NN ]
./. 

As/IN 
[ an/DT actor/NN ]
,/, 
[ Charles/NNP Lane/NNP ]
is/VBZ n't/RB 
[ the/DT inheritor/NN ]
of/IN 
[ Charlie/NNP Chaplin/NNP 's/POS spirit/NN ]
./. 

[ Steve/NNP Martin/NNP ]
has/VBZ already/RB laid/VBN 
[ his/PRP$ claim/NN ]
to/TO 
[ that/DT ]
./. 

But/CC 
[ it/PRP ]
is/VBZ 
[ Mr./NNP Lane/NNP ]
,/, as/IN 
[ movie/NN director/NN ]
,/, 
[ producer/NN ]
and/CC 
[ writer/NN ]
,/, 
[ who/WP ]
has/VBZ been/VBN obsessed/VBN with/IN 
[ refitting/VBG Chaplin/NNP 's/POS Little/NNP Tramp/NNP ]
in/IN 
[ a/DT contemporary/JJ way/NN ]
./. 

In/IN 
[ 1976/CD ]
,/, as/IN 
[ a/DT film/NN student/NN ]
at/IN 
[ the/DT Purchase/NNP campus/NN ]
of/IN 
[ the/DT State/NNP University/NNP ]
of/IN 
[ New/NNP York/NNP ]
,/, 
[ Mr./NNP Lane/NNP ]
shot/VBD ``/`` 
[ A/DT Place/NNP ]
in/IN 
[ Time/NNP ]
,/, ''/'' 
[ a/DT 36-minute/JJ black-and-white/JJ film/NN ]
about/IN 
[ a/DT sketch/NN artist/NN ]
,/, 
[ a/DT man/NN ]
of/IN 
[ the/DT streets/NNS ]
./. 

Now/RB ,/, 
[ 13/CD years/NNS ]
later/RBR ,/, 
[ Mr./NNP Lane/NNP ]
has/VBZ revived/VBN 
[ his/PRP$ Artist/NNP ]
in/IN 
[ a/DT full-length/JJ movie/NN ]
called/VBN ``/`` 
[ Sidewalk/NNP Stories/NNP ]
,/, ''/'' 
[ a/DT poignant/JJ piece/NN ]
of/IN 
[ work/NN ]
about/IN 
[ a/DT modern-day/JJ tramp/NN ]
./. 

Of/IN 
[ course/NN ]
,/, if/IN 
[ the/DT film/NN ]
contained/VBD 
[ dialogue/NN ]
,/, 
[ Mr./NNP Lane/NNP 's/POS Artist/NNP ]
would/MD be/VB called/VBN 
[ a/DT homeless/JJ person/NN ]
./. 

So/RB would/MD 
[ the/DT Little/NNP Tramp/NNP ]
,/, for/IN 
[ that/DT matter/NN ]
./. 

[ I/PRP ]
say/VBP ``/`` contained/VBD 
[ dialogue/NN ]
''/'' because/IN ``/`` 
[ Sidewalk/NNP Stories/NNP ]
''/'' is/VBZ n't/RB really/RB silent/JJ at/IN 
[ all/DT ]
./. 

[ Composer/NN Marc/NNP Marder/NNP ]
,/, 
[ a/DT college/NN friend/NN ]
of/IN 
[ Mr./NNP Lane/NNP 's/POS ]
[ who/WP ]
earns/VBZ 
[ his/PRP$ living/NN ]
playing/VBG 
[ the/DT double/JJ bass/NN ]
in/IN 
[ classical/JJ music/NN ensembles/NNS ]
,/, has/VBZ prepared/VBN 
[ an/DT exciting/JJ ]
,/, 
[ eclectic/JJ score/NN ]
[ that/WDT ]
tells/VBZ 
[ you/PRP ]
[ what/WP ]
[ the/DT characters/NNS ]
are/VBP thinking/VBG and/CC feeling/VBG far/RB more/RBR precisely/RB than/IN 
[ intertitles/NNS ]
,/, or/CC even/RB 
[ words/NNS ]
,/, would/MD ./. 

Much/RB of/IN 
[ Mr./NNP Lane/NNP 's/POS film/NN ]
takes/VBZ 
[ a/DT ]
highly/RB romanticized/VBN 
[ view/NN ]
of/IN 
[ life/NN ]
on/IN 
[ the/DT streets/NNS ]
 (/( though/IN probably/RB 
[ no/DT more/RBR ]
romanticized/VBN than/IN 
[ Mr./NNP Chaplin/NNP 's/POS notion/NN ]
of/IN 
[ the/DT Tramp/NNP ]
as/IN 
[ the/DT good-hearted/JJ free/JJ spirit/NN ]
 )/) ./. 

Filmed/VBN in/IN 
[ lovely/JJ black/NN ]
and/CC 
[ white/NN ]
by/IN 
[ Bill/NNP Dill/NNP ]
,/, 
[ the/DT New/NNP York/NNP streets/NNS ]
of/IN ``/`` 
[ Sidewalk/NNP Stories/NNP ]
''/'' seem/VBP 
[ benign/JJ ]
./. 

On/IN 
[ Wall/NNP Street/NNP men/NNS ]
and/CC 
[ women/NNS ]
walk/VBP with/IN 
[ great/JJ purpose/NN ]
,/, noticing/VBG 
[ one/CD another/DT ]
only/RB when/WRB 
[ they/PRP ]
jostle/VBP for/IN 
[ cabs/NNS ]
./. 

[ The/DT Artist/NNP ]
hangs/VBZ out/RP in/IN 
[ Greenwich/NNP Village/NNP ]
,/, on/IN 
[ a/DT strip/NN ]
of/IN 
[ Sixth/NNP Avenue/NNP ]
populated/VBN by/IN 
[ jugglers/NNS ]
,/, 
[ magicians/NNS ]
and/CC 
[ other/JJ good-natured/JJ hustlers/NNS ]
./. 

 (/( 
[ This/DT ]
clearly/RB is/VBZ not/RB 
[ real/JJ life/NN ]
:/: 
[ no/DT crack/NN dealers/NNS ]
,/, 
[ no/DT dead-eyed/JJ men/NNS ]
selling/VBG 
[ four-year-old/JJ copies/NNS ]
of/IN 
[ Cosmopolitan/NNP ]
,/, 
[ no/DT one/PRP ]
curled/VBD up/RP in/IN 
[ a/DT cardboard/NN box/NN ]
./. 

 )/) 

[ The/DT Artist/NNP ]
has/VBZ 
[ his/PRP$ routine/NN ]
./. 

[ He/PRP ]
spends/VBZ 
[ his/PRP$ days/NNS ]
sketching/VBG passers-by/NNS ,/, or/CC trying/VBG to/TO ./. 

At/IN 
[ night/NN ]
[ he/PRP ]
returns/VBZ to/TO 
[ the/DT condemned/VBN building/NN ]
[ he/PRP ]
calls/VBZ 
[ home/NN ]
./. 

[ His/PRP$ life/NN ]
,/, including/VBG 
[ his/PRP$ skirmishes/NNS ]
with/IN 
[ a/DT competing/VBG sketch/NN artist/NN ]
,/, seems/VBZ 
[ carefree/JJ ]
./. 

[ He/PRP ]
is/VBZ 
[ his/PRP$ own/JJ man/NN ]
./. 

Then/RB ,/, just/RB as/IN 
[ the/DT Tramp/NNP ]
is/VBZ given/VBN 
[ a/DT blind/JJ girl/NN ]
to/TO cure/VB in/IN ``/`` 
[ City/NNP Lights/NNP ]
,/, ''/'' 
[ the/DT Artist/NNP ]
is/VBZ put/VBN in/IN 
[ charge/NN ]
of/IN returning/VBG 
[ a/DT two-year-old/JJ waif/NN ]
 (/( 
[ Nicole/NNP Alysia/NNP ]
 )/) ,/, 
[ whose/WP$ father/NN ]
has/VBZ been/VBN murdered/VBN by/IN 
[ thugs/NNS ]
,/, to/TO 
[ her/PRP$ mother/NN ]
./. 

[ This/DT cute/JJ child/NN ]
turns/VBZ out/RP to/TO be/VB 
[ a/DT blessing/NN ]
and/CC 
[ a/DT curse/NN ]
./. 

[ She/PRP ]
gives/VBZ 
[ the/DT Artist/NNP ]
[ a/DT sense/NN ]
of/IN 
[ purpose/NN ]
,/, but/CC also/RB alerts/VBZ 
[ him/PRP ]
to/TO 
[ the/DT serious/JJ inadequacy/NN ]
of/IN 
[ his/PRP$ vagrant/JJ life/NN ]
./. 

[ The/DT beds/NNS ]
at/IN 
[ the/DT Bowery/NNP Mission/NNP ]
seem/VBP 
[ far/JJ drearier/RBR ]
when/WRB 
[ he/PRP ]
has/VBZ to/TO tuck/VB 
[ a/DT little/JJ girl/NN ]
into/IN 
[ one/CD ]
of/IN 
[ them/PRP ]
at/IN 
[ night/NN ]
./. 

To/TO further/RBR load/VB 
[ the/DT stakes/NNS ]
,/, 
[ Mr./NNP Lane/NNP ]
dreamed/VBD up/RP 
[ a/DT ]
highly/RB 
[ improbable/JJ romance/NN ]
for/IN 
[ the/DT Artist/NNP ]
,/, with/IN 
[ a/DT young/JJ woman/NN ]
[ who/WP ]
owns/VBZ 
[ her/PRP$ own/JJ children/NNS 's/POS shop/NN ]
and/CC 
[ who/WP ]
lives/VBZ in/IN 
[ an/DT expensive/JJ high-rise/JJ apartment/NN building/NN ]
./. 

[ This/DT story/NN line/NN ]
might/MD resonate/VB more/RBR strongly/RB if/IN 
[ Mr./NNP Lane/NNP ]
had/VBD as/RB strong/JJ 
[ a/DT presence/NN ]
in/IN 
[ front/NN ]
of/IN 
[ the/DT camera/NN ]
as/IN 
[ he/PRP ]
does/VBZ behind/IN 
[ it/PRP ]
./. 

[ Mr./NNP Lane/NNP 's/POS final/JJ purpose/NN ]
is/VBZ n't/RB to/TO glamorize/VB 
[ the/DT Artist/NNP 's/POS vagabond/NN existence/NN ]
./. 

[ He/PRP ]
has/VBZ 
[ a/DT point/NN ]
[ he/PRP ]
wants/VBZ to/TO make/VB ,/, and/CC 
[ he/PRP ]
makes/VBZ 
[ it/PRP ]
,/, with/IN  
[ a/DT great/JJ deal/NN ]
of/IN 
[ force/NN ]
./. 

[ The/DT movie/NN ]
ends/VBZ with/IN 
[ sound/NN ]
,/, 
[ the/DT sound/NN ]
of/IN 
[ street/NN people/NNS ]
talking/VBG ,/, and/CC 
[ there/EX ]
is/VBZ n't/RB 
[ anything/NN ]
whimsical/JJ or/CC 
[ enviable/JJ ]
in/IN 
[ those/DT rough/JJ ]
,/, 
[ beaten/JJ voices/NNS ]
./. 

[ The/DT French/JJ film/NN maker/NN Claude/NNP Chabrol/NNP ]
has/VBZ managed/VBN 
[ another/DT kind/NN ]
of/IN 
[ weird/JJ achievement/NN ]
with/IN 
[ his/PRP$ ]
``/`` 
[ Story/NNP ]
of/IN 
[ Women/NNP ]
./. 

''/'' 
[ He/PRP ]
has/VBZ made/VBN 
[ a/DT harsh/JJ ]
,/, 
[ brilliant/JJ picture/NN --/: one/CD ]
[ that/WDT ]
's/VBZ captivating/JJ --/: about/IN 
[ a/DT character/NN ]
[ who/WP ]
,/, viewed/VBN from/IN 
[ the/DT most/RBS sympathetic/JJ angle/NN ]
,/, would/MD seem/VB 
[ disagreeable/JJ ]
./. 

Yet/RB 
[ this/DT woman/NN ]
,/, 
[ Marie-Louise/NNP Giraud/NNP ]
,/, carries/VBZ 
[ historical/JJ significance/NN ]
,/, 
[ both/DT ]
as/IN 
[ one/CD ]
of/IN 
[ the/DT last/JJ women/NNS ]
to/TO be/VB executed/VBN in/IN 
[ France/NNP ]
and/CC as/IN 
[ a/DT symbol/NN ]
of/IN 
[ the/DT Vichy/NNP government/NN 's/POS hypocrisy/NN ]
./. 

While/IN 
[ Vichy/NNP ]
collaborated/VBD with/IN 
[ the/DT Germans/NNS ]
during/IN 
[ World/NNP War/NNP II/NNP ]
in/IN 
[ the/DT deaths/NNS ]
of/IN 
[ thousands/NNS ]
of/IN 
[ Resistance/NNP fighters/NNS ]
and/CC 
[ Jews/NNS ]
,/, 
[ its/PRP$ officials/NNS ]
needed/VBD 
[ a/DT diversionary/JJ symbolic/JJ traitor/NN ]
./. 

[ Marie-Louise/NNP ]
,/, 
[ a/DT small-time/JJ abortionist/NN ]
,/, was/VBD 
[ their/PRP$ woman/NN ]
./. 

[ She/PRP ]
became/VBD 
[ an/DT abortionist/NN ]
accidentally/RB ,/, and/CC continued/VBD because/IN 
[ it/PRP ]
enabled/VBD 
[ her/PRP ]
to/TO buy/VB 
[ jam/NN ]
,/, 
[ cocoa/NN ]
and/CC 
[ other/JJ war-rationed/JJ goodies/NNS ]
./. 

[ She/PRP ]
was/VBD untrained/JJ and/CC ,/, in/IN 
[ one/CD botched/JJ job/NN ]
killed/VBD 
[ a/DT client/NN ]
./. 

[ Her/PRP$ remorse/NN ]
was/VBD shallow/JJ and/CC 
[ brief/JJ ]
./. 

Although/IN 
[ she/PRP ]
was/VBD kind/JJ and/CC 
[ playful/JJ ]
to/TO 
[ her/PRP$ children/NNS ]
,/, 
[ she/PRP ]
was/VBD dreadful/JJ to/TO 
[ her/PRP$ war-damaged/JJ husband/NN ]
;/: 
[ she/PRP ]
openly/RB brought/VBD 
[ her/PRP$ lover/NN ]
into/IN 
[ their/PRP$ home/NN ]
./. 

As/IN presented/VBN by/IN 
[ Mr./NNP Chabrol/NNP ]
,/, and/CC played/VBN with/IN 
[ thin-lipped/JJ intensity/NN ]
by/IN 
[ Isabelle/NNP Huppert/NNP ]
,/, 
[ Marie-Louise/NNP ]
 (/( called/VBN 
[ Marie/NNP Latour/NNP ]
in/IN 
[ the/DT film/NN ]
 )/) was/VBD not/RB 
[ a/DT nice/JJ person/NN ]
./. 

But/CC 
[ she/PRP ]
did/VBD n't/RB deserve/VB to/TO have/VB 
[ her/PRP$ head/NN ]
chopped/VBN off/RP ./. 

[ There/EX ]
is/VBZ very/RB little/JJ to/TO recommend/VB ``/`` 
[ Old/NNP Gringo/NNP ]
,/, ''/'' 
[ a/DT confused/JJ rendering/NN ]
of/IN 
[ the/DT Carlos/NNP Fuentes/NNP novel/NN ]
of/IN 
[ the/DT Mexican/NNP Revolution/NNP ]
./. 

Most/JJS of/IN 
[ the/DT picture/NN ]
is/VBZ taken/VBN up/RP with/IN 
[ endless/JJ scenes/NNS ]
of/IN 
[ many/JJ people/NNS ]
either/CC fighting/VBG or/CC eating/VBG and/CC drinking/VBG to/TO celebrate/VB 
[ victory/NN ]
./. 

[ I/PRP ]
mention/VBP 
[ the/DT picture/NN ]
only/RB because/IN 
[ many/JJ bad/JJ movies/NNS ]
have/VBP 
[ a/DT bright/JJ spot/NN ]
,/, and/CC 
[ this/DT ]
[ one/CD ]
has/VBZ 
[ Gregory/NNP Peck/NNP ]
,/, in/IN 
[ a/DT ]
marvelously/RB loose/JJ and/CC 
[ energetic/JJ portrayal/NN ]
of/IN 
[ an/DT old/JJ man/NN ]
[ who/WP ]
wants/VBZ to/TO die/VB 
[ the/DT way/NN ]
[ he/PRP ]
wants/VBZ to/TO die/VB ./. 

[ Video/NNP Tip/NNP ]
:/: Before/IN seeing/VBG ``/`` 
[ Sidewalk/NNP Stories/NNP ]
,/, ''/'' take/VB 
[ a/DT look/NN ]
at/IN ``/`` 
[ City/NNP Lights/NNP ]
,/, ''/'' 
[ Chaplin/NNP 's/POS Tramp/NNP ]
at/IN 
[ his/PRP$ finest/JJS ]
./. 

[ Boeing/NNP Co./NNP ]
said/VBD 
[ it/PRP ]
is/VBZ discussing/VBG 
[ plans/NNS ]
with/IN 
[ three/CD ]
of/IN 
[ its/PRP$ regular/JJ Japanese/JJ suppliers/NNS ]
to/TO possibly/RB help/VB build/VB 
[ a/DT larger/JJR version/NN ]
of/IN 
[ its/PRP$ popular/JJ 767/CD twin-jet/NN ]
./. 

[ The/DT discussions/NNS ]
are/VBP still/RB in/IN 
[ preliminary/JJ stages/NNS ]
,/, and/CC 
[ the/DT specific/JJ details/NNS ]
have/VBP n't/RB been/VBN worked/VBN out/RP between/IN 
[ the/DT Seattle/NNP aerospace/NN company/NN ]
and/CC 
[ Kawasaki/NNP Heavy/NNP Industries/NNP Ltd./NNP ]
,/, 
[ Mitsubishi/NNP Heavy/NNP Industries/NNP Ltd./NNP ]
and/CC 
[ Fuji/NNP Heavy/NNP Industries/NNP Ltd/NNP ]
./. 

[ The/DT three/CD Japanese/JJ companies/NNS ]
build/VBP 
[ the/DT body/NN sections/NNS ]
of/IN 
[ the/DT 767/CD ]
,/, accounting/VBG for/IN 
[ a/DT combined/JJ 15/CD %/NN ]
of/IN 
[ the/DT aircraft/NN ]
./. 

[ Japanese/JJ press/NN reports/NNS ]
have/VBP speculated/VBN that/IN 
[ the/DT Japanese/JJ contribution/NN ]
could/MD rise/VB to/TO between/IN 
[ 20/CD %/NN ]
and/CC 
[ 25/CD %/NN ]
under/IN 
[ the/DT new/JJ program/NN ]
./. 

If/IN 
[ Boeing/NNP ]
goes/VBZ ahead/RB with/IN 
[ the/DT larger/JJR 767/CD ]
,/, 
[ the/DT plane/NN ]
could/MD hit/VB 
[ the/DT market/NN ]
in/IN 
[ the/DT mid-1990s/NNS ]
./. 

[ This/DT ]
is/VBZ 
[ the/DT year/NN ]
[ the/DT negative/JJ ad/NN ]
,/, for/IN 
[ years/NNS ]
[ a/DT secondary/JJ presence/NN ]
in/IN 
[ most/JJS political/JJ campaigns/NNS ]
,/, became/VBD 
[ the/DT main/JJ event/NN ]
./. 

[ The/DT irony/NN ]
is/VBZ that/IN 
[ the/DT attack/NN commercial/NN ]
,/, after/IN getting/VBG 
[ a/DT boost/NN ]
in/IN 
[ last/JJ year/NN 's/POS presidential/JJ campaign/NN ]
,/, has/VBZ come/VBN of/IN 
[ age/NN ]
in/IN 
[ an/DT off-off/JJ election/NN year/NN ]
with/IN only/RB 
[ a/DT few/JJ contests/NNS ]
scattered/VBN across/IN 
[ the/DT country/NN ]
./. 

But/IN in/IN 
[ the/DT three/CD ]
leading/VBG 
[ political/JJ contests/NNS ]
of/IN 
[ 1989/CD ]
,/, 
[ the/DT negative/JJ ads/NNS ]
have/VBP reached/VBN 
[ new/JJ levels/NNS ]
of/IN 
[ hostility/NN ]
,/, raising/VBG 
[ fears/NNS ]
that/IN 
[ this/DT kind/NN ]
of/IN 
[ mudslinging/NN ]
,/, 
[ empty/JJ ]
of/IN 
[ significant/JJ issues/NNS ]
,/, is/VBZ ushering/VBG in/IN 
[ a/DT new/JJ era/NN ]
of/IN 
[ campaigns/NNS ]
without/IN 
[ content/NN ]
./. 

``/`` Now/RB ,/, ''/'' says/VBZ 
[ Joseph/NNP Napolitan/NNP ]
,/, 
[ a/DT pioneer/NN ]
in/IN 
[ political/JJ television/NN ]
,/, ``/`` 
[ the/DT idea/NN ]
is/VBZ to/TO attack/VB first/RB ,/, 
[ last/RB ]
and/CC always/RB ./. 

''/'' 

[ A/DT trend/NN ]
[ that/WDT ]
started/VBD with/IN 
[ the/DT first/JJ stirrings/NNS ]
of/IN 
[ politics/NNS ]
,/, accelerated/VBD with/IN 
[ the/DT dawn/NN ]
of/IN 
[ the/DT television/NN age/NN ]
and/CC became/VBD 
[ a/DT sometimes-tawdry/JJ art/NN form/NN ]
in/IN 
[ 1988/CD ]
,/, has/VBZ reached/VBN 
[ an/DT ]
entirely/RB 
[ new/JJ stage/NN ]
./. 

``/`` To/TO get/VB 
[ people/NNS 's/POS attention/NN these/DT days/NNS ]
,/, ''/'' says/VBZ 
[ Douglas/NNP Bailey/NNP ]
,/, 
[ a/DT political/JJ consultant/NN ]
,/, ``/`` 
[ your/PRP$ TV/NN ad/NN ]
needs/VBZ to/TO be/VB bold/JJ and/CC 
[ entertaining/JJ ]
,/, and/CC ,/, more/RBR often/RB than/IN not/RB ,/, 
[ that/WDT ]
means/VBZ 
[ confrontational/JJ ]
./. 

And/CC ,/, unlike/IN 
[ a/DT few/JJ years/NNS ]
ago/RB ,/, 
[ you/PRP ]
do/VBP n't/RB even/RB have/VB to/TO worry/VB whether/IN 
[ the/DT ad/NN ]
is/VBZ truthful/JJ ./. 

''/'' 

In/IN 
[ 1989/CD ]
,/, as/RB often/RB as/IN not/RB ,/, 
[ the/DT principal/JJ fights/NNS ]
in/IN 
[ the/DT major/JJ campaigns/NNS ]
are/VBP prompted/VBN by/IN 
[ the/DT ads/NNS themselves/PRP ]
./. 

Take/VB 
[ a/DT look/NN ]
,/, then/RB ,/, at/IN 
[ the/DT main/JJ attack/NN commercials/NNS ]
[ that/WDT ]
set/VBD 
[ the/DT tone/NN ]
for/IN 
[ Tuesday/NNP 's/POS elections/NNS ]
in/IN 
[ New/NNP York/NNP City/NNP ]
,/, 
[ New/NNP Jersey/NNP ]
and/CC 
[ Virginia/NNP ]
:/: 

[ New/NNP York/NNP City/NNP ]
:/: 
[ The/DT screen/NN ]
fills/VBZ with/IN 
[ a/DT small/JJ ]
,/, 
[ tight/JJ facial/JJ shot/NN ]
of/IN 
[ David/NNP Dinkins/NNP ]
,/, 
[ Democratic/JJ candidate/NN ]
for/IN 
[ mayor/NN ]
of/IN 
[ New/NNP York/NNP City/NNP ]
./. 

``/`` 
[ David/NNP Dinkins/NNP ]
failed/VBD to/TO file/VB 
[ his/PRP$ income/NN taxes/NNS ]
for/IN 
[ four/CD straight/JJ years/NNS ]
,/, ''/'' says/VBZ 
[ a/DT disembodied/JJ male/NN voice/NN ]
./. 

And/CC then/RB 
[ this/DT television/NN commercial/NN ]
,/, paid/VBN for/RB by/IN 
[ Republican/NNP Rudolph/NNP Giuliani/NNP 's/POS campaign/NN ]
and/CC produced/VBN by/IN 
[ Roger/NNP Ailes/NNP ]
,/, 
[ the/DT master/NN ]
of/IN 
[ negative/JJ TV/NN ads/NNS ]
,/, really/RB gets/VBZ down/RB to/TO 
[ business/NN ]
./. 

[ Mr./NNP Dinkins/NNP ]
,/, 
[ the/DT ad/NN charges/VBZ ]
,/, also/RB failed/VBD to/TO report/VB 
[ his/PRP$ campaign/NN contributions/NNS ]
accurately/RB ,/, hid/VBD 
[ his/PRP$ links/NNS ]
to/TO 
[ a/DT failing/VBG insurance/NN company/NN ]
and/CC paid/VBD 
[ a/DT convicted/VBN kidnapper/NN ]
``/`` through/IN 
[ a/DT phony/JJ organization/NN ]
with/IN 
[ no/DT members/NNS ]
,/, 
[ no/DT receipts/NNS ]
and/CC 
[ no/DT office/NN ]
./. 

''/'' 

``/`` 
[ David/NNP Dinkins/NNP ]
,/, ''/'' says/VBZ 
[ the/DT kicker/NN ]
,/, ``/`` Why/WRB does/VBZ 
[ he/PRP ]
always/RB wait/VB until/IN 
[ he/PRP ]
's/VBZ caught/VBN ?/. 

''/'' 

``/`` 
[ Nasty/JJ innuendoes/NNS ]
,/, ''/'' says/VBZ 
[ John/NNP Siegal/NNP ]
,/, 
[ Mr./NNP Dinkins/NNP 's/POS issues/NNS director/NN ]
,/, ``/`` designed/VBN to/TO prosecute/VB 
[ a/DT case/NN ]
of/IN 
[ political/JJ corruption/NN ]
[ that/WDT ]
simply/RB does/VBZ n't/RB exist/VB ./. 

''/'' 

Stung/VBN by/IN 
[ the/DT Giuliani/NNP ads/NNS ]
,/, 
[ Mr./NNP Dinkins/NNP 's/POS TV/NN consultants/NNS ]
,/, 
[ Robert/NNP Shrum/NNP ]
and/CC 
[ David/NNP Doak/NNP ]
,/, finally/RB unleashed/VBD 
[ a/DT negative/JJ ad/NN ]
of/IN 
[ their/PRP$ own/JJ ]
./. 

[ The/DT screen/NN ]
shows/VBZ 
[ two/CD distorted/JJ ]
,/, 
[ unrecognizable/JJ photos/NNS ]
,/, presumably/RB of/IN 
[ two/CD politicians/NNS ]
./. 

``/`` Compare/VB 
[ two/CD candidates/NNS ]
for/IN 
[ mayor/NN ]
,/, ''/'' says/VBZ 
[ the/DT announcer/NN ]
./. 

``/`` 
[ One/NN ]
says/VBZ 
[ he/PRP ]
's/VBZ for/IN 
[ banning/VBG cop-killer/JJ bullets/NNS ]
./. 

[ The/DT other/JJ ]
has/VBZ opposed/VBN 
[ a/DT ban/NN ]
on/IN 
[ cop-killer/JJ bullets/NNS ]
./. 

[ One/NN ]
claims/VBZ 
[ he/PRP ]
's/VBZ pro-choice/JJ ./. 

[ The/DT other/JJ ]
has/VBZ opposed/VBN 
[ a/DT woman/NN 's/POS right/NN ]
to/TO choose/VB ./. 

''/'' 

``/`` 
[ Funny/JJ thing/NN ]
,/, ''/'' says/VBZ 
[ the/DT kicker/NN ]
,/, ``/`` 
[ both/DT ]
[ these/DT candidates/NNS ]
are/VBP named/VBN 
[ Rudolph/NNP Giuliani/NNP ]
./. 

''/'' 

[ Who/WP ]
's/VBZ telling/VBG 
[ the/DT truth/NN ]
?/. 

[ Everybody/NN ]
--/: and/IN 
[ nobody/NN ]
./. 

[ It/PRP ]
's/VBZ 
[ a/DT classic/JJ situation/NN ]
of/IN 
[ ads/NNS ]
[ that/WDT ]
are/VBP true/JJ but/CC not/RB always/RB fully/RB accurate/JJ ./. 

[ Mr./NNP Dinkins/NNP ]
did/VBD fail/VB to/TO file/VB 
[ his/PRP$ income/NN taxes/NNS ]
for/IN 
[ four/CD years/NNS ]
,/, but/CC 
[ he/PRP ]
insists/VBZ 
[ he/PRP ]
voluntarily/RB admitted/VBD 
[ the/DT ]
``/`` 
[ oversight/NN ]
''/'' when/WRB 
[ he/PRP ]
was/VBD being/VBG considered/VBN for/IN 
[ a/DT city/NN job/NN ]
./. 

[ He/PRP ]
was/VBD on/IN 
[ the/DT board/NN ]
of/IN 
[ an/DT insurance/NN company/NN ]
with/IN 
[ financial/JJ problems/NNS ]
,/, but/CC 
[ he/PRP ]
insists/VBZ 
[ he/PRP ]
made/VBD 
[ no/DT secret/NN ]
of/IN 
[ it/PRP ]
./. 

[ The/DT city/NN 's/POS Campaign/NNP Finance/NNP Board/NNP ]
has/VBZ refused/VBN to/TO pay/VB 
[ Mr./NNP Dinkins/NNP $/$ 95,142/CD ]
in/IN matching/JJ 
[ funds/NNS ]
because/IN 
[ his/PRP$ campaign/NN records/NNS ]
are/VBP incomplete/JJ ./. 

[ The/DT campaign/NN ]
has/VBZ blamed/VBN 
[ these/DT ]
reporting/NN 
[ problems/NNS ]
on/IN 
[ computer/NN errors/NNS ]
./. 

And/CC ,/, says/VBZ 
[ Mr./NNP Dinkins/NNP ]
,/, 
[ he/PRP ]
did/VBD n't/RB know/VB 
[ the/DT man/NN his/PRP$ campaign/NN ]
paid/VBD for/IN 
[ a/DT get-out-the-vote/JJ effort/NN ]
had/VBD been/VBN convicted/VBN of/IN kidnapping/NN ./. 

But/CC ,/, say/VBP 
[ Mr./NNP Dinkins/NNP 's/POS managers/NNS ]
,/, 
[ he/PRP ]
did/VBD have/VB 
[ an/DT office/NN ]
and/CC 
[ his/PRP$ organization/NN ]
did/VBD have/VB 
[ members/NNS ]
./. 

[ Mr./NNP Giuliani/NNP 's/POS campaign/NN chairman/NN ]
,/, 
[ Peter/NNP Powers/NNP ]
,/, says/VBZ 
[ the/DT Dinkins/NNP ad/NN ]
is/VBZ ``/`` 
[ deceptive/JJ ]
./. 

''/'' 
[ The/DT other/JJ side/NN ]
,/, 
[ he/PRP ]
argues/VBZ ,/, ``/`` knows/VBZ 
[ Giuliani/NNP ]
has/VBZ always/RB been/VBN pro-choice/JJ ,/, even/RB though/IN 
[ he/PRP ]
has/VBZ 
[ personal/JJ reservations/NNS ]
./. 

[ They/PRP ]
know/VBP 
[ he/PRP ]
is/VBZ generally/RB opposed/VBN to/TO 
[ cop-killer/JJ bullets/NNS ]
,/, but/CC that/IN 
[ he/PRP ]
had/VBD 
[ some/DT reservations/NNS ]
about/IN 
[ the/DT language/NN ]
in/IN 
[ the/DT legislation/NN ]
./. 

''/'' 

[ Virginia/NNP ]
:/: 
[ Democratic/JJ Lt./NNP Gov./NNP Douglas/NNP Wilder/NNP ]
opened/VBD 
[ his/PRP$ gubernatorial/JJ battle/NN ]
with/IN 
[ Republican/JJ Marshall/NNP Coleman/NNP ]
with/IN 
[ an/DT abortion/NN commercial/NN ]
produced/VBN by/IN 
[ Frank/NNP Greer/NNP ]
that/IN 
[ analysts/NNS ]
of/IN 
[ every/DT political/JJ persuasion/NN ]
agree/VBP was/VBD 
[ a/DT tour/NN ]
de/FW 
[ force/NN ]
./. 

Against/IN 
[ a/DT shot/NN ]
of/IN 
[ Monticello/NNP ]
superimposed/VBN on/IN 
[ an/DT American/JJ flag/NN ]
,/, 
[ an/DT announcer/NN ]
talks/VBZ about/IN 
[ the/DT ]
``/`` 
[ strong/JJ tradition/NN ]
of/IN 
[ freedom/NN ]
and/CC 
[ individual/JJ liberty/NN ]
''/'' that/IN 
[ Virginians/NNPS ]
have/VBP nurtured/VBN for/IN 
[ generations/NNS ]
./. 

Then/RB ,/, just/RB as/IN 
[ an/DT image/NN ]
of/IN 
[ the/DT statue/NN ]
of/IN 
[ Thomas/NNP Jefferson/NNP dissolves/VBZ ]
from/IN 
[ the/DT screen/NN ]
,/, 
[ the/DT announcer/NN ]
continues/VBZ :/: ``/`` On/IN 
[ the/DT issue/NN ]
of/IN 
[ abortion/NN ]
,/, 
[ Marshall/NNP Coleman/NNP ]
wants/VBZ to/TO take/VB away/RB 
[ your/PRP$ right/NN ]
to/TO choose/VB and/CC give/VB 
[ it/PRP ]
to/TO 
[ the/DT politicians/NNS ]
./. 

''/'' 

[ That/DT commercial/JJ --/: which/WDT ]
said/VBD 
[ Mr./NNP Coleman/NNP ]
wanted/VBD to/TO take/VB away/RB 
[ the/DT right/NN ]
of/IN 
[ abortion/NN ]
``/`` even/RB in/IN 
[ cases/NNS ]
of/IN 
[ rape/NN ]
and/CC 
[ incest/NN ]
,/, ''/'' 
[ a/DT charge/NN Mr./NNP Coleman/NNP ]
denies/VBZ --/: changed/VBD 
[ the/DT dynamics/NNS ]
of/IN 
[ the/DT campaign/NN ]
,/, transforming/VBG 
[ it/PRP ]
,/, at/IN 
[ least/JJS ]
in/IN 
[ part/NN ]
,/, into/IN 
[ a/DT referendum/NN ]
on/IN 
[ abortion/NN ]
./. 

[ The/DT ad/NN ]
prompted/VBD 
[ Mr./NNP Coleman/NNP ]
,/, 
[ the/DT former/JJ Virginia/NNP attorney/NN general/NN ]
,/, to/TO launch/VB 
[ a/DT series/NN ]
of/IN 
[ advertisements/NNS ]
created/VBN by/IN 
[ Bob/NNP Goodman/NNP ]
and/CC designed/VBN to/TO shake/VB 
[ Mr./NNP Wilder/NNP 's/POS support/NN ]
among/IN 
[ the/DT very/JJ women/NNS ]
[ who/WP ]
were/VBD attracted/VBN by/IN 
[ the/DT abortion/NN ad/NN ]
./. 

[ The/DT Coleman/NNP counterattack/NN ]
featured/VBD 
[ a/DT close-up/NN ]
of/IN 
[ a/DT young/JJ woman/NN ]
in/IN 
[ shadows/NNS ]
and/CC 
[ the/DT ad/NN ]
suggested/VBD that/IN 
[ she/PRP ]
was/VBD recalling/VBG 
[ an/DT unpleasant/JJ courtroom/NN ordeal/NN ]
./. 

[ A/DT voice/NN ]
says/VBZ ,/, ``/`` 
[ C'mon/VB ]
,/, now/RB ,/, do/VBP n't/RB 
[ you/PRP ]
have/VB 
[ boyfriends/NNS ]
?/. 

''/'' Then/RB 
[ an/DT announcer/NN ]
interjects/VBZ :/: ``/`` 
[ It/PRP ]
was/VBD 
[ Douglas/NNP Wilder/NNP ]
[ who/WP ]
introduced/VBD 
[ a/DT bill/NN ]
to/TO force/VB 
[ rape/NN victims/NNS age/NN 13/CD ]
and/CC younger/JJR to/TO be/VB interrogated/VBN about/IN 
[ their/PRP$ private/JJ lives/NNS ]
by/IN 
[ lawyers/NNS ]
for/IN 
[ accused/VBN rapists/NNS ]
./. 

So/RB 
[ the/DT next/JJ time/NN Mr./NNP Wilder/NNP talks/VBZ ]
about/IN 
[ the/DT rights/NNS ]
of/IN 
[ women/NNS ]
,/, ask/VB 
[ him/PRP ]
about/IN 
[ this/DT law/NN ]
[ he/PRP ]
tried/VBD to/TO pass/VB ./. 
[ ''/'' ]

[ Mr./NNP Wilder/NNP ]
did/VBD introduce/VB 
[ such/JJ legislation/NN 17/CD years/NNS ]
ago/RB ,/, but/CC 
[ he/PRP ]
did/VBD so/RB at/IN 
[ the/DT request/NN ]
of/IN 
[ a/DT constituent/NN ]
,/, 
[ a/DT common/JJ legislative/JJ technique/NN ]
used/VBN by/IN 
[ lawmakers/NNS ]
./. 

[ The/DT legislation/NN ]
[ itself/PRP ]
noted/VBD that/IN 
[ it/PRP ]
was/VBD introduced/VBN ``/`` by/IN 
[ request/NN ]
,/, 
[ ''/'' ]
and/CC in/IN 
[ 1983/CD Mr./NNP Wilder/NNP ]
introduced/VBD 
[ a/DT bill/NN ]
to/TO protect/VB 
[ rape/NN victims/NNS ]
from/IN 
[ unfounded/JJ interrogation/NN ]
./. 

``/`` 
[ People/NNS ]
have/VBP grown/VBN 
[ tired/JJ ]
of/IN 
[ these/DT ads/NNS ]
and/CC 
[ Coleman/NNP ]
has/VBZ gotten/VBN 
[ the/DT stigma/NN ]
of/IN being/VBG 
[ a/DT negative/JJ campaigner/NN ]
,/, 
[ ''/'' ]
says/VBZ 
[ Mark/NNP Rozell/NNP ]
,/, 
[ a/DT political/JJ scientist/NN ]
at/IN 
[ Mary/NNP Washington/NNP College/NNP ]
./. 

``/`` Wilder/NNP has/VBZ managed/VBN to/TO get/VB across/RP 
[ the/DT idea/NN ]
that/IN 
[ Coleman/NNP ]
will/MD say/VB 
[ anything/NN ]
to/TO get/VB elected/VBN 
[ governor/NN ]
and/CC --/: more/RBR important/JJ --/: has/VBZ been/VBN able/JJ to/TO put/VB 
[ the/DT onus/NN ]
for/IN 
[ all/PDT the/DT negative/JJ campaigning/NN ]
on/IN 
[ Coleman/NNP ]
./. 
[ ''/'' ]

[ Mr./NNP Coleman/NNP ]
said/VBD 
[ this/DT week/NN ]
that/IN 
[ he/PRP ]
would/MD devote/VB 
[ the/DT remainder/NN ]
of/IN 
[ the/DT political/JJ season/NN ]
to/TO 
[ positive/JJ ]
campaigning/NN ,/, but/CC 
[ the/DT truce/NN ]
lasted/VBD 
[ only/RB hours/NNS ]
./. 

By/IN 
[ Tuesday/NNP night/NN ]
,/, 
[ television/NN stations/NNS ]
were/VBD carrying/VBG 
[ new/JJ ads/NNS ]
featuring/VBG 
[ Mr./NNP Coleman/NNP himself/PRP ]
raising/VBG 
[ questions/NNS ]
about/IN 
[ Mr./NNP Wilder/NNP 's/POS sensitivity/NN ]
to/TO rape/NN 
[ victims/NNS ]
./. 

[ New/NNP Jersey/NNP ]
:/: 
[ The/DT attacks/NNS ]
began/VBD when/WRB 
[ Democratic/JJ Rep./NNP James/NNP Florio/NNP ]
aired/VBD 
[ an/DT ad/NN ]
featuring/VBG 
[ a/DT drawing/NN ]
of/IN 
[ Pinocchio/NNP ]
and/CC 
[ a/DT photograph/NN ]
of/IN 
[ Mr./NNP Florio/NNP 's/POS rival/NN ]
,/, 
[ Republican/JJ Rep./NNP Jim/NNP Courter/NNP ]
./. 

``/`` Remember/VB 
[ Pinocchio/NNP ]
?/. 
[ ''/'' ]
says/VBZ 
[ a/DT female/JJ voice/NN ]
./. 

``/`` 
[ Consider/VB Jim/NNP Courter/NNP ]
./. 
[ ''/'' ]

And/CC then/RB 
[ this/DT commercial/NN ]
,/, produced/VBN by/IN 
[ Bob/NNP Squier/NNP ]
,/, gets/VBZ down/IN to/TO 
[ its/PRP$ own/JJ mean/JJ ]
and/CC 
[ dirty/JJ business/NN ]
./. 

[ Pictures/NNS ]
of/IN 
[ rusted/VBN oil/NN drums/NNS ]
swim/VBP into/IN 
[ focus/NN ]
,/, and/CC 
[ the/DT female/JJ voice/NN ]
purrs/VBZ ,/, ``/`` 
[ That/DT hazardous/JJ waste/NN ]
on/IN 
[ his/PRP$ ]
{/( 
[ Mr./NNP ]
[ Courter/NNP 's/POS ]
}/) 
[ property/NN ]
--/: 
[ the/DT neighbors/NNS ]
are/VBP suing/VBG for/IN 
[ consumer/NN fraud/NN ]
./. 
[ ''/'' ]

And/CC 
[ the/DT nose/NN ]
on/IN 
[ Mr./NNP Courter/NNP 's/POS face/NN ]
grows/VBZ ./. 

[ The/DT only/JJ fraud/NN ]
involved/VBN ,/, 
[ cry/VBP Mr./NNP Courter/NNP 's/POS partisans/NNS ]
,/, is/VBZ 
[ the/DT Florio/NNP commercial/NN ]
[ itself/PRP ]
,/, and/CC so/RB 
[ the/DT Courter/NNP campaign/NN ]
has/VBZ responded/VBN with/IN 
[ its/PRP$ own/JJ Pinocchio/NNP commercial/NN ]
,/, produced/VBN by/IN 
[ Mr./NNP Ailes/NNP ]
./. 

In/IN 
[ this/DT one/NN ]
,/, 
[ the/DT screen/NN ]
fills/VBZ with/IN 
[ photographs/NNS ]
of/IN 
[ both/DT ]
[ candidates/NNS ]
./. 

``/`` 
[ Who/WP ]
's/VBZ really/RB lying/VBG ?/. 
[ ''/'' ]
asks/VBZ 
[ a/DT female/JJ voice/NN ]
./. 

``/`` 
[ Florio/NNP ]
's/VBZ lying/VBG ,/, ''/'' 
[ the/DT voice/NN ]
goes/VBZ on/RP ,/, because/IN ``/`` 
[ the/DT barrel/NN ]
on/IN 
[ Courter/NNP 's/POS land/NN .../: ] 
contained/VBD heating/NN 
[ oil/NN ]
,/, was/VBD cleaned/VBN up/RP and/CC caused/VBD 
[ no/DT pollution/NN ]
./. 
[ ''/'' ]

[ Mr./NNP Courter/NNP 's/POS long/JJ nose/NN ]
shrinks/VBZ while/IN 
[ Mr./NNP Florio/NNP 's/POS ]
grows/VBZ ./. 

[ Who/WP ]
's/VBZ telling/VBG 
[ the/DT truth/NN ]
?/. 

[ Stephen/NNP Salmore/NNP ]
,/, 
[ a/DT political/JJ scientist/NN ]
at/IN 
[ New/NNP Jersey/NNP 's/POS Eagleton/NNP Institute/NNP ]
,/, says/VBZ 
[ it/PRP ]
's/VBZ 
[ another/DT example/NN ]
of/IN 
[ an/DT ad/NN ]
[ that/WDT ]
's/VBZ true/JJ but/CC not/RB fully/RB accurate/JJ ./. 

[ Barrels/NNS ]
were/VBD dumped/VBN on/IN 
[ the/DT Courter/NNP property/NN ]
,/, 
[ a/DT complaint/NN ]
was/VBD made/VBN ,/, but/CC 
[ there/EX ]
is/VBZ 
[ no/DT evidence/NN ]
[ the/DT barrels/NNS ]
were/VBD 
[ a/DT serious/JJ threat/NN ]
to/TO 
[ the/DT environment/NN ]
./. 

Even/RB so/RB ,/, according/VBG to/TO 
[ Mr./NNP Salmore/NNP ]
,/, 
[ the/DT ad/NN ]
was/VBD ``/`` 
[ devastating/VBG ''/'' ]
because/IN 
[ it/PRP ]
raised/VBD 
[ questions/NNS ]
about/IN 
[ Mr./NNP Courter/NNP 's/POS credibility/NN ]
./. 

But/CC 
[ it/PRP ]
's/VBZ building/VBG on/IN 
[ a/DT long/JJ tradition/NN ]
./. 

In/IN 
[ 1966/CD ]
,/, on/IN 
[ route/NN ]
to/TO 
[ a/DT re-election/NN rout/NN ]
of/IN 
[ Democrat/NNP Frank/NNP O'Connor/NNP ]
,/, 
[ GOP/NNP Gov./NNP Nelson/NNP Rockefeller/NNP ]
of/IN 
[ New/NNP York/NNP ]
appeared/VBD in/IN 
[ person/NN ]
saying/VBG ,/, ``/`` If/IN 
[ you/PRP ]
want/VBP to/TO keep/VB 
[ the/DT crime/NN rates/NNS ]
high/JJ ,/, 
[ O'Connor/NNP ]
is/VBZ 
[ your/PRP$ man/NN ]
./. 

''/''

[ A/DT seat/NN ]
on/IN 
[ the/DT Chicago/NNP Board/NNP ]
of/IN 
[ Trade/NNP ]
was/VBD sold/VBN for/IN 
[ $/$ 350,000/CD ]
,/, down/RB 
[ $/$ 16,000/CD ]
from/IN 
[ the/DT previous/JJ sale/NN last/JJ Friday/NNP ]
./. 

[ Seats/NNS ]
currently/RB are/VBP quoted/VBN at/IN 
[ $/$ 331,000/CD ]
,/, 
[ bid/NN ]
,/, and/CC 
[ $/$ 350,000/CD ]
,/, asked/VBN ./. 

[ The/DT record/JJ price/NN ]
for/IN 
[ a/DT full/JJ membership/NN ]
on/IN 
[ the/DT exchange/NN ]
is/VBZ 
[ $/$ 550,000/CD ]
,/, set/VBN 
[ Aug./NNP 31/CD ]
,/, 
[ 1987/CD ]
./. 

[ Japanese/JJ investment/NN ]
in/IN 
[ Southeast/NNP Asia/NNP ]
is/VBZ propelling/VBG 
[ the/DT region/NN ]
toward/IN 
[ economic/JJ integration/NN ]
./. 

[ Interviews/NNS ]
with/IN 
[ analysts/NNS ]
and/CC 
[ business/NN people/NNS ]
in/IN 
[ the/DT U.S./NNP ]
suggest/VBP that/IN 
[ Japanese/JJ capital/NN ]
may/MD produce/VB 
[ the/DT economic/JJ cooperation/NN ]
that/IN 
[ Southeast/JJ Asian/JJ politicians/NNS ]
have/VBP pursued/VBN in/IN fits/NNS and/CC starts/NNS for/IN 
[ decades/NNS ]
./. 

But/CC 
[ Japan/NNP 's/POS power/NN ]
in/IN 
[ the/DT region/NN ]
also/RB is/VBZ sparking/VBG 
[ fears/NNS ]
of/IN 
[ domination/NN ]
and/CC posing/VBG 
[ fresh/JJ policy/NN questions/NNS ]
./. 

[ The/DT flow/NN ]
of/IN 
[ Japanese/JJ funds/NNS ]
has/VBZ set/VBN in/IN 
[ motion/NN ]
``/`` 
[ a/DT process/NN ]
whereby/WRB 
[ these/DT economies/NNS ]
will/MD be/VB knitted/VBN together/RB by/IN 
[ the/DT great/JJ Japanese/JJ investment/NN machine/NN ]
,/, ''/'' says/VBZ 
[ Robert/NNP Hormats/NNP ]
,/, 
[ vice/NN chairman/NN ]
of/IN 
[ Goldman/NNP Sachs/NNP International/NNP Corp/NNP ]
./. 

In/IN 
[ the/DT past/JJ five/CD years/NNS ]
,/, 
[ Japanese/JJ companies/NNS ]
have/VBP tripled/VBN 
[ their/PRP$ commitments/NNS ]
in/IN 
[ Asia/NNP ]
to/TO 
[ $/$ 5.57/CD billion/CD ]
./. 

In/IN 
[ Thailand/NNP ]
,/, for/IN 
[ example/NN ]
,/, 
[ the/DT government/NN 's/POS Board/NNP ]
of/IN 
[ Investment/NNP ]
approved/VBD 
[ $/$ 705.6/CD million/CD ]
of/IN 
[ Japanese/JJ investment/NN ]
in/IN 
[ 1988/CD ]
,/, 
[ 10/CD times/NNS ]
[ the/DT U.S./NNP investment/NN figure/NN ]
for/IN 
[ the/DT year/NN ]
./. 

[ Japan/NNP 's/POS commitment/NN ]
in/IN 
[ Southeast/NNP Asia/NNP ]
also/RB includes/VBZ 
[ steep/JJ increases/NNS ]
in/IN 
[ foreign/JJ assistance/NN ]
and/CC 
[ trade/NN ]
./. 

[ Asia/NNP 's/POS other/JJ cash-rich/JJ countries/NNS ]
are/VBP following/VBG 
[ Japan/NNP 's/POS lead/NN ]
and/CC 
[ pumping/VBG capital/NN ]
into/IN 
[ the/DT region/NN ]
./. 

In/IN 
[ Taiwan/NNP ]
and/CC 
[ South/NNP Korea/NNP ]
,/, rising/VBG 
[ wages/NNS ]
are/VBP forcing/VBG 
[ manufacturers/NNS ]
to/TO seek/VB 
[ other/JJ overseas/JJ sites/NNS ]
for/IN 
[ labor-intensive/JJ production/NN ]
./. 

[ These/DT nations/NNS ]
,/, known/VBN as/IN 
[ Asia/NNP 's/POS ]
``/`` 
[ little/JJ tigers/NNS ]
,/, ''/'' also/RB are/VBP contributing/VBG to/TO 
[ Southeast/NNP Asia/NNP 's/POS integration/NN ]
,/, but/CC 
[ their/PRP$ influence/NN ]
will/MD remain/VB subordinate/JJ to/TO 
[ Japan/NNP 's/POS ]
./. 

For/IN 
[ recipient/JJ countries/NNS ]
such/JJ as/IN 
[ Thailand/NNP ]
and/CC 
[ Malaysia/NNP ]
,/, 
[ the/DT investment/NN ]
will/MD provide/VB needed/JJ 
[ jobs/NNS ]
and/CC 
[ spur/VB growth/NN ]
./. 

But/CC 
[ Asian/JJ nations/NNS '/POS harsh/JJ memories/NNS ]
of/IN 
[ their/PRP$ military/JJ domination/NN ]
by/IN 
[ Japan/NNP ]
in/IN 
[ the/DT early/JJ part/NN ]
of/IN 
[ this/DT century/NN ]
make/VBP 
[ them/PRP ]
fearful/JJ of/IN falling/VBG under/IN 
[ Japanese/JJ economic/JJ hegemony/NN ]
now/RB ./. 

Because/IN of/IN 
[ budget/NN constraints/NNS ]
in/IN 
[ Washington/NNP ]
,/, 
[ the/DT U.S./NNP ]
encourages/VBZ 
[ Japan/NNP ]
to/TO share/VB 
[ economic/JJ burdens/NNS ]
in/IN 
[ the/DT region/NN ]
./. 

But/CC 
[ it/PRP ]
resists/VBZ yielding/VBG 
[ political/JJ ground/NN ]
./. 

In/IN 
[ the/DT coming/VBG decade/NN ]
,/, 
[ analysts/NNS ]
say/VBP ,/, 
[ U.S.-Japanese/JJ relations/NNS ]
will/MD be/VB tested/VBN as/IN 
[ Tokyo/NNP ]
comes/VBZ to/TO 
[ terms/NNS ]
with/IN 
[ its/PRP$ new/JJ status/NN ]
as/IN 
[ the/DT region/NN 's/POS economic/JJ behemoth/NN ]
./. 

[ Japan/NNP 's/POS swelling/VBG investment/NN ]
in/IN 
[ Southeast/NNP Asia/NNP ]
is/VBZ 
[ part/NN ]
of/IN 
[ its/PRP$ economic/JJ evolution/NN ]
./. 

In/IN 
[ the/DT past/NN decade/NN ]
,/, 
[ Japanese/JJ manufacturers/NNS ]
concentrated/VBD on/IN 
[ domestic/JJ production/NN ]
for/IN 
[ export/NN ]
./. 

In/IN 
[ the/DT 1990s/NNS ]
,/, spurred/VBN by/IN 
[ rising/VBG labor/NN costs/NNS ]
and/CC 
[ the/DT strong/JJ yen/NNS ]
,/, 
[ these/DT companies/NNS ]
will/MD increasingly/RB turn/VB 
[ themselves/PRP ]
into/IN 
[ multinationals/NNS ]
with/IN 
[ plants/NNS ]
around/IN 
[ the/DT world/NN ]
./. 

To/TO capture/VB 
[ the/DT investment/NN ]
,/, 
[ Southeast/JJ Asian/JJ nations/NNS ]
will/MD move/VB to/TO accommodate/VB 
[ Japanese/JJ business/NN ]
./. 

[ These/DT nations/NNS '/POS internal/JJ decisions/NNS ]
``/`` will/MD be/VB made/VBN in/IN 
[ a/DT way/NN ]
not/RB to/TO offend/VB 
[ their/PRP$ largest/JJS aid/NN donor/NN ]
,/, 
[ largest/JJS private/JJ investor/NN ]
and/CC 
[ largest/JJS lender/NN ]
,/, ''/'' says/VBZ 
[ Richard/NNP Drobnick/NNP ]
,/, 
[ director/NN ]
of/IN 
[ the/DT international/JJ business/NN ]
and/CC 
[ research/NN program/NN ]
at/IN 
[ the/DT University/NNP ]
of/IN 
[ Southern/NNP California/NNP 's/POS Graduate/NNP School/NNP ]
of/IN 
[ Business/NNP ]
./. 

[ Japanese/JJ money/NN ]
will/MD help/VB turn/VB 
[ Southeast/NNP Asia/NNP ]
into/IN 
[ a/DT more/RBR cohesive/JJ economic/JJ region/NN ]
./. 

But/CC ,/, 
[ analysts/NNS ]
say/VBP ,/, 
[ Asian/JJ cooperation/NN ]
is/VBZ n't/RB likely/JJ to/TO parallel/VB 
[ the/DT European/NNP Common/NNP Market/NNP approach/NN ]
./. 

[ Rather/RB ]
,/, 
[ Japanese/JJ investment/NN ]
will/MD spur/VB 
[ integration/NN ]
of/IN 
[ certain/JJ sectors/NNS ]
,/, says/VBZ 
[ Kent/NNP Calder/NNP ]
,/, 
[ a/DT specialist/NN ]
in/IN 
[ East/JJ Asian/JJ economies/NNS ]
at/IN 
[ the/DT Woodrow/NNP Wilson/NNP School/NNP ]
for/IN 
[ Public/NNP ]
and/CC 
[ Internatonal/NNP Affairs/NNP ]
at/IN 
[ Princeton/NNP University/NNP ]
./. 

In/IN 
[ electronics/NNS ]
,/, for/IN 
[ example/NN ]
,/, 
[ a/DT Japanese/JJ company/NN ]
might/MD make/VB 
[ television/NN picture/NN tubes/NNS ]
in/IN 
[ Japan/NNP ]
,/, assemble/VB 
[ the/DT sets/NNS ]
in/IN 
[ Malaysia/NNP ]
and/CC export/VB 
[ them/PRP ]
to/TO 
[ Indonesia/NNP ]
./. 

``/`` 
[ The/DT effect/NN ]
will/MD be/VB to/TO pull/VB 
[ Asia/NN ]
together/RB not/RB as/IN 
[ a/DT common/JJ market/NN ]
but/CC as/IN 
[ an/DT integrated/JJ production/NN zone/NN ]
,/, ''/'' says/VBZ 
[ Goldman/NNP Sachs/NNP 's/POS Mr./NNP Hormats/NNP ]
./. 

[ Countries/NNS ]
in/IN 
[ the/DT region/NN ]
also/RB are/VBP beginning/VBG to/TO consider/VB 
[ a/DT framework/NN ]
for/IN 
[ closer/JJR economic/JJ ]
and/CC 
[ political/JJ ties/NNS ]
./. 

[ The/DT economic/JJ ]
and/CC 
[ foreign/JJ ministers/NNS ]
of/IN 
[ 12/CD Asian/JJ ]
and/CC 
[ Pacific/NNP nations/NNS ]
will/MD meet/VB in/IN 
[ Australia/NNP next/JJ week/NN ]
to/TO discuss/VB 
[ global/JJ trade/NN issues/NNS ]
as/RB well/RB as/IN 
[ regional/JJ matters/NNS ]
such/JJ as/IN 
[ transportation/NN ]
and/CC 
[ telecommunications/NN ]
./. 

[ Participants/NNS ]
will/MD include/VB 
[ the/DT U.S./NNP ]
,/, 
[ Australia/NNP ]
,/, 
[ Canada/NNP ]
,/, 
[ Japan/NNP ]
,/, 
[ South/NNP Korea/NNP ]
and/CC 
[ New/NNP Zealand/NNP ]
as/RB well/RB as/IN 
[ the/DT six/CD members/NNS ]
of/IN 
[ the/DT Association/NNP ]
of/IN 
[ Southeast/NNP Asian/NNP Nations/NNPS --/: Thailand/NNP ]
,/, 
[ Malaysia/NNP ]
,/, 
[ Singapore/NNP ]
,/, 
[ Indonesia/NNP ]
,/, 
[ the/DT Philippines/NNPS ]
and/CC 
[ Brunei/NNP ]
./. 

In/IN 
[ addition/NN ]
,/, 
[ the/DT U.S./NNP ]
[ this/DT year/NN ]
offered/VBD 
[ its/PRP$ own/JJ plan/NN ]
for/IN 
[ cooperation/NN ]
around/IN 
[ the/DT Pacific/NNP rim/NN ]
in/IN 
[ a/DT major/JJ speech/NN ]
by/IN 
[ Secretary/NNP ]
of/IN 
[ State/NNP James/NNP Baker/NNP ]
,/, following/VBG up/RB 
[ a/DT proposal/NN ]
made/VBN in/IN 
[ January/NNP ]
by/IN 
[ Australian/NNP Prime/NNP Minister/NNP Bob/NNP Hawke/NNP ]
./. 

[ The/DT Baker/NNP proposal/NN ]
reasserts/VBZ 
[ Washington/NNP 's/POS intention/NN ]
to/TO continue/VB playing/VBG 
[ a/DT ]
leading/VBG 
[ political/JJ role/NN ]
in/IN 
[ the/DT region/NN ]
./. 

``/`` In/IN 
[ Asia/NNP ]
,/, as/IN in/IN 
[ Europe/NNP ]
,/, 
[ a/DT new/JJ order/NN ]
is/VBZ taking/VBG 
[ shape/NN ]
,/, ''/'' 
[ Mr./NNP Baker/NNP ]
said/VBD ./. 

``/`` 
[ The/DT U.S./NNP ]
,/, with/IN 
[ its/PRP$ regional/JJ friends/NNS ]
,/, must/MD play/VB 
[ a/DT crucial/JJ role/NN ]
in/IN designing/VBG 
[ its/PRP$ architecture/NN ]
./. 

''/'' 

But/CC maintaining/VBG 
[ U.S./NNP influence/NN ]
will/MD be/VB difficult/JJ in/IN 
[ the/DT face/NN ]
of/IN 
[ Japanese/JJ dominance/NN ]
in/IN 
[ the/DT region/NN ]
./. 

[ Japan/NNP ]
not/RB only/RB outstrips/VBZ 
[ the/DT U.S./NNP ]
in/IN 
[ investment/NN flows/NNS ]
but/CC also/RB outranks/VBZ 
[ it/PRP ]
in/IN 
[ trade/NN ]
with/IN 
[ most/JJS Southeast/JJ Asian/JJ countries/NNS ]
 (/( although/IN 
[ the/DT U.S./NNP ]
remains/VBZ 
[ the/DT leading/VBG trade/NN partner/NN ]
for/IN 
[ all/DT ]
of/IN 
[ Asia/NNP ]
 )/) ./. 

Moreover/RB ,/, 
[ the/DT Japanese/JJ government/NN ]
,/, now/RB 
[ the/DT world/NN 's/POS largest/JJS aid/NN donor/NN ]
,/, is/VBZ pumping/VBG 
[ far/RB more/JJR assistance/NN ]
into/IN 
[ the/DT region/NN ]
than/IN 
[ the/DT U.S./NNP ]
is/VBZ ./. 

While/IN 
[ U.S./NNP officials/NNS voice/VBP optimism/NN ]
about/IN 
[ Japan/NNP 's/POS enlarged/JJ role/NN ]
in/IN 
[ Asia/NNP ]
,/, 
[ they/PRP ]
also/RB convey/VBP 
[ an/DT undertone/NN ]
of/IN 
[ caution/NN ]
./. 

``/`` 
[ There/EX ]
's/VBZ 
[ an/DT understanding/NN ]
on/IN 
[ the/DT part/NN ]
of/IN 
[ the/DT U.S./NNP ]
that/IN 
[ Japan/NNP ]
has/VBZ to/TO expand/VB 
[ its/PRP$ functions/NNS ]
''/'' in/IN 
[ Asia/NNP ]
,/, says/VBZ 
[ J./NNP Michael/NNP Farren/NNP ]
,/, 
[ undersecretary/NN ]
of/IN 
[ commerce/NN ]
for/IN 
[ trade/NN ]
./. 

``/`` If/IN 
[ they/PRP ]
approach/VBP 
[ it/PRP ]
with/IN 
[ a/DT benevolent/JJ ]
,/, 
[ altruistic/JJ attitude/NN ]
,/, 
[ there/EX ]
will/MD be/VB 
[ a/DT net/JJ gain/NN ]
for/IN 
[ everyone/NN ]
./. 

''/'' 

[ Some/DT Asian/JJ nations/NNS ]
are/VBP apprehensive/JJ about/IN 
[ Washington/NNP 's/POS demand/NN ]
that/IN 
[ Tokyo/NNP step/VB ]
up/RP 
[ its/PRP$ military/JJ spending/NN ]
to/TO ease/VB 
[ the/DT U.S./NNP security/NN burden/NN ]
in/IN 
[ the/DT region/NN ]
./. 

[ The/DT issue/NN ]
is/VBZ further/RBR complicated/JJ by/IN 
[ uncertainty/NN ]
over/IN 
[ the/DT future/NN ]
of/IN 
[ the/DT U.S./NNP 's/POS leases/NNS ]
on/IN 
[ military/JJ bases/NNS ]
in/IN 
[ the/DT Philippines/NNPS ]
and/CC by/IN 
[ a/DT possible/JJ U.S./NNP troop/NN reduction/NN ]
in/IN 
[ South/NNP Korea/NNP ]
./. 

[ Many/JJ Asians/NNPS ]
regard/VBP 
[ a/DT U.S./NNP presence/NN ]
as/IN 
[ a/DT desirable/JJ counterweight/NN ]
to/TO 
[ Japanese/JJ influence/NN ]
./. 

``/`` 
[ No/DT one/NN ]
wants/VBZ 
[ the/DT U.S./NNP ]
to/TO pick/VB up/RP 
[ its/PRP$ marbles/NNS ]
and/CC go/VB 
[ home/RB ]
,/, ''/'' 
[ Mr./NNP Hormats/NNP ]
says/VBZ ./. 

For/IN 
[ their/PRP$ part/NN ]
,/, 
[ Taiwan/NNP ]
and/CC 
[ South/NNP Korea/NNP ]
are/VBP expected/VBN to/TO step/VB up/RP 
[ their/PRP$  own/JJ investments/NNS ]
in/IN 
[ the/DT next/JJ decade/NN ]
to/TO try/VB to/TO slow/VB 
[ the/DT Japanese/JJ juggernaut/NN ]
./. 

``/`` 
[ They/PRP ]
do/VBP n't/RB want/VB 
[ Japan/NNP ]
to/TO monopolize/VB 
[ the/DT region/NN ]
and/CC sew/VB 
[ it/PRP ]
up/RP ,/, ''/'' says/VBZ 
[ Chong-sik/NNP Lee/NNP ]
,/, 
[ professor/NN ]
of/IN 
[ East/JJ Asian/JJ politics/NNS ]
at/IN 
[ the/DT University/NNP ]
of/IN 
[ Pennsylvania/NNP ]
./. 

[ Cathryn/NNP Rice/NNP ]
could/MD hardly/RB believe/VB 
[ her/PRP$ eyes/NNS ]
./. 

While/IN giving/VBG 
[ the/DT Comprehensive/JJ Test/NN ]
of/IN 
[ Basic/JJ Skills/NNS ]
to/TO 
[ ninth/JJ graders/NNS ]
at/IN 
[ Greenville/NNP High/NNP School/NNP last/JJ March/NNP 16/CD ]
,/, 
[ she/PRP ]
spotted/VBD 
[ a/DT student/NN ]
looking/VBG at/IN 
[ crib/JJ sheets/NNS ]
./. 

[ She/PRP ]
had/VBD seen/VBN cheating/NN before/RB ,/, but/CC 
[ these/DT notes/NNS ]
were/VBD uncanny/JJ ./. 

``/`` 
[ A/DT stockbroker/NN ]
is/VBZ 
[ an/DT example/NN ]
of/IN 
[ a/DT profession/NN ]
in/IN 
[ trade/NN ]
and/CC 
[ finance/NN ]
.../: ./. 

At/IN 
[ the/DT end/NN ]
of/IN 
[ World/NNP War/NNP II/NNP ]
,/, 
[ Germany/NNP ]
surrendered/VBD before/IN 
[ Japan/NNP ]
.../: ./. 

[ The/DT Senate-House/JJ conference/NN committee/NN ]
is/VBZ used/VBN when/WRB 
[ a/DT bill/NN ]
is/VBZ passed/VBN by/IN 
[ the/DT House/NNP ]
and/CC 
[ Senate/NNP ]
in/IN 
[ different/JJ forms/NNS ]
./. 

''/'' 

Virtually/RB 
[ word/NN ]
for/IN 
[ word/NN ]
,/, 
[ the/DT notes/NNS ]
matched/VBD 
[ questions/NNS ]
and/CC 
[ answers/NNS ]
on/IN 
[ the/DT social-studies/NN section/NN ]
of/IN 
[ the/DT test/NN ]
[ the/DT student/NN ]
was/VBD taking/VBG ./. 

In/IN 
[ fact/NN ]
,/, 
[ the/DT student/NN ]
had/VBD 
[ the/DT answers/NNS ]
to/TO almost/RB 
[ all/DT ]
of/IN 
[ the/DT 40/CD questions/NNS ]
in/IN 
[ that/DT section/NN ]
./. 

[ The/DT student/NN ]
surrendered/VBD 
[ the/DT notes/NNS ]
,/, but/CC not/RB without/IN 
[ a/DT protest/NN ]
./. 

``/`` 
[ My/PRP$ teacher/NN ]
said/VBD 
[ it/PRP ]
was/VBD OK/UH for/IN 
[ me/PRP ]
to/TO use/VB 
[ the/DT notes/NNS ]
on/IN 
[ the/DT test/NN ]
,/, ''/'' 
[ he/PRP ]
said/VBD ./. 

[ The/DT teacher/NN ]
in/IN 
[ question/NN ]
was/VBD 
[ Nancy/NNP Yeargin/NNP --/: considered/VBN ]
by/IN 
[ many/JJ students/NNS ]
and/CC 
[ parents/NNS ]
to/TO be/VB 
[ one/CD ]
of/IN 
[ the/DT best/JJS ]
at/IN 
[ the/DT school/NN ]
./. 

[ Confronted/VBN ]
,/, 
[ Mrs./NNP Yeargin/NNP ]
admitted/VBD 
[ she/PRP ]
had/VBD given/VBN 
[ the/DT questions/NNS ]
and/CC answers/VBZ 
[ two/CD days/NNS ]
before/IN 
[ the/DT examination/NN ]
to/TO 
[ two/CD low-ability/JJ geography/NN classes/NNS ]
./. 

[ She/PRP ]
had/VBD gone/VBN so/RB far/RB as/IN to/TO display/VB 
[ the/DT questions/NNS ]
on/IN 
[ an/DT overhead/JJ projector/NN ]
and/CC underline/VB 
[ the/DT answers/NNS ]
./. 

[ Mrs./NNP Yeargin/NNP ]
was/VBD fired/VBN and/CC prosecuted/VBN under/IN 
[ an/DT unusual/JJ South/NNP Carolina/NNP law/NN ]
[ that/WDT ]
makes/VBZ 
[ it/PRP ]
[ a/DT crime/NN ]
to/TO breach/VB 
[ test/NN security/NN ]
./. 

In/IN 
[ September/NNP ]
,/, 
[ she/PRP ]
pleaded/VBD 
[ guilty/JJ ]
and/CC paid/VBD 
[ a/DT $/$ 500/CD fine/NN ]
./. 

[ Her/PRP$ alternative/NN ]
was/VBD 
[ 90/CD days/NNS ]
in/IN 
[ jail/NN ]
./. 

[ Her/PRP$ story/NN ]
is/VBZ partly/RB 
[ one/NN ]
of/IN 
[ personal/JJ downfall/NN ]
./. 

[ She/PRP ]
was/VBD 
[ an/DT unstinting/JJ teacher/NN ]
[ who/WP ]
won/VBD 
[ laurels/NNS ]
and/CC inspired/VBD 
[ students/NNS ]
,/, but/CC 
[ she/PRP ]
will/MD probably/RB never/RB teach/VB again/RB ./. 
 
In/IN 
[ her/PRP$ wake/NN ]
[ she/PRP ]
left/VBD 
[ the/DT bitterness/NN ]
and/CC 
[ anger/NN ]
of/IN 
[ a/DT principal/NN ]
[ who/WP ]
was/VBD 
[ her/PRP$ friend/NN ]
and/CC now/RB calls/VBZ 
[ her/PRP ]
[ a/DT betrayer/NN ]
;/: of/IN 
[ colleagues/NNS ]
[ who/WP ]
say/VBP 
[ she/PRP ]
brought/VBD 
[ them/PRP ]
[ shame/NN ]
;/: of/IN 
[ students/NNS ]
and/CC 
[ parents/NNS ]
[ who/WP ]
defended/VBD 
[ her/PRP ]
and/CC insist/VBP 
[ she/PRP ]
was/VBD treated/VBN harshly/RB ;/: and/CC of/IN 
[ school-district/NN officials/NNS ]
stunned/JJ that/IN despite/IN 
[ the/DT bald-faced/JJ nature/NN ]
of/IN 
[ her/PRP$ actions/NNS ]
,/, 
[ she/PRP ]
became/VBD 
[ something/NN ]
of/IN 
[ a/DT local/JJ martyr/NN ]
./. 

[ Mrs./NNP Yeargin/NNP 's/POS case/NN ]
also/RB casts/VBZ 
[ some/DT light/NN ]
on/IN 
[ the/DT dark/JJ side/NN ]
of/IN 
[ school/NN reform/NN ]
,/, where/WRB 
[ pressures/NNS ]
on/IN 
[ teachers/NNS ]
are/VBP growing/VBG and/CC where/WRB 
[ high-stakes/JJ testing/NN ]
has/VBZ enhanced/VBN 
[ the/DT temptation/NN ]
to/TO cheat/VB ./. 

[ The/DT 1987/CD statute/NN Mrs./NNP Yeargin/NNP ]
violated/VBD was/VBD designed/VBN to/TO enforce/VB 
[ provisions/NNS ]
of/IN 
[ South/NNP Carolina/NNP 's/POS school-improvement/JJ laws/NNS ]
./. 

[ Prosecutors/NNS ]
alleged/VBD that/IN 
[ she/PRP ]
was/VBD trying/VBG to/TO bolster/VB 
[ students/NNS '/POS scores/NNS ]
to/TO win/VB 
[ a/DT bonus/NN ]
under/IN 
[ the/DT state/NN 's/POS 1984/CD Education/NNP Improvement/NNP Act/NNP ]
./. 

[ The/DT bonus/NN ]
depended/VBD on/IN 
[ her/PRP$ ability/NN ]
to/TO produce/VB 
[ higher/JJR student-test/JJ scores/NNS ]
./. 

``/`` 
[ There/EX ]
is/VBZ 
[ incredible/JJ pressure/NN ]
on/IN 
[ school/NN systems/NNS ]
and/CC 
[ teachers/NNS ]
to/TO raise/VB 
[ test/NN scores/NNS ]
,/, ''/'' says/VBZ 
[ Walt/NNP Haney/NNP ]
,/, 
[ an/DT education/NN professor/NN ]
and/CC 
[ testing/NN specialist/NN ]
at/IN 
[ Boston/NNP College/NNP ]
./. 

``/`` So/RB 
[ efforts/NNS ]
to/TO beat/VB 
[ the/DT tests/NNS ]
are/VBP also/RB on/IN 
[ the/DT rise/NN ]
./. 

''/'' And/CC most/RBS disturbing/JJ ,/, 
[ it/PRP ]
is/VBZ 
[ educators/NNS ]
,/, not/RB 
[ students/NNS ]
,/, 
[ who/WP ]
are/VBP blamed/VBN for/IN much/RB of/IN 
[ the/DT wrongdoing/NN ]
./. 

[ A/DT 50-state/JJ study/NN ]
released/VBN in/IN 
[ September/NNP ]
by/IN 
[ Friends/NNPS ]
for/IN 
[ Education/NNP ]
,/, 
[ an/DT Albuquerque/NNP ]
,/, 
[ N.M./NNP ]
,/, 
[ school-research/JJ group/NN ]
,/, concluded/VBD that/IN ``/`` outright/JJ cheating/NN by/IN 
[ American/JJ educators/NNS ]
''/'' is/VBZ ``/`` 
[ common/JJ ]
./. 

''/'' 
[ The/DT group/NN ]
says/VBZ 
[ standardized/JJ achievement/NN test/NN scores/NNS ]
are/VBP greatly/RB inflated/VBN because/IN 
[ teachers/NNS ]
often/RB ``/`` teach/VBP 
[ the/DT test/NN ]
''/'' as/IN 
[ Mrs./NNP Yeargin/NNP ]
did/VBD ,/, although/IN most/JJS are/VBP never/RB caught/VBN ./. 

[ Evidence/NN ]
of/IN 
[ widespread/JJ ]
cheating/NN has/VBZ surfaced/VBN in/IN 
[ several/JJ states/NNS ]
in/IN 
[ the/DT last/JJ year/NN ]
or/CC so/RB ./. 

[ California/NNP 's/POS education/NN department/NN ]
suspects/VBZ 
[ adult/NN responsibility/NN ]
for/IN 
[ erasures/NNS ]
at/IN 
[ 40/CD schools/NNS ]
[ that/WDT ]
changed/VBD 
[ wrong/JJ answers/NNS ]
to/TO 
[ right/JJ ones/NNS ]
on/IN 
[ a/DT statewide/JJ test/NN ]
./. 

After/IN 
[ numerous/JJ occurrences/NNS ]
of/IN 
[ questionable/JJ teacher/NN help/NN ]
to/TO 
[ students/NNS ]
,/, 
[ Texas/NNP ]
is/VBZ revising/VBG 
[ its/PRP$ security/NN practices/NNS ]
./. 

And/CC 
[ sales/NNS ]
of/IN 
[ test-coaching/JJ booklets/NNS ]
for/IN 
[ classroom/NN instruction/NN ]
are/VBP booming/VBG ./. 

[ These/DT materials/NNS ]
,/, including/VBG 
[ Macmillan\/McGraw-Hill/NNP School/NNP Publishing/NNP Co./NNP 's/POS Scoring/NNP High/NNP ]
and/CC 
[ Learning/NNP Materials/NNPS --/: are/VBP ]
[ nothing/NN ]
short/JJ of/IN 
[ sophisticated/JJ crib/NN sheets/NNS ]
,/, according/VBG to/TO 
[ some/DT recent/JJ academic/JJ research/NN ]
./. 

By/IN using/VBG 
[ them/PRP ]
,/, 
[ teachers/NNS ]
--/: with/IN 
[ administrative/JJ blessing/NN --/: telegraph/VBP ]
to/TO 
[ students/NNS ]
beforehand/RB 
[ the/DT precise/JJ areas/NNS ]
on/IN 
[ which/WDT ]
[ a/DT test/NN ]
will/MD concentrate/VB ,/, and/CC sometimes/RB give/VB away/RB 
[ a/DT few/JJ exact/JJ questions/NNS ]
and/CC 
[ answers/NNS ]
./. 

[ Use/NN ]
of/IN 
[ Scoring/NNP High/NNP ]
is/VBZ widespread/JJ in/IN 
[ South/NNP Carolina/NNP ]
and/CC 
[ common/JJ ]
in/IN 
[ Greenville/NNP County/NNP ]
,/, 
[ Mrs./NNP Yeargin/NNP 's/POS school/NN district/NN ]
./. 

[ Experts/NNS ]
say/VBP 
[ there/EX ]
is/VBZ n't/RB 
[ another/DT state/NN ]
in/IN 
[ the/DT country/NN ]
where/WRB 
[ tests/NNS ]
mean/VBP as/RB much/JJ as/IN 
[ they/PRP ]
do/VBP in/IN 
[ South/NNP Carolina/NNP ]
./. 

Under/IN 
[ the/DT state/NN 's/POS Education/NNP Improvement/NNP Act/NNP ]
,/, 
[ low/JJ test/NN scores/NNS ]
can/MD block/VB 
[ students/NNS '/POS promotions/NNS ]
or/CC 
[ force/VB entire/JJ districts/NNS ]
into/IN wrenching/JJ ,/, 
[ state-supervised/JJ ]
``/`` 
[ interventions/NNS ]
''/'' 
[ that/WDT ]
can/MD mean/VB 
[ firings/NNS ]
./. 

[ High/JJ test/NN scores/NNS ]
,/, on/IN 
[ the/DT other/JJ hand/NN ]
,/, bring/VB 
[ recognition/NN ]
and/CC 
[ extra/JJ money/NN ]
--/: a/IN 
[ new/JJ computer/NN lab/NN ]
for/IN 
[ a/DT school/NN ]
,/, 
[ grants/NNS ]
for/IN 
[ special/JJ projects/NNS ]
,/, 
[ a/DT bonus/NN ]
for/IN 
[ the/DT superintendent/NN ]
./. 

And/CC 
[ South/NNP Carolina/NNP ]
says/VBZ 
[ it/PRP ]
is/VBZ getting/VBG 
[ results/NNS ]
./. 

Since/IN 
[ the/DT reforms/NNS ]
went/VBD in/IN 
[ place/NN ]
,/, for/IN 
[ example/NN ]
,/, 
[ no/DT state/NN ]
has/VBZ posted/VBN 
[ a/DT higher/JJR rate/NN ]
of/IN 
[ improvement/NN ]
on/IN 
[ the/DT Scholastic/NNP Aptitude/NNP Test/NNP ]
than/IN 
[ South/NNP Carolina/NNP ]
,/, although/IN 
[ the/DT state/NN ]
still/RB posts/VBZ 
[ the/DT lowest/JJS average/JJ score/NN ]
of/IN 
[ the/DT ]
about/IN 
[ 21/CD states/NNS ]
[ who/WP ]
use/VBP 
[ the/DT SAT/NNP ]
as/IN 
[ the/DT primary/JJ college/NN entrance/NN examination/NN ]
./. 

[ Critics/NNS ]
say/VBP 
[ South/NNP Carolina/NNP ]
is/VBZ paying/VBG 
[ a/DT price/NN ]
by/IN stressing/VBG 
[ improved/VBN test/NN scores/NNS ]
so/RB much/RB ./. 

[ Friends/NNPS ]
of/IN 
[ Education/NNP rates/VBZ South/NNP Carolina/NNP one/CD ]
of/IN 
[ the/DT worst/JJS seven/CD states/NNS ]
in/IN 
[ its/PRP$ study/NN ]
on/IN 
[ academic/JJ ]
cheating/NN ./. 

Says/VBZ 
[ the/DT organization/NN 's/POS founder/NN ]
,/, 
[ John/NNP Cannell/NNP ]
,/, prosecuting/VBG 
[ Mrs./NNP Yeargin/NNP ]
is/VBZ ``/`` 
[ a/DT way/NN ]
for/IN 
[ administrators/NNS ]
to/TO protect/VB 
[ themselves/PRP ]
and/CC look/VB like/IN 
[ they/PRP ]
take/VBP cheating/NN seriously/RB ,/, when/WRB in/IN 
[ fact/NN ]
[ they/PRP ]
do/VBP n't/RB take/VB 
[ it/PRP ]
seriously/RB at/IN 
[ all/DT ]
./. 

''/'' 

[ Paul/NNP Sandifer/NNP ]
,/, 
[ director/NN ]
of/IN 
[ testing/NN ]
for/IN 
[ the/DT South/NNP Carolina/NNP department/NN ]
of/IN 
[ education/NN ]
,/, says/VBZ 
[ Mr./NNP Cannell/NNP 's/POS allegations/NNS ]
of/IN cheating/NN ``/`` are/VBP purely/RB without/IN 
[ foundation/NN ]
,/, ''/'' and/CC based/VBN on/IN 
[ unfair/JJ inferences/NNS ]
./. 

Partly/RB because/IN of/IN 
[ worries/NNS ]
about/IN 
[ potential/JJ abuse/NN ]
,/, however/RB ,/, 
[ he/PRP ]
says/VBZ 
[ the/DT state/NN ]
will/MD begin/VB keeping/VBG 
[ closer/JJR track/NN ]
of/IN 
[ achievement-test/NN preparation/NN booklets/NNS ]
next/JJ 
[ spring/NN ]
./. 

[ South/NNP Carolina/NNP 's/POS reforms/NNS ]
were/VBD designed/VBN for/IN 
[ schools/NNS ]
like/IN 
[ Greenville/NNP High/NNP School/NNP ]
./. 

Standing/VBG on/IN 
[ a/DT shaded/JJ hill/NN ]
in/IN 
[ a/DT run-down/JJ area/NN ]
of/IN 
[ this/DT old/JJ textile/NN city/NN ]
,/, 
[ the/DT school/NN ]
has/VBZ educated/VBN 
[ many/JJ ]
of/IN 
[ South/NNP Carolina/NNP 's/POS best/JJS ]
and/CC 
[ brightest/JJS ]
,/, including/VBG 
[ the/DT state/NN 's/POS last/JJ two/CD governors/NNS ]
,/, 
[ Nobel/NNP Prize/NNP winning/JJ physicist/NN Charles/NNP Townes/NNP ]
and/CC 
[ actress/NN Joanne/NNP Woodward/NNP ]
./. 

But/CC by/IN 
[ the/DT early/JJ 1980s/NN ]
,/, 
[ its/PRP$ glory/NN ]
had/VBD faded/VBN like/IN 
[ the/DT yellow/JJ bricks/NNS ]
of/IN 
[ its/PRP$ broad/JJ facade/NN ]
./. 

``/`` 
[ It/PRP ]
was/VBD full/JJ of/IN 
[ violence/NN ]
and/CC 
[ gangs/NNS ]
and/CC 
[ kids/NNS ]
cutting/VBG 
[ class/NN ]
,/, ''/'' says/VBZ 
[ Linda/NNP Ward/NNP ]
,/, 
[ the/DT school/NN 's/POS principal/NN ]
./. 

``/`` 
[ Crime/NN ]
was/VBD awful/JJ ,/, 
[ test/NN scores/NNS ]
were/VBD low/JJ ,/, and/CC 
[ there/EX ]
was/VBD 
[ no/DT enrollment/NN ]
in/IN 
[ honors/NNS programs/NNS ]
./. 

''/'' 

[ Mrs./NNP Ward/NNP ]
took/VBD over/RB in/IN 
[ 1986/CD ]
,/, becoming/VBG 
[ the/DT school/NN 's/POS seventh/JJ principal/NN ]
in/IN 
[ 15/CD years/NNS ]
./. 

[ Her/PRP$ immediate/JJ predecessor/NN ]
suffered/VBD 
[ a/DT nervous/JJ breakdown/NN ]
./. 

Prior/RB to/TO 
[ his/PRP$ term/NN ]
,/, 
[ a/DT teacher/NN ]
bled/VBD to/TO 
[ death/NN ]
in/IN 
[ the/DT halls/NNS ]
,/, stabbed/VBN by/IN 
[ a/DT student/NN ]
./. 

[ Academically/RB ]
,/, 
[ Mrs./NNP Ward/NNP ]
says/VBZ ,/, 
[ the/DT school/NN ]
was/VBD having/VBG 
[ trouble/NN ]
serving/VBG in/IN 
[ harmony/NN its/PRP$ two/CD disparate/JJ ]
,/, and/CC evenly/RB split/JJ ,/, 
[ student/NN groups/NNS ]
:/: 
[ a/DT privileged/JJ white/JJ elite/NN ]
from/IN 
[ old/JJ monied/JJ neighborhoods/NNS ]
and/CC 
[ blacks/NNS ]
,/, 
[ many/JJ ]
of/IN 
[ them/PRP ]
poor/JJ ,/, from/IN 
[ run-down/JJ ]
,/, 
[ inner/JJ city/NN neighborhoods/NNS ]
./. 

[ Mrs./NNP Ward/NNP ]
resolved/VBD to/TO clean/VB out/RP ``/`` 
[ deadwood/NN ]
''/'' in/IN 
[ the/DT school/NN 's/POS faculty/NN ]
and/CC restore/VB 
[ safety/NN ]
,/, and/CC 
[ she/PRP ]
also/RB had/VBD 
[ some/DT new/JJ factors/NNS ]
working/VBG in/IN 
[ her/PRP$ behalf/NN ]
./. 

[ One/CD ]
was/VBD 
[ statewide/JJ school/NN reform/NN ]
,/, 
[ which/WDT ]
raised/VBD 
[ overall/JJ educational/JJ ]
funding/NN and/CC ushered/VBD in/IN 
[ a/DT new/JJ public/JJ spirit/NN ]
for/IN 
[ school/NN betterment/NN ]
./. 

[ Another/DT ]
was/VBD 
[ Nancy/NNP Yeargin/NNP ]
,/, 
[ who/WP ]
came/VBD to/TO 
[ Greenville/NNP ]
in/IN 
[ 1985/CD ]
,/, 
[ full/JJ ]
of/IN 
[ the/DT energy/NN ]
and/CC 
[ ambitions/NNS ]
that/IN 
[ reformers/NNS ]
wanted/VBD to/TO reward/VB ./. 

``/`` Being/VBG 
[ a/DT teacher/NN ]
just/RB became/VBD 
[ my/PRP$ life/NN ]
,/, ''/'' says/VBZ 
[ the/DT 37-year-old/JJ Mrs./NNP Yeargin/NNP ]
,/, 
[ a/DT teacher/NN ]
for/IN 
[ 12/CD years/NNS ]
before/IN 
[ her/PRP$ dismissal/NN ]
./. 

``/`` 
[ I/PRP ]
loved/VBD 
[ the/DT school/NN ]
,/, 
[ its/PRP$ history/NN ]
./. 

[ I/PRP ]
even/RB dreamt/VBD about/IN 
[ school/NN ]
and/CC 
[ new/JJ things/NNS ]
to/TO do/VB with/IN 
[ my/PRP$ students/NNS ]
./. 

''/'' 

While/IN 
[ Mrs./NNP Ward/NNP ]
fired/VBD and/CC restructured/VBD 
[ staff/NN ]
and/CC struggled/VBD to/TO improve/VB 
[ curriculum/NN ]
,/, 
[ Mrs./NNP Yeargin/NNP ]
worked/VBD 
[ 14-hour/JJ days/NNS ]
and/CC fast/RB became/VBD 
[ a/DT student/NN favorite/JJ ]
./. 

In/IN 
[ 1986-87/CD ]
and/CC 
[ 1987-88/CD ]
,/, 
[ she/PRP ]
applied/VBD for/IN and/CC won/VBD 
[ bonus/NN pay/NN ]
under/IN 
[ the/DT reform/NN law/NN ]
./. 

Encouraged/JJ by/IN 
[ Mrs./NNP Ward/NNP ]
,/, 
[ Mrs./NNP Yeargin/NNP ]
taught/VBD 
[ honor/NN students/NNS ]
in/IN 
[ the/DT state/NN ]
``/`` 
[ teacher/NN cadet/NN ]
''/'' 
[ program/NN ]
,/, 
[ a/DT reform/NN creation/NN ]
designed/VBN to/TO encourage/VB 
[ good/JJ students/NNS ]
to/TO consider/VB teaching/NN as/IN 
[ a/DT career/NN ]
./. 

[ She/PRP ]
won/VBD 
[ grant/NN money/NN ]
for/IN 
[ the/DT school/NN ]
,/, advised/VBD 
[ cheerleaders/NNS ]
,/, ran/VBD 
[ the/DT pep/NN club/NN ]
,/, proposed/VBD and/CC taught/VBD 
[ a/DT new/JJ ]
``/`` 
[ Cultural/JJ Literacy/NN ]
''/'' 
[ class/NN ]
in/IN 
[ Western/JJ Civilization/NN ]
and/CC was/VBD chosen/VBN by/IN 
[ the/DT school/NN PTA/NNP ]
as/IN ``/`` 
[ Teacher/NN ]
of/IN 
[ the/DT Year/NN ]
./. 

''/'' 

``/`` 
[ She/PRP ]
was/VBD 
[ an/DT inspirational/JJ lady/NN ]
;/: 
[ she/PRP ]
had/VBD 
[ it/PRP ]
[ all/RB ]
together/RB ,/, ''/'' says/VBZ 
[ Laura/NNP Dobson/NNP ]
,/, 
[ a/DT freshman/NN ]
at/IN 
[ the/DT University/NNP ]
of/IN 
[ South/NNP Carolina/NNP ]
[ who/WP ]
had/VBD 
[ Mrs./NNP Yeargin/NNP ]
in/IN 
[ the/DT teacher-cadet/JJ class/NN last/JJ year/NN ]
./. 

[ She/PRP ]
says/VBZ that/IN because/IN of/IN 
[ Mrs./NNP Yeargin/NNP ]
[ she/PRP ]
gave/VBD up/RP 
[ ambitions/NNS ]
in/IN 
[ architecture/NN ]
and/CC is/VBZ studying/VBG to/TO become/VB 
[ a/DT teacher/NN ]
./. 

[ Mary/NNP Beth/NNP Marchand/NNP ]
,/, 
[ a/DT Greenville/NNP 11th/JJ grader/NN ]
,/, also/RB says/VBZ 
[ Mrs./NNP Yeargin/NNP ]
inspired/VBD 
[ her/PRP ]
to/TO go/VB into/IN 
[ education/NN ]
./. 

``/`` 
[ She/PRP ]
taught/VBD 
[ us/PRP ]
more/JJR in/IN 
[ Western/JJ Civilization/NN ]
than/IN 
[ I/PRP ]
've/VBP ever/RB learned/VBN in/IN 
[ other/JJ classes/NNS ]
,/, ''/'' says/VBZ 
[ Kelli/NNP Green/NNP ]
,/, 
[ a/DT Greenville/NNP senior/NN ]
./. 

In/IN 
[ the/DT classroom/NN ]
,/, 
[ students/NNS ]
say/VBP ,/, 
[ Mrs./NNP Yeargin/NNP ]
distinguished/VBD 
[ herself/PRP ]
by/IN 
[ varying/VBG teaching/NN ]
approaches/NNS 
[ --/: forcing/JJ kids/NNS ]
to/TO pair/VB up/RB to/TO 
[ complete/VB classroom/NN work/NN ]
or/CC using/VBG 
[ college-bowl/NN type/NN competitions/NNS ]
./. 

On/IN 
[ weekends/NNS ]
,/, 
[ she/PRP ]
came/VBD to/TO work/VB to/TO prepare/VB 
[ study/NN plans/NNS ]
or/CC sometimes/RB ,/, even/RB to/TO polish/VB 
[ the/DT furniture/NN ]
in/IN 
[ her/PRP$ classroom/NN ]
./. 

``/`` 
[ She/PRP ]
just/RB never/RB gave/VBD 
[ it/PRP ]
up/RP ,/, ''/'' says/VBZ 
[ Mary/NNP Marchand/NNP ]
,/, 
[ Mary/NNP Beth/NNP 's/POS mother/NN ]
./. 

``/`` 
[ You/PRP ]
'd/MD see/VB 
[ her/PRP ]
[ correcting/VBG homework/NN ]
in/IN 
[ the/DT stands/NNS ]
at/IN 
[ a/DT football/NN game/NN ]
./. 

''/'' 

[ Some/DT fellow/JJ teachers/NNS ]
,/, however/RB ,/, viewed/VBD 
[ Mrs./NNP Yeargin/NNP ]
as/IN 
[ cocky/JJ ]
and/CC too/RB yielding/JJ to/TO 
[ students/NNS ]
./. 

[ Mrs./NNP Ward/NNP ]
says/VBZ 
[ she/PRP ]
often/RB defended/VBD 
[ her/PRP ]
to/TO 
[ colleagues/NNS ]
[ who/WP ]
called/VBD 
[ her/PRP ]
[ a/DT grandstander/NN ]
./. 

[ Pressures/NNS ]
began/VBD to/TO build/VB ./. 

[ Friends/NNS ]
told/VBD 
[ her/PRP ]
[ she/PRP ]
was/VBD pushing/VBG too/RB hard/RB ./. 

Because/IN of/IN 
[ deteriorating/VBG hearing/NN ]
,/, 
[ she/PRP ]
told/VBD 
[ colleagues/NNS ]
[ she/PRP ]
feared/VBD 
[ she/PRP ]
might/MD not/RB be/VB able/JJ to/TO teach/VB much/RB longer/RBR ./. 

[ Mrs./NNP Yeargin/NNP 's/POS extra/JJ work/NN ]
was/VBD also/RB helping/VBG 
[ her/PRP ]
earn/VB 
[ points/NNS ]
in/IN 
[ the/DT state/NN 's/POS incentive-bonus/NN program/NN ]
./. 

But/CC 
[ the/DT most/RBS important/JJ source/NN ]
of/IN 
[ points/NNS ]
was/VBD 
[ student/NN improvement/NN ]
on/IN 
[ tests/NNS ]
./. 

[ Huge/JJ gains/NNS ]
by/IN 
[ her/PRP$ students/NNS ]
in/IN 
[ 1987/CD ]
and/CC 
[ 1988/CD ]
meant/VBD 
[ a/DT total/NN ]
of/IN 
[ $/$ 5,000/CD ]
in/IN 
[ bonuses/NNS ]
over/IN 
[ two/CD years/NNS --/: a/JJ meaningful/JJ addition/NN ]
to/TO 
[ her/PRP$ annual/JJ salary/NN ]
of/IN 
[ $/$ 23,000/CD ]
./. 

Winning/VBG 
[ a/DT bonus/NN ]
for/IN 
[ a/DT third/JJ year/NN was/VBD n't/RB ]
that/RB important/JJ to/TO 
[ her/PRP ]
,/, 
[ Mrs./NNP Yeargin/NNP ]
insists/VBZ ./. 

But/CC 
[ others/NNS ]
at/IN 
[ Greenville/NNP High/NNP ]
say/VB 
[ she/PRP ]
was/VBD eager/JJ to/TO win/VB 
[ --/: if/JJ ]
not/RB for/IN 
[ money/NN ]
,/, then/RB for/IN 
[ pride/NN ]
and/CC 
[ recognition/NN ]
./. 

[ Mary/NNP Elizabeth/NNP Ariail/NNP ]
,/, 
[ another/DT social-studies/NN teacher/NN ]
,/, says/VBZ 
[ she/PRP ]
believed/VBD 
[ Mrs./NNP Yeargin/NNP ]
wanted/VBD to/TO keep/VB 
[ her/PRP ]
standing/NN high/RB so/IN 
[ she/PRP ]
could/MD get/VB 
[ a/DT new/JJ job/NN ]
[ that/WDT ]
would/MD n't/RB demand/VB 
[ good/JJ hearing/NN ]
./. 

Indeed/RB ,/, 
[ Mrs./NNP Yeargin/NNP ]
was/VBD interested/JJ in/IN 
[ a/DT possible/JJ job/NN ]
with/IN 
[ the/DT state/NN teacher/NN cadet/NN program/NN ]
./. 

[ Last/JJ March/NNP ]
,/, after/IN attending/VBG 
[ a/DT teaching/NN seminar/NN ]
in/IN 
[ Washington/NNP ]
,/, 
[ Mrs./NNP Yeargin/NNP ]
says/VBZ 
[ she/PRP ]
returned/VBD to/TO 
[ Greenville/NNP two/CD days/NNS ]
before/IN 
[ annual/JJ testing/NN feeling/VBG ]
that/IN 
[ she/PRP ]
had/VBD n't/RB prepared/VBN 
[ her/PRP$ low-ability/JJ geography/NN students/NNS ]
adequately/RB ./. 

When/WRB 
[ test/NN booklets/NNS ]
were/VBD passed/VBN out/RB 
[ 48/CD hours/NNS ]
ahead/RB of/IN 
[ time/NN ]
,/, 
[ she/PRP ]
says/VBZ 
[ she/PRP ]
copied/VBD 
[ questions/NNS ]
in/IN 
[ the/DT social/JJ studies/NNS section/NN ]
and/CC gave/VBD 
[ the/DT answers/NNS ]
to/TO 
[ students/NNS ]
./. 

[ Mrs./NNP Yeargin/NNP ]
admits/VBZ 
[ she/PRP ]
made/VBD 
[ a/DT big/JJ mistake/NN ]
but/CC insists/VBZ 
[ her/PRP$ motives/NNS ]
were/VBD correct/JJ ./. 

``/`` 
[ I/PRP ]
was/VBD trying/VBG to/TO help/VB 
[ kids/NNS ]
in/IN 
[ an/DT unfair/JJ testing/NN situation/NN ]
,/, ''/'' 
[ she/PRP ]
says/VBZ ./. 

``/`` Only/RB 
[ five/CD ]
of/IN 
[ the/DT 40/CD questions/NNS ]
were/VBD 
[ geography/NN questions/NNS ]
./. 

[ The/DT rest/NN ]
were/VBD 
[ history/NN ]
,/, 
[ sociology/NN ]
,/, finance/NN 
[ --/: subjects/NNS they/PRP ]
never/RB had/VBD ./. 

''/'' 

[ Mrs./NNP Yeargin/NNP ]
says/VBZ that/IN 
[ she/PRP ]
also/RB wanted/VBD to/TO help/VB lift/VB 
[ Greenville/NNP High/NNP School/NNP 's/POS overall/JJ test/NN scores/NNS ]
,/, usually/RB near/IN 
[ the/DT bottom/NN ]
of/IN 
[ 14/CD district/NN high/JJ schools/NNS ]
in/IN 
[ rankings/NNS ]
carried/VBN annually/RB by/IN 
[ local/JJ newspapers/NNS ]
./. 

Mostly/RB ,/, 
[ she/PRP ]
says/VBZ ,/, 
[ she/PRP ]
wanted/VBD to/TO prevent/VB 
[ the/DT damage/NN ]
to/TO 
[ self-esteem/NN ]
that/IN 
[ her/PRP$ low-ability/JJ students/NNS ]
would/MD suffer/VB from/IN doing/VBG badly/RB on/IN 
[ the/DT test/NN ]
./. 

``/`` 
[ These/DT kids/NNS ]
broke/VBD 
[ my/PRP$ heart/NN ]
,/, ''/'' 
[ she/PRP ]
says/VBZ ./. 

``/`` 
[ A/DT whole/JJ day/NN ]
goes/VBZ by/RB and/CC 
[ no/DT one/NN ]
even/RB knows/VBZ 
[ they/PRP ]
're/VBP alive/JJ ./. 

[ They/PRP ]
desperately/RB needed/VBD 
[ somebody/NN ]
[ who/WP ]
showed/VBD 
[ they/PRP ]
cared/VBD for/IN 
[ them/PRP ]
,/, 
[ who/WP ]
loved/VBD 
[ them/PRP ]
./. 

[ The/DT last/JJ thing/NN ]
[ they/PRP ]
needed/VBD was/VBD 
[ another/DT drag-down/JJ blow/NN ]
./. 

''/'' 

[ School/NNP officials/NNS ]
and/CC 
[ prosecutors/NNS ]
say/VB 
[ Mrs./NNP Yeargin/NNP ]
is/VBZ lying/VBG ./. 

[ They/PRP ]
found/VBD 
[ students/NNS ]
in/IN 
[ an/DT advanced/JJ class/NN ]
[ a/DT year/NN ]
earlier/RB 
[ who/WP ]
said/VBD 
[ she/PRP ]
gave/VBD 
[ them/PRP similar/JJ ]
help/NN ,/, although/IN because/IN 
[ the/DT case/NN was/VBD n't/RB ]
tried/VBN in/IN 
[ court/NN ]
,/, 
[ this/DT evidence/NN ]
was/VBD never/RB presented/VBN publicly/RB ./. 

``/`` That/DT pretty/RB much/RB defeats/VBZ 
[ any/DT inkling/NN ]
that/IN 
[ she/PRP ]
was/VBD out/RP to/TO help/VB 
[ the/DT poor/JJ underprivileged/JJ child/NN ]
,/, ''/'' says/VBZ 
[ Joe/NNP Watson/NNP ]
,/, 
[ the/DT prosecutor/NN ]
in/IN 
[ the/DT case/NN ]
,/, 
[ who/WP ]
is/VBZ also/RB 
[ president/NN ]
of/IN 
[ Greenville/NNP High/NNP School/NNP 's/POS alumni/NNS association/NN ]
./. 

[ Mrs./NNP Yeargin/NNP ]
concedes/VBZ that/IN 
[ she/PRP ]
went/VBD over/RB 
[ the/DT questions/NNS ]
in/IN 
[ the/DT earlier/JJR class/NN ]
,/, adding/VBG :/: ``/`` 
[ I/PRP ]
wanted/VBD to/TO help/VB 
[ all/DT ]
''/'' 
[ students/NNS ]
./. 

[ Mr./NNP Watson/NNP ]
says/VBZ 
[ Mrs./NNP Yeargin/NNP ]
never/RB complained/VBD to/TO 
[ school/NN officials/NNS ]
that/IN 
[ the/DT standardized/JJ test/NN ]
was/VBD unfair/JJ ./. 

``/`` Do/VBP 
[ I/PRP ]
have/VB 
[ much/JJ sympathy/NN ]
for/IN 
[ her/PRP ]
?/. 

''/'' 
[ Mr./NNP Watson/NNP ]
asks/VBZ ./. 

``/`` Not/RB really/RB ./. 

[ I/PRP ]
believe/VBP in/IN 
[ the/DT system/NN ]
./. 

[ I/PRP ]
believe/VBP 
[ you/PRP ]
have/VBP to/TO use/VB 
[ the/DT system/NN ]
to/TO change/VB 
[ it/PRP ]
./. 

[ What/WP ]
[ she/PRP ]
did/VBD was/VBD like/IN taking/VBG 
[ the/DT law/NN ]
into/IN 
[ your/PRP$ own/JJ hands/NNS ]
./. 

''/'' 

[ Mrs./NNP Ward/NNP ]
says/VBZ that/IN when/WRB 
[ the/DT cheating/NN ]
was/VBD discovered/VBN ,/, 
[ she/PRP ]
wanted/VBD to/TO avoid/VB 
[ the/DT morale-damaging/JJ public/JJ disclosure/NN ]
that/IN 
[ a/DT trial/NN ]
would/MD bring/VB ./. 

[ She/PRP ]
says/VBZ 
[ she/PRP ]
offered/VBD 
[ Mrs./NNP Yeargin/NNP ]
[ a/DT quiet/JJ resignation/NN ]
and/CC thought/VBD 
[ she/PRP ]
could/MD help/VB save/VB 
[ her/PRP ]
[ teaching/NN certificate/NN ]
./. 

[ Mrs./NNP Yeargin/NNP ]
declined/VBD ./. 

``/`` 
[ She/PRP ]
said/VBD 
[ something/NN ]
like/IN `/`` 
[ You/PRP ]
just/RB want/VBP to/TO make/VB 
[ it/PRP ]
easy/JJ for/IN 
[ the/DT school/NN ]
./. 

'/'' 
[ I/PRP ]
was/VBD dumbfounded/JJ ,/, ''/'' 
[ Mrs./NNP Ward/NNP ]
recalls/VBZ ./. 

``/`` 
[ It/PRP ]
was/VBD like/IN 
[ someone/NN ]
had/VBD turned/VBN 
[ a/DT knife/NN ]
in/IN 
[ me/PRP ]
./. 

''/'' 

To/TO 
[ the/DT astonishment/NN ]
and/CC 
[ dismay/NN ]
of/IN 
[ her/PRP$ superiors/NNS ]
and/CC 
[ legal/JJ authorities/NNS ]
--/: and/JJ perhaps/RB as/IN 
[ a/DT measure/NN ]
of/IN 
[ the/DT unpopularity/NN ]
of/IN 
[ standardized/JJ tests/NNS ]
--/: Mrs/NNP ./. 

[ Yeargin/NNP ]
won/VBD 
[ widespread/JJ local/JJ support/NN ]
./. 

[ The/DT school-board/NN hearing/NN ]
at/IN 
[ which/WDT ]
[ she/PRP ]
was/VBD dismissed/VBN was/VBD crowded/VBN with/IN 
[ students/NNS ]
,/, 
[ teachers/NNS ]
and/CC 
[ parents/NNS ]
[ who/WP ]
came/VBD to/TO testify/VB on/IN 
[ her/PRP$ behalf/NN ]
./. 

[ Supportive/JJ callers/NNS ]
decried/VBD 
[ unfair/JJ testing/NN ]
,/, not/RB 
[ Mrs./NNP Yeargin/NNP ]
,/, on/IN 
[ a/DT local/JJ radio/NN ]
talk/NN show/NN on/IN 
[ which/WDT ]
[ she/PRP ]
appeared/VBD ./. 

[ The/DT show/NN ]
did/VBD n't/RB give/VB 
[ the/DT particulars/NNS ]
of/IN 
[ Mrs./NNP Yeargin/NNP 's/POS offense/NN ]
,/, saying/VBG only/RB that/IN 
[ she/PRP ]
helped/VBD 
[ students/NNS ]
do/VB better/RBR on/IN 
[ the/DT test/NN ]
./. 

``/`` 
[ The/DT message/NN ]
to/TO 
[ the/DT board/NN ]
of/IN 
[ education/NN ]
out/IN of/IN 
[ all/PDT this/DT ]
is/VBZ 
[ we/PRP ]
've/VBP got/VBN to/TO take/VB 
[ a/DT serious/JJ look/NN ]
at/IN how/WRB 
[ we/PRP ]
're/VBP doing/VBG 
[ our/PRP$ curriculum/NN ]
and/CC 
[ our/PRP$ testing/NN policies/NNS ]
in/IN 
[ this/DT state/NN ]
,/, ''/'' said/VBD 
[ the/DT talk-show/NN host/NN ]
./. 

[ Editorials/NNS ]
in/IN 
[ the/DT Greenville/NNP newspaper/NN ]
allowed/VBD that/IN 
[ Mrs./NNP Yeargin/NNP ]
was/VBD wrong/JJ ,/, but/CC also/RB said/VBD 
[ the/DT case/NN ]
showed/VBD how/WRB 
[ testing/NN ]
was/VBD being/VBG overused/VBN ./. 

[ The/DT radio/NN show/NN ]
``/`` enraged/VBD 
[ us/PRP ]
,/, ''/'' says/VBZ 
[ Mrs./NNP Ward/NNP ]
./. 

Partly/RB because/IN of/IN 
[ the/DT show/NN ]
,/, 
[ Mr./NNP Watson/NNP ]
says/VBZ ,/, 
[ the/DT district/NN ]
decided/VBD not/RB to/TO recommend/VB 
[ Mrs./NNP Yeargin/NNP ]
for/IN 
[ a/DT first-time/JJ offenders/NNS program/NN ]
[ that/WDT ]
could/MD have/VB expunged/VBN 
[ the/DT charges/NNS ]
and/CC 
[ the/DT conviction/NN ]
from/IN 
[ her/PRP$ record/NN ]
./. 

And/CC 
[ legal/JJ authorities/NNS ]
cranked/VBD up/RP 
[ an/DT investigation/NN ]
worthy/JJ of/IN 
[ a/DT murder/NN case/NN ]
./. 

Over/IN 
[ 50/CD witnesses/NNS ]
,/, mostly/RB 
[ students/NNS ]
,/, were/VBD interviewed/VBN ./. 

At/IN 
[ Greenville/NNP High/NNP School/NNP ]
,/, meanwhile/RB ,/, 
[ some/DT students/NNS ]
--/: especially/RB on/IN 
[ the/DT cheerleading/NN squad/NN --/: were/VBD ]
crushed/JJ ./. 

``/`` 
[ It/PRP ]
's/VBZ hard/JJ to/TO explain/VB to/TO 
[ a/DT 17-year-old/JJ ]
why/WRB 
[ someone/NN ]
[ they/PRP ]
like/VBP had/VBD to/TO go/VB ,/, ''/'' says/VBZ 
[ Mrs./NNP Ward/NNP ]
./. 

Soon/RB ,/, 
[ T-shirts/NNS ]
appeared/VBD in/IN 
[ the/DT corridors/NNS ]
[ that/WDT ]
carried/VBD 
[ the/DT school/NN 's/POS familiar/JJ red-and-white/JJ GHS/NNP logo/NN ]
on/IN 
[ the/DT front/NN ]
./. 

On/IN 
[ the/DT back/NN ]
,/, 
[ the/DT shirts/NNS ]
read/VBD ,/, ``/`` 
[ We/PRP ]
have/VBP 
[ all/PDT the/DT answers/NNS ]
./. 

''/'' 
[ Many/JJ colleagues/NNS ]
are/VBP angry/JJ at/IN 
[ Mrs./NNP Yeargin/NNP ]
./. 

``/`` 
[ She/PRP ]
did/VBD 
[ a/DT lot/NN ]
of/IN 
[ harm/NN ]
,/, ''/'' says/VBZ 
[ Cathryn/NNP Rice/NNP ]
,/, 
[ who/WP ]
had/VBD discovered/VBN 
[ the/DT crib/NN notes/NNS ]
./. 

``/`` 
[ We/PRP ]
work/VBP damn/RB hard/RB at/IN 
[ what/WP ]
[ we/PRP ]
do/VBP for/IN 
[ damn/RB little/JJ ]
pay/NN ,/, and/CC 
[ what/WP ]
[ she/PRP ]
did/VBD cast/VBN 
[ unfair/JJ aspersions/NNS ]
on/IN 
[ all/DT ]
of/IN 
[ us/PRP ]
./. 

''/'' 

But/CC 
[ several/JJ teachers/NNS ]
also/RB say/VBP 
[ the/DT incident/NN ]
casts/VBZ 
[ doubt/NN ]
on/IN 
[ the/DT wisdom/NN ]
of/IN evaluating/VBG 
[ teachers/NNS ]
or/CC 
[ schools/NNS ]
by/IN using/VBG 
[ standardized/JJ test/NN scores/NNS ]
./. 

Says/VBZ 
[ Gayle/NNP Key/NNP ]
,/, 
[ a/DT mathematics/NN teacher/NN ]
,/, ``/`` 
[ The/DT incentive/NN pay/NN thing/NN ]
has/VBZ opened/VBN up/RP 
[ a/DT can/NN ]
of/IN 
[ worms/NNS ]
./. 

[ There/EX ]
may/MD be/VB 
[ others/NNS ]
doing/VBG 
[ what/WP ]
[ she/PRP ]
did/VBD ./. 

''/'' 

[ Mrs./NNP Yeargin/NNP ]
says/VBZ 
[ she/PRP ]
pleaded/VBD guilty/JJ because/IN 
[ she/PRP ]
realized/VBD 
[ it/PRP ]
would/MD no/RB longer/RBR be/VB possible/JJ to/TO win/VB 
[ reinstatement/NN ]
,/, and/CC because/IN 
[ she/PRP ]
was/VBD afraid/JJ of/IN 
[ further/JJ charges/NNS ]
./. 

[ Mrs./NNP Ward/NNP ]
,/, for/IN 
[ one/CD ]
,/, was/VBD relieved/JJ ./. 

Despite/IN 
[ the/DT strong/JJ evidence/NN ]
against/IN 
[ Mrs./NNP Yeargin/NNP ]
,/, 
[ popular/JJ sentiment/NN ]
was/VBD so/RB strong/JJ in/IN 
[ her/PRP$ favor/NN ]
,/, 
[ Mrs./NNP Ward/NNP ]
says/VBZ ,/, that/IN ``/`` 
[ I/PRP ]
'm/VBP afraid/JJ 
[ a/DT jury/NN ]
would/MD n't/RB have/VB convicted/VBN 
[ her/PRP ]
./. 

''/''

Since/IN 
[ chalk/NN ]
first/RB touched/VBD 
[ slate/NN ]
,/, 
[ schoolchildren/NN ]
have/VBP wanted/VBN to/TO know/VB :/: 
[ What/WP ]
's/VBZ on/IN 
[ the/DT test/NN ]
?/. 

[ These/DT days/NNS ]
,/, 
[ students/NNS ]
can/MD often/RB find/VB 
[ the/DT answer/NN ]
in/IN 
[ test-coaching/JJ workbooks/NNS ]
and/CC 
[ worksheets/NNS their/PRP$ teachers/NNS ]
give/VBP 
[ them/PRP ]
in/IN 
[ the/DT weeks/NNS ]
prior/RB to/TO taking/VBG 
[ standardized/JJ achievement/NN tests/NNS ]
./. 

[ The/DT mathematics/NN section/NN ]
of/IN 
[ the/DT ]
widely/RB used/JJ 
[ California/NNP Achievement/NNP Test/NNP ]
asks/VBZ 
[ fifth/JJ graders/NNS ]
:/: ``/`` 
[ What/WP ]
is/VBZ 
[ another/DT name/NN ]
for/IN 
[ the/DT Roman/JJ numeral/NN IX/CD ]
?/. 

''/'' 
[ It/PRP ]
also/RB asks/VBZ 
[ them/PRP ]
to/TO add/VB 
[ two-sevenths/NNS ]
and/CC 
[ three-sevenths/NNS ]
./. 

[ Worksheets/NNS ]
in/IN 
[ a/DT test-practice/JJ kit/NN ]
called/VBN 
[ Learning/NNP Materials/NNPS ]
,/, sold/VBN to/TO 
[ schools/NNS ]
across/IN 
[ the/DT country/NN ]
by/IN 
[ Macmillan\/McGraw-Hill/NNP School/NNP Publishing/NNP Co./NNP ]
,/, contain/VBP 
[ the/DT same/JJ questions/NNS ]
./. 

In/IN 
[ many/JJ other/JJ instances/NNS ]
,/, 
[ there/EX ]
is/VBZ almost/RB 
[ no/DT difference/NN ]
between/IN 
[ the/DT real/JJ test/NN ]
and/CC 
[ Learning/NNP Materials/NNPS ]
./. 

[ What/WP ]
's/VBZ more/JJR ,/, 
[ the/DT test/NN ]
and/CC 
[ Learning/NNP Materials/NNPS ]
are/VBP 
[ both/DT ]
produced/VBN by/IN 
[ the/DT same/JJ company/NN ]
,/, 
[ Macmillan\/McGraw-Hill/NNP ]
,/, 
[ a/DT joint/JJ venture/NN ]
of/IN 
[ McGraw-Hill/NNP Inc./NNP ]
and/CC 
[ Macmillan/NNP 's/POS parent/NN ]
,/, 
[ Britain/NNP 's/POS Maxwell/NNP Communication/NNP Corp/NNP ]
./. 

[ Close/JJ parallels/NNS ]
between/IN 
[ tests/NNS ]
and/CC 
[ practice/NN tests/NNS ]
are/VBP common/JJ ,/, 
[ some/DT educators/NNS ]
and/CC 
[ researchers/NNS ]
say/VBP ./. 

[ Test-preparation/JJ booklets/NNS ]
,/, 
[ software/NN ]
and/CC 
[ worksheets/NNS ]
are/VBP 
[ a/DT booming/VBG publishing/VBG subindustry/NN ]
./. 

But/CC 
[ some/DT practice/NN products/NNS ]
are/VBP so/RB similar/JJ to/TO 
[ the/DT tests/NNS themselves/PRP ]
that/IN 
[ critics/NNS ]
say/VBP 
[ they/PRP ]
represent/VBP 
[ a/DT form/NN ]
of/IN 
[ school-sponsored/JJ ]
cheating/NN ./. 

``/`` If/IN 
[ I/PRP ]
took/VBD 
[ {/( ]
[ these/DT preparation/NN booklets/NNS ]
 }/) into/IN 
[ my/PRP$ classroom/NN ]
,/, 
[ I/PRP ]
'd/MD have/VB 
[ a/DT hard/JJ time/NN ]
justifying/VBG to/TO 
[ my/PRP$ students/NNS ]
and/CC 
[ parents/NNS ]
that/IN 
[ it/PRP ]
was/VBD n't/RB cheating/NN ,/, ''/'' says/VBZ 
[ John/NNP Kaminski/NNP ]
,/, 
[ a/DT Traverse/NNP City/NNP ]
,/, 
[ Mich./NNP ]
,/, 
[ teacher/NN ]
[ who/WP ]
has/VBZ studied/VBN 
[ test/NN coaching/NN ]
./. 

[ He/PRP ]
and/CC 
[ other/JJ critics/NNS ]
say/VBP 
[ such/JJ coaching/NN aids/NNS ]
can/MD defeat/VB 
[ the/DT purpose/NN ]
of/IN 
[ standardized/JJ tests/NNS ]
,/, 
[ which/WDT ]
is/VBZ to/TO gauge/VB 
[ learning/NN progress/NN ]
./. 

``/`` 
[ It/PRP ]
's/VBZ as/IN if/IN 
[ France/NNP ]
decided/VBD to/TO give/VB 
[ only/JJ French/JJ history/NN questions/NNS ]
to/TO 
[ students/NNS ]
in/IN 
[ a/DT European/JJ history/NN class/NN ]
,/, and/CC when/WRB 
[ everybody/NN ]
aces/VBZ 
[ the/DT test/NN ]
,/, 
[ they/PRP ]
say/VBP 
[ their/PRP$ kids/NNS ]
are/VBP good/JJ in/IN 
[ European/JJ history/NN ]
,/, ''/'' says/VBZ 
[ John/NNP Cannell/NNP ]
,/, 
[ an/DT Albuquerque/NNP ]
,/, 
[ N.M./NNP ]
,/, 
[ psychiatrist/NN ]
and/CC 
[ founder/NN ]
of/IN 
[ an/DT educational/JJ research/NN organization/NN ]
,/, 
[ Friends/NNPS ]
for/IN 
[ Education/NNP ]
,/, 
[ which/WDT ]
has/VBZ studied/VBN 
[ standardized/JJ testing/NN ]
./. 

[ Standardized/JJ achievement/NN tests/NNS ]
are/VBP given/VBN about/IN 
[ 10/CD million/CD times/NNS ]
[ a/DT year/NN ]
across/IN 
[ the/DT country/NN ]
to/TO 
[ students/NNS ]
generally/RB from/IN 
[ kindergarten/NN ]
through/IN 
[ eighth/JJ grade/NN ]
./. 

[ The/DT ]
most/RBS widely/RB used/JJ of/IN 
[ these/DT tests/NNS ]
are/VBP 
[ Macmillan\/McGraw/NNP 's/POS CAT/NNP ]
and/CC 
[ Comprehensive/NNP Test/NN ]
of/IN 
[ Basic/JJ Skills/NNS ]
;/: 
[ the/DT Iowa/NNP Test/NN ]
of/IN 
[ Basic/JJ Skills/NNS ]
,/, by/IN 
[ Houghton/NNP Mifflin/NNP Co./NNP ]
;/: and/CC 
[ Harcourt/NNP Brace/NNP Jovanovich/NNP Inc./NNP 's/POS Metropolitan/NNP Achievement/NNP Test/NNP ]
and/CC 
[ Stanford/NNP Achievement/NNP Test/NNP ]
./. 

[ Sales/NNS figures/NNS ]
of/IN 
[ the/DT test-prep/JJ materials/NNS ]
are/VBP n't/RB known/JJ ,/, but/CC 
[ their/PRP$ reach/NN ]
into/IN 
[ schools/NNS ]
is/VBZ significant/JJ ./. 

In/IN 
[ Arizona/NNP ]
,/, 
[ California/NNP ]
,/, 
[ Florida/NNP ]
,/, 
[ Louisiana/NNP ]
,/, 
[ Maryland/NNP ]
,/, 
[ New/NNP Jersey/NNP ]
,/, 
[ South/NNP Carolina/NNP ]
and/CC 
[ Texas/NNP ]
,/, 
[ educators/NNS ]
say/VBP 
[ they/PRP ]
are/VBP 
[ common/JJ classroom/NN tools/NNS ]
./. 

[ Macmillan\/McGraw/NN ]
says/VBZ ``/`` well/RB over/IN 
[ 10/CD million/CD ]
''/'' of/IN 
[ its/PRP$ Scoring/NNP High/NNP test-preparation/JJ books/NNS ]
have/VBP been/VBN sold/VBN since/IN 
[ their/PRP$ introduction/NN 10/CD years/NNS ]
ago/RB ,/, with/IN 
[ most/JJS sales/NNS ]
in/IN 
[ the/DT last/JJ five/CD years/NNS ]
./. 

About/IN 
[ 20,000/CD sets/NNS ]
of/IN 
[ Learning/NNP Materials/NNPS teachers/NNS '/POS binders/NNS ]
have/VBP also/RB been/VBN sold/VBN in/IN 
[ the/DT past/JJ four/CD years/NNS ]
./. 

[ The/DT materials/NNS ]
in/IN 
[ each/DT set/NN ]
reach/VBP about/IN 
[ 90/CD students/NNS ]
./. 

[ Scoring/NNP High/NNP ]
and/CC 
[ Learning/NNP Materials/NNPS ]
are/VBP 
[ the/DT best-selling/JJS preparation/NN tests/NNS ]
./. 

[ Michael/NNP Kean/NNP ]
,/, 
[ director/NN ]
of/IN marketing/NN for/IN 
[ CTB/NNP Macmillan\/McGraw/NNP ]
,/, 
[ the/DT Macmillan\/McGraw/NNP division/NN ]
[ that/WDT ]
publishes/VBZ 
[ Learning/NNP Materials/NNPS ]
,/, says/VBZ 
[ it/PRP ]
is/VBZ n't/RB aimed/VBN at/IN 
[ improving/VBG test/NN scores/NNS ]
./. 

[ He/PRP ]
also/RB asserted/VBD that/IN 
[ exact/JJ questions/NNS ]
were/VBD n't/RB replicated/VBN ./. 

When/WRB referred/VBN to/TO 
[ the/DT questions/NNS ]
that/WDT matched/VBN ,/, 
[ he/PRP ]
said/VBD 
[ it/PRP ]
was/VBD coincidental/JJ ./. 

[ Mr./NNP Kaminski/NNP ]
,/, 
[ the/DT schoolteacher/NN ]
,/, and/CC 
[ William/NNP Mehrens/NNP ]
,/, 
[ a/DT Michigan/NNP State/NNP University/NNP education/NN professor/NN ]
,/, concluded/VBD in/IN 
[ a/DT study/NN last/JJ June/NNP ]
that/IN 
[ CAT/NNP test/NN versions/NNS ]
of/IN 
[ Scoring/NNP High/NNP ]
and/CC 
[ Learning/NNP Materials/NNPS ]
should/MD n't/RB be/VB used/VBN in/IN 
[ the/DT classroom/NN ]
because/IN of/IN 
[ their/PRP$ similarity/NN ]
to/TO 
[ the/DT actual/JJ test/NN ]
./. 

[ They/PRP ]
devised/VBD 
[ a/DT 69-point/JJ scale/NN --/: awarding/VBG one/CD point/NN ]
for/IN 
[ each/DT subskill/NN ]
measured/VBN on/IN 
[ the/DT CAT/NNP test/NN --/: to/TO rate/VB ]
[ the/DT closeness/NN ]
of/IN 
[ test/NN preparatives/NNS ]
to/TO 
[ the/DT fifth-grade/NN CAT/NNP ]
./. 

Because/IN 
[ many/JJ ]
of/IN 
[ these/DT subskills/NNS --/: the/JJ symmetry/NN ]
of/IN 
[ geometrical/JJ figures/NNS ]
,/, 
[ metric/JJ measurement/NN ]
of/IN 
[ volume/NN ]
,/, or/CC 
[ pie/NN ]
and/CC 
[ bar/NN graphs/NNS ]
,/, for/IN 
[ example/NN --/: are/NN ]
only/RB 
[ a/DT small/JJ part/NN ]
of/IN 
[ the/DT total/JJ fifth-grade/NN curriculum/NN ]
,/, 
[ Mr./NNP Kaminski/NNP ]
says/VBZ ,/, 
[ the/DT preparation/NN kits/NNS ]
would/MD n't/RB replicate/VB too/RB many/JJ ,/, if/IN 
[ their/PRP$ real/JJ intent/NN ]
was/VBD 
[ general/JJ instruction/NN ]
or/CC even/RB 
[ general/JJ familiarization/NN ]
with/IN 
[ test/NN procedures/NNS ]
./. 

But/CC 
[ Learning/NNP Materials/NNPS ]
matched/VBD on/IN 
[ 66.5/CD ]
of/IN 
[ 69/CD subskills/NNS ]
./. 

[ Scoring/NNP High/NNP ]
matched/VBD on/IN 
[ 64.5/CD ]
./. 

In/IN 
[ CAT/NNP sections/NNS ]
where/WRB 
[ students/NNS '/POS knowledge/NN ]
of/IN 
[ two-letter/JJ consonant/JJ sounds/NNS ]
is/VBZ tested/VBN ,/, 
[ the/DT authors/NNS ]
noted/VBD that/IN 
[ Scoring/NNP High/NNP ]
concentrated/VBD on/IN 
[ the/DT same/JJ sounds/NNS ]
that/IN 
[ the/DT test/NN ]
does/VBZ --/: to/IN 
[ the/DT exclusion/NN ]
of/IN 
[ other/JJ sounds/NNS ]
that/IN 
[ fifth/JJ graders/NNS ]
should/MD know/VB ./. 

[ Learning/NNP Materials/NNPS ]
for/IN 
[ the/DT fifth-grade/NN ]
contains/VBZ at/IN 
[ least/JJS a/DT dozen/NN examples/NNS ]
of/IN 
[ exact/JJ matches/NNS ]
or/CC 
[ close/JJ parallels/NNS ]
to/TO 
[ test/NN items/NNS ]
./. 

[ Rick/NNP Brownell/NNP ]
,/, 
[ senior/JJ editor/NN ]
of/IN 
[ Scoring/NNP High/NNP ]
,/, says/VBZ that/IN 
[ Messrs./NNPS Kaminski/NNP ]
and/CC 
[ Mehrens/NNP ]
are/VBP ignoring/VBG ``/`` 
[ the/DT need/NN students/NNS ]
have/VBP for/IN becoming/VBG 
[ familiar/JJ ]
with/IN 
[ tests/NNS ]
and/CC 
[ testing/NN format/NN ]
./. 

''/'' 
[ He/PRP ]
said/VBD 
[ authors/NNS ]
of/IN 
[ Scoring/NNP High/NNP ]
``/`` scrupulously/RB avoid/VBP ''/'' replicating/VBG 
[ exact/JJ questions/NNS ]
,/, but/CC 
[ he/PRP ]
does/VBZ n't/RB deny/VB that/IN 
[ some/DT items/NNS ]
are/VBP similar/JJ ./. 

When/WRB 
[ Scoring/NNP High/NNP ]
first/RB came/VBD out/RB in/IN 
[ 1979/CD ]
,/, 
[ it/PRP ]
was/VBD 
[ a/DT publication/NN ]
of/IN 
[ Random/NNP House/NNP ]
./. 

[ McGraw-Hill/NNP ]
was/VBD outraged/JJ ./. 

In/IN 
[ a/DT 1985/CD advisory/NN ]
to/TO 
[ educators/NNS ]
,/, 
[ McGraw-Hill/NNP ]
said/VBD 
[ Scoring/NNP High/NNP ]
should/MD n't/RB be/VB used/VBN because/IN 
[ it/PRP ]
represented/VBD 
[ a/DT ]
``/`` 
[ parallel/JJ form/NN ]
''/'' of/IN 
[ the/DT CAT/NNP ]
and/CC 
[ CTBS/NNP tests/NNS ]
./. 

But/CC in/IN 
[ 1988/CD ]
,/, 
[ McGraw-Hill/NNP ]
purchased/VBD 
[ the/DT Random/NNP House/NNP unit/NN ]
[ that/WDT ]
publishes/VBZ 
[ Scoring/NNP High/NNP ]
,/, 
[ which/WDT ]
later/RBR became/VBD 
[ part/NN ]
of/IN 
[ Macmillan\/McGraw/NNP ]
./. 

[ Messrs./NNPS Brownell/NNP ]
and/CC 
[ Kean/NNP ]
say/VBP 
[ they/PRP ]
are/VBP unaware/JJ of/IN 
[ any/DT efforts/NNS ]
by/IN 
[ McGraw-Hill/NNP ]
to/TO modify/VB or/CC discontinue/VB 
[ Scoring/NNP High/NNP ]
./. 

[ Alleghany/NNP Corp./NNP ]
said/VBD 
[ it/PRP ]
completed/VBD 
[ the/DT acquisition/NN ]
of/IN 
[ Sacramento/NNP Savings/NNPS ]
&/CC 
[ Loan/NNP Association/NNP ]
from/IN 
[ the/DT H.N./NNP ]
&/CC 
[ Frances/NNP C./NNP Berger/NNP Foundation/NNP ]
for/IN 
[ $/$ 150/CD million/CD ]
./. 

[ The/DT Sacramento-based/JJ S&L/NN ]
,/, 
[ which/WDT ]
has/VBZ 
[ 44/CD branch/NN offices/NNS ]
in/IN 
[ north/JJ central/JJ California/NNP ]
,/, had/VBD 
[ assets/NNS ]
of/IN 
[ $/$ 2.4/CD billion/CD ]
at/IN 
[ the/DT end/NN ]
of/IN 
[ September/NNP ]
./. 

[ New/NNP York-based/JJ Alleghany/NNP ]
is/VBZ 
[ an/DT insurance/NN ]
and/CC 
[ financial/JJ services/NNS concern/NN ]
./. 

[ The/DT purchase/NN price/NN ]
includes/VBZ 
[ two/CD ancillary/JJ companies/NNS ]
./. 

[ The/DT Department/NNP ]
of/IN 
[ Health/NNP ]
and/CC 
[ Human/NNP Services/NNPS ]
plans/VBZ to/TO extend/VB 
[ its/PRP$ moratorium/NN ]
on/IN 
[ federal/JJ ]
funding/NN of/IN 
[ research/NN involving/VBG fetal-tissue/JJ transplants/NNS ]
./. 

[ Medical/JJ researchers/NNS ]
believe/VBP 
[ the/DT transplantation/NN ]
of/IN 
[ small/JJ amounts/NNS ]
of/IN 
[ fetal/JJ tissue/NN ]
into/IN 
[ humans/NNS ]
could/MD help/VB treat/VB 
[ juvenile/JJ diabetes/NN ]
and/CC 
[ such/JJ degenerative/JJ diseases/NNS ]
as/IN 
[ Alzheimer/NNP ]
's/POS ,/, 
[ Parkinson/NNP 's/POS ]
and/CC 
[ Huntington/NNP 's/POS ]
./. 

But/CC 
[ anti-abortionists/NNS ]
oppose/VBP 
[ such/JJ research/NN ]
because/IN 
[ they/PRP ]
worry/VBP that/IN 
[ the/DT development/NN ]
of/IN 
[ therapies/NNS ]
using/VBG 
[ fetal-tissue/JJ transplants/NNS ]
could/MD lead/VB to/TO 
[ an/DT increase/NN ]
in/IN 
[ abortions/NNS ]
./. 

[ James/NNP Mason/NNP ]
,/, 
[ assistant/NN secretary/NN ]
for/IN 
[ health/NN ]
,/, said/VBD 
[ the/DT ban/NN ]
on/IN 
[ federal/JJ ]
funding/NN of/IN 
[ fetal-tissue/JJ transplant/NN research/NN ]
``/`` should/MD be/VB continued/VBN indefinitely/RB ./. 

''/'' 
[ He/PRP ]
said/VBD 
[ the/DT ban/NN ]
wo/MD n't/RB stop/VB privately/RB funded/VBN 
[ tissue-transplant/JJ research/NN ]
or/CC federally/RB funded/VBN 
[ fetal-tissue/JJ research/NN ]
[ that/WDT ]
does/VBZ n't/RB involve/VB 
[ transplants/NNS ]
./. 

[ Department/NN officials/NNS ]
say/VBP that/IN 
[ HHS/NNP Secretary/NNP Louis/NNP Sullivan/NNP ]
will/MD support/VB 
[ Dr./NNP Mason/NNP 's/POS ruling/NN ]
,/, 
[ which/WDT ]
will/MD be/VB issued/VBN soon/RB in/IN 
[ the/DT form/NN ]
of/IN 
[ a/DT letter/NN ]
to/TO 
[ the/DT acting/JJ director/NN ]
of/IN 
[ the/DT National/NNP Institutes/NNPS ]
of/IN 
[ Health/NNP ]
./. 

[ Both/DT Dr./NNP Mason/NNP ]
and/CC 
[ Dr./NNP Sullivan/NNP ]
oppose/VBP 
[ federal/JJ ]
funding/NN for/IN 
[ abortion/NN ]
,/, as/IN does/VBZ 
[ President/NNP Bush/NNP ]
,/, except/IN in/IN 
[ cases/NNS ]
where/WRB 
[ a/DT woman/NN 's/POS life/NN ]
is/VBZ threatened/VBN ./. 

[ The/DT controversy/NN ]
began/VBD in/IN 
[ 1987/CD ]
when/WRB 
[ the/DT National/NNP Institutes/NNPS ]
of/IN 
[ Health/NNP ]
,/, 
[ aware/JJ ]
of/IN 
[ the/DT policy/NN implications/NNS ]
of/IN 
[ its/PRP$ research/NN ]
,/, asked/VBD for/IN 
[ an/DT HHS/NNP review/NN ]
of/IN 
[ its/PRP$ plan/NN ]
to/TO implant/VB 
[ fetal/JJ tissue/NN ]
into/IN 
[ the/DT brain/NN ]
of/IN 
[ a/DT patient/NN suffering/NN ]
from/IN 
[ Parkinson/NNPS 's/POS disease/NN ]
./. 

[ The/DT department/NN ]
placed/VBD 
[ a/DT moratorium/NN ]
on/IN 
[ the/DT research/NN ]
,/, pending/VBG 
[ a/DT review/NN ]
of/IN 
[ scientific/JJ ]
,/, 
[ legal/JJ ]
and/CC 
[ ethical/JJ issues/NNS ]
./. 

[ A/DT majority/NN ]
of/IN 
[ an/DT NIH-appointed/JJ panel/NN ]
recommended/VBD 
[ late/RB last/JJ year/NN ]
that/IN 
[ the/DT research/NN ]
continue/VB under/IN carefully/RB controlled/JJ 
[ conditions/NNS ]
,/, but/CC 
[ the/DT issue/NN ]
became/VBD embroiled/VBN in/IN 
[ politics/NNS ]
as/IN 
[ anti-abortion/JJ groups/NNS ]
continued/VBD to/TO oppose/VB 
[ federal/JJ ]
funding/NN ./. 

[ The/DT dispute/NN ]
has/VBZ hampered/VBN 
[ the/DT administration/NN 's/POS efforts/NNS ]
to/TO recruit/VB 
[ prominent/JJ doctors/NNS ]
to/TO fill/VB 
[ prestigious/JJ posts/NNS ]
at/IN 
[ the/DT helm/NN ]
of/IN 
[ the/DT NIH/NNP ]
and/CC 
[ the/DT Centers/NNPS ]
for/IN 
[ Disease/NNP Control/NNP ]
./. 

[ Several/JJ candidates/NNS ]
have/VBP withdrawn/VBN 
[ their/PRP$ names/NNS ]
from/IN 
[ consideration/NN ]
after/IN 
[ administration/NN officials/NNS ]
asked/VBD 
[ them/PRP ]
for/IN 
[ their/PRP$ views/NNS ]
on/IN 
[ abortion/NN ]
and/CC 
[ fetal-tissue/JJ transplants/NNS ]
./. 

[ Antonio/NNP Novello/NNP ]
,/, 
[ whom/WP Mr./NNP Bush/NNP ]
nominated/VBD to/TO serve/VB as/IN 
[ surgeon/NN general/NN ]
,/, reportedly/RB has/VBZ assured/VBN 
[ the/DT administration/NN ]
that/IN 
[ she/PRP ]
opposes/VBZ 
[ abortion/NN ]
./. 

[ Dr./NNP Novello/NNP ]
is/VBZ 
[ deputy/NN director/NN ]
of/IN 
[ the/DT National/NNP Institute/NNP ]
of/IN 
[ Child/NNP Health/NNP ]
and/CC 
[ Human/NNP Development/NNP ]
./. 

[ Some/DT researchers/NNS ]
have/VBP charged/VBN that/IN 
[ the/DT administration/NN ]
is/VBZ imposing/VBG 
[ new/JJ ideological/JJ tests/NNS ]
for/IN 
[ top/JJ scientific/JJ posts/NNS ]
./. 

Earlier/JJR 
[ this/DT week/NN ]
,/, 
[ Dr./NNP Sullivan/NNP ]
tried/VBD to/TO defuse/VB 
[ these/DT charges/NNS ]
by/IN stressing/VBG that/IN 
[ candidates/NNS ]
to/TO head/VB 
[ the/DT NIH/NNP ]
and/CC 
[ the/DT CDC/NNP ]
will/MD be/VB judged/VBN by/IN ``/`` 
[ standards/NNS ]
of/IN 
[ scientific/JJ ]
and/CC 
[ administrative/JJ excellence/NN ]
,/, ''/'' not/RB 
[ politics/NNS ]
./. 

But/CC 
[ the/DT administration/NN 's/POS handling/NN ]
of/IN 
[ the/DT fetal-tissue/JJ transplant/NN issue/NN ]
disturbs/VBZ 
[ many/JJ scientists/NNS ]
./. 

``/`` When/WRB 
[ scientific/JJ progress/NN ]
moves/VBZ into/IN 
[ uncharted/JJ ground/NN ]
,/, 
[ there/EX ]
has/VBZ to/TO be/VB 
[ a/DT role/NN ]
for/IN 
[ society/NN ]
to/TO make/VB 
[ judgments/NNS ]
about/IN 
[ its/PRP$ applications/NNS ]
,/, ''/'' says/VBZ 
[ Myron/NNP Genel/NNP ]
,/, 
[ associate/NN dean/NN ]
of/IN 
[ the/DT Yale/NNP Medical/NNP School/NNP ]
./. 

``/`` 
[ The/DT disturbing/JJ thing/NN ]
about/IN 
[ this/DT abortion/NN issue/NN ]
is/VBZ that/IN 
[ the/DT debate/NN ]
has/VBZ become/VBN polarized/VBN ,/, so/IN that/IN 
[ no/DT mechanism/NN ]
exists/VBZ ''/'' for/IN finding/VBG 
[ a/DT middle/JJ ground/NN ]
./. 

[ Yale/NNP ]
is/VBZ 
[ one/CD ]
of/IN 
[ the/DT few/JJ medical/JJ institutions/NNS ]
conducting/VBG privately/RB 
[ funded/JJ research/NN ]
on/IN 
[ fetal-tissue/JJ transplants/NNS ]
./. 

But/CC 
[ Dr./NNP Genel/NNP ]
warns/VBZ that/IN 
[ Dr./NNP Mason/NNP 's/POS ruling/NN ]
may/MD discourage/VB 
[ private/JJ ]
funding/NN ./. 

``/`` 
[ The/DT unavailability/NN ]
of/IN 
[ federal/JJ funds/NNS ]
,/, and/CC 
[ the/DT climate/NN ]
in/IN 
[ which/WDT ]
[ the/DT decision/NN ]
was/VBD made/VBN ,/, certainly/RB do/VBP n't/RB provide/VB 
[ any/DT incentive/NN ]
for/IN 
[ one/CD ]
of/IN 
[ the/DT more/RBR visible/JJ foundations/NNS ]
to/TO provide/VB 
[ support/NN ]
,/, ''/'' 
[ he/PRP ]
said/VBD ./. 

Despite/IN 
[ the/DT flap/NN ]
over/IN 
[ transplants/NNS ]
,/, 
[ federal/JJ ]
funding/NN of/IN 
[ research/NN ]
involving/VBG 
[ fetal/JJ tissues/NNS ]
will/MD continue/VB on/IN 
[ a/DT number/NN ]
of/IN 
[ fronts/NNS ]
./. 

``/`` 
[ Such/JJ research/NN ]
may/MD ultimately/RB result/VB in/IN 
[ the/DT ability/NN ]
to/TO regenerate/VB damaged/JJ 
[ tissues/NNS ]
or/CC to/TO turn/VB off/RP 
[ genes/NNS ]
[ that/WDT ]
cause/VBP 
[ cancer/NN ]
''/'' or/CC to/TO regulate/VB 
[ genes/NNS ]
[ that/WDT ]
cause/VBP Down/NNP 
[ 's/POS syndrome/NN ]
,/, 
[ the/DT leading/VBG cause/NN ]
of/IN 
[ mental/JJ retardation/NN ]
,/, according/VBG to/TO 
[ an/DT NIH/NNP summary/NN ]
./. 

[ The/DT NIH/NNP ]
currently/RB spends/VBZ about/IN 
[ $/$ 8/CD million/CD ]
annually/RB on/IN 
[ fetal-tissue/JJ research/NN ]
out/IN of/IN 
[ a/DT total/JJ research/NN budget/NN ]
of/IN 
[ $/$ 8/CD billion/CD ]
./. 

Rekindled/VBN 
[ hope/NN ]
that/IN 
[ two/CD New/NNP England/NNP states/NNS ]
will/MD allow/VB 
[ broader/JJR interstate/JJ banking/NN ]
boosted/VBD 
[ Nasdaq/NNP 's/POS bank/NN stocks/NNS ]
,/, but/CC 
[ the/DT over-the-counter/JJ market/NN ]
was/VBD up/RB only/RB slightly/RB in/IN 
[ lackluster/JJ ]
trading/NN ./. 

[ The/DT Nasdaq/NNP composite/JJ index/NN ]
added/VBD 
[ 1.01/CD ]
to/TO 
[ 456.64/CD ]
on/IN 
[ paltry/JJ volume/NN ]
of/IN 
[ 118.6/CD million/CD shares/NNS ]
./. 

In/IN 
[ terms/NNS ]
of/IN 
[ volume/NN ]
,/, 
[ it/PRP ]
was/VBD 
[ an/DT inauspicious/JJ beginning/NN ]
for/IN 
[ November/NNP ]
./. 

[ Yesterday/NN 's/POS share/NN turnover/NN ]
was/VBD well/RB below/IN 
[ the/DT year/NN 's/POS daily/JJ average/NN ]
of/IN 
[ 133.8/CD million/CD ]
./. 

In/IN 
[ October/NNP ]
,/, 
[ the/DT busiest/JJS month/NN ]
of/IN 
[ the/DT year/NN ]
so/RB far/JJ ,/, 
[ daily/JJ volume/NN ]
averaged/VBD roughly/RB 
[ 145/CD million/CD shares/NNS ]
./. 

[ The/DT Nasdaq/NNP 100/CD index/NN ]
of/IN 
[ the/DT biggest/JJS nonfinancial/JJ stocks/NNS ]
gained/VBD 
[ 1.39/CD ]
to/TO 
[ 446.62/CD ]
./. 

[ The/DT index/NN ]
of/IN 
[ the/DT 100/CD largest/JJS Nasdaq/NNP financial/JJ stocks/NNS ]
rose/VBD modestly/RB as/IN well/RB ,/, gaining/VBG 
[ 1.28/CD ]
to/TO 
[ 449.04/CD ]
./. 

But/CC 
[ the/DT broader/JJR Nasdaq/NNP bank/NN index/NN ]
,/, 
[ which/WDT ]
tracks/VBZ 
[ thrift/NN issues/NNS ]
,/, jumped/VBD 
[ 3.23/CD ]
to/TO 
[ 436.01/CD ]
./. 

[ The/DT bank/NN stocks/NNS ]
got/VBD 
[ a/DT boost/NN ]
when/WRB 
[ Connecticut/NNP Bank/NNP ]
&/CC 
[ Trust/NNP ]
and/CC 
[ Bank/NNP ]
of/IN 
[ New/NNP England/NNP ]
said/VBD 
[ they/PRP ]
no/RB longer/RB oppose/VBP 
[ pending/VBG legislation/NN ]
[ that/WDT ]
would/MD permit/VB 
[ banks/NNS ]
from/IN 
[ other/JJ regions/NNS ]
to/TO merge/VB with/IN 
[ Connecticut/NNP ]
and/CC 
[ Massachusetts/NNP banks/NNS ]
./. 

[ The/DT two/CD banks/NNS ]
merged/VBD in/IN 
[ 1985/CD ]
./. 

[ Bank/NNP ]
of/IN 
[ New/NNP England/NNP 's/POS shares/NNS ]
are/VBP traded/VBN on/IN 
[ the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ]
./. 

[ The/DT stocks/NNS ]
of/IN banking/VBG 
[ concerns/NNS ]
based/VBN in/IN 
[ Massachusetts/NNP ]
were/VBD n't/RB helped/VBN much/RB by/IN 
[ the/DT announcement/NN ]
,/, 
[ traders/NNS ]
said/VBD ,/, because/IN 
[ many/JJ ]
of/IN 
[ those/DT concerns/NNS ]
have/VBP 
[ financial/JJ problems/NNS ]
tied/VBN to/TO 
[ their/PRP$ real-estate/NN loan/NN portfolios/NNS ]
,/, making/VBG 
[ them/PRP unattractive/JJ takeover/NN targets/NNS ]
./. 

But/CC 
[ speculators/NNS ]
,/, anticipating/VBG that/IN 
[ Connecticut/NNP ]
will/MD approve/VB 
[ a/DT law/NN ]
permitting/VBG 
[ such/JJ interstate/JJ banking/NN ]
soon/RB ,/, immediately/RB bid/VBD up/RP 
[ shares/NNS ]
of/IN 
[ Connecticut/NNP banks/NNS ]
on/IN 
[ the/DT news/NN ]
./. 

``/`` 
[ A/DT lot/NN ]
of/IN 
[ the/DT stocks/NNS ]
[ that/WDT ]
have/VBP been/VBN under/IN 
[ water/NN ]
finally/RB saw/VBD 
[ a/DT reason/NN ]
to/TO 
[ uptick/VB ]
,/, ''/'' said/VBD 
[ George/NNP Jennison/NNP ]
,/, 
[ head/JJ trader/NN ]
of/IN banking/NN 
[ issues/NNS ]
in/IN 
[ Shearson/NNP Lehman/NNP Hutton/NNP 's/POS OTC/NNP department/NN ]
./. 

[ The/DT biggest/JJS beneficiary/NN ]
was/VBD 
[ Northeast/NNP Bancorp/NNP ]
,/, 
[ which/WDT ]
surged/VBD 
[ 7/CD 3\/4/CD ]
to/TO 
[ 69/CD ]
./. 

[ The/DT Stamford/NNP ]
,/, 
[ Conn./NNP ]
,/, 
[ concern/NN ]
has/VBZ agreed/VBN to/TO 
[ a/DT buy-out/NN ]
by/IN 
[ Bank/NNP ]
of/IN 
[ New/NNP York/NNP ]
in/IN 
[ a/DT transaction/NN ]
with/IN 
[ an/DT indicated/VBN value/NN ]
of/IN about/IN 
[ $/$ 100/CD ]
[ a/DT share/NN ]
[ that/WDT ]
expires/VBZ 
[ next/JJ August/NNP ]
./. 

[ Ed/NNP Macheski/NNP ]
,/, 
[ a/DT Wilton/NNP ]
,/, 
[ Conn./NNP ]
,/, 
[ money/NN manager/NN ]
[ who/WP ]
follows/VBZ 
[ bank/NN stocks/NNS ]
,/, said/VBD 
[ the/DT announcement/NN ]
effectively/RB gives/VBZ 
[ the/DT deal/NN ]
``/`` 
[ the/DT green/JJ light/NN ]
./. 

''/'' 

[ Mr./NNP Jennison/NNP ]
said/VBD 
[ Northeast/NNP Bancorp/NNP ]
also/RB fared/VBD well/RB because/IN 
[ takeover/NN stocks/NNS ]
have/VBP returned/VBN to/TO favor/VB among/IN 
[ investors/NNS ]
./. 

[ Another/DT OTC/NNP bank/NN stock/NN ]
involved/VBN in/IN 
[ a/DT buy-out/NN deal/NN ]
,/, 
[ First/NNP Constitution/NNP Financial/NNP ]
,/, was/VBD higher/JJR ./. 

[ It/PRP ]
rose/VBD 
[ 7\/8/CD ]
to/TO 
[ 18/CD 1\/4/CD ]
./. 

First/NNP 
[ Constitution/NNP ]
has/VBZ signed/VBN 
[ a/DT merger/NN agreement/NN ]
with/IN 
[ WFRR/NNP L.P./NNP ]
and/CC 
[ GHKM/NNP Corp./NNP ]
,/, under/IN 
[ which/WDT all/DT ]
of/IN 
[ its/PRP$ common/JJ shares/NNS ]
will/MD be/VB acquired/VBN for/IN 
[ $/$ 25/CD each/DT ]
,/, or/CC 
[ $/$ 273.5/CD million/CD ]
./. 

Among/IN 
[ other/JJ Connecticut/NNP banks/NNS whose/WP$ shares/NNS ]
trade/VBP in/IN 
[ the/DT OTC/NNP market/NN ]
,/, 
[ Society/NNP ]
for/IN 
[ Savings/NNPS Bancorp/NNP ]
,/, based/VBN in/IN 
[ Hartford/NNP ]
,/, saw/VBD 
[ its/PRP$ stock/NN ]
rise/VB 
[ 1/CD 3\/4/CD ]
to/TO 
[ 18/CD 1\/4/CD ]
./. 

[ Centerbank/NNP ]
added/VBD 
[ 5\/8/CD ]
to/TO 
[ 8/CD 3\/4/CD ]
;/: 
[ shares/NNS ]
of/IN 
[ NESB/NNP ]
,/, 
[ a/DT New/NNP London-based/JJ bank/NN holding/VBG company/NN ]
,/, rose/VBD 
[ 5\/8/CD ]
to/TO 
[ 5/CD 7\/8/CD ]
./. 

Among/IN 
[ other/JJ banking/NN issues/NNS ]
,/, 
[ Pennview/NNP Savings/NNPS Association/NNP ]
leapt/VBD more/JJR than/IN 
[ 44/CD %/NN ]
with/IN 
[ a/DT gain/NN ]
of/IN 
[ 6/CD 5\/8/CD ]
to/TO 
[ 21/CD 5\/8/CD ]
./. 

[ The/DT Pennsylvania/NNP bank/NN ]
agreed/VBD to/TO be/VB acquired/VBN in/IN 
[ a/DT merger/NN ]
with/IN 
[ Univest/NNP Corp./NNP ]
of/IN 
[ Pennsylvania/NNP ]
for/IN 
[ $/$ 25.50/CD ]
[ a/DT share/NN ]
./. 

[ Valley/NNP Federal/NNP Savings/NNPS ]
&/CC 
[ Loan/NNP ]
,/, 
[ a/DT California/NNP thrift/NN issue/NN ]
,/, gained/VBD 
[ 1/CD ]
to/TO 
[ 4/CD 1\/4/CD ]
after/IN reporting/VBG 
[ a/DT third-quarter/JJ loss/NN ]
of/IN 
[ $/$ 70.7/CD million/CD ]
after/IN 
[ an/DT $/$ 89.9/CD million/CD pretax/JJ charge/NN ]
mostly/RB related/JJ to/TO 
[ its/PRP$ mobile/JJ home/NN financing/VBG unit/NN ]
./. 

[ Dan/NNP E./NNP Nelms/NNP ]
,/, 
[ Valley/NNP Federal/NNP 's/POS president/NN ]
and/CC 
[ chief/JJ executive/NN officer/NN ]
,/, said/VBD 
[ the/DT one-time/JJ charge/NN ]
substantially/RB eliminates/VBZ 
[ future/JJ losses/NNS ]
associated/VBN with/IN 
[ the/DT unit/NN ]
./. 

[ He/PRP ]
said/VBD 
[ the/DT company/NN 's/POS core/NN business/NN ]
remains/VBZ 
[ strong/JJ ]
./. 

[ He/PRP ]
also/RB said/VBD that/IN after/IN 
[ the/DT charges/NNS ]
,/, and/CC ``/`` assuming/VBG 
[ no/DT dramatic/JJ fluctuation/NN ]
in/IN 
[ interest/NN rates/NNS ]
,/, 
[ the/DT company/NN ]
expects/VBZ to/TO achieve/VB 
[ near-record/JJ earnings/NNS ]
in/IN 
[ 1990/CD ]
./. 

''/'' 

[ Weisfield/NNP 's/POS surged/VBD 6/CD 3\/4/CD ]
to/TO 
[ 55/CD 1\/2/CD ]
and/CC 
[ Ratners/NNP Group/NNP 's/POS American/JJ depositary/NN receipts/NNS ]
,/, or/CC 
[ ADRs/NNS ]
,/, gained/VBD 
[ 5\/8/CD ]
to/TO 
[ 12/CD 1\/4/CD ]
./. 

[ The/DT two/CD concerns/NNS ]
said/VBD 
[ they/PRP ]
entered/VBD into/IN 
[ a/DT definitive/JJ merger/NN agreement/NN ]
under/IN 
[ which/WDT ]
[ Ratners/NNP ]
will/MD begin/VB 
[ a/DT tender/NN offer/NN ]
for/IN 
[ all/DT ]
of/IN 
[ Weisfield/NNP 's/POS common/JJ shares/NNS ]
for/IN 
[ $/$ 57.50/CD each/DT ]
./. 

Also/RB on/IN 
[ the/DT takeover/NN front/NN ]
,/, 
[ Jaguar/NNP 's/POS ADRs/NNPS ]
rose/VBD 
[ 1\/4/CD ]
to/TO 
[ 13/CD 7\/8/CD ]
on/IN 
[ turnover/NN ]
of/IN 
[ 4.4/CD million/CD ]
./. 

Since/IN 
[ the/DT British/JJ auto/NN maker/NN ]
became/VBD 
[ a/DT takeover/NN target/NN last/JJ month/NN ]
,/, 
[ its/PRP$ ADRs/NNS ]
have/VBP jumped/VBN about/IN 
[ 78/CD %/NN ]
./. 

After/IN troubled/JJ 
[ Heritage/NNP Media/NNP ]
proposed/VBD acquiring/VBG 
[ POP/NNP Radio/NNP ]
in/IN 
[ a/DT stock/NN swap/NN ]
,/, 
[ POP/NNP Radio/NNP 's/POS shares/NNS ]
tumbled/VBD 
[ 4/CD ]
to/TO 
[ 14/CD 3\/4/CD ]
./. 

[ Heritage/NNP Media/NNP ]
,/, 
[ which/WDT ]
already/RB owns/VBZ about/IN 
[ 51/CD %/NN ]
of/IN 
[ POP/NNP Radio/NNP ]
,/, proposed/VBD paying/VBG 
[ POP/NNP Radio/NNP shareholders/NNS ]
with/IN 
[ shares/NNS ]
of/IN 
[ a/DT new/JJ class/NN ]
of/IN 
[ Heritage/NNP Media/NNP ]
preferred/JJ 
[ stock/NN ]
[ that/WDT ]
would/MD be/VB convertible/JJ into/IN 
[ four/CD shares/NNS ]
of/IN 
[ Heritage/NNP Media/NNP 's/POS common/NN ]
./. 

[ Rally/NNP ]
's/POS lost/VBN 
[ 1/CD 3\/4/CD ]
to/TO 
[ 21/CD 3\/4/CD ]
./. 

[ The/DT restaurant/NN operator/NN ]
said/VBD 
[ it/PRP ]
has/VBZ redeemed/VBN 
[ its/PRP$ rights/NNS ]
issued/VBN 
[ Monday/NNP  ]
under/IN 
[ its/PRP$ shareholder/NN rights/NNS ]
plan/NN ./. 

[ The/DT fast-food/NN company/NN ]
said/VBD 
[ its/PRP$ decision/NN ]
was/VBD based/VBN on/IN 
[ discussions/NNS ]
with/IN 
[ a/DT shareholder/NN group/NN ]
,/, 
[ Giant/NNP Group/NNP Ltd./NNP ]
,/, ``/`` in/IN 
[ an/DT effort/NN ]
to/TO resolve/VB 
[ certain/JJ disputes/NNS ]
with/IN 
[ the/DT company/NN ]
./. 

''/'' 

[ Giant/NNP Group/NNP ]
is/VBZ led/VBN by/IN 
[ three/CD Rally/NNP 's/POS directors/NNS ]
,/, 
[ Burt/NNP Sugarman/NNP ]
,/, 
[ James/NNP M./NNP Trotter/NNP III/NNP ]
and/CC 
[ William/NNP E./NNP Trotter/NNP II/NNP ]
,/, 
[ who/WP ]
earlier/RB 
[ this/DT month/NN ]
indicated/VBD 
[ they/PRP ]
had/VBD 
[ a/DT 42.5/CD %/NN stake/NN ]
in/IN 
[ Rally/NNP 's/POS ]
and/CC planned/VBD to/TO seek/VB 
[ a/DT majority/NN ]
of/IN 
[ seats/NNS ]
on/IN 
[ Rally/NNP 's/POS nine-member/JJ board/NN ]
./. 

[ SCI/NNP Systems/NNP ]
slipped/VBD 
[ 7\/8/CD ]
to/TO 
[ 10/CD ]
on/IN 
[ volume/NN ]
of/IN 
[ 858,000/CD shares/NNS ]
./. 

[ The/DT Huntsville/NNP ]
,/, 
[ Ala./NNP ]
,/, 
[ electronic/JJ products/NNS maker/NN ]
said/VBD 
[ it/PRP ]
expects/VBZ to/TO post/VB 
[ a/DT ]
``/`` 
[ significant/JJ ]
''/'' 
[ loss/NN ]
for/IN 
[ its/PRP$ fiscal/JJ first/JJ quarter/NN ]
ended/VBN 
[ Sept./NNP 30/CD ]
./. 

In/IN 
[ the/DT year-earlier/JJ period/NN ]
,/, 
[ SCI/NNP ]
had/VBD 
[ net/JJ income/NN ]
of/IN 
[ $/$ 4.8/CD million/CD ]
,/, or/CC 
[ 23/CD cents/NNS ]
[ a/DT share/NN ]
,/, on/IN 
[ revenue/NN ]
of/IN 
[ $/$ 225.6/CD million/CD ]
./. 

[ The/DT Internal/NNP Revenue/NNP Service/NNP ]
has/VBZ threatened/VBN 
[ criminal/JJ sanctions/NNS ]
against/IN 
[ lawyers/NNS ]
[ who/WP ]
fail/VBP to/TO report/VB detailed/JJ 
[ information/NN ]
about/IN 
[ clients/NNS ]
[ who/WP ]
pay/VBP 
[ them/PRP ]
more/JJR than/IN 
[ $/$ 10,000/CD ]
in/IN 
[ cash/NN ]
./. 

[ The/DT warnings/NNS ]
,/, issued/VBN to/TO at/IN 
[ least/JJS 100/CD criminal/NN defense/NN attorneys/NNS ]
in/IN 
[ several/JJ major/JJ cities/NNS ]
in/IN 
[ the/DT last/JJ week/NN ]
,/, have/VBP led/VBN to/TO 
[ an/DT outcry/NN ]
by/IN 
[ members/NNS ]
of/IN 
[ the/DT organized/JJ bar/NN ]
,/, 
[ who/WP ]
claim/VBP 
[ the/DT information/NN ]
is/VBZ protected/VBN by/IN 
[ attorney-client/JJ privilege/NN ]
./. 

[ The/DT IRS/NNP warnings/NNS ]
stem/VBP from/IN 
[ a/DT 1984/CD law/NN ]
[ that/WDT ]
requires/VBZ 
[ anyone/NN ]
[ who/WP ]
receives/VBZ more/JJR than/IN 
[ $/$ 10,000/CD ]
in/IN 
[ cash/NN ]
from/IN 
[ a/DT client/NN ]
or/CC 
[ customer/NN ]
in/IN 
[ one/CD ]
or/CC more/JJR related/JJ 
[ transactions/NNS ]
``/`` in/IN 
[ the/DT course/NN ]
of/IN 
[ trade/NN ]
or/CC 
[ business/NN ]
''/'' to/TO report/VB 
[ the/DT payment/NN ]
on/IN 
[ a/DT document/NN ]
known/VBN as/IN 
[ Form/NN 8300/CD ]
./. 

[ The/DT form/NN ]
asks/VBZ for/IN 
[ such/JJ details/NNS ]
as/IN 
[ the/DT client/NN 's/POS name/NN ]
,/, 
[ Social/NNP Security/NNP number/NN ]
,/, 
[ passport/NN number/NN ]
and/CC 
[ details/NNS ]
about/IN 
[ the/DT services/NNS ]
provided/VBN for/IN 
[ the/DT payment/NN ]
./. 

[ Failure/NN ]
to/TO complete/VB 
[ the/DT form/NN ]
had/VBD been/VBN punishable/JJ as/IN 
[ a/DT misdemeanor/NN ]
until/IN 
[ last/JJ November/NNP ]
,/, when/WRB 
[ Congress/NNP ]
determined/VBD that/IN 
[ the/DT crime/NN ]
was/VBD 
[ a/DT felony/NN ]
punishable/JJ by/IN up/IN to/TO 
[ 10/CD years/NNS ]
in/IN 
[ prison/NN ]
./. 

[ Attorneys/NNS ]
have/VBP argued/VBN since/IN 
[ 1985/CD ]
,/, when/WRB 
[ the/DT law/NN ]
took/VBD 
[ effect/NN ]
,/, that/IN 
[ they/PRP ]
can/MD not/RB provide/VB 
[ information/NN ]
about/IN 
[ clients/NNS ]
[ who/WP ]
do/VBP n't/RB wish/VB 
[ their/PRP$ identities/NNS ]
to/TO be/VB known/VBN ./. 

[ Many/JJ attorneys/NNS ]
have/VBP returned/VBN 
[ incomplete/JJ forms/NNS ]
to/TO 
[ the/DT IRS/NNP ]
in/IN 
[ recent/JJ years/NNS ]
,/, citing/VBG 
[ attorney-client/JJ privilege/NN ]
./. 

Until/IN 
[ last/JJ week/NN ]
,/, 
[ the/DT IRS/NNP ]
rarely/RB acted/VBD on/IN 
[ the/DT incomplete/JJ forms/NNS ]
./. 

``/`` 
[ This/DT form/NN ]
forces/VBZ 
[ a/DT lawyer/NN ]
to/TO become/VB ,/, in/IN 
[ effect/NN ]
,/, 
[ a/DT witness/NN ]
against/IN 
[ his/PRP$ client/NN ]
,/, ''/'' said/VBD 
[ Neal/NNP R./NNP Sonnett/NNP ]
,/, 
[ president/NN ]
of/IN 
[ the/DT National/NNP Association/NNP ]
of/IN 
[ Criminal/NNP Defense/NNP Lawyers/NNPS ]
./. 

``/`` 
[ The/DT IRS/NNP ]
is/VBZ asking/VBG 
[ lawyers/NNS ]
to/TO red-flag/VB 
[ a/DT criminal/JJ problem/NN ]
to/TO 
[ the/DT government/NN ]
,/, ''/'' added/VBD 
[ Mr./NNP Sonnett/NNP ]
,/, 
[ a/DT Miami/NNP lawyer/NN ]
[ who/WP ]
has/VBZ heard/VBN from/IN 
[ dozens/NNS ]
of/IN 
[ attorneys/NNS ]
[ who/WP ]
received/VBD 
[ letters/NNS ]
in/IN 
[ recent/JJ days/NNS ]
and/CC has/VBZ 
[ himself/PRP ]
received/VBD 
[ the/DT computer-generated/JJ IRS/NNP forms/NNS ]
sent/VBN by/IN 
[ certified/JJ mail/NN ]
./. 

[ Mr./NNP Sonnett/NNP ]
said/VBD that/IN 
[ clients/NNS ]
[ who/WP ]
pay/VBP 
[ cash/NN ]
may/MD include/VB 
[ alleged/VBN drug/NN dealers/NNS ]
[ who/WP ]
do/VBP n't/RB have/VB 
[ domestic/JJ bank/NN accounts/NNS ]
./. 

[ These/DT individuals/NNS ]
may/MD not/RB necessarily/RB be/VB under/IN 
[ investigation/NN ]
when/WRB 
[ they/PRP ]
hire/VBP 
[ lawyers/NNS ]
./. 

[ Mr./NNP Sonnett/NNP ]
said/VBD 
[ there/EX ]
also/RB may/MD be/VB 
[ other/JJ circumstances/NNS ]
under/IN 
[ which/WDT individuals/NNS ]
would/MD n't/RB want/VB 
[ the/DT government/NN ]
to/TO know/VB 
[ they/PRP ]
had/VBD retained/VBN 
[ criminal/JJ defense/NN lawyers/NNS ]
./. 

Filling/VBG out/RP 
[ detailed/JJ forms/NNS ]
about/IN 
[ these/DT individuals/NNS ]
would/MD tip/VB 
[ the/DT IRS/NNP off/RP ]
and/CC 
[ spark/VB action/NN ]
against/IN 
[ the/DT clients/NNS ]
,/, 
[ he/PRP ]
said/VBD ./. 

[ The/DT defense/NN lawyers/NNS '/POS group/NN ]
formed/VBD 
[ a/DT task/NN force/NN ]
[ this/DT week/NN ]
,/, 
[ chaired/VBN ]
by/IN 
[ New/NNP York/NNP attorney/NN Gerald/NNP Lefcourt/NNP ]
,/, to/TO deal/VB with/IN 
[ the/DT matter/NN ]
./. 

[ The/DT American/NNP Bar/NNP Association/NNP 's/POS House/NNP ]
of/IN 
[ Delegates/NNPS ]
passed/VBD 
[ a/DT resolution/NN ]
in/IN 
[ 1985/CD ]
condemning/VBG 
[ the/DT IRS/NNP reporting/NN requirement/NN ]
./. 

[ Michael/NNP Ross/NNP ]
,/, 
[ a/DT New/NNP York/NNP lawyer/NN ]
[ who/WP ]
heads/VBZ 
[ the/DT ABA/NNP 's/POS grand/JJ jury/NN committee/NN ]
,/, said/VBD that/IN 
[ lawyers/NNS ]
are/VBP prohibited/VBN by/IN 
[ the/DT ABA/NNP 's/POS code/NN ]
of/IN 
[ ethics/NNS ]
from/IN 
[ disclosing/VBG information/NN ]
about/IN 
[ a/DT client/NN ]
except/IN where/WRB 
[ a/DT court/NN ]
orders/VBZ 
[ it/PRP ]
or/CC to/TO prevent/VB 
[ the/DT client/NN ]
from/IN committing/VBG 
[ a/DT criminal/JJ act/NN ]
[ that/WDT ]
could/MD result/VB in/IN 
[ death/NN ]
./. 

[ Mr./NNP Ross/NNP ]
said/VBD 
[ he/PRP ]
met/VBD with/IN 
[ officials/NNS ]
of/IN 
[ the/DT IRS/NNP ]
and/CC 
[ the/DT Justice/NNP Department/NNP ]
,/, 
[ which/WDT ]
would/MD bring/VB 
[ any/DT enforcement/NN actions/NNS ]
against/IN 
[ taxpayers/NNS ]
,/, to/TO discuss/VB 
[ the/DT issue/NN last/JJ May/NNP ]
./. 

At/IN 
[ that/DT meeting/NN ]
,/, 
[ he/PRP ]
said/VBD ,/, 
[ the/DT Justice/NNP Department/NNP ]
assured/VBD 
[ him/PRP ]
that/IN 
[ enforcement/NN procedures/NNS ]
would/MD n't/RB be/VB threatened/VBN against/IN 
[ attorneys/NNS ]
without/IN 
[ further/JJ review/NN ]
and/CC 
[ advance/NN notice/NN ]
./. 

[ Mr./NNP Ross/NNP ]
said/VBD 
[ IRS/NNP officials/NNS ]
opposed/VBD 
[ the/DT Justice/NNP Department/NNP 's/POS moderate/JJ stance/NN ]
on/IN 
[ the/DT matter/NN ]
./. 

But/CC in/IN 
[ the/DT letters/NNS ]
sent/VBN in/IN 
[ recent/JJ days/NNS ]
,/, 
[ Christopher/NNP J./NNP Lezovich/NNP ]
of/IN 
[ the/DT IRS/NNP computing/NN center/NN ]
in/IN 
[ Detroit/NNP ]
,/, told/VBD 
[ attorneys/NNS ]
that/IN ``/`` failing/VBG to/TO voluntarily/RB submit/VB 
[ the/DT requested/VBN information/NN ]
could/MD result/VB in/IN 
[ summons/NN enforcement/NN action/NN ]
being/VBG initiated/VBN ./. 

''/'' In/IN 
[ some/DT cases/NNS ]
,/, 
[ the/DT IRS/NNP ]
asked/VBD for/IN 
[ information/NN ]
dating/VBG back/RB to/TO 
[ forms/NNS ]
[ it/PRP ]
received/VBD in/IN 
[ 1985/CD ]
./. 

[ A/DT spokesman/NN ]
for/IN 
[ the/DT IRS/NNP ]
confirmed/VBD that/IN ``/`` 
[ there/EX ]
has/VBZ been/VBN 
[ correspondence/NN ]
mailed/VBN about/IN 
[ incomplete/JJ 8300s/NNS ]
,/, ''/'' but/CC 
[ he/PRP ]
declined/VBD to/TO say/VB why/WRB 
[ the/DT letters/NNS ]
were/VBD sent/VBN to/TO 
[ lawyers/NNS ]
now/RB ./. 

[ Individuals/NNS ]
familiar/JJ with/IN 
[ the/DT Justice/NNP Department/NNP 's/POS policy/NN ]
said/VBD that/IN 
[ Justice/JJ officials/NNS ]
had/VBD n't/RB 
[ any/DT knowledge/NN ]
of/IN 
[ the/DT IRS/NNP 's/POS actions/NNS ]
in/IN 
[ the/DT last/JJ week/NN ]
./. 

[ Lawyers/NNS ]
worry/VBP that/IN if/IN 
[ they/PRP ]
provide/VBP 
[ information/NN ]
about/IN 
[ clients/NNS ]
,/, that/DT 
[ data/NN ]
could/MD quickly/RB end/VB up/RB in/IN 
[ the/DT hands/NNS ]
of/IN 
[ prosecutors/NNS ]
./. 

[ Prosecutors/NNS ]
need/VBP 
[ court/NN permission/NN ]
to/TO obtain/VB 
[ the/DT tax/NN ]
returns/NNS of/IN 
[ an/DT individual/NN ]
or/CC 
[ a/DT business/NN ]
./. 

But/CC 
[ they/PRP ]
have/VBP obtained/VBN 
[ 8300/JJ forms/NNS ]
without/IN 
[ court/NN permission/NN ]
and/CC used/VBD 
[ the/DT information/NN ]
to/TO help/VB develop/VB 
[ criminal/JJ cases/NNS ]
./. 

[ Some/DT criminal/JJ lawyers/NNS ]
speculated/VBD that/IN 
[ the/DT IRS/NNP ]
was/VBD sending/VBG 
[ the/DT letters/NNS ]
to/TO test/VB 
[ the/DT issue/NN ]
./. 

In/IN 
[ a/DT number/NN ]
of/IN 
[ recent/JJ cases/NNS ]
,/, 
[ federal/JJ courts/NNS ]
have/VBP refused/VBN to/TO recognize/VB 
[ attorneys/NNS '/POS assertions/NNS ]
that/IN 
[ information/NN ]
relating/VBG to/TO 
[ fees/NNS ]
from/IN 
[ clients/NNS ]
should/MD be/VB confidential/JJ ./. 

[ THE/DT WAR/NN ]
OVER/IN 
[ FEDERAL/JJ JUDICIAL/JJ SALARIES/NNS ]
takes/VBZ 
[ a/DT victim/NN ]
./. 

Often/RB ,/, 
[ judges/NNS ]
ease/VBP into/IN 
[ more/RBR lucrative/JJ private/JJ practice/NN ]
with/IN 
[ little/JJ fanfare/NN ]
,/, but/CC not/RB 
[ federal/JJ Judge/NNP Raul/NNP A./NN Ramirez/NNP ]
in/IN 
[ Sacramento/NNP ]
,/, 
[ Calif/NNP ]
./. 

On/IN 
[ Tuesday/NNP ]
,/, 
[ the/DT judge/NN ]
called/VBD 
[ a/DT news/NN conference/NN ]
to/TO say/VB 
[ he/PRP ]
was/VBD quitting/VBG 
[ effective/JJ Dec./NN 31/CD ]
to/TO join/VB 
[ a/DT San/NNP Francisco/NNP law/NN firm/NN ]
./. 

[ The/DT reason/NN ]
:/: 
[ the/DT refusal/NN ]
of/IN 
[ Congress/NNP ]
to/TO give/VB 
[ federal/JJ judges/NNS ]
[ a/DT raise/NN ]
./. 

``/`` 
[ A/DT couple/NN ]
of/IN 
[ my/PRP$ law/NN clerks/NNS ]
were/VBD going/VBG to/TO pass/VB 
[ me/PRP ]
in/IN 
[ three/CD ]
or/CC 
[ four/CD years/NNS ]
,/, and/CC 
[ I/PRP ]
was/VBD afraid/JJ 
[ I/PRP ]
was/VBD going/VBG to/TO have/VB to/TO ask/VB 
[ them/PRP ]
for/IN 
[ a/DT loan/NN ]
,/, ''/'' 
[ the/DT judge/NN quipped/VBD ]
in/IN 
[ an/DT interview/NN ]
./. 

[ Federal/JJ judges/NNS ]
make/VBP 
[ $/$ 89,500/CD ]
annually/RB ;/: in/IN 
[ February/NNP ]
,/, 
[ Congress/NNP ]
rejected/VBD 
[ a/DT bill/NN ]
[ that/WDT ]
would/MD have/VB increased/VBN 
[ their/PRP$ pay/NN ]
by/IN 
[ 50/CD %/NN ]
./. 

[ Judge/NNP Ramirez/NNP ]
,/, 
[ 44/CD ]
,/, said/VBD 
[ it/PRP ]
is/VBZ unjust/JJ for/IN 
[ judges/NNS ]
to/TO make/VB 
[ what/WP ]
[ they/PRP ]
do/VBP ./. 

``/`` 
[ Judges/NNS ]
are/VBP not/RB getting/VBG 
[ what/WP ]
[ they/PRP ]
deserve/VBP ./. 

[ You/PRP ]
look/VBP around/IN at/IN 
[ professional/JJ ballplayers/NNS ]
or/CC 
[ accountants/NNS .../: ]
and/CC 
[ nobody/NN ]
[ blinks/VBZ ]
[ an/DT eye/NN ]
./. 

When/WRB 
[ you/PRP ]
become/VBP 
[ a/DT federal/JJ judge/NN ]
,/, 
[ all/DT ]
of/IN 
[ a/DT sudden/JJ you/PRP ]
are/VBP relegated/VBN to/TO 
[ a/DT paltry/JJ sum/NN ]
./. 

''/'' 

At/IN 
[ his/PRP$ new/JJ job/NN ]
,/, as/IN 
[ partner/NN ]
in/IN 
[ charge/NN ]
of/IN 
[ federal/JJ litigation/NN ]
in/IN 
[ the/DT Sacramento/NNP office/NN ]
of/IN 
[ Orrick/NNP ]
,/, 
[ Herrington/NNP ]
&/CC 
[ Sutcliffe/NNP ]
,/, 
[ he/PRP ]
will/MD make/VB out/RP much/RB better/RBR ./. 

[ The/DT judge/NN ]
declined/VBD to/TO discuss/VB 
[ his/PRP$ salary/NN ]
in/IN 
[ detail/NN ]
,/, but/CC said/VBD :/: ``/`` 
[ I/PRP ]
'm/VBP going/VBG to/TO be/VB 
[ a/DT high-priced/JJ lawyer/NN ]
./. 

''/'' 

[ DOONESBURY/NNP CREATOR'S/NN UNION/NN TROUBLES/NNS ]
are/VBP 
[ no/DT laughing/JJ matter/NN ]
./. 

[ Cartoonist/NN Garry/NNP Trudeau/NNP ]
is/VBZ suing/VBG 
[ the/DT Writers/NNPS Guild/NNP ]
of/IN 
[ America/NNP East/NNP ]
for/IN 
[ $/$ 11/CD million/CD ]
,/, alleging/VBG 
[ it/PRP ]
mounted/VBD 
[ a/DT ]
``/`` 
[ campaign/NN ]
to/TO harass/VB and/CC punish/VB ''/'' 
[ him/PRP ]
for/IN crossing/VBG 
[ a/DT screenwriters/NNS '/POS picket/NN line/NN ]
./. 

[ The/DT dispute/NN ]
involves/VBZ 
[ Darkhorse/NNP Productions/NNPS Inc./NNP ]
,/, 
[ a/DT TV/NN production/NN company/NN ]
in/IN 
[ which/WDT ]
[ Mr./NNP Trudeau/NNP ]
is/VBZ 
[ a/DT co-owner/NN ]
./. 

[ Mr./NNP Trudeau/NNP ]
,/, 
[ a/DT Writers/NNPS Guild/NNP member/NN ]
,/, also/RB was/VBD employed/VBN as/IN 
[ a/DT writer/NN ]
for/IN 
[ Darkhorse/NNP ]
,/, 
[ which/WDT ]
was/VBD covered/VBN by/IN 
[ a/DT guild/NN collective-bargaining/JJ agreement/NN ]
./. 

[ The/DT guild/NN ]
began/VBD 
[ a/DT strike/NN ]
against/IN 
[ the/DT TV/NN ]
and/CC 
[ movie/NN industry/NN ]
in/IN 
[ March/NNP 1988/CD ]
./. 

In/IN 
[ his/PRP$ lawsuit/NN ]
,/, 
[ Mr./NNP Trudeau/NNP ]
says/VBZ 
[ the/DT strike/NN ]
illegally/RB included/VBD 
[ Darkhorse/NNP ]
,/, and/CC 
[ the/DT cartoonist/NN ]
refused/VBD to/TO honor/VB 
[ the/DT strike/NN ]
against/IN 
[ the/DT company/NN ]
./. 

[ A/DT spokesman/NN ]
for/IN 
[ the/DT guild/NN ]
said/VBD 
[ the/DT union/NN 's/POS lawyers/NNS ]
are/VBP reviewing/VBG 
[ the/DT suit/NN ]
./. 

[ He/PRP ]
said/VBD 
[ disciplinary/JJ proceedings/NNS ]
are/VBP confidential/JJ and/CC declined/VBD to/TO comment/VB on/IN whether/IN 
[ any/DT ]
are/VBP being/VBG held/VBN against/IN 
[ Mr./NNP Trudeau/NNP ]
./. 

[ Mr./NNP Trudeau/NNP 's/POS attorney/NN ]
,/, 
[ Norman/NNP K./NNP Samnick/NNP ]
,/, said/VBD 
[ the/DT harassment/NN ]
consists/VBZ mainly/RB of/IN 
[ the/DT guild/NN 's/POS year-long/JJ threats/NNS ]
of/IN 
[ disciplinary/JJ action/NN ]
./. 

[ Mr./NNP Samnick/NNP ]
said/VBD 
[ a/DT guild/NN disciplinary/JJ hearing/NN ]
is/VBZ scheduled/VBN next/IN 
[ Monday/NNP ]
in/IN 
[ New/NNP York/NNP ]
./. 

[ Mr./NNP Samnick/NNP ]
,/, 
[ who/WP ]
will/MD go/VB before/IN 
[ the/DT disciplinary/JJ panel/NN ]
,/, said/VBD 
[ the/DT proceedings/NNS ]
are/VBP unfair/JJ and/CC that/IN 
[ any/DT punishment/NN ]
from/IN 
[ the/DT guild/NN ]
would/MD be/VB unjustified/JJ ./. 

In/IN 
[ addition/NN ]
to/TO 
[ the/DT damages/NNS ]
,/, 
[ the/DT suit/NN ]
seeks/VBZ 
[ a/DT court/NN order/NN ]
preventing/VBG 
[ the/DT guild/NN ]
from/IN punishing/VBG or/CC retaliating/VBG against/IN 
[ Mr./NNP Trudeau/NNP ]
./. 

[ ABORTION/NN RULING/NN UPHELD/VBN ]
:/: 
[ A/DT federal/JJ appeals/NNS court/NN ]
upheld/VBD 
[ a/DT lower/JJR court/NN ]
ruling/NN that/IN 
[ the/DT U.S./NNP ]
can/MD bar/VB 
[ the/DT use/NN ]
of/IN 
[ federal/JJ funds/NNS ]
for/IN 
[ family-planning/JJ programs/NNS ]
[ that/WDT ]
include/VBP 
[ abortion-related/JJ services/NNS ]
./. 

[ A/DT Department/NNP ]
of/IN 
[ Health/NNP ]
and/CC 
[ Human/NNP Services/NNPS rule/NN ]
adopted/VBN in/IN 
[ 1988/CD ]
prohibits/VBZ 
[ the/DT use/NN ]
of/IN 
[ so-called/JJ Title/NN X/NNP funds/NNS ]
for/IN 
[ programs/NNS ]
[ that/WDT ]
assist/VBP 
[ a/DT woman/NN ]
in/IN obtaining/VBG 
[ an/DT abortion/NN ]
,/, such/JJ as/IN 
[ abortion/NN counseling/NN ]
and/CC 
[ referrals/NNS ]
./. 

[ The/DT rule/NN ]
also/RB prohibits/VBZ funding/NN for/IN 
[ activities/NNS ]
that/WDT ``/`` encourage/VBP ,/, promote/VBP or/CC advocate/VBP 
[ abortion/NN ]
./. 

''/'' 
[ Title/NN X/NNP funds/NNS ]
are/VBP 
[ the/DT single/JJ largest/JJS source/NN ]
of/IN 
[ federal/JJ ]
funding/NN for/IN 
[ family-planning/JJ services/NNS ]
,/, according/VBG to/TO 
[ the/DT opinion/NN ]
by/IN 
[ the/DT Second/NNP U.S./NNP Circuit/NNP Court/NNP ]
of/IN 
[ Appeals/NNPS ]
in/IN 
[ New/NNP York/NNP ]
./. 

[ The/DT panel/NN ]
ruled/VBD that/IN 
[ the/DT restrictions/NNS ]
do/VBP n't/RB violate/VB 
[ the/DT freedom/NN ]
of/IN 
[ speech/NN ]
of/IN 
[ health/NN care/NN providers/NNS ]
and/CC that/IN 
[ the/DT limits/NNS ]
on/IN 
[ counseling/NN services/NNS ]
do/VBP n't/RB violate/VB 
[ the/DT rights/NNS ]
of/IN 
[ pregnant/JJ women/NNS ]
./. 

[ INQUIRY/NN CLEARS/VBZ TEXAS/NNP JUDGE/NN ]
of/IN 
[ bias/NN ]
in/IN 
[ comments/NNS ]
on/IN 
[ homosexual/JJ murder/NN victims/NNS ]
./. 

[ Dallas/NNP District/NNP Judge/NNP Jack/NNP Hampton/NNP ]
had/VBD sparked/VBN 
[ calls/NNS ]
for/IN 
[ a/DT judicial/JJ inquiry/NN ]
with/IN 
[ his/PRP$ remarks/NNS ]
to/TO 
[ the/DT press/NN last/JJ December/NNP ]
,/, 
[ two/CD weeks/NNS ]
after/IN sentencing/VBG 
[ an/DT 18-year-old/JJ defendant/NN ]
to/TO 
[ 30/CD years/NNS ]
in/IN 
[ state/NN prison/NN ]
for/IN killing/VBG 
[ two/CD homosexual/JJ men/NNS ]
in/IN 
[ a/DT city/NN park/NN ]
./. 

[ The/DT judge/NN ]
was/VBD quoted/VBN as/IN referring/VBG to/TO 
[ the/DT victims/NNS ]
as/IN ``/`` 
[ queers/NNS ]
''/'' and/CC saying/VBG 
[ they/PRP ]
would/MD n't/RB have/VB been/VBN killed/VBN ``/`` if/IN 
[ they/PRP ]
had/VBD n't/RB been/VBN cruising/VBG 
[ the/DT streets/NNS ]
picking/VBG up/RP 
[ teenage/JJ boys/NNS ]
./. 

''/'' 

But/CC 
[ Robert/NNP R./NNP Murray/NNP ]
,/, 
[ a/DT special/JJ master/NN ]
appointed/VBN by/IN 
[ the/DT Texas/NNP Supreme/NNP Court/NNP ]
,/, said/VBD 
[ Judge/NNP Hampton/NNP ]
did/VBD n't/RB breach/VB 
[ any/DT judicial/JJ standards/NNS ]
of/IN 
[ fairness/NN ]
,/, although/IN 
[ he/PRP ]
did/VBD violate/VB 
[ the/DT state/NN 's/POS judicial/JJ code/NN ]
by/IN commenting/VBG publicly/RB on/IN 
[ a/DT pending/VBG case/NN ]
./. 

Observing/VBG that/IN 
[ the/DT judge/NN ]
``/`` has/VBZ never/RB exhibited/VBN 
[ any/DT bias/NN ]
or/CC 
[ prejudice/NN ]
,/, ''/'' 
[ Mr./NNP Murray/NNP ]
concluded/VBD that/IN 
[ he/PRP ]
``/`` would/MD be/VB impartial/JJ in/IN 
[ any/DT case/NN ]
involving/VBG 
[ a/DT homosexual/NN ]
or/CC 
[ prostitute/NN ]
''/'' as/IN 
[ a/DT victim/NN ]
./. 

[ Mr./NNP Murray/NNP ]
also/RB said/VBD 
[ Judge/NNP Hampton/NNP 's/POS comments/NNS ]
did/VBD n't/RB discredit/VB 
[ the/DT judiciary/NN ]
or/CC 
[ the/DT administration/NN ]
of/IN 
[ justice/NN ]
./. 

[ The/DT report/NN ]
is/VBZ subject/JJ to/TO review/VB by/IN 
[ the/DT State/NNP Commission/NNP ]
on/IN 
[ Judicial/NNP Conduct/NNP ]
,/, 
[ which/WDT ]
is/VBZ empowered/VBN to/TO impose/VB 
[ sanctions/NNS ]
./. 

[ GAF/NNP TRIAL/NN ]
goes/VBZ to/TO round/NN 
[ three/CD ]
./. 

[ Attorneys/NNS ]
in/IN 
[ the/DT third/JJ stock-manipulation/JJ trial/NN ]
of/IN 
[ GAF/NNP Corp./NNP ]
began/VBD opening/VBG 
[ arguments/NNS ]
yesterday/NN in/IN 
[ the/DT Manhattan/NNP courtroom/NN ]
of/IN 
[ U.S./NNP District/NNP Judge/NNP Mary/NNP Johnson/NNP Lowe/NNP ]
./. 

In/IN 
[ an/DT eight-count/JJ indictment/NN ]
,/, 
[ the/DT government/NN ]
has/VBZ charged/VBN 
[ GAF/NNP ]
,/, 
[ a/DT Wayne/NNP ]
,/, 
[ N.J./NNP ]
,/, 
[ specialty/NN chemical/NN maker/NN ]
,/, and/CC 
[ its/PRP$ Vice/NNP Chairman/NNP James/NNP T./NNP Sherwin/NNP ]
with/IN 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 
[ November/NNP 1986/CD ]
./. 

[ The/DT first/JJ two/CD GAF/NNP trials/NNS ]
ended/VBD in/IN 
[ mistrials/NNS ]
earlier/RBR 
[ this/DT year/NN ]
./. 

[ This/DT trial/NN ]
is/VBZ expected/VBN to/TO last/VB 
[ five/CD weeks/NNS ]
./. 

[ SWITCHING/VBG ]
TO/TO 
[ THE/DT DEFENSE/NN ]
:/: 
[ A/DT former/JJ member/NN ]
of/IN 
[ the/DT prosecution/NN team/NN ]
in/IN 
[ the/DT Iran\/Contra/NNP affair/NN ]
joined/VBD 
[ the/DT Chicago/NNP firm/NN ]
of/IN 
[ Mayer/NNP ]
,/, 
[ Brown/NNP ]
&/CC 
[ Platt/NNP ]
./. 

[ Michael/NNP R./NNP Bromwich/NNP ]
,/, 
[ a/DT member/NN ]
since/IN 
[ January/NNP 1987/CD ]
of/IN 
[ the/DT three-lawyer/JJ trial/NN team/NN ]
in/IN 
[ the/DT prosecution/NN ]
of/IN 
[ Oliver/NNP North/NNP ]
,/, became/VBD 
[ a/DT partner/NN ]
in/IN 
[ the/DT Washington/NNP ]
,/, 
[ D.C./NNP ]
,/, 
[ office/NN ]
of/IN 
[ the/DT 520-lawyer/JJ firm/NN ]
./. 

[ He/PRP ]
will/MD specialize/VB in/IN 
[ white-collar/JJ criminal/NN defense/NN work/NN ]
./. 

[ Mr./NNP Bromwich/NNP ]
,/, 
[ 35/CD ]
,/, also/RB has/VBZ served/VBN as/IN 
[ deputy/NN chief/NN ]
and/CC 
[ chief/NN ]
of/IN 
[ the/DT narcotics/NNS unit/NN ]
for/IN 
[ the/DT U.S./NNP attorney/NN 's/POS office/NN ]
for/IN 
[ the/DT Southern/NNP District/NNP ]
of/IN 
[ New/NNP York/NNP ]
,/, based/VBN in/IN 
[ Manhattan/NNP ]
./. 

[ Cooper/NNP Tire/NNP ]
&/SYM 
[ Rubber/NNP Co./NNP ]
said/VBD 
[ it/PRP ]
has/VBZ reached/VBN 
[ an/DT agreement/NN ]
in/IN 
[ principle/NN ]
to/TO buy/VB 
[ buildings/NNS ]
and/CC related/JJ 
[ property/NN ]
in/IN 
[ Albany/NNP ]
,/, 
[ Ga./NNP ]
,/, from/IN 
[ Bridgestone\/Firestone/NNP Inc/NNP ]
./. 

[ Terms/NNS ]
were/VBD n't/RB disclosed/VBN ./. 

[ The/DT tire/NN maker/NN ]
said/VBD 
[ the/DT buildings/NNS ]
consist/VBP of/IN 
[ 1.8/CD million/CD square/JJ feet/NNS ]
of/IN 
[ office/NN ]
,/, manufacturing/NN and/CC 
[ warehousing/NN space/NN ]
on/IN 
[ 353/CD acres/NNS ]
of/IN 
[ land/NN ]
./. 

[ Fujitsu/NNP Ltd./NNP 's/POS top/JJ executive/NN ]
took/VBD 
[ the/DT unusual/JJ step/NN ]
of/IN publicly/RB apologizing/VBG for/IN 
[ his/PRP$ company/NN 's/POS making/VBG bids/NNS ]
of/IN just/RB 
[ one/CD yen/NN ]
for/IN 
[ several/JJ local/JJ government/NN projects/NNS ]
,/, while/IN 
[ computer/NN rival/NN NEC/NNP Corp./NNP ]
made/VBD 
[ a/DT written/VBN apology/NN ]
for/IN indulging/VBG in/IN 
[ the/DT same/JJ practice/NN ]
./. 

Meanwhile/RB ,/, 
[ business/NN ]
and/CC 
[ government/NN leaders/NNS ]
rebuked/VBD 
[ the/DT computer/NN makers/NNS ]
,/, and/CC fretted/VBD about/IN 
[ the/DT broader/JJR statement/NN ]
[ the/DT companies/NNS '/POS actions/NNS ]
make/VBP about/IN 
[ Japanese/JJ cutthroat/JJ pricing/NN ]
./. 

[ Fujitsu/NNP ]
said/VBD 
[ it/PRP ]
bid/VBD 
[ the/DT equivalent/NN ]
of/IN 
[ less/JJR ]
than/IN 
[ a/DT U.S./NNP penny/NN ]
on/IN 
[ three/CD separate/JJ municipal/JJ contracts/NNS ]
during/IN 
[ the/DT past/JJ two/CD years/NNS ]
./. 

[ The/DT company/NN ]
also/RB disclosed/VBD that/IN during/IN 
[ that/DT period/NN ]
[ it/PRP ]
offered/VBD 
[ 10,000/CD yen/NNS ]
,/, or/CC about/RB 
[ $/$ 70/CD ]
,/, for/IN 
[ another/DT contract/NN ]
./. 

But/CC 
[ Fujitsu/NNP ]
,/, 
[ Japan/NNP 's/POS No./NN 1/CD computer/NN maker/NN ]
,/, is/VBZ n't/RB alone/RB ./. 

[ NEC/NNP ]
,/, 
[ one/CD ]
of/IN 
[ its/PRP$ largest/JJS domestic/JJ competitors/NNS ]
,/, said/VBD 
[ it/PRP ]
bid/VBD 
[ one/CD yen/NN ]
in/IN 
[ two/CD separate/JJ public/JJ auctions/NNS ]
since/IN 
[ 1987/CD ]
./. 

In/IN 
[ both/DT ]
[ cases/NNS ]
,/, 
[ NEC/NNP ]
lost/VBD 
[ the/DT contract/NN ]
to/TO 
[ Fujitsu/NNP ]
,/, 
[ which/WDT ]
made/VBD 
[ the/DT same/JJ bid/NN ]
and/CC won/VBD 
[ a/DT tie-breaking/JJ lottery/NN ]
./. 

[ All/DT the/DT contracts/NNS ]
were/VBD for/IN 
[ computer-system-design/JJ contracts/NNS ]
and/CC involved/VBD 
[ no/DT hardware/NN ]
or/CC 
[ software/NN ]
./. 

[ The/DT Ministry/NNP ]
of/IN 
[ International/NNP Trade/NNP ]
and/CC 
[ Industry/NNP ]
summoned/VBD 
[ executives/NNS ]
from/IN 
[ the/DT companies/NNS ]
to/TO ``/`` make/VB 
[ sure/JJ they/PRP ]
understood/VBD ''/'' 
[ the/DT concern/NN ]
about/IN 
[ such/JJ practices/NNS ]
,/, according/VBG to/TO 
[ a/DT government/NN spokesman/NN ]
./. 

``/`` 
[ These/DT cases/NNS ]
lead/VBP to/TO 
[ the/DT loss/NN ]
of/IN 
[ the/DT firms/NNS '/POS social/JJ ]
and/CC 
[ international/JJ credibility/NN ]
,/, ''/'' 
[ a/DT ministry/NN statement/NN ]
said/VBD ./. 

[ Japan/NNP 's/POS Fair/NNP Trade/NNP Commission/NNP ]
has/VBZ said/VBD 
[ it/PRP ]
is/VBZ considering/VBG investigating/VBG 
[ the/DT bids/NNS ]
for/IN 
[ possible/JJ antitrust-law/JJ violations/NNS ]
./. 

``/`` 
[ We/PRP ]
would/MD like/VB to/TO apologize/VB for/IN having/VBG caused/VBN 
[ huge/JJ trouble/NN ]
,/, ''/'' 
[ Fujitsu/NNP President/NNP Takuma/NNP Yamamoto/NNP ]
,/, read/VBD from/IN 
[ a/DT prepared/VBN statement/NN ]
as/IN 
[ he/PRP ]
stood/VBD before/IN 
[ a/DT packed/JJ news/NN conference/NN ]
at/IN 
[ his/PRP$ company/NN 's/POS downtown/NN headquarters/NN ]
./. 

[ The/DT bids/NNS ]
,/, 
[ he/PRP ]
added/VBD ,/, were/VBD ``/`` 
[ contrary/JJ ]
to/TO 
[ common/JJ sense/NN ]
./. 

''/'' 

[ NEC/NNP ]
released/VBD 
[ a/DT statement/NN ]
saying/VBG ,/, ``/`` 
[ We/PRP ]
feel/VBP 
[ sorry/JJ ]
for/IN having/VBG 
[ caused/VBN trouble/NN ]
to/TO 
[ society/NN ]
,/, ''/'' 
[ a/DT form/NN ]
of/IN 
[ apology/NN common/JJ ]
in/IN 
[ Japan/NNP ]
for/IN 
[ companies/NNS ]
caught/VBN in/IN embarrassing/JJ 
[ situations/NNS ]
./. 

[ Japanese/JJ companies/NNS ]
have/VBP long/RB had/VBD 
[ a/DT reputation/NN ]
for/IN sacrificing/VBG 
[ short-term/JJ profits/NNS ]
to/TO make/VB 
[ a/DT sale/NN ]
[ that/WDT ]
may/MD have/VB 
[ long-term/JJ benefits/NNS ]
./. 

But/CC 
[ the/DT growing/VBG controversy/NN ]
comes/VBZ as/IN 
[ many/JJ practices/NNS ]
historically/RB accepted/VBN as/IN 
[ normal/JJ ]
here/RB --/: such/JJ as/IN 
[ politicians/NNS ]
accepting/VBG 
[ substantial/JJ gifts/NNS ]
from/IN 
[ businessmen/NNS ]
or/CC having/VBG 
[ extramarital/JJ affairs/NNS ]
--/: are/IN coming/VBG under/IN 
[ close/JJ ethical/JJ scrutiny/NN ]
./. 

[ The/DT fire/NN ]
is/VBZ also/RB fueled/VBN by/IN growing/JJ 
[ international/JJ interest/NN ]
in/IN 
[ Japanese/JJ behavior/NN ]
./. 

So/RB far/RB 
[ there/EX ]
have/VBP been/VBN 
[ no/DT public/JJ overseas/JJ complaints/NNS ]
about/IN 
[ the/DT issue/NN ]
./. 

But/CC in/IN 
[ one/CD ]
of/IN 
[ the/DT auctions/NNS ]
in/IN 
[ question/NN ]
,/, 
[ International/NNP Business/NNP Machines/NNP Corp./NNP ]
made/VBD 
[ a/DT bid/NN ]
substantially/RB higher/JJR than/IN 
[ the/DT Fujitsu/NNP offer/NN ]
,/, according/VBG to/TO 
[ the/DT municipality/NN ]
./. 

[ The/DT low-ball/JJ ]
bids/NNS 
[ touch/VBP ]
on/IN 
[ issues/NNS central/JJ ]
to/TO 
[ the/DT ]
increasingly/RB 
[ tense/JJ trade/NN debate/NN ]
./. 

[ Foreigners/NNS ]
complain/VBP that/IN 
[ they/PRP ]
have/VBP limited/JJ 
[ access/NN ]
to/TO 
[ government/NN procurement/NN ]
in/IN 
[ Japan/NNP ]
,/, in/IN 
[ part/NN ]
because/IN 
[ Japanese/JJ companies/NNS ]
unfairly/RB undercut/VBP 
[ them/PRP ]
./. 

[ The/DT U.S./NNP government/NN ]
in/IN 
[ recent/JJ years/NNS ]
has/VBZ accused/VBN 
[ Japanese/JJ companies/NNS ]
of/IN excessively/RB slashing/VBG 
[ prices/NNS ]
on/IN 
[ semiconductors/NNS ]
and/CC 
[ supercomputers/NNS --/: products/NNS Fujitsu/NNP ]
and/CC 
[ NEC/NNP ]
make/VBP ./. 

Asked/VBD whether/IN 
[ the/DT bidding/NN flap/NN ]
would/MD hurt/VB 
[ U.S.-Japan/JJ relations/NNS ]
,/, 
[ Mr./NNP Yamamoto/NNP ]
said/VBD ,/, ``/`` 
[ this/DT ]
will/MD be/VB 
[ a/DT minus/NN factor/NN ]
./. 

''/'' 

[ The/DT ]
``/`` 
[ one-yen/JJ ]
''/'' 
[ controversy/NN ]
first/RB came/VBD to/TO 
[ a/DT head/NN last/JJ week/NN ]
when/WRB 
[ the/DT city/NN ]
of/IN 
[ Hiroshima/NNP ]
announced/VBD that/IN 
[ Fujitsu/NNP ]
won/VBD 
[ a/DT contract/NN ]
to/TO design/VB 
[ a/DT computer/NN system/NN ]
to/TO map/VB 
[ its/PRP$ waterworks/NN ]
./. 

[ The/DT city/NN ]
had/VBD expected/VBN to/TO pay/VB about/RB 
[ 11/CD million/CD yen/NNS ]
 (/( 
[ $/$ 77,000/CD ]
 )/) ,/, but/CC 
[ Fujitsu/NNP ]
essentially/RB offered/VBD to/TO do/VB 
[ it/PRP ]
for/IN free/RB ./. 

Then/RB 
[ Wednesday/NNP ]
,/, 
[ Fujitsu/NNP ]
said/VBD 
[ it/PRP ]
made/VBD 
[ a/DT similar/JJ bid/NN ]
to/TO win/VB 
[ a/DT library/NN contract/NN ]
in/IN 
[ Nagano/NNP prefecture/NN two/CD weeks/NNS ]
earlier/RBR ./. 

[ It/PRP ]
also/RB said/VBD that/IN in/IN 
[ July/NNP ]
,/, 
[ it/PRP ]
bid/VBD 
[ 10,000/CD yen/NNS ]
to/TO design/VB 
[ a/DT system/NN ]
for/IN 
[ the/DT Saitama/NNP prefectural/JJ library/NN ]
,/, and/CC 
[ two/CD years/NNS ]
ago/RB ,/, 
[ it/PRP ]
bid/VBD 
[ one/CD yen/NN ]
to/TO plan/VB 
[ the/DT telecommunications/NNS system/NN ]
for/IN 
[ Wakayama/NNP prefecture/NN ]
./. 

[ The/DT company/NN ]
said/VBD 
[ it/PRP ]
has/VBZ offered/VBN to/TO withdraw/VB 
[ its/PRP$ bids/NNS ]
in/IN 
[ Hiroshima/NNP ]
and/CC 
[ Nagano/NNP ]
./. 

[ The/DT municipalities/NNS ]
said/VBD 
[ they/PRP ]
have/VBP n't/RB decided/VBN whether/IN to/TO try/VB to/TO force/VB 
[ the/DT company/NN ]
to/TO go/VB through/RP with/IN 
[ the/DT contracts/NNS ]
./. 

[ Fujitsu/NNP ]
and/CC 
[ NEC/NNP ]
said/VBD 
[ they/PRP ]
were/VBD still/RB investigating/VBG ,/, and/CC 
[ that/IN knowledge/NN ]
of/IN 
[ more/JJR such/JJ bids/NNS ]
could/MD emerge/VB ./. 

[ Mr./NNP Yamamoto/NNP ]
insisted/VBD that/IN 
[ headquarters/NNS ]
had/VBD n't/RB approved/VBN 
[ the/DT bids/NNS ]
,/, and/CC that/IN 
[ he/PRP ]
did/VBD n't/RB know/VB about/IN most/JJS of/IN 
[ the/DT cases/NNS ]
until/IN 
[ Wednesday/NNP ]
./. 

[ Other/JJ major/JJ Japanese/JJ computer/NN companies/NNS ]
contacted/VBN yesterday/NN said/VBD 
[ they/PRP ]
have/VBP never/RBR made/VBN 
[ such/JJ bids/NNS ]
./. 

``/`` 
[ One/CD yen/NN ]
is/VBZ not/RB 
[ ethical/JJ ]
,/, ''/'' 
[ Michio/NNP Sasaki/NNP ]
,/, 
[ an/DT official/NN ]
at/IN 
[ Keidanren/NNP ]
,/, 
[ the/DT Japan/NNP Federation/NNP ]
of/IN 
[ Economic/NNP Organizations/NNP ]
,/, said/VBD ./. 

``/`` 
[ Profit/NN ]
may/MD be/VB low/JJ ,/, but/CC at/IN 
[ least/JJS costs/NNS ]
should/MD be/VB covered/VBN ./. 

''/''

[ PAPERS/NNS ]
:/: 
[ Backe/NNP Group/NNP Inc./NNP ]
agreed/VBD to/TO acquire/VB 
[ Atlantic/NNP Publications/NNP Inc./NNP ]
,/, 
[ which/WDT ]
has/VBZ 
[ 30/CD community/NN papers/NNS ]
and/CC 
[ annual/JJ sales/NNS ]
of/IN 
[ $/$ 7/CD million/CD ]
./. 

[ Terms/NNS ]
were/VBD n't/RB disclosed/VBN ./. 

[ Backe/NNP ]
is/VBZ 
[ a/DT ]
closely/RB held/VBN 
[ media/NNS firm/NN ]
run/VBN by/IN 
[ former/JJ CBS/NNP Inc./NNP President/NNP John/NNP Backe/NNP ]
./. 

[ TV/NN ]
:/: 
[ Price/NNP Communications/NNP Corp./NNP ]
completed/VBD 
[ the/DT sale/NN ]
of/IN 
[ four/CD ]
of/IN 
[ its/PRP$ TV/NN stations/NNS ]
to/TO 
[ NTG/NNP Inc./NNP ]
for/IN 
[ $/$ 120/CD million/CD ]
in/IN 
[ cash/NN ]
and/CC 
[ notes/NNS ]
,/, retaining/VBG 
[ a/DT 10/CD %/NN equity/NN stake/NN ]
in/IN 
[ the/DT new/JJ concern/NN ]
./. 

[ NTG/NNP ]
was/VBD formed/VBN by/IN 
[ Osborn/NNP Communications/NNP Corp./NNP ]
and/CC 
[ Desai/NNP Capital/NNP ]
./. 

[ Michaels/NNP Stores/NNP Inc./NNP ]
,/, 
[ which/WDT ]
owns/VBZ and/CC operates/VBZ 
[ a/DT chain/NN ]
of/IN 
[ specialty/NN retail/NN stores/NNS ]
,/, said/VBD 
[ October/NNP sales/NNS ]
rose/VBD 
[ 14.6/CD %/NN ]
to/TO 
[ $/$ 32.8/CD million/CD ]
from/IN 
[ $/$ 28.6/CD million/CD ]
[ a/DT year/NN ]
earlier/RBR ./. 

[ Sales/NNS ]
in/IN 
[ stores/NNS ]
open/JJ more/JJR than/IN 
[ one/CD year/NN ]
rose/VBD 
[ 3/CD %/NN ]
to/TO 
[ $/$ 29.3/CD million/CD ]
from/IN 
[ $/$ 28.4/CD million/CD ]
./. 

[ Furukawa/NNP Co./NNP ]
of/IN 
[ Japan/NNP ]
said/VBD 
[ it/PRP ]
will/MD acquire/VB 
[ two/CD construction/NN machinery/NN plants/NNS ]
and/CC 
[ a/DT sales/NNS unit/NN ]
in/IN 
[ France/NNP ]
formerly/RB belonging/VBG to/TO 
[ Dresser/NNP Industries/NNP Inc./NNP ]
of/IN 
[ the/DT U.S/NNP ]
./. 

[ The/DT company/NN ]
said/VBD 
[ it/PRP ]
made/VBD 
[ the/DT purchase/NN ]
in/IN 
[ order/NN ]
to/TO locally/RB produce/VB hydraulically/RB operated/VBN 
[ shovels/NNS ]
./. 

[ Last/JJ October/NNP ]
,/, 
[ the/DT company/NN ]
also/RB bought/VBD 
[ a/DT wheel-loader/JJ manufacturing/NN plant/NN ]
in/IN 
[ Heidelberg/NNP ]
,/, 
[ West/NNP Germany/NNP ]
,/, from/IN 
[ Dresser/NNP ]
./. 

[ Furukawa/NNP ]
said/VBD 
[ the/DT purchase/NN ]
of/IN 
[ the/DT French/JJ ]
and/CC 
[ German/JJ plants/NNS ]
together/RB will/MD total/VB about/RB 
[ 40/CD billion/CD yen/NNS ]
 (/( 
[ $/$ 280/CD million/CD ]
 )/) ./. 

[ Structural/NNP Dynamics/NNP Research/NNP Corp./NNP ]
,/, 
[ which/WDT ]
makes/VBZ 
[ computer-aided/JJ engineering/NN software/NN ]
,/, said/VBD 
[ it/PRP ]
introduced/VBD 
[ new/JJ technology/NN ]
in/IN 
[ mechanical/JJ design/NN automation/NN ]
[ that/WDT ]
will/MD improve/VB 
[ mechanical/JJ engineering/NN productivity/NN ]
./. 

@/IN 
[ Money/NNP Market/NNP Deposits-a/NNP 6.21/CD %/NN ]
a/LS -/:
Average/JJ rate/NN
paid/VBN yesterday/NN by/IN 
[ 100/CD large/JJ banks/NNS ]
and/CC 
[ thrifts/NNS ]
in/IN 
[ the/DT 10/CD largest/JJS metropolitan/JJ areas/NNS ]
as/IN compiled/VBN by/IN 
[ Bank/NNP Rate/NNP Monitor/NNP ]
./. 

b/LS -/:
Current/JJ annual/JJ yield/NN
./. 

Guaranteed/VBN 
[ minimum/NN 6/CD %/NN ]
./. 

[ LSI/NNP Logic/NNP Corp./NNP ]
reported/VBD 
[ a/DT surprise/NN $/$ 35.7/CD million/CD third-quarter/JJ net/JJ loss/NN ]
,/, including/VBG 
[ a/DT special/JJ restructuring/NN charge/NN ]
[ that/WDT ]
reflects/VBZ 
[ a/DT ]
continuing/VBG 
[ industry-wide/JJ slowdown/NN ]
in/IN 
[ semiconductor/NN demand/NN ]
./. 

In/IN 
[ September/NNP ]
,/, 
[ the/DT custom-chip/JJ maker/NN ]
said/VBD 
[ excess/JJ capacity/NN ]
and/CC 
[ lagging/VBG billings/NNS ]
would/MD result/VB in/IN 
[ an/DT estimated/VBN $/$ 2/CD million/CD ]
to/TO 
[ $/$ 3/CD million/CD net/JJ loss/NN ]
for/IN 
[ the/DT third/JJ quarter/NN ]
./. 

But/CC 
[ company/NN officials/NNS ]
said/VBD yesterday/NN that/IN 
[ they/PRP ]
decided/VBD to/TO take/VB 
[ a/DT $/$ 43/CD million/CD pretax/JJ charge/NN ]
for/IN 
[ the/DT period/NN ]
to/TO cover/VB 
[ a/DT ]
restructuring/NN of/IN 
[ world-wide/JJ manufacturing/NN operations/NNS ]
,/, citing/VBG 
[ extended/JJ weakness/NN ]
in/IN 
[ the/DT market/NN ]
as/RB well/RB as/IN 
[ a/DT decision/NN ]
to/TO switch/VB to/TO 
[ more/JJR economical/JJ production/NN techniques/NNS ]
./. 

``/`` Over/IN 
[ the/DT summer/NN months/NNS ]
,/, 
[ there/EX ]
has/VBZ been/VBN 
[ a/DT slowing/NN ]
in/IN 
[ the/DT rate/NN ]
of/IN 
[ new/JJ orders/NNS ]
from/IN 
[ the/DT computer/NN sector/NN ]
,/, 
[ our/PRP$ primary/JJ market/NN ]
,/, ''/'' said/VBD 
[ Wilfred/NNP J./NNP Corrigan/NNP ]
,/, 
[ chairman/NN ]
and/CC 
[ chief/JJ executive/JJ officer/NN ]
./. 

``/`` In/IN 
[ addition/NN ]
,/, 
[ recent/JJ industry/NN ]
forecasts/NNS for/IN 
[ 1990/CD ]
indicate/VBP 
[ a/DT slow/JJ environment/NN ]
,/, at/IN 
[ least/JJS ]
until/IN 
[ midyear/NN ]
./. 

''/'' As/IN 
[ a/DT result/NN ]
,/, 
[ the/DT company/NN ]
said/VBD 
[ it/PRP ]
decided/VBD to/TO phase/VB out/RP 
[ its/PRP$ oldest/JJS capacity/NN ]
and/CC ``/`` make/VB 
[ appropriate/JJ reductions/NNS ]
''/'' in/IN operating/NN 
[ expenses/NNS ]
./. 

[ The/DT $/$ 35.7/CD million/CD net/JJ loss/NN ]
equals/VBZ 
[ 86/CD cents/NNS ]
[ a/DT share/NN ]
./. 

Not/RB counting/VBG 
[ the/DT extraordinary/JJ charge/NN ]
,/, 
[ the/DT company/NN ]
said/VBD 
[ it/PRP ]
would/MD have/VB had/VBD 
[ a/DT net/JJ loss/NN ]
of/IN 
[ $/$ 3.1/CD million/CD ]
,/, or/CC 
[ seven/CD cents/NNS ]
[ a/DT share/NN ]
./. 

[ A/DT year/NN ]
earlier/RBR ,/, 
[ it/PRP ]
had/VBD 
[ profit/NN ]
of/IN 
[ $/$ 7.5/CD million/CD ]
,/, or/CC 
[ 18/CD cents/NNS ]
[ a/DT share/NN ]
./. 

[ Revenue/NN ]
rose/VBD 
[ 42/CD %/NN ]
to/TO 
[ $/$ 133.7/CD million/CD ]
from/IN 
[ $/$ 94/CD million/CD ]
./.

[ The/DT charge/NN ]
partly/RB reflects/VBZ 
[ a/DT switch/NN ]
from/IN 
[ older/JJR five-inch/JJ ]
to/TO 
[ more-efficient/JJ six-inch/JJ silicon/NN wafers/NNS ]
with/IN 
[ which/WDT ]
to/TO fabricate/VB 
[ chips/NNS ]
./. 

Related/VBN to/TO 
[ that/DT decision/NN ]
,/, 
[ the/DT company/NN ]
said/VBD 
[ it/PRP ]
was/VBD converting/VBG 
[ its/PRP$ Santa/NNP Clara/NNP ]
,/, 
[ Calif./NNP ]
,/, 
[ factory/NN ]
to/TO 
[ a/DT research/NN ]
and/CC 
[ development/NN facility/NN ]
./. 

[ A/DT spokesman/NN ]
declined/VBD to/TO speculate/VB about/IN 
[ possible/JJ reductions/NNS ]
in/IN 
[ force/NN ]
./. 

``/`` 
[ This/DT ]
is/VBZ 
[ a/DT company/NN ]
[ that/WDT ]
has/VBZ invested/VBN in/IN 
[ capacity/NN additions/NNS ]
more/RBR aggressively/RB than/IN 
[ any/DT other/JJ company/NN ]
in/IN 
[ the/DT industry/NN ]
and/CC now/RB 
[ the/DT industry/NN ]
is/VBZ growing/VBG more/RBR slowly/RB and/CC 
[ they/PRP ]
are/VBP suddenly/RB poorly/RB positioned/VBN ,/, ''/'' said/VBD 
[ Michael/NNP Stark/NNP ]
,/, 
[ chip/NN analyst/NN ]
at/IN 
[ Robertson/NNP ]
,/, 
[ Stephens/NNP ]
&/CC 
[ Co/NNP ]
./. 

``/`` 
[ I/PRP ]
think/VBP 
[ the/DT stock/NN ]
is/VBZ 
[ dead/JJ money/NN ]
for/IN 
[ a/DT while/NN ]
./. 

''/'' 
[ Yesterday/NN 's/POS announcement/NN ]
was/VBD made/VBN after/IN 
[ markets/NNS ]
closed/VBD ./. 

[ U.S./NNP chip/NN makers/NNS ]
are/VBP facing/VBG continued/VBN 
[ slack/JJ demand/NN ]
following/VBG 
[ a/DT ]
traditionally/RB 
[ slow/JJ summer/NN ]
./. 

[ Part/NN ]
of/IN 
[ the/DT problem/NN ]
is/VBZ that/IN 
[ chip/NN buyers/NNS ]
are/VBP keeping/VBG 
[ inventories/NNS ]
low/JJ because/IN of/IN 
[ jitters/NNS ]
about/IN 
[ the/DT course/NN ]
of/IN 
[ the/DT U.S./NNP economy/NN ]
./. 

[ INGERSOLL-RAND/NNP Co/NNP ]
./. 

 (/( 
[ Woodcliff/NNP Lake/NNP ]
,/, 
[ N.J/NNP ]
./. 

 )/) 
[ --/: William/NNP G./NNP Kuhns/NNP ]
,/, 
[ former/JJ chairman/NN ]
and/CC 
[ chief/JJ executive/JJ officer/NN ]
of/IN 
[ General/NNP Public/NNP Utilities/NNP Corp./NNP ]
,/, was/VBD elected/VBN 
[ a/DT director/NN ]
of/IN 
[ this/DT maker/NN ]
of/IN 
[ industrial/JJ ]
and/CC 
[ construction/NN equipment/NN ]
,/, increasing/VBG 
[ board/NN membership/NN ]
to/TO 
[ 10/CD ]
./. 

[ The/DT dollar/NN ]
posted/VBD 
[ gains/NNS ]
against/IN 
[ all/DT major/JJ currencies/NNS yesterday/NN ]
,/, buoyed/VBN by/IN          
[ persistent/JJ Japanese/JJ demand/NN ]
for/IN 
[ U.S./NNP bond/NN issues/NNS ]
./. 

While/IN 
[ market/NN sentiment/NN ]
remains/VBZ cautiously/RB bearish/JJ on/IN 
[ the/DT dollar/NN ]
based/VBN on/IN 
[ sluggish/JJ U.S./NNP economic/JJ indicators/NNS ]
,/, 
[ dealers/NNS ]
note/VBP that/IN 
[ Japanese/JJ demand/NN ]
has/VBZ helped/VBN underpin/VB 
[ the/DT dollar/NN ]
against/IN 
[ the/DT yen/NN ]
and/CC has/VBZ kept/VBN 
[ the/DT U.S./NNP currency/NN ]
from/IN plunging/VBG below/IN 
[ key/JJ levels/NNS ]
against/IN 
[ the/DT mark/NN ]
./. 

At/IN 
[ the/DT same/JJ time/NN ]
,/, 
[ dealers/NNS ]
said/VBD 
[ the/DT U.S./NNP unit/NN ]
has/VBZ been/VBN locked/VBN into/IN 
[ a/DT ]
relatively/RB 
[ narrow/JJ range/NN ]
in/IN 
[ recent/JJ weeks/NNS ]
,/, in/IN 
[ part/NN ]
because/IN 
[ the/DT hefty/JJ Japanese/JJ demand/NN ]
for/IN 
[ dollars/NNS ]
has/VBZ been/VBN offset/VBN by/IN 
[ the/DT mark/NN 's/POS strength/NN ]
,/, resulting/VBG in/IN 
[ a/DT stalemate/NN ]
./. 

[ Jay/NNP Goldinger/NNP ]
,/, with/IN 
[ Capital/NNP Insight/NNP Inc./NNP ]
,/, reasons/VBZ that/IN while/IN 
[ the/DT mark/NN ]
has/VBZ posted/VBN 
[ significant/JJ gains/NNS ]
against/IN 
[ the/DT yen/NN ]
as/RB well/RB 
[ --/: the/JJ mark/NN ]
climbed/VBD to/TO 
[ 77.70/CD yen/NNS ]
from/IN 
[ 77.56/CD yen/NNS late/JJ Tuesday/NNP ]
in/IN 
[ New/NNP York/NNP --/: the/JJ strength/NN ]
of/IN 
[ the/DT U.S./NNP bond/NN market/NN ]
compared/VBN to/TO 
[ its/PRP$ foreign/JJ counterparts/NNS ]
has/VBZ helped/VBN 
[ lure/NN investors/NNS ]
to/TO 
[ dollar-denominated/JJ bonds/NNS ]
,/, rather/RB than/IN 
[ mark/NN bonds/NNS ]
./. 

``/`` 
[ Dollar-yen/JJ ]
 {/( 
[ trade/NN ]
 }/) is/VBZ 
[ the/DT driving/VBG force/NN ]
in/IN 
[ the/DT market/NN ]
,/, ''/'' said/VBD 
[ Tom/NNP Trettien/NNP ]
,/, 
[ a/DT vice/NN president/NN ]
with/IN 
[ Banque/NNP Paribas/NNP ]
in/IN 
[ New/NNP York/NNP ]
,/, ``/`` but/CC 
[ I/PRP ]
'm/VBP not/RB convinced/VBN 
[ it/PRP ]
will/MD continue/VB ./. 

[ Who/WP ]
knows/VBZ 
[ what/WP ]
will/MD happen/VB down/IN 
[ the/DT road/NN ]
,/, in/IN 
[ three/CD ]
to/TO 
[ six/CD months/NNS ]
,/, if/IN 
[ foreign/JJ investment/NN ]
starts/VBZ to/TO erode/VB ?/. 

''/'' 

In/IN 
[ late/JJ New/NNP York/NNP trading/NN yesterday/NN ]
,/, 
[ the/DT dollar/NN ]
was/VBD quoted/VBN at/IN 
[ 1.8500/CD marks/NNS ]
,/, up/RB from/IN 
[ 1.8415/CD marks/NNS late/JJ Tuesday/NNP ]
,/, and/CC at/IN 
[ 143.80/CD yen/NNS ]
,/, up/RB from/IN 
[ 142.85/CD yen/NNS late/JJ Tuesday/NNP ]
./. 

[ Sterling/NN ]
was/VBD quoted/VBN at/IN 
[ $/$ 1.5755/CD ]
,/, down/RB from/IN 
[ $/$ 1.5805/CD late/JJ Tuesday/NNP ]
./. 

In/IN 
[ Tokyo/NNP Thursday/NNP ]
,/, 
[ the/DT U.S./JJ currency/NN ]
opened/VBD for/IN trading/NN at/IN 
[ 143.93/CD yen/NNS ]
,/, up/RB from/IN 
[ Wednesday/NNP 's/POS Tokyo/NNP close/NN ]
of/IN 
[ 143.08/CD yen/NNS ]
./. 

[ Douglas/NNP Madison/NNP ]
,/, 
[ a/DT corporate/JJ trader/NN ]
with/IN 
[ Bank/NNP ]
of/IN 
[ America/NNP ]
in/IN 
[ Los/NNP Angeles/NNP ]
,/, traced/VBD 
[ the/DT dollar/NN 's/POS recent/JJ solid/JJ performance/NN ]
against/IN 
[ the/DT yen/NN ]
to/TO 
[ purchases/NNS ]
of/IN 
[ securities/NNS ]
by/IN 
[ Japanese/JJ insurance/NN companies/NNS ]
and/CC 
[ trust/NN banks/NNS ]
and/CC 
[ the/DT sense/NN ]
that/IN 
[ another/DT wave/NN ]
of/IN 
[ investment/NN ]
is/VBZ waiting/VBG in/IN 
[ the/DT wings/NNS ]
./. 

[ He/PRP ]
contends/VBZ that/IN 
[ the/DT perception/NN ]
in/IN 
[ Japan/NNP ]
of/IN 
[ a/DT vitriolic/JJ U.S./NNP response/NN ]
to/TO 
[ Sony/NNP Corp./NNP 's/POS announcement/NN ]
of/IN 
[ its/PRP$ purchase/NN ]
of/IN 
[ Columbia/NNP Pictures/NNP Entertainment/NNP Inc./NNP ]
has/VBZ been/VBN temporarily/RB mollified/VBN ./. 

[ He/PRP ]
cites/VBZ 
[ the/DT recent/JJ deal/NN ]
between/IN 
[ the/DT Mitsubishi/NNP Estate/NNP Co./NNP ]
and/CC 
[ the/DT Rockefeller/NNP Group/NNP ]
,/, as/RB well/RB as/IN 
[ the/DT possible/JJ white/JJ knight/NN role/NN ]
of/IN 
[ an/DT undisclosed/JJ Japanese/JJ company/NN ]
in/IN 
[ the/DT Georgia-Pacific/NNP Corp./NNP takeover/NN bid/NN ]
for/IN 
[ Great/JJ Northern/NNP Nekoosa/NNP Corp./NNP ]
as/IN 
[ evidence/NN ]
./. 

[ The/DT forthcoming/JJ maturity/NN ]
in/IN 
[ November/NNP ]
of/IN 
[ a/DT 10-year/CD Japanese/JJ government/NN yen-denominated/JJ bond/NN issue/NN ]
valued/VBN at/IN about/RB 
[ $/$ 16/CD billion/CD ]
has/VBZ prompted/VBN 
[ speculation/NN ]
in/IN 
[ the/DT market/NN ]
that/IN 
[ investors/NNS ]
redeeming/VBG 
[ the/DT bonds/NNS ]
will/MD diversify/VB into/IN 
[ dollar-denominated/JJ instruments/NNS ]
,/, according/VBG to/TO 
[ Mr./NNP Madison/NNP ]
./. 

[ It/PRP ]
remains/VBZ unclear/JJ whether/IN 
[ the/DT bond/NN issue/NN ]
will/MD be/VB rolled/VBN over/RP ./. 

Meanwhile/RB ,/, 
[ traders/NNS ]
in/IN 
[ Tokyo/NNP ]
say/VBP that/IN 
[ the/DT prospect/NN ]
of/IN 
[ lower/JJR U.S./NNP interest/NN rates/NNS ]
has/VBZ spurred/VBN 
[ dollar/NN ]
buying/VBG by/IN 
[ Japanese/JJ institutions/NNS ]
./. 

[ They/PRP ]
point/VBP out/RP that/IN 
[ these/DT institutions/NNS ]
want/VBP to/TO lock/VB in/RP 
[ returns/NNS ]
on/IN 
[ high-yield/JJ U.S./NNP Treasury/NNP debt/NN ]
and/CC suggest/VBP 
[ demand/NN ]
for/IN 
[ the/DT U.S./NNP unit/NN ]
will/MD continue/VB unabated/JJ until/IN 
[ rates/NNS ]
in/IN 
[ the/DT U.S./NNP ]
recede/VBP ./. 

[ The/DT market/NN ]
again/RB showed/VBD 
[ little/JJ interest/NN ]
in/IN 
[ further/JJ evidence/NN ]
of/IN 
[ a/DT ]
slowing/VBG 
[ U.S./NNP economy/NN ]
,/, and/CC 
[ traders/NNS ]
note/VBP that/IN 
[ the/DT market/NN ]
in/IN 
[ recent/JJ weeks/NNS ]
has/VBZ taken/VBN 
[ its/PRP$ cues/NNS ]
more/RBR from/IN 
[ Wall/NNP Street/NNP ]
than/IN 
[ U.S./NNP economic/JJ indicators/NNS ]
./. 

[ Dealers/NNS ]
said/VBD 
[ the/DT dollar/NN ]
merely/RB drifted/VBD 
[ lower/RBR ]
following/VBG 
[ the/DT release/NN Wednesday/NNP ]
of/IN 
[ the/DT U.S./NNP ]
purchasing/NN 
[ managers/NNS '/POS report/NN ]
./. 

[ The/DT managers/NNS '/POS index/NN ]
,/, 
[ which/WDT ]
measures/VBZ 
[ the/DT health/NN ]
of/IN 
[ the/DT manufacturing/VBG sector/NN ]
,/, stood/VBD at/IN 
[ 47.6/CD %/NN ]
in/IN 
[ October/NNP ]
,/, above/IN 
[ September/NNP 's/POS 46/CD %/NN ]
,/, and/CC also/RB above/IN 
[ average/JJ forecasts/NNS ]
for/IN 
[ the/DT index/NN ]
of/IN 
[ 45.3/CD %/NN ]
./. 

[ Some/DT dealers/NNS ]
said/VBD 
[ the/DT dollar/NN ]
was/VBD pressured/JJ slightly/RB because/IN 
[ a/DT number/NN ]
of/IN 
[ market/NN participants/NNS ]
had/VBD boosted/VBN 
[ their/PRP$ expectations/NNS ]
in/IN 
[ the/DT past/JJ day/NN ]
and/CC were/VBD looking/VBG for/IN 
[ an/DT index/NN ]
above/IN 
[ 50/CD ]
,/, 
[ which/WDT ]
indicates/VBZ 
[ an/DT expanding/VBG manufacturing/NN economy/NN ]
./. 

But/CC most/JJS said/VBD 
[ the/DT index/NN ]
had/VBD no/RB more/JJR than/IN 
[ a/DT minimal/JJ effect/NN ]
on/IN 
[ trade/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 
[ $/$ 374.20/CD ]
[ an/DT ounce/NN ]
,/, down/IN 
[ 50/CD cents/NNS ]
./. 

Estimated/VBN 
[ volume/NN ]
was/VBD 
[ a/DT moderate/JJ 3.5/CD million/CD ounces/NNS ]
./. 

In/IN early/RB trading/NN in/IN 
[ Hong/NNP Kong/NNP Thursday/NNP ]
,/, 
[ gold/NN ]
was/VBD quoted/VBN at/IN 
[ $/$ 374.19/CD ]
[ an/DT ounce/NN ]
./. 

``/`` 
[ The/DT Cosby/NNP Show/NNP ]
''/'' may/MD have/VB single-handedly/RB turned/VBN around/RP 
[ ratings/NNS ]
at/IN 
[ NBC/NNP ]
since/IN 
[ its/PRP$ debut/NN ]
in/IN 
[ 1984/CD ]
,/, and/CC 
[ the/DT Huxtable/NNP family/NN ]
still/RB keeps/VBZ 
[ millions/NNS ]
of/IN 
[ viewers/NNS ]
laughing/VBG 
[ Thursday/NNP night/NN ]
on/IN 
[ the/DT network/NN ]
./. 

But/CC 
[ some/DT ]
of/IN 
[ the/DT TV/NN stations/NNS ]
[ that/WDT ]
bought/VBD ``/`` 
[ Cosby/NNP ]
''/'' 
[ reruns/NNS ]
for/IN 
[ record/NN prices/NNS two/CD years/NNS ]
ago/RB are/VBP n't/RB laughing/VBG much/RB 
[ these/DT days/NNS ]
./. 

[ The/DT reruns/NNS ]
have/VBP helped/VBN 
[ ratings/NNS ]
at/IN 
[ many/JJ ]
of/IN 
[ the/DT 187/CD network/NN affiliates/NNS ]
and/CC 
[ independent/JJ TV/NN stations/NNS ]
[ that/WDT ]
air/VBP 
[ the/DT shows/NNS ]
./. 

But/CC 
[ the/DT ratings/NNS ]
are/VBP considerably/RB below/IN 
[ expectations/NNS ]
,/, and/CC 
[ some/DT stations/NNS ]
say/VBP 
[ they/PRP ]
may/MD not/RB buy/VB 
[ new/JJ episodes/NNS ]
when/WRB 
[ their/PRP$ current/JJ contracts/NNS ]
expire/VBP ./. 

Meanwhile/RB ,/, 
[ stations/NNS ]
are/VBP fuming/VBG because/RB ,/, 
[ many/JJ ]
of/IN 
[ them/PRP ]
say/VBP ,/, 
[ the/DT show/NN 's/POS distributor/NN ]
,/, 
[ Viacom/NNP Inc./NNP ]
,/, is/VBZ giving/VBG 
[ an/DT ultimatum/NN ]
:/: Either/CC sign/VB 
[ new/JJ long-term/JJ commitments/NNS ]
to/TO buy/VB 
[ future/JJ episodes/NNS ]
or/CC 
[ risk/VB ]
losing/VBG ``/`` 
[ Cosby/NNP ]
''/'' to/TO 
[ a/DT competitor/NN ]
./. 

At/IN 
[ the/DT same/JJ time/NN ]
,/, 
[ Viacom/NNP ]
is/VBZ trying/VBG to/TO persuade/VB 
[ stations/NNS ]
to/TO make/VB 
[ commitments/NNS ]
to/TO ``/`` 
[ A/DT Different/NNP World/NNP ]
,/, ''/'' 
[ a/DT spin-off/NN ]
of/IN ``/`` 
[ Cosby/NNP ]
''/'' 
[ whose/WP$ reruns/NNS ]
will/MD become/VB 
[ available/JJ ]
in/IN 
[ 1991/CD ]
./. 

[ Viacom/NNP ]
denies/VBZ 
[ it/PRP ]
[ 's/VBZ using/VBG pressure/NN tactics/NNS ]
./. 

``/`` 
[ We/PRP ]
're/VBP willing/JJ to/TO negotiate/VB ,/, ''/'' says/VBZ 
[ Dennis/NNP Gillespie/NNP ]
,/, 
[ executive/JJ vice/NN president/NN ]
of/IN marketing/VBG ./. 

``/`` 
[ We/PRP ]
're/VBP offering/VBG 
[ this/DT plan/NN ]
now/RB because/IN 
[ we/PRP ]
feel/VBP 
[ it/PRP ]
's/VBZ 
[ the/DT right/JJ time/NN ]
./. 

''/'' 

But/CC ,/, says/VBZ 
[ the/DT general/JJ manager/NN ]
of/IN 
[ a/DT network/NN affiliate/NN ]
in/IN 
[ the/DT Midwest/NN ]
,/, ``/`` 
[ I/PRP ]
think/VBP if/IN 
[ I/PRP ]
tell/VBP 
[ them/PRP ]
[ I/PRP ]
need/VBP more/JJR 
[ time/NN ]
,/, 
[ they/PRP ]
'll/MD take/VB `/`` 
[ Cosby/NNP ]
'/'' across/IN 
[ the/DT street/NN ]
,/, ''/'' 

[ Viacom/NNP 's/POS move/NN ]
comes/VBZ as/IN 
[ the/DT syndication/NN market/NN ]
is/VBZ being/VBG flooded/VBN with/IN 
[ situation/NN comedies/NNS ]
[ that/WDT ]
are/VBP still/RB running/VBG on/IN 
[ the/DT networks/NNS ]
./. 

[ One/CD station/NN manager/NN ]
says/VBZ 
[ he/PRP ]
believes/VBZ 
[ Viacom/NNP 's/POS move/NN ]
is/VBZ 
[ a/DT ]
``/`` 
[ pre-emptive/JJ strike/NN ]
''/'' because/IN 
[ the/DT company/NN ]
is/VBZ worried/VBN that/IN ``/`` 
[ Cosby/NNP ]
''/'' 
[ ratings/NNS ]
will/MD continue/VB to/TO drop/VB in/IN 
[ syndication/NN ]
over/IN 
[ the/DT next/JJ few/JJ years/NNS ]
./. 

``/`` 
[ Cosby/NNP ]
''/'' is/VBZ down/RB 
[ a/DT full/JJ ratings/NNS point/NN ]
in/IN 
[ the/DT week/NN ]
of/IN 
[ Oct./NNP 2-8/CD ]
over/IN 
[ the/DT same/JJ week/NN ]
[ a/DT year/NN ]
ago/RB ,/, according/VBG to/TO 
[ A.C./NNP Nielsen/NNP Co/NNP ]
./. 

[ Mr./NNP Gillespie/NNP ]
at/IN 
[ Viacom/NNP ]
says/VBZ 
[ the/DT ratings/NNS ]
are/VBP rising/VBG ./. 

And/CC 
[ executives/NNS ]
at/IN 
[ stations/NNS ]
in/IN 
[ such/JJ major/JJ markets/NNS ]
as/IN 
[ Washington/NNP ]
;/: 
[ Providence/NNP ]
,/, 
[ R.I./NNP ]
;/: 
[ Cleveland/NNP ]
;/: 
[ Raleigh/NNP ]
,/, 
[ N.C./NNP ]
;/: 
[ Minneapolis/NNP ]
,/, and/CC 
[ Louisville/NNP ]
,/, 
[ Ky./NNP ]
,/, say/VBP 
[ they/PRP ]
may/MD very/RB well/RB not/RB renew/VB ``/`` 
[ Cosby/NNP ]
./. 

''/'' 
[ Dick/NNP Lobo/NNP ]
,/, 
[ the/DT general/JJ manager/NN ]
of/IN 
[ WTVJ/NNP ]
,/, 
[ the/DT NBC-owned/JJ station/NN ]
in/IN 
[ Miami/NNP ]
,/, for/IN 
[ example/NN ]
,/, says/VBZ 
[ the/DT show/NN ]
has/VBZ 
[ ``/`` ]
been/VBN 
[ a/DT major/JJ disappointment/NN ]
to/TO 
[ us/PRP ]
./. 

''/'' ``/`` At/IN 
[ the/DT prices/NNS we/PRP ]
were/VBD charged/VBN ,/, 
[ there/EX ]
should/MD have/VB been/VBN 
[ some/DT return/NN ]
for/IN 
[ the/DT dollar/NN ]
./. 

[ There/EX ]
[ was/VBD n't/RB ]
./. 

''/'' 

[ Neil/NNP Kuvin/NNP ]
,/, 
[ the/DT general/JJ manager/NN ]
of/IN 
[ WHAS/NNP ]
,/, 
[ the/DT CBS/NNP affiliate/NN ]
in/IN 
[ Louisville/NNP ]
,/, says/VBZ ``/`` 
[ Cosby/NNP ]
''/'' gets/VBZ 
[ the/DT station/NN 's/POS highest/JJS ratings/NNS ]
and/CC 
[ he/PRP ]
's/VBZ ``/`` pleased/VBN ./. 

''/'' But/CC 
[ he/PRP ]
adds/VBZ ,/, ``/`` 
[ I/PRP ]
feel/VBP 
[ pressured/JJ ]
,/, disappointed/JJ ,/, 
[ uncomfortable/JJ ]
and/CC ,/, frankly/RB ,/, quite/RB angry/JJ with/IN 
[ Viacom/NNP ]
./. 

''/''

[ The/DT Life/NNP Insurance/NNP Co./NNP ]
of/IN 
[ Georgia/NNP ]
has/VBZ officially/RB opened/VBN 
[ an/DT office/NN ]
in/IN 
[ Taipei/NNP ]
./. 

[ David/NNP Wu/NNP ]
,/, 
[ the/DT company/NN 's/POS representative/NN ]
in/IN 
[ Taiwan/NNP ]
,/, said/VBD 
[ Atlanta-based/JJ Life/NNP ]
of/IN 
[ Georgia/NNP ]
will/MD sell/VB 
[ conventional/JJ life-insurance/NN products/NNS ]
./. 

[ Life/NNP ]
of/IN 
[ Georgia/NNP ]
is/VBZ 
[ part/NN ]
of/IN 
[ the/DT Nationale/NNP Nederlanden/NNP Group/NNP ]
,/, based/VBN in/IN 
[ the/DT Netherlands/NNP ]
./. 

In/IN 
[ this/DT era/NN ]
of/IN 
[ frantic/JJ competition/NN ]
for/IN 
[ ad/NN dollars/NNS ]
,/, 
[ a/DT lot/NN ]
of/IN 
[ revenue-desperate/JJ magazines/NNS ]
are/VBP getting/VBG pretty/RB cozy/JJ with/IN 
[ advertisers/NNS ]
--/: fawning/VBG over/IN 
[ them/PRP ]
in/IN 
[ articles/NNS ]
and/CC 
[ offering/VBG pages/NNS ]
of/IN 
[ advertorial/JJ space/NN ]
./. 

So/RB can/MD 
[ a/DT magazine/NN ]
survive/VB by/IN downright/RB thumbing/VBG 
[ its/PRP$ nose/NN ]
at/IN 
[ major/JJ advertisers/NNS ]
?/. 

[ Garbage/NNP magazine/NN ]
,/, billed/VBD as/IN ``/`` 
[ The/NNP Practical/NNP Journal/NNP ]
for/IN 
[ the/DT Environment/NNP ]
,/, ''/'' is/VBZ about/IN to/TO find/VB out/IN ./. 

Founded/VBN by/IN 
[ Brooklyn/NNP ]
,/, 
[ N.Y./NNP ]
,/, publishing/VBG 
[ entrepreneur/NN Patricia/NNP Poore/NNP ]
,/, 
[ Garbage/NNP ]
made/VBD 
[ its/PRP$ debut/NN ]
[ this/DT fall/NN ]
with/IN 
[ the/DT promise/NN ]
to/TO give/VB 
[ consumers/NNS ]
[ the/DT straight/JJ scoop/NN ]
on/IN 
[ the/DT U.S./NNP waste/NN crisis/NN ]
./. 

[ The/DT magazine/NN ]
combines/VBZ 
[ how-to/JJ pieces/NNS ]
on/IN 
[ topics/NNS ]
like/IN 
[ backyard/NN ]
composting/NN ,/, 
[ explanatory/JJ essays/NNS ]
on/IN 
[ such/JJ things/NNS ]
as/IN 
[ what/WP ]
happens/VBZ after/IN 
[ you/PRP ]
flush/VBP 
[ your/PRP$ toilet/NN ]
,/, and/CC 
[ hard-hitting/JJ pieces/NNS ]
on/IN 
[ alleged/JJ environmental/JJ offenders/NNS ]
./. 

[ Garbage/NNP editors/NNS ]
have/VBP dumped/VBN 
[ considerable/JJ energy/NN ]
into/IN 
[ a/DT whirling/JJ rampage/NN ]
through/IN 
[ supermarket/NN aisles/NNS ]
in/IN 
[ a/DT bid/NN ]
to/TO identify/VB 
[ corporate/JJ America/NNP 's/POS good/JJ guys/NNS ]
and/CC 
[ bad/JJ boys/NNS ]
./. 

In/IN 
[ one/CD feature/NN ]
,/, called/VBN ``/`` In/NNP 
[ the/DT Dumpster/NNP ]
,/, ''/'' 
[ editors/NNS point/VBP ]
out/IN 
[ a/DT product/NN ]
[ they/PRP ]
deem/VBP to/TO be/VB 
[ a/DT ]
particularly/RB 
[ bad/JJ offender/NN ]
./. 

From/IN 
[ an/DT advertising/NN standpoint/NN ]
,/, 
[ the/DT problem/NN ]
is/VBZ 
[ these/DT offenders/NNS ]
are/VBP likely/JJ to/TO be/VB 
[ some/DT ]
of/IN 
[ the/DT same/JJ folks/NNS ]
[ that/WDT ]
are/VBP 
[ major/JJ magazine/NN advertisers/NNS these/DT days/NNS ]
./. 

With/IN only/RB 
[ two/CD issues/NNS ]
under/IN 
[ its/PRP$ belt/NN ]
,/, 
[ Garbage/NNP ]
has/VBZ alienated/VBN 
[ some/DT would-be/JJ advertisers/NNS ]
and/CC raised/VBN 
[ the/DT ire/NN ]
of/IN 
[ others/NNS ]
./. 

[ Campbell/NNP Soup/NNP ]
,/, for/IN 
[ one/CD ]
,/, is/VBZ 
[ furious/JJ its/PRP$ Souper/NNP Combo/NNP microwave/NN product/NN ]
was/VBD chastised/VBN in/IN 
[ the/DT premiere/NN ]
``/`` In/NNP 
[ the/DT Dumpster/NNP ]
''/'' 
[ column/NN ]
./. 

[ The/DT magazine/NN 's/POS editors/NNS ]
ran/VBD 
[ a/DT giant/JJ diagram/NN ]
of/IN 
[ the/DT product/NN ]
with/IN 
[ arrows/NNS ]
pointing/VBG to/TO 
[ the/DT packaging/NN ]
[ 's/POS polystyrene/NN foam/NN ]
,/, 
[ polyproplene/NN ]
and/CC 
[ polyester/NN film/NN --/: all/DT plastic/NN items/NNS they/PRP ]
say/VBP are/VBP non-biodegradable/JJ ./. 

``/`` 
[ It/PRP ]
's/VBZ precisely/RB 
[ the/DT kind/NN ]
of/IN 
[ product/NN ]
[ that/WDT ]
's/VBZ created/VBN 
[ the/DT municipal/JJ landfill/NN monster/NN ]
,/, ''/'' 
[ the/DT editors/NNS ]
wrote/VBD ./. 

``/`` 
[ I/PRP ]
think/VBP that/IN 
[ this/DT magazine/NN ]
is/VBZ not/RB only/RB called/VBN 
[ Garbage/NNP ]
,/, but/CC 
[ it/PRP ]
is/VBZ practicing/VBG 
[ journalistic/JJ garbage/NN ]
,/, ''/'' fumes/VBZ 
[ a/DT spokesman/NN ]
for/IN 
[ Campbell/NNP Soup/NNP ]
./. 

[ He/PRP ]
says/VBZ 
[ Campbell/NNP was/VBD n't/RB ]
even/RB contacted/VBN by/IN 
[ the/DT magazine/NN ]
for/IN 
[ the/DT opportunity/NN ]
to/TO 
[ comment/VB ]
./. 

[ Modifications/NNS ]
had/VBD been/VBN made/VBN to/TO 
[ the/DT Souper/NNP Combo/NNP product/NN ]
at/IN 
[ the/DT time/NN ]
[ the/DT issue/NN ]
was/VBD printed/VBN ,/, 
[ he/PRP ]
says/VBZ ,/, making/VBG 
[ it/PRP ]
less/JJR 
[ an/DT offender/NN ]
than/IN was/VBD portrayed/VBN ./. 

[ He/PRP ]
admits/VBZ ,/, though/RB ,/, 
[ it/PRP ]
is/VBZ n't/RB 
[ one/CD ]
of/IN 
[ Campbell/NNP Soup/NNP 's/POS better/JJR products/NNS ]
in/IN 
[ terms/NNS ]
of/IN 
[ recyclability/NN ]
./. 

[ Campbell/NNP Soup/NNP ]
,/, not/RB surprisingly/RB ,/, does/VBZ n't/RB have/VB 
[ any/DT plans/NNS ]
to/TO advertise/VB in/IN 
[ the/DT magazine/NN ]
,/, according/VBG to/TO 
[ its/PRP$ spokesman/NN ]
./. 

[ Some/DT media/NNS experts/NNS ]
question/VBP whether/IN 
[ a/DT young/JJ magazine/NN ]
can/MD risk/VB turning/VBG off/IN 
[ Madison/NNP Avenue/NNP 's/POS big/JJ spenders/NNS ]
./. 

``/`` 
[ You/PRP ]
really/RB need/VBP 
[ the/DT Campbell/NNP Soups/NNP ]
of/IN 
[ the/DT world/NN ]
to/TO be/VB interested/JJ in/IN 
[ your/PRP$ magazine/NN ]
if/IN 
[ you/PRP ]
're/VBP going/VBG to/TO make/VB 
[ a/DT run/NN ]
of/IN 
[ it/PRP ]
,/, ''/'' says/VBZ 
[ Mike/NNP White/NNP ]
,/, 
[ senior/JJ vice/NN president/NN ]
and/CC 
[ media/NNS director/NN ]
at/IN 
[ DDB/NNP Needham/NNP ]
,/, 
[ Chicago/NNP ]
./. 

``/`` 
[ The/DT economics/NNS ]
of/IN 
[ magazine/NN ]
publishing/NN pretty/RB much/RB require/VBP that/IN 
[ you/PRP ]
have/VBP 
[ a/DT pretty/RB solid/JJ base/NN ]
''/'' of/IN 
[ big-time/JJ ad/NN spenders/NNS ]
,/, 
[ he/PRP ]
adds/VBZ ./. 

[ The/DT first/JJ two/CD issues/NNS ]
featured/VBD 
[ ads/NNS ]
from/IN only/RB 
[ a/DT handful/NN ]
of/IN 
[ big/JJ advertisers/NNS ]
,/, including/VBG 
[ General/NNP Electric/NNP ]
and/CC 
[ Adolph/NNP Coors/NNP ]
,/, but/CC 
[ the/DT majority/NN ]
were/VBD from/IN 
[ companies/NNS ]
like/IN 
[ Waste/NNP Management/NNP Inc./NNP ]
and/CC 
[ Bumkins/NNP International/NNP ]
,/, 
[ firms/NNS ]
[ that/WDT ]
do/VBP n't/RB spend/VB 
[ much/JJ money/NN ]
advertising/VBG and/CC ca/MD n't/RB be/VB relied/VBN on/IN to/TO support/VB 
[ a/DT magazine/NN ]
over/IN 
[ the/DT long/JJ haul/NN ]
./. 

[ A/DT Waste/NNP Management/NNP spokeswoman/NN ]
says/VBZ 
[ its/PRP$ ad/NN ]
in/IN 
[ the/DT premiere/NN issue/NN ]
was/VBD 
[ a/DT one-time/JJ purchase/NN ]
,/, and/CC 
[ it/PRP ]
does/VBZ n't/RB have/VB 
[ any/DT plans/NNS ]
to/TO advertise/VB in/IN 
[ future/JJ issues/NNS ]
./. 

``/`` 
[ We/PRP ]
do/VBP n't/RB spend/VB much/JJ on/IN 
[ print/NN advertising/NN ]
,/, ''/'' 
[ she/PRP ]
says/VBZ ./. 

But/CC 
[ Ms./NNP Poore/NNP ]
,/, 
[ the/DT magazine/NN 's/POS editor/NN ]
and/CC 
[ publisher/NN ]
,/, contends/VBZ 
[ Garbage/NNP ]
can/MD survive/VB ,/, at/IN 
[ least/JJS ]
initially/RB ,/, on/IN 
[ subscription/NN revenues/NNS ]
./. 

[ Individual/JJ copies/NNS ]
of/IN 
[ the/DT magazine/NN sell/VBP ]
for/IN 
[ $/$ 2.95/CD ]
and/CC 
[ yearly/JJ subscriptions/NNS cost/NN $/$ 21/CD ]
./. 

 (/( 
[ It/PRP ]
is/VBZ ,/, of/IN 
[ course/NN ]
,/, printed/VBN on/IN 
[ recycled/VBN paper/NN ]
./. 

 )/) 

According/VBG to/TO 
[ Ms./NNP Poore/NNP ]
,/, 
[ Old-House/NNP Journal/NNP Corp./NNP ]
,/, 
[ her/PRP$ publishing/NN company/NN ]
,/, printed/VBD and/CC sold/VBD 
[ all/DT 126,000/CD copies/NNS ]
of/IN 
[ the/DT premiere/NN issue/NN ]
./. 

[ The/DT first/JJ ]
and/CC 
[ second/JJ issues/NNS ]
sold/VBD out/IN on/IN 
[ newsstands/NNS ]
,/, 
[ she/PRP ]
says/VBZ ,/, and/CC 
[ the/DT magazine/NN ]
has/VBZ 
[ orders/NNS ]
for/IN 
[ 93,000/CD subscriptions/NNS ]
./. 

Asked/VBN whether/IN 
[ potential/JJ advertisers/NNS ]
will/MD be/VB scared/VBN away/RB by/IN 
[ the/DT magazine/NN 's/POS direct/JJ policy/NN ]
,/, 
[ Ms./NNP Poore/NNP ]
replies/VBZ :/: ``/`` 
[ I/PRP ]
do/VBP n't/RB know/VB and/CC 
[ I/PRP ]
do/VBP n't/RB care/VB ./. 

[ I/PRP ]
'm/VBP not/RB saying/VBG 
[ advertising/NN revenue/NN ]
is/VBZ n't/RB important/JJ ,/, ''/'' 
[ she/PRP ]
says/VBZ ,/, ``/`` but/CC 
[ I/PRP ]
could/MD n't/RB sleep/VB at/IN 
[ night/NN ]
''/'' if/IN 
[ the/DT magazine/NN ]
bowed/VBD to/TO 
[ a/DT company/NN ]
because/IN 
[ they/PRP ]
once/RB took/VBD out/IN 
[ an/DT ad/NN ]
./. 

[ Ad/NNP Notes/NNPS ]
.../: ./. 

[ INTERPUBLIC/NNP ]
ON/NNP 
[ TV/NNP ]
:/: 
[ Interpublic/NNP Group/NNP ]
said/VBD 
[ its/PRP$ television/NN ]
programming/NN 
[ operations/NNS ]
--/: which/IN 
[ it/PRP ]
expanded/VBD earlier/JJR 
[ this/DT year/NN --/: agreed/NN ]
to/TO supply/VB more/JJR than/IN 
[ 4,000/CD hours/NNS ]
of/IN 
[ original/JJ programming/NN ]
across/IN 
[ Europe/NNP ]
in/IN 
[ 1990/CD ]
./. 

[ It/PRP ]
said/VBD 
[ the/DT programs/NNS ]
,/, largely/RB 
[ game/NN ]
shows/NNS ,/, will/MD be/VB provided/VBN by/IN 
[ its/PRP$ E.C./NNP Television/NNP unit/NN ]
along/IN with/IN 
[ Fremantle/NNP International/NNP ]
,/, 
[ a/DT producer/NN ]
and/CC 
[ distributor/NN ]
of/IN 
[ game/NN shows/NNS ]
of/IN 
[ which/WDT ]
[ it/PRP ]
recently/RB bought/VBD 
[ 49/CD %/NN ]
./. 

[ It/PRP ]
said/VBD 
[ that/DT volume/NN ]
makes/VBZ 
[ it/PRP ]
[ the/DT largest/JJS supplier/NN ]
of/IN 
[ original/JJ TV/NN programming/NN ]
in/IN 
[ Europe/NNP ]
./. 

[ Interpublic/NNP ]
is/VBZ providing/VBG 
[ the/DT programming/NN ]
in/IN 
[ return/NN ]
for/IN 
[ advertising/NN time/NN ]
,/, 
[ which/WDT ]
[ it/PRP ]
said/VBD will/MD be/VB valued/VBN at/IN more/RBR than/IN 
[ $/$ 75/CD million/CD ]
in/IN 
[ 1990/CD ]
and/CC 
[ $/$ 150/CD million/CD ]
in/IN 
[ 1991/CD ]
./. 

[ It/PRP ]
plans/VBZ to/TO sell/VB 
[ the/DT ad/NN time/NN ]
to/TO 
[ its/PRP$ clients/NNS ]
at/IN 
[ a/DT discount/NN ]
./. 

[ NEW/NNP ACCOUNT/NNP ]
:/: 
[ CoreStates/NNP Financial/NNP Corp./NNP ]
,/, 
[ Philadelphia/NNP ]
,/, named/VBD 
[ Earle/NNP Palmer/NNP Brown/NNP ]
&/CC 
[ Spiro/NNP ]
,/, 
[ Philadelphia/NNP ]
,/, as/IN 
[ agency/NN ]
of/IN 
[ record/NN ]
for/IN 
[ its/PRP$ $/$ 5/CD million/CD account/NN ]
./. 

[ The/DT business/NN ]
had/VBD been/VBN handled/VBN by/IN 
[ VanSant/NNP Dugdale/NNP ]
,/, 
[ Baltimore/NNP ]
./. 

[ AT&T/NNP FAX/NNP ]
:/: 
[ American/NNP Telephone/NNP ]
&/CC 
[ Telegraph/NNP 's/POS General/NNP Business/NNP Systems/NNPS division/NN ]
,/, 
[ New/NNP York/NNP ]
,/, awarded/VBD 
[ the/DT ad/NN account/NN ]
for/IN 
[ its/PRP$ Fax/NNP product/NN line/NN ]
to/TO 
[ Ogilvy/NNP ]
&/CC 
[ Mather/NNP ]
,/, 
[ New/NNP York/NNP ]
,/, 
[ a/DT WPP/NNP Group/NNP agency/NN ]
./. 

[ Billings/NNS ]
were/VBD n't/RB disclosed/VBN for/IN 
[ the/DT small/JJ account/NN ]
,/, 
[ which/WDT ]
had/VBD been/VBN serviced/VBN at/IN 
[ Young/NNP ]
&/CC 
[ Rubicam/NNP ]
,/, 
[ New/NNP York/NNP ]
./. 

[ FIRST/CD CAMPAIGN/NNP ]
:/: 
[ Enterprise/NNP Rent-A-Car/NNP Inc./NNP ]
breaks/VBZ 
[ its/PRP$ first/JJ national/JJ ad/NN campaign/NN ]
[ this/DT week/NN ]
./. 

[ The/DT St./NNP Louis/NNP firm/NN ]
specializes/VBZ in/IN 
[ replacement-car/NN rentals/NNS ]
,/, 
[ those/DT ]
provided/VBN by/IN 
[ insurance/NN companies/NNS ]
for/IN 
[ cars/NNS ]
damaged/VBN in/IN 
[ accidents/NNS ]
./. 

Developed/VBN by/IN 
[ Avrett/NNP ]
,/, 
[ Free/NNP ]
&/CC 
[ Ginsberg/NNP ]
,/, 
[ New/NNP York/NNP ]
,/, 
[ the/DT $/$ 6/CD million/CD campaign/NN ]
pitches/VBZ 
[ Enterprise/NNP 's/POS consumer-driven/JJ service/NN ]
and/CC 
[ its/PRP$ free/JJ pick-up/JJ ]
and/CC 
[ drop-off/JJ service/NN ]
./. 

[ LANDOR/NNP ASSOCIATES/NNPS ]
:/: 
[ Young/NNP ]
&/CC 
[ Rubicam/NNP ]
said/VBD 
[ it/PRP ]
completed/VBD 
[ its/PRP$ acquisition/NN ]
of/IN 
[ Landor/NNP Associates/NNPS ]
,/, 
[ a/DT San/NNP Francisco/NNP identity-management/NN firm/NN ]
./. 

[ ACQUISITION/NNP ]
:/: 
[ Ketchum/NNP Communications/NNPS ]
,/, 
[ Pittsburgh/NNP ]
,/, acquired/VBD 
[ Braun/NNP ]
&/CC 
[ Co./NNP ]
,/, 
[ a/DT Los/NNP Angeles/NNP investor-relations/NNS ]
and/CC 
[ marketing-communications/NNS ]
firm/NN ./. 

[ Terms/NNS ]
were/VBD n't/RB disclosed/VBN ./. 

[ Sea/NNP Containers/NNPS Ltd./NNP ]
said/VBD 
[ it/PRP ]
might/MD increase/VB 
[ the/DT price/NN ]
of/IN 
[ its/PRP$ $/$ 70-a-share/JJ buy-back/JJ plan/NN ]
if/IN pressed/VBN by/IN 
[ Temple/NNP Holdings/NNP Ltd./NNP ]
,/, 
[ which/WDT ]
made/VBD 
[ an/DT earlier/JJR tender/JJ offer/NN ]
for/IN 
[ Sea/NNP Containers/NNPS ]
./. 

[ Sea/NNP Containers/NNPS ]
,/, 
[ a/DT Hamilton/NNP ]
,/, 
[ Bermuda-based/JJ shipping/NN concern/NN ]
,/, said/VBD 
[ Tuesday/NNP ]
that/IN 
[ it/PRP ]
would/MD sell/VB 
[ $/$ 1.1/CD billion/CD ]
of/IN 
[ assets/NNS ]
and/CC use/VB 
[ some/DT ]
of/IN 
[ the/DT proceeds/NNS ]
to/TO buy/VB about/IN 
[ 50/CD %/NN ]
of/IN 
[ its/PRP$ common/JJ shares/NNS ]
for/IN 
[ $/$ 70/CD ]
apiece/RB ./. 

[ The/DT move/NN ]
is/VBZ designed/VBN to/TO ward/VB off/IN 
[ a/DT hostile/JJ takeover/NN attempt/NN ]
by/IN 
[ two/CD European/JJ ]
shipping/NN 
[ concerns/NNS ]
,/, 
[ Stena/NNP Holding/NNP AG/NNP ]
and/CC 
[ Tiphook/NNP PLC/NNP ]
./. 

In/IN 
[ May/NNP ]
,/, 
[ the/DT two/CD companies/NNS ]
,/, through/IN 
[ their/PRP$ ]
jointly/RB owned/VBN 
[ holding/VBG company/NN ]
,/, 
[ Temple/NNP ]
,/, offered/VBD 
[ $/$ 50/CD ]
[ a/DT share/NN ]
,/, or/CC 
[ $/$ 777/CD million/CD ]
,/, for/IN 
[ Sea/NNP Containers/NNPS ]
./. 

In/IN 
[ August/NNP ]
,/, 
[ Temple/NNP ]
sweetened/VBD 
[ the/DT offer/NN ]
to/TO 
[ $/$ 63/CD ]
[ a/DT share/NN ]
,/, or/CC 
[ $/$ 963/CD million/CD ]
./. 

[ Yesterday/NN ]
,/, 
[ Sea/NNP Containers/NNPS '/POS chief/JJ executive/NN officer/NN ]
,/, 
[ James/NNP Sherwood/NNP ]
,/, said/VBD in/IN 
[ an/DT interview/NN ]
that/IN ,/, under/IN 
[ the/DT asset-sale/JJ plan/NN ]
,/, 
[ Sea/NNP Containers/NNPS ]
would/MD end/VB up/IN with/IN 
[ a/DT cash/NN surplus/NN ]
of/IN approximately/RB 
[ $/$ 620/CD million/CD ]
./. 

About/IN 
[ $/$ 490/CD million/CD ]
of/IN 
[ that/WDT ]
would/MD be/VB allocated/VBN to/TO 
[ the/DT buy-back/NN ]
,/, leaving/VBG about/IN 
[ $/$ 130/CD million/CD ]
,/, 
[ he/PRP ]
said/VBD ./. 

[ That/DT $/$ 130/CD million/CD ]
,/, 
[ Mr./NNP Sherwood/NNP ]
said/VBD ,/, ``/`` gives/VBZ 
[ us/PRP ]
[ some/DT flexibility/NN ]
in/IN 
[ case/NN Temple/NNP ]
raises/VBZ 
[ its/PRP$ bid/NN ]
./. 

[ We/PRP ]
are/VBP able/JJ to/TO increase/VB 
[ our/PRP$ price/NN ]
above/IN 
[ the/DT $/$ 70/CD level/NN ]
if/IN 
[ necessary/JJ ]
./. 

''/'' 
[ He/PRP ]
declined/VBD to/TO say/VB ,/, however/RB ,/, how/WRB 
[ much/JJ Sea/NNP Containers/NNPS ]
might/MD raise/VB 
[ its/PRP$ price/NN ]
./. 

[ Mr./NNP Sherwood/NNP ]
speculated/VBD that/IN 
[ the/DT leeway/NN ]
that/IN 
[ Sea/NNP Containers/NNPS ]
has/VBZ means/VBZ 
[ that/DT Temple/NNP ]
would/MD have/VB to/TO ``/`` substantially/RB increase/VB 
[ their/PRP$ bid/NN ]
if/IN 
[ they/PRP ]
're/VBP going/VBG to/TO top/VB 
[ us/PRP ]
./. 

''/'' 

[ Temple/NNP ]
,/, however/RB ,/, harshly/RB criticized/VBD 
[ Sea/NNP Containers/NNPS '/POS plan/NN yesterday/NN ]
,/, characterizing/VBG 
[ it/PRP ]
as/IN 
[ a/DT ]
``/`` highly/RB 
[ conditional/JJ device/NN ]
designed/VBN to/TO entrench/VB 
[ management/NN ]
,/, confuse/VB 
[ shareholders/NNS ]
and/CC prevent/VB 
[ them/PRP ]
from/IN accepting/VBG 
[ our/PRP$ superior/JJ cash/NN offer/NN ]
./. 

''/'' 

[ A/DT spokesman/NN ]
for/IN 
[ Temple/NNP ]
estimated/VBD that/IN 
[ Sea/NNP Containers/NNPS '/POS plan/NN ]
--/: if/IN 
[ all/PDT the/DT asset/NN sales/NNS ]
materialize/VBP 
[ --/: would/MD result/VB ]
in/IN 
[ shareholders/NNS ]
receiving/VBG only/RB 
[ $/$ 36/CD ]
to/TO 
[ $/$ 45/CD ]
[ a/DT share/NN ]
in/IN 
[ cash/NN ]
./. 

[ The/DT lower/JJR figures/NNS ]
,/, 
[ the/DT spokesman/NN ]
said/VBD ,/, would/MD stem/VB from/IN 
[ preferred/VBN shares/NNS ]
being/VBG converted/VBN to/TO 
[ common/JJ stock/NN ]
and/CC 
[ the/DT possibility/NN ]
that/IN 
[ Sea/NNP Containers/NNPS '/POS subsidiaries/NNS ]
might/MD be/VB required/VBN to/TO place/VB 
[ their/PRP$ shares/NNS ]
in/IN 
[ the/DT open/JJ market/NN ]
./. 

[ Temple/NNP ]
added/VBD that/IN 
[ Sea/NNP Containers/NNPS ]
is/VBZ still/RB mired/VBN in/IN 
[ legal/JJ problems/NNS ]
in/IN 
[ Bermuda/NNP ]
,/, where/WRB 
[ the/DT Supreme/NNP Court/NNP ]
has/VBZ temporarily/RB barred/VBN 
[ Sea/NNP Containers/NNPS ]
from/IN buying/VBG back/RB 
[ its/PRP$ own/JJ stock/NN ]
in/IN 
[ a/DT case/NN ]
brought/VBN by/IN 
[ Stena/NNP ]
and/CC 
[ Tiphook/NNP ]
./. 

 {/( 
[ The/DT court/NN ]
has/VBZ indicated/VBN 
[ it/PRP ]
will/MD rule/VB on/IN 
[ the/DT case/NN ]
by/IN 
[ the/DT end/NN ]
of/IN 
[ the/DT month/NN ]
./. 

 }/) 

[ Temple/NNP ]
also/RB said/VBD 
[ Sea/NNP Containers/NNPS '/POS plan/NN ]
raises/VBZ ``/`` 
[ numerous/JJ legal/JJ ]
,/, 
[ regulatory/JJ ]
,/, 
[ financial/JJ ]
and/CC 
[ fairness/NN issues/NNS ]
,/, ''/'' but/CC did/VBD n't/RB 
[ elaborate/VB ]
./. 

[ Mr./NNP Sherwood/NNP ]
said/VBD 
[ reaction/NN ]
to/TO 
[ Sea/NNP Containers/NNPS '/POS proposal/NN ]
has/VBZ been/VBN ``/`` very/RB positive/JJ ./. 

''/'' In/IN 
[ New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN yesterday/NN ]
,/, 
[ Sea/NNP Containers/NNPS ]
closed/VBD at/IN 
[ $/$ 62.625/CD ]
,/, up/RB 
[ 62.5/CD cents/NNS ]
./. 

[ The/DT Transportation/NNP Department/NNP ]
,/, responding/VBG to/TO 
[ pressure/NN ]
from/IN 
[ safety/NN advocates/NNS ]
,/, took/VBD 
[ further/JJ steps/NNS ]
to/TO impose/VB on/IN 
[ light/JJ trucks/NNS ]
and/CC vans/NNS 
[ the/DT safety/NN requirements/NNS ]
used/VBN for/IN 
[ automobiles/NNS ]
./. 

[ The/DT department/NN ]
proposed/VBD requiring/VBG 
[ stronger/JJR roofs/NNS ]
for/IN 
[ light/JJ trucks/NNS ]
and/CC 
[ minivans/NNS ]
,/, beginning/VBG with/IN 
[ 1992/CD models/NNS ]
./. 

[ It/PRP ]
also/RB issued/VBD 
[ a/DT final/JJ rule/NN requiring/VBG auto/NN makers/NNS ]
to/TO equip/VB 
[ light/JJ trucks/NNS ]
and/CC 
[ minivans/NNS ]
with/IN 
[ lap-shoulder/JJ belts/NNS ]
for/IN 
[ rear/JJ seats/NNS ]
beginning/VBG in/IN 
[ the/DT 1992/CD model/NN year/NN ]
./. 

[ Such/JJ belts/NNS ]
already/RB are/VBP required/VBN for/IN 
[ the/DT vehicles/NNS '/POS front/JJ seats/NNS ]
./. 

``/`` 
[ Today/NN 's/POS action/NN ]
,/, ''/'' 
[ Transportation/NNP Secretary/NNP Samuel/NNP Skinner/NNP ]
said/VBD ,/, ``/`` represents/VBZ 
[ another/DT milestone/NN ]
in/IN 
[ the/DT ongoing/JJ program/NN ]
to/TO promote/VB 
[ vehicle/NN occupant/NN safety/NN ]
in/IN 
[ light/JJ trucks/NNS ]
and/CC 
[ minivans/NNS ]
through/IN 
[ its/PRP$ extension/NN ]
of/IN 
[ passenger/NN car/NN standards/NNS ]
./. 

''/'' 

In/IN 
[ September/NNP ]
,/, 
[ the/DT department/NN ]
had/VBD said/VBN 
[ it/PRP ]
will/MD require/VB 
[ trucks/NNS ]
and/CC minivans/NNS to/TO be/VB equipped/VBN with/IN 
[ the/DT same/JJ front-seat/NN headrests/NNS ]
[ that/WDT ]
have/VBP long/RB been/VBN required/VBN on/IN 
[ passenger/NN cars/NNS ]
./. 

[ The/DT Big/NNP Three/NNP auto/NN makers/NNS ]
said/VBD 
[ the/DT rule/NN changes/NNS ]
were/VBD n't/RB surprising/JJ because/IN 
[ Bush/NNP administration/NN officials/NNS ]
have/VBP long/RB said/VBN 
[ they/PRP ]
planned/VBD to/TO impose/VB 
[ car/NN safety/NN standards/NNS ]
on/IN 
[ light/JJ trucks/NNS ]
and/CC 
[ vans/NNS ]
./. 

[ Safety/NN advocates/NNS ]
,/, including/VBG 
[ some/DT members/NNS ]
of/IN 
[ Congress/NNP ]
,/, have/VBP been/VBN urging/VBG 
[ the/DT department/NN ]
for/IN 
[ years/NNS ]
to/TO extend/VB 
[ car-safety/JJ requirements/NNS ]
to/TO 
[ light/JJ trucks/NNS ]
and/CC 
[ vans/NNS ]
,/, 
[ which/WDT ]
now/RB account/VBP for/IN almost/RB one-third/NN of/IN 
[ all/DT vehicle/NN sales/NNS ]
in/IN 
[ the/DT U.S/NNP ]
./. 

[ They/PRP ]
say/VBP that/IN 
[ many/JJ vehicles/NNS ]
classed/VBN as/IN 
[ commercial/JJ light/JJ trucks/NNS ]
actually/RB carry/VBP 
[ more/JJR people/NNS ]
than/IN 
[ cargo/NN ]
and/CC therefore/RB should/MD have/VB 
[ the/DT same/JJ safety/NN features/NNS ]
as/IN 
[ cars/NNS ]
./. 

[ They/PRP ]
did/VBD n't/RB have/VB 
[ much/JJ luck/NN ]
during/IN 
[ the/DT Reagan/NNP administration/NN ]
./. 

``/`` But/CC now/RB ,/, 
[ there/EX ]
seems/VBZ to/TO be/VB 
[ a/DT ]
fairly/RB 
[ systematic/JJ effort/NN ]
to/TO address/VB 
[ the/DT problem/NN ]
,/, ''/'' said/VBD 
[ Chuck/NNP Hurley/NNP ]
,/, 
[ vice/NN president/NN ]
of/IN 
[ communications/NNS ]
for/IN 
[ the/DT Insurance/NNP Institute/NNP ]
for/IN 
[ Highway/NNP Safety/NNP ]
./. 

``/`` 
[ We/PRP ]
're/VBP in/IN 
[ a/DT very/RB different/JJ regulatory/JJ environment/NN ]
./. 

''/'' 
[ Sen./NNP John/NNP Danforth/NNP ]
 (/( 
[ R./NNP ]
,/, 
[ Mo/NNP ]
./. 

 )/) praised/VBD 
[ the/DT department/NN 's/POS actions/NNS ]
,/, noting/VBG that/IN 
[ rollover/NN crashes/NNS ]
account/VBP for/IN almost/RB 
[ half/DT ]
of/IN 
[ all/DT light-truck/JJ deaths/NNS ]
./. 

``/`` 
[ We/PRP ]
could/MD prevent/VB 
[ many/JJ ]
of/IN 
[ these/DT fatalities/NNS ]
with/IN 
[ minimum/JJ roof-crush/JJ standards/NNS ]
,/, ''/'' 
[ he/PRP ]
said/VBD ./. 

[ Sen./NNP Danforth/NNP ]
and/CC 
[ others/NNS ]
also/RB want/VBP 
[ the/DT department/NN ]
to/TO require/VB 
[ additional/JJ safety/NN equipment/NN ]
in/IN 
[ light/JJ trucks/NNS ]
and/CC 
[ minivans/NNS ]
,/, including/VBG 
[ air/NN bags/NNS ]
or/CC 
[ automatic/JJ seat/NN belts/NNS ]
in/IN 
[ front/JJ seats/NNS ]
and/CC improved/VBN 
[ side-crash/JJ protection/NN ]
./. 

[ The/DT department/NN 's/POS roof-crush/JJ proposal/NN ]
would/MD apply/VB to/TO 
[ vehicles/NNS ]
weighing/VBG 
[ 10,000/CD pounds/NNS ]
or/CC 
[ less/JJR ]
./. 

[ The/DT roofs/NNS ]
would/MD be/VB required/VBN to/TO withstand/VB 
[ a/DT force/NN ]
of/IN 
[ 1.5/CD times/NNS ]
[ the/DT unloaded/JJ weight/NN ]
of/IN 
[ the/DT vehicle/NN ]
./. 

During/IN 
[ the/DT test/NN ]
,/, 
[ the/DT roof/NN ]
could/MD n't/RB be/VB depressed/VBN more/RBR than/IN 
[ five/CD inches/NNS ]
./. 

In/IN 
[ Detroit/NNP ]
,/, 
[ a/DT Chrysler/NNP Corp./NNP official/NN ]
said/VBD 
[ the/DT company/NN ]
currently/RB has/VBZ 
[ no/DT rear-seat/NN lap/NN ]
and/CC 
[ shoulder/NN belts/NNS ]
in/IN 
[ its/PRP$ light/JJ trucks/NNS ]
,/, but/CC 
[ plans/VBZ ]
to/TO begin/VB phasing/VBG 
[ them/PRP ]
in/IN by/IN 
[ the/DT end/NN ]
of/IN 
[ the/DT 1990/CD model/NN year/NN ]
./. 

[ He/PRP ]
said/VBD 
[ Chrysler/NNP ]
fully/RB expects/VBZ to/TO have/VB 
[ them/PRP ]
installed/VBN across/IN 
[ its/PRP$ light-truck/JJ line/NN ]
by/IN 
[ the/DT Sept./NNP 1/CD ]
,/, 
[ 1991/CD ]
,/, 
[ deadline/NN ]
./. 

[ Chrysler/NNP ]
said/VBD 
[ its/PRP$ trucks/NNS ]
and/CC 
[ vans/NNS ]
already/RB meet/VBP 
[ the/DT roof-crush/JJ resistance/NN standard/NN ]
for/IN 
[ cars/NNS ]
./. 

[ John/NNP Leinonen/NNP ]
,/, 
[ executive/JJ engineer/NN ]
of/IN 
[ Ford/NNP Motor/NNP Co./NNP 's/POS auto-safety/JJ office/NN ]
,/, said/VBD 
[ Ford/NNP trucks/NNS ]
have/VBP met/VBN 
[ car/NN standards/NNS ]
for/IN 
[ roof-crush/JJ resistance/NN ]
since/IN 
[ 1982/CD ]
./. 

[ Ford/NNP ]
began/VBD installing/VBG 
[ the/DT rear-seat/NN belts/NNS ]
in/IN 
[ trucks/NNS ]
with/IN 
[ its/PRP$ F-series/NNPS Crew/NNP Cab/NNP pickups/NNS ]
in/IN 
[ the/DT 1989/CD model/NN year/NN ]
./. 

[ The/DT new/JJ Explorer/NNP sport-utility/JJ vehicle/NN ]
,/, set/VBN for/IN 
[ introduction/NN ]
next/IN 
[ spring/NN ]
,/, will/MD also/RB have/VB 
[ the/DT rear-seat/NN belts/NNS ]
./. 

[ Mr./NNP Leinonen/NNP ]
said/VBD 
[ he/PRP ]
expects/VBZ 
[ Ford/NNP ]
to/TO meet/VB 
[ the/DT deadline/NN ]
easily/RB ./. 

[ Consolidated/NNP Rail/NNP Corp./NNP ]
said/VBD 
[ it/PRP ]
would/MD spend/VB more/RBR than/IN 
[ $/$ 30/CD million/CD ]
on/IN 
[ 1,000/CD enclosed/VBN railcars/NNS ]
for/IN transporting/VBG 
[ autos/NNS ]
./. 

[ The/DT multilevel/JJ railcars/NNS ]
,/, scheduled/VBN for/IN 
[ delivery/NN ]
in/IN 
[ 1990/CD ]
,/, will/MD be/VB made/VBN by/IN 
[ Thrall/NNP Manufacturing/NNP Co./NNP ]
,/, 
[ a/DT Chicago/NNP Heights/NNP ]
,/, 
[ Ill./NNP ]
,/, 
[ division/NN ]
of/IN closely/RB held/VBN 
[ Duchossois/NNP Industries/NNPS Inc./NNP ]
,/, 
[ Elmhurst/NNP ]
,/, 
[ Ill/NNP ]
./. 

[ This/DT year/NN ]
,/, 
[ the/DT railroad/NN holding/VBG company/NN ]
acquired/VBN 
[ 850/CD such/JJ railcars/NNS ]
./. 

[ Sir/NNP Peter/NNP Walters/NNP ]
,/, 
[ 58-year-old/JJ chairman/NN ]
of/IN 
[ British/NNP Petroleum/NNP Co./NNP ]
until/IN 
[ next/JJ March/NNP ]
,/, joins/VBZ 
[ the/DT board/NN ]
of/IN 
[ this/DT cement/NN products/NNS company/NN ]
on/IN 
[ Dec./NNP 1/CD ]
./. 

[ Sir/NNP Peter/NNP ]
will/MD succeed/VB 
[ Sir/NNP John/NNP Milne/NNP ]
,/, 
[ 65/CD ]
,/, 
[ who/WP ]
retires/VBZ as/IN 
[ Blue/NNP Circle/NNP nonexecutive/JJ chairman/NN ]
on/IN 
[ June/NNP 1/CD ]
./. 

[ Bank/NNP ]
of/IN 
[ New/NNP England/NNP Corp./NNP ]
said/VBD 
[ it/PRP ]
has/VBZ held/VBN 
[ talks/NNS ]
with/IN 
[ potential/JJ merger/NN partners/NNS ]
outside/IN 
[ New/NNP England/NNP ]
,/, although/IN 
[ it/PRP ]
added/VBD that/IN 
[ nothing/NN ]
is/VBZ imminent/JJ and/CC 
[ it/PRP ]
[ has/VBZ n't/RB ]
received/VBN 
[ any/DT formal/JJ offers/NNS ]
./. 

[ The/DT discussions/NNS ]
were/VBD disclosed/VBN as/IN 
[ the/DT bank/NN holding/VBG company/NN ]
said/VBD that/IN 
[ it/PRP ]
has/VBZ dropped/VBN 
[ its/PRP$ longstanding/JJ opposition/NN ]
to/TO 
[ full/JJ interstate/JJ banking/NN bills/NNS ]
in/IN 
[ Connecticut/NNP ]
and/CC in/IN 
[ Massachusetts/NNP ]
./. 

Later/JJ yesterday/NN ,/, 
[ a/DT Massachusetts/NNP senate/NN committee/NN ]
approved/VBD 
[ a/DT bill/NN ]
to/TO allow/VB 
[ national/JJ interstate/JJ banking/NN ]
by/IN 
[ banks/NNS ]
in/IN 
[ the/DT state/NN beginning/NN ]
in/IN 
[ 1991/CD ]
./. 

Currently/RB ,/, 
[ both/DT Massachusetts/NNP ]
and/CC 
[ Connecticut/NNP ]
,/, where/WRB most/RBS of/IN 
[ Bank/NNP ]
of/IN 
[ New/NNP England/NNP 's/POS operations/NNS ]
are/VBP ,/, allow/VBP 
[ interstate/JJ banking/NN ]
only/RB within/IN 
[ New/NNP England/NNP ]
./. 

[ Richard/NNP Driscoll/NNP ]
,/, 
[ vice/NN chairman/NN ]
of/IN 
[ Bank/NNP ]
of/IN 
[ New/NNP England/NNP ]
,/, told/VBD 
[ the/DT Dow/NNP Jones/NNP Professional/NNP Investor/NNP Report/NNP ]
,/, ``/`` Certainly/RB ,/, 
[ there/EX ]
are/VBP 
[ those/DT ]
outside/IN 
[ the/DT region/NN ]
[ who/WP ]
think/VBP of/IN 
[ us/PRP ]
prospectively/RB as/IN 
[ a/DT good/JJ partner/NN ]
./. 

[ We/PRP ]
have/VBP ,/, and/CC 
[ I/PRP ]
'm/VBP 
[ sure/JJ others/NNS ]
have/VBP ,/, considered/VBN 
[ what/WP ]
[ our/PRP$ options/NNS ]
are/VBP ,/, and/CC 
[ we/PRP ]
've/VBP had/VBN 
[ conversations/NNS ]
with/IN 
[ people/NNS ]
[ who/WP ]
in/IN 
[ the/DT future/NN ]
might/MD prove/VB to/TO be/VB 
[ interesting/JJ partners/NNS ]
./. 

''/'' 
[ He/PRP ]
added/VBD ,/, ``/`` 
[ There/EX ]
's/VBZ 
[ nothing/NN ]
very/RB hot/JJ ./. 

''/'' 

[ Mr./NNP Driscoll/NNP ]
did/VBD n't/RB 
[ elaborate/JJ ]
about/IN 
[ who/WP ]
[ the/DT potential/JJ partners/NNS ]
were/VBD or/CC when/WRB 
[ the/DT talks/NNS ]
were/VBD held/VBN ./. 

[ A/DT bank/NN spokeswoman/NN ]
also/RB declined/VBD to/TO comment/VB on/IN 
[ any/DT merger-related/JJ matters/NNS ]
,/, but/CC said/VBD 
[ the/DT company/NN ]
decided/VBD to/TO drop/VB 
[ its/PRP$ opposition/NN ]
to/TO 
[ the/DT interstate/JJ banking/NN legislation/NN ]
because/IN ``/`` 
[ prevailing/VBG sentiment/NN ]
is/VBZ in/IN 
[ favor/NN ]
of/IN 
[ passage/NN ]
./. 

''/'' 

[ Bank/NNP ]
of/IN 
[ New/NNP England/NNP ]
has/VBZ been/VBN hit/VBN hard/RB by/IN 
[ the/DT region/NN 's/POS real-estate/JJ slump/NN ]
,/, with/IN 
[ its/PRP$ net/JJ income/NN ]
declining/VBG 
[ 42/CD %/NN ]
to/TO 
[ $/$ 121.6/CD million/CD ]
,/, or/CC 
[ 61/CD cents/NNS ]
[ a/DT share/NN ]
,/, in/IN 
[ the/DT first/JJ nine/CD months/NNS ]
of/IN 
[ 1989/CD ]
from/IN 
[ the/DT year-earlier/JJ period/NN ]
./. 

[ The/DT company/NN ]
recently/RB said/VBD 
[ it/PRP ]
would/MD sell/VB 
[ some/DT operations/NNS ]
and/CC lay/VBD off/IN 
[ 4/CD %/NN ]
of/IN 
[ its/PRP$ work/NN force/NN ]
,/, altogether/RB reducing/VBG 
[ employment/NN ]
to/TO less/RBR than/IN 
[ 16,000/CD ]
from/IN about/IN 
[ 18,000/CD ]
./. 

[ It/PRP ]
recently/RB signed/VBD 
[ a/DT preliminary/JJ agreement/NN ]
to/TO negotiate/VB exclusively/RB with/IN 
[ the/DT Bank/NNP ]
of/IN 
[ Tokyo/NNP Ltd./NNP ]
for/IN 
[ the/DT sale/NN ]
of/IN 
[ part/NN ]
of/IN 
[ its/PRP$ leasing/NN business/NN ]
to/TO 
[ the/DT Japanese/JJ bank/NN ]
./. 

[ GOODY/NNP PRODUCTS/NNP Inc./NNP ]
cut/VBD 
[ its/PRP$ quarterly/JJ dividend/NN ]
to/TO 
[ five/CD cents/NNS ]
[ a/DT share/NN ]
from/IN 
[ 11.5/CD cents/NNS ]
[ a/DT share/NN ]
./. 

[ The/DT reduced/VBN dividend/NN ]
is/VBZ 
[ payable/JJ Jan./NNP 2/CD ]
to/TO stock/NN of/IN 
[ record/NN Dec./NNP 15/CD ]
./. 

[ The/DT Kearny/NNP ]
,/, 
[ N.J.-based/JJ maker/NN ]
of/IN 
[ hair/NN accessories/NNS ]
and/CC 
[ other/JJ cosmetic/NN products/NNS ]
said/VBD 
[ it/PRP ]
cut/VBD 
[ the/DT dividend/NN ]
due/JJ to/TO 
[ its/PRP$ third-quarter/NN loss/NN ]
of/IN 
[ $/$ 992,000/CD ]
,/, or/CC 
[ 15/CD cents/NNS ]
[ a/DT share/NN ]
./. 

In/IN 
[ the/DT year-ago/JJ quarter/NN ]
,/, 
[ the/DT company/NN ]
reported/VBD 
[ net/JJ income/NN ]
of/IN 
[ $/$ 1.9/CD million/CD ]
,/, or/CC 
[ 29/CD cents/NNS ]
[ a/DT share/NN ]
./. 

[ The/DT company/NN ]
also/RB adopted/VBD 
[ an/DT anti-takeover/JJ plan/NN ]
./. 

[ Michael/NNP Henderson/NNP ]
,/, 
[ 51-year-old/JJ group/NN chief/NN executive/NN ]
of/IN 
[ this/DT U.K./NNP metals/NNS ]
and/CC 
[ industrial/JJ materials/NNS maker/NN ]
,/, will/MD become/VB 
[ chairman/NN ]
in/IN 
[ May/NNP ]
,/, succeeding/VBG 
[ Ian/NNP Butler/NNP ]
,/, 
[ 64/CD ]
,/, 
[ who/WP ]
is/VBZ retiring/VBG ./. 

[ Mr./NNP Butler/NNP ]
will/MD remain/VB on/IN 
[ the/DT board/NN ]
as/IN 
[ a/DT nonexecutive/JJ director/NN ]
./. 

[ Rally/NNP 's/POS Inc./NNP ]
said/VBD 
[ it/PRP ]
has/VBZ redeemed/VBN 
[ its/PRP$ rights/NNS outstanding/JJ ]
issued/VBN 
[ Monday/NNP ]
in/IN 
[ its/PRP$ shareholder/NN rights/NNS ]
plan/NN ./. 

[ The/DT company/NN ]
said/VBD 
[ holders/NNS ]
of/IN 
[ stock/NN ]
of/IN 
[ record/NN Nov./NNP 10/CD ]
will/MD receive/VB 
[ 1\/10th/NN ]
of/IN 
[ one/CD cent/NN ]
[ a/DT share/NN ]
as/IN 
[ the/DT redemption/NN payment/NN ]
./. 

[ The/DT fast-food/NN company/NN ]
said/VBD 
[ its/PRP$ decision/NN ]
was/VBD based/VBN upon/IN 
[ discussions/NNS ]
with/IN 
[ a/DT shareholder/NN group/NN ]
,/, 
[ Giant/NNP Group/NNP Ltd./NNP ]
,/, ``/`` in/IN 
[ an/DT effort/NN ]
to/TO resolve/VB 
[ certain/JJ disputes/NNS ]
with/IN 
[ the/DT company/NN ]
./. 

''/'' 

[ Giant/NNP Group/NNP ]
is/VBZ led/VBN by/IN 
[ three/CD Rally/NNP 's/POS directors/NNS ]
,/, 
[ Burt/NNP Sugarman/NNP ]
,/, 
[ James/NNP M./NNP Trotter/NNP III/NNP ]
and/CC 
[ William/NNP E./NNP Trotter/NNP II/NNP ]
,/, 
[ who/WP ]
[ last/JJ month/NN ]
indicated/VBD 
[ they/PRP ]
hold/VBP 
[ a/DT 42.5/CD %/NN stake/NN ]
in/IN 
[ Rally/NNP 's/POS ]
and/CC 
[ plan/VBP ]
to/TO seek/VB 
[ a/DT majority/NN ]
of/IN 
[ seats/NNS ]
on/IN 
[ Rally/NNP 's/POS nine-member/JJ board/NN ]
./. 

When/WRB 
[ Warren/NNP Winiarski/NNP ]
,/, 
[ proprietor/NN ]
of/IN 
[ Stag/NNP 's/POS Leap/NNP Wine/NNP Cellars/NNP ]
in/IN 
[ Napa/NNP Valley/NNP ]
,/, announced/VBD 
[ a/DT $/$ 75/CD price/NN tag/NN ]
for/IN 
[ his/PRP$ 1985/CD Cask/NNP 23/CD Cabernet/NNP ]
[ this/DT fall/NN ]
,/, 
[ few/JJ wine/NN shops/NNS ]
and/CC 
[ restaurants/NNS ]
around/IN 
[ the/DT country/NN ]
balked/VBD ./. 

``/`` 
[ This/DT ]
is/VBZ 
[ the/DT peak/NN ]
of/IN 
[ my/PRP$ wine-making/NN experience/NN ]
,/, ''/'' 
[ Mr./NNP Winiarski/NNP ]
declared/VBD when/WRB 
[ he/PRP ]
introduced/VBD 
[ the/DT wine/NN ]
at/IN 
[ a/DT dinner/NN ]
in/IN 
[ New/NNP York/NNP ]
,/, ``/`` and/CC 
[ I/PRP ]
wanted/VBD to/TO single/VB 
[ it/PRP ]
out/RP as/RB such/JJ ./. 

''/'' 

[ It/PRP ]
is/VBZ in/IN 
[ my/PRP$ estimation/NN ]
[ the/DT best/JJS wine/NN Stag/NNP 's/POS Leap/NNP ]
has/VBZ produced/VBN ,/, and/CC with/IN 
[ fewer/JJR ]
than/IN 
[ 700/CD cases/NNS ]
available/JJ ,/, 
[ it/PRP ]
is/VBZ sure/JJ to/TO sell/VB quickly/RB ./. 

[ The/DT price/NN ]
is/VBZ 
[ a/DT new/JJ high/NN ]
for/IN 
[ California/NNP Cabernet/NNP Sauvignon/NNP ]
,/, but/CC 
[ it/PRP ]
is/VBZ not/RB 
[ the/DT highest/JJS ]
./. 

[ Diamond/NNP Creek/NNP 1985/CD Lake/NNP Vineyard/NNP Cabernet/NNP ]
weighed/VBD in/RP 
[ this/DT fall/NN ]
with/IN 
[ a/DT sticker/NN price/NN ]
of/IN 
[ $/$ 100/CD ]
[ a/DT bottle/NN ]
./. 

[ One/CD ]
of/IN 
[ the/DT fastest/JJS growing/VBG segments/NNS ]
of/IN 
[ the/DT wine/NN market/NN ]
is/VBZ 
[ the/DT category/NN ]
of/IN 
[ superpremiums/NNS --/: wines/NN ]
limited/VBN in/IN 
[ production/NN ]
,/, of/IN 
[ exceptional/JJ quality/NN ]
 (/( or/CC so/RB perceived/VBN ,/, at/IN 
[ any/DT rate/NN ]
 )/) ,/, and/CC with/IN exceedingly/RB 
[ high/JJ prices/NNS ]
./. 

For/IN 
[ years/NNS ]
,/, 
[ this/DT group/NN ]
included/VBD 
[ a/DT stable/NN ]
of/IN 
[ classics/NNS ]
--/: Bordeaux/NNP 
[ first/JJ growths/NNS ]
 (/( 
[ Lafite-Rothschild/NNP ]
,/, 
[ Latour/NNP ]
,/, 
[ Haut-Brion/NNP ]
,/, 
[ Petrus/NNP ]
 )/) ,/, 
[ Grand/NNP Cru/NNP Burgundies/NNPS ]
 (/( 
[ Romanee-Conti/NNP ]
and/CC 
[ La/NNP Tache/NNP ]
 )/) 
[ deluxe/JJ Champagnes/NNS ]
 (/( 
[ Dom/NNP Perignon/NNP ]
or/CC 
[ Roederer/NNP Cristal/NNP ]
 )/) ,/, rarefied/VBN 
[ sweet/JJ wines/NNS ]
 (/( 
[ Chateau/NNP Yquem/NNP ]
or/CC 
[ Trockenbeerenauslesen/NNP Rieslings/NNPS ]
from/IN 
[ Germany/NNP ]
,/, and/CC 
[ Biondi-Santi/NNP Brunello/NNP Riserva/NNP ]
from/IN 
[ Tuscany/NNP ]
 )/) ./. 

[ These/DT first/JJ magnitude/NN wines/NNS ]
ranged/VBD in/IN 
[ price/NN ]
from/IN 
[ $/$ 40/CD ]
to/TO 
[ $/$ 125/CD ]
[ a/DT bottle/NN ]
./. 

In/IN 
[ the/DT last/JJ year/NN ]
or/CC so/RB ,/, however/RB ,/, 
[ this/DT exclusive/JJ club/NN ]
has/VBZ taken/VBN in/IN 
[ a/DT host/NN ]
of/IN 
[ flashy/JJ new/JJ members/NNS ]
./. 

[ The/DT classics/NNS ]
have/VBP zoomed/VBN in/IN 
[ price/NN ]
to/TO meet/VB 
[ the/DT competition/NN ]
,/, and/CC 
[ it/PRP ]
almost/RB seems/VBZ that/IN 
[ there/EX ]
's/VBZ 
[ a/DT race/NN ]
on/RB to/TO come/VB up/RP with/IN 
[ the/DT priciest/JJS single/JJ bottle/NN ]
,/, among/IN 
[ current/JJ releases/NNS ]
from/IN 
[ every/DT major/JJ wine/NN region/NN ]
on/IN 
[ the/DT globe/NN ]
./. 

[ France/NNP ]
can/MD boast/VB 
[ the/DT lion/NN 's/POS share/NN ]
of/IN 
[ high-priced/JJ bottles/NNS ]
./. 

[ Bordeaux/NNP 's/POS first/JJ growths/NNS ]
from/IN 
[ 1985/CD ]
and/CC 
[ 1986/CD ]
are/VBP 
[ $/$ 60/CD ]
to/TO 
[ $/$ 80/CD each/DT ]
 (/( except/IN for/IN 
[ the/DT smallest/JJS ]
in/IN 
[ terms/NNS ]
of/IN 
[ production/NN ]
,/, 
[ Chateau/NNP Petrus/NNP ]
,/, 
[ which/WDT ]
costs/VBZ around/RB 
[ $/$ 250/CD ]
!/. 

 )/) ./. 

[ These/DT prices/NNS ]
seem/VBP rather/RB 
[ modest/JJ ]
,/, however/RB ,/, in/IN 
[ light/NN ]
of/IN 
[ other/JJ French/JJ wines/NNS ]
from/IN 
[ current/JJ vintages/NNS ]
./. 

[ Chateau/NNP Yquem/NNP ]
,/, 
[ the/DT leading/VBG Sauternes/NNP ]
,/, now/RB goes/VBZ for/IN well/RB over/RB 
[ $/$ 100/CD ]
[ a/DT bottle/NN ]
for/IN 
[ a/DT lighter/JJR vintage/NN ]
like/IN 
[ 1984/CD ]
;/: 
[ the/DT ]
spectacularly/RB 
[ rich/JJ 1983/CD runs/VBZ $/$ 179/CD ]
./. 

In/IN 
[ Champagne/NNP ]
,/, 
[ some/DT ]
of/IN 
[ the/DT prestige/NN cuvees/NNS ]
are/VBP inching/VBG toward/IN 
[ $/$ 100/CD ]
[ a/DT bottle/NN ]
./. 

[ The/DT first/JJ Champagne/NNP ]
to/TO crack/VB 
[ that/DT price/NN barrier/NN ]
was/VBD 
[ the/DT 1979/CD Salon/NNP ]
de/IN 
[ Mesnil/NNP Blanc/NNP ]
de/IN 
[ Blancs/NNP ]
./. 

[ The/DT '82/CD Salon/NNP ]
is/VBZ 
[ $/$ 115/CD ]
./. 

[ Roederer/NNP Cristal/NNP ]
at/IN 
[ $/$ 90/CD ]
[ a/DT bottle/NN ]
sells/VBZ out/RP around/IN 
[ the/DT country/NN ]
and/CC 
[ Taittinger/NNP 's/POS Comtes/NNP ]
de/IN 
[ Champagne/NNP Blanc/NNP ]
de/IN 
[ Blancs/NNP ]
is/VBZ encroaching/VBG upon/IN 
[ that/DT level/NN ]
./. 

[ The/DT great/JJ reds/NNS ]
of/IN 
[ the/DT Rhone/NNP Valley/NNP ]
have/VB soared/VBN in/IN 
[ price/NN ]
as/RB well/RB ./. 

[ E./NNP Guigal/NNP 's/POS 1982/CD Cote/NNP Rotie/NNP La/NNP Landonne/NNP ]
,/, for/IN 
[ example/NN ]
,/, is/VBZ 
[ $/$ 120/CD ]
./. 

[ None/NNP ]
of/IN 
[ France/NNP 's/POS wine/NN regions/NNS ]
can/MD steal/VB 
[ a/DT march/NN ]
on/IN 
[ Burgundy/NNP ]
,/, however/RB ./. 

[ The/DT six/CD wines/NNS ]
of/IN 
[ the/DT Domaine/NNP ]
de/IN 
[ la/DT Romanee-Conti/NNP ]
,/, 
[ 72/CD ]
of/IN 
[ the/DT most/RBS precious/JJ acres/NNS ]
of/IN 
[ vineyard/NN ]
anywhere/RB in/IN 
[ the/DT world/NN ]
,/, have/VB commanded/VBN 
[ three-digit/JJ price/NN tags/NNS ]
for/IN 
[ several/JJ years/NNS ]
now/RB ./. 

With/IN 
[ the/DT 1985/CD vintage/NN ]
,/, 
[ they/PRP ]
soared/VBD 
[ higher/RBR ]
:/: 
[ La/NNP Tache/NNP ]
,/, 
[ $/$ 195/CD ]
;/: 
[ Richebourg/NNP ]
,/, 
[ $/$ 180/CD ]
;/: 
[ Romanee-Conti/NNP ]
,/, 
[ $/$ 225/CD ]
./. 

[ Another/DT small/JJ Burgundy/NNP estate/NN ]
,/, 
[ Coche-Dury/NNP ]
,/, has/VBZ just/RB offered/VBN 
[ its/PRP$ 1987/CD Corton-Charlemagne/NNP ]
for/IN 
[ $/$ 155/CD ]
./. 

From/IN 
[ Italy/NNP ]
there/RB is/VBZ 
[ Angelo/NNP Gaja/NNP Barbaresco/NNP ]
at/IN 
[ $/$ 125/CD ]
[ a/DT bottle/NN ]
,/, 
[ Piero/NNP Antinori/NNP 's/POS La/NNP Solaia/NNP ]
,/, 
[ a/DT $/$ 90/CD Cabernet/NNP ]
from/IN 
[ Tuscany/NNP ]
,/, and/CC 
[ Biondi-Santi/NNP Brunello/NNP ]
at/IN 
[ $/$ 98/CD ]
./. 

[ Spain/NNP 's/POS Vega/NNP Secilia/NNP Unico/NNP 1979/CD ]
 (/( released/VBN only/RB in/IN 
[ its/PRP$ 10th/JJ year/NN ]
 )/) is/VBZ 
[ $/$ 70/CD ]
,/, as/IN is/VBZ 
[ Australia/NNP 's/POS Grange/NNP Hermitage/NNP 1982/CD ]
./. 

``/`` 
[ There/EX ]
are/VBP 
[ certain/JJ cult/NN wines/NNS ]
[ that/WDT ]
can/MD command/VB 
[ these/DT higher/JJR prices/NNS ]
,/, ''/'' says/VBZ 
[ Larry/NNP Shapiro/NNP ]
of/IN 
[ Marty/NNP 's/POS ]
,/, 
[ one/CD ]
of/IN 
[ the/DT largest/JJS wine/NN shops/NNS ]
in/IN 
[ Dallas/NNP ]
./. 

``/`` 
[ What/WP ]
's/VBZ different/JJ is/VBZ that/IN 
[ it/PRP ]
is/VBZ happening/VBG with/IN 
[ young/JJ wines/NNS ]
just/RB coming/VBG out/RP ./. 

[ We/PRP ]
're/VBP seeing/VBG 
[ it/PRP ]
partly/RB because/IN 
[ older/JJR vintages/NNS ]
are/VBP growing/VBG more/RBR scarce/JJ ./. 

''/'' 

[ Wine/NN auctions/NNS ]
have/VBP almost/RB exhausted/VBN 
[ the/DT limited/VBN supply/NN ]
of/IN 
[ those/DT wines/NNS ]
,/, 
[ Mr./NNP Shapiro/NNP ]
continued/VBD :/: ``/`` 
[ We/PRP ]
've/VBP seen/VBN 
[ a/DT dramatic/JJ decrease/NN ]
in/IN 
[ demand/NN ]
for/IN 
[ wines/NNS ]
from/IN 
[ the/DT '40s/CD ]
and/CC 
[ '50s/CD ]
,/, 
[ which/WDT ]
go/VBP for/IN 
[ $/$ 300/CD ]
to/TO 
[ $/$ 400/CD ]
[ a/DT bottle/NN ]
./. 

[ Some/DT ]
of/IN 
[ the/DT newer/JJR wines/NNS ]
,/, even/RB at/IN 
[ $/$ 90/CD ]
to/TO 
[ $/$ 100/CD ]
[ a/DT bottle/NN ]
or/CC so/RB ,/, almost/RB offer/VBP 
[ a/DT bargain/NN ]
./. 

''/'' 

Take/VB 
[ Lake/NNP Vineyard/NNP Cabernet/NNP ]
from/IN 
[ Diamond/NNP Creek/NNP ]
./. 

[ It/PRP ]
's/VBZ made/VBN only/RB in/IN 
[ years/NNS ]
when/WRB 
[ the/DT grapes/NNS ]
ripen/VBP perfectly/RB (/( 
[ the/DT last/NN ]
was/VBD 
[ 1979/CD ]
 )/) and/CC comes/VBZ from/IN 
[ a/DT single/JJ acre/NN ]
of/IN 
[ grapes/NNS ]
[ that/WDT ]
yielded/VBD 
[ a/DT mere/JJ 75/CD cases/NNS ]
in/IN 
[ 1987/CD ]
./. 

[ Owner/NNP Al/NNP Brownstein/NNP ]
originally/RB planned/VBD to/TO sell/VB 
[ it/PRP ]
for/IN 
[ $/$ 60/CD ]
[ a/DT bottle/NN ]
,/, but/CC when/WRB 
[ a/DT retailer/NN ]
in/IN 
[ Southern/NNP California/NNP ]
asked/VBD ,/, ``/`` Is/VBZ 
[ that/DT wholesale/JJ ]
or/CC 
[ retail/JJ ]
?/. ''/'' 
[ he/PRP ]
re-thought/JJ 
[ the/DT matter/NN ]
./. 

Offering/VBG 
[ the/DT wine/NN ]
at/IN roughly/RB 
[ $/$ 65/CD ]
[ a/DT bottle/NN wholesale/NN ]
 (/( 
[ $/$ 100/CD retail/NN ]
 )/) ,/, 
[ he/PRP ]
sent/VBD 
[ merchants/NNS ]
around/IN 
[ the/DT country/NN ]
[ a/DT form/NN ]
asking/VBG 
[ them/PRP ]
to/TO check/VB 
[ one/CD ]
of/IN 
[ three/CD answers/NNS ]
:/: 
[ 1/LS ]
 )/) no/RB ,/, 
[ the/DT wine/NN ]
is/VBZ too/RB high/JJ (/( 
[ 2/CD responses/NNS ]
 )/) ;/: 
[ 2/LS ]
 )/) yes/RB ,/, 
[ it/PRP ]
's/VBZ high/JJ but/CC 
[ I/PRP ]
'll/MD take/VB 
[ it/PRP ]
 (/( 
[ 2/CD responses/NNS ]
 )/) ;/: 
[ 3/LS ]
 )/) 
[ I/PRP ]
'll/MD take/VB 
[ all/DT ]
[ I/PRP ]
can/MD get/VB (/( 
[ 58/CD responses/NNS ]
 )/) ./. 

[ The/DT wine/NN ]
was/VBD shipped/VBN in/IN 
[ six-bottle/JJ cases/NNS ]
instead/RB of/IN 
[ the/DT usual/JJ 12/CD ]
,/, but/CC even/RB at/IN that/IN 
[ it/PRP ]
was/VBD spread/VBN 
[ thin/JJ ]
,/, going/VBG to/TO 
[ 62/CD retailers/NNS ]
in/IN 
[ 28/CD states/NNS ]
./. 

``/`` 
[ We/PRP ]
thought/VBD 
[ it/PRP ]
was/VBD awfully/RB 
[ expensive/JJ ]
,/, ''/'' said/VBD 
[ Sterling/NNP Pratt/NNP ]
,/, 
[ wine/NN director/NN ]
at/IN 
[ Schaefer/NNP ]
's/POS in/IN 
[ Skokie/NNP ]
,/, 
[ Ill./NNP ]
,/, 
[ one/CD ]
of/IN 
[ the/DT top/JJ stores/NNS ]
in/IN 
[ suburban/JJ Chicago/NNP ]
,/, ``/`` but/CC 
[ there/EX ]
are/VBP 
[ people/NNS ]
out/IN there/RB with/IN 
[ very/RB different/JJ opinions/NNS ]
of/IN 
[ value/NN ]
./. 

[ We/PRP ]
got/VBD 
[ our/PRP$ two/CD six-packs/NNS --/: and/CC ]
[ they/PRP ]
're/VBP gone/VBN ./. 

''/'' 

[ Mr./NNP Pratt/NNP ]
remarked/VBD that/IN 
[ he/PRP ]
thinks/VBZ 
[ steeper/JJR prices/NNS ]
have/VBP come/VBN about/RP because/IN 
[ producers/NNS ]
do/VBP n't/RB like/VB to/TO see/VB 
[ a/DT hit/NN wine/NN ]
dramatically/RB increase/VB in/IN 
[ price/NN ]
later/JJ on/RP ./. 

Even/RB if/IN 
[ there/EX ]
is/VBZ 
[ consumer/NN resistance/NN ]
at/IN 
[ first/JJ ]
,/, 
[ a/DT wine/NN ]
[ that/WDT ]
wins/VBZ 
[ high/JJ ratings/NNS ]
from/IN 
[ the/DT critics/NNS ]
will/MD eventually/RB move/VB ./. 

``/`` 
[ There/EX ]
may/MD be/VB 
[ sticker-shock/NN reaction/NN ]
initially/RB ,/, ''/'' said/VBD 
[ Mr./NNP Pratt/NNP ]
,/, ``/`` but/CC as/IN 
[ the/DT wine/NN ]
is/VBZ talked/VBN about/IN and/CC starts/VBZ to/TO sell/VB ,/, 
[ they/PRP ]
eventually/RB get/VB excited/VBN and/CC decide/VB 
[ it/PRP ]
's/VBZ worth/JJ 
[ the/DT astronomical/JJ price/NN ]
to/TO add/VB 
[ it/PRP ]
to/TO 
[ their/PRP$ collection/NN ]
./. 

''/'' 

``/`` 
[ It/PRP ]
's/VBZ just/RB 
[ sort/NN ]
of/IN 
[ a/DT one-upsmanship/NN thing/NN ]
with/IN 
[ some/DT people/NNS ]
,/, ''/'' added/VBD 
[ Larry/NNP Shapiro/NNP ]
./. 

``/`` 
[ They/PRP ]
like/VBP to/TO talk/VB about/IN having/VBG 
[ the/DT new/JJ Red/NNP Rock/NNP Terrace/NNP ]
 
[ {/( ]
[ one/CD ]
of/IN 
[ Diamond/NNP Creek/NNP 's/POS Cabernets/NNPS ]
 }/) or/CC 
[ the/DT Dunn/NNP 1985/CD Cabernet/NNP ]
,/, or/CC 
[ the/DT Petrus/NNP ]
./. 

[ Producers/NNS ]
have/VBP seen/VBN 
[ this/DT market/NN ]
opening/VBG up/RP and/CC 
[ they/PRP ]
're/VBP now/RB creating/VBG 
[ wines/NNS ]
[ that/WDT ]
appeal/VBP to/TO 
[ these/DT people/NNS ]
./. 

''/'' 

[ That/DT ]
explains/VBZ why/WRB 
[ the/DT number/NN ]
of/IN 
[ these/DT wines/NNS ]
is/VBZ expanding/VBG so/RB rapidly/RB ./. 

But/CC 
[ consumers/NNS ]
[ who/WP ]
buy/VBP at/IN 
[ this/DT level/NN ]
are/VBP also/RB more/RBR knowledgeable/JJ than/IN 
[ they/PRP ]
were/VBD 
[ a/DT few/JJ years/NNS ]
ago/RB ./. 

``/`` 
[ They/PRP ]
wo/MD n't/RB buy/VB if/IN 
[ the/DT quality/NN ]
is/VBZ not/RB there/RB ,/, ''/'' said/VBD 
[ Cedric/NNP Martin/NNP ]
of/IN 
[ Martin/NNP Wine/NNP Cellar/NNP ]
in/IN 
[ New/NNP Orleans/NNP ]
./. 

``/`` Or/CC if/IN 
[ they/PRP ]
feel/VBP 
[ the/DT wine/NN ]
is/VBZ overpriced/VBN and/CC 
[ they/PRP ]
can/MD get/VB 
[ something/NN ]
equally/RB good/JJ for/IN less/JJR ./. 

''/'' 
[ Mr./NNP Martin/NNP ]
has/VBZ increased/VBN 
[ prices/NNS ]
on/IN 
[ some/DT wines/NNS ]
 (/( like/IN 
[ Grgich/NNP Hills/NNP Chardonnay/NNP ]
,/, now/RB 
[ $/$ 32/CD ]
 )/) just/RB to/TO slow/VB down/RP 
[ movement/NN ]
,/, but/CC 
[ he/PRP ]
is/VBZ beginning/VBG to/TO see/VB 
[ some/DT resistance/NN ]
to/TO 
[ high-priced/JJ red/JJ Burgundies/NNPS ]
and/CC 
[ Cabernets/NNPS ]
and/CC 
[ Chardonnays/NNPS ]
in/IN 
[ the/DT $/$ 30/CD ]
to/TO 
[ $/$ 40/CD range/NN ]
./. 

[ Image/NN ]
has/VBZ ,/, of/IN 
[ course/NN ]
,/, 
[ a/DT great/JJ deal/NN ]
to/TO do/VB with/IN 
[ what/WP ]
sells/VBZ and/CC 
[ what/WP ]
does/VBZ n't/RB ,/, and/CC 
[ it/PRP ]
ca/MD n't/RB be/VB forced/VBN ./. 

[ Wine/NN merchants/NNS ]
ca/MD n't/RB keep/VB 
[ Roederer/NNP Cristal/NNP ]
in/IN 
[ stock/NN ]
,/, but/CC 
[ they/PRP ]
have/VBP to/TO push/VB 
[ Salon/NNP ]
[ le/DT Mesnil/NNP ]
,/, even/RB lowering/VBG 
[ the/DT price/NN ]
from/IN 
[ $/$ 115/CD ]
to/TO 
[ $/$ 90/CD ]
./. 

[ It/PRP ]
's/VBZ hardly/RB 
[ a/DT question/NN ]
of/IN 
[ quality/NN --/: the/CD 1982/CD Salon/NNP ]
is/VBZ 
[ a/DT beautiful/JJ wine/NN ]
,/, but/CC ,/, as/IN 
[ Mr./NNP Pratt/NNP ]
noted/VBD ,/, 
[ people/NNS ]
have/VBP 
[ their/PRP$ own/JJ ideas/NNS ]
about/IN 
[ value/NN ]
./. 

[ It/PRP ]
's/VBZ interesting/JJ to/TO find/VB that/IN 
[ a/DT lot/NN ]
of/IN 
[ the/DT expensive/JJ wines/NNS ]
are/VBP n't/RB always/RB walking/VBG out/IN 
[ the/DT door/NN ]
./. 

In/IN 
[ every/DT major/JJ market/NN ]
in/IN 
[ the/DT U.S./NNP ]
,/, for/IN 
[ instance/NN ]
,/, 
[ you/PRP ]
can/MD buy/VB 
[ '86/CD La/NNP Tache/NNP ]
or/CC 
[ Richebourg/NNP ]
,/, virtually/RB 
[ all/DT ]
of/IN 
[ the/DT first/JJ growth/NN Bordeaux/NNP ]
 (/( except/IN 
[ Petrus/NNP ]
 )/) ,/, as/RB well/RB as/IN 
[ Opus/NNP One/CD ]
and/CC 
[ Dominus/NNP ]
from/IN 
[ California/NNP ]
and/CC ,/, at/IN 
[ the/DT moment/NN ]
,/, 
[ the/DT Stag/NNP 's/POS Leap/NNP 1985/CD Cask/NNP 23/CD ]
./. 

With/IN 
[ the/DT biggest/JJS wine-buying/JJ period/NN ]
of/IN 
[ the/DT year/NN ]
looming/VBG as/IN 
[ the/DT holidays/NNS approach/VBP ]
,/, 
[ it/PRP ]
will/MD be/VB interesting/JJ to/TO see/VB how/WRB 
[ the/DT superpremiums/NNS fare/VBP ]
./. 

By/IN 
[ January/NNP ]
[ it/PRP ]
should/MD be/VB fairly/RB clear/JJ 
[ what/WP ]
[ 's/POS hot/JJ --/: and/NN ]
[ what/WP ]
's/VBZ not/RB ./. 

[ Ms./NNP Ensrud/NNP ]
is/VBZ 
[ a/DT free-lance/JJ wine/NN writer/NN ]
in/IN 
[ New/NNP York/NNP ]
./. 

[ Signs/NNS ]
of/IN 
[ a/DT slowing/VBG economy/NN ]
are/VBP increasing/VBG 
[ pressure/NN ]
on/IN 
[ the/DT Federal/NNP Reserve/NNP ]
to/TO cut/VB 
[ short-term/JJ interest/NN rates/NNS ]
,/, but/CC 
[ it/PRP ]
is/VBZ n't/RB clear/JJ whether/IN 
[ the/DT central/JJ bank/NN ]
will/MD do/VB so/RB ./. 

[ A/DT survey/NN ]
by/IN 
[ the/DT Fed/NNP 's/POS 12/CD district/NN banks/NNS ]
shows/VBZ 
[ economic/JJ growth/NN ]
has/VBZ been/VBN sluggish/JJ in/IN 
[ recent/JJ weeks/NNS ]
,/, while/IN 
[ upward/JJ pressures/NNS ]
on/IN 
[ prices/NNS ]
have/VBP moderated/VBN ./. 

``/`` 
[ The/DT economy/NN ]
is/VBZ clearly/RB slowing/VBG ,/, ''/'' says/VBZ 
[ Robert/NNP Black/NNP ]
,/, 
[ president/NN ]
of/IN 
[ the/DT Richmond/NNP Federal/NNP Reserve/NNP Bank/NNP ]
./. 

``/`` If/IN 
[ you/PRP ]
look/VBP at/IN 
[ the/DT third/JJ quarter/NN ]
as/IN posting/VBG roughly/RB 
[ 2.5/CD %/NN growth/NN ]
,/, 
[ I/PRP ]
do/VBP see/VB 
[ some/DT slowing/NN ]
in/IN 
[ the/DT fourth/JJ quarter/NN ]
,/, ''/'' agrees/VBZ 
[ Kansas/NNP City/NNP Fed/NNP President/NNP Roger/NNP Guffey/NNP ]
./. 

Nevertheless/RB ,/, 
[ both/DT Mr./NNP Guffey/NNP ]
and/CC 
[ Mr./NNP Black/NNP ]
say/VBP 
[ the/DT slowdown/NN ]
so/RB far/RB is/VBZ 
[ no/DT cause/NN ]
for/IN 
[ concern/NN ]
./. 

``/`` 
[ We/PRP ]
're/VBP coming/VBG closer/RBR to/TO achieving/VBG 
[ the/DT stated/VBN objective/NN ]
of/IN slowing/VBG 
[ the/DT economy/NN ]
to/TO 
[ a/DT point/NN ]
where/WRB hopefully/RB 
[ some/DT downward/JJ trend/NN ]
in/IN 
[ prices/NNS ]
will/MD occur/VB ,/, ''/'' said/VBD 
[ Mr./NNP Guffey/NNP ]
./. 

[ Bush/NNP administration/NN officials/NNS ]
are/VBP looking/VBG to/TO 
[ the/DT Fed/NNP ]
to/TO bring/VB down/RB 
[ rates/NNS ]
,/, and/CC 
[ financial/JJ markets/NNS ]
seem/VBP to/TO be/VB expecting/VBG 
[ easier/JJR credit/NN ]
as/RB well/RB ./. 

``/`` 
[ I/PRP ]
think/VBP 
[ the/DT market/NN ]
had/VBD been/VBN expecting/VBG 
[ the/DT Fed/NNP ]
to/TO ease/VB sooner/RBR and/CC 
[ a/DT ]
little/RB more/RBR than/IN 
[ it/PRP ]
has/VBZ to/TO date/NN ,/, ''/'' said/VBD 
[ Robert/NNP Johnson/NNP ]
,/, 
[ vice/NN president/NN ]
of/IN 
[ global/JJ markets/NNS ]
for/IN 
[ Bankers/NNP Trust/NNP Co/NNP ]
./. 

[ The/DT Fed/NNP ]
cut/VBD 
[ the/DT key/JJ federal/JJ funds/NNS interest/NN rate/NN ]
by/IN about/RB 
[ 0.25/CD percentage/NN point/NN ]
to/TO 
[ 8.75/CD %/NN ]
after/IN 
[ the/DT Oct./NNP 13/CD stock/NN market/NN plunge/NN ]
,/, but/CC has/VBZ shown/VBN 
[ no/DT sign/NN ]
of/IN 
[ movement/NN ]
since/IN ./. 

[ The/DT report/NN ]
from/IN 
[ the/DT Fed/NNP ]
found/VBD that/IN manufacturing/NN ,/, in/IN 
[ particular/JJ ]
,/, has/VBZ been/VBN weak/JJ in/IN 
[ recent/JJ weeks/NNS ]
./. 

[ The/DT Philadelphia/NNP Fed/NNP ]
,/, for/IN 
[ instance/NN ]
,/, reported/VBD that/IN manufacturing/NN 
[ activity/NN ]
``/`` continues/VBZ to/TO decline/VB ''/'' for/IN 
[ the/DT fourth/JJ month/NN ]
in/IN 
[ a/DT row/NN ]
./. 

And/CC in/IN 
[ the/DT Chicago/NNP district/NN ]
,/, 
[ the/DT report/NN ]
said/VBD ,/, ``/`` 
[ a/DT manufacturer/NN ]
of/IN 
[ capital/NN goods/NNS ]
noted/VBD 
[ slower/JJR orders/NNS ]
for/IN 
[ some/DT types/NNS ]
,/, including/VBG 
[ defense/NN equipment/NN ]
,/, 
[ petroleum/NN equipment/NN ]
,/, 
[ food/NN packaging/NN machinery/NN ]
and/CC 
[ material/NN handling/NN equipment/NN ]
./. 

''/'' 
[ Retail/JJ sales/NNS ]
also/RB were/VBD reported/VBN slow/RB in/IN 
[ most/JJS districts/NNS ]
,/, particularly/RB ``/`` for/IN 
[ discretionary/JJ ]
,/, 
[ big-ticket/JJ items/NNS ]
such/JJ as/IN 
[ furniture/NN ]
,/, 
[ home/NN appliances/NNS ]
and/CC 
[ consumer/NN electronics/NNS ]
./. 

''/'' And/CC 
[ construction/NN ]
also/RB was/VBD described/VBN as/IN 
[ slow/JJ ]
in/IN 
[ most/JJS areas/NNS ]
./. 

Despite/IN 
[ the/DT economic/JJ slowdown/NN ]
,/, 
[ there/EX ]
are/VBP 
[ few/JJ clear/JJ signs/NNS ]
that/IN 
[ growth/NN ]
is/VBZ coming/VBG to/TO 
[ a/DT halt/NN ]
./. 

As/IN 
[ a/DT result/NN ]
,/, 
[ Fed/NNP officials/NNS ]
may/MD be/VB divided/VBN over/IN whether/IN to/TO ease/VB 
[ credit/NN ]
./. 

[ Several/JJ Fed/NNP governors/NNS ]
in/IN 
[ Washington/NNP ]
have/VBP been/VBN pushing/VBG for/IN 
[ easier/JJR credit/NN ]
;/: but/CC 
[ many/JJ ]
of/IN 
[ the/DT regional/JJ Fed/NNP presidents/NNS ]
have/VBP been/VBN resisting/VBG 
[ such/JJ a/DT move/NN ]
./. 

[ Mr./NNP Black/NNP ]
said/VBD 
[ he/PRP ]
is/VBZ ``/`` pleased/VBN ''/'' with/IN 
[ the/DT economy/NN 's/POS recent/JJ performance/NN ]
,/, and/CC does/VBZ n't/RB see/VB ``/`` 
[ a/DT lot/NN ]
of/IN 
[ excesses/NNS ]
out/IN 
[ there/RB ]
[ that/WDT ]
would/MD tilt/VB 
[ us/PRP ]
into/IN 
[ recession/NN ]
./. 

''/'' 

``/`` 
[ There/EX ]
is/VBZ always/RB 
[ a/DT chance/NN ]
of/IN 
[ recession/NN ]
,/, ''/'' added/VBD 
[ Mr./NNP Guffey/NNP ]
,/, ``/`` but/CC if/IN 
[ you/PRP ]
ask/VBP 
[ me/PRP ]
to/TO put/VB 
[ a/DT percentage/NN ]
on/IN 
[ it/PRP ]
,/, 
[ I/PRP ]
would/MD think/VB 
[ it/PRP ]
's/VBZ well/RB below/IN 
[ a/DT 50/CD %/NN chance/NN ]
./. 

''/''

[ Integra-A/NNP Hotel/NNP ]
&/CC 
[ Restaurant/NNP Co./NNP ]
said/VBD 
[ its/PRP$ planned/VBN rights/NNS ]
offering/NN to/TO raise/VB about/RB 
[ $/$ 9/CD million/CD ]
was/VBD declared/VBN 
[ effective/JJ ]
and/CC 
[ the/DT company/NN ]
will/MD begin/VB mailing/VBG 
[ materials/NNS ]
to/TO 
[ shareholders/NNS ]
at/IN 
[ the/DT end/NN ]
of/IN 
[ this/DT week/NN ]
./. 

Under/IN 
[ the/DT offer/NN ]
,/, 
[ shareholders/NNS ]
will/MD receive/VB 
[ one/CD ]
right/JJ for/IN 
[ each/DT 105/CD common/JJ shares/NNS ]
owned/VBN ./. 

[ Each/DT right/NN ]
entitles/VBZ 
[ the/DT shareholder/NN ]
to/TO buy/VB 
[ $/$ 100/CD face/NN amount/NN ]
of/IN 
[ 13.5/CD %/NN bonds/NNS due/JJ 1993/CD ]
and/CC warrants/VBZ to/TO buy/VB 
[ 23.5/CD common/JJ shares/NNS ]
at/IN 
[ 30/CD cents/NNS ]
[ a/DT share/NN ]
./. 

[ The/DT rights/NNS ]
,/, 
[ which/WDT ]
expire/VBP 
[ Nov./NN 21/CD ]
,/, can/MD be/VB exercised/VBN for/IN 
[ $/$ 100/CD each/DT ]
./. 

[ Integra/NNP ]
,/, 
[ which/WDT ]
owns/VBZ and/CC operates/VBZ 
[ hotels/NNS ]
,/, said/VBD that/IN 
[ Hallwood/NNP Group/NNP Inc./NNP ]
has/VBZ agreed/VBN to/TO exercise/VB 
[ any/DT rights/NNS ]
[ that/WDT ]
are/VBP n't/RB exercised/VBN by/IN 
[ other/JJ shareholders/NNS ]
./. 

[ Hallwood/NNP ]
,/, 
[ a/DT Cleveland/NNP merchant/NN bank/NN ]
,/, owns/VBZ about/RP 
[ 11/CD %/NN ]
of/IN 
[ Integra/NNP ]
./. 

[ Copperweld/NNP Corp./NNP ]
,/, 
[ a/DT specialty/NN steelmaker/NN ]
,/, said/VBD 
[ 445/CD workers/NNS ]
at/IN 
[ a/DT plant/NN ]
in/IN 
[ Shelby/NNP ]
,/, 
[ Ohio/NNP ]
,/, began/VBD 
[ a/DT strike/NN ]
after/IN 
[ the/DT United/NNP Steelworkers/NNP Local/NNP 3057/CD ]
rejected/VBD 
[ a/DT new/JJ contract/NN ]
on/IN 
[ Tuesday/NNP ]
./. 

[ The/DT previous/JJ contract/NN ]
between/IN 
[ Copperweld/NNP 's/POS Ohio/NNP Steel/NNP Tube/NNP division/NN ]
and/CC 
[ the/DT union/NN ]
expired/VBD at/IN 
[ midnight/NN Tuesday/NNP ]
./. 

[ The/DT union/NN vote/NN ]
to/TO reject/VB 
[ the/DT proposed/VBN pact/NN ]
was/VBD 
[ 230-215/CD ]
./. 

[ Copperweld/NN ]
said/VBD 
[ it/PRP ]
does/VBZ n't/RB expect/VB 
[ a/DT protracted/JJ strike/NN ]
./. 

[ It/PRP ]
said/VBD 
[ it/PRP ]
has/VBZ taken/VBN 
[ measures/NNS ]
to/TO continue/VB 
[ shipments/NNS ]
during/IN 
[ the/DT work/NN stoppage/NN ]
./. 

[ The/DT Treasury/NNP ]
said/VBD 
[ it/PRP ]
plans/VBZ to/TO sell/VB 
[ $/$ 30/CD billion/CD ]
in/IN 
[ notes/NNS ]
and/CC 
[ bonds/NNS ]
next/IN 
[ week/NN ]
,/, but/CC said/VBD 
[ the/DT auctions/NNS ]
will/MD be/VB postponed/VBN unless/IN 
[ Congress/NNP ]
acts/VBZ quickly/RB to/TO lift/VB 
[ the/DT federal/JJ debt/NN ceiling/NN ]
./. 

[ Michael/NNP Basham/NNP ]
,/, 
[ deputy/NN assistant/NN secretary/NN ]
for/IN 
[ federal/JJ finance/NN ]
,/, said/VBD 
[ the/DT Treasury/NNP ]
may/MD wait/VB until/IN 
[ late/JJ Monday/NNP ]
or/CC even/RB 
[ early/JJ Tuesday/NNP ]
to/TO announce/VB whether/IN 
[ the/DT autions/NNS ]
are/VBP to/TO be/VB rescheduled/VBN ./. 

Unless/IN 
[ it/PRP ]
can/MD raise/VB 
[ money/NN ]
in/IN 
[ financial/JJ markets/NNS ]
,/, 
[ Mr./NNP Basham/NNP ]
said/VBD ,/, 
[ the/DT federal/JJ government/NN ]
wo/MD n't/RB have/VB 
[ the/DT cash/NN ]
to/TO pay/VB off/RP 
[ $/$ 13.8/CD billion/CD ]
in/IN 
[ Treasury/NNP bills/NNS ]
[ that/WDT ]
mature/VBP on/IN 
[ Thursday/NNP ]
./. 

Without/IN 
[ congressional/JJ action/NN ]
,/, 
[ the/DT Treasury/NNP ]
ca/MD n't/RB sell/VB 
[ any/DT new/JJ securities/NNS --/: even/JJ savings/NNS bonds/NNS ]
./. 

But/CC despite/IN 
[ partisan/JJ bickering/NN ]
over/IN 
[ the/DT debt/NN ceiling/NN ]
,/, 
[ which/WDT ]
has/VBZ become/VBN 
[ entangled/JJ ]
in/IN 
[ the/DT fight/NN ]
over/IN cutting/VBG 
[ capital-gains/NNS taxes/NNS ]
,/, 
[ Congress/NNP ]
is/VBZ almost/RB certain/JJ to/TO act/VB in/IN 
[ time/NN ]
to/TO avoid/VB 
[ default/NN ]
./. 

``/`` 
[ Each/DT day/NN ]
that/IN 
[ Congress/NNP ]
fails/VBZ to/TO act/VB .../: will/MD cause/VB 
[ additional/JJ disruption/NN ]
in/IN 
[ our/PRP$ borrowing/NN schedule/NN ]
,/, possibly/RB resulting/VBG in/IN 
[ higher/JJR interest/NN costs/NNS ]
to/TO 
[ the/DT taxpayer/NN ]
,/, ''/'' 
[ Treasury/NNP Secretary/NNP Nicholas/NNP Brady/NNP ]
said/VBD in/IN 
[ a/DT speech/NN ]
prepared/VBN for/IN 
[ delivery/NN last/JJ night/NN ]
to/TO 
[ a/DT group/NN ]
of/IN 
[ bankers/NNS ]
./. 

``/`` To/TO avoid/VB 
[ these/DT costs/NNS ]
,/, and/CC 
[ a/DT possible/JJ default/NN ]
,/, 
[ immediate/JJ action/NN ]
is/VBZ imperative/JJ ./. 

''/'' 

[ The/DT securities/NNS ]
to/TO be/VB sold/VBN 
[ next/JJ week/NN ]
will/MD raise/VB about/RB 
[ $/$ 10/CD billion/CD ]
in/IN 
[ cash/NN ]
and/CC redeem/VB 
[ $/$ 20/CD billion/CD ]
in/IN maturing/VBG 
[ notes/NNS ]
./. 

[ The/DT new/JJ securities/NNS ]
,/, 
[ part/NN ]
of/IN 
[ the/DT federal/JJ government/NN 's/POS regular/JJ quarterly/JJ ]
refunding/VBG ,/, will/MD consist/VB of/IN :/: 

[ --/: $/$ 10/CD billion/CD ]
of/IN 
[ three-year/JJ notes/NNS ]
,/, to/TO be/VB auctioned/VBN 
[ Tuesday/NNP ]
and/CC to/TO mature/VB 
[ Nov./NNP 15/CD ]
,/, 
[ 1992/CD ]
./. 

[ --/: $/$ 10/CD billion/CD ]
of/IN 
[ 10-year/JJ notes/NNS ]
,/, to/TO be/VB auctioned/VBN 
[ Wednesday/NNP ]
and/CC to/TO mature/VB 
[ Nov./NNP 15/CD ]
,/, 
[ 1999/CD ]
./. 

[ --/: $/$ 10/CD billion/CD ]
of/IN 
[ 30-year/JJ bonds/NNS ]
,/, to/TO be/VB auctioned/VBN 
[ Thursday/NNP ]
and/CC to/TO mature/VB 
[ Aug./NNP 15/CD ]
,/, 
[ 2019/CD ]
./. 

[ The/DT Treasury/NNP ]
also/RB said/VBD 
[ it/PRP ]
plans/VBZ to/TO sell/VB 
[ $/$ 10/CD billion/CD ]
in/IN 
[ 36-day/JJ cash/NN management/NN bills/NNS ]
on/IN 
[ Thursday/NNP ]
./. 

[ They/PRP ]
will/MD mature/VB 
[ Dec./NNP 21/CD ]
./. 

[ None/NN ]
of/IN 
[ the/DT securities/NNS ]
will/MD be/VB eligible/JJ for/IN 
[ when-issued/JJ ]
trading/VBG until/IN 
[ Congress/NNP ]
approves/VBZ 
[ an/DT increase/NN ]
in/IN 
[ the/DT debt/NN ceiling/NN ]
,/, clearing/VBG 
[ the/DT way/NN ]
for/IN 
[ a/DT formal/JJ offering/NN ]
,/, 
[ Mr./NNP Basham/NNP ]
said/VBD ./. 

[ The/DT Treasury/NNP ]
said/VBD 
[ it/PRP ]
needs/VBZ to/TO raise/VB 
[ $/$ 47.5/CD billion/CD ]
in/IN 
[ the/DT current/JJ quarter/NN ]
in/IN 
[ order/NN ]
to/TO end/VB 
[ December/NNP ]
with/IN 
[ a/DT $/$ 20/CD billion/CD cash/NN balance/NN ]
./. 

[ Auctions/NNS ]
held/VBD in/IN 
[ October/NNP ]
and/CC 
[ those/DT ]
scheduled/VBN for/IN 
[ next/JJ week/NN ]
will/MD raise/VB 
[ a/DT total/NN ]
of/IN 
[ $/$ 25.6/CD billion/CD ]
./. 

[ The/DT ]
remaining/VBG 
[ $/$ 21.9/CD billion/CD ]
could/MD be/VB raised/VBN through/IN 
[ the/DT sale/NN ]
of/IN 
[ short-term/JJ Treasury/NNP bills/NNS ]
,/, 
[ two-year/JJ notes/NNS ]
in/IN 
[ November/NNP ]
and/CC 
[ five-year/JJ notes/NNS ]
in/IN 
[ early/JJ December/NNP ]
,/, 
[ the/DT Treasury/NNP ]
said/VBD ./. 

In/IN 
[ the/DT first/JJ three/CD months/NNS ]
of/IN 
[ 1990/CD ]
,/, 
[ the/DT Treasury/NNP ]
estimates/VBZ that/IN 
[ it/PRP ]
will/MD have/VB to/TO raise/VB between/IN 
[ $/$ 45/CD billion/CD ]
and/CC 
[ $/$ 50/CD billion/CD ]
,/, assuming/VBG that/IN 
[ it/PRP ]
decides/VBZ to/TO aim/VB for/IN 
[ a/DT $/$ 10/CD billion/CD cash/NN balance/NN ]
at/IN 
[ the/DT end/NN ]
of/IN 
[ March/NNP ]
./. 

[ Lancaster/NNP Colony/NNP Corp./NNP ]
said/VBD 
[ it/PRP ]
acquired/VBD 
[ Reames/NNP Foods/NNP Inc./NNP ]
in/IN 
[ a/DT cash/NN transaction/NN ]
./. 

[ Terms/NNS ]
were/VBD n't/RB disclosed/VBN ./. 

[ Reames/NNP ]
,/, 
[ a/DT maker/NN ]
and/CC 
[ marketer/NN ]
of/IN 
[ frozen/VBN noodles/NNS ]
and/CC 
[ pre-cooked/JJ pasta/NN ]
based/VBN in/IN 
[ Clive/NNP ]
,/, 
[ Iowa/NNP ]
,/, has/VBZ 
[ annual/JJ sales/NNS ]
of/IN about/RB 
[ $/$ 11/CD million/CD ]
,/, 
[ Lancaster/NNP ]
said/VBD ./. 

[ Investors/NNS ]
took/VBD 
[ advantage/NN ]
of/IN 
[ Tuesday/NNP 's/POS stock/NN rally/NN ]
to/TO book/VB 
[ some/DT profits/NNS ]
yesterday/NN ,/, leaving/VBG 
[ stocks/RB ]
up/IN fractionally/RB ./. 

[ Bond/NN prices/NNS ]
and/CC 
[ the/DT dollar/NN ]
[ both/DT ]
gained/VBD modestly/RB ./. 

[ The/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP ]
finished/VBD less/JJR than/IN 
[ a/DT point/NN ]
higher/RBR to/TO close/VB at/IN 
[ 2645.90/CD ]
in/IN 
[ moderate/JJ ]
trading/VBG ./. 

But/CC 
[ advancing/VBG issues/NNS ]
on/IN 
[ the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ]
were/VBD tidily/RB ahead/RB of/IN declining/VBG 
[ stocks/NNS ]
,/, 
[ 847/CD ]
to/TO 
[ 644/CD ]
./. 

[ Long-term/JJ bond/NN prices/NNS ]
rose/VBD despite/IN 
[ prospects/NNS ]
of/IN 
[ a/DT huge/JJ new/JJ supply/NN ]
of/IN 
[ Treasury/NNP debt/NN ]
[ this/DT month/NN ]
./. 

Continuing/VBG 
[ demand/NN ]
for/IN 
[ dollars/NNS ]
from/IN 
[ Japanese/JJ investors/NNS ]
boosted/VBD 
[ the/DT U.S./NNP currency/NN ]
./. 

[ Analysts/NNS ]
were/VBD disappointed/VBN that/IN 
[ the/DT enthusiasm/NN investors/NNS ]
showed/VBD for/IN 
[ stocks/NNS ]
in/IN 
[ the/DT wake/NN ]
of/IN 
[ Georgia-Pacific/NNP 's/POS $/$ 3.18/CD billion/CD bid/NN ]
for/IN 
[ Great/JJ Northern/NNP Nekoosa/NNP ]
evaporated/VBD so/RB quickly/RB ./. 

[ The/DT industrial/JJ average/NN ]
jumped/VBD more/RBR than/IN 
[ 41/CD points/NNS Tuesday/NNP ]
as/IN 
[ speculators/NNS ]
rushed/VBD to/TO buy/VB 
[ shares/NNS ]
of/IN 
[ potential/JJ takeover/NN targets/NNS ]
./. 

But/CC with/IN 
[ the/DT end/NN ]
of/IN 
[ the/DT year/NN ]
in/IN 
[ sight/NN ]
,/, 
[ money/NN managers/NNS ]
are/VBP eager/JJ to/TO take/VB 
[ profits/NNS ]
and/CC cut/VB 
[ their/PRP$ risks/NNS ]
of/IN losing/VBG 
[ what/WP ]
for/IN 
[ many/JJ ]
have/VBP been/VBN exceptionally/RB 
[ good/JJ returns/NNS ]
in/IN 

[ Economic/JJ news/NN ]
had/VBD 
[ little/JJ effect/NN ]
on/IN 
[ financial/JJ markets/NNS ]
./. 

As/IN expected/VBN ,/, 
[ a/DT national/JJ purchasing/NN managers/NNS '/POS report/NN ]
indicated/VBD 
[ the/DT nation/NN 's/POS manufacturing/NN sector/NN ]
continues/VBZ to/TO contract/VB modestly/RB ./. 

[ The/DT Federal/NNP Reserve/NNP 's/POS Beige/NNP Book/NNP ]
,/, 
[ a/DT summary/NN ]
of/IN 
[ economic/JJ conditions/NNS ]
across/IN 
[ the/DT country/NN ]
,/, indicated/VBD that/IN 
[ the/DT overall/JJ economy/NN ]
remains/VBZ in/IN 
[ a/DT pattern/NN ]
of/IN 
[ sluggish/JJ growth/NN ]
./. 

In/IN 
[ major/JJ market/NN activity/NN ]
:/: 

[ Stock/NN prices/NNS ]
rose/VBD fractionally/RB in/IN 
[ moderate/JJ ]
trading/VBG ./. 

[ Big/NNP Board/NNP volume/NN ]
totaled/VBD 
[ 154.2/CD million/CD shares/NNS ]
./. 

[ Bond/NN prices/NNS ]
were/VBD up/RB ./. 

[ The/DT Treasury/NNP 's/POS benchmark/NN 30-year/JJ bond/NN ]
gained/VBD about/RB 
[ a/DT quarter/NN ]
of/IN 
[ a/DT point/NN ]
,/, or/CC 
[ $/$ 2.50/CD ]
for/IN 
[ each/DT $/$ 1,000/CD ]
of/IN 
[ face/NN amount/NN ]
./. 

[ The/DT yield/NN ]
fell/VBD to/TO 
[ 7.88/CD %/NN ]
./. 

[ The/DT dollar/NN ]
rose/VBD ./. 

In/IN 
[ late/JJ afternoon/NN New/NNP York/NNP ]
trading/VBG 
[ the/DT currency/NN ]
was/VBD at/IN 
[ 1.8500/CD marks/NNS ]
and/CC 
[ 143.80/CD yen/NN ]
compared/VBN with/IN 
[ 1.8415/CD marks/NNS ]
and/CC 
[ 142.85/CD yen/NN ]
./. 

[ Mitsui/NNP Mining/NNP ]
&/CC 
[ Smelting/NNP Co./NNP ]
posted/VBD 
[ a/DT 62/CD %/NN rise/NN ]
in/IN 
[ pretax/JJ profit/NN ]
to/TO 
[ 5.276/CD billion/CD yen/NN ]
 (/( 
[ $/$ 36.9/CD million/CD ]
 )/) in/IN 
[ its/PRP$ fiscal/JJ ]
first/JJ 
[ half/NN ]
ended/VBD 
[ Sept./JJ 30/CD ]
compared/VBN with/IN 
[ 3.253/CD billion/CD yen/NN ]
[ a/DT year/NN ]
earlier/RBR ./. 

[ Net/JJ income/NN ]
more/RBR than/IN tripled/VBD to/TO 
[ 4.898/CD billion/CD yen/NNS ]
from/IN 
[ 1.457/CD billion/CD yen/NNS ]
[ a/DT year/NN ]
earlier/JJR ./. 

[ Eaton/NNP Corp./NNP ]
said/VBD 
[ it/PRP ]
sold/VBD 
[ its/PRP$ Pacific/NNP Sierra/NNP Research/NNP Corp./NNP unit/NN ]
to/TO 
[ a/DT company/NN ]
formed/VBN by/IN 
[ employees/NNS ]
of/IN 
[ that/DT unit/NN ]
./. 

[ Terms/NNS ]
were/VBD n't/RB disclosed/VBN ./. 

[ Pacific/NNP Sierra/NNP ]
,/, based/VBN in/IN 
[ Los/NNP Angeles/NNP ]
,/, has/VBZ about/RB 
[ 200/CD employees/NNS ]
and/CC supplies/VBZ 
[ professional/JJ services/NNS ]
and/CC advanced/JJ 
[ products/NNS ]
to/TO 
[ industry/NN ]
./. 

[ Eaton/NNP ]
is/VBZ 
[ an/DT automotive/JJ parts/NNS ]
,/, 
[ controls/NNS ]
and/CC 
[ aerospace/NN electronics/NNS ]
concern/NN ./. 

[ Investor/NNP Harold/NNP Simmons/NNP ]
and/CC 
[ NL/NNP Industries/NNP Inc./NNP ]
offered/VBD to/TO acquire/VB 
[ Georgia/NNP Gulf/NNP Corp./NNP ]
for/IN 
[ $/$ 50/CD ]
[ a/DT share/NN ]
,/, or/CC about/RB 
[ $/$ 1.1/CD billion/CD ]
,/, stepping/VBG up/RP 
[ the/DT pressure/NN ]
on/IN 
[ the/DT commodity/NN chemicals/NNS ]
concern/NN ./. 

[ The/DT offer/NN ]
follows/VBZ 
[ an/DT earlier/JJR proposal/NN ]
by/IN 
[ NL/NNP ]
and/CC 
[ Mr./NNP Simmons/NNP ]
to/TO help/VB 
[ Georgia/NNP Gulf/NNP restructure/NN ]
or/CC go/VB 
[ private/JJ ]
in/IN 
[ a/DT transaction/NN ]
[ that/WDT ]
would/MD pay/VB 
[ shareholders/NNS $/$ 55/CD ]
[ a/DT share/NN ]
./. 

[ Georgia/NNP Gulf/NNP ]
rebuffed/VBD 
[ that/DT offer/NN ]
in/IN 
[ September/NNP ]
and/CC said/VBD 
[ it/PRP ]
would/MD study/VB 
[ other/JJ alternatives/NNS ]
./. 

However/RB ,/, 
[ it/PRP ]
[ has/VBZ n't/RB ]
yet/RB made/VBD 
[ any/DT proposals/NNS ]
to/TO 
[ shareholders/NNS ]
./. 

Late/RB yesterday/NN ,/, 
[ Georgia/NNP Gulf/NNP ]
said/VBD 
[ it/PRP ]
reviewed/VBD 
[ the/DT NL/NNP proposal/NN ]
as/RB well/RB as/IN 
[ interests/NNS ]
from/IN ``/`` 
[ third/JJ parties/NNS ]
''/'' 
[ regarding/VBG business/NN combinations/NNS ]
./. 

[ Georgia/NNP Gulf/NNP ]
said/VBD 
[ it/PRP ]
[ has/VBZ n't/RB ]
eliminated/VBN 
[ any/DT alternatives/NNS ]
and/CC that/IN ``/`` 
[ discussions/NNS ]
are/VBP being/VBG held/VBN with/IN 
[ interested/JJ parties/NNS ]
,/, and/CC 
[ work/NN ]
is/VBZ also/RB continuing/VBG on/IN 
[ other/JJ various/JJ transactions/NNS ]
./. 

''/'' 
[ It/PRP ]
did/VBD n't/RB 
[ elaborate/VB ]
./. 

[ Analysts/NNS ]
saw/VBD 
[ the/DT latest/JJS offer/NN ]
as/RB proof/JJ that/IN 
[ Mr./NNP Simmons/NNP ]
,/, 
[ an/DT aggressive/JJ ]
and/CC 
[ persistent/JJ investor/NN ]
,/, wo/MD n't/RB leave/VB 
[ Georgia/NNP Gulf/NNP ]
alone/RB until/IN 
[ some/DT kind/NN ]
of/IN 
[ transaction/NN ]
is/VBZ completed/VBN ./. 

``/`` 
[ He/PRP ]
has/VBZ clamped/VBN on/IN 
[ their/PRP$ ankle/NN ]
like/IN 
[ a/DT pit/NN bull/NN ]
,/, ''/'' says/VBZ 
[ Paul/NNP Leming/NNP ]
,/, 
[ a/DT vice/NN president/NN ]
with/IN 
[ Morgan/NNP Stanley/NNP ]
&/CC 
[ Co/NNP ]
./. 

``/`` 
[ He/PRP ]
appears/VBZ to/TO be/VB in/IN 
[ it/PRP ]
for/IN 
[ the/DT long/JJ haul/NN ]
./. 

''/'' 
[ Mr./NNP Simmons/NNP ]
and/CC 
[ NL/NNP ]
already/RB own/VB 
[ a/DT 9.9/CD %/NN stake/NN ]
in/IN 
[ Georgia/NNP Gulf/NNP ]
./. 

[ Mr./NNP Simmons/NNP ]
owns/VBZ 
[ 88/CD %/NN ]
of/IN 
[ Valhi/NNP Inc./NNP ]
,/, 
[ which/WDT ]
in/IN 
[ turn/NN ]
owns/VBZ 
[ two-thirds/NNS ]
of/IN 
NL/NNP
./.

NL/NNP
is/VBZ officially/RB making/VBG 
[ the/DT offer/NN ]
./. 

[ Mr./NNP Leming/NNP was/VBD n't/RB ]
surprised/VBN by/IN 
[ the/DT lower/JJR price/NN ]
cited/VBN by/IN 
[ NL/NNP ]
,/, saying/VBG 
[ he/PRP ]
believes/VBZ that/IN 
[ $/$ 55/CD ]
[ a/DT share/NN ]
is/VBZ ``/`` 
[ the/DT most/JJS ]
[ you/PRP ]
can/MD pay/VB for/IN 
[ Georgia/NNP Gulf/NNP ]
before/IN 
[ it/PRP ]
becomes/VBZ 
[ a/DT bad/JJ acquisition/NN ]
./. 

''/'' 

[ Georgia/NNP Gulf/NNP stock/NN ]
rose/VBD 
[ $/$ 1.75/CD ]
[ a/DT share/NN yesterday/NN ]
to/TO close/VB at/IN 
[ $/$ 51.25/CD ]
[ a/DT share/NN ]
,/, while/IN 
[ NL/NNP shares/NNS ]
closed/VBD 
[ unchanged/JJ ]
at/IN 
[ $/$ 22.75/CD ]
and/CC 
[ Valhi/NNP ]
rose/VBD 
[ 62.5/CD cents/NNS ]
to/TO 
[ $/$ 15/CD ]
,/, 
[ all/DT ]
in/IN 
[ New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ ]
trading/VBG ./. 

[ J./NNP Landis/NNP Martin/NNP ]
,/, 
[ NL/NNP president/NN ]
and/CC 
[ chief/JJ executive/NN officer/NN ]
,/, said/VBD 
[ NL/NNP ]
and/CC 
[ Mr./NNP Simmons/NNP ]
cut/VBD 
[ the/DT price/NN ]
[ they/PRP ]
were/VBD proposing/VBG for/IN 
[ Georgia/NNP Gulf/NNP ]
because/IN 
[ they/PRP ]
initially/RB planned/VBD 
[ a/DT transaction/NN ]
[ that/WDT ]
included/VBD about/RB 
[ $/$ 250/CD million/CD ]
in/IN 
[ equity/NN ]
and/CC 
[ a/DT substantial/JJ amount/NN ]
of/IN 
[ high-yield/JJ subordinated/VBN debt/NN ]
./. 

However/RB ,/, 
[ the/DT junk-bond/JJ market/NN ]
has/VBZ collapsed/VBN in/IN 
[ recent/JJ weeks/NNS ]
,/, lessening/VBG 
[ the/DT likelihood/NN ]
that/IN 
[ such/JJ a/DT transaction/NN ]
would/MD succeed/VB ./. 

Now/RB ,/, 
[ he/PRP ]
said/VBD ,/, 
[ the/DT group/NN ]
plans/VBZ to/TO put/VB in/RP ``/`` 
[ several/JJ hundred/CD million/CD ]
''/'' 
[ dollars/NNS ]
in/IN 
[ equity/NN ]
and/CC finance/VB 
[ the/DT remainder/NN ]
with/IN 
[ bank/NN debt/NN ]
./. 

[ He/PRP ]
also/RB said/VBD that/IN 
[ the/DT group/NN ]
reduced/VBD 
[ its/PRP$ offer/NN ]
because/IN 
[ it/PRP ]
[ was/VBD n't/RB ]
allowed/VBN to/TO see/VB 
[ Georgia/NNP Gulf/NNP 's/POS confidential/JJ financial/JJ information/NN ]
without/IN agreeing/VBG that/IN 
[ it/PRP ]
would/MD n't/RB make/VB 
[ an/DT offer/NN ]
unless/IN 
[ it/PRP ]
had/VBD 
[ Georgia/NNP Gulf/NNP 's/POS consent/NN ]
./. 

In/IN 
[ a/DT letter/NN ]
to/TO 
[ Georgia/NNP Gulf/NNP President/NNP Jerry/NNP R./NNP Satrum/NNP ]
,/, 
[ Mr./NNP Martin/NNP ]
asked/VBD 
[ Georgia/NNP Gulf/NNP ]
to/TO answer/VB 
[ its/PRP$ offer/NN ]
by/IN 
[ Tuesday/NNP ]
./. 

[ It/PRP ]
[ was/VBD n't/RB ]
clear/JJ how/WRB 
[ NL/NNP ]
and/CC 
[ Mr./NNP Simmons/NNP ]
would/MD respond/VB if/IN 
[ Georgia/NNP Gulf/NNP ]
spurns/VBZ 
[ them/PRP ]
again/RB ./. 

[ Mr./NNP Martin/NNP ]
said/VBD 
[ they/PRP ]
have/VBP n't/RB yet/RB decided/VBN 
[ what/WP ]
[ their/PRP$ next/JJ move/NN ]
would/MD be/VB ,/, but/CC 
[ he/PRP ]
did/VBD n't/RB 
[ rule/NN ]
out/RP 
[ the/DT possibility/NN ]
of/IN 
[ a/DT consent/NN solicitation/NN ]
aimed/VBN at/IN replacing/VBG 
[ Georgia/NNP Gulf/NNP 's/POS board/NN ]
./. 

In/IN 
[ other/JJ transactions/NNS ]
,/, 
[ Mr./NNP Simmons/NNP ]
has/VBZ followed/VBN 
[ friendly/JJ offers/NNS ]
with/IN 
[ a/DT hostile/NN tender/NN offer/NN ]
./. 

Although/IN 
[ Georgia/NNP Gulf/NNP ]
has/VBZ n't/RB been/VBN eager/JJ to/TO negotiate/VB with/IN 
[ Mr./NNP Simmons/NNP ]
and/CC 
[ NL/NNP ]
,/, 
[ a/DT specialty/NN chemicals/NNS concern/NN ]
,/, 
[ the/DT group/NN ]
apparently/RB believes/VBZ 
[ the/DT company/NN 's/POS management/NN ]
is/VBZ interested/VBN in/IN 
[ some/DT kind/NN ]
of/IN 
[ transaction/NN ]
./. 

[ The/DT management/NN group/NN ]
owns/VBZ about/RB 
[ 18/CD %/NN ]
of/IN 
[ the/DT stock/NN ]
,/, most/JJS purchased/VBN at/IN 
[ nominal/JJ prices/NNS ]
,/, and/CC would/MD stand/VB to/TO gain/VB 
[ millions/NNS ]
of/IN 
[ dollars/NNS ]
if/IN 
[ the/DT company/NN ]
were/VBD sold/VBN ./. 

In/IN 
[ the/DT third/JJ quarter/NN ]
,/, 
[ Georgia/NNP Gulf/NNP ]
earned/VBD 
[ $/$ 46.1/CD million/CD ]
,/, or/CC 
[ $/$ 1.85/CD ]
[ a/DT share/NN ]
,/, down/RB from/IN 
[ $/$ 53/CD million/CD ]
,/, or/CC 
[ $/$ 1.85/CD ]
[ a/DT share/NN ]
on/IN 
[ fewer/JJR shares/NNS ]
outstanding/JJ ./. 

[ Sales/NNS ]
fell/VBD to/TO 
[ $/$ 251.2/CD million/CD ]
from/IN 
[ $/$ 278.7/CD million/CD ]
./. 

[ A/DT licensing/NN company/NN ]
representing/VBG 
[ the/DT University/NNP ]
of/IN 
[ Pennsylvania/NNP ]
added/VBD 
[ Johnson/NNP ]
&/CC 
[ Johnson/NNP ]
to/TO 
[ its/PRP$ lawsuit/NN ]
challenging/VBG 
[ a/DT university/NN faculty/NN member/NN ]
over/IN 
[ rights/NNS ]
to/TO 
[ Retin-A/NNP acne/NN medicine/NN ]
./. 

[ University/NNP Patents/NNP Inc./NNP ]
,/, based/VBN in/IN 
[ Westport/NNP ]
,/, 
[ Conn./NNP ]
,/, said/VBD 
[ it/PRP ]
seeks/VBZ 
[ Johnson/NNP ]
&/CC 
[ Johnson/NNP 's/POS profits/NNS ]
from/IN 
[ sales/NNS ]
of/IN 
[ Retin-A/NNP ]
,/, estimated/VBN at/IN 
[ $/$ 50/CD million/CD ]
,/, 
[ a/DT similar/JJ amount/NN ]
of/IN 
[ punitive/JJ damages/NNS ]
and/CC 
[ the/DT right/NN ]
to/TO license/VB 
[ Retin-A/NNP ]
elsewhere/RB ./. 

In/IN 
[ May/NNP ]
,/, 
[ University/NNP Patents/NNP ]
filed/VBD 
[ a/DT suit/NN ]
in/IN 
[ federal/JJ court/NN ]
in/IN 
[ Philadelphia/NNP ]
against/IN 
[ Albert/NNP M./NNP Kligman/NNP ]
,/, 
[ a/DT researcher/NN ]
and/CC 
[ professor/NN ]
at/IN 
[ the/DT University/NNP ]
of/IN 
[ Pennsylvania/NNP School/NNP ]
of/IN 
[ Medicine/NNP ]
[ who/WP ]
developed/VBD 
[ Retin-A/NNP ]
in/IN 
[ the/DT 1960s/CD ]
to/TO combat/VB 
[ acne/NN ]
./. 

[ Dr./NNP Kligman/NNP ]
patented/VBD 
[ the/DT medicine/NN ]
while/IN employed/VBN by/IN 
[ the/DT University/NNP ]
,/, but/CC later/JJ licensed/VBD 
[ the/DT Retin-A/NNP ]
to/TO 
[ a/DT division/NN ]
of/IN 
[ Johnson/NNP ]
&/CC 
[ Johnson/NNP ]
./. 

In/IN 
[ New/NNP Brunswick/NNP ]
,/, 
[ N.J./NNP ]
,/, 
[ a/DT Johnson/NNP ]
&/CC 
[ Johnson/NNP spokesman/NN ]
declined/VBD 
[ comment/NN ]
./. 

[ Criticism/NNP ]
in/IN 
[ the/DT U.S./NNP ]
over/IN 
[ recent/JJ Japanese/JJ acquisitions/NNS ]
is/VBZ looming/VBG ever/RB larger/JJR in/IN 
[ the/DT two/CD countries/NNS '/POS relations/NNS ]
./. 

[ Officials/NNS ]
from/IN 
[ both/DT ]
[ nations/NNS ]
say/VBP 
[ the/DT U.S./NNP public/NN 's/POS skittishness/NN ]
about/IN 
[ Japanese/JJ investment/NN ]
could/MD color/VB 
[ a/DT second/JJ round/NN ]
of/IN 
[ bilateral/JJ economic/JJ talks/NNS ]
scheduled/VBN for/IN 
[ next/JJ week/NN ]
in/IN 
[ Washington/NNP ]
./. 

Not/RB that/IN 
[ Washington/NNP ]
and/CC 
[ Tokyo/NNP ]
disagree/VBP on/IN 
[ the/DT Japanese/JJ acquisitions/NNS ]
;/: indeed/RB ,/, 
[ each/DT ]
has/VBZ come/VBN out/RP in/IN 
[ favor/NN ]
of/IN 
[ unfettered/JJ investment/NN ]
in/IN 
[ the/DT U.S/NNP ]
./. 

Where/WRB 
[ they/PRP ]
disagree/VBP is/VBZ on/IN 
[ the/DT subject/NN ]
of/IN 
[ U.S./NNP direct/JJ investment/NN ]
in/IN 
[ Japan/NNP ]
./. 

[ The/DT U.S./NNP ]
wants/VBZ 
[ the/DT removal/NN ]
of/IN 
[ what/WP ]
[ it/PRP ]
perceives/VBZ as/IN 
[ barriers/NNS ]
to/TO 
[ investment/NN ]
;/: 
[ Japan/NNP ]
denies/VBZ 
[ there/EX ]
are/VBP 
[ real/JJ barriers/NNS ]
./. 

[ The/DT heated/JJ talk/NN ]
stirred/VBD up/RP by/IN 
[ recent/JJ Japanese/JJ investments/NNS ]
in/IN 
[ the/DT U.S./NNP ]
is/VBZ focusing/VBG 
[ attention/NN ]
on/IN 
[ the/DT differences/NNS ]
in/IN 
[ investment/NN climate/NN ]
,/, even/RB though/IN 
[ it/PRP ]
's/VBZ only/RB 
[ one/CD ]
of/IN 
[ many/JJ subjects/NNS ]
to/TO be/VB covered/VBN in/IN 
[ the/DT bilateral/JJ talks/NNS ]
,/, known/VBN as/IN 
[ the/DT Structural/NNP Impediments/NNP Initiative/NNP ]
./. 

[ The/DT Japanese/NNS ]
``/`` should/MD see/VB 
[ this/DT rhetoric/NN ]
as/IN 
[ a/DT signal/NN ]
of/IN 
[ the/DT need/NN ]
for/IN 
[ a/DT change/NN ]
in/IN 
[ their/PRP$ own/JJ economy/NN ]
,/, ''/'' says/VBZ 
[ Charles/NNP Dallara/NNP ]
,/, 
[ U.S./NNP assistant/NN Treasury/NNP secretary/NN ]
,/, 
[ who/WP ]
has/VBZ been/VBN in/IN 
[ Tokyo/NNP ]
[ this/DT week/NN ]
informally/RB discussing/VBG 
[ the/DT impending/VBG negotiations/NNS ]
with/IN 
[ government/NN ]
and/CC 
[ business/NN leaders/NNS ]
./. 

``/`` 
[ We/PRP ]
have/VBP 
[ a/DT long/JJ history/NN ]
of/IN maintaining/VBG 
[ an/DT open/JJ direct-investment/JJ policy/NN ]
,/, ''/'' 
[ Mr./NNP Dallara/NNP ]
says/VBZ ./. 

``/`` 
[ U.S./NNP investors/NNS ]
should/MD have/VB 
[ a/DT greater/JJR opportunity/NN ]
at/IN 
[ direct/JJ investment/NN ]
''/'' in/IN 
[ Japan/NNP ]
./. 

[ The/DT Japanese/NNP fret/NN ]
openly/RB about/IN 
[ the/DT U.S./NNP public/NN 's/POS rancor/NN ]
./. 

[ One/CD clear/JJ sign/NN ]
of/IN 
[ Japan/NNP 's/POS nervousness/NN ]
came/VBD 
[ this/DT week/NN ]
,/, when/WRB 
[ a/DT spokesman/NN ]
for/IN 
[ Japan/NNP 's/POS Foreign/NNP Ministry/NNP ]
devoted/VBD nearly/RB 
[ all/DT ]
of/IN 
[ a/DT regular/JJ ]
,/, 
[ half-hour/JJ briefing/NN ]
for/IN 
[ foreign/JJ journalists/NNS ]
to/TO 
[ the/DT subject/NN ]
of/IN 
[ recent/JJ Japanese/JJ investments/NNS ]
in/IN 
[ the/DT U.S/NNP ]
./. 

``/`` 
[ We/PRP ]
believe/VBP that/IN 
[ it/PRP ]
is/VBZ vitally/RB important/JJ for/IN 
[ those/DT Japanese/JJ business/NN interests/NNS ]
 {/( in/IN 
[ the/DT U.S/NNP ]
./. 

 }/) to/TO be/VB more/RBR aware/JJ of/IN 
[ the/DT emotions/NNS ]
and/CC 
[ concerns/NNS ]
of/IN 
[ the/DT American/JJ people/NNS ]
,/, ''/'' said/VBD 
[ the/DT spokesman/NN ]
,/, 
[ Taizo/NNP Watanabe/NNP ]
./. 

At/IN 
[ the/DT same/JJ time/NN ]
,/, though/RB ,/, 
[ he/PRP ]
chastised/VBD 
[ the/DT media/NN ]
for/IN paying/VBG 
[ such/JJ close/JJ attention/NN ]
to/TO 
[ Japanese/JJ investment/NN ]
when/WRB 
[ other/JJ foreign/JJ countries/NNS ]
,/, notably/RB 
[ Britain/NNP ]
,/, are/VBP acquiring/VBG 
[ more/JJR American/JJ assets/NNS ]
./. 

[ Fears/NNS ]
that/IN 
[ Japanese/JJ investors/NNS ]
are/VBP buying/VBG up/IN 
[ America/NNP ]
have/VBP escalated/VBN sharply/RB in/IN 
[ the/DT past/JJ several/JJ weeks/NNS ]
,/, with/IN 
[ Sony/NNP Corp./NNP 's/POS purchase/NN ]
of/IN 
[ Columbia/NNP Pictures/NNP Entertainment/NNP Inc./NNP ]
from/IN 
[ Coca-Cola/NNP Co./NNP ]
and/CC 
[ Mitsubishi/NNP Estate/NNP Co./NNP 's/POS acquisition/NN ]
of/IN 
[ a/DT 51/CD %/NN ]
holding/NN in/IN 
[ Rockefeller/NNP Group/NNP ]
,/, 
[ the/DT owner/NN ]
of/IN 
[ some/DT ]
of/IN 
[ midtown/NN Manhattan/NNP 's/POS most/RBS exclusive/JJ real/JJ estate/NN ]
./. 

Even/RB before/IN 
[ those/DT moves/NNS ]
added/VBD 
[ fuel/NN ]
,/, 
[ the/DT fires/NNS ]
of/IN 
[ discontent/NN ]
had/VBD been/VBN well/RB stoked/VBN by/IN 
[ the/DT ]
highly/RB publicized/VBN 
[ experience/NN ]
in/IN 
[ Japan/NNP ]
of/IN 
[ one/CD U.S./NNP investor/NN ]
,/, 
[ T./NNP Boone/NNP Pickens/NNP Jr/NNP ]
./. 

[ The/DT Texas/NNP oilman/NN ]
has/VBZ acquired/VBN 
[ a/DT 26.2/CD %/NN stake/NN ]
valued/VBN at/IN more/JJR than/IN 
[ $/$ 1.2/CD billion/CD ]
in/IN 
[ an/DT automotive-lighting/JJ company/NN ]
,/, 
[ Koito/NNP Manufacturing/NNP Co/NNP ]
./. 

But/CC 
[ he/PRP ]
has/VBZ failed/VBN to/TO gain/VB 
[ any/DT influence/NN ]
at/IN 
[ the/DT company/NN ]
./. 

[ Koito/NNP ]
has/VBZ refused/VBN to/TO grant/VB 
[ Mr./NNP Pickens/NNP seats/NNS ]
on/IN 
[ its/PRP$ board/NN ]
,/, asserting/VBG 
[ he/PRP ]
is/VBZ 
[ a/DT greenmailer/NN ]
trying/VBG to/TO pressure/VB 
[ Koito/NNP 's/POS other/JJ shareholders/NNS ]
into/IN buying/VBG 
[ him/PRP ]
out/RP at/IN 
[ a/DT profit/NN ]
./. 

[ Mr./NNP Pickens/NNP ]
made/VBD 
[ considerable/JJ political/JJ hay/NN ]
with/IN 
[ his/PRP$ troubles/NNS ]
in/IN 
[ Japan/NNP ]
./. 

[ The/DT Senate/NNP Finance/NNP Committee/NNP ]
,/, 
[ chaired/VBN ]
by/IN 
[ a/DT fellow/JJ Texan/NN ]
,/, 
[ Democratic/JJ Sen./NNP Lloyd/NNP Bentsen/NNP ]
,/, 
[ last/JJ month/NN ]
urged/VBD 
[ U.S./NNP Trade/NNP Representative/NNP Carla/NNP Hills/NNP ]
to/TO use/VB 
[ Mr./NNP Pickens/NNP 's/POS experience/NN ]
in/IN 
[ talks/NNS ]
with/IN 
[ Tokyo/NNP ]
``/`` to/TO highlight/VB 
[ this/DT problem/NN ]
facing/VBG 
[ Americans/NNS ]
[ who/WP ]
seek/VBP 
[ access/NN ]
to/TO 
[ the/DT Japanese/JJ capital/NN markets/NNS ]
./. 

''/'' 

While/IN 
[ Mr./NNP Dallara/NNP ]
and/CC 
[ Japanese/NNP officials/NNS ]
say/VBP 
[ the/DT question/NN ]
of/IN 
[ investors/NNS '/POS access/NN ]
to/TO 
[ the/DT U.S./NNP ]
and/CC 
[ Japanese/JJ markets/NNS ]
may/MD get/VB 
[ a/DT disproportionate/JJ share/NN ]
of/IN 
[ the/DT public/NN 's/POS attention/NN ]
,/, 
[ a/DT number/NN ]
of/IN 
[ other/JJ important/JJ economic/JJ issues/NNS ]
will/MD be/VB on/IN 
[ the/DT table/NN ]
at/IN 
[ next/JJ week/NN 's/POS talks/NNS ]
./. 

Among/IN 
[ them/PRP ]
are/VBP 
[ differences/NNS ]
in/IN 
[ savings/NNS ]
and/CC 
[ investment/NN rates/NNS ]
,/, 
[ corporate/JJ structures/NNS ]
and/CC 
[ management/NN ]
,/, and/CC 
[ government/NN spending/NN ]
./. 

[ Each/DT side/NN ]
has/VBZ 
[ a/DT litany/NN ]
of/IN 
[ recommendations/NNS ]
for/IN 
[ the/DT other/JJ ]
./. 

[ The/DT U.S./NNP ]
says/VBZ 
[ it/PRP ]
is/VBZ anxious/JJ for/IN 
[ results/NNS ]
./. 

``/`` 
[ We/PRP ]
feel/VBP very/RB strongly/RB that/IN 
[ we/PRP ]
really/RB need/VBP 
[ action/NN ]
across/IN 
[ the/DT full/JJ range/NN ]
of/IN 
[ issues/NNS we/PRP ]
've/VBP identified/VBN ,/, and/CC 
[ we/PRP ]
need/VBP 
[ it/PRP ]
by/IN 
[ next/JJ spring/NN ]
,/, ''/'' 
[ Mr./NNP Dallara/NNP ]
says/VBZ ./. 

[ Both/DT ]
[ sides/NNS ]
have/VBP agreed/VBN that/IN 
[ the/DT talks/NNS ]
will/MD be/VB most/RBS successful/JJ if/IN 
[ negotiators/NNS ]
start/VBP by/IN focusing/VBG on/IN 
[ the/DT areas/NNS ]
[ that/WDT ]
can/MD be/VB most/RBS easily/RB changed/VBN ./. 

But/CC 
[ they/PRP ]
have/VBP n't/RB clarified/VBN 
[ what/WP ]
[ those/DT ]
might/MD be/VB ./. 

After/IN 
[ the/DT first/JJ set/NN ]
of/IN 
[ meetings/NNS two/CD months/NNS ]
ago/RB ,/, 
[ some/DT U.S./NNP officials/NNS ]
complained/VBD that/IN 
[ Japan/NNP ]
had/VBD n't/RB come/VBN up/RP with/IN 
[ specific/JJ changes/NNS ]
[ it/PRP ]
was/VBD prepared/VBN to/TO make/VB ./. 

[ The/DT Japanese/NNS retort/NN ]
that/IN 
[ the/DT first/JJ round/NN ]
was/VBD too/RB early/JJ to/TO make/VB 
[ concessions/NNS ]
./. 

``/`` Just/RB to/TO say/VB 
[ the/DT distribution/NN system/NN ]
is/VBZ wrong/JJ does/VBZ n't/RB mean/VB 
[ anything/NN ]
,/, ''/'' says/VBZ 
[ a/DT Ministry/NNP ]
of/IN 
[ International/NNP Trade/NNP ]
and/CC 
[ Industry/NNP official/NN ]
./. 

``/`` 
[ We/PRP ]
need/VBP to/TO clarify/VB 
[ what/WP ]
exactly/RB is/VBZ wrong/JJ with/IN 
[ it/PRP ]
./. 

''/'' 

[ That/DT process/NN ]
of/IN sorting/VBG out/RP 
[ specifics/NNS ]
is/VBZ likely/JJ to/TO take/VB 
[ time/NN ]
,/, 
[ the/DT Japanese/NNS ]
say/VBP ,/, 
[ no/DT matter/NN ]
how/WRB badly/RB 
[ the/DT U.S./NNP ]
wants/VBZ 
[ quick/JJ results/NNS ]
./. 

For/IN 
[ instance/NN ]
,/, at/IN 
[ the/DT first/JJ meeting/NN ]
[ the/DT two/CD sides/NNS ]
could/MD n't/RB even/RB agree/VB on/IN 
[ basic/JJ data/NNS ]
used/VBN in/IN 
[ price/NN discussions/NNS ]
./. 

Since/IN then/RB ,/, 
[ a/DT team/NN ]
of/IN about/RB 
[ 15/CD MITI/NNP ]
and/CC 
[ U.S./NNP Commerce/NNP Department/NNP officials/NNS ]
have/VBP crossed/VBN 
[ the/DT globe/NN gauging/VBG consumer/NN prices/NNS ]
./. 

By/IN 
[ Monday/NNP ]
,/, 
[ they/PRP ]
hope/VBP to/TO have/VB 
[ a/DT sheaf/NN ]
of/IN 
[ documents/NNS ]
[ both/DT ]
[ sides/NNS ]
can/MD trust/VB ./. 

``/`` Little/RB by/IN little/RB ,/, 
[ there/EX ]
is/VBZ 
[ progress/NN ]
,/, ''/'' says/VBZ 
[ the/DT MITI/NNP official/NN ]
./. 

``/`` 
[ Both/DT ]
[ sides/NNS ]
are/VBP taking/VBG 
[ action/NN ]
./. 

''/'' 

[ Elisabeth/NNP Rubinfien/NNP ]
contributed/VBD to/TO 
[ this/DT article/NN ]
./. 

While/IN 
[ worry/NN ]
grows/VBZ about/IN 
[ big/JJ Japanese/JJ investments/NNS ]
in/IN 
[ the/DT U.S./NNP ]
,/, 
[ Japan/NNP 's/POS big/JJ trading/NN companies/NNS ]
are/VBP rapidly/RB increasing/VBG 
[ their/PRP$ stake/NN ]
in/IN 
[ America/NNP 's/POS smaller/JJR business/NN ]
./. 

For/IN 
[ Japan/NNP ]
,/, 
[ the/DT controversial/JJ trend/NN ]
improves/VBZ 
[ access/NN ]
to/TO 
[ American/JJ markets/NNS ]
and/CC 
[ technology/NN ]
./. 

But/CC for/IN 
[ small/JJ American/JJ companies/NNS ]
,/, 
[ it/PRP ]
also/RB provides/VBZ 
[ a/DT growing/VBG source/NN ]
of/IN 
[ capital/NN ]
and/CC even/RB marketing/NN 
[ help/NN ]
./. 

Take/VB 
[ the/DT deal/NN ]
with/IN 
[ Candela/NNP Laser/NNP Corp./NNP ]
,/, 
[ a/DT Wayland/NNP ]
,/, 
[ Mass./NNP ]
,/, 
[ manufacturer/NN ]
of/IN 
[ high-tech/JJ medical/JJ devices/NNS ]
,/, 
[ which/WDT ]
[ three/CD years/NNS ]
ago/RB set/VBP 
[ its/PRP$ sights/NNS ]
on/IN 
[ Japan/NNP ]
as/IN 
[ an/DT export/NN market/NN ]
./. 

Partly/RB to/TO help/VB 
[ clear/VB the/DT myriad/JJ obstacles/NNS ]
facing/VBG 
[ any/DT overseas/JJ company/NN ]
trying/VBG to/TO penetrate/VB 
[ Japan/NNP ]
,/, 
[ tiny/JJ Candela/NNP ]
turned/VBD to/TO 
[ Mitsui/NNP ]
&/CC 
[ Co./NNP ]
,/, 
[ one/CD ]
of/IN 
[ Japan/NNP 's/POS largest/JJS trading/VBG companies/NNS ]
,/, for/IN 
[ investment/NN ]
./. 

In/IN 
[ a/DT joint-venture/JJ deal/NN ]
,/, 
[ Mitsui/NNP ]
guided/VBD 
[ Candela/NNP ]
through/IN 
[ Tokyo/NNP 's/POS bureaucratic/JJ maze/NN ]
./. 

[ It/PRP ]
eventually/RB secured/VBD 
[ Ministry/NNP ]
of/IN 
[ Health/NNP import/NN approval/NN ]
for/IN 
[ two/CD Candela/NNP laser/NN products/NNS ]
--/: one/CD that/WDT 
[ breaks/VBZ ]
up/RP 
[ kidney/NN stones/NNS ]
and/CC 
[ another/DT ]
[ that/WDT ]
treats/VBZ 
[ skin/NN lesions/NNS ]
./. 

At/IN 
[ last/JJ count/NN ]
,/, 
[ Candela/NNP ]
had/VBD sold/VBN 
[ $/$ 4/CD million/CD ]
of/IN 
[ its/PRP$ medical/JJ devices/NNS ]
in/IN 
[ Japan/NNP ]
./. 

[ The/DT deal/NN ]
also/RB gave/VBD 
[ Mitsui/NNP access/NN ]
to/TO 
[ a/DT high-tech/JJ medical/JJ product/NN ]
./. 

``/`` 
[ They/PRP ]
view/VBP 
[ this/DT ]
as/IN 
[ a/DT growth/NN area/NN ]
so/IN 
[ they/PRP ]
went/VBD about/IN 
[ it/PRP ]
with/IN 
[ a/DT systematic/JJ approach/NN ]
,/, ''/'' says/VBZ 
[ Richard/NNP Olsen/NNP ]
,/, 
[ a/DT Candela/NNP vice/NN president/NN ]
./. 

Indeed/RB ,/, for/IN 
[ many/JJ Japanese/JJ ]
trading/NN 
[ companies/NNS ]
,/, 
[ the/DT favorite/JJ U.S./NNP small/JJ business/NN ]
is/VBZ 
[ one/CD ]
[ whose/WP$ research/NN ]
and/CC 
[ development/NN ]
can/MD be/VB milked/VBN for/IN 
[ future/JJ Japanese/JJ use/NN ]
./. 

[ The/DT Japanese/JJ companies/NNS ]
bankroll/VBP 
[ many/JJ small/JJ U.S./NNP companies/NNS ]
with/IN 
[ promising/JJ products/NNS ]
or/CC 
[ ideas/NNS ]
,/, frequently/RB putting/VBG 
[ their/PRP$ money/NN ]
behind/IN 
[ projects/NNS ]
that/IN 
[ commercial/JJ banks/NNS ]
wo/MD n't/RB touch/VB ./. 

[ Japanese/JJ companies/NNS ]
have/VBP financed/VBN 
[ small/JJ ]
and/CC 
[ medium-sized/JJ U.S./NNP firms/NNS ]
for/IN 
[ years/NNS ]
,/, but/CC in/IN 
[ recent/JJ months/NNS ]
,/, 
[ the/DT pace/NN ]
has/VBZ taken/VBN off/RP ./. 

In/IN 
[ the/DT first/JJ ]
[ half/NN ]
of/IN 
[ 1989/CD ]
alone/RB ,/, 
[ Japanese/JJ corporations/NNS ]
invested/VBD 
[ $/$ 214/CD million/CD ]
in/IN 
[ minority/NN positions/NNS ]
in/IN 
[ U.S./NNP companies/NNS ]
,/, 
[ a/DT 61/CD %/NN rise/NN ]
from/IN 
[ the/DT figure/NN ]
for/IN 
[ all/DT ]
of/IN 
[ 1987/CD ]
,/, reports/VBZ 
[ Venture/NNP Economics/NNP Inc/NNP ]
./. 

[ The/DT Needham/NNP ]
,/, 
[ Mass./NNP ]
,/, 
[ concern/NN tracks/VBZ investments/NNS ]
in/IN 
[ new/JJ businesses/NNS ]
./. 

In/IN 
[ addition/NN ]
,/, of/IN 
[ course/NN ]
,/, 
[ some/DT ]
of/IN 
[ the/DT Japanese/JJ investments/NNS ]
involved/VBD 
[ outright/JJ purchase/NN ]
of/IN 
[ small/JJ U.S./NNP firms/NNS ]
./. 

[ Heightened/JJ Japanese/JJ interest/NN ]
in/IN 
[ American/JJ small/JJ business/NN ]
parallels/VBZ 
[ an/DT acceleration/NN ]
of/IN 
[ investments/NNS ]
giving/VBG 
[ Japanese/JJ companies/NNS ]
control/NN of/IN 
[ large/JJ ]
,/, highly/RB 
[ visible/JJ U.S./NNP corporations/NNS ]
,/, such/JJ as/IN 
[ Columbia/NNP Pictures/NNP Entertainment/NNP Inc/NNP ]
./. 

Only/RB 
[ this/DT week/NN ]
,/, 
[ it/PRP ]
was/VBD announced/VBN that/IN 
[ Mitsubishi/NNP Estate/NNP Co./NNP ]
had/VBD acquired/VBN 
[ a/DT 51/CD %/NN stake/NN ]
in/IN 
[ Rockefeller/NNP Group/NNP ]
,/, 
[ which/WDT ]
owns/VBZ 
[ New/NNP York/NNP 's/POS prestigious/JJ Rockefeller/NNP Center/NNP ]
./. 

While/IN 
[ the/DT small/JJ deals/NNS ]
are/VBP far/RB less/RBR conspicuous/JJ ,/, 
[ they/PRP ]
add/VBP to/TO 
[ Japanese/JJ penetration/NN ]
of/IN 
[ the/DT U.S./NNP market/NN ]
./. 

As/IN 
[ the/DT deals/NNS ]
also/RB improve/VBP 
[ Japanese/JJ access/NN ]
to/TO 
[ American/JJ technology/NN ]
and/CC 
[ market/NN knowledge/NN ]
,/, 
[ they/PRP ]
feed/VBP 
[ American/JJ anxieties/NNS ]
in/IN 
[ this/DT area/NN ]
,/, too/RB ./. 

Even/RB 
[ a/DT low-tech/JJ product/NN ]
like/IN 
[ plate/NN glass/NN ]
can/MD catch/VB 
[ a/DT trading/NN company/NN 's/POS fancy/NN ]
if/IN 
[ there/EX ]
's/VBZ 
[ a/DT strategic/JJ fit/NN ]
./. 

[ Free/NNP State/NNP Glass/NNP Industries/NNP ]
of/IN 
[ Warrenton/NNP ]
,/, 
[ Va./NNP ]
,/, 
[ a/DT small/JJ fabricator/NN ]
of/IN 
[ architectural/JJ glass/NN ]
,/, was/VBD foundering/VBG under/IN 
[ its/PRP$ original/JJ management/NN ]
./. 

[ Last/JJ year/NN ]
,/, 
[ Mitsubishi/NNP International/NNP Corp./NNP ]
,/, 
[ the/DT New/NNP York-based/NNP arm/NN ]
of/IN 
[ Mitsubishi/NNP Corp./NNP ]
,/, bought/VBD controlling/VBG 
[ interest/NN ]
in/IN 
[ the/DT glass/NN company/NN ]
in/IN 
[ a/DT joint/JJ venture/NN ]
with/IN 
[ Ronald/NNP Bodner/NNP ]
,/, 
[ a/DT glass/NN industry/NN executive/NN ]
and/CC 
[ Mitsubishi/NNP consultant/NN ]
./. 

[ The/DT deal/NN ]
is/VBZ chiefly/RB designed/VBN to/TO give/VB 
[ Mitsubishi/NNP ]
[ a/DT window/NN ]
on/IN 
[ the/DT U.S./NNP glass/NN industry/NN ]
,/, says/VBZ 
[ Ichiro/NNP Wakui/NNP ]
,/, 
[ an/DT executive/NN ]
in/IN 
[ Mitsubishi/NNP 's/POS general/JJ merchandise/NN department/NN ]
in/IN 
[ New/NNP York/NNP ]
./. 

``/`` 
[ It/PRP ]
's/VBZ not/RB just/RB 
[ a/DT simple/JJ investment/NN ]
in/IN 
[ a/DT small/JJ company/NN ]
,/, ''/'' 
[ Mr./NNP Wakui/NNP ]
says/VBZ ./. 

``/`` 
[ We/PRP ]
want/VBP to/TO see/VB 
[ the/DT glass/NN market/NN ]
from/IN 
[ the/DT inside/NN ]
,/, not/RB 
[ the/DT outside/NN ]
./. 

''/'' 

[ Mitsubishi/NNS 's/POS investment/NN ]
in/IN 
[ Free/NNP State/NNP ]
is/VBZ ``/`` very/RB small/JJ .../: less/JJR than/IN 
[ $/$ 4/CD million/CD ]
,/, ''/'' 
[ Mr./NNP Wakui/NNP ]
says/VBZ ./. 

[ Mr./NNP Bodner/NNP ]
declines/VBZ to/TO comment/VB on/IN 
[ the/DT arrangement/NN ]
./. 

Trading/NN 
[ companies/NNS ]
such/JJ as/IN 
[ Mitsubishi/NNP ]
,/, 
[ Mitsui/NNP ]
,/, 
[ C./NNP Itoh/NNP ]
&/CC 
[ Co./NNP ]
and/CC 
[ Nissho-Iwai/NNP Corp./NNP ]
,/, 
[ which/WDT ]
make/VBP 
[ many/JJ ]
of/IN 
[ the/DT Japanese/JJ investments/NNS ]
in/IN 
[ small/JJ U.S./NNP concerns/NNS ]
,/, have/VBP 
[ no/DT U.S./NNP counterpart/NN ]
./. 

[ These/DT ]
vertically/RB integrated/VBN 
[ combines/NNS ]
,/, 
[ some/DT ]
of/IN 
[ which/WDT ]
got/VBD 
[ their/PRP$ start/NN ]
in/IN 
[ Japan/NNP 's/POS feudal/JJ period/NN ]
,/, deal/VBP globally/RB in/IN 
[ commodities/NNS ]
,/, 
[ construction/NN ]
and/CC manufacturing/VBG ./. 

[ They/PRP ]
operate/VBP 
[ ships/NNS ]
and/CC 
[ banks/NNS ]
./. 

``/`` 
[ All/DT the/DT ]
``/`` 
[ sogo-shosha/NN ]
''/'' are/VBP looking/VBG for/IN 
[ new/JJ business/NN ]
,/, ''/'' says/VBZ 
[ Arthur/NNP Klauser/NNP ]
,/, 
[ adviser/NN ]
to/TO 
[ the/DT president/NN ]
of/IN 
[ Mitsui/NNP ]
,/, 
[ U.S.A./NNP ]
,/, using/VBG 
[ the/DT Japanese/NNP term/NN ]
for/IN 
[ the/DT largest/JJS ]
of/IN 
[ the/DT global/JJ trading/VBG houses/NNS ]
./. 

[ Adds/VBZ Takeshi/NNP Kondo/NNP ]
,/, 
[ senior/JJ vice/NN president/NN ]
of/IN 
[ C./NNP Itoh/NNP America/NNP Inc./NNP ]
:/: ``/`` 
[ We/PRP ]
have/VBP 
[ a/DT great/JJ interest/NN ]
in/IN making/VBG 
[ investments/NNS ]
,/, particularly/RB in/IN 
[ new/JJ ventures/NNS ]
./. 

''/'' 

[ A/DT host/NN ]
of/IN 
[ electronics/NNS firms/NNS ]
in/IN 
[ California/NNP 's/POS Silicon/NNP Valley/NNP ]
were/VBD financed/VBN with/IN 
[ trading-company/NN venture/NN capital/NN ]
./. 

[ Profit/NN ]
,/, at/IN 
[ least/JJS ]
in/IN 
[ the/DT short/JJ term/NN ]
,/, is/VBZ usually/RB 
[ a/DT secondary/JJ goal/NN ]
./. 

``/`` 
[ Strategic/JJ objectives/NNS ]
,/, not/RB 
[ financial/JJ ]
return/NN ,/, drive/VBP 
[ many/JJ ]
of/IN 
[ the/DT deals/NNS ]
,/, ''/'' says/VBZ 
[ a/DT Venture/NNP Economics/NNP spokesman/NN ]
./. 

In/IN investing/VBG on/IN 
[ the/DT basis/NN ]
of/IN 
[ future/JJ transactions/NNS ]
,/, 
[ a/DT role/NN ]
often/RB performed/VBN by/IN 
[ merchant/NN banks/NNS ]
,/, trading/NN 
[ companies/NNS ]
can/MD cut/VB through/IN 
[ the/DT logjam/NN ]
that/IN 
[ small-company/NN owners/NNS ]
often/RB face/VBP with/IN 
[ their/PRP$ local/JJ commercial/JJ banks/NNS ]
./. 

``/`` 
[ It/PRP ]
's/VBZ 
[ the/DT classic/JJ problem/NN ]
of/IN 
[ the/DT small/JJ businessman/NN ]
,/, ''/'' says/VBZ 
[ Malcolm/NNP Davies/NNP ]
,/, managing/VBG 
[ director/NN ]
of/IN 
[ Trading/NNP Alliance/NNP Corp./NNP ]
of/IN 
[ New/NNP York/NNP ]
./. 

``/`` 
[ People/NNS ]
are/VBP queuing/VBG at/IN 
[ the/DT door/NN ]
to/TO take/VB 
[ his/PRP$ product/NN ]
but/CC 
[ he/PRP ]
does/VBZ n't/RB have/VB 
[ the/DT working/VBG capital/NN ]
to/TO make/VB 
[ the/DT thing/NN ]
and/CC 
[ commercial/JJ banks/NNS ]
are/VBP very/RB unsympathetic/JJ ./. 

[ They/PRP ]
want/VBP 
[ assets/NNS ]
,/, 
[ they/PRP ]
want/VBP 
[ a/DT balance/NN sheet/NN ]
,/, 
[ which/WDT ]
has/VBZ 
[ no/DT relation/NN ]
to/TO 
[ the/DT business/NN ]
[ a/DT company/NN ]
can/MD generate/VB ./. 

''/'' 

[ Adds/VBZ Mitsui/NNP 's/POS Mr./NNP Klauser/NNP ]
:/: ``/`` Unlike/IN 
[ corporations/NNS ]
in/IN 
[ this/DT country/NN ]
,/, trading/NN 
[ companies/NNS ]
are/VBP n't/RB so/RB much/RB interested/JJ in/IN 
[ a/DT high/JJ return/NN ]
on/IN 
[ investment/NN ]
as/IN 
[ they/PRP ]
are/VBP on/IN 
[ increasing/VBG trade/NN flows/NNS ]
./. 

To/TO 
[ the/DT extent/NN ]
[ they/PRP ]
can/MD do/VB 
[ this/DT ]
,/, 
[ they/PRP ]
're/VBP quite/RB content/JJ to/TO get/VB 
[ a/DT return/NN ]
on/IN 
[ investment/NN ]
of/IN 
[ 1/CD %/NN ]
to/TO 
[ 2/CD %/NN ]
./. 

''/'' 

[ Mr./NNP Klauser/NNP ]
says/VBZ 
[ Mitsui/NNP ]
has/VBZ 
[ 75/CD U.S./NNP subsidiaries/NNS ]
in/IN 
[ which/WDT ]
[ it/PRP ]
holds/VBZ 
[ 35/CD %/NN interest/NN ]
or/CC 
[ more/JJR ]
and/CC 
[ the/DT trading/NN company/NN ]
hopes/VBZ to/TO double/VB 
[ the/DT number/NN ]
of/IN 
[ its/PRP$ U.S./NNP affiliates/NNS ]
in/IN 
[ 1990/CD ]
./. 

[ Sales/NNS ]
by/IN 
[ these/DT subsidiaries/NNS ]
in/IN 
[ the/DT fiscal/JJ year/NN ]
ending/VBG 
[ last/JJ March/NNP ]
were/VBD more/JJR than/IN 
[ $/$ 17/CD billion/CD ]
./. 

[ A/DT 1/CD %/NN ]
to/TO 
[ 2/CD %/NN return/NN ]
on/IN 
[ $/$ 17/CD billion/CD ]
``/`` ai/VBP n't/RB hay/NN ,/, ''/'' 
[ Mr./NNP Klauser/NNP ]
says/VBZ ./. 

[ Hudson/NNP General/NNP Corp./NNP 's/POS president/NN ]
and/CC 
[ chief/JJ executive/NN officer/NN ]
,/, 
[ Alan/NNP J./NNP Stearn/NNP ]
,/, resigned/VBD ./. 

[ Mr./NNP Stearn/NNP ]
,/, 
[ 46/CD years/NNS ]
old/JJ ,/, could/MD n't/RB be/VB reached/VBN for/IN 
[ comment/NN ]
./. 

[ A/DT company/NN spokesman/NN ]
declined/VBD to/TO elaborate/VB on/IN 
[ the/DT departure/NN ]
./. 

[ Hudson/NNP General/NNP ]
,/, 
[ which/WDT ]
provides/VBZ 
[ maintenance/NN ]
,/, fueling/NN and/CC 
[ other/JJ services/NNS ]
to/TO 
[ airlines/NNS ]
and/CC 
[ airports/NNS ]
,/, reported/VBD 
[ a/DT loss/NN ]
for/IN 
[ its/PRP$ most/RBS recent/JJ fiscal/NN year/NN ]
and/CC 
[ last/JJ month/NN ]
omitted/VBD 
[ the/DT semiannual/JJ dividend/NN ]
on/IN 
[ its/PRP$ common/JJ shares/NNS ]
./. 

[ Mr./NNP Stearn/NNP ]
,/, 
[ who/WP ]
had/VBD been/VBN with/IN 
[ the/DT company/NN ]
more/JJR than/IN 
[ 20/CD years/NNS ]
and/CC had/VBD been/VBN 
[ president/NN ]
since/IN 
[ 1984/CD ]
,/, will/MD act/VB as/IN 
[ a/DT consultant/NN ]
to/TO 
[ Hudson/NNP General/NNP ]
./. 

[ His/PRP$ duties/NNS ]
as/IN 
[ chief/JJ executive/NN ]
will/MD be/VB assumed/VBN by/IN 
[ Chairman/NNP Jay/NNP B./NNP Langner/NNP ]
./. 

For/IN 
[ 10/CD years/NNS ]
,/, 
[ Genie/NNP Driskill/NNP ]
went/VBD to/TO 
[ her/PRP$ neighborhood/NN bank/NN ]
because/IN 
[ it/PRP ]
was/VBD convenient/JJ ./. 

[ A/DT high-balance/JJ customer/NN ]
that/IN 
[ banks/NNS ]
pine/VBP for/RP ,/, 
[ she/PRP ]
did/VBD n't/RB give/VB 
[ much/JJ thought/NN ]
to/TO 
[ the/DT rates/NNS ]
[ she/PRP ]
was/VBD receiving/VBG ,/, nor/CC to/TO 
[ the/DT fees/NNS ]
[ she/PRP ]
was/VBD paying/VBG ./. 

But/CC in/IN 
[ August/NNP ]
,/, 
[ First/JJ Atlanta/NNP National/NNP Bank/NNP ]
introduced/VBD 
[ its/PRP$ Crown/NNP Account/NNP ]
,/, 
[ a/DT package/NN ]
designed/VBN to/TO lure/VB 
[ customers/NNS ]
such/JJ as/IN 
[ Ms./NNP Driskill/NNP ]
./. 

Among/IN 
[ other/JJ things/NNS ]
,/, 
[ it/PRP ]
included/VBD checking/VBG ,/, 
[ safe/JJ deposit/NN box/NN ]
and/CC 
[ credit/NN card/NN --/: all/DT ]
for/IN 
[ free/JJ --/: plus/RB ]
[ a/DT good/JJ deal/NN ]
on/IN 
[ installment/NN loans/NNS ]
./. 

[ All/DT she/PRP ]
had/VBD to/TO do/VB was/VBD put/VB 
[ $/$ 15,000/CD ]
in/IN 
[ a/DT certificate/NN ]
of/IN 
[ deposit/NN ]
,/, or/CC qualify/VB for/IN 
[ a/DT $/$ 10,000/CD personal/JJ line/NN ]
of/IN 
[ credit/NN ]
./. 

``/`` 
[ I/PRP ]
deserve/VBP 
[ something/NN ]
for/IN 
[ my/PRP$ loyalty/NN ]
,/, ''/'' 
[ she/PRP ]
says/VBZ ./. 

[ She/PRP ]
took/VBD 
[ her/PRP$ business/NN ]
to/TO 
[ First/NNP Atlanta/NNP ]
./. 

So/IN 
[ it/PRP ]
goes/VBZ in/IN 
[ the/DT competitive/JJ world/NN ]
of/IN 
[ consumer/NN ]
banking/VBG 
[ these/DT days/NNS ]
./. 

For/IN nearly/RB 
[ a/DT decade/NN ]
,/, 
[ banks/NNS ]
have/VBP competed/VBN for/IN 
[ customers/NNS ]
primarily/RB with/IN 
[ the/DT interest/NN rates/NNS they/PRP ]
pay/VBP on/IN 
[ their/PRP$ deposits/NNS ]
and/CC 
[ charge/VB ]
on/IN 
[ their/PRP$ loans/NNS ]
./. 

[ The/DT competitive/JJ rates/NNS ]
were/VBD generally/RB offset/VBN by/IN 
[ hefty/JJ fees/NNS ]
on/IN 
[ various/JJ services/NNS ]
./. 

But/CC 
[ many/JJ banks/NNS ]
are/VBP turning/VBG away/RB from/IN 
[ strict/JJ price/NN competition/NN ]
./. 

Instead/RB ,/, 
[ they/PRP ]
are/VBP trying/VBG to/TO build/VB 
[ customer/NN loyalty/NN ]
by/IN 
[ bundling/VBG their/PRP$ services/NNS ]
into/IN 
[ packages/NNS ]
and/CC targeting/VBG 
[ them/PRP ]
to/TO 
[ small/JJ segments/NNS ]
of/IN 
[ the/DT population/NN ]
./. 

``/`` 
[ You/PRP ]
're/VBP dead/JJ in/IN 
[ the/DT water/NN ]
if/IN 
[ you/PRP ]
are/VBP n't/RB segmenting/VBG 
[ the/DT market/NN ]
,/, ''/'' says/VBZ 
[ Anne/NNP Moore/NNP ]
,/, 
[ president/NN ]
of/IN 
[ Synergistics/NNP Research/NNP Corp./NNP ]
,/, 
[ a/DT bank/NN consulting/NN firm/NN ]
in/IN 
[ Atlanta/NNP ]
./. 

[ NCNB/NNP Corp./NNP ]
of/IN 
[ Charlotte/NNP ]
,/, 
[ N.C./NNP ]
,/, recently/RB introduced/VBN 
[ its/PRP$ Financial/NNP Connections/NNP Program/NNP ]
aimed/VBD at/IN 
[ young/JJ adults/NNS ]
just/RB starting/VBG 
[ careers/NNS ]
./. 

[ The/DT program/NN ]
not/RB only/RB offers/VBZ 
[ a/DT pre-approved/JJ car/NN loan/NN ]
up/IN to/TO 
[ $/$ 18,000/CD ]
,/, but/CC throws/VBZ in/RP 
[ a/DT special/JJ cash-flow/JJ statement/NN ]
to/TO help/VB in/IN 
[ saving/VBG money/NN ]
./. 

In/IN 
[ September/NNP ]
,/, 
[ Union/NNP Planters/NNP Corp./NNP ]
of/IN 
[ Memphis/NNP ]
,/, 
[ Tenn./NNP ]
,/, launched/VBD 
[ The/DT Edge/NNP account/NN ]
,/, 
[ a/DT package/NN ]
designed/VBN for/IN 
[ the/DT ]
``/`` thirtysomething/NN ''/'' 
[ crowd/NN ]
with/IN 
[ services/NNS ]
[ that/WDT ]
include/VBP 
[ a/DT credit/NN card/NN ]
and/CC 
[ line/NN ]
of/IN 
[ credit/NN ]
with/IN 
[ no/DT annual/JJ fees/NNS ]
,/, and/CC 
[ a/DT full/JJ percentage/NN point/NN ]
off/RB on/IN 
[ installment/NN loans/NNS ]
./. 

[ The/DT theory/NN ]
:/: 
[ Such/JJ individuals/NNS ]
,/, 
[ many/JJ ]
with/IN 
[ young/JJ children/NNS ]
,/, are/VBP in/IN 
[ their/PRP$ prime/JJ borrowing/VBG years/NNS ]
--/: and/JJ ,/, having/VBG borrowed/VBN from/IN 
[ the/DT bank/NN ]
,/, 
[ they/PRP ]
may/MD continue/VB to/TO use/VB 
[ it/PRP ]
for/IN 
[ other/JJ services/NNS ]
in/IN 
[ later/JJ years/NNS ]
./. 

For/IN 
[ some/DT time/NN ]
,/, 
[ banks/NNS ]
have/VBP been/VBN aiming/VBG 
[ packages/NNS ]
at/IN 
[ the/DT elderly/JJ ]
,/, 
[ the/DT demographic/JJ segment/NN ]
with/IN 
[ the/DT highest/JJS savings/NNS ]
./. 

[ Those/DT efforts/NNS ]
are/VBP being/VBG stepped/VBD up/RP ./. 

[ Judie/NNP MacDonald/NNP ]
,/, 
[ vice/NN president/NN ]
of/IN 
[ retail/JJ sales/NNS ]
at/IN 
[ Barnett/NNP Banks/NNP Inc./NNP ]
of/IN 
[ Jacksonville/NNP ]
,/, 
[ Fla./NNP ]
,/, says/VBZ 
[ the/DT company/NN ]
now/RB targets/VBZ 
[ sub-segments/NNS ]
within/IN 
[ the/DT market/NN ]
by/IN tailoring/VBG 
[ its/PRP$ popular/JJ Seniors/NNP Partners/NNP Program/NNP ]
to/TO 
[ various/JJ life/NN styles/NNS ]
./. 

``/`` 
[ Varying/JJ age/NN ]
,/, 
[ geography/NN ]
and/CC 
[ life-style/NN differences/NNS ]
create/VBP 
[ numerous/JJ sub-markets/NNS ]
,/, ''/'' 
[ Ms./NNP MacDonald/NNP ]
says/VBZ ./. 

[ She/PRP ]
says/VBZ 
[ individual/JJ Barnett/NNP branches/NNS ]
can/MD add/VB 
[ different/JJ benefits/NNS ]
to/TO 
[ their/PRP$ Seniors/NNP Partners/NNP package/NN ]
--/: such/JJ as/IN 
[ athletic/JJ activities/NNS ]
or/CC 
[ travel/NN clubs/NNS --/: to/JJ appeal/NN ]
to/TO 
[ local/JJ market/NN interests/NNS ]
./. 

``/`` 
[ An/DT active/JJ 55-year-old/NN ]
in/IN 
[ Boca/NNP Raton/NNP ]
may/MD care/VB more/RBR about/IN 
[ Senior/NNP Olympic/NNP games/NNS ]
,/, while/IN 
[ a/DT 75-year-old/CD ]
in/IN 
[ Panama/NNP City/NNP ]
may/MD care/VB more/RBR about/IN 
[ a/DT seminar/NN ]
on/IN 
[ health/NN ]
,/, ''/'' 
[ she/PRP ]
says/VBZ ./. 

[ Banks/NNS ]
have/VBP tried/VBN packaging/VBG before/RB ./. 

In/IN 
[ 1973/CD ]
,/, 
[ Wells/NNP Fargo/NNP ]
&/CC 
[ Co./NNP ]
of/IN 
[ San/NNP Francisco/NNP ]
launched/VBD 
[ the/DT Gold/NNP Account/NNP ]
,/, 
[ which/WDT ]
included/VBD 
[ free/JJ ]
checking/NN ,/,  
[ a/DT credit/NN card/NN ]
,/, 
[ safe-deposit/JJ box/NN ]
and/CC 
[ travelers/NNS checks/NNS ]
for/IN 
[ a/DT $/$ 3/CD monthly/JJ fee/NN ]
./. 

[ The/DT concept/NN ]
begot/VBD 
[ a/DT slew/NN ]
of/IN 
[ copycats/NNS ]
,/, but/CC 
[ the/DT banks/NNS ]
stopped/VBD promoting/VBG 
[ the/DT packages/NNS ]
./. 

[ One/CD big/JJ reason/NN ]
:/: 
[ thin/JJ margins/NNS ]
./. 

[ Many/JJ banks/NNS ]
,/, particularly/RB 
[ smaller/JJR ones/NNS ]
,/, were/VBD slow/JJ to/TO computerize/VB and/CC could/MD n't/RB target/VB 
[ market/NN niches/NNS ]
[ that/WDT ]
would/MD have/VB made/VBN 
[ the/DT programs/NNS ]
more/RBR profitable/JJ ./. 

As/IN 
[ banks/NNS '/POS earnings/NNS ]
were/VBD squeezed/VBN in/IN 
[ the/DT mid-1970s/CD ]
,/, 
[ the/DT emphasis/NN ]
switched/VBN to/TO 
[ finding/VBG ways/NNS ]
to/TO cut/VB 
[ costs/NNS ]
./. 

But/CC now/RB 
[ computers/NNS ]
are/VBP enabling/VBG 
[ more/JJR banks/NNS ]
to/TO analyze/VB 
[ their/PRP$ customers/NNS ]
by/IN 
[ age/NN ]
,/, 
[ income/NN ]
and/CC 
[ geography/NN ]
./. 

[ They/PRP ]
are/VBP better/RBR able/JJ to/TO get/VB to/TO 
[ those/DT segments/NNS ]
in/IN 
[ the/DT wake/NN ]
of/IN 
[ the/DT deregulation/NN ]
[ that/WDT ]
began/VBD in/IN 
[ the/DT late/JJ 1970s/CD ]
./. 

[ Deregulation/NN ]
has/VBZ effectively/RB removed/VBN 
[ all/DT restrictions/NNS ]
on/IN 
[ what/WP banks/NNS ]
can/MD pay/VB for/IN 
[ deposits/NNS ]
,/, as/RB well/RB as/IN opened/VBN up/RP 
[ the/DT field/NN ]
for/IN 
[ new/JJ products/NNS ]
such/JJ as/IN 
[ high-rate/JJ CDs/NNS ]
./. 

Where/WRB 
[ a/DT bank/NN ]
once/RB offered/VBD 
[ a/DT standard/JJ passbook/NN savings/NNS ]
account/NN ,/, 
[ it/PRP ]
began/VBD offering/VBG 
[ money-market/JJ accounts/NNS ]
,/, 
[ certificates/NNS ]
of/IN 
[ deposit/NN ]
and/CC 
[ interest-bearing/JJ ]
checking/NN ,/, and/CC 
[ staggering/JJ rates/NNS ]
based/VBN on/IN 
[ the/DT size/NN ]
of/IN 
[ deposits/NNS ]
./. 

[ The/DT competition/NN ]
has/VBZ grown/VBN more/RBR intense/JJ as/IN 
[ bigger/JJR banks/NNS ]
such/JJ as/IN 
[ Norwest/NNP Corp./NNP ]
of/IN 
[ Minneapolis/NNP ]
and/CC 
[ Chemical/NNP Banking/NNP Corp./NNP ]
of/IN 
[ New/NNP York/NNP ]
extend/VBP 
[ their/PRP$ market-share/JJ battles/NNS ]
into/IN 
[ small/JJ towns/NNS ]
across/IN 
[ the/DT nation/NN ]
./. 

``/`` 
[ Today/NN ]
,/, 
[ a/DT banker/NN ]
is/VBZ worrying/VBG about/IN 
[ local/JJ ]
,/, 
[ regional/JJ ]
and/CC 
[ money-center/JJ ]
 {/( 
[ banks/NNS ]
 }/) ,/, as/RB well/RB as/IN 
[ thrifts/NNS ]
and/CC 
[ credit/NN unions/NNS ]
,/, ''/'' says/VBZ 
[ Ms./NNP Moore/NNP ]
at/IN 
[ Synergistics/NNP Research/NNP ]
./. 

``/`` So/IN 
[ people/NNS ]
[ who/WP ]
were/VBD n't/RB even/RB thinking/VBG about/IN targeting/VBG 
[ 10/CD years/NNS ]
ago/RB are/VBP scrambling/VBG to/TO define/VB 
[ their/PRP$ customer/NN base/NN ]
./. 

''/'' 

[ The/DT competition/NN ]
has/VBZ cultivated/VBN 
[ a/DT much/RB savvier/JJR consumer/NN ]
./. 

``/`` 
[ The/DT average/JJ household/NN ]
will/MD spread/VB 
[ 19/CD accounts/NNS ]
over/IN 
[ a/DT dozen/NN financial/JJ institutions/NNS ]
,/, ''/'' says/VBZ 
[ Michael/NNP P./NNP Sullivan/NNP ]
,/, 
[ who/WP ]
runs/VBZ 
[ his/PRP$ own/JJ bank/NN consulting/NN firm/NN ]
in/IN 
[ Charlotte/NNP ]
,/, 
[ N.C/NNP ]
./. 

``/`` 
[ This/DT much/JJ fragmentation/NN ]
makes/VBZ attracting/VBG and/CC 
[ keeping/VBG today/NN 's/POS rate-sensitive/JJ customers/NNS ]
costly/JJ ./. 

''/'' 

[ Packages/NNS ]
encourage/VBP 
[ loyalty/NN ]
by/IN 
[ rewarding/VBG customers/NNS ]
for/IN doing/VBG 
[ the/DT bulk/NN ]
of/IN 
[ their/PRP$ banking/NN ]
in/IN 
[ one/CD place/NN ]
./. 

For/IN 
[ their/PRP$ troubles/NNS ]
,/, 
[ the/DT banks/NNS ]
get/VBP 
[ a/DT larger/JJR captive/NN audience/NN ]
[ that/WDT ]
is/VBZ less/RBR likely/JJ to/TO move/VB at/IN 
[ the/DT drop/NN ]
of/IN 
[ a/DT rate/NN ]
./. 

[ The/DT more/JJR accounts/NNS customers/NNS ]
have/VBP ,/, 
[ Mr./NNP Sullivan/NNP ]
says/VBZ ,/, 
[ the/DT more/RBR likely/JJ they/PRP ]
are/VBP to/TO be/VB attracted/VBN to/TO 
[ a/DT package/NN --/: and/NN ]
to/TO be/VB loyal/JJ to/TO 
[ the/DT bank/NN ]
[ that/WDT ]
offers/VBZ 
[ it/PRP ]
./. 

[ That/DT ]
can/MD pay/VB off/RP down/IN 
[ the/DT road/NN ]
as/IN 
[ customers/NNS ]
,/, especially/RB 
[ the/DT younger/JJR ones/NNS ]
,/, 
[ change/VBP ]
from/IN 
[ borrowers/NNS ]
to/TO 
[ savers\/investors/NNS ]
./. 

Packaging/NN has/VBZ 
[ some/DT drawbacks/NNS ]
./. 

[ The/DT additional/JJ technology/NN ]
,/, 
[ personnel/NNS training/NN ]
and/CC 
[ promotional/JJ effort/NN ]
can/MD be/VB expensive/JJ ./. 

[ Chemical/NNP Bank/NNP ]
spent/VBD more/JJR than/IN 
[ $/$ 50/CD million/CD ]
to/TO introduce/VB 
[ its/PRP$ ChemPlus/NNP line/NN ]
,/, 
[ several/JJ packages/NNS ]
aimed/VBN at/IN 
[ different/JJ segments/NNS ]
,/, in/IN 
[ 1986/CD ]
,/, according/VBG to/TO 
[ Thomas/NNP Jacob/NNP ]
,/, 
[ senior/JJ vice/NN president/NN ]
of/IN marketing/NN ./. 

``/`` 
[ It/PRP ]
's/VBZ not/RB easy/JJ to/TO roll/VB out/RP 
[ something/NN that/RB comprehensive/JJ ]
,/, and/CC make/VB 
[ it/PRP ]
pay/VB ,/, ''/'' 
[ Mr./NNP Jacob/NNP ]
says/VBZ ./. 

Still/RB ,/, 
[ bankers/NNS ]
expect/VBP packaging/NN to/TO flourish/VB ,/, primarily/RB because/IN 
[ more/JJR customers/NNS ]
are/VBP demanding/VBG that/IN 
[ financial/JJ services/NNS ]
be/VB tailored/VBN to/TO 
[ their/PRP$ needs/NNS ]
./. 

``/`` 
[ These/DT days/NNS ]
,/, banking/NN 
[ customers/NNS ]
walk/VBP in/IN 
[ the/DT door/NN ]
expecting/VBG 
[ you/PRP ]
to/TO have/VB 
[ a/DT package/NN ]
especially/RB for/IN 
[ them/PRP ]
,/, ''/'' 
[ Ms./NNP Moore/NNP ]
says/VBZ ./. 

[ Some/DT banks/NNS ]
are/VBP already/RB moving/VBG in/IN 
[ that/DT direction/NN ]
,/, according/VBG to/TO 
[ Alvin/NNP T./NNP Sale/NNP ]
,/, marketing/NN 
[ director/NN ]
at/IN 
[ First/NNP Union/NNP Corp./NNP ]
in/IN 
[ Charlotte/NNP ]
./. 

First/NNP 
[ Union/NNP ]
,/, 
[ he/PRP ]
says/VBZ ,/, now/RB has/VBZ 
[ packages/NNS ]
for/IN 
[ seven/CD customer/NN groups/NNS ]
./. 

Soon/RB ,/, 
[ it/PRP ]
will/MD split/VB 
[ those/DT ]
into/IN 
[ 30/CD ]
./. 

Says/VBZ 
[ Mr./NNP Sale/NNP ]
:/: ``/`` 
[ I/PRP ]
think/VBP 
[ more/JJR banks/NNS ]
are/VBP starting/VBG to/TO realize/VB that/IN 
[ we/PRP ]
have/VBP to/TO be/VB more/JJR like/IN 
[ the/DT department/NN store/NN ]
,/, not/RB 
[ the/DT boutique/NN ]
./. 

''/'' 

[ IRAs/NNS ]
./. 

[ SHAREDATA/NNP Inc./NNP ]
said/VBD 
[ it/PRP ]
will/MD amend/VB 
[ a/DT registration/NN statement/NN ]
filed/VBN with/IN 
[ the/DT Securities/NNP ]
and/CC 
[ Exchange/NNP Commission/NNP ]
to/TO delete/VB 
[ a/DT plan/NN ]
to/TO sell/VB 
[ 500,000/CD ]
newly/RB issued/VBN 
[ common/JJ shares/NNS ]
./. 

[ The/DT Chandler/NNP ]
,/, 
[ Ariz./NNP ]
,/, 
[ company/NN ]
said/VBD 
[ it/PRP ]
will/MD resubmit/VB 
[ the/DT registration/NN ]
to/TO cover/VB only/RB 
[ the/DT 2.3/CD million/CD warrants/NNS ]
,/, 
[ each/DT exercisable/JJ ]
for/IN 
[ the/DT purchase/NN ]
of/IN 
[ one/CD common/JJ share/NN ]
./. 

[ Currently/NNP ]
,/, 
[ ShareData/NNP ]
has/VBZ about/RB 
[ 4.1/CD million/CD common/JJ shares/NNS ]
outstanding/JJ ./. 

[ ShareData/NNP ]
develops/VBZ and/CC markets/VBZ 
[ low-cost/JJ software/NN ]
,/, 
[ peripheral/JJ equipment/NN ]
and/CC 
[ accessories/NNS ]
for/IN 
[ computers/NNS ]
./. 

[ Five/CD things/NNS you/PRP ]
can/MD do/VB for/IN 
[ $/$ 15,000/CD ]
or/CC less/JJR :/: 

[ 1/LS ]
./. 

Buy/VB 
[ a/DT new/JJ Chevrolet/NNP ]
./. 

[ 2/LS ]
./. 

Take/VB 
[ a/DT Hawaiian/JJ vacation/NN ]
./. 

[ 3/LS ]
./. 

Send/VB 
[ your/PRP$ child/NN ]
to/TO 
[ a/DT university/NN ]
./. 

[ 4/LS ]
./. 

Buy/VB 
[ a/DT diamond/NN necklace/NN ]
./. 

[ 5/LS ]
./. 

Make/VB 
[ a/DT lasting/JJ difference/NN ]
in/IN 
[ the/DT regulatory/JJ life/NN ]
of/IN 
[ an/DT American/JJ savings-and-loan/JJ association/NN ]
through/IN 
[ the/DT Foster/NNP Corporate/NNP Parents/NNP Plan/NNP ]
./. 

[ Americans/NNS today/NN ]
spend/VBP 
[ $/$ 15,000/CD ]
like/IN 
[ pocket/NN change/NN --/: they/PRP ]
do/VBP n't/RB think/VB much/JJ about/IN 
[ it/PRP ]
./. 

But/CC for/IN 
[ an/DT ailing/VBG savings-and-loan/JJ association/NN --/: teetering/VBG ]
on/IN 
[ insolvency/NN --/: it/PRP ]
can/MD lead/VB to/TO 
[ safety/NN ]
from/IN 
[ imminent/JJ demise/NN ]
and/CC to/TO 
[ a/DT future/NN ]
full/JJ of/IN 
[ promise/NN ]
./. 

[ Your/PRP$ $/$ 15,000/CD ]
will/MD help/VB keep/VB 
[ a/DT needy/JJ savings/NNS ]
and/CC 
[ loan/NN solvent/JJ --/: and/CC ]
out/IN of/IN 
[ the/DT federal/JJ budget/NN deficit/NN ]
./. 

As/IN 
[ a/DT Foster/NNP Corporate/NNP Parent/NNP ]
,/, 
[ you/PRP ]
'll/MD be/VB helping/VBG 
[ a/DT neighborhood/NN S&L/NN ]
in/IN 
[ areas/NNS ]
crucial/JJ to/TO 
[ its/PRP$ survival/NN ]
./. 

Like/IN 
[ healthy/JJ regulatory/JJ capital/NN ]
./. 

[ A/DT steady/JJ deposit/NN base/NN ]
./. 

Performing/VBG 
[ loans/NNS ]
./. 

At/IN 
[ the/DT same/JJ time/NN ]
,/, 
[ you/PRP ]
'll/MD give/VB 
[ your/PRP$ Foster/NNP Savings/NNP Institution/NNP ]
[ the/DT gift/NN ]
of/IN 
[ hope/NN ]
and/CC 
[ freedom/NN ]
from/IN 
[ the/DT federal/JJ regulators/NNS ]
[ who/WP ]
want/VBP to/TO close/VB 
[ its/PRP$ doors/NNS --/: for/IN good/NN ]
./. 

As/IN 
[ a/DT Foster/NNP Corporate/NNP Parent/NNP ]
,/, 
[ you/PRP ]
will/MD experience/VB 
[ the/DT same/JJ joy/NN ]
felt/VBD by/IN 
[ Robert/NNP Bass/NNP ]
,/, 
[ Lewis/NNP Ranieri/NNP ]
,/, 
[ William/NNP Simon/NNP ]
and/CC 
[ others/NNS ]
,/, 
[ who/WP ]
find/VBP 
[ ways/NNS ]
to/TO help/VB troubled/VBN 
[ savings/NNS institutions/NNS ]
and/CC 
[ their/PRP$ employees/NNS ]
help/VB 
[ themselves/PRP ]
./. 

[ That/DT ]
builds/VBZ 
[ confidence/NN ]
,/, 
[ self/NN sufficiency/NN ]
,/, not/RB to/TO mention/VB 
[ critical/JJ regulatory/JJ net/NN worth/NN ]
./. 

Do/VBP n't/RB wait/VB 
[ --/: a/DT savings/NNS institution/NN ]
needs/VBZ 
[ your/PRP$ help/NN ]
now/RB !/. 

[ Every/DT day/NN ]
[ you/PRP ]
delay/VBP ,/, 
[ a/DT savings/NN institution/NN 's/POS health/NN ]
--/: and/CC 
[ the/DT federal/JJ budget/NN deficit/NN --/: grows/VBZ ]
worse/JJR ./. 

Think/VB about/IN 
[ the/DT good/NN you/PRP ]
can/MD do/VB for/IN just/RB 
[ $/$ 15,000/CD ]
[ a/DT month/NN ]
,/, about/RB 
[ the/DT cost/NN ]
of/IN 
[ a/DT mid-size/JJ Chevrolet/NNP ]
or/CC 
[ two/CD semesters/NNS ]
at/IN 
[ a/DT state/NN university/NN ]
./. 

Then/RB send/VB 
[ your/PRP$ support/NN ]
to/TO 
[ a/DT savings/NN institution/NN ]
[ that/WDT ]
has/VBZ taken/VBN 
[ a/DT bad/JJ rap/NN ]
in/IN 
[ the/DT press/NN ]
and/CC on/IN 
[ its/PRP$ bottom/JJ line/NN ]
./. 

[ Every/DT $/$ 15,000/CD ]
[ you/PRP ]
send/VBP will/MD go/VB 
[ a/DT long/JJ way/NN ]
to/TO boost/VB sagging/VBG 
[ net/JJ worth/NN ]
and/CC 
[ employee/NN morale/NN --/: and/CC ]
keep/VB 
[ your/PRP$ Foster/NNP Savings/NNP Institution/NNP ]
off/IN 
[ the/DT federal/JJ budget/NN deficit/NN ]
!/. 

[ Mr./NNP Baris/NNP ]
is/VBZ 
[ a/DT lawyer/NN ]
in/IN 
[ New/NNP York/NNP ]
./. 

[ The/DT Chicago/NNP Mercantile/NNP Exchange/NNP ]
said/VBD 
[ it/PRP ]
plans/VBZ to/TO institute/VB 
[ an/DT additional/JJ ]
``/`` 
[ circuit/NN breaker/NN ]
''/'' aimed/VBN at/IN 
[ stemming/VBG market/NN slides/NNS ]
./. 

[ Separately/NNP ]
,/, 
[ John/NNP Phelan/NNP ]
told/VBD 
[ a/DT closed/VBN House/NNP subcommittee/NN meeting/NN ]
in/IN 
[ Washington/NNP ]
that/IN 
[ he/PRP ]
would/MD support/VB 
[ Securities/NNP ]
and/CC 
[ Exchange/NNP Commission/NNP halts/NNS ]
of/IN 
[ program/NN ]
trading/NN during/IN 
[ market/NN emergencies/NNS ]
./. 

But/CC 
[ the/DT New/NNP York/NNP Stock/NNP Exchange/NNP chairman/NN ]
said/VBD 
[ he/PRP ]
does/VBZ n't/RB support/VB reinstating/VBG 
[ a/DT ]
``/`` 
[ collar/NN ]
''/'' on/IN 
[ program/NN ]
trading/NN ,/, arguing/VBG that/IN 
[ firms/NNS ]
could/MD get/VB around/IN 
[ such/JJ a/DT limit/NN ]
./. 

[ The/DT Chicago/NNP Merc/NNP ]
said/VBD 
[ a/DT new/JJ one-hour/JJ price/NN limit/NN ]
would/MD take/VB 
[ effect/NN ]
in/IN 
[ its/PRP$ Standard/NNP ]
&/CC 
[ Poor/NNP 's/POS 500/CD stock-index/NN futures/NNS ]
pit/NN once/RB 
[ S&P/NNP 500/CD futures/NNS ]
fell/VBD 
[ 20/CD index/NN ]
points/NNS 
[ --/: the/DT equivalent/NN ]
of/IN about/RB 
[ a/DT 150-point/JJ drop/NN ]
in/IN 
[ the/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP ]
./. 

If/IN 
[ the/DT 20-point/JJ limit/NN ]
is/VBZ triggered/VBN after/IN 
[ 1:30/CD ]
p.m/RB ./. 

[ Chicago/NNP time/NN ]
,/, 
[ it/PRP ]
would/MD remain/VB in/IN 
[ effect/NN ]
until/IN 
[ the/DT normal/JJ close/NN ]
of/IN trading/VBG at/IN 
[ 3:15/CD ]
p.m/RB ./. 

With/IN 
[ the/DT limit/NN ]
in/IN 
[ effect/NN ]
,/, 
[ members/NNS ]
would/MD be/VB able/JJ to/TO execute/VB 
[ trades/NNS ]
at/IN 
[ the/DT limit/NN price/NN ]
or/CC at/IN 
[ higher/JJR prices/NNS ]
,/, but/CC not/RB below/IN 
[ it/PRP ]
./. 

[ The/DT exchange/NN ]
said/VBD 
[ it/PRP ]
decided/VBD 
[ a/DT new/JJ circuit/NN breaker/NN ]
was/VBD needed/VBN following/VBG 
[ a/DT review/NN ]
of/IN 
[ the/DT tumultuous/JJ ]
trading/VBG in/IN 
[ stocks/NNS ]
and/CC 
[ stock-index/JJ futures/NNS ]
on/IN 
[ Friday/NNP Oct./NNP 13/CD ]
,/, when/WRB 
[ the/DT Dow/NNP Jones/NNP industrials/NNS ]
plunged/VBD 
[ 190/CD points/NNS ]
and/CC 
[ stock-index/JJ futures/NNS prices/NNS ]
skidded/VBD as/RB well/RB ./. 

Late/RB 
[ that/DT afternoon/NN ]
[ the/DT S&P/NNP 500/CD stock-index/JJ futures/NNS contract/NN ]
fell/VBD 
[ a/DT total/NN ]
of/IN 
[ 30/CD index/NN points/NNS ]
,/, hitting/VBG 
[ a/DT Merc/NNP circuit/NN breaker/NN limit/NN ]
[ that/WDT ]
remained/VBD in/IN 
[ effect/NN ]
for/IN 
[ the/DT rest/NN ]
of/IN 
[ the/DT trading/NN session/NN ]
./. 

[ The/DT Merc/NNP ]
said/VBD that/IN 
[ its/PRP$ ]
existing/VBG 
[ 30-minute/JJ ]
,/, 
[ 12-point/JJ limit/NN ]
on/IN 
[ S&P/NNP 500/CD stock-index/JJ futures/NNS ]
trading/NN (/( equal/JJ to/TO about/RB 
[ 100/CD points/NNS ]
on/IN 
[ the/DT Dow/NNP Jones/NNP ]
industrials/NNS )/) ,/, 
[ which/WDT ]
was/VBD triggered/VBN 
[ Oct./NNP 13/CD ]
,/, will/MD remain/VB in/IN 
[ effect/NN ]
./. 

[ Leo/NNP Melamed/NNP ]
,/, 
[ Merc/NNP executive/NN committee/NN chairman/NN ]
,/, said/VBD that/IN 
[ the/DT 12-point/JJ limit/NN ]
appeared/VBD to/TO lessen/VB 
[ the/DT selling/NN panic/NN Oct./NNP 13/CD ]
./. 

But/CC when/WRB 
[ the/DT contract/NN ]
reopened/VBD ,/, 
[ the/DT subsequent/JJ flood/NN ]
of/IN 
[ sell/NN orders/NNS ]
[ that/WDT ]
quickly/RB knocked/VBD 
[ the/DT contract/NN ]
down/RP to/TO 
[ the/DT 30-point/JJ limit/NN ]
indicated/VBD that/IN 
[ the/DT intermediate/JJ limit/NN ]
of/IN 
[ 20/CD points/NNS ]
was/VBD needed/VBN to/TO help/VB keep/VB 
[ stock/NN ]
and/CC 
[ stock-index/JJ futures/NNS prices/NNS ]
synchronized/VBN ./. 

[ Several/JJ traders/NNS ]
maintained/VBD that/IN 
[ the/DT Merc/NNP 's/POS 12-point/JJ circuit-breaker/NN ]
aggravated/VBD 
[ the/DT market/NN slide/NN Oct./NNP 13/CD ]
by/IN directing/VBG 
[ additional/JJ selling/VBG pressure/NN ]
to/TO 
[ the/DT floor/NN ]
of/IN 
[ the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ]
./. 

[ All/DT ]
of/IN 
[ the/DT changes/NNS ]
require/VBP 
[ regulatory/JJ approval/NN ]
,/, 
[ which/WDT ]
is/VBZ expected/VBN shortly/RB ./. 

[ The/DT exchange/NN ]
also/RB said/VBD that/IN 
[ the/DT 30-point/JJ circuit/NN breaker/NN ]
,/, 
[ which/WDT ]
currently/RB provides/VBZ only/RB 
[ a/DT one-hour/JJ respite/NN ]
during/IN 
[ market/NN sell-offs/NNS ]
,/, will/MD become/VB 
[ the/DT maximum/NN one-day/JJ limit/NN ]
for/IN 
[ the/DT S&P/NNP 500/CD stock-index/JJ futures/NNS contract/NN ]
;/: 
[ the/DT one-day/JJ limit/NN ]
now/RB is/VBZ 
[ 50/CD index/NN points/NNS ]
./. 

[ A/DT final/JJ modification/NN ]
was/VBD made/VBN to/TO 
[ the/DT five-point/JJ opening/VBG limit/NN ]
for/IN 
[ the/DT contract/NN ]
./. 

[ The/DT Merc/NNP ]
said/VBD 
[ that/DT five-point/JJ limit/NN ]
will/MD remain/VB in/IN 
[ effect/NN ]
for/IN 
[ the/DT first/JJ 10/CD minutes/NNS ]
of/IN trading/NN ./. 

[ The/DT limit/NN ]
lapses/VBZ under/IN 
[ current/JJ exchange/NN rules/NNS ]
if/IN 
[ contracts/NNS ]
trade/VBP above/IN 
[ the/DT limit/NN price/NN ]
during/IN 
[ the/DT ]
opening/VBG 
[ 10/CD minutes/NNS ]
of/IN trading/NN ./. 

In/IN 
[ Washington/NNP ]
,/, 
[ House/NNP aides/NNS ]
said/VBD 
[ Mr./NNP Phelan/NNP ]
told/VBD 
[ congressmen/NNS ]
that/IN 
[ the/DT collar/NN ]
,/, 
[ which/WDT ]
banned/VBD 
[ program/NN trades/NNS ]
through/IN 
[ the/DT Big/NNP Board/NNP 's/POS computer/NN ]
when/WRB 
[ the/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP ]
moved/VBD 
[ 50/CD points/NNS ]
,/, did/VBD n't/RB 
[ work/VB ]
well/RB ./. 

[ He/PRP ]
said/VBD that/IN 
[ firms/NNS ]
could/MD get/VB around/IN 
[ the/DT collar/NN ]
by/IN executing/VBG 
[ trades/NNS ]
manually/RB ./. 

In/IN 
[ a/DT post-hearing/JJ news/NN conference/NN ]
,/, 
[ Mr./NNP Phelan/NNP ]
,/, 
[ who/WP ]
has/VBZ publicly/RB expressed/VBN 
[ concern/NN ]
about/IN 
[ market/NN volatility/NN ]
,/, said/VBD 
[ he/PRP ]
told/VBD 
[ the/DT House/NNP finance/NN ]
and/CC 
[ telecommunications/NNS subcommittee/NN ]
that/IN 
[ he/PRP ]
would/MD support/VB 
[ the/DT program-trading/JJ halt/NN proposal/NN ]
``/`` providing/VBG 
[ the/DT SEC/NNP ]
would/MD be/VB comfortable/JJ with/IN 
[ the/DT language/NN ]
''/'' in/IN 
[ a/DT bill/NN ]
./. 

[ The/DT program-trading/JJ issue/NN ]
is/VBZ heating/VBG up/RP on/IN 
[ Capitol/NNP Hill/NNP ]
as/IN 
[ it/PRP ]
is/VBZ on/IN 
[ Wall/NNP Street/NNP ]
,/, and/CC 
[ several/JJ legislators/NNS ]
want/VB to/TO grant/VB 
[ the/DT SEC/NNP ]
[ the/DT power/NN ]
to/TO shut/VB off/RP 
[ the/DT programs/NNS ]
when/WRB trading/VBG becomes/VBZ too/RB volatile/JJ ./. 

[ SEC/NNP Chairman/NNP Richard/NNP Breeden/NNP ]
has/VBZ said/VBD 
[ he/PRP ]
would/MD be/VB willing/JJ to/TO consider/VB 
[ circuit/NN breakers/NNS ]
[ that/WDT ]
have/VBP preset/JJ 
[ trigger/NN points/NNS ]
,/, but/CC 
[ he/PRP ]
does/VBZ n't/RB want/VB 
[ discretionary/JJ power/NN ]
to/TO stop/VB 
[ programs/NNS ]
./. 

[ A/DT House/NNP aide/NN ]
suggested/VBD that/IN 
[ Mr./NNP Phelan/NNP ]
was/VBD so/RB ``/`` 
[ vague/JJ ]
and/CC 
[ mushy/JJ ]
''/'' that/IN 
[ it/PRP ]
was/VBD 
[ the/DT kind/NN ]
of/IN 
[ meeting/NN ]
where/WRB 
[ people/NNS ]
of/IN 
[ all/DT viewpoints/NNS ]
could/MD ``/`` come/VB out/RB feeling/VBG 
[ good/JJ ]
./. 

''/'' At/IN 
[ one/CD point/NN ]
,/, 
[ Mr./NNP Phelan/NNP ]
angered/VBD 
[ the/DT subcommittee/NN 's/POS chairman/NN ]
,/, 
[ Rep./NNP Edward/NNP Markey/NNP ]
 (/( 
[ D./NNP ]
,/, 
[ Mass./NNP ]
 )/) ,/, by/IN not/RB going/VBG much/RB beyond/IN 
[ what/WP ]
already/RB had/VBD been/VBN reported/VBN in/IN 
[ the/DT morning/NN newspapers/NNS ]
./. 

``/`` 
[ Markey/NNP ]
said/VBD 
[ we/PRP ]
could/MD have/VB done/VBN 
[ this/DT ]
in/IN 
[ public/NN ]
''/'' because/IN so/RB 
[ little/RB sensitive/JJ information/NN ]
was/VBD disclosed/VBN ,/, 
[ the/DT aide/NN ]
said/VBD ./. 

[ Mr./NNP Phelan/NNP ]
then/RB responded/VBD that/IN 
[ he/PRP ]
would/MD have/VB been/VBN happy/JJ just/RB writing/VBG 
[ a/DT report/NN ]
to/TO 
[ the/DT panel/NN ]
,/, 
[ the/DT aide/NN ]
added/VBD ./. 

At/IN 
[ another/DT point/NN ]
during/IN 
[ the/DT hearing/NN ]
,/, 
[ Rep./NNP Markey/NNP ]
asked/VBD 
[ Mr./NNP Phelan/NNP ]
[ what/WP ]
would/MD be/VB discussed/VBN at/IN 
[ a/DT New/NNP York/NNP exchange/NN board/NN meeting/NN today/NN ]
./. 

[ Mr./NNP Phelan/NNP ]
said/VBD 
[ the/DT Big/NNP Board/NNP ]
is/VBZ likely/JJ to/TO study/VB 
[ the/DT program-trading/JJ issue/NN ]
./. 

[ That/DT response/NN ]
annoyed/VBD 
[ Rep./NNP Markey/NNP ]
,/, 
[ House/NNP aides/NNS ]
said/VBD ,/, and/CC 
[ the/DT congressman/NN ]
snapped/VBD back/RB that/IN 
[ there/EX ]
had/VBD been/VBN enough/JJ 
[ studies/NNS ]
of/IN 
[ the/DT issue/NN ]
and/CC that/IN 
[ it/PRP ]
was/VBD 
[ time/NN ]
for/IN 
[ action/NN ]
on/IN 
[ the/DT matter/NN ]
./. 

[ Fifteen/CD ]
of/IN 
[ the/DT 26/CD subcommittee/NN members/NNS ]
attended/VBD 
[ the/DT hearing/NN ]
,/, most/RBS notably/RB 
[ Rep./NNP John/NNP Dingell/NNP ]
 (/( 
[ D./NNP ]
,/, 
[ Mich./NNP ]
 )/) ,/, 
[ the/DT full/JJ House/NNP Energy/NNP ]
and/CC 
[ Commerce/NNP Committee/NNP chairman/NN ]
,/, 
[ who/WP ]
has/VBZ been/VBN willing/JJ to/TO let/VB 
[ Mr./NNP Markey/NNP ]
carry/VB 
[ the/DT legislation/NN ]
in/IN 
[ recent/JJ months/NNS ]
./. 

[ Mr./NNP Dingell/NNP ]
expressed/VBD 
[ concern/NN ]
,/, 
[ sources/NNS ]
said/VBD ,/, about/IN 
[ jurisdictional/JJ problems/NNS ]
in/IN 
[ regulating/VBG program/NN ]
trading/NN ,/, 
[ which/WDT ]
uses/VBZ 
[ futures/NNS ]
to/TO offset/VB 
[ stock/NN trades/NNS ]
./. 

[ The/DT futures/NNS industry/NN ]
is/VBZ regulated/VBN by/IN 
[ the/DT Commodity/NNP Futures/NNP Trading/NNP Commission/NNP ]
,/, 
[ which/WDT ]
reports/VBZ to/TO 
[ the/DT Agriculture/NNP committees/NNS ]
in/IN 
[ both/DT ]
[ houses/NNS ]
./. 

[ The/DT art/NN ]
of/IN 
[ change-ringing/NN ]
is/VBZ peculiar/JJ to/TO 
[ the/DT English/NNS ]
,/, and/CC ,/, like/IN 
[ most/JJS English/JJ peculiarities/NNS ]
,/, unintelligible/JJ to/TO 
[ the/DT rest/NN ]
of/IN 
[ the/DT world/NN ]
./. 

[ --/: Dorothy/NNP L./NNP Sayers/NNP ]
,/, ``/`` 
[ The/DT Nine/CD Tailors/NNP ]
''/'' 

[ ASLACTON/NNP ]
,/, 
[ England/NNP --/: Of/IN all/DT scenes/NNS ]
[ that/WDT ]
evoke/VBP 
[ rural/JJ England/NNP ]
,/, 
[ this/DT ]
is/VBZ 
[ one/CD ]
of/IN 
[ the/DT loveliest/JJS ]
:/: 
[ An/DT ancient/JJ stone/NN church/NN ]
stands/VBZ amid/IN 
[ the/DT fields/NNS ]
,/, 
[ the/DT sound/NN ]
of/IN 
[ bells/NNS ]
cascading/VBG from/IN 
[ its/PRP$ tower/NN ]
,/, calling/VBG 
[ the/DT faithful/NN ]
to/TO 
[ evensong/NN ]
./. 

[ The/DT parishioners/NNS ]
of/IN 
[ St./NNP Michael/NNP ]
and/CC 
[ All/DT Angels/NNPS ]
stop/VBP to/TO chat/VB at/IN 
[ the/DT church/NN door/NN ]
,/, as/IN 
[ members/NNS ]
here/RB always/RB have/VBP ./. 

In/IN 
[ the/DT tower/NN ]
,/, 
[ five/CD men/NNS ]
and/CC 
[ women/NNS ]
pull/VBP rhythmically/RB on/IN 
[ ropes/NNS ]
attached/VBN to/TO 
[ the/DT same/JJ five/CD bells/NNS ]
[ that/WDT ]
first/RB sounded/VBD here/RB in/IN 
[ 1614/CD ]
./. 

But/CC 
[ there/EX ]
is/VBZ also/RB 
[ a/DT discordant/JJ ]
,/, 
[ modern/JJ note/NN ]
in/IN 
[ Aslacton/NNP ]
,/, though/IN 
[ it/PRP ]
ca/MD n't/RB be/VB heard/VBN by/IN 
[ the/DT church-goers/NNS ]
enjoying/VBG 
[ the/DT peal/NN ]
of/IN 
[ bells/NNS ]
[ this/DT cool/JJ autumn/NN evening/NN ]
./. 

Like/IN 
[ most/JJS ]
of/IN 
[ the/DT other/JJ 6,000/CD churches/NNS ]
in/IN 
[ Britain/NNP ]
with/IN 
[ sets/NNS ]
of/IN 
[ bells/NNS ]
,/, 
[ St./NNP Michael/NNP ]
once/RB had/VBD 
[ its/PRP$ own/JJ ]
``/`` 
[ band/NN ]
''/'' of/IN 
[ ringers/NNS ]
,/, 
[ who/WP ]
would/MD herald/VB 
[ every/DT Sunday/NNP morning/NN ]
and/CC 
[ evening/NN service/NN ]
./. 

Now/RB ,/, only/RB 
[ one/CD local/JJ ringer/NN ]
remains/VBZ :/: 
[ 64-year-old/JJ Derek/NNP Hammond/NNP ]
./. 

[ The/DT others/NNS ]
here/RB 
[ today/NN ]
live/VBP elsewhere/RB ./. 

[ They/PRP ]
belong/VBP to/TO 
[ a/DT group/NN ]
of/IN 
[ 15/CD ringers/NNS --/: including/VBG two/CD octogenarians/NNS ]
and/CC 
[ four/CD youngsters/NNS ]
in/IN 
[ training/NN --/: who/WP ]
drive/VBP 
[ every/DT Sunday/NNP ]
from/IN 
[ church/NN ]
to/TO 
[ church/NN ]
in/IN 
[ a/DT sometimes-exhausting/JJ effort/NN ]
to/TO keep/VB 
[ the/DT bells/NNS ]
sounding/VBG in/IN 
[ the/DT many/JJ belfries/NNS ]
of/IN 
[ East/NNP Anglia/NNP ]
./. 

``/`` To/TO ring/VB for/IN even/RB 
[ one/CD service/NN ]
at/IN 
[ this/DT tower/NN ]
,/, 
[ we/PRP ]
have/VBP to/TO scrape/VB ,/, ''/'' says/VBZ 
[ Mr./NNP Hammond/NNP ]
,/, 
[ a/DT retired/VBN water-authority/NN worker/NN ]
./. 

``/`` 
[ We/PRP ]
've/VBP tried/VBD to/TO train/VB 
[ the/DT youngsters/NNS ]
,/, but/CC 
[ they/PRP ]
have/VBP 
[ their/PRP$ discos/NNS ]
and/CC 
[ their/PRP$ dances/NNS ]
,/, and/CC 
[ they/PRP ]
just/RB drift/VBP away/RB ./. 

''/'' 

[ Mr./NNP Hammond/NNP ]
worries/VBZ that/IN 
[ old/JJ age/NN ]
and/CC 
[ the/DT flightiness/NN ]
of/IN 
[ youth/NN ]
will/MD diminish/VB 
[ the/DT ranks/NNS ]
of/IN 
[ the/DT East/JJ Anglian/JJ group/NN ]
[ that/WDT ]
keeps/VBZ 
[ the/DT Aslacton/NNP bells/NNS ]
pealing/VBG ./. 

[ History/NN ]
,/, after/IN 
[ all/DT ]
,/, is/VBZ not/RB on/IN 
[ his/PRP$ side/NN ]
./. 

According/VBG to/TO 
[ a/DT nationwide/JJ survey/NN ]
taken/VBN 
[ a/DT year/NN ]
ago/RB ,/, nearly/RB 
[ a/DT third/JJ ]
of/IN 
[ England/NNP 's/POS church/NN bells/NNS ]
are/VBP no/RB longer/RBR rung/VBN on/IN 
[ Sundays/NNS ]
because/IN 
[ there/EX ]
is/VBZ 
[ no/DT one/CD ]
to/TO ring/VB 
[ them/PRP ]
./. 

[ It/PRP ]
is/VBZ easy/JJ to/TO see/VB why/WRB 
[ the/DT ancient/JJ art/NN ]
is/VBZ on/IN 
[ the/DT ropes/NNS ]
./. 

[ The/DT less/RBR complicated/JJ version/NN ]
of/IN playing/VBG 
[ tunes/NNS ]
on/IN 
[ bells/NNS ]
,/, as/IN do/VB 
[ the/DT carillons/NNS ]
of/IN 
[ continental/JJ Europe/NNP ]
,/, is/VBZ considered/VBN by/IN 
[ the/DT English/NNP ]
to/TO be/VB childish/JJ ,/, fit/JJ only/RB for/IN 
[ foreigners/NNS ]
./. 

[ Change-ringing/NN ]
,/, 
[ a/DT mind-boggling/JJ exercise/NN ]
[ the/DT English/NNP ]
invented/VBD 
[ 380/CD years/NNS ]
ago/RB ,/, requires/VBZ 
[ physical/JJ dexterity/NN --/: some/DT bells/NNS ]
weigh/VBP more/JJR than/IN 
[ a/DT ton/NN --/: combined/VBN ]
with/IN 
[ intense/JJ mental/JJ concentration/NN ]
./. 

[ Proper/JJ English/JJ bells/NNS ]
are/VBP started/VBN off/RP in/IN ``/`` 
[ rounds/NNS ]
,/, ''/'' from/IN 
[ the/DT highest-pitched/JJ bell/NN ]
to/TO 
[ the/DT lowest/JJS --/: a/DT simple/JJ descending/VBG scale/NN ]
using/VBG ,/, in/IN 
[ larger/JJR churches/NNS ]
,/, as/RB many/JJ as/IN 
[ 12/CD bells/NNS ]
./. 

Then/RB ,/, at/IN 
[ a/DT signal/NN ]
,/, 
[ the/DT ringers/NNS ]
begin/VBP varying/VBG 
[ the/DT order/NN ]
in/IN 
[ which/WDT ]
[ the/DT bells/NNS sound/VBP ]
without/IN altering/VBG 
[ the/DT steady/JJ rhythm/NN ]
of/IN 
[ the/DT striking/JJ ]
./. 

[ Each/DT variation/NN ]
,/, or/CC 
[ change/NN ]
,/, can/MD occur/VB only/RB once/RB ,/, 
[ the/DT rules/NNS state/VBP ]
./. 

[ Ringers/NNS ]
memorize/VBP 
[ patterns/NNS ]
of/IN 
[ changes/NNS ]
,/, known/VBN as/IN ``/`` 
[ methods/NNS ]
,/, ''/'' 
[ which/WDT ]
have/VBP 
[ odd-sounding/JJ names/NNS ]
like/IN 
[ Kent/NNP Treble/NNP Bob/NNP Major/NNP ]
or/CC 
[ Grandsire/NNP Caters/NNP ]
./. 

[ A/DT series/NN ]
of/IN 
[ 5,000/CD ]
or/CC so/RB 
[ changes/NNS ]
is/VBZ 
[ a/DT ]
``/`` 
[ peal/NN ]
''/'' and/CC takes/VBZ about/RB 
[ three/CD hours/NNS ]
./. 

[ A/DT look/NN ]
at/IN 
[ a/DT Thursday/NNP night/NN practice/NN ]
at/IN 
[ St./NNP Mary/NNP Abbot/NNP church/NN ]
in/IN 
[ the/DT Kensington/NNP district/NN ]
of/IN 
[ London/NNP ]
gives/VBZ 
[ an/DT idea/NN ]
of/IN 
[ the/DT work/NN ]
involved/VBN ./. 

[ Ten/CD shirt-sleeved/JJ ringers/NNS ]
stand/VBP in/IN 
[ a/DT circle/NN ]
,/, 
[ one/CD foot/NN ]
ahead/RB of/IN 
[ the/DT other/JJ ]
in/IN 
[ a/DT prize-fighter/NN 's/POS stance/NN ]
,/, 
[ each/DT ]
pulling/VBG 
[ a/DT rope/NN ]
[ that/WDT ]
disappears/VBZ through/IN 
[ a/DT small/JJ hole/NN ]
in/IN 
[ the/DT high/JJ ceiling/NN ]
of/IN 
[ the/DT ringing/NN chamber/NN ]
./. 

[ No/DT one/PRP ]
speaks/VBZ ,/, and/CC 
[ the/DT ]
snaking/VBG of/IN 
[ the/DT ropes/NNS ]
seems/VBZ to/TO make/VB as/IN much/JJ sound/NN as/IN 
[ the/DT bells/NNS themselves/PRP ]
,/, muffled/VBN by/IN 
[ the/DT ceiling/NN ]
./. 

Totally/RB absorbed/VBN ,/, 
[ the/DT ringers/NNS ]
stare/VBP straight/RB ahead/RB ,/, using/VBG 
[ peripheral/JJ vision/NN ]
 (/( 
[ they/PRP ]
call/VBP 
[ it/PRP ]
``/`` 
[ rope-sight/NN ]
''/'' )/) to/TO watch/VB 
[ the/DT other/JJ ropes/NNS ]
and/CC thus/RB 
[ time/VB their/PRP$ pulls/NNS ]
./. 

Far/RB above/RB in/IN 
[ the/DT belfry/NN ]
,/, 
[ the/DT huge/JJ bronze/NN bells/NNS ]
,/, mounted/VBN on/IN 
[ wheels/NNS ]
,/, swing/VBP madly/RB through/IN 
[ a/DT full/JJ 360/CD degrees/NNS ]
,/, starting/VBG and/CC ending/VBG ,/, surprisingly/RB ,/, in/IN 
[ the/DT inverted/JJ ]
,/, or/CC 
[ mouth-up/JJ position/NN ]
./. 

[ Skilled/JJ ringers/NNS ]
use/VBP 
[ their/PRP$ wrists/NNS ]
to/TO advance/VB or/CC retard/VB 
[ the/DT next/JJ swing/NN ]
,/, so/RB that/IN 
[ one/CD bell/NN ]
can/MD swap/VB 
[ places/NNS ]
with/IN 
[ another/DT ]
in/IN 
[ the/DT following/JJ change/NN ]
./. 

In/IN 
[ a/DT well-known/JJ detective-story/NN involving/VBG church/NN bells/NNS ]
,/, 
[ English/JJ novelist/NN Dorothy/NNP L./NNP Sayers/NNP ]
described/VBD ringing/VBG as/IN 
[ a/DT ]
``/`` 
[ passion/NN ]
 {/( 
[ that/DT ]
 }/) finds/VBZ 
[ its/PRP$ satisfaction/NN ]
in/IN 
[ mathematical/JJ completeness/NN ]
and/CC 
[ mechanical/JJ perfection/NN ]
./. 

''/'' 
[ Ringers/NNS ]
,/, 
[ she/PRP ]
added/VBD ,/, are/VBP ``/`` filled/VBN with/IN 
[ the/DT solemn/JJ intoxication/NN ]
[ that/WDT ]
comes/VBZ of/IN 
[ intricate/JJ ritual/NN ]
faultlessly/RB performed/VBN ./. 

''/'' 

``/`` Ringing/NN does/VBZ become/VB 
[ a/DT bit/NN ]
of/IN 
[ an/DT obsession/NN ]
,/, ''/'' admits/VBZ 
[ Stephanie/NNP Pattenden/NNP ]
,/, 
[ master/NN ]
of/IN 
[ the/DT band/NN ]
at/IN 
[ St./NNP Mary/NNP Abbot/NNP ]
and/CC 
[ one/CD ]
of/IN 
[ England/NNP 's/POS best/JJS female/NN ringers/NNS ]
./. 

[ It/PRP ]
is/VBZ 
[ a/DT passion/NN ]
[ that/WDT ]
usually/RB stays/VBZ in/IN 
[ the/DT tower/NN ]
,/, however/RB ./. 

More/RBR often/RB than/IN not/RB ,/, 
[ ringers/NNS ]
think/VBP of/IN 
[ the/DT church/NN ]
as/IN 
[ something/NN ]
stuck/VBD on/IN 
[ the/DT bottom/NN ]
of/IN 
[ the/DT belfry/NN ]
./. 

When/WRB 
[ their/PRP$ changes/NNS ]
are/VBP completed/VBN ,/, and/CC after/IN 
[ they/PRP ]
have/VBP worked/VBN up/RP 
[ a/DT sweat/NN ]
,/, 
[ ringers/NNS ]
often/RB skip/VBP off/RP to/TO 
[ the/DT local/JJ pub/NN ]
,/, leaving/VBG 
[ worship/NN ]
for/IN 
[ others/NNS ]
below/RB ./. 

[ This/DT ]
does/VBZ not/RB sit/VB well/RB with/IN 
[ some/DT clerics/NNS ]
./. 

With/IN 
[ membership/NN ]
of/IN 
[ the/DT Church/NNP ]
of/IN 
[ England/NNP ]
steadily/RB dwindling/VBG ,/, 
[ strong-willed/JJ vicars/NNS ]
are/VBP pressing/VBG equally/RB strong-willed/JJ and/CC often/RB 
[ non-religious/JJ ringers/NNS ]
to/TO attend/VB 
[ services/NNS ]
./. 

[ Two/CD years/NNS ]
ago/RB ,/, 
[ the/DT Rev./NNP Jeremy/NNP Hummerstone/NNP ]
,/, 
[ vicar/NN ]
of/IN 
[ Great/NNP Torrington/NNP ]
,/, 
[ Devon/NNP ]
,/, got/VBD so/RB fed/VBN up/RP with/IN 
[ ringers/NNS ]
[ who/WP ]
did/VBD n't/RB attend/VB 
[ service/NN ]
[ he/PRP ]
sacked/VBD 
[ the/DT entire/JJ band/NN ]
;/: 
[ the/DT ringers/NNS ]
promptly/RB set/VBN up/RP 
[ a/DT picket/NN line/NN ]
in/IN 
[ protest/NN ]
./. 

``/`` 
[ They/PRP ]
were/VBD 
[ a/DT self-perpetuating/JJ club/NN ]
[ that/WDT ]
treated/VBD 
[ the/DT tower/NN ]
as/IN 
[ sort/NN ]
of/IN 
[ a/DT separate/JJ premises/NN ]
,/, ''/'' 
[ the/DT Vicar/NNP Hummerstone/NNP ]
says/VBZ ./. 

[ An/DT ]
entirely/RB 
[ new/JJ band/NN ]
rings/VBZ 
[ today/NN ]
at/IN 
[ Great/JJ Torrington/NNP ]
,/, 
[ several/JJ ]
of/IN 
[ whom/WP ]
are/VBP 
[ members/NNS ]
of/IN 
[ the/DT congregation/NN ]
./. 

But/CC 
[ there/EX ]
still/RB are/VBP n't/RB enough/JJ 
[ ringers/NNS ]
to/TO ring/VB more/JJR than/IN 
[ six/CD ]
of/IN 
[ the/DT eight/CD bells/NNS ]
./. 

At/IN 
[ St./NNP Mary/NNP 's/POS Church/NNP ]
in/IN 
[ Ilminster/NNP ]
,/, 
[ Somerset/NNP ]
,/, 
[ the/DT bells/NNS ]
have/VBP fallen/VBN 
[ silent/JJ ]
following/VBG 
[ a/DT dust-up/NN ]
over/IN 
[ church/NN attendance/NN ]
./. 

[ The/DT vicar/NN ]
,/, 
[ W.D./NNP Jones/NNP ]
,/, refuses/VBZ to/TO talk/VB about/IN 
[ it/PRP ]
,/, saying/VBG 
[ it/PRP ]
would/MD ``/`` reopen/VB 
[ the/DT wound/NN ]
./. 

''/'' But/CC 
[ C.J.B./NNP Marshall/NNP ]
,/, 
[ vicar/NN ]
of/IN 
[ a/DT nearby/JJ church/NN ]
,/, feels/VBZ 
[ the/DT fault/NN ]
is/VBZ in/IN 
[ the/DT stairs/NNS ]
from/IN 
[ the/DT bell/NN tower/NN ]
[ that/WDT ]
are/VBP located/VBN next/JJ to/TO 
[ the/DT altar/NN ]
./. 

``/`` So/RB 
[ crunch/NN ]
,/, 
[ crunch/NN ]
,/, 
[ crunch/NN ]
,/, bang/NN ,/, bang/NN ,/, bang/NN --/: here/RB come/VBP 
[ the/DT ringers/NNS ]
from/IN 
[ above/RB ]
,/, making/VBG 
[ a/DT very/RB obvious/JJ exit/NN ]
while/IN 
[ the/DT congregation/NN ]
is/VBZ at/IN 
[ prayer/NN ]
,/, ''/'' 
[ he/PRP ]
says/VBZ ./. 

[ Vicar/NNP Marshall/NNP ]
admits/VBZ to/TO 
[ mixed/VBN feelings/NNS ]
about/IN 
[ this/DT issue/NN ]
,/, since/IN 
[ he/PRP ]
is/VBZ 
[ both/DT ]
[ a/DT vicar/NN ]
and/CC 
[ an/DT active/JJ bell-ringer/NN ]
[ himself/PRP ]
./. 

``/`` 
[ The/DT sound/NN ]
of/IN 
[ bells/NNS ]
is/VBZ 
[ a/DT net/NN ]
to/TO draw/VB 
[ people/NNS ]
into/IN 
[ the/DT church/NN ]
,/, ''/'' 
[ he/PRP ]
says/VBZ ./. 

``/`` 
[ I/PRP ]
live/VBP in/IN 
[ hopes/NNS ]
that/IN 
[ the/DT ringers/NNS themselves/PRP ]
will/MD be/VB drawn/VBN into/IN 
[ that/DT fuller/JJR life/NN ]
./. 

''/'' 

[ The/DT Central/NNP Council/NNP ]
of/IN 
[ Church/NNP Bell/NNP Ringers/NNP ]
,/, 
[ a/DT sort/NN ]
of/IN 
[ parliament/NN ]
of/IN ringing/NN 
[ groups/NNS ]
,/, aims/VBZ to/TO improve/VB 
[ relations/NNS ]
with/IN 
[ vicars/NNS ]
,/, says/VBZ 
[ John/NNP C./NNP Baldwin/NNP ]
,/, 
[ president/NN ]
./. 

[ It/PRP ]
hopes/VBZ to/TO speak/VB to/TO 
[ students/NNS ]
at/IN 
[ theological/JJ colleges/NNS ]
about/IN 
[ the/DT joys/NNS ]
of/IN 
[ bell/NN ]
ringing/NN and/CC will/MD shortly/RB publish/VB 
[ a/DT booklet/NN ]
for/IN 
[ every/DT vicar/NN ]
in/IN 
[ the/DT country/NN ]
entitled/VBD ,/, ``/`` 
[ The/DT Bells/NNP ]
in/IN 
[ Your/PRP$ Care/NNP ]
./. 

''/'' Says/VBZ 
[ Mr./NNP Baldwin/NNP ]
,/, ``/`` 
[ We/PRP ]
recognize/VBP that/IN 
[ we/PRP ]
may/MD no/RB longer/RBR have/VBP as/RB high/JJ 
[ a/DT priority/NN ]
in/IN 
[ church/NN life/NN ]
and/CC 
[ experience/NN ]
./. 

''/'' 

[ Mr./NNP Baldwin/NNP ]
is/VBZ also/RB attacking/VBG 
[ the/DT greater/JJR problem/NN ]
:/: 
[ lack/NN ]
of/IN 
[ ringers/NNS ]
./. 

[ One/CD survey/NN ]
says/VBZ that/IN of/IN 
[ the/DT 100,000/CD trained/VBN bellringers/NNS ]
in/IN 
[ England/NNP today/NN ]
,/, only/RB 
[ 40,000/CD ]
of/IN 
[ them/PRP ]
still/RB 
[ ring/VBP ]
./. 

Also/RB ,/, 
[ ringers/NNS ]
do/VBP n't/RB always/RB live/VB where/WRB 
[ the/DT bells/NNS ]
need/VBP to/TO be/VB rung/VBN 
[ --/: like/IN ]
in/IN 
[ small/JJ ]
,/, 
[ rural/JJ parishes/NNS ]
and/CC 
[ inner-city/NN churches/NNS ]
./. 

But/CC 
[ the/DT council/NN 's/POS program/NN ]
to/TO attract/VB and/CC train/VB 
[ ringers/NNS ]
is/VBZ only/RB partly/RB 
[ successful/JJ ]
,/, says/VBZ 
[ Mr./NNP Baldwin/NNP ]
./. 

``/`` Right/RB now/RB ,/, 
[ we/PRP ]
're/VBP lucky/JJ if/IN after/IN 
[ five/CD years/NNS we/PRP ]
keep/VBP 
[ one/CD ]
[ new/JJ ringer/NN ]
out/IN of/IN 
[ 10/CD ]
,/, ''/'' 
[ he/PRP ]
adds/VBZ ./. 

[ One/CD bright/JJ sign/NN ]
is/VBZ that/IN 
[ a/DT growing/VBG number/NN ]
of/IN 
[ women/NNS ]
have/VBP entered/VBN 
[ the/DT ]
once/RB 
[ male-dominated/JJ field/NN ]
;/: more/JJR than/IN 
[ a/DT third/JJ ]
of/IN 
[ the/DT ringers/NNS today/NN ]
are/VBP 
[ women/NNS ]
./. 

[ They/PRP ]
are/VBP n't/RB accepted/VBN everywhere/RB ,/, however/RB ./. 

[ The/DT oldest/JJS bell-ringing/JJ group/NN ]
in/IN 
[ the/DT country/NN ]
,/, 
[ the/DT Ancient/NNP Society/NNP ]
of/IN 
[ College/NNP Youths/NNP ]
,/, founded/VBN in/IN 
[ 1637/CD ]
,/, remains/VBZ 
[ male-only/JJ ]
,/, 
[ a/DT fact/NN ]
[ that/WDT ]
's/VBZ particularly/RB galling/JJ to/TO 
[ women/NNS ]
because/IN 
[ the/DT group/NN ]
is/VBZ 
[ the/DT sole/JJ source/NN ]
of/IN 
[ ringers/NNS ]
for/IN 
[ Britain/NNP 's/POS most/JJS prestigious/JJ churches/NNS ]
,/, 
[ St./NNP Paul/NNP 's/POS Cathedral/NNP ]
and/CC 
[ Westminster/NNP Abbey/NNP ]
./. 

[ This/DT ]
being/VBG 
[ Britain/NNP ]
,/, 
[ no/DT woman/NN ]
has/VBZ filed/VBN 
[ an/DT equal-opportunity/NN suit/NN ]
,/, but/CC 
[ the/DT extent/NN ]
of/IN 
[ the/DT problem/NN ]
surfaced/VBD 
[ this/DT summer/NN ]
in/IN 
[ a/DT series/NN ]
of/IN 
[ letters/NNS ]
to/TO ``/`` 
[ The/DT Ringing/NNP World/NNP ]
,/, ''/'' 
[ a/DT weekly/JJ newspaper/NN ]
for/IN 
[ ringers/NNS ]
./. 

[ One/CD writer/NN ]
,/, signing/VBG 
[ his/PRP$ letter/NN ]
as/IN ``/`` 
[ Red-blooded/JJ ]
,/, balanced/JJ 
[ male/NN ]
,/, ''/'' remarked/VBN on/IN 
[ the/DT ]
``/`` 
[ frequency/NN ]
of/IN 
[ women/NNS ]
fainting/VBG in/IN 
[ peals/NNS ]
,/, ''/'' and/CC suggested/VBD that/IN 
[ they/PRP ]
``/`` settle/VB back/RB into/IN 
[ their/PRP$ traditional/JJ role/NN ]
of/IN 
[ making/VBG tea/NN ]
at/IN 
[ meetings/NNS ]
./. 

''/'' 

In/IN 
[ the/DT torrent/NN ]
of/IN 
[ replies/NNS ]
that/IN followed/VBD ,/, 
[ one/CD woman/NN ringer/NN ]
from/IN 
[ Solihull/NNP ]
observed/VBN that/IN ``/`` 
[ the/DT average/JJ male/JJ ringer/NN ]
leaves/VBZ quite/RB 
[ a/DT lot/NN ]
to/TO be/VB desired/VBN :/: badly/RB dressed/VBN ,/, decorated/VBN with/IN 
[ acne/NN ]
and/CC 
[ a/DT large/JJ beer-belly/NN ]
,/, frequently/RB unwashed/JJ and/CC unbearably/RB flatulent/JJ in/IN 
[ peals/NNS ]
./. 

''/'' 
[ Another/DT women/NNS ]
wrote/VBD from/IN 
[ Sheffield/NNP ]
to/TO say/VB that/IN in/IN 
[ her/PRP$ 60/CD years/NNS ]
of/IN ringing/VBG ,/, ``/`` 
[ I/PRP ]
have/VBP never/RB known/VBN 
[ a/DT lady/NN ]
to/TO faint/VB in/IN 
[ the/DT belfry/NN ]
./. 

[ I/PRP ]
have/VBP seen/VBN 
[ one/CD ]
or/CC 
[ two/CD men/NNS ]
die/VB ,/, bless/VB 
[ them/PRP ]
./. 

''/''

[ Investors/NNS ]
unsettled/VBN by/IN 
[ the/DT stock/NN market/NN 's/POS gyrations/NNS ]
can/MD take/VB 
[ some/DT comfort/NN ]
in/IN 
[ the/DT predictable/JJ arrival/NN ]
of/IN 
[ quarterly/JJ dividend/NN checks/NNS ]
./. 

[ That/DT ]
has/VBZ been/VBN particularly/RB 
[ true/JJ ]
[ this/DT year/NN ]
with/IN 
[ many/JJ companies/NNS ]
raising/VBG 
[ their/PRP$ payouts/NNS ]
more/JJR than/IN 
[ 10/CD %/NN ]
./. 

But/CC do/VBP n't/RB breathe/VB too/RB easy/JJ :/: 
[ Those/DT dividend/NN increases/NNS ]
may/MD signal/VB 
[ trouble/NN ]
ahead/RB for/IN 
[ stock/NN prices/NNS ]
,/, 
[ some/DT analysts/NNS ]
warn/VBP ./. 

In/IN 
[ the/DT past/NN ]
,/, 
[ they/PRP ]
say/VBP ,/, 
[ the/DT strongest/JJS dividend/NN growth/NN ]
has/VBZ often/RB come/VBN at/IN 
[ times/NNS ]
when/WRB 
[ the/DT stock-market/NN party/NN ]
was/VBD almost/RB over/JJ ./. 

[ That/DT ]
can/MD be/VB 
[ a/DT trap/NN ]
for/IN 
[ unwary/JJ investors/NNS ]
,/, says/VBZ 
[ Richard/NNP Bernstein/NNP ]
,/, 
[ senior/JJ quantitative/JJ analyst/NN ]
at/IN 
[ Merrill/NNP Lynch/NNP ]
&/CC 
[ Co/NNP ]
./. 

[ Strong/JJ dividend/NN growth/NN ]
,/, 
[ he/PRP ]
says/VBZ ,/, is/VBZ ``/`` 
[ the/DT black/JJ widow/NN ]
of/IN 
[ valuation/NN ]
''/'' 
[ --/: a/DT reference/NN  ]
to/TO 
[ the/DT female/JJ spiders/NNS ]
[ that/WDT ]
attract/VBP 
[ males/NNS ]
and/CC then/RB kill/VBP 
[ them/PRP ]
after/IN mating/VBG ./. 

[ Stephen/NNP Boesel/NNP ]
,/, 
[ president/NN ]
of/IN 
[ T./NNP Rowe/NNP Price/NNP Growth/NNP ]
and/CC 
[ Income/NNP Fund/NNP ]
,/, explains/VBZ that/IN 
[ companies/NNS ]
raise/VBP 
[ their/PRP$ payouts/NNS ]
most/RBS robustly/RB only/RB after/IN 
[ the/DT economy/NN ]
and/CC 
[ corporate/JJ profits/NNS ]
have/VBP been/VBN growing/VBG for/IN 
[ some/DT time/NN ]
./. 

``/`` Invariably/RB ,/, 
[ those/DT strong/JJ periods/NNS ]
in/IN 
[ the/DT economy/NN ]
give/VBP 
[ way/NN ]
to/TO 
[ recessionary/JJ environments/NNS ]
,/, ''/'' 
[ he/PRP ]
says/VBZ ./. 

``/`` And/CC 
[ recessionary/JJ environments/NNS ]
are/VBP n't/RB hospitable/JJ to/TO 
[ the/DT stock/NN market/NN ]
./. 

''/'' 

Indeed/RB ,/, 
[ analysts/NNS ]
say/VBP that/IN 
[ payouts/NNS ]
have/VBP sometimes/RB risen/VBN most/RBS sharply/RB when/WRB 
[ prices/NNS ]
were/VBD already/RB on/IN 
[ their/PRP$ way/NN ]
down/IN from/IN 
[ cyclical/JJ peaks/NNS ]
./. 

In/IN 
[ 1976/CD ]
,/, for/IN 
[ example/NN ]
,/, 
[ dividends/NNS ]
on/IN 
[ the/DT stocks/NNS ]
in/IN 
[ Standard/NNP ]
&/CC 
[ Poor/NNP 's/POS 500-stock/JJ index/NN ]
soared/VBD 
[ 10/CD %/NN ]
,/, following/VBG 
[ much/RB slower/JJR growth/NN ]
[ the/DT year/NN ]
before/IN ./. 

[ The/DT S&P/NNP index/NN ]
started/VBD sliding/VBG in/IN 
[ price/NN ]
in/IN 
[ September/NNP 1976/CD ]
,/, and/CC fell/VBD 
[ 12/CD %/NN ]
in/IN 
[ 1977/CD ]
--/: despite/IN 
[ a/DT 15/CD %/NN expansion/NN ]
in/IN 
[ dividends/NNS ]
[ that/DT year/NN ]
./. 

[ That/DT pattern/NN has/VBZ n't/RB ]
always/RB held/VBN ,/, but/CC 
[ recent/JJ strong/JJ growth/NN ]
in/IN 
[ dividends/NNS ]
makes/VBZ 
[ some/DT market/NN watchers/NNS ]
anxious/JJ ./. 

[ Payouts/NNS ]
on/IN 
[ the/DT S&P/NNP 500/CD stocks/NNS ]
rose/VBD 
[ 10/CD %/NN ]
in/IN 
[ 1988/CD ]
,/, according/VBG to/TO 
[ Standard/NNP ]
&/CC 
[ Poor/NNP 's/POS Corp./NNP ]
,/, and/CC 
[ Wall/NNP Street/NNP ]
estimates/NNS for/IN 
[ 1989/CD growth/NN ]
are/VBP generally/RB between/IN 
[ 9/CD %/NN ]
and/CC 
[ 14/CD %/NN ]
./. 

[ Many/JJ people/NNS ]
believe/VBP 
[ the/DT growth/NN ]
in/IN 
[ dividends/NNS ]
will/MD slow/VB 
[ next/JJ year/NN ]
,/, although/IN 
[ a/DT minority/NN ]
see/VBP 
[ double-digit/JJ gains/NNS ]
continuing/VBG ./. 

Meanwhile/RB ,/, 
[ many/JJ market/NN watchers/NNS ]
say/VBP 
[ recent/JJ dividend/NN trends/NNS ]
raise/VBP 
[ another/DT warning/NN flag/NN ]
:/: While/IN 
[ dividends/NNS ]
have/VBP risen/VBN smartly/RB ,/, 
[ their/PRP$ expansion/NN has/VBZ n't/RB ]
kept/VBD 
[ pace/NN ]
with/IN 
[ even/JJ stronger/JJR advances/NNS ]
in/IN 
[ stock/NN prices/NNS ]
./. 

As/IN 
[ a/DT result/NN ]
,/, 
[ the/DT market/NN 's/POS dividend/NN yield/NN --/: dividends/NNS ]
as/IN 
[ a/DT percentage/NN ]
of/IN 
[ price/NN --/: has/VBP ]
slid/VBD to/TO 
[ a/DT level/NN ]
[ that/WDT ]
is/VBZ fairly/RB low/JJ and/CC unenticing/JJ by/IN 
[ historical/JJ standards/NNS ]
./. 

Put/VBN 
[ another/DT way/NN ]
,/, 
[ the/DT decline/NN ]
in/IN 
[ the/DT yield/NN ]
suggests/VBZ 
[ stocks/NNS ]
have/VBP gotten/VBN pretty/RB rich/JJ in/IN 
[ price/NN ]
relative/JJ to/TO 
[ the/DT dividends/NNS they/PRP ]
pay/VBP ,/, 
[ some/DT market/NN analysts/NNS ]
say/VBP ./. 

[ They/PRP ]
are/VBP keeping/VBG 
[ a/DT close/JJ watch/NN ]
on/IN 
[ the/DT yield/NN ]
on/IN 
[ the/DT S&P/NNP 500/CD ]
./. 

[ The/DT figure/NN ]
is/VBZ currently/RB about/RB 
[ 3.3/CD %/NN ]
,/, up/IN from/IN 
[ 3.2/CD %/NN ]
before/IN 
[ the/DT recent/JJ market/NN slide/NN ]
./. 

[ Some/DT analysts/NNS ]
say/VBP 
[ investors/NNS ]
should/MD run/VB for/IN 
[ the/DT exits/NNS ]
if/IN 
[ a/DT sustained/VBN market/NN rebound/NN ]
pushes/VBZ 
[ the/DT yield/NN ]
below/IN 
[ 3/CD %/NN ]
./. 

[ A/DT drop/NN ]
below/IN 
[ that/DT 3/CD %/NN benchmark/NN ]
``/`` has/VBZ always/RB been/VBN 
[ a/DT strong/JJ warning/NN sign/NN ]
that/IN 
[ stocks/NNS ]
are/VBP fully/RB valued/VBN ,/, ''/'' says/VBZ 
[ Mr./NNP Boesel/NNP ]
of/IN 
[ T./NNP Rowe/NNP Price/NNP ]
./. 

In/IN 
[ fact/NN ]
,/, ``/`` 
[ the/DT market/NN ]
has/VBZ always/RB tanked/VBN ./. 

Always/RB ./. 

[ There/EX ]
's/VBZ never/RB been/VBN 
[ an/DT exception/NN ]
,/, ''/'' says/VBZ 
[ Gerald/NNP W./NNP Perritt/NNP ]
,/, 
[ a/DT Chicago/NNP investment/NN adviser/NN ]
and/CC 
[ money/NN manager/NN ]
,/, based/VBN on/IN 
[ a/DT review/NN ]
of/IN 
[ six/CD decades/NNS ]
of/IN 
[ stock-market/NN data/NN ]
./. 

[ The/DT last/JJ time/NN ]
[ the/DT S&P/NNP 500/CD yield/NN ]
dropped/VBD below/IN 
[ 3/CD %/NN ]
was/VBD in/IN 
[ the/DT summer/NN ]
of/IN 
[ 1987/CD ]
./. 

[ Stockholders/NNS ]
[ who/WP ]
took/VBD 
[ the/DT hint/NN ]
and/CC sold/VBD 
[ shares/NNS ]
escaped/VBD 
[ the/DT October/NNP debacle/NN ]
./. 

[ There/EX ]
have/VBP been/VBN only/RB 
[ seven/CD other/JJ times/NNS --/: in/NN 1929/CD ]
,/, 
[ 1933/CD ]
,/, 
[ 1961/CD ]
,/, 
[ 1965/CD ]
,/, 
[ 1968/CD ]
,/, 
[ 1971/CD ]
and/CC 
[ 1972/CD --/: when/WRB ]
[ the/DT yield/NN ]
on/IN 
[ the/DT S&P/NNP 500/CD ]
dropped/VBD below/IN 
[ 3/CD %/NN ]
for/IN at/IN 
[ least/JJS two/CD consecutive/JJ months/NNS ]
,/, 
[ Mr./NNP Perritt/NNP ]
found/VBD ./. 

And/CC in/IN 
[ each/DT case/NN ]
,/, 
[ he/PRP ]
says/VBZ ,/, 
[ a/DT sharp/JJ drop/NN ]
in/IN 
[ stock/NN prices/NNS ]
began/VBD within/IN 
[ a/DT year/NN ]
./. 

Still/RB ,/, 
[ some/DT market/NN analysts/NNS ]
say/VBP 
[ the/DT current/JJ 3.3/CD %/NN reading/NN ]
is/VBZ n't/RB as/RB troublesome/JJ as/IN 
[ it/PRP ]
might/MD have/VB been/VBN in/IN 
[ years/NNS past/NN ]
./. 

``/`` 
[ It/PRP ]
's/VBZ not/RB 
[ a/DT very/RB meaningful/JJ indicator/NN ]
currently/RB because/IN 
[ corporations/NNS ]
are/VBP not/RB behaving/VBG in/IN 
[ a/DT traditional/JJ manner/NN ]
,/, ''/'' says/VBZ 
[ James/NNP H./NNP Coxon/NNP ]
,/, 
[ head/NN ]
of/IN 
[ stock/NN investments/NNS ]
for/IN 
[ Cigna/NNP Corp./NNP ]
,/, 
[ the/DT Philadelphia-based/JJ insurer/NN ]
./. 

In/IN 
[ particular/JJ ]
,/, 
[ Mr./NNP Coxon/NNP ]
says/VBZ ,/, 
[ businesses/NNS ]
are/VBP paying/VBG out/RP 
[ a/DT smaller/JJR percentage/NN ]
of/IN 
[ their/PRP$ profits/NNS ]
and/CC 
[ cash/NN flow/NN ]
in/IN 
[ the/DT form/NN ]
of/IN 
[ dividends/NNS ]
than/IN 
[ they/PRP ]
have/VBP historically/RB ./. 

So/RB ,/, while/IN 
[ stock/NN prices/NNS ]
may/MD look/VB fairly/RB 
[ high/JJ relative/JJ ]
to/TO 
[ dividends/NNS ]
,/, 
[ they/PRP ]
are/VBP not/RB 
[ excessive/JJ relative/JJ ]
to/TO 
[ the/DT ]
underlying/JJ 
[ corporate/JJ strength/NN ]
./. 

Rather/RB than/IN increasing/VBG 
[ dividends/NNS ]
,/, 
[ some/DT companies/NNS ]
have/VBP used/VBN 
[ cash/NN ]
to/TO buy/VB back/RB 
[ some/DT ]
of/IN 
[ their/PRP$ shares/NNS ]
,/, notes/VBZ 
[ Steven/NNP G./NNP Einhorn/NNP ]
,/, 
[ co-chairman/NN ]
of/IN 
[ the/DT investment/NN policy/NN committee/NN ]
at/IN 
[ Goldman/NNP ]
,/, 
[ Sachs/NNP ]
&/CC 
[ Co/NNP ]
./. 

[ He/PRP ]
factors/VBZ that/DT into/IN 
[ the/DT market/NN yield/NN ]
to/TO get/VB 
[ an/DT adjusted/VBN yield/NN ]
of/IN about/RB 
[ 3.6/CD %/NN ]
./. 

[ That/DT ]
is/VBZ just/RB 
[ a/DT tad/NN ]
below/IN 
[ the/DT average/NN ]
of/IN 
[ the/DT past/JJ 40/CD years/NNS ]
or/CC so/RB ,/, 
[ he/PRP ]
says/VBZ ./. 

[ What/WP ]
will/MD happen/VB to/TO 
[ dividend/NN growth/NN ]
next/JJ 
[ year/NN ]
?/. 

[ Common/JJ wisdom/NN ]
suggests/VBZ 
[ a/DT single-digit/JJ rate/NN ]
of/IN 
[ growth/NN ]
,/, reflecting/VBG 
[ a/DT weakening/NN ]
in/IN 
[ the/DT economy/NN ]
and/CC 
[ corporate/JJ profits/NNS ]
./. 

[ PaineWebber/NNP Inc./NNP ]
,/, for/IN 
[ instance/NN ]
,/, is/VBZ forecasting/VBG 
[ growth/NN ]
in/IN 
[ S&P/NNP 500/CD dividends/NNS ]
of/IN just/RB under/IN 
[ 5/CD %/NN ]
in/IN 
[ 1990/CD ]
,/, down/IN from/IN 
[ an/DT estimated/VBN 11/CD %/NN ]
[ this/DT year/NN ]
./. 

In/IN 
[ other/JJ years/NNS ]
in/IN 
[ which/WDT there/EX ]
have/VBP been/VBN 
[ moderate/JJ economic/JJ slowdowns/NNS --/: the/JJ environment/NN ]
[ the/DT firm/NN ]
expects/VBZ in/IN 
[ 1990/CD --/: the/JJ change/NN ]
in/IN 
[ dividends/NNS ]
ranged/VBD from/IN 
[ a/DT gain/NN ]
of/IN 
[ 4/CD %/NN ]
to/TO 
[ a/DT decline/NN ]
of/IN 
[ 1/CD %/NN ]
,/, according/VBG to/TO 
[ PaineWebber/NNP analyst/NN Thomas/NNP Doerflinger/NNP ]
./. 

[ The/DT minority/NN argument/NN ]
,/, meanwhile/RB ,/, is/VBZ that/IN 
[ businesses/NNS ]
have/VBP 
[ the/DT financial/JJ wherewithal/JJ ]
[ this/DT time/NN ]
around/RP to/TO declare/VB sharply/RB 
[ higher/JJR dividends/NNS ]
even/RB if/IN 
[ their/PRP$ earnings/NNS ]
weaken/VBP ./. 

[ Dividend/NN growth/NN ]
on/IN 
[ the/DT order/NN ]
of/IN 
[ 12/CD %/NN ]
is/VBZ expected/VBN by/IN 
[ both/DT Mr./NNP Coxon/NNP ]
of/IN 
[ Cigna/NNP ]
and/CC 
[ Mr./NNP Einhorn/NNP ]
of/IN 
[ Goldman/NNP Sachs/NNP ]
./. 

[ Those/DT dividend/NN bulls/NNS ]
argue/VBP that/IN 
[ corporations/NNS ]
are/VBP in/IN 
[ the/DT unusual/JJ position/NN ]
of/IN 
[ having/VBG plenty/NN ]
of/IN 
[ cash/NN ]
left/VBD over/RP after/IN paying/VBG 
[ dividends/NNS ]
and/CC 
[ making/VBG capital/NN expenditures/NNS ]
./. 

[ One/CD indicator/NN investors/NNS ]
might/MD want/VB to/TO watch/VB is/VBZ 
[ the/DT monthly/JJ tally/NN ]
from/IN 
[ Standard/NNP ]
&/CC 
[ Poor/NNP ]
's/POS of/IN 
[ the/DT number/NN ]
of/IN 
[ public/JJ companies/NNS ]
adjusting/VBG 
[ their/PRP$ dividends/NNS ]
./. 

[ A/DT total/NN ]
of/IN 
[ 139/CD companies/NNS ]
raised/VBD 
[ dividends/NNS ]
in/IN 
[ October/NNP ]
,/, basically/RB unchanged/JJ from/IN 
[ 138/CD ]
[ a/DT year/NN ]
ago/RB ,/, 
[ S&P/NNP ]
said/VBD 
[ Wednesday/NNP ]
./. 

[ That/DT ]
followed/VBD 
[ four/CD straight/JJ months/NNS ]
in/IN 
[ which/WDT ]
[ the/DT number/NN ]
of/IN 
[ increases/NNS ]
trailed/VBD 
[ the/DT year-earlier/JJ pace/NN ]
./. 

While/IN 
[ the/DT S&P/NNP tally/NN ]
does/VBZ n't/RB measure/VB 
[ the/DT magnitude/NN ]
of/IN 
[ dividend/NN changes/NNS ]
,/, 
[ a/DT further/JJ slippage/NN ]
in/IN 
[ the/DT number/NN ]
of/IN 
[ dividend/NN increases/NNS ]
could/MD be/VB 
[ a/DT harbinger/NN ]
of/IN 
[ slower/JJR dividend/NN growth/NN ]
next/IN 
[ year/NN ]
./. 

In/IN 
[ any/DT case/NN ]
,/, 
[ opinion/NN ]
is/VBZ mixed/VBN on/IN how/WRB much/JJ of/IN 
[ a/DT boost/NN ]
[ the/DT overall/JJ stock/NN market/NN ]
would/MD get/VB even/RB if/IN 
[ dividend/NN growth/NN ]
continues/VBZ at/IN 
[ double-digit/JJ levels/NNS ]
./. 

[ Mr./NNP Einhorn/NNP ]
of/IN 
[ Goldman/NNP Sachs/NNP ]
estimates/VBZ 
[ the/DT stock/NN market/NN ]
will/MD deliver/VB 
[ a/DT 12/CD %/NN ]
to/TO 
[ 15/CD %/NN total/NN return/NN ]
from/IN 
[ appreciation/NN ]
and/CC 
[ dividends/NNS ]
over/IN 
[ the/DT next/JJ 12/CD months/NNS ]
--/: vs./IN 
[ a/DT ]
``/`` 
[ cash/NN rate/NN ]
of/IN 
[ return/NN ]
''/'' of/IN perhaps/RB 
[ 7/CD %/NN ]
or/CC 
[ 8/CD %/JJ ]
if/IN 
[ dividend/NN growth/NN ]
is/VBZ weak/JJ ./. 

But/CC 
[ Mr./NNP Boesel/NNP ]
of/IN 
[ T./NNP Rowe/NNP Price/NNP ]
,/, 
[ who/WP ]
also/RB expects/VBZ 
[ 12/CD %/NN growth/NN ]
in/IN 
[ dividends/NNS ]
next/IN 
[ year/NN ]
,/, does/VBZ n't/RB think/VB 
[ it/PRP ]
will/MD help/VB 
[ the/DT overall/JJ market/NN ]
[ all/DT ]
that/DT 
[ much/JJ ]
./. 

``/`` Having/VBG 
[ the/DT dividend/NN ]
increases/NNS is/VBZ 
[ a/DT supportive/JJ element/NN ]
in/IN 
[ the/DT market/NN outlook/NN ]
,/, but/CC 
[ I/PRP ]
do/VBP n't/RB think/VB 
[ it/PRP ]
's/VBZ 
[ a/DT main/JJ consideration/NN ]
,/, ''/'' 
[ he/PRP ]
says/VBZ ./. 

With/IN 
[ slower/JJR economic/JJ growth/NN ]
and/CC 
[ flat/JJ corporate/JJ earnings/NNS ]
likely/JJ next/IN 
[ year/NN ]
,/, ``/`` 
[ I/PRP ]
would/MD n't/RB look/VB for/IN 
[ the/DT market/NN ]
to/TO have/VB much/JJ upside/RB from/IN 
[ current/JJ levels/NNS ]
./. 

''/''

[ Your/PRP$ Oct./NNP 13/CD page-one/JJ story/NN ]
on/IN 
[ the/DT renewed/VBN plight/NN ]
of/IN 
[ Western/NNP Union/NNP ]
says/VBZ that/IN 
[ Western/NNP Union/NNP ]
had/VBD lost/VBN 
[ its/PRP$ chance/NN ]
to/TO be/VB in/IN 
[ the/DT telephone/NN business/NN ]
by/IN turning/VBG down/IN 
[ Alexander/NNP Graham/NNP Bell/NNP 's/POS offer/NN ]
to/TO 
[ it/PRP ]
of/IN 
[ his/PRP$ invention/NN ]
,/, because/IN 
[ it/PRP ]
supposedly/RB felt/VBD that/IN 
[ voice/NN communication/NN ]
would/MD never/RB replace/VB 
[ the/DT telegraph/NN ]
./. 

[ Such/JJ ]
is/VBZ hardly/RB 
[ the/DT case/NN ]
./. 

[ Bell/NNP 's/POS father-in-law/NN ]
,/, 
[ Gardner/NNP G./NNP Hubbard/NNP ]
,/, 
[ wealthy/JJ ]
and/CC 
[ well-connected/JJ ]
,/, obtained/VBD 
[ financing/NN ]
to/TO start/VB 
[ the/DT American/NNP Bell/NNP Telephone/NNP Co./NNP ]
in/IN 
[ Boston/NNP ]
,/, 
[ which/WDT ]
even/RB had/VBD 
[ a/DT subsidiary/NN ]
in/IN 
[ New/NNP York/NNP ]
called/VBN 
[ the/DT Telephone/NNP Co./NNP ]
of/IN 
[ New/NNP York/NNP ]
./. 

[ This/DT ]
is/VBZ where/WRB 
[ Bell/NNP 's/POS patents/NNS ]
went/VBD ./. 

[ Western/NNP Union/NNP ]
indeed/RB wanted/VBD to/TO get/VB into/IN 
[ the/DT telephone/NN business/NN ]
./. 

[ It/PRP ]
acquired/VBD 
[ Thomas/NNP Edison/NNP 's/POS microphone/NN patent/NN ]
and/CC then/RB immediately/RB sued/VBD 
[ the/DT Bell/NNP Co./NNP ]
claiming/VBG that/IN 
[ the/DT microphone/NN ]
invented/VBN by/IN 
[ my/PRP$ grandfather/NN ]
,/, 
[ Emile/NNP Berliner/NNP ]
,/, 
[ which/WDT ]
had/VBD been/VBN sold/VBN to/TO 
[ Bell/NNP ]
for/IN 
[ a/DT princely/JJ $/$ 50,000/CD ]
,/, infringed/VBN upon/IN 
[ Western/NNP Union/NNP 's/POS Edison/NNP patent/NN ]
./. 

When/WRB 
[ Bell/NNP ]
established/VBD that/IN 
[ the/DT Berliner/NNP patent/NN caveat/NN ]
was/VBD registered/VBN 
[ 10/CD days/NNS ]
before/IN 
[ Edison/NNP 's/POS application/NN ]
,/, 
[ Western/NNP Union/NNP ]
dropped/VBD 
[ the/DT lawsuit/NN ]
and/CC agreed/VBD never/RB to/TO enter/VB 
[ the/DT telephone/NN business/NN --/: the/DT basis/NN ]
for/IN 
[ the/DT company/NN 's/POS current/JJ plight/NN ]
./. 

[ Oliver/NNP Berliner/NNP ]
[ Beverly/NNP Hills/NNP ]
,/, 
[ Calif/NNP ]
./. 

[ Troubled/NNP NBI/NNP Inc./NNP ]
said/VBD 
[ it/PRP ]
fired/VBD more/JJR than/IN 
[ half/PDT its/PRP$ work/NN force/NN ]
and/CC is/VBZ discontinuing/VBG 
[ its/PRP$ hardware/NN business/NN ]
to/TO focus/VB on/IN 
[ its/PRP$ software/NN ]
and/CC 
[ service/NN operations/NNS ]
./. 

[ The/DT ailing/VBG company/NN ]
,/, 
[ which/WDT ]
has/VBZ reported/VBN 
[ net/JJ losses/NNS ]
for/IN 
[ 16/CD consecutive/JJ quarters/NNS ]
,/, said/VBD 
[ it/PRP ]
wo/MD n't/RB manufacture/VB 
[ network/NN computer/NN systems/NNS ]
any/RB more/JJR and/CC will/MD greatly/RB reduce/VB 
[ its/PRP$ costly/JJ direct/JJ sales/NNS force/NN ]
./. 

[ Altogether/RB ]
,/, 
[ NBI/NNP ]
said/VBD 
[ it/PRP ]
will/MD eliminate/VB 
[ 266/CD jobs/NNS ]
at/IN 
[ its/PRP$ Boulder/NNP headquarters/NN ]
,/, 
[ 176/CD field/NN sales/NNS jobs/NNS ]
and/CC 
[ 50/CD jobs/NNS ]
at/IN 
[ its/PRP$ Canadian/JJ ]
and/CC 
[ United/NNP Kingdom/NNP headquarters/NN ]
./. 

[ The/DT company/NN 's/POS work/NN force/NN ]
will/MD fall/VB to/TO about/IN 
[ 400/CD people/NNS ]
./. 

[ Stephen/NNP G./NNP Jerritts/NNP ]
,/, 
[ president/NN ]
and/CC 
[ chief/NN executive/NN officer/NN ]
,/, said/VBD 
[ customers/NNS ]
were/VBD n't/RB willing/JJ to/TO commit/VB to/TO 
[ an/DT expensive/JJ NBI/NNP hardware/NN systems/NNS ]
because/IN of/IN 
[ the/DT company/NN 's/POS financial/JJ troubles/NNS ]
./. 

Further/RB ,/, 
[ he/PRP ]
said/VBD ,/, 
[ the/DT company/NN ]
does/VBZ n't/RB have/VB 
[ the/DT capital/NN ]
needed/VBN to/TO build/VB 
[ the/DT business/NN ]
over/IN 
[ the/DT next/JJ year/NN ]
or/CC 
[ two/CD ]
./. 

``/`` 
[ We/PRP ]
flat/RB ran/VBD out/IN of/IN 
[ financing/NN resources/NNS ]
,/, ''/'' 
[ Mr./NNP Jerritts/NNP ]
said/VBD ./. 

``/`` 
[ We/PRP ]
had/VBD to/TO do/VB 
[ something/NN ]
structurally/RB and/CC radically/RB different/JJ ./. 

''/'' 

As/IN 
[ a/DT result/NN ]
,/, 
[ he/PRP ]
said/VBD 
[ NBI/NNP ]
will/MD focus/VB on/IN servicing/VBG 
[ its/PRP$ installed/VBN base/NN ]
of/IN 
[ systems/NNS ]
,/, trying/VBG to/TO provide/VB 
[ maintenance/NN ]
for/IN 
[ other/JJ manufacturers/NNS ]
and/CC expanding/VBG 
[ its/PRP$ software/NN business/NN ]
,/, using/VBG 
[ some/DT ]
of/IN 
[ the/DT applications/NNS ]
[ it/PRP ]
developed/VBD for/IN 
[ its/PRP$ hardware/NN ]
./. 

[ The/DT company/NN ]
currently/RB offers/VBZ 
[ a/DT word-processing/NN package/NN ]
for/IN 
[ personal/JJ computers/NNS ]
called/VBN 
[ Legend/NNP ]
./. 

[ The/DT company/NN ]
,/, 
[ which/WDT ]
recently/RB said/VBD 
[ it/PRP ]
lacked/VBD 
[ the/DT profits/NNS ]
and/CC 
[ capital/NN ]
to/TO pay/VB 
[ dividends/NNS ]
on/IN 
[ its/PRP$ Series/NNP ]
[ A/NNP convertible/JJ preferred/VBN stock/NN ]
,/, said/VBD 
[ it/PRP ]
has/VBZ hired/VBN 
[ an/DT investment/NN banker/NN ]
to/TO help/VB 
[ it/PRP ]
raise/VB 
[ additional/JJ cash/NN ]
./. 

In/IN 
[ New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN yesterday/NN ]
,/, 
[ NBI/NNP common/NN ]
closed/VBD at/IN 
[ 93/CD cents/NNS ]
[ a/DT share/NN ]
,/, up/IN 
[ 31/CD cents/NNS ]
./. 

[ It/PRP ]
was/VBD 
[ Richard/NNP Nixon/NNP 's/POS first/JJ visit/NN ]
to/TO 
[ China/NNP ]
in/IN 
[ 1972/CD ]
that/WDT set/VBD in/IN 
[ motion/NN ]
[ the/DT historic/JJ rapprochement/NN ]
between/IN 
[ Beijing/NNP ]
and/CC 
[ Washington/NNP ]
./. 

But/CC 
[ the/DT former/JJ U.S./NNP president/NN 's/POS sixth/JJ visit/NN ]
to/TO 
[ China/NNP ]
,/, during/IN 
[ which/WDT ]
[ he/PRP ]
spoke/VBD at/IN 
[ length/NN ]
with/IN 
[ Chinese/JJ leaders/NNS ]
,/, was/VBD nowhere/RB near/JJ as/IN 
[ successful/JJ ]
at/IN easing/VBG 
[ strains/NNS ]
[ that/WDT ]
have/VBP recently/RB afflicted/VBN 
[ the/DT Sino-U.S./NNP relationship/NN ]
./. 

[ Mr./NNP Nixon/NNP ]
,/, 
[ the/DT most/RBS prominent/JJ American/NNP ]
to/TO come/VB to/TO 
[ China/NNP ]
since/IN Beijing/NNP 
[ 's/POS bloody/JJ suppression/NN ]
of/IN 
[ pro-democracy/JJ demonstrators/NNS ]
in/IN 
[ June/NNP ]
,/, 
[ harped/VBD ]
on/IN 
[ international/JJ outrage/NN ]
over/IN 
[ the/DT massacre/NN ]
./. 

[ The/DT Chinese/NNP ]
,/, in/IN 
[ turn/NN ]
,/, took/VBD 
[ aim/NN ]
at/IN 
[ American/JJ ]
``/`` 
[ interference/NN ]
''/'' in/IN 
[ China/NNP 's/POS domestic/JJ affairs/NNS ]
./. 

[ One/CD official/JJ newspaper/NN ]
,/, 
[ Legal/NNP Daily/NNP ]
,/, even/RB directly/RB criticized/VBD 
[ Mr./NNP Nixon/NNP ]
,/, 
[ who/WP ]
is/VBZ normally/RB referred/VBN to/TO here/RB as/IN 
[ an/DT ]
``/`` 
[ old/JJ friend/NN ]
./. 

''/'' 
[ The/DT paper/NN ]
accused/VBD 
[ him/PRP ]
of/IN being/VBG 
[ a/DT leading/VBG proponent/NN ]
of/IN ``/`` 
[ peaceful/JJ evolution/NN ]
,/, ''/'' 
[ a/DT catch/NN phrase/NN ]
to/TO describe/VB 
[ what/WP ]
[ China/NNP ]
believes/VBZ is/VBZ 
[ the/DT policy/NN ]
of/IN 
[ Western/JJ countries/NNS ]
to/TO seduce/VB 
[ socialist/JJ nations/NNS ]
into/IN 
[ the/DT capitalist/JJ sphere/NN ]
./. 

[ The/DT tension/NN ]
was/VBD evident/JJ on/IN 
[ Wednesday/NNP evening/NN ]
during/IN 
[ Mr./NNP Nixon/NNP 's/POS final/JJ banquet/NN toast/NN ]
,/, normally/RB 
[ an/DT opportunity/NN ]
for/IN reciting/VBG 
[ platitudes/NNS ]
about/IN 
[ eternal/JJ friendship/NN ]
./. 

Instead/RB ,/, 
[ Mr./NNP Nixon/NNP ]
reminded/VBD 
[ his/PRP$ host/NN ]
,/, 
[ Chinese/NNP President/NNP Yang/NNP Shangkun/NNP ]
,/, that/IN 
[ Americans/NNPS ]
have/VBP n't/RB forgiven/VBN 
[ China/NNP 's/POS leaders/NNS ]
for/IN 
[ the/DT military/JJ assault/NN ]
of/IN 
[ June/NNP 3-4/CD ]
that/WDT killed/VBD 
[ hundreds/NNS ]
,/, and/CC perhaps/RB 
[ thousands/NNS ]
,/, of/IN 
[ demonstrators/NNS ]
./. 

``/`` 
[ Many/JJ ]
in/IN 
[ the/DT United/NNP States/NNPS ]
,/, including/VBG 
[ many/JJ friends/NNS ]
of/IN 
[ China/NNP ]
,/, believe/VBP 
[ the/DT crackdown/NN ]
was/VBD excessive/JJ and/CC 
[ unjustified/JJ ]
,/, ''/'' 
[ Mr./NNP Nixon/NNP ]
told/VBD 
[ Mr./NNP Yang/NNP ]
,/, 
[ who/WP ]
was/VBD directly/RB involved/VBN in/IN ordering/VBG 
[ the/DT attack/NN ]
./. 

``/`` 
[ The/DT events/NNS ]
of/IN 
[ April/NNP ]
through/IN 
[ June/NNP ]
damaged/VBD 
[ the/DT respect/NN ]
and/CC 
[ confidence/NN ]
[ which/WDT ]
most/JJS 
[ Americans/NNPS ]
previously/RB had/VBD for/IN 
[ the/DT leaders/NNS ]
of/IN 
[ China/NNP ]
./. 

''/'' 

[ The/DT Chinese/NNP ]
responded/VBD in/IN 
[ an/DT ]
equally/RB 
[ undiplomatic/JJ fashion/NN ]
./. 

In/IN 
[ talks/NNS ]
with/IN 
[ Mr./NNP Nixon/NNP ]
,/, 
[ Chinese/JJ leaders/NNS ]
expressed/VBD 
[ no/DT regret/NN ]
for/IN 
[ the/DT killings/NNS ]
,/, and/CC even/RB suggested/VBD that/IN 
[ the/DT U.S./NNP ]
was/VBD prominently/RB involved/VBN in/IN 
[ the/DT demonstrations/NNS ]
[ this/DT spring/NN ]
./. 

In/IN 
[ a/DT meeting/NN Tuesday/NNP ]
,/, 
[ supreme/NN leader/NN ]
,/, 
[ Deng/NNP Xiaoping/NNP ]
,/, told/VBD 
[ Mr./NNP Nixon/NNP ]
,/, ``/`` Frankly/RB speaking/VBG ,/, 
[ the/DT U.S./NNP ]
was/VBD involved/VBN too/RB deeply/RB in/IN 
[ the/DT turmoil/NN ]
and/CC 
[ counterrevolutionary/JJ rebellion/NN ]
[ which/WDT ]
occurred/VBD in/IN Beijing/NNP not/RB long/RB ago/RB ./. 

[ China/NNP ]
was/VBD 
[ the/DT real/JJ victim/NN ]
and/CC 
[ it/PRP ]
is/VBZ unjust/JJ to/TO reprove/VB 
[ China/NNP ]
for/IN 
[ it/PRP ]
./. 

''/'' 

Despite/IN 
[ the/DT harsh/JJ exchanges/NNS ]
,/, 
[ the/DT U.S./NNP ]
and/CC 
[ China/NNP ]
still/RB seem/VBP to/TO be/VB looking/VBG for/IN 
[ a/DT way/NN ]
to/TO mend/VB 
[ relations/NNS ]
,/, 
[ which/WDT ]
have/VBP deteriorated/VBN into/IN 
[ what/WP ]
[ Mr./NNP Nixon/NNP ]
referred/VBD to/TO as/IN ``/`` 
[ the/DT greatest/JJS crisis/NN ]
in/IN 
[ Chinese-American/NNP relations/NNS ]
''/'' since/IN 
[ his/PRP$ initial/JJ visit/NN ]
to/TO 
[ China/NNP 17/CD years/NNS ]
ago/IN ./. 

In/IN 
[ his/PRP$ return/NN toast/NN ]
to/TO 
[ Mr./NNP Nixon/NNP ]
,/, 
[ Mr./NNP Yang/NNP ]
said/VBD 
[ the/DT relationship/NN ]
had/VBD reached/VBN 
[ a/DT ]
``/`` 
[ stalemate/NN ]
./. 

''/'' 

[ Relations/NNS ]
between/IN 
[ China/NNP ]
and/CC 
[ the/DT U.S./NNP ]
have/VBP been/VBN tense/JJ since/IN 
[ June/NNP 7/CD ]
,/, when/WRB 
[ Chinese/JJ dissident/NN Fang/NNP Lizhi/NNP ]
and/CC 
[ his/PRP$ wife/NN ]
,/, 
[ Li/NNP Shuxian/NNP ]
,/, took/VBD 
[ refuge/NN ]
in/IN 
[ the/DT U.S./NNP Embassy/NNP ]
in/IN 
[ Beijing/NNP ]
./. 

Shortly/RB afterwards/RB ,/, 
[ Mr./NNP Bush/NNP ]
imposed/VBD 
[ a/DT series/NN ]
of/IN 
[ anti-China/JJ sanctions/NNS ]
,/, including/VBG 
[ suspension/NN ]
of/IN 
[ most/JJS high-level/JJ talks/NNS ]
,/, 
[ which/WDT ]
could/MD be/VB codified/VBN in/IN 
[ U.S./NNP congressional/JJ legislation/NN ]
in/IN 
[ the/DT coming/VBG weeks/NNS ]
./. 

[ Mr./NNP Nixon/NNP ]
is/VBZ traveling/VBG in/IN 
[ China/NNP ]
as/IN 
[ a/DT private/JJ citizen/NN ]
,/, but/CC 
[ he/PRP ]
has/VBZ made/VBN clear/RB that/IN 
[ he/PRP ]
is/VBZ 
[ an/DT unofficial/JJ envoy/NN ]
for/IN 
[ the/DT Bush/NNP administration/NN ]
./. 

[ Mr./NNP Nixon/NNP ]
met/VBD 
[ Mr./NNP Bush/NNP ]
and/CC 
[ his/PRP$ national/JJ security/NN adviser/NN ]
,/, 
[ Brent/NNP Scowcroft/NNP ]
,/, before/IN coming/VBG to/TO 
[ China/NNP ]
on/IN 
[ Saturday/NNP ]
./. 

And/CC 
[ he/PRP ]
plans/VBZ to/TO brief/VB 
[ the/DT president/NN ]
at/IN 
[ the/DT end/NN ]
of/IN 
[ the/DT week/NN ]
,/, 
[ U.S./NNP sources/NNS ]
said/VBD ./. 

[ Mr./NNP Nixon/NNP ]
was/VBD to/TO leave/VB 
[ China/NNP today/NN ]
./. 

According/VBG to/TO 
[ an/DT American/JJ member/NN ]
of/IN 
[ the/DT Nixon/NNP party/NN ]
,/, 
[ the/DT former/JJ president/NN ]
raised/VBD 
[ a/DT number/NN ]
of/IN 
[ controversial/JJ issues/NNS ]
in/IN 
[ his/PRP$ 20/CD hours/NNS ]
of/IN 
[ talks/NNS ]
with/IN 
[ top-level/JJ Chinese/JJ officials/NNS ]
./. 

[ These/DT ]
included/VBD 
[ China/NNP 's/POS economic/JJ policies/NNS ]
,/, 
[ human/JJ rights/NNS ]
and/CC 
[ the/DT question/NN ]
of/IN 
[ Mr./NNP Fang/NNP ]
./. 

[ Mr./NNP Nixon/NNP ]
also/RB proposed/VBD that/IN 
[ China/NNP ]
restore/VB 
[ its/PRP$ participation/NN ]
in/IN 
[ the/DT Fulbright/NNP Program/NNP ]
,/, 
[ a/DT U.S./NNP government-funded/JJ academic/JJ exchange/NN ]
./. 

[ China/NNP ]
pulled/VBD out/IN of/IN 
[ the/DT program/NN ]
in/IN 
[ July/NNP ]
./. 

In/IN 
[ his/PRP$ talks/NNS ]
,/, 
[ the/DT former/JJ president/NN ]
urged/VBD 
[ China/NNP 's/POS leaders/NNS ]
to/TO acknowledge/VB 
[ that/DT their/PRP$ nation/NN ]
is/VBZ 
[ part/NN ]
of/IN 
[ the/DT world/NN community/NN ]
and/CC welcome/VB 
[ the/DT infusion/NN ]
of/IN 
[ outside/JJ contacts/NNS ]
and/CC 
[ ideas/NNS ]
./. 

``/`` 
[ Ideas/NNS ]
are/VBP going/VBG over/IN 
[ borders/NNS ]
,/, and/CC 
[ there/EX ]
's/VBZ 
[ no/DT SDI/NNP ideological/JJ weapon/NN ]
[ that/WDT ]
can/MD shoot/VB 
[ them/PRP ]
down/IN ,/, ''/'' 
[ he/PRP ]
told/VBD 
[ a/DT group/NN ]
of/IN 
[ Americans/NNPS ]
at/IN 
[ the/DT U.S./NNP Embassy/NNP ]
on/IN 
[ Wednesday/NNP ]
./. 

[ There/EX ]
are/VBP 
[ no/DT signs/NNS ]
,/, however/RB ,/, of/IN 
[ China/NNP 's/POS yielding/NN ]
on/IN 
[ key/JJ issues/NNS ]
./. 

But/CC in/IN 
[ one/CD minor/JJ matter/NN ]
,/, 
[ Mr./NNP Nixon/NNP ]
appears/VBZ to/TO have/VB gained/VBN 
[ a/DT concession/NN ]
./. 

In/IN 
[ a/DT meeting/NN ]
with/IN 
[ Premier/NNP Li/NNP Peng/NNP ]
on/IN 
[ Monday/NNP ]
,/, 
[ Mr./NNP Nixon/NNP ]
said/VBD that/IN 
[ he/PRP ]
hoped/VBD 
[ he/PRP ]
would/MD n't/RB encounter/VB 
[ guards/NNS ]
with/IN 
[ machine/NN guns/NNS ]
during/IN 
[ his/PRP$ visit/NN ]
to/TO 
[ the/DT U.S./NNP Embassy/NNP ]
./. 

Sure/RB enough/RB ,/, when/WRB 
[ he/PRP ]
arrived/VBD at/IN 
[ the/DT embassy/NN two/CD days/NNS ]
later/JJ ,/, 
[ the/DT machine-gun-toting/JJ guards/NNS ]
were/VBD gone/VBN --/: for/IN 
[ the/DT first/JJ time/NN ]
in/IN 
[ five/CD months/NNS ]
./. 

[ A/DT few/JJ blocks/NNS ]
away/RB ,/, at/IN 
[ the/DT U.S./NNP ambassador/NN 's/POS residence/NN ]
,/, 
[ the/DT guards/NNS ]
encircling/VBG 
[ the/DT compound/NN ]
also/RB had/VBD discarded/VBN 
[ their/PRP$ Uzi-model/JJ arms/NNS ]
for/IN 
[ the/DT first/JJ time/NN ]
since/IN 
[ early/JJ June/NNP ]
./. 

But/CC 
[ the/DT guards/NNS ]
there/RB retained/VBN 
[ their/PRP$ pistols/NNS ]
,/, and/CC 
[ a/DT large/JJ contingent/NN ]
of/IN 
[ plainclothes/NNS police/NNS ]
remained/VBD nearby/RB in/IN 
[ unmarked/JJ cars/NNS ]
./. 

Moreover/RB ,/, 
[ police/NNS ]
and/CC 
[ soldiers/NNS ]
continue/VBP to/TO harass/VB 
[ Americans/NNPS ]
,/, 
[ who/WP ]
have/VBP filed/VBN 
[ several/JJ protests/NNS ]
with/IN 
[ the/DT Foreign/NNP Ministry/NNP ]
in/IN 
[ the/DT past/NN week/NN ]
./. 

[ Several/JJ times/NNS ]
,/, 
[ Chinese/JJ guards/NNS ]
have/VBP pointed/VBN 
[ their/PRP$ automatic/JJ rifles/NNS ]
at/IN 
[ young/JJ children/NNS ]
of/IN 
[ U.S./NNP diplomats/NNS ]
and/CC clicked/VBD 
[ the/DT trigger/NN ]
./. 

[ The/DT rifles/NNS ]
were/VBD n't/RB loaded/VBN ./. 

[ Your/PRP$ Oct./NNP 6/CD article/NN ]
``/`` 
[ Japan/NNP 's/POS Financial/JJ Firms/NNS Lure/VBP Science/NN Graduates/NNS ] 
''/'' states/VBZ ,/, ``/`` 
[ Industrial/JJ companies/NNS ]
are/VBP accusing/VBG 
[ financial/JJ institutions/NNS ]
of/IN jeopardizing/VBG 
[ Japan/NNP 's/POS economy/NN ]
by/IN raising/VBG 
[ the/DT salary/NN ]
stakes/NNS for/IN 
[ new/JJ employees/NNS ]
./. 

''/'' 
[ The/DT Japanese/JJ industrial/JJ companies/NNS ]
should/MD know/VB better/JJR ./. 

[ They/PRP ]
are/VBP barking/VBG up/IN 
[ the/DT wrong/JJ tree/NN ]
,/, because/IN 
[ it/PRP ]
is/VBZ basically/RB 
[ their/PRP$ fault/NN ]
[ they/PRP ]
ca/MD n't/RB attract/VB 
[ new/JJ employees/NNS ]
./. 

[ Takuma/NNP Yamamoto/NNP ]
,/, 
[ president/NN ]
of/IN 
[ Fujitsu/NNP Ltd./NNP ]
,/, believes/VBZ ``/`` 
[ the/DT ]
`/`` 
[ money/NN worship/NN ]
'/'' among/IN 
[ young/JJ people/NNS .../: ]
caused/VBD 
[ the/DT problem/NN ]
./. 

''/'' 
[ He/PRP ]
is/VBZ just/RB passing/VBG 
[ the/DT buck/NN ]
to/TO 
[ young/JJ people/NNS ]
./. 

[ What/WP ]
's/VBZ wrong/JJ with/IN asking/VBG for/IN 
[ more/JJR money/NN ]
?/. 

[ Money/NN ]
is/VBZ not/RB 
[ everything/NN ]
,/, but/CC 
[ it/PRP ]
is/VBZ necessary/JJ ,/, and/CC 
[ business/NN ]
is/VBZ not/RB 
[ volunteer/NN work/NN ]
./. 

[ It/PRP ]
is/VBZ not/RB unethical/JJ to/TO choose/VB 
[ a/DT higher-salaried/JJ job/NN ]
./. 

Unfortunately/RB ,/, 
[ Japanese/JJ manufacturers/NNS ]
have/VBP 
[ neither/DT good/JJ working/NN conditions/NNS ]
nor/CC 
[ good/JJ compensation/NN packages/NNS ]
./. 

[ I/PRP ]
get/VBP 
[ the/DT impression/NN ]
that/IN 
[ some/DT Japanese/JJ managers/NNS ]
believe/VBP working/VBG harder/RBR for/IN 
[ less/JJR money/NN ]
is/VBZ beautiful/JJ ./. 

[ I/PRP ]
visited/VBD 
[ a/DT lot/NN ]
of/IN 
[ major/JJ Japanese/JJ manufacturers/NNS ]
,/, but/CC 
[ I/PRP ]
never/RB felt/VBD 
[ I/PRP ]
would/MD want/VB to/TO be/VB employed/VBN by/IN 
[ any/DT ]
of/IN 
[ them/PRP ]
./. 

[ Many/JJ ]
of/IN 
[ them/PRP ]
recently/RB have/VBP been/VBN spending/VBG 
[ a/DT lot/NN ]
of/IN 
[ money/NN ]
on/IN 
[ public/JJ relations/NNS ]
and/CC advertising/NN to/TO improve/VB 
[ their/PRP$ images/NNS ]
,/, but/CC 
[ they/PRP ]
should/MD realize/VB that/IN 
[ the/DT most/RBS important/JJ thing/NN ]
is/VBZ 
[ real/JJ ]
change/NN ,/, not/RB changing/VBG 
[ people/NNS 's/POS perceptions/NNS ]
./. 

If/IN 
[ the/DT Japanese/JJ companies/NNS ]
are/VBP seriously/RB considering/VBG 
[ their/PRP$ survival/NN ]
,/, 
[ they/PRP ]
could/MD do/VB at/IN 
[ least/JJS three/CD things/NNS ]
to/TO improve/VB 
[ the/DT situation/NN ]
:/: raise/VB 
[ salaries/NNS ]
higher/JJR than/IN 
[ those/DT ]
of/IN 
[ financial/JJ institutions/NNS ]
;/: improve/VB working/NN 
[ conditions/NNS ]
 (/( 
[ better/JJR offices/NNS ]
and/CC 
[ more/JJR vacations/NNS ]
,/, for/IN 
[ example/NN ]
 )/) ;/: accept/VB and/CC hire/VB 
[ more/JJR labor/NN ]
from/IN 
[ outside/JJ Japan/NNP ]
./. 

[ Hiroshi/NNP Asada/NNP ]
[ Washington/NNP ]
In/IN 
[ reference/NN ]
to/TO 
[ your/PRP$ Oct./NNP 9/CD page-one/NN article/NN ]
``/`` 
[ Barbara/NNP Bush/NNP Earns/VBZ ]
Even/RB 
[ Higher/JJR Ratings/NNS ]
Than/IN 
[ the/DT President/NNP ]
,/, ''/'' 
[ it/PRP ]
is/VBZ regrettable/JJ that/IN 
[ you/PRP ]
must/MD continually/RB define/VB 
[ blacks/NNS ]
by/IN 
[ our/PRP$ negatives/NNS ]
:/: ``/`` Among/IN 
[ liberals/NNS ]
,/, 
[ 60/CD %/NN ]
have/VBP 
[ positive/JJ views/NNS ]
of/IN 
[ her/PRP ]
,/, while/IN 
[ 50/CD %/NN ]
approve/VBP of/IN 
[ the/DT president/NN 's/POS job/NN performance/NN ]
./. 

In/IN 
[ part/NN ]
,/, 
[ this/DT ]
may/MD reflect/VB 
[ the/DT fact/NN ]
that/IN `/`` 
[ she/PRP ]
speaks/VBZ 
[ a/DT more/JJR progressive/JJ language/NN ]
'/'' than/IN 
[ her/PRP$ husband/NN ]
,/, as/IN 
[ Columbia/NNP 's/POS Prof/NNP ]
./. 

 {/( 
[ Ethel/NNP ]
 }/) 
[ Klein/NNP ]
puts/VBZ 
[ it/PRP ]
./. 

Among/IN 
[ professionals/NNS ]
,/, 
[ 76/CD %/NN ]
have/VBP 
[ a/DT favorable/JJ opinion/NN ]
of/IN 
[ her/PRP$ ]
,/, compared/VBN to/TO 
[ 62/CD %/NN ]
[ who/WP ]
approve/VBP of/IN 
[ her/PRP$ husband/NN 's/POS performance/NN ]
./. 

While/IN 
[ a/DT quarter/NN ]
of/IN 
[ black/JJ voters/NNS ]
disapprove/VBP of/IN 
[ Mr./NNP Bush/NNP 's/POS handling/NN ]
of/IN 
[ his/PRP$ job/NN ]
,/, only/RB 
[ 15/CD %/NN ]
have/VBP 
[ a/DT negative/JJ view/NN ]
of/IN 
[ his/PRP$ spouse/NN ]
./. 

''/'' 

[ The/DT statistics/NNS ]
imply/VBP that/IN 
[ three-quarters/NNS ]
of/IN 
[ blacks/NNS ]
approve/VBP of/IN 
[ Mr./NNP Bush/NNP 's/POS job/NN performance/NN ]
and/CC 
[ 85/CD %/NN ]
of/IN 
[ blacks/NNS ]
approve/VBP of/IN 
[ Mrs./NNP Bush/NNP ]
./. 

If/IN 
[ the/DT assumption/NN ]
is/VBZ that/IN 
[ it/PRP ]
is/VBZ surprising/JJ that/IN 
[ so/RB few/JJ blacks/NNS ]
find/VBP 
[ Mr./NNP ]
and/CC 
[ Mrs./NNP Bush/NNP distasteful/JJ ]
,/, 
[ the/DT positive/JJ view/NN ]
is/VBZ even/RB more/RBR newsworthy/JJ ./. 

[ Such/PDT an/DT editorial/NN point/NN ]
of/IN 
[ view/NN ]
perpetuates/VBZ 
[ an/DT insidious/JJ ]
,/, 
[ stereotyped/JJ perspective/NN ]
./. 

Why/WRB 
[ are/VBP we/PRP ]
[ blacks/NNS ]
continually/RB defined/VBN by/IN 
[ our/PRP$ minority/NN ]
and/CC 
[ the/DT lowest/JJS common/JJ denominator/NN ]
./. 

[ Preston/NNP G./NNP Foster/NNP ]
[ Birmingham/NNP ]
,/, 
[ Ala/NNP ]
./. 

[ The/DT National/NNP Association/NNP ]
of/IN 
[ Securities/NNPS Dealers/NNPS ]
,/, 
[ the/DT self-regulatory/JJ organization/NN ]
for/IN 
[ the/DT over-the-counter/JJ securities/NNS markets/NNS ]
,/, disciplined/VBD 
[ a/DT number/NN ]
of/IN 
[ firms/NNS ]
and/CC 
[ individuals/NNS ]
for/IN 
[ alleged/JJ violations/NNS ]
of/IN 
[ industry/NN rules/NNS ]
./. 

[ Two/CD firms/NNS ]
were/VBD expelled/VBN from/IN 
[ the/DT NASD/NNP ]
,/, 
[ three/CD ]
were/VBD suspended/VBN or/CC barred/VBN and/CC 
[ nine/CD ]
were/VBD fined/VBN ./. 

[ First/NNP Securities/NNPS Group/NNP ]
of/IN 
[ California/NNP ]
and/CC 
[ a/DT principal/NN ]
of/IN 
[ the/DT firm/NN ]
,/, 
[ Louis/NNP Fernando/NNP Vargas/NNP ]
of/IN 
[ Marina/NNP ]
[ del/DT Rey/NNP ]
,/, 
[ Calif./NNP ]
,/, were/VBD jointly/RB fined/VBN 
[ $/$ 15,000/CD ]
and/CC expelled/VBD for/IN 
[ alleged/VBN violations/NNS ]
of/IN reporting/VBG 
[ requirements/NNS ]
on/IN 
[ securities/NNS sales/NNS ]
./. 

Also/RB ,/, 
[ Mr./NNP Vargas/NNP ]
was/VBD barred/VBN from/IN 
[ association/NN ]
with/IN 
[ any/DT NASD/NNP member/NN ]
./. 

Neither/DT First/NNP 
[ Securities/NNP ]
,/, of/IN 
[ Beverly/NNP Hills/NNP ]
,/, nor/CC 
[ Mr./NNP Vargas/NNP ]
could/MD be/VB reached/VBN for/IN 
[ comment/NN ]
./. 

[ A/DT telephone-information/NN operator/NN ]
had/VBD 
[ no/DT listing/NN ]
for/IN 
[ either/DT party/NN ]
./. 

[ J.L./NNP Henry/NNP ]
&/CC 
[ Co./NNP ]
,/, 
[ Miami/NNP ]
,/, and/CC 
[ a/DT principal/NN ]
of/IN 
[ the/DT firm/NN ]
,/, 
[ Henry/NNP I./NNP Otero/NNP ]
of/IN 
[ Miami/NNP ]
,/, were/VBD jointly/RB fined/VBN 
[ $/$ 30,000/CD ]
and/CC expelled/VBN ,/, for/IN 
[ alleged/JJ improper/JJ use/NN ]
of/IN 
[ a/DT customer/NN 's/POS funds/NNS ]
,/, among/IN 
[ other/JJ things/NNS ]
./. 

Also/RB ,/, 
[ Mr./NNP Otero/NNP ]
was/VBD barred/VBN from/IN 
[ association/NN ]
with/IN 
[ any/DT NASD/NNP member/NN ]
./. 

[ J.L./NNP Henry/NNP ]
has/VBZ n't/RB 
[ any/DT Miami/NNP telephone/NN listing/NN ]
,/, 
[ an/DT operator/NN ]
said/VBD ./. 

[ Mr./NNP Otero/NNP ]
,/, 
[ who/WP ]
apparently/RB has/VBZ 
[ an/DT unpublished/JJ number/NN ]
,/, also/RB could/MD n't/RB be/VB reached/VBN ./. 

[ Biscayne/NNP Securities/NNP Corp./NNP ]
,/, of/IN 
[ Lauderhill/NNP ]
,/, 
[ Fla./NNP ]
,/, and/CC 
[ a/DT principal/NN ]
of/IN 
[ the/DT firm/NN ]
,/, 
[ Alvin/NNP Rosenblum/NNP ]
of/IN 
[ Plantation/NNP ]
,/, 
[ Fla./NNP ]
,/, were/VBD jointly/RB fined/VBN 
[ $/$ 20,000/CD ]
and/CC given/VBN 
[ 10-day/JJ suspensions/NNS ]
for/IN allegedly/RB selling/VBG 
[ securities/NNS ]
at/IN 
[ unfair/JJ prices/NNS ]
./. 

[ Biscayne/NNP ]
has/VBZ n't/RB 
[ any/DT telephone/NN listing/NN ]
,/, 
[ an/DT operator/NN ]
said/VBD ./. 

[ Mr./NNP Rosenblum/NNP ]
,/, 
[ who/WP ]
apparently/RB has/VBZ 
[ an/DT unpublished/JJ phone/NN number/NN ]
,/, also/RB could/MD n't/RB be/VB reached/VBN ./. 

[ Triton/NNP Securities/NNP ]
,/, of/IN 
[ Danville/NNP ]
,/, 
[ Calif./NNP ]
,/, and/CC 
[ a/DT principal/NN ]
of/IN 
[ the/DT firm/NN ]
,/, 
[ Delwin/NNP George/NNP Chase/NNP ]
,/, also/RB of/IN 
[ Danville/NNP ]
,/, were/VBD jointly/RB fined/VBN 
[ $/$ 10,000/CD ]
and/CC given/VBN 
[ 30-day/JJ suspensions/NNS ]
as/IN 
[ part/NN ]
of/IN 
[ a/DT settlement/NN ]
./. 

While/IN 
[ neither/DT ]
admitting/VBG nor/CC 
[ denying/VBG wrongdoing/NN ]
,/, 
[ Triton/NNP ]
and/CC 
[ Mr./NNP Chase/NNP ]
consented/VBD to/TO 
[ findings/NNS ]
of/IN 
[ violations/NNS ]
in/IN 
[ connection/NN ]
with/IN 
[ limited-partnership/NN sales/NNS ]
./. 

[ Officials/NNS ]
of/IN 
[ Triton/NNP ]
could/MD n't/RB be/VB reached/VBN for/IN 
[ comment/NN ]
./. 

[ Mr./NNP Chase/NNP ]
did/VBD n't/RB return/VB 
[ a/DT telephone/NN call/NN ]
to/TO 
[ his/PRP$ office/NN ]
./. 

[ Crane/NNP ]
&/CC 
[ Co./NNP Securities/NNP Inc./NNP ]
,/, of/IN 
[ Mount/NNP Clemens/NNP ]
,/, 
[ Mich./NNP ]
,/, and/CC 
[ its/PRP$ president/NN ]
,/, 
[ Glenn/NNP R./NNP Crane/NNP ]
,/, of/IN 
[ Sterling/NNP Heights/NNP ]
,/, 
[ Mich./NNP ]
,/, consented/VBD to/TO 
[ a/DT joint/JJ fine/NN ]
of/IN 
[ $/$ 10,000/CD ]
./. 

Without/IN admitting/VBG or/CC 
[ denying/VBG wrongdoing/NN ]
,/, 
[ they/PRP ]
consented/VBD to/TO 
[ findings/NNS ]
of/IN 
[ violations/NNS ]
of/IN 
[ escrow/NN ]
and/CC 
[ record-keeping/JJ rules/NNS ]
./. 

[ Mr./NNP Crane/NNP ]
did/VBD n't/RB return/VB 
[ a/DT call/NN seeking/VBG comment/NN ]
./. 

[ First/NNP Commonwealth/NNP Securities/NNP Corp./NNP ]
,/, of/IN 
[ New/NNP Orleans/NNP ]
,/, and/CC 
[ its/PRP$ president/NN ]
,/, 
[ Kenneth/NNP J./NNP Canepa/NNP ]
,/, also/RB of/IN 
[ New/NNP Orleans/NNP ]
,/, consented/VBD to/TO 
[ a/DT $/$ 10,000/CD fine/NN ]
./. 

Also/RB ,/, 
[ Mr./NNP Canepa/NNP ]
received/VBD 
[ a/DT two-week/JJ suspension/NN ]
``/`` in/IN 
[ a/DT principal/JJ capacity/NN ]
./. 

''/'' Without/IN admitting/VBG or/CC 
[ denying/VBG wrongdoing/NN ]
,/, 
[ they/PRP ]
consented/VBD to/TO 
[ findings/NNS ]
that/IN 
[ they/PRP ]
had/VBD inaccurately/RB represented/VBN 
[ the/DT firm/NN 's/POS net/NN capital/NN ]
,/, maintained/VBD 
[ inaccurate/JJ books/NNS ]
and/CC 
[ records/NNS ]
,/, and/CC made/VBD 
[ other/JJ violations/NNS ]
./. 

[ Mr./NNP Canepa/NNP ]
confirmed/VBD 
[ he/PRP ]
had/VBD consented/VBN to/TO 
[ the/DT sanctions/NNS ]
but/CC declined/VBD to/TO comment/VB further/RB ./. 

[ Weatherly/NNP Securities/NNP Corp./NNP ]
,/, 
[ New/NNP York/NNP ]
,/, and/CC 
[ three/CD ]
of/IN 
[ its/PRP$ principals/NNS --/: Dell/NNP Eugene/NNP Keehn/NNP ]
and/CC 
[ William/NNP Northy/NNP Prater/NNP Jr./NNP ]
,/, 
[ both/DT ]
of/IN 
[ Mercer/NNP Island/NNP ]
,/, 
[ Wash./NNP ]
,/, and/CC 
[ Thomas/NNP Albert/NNP McFall/NNP ]
,/, of/IN 
[ Red/NNP Bank/NNP ]
,/, 
[ N.J/NNP ]
./. 

[ --/: consented/VBD ]
to/TO 
[ a/DT fine/NN ]
of/IN 
[ $/$ 20,000/CD ]
./. 

Without/IN admitting/VBG or/CC 
[ denying/VBG wrongdoing/NN ]
,/, 
[ they/PRP ]
consented/VBD to/TO 
[ findings/NNS ]
that/IN 
[ they/PRP ]
failed/VBD to/TO return/VB 
[ funds/NNS ]
owed/VBN to/TO 
[ customers/NNS ]
in/IN 
[ connection/NN ]
with/IN 
[ a/DT limited-partnership/NN offering/NN ]
./. 

Reached/VBN at/IN 
[ his/PRP$ office/NN ]
,/, 
[ Mr./NNP McFall/NNP ]
,/, currently/RB 
[ chairman/NN ]
,/, said/VBD ,/, ``/`` 
[ An/DT implication/NN ]
that/IN 
[ we/PRP ]
failed/VBD to/TO return/VB 
[ investor/NN funds/NNS ]
is/VBZ inappropriate/JJ and/CC 
[ inaccurate/JJ ]
./. 

''/'' 
[ He/PRP ]
described/VBD 
[ the/DT situation/NN ]
as/IN ``/`` 
[ an/DT escrow/NN problem/NN ]
,/, 
[ a/DT timing/NN issue/NN ]
,/, ''/'' 
[ which/WDT ]
[ he/PRP ]
said/VBD was/VBD rapidly/RB rectified/VBN ,/, with/IN 
[ no/DT losses/NNS ]
to/TO 
[ customers/NNS ]
./. 

[ W.N./NNP Whelen/NNP ]
&/CC 
[ Co./NNP ]
,/, of/IN 
[ Georgetown/NNP ]
,/, 
[ Del./NNP ]
,/, and/CC 
[ its/PRP$ president/NN ]
,/, 
[ William/NNP N./NNP Whelen/NNP Jr./NNP ]
,/, also/RB of/IN 
[ Georgetown/NNP ]
,/, were/VBD barred/VBN from/IN transacting/VBG 
[ principal/JJ trades/NNS ]
for/IN 
[ 90/CD days/NNS ]
and/CC were/VBD jointly/RB fined/VBN 
[ $/$ 15,000/CD ]
./. 

[ The/DT firm/NN ]
and/CC 
[ Mr./NNP Whelen/NNP ]
allegedly/RB sold/VBD 
[ securities/NNS ]
to/TO 
[ the/DT public/NN ]
at/IN 
[ unfair/JJ prices/NNS ]
,/, among/IN 
[ other/JJ alleged/JJ violations/NNS ]
./. 

[ Mr./NNP Whelen/NNP ]
denied/VBD 
[ the/DT firm/NN ]
had/VBD sold/VBN 
[ securities/NNS ]
at/IN 
[ unfair/JJ prices/NNS ]
and/CC suggested/VBD that/IN 
[ the/DT examination/NN practices/NNS ]
of/IN 
[ the/DT NASD/NNP need/VBP improvement/NN ]
./. 

[ The/DT firm/NN ]
and/CC 
[ the/DT NASD/NNP ]
differ/VBP over/IN 
[ the/DT meaning/NN ]
of/IN 
[ markup/NN ]
and/CC 
[ markdown/NN ]
,/, 
[ he/PRP ]
added/VBD ./. 

[ Shearson/NNP Lehman/NNP Hutton/NNP Inc./NNP ]
,/, 
[ New/NNP York/NNP ]
,/, 
[ which/WDT ]
is/VBZ 
[ 62%-owned/JJ ]
by/IN 
[ American/NNP Express/NNP Co./NNP ]
,/, consented/VBD to/TO 
[ a/DT $/$ 10,000/CD fine/NN ]
./. 

Without/IN admitting/VBG or/CC 
[ denying/VBG wrongdoing/NN ]
,/, 
[ the/DT firm/NN ]
consented/VBD to/TO 
[ findings/NNS ]
that/IN 
[ it/PRP ]
failed/VBD to/TO respond/VB ``/`` in/IN 
[ a/DT timely/JJ manner/NN ]
''/'' to/TO 
[ the/DT NASD/NNP 's/POS requests/NNS ]
for/IN 
[ information/NN ]
in/IN 
[ connection/NN ]
with/IN 
[ a/DT customer/NN complaint/NN ]
./. 

[ A/DT Shearson/NNP spokesman/NN ]
had/VBD 
[ no/DT comment/NN ]
./. 

[ The/DT following/VBG individuals/NNS ]
were/VBD fined/VBN as/IN indicated/VBN and/CC barred/VBN from/IN 
[ association/NN ]
with/IN 
[ NASD/NNP members/NNS ]
,/, or/CC ,/, where/WRB noted/VBN ,/, suspended/VBN ./. 

Except/IN where/WRB noted/VBN ,/, 
[ none/NN ]
of/IN 
[ these/DT people/NNS ]
could/MD be/VB reached/VBN for/IN 
[ comment/NN ]
or/CC had/VBD 
[ any/DT comment/NN ]
./. 

[ Andrew/NNP Derel/NNP Adams/NNP ]
,/, 
[ Killeen/NNP ]
,/, 
[ Texas/NNP ]
,/, fined/VBN 
[ $/$ 15,000/CD ]
;/: 
[ John/NNP Francis/NNP Angier/NNP Jr./NNP ]
,/, 
[ Reddington/NNP Shores/NNP ]
,/, 
[ Fla./NNP ]
,/, 
[ $/$ 15,000/CD ]
;/: 
[ Mark/NNP Anthony/NNP ]
,/, 
[ Arlington/NNP Heights/NNP ]
,/, 
[ Ill./NNP ]
,/, 
[ $/$ 10,000/CD ]
and/CC 
[ 30-day/JJ suspension/NN ]
;/: 
[ William/NNP Stirlen/NNP ]
,/, 
[ Arlington/NNP Heights/NNP ]
,/, 
[ Ill./NNP ]
,/, 
[ $/$ 7,500/CD ]
and/CC 
[ 30-day/JJ suspension/NN ]
;/: 
[ Fred/NNP W./NNP Bonnell/NNP ]
,/, 
[ Boulder/NNP ]
,/, 
[ Colo./NNP ]
,/, 
[ $/$ 2,500/CD ]
and/CC 
[ six-month/JJ suspension/NN ]
;/: 
[ Michael/NNP J./NNP Boorse/NNP ]
,/, 
[ Horsham/NNP ]
,/, 
[ Pa./NNP ]
;/: 
[ David/NNP Chiodo/NNP ]
,/, 
[ Dallas/NNP ]
,/, 
[ $/$ 5,000/CD ]
,/, barred/VBD as/IN 
[ a/DT principal/NN ]
;/: 
[ Camille/NNP Chafic/NNP Cotran/NNP ]
,/, 
[ London/NNP ]
,/, 
[ $/$ 25,000/CD ]
;/: 
[ John/NNP William/NNP Curry/NNP ]
,/, fined/VBN 
[ $/$ 5,000/CD ]
,/, ordered/VBN to/TO disgorge/VB 
[ $/$ 30,000/CD ]
,/, 
[ one-year/JJ suspension/NN ]
./. 

[ John/NNP William/NNP Davis/NNP ]
,/, 
[ Colonsville/NNP ]
,/, 
[ Miss./NNP ]
,/, fined/VBN 
[ $/$ 200,000/CD ]
;/: 
[ Jeffrey/NNP Gerard/NNP Dompierre/NNP ]
,/, 
[ Valrico/NNP ]
,/, 
[ Fla./NNP ]
,/, 
[ $/$ 5,000/CD ]
and/CC 
[ 10-day/JJ suspension/NN ]
;/: 
[ Eugene/NNP Michael/NNP Felten/NNP ]
,/, 
[ La/NNP Canada/NNP ]
,/, 
[ Calif./NNP ]
,/, fined/VBN 
[ $/$ 25,000/CD ]
,/, ordered/VBN to/TO disgorge/VB 
[ $/$ 16,072/CD ]
and/CC suspended/VBN 
[ one/CD year/NN ]
;/: 
[ Marion/NNP Stewart/NNP Spitler/NNP ]
,/, 
[ La/NNP Canada/NNP ]
,/, fined/VBN 
[ $/$ 15,000/CD ]
,/, ordered/VBN to/TO disgorge/VB 
[ $/$ 18,444/CD ]
and/CC suspended/VBN 
[ six/CD months/NNS ]
./. 

[ Mr./NNP Felten/NNP ]
said/VBD ,/, ``/`` 
[ We/PRP ]
got/VBD 
[ what/WP ]
amounted/VBD to/TO 
[ a/DT parking/NN ticket/NN ]
,/, and/CC by/IN complaining/VBG about/IN 
[ it/PRP ]
,/, 
[ we/PRP ]
ended/VBD up/IN with/IN 
[ a/DT sizable/JJ fine/NN ]
and/CC 
[ suspension/NN ]
./. 

''/'' 
[ The/DT matter/NN ]
``/`` did/VBD n't/RB involve/VB 
[ anybody/NN ]
[ 's/POS securities/NNS transactions/NNS ]
,/, ''/'' 
[ he/PRP ]
added/VBD ./. 

[ Victor/NNP Stanley/NNP Fishman/NNP ]
,/, 
[ Longwood/NNP ]
,/, 
[ Fla./NNP ]
,/, fined/VBN 
[ $/$ 25,000/CD ]
;/: 
[ William/NNP Harold/NNP Floyd/NNP ]
,/, 
[ Houston/NNP ]
,/, 
[ $/$ 100,000/CD ]
;/: 
[ Michael/NNP Anthony/NNP Houston/NNP ]
,/, 
[ Bronx/NNP ]
,/, 
[ N.Y./NNP ]
,/, 
[ $/$ 15,000/CD ]
;/: 
[ Amin/NNP Jalaalwalikraam/NNP ]
,/, 
[ Glenham/NNP ]
,/, 
[ N.Y./NNP ]
,/, 
[ $/$ 60,000/CD ]
;/: 
[ Richard/NNP F./NNP Knapp/NNP ]
,/, 
[ London/NNP ]
,/, 
[ $/$ 10,000/CD ]
and/CC 
[ 30-day/JJ suspension/NN ]
;/: 
[ Deborah/NNP Renee/NNP Martin/NNP ]
,/, 
[ St./NNP Louis/NNP ]
,/, 
[ $/$ 15,000/CD ]
;/: 
[ Joseph/NNP Francis/NNP Muscolina/NNP Jr./NNP ]
,/, 
[ Palisades/NNP Park/NNP ]
,/, 
[ N.J./NNP ]
,/, 
[ $/$ 15,000/CD ]
;/: 
[ Robert/NNP C./NNP Najarian/NNP ]
,/, 
[ Brooklyn/NNP Park/NNP ]
,/, 
[ Minn./NNP ]
,/, 
[ $/$ 15,000/CD ]
;/: 
[ Edward/NNP Robert/NNP Norwick/NNP ]
,/, 
[ Nesconset/NNP ]
,/, 
[ N.Y./NNP ]
,/, 
[ $/$ 30,000/CD ]
./. 

[ Charles/NNP D./NNP Phipps/NNP Sr./NNP ]
,/, 
[ Hermitage/NNP ]
,/, 
[ Pa./NNP ]
,/, fined/VBN 
[ $/$ 10,000/CD ]
;/: 
[ David/NNP Scott/NNP Rankin/NNP ]
,/, 
[ Lake/NNP St./NNP Louis/NNP ]
,/, 
[ Mo./NNP ]
,/, 
[ $/$ 15,000/CD ]
;/: 
[ Leigh/NNP A./NNP Sanderoff/NNP ]
,/, 
[ Gaithersburg/NNP ]
,/, 
[ Md./NNP ]
,/, fined/VBN 
[ $/$ 45,000/CD ]
,/, ordered/VBN to/TO disgorge/VB 
[ $/$ 12,252/CD ]
;/: 
[ Sandra/NNP Ann/NNP Smith/NNP ]
,/, 
[ Ridgefield/NNP ]
,/, 
[ N.J./NNP ]
,/, 
[ $/$ 15,000/CD ]
;/: 
[ James/NNP G./NNP Spence/NNP ]
,/, 
[ Aloha/NNP ]
,/, 
[ Ore./NNP ]
,/, 
[ $/$ 5,000/CD ]
and/CC 
[ six-month/JJ suspension/NN ]
;/: 
[ Mona/NNP Sun/NNP ]
,/, 
[ Jamaica/NNP Estates/NNP ]
,/, 
[ N.Y./NNP ]
,/, 
[ $/$ 60,000/CD ]
;/: 
[ William/NNP Swearingen/NNP ]
,/, 
[ Minneapolis/NNP ]
,/, 
[ $/$ 15,000/CD ]
and/CC 
[ six-month/JJ suspension/NN ]
;/: 
[ John/NNP Bew/NNP Wong/NNP ]
,/, 
[ San/NNP Francisco/NNP ]
,/, 
[ $/$ 25,000/CD ]
;/: 
[ Rabia/NNP M./NNP Zayed/NNP ]
,/, 
[ San/NNP Francisco/NNP ]
,/, 
[ $/$ 50,000/CD ]
./. 

[ The/DT following/VBG ]
were/VBD 
[ neither/DT ]
barred/VBN nor/CC suspended/VBN :/: 
[ Stephanie/NNP Veselich/NNP Enright/NNP ]
,/, 
[ Rolling/NNP Hills/NNP ]
,/, 
[ Calif./NNP ]
,/, fined/VBN 
[ $/$ 2,500/CD ]
and/CC ordered/VBN to/TO disgorge/VB 
[ $/$ 11,762/CD ]
;/: 
[ Stuart/NNP Lane/NNP Russel/NNP ]
,/, 
[ Glendale/NNP ]
,/, 
[ Calif./NNP ]
,/, fined/VBN 
[ $/$ 2,500/CD ]
and/CC ordered/VBN to/TO disgorge/VB 
[ $/$ 14,821/CD ]
;/: 
[ Devon/NNP Nilson/NNP Dahl/NNP ]
,/, 
[ Fountain/NNP Valley/NNP ]
,/, 
[ Calif./NNP ]
,/, fined/VBN 
[ $/$ 82,389/CD ]
./. 

[ Mr./NNP Dahl/NNP ]
,/, 
[ a/DT registered/VBN representative/NN ]
in/IN 
[ the/DT insurance/NN business/NN ]
,/, said/VBD 
[ he/PRP ]
``/`` screwed/VBD up/IN ''/'' because/IN 
[ he/PRP ]
did/VBD n't/RB realize/VB 
[ he/PRP ]
was/VBD breaking/VBG 
[ securities/NNS laws/NNS ]
./. 

``/`` 
[ Insurance/NN agents/NNS ]
have/VBP been/VBN forced/VBN by/IN 
[ their/PRP$ companies/NNS ]
into/IN becoming/VBG 
[ registered/VBN reps/NNS ]
,/, ''/'' 
[ he/PRP ]
said/VBD ,/, ``/`` but/CC 
[ they/PRP ]
are/VBP not/RB providing/VBG 
[ compliance/NN ]
and/CC 
[ security-type/JJ training/NN ]
so/IN that/IN 
[ we/PRP ]
can/MD avoid/VB 
[ stupid/JJ mistakes/NNS ]
./. 

''/'' 

[ The/DT following/NN ]
were/VBD barred/VBN or/CC ,/, where/WRB noted/VBN ,/, suspended/VBN and/CC consented/VBD to/TO 
[ findings/NNS ]
without/IN admitting/VBG or/CC 
[ denying/VBG wrongdoing/NN ]
:/: 
[ Edward/NNP L./NNP Cole/NNP ]
,/, 
[ Jackson/NNP ]
,/, 
[ Miss./NNP ]
,/, 
[ $/$ 10,000/CD fine/NN ]
;/: 
[ Rita/NNP Rae/NNP Cross/NNP ]
,/, 
[ Denver/NNP ]
,/, 
[ $/$ 2,500/CD fine/NN ]
and/CC 
[ 30-day/JJ suspension/NN ]
;/: 
[ Thomas/NNP Richard/NNP Meinders/NNP ]
,/, 
[ Colorado/NNP Springs/NNP ]
,/, 
[ Colo./NNP ]
,/, 
[ $/$ 2,000/CD fine/NN ]
,/, 
[ five-day/JJ suspension/NN ]
and/CC 
[ eight-month/JJ suspension/NN ]
as/IN 
[ a/DT principal/NN ]
;/: 
[ Ronald/NNP A./NNP Cutrer/NNP ]
,/, 
[ Baton/NNP Rouge/NNP ]
,/, 
[ La./NNP ]
,/, 
[ $/$ 15,000/CD fine/NN ]
and/CC 
[ one-month/JJ suspension/NN ]
;/: 
[ Karl/NNP Grant/NNP Hale/NNP ]
,/, 
[ Midvale/NNP ]
,/, 
[ Utah/NNP ]
,/, 
[ $/$ 15,000/CD fine/NN ]
;/: 
[ Clinton/NNP P./NNP Hayne/NNP ]
,/, 
[ New/NNP Orleans/NNP ]
,/, 
[ $/$ 7,500/CD fine/NN ]
and/CC 
[ one-week/JJ suspension/NN ]
;/: 
[ Richard/NNP M./NNP Kane/NNP ]
,/, 
[ Coconut/NNP Creek/NNP ]
,/, 
[ Fla./NNP ]
,/, 
[ $/$ 250,000/CD fine/NN ]
;/: 
[ John/NNP B./NNP Merrick/NNP ]
,/, 
[ Aurora/NNP ]
,/, 
[ Colo./NNP ]
,/, 
[ $/$ 1,000/CD fine/NN ]
and/CC 
[ 10-day/JJ suspension/NN ]
;/: 
[ John/NNP P./NNP Miller/NNP ]
,/, 
[ Baton/NNP Rouge/NNP ]
,/, 
[ $/$ 2,000/CD fine/NN ]
and/CC 
[ two-week/JJ suspension/NN ]
;/: 
[ Randolph/NNP K./NNP Pace/NNP ]
,/, 
[ New/NNP York/NNP ]
,/, 
[ $/$ 10,000/CD fine/NN ]
and/CC 
[ 90-day/JJ suspension/NN ]
;/: 
[ Brian/NNP D./NNP Pitcher/NNP ]
,/, 
[ New/NNP Providence/NNP ]
,/, 
[ N.J./NNP ]
,/, 
[ $/$ 30,000/CD fine/NN ]
;/: 
[ Wayne/NNP A./NNP Russo/NNP ]
,/, 
[ Bridgeville/NNP ]
,/, 
[ Pa./NNP ]
,/, 
[ $/$ 4,000/CD fine/NN ]
and/CC 
[ 15-day/JJ suspension/NN ]
;/: 
[ Orville/NNP Leroy/NNP Sandberg/NNP ]
,/, 
[ Aurora/NNP ]
,/, 
[ Colo./NNP ]
,/, 
[ $/$ 3,500/CD fine/NN ]
and/CC 
[ 10-day/JJ suspension/NN ]
;/: 
[ Richard/NNP T./NNP Marchese/NNP ]
,/, 
[ Las/NNP Vegas/NNP ]
,/, 
[ Nev./NNP ]
,/, 
[ $/$ 5,000/CD ]
and/CC 
[ one-year/JJ suspension/NN ]
;/: 
[ Eric/NNP G./NNP Monchecourt/NNP ]
,/, 
[ Las/NNP Vegas/NNP ]
,/, 
[ $/$ 5,000/CD ]
and/CC 
[ one-year/JJ suspension/NN ]
;/: and/CC 
[ Robert/NNP Gerhard/NNP Smith/NNP ]
,/, 
[ Carson/NNP City/NNP ]
,/, 
[ Nev./NNP ]
,/, 
[ two-year/JJ suspension/NN ]
./. 

``/`` 
[ I/PRP ]
was/VBD n't/RB ever/RB actively/RB engaged/VBN in/IN 
[ any/DT securities/NNS activities/NNS ]
,/, ''/'' said/VBD 
[ Mr./NNP Cutrer/NNP ]
./. 

``/`` 
[ I/PRP ]
never/RB had/VBD 
[ any/DT clients/NNS ]
at/IN 
[ all/DT ]
./. 

[ It/PRP ]
was/VBD just/RB 
[ a/DT stupid/JJ mistake/NN ]
to/TO get/VB 
[ the/DT license/NN ]
,/, ''/'' 
[ he/PRP ]
said/VBD ,/, adding/VBG ,/, ``/`` 
[ I/PRP ]
'd/MD just/RB as/RB soon/RB not/RB get/VB into/IN ''/'' 
[ details/NNS ]
of/IN 
[ the/DT settlement/NN ]
./. 

[ Program/NN traders/NNS ]
are/VBP fond/JJ of/IN predicting/VBG that/IN if/IN 
[ they/PRP ]
are/VBP blocked/VBN in/IN 
[ the/DT U.S./NNP ]
,/, 
[ they/PRP ]
will/MD simply/RB emigrate/VB to/TO 
[ foreign/JJ stock/NN markets/NNS ]
./. 

But/CC in/IN 
[ London/NNP ]
and/CC 
[ Tokyo/NNP ]
,/, where/WRB 
[ computer-driven/JJ ]
trading/NN now/RB plays/VBZ 
[ a/DT small/JJ ]
but/CC 
[ growing/VBG role/NN ]
,/, 
[ traders/NNS ]
say/VBP 
[ a/DT number/NN ]
of/IN 
[ hurdles/NNS loom/VBP ]
./. 

[ Government/NN officials/NNS ]
,/, especially/RB in/IN 
[ Japan/NNP ]
,/, probably/RB would/MD resist/VB 
[ any/DT onslaught/NN ]
of/IN 
[ program/NN ]
trading/NN by/IN 
[ players/NNS ]
trying/VBG to/TO shrug/VB off/IN 
[ the/DT U.S./NNP furor/NN ]
over/IN 
[ their/PRP$ activities/NNS ]
and/CC marching/VBG abroad/RB with/IN 
[ their/PRP$ business/NN ]
./. 

[ Japan/NNP ]
is/VBZ ``/`` very/RB concerned/VBN ''/'' about/IN 
[ the/DT possible/JJ effects/NNS ]
of/IN 
[ program/NN ]
trading/NN ,/, 
[ a/DT senior/JJ Japanese/JJ official/NN ]
said/VBD after/IN 
[ the/DT Oct./NNP 13/CD stock/NN plunge/NN ]
in/IN 
[ New/NNP York/NNP ]
./. 

[ U.S./NNP stock-index/NN futures/NNS ]
are/VBP n't/RB even/RB traded/VBN in/IN 
[ Japan/NNP ]
now/RB ./. 

And/CC because/IN of/IN 
[ the/DT time/NN difference/NN ]
,/, 
[ the/DT Japanese/JJ ]
and/CC 
[ the/DT U.S./NNP markets/NNS '/POS trading/NN hours/NNS ]
do/VBP n't/RB overlap/VB ./. 

[ It/PRP ]
[ all/DT ]
adds/VBZ up/IN to/TO 
[ a/DT barrier/NN ]
to/TO 
[ American-style/JJ index/NN arbitrage/NN ]
,/, 
[ the/DT most/RBS popular/JJ form/NN ]
of/IN 
[ U.S./NNP program/NN ]
trading/NN 
[ that/WDT ]
seeks/VBZ to/TO exploit/VB 
[ brief/JJ differences/NNS ]
between/IN 
[ prices/NNS ]
of/IN 
[ stocks/NNS ]
in/IN 
[ New/NNP York/NNP ]
and/CC 
[ the/DT price/NN ]
of/IN 
[ a/DT futures/NNS contract/NN ]
in/IN 
[ Chicago/NNP ]
based/VBN on/IN 
[ those/DT stocks/NNS ]
./. 

About/IN 
[ 11.6/CD %/NN ]
of/IN 
[ all/DT program/NN ]
trading/NN by/IN 
[ New/NNP York/NNP Stock/NNP Exchange/NNP firms/NNS ]
in/IN 
[ September/NNP ]
took/VBD 
[ place/NN ]
in/IN 
[ foreign/JJ markets/NNS ]
,/, according/VBG to/TO 
[ Big/NNP Board/NNP data/NNS ]
./. 

Yet/CC 
[ it/PRP ]
is/VBZ difficult/JJ to/TO imagine/VB 
[ Japan/NNP ]
racing/VBG to/TO introduce/VB 
[ Chicago-style/JJ stock-index/JJ futures/NNS ]
./. 

[ Japan/NNP 's/POS Finance/NNP Ministry/NNP ]
already/RB is/VBZ scrutinizing/VBG 
[ institutional/JJ investors/NNS '/POS activity/NN ]
to/TO see/VB whether/IN 
[ policy/NN changes/NNS ]
are/VBP needed/VBN to/TO cope/VB with/IN 
[ the/DT current/JJ level/NN ]
of/IN 
[ program/NN ]
trading/NN ,/, said/VBD 
[ Makato/NNP Utsumi/NNP ]
,/, 
[ vice/NN minister/NN ]
for/IN 
[ international/JJ finance/NN ]
./. 

[ Program/NN ]
trading/NN has/VBZ taken/VBN off/IN in/IN 
[ Japan/NNP ]
since/IN 
[ last/JJ year/NN 's/POS introduction/NN ]
of/IN 
[ home-market/JJ stock-index/NN futures/NNS ]
trading/NN on/IN 
[ the/DT Tokyo/NNP ]
and/CC 
[ Osaka/NNP stock/NN exchanges/NNS ]
./. 

But/CC 
[ regulators/NNS ]
are/VBP wary/JJ ./. 

[ They/PRP ]
have/VBP n't/RB forgotten/VBN 
[ the/DT leap/NN ]
in/IN 
[ share/NN prices/NNS last/JJ Dec./NNP 7/CD ]
,/, when/WRB 
[ the/DT first/JJ bout/NN ]
of/IN 
[ foreign-led/JJ index/NN arbitrage/NN ]
drove/VBD 
[ stocks/NNS ]
skyward/RB in/IN 
[ the/DT last/JJ half-hour/JJ ]
of/IN trading/NN ,/, 
[ startling/JJ regulators/NNS ]
[ who/WP ]
thought/VBD 
[ they/PRP ]
had/VBD written/VBN 
[ enough/JJ rules/NNS ]
to/TO prevent/VB 
[ such/PDT a/DT swing/NN ]
./. 

[ Japan/NNP 's/POS Finance/NNP Ministry/NNP ]
had/VBD set/VBN up/IN 
[ mechanisms/NNS ]
to/TO limit/VB how/WRB 
[ far/JJ futures/NNS prices/NNS ]
could/MD fall/VB in/IN 
[ a/DT single/JJ session/NN ]
and/CC to/TO give/VB 
[ market/NN operators/NNS ]
[ the/DT authority/NN ]
to/TO suspend/VB trading/NN in/IN 
[ futures/NNS ]
at/IN 
[ any/DT time/NN ]
./. 

``/`` Maybe/RB 
[ it/PRP ]
[ was/VBD n't/RB ]
enough/RB ,/, ''/'' 
[ a/DT Finance/NNP Ministry/NNP official/NN ]
noted/VBD after/IN 
[ the/DT Dec./NNP 7/CD surge/NN ]
./. 

[ Japan/NNP 's/POS regulators/NNS ]
have/VBP since/IN tightened/VBN 
[ controls/NNS ]
on/IN 
[ index-related/JJ stock/NN purchases/NNS ]
./. 

[ Tokyo/NNP 's/POS leading/VBG program/NN traders/NNS ]
are/VBP 
[ the/DT big/JJ U.S./NNP securities/NNS houses/NNS ]
,/, though/IN 
[ the/DT Japanese/NNP ]
are/VBP playing/VBG 
[ catch-up/NN ]
./. 

[ Some/DT U.S./NNP firms/NNS ]
,/, notably/RB 
[ Salomon/NNP Inc./NNP ]
and/CC 
[ Morgan/NNP Stanley/NNP Group/NNP Inc./NNP ]
,/, have/VBP reaped/VBN 
[ a/DT hefty/JJ chunk/NN ]
of/IN 
[ their/PRP$ Japanese/JJ earnings/NNS ]
from/IN 
[ index/NN arbitrage/NN ]
,/, 
[ both/DT ]
for/IN 
[ customers/NNS ]
and/CC for/IN 
[ their/PRP$ own/JJ accounts/NNS ]
./. 

 (/( 
[ Morgan/NNP Stanley/NNP last/JJ week/NN ]
joined/VBD 
[ a/DT growing/VBG list/NN ]
of/IN 
[ U.S./NNP securities/NNS firms/NNS ]
[ that/WDT ]
have/VBP stopped/VBN 
[ doing/VBG index/NN arbitrage/NN ]
for/IN 
[ their/PRP$ own/JJ accounts/NNS ]
./. 

 )/) 

[ Both/DT Deryck/NNP C./NNP Maughan/NNP ]
,/, 
[ who/WP ]
heads/VBZ 
[ Salomon/NNP ]
in/IN 
[ Tokyo/NNP ]
,/, and/CC 
[ John/NNP S./NNP Wadsworth/NNP ]
,/, 
[ who/WP ]
heads/VBZ 
[ Morgan/NNP Stanley/NNP ]
there/RB ,/, ascribe/VBP 
[ a/DT good/JJ part/NN ]
of/IN 
[ their/PRP$ firms/NNS '/POS success/NN ]
in/IN 
[ Tokyo/NNP ]
to/TO 
[ their/PRP$ ability/NN ]
to/TO offer/VB 
[ sophisticated/JJ ]
,/, 
[ futures-related/JJ investment/NN strategies/NNS ]
to/TO 
[ big/JJ institutional/JJ clients/NNS ]
./. 

[ They/PRP ]
do/VBP n't/RB have/VB 
[ plans/NNS ]
to/TO cut/VB back/RB ./. 

``/`` 
[ It/PRP ]
has/VBZ not/RB been/VBN disruptive/JJ in/IN 
[ the/DT markets/NNS ]
here/RB ,/, ''/'' 
[ Mr./NNP Maughan/NNP ]
said/VBD ./. 

``/`` 
[ The/DT real/JJ difference/NN ]
seems/VBZ to/TO be/VB that/IN 
[ the/DT cash/NN market/NN here/RB .../: ]
is/VBZ big/JJ enough/RB and/CC 
[ liquid/NN ]
enough/RB that/IN 
[ the/DT futures/NNS market/NN ]
is/VBZ n't/RB having/VBG 
[ the/DT same/JJ impact/NN ]
[ it/PRP ]
does/VBZ in/IN 
[ America/NNP ]
./. 

''/'' 

[ The/DT British/NNP ]
also/RB are/VBP scrutinizing/VBG 
[ program/NN trades/NNS ]
./. 

[ Index-arbitrage/NN ]
trading/NN is/VBZ ``/`` 
[ something/NN ]
[ we/PRP ]
want/VBP to/TO watch/VB closely/RB ,/, ''/'' 
[ an/DT official/NN ]
at/IN 
[ London/NNP 's/POS Stock/NNP Exchange/NNP ]
said/VBD ./. 

``/`` 
[ We/PRP ]
do/VBP n't/RB think/VB 
[ there/EX ]
is/VBZ 
[ cause/NN ]
for/IN 
[ concern/NN ]
at/IN 
[ the/DT moment/NN ]
./. 

''/'' 

[ London/NNP ]
serves/VBZ increasingly/RB as/IN 
[ a/DT conduit/NN ]
for/IN 
[ program/NN ]
trading/NN of/IN 
[ U.S./NNP stocks/NNS ]
./. 

[ Market/NN professionals/NNS ]
said/VBD 
[ London/NNP ]
has/VBZ 
[ several/JJ attractions/NNS ]
./. 

First/JJ ,/, 
[ the/DT trading/NN ]
is/VBZ done/VBN over/IN 
[ the/DT counter/NN ]
and/CC is/VBZ n't/RB reported/VBN on/IN 
[ either/CC ]
[ the/DT U.S./NNP ]
or/CC 
[ London/NNP stock/NN ]
trading/NN 
[ tapes/NNS ]
./. 

Second/JJ ,/, 
[ it/PRP ]
can/MD be/VB used/VBN to/TO unwind/VB 
[ positions/NNS ]
before/IN 
[ U.S./NNP ]
trading/NN begins/VBZ ,/, but/CC at/IN 
[ prices/NNS ]
pegged/VBN to/TO 
[ the/DT previous/JJ session/NN 's/POS Big/NNP Board/NNP ]
close/NN ./. 

In/IN 
[ addition/NN ]
to/TO 
[ the/DT extra/JJ privacy/NN ]
of/IN 
[ these/DT trades/NNS ]
,/, 
[ the/DT transactions/NNS ]
can/MD often/RB be/VB less/RBR expensive/JJ to/TO execute/VB ,/, because/IN 
[ the/DT parties/NNS ]
do/VBP n't/RB have/VB to/TO pay/VB 
[ a/DT floor/NN brokerage/NN fee/NN ]
or/CC 
[ a/DT specialist/NN 's/POS fee/NN ]
./. 

Still/RB ,/, ``/`` Much/RB less/RBR {/( 
[ index-arbitrage/NN activity/NN ]
 }/) is/VBZ done/VBN over/IN here/RB than/IN in/IN 
[ the/DT U.S./NNP ''/'' ]
said/VBD 
[ Richard/NNP Barfield/NNP ]
,/, 
[ chief/NN investment/NN manager/NN ]
at/IN 
[ Standard/NNP Life/NNP Assurance/NNP Co./NNP ]
,/, 
[ which/WDT ]
manages/VBZ about/IN 
[ #/# 15/CD billion/CD ]
 (/( 
[ $/$ 23.72/CD billion/CD ]
 )/) in/IN 
[ United/NNP Kingdom/NNP institutional/JJ funds/NNS ]
./. 

[ Britain/NNP ]
has/VBZ 
[ two/CD main/JJ index-arbitrage/NN instruments/NNS ]
./. 

[ A/DT Financial/NNP Times-Stock/NNP Exchange/NNP 100-share/JJ index/NN option/NN contract/NN ]
is/VBZ traded/VBN on/IN 
[ the/DT London/NNP Stock/NNP Exchange/NNP 's/POS Traded/NNP Options/NNPS Market/NNP ]
./. 

And/CC 
[ an/DT FT-SE/NNP futures/NNS contract/NN ]
is/VBZ traded/VBN on/IN 
[ the/DT London/NNP International/NNP Financial/NNP Futures/NNPS Exchange/NNP ]
./. 

[ Both/DT ]
[ contracts/NNS ]
have/VBP gained/VBN 
[ a/DT following/NN ]
since/IN 
[ the/DT 1987/CD global/JJ market/NN crash/NN ]
./. 

[ The/DT average/JJ number/NN ]
of/IN 
[ FT-SE/NNP option/NN contracts/NNS ]
traded/VBN on/IN 
[ the/DT London/NNP exchange/NN ]
has/VBZ surged/VBN nearly/RB tenfold/RB since/IN 
[ the/DT contract/NN 's/POS launch/NN ]
in/IN 
[ 1984/CD ]
./. 

[ This/DT year/NN ]
,/, 
[ the/DT average/NN ]
of/IN 
[ daily/JJ contracts/NNS ]
traded/VBN totaled/VBD 
[ 9,118/CD ]
,/, up/IN from/IN 
[ 4,645/CD ]
[ a/DT year/NN ]
earlier/JJR and/CC from/IN 
[ 917/CD ]
in/IN 
[ 1984/CD ]
./. 

But/CC 
[ a/DT survey/NN ]
early/RB 
[ this/DT summer/NN ]
indicated/VBD that/IN 
[ the/DT volume/NN ]
of/IN 
[ index-options/NNS ]
trading/NN was/VBD only/RB 
[ 15/CD %/NN ]
of/IN 
[ the/DT size/NN ]
of/IN 
[ the/DT underlying/VBG equity/NN market/NN ]
,/, 
[ exchange/NN officials/NNS ]
said/VBD ./. 

[ This/DT ]
compares/VBZ with/IN 
[ estimates/NNS ]
that/IN 
[ the/DT U.S./NNP ]
``/`` 
[ derivatives/NNS ]
''/'' 
[ market/NN ]
is/VBZ perhaps/RB 
[ four/CD times/NNS ]
as/RB large/JJ as/IN 
[ the/DT ]
underlying/VBG 
[ domestic/JJ market/NN ]
./. 

[ The/DT House/NNP ]
voted/VBD to/TO boost/VB 
[ the/DT federal/JJ minimum/JJ wage/NN ]
for/IN 
[ the/DT first/JJ time/NN ]
since/IN 
[ early/JJ 1981/CD ]
,/, casting/VBG 
[ a/DT solid/JJ 382-37/CD vote/NN ]
for/IN 
[ a/DT compromise/NN measure/NN ]
backed/VBN by/IN 
[ President/NNP Bush/NNP ]
./. 

[ The/DT vote/NN ]
came/VBD after/IN 
[ a/DT debate/NN ]
replete/JJ with/IN 
[ complaints/NNS ]
from/IN 
[ both/DT ]
[ proponents/NNS ]
and/CC 
[ critics/NNS ]
of/IN 
[ a/DT substantial/JJ increase/NN ]
in/IN 
[ the/DT wage/NN floor/NN ]
./. 

[ Advocates/NNS ]
said/VBD 
[ the/DT 90-cent-an-hour/JJ rise/NN ]
,/, to/TO 
[ $/$ 4.25/CD ]
[ an/DT hour/NN ]
by/IN 
[ April/NNP 1991/CD ]
,/, is/VBZ too/RB small/JJ for/IN 
[ the/DT ]
working/VBG 
[ poor/NN ]
,/, while/IN 
[ opponents/NNS ]
argued/VBD that/IN 
[ the/DT increase/NN ]
will/MD still/RB hurt/VB 
[ small/JJ business/NN ]
and/CC cost/VB 
[ many/JJ thousands/NNS ]
of/IN 
[ jobs/NNS ]
./. 

But/CC 
[ the/DT legislation/NN ]
reflected/VBD 
[ a/DT compromise/NN ]
agreed/VBN to/TO on/IN 
[ Tuesday/NNP ]
by/IN 
[ President/NNP Bush/NNP ]
and/CC 
[ Democratic/JJ leaders/NNS ]
in/IN 
[ Congress/NNP ]
,/, after/IN 
[ congressional/JJ Republicans/NNPS ]
urged/VBD 
[ the/DT White/NNP House/NNP ]
to/TO bend/VB 
[ a/DT bit/NN ]
from/IN 
[ its/PRP$ previous/JJ resistance/NN ]
to/TO compromise/VB ./. 

So/IN 
[ both/DT ]
[ sides/NNS ]
accepted/VBD 
[ the/DT compromise/NN ]
,/, 
[ which/WDT ]
would/MD lead/VB to/TO 
[ the/DT first/JJ lifting/NN ]
of/IN 
[ the/DT minimum/JJ wage/NN ]
since/IN 
[ a/DT four-year/JJ law/NN ]
was/VBD enacted/VBN in/IN 
[ 1977/CD ]
,/, raising/VBG 
[ the/DT wage/NN ]
to/TO 
[ $/$ 3.35/CD ]
[ an/DT hour/NN ]
from/IN 
[ $/$ 2.65/CD ]
./. 

Under/IN 
[ the/DT measure/NN ]
passed/VBD yesterday/NN ,/, 
[ the/DT minimum/JJ wage/NN ]
would/MD rise/VB to/TO 
[ $/$ 3.80/CD next/JJ April/NNP ]
./. 

[ The/DT Senate/NNP plans/VBZ ]
to/TO take/VB up/IN 
[ the/DT measure/NN ]
quickly/RB and/CC is/VBZ expected/VBN to/TO pass/VB 
[ it/PRP ]
./. 

``/`` 
[ There/EX ]
are/VBP 
[ no/DT smiles/NNS ]
about/IN 
[ this/DT bill/NN ]
,/, ''/'' 
[ Rep./NNP Pat/NNP Williams/NNP ]
 (/( 
[ D./NNP ]
,/, 
[ Mont/NNP ]
./. 

 )/) said/VBD during/IN 
[ House/NNP floor/NN debate/NN yesterday/NN ]
./. 

But/CC ``/`` because/IN 
[ it/PRP ]
's/VBZ 
[ all/DT ]
[ we/PRP ]
've/VBP got/VBN ,/, 
[ I/PRP ]
'm/VBP going/VBG to/TO vote/VB for/IN 
[ it/PRP ]
./. 

''/'' 

While/IN 
[ the/DT minimum/JJ wage/NN ]
had/VBD traditionally/RB been/VBN pegged/VBN at/IN 
[ half/PDT the/DT average/JJ U.S./NNP manufacturing/NN wage/NN ]
,/, 
[ the/DT level/NN ]
of/IN 
[ $/$ 4.25/CD ]
[ an/DT hour/NN ]
in/IN 
[ 1991/CD ]
will/MD still/RB be/VB less/JJR than/IN 
[ 35/CD %/NN ]
of/IN 
[ average/JJ factory/NN pay/NN ]
,/, 
[ Mr./NNP Williams/NNP ]
said/VBD ./. 

But/CC 
[ Rep./NNP Marge/NNP Roukema/NNP ]
 (/( 
[ R./NNP ]
,/, 
[ N.J/NNP ]
./. 

 )/) instead/RB praised/VBD 
[ the/DT House/NNP 's/POS acceptance/NN ]
of/IN 
[ a/DT new/JJ youth/NN ]
``/`` 
[ training/NN ]
''/'' 
[ wage/NN ]
,/, 
[ a/DT subminimum/NN ]
that/IN 
[ GOP/NNP administrations/NNS ]
have/VBP sought/VBN for/IN 
[ many/JJ years/NNS ]
./. 

Adopting/VBG 
[ a/DT training-wage/JJ policy/NN ]
means/VBZ ``/`` getting/VBG beyond/IN 
[ the/DT nickel/NN ]
and/CC diming/NN of/IN 
[ the/DT minimum/JJ wage/NN ]
,/, ''/'' 
[ Mrs./NNP Roukema/NNP ]
said/VBD ./. 

[ Policy/NN makers/NNS ]
regard/VBP 
[ the/DT youth/NN wage/NN ]
as/IN helping/VBG to/TO limit/VB 
[ the/DT loss/NN ]
of/IN 
[ jobs/NNS ]
from/IN 
[ an/DT increase/NN ]
in/IN 
[ the/DT minimum/JJ wage/NN ]
,/, but/CC 
[ they/PRP ]
have/VBP lately/RB touted/VBN 
[ it/PRP ]
as/RB necessary/JJ to/TO help/VB impart/VB 
[ job/NN skills/NNS ]
to/TO 
[ entrants/NNS ]
into/IN 
[ the/DT work/NN force/NN ]
./. 

[ Labor/NN unions/NNS ]
and/CC 
[ Democrats/NNPS ]
long/RB fought/VBD 
[ the/DT idea/NN ]
,/, but/CC recently/RB acceded/VBD to/TO 
[ it/PRP ]
in/IN 
[ the/DT face/NN ]
of/IN 
[ Bush/NNP administration/NN insistence/NN ]
./. 

[ The/DT compromise/NN ]
sets/VBZ 
[ the/DT training/NN wage/NN ]
at/IN 
[ $/$ 3.35/CD ]
[ an/DT hour/NN ]
next/IN 
[ April/NNP ]
,/, and/CC at/IN 
[ $/$ 3.61/CD ]
[ an/DT hour/NN ]
,/, or/CC 
[ 85/CD %/NN ]
of/IN 
[ the/DT minimum/JJ wage/NN ]
,/, in/IN 
[ April/NNP 1991/CD ]
./. 

[ Employers/NNS ]
can/MD pay/VB 
[ the/DT subminimum/NN ]
for/IN 
[ 90/CD days/NNS ]
,/, without/IN 
[ restriction/NN ]
,/, to/TO 
[ workers/NNS ]
with/IN less/JJR than/IN 
[ six/CD months/NNS ]
of/IN 
[ job/NN experience/NN ]
,/, and/CC for/IN 
[ another/DT 90/CD days/NNS ]
if/IN 
[ the/DT company/NN ]
uses/VBZ 
[ a/DT government-certified/JJ training/NN program/NN ]
for/IN 
[ the/DT young/JJ workers/NNS ]
./. 

[ The/DT training/NN wage/NN ]
covers/VBZ 
[ only/JJ workers/NNS ]
[ who/WP ]
are/VBP 
[ 16/CD ]
to/TO 
[ 19/CD years/NNS ]
old/JJ ./. 

[ The/DT White/NNP House/NNP ]
previously/RB insisted/VBD on/IN 
[ an/DT unrestricted/JJ six-month/JJ training/NN wage/NN ]
[ that/WDT ]
could/MD be/VB paid/VBN 
[ any/DT time/NN ]
[ a/DT worker/NN ]
of/IN 
[ any/DT age/NN ]
took/VBD 
[ a/DT new/JJ job/NN ]
./. 

[ The/DT U.S./NNP Chamber/NNP ]
of/IN 
[ Commerce/NNP ]
,/, still/RB opposed/VBN to/TO 
[ any/DT mininum-wage/NN increase/NN ]
,/, said/VBD 
[ the/DT compromise/NN plan/NN ]
to/TO lift/VB 
[ the/DT wage/NN floor/NN 27/CD %/NN ]
in/IN 
[ two/CD stages/NNS ]
between/IN 
[ April/NNP 1990/CD ]
and/CC 
[ April/NNP 1991/CD ]
``/`` will/MD be/VB impossible/JJ for/IN 
[ many/JJ employers/NNS ]
to/TO accommodate/VB and/CC will/MD result/VB in/IN 
[ the/DT elimination/NN ]
of/IN 
[ jobs/NNS ]
for/IN 
[ American/JJ workers/NNS ]
and/CC 
[ higher/JJR prices/NNS ]
for/IN 
[ American/JJ consumers/NNS ]
./. 

''/''

[ Zenith/NNP Data/NNP Systems/NNPS Corp./NNP ]
,/, 
[ a/DT subsidiary/NN ]
of/IN 
[ Zenith/NNP Electronics/NNP Corp./NNP ]
,/, received/VBD 
[ a/DT $/$ 534/CD million/CD Navy/NNP contract/NN ]
for/IN 
[ software/NN ]
and/CC 
[ services/NNS ]
of/IN 
[ microcomputers/NNS ]
over/IN 
[ an/DT 84-month/JJ period/NN ]
./. 

[ Rockwell/NNP International/NNP Corp./NNP ]
won/VBD 
[ a/DT $/$ 130.7/CD million/CD Air/NNP Force/NNP contract/NN ]
for/IN 
[ AC-130U/NN gunship/NN replacement/NN aircraft/NN ]
./. 

[ Martin/NNP Marietta/NNP Corp./NNP ]
was/VBD given/VBN 
[ a/DT $/$ 29.9/CD million/CD Air/NNP Force/NNP contract/NN ]
for/IN 
[ low-altitude/NN navigation/NN ]
and/CC 
[ targeting/VBG|NN equipment/NN ]
./. 

[ Federal/NNP Data/NNP Corp./NNP ]
got/VBD 
[ a/DT $/$ 29.4/CD million/CD Air/NNP Force/NNP contract/NN ]
for/IN 
[ intelligence/NN data/NNS handling/NN ]
./. 

For/IN 
[ six/CD years/NNS ]
,/, 
[ T./NNP Marshall/NNP Hahn/NNP Jr./NNP ]
has/VBZ made/VBN 
[ corporate/JJ acquisitions/NNS ]
in/IN 
[ the/DT George/NNP Bush/NNP mode/NN ]
:/: 
[ kind/JJ ]
and/CC 
[ gentle/JJ ]
./. 

[ The/DT question/NN ]
now/RB :/: Can/MD 
[ he/PRP ]
act/VB more/RBR like/IN 
[ hard-charging/JJ Teddy/NNP Roosevelt/NNP ]
?/. 

[ Mr./NNP Hahn/NNP ]
,/, 
[ the/DT 62-year-old/JJ chairman/NN ]
and/CC 
[ chief/NN executive/JJ officer/NN ]
of/IN 
[ Georgia-Pacific/NNP Corp./NNP ]
is/VBZ leading/VBG 
[ the/DT forest-product/NN concern/NN 's/POS unsolicited/JJ $/$ 3.19/CD billion/CD bid/NN ]
for/IN 
[ Great/NNP Northern/NNP Nekoosa/NNP Corp/NNP ]
./. 

[ Nekoosa/NNP ]
has/VBZ given/VBN 
[ the/DT offer/NN ]
[ a/DT public/JJ cold/JJ shoulder/NN ]
,/, 
[ a/DT reaction/NN Mr./NNP Hahn/NNP has/VBZ n't/RB ]
faced/VBN in/IN 
[ his/PRP$ 18/CD earlier/JJR acquisitions/NNS ]
,/, 
[ all/DT ]
of/IN 
[ which/WDT ]
were/VBD negotiated/VBN behind/IN 
[ the/DT scenes/NNS ]
./. 

So/IN far/RB ,/, 
[ Mr./NNP Hahn/NNP ]
is/VBZ trying/VBG to/TO entice/VB 
[ Nekoosa/NNP ]
into/IN negotiating/VBG 
[ a/DT friendly/JJ surrender/NN ]
while/IN talking/VBG 
[ tough/JJ ]
./. 

``/`` 
[ We/PRP ]
are/VBP prepared/VBN to/TO pursue/VB aggressively/RB 
[ completion/NN ]
of/IN 
[ this/DT transaction/NN ]
,/, ''/'' 
[ he/PRP ]
says/VBZ ./. 

But/CC 
[ a/DT takeover/NN battle/NN ]
opens/VBZ up/RP 
[ the/DT possibility/NN ]
of/IN 
[ a/DT bidding/NN war/NN ]
,/, with/IN 
[ all/DT that/DT ]
implies/VBZ ./. 

If/IN 
[ a/DT competitor/NN ]
enters/VBZ 
[ the/DT game/NN ]
,/, for/IN 
[ example/NN ]
,/, 
[ Mr./NNP Hahn/NNP ]
could/MD face/VB 
[ the/DT dilemma/NN ]
of/IN paying/VBG 
[ a/DT premium/NN ]
for/IN 
[ Nekoosa/NNP ]
or/CC seeing/VBG 
[ the/DT company/NN fall/NN ]
into/IN 
[ the/DT arms/NNS ]
of/IN 
[ a/DT rival/NN ]
./. 

Given/VBN 
[ that/DT choice/NN ]
,/, 
[ associates/NNS ]
of/IN 
[ Mr./NNP Hahn/NNP ]
and/CC 
[ industry/NN observers/NNS ]
say/VBP 
[ the/DT former/JJ university/NN president/NN ]
--/: 
[ who/WP ]
has/VBZ developed/VBN 
[ a/DT reputation/NN ]
for/IN not/RB overpaying/VBG for/IN 
[ anything/NN ]
--/: would/MD fold/VB ./. 

``/`` 
[ There/EX ]
's/VBZ 
[ a/DT price/NN ]
above/IN 
[ which/WDT ]
[ I/PRP ]
'm/VBP 
[ positive/JJ Marshall/NNP ]
has/VBZ 
[ the/DT courage/NN ]
not/RB to/TO pay/VB ,/, ''/'' says/VBZ 
[ A.D./NNP Correll/NNP ]
,/, 
[ Georgia-Pacific/NNP 's/POS executive/JJ vice/NN president/NN ]
for/IN 
[ pulp/NN ]
and/CC 
[ paper/NN ]
./. 

Says/VBZ 
[ long-time/JJ associate/NN Jerry/NNP Griffin/NNP ]
,/, 
[ vice/NN president/NN ]
,/, 
[ corporate/JJ development/NN ]
,/, at/IN 
[ WTD/NNP Industries/NNPS Inc./NNP ]
:/: ``/`` 
[ He/PRP ]
is/VBZ n't/RB of/IN 
[ the/DT old/JJ school/NN ]
of/IN winning/VBG at/IN 
[ any/DT cost/NN ]
./. 

''/'' 

[ He/PRP ]
also/RB is/VBZ 
[ a/DT consensus/NN manager/NN ]
,/, 
[ insiders/NNS ]
say/VBP ./. 

[ The/DT decision/NN ]
to/TO make/VB 
[ the/DT bid/NN ]
for/IN 
[ Nekoosa/NNP ]
,/, for/IN 
[ example/NN ]
,/, was/VBD made/VBN only/RB after/IN 
[ all/DT six/CD members/NNS ]
of/IN 
[ Georgia-Pacific/NNP 's/POS management/NN committee/NN ]
signed/VBD onto/IN 
[ the/DT deal/NN ]
--/: even/RB though/IN 
[ Mr./NNP Hahn/NNP ]
knew/VBD 
[ he/PRP ]
wanted/VBD to/TO go/VB after/IN 
[ the/DT company/NN ]
early/RB on/IN ,/, says/VBZ 
[ Mr./NNP Correll/NNP ]
./. 

[ Associates/NNS ]
say/VBP 
[ Mr./NNP Hahn/NNP ]
picked/VBD up/RP 
[ that/DT careful/JJ approach/NN ]
to/TO 
[ management/NN ]
as/IN 
[ president/NN ]
of/IN 
[ Virginia/NNP Polytechnic/NNP Institute/NNP ]
./. 

Assuming/VBG 
[ that/DT post/NN ]
at/IN 
[ the/DT age/NN ]
of/IN 
[ 35/CD ]
,/, 
[ he/PRP ]
managed/VBD by/IN 
[ consensus/NN ]
,/, as/IN is/VBZ 
[ the/DT rule/NN ]
in/IN 
[ universities/NNS ]
,/, says/VBZ 
[ Warren/NNP H./NNP Strother/NNP ]
,/, 
[ a/DT university/NN official/NN ]
[ who/WP ]
is/VBZ researching/VBG 
[ a/DT book/NN ]
on/IN 
[ Mr./NNP Hahn/NNP ]
./. 

But/CC 
[ he/PRP ]
also/RB showed/VBD 
[ a/DT willingness/NN ]
to/TO take/VB 
[ a/DT strong/JJ stand/NN ]
./. 

In/IN 
[ 1970/CD ]
,/, 
[ Mr./NNP Hahn/NNP ]
called/VBD in/IN 
[ state/NN police/NNS ]
to/TO arrest/VB 
[ student/NN protesters/NNS ]
[ who/WP ]
were/VBD occupying/VBG 
[ a/DT university/NN building/NN ]
./. 

That/DT impressed/VBN 
[ Robert/NNP B./NNP Pamplin/NNP ]
,/, 
[ Georgia-Pacific/NNP 's/POS chief/NN executive/JJ ]
at/IN 
[ the/DT time/NN ]
,/, 
[ whom/WP Mr./NNP Hahn/NNP ]
had/VBD met/VBN while/IN fundraising/VBG for/IN 
[ the/DT institute/NN ]
./. 

In/IN 
[ 1975/CD ]
,/, 
[ Mr./NNP Pamplin/NNP ]
enticed/VBD 
[ Mr./NNP Hahn/NNP ]
into/IN joining/VBG 
[ the/DT company/NN ]
as/IN 
[ executive/JJ vice/NN president/NN ]
in/IN 
[ charge/NN ]
of/IN 
[ chemicals/NNS ]
;/: 
[ the/DT move/NN ]
befuddled/VBD 
[ many/JJ ]
in/IN 
[ Georgia-Pacific/NNP ]
[ who/WP ]
did/VBD n't/RB believe/VB 
[ a/DT university/NN administrator/NN ]
could/MD make/VB 
[ the/DT transition/NN ]
to/TO 
[ the/DT corporate/JJ world/NN ]
./. 

But/CC 
[ Mr./NNP Hahn/NNP ]
rose/VBD swiftly/RB through/IN 
[ the/DT ranks/NNS ]
,/, demonstrating/VBG 
[ a/DT raw/JJ intelligence/NN ]
that/IN 
[ he/PRP ]
says/VBZ 
[ he/PRP ]
knew/VBD 
[ he/PRP ]
possessed/VBD early/RB on/IN ./. 

[ The/DT son/NN ]
of/IN 
[ a/DT physicist/NN ]
,/, 
[ Mr./NNP Hahn/NNP ]
skipped/VBD 
[ first/JJ grade/NN ]
because/IN 
[ his/PRP$ reading/NN ability/NN ]
was/VBD so/RB far/RB above/IN 
[ his/PRP$ classmates/NNS ]
./. 

Moving/VBG rapidly/RB through/IN 
[ school/NN ]
,/, 
[ he/PRP ]
graduated/VBD 
[ Phi/NNP Beta/NNP Kappa/NNP ]
from/IN 
[ the/DT University/NNP ]
of/IN 
[ Kentucky/NNP ]
at/IN 
[ age/NN 18/CD ]
,/, after/IN spending/VBG only/RB 
[ 2/CD 1\/2/CD years/NNS ]
in/IN 
[ college/NN ]
./. 

[ He/PRP ]
earned/VBD 
[ his/PRP$ doctorate/NN ]
in/IN 
[ nuclear/JJ physics/NN ]
from/IN 
[ the/DT Massachusetts/NNP Institute/NNP ]
of/IN 
[ Technology/NNP ]
./. 

[ Mr./NNP Hahn/NNP ]
agrees/VBZ that/IN 
[ he/PRP ]
has/VBZ 
[ a/DT ]
``/`` 
[ retentive/JJ ]
''/'' 
[ memory/NN ]
,/, but/CC 
[ friends/NNS ]
say/VBP 
[ that/DT ]
's/VBZ 
[ an/DT understatement/NN ]
./. 

[ They/PRP ]
call/VBP 
[ it/PRP ]
``/`` 
[ photographic/JJ ]
''/'' ./. 

[ Mr./NNP Hahn/NNP ]
also/RB has/VBZ engineered/VBN 
[ a/DT surprising/JJ turnaround/NN ]
of/IN 
[ Georgia-Pacific/NNP ]
./. 

Taking/VBG over/IN 
[ as/RB chief/NN executive/JJ officer/NN ]
in/IN 
[ 1983/CD ]
,/, 
[ he/PRP ]
inherited/VBD 
[ a/DT company/NN ]
[ that/WDT ]
was/VBD mired/VBN in/IN 
[ debt/NN ]
and/CC 
[ hurt/VBN ]
by/IN 
[ a/DT recession-inspired/JJ slide/NN ]
in/IN 
[ its/PRP$ building-products/NNS business/NN ]
./. 

[ Mr./NNP Hahn/NNP ]
began/VBD selling/VBG 
[ non-core/JJ businesses/NNS ]
,/, such/JJ as/IN 
[ oil/NN ]
and/CC 
[ gas/NN ]
and/CC 
[ chemicals/NNS ]
./. 

[ He/PRP ]
even/RB sold/VBD 
[ one/CD unit/NN ]
[ that/WDT ]
made/VBD 
[ vinyl/NN checkbook/NN covers/NNS ]
./. 

At/IN 
[ the/DT same/JJ time/NN ]
,/, 
[ he/PRP ]
began/VBD building/VBG up/RP 
[ the/DT pulp/NN ]
and/CC 
[ paper/NN segment/NN ]
of/IN 
[ the/DT company/NN while/NN refocusing/NN ]
building/NN 
[ products/NNS ]
on/IN 
[ home/NN repair/NN ]
and/CC remodeling/NN ,/, rather/RB than/IN 
[ materials/NNS ]
for/IN 
[ new-home/JJ construction/NN ]
./. 

[ The/DT idea/NN ]
was/VBD to/TO buffet/VB building/NN 
[ products/NNS ]
from/IN 
[ cycles/NNS ]
in/IN 
[ new-home/JJ construction/NN ]
./. 

[ The/DT formula/NN ]
has/VBZ paid/VBN off/IN ,/, so/RB far/RB ./. 

[ Georgia-Pacific/NNP 's/POS sales/NNS ]
climbed/VBD to/TO 
[ $/$ 9.5/CD billion/CD last/JJ year/NN ]
,/, compared/VBN with/IN 
[ $/$ 6/CD billion/CD ]
in/IN 
[ 1983/CD ]
,/, when/WRB 
[ Mr./NNP Hahn/NNP ]
took/VBD 
[ the/DT reins/NNS ]
./. 

[ Profit/NN ]
from/IN continuing/VBG 
[ operations/NNS ]
has/VBZ soared/VBN to/TO 
[ $/$ 467/CD million/CD ]
from/IN 
[ $/$ 75/CD million/CD ]
./. 

[ Mr./NNP Hahn/NNP ]
attributes/VBZ 
[ the/DT gains/NNS ]
to/TO 
[ the/DT philosophy/NN ]
of/IN concentrating/VBG on/IN 
[ what/WP ]
[ a/DT company/NN ]
knows/VBZ 
[ best/JJS ]
./. 

``/`` 
[ The/DT record/NN ]
of/IN 
[ companies/NNS ]
[ that/WDT ]
have/VBP diversified/VBN is/VBZ n't/RB 
[ all/DT ]
that/DT 
[ impressive/JJ ]
,/, ''/'' 
[ he/PRP ]
says/VBZ ./. 

[ Nekoosa/NNP ]
would/MD n't/RB be/VB 
[ a/DT diversification/NN ]
./. 

[ It/PRP ]
would/MD be/VB 
[ a/DT good/JJ match/NN ]
,/, 
[ Mr./NNP Hahn/NNP ]
and/CC 
[ many/JJ analysts/NNS ]
say/VBP ,/, of/IN 
[ two/CD healthy/JJ companies/NNS ]
with/IN 
[ high-quality/JJ assets/NNS ]
and/CC 
[ strong/JJ cash/NN ]
flows/VBZ ./. 

[ The/DT resulting/VBG company/NN ]
would/MD be/VB 
[ the/DT largest/JJS forest-products/NNS ]
concern/NN in/IN 
[ the/DT world/NN ]
with/IN 
[ combined/VBN sales/NNS ]
of/IN more/JJR than/IN 
[ $/$ 13/CD billion/CD ]
./. 

But/CC can/MD 
[ Mr./NNP Hahn/NNP ]
carry/VB 
[ it/PRP ]
off/IN ?/. 

In/IN 
[ this/DT instance/NN ]
,/, 
[ industry/NN observers/NNS ]
say/VBP ,/, 
[ he/PRP ]
is/VBZ entering/VBG 
[ uncharted/JJ waters/NNS ]
./. 

Says/VBZ 
[ Kathryn/NNP McAuley/NNP ]
,/, 
[ an/DT analyst/NN ]
at/IN 
[ First/NNP Manhattan/NNP Co./NNP ]
:/: ``/`` 
[ This/DT ]
is/VBZ 
[ the/DT greatest/JJS acquisition/NN challenge/NN ]
[ he/PRP ]
has/VBZ faced/VBN ./. 

''/''

[ A/DT House-Senate/NNP conference/NN ]
approved/VBD 
[ major/JJ portions/NNS ]
of/IN 
[ a/DT package/NN ]
for/IN more/JJR than/IN 
[ $/$ 500/CD million/CD ]
in/IN 
[ economic/JJ aid/NN ]
for/IN 
[ Poland/NNP ]
[ that/WDT ]
relies/VBZ heavily/RB on/IN 
[ $/$ 240/CD million/CD ]
in/IN 
[ credit/NN ]
and/CC 
[ loan/NN guarantees/NNS ]
in/IN 
[ fiscal/JJ 1990/CD ]
in/IN 
[ hopes/NNS ]
of/IN stimulating/VBG 
[ future/JJ trade/NN ]
and/CC 
[ investment/NN ]
./. 

For/IN 
[ the/DT Agency/NNP ]
for/IN 
[ International/NNP Development/NNP ]
,/, 
[ appropriators/NNS ]
approved/VBD 
[ $/$ 200/CD million/CD ]
in/IN 
[ secondary/JJ loan/NN ]
guarantees/NNS under/IN 
[ an/DT expanded/VBN trade/NN credit/NN insurance/NN program/NN ]
,/, and/CC 
[ total/JJ loan/NN ]
guarantees/NNS for/IN 
[ the/DT Overseas/NNP Private/NNP Investment/NNP Corp./NNP ]
are/VBP increased/VBN by/IN 
[ $/$ 40/CD million/CD ]
over/IN 
[ fiscal/JJ 1989/CD ]
as/IN 
[ part/NN ]
of/IN 
[ the/DT same/JJ Poland/NNP package/NN ]
./. 

[ The/DT conference/NN ]
approved/VBD at/IN 
[ least/JJS $/$ 55/CD million/CD ]
in/IN 
[ direct/JJ cash/NN ]
and/CC 
[ development/NN assistance/NN ]
as/IN well/RB ,/, and/CC though/IN 
[ no/DT decision/NN ]
was/VBD made/VBN ,/, 
[ both/DT ]
[ sides/NNS ]
are/VBP committed/VBN to/TO adding/VBG more/JJR than/IN 
[ $/$ 200/CD million/CD ]
in/IN 
[ economic/JJ support/NN funds/NNS ]
and/CC 
[ environmental/JJ initiatives/NNS ]
sought/VBN by/IN 
[ the/DT Bush/NNP administration/NN ]
./. 

[ The/DT agreement/NN ]
on/IN 
[ Poland/NNP contrasts/VBZ ]
with/IN 
[ the/DT major/JJ differences/NNS ]
remaining/VBG over/IN 
[ the/DT ]
underlying/VBG 
[ foreign/JJ aid/NN bill/NN ]
,/, 
[ which/WDT ]
has/VBZ already/RB provoked/VBN 
[ veto/NN threats/NNS ]
by/IN 
[ the/DT White/NNP House/NNP ]
and/CC is/VBZ sharply/RB confined/VBN under/IN 
[ this/DT year/NN 's/POS budget/NN ]
./. 

[ These/DT fiscal/JJ pressures/NNS ]
are/VBP also/RB 
[ a/DT factor/NN ]
in/IN shaping/VBG 
[ the/DT Poland/NNP package/NN ]
,/, and/CC while/IN 
[ more/RBR ambitious/JJ authorizing/VBG legislation/NN ]
is/VBZ still/RB pending/VBG ,/, 
[ the/DT appropriations/NNS bill/NN ]
in/IN 
[ conference/NN ]
will/MD be/VB more/RBR decisive/JJ on/IN 
[ U.S./NNP aid/NN ]
to/TO 
[ Eastern/NNP Europe/NNP ]
./. 

To/TO accommodate/VB 
[ the/DT additional/JJ cash/NN assistance/NN ]
,/, 
[ the/DT House/NNP Appropriations/NNPS Committee/NNP last/JJ week/NN ]
was/VBD required/VBN to/TO reallocate/VB 
[ an/DT estimated/VBN $/$ 140/CD million/CD ]
from/IN 
[ the/DT Pentagon/NNP ]
./. 

And/CC though/IN 
[ the/DT size/NN ]
of/IN 
[ the/DT loan/NN ]
guarantees/NNS approved/VBN 
[ yesterday/NN ]
is/VBZ significant/JJ ,/, 
[ recent/JJ experience/NN ]
with/IN 
[ a/DT similar/JJ program/NN ]
in/IN 
[ Central/NNP America/NNP ]
indicates/VBZ that/IN 
[ it/PRP ]
could/MD take/VB 
[ several/JJ years/NNS ]
before/IN 
[ the/DT new/JJ Polish/JJ government/NN ]
can/MD fully/RB use/VB 
[ the/DT aid/NN ]
effectively/RB ./. 

[ The/DT action/NN ]
on/IN 
[ Poland/NNP ]
came/VBD as/IN 
[ the/DT conference/NN ]
separately/RB approved/VBD 
[ $/$ 220/CD million/CD ]
for/IN 
[ international/JJ population/NN ]
planning/VBG 
[ activities/NNS ]
,/, 
[ an/DT 11/CD %/NN increase/NN ]
over/IN 
[ fiscal/JJ 1989/CD ]
./. 

[ The/DT House/NNP ]
and/CC 
[ Senate/NNP ]
are/VBP divided/VBN over/IN whether/IN 
[ the/DT United/NNP Nations/NNPS Population/NNP Fund/NNP ]
will/MD receive/VB 
[ any/DT portion/NN ]
of/IN 
[ these/DT appropriations/NNS ]
,/, but/CC 
[ the/DT size/NN ]
of/IN 
[ the/DT increase/NN ]
is/VBZ 
[ itself/PRP ]
significant/JJ ./. 

In/IN 
[ a/DT second/JJ area/NN ]
of/IN 
[ common/JJ concern/NN ]
,/, 
[ the/DT world/NN environment/NN ]
,/, 
[ an/DT additional/JJ $/$ 15/CD million/CD ]
will/MD be/VB provided/VBN in/IN 
[ development/NN assistance/NN ]
to/TO fund/VB 
[ a/DT series/NN ]
of/IN 
[ initiatives/NNS ]
,/, related/VBN 
[ both/DT ]
to/TO 
[ global/JJ ]
warming/NN and/CC 
[ the/DT plight/NN ]
of/IN 
[ the/DT African/JJ elephant/NN ]
./. 

[ The/DT sweeping/JJ nature/NN ]
of/IN 
[ the/DT bill/NN ]
draws/VBZ 
[ a/DT variety/NN ]
of/IN 
[ special/JJ interest/NN amendments/NNS ]
,/, running/VBG from/IN 
[ an/DT import/NN exemption/NN ]
for/IN 
[ a/DT California/NNP airplane/NN museum/NN ]
to/TO 
[ a/DT small/JJ ]
but/CC 
[ intriguing/JJ struggle/NN ]
among/IN 
[ sugar/NN ]
producing/VBG 
[ nations/NNS ]
over/IN 
[ the/DT fate/NN ]
of/IN 
[ Panama/NNP 's/POS quota/NN ]
of/IN 
[ exports/NNS ]
to/TO 
[ the/DT profitable/JJ U.S./NNP market/NN ]
./. 

[ Panama/NNP ]
was/VBD stripped/VBN of/IN 
[ this/DT right/NN ]
because/IN of/IN 
[ U.S./NNP differences/NNS ]
with/IN 
[ the/DT Noriega/NNP regime/NN ]
,/, but/CC 
[ the/DT Central/NNP American/NNP country/NN ]
would/MD have/VB received/VBN 
[ a/DT quota/NN ]
of/IN 
[ 30,537/CD metric/JJ tons/NNS ]
over/IN 
[ a/DT 21-month/JJ period/NN ending/VBG Sept./NNP 30/CD ]
,/, 
[ 1990/CD ]
./. 

About/IN 
[ a/DT quarter/NN ]
of/IN 
[ this/DT share/NN ]
has/VBZ already/RB been/VBN reallocated/VBN ,/, according/VBG to/TO 
[ the/DT industry/NN ]
,/, but/CC 
[ the/DT ]
remaining/VBG 
[ 23,403/CD tons/NNS ]
are/VBP still/RB 
[ a/DT lucrative/JJ target/NN ]
for/IN 
[ growers/NNS ]
because/IN 
[ the/DT current/JJ U.S./NNP price/NN ]
of/IN 
[ 18/CD cents/NNS ]
[ a/DT pound/NN ]
runs/VBZ as/RB much/JJ as/IN 
[ a/DT nickel/NN ]
[ a/DT pound/NN ]
above/IN 
[ the/DT world/NN rate/NN ]
./. 

[ The/DT potential/JJ sales/NNS ]
are/VBP nearly/RB 
[ $/$ 9.3/CD million/CD ]
,/, and/CC 
[ House/NNP Majority/NNP Whip/NNP William/NNP Gray/NNP ]
 (/( 
[ D./NNP ]
,/, 
[ Pa/NNP ]
./. 

 )/) began/VBD 
[ the/DT bidding/NN ]
[ this/DT year/NN ]
by/IN 
[ proposing/VBG language/NN ]
that/IN 
[ the/DT quota/NN ]
be/VB allocated/VBN to/TO 
[ English-speaking/JJ countries/NNS ]
of/IN 
[ the/DT Caribbean/NNP ]
,/, such/JJ as/IN 
[ Jamaica/NNP ]
and/CC 
[ Barbados/NNP ]
./. 

[ Rep./NNP Jerry/NNP Lewis/NNP ]
,/, 
[ a/DT conservative/JJ Californian/NN ]
,/, added/VBD 
[ a/DT provision/NN ]
of/IN 
[ his/PRP$ own/JJ intended/VBN ]
to/TO assist/VB 
[ Bolivia/NNP ]
,/, and/CC 
[ the/DT Senate/NNP ]
then/RB broadened/VBD 
[ the/DT list/NN ]
further/RB by/IN including/VBG 
[ all/DT countries/NNS ]
in/IN 
[ the/DT U.S./NNP Caribbean/NNP Basin/NNP ]
initiate/NN as/RB well/RB as/IN 
[ the/DT Philippines/NNP -/: backed/VBN ]
by/IN 
[ the/DT powerful/JJ Hawaii/NNP Democrat/NNP Sen./NNP Daniel/NNP Inouye/NNP ]
./. 

[ Jamaica/NNP ]
,/, 
[ wary/JJ ]
of/IN 
[ upsetting/VBG its/PRP$ Caribbean/NNP Basin/NNP allies/NNS ]
,/, has/VBZ apparently/RB instructed/VBN 
[ its/PRP$ lobbyist/NN ]
to/TO abandon/VB 
[ the/DT provision/NN ]
initially/RB drafted/VBN by/IN 
[ Mr./NNP Gray/NNP ]
,/, but/CC 
[ the/DT greater/JJR question/NN ]
is/VBZ whether/IN 
[ Mr./NNP Inouye/NNP ]
,/, 
[ who/WP ]
has/VBZ 
[ strong/JJ ties/NNS ]
to/TO 
[ the/DT sugar/NN industry/NN ]
,/, is/VBZ able/JJ to/TO insert/VB 
[ a/DT claim/NN ]
by/IN 
[ the/DT Philippines/NNPS ]
./. 

In/IN 
[ separate/JJ floor/NN action/NN ]
,/, 
[ the/DT House/NNP ]
waived/VBD 
[ budget/NN restrictions/NNS ]
and/CC gave/VBD 
[ quick/JJ approval/NN ]
to/TO 
[ $/$ 3.18/CD billion/CD ]
in/IN 
[ supplemental/JJ appropriations/NNS ]
for/IN 
[ law/NN enforcement/NN ]
and/CC 
[ anti-drug/JJ programs/NNS ]
in/IN 
[ fiscal/JJ 1990/CD ]
./. 

[ The/DT funding/NN ]
is/VBZ attached/VBN to/TO 
[ an/DT estimated/VBN $/$ 27.1/CD billion/CD transportation/NN bill/NN ]
[ that/WDT ]
goes/VBZ next/JJ to/TO 
[ the/DT Senate/NNP ]
and/CC carries/VBZ with/IN 
[ it/PRP ]
[ a/DT proposed/VBN permanent/JJ smoking/NN ban/NN ]
on/IN virtually/RB 
[ all/DT U.S./NNP domestic/JJ airline/NN flights/NNS ]
./. 

[ The/DT leadership/NN ]
hopes/VBZ to/TO move/VB 
[ the/DT compromise/NN measure/NN ]
promptly/RB to/TO 
[ the/DT White/NNP House/NNP ]
,/, but/CC in/IN 
[ recent/JJ days/NNS ]
,/, 
[ the/DT Senate/NNP ]
has/VBZ been/VBN as/RB likely/JJ to/TO bounce/VB 
[ bills/NNS ]
back/RB to/TO 
[ the/DT House/NNP ]
./. 

[ The/DT most/RBS recent/JJ example/NN ]
was/VBD 
[ a/DT ]
nearly/RB 
[ $/$ 17.3/CD billion/CD fiscal/JJ 1990/CD bill/NN ]
funding/VBG 
[ the/DT State/NNP ]
,/, 
[ Justice/NNP ]
and/CC 
[ Commerce/NNP departments/NNS ]
./. 

And/CC after/IN losing/VBG 
[ a/DT battle/NN Tuesday/NNP night/NN ]
with/IN 
[ the/DT Senate/NNP Foreign/NNP Relations/NNP Committee/NNP ]
,/, 
[ appropriators/NNS ]
from/IN 
[ both/DT ]
[ houses/NNS ]
are/VBP expected/VBN to/TO be/VB forced/VBN back/RB to/TO 
[ conference/NN ]
./. 

[ Beauty/NN Takes/VBZ Backseat/NN ]
To/TO 
[ Safety/NNP ]
on/IN 
[ Bridges/NNPS ]
[ EVERYONE/NN AGREES/VBZ ]
that/IN 
[ most/JJS ]
of/IN 
[ the/DT nation/NN 's/POS old/JJ bridges/NNS ]
need/VBP to/TO be/VB repaired/VBN or/CC replaced/VBN ./. 

But/CC 
[ there/EX ]
's/VBZ 
[ disagreement/NN ]
over/IN how/WRB to/TO do/VB 
[ it/PRP ]
./. 

[ Highway/NN officials/NNS ]
insist/VBP 
[ the/DT ornamental/JJ railings/NNS ]
on/IN 
[ older/JJR bridges/NNS ]
are/VBP n't/RB strong/JJ enough/RB to/TO prevent/VB 
[ vehicles/NNS ]
from/IN crashing/VBG through/IN ./. 

But/CC 
[ other/JJ people/NNS ]
do/VBP n't/RB want/VB to/TO lose/VB 
[ the/DT bridges/NNS '/POS beautiful/JJ ]
,/, sometimes/RB 
[ historic/JJ ]
,/, 
[ features/NNS ]
./. 

``/`` 
[ The/DT primary/JJ purpose/NN ]
of/IN 
[ a/DT railing/NN ]
is/VBZ to/TO contain/VB 
[ a/DT vehicle/NN ]
and/CC not/RB to/TO provide/VB 
[ a/DT scenic/JJ view/NN ]
,/, ''/'' says/VBZ 
[ Jack/NNP White/NNP ]
,/, 
[ a/DT planner/NN ]
with/IN 
[ the/DT Indiana/NNP Highway/NNP Department/NNP ]
./. 

[ He/PRP ]
and/CC 
[ others/NNS ]
prefer/VBP to/TO install/VB 
[ railings/NNS ]
such/JJ as/IN 
[ the/DT ]
``/`` 
[ type/NN F/NN safety/NN shape/NN ]
,/, ''/'' 
[ a/DT four-foot-high/JJ concrete/JJ slab/NN ]
with/IN 
[ no/DT openings/NNS ]
./. 

In/IN 
[ Richmond/NNP ]
,/, 
[ Ind./NNP ]
,/, 
[ the/DT type/NN F/NN railing/NN ]
is/VBZ being/VBG used/VBN to/TO replace/VB 
[ arched/JJ openings/NNS ]
on/IN 
[ the/DT G/NNP Street/NNP Bridge/NNP ]
./. 

[ Garret/NNP Boone/NNP ]
,/, 
[ who/WP ]
teaches/VBZ 
[ art/NN ]
at/IN 
[ Earlham/NNP College/NNP ]
,/, calls/VBZ 
[ the/DT new/JJ structure/NN ]
``/`` just/RB 
[ an/DT ugly/JJ bridge/NN ]
''/'' and/CC 
[ one/CD ]
[ that/WDT ]
blocks/VBZ 
[ the/DT view/NN ]
of/IN 
[ a/DT new/JJ park/NN ]
below/IN ./. 

In/IN 
[ Hartford/NNP ]
,/, 
[ Conn./NNP ]
,/, 
[ the/DT Charter/NNP Oak/NNP Bridge/NNP ]
will/MD soon/RB be/VB replaced/VBN ,/, 
[ the/DT cast-iron/JJ medallions/NNS ]
from/IN 
[ its/PRP$ railings/NNS ]
relegated/VBN to/TO 
[ a/DT park/NN ]
./. 

[ Compromises/NNS ]
are/VBP possible/JJ ./. 

[ Citizens/NNS ]
in/IN 
[ Peninsula/NNP ]
,/, 
[ Ohio/NNP ]
,/, upset/VBN over/IN 
[ changes/NNS ]
to/TO 
[ a/DT bridge/NN ]
,/, negotiated/VBD 
[ a/DT deal/NN ]
:/: 
[ The/DT bottom/NN half/NN ]
of/IN 
[ the/DT railing/NN ]
will/MD be/VB 
[ type/NN F/NN ]
,/, while/IN 
[ the/DT top/JJ half/NN ]
will/MD have/VB 
[ the/DT old/JJ bridge/NN 's/POS floral/JJ pattern/NN ]
./. 

Similarly/RB ,/, 
[ highway/NN engineers/NNS ]
agreed/VBD to/TO keep/VB 
[ the/DT old/JJ railings/NNS ]
on/IN 
[ the/DT Key/NNP Bridge/NNP ]
in/IN 
[ Washington/NNP ]
,/, 
[ D.C./NNP ]
,/, as/RB long/RB as/IN 
[ they/PRP ]
could/MD install/VB 
[ a/DT crash/JJ barrier/NN ]
between/IN 
[ the/DT sidewalk/NN ]
and/CC 
[ the/DT road/NN ]
./. 

[ Tray/NNP Bon/NNP ]
?/. 

[ Drink/NN Carrier/NN ]
[ Competes/VBZ ]
With/IN 
[ Cartons/NNS ]
[ PORTING/VBG POTABLES/NNS ]
just/RB got/VBD 
[ easier/JJR ]
,/, or/CC so/RB claims/VBZ 
[ Scypher/NNP Corp./NNP ]
,/, 
[ the/DT maker/NN ]
of/IN 
[ the/DT Cup-Tote/NNP ]
./. 

[ The/DT Chicago/NNP company/NN 's/POS beverage/NN carrier/NN ]
,/, meant/VBD to/TO replace/VB 
[ cardboard/NN trays/NNS ]
at/IN 
[ concession/NN stands/NNS ]
and/CC 
[ fast-food/NN outlets/NNS ]
,/, resembles/VBZ 
[ the/DT plastic/JJ loops/NNS ]
used/VBN on/IN 
[ six-packs/NNS ]
of/IN 
[ beer/NN ]
,/, only/RB 
[ the/DT loops/NNS ]
hang/VBP from/IN 
[ a/DT web/NN ]
of/IN 
[ strings/NNS ]
./. 

[ The/DT new/JJ carrier/NN ]
can/MD tote/VB as/RB many/JJ as/IN 
[ four/CD cups/NNS ]
at/IN once/RB ./. 

[ Inventor/NNP Claire/NNP Marvin/NNP ]
says/VBZ 
[ his/PRP$ design/NN ]
virtually/RB eliminates/VBZ spilling/NN ./. 

[ Lids/NNS ]
are/VBP n't/RB even/RB needed/VBN ./. 

[ He/PRP ]
also/RB claims/VBZ 
[ the/DT carrier/NN ]
costs/VBZ less/JJR and/CC takes/VBZ up/IN 
[ less/JJR space/NN ]
than/IN 
[ most/JJS paper/NN carriers/NNS ]
./. 

[ A/DT few/JJ fast-food/NN outlets/NNS ]
are/VBP giving/VBG 
[ it/PRP ]
[ a/DT try/NN ]
./. 

[ The/DT company/NN ]
acknowledges/VBZ 
[ some/DT problems/NNS ]
./. 

[ A/DT driver/NN ]
has/VBZ to/TO find/VB 
[ something/NN ]
to/TO hang/VB 
[ the/DT carrier/NN ]
on/IN ,/, so/IN 
[ the/DT company/NN ]
supplies/VBZ 
[ a/DT window/NN hook/NN ]
./. 

While/IN 
[ it/PRP ]
breaks/VBZ down/IN in/IN 
[ prolonged/VBN sunlight/NN ]
,/, 
[ it/PRP ]
is/VBZ n't/RB recyclable/JJ ./. 

And/CC unlike/IN 
[ some/DT trays/NNS ]
,/, 
[ there/EX ]
's/VBZ 
[ no/DT place/NN ]
for/IN 
[ food/NN ]
./. 

[ Spirit/NN ]
of/IN 
[ Perestroika/FW ]
[ Touches/VBZ Design/NN World/NN ]
[ AN/DT EXCHANGE/NN ]
of/IN 
[ U.S./NNP ]
and/CC 
[ Soviet/JJ designers/NNS ]
promises/VBZ 
[ change/NN ]
on/IN 
[ both/DT ]
[ sides/NNS ]
./. 

[ An/DT exhibition/NN ]
of/IN 
[ American/JJ design/NN ]
and/CC 
[ architecture/NN ]
opened/VBD in/IN 
[ September/NNP ]
in/IN 
[ Moscow/NNP ]
and/CC will/MD travel/VB to/TO 
[ eight/CD other/JJ Soviet/JJ cities/NNS ]
./. 

[ The/DT show/NN ]
runs/VBZ 
[ the/DT gamut/NN ]
,/, from/IN 
[ a/DT blender/NN ]
to/TO 
[ chairs/NNS ]
to/TO 
[ a/DT model/NN ]
of/IN 
[ the/DT Citicorp/NNP building/NN ]
./. 

[ The/DT event/NN ]
continues/VBZ into/IN 
[ next/JJ year/NN ]
and/CC includes/VBZ 
[ an/DT exchange/NN program/NN ]
to/TO swap/VB 
[ design/NN teachers/NNS ]
at/IN 
[ Carnegie-Mellon/NNP ]
and/CC 
[ Leningrad/NNP 's/POS Mutchin/NNP Institute/NNP ]
./. 

[ Dan/NNP Droz/NNP ]
,/, 
[ leader/NN ]
of/IN 
[ the/DT Carnegie-Mellon/NNP group/NN ]
,/, sees/VBZ 
[ benefits/NNS all/DT ]
around/IN ./. 

[ The/DT Soviets/NNPS ]
,/, 
[ who/WP ]
normally/RB have/VBP 
[ few/JJ clients/NNS ]
other/JJ than/IN 
[ the/DT state/NN ]
,/, will/MD get/VB ``/`` 
[ exposure/NN ]
to/TO 
[ a/DT market/NN system/NN ]
,/, ''/'' 
[ he/PRP ]
says/VBZ ./. 

[ Americans/NNPS ]
will/MD learn/VB more/RBR about/IN making/VBG 
[ products/NNS ]
for/IN 
[ the/DT Soviets/NNPS ]
./. 

[ Mr./NNP Droz/NNP ]
says/VBZ 
[ the/DT Soviets/NNPS ]
could/MD even/RB help/VB 
[ U.S./NNP designers/NNS ]
renew/VB 
[ their/PRP$ sense/NN ]
of/IN 
[ purpose/NN ]
./. 

``/`` In/IN 
[ Moscow/NNP ]
,/, 
[ they/PRP ]
kept/VBD asking/VBG 
[ us/PRP things/NNS ]
like/IN ,/, `/`` Why/WRB do/VBP 
[ you/PRP ]
make/VB 
[ 15/CD different/JJ corkscrews/NNS ]
,/, when/WRB 
[ all/DT ]
[ you/PRP ]
need/VBP is/VBZ 
[ one/CD ]
[ good/JJ one/CD ]
?/. 

'/'' ''/'' 
[ he/PRP ]
says/VBZ ./. 

``/`` 
[ They/PRP ]
got/VBD 
[ us/PRP ]
thinking/VBG maybe/RB 
[ we/PRP ]
should/MD be/VB helping/VBG 
[ U.S./NNP companies/NNS ]
improve/VB existing/VBG 
[ products/NNS ]
rather/RB than/IN always/RB developing/VBG 
[ new/JJ ones/NNS ]
./. 

''/'' 

[ Seed/NN ]
for/IN 
[ Jail/NN Solution/NN ]
Fails/VBZ to/TO Take/VB 
[ Root/NN ]
IT/PRP 'S/VBZ 
[ A/DT TWO/CD BIRDS/NNS ]
with/IN 
[ one/CD stone/NN deal/NN ]
:/: 
[ Eggers/NNP Group/NNP architects/NNS ]
propose/VBP 
[ using/VBG grain/NN elevators/NNS ]
to/TO 
[ house/VB prisoners/NNS ]
./. 

[ It/PRP ]
would/MD ease/VB 
[ jail/NN overcrowding/NN ]
while/IN preserving/VBG 
[ historic/JJ structures/NNS ]
,/, 
[ the/DT company/NN ]
says/VBZ ./. 

But/CC 
[ New/NNP York/NNP state/NN ]
,/, 
[ which/WDT ]
is/VBZ seeking/VBG 
[ solutions/NNS ]
to/TO 
[ its/PRP$ prison/NN cell/NN shortage/NN ]
,/, says/VBZ ``/`` 
[ no/UH ]
./. 

''/'' 

[ Grain/NN elevators/NNS ]
built/VBN in/IN 
[ the/DT 1920s/CD ]
and/CC 
[ '30s/CD ]
have/VBP 
[ six-inch/JJ concrete/JJ walls/NNS ]
and/CC 
[ a/DT tubular/JJ shape/NN ]
[ that/WDT ]
would/MD easily/RB contain/VB 
[ semicircular/JJ cells/NNS ]
with/IN 
[ a/DT control/NN point/NN ]
in/IN 
[ the/DT middle/NN ]
,/, 
[ the/DT New/NNP York/NNP firm/NN ]
says/VBZ ./. 

[ Many/JJ ]
are/VBP far/RB enough/RB from/IN 
[ residential/JJ areas/NNS ]
to/TO pass/VB 
[ public/JJ ]
muster/NN ,/, yet/CC close/RB enough/RB to/TO permit/VB 
[ family/NN visits/NNS ]
./. 

Besides/IN ,/, 
[ Eggers/NNP ]
says/VBZ ,/, 
[ grain/NN elevators/NNS ]
are/VBP 
[ worth/IN ]
preserving/VBG for/IN 
[ aesthetic/JJ reasons/NNS ]
--/: 
[ one/CD famed/JJ architect/NN ]
compared/VBD 
[ them/PRP ]
to/TO 
[ the/DT pyramids/NNS ]
of/IN 
[ Egypt/NNP ]
./. 

[ A/DT number/NN ]
of/IN 
[ cities/NNS ]
--/: including/VBG 
[ Minneapolis/NNP ]
,/, 
[ Philadelphia/NNP ]
and/CC 
[ Houston/NNP ]
--/: have/VBP 
[ vacant/JJ grain/NN elevators/NNS ]
,/, 
[ Eggers/NNP ]
says/VBZ ./. 

[ A/DT medium-sized/JJ one/CD ]
in/IN 
[ Brooklyn/NNP ]
,/, 
[ it/PRP ]
says/VBZ ,/, could/MD be/VB altered/VBN to/TO house/VB up/IN to/TO 
[ 1,000/CD inmates/NNS ]
at/IN 
[ a/DT lower/JJR cost/NN ]
than/IN building/VBG 
[ a/DT new/JJ prison/NN ]
in/IN 
[ upstate/JJ New/NNP York/NNP ]
./. 

[ A/DT spokesman/NN ]
for/IN 
[ the/DT state/NN ]
,/, however/RB ,/, calls/VBZ 
[ the/DT idea/NN ]
``/`` not/RB 
[ effective/JJ ]
or/CC 
[ cost/NN ]
efficient/JJ ./. 

''/''

[ The/DT Labor/NNP Department/NNP ]
cited/VBD 
[ USX/NNP Corp./NNP ]
for/IN 
[ numerous/JJ health/NN ]
and/CC 
[ safety/NN violations/NNS ]
at/IN 
[ two/CD Pennsylvania/NNP plants/NNS ]
,/, and/CC proposed/VBD 
[ $/$ 7.3/CD million/CD ]
in/IN 
[ fines/NNS ]
,/, 
[ the/DT largest/JJS penalty/NN ]
ever/RB proposed/VBN for/IN 
[ alleged/VBN workplace/NN violations/NNS ]
by/IN 
[ an/DT employer/NN ]
./. 

[ The/DT department/NN 's/POS Occupational/NNP Safety/NNP ]
and/CC 
[ Health/NNP Administration/NNP ]
proposed/VBD 
[ fines/NNS ]
of/IN 
[ $/$ 6.1/CD million/CD ]
for/IN 
[ alleged/VBN violations/NNS ]
at/IN 
[ the/DT company/NN 's/POS Fairless/NNP Hills/NNP ]
,/, 
[ Pa./NNP ]
,/, 
[ steel/NN mill/NN ]
;/: 
[ that/DT ]
was/VBD 
[ a/DT record/NN ]
for/IN 
[ proposed/VBN penalties/NNS ]
at/IN 
[ any/DT single/JJ facility/NN ]
./. 

[ OSHA/NNP ]
cited/VBD nearly/RB 
[ 1,500/CD alleged/VBN violations/NNS ]
of/IN 
[ federal/JJ electrical/JJ ]
,/, 
[ crane-safety/NN ]
,/, 
[ record-keeping/NN ]
and/CC 
[ other/JJ requirements/NNS ]
./. 

[ A/DT second/JJ citation/NN ]
covering/VBG 
[ the/DT company/NN 's/POS Clairton/NNP ]
,/, 
[ Pa./NNP ]
,/, 
[ coke/NN works/NNS ]
involved/VBD more/JJR than/IN 
[ 200/CD alleged/VBN violations/NNS ]
of/IN 
[ electrical-safety/JJ ]
and/CC 
[ other/JJ requirements/NNS ]
,/, for/IN 
[ which/WDT ]
[ OSHA/NNP ]
proposed/VBD 
[ $/$ 1.2/CD million/CD ]
in/IN 
[ fines/NNS ]
./. 

[ Labor/NNP Secretary/NNP Elizabeth/NNP Dole/NNP ]
said/VBD ,/, ``/`` 
[ The/DT magnitude/NN ]
of/IN 
[ these/DT penalties/NNS ]
and/CC 
[ citations/NNS ]
is/VBZ matched/VBN only/RB by/IN 
[ the/DT magnitude/NN ]
of/IN 
[ the/DT hazards/NNS ]
to/TO 
[ workers/NNS ]
[ which/WDT ]
resulted/VBD from/IN 
[ corporate/JJ indifference/NN ]
to/TO 
[ worker/NN safety/NN ]
and/CC 
[ health/NN ]
,/, and/CC 
[ severe/JJ cutbacks/NNS ]
in/IN 
[ the/DT maintenance/NN ]
and/CC 
[ repair/NN programs/NNS ]
needed/VBN to/TO remove/VB 
[ those/DT hazards/NNS ]
./. 

''/'' 

[ OSHA/NNP ]
said/VBD 
[ there/EX ]
have/VBP been/VBN 
[ three/CD worker/NN fatalities/NNS ]
at/IN 
[ the/DT two/CD plants/NNS ]
in/IN 
[ the/DT past/JJ two/CD years/NNS ]
and/CC 
[ 17/CD deaths/NNS ]
since/IN 
[ 1972/CD ]
./. 

[ Gerard/NNP Scannell/NNP ]
,/, 
[ the/DT head/NN ]
of/IN 
[ OSHA/NNP ]
,/, said/VBD 
[ USX/NNP managers/NNS ]
have/VBP known/VBN about/IN 
[ many/JJ ]
of/IN 
[ the/DT safety/NN ]
and/CC 
[ health/NN deficiencies/NNS ]
at/IN 
[ the/DT plants/NNS ]
for/IN 
[ years/NNS ]
,/, ``/`` yet/RB have/VBP failed/VBN to/TO take/VB 
[ necessary/JJ action/NN ]
to/TO counteract/VB 
[ the/DT hazards/NNS ]
./. 

''/'' 

``/`` Particularly/RB 
[ flagrant/JJ ]
,/, ''/'' 
[ Mrs./NNP Dole/NNP ]
said/VBD ,/, ``/`` are/VBP 
[ the/DT company/NN 's/POS numerous/JJ failures/NNS ]
to/TO properly/RB record/VB 
[ injuries/NNS ]
at/IN 
[ its/PRP$ Fairless/NNP works/NNS ]
,/, in/IN 
[ spite/NN ]
of/IN 
[ the/DT firm/JJ promise/NN ]
[ it/PRP ]
had/VBD made/VBN in/IN 
[ an/DT earlier/JJR corporate-wide/JJ settlement/NN agreement/NN ]
to/TO correct/VB 
[ such/JJ discrepancies/NNS ]
./. 

''/'' 
[ That/DT settlement/NN ]
was/VBD in/IN 
[ April/NNP 1987/CD ]
./. 

[ A/DT USX/NNP spokesman/NN ]
said/VBD 
[ the/DT company/NN ]
had/VBD n't/RB yet/RB received/VBN 
[ any/DT documents/NNS ]
from/IN 
[ OSHA/NNP ]
regarding/VBG 
[ the/DT penalty/NN ]
or/CC 
[ fine/NN ]
./. 

``/`` Once/IN 
[ we/PRP ]
do/VBP ,/, 
[ they/PRP ]
will/MD receive/VB 
[ very/RB serious/JJ evaluation/NN ]
,/, ''/'' 
[ the/DT spokesman/NN ]
said/VBD ./. 

``/`` 
[ No/DT consideration/NN ]
is/VBZ more/RBR important/JJ than/IN 
[ the/DT health/NN ]
and/CC 
[ safety/NN ]
of/IN 
[ our/PRP$ employees/NNS ]
./. 

''/'' 

[ USX/NNP ]
said/VBD 
[ it/PRP ]
has/VBZ been/VBN cooperating/VBG with/IN 
[ OSHA/NNP ]
since/IN 
[ the/DT agency/NN ]
began/VBD investigating/VBG 
[ the/DT Clairton/NNP ]
and/CC 
[ Fairless/NNP works/NNS ]
./. 

[ He/PRP ]
said/VBD that/IN ,/, if/IN and/CC when/WRB 
[ safety/NN problems/NNS ]
were/VBD identified/VBN ,/, 
[ they/PRP ]
were/VBD corrected/VBN ./. 

[ The/DT USX/NNP citations/NNS ]
represented/VBD 
[ the/DT first/JJ sizable/JJ enforcement/NN action/NN ]
taken/VBN by/IN 
[ OSHA/NNP ]
under/IN 
[ Mr./NNP Scannell/NNP ]
./. 

[ He/PRP ]
has/VBZ promised/VBN 
[ stiffer/JJR fines/NNS ]
,/, though/IN 
[ the/DT size/NN ]
of/IN 
[ penalties/NNS ]
sought/VBN by/IN 
[ OSHA/NNP ]
have/VBP been/VBN rising/VBG in/IN 
[ recent/JJ years/NNS ]
even/RB before/IN 
[ he/PRP ]
took/VBD 
[ office/NN ]
[ this/DT year/NN ]
./. 

``/`` 
[ The/DT big/JJ problem/NN ]
is/VBZ 
[ that/IN USX/NNP management/NN ]
has/VBZ proved/VBN unwilling/JJ to/TO devote/VB 
[ the/DT necessary/JJ resources/NNS ]
and/CC 
[ manpower/NN ]
to/TO 
[ removing/VBG hazards/NNS ]
and/CC to/TO 
[ safeguarding/VBG safety/NN ]
and/CC 
[ health/NN ]
in/IN 
[ the/DT plants/NNS ]
,/, ''/'' said/VBD 
[ Linda/NNP Anku/NNP ]
,/, 
[ OSHA/NNP regional/JJ administrator/NN ]
in/IN 
[ Philadelphia/NNP ]
./. 

[ USX/NNP ]
has/VBZ 
[ 15/CD working/NN days/NNS ]
to/TO contest/VB 
[ the/DT citations/NNS ]
and/CC proposed/VBN 
[ penalties/NNS ]
,/, before/IN 
[ the/DT independent/JJ Occupational/NNP Safety/NNP ]
and/CC 
[ Health/NNP Review/NNP Commission/NNP ]
./. 

Before/IN 
[ the/DT USX/NNP case/NN ]
,/, 
[ OSHA/NNP 's/POS largest/JJS ]
proposed/VBN fine/NN for/IN 
[ one/CD employer/NN ]
was/VBD 
[ $/$ 4.3/CD million/CD ]
for/IN 
[ alleged/VBN safety/NN violations/NNS ]
at/IN 
[ John/NNP Morrell/NNP ]
&/CC 
[ Co./NNP ]
,/, 
[ a/DT meatpacking/NN subsidiary/NN ]
of/IN 
[ United/NNP Brands/NNP Co./NNP ]
,/, 
[ Cincinnati/NNP ]
./. 

[ The/DT company/NN ]
is/VBZ contesting/VBG 
[ the/DT fine/NN ]
./. 

[ Due/JJ ]
to/TO 
[ an/DT editing/NN error/NN ]
,/, 
[ a/DT letter/NN ]
to/TO 
[ the/DT editor/NN ]
in/IN 
[ yesterday/NN 's/POS edition/NN ]
from/IN 
[ Frederick/NNP H./NNP Hallett/NNP ]
mistakenly/RB identified/VBD 
[ the/DT NRDC/NNP ]
./. 

[ It/PRP ]
should/MD be/VB 
[ the/DT Natural/NNP Resources/NNPS Defense/NNP Council/NNP ]
./. 

 (/( See/VB ``/`` 
[ Letters/NNS ]
to/TO 
[ the/DT Editor/NN ]
:/: 
[ Ozone/NN Dangers/NNS Are/VBP n't/RB ]
Up/IN in/IN 
[ the/DT Air/NN ]
''/'' --/: 
[ WSJ/NNP Nov./NNP 1/CD ]
,/, 
[ 1989/CD ]
)/) 

[ Your/PRP$ Oct./NNP 6/CD editorial/NN ]
``/`` 
[ The/NNP Ill/NNP Homeless/NNP ]
''/'' referred/VBD to/TO research/NN by/IN 
[ us/PRP ]
and/CC 
[ six/CD ]
of/IN 
[ our/PRP$ colleagues/NNS ]
[ that/WDT ]
was/VBD reported/VBN in/IN 
[ the/DT Sept./NNP 8/CD issue/NN ]
of/IN 
[ the/DT Journal/NNP ]
of/IN 
[ the/DT American/NNP Medical/NNP Association/NNP ]
./. 

[ Your/PRP$ comments/NNS ]
implied/VBD 
[ we/PRP ]
had/VBD discovered/VBN that/IN 
[ the/DT ]
``/`` 
[ principal/JJ cause/NN ]
''/'' of/IN 
[ homelessness/NN ]
is/VBZ to/TO be/VB found/VBN in/IN 
[ the/DT large/JJ numbers/NNS ]
of/IN mentally/RB ill/JJ and/CC 
[ substance-abusing/JJ people/NNS ]
in/IN 
[ the/DT homeless/JJ population/NN ]
./. 

[ We/PRP ]
have/VBP made/VBN 
[ no/DT such/JJ statement/NN ]
./. 

[ It/PRP ]
is/VBZ clear/JJ that/IN most/JJS mentally/RB 
[ ill/JJ people/NNS ]
and/CC 
[ most/JJS alcoholics/NNS ]
do/VBP not/RB become/VB 
[ homeless/JJ ]
./. 

[ The/DT ]
``/`` 
[ causes/NNS ]
''/'' of/IN 
[ homelessness/NN ]
are/VBP poorly/RB understood/VBN and/CC 
[ complex/JJ ]
in/IN 
[ any/DT individual/JJ case/NN ]
./. 

In/IN quoting/VBG from/IN 
[ our/PRP$ research/NN ]
[ you/PRP ]
emphasized/VBD 
[ the/DT high/JJ prevalance/NN ]
of/IN 
[ mental/JJ illness/NN ]
and/CC 
[ alcoholism/NN ]
./. 

[ You/PRP ]
did/VBD not/RB 
[ note/VB ]
that/IN 
[ the/DT homeless/JJ people/NNS we/PRP ]
examined/VBD had/VBD 
[ a/DT multitude/NN ]
of/IN 
[ physical/JJ disorders/NNS ]
in/IN 
[ addition/NN ]
to/TO 
[ their/PRP$ psychiatric/JJ problems/NNS ]
and/CC 
[ substance/NN abuse/NN ]
./. 

[ They/PRP ]
suffered/VBD from/IN 
[ malnutrition/NN ]
,/, 
[ chest/NN diseases/NNS ]
,/, 
[ cardiovascular/JJ disorders/NNS ]
,/, 
[ skin/NN problems/NNS ]
,/, 
[ infectious/JJ diseases/NNS ]
and/CC 
[ the/DT aftereffects/NNS ]
of/IN 
[ assaults/NNS ]
and/CC 
[ rape/NN ]
./. 

[ Homeless/JJ people/NNS ]
not/RB 
[ only/JJ lack/VBP safety/NN ]
,/, 
[ privacy/NN ]
and/CC 
[ shelter/NN ]
,/, 
[ they/PRP ]
also/RB lack/VBP 
[ the/DT elementary/JJ necessities/NNS ]
of/IN 
[ nutrition/NN ]
,/, 
[ cleanliness/NN ]
and/CC 
[ basic/JJ health/NN care/NN ]
./. 

In/IN 
[ a/DT recent/JJ report/NN ]
,/, 
[ the/DT Institute/NNP ]
of/IN 
[ Medicine/NNP ]
pointed/VBD out/RP 
[ that/IN certain/JJ health/NN problems/NNS ]
may/MD predispose/VB 
[ a/DT person/NN ]
to/TO 
[ homelessness/NN ]
,/, 
[ others/NNS ]
may/MD be/VB 
[ a/DT consequence/NN ]
of/IN 
[ it/PRP ]
,/, and/CC 
[ a/DT third/JJ category/NN ]
is/VBZ composed/VBN of/IN 
[ disorders/NNS whose/WP$ treatment/NN ]
is/VBZ difficult/JJ or/CC impossible/JJ if/IN 
[ a/DT person/NN ]
lacks/VBZ 
[ adequate/JJ shelter/NN ]
./. 

[ The/DT interactions/NNS ]
between/IN 
[ health/NN ]
and/CC 
[ homelessness/NN ]
are/VBP complex/JJ ,/, defying/VBG 
[ sweeping/JJ generalizations/NNS ]
as/IN to/TO ``/`` cause/NN ''/'' or/CC ``/`` 
[ effect/NN ]
./. 

''/'' 

If/IN 
[ we/PRP ]
look/VBP to/TO 
[ the/DT future/NN ]
,/, preventing/VBG 
[ homelessness/NN ]
is/VBZ 
[ an/DT important/JJ objective/NN ]
./. 

[ This/DT ]
will/MD require/VB 
[ us/PRP ]
to/TO develop/VB 
[ a/DT much/RB ]
[ more/RBR sophisticated/JJ understanding/NN ]
of/IN 
[ the/DT dynamics/NNS ]
of/IN 
[ homelessness/NN ]
than/IN 
[ we/PRP ]
currently/RB possess/VBP ,/, 
[ an/DT understanding/NN ]
[ that/WDT ]
can/MD be/VB developed/VBN only/RB through/IN 
[ careful/JJ study/NN ]
and/CC 
[ research/NN ]
./. 

[ William/NNP R./NNP Breakey/NNP M.D./NNP ]
[ Pamela/NNP J./NNP Fischer/NNP M.D./NNP ]
[ Department/NNP ]
of/IN 
[ Psychiatry/NNP ]
[ Johns/NNP Hopkins/NNP University/NNP ]
[ School/NNP ]
of/IN 
[ Medicine/NNP ]
[ Baltimore/NNP ]

[ A/DT study/NN ]
by/IN 
[ Tulane/NNP Prof./NNP James/NNP Wright/NNP ]
says/VBZ 
[ homelessness/NN ]
is/VBZ due/JJ to/TO 
[ a/DT complex/JJ array/NN ]
of/IN 
[ problems/NNS ]
,/, with/IN 
[ the/DT common/JJ thread/NN ]
of/IN 
[ poverty/NN ]
./. 

[ The/DT study/NN ]
shows/VBZ that/IN nearly/RB 
[ 40/CD %/NN ]
of/IN 
[ the/DT homeless/JJ population/NN ]
is/VBZ made/VBN up/RP of/IN 
[ women/NNS ]
and/CC 
[ children/NNS ]
and/CC that/IN only/RB 
[ 25/CD %/NN ]
of/IN 
[ the/DT homeless/NN exhibits/VBZ ]
[ some/DT combination/NN ]
of/IN 
[ drug/NN ]
,/, 
[ alcohol/NN ]
and/CC 
[ mental/JJ problems/NNS ]
./. 

According/VBG to/TO 
[ Dr./NNP Wright/NNP ]
,/, 
[ homelessness/NN ]
is/VBZ ``/`` simultaneously/RB 
[ a/DT housing/NN problem/NN ]
,/, 
[ an/DT employment/NN problem/NN ]
,/, 
[ a/DT demographic/JJ problem/NN ]
,/, 
[ a/DT problem/NN ]
of/IN 
[ social/JJ disaffiliation/NN ]
,/, 
[ a/DT mental/JJ health/NN problem/NN ]
,/, 
[ a/DT family/NN violence/NN problem/NN ]
,/, 
[ a/DT problem/NN ]
created/VBN by/IN 
[ the/DT cutbacks/NNS ]
in/IN 
[ social/JJ welfare/NN spending/NN ]
,/, 
[ a/DT problem/NN ]
resulting/VBG from/IN 
[ the/DT decay/NN ]
of/IN 
[ the/DT traditional/JJ nuclear/JJ family/NN ]
,/, and/CC 
[ a/DT problem/NN ]
intimately/RB connected/VBN to/TO 
[ the/DT recent/JJ increase/NN ]
in/IN 
[ the/DT number/NN ]
of/IN 
[ persons/NNS ]
living/VBG below/IN 
[ the/DT poverty/NN level/NN ]
./. 

''/'' 

[ Leighton/NNP E./NNP Cluff/NNP M.D./NNP ]
[ President/NNP ]
[ Robert/NNP Wood/NNP Johnson/NNP Foundation/NNP ]
[ Princeton/NNP ]
,/, 
[ N.J/NNP ]
./. 

To/TO quote/VB 
[ the/DT ]
highly/RB regarded/VBN 
[ director/NN ]
of/IN 
[ a/DT ]
privately/RB 
[ funded/VBN drop-in/JJ center/NN ]
for/IN 
[ the/DT homeless/NN ]
in/IN 
[ New/NNP York/NNP ]
:/: ``/`` If/IN 
[ you/PRP ]
're/VBP homeless/JJ ,/, 
[ you/PRP ]
do/VBP n't/RB sleep/VB for/IN 
[ fear/NN ]
of/IN being/VBG robbed/VBN or/CC murdered/VBN ./. 

After/IN 
[ your/PRP$ first/JJ three/CD weeks/NNS ]
of/IN 
[ sleep/NN deprivation/NN ]
,/, 
[ you/PRP ]
're/VBP scarcely/RB in/IN 
[ touch/NN ]
with/IN 
[ reality/NN ]
[ any/DT ]
more/RBR ;/: without/IN 
[ psychiatric/JJ treatment/NN ]
,/, 
[ you/PRP ]
may/MD well/RB be/VB unable/JJ to/TO fend/VB for/IN 
[ yourself/PRP ]
ever/RB again/RB ./. 

''/'' 

[ Some/DT ]
of/IN 
[ the/DT homeless/NN ]
,/, obviously/RB ,/, had/VBD 
[ pre-existing/JJ mental/JJ illness/NN ]
or/CC 
[ addiction/NN ]
./. 

But/CC 
[ many/JJ others/NNS ]
have/VBP fallen/VBN through/IN 
[ cracks/NNS ]
in/IN 
[ the/DT economy/NN ]
into/IN 
[ the/DT grim/JJ ]
,/, 
[ brutal/JJ world/NN ]
of/IN 
[ our/PRP$ city/NN streets/NNS ]
./. 

Once/RB 
[ there/RB ]
,/, 
[ what/WDT ways/NNS ]
of/IN 
[ escape/NN ]
are/VBP open/JJ to/TO 
[ them/PRP ]
other/JJ than/IN 
[ drink/NN ]
,/, 
[ drugs/NNS ]
or/CC 
[ insanity/NN ]
?/. 

[ Maxwell/NNP R.D./NNP Vos/NNP ]
[ Brooklyn/NNP ]
,/, 
[ N.Y/NNP ]
./. 

[ You/PRP ]
dismiss/VBP as/IN ``/`` 
[ sentimental/JJ ]
''/'' 
[ the/DT view/NN ]
that/IN 
[ the/DT reduction/NN ]
of/IN 
[ federal/JJ housing-assistance/JJ programs/NNS ]
by/IN 
[ 77/CD %/NN ]
might/MD have/VB played/VBN 
[ a/DT significant/JJ role/NN ]
in/IN 
[ the/DT increased/VBN number/NN ]
of/IN 
[ men/NNS ]
and/CC 
[ women/NNS ]
sleeping/VBG on/IN 
[ our/PRP$ city/NN streets/NNS ]
during/IN 
[ the/DT Reagan-Bush/JJ years/NNS ]
./. 

[ There/EX ]
is/VBZ 
[ no/DT sign/NN ]
that/IN 
[ you/PRP ]
bothered/VBD to/TO consider/VB 
[ the/DT inverse/NN ]
of/IN 
[ your/PRP$ logic/NN ]
:/: namely/RB ,/, that/IN 
[ mental/JJ illness/NN ]
and/CC 
[ substance/NN abuse/NN ]
might/MD be/VB to/TO 
[ some/DT degree/NN consequences/NNS ]
rather/RB than/IN 
[ causes/NNS ]
of/IN 
[ homelessness/NN ]
./. 

[ Your/PRP$ research/NN ]
stopped/VBD when/WRB 
[ a/DT convenient/JJ assertion/NN ]
could/MD be/VB made/VBN ./. 

[ Robert/NNP S./NNP Jenkins/NNP ]
[ Cambridge/NNP ]
,/, 
[ Mass/NNP ]
./. 

Of/IN 
[ the/DT ]
approximately/RB 
[ 200/CD sponsors/NNS ]
of/IN 
[ the/DT recent/JJ march/NN ]
in/IN 
[ Washington/NNP ]
for/IN 
[ the/DT homeless/NN ]
,/, 
[ you/PRP ]
chose/VBD to/TO cite/VB 
[ such/JJ groups/NNS ]
as/IN 
[ the/DT National/NNP Association/NNP ]
of/IN 
[ Home/NNP Builders/NNPS ]
and/CC 
[ the/DT International/NNP Union/NNP ]
of/IN 
[ Bricklayers/NNPS ]
and/CC 
[ Allied/NNP Craftsmen/NNPS ]
,/, insinuating/VBG that/IN 
[ the/DT march/NN ]
got/VBD 
[ its/PRP$ major/JJ support/NN ]
from/IN 
[ self-serving/JJ groups/NNS ]
that/WDT ``/`` know/VBP 
[ a/DT good/JJ thing/NN ]
when/WRB 
[ they/PRP ]
see/VBP 
[ it/PRP ]
,/, ''/'' and/CC that/IN 
[ the/DT crusade/NN ]
was/VBD based/VBN on/IN 
[ greed/NN ]
or/CC 
[ the/DT profit/NN motive/NN ]
./. 

But/CC is/VBZ n't/RB 
[ the/DT desire/NN ]
for/IN 
[ profit/NN ]
[ the/DT driving/VBG force/NN ]
behind/IN 
[ those/DT ]
[ who/WP ]
subscribe/VBP to/TO ,/, and/CC advertise/VB in/IN ,/, 
[ your/PRP$ paper/NN ]
?/. 

Why/WRB did/VBD n't/RB 
[ you/PRP ]
mention/VB 
[ the/DT YMCA/NNP ]
or/CC 
[ the/DT YWCA/NNP ]
or/CC 
[ Catholic/NNP Charities/NNPS USA/NNP ]
or/CC 
[ a/DT hundred/CD other/JJ nonprofit/JJ organizations/NNS ]
[ that/WDT ]
participated/VBD in/IN 
[ the/DT march/NN ]
?/. 

As/IN for/IN 
[ the/DT findings/NNS ]
on/IN 
[ the/DT 203/CD Baltimore/NNP homeless/NN ]
[ who/WP ]
underwent/VBD 
[ psychiatric/JJ examinations/NNS ]
,/, 
[ I/PRP ]
suggest/VBP 
[ you/PRP ]
conduct/VB 
[ your/PRP$ own/JJ survey/NN ]
./. 

Choose/VB 
[ 203/CD business/NN executives/NNS ]
,/, including/VBG ,/, perhaps/RB ,/, 
[ someone/NN ]
from/IN 
[ your/PRP$ own/JJ staff/NN ]
,/, and/CC put/VBD 
[ them/PRP ]
out/IN on/IN 
[ the/DT streets/NNS ]
,/, to/TO be/VB deprived/VBN for/IN 
[ one/CD month/NN ]
of/IN 
[ their/PRP$ homes/NNS ]
,/, 
[ families/NNS ]
and/CC 
[ income/NN ]
./. 

[ I/PRP ]
would/MD predict/VB that/IN within/IN 
[ a/DT short/JJ time/NN ]
most/JJS of/IN 
[ them/PRP ]
would/MD find/VB 
[ Thunderbird/NNP ]
[ a/DT satisfactory/JJ substitute/NN ]
for/IN 
[ Chivas/NNP Regal/NNP ]
and/CC that/IN 
[ their/PRP$ ]
``/`` 
[ normal/JJ ]
''/'' 
[ phobias/NNS ]
,/, 
[ anxieties/NNS ]
,/, 
[ depressions/NNS ]
and/CC 
[ substance/NN abuse/NN ]
would/MD increase/VB dramatically/RB ./. 

[ Ruth/NNP K./NNP Nelson/NNP ]
[ Cullowhee/NNP ]
,/, 
[ N.C/NNP ]
./. 

[ ROGERS/NNP COMMUNICATIONS/NNP Inc./NNP ]
said/VBD 
[ it/PRP ]
plans/VBZ to/TO raise/VB 
[ 175/CD million/CD ]
to/TO 
[ 180/CD million/CD Canadian/JJ dollars/NNS ]
 (/( 
[ US$/$ 148.9/CD million/CD ]
to/TO 
[ $/$ 153.3/CD million/CD ]
 )/) through/IN 
[ a/DT private/JJ placement/NN ]
of/IN 
[ perpetual/JJ preferred/VBN shares/NNS ]
./. 

[ Perpetual/JJ preferred/VBN shares/NNS ]
are/VBP n't/RB retractable/JJ by/IN 
[ the/DT holders/NNS ]
,/, 
[ the/DT company/NN ]
said/VBD ./. 

[ Rogers/NNP ]
said/VBD 
[ the/DT shares/NNS ]
will/MD be/VB convertible/JJ into/IN 
[ Class/NNP B/NNP ]
shares/NNS ,/, but/CC that/IN 
[ the/DT company/NN ]
has/VBZ 
[ the/DT option/NN ]
to/TO redeem/VB 
[ the/DT shares/NNS ]
before/IN 
[ a/DT conversion/NN ]
takes/VBZ 
[ place/NN ]
./. 

[ A/DT spokesman/NN ]
for/IN 
[ the/DT Toronto/NNP cable/NN television/NN ]
and/CC 
[ telecommunications/NNS concern/NN ]
said/VBD 
[ the/DT coupon/NN rate/NN has/VBZ n't/RB ]
yet/RB been/VBN fixed/VBN ,/, but/CC will/MD probably/RB be/VB set/VBN at/IN around/IN 
[ 8/CD %/NN ]
./. 

[ He/PRP ]
declined/VBD to/TO discuss/VB 
[ other/JJ terms/NNS ]
of/IN 
[ the/DT issue/NN ]
./. 

[ The/DT House/NNP ]
passed/VBD 
[ legislation/NN ]
designed/VBN to/TO make/VB 
[ it/PRP ]
easier/JJR for/IN 
[ the/DT Transportation/NNP Department/NNP ]
to/TO block/VB 
[ airline/NN leveraged/JJ buy-outs/NNS ]
./. 

[ The/DT final/JJ vote/NN ]
came/VBD after/IN 
[ the/DT House/NNP ]
rejected/VBD 
[ Republican/JJ efforts/NNS ]
to/TO weaken/VB 
[ the/DT bill/NN ]
and/CC approved/VBD 
[ two/CD amendments/NNS ]
sought/VBN by/IN 
[ organized/VBN labor/NN ]
./. 

[ The/DT Bush/NNP administration/NN ]
has/VBZ threatened/VBN to/TO veto/VB 
[ such/PDT a/DT bill/NN ]
because/IN of/IN 
[ what/WP ]
[ it/PRP ]
views/VBZ as/IN 
[ an/DT undesirable/JJ intrusion/NN ]
into/IN 
[ the/DT affairs/NNS ]
of/IN 
[ industry/NN ]
,/, but/CC 
[ the/DT 300-113/CD vote/NN ]
suggests/VBZ that/IN 
[ supporters/NNS ]
have/VBP 
[ the/DT potential/NN ]
to/TO override/VB 
[ a/DT veto/NN ]
./. 

[ The/DT broader/JJR question/NN ]
is/VBZ where/WRB 
[ the/DT Senate/NNP ]
stands/VBZ on/IN 
[ the/DT issue/NN ]
./. 

While/IN 
[ the/DT Senate/NNP Commerce/NNP Committee/NNP ]
has/VBZ approved/VBN 
[ legislation/NN ]
similar/JJ to/TO 
[ the/DT House/NNP bill/NN ]
on/IN 
[ airline/NN leveraged/JJ buy-outs/NNS ]
,/, 
[ the/DT measure/NN has/VBZ n't/RB ]
yet/RB come/VBN to/TO 
[ the/DT full/JJ floor/NN ]
./. 

Although/IN 
[ the/DT legislation/NN ]
would/MD apply/VB to/TO 
[ acquisitions/NNS ]
involving/VBG 
[ any/DT major/JJ airline/NN ]
,/, 
[ it/PRP ]
is/VBZ aimed/VBN at/IN giving/VBG 
[ the/DT Transportation/NNP Department/NNP ]
[ the/DT chance/NN ]
to/TO review/VB in/IN 
[ advance/NN transactions/NNS ]
financed/VBN by/IN 
[ large/JJ amounts/NNS ]
of/IN 
[ debt/NN ]
./. 

``/`` 
[ The/DT purpose/NN ]
of/IN 
[ the/DT bill/NN ]
is/VBZ to/TO put/VB 
[ the/DT brakes/NNS ]
on/IN 
[ airline/NN acquisitions/NNS ]
[ that/WDT ]
would/MD so/RB load/VB 
[ a/DT carrier/NN ]
up/RP with/IN 
[ debt/NN ]
that/IN 
[ it/PRP ]
would/MD impede/VB 
[ safety/NN ]
or/CC 
[ a/DT carrier/NN 's/POS ability/NN ]
to/TO compete/VB ,/, ''/'' 
[ Rep./NNP John/NNP Paul/NNP Hammerschmidt/NNP ]
,/, (/( 
[ R./NNP ]
,/, 
[ Ark/NNP ]
./. 

 )/) said/VBD ./. 

[ The/DT bill/NN ]
,/, as/IN 
[ it/PRP ]
was/VBD approved/VBN by/IN 
[ the/DT House/NNP Public/NNP Works/NNPS ]
and/CC 
[ Transportation/NNP Committee/NNP ]
,/, would/MD give/VB 
[ the/DT Transportation/NNP Department/NNP ]
up/IN to/TO 
[ 50/CD days/NNS ]
to/TO review/VB 
[ any/DT purchase/NN ]
of/IN 
[ 15/CD %/NN ]
or/CC 
[ more/JJR ]
of/IN 
[ the/DT stock/NN ]
in/IN 
[ an/DT airline/NN ]
./. 

[ The/DT department/NN ]
would/MD be/VB required/VBN to/TO block/VB 
[ the/DT buy-out/NN ]
if/IN 
[ the/DT acquisition/NN ]
is/VBZ likely/JJ to/TO financially/RB weaken/VB 
[ a/DT carrier/NN ]
so/IN 
[ that/IN safety/NN ]
would/MD be/VB impaired/VBN ;/: 
[ its/PRP$ ability/NN ]
to/TO compete/VB would/MD be/VB sharply/RB diminished/VBN ;/: 
[ it/PRP ]
would/MD be/VB put/VBN into/IN 
[ foreign/JJ control/NN ]
;/: or/CC if/IN 
[ the/DT transaction/NN ]
would/MD result/VB in/IN 
[ the/DT sale/NN ]
of/IN 
[ airline-related/JJ assets/NNS ]
--/: unless/IN selling/VBG 
[ such/JJ assets/NNS ]
had/VBD 
[ an/DT overriding/VBG public/NN benefit/NN ]
./. 

[ The/DT House/NNP ]
approved/VBD 
[ an/DT amendment/NN ]
offered/VBN by/IN 
[ Rep./NNP Peter/NNP DeFazio/NNP ]
 (/( 
[ D./NNP ]
,/, 
[ Ore./NNP ]
 )/) 
[ that/WDT ]
would/MD ,/, in/IN 
[ addition/NN ]
to/TO 
[ the/DT previous/JJ criteria/NNS ]
,/, also/RB require/VB 
[ the/DT department/NN ]
to/TO block/VB 
[ the/DT acquisition/NN ]
of/IN 
[ an/DT airline/NN ]
if/IN 
[ the/DT added/VBN debt/NN ]
incurred/VBN were/VBD likely/JJ to/TO result/VB in/IN 
[ a/DT reduction/NN ]
in/IN 
[ the/DT number/NN ]
of/IN 
[ the/DT carrier/NN 's/POS employees/NNS ]
,/, or/CC 
[ their/PRP$ wages/NNS ]
or/CC 
[ benefits/NNS ]
./. 

[ Rep./NNP James/NNP Traficant/NNP ]
 (/( 
[ D./NNP ]
,/, 
[ Ohio/NNP ]
 )/) ,/, said/VBD 
[ the/DT amendment/NN ]
,/, 
[ which/WDT ]
passed/VBD 
[ 271-147/CD ]
,/, would/MD ``/`` let/VB 
[ the/DT American/JJ worker/NN ]
know/VB that/IN 
[ we/PRP ]
consider/VBP 
[ them/PRP ]
occasionally/RB ./. 

''/'' But/CC 
[ Rep./NNP Hammerschmidt/NNP ]
said/VBD that/IN 
[ the/DT provision/NN ]
,/, 
[ which/WDT ]
[ he/PRP ]
dubbed/VBD 
[ a/DT ]
``/`` 
[ special/JJ interest/NN ]
''/'' 
[ amendment/NN ]
,/, was/VBD likely/JJ to/TO make/VB 
[ the/DT bill/NN ]
even/RB more/RBR controversial/JJ ./. 

On/IN 
[ Tuesday/NNP ]
,/, 
[ the/DT House/NNP ]
approved/VBD 
[ a/DT labor-backed/JJ amendment/NN ]
[ that/WDT ]
would/MD require/VB 
[ the/DT Transportation/NNP Department/NNP ]
to/TO reject/VB 
[ airline/NN acquisitions/NNS ]
if/IN 
[ the/DT person/NN ]
seeking/VBG to/TO purchase/VB 
[ a/DT carrier/NN ]
had/VBD run/VBN 
[ two/CD ]
or/CC 
[ more/JJR airlines/NNS ]
previously/RB 
[ that/WDT ]
have/VBP filed/VBN for/IN 
[ protection/NN ]
from/IN 
[ creditors/NNS ]
under/IN 
[ Chapter/NN 11/CD ]
of/IN 
[ the/DT federal/JJ Bankruptcy/NNP Code/NNP ]
./. 

[ The/DT provision/NN ]
,/, called/VBN 
[ the/DT ]
``/`` 
[ two-time-losers/JJ ]
''/'' 
[ amendment/NN ]
by/IN 
[ its/PRP$ supporters/NNS ]
,/, apparently/RB was/VBD aimed/VBN at/IN preventing/VBG 
[ Texas/NNP Air/NNP Corp./NNP Chairman/NNP Frank/NNP Lorenzo/NNP ]
from/IN attempting/VBG to/TO take/VB over/RP 
[ another/DT airline/NN ]
./. 

[ Follow-up/JJ report/NN ]
:/: 

[ You/PRP ]
now/RB may/MD drop/VB by/IN 
[ the/DT Voice/NNP ]
of/IN 
[ America/NNP offices/NNS ]
in/IN 
[ Washington/NNP ]
and/CC read/VB 
[ the/DT text/NN ]
of/IN 
[ what/WP ]
[ the/DT Voice/NNP ]
is/VBZ broadcasting/VBG to/TO 
[ those/DT 130/CD million/CD people/NNS ]
around/IN 
[ the/DT world/NN ]
[ who/WP ]
tune/VBP in/RP to/TO 
[ it/PRP ]
[ each/DT week/NN ]
./. 

[ You/PRP ]
can/MD even/RB take/VB 
[ notes/NNS ]
--/: 
[ extensive/JJ notes/NNS ]
,/, for/IN 
[ the/DT Voice/NNP folks/NNS ]
wo/MD n't/RB look/VB over/IN 
[ your/PRP$ shoulder/NN ]
--/: about/IN 
[ what/WP ]
[ you/PRP ]
read/VBP ./. 

[ You/PRP ]
can/MD do/VB 
[ all/PDT this/DT  ]
even/RB if/IN 
[ you/PRP ]
're/VBP not/RB 
[ a/DT reporter/NN ]
or/CC 
[ a/DT researcher/NN ]
or/CC 
[ a/DT scholar/NN ]
or/CC 
[ a/DT member/NN ]
of/IN 
[ Congress/NNP ]
./. 

And/CC 
[ my/PRP$ newspaper/NN ]
can/MD print/VB 
[ the/DT text/NN ]
of/IN 
[ those/DT broadcasts/NNS ]
./. 

Until/IN 
[ the/DT other/JJ day/NN ]
,/, 
[ you/PRP ]
as/IN 
[ an/DT ordinary/JJ citizen/NN ]
of/IN 
[ this/DT democracy/NN ]
had/VBD 
[ no/DT right/NN ]
to/TO see/VB 
[ what/WP ]
[ your/PRP$ government/NN ]
was/VBD telling/VBG 
[ your/PRP$ cousins/NNS ]
around/IN 
[ the/DT world/NN ]
./. 

[ That/DT ]
was/VBD 
[ the/DT law/NN ]
./. 

And/CC 
[ I/PRP ]
apparently/RB had/VBD 
[ no/DT right/NN ]
to/TO print/VB hither/RB 
[ what/WP ]
[ the/DT Voice/NNP ]
was/VBD booming/VBG to/TO 
[ yon/RB ]
./. 

[ It/PRP ]
was/VBD 
[ censorship/NN ]
./. 

[ It/PRP ]
was/VBD outrageous/JJ ./. 

And/CC 
[ it/PRP ]
was/VBD stupid/JJ ./. 

[ The/DT theory/NN ]
was/VBD that/IN 
[ the/DT Voice/NNP ]
is/VBZ 
[ a/DT propaganda/NN agency/NN ]
and/CC 
[ this/DT government/NN ]
should/MD n't/RB propagandize/VB 
[ its/PRP$ own/JJ people/NNS ]
./. 

[ That/DT ]
sounds/VBZ 
[ neat/JJ ]
,/, but/CC 
[ this/DT government/NN ]
--/: 
[ any/DT government/NN ]
--/: propagandizes/VBZ 
[ its/PRP$ own/JJ people/NNS ]
[ every/DT day/NN ]
./. 

[ Government/NNP press/NN releases/NNS ]
,/, 
[ speeches/NNS ]
,/, 
[ briefings/NNS ]
,/, 
[ tours/NNS ]
of/IN 
[ military/JJ facilities/NNS ]
,/, 
[ publications/NNS ]
are/VBP 
[ all/DT propaganda/NN ]
of/IN 
[ sorts/NNS ]
./. 

[ Propaganda/NN ]
is/VBZ just/RB 
[ information/NN ]
to/TO support/VB 
[ a/DT viewpoint/NN ]
,/, and/CC 
[ the/DT beauty/NN ]
of/IN 
[ a/DT democracy/NN ]
is/VBZ that/IN 
[ it/PRP ]
enables/VBZ 
[ you/PRP ]
to/TO hear/VB or/CC read/VB 
[ every/DT viewpoint/NN ]
and/CC then/RB make/VB up/RP 
[ your/PRP$ own/JJ mind/NN ]
on/IN 
[ an/DT issue/NN ]
./. 

[ The/DT restrictions/NNS ]
on/IN viewing/VBG and/CC 
[ dissemination/NN ]
of/IN 
[ Voice/NNP material/NN ]
were/VBD especially/RB 
[ absurd/JJ ]
:/: 
[ An/DT agency/NN ]
in/IN 
[ the/DT information/NN business/NN ]
was/VBD not/RB being/VBG allowed/VBN to/TO inform/VB ./. 

In/IN 
[ June/NNP 1988/CD ]
,/, 
[ I/PRP ]
wrote/VBD in/IN 
[ this/DT space/NN ]
about/IN 
[ this/DT issue/NN ]
./. 

Assuming/VBG 
[ it/PRP ]
was/VBD n't/RB 
[ one/CD ]
of/IN 
[ those/DT columns/NNS ]
that/IN 
[ you/PRP ]
clipped/VBD and/CC put/VBD on/IN 
[ the/DT refrigerator/NN door/NN ]
,/, 
[ I/PRP ]
'll/MD review/VB 
[ the/DT facts/NNS ]
./. 

[ The/DT Voice/NNP ]
of/IN 
[ America/NNP ]
is/VBZ 
[ a/DT government/NN agency/NN ]
[ that/WDT ]
broadcasts/VBZ 
[ news/NN ]
and/CC 
[ views/NNS ]
--/: 
[ some/DT ]
might/MD say/VB 
[ propaganda/NN ]
--/: in/IN 
[ 43/CD languages/NNS ]
to/TO 
[ 130/CD million/CD listeners/NNS ]
around/IN 
[ the/DT world/NN ]
./. 

[ It/PRP ]
does/VBZ 
[ a/DT first-rate/JJ job/NN ]
./. 

[ Its/PRP$ budget/NN $/$ 184/CD million/CD ]
--/: is/VBZ paid/VBN for/IN by/IN 
[ you/PRP ]
./. 

But/CC 
[ a/DT 1948/CD law/NN ]
barred/VBD 
[ the/DT ]
``/`` 
[ dissemination/NN ]
''/'' of/IN 
[ that/DT material/NN ]
in/IN 
[ the/DT U.S/NNP ]
./. 

[ The/DT law/NN ]
let/VBD 
[ scholars/NNS ]
,/, 
[ reporters/NNS ]
and/CC 
[ researchers/NNS ]
read/VB 
[ texts/NNS ]
of/IN 
[ VOA/NNP material/NN ]
,/, only/RB at/IN 
[ VOA/NNP headquarters/NNS ]
in/IN 
[ Washington/NNP ]
,/, but/CC 
[ it/PRP ]
barred/VBD 
[ them/PRP ]
from/IN copying/VBG 
[ texts/NNS ]
./. 

And/CC ,/, of/IN 
[ course/NN ]
,/, 
[ there/EX ]
's/VBZ 
[ that/DT word/NN ]
``/`` 
[ dissemination/NN ]
./. 

''/'' 

How/WRB 's/VBZ 
[ that/DT ]
again/RB ?/. 

``/`` 
[ You/PRP ]
may/MD come/VB by/IN 
[ the/DT agency/NN ]
to/TO read/VB but/CC not/RB copy/VB 
[ either/DT ]
manually/RB or/CC by/IN photocopying/VBG ,/, ''/'' 
[ a/DT Voice/NNP official/NN ]
explained/VBD when/WRB 
[ I/PRP ]
asked/VBD ./. 

[ What/WP ]
if/IN 
[ I/PRP ]
tune/VBP in/RP 
[ my/PRP$ short-wave/JJ radio/NN ]
,/, transcribe/VBP 
[ an/DT editorial/NN ]
or/CC 
[ program/NN ]
,/, and/CC print/VBP 
[ it/PRP ]
in/IN 
[ my/PRP$ newspaper/NN ]
?/. 

``/`` Nor/CC are/VBP 
[ you/PRP ]
free/JJ to/TO reprint/VB 
[ such/JJ material/NN ]
,/, ''/'' 
[ I/PRP ]
was/VBD advised/VBN ./. 

[ That/WDT ]
sounded/VBD 
[ a/DT lot/NN ]
like/IN 
[ censorship/NN ]
,/, so/RB after/IN 
[ years/NNS ]
of/IN 
[ letters/NNS ]
and/CC 
[ conversations/NNS ]
[ that/WDT ]
went/VBD nowhere/RB ,/, 
[ I/PRP ]
sued/VBD ./. 

[ A/DT couple/NN ]
of/IN 
[ weeks/NNS ]
ago/IN ,/, 
[ I/PRP ]
lost/VBD 
[ the/DT case/NN ]
in/IN 
[ federal/JJ district/NN court/NN ]
in/IN 
[ Des/NNP Moines/NNP ]
./. 

At/IN 
[ least/JJS ]
,/, 
[ that/DT ]
's/VBZ 
[ the/DT way/NN ]
[ it/PRP ]
was/VBD reported/VBN ./. 

And/CC ,/, indeed/RB ,/, 
[ the/DT lawsuit/NN ]
was/VBD dismissed/VBN ./. 

But/CC 
[ I/PRP ]
--/: 
[ I/PRP ]
like/VBP to/TO think/VB of/IN 
[ it/PRP ]
in/IN 
[ terms/NNS ]
of/IN 
[ we/PRP ]
,/, 
[ all/DT ]
of/IN 
[ us/PRP ]
--/: won/VBD 
[ the/DT point/NN ]
./. 

For/IN 
[ a/DT funny/JJ thing/NN ]
happened/VBD on/IN 
[ the/DT way/NN ]
to/TO 
[ the/DT ruling/NN ]
:/: 
[ The/DT United/NNP States/NNPS Information/NNP Agency/NNP ]
,/, 
[ which/WDT ]
runs/VBZ 
[ the/DT Voice/NNP ]
,/, changed/VBD 
[ its/PRP$ position/NN ]
on/IN 
[ three/CD key/JJ points/NNS ]
./. 

--/: 
[ The/DT USIA/NNP ]
said/VBD that/IN ,/, on/IN 
[ reflection/NN ]
,/, of/IN 
[ course/NN ]
[ I/PRP ]
could/MD print/VB 
[ anything/NN ]
[ I/PRP ]
could/MD get/VB 
[ my/PRP$ hands/NNS ]
on/IN ./. 

[ The/DT word/NN dissemination/NN ]
,/, 
[ it/PRP ]
decided/VBD ,/, referred/VBD only/RB to/TO 
[ itself/PRP ]
./. 

``/`` 
[ The/DT USIA/NNP ]
officially/RB and/CC publicly/RB declared/VBD 
[ the/DT absolute/JJ right/NN ]
of/IN 
[ everyone/NN ]
except/IN 
[ the/DT USIA/NNP ]
to/TO disseminate/VB 
[ agency/NN program/NN materials/NNS ]
in/IN 
[ the/DT United/NNP States/NNPS ]
,/, ''/'' 
[ my/PRP$ lawyer/NN ]
,/, 
[ the/DT scholarly/JJ Mark/NNP McCormick/NNP ]
of/IN 
[ Des/NNP Moines/NNP ]
,/, said/VBD in/IN 
[ a/DT memo/NN ]
pointing/VBG out/IN 
[ the/DT facts/NNS ]
and/CC trying/VBG to/TO make/VB 
[ me/PRP ]
feel/VB good/JJ after/IN 
[ the/DT press/NN ]
reported/VBD that/IN 
[ I/PRP ]
had/VBD lost/VBN ./. 

[ The/DT court/NN ]
noted/VBD 
[ the/DT new/JJ USIA/NNP position/NN ]
but/CC ,/, just/RB in/IN 
[ case/NN ]
,/, officially/RB found/VBN ``/`` that/IN 
[ Congress/NNP ]
did/VBD not/RB intend/VB to/TO preclude/VB 
[ plaintiffs/NNS ]
from/IN disseminating/VBG 
[ USIA/NNP information/NN ]
domestically/RB ./. 

''/'' 

--/: 
[ The/DT USIA/NNP ]
said/VBD that/IN ,/, on/IN 
[ reflection/NN ]
,/, 
[ anyone/NN ]
could/MD view/VB 
[ the/DT VOA/NNP materials/NNS ]
,/, not/RB just/RB 
[ the/DT reporters/NNS ]
,/, 
[ scholars/NNS ]
,/, 
[ researchers/NNS ]
and/CC 
[ congressmen/NNS ]
[ who/WP ]
are/VBP mentioned/VBN in/IN 
[ the/DT statute/NN ]
./. 

``/`` 
[ The/DT USIA/NNP ]
publicly/RB and/CC officially/RB stated/VBD in/IN 
[ the/DT litigation/NN ]
that/IN 
[ all/DT persons/NNS ]
are/VBP allowed/VBN 
[ access/NN ]
to/TO 
[ the/DT materials/NNS ]
,/, notwithstanding/IN 
[ the/DT statutory/JJ designations/NNS ]
,/, because/IN 
[ the/DT USIA/NNP ]
has/VBZ determined/VBN that/IN 
[ it/PRP ]
will/MD not/RB check/VB 
[ the/DT credentials/NNS ]
of/IN 
[ any/DT person/NN ]
appearing/VBG and/CC requesting/VBG to/TO see/VB 
[ the/DT materials/NNS ]
,/, ''/'' 
[ Mr./NNP McCormick/NNP ]
noted/VBD ./. 

--/: And/CC 
[ the/DT USIA/NNP ]
said/VBD that/IN 
[ all/DT ]
of/IN 
[ us/PRP ]
could/MD take/VB 
[ extensive/JJ notes/NNS ]
./. 

``/`` 
[ The/DT agency/NN ]
publicly/RB and/CC officially/RB declared/VBD in/IN 
[ the/DT lawsuit/NN ]
that/IN 
[ persons/NNS ]
[ who/WP ]
examine/VBP 
[ the/DT materials/NNS ]
may/MD make/VB 
[ notes/NNS ]
and/CC ,/, while/IN 
[ the/DT agency/NN position/NN ]
is/VBZ that/IN 
[ persons/NNS ]
may/MD not/RB take/VB 
[ verbatim/JJ notes/NNS ]
,/, 
[ no/DT one/NN ]
will/MD check/VB to/TO determine/VB 
[ what/WDT ]
notes/NNS 
[ a/DT person/NN ]
has/VBZ taken/VBN ,/, ''/'' 
[ Mr./NNP McCormick/NNP ]
reported/VBD ./. 

[ I/PRP ]
had/VBD sought/VBN ,/, in/IN 
[ my/PRP$ suit/NN ]
,/, 
[ the/DT right/NN ]
to/TO print/VB 
[ Voice/NNP material/NN ]
,/, 
[ which/WDT ]
had/VBD been/VBN denied/VBN 
[ me/PRP ]
,/, and/CC 
[ I/PRP ]
had/VBD sought/VBN 
[ a/DT right/NN ]
to/TO receive/VB 
[ the/DT information/NN ]
,/, arguing/VBG in/IN 
[ effect/NN ]
that/IN 
[ a/DT right/NN ]
to/TO print/VB 
[ government/NN information/NN ]
is/VBZ n't/RB very/RB helpful/JJ if/IN 
[ I/PRP ]
have/VBP 
[ no/DT right/NN ]
to/TO get/VB 
[ the/DT information/NN ]
./. 

But/CC 
[ the/DT court/NN ]
disagreed/VBD ./. 

``/`` 
[ The/DT First/NNP Amendment/NNP ]
proscribes/VBZ 
[ the/DT government/NN ]
from/IN passing/VBG 
[ laws/NNS ]
abridging/VBG 
[ the/DT right/NN ]
to/TO 
[ free/JJ speech/NN ]
,/, ''/'' 
[ Judge/NNP Donald/NNP O'Brien/NNP ]
ruled/VBD ./. 

``/`` 
[ The/DT First/NNP Amendment/NNP ]
does/VBZ not/RB prescribe/VB 
[ a/DT duty/NN ]
upon/IN 
[ the/DT government/NN ]
to/TO assure/VB 
[ easy/JJ access/NN ]
to/TO 
[ information/NN ]
for/IN 
[ members/NNS ]
of/IN 
[ the/DT press/NN ]
./. 

''/'' 

So/IN now/RB 
[ the/DT situation/NN ]
is/VBZ 
[ this/DT ]
:/: 
[ You/PRP ]
have/VBP 
[ a/DT right/NN ]
to/TO read/VB 
[ Voice/NNP ]
of/IN 
[ America/NNP scripts/NNS ]
if/IN 
[ you/PRP ]
do/VBP n't/RB mind/VB traveling/VBG to/TO 
[ Washington/NNP ]
[ every/DT week/NN ]
or/CC so/RB and/CC visiting/VBG 
[ the/DT Voice/NNP office/NN ]
during/IN 
[ business/NN hours/NNS ]
./. 

[ I/PRP ]
have/VBP 
[ a/DT right/NN ]
to/TO print/VB 
[ those/DT scripts/NNS ]
if/IN 
[ I/PRP ]
go/VBP there/RB and/CC laboriously/RB --/: but/CC no/RB longer/JJR surreptitiously/RB --/: copy/VBP 
[ them/PRP ]
out/IN in/IN 
[ long/JJ hand/NN ]
./. 

But/CC 
[ neither/DT ]
of/IN 
[ us/PRP ]
can/MD copy/VB 
[ the/DT material/NN ]
on/IN 
[ a/DT Xerox/NNP machine/NN ]
or/CC have/VB 
[ it/PRP ]
sent/VBN to/TO 
[ us/PRP ]
./. 

In/IN 
[ an/DT era/NN ]
when/WRB 
[ every/DT government/NN agency/NN ]
has/VBZ 
[ a/DT public-relations/NNS machine/NN ]
[ that/WDT ]
sends/VBZ 
[ you/PRP ]
stuff/NN whether/IN 
[ you/PRP ]
want/VBP 
[ it/PRP ]
or/CC not/RB ,/, 
[ this/DT ]
does/VBZ seem/VB 
[ odd/JJ ]
./. 

Indeed/RB ,/, 
[ Judge/NNP O'Brien/NNP ]
ruled/VBD that/IN ``/`` 
[ it/PRP ]
would/MD be/VB easy/JJ to/TO conclude/VB that/IN 
[ the/DT USIA/NNP 's/POS position/NN ]
is/VBZ `/`` 
[ inappropriate/JJ ]
or/CC even/RB stupid/JJ ,/, '/'' ''/'' but/CC 
[ it/PRP ]
's/VBZ 
[ the/DT law/NN ]
./. 

So/IN 
[ the/DT next/JJ step/NN ]
,/, 
[ I/PRP ]
suspect/VBP ,/, is/VBZ to/TO try/VB to/TO get/VB 
[ the/DT law/NN ]
changed/VBD ./. 

[ We/PRP ]
 (/( 
[ I/PRP ]
assume/VBP 
[ you/PRP ]
're/VBP in/IN 
[ this/DT ]
with/IN 
[ me/PRP ]
at/IN 
[ this/DT point/NN ]
 )/) need/VBP to/TO get/VB 
[ three/CD words/NNS ]
--/: ``/`` for/IN 
[ examination/NN ]
only/RB ''/'' --/: eliminated/VBN from/IN 
[ the/DT law/NN ]
./. 

[ Section/NN 501/CD ]
of/IN 
[ the/DT United/NNP States/NNPS Information/NNP ]
and/CC 
[ Educational/NNP Exchange/NNP Act/NNP ]
of/IN 
[ 1948/CD ]
says/VBZ 
[ Voice/NNP material/NN ]
shall/MD be/VB available/JJ to/TO 
[ certain/JJ ]
of/IN 
[ us/PRP ]
 (/( but/CC now/RB ,/, 
[ thanks/NNS ]
to/TO 
[ the/DT USIA/NNP 's/POS new/JJ position/NN ]
,/, 
[ all/DT ]
of/IN 
[ us/PRP ]
 )/) ``/`` for/IN 
[ examination/NN ]
only/RB ./. 

''/'' If/IN 
[ those/DT words/NNS ]
were/VBD n't/RB there/RB ,/, 
[ the/DT nice/JJ people/NNS ]
at/IN 
[ the/DT Voice/NNP ]
would/MD be/VB able/JJ to/TO send/VB 
[ you/PRP ]
[ the/DT information/NN ]
or/CC ,/, at/IN 
[ the/DT very/RB least/JJS ]
,/, let/VB 
[ you/PRP ]
photocopy/VB 
[ it/PRP ]
./. 

[ This/DT ]
is/VBZ not/RB 
[ a/DT trivial/JJ issue/NN ]
./. 

``/`` 
[ You/PRP ]
have/VBD .../: raised/VBN 
[ important/JJ questions/NNS ]
[ which/WDT ]
ought/MD to/TO be/VB answered/VBN :/: 
[ What/WP ]
does/VBZ 
[ USIA/NNP ]
say/VB about/IN 
[ America/NNP ]
abroad/RB ;/: how/WRB do/VBP 
[ we/PRP ]
say/VB 
[ it/PRP ]
;/: and/CC how/WRB can/MD 
[ American/JJ taxpayers/NNS ]
get/VB 
[ the/DT answers/NNS ]
to/TO 
[ these/DT questions/NNS ]
?/. ''/'' 
[ a/DT man/NN ]
wrote/VBD 
[ me/PRP ]
[ a/DT couple/NN ]
of/IN 
[ years/NNS ]
ago/IN ./. 

[ The/DT man/NN ]
was/VBD 
[ Charles/NNP Z./NNP Wick/NNP ]
./. 

At/IN 
[ the/DT time/NN ]
,/, 
[ he/PRP ]
was/VBD 
[ director/NN ]
of/IN 
[ the/DT ]

[ He/PRP ]
had/VBD 
[ no/DT answers/NNS ]
then/RB ./. 

Now/RB 
[ there/EX ]
are/VBP 
[ some/DT ]
./. 

[ This/DT democracy/NN ]
is/VBZ suddenly/RB 
[ a/DT little/RB ]
more/RBR democratic/JJ ./. 

[ I/PRP ]
feel/VBP pretty/RB good/JJ about/IN 
[ it/PRP ]
./. 

[ Mr./NNP Gartner/NNP ]
is/VBZ 
[ editor/NN ]
and/CC 
[ co-owner/NN ]
of/IN 
[ the/DT Daily/NNP Tribune/NNP ]
in/IN 
[ Ames/NNP ]
,/, 
[ Iowa/NNP ]
,/, and/CC 
[ president/NN ]
of/IN 
[ NBC/NNP News/NNP ]
in/IN 
[ New/NNP York/NNP ]
./. 

[ R./NNP Gordon/NNP McGovern/NNP ]
was/VBD forced/VBN out/IN as/IN 
[ Campbell/NNP Soup/NNP Co./NNP 's/POS president/NN ]
and/CC 
[ chief/NN executive/NN officer/NN ]
,/, 
[ the/DT strongest/JJS evidence/NN ]
yet/RB of/IN 
[ the/DT power/NN ]
[ that/WDT Dorrance/NNP family/NN members/NNS ]
intend/VBP to/TO wield/VB in/IN reshaping/VBG 
[ the/DT troubled/JJ food/NN company/NN ]
./. 

[ Herbert/NNP M./NNP Baum/NNP ]
,/, 
[ the/DT 53-year-old/JJ president/NN ]
of/IN 
[ the/DT company/NN 's/POS Campbell/NNP U.S.A./NNP unit/NN ]
,/, and/CC 
[ Edwin/NNP L./NNP Harper/NNP ]
,/, 
[ 47/CD ]
,/, 
[ the/DT chief/NN financial/JJ officer/NN ]
,/, will/MD run/VB 
[ Campbell/NNP ]
as/IN 
[ a/DT team/NN ]
,/, dividing/VBG 
[ responsibilities/NNS ]
rather/RB evenly/RB until/IN 
[ a/DT successor/NN ]
is/VBZ named/VBN ./. 

[ The/DT board/NN ]
already/RB has/VBZ been/VBN searching/VBG for/IN 
[ strong/JJ outside/JJ candidates/NNS ]
,/, including/VBG 
[ food-industry/NN executives/NNS ]
with/IN 
[ considerable/JJ international/JJ experience/NN ]
./. 

[ Wall/NNP Street/NNP ]
reacted/VBD favorably/RB to/TO 
[ Mr./NNP McGovern/NNP 's/POS departure/NN ]
and/CC 
[ its/PRP$ implications/NNS ]
./. 

In/IN 
[ heavy/JJ ]
trading/NN on/IN 
[ the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ]
,/, 
[ Campbell/NNP 's/POS shares/NNS ]
rose/VBD 
[ $/$ 3.375/CD ]
to/TO close/VB at/IN 
[ $/$ 47.125/CD ]
./. 

``/`` 
[ The/DT profit/NN motive/NN ]
of/IN 
[ the/DT major/JJ shareholders/NNS ]
has/VBZ clearly/RB changed/VBN for/IN 
[ the/DT better/JJR ]
,/, ''/'' said/VBD 
[ John/NNP McMillin/NNP ]
,/, 
[ a/DT food/NN industry/NN analyst/NN ]
for/IN 
[ Prudential-Bache/NNP ]
in/IN 
[ New/NNP York/NNP ]
./. 

[ Mr./NNP McGovern/NNP ]
was/VBD widely/RB seen/VBN as/IN 
[ sales/NNS ]
,/, and/CC not/RB 
[ profit/NN ]
,/, oriented/VBN ./. 

``/`` 
[ New/JJ managers/NNS ]
would/MD think/VB 
[ a/DT ]
little/RB more/JJR like/IN 
[ Wall/NNP Street/NNP ]
,/, ''/'' 
[ Mr./NNP McMillin/NNP ]
added/VBD ./. 

[ Some/DT ]
of/IN 
[ the/DT surge/NN ]
in/IN 
[ the/DT stock/NN 's/POS price/NN ]
appeared/VBD to/TO be/VB linked/VBN to/TO 
[ revived/VBN takeover/NN speculation/NN ]
,/, 
[ which/WDT ]
has/VBZ contributed/VBN to/TO 
[ volatility/NN ]
of/IN 
[ Campbell/NNP shares/NNS ]
in/IN 
[ recent/JJ months/NNS ]
./. 

[ Campbell/NNP 's/POS international/JJ businesses/NNS ]
,/, particularly/RB in/IN 
[ the/DT U.K./NNP ]
and/CC 
[ Italy/NNP ]
,/, appear/VBP to/TO be/VB at/IN 
[ the/DT heart/NN ]
of/IN 
[ its/PRP$ problems/NNS ]
./. 

[ Growth/NN ]
has/VBZ fallen/VBN short/RB of/IN 
[ targets/NNS ]
and/CC 
[ operating/NN earnings/NNS ]
are/VBP far/RB below/IN 
[ results/NNS ]
in/IN 
[ U.S./NNP units/NNS ]
./. 

For/IN 
[ example/NN ]
,/, 
[ Campbell/NNP ]
is/VBZ 
[ a/DT distant/JJ third/JJ ]
in/IN 
[ the/DT U.K./NNP ]
frozen/VBN 
[ foods/NNS market/NN ]
,/, where/WRB 
[ it/PRP ]
recently/RB paid/VBD 
[ 24/CD times/NNS earnings/NNS ]
for/IN 
[ Freshbake/NNP Foods/NNPS PLC/NNP ]
and/CC wound/VBD up/IN with/IN 
[ far/RB more/JJR capacity/NN ]
than/IN 
[ it/PRP ]
could/MD use/VB ./. 

Similarly/RB ,/, 
[ Campbell/NNP 's/POS Italian/JJ biscuit/NN operation/NN ]
,/, 
[ D./NNP Lazzaroni/NNP ]
&/CC 
[ Co./NNP ]
,/, has/VBZ been/VBN hurt/VBN by/IN 
[ overproduction/NN ]
and/CC 
[ distribution/NN problems/NNS ]
./. 

[ Such/JJ problems/NNS ]
will/MD require/VB 
[ considerable/JJ skill/NN ]
to/TO resolve/VB ./. 

However/RB ,/, neither/DT 
[ Mr./NNP Baum/NNP ]
nor/CC 
[ Mr./NNP Harper/NNP ]
has/VBZ 
[ much/JJ international/JJ experience/NN ]
./. 

[ Mr./NNP Baum/NNP ]
,/, 
[ a/DT seasoned/JJ marketer/NN ]
[ who/WP ]
is/VBZ said/VBN to/TO have/VB 
[ a/DT good/JJ rapport/NN ]
with/IN 
[ Campbell/NNP employees/NNS ]
,/, will/MD have/VB 
[ responsibility/NN ]
for/IN 
[ all/DT domestic/JJ operations/NNS ]
except/IN 
[ the/DT Pepperidge/NNP Farm/NNP unit/NN ]
./. 

[ Mr./NNP Harper/NNP ]
,/, 
[ a/DT veteran/NN ]
of/IN 
[ several/JJ manufacturing/VBG companies/NNS ]
[ who/WP ]
joined/VBD 
[ Campbell/NNP ]
in/IN 
[ 1986/CD ]
,/, will/MD take/VB 
[ charge/NN ]
of/IN 
[ all/DT overseas/JJ operations/NNS ]
as/RB well/RB as/IN 
[ Pepperidge/NNP ]
./. 

In/IN 
[ an/DT joint/JJ interview/NN yesterday/NN ]
,/, 
[ both/DT ]
[ men/NNS ]
said/VBD 
[ they/PRP ]
would/MD like/VB to/TO be/VB 
[ the/DT company/NN 's/POS next/JJ chief/NN executive/NN ]
./. 

[ Mr./NNP McGovern/NNP ]
,/, 
[ 63/CD ]
,/, had/VBD been/VBN under/IN 
[ intense/JJ pressure/NN ]
from/IN 
[ the/DT board/NN ]
to/TO boost/VB 
[ Campbell/NNP 's/POS mediocre/JJ performance/NN ]
to/TO 
[ the/DT level/NN ]
of/IN 
[ other/JJ food/NN companies/NNS ]
./. 

[ The/DT board/NN ]
is/VBZ dominated/VBN by/IN 
[ the/DT heirs/NNS ]
of/IN 
[ the/DT late/JJ John/NNP T./NNP Dorrance/NNP Jr./NNP ]
,/, 
[ who/WP ]
controlled/VBD about/IN 
[ 58/CD %/NN ]
of/IN 
[ Campbell/NNP 's/POS stock/NN ]
when/WRB 
[ he/PRP ]
died/VBD in/IN 
[ April/NNP ]
./. 

In/IN 
[ recent/JJ months/NNS ]
,/, 
[ Mr./NNP Dorrance/NNP 's/POS children/NNS ]
and/CC 
[ other/JJ family/NN members/NNS ]
have/VBP pushed/VBN for/IN 
[ improved/VBN profitability/NN ]
and/CC 
[ higher/JJR returns/NNS ]
on/IN 
[ their/PRP$ equity/NN ]
./. 

In/IN 
[ August/NNP ]
,/, 
[ the/DT company/NN ]
took/VBD 
[ a/DT $/$ 343/CD million/CD pretax/NN charge/NN ]
against/IN 
[ fiscal/JJ 1989/CD earnings/NNS ]
when/WRB 
[ it/PRP ]
announced/VBD 
[ a/DT world-wide/JJ restructuring/VBG plan/NN ]
./. 

[ The/DT plan/NN ]
calls/VBZ for/IN closing/VBG at/IN 
[ least/JJS nine/CD plants/NNS ]
and/CC eliminating/VBG about/IN 
[ 3,600/CD jobs/NNS ]
./. 

But/CC 
[ analysts/NNS ]
said/VBD 
[ early/JJ results/NNS ]
from/IN 
[ the/DT reorganization/NN ]
have/VBP been/VBN disappointing/JJ ,/, especially/RB in/IN 
[ Europe/NNP ]
,/, and/CC 
[ there/EX ]
were/VBD 
[ signs/NNS ]
that/IN 
[ the/DT board/NN ]
became/VBD 
[ impatient/NN ]
./. 

[ Campbell/NNP officials/NNS ]
said/VBD 
[ Mr./NNP McGovern/NNP ]
was/VBD n't/RB 
[ available/JJ yesterday/NN ]
to/TO discuss/VB 
[ the/DT circumstances/NNS ]
of/IN 
[ his/PRP$ departure/NN ]
./. 

[ The/DT company/NN 's/POS prepared/VBN statement/NN ]
quoted/VBD 
[ him/PRP ]
as/IN saying/VBG ,/, ``/`` 
[ The/DT CEO/NNP succession/NN ]
is/VBZ well/RB along/IN and/CC 
[ I/PRP ]
've/VBP decided/VBN for/IN 
[ personal/JJ reasons/NNS ]
to/TO take/VB 
[ early/JJ retirement/NN ]
./. 

''/'' 

But/CC 
[ people/NNS ]
familiar/JJ with/IN 
[ the/DT agenda/NN ]
of/IN 
[ the/DT board/NN 's/POS ]
meeting/NN 
[ last/JJ week/NN ]
in/IN 
[ London/NNP ]
said/VBD 
[ Mr./NNP McGovern/NNP ]
was/VBD fired/VBN ./. 

[ Mr./NNP McGovern/NNP ]
himself/PRP had/VBD said/VBN repeatedly/RB that/IN 
[ he/PRP ]
intended/VBD to/TO stay/VB on/IN until/IN 
[ he/PRP ]
reached/VBD 
[ the/DT conventional/JJ retirement/NN age/NN ]
of/IN 
[ 65/CD ]
in/IN 
[ October/NNP 1991/CD ]
,/, ``/`` unless/IN 
[ I/PRP ]
get/VBP fired/VBN ./. 

''/'' 
[ Campbell/NNP ]
said/VBD 
[ Mr./NNP McGovern/NNP ]
had/VBD withdrawn/VBN 
[ his/PRP$ name/NN ]
as/IN 
[ a/DT candidate/NN ]
for/IN 
[ re-election/NN ]
as/IN 
[ a/DT director/NN ]
at/IN 
[ the/DT annual/JJ shareholder/NN meeting/NN ]
,/, scheduled/VBN for/IN 
[ Nov./NNP 17/CD ]
./. 

For/IN 
[ fiscal/JJ 1989/CD ]
,/, 
[ Mr./NNP McGovern/NNP ]
received/VBD 
[ a/DT salary/NN ]
of/IN 
[ $/$ 877,663/CD ]
./. 

[ He/PRP ]
owns/VBZ about/IN 
[ 45,000/CD shares/NNS ]
of/IN 
[ Campbell/NNP stock/NN ]
and/CC has/VBZ 
[ options/NNS ]
to/TO buy/VB more/JJR than/IN 
[ 100,000/CD additional/JJ shares/NNS ]
./. 

[ He/PRP ]
will/MD be/VB eligible/JJ for/IN 
[ an/DT annual/JJ pension/NN ]
of/IN more/JJR than/IN 
[ $/$ 244,000/CD ]
with/IN 
[ certain/JJ other/JJ fringe/NN benefits/NNS ]
./. 

During/IN 
[ Mr./NNP McGovern/NNP 's/POS nine-year/JJ term/NN ]
as/IN 
[ president/NN ]
,/, 
[ the/DT company/NN 's/POS sales/NNS ]
rose/VBD to/TO 
[ $/$ 5.7/CD billion/CD ]
from/IN 
[ $/$ 2.8/CD billion/CD ]
and/CC 
[ net/JJ income/NN ]
increased/VBD to/TO 
[ $/$ 274/CD million/CD ]
from/IN 
[ $/$ 130/CD million/CD ]
,/, 
[ the/DT statement/NN ]
said/VBD ./. 

[ Mr./NNP Baum/NNP ]
said/VBD 
[ he/PRP ]
and/CC 
[ Mr./NNP Harper/NNP ]
[ both/DT ]
advocated/VBD closing/VBG 
[ some/DT plants/NNS ]
as/RB long/JJ ago/RB as/IN 
[ early/JJ 1988/CD ]
./. 

``/`` 
[ You/PRP ]
've/VBP got/VBN to/TO make/VB 
[ the/DT restructuring/NN work/NN ]
,/, ''/'' said/VBD 
[ Mr./NNP Baum/NNP ]
./. 

``/`` 
[ You/PRP ]
've/VBP got/VBN to/TO make/VB 
[ those/DT savings/NNS ]
now/RB ./. 

''/'' 

[ Mr./NNP Harper/NNP ]
expressed/VBD 
[ confidence/NN ]
that/IN 
[ he/PRP ]
and/CC 
[ Mr./NNP Baum/NNP ]
can/MD convince/VB 
[ the/DT board/NN ]
of/IN 
[ their/PRP$ worthiness/NN ]
to/TO run/VB 
[ the/DT company/NN ]
./. 

``/`` 
[ We/PRP ]
look/VBP upon/IN 
[ this/DT ]
as/IN 
[ a/DT great/JJ opportunity/NN ]
to/TO prove/VB 
[ the/DT fact/NN ]
that/IN 
[ we/PRP ]
have/VBP 
[ a/DT tremendous/JJ management/NN team/NN ]
,/, ''/'' 
[ he/PRP ]
said/VBD ./. 

[ He/PRP ]
predicted/VBD that/IN 
[ the/DT board/NN ]
would/MD give/VB 
[ the/DT current/JJ duo/NN ]
until/IN 
[ early/JJ next/JJ year/NN ]
before/IN naming/VBG 
[ a/DT new/JJ chief/NN executive/NN ]
./. 

[ Mr./NNP Baum/NNP ]
said/VBD 
[ the/DT two/CD ]
have/VBP 
[ orders/NNS ]
to/TO ``/`` focus/VB on/IN 
[ bottom-line/JJ profits/NNS ]
''/'' and/CC to/TO ``/`` take/VB 
[ a/DT hard/JJ look/NN ]
at/IN 
[ our/PRP$ businesses/NNS ]
--/: 
[ what/WP ]
is/VBZ good/JJ ,/, 
[ what/WP ]
is/VBZ not/RB so/RB good/JJ ./. 

''/'' 
[ Analysts/NNS ]
generally/RB applaud/VBP 
[ the/DT performance/NN ]
of/IN 
[ Campbell/NNP U.S.A./NNP ]
,/, 
[ the/DT company/NN 's/POS largest/JJS division/NN ]
,/, 
[ which/WDT ]
posted/VBD 
[ 6/CD %/NN unit/NN sales/NNS growth/NN ]
and/CC 
[ a/DT 15/CD %/NN improvement/NN ]
in/IN 
[ operating/NN profit/NN ]
for/IN 
[ fiscal/JJ 1989/CD ]
./. 

``/`` 
[ The/DT way/NN ]
that/IN 
[ we/PRP ]
've/VBP been/VBN managing/VBG 
[ Campbell/NNP U.S.A./NNP ]
can/MD hopefully/RB spread/VB to/TO 
[ other/JJ areas/NNS ]
of/IN 
[ the/DT company/NN ]
,/, ''/'' 
[ Mr./NNP Baum/NNP ]
said/VBD ./. 

In/IN 
[ the/DT interview/NN ]
at/IN 
[ headquarters/NN yesterday/NN afternoon/NN ]
,/, 
[ both/DT ]
[ men/NNS ]
exuded/VBD 
[ confidence/NN ]
and/CC seemed/VBD to/TO work/VB well/RB together/RB ./. 

``/`` 
[ You/PRP ]
've/VBP got/VBN 
[ two/CD champions/NNS ]
sitting/VBG 
[ right/JJ ]
before/IN 
[ you/PRP ]
,/, ''/'' said/VBD 
[ Mr./NNP Baum/NNP ]
./. 

``/`` 
[ We/PRP ]
play/VBP to/TO win/VB ./. 

''/''

[ Wednesday/NNP ]
,/, 
[ November/NNP 1/CD ]
,/, 
[ 1989/CD ]

[ The/DT key/JJ U.S./NNP ]
and/CC 
[ foreign/JJ annual/JJ interest/NN rates/NNS ]
below/IN are/VBP 
[ a/DT guide/NN ]
to/TO 
[ general/JJ levels/NNS ]
but/CC do/VBP n't/RB always/RB represent/VB 
[ actual/JJ transactions/NNS ]
./. 

[ PRIME/NNP RATE/NNP ]
:/: 
[ 10/CD 1\/2/CD %/NN ]
./. 

[ The/DT base/NN rate/NN ]
on/IN 
[ corporate/JJ loans/NNS ]
at/IN 
[ large/JJ U.S./NNP money/NN center/NN commercial/JJ banks/NNS ]
./. 

[ FEDERAL/NNP FUNDS/NNPS ]
:/: 
[ 9/CD 1\/2/CD %/NN high/JJ ]
,/, 
[ 8/CD 3\/4/CD %/NN low/JJ ]
,/, 
[ 8/CD 3\/4/CD %/NN ]
near/IN 
[ closing/JJ bid/NN ]
,/, 
[ 9/CD %/NN ]
offered/VBD ./. 

[ 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 ]
 (/( 
[ U.S.A/NNP ]
./. 

 )/) 
[ Inc/NNP ]
./. 

[ DISCOUNT/NNP RATE/NNP ]
:/: 
[ 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/NNP MONEY/NNP ]
:/: 
[ 9/CD 3\/4/CD %/NN ]
./. 

[ The/DT charge/NN ]
on/IN 
[ loans/NNS ]
to/TO 
[ brokers/NNS ]
on/IN 
[ stock/NN exchange/NN collateral/NN ]
./. 

[ COMMERCIAL/JJ PAPER/NN ]
placed/VBN directly/RB by/IN 
[ General/NNP Motors/NNPS Acceptance/NNP Corp./NNP ]
:/: 
[ 8.55/CD %/NN 30/CD ]
to/TO 
[ 44/CD days/NNS ]
;/: 
[ 8.25/CD %/NN 45/CD ]
to/TO 
[ 59/CD days/NNS ]
;/: 
[ 8.45/CD %/NN 60/CD ]
to/TO 
[ 89/CD days/NNS ]
;/: 
[ 8/CD %/NN 90/CD ]
to/TO 
[ 119/CD days/NNS ]
;/: 
[ 7.90/CD %/NN 120/CD ]
to/TO 
[ 149/CD days/NNS ]
;/: 
[ 7.80/CD %/NN 150/CD ]
to/TO 
[ 179/CD days/NNS ]
;/: 
[ 7.55/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 ]
:/: 
[ 8.65/CD %/NN 30/CD days/NNS ]
;/: 
[ 8.575/CD %/NN 60/CD days/NNS ]
;/: 
[ 8.50/CD %/NN 90/CD days/NNS ]
./. 

[ CERTIFICATES/NNS ]
OF/IN 
[ DEPOSIT/NN ]
:/: 
[ 8.07/CD %/NN one/CD month/NN ]
;/: 
[ 8.06/CD %/NN two/CD months/NNS ]
;/: 
[ 8.04/CD %/NN three/CD months/NNS ]
;/: 
[ 7.95/CD %/NN six/CD months/NNS ]
;/: 
[ 7.88/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/JJ unit/NN ]
is/VBZ 
[ $/$ 100,000/CD ]
./. 

[ Typical/JJ rates/NNS ]
in/IN 
[ the/DT secondary/JJ market/NN ]
:/: 
[ 8.60/CD %/NN one/CD month/NN ]
;/: 
[ 8.55/CD %/NN three/CD months/NNS ]
;/: 
[ 8.35/CD %/NN six/CD months/NNS ]
./. 

[ BANKERS/NNS ACCEPTANCES/NNS ]
:/: 
[ 8.50/CD %/NN 30/CD days/NNS ]
;/: 
[ 8.48/CD %/NN 60/CD days/NNS ]
;/: 
[ 8.30/CD %/NN 90/CD days/NNS ]
;/: 
[ 8.15/CD %/NN 120/CD days/NNS ]
;/: 
[ 8.07/CD %/NN 150/CD days/NNS ]
;/: 
[ 7.95/CD %/NN 180/CD days/NNS ]
./. 

[ Negotiable/JJ ]
,/, 
[ bank-backed/JJ business/NN credit/NN instruments/NNS ]
typically/RB financing/VBG 
[ an/DT import/NN order/NN ]
./. 

[ LONDON/NNP ]
LATE/RB 
[ EURODOLLARS/NNS ]
:/: 
[ 8/CD 3\/4/CD %/NN ]
to/TO 
[ 8/CD 5\/8/CD %/NN one/CD month/NN ]
;/: 
[ 8/CD 13\/16/CD %/NN ]
to/TO 
[ 8/CD 11\/16/CD %/NN two/CD months/NNS ]
;/: 
[ 8/CD 3\/4/CD %/NN ]
to/TO 
[ 8/CD 5\/8/CD %/NN three/CD months/NNS ]
;/: 
[ 8/CD 5\/8/CD %/NN ]
to/TO 
[ 8/CD 1\/2/CD %/NN four/CD months/NNS ]
;/: 
[ 8/CD 1\/2/CD %/NN ]
to/TO 
[ 8/CD 7\/16/CD %/NN five/CD months/NNS ]
;/: 
[ 8/CD 1\/2/CD %/NN ]
to/TO 
[ 8/CD 3\/8/CD %/NN six/CD months/NNS ]
./. 

[ LONDON/NNP INTERBANK/NN OFFERED/VBN RATES/NNS ]
 (/( 
[ LIBOR/NNP ]
 )/) :/: 
[ 8/CD 3\/4/CD %/NN one/CD month/NN ]
;/: 
[ 8/CD 3\/4/CD %/NN three/CD months/NNS ]
;/: 
[ 8/CD 1\/2/CD %/NN six/CD months/NNS ]
;/: 
[ 8/CD 7\/16/CD %/NN one/CD year/NN ]
./. 

[ The/DT average/NN ]
of/IN 
[ interbank/NN ]
offered/VBD 
[ rates/NNS ]
for/IN 
[ dollar/NN deposits/NNS ]
in/IN 
[ the/DT London/NNP market/NN ]
based/VBN on/IN 
[ quotations/NNS ]
at/IN 
[ five/CD major/JJ banks/NNS ]
./. 

[ FOREIGN/NNP PRIME/NNP RATES/NNPS ]
:/: 
[ Canada/NNP 13.50/CD %/NN ]
;/: 
[ Germany/NNP 9/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/VBG 
[ practices/NNS ]
vary/VB widely/RB by/IN 
[ location/NN ]
./. 

[ TREASURY/NNP BILLS/NNPS ]
:/: 
[ Results/NNS ]
of/IN 
[ the/DT Monday/NNP ]
,/, 
[ October/NNP 30/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 ]
:/: 
[ 7.78/CD %/NN 13/CD weeks/NNS ]
;/: 
[ 7.62/CD %/NN 26/CD weeks/NNS ]
./. 

[ FEDERAL/NNP HOME/NNP LOAN/NNP MORTGAGE/NNP CORP/NNP ]
./. 

 (/( 
[ Freddie/NNP Mac/NNP ]
 )/) :/: Posted/VBN 
[ yields/NNS ]
on/IN 
[ 30-year/JJ mortgage/NN commitments/NNS ]
for/IN 
[ delivery/NN ]
within/IN 
[ 30/CD days/NNS ./. 9.82/CD %/NN ]
,/, 
[ standard/JJ conventional/JJ fixed-rate/JJ mortgages/NNS ]
;/: 
[ 8.25/CD %/NN ]
,/, 
[ 2/CD %/NN rate/NN ]
capped/JJ 
[ 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 ]
 (/( 
[ Fannie/NNP Mae/NNP ]
 )/) :/: Posted/VBN 
[ yields/NNS ]
on/IN 
[ 30/CD year/NN mortgage/NN commitments/NNS ]
for/IN 
[ delivery/NN ]
within/IN 
[ 30/CD days/NNS ]
 (/( priced/VBN at/IN 
[ par/NN ]
 )/) 
[ 9.75/CD %/NN ]
,/, 
[ standard/JJ conventional/JJ fixed-rate/JJ mortgages/NNS ]
;/: 
[ 8.70/CD %/NN ]
,/, 
[ 6\/2/CD rate/NN ]
capped/JJ 
[ one-year/JJ adjustable/JJ rate/NN mortgages/NNS ]
./. 

[ Source/NN ]
:/: 
[ Telerate/NNP Systems/NNPS Inc/NNP ]
./. 

[ MERRILL/NNP LYNCH/NNP READY/NNP ASSETS/NNPS TRUST/NNP ]
:/: 
[ 8.64/CD %/NN ]
./. 

Annualized/VBN 
[ average/JJ rate/NN ]
of/IN 
[ return/NN ]
after/IN 
[ expenses/NNS ]
for/IN 
[ the/DT past/JJ 30/CD days/NNS ]
;/: not/RB 
[ a/DT forecast/NN ]
of/IN 
[ future/JJ returns/NNS ]
./. 

[ Robert/NNP L./NNP Bernstein/NNP ]
,/, 
[ chairman/NN ]
and/CC 
[ president/NN ]
of/IN 
[ Random/NNP House/NNP Inc./NNP ]
,/, announced/VBD 
[ his/PRP$ resignation/NN ]
from/IN 
[ the/DT publishing/NN house/NN ]
[ he/PRP ]
has/VBZ run/VBN for/IN 
[ 23/CD years/NNS ]
./. 

[ A/DT successor/NN was/VBD n't/RB ]
named/VBN ,/, 
[ which/WDT ]
fueled/VBD 
[ speculation/NN ]
that/IN 
[ Mr./NNP Bernstein/NNP ]
may/MD have/VB clashed/VBN with/IN 
[ S.I./NNP Newhouse/NNP Jr./NNP ]
,/, 
[ whose/WP$ family/NN company/NN ]
,/, 
[ Advance/NNP Publications/NNPS Inc./NNP ]
,/, owns/VBZ 
[ Random/NNP House/NNP ]
./. 

[ Abrupt/JJ departures/NNS ]
are/VBP n't/RB unheard/JJ of/IN within/IN 
[ the/DT Newhouse/NNP empire/NN ]
./. 

In/IN 
[ an/DT interview/NN ]
,/, 
[ Mr./NNP Bernstein/NNP ]
said/VBD 
[ his/PRP$ departure/NN ]
``/`` evolved/VBD out/IN of/IN 
[ discussions/NNS ]
with/IN 
[ Si/NNP Newhouse/NNP ]
and/CC 
[ that/DT ]
's/VBZ 
[ the/DT decision/NN ]
[ I/PRP ]
reached/VBD ./. 

''/'' 
[ He/PRP ]
declined/VBD to/TO elaborate/VB ,/, other/JJ than/IN to/TO say/VB ,/, ``/`` 
[ It/PRP ]
just/RB seemed/VBD 
[ the/DT right/JJ thing/NN ]
to/TO do/VB at/IN 
[ this/DT minute/NN ]
./. 

Sometimes/RB 
[ you/PRP ]
just/RB go/VBP with/IN 
[ your/PRP$ gut/NN ]
./. 

''/'' 
[ Mr./NNP Bernstein/NNP ]
said/VBD 
[ he/PRP ]
will/MD stay/VB until/IN 
[ Dec./NNP 31/CD ]
and/CC 
[ work/VB ]
with/IN 
[ his/PRP$ successor/NN ]
,/, 
[ who/WP ]
is/VBZ to/TO be/VB named/VBN soon/RB ./. 

[ Mr./NNP Newhouse/NNP ]
,/, meanwhile/RB ,/, insisted/VBD that/IN 
[ he/PRP ]
is/VBZ n't/RB unhappy/JJ with/IN 
[ Mr./NNP Bernstein/NNP ]
or/CC 
[ the/DT performance/NN ]
of/IN 
[ Random/NNP House/NNP ]
,/, 
[ the/DT largest/JJS trade/NN publishing/VBG house/NN ]
in/IN 
[ the/DT U.S/NNP ]
./. 

[ The/DT company/NN ]
said/VBD 
[ the/DT publisher/NN 's/POS annual/JJ sales/NNS volume/NN ]
increased/VBD to/TO 
[ $/$ 800/CD million/CD ]
from/IN 
[ $/$ 40/CD million/CD ]
during/IN 
[ Mr./NNP Bernstein/NNP 's/POS tenure/NN ]
./. 

``/`` 
[ Bob/NNP ]
has/VBZ handled/VBN 
[ the/DT extraordinary/JJ growth/NN ]
of/IN 
[ the/DT company/NN ]
quite/RB brilliantly/RB ,/, ''/'' said/VBD 
[ Mr./NNP Newhouse/NNP ]
./. 

``/`` 
[ The/DT company/NN ]
is/VBZ doing/VBG well/RB ,/, 
[ it/PRP ]
's/VBZ stable/JJ ,/, 
[ it/PRP ]
's/VBZ got/VBN 
[ good/JJ people/NNS ]
./. 

[ Bob/NNP ]
has/VBZ 
[ an/DT agenda/NN ]
and/CC 
[ this/DT ]
seemed/VBD like/IN 
[ the/DT natural/JJ time/NN ]
./. 

''/'' 

[ Publishing/NN officials/NNS ]
believe/VBP that/IN while/IN 
[ Random/NNP House/NNP ]
has/VBZ enjoyed/VBN 
[ spectacular/JJ growth/NN ]
and/CC has/VBZ smoothly/RB integrated/VBN 
[ many/JJ acquisitions/NNS ]
in/IN 
[ recent/JJ years/NNS ]
,/, 
[ some/DT ]
of/IN 
[ the/DT bigger/JJR ones/NNS ]
have/VBP n't/RB been/VBN absorbed/VBN so/RB easily/RB ./. 

[ Crown/NNP Publishing/NNP Group/NNP ]
,/, acquired/VBN 
[ last/JJ year/NN ]
,/, is/VBZ said/VBN to/TO be/VB turning/VBG in/IN 
[ disappointing/JJ results/NNS ]
./. 

As/IN 
[ a/DT private/JJ company/NN ]
,/, 
[ Random/NNP House/NNP ]
does/VBZ n't/RB report/VB 
[ its/PRP$ earnings/NNS ]
./. 

[ Mr./NNP Bernstein/NNP ]
,/, 
[ who/WP ]
succeeded/VBD 
[ Bennett/NNP Cerf/NNP ]
,/, has/VBZ been/VBN only/RB 
[ the/DT second/JJ president/NN ]
of/IN 
[ Random/NNP House/NNP ]
since/IN 
[ it/PRP ]
was/VBD founded/VBN in/IN 
[ 1925/CD ]
./. 

[ Speculation/NN ]
on/IN 
[ his/PRP$ successor/NN centers/VBZ ]
on/IN 
[ a/DT number/NN ]
of/IN 
[ division/NN heads/NNS ]
at/IN 
[ the/DT house/NN ]
./. 

[ Possible/JJ candidates/NNS ]
include/VBP 
[ Susan/NNP Petersen/NNP ]
,/, 
[ president/NN ]
of/IN 
[ Ballantine\/Del/NNP Rey\/Fawcett/NNP ]
,/, 
[ Random/NNP House/NNP 's/POS huge/JJ ]
and/CC 
[ successful/JJ paperback/NN division/NN ]
./. 

[ Some/DT ]
say/VBP 
[ Anthony/NNP Cheetham/NNP ]
,/, 
[ head/NN ]
of/IN 
[ a/DT ]
recently/RB acquired/VBN 
[ British/JJ company/NN ]
,/, 
[ Century/NNP Hutchinson/NNP ]
,/, could/MD be/VB chosen/VBN ./. 

[ There/EX ]
is/VBZ also/RB 
[ speculation/NN ]
that/IN 
[ Mr./NNP Newhouse/NNP ]
could/MD bring/VB in/IN 
[ a/DT powerhouse/NN businessman/NN ]
or/CC 
[ another/DT Newhouse/NNP family/NN member/NN ]
to/TO run/VB 
[ the/DT business/NN side/NN ]
,/, in/IN 
[ combination/NN ]
with/IN 
[ a/DT publishing/NN executive/NN ]
like/IN 
[ Robert/NNP Gottlieb/NNP ]
,/, 
[ who/WP ]
left/VBD 
[ Random/NNP House/NNP 's/POS Alfred/NNP A./NNP Knopf/NNP ]
to/TO run/VB 
[ the/DT New/NNP Yorker/NNP ]
,/, also/RB owned/VBN by/IN 
[ the/DT Newhouse/NNP family/NN ]
./. 

Not/RB included/VBN on/IN 
[ the/DT most-likely-successor/JJ list/NN ]
are/VBP 
[ Joni/NNP Evans/NNP ]
,/, recruited/VBN 
[ two/CD years/NNS ]
ago/IN to/TO be/VB 
[ publisher/NN ]
of/IN 
[ adult/NN trade/NN books/NNS ]
for/IN 
[ Random/NNP House/NNP ]
,/, and/CC 
[ Sonny/NNP Mehta/NNP ]
,/, 
[ president/NN ]
of/IN 
[ the/DT prestigious/JJ Alfred/NNP A./NNP Knopf/NNP unit/NN ]
./. 

When/WRB 
[ Ms./NNP Evans/NNP ]
took/VBD 
[ her/PRP ]
[ job/NN ]
,/, 
[ several/JJ important/JJ divisions/NNS ]
[ that/WDT ]
had/VBD reported/VBN to/TO 
[ her/PRP$ predecessor/NN ]
were/VBD n't/RB included/VBN partly/RB because/IN 
[ she/PRP ]
did/VBD n't/RB 
[ wish/NN ]
to/TO be/VB 
[ a/DT full-time/JJ administrator/NN ]
./. 

[ Mr./NNP Mehta/NNP ]
is/VBZ widely/RB viewed/VBN as/IN 
[ a/DT brilliant/JJ editor/NN ]
but/CC 
[ a/DT less-than-brilliant/JJ administrator/NN ]
and/CC 
[ his/PRP$ own/JJ departure/NN ]
was/VBD rumored/VBN recently/RB ./. 

[ Mr./NNP Bernstein/NNP ]
,/, 
[ a/DT tall/JJ ]
,/, 
[ energetic/JJ man/NN ]
[ who/WP ]
is/VBZ widely/RB respected/VBN as/IN 
[ a/DT publishing/NN executive/NN ]
,/, has/VBZ spent/VBN much/JJ  of/IN 
[ his/PRP$ time/NN ]
in/IN 
[ recent/JJ years/NNS ]
on/IN 
[ human/JJ rights/NNS issues/NNS ]
./. 

[ Congress/NNP ]
learned/VBD during/IN 
[ the/DT Reagan/NNP administration/NN ]
that/IN 
[ it/PRP ]
could/MD intimidate/VB 
[ the/DT executive/JJ branch/NN ]
by/IN uttering/VBG again/RB and/CC again/RB 
[ the/DT same/JJ seven/CD words/NNS ]
:/: ``/`` Provided/VBN ,/, that/IN 
[ no/DT funds/NNS ]
shall/MD be/VB spent/VBN .../: ./. 

''/'' 
[ This/DT phrase/NN ]
once/RB again/RB is/VBZ found/VBN throughout/IN 
[ the/DT many/JJ appropriations/NNS bills/NNS ]
now/RB moving/VBG through/IN 
[ Congress/NNP ]
./. 

[ It/PRP ]
signals/VBZ 
[ Congress/NNP 's/POS attempt/NN ]
,/, under/IN 
[ the/DT pretext/NN ]
of/IN guarding/VBG 
[ the/DT public/JJ purse/NN ]
,/, to/TO deny/VB 
[ the/DT president/NN ]
[ the/DT ]
funding/NN 
[ necessary/JJ ]
to/TO execute/VB 
[ certain/JJ ]
of/IN 
[ his/PRP$ duties/NNS ]
and/CC 
[ prerogatives/NNS ]
specified/VBN in/IN 
[ Article/NNP II/NNP ]
of/IN 
[ the/DT Constitution/NNP ]
./. 

[ This/DT species/NN ]
of/IN 
[ congressional/JJ action/NN ]
is/VBZ predicated/VBN on/IN 
[ an/DT interpretation/NN ]
of/IN 
[ the/DT appropriations/NNS clause/NN ]
[ that/WDT ]
is/VBZ erroneous/JJ and/CC 
[ unconstitutional/JJ ]
./. 

[ The/DT appropriations/NNS clause/NN states/VBZ ]
that/IN ``/`` 
[ No/DT Money/NN ]
shall/MD be/VB drawn/VBN from/IN 
[ the/DT Treasury/NNP ]
,/, but/CC in/IN 
[ Consequence/NN ]
of/IN 
[ Appropriations/NNS ]
made/VBN by/IN 
[ Law/NN ]
.../: ./. 

''/'' 
[ The/DT prevailing/VBG interpretation/NN ]
of/IN 
[ the/DT clause/NN ]
on/IN 
[ Capitol/NNP Hill/NNP ]
is/VBZ that/IN 
[ it/PRP ]
gives/VBZ 
[ Congress/NNP ]
[ an/DT omnipresent/JJ veto/NN ]
over/IN 
[ every/DT conceivable/JJ action/NN ]
of/IN 
[ the/DT president/NN ]
through/IN 
[ the/DT ability/NN ]
to/TO withhold/VB funding/NN ./. 

[ This/DT interpretation/NN ]
was/VBD officially/RB endorsed/VBN by/IN 
[ Congress/NNP ]
in/IN 
[ 1987/CD ]
in/IN 
[ the/DT Iran-Contra/NNP Report/NNP ]
./. 

As/IN 
[ partisans/NNS ]
of/IN 
[ congressional/JJ power/NN ]
understand/VBP ,/, 
[ a/DT ]
``/`` 
[ power/NN ]
of/IN 
[ the/DT purse/NN ]
''/'' so/RB broadly/RB construed/VBN would/MD emasculate/VB 
[ the/DT presidency/NN ]
and/CC swallow/VB 
[ the/DT principle/NN ]
of/IN 
[ separation/NN ]
of/IN 
[ powers/NNS ]
./. 

[ It/PRP ]
is/VBZ not/RB supported/VBN by/IN 
[ the/DT text/NN ]
or/CC 
[ history/NN ]
of/IN 
[ the/DT Constitution/NNP ]
./. 

[ The/DT framers/NNS ]
hardly/RB discussed/VBD 
[ the/DT appropriations/NNS clause/NN ]
at/IN 
[ the/DT Constitutional/NNP Convention/NNP ]
of/IN 
[ 1787/CD ]
,/, according/VBG to/TO 
[ Madison/NNP 's/POS notes/NNS ]
./. 

To/TO 
[ the/DT extent/NN ]
[ they/PRP ]
did/VBD ,/, 
[ their/PRP$ concern/NN ]
was/VBD to/TO ensure/VB 
[ fiscal/JJ accountability/NN ]
./. 

Moreover/RB ,/, 
[ the/DT framers/NNS ]
believed/VBD that/IN 
[ the/DT nation/NN ]
needed/VBD 
[ a/DT unitary/JJ executive/NN ]
with/IN 
[ the/DT independence/NN ]
and/CC 
[ resources/NNS ]
to/TO perform/VB 
[ the/DT executive/NN ]
functions/NNS that/IN 
[ the/DT Confederation/NNP Congress/NNP ]
had/VBD performed/VBN poorly/RB under/IN 
[ the/DT Articles/NNPS ]
of/IN 
[ Confederation/NNP ]
./. 

[ It/PRP ]
would/MD contradict/VB 
[ that/DT objective/NN ]
if/IN 
[ the/DT appropriations/NNS clause/NN ]
 (/( technically/RB 
[ a/DT limitation/NN ]
on/IN 
[ legislative/JJ power/NN ]
 )/) could/MD be/VB read/VBN as/IN placing/VBG 
[ the/DT president/NN ]
on/IN 
[ Congress/NNP 's/POS short/JJ leash/NN ]
,/, making/VBG 
[ the/DT executive/NN ]
consist/VBP of/IN 
[ the/DT president/NN ]
and/CC 
[ every/DT member/NN ]
of/IN 
[ Congress/NNP ]
./. 

As/IN 
[ it/PRP ]
went/VBD to/TO 
[ the/DT conference/NN panel/NN ]
now/RB deliberating/VBG ,/, 
[ the/DT appropriations/NNS bill/NN ]
for/IN 
[ the/DT executive/JJ office/NN ]
of/IN 
[ the/DT president/NN ]
for/IN 
[ fiscal/JJ 1990/CD ]
contained/VBD 
[ some/DT breathtaking/JJ attempts/NNS ]
by/IN 
[ Congress/NNP ]
to/TO rewrite/VB 
[ the/DT Constitution/NNP ]
under/IN 
[ the/DT pretext/NN ]
of/IN protecting/VBG 
[ the/DT public/NN 's/POS money/NN ]
./. 

During/IN 
[ the/DT coming/VBG weeks/NNS ]
,/, 
[ President/NNP Bush/NNP ]
must/MD decide/VB whether/IN to/TO veto/VB 
[ the/DT bills/NNS ]
containing/VBG 
[ them/PRP ]
--/: or/CC ,/, alternatively/RB ,/, to/TO sign/VB 
[ these/DT bills/NNS ]
into/IN 
[ law/NN ]
with/IN 
[ a/DT statement/NN ]
declaring/VBG 
[ their/PRP$ intrusions/NNS ]
on/IN 
[ executive/JJ power/NN ]
to/TO be/VB in/IN 
[ violation/NN ]
of/IN 
[ Article/NNP II/NNP ]
,/, and/CC thus/RB void/JJ and/CC 
[ severable/JJ ]
./. 

[ The/DT 1990/CD appropriations/NNS legislation/NN ]
attempts/VBZ to/TO strip/VB 
[ the/DT president/NN ]
of/IN 
[ his/PRP$ powers/NNS ]
to/TO make/VB 
[ certain/JJ appointments/NNS ]
as/IN provided/VBN by/IN 
[ Article/NNP II/NNP ]
./. 

[ Article/NNP II/NNP places/VBZ ]
on/IN 
[ the/DT president/NN ]
[ the/DT duty/NN ]
to/TO nominate/VB ,/, ``/`` and/CC by/IN and/CC with/IN 
[ the/DT Advice/NNP ]
and/CC 
[ Consent/NNP ]
of/IN 
[ the/DT Senate/NNP ]
''/'' appoint/VB ,/, 
[ ambassadors/NNS ]
,/, 
[ judges/NNS ]
,/, and/CC 
[ other/JJ officers/NNS ]
of/IN 
[ the/DT U.S/NNP ]
./. 

[ It/PRP ]
also/RB empowers/VBZ 
[ the/DT president/NN ]
to/TO make/VB 
[ recess/NN appointments/NNS ]
,/, without/IN 
[ Senate/NNP approval/NN ]
:/: ``/`` 
[ The/DT President/NNP ]
shall/MD have/VB 
[ Power/NN ]
to/TO fill/VB up/IN 
[ all/DT Vacancies/NNS ]
[ that/WDT ]
may/MD happen/VB during/IN 
[ the/DT Recess/NN ]
of/IN 
[ the/DT Senate/NNP ]
,/, by/IN granting/VBG 
[ Commissions/NNS ]
[ which/WDT ]
shall/MD expire/VB at/IN 
[ the/DT End/NN ]
of/IN 
[ their/PRP$ next/JJ Session/NN ]
./. 

''/'' 

Yet/RB 
[ Section/NNP 605/CD ]
of/IN 
[ the/DT appropriations/NNS bill/NN ]
for/IN 
[ the/DT executive/JJ office/NN ]
provides/VBZ :/: ``/`` 
[ No/DT part/NN ]
of/IN 
[ any/DT appropriation/NN ]
for/IN 
[ the/DT current/JJ fiscal/JJ year/NN ]
contained/VBN in/IN 
[ this/DT ]
or/CC 
[ any/DT other/JJ Act/NN ]
shall/MD be/VB paid/VBN to/TO 
[ any/DT person/NN ]
for/IN 
[ the/DT filling/NN ]
of/IN 
[ any/DT position/NN ]
for/IN 
[ which/WDT ]
[ he/PRP ]
or/CC 
[ she/PRP ]
has/VBZ been/VBN nominated/VBN after/IN 
[ the/DT Senate/NNP ]
has/VBZ voted/VBN not/RB to/TO approve/VB 
[ the/DT nomination/NN ]
of/IN said/VBN 
[ person/NN       ]
./. 

''/'' Thus/RB ,/, with/IN 
[ one/CD brief/JJ passage/NN ]
in/IN 
[ an/DT appropriations/NNS bill/NN ]
,/, 
[ Congress/NNP repeals/VBZ ]
[ the/DT president/NN 's/POS power/NN ]
to/TO make/VB 
[ recess/NN appointments/NNS ]
under/IN 
[ Article/NNP II/NNP ]
./. 

[ Section/NN 605/CD ]
also/RB imposes/VBZ 
[ unconstitutional/JJ conditions/NNS ]
on/IN 
[ the/DT president/NN 's/POS ability/NN ]
to/TO nominate/VB 
[ candidates/NNS ]
of/IN 
[ his/PRP$ ]
choosing/NN ./. 

[ The/DT language/NN ]
of/IN 
[ the/DT appropriations/NNS rider/NN ]
implies/VBZ that/IN 
[ any/DT nomination/NN ]
to/TO 
[ any/DT position/NN ]
of/IN 
[ a/DT rejected/VBN nominee/NN ]
will/MD result/VB in/IN 
[ the/DT president/NN ]
being/VBG denied/VBN funding/VBG to/TO pay/VB 
[ that/DT person/NN 's/POS salary/NN ]
./. 

[ The/DT president/NN ]
could/MD probably/RB not/RB avoid/VB 
[ this/DT restriction/NN ]
by/IN choosing/VBG 
[ people/NNS ]
willing/JJ to/TO serve/VB without/IN 
[ pay/NN ]
,/, because/IN 
[ the/DT Anti-Deficiency/NNP Act/NNP ]
prohibits/VBZ 
[ voluntary/JJ service/NN ]
to/TO 
[ the/DT government/NN ]
./. 

[ The/DT 1990/CD appropriations/NNS bills/NNS ]
also/RB contain/VBP 
[ a/DT number/NN ]
of/IN ``/`` muzzling/JJ ''/'' 
[ provisions/NNS ]
[ that/WDT ]
violate/VBP 
[ the/DT recommendation/NN clause/NN ]
in/IN 
[ Article/NNP II/NNP ]
of/IN 
[ the/DT Constitution/NNP ]
./. 

Muzzling/JJ 
[ provisions/NNS ]
,/, 
[ which/WDT ]
might/MD be/VB called/VBN ``/`` 
[ blindfold/NN laws/NNS  ]
''/'' as/IN well/RB ,/, prevent/VBP 
[ the/DT executive/JJ branch/NN ]
from/IN even/RB looking/VBG at/IN 
[ certain/JJ policy/NN options/NNS ]
,/, let/VB alone/RB from/IN recommending/VBG 
[ them/PRP ]
to/TO 
[ Congress/NNP ]
./. 

[ Such/JJ laws/NNS ]
violate/VBP 
[ the/DT provision/NN ]
in/IN 
[ Article/NNP II/NNP ]
[ that/WDT ]
requires/VBZ 
[ the/DT president/NN ]
to/TO make/VB 
[ recommendations/NNS ]
to/TO 
[ Congress/NNP ]
,/, but/CC 
[ which/WDT ]
gives/VBZ 
[ the/DT president/NN ]
[ the/DT discretion/NN ]
to/TO select/VB 
[ the/DT subject/JJ matter/NN ]
of/IN 
[ those/DT recommendations/NNS ]
./. 

Typically/RB ,/, 
[ these/DT laws/NNS ]
seek/VBP to/TO prevent/VB 
[ executive/JJ branch/NN officials/NNS ]
from/IN 
[ inquiring/VBG ]
into/IN whether/IN 
[ certain/JJ federal/JJ programs/NNS ]
make/VBP 
[ any/DT economic/JJ sense/NN ]
or/CC proposing/VBG 
[ more/JJR market-oriented/JJ alternatives/NNS ]
to/TO 
[ regulations/NNS ]
./. 

Probably/RB 
[ the/DT most/RBS egregious/JJ example/NN ]
is/VBZ 
[ a/DT proviso/NN ]
in/IN 
[ the/DT appropriations/NNS bill/NN ]
for/IN 
[ the/DT executive/NN office/NN ]
[ that/WDT ]
prevents/VBZ 
[ the/DT president/NN 's/POS Office/NNP ]
of/IN 
[ Management/NNP ]
and/CC 
[ Budget/NNP ]
from/IN subjecting/VBG 
[ agricultural/JJ marketing/NN orders/NNS ]
to/TO 
[ any/DT cost-benefit/JJ scrutiny/NN ]
./. 

[ There/EX ]
is/VBZ 
[ something/NN ]
inherently/RB suspect/JJ about/IN 
[ Congress/NNP 's/POS ]
prohibiting/VBG 
[ the/DT executive/NN ]
from/IN even/RB studying/VBG whether/IN 
[ public/JJ funds/NNS ]
are/VBP being/VBG wasted/VBN in/IN 
[ some/DT favored/VBN program/NN ]
or/CC 
[ other/JJ ]
./. 

Perhaps/RB 
[ none/NN ]
of/IN 
[ the/DT unconstitutional/JJ conditions/NNS ]
contained/VBN in/IN 
[ the/DT appropriations/NNS bills/NNS ]
for/IN 
[ fiscal/JJ 1990/CD ]
better/RBR illustrates/VBZ 
[ Congress/NNP 's/POS attempt/NN ]
to/TO usurp/VB 
[ executive/JJ power/NN ]
than/IN 
[ Section/NN 609/CD ]
of/IN 
[ the/DT executive-office/NN bill/NN ]
:/: ``/`` 
[ None/NN ]
of/IN 
[ the/DT funds/NNS ]
made/VBN 
[ available/JJ pursuant/JJ ]
to/TO 
[ the/DT provisions/NNS ]
of/IN 
[ this/DT Act/NN ]
shall/MD be/VB used/VBN to/TO implement/VB ,/, administer/VB ,/, or/CC enforce/VB 
[ any/DT regulation/NN ]
[ which/WDT ]
has/VBZ been/VBN disapproved/VBN pursuant/JJ to/TO 
[ a/DT resolution/NN ]
of/IN 
[ disapproval/NN ]
duly/RB adopted/VBN in/IN 
[ accordance/NN ]
with/IN 
[ the/DT applicable/JJ law/NN ]
of/IN 
[ the/DT United/NNP States/NNPS ]
./. 

''/'' 

[ This/DT provision/NN ]
amounts/VBZ to/TO 
[ a/DT legislative/JJ veto/NN ]
over/IN 
[ the/DT president/NN 's/POS execution/NN ]
of/IN 
[ the/DT law/NN ]
,/, since/IN 
[ a/DT one-house/JJ resolution/NN ]
could/MD be/VB said/VBN to/TO be/VB ``/`` duly/RB adopted/VBN ''/'' even/RB though/IN 
[ it/PRP ]
would/MD require/VB 
[ neither/DT bicameral/JJ action/NN ]
in/IN 
[ Congress/NNP ]
nor/CC 
[ presentation/NN ]
to/TO 
[ the/DT president/NN ]
for/IN 
[ his/PRP$ signature/NN ]
or/CC 
[ veto/NN ]
./. 

[ The/DT Supreme/NNP Court/NNP 's/POS decision/NN ]
in/IN 
[ INS/NNP v./CC Chadha/NNP ]
held/VBD that/IN 
[ legislative/JJ vetoes/NNS ]
are/VBP unconstitutional/JJ ./. 

[ President/NNP Bush/NNP ]
should/MD veto/VB 
[ appropriations/NNS acts/NNS ]
[ that/WDT ]
contain/VBP 
[ these/DT kinds/NNS ]
of/IN 
[ unconstitutional/JJ conditions/NNS ]
on/IN 
[ the/DT president/NN 's/POS ability/NN ]
to/TO discharge/VB 
[ his/PRP$ duties/NNS ]
and/CC exercise/VB 
[ his/PRP$ prerogatives/NNS ]
./. 

If/IN 
[ President/NNP Bush/NNP ]
fails/VBZ to/TO do/VB so/RB in/IN 
[ his/PRP$ first/JJ year/NN ]
,/, 
[ he/PRP ]
will/MD invite/VB 
[ Congress/NNP ]
,/, for/IN 
[ the/DT remainder/NN ]
of/IN 
[ his/PRP$ presidency/NN ]
,/, to/TO rewrite/VB 
[ Article/NNP II/NNP ]
of/IN 
[ the/DT Constitution/NNP ]
to/TO suit/VB 
[ its/PRP$ purposes/NNS ]
./. 

[ What/WP ]
becomes/VBZ 
[ custom/NN ]
in/IN 
[ the/DT Bush/NNP administration/NN ]
will/MD only/RB become/VB more/RBR difficult/JJ for/IN 
[ future/JJ presidents/NNS ]
,/, including/VBG 
[ Democrats/NNPS ] 
,/, to/TO undo/VB ./. 

[ President/NNP Reagan/NNP ]
learned/VBD 
[ that/DT lesson/NN ]
./. 

By/IN 
[ 1987/CD ]
,/, 
[ then-Speaker/JJ Jim/NNP Wright/NNP ]
was/VBD discussing/VBG 
[ arms/NNS ]
control/NN in/IN 
[ Moscow/NNP ]
with/IN 
[ Mikhail/NNP Gorbachev/NNP ]
and/CC then/RB attempting/VBG to/TO direct/VB 
[ the/DT president/NN ]
,/, through/IN 
[ an/DT appropriations/NNS rider/NN ]
,/, to/TO treat/VB 
[ the/DT Soviets/NNPS ]
as/IN though/IN 
[ the/DT Senate/NNP ]
had/VBD ratified/VBN 
[ SALT/NNP II/NNP ]
./. 

If/IN 
[ a/DT veto/NN ]
is/VBZ unworkable/JJ because/IN 
[ it/PRP ]
would/MD leave/VB 
[ part/NN ]
of/IN 
[ the/DT executive/JJ branch/NN unfunded/JJ ]
,/, 
[ the/DT president/NN ]
could/MD sign/VB 
[ the/DT appropriations/NNS bills/NNS ]
into/IN 
[ law/NN ]
and/CC assert/VB 
[ a/DT power/NN ]
of/IN 
[ excision/NN ]
,/, declaring/VBG 
[ the/DT rider/NN ]
restricting/VBG 
[ his/PRP$ Article/NNP II/NNP ]
powers/NNS to/TO be/VB unconstitutional/JJ and/CC 
[ severable/JJ ]
./. 

[ The/DT Constitution/NNP ]
does/VBZ not/RB expressly/RB give/VB 
[ the/DT president/NN such/JJ power/NN ]
./. 

However/RB ,/, 
[ the/DT president/NN ]
does/VBZ have/VB 
[ a/DT duty/NN ]
not/RB to/TO violate/VB 
[ the/DT Constitution/NNP ]
./. 

[ The/DT question/NN ]
is/VBZ whether/IN 
[ his/PRP$ only/JJ means/NNS ]
of/IN 
[ defense/NN ]
is/VBZ 
[ the/DT veto/NN ]
./. 

[ Excision/NN ]
of/IN 
[ appropriations/NNS riders/NNS ]
[ that/WDT ]
trespass/VBP on/IN 
[ the/DT president/NN 's/POS duties/NNS ]
and/CC 
[ prerogative/NN ]
under/IN 
[ Article/NNP II/NNP ]
would/MD be/VB different/JJ from/IN 
[ the/DT line-item/JJ veto/NN ]
./. 

As/IN discussed/VBN in/IN 
[ the/DT context/NN ]
of/IN controlling/VBG 
[ federal/JJ spending/NN ]
,/, 
[ the/DT line-item/JJ veto/NN ]
is/VBZ characterized/VBN as/IN 
[ a/DT way/NN ]
for/IN 
[ the/DT president/NN ]
to/TO excise/VB perfectly/RB 
[ constitutional/JJ provisions/NNS ]
in/IN 
[ a/DT spending/NN bill/NN ]
[ that/WDT ]
are/VBP objectionable/JJ merely/RB because/IN 
[ they/PRP ]
conflict/VBP with/IN 
[ his/PRP$ policy/NN objectives/NNS ]
./. 

[ The/DT excision/NN ]
of/IN 
[ unconstitutional/JJ conditions/NNS ]
in/IN 
[ an/DT appropriations/NNS bill/NN ]
would/MD be/VB 
[ a/DT power/NN ]
of/IN far/RB more/RBR limited/VBN 
[ applicability/NN ]
./. 

[ One/CD ]
could/MD argue/VB that/IN 
[ it/PRP ]
is/VBZ not/RB 
[ an/DT assertion/NN ]
of/IN 
[ a/DT item/NN veto/NN ]
at/IN 
[ all/DT ]
for/IN 
[ the/DT president/NN ]
,/, by/IN exerting/VBG 
[ a/DT power/NN ]
of/IN 
[ excision/NN ]
,/, to/TO resist/VB 
[ unconstitutional/JJ conditions/NNS ]
in/IN 
[ legislation/NN ]
[ that/WDT ]
violate/VBP 
[ the/DT separation/NN ]
of/IN 
[ powers/NNS ]
./. 

[ There/EX ]
is/VBZ 
[ no/DT downside/NN ]
if/IN 
[ the/DT president/NN ]
asserts/VBZ 
[ a/DT right/NN ]
of/IN 
[ excision/NN ]
over/IN 
[ unconstitutional/JJ conditions/NNS ]
in/IN 
[ the/DT fiscal/JJ 1990/CD appropriations/NNS bills/NNS ]
./. 

If/IN 
[ Congress/NNP ]
does/VBZ 
[ nothing/NN ]
,/, 
[ President/NNP Bush/NNP ]
will/MD have/VB won/VBN ./. 

If/IN 
[ Congress/NNP ]
takes/VBZ 
[ the/DT dispute/NN ]
to/TO 
[ the/DT Supreme/NNP Court/NNP ]
 (/( assuming/VBG 
[ it/PRP ]
can/MD establish/VB standing/NN to/TO sue/VB )/) ,/, 
[ President/NNP Bush/NNP ]
might/MD win/VB ./. 

In/IN 
[ that/DT case/NN ]
,/, 
[ he/PRP ]
might/MD receive/VB 
[ an/DT opinion/NN ]
from/IN 
[ the/DT court/NN ]
[ that/WDT ]
is/VBZ 
[ a/DT vindication/NN ]
of/IN 
[ the/DT president/NN 's/POS right/NN ]
to/TO perform/VB 
[ the/DT duties/NNS ]
and/CC exercise/VB 
[ the/DT prerogatives/NNS ]
[ the/DT framers/NNS thought/VBD ]
should/MD be/VB entrusted/VBN to/TO 
[ the/DT executive/NN ]
./. 

If/IN 
[ President/NNP Bush/NNP ]
loses/VBZ at/IN 
[ the/DT court/NN ]
,/, 
[ it/PRP ]
might/MD be/VB disappointing/JJ ,/, as/IN 
[ Morrison/NNP v./CC Olson/NNP ]
was/VBD for/IN 
[ the/DT Reagan/NNP administration/NN ]
./. 

But/CC 
[ the/DT presidency/NN ]
would/MD be/VB no/RB worse/JJR off/IN than/IN 
[ it/PRP ]
is/VBZ now/RB ./. 

Moreover/RB ,/, 
[ the/DT electorate/NN ]
would/MD have/VB received/VBN 
[ a/DT valuable/JJ civics/NNS lesson/NN ]
in/IN how/WRB 
[ the/DT separation/NN ]
of/IN 
[ powers/NNS ]
works/VBZ in/IN 
[ practice/NN ]
./. 

As/IN 
[ it/PRP ]
stands/VBZ now/RB ,/, 
[ Congress/NNP ]
presumes/VBZ after/IN 
[ the/DT Reagan/NNP administration/NN ]
that/IN 
[ the/DT White/NNP House/NNP ]
will/MD take/VB 
[ unconstitutional/JJ provisions/NNS ]
in/IN 
[ appropriations/NNS bills/NNS ]
lying/VBG down/IN ./. 

[ President/NNP Bush/NNP ]
should/MD set/VB 
[ things/NNS ]
straight/RB ./. 

If/IN 
[ he/PRP ]
does/VBZ not/RB ,/, 
[ he/PRP ]
will/MD help/VB realize/VB 
[ Madison/NNP 's/POS fear/NN ]
in/IN 
[ The/DT Federalist/NNP No./NN 48/CD ]
of/IN 
[ a/DT legislature/NN ]
``/`` everywhere/RB extending/VBG 
[ the/DT sphere/NN ]
of/IN 
[ its/PRP$ activity/NN ]
and/CC drawing/VBG 
[ all/DT powers/NNS ]
into/IN 
[ its/PRP$ impetuous/JJ vortex/NN ]
./. 

''/'' 

[ Mr./NNP Sidak/NNP ]
served/VBD as/IN 
[ an/DT attorney/NN ]
in/IN 
[ the/DT Reagan/NNP administration/NN ]
./. 

[ His/PRP$ longer/JJR analysis/NN ]
of/IN 
[ executive/JJ power/NN ]
and/CC 
[ the/DT appropriations/NNS clause/NN ]
is/VBZ to/TO appear/VB in/IN 
[ the/DT Duke/NNP Law/NNP Journal/NNP ]
later/JJ 
[ this/DT year/NN ]
./. 

Despite/IN 
[ one/CD ]
of/IN 
[ the/DT most/RBS devastating/JJ droughts/NNS ]
on/IN 
[ record/NN ]
,/, 
[ net/JJ cash/NN income/NN ]
in/IN 
[ the/DT Farm/NNP Belt/NNP ]
rose/VBD to/TO 
[ a/DT new/JJ high/NN ]
of/IN 
[ $/$ 59.9/CD billion/CD last/JJ year/NN ]
./. 

[ The/DT previous/JJ record/NN ]
was/VBD 
[ $/$ 57.7/CD billion/CD ]
in/IN 
[ 1987/CD ]
,/, according/VBG to/TO 
[ the/DT Agriculture/NNP Department/NNP ]
./. 

[ Net/JJ cash/NN income/NN ]
--/: 
[ the/DT amount/NN ]
left/VBN in/IN 
[ farmers/NNS '/POS pockets/NNS ]
after/IN deducting/VBG 
[ expenses/NNS ]
from/IN 
[ gross/JJ cash/NN income/NN ]
--/: increased/VBD in/IN 
[ 33/CD states/NNS ]
in/IN 
[ 1988/CD ]
,/, as/IN 
[ the/DT drought/NN ]
cut/VBD into/IN 
[ crop/NN yields/NNS ]
and/CC drove/VBD up/IN 
[ commodity/NN prices/NNS ]
,/, 
[ the/DT department/NN 's/POS Economic/NNP Research/NNP Service/NNP ]
reported/VBD yesterday/NN ./. 

Most/JJS of/IN 
[ those/DT states/NNS ]
set/VBP 
[ farm/NN income/NN records/NNS ]
./. 

[ The/DT worst/JJS crop/NN damage/NN ]
occurred/VBD in/IN 
[ the/DT Midwestern/NNP Corn/NNP Belt/NNP ]
and/CC 
[ the/DT northern/JJ Great/NNP Plains/NNPS ]
./. 

[ What/WP ]
saved/VBD 
[ many/JJ farmers/NNS ]
from/IN 
[ a/DT bad/JJ year/NN ]
was/VBD 
[ the/DT opportunity/NN ]
to/TO reclaim/VB 
[ large/JJ quantities/NNS ]
of/IN 
[ grain/NN ]
and/CC 
[ other/JJ crops/NNS ]
that/IN 
[ they/PRP ]
had/VBD ``/`` mortgaged/VBN ''/'' to/TO 
[ the/DT government/NN ]
under/IN 
[ price-support/JJ loan/NN programs/NNS ]
./. 

With/IN 
[ prices/NNS ]
soaring/VBG ,/, 
[ they/PRP ]
were/VBD able/JJ to/TO sell/VB 
[ the/DT reclaimed/VBN commodities/NNS ]
at/IN ``/`` 
[ considerable/JJ profit/NN ]
,/, ''/'' 
[ the/DT agency/NN 's/POS 240-page/JJ report/NN ]
said/VBD ./. 

In/IN 
[ less/JJR parched/VBN areas/NNS ]
,/, meanwhile/RB ,/, 
[ farmers/NNS ]
[ who/WP ]
had/VBD 
[ little/JJ ]
or/CC 
[ no/DT loss/NN ]
of/IN 
[ production/NN ]
profited/VBD greatly/RB from/IN 
[ the/DT higher/JJR prices/NNS ]
./. 

To/TO 
[ the/DT surprise/NN ]
of/IN 
[ some/DT analysts/NNS ]
,/, 
[ net/JJ cash/NN income/NN ]
rose/VBD in/IN 
[ some/DT ]
of/IN 
[ the/DT hardest-hit/JJ states/NNS ]
,/, including/VBG 
[ Indiana/NNP ]
,/, 
[ Illinois/NNP ]
,/, 
[ Nebraska/NNP ]
and/CC 
[ the/DT Dakotas/NNPS ]
./. 

[ Analysts/NNS ]
attributed/VBD 
[ the/DT increases/NNS ]
partly/RB to/TO 
[ the/DT $/$ 4/CD billion/CD disaster-assistance/JJ package/NN ]
enacted/VBN by/IN 
[ Congress/NNP ]
./. 

[ Last/JJ year/NN 's/POS record/NN net/NN cash/NN income/NN ]
confirms/VBZ 
[ the/DT farm/NN sector/NN 's/POS rebound/NN ]
from/IN 
[ the/DT agricultural/JJ depression/NN ]
of/IN 
[ the/DT early/JJ 1980s/CD ]
./. 

[ It/PRP ]
also/RB helps/VBZ explain/VB 
[ the/DT reluctance/NN ]
of/IN 
[ the/DT major/JJ farm/NN lobbies/NNS ]
and/CC 
[ many/JJ lawmakers/NNS ]
to/TO make/VB 
[ any/DT significant/JJ changes/NNS ]
in/IN 
[ the/DT 1985/CD farm/NN program/NN ]
next/IN 
[ year/NN ]
./. 

[ Commodity/NN prices/NNS ]
have/VBP been/VBN rising/VBG in/IN 
[ recent/JJ years/NNS ]
,/, with/IN 
[ the/DT farm/NN price/NN index/NN hitting/VBG record/NN peaks/NNS ]
earlier/JJR 
[ this/DT year/NN ]
,/, as/IN 
[ the/DT government/NN ]
curtailed/VBD 
[ production/NN ]
with/IN 
[ land-idling/JJ programs/NNS ]
to/TO reduce/VB 
[ price-depressing/JJ surpluses/NNS ]
./. 

At/IN 
[ the/DT same/JJ time/NN ]
,/, 
[ export/NN demand/NN ]
for/IN 
[ U.S./NNP wheat/NN ]
,/, 
[ corn/NN ]
and/CC 
[ other/JJ commodities/NNS ]
strengthened/VBD ,/, said/VBD 
[ Keith/NNP Collins/NNP ]
,/, 
[ a/DT department/NN analyst/NN ]
./. 

[ Farmers/NNS ]
also/RB benefited/VBD from/IN 
[ strong/JJ livestock/NN prices/NNS ]
,/, as/IN 
[ the/DT nation/NN 's/POS cattle/NNS inventory/NN ]
dropped/VBD close/RB to/TO 
[ a/DT 30-year/JJ low/NN ]
./. 

``/`` 
[ All/DT ]
of/IN 
[ these/DT forces/NNS ]
came/VBD together/RB in/IN 
[ 1988/CD ]
to/TO benefit/VB 
[ agriculture/NN ]
,/, ''/'' 
[ Mr./NNP Collins/NNP ]
said/VBD ./. 

[ California/NNP ]
led/VBD 
[ the/DT nation/NN ]
with/IN 
[ $/$ 6.5/CD billion/CD ]
in/IN 
[ net/JJ cash/NN income/NN last/JJ year/NN ]
,/, followed/VBN by/IN 
[ Texas/NNP ]
,/, 
[ $/$ 3.9/CD billion/CD ]
;/: 
[ Iowa/NNP ]
,/, 
[ $/$ 3.4/CD billion/CD ]
;/: 
[ Florida/NNP ]
,/, 
[ $/$ 3.1/CD billion/CD ]
;/: and/CC 
[ Minnesota/NNP ]
,/, 
[ $/$ 2.7/CD billion/CD ]
./. 

[ Iowa/NNP ]
and/CC 
[ Minnesota/NNP ]
were/VBD among/IN 
[ the/DT few/JJ major/JJ farm/NN states/NNS ]
to/TO log/VB 
[ a/DT decline/NN ]
in/IN 
[ net/JJ cash/NN income/NN ]
./. 

Despite/IN 
[ federal/JJ disaster/NN relief/NN ]
,/, 
[ the/DT drought/NN ]
of/IN 
[ 1988/CD ]
was/VBD 
[ a/DT severe/JJ financial/JJ setback/NN ]
for/IN 
[ an/DT estimated/VBN 10,000/CD ]
to/TO 
[ 15,000/CD farmers/NNS ]
,/, according/VBG to/TO 
[ the/DT department/NN ]
./. 

[ Many/JJ ]
lost/VBD 
[ their/PRP$ farms/NNS ]
./. 

[ Department/NN economists/NNS ]
do/VBP n't/RB expect/VB 
[ 1989/CD ]
to/TO be/VB as/RB good/JJ 
[ a/DT year/NN ]
as/IN 
[ 1988/CD ]
was/VBD ./. 

Indeed/RB ,/, 
[ net/JJ cash/NN income/NN ]
is/VBZ likely/JJ to/TO fall/VB 
[ this/DT year/NN ]
as/IN 
[ farm/NN expenses/NNS rise/VBP ]
and/CC 
[ government/NN payments/NNS ]
to/TO 
[ farmers/NNS decline/VBP ]
./. 

At/IN 
[ the/DT same/JJ time/NN ]
,/, 
[ an/DT increase/NN ]
of/IN 
[ land/NN ]
under/IN 
[ cultivation/NN ]
after/IN 
[ the/DT drought/NN ]
has/VBZ boosted/VBN 
[ production/NN ]
of/IN 
[ corn/NN ]
,/, 
[ soybeans/NNS ]
and/CC 
[ other/JJ commodities/NNS ]
,/, causing/VBG 
[ a/DT fall/NN ]
in/IN 
[ prices/NNS ]
[ that/WDT ]
has/VBZ been/VBN only/RB partly/RB cushioned/VBN by/IN 
[ heavy/JJ grain/NN ]
buying/NN by/IN 
[ the/DT Soviets/NNPS ]
./. 

[ Last/JJ year/NN ]
,/, 
[ government/NN payments/NNS ]
to/TO 
[ farmers/NNS ]
slipped/VBD to/TO less/JJR than/IN 
[ $/$ 14.5/CD billion/CD ]
from/IN 
[ a/DT record/NN $/$ 16.7/CD billion/CD ]
in/IN 
[ 1987/CD ]
./. 

[ Payments/NNS ]
are/VBP expected/VBN to/TO range/VB between/IN 
[ $/$ 9/CD billion/CD ]
and/CC 
[ $/$ 12/CD billion/CD this/DT year/NN ]
./. 

After/IN 
[ years/NNS ]
of/IN struggling/VBG ,/, 
[ the/DT Los/NNP Angeles/NNP Herald/NNP Examiner/NNP ]
will/MD publish/VB 
[ its/PRP$ last/JJ edition/NN today/NN ]
,/, shut/VBN down/IN by/IN 
[ its/PRP$ parent/NN ]
,/, 
[ Hearst/NNP Corp./NNP ]
,/, following/VBG 
[ unsuccessful/JJ efforts/NNS ]
to/TO sell/VB 
[ the/DT venerable/JJ newspaper/NN ]
./. 

[ The/DT demise/NN ]
of/IN 
[ the/DT 238,000-circulation/JJ Herald/NNP ]
,/, once/RB 
[ the/DT nation/NN 's/POS largest/JJS afternoon/NN newspaper/NN ]
with/IN 
[ circulation/NN ]
exceeding/VBG 
[ 700,000/CD ]
,/, turns/VBZ 
[ the/DT country/NN 's/POS second-largest/JJ city/NN ]
into/IN 
[ a/DT one-newspaper/JJ town/NN ]
,/, at/IN 
[ least/JJS ]
in/IN 
[ some/DT senses/NNS ]
./. 

[ The/DT Los/NNP Angeles/NNP Times/NNP ]
,/, with/IN 
[ a/DT circulation/NN ]
of/IN more/JJR than/IN 
[ 1.1/CD million/CD ]
,/, dominates/VBZ 
[ the/DT region/NN ]
./. 

But/CC 
[ it/PRP ]
faces/VBZ 
[ stiff/JJ competition/NN ]
in/IN 
[ Orange/NNP County/NNP ]
from/IN 
[ the/DT Orange/NNP County/NNP Register/NNP ]
,/, 
[ which/WDT ]
sells/VBZ more/JJR than/IN 
[ 300,000/CD copies/NNS ]
[ a/DT day/NN ]
,/, and/CC in/IN 
[ the/DT San/NNP Fernando/NNP Valley/NNP ]
from/IN 
[ the/DT Los/NNP Angeles/NNP Daily/NNP News/NNP ]
,/, 
[ which/WDT ]
sells/VBZ more/JJR than/IN 
[ 170,000/CD ]
./. 

[ Nearby/JJ cities/NNS ]
such/JJ as/IN 
[ Pasadena/NNP ]
and/CC 
[ Long/NNP Beach/NNP ]
also/RB have/VBP 
[ large/JJ dailies/NNS ]
./. 

In/IN 
[ July/NNP ]
,/, closely/RB held/VBN 
[ Hearst/NNP ]
,/, based/VBN in/IN 
[ New/NNP York/NNP ]
,/, put/VBD 
[ the/DT paper/NN ]
on/IN 
[ the/DT block/NN ]
./. 

[ Speculation/NN ]
had/VBD 
[ it/PRP ]
that/IN 
[ the/DT company/NN ]
was/VBD asking/VBG 
[ $/$ 100/CD million/CD ]
for/IN 
[ an/DT operation/NN ]
said/VBD to/TO be/VB losing/VBG about/IN 
[ $/$ 20/CD million/CD ]
[ a/DT year/NN ]
,/, but/CC 
[ others/NNS ]
said/VBD 
[ Hearst/NNP ]
might/MD have/VB virtually/RB given/VBN 
[ the/DT paper/NN ]
away/RB ./. 

[ An/DT attempted/VBN buy-out/NN ]
led/VBN by/IN 
[ John/NNP J./NNP McCabe/NNP ]
,/, 
[ chief/NN operating/NN officer/NN ]
,/, never/RB materialized/VBD ,/, and/CC 
[ a/DT stream/NN ]
of/IN 
[ what/WP ]
[ one/CD staff/NN member/NN ]
dismissed/VBD as/IN ``/`` 
[ tire-kickers/NNS ]
and/CC 
[ lookee-loos/NNS ]
''/'' had/VBD filed/VBN through/IN since/IN ./. 

[ The/DT prospective/JJ buyers/NNS ]
included/VBD 
[ investor/NN Marvin/NNP Davis/NNP ]
and/CC 
[ the/DT Toronto/NNP Sun/NNP ]
./. 

[ The/DT death/NN ]
of/IN 
[ the/DT Herald/NNP ]
,/, 
[ a/DT newsstand/NN paper/NN ]
in/IN 
[ a/DT freeway/NN town/NN ]
,/, was/VBD perhaps/RB inevitable/JJ ./. 

[ Los/NNP Angeles/NNP ]
is/VBZ 
[ a/DT ]
sprawling/JJ ,/, balkanized/JJ 
[ newspaper/NN market/NN ]
,/, and/CC 
[ advertisers/NNS ]
seemed/VBD to/TO feel/VB 
[ they/PRP ]
could/MD buy/VB 
[ space/NN ]
in/IN 
[ the/DT mammoth/JJ Times/NNP ]
,/, then/RB target/VB 
[ a/DT particular/JJ area/NN ]
with/IN 
[ one/CD ]
of/IN 
[ the/DT regional/JJ dailies/NNS ]
./. 

[ The/DT Herald/NNP ]
was/VBD left/VBN in/IN 
[ limbo/NN ]
./. 

[ Further/RB ]
,/, 
[ the/DT Herald/NNP ]
seemed/VBD torn/VBN editorially/RB between/IN keeping/VBG 
[ its/PRP$ old-time/JJ Hearst/NNP readership/NN ]
--/: 
[ blue-collar/JJ ]
and/CC 
[ sports-oriented/JJ ]
--/: and/CC trying/VBG to/TO provide/VB 
[ a/DT sprightly/JJ ]
,/, 
[ upscale/JJ alternative/NN ]
to/TO 
[ the/DT ]
sometimes/RB staid/VBN 
[ Times/NNP ]
./. 

[ Hearst/NNP ]
had/VBD flirted/VBN with/IN 
[ a/DT conversion/NN ]
to/TO 
[ tabloid/JJ format/NN ]
for/IN 
[ years/NNS ]
but/CC never/RB executed/VBN 
[ the/DT plan/NN ]
./. 

[ The/DT Herald/NNP ]
joins/VBZ 
[ the/DT Baltimore/NNP News-American/NNP ]
,/, 
[ which/WDT ]
folded/VBD ,/, and/CC 
[ the/DT Boston/NNP Herald-American/NNP ]
,/, 
[ which/WDT ]
was/VBD sold/VBN ,/, as/IN 
[ cornerstones/NNS ]
of/IN 
[ the/DT old/JJ Hearst/NNP newspaper/NN empire/NN ]
abandoned/VBN by/IN 
[ the/DT company/NN ]
in/IN 
[ the/DT 1980s/CD ]
./. 

[ Many/JJ ]
felt/VBD 
[ Hearst/NNP ]
kept/VBD 
[ the/DT paper/NN ]
alive/JJ as/IN long/RB as/IN 
[ it/PRP ]
did/VBD ,/, if/IN marginally/RB ,/, because/IN of/IN 
[ its/PRP$ place/NN ]
in/IN 
[ family/NN history/NN ]
./. 

[ Its/PRP$ fanciful/JJ offices/NNS ]
were/VBD designed/VBN by/IN 
[ architect/NN Julia/NNP Morgan/NNP ]
,/, 
[ who/WP ]
built/VBD 
[ the/DT Hearst/NNP castle/NN ]
at/IN 
[ San/NNP Simeon/NNP ]
./. 

[ William/NNP Randolph/NNP Hearst/NNP ]
had/VBD kept/VBN 
[ an/DT apartment/NN ]
in/IN 
[ the/DT Spanish/NNP Renaissance-style/JJ building/NN ]
./. 

[ Analysts/NNS ]
said/VBD 
[ the/DT Herald/NNP 's/POS demise/NN ]
does/VBZ n't/RB necessarily/RB represent/VB 
[ the/DT overall/JJ condition/NN ]
of/IN 
[ the/DT newspaper/NN industry/NN ]
./. 

``/`` 
[ The/DT Herald/NNP ]
was/VBD 
[ a/DT survivor/NN ]
from/IN 
[ a/DT bygone/JJ age/NN ]
,/, ''/'' said/VBD 
[ J./NNP Kendrick/NNP Noble/NNP ]
,/, 
[ a/DT media/NNS analyst/NN ]
with/IN 
[ PaineWebber/NNP Inc/NNP ]
./. 

``/`` Actually/RB ,/, 
[ the/DT long/JJ deterioration/NN ]
in/IN 
[ daily/JJ newspapers/NNS ]
shows/VBZ 
[ signs/NNS ]
of/IN coming/VBG to/TO 
[ an/DT end/NN ]
,/, and/CC 
[ the/DT industry/NN ]
looks/VBZ pretty/RB healthy/JJ ./. 

''/'' 

Founded/VBN as/IN 
[ the/DT Examiner/NNP ]
in/IN 
[ 1903/CD ]
by/IN 
[ Mr./NNP Hearst/NNP ]
,/, 
[ the/DT Herald/NNP ]
was/VBD crippled/VBN by/IN 
[ a/DT bitter/JJ ]
,/, 
[ decade-long/JJ strike/NN ]
[ that/WDT ]
began/VBD in/IN 
[ 1967/CD ]
and/CC cut/VBD 
[ circulation/NN ]
in/IN 
[ half/DT ]
./. 

Financially/RB ,/, 
[ it/PRP ]
never/RB recovered/VBD ;/: editorially/RB ,/, 
[ it/PRP ]
had/VBD 
[ its/PRP$ moments/NNS ]
./. 

In/IN 
[ 1979/CD ]
,/, 
[ Hearst/NNP ]
hired/VBD 
[ editor/NN James/NNP Bellows/NNP ]
,/, 
[ who/WP ]
brightened/VBD 
[ the/DT editorial/NN product/NN ]
considerably/RB ./. 

[ He/PRP ]
and/CC 
[ his/PRP$ successor/NN ]
,/, 
[ Mary/NNP Anne/NNP Dolan/NNP ]
,/, restored/VBD 
[ respect/NN ]
for/IN 
[ the/DT editorial/NN product/NN ]
,/, and/CC though/IN in/IN 
[ recent/JJ years/NNS ]
[ the/DT paper/NN ]
had/VBD been/VBN limping/VBG along/IN on/IN 
[ limited/VBN resources/NNS ]
,/, 
[ its/PRP$ accomplishments/NNS ]
were/VBD notable/JJ ./. 

For/IN 
[ example/NN ]
,/, 
[ the/DT Herald/NNP ]
consistently/RB beat/VBD 
[ its/PRP$ much-larger/JJ rival/NN ]
on/IN 
[ disclosures/NNS ]
about/IN 
[ Los/NNP Angeles/NNP Mayor/NNP Tom/NNP Bradley/NNP 's/POS financial/JJ dealings/NNS ]
./. 

[ The/DT Herald/NNP 's/POS sports/NNS coverage/NN ]
and/CC 
[ arts/NNS criticism/NN ]
were/VBD also/RB highly/RB regarded/VBN ./. 

[ Robert/NNP J./NNP Danzig/NNP ]
,/, 
[ vice/NN president/NN ]
and/CC 
[ general/JJ manager/NN ]
of/IN 
[ Hearst/NNP Newspapers/NNP ]
,/, stood/VBD up/IN in/IN 
[ the/DT paper/NN 's/POS newsroom/NN yesterday/NN ]
and/CC announced/VBD that/IN 
[ no/DT buyers/NNS ]
had/VBD stepped/VBN forward/RB and/CC that/IN 
[ the/DT paper/NN ]
would/MD fold/VB ,/, putting/VBG more/JJR than/IN 
[ 730/CD full-time/JJ employees/NNS ]
out/IN of/IN 
[ work/NN ]
./. 

[ Hearst/NNP ]
said/VBD 
[ it/PRP ]
would/MD provide/VB 
[ employees/NNS ]
with/IN 
[ a/DT placement/NN service/NN ]
and/CC pay/VB 
[ them/PRP ]
for/IN 
[ 60/CD days/NNS ]
./. 

[ Some/DT long-tenured/JJ employees/NNS ]
will/MD receive/VB 
[ additional/JJ benefits/NNS ]
,/, 
[ the/DT company/NN ]
said/VBD ./. 

[ Hours/NNS ]
after/IN 
[ the/DT announcement/NN ]
,/, 
[ representatives/NNS ]
of/IN 
[ the/DT Orange/NNP County/NNP Register/NNP ]
were/VBD in/IN 
[ a/DT bar/NN ]
across/IN 
[ the/DT street/NN ]
recruiting/VBG ./. 

[ The/DT reaction/NN ]
in/IN 
[ the/DT newsroom/NN ]
was/VBD emotional/JJ ./. 

``/`` 
[ I/PRP ]
've/VBP never/RB seen/VBN so/IN 
[ many/JJ people/NNS ]
crying/VBG in/IN 
[ one/CD place/NN ]
at/IN 
[ one/CD time/NN ]
,/, ''/'' said/VBD 
[ Bill/NNP Johnson/NNP ]
,/, 
[ an/DT assistant/JJ city/NN editor/NN ]
./. 

``/`` So/RB 
[ Long/JJ ]
,/, 
[ L.A./NNP ''/'' ]
was/VBD chosen/VBN as/IN 
[ the/DT paper/NN 's/POS final/JJ headline/NN ]
./. 

``/`` 
[ I/PRP ]
'm/VBP doing/VBG 
[ the/DT main/JJ story/NN ]
,/, and/CC 
[ I/PRP ]
'm/VBP already/RB 
[ two/CD beers/NNS ]
drunk/JJ ,/, ''/'' said/VBD 
[ reporter/NN Andy/NNP Furillo/NNP ]
,/, 
[ whom/WP ]
[ the/DT Times/NNP ]
hired/VBD away/RB 
[ several/JJ years/NNS ]
ago/IN but/CC 
[ who/WP ]
returned/VBD to/TO 
[ the/DT Herald/NNP ]
out/IN of/IN 
[ preference/NN ]
./. 

[ His/PRP$ wife/NN ]
also/RB works/VBZ for/IN 
[ the/DT paper/NN ]
,/, as/IN did/VBD 
[ his/PRP$ father/NN ]
./. 

[ Outside/JJ ]
,/, 
[ a/DT young/JJ pressman/NN ]
filling/VBG 
[ a/DT news/NN box/NN ]
with/IN 
[ an/DT extra/JJ edition/NN ]
headlined/VBN ``/`` 
[ Herald/NNP Examiner/NNP Closes/VBZ ]
''/'' refused/VBD to/TO take/VB 
[ a/DT reader/NN 's/POS quarter/NN ]
./. 

``/`` Forget/VB 
[ it/PRP ]
,/, ''/'' 
[ he/PRP ]
said/VBD as/IN 
[ he/PRP ]
handed/VBD 
[ her/PRP ]
[ a/DT paper/NN ]
./. 

``/`` 
[ It/PRP ]
does/VBZ n't/RB make/VB 
[ any/DT difference/NN ]
now/RB ./. 

''/''

[ Olympia/NNP Broadcasting/NNP Corp./NNP ]
said/VBD 
[ it/PRP ]
did/VBD n't/RB make/VB 
[ a/DT $/$ 1.64/CD million/CD semiannual/JJ interest/NN payment/NN due/JJ yesterday/NN ]
on/IN 
[ $/$ 23.4/CD million/CD ]
of/IN 
[ senior/JJ subordinated/VBN debentures/NNS ]
./. 

[ The/DT radio-station/NN owner/NN ]
and/CC 
[ programmer/NN ]
said/VBD 
[ it/PRP ]
was/VBD trying/VBG to/TO obtain/VB 
[ additional/JJ working/JJ capital/NN ]
from/IN 
[ its/PRP$ senior/JJ secured/VBN lenders/NNS ]
and/CC 
[ other/JJ financial/JJ institutions/NNS ]
./. 

[ It/PRP ]
said/VBD 
[ it/PRP ]
needs/VBZ to/TO make/VB 
[ the/DT payment/NN ]
by/IN 
[ Dec./NNP 1/CD ]
to/TO avoid/VB 
[ a/DT default/NN ]
[ that/WDT ]
could/MD lead/VB to/TO 
[ an/DT acceleration/NN ]
of/IN 
[ the/DT debt/NN ]
./. 

In/IN 
[ September/NNP ]
,/, 
[ the/DT company/NN ]
said/VBD 
[ it/PRP ]
was/VBD seeking/VBG offers/NNS for/IN 
[ its/PRP$ five/CD radio/NN stations/NNS ]
in/IN 
[ order/NN ]
to/TO concentrate/VB on/IN 
[ its/PRP$ programming/NN business/NN ]
./. 

If/IN 
[ you/PRP ]
'd/MD really/RB rather/RB have/VB 
[ a/DT Buick/NNP ]
,/, do/VB n't/RB leave/VB 
[ home/NN ]
without/IN 
[ the/DT American/NNP Express/NNP card/NN ]
./. 

Or/CC so/IN 
[ the/DT slogan/NN ]
might/MD go/VB ./. 

[ American/NNP Express/NNP Co./NNP ]
and/CC 
[ General/NNP Motors/NNPS Corp./NNP 's/POS beleaguered/VBN Buick/NNP division/NN ]
are/VBP joining/VBG 
[ forces/NNS ]
in/IN 
[ a/DT promotion/NN ]
aimed/VBN at/IN boosting/VBG 
[ Buick/NNP 's/POS sales/NNS ]
while/IN encouraging/VBG 
[ broader/JJR use/NN ]
of/IN 
[ the/DT American/NNP Express/NNP card/NN ]
./. 

[ The/DT companies/NNS ]
are/VBP giving/VBG 
[ four-day/JJ vacations/NNS ]
for/IN 
[ two/CD ]
to/TO 
[ Buick/NNP buyers/NNS ]
[ who/WP ]
charge/VBP 
[ all/DT ]
or/CC 
[ part/NN ]
of/IN 
[ their/PRP$ ]
down/IN 
[ payments/NNS ]
on/IN 
[ the/DT American/NNP Express/NNP green/JJ card/NN ]
./. 

[ They/PRP ]
have/VBP begun/VBN 
[ sending/VBG letters/NNS ]
explaining/VBG 
[ the/DT program/NN ]
,/, 
[ which/WDT ]
began/VBD 
[ Oct./NNP 18/CD ]
and/CC will/MD end/VB 
[ Dec./NNP 18/CD ]
,/, to/TO about/IN 
[ five/CD million/CD card/NN holders/NNS ]
./. 

[ Neither/DT company/NN ]
would/MD disclose/VB 
[ the/DT program/NN 's/POS cost/NN ]
./. 

[ Buick/NNP ]
approached/VBD 
[ American/NNP Express/NNP ]
about/IN 
[ a/DT joint/JJ promotion/NN ]
because/IN 
[ its/PRP$ card/NN holders/NNS ]
generally/RB have/VBP 
[ a/DT ]
``/`` 
[ good/JJ credit/NN history/NN ]
''/'' and/CC are/VBP ``/`` 
[ good/JJ ]
at/IN making/VBG 
[ payments/NNS ]
,/, ''/'' says/VBZ 
[ a/DT spokeswoman/NN ]
for/IN 
[ the/DT division/NN ]
./. 

[ American/NNP Express/NNP ]
also/RB represents/VBZ 
[ the/DT upscale/NN image/NN ]
``/`` 
[ we/PRP ]
're/VBP trying/VBG to/TO project/VB ,/, ''/'' 
[ she/PRP ]
adds/VBZ ./. 

[ Buick/NNP ]
has/VBZ been/VBN seeking/VBG for/IN 
[ the/DT past/JJ few/JJ years/NNS ]
to/TO restore/VB 
[ its/PRP$ reputation/NN ]
as/IN ``/`` 
[ the/DT doctor/NN 's/POS car/NN ]
''/'' --/: 
[ a/DT product/NN ]
for/IN 
[ upscale/NN professionals/NNS ]
./. 

[ Sales/NNS ]
were/VBD roughly/RB flat/JJ in/IN 
[ the/DT 1989/CD model/NN year/NN ]
compared/VBN with/IN 
[ a/DT year/NN ]
earlier/JJR ,/, though/IN 
[ industry/NN sales/NNS ]
fell/VBD ./. 

But/CC since/IN 
[ the/DT 1990/CD model/NN year/NN ]
began/VBD 
[ Oct./NNP 1/CD ]
,/, 
[ Buick/NNP sales/NNS ]
have/VBP plunged/VBN 
[ 33/CD %/NN ]
./. 

For/IN 
[ American/NNP Express/NNP ]
,/, 
[ the/DT promotion/NN ]
is/VBZ 
[ part/NN ]
of/IN 
[ an/DT effort/NN ]
to/TO broaden/VB 
[ the/DT use/NN ]
of/IN 
[ its/PRP$ card/NN ]
for/IN 
[ retail/JJ sales/NNS ]
,/, where/WRB 
[ the/DT company/NN ]
expects/VBZ to/TO get/VB much/RB of/IN 
[ the/DT future/JJ growth/NN ]
in/IN 
[ its/PRP$ card/NN business/NN ]
./. 

Traditionally/RB ,/, 
[ the/DT card/NN ]
has/VBZ been/VBN used/VBN mainly/RB for/IN 
[ travel/NN ]
and/CC 
[ entertainment/NN expenses/NNS ]
./. 

[ Phillip/NNP Riese/NNP ]
,/, 
[ an/DT American/NNP Express/NNP executive/JJ vice/NN president/NN ]
,/, says/VBZ 
[ the/DT promotion/NN ]
with/IN 
[ Buick/NNP ]
is/VBZ 
[ his/PRP$ company/NN ]
's/POS 
[ first/JJ ]
with/IN 
[ an/DT auto/NN maker/NN ]
,/, but/CC ``/`` hopefully/RB {/( will/MD be/VB }/) 
[ the/DT first/JJ ]
of/IN 
[ many/JJ ]
''/'' in/IN 
[ the/DT company/NN 's/POS effort/NN ]
to/TO promote/VB 
[ its/PRP$ green/JJ card/NN ]
as/IN ``/`` 
[ the/DT total/JJ car-care/JJ card/NN ]
./. 

''/'' To/TO 
[ that/DT end/NN ]
,/, 
[ American/NNP Express/NNP ]
has/VBZ been/VBN signing/VBG up/IN 
[ gasoline/NN companies/NNS ]
,/, 
[ car/NN repair/NN shops/NNS ]
,/, 
[ tire/NN companies/NNS ]
and/CC 
[ car/NN dealers/NNS ]
to/TO accept/VB 
[ the/DT card/NN ]
./. 

[ Many/JJ auto/NN dealers/NNS ]
now/RB let/VBP 
[ car/NN buyers/NNS ]
charge/VB 
[ part/NN ]
or/CC 
[ all/DT ]
of/IN 
[ their/PRP$ purchase/NN ]
on/IN 
[ the/DT American/NNP Express/NNP card/NN ]
,/, but/CC 
[ few/JJ card/NN holders/NNS ]
realize/VBP 
[ this/DT ]
,/, 
[ Mr./NNP Riese/NNP ]
says/VBZ ./. 

Until/IN now/RB ,/, however/RB ,/, 
[ buyers/NNS ]
[ who/WP ]
wanted/VBD to/TO finance/VB 
[ part/NN ]
of/IN 
[ a/DT car/NN purchase/NN ]
through/IN 
[ General/NNP Motors/NNPS Acceptance/NNP Corp./NNP ]
could/MD n't/RB put/VB 
[ their/PRP$ ]
down/NN 
[ payment/NN ]
on/IN 
[ a/DT charge/NN card/NN ]
because/IN of/IN 
[ possible/JJ conflicts/NNS ]
with/IN 
[ truth-in-lending/NN ]
and/CC 
[ state/NN disclosure/NN laws/NNS ]
over/IN 
[ finance/NN rates/NNS ]
,/, says/VBZ 
[ a/DT spokesman/NN ]
for/IN 
[ the/DT GM/NNP finance/NN arm/NN ]
./. 

But/CC 
[ GMAC/NNP ]
approved/VBD 
[ the/DT Buick/NNP program/NN ]
,/, 
[ he/PRP ]
says/VBZ ,/, because/IN 
[ the/DT American/NNP Express/NNP green/JJ card/NN ]
requires/VBZ 
[ payment/NN ]
in/IN 
[ full/JJ ]
upon/IN 
[ billing/NN ]
,/, and/CC so/RB does/VBZ n't/RB carry/VB 
[ any/DT finance/NN rates/NNS ]
./. 

[ Mr./NNP Riese/NNP ]
says/VBZ 
[ American/NNP Express/NNP ]
considers/VBZ 
[ GM/NNP ]
and/CC 
[ Buick/NNP ]
``/`` 
[ very/RB sophisticated/JJ direct-mail/JJ marketers/NNS ]
,/, ''/'' so/IN ``/`` by/IN joining/VBG 
[ forces/NNS ]
with/IN 
[ them/PRP ]
[ we/PRP ]
have/VBP managed/VBN to/TO maximize/VB 
[ our/PRP$ direct-mail/JJ capability/NN ]
./. 

''/'' In/IN 
[ addition/NN ]
,/, 
[ Buick/NNP ]
is/VBZ 
[ a/DT ]
relatively/RB respected/VBN 
[ nameplate/NN ]
among/IN 
[ American/NNP Express/NNP card/NN holders/NNS ]
,/, says/VBZ 
[ an/DT American/NNP Express/NNP spokeswoman/NN ]
./. 

When/WRB 
[ the/DT company/NN ]
asked/VBD 
[ members/NNS ]
in/IN 
[ a/DT mailing/NN ]
[ which/WDT cars/NNS they/PRP ]
would/MD like/VB to/TO get/VB 
[ information/NN ]
about/IN for/IN 
[ possible/JJ future/JJ purchases/NNS ]
,/, 
[ Buick/NNP ]
came/VBD in/IN 
[ fourth/JJ ]
among/IN 
[ U.S./NNP cars/NNS ]
and/CC in/IN 
[ the/DT top/NN 10/CD ]
of/IN 
[ all/DT cars/NNS ]
,/, 
[ the/DT spokeswoman/NN ]
says/VBZ ./. 

[ American/NNP Express/NNP ]
has/VBZ more/JJR than/IN 
[ 24/CD million/CD card/NN holders/NNS ]
in/IN 
[ the/DT U.S./NNP ]
,/, and/CC over/IN 
[ half/DT ]
have/VBP 
[ the/DT green/JJ card/NN ]
./. 

[ GMAC/NNP ]
screened/VBD 
[ the/DT card-member/NN list/NN ]
for/IN 
[ holders/NNS ]
more/JJR than/IN 
[ 30/CD years/NNS ]
old/JJ with/IN 
[ household/NN incomes/NNS ]
over/IN 
[ $/$ 45,000/CD ]
[ who/WP ]
had/VBD n't/RB ``/`` missed/VBN 
[ any/DT payments/NNS ]
,/, ''/'' 
[ the/DT Buick/NNP spokeswoman/NN ]
says/VBZ ./. 

[ Some/DT 3.8/CD million/CD ]
of/IN 
[ the/DT five/CD million/CD ]
[ who/WP ]
will/MD get/VB 
[ letters/NNS ]
were/VBD preapproved/VBN for/IN 
[ credit/NN ]
with/IN 
[ GMAC/NNP ]
./. 

[ These/DT 3.8/CD million/CD people/NNS ]
also/RB are/VBP eligible/JJ to/TO get/VB 
[ one/CD percentage/NN point/NN ]
off/IN 
[ GMAC/NNP 's/POS advertised/VBN finance/NN rates/NNS ]
,/, 
[ which/WDT ]
start/VBP at/IN 
[ 6.9/CD %/NN ]
for/IN 
[ two-year/JJ loan/NN contracts/NNS ]
./. 

[ A/DT spokesman/NN ]
for/IN 
[ Visa/NNP International/NNP 's/POS U.S./NNP subsidiary/NN ]
says/VBZ 
[ his/PRP$ company/NN ]
is/VBZ using/VBG 
[ promotions/NNS ]
to/TO increase/VB 
[ use/NN ]
of/IN 
[ its/PRP$ cards/NNS ]
,/, but/CC does/VBZ n't/RB have/VB 
[ plans/NNS ]
for/IN 
[ a/DT tie-in/NN ]
similar/JJ to/TO 
[ the/DT American/NNP Express-Buick/NNP link/NN ]
./. 

[ Three/CD divisions/NNS ]
at/IN 
[ American/NNP Express/NNP ]
are/VBP working/VBG with/IN 
[ Buick/NNP ]
on/IN 
[ the/DT promotion/NN ]
:/: 
[ the/DT establishment/NN services/NNS division/NN ]
,/, 
[ which/WDT ]
is/VBZ responsible/JJ for/IN 
[ all/DT merchants/NNS ]
and/CC 
[ companies/NNS ]
[ that/WDT ]
accept/VBP 
[ the/DT card/NN ]
;/: 
[ the/DT travel/NN division/NN ]
;/: and/CC 
[ the/DT merchandise/NN sales/NNS division/NN ]
./. 

[ The/DT vacation/NN packages/NNS ]
include/VBP 
[ hotel/NN accommodations/NNS ]
and/CC ,/, in/IN 
[ some/DT cases/NNS ]
,/, 
[ tours/NNS ]
or/CC 
[ tickets/NNS ]
to/TO 
[ local/JJ attractions/NNS ]
,/, but/CC not/RB 
[ meals/NNS ]
./. 

[ Destinations/NNS ]
are/VBP 
[ Chicago/NNP ]
;/: 
[ Honolulu/NNP ]
;/: 
[ Las/NNP Vegas/NNP ]
,/, 
[ Nev./NNP ]
;/: 
[ Los/NNP Angeles/NNP ]
;/: 
[ Miami/NNP Beach/NNP ]
,/, 
[ Fla./NNP ]
;/: 
[ New/NNP Orleans/NNP ]
;/: 
[ New/NNP York/NNP ]
;/: 
[ Orlando/NNP ]
,/, 
[ Fla./NNP ]
;/: 
[ San/NNP Francisco/NNP ]
;/: and/CC 
[ Washington/NNP ]
,/, 
[ D.C./NNP ]

[ A/DT buyer/NN ]
[ who/WP ]
chooses/VBZ to/TO fly/VB to/TO 
[ his/PRP$ destination/NN ]
must/MD pay/VB for/IN 
[ his/PRP$ own/JJ ticket/NN ]
but/CC gets/VBZ 
[ a/DT companion/NN 's/POS ticket/NN ]
free/JJ if/IN 
[ they/PRP ]
fly/VBP on/IN 
[ United/NNP Airlines/NNPS ]
./. 

In/IN 
[ lieu/NN ]
of/IN 
[ the/DT vacation/NN ]
,/, 
[ buyers/NNS ]
can/MD choose/VB among/IN 
[ several/JJ prizes/NNS ]
,/, including/VBG 
[ a/DT grandfather/NN clock/NN ]
or/CC 
[ a/DT stereo/NN videocassette/NN recorder/NN ]
./. 

[ Card/NN holders/NNS ]
[ who/WP ]
receive/VBP 
[ the/DT letter/NN ]
also/RB are/VBP eligible/JJ for/IN 
[ a/DT sweepstakes/NN ]
with/IN 
[ Buick/NNP cars/NNS ]
or/CC 
[ a/DT Hawaii/NNP vacation/NN ]
as/IN 
[ prizes/NNS ]
./. 

If/IN 
[ they/PRP ]
test-drive/VBP 
[ a/DT Buick/NNP ]
,/, 
[ they/PRP ]
get/VBP 
[ an/DT American/NNP Express/NNP calculator/NN ]
./. 

[ This/DT ]
is/VBZ n't/RB 
[ Buick/NNP 's/POS first/JJ travel-related/JJ promotion/NN ]
./. 

[ A/DT few/JJ years/NNS ]
ago/IN ,/, 
[ the/DT company/NN ]
offered/VBD 
[ two/CD round-trip/JJ tickets/NNS ]
on/IN 
[ Trans/NNP World/NNP Airlines/NNPS ]
to/TO 
[ buyers/NNS ]
of/IN 
[ its/PRP$ Riviera/NNP luxury/NN car/NN ]
./. 

[ The/DT promotion/NN ]
helped/VBD 
[ Riviera/NNP sales/NNS ]
exceed/VB 
[ the/DT division/NN ]
's/POS forecast/NN by/IN more/JJR than/IN 
[ 10/CD %/NN ]
,/, 
[ Buick/NNP ]
said/VBD at/IN 
[ the/DT time/NN ]
./. 

[ The/DT United/NNP Kingdom/NNP High/NNP Court/NNP ]
declared/VBD 
[ illegal/JJ a/DT variety/NN ]
of/IN 
[ interest-rate/NN swap/NN transactions/NNS ]
and/CC 
[ options/NNS ]
deals/NNS between/IN 
[ a/DT London/NNP borough/NN council/NN ]
and/CC 
[ commercial/JJ banks/NNS ]
./. 

[ The/DT ruling/NN ]
could/MD lead/VB to/TO 
[ the/DT cancellation/NN ]
of/IN 
[ huge/JJ bank/NN debts/NNS ]
[ the/DT London/NNP Borough/NNP ]
of/IN 
[ Hammersmith/NNP ]
and/CC 
[ Fulham/NNP ]
ran/VBD up/IN after/IN losing/VBG heavily/RB on/IN 
[ swap/NN transactions/NNS ]
./. 

As/RB many/JJ as/IN 
[ 70/CD U.K./NNP ]
and/CC 
[ international/JJ banks/NNS ]
stand/VBP to/TO lose/VB 
[ several/JJ hundred/CD million/CD pounds/NNS ]
should/MD 
[ the/DT decision/NN ]
be/VB upheld/VBN and/CC set/VB 
[ a/DT precedent/NN ]
for/IN 
[ other/JJ municipalities/NNS ]
./. 

[ An/DT appeal/NN ]
is/VBZ expected/VBN ./. 

In/IN 
[ response/NN ]
to/TO 
[ the/DT ruling/NN ]
,/, 
[ gilt/JJ futures/NNS ]
swiftly/RB plunged/VBD more/JJR than/IN 
[ a/DT point/NN ]
yesterday/NN before/IN recovering/VBG much/JJ of/IN 
[ the/DT loss/NN ]
by/IN 
[ the/DT end/NN ]
of/IN 
[ the/DT session/NN ]
./. 

[ Gilts/NNS ]
,/, or/CC 
[ British/JJ government/NN bonds/NNS ]
,/, 
[ which/WDT ]
also/RB fell/VBD sharply/RB initially/RB ,/, retraced/VBD 
[ some/DT ]
of/IN 
[ the/DT losses/NNS ]
to/TO end/VB about/IN 
[ 3\/8/CD point/NN ]
lower/JJR ./. 

[ The/DT council/NN ]
,/, 
[ which/WDT ]
is/VBZ alleged/VBN to/TO have/VB engaged/VBN in/IN over/IN 
[ 600/CD deals/NNS ]
valued/VBN at/IN over/IN 
[ #/# 6/CD billion/CD ]
 (/( 
[ $/$ 9.5/CD billion/CD ]
 )/) ,/, lost/VBD 
[ millions/NNS ]
of/IN 
[ pounds/NNS ]
from/IN 
[ soured/JJ swap/NN ]
deals/NNS ./. 

At/IN 
[ one/CD point/NN ]
,/, 
[ Hammersmith/NNP ]
is/VBZ reported/VBN to/TO have/VB accounted/VBN for/IN as/RB much/JJ as/IN 
[ 10/CD %/NN ]
of/IN 
[ the/DT sterling/NN market/NN ]
in/IN 
[ interest-rate/NN swap/NN dealings/NNS ]
./. 

When/WRB 
[ two/CD parties/NNS ]
engage/VBP in/IN 
[ an/DT interest-rate/NN ]
swap/NN ,/, 
[ they/PRP ]
are/VBP betting/VBG against/IN 
[ each/DT other/JJ ]
on/IN 
[ future/JJ rates/NNS ]
./. 

Thus/RB ,/, 
[ an/DT institution/NN ]
obligated/VBD to/TO make/VB 
[ fixed-rate/JJ interest/NN payments/NNS ]
on/IN 
[ debt/NN ]
swaps/NNS 
[ the/DT payments/NNS ]
with/IN 
[ another/DT ]
making/VBG 
[ floating-rate/JJ payments/NNS ]
./. 

In/IN most/JJS of/IN 
[ the/DT British/JJ transactions/NNS ]
,/, 
[ the/DT municipalities/NNS ]
agreed/VBD to/TO make/VB 
[ floating-rate/JJ payments/NNS ]
to/TO 
[ banks/NNS ]
,/, 
[ which/WDT ]
would/MD make/VB 
[ fixed-rate/JJ payments/NNS ]
./. 

As/IN 
[ interest/NN rates/NNS ]
rose/VBD ,/, 
[ municipalities/NNS ]
owed/VBD 
[ the/DT banks/NNS ]
more/JJR than/IN 
[ the/DT banks/NNS ]
were/VBD paying/VBG 
[ them/PRP ]
./. 

[ The/DT court/NN hearing/NN ]
began/VBD in/IN 
[ early/JJ October/NNP ]
at/IN 
[ the/DT request/NN ]
of/IN 
[ Anthony/NNP Hazell/NNP ]
,/, 
[ district/NN auditor/NN ]
for/IN 
[ Hammersmith/NNP ]
,/, 
[ who/WP ]
argued/VBD that/IN 
[ local/JJ councils/NNS ]
are/VBP n't/RB vested/VBN with/IN 
[ constitutional/JJ authority/NN ]
to/TO engage/VB in/IN 
[ such/JJ capital-markets/JJ activities/NNS ]
./. 

[ The/DT council/NN ]
backed/VBD 
[ the/DT audit/NN commission/NN 's/POS stand/NN ]
that/IN 
[ the/DT swap/NN transactions/NNS ]
are/VBP illegal/JJ ./. 

Although/IN 
[ the/DT Hammersmith/NNP ]
and/CC 
[ Fulham/NNP council/NN ]
was/VBD by/IN far/RB 
[ the/DT most/RBS active/JJ local/JJ authority/NN ]
engaging/VBG in/IN 
[ such/JJ capital-markets/JJ transactions/NNS ]
,/, 
[ the/DT court/NN decision/NN ]
could/MD set/VB 
[ a/DT precedent/NN ]
for/IN 
[ similar/JJ transactions/NNS ]
by/IN 
[ 77/CD other/JJ local/JJ councils/NNS ]
./. 

``/`` While/IN 
[ this/DT court/NN ruling/NN ]
was/VBD only/RB on/IN 
[ Hammersmith/NNP ]
,/, 
[ it/PRP ]
will/MD obviously/RB be/VB very/RB persuasive/JJ in/IN 
[ other/JJ cases/NNS ]
of/IN 
[ a/DT similar/JJ nature/NN ]
,/, ''/'' 
[ a/DT solicitor/NN ]
representing/VBG 
[ one/CD ]
of/IN 
[ the/DT banks/NNS ]
said/VBD ./. 

Already/RB ,/, 
[ 10/CD local/JJ councils/NNS ]
have/VBP refused/VBN to/TO honor/VB 
[ fees/NNS ]
and/CC 
[ payments/NNS ]
to/TO 
[ banks/NNS ]
incurred/VBN during/IN 
[ various/JJ swaps/NNS dealings/NNS ]
./. 

[ Other/JJ financial/JJ institutions/NNS ]
involved/VBN include/VBP 
[ Barclays/NNP Bank/NNP PLC/NNP ]
,/, 
[ Midland/NNP Bank/NNP PLC/NNP ]
,/, 
[ Security/NNP Pacific/NNP Corp./NNP ]
,/, 
[ Chemical/NNP Banking/NNP Corp./NNP 's/POS Chemical/NNP Bank/NNP ]
,/, 
[ Citicorp/NNP 's/POS Citibank/NNP ]
and/CC 
[ Mitsubishi/NNP Finance/NNP International/NNP ]
./. 

If/IN 
[ the/DT banks/NNS ]
exhaust/VBP 
[ all/DT avenues/NNS ]
of/IN 
[ appeal/NN ]
,/, 
[ it/PRP ]
is/VBZ possible/JJ that/IN 
[ they/PRP ]
would/MD seek/VB to/TO have/VB 
[ the/DT illegality/NN ruling/NN ]
work/VB 
[ both/DT ]
[ ways/NNS ]
,/, 
[ some/DT market/NN sources/NNS ]
said/VBD ./. 

[ Banks/NNS ]
could/MD seek/VB to/TO recover/VB 
[ payments/NNS ]
to/TO 
[ local/JJ authorities/NNS ]
in/IN 
[ instances/NNS ]
where/WRB 
[ the/DT banks/NNS ]
made/VBD 
[ net/JJ payments/NNS ]
to/TO 
[ councils/NNS ]
./. 

[ Officials/NNS ]
from/IN 
[ the/DT various/JJ banks/NNS ]
involved/VBN are/VBP expected/VBN to/TO meet/VB during/IN 
[ the/DT next/JJ few/JJ days/NNS ]
to/TO consider/VB 
[ other/JJ arrangements/NNS ]
with/IN 
[ local/JJ authorities/NNS ]
[ that/WDT ]
could/MD be/VB questionable/JJ ./. 

[ The/DT banks/NNS ]
have/VBP 
[ 28/CD days/NNS ]
to/TO file/VB 
[ an/DT appeal/NN ]
against/IN 
[ the/DT ruling/NN ]
and/CC are/VBP expected/VBN to/TO do/VB so/RB shortly/RB ./. 

In/IN 
[ the/DT aftermath/NN ]
of/IN 
[ the/DT stock/NN market/NN 's/POS gut-wrenching/JJ 190-point/JJ drop/NN ]
on/IN 
[ Oct./NNP 13/CD ]
,/, 
[ Kidder/NNP ]
,/, 
[ Peabody/NNP ]
&/CC 
[ Co./NNP 's/POS 1,400/CD stockbrokers/NNS ]
across/IN 
[ the/DT country/NN ]
began/VBD 
[ a/DT telephone/NN ]
and/CC 
[ letter-writing/JJ campaign/NN ]
aimed/VBN at/IN quashing/VBG 
[ the/DT country/NN 's/POS second-largest/JJ program/NN trader/NN ]
./. 

[ The/DT target/NN ]
of/IN 
[ their/PRP$ wrath/NN ]
?/. 

[ Their/PRP$ own/JJ employer/NN ]
,/, 
[ Kidder/NNP Peabody/NNP ]
./. 

Since/IN 
[ October/NNP 's/POS minicrash/NN ]
,/, 
[ Wall/NNP Street/NNP ]
has/VBZ been/VBN shaken/VBN by/IN 
[ an/DT explosion/NN ]
of/IN 
[ resentment/NN ]
against/IN 
[ program/NN ]
trading/NN ,/, 
[ the/DT computer-driven/JJ ]
,/, 
[ lightning-fast/JJ trades/NNS ]
of/IN 
[ huge/JJ baskets/NNS ]
of/IN 
[ stocks/NNS ]
and/CC 
[ futures/NNS ]
[ that/WDT ]
can/MD send/VB 
[ stock/NN prices/NNS ]
reeling/VBG in/IN 
[ minutes/NNS ]
./. 

But/CC 
[ the/DT heated/VBN fight/NN ]
over/IN 
[ program/NN ]
trading/NN is/VBZ about/IN much/RB more/JJR than/IN 
[ a/DT volatile/JJ stock/NN market/NN ]
./. 

[ The/DT real/JJ battle/NN ]
is/VBZ over/IN 
[ who/WP ]
will/MD control/VB 
[ that/DT market/NN ]
and/CC reap/VB 
[ its/PRP$ huge/JJ rewards/NNS ]
./. 

[ Program/NN ]
trading/NN 
[ itself/PRP ]
,/, according/VBG to/TO 
[ many/JJ academics/NNS ]
[ who/WP ]
have/VBP studied/VBN 
[ it/PRP ]
,/, is/VBZ merely/RB caught/VBN in/IN 
[ the/DT middle/NN ]
of/IN 
[ this/DT battle/NN ]
,/, unfairly/RB labeled/VBN as/IN 
[ the/DT evil/NN driving/VBG force/NN ]
of/IN 
[ the/DT marketplace/NN ]
./. 

[ The/DT evidence/NN ]
indicates/VBZ 
[ that/IN program/NN ]
trading/NN did/VBD n't/RB ,/, in/IN 
[ fact/NN ]
,/, cause/VB 
[ the/DT market/NN 's/POS sharp/JJ fall/NN ]
on/IN 
[ Oct./NNP 13/CD ]
,/, though/IN 
[ it/PRP ]
may/MD have/VB exacerbated/VBN 
[ it/PRP ]
./. 

On/IN 
[ one/CD side/NN ]
of/IN 
[ this/DT power/NN struggle/NN ]
stand/VBP 
[ the/DT forces/NNS ]
in/IN 
[ ascendency/NN ]
on/IN 
[ Wall/NNP Street/NNP ]
--/: 
[ the/DT New/NNP Guard/NNP ]
--/: consisting/VBG of/IN 
[ high-tech/JJ computer/NN wizards/NNS ]
at/IN 
[ the/DT major/JJ brokerage/NN firms/NNS ]
,/, 
[ their/PRP$ pension/NN fund/NN clients/NNS ]
with/IN 
[ immense/NN pools/NNS ]
of/IN 
[ money/NN ]
,/, and/CC 
[ the/DT traders/NNS ]
at/IN 
[ the/DT fast-growing/JJ Chicago/NNP futures/NNS exchanges/NNS ]
./. 

[ These/DT ]
are/VBP 
[ the/DT main/JJ proponents/NNS ]
of/IN 
[ program/NN ]
trading/NN ./. 

Defending/VBG 
[ their/PRP$ ramparts/NNS ]
are/VBP 
[ Wall/NNP Street/NNP 's/POS Old/NNP Guard/NNP ]
--/: 
[ the/DT traditional/JJ ]
,/, 
[ stock-picking/JJ money/NN managers/NNS ]
,/, 
[ tens/NNS ]
of/IN 
[ thousands/NNS ]
of/IN 
[ stock/NN brokers/NNS ]
,/, 
[ the/DT New/NNP York/NNP Stock/NNP Exchange/NNP 's/POS listed/VBN companies/NNS ]
and/CC 
[ the/DT clannish/JJ floor/NN traders/NNS ]
,/, known/VBN as/IN 
[ specialists/NNS ]
,/, 
[ who/WP ]
make/VBP 
[ markets/NNS ]
in/IN 
[ their/PRP$ stocks/NNS ]
./. 

So/IN far/RB ,/, 
[ Wall/NNP Street/NNP 's/POS Old/NNP Guard/NNP ]
seems/VBZ to/TO be/VB winning/VBG 
[ the/DT program-trading/JJ battle/NN ]
,/, successfully/RB mobilizing/VBG 
[ public/JJ ]
and/CC 
[ congressional/JJ opinion/NN ]
to/TO bludgeon/VB 
[ their/PRP$ tormentors/NNS ]
./. 

[ The/DT Chicago/NNP Mercantile/NNP Exchange/NNP ]
,/, 
[ a/DT major/JJ futures/NNS marketplace/NN ]
,/, yesterday/NN announced/VBD 
[ the/DT addition/NN ]
of/IN 
[ another/DT layer/NN ]
of/IN trading/NN 
[ halts/NNS ]
designed/VBN to/TO 
[ slow/VB program/NN traders/NNS ]
during/IN 
[ a/DT ]
rapidly/RB falling/VBG 
[ stock/NN market/NN ]
,/, and/CC 
[ the/DT Big/NNP Board/NNP ]
is/VBZ expected/VBN 
[ today/NN ]
to/TO approve/VB 
[ some/DT additional/JJ restrictions/NNS ]
on/IN 
[ program/NN ]
trading/NN ./. 

Stung/VBN by/IN 
[ charges/NNS ]
that/IN 
[ their/PRP$ greed/NN ]
is/VBZ turning/VBG 
[ the/DT stock/NN market/NN ]
into/IN 
[ a/DT gigantic/JJ crapshoot/NN ]
,/, almost/RB 
[ all/PDT the/DT big/JJ investment/NN ]
banking/NN 
[ houses/NNS ]
have/VBP abandoned/VBN 
[ index/NN arbitrage/NN ]
,/, 
[ a/DT common/JJ form/NN ]
of/IN 
[ program/NN ]
trading/NN ,/, for/IN 
[ their/PRP$ own/JJ accounts/NNS ]
in/IN 
[ the/DT past/JJ few/JJ days/NNS ]
./. 

[ A/DT few/JJ ]
,/, such/JJ as/IN 
[ giant/JJ Merrill/NNP Lynch/NNP ]
&/CC 
[ Co./NNP ]
,/, now/RB refuse/VBP even/RB to/TO do/VB 
[ index/NN arbitrage/NN trades/NNS ]
for/IN 
[ clients/NNS ]
./. 

[ The/DT Old/NNP Guard/NNP 's/POS assault/NN ]
on/IN 
[ program/NN ]
trading/NN and/CC 
[ its/PRP$ practitioners/NNS ]
has/VBZ been/VBN fierce/JJ and/CC 
[ broad-based/JJ ]
,/, in/IN 
[ part/NN ]
because/IN 
[ some/DT Old/NNP Guard/NNP members/NNS ]
feel/VBP 
[ their/PRP$ very/JJ livelihood/NN ]
is/VBZ at/IN 
[ stake/NN ]
./. 

Some/RB ,/, such/JJ as/IN 
[ traditional/JJ money/NN manager/NN Neuberger/NNP ]
&/CC 
[ Berman/NNP ]
,/, have/VBP taken/VBN out/IN 
[ national/JJ newspaper/NN advertisements/NNS ]
demanding/VBG 
[ that/IN market/NN ]
regulators/NNS ``/`` stop/VB 
[ the/DT numbers/NNS racket/NN ]
on/IN 
[ Wall/NNP Street/NNP ]
./. 

''/'' 

[ Big/NNP Board/NNP stock/NN specialists/NNS ]
,/, in/IN 
[ a/DT bold/JJ palace/NN revolt/NN ]
,/, began/VBD shortly/RB after/IN 
[ Oct./NNP 13/CD ]
to/TO telephone/VB 
[ the/DT corporate/JJ executives/NNS ]
of/IN 
[ the/DT companies/NNS whose/WP$ stock/NN ]
is/VBZ listed/VBN on/IN 
[ the/DT Big/NNP Board/NNP ]
to/TO have/VB 
[ them/PRP ]
pressure/VB 
[ the/DT exchange/NN ]
to/TO ban/VB 
[ program/NN ]
trading/NN ./. 

[ Charles/NNP Wohlstetter/NNP ]
,/, 
[ the/DT chairman/NN ]
of/IN 
[ Contel/NNP Corp./NNP ]
[ who/WP ]
is/VBZ rallying/VBG 
[ other/JJ CEOs/NNS ]
to/TO 
[ the/DT anti-program/JJ  trading/NN cause/NN ]
,/, says/VBZ 
[ he/PRP ]
has/VBZ received/VBN ``/`` 
[ countless/JJ ]
''/'' 
[ letters/NNS ]
offering/VBG 
[ support/NN ]
./. 

``/`` 
[ They/PRP ]
said/VBD universally/RB ,/, without/IN 
[ a/DT single/JJ exception/NN ]
:/: Do/VB n't/RB even/RB compromise/VB ./. 

Kill/VB 
[ it/PRP ]
,/, ''/'' 
[ he/PRP ]
says/VBZ ./. 

[ Wall/NNP Street/NNP 's/POS New/NNP Guard/NNP ]
is/VBZ n't/RB likely/JJ to/TO take/VB 
[ all/PDT this/DT ]
lying/VBG down/IN for/IN long/RB ,/, however/RB ./. 

[ Its/PRP$ new/JJ products/NNS ]
and/CC 
[ trading/NN techniques/NNS ]
have/VBP been/VBN highly/RB profitable/JJ ./. 

[ Program/NN trading/NN money/NN managers/NNS ]
have/VBP gained/VBN 
[ control/NN ]
over/IN 
[ a/DT big/JJ chunk/NN ]
of/IN 
[ the/DT invested/VBN funds/NNS ]
in/IN 
[ this/DT country/NN ]
,/, and/CC 
[ the/DT pressures/NNS ]
on/IN 
[ such/JJ money/NN managers/NNS ]
to/TO produce/VB 
[ consistent/JJ profits/NNS ]
has/VBZ wedded/VBN 
[ them/PRP ]
to/TO 
[ the/DT ability/NN ]
to/TO move/VB rapidly/RB in/IN and/CC out/IN 
[ the/DT market/NN ]
[ that/IN program/NN ]
trading/NN gives/VBZ 
[ them/PRP ]
./. 

[ What/WP ]
's/VBZ more/JJR ,/, 
[ the/DT last/JJ time/NN major/JJ Wall/NNP Street/NNP firms/NNS ]
said/VBD 
[ they/PRP ]
were/VBD getting/VBG out/IN of/IN 
[ program/NN ]
trading/NN --/: in/IN 
[ the/DT aftermath/NN ]
of/IN 
[ the/DT 1987/CD crash/NN ]
--/: 
[ they/PRP ]
waited/VBD 
[ a/DT few/JJ months/NNS ]
and/CC then/RB sneaked/VBD back/RB into/IN 
[ it/PRP ]
./. 

Even/RB 
[ some/DT members/NNS ]
of/IN 
[ the/DT Old/NNP Guard/NNP ]
,/, despite/IN 
[ their/PRP$ current/JJ advantage/NN ]
,/, seem/VBP to/TO be/VB conceding/VBG that/IN 
[ the/DT future/NN ]
belongs/VBZ with/IN 
[ the/DT New/NNP Guard/NNP ]
./. 

[ Last/JJ week/NN ]
,/, 
[ Robert/NNP M./NNP Bradley/NNP ]
,/, 
[ one/CD ]
of/IN 
[ the/DT Big/NNP Board/NNP 's/POS most/RBS respected/VBN floor/NN traders/NNS ]
and/CC 
[ head/NN ]
of/IN 
[ a/DT major/JJ traders/NNS '/POS organization/NN ]
,/, surrendered/VBD ./. 

[ He/PRP ]
sold/VBD 
[ his/PRP$ exchange/NN seat/NN ]
and/CC wrote/VBD 
[ a/DT bitter/JJ letter/NN ]
to/TO 
[ Big/NNP Board/NNP Chairman/NNP John/NNP J./NNP Phelan/NNP Jr./NNP ]
in/IN 
[ which/WDT ]
[ he/PRP ]
said/VBD 
[ the/DT Big/NNP Board/NNP ]
is/VBZ too/RB focused/VBN on/IN 
[ machines/NNS ]
,/, rather/RB than/IN 
[ people/NNS ]
./. 

[ He/PRP ]
said/VBD 
[ the/DT exchange/NN ]
is/VBZ ``/`` headed/VBN for/IN 
[ a/DT real/JJ crisis/NN ]
''/'' if/IN 
[ program/NN ]
trading/NN is/VBZ n't/RB curbed/VBN ./. 

``/`` 
[ I/PRP ]
do/VBP not/RB want/VB 
[ my/PRP$ money/NN ]
invested/VBN in/IN 
[ what/WP ]
[ I/PRP ]
consider/VBP as/IN 
[ nothing/NN ]
more/JJR than/IN 
[ a/DT casino/NN ]
,/, ''/'' 
[ Mr./NNP Bradley/NNP ]
wrote/VBD ./. 

[ The/DT battle/NN ]
has/VBZ turned/VBN into/IN 
[ a/DT civil/JJ war/NN ]
at/IN 
[ some/DT firms/NNS ]
and/CC 
[ organizations/NNS ]
,/, causing/VBG 
[ internal/JJ contradictions/NNS ]
and/CC 
[ pitting/VBG employee/NN ]
against/IN 
[ employee/NN ]
./. 

At/IN 
[ Kidder/NNP ]
,/, 
[ a/DT unit/NN ]
of/IN 
[ General/NNP Electric/NNP Co./NNP ]
,/, and/CC 
[ other/JJ big/JJ brokerage/NN firms/NNS ]
,/, 
[ stockbrokers/NNS ]
battle/VBP 
[ their/PRP$ own/JJ firm/NN 's/POS program/NN traders/NNS ]
[ a/DT few/JJ floors/NNS ]
away/RB ./. 

[ Corporations/NNS ]
like/IN 
[ Contel/NNP ]
denounce/VBP 
[ program/NN ]
trading/NN ,/, yet/CC 
[ Contel/NNP ]
has/VBZ in/IN 
[ the/DT past/NN ]
hired/VBD 
[ pension/NN fund/NN managers/NNS ]
like/IN 
[ Bankers/NNP Trust/NNP Co./NNP ]
[ that/WDT ]
are/VBP also/RB 
[ big/JJ program/NN traders/NNS ]
./. 

[ The/DT Big/NNP Board/NNP ]
--/: 
[ the/DT nation/NN 's/POS premier/JJ stock/NN exchange/NN ]
--/: is/VBZ sharply/RB divided/VBN between/IN 
[ its/PRP$ floor/NN traders/NNS ]
and/CC 
[ its/PRP$ top/JJ executives/NNS ]
./. 

[ Its/PRP$ ]
entrenched/VBN 
[ 49/CD stock/NN specialists/NNS firms/NNS ]
are/VBP fighting/VBG 
[ tooth/NN ]
and/CC 
[ nail/NN ]
against/IN 
[ programs/NNS ]
./. 

But/CC 
[ the/DT Big/NNP Board/NNP 's/POS leadership/NN ]
--/: over/IN 
[ the/DT specialists/NNS '/POS protests/NNS ]
--/: 
[ two/CD weeks/NNS ]
ago/IN began/VBD trading/NN 
[ a/DT new/JJ stock/NN ]
``/`` 
[ basket/NN ]
''/'' 
[ product/NN ]
designed/VBN to/TO facilitate/VB 
[ program/NN ]
trading/NN ./. 

``/`` 
[ A/DT lot/NN ]
of/IN 
[ people/NNS ]
would/MD like/VB to/TO go/VB back/RB to/TO 
[ 1970/CD ]
,/, ''/'' before/IN 
[ program/NN ]
trading/NN ,/, 
[ Mr./NNP Phelan/NNP ]
said/VBD 
[ this/DT week/NN ]
./. 

``/`` 
[ I/PRP ]
would/MD like/VB to/TO go/VB back/RB to/TO 
[ 1970/CD ]
./. 

But/CC 
[ we/PRP ]
are/VBP not/RB going/VBG back/RB to/TO 
[ 1970/CD ]
./. 

''/'' 

Again/RB and/CC again/RB ,/, 
[ program-trading/NN 's/POS critics/NNS ]
raise/VBP 
[ the/DT ]
``/`` 
[ casino/NN ]
''/'' 
[ theme/NN ]
./. 

[ They/PRP ]
say/VBP 
[ greedy/JJ market/NN manipulators/NNS ]
have/VBP made/VBN 
[ a/DT shambles/NN ]
of/IN 
[ the/DT nation/NN 's/POS free-enterprise/NN system/NN ]
,/, turning/VBG 
[ the/DT stock/NN market/NN ]
into/IN 
[ a/DT big/JJ gambling/NN den/NN ]
,/, with/IN 
[ the/DT odds/NNS ]
heavily/RB stacked/VBN against/IN 
[ the/DT small/JJ investor/NN ]
./. 

``/`` 
[ The/DT public/NN ]
did/VBD n't/RB come/VBN to/TO 
[ the/DT market/NN ]
to/TO play/VB 
[ a/DT game/NN ]
;/: 
[ they/PRP ]
can/MD go/VB to/TO 
[ Off-Track/NNP Betting/NNP ]
for/IN 
[ that/DT ]
,/, ''/'' says/VBZ 
[ A./NNP Brean/NNP Murray/NNP ]
,/, 
[ chairman/NN ]
of/IN 
[ Brean/NNP Murray/NNP ]
,/, 
[ Foster/NNP Securities/NNPS ]
,/, 
[ a/DT traditional/JJ money/NN management/NN firm/NN ]
./. 

[ The/DT program/NN traders/NNS ]
,/, on/IN 
[ the/DT other/JJ hand/NN ]
,/, portray/VBP 
[ old-fashioned/JJ stock/NN pickers/NNS ]
as/IN 
[ the/DT Neanderthals/NNS ]
of/IN 
[ the/DT industry/NN ]
./. 

[ Critics/NNS ]
like/IN 
[ Mr./NNP Murray/NNP ]
``/`` are/VBP looking/VBG for/IN 
[ witches/NNS ]
,/, and/CC 
[ people/NNS ]
[ who/WP ]
use/VBP 
[ computers/NNS ]
to/TO trade/VB are/VBP 
[ a/DT convenient/JJ boogieman/NN ]
,/, ''/'' says/VBZ 
[ J./NNP Thomas/NNP Allen/NNP ]
,/, 
[ president/NN ]
of/IN 
[ Advanced/NNP Investment/NNP Management/NNP Inc./NNP ]
,/, 
[ a/DT Pittsburgh/NNP firm/NN ]
[ that/WDT ]
runs/VBZ 
[ a/DT $/$ 200/CD million/CD fund/NN ]
[ that/WDT ]
uses/VBZ 
[ index/NN arbitrage/NN ]
./. 

``/`` Just/RB 
[ a/DT blind/JJ fear/NN ]
of/IN 
[ the/DT unknown/NN ]
is/VBZ causing/VBG 
[ them/PRP ]
to/TO beg/VB 
[ the/DT regulators/NNS ]
for/IN 
[ protection/NN ]
./. 

''/'' 

For/IN 
[ all/PDT the/DT furor/NN ]
,/, 
[ there/EX ]
is/VBZ 
[ nothing/NN ]
particularly/RB complex/JJ about/IN 
[ the/DT concept/NN ]
of/IN 
[ stock-index/JJ arbitrage/NN ]
,/, 
[ the/DT most/RBS controversial/JJ type/NN ]
of/IN 
[ computer-assisted/JJ program/NN ]
trading/NN ./. 

Like/IN 
[ other/JJ forms/NNS ]
of/IN 
[ arbitrage/NN ]
,/, 
[ it/PRP ]
merely/RB seeks/VBZ to/TO take/VB 
[ advantage/NN ]
of/IN 
[ momentary/JJ discrepancies/NNS ]
in/IN 
[ the/DT price/NN ]
of/IN 
[ a/DT single/JJ product/NN ]
--/: in/IN 
[ this/DT case/NN ]
,/, 
[ a/DT basket/NN ]
of/IN 
[ stocks/NNS ]
--/: in/IN 
[ different/JJ markets/NNS ]
--/: in/IN 
[ this/DT case/NN ]
[ the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ]
and/CC 
[ the/DT Chicago/NNP futures/NNS markets/NNS ]
./. 

[ That/DT divergence/NN ]
is/VBZ 
[ what/WP stock/NN index/NN traders/NNS ]
seek/VBP ./. 

When/WRB 
[ it/PRP ]
occurs/VBZ ,/, 
[ the/DT traders/NNS ]
place/VBP 
[ orders/NNS ]
via/IN 
[ computers/NNS ]
to/TO buy/VB 
[ the/DT basket/NN ]
of/IN 
[ stocks/NNS ]
 (/( such/JJ as/IN 
[ the/DT 500/CD stocks/NNS ]
[ that/WDT ]
constitute/VBP 
[ the/DT Standard/NNP ]
&/CC 
[ Poor/NNP 's/POS 500/CD stock/NN index/NN ]
 )/) in/IN 
[ whichever/WDT market/NN ]
is/VBZ cheaper/JJR and/CC sell/VBP 
[ them/PRP ]
in/IN 
[ the/DT more/RBR expensive/JJ market/NN ]
;/: 
[ they/PRP ]
lock/VBP in/IN 
[ the/DT difference/NN ]
in/IN 
[ price/NN ]
as/IN 
[ profit/NN ]
./. 

[ Such/JJ program/NN trades/NNS ]
,/, 
[ which/WDT ]
can/MD involve/VB 
[ the/DT purchase/NN ]
or/CC 
[ sale/NN ]
of/IN 
[ millions/NNS ]
of/IN 
[ dollars/NNS ]
of/IN 
[ stock/NN ]
,/, occur/VBP in/IN 
[ a/DT matter/NN ]
of/IN 
[ seconds/NNS ]
./. 

[ A/DT program/NN trade/NN ]
of/IN 
[ $/$ 5/CD million/CD ]
of/IN 
[ stock/NN ]
typically/RB earns/VBZ 
[ a/DT razor-thin/JJ profit/NN ]
of/IN 
[ $/$ 25,000/CD ]
./. 

To/TO keep/VB 
[ program-trading/JJ units/NNS ]
profitable/JJ in/IN 
[ the/DT eyes/NNS ]
of/IN 
[ senior/JJ brokerage/NN executives/NNS ]
,/, 
[ traders/NNS ]
must/MD seize/VB 
[ every/DT opportunity/NN their/PRP$ computers/NNS ]
find/VBP ./. 

[ The/DT speed/NN ]
with/IN 
[ which/WDT ]
[ such/JJ program/NN trades/NNS ]
take/VBP 
[ place/NN ]
and/CC 
[ the/DT volatile/JJ price/NN movements/NNS they/PRP ]
can/MD cause/VB are/VBP 
[ what/WP program/NN ]
trading/NN 
[ critics/NNS ]
profess/VBP to/TO despise/VB ./. 

``/`` If/IN 
[ you/PRP ]
continue/VBP to/TO do/VB 
[ this/DT ]
,/, 
[ the/DT investor/NN ]
becomes/VBZ frightened/VBN --/: 
[ any/DT investor/NN ]
:/: 
[ the/DT odd/JJ lotter/NN ]
,/, 
[ mutual/JJ funds/NNS ]
and/CC 
[ pension/NN funds/NNS ]
,/, ''/'' says/VBZ 
[ Larry/NNP Zicklin/NNP ]
,/, managing/VBG 
[ partner/NN ]
at/IN 
[ Neuberger/NNP ]
&/CC 
[ Berman/NNP ]
./. 

But/CC 
[ many/JJ experts/NNS ]
and/CC 
[ traders/NNS ]
say/VBP 
[ that/IN program/NN ]
trading/NN is/VBZ n't/RB 
[ the/DT main/JJ reason/NN ]
for/IN 
[ stock-market/NN gyrations/NNS ]
./. 

``/`` 
[ I/PRP ]
have/VBP not/RB seen/VBN 
[ one/CD iota/NN ]
of/IN 
[ evidence/NN ]
''/'' to/TO support/VB 
[ restrictions/NNS ]
on/IN 
[ program/NN ]
trading/NN ,/, says/VBZ 
[ a/DT Vanderbilt/NNP University/NNP ]
finance/NN 
[ professor/NN ]
,/, 
[ Hans/NNP Stoll/NNP ]
,/, 
[ an/DT authority/NN ]
on/IN 
[ the/DT subject/NN ]
./. 

Says/VBZ 
[ the/DT Big/NNP Board/NNP 's/POS Mr./NNP Phelan/NNP ]
,/, ``/`` 
[ Volatility/NN ]
is/VBZ greater/JJR than/IN 
[ program/NN ]
trading/NN ./. 

''/'' 

[ The/DT Oct./NNP 13/CD plunge/NN ]
was/VBD triggered/VBN not/RB by/IN 
[ program/NN traders/NNS ]
,/, but/CC by/IN 
[ news/NN ]
of/IN 
[ the/DT ]
unraveling/NN of/IN 
[ the/DT $/$ 6.79/CD billion/CD buy-out/NN ]
of/IN 
[ UAL/NNP Corp/NNP ]
./. 

[ Unable/JJ ]
to/TO unload/VB 
[ UAL/NNP ]
and/CC 
[ other/JJ airline/NN shares/NNS ]
,/, 
[ takeover-stock/JJ speculators/NNS ]
,/, or/CC 
[ risk/VB arbitragers/NNS ]
,/, dumped/VBD 
[ every/DT blue-chip/JJ stock/NN ]
[ they/PRP ]
had/VBD ./. 

While/IN 
[ program/NN trades/NNS ]
swiftly/RB kicked/VBD in/IN ,/, 
[ a/DT ]
``/`` 
[ circuit/NN breaker/NN ]
''/'' 
[ that/WDT ]
halted/VBD trading/NN in/IN 
[ stock/NN futures/NNS ]
in/IN 
[ Chicago/NNP ]
made/VBD 
[ some/DT  program/NN ]
trading/NN 
[ impossible/JJ ]
./. 

[ Susan/NNP Del/NNP Signore/NNP ]
,/, 
[ head/NN trader/NN ]
at/IN 
[ Travelers/NNPS Investment/NNP Management/NNP Co./NNP ]
,/, says/VBZ 
[ critics/NNS ]
are/VBP ignoring/VBG ``/`` 
[ the/DT role/NN ]
[ the/DT ]
 {/( 
[ takeover/NN stock/NN ]
 }/) 
[ speculator/NN ]
is/VBZ taking/VBG in/IN 
[ the/DT market/NN ]
as/IN 
[ a/DT source/NN ]
of/IN 
[ volatility/NN ]
./. 

''/'' 
[ Many/JJ arbs/NNS ]
are/VBP ``/`` overleveraged/JJ ,/, ''/'' 
[ she/PRP ]
says/VBZ ,/, and/CC 
[ they/PRP ]
``/`` have/VBP to/TO sell/VB when/WRB 
[ things/NNS ]
look/VBP like/IN 
[ they/PRP ]
fall/VBP apart/RB ./. 

''/'' 

Like/IN virtually/RB 
[ everything/NN ]
on/IN 
[ Wall/NNP Street/NNP ]
,/, 
[ the/DT program-trading/JJ battle/NN ]
is/VBZ over/IN 
[ money/NN ]
,/, and/CC 
[ the/DT traditionalists/NNS ]
have/VBP been/VBN losing/VBG out/IN on/IN 
[ bundles/NNS ]
of/IN 
[ it/PRP ]
to/TO 
[ the/DT New/NNP Guard/NNP ]
in/IN 
[ recent/JJ years/NNS ]
./. 

Take/VB 
[ the/DT traditional/JJ money/NN managers/NNS ]
,/, or/CC ``/`` 
[ stock/NN pickers/NNS ]
,/, ''/'' as/IN 
[ they/PRP ]
are/VBP derisively/RB known/VBN among/IN 
[ the/DT computer/NN jockeys/NNS ]
./. 

[ Traditional/JJ stock/NN managers/NNS ]
like/VBP to/TO charge/VB 
[ 50/CD cents/NNS ]
to/TO 
[ 75/CD cents/NNS ]
for/IN 
[ every/DT $/$ 100/CD ]
[ they/PRP ]
manage/VBP for/IN 
[ big/JJ institutional/JJ investors/NNS ]
,/, and/CC 
[ higher/JJR fees/NNS ]
for/IN 
[ smaller/JJR investors/NNS ]
./. 

Yet/CC 
[ many/JJ such/JJ managers/NNS ]
consistently/RB fail/VBP to/TO even/RB keep/VB up/IN with/IN ,/, 
[ much/RB less/JJR beat/VB ]
,/, 
[ the/DT returns/NNS ]
of/IN 
[ standard/JJ benchmarks/NNS ]
like/IN 
[ the/DT S&P/NNP ]

Not/RB surprisingly/RB ,/, 
[ old-style/JJ money/NN managers/NNS ]
have/VBP been/VBN losing/VBG 
[ clients/NNS ]
to/TO 
[ giant/JJ stock-index/NN funds/NNS ]
[ that/WDT ]
use/VBP 
[ computers/NNS ]
to/TO juggle/VB 
[ portfolios/NNS ]
so/IN 
[ they/PRP ]
mirror/VBP 
[ the/DT S&P/NNP 500/CD ]
./. 

[ The/DT indexers/NNS ]
charge/VBP only/RB 
[ a/DT few/JJ pennies/NNS ]
per/IN 
[ $/$ 100/CD ]
managed/VBN ./. 

[ Today/NN ]
,/, about/IN 
[ $/$ 200/CD billion/CD ]
,/, or/CC 
[ 20/CD %/NN ]
of/IN 
[ all/DT pension-fund/JJ stock/NN investments/NNS ]
,/, is/VBZ held/VBN by/IN 
[ index/NN funds/NNS ]
./. 

[ The/DT new/JJ Wall/NNP Street/NNP ]
of/IN 
[ computers/NNS ]
and/CC automated/VBN trading/NN threatens/VBZ to/TO make/VB 
[ dinosaurs/NNS ]
of/IN 
[ the/DT 49/CD Big/NNP Board/NNP stock-specialist/JJ firms/NNS ]
./. 

[ These/DT small/JJ ]
but/CC 
[ influential/JJ floor/NN brokers/NNS ]
long/RB have/VBP earned/VBN 
[ fat/JJ returns/NNS ]
of/IN 
[ 30/CD %/NN ]
to/TO 
[ 40/CD %/NN ]
[ a/DT year/NN ]
on/IN 
[ their/PRP$ capital/NN ]
,/, by/IN 
[ virtue/NN ]
of/IN 
[ their/PRP$ monopoly/NN ]
in/IN making/VBG 
[ markets/NNS ]
in/IN 
[ individual/JJ stocks/NNS ]
./. 

[ The/DT specialists/NNS ]
see/VBP 
[ any/DT step/NN ]
to/TO 
[ electronic/JJ ]
trading/NN as/IN 
[ a/DT death/NN knell/NN ]
./. 

And/CC 
[ they/PRP ]
believe/VBP 
[ the/DT Big/NNP Board/NNP ]
,/, under/IN 
[ Mr./NNP Phelan/NNP ]
,/, has/VBZ abandoned/VBN 
[ their/PRP$ interest/NN ]
./. 

[ The/DT son/NN ]
of/IN 
[ a/DT specialist/NN ]
and/CC once/RB 
[ one/CD ]
[ himself/PRP ]
,/, 
[ Mr./NNP Phelan/NNP ]
has/VBZ nonetheless/RB been/VBN striving/VBG --/: with/IN 
[ products/NNS ]
like/IN 
[ the/DT new/JJ stock/NN basket/NN ]
that/IN 
[ his/PRP$ former/JJ colleagues/NNS ]
dislike/VBP so/RB much/RB --/: to/TO keep/VB 
[ index/NN funds/NNS ]
and/CC 
[ other/JJ program/NN traders/NNS ]
from/IN taking/VBG 
[ their/PRP$ business/NN ]
to/TO 
[ overseas/JJ markets/NNS ]
./. 

Meanwhile/RB ,/, 
[ specialists/NNS '/POS trading/NN risks/NNS ]
have/VBP skyrocketed/VBN as/IN 
[ a/DT result/NN ]
of/IN 
[ stock-market/NN volatility/NN ]
./. 

``/`` When/WRB 
[ the/DT sell/NN programs/NNS ]
hit/VBP ,/, 
[ you/PRP ]
can/MD hear/VB 
[ the/DT order/NN printers/NNS ]
start/VB to/TO go/VB ''/'' on/IN 
[ the/DT Big/NNP Board/NNP trading/NN floor/NN ]
,/, says/VBZ 
[ one/CD specialist/NN ]
there/RB ./. 

``/`` 
[ The/DT buyers/NNS ]
walk/VBP away/RB ,/, and/CC 
[ the/DT specialist/NN ]
is/VBZ left/VBN alone/RB ''/'' as/IN 
[ the/DT buyer/NN ]
of/IN 
[ last/JJ resort/NN ]
for/IN 
[ his/PRP$ stable/NN ]
of/IN 
[ stocks/NNS ]
,/, 
[ he/PRP ]
contends/VBZ ./. 

[ No/DT one/NN ]
is/VBZ more/RBR unhappy/JJ with/IN 
[ program/NN ]
trading/NN than/IN 
[ the/DT nation/NN 's/POS stockbrokers/NNS ]
./. 

[ They/PRP ]
are/VBP still/RB trying/VBG to/TO lure/VB back/RB 
[ small/JJ investors/NNS ]
spooked/VBN by/IN 
[ the/DT 1987/CD stock-market/NN crash/NN ]
and/CC 
[ the/DT market/NN 's/POS swings/NNS ]
since/IN then/RB ./. 

``/`` 
[ Small/JJ investors/NNS ]
are/VBP absolutely/RB dismayed/JJ that/IN 
[ Wall/NNP Street/NNP ]
is/VBZ stacking/VBG 
[ the/DT deck/NN ]
against/IN 
[ them/PRP ]
,/, and/CC 
[ these/DT wide/JJ swings/NNS ]
are/VBP scaring/VBG 
[ them/PRP ]
to/TO 
[ death/NN ]
,/, ''/'' says/VBZ 
[ Raymond/NNP A./NNP Mason/NNP ]
,/, 
[ chairman/NN ]
of/IN 
[ regional/JJ broker/NN Legg/NNP Mason/NNP Inc./NNP ]
in/IN 
[ Baltimore/NNP ]
./. 

[ Stockbrokers/NNS '/POS business/NN ]
and/CC 
[ pay/NN ]
has/VBZ been/VBN falling/VBG ./. 

[ Last/JJ year/NN ]
,/, 
[ the/DT average/JJ broker/NN ]
earned/VBD 
[ $/$ 71,309/CD ]
,/, 
[ 24/CD %/NN ]
lower/JJR than/IN in/IN 
[ 1987/CD ]
./. 

[ Corporate/JJ executives/NNS ]
resent/VBP 
[ that/IN their/PRP$ company/NN 's/POS stock/NN ]
has/VBZ been/VBN transformed/VBN into/IN 
[ a/DT nameless/JJ piece/NN ]
of/IN 
[ a/DT stock-index/NN basket/NN ]
./. 

[ Index/NN traders/NNS ]
[ who/WP ]
buy/VBP 
[ all/DT 500/CD stocks/NNS ]
in/IN 
[ the/DT S&P/NNP 500/CD ]
often/RB do/VBP n't/RB even/RB know/VB 
[ what/WP ]
[ the/DT companies/NNS they/PRP ]
own/VBP actually/RB do/VBP ,/, complains/VBZ 
[ Andrew/NNP Sigler/NNP ]
,/, 
[ chairman/NN ]
of/IN 
[ Champion/NNP International/NNP Corp/NNP ]
./. 

``/`` Do/VBP 
[ you/PRP ]
make/VB 
[ sweatshirts/NNS ]
or/CC 
[ sparkplugs/NNS ]
?/. 

Oh/UH ,/, 
[ you/PRP ]
're/VBP in/IN 
[ the/DT paper/NN business/NN ]
,/, ''/'' is/VBZ 
[ one/CD reaction/NN Mr./NNP Sigler/NNP ]
says/VBZ 
[ he/PRP ]
's/VBZ gotten/VBN from/IN 
[ his/PRP$ big/JJ institutional/JJ shareholders/NNS ]
./. 

By/IN 
[ this/DT September/NNP ]
,/, 
[ program/NN traders/NNS ]
were/VBD doing/VBG 
[ a/DT record/NN 13.8/CD %/NN ]
of/IN 
[ the/DT Big/NNP Board/NNP 's/POS average/JJ daily/JJ trading/NN volume/NN ]
./. 

Among/IN 
[ the/DT top/JJ practitioners/NNS ]
were/VBD 
[ Wall/NNP Street/NNP blue/JJ bloods/NNS ]
:/: 
[ Morgan/NNP Stanley/NNP ]
&/CC 
[ Co./NNP ]
,/, 
[ Kidder/NNP Peabody/NNP ]
,/, 
[ Merrill/NNP Lynch/NNP ]
,/, 
[ Salomon/NNP Brothers/NNPS Inc./NNP ]
and/CC 
[ PaineWebber/NNP Group/NNP Inc/NNP ]
./. 

But/CC then/RB came/VBD 
[ Oct./NNP 13/CD ]
and/CC 
[ the/DT negative/JJ publicity/NN ]
orchestrated/VBN by/IN 
[ the/DT Old/NNP Guard/NNP ]
,/, particularly/RB against/IN 
[ index/NN arbitrage/NN ]
./. 

[ The/DT indexers/NNS '/POS strategy/NN ]
for/IN 
[ the/DT moment/NN ]
is/VBZ to/TO hunker/VB down/IN and/CC let/VB 
[ the/DT furor/NN die/VB ]
./. 

``/`` 
[ There/EX ]
's/VBZ 
[ a/DT lynch-mob/JJ psychology/NN ]
right/RB now/RB ,/, ''/'' says/VBZ 
[ the/DT top/JJ program-trading/JJ official/NN ]
at/IN 
[ a/DT Wall/NNP Street/NNP firm/NN ]
./. 

``/`` 
[ Wall/NNP Street/NNP 's/POS cash/NN cow/NN ]
has/VBZ been/VBN gored/VBN ,/, but/CC 
[ I/PRP ]
do/VBP n't/RB think/VB 
[ anyone/NN ]
has/VBZ proven/VBN that/IN 
[ index/NN arbitrage/NN ]
is/VBZ 
[ the/DT problem/NN ]
./. 

''/'' 

[ Too/RB much/JJ money/NN ]
is/VBZ at/IN 
[ stake/NN ]
for/IN 
[ program/NN traders/NNS ]
to/TO give/VB up/IN ./. 

For/IN 
[ example/NN ]
,/, 
[ stock-index/NN futures/NNS ]
began/VBD trading/VBG in/IN 
[ Chicago/NNP ]
in/IN 
[ 1982/CD ]
,/, and/CC within/IN 
[ two/CD years/NNS they/PRP ]
were/VBD 
[ the/DT fastest-growing/JJ futures/NNS contract/NN ]
ever/RB launched/VBN ./. 

[ Stock/NN futures/NNS ]
trading/NN has/VBZ minted/VBN 
[ dozens/NNS ]
of/IN 
[ millionaires/NNS ]
in/IN 
[ their/PRP$ 20s/CD ]
and/CC 
[ 30s/CD ]
./. 

Now/RB ,/, on/IN 
[ a/DT good/JJ day/NN ]
,/, 
[ Chicago/NNP 's/POS stock-index/NN traders/NNS ]
trade/VBP 
[ more/JJR dollars/NNS ]
worth/NN of/IN 
[ stock/NN futures/NNS ]
than/IN 
[ the/DT Big/NNP Board/NNP trades/VBZ ]
in/IN 
[ stock/NN ]
./. 

Now/RB 
[ the/DT stage/NN ]
is/VBZ set/VBN for/IN 
[ the/DT battle/NN ]
to/TO play/VB out/IN ./. 

[ The/DT anti-programmers/NNS ]
are/VBP getting/VBG 
[ some/DT helpful/JJ thunder/NN ]
from/IN 
[ Congress/NNP ]
./. 

[ Program/NN traders/NNS '/POS ]
``/`` 
[ power/NN ]
to/TO create/VB 
[ total/JJ panic/NN ]
is/VBZ so/RB great/JJ that/IN 
[ they/PRP ]
ca/MD n't/RB be/VB allowed/VBN to/TO have/VB 
[ their/PRP$ way/NN ]
,/, ''/'' says/VBZ 
[ Rep./NNP Edward/NNP Markey/NNP ]
,/, 
[ a/DT Massachusetts/NNP Democrat/NNP ]
./. 

``/`` 
[ We/PRP ]
have/VBP to/TO have/VB 
[ a/DT system/NN ]
[ that/WDT ]
says/VBZ to/TO 
[ those/DT largest/JJS investors/NNS ]
:/: `/`` Sit/VB down/RB !/. 

[ You/PRP ]
will/MD not/RB panic/VB ,/, 
[ you/PRP ]
will/MD not/RB put/VB 
[ the/DT financial/JJ system/NN ]
in/IN 
[ jeopardy/NN ]
./. 

'/'' ''/'' 

But/CC 
[ the/DT prospects/NNS ]
for/IN 
[ legislation/NN ]
[ that/WDT ]
targets/VBZ 
[ program/NN ]
trading/NN is/VBZ unlikely/JJ anytime/RB soon/RB ./. 

[ Many/JJ people/NNS ]
,/, including/VBG 
[ the/DT Big/NNP Board/NNP ]
,/, think/VBP that/IN 
[ it/PRP ]
's/VBZ too/RB late/JJ to/TO put/VB 
[ the/DT genie/NN ]
back/RB in/IN 
[ the/DT bottle/NN ]
./. 

[ The/DT Big/NNP Board/NNP 's/POS directors/NNS ]
meet/VBP 
[ today/NN ]
to/TO approve/VB 
[ some/DT program-trading/JJ restrictions/NNS ]
,/, but/CC 
[ a/DT total/JJ ban/NN ]
is/VBZ n't/RB being/VBG considered/VBN ,/, 
[ Big/NNP Board/NNP officials/NNS ]
say/VBP ./. 

``/`` 
[ You/PRP ]
're/VBP not/RB going/VBG to/TO stop/VB 
[ the/DT idea/NN ]
of/IN trading/VBG 
[ a/DT basket/NN ]
of/IN 
[ stocks/NNS ]
,/, ''/'' says/VBZ 
[ Vanderbilt/NNP 's/POS Prof./NNP Stoll/NNP ]
./. 

``/`` 
[ Program/NN ]
trading/NN is/VBZ here/RB to/TO stay/VB ,/, and/CC 
[ computers/NNS ]
are/VBP here/RB to/TO stay/VB ,/, and/CC 
[ we/PRP ]
just/RB need/VBP to/TO understand/VB 
[ it/PRP ]
./. 

''/'' 

[ Short/JJ ]
of/IN 
[ a/DT total/NN ban/NN ]
,/, 
[ some/DT anti-programmers/NNS ]
have/VBP proposed/VBN 
[ several/JJ middle-ground/JJ reforms/NNS ]
,/, 
[ which/WDT ]
[ they/PRP ]
say/VBP would/MD take/VB away/RB 
[ certain/JJ advantages/NNS program/NN traders/NNS ]
currently/RB enjoy/VBP in/IN 
[ the/DT marketplace/NN ]
that/IN 
[ other/JJ investors/NNS ]
do/VBP n't/RB ./. 

[ One/CD such/JJ proposal/NN ]
regarding/VBG 
[ stock-index/NN futures/NNS ]
is/VBZ 
[ an/DT increase/NN ]
in/IN 
[ the/DT margin/NN requirement/NN ]
--/: or/CC 
[ the/DT ]
``/`` 
[ good-faith/NN ]
''/'' 
[ payment/NN ]
of/IN 
[ cash/NN ]
needed/VBN to/TO trade/VB 
[ them/PRP ]
--/: to/TO about/IN 
[ the/DT same/JJ level/NN ]
as/IN 
[ the/DT margin/NN requirement/NN ]
for/IN 
[ stocks/NNS ]
./. 

Currently/RB ,/, 
[ margins/NNS ]
on/IN 
[ stock/NN futures/NNS purchases/NNS ]
are/VBP much/RB lower/JJR --/: roughly/RB 
[ 7/CD %/NN ]
compared/VBN with/IN 
[ 50/CD %/NN ]
for/IN 
[ stocks/NNS ]
--/: making/VBG 
[ the/DT futures/NNS market/NN ]
much/RB faster/JJR and/CC potentially/RB more/RBR speculative/JJ ./. 

[ Program/NN ]
trading/NN 
[ critics/NNS ]
also/RB want/VBP 
[ the/DT Federal/NNP Reserve/NNP Board/NNP ]
,/, rather/RB than/IN 
[ the/DT futures/NNS industry/NN ]
,/, to/TO set/VB 
[ such/JJ margins/NNS ]
./. 

[ Futures/NNS traders/NNS ]
respond/VBP that/IN 
[ low/JJ margins/NNS ]
help/VBP keep/VB 
[ their/PRP$ markets/NNS ]
active/JJ ./. 

[ Higher/JJR margins/NNS ]
would/MD chase/VB away/RB 
[ dozens/NNS ]
of/IN 
[ smaller/JJR traders/NNS ]
[ who/WP ]
help/VBP 
[ larger/JJR traders/NNS ]
buy/VB and/CC sell/VB ,/, 
[ they/PRP ]
say/VBP ./. 

[ Another/DT proposed/VBN reform/NN ]
is/VBZ to/TO have/VB 
[ program/NN traders/NNS ]
answer/VB to/TO 
[ an/DT ]
``/`` 
[ uptick/NN rule/NN ''/'' a/DT reform/NN ]
instituted/VBN after/IN 
[ the/DT Great/NNP Crash/NNP ]
of/IN 
[ 1929/CD ]
[ that/WDT ]
protects/VBZ against/IN 
[ stocks/NNS ]
being/VBG relentlessly/RB beaten/VBN downward/RB by/IN 
[ those/DT ]
seeking/VBG to/TO profit/VB from/IN 
[ lower/JJR prices/NNS ]
,/, namely/RB 
[ short/JJ sellers/NNS ]
./. 

[ The/DT Big/NNP Board/NNP 's/POS uptick/NN rule/NN ]
prevents/VBZ 
[ the/DT short/JJ sale/NN ]
of/IN 
[ a/DT stock/NN ]
when/WRB 
[ the/DT stock/NN ]
is/VBZ falling/VBG in/IN 
[ price/NN ]
./. 

But/CC in/IN 
[ 1986/CD ]
,/, 
[ program/NN traders/NNS ]
received/VBD 
[ what/WP ]
amounted/VBD to/TO 
[ an/DT exemption/NN ]
from/IN 
[ the/DT uptick/NN rule/NN ]
in/IN 
[ certain/JJ situations/NNS ]
,/, to/TO make/VB 
[ it/PRP ]
easier/JJR to/TO link/VB 
[ the/DT stock/NN ]
and/CC 
[ futures/NNS markets/NNS ]
./. 

[ A/DT reinstatement/NN ]
of/IN 
[ the/DT uptick/NN rule/NN ]
for/IN 
[ program/NN traders/NNS ]
would/MD slow/VB 
[ their/PRP$ activity/NN ]
considerably/RB ./. 

[ Program/NN traders/NNS ]
argue/VBP that/IN 
[ a/DT reinstatement/NN ]
of/IN 
[ the/DT rule/NN ]
would/MD destroy/VB 
[ the/DT ]
``/`` 
[ pricing/NN efficiency/NN ]
''/'' of/IN 
[ the/DT futures/NNS ]
and/CC 
[ stock/NN markets/NNS ]
./. 

[ James/NNP A./NNP White/NNP ]
contributed/VBD to/TO 
[ this/DT article/NN ]
./. 

[ Fundamentalists/NNPS Jihad/NNP ]
[ Big/NNP Board/NNP Chairman/NNP John/NNP Phelan/NNP ]
said/VBD yesterday/NN that/IN 
[ he/PRP ]
could/MD support/VB letting/VBG 
[ federal/JJ regulators/NNS ]
suspend/VB 
[ program/NN ]
trading/NN during/IN 
[ wild/JJ stock-price/NN swings/NNS ]
./. 

Thus/RB 
[ the/DT band-wagon/JJ psychology/NN ]
of/IN 
[ recent/JJ days/NNS ]
picks/VBZ up/IN 
[ new/JJ impetus/NN ]
./. 

[ Index/NN arbitrage/NN ]
is/VBZ 
[ a/DT common/JJ form/NN ]
of/IN 
[ program/NN ]
trading/NN ./. 

As/IN usually/RB practiced/VBN 
[ it/PRP ]
takes/VBZ 
[ advantage/NN ]
of/IN 
[ a/DT ]
rather/RB 
[ basic/JJ concept/NN ]
:/: 
[ Two/CD separate/JJ markets/NNS ]
in/IN 
[ different/JJ locations/NNS ]
,/, trading/VBG basically/RB 
[ the/DT same/JJ widgets/NNS ]
,/, ca/MD n't/RB trade/VB 
[ them/PRP ]
for/IN long/RB at/IN 
[ prices/NNS ]
[ that/WDT ]
are/VBP widely/RB different/JJ ./. 

In/IN 
[ index/NN arbitrage/NN ]
,/, 
[ the/DT widget/NN ]
is/VBZ 
[ the/DT S&P/NNP 500/CD ]
,/, and/CC 
[ its/PRP$ price/NN ]
is/VBZ constantly/RB compared/VBN between/IN 
[ the/DT futures/NNS market/NN ]
in/IN 
[ Chicago/NNP ]
and/CC 
[ the/DT stock/NN ]
markets/NNS largely/RB in/IN 
[ New/NNP York/NNP ]
./. 

To/TO profit/VB from/IN 
[ an/DT index-arbitrage/JJ opportunity/NN ]
,/, 
[ someone/NN ]
[ who/WP ]
owns/VBZ 
[ the/DT S&P/NNP 500/CD widget/NN ]
in/IN 
[ New/NNP York/NNP ]
must/MD sell/VB 
[ it/PRP ]
and/CC replace/VB 
[ it/PRP ]
with/IN 
[ a/DT cheaper/JJR S&P/NNP 500/CD widget/NN ]
in/IN 
[ Chicago/NNP ]
./. 

If/IN 
[ the/DT money/NN manager/NN ]
performing/VBG 
[ this/DT service/NN ]
is/VBZ being/VBG paid/VBN by/IN 
[ his/PRP$ clients/NNS ]
to/TO match/VB or/CC beat/VB 
[ the/DT return/NN ]
of/IN 
[ the/DT S&P/NNP 500/CD index/NN ]
,/, 
[ he/PRP ]
is/VBZ likely/JJ to/TO remain/VB fully/RB invested/VBN at/IN 
[ all/DT times/NNS ]
./. 

 (/( 
[ Few/JJ ]
,/, if/IN 
[ any/DT ]
,/, 
[ index-fund/JJ managers/NNS ]
will/MD risk/VB 
[ leveraging/VBG performance/NN ]
by/IN owning/VBG more/JJR than/IN  
[ 100/CD %/NN exposure/NN ]
to/TO 
[ stocks/NNS ]
,/, and/CC equally/RB 
[ few/JJ ]
will/MD want/VB to/TO own/VB less/JJR than/IN 
[ a/DT 100/CD %/NN position/NN ]
should/MD 
[ stocks/NNS ]
rise/VB ./. 

 )/) 

By/IN constantly/RB seeking/VBG to/TO own/VB 
[ the/DT cheapest/JJS widget/NN ]
,/, 
[ index-arbitrage/JJ traders/NNS ]
hope/VBP to/TO  add/VB between/IN 
[ 1/CD %/NN ]
and/CC 
[ 3/CD %/NN ]
to/TO 
[ the/DT annual/JJ return/NN ]
of/IN 
[ the/DT S&P/NNP 500/CD ]
./. 

[ That/DT ]
represents/VBZ 
[ a/DT very/RB thin/JJ ]
``/`` 
[ excess/JJ ]
''/'' 
[ return/NN ]
,/, certainly/RB far/RB less/JJR than/IN 
[ what/WP ]
[ most/RBS fundamental/JJ stock/NN pickers/NNS ]
claim/VBP to/TO seek/VB as/IN 
[ their/PRP$ performance/NN objective/NN ]
./. 

[ The/DT fact/NN ]
that/IN 
[ a/DT vast/JJ majority/NN ]
of/IN 
[ fundamentalist/JJ money/NN managers/NNS ]
fail/VBP to/TO beat/VB 
[ the/DT S&P/NNP 500/CD ]
may/MD contribute/VB to/TO 
[ the/DT hysteria/NN ]
surrounding/VBG 
[ the/DT issue/NN ]
./. 

As/IN 
[ more/JJR managers/NNS ]
pursue/VBP 
[ the/DT index-arbitrage/JJ strategy/NN ]
,/, 
[ these/DT small/JJ opportunities/NNS ]
between/IN 
[ markets/NNS ]
will/MD be/VB reduced/VBN and/CC ,/, eventually/RB ,/, eliminated/VBN ./. 

[ The/DT current/JJ opportunities/NNS ]
arise/VBP because/IN 
[ the/DT process/NN ]
for/IN executing/VBG 
[ a/DT ]
buy/NN or/CC sell/NN 
[ order/NN ]
in/IN 
[ the/DT actual/JJ stocks/NNS ]
[ that/WDT ]
make/VBP up/RP 
[ the/DT S&P/NNP 500/CD ]
is/VBZ more/RBR cumbersome/JJ than/IN transacting/VBG in/IN 
[ the/DT futures/NNS market/NN ]
./. 

[ The/DT New/NNP York/NNP Stock/NNP Exchange/NNP 's/POS attempt/NN ]
to/TO introduce/VB 
[ a/DT new/JJ portfolio/NN basket/NN ]
is/VBZ 
[ evidence/NN ]
of/IN 
[ investors/NNS '/POS desires/NNS ]
to/TO make/VB 
[ fast/JJ ]
and/CC 
[ easy/JJ transactions/NNS ]
of/IN 
[ large/JJ numbers/NNS ]
of/IN 
[ shares/NNS ]
./. 

So/RB if/IN 
[ index/NN arbitrage/NN ]
is/VBZ simply/RB taking/VBG 
[ advantage/NN ]
of/IN 
[ thin/JJ inefficiencies/NNS ]
between/IN 
[ two/CD markets/NNS ]
for/IN 
[ the/DT same/JJ widget/NN ]
,/, how/WRB did/VBD ``/`` 
[ program/NN ]
trading/NN ''/'' evolve/VB into/IN 
[ the/DT evil/JJ creature/NN ]
[ that/WDT ]
is/VBZ evoking/VBG 
[ the/DT curses/NNS ]
of/IN 
[ so/RB many/JJ observers/NNS ]
?/. 

[ All/DT arguments/NNS ]
against/IN 
[ program/NN ]
trading/NN ,/, even/RB 
[ those/DT ]
pressed/VBN without/IN 
[ fact/NN ]
,/, conclude/VBP with/IN 
[ three/CD expected/VBN results/NNS ]
after/IN ``/`` 
[ reforms/NNS ]
''/'' are/VBP implemented/VBN :/: 
[ 1/LS ]
 )/) reduced/VBN 
[ volatility/NN ]
,/, 
[ 2/LS ]
 )/) 
[ a/DT long-term/JJ investment/NN focus/NN ]
,/, and/CC 
[ 3/LS ] 
 )/) 
[ a/DT level/NN playing/NN field/NN ]
for/IN 
[ the/DT small/JJ investor/NN ]
./. 

But/CC 
[ many/JJ ]
of/IN 
[ these/DT reforms/NNS ]
are/VBP unneeded/JJ ,/, even/RB harmful/JJ ./. 

Reducing/VBG 
[ volatility/NN ]
./. 

[ An/DT index-arbitrage/JJ trade/NN ]
is/VBZ never/RB executed/VBN unless/IN 
[ there/EX ]
is/VBZ 
[ sufficient/JJ difference/NN ]
between/IN 
[ the/DT markets/NNS ]
in/IN 
[ New/NNP York/NNP ]
and/CC 
[ Chicago/NNP ]
to/TO cover/VB 
[ all/DT transaction/NN costs/NNS ]
./. 

[ Arbitrage/NN ]
does/VBZ n't/RB cause/VB 
[ volatility/NN ]
;/: 
[ it/PRP ]
responds/VBZ to/TO 
[ it/PRP ]
./. 

Think/VB about/IN 
[ what/WP ]
causes/VBZ 
[ the/DT difference/NN ]
in/IN 
[ prices/NNS ]
between/IN 
[ the/DT two/CD markets/NNS ]
for/IN 
[ S&P/NNP 500/CD stocks/NNS ]
--/: usually/RB 
[ it/PRP ]
is/VBZ 
[ large/JJ investors/NNS ]
initiating/VBG 
[ a/DT ]
buy/NN or/CC sell/NN in/IN 
[ Chicago/NNP ]
./. 

[ A/DT large/JJ investor/NN ]
will/MD likely/RB cause/VB 
[ the/DT futures/NNS market/NN ]
to/TO decline/VB when/WRB 
[ he/PRP ]
sells/VBZ 
[ his/PRP$ futures/NNS ]
./. 

[ Arbitrage/NN ]
simply/RB transfers/VBZ 
[ his/PRP$ selling/NN pressure/NN ]
from/IN 
[ Chicago/NNP ]
to/TO 
[ New/NNP York/NNP ]
,/, while/IN functioning/VBG as/IN 
[ a/DT buyer/NN ]
in/IN 
[ Chicago/NNP ]
./. 

[ The/DT start/NN ]
of/IN 
[ the/DT whole/JJ process/NN ]
is/VBZ 
[ the/DT key/NN -/: someone/NN  ]
must/MD fundamentally/RB increase/VB or/CC decrease/VB 
[ his/PRP$ ownership/NN ]
in/IN 
[ widgets/NNS ]
to/TO make/VB 
[ widget/NN prices/NNS ]
move/VB ./. 

Why/WRB does/VBZ 
[ this/DT large/JJ hypothetical/JJ seller/NN trade/VB ]
in/IN 
[ Chicago/NNP ]
instead/RB of/IN 
[ New/NNP York/NNP ]
?/. 

Perhaps/RB 
[ he/PRP ]
is/VBZ willing/JJ to/TO sacrifice/VB to/TO 
[ the/DT arbitrage/NN trader/NN ]
[ some/DT small/JJ profit/NN ]
in/IN 
[ order/NN ]
to/TO get/VB 
[ quick/JJ ]
and/CC 
[ certain/JJ execution/NN ]
of/IN 
[ his/PRP$ large/JJ trade/NN ]
./. 

In/IN 
[ a/DT competitive/JJ market/NN ]
,/, 
[ this/DT investor/NN ]
has/VBZ 
[ many/JJ ways/NNS ]
to/TO execute/VB 
[ his/PRP$ transactions/NNS ]
,/, and/CC 
[ he/PRP ]
will/MD have/VB 
[ more/JJR alternatives/NNS ]
 (/( 
[ both/DT foreign/JJ ]
and/CC 
[ domestic/JJ ]
 )/) if/IN 
[ his/PRP$ volume/NN ]
is/VBZ profitable/JJ for/IN 
[ an/DT exchange/NN ]
to/TO handle/VB ./. 

If/IN not/RB 
[ Chicago/NNP ]
,/, then/RB in/IN 
[ New/NNP York/NNP ]
;/: if/IN not/RB 
[ the/DT U.S./NNP ]
,/, then/RB overseas/RB ./. 

[ Volatility/NN ]
surrounding/VBG 
[ his/PRP$ trades/NNS ]
occurs/VBZ not/RB because/IN of/IN 
[ index/NN arbitrage/NN ]
,/, but/CC because/IN 
[ his/PRP$ ]
is/VBZ 
[ a/DT large/JJ addition/NN ]
or/CC 
[ subtraction/NN ]
to/TO 
[ a/DT widget/NN market/NN ]
with/IN 
[ finite/JJ liquidity/NN ]
./. 

Eliminate/VB 
[ arbitrage/NN ]
and/CC 
[ liquidity/NN ]
will/MD decline/VB instead/RB of/IN rising/VBG ,/, creating/VBG 
[ more/JJR volatility/NN ]
instead/RB of/IN 
[ less/JJR ]
./. 

[ The/DT speed/NN ]
of/IN 
[ his/PRP$ transaction/NN ]
is/VBZ n't/RB to/TO be/VB feared/VBN either/RB ,/, because/IN 
[ faster/JJR ]
and/CC 
[ cleaner/JJR execution/NN ]
is/VBZ desirable/JJ ,/, not/RB loathsome/JJ ./. 

If/IN slowing/VBG 
[ things/NNS ]
down/IN could/MD reduce/VB 
[ volatility/NN ]
,/, 
[ stone/NN tablets/NNS ]
should/MD become/VB 
[ the/DT trade/NN ticket/NN ]
of/IN 
[ the/DT future/NN ]
./. 

Encouraging/VBG 
[ long-term/JJ ]
investing/NN ./. 

[ We/PRP ]
must/MD be/VB very/RB cautious/JJ about/IN labeling/VBG 
[ investors/NNS ]
as/IN ``/`` 
[ long-term/JJ ]
''/'' or/CC ``/`` 
[ short-term/JJ ]
./. 

''/'' 
[ Policies/NNS ]
designed/VBN to/TO encourage/VB 
[ one/CD type/NN ]
of/IN 
[ investor/NN ]
over/IN 
[ another/DT ]
are/VBP akin/JJ to/TO placing/VBG 
[ a/DT sign/NN ]
over/IN 
[ the/DT Big/NNP Board/NNP 's/POS door/NN ]
saying/VBG :/: ``/`` 
[ Buyers/NNS ]
welcome/VB ,/, 
[ sellers/NNS ]
please/VB go/VB away/RB !/. 

''/'' 
[ The/DT ultimate/JJ goal/NN ]
of/IN 
[ any/DT investor/NN ]
is/VBZ 
[ a/DT profit/NN motive/NN ]
,/, and/CC 
[ regulators/NNS ]
should/MD not/RB concern/VB 
[ themselves/PRP ]
with/IN whether/IN 
[ investors/NNS ]
are/VBP sufficiently/RB focused/VBN on/IN 
[ the/DT long/JJ term/NN ]
./. 

[ A/DT free/JJ market/NN ]
with/IN 
[ a/DT profit/NN motive/NN ]
will/MD attract/VB 
[ each/DT investor/NN ]
to/TO 
[ the/DT liquidity/NN ]
and/CC risks/NNS 
[ he/PRP  ]
can/MD tolerate/VB ./. 

In/IN 
[ point/NN ]
of/IN 
[ fact/NN ]
,/, 
[ volatility/NN ]
as/IN measured/VBN by/IN 
[ the/DT annualized/JJ standard/JJ deviation/NN ]
of/IN 
[ daily/JJ stock/NN price/NN movements/NNS ]
has/VBZ frequently/RB been/VBN much/RB higher/JJR than/IN 
[ it/PRP ]
is/VBZ 
[ today/NN ]
./. 

[ Periods/NNS ]
before/IN 
[ the/DT advent/NN ]
of/IN 
[ futures/NNS ]
or/CC 
[ program/NN ]
trading/NN were/VBD often/RB more/RBR volatile/JJ ,/, usually/RB when/WRB 
[ fundamental/JJ market/NN conditions/NNS ]
were/VBD undergoing/VBG 
[ change/NN ]
 (/( 
[ 1973-75/CD ]
,/, 
[ 1937-40/CD ]
,/, and/CC 
[ 1928-33/CD ]
for/IN 
[ example/NN ]
 )/) ./. 

[ It/PRP ]
is/VBZ interesting/JJ to/TO see/VB 
[ the/DT fundamental/JJ stock/NN pickers/NNS ]
scream/VB ``/`` 
[ foul/JJ ]
''/'' on/IN 
[ program/NN ]
trading/NN when/WRB 
[ the/DT markets/NNS decline/VBP ]
,/, while/IN hailing/VBG 
[ the/DT great/JJ values/NNS ]
still/RB abounding/VBG as/IN 
[ the/DT markets/NNS ]
rise/VBP ./. 

Could/MD 
[ rising/VBG volatility/NN ]
possibly/RB be/VB related/VBN to/TO 
[ uncertainty/NN ]
about/IN 
[ the/DT economics/NNS ]
of/IN 
[ stocks/NNS ]
,/, instead/RB of/IN 
[ the/DT evil/JJ deeds/NNS ]
of/IN 
[ program-trading/NN goblins/NNS ]
?/. 

[ Some/DT ]
of/IN 
[ the/DT proposed/VBN fixes/NNS ]
for/IN 
[ what/WP ]
is/VBZ labeled/VBN ``/`` 
[ program-trading/NN volatility/NN ]
''/'' could/MD be/VB far/RB worse/JJR than/IN 
[ the/DT perceived/VBN problem/NN ]
./. 

In/IN 
[ using/VBG program/NN ]
trading/NN as/IN 
[ a/DT whipping/JJ boy/NN ]
,/, 
[ fundamentalist/JJ investors/NNS ]
stand/VBP to/TO gain/VB 
[ the/DT high/JJ ground/NN ]
in/IN wooing/VBG 
[ small/JJ investors/NNS ]
for/IN 
[ their/PRP$ existing/VBG stock-selection/JJ products/NNS ]
./. 

[ They/PRP ]
may/MD ,/, however/RB ,/, risk/VB bringing/VBG 
[ some/DT damaging/JJ interference/NN ]
from/IN outside/IN 
[ the/DT markets/NNS themselves/PRP ]
./. 

How/WRB does/VBZ 
[ a/DT nice/JJ new/JJ tax/NN ]
,/, say/VB 
[ 5/CD %/NN ]
,/, on/IN 
[ any/DT financial/JJ transaction/NN sound/VB ]
?/. 

[ That/DT ]
ought/MD to/TO make/VB 
[ sure/JJ we/PRP ]
're/VBP 
[ all/DT ]
thinking/VBG for/IN 
[ the/DT long/JJ term/NN ]
./. 

Getting/VBG 
[ a/DT level/NN playing/NN field/NN ]
./. 

[ This/DT argument/NN ]
is/VBZ perhaps/RB 
[ the/DT most/RBS interesting/JJ one/CD ]
for/IN 
[ abolishing/VBG program/NN ]
trading/NN --/: not/RB because/IN of/IN 
[ its/PRP$ merits/NNS ]
,/, but/CC because/IN of/IN 
[ the/DT firms/NNS ]
championing/VBG 
[ the/DT cause/NN ]
./. 

[ The/DT loudest/JJS ]
of/IN 
[ these/DT reformers/NNS ]
are/VBP 
[ money/NN managers/NNS ]
[ who/WP ]
cater/VBP to/TO 
[ smaller/JJR investors/NNS ]
./. 

[ They/PRP ]
continually/RB advise/VBP 
[ their/PRP$ clients/NNS ]
on/IN 
[ which/WDT ]
[ individual/JJ stocks/NNS ]
to/TO buy/VB or/CC sell/VB ,/, while/IN 
[ their/PRP$ clients/NNS ]
continue/VBP to/TO hope/VB for/IN 
[ superior/JJ performance/NN ]
./. 

Even/RB with/IN 
[ mutual/JJ funds/NNS ]
,/, 
[ the/DT little/JJ investor/NN ]
continues/VBZ to/TO tolerate/VB 
[ high/JJ fees/NNS ]
,/, 
[ high/JJ commissions/NNS ]
and/CC 
[ poor/JJ performance/NN ]
,/, while/IN 
[ index-fund/NN managers/NNS ]
slowly/RB amass/VBP 
[ a/DT better/JJR record/NN ]
with/IN 
[ lower/JJR fees/NNS ]
,/, 
[ lower/JJR commissions/NNS ]
and/CC 
[ less/JJR risk/NN ]
./. 

Yet/CC 
[ our/PRP$ efforts/NNS ]
are/VBP somehow/RB less/RBR noble/JJ than/IN 
[ those/DT ]
of/IN 
[ an/DT investment/NN expert/NN ]
studiously/RB devouring/VBG 
[ press/NN clippings/NNS ]
on/IN 
[ each/DT company/NN ]
[ he/PRP ]
follows/VBZ ./. 

Almost/RB 
[ all/DT new/JJ regulation/NN ]
is/VBZ introduced/VBN in/IN 
[ the/DT interests/NNS ]
of/IN protecting/VBG 
[ the/DT little/JJ guy/NN ]
,/, and/CC 
[ he/PRP ]
invariably/RB is/VBZ 
[ the/DT one/CD least/JJS able/JJ ]
to/TO cope/VB with/IN 
[ its/PRP$ consequences/NNS ]
./. 

If/IN 
[ spreads/NNS ]
available/JJ from/IN 
[ index/NN arbitrage/NN ]
are/VBP so/RB enormous/JJ ,/, surely/RB 
[ any/DT sizable/JJ mutual-fund/NN company/NN ]
could/MD profit/VB from/IN offering/VBG 
[ it/PRP ]
to/TO 
[ small/JJ investors/NNS ]
./. 

[ The/DT sad/JJ reality/NN ]
is/VBZ that/IN 
[ the/DT retail/JJ investor/NN ]
continues/VBZ to/TO pursue/VB 
[ stellar/JJ performers/NNS ]
first/RB ,/, while/IN leaving/VBG 
[ institutions/NNS ]
to/TO grapple/VB with/IN 
[ basis/NN points/NNS ]
of/IN 
[ performance/NN ]
on/IN 
[ large/JJ sums/NNS ]
of/IN 
[ money/NN quarter/NN ]
by/IN 
[ quarter/NN ]
./. 

[ Cost-effective/JJ index/NN funds/NNS ]
just/RB are/VBP n't/RB sexy/JJ enough/RB to/TO justify/VB 
[ the/DT high/JJ fees/NNS ]
and/CC 
[ commissions/NNS ]
that/IN 
[ retail/JJ customers/NNS ]
frequently/RB pay/VBP ,/, and/CC that/IN 
[ institutional/JJ customers/NNS ]
refuse/VBP to/TO pay/VB ./. 

[ Each/DT new/JJ trading/NN roadblock/NN ]
is/VBZ likely/JJ to/TO be/VB beaten/VBN by/IN 
[ institutions/NNS ]
seeking/VBG 
[ better/JJR ways/NNS ]
to/TO serve/VB 
[ their/PRP$ high-volume/JJ clients/NNS ]
,/, here/RB or/CC overseas/RB ./. 

Legislating/VBG 
[ new/JJ trading/NN inefficiencies/NNS ]
will/MD only/RB make/VB 
[ things/NNS ]
harder/JJR on/IN 
[ the/DT least/JJS sophisticated/JJ investors/NNS ]
./. 

So/RB 
[ what/WP ]
is/VBZ next/JJ for/IN 
[ program/NN ]
trading/NN ?/. 

Left/VBN to/TO 
[ its/PRP$ own/JJ devices/NNS ]
,/, 
[ index/NN arbitrage/NN ]
will/MD become/VB more/RBR and/CC more/RBR efficient/JJ ,/, making/VBG 
[ it/PRP ]
harder/JJR and/CC harder/JJR to/TO do/VB profitably/RB ./. 

[ Spreads/NNS ]
will/MD become/VB so/RB tight/RB that/IN 
[ it/PRP ]
wo/MD n't/RB matter/VB 
[ which/WDT market/NN ]
[ an/DT investor/NN ]
chooses/VBZ --/: 
[ arbitrage/NN ]
will/MD prevent/VB 
[ him/PRP ]
from/IN gaining/VBG 
[ any/DT temporary/JJ profit/NN ]
./. 

If/IN 
[ government/NN ]
or/CC 
[ private/JJ watchdogs/NNS ]
insist/VBP ,/, however/RB ,/, on/IN introducing/VBG 
[ greater/JJR friction/NN ]
between/IN 
[ the/DT markets/NNS ]
 (/( 
[ limits/NNS ]
on/IN 
[ price/NN moves/NNS ]
,/, 
[ two-tiered/JJ execution/NN ]
,/, 
[ higher/JJR margin/NN requirements/NNS ]
,/, 
[ taxation/NN ]
,/, 
[ etc./FW ]
 )/) ,/, 
[ the/DT end/NN loser/NN ]
will/MD be/VB 
[ the/DT markets/NNS themselves/PRP ]
./. 

Instead/RB ,/, 
[ we/PRP ]
ought/MD to/TO be/VB inviting/VBG 
[ more/JJR liquidity/NN ]
with/IN 
[ cheaper/JJR ways/NNS ]
to/TO trade/VB and/CC transfer/VB 
[ capital/NN ]
among/IN 
[ all/DT participants/NNS ]
./. 

[ Mr./NNP Allen/NNP 's/POS Pittsburgh/NNP firm/NN ]
,/, 
[ Advanced/NNP Investment/NNP Management/NNP Inc./NNP ]
,/, executes/VBZ 
[ program/NN trades/NNS ]
for/IN 
[ institutions/NNS ]
./. 

[ Some/DT Democrats/NNPS ]
in/IN 
[ Congress/NNP ]
are/VBP warning/VBG that/IN 
[ a/DT complicated/JJ new/JJ funding/NN device/NN ]
for/IN 
[ the/DT two/CD federal/JJ antitrust/JJ agencies/NNS ]
could/MD result/VB in/IN 
[ further/JJR cutbacks/NNS ]
in/IN 
[ a/DT regulatory/JJ area/NN ]
already/RB reduced/VBN sharply/RB in/IN 
[ recent/JJ years/NNS ]
./. 

[ The/DT funding/NN mechanism/NN ]
,/, 
[ which/WDT ]
has/VBZ received/VBN 
[ congressional/JJ approval/NN ]
and/CC is/VBZ expected/VBN to/TO be/VB signed/VBN by/IN 
[ President/NNP Bush/NNP ]
,/, would/MD affect/VB 
[ the/DT antitrust/JJ operations/NNS ]
of/IN 
[ the/DT Justice/NNP Department/NNP ]
and/CC 
[ the/DT Federal/NNP Trade/NNP Commission/NNP ]
./. 

As/IN 
[ a/DT part/NN ]
of/IN 
[ overall/JJ efforts/NNS ]
to/TO reduce/VB 
[ spending/NN ]
,/, 
[ Congress/NNP ]
cut/VBD by/IN 
[ $/$ 30/CD million/CD ]
[ the/DT Bush/NNP administration/NN 's/POS request/NN ]
for/IN 
[ antitrust/JJ enforcement/NN ]
for/IN 
[ fiscal/JJ 1990/CD ]
,/, 
[ which/WDT ]
began/VBD 
[ Oct./NNP 1/CD ]
./. 

To/TO offset/VB 
[ the/DT reduction/NN ]
,/, 
[ Congress/NNP ]
approved/VBD 
[ a/DT $/$ 20,000/CD fee/NN ]
that/IN 
[ investors/NNS ]
and/CC 
[ companies/NNS ]
will/MD have/VB to/TO pay/VB 
[ each/DT time/NN ]
[ they/PRP ]
make/VBP required/VBN 
[ filings/NNS ]
to/TO 
[ antitrust/JJ regulators/NNS ]
about/IN 
[ mergers/NNS ]
,/, 
[ acquisitions/NNS ]
and/CC 
[ certain/JJ other/JJ transactions/NNS ]
./. 

Some/RB 
[ Democrats/NNPS ]
,/, led/VBN by/IN 
[ Rep./NNP Jack/NNP Brooks/NNP ]
 (/( 
[ D./NNP ]
,/, 
[ Texas/NNP ]
 )/) ,/, unsuccessfully/RB opposed/VBD 
[ the/DT measure/NN ]
because/IN 
[ they/PRP ]
fear/VBP that/IN 
[ the/DT fees/NNS ]
may/MD not/RB fully/RB make/VB up/IN for/IN 
[ the/DT budget/NN ]
cuts/NNS ./. 

But/CC 
[ Justice/NNP Department/NNP ]
and/CC 
[ FTC/NNP officials/NNS ]
said/VBD 
[ they/PRP ]
expect/VBP 
[ the/DT filing/NN fees/NNS ]
to/TO make/VB up/IN for/IN 
[ the/DT budget/NN reductions/NNS ]
and/CC possibly/RB exceed/VB 
[ them/PRP ]
./. 

``/`` 
[ It/PRP ]
could/MD operate/VB to/TO augment/VB 
[ our/PRP$ budget/NN ]
,/, ''/'' 
[ James/NNP Rill/NNP ]
,/, 
[ the/DT Justice/NNP Department/NNP 's/POS antitrust/JJ chief/NN ]
,/, said/VBD in/IN 
[ an/DT interview/NN ]
./. 

Under/IN 
[ measures/NNS ]
approved/VBN by/IN 
[ both/DT ]
[ houses/NNS ]
of/IN 
[ Congress/NNP ]
,/, 
[ the/DT administration/NN 's/POS request/NN ]
for/IN 
[ $/$ 47/CD million/CD ]
for/IN 
[ the/DT Antitrust/NNP Division/NNP ]
would/MD be/VB cut/VBN 
[ $/$ 15/CD million/CD ]
./. 

[ The/DT FTC/NNP budget/NN request/NN ]
of/IN 
[ $/$ 70/CD million/CD ]
,/, about/IN 
[ $/$ 34/CD million/CD ]
of/IN 
[ which/WDT ]
would/MD go/VB for/IN 
[ antitrust/JJ enforcement/NN ]
,/, would/MD also/RB be/VB cut/VBN by/IN 
[ $/$ 15/CD million/CD ]
./. 

[ The/DT administration/NN ]
had/VBD requested/VBN roughly/RB 
[ the/DT same/JJ amount/NN ]
for/IN 
[ antitrust/JJ enforcement/NN ]
for/IN 
[ fiscal/JJ 1990/CD ]
as/IN was/VBD appropriated/VBN in/IN 
[ fiscal/JJ 1989/CD ]
./. 

[ The/DT offsetting/VBG fees/NNS ]
would/MD apply/VB to/TO 
[ filings/NNS ]
made/VBN under/IN 
[ the/DT Hart-Scott-Rodino/NNP Act/NNP ]
./. 

Under/IN 
[ that/DT law/NN ]
,/, 
[ parties/NNS ]
proposing/VBG 
[ mergers/NNS ]
or/CC 
[ acquisitions/NNS ]
valued/VBN at/IN 
[ $/$ 15/CD million/CD ]
or/CC more/RBR must/MD notify/VB 
[ FTC/NNP ]
and/CC 
[ Justice/NNP Department/NNP antitrust/JJ regulators/NNS ]
before/IN completing/VBG 
[ the/DT transactions/NNS ]
./. 

Currently/RB ,/, 
[ the/DT government/NN ]
charges/VBZ 
[ nothing/NN ]
for/IN 
[ such/JJ filings/NNS ]
./. 

[ Proponents/NNS ]
of/IN 
[ the/DT funding/NN arrangement/NN ]
predict/VBP that/IN ,/, based/VBN on/IN 
[ recent/JJ filing/NN levels/NNS ]
of/IN more/JJR than/IN 
[ 2,000/CD ]
[ a/DT year/NN ]
,/, 
[ the/DT fees/NNS ]
will/MD yield/VB at/IN 
[ least/JJS $/$ 40/CD million/CD this/DT fiscal/JJ year/NN ]
,/, or/CC 
[ $/$ 10/CD million/CD more/JJR ]
than/IN 
[ the/DT budget/NN ]
cuts/NNS ./. 

``/`` When/WRB 
[ you/PRP ]
do/VBP 
[ that/DT ]
,/, 
[ there/EX ]
is/VBZ not/RB 
[ a/DT cut/NN ]
,/, but/CC 
[ there/EX ]
is/VBZ in/IN 
[ fact/NN ]
[ a/DT program/NN increase/NN ]
of/IN 
[ $/$ 5/CD million/CD ]
''/'' 
[ each/DT ]
for/IN 
[ the/DT FTC/NNP ]
and/CC 
[ the/DT Justice/NNP Department/NNP ]
,/, 
[ Rep./NNP Neal/NNP Smith/NNP ]
 (/( 
[ D./NNP ]
,/, 
[ Iowa/NNP ]
 )/) said/VBD during/IN 
[ House/NNP debate/NN ]
./. 

But/CC 
[ Rep./NNP Don/NNP Edwards/NNP ]
 (/( 
[ D./NNP ]
,/, 
[ Calif/NNP ]
./. 

 )/) responded/VBD that/IN 
[ a/DT recession/NN ]
could/MD stifle/VB 
[ merger/NN activity/NN ]
,/, reducing/VBG 
[ the/DT amount/NN ]
of/IN 
[ fees/NNS ]
collected/VBN ./. 

[ The/DT antitrust/JJ staffs/NNS ]
of/IN 
[ both/PDT ]
[ the/DT FTC/NNP ]
and/CC 
[ Justice/NNP Department/NNP ]
were/VBD cut/VBN more/JJR than/IN 
[ 40/CD %/NN ]
in/IN 
[ the/DT Reagan/NNP administration/NN ]
,/, and/CC 
[ enforcement/NN ]
of/IN 
[ major/JJ merger/NN cases/NNS ]
fell/VBD off/IN drastically/RB during/IN 
[ that/DT period/NN ]
./. 

``/`` 
[ Today/NN ]
is/VBZ not/RB 
[ the/DT time/NN ]
to/TO signal/VB that/IN 
[ Congress/NNP ]
in/IN 
[ any/DT way/NN ]
sanctions/VBZ 
[ the/DT dismal/JJ state/NN ]
into/IN 
[ which/WDT ]
[ antitrust/JJ enforcement/NN ]
has/VBZ fallen/VBN ,/, ''/'' 
[ Mr./NNP Edwards/NNP ]
argued/VBD ./. 

[ Any/DT money/NN ]
in/IN 
[ excess/NN ]
of/IN 
[ $/$ 40/CD million/CD ]
collected/VBN from/IN 
[ the/DT fees/NNS ]
in/IN 
[ fiscal/JJ 1990/CD ]
would/MD go/VB to/TO 
[ the/DT Treasury/NNP ]
at/IN 
[ large/JJ ]
./. 

[ Corporate/JJ lawyers/NNS ]
said/VBD 
[ the/DT new/JJ fees/NNS ]
would/MD n't/RB inhibit/VB 
[ many/JJ mergers/NNS ]
or/CC 
[ other/JJ transactions/NNS ]
./. 

Though/IN 
[ some/DT lawyers/NNS ]
reported/VBD that/IN 
[ prospective/JJ acquirers/NNS ]
were/VBD scrambling/VBG to/TO make/VB 
[ filings/NNS ]
before/IN 
[ the/DT fees/NNS ]
take/VBP 
[ effect/NN ]
,/, 
[ government/NN officials/NNS ]
said/VBD 
[ they/PRP ]
had/VBD n't/RB noticed/VBN 
[ any/DT surge/NN ]
in/IN 
[ filings/NNS ]
./. 

[ FALL/NN BALLOT/NN ISSUES/NNS ]
set/VBD 
[ a/DT record/NN ]
for/IN 
[ off-year/JJ elections/NNS ]
./. 

[ Odd-year/JJ elections/NNS ]
attract/VBP relatively/RB 
[ few/JJ ballot/NN issues/NNS ]
./. 

But/CC 
[ the/DT 1989/CD fall/NN total/NN ]
of/IN 
[ 80/CD ]
,/, while/IN well/RB below/IN 
[ 1988/CD activity/NN ]
,/, shows/VBZ ``/`` 
[ a/DT steady/JJ ]
ratcheting/VBG up/IN in/IN 
[ citizen/NN referenda/NN ]
and/CC initiatives/VBZ ,/, ''/'' says/VBZ 
[ Patrick/NNP McGuigan/NNP ]
,/, 
[ editor/NN ]
of/IN 
[ Family/NNP ]
,/, 
[ Law/NNP ]
and/CC 
[ Democracy/NNP Report/NNP ]
./. 

[ He/PRP ]
says/VBZ 
[ the/DT 10/CD citizen-sparked/JJ issues/NNS ]
on/IN 
[ state/NN ballots/NNS ]
[ this/DT fall/NN ]
represent/VBP 
[ the/DT  most/JJS ]
in/IN 
[ any/DT odd-year/JJ ]
[ this/DT decade/NN ]
./. 

[ Ballot/NN questions/NNS ]
range/VBP from/IN 
[ a/DT Maine/NNP initiative/NN ]
on/IN 
[ banning/VBG Cruise/NN missiles/NNS ]
to/TO 
[ a/DT referendum/NN ]
on/IN increasing/VBG 
[ the/DT North/NNP Dakota/NNP income/NN tax/NN ]
./. 

[ Ballot/NN watchers/NNS ]
say/VBP 
[ attention/NN ]
already/RB is/VBZ focused/VBN on/IN 
[ the/DT 1990/CD elections/NNS ]
./. 

In/IN 
[ California/NNP ]
,/, 
[ two/CD petition/NN ]
drives/NNS for/IN 
[ next/JJ year/NN 's/POS election/NN ]
are/VBP ``/`` essentially/RB finished/VBN ,/, ''/'' says/VBZ 
[ David/NNP Schmidt/NNP ]
,/, 
[ author/NN ]
of/IN ``/`` 
[ Citizen/NNP Lawmakers/NNPS ]
./. 

''/'' 
[ Mr./NNP McGuigan/NNP ]
cites/VBZ 
[ three/CD completed/VBN efforts/NNS ]
in/IN 
[ Oklahoma/NNP ]
./. 

[ Hot/JJ ballot/NN topics/NNS ]
are/VBP expected/VBN to/TO be/VB 
[ abortion/NN ]
,/, 
[ the/DT environment/NN ]
and/CC 
[ insurance/NN reform/NN ]
./. 

Taking/VBG 
[ a/DT cue/NN ]
from/IN 
[ California/NNP ]
,/, 
[ more/JJR politicians/NNS ]
will/MD launch/VB 
[ their/PRP$ campaigns/NNS ]
by/IN backing/VBG 
[ initiatives/NNS ]
,/, says/VBZ 
[ David/NNP Magleby/NNP ]
of/IN 
[ Brigham/NNP Young/NNP University/NNP ]
./. 

[ PHOTOGRAPH/NN COLLECTING/NN ]
gains/VBZ 
[ new/JJ stature/NN ]
as/IN 
[ prices/NNS ]
rise/VBP ./. 

[ Price/NN records/NNS ]
are/VBP being/VBG 
[ set/NN ]
at/IN 
[ auctions/NNS ]
[ this/DT week/NN ]
./. 

At/IN 
[ Christie/NNP 's/POS ]
,/, 
[ a/DT folio/NN ]
of/IN 
[ 21/CD prints/NNS ]
from/IN 
[ Alfred/NNP Stieglitz/NNP 's/POS ]
``/`` 
[ Equivalents/NNS ]
''/'' 
[ series/NN ]
sold/VBD for/IN 
[ $/$ 396,000/CD ]
,/, 
[ a/DT single-lot/JJ record/NN ]
./. 

[ Other/JJ works/NNS ]
also/RB have/VBP been/VBN exceeding/VBG 
[ price/NN estimates/NNS ]
./. 

In/IN 
[ part/NN ]
,/, 
[ prices/NNS ]
reflect/VBP 
[ development/NN ]
of/IN 
[ a/DT market/NN structure/NN ]
based/VBN on/IN 
[ such/JJ variables/NNS ]
as/IN 
[ the/DT number/NN ]
of/IN 
[ prints/NNS ]
./. 

[ This/DT information/NN ]
used/VBD to/TO be/VB poorly/RB documented/VBN and/CC largely/RB 
[ anecdotal/JJ ]
,/, says/VBZ 
[ Beth/NNP Gates-Warren/NNP ]
of/IN 
[ Sotheby/NNP 's/POS ]
./. 

``/`` 
[ There/EX ]
is/VBZ finally/RB 
[ some/DT sort/NN ]
of/IN 
[ sense/NN ]
in/IN 
[ the/DT market/NN ]
,/, ''/'' 
[ she/PRP ]
says/VBZ ./. 

[ Corporations/NNS ]
and/CC 
[ museums/NNS ]
are/VBP among/IN 
[ the/DT serious/JJ buyers/NNS ]
,/, giving/VBG 
[ greater/JJR market/NN stability/NN ]
,/, says/VBZ 
[ Robert/NNP Persky/NNP ]
of/IN 
[ the/DT Photograph/NNP Collector/NNP ]
./. 

``/`` When/WRB 
[ I/PRP ]
see/VBP 
[ prints/NNS ]
going/VBG into/IN 
[ the/DT hands/NNS ]
of/IN 
[ institutions/NNS ]
,/, 
[ I/PRP ]
know/VBP 
[ they/PRP ]
are/VBP n't/RB going/VBG to/TO come/VB back/RB on/IN 
[ the/DT market/NN ]
./. 

''/'' 
[ Most/JJS ]
in/IN 
[ demand/NN ]
:/: 
[ classic/JJ photographs/NNS ]
by/IN 
[ masters/NNS ]
such/JJ as/IN 
[ Stieglitz/NNP ]
and/CC 
[ Man/NNP Ray/NNP ]
./. 

But/CC 
[ much/RB contemporary/JJ work/NN ]
is/VBZ also/RB fetching/VBG ``/`` 
[ a/DT great/JJ deal/NN ]
of/IN 
[ money/NN ]
,/, ''/'' says/VBZ 
[ Miles/NNP Barth/NNP ]
of/IN 
[ the/DT International/NNP Center/NNP ]
of/IN 
[ Photography/NNP ]
./. 

[ DIALING/VBG 900/CD ]
brings/VBZ 
[ callers/NNS ]
[ a/DT growing/VBG number/NN ]
of/IN 
[ services/NNS ]
./. 

Currently/RB 
[ a/DT $/$ 300/CD million-a-year/JJ business/NN ]
,/, 
[ 900/CD telephone/NN service/NN ]
is/VBZ expected/VBN to/TO hit/VB 
[ $/$ 500/CD million/CD next/JJ year/NN ]
and/CC near/IN 
[ $/$ 2/CD billion/CD ]
by/IN 
[ 1992/CD ]
as/IN 
[ uses/NNS ]
for/IN 
[ the/DT service/NN ]
continue/VBP to/TO expand/VB ,/, says/VBZ 
[ Joel/NNP Gross/NNP ]
of/IN 
[ Donaldson/NNP ]
,/, 
[ Lufkin/NNP ]
&/CC 
[ Jenrette/NNP Inc/NNP ]
./. 

[ The/DT service/NN ]
--/: 
[ which/WDT ]
costs/VBZ 
[ the/DT caller/NN ]
from/IN 
[ 30/CD cents/NNS ]
to/TO 
[ $/$ 25/CD ]
[ a/DT minute/NN ]
--/: currently/RB is/VBZ dominated/VBN by/IN 
[ celebrity/NN chatter/NN ]
,/, 
[ horoscopes/NNS ]
and/CC 
[ romance/NN lines/NNS ]
./. 

But/CC 
[ more/RBR serious/JJ applications/NNS ]
are/VBP in/IN 
[ the/DT wings/NNS ]
,/, and/CC 
[ that/DT ]
is/VBZ where/WRB 
[ the/DT future/JJ growth/NN ]
is/VBZ expected/VBN ./. 

``/`` 
[ I/PRP ]
'm/VBP starting/VBG to/TO see/VB 
[ more/JJR business/NN transactions/NNS ]
,/, ''/'' says/VBZ 
[ Andrea/NNP West/NNP ]
of/IN 
[ American/NNP Telephone/NNP ]
&/CC 
[ Telegraph/NNP Co./NNP ]
,/, noting/VBG 
[ growing/VBG interest/NN ]
in/IN 
[ use/NN ]
of/IN 
[ 900/CD service/NN ]
for/IN 
[ stock/NN sales/NNS ]
,/, 
[ software/NN tutorials/NNS ]
and/CC even/RB 
[ service/NN contracts/NNS ]
./. 

[ Colleges/NNS ]
,/, 
[ she/PRP ]
says/VBZ ,/, are/VBP eyeing/VBG 
[ registration/NN ]
through/IN 
[ 900/CD service/NN ]
./. 

[ Charities/NNS ]
test/VBP 
[ the/DT waters/NNS ]
,/, but/CC 
[ they/PRP ]
face/VBP 
[ legal/JJ barriers/NNS ]
to/TO 
[ electronic/JJ fund/NN raising/NN ]
./. 

``/`` 
[ The/DT thing/NN ]
[ that/WDT ]
will/MD really/RB break/VB 
[ this/DT market/NN ]
right/RB open/JJ is/VBZ merchandising/NN ,/,  ''/'' 
[ Ms./NNP West/NNP ]
says/VBZ ./. 

Much/JJ of/IN 
[ the/DT 800/CD service/NN ]
will/MD ``/`` migrate/VB to/TO 
[ 900/CD ]
,/, ''/'' predicts/VBZ 
[ Jack/NNP Lawless/NNP ]
,/, 
[ general/JJ manager/NN ]
of/IN 
[ US/NNP ]
[ Sprint/NNP 's/POS 900/CD product/NN ]
./. 

[ FAMILY/NN PETS/NNS ]
are/VBP improving/VBG 
[ recovery/NN rates/NNS ]
of/IN 
[ patients/NNS ]
at/IN 
[ Columbia/NNP Hospital/NNP ]
,/, 
[ Milwaukee/NNP ]
./. 

[ Patients/NNS ]
[ who/WP ]
receive/VBP 
[ canine/JJ ]
or/CC 
[ feline/JJ visitors/NNS ]
are/VBP found/VBN to/TO have/VB 
[ lower/JJR blood/NN pressure/NN ]
and/CC improved/VBN 
[ appetite/NN ]
and/CC be/VB more/RBR receptive/JJ to/TO 
[ therapy/NN ]
,/, says/VBZ 
[ Mary/NNP Ann/NNP O'Loughlin/NNP ]
,/, 
[ program/NN coordinator/NN ]
./. 

[ TIRED/JJ ]
OF/IN 
[ TRIMMING/VBG ]
?/. 

[ Hammacher/NNP Schlemmer/NNP ]
&/CC 
[ Co./NNP ]
offers/VBZ 
[ a/DT fiber-optic/JJ Christmas/NNP tree/NN ]
[ that/WDT ]
eliminates/VBZ 
[ the/DT need/NN ]
to/TO 
[ string/VB lights/NNS ]
./. 

[ The/DT $/$ 6,500/CD tree/NN ]
is/VBZ designed/VBN to/TO send/VB continuously/RB changing/VBG 
[ colored/VBN light/NN ]
to/TO 
[ dozens/NNS ]
of/IN 
[ fiber-end/JJ bunches/NNS ]
./. 

[ MEDICINE/NNP TRANSPLANT/NNP ]
:/: 
[ Growth/NN ]
of/IN 
[ Japanese/JJ trade/NN ]
and/CC 
[ travel/NN ]
prompts/VBZ 
[ Beth/NNP Israel/NNP Medical/NNP Center/NNP ]
,/, 
[ New/NNP York/NNP ]
,/, to/TO set/VB up/IN 
[ a/DT bilingual/JJ medical/JJ practice/NN ]
./. 

Funded/VBN by/IN 
[ a/DT $/$ 1/CD million/CD gift/NN ]
from/IN 
[ Tokio/NNP Marine/NNP ]
&/CC 
[ Fire/NNP Insurance/NNP ]
,/, 
[ the/DT service/NN ]
will/MD follow/VB 
[ Japanese/JJ medical/JJ protocols/NNS ]
,/, including/VBG 
[ emphasis/NN ]
on/IN 
[ preventative/JJ medicine/NN ]
./. 

[ DIAPER/NN SERVICES/NNS ]
make/VBP 
[ a/DT comeback/NN ]
amid/IN growing/VBG 
[ environmental/JJ concerns/NNS ]
./. 

Concerned/VBN about/IN shrinking/VBG 
[ landfills/NNS ]
and/CC 
[ the/DT safety/NN ]
of/IN 
[ chemicals/NNS ]
used/VBN in/IN 
[ super-absorbent/JJ disposables/NNS ]
,/, 
[ parents/NNS ]
are/VBP returning/VBG to/TO 
[ the/DT cloth/NN diaper/NN ]
./. 

[ Tiny/NNP Tots/NNPS Inc./NNP ]
,/, 
[ Campbell/NNP ]
,/, 
[ Calif./NNP ]
,/, says/VBZ 
[ business/NN ]
is/VBZ up/IN 
[ 35/CD %/NN ]
in/IN 
[ the/DT past/NN year/NN ]
./. 

``/`` 
[ We/PRP ]
're/VBP gaining/VBG 
[ 1,200/CD new/JJ customers/NNS ]
[ each/DT week/NN ]
,/, ''/'' says/VBZ 
[ Jack/NNP Mogavero/NNP ]
of/IN 
[ General/NNP Health/NNP Care/NNP Corp./NNP ]
,/, 
[ Piscataway/NNP ]
,/, 
[ N.J/NNP ]
./. 

In/IN 
[ Syracuse/NNP ]
,/, 
[ N.Y./NNP ]
,/, 
[ DyDee/NNP Service/NNP 's/POS new/JJ marketing/NN push/NN ]
stresses/VBZ 
[ environmental/JJ awareness/NN ]
./. 

Among/IN 
[ its/PRP$ new/JJ customers/NNS ]
:/: 
[ day-care/JJ centers/NNS ]
[ that/WDT ]
previously/RB spurned/VBD 
[ the/DT service/NN ]
./. 

[ The/DT National/NNP Association/NNP ]
of/IN 
[ Diaper/NNP Services/NNPS ]
,/, 
[ Philadelphia/NNP ]
,/, says/VBZ that/IN since/IN 
[ January/NNP ]
[ it/PRP ]
has/VBZ gotten/VBN more/JJR than/IN 
[ 672/CD inquiries/NNS ]
from/IN 
[ people/NNS ]
interested/JJ in/IN 
[ starting/VBG diaper/NN services/NNS ]
./. 

[ Elisa/NNP Hollis/NNP ]
launched/VBD 
[ a/DT diaper/NN service/NN last/JJ year/NN ]
because/IN 
[ State/NNP College/NNP ]
,/, 
[ Pa./NNP ]
,/, where/WRB 
[ she/PRP ]
lives/VBZ ,/, did/VBD n't/RB have/VB 
[ one/CD ]
./. 

[ Diaper/NN shortages/NNS ]
[ this/DT summer/NN ]
limited/VBD 
[ growth/NN ]
at/IN 
[ Stork/NNP Diaper/NNP Services/NNPS ]
,/, 
[ Springfield/NNP ]
,/, 
[ Mass./NNP ]
,/, where/WRB 
[ business/NN ]
is/VBZ up/IN 
[ 25/CD %/NN ]
in/IN 

Also/RB spurring/VBG 
[ the/DT move/NN ]
to/TO 
[ cloth/NN ]
:/: 
[ diaper/NN covers/NNS ]
with/IN 
[ Velcro/NN fasteners/NNS ]
[ that/WDT ]
eliminate/VBP 
[ the/DT need/NN ]
for/IN 
[ safety/NN pins/NNS ]
./. 

[ BRIEFS/NNPS ]
:/: Only/RB 
[ 57.6/CD %/NN ]
of/IN 
[ New/NNP Yorkers/NNPS ]
watch/VBP 
[ the/DT local/JJ news/NN ]
,/, 
[ the/DT lowest/JJS viewership/NN ]
in/IN 
[ the/DT country/NN ]
,/, says/VBZ 
[ a/DT new/JJ study/NN ]
by/IN 
[ Impact/NNP Resources/NNPS Inc./NNP ]
,/, 
[ Columbus/NNP ]
,/, 
[ Ohio/NNP ]
.../: ./. 

[ FreudToy/NNP ]
,/, 
[ a/DT pillow/NN ]
bearing/VBG 
[ the/DT likeness/NN ]
of/IN 
[ Sigmund/NNP Freud/NNP ]
,/, is/VBZ marketed/VBN as/IN 
[ a/DT $/$ 24.95/CD tool/NN ]
for/IN 
[ do-it-yourself/JJ analysis/NN ]
./. 

[ Program/NN ]
trading/NN is/VBZ ``/`` 
[ a/DT racket/NN ]
,/, ''/'' complains/VBZ 
[ Edward/NNP Egnuss/NNP ]
,/, 
[ a/DT White/NNP Plains/NNP ]
,/, 
[ N.Y./NNP ]
,/, 
[ investor/NN ]
and/CC 
[ electronics/NNS sales/NNS executive/NN ]
,/, ``/`` and/CC 
[ it/PRP ]
's/VBZ not/RB to/TO 
[ the/DT benefit/NN ]
of/IN 
[ the/DT small/JJ investor/NN ]
,/, 
[ that/DT ]
's/VBZ for/IN sure/RB ./. 

''/'' But/CC although/IN 
[ he/PRP ]
thinks/VBZ that/IN 
[ it/PRP ]
is/VBZ hurting/VBG 
[ him/PRP ]
,/, 
[ he/PRP ]
doubts/VBZ 
[ it/PRP ]
could/MD be/VB stopped/VBN ./. 

[ Mr./NNP Egnuss/NNP 's/POS dislike/NN ]
of/IN 
[ program/NN ]
trading/NN is/VBZ echoed/VBN by/IN 
[ many/JJ small/JJ investors/NNS ]
interviewed/VBN by/IN 
[ Wall/NNP Street/NNP Journal/NNP reporters/NNS ]
across/IN 
[ the/DT country/NN ]
./. 

But/CC like/IN 
[ Mr./NNP Egnuss/NNP ]
,/, 
[ few/JJ ]
expect/VBP 
[ it/PRP ]
to/TO be/VB halted/VBN entirely/RB ,/, and/CC 
[ a/DT surprising/JJ number/NN doubt/NN ]
[ it/PRP ]
should/MD be/VB ./.  

``/`` 
[ I/PRP ]
think/VBP 
[ program/NN ]
trading/NN is/VBZ basically/RB unfair/JJ to/TO 
[ the/DT individual/JJ investor/NN ]
,/, ''/'' says/VBZ 
[ Leo/NNP Fields/NNP ]
,/, 
[ a/DT Dallas/NNP investor/NN ]
./. 

[ He/PRP ]
notes/VBZ that/IN 
[ program/NN traders/NNS ]
have/VBP 
[ a/DT commission/NN cost/NN advantage/NN ]
because/IN of/IN 
[ the/DT quantity/NN ]
of/IN 
[ their/PRP$ trades/NNS ]
,/, that/IN 
[ they/PRP ]
have/VBP 
[ a/DT smaller/JJR margin/NN requirement/NN ]
than/IN 
[ individual/JJ investors/NNS ]
do/VBP and/CC that/IN 
[ they/PRP ]
often/RB can/MD figure/VB out/IN earlier/JJR where/WRB 
[ the/DT market/NN ]
is/VBZ heading/VBG ./. 

But/CC 
[ he/PRP ]
blames/VBZ 
[ program/NN ]
trading/NN for/IN only/RB 
[ some/DT ]
of/IN 
[ the/DT market/NN 's/POS volatility/NN ]
./. 

[ He/PRP ]
also/RB considers/VBZ 
[ the/DT market/NN ]
overvalued/VBD and/CC cites/VBZ 
[ the/DT troubles/NNS ]
in/IN 
[ junk/NN bonds/NNS ]
./. 

[ He/PRP ]
adds/VBZ :/: ``/`` 
[ The/DT market/NN ]
may/MD be/VB giving/VBG 
[ us/PRP ]
[ another/DT message/NN ]
,/, that/IN 
[ a/DT recession/NN ]
is/VBZ looming/VBG ./. 

''/'' 

Or/CC ,/, as/IN 
[ Dorothy/NNP Arighi/NNP ]
,/, 
[ an/DT interior/JJ decorator/NN ]
in/IN 
[ Arnold/NNP ]
,/, 
[ Calif./NNP ]
,/, puts/VBZ 
[ it/PRP ]
:/: ``/`` 
[ All/DT kinds/NNS ]
of/IN 
[ funny/JJ things/NNS ]
spook/VBP 
[ the/DT market/NN these/DT days/NNS ]
./. 

''/'' But/CC 
[ she/PRP ]
believes/VBZ that/IN ``/`` 
[ program/NN ]
trading/NN creates/VBZ 
[ deviant/JJ swings/NNS ]
./. 

[ It/PRP ]
's/VBZ not/RB 
[ a/DT sound/JJ thing/NN ]
;/: 
[ there/EX ]
's/VBZ 
[ no/DT inherent/JJ virtue/NN ]
in/IN 
[ it/PRP ]
./. 

''/'' 
[ She/PRP ]
adds/VBZ that/IN 
[ legislation/NN ]
curbing/VBG 
[ it/PRP ]
would/MD be/VB ``/`` 
[ a/DT darned/RB good/JJ idea/NN ]
./. 

''/'' 

At/IN 
[ the/DT Charles/NNP Schwab/NNP ]
&/CC 
[ Co./NNP office/NN ]
in/IN 
[ Atlanta/NNP 's/POS Buckhead/NNP district/NN ]
,/, 
[ a/DT group/NN ]
of/IN 
[ investors/NNS voices/NNS skepticism/NN ]
that/IN 
[ federal/JJ officials/NNS ]
would/MD curb/VB 
[ program/NN ]
trading/NN ./. 

[ Citing/VBG ]
[ the/DT October/NNP 1987/CD crash/NN ]
,/, 
[ Glenn/NNP Miller/NNP ]
says/VBZ ,/, ``/`` 
[ It/PRP ]
's/VBZ like/IN 
[ the/DT last/JJ crash/NN ]
--/: 
[ they/PRP ]
threatened/VBD ,/, but/CC 
[ no/DT one/NN ]
did/VBD 
[ anything/NN ]
./. 

''/'' 
[ A./NNP Donald/NNP Anderson/NNP ]
,/, 
[ a/DT 59-year-old/JJ Los/NNP Angeles/NNP investor/NN ]
[ who/WP ]
says/VBZ 
[ the/DT stock/NN market/NN 's/POS ]
``/`` 
[ fluctuations/NNS ]
and/CC 
[ gyrations/NNS ]
give/VBP 
[ me/PRP  ]
[ the/DT heebie-jeebies/NNS ]
,/, ''/'' does/VBZ n't/RB see/VB 
[ much/JJ point/NN ]
in/IN 
[ outlawing/VBG program/NN ]
trading/NN ./. 

[ Those/DT ]
[ who/WP ]
still/RB want/VBP to/TO do/VB 
[ it/PRP ]
``/`` will/MD just/RB find/VB 
[ some/DT way/NN ]
to/TO get/VB around/IN ''/'' 
[ any/DT attempt/NN ]
to/TO curb/VB 
[ it/PRP ]
./. 

Similarly/RB ,/, 
[ Rick/NNP Wamre/NNP ]
,/, 
[ a/DT 31-year-old/JJ asset/NN manager/NN ]
for/IN 
[ a/DT Dallas/NNP real-estate/NN firm/NN ]
,/, would/MD like/VB to/TO see/VB 
[ program/NN ]
trading/NN disappear/VB because/IN ``/`` 
[ I/PRP ]
ca/MD n't/RB see/VB that/IN 
[ it/PRP ]
does/VBZ 
[ anything/NN ]
for/IN 
[ the/DT market/NN ]
or/CC 
[ the/DT country/NN ]
./. 

''/'' Yet/RB 
[ he/PRP ]
is/VBZ n't/RB in/IN 
[ favor/NN ]
of/IN 
[ new/JJ legislation/NN ]
./. 

``/`` 
[ I/PRP ]
think/VBP 
[ we/PRP ]
've/VBP got/VBN 
[ enough/JJ securities/NNS laws/NNS ]
,/, ''/'' 
[ he/PRP ]
says/VBZ ./. 

``/`` 
[ I/PRP ]
'd/MD much/RB rather/RB see/VB 
[ them/PRP ]
dealing/VBG with/IN 
[ interest/NN rates/NNS ]
and/CC 
[ the/DT deficit/NN ]
./. 

''/'' 

[ Peter/NNP Anthony/NNP ]
,/, 
[ who/WP ]
runs/VBZ 
[ an/DT employment/NN agency/NN ]
in/IN 
[ New/NNP York/NNP ]
,/, decries/VBZ 
[ program/NN ]
trading/NN as/IN ``/`` limiting/VBG 
[ the/DT game/NN ]
to/TO 
[ a/DT few/JJ ]
,/, ''/'' but/CC 
[ he/PRP ]
also/RB is/VBZ n't/RB sure/JJ 
[ it/PRP ]
should/MD be/VB more/RBR strictly/RB regulated/VBN ./. 

``/`` 
[ I/PRP ]
do/VBP n't/RB want/VB to/TO denounce/VB 
[ it/PRP ]
because/IN denouncing/VBG 
[ it/PRP ]
would/MD be/VB like/IN denouncing/VBG 
[ capitalism/NN ]
,/, ''/'' 
[ he/PRP ]
explains/VBZ ./. 

And/CC 
[ surprising/JJ numbers/NNS ]
of/IN 
[ small/JJ investors/NNS ]
seem/VBP to/TO be/VB adapting/VBG to/TO 
[ greater/JJR stock/NN market/NN volatility/NN ]
and/CC say/VB 
[ they/PRP ]
can/MD live/VB with/IN 
[ program/NN ]
trading/NN ./. 

[ Glenn/NNP Britta/NNP ]
,/, 
[ a/DT 25-year-old/JJ New/NNP York/NNP financial/JJ analyst/NN ]
[ who/WP ]
plays/VBZ 
[ options/NNS ]
for/IN 
[ his/PRP$ personal/JJ account/NN ]
,/, says/VBZ 
[ he/PRP ]
is/VBZ ``/`` 
[ factoring/VBG ]
''/'' 
[ the/DT market/NN 's/POS volatility/NN ]
``/`` into/IN 
[ investment/NN decisions/NNS ]
./. 

''/'' 
[ He/PRP ]
adds/VBZ that/IN 
[ program/NN ]
trading/NN ``/`` increases/VBZ 
[ liquidity/NN ]
in/IN 
[ the/DT market/NN ]
./. 

[ You/PRP ]
ca/MD n't/RB hold/VB 
[ back/JJ technology/NN ]
./. 

''/'' And/CC 
[ the/DT practice/NN ]
should/MD n't/RB be/VB stopped/VBN ,/, 
[ he/PRP ]
says/VBZ ,/, because/IN ``/`` 
[ even/RB big/JJ players/NNS ]
are/VBP n't/RB immune/JJ to/TO 
[ the/DT rigors/NNS ]
of/IN 
[ program/NN ]
trading/NN ./. 

''/'' 

Also/RB in/IN 
[ New/NNP York/NNP ]
,/, 
[ Israel/NNP Silverman/NNP ]
,/, 
[ an/DT insurance-company/NN lawyer/NN ]
,/, comments/VBZ that/IN 
[ program/NN ]
trading/NN ``/`` increases/VBZ 
[ volatility/NN ]
,/, but/CC 
[ I/PRP ]
do/VBP n't/RB think/VB 
[ it/PRP ]
should/MD be/VB banned/VBN ./. 

[ There/EX ]
's/VBZ 
[ no/DT culprit/NN ]
here/RB ./. 

[ The/DT market/NN ]
is/VBZ just/RB becoming/VBG more/RBR efficient/JJ ./. 

''/'' Arbitraging/VBG on/IN 
[ differences/NNS ]
between/IN 
[ spot/NN ]
and/CC 
[ futures/NNS prices/NNS ]
is/VBZ 
[ an/DT important/JJ part/NN ]
of/IN 
[ many/JJ financial/JJ markets/NNS ]
,/, 
[ he/PRP ]
says/VBZ ./. 

[ He/PRP ]
adds/VBZ that/IN 
[ his/PRP$ shares/NNS ]
in/IN 
[ a/DT company/NN savings/NN plan/NN ]
are/VBP invested/VBN in/IN 
[ a/DT mutual/JJ fund/NN ]
,/, and/CC 
[ volatility/NN ]
,/, on/IN 
[ a/DT given/VBN day/NN ]
,/, may/MD hurt/VB 
[ the/DT fund/NN ]
./. 

But/CC ``/`` 
[ I/PRP ]
'm/VBP 
[ a/DT long-term/JJ investor/NN ]
,/, ''/'' 
[ he/PRP ]
says/VBZ ./. 

``/`` If/IN 
[ you/PRP ]
were/VBD 
[ a/DT short-term/JJ investor/NN ]
,/, 
[ you/PRP ]
might/MD be/VB more/RBR leery/JJ about/IN 
[ program/NN ]
trading/NN ./. 

''/'' 

[ Jim/NNP Enzor/NNP ]
of/IN 
[ Atlanta/NNP ]
defends/VBZ 
[ program/NN ]
trading/NN because/IN 
[ he/PRP ]
believes/VBZ that/IN 
[ it/PRP ]
can/MD bring/VB 
[ the/DT market/NN ]
back/RB up/IN after/IN 
[ a/DT plunge/NN ]
./. 

``/`` If/IN 
[ we/PRP ]
have/VBP 
[ a/DT real/JJ bad/JJ day/NN ]
,/, 
[ the/DT program/NN ]
would/MD say/VB ,/, `/`` Buy/VB ,/, '/'' ''/'' 
[ he/PRP ]
explains/VBZ ./. 

``/`` If/IN 
[ you/PRP ]
could/MD get/VB 
[ the/DT rhythm/NN ]
of/IN 
[ the/DT program/NN ]
trading/NN ,/, 
[ you/PRP ]
could/MD take/VB 
[ advantage/NN ]
of/IN 
[ it/PRP ]
./. 

''/'' 

[ What/WP ]
else/RB can/MD 
[ a/DT small/JJ investor/NN ]
do/VB ?/. 

[ Scott/NNP Taccetta/NNP ]
,/, 
[ a/DT Chicago/NNP accountant/NN ]
,/, is/VBZ going/VBG into/IN 
[ money-market/JJ funds/NNS ]
./. 

[ Mr./NNP Taccetta/NNP ]
says/VBZ 
[ he/PRP ]
had/VBD just/RB recouped/VBN 
[ the/DT $/$ 5,000/CD he/PRP ]
lost/VBD in/IN 
[ the/DT 1987/CD crash/NN ]
when/WRB 
[ he/PRP ]
lost/VBD 
[ more/JJR money/NN last/JJ Oct./NNP 13/CD ]
./. 

Now/RB ,/, 
[ he/PRP ]
plans/VBZ to/TO sell/VB 
[ all/PDT his/PRP$ stocks/NNS ]
by/IN 
[ the/DT first/JJ quarter/NN ]
of/IN 
[ 1990/CD ]
./. 

In/IN 
[ October/NNP ]
,/, before/IN 
[ the/DT market/NN ]
dropped/VBD ,/, 
[ Mrs./NNP Arighi/NNP ]
of/IN 
[ Arnold/NNP ]
,/, 
[ Calif./NNP ]
,/, moved/VBD to/TO sell/VB 
[ the/DT ]
``/`` 
[ speculative/JJ stocks/NNS ]
''/'' in/IN 
[ her/PRP$ family/NN trust/NN ]
``/`` so/IN 
[ we/PRP ]
will/MD be/VB able/JJ to/TO withstand/VB 
[ all/PDT this/DT flim-flammery/NN ]
''/'' caused/VBN by/IN 
[ program/NN ]
trading/NN ./. 

[ She/PRP ]
believes/VBZ that/IN 
[ the/DT only/JJ answer/NN ]
for/IN 
[ individuals/NNS ]
is/VBZ to/TO ``/`` buy/VB 
[ stocks/NNS ]
[ that/WDT ]
'll/MD weather/VB 
[ any/DT storm/NN ]
./. 

''/'' 

[ Lucille/NNP Gorman/NNP ]
,/, 
[ an/DT 84-year-old/JJ Chicago/NNP housewife/NN ]
,/, has/VBZ become/VBN amazingly/RB immune/JJ to/TO 
[ stock-market/NN jolts/NNS ]
./. 

[ Mrs./NNP Gorman/NNP ]
took/VBD 
[ advantage/NN ]
of/IN 
[ low/JJ prices/NNS ]
after/IN 
[ the/DT 1987/CD crash/NN ]
to/TO buy/VB 
[ stocks/NNS ]
and/CC has/VBZ hunted/VBN for/IN 
[ other/JJ bargains/NNS ]
since/IN 
[ the/DT Oct./NNP 13/CD plunge/NN ]
./. 

``/`` 
[ My/PRP$ stocks/NNS ]
are/VBP 
[ all/RB blue/JJ chips/NNS ]
,/, ''/'' 
[ she/PRP ]
says/VBZ ./. 

``/`` If/IN 
[ the/DT market/NN ]
goes/VBZ down/IN ,/, 
[ I/PRP ]
figure/VBP 
[ it/PRP ]
[ 's/VBZ paper/NN ]
profits/NNS 
[ I/PRP ]
'm/VBP losing/VBG ./. 

On/IN 
[ the/DT other/JJ hand/NN ]
,/, if/IN 
[ it/PRP ]
goes/VBZ 
[ way/NN sky/NN ]
high/RB ,/, 
[ I/PRP ]
always/RB sell/VBP ./. 

[ You/PRP ]
do/VBP n't/RB want/VB to/TO get/VB 
[ yourself/PRP ]
too/RB upset/JJ about/IN 
[ these/DT things/NNS ]
./. 

''/''

[ Young/NNP 's/POS Market/NNP Co./NNP ]
,/, 
[ a/DT wholesaler/NN ]
of/IN 
[ spirits/NNS ]
,/, 
[ wines/NNS ]
and/CC 
[ other/JJ goods/NNS ]
,/, said/VBD 
[ it/PRP ]
will/MD merge/VB with/IN 
[ a/DT new/JJ corporation/NN ]
formed/VBN by/IN 
[ the/DT Underwood/NNP family/NN ]
,/, 
[ which/WDT ]
controls/VBZ 
[ Young/NNP 's/POS ]
./. 

Under/IN 
[ terms/NNS ]
of/IN 
[ the/DT agreement/NN ]
,/, 
[ shareholders/NNS ]
other/JJ than/IN 
[ the/DT Underwoods/NNPS ] 
will/MD receive/VB 
[ $/$ 3,500/CD ]
[ a/DT share/NN ]
at/IN 
[ closing/NN ]
,/, 
[ which/WDT ]
is/VBZ expected/VBN in/IN 
[ December/NNP ]
./. 

[ The/DT Underwood/NNP family/NN ]
said/VBD that/IN 
[ holders/NNS ]
of/IN 
[ more/JJR ]
than/IN 
[ a/DT majority/NN ]
of/IN 
[ the/DT stock/NN ]
of/IN 
[ the/DT company/NN ]
have/VBP approved/VBN 
[ the/DT transaction/NN ]
by/IN 
[ written/VBN consent/NN ]
./. 

[ Researchers/NNS ]
at/IN 
[ American/NNP Telephone/NNP ]
&/CC 
[ Telegraph/NNP Co./NNP 's/POS Bell/NNP Laboratories/NNPS ]
reported/VBD 
[ they/PRP ]
raised/VBD 
[ the/DT electrical/JJ current-carrying/JJ capacity/NN ]
of/IN 
[ new/JJ superconductor/NN crystals/NNS ]
by/IN 
[ a/DT factor/NN ]
of/IN 
[ 100/CD ]
,/, moving/VBG 
[ the/DT materials/NNS ]
closer/JJR to/TO 
[ commercial/JJ use/NN ]
./. 

[ The/DT scientists/NNS ]
said/VBD 
[ they/PRP ]
created/VBD 
[ small/JJ changes/NNS ]
in/IN 
[ the/DT crystal-lattice/JJ structures/NNS ]
of/IN 
[ the/DT superconductors/NNS ]
to/TO raise/VB 
[ the/DT amount/NN ]
of/IN 
[ current/NN ]
that/IN 
[ single/JJ crystals/NNS ]
could/MD carry/VB to/TO 
[ 600,000/CD amps/NNS ]
per/IN 
[ square/JJ centimeter/NN ]
in/IN 
[ a/DT ]
moderately/RB 
[ strong/JJ magnetic/JJ field/NN ]
./. 

[ The/DT scientists/NNS ]
said/VBD 
[ they/PRP ]
made/VBD 
[ the/DT advance/NN ]
with/IN 
[ yttrium-containing/JJ superconductors/NNS ]
cooled/VBN to/TO 
[ liquid-nitrogen/NN temperature/NN ]
,/, or/CC minus/CC 
[ 321/CD degrees/NNS ]
Fahrenheit/NN ./. 

[ Their/PRP$ report/NN ]
appears/VBZ in/IN 
[ today/NN 's/POS issue/NN ]
of/IN 
[ the/DT journal/NN Nature/NNP ]
./. 

[ The/DT finding/NN ]
marks/VBZ 
[ a/DT significant/JJ step/NN ]
in/IN 
[ research/NN ]
on/IN ``/`` 
[ bulk/NN ]
''/'' 
[ superconductors/NNS ]
,/, 
[ which/WDT ]
are/VBP aimed/VBN at/IN 
[ use/NN ]
in/IN 
[ wires/NNS ]
for/IN 
[ motors/NNS ]
,/, 
[ magnets/NNS ]
,/, 
[ generators/NNS ]
and/CC 
[ other/JJ applications/NNS ]
./. 

[ Scientists/NNS ]
had/VBD obtained/VBN even/RB 
[ higher/JJR current-carrying/JJ capacity/NN ]
in/IN 
[ thin/JJ films/NNS ]
of/IN 
[ the/DT new/JJ superconductors/NNS ]
,/, but/CC have/VBP had/VBN 
[ problems/NNS ]
increasing/VBG 
[ the/DT amount/NN ]
of/IN 
[ current/NN ]
that/IN 
[ bulk/NN crystals/NNS ]
could/MD carry/VB ./. 

[ Superconductors/NNS ]
conduct/VBP 
[ electricity/NN ]
without/IN 
[ resistance/NN ]
when/WRB cooled/VBN ./. 

[ A/DT family/NN ]
of/IN 
[ ceramic/JJ superconductors/NNS ]
discovered/VBN during/IN 
[ the/DT past/JJ three/CD years/NNS ]
promise/VBP 
[ new/JJ technologies/NNS ]
such/JJ as/IN 
[ cheaper/JJR electrical/JJ generation/NN ]
--/: but/CC only/RB if/IN 
[ their/PRP$ current-carrying/JJ capacity/NN ]
can/MD be/VB raised/VBN ./. 

[ The/DT AT&T/NNP advance/NN ]
shows/VBZ how/WRB 
[ one/CD aspect/NN ]
of/IN 
[ the/DT current-carrying/JJ problem/NN ]
can/MD be/VB overcome/VBN ./. 

But/CC ``/`` 
[ it/PRP ]
wo/MD n't/RB lead/VB to/TO 
[ imminent/JJ use/NN ]
''/'' of/IN 
[ new/JJ superconductors/NNS ]
,/, cautioned/VBD 
[ Robert/NNP B./NNP van/NNP Dover/NNP ]
,/, 
[ one/CD ]
of/IN 
[ the/DT AT&T/NNP researchers/NNS ]
./. 

[ He/PRP ]
added/VBD that/IN 
[ the/DT current-carrying/JJ capacity/NN ]
of/IN 
[ multi-crystal/JJ samples/NNS ]
of/IN 
[ superconductors/NNS ]
remains/VBZ too/RB low/RB for/IN 
[ most/JJS practical/JJ uses/NNS ]
because/IN of/IN 
[ so-called/JJ weak/JJ links/NNS ]
between/IN 
[ crystals/NNS ]
./. 

[ Such/JJ multi-crystal/JJ materials/NNS ]
will/MD probably/RB be/VB needed/VBN for/IN 
[ commercial/JJ applications/NNS ]
./. 

[ Mr./NNP van/NNP Dover/NNP ]
said/VBD 
[ the/DT AT&T/NNP team/NN ]
created/VBD 
[ the/DT desired/VBN crystal/NN changes/NNS ]
by/IN 
[ bombarding/VBG superconductor/NN samples/NNS ]
with/IN 
[ neutrons/NNS ]
,/, 
[ a/DT process/NN ]
[ that/WDT ]
creates/VBZ 
[ some/DT radioactivity/NN ]
in/IN 
[ the/DT samples/NNS ]
and/CC may/MD not/RB be/VB feasible/JJ for/IN 
[ large-scale/JJ commercial/JJ use/NN ]
./. 

Still/RB ,/, 
[ scientists/NNS ]
breathed/VBD 
[ a/DT collective/JJ sigh/NN ]
of/IN 
[ relief/NN ]
about/IN 
[ the/DT finding/NN ]
,/, because/IN 
[ it/PRP ]
demonstrates/VBZ how/WRB to/TO overcome/VB 
[ the/DT ]
``/`` 
[ flux/NN ]
pinning/NN ''/'' 
[ problem/NN ]
that/IN earlier/RBR 
[ this/DT year/NN ]
was/VBD widely/RB publicized/VBN as/IN undercutting/VBG 
[ new/JJ superconductors/NNS '/POS potential/NN ]
./. 

[ The/DT problem/NN ]
involves/VBZ 
[ the/DT motion/NN ]
of/IN 
[ small/JJ magnetic/JJ fields/NNS ]
within/IN 
[ superconductor/NN crystals/NNS ]
,/, limiting/VBG 
[ their/PRP$ current-carrying/JJ capacity/NN ]
./. 

[ Mr./NNP van/NNP Dover/NNP ]
said/VBD 
[ the/DT crystal/NN ]
changes/VBZ 
[ his/PRP$ team/NN ]
introduced/VBD apparently/RB pins/VBZ 
[ the/DT magnetic/JJ fields/NNS ]
in/IN 
[ place/NN ]
,/, preventing/VBG 
[ them/PRP ]
from/IN lowering/VBG 
[ current-carrying/JJ capacity/NN ]
./. 

[ Mr./NNP van/NNP Dover/NNP ]
added/VBD that/IN 
[ researchers/NNS ]
are/VBP trying/VBG to/TO determine/VB precisely/RB 
[ what/WDT crystal/NN changes/NNS ]
solved/VBD 
[ the/DT problem/NN ]
./. 

Determining/VBG 
[ that/DT ]
may/MD enable/VB 
[ them/PRP ]
to/TO develop/VB 
[ better/JJR ways/NNS ]
to/TO introduce/VB 
[ the/DT needed/VBN crystal-lattice/NN patterns/NNS ]
./. 

[ The/DT AT&T/NNP team/NN ]
also/RB is/VBZ trying/VBG to/TO combine/VB 
[ their/PRP$ latest/JJS superconductor/NN process/NN ]
with/IN ``/`` 
[ melt-textured/JJ growth/NN ]
,/, ''/'' 
[ a/DT process/NN ]
discovered/VBN earlier/JJR at/IN 
[ Bell/NNP Laboratories/NNPS ]
./. 

[ The/DT combined/VBN processes/NNS ]
may/MD significantly/RB raise/VB 
[ the/DT current-carrying/JJ capacity/NN ]
of/IN 
[ multi-crystal/JJ samples/NNS ]
./. 

[ William/NNP C./NNP Walbrecher/NNP Jr./NNP ]
,/, 
[ an/DT executive/NN ]
at/IN 
[ San/NNP Francisco-based/JJ 1st/CD Nationwide/NNP Bank/NNP ]
,/, was/VBD named/VBN 
[ president/NN ]
and/CC 
[ chief/NN executive/JJ officer/NN ]
of/IN 
[ Citadel/NNP Holding/NNP Corp./NNP ]
and/CC 
[ its/PRP$ principal/JJ operating/VBG unit/NN ]
,/, 
[ Fidelity/NNP Federal/NNP Bank/NNP ]
./. 

[ The/DT appointment/NN ]
takes/VBZ 
[ effect/NN Nov./NNP 13/CD ]
./. 

[ He/PRP ]
succeeds/VBZ 
[ James/NNP A./NNP Taylor/NNP ]
,/, 
[ who/WP ]
stepped/VBD down/IN as/IN 
[ chairman/NN ]
,/, 
[ president/NN ]
and/CC 
[ chief/NN executive/NN ]
in/IN 
[ March/NNP ]
for/IN 
[ health/NN reasons/NNS ]
./. 

[ Edward/NNP L./NNP Kane/NNP ]
succeeded/VBD 
[ Mr./NNP Taylor/NNP ]
as/IN 
[ chairman/NN ]
./. 

[ Separately/RB ]
,/, 
[ Citadel/NNP ]
posted/VBD 
[ a/DT third-quarter/NN net/JJ loss/NN ]
of/IN 
[ $/$ 2.3/CD million/CD ]
,/, or/CC 
[ 68/CD cents/NNS ]
[ a/DT share/NN ]
,/, versus/CC 
[ net/JJ income/NN ]
of/IN 
[ $/$ 5.3/CD million/CD ]
,/, or/CC 
[ $/$ 1.61/CD ]
[ a/DT share/NN ]
,/, 
[ a/DT year/NN ]
earlier/JJR ./. 

[ The/DT latest/JJS results/NNS ]
include/VBP 
[ some/DT unusual/JJ write-downs/NNS ]
,/, 
[ which/WDT ]
had/VBD 
[ an/DT after-tax/JJ impact/NN ]
of/IN 
[ $/$ 4.9/CD million/CD ]
./. 

[ Those/DT ]
included/VBD 
[ costs/NNS ]
associated/VBN with/IN 
[ the/DT potential/JJ Valley/NNP Federal/NNP Savings/NNP ]
and/CC 
[ Loan/NNP Association/NNP acquisition/NN ]
,/, 
[ which/WDT ]
was/VBD terminated/VBN on/IN 
[ Sept./NNP 27/CD ]
,/, 
[ 1989/CD ]
./. 

In/IN 
[ addition/NN ]
,/, operating/VBG 
[ results/NNS ]
were/VBD hit/VBN by/IN 
[ an/DT increase/NN ]
in/IN 
[ loan/NN ]
and/CC 
[ real/JJ estate/NN loss/NN reserves/NNS ]
./. 

In/IN 
[ American/NNP Stock/NNP Exchange/NNP composite/JJ ]
trading/NN ,/, 
[ Citadel/NNP shares/NNS ]
closed/VBD yesterday/NN at/IN 
[ $/$ 45.75/CD ]
,/, down/IN 
[ 25/CD cents/NNS ]
./. 

[ The/DT following/VBG ]
were/VBD among/IN 
[ yesterday/NN 's/POS offerings/NNS ]
and/CC 
[ pricings/NNS ]
in/IN 
[ the/DT U.S./NNP ]
and/CC 
[ non-U.S./NNP 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 ]
:/: 

[ International/NNP Business/NNP Machines/NNPS Corp./NNP ]
--/: 
[ $/$ 750/CD million/CD ]
of/IN 
[ 8/CD 3\/8/CD %/NN debentures/NNS due/JJ Nov./NNP 1/CD ]
,/, 
[ 2019/CD ]
,/, priced/VBN at/IN 
[ 99/CD ]
to/TO yield/VB 
[ 8.467/CD %/NN ]
./. 

[ The/DT 30-year/JJ non-callable/JJ issue/NN ]
was/VBD priced/VBN at/IN 
[ a/DT spread/NN ]
of/IN 
[ 57/CD basis/NN points/NNS ]
above/IN 
[ the/DT Treasury/NNP 's/POS 8/CD 1\/8/CD %/NN bellwether/NN long/JJ bond/NN ]
./. 

[ Rated/VBN triple-A/JJ ]
by/IN 
[ both/DT Moody/NNP 's/POS Investors/NNPS Service/NNP Inc./NNP ]
and/CC 
[ 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 
[ Salomon/NNP Brothers/NNPS Inc/NNP ]
./. 

[ The/DT size/NN ]
of/IN 
[ the/DT issue/NN ]
was/VBD increased/VBN from/IN 
[ an/DT ]
originally/RB planned/VBN 
[ $/$ 500/CD million/CD ]
./. 

[ Detroit/NNP ]
--/: 
[ $/$ 130/CD million/CD ]
of/IN 
[ general/JJ obligation/NN distributable/JJ state/NN aid/NN bonds/NNS due/JJ 1991-2000/CD ]
and/CC 
[ 2009/CD ]
,/, tentatively/RB priced/VBN by/IN 
[ a/DT Chemical/NNP Securities/NNPS Inc./NNP group/NN ]
to/TO yield/VB from/IN 
[ 6.20/CD %/NN ]
in/IN 
[ 1991/CD ]
to/TO 
[ 7.272/CD %/NN ]
in/IN 
[ 2009/CD ]
./. 

[ There/EX ]
is/VBZ 
[ $/$ 81.8/CD million/CD ]
of/IN 
[ 7.20/CD %/NN term/NN bonds/NNS due/JJ 2009/CD ]
priced/VBN at/IN 
[ 99/CD 1\/4/CD ]
to/TO yield/VB 
[ 7.272/CD %/NN ]
./. 

[ Serial/JJ bonds/NNS ]
are/VBP priced/VBN to/TO yield/VB from/IN 
[ 6.20/CD %/NN ]
in/IN 
[ 1991/CD ]
to/TO 
[ 7/CD %/NN ]
in/IN 
[ 2000/CD ]
./. 

[ The/DT bonds/NNS ]
are/VBP insured/VBN and/CC 
[ triple-A-rated/JJ ]
./. 

[ Santa/NNP Ana/NNP Community/NNP Redevelopment/NNP Agency/NNP ]
,/, 
[ Calif./NNP ]
--/: 
[ $/$ 107/CD million/CD ]
of/IN 
[ tax/NN allocation/NN bonds/NNS ]
,/, 
[ 1989/CD Series/NNP A-D/NNP ]
,/, due/JJ 
[ 1991-1999/CD ]
,/, 
[ 2009/CD ]
and/CC 
[ 2019/CD ]
,/, tentatively/RB priced/VBN by/IN 
[ a/DT Donaldson/NNP Lufkin/NNP ]
&/CC 
[ Jenrette/NNP Securities/NNPS Corp./NNP group/NN ]
to/TO yield/VB from/IN 
[ 6.40/CD %/NN ]
in/IN 
[ 1991/CD ]
to/TO 
[ 7.458/CD %/NN ]
in/IN 
[ 2019/CD ]
./. 

[ The/DT 7/CD 3\/8/CD %/NN term/NN bonds/NNS due/JJ 2009/CD ]
are/VBP priced/VBN at/IN 
[ 99/CD 1\/2/CD ]
to/TO yield/VB 
[ 7.422/CD %/NN ]
,/, and/CC 
[ 7/CD 3\/8/CD %/NN term/NN bonds/NNS due/JJ 2019/CD ]
are/VBP priced/VBN at/IN 
[ 99/CD ]
to/TO yield/VB 
[ 7.458/CD %/NN ]
./. 

[ Serial/JJ bonds/NNS ]
are/VBP priced/VBN at/IN 
[ par/NN ]
to/TO yield/VB from/IN 
[ 6.40/CD %/NN ]
in/IN 
[ 1991/CD ]
to/TO 
[ 7.15/CD %/NN ]
in/IN 
[ 1999/CD ]
./. 

[ The/DT bonds/NNS ]
are/VBP rated/VBN 
[ single-A/JJ ]
by/IN 
[ S&P/NNP ]
,/, according/VBG to/TO 
[ the/DT lead/NN underwriter/NN ]
./. 

[ Maryland/NNP Community/NNP Development/NNP Administration/NNP ]
,/, 
[ Department/NNP ]
of/IN 
[ Housing/NNP ]
and/CC 
[ Community/NNP Development/NNP ]
--/: 
[ $/$ 80.8/CD million/CD ]
of/IN 
[ single-family/NN program/NN bonds/NNS ]
,/, 
[ 1989/CD fourth/JJ ]
and/CC 
[ fifth/JJ series/NN ]
,/, tentatively/RB priced/VBN by/IN 
[ a/DT Merrill/NNP Lynch/NNP Capital/NNP Markets/NNPS group/NN ]
to/TO yield/VB from/IN 
[ 6.25/CD %/NN ]
in/IN 
[ 1992/CD ]
for/IN 
[ fourth/JJ series/NN bonds/NNS ]
to/TO 
[ 7.74/CD %/NN ]
in/IN 
[ 2029/CD ]
for/IN 
[ fifth/JJ series/NN bonds/NNS ]
./. 

[ There/EX ]
is/VBZ 
[ $/$ 30.9/CD million/CD ]
of/IN 
[ fourth/JJ series/NN bonds/NNS ]
,/, 
[ the/DT interest/NN ]
on/IN 
[ which/WDT ]
is/VBZ not/RB subject/JJ to/TO 
[ the/DT federal/JJ alternative/NN minimum/NN tax/NN ]
./. 

[ They/PRP ]
mature/VBP 
[ 1992-1999/CD ]
,/, 
[ 2009/CD ]
and/CC 
[ 2017/CD ]
./. 

[ Fourth/JJ series/NN serial/NN bonds/NNS ]
are/VBP priced/VBN at/IN 
[ par/NN ]
to/TO yield/VB from/IN 
[ 6.25/CD %/NN ]
in/IN 
[ 1992/CD ]
to/TO 
[ 7/CD %/NN ]
in/IN 
[ 1999/CD ]
./. 

[ The/DT 7.40/CD %/NN term/NN bonds/NNS due/JJ 2009/CD ]
are/VBP priced/VBN to/TO yield/VB 
[ 7.45/CD %/NN ]
,/, and/CC 
[ 7.40/CD %/NN term/NN bonds/NNS due/JJ 2017/CD ]
are/VBP priced/VBN to/TO yield/VB 
[ 7.50/CD %/NN ]
./. 

[ There/EX ]
is/VBZ 
[ $/$ 49.9/CD million/CD ]
of/IN 
[ fifth/JJ series/NN bonds/NNS ]
,/, 
[ which/WDT ]
are/VBP subject/JJ to/TO 
[ the/DT federal/JJ alternative/NN minimum/NN tax/NN ]
./. 

[ They/PRP ]
mature/VBP in/IN 
[ 2005/CD ]
,/, 
[ 2009/CD ]
and/CC 
[ 2029/CD ]
./. 

[ Bonds/NNS ]
due/JJ in/IN 
[ 2005/CD ]
have/VBP 
[ a/DT 7/CD 1\/2/CD %/NN coupon/NN ]
and/CC are/VBP priced/VBN at/IN 
[ par/NN ]
./. 

[ The/DT 7/CD 5\/8/CD %/NN bonds/NNS due/JJ 2009/CD ]
are/VBP priced/VBN to/TO yield/VB 
[ 7.65/CD %/NN ]
,/, and/CC 
[ 7/CD 5\/8/CD %/NN bonds/NNS due/JJ 2029/CD ]
are/VBP priced/VBN at/IN 
[ 98/CD 1\/2/CD ]
to/TO yield/VB 
[ 7.74/CD %/NN ]
./. 

[ The/DT underwriters/NNS ]
expect/VBP 
[ a/DT double-A/JJ rating/NN ]
from/IN 
[ Moody/NNP 's/POS ]
./. 

[ Heiwado/NNP Co/NNP ]
./. 

 (/( 
[ Japan/NNP ]
 )/) --/: 
[ $/$ 100/CD million/CD ]
of/IN 
[ Eurobonds/NNS due/JJ Nov./NNP 16/CD ]
,/, 
[ 1993/CD ]
,/, with/IN 
[ equity-purchase/JJ warrants/NNS ]
,/, indicating/VBG 
[ a/DT 3/CD 7\/8/CD %/NN coupon/NN ]
at/IN 
[ par/NN ]
,/, via/IN 
[ Daiwa/NNP Europe/NNP Ltd/NNP ]
./. 

[ Each/DT $/$ 5,000/CD bond/NN ]
carries/VBZ 
[ one/CD warrant/NN ]
,/, 
[ exercisable/JJ ]
from/IN 
[ Nov./NNP 30/CD ]
,/, 
[ 1989/CD ]
,/, through/IN 
[ Nov./NNP 2/CD ]
,/, 
[ 1993/CD ]
,/, to/TO buy/VB 
[ shares/NNS ]
at/IN 
[ an/DT expected/VBN premium/NN ]
of/IN 
[ 2/CD 1\/2/CD %/NN ]
to/TO 
[ the/DT closing/JJ price/NN ]
when/WRB 
[ terms/NNS ]
are/VBP fixed/VBN 
[ Tuesday/NNP ]
./. 

[ Fees/NNS 2/CD 1\/4/CD ]
./. 

[ Svenska/NNP Intecknings/NNP Garanti/NNP Aktiebolaget/NNP ]
 (/( 
[ Sweden/NNP ]
 )/) --/: 
[ 20/CD billion/CD yen/NN ]
of/IN 
[ 6/CD %/NN ]
Eurobonds/NNS 
[ due/JJ Nov./NNP 21/CD ]
,/, 
[ 1994/CD ]
,/, priced/VBN at/IN 
[ 101/CD 3\/4/CD ]
to/TO yield/VB 
[ 6.03/CD %/NN ]
[ less/RBR full/JJ fees/NNS ]
,/, via/IN 
[ Mitsui/NNP Finance/NNP International/NNP ]
./. 

Guaranteed/VBN by/IN 
[ Svenska/NNP Handelsbanken/NNP ]
./. 

[ Fees/NNS 1/CD 7\/8/CD ]
./. 

[ Takashima/NNP ]
&/CC 
[ Co/NNP ]
./. 

 (/( 
[ Japan/NNP ]
 )/) --/: 
[ 50/CD million/CD Swiss/JJ francs/NNS ]
of/IN privately/RB placed/VBN 
[ convertible/JJ notes/NNS due/JJ March/NNP 31/CD ]
,/, 
[ 1994/CD ]
,/, with/IN 
[ a/DT fixed/VBN 0.25/CD %/NN coupon/NN ]
at/IN 
[ par/NN ]
via/IN 
[ Yamaichi/NNP Bank/NNP ]
 (/( 
[ Switzerland/NNP ]
 )/) ./. 

Put/VB 
[ option/NN March/NNP 31/CD ]
,/, 
[ 1992/CD ]
,/, at/IN 
[ a/DT fixed/VBN 107/CD 7\/8/CD ]
to/TO yield/VB 
[ 3.43/CD %/NN ]
./. 

[ Each/DT 50,000/CD Swiss/JJ franc/NN note/NN ]
is/VBZ convertible/JJ from/IN 
[ Nov./NNP 30/CD ]
,/, 
[ 1989/CD ]
,/, to/TO 
[ March/NNP 16/CD ]
,/, 
[ 1994/CD ]
at/IN 
[ a/DT 5/CD %/NN premium/NN ]
over/IN 
[ the/DT closing/JJ share/NN price/NN Monday/NNP ]
,/, when/WRB 
[ terms/NNS ]
are/VBP scheduled/VBN to/TO be/VB fixed/VBN ./. 

[ Fees/NNS 1/CD 3\/4/CD ]
./. 

[ Mitsubishi/NNP Pencil/NNP Co/NNP ]
./. 

 (/( 
[ Japan/NNP ]
 )/) --/: 
[ 60/CD million/CD Swiss/JJ francs/NNS ]
of/IN privately/RB placed/VBN 
[ convertible/JJ notes/NNS due/JJ Dec./NNP 31/CD ]
,/, 
[ 1993/CD ]
,/, with/IN 
[ a/DT fixed/VBN 0.25/CD %/NN coupon/NN ]
at/IN 
[ par/NN ]
via/IN 
[ Union/NNP Bank/NNP ]
of/IN 
[ Switzerland/NNP ]
./. 

Put/VB 
[ option/NN ]
on/IN 
[ Dec./NNP 31/CD ]
,/, 
[ 1991/CD ]
,/, at/IN 
[ a/DT fixed/VBN 106/CD 7\/8/CD ]
to/TO yield/VB 
[ 3.42/CD %/NN ]
./. 

[ Each/DT 50,000/CD Swiss/JJ franc/NN note/NN ]
is/VBZ convertible/JJ from/IN 
[ Dec./NNP 5/CD ]
,/, 
[ 1989/CD ]
,/, to/TO 
[ Dec./NNP 31/CD ]
,/, 
[ 1993/CD ]
,/, at/IN 
[ a/DT 5/CD %/NN premium/NN ]
over/IN 
[ the/DT closing/JJ share/NN price/NN Tuesday/NNP ]
,/, when/WRB 
[ terms/NNS ]
are/VBP scheduled/VBN to/TO be/VB fixed/VBN ./. 

[ Fees/NNS 1/CD 5\/8/CD ]
./. 

[ Koizumi/NNP Sangyo/NNP Corp/NNP ]
./. 

 (/( 
[ Japan/NNP ]
 )/) --/: 
[ 20/CD million/CD Swiss/JJ francs/NNS ]
of/IN 
[ 6/CD 1\/2/CD %/NN ]
privately/RB placed/VBN 
[ notes/NNS due/JJ Nov./NNP 29/CD ]
,/, 
[ 1996/CD ]
,/, priced/VBN at/IN 
[ 99/CD 1\/2/CD ]
via/IN 
[ Dai-Ichi/NNP Kangyo/NNP Bank/NNP ]
 (/( 
[ Schweiz/NNP ]
 )/) ./. 

[ Guarantee/NN ]
by/IN 
[ Dai-Ichi/NNP Kangyo/NNP Bank/NNP Ltd/NNP ]
./. 

[ Fees/NNS 1/CD 3\/4/CD ]
./. 

Although/IN 
[ his/PRP$ team/NN ]
lost/VBD 
[ the/DT World/NNP Series/NNP ]
,/, 
[ San/NNP Francisco/NNP Giants/NNPS owner/NN Bob/NNP Lurie/NNP ]
hopes/VBZ to/TO have/VB 
[ a/DT new/JJ home/NN ]
for/IN 
[ them/PRP ]
./. 

[ He/PRP ]
is/VBZ 
[ an/DT avid/JJ fan/NN ]
of/IN 
[ a/DT proposition/NN ]
on/IN 
[ next/JJ week/NN 's/POS ballot/NN ]
to/TO help/VB build/VB 
[ a/DT replacement/NN ]
for/IN 
[ Candlestick/NNP Park/NNP ]
./. 

[ Small/JJ ]
wonder/NN ,/, since/IN 
[ he/PRP ]
's/VBZ asking/VBG 
[ San/NNP Francisco/NNP taxpayers/NNS ]
to/TO sink/VB up/IN to/TO 
[ $/$ 100/CD million/CD ]
into/IN 
[ the/DT new/JJ stadium/NN ]
./. 

As/IN 
[ San/NNP Francisco/NNP ]
digs/VBZ out/IN from/IN 
[ The/DT Pretty/NNP Big/NNP One/CD ]
,/, 
[ opponents/NNS ]
say/VBP 
[ the/DT last/JJ thing/NN ]
[ the/DT city/NN ]
can/MD afford/VB is/VBZ 
[ an/DT expensive/JJ new/JJ stadium/NN ]
./. 

[ A/DT stadium/NN craze/NN ]
is/VBZ sweeping/VBG 
[ the/DT country/NN ]
./. 

[ It/PRP ]
's/VBZ fueled/VBN by/IN 
[ the/DT increasing/VBG profitability/NN ]
of/IN 
[ major-league/JJ teams/NNS ]
./. 

[ Something/NN ]
like/IN 
[ one-third/NN ]
of/IN 
[ the/DT nation/NN 's/POS 60/CD largest/JJS cities/NNS ]
are/VBP thinking/VBG about/IN 
[ new/JJ stadiums/NNS ]
,/, ranging/VBG from/IN 
[ Cleveland/NNP ]
to/TO 
[ San/NNP Antonio/NNP ]
and/CC 
[ St./NNP Petersburg/NNP ]
./. 

[ Most/JJS boosters/NNS ]
claim/VBP 
[ the/DT new/JJ sports/NNS complexes/NNS ]
will/MD be/VB 
[ moneymakers/NNS ]
for/IN 
[ their/PRP$ city/NN ]
./. 

[ Pepperdine/NNP University/NNP economist/NN Dean/NNP Baim/NNP scoffs/VBZ ]
at/IN 
[ that/DT ]
./. 

[ He/PRP ]
has/VBZ looked/VBN at/IN 
[ 14/CD baseball/NN ]
and/CC 
[ football/NN stadiums/NNS ]
and/CC found/VBN that/IN only/RB 
[ one/CD ]
--/: 
[ private/JJ Dodger/NNP Stadium/NNP ]
--/: brought/VBD 
[ more/JJR money/NN ]
into/IN 
[ a/DT city/NN ]
than/IN 
[ it/PRP ]
took/VBD out/IN ./. 

[ Stadiums/NNS ]
tend/VBP to/TO redistribute/VB 
[ existing/VBG wealth/NN ]
within/IN 
[ a/DT community/NN ]
,/, not/RB create/VB 
[ more/JJR ]
of/IN 
[ it/PRP ]
./. 

[ Voters/NNS ]
generally/RB agree/VBP when/WRB 
[ they/PRP ]
are/VBP given/VBN 
[ a/DT chance/NN ]
to/TO decide/VB if/IN 
[ they/PRP ]
want/VBP to/TO sink/VB 
[ their/PRP$ own/JJ tax/NN dollars/NNS ]
into/IN 
[ a/DT new/JJ mega-stadium/NN ]
./. 

[ San/NNP Francisco/NNP voters/NNS ]
rejected/VBD 
[ a/DT new/JJ ballpark/NN two/CD years/NNS ]
ago/IN ./. 

[ Last/JJ month/NN ]
,/, 
[ Phoenix/NNP voters/NNS ]
turned/VBD 
[ thumbs/NNS ]
down/RP on/IN 
[ a/DT $/$ 100/CD million/CD stadium/NN bond/NN ]
and/CC 
[ tax/NN proposition/NN ]
./. 

[ Its/PRP$ backers/NNS ]
fielded/VBD 
[ every/DT important/JJ interest/NN ]
on/IN 
[ their/PRP$ team/NN ]
--/: 
[ a/DT popular/JJ mayor/NN ]
,/, 
[ the/DT Chamber/NNP ]
of/IN 
[ Commerce/NNP ]
,/, 
[ the/DT major/JJ media/NNS ]
--/: and/CC spent/VBD 
[ $/$ 100,000/CD ]
on/IN 
[ promotion/NN ]
./. 

But/CC 
[ voters/NNS ]
decided/VBD that/IN if/IN 
[ the/DT stadium/NN ]
was/VBD such/PDT 
[ a/DT good/JJ idea/NN ]
[ someone/NN ]
would/MD build/VB 
[ it/PRP ]
[ himself/PRP ]
,/, and/CC rejected/VBD 
[ it/PRP ]
[ 59/CD %/NN ]
to/TO 
[ 41/CD %/NN ]
./. 

In/IN 
[ San/NNP Francisco/NNP ]
,/, 
[ its/PRP$ backers/NNS ]
concede/VBP 
[ the/DT ballpark/NN ]
is/VBZ at/IN best/JJS running/VBG even/RB in/IN 
[ the/DT polls/NNS ]
./. 

[ George/NNP Christopher/NNP ]
,/, 
[ the/DT former/JJ San/NNP Francisco/NNP mayor/NN ]
[ who/WP ]
built/VBD 
[ Candlestick/NNP Park/NNP ]
for/IN 
[ the/DT Giants/NNPS ]
in/IN 
[ the/DT 1960s/CD ]
,/, wo/MD n't/RB endorse/VB 
[ the/DT new/JJ ballpark/NN ]
./. 

[ He/PRP ]
says/VBZ 
[ he/PRP ]
had/VBD 
[ Candlestick/NNP ]
built/VBN because/IN 
[ the/DT Giants/NNPS ]
claimed/VBD 
[ they/PRP ]
needed/VBD 
[ 10,000/CD parking/NN spaces/NNS ]
./. 

Since/IN 
[ the/DT new/JJ park/NN ]
will/MD have/VB only/RB 
[ 1,500/CD spaces/NNS ]
,/, 
[ Mr./NNP Christopher/NNP ]
thinks/VBZ 
[ backers/NNS ]
are/VBP playing/VBG 
[ some/DT fiscal/JJ ]
``/`` 
[ games/NNS ]
''/'' of/IN 
[ their/PRP$ own/JJ ]
with/IN 
[ the/DT voters/NNS ]
./. 

[ Stadium/NN boosters/NNS ]
claim/VBP that/IN without/IN 
[ public/JJ money/NN ]
[ they/PRP ]
would/MD never/RB be/VB built/VBN ./. 

[ Miami/NNP Dolphins/NNPS owner/NN Joe/NNP Robbie/NNP ]
disagrees/VBZ ,/, and/CC 
[ he/PRP ]
can/MD prove/VB 
[ it/PRP ]
./. 

[ Several/JJ years/NNS ]
ago/IN 
[ he/PRP ]
gave/VBD up/IN trying/VBG to/TO persuade/VB 
[ Miami/NNP ]
to/TO improve/VB 
[ its/PRP$ city-owned/JJ Orange/NNP Bowl/NNP ]
,/, and/CC instead/RB built/VBD 
[ his/PRP$ own/JJ $/$ 100/CD million/CD coliseum/NN ]
with/IN 
[ private/JJ funds/NNS ]
./. 

[ He/PRP ]
did/VBD n't/RB see/VB why/WRB 
[ the/DT taxpayers/NNS ]
should/MD help/VB build/VB 
[ something/NN ]
[ he/PRP ]
would/MD then/RB use/VB to/TO turn/VB 
[ a/DT healthy/JJ profit/NN ]
./. 

``/`` 
[ This/DT stadium/NN ]
shows/VBZ that/IN 
[ anything/NN ]
[ government/NN ]
can/MD do/VB ,/, 
[ we/PRP ]
can/MD do/VB better/RBR ,/, ''/'' 
[ Mr./NNP Robbie/NNP ]
says/VBZ ./. 

But/CC to/TO 
[ Moon/NNP Landrieu/NNP ]
,/, 
[ the/DT former/JJ New/NNP Orleans/NNP mayor/NN ]
[ who/WP ]
helped/VBD build/VB 
[ that/DT city/NN ]
's/POS cavernous/JJ ,/, 
[ money-losing/JJ Superdome/NNP ]
,/, 
[ questions/NNS ]
of/IN 
[ who/WP ]
[ benefits/VBZ ]
or/CC 
[ the/DT bottom/NN line/NN ]
are/VBP of/IN 
[ little/JJ relevance/NN ]
./. 

``/`` 
[ The/DT Superdome/NNP ]
is/VBZ 
[ an/DT exercise/NN ]
in/IN 
[ optimism/NN ]
,/, 
[ a/DT statement/NN ]
of/IN 
[ faith/NN ]
,/, ''/'' 
[ he/PRP ]
has/VBZ said/VBN ./. 

``/`` 
[ It/PRP ]
is/VBZ 
[ the/DT very/JJ building/NN ]
of/IN 
[ it/PRP ]
[ that/WDT ]
is/VBZ important/JJ ,/, not/RB how/WRB much/RB of/IN 
[ it/PRP ]
is/VBZ used/VBN or/CC 
[ its/PRP$ economics/NN ]
./. 

''/'' 

[ An/DT Egyptian/JJ Pharaoh/NNP ]
could/MD n't/RB have/VB justified/VBN 
[ his/PRP$ pyramids/NNS ]
any/RB better/RBR ./. 

But/CC 
[ civilization/NN ]
has/VBZ moved/VBN forward/RB since/IN then/RB ./. 

[ Today/NN taxpayers/NNS ]
get/VBP to/TO vote/VB ,/, most/JJS of/IN 
[ the/DT time/NN ]
,/, on/IN whether/IN 
[ they/PRP ]
want/VBP to/TO finance/VB 
[ the/DT building/VBG schemes/NNS ]
of/IN 
[ our/PRP$ modern/JJ political/JJ pharaohs/NNS ]
,/, or/CC let/VB 
[ private/JJ money/NN ]
erect/VB 
[ these/DT playgrounds/NNS ]
for/IN 
[ public/JJ passions/NNS ]
./. 

[ Reed/NNP International/NNP PLC/NNP ]
said/VBD 
[ that/IN net/JJ income/NN ]
for/IN 
[ the/DT six/CD months/NNS ]
ended/VBD 
[ Oct./NNP 1/CD ]
slipped/VBD 
[ 5/CD %/NN ]
to/TO #/# 
[ 89.7/CD million/CD ]
 (/( 
[ $/$ 141.9/CD million/CD ]
 )/) ,/, or/CC 
[ 16/CD pence/NN ]
[ a/DT share/NN ]
,/, from/IN 
[ #/# 94.8/CD million/CD ]
 (/( 
[ $/$ 149.9/CD million/CD ]
 )/) ,/, or/CC 
[ 17.3/CD pence/NN ]
[ a/DT share/NN ]
./. 

[ The/DT British/JJ paper/NN ]
,/, packaging/NN and/CC 
[ publishing/NN concern/NN ]
,/, said/VBD 
[ profit/NN ]
from/IN continuing/VBG 
[ lines/NNS ]
fell/VBD 
[ 10/CD %/NN ]
to/TO #/# 
[ 118/CD million/CD ]
from/IN 
[ #/# 130.6/CD million/CD ]
./. 

While/IN 
[ there/EX ]
were/VBD 
[ no/DT one-time/JJ gains/NNS ]
or/CC 
[ losses/NNS ]
in/IN 
[ the/DT latest/JJS period/NN ]
,/, 
[ there/EX ]
was/VBD 
[ a/DT one-time/JJ gain/NN ]
of/IN 
[ #/# 18/CD million/CD ]
in/IN 
[ the/DT 1988/CD period/NN ]
./. 

And/CC while/IN 
[ there/EX ]
was/VBD 
[ no/DT profit/NN ]
[ this/DT year/NN ]
from/IN 
[ discontinued/VBN operations/NNS ]
,/, 
[ last/JJ year/NN ]
[ they/PRP ]
contributed/VBD 
[ #/# 34/CD million/CD ]
,/, before/IN 
[ tax/NN ]
./. 

[ Pretax/NN profit/NN ]
fell/VBD 
[ 3.7/CD %/NN ]
to/TO #/# 
[ 128/CD million/CD ]
from/IN 
[ #/# 133/CD million/CD ]
and/CC was/VBD below/IN 
[ analysts/NNS '/POS expectations/NNS ]
of/IN 
[ #/# 130/CD million/CD ]
to/TO #/# 
[ 135/CD million/CD ]
,/, but/CC 
[ shares/NNS ]
rose/VBD 
[ 6/CD pence/NN ]
to/TO 
[ 388/CD pence/NN ]
in/IN 
[ early/JJ trading/NN yesterday/NN ]
in/IN 
[ London/NNP ]
./. 

[ Reed/NNP ]
is/VBZ paying/VBG 
[ an/DT interim/JJ dividend/NN ]
of/IN 
[ 4.6/CD pence/NN ]
,/, up/RB 
[ 15/CD  %/NN ]
from/IN 
[ 4/CD pence/NN ]
[ a/DT year/NN ]
earlier/JJR ./. 

[ Sales/NNS ]
fell/VBD 
[ 20/CD %/NN ]
to/TO #/# 
[ 722/CD million/CD ]
./. 

[ Earnings/NNS ]
were/VBD hurt/VBN by/IN 
[ disposal/NN ]
of/IN 
[ operations/NNS ]
in/IN 
[ its/PRP$ ]
restructuring/NN ,/, 
[ Reed/NNP ]
said/VBD ./. 

[ Wall/NNP Street/NNP 's/POS big/JJ securities/NNS firms/NNS ]
face/VBP 
[ the/DT prospect/NN ]
of/IN having/VBG 
[ their/PRP$ credit/NN ratings/NNS ]
lowered/VBN ./. 

[ The/DT reason/NN ]
:/: 
[ Risks/NNS ]
from/IN 
[ the/DT firms/NNS '/POS new/JJ ]
``/`` 
[ merchant/NN banking/NN ]
''/'' 
[ activities/NNS ]
are/VBP rising/VBG as/IN 
[ revenue/NN ]
from/IN 
[ the/DT industry/NN 's/POS traditional/JJ business/NN ]
erodes/VBZ ./. 

[ The/DT ]
downgrading/NN of/IN 
[ debt/NN ]
issued/VBN by/IN 
[ CS/NNP First/NNP Boston/NNP Inc./NNP ]
,/, 
[ parent/NN ]
of/IN 
[ First/NNP Boston/NNP Corp./NNP ]
,/, by/IN 
[ Moody/NNP 's/POS Investors/NNPS Service/NNP Inc./NNP ]
,/, coupled/VBN with/IN 
[ a/DT Moody/NNP 's/POS announcement/NN ]
that/IN 
[ Shearson/NNP Lehman/NNP Hutton/NNP Holdings/NNP Inc./NNP ]
is/VBZ under/IN 
[ review/NN ]
for/IN 
[ a/DT possible/JJ downgrade/NN ]
,/, sent/VBD 
[ shivers/NNS ]
through/IN 
[ the/DT brokerage/NN community/NN ]
[ this/DT week/NN ]
./. 

With/IN 
[ the/DT shudders/NNS ]
came/VBD 
[ the/DT realization/NN ]
that/IN 
[ some/DT ]
of/IN 
[ Wall/NNP Street/NNP 's/POS biggest/JJS players/NNS ]
are/VBP struggling/VBG to/TO maintain/VB 
[ the/DT stellar/JJ credit/NN standing/NN ]
required/VBN to/TO finance/VB 
[ their/PRP$ activities/NNS ]
profitably/RB ./. 

[ Securities/NNS firms/NNS ]
are/VBP among/IN 
[ the/DT biggest/JJS issuers/NNS ]
of/IN 
[ commercial/JJ paper/NN ]
,/, or/CC 
[ short-term/JJ corporate/JJ IOUs/NNS ]
,/, 
[ which/WDT ]
[ they/PRP ]
sell/VBP to/TO finance/VB 
[ their/PRP$ daily/JJ operations/NNS ]
./. 

[ The/DT biggest/JJS firms/NNS ]
still/RB retain/VB 
[ the/DT highest/JJS ratings/NNS ]
on/IN 
[ their/PRP$ commercial/JJ paper/NN ]
./. 

But/CC 
[ Moody/NNP ]
's/VBZ warned/VBN that/IN 
[ Shearson/NNP 's/POS commercial/JJ paper/NN rating/NN ]
could/MD be/VB lowered/VBN soon/RB ,/, 
[ a/DT move/NN ]
[ that/WDT ]
would/MD reduce/VB 
[ Shearson/NNP 's/POS profit/NN margins/NNS ]
on/IN 
[ its/PRP$ borrowings/NNS ]
and/CC 
[ signal/VB trouble/NN ]
ahead/RB for/IN 
[ other/JJ firms/NNS ]
./. 

[ Shearson/NNP ]
is/VBZ 
[ 62%-owned/JJ ]
by/IN 
[ American/NNP Express/NNP Co/NNP ]
./. 

``/`` Just/RB as/IN 
[ the/DT 1980s/CD bull/NN market/NN ]
transformed/VBD 
[ the/DT U.S./NNP securities/NNS business/NN ]
,/, so/RB too/RB will/MD 
[ the/DT more/RBR difficult/JJ environment/NN ]
of/IN 
[ the/DT 1990s/CD ]
,/, ''/'' says/VBZ 
[ Christopher/NNP T./NNP Mahoney/NNP ]
,/, 
[ a/DT Moody/NNP 's/POS vice/NN president/NN ]
./. 

``/`` 
[ A/DT sweeping/JJ ]
restructuring/NN of/IN 
[ the/DT industry/NN ]
is/VBZ possible/JJ ./. 

''/'' 
[ Standard/NNP ]
&/CC 
[ Poor/NNP 's/POS Corp./NNP ]
says/VBZ 
[ First/NNP Boston/NNP ]
,/, 
[ Shearson/NNP ]
and/CC 
[ Drexel/NNP Burnham/NNP Lambert/NNP Inc./NNP ]
,/, in/IN 
[ particular/JJ ]
,/, are/VBP likely/JJ to/TO have/VB 
[ difficulty/NN ]
shoring/VBG up/IN 
[ their/PRP$ credit/NN ]
standing/NN in/IN 
[ months/NNS ]
ahead/RB ./. 

[ What/WP ]
worries/VBZ 
[ credit-rating/NN ]
concerns/NNS 
[ the/DT most/JJS ]
is/VBZ that/IN 
[ Wall/NNP Street/NNP firms/NNS ]
are/VBP taking/VBG 
[ long-term/JJ risks/NNS ]
with/IN 
[ their/PRP$ own/JJ capital/NN ]
via/IN 
[ leveraged/JJ ]
buy-out/NN and/CC 
[ junk/NN bond/NN financings/NNS ]
./. 

[ That/DT ]
's/VBZ 
[ a/DT departure/NN ]
from/IN 
[ their/PRP$ traditional/JJ practice/NN ]
of/IN transferring/VBG almost/RB 
[ all/DT financing/VBG risks/NNS ]
to/TO 
[ investors/NNS ]
./. 

Whereas/IN 
[ conventional/JJ securities/NNS financings/NNS ]
are/VBP structured/VBN to/TO be/VB sold/VBN quickly/RB ,/, 
[ Wall/NNP Street/NNP 's/POS new/JJ penchant/NN ]
for/IN 
[ leveraged/JJ buy-outs/NNS ]
and/CC 
[ junk/NN bonds/NNS ]
is/VBZ resulting/VBG in/IN 
[ long-term/JJ lending/VBG commitments/NNS ]
[ that/WDT ]
stretch/VBP out/IN for/IN 
[ months/NNS ]
or/CC 
[ years/NNS ]
./. 

``/`` 
[ The/DT recent/JJ disarray/NN ]
in/IN 
[ the/DT junk/NN bond/NN market/NN ]
suggests/VBZ that/IN 
[ brokers/NNS ]
may/MD become/VB 
[ longer-term/JJ creditors/NNS ]
than/IN 
[ they/PRP ]
anticipated/VBD and/CC may/MD face/VB 
[ long/JJ delays/NNS ]
''/'' in/IN getting/VBG 
[ their/PRP$ money/NN ]
back/RB ,/, says/VBZ 
[ Jeffrey/NNP Bowman/NNP ]
,/, 
[ a/DT vice/NN president/NN ]
at/IN 
[ S&P/NNP ]
,/, 
[ which/WDT ]
raised/VBD 
[ a/DT warning/VBG flag/NN ]
for/IN 
[ the/DT industry/NN ]
in/IN 
[ April/NNP ]
when/WRB 
[ it/PRP ]
downgraded/VBD 
[ CS/NNP First/NNP Boston/NNP ]
./. 

``/`` 
[ Wall/NNP Street/NNP ]
is/VBZ facing/VBG 
[ a/DT Catch-22/NN situation/NN ]
,/, ''/'' says/VBZ 
[ Mr./NNP Mahoney/NNP ]
of/IN 
[ Moody/NNP 's/POS ]
./. 

[ Merchant/NN banking/NN ]
,/, where/WRB 
[ firms/NNS ]
commit/VBP 
[ their/PRP$ own/JJ money/NN ]
,/, ``/`` is/VBZ getting/VBG 
[ riskier/JJR ]
,/, and/CC 
[ there/EX ]
's/VBZ less/JJR of/IN 
[ it/PRP ]
to/TO go/VB around/IN ./. 

''/'' In/IN 
[ addition/NN ]
,/, 
[ he/PRP ]
says/VBZ ,/, 
[ the/DT buy-out/NN business/NN ]
is/VBZ under/IN 
[ pressure/NN ]
``/`` because/IN of/IN 
[ the/DT junk/NN bond/NN collapse/NN ]
,/, ''/'' meaning/VBG that/IN 
[ returns/NNS ]
are/VBP likely/JJ to/TO decline/VB as/IN 
[ the/DT volume/NN ]
of/IN 
[ junk-bond/NN financings/NNS shrinks/VBZ ]
./. 

In/IN 
[ a/DT leveraged/JJ buy-out/NN ]
,/, 
[ a/DT small/JJ group/NN ]
of/IN 
[ investors/NNS ]
acquires/VBZ 
[ a/DT company/NN ]
in/IN 
[ a/DT transaction/NN ]
financed/VBN largely/RB by/IN 
[ borrowing/NN ]
,/, with/IN 
[ the/DT expectation/NN ]
that/IN 
[ the/DT debt/NN ]
will/MD be/VB paid/VBN with/IN 
[ funds/NNS ]
generated/VBN by/IN 
[ the/DT acquired/VBN company/NN 's/POS operations/NNS ]
or/CC 
[ sales/NNS ]
of/IN 
[ its/PRP$ assets/NNS ]
./. 

In/IN 
[ a/DT recent/JJ report/NN ]
,/, 
[ Moody/NNP ]
's/POS said/VBD 
[ it/PRP ]
``/`` expects/VBZ 
[ intense/JJ competition/NN ]
to/TO occur/VB through/IN 
[ the/DT rest/NN ]
of/IN 
[ the/DT century/NN ]
in/IN 
[ the/DT securities/NNS industry/NN ]
,/, 
[ which/WDT ]
,/, combined/VBN with/IN 
[ overcapacity/NN ]
,/, will/MD create/VB 
[ poor/JJ prospects/NNS ]
for/IN 
[ profitability/NN ]
./. 

''/'' 
[ It/PRP ]
said/VBD that/IN 
[ the/DT ]
``/`` 
[ temptation/NN ]
for/IN 
[ managements/NNS ]
to/TO ease/VB 
[ this/DT profit/NN pressure/NN ]
by/IN taking/VBG 
[ greater/JJR risks/NNS ]
is/VBZ 
[ an/DT additional/JJ rating/NN factor/NN ]
./. 

''/'' 

[ Both/DT Moody/NNP 's/POS ]
and/CC 
[ S&P/NNP ]
cited/VBD First/NNP 
[ Boston/NNP 's/POS reliance/NN ]
in/IN 
[ recent/JJ years/NNS ]
on/IN 
[ merchant/NN banking/NN ]
,/, 
[ which/WDT ]
has/VBZ been/VBN responsible/JJ for/IN 
[ a/DT significant/JJ portion/NN ]
of/IN 
[ the/DT ]
closely/RB held/VBN 
[ firm/NN 's/POS profit/NN ]
./. 

[ The/DT recent/JJ cash/NN squeeze/NN ]
at/IN 
[ Campeau/NNP Corp./NNP ]
,/, 
[ First/NNP Boston/NNP 's/POS most/JJS lucrative/JJ client/NN ]
of/IN 
[ the/DT decade/NN ]
,/, is/VBZ proving/VBG 
[ costly/JJ ]
to/TO 
[ First/NNP Boston/NNP ]
because/IN 
[ it/PRP ]
arranged/VBD more/JJR than/IN 
[ $/$ 3/CD billion/CD ]
of/IN 
[ high-yield/JJ ]
,/, 
[ high-risk/JJ junk/NN financings/NNS ]
for/IN 
[ Campeau/NNP units/NNS ]
./. 

In/IN 
[ addition/NN ]
,/, 
[ a/DT big/JJ loan/NN ]
that/IN 
[ First/NNP Boston/NNP ]
made/VBD to/TO 
[ Ohio/NNP Mattress/NNP Co/NNP ]
./. 

[ was/VBD n't/RB ]
repaid/VBN on/IN 
[ time/NN ]
when/WRB 
[ its/PRP$ $/$ 450/CD million/CD junk/NN financing/NN ]
for/IN 
[ a/DT buy-out/NN ]
of/IN 
[ the/DT bedding/NN company/NN ]
was/VBD withdrawn/VBN ./. 

``/`` 
[ These/DT two/CD exposures/NNS ]
alone/RB represent/VBP 
[ a/DT very/RB substantial/JJ portion/NN ]
of/IN 
[ CS/NNP First/NNP Boston/NNP 's/POS equity/NN ]
,/, ''/'' 
[ Moody/NNP ]
[ 's/POS ]
said/VBD ./. 

``/`` 
[ Total/JJ merchant/NN ]
banking/NN 
[ exposures/NNS ]
are/VBP in/IN 
[ excess/NN ]
of/IN 
[ the/DT firm/NN 's/POS equity/NN ]
./. 

''/'' 
[ CS/NNP ]
First/NNP 
[ Boston/NNP ]
,/, however/RB ,/, 
[ benefits/VBZ ]
from/IN 
[ the/DT backing/NN ]
of/IN 
[ its/PRP$ largest/JJS shareholder/NN ]
,/, 
[ Credit/NNP Suisse/NNP ]
,/, 
[ Switzerland/NNP 's/POS third/JJ largest/JJS bank/NN ]
./. 

[ Shearson/NNP ]
also/RB has/VBZ been/VBN 
[ an/DT aggressive/JJ participant/NN ]
in/IN 
[ the/DT leveraged/JJ buy-out/NN business/NN ]
./. 

But/CC 
[ its/PRP$ earnings/NNS ]
became/VBD 
[ a/DT major/JJ disappointment/NN ]
as/IN 
[ its/PRP$ traditional/JJ retail/NN ]
,/, or/CC 
[ individual/JJ investor/NN ]
,/, 
[ business/NN ]
showed/VBD 
[ no/DT signs/NNS ]
of/IN rebounding/VBG from/IN 
[ the/DT slump/NN ]
[ that/WDT ]
followed/VBD 
[ the/DT October/NNP 1987/CD stock/NN market/NN crash/NN ]
./. 

In/IN 
[ addition/NN ]
,/, 
[ Shearson/NNP 's/POS listed/VBN $/$ 2/CD billion/CD ]
of/IN 
[ capital/NN ]
is/VBZ overstated/VBN ,/, according/VBG to/TO 
[ the/DT rating/NN ]
concerns/NNS ,/, because/IN 
[ it/PRP ]
includes/VBZ 
[ $/$ 1.7/CD billion/CD ]
of/IN 
[ goodwill/NN ]
./. 

[ Shearson/NNP ]
``/`` really/RB only/RB has/VBZ 
[ $/$ 300/CD million/CD ]
of/IN 
[ capital/NN ]
,/, ''/'' says/VBZ 
[ Mr./NNP Bowman/NNP ]
of/IN 
[ S&P/NNP ]
./. 

[ A/DT Shearson/NNP spokesman/NN ]
said/VBD 
[ the/DT firm/NN ]
is/VBZ n't/RB worried/VBN ./. 

``/`` 
[ A/DT year/NN ]
ago/IN ,/, 
[ Moody/NNP ]
's/POS also/RB had/VBD 
[ Shearson/NNP ]
under/IN 
[ review/NN ]
for/IN 
[ possible/JJ ]
downgrade/NN ,/, ''/'' 
[ he/PRP ]
said/VBD ./. 

``/`` After/IN 
[ two/CD months/NNS ]
of/IN 
[ talks/NNS ]
,/, 
[ our/PRP$ rating/NN ]
was/VBD maintained/VBN ./. 

''/'' 
[ Drexel/NNP ]
,/, meanwhile/RB ,/, already/RB competes/VBZ at/IN 
[ a/DT disadvantage/NN ]
to/TO 
[ its/PRP$ big/JJ Wall/NNP Street/NNP ]
rivals/NNS because/IN 
[ it/PRP ]
has/VBZ 
[ a/DT ]
slightly/RB 
[ lower/JJR commercial/JJ paper/NN rating/NN ]
./. 

[ The/DT collapse/NN ]
of/IN 
[ junk/NN bond/NN prices/NNS ]
and/CC 
[ the/DT cancellation/NN ]
of/IN 
[ many/JJ junk/NN bond/NN financings/NNS ]
apparently/RB have/VBP taken/VBN 
[ their/PRP$ toll/NN ]
on/IN closely/RB held/VBN 
[ Drexel/NNP ]
,/, 
[ the/DT leading/VBG underwriter/NN ]
in/IN 
[ that/DT market/NN ]
./. 

[ The/DT firm/NN ]
also/RB has/VBZ been/VBN hit/VBN with/IN 
[ big/JJ financial/JJ settlements/NNS ]
with/IN 
[ the/DT government/NN ]
stemming/VBG from/IN 
[ its/PRP$ guilty/JJ plea/NN ]
to/TO 
[ six/CD felonies/NNS ]
related/VBN to/TO 
[ a/DT big/JJ insider-trading/JJ scandal/NN ]
./. 

[ Drexel/NNP ]
[ this/DT year/NN ]
eliminated/VBD 
[ its/PRP$ retail/NN ]
or/CC 
[ individual/JJ customer/NN business/NN ]
,/, cutting/VBG 
[ the/DT firm/NN 's/POS workforce/NN ]
almost/RB in/IN 
[ half/NN ]
to/TO just/RB over/IN 
[ 5,000/CD ]
./. 

Recently/RB ,/, 
[ Drexel/NNP ]
circulated/VBD 
[ a/DT private/JJ financial/JJ statement/NN ]
among/IN 
[ several/JJ securities/NNS firms/NNS ]
showing/VBG that/IN 
[ its/PRP$ earnings/NNS performance/NN ]
has/VBZ diminished/VBN 
[ this/DT year/NN ]
from/IN 
[ previous/JJ years/NNS ]
./. 

[ The/DT firm/NN 's/POS capital/NN ]
,/, moreover/RB ,/, 
[ has/VBZ n't/RB ]
grown/VBN at/IN 
[ the/DT same/JJ rate/NN ]
as/IN in/IN 
[ the/DT past/NN ]
,/, 
[ officials/NNS ]
at/IN 
[ these/DT firms/NNS ]
say/VBP ./. 

[ Drexel/NNP ]
remains/VBZ 
[ confident/JJ ]
of/IN 
[ its/PRP$ future/JJ creditworthiness/NN ]
./. 

``/`` 
[ We/PRP ]
're/VBP well/RB positioned/VBN with/IN 
[ $/$ 1.7/CD billion/CD ]
of/IN 
[ capital/NN ]
,/, ''/'' 
[ a/DT Drexel/NNP spokesman/NN ]
said/VBD ./. 

``/`` And/CC as/IN 
[ a/DT leading/JJ investment/NN ]
and/CC 
[ merchant/NN banking/NN firm/NN ]
,/, 
[ the/DT fact/NN ]
that/IN 
[ we/PRP ]
are/VBP 
[ no/RB longer/JJR subject/JJ ]
to/TO 
[ the/DT uncertainties/NNS ]
and/CC 
[ vicissitudes/NNS ]
of/IN 
[ the/DT retail/JJ business/NN ]
is/VBZ 
[ a/DT major/JJ plus/NN ]
in/IN 
[ our/PRP$ view/NN ]
./. 

Moreover/RB ,/, 
[ we/PRP ]
've/VBP probably/RB been/VBN 
[ the/DT most/RBS aggressive/JJ firm/NN ]
on/IN 
[ the/DT Street/NNP ]
in/IN reducing/VBG 
[ costs/NNS ]
,/, 
[ which/WDT ]
are/VBP down/RB around/IN 
[ 40/CD %/NN ]
over/IN 
[ the/DT last/JJ six/CD months/NNS ]
./. 

''/''

[ Lewis/NNP C./NNP Veraldi/NNP ]
,/, 
[ the/DT father/NN ]
of/IN 
[ the/DT team/NN ]
[ that/WDT ]
created/VBD 
[ the/DT ]
highly/RB 
[ successful/JJ Ford/NNP Taurus/NNP ]
and/CC 
[ Mercury/NNP Sable/NNP cars/NNS ]
,/, retired/VBD early/RB after/IN experiencing/VBG 
[ recent/JJ heart/NN problems/NNS ]
./. 

Most/RBS recently/RB ,/, 
[ Mr./NNP Veraldi/NNP ]
,/, 
[ 59/CD years/NNS ]
old/JJ ,/, has/VBZ been/VBN 
[ vice/NN president/NN ]
of/IN 
[ product/NN ]
and/CC 
[ manufacturing/VBG engineering/NN ]
at/IN 
[ Ford/NNP Motor/NNP Co/NNP ]
./. 

But/CC 
[ he/PRP ]
is/VBZ best/JJS known/VBN in/IN 
[ the/DT auto/NN industry/NN ]
as/IN 
[ the/DT creator/NN ]
of/IN 
[ a/DT team/NN car-development/NN approach/NN ]
[ that/WDT ]
produced/VBD 
[ the/DT two/CD midsized/VBN cars/NNS ]
[ that/WDT ]
were/VBD instrumental/JJ in/IN helping/VBG 
[ the/DT No./NN 2/CD auto/NN maker/NN record/VB profits/NNS ]
in/IN 
[ recent/JJ years/NNS ]
and/CC in/IN enabling/VBG 
[ the/DT company/NN 's/POS Ford/NNP division/NN ]
to/TO eclipse/VB 
[ General/NNP Motors/NNPS Corp./NNP 's/POS Chevrolet/NNP division/NN ]
as/IN 
[ the/DT top-selling/JJ nameplate/NN ]
in/IN 
[ the/DT U.S/NNP ]
./. 

Under/IN 
[ the/DT so-called/JJ Team/NNP Taurus/NNP approach/NN ]
,/, 
[ Mr./NNP Veraldi/NNP ]
and/CC 
[ other/JJ Ford/NNP product/NN planners/NNS ]
sought/VBD 
[ the/DT involvement/NN ]
of/IN 
[ parts/NNS suppliers/NNS ]
,/, 
[ assembly-line/NN workers/NNS ]
,/, 
[ auto/NN designers/NNS ]
and/CC 
[ financial/JJ staff/NN members/NNS ]
from/IN 
[ the/DT initial/JJ stages/NNS ]
of/IN 
[ the/DT development/NN cycle/NN ]
./. 

[ The/DT concept/NN 's/POS goal/NN ]
was/VBD to/TO eliminate/VB 
[ bureaucracy/NN ]
and/CC make/VB 
[ Ford/NNP 's/POS product/NN development/NN ]
more/RBR responsive/JJ to/TO 
[ consumer/NN demands/NNS ]
./. 

[ It/PRP ]
was/VBD later/JJ applied/VBN to/TO 
[ other/JJ new-car/NN programs/NNS ]
,/, including/VBG 
[ those/DT ]
[ that/WDT ]
produced/VBD 
[ the/DT Ford/NNP Thunderbird/NNP ]
and/CC 
[ Mercury/NNP Cougar/NNP ]
./. 

[ Ford/NNP Chairman/NNP Donald/NNP E./NNP Petersen/NNP ]
said/VBD yesterday/NN that/IN 
[ Mr./NNP Veraldi/NNP ]
has/VBZ ``/`` helped/VBN to/TO change/VB 
[ the/DT world/NN 's/POS perception/NN ]
of/IN 
[ American-made/JJ cars/NNS ]
./. 

''/'' 
[ Mr./NNP Veraldi/NNP ]
worked/VBD at/IN 
[ Ford/NNP ]
for/IN 
[ 40/CD years/NNS ]
,/, holding/VBG 
[ a/DT variety/NN ]
of/IN 
[ car/NN ]
and/CC 
[ parts-engineering/JJ positions/NNS ]
./. 

[ The/DT limits/NNS ]
to/TO 
[ legal/JJ absurdity/NN ]
stretched/VBD 
[ another/DT notch/NN ]
[ this/DT week/NN ]
when/WRB 
[ the/DT Supreme/NNP Court/NNP ]
refused/VBD to/TO hear/VB 
[ an/DT appeal/NN ]
from/IN 
[ a/DT case/NN ]
[ that/WDT ]
says/VBZ 
[ corporate/JJ defendants/NNS ]
must/MD pay/VB 
[ damages/NNS ]
even/RB after/IN proving/VBG that/IN 
[ they/PRP ]
could/MD not/RB possibly/RB have/VB caused/VBN 
[ the/DT harm/NN ]
./. 

[ We/PRP ]
can/MD understand/VB and/CC share/VB 
[ the/DT compassion/NN ]
[ that/WDT ]
makes/VBZ 
[ judges/NNS ]
sometimes/RB wish/VB to/TO offer/VB 
[ a/DT kind/NN ]
of/IN 
[ Solomonic/JJ aid/NN ]
to/TO 
[ those/DT ]
[ who/WP ]
've/VBP been/VBN hurt/VBN ./. 

But/CC 
[ this/DT case/NN ]
is/VBZ 
[ a/DT stark/JJ lesson/NN ]
in/IN how/WRB 
[ the/DT failures/NNS ]
of/IN 
[ the/DT traditional/JJ policy-making/JJ process/NN ]
have/VBP left/VBN 
[ the/DT courts/NNS ]
as/IN 
[ the/DT only/JJ forum/NN ]
[ this/DT country/NN ]
has/VBZ to/TO debate/VB 
[ risk/NN ]
,/, 
[ technology/NN ]
and/CC 
[ innovation/NN ]
./. 

Too/RB often/RB now/RB ,/, 
[ a/DT single/JJ court/NN decision/NN ]
becomes/VBZ 
[ the/DT precedent/NN ]
for/IN 
[ other/JJ ]
,/, 
[ less/RBR compelling/JJ cases/NNS ]
./. 

From/IN 
[ the/DT 1940s/CD ]
until/IN 
[ 1971/CD ]
,/, 
[ some/DT two/CD million/CD women/NNS ]
took/VBD 
[ the/DT synthetic/JJ hormone/NN diethylstilbestrol/NN ]
 (/( 
[ DES/NNP ]
 )/) to/TO prevent/VB 
[ miscarriages/NNS ]
and/CC 
[ morning/NN sickness/NN ]
./. 

[ The/DT drug/NN ]
was/VBD approved/VBN by/IN 
[ the/DT Food/NNP ]
and/CC 
[ Drug/NNP Administration/NNP ]
and/CC marketed/VBN by/IN 
[ some/DT 300/CD pharmaceutical/JJ companies/NNS ]
,/, often/RB under/IN 
[ generic/JJ labels/NNS ]
./. 

In/IN 
[ the/DT 1970s/CD ]
,/, 
[ scientists/NNS ]
reported/VBD 
[ cancer/NN cases/NNS ]
among/IN 
[ the/DT daughters/NNS ]
of/IN 
[ DES/NNP users/NNS ]
./. 

[ The/DT cases/NNS ]
quickly/RB went/VBD to/TO 
[ court/NN ]
,/, but/CC 
[ the/DT mothers/NNS ]
of/IN 
[ several/JJ thousand/CD DES/NNP plaintiffs/NNS ]
could/MD n't/RB recall/VB 
[ whose/WP$ brand/NN ]
[ they/PRP ]
used/VBD ./. 

Beginning/VBG in/IN 
[ 1980/CD ]
,/, 
[ courts/NNS ]
in/IN 
[ several/JJ states/NNS ]
including/VBG 
[ California/NNP ]
and/CC 
[ New/NNP York/NNP ]
decided/VBD to/TO suspend/VB 
[ the/DT common-law/NN rule/NN ]
that/IN 
[ plaintiffs/NNS ]
must/MD prove/VB that/IN 
[ the/DT defendants/NNS ]
are/VBP 
[ the/DT ones/NNS ]
[ who/WP ]
are/VBP liable/JJ ./. 

[ Courts/NNS ]
made/VBD 
[ the/DT assumption/NN ]
that/IN 
[ all/DT DES/NNP pills/NNS ]
were/VBD essentially/RB 
[ the/DT same/JJ ]
,/, and/CC created/VBD 
[ a/DT market-share/JJ test/NN ]
so/IN that/IN 
[ damages/NNS ]
would/MD be/VB assessed/VBN against/IN 
[ drug/NN makers/NNS ]
in/IN 
[ the/DT proportion/NN ]
of/IN 
[ their/PRP$ share/NN ]
of/IN 
[ the/DT original/JJ sales/NNS ]
./. 

[ This/DT ]
has/VBZ 
[ some/DT logic/NN ]
./. 

[ Drug/NN makers/NNS ]
should/MD n't/RB be/VB able/JJ to/TO duck/VB 
[ liability/NN ]
because/IN 
[ people/NNS ]
could/MD n't/RB identify/VB precisely/RB 
[ which/WDT ]
[ identical/JJ drug/NN ]
was/VBD used/VBN ./. 

But/CC 
[ courts/NNS ]
quickly/RB tumbled/VBD down/IN 
[ a/DT slippery/JJ slope/NN ]
./. 

Just/RB as/IN 
[ all/DT plaintiffs/NNS ]
are/VBP not/RB alike/RB ,/, 
[ it/PRP ]
turns/VBZ out/IN that/IN 
[ DES/NNP defendants/NNS ]
marketed/VBD 
[ the/DT drugs/NNS ]
differently/RB and/CC may/MD have/VB offered/VBN 
[ different/JJ warranties/NNS ]
./. 

[ The/DT ultimate/JJ result/NN ]
came/VBD in/IN 
[ Hymowitz/NNP v./CC ]
Lilly/NNP ,/, where/WRB 
[ the/DT highest/JJS New/NNP York/NNP court/NN ]
expanded/VBD 
[ the/DT market-share/JJ approach/NN ]
for/IN 
[ the/DT first/JJ time/NN ]
to/TO say/VB that/IN 
[ drug/NN makers/NNS ]
[ that/WDT ]
could/MD prove/VB 
[ Mindy/NNP Hymowitz/NNP 's/POS mother/NN ]
did/VBD n't/RB 
[ use/VB their/PRP$ pill/NN ]
must/MD still/RB pay/VB 
[ their/PRP$ share/NN ]
of/IN 
[ any/DT damages/NNS ]
./. 

But/CC as/IN 
[ Duke/NNP University/NNP law/NN professor/NN William/NNP Van/NNP Alstyne/NNP notes/VBZ ]
,/, by/IN 
[ this/DT reasoning/NN ]
[ a/DT defendant/NN ]
could/MD be/VB held/VBN 
[ liable/JJ ]
in/IN 
[ New/NNP York/NNP ]
for/IN 
[ a/DT bad/JJ apple/NN ]
even/RB if/IN 
[ he/PRP ]
sold/VBD 
[ all/PDT his/PRP$ apples/NNS ]
in/IN 
[ California/NNP ]
./. 

Despite/IN 
[ the/DT Supreme/NNP Court/NNP 's/POS refusal/NN ]
to/TO hear/VB 
[ the/DT case/NN ]
,/, 
[ there/EX ]
are/VBP 
[ serious/JJ constitutional/JJ issues/NNS ]
of/IN 
[ due/JJ process/NN ]
and/CC 
[ uncompensated/JJ takings/NNS ]
from/IN 
[ the/DT defendants/NNS ]
./. 

[ The/DT big/JJ problem/NN ]
,/, however/RB ,/, is/VBZ that/IN 
[ there/EX ]
's/VBZ 
[ no/DT guarantee/NN ]
that/IN 
[ this/DT reasoning/NN ]
will/MD be/VB limited/VBN to/TO 
[ DES/NNP ]
or/CC to/TO 
[ drugs/NNS ]
./. 

[ The/DT problem/NN ]
here/RB goes/VBZ well/RB beyond/IN twisting/VBG 
[ legal/JJ doctrine/NN ]
./. 

[ The/DT California/NNP Supreme/NNP Court/NNP last/JJ year/NN ]
reversed/VBD 
[ direction/NN ]
to/TO make/VB 
[ it/PRP ]
much/RB harder/JJR to/TO win/VB 
[ DES/NNP cases/NNS ]
because/IN 
[ the/DT justices/NNS ]
saw/VBD how/WRB 
[ all/PDT the/DT pharmaceutical/JJ litigation/NN ]
has/VBZ chilled/VBN 
[ the/DT introduction/NN ]
of/IN 
[ new/JJ drugs/NNS ]
./. 

[ The/DT court/NN ]
rejected/VBD 
[ strict/JJ liability/NN ]
for/IN 
[ prescription/NN drugs/NNS ]
,/, citing/VBG 
[ the/DT huge/JJ ]
,/, hidden/VBN 
[ social/JJ costs/NNS ]
./. 

``/`` 
[ Public/JJ policy/NN ]
favors/VBZ 
[ the/DT development/NN ]
and/CC marketing/NN of/IN 
[ beneficial/JJ new/JJ drugs/NNS ]
,/, even/RB though/IN 
[ some/DT risks/NNS ]
,/, perhaps/RB 
[ serious/JJ ones/NNS ]
,/, might/MD accompany/VB 
[ their/PRP$ introduction/NN ]
because/IN 
[ drugs/NNS ]
can/MD save/VB 
[ lives/NNS ]
and/CC reduce/VB 
[ pain/NN ]
and/CC suffering/NN ,/, ''/'' 
[ the/DT unanimous/JJ court/NN ]
said/VBD ./. 

[ The/DT California/NNP justices/NNS ]
noted/VBD that/IN 
[ the/DT fear/NN ]
of/IN 
[ litigation/NN ]
already/RB forced/VBD 
[ the/DT only/JJ remaining/VBG anti-morning-sickness/JJ drug/NN ]
,/, 
[ Bendectin/NNP ]
,/, off/IN 
[ the/DT U.S./NNP market/NN ]
./. 

[ This/DT ]
raises/VBZ 
[ the/DT key/JJ issue/NN ]
:/: 
[ What/WP ]
to/TO do/VB about/IN 
[ people/NNS ]
[ who/WP ]
suffer/VBP 
[ serious/JJ injuries/NNS ]
from/IN 
[ beneficial/JJ drugs/NNS ]
?/. 

[ We/PRP ]
now/RB know/VBP that/IN holding/VBG 
[ drug/NN makers/NNS ]
liable/JJ where/WRB 
[ there/EX ]
's/VBZ 
[ no/DT evidence/NN ]
that/IN 
[ they/PRP ]
or/CC 
[ anyone/NN ]
else/RB knew/VBD of/IN 
[ any/DT risks/NNS ]
only/RB means/VBZ 
[ the/DT drugs/NNS ]
wo/MD n't/RB be/VB available/JJ to/TO 
[ anyone/NN ]
./. 

As/IN 
[ liability/NN expert/NN Peter/NNP Huber/NNP ]
tells/VBZ 
[ us/PRP ]
,/, after/IN 
[ the/DT Hymowitz/NNP case/NN ]
,/, if/IN 
[ any/DT drug/NN maker/NN ]
introduces/VBZ 
[ an/DT anti-miscarriage/JJ drug/NN ]
``/`` 
[ it/PRP ]
's/VBZ 
[ time/NN ]
to/TO sell/VB 
[ that/DT company/NN 's/POS stock/NN ]
short/RB ./. 

''/'' 
[ We/PRP ]
also/RB know/VBP that/IN 
[ the/DT tort/NN system/NN ]
is/VBZ 
[ a/DT lousy/JJ way/NN ]
to/TO compensate/VB 
[ victims/NNS ]
anyway/RB ;/: 
[ some/DT ]
win/VBP 
[ the/DT legal/JJ lottery/NN ]
,/, 
[ others/NNS ]
get/VBP much/RB less/JJR and/CC 
[ contingency-fee/JJ lawyers/NNS ]
take/VBP 
[ a/DT big/JJ cut/NN ]
either/DT 
[ way/NN ]
./. 

[ DES/NNP daughters/NNS ]
and/CC 
[ other/JJ victims/NNS ]
of/IN 
[ drugs/NNS ]
would/MD be/VB better/JJR off/IN if/IN 
[ their/PRP$ cases/NNS ]
were/VBD taken/VBN out/IN of/IN 
[ the/DT courts/NNS ]
./. 

[ Congress/NNP ]
could/MD create/VB 
[ a/DT compensation/NN program/NN ]
to/TO help/VB 
[ such/JJ victims/NNS ]
while/IN protecting/VBG 
[ the/DT national/JJ interest/NN ]
in/IN encouraging/VBG 
[ new/JJ drugs/NNS ]
./. 

But/CC 
[ a/DT 1986/CD law/NN ]
[ that/WDT ]
supposedly/RB replaced/VBD 
[ lawsuits/NNS ]
over/IN 
[ children/NNS 's/POS vaccines/NNS ]
with/IN 
[ a/DT compensation/NN fund/NN ]
has/VBZ predictably/RB led/VBN to/TO even/VB 
[ more/JJR litigation/NN ]
./. 

[ Everyone/NN ]
by/IN now/RB understands/VBZ that/IN 
[ Congress/NNP ]
is/VBZ utterly/RB incapable/JJ of/IN 
[ writing/VBG legislation/NN ]
to/TO help/VB 
[ deserving/JJ people/NNS ]
without/IN 
[ its/PRP$ ]
becoming/VBG 
[ some/DT billion-dollar/JJ morass/NN ]
./. 

[ We/PRP ]
have/VBP 
[ no/DT doubt/NN ]
[ this/DT ]
is/VBZ 
[ one/CD reason/NN judges/NNS ]
in/IN 
[ New/NNP York/NNP ]
and/CC 
[ justices/NNS ]
on/IN 
[ the/DT Supreme/NNP Court/NNP ]
are/VBP willing/JJ to/TO trash/VB 
[ the/DT law/NN ]
in/IN 
[ the/DT DES/NNP cases/NNS ]
./. 

[ They/PRP ]
must/MD figure/VB 
[ that/IN justice/NN ]
has/VBZ to/TO get/VB done/VBN by/IN 
[ somebody/NN ]
,/, but/CC know/VB 
[ it/PRP ]
wo/MD n't/RB be/VB done/VBN by/IN 
[ Congress/NNP ]
./. 

[ Odyssey/NNP Partners/NNPS Limited/NNP Partnership/NNP ]
,/, 
[ an/DT investment/NN firm/NN ]
,/, completed/VBD 
[ the/DT purchase/NN ]
of/IN 
[ May/NNP Department/NNP Stores/NNPS Co./NNP 's/POS Caldor/NNP discount/NN chain/NN ]
for/IN 
[ $/$ 500/CD million/CD ]
plus/CC 
[ the/DT assumption/NN ]
of/IN 
[ $/$ 52/CD million/CD ]
in/IN 
[ debt/NN ]
./. 

[ Caldor/NNP ]
,/, based/VBN in/IN 
[ Norwalk/NNP ]
,/, 
[ Conn./NNP ]
,/, operates/VBZ 
[ 118/CD stores/NNS ]
in/IN 
[ the/DT Northeast/NN ]
;/: 
[ it/PRP ]
reported/VBD 
[ revenue/NN ]
of/IN 
[ $/$ 1.6/CD billion/CD last/JJ year/NN ]
./. 

[ May/NNP Stores/NNPS ]
,/, 
[ St./NNP Louis/NNP ]
,/, runs/VBZ 
[ such/JJ well-known/JJ department/NN stores/NNS ]
as/IN 
[ Lord/NNP ]
&/CC 
[ Taylor/NNP ]
./. 

[ N.V/NN ]
./. 

[ DSM/NNP ]
said/VBD 
[ net/JJ income/NN ]
in/IN 
[ the/DT third/JJ quarter/NN ]
jumped/VBD 
[ 63/CD %/NN ]
as/IN 
[ the/DT company/NN ]
had/VBD substantially/RB 
[ lower/JJR extraordinary/JJ charges/NNS ]
to/TO account/VB for/IN 
[ a/DT restructuring/NN program/NN ]
./. 

[ The/DT Dutch/JJ chemical/NN group/NN ]
said/VBD 
[ net/JJ income/NN ]
gained/VBD to/TO 
[ 235/CD million/CD guilders/NNS ]
 (/( 
[ $/$ 113.2/CD million/CD ]
 )/) ,/, or/CC 
[ 6.70/CD guilders/NNS ]
[ a/DT share/NN ]
,/, from/IN 
[ 144/CD million/CD guilders/NNS ]
,/, or/CC 
[ 4.10/CD guilders/NNS ]
[ a/DT share/NN ]
,/, 
[ a/DT year/NN ]
ago/IN ./.  

[ The/DT 32/CD %/NN state-owned/JJ DSM/NNP ]
had/VBD 
[ eight/CD million/CD guilders/NNS ]
of/IN 
[ extraordinary/JJ charges/NNS ]
in/IN 
[ the/DT latest/JJS quarter/NN ]
,/, mainly/RB to/TO reflect/VB 
[ one-time/JJ losses/NNS ]
in/IN 
[ connection/NN ]
with/IN 
[ the/DT disposal/NN ]
of/IN 
[ some/DT operations/NNS ]
./. 

[ The/DT charges/NNS ]
were/VBD offset/VBN in/IN 
[ part/NN ]
by/IN 
[ a/DT gain/NN ]
from/IN 
[ the/DT sale/NN ]
of/IN 
[ the/DT company/NN 's/POS construction/NN division/NN ]
./. 

[ Last/JJ year/NN ]
,/, 
[ DSM/NNP ]
had/VBD 
[ 71/CD million/CD guilders/NNS ]
of/IN 
[ extraordinary/JJ charges/NNS ]
for/IN 
[ the/DT restructuring/NN program/NN ]
and/CC 
[ other/JJ transactions/NNS ]
./. 

[ The/DT earnings/NNS growth/NN ]
also/RB was/VBD fueled/VBN by/IN 
[ the/DT company/NN 's/POS ability/NN ]
to/TO cut/VB 
[ net/JJ financing/NN ]
spending/NN by/IN 
[ half/NN ]
to/TO around/IN 
[ 15/CD million/CD guilders/NNS ]
./. 

Also/RB ,/, substantially/RB 
[ lower/JJR Dutch/JJ corporate/JJ tax/NN rates/NNS ]
helped/VBD 
[ the/DT company/NN ]
keep/VB 
[ its/PRP$ tax/NN outlay/NN flat/JJ ]
relative/JJ to/TO 
[ earnings/NNS growth/NN ]
,/, 
[ the/DT company/NN ]
added/VBD ./. 

[ Sales/NNS ]
,/, however/RB ,/, were/VBD little/RB changed/VBN at/IN 
[ 2.46/CD billion/CD guilders/NNS ]
,/, compared/VBN with/IN 
[ 2.42/CD billion/CD guilders/NNS ]
./. 

[ Allergan/NNP Inc./NNP ]
said/VBD 
[ it/PRP ]
received/VBD 
[ Food/NNP ]
and/CC 
[ Drug/NNP Administration/NNP approval/NN ]
to/TO sell/VB 
[ the/DT PhacoFlex/NNP intraocular/JJ lens/NN ]
,/, 
[ the/DT ]
first/JJ 
[ foldable/JJ silicone/NN lens/NN ]
available/JJ for/IN 
[ cataract/NN surgery/NN ]
./. 

[ The/DT len/NN 's/POS foldability/NN ]
enables/VBZ 
[ it/PRP ]
to/TO be/VB inserted/VBN in/IN 
[ smaller/JJR incisions/NNS ]
than/IN are/VBP now/RB possible/JJ for/IN 
[ cataract/NN surgery/NN ]
,/, 
[ the/DT eye/NN care/NN ]
and/CC 
[ skin/NN care/NN concern/NN ]
said/VBD ./. 

[ Cataracts/NNS ]
refer/VBP to/TO 
[ a/DT ]
clouding/NN of/IN 
[ the/DT eye/NN 's/POS natural/JJ lens/NN ]
./. 

[ Allergan/NNP ]
was/VBD spun/VBN off/IN in/IN 
[ July/NNP ]
from/IN 
[ SmithKline/NNP Beckman/NNP Corp./NNP ]
as/IN 
[ part/NN ]
of/IN 
[ the/DT merger/NN ]
of/IN 
[ SmithKline/NNP ]
and/CC 
[ Beecham/NNP ]
[ Group/NNP ]

[ A/DT man/NN ]
from/IN 
[ the/DT Bush/NNP administration/NN ]
came/VBD before/IN 
[ the/DT House/NNP Agriculture/NNP Committee/NNP yesterday/NN ]
to/TO talk/VB about/IN 
[ the/DT U.S./NNP 's/POS intention/NN ]
to/TO send/VB 
[ some/DT $/$ 100/CD million/CD ]
in/IN 
[ food/NN aid/NN ]
to/TO 
[ Poland/NNP ]
,/, with/IN more/JJR to/TO come/VB from/IN 
[ the/DT EC/NNP ]
./. 

[ The/DT committee/NN 's/POS members/NNS ]
are/VBP worried/VBN 
[ what/WP all/PDT this/DT free/JJ food/NN ]
might/MD do/VB to/TO 
[ the/DT economic/JJ prospects/NNS ]
of/IN 
[ Poland/NNP 's/POS own/JJ farmers/NNS ]
./. 

[ Rep./NNP Gary/NNP Ackerman/NNP ]
noted/VBD 
[ that/IN past/JJ food/NN aid/NN ]
had/VBD harmed/VBN 
[ farmers/NNS ]
in/IN 
[ El/NNP Salvador/NNP ]
and/CC 
[ Egypt/NNP ]
./. 

However/RB well/RB intentioned/JJ ,/, 
[ food/NN transfers/NNS ]
have/VBP 
[ the/DT habit/NN ]
of/IN growing/VBG 
[ larger/JJR ]
and/CC wrecking/VBG 
[ the/DT market/NN incentives/NNS ]
for/IN 
[ the/DT recipient/JJ country/NN 's/POS own/JJ farmers/NNS ]
./. 

[ The/DT First/NNP World/NNP ]
has/VBZ for/IN 
[ some/DT time/NN ]
had/VBD 
[ the/DT bad/JJ habit/NN ]
of/IN smothering/VBG 
[ other/JJ people/NNS 's/POS economies/NNS ]
with/IN 
[ this/DT kind/NN ]
of/IN 
[ unfocused/JJ kindness/NN ]
./. 

[ It/PRP ]
should/MD be/VB constantly/RB stressed/VBN that/IN 
[ Poland/NNP 's/POS farmers/NNS ]
mostly/RB need/VBP 
[ a/DT real/JJ market/NN ]
for/IN 
[ their/PRP$ products/NNS ]
./. 

[ Elco/NNP Industries/NNPS Inc./NNP ]
said/VBD 
[ it/PRP ]
expects/VBZ 
[ net/JJ income/NN ]
in/IN 
[ the/DT year/NN ]
ending/VBG 
[ June/NNP 30/CD ]
,/, 
[ 1990/CD ]
,/, to/TO fall/VB below/IN 
[ a/DT recent/JJ analyst/NN 's/POS estimate/NN ]
of/IN 
[ $/$ 1.65/CD ]
[ a/DT share/NN ]
./. 

[ The/DT Rockford/NNP ]
,/, 
[ Ill./NNP ]
,/, 
[ maker/NN ]
of/IN 
[ fasteners/NNS ]
also/RB said/VBD 
[ it/PRP ]
expects/VBZ to/TO post/VB 
[ sales/NNS ]
in/IN 
[ the/DT current/JJ fiscal/JJ year/NN ]
[ that/WDT ]
are/VBP ``/`` slightly/RB 
[ above/JJ ]
''/'' 
[ fiscal/JJ 1989/CD sales/NNS ]
of/IN 
[ $/$ 155/CD million/CD ]
./. 

[ The/DT company/NN ]
said/VBD 
[ its/PRP$ industrial/JJ unit/NN ]
continues/VBZ to/TO face/VB 
[ margin/NN pressures/NNS ]
and/CC 
[ lower/JJR demand/NN ]
./. 

In/IN 
[ fiscal/JJ 1989/CD ]
,/, 
[ Elco/NNP ]
earned/VBD 
[ $/$ 7.8/CD million/CD ]
,/, or/CC 
[ $/$ 1.65/CD ]
[ a/DT share/NN ]
./. 

[ The/DT company/NN 's/POS stock/NN ]
fell/VBD 
[ $/$ 1.125/CD ]
to/TO 
[ $/$ 13.625/CD ]
in/IN 
[ over-the-counter/JJ trading/NN yesterday/NN ]
./. 

[ Oshkosh/NNP Truck/NNP Corp./NNP ]
,/, 
[ Oshkosh/NNP ]
,/, 
[ Wis./NNP ]
,/, estimated/VBN 
[ earnings/NNS ]
for/IN 
[ its/PRP$ fourth/JJ quarter/NN ]
ended/VBD 
[ Sept./NNP 30/CD ]
fell/VBD 
[ 50/CD %/NN ]
to/TO 
[ 75/CD %/NN ]
below/IN 
[ the/DT year-earlier/JJ $/$ 4.5/CD million/CD ]
,/, or/CC 
[ 51/CD cents/NNS ]
[ a/DT share/NN ]
./. 

[ The/DT truck/NN maker/NN ]
said/VBD 
[ the/DT significant/JJ drop/NN ]
in/IN 
[ net/JJ income/NN ]
will/MD result/VB in/IN 
[ lower/JJR earnings/NNS ]
for/IN 
[ the/DT fiscal/JJ year/NN ]
./. 

In/IN 
[ fiscal/JJ 1988/CD ]
,/, 
[ the/DT company/NN ]
earned/VBD 
[ $/$ 17.3/CD million/CD ]
,/, or/CC 
[ $/$ 1.92/CD ]
[ a/DT share/NN ]
,/, on/IN 
[ revenue/NN ]
of/IN 
[ $/$ 352.9/CD million/CD ]
./. 

[ Oshkosh/NNP Truck/NNP ]
attributed/VBD 
[ the/DT downturn/NN ]
in/IN 
[ its/PRP$ earnings/NNS ]
to/TO 
[ higher/JJR start-up/JJ costs/NNS ]
of/IN 
[ its/PRP$ new/JJ chassis/NN division/NN ]
,/, 
[ a/DT softer/JJR motor-home/NN market/NN ]
and/CC 
[ higher/JJR administrative/JJ costs/NNS ]
of/IN 
[ compliance/NN ]
with/IN 
[ government/NN contractor/NN regulations/NNS ]
./. 

[ The/DT company/NN ]
said/VBD 
[ it/PRP ]
is/VBZ in/IN 
[ the/DT process/NN ]
of/IN phasing/VBG out/IN 
[ John/NNP Deere/NNP ]
,/, 
[ its/PRP$ current/JJ source/NN ]
of/IN 
[ production/NN ]
for/IN 
[ midsized/JJ motor/NN home/NN chassis/NN ]
./. 

In/IN 
[ anticipation/NN ]
of/IN 
[ the/DT start-up/NN ]
of/IN 
[ its/PRP$ new/JJ factory/NN ]
,/, 
[ the/DT company/NN ]
said/VBD 
[ a/DT larger-than-normal/JJ chassis/NN supply/NN ]
has/VBZ been/VBN built/VBN to/TO carry/VB 
[ it/PRP ]
through/IN 
[ the/DT transition/NN period/NN ]
./. 

[ Tokyo/NNP stocks/NNS ]
edged/VBD up/IN 
[ Wednesday/NNP ]
in/IN relatively/RB active/JJ but/CC 
[ unfocused/JJ ]
trading/NN ./. 

[ London/NNP shares/NNS ]
finished/VBD moderately/RB higher/JJR ./. 

At/IN 
[ Tokyo/NNP ]
,/, 
[ the/DT Nikkei/NNP index/NN ]
of/IN 
[ 225/CD selected/VBN issues/NNS ]
,/, 
[ which/WDT ]
gained/VBD 
[ 132/CD points/NNS Tuesday/NNP ]
,/, added/VBD 
[ 14.99/CD points/NNS ]
to/TO 
[ 35564.43/CD ]
./. 

In/IN early/RB trading/NN in/IN 
[ Tokyo/NNP Thursday/NNP ]
,/, 
[ the/DT Nikkei/NNP index/NN ]
fell/VBD 
[ 63.79/CD points/NNS ]
to/TO 
[ 35500.64/CD ]
./. 

[ Wednesday/NNP 's/POS volume/NN ]
on/IN 
[ the/DT First/NNP Section/NNP ]
was/VBD estimated/VBN at/IN 
[ 900/CD million/CD shares/NNS ]
,/, in/IN 
[ line/NN ]
with/IN 
[ Tuesday/NNP 's/POS 909/CD million/CD ]
./. 

Declining/VBG 
[ issues/NNS ]
slightly/RB outnumbered/VBD advancing/VBG 
[ issues/NNS ]
,/, 
[ 454/CD ]
to/TO 
[ 451/CD ]
./. 

[ Investors/NNS ]
switched/VBD trading/NN 
[ focus/NN ]
quickly/RB as/IN 
[ they/PRP ]
did/VBD 
[ Tuesday/NNP ]
,/, reflecting/VBG 
[ uncertainty/NN ]
about/IN 
[ long-term/JJ commitments/NNS ]
to/TO 
[ any/DT issue/NN ]
or/CC 
[ sector/NN ]
,/, 
[ traders/NNS ]
said/VBD ./. 

[ Speculation/NN ]
,/, on/IN 
[ the/DT other/JJ hand/NN ]
,/, sparked/VBD buying/NN in/IN 
[ certain/JJ incentive-backed/JJ issues/NNS ]
,/, though/IN 
[ rumors/NNS ]
underlying/VBG 
[ such/JJ shares/NNS ]
eventually/RB proved/VBD 
[ untrue/JJ ]
./. 

[ The/DT development/NN ]
,/, 
[ traders/NNS ]
said/VBD ,/, showed/VBD that/IN 
[ there/EX ]
is/VBZ more/JJR than/IN 
[ ample/JJ liquidity/NN ]
available/JJ for/IN 
[ investment/NN ]
despite/IN 
[ the/DT market/NN 's/POS recent/JJ directionless/JJ trend/NN ]
./. 

[ Dealers/NNS ]
led/VBD 
[ the/DT market/NN Wednesday/NNP ]
by/IN actively/RB trading/VBG for/IN 
[ their/PRP$ own/JJ accounts/NNS ]
,/, 
[ observers/NNS ]
said/VBD ./. 

[ Institutions/NNS ]
mostly/RB remained/VBD on/IN 
[ the/DT sidelines/NNS ]
because/IN of/IN 
[ uncertainty/NN regarding/VBG interest/NN rates/NNS ]
and/CC 
[ the/DT dollar/NN ]
./. 

[ The/DT Tokyo/NNP Stock/NNP Price/NNP Index/NNP ]
 (/( 
[ Topix/NNP ]
 )/) of/IN 
[ all/DT issues/NNS ]
listed/VBN in/IN 
[ the/DT First/NNP Section/NNP ]
,/, 
[ which/WDT ]
gained/VBD 
[ 16.05/CD points/NNS Tuesday/NNP ]
,/, was/VBD down/RB 
[ 1.46/CD points/NNS ]
,/, or/CC 
[ 0.05/CD %/NN ]
,/, at/IN 
[ 2691.19/CD ]
./. 

[ The/DT Second/NNP Section/NNP index/NN ]
,/, 
[ which/WDT ]
added/VBD 
[ 6.84/CD points/NNS Tuesday/NNP ]
,/, was/VBD up/RB 
[ 5.92/CD points/NNS ]
,/, or/CC 
[ 0.16/CD %/NN ]
,/, to/TO close/VB at/IN 
[ 3648.82/CD ]
./. 

[ Volume/NN ]
in/IN 
[ the/DT second/JJ section/NN ]
was/VBD estimated/VBN at/IN 
[ 18/CD million/CD shares/NNS ]
,/, up/RB from/IN 
[ 14/CD million/CD Tuesday/NNP ]
./. 

[ Akio/NNP Yamamoto/NNP ]
,/, managing/VBG 
[ director/NN ]
of/IN 
[ Nomura/NNP Investment/NNP Trust/NNP Management/NNP ]
,/, said/VBD that/IN if/IN 
[ the/DT U.S./NNP federal/JJ funds/NNS rate/NN ]
declines/VBZ to/TO around/IN 
[ 8.5/CD %/NN ]
,/, 
[ institutions/NNS ]
would/MD acquire/VB 
[ a/DT clearer/JJR idea/NN ]
regarding/VBG 
[ the/DT direction/NN ]
of/IN 
[ the/DT market/NN ]
and/CC thus/RB more/RBR comfortably/RB participate/VB in/IN 
[ active/JJ buying/NN ]
./. 

[ Tokyu/NNP Group/NNP ]
,/, 
[ Mitsubishi/NNP Estate/NNP ]
and/CC 
[ Bridgestone\/Firestone/NNP ]
,/, 
[ which/WDT ]
advanced/VBD 
[ Tuesday/NNP ]
,/, declined/VBD on/IN 
[ profit-taking/NN ]
./. 

[ Wednesday/NNP 's/POS dominant/JJ issue/NN ]
was/VBD 
[ Yasuda/NNP Fire/NNP ]
&/CC 
[ Marine/NNP Insurance/NNP ]
,/, 
[ which/WDT ]
continued/VBD to/TO surge/VB on/IN 
[ rumors/NNS ]
of/IN 
[ speculative/JJ buying/NN ]
./. 

[ It/PRP ]
ended/VBD 
[ the/DT day/NN ]
up/RB 
[ 80/CD yen/NNS ]
 (/( 
[ 56/CD cents/NNS ]
 )/) to/TO 
[ 1,880/CD yen/NN ]
 (/( 
[ $/$ 13.15/CD ]
 )/) ./. 

[ Due/JJ ]
to/TO continuingly/RB 
[ high/JJ gold/NN prices/NNS ]
tied/VBN to/TO 
[ uncertainty/NN ]
about/IN 
[ the/DT U.S./NNP currency/NN ]
,/, 
[ investor/NN interest/NN ]
was/VBD directed/VBN toward/IN 
[ oil/NN ]
and/CC 
[ mining/NN shares/NNS ]
,/, 
[ which/WDT traders/NNS ]
called/VBD 
[ a/DT ]
``/`` 
[ defensive/JJ ]
''/'' 
[ action/NN ]
frequently/RB taken/VBN when/WRB 
[ the/DT dollar/NN ]
is/VBZ expected/VBN to/TO fall/VB or/CC during/IN 
[ times/NNS ]
of/IN 
[ inflation/NN ]
./. 

[ Teikoku/NNP Oil/NNP ]
,/, also/RB stimulated/VBN by/IN 
[ rumors/NNS ]
of/IN 
[ speculative/JJ buying/NN ]
,/, advanced/VBD 
[ 100/CD yen/NN ]
to/TO 
[ 1,460/CD ]
./. 

[ Showa/NNP Shell/NNP ]
gained/VBD 
[ 20/CD ]
to/TO 
[ 1,570/CD ]
and/CC 
[ Mitsubishi/NNP Oil/NNP ]
rose/VBD 
[ 50/CD ]
to/TO 
[ 1,500/CD ]
./. 

[ Sumitomo/NNP Metal/NNP Mining/NNP ]
fell/VBD 
[ five/CD yen/NN ]
to/TO 
[ 692/CD ]
and/CC 
[ Nippon/NNP Mining/NNP ]
added/VBD 
[ 15/CD ]
to/TO 
[ 960/CD ]
./. 

Among/IN 
[ other/JJ winners/NNS Wednesday/NNP ]
was/VBD 
[ Nippon/NNP Shokubai/NNP ]
,/, 
[ which/WDT ]
was/VBD up/IN 
[ 80/CD ]
at/IN 
[ 2,410/CD ]
./. 

[ Marubeni/NNP ]
advanced/VBD 
[ 11/CD ]
to/TO 
[ 890/CD ]
./. 

[ London/NNP share/NN prices/NNS ]
were/VBD bolstered/VBN largely/RB by/IN 
[ continued/VBN gains/NNS ]
on/IN 
[ Wall/NNP Street/NNP ]
and/CC 
[ technical/JJ factors/NNS ]
affecting/VBG 
[ demand/NN ]
for/IN 
[ London/NNP 's/POS blue-chip/JJ stocks/NNS ]
./. 

[ The/DT Financial/NNP Times-Stock/NNP Exchange/NNP 100-share/JJ index/NN ]
closed/VBD 
[ 17.5/CD points/NNS ]
higher/JJR at/IN 
[ 2160.1/CD ]
./. 

[ It/PRP ]
rose/VBD largely/RB throughout/IN 
[ the/DT session/NN ]
after/IN posting/VBG 
[ an/DT intraday/NN ]
low/JJ of/IN 
[ 2141.7/CD ]
in/IN 
[ the/DT first/JJ 40/CD minutes/NNS ]
of/IN trading/NN ./. 

[ The/DT index/NN ]
ended/VBD 
[ the/DT day/NN ]
near/IN 
[ its/PRP$ session/NN ]
high/JJ of/IN 
[ 2163.2/CD ]
,/, 
[ which/WDT ]
was/VBD posted/VBN within/IN 
[ the/DT last/JJ half-hour/NN ]
of/IN trading/NN ./. 

[ Dealers/NNS ]
said/VBD 
[ most/JJS investor/NN interest/NN ]
was/VBD focused/VBN on/IN 
[ defensive/JJ blue-chip/JJ stocks/NNS ]
,/, particularly/RB 
[ those/DT ]
with/IN 
[ limited/JJ U.K./NNP exposure/NN ]
./. 

Also/RB ,/, 
[ several/JJ key/JJ blue/JJ chips/NNS ]
were/VBD pushed/VBN higher/JJR in/IN 
[ thin/JJ volume/NN ]
because/IN of/IN 
[ a/DT technical/JJ squeeze/NN ]
among/IN 
[ market/NN makers/NNS ]
./. 

[ Sterling/NNP 's/POS firm/JJ tone/NN ]
,/, combined/VBN with/IN 
[ a/DT steady/JJ opening/NN ]
on/IN 
[ Wall/NNP Street/NNP ]
,/, also/RB tempted/VBD 
[ some/DT investors/NNS ]
to/TO come/VB back/RB to/TO 
[ the/DT market/NN ]
,/, 
[ dealers/NNS ]
said/VBD ./. 

[ There/EX ]
were/VBD 
[ concerns/NNS ]
early/RB in/IN 
[ the/DT day/NN ]
that/IN 
[ Wall/NNP Street/NNP 's/POS sharp/JJ gains/NNS ]
on/IN 
[ Tuesday/NNP ]
were/VBD overdone/VBN and/CC 
[ due/JJ ]
for/IN 
[ a/DT reversal/NN ]
./. 

[ The/DT FT/NNP 30-share/JJ index/NN ]
settled/VBD 
[ 16.7/CD points/NNS ]
higher/JJR at/IN 
[ 1738.1/CD ]
./. 

[ Volume/NN ]
was/VBD 
[ 372.9/CD million/CD shares/NNS ]
,/, up/RB from/IN 
[ 334.5/CD million/CD ]
on/IN 
[ Tuesday/NNP ]
./. 

[ Dealers/NNS ]
said/VBD 
[ institutions/NNS ]
were/VBD still/RB largely/RB hugging/VBG 
[ the/DT sidelines/NNS ]
on/IN 
[ fears/NNS ]
that/IN 
[ the/DT market/NN 's/POS recent/JJ technical/JJ rally/NN ]
might/MD prove/VB 
[ fragile/JJ ]
./. 

[ They/PRP ]
cited/VBD 
[ Wall/NNP Street/NNP 's/POS recent/JJ volatility/NN ]
and/CC 
[ the/DT lack/NN ]
of/IN 
[ a/DT clear/JJ indication/NN ]
over/IN 
[ the/DT market/NN 's/POS short-term/JJ direction/NN ]
as/IN 
[ factors/NNS ]
in/IN 
[ the/DT institutional/JJ caution/NN ]
./. 

[ Jaguar/NNP ]
,/, 
[ a/DT U.K./NNP luxury/NN auto/NN maker/NN being/VBG ]
pursued/VBN by/IN 
[ Ford/NNP Motor/NNP ]
and/CC 
[ General/NNP Motors/NNPS ]
,/, gained/VBD 
[ 10/CD pence/NN ]
 (/( 
[ 16/CD cents/NNS ]
 )/) 
[ a/DT share/NN ]
to/TO close/VB at/IN 
[ 879/CD pence/NN ]
 (/( 
[ $/$ 13.90/CD ]
 )/) ./. 

[ It/PRP ]
shed/VBD about/IN 
[ 7/CD pence/NN ]
,/, however/RB ,/, after/IN 
[ dealers/NNS ]
said/VBD 
[ the/DT market/NN ]
was/VBD disappointed/VBN that/IN 
[ Ford/NNP ]
did/VBD n't/RB 
[ move/VB ]
to/TO tender/VB 
[ a/DT bid/NN ]
for/IN 
[ control/NN ]
of/IN 
[ the/DT company/NN ]
./. 

[ Dealers/NNS ]
said/VBD 
[ the/DT U.K./NNP government/NN 's/POS decision/NN Tuesday/NNP ]
to/TO waive/VB 
[ its/PRP$ protective/JJ ]
``/`` 
[ golden/JJ share/NN ]
''/'' in/IN 
[ the/DT auto/NN maker/NN ]
raised/VBD 
[ prospects/NNS ]
of/IN 
[ a/DT bidding/NN war/NN ]
between/IN 
[ the/DT two/CD U.S./NNP auto/NN giants/NNS ]
./. 

But/CC 
[ the/DT waiver/NN ]
also/RB was/VBD seen/VBN as/IN 
[ a/DT signal/NN ]
that/IN 
[ Ford/NNP ]
,/, 
[ a/DT major/JJ U.K./NNP auto/NN industry/NN employer/NN ]
,/, was/VBD able/JJ to/TO gain/VB 
[ government/NN acceptance/NN ]
of/IN 
[ its/PRP$ bid/NN ]
for/IN 
[ control/NN ]
of/IN 
[ Jaguar/NNP ]
./. 

[ Dealers/NNS ]
said/VBD 
[ that/DT interpretation/NN ]
sparked/VBD 
[ expectations/NNS ]
of/IN 
[ an/DT imminent/JJ bid/NN ]
by/IN 
[ Ford/NNP ]
./. 

[ B.A.T/NNP Industries/NNPS ]
,/, 
[ which/WDT ]
is/VBZ being/VBG pursued/VBN by/IN 
[ Sir/NNP James/NNP Goldsmith/NNP 's/POS Hoylake/NNP Investments/NNPS ]
,/, rose/VBD 
[ 9/CD ]
to/TO 
[ 753/CD ]
on/IN 
[ speculation/NN ]
that/IN 
[ Hoylake/NNP ]
will/MD sweeten/VB 
[ its/PRP$ bid/NN ]
,/, 
[ dealers/NNS ]
said/VBD ./. 

Like/IN 
[ Jaguar/NNP ]
,/, 
[ B.A.T/NNP ]
also/RB eased/VBD off/IN 
[ its/PRP$ highs/NNS ]
in/IN 
[ afternoon/NN dealings/NNS ]
./. 

[ Reed/NNP International/NNP ]
,/, 
[ a/DT U.K./NNP publishing/NN group/NN ]
,/, gained/VBD 
[ 15/CD ]
to/TO 
[ 397/CD ]
despite/IN reporting/VBG 
[ a/DT 3.7/CD %/NN drop/NN ]
in/IN 
[ interim/JJ pretax/NN profit/NN ]
./. 

[ Analysts/NNS ]
said/VBD 
[ the/DT fall/NN ]
in/IN 
[ pretax/NN profit/NN ]
was/VBD due/JJ to/TO 
[ the/DT group/NN 's/POS recent/JJ ]
restructuring/NN and/CC 
[ sale/NN ]
of/IN 
[ peripheral/JJ units/NNS ]
,/, and/CC that/IN 
[ its/PRP$ remaining/VBG businesses/NNS ]
are/VBP performing/VBG well/RB ./. 

[ Dealers/NNS ]
said/VBD 
[ the/DT market/NN ]
agreed/VBD ./. 

[ Stocks/NNS ]
boosted/VBN by/IN 
[ market-makers/NNS ]
shopping/VBG to/TO cover/VB 
[ book/NN requirements/NNS ]
in/IN 
[ FT-SE/NNP 100/CD shares/NNS ]
included/VBD 
[ Carlton/NNP Communications/NNPS ]
,/, 
[ which/WDT ]
climbed/VBD 
[ 32/CD ]
to/TO 
[ 778/CD ]
./. 

[ Drug/NN companies/NNS ]
in/IN 
[ the/DT key/JJ index/NN ]
also/RB notched/VBD 
[ gains/NNS ]
as/IN 
[ market-makers/NNS ]
searched/VBD for/IN 
[ stock/NN ]
in/IN 
[ anticipation/NN ]
of/IN 
[ demand/NN ]
due/JJ to/TO 
[ the/DT sector/NN 's/POS defensive/JJ qualities/NNS ]
./. 

[ Wellcome/NNP ]
gained/VBD 
[ 18/CD ]
to/TO 
[ 666/CD ]
on/IN 
[ a/DT modest/JJ 1.1/CD million/CD shares/NNS ]
./. 

[ Glaxo/NNP ]
,/, 
[ the/DT U.K./NNP 's/POS largest/JJS pharmaceutical/JJ concern/NN ]
,/, advanced/VBD 
[ 23/CD ]
to/TO 
[ #/# 14.13/CD ]
./. 

[ Stock/NN prices/NNS ]
closed/VBD higher/JJR in/IN 
[ Stockholm/NNP ]
,/, 
[ Amsterdam/NNP ]
and/CC 
[ Frankfurt/NNP ]
and/CC 
[ lower/JJR ]
in/IN 
[ Zurich/NNP ]
./. 

[ Paris/NNP ]
,/, 
[ Brussels/NNP ]
,/, and/CC 
[ Milan/NNP ]
were/VBD closed/VBN for/IN 
[ a/DT holiday/NN ]
./. 

[ South/JJ African/JJ gold/NN stocks/NNS ]
closed/VBD marginally/RB lower/JJR ./. 

Elsewhere/RB ,/, 
[ share/NN prices/NNS ]
closed/VBD higher/JJR in/IN 
[ Singapore/NNP ]
,/, 
[ Taipei/NNP ]
and/CC 
[ Wellington/NNP ]
,/, were/VBD mixed/VBN in/IN 
[ Hong/NNP Kong/NNP ]
,/, 
[ lower/JJR ]
in/IN 
[ Seoul/NNP ]
and/CC little/RB changed/VBN in/IN 
[ Sydney/NNP ]
./. 

[ Manila/NNP markets/NNS ]
were/VBD closed/VBN for/IN 
[ a/DT holiday/NN ]
./. 

Here/RB are/VBP 
[ price/NN trends/NNS ]
on/IN 
[ the/DT world/NN 's/POS major/JJ stock/NN markets/NNS ]
,/, as/IN calculated/VBN by/IN 
[ Morgan/NNP Stanley/NNP Capital/NNP International/NNP Perspective/NNP ]
,/, 
[ Geneva/NNP ]
./. 

To/TO make/VB 
[ them/PRP ]
directly/RB 
[ comparable/JJ ]
,/, 
[ each/DT index/NN ]
is/VBZ based/VBN on/IN 
[ the/DT close/NN ]
of/IN 
[ 1969/CD ]
equaling/VBG 
[ 100/CD ]
./. 

[ The/DT percentage/NN change/NN ]
is/VBZ since/IN 
[ year-end/NN ]
./. 

[ The/DT following/VBG issues/NNS ]
were/VBD recently/RB filed/VBN with/IN 
[ the/DT Securities/NNPS ]
and/CC 
[ Exchange/NNP Commission/NNP ]
:/: 

[ Intermec/NNP Corp./NNP ]
,/, offering/VBG of/IN 
[ 1,050,000/CD common/JJ shares/NNS ]
,/, via/IN 
[ Goldman/NNP ]
,/, 
[ Sachs/NNP ]
&/CC 
[ Co./NNP ]
and/CC 
[ Piper/NNP ]
,/, 
[ Jaffray/NNP ]
&/CC 
[ Hopwood/NNP Inc/NNP ]
./. 

[ Middlesex/NNP Water/NNP Co./NNP ]
,/, offering/VBG of/IN 
[ 150,000/CD shares/NNS ]
of/IN 
[ common/JJ stock/NN ]
,/, via/IN 
[ Legg/NNP Mason/NNP Wood/NNP Walker/NNP Inc./NNP ]
and/CC 
[ Howard/NNP ]
,/, 
[ Weil/NNP ]
,/, 
[ Labouisse/NNP ]
,/, 
[ Friedrichs/NNP Inc/NNP ]
./. 

[ Midwesco/NNP Filter/NNP Resources/NNPS Inc./NNP ]
,/, 
[ initial/JJ offering/NN ]
of/IN 
[ 830,000/CD common/JJ shares/NNS ]
,/, to/TO be/VB offered/VBN by/IN 
[ the/DT company/NN ]
,/, via/IN 
[ Chicago/NNP Corp/NNP ]
./. 

[ Nylev/NNP Municipal/NNP Fund/NNP Inc./NNP ]
,/, offering/NN of/IN 
[ five/CD million/CD common/JJ shares/NNS ]
./. 

[ Occidental/NNP Petroleum/NNP Corp./NNP ]
,/, 
[ shelf/NN ]
offering/NN of/IN 
[ $/$ 1.5/CD billion/CD ]
in/IN 
[ senior/JJ debt/NN securities/NNS ]
./. 

[ Prime/NNP Motor/NNP Inns/NNPS Inc./NNP ]
,/, offering/NN of/IN up/IN to/TO 
[ $/$ 300/CD million/CD zero/CD coupon/NN convertible/JJ debentures/NNS ]
,/, via/IN 
[ Drexel/NNP Burnham/NNP Lambert/NNP Inc./NNP ]
and/CC 
[ Montgomery/NNP Securities/NNPS ]
./. 

[ Service/NNP Fracturing/NNP Co./NNP ]
,/, proposed/VBD offering/NN of/IN 
[ 1.2/CD million/CD shares/NNS ]
of/IN 
[ common/JJ stock/NN ]
,/, via/IN 
[ Lovett/NNP Mitchell/NNP Webb/NNP ]
&/CC 
[ Garrison/NNP ]
,/, 
[ Inc./NNP ]
,/, and/CC 
[ Blunt/NNP Ellis/NNP ]
&/CC 
[ Loewi/NNP Inc/NNP ]
./. 

[ Western/NNP Gas/NNP Resources/NNPS Inc./NNP ]
,/, 
[ initial/JJ offering/NN ]
of/IN 
[ 3,250,000/CD shares/NNS ]
of/IN 
[ common/JJ stock/NN ]
,/, of/IN 
[ which/WDT ]
[ 3,040,000/CD shares/NNS ]
will/MD be/VB sold/VBN by/IN 
[ the/DT company/NN ]
and/CC 
[ 210,000/CD shares/NNS ]
by/IN 
[ a/DT holder/NN ]
,/, via/IN 
[ Prudential-Bache/NNP Capital/NNP Funding/NNP ]
,/, 
[ Smith/NNP Barney/NNP ]
,/, 
[ Harris/NNP Upham/NNP ]
&/CC 
[ Co./NNP ]
,/, and/CC 
[ Hanifen/NNP ]
,/, 
[ Imhoff/NNP Inc/NNP ]
./. 

[ Hold/VB ]
[ the/DT Putty/NN ]
!/. 

With/IN 
[ lipsticks/NNS ]
,/, 
[ liners/NNS ]
,/, 
[ lotions/NNS ]
and/CC 
[ creams/NNS ]
,/, 

[ There/EX ]
are/VBP still/RB 
[ beauty/NN plans/NNS ]
left/VBN to/TO tackle/VB :/: 

But/CC as/IN 
[ the/DT years/NNS ]
go/VBP by/IN ,/, 
[ it/PRP ]
seems/VBZ 

That/IN before/IN 
[ I/PRP ]
paint/VBP ,/, 
[ I/PRP ]
should/MD 

[ spackle/VB ]
./. 

--/: 
[ Pat/NNP D'Amico/NNP ]
./. 

[ Criminal/JJ charges/NNS ]
were/VBD filed/VBN against/IN 
[ Diceon/NNP Electronics/NNP Inc./NNP ]
and/CC 
[ two/CD company/NN officials/NNS ]
alleging/VBG 
[ waste/NN disposal/NN violations/NNS ]
in/IN 
[ its/PRP$ Chatsworth/NNP ]
,/, 
[ Calif./NNP ]
,/, 
[ facility/NN ]
./. 

[ The/DT Los/NNP Angeles/NNP County/NNP district/NN attorney/NN 's/POS office/NN ]
filed/VBD 
[ seven/CD felony/NN ]
and/CC 
[ five/CD misdemeanor/NN counts/NNS ]
charging/VBG that/IN 
[ late/JJ last/JJ year/NN ]
and/CC early/RB 
[ this/DT year/NN ]
[ the/DT Irvine/NNP ]
,/, 
[ Calif.-based/JJ circuit-board/NN manufacturer/NN ]
illegally/RB disposed/VBD of/IN 
[ acid/NN ]
,/, 
[ caustic/JJ ]
and/CC 
[ heavy/JJ metals/NNS ]
into/IN 
[ the/DT sewer/NN system/NN ]
,/, and/CC stored/VBD 
[ hazardous/JJ materials/NNS ]
in/IN 
[ leaky/JJ ]
,/, 
[ unlabeled/JJ ]
or/CC 
[ open-top/JJ containers/NNS ]
./. 

Named/VBN as/IN 
[ defendants/NNS ]
were/VBD 
[ Roland/NNP Matthews/NNP ]
,/, 
[ president/NN ]
,/, and/CC 
[ Peter/NNP Jonas/NNP ]
,/, 
[ executive/JJ vice/NN president/NN ]
and/CC 
[ chief/NN financial/JJ officer/NN ]
,/, as/RB well/RB as/IN 
[ a/DT former/JJ plant/NN manager/NN ]
./. 

[ The/DT company/NN ]
said/VBD 
[ local/JJ authorities/NNS ]
held/VBD 
[ hearings/NNS ]
on/IN 
[ the/DT allegations/NNS last/JJ spring/NN ]
and/CC had/VBD returned/VBN 
[ the/DT plant/NN ]
to/TO ``/`` 
[ routine/JJ inspection/NN ]
''/'' in/IN 
[ August/NNP ]
./. 

``/`` 
[ The/DT company/NN ]
does/VBZ not/RB feel/VB that/IN 
[ it/PRP ]
or/CC 
[ any/DT ]
of/IN 
[ the/DT individuals/NNS ]
violated/VBD 
[ any/DT criminal/JJ statute/NN ]
and/CC 
[ the/DT company/NN ]
expects/VBZ 
[ full/JJ vindication/NN ]
in/IN 
[ court/NN ]
./. 

''/'' 
[ Arraignments/NNS ]
are/VBP scheduled/VBN for/IN 
[ Nov./NNP 14/CD ]
./. 

[ Consumer/NN confidence/NN ]
stayed/VBD 
[ strong/JJ ]
in/IN 
[ October/NNP ]
,/, despite/IN 
[ the/DT unsettling/JJ gyrations/NNS ]
of/IN 
[ the/DT stock/NN market/NN ]
./. 

``/`` 
[ The/DT sharp/JJ stock/NN market/NN decline/NN ]
in/IN 
[ late/JJ October/NNP ]
appears/VBZ to/TO have/VB had/VBN 
[ little/JJ ]
or/CC 
[ no/DT effect/NN ]
on/IN 
[ consumers/NNS ]
,/, ''/'' said/VBD 
[ Fabian/NNP Linden/NNP ]
,/, 
[ executive/JJ director/NN ]
of/IN 
[ the/DT Conference/NNP Board/NNP 's/POS consumer/NN research/NN center/NN ]
./. 

``/`` 
[ Survey/NN returns/NNS ]
received/VBN after/IN 
[ the/DT drop/NN ]
in/IN 
[ the/DT Dow/NNP Jones/NNP average/NN ]
were/VBD about/IN 
[ the/DT same/JJ ]
as/IN 
[ the/DT views/NNS ]
expressed/VBN prior/RB to/TO 
[ that/DT event/NN ]
./. 

''/'' 

[ The/DT nonprofit/JJ ]
,/, 
[ industry-supported/JJ group/NN ]
said/VBD 
[ its/PRP$ Consumer/NNP Confidence/NNP Index/NNP ]
was/VBD 
[ 116.4/CD ]
in/IN 
[ October/NNP ]
,/, barely/RB changed/VBN from/IN 
[ a/DT revised/VBN 116.3/CD ]
in/IN 
[ September/NNP ]
./. 

[ The/DT index/NN ]
was/VBD 
[ 116.9/CD ]
in/IN 
[ October/NNP 1988/CD ]
and/CC in/IN 
[ the/DT past/NN year/NN ]
has/VBZ ranged/VBN from/IN 
[ a/DT low/JJ ]
of/IN 
[ 112.9/CD ]
to/TO 
[ a/DT high/JJ ]
of/IN 
[ 120.7/CD ]
./. 

[ It/PRP ]
uses/VBZ 
[ a/DT base/NN ]
of/IN 
[ 100/CD ]
in/IN 
[ 1985/CD ]
./. 

In/IN 
[ October/NNP ]
,/, 
[ more/JJR people/NNS ]
said/VBD 
[ that/IN present/JJ business/NN conditions/NNS ]
were/VBD ``/`` 
[ good/JJ ]
''/'' than/IN in/IN 
[ September/NNP ]
./. 

[ An/DT equal/JJ number/NN ]
in/IN 
[ each/DT month/NN ]
said/VBD that/IN 
[ employment/NN conditions/NNS ]
were/VBD good/JJ ./. 

And/CC 
[ 19.6/CD %/NN ]
of/IN 
[ consumers/NNS ]
contacted/VBN believed/VBD 
[ business/NN conditions/NNS ]
will/MD improve/VB in/IN 
[ the/DT ]
coming/VBG 
[ six/CD months/NNS ]
,/, compared/VBN with/IN 
[ 18.3/CD %/NN ]
in/IN 
[ September/NNP ]
./. 

Also/RB ,/, 
[ more/JJR people/NNS ]
said/VBD 
[ conditions/NNS ]
will/MD worsen/VB in/IN 
[ the/DT period/NN ]
./. 

 (/( Fewer/JJR said/VBD 
[ conditions/NNS ]
wo/MD n't/RB change/VB ./. 

 )/) In/IN 
[ October/NNP 1988/CD ]
,/, 
[ 21.1/CD %/NN ]
said/VBD 
[ business/NN conditions/NNS ]
would/MD improve/VB ./. 

In/IN 
[ October/NNP 1989/CD ]
,/, 
[ 16.9/CD %/NN ]
said/VBD 
[ more/JJR jobs/NNS ]
will/MD be/VB created/VBN in/IN 
[ the/DT ]
coming/VBG 
[ six/CD months/NNS ]
,/, compared/VBN with/IN 
[ 17.4/CD %/NN ]
in/IN 
[ September/NNP ]
and/CC 
[ 18.6/CD %/NN ]
in/IN 
[ October/NNP 1988/CD ]
./. 

Only/RB 
[ 26.8/CD %/NN ]
in/IN 
[ October/NNP ]
,/, compared/VBN with/IN 
[ 28.5/CD %/NN ]
in/IN 
[ September/NNP ]
and/CC 
[ 26.8/CD %/NN ]
in/IN 
[ October/NNP 1988/CD ]
,/, said/VBD 
[ income/NN ]
would/MD increase/VB ./. 

``/`` 
[ The/DT sustained/VBN level/NN ]
of/IN 
[ confidence/NN ]
can/MD be/VB attributed/VBN to/TO 
[ the/DT continued/VBN favorable/JJ circumstances/NNS ]
[ which/WDT ]
affect/VBP 
[ the/DT consumer/NN 's/POS day-to-day/JJ economic/JJ life/NN ]
,/, ''/'' said/VBD 
[ Mr./NNP Linden/NNP ]
./. 

``/`` 
[ Unemployment/NN ]
continues/VBZ at/IN 
[ a/DT ]
relatively/RB 
[ low/JJ level/NN ]
,/, providing/VBG 
[ a/DT sense/NN ]
of/IN 
[ job/NN security/NN ]
,/, and/CC 
[ a/DT low/JJ inflation/NN rate/NN ]
has/VBZ kept/VBN 
[ the/DT purchasing/VBG power/NN ]
of/IN 
[ the/DT weekly/JJ paycheck/NN ]
reasonably/RB strong/JJ ./. 

''/'' 

[ The/DT consumer/NN confidence/NN survey/NN ]
,/, covering/VBG 
[ 5,000/CD U.S./NNP households/NNS ]
,/, is/VBZ conducted/VBN in/IN 
[ the/DT first/JJ two/CD weeks/NNS ]
of/IN 
[ each/DT month/NN ]
for/IN 
[ the/DT Conference/NNP Board/NNP ]
by/IN 
[ National/NNP Family/NNP Opinion/NNP Inc./NNP ]
,/, 
[ a/DT Toledo/NNP ]
,/, 
[ Ohio/NNP ]
,/, 
[ market/NN researcher/NN ]
./. 

Buying/VBG 
[ plans/NNS ]
were/VBD mixed/VBN in/IN 
[ October/NNP ]
,/, with/IN 
[ fewer/JJR households/NNS ]
indicating/VBG 
[ plans/NNS ]
to/TO buy/VB 
[ cars/NNS ]
and/CC more/RBR saying/VBG 
[ they/PRP ]
will/MD buy/VB 
[ homes/NNS ]
and/CC 
[ appliances/NNS ]
in/IN 
[ the/DT ]
coming/VBG 
[ six/CD months/NNS ]
./. 

In/IN 
[ October/NNP ]
,/, 
[ 6.7/CD %/NN ]
of/IN 
[ respondents/NNS ]
said/VBD 
[ they/PRP ]
will/MD buy/VB 
[ a/DT car/NN ]
,/, easing/VBG from/IN 
[ September/NNP ]
when/WRB 
[ 8.1/CD %/NN ]
anticipated/VBD 
[ a/DT purchase/NN ]
./. 

In/IN 
[ October/NNP 1988/CD ]
,/, 
[ 7.3/CD %/NN ]
said/VBD 
[ they/PRP ]
would/MD buy/VB 
[ a/DT car/NN ]
./. 

[ Home/NN purchase/NN plans/NNS ]
increased/VBD to/TO 
[ 3.3/CD %/NN ]
from/IN 
[ 3.1/CD %/NN ]
in/IN 
[ the/DT two/CD recent/JJ months/NNS ]
./. 

In/IN 
[ October/NNP 1988/CD ]
,/, 
[ 3.7/CD %/NN ]
said/VBD 
[ they/PRP ]
would/MD buy/VB 
[ a/DT house/NN ]
./. 

In/IN 
[ 1989/CD ]
,/, 
[ home/NN purchase/NN plans/NNS ]
have/VBP ranged/VBN monthly/RB from/IN 
[ 2.9/CD %/NN ]
to/TO 
[ 3.7/CD %/NN ]
of/IN 
[ respondents/NNS ]
./. 

In/IN 
[ October/NNP ]
,/, 
[ 30.6/CD %/NN ]
said/VBD 
[ they/PRP ]
will/MD buy/VB 
[ appliances/NNS ]
in/IN 
[ the/DT ]
coming/VBG 
[ six/CD months/NNS ]
,/, compared/VBN with/IN 
[ 27.4/CD %/NN ]
in/IN 
[ September/NNP ]
and/CC 
[ 26.5/CD %/NN ]
in/IN 
[ October/NNP 1988/CD ]
./. 

Despite/IN 
[ a/DT deluge/NN ]
of/IN 
[ economic/JJ news/NN ]
,/, 
[ the/DT Treasury/NNP market/NN ]
remained/VBD 
[ quiet/JJ ]
but/CC 
[ the/DT corporate/JJ market/NN ]
was/VBD abuzz/JJ over/IN 
[ International/NNP Business/NNP Machines/NNPS Corp./NNP 's/POS huge/JJ debt/NN offering/NN ]
./. 

``/`` 
[ There/EX ]
were/VBD 
[ so/RB many/JJ economic/JJ reports/NNS ]
but/CC 
[ the/DT market/NN ]
did/VBD n't/RB 
[ care/VB ]
about/IN 
[ any/DT ]
of/IN 
[ them/PRP ]
,/, ''/'' said/VBD 
[ Kathleen/NNP Camilli/NNP ]
,/, 
[ a/DT money/NN market/NN economist/NN ]
at/IN 
[ Drexel/NNP Burnham/NNP Lambert/NNP Inc/NNP ]
./. 

``/`` So/IN 
[ the/DT focus/NN ]
turned/VBD to/TO 
[ other/JJ fixed-income/JJ markets/NNS ]
,/, 
[ corporate/JJ ]
and/CC mortgages/NNS in/IN 
[ particular/JJ ]
,/, ''/'' 
[ she/PRP ]
said/VBD ./. 

[ IBM/NNP ]
,/, 
[ the/DT giant/JJ computer/NN maker/NN ]
,/, offered/VBD 
[ $/$ 750/CD million/CD ]
of/IN 
[ non-callable/JJ 30-year/JJ debentures/NNS ]
priced/VBN to/TO yield/VB 
[ 8.47/CD %/NN ]
,/, or/CC about/IN 
[ 1\/2/CD percentage/NN point/NN ]
higher/JJR than/IN 
[ the/DT yield/NN ]
on/IN 
[ 30-year/JJ Treasury/NNP bonds/NNS ]
./. 

[ The/DT size/NN ]
of/IN 
[ IBM/NNP 's/POS issue/NN ]
was/VBD increased/VBN from/IN 
[ an/DT ]
originally/RB planned/VBN 
[ $/$ 500/CD million/CD ]
as/IN 
[ money/NN managers/NNS ]
and/CC 
[ investors/NNS ]
scrambled/VBD to/TO buy/VB 
[ the/DT bonds/NNS ]
./. 

In/IN 
[ the/DT investment-grade/JJ corporate/JJ market/NN ]
,/, ``/`` 
[ it/PRP ]
's/VBZ rare/JJ that/IN 
[ you/PRP ]
get/VBP 
[ an/DT opportunity/NN ]
to/TO buy/VB 
[ a/DT name/NN ]
[ that/WDT ]
has/VBZ 
[ such/JJ broad/JJ appeal/NN ]
and/CC has/VBZ 
[ such/JJ attractive/JJ call/NN features/NNS ]
,/, ''/'' said/VBD 
[ James/NNP Ednie/NNP ]
,/, 
[ a/DT Drexel/NNP industrial/JJ bond/NN trader/NN ]
./. 

[ Money/NN managers/NNS ]
ranked/VBD 
[ IBM/NNP 's/POS offering/NN ]
as/IN 
[ the/DT most/RBS significant/JJ investment-grade/JJ sale/NN ]
of/IN 
[ the/DT year/NN ]
because/IN 
[ large/JJ issues/NNS ]
of/IN 
[ long-term/JJ debt/NN ]
by/IN 
[ companies/NNS ]
with/IN 
[ triple-A/JJ credit/NN ]
are/VBP infrequent/JJ ./. 

[ Syndicate/NN officials/NNS ]
at/IN 
[ lead/NN underwriter/NN Salomon/NNP Brothers/NNPS Inc./NNP ]
said/VBD 
[ the/DT debentures/NNS ]
were/VBD snapped/VBN by/IN up/IN 
[ pension/NN funds/NNS ]
,/, 
[ banks/NNS ]
,/, 
[ insurance/NN companies/NNS ]
and/CC 
[ other/JJ institutional/JJ investors/NNS ]
./. 

In/IN 
[ the/DT Treasury/NNP market/NN ]
,/, 
[ investors/NNS ]
paid/VBD 
[ scant/JJ attention/NN ]
to/TO 
[ the/DT day/NN 's/POS economic/JJ reports/NNS ]
,/, 
[ which/WDT ]
for/IN 
[ the/DT most/JJS part/NN ]
provided/VBD 
[ a/DT mixed/VBN view/NN ]
of/IN 
[ the/DT economy/NN ]
./. 

``/`` Whether/IN 
[ you/PRP ]
thought/VBD 
[ the/DT economy/NN ]
was/VBD growing/VBG 
[ weak/JJ ]
or/CC holding/VBG 
[ steady/JJ ]
,/, 
[ yesterday/NN 's/POS economic/JJ indicators/NNS ]
did/VBD n't/RB change/VB 
[ your/PRP$ opinion/NN ]
,/, ''/'' said/VBD 
[ Charles/NNP Lieberman/NNP ]
,/, 
[ a/DT managing/VBG director/NN ]
at/IN 
[ Manufacturers/NNPS Hanover/NNP Securities/NNPS Corp/NNP ]
./. 

[ The/DT government/NN ]
reported/VBD that/IN 
[ orders/NNS ]
for/IN 
[ manufactured/VBN goods/NNS ]
were/VBD essentially/RB unchanged/JJ in/IN 
[ September/NNP ]
while/IN 
[ construction/NN spending/NN ]
was/VBD slightly/RB lower/JJR ./. 

[ Both/DT ]
[ indicators/NNS ]
were/VBD viewed/VBN as/IN 
[ signs/NNS ]
that/IN 
[ the/DT nation/NN 's/POS industrial/JJ sector/NN ]
is/VBZ growing/VBG very/RB slowly/RB ,/, if/IN at/IN 
[ all/DT ]
./. 

[ A/DT survey/NN ]
by/IN 
[ the/DT Federal/NNP Reserve/NNP 's/POS 12/CD district/NN banks/NNS ]
and/CC 
[ the/DT latest/JJS report/NN ]
by/IN 
[ the/DT National/NNP Association/NNP ]
of/IN 
[ Purchasing/NNP Management/NNP ]
blurred/VBD that/DT 
[ picture/NN ]
of/IN 
[ the/DT economy/NN ]
./. 

In/IN 
[ a/DT monthly/JJ report/NN ]
prepared/VBN for/IN 
[ use/NN ]
at/IN 
[ the/DT Fed/NNP 's/POS next/JJ Federal/NNP Open/NNP Market/NNP Committee/NNP meeting/NN ]
on/IN 
[ Nov./NNP 14./CD ]
,/, 
[ the/DT nation/NN 's/POS central/JJ bank/NN ]
found/VBD that/IN 
[ price/NN increases/NNS ]
have/VBP moderated/VBN and/CC 
[ economic/JJ activity/NN ]
has/VBZ grown/VBN at/IN 
[ a/DT sluggish/JJ pace/NN ]
in/IN 
[ recent/JJ weeks/NNS ]
./. 

Among/IN 
[ other/JJ things/NNS ]
,/, 
[ the/DT survey/NN ]
found/VBD that/IN manufacturing/NN 
[ activity/NN ]
varied/VBD considerably/RB across/IN 
[ districts/NNS ]
and/CC among/IN 
[ industries/NNS ]
./. 

[ The/DT Philadelphia/NNP ]
and/CC 
[ Cleveland/NNP districts/NNS ]
,/, for/IN 
[ example/NN ]
,/, reported/VBD 
[ declines/NNS ]
in/IN 
[ manufacturing/NN activity/NN ]
while/IN 
[ the/DT Boston/NNP ]
,/, 
[ Dallas/NNP ]
and/CC 
[ San/NNP Francisco/NNP banks/NNS ]
noted/VBD that/IN 
[ business/NN ]
expanded/VBD ./. 

[ The/DT purchasing/VBG managers/NNS index/NN ]
of/IN 
[ economic/JJ activity/NN ]
rose/VBD in/IN 
[ October/NNP ]
,/, although/IN 
[ it/PRP ]
remains/VBZ below/IN 
[ 50/CD %/NN ]
./. 

[ A/DT reading/NN ]
below/IN 
[ 50/CD %/NN ]
indicates/VBZ that/IN 
[ the/DT manufacturing/VBG sector/NN ]
is/VBZ slowing/VBG while/IN 
[ a/DT reading/NN ]
above/IN 
[ 50/CD %/NN ]
suggests/VBZ that/IN 
[ the/DT industry/NN ]
is/VBZ expanding/VBG ./. 

[ Mr./NNP Lieberman/NNP ]
said/VBD 
[ the/DT diverse/JJ showing/NN ]
in/IN 
[ yesterday/NN 's/POS reports/NNS ]
``/`` only/RB enhances/VBZ 
[ the/DT importance/NN ]
of/IN 
[ the/DT employment/NN data/NNS ]
./. 

''/'' 
[ The/DT employment/NN report/NN ]
,/, 
[ which/WDT ]
at/IN 
[ times/NNS ]
has/VBZ caused/VBN 
[ wide/JJ swings/NNS ]
in/IN 
[ bond/NN prices/NNS ]
,/, is/VBZ due/JJ out/IN 
[ tomorrow/NN ]
./. 

[ The/DT average/JJ estimate/NN ]
of/IN 
[ 22/CD economists/NNS ]
polled/VBN by/IN 
[ Dow/NNP Jones/NNP Capital/NNP Markets/NNPS Report/NNP ]
was/VBD 
[ that/IN non-farm/JJ payrolls/NNS ]
expanded/VBD by/IN 
[ 152,000/CD ]
in/IN 
[ October/NNP ]
./. 

[ The/DT economists/NNS ]
forecast/VBP 
[ a/DT 0.1/CD %/NN rise/NN ]
in/IN 
[ the/DT unemployment/NN rate/NN ]
to/TO 
[ 5.4/CD %/NN ]
./. 

[ Treasury/NNP Securities/NNPS ]
In/IN 
[ a/DT surprise/NN announcement/NN ]
,/, 
[ the/DT Treasury/NNP ]
said/VBD 
[ it/PRP ]
will/MD reopen/VB 
[ the/DT outstanding/JJ benchmark/NN 30-year/JJ bond/NN ]
rather/RB than/IN create/VB 
[ a/DT new/JJ one/CD ]
for/IN 
[ next/JJ week/NN ]
's/POS quarterly/RB refunding/NN of/IN 
[ the/DT federal/JJ debt/NN ]
./. 

[ The/DT Treasury/NNP ]
will/MD raise/VB 
[ $/$ 10/CD billion/CD ]
in/IN 
[ fresh/JJ cash/NN ]
by/IN selling/VBG 
[ $/$ 30/CD billion/CD ]
of/IN 
[ securities/NNS ]
,/, including/VBG 
[ $/$ 10/CD billion/CD ]
of/IN 
[ new/JJ three-year/JJ notes/NNS ]
and/CC 
[ $/$ 10/CD billion/CD ]
of/IN 
[ new/JJ 10-year/JJ notes/NNS ]
./. 

But/CC rather/RB than/IN sell/VB 
[ new/JJ 30-year/JJ bonds/NNS ]
,/, 
[ the/DT Treasury/NNP ]
will/MD issue/VB 
[ $/$ 10/CD billion/CD ]
of/IN 
[ 29year/JJ ]
,/, 
[ nine-month/JJ bonds/NNS ]
--/: essentially/RB increasing/VBG 
[ the/DT size/NN ]
of/IN 
[ the/DT current/JJ benchmark/NN 30-year/JJ bond/NN ]
[ that/WDT ]
was/VBD sold/VBN at/IN 
[ the/DT previous/JJ ]
refunding/NN in/IN 
[ August/NNP ]
./. 

[ Credit/NN market/NN analysts/NNS ]
said/VBD 
[ the/DT decision/NN ]
to/TO reopen/VB 
[ the/DT current/JJ benchmark/NN ]
,/, 
[ the/DT 8/CD 1\/8/CD %/NN bond/NN due/JJ August/NNP 2019/CD ]
,/, is/VBZ unusual/JJ because/IN 
[ the/DT issue/NN ]
trades/VBZ at/IN 
[ a/DT premium/NN ]
to/TO 
[ its/PRP$ face/NN amount/NN ]
./. 

[ Some/DT dealers/NNS ]
said/VBD 
[ the/DT Treasury/NNP 's/POS intent/NN ]
is/VBZ to/TO help/VB 
[ government/NN bond/NN dealers/NNS ]
gauge/VB 
[ investor/NN demand/NN ]
for/IN 
[ the/DT securities/NNS ]
,/, given/VBN 
[ uncertainties/NNS ]
about/IN when/WRB 
[ the/DT auction/NN ]
will/MD occur/VB ./. 

[ The/DT Treasury/NNP ]
said/VBD 
[ the/DT refunding/NN ]
is/VBZ 
[ contingent/NN ]
upon/IN 
[ congressional/JJ ]
and/CC 
[ presidential/JJ passage/NN ]
of/IN 
[ an/DT increase/NN ]
in/IN 
[ the/DT federal/JJ debt/NN ceiling/NN ]
./. 

Until/IN 
[ such/JJ action/NN ]
takes/VBZ 
[ places/NNS ]
,/, 
[ the/DT Treasury/NNP ]
has/VBZ 
[ no/DT ability/NN ]
to/TO issue/VB 
[ new/JJ debt/NN ]
of/IN 
[ any/DT kind/NN ]
./. 

Meanwhile/RB ,/, 
[ Treasury/NNP bonds/NNS ]
ended/VBD modestly/RB higher/JJR in/IN 
[ quiet/JJ ]
trading/NN ./. 

[ The/DT benchmark/NN 30-year/JJ bond/NN ]
about/IN 
[ 1\/4/CD point/NN ]
,/, or/CC 
[ $/$ 2.50/CD ]
for/IN 
[ each/DT $/$ 1,000/CD face/NN amount/NN ]
./. 

[ The/DT benchmark/NN ]
was/VBD priced/VBN at/IN 
[ 102/CD 22\/32/CD ]
to/TO yield/VB 
[ 7.88/CD %/NN ]
compared/VBN with/IN 
[ 102/CD 12\/32/CD ]
to/TO yield/VB 
[ 7.90/CD %/NN Tuesday/NNP ]
./. 

[ The/DT latest/JJS 10-year/JJ notes/NNS ]
were/VBD quoted/VBN at/IN 
[ 100/CD 22\/32/CD ]
to/TO yield/VB 
[ 7.88/CD %/NN ]
compared/VBN with/IN 
[ 100/CD 16\/32/CD ]
to/TO yield/VB 
[ 7.90/CD %/NN ]
./. 

[ The/DT discount/NN rate/NN ]
on/IN 
[ three-month/JJ Treasury/NNP bills/NNS ]
was/VBD essentially/RB unchanged/JJ at/IN 
[ 7.79/CD %/NN ]
,/, while/IN 
[ the/DT rate/NN ]
on/IN 
[ six-month/JJ bills/NNS ]
was/VBD slightly/RB lower/JJR at/IN 
[ 7.52/CD %/NN ]
compared/VBN with/IN 
[ 7.60/CD %/NN Tuesday/NNP ]
./. 

[ Corporate/NNP Issues/NNPS ]
[ IBM/NNP 's/POS $/$ 750/CD million/CD debenture/NN ]
offering/NN 
[ dominated/VBD activity/NN ]
in/IN 
[ the/DT corporate/JJ debt/NN market/NN ]
./. 

Meanwhile/RB ,/, 
[ most/RBS investment-grade/JJ bonds/NNS ]
ended/VBD unchanged/JJ to/TO as/RB much/JJ as/IN 
[ 1\/8/CD point/NN ]
higher/JJR ./. 

In/IN 
[ its/PRP$ latest/JJS compilation/NN ]
of/IN 
[ performance/NN statistics/NNS ]
,/, 
[ Moody/NNP 's/POS Investors/NNPS Service/NNP ]
found/VBD that/IN 
[ investment-grade/JJ bonds/NNS ]
posted/VBD 
[ a/DT total/JJ return/NN ]
of/IN 
[ 2.7/CD %/NN ]
in/IN 
[ October/NNP ]
while/IN 
[ junk/NN bonds/NNS ]
showed/VBD 
[ a/DT negative/JJ return/NN ]
of/IN 
[ 1.5/CD %/NN ]
./. 

[ Moody/NNP 's/POS ]
said/VBD 
[ those/DT returns/NNS ]
compare/VBP with/IN 
[ a/DT 3.8/CD %/NN total/JJ return/NN ]
for/IN 
[ longer-term/JJ Treasury/NNP notes/NNS ]
and/CC 
[ bonds/NNS ]
./. 

[ Total/JJ return/NN ]
measures/VBZ 
[ price/NN changes/NNS ]
and/CC 
[ interest/NN income/NN ]
./. 

For/IN 
[ the/DT year/NN ]
to/TO 
[ date/NN ]
,/, 
[ Moody/NNP 's/POS ]
said/VBD 
[ total/JJ returns/NNS ]
were/VBD topped/VBN by/IN 
[ the/DT 16.5/CD %/NN ]
of/IN 
[ longer-term/JJ Treasury/NNP issues/NNS ]
,/, closely/RB followed/VBN by/IN 
[ 15/CD %/NN ]
for/IN 
[ investment-grade/JJ bonds/NNS ]
./. 

[ Junk/NN bonds/NNS ]
trailed/VBD 
[ the/DT group/NN ]
again/RB ./. 

``/`` Even/RB 
[ the/DT 7.2/CD %/NN return/NN ]
from/IN 
[ the/DT risk-free/JJ three-month/JJ Treasury/NNP bill/NN ]
has/VBZ easily/RB outdistanced/VBN 
[ the/DT 4.1/CD %/NN return/NN ]
from/IN 
[ junk/NN bonds/NNS ]
,/, ''/'' wrote/VBD 
[ Moody/NNP 's/POS economist/NN John/NNP Lonski/NNP ]
in/IN 
[ yesterday/NN 's/POS market/NN report/NN ]
./. 

``/`` Little/JJ wonder/NN that/IN 
[ buyers/NNS ]
for/IN 
[ junk/NN ]
have/VBP been/VBN found/VBN wanting/VBG ,/, ''/'' 
[ he/PRP ]
said/VBD ./. 

[ Moody/NNP ]
[ 's/POS ]
said/VBD 
[ the/DT average/JJ net/NN asset/NN value/NN ]
of/IN 
[ 24/CD junk-bond/NN mutual/JJ funds/NNS ]
fell/VBD by/IN 
[ 4.2/CD %/NN ]
in/IN 
[ October/NNP ]
./. 

[ Mortgage-Backed/NNP Issues/NNPS ]
[ Mortgage/NN securities/NNS ]
ended/VBD slightly/RB higher/JJR but/CC trailed/VBD 
[ gains/NNS ]
in/IN 
[ the/DT Treasury/NNP market/NN ]
./. 

[ Ginnie/NNP Mae/NNP 's/POS 9/CD %/NN issue/NN ]
for/IN 
[ November/NNP delivery/NN ]
finished/VBD at/IN 
[ 98/CD 5\/8/CD ]
,/, up/RB 
[ 2\/32/CD ]
,/, and/CC 
[ its/PRP$ 9/CD 1\/2/CD %/NN issue/NN ]
at/IN 
[ 100/CD 22\/32/CD ]
,/, also/RB up/RB 
[ 2\/32/CD ]
./. 

[ The/DT Ginnie/NNP Mae/NNP 9/CD %/NN securities/NNS ]
were/VBD yielding/VBG 
[ 9.32/CD %/NN ]
to/TO 
[ a/DT 12-year/JJ average/NN life/NN ]
./. 

[ Activity/NN ]
was/VBD light/JJ in/IN 
[ derivative/JJ markets/NNS ]
,/, with/IN 
[ no/DT new/JJ issues/NNS ]
priced/VBN ./. 

[ Municipal/NNP Issues/NNPS ]
[ Municipal/JJ bonds/NNS ]
were/VBD mostly/RB unchanged/JJ to/TO up/RB 
[ 1\/8/CD point/NN ]
in/IN 
[ light/JJ ]
,/, 
[ cautious/JJ ]
trading/NN prior/RB to/TO 
[ tomorrow/NN 's/POS unemployment/NN report/NN ]
./. 

[ A/DT $/$ 114/CD million/CD issue/NN ]
of/IN 
[ health/NN facility/NN revenue/NN bonds/NNS ]
from/IN 
[ the/DT California/NNP Health/NNP Facilities/NNPS Financing/NNP Authority/NNP ]
was/VBD temporarily/RB withdrawn/VBN after/IN being/VBG tentatively/RB priced/VBN by/IN 
[ a/DT First/NNP Boston/NNP Corp./NNP group/NN ]
./. 

[ An/DT official/NN ]
for/IN 
[ the/DT lead/NN underwriter/NN ]
declined/VBD to/TO comment/VB on/IN 
[ the/DT reason/NN ]
for/IN 
[ the/DT delay/NN ]
,/, but/CC 
[ market/NN participants/NNS ]
speculated/VBD that/IN 
[ a/DT number/NN ]
of/IN 
[ factors/NNS ]
,/, including/VBG 
[ a/DT lack/NN ]
of/IN 
[ investor/NN interest/NN ]
,/, were/VBD responsible/JJ ./. 

[ The/DT issue/NN ]
could/MD be/VB relaunched/VBN ,/, possibly/RB in/IN 
[ a/DT restructured/VBN form/NN ]
,/, as/RB early/RB as/IN 
[ next/JJ week/NN ]
,/, according/VBG to/TO 
[ the/DT lead/NN underwriter/NN ]
./. 

[ A/DT $/$ 107.03/CD million/CD offering/NN ]
of/IN 
[ Santa/NNP Ana/NNP Community/NNP Redevelopment/NNP Agency/NNP ]
,/, 
[ Calif./NNP ]
,/, 
[ tax/NN allocation/NN bonds/NNS ]
got/VBD off/IN to/TO 
[ a/DT slow/JJ start/NN ]
and/CC may/MD be/VB repriced/VBN at/IN 
[ lower/JJR levels/NNS today/NN ]
,/, according/VBG to/TO 
[ an/DT official/NN ]
with/IN 
[ lead/NN underwriter/NN Donaldson/NNP Lufkin/NNP ]
&/CC 
[ Jenrette/NNP Securities/NNPS Corp/NNP ]
./. 

[ The/DT Santa/NNP Ana/NNP bonds/NNS ]
were/VBD tentatively/RB priced/VBN to/TO yield/VB from/IN 
[ 6.40/CD %/NN ]
in/IN 
[ 1991/CD ]
to/TO 
[ 7.458/CD %/NN ]
in/IN 

Bucking/VBG 
[ the/DT market/NN trend/NN ]
,/, 
[ an/DT issue/NN ]
of/IN 
[ $/$ 130/CD million/CD general/JJ obligation/NN distributable/JJ state/NN aid/NN bonds/NNS ]
from/IN 
[ Detroit/NNP ]
,/, 
[ Mich./NNP ]
,/, apparently/RB drew/VBD 
[ solid/JJ investor/NN interest/NN ]
./. 

[ They/PRP ]
were/VBD tentatively/RB priced/VBN to/TO yield/VB from/IN 
[ 6.20/CD %/NN ]
in/IN 
[ 1991/CD ]
to/TO 
[ 7.272/CD %/NN ]
in/IN 

[ Foreign/NNP Bond/NNP ]
[ West/JJ German/JJ  dealers/NNS ]
said/VBD 
[ there/EX ]
was/VBD 
[ little/JJ interest/NN ]
in/IN 
[ Treasury/NNP bonds/NNS ]
ahead/RB of/IN 
[ Thursday/NNP 's/POS new/JJ government/NN bond/NN issue/NN ]
./. 

So/IN far/RB ,/, 
[ they/PRP ]
said/VBD ,/, 
[ investors/NNS ]
appear/VBP 
[ unenthusiastic/JJ ]
about/IN 
[ the/DT new/JJ issue/NN ]
[ which/WDT ]
might/MD force/VB 
[ the/DT government/NN ]
to/TO raise/VB 
[ the/DT coupon/NN ]
to/TO more/JJR than/IN 
[ 7/CD %/NN ]
./. 

[ It/PRP ]
is/VBZ generally/RB expected/VBN to/TO be/VB 
[ the/DT usual/JJ 10-year/JJ ]
,/, 
[ four/CD billion/CD mark/NN issue/NN ]
./. 

[ Rumors/NNS ]
to/TO 
[ the/DT contrary/NN ]
have/VBP been/VBN that/IN 
[ it/PRP ]
would/MD be/VB 
[ a/DT six/CD billion/CD mark/NN issue/NN ]
,/, or/CC that/IN 
[ the/DT last/JJ Bund/NN ]
,/, 
[ a/DT 7/CD %/NN issue/NN due/JJ October/NNP 1999/CD ]
,/, would/MD be/VB increased/VBN by/IN 
[ two/CD billion/CD marks/NNS ]
./. 

Elsewhere/RB :/: 

--/: In/IN 
[ Japan/NNP ]
,/, 
[ the/DT benchmark/NN No./NN 111/CD 4.6/CD %/NN issue/NN due/JJ 1998/CD ]
ended/VBD on/IN 
[ brokers/NNS screens/NNS ]
unchanged/JJ at/IN 
[ 95.09/CD ]
to/TO yield/VB 
[ 5.435/CD %/NN ]
./. 

--/: In/IN 
[ Britain/NNP ]
,/, 
[ the/DT benchmark/NN 11/CD 3\/4/CD %/NN bond/NN due/JJ 2003\/2007/CD ]
fell/VBD 
[ 14\/32/CD ]
to/TO 
[ 111/CD 2\/32/CD ]
to/TO yield/VB 
[ 10.19/CD %/NN ]
./. 

[ The/DT 12/CD %/NN notes/NNS due/JJ 1995/CD ]
fell/VBD 
[ 9\/32/CD ]
to/TO 
[ 103/CD 3\/8/CD ]
to/TO yield/VB 
[ 11.10/CD %/NN ]
./. 

[ Standard/NNP ]
&/CC 
[ Poor/NNP 's/POS Corp./NNP ]
lowered/VBD to/TO 
[ double-C/NN ]
from/IN 
[ triple-C/NN ]
[ the/DT rating/NN ]
on/IN about/IN 
[ $/$ 130/CD million/CD ]
of/IN 
[ debt/NN ]
./. 

[ The/DT rating/NN concern/NN ]
said/VBD 
[ the/DT textile/NN ]
and/CC 
[ clothing/NN company/NN 's/POS interest/NN expense/NN ]
exceeds/VBZ 
[ operating/NN profit/NN ]
``/`` by/IN 
[ a/DT wide/JJ margin/NN ]
''/'' and/CC 
[ it/PRP ]
noted/VBD United/NNP 's/POS estimated/VBN 
[ after-tax/JJ loss/NN ]
of/IN 
[ $/$ 24/CD million/CD ]
for/IN 
[ the/DT year/NN ]
ended/VBD 
[ June/NNP 30/CD ]
./. 

[ Travelers/NNPS Corp./NNP 's/POS third-quarter/NN net/NN income/NN ]
rose/VBD 
[ 11/CD %/NN ]
,/, even/RB though/IN 
[ claims/NNS ]
stemming/VBG from/IN 
[ Hurricane/NNP Hugo/NNP ]
reduced/VBD 
[ results/NNS $/$ 40/CD million/CD ]
./. 

[ Net/NN ]
advanced/VBD to/TO 
[ $/$ 94.2/CD million/CD ]
,/, or/CC 
[ 89/CD cents/NNS ]
[ a/DT share/NN ]
,/, from/IN 
[ $/$ 85/CD million/CD ]
,/, or/CC 
[ 83/CD cents/NNS ]
[ a/DT share/NN ]
,/, including/VBG 
[ net/NN ]
realized/VBD 
[ investment/NN gains/NNS ]
of/IN 
[ $/$ 31/CD million/CD ]
,/, up/RB from/IN 
[ $/$ 10/CD million/CD ]
[ a/DT year/NN ]
ago/IN ./. 

But/CC 
[ revenue/NN ]
declined/VBD to/TO 
[ $/$ 3/CD billion/CD ]
from/IN 
[ $/$ 3.2/CD billion/CD ]
./. 

[ Travelers/NNPS ]
estimated/VBD that/IN 
[ the/DT California/NNP earthquake/NN last/JJ month/NN ]
will/MD result/VB in/IN 
[ a/DT fourth-quarter/NN pre-tax/JJ charge/NN ]
of/IN less/JJR than/IN 
[ $/$ 10/CD million/CD ]
./. 

[ The/DT insurer/NN 's/POS earnings/NNS ]
from/IN 
[ commercial/JJ property\/casualty/NN lines/NNS ]
fell/VBD 
[ 59/CD %/NN ]
in/IN 
[ the/DT latest/JJS quarter/NN ]
,/, while/IN 
[ it/PRP ]
lost/VBD 
[ $/$ 7.2/CD million/CD ]
in/IN 
[ its/PRP$ personal/JJ property\/casualty/NN business/NN ]
,/, compared/VBN with/IN 
[ earnings/NNS ]
of/IN 
[ $/$ 6.1/CD million/CD ]
[ a/DT year/NN ]
ago/IN ./. 

[ Travelers/NNPS 's/POS employee/NN benefits/NNS group/NN ]
,/, 
[ which/WDT ]
includes/VBZ 
[ its/PRP$ group/NN health/NN insurance/NN operations/NNS ]
,/, posted/VBD 
[ earnings/NNS ]
of/IN 
[ $/$ 24/CD million/CD ]
,/, compared/VBN with/IN 
[ a/DT loss/NN ]
of/IN 
[ $/$ 3/CD million/CD last/JJ year/NN ]
./. 

In/IN 
[ the/DT first/JJ nine/CD months/NNS ]
,/, 
[ net/NN ]
was/VBD 
[ $/$ 306/CD million/CD ]
,/, compared/VBN with/IN 
[ a/DT loss/NN ]
of/IN 
[ $/$ 195/CD million/CD ]
in/IN 
[ the/DT 1988/CD period/NN ]
./. 

[ The/DT year-ago/JJ results/NNS ]
included/VBD 
[ a/DT $/$ 415/CD million/CD charge/NN ]
in/IN 
[ the/DT 1988/CD second/JJ quarter/NN ]
for/IN underperforming/VBG 
[ real/JJ estate/NN ]
and/CC 
[ mortgage/NN loans/NNS ]
./. 

[ The/DT British/NNP Department/NNP ]
of/IN 
[ Trade/NNP ]
and/CC 
[ Industry/NNP ]
ordered/VBD 
[ an/DT investigation/NN ]
of/IN 
[ the/DT competitive/JJ impact/NN ]
of/IN 
[ Michelin/NNP Tyre/NNP PLC/NNP 's/POS planned/VBN acquisition/NN ]
of/IN 
[ National/NNP Tyre/NNP Service/NNP Ltd/NNP ]
./. 

[ The/DT department/NN ]
said/VBD 
[ it/PRP ]
referred/VBD 
[ the/DT takeover/NN ]
to/TO 
[ the/DT Monopolies/NNPS ]
and/CC 
[ Mergers/NNPS Commission/NNP ]
because/IN of/IN 
[ the/DT purchase/NN 's/POS possible/JJ effects/NNS ]
on/IN 
[ the/DT U.K./NNP market/NN ]
for/IN 
[ distribution/NN ]
of/IN 
[ replacement/NN tires/NNS ]
./. 

[ BTR/NNP PLC/NNP ]
,/, 
[ a/DT U.K./NNP industrial/JJ conglomerate/NN ]
,/, said/VBD in/IN 
[ June/NNP ]
[ it/PRP ]
had/VBD sold/VBN 
[ its/PRP$ National/NNP Tyre/NNP Service/NNP business/NN ]
to/TO 
[ Michelin/NNP Investment/NNP Ltd./NNP ]
,/, 
[ a/DT U.K./NNP unit/NN ]
of/IN 
[ the/DT tire/NN maker/NN ]
,/, for/IN 
[ #/# 140/CD million/CD ]
 (/( 
[ $/$ 221.4/CD million/CD ]
 )/) ./. 

[ Michelin/NNP Tyre/NNP ]
is/VBZ 
[ a/DT unit/NN ]
of/IN 
[ France/NNP 's/POS Michelin/NNP S.A/NNP ]
./. 

[ Michelin/NNP officials/NNS ]
could/MD n't/RB immediately/RB comment/VB on/IN 
[ the/DT referral/NN ]
,/, but/CC 
[ they/PRP ]
noted/VBD 
[ the/DT purchase/NN ]
from/IN 
[ BTR/NNP ]
has/VBZ already/RB been/VBN concluded/VBN ./. 

[ National/NNP Tyre/NNP ]
,/, 
[ which/WDT ]
has/VBZ 
[ 420/CD branches/NNS ]
throughout/IN 
[ the/DT U.K./NNP ]
,/, had/VBD 
[ 1988/CD pretax/NN profit/NN ]
of/IN 
[ #/# 8.5/CD million/CD ]
./. 

[ Rep./NNP John/NNP Dingell/NNP ]
,/, 
[ an/DT important/JJ sponsor/NN ]
of/IN 
[ President/NNP Bush/NNP 's/POS clean-air/JJ bill/NN ]
,/, plans/VBZ to/TO unveil/VB 
[ a/DT surprise/NN proposal/NN ]
[ that/WDT ]
would/MD break/VB with/IN 
[ the/DT White/NNP House/NNP ]
on/IN 
[ a/DT centerpiece/NN issue/NN ]
:/: 
[ acid/JJ rain/NN ]
./. 

[ The/DT Michigan/NNP Democrat/NNP 's/POS proposal/NN ]
,/, 
[ which/WDT ]
is/VBZ expected/VBN 
[ today/NN ]
,/, is/VBZ described/VBN by/IN 
[ government/NN sources/NNS ]
and/CC 
[ lobbyists/NNS ]
as/RB significantly/RB weaker/JJR than/IN 
[ the/DT Bush/NNP administration/NN 's/POS plan/NN ]
to/TO cut/VB 
[ utility/NN emissions/NNS ]
[ that/WDT ]
lead/VBP to/TO 
[ acid/JJ rain/NN ]
./. 

[ The/DT administration/NN 's/POS plan/NN ]
could/MD cost/VB 
[ utilities/NNS ]
,/, mainly/RB 
[ those/DT ]
[ that/WDT ]
use/VBP 
[ coal/NN ]
,/, up/RB to/TO 
[ $/$ 4/CD billion/CD ]
[ a/DT year/NN ]
./. 

[ The/DT proposal/NN ]
comes/VBZ as/IN 
[ a/DT surprise/NN ]
even/RB to/TO 
[ administration/NN officials/NNS ]
and/CC temporarily/RB throws/VBZ into/IN 
[ chaos/NN ]
[ the/DT House/NNP 's/POS work/NN ]
on/IN 
[ clean-air/JJ legislation/NN ]
./. 

As/IN 
[ chairman/NN ]
of/IN 
[ the/DT House/NNP Energy/NNP ]
and/CC 
[ Commerce/NNP Committee/NNP ]
,/, 
[ Mr./NNP Dingell/NNP ]
has/VBZ 
[ almost/RB single-handed/JJ control/NN ]
over/IN 
[ clean-air/JJ legislation/NN ]
./. 

[ People/NNS ]
close/JJ to/TO 
[ the/DT utility/NN industry/NN ]
said/VBD 
[ Mr./NNP Dingell/NNP 's/POS proposal/NN ]
appears/VBZ to/TO guarantee/VB only/RB 
[ an/DT estimated/VBN seven-million-ton/JJ cut/NN ]
in/IN 
[ annual/JJ sulfur-dioxide/NN emissions/NNS ]
[ that/WDT ]
lead/VBP to/TO 
[ acid/NN rain/NN ]
,/, though/IN 
[ additional/JJ cuts/NNS ]
could/MD be/VB ordered/VBN later/JJ ./. 

[ Mr./NNP Bush/NNP 's/POS legislative/JJ package/NN ]
promises/VBZ to/TO cut/VB 
[ emissions/NNS ]
by/IN 
[ 10/CD million/CD tons/NNS ]
--/: basically/RB in/IN 
[ half/DT ]
--/: by/IN 
[ the/DT year/NN 2000/CD ]
./. 

Although/IN 
[ final/JJ details/NNS ]
were/VBD n't/RB available/JJ ,/, 
[ sources/NNS ]
said/VBD 
[ the/DT Dingell/NNP plan/NN ]
would/MD abandon/VB 
[ the/DT president/NN 's/POS proposal/NN ]
for/IN 
[ a/DT cap/NN ]
on/IN 
[ utilities/NNS '/POS sulfur-dioxide/NN emissions/NNS ]
./. 

[ That/DT proposal/NN ]
had/VBD been/VBN hailed/VBN by/IN 
[ environmentalists/NNS ]
but/CC despised/VBN by/IN 
[ utilities/NNS ]
because/IN 
[ they/PRP ]
feared/VBD 
[ it/PRP ]
would/MD limit/VB 
[ their/PRP$ growth/NN ]
./. 

[ It/PRP ]
also/RB would/MD junk/VB 
[ an/DT innovative/JJ market-based/JJ system/NN ]
for/IN trading/VBG 
[ emissions/NNS credits/NNS ]
among/IN 
[ polluters/NNS ]
./. 

In/IN 
[ addition/NN ]
,/, 
[ it/PRP ]
is/VBZ believed/VBN to/TO offer/VB 
[ a/DT cost-sharing/JJ mechanism/NN ]
[ that/WDT ]
would/MD help/VB subsidize/VB 
[ the/DT clean-up/JJ costs/NNS ]
for/IN 
[ the/DT dirtiest/JJS coal-fired/JJ utilities/NNS ]
in/IN 
[ the/DT country/NN ]
,/, sparing/VBG 
[ their/PRP$ customers/NNS ]
from/IN 
[ exorbitant/JJ jumps/NNS ]
in/IN 
[ their/PRP$ electric/JJ bills/NNS ]
./. 

[ The/DT administration/NN ]
,/, sticking/VBG to/TO 
[ its/PRP$ vow/NN ]
of/IN 
[ avoiding/VBG tax/NN increases/NNS ]
,/, has/VBZ staunchly/RB opposed/VBN 
[ cost-sharing/NN ]
./. 

[ Mr./NNP Dingell/NNP 's/POS staff/NN ]
was/VBD expected/VBN to/TO present/VB 
[ its/PRP$ acid-rain/NN alternative/NN ]
to/TO 
[ other/JJ committee/NN members/NNS ]
,/, apparently/RB in/IN 
[ an/DT attempt/NN ]
to/TO appease/VB 
[ Midwestern/JJ lawmakers/NNS ]
from/IN 
[ high-polluting/JJ states/NNS ]
[ who/WP ]
insist/VBP on/IN 
[ cost-sharing/NN ]
./. 

[ It/PRP ]
is/VBZ n't/RB clear/JJ ,/, however/RB ,/, whether/IN 
[ support/NN ]
for/IN 
[ the/DT proposal/NN ]
will/MD be/VB broad/JJ enough/RB to/TO pose/VB 
[ a/DT serious/JJ challenge/NN ]
to/TO 
[ the/DT White/NNP House/NNP 's/POS acid-rain/NN plan/NN ]
./. 

While/IN 
[ the/DT new/JJ proposal/NN ]
might/MD appeal/VB to/TO 
[ the/DT dirtiest/JJS utilities/NNS ]
,/, 
[ it/PRP ]
might/MD not/RB win/VB 
[ the/DT support/NN ]
of/IN 
[ utilities/NNS ]
,/, 
[ many/JJ ]
in/IN 
[ the/DT West/NN ]
,/, 
[ that/WDT ]
already/RB have/VBP added/VBN 
[ expensive/JJ cleanup/NN equipment/NN ]
or/CC burn/VBP 
[ cleaner-burning/JJ fuels/NNS ]
./. 

[ Lawmakers/NNS ]
representing/VBG 
[ some/DT ]
of/IN 
[ the/DT cleaner/JJR utilities/NNS ]
have/VBP been/VBN quietly/RB working/VBG with/IN 
[ the/DT White/NNP House/NNP ]
to/TO devise/VB 
[ ways/NNS ]
to/TO tinker/VB with/IN 
[ the/DT administration/NN bill/NN ]
to/TO address/VB 
[ their/PRP$ acid-rain/NN concerns/NNS ]
./. 

[ American/NNP City/NNP Business/NNP Journals/NNPS Inc./NNP ]
said/VBD 
[ its/PRP$ president/NN ]
,/, 
[ Michael/NNP K./NNP Russell/NNP ]
,/, will/MD resign/VB rather/RB than/IN 
[ relocate/NN ]
to/TO 
[ new/JJ headquarters/NNS ]
in/IN 
[ Charlotte/NNP ]
,/, 
[ N.C/NNP ]
./. 

[ Mr./NNP Russell/NNP ]
,/, 
[ who/WP ]
co-founded/VBD 
[ the/DT Kansas/NNP City/NNP ]
,/, 
[ Mo.-based/JJ local/JJ business/NN publications/NNS ]
concern/NN here/RB ,/, said/VBD 
[ he/PRP ]
would/MD have/VB 
[ a/DT five-year/JJ consulting/NN agreement/NN ]
with/IN 
[ the/DT company/NN ]
,/, 
[ which/WDT ]
recently/RB underwent/VBD 
[ an/DT ownership/NN change/NN ]
./. 

Earlier/RBR 
[ this/DT year/NN Shaw/NNP Publishing/NNP Inc./NNP ]
,/, 
[ Charlotte/NNP ]
,/, acquired/VBD 
[ 30/CD %/NN ]
of/IN 
[ American/NNP City/NNP ]
and/CC has/VBZ 
[ an/DT agreement/NN ]
to/TO acquire/VB 
[ a/DT further/JJ 25/CD %/NN ]
from/IN 
[ E.W./NNP Scripps/NNP Co./NNP next/JJ year/NN ]
./. 

[ Ray/NNP Shaw/NNP ]
,/, 
[ chairman/NN ]
of/IN 
[ American/NNP City/NNP ]
,/, said/VBD 
[ he/PRP ]
would/MD assume/VB 
[ Mr./NNP Russell/NNP 's/POS responsibilities/NNS ]
if/IN 
[ a/DT successor/NN ]
is/VBZ n't/RB found/VBN 
[ this/DT month/NN ]
./. 

[ A/DT nickname/NN ]
for/IN 
[ measures/NNS ]
to/TO stop/VB 
[ the/DT market/NN ]
from/IN plunging/VBG too/RB far/RB too/RB fast/RB ./. 

[ Several/JJ moves/NNS ]
were/VBD taken/VBN following/VBG 
[ the/DT October/NNP 1987/CD crash/NN ]
to/TO coordinate/VB --/: and/CC sometimes/RB deliberately/RB disconnect/VB --/: 
[ the/DT stock/NN ]
and/CC 
[ futures/NNS markets/NNS ]
in/IN 
[ times/NNS ]
of/IN 
[ heightened/VBN volatility/NN ]
./. 

On/IN 
[ the/DT Big/NNP Board/NNP ]
,/, 
[ a/DT ]
``/`` 
[ side/NN car/NN ]
''/'' is/VBZ put/VBN into/IN 
[ effect/NN ]
when/WRB 
[ the/DT S&P/NNP futures/NNS ]
rise/VBP or/CC fall/VBP 
[ 12/CD points/NNS ]
./. 

[ The/DT side/NN car/NN ]
routes/VBZ 
[ program/NN trades/NNS ]
into/IN 
[ a/DT special/JJ computer/NN file/NN ]
[ that/WDT ]
scans/VBZ for/IN 
[ imbalances/NNS ]
of/IN buy/NN and/CC sell/NN 
[ orders/NNS ]
./. 

On/IN 
[ the/DT Chicago/NNP Mercantile/NNP Exchange/NNP ]
,/, 
[ S&P/NNP 500/CD futures/NNS ]
are/VBP not/RB allowed/VBN to/TO fall/VB further/JJ than/IN 
[ 12/CD points/NNS ]
from/IN 
[ the/DT previous/JJ day/NN ]
's/POS close/NN for/IN 
[ half/PDT an/DT hour/NN ]
./. 

If/IN ,/, when/WRB 
[ trading/NN resumes/VBZ ]
,/, 
[ the/DT S&P/NNP futures/NNS ]
fall/VBP 
[ 30/CD points/NNS ]
from/IN 
[ the/DT previous/JJ day/NN 's/POS close/NN ]
,/, 
[ a/DT one-hour/JJ trading/NN halt/NN ]
takes/VBZ 
[ effect/NN ]
./. 

Also/RB ,/, 
[ the/DT reforms/NNS ]
allow/VBP 
[ the/DT Big/NNP Board/NNP ]
to/TO halt/VB trading/NN for/IN 
[ one/CD hour/NN ]
if/IN 
[ the/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP ]
falls/VBZ 
[ 250/CD points/NNS ]
,/, and/CC for/IN 
[ two/CD more/JJR hours/NNS ]
if/IN 
[ the/DT Dow/NNP ]
slides/VBZ 
[ an/DT additional/JJ 150/CD points/NNS ]
on/IN 
[ the/DT same/JJ day/NN ]
./. 

[ DOT/NNP System/NNP ]
--/: 
[ The/DT ]
``/`` 
[ Designated/NNP Order/NNP Turnaround/NNP ]
''/'' 
[ System/NNP ]
was/VBD launched/VBN by/IN 
[ the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ]
in/IN 
[ March/NNP 1976/CD ]
,/, to/TO offer/VB 
[ automatic/JJ ]
,/, 
[ high-speed/JJ order/NN processing/NN ]
./. 

[ A/DT faster/JJR version/NN ]
,/, 
[ the/DT SuperDot/NNP ]
,/, was/VBD launched/VBN in/IN 
[ 1984/CD ]
./. 

Used/VBN by/IN 
[ program/NN traders/NNS ]
and/CC 
[ others/NNS ]
to/TO zip/VB 
[ orders/NNS ]
into/IN 
[ the/DT exchange/NN ]
,/, 
[ SuperDot/NNP ]
handles/VBZ about/IN 
[ 80/CD %/NN ]
of/IN 
[ all/DT orders/NNS ]
entered/VBN at/IN 
[ the/DT exchange/NN ]
./. 

[ Futures/NNPS Contracts/NNPS ]
--/: 
[ Obligations/NNS ]
to/TO buy/VB (/( for/IN 
[ those/DT ]
[ who/WP ]
have/VBP purchased/VBN 
[ a/DT contract/NN ]
 )/) or/CC deliver/VBP (/( for/IN 
[ those/DT ]
[ who/WP ]
sold/VBD 
[ one/CD ]
 )/) 
[ a/DT quantity/NN ]
of/IN 
[ the/DT underlying/JJ commodity/NN ]
or/CC 
[ financial/JJ instrument/NN ]
at/IN 
[ the/DT ]
agreed-upon/JJ 
[ price/NN ]
by/IN 
[ a/DT certain/JJ date/NN ]
./. 

[ Most/JJS contracts/NNS ]
are/VBP simply/RB nullified/VBN by/IN 
[ an/DT opposite/JJ trade/NN ]
before/IN 
[ they/PRP ]
come/VBP due/JJ ./. 

Indexing/NN --/: 
[ Many/JJ investors/NNS ]
,/, mainly/RB 
[ institutions/NNS ]
,/, follow/VBP 
[ an/DT investment/NN strategy/NN ]
of/IN buying/VBG and/CC holding/VBG 
[ a/DT mix/NN ]
of/IN 
[ stocks/NNS ]
to/TO match/VB 
[ the/DT performance/NN ]
of/IN 
[ a/DT broad/JJ stock-market/NN barometer/NN ]
such/JJ as/IN 
[ the/DT S&P/NNP 500/CD ]
./. 

[ Many/JJ institutional/JJ index/NN funds/NNS ]
are/VBP 
[ active/JJ program/NN traders/NNS ]
,/, swapping/VBG 
[ their/PRP$ stocks/NNS ]
for/IN 
[ futures/NNS ]
when/WRB profitable/JJ to/TO do/VB so/RB ./. 

[ Program/NN ]
trading/NN --/: 
[ A/DT wide/JJ range/NN ]
of/IN 
[ computer-assisted/JJ portfolio/NN ]
trading/NN 
[ strategies/NNS ]
involving/VBG 
[ the/DT simultaneous/JJ purchase/NN ]
or/CC 
[ sale/NN ]
of/IN 
[ 15/CD ]
or/CC 
[ more/JJR stocks/NNS ]
./. 

[ Quant/NN ]
--/: Generally/RB ,/, 
[ any/DT Wall/NNP Street/NNP analyst/NN ]
[ who/WP ]
employs/VBZ 
[ quantitive/JJ research/NN techniques/NNS ]
./. 

[ The/DT newest/JJS breed/NN ]
,/, also/RB called/VBN ``/`` 
[ rocket/NN scientists/NNS ]
''/'' because/IN of/IN 
[ their/PRP$ backgrounds/NNS ]
in/IN 
[ physics/NN ]
and/CC 
[ mathematics/NN ]
,/, devise/VBP 
[ the/DT complex/NN ]
hedging/NN and/CC 
[ trading/NN strategies/NNS ]
[ that/WDT ]
are/VBP popularly/RB known/VBN as/IN 
[ program/NN ]
trading/NN ./. 

[ Stock-index/NN arbitrage/NN ]
--/: Buying/VBG or/CC 
[ selling/VBG baskets/NNS ]
of/IN 
[ stocks/NNS ]
while/IN at/IN 
[ the/DT same/JJ time/NN ]
executing/VBG 
[ offsetting/VBG trades/NNS ]
in/IN 
[ stock-index/NN futures/NNS ]
or/CC 
[ options/NNS ]
./. 

[ Traders/NNS ]
profit/VBP by/IN trying/VBG to/TO capture/VB 
[ fleeting/JJ price/NN discrepancies/NNS ]
between/IN 
[ stocks/NNS ]
and/CC 
[ the/DT index/NN futures/NNS ]
or/CC 
[ options/NNS ]
./. 

If/IN 
[ stocks/NNS ]
are/VBP temporarily/RB ``/`` 
[ cheaper/JJR ]
''/'' than/IN 
[ futures/NNS ]
,/, for/IN 
[ example/NN ]
,/, 
[ an/DT arbitrager/NN ]
will/MD buy/VB 
[ stocks/NNS ]
and/CC sell/VB 
[ futures/NNS ]
./. 

[ Stock-index/NN futures/NNS ]
--/: Contracts/NNS to/TO buy/VB or/CC sell/VB 
[ the/DT cash/NN value/NN ]
of/IN 
[ a/DT stock/NN index/NN ]
by/IN 
[ a/DT certain/JJ date/NN ]
./. 

[ The/DT cash/NN value/NN ]
is/VBZ determined/VBN by/IN multiplying/VBG 
[ the/DT index/NN number/NN ]
by/IN 
[ a/DT specified/VBN amount/NN ]
./. 

[ The/DT most/RBS common/JJ program-trading/JJ vehicles/NNS ]
are/VBP 
[ futures/NNS contracts/NNS ]
on/IN 
[ Standard/NNP ]
&/CC 
[ poor/NNP ]
[ 's/POS 500-stock/JJ index/NN ]
 (/( traded/VBN on/IN 
[ the/DT Chicago/NNP Mercantile/NNP Exchange/NNP ]
 )/) ;/: 
[ the/DT Major/NNP Market/NNP Index/NNP ]
,/, 
[ a/DT 20-stock/JJ index/NN ]
that/WDT 
[ mimics/VBZ ]
[ the/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP ]
 (/( traded/VBN on/IN 
[ the/DT chicago/NNP Board/NNP ]
of/IN 
[ Trade/NNP ]
 )/) ;/: and/CC 
[ the/DT S&P/NNP 100/CD options/NNS ]
 (/( traded/VBN on/IN 
[ the/DT Chicago/NNP Board/NNP Options/NNPS Exchange/NNP ]
,/, and/CC based/VBN on/IN 
[ 100/CD stocks/NNS ]
selected/VBN from/IN 
[ the/DT S&P/NNP 500/CD ]
 )/) ./. 

[ Stock-index/NN options/NNS ]
--/: 
[ Options/NNS ]
give/VBP 
[ holders/NNS ]
[ the/DT right/NN ]
,/, but/CC not/RB 
[ the/DT obligation/NN ]
,/, to/TO buy/VB (/( 
[ a/DT call/NN ]
 )/) or/CC sell/VB (/( 
[ a/DT put/NN ]
 
)/) 
[ a/DT specified/VBN amount/NN ]
of/IN 
[ an/DT underlying/VBG investment/NN ]
by/IN 
[ a/DT certin/NN date/NN ]
at/IN 
[ a/DT ]
preset/JJ 
[ price/NN ]
,/, known/VBN as/IN 
[ the/DT strike/NN price/NN ]
./. 

For/IN 
[ stock/NN indexes/NNS ]
,/, 
[ the/DT underlying/VBG investment/NN ]
may/MD be/VB 
[ a/DT stock-index/NN futures/NNS contract/NN ]
or/CC 
[ the/DT cash/NN value/NN ]
of/IN 
[ a/DT stock/NN index/NN ]
./. 

For/IN 
[ example/NN ]
,/, 
[ there/EX ]
are/VBP 
[ options/NNS ]
on/IN 
[ the/DT S&P/NNP 500/CD futures/NNS contract/NN ]
and/CC on/IN 
[ the/DT S&P/NNP 100/CD index/NN ]
./. 

[ Uptick/NN ]
--/: 
[ An/DT expression/NN ]
signifying/VBG that/IN 
[ a/DT transaction/NN ]
in/IN 
[ a/DT listed/VBN security/NN ]
occurred/VBD at/IN 
[ a/DT higher/JJR price/NN ]
than/IN 
[ the/DT previous/JJ transaction/NN ]
in/IN 
[ that/DT security/NN ]
./. 

 (/( See/VB related/VBN 
[ story/NN ]
:/: ``/`` 
[ Balance/NNP ]
of/IN 
[ Power/NNP ]
:/: 
[ Program-Trading/JJ War/NN Masks/VBZ Deeper/JJR Battle/NN ]
For/IN 
[ Market/NN Supremacy/NN ]
--/: `/`` 
[ Old/JJ Guard/NN ]
'/'' 
[ Seizes/VBZ Offensive/NN ]
,/, But/CC 
[ Rivals/NNS ]
Are/VBP 
[ Bigger/JJR ]
,/, 
[ Richer/JJR ]
and/CC 
[ High-Tech/JJ ]
--/: 
[ Civil/JJ War/NN ]
at/IN 
[ the/DT Big/JJ Board/NN ]
''/'' --/: 
[ WSJ/NNP Nov./NNP 2/CD ]
,/, 
[ 1989/CD ]
)/) 

[ New/NNP York/NNP financier/NN Saul/NNP Steinberg/NNP ]
sought/VBD 
[ federal/JJ permission/NN ]
to/TO buy/VB more/JJR than/IN 
[ 15/CD %/NN ]
of/IN 
[ United/NNP Airlines/NNPS '/POS parent/NN ]
,/, 
[ UAL/NNP Corp./NNP ]
,/, saying/VBG 
[ he/PRP ]
might/MD seek/VB 
[ control/NN ]
of/IN 
[ the/DT nation/NN 's/POS second-largest/JJ airline/NN ]
./. 

Although/IN 
[ takeover/NN experts/NNS ]
said/VBD 
[ they/PRP ]
doubted/VBD 
[ Mr./NNP Steinberg/NNP ]
will/MD make/VB 
[ a/DT bid/NN ]
by/IN 
[ himself/PRP ]
,/, 
[ the/DT application/NN ]
by/IN 
[ his/PRP$ Reliance/NNP Group/NNP Holdings/NNPS Inc./NNP ]
could/MD signal/VB 
[ his/PRP$ interest/NN ]
in/IN helping/VBG revive/VB 
[ a/DT failed/VBN labor-management/JJ bid/NN ]
./. 

[ Such/PDT an/DT application/NN ]
for/IN 
[ federal/JJ antitrust/JJ clearance/NN ]
is/VBZ necessary/JJ for/IN 
[ any/DT investor/NN ]
[ that/WDT ]
might/MD seek/VB 
[ control/NN ]
./. 

But/CC 
[ some/DT investors/NNS ]
have/VBP used/VBN 
[ such/JJ filings/NNS ]
to/TO boost/VB 
[ the/DT value/NN ]
of/IN 
[ their/PRP$ stock/NN holdings/NNS ]
,/, 
[ which/WDT ]
--/: without/IN buying/VBG 
[ more/JJR stock/NN ]
--/: 
[ they/PRP ]
then/RB sold/VBD ./. 

[ Takeover/NN stock/NN traders/NNS ]
were/VBD puzzled/VBN by/IN 
[ the/DT Reliance/NNP ]
filing/NN and/CC cautioned/VBD that/IN 
[ it/PRP ]
does/VBZ n't/RB mean/VB 
[ Mr./NNP Steinberg/NNP ]
will/MD definitely/RB seek/VB 
[ control/NN ]
./. 

``/`` Maybe/RB 
[ he/PRP ]
just/RB wants/VBZ to/TO make/VB 
[ something/NN ]
happen/VB ,/, ''/'' said/VBD 
[ one/CD takeover/NN expert/NN ]
./. 

[ One/CD investment/NN banker/NN ]
said/VBD 
[ Mr./NNP Steinberg/NNP ]
may/MD be/VB trying/VBG to/TO position/VB 
[ himself/PRP ]
as/IN 
[ a/DT friendly/JJ investor/NN ]
[ who/WP ]
could/MD help/VB 
[ UAL/NNP Chairman/NNP Stephen/NNP Wolf/NNP ]
revive/VB 
[ a/DT failed/VBN labor-management/NN bid/NN ]
./. 

[ Mr./NNP Steinberg/NNP ]
,/, 
[ he/PRP ]
suggested/VBD ,/, could/MD replace/VB 
[ British/NNP Airways/NNPS PLC/NNP ]
,/, 
[ which/WDT ]
has/VBZ withdrawn/VBN from/IN 
[ the/DT buy-out/NN group/NN ]
./. 

[ Reliance/NNP ]
had/VBD already/RB bought/VBN and/CC sold/VBN 
[ UAL/NNP stock/NN ]
at/IN 
[ a/DT big/JJ profit/NN ]
without/IN making/VBG 
[ an/DT antitrust/JJ filing/NN ]
before/IN 
[ the/DT collapse/NN Oct./NNP 13/CD ]
of/IN 
[ the/DT $/$ 6.79/CD billion/CD ]
,/, 
[ $/$ 300-a-share/JJ labor-management/NN ]
buy-out/NN ./. 

[ Reliance/NNP ]
acquired/VBD 
[ a/DT 7/CD %/NN UAL/NNP stake/NN ]
early/RB 
[ this/DT year/NN ]
at/IN 
[ an/DT average/JJ cost/NN ]
of/IN 
[ $/$ 110/CD ]
[ a/DT share/NN ]
,/, and/CC reduced/VBD 
[ its/PRP$ stake/NN ]
to/TO 
[ 4.7/CD %/NN ]
after/IN 
[ UAL/NNP ]
accepted/VBD 
[ the/DT bid/NN ]
at/IN 
[ prices/NNS ]
higher/JJR than/IN 
[ $/$ 282/CD ]
[ a/DT share/NN ]
./. 

[ Market/NN sources/NNS ]
said/VBD 
[ Reliance/NNP ]
has/VBZ already/RB sold/VBN 
[ its/PRP$ entire/JJ UAL/NNP stake/NN ]
,/, and/CC thus/RB would/MD n't/RB have/VB 
[ any/DT reason/NN ]
to/TO file/VB 
[ the/DT application/NN ]
simply/RB to/TO boost/VB 
[ the/DT value/NN ]
of/IN 
[ its/PRP$ stock/NN ]
./. 

But/CC 
[ the/DT exact/JJ amount/NN ]
of/IN 
[ Reliance/NNP 's/POS current/JJ holding/NN has/VBZ n't/RB ]
been/VBN formally/RB disclosed/VBN ./. 

[ The/DT filing/NN ]
adds/VBZ 
[ a/DT new/JJ twist/NN ]
to/TO 
[ market/NN speculation/NN ]
that/IN 
[ Coniston/NNP Partners/NNPS ]
,/, 
[ a/DT New/NNP York/NNP money/NN manager/NN ]
,/, has/VBZ bought/VBN more/JJR than/IN 
[ 5/CD %/NN ]
of/IN 
[ UAL/NNP stock/NN ]
and/CC may/MD challenge/VB 
[ the/DT UAL/NNP board/NN 's/POS decision/NN last/JJ week/NN ]
to/TO remain/VB 
[ independent/JJ ]
./. 

[ Speculation/NN ]
about/IN 
[ Coniston/NNP ]
has/VBZ caused/VBN 
[ the/DT stock/NN ]
to/TO rebound/VB from/IN 
[ a/DT low/JJ ]
of/IN 
[ $/$ 145/CD ]
./. 

[ UAL/NNP 's/POS announcement/NN ]
came/VBD after/IN 
[ the/DT market/NN ]
closed/VBD yesterday/NN ./. 

In/IN 
[ composite/JJ New/NNP York/NNP Stock/NNP Exchange/NNP ]
trading/NN ,/, 
[ the/DT shares/NNS ]
closed/VBD at/IN 
[ $/$ 177/CD ]
,/, up/RB 
[ $/$ 1.50/CD ]
./. 

[ UAL/NNP ]
would/MD n't/RB elaborate/VB on/IN 
[ a/DT statement/NN ]
that/IN 
[ it/PRP ]
had/VBD been/VBN notified/VBN of/IN 
[ the/DT filing/NN ]
by/IN 
[ Reliance/NNP ]
./. 

[ Reliance/NNP ]
confirmed/VBD 
[ the/DT filing/NN ]
but/CC would/MD n't/RB elaborate/VB ./. 

[ Some/DT takeover/NN experts/NNS ]
were/VBD skeptical/JJ ,/, saying/VBG 
[ it/PRP ]
was/VBD possible/JJ that/IN 
[ Mr./NNP Steinberg/NNP ]
made/VBD 
[ the/DT ]
filing/NN only/RB to/TO help/VB boost/VB 
[ the/DT value/NN ]
of/IN 
[ any/DT ]
[ remaining/VBG Reliance/NNP stake/NN ]
in/IN 
[ UAL/NNP ]
./. 

[ Mr./NNP Steinberg/NNP ]
is/VBZ thought/VBN to/TO be/VB on/IN 
[ friendly/JJ terms/NNS ]
with/IN 
[ UAL/NNP 's/POS Mr./NNP Wolf/NNP ]
./. 

[ The/DT investor/NN ]
was/VBD instrumental/JJ in/IN tapping/VBG 
[ Mr./NNP Wolf/NNP ]
to/TO run/VB 
[ the/DT air/NN cargo/NN unit/NN ]
of/IN 
[ Tiger/NNP International/NNP Inc/NNP ]
./. 

[ Mr./NNP Wolf/NNP 's/POS success/NN ]
in/IN 
[ that/DT job/NN ]
helped/VBD 
[ him/PRP ]
land/VB 
[ the/DT top/JJ job/NN ]
with/IN 
[ UAL/NNP ]
in/IN 
[ December/NNP 1987/CD ]
./. 

But/CC 
[ any/DT potential/JJ acquirer/NN ]
must/MD attempt/VB to/TO reach/VB 
[ some/DT kind/NN ]
of/IN 
[ accord/NN ]
with/IN 
[ the/DT company/NN 's/POS employees/NNS ]
,/, primarily/RB 
[ its/PRP$ pilots/NNS ]
and/CC 
[ the/DT powerful/JJ machinists/NNS '/POS union/NN ]
,/, 
[ which/WDT ]
has/VBZ opposed/VBN 
[ a/DT takeover/NN ]
./. 

[ A.L./NNP Williams/NNP Corp./NNP ]
was/VBD merged/VBN into/IN 
[ Primerica/NNP Corp./NNP ]
,/, 
[ New/NNP York/NNP ]
,/, after/IN 
[ a/DT special/JJ meeting/NN ]
of/IN 
[ Williams/NNP shareholders/NNS ]
cleared/VBD 
[ the/DT transaction/NN ]
,/, 
[ the/DT companies/NNS ]
said/VBD ./. 

[ Primerica/NNP ]
,/, 
[ which/WDT ]
had/VBD owned/VBN nearly/RB 
[ 70/CD %/NN ]
of/IN 
[ Williams/NNP ]
,/, will/MD pay/VB about/IN 
[ 16.7/CD million/CD shares/NNS ]
,/, currently/RB valued/VBN at/IN almost/RB 
[ $/$ 472/CD million/CD ]
,/, for/IN 
[ the/DT rest/NN ]
of/IN 
[ Williams/NNP ]
./. 

[ The/DT financial-services/NNS company/NN ]
will/MD pay/VB 
[ 0.82/CD share/NN ]
for/IN 
[ each/DT Williams/NNP share/NN ]
./. 

[ Williams/NNP shares/NNS ]
,/, 
[ which/WDT ]
were/VBD to/TO be/VB delisted/VBN from/IN 
[ the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ]
after/IN 
[ the/DT close/NN ]
of/IN 
[ composite/JJ trading/NN yesterday/NN ]
,/, closed/VBD at/IN 
[ $/$ 23.25/CD ]
,/, off/RB 
[ 12.5/CD cents/NNS ]
./. 

[ Primerica/NNP ]
closed/VBD at/IN 
[ $/$ 28.25/CD ]
,/, down/RB 
[ 50/CD cents/NNS ]
./. 

[ Williams/NNP ]
,/, 
[ Duluth/NNP ]
,/, 
[ Ga./NNP ]
,/, is/VBZ 
[ an/DT insurance/NN ]
and/CC 
[ financial-services/NNS holding/VBG company/NN ]
./. 

[ Its/PRP$ subsidiaries/NNS '/POS services/NNS ]
are/VBP marketed/VBN by/IN closely/RB held/VBN 
[ A.L./NNP Williams/NNP ]
&/CC 
[ Associates/NNPS ]
./. 

[ Primerica/NNP ]
,/, as/IN expected/VBN ,/, also/RB acquired/VBD 
[ certain/JJ assets/NNS ]
of/IN 
[ the/DT agency/NN ]
and/CC assumed/VBD 
[ certain/JJ ]
of/IN 
[ its/PRP$ liabilities/NNS ]
./. 

[ Terms/NNS ]
were/VBD n't/RB disclosed/VBN ./. 

[ Intelogic/NNP Trace/NNP Inc./NNP ]
,/, 
[ San/NNP Antonio/NNP ]
,/, 
[ Texas/NNP ]
,/, said/VBD 
[ it/PRP ]
bought/VBD 
[ 2.7/CD million/CD shares/NNS ]
,/, or/CC about/IN 
[ 18/CD %/NN ]
,/, of/IN 
[ its/PRP$ common/JJ stock/NN ]
from/IN 
[ an/DT unaffiliated/JJ shareholder/NN ]
for/IN 
[ $/$ 3.625/CD ]
[ a/DT share/NN ]
,/, or/CC 
[ $/$ 9.9/CD million/CD ]
./. 

[ The/DT move/NN ]
boosts/VBZ 
[ Intelogic/NNP Chairman/NNP Asher/NNP Edelman/NNP 's/POS stake/NN ]
to/TO 
[ 20/CD %/NN ]
from/IN 
[ 16.2/CD %/NN ]
and/CC may/MD help/VB prevent/VB 
[ Martin/NNP Ackerman/NNP ]
from/IN making/VBG 
[ a/DT run/NN ]
at/IN 
[ the/DT computer-services/NNS concern/NN ]
./. 

[ Mr./NNP Ackerman/NNP ]
already/RB is/VBZ seeking/VBG to/TO oust/VB 
[ Mr./NNP Edelman/NNP ]
as/IN 
[ chairman/NN ]
of/IN 
[ Datapoint/NNP Corp./NNP ]
,/, 
[ an/DT Intelogic/NNP affiliate/NN ]
./. 

[ The/DT action/NN ]
followed/VBN by/IN 
[ one/CD day/NN ]
[ an/DT Intelogic/NNP announcement/NN ]
that/IN 
[ it/PRP ]
will/MD retain/VB 
[ an/DT investment/NN banker/NN ]
to/TO explore/VB 
[ alternatives/NNS ]
``/`` to/TO maximize/VB 
[ shareholder/NN value/NN ]
,/, ''/'' including/VBG 
[ the/DT possible/JJ sale/NN ]
of/IN 
[ the/DT company/NN ]
./. 

In/IN 
[ New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN yesterday/NN ]
,/, 
[ Intelogic/NNP shares/NNS ]
rose/VBD 
[ 37.5/CD cents/NNS ]
to/TO close/VB at/IN 
[ $/$ 2.75/CD ]
./. 

[ Mr./NNP Edelman/NNP ]
declined/VBD to/TO specify/VB 
[ what/WP ]
prompted/VBD 
[ the/DT recent/JJ moves/NNS ]
,/, saying/VBG 
[ they/PRP ]
are/VBP meant/VBN only/RB to/TO benefit/VB 
[ shareholders/NNS ]
when/WRB ``/`` 
[ the/DT company/NN ]
is/VBZ on/IN 
[ a/DT roll/NN ]
./. 

''/'' 
[ He/PRP ]
added/VBD ,/, ``/`` 
[ This/DT ]
has/VBZ 
[ nothing/NN ]
to/TO do/VB with/IN 
[ Marty/NNP Ackerman/NNP ]
and/CC 
[ it/PRP ]
is/VBZ not/RB designed/VBN ,/, particularly/RB ,/, to/TO take/VB 
[ the/DT company/NN ]
private/JJ ./. 

''/'' 

But/CC 
[ Mr./NNP Ackerman/NNP ]
said/VBD 
[ the/DT buy-back/NN ]
,/, and/CC 
[ the/DT above-market/JJ price/NN ]
paid/VBN ,/, prove/VBP that/IN 
[ Mr./NNP Edelman/NNP ]
is/VBZ running/VBG scared/JJ ./. 

[ Dow/NNP Jones/NNP ]
&/CC 
[ Co./NNP ]
said/VBD 
[ it/PRP ]
extended/VBD 
[ its/PRP$ $/$ 18-a-share/JJ offer/NN ]
for/IN 
[ Telerate/NNP Inc./NNP common/JJ stock/NN ]
until/IN 
[ 5/CD p.m./NN EST/NNP Nov./NNP 9/CD ]
./. 

[ The/DT offer/NN ]
,/, valued/VBN at/IN about/IN 
[ $/$ 576/CD million/CD ]
for/IN 
[ the/DT 33/CD %/NN ]
of/IN 
[ Telerate/NNP ]
that/IN 
[ Dow/NNP Jones/NNP ]
does/VBZ n't/RB already/RB 
[ own/VBN ]
,/, had/VBD been/VBN set/VBN to/TO expire/VB 
[ Nov./NNP 6/CD ]
./. 

[ Dow/NNP Jones/NNP ]
,/, 
[ which/WDT ]
owns/VBZ about/IN 
[ 64/CD million/CD ]
of/IN 
[ Telerate/NNP 's/POS 95/CD million/CD common/JJ shares/NNS ]
outstanding/JJ ,/, said/VBD that/IN about/IN 
[ 24,000/CD shares/NNS ]
have/VBP been/VBN tendered/VBN under/IN 
[ its/PRP$ offer/NN ]
./. 

[ Telerate/NNP 's/POS two/CD independent/JJ directors/NNS ]
have/VBP rejected/VBN 
[ the/DT offer/NN ]
as/IN 
[ inadequate/JJ ]
./. 

In/IN 
[ composite/JJ ]
trading/NN on/IN 
[ the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ]
,/, 
[ Telerate/NNP shares/NNS ]
closed/VBD at/IN 
[ $/$ 19.50/CD ]
,/, up/IN 
[ 12.5/CD cents/NNS ]
./. 

[ Telerate/NNP ]
provides/VBZ 
[ an/DT electronic/JJ financial/JJ information/NN network/NN ]
./. 

[ Dow/NNP Jones/NNP ]
publishes/VBZ 
[ The/NNP Wall/NNP Street/NNP Journal/NNP ]
,/, 
[ Barron/NNP 's/POS magazine/NN ]
,/, and/CC 
[ community/NN newspapers/NNS ]
and/CC operates/VBZ 
[ financial/JJ news/NN services/NNS ]
and/CC 
[ computer/NN data/NNS bases/NNS ]
./. 

[ Rockwell/NNP International/NNP Corp./NNP ]
reported/VBD 
[ flat/JJ operating/NN earnings/NNS ]
for/IN 
[ the/DT fourth/JJ quarter/NN ]
ended/VBD 
[ Sept./NNP 30/CD ]
./. 

[ The/DT aerospace/NN ]
,/, 
[ automotive/JJ supply/NN ]
,/, 
[ electronics/NNS ]
and/CC 
[ printing-press/NN concern/NN ]
also/RB indicated/VBD that/IN 
[ the/DT first/JJ ]
[ half/DT ]
of/IN 
[ fiscal/JJ 1990/CD ]
could/MD be/VB rough/JJ ./. 

In/IN 
[ an/DT interview/NN ]
,/, 
[ Donald/NNP Beall/NNP ]
,/, 
[ chairman/NN ]
,/, said/VBD 
[ first-half/JJ profit/NN ]
certainly/RB would/MD trail/VB 
[ the/DT past/JJ year/NN ]
's/POS ,/, primarily/RB because/IN of/IN 
[ weakness/NN ]
in/IN 
[ the/DT heavy-truck/NN ]
and/CC 
[ passenger-car/NN markets/NNS ]
./. 

Still/RB ,/, 
[ he/PRP ]
added/VBD ,/, if/IN 
[ the/DT industrial/JJ sector/NN ]
remains/VBZ relatively/RB 
[ stable/JJ ]
,/, 
[ Rockwell/NNP ]
should/MD be/VB able/JJ to/TO recover/VB in/IN 
[ the/DT second/JJ ]
[ half/DT ]
and/CC about/IN 
[ equal/JJ fiscal/JJ 1989/CD 's/POS operating/NN profit/NN ]
of/IN 
[ $/$ 630.9/CD million/CD ]
./. 

For/IN 
[ fiscal/JJ 1989/CD 's/POS fourth/JJ quarter/NN ]
,/, 
[ Rockwell/NNP 's/POS net/JJ income/NN ]
totaled/VBD 
[ $/$ 126.1/CD million/CD ]
,/, or/CC 
[ 50/CD cents/NNS ]
[ a/DT share/NN ]
./. 

[ That/DT ]
compares/VBZ with/IN operating/VBG 
[ earnings/NNS ]
of/IN 
[ $/$ 132.9/CD million/CD ]
,/, or/CC 
[ 49/CD cents/NNS ]
[ a/DT share/NN ]
,/, 
[ the/DT year/NN ]
earlier/JJR ./. 

[ The/DT prior-year/JJ period/NN ]
includes/VBZ 
[ a/DT one-time/JJ favorable/JJ tax/NN adjustment/NN ]
on/IN 
[ the/DT B-1B/JJ bomber/NN program/NN ]
and/CC 
[ another/DT gain/NN ]
from/IN 
[ sale/NN ]
of/IN 
[ the/DT industrial/JJ sewing-machine/NN business/NN ]
,/, 
[ which/WDT ]
made/VBD 
[ net/JJ $/$ 185.9/CD million/CD ]
,/, or/CC 
[ 70/CD cents/NNS ]
[ a/DT share/NN ]
./. 

[ Sales/NNS ]
rose/VBD 
[ 4/CD %/NN ]
to/TO 
[ $/$ 3.28/CD billion/CD ]
from/IN 
[ $/$ 3.16/CD billion/CD ]
./. 

[ Mr./NNP Beall/NNP ]
said/VBD that/IN 
[ he/PRP ]
was/VBD generally/RB pleased/VBN with/IN 
[ the/DT latest/JJS numbers/NNS ]
and/CC cited/VBD 
[ a/DT ]
particularly/RB 
[ strong/JJ showing/NN ]
by/IN 
[ the/DT company/NN 's/POS electronics/NNS segment/NN ]
./. 

[ Overall/JJ ]
,/, 
[ pretax/JJ electronics/NNS earnings/NNS ]
soared/VBD 
[ 12/CD %/NN ]
to/TO 
[ $/$ 107.9/CD million/CD ]
from/IN 
[ $/$ 96.4/CD million/CD ]
./. 

[ All/DT four/CD areas/NNS ]
had/VBD 
[ higher/JJR revenue/NN ]
for/IN 
[ the/DT three/CD months/NNS ]
ended/VBD 
[ Sept./NNP 30/CD ]
./. 

For/IN 
[ the/DT year/NN ]
,/, 
[ electronics/NNS ]
emerged/VBD as/IN 
[ Rockwell/NNP 's/POS largest/JJS sector/NN ]
in/IN 
[ terms/NNS ]
of/IN 
[ sales/NNS ]
and/CC 
[ earnings/NNS ]
,/, muscling/VBG out/IN 
[ aerospace/NN ]
for/IN 
[ the/DT first/JJ time/NN ]
./. 

[ The/DT graphics/NNS business/NN ]
,/, 
[ which/WDT ]
also/RB was/VBD singled/VBN out/IN by/IN 
[ the/DT chairman/NN ]
as/IN 
[ a/DT positive/JJ ]
,/, saw/VBD 
[ its/PRP$ operating/NN earnings/NNS ]
for/IN 
[ the/DT quarter/NN jump/VB 79/CD %/NN ]
to/TO 
[ $/$ 42.1/CD million/CD ]
from/IN 
[ $/$ 23.5/CD million/CD ]
./. 

For/IN 
[ the/DT year/NN ]
,/, bolstered/VBN by/IN 
[ the/DT introduction/NN ]
of/IN 
[ the/DT Colorliner/NNP newspaper-printing/NN press/NN ]
,/, 
[ graphics/NNS earnings/NNS ]
almost/RB doubled/VBD ./. 

[ Aerospace/NN earnings/NNS ]
sagged/VBD 
[ 37/CD %/NN ]
for/IN 
[ the/DT quarter/NN ]
and/CC 
[ 15/CD %/NN ]
for/IN 
[ the/DT year/NN ]
,/, largely/RB due/JJ to/TO 
[ lower/JJR B-1B/NN program/NN profit/NN ]
;/: 
[ the/DT last/JJ ]
of/IN 
[ the/DT bombers/NNS ]
rolled/VBD out/IN in/IN 
[ April/NNP 1988/CD ]
./. 

[ That/DT ]
was/VBD partially/RB offset/VBN by/IN 
[ the/DT resumption/NN ]
of/IN 
[ space/NN shuttle/NN flights/NNS ]
and/CC increased/VBN 
[ demand/NN ]
for/IN 
[ expendable/JJ launch-vehicle/NN engines/NNS ]
./. 

[ The/DT company/NN ]
also/RB took/VBD 
[ hits/NNS ]
in/IN 
[ the/DT fourth/JJ quarters/NNS ]
of/IN 
[ 1989/CD ]
and/CC 
[ 1988/CD ]
on/IN 
[ a/DT fixed-price/JJ weapons-modernization/JJ development/NN program/NN ]
--/: probably/RB 
[ the/DT C-130/NN gunship/NN ]
,/, according/VBG to/TO 
[ analysts/NNS ]
./. 

For/IN 
[ fiscal/JJ 1989/CD ]
,/, 
[ the/DT company/NN ]
posted/VBD 
[ net/NN ]
of/IN 
[ $/$ 734.9/CD million/CD ]
,/, or/CC 
[ $/$ 2.87/CD ]
[ a/DT share/NN ]
,/, down/IN from/IN 
[ $/$ 811.9/CD million/CD ]
,/, or/CC 
[ $/$ 3.04/CD ]
[ a/DT share/NN ]
,/, in/IN 
[ fiscal/JJ 1988/CD ]
./. 

Excluding/VBG 
[ one-time/JJ additions/NNS ]
to/TO profit/NN in/IN 
[ each/DT year/NN ]
,/, 
[ earnings/NNS ]
per/IN 
[ share/NN ]
were/VBD 
[ $/$ 2.47/CD ]
,/, up/RB 
[ 7.4/CD %/NN ]
from/IN 
[ $/$ 2.30/CD ]
in/IN 
[ fiscal/JJ 1988/CD ]
./. 

[ Sales/NNS ]
for/IN 
[ the/DT year/NN ]
rose/VBD 
[ 5/CD %/NN ]
to/TO 
[ $/$ 12.52/CD billion/CD ]
from/IN 
[ $/$ 11.95/CD billion/CD ]
in/IN 
[ fiscal/JJ 1988/CD ]
./. 

[ Dell/NNP Computer/NNP Corp./NNP ]
said/VBD 
[ it/PRP ]
cut/VBD 
[ prices/NNS ]
on/IN 
[ several/JJ ]
of/IN 
[ its/PRP$ personal/JJ computer/NN lines/NNS ]
by/IN 
[ 5/CD %/NN ]
to/TO 
[ 17/CD %/NN ]
./. 

[ The/DT Austin/NNP ]
,/, 
[ Texas-based/JJ company/NN ]
,/, 
[ which/WDT ]
specializes/VBZ in/IN 
[ the/DT direct/JJ sale/NN ]
of/IN 
[ personal/JJ computers/NNS ]
and/CC 
[ accessories/NNS ]
,/, said/VBD 
[ its/PRP$ price/NN cuts/NNS ]
include/VBP 
[ a/DT $/$ 100/CD reduction/NN ]
on/IN 
[ its/PRP$ System/NN 210/CD computer/NN ]
with/IN 
[ 512/CD kilobytes/NNS ]
of/IN 
[ memory/NN ]
,/, 
[ a/DT 40-megabyte/JJ hard/JJ disk/NN ]
and/CC 
[ a/DT color/NN monitor/NN ]
./. 

[ That/DT package/NN ]
now/RB sells/VBZ for/IN about/IN 
[ $/$ 2,099/CD ]
./. 

[ A/DT computer/NN ]
using/VBG 
[ the/DT more-advanced/JJ Intel/NNP Corp./NNP 386/CD microprocessor/NN ]
,/, with/IN 
[ four/CD megabytes/NNS ]
of/IN 
[ memory/NN ]
and/CC 
[ a/DT 100-megabyte/JJ hard/JJ disk/NN ]
now/RB sells/VBZ for/IN 
[ $/$ 5,699/CD ]
,/, down/RB from/IN 
[ $/$ 6,799/CD ]
./. 

[ Personal/JJ computer/NN prices/NNS ]
for/IN 
[ models/NNS ]
using/VBG 
[ the/DT Intel/NNP 286/CD ]
and/CC 
[ 386/CD microprocessors/NNS ]
,/, 
[ which/WDT ]
[ the/DT Dell/NNP models/NNS ]
use/VBP ,/, generally/RB have/VBP been/VBN coming/VBG down/IN as/IN 
[ chip/NN prices/NNS ]
have/VBP fallen/VBN ./. 

[ World/NN sugar/NN futures/NNS prices/NNS ]
soared/VBD on/IN 
[ rumors/NNS ]
that/IN 
[ Brazil/NNP ]
,/, 
[ a/DT major/JJ grower/NN ]
and/CC 
[ exporter/NN ]
,/, might/MD not/RB ship/VB 
[ sugar/NN ]
[ this/DT crop/NN year/NN ]
and/CC 
[ next/JJ ]
./. 

[ Prices/NNS ]
also/RB were/VBD boosted/VBN by/IN 
[ another/DT rumor/NN ]
that/IN 
[ Mexico/NNP ]
,/, usually/RB 
[ a/DT large/JJ producer/NN ]
and/CC 
[ exporter/NN ]
,/, might/MD have/VB to/TO buy/VB 
[ a/DT large/JJ quantity/NN ]
of/IN 
[ sugar/NN ]
./. 

Although/IN 
[ traders/NNS ]
rushed/VBD to/TO buy/VB 
[ futures/NNS contracts/NNS ]
,/, 
[ many/JJ ]
remained/VBD 
[ skeptical/JJ ]
about/IN 
[ the/DT Brazilian/JJ development/NN ]
,/, 
[ which/WDT ]
could/MD n't/RB be/VB confirmed/VBN ,/, 
[ analysts/NNS ]
said/VBD ./. 

[ The/DT March/NNP ]
and/CC 
[ May/NNP contracts/NNS ]
rose/VBD to/TO 
[ fresh/JJ life-of-contract/JJ highs/NNS ]
of/IN 
[ 14.54/CD cents/NNS ]
and/CC 
[ 14.28/CD cents/NNS ]
at/IN 
[ their/PRP$ best/JJS levels/NNS ]
of/IN 
[ the/DT day/NN ]
./. 

[ The/DT March/NNP delivery/NN ]
,/, 
[ which/WDT ]
has/VBZ 
[ no/DT limits/NNS ]
,/, settled/VBD at/IN 
[ 14.53/CD cents/NNS ]
,/, up/RB 
[ 0.56/CD cent/NN ]
[ a/DT pound/NN ]
./. 

[ The/DT May/NNP contract/NN ]
,/, 
[ which/WDT ]
also/RB is/VBZ without/IN 
[ restraints/NNS ]
,/, ended/VBD with/IN 
[ a/DT gain/NN ]
of/IN 
[ 0.54/CD cent/NN ]
to/TO 
[ 14.26/CD cents/NNS ]
./. 

[ The/DT July/NNP delivery/NN ]
rose/VBD 
[ its/PRP$ daily/JJ permissible/JJ limit/NN ]
of/IN 
[ 0.50/CD cent/NN ]
[ a/DT pound/NN ]
to/TO 
[ 14.00/CD cents/NNS ]
,/, while/IN 
[ other/JJ contract/NN months/NNS ]
showed/VBD 
[ near-limit/JJ advances/NNS ]
./. 

According/VBG to/TO 
[ reports/NNS ]
carried/VBN by/IN 
[ various/JJ news/NN services/NNS ]
,/, 
[ the/DT Brazilian/JJ government/NN ]
told/VBD 
[ its/PRP$ sugar/NN producers/NNS ]
that/IN 
[ they/PRP ]
wo/MD n't/RB be/VB allowed/VBN to/TO export/VB 
[ sugar/NN ]
during/IN 
[ the/DT current/JJ 1989-90/CD season/NN ]
,/, 
[ which/WDT ]
began/VBD 
[ May/NNP 1/CD ]
,/, and/CC 
[ the/DT 1990-91/CD season/NN ]
so/IN that/IN 
[ it/PRP ]
can/MD be/VB used/VBN to/TO produce/VB 
[ alcohol/NN ]
for/IN 
[ automobile/NN fuel/NN ]
./. 

[ One/CD analyst/NN ]
,/, 
[ Arthur/NNP Stevenson/NNP ]
,/, of/IN 
[ Prudential-Bache/NNP Securities/NNPS ]
,/, 
[ New/NNP York/NNP ]
,/, estimated/VBD that/IN 
[ 65/CD %/NN ]
or/CC 
[ more/JJR ]
of/IN 
[ Brazil/NNP 's/POS ]
newly/RB made/VBN 
[ automobiles/NNS ]
run/VBP on/IN 
[ alcohol/NN ]
and/CC ca/MD n't/RB use/VB 
[ gasoline/NN ]
./. 

``/`` 
[ This/DT ]
is/VBZ 
[ a/DT demand/NN ]
[ that/WDT ]
must/MD be/VB met/VBN ,/, regardless/RB of/IN 
[ the/DT price/NN ]
of/IN 
[ oil/NN ]
,/, ''/'' said/VBD 
[ Mr./NNP Stevenson/NNP ]
./. 

[ Brazil/NNP ]
is/VBZ 
[ the/DT third-largest/JJ producer/NN ]
and/CC 
[ the/DT fifth-largest/JJ exporter/NN ]
of/IN 
[ sugar/NN ]
in/IN 
[ the/DT world/NN ]
./. 

[ A/DT shift/NN ]
to/TO producing/VBG 
[ more/JJR alcohol/NN ]
and/CC 
[ less/JJR sugar/NN ]
had/VBD been/VBN expected/VBN ,/, but/CC 
[ the/DT latest/JJS news/NN ]
,/, if/IN 
[ true/JJ ]
,/, indicates/VBZ 
[ a/DT more/RBR drastic/JJ shift/NN ]
than/IN had/VBD been/VBN anticipated/VBN ./. 

During/IN 
[ the/DT current/JJ crop/NN year/NN ]
,/, 
[ Brazil/NNP ]
was/VBD expected/VBN to/TO produce/VB 
[ 6.9/CD million/CD tons/NNS ]
of/IN 
[ sugar/NN ]
,/, 
[ a/DT drop/NN ]
from/IN 
[ 8.1/CD million/CD tons/NNS ]
in/IN 
[ 1988-89/CD ]
./. 

[ Its/PRP$ 1989-90/CD exports/NNS ]
were/VBD expected/VBN to/TO total/VB 
[ 645,000/CD tons/NNS ]
in/IN 
[ contrast/NN ]
to/TO 
[ shipments/NNS ]
of/IN 
[ 1.5/CD million/CD tons/NNS ]
in/IN 

``/`` 
[ It/PRP ]
is/VBZ 
[ these/DT 645,000/CD tons/NNS ]
[ that/WDT ]
are/VBP in/IN 
[ question/NN ]
for/IN 
[ this/DT crop/NN year/NN ]
,/, ''/'' explained/VBD 
[ Judith/NNP Ganes/NNP ]
,/, 
[ analyst/NN ]
for/IN 
[ Shearson/NNP Lehman/NNP Hutton/NNP ]
,/, 
[ New/NNP York/NNP ]
./. 

``/`` 
[ Producers/NNS ]
were/VBD granted/VBN 
[ the/DT ]
right/RB earlier/RB 
[ this/DT year/NN ]
to/TO ship/VB 
[ sugar/NN ]
and/CC 
[ the/DT export/NN licenses/NNS ]
were/VBD expected/VBN to/TO have/VB begun/VBN to/TO be/VB issued/VBN ''/'' 
[ yesterday/NN ]
./. 

As/IN 
[ a/DT result/NN ]
,/, 
[ Ms./NNP Ganes/NNP ]
said/VBD ,/, 
[ it/PRP ]
is/VBZ believed/VBN that/IN 
[ little/JJ ]
or/CC 
[ no/DT sugar/NN ]
from/IN 
[ the/DT 1989-90/CD crop/NN ]
has/VBZ been/VBN shipped/VBN yet/RB ,/, even/RB though/IN 
[ the/DT crop/NN year/NN ]
is/VBZ 
[ six/CD months/NNS ]
old/JJ ./. 

More/JJR than/IN 
[ a/DT half/NN ]
of/IN 
[ all/DT sugar/NN ]
produced/VBN in/IN 
[ Brazil/NNP ]
goes/VBZ for/IN 
[ alcohol/NN production/NN ]
,/, according/VBG to/TO 
[ Ms./NNP Ganes/NNP ]
./. 

Also/RB ,/, 
[ there/EX ]
has/VBZ been/VBN 
[ a/DT switch/NN ]
in/IN 
[ the/DT past/JJ decade/NN ]
to/TO 
[ planting/NN ]
of/IN 
[ orange/JJ trees/NNS ]
in/IN 
[ areas/NNS ]
[ that/WDT ]
were/VBD previously/RB used/VBN for/IN 
[ cane/NN ]
,/, and/CC 
[ this/DT change/NN ]
is/VBZ being/VBG felt/VBN now/RB ,/, 
[ she/PRP ]
said/VBD ./. 

Most/RBS important/JJ ,/, 
[ Ms./NNP Ganes/NNP ]
noted/VBD ,/, ``/`` 
[ Brazilian/JJ officials/NNS ]
said/VBD that/IN 
[ no/DT decision/NN ]
has/VBZ as/RB yet/RB been/VBN made/VBN on/IN 
[ the/DT suspension/NN ]
of/IN 
[ exports/NNS ]
./. 

''/'' 

[ Thomas/NNP Oxnard/NNP ]
,/, 
[ sugar/NN analyst/NN ]
for/IN 
[ PaineWebber/NNP ]
in/IN 
[ Hackensack/NNP ]
,/, 
[ N.J./NNP ]
,/, said/VBD :/: ``/`` 
[ I/PRP ]
am/VBP highly/RB skeptical/JJ that/IN 
[ Brazil/NNP ]
will/MD curtail/VB 
[ sugar/NN exports/NNS ]
,/, particularly/RB with/IN 
[ the/DT price/NN ]
of/IN 
[ sugar/NN ]
at/IN over/IN 
[ 14/CD cents/NNS ]
[ a/DT pound/NN ]
./. 

''/'' 

Above/IN 
[ all/DT ]
,/, 
[ Mr./NNP Oxnard/NNP ]
noted/VBD ,/, 
[ the/DT situation/NN ]
is/VBZ extremely/RB confused/VBN ./. 

``/`` 
[ Professional/JJ sugar/NN people/NNS ]
here/RB 
[ who/WP ]
have/VBP 
[ strong/JJ contacts/NNS ]
with/IN 
[ the/DT Brazilian/JJ sugar/NN industry/NN ]
have/VBP been/VBN unable/JJ to/TO confirm/VB 
[ the/DT reports/NNS ]
or/CC get/VB 
[ enough/JJ information/NN ]
to/TO clarify/VB 
[ the/DT situation/NN ]
,/, ''/'' 
[ he/PRP ]
said/VBD ./. 

``/`` 
[ It/PRP ]
's/VBZ 
[ the/DT type/NN ]
of/IN 
[ nervous/JJ atmosphere/NN ]
in/IN 
[ which/WDT ]
[ a/DT report/NN ]
can/MD be/VB put/VBN out/IN ,/, such/JJ as/IN 
[ the/DT one/CD saying/VBG exports/NNS ]
will/MD be/VB suspended/VBN ,/, and/CC 
[ no/DT one/NN ]
can/MD confirm/VB 
[ it/PRP ]
./. 

''/'' 

[ Mr./NNP Oxnard/NNP ]
observed/VBD that/IN 
[ the/DT situation/NN ]
in/IN 
[ Brazil/NNP ]
is/VBZ also/RB very/RB complicated/VBN ./. 

On/IN 
[ the/DT one/CD hand/NN ]
,/, 
[ Brazil/NNP ]
started/VBD 
[ an/DT ethanol/NN program/NN ]
about/IN 
[ 15/CD years/NNS ]
ago/IN to/TO fuel/VB 
[ a/DT huge/JJ portion/NN ]
of/IN 
[ its/PRP$ national/JJ fleet/NN ]
of/IN 
[ cars/NNS ]
and/CC is/VBZ now/RB committed/VBN to/TO 
[ this/DT program/NN ]
./. 

``/`` 
[ It/PRP ]
has/VBZ to/TO weigh/VB ,/, on/IN 
[ the/DT other/JJ hand/NN ]
,/, 
[ the/DT ]
relatively/RB 
[ high/JJ price/NN ]
of/IN 
[ sugar/NN ]
[ it/PRP ]
can/MD earn/VB on/IN 
[ the/DT export/NN market/NN ]
in/IN making/VBG 
[ decisions/NNS ]
as/IN to/TO whether/IN to/TO produce/VB 
[ sugar/NN ]
or/CC 
[ alcohol/NN ]
,/, ''/'' 
[ Mr./NNP Oxnard/NNP ]
said/VBD ./. 

[ Mexico/NNP ]
,/, 
[ which/WDT ]
is/VBZ normally/RB 
[ a/DT sugar/NN exporter/NN ]
,/, has/VBZ had/VBN 
[ production/NN problems/NNS ]
in/IN 
[ the/DT past/JJ two/CD years/NNS ]
,/, 
[ analysts/NNS ]
said/VBD ./. 

[ Last/JJ year/NN ]
,/, 
[ it/PRP ]
had/VBD to/TO buy/VB 
[ sugar/NN ]
on/IN 
[ the/DT world/NN market/NN ]
to/TO meet/VB 
[ export/NN commitments/NNS ]
,/, 
[ they/PRP ]
noted/VBD ./. 

[ This/DT year/NN ]
[ it/PRP ]
is/VBZ expected/VBN to/TO be/VB 
[ a/DT net/JJ importer/NN ]
and/CC is/VBZ said/VBN to/TO be/VB seeking/VBG to/TO buy/VB about/IN 
[ 200,000/CD tons/NNS ]
of/IN 
[ sugar/NN ]
to/TO meet/VB 
[ internal/JJ needs/NNS ]
,/, 
[ analysts/NNS ]
said/VBD ./. 

In/IN 
[ other/JJ commodity/NN markets/NNS ]
yesterday/NN :/: 

[ ENERGY/NNP ]
:/: 
[ Petroleum/NNP futures/NNS ]
were/VBD generally/RB higher/JJR with/IN 
[ heating/NN oil/NN ]
leading/VBG 
[ the/DT way/NN ]
./. 

On/IN 
[ the/DT New/NNP York/NNP Mercantile/NNP Exchange/NNP ]
,/, heating/NN 
[ oil/NN ]
for/IN 
[ December/NNP delivery/NN ]
increased/VBD 
[ 1.25/CD cents/NNS ]
to/TO settle/VB at/IN 
[ 60.36/CD cents/NNS ]
[ a/DT gallon/NN ]
./. 

[ Gasoline/NN futures/NNS ]
were/VBD mixed/VBN to/TO unchanged/JJ ./. 

But/CC 
[ the/DT strength/NN ]
in/IN 
[ heating/NN oil/NN ]
helped/VBD 
[ push/VB ]
up/IN 
[ crude/JJ oil/NN ]
./. 

[ West/NNP Texas/NNP Intermediate/NNP crude/JJ ]
for/IN 
[ December/NNP delivery/NN ]
rose/VBD 
[ 13/CD cents/NNS ]
[ a/DT barrel/NN ]
to/TO settle/VB at/IN 
[ $/$ 20.07/CD ]
./. 

[ The/DT firmness/NN ]
in/IN 
[ heating/NN oil/NN ]
was/VBD attributed/VBN to/TO 
[ colder/JJR weather/NN ]
in/IN 
[ parts/NNS ]
of/IN 
[ the/DT U.S./NNP ]
and/CC to/TO 
[ the/DT latest/JJS weekly/JJ report/NN ]
by/IN 
[ the/DT American/NNP Petroleum/NNP Institute/NNP ]
,/, 
[ which/WDT ]
showed/VBD 
[ a/DT decline/NN ]
in/IN 
[ inventories/NNS ]
of/IN 
[ the/DT fuel/NN ]
./. 

[ GRAINS/NNPS ]
AND/NNP 
[ SOYBEANS/NNPS ]
:/: 
[ Prices/NNS ]
closed/VBD mostly/RB higher/JJR in/IN relatively/RB 
[ light/JJ ]
trading/NN as/IN 
[ farmers/NNS ]
continued/VBD to/TO withhold/VB 
[ their/PRP$ crops/NNS ]
from/IN 
[ the/DT marketplace/NN ]
in/IN 
[ the/DT hope/NN ]
of/IN 
[ higher/JJR prices/NNS ]
to/TO come/VB ./. 

Trading/NN was/VBD muted/VBN in/IN 
[ part/NN ]
because/IN of/IN 
[ the/DT observance/NN ]
of/IN 
[ All/NNP Saints/NNP '/POS Day/NNP ]
across/IN 
[ much/JJ ]
of/IN 
[ Europe/NNP ]
./. 

Continued/VBN 
[ export/NN demand/NN ]
also/RB supported/VBD 
[ prices/NNS ]
./. 

As/IN 
[ an/DT indicator/NN ]
of/IN 
[ the/DT tight/JJ grain/NN supply/NN situation/NN ]
in/IN 
[ the/DT U.S./NNP ]
,/, 
[ market/NN analysts/NNS ]
said/VBD 
[ that/IN late/JJ Tuesday/NNP ]
[ the/DT Chinese/JJ government/NN ]
,/, 
[ which/WDT ]
often/RB buys/VBZ 
[ U.S./NNP grains/NNS ]
in/IN 
[ quantity/NN ]
,/, turned/VBD instead/RB to/TO 
[ Britain/NNP ]
to/TO buy/VB 
[ 500,000/CD metric/JJ tons/NNS ]
of/IN 
[ wheat/NN ]
./. 

[ Traders/NNS ]
said/VBD 
[ prices/NNS ]
also/RB were/VBD supported/VBN by/IN 
[ widespread/JJ rumors/NNS ]
that/IN 
[ the/DT Soviet/NNP Union/NNP ]
is/VBZ on/IN 
[ the/DT verge/NN ]
of/IN receiving/VBG 
[ most/RBS favored/JJ nation/NN status/NN ]
from/IN 
[ the/DT U.S/NNP ]
./. 

[ That/DT designation/NN ]
would/MD ,/, among/IN 
[ other/JJ things/NNS ]
,/, provide/VB 
[ more/RBR generous/JJ credit/NN terms/NNS ]
under/IN 
[ which/WDT ]
[ the/DT Soviets/NNPS ]
could/MD purchase/VB 
[ grain/NN ]
./. 

[ The/DT Soviets/NNPS ]
are/VBP widely/RB believed/VBN to/TO need/VB 
[ additional/JJ supplies/NNS ]
,/, despite/IN running/VBG up/IN 
[ record/JJ one-month/JJ purchases/NNS ]
of/IN 
[ 310/CD million/CD bushels/NNS ]
of/IN 
[ corn/NN ]
in/IN 
[ October/NNP ]
./. 

[ COPPER/NNP ]
:/: 
[ Futures/NNS prices/NNS ]
rose/VBD ,/, extending/VBG 
[ Tuesday/NNP 's/POS gains/NNS ]
./. 

[ The/DT December/NNP contract/NN ]
advanced/VBD 
[ 2.50/CD cents/NNS ]
[ a/DT pound/NN ]
to/TO 
[ $/$ 1.1650/CD ]
./. 

Buying/VBG for/IN 
[ the/DT most/JJS part/NN ]
carried/VBD over/IN from/IN 
[ the/DT previous/JJ session/NN ]
,/, and/CC 
[ traders/NNS ]
apparently/RB ignored/VBD 
[ reports/NNS ]
that/IN 
[ a/DT Chilean/JJ mine/JJ strike/NN ]
may/MD have/VB ended/VBN almost/RB before/IN 
[ it/PRP ]
began/VBD ,/, 
[ an/DT analyst/NN ]
said/VBD ./. 

According/VBG to/TO 
[ news/NN service/NN reports/NNS ]
,/, 
[ most/JJS workers/NNS ]
at/IN 
[ the/DT Disputado/NNP mines/NNS ]
owned/VBN by/IN 
[ Exxon/NNP Corp./NNP ]
agreed/VBD to/TO 
[ a/DT new/JJ two-year/JJ wage/NN contract/NN ]
[ that/WDT ]
includes/VBZ 
[ a/DT 5/CD %/NN increase/NN ]
and/CC 
[ other/JJ benefits/NNS ]
./. 

However/RB ,/, 
[ some/DT workers/NNS ]
have/VBP n't/RB yet/RB accepted/VBN 
[ the/DT new/JJ contract/NN ]
and/CC are/VBP continuing/VBG 
[ negotiations/NNS ]
,/, 
[ the/DT analyst/NN ]
said/VBD ./. 

[ Separately/RB ]
,/, 
[ Reuter/NNP ]
reported/VBD that/IN 
[ the/DT Papua-New/NNP Guinea/NNP government/NN ]
urged/VBD 
[ its/PRP$ Parliament/NNP ]
to/TO extend/VB 
[ a/DT state/NN ]
of/IN 
[ emergency/NN ]
in/IN 
[ copper-rich/JJ Bougainville/NNP Island/NNP ]
for/IN 
[ two/CD months/NNS ]
./. 

[ The/DT Bougainville/NNP copper/NN mine/NN ]
has/VBZ been/VBN inoperative/JJ since/IN 
[ May/NNP 15/CD ]
because/IN of/IN 
[ attacks/NNS ]
by/IN 
[ native/JJ landowners/NNS ]
[ who/WP ]
want/VBP 
[ Bougainville/NNP ]
to/TO secede/VB from/IN 
[ Papua-New/NNP Guinea/NNP ]
./. 

[ The/DT parent/NN ]
of/IN 
[ Younkers/NNP ]
,/, after/IN failing/VBG to/TO find/VB 
[ a/DT buyer/NN ]
for/IN 
[ the/DT chain/NN ]
of/IN 
[ Midwestern/JJ department/NN stores/NNS ]
,/, said/VBD 
[ it/PRP ]
will/MD sell/VB 
[ a/DT stake/NN ]
in/IN 
[ the/DT chain/NN ]
to/TO 
[ management/NN ]
and/CC take/VB 
[ other/JJ steps/NNS ]
to/TO reduce/VB 
[ its/PRP$ investment/NN ]
in/IN 
[ retailing/NN ]
./. 

[ Equitable/NNP ]
of/IN 
[ Iowa/NNP Cos./NNP ]
,/, 
[ Des/NNP Moines/NNP ]
,/, had/VBD been/VBN seeking/VBG 
[ a/DT buyer/NN ]
for/IN 
[ the/DT 36-store/JJ Younkers/NNP chain/NN ]
since/IN 
[ June/NNP ]
,/, when/WRB 
[ it/PRP ]
announced/VBD 
[ its/PRP$ intention/NN ]
to/TO free/VB up/IN 
[ capital/NN ]
to/TO expand/VB 
[ its/PRP$ insurance/NN business/NN ]
./. 

But/CC 
[ Equitable/NNP ]
said/VBD 
[ it/PRP ]
was/VBD unable/JJ to/TO find/VB 
[ a/DT buyer/NN ]
willing/JJ to/TO pay/VB 
[ what/WP ]
[ it/PRP ]
considers/VBZ ``/`` 
[ fair/JJ value/NN ]
''/'' for/IN 
[ Younkers/NNP ]
because/IN of/IN 
[ recent/JJ turmoil/NN ]
in/IN 
[ the/DT bond/NN ]
and/CC 
[ stock/NN markets/NNS ]
and/CC in/IN 
[ retailing/NN ]
./. 

[ Younkers/NNS ]
rang/VBD up/IN 
[ sales/NNS ]
in/IN 
[ 1988/CD ]
of/IN 
[ $/$ 313/CD million/CD ]
./. 

[ It/PRP ]
operates/VBZ 
[ stores/NNS ]
mostly/RB in/IN 
[ Iowa/NNP ]
and/CC 
[ Nebraska/NNP ]
./. 

[ Younkers/NNP management/NN ]
is/VBZ likely/JJ to/TO buy/VB 
[ a/DT 10/CD %/NN ]
to/TO 
[ 20/CD %/NN interest/NN ]
in/IN 
[ the/DT chain/NN ]
in/IN 
[ January/NNP ]
,/, said/VBD 
[ Fred/NNP S./NNP Hubbell/NNP ]
,/, 
[ Equitable/NNP 's/POS president/NN ]
and/CC 
[ chief/NN executive/NN officer/NN ]
./. 

[ He/PRP ]
said/VBD 
[ Equitable/NNP ]
hopes/VBZ to/TO eventually/RB reduce/VB 
[ its/PRP$ stake/NN ]
in/IN 
[ Younkers/NNP ]
to/TO 
[ less/JJR ]
than/IN 
[ 50/CD %/NN ]
./. 

[ Tony/NNP Lama/NNP Co./NNP ]
said/VBD that/IN 
[ Equus/NNP Investment/NNP II/NNP Limited/NNP Partnership/NNP ]
has/VBZ proposed/VBN changing/VBG 
[ the/DT offer/NN ]
for/IN 
[ the/DT company/NN ]
to/TO 
[ $/$ 13.65/CD ]
in/IN 
[ cash/NN ]
and/CC 
[ stock/NN ]
from/IN 
[ an/DT all-cash/JJ transaction/NN ]
./. 

Under/IN 
[ terms/NNS ]
of/IN 
[ the/DT new/JJ proposal/NN ]
,/, 
[ Equus/NNP ]
,/, managed/VBN by/IN 
[ Equus/NNP Capital/NNP Corp./NNP ]
,/, 
[ Houston/NNP ]
,/, would/MD pay/VB 
[ $/$ 12/CD cash/NN ]
and/CC 
[ one/CD new/JJ preferred/JJ share/NN ]
with/IN 
[ a/DT liquidation/NN preference/NN ]
of/IN 
[ $/$ 1.65/CD ]
[ a/DT share/NN ]
for/IN 
[ each/DT ]
of/IN 
[ Tony/NNP Lama/NNP 's/POS 2.1/CD million/CD shares/NNS ]
outstanding/JJ ./. 

Previously/RB ,/, 
[ it/PRP ]
offered/VBD 
[ $/$ 13.65/CD ]
[ a/DT share/NN ]
in/IN 
[ cash/NN ]
,/, or/CC 
[ $/$ 29/CD million/CD ]
./. 

[ The/DT El/NNP Paso/NNP ]
,/, 
[ Texas/NNP ]
,/, 
[ maker/NN ]
of/IN 
[ Western/JJ boots/NNS ]
and/CC 
[ leather/NN accessories/NNS ]
said/VBD 
[ the/DT preferred/VBN stock/NN ]
would/MD accrue/VB 
[ dividends/NNS ]
at/IN 
[ a/DT 12/CD %/NN rate/NN ]
,/, but/CC would/MD n't/RB be/VB paid/VBN for/IN 
[ the/DT first/JJ two/CD years/NNS ]
./. 

[ The/DT stock/NN ]
would/MD be/VB redeemed/VBN in/IN 
[ five/CD years/NNS ]
,/, 
[ subject/JJ ]
to/TO 
[ terms/NNS ]
of/IN 
[ the/DT surviving/VBG company/NN 's/POS debt/NN ]
./. 

[ Neither/DT Equus/NNP ]
nor/CC 
[ Tony/NNP Lama/NNP ]
gave/VBD 
[ a/DT reason/NN ]
for/IN 
[ the/DT changed/VBN offer/NN ]
and/CC 
[ Tony/NNP Lama/NNP ]
could/MD n't/RB be/VB reached/VBN for/IN 
[ comment/NN ]
./. 

However/RB ,/, 
[ Tony/NNP Lama/NNP ]
said/VBD 
[ it/PRP ]
would/MD promptly/RB submit/VB 
[ the/DT offer/NN ]
to/TO 
[ a/DT special/JJ committee/NN ]
of/IN 
[ the/DT company/NN 's/POS board/NN ]
./. 

[ Reuters/NNP Holdings/NNP PLC/NNP ]
said/VBD 
[ Michael/NNP Reupke/NNP ]
resigned/VBD as/IN 
[ general/JJ manager/NN ]
to/TO pursue/VB 
[ unspecified/JJ interests/NNS ]
,/, 
[ a/DT move/NN ]
[ the/DT news/NN organization/NN ]
termed/VBD 
[ an/DT ]
``/`` 
[ amicable/JJ separation/NN ]
./. 

''/'' 

[ Mr./NNP Reupke/NNP ]
,/, 
[ 52/CD years/NNS ]
old/JJ and/CC 
[ a/DT 27-year/JJ Reuters/NNP veteran/NN ]
,/, had/VBD been/VBN 
[ the/DT information-services/NNS company/NN 's/POS general/JJ manager/NN ]
for/IN only/RB 
[ six/CD months/NNS ]
./. 

[ His/PRP$ appointment/NN ]
to/TO 
[ that/DT post/NN ]
,/, 
[ which/WDT ]
has/VBZ 
[ senior/JJ administrative/JJ ]
,/, 
[ staff/NN ]
and/CC 
[ policy/NN responsibilities/NNS ]
,/, followed/VBD 
[ a/DT several-year/JJ tenure/NN ]
as/IN 
[ Reuters/NNP 's/POS editor/NN ]
in/IN 
[ chief/NN ]
./. 

[ No/DT successor/NN ]
was/VBD named/VBN ,/, and/CC 
[ Mr./NNP Reupke/NNP 's/POS duties/NNS ]
will/MD be/VB split/VBN among/IN 
[ three/CD other/JJ senior/JJ Reuters/NNP executives/NNS ]
,/, 
[ the/DT company/NN ]
said/VBD ./. 

In/IN 
[ a/DT telephone/NN interview/NN ]
,/, 
[ Mr./NNP Reupke/NNP ]
said/VBD 
[ his/PRP$ departure/NN ]
was/VBD for/IN ``/`` 
[ personal/JJ reasons/NNS ]
,/, ''/'' 
[ which/WDT ]
[ he/PRP ]
declined/VBD to/TO specify/VB ./. 

``/`` 
[ There/EX ]
is/VBZ 
[ no/DT business/NN reason/NN ]
for/IN 
[ my/PRP$ departure/NN ]
,/, ''/'' nor/CC 
[ any/DT disagreement/NN ]
over/IN 
[ policy/NN ]
,/, 
[ he/PRP ]
added/VBD ./. 

[ He/PRP ]
also/RB rejected/VBD 
[ reports/NNS ]
that/IN 
[ his/PRP$ departure/NN ]
stemmed/VBD from/IN 
[ disappointment/NN ]
[ the/DT general/JJ manager/NN 's/POS post/NN ]
had/VBD n't/RB also/RB led/VBN to/TO 
[ a/DT board/NN directorship/NN ]
at/IN 
[ the/DT London-based/JJ news/NN organization/NN ]
./. 

[ Mr./NNP Reupke/NNP ]
was/VBD 
[ one/CD ]
of/IN 
[ three/CD executives/NNS ]
on/IN 
[ Reuters/NNP 's/POS eight-person/JJ executive/NN committee/NN ]
[ who/WP ]
did/VBD n't/RB also/RB serve/VB on/IN 
[ the/DT company/NN 's/POS board/NN ]
of/IN 
[ directors/NNS ]
./. 

``/`` If/IN 
[ I/PRP ]
were/VBD choosing/VBG 
[ the/DT people/NNS ]
of/IN 
[ tomorrow/NN ]
,/, 
[ I/PRP ]
would/MD have/VB chosen/VBN 
[ the/DT people/NNS ]
[ who/WP ]
are/VBP now/RB on/IN 
[ the/DT board/NN ]
,/, ''/'' 
[ he/PRP ]
said/VBD ./. 

[ A/DT Reuters/NNP spokesman/NN ]
said/VBD 
[ the/DT departure/NN ]
reflects/VBZ ``/`` 
[ no/DT change/NN ]
in/IN 
[ strategy/NN ]
or/CC 
[ profits/NNS ]
./. 

''/'' 
[ Mark/NNP Shepperd/NNP ]
,/, 
[ an/DT analyst/NN ]
at/IN 
[ UBS/NNP Phillips/NNP ]
&/CC 
[ Drew/NNP ]
in/IN 
[ London/NNP ]
,/, said/VBD ,/, ``/`` 
[ I/PRP ]
suspect/VBP (/( 
[ the/DT departure/NN ]
 )/) will/MD be/VB fairly/RB irrelevant/JJ for/IN 
[ the/DT company/NN ]
./. 

[ I/PRP ]
would/MD be/VB very/RB surprised/VBN if/IN 
[ his/PRP$ departure/NN ]
signals/VBZ 
[ any/DT change/NN ]
in/IN 
[ strategy/NN ]
or/CC 
[ change/NN ]
in/IN 
[ profit/NN expectations/NNS ]
./. 

''/'' On/IN 
[ London/NNP 's/POS Stock/NNP Exchange/NNP ]
,/, 
[ Reuters/NNP shares/NNS ]
rose/VBD 
[ five/CD pence/NN ]
to/TO 
[ 913/CD pence/NN ]
 (/( 
[ $/$ 14.43/CD ]
 )/) ./. 

In/IN 
[ the/DT U.S./NNP over-the-counter/JJ market/NN ]
,/, 
[ American/JJ depositary/NN shares/NNS ]
for/IN 
[ Reuters/NNP ]
,/, 
[ each/DT ]
representing/VBG 
[ three/CD shares/NNS ]
in/IN 
[ the/DT London/NNP market/NN ]
,/, closed/VBD 
[ unchanged/JJ ]
at/IN 
[ $/$ 43.875/CD ]
./. 

[ The/DT senior/NN ]
of/IN 
[ the/DT three/CD executives/NNS ]
[ who/WP ]
will/MD assume/VB 
[ Mr./NNP Reupke/NNP 's/POS duties/NNS ]
is/VBZ 
[ Nigel/NNP Judah/NNP ]
,/, 
[ 58/CD ]
,/, finance/NN 
[ director/NN ]
and/CC 
[ a/DT Reuters/NNP board/NN director/NN ]
./. 

[ Peter/NNP Holland/NNP ]
,/, 
[ 45/CD ]
,/, 
[ deputy/JJ general/JJ manager/NN ]
,/, becomes/VBZ 
[ director/NN ]
of/IN 
[ corporate/JJ affairs/NNS ]
./. 

And/CC 
[ Patrick/NNP Mannix/NNP ]
,/, 
[ 46/CD ]
,/, 
[ international/JJ technical/JJ manager/NN ]
,/, becomes/VBZ 
[ director/NN ]
of/IN 
[ group/NN quality/NN programs/NNS ]
./. 

[ DD/NNP Acquisition/NNP Corp./NNP ]
,/, 
[ a/DT partnership/NN ]
of/IN 
[ Unicorp/NNP Canada/NNP Corp./NNP 's/POS Kingsbridge/NNP Capital/NNP Group/NNP ]
and/CC 
[ Cara/NNP Operations/NNPS Ltd./NNP ]
,/, extended/VBD to/TO Nov./NNP 
[ 20/CD its/PRP$ $/$ 45-a-share/JJ offer/NN ]
for/IN 
[ all/DT Dunkin'/NNP ]
[ Donuts/NNPS Inc./NNP ]
shares/NNS 
[ outstanding/JJ ]
./. 

[ The/DT offer/NN ]
,/, 
[ which/WDT ]
was/VBD due/JJ to/TO expire/VB yesterday/NN ,/, is/VBZ conditional/JJ on/IN 
[ 50.1/CD %/NN ]
of/IN 
[ Dunkin'/NNP ]
[ common/JJ shares/NNS ]
,/, on/IN 
[ a/DT ]
fully/RB diluted/VBN 
[ basis/NN ]
,/, being/VBG tendered/VBN and/CC on/IN 
[ the/DT withdrawal/NN ]
of/IN 
[ the/DT company/NN 's/POS poison/NN pill/NN rights/NNS ]
plan/NN ./. 

[ DD/NNP Acquisition/NNP ]
has/VBZ launched/VBN 
[ a/DT suit/NN ]
in/IN 
[ a/DT Delaware/NNP court/NN ]
seeking/VBG 
[ the/DT withdrawal/NN ]
of/IN 
[ Dunkin/NNP 's/POS poison/NN pill/NN rights/NNS ]
and/CC 
[ employee/NN stock/NN ownership/NN plans/NNS ]
,/, 
[ which/WDT ]
[ it/PRP ]
claims/VBZ were/VBD put/VBN in/IN 
[ place/NN ]
to/TO deter/VB 
[ bidders/NNS ]
./. 

[ DD/NNP Acquisition/NNP ]
said/VBD 
[ 2.2/CD million/CD shares/NNS ]
,/, or/CC about/IN 
[ 38.5/CD %/NN ]
of/IN 
[ the/DT shares/NNS ]
outstanding/JJ ,/, have/VBP been/VBN tendered/VBN under/IN 
[ its/PRP$ offer/NN ]
./. 

[ The/DT partners/NNS ]
said/VBD 
[ they/PRP ]
already/RB hold/VBP 
[ 15/CD %/NN ]
of/IN 
[ all/DT shares/NNS ]
outstanding/JJ ./. 

[ Dunkin'/NNP ]
has/VBZ set/VBN 
[ Nov./NNP 10/CD ]
as/IN 
[ the/DT deadline/NN ]
for/IN 
[ the/DT receipt/NN ]
of/IN 
[ any/DT ]
[ competing/VBG bids/NNS ]
./. 

[ DD/NNP Acquisition/NNP ]
said/VBD 
[ the/DT extension/NN ]
is/VBZ to/TO allow/VB 
[ this/DT process/NN ]
to/TO be/VB completed/VBN ./. 

[ Dunkin'/NNP ]
is/VBZ based/VBN in/IN 
[ Randolph/NNP ]
,/, 
[ Mass/NNP ]
./. 

[ Cara/NNP ]
,/, 
[ a/DT food/NN services/NNS ]
chain/NN 
[ operator/NN ]
and/CC 
[ Unicorp/NNP ]
,/, 
[ a/DT holding/VBG company/NN ]
,/, are/VBP based/VBN in/IN 
[ Toronto/NNP ]
./. 

[ Savin/NNP Corp./NNP ]
reported/VBD 
[ a/DT third-quarter/NN net/JJ loss/NN ]
of/IN 
[ $/$ 35.2/CD million/CD ]
,/, or/CC 
[ 31/CD cents/NNS ]
[ a/DT share/NN ]
,/, compared/VBN with/IN 
[ year-earlier/JJ profit/NN ]
of/IN 
[ $/$ 3.8/CD million/CD ]
,/, or/CC 
[ one/CD cent/NN ]
[ a/DT share/NN ]
./. 

[ A/DT spokesman/NN ]
for/IN 
[ the/DT Stamford/NNP ]
,/, 
[ Conn.based/JJ company/NN ]
said/VBD 
[ operations/NNS ]
had/VBD 
[ a/DT loss/NN ]
of/IN 
[ $/$ 5.5/CD million/CD ]
for/IN 
[ the/DT quarter/NN ]
;/: in/IN 
[ addition/NN ]
,/, 
[ the/DT loss/NN ]
was/VBD magnified/VBN by/IN nonrecurring/VBG 
[ charges/NNS ]
totaling/VBG 
[ $/$ 23.5/CD million/CD ]
and/CC 
[ $/$ 8.2/CD million/CD ]
in/IN 
[ asset-valuation/NN adjustments/NNS ]
that/IN 
[ he/PRP ]
described/VBD as/IN ``/`` 
[ unusual/JJ ]
./. 

''/'' 
[ The/DT charges/NNS ]
were/VBD partly/RB offset/VBN by/IN 
[ a/DT $/$ 2/CD million/CD gain/NN ]
on/IN 
[ the/DT sale/NN ]
of/IN 
[ investments/NNS ]
of/IN 
[ two/CD joint/JJ ventures/NNS ]
,/, 
[ he/PRP ]
said/VBD ./. 

[ Revenue/NN ]
declined/VBD 
[ 8/CD %/NN ]
to/TO 
[ $/$ 85.7/CD million/CD ]
,/, from/IN 
[ $/$ 93.3/CD million/CD ]
[ a/DT year/NN ]
earlier/JJR ./. 

[ Savin/NNP ]
cited/VBD ``/`` 
[ a/DT general/JJ softening/NN ]
in/IN 
[ the/DT demand/NN ]
for/IN 
[ office/NN products/NNS ]
in/IN 
[ the/DT market/NN segments/NNS ]
in/IN 
[ which/WDT ]
[ Savin/NNP ]
competes/VBZ ./. 

''/''

[ Hadson/NNP Corp./NNP ]
said/VBD 
[ it/PRP ]
expects/VBZ to/TO report/VB 
[ a/DT third-quarter/NN net/JJ loss/NN ]
of/IN 
[ $/$ 17/CD million/CD ]
to/TO 
[ $/$ 19/CD million/CD ]
because/IN of/IN 
[ special/JJ reserves/NNS ]
and/CC continued/VBN 
[ low/JJ natural-gas/NN prices/NNS ]
./. 

[ The/DT Oklahoma/NNP City/NNP energy/NN ]
and/CC 
[ defense/NN concern/NN ]
said/VBD 
[ it/PRP ]
will/MD record/VB 
[ a/DT $/$ 7.5/CD million/CD reserve/NN ]
for/IN 
[ its/PRP$ defense/NN group/NN ]
,/, including/VBG 
[ a/DT $/$ 4.7/CD million/CD charge/NN ]
related/VBN to/TO 
[ problems/NNS ]
under/IN 
[ a/DT fixed-price/JJ development/NN contract/NN ]
and/CC 
[ $/$ 2.8/CD million/CD ]
in/IN 
[ overhead/JJ costs/NNS ]
[ that/WDT ]
wo/MD n't/RB be/VB reimbursed/VBN ./. 

In/IN 
[ addition/NN ]
,/, 
[ Hadson/NNP ]
said/VBD 
[ it/PRP ]
will/MD write/VB off/IN about/IN 
[ $/$ 3.5/CD million/CD ]
in/IN 
[ costs/NNS ]
related/VBN to/TO 
[ international/JJ exploration/NN leases/NNS ]
where/WRB 
[ exploration/NN efforts/NNS ]
have/VBP been/VBN unsuccessful/JJ ./. 

[ The/DT company/NN ]
also/RB cited/VBD 
[ interest/NN costs/NNS ]
and/CC 
[ amortization/NN ]
of/IN 
[ goodwill/NN ]
as/IN 
[ factors/NNS ]
in/IN 
[ the/DT loss/NN ]
./. 

[ A/DT year/NN ]
earlier/JJR ,/, 
[ net/JJ income/NN ]
was/VBD 
[ $/$ 2.1/CD million/CD ]
,/, or/CC 
[ six/CD cents/NNS ]
[ a/DT share/NN ]
,/, on/IN 
[ revenue/NN ]
of/IN 
[ $/$ 169.9/CD million/CD ]
./. 

[ A/DT lack/NN ]
of/IN 
[ enthusiasm/NN ]
with/IN 
[ the/DT latest/JJS economic/JJ data/NNS ]
hampered/VBD 
[ the/DT stock/NN market/NN 's/POS bid/NN ]
to/TO extend/VB 
[ Tuesday/NNP 's/POS sharp/JJ gains/NNS ]
,/, as/IN 
[ prices/NNS ]
closed/VBD slightly/RB higher/JJR in/IN 
[ sluggish/JJ ]
trading/NN ./. 

While/IN renewed/VBN 
[ optimism/NN ]
about/IN 
[ the/DT outlook/NN ]
for/IN 
[ takeover/NN activity/NN ]
boosted/VBD 
[ several/JJ so-called/JJ deal/NN stocks/NNS ]
,/, 
[ traders/NNS ]
said/VBD 
[ profit-taking/NN ]
weighed/VBD on/IN 
[ the/DT market/NN ]
,/, with/IN 
[ blue-chips/NNS ]
bearing/VBG 
[ the/DT brunt/NN ]
of/IN 
[ the/DT selling/NN ]
./. 

[ The/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP ]
,/, 
[ which/WDT ]
had/VBD jumped/VBN 
[ 41.60/CD points/NNS ]
on/IN 
[ Tuesday/NNP ]
,/, drifted/VBD on/IN 
[ either/DT side/NN ]
of/IN 
[ its/PRP$ previous/JJ close/NN ]
and/CC finished/VBD with/IN 
[ a/DT gain/NN ]
of/IN just/RB 
[ 0.82/CD ]
at/IN 
[ 2645.90/CD ]
./. 

[ Standard/NNP ]
&/CC 
[ Poor/NNP 's/POS 500-Stock/NNP Index/NNP ]
added/VBD 
[ 0.84/CD ]
to/TO 
[ 341.20/CD ]
;/: 
[ the/DT rise/NN ]
was/VBD equivalent/JJ to/TO 
[ a/DT gain/NN ]
of/IN about/IN 
[ six/CD points/NNS ]
in/IN 
[ the/DT industrial/JJ average/NN ]
./. 

[ The/DT Dow/NNP Jones/NNP Equity/NNP Market/NNP Index/NNP ]
gained/VBD 
[ 0.99/CD ]
to/TO 
[ 319.75/CD ]
and/CC 
[ the/DT New/NNP York/NNP Stock/NNP Exchange/NNP Composite/NNP Index/NNP ]
went/VBD up/IN 
[ 0.60/CD ]
to/TO 
[ 188.84/CD ]
./. 

Advancing/VBG 
[ stocks/NNS ]
led/VBD 
[ decliners/NNS ]
on/IN 
[ the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ]
by/IN 
[ 847/CD ]
to/TO 
[ 644/CD ]
./. 

[ Big/NNP Board/NNP volume/NN ]
amounted/VBD to/TO 
[ 154,240,000/CD shares/NNS ]
,/, down/IN from/IN 
[ 176.1/CD million/CD Tuesday/NNP ]
./. 

[ The/DT October/NNP survey/NN ]
of/IN 
[ corporate/JJ purchasing/VBG managers/NNS ]
,/, as/IN expected/VBN ,/, provided/VBN 
[ evidence/NN ]
that/IN 
[ economic/JJ growth/NN ]
remains/VBZ subdued/VBN ./. 

[ An/DT index/NN ]
of/IN 
[ economic/JJ activity/NN ]
drawn/VBN from/IN 
[ the/DT survey/NN ]
stood/VBD 
[ last/JJ month/NN ]
at/IN 
[ 47.6/CD %/NN ]
;/: 
[ a/DT reading/NN ]
above/IN 
[ 50/CD %/NN ]
would/MD have/VB indicated/VBN that/IN 
[ the/DT manufacturing/VBG sector/NN ]
was/VBD improving/VBG ./. 

But/CC with/IN 
[ the/DT index/NN ]
proving/VBG somewhat/RB better/JJR than/IN expected/VBN and/CC 
[ the/DT ]
widely/RB anticipated/VBN 
[ report/NN ]
on/IN 
[ October/NNP employment/NN ]
scheduled/VBN to/TO arrive/VB 
[ tomorrow/NN ]
,/, 
[ stock/NN prices/NNS ]
firmed/VBD only/RB modestly/RB in/IN 
[ response/NN ]
to/TO 
[ the/DT report/NN ]
and/CC then/RB faltered/VBD ./. 

``/`` 
[ This/DT market/NN ]
's/VBZ still/RB going/VBG through/IN 
[ its/PRP$ pains/NNS ]
,/, ''/'' said/VBD 
[ Philip/NNP Puccio/NNP ]
,/, 
[ head/NN ]
of/IN 
[ equity/NN ]
trading/NN at/IN 
[ Prudential-Bache/NNP Securities/NNPS ]
./. 

``/`` 
[ The/DT psychology/NN ]
is/VBZ still/RB :/: `/`` 
[ We/PRP ]
want/VBP (/( 
[ stocks/NNS ]
 )/) up/RB ,/, but/CC if/IN 
[ they/PRP ]
do/VBP n't/RB carry/VB 
[ we/PRP ]
're/VBP going/VBG to/TO sell/VB 
[ them/PRP ]
./. 

'/'' ''/'' 

[ Uncertainty/NN ]
about/IN 
[ the/DT prospects/NNS ]
for/IN 
[ further/JJ action/NN ]
to/TO curtail/VB 
[ stock-index/JJ arbitrage/NN ]
,/, 
[ a/DT form/NN ]
of/IN 
[ program/NN ]
trading/NN blamed/VBN for/IN 
[ recent/JJ volatility/NN ]
in/IN 
[ the/DT market/NN ]
,/, also/RB contributed/VBD to/TO 
[ its/PRP$ lack/NN ]
of/IN 
[ direction/NN ]
,/, 
[ Mr./NNP Puccio/NNP ]
said/VBD ./. 

[ Arbitrage-related/JJ ]
trading/NN during/IN 
[ the/DT session/NN ]
was/VBD confined/VBN largely/RB to/TO 
[ a/DT round/NN ]
of/IN 
[ buy/NN programs/NNS ]
near/IN 
[ the/DT close/NN ]
,/, 
[ which/WDT ]
helped/VBD offset/VB 
[ the/DT impact/NN ]
of/IN 
[ profit-taking/NN ]
among/IN 
[ blue/JJ chips/NNS ]
./. 

Trading/NN is/VBZ expected/VBN to/TO remain/VB subdued/VBN as/IN 
[ the/DT market/NN ]
awaits/VBZ 
[ tomorrow/NN 's/POS release/NN ]
of/IN 
[ the/DT jobs/NNS data/NNS ]
with/IN 
[ the/DT hope/NN ]
that/IN 
[ it/PRP ]
will/MD point/VB toward/IN 
[ a/DT decline/NN ]
in/IN 
[ interest/NN rates/NNS ]
./. 

``/`` 
[ I/PRP ]
sense/VBP that/IN 
[ some/DT people/NNS ]
are/VBP reluctant/JJ to/TO stick/VB 
[ their/PRP$ necks/NNS ]
out/IN in/IN 
[ any/DT aggressive/JJ way/NN ]
until/IN after/IN 
[ the/DT figures/NNS ]
come/VBP out/IN ,/, ''/'' said/VBD 
[ Richard/NNP Eakle/NNP ]
,/, 
[ president/NN ]
of/IN 
[ Eakle/NNP Associates/NNPS ]
,/, 
[ Fair/NNP Haven/NNP ]
,/, 

[ Campbell/NNP Soup/NNP ]
jumped/VBD 
[ 3/CD 3\/8/CD ]
to/TO 
[ 47/CD 1\/8/CD ]
as/IN 
[ the/DT resignation/NN ]
of/IN 
[ R./NNP Gordon/NNP McGovern/NNP ]
as/IN 
[ president/NN ]
and/CC 
[ chief/NN executive/NN officer/NN ]
sparked/VBD 
[ a/DT revival/NN ]
of/IN 
[ rumors/NNS ]
that/IN 
[ the/DT company/NN ]
could/MD become/VB 
[ a/DT takeover/NN target/NN ]
./. 

[ Prudential-Bache/NNP Securities/NNPS ]
boosted/VBD 
[ the/DT stock/NN 's/POS short-term/JJ investment/NN rating/NN ]
in/IN 
[ response/NN ]
to/TO 
[ the/DT departure/NN ]
;/: 
[ analyst/NN John/NNP McMillin/NNP ]
said/VBD 
[ he/PRP ]
believes/VBZ 
[ the/DT company/NN ]
will/MD turn/VB to/TO 
[ new/JJ management/NN ]
``/`` 
[ that/DT ]
's/VBZ more/RBR financially/RB oriented/VBN ./. 

''/'' 

[ Other/JJ rumored/VBN takeover/NN ]
and/CC 
[ restructuring/VBG candidates/NNS ]
to/TO attract/VB 
[ buyers/NNS ]
included/VBD 
[ Woolworth/NNP ]
,/, 
[ which/WDT ]
went/VBD up/RB 
[ 1/CD 3\/4/CD ]
to/TO 
[ 59/CD 1\/2/CD ]
;/: 
[ Avon/NNP Products/NNPS ]
,/, up/RB 
[ 1/CD 3\/4/CD ]
to/TO 
[ 29/CD 1\/4/CD ]
;/: 
[ Paramount/NNP Communications/NNPS ]
,/, up/RB 
[ 2/CD ]
to/TO 
[ 57/CD 7\/8/CD ]
,/, and/CC 
[ Ferro/NNP ]
,/, up/RB 
[ 2/CD 5\/8/CD ]
to/TO 
[ 28/CD 3\/4/CD ]
./. 

[ Upjohn/NNP ]
,/, 
[ a/DT rumored/VBN target/NN ]
within/IN 
[ the/DT drug/NN industry/NN ]
,/, advanced/VBD 
[ 7\/8/CD ]
to/TO 
[ 38/CD 7\/8/CD ]
./. 

[ The/DT company/NN ]
said/VBD 
[ it/PRP ]
plans/VBZ 
[ a/DT fourth-quarter/NN charge/NN ]
,/, 
[ which/WDT ]
[ it/PRP ]
did/VBD n't/RB specify/VB ,/, for/IN 
[ an/DT early-retirement/JJ program/NN ]
./. 

[ AMR/NNP ]
climbed/VBD 
[ 1/CD 3\/4/CD ]
to/TO 
[ 73/CD 1\/8/CD ]
amid/IN 
[ rumors/NNS ]
that/IN 
[ New/NNP York/NNP developer/NN Donald/NNP Trump/NNP ]
was/VBD seeking/VBG 
[ financing/NN ]
to/TO mount/VB 
[ a/DT new/JJ ]
,/, 
[ lower/JJR offer/NN ]
for/IN 
[ the/DT parent/NN company/NN ]
of/IN 
[ American/NNP Airlines/NNPS ]
./. 

[ Mr./NNP Trump/NNP ]
withdrew/VBD 
[ a/DT $/$ 120-a-share/JJ bid/NN last/JJ month/NN ]
./. 

[ UAL/NNP ]
rose/VBD 
[ 1/CD 1\/2/CD ]
to/TO 
[ 177/CD ]
./. 

[ Drexel/NNP Burnham/NNP Lambert/NNP analyst/NN Michael/NNP Derchin/NNP ]
said/VBD 
[ he/PRP ]
sees/VBZ 
[ a/DT 70/CD %/NN chance/NN ]
that/IN 
[ the/DT parent/NN ]
of/IN 
[ United/NNP Airlines/NNPS ]
,/, 
[ the/DT target/NN ]
of/IN 
[ a/DT failed/VBN $/$ 300-a-share/JJ offer/NN ]
from/IN 
[ a/DT labor-management/NN group/NN ]
,/, will/MD be/VB acquired/VBN or/CC restructured/VBN within/IN 
[ six/CD months/NNS ]
./. 

[ Georgia/NNP Gulf/NNP ]
added/VBD 
[ 1/CD 3\/4/CD ]
to/TO 
[ 51/CD 1\/4/CD ]
after/IN 
[ NL/NNP Industries/NNPS ]
,/, controlled/VBN by/IN 
[ Dallas/NNP investor/NN Harold/NNP Simmons/NNP ]
,/, offered/VBD to/TO acquire/VB 
[ the/DT stock/NN ]
[ it/PRP ]
does/VBZ n't/RB already/RB own/VB for/IN 
[ $/$ 50/CD ]
[ a/DT share/NN ]
./. 

[ NL/NNP ]
,/, 
[ which/WDT ]
closed/VBD 
[ unchanged/JJ ]
at/IN 
[ 22/CD 3\/4/CD ]
,/, has/VBZ 
[ a/DT stake/NN ]
of/IN just/RB under/IN 
[ 10/CD %/NN ]
./. 

[ Great/NNP Northern/NNP Nekoosa/NNP ]
,/, 
[ which/WDT ]
surged/VBD 
[ 20/CD 1\/8/CD Tuesday/NNP ]
after/IN 
[ Georgia-Pacific/NNP ]
launched/VBD 
[ a/DT $/$ 3.18/CD billion/CD offer/NN ]
for/IN 
[ the/DT company/NN ]
,/, dropped/VBD 
[ 1/CD 3\/8/CD ]
to/TO 
[ 61/CD 1\/2/CD ]
in/IN 
[ Big/NNP Board/NNP composite/NN ]
trading/NN of/IN 
[ 5.1/CD million/CD shares/NNS ]
./. 

[ Georgia-Pacific/NNP ]
,/, 
[ which/WDT ]
went/VBD down/IN 
[ 2/CD 1\/2/CD Tuesday/NNP ]
,/, lost/VBD 
[ another/DT 1\/2/CD ]
to/TO 
[ 50/CD 3\/8/CD ]
./. 

[ Other/JJ paper/NN ]
and/CC 
[ forest-products/NNS stocks/NNS ]
closed/VBD mixed/VBN ./. 

[ Mead/NNP ]
rose/VBD 
[ 3\/4/CD ]
to/TO 
[ 39/CD 1\/2/CD ]
,/, 
[ Federal/NNP Paper/NNP Board/NNP ]
added/VBD 
[ 1\/2/CD ]
to/TO 
[ 24/CD 3\/8/CD ]
and/CC 
[ Scott/NNP Paper/NNP ]
gained/VBD 
[ 1\/2/CD ]
to/TO 
[ 48/CD 3\/8/CD ]
,/, while/IN 
[ International/NNP Paper/NNP ]
fell/VBD 
[ 7\/8/CD ]
to/TO 
[ 48/CD 7\/8/CD ]
,/, 
Champion/NNP
International/NNP
lost/VBD 
[ 3\/8/CD ]
to/TO 
[ 31/CD 1\/2/CD ]
and/CC 
[ Louisiana-Pacific/NNP ]
dropped/VBD 
[ 1\/8/CD ]
to/TO 
[ 40/CD 1\/4/CD ]
./. 

[ Texaco/NNP ]
rose/VBD 
[ 3\/4/CD ]
to/TO 
[ 53/CD 3\/8/CD ]
as/IN 
[ 4.4/CD million/CD shares/NNS ]
changed/VBD 
[ hands/NNS ]
./. 

Most/JJS of/IN 
[ the/DT volume/NN ]
came/VBD from/IN 
[ trades/NNS ]
designed/VBN to/TO capture/VB 
[ the/DT stock/NN 's/POS next/JJ dividend/NN ]
;/: 
[ Texaco/NNP ]
has/VBZ 
[ a/DT yield/NN ]
of/IN 
[ 5.6/CD %/NN ]
and/CC goes/VBZ 
[ ex-dividend/JJ today/NN ]
./. 

[ Santa/NNP Fe/NNP Pacific/NNP ]
dropped/VBD 
[ 1/CD 1\/8/CD ]
to/TO 
[ 17/CD 3\/4/CD ]
./. 

[ The/DT company/NN 's/POS proposal/NN ]
to/TO sell/VB 
[ a/DT 20/CD %/NN stake/NN ]
in/IN 
[ its/PRP$ real-estate/NN unit/NN ]
for/IN around/IN 
[ $/$ 400/CD million/CD ]
has/VBZ caused/VBN 
[ analysts/NNS ]
to/TO consider/VB whether/IN to/TO cut/VB 
[ their/PRP$ estimates/NNS ]
of/IN 
[ Santa/NNP Fe/NNP 's/POS asset/NN value/NN ]
./. 

[ GenCorp/NNP ]
tumbled/VBD 
[ 2/CD ]
to/TO 
[ 14/CD ]
./. 

[ The/DT company/NN ]
forecast/VBD that/IN 
[ fourth-quarter/NN income/NN ]
from/IN continuing/VBG 
[ operations/NNS ]
would/MD be/VB ``/`` significantly/RB ''/'' lower/JJR than/IN 
[ a/DT year/NN ]
earlier/JJR ./. 

[ Allergan/NNP ]
went/VBD up/IN 
[ 1\/2/CD ]
to/TO 
[ 19/CD 3\/8/CD ]
./. 

[ The/DT Food/NNP ]
and/CC 
[ Drug/NNP Administration/NNP ]
allowed/VBD 
[ the/DT company/NN ]
to/TO begin/VB marketing/VBG 
[ a/DT new/JJ lens/NN ]
for/IN 
[ use/NN ]
in/IN 
[ cataract/NN patients/NNS ]
./. 

[ The/DT American/NNP Stock/NNP Exchange/NNP Market/NNP Value/NNP Index/NNP ]
gained/VBD 
[ 1.56/CD ]
to/TO 
[ 372.14/CD ]
./. 

[ Volume/NN ]
totaled/VBD 
[ 11,390,000/CD shares/NNS ]
./. 

[ Old/NNP Spaghetti/NNP Warehouse/NNP ]
rose/VBD 
[ 1/CD ]
to/TO 
[ 16/CD 1\/8/CD ]
./. 

[ Its/PRP$ net/JJ income/NN ]
for/IN 
[ the/DT September/NNP quarter/NN ]
rose/VBD about/IN 
[ 41/CD %/NN ]
from/IN 
[ a/DT year/NN ]
ago/IN ./. 

[ Freeport-McMoRan/NNP Inc./NNP ]
said/VBD 
[ it/PRP ]
will/MD convert/VB 
[ its/PRP$ Freeport-McMoRan/NNP Energy/NNP Partners/NNPS Ltd./NNP partnership/NN ]
into/IN 
[ a/DT ]
publicly/RB traded/VBN 
[ company/NN ]
through/IN 
[ the/DT exchange/NN ]
of/IN 
[ units/NNS ]
of/IN 
[ the/DT partnership/NN ]
for/IN 
[ common/JJ shares/NNS ]
./. 

[ The/DT company/NN ]
said/VBD 
[ the/DT restructuring/NN ]
is/VBZ n't/RB expected/VBN to/TO have/VB 
[ any/DT impact/NN ]
,/, 
[ adverse/JJ ]
or/CC otherwise/RB ,/, on/IN 
[ its/PRP$ financial/JJ results/NNS ]
./. 

[ Freeport-McMoRan/NNP ]
,/, 
[ a/DT New/NNP Orleans-based/JJ diversified/JJ energy/NN conglomerate/NN ]
,/, said/VBD 
[ the/DT partnership/NN ]
will/MD exchange/VB 
[ its/PRP$ assets/NNS ]
for/IN 
[ common/JJ shares/NNS ]
of/IN 
[ a/DT yet-to-be-formed/JJ entity/NN ]
./. 

[ Freeport-McMoRan/NNP Energy/NNP Partners/NNP ]
will/MD be/VB liquidated/VBN and/CC 
[ shares/NNS ]
of/IN 
[ the/DT new/JJ company/NN ]
distributed/VBN to/TO 
[ the/DT partnership/NN 's/POS unitholders/NNS ]
./. 

[ Unitholders/NNS ]
will/MD receive/VB 
[ two/CD additional/JJ 55/CD cents-a-unit/JJ distribution/NN payments/NNS ]
before/IN 
[ the/DT trust/NN ]
is/VBZ liquidated/VBN in/IN 
[ early/JJ 1990/CD ]
,/, 
[ the/DT company/NN ]
said/VBD ./. 

[ It/PRP ]
is/VBZ expected/VBN that/IN 
[ common/JJ shares/NNS ]
equal/JJ to/TO 
[ the/DT number/NN ]
of/IN 
[ units/NNS ]
outstanding/JJ --/: about/IN 
[ 108/CD million/CD ]
on/IN 
[ Sept./NNP 30/CD ]
--/: will/MD be/VB issued/VBN during/IN 
[ the/DT first/JJ quarter/NN ]
of/IN 
[ 1990/CD ]
./. 

[ Freeport-McMoRan/NNP ]
,/, 
[ the/DT parent/NN company/NN ]
,/, holds/VBZ roughly/RB 
[ 80/CD %/NN ]
of/IN 
[ the/DT units/NNS ]
outstanding/JJ ./. 

[ Nissan/NNP Motor/NNP Co./NNP ]
,/, 
[ Japan/NNP 's/POS second-largest/JJ car/NN maker/NN ]
,/, announced/VBD 
[ Wednesday/NNP ]
that/IN 
[ the/DT parent/NN concern/NN 's/POS pretax/NN earnings/NNS ]
in/IN 
[ the/DT first/JJ ]
[ half/DT ]
ended/VBD 
[ last/JJ Sept./NNP 30/CD ]
rose/VBD 
[ 14/CD %/NN ]
to/TO 
[ 88.32/CD billion/CD yen/NN ]
 (/( 
[ $/$ 618.1/CD million/CD ]
 )/) from/IN 
[ 77.6/CD billion/CD yen/NN ]
[ a/DT year/NN ]
earlier/JJR ./. 

[ Nissan/NNP ]
cited/VBD 
[ strong/JJ domestic/JJ sales/NNS ]
against/IN 
[ the/DT backdrop/NN ]
of/IN 
[ continuous/JJ economic/JJ expansion/NN ]
./. 

[ Profit/NN ]
surged/VBD 
[ 42/CD %/NN ]
to/TO 
[ 40.21/CD billion/CD yen/NN ]
,/, or/CC 
[ 16.09/CD yen/NN ]
[ a/DT share/NN ]
,/, from/IN 
[ 28.36/CD billion/CD yen/NN ]
,/, or/CC 
[ 11.72/CD yen/NN ]
[ a/DT share/NN ]
./. 

[ Sales/NNS ]
totaled/VBD 
[ 1.916/CD trillion/CD yen/NN ]
,/, climbing/VBG 
[ 17/CD %/NN ]
from/IN 
[ 1.637/CD trillion/CD yen/NN ]
in/IN 
[ the/DT year-earlier/JJ period/NN ]
./. 

[ Nissan/NNP ]
scheduled/VBD 
[ a/DT seven-yen/JJ interim/JJ dividend/NN payment/NN ]
,/, 
[ unchanged/JJ ]
./. 

[ Atsushi/NNP Muramatsu/NNP ]
,/, 
[ executive/JJ vice/NN president/NN ]
and/CC 
[ chief/NN financial/JJ officer/NN ]
of/IN 
[ Nissan/NNP ]
,/, said/VBD ,/, ``/`` 
[ The/DT company/NN ]
has/VBZ experienced/VBN 
[ a/DT remarkable/JJ turnaround/NN ]
in/IN 
[ terms/NNS ]
of/IN 
[ profitability/NN ]
since/IN 
[ the/DT fiscal/JJ year/NN ]
ending/VBG 
[ March/NNP 1987/CD ]
,/, when/WRB 
[ the/DT sharp/JJ ]
and/CC 
[ rapid/JJ appreciation/NN ]
of/IN 
[ the/DT yen/NN ]
caused/VBD 
[ many/JJ difficulties/NNS ]
./. 

``/`` 
[ It/PRP ]
can/MD be/VB said/VBN that/IN 
[ the/DT trend/NN ]
of/IN 
[ financial/JJ improvement/NN ]
has/VBZ been/VBN firmly/RB set/VBN ,/, ''/'' 
[ he/PRP ]
added/VBD ./. 

[ Heritage/NNP Media/NNP Corp./NNP ]
,/, 
[ New/NNP York/NNP ]
,/, said/VBD 
[ it/PRP ]
offered/VBD to/TO buy/VB 
[ the/DT shares/NNS ]
of/IN 
[ POP/NNP Radio/NNP Corp./NNP it/PRP ]
does/VBZ n't/RB already/RB own/VB in/IN 
[ a/DT stock/NN swap/NN ]
./. 

[ Heritage/NNP ]
,/, 
[ which/WDT ]
owns/VBZ 
[ 51/CD %/NN ]
of/IN 
[ POP/NNP 's/POS 3.6/CD million/CD shares/NNS ]
outstanding/JJ ,/, said/VBD 
[ it/PRP ]
will/MD exchange/VB 
[ one/CD share/NN ]
of/IN 
[ a/DT new/JJ preferred/VBN stock/NN ]
for/IN 
[ each/DT POP/NNP common/JJ share/NN ]
[ it/PRP ]
does/VBZ n't/RB already/RB own/VB ./. 

Depending/VBG upon/IN how/WRB 
[ many/JJ warrants/NNS ]
and/CC 
[ options/NNS ]
are/VBP exercised/VBN prior/RB to/TO 
[ completion/NN ]
of/IN 
[ the/DT transaction/NN ]
,/, 
[ Heritage/NNP ]
would/MD issue/VB between/IN 
[ 1.8/CD million/CD ]
and/CC 
[ 2.35/CD million/CD preferred/VBN shares/NNS ]
,/, 
[ a/DT Heritage/NNP spokesman/NN ]
estimated/VBD ./. 

In/IN 
[ national/JJ over-the-counter/JJ trading/NN yesterday/NN ]
,/, 
[ POP/NNP ]
plunged/VBD 
[ $/$ 4/CD ]
to/TO 
[ $/$ 14.75/CD ]
./. 

[ The/DT preferred/VBN stock/NN ]
,/, 
[ which/WDT ]
would/MD have/VB 
[ a/DT dividend/NN rate/NN ]
of/IN 
[ $/$ 1.76/CD ]
[ a/DT year/NN ]
,/, would/MD be/VB convertible/JJ into/IN 
[ Heritage/NNP common/JJ ]
at/IN 
[ a/DT rate/NN ]
of/IN 
[ four/CD common/JJ shares/NNS ]
for/IN 
[ each/DT ]
preferred/VBD ./. 

[ New/NNP York-based/JJ POP/NNP Radio/NNP ]
provides/VBZ ,/, through/IN 
[ a/DT national/JJ ]
,/, 
[ in-store/JJ network/NN ]
,/, 
[ a/DT customized/VBN music/NN ]
,/, 
[ information/NN ]
and/CC 
[ advertising/VBG service/NN ]
[ which/WDT ]
simulates/VBZ 
[ live/JJ radio/NN ]
./. 

[ Heritage/NNP ]
owns/VBZ and/CC operates/VBZ 
[ television/NN ]
and/CC 
[ radio/NN stations/NNS ]
and/CC 
[ in-store/JJ advertising/NN ]
and/CC 
[ promotion/NN programs/NNS ]
./. 

[ GenCorp/NNP Inc./NNP ]
,/, hurt/VBN by/IN 
[ a/DT plant/NN accident/NN ]
and/CC 
[ other/JJ unexpected/JJ costs/NNS ]
,/, said/VBD 
[ it/PRP ]
expects/VBZ to/TO report/VB 
[ that/IN fiscal/JJ fourth-quarter/NN profit/NN ]
from/IN continuing/VBG 
[ operations/NNS ]
will/MD be/VB significantly/RB below/IN 
[ last/JJ year/NN 's/POS $/$ 25/CD million/CD ]
./. 

[ The/DT Fairlawn/NNP ]
,/, 
[ Ohio-based/JJ company/NN ]
also/RB said/VBD 
[ that/DT full-year/JJ profit/NN ]
from/IN continuing/VBG 
[ operations/NNS ]
will/MD be/VB far/RB below/IN 
[ last/JJ year/NN 's/POS $/$ 148/CD million/CD ]
./. 

[ Last/JJ year/NN 's/POS figures/NNS ]
include/VBP 
[ a/DT one-time/JJ loss/NN ]
of/IN 
[ $/$ 12/CD million/CD ]
for/IN restructuring/NN and/CC 
[ unusual/JJ items/NNS ]
./. 

But/CC 
[ the/DT automotive/JJ parts/NNS ]
and/CC 
[ aerospace/NN concern/NN ]
expects/VBZ 
[ that/IN net/NN ]
for/IN 
[ the/DT year/NN ending/VBG Nov./NNP 30/CD ]
will/MD exceed/VB 
[ last/JJ fiscal/JJ year/NN 's/POS net/NN ]
of/IN 
[ $/$ 70/CD million/CD ]
,/, or/CC 
[ $/$ 2.19/CD ]
[ a/DT share/NN ]
,/, primarily/RB because/IN of/IN 
[ $/$ 200/CD million/CD ]
in/IN 
[ gains/NNS ]
from/IN 
[ sales/NNS ]
of/IN 
[ discontinued/VBN operations/NNS ]
./. 

[ Harry/NNP Millis/NNP ]
,/, 
[ an/DT analyst/NN ]
at/IN 
[ McDonald/NNP ]
&/CC 
[ Co./NNP ]
in/IN 
[ Cleveland/NNP ]
,/, said/VBD 
[ GenCorp/NNP 's/POS unanticipated/JJ losses/NNS ]
come/VBP largely/RB from/IN 
[ an/DT accident/NN ]
at/IN 
[ a/DT government-owned/JJ assembly/NN plant/NN ]
in/IN 
[ Kansas/NNP ]
,/, run/VBN by/IN 
[ a/DT private/JJ subcontractor/NN ]
,/, 
[ that/WDT ]
makes/VBZ 
[ cluster/NN bombs/NNS ]
for/IN 
[ GenCorp/NNP 's/POS Aerojet/NNP Ordnance/NNP business/NN ]
./. 

[ Transamerica/NNP Corp./NNP ]
,/, 
[ San/NNP Francisco/NNP ]
,/, said/VBD 
[ third-quarter/NN profit/NN ]
was/VBD essentially/RB flat/JJ despite/IN 
[ a/DT large/JJ one-time/JJ ]
gain/NN 
[ a/DT year/NN ]
earlier/JJR ./. 

[ The/DT insurance/NN ]
and/CC 
[ financial/JJ services/NNS concern/NN ]
said/VBD 
[ profit/NN ]
for/IN 
[ the/DT quarter/NN ]
rose/VBD 
[ 1.1/CD %/NN ]
to/TO 
[ $/$ 93.9/CD million/CD ]
,/, or/CC 
[ $/$ 1.19/CD ]
[ a/DT share/NN ]
,/, compared/VBN with/IN 
[ $/$ 92.9/CD million/CD ]
,/, or/CC 
[ $/$ 1.18/CD ]
[ a/DT share/NN ]
,/, 
[ the/DT year/NN ]
earlier/JJR ./. 

[ The/DT results/NNS ]
reflected/VBD 
[ a/DT 24/CD %/NN gain/NN ]
in/IN 
[ income/NN ]
from/IN 
[ its/PRP$ finance/NN businesses/NNS ]
,/, and/CC 
[ a/DT 15/CD %/NN slide/NN ]
in/IN 
[ income/NN ]
from/IN 
[ insurance/NN operations/NNS ]
./. 

[ Transamerica/NNP ]
said/VBD 
[ third-quarter/NN investment/NN gains/NNS ]
were/VBD 
[ $/$ 10.2/CD million/CD ]
,/, compared/VBN with/IN 
[ $/$ 6.4/CD million/CD ]
[ the/DT year/NN ]
earlier/JJR ./. 

[ It/PRP ]
said/VBD 
[ insurance/NN profit/NN ]
reflected/VBD 
[ a/DT $/$ 6/CD million/CD loss/NN ]
from/IN 
[ Hurricane/NNP Hugo/NNP ]
./. 

[ It/PRP ]
also/RB estimated/VBD that/IN 
[ losses/NNS ]
from/IN 
[ the/DT Oct./NNP 17/CD earthquake/NN ]
in/IN 
[ California/NNP ]
would/MD be/VB no/RB more/JJR than/IN 
[ $/$ 6/CD million/CD ]
,/, and/CC would/MD be/VB included/VBN in/IN 
[ fourth-quarter/NN results/NNS ]
./. 

[ RMS/NNP International/NNP Inc./NNP ]
,/, 
[ Hasbrouk/NNP Heights/NNP ]
,/, 
[ N.J./NNP ]
,/, facing/VBG 
[ a/DT cash-flow/JJ squeeze/NN ]
,/, said/VBD 
[ it/PRP ]
is/VBZ seeking/VBG 
[ other/JJ financing/VBG sources/NNS ]
and/CC 
[ waivers/NNS ]
from/IN 
[ debenture/NN holders/NNS ]
./. 

[ The/DT company/NN ]
said/VBD that/IN because/IN of/IN softening/VBG 
[ sales/NNS ]
[ it/PRP ]
is/VBZ n't/RB in/IN 
[ compliance/NN ]
with/IN 
[ requirements/NNS ]
that/IN 
[ it/PRP ]
maintain/VB 
[ $/$ 3/CD million/CD ]
in/IN 
[ working/VBG capital/NN ]
./. 

[ RMS/NNP ]
distributes/VBZ 
[ electronic/JJ devices/NNS ]
and/CC produces/VBZ 
[ power/NN supplies/NNS ]
and/CC 
[ plastic/JJ literature/NN displays/NNS ]
./. 

[ RMS/NNP ]
said/VBD 
[ it/PRP ]
had/VBD 
[ a/DT loss/NN ]
of/IN 
[ $/$ 158,666/CD ]
,/, or/CC 
[ 10/CD cents/NNS ]
[ a/DT share/NN ]
,/, in/IN 
[ the/DT third/JJ quarter/NN ]
,/, compared/VBN with/IN 
[ a/DT year-earlier/JJ loss/NN ]
of/IN 
[ $/$ 26,956/CD ]
,/, or/CC 
[ two/CD cents/NNS ]
[ a/DT share/NN ]
./. 

[ Sales/NNS ]
rose/VBD to/TO 
[ $/$ 3/CD million/CD ]
from/IN 
[ $/$ 2.9/CD million/CD ]
./. 

For/IN 
[ the/DT nine/CD months/NNS ]
,/, 
[ the/DT company/NN ]
reported/VBD 
[ a/DT net/JJ loss/NN ]
of/IN 
[ $/$ 608,413/CD ]
,/, or/CC 
[ 39/CD cents/NNS ]
[ a/DT share/NN ]
,/, compared/VBN with/IN 
[ year-earlier/JJ net/JJ income/NN ]
of/IN 
[ $/$ 967,809/CD ]
,/, or/CC 
[ 62/CD cents/NNS ]
[ a/DT share/NN ]
./. 

[ Sales/NNS ]
rose/VBD to/TO 
[ $/$ 9.8/CD million/CD ]
from/IN 
[ $/$ 8.9/CD million/CD ]
./. 

[ Meridian/NNP National/NNP Corp./NNP ]
said/VBD 
[ it/PRP ]
sold/VBD 
[ 750,000/CD shares/NNS ]
of/IN 
[ its/PRP$ common/JJ stock/NN ]
to/TO 
[ the/DT McAlpine/NNP family/NN interests/NNS ]
,/, for/IN 
[ $/$ 1/CD million/CD ]
,/, or/CC 
[ $/$ 1.35/CD ]
[ a/DT share/NN ]
./. 

[ The/DT sale/NN ]
represents/VBZ 
[ 10.2/CD %/NN ]
of/IN 
[ Meridian/NNP 's/POS shares/NNS ]
outstanding/JJ ./. 

[ The/DT McAlpine/NNP family/NN ]
,/, 
[ which/WDT ]
operates/VBZ 
[ a/DT number/NN ]
of/IN 
[ multinational/JJ companies/NNS ]
,/, including/VBG 
[ a/DT London-based/JJ engineering/NN ]
and/CC 
[ construction/NN company/NN ]
,/, also/RB lent/VBD to/TO 
[ Meridian/NNP National/NNP $/$ 500,000/CD ]
./. 

[ That/DT amount/NN ]
is/VBZ convertible/JJ into/IN 
[ shares/NNS ]
of/IN 
[ Meridian/NNP common/JJ stock/NN ]
at/IN 
[ $/$ 2/CD ]
[ a/DT share/NN ]
during/IN 
[ its/PRP$ one-year/JJ term/NN ]
./. 

[ The/DT loan/NN ]
may/MD be/VB extended/VBN by/IN 
[ the/DT McAlpine/NNP group/NN ]
for/IN 
[ an/DT additional/JJ year/NN ]
with/IN 
[ an/DT increase/NN ]
in/IN 
[ the/DT conversion/NN price/NN ]
to/TO 
[ $/$ 2.50/CD ]
[ a/DT share/NN ]
./. 

[ The/DT sale/NN ]
of/IN 
[ shares/NNS ]
to/TO 
[ the/DT McAlpine/NNP family/NN ]
along/IN with/IN 
[ the/DT recent/JJ sale/NN ]
of/IN 
[ 750,000/CD shares/NNS ]
of/IN 
[ Meridian/NNP stock/NN ]
to/TO 
[ Haden/NNP MacLellan/NNP Holding/NNP PLC/NNP ]
of/IN 
[ Surrey/NNP ]
,/, 
[ England/NNP ]
and/CC 
[ a/DT recent/JJ public/JJ offering/NN ]
have/VBP increased/VBN 
[ Meridian/NNP 's/POS net/JJ worth/NN ]
to/TO 
[ $/$ 8.5/CD million/CD ]
,/, said/VBD 
[ William/NNP Feniger/NNP ]
,/, 
[ chief/NN executive/NN officer/NN ]
of/IN 
[ Toledo/NNP ]
,/, 
[ Ohio-based/JJ Meridian/NNP ]
./. 

[ Ratners/NNP Group/NNP PLC/NNP ]
,/, 
[ a/DT fast-growing/JJ ]
,/, 
[ acquisition-minded/JJ London-based/JJ jeweler/NN ]
,/, raised/VBD 
[ its/PRP$ price/NN ]
for/IN 
[ Seattle-based/JJ specialty/NN jeweler/NN Weisfield/NNP 's/POS Inc./NNP ]
to/TO 
[ $/$ 57.50/CD ]
[ a/DT share/NN ]
,/, or/CC 
[ $/$ 62.1/CD million/CD ]
,/, from/IN 
[ $/$ 50/CD ]
[ a/DT share/NN ]
,/, or/CC 
[ $/$ 55/CD million/CD ]
,/, after/IN 
[ another/DT concern/NN ]
said/VBD 
[ it/PRP ]
would/MD be/VB prepared/VBN to/TO outbid/VB 
[ Ratners/NNP 's/POS initial/JJ offer/NN ]
./. 

[ The/DT other/JJ concern/NN was/VBD n't/RB ]
identified/VBD ./. 

[ Ratners/NNP 's/POS chairman/NN ]
,/, 
[ Gerald/NNP Ratner/NNP ]
,/, said/VBD 
[ the/DT deal/NN ]
remains/VBZ of/IN ``/`` 
[ substantial/JJ benefit/NN ]
to/TO 
[ Ratners/NNP ]
./. 

''/'' In/IN 
[ London/NNP ]
at/IN 
[ mid-afternoon/JJ yesterday/NN ]
,/, 
[ Ratners/NNP 's/POS shares/NNS ]
were/VBD up/RB 
[ 2/CD pence/NN ]
 (/( 
[ 1.26/CD cents/NNS ]
 )/) ,/, at/IN 
[ 260/CD pence/NN ]
 (/( 
[ $/$ 1.64/CD ]
 )/) ./. 

[ The/DT sweetened/VBN offer/NN ]
has/VBZ 
[ acceptances/NNS ]
from/IN more/RBR than/IN 
[ 50/CD %/NN ]
of/IN 
[ Weisfield/NNP 's/POS shareholders/NNS ]
,/, and/CC 
[ it/PRP ]
is/VBZ scheduled/VBN for/IN 
[ completion/NN ]
by/IN 
[ Dec./NNP 10/CD ]
./. 

[ The/DT acquisition/NN ]
of/IN 
[ 87-store/JJ Weisfield/NNP 's/POS ]
raises/VBZ 
[ Ratners/NNP 's/POS U.S./NNP presence/NN ]
to/TO 
[ 450/CD stores/NNS ]
./. 

About/IN 
[ 30/CD %/NN ]
of/IN 
[ Ratners/NNP 's/POS profit/NN ]
already/RB is/VBZ derived/VBN from/IN 
[ the/DT U.S/NNP ]
./. 

[ Carnival/NNP Cruise/NNP Lines/NNP Inc./NNP ]
said/VBD 
[ potential/JJ problems/NNS ]
with/IN 
[ the/DT construction/NN ]
of/IN 
[ two/CD big/JJ cruise/NN ships/NNS ]
from/IN 
[ Finland/NNP ]
have/VBP been/VBN averted/VBN ./. 

[ Last/JJ week/NN ]
,/, 
[ Miami-based/JJ Carnival/NNP ]
disclosed/VBD that/IN 
[ Waertsilae/NNP Marine/NNP Industries/NNPS ]
,/, 
[ the/DT Finnish/JJ shipyard/NN ]
[ that/WDT ]
is/VBZ building/VBG 
[ Carnival/NNP 's/POS new/JJ cruise/NN ships/NNS ]
,/, planned/VBD to/TO file/VB for/IN 
[ bankruptcy/NN ]
./. 

[ Yesterday/NN ]
,/, 
[ Carnival/NNP ]
said/VBD 
[ a/DT new/JJ company/NN ]
has/VBZ been/VBN formed/VBN in/IN 
[ Finland/NNP ]
[ that/WDT ]
will/MD carry/VB on/IN 
[ Waertsilae/NNP 's/POS shipbuilding/NN operations/NNS ]
./. 

[ Carnival/NNP ]
said/VBD 
[ it/PRP ]
will/MD be/VB 
[ an/DT 11/CD %/NN shareholder/NN ]
in/IN 
[ the/DT new/JJ company/NN ]
./. 

[ Carnival/NNP ]
said/VBD 
[ the/DT Fantasy/NNP ]
,/, 
[ a/DT 2,050-passenger/JJ ship/NN ]
[ that/WDT ]
was/VBD slated/VBN to/TO be/VB delivered/VBN 
[ this/DT month/NN ]
,/, will/MD be/VB delivered/VBN in/IN 
[ January/NNP ]
./. 

[ A/DT second/JJ ship/NN ]
is/VBZ now/RB expected/VBN to/TO be/VB delivered/VBN 
[ late/JJ next/JJ year/NN ]
or/CC early/RB in/IN 
[ 1991/CD ]
./. 

[ Carnival/NNP ]
had/VBD expected/VBN 
[ that/DT ship/NN ]
to/TO be/VB delivered/VBN 
[ next/JJ fall/NN ]
./. 

[ A/DT planned/VBN third/JJ ship/NN ]
still/RB may/MD be/VB built/VBN in/IN 
[ the/DT Finnish/JJ shipyard/NN ]
,/, or/CC may/MD be/VB built/VBN elsewhere/RB ,/, 
[ Carnival/NNP ]
said/VBD ./. 

[ Valley/NNP Federal/NNP Savings/NNP ]
&/CC 
[ Loan/NNP Association/NNP ]
took/VBD 
[ an/DT $/$ 89.9/CD million/CD charge/NN ]
as/IN 
[ it/PRP ]
reported/VBD 
[ a/DT third-quarter/NN loss/NN ]
of/IN 
[ $/$ 70.7/CD million/CD ]
,/, or/CC 
[ $/$ 12.09/CD ]
[ a/DT share/NN ]
./. 

[ The/DT Van/NNP Nuys/NNP ]
,/, 
[ Calif./NNP ]
,/, 
[ thrift/NN ]
had/VBD 
[ net/JJ income/NN ]
of/IN 
[ $/$ 132,000/CD ]
,/, or/CC 
[ three/CD cents/NNS ]
[ a/DT share/NN ]
,/, 
[ a/DT year/NN ]
ago/IN ./. 

[ The/DT bulk/NN ]
of/IN 
[ the/DT pretax/NN charge/NN ]
is/VBZ 
[ a/DT $/$ 62/CD million/CD write-off/NN ]
of/IN 
[ capitalized/VBN servicing/NN ]
at/IN 
[ the/DT mobile/JJ home/NN financing/VBG subsidiary/NN ]
,/, 
[ which/WDT ]
[ the/DT company/NN ]
said/VBD had/VBD been/VBN 
[ a/DT big/JJ drain/NN ]
on/IN 
[ earnings/NNS ]
./. 

[ The/DT company/NN ]
said/VBD 
[ the/DT one-time/JJ provision/NN ]
would/MD substantially/RB eliminate/VB 
[ all/DT future/JJ losses/NNS ]
at/IN 
[ the/DT unit/NN ]
./. 

[ Valley/NNP Federal/NNP ]
also/RB added/VBD 
[ $/$ 18/CD million/CD ]
to/TO realestate/VB 
[ loan/NN reserves/NNS ]
and/CC eliminated/VBN 
[ $/$ 9.9/CD million/CD ]
of/IN 
[ good/JJ will/NN ]
./. 

[ The/DT thrift/NN ]
said/VBD that/IN ``/`` after/IN 
[ these/DT charges/NNS ]
and/CC assuming/VBG 
[ no/DT dramatic/JJ fluctuation/NN ]
in/IN 
[ interest/NN rates/NNS ]
,/, 
[ the/DT association/NN ]
expects/VBZ to/TO achieve/VB near/IN 
[ record/NN earnings/NNS ]
in/IN 
[ 1990/CD ]
./. 

''/'' 

[ Valley/NNP Federal/NNP ]
is/VBZ currently/RB being/VBG examined/VBN by/IN 
[ regulators/NNS ]
./. 

[ New/JJ loans/NNS ]
continue/VBP to/TO slow/VB ;/: 
[ they/PRP ]
were/VBD 
[ $/$ 6.6/CD million/CD ]
in/IN 
[ the/DT quarter/NN ]
compared/VBN with/IN 
[ $/$ 361.8/CD million/CD ]
[ a/DT year/NN ]
ago/IN ./. 

[ The/DT thrift/NN ]
has/VBZ 
[ assets/NNS ]
of/IN 
[ $/$ 3.2/CD billion/CD ]
./. 

[ First/NNP ]
of/IN 
[ America/NNP Bank/NNP Corp./NNP ]
said/VBD 
[ it/PRP ]
completed/VBD 
[ its/PRP$ acquisition/NN ]
of/IN 
[ Midwest/NNP Financial/NNP Group/NNP Inc./NNP ]
for/IN about/IN 
[ $/$ 250/CD million/CD ]
./. 

[ First/NNP ]
of/IN 
[ America/NNP ]
,/, 
[ which/WDT ]
now/RB has/VBZ 
[ 45/CD banks/NNS ]
and/CC 
[ $/$ 12.5/CD billion/CD ]
in/IN 
[ assets/NNS ]
,/, announced/VBD 
[ an/DT agreement/NN ]
to/TO acquire/VB 
[ the/DT Peoria/NNP ]
,/, 
[ Ill./NNP ]
,/, 
[ bank/NN holding/VBG company/NN ]
in/IN 
[ January/NNP ]
./. 

[ Midwest/NNP Financial/NNP ]
has/VBZ 
[ $/$ 2.3/CD billion/CD ]
in/IN 
[ assets/NNS ]
and/CC 
[ eight/CD banks/NNS ]
./. 

[ The/DT Midwest/NNP Financial/NNP subsidiary/NN banks/NNS ]
will/MD continue/VB to/TO operate/VB under/IN 
[ their/PRP$ current/JJ names/NNS ]
until/IN 
[ early/JJ 1990/CD ]
,/, when/WRB 
[ each/DT ]
will/MD adopt/VB 
[ the/DT First/NNP ]
of/IN 
[ America/NNP name/NN ]
./. 

[ Kalamazoo/NNP ]
,/, 
[ Mich.-based/JJ First/NNP ]
of/IN 
[ America/NNP ]
said/VBD 
[ it/PRP ]
will/MD eliminate/VB 
[ the/DT 13/CD management/NN positions/NNS ]
of/IN 
[ the/DT former/JJ Midwest/NNP Financial/NNP parent/NN company/NN ]
./. 

[ First/NNP ]
of/IN 
[ America/NNP ]
said/VBD 
[ some/DT ]
of/IN 
[ the/DT managers/NNS ]
will/MD take/VB 
[ other/JJ jobs/NNS ]
with/IN 
[ First/NNP ]
of/IN 
[ America/NNP ]
./. 

But/CC 
[ it/PRP ]
said/VBD that/IN 
[ severance/NN payments/NNS ]
to/TO 
[ those/DT executives/NNS ]
not/RB staying/VBG with/IN 
[ the/DT company/NN ]
will/MD reduce/VB First/NNP of/IN 
[ America/NNP 's/POS operating/NN results/NNS ]
for/IN 
[ 1989/CD ]
by/IN 
[ $/$ 3/CD million/CD ]
to/TO 
[ $/$ 4/CD million/CD ]
,/, or/CC 
[ 15/CD cents/NNS ]
to/TO 
[ 20/CD cents/NNS ]
[ a/DT share/NN ]
./. 

[ Coleco/NNP Industries/NNPS Inc./NNP ]
,/, 
[ a/DT ]
once/RB 
[ high-flying/JJ toy/NN maker/NN ]
[ whose/WP$ stock/NN ]
peaked/JJ at/IN 
[ $/$ 65/CD ]
[ a/DT share/NN ]
in/IN 
[ the/DT early/JJ 1980s/CD ]
,/, filed/VBD 
[ a/DT Chapter/NN 11/CD reorganization/NN plan/NN ]
[ that/WDT ]
provides/VBZ just/RB 
[ 1.125/CD cents/NNS ]
[ a/DT share/NN ]
for/IN 
[ common/JJ stockholders/NNS ]
./. 

Under/IN 
[ the/DT plan/NN ]
,/, 
[ unsecured/JJ creditors/NNS ]
,/, 
[ who/WP ]
are/VBP owed/VBN about/IN 
[ $/$ 430/CD million/CD ]
,/, would/MD receive/VB about/IN 
[ $/$ 92/CD million/CD ]
,/, or/CC 
[ 21/CD cents/NNS ]
for/IN 
[ each/DT dollar/NN ]
[ they/PRP ]
are/VBP owed/VBN ./. 

In/IN 
[ addition/NN ]
,/, 
[ they/PRP ]
will/MD receive/VB 
[ stock/NN ]
in/IN 
[ the/DT reorganized/VBN company/NN ]
,/, 
[ which/WDT ]
will/MD be/VB named/VBN 
[ Ranger/NNP Industries/NNPS Inc/NNP ]
./. 

After/IN 
[ these/DT payments/NNS ]
,/, about/IN 
[ $/$ 225,000/CD ]
will/MD be/VB available/JJ for/IN 
[ the/DT 20/CD million/CD common/JJ shares/NNS ]
outstanding/JJ ./. 

[ The/DT Avon/NNP ]
,/, 
[ Conn./NNP ]
,/, 
[ company/NN 's/POS stock/NN ]
hit/VBD 
[ a/DT high/JJ ]
in/IN 
[ 1983/CD ]
after/IN 
[ it/PRP ]
unveiled/VBD 
[ its/PRP$ Adam/NNP home/NN computer/NN ]
,/, but/CC 
[ the/DT product/NN ]
was/VBD plagued/VBN with/IN 
[ glitches/NNS ]
and/CC 
[ the/DT company/NN 's/POS fortunes/NNS ]
plunged/VBD ./. 

But/CC 
[ Coleco/NNP ]
bounced/VBD back/RB with/IN 
[ the/DT introduction/NN ]
of/IN 
[ the/DT Cabbage/NNP Patch/NNP dolls/NNS ]
,/, 
[ whose/WP$ sales/NNS ]
hit/VBD 
[ $/$ 600/CD million/CD ]
in/IN 
[ 1985/CD ]
./. 

But/CC as/IN 
[ the/DT craze/NN ]
died/VBD ,/, 
[ Coleco/NNP ]
failed/VBD to/TO come/VB up/IN with/IN 
[ another/DT winner/NN ]
and/CC filed/VBD for/IN 
[ bankruptcy-law/JJ protection/NN ]
in/IN 
[ July/NNP 1988/CD ]
./. 

[ The/DT plan/NN ]
was/VBD filed/VBN jointly/RB with/IN 
[ unsecured/JJ creditors/NNS ]
in/IN 
[ federal/JJ bankruptcy/NN court/NN ]
in/IN 
[ New/NNP York/NNP ]
and/CC must/MD be/VB approved/VBN by/IN 
[ the/DT court/NN ]
./. 

[ ORTEGA/NNP ENDED/VBD ]
[ a/DT truce/NN ]
with/IN 
[ the/DT Contras/NNPS ]
and/CC said/VBD 
[ elections/NNS ]
were/VBD threatened/VBN ./. 

[ The/DT Nicaraguan/JJ president/NN ]
,/, citing/VBG 
[ attacks/NNS ]
by/IN 
[ the/DT U.S.-backed/JJ rebels/NNS ]
,/, suspended/VBD 
[ a/DT 19-month-old/JJ cease-fire/NN ]
and/CC accused/VBD 
[ Bush/NNP ]
of/IN ``/`` 
[ promoting/VBG death/NN ]
./. 

''/'' While/IN 
[ he/PRP ]
reaffirmed/VBD 
[ support/NN ]
for/IN 
[ the/DT country/NN 's/POS Feb./NNP 25/CD elections/NNS ]
,/, 
[ Ortega/NNP ]
indicated/VBD that/IN renewed/VBN 
[ U.S./NNP military/JJ aid/NN ]
to/TO 
[ the/DT Contras/NNPS ]
could/MD thwart/VB 
[ the/DT ]
balloting/NN ./. 

[ He/PRP ]
said/VBD 
[ U.S./NNP assistance/NN ]
should/MD be/VB used/VBN to/TO demobilize/VB 
[ the/DT rebels/NNS ]
./. 

[ A/DT White/NNP House/NNP spokesman/NN ]
condemned/VBD 
[ the/DT truce/NN suspension/NN ]
as/IN ``/`` 
[ deplorable/JJ ]
''/'' but/CC brushed/VBD off/IN 
[ talk/NN ]
of/IN renewing/VBG 
[ military/JJ ]
funding/NN for/IN 
[ the/DT insurgents/NNS ]
./. 

[ The/DT Contra/NNP military/JJ command/NN ]
,/, in/IN 
[ a/DT statement/NN ]
from/IN 
[ Honduras/NNP ]
,/, said/VBD 
[ Sandinista/NNP troops/NNS ]
had/VBD launched/VBN 
[ a/DT major/JJ offensive/NN ]
against/IN 
[ the/DT rebel/NN forces/NNS ]
./. 

[ East/NNP German/NNP leader/NN Krenz/NNP ]
called/VBD 
[ the/DT protests/NNS ]
in/IN 
[ his/PRP$ country/NN ]
[ a/DT ]
``/`` 
[ good/JJ sign/NN ]
,/, ''/'' saying/VBG that/IN 
[ many/JJ ]
of/IN 
[ those/DT ]
marching/VBG for/IN 
[ democratic/JJ freedoms/NNS ]
were/VBD showing/VBG 
[ support/NN ]
for/IN ``/`` 
[ the/DT renovation/NN ]
for/IN 
[ socialism/NN ]
./. 

''/'' 
[ The/DT Communist/NNP Party/NNP chief/NN ]
,/, in/IN 
[ Moscow/NNP ]
for/IN 
[ talks/NNS ]
with/IN 
[ Soviet/JJ officials/NNS ]
,/, also/RB said/VBD 
[ East/NNP Germany/NNP ]
would/MD follow/VB 
[ Gorbachev/NNP 's/POS restructuring/NN plans/NNS ]
./. 

[ Thousands/NNS ]
of/IN 
[ East/NNP Germans/NNPS ]
fled/VBD to/TO 
[ Czechoslovakia/NNP ]
after/IN 
[ the/DT East/NNP Berlin/NNP government/NN ]
lifted/VBD 
[ travel/NN restrictions/NNS ]
./. 

[ The/DT ban/NN ]
on/IN 
[ cross-border/JJ movement/NN ]
was/VBD imposed/VBN 
[ last/JJ month/NN ]
after/IN 
[ a/DT massive/JJ exodus/NN ]
of/IN 
[ emigres/NNS ]
to/TO 
[ West/NNP Germany/NNP ]
./. 

Also/RB ,/, 
[ a/DT Communist/NNP official/NN ]
for/IN 
[ the/DT first/JJ time/NN ]
said/VBD 
[ the/DT future/NN ]
of/IN 
[ the/DT Berlin/NNP Wall/NNP ]
could/MD be/VB open/JJ to/TO 
[ discussion/NN ]
./. 

[ Health/NNP officials/NNS ]
plan/VBP to/TO extend/VB 
[ a/DT moratorium/NN ]
on/IN 
[ federal/JJ ]
funding/NN of/IN 
[ research/NN involving/VBG fetal-tissue/NN transplants/NNS ]
./. 

[ The/DT assistant/JJ HHS/NNP secretary/NN ]
said/VBD 
[ the/DT ban/NN ]
``/`` should/MD be/VB continued/VBN indefinitely/RB ./. 

''/'' While/IN 
[ researchers/NNS ]
believe/VBP 
[ such/JJ transplants/NNS ]
could/MD help/VB treat/VB 
[ diseases/NNS ]
like/IN 
[ Alzheimer/NNP ]
's/POS ,/, 
[ anti-abortionists/NNS ]
oppose/VBP 
[ the/DT research/NN ]
./. 

[ Rep./NNP Dingell/NNP ]
of/IN 
[ Michigan/NNP plans/VBP ]
to/TO unveil/VB 
[ today/NN ]
[ a/DT proposal/NN ]
[ that/WDT ]
would/MD break/VB with/IN 
[ Bush/NNP 's/POS clean-air/JJ bill/NN ]
on/IN 
[ the/DT issue/NN ]
of/IN 
[ emissions/NNS ]
[ that/WDT ]
lead/VBP to/TO 
[ acid/JJ rain/NN ]
./. 

[ The/DT Democrat/NNP 's/POS proposal/NN ]
is/VBZ described/VBN by/IN 
[ government/NN sources/NNS ]
and/CC 
[ lobbyists/NNS ]
as/RB significantly/RB weaker/JJR than/IN 
[ the/DT president/NN 's/POS plan/NN ]
to/TO cut/VB 
[ utility/NN emissions/NNS ]
./. 

[ House-Senate/NNP conferees/NNS ]
approved/VBD 
[ major/JJ portions/NNS ]
of/IN 
[ a/DT package/NN ]
for/IN more/RBR than/IN 
[ $/$ 500/CD million/CD ]
in/IN 
[ economic/JJ aid/NN ]
for/IN 
[ Poland/NNP ]
./. 

[ The/DT plan/NN ]
relies/VBZ heavily/RB on/IN 
[ $/$ 240/CD million/CD ]
in/IN 
[ credit/NN ]
and/CC 
[ loan/NN guarantees/NNS ]
in/IN 
[ fiscal/JJ 1990/CD ]
in/IN 
[ hopes/NNS ]
of/IN stimulating/VBG 
[ future/JJ trade/NN ]
and/CC 
[ investment/NN ]
./. 

[ South/NNP Africa/NNP ]
accused/VBD armed/VBN 
[ Namibian/JJ nationalist/JJ guerrillas/NNS ]
of/IN crossing/VBG from/IN 
[ bases/NNS ]
in/IN 
[ neighboring/VBG Angola/NNP ]
,/, violating/VBG 
[ U.N.-supervised/JJ peace/NN plans/NNS ]
for/IN 
[ the/DT territory/NN 's/POS independence/NN ]
from/IN 
[ Pretoria/NNP ]
./. 

[ South/NNP African/NNP troops/NNS ]
were/VBD placed/VBN on/IN 
[ alert/NN ]
./. 

[ Guerrilla/NN leaders/NNS ]
said/VBD 
[ Pretoria/NNP ]
was/VBD attempting/VBG to/TO sabotage/VB 
[ next/JJ week/NN 's/POS elections/NNS ]
in/IN 
[ Namibia/NNP ]
./. 

[ Gunmen/NNS ]
in/IN 
[ Lebanon/NNP ]
assassinated/VBD 
[ a/DT Saudi/NNP Arabian/NNP Embassy/NNP employee/NN ]
,/, and/CC 
[ the/DT pro-Iranian/JJ Islamic/NNP Jihad/NNP ]
took/VBD 
[ responsibility/NN ]
for/IN 
[ the/DT slaying/NN ]
to/TO avenge/VB 
[ the/DT ]
beheading/NN of/IN 
[ 16/CD terrorists/NNS ]
by/IN 
[ Riyadh/NNP 's/POS government/NN ]
in/IN 
[ September/NNP ]
./. 

Also/RB in/IN 
[ Beirut/NNP ]
,/, 
[ a/DT Moslem/NNP group/NN ]
vowed/VBD to/TO kill/VB 
[ Americans/NNPS ]
if/IN 
[ the/DT U.S./NNP ]
implements/VBZ 
[ a/DT policy/NN ]
to/TO seize/VB suspects/NNS abroad/RB ./. 

[ Nixon/NNP ]
concluded/VBD 
[ five/CD days/NNS ]
of/IN 
[ private/JJ talks/NNS ]
with/IN 
[ Chinese/JJ leaders/NNS ]
in/IN 
[ Beijing/NNP ]
,/, but/CC apparently/RB failed/VBD to/TO ease/VB 
[ strains/NNS ]
in/IN 
[ Sino-U.S./JJ ties/NNS ]
caused/VBN by/IN 
[ China/NNP 's/POS crackdown/NN ]
against/IN 
[ pro-democracy/JJ protesters/NNS ]
in/IN 
[ June/NNP ]
./. 

[ Beijing/NNP 's/POS rulers/NNS ]
complained/VBD to/TO 
[ the/DT former/JJ president/NN ]
about/IN 
[ U.S./NNP ]
``/`` 
[ interference/NN ]
''/'' in/IN 
[ China/NNP 's/POS domestic/JJ affairs/NNS ]
./. 

[ Mexico/NNP 's/POS President/NNP Salinas/NNP ]
said/VBD 
[ the/DT country/NN 's/POS recession/NN ]
had/VBD ended/VBN and/CC 
[ the/DT economy/NN ]
was/VBD growing/VBG again/RB ./. 

In/IN 
[ his/PRP$ first/JJ state/NN ]
of/IN 
[ the/DT nation/NN address/NN ]
,/, 
[ Salinas/NNP ]
pledged/VBD to/TO continue/VB 
[ his/PRP$ program/NN ]
of/IN 
[ modernization/NN ]
and/CC warned/VBD 
[ opposition/NN politicians/NNS ]
that/IN impeding/VBG 
[ progress/NN ]
could/MD cost/VB 
[ them/PRP popular/JJ support/NN ]
./. 

[ Pakistan/NNP 's/POS Bhutto/NNP ]
defeated/VBD 
[ the/DT first/JJ no-confidence/NN motion/NN ]
in/IN 
[ the/DT nation/NN 's/POS 42-year/JJ history/NN ]
,/, surviving/VBG 
[ the/DT vote/NN ]
[ that/WDT ]
could/MD have/VB brought/VBN down/RP 
[ her/PRP$ 11-month-old/JJ government/NN ]
./. 

[ The/DT prime/JJ minister/NN 's/POS opponents/NNS ]
claimed/VBD 
[ the/DT ]
balloting/NN ,/, 
[ 12/CD votes/NNS ]
short/JJ of/IN 
[ a/DT majority/NN ]
in/IN 
[ Islamabad/NNP 's/POS 237-seat/JJ assembly/NN ]
,/, was/VBD rigged/VBN ./. 

[ The/DT White/NNP House/NNP ]
said/VBD 
[ the/DT shipboard/NN meetings/NNS next/JJ month/NN ]
between/IN 
[ Bush/NNP ]
and/CC 
[ Soviet/NNP leader/NN Gorbachev/NNP ]
will/MD take/VB 
[ place/NN ]
in/IN 
[ the/DT waters/NNS ]
off/IN 
[ Malta/NNP ]
./. 

[ The/DT location/NN ]
was/VBD disclosed/VBN as/IN 
[ the/DT U.S./NNP ]
began/VBD planning/VBG 
[ the/DT issues/NNS ]
to/TO be/VB discussed/VBN at/IN 
[ the/DT Dec./NNP 2-3/CD tete-a-tete/NN ]
./. 

[ Bush/NNP ]
unveiled/VBD 
[ a/DT package/NN ]
of/IN 
[ trade/NN initiatives/NNS ]
to/TO help/VB establish/VB ``/`` 
[ economic/JJ alternatives/NNS ]
to/TO drug/NN trafficking/NN ''/'' in/IN 
[ the/DT Andean/JJ nations/NNS ]
of/IN 
[ South/NNP America/NNP ]
./. 

[ The/DT president/NN 's/POS plan/NN ]
includes/VBZ 
[ a/DT commitment/NN ]
to/TO help/VB negotiate/VB 
[ a/DT new/JJ international/JJ coffee/NN agreement/NN ]
./. 

[ Pan/NNP ]
[ Am/VBP ]
has/VBZ subpoenaed/VBN 
[ several/JJ government/NN agencies/NNS ]
,/, including/VBG 
[ the/DT CIA/NNP ]
and/CC 
[ FBI/NNP ]
,/, to/TO determine/VB whether/IN 
[ they/PRP ]
were/VBD warned/VBN that/IN 
[ a/DT bomb/NN ]
had/VBD been/VBN planted/VBN aboard/IN 
[ a/DT jet/NN ]
[ that/WDT ]
exploded/VBD over/IN 
[ Scotland/NNP last/JJ December/NNP ]
,/, killing/VBG 
[ 270/CD people/NNS ]
./. 

[ The/DT airline/NN ]
is/VBZ attempting/VBG to/TO show/VB that/IN 
[ Israel/NNP ]
and/CC 
[ West/NNP Germany/NNP ]
warned/VBD 
[ the/DT U.S./NNP ]
about/IN 
[ the/DT impending/JJ attack/NN ]
./. 

Died/VBD :/: 
[ James/NNP A./NNP Attwood/NNP ]
,/, 
[ 62/CD ]
,/, retired/VBN 
[ chairman/NN ]
and/CC 
[ president/NN ]
of/IN 
[ Mutual/NNP Life/NNP Insurance/NNP Co./NNP ]
of/IN 
[ New/NNP York/NNP ]
,/, 
[ Tuesday/NNP ]
,/, in/IN 
[ New/NNP York/NNP City/NNP ]
,/, of/IN 
[ an/DT acute/JJ anemic/JJ condition/NN ]
./. 

[ Sony/NNP Corp./NNP ]
completed/VBD 
[ its/PRP$ tender/NN offer/NN ]
for/IN 
[ Columbia/NNP Pictures/NNPS Entertainment/NNP Inc./NNP ]
,/, with/IN 
[ Columbia/NNP shareholders/NNS ]
tendering/VBG 
[ 99.3/CD %/NN ]
of/IN 
[ all/DT common/JJ shares/NNS ]
outstanding/JJ by/IN 
[ the/DT Tuesday/NNP deadline/NN ]
./. 

[ Sony/NNP Columbia/NNP Acquisition/NNP Corp./NNP ]
,/, formed/VBN for/IN 
[ the/DT Columbia/NNP deal/NN ]
,/, will/MD formally/RB take/VB 
[ ownership/NN ]
of/IN 
[ the/DT movie/NN studio/NN ]
later/JJ 
[ this/DT month/NN ]
,/, 
[ a/DT spokesman/NN ]
said/VBD ./. 

[ Sony/NNP ]
is/VBZ paying/VBG 
[ $/$ 27/CD ]
[ a/DT share/NN ]
,/, or/CC 
[ $/$ 3.55/CD billion/CD ]
,/, 
[ cash/NN ]
and/CC is/VBZ assuming/VBG 
[ $/$ 1.4/CD billion/CD ]
of/IN 
[ long-term/JJ debt/NN ]
./. 

Still/RB 
[ unresolved/JJ ]
is/VBZ 
[ Sony/NNP 's/POS effort/NN ]
to/TO hire/VB 
[ producers/NNS Jon/NNP Peters/NNP ]
and/CC 
[ Peter/NNP Guber/NNP ]
to/TO run/VB 
[ the/DT studio/NN ]
./. 

[ Sony/NNP 's/POS planned/VBN acquisition/NN ]
of/IN 
[ Guber\/Peters/NNP Entertainment/NNP Co./NNP ]
for/IN 
[ $/$ 200/CD million/CD ]
is/VBZ scheduled/VBN to/TO close/VB 
[ Monday/NNP ]
./. 

[ Guber\/Peters/NNP ]
has/VBZ been/VBN locked/VBN in/IN 
[ litigation/NN ]
with/IN 
[ Warner/NNP Communications/NNPS Inc./NNP ]
in/IN 
[ an/DT attempt/NN ]
to/TO get/VB out/IN of/IN 
[ an/DT exclusive/JJ production/NN contract/NN ]
with/IN 
[ Warner/NNP ]
./. 

[ Both/DT ]
[ sides/NNS ]
are/VBP in/IN 
[ talks/NNS ]
to/TO settle/VB 
[ the/DT dispute/NN ]
./. 

[ Xerox/NNP Corp./NNP ]
has/VBZ told/VBN 
[ employees/NNS ]
in/IN 
[ its/PRP$ Crum/NNP ]
&/CC 
[ Forster/NNP personal/JJ insurance/NN operations/NNS ]
that/IN 
[ it/PRP ]
is/VBZ laying/VBG off/IN about/IN 
[ 300/CD people/NNS ]
,/, or/CC 
[ 25/CD %/NN ]
of/IN 
[ the/DT staff/NN ]
./. 

[ A/DT spokeswoman/NN ]
for/IN 
[ Crum/NNP ]
&/CC 
[ Forster/NNP ]
said/VBD 
[ employees/NNS ]
were/VBD told/VBN early/RB 
[ this/DT week/NN ]
that/IN 
[ numerous/JJ staff/NN functions/NNS ]
for/IN 
[ the/DT personal/JJ insurance/NN lines/NNS ]
were/VBD going/VBG to/TO be/VB centralized/VBN as/IN 
[ a/DT cost-cutting/JJ move/NN ]
./. 

[ She/PRP ]
said/VBD 
[ the/DT move/NN ]
would/MD result/VB in/IN 
[ a/DT after-tax/JJ charge/NN ]
of/IN less/JJR than/IN 
[ $/$ 4/CD million/CD ]
to/TO be/VB spread/VBN over/IN 
[ the/DT next/JJ three/CD quarters/NNS ]
./. 

By/IN 
[ comparison/NN ]
,/, for/IN 
[ the/DT first/JJ nine/CD months/NNS ]
,/, 
[ Xerox/NNP ]
earned/VBD 
[ $/$ 492/CD million/CD ]
,/, or/CC 
[ $/$ 4.55/CD ]
[ a/DT share/NN ]
,/, on/IN 
[ revenue/NN ]
of/IN 
[ $/$ 12.97/CD billion/CD ]
./. 

[ Earnings/NNS ]
at/IN 
[ Xerox/NNP 's/POS financial-services/JJ operations/NNS ]
actually/RB rose/VBD slightly/RB ,/, but/CC 
[ that/DT ]
was/VBD largely/RB because/IN 
[ capital/NN gains/NNS ]
at/IN 
[ Crum/NNP ]
&/CC 
[ Forster/NNP ]
offset/VBP 
[ Hurricane/NNP Hugo/NNP payments/NNS ]
and/CC 
[ the/DT reserves/NNS ]
set/VBD up/IN to/TO cover/VB 
[ future/JJ payments/NNS ]
./. 

[ Property\/casualty/NN insurance/NN ]
has/VBZ been/VBN 
[ a/DT tough/JJ business/NN ]
in/IN 
[ recent/JJ quarters/NNS ]
,/, as/IN pricing/NN has/VBZ been/VBN cutthroat/JJ and/CC 
[ natural/JJ disasters/NNS ]
such/JJ as/IN 
[ Hurricane/NNP Hugo/NNP ]
and/CC 
[ the/DT California/NNP earthquake/NN ]
have/VBP resulted/VBN in/IN 
[ huge/JJ payments/NNS ]
./. 

[ Komatsu/NNP Ltd./NNP ]
,/, 
[ a/DT large/JJ integrated/VBN maker/NN ]
of/IN 
[ construction/NN machinery/NN ]
,/, posted/VBD 
[ a/DT 32/CD %/NN ]
unconsolidated/JJ 
[ gain/NN ]
in/IN 
[ first-half/JJ pretax/NN profit/NN ]
./. 

For/IN 
[ the/DT period/NN ]
ended/VBD 
[ Sept.30/CD ]
,/, 
[ it/PRP ]
earned/VBD 
[ 16.68/CD billion/CD yen/NN ]
,/, (/( 
[ US$/$ 116.7/CD million/CD ]
 )/) up/RB from/IN 
[ 12.68/CD billion/CD yen/NN ]
[ the/DT year/NN ]
before/IN ./. 

[ Sales/NNS ]
rose/VBD 
[ 11/CD %/NN ]
to/TO 
[ 292.32/CD billion/CD yen/NN ]
from/IN 
[ 263.07/CD billion/CD yen/NN ]
./. 

[ Net/JJ income/NN ]
surged/VBD 
[ 31/CD %/NN ]
to/TO 
[ 7.63/CD billion/CD yen/NN ]
from/IN 
[ 5.82/CD billion/CD yen/NN ]
./. 

[ Per-share/JJ net/NN ]
rose/VBD to/TO 
[ 7.84/CD yen/NN ]
from/IN 
[ 6.53/CD yen/NN ]
./. 

[ Brisk/JJ domestic/JJ demand/NN ]
due/JJ to/TO 
[ increasing/VBG capital/NN investment/NN ]
pushed/VBD up/RP 
[ sales/NNS ]
sharply/RB in/IN 
[ construction/NN ]
and/CC 
[ industrial/JJ machinery/NN divisions/NNS ]
./. 

[ Domestic/JJ sales/NNS ]
of/IN 
[ construction/NN machinery/NN ]
,/, such/JJ as/IN 
[ power/NN shovels/NNS ]
and/CC 
[ bulldozers/NNS ]
rose/VBD to/TO 
[ 142.84/CD billion/CD yen/NN ]
from/IN 
[ 126.15/CD billion/CD yen/NN ]
./. 

[ Demand/NN ]
from/IN 
[ Europe/NNP ]
and/CC 
[ Southeast/NNP Asia/NNP ]
also/RB grew/VBD ,/, but/CC due/RB to/TO 
[ increasing/VBG production/NN ]
at/IN 
[ local/JJ plants/NNS ]
,/, 
[ overseas/JJ sales/NNS ]
edged/VBD down/RB 
[ 2.8/CD %/NN ]
./. 

[ Komatsu/NNP ]
predicted/VBD that/IN for/IN 
[ the/DT fiscal/JJ year/NN ]
ending/VBG 
[ March/NNP 31/CD sales/NNS ]
will/MD climb/VB to/TO 
[ 600/CD billion/CD yen/NN ]
from/IN 
[ 566.54/CD billion/CD yen/NN ]
;/: 
[ pretax/NN profit/NN ]
was/VBD forecast/VBN at/IN 
[ 35/CD billion/CD yen/NN ]
,/, up/RB from/IN 
[ 28.53/CD billion/CD yen/NN ]
in/IN 
[ fiscal/JJ 1989/CD ]
./. 

[ Net/NN ]
is/VBZ expected/VBN to/TO rise/VB to/TO 
[ 17/CD billion/CD yen/NN ]
from/IN 
[ 12.82/CD billion/CD yen/NN ]
[ a/DT year/NN ]
earlier/JJR ./. 

[ ECONOMIC/JJ GROWTH/NN APPEARS/VBZ ]
to/TO be/VB leveling/VBG off/IN ,/, 
[ latest/JJS reports/NNS ]
suggest/VBP ./. 

[ Factory/NN orders/NNS ]
and/CC 
[ construction/NN outlays/NNS ]
were/VBD largely/RB flat/JJ in/IN 
[ September/NNP ]
,/, while/IN purchasing/VBG 
[ agents/NNS ]
said/VBD manufacturing/NN shrank/VBD further/RB in/IN 
[ October/NNP ]
./. 

Still/RB ,/, 
[ many/JJ economists/NNS ]
are/VBP n't/RB predicting/VBG 
[ a/DT recession/NN ]
anytime/RB soon/RB ./. 

[ The/DT Fed/NNP ]
is/VBZ coming/VBG under/IN 
[ pressure/NN ]
to/TO cut/VB 
[ short-term/JJ interest/NN rates/NNS ]
due/JJ to/TO 
[ the/DT apparent/JJ slowing/NN ]
of/IN 
[ the/DT economy/NN ]
./. 

But/CC 
[ it/PRP ]
is/VBZ n't/RB clear/JJ yet/RB whether/IN 
[ the/DT central/JJ bank/NN  ]
will/MD make/VB 
[ such/PDT a/DT move/NN ]
./. 

[ Campbell/NNP Soup/NNP ]
forced/VBD out/IN 
[ its/PRP$ president/NN ]
and/CC 
[ chief/NN executive/NN ]
,/, 
[ R./NNP Gordon/NNP McGovern/NNP ]
,/, 
[ the/DT strongest/JJS indication/NN ]
yet/RB that/IN 
[ the/DT Dorrance/NNP family/NN plans/VBZ ]
to/TO take/VB 
[ charge/NN ]
of/IN reshaping/VBG 
[ the/DT troubled/JJ food/NN company/NN ]
./. 

[ Campbell/NNP 's/POS stock/NN ]
rose/VBD 
[ $/$ 3.375/CD ]
,/, to/TO 
[ $/$ 47.125/CD ]
,/, in/IN 
[ reaction/NN ]
./. 

[ The/DT Chicago/NNP Merc/NNP ]
plans/VBZ 
[ an/DT additional/JJ ]
``/`` 
[ circuit/NN breaker/NN ]
''/'' to/TO stem/VB 
[ sharp/JJ drops/NNS ]
in/IN 
[ the/DT market/NN ]
./. 

Also/RB ,/, 
[ Big/NNP Board/NNP Chairman/NNP Phelan/NNP ]
said/VBD 
[ he/PRP ]
would/MD support/VB 
[ SEC/NNP halts/NNS ]
of/IN 
[ program/NN ]
trading/NN during/IN 
[ market/NN crises/NNS ]
but/CC not/RB 
[ any/DT revival/NN ]
of/IN 
[ a/DT ]
``/`` 
[ collar/NN ]
''/'' on/IN trading/NN ./. 

[ Georgia/NNP Gulf/NNP ]
received/VBD 
[ a/DT new/JJ takeover/NN bid/NN ]
from/IN 
[ investor/NN Harold/NNP Simmons/NNP ]
and/CC 
[ NL/NNP Industries/NNPS ]
of/IN 
[ $/$ 50/CD ]
[ a/DT share/NN ]
,/, or/CC about/IN 
[ $/$ 1.1/CD billion/CD ]
./. 

[ The/DT offer/NN ]
,/, 
[ which/WDT ]
follows/VBZ 
[ a/DT $/$ 55-a-share/JJ bid/NN ]
[ that/WDT ]
was/VBD rejected/VBN in/IN 
[ September/NNP ]
,/, 
[ steps/VBZ ]
up/IN 
[ pressure/NN ]
on/IN 
[ the/DT chemicals/NNS concern/NN ]
./. 

[ The/DT minimum-wage/NN bill/NN ]
worked/VBD out/IN by/IN 
[ Congress/NNP ]
and/CC 
[ Bush/NNP ]
won/VBD 
[ easy/JJ approval/NN ]
in/IN 
[ the/DT House/NNP ]
./. 

[ The/DT compromise/NN plan/NN ]
,/, 
[ which/WDT ]
boosts/VBZ 
[ the/DT minimum/JJ wage/NN ]
for/IN 
[ the/DT first/JJ time/NN ]
since/IN 
[ 1981/CD ]
,/, is/VBZ expected/VBN to/TO clear/VB 
[ the/DT Senate/NNP ]
soon/RB ./. 

[ Steinberg/NNP ]
sought/VBD 
[ clearance/NN ]
to/TO buy/VB more/JJR than/IN 
[ 15/CD %/NN ]
of/IN 
[ United/NNP Air/NNP 's/POS parent/NN ]
,/, saying/VBG 
[ he/PRP ]
may/MD seek/VB 
[ control/NN ]
./. 

[ Takeover/NN experts/NNS ]
said/VBD 
[ they/PRP ]
doubted/VBD 
[ the/DT financier/NN ]
would/MD make/VB 
[ a/DT bid/NN ]
by/IN 
[ himself/PRP ]
./. 

[ An/DT airline/NN buy-out/NN bill/NN ]
was/VBD approved/VBN by/IN 
[ the/DT House/NNP ]
./. 

[ The/DT measure/NN ]
would/MD make/VB 
[ it/PRP ]
easier/JJR for/IN 
[ the/DT Transportation/NNP Department/NNP ]
to/TO block/VB 
[ leveraged/JJ buy-outs/NNS ]
in/IN 
[ the/DT industry/NN ]
./. 

[ USX/NNP ]
was/VBD cited/VBN by/IN 
[ OSHA/NNP ]
for/IN 
[ several/JJ health/NN ]
and/CC 
[ safety/NN violations/NNS ]
at/IN 
[ two/CD Pennsylvania/NNP plants/NNS ]
and/CC may/MD face/VB 
[ a/DT record/NN ]
fine/NN of/IN 
[ $/$ 7.3/CD million/CD ]
./. 

[ Random/NNP House/NNP Chairman/NNP Robert/NNP Bernstein/NNP ]
said/VBD 
[ he/PRP ]
is/VBZ resigning/VBG from/IN 
[ the/DT publishing/NN house/NN ]
[ he/PRP ]
has/VBZ run/VBN for/IN 
[ 23/CD years/NNS ]
./. 

[ A/DT successor/NN was/VBD n't/RB ]
named/VBN ./. 

[ Cray/NNP Research/NNP ]
indicated/VBD that/IN 
[ the/DT survival/NN ]
of/IN 
[ a/DT spinoff/NN company/NN ]
,/, 
[ which/WDT ]
is/VBZ developing/VBG 
[ a/DT new/JJ supercomputer/NN ]
,/, depends/VBZ heavily/RB on/IN 
[ its/PRP$ chairman/NN ]
and/CC 
[ chief/NN designer/NN ]
,/, 
[ Seymour/NNP Cray/NNP ]
./. 

[ Light/NN trucks/NNS ]
and/CC 
[ vans/NNS ]
will/MD face/VB 
[ the/DT same/JJ safety/NN requirements/NNS ]
as/IN 
[ automobiles/NNS ]
under/IN 
[ new/JJ proposals/NNS ]
by/IN 
[ the/DT Transportation/NNP Department/NNP ]
./. 

[ The/DT Treasury/NNP plans/VBZ ]
to/TO sell/VB 
[ $/$ 30/CD billion/CD ]
in/IN 
[ notes/NNS ]
and/CC 
[ bonds/NNS ]
next/IN 
[ week/NN ]
but/CC will/MD delay/VB 
[ the/DT auction/NN ]
unless/IN 
[ Congress/NNP ]
quickly/RB raises/VBZ 
[ the/DT debt/NN ceiling/NN ]
./. 

[ U.S./NNP farmers/NNS '/POS net/JJ income/NN ]
rose/VBD to/TO 
[ a/DT record/NN $/$ 59.9/CD billion/CD last/JJ year/NN ]
despite/IN 
[ one/CD ]
of/IN 
[ the/DT worst/JJS droughts/NNS ]
ever/RB ./. 

[ Two/CD antitrust/JJ agencies/NNS ]
may/MD face/VB 
[ further/JJ cutbacks/NNS ]
because/IN of/IN 
[ a/DT complicated/JJ new/JJ funding/NN device/NN ]
,/, 
[ some/DT Democrats/NNPS ]
in/IN 
[ Congress/NNP ]
are/VBP warning/VBG ./. 

[ Markets/NNS ]
--/: 

[ Stocks/NNS ]
:/: 
[ Volume/NN 154,240,000/CD shares/NNS ]
./. 

[ Dow/NNP Jones/NNP ]
industrials/NNS 
[ 2645.90/CD ]
,/, up/RB 
[ 0.82/CD ]
;/: 
[ transportation/NN 1206.26/CD ]
,/, up/RB 
[ 1.25/CD ]
;/: 
[ utilities/NNS 220.45/CD ]
,/, up/RB 
[ 1.26/CD ]
./. 

[ Bonds/NNS ]
:/: 
[ Shearson/NNP Lehman/NNP Hutton/NNP Treasury/NNP index/NN 3436.58/CD ]
,/, up/RB 

[ Commodities/NNS ]
:/: 
[ Dow/NNP Jones/NNP futures/NNS index/NN 129.91/CD ]
,/, up/RB 
[ 0.28/CD ]
;/: 
[ spot/NN index/NN 131.01/CD ]
,/, up/RB 
[ 1.17/CD ]
./. 

[ Dollar/NN ]
:/: 
[ 143.80/CD yen/NN ]
,/, up/RB 
[ 0.95/CD ]
;/: 
[ 1.8500/CD marks/NNS ]
,/, up/RB 
[ 0.0085/CD ]
./. 

[ Junk-bond/NN markdowns/NNS ]
,/, 
[ an/DT ongoing/JJ Securities/NNPS ]
and/CC 
[ Exchange/NNP Commission/NNP investigation/NN ]
,/, 
[ a/DT Drexel/NNP Burnham/NNP Lambert/NNP connection/NN ]
,/, 
[ a/DT fizzled/VBN buy-out/NN rumor/NN ]
./. 

[ All/PDT this/DT ]
has/VBZ cast/VBN 
[ a/DT pall/NN ]
over/IN 
[ Columbia/NNP Savings/NNPS ]
&/CC 
[ Loan/NNP Association/NNP ]
and/CC 
[ its/PRP$ high-rolling/JJ 43-year-old/JJ chairman/NN ]
,/, 
[ Thomas/NNP Spiegel/NNP ]
,/, 
[ who/WP ]
built/VBD 
[ the/DT $/$ 12.7/CD billion/CD Beverly/NNP Hills/NNP ]
,/, 
[ Calif./NNP ]
,/, 
[ thrift/NN ]
with/IN 
[ high-yield/JJ junk/NN bonds/NNS ]
./. 

[ Bears/NNS ]
have/VBP targeted/VBN 
[ Columbia/NNP 's/POS stock/NN ]
because/IN of/IN 
[ the/DT thrift/NN 's/POS exposure/NN ]
to/TO 
[ the/DT shaky/JJ junk/NN market/NN ]
./. 

And/CC 
[ some/DT investors/NNS ]
fault/VBP 
[ Mr./NNP Spiegel/NNP 's/POS life/NN style/NN ]
;/: 
[ he/PRP ]
earns/VBZ 
[ millions/NNS ]
of/IN 
[ dollars/NNS ]
[ a/DT year/NN ]
and/CC flies/VBZ around/IN in/IN 
[ Columbia/NNP 's/POS jet/NN planes/NNS ]
./. 

[ Columbia/NNP stock/NN ]
recently/RB hit/VBD 
[ 4/CD 1\/8/CD ]
,/, after/IN reaching/VBG 
[ 11/CD 3\/4/CD ]
earlier/RBR 
[ this/DT year/NN ]
on/IN 
[ rumors/NNS ]
that/IN 
[ Mr./NNP Spiegel/NNP ]
would/MD take/VB 
[ the/DT thrift/NN ]
private/JJ ./. 

Moreover/RB ,/, 
[ junk/NN professionals/NNS ]
think/VBP 
[ Columbia/NNP 's/POS huge/JJ third-quarter/NN markdown/NN ]
of/IN 
[ its/PRP$ junk/NN portfolio/NN ]
to/TO 
[ $/$ 4.4/CD billion/CD was/VBD n't/RB ]
enough/RB ,/, meaning/VBG 
[ another/DT markdown/NN ]
could/MD be/VB coming/VBG ./. 

But/CC in/IN 
[ recent/JJ days/NNS ]
,/, 
[ Columbia/NNP ]
has/VBZ edged/VBN up/IN ,/, closing/VBG at/IN 
[ 5/CD 1\/4/CD ]
,/, up/RB 
[ 3\/8/CD ]
,/, yesterday/NN on/IN 
[ revived/VBN speculation/NN ]
that/IN 
[ the/DT thrift/NN might/NN restructure/VB ]
./. 

[ Mr./NNP Spiegel/NNP 's/POS fans/NNS ]
say/VBP 
[ Columbia/NNP 's/POS Southern/NNP California/NNP branches/NNS ]
are/VBP highly/RB 
[ salable/JJ ]
,/, and/CC 
[ the/DT thrift/NN ]
has/VBZ 
[ $/$ 458/CD million/CD ]
of/IN 
[ shareholders/NNS equity/NN ]
underlying/VBG 
[ its/PRP$ assets/NNS ]
./. 

[ That/DT ]
's/VBZ almost/RB 
[ $/$ 10/CD ]
of/IN 
[ equity/NN ]
for/IN 
[ each/DT Columbia/NNP share/NN ]
,/, including/VBG 
[ convertible/JJ preferred/JJ shares/NNS ]
,/, though/IN 
[ more/JJR junk/NN markdowns/NNS ]
would/MD reduce/VB 
[ the/DT cushion/NN ]
./. 

[ Columbia/NNP ]
has/VBZ only/RB about/IN 
[ 10/CD million/CD common/JJ shares/NNS ]
in/IN 
[ public/JJ hands/NNS ]
./. 

[ The/DT Spiegel/NNP family/NN ]
has/VBZ 
[ 25/CD %/NN ]
of/IN 
[ the/DT common/JJ ]
and/CC 
[ 75/CD %/NN ]
of/IN 
[ the/DT votes/NNS ]
./. 

[ Other/JJ big/JJ common/JJ holders/NNS ]
are/VBP 
[ Carl/NNP Lindner/NNP 's/POS American/NNP Financial/NNP ]
,/, 
[ investor/NN Irwin/NNP Jacobs/NNP ]
and/CC 
[ Pacific/NNP Financial/NNP Research/NNP ]
,/, though/IN 
[ the/DT latter/NN ]
cut/VBD 
[ its/PRP$ stake/NN ]
[ this/DT summer/NN ]
./. 

While/IN 
[ many/JJ problems/NNS ]
would/MD attend/VB 
[ a/DT ]
restructuring/NN of/IN 
[ Columbia/NNP ]
,/, 
[ investors/NNS ]
say/VBP 
[ Mr./NNP Spiegel/NNP ]
is/VBZ mulling/VBG 
[ such/PDT a/DT plan/NN ]
to/TO mitigate/VB 
[ Columbia/NNP 's/POS junk/NN problems/NNS ]
./. 

Indeed/RB ,/, 
[ Columbia/NNP executives/NNS ]
recently/RB told/VBD 
[ reporters/NNS they/PRP ]
were/VBD interested/JJ in/IN creating/VBG 
[ a/DT separate/JJ unit/NN ]
to/TO hold/VB 
[ Columbia/NNP 's/POS junk/NN bonds/NNS ]
and/CC perhaps/RB do/VB 
[ merchant/JJ ]
banking/NN ./. 

[ Columbia/NNP ]
wo/MD n't/RB comment/VB on/IN 
[ all/PDT the/DT speculation/NN ]
./. 

But/CC like/IN 
[ other/JJ thrifts/NNS ]
,/, 
[ it/PRP ]
's/VBZ expected/VBN to/TO seek/VB 
[ regulators/NNS '/POS consent/NN ]
to/TO create/VB 
[ a/DT distinct/JJ junk-bond/NN entity/NN ]
./. 

[ Plans/NNS ]
to/TO do/VB 
[ this/DT ]
are/VBP due/JJ to/TO be/VB filed/VBN in/IN 
[ a/DT week/NN ]
or/CC so/RB ./. 

[ New/JJ rules/NNS ]
force/VBP 
[ thrifts/NNS ]
to/TO write/VB down/IN 
[ their/PRP$ junk/NN ]
to/TO 
[ market/NN value/NN ]
,/, then/RB sell/VB 
[ the/DT bonds/NNS ]
over/IN 
[ five/CD years/NNS ]
./. 

[ That/DT ]
's/VBZ why/WRB 
[ Columbia/NNP ]
just/RB wrote/VBD off/IN 
[ $/$ 130/CD million/CD ]
of/IN 
[ its/PRP$ junk/NN ]
and/CC reserved/VBD 
[ $/$ 227/CD million/CD ]
for/IN 
[ future/JJ junk/NN losses/NNS ]
./. 

But/CC if/IN 
[ Columbia/NNP ]
could/MD keep/VB 
[ its/PRP$ junk/NN bonds/NNS ]
separate/JJ from/IN 
[ the/DT thrift/NN ]
till/IN 
[ they/PRP ]
mature/VBP --/: at/IN 
[ full/JJ value/NN ]
,/, unless/IN 
[ the/DT issuer/NN ]
goes/VBZ 
[ bust/NN ]
or/CC 
[ restructures/VBZ ]
--/: 
[ the/DT junk/NN portfolio/NN ]
might/MD do/VB all/RB right/RB ./. 

[ Columbia/NNP ]
,/, 
[ a/DT longtime/NN Drexel/NNP client/NN ]
,/, wo/MD n't/RB provide/VB 
[ current/JJ data/NNS ]
on/IN 
[ its/PRP$ junk/NN ]
./. 

But/CC 
[ its/PRP$ 17/CD big/JJ junk/NN holdings/NNS ]
at/IN 
[ year/NN end/NN ]
showed/VBD only/RB 
[ a/DT few/JJ bonds/NNS ]
[ that/WDT ]
have/VBP been/VBN really/RB battered/VBN ./. 

[ These/DT ]
were/VBD 
[ Allied/NNP Stores/NNPS ]
,/, 
[ Western/NNP Union/NNP Telegraph/NNP ]
,/, 
[ Gillett/NNP Holdings/NNP ]
,/, 
[ SCI/NNP Television/NNP ]
and/CC 
[ Texas/NNP Air/NNP ]
,/, though/IN 
[ many/JJ other/JJ bonds/NNS ]
in/IN 
[ Columbia/NNP 's/POS portfolio/NN ]
also/RB have/VBP lost/VBN 
[ value/NN ]
./. 

Possibly/RB offsetting/VBG 
[ that/DT ]
,/, 
[ Columbia/NNP ]
recently/RB estimated/VBD 
[ it/PRP ]
has/VBZ 
[ unrealized/JJ gains/NNS ]
on/IN publicly/RB traded/VBN 
[ equity/NN investments/NNS ]
of/IN more/JJR than/IN 
[ $/$ 70/CD million/CD ]
./. 

[ It/PRP ]
also/RB hopes/VBZ for/IN 
[ ultimate/JJ gains/NNS ]
of/IN as/RB much/JJ as/IN 
[ $/$ 300/CD million/CD ]
on/IN 
[ equity/NN investments/NNS ]
in/IN 
[ buy-outs/NNS ]
and/CC 
[ restructurings/NNS ]
./. 

[ One/CD trial/NN balloon/NN Mr./NNP Spiegel/NNP ]
is/VBZ said/VBN to/TO have/VB floated/VBN to/TO 
[ investors/NNS ]
:/: 
[ Columbia/NNP ]
might/MD be/VB broken/VBN up/IN ,/, as/IN 
[ Mellon/NNP Bank/NNP ]
was/VBD split/VBN into/IN 
[ a/DT good/JJ bank/NN ]
and/CC 
[ a/DT bad/JJ bank/NN ]
./. 

But/CC 
[ Columbia/NNP 's/POS good/JJ bank/NN ]
would/MD be/VB 
[ a/DT regulated/VBN thrift/NN ]
,/, while/IN 
[ the/DT bad/JJ bank/NN ]
would/MD be/VB 
[ a/DT private/JJ investment/NN company/NN ]
,/, holding/VBG 
[ some/DT ]
of/IN 
[ Columbia/NNP 's/POS junk/NN bonds/NNS ]
,/, 
[ real/JJ estate/NN ]
and/CC 
[ equity/NN investments/NNS ]
./. 

[ Some/DT ]
think/VBP 
[ Columbia/NNP 's/POS thrift/NN ]
,/, 
[ which/WDT ]
now/RB is/VBZ seeking/VBG 
[ a/DT new/JJ chief/NN operating/VBG officer/NN ]
,/, might/MD be/VB capitalized/VBN at/IN ,/, say/VB 
[ $/$ 300/CD million/CD ]
,/, and/CC 
[ shopped/VBD ]
to/TO 
[ a/DT commercial/JJ bank/NN ]
[ that/WDT ]
wants/VBZ 
[ a/DT California/NNP presence/NN ]
./. 

[ The/DT thrift/NN ]
surely/RB could/MD be/VB sold/VBN for/IN more/JJR than/IN 
[ the/DT value/NN ]
of/IN 
[ its/PRP$ equity/NN ]
,/, 
[ financial/JJ industry/NN executives/NNS ]
say/VBP ./. 

Meanwhile/RB ,/, 
[ the/DT bad/JJ bank/NN ]
with/IN 
[ the/DT junk/NN bonds/NNS ]
--/: and/CC 
[ some/DT capital/NN ]
--/: might/MD be/VB spun/VBN off/IN to/TO 
[ Columbia/NNP shareholders/NNS ]
,/, including/VBG 
[ Mr./NNP Spiegel/NNP ]
,/, 
[ who/WP ]
might/MD then/RB have/VB 
[ a/DT new/JJ career/NN ]
,/, 
[ investors/NNS ]
say/VBP ./. 

[ It/PRP ]
is/VBZ n't/RB clear/JJ how/WRB 
[ much/JJ a/DT restructuring/NN ]
would/MD help/VB 
[ Columbia/NNP stockholders/NNS ]
./. 

But/CC ``/`` 
[ the/DT concept/NN ]
is/VBZ workable/JJ ./. 

[ You/PRP ]
sell/VBP 
[ the/DT good/JJ bank/NN ]
as/IN 
[ an/DT ongoing/JJ operation/NN ]
and/CC use/VBP 
[ some/DT ]
of/IN 
[ the/DT proceeds/NNS ]
to/TO capitalize/VB 
[ the/DT bad/JJ bank/NN ]
,/, ''/'' says/VBZ 
[ thrift/NN specialist/NN Lewis/NNP Ranieri/NNP ]
of/IN 
[ Ranieri/NNP Associates/NNPS ]
in/IN 
[ New/NNP York/NNP ]
./. 

[ Mr./NNP Spiegel/NNP 's/POS next/JJ career/NN move/NN ]
is/VBZ 
[ a/DT subject/NN ]
of/IN 
[ speculation/NN ]
on/IN 
[ Wall/NNP Street/NNP ]
./. 

[ Few/JJ people/NNS ]
think/VBP 
[ Mr./NNP Spiegel/NNP ]
wants/VBZ to/TO run/VB 
[ a/DT bread-and-butter/JJ thrift/NN ]
,/, 
[ which/WDT ]
[ current/JJ rules/NNS ]
would/MD force/VB 
[ Columbia/NNP ]
to/TO become/VB ./. 

``/`` 
[ They/PRP ]
are/VBP n't/RB really/RB 
[ a/DT thrift/NN ]
,/, ''/'' says/VBZ 
[ Jonathan/NNP Gray/NNP ]
,/, 
[ a/DT Sanford/NNP C./NNP Bernstein/NNP analyst/NN ]
./. 

Of/IN 
[ course/NN ]
,/, 
[ regulators/NNS ]
would/MD have/VB to/TO approve/VB 
[ Columbia/NNP 's/POS reorganization/NN ]
./. 

And/CC 
[ some/DT investment/NN bankers/NNS ]
say/VBP 
[ a/DT restructuring/NN ]
is/VBZ n't/RB feasible/JJ while/IN 
[ the/DT SEC/NNP ]
still/RB is/VBZ scrutinizing/VBG 
[ Mr./NNP Spiegel/NNP 's/POS past/JJ junk-bond/NN trades/NNS ]
./. 

[ Pauline/NNP Yoshihashi/NNP ]
in/IN 
[ Los/NNP Angeles/NNP ]
contributed/VBD to/TO 
[ this/DT article/NN ]
./. 

[ Columbia/NNP Savings/NNP ]
&/CC 
[ Loan/NNP ]
 (/( 
[ NYSE/NNP ]
;/: 
[ Symbol/NN ]
:/: 
[ CSV/NNP ]
 )/) 

[ Business/NN ]
:/: 
[ Savings/NNS ]
and/CC 
[ loan/NN ]
[ Year/NN ]
ended/VBD 
[ Dec./NNP 31/CD ]
,/, 
[ 1988/CD ]
:/: 

[ Net/JJ income/NN ]
:/: 
[ $/$ 65/CD million/CD ]
;/: or/CC 
[ $/$ 1.49/CD ]
[ a/DT share/NN ]
[ Third/JJ quarter/NN ]
,/, 
[ Sept./NNP 30/CD ]
,/, 
[ 1989/CD ]
:/: 

[ Net/JJ loss/NN ]
:/: 
[ $/$ 11.57/CD ]
[ a/DT share/NN vs./CC net/NN income/NN ]
:/: 

[ 37/CD cents/NNS ]
[ a/DT share/NN ]
[ Average/JJ daily/JJ trading/NN volume/NN ]
:/: 

[ 83,206/CD shares/NNS ]
[ Common/JJ shares/NNS ]
outstanding/JJ :/: 
[ 19.6/CD million/CD ]
[ Note/VB ]
:/: 
[ All/DT per-share/JJ figures/NNS ]
are/VBP fully/RB diluted/VBN ./. 

[ Genetics/NNP Institute/NNP Inc./NNP ]
,/, 
[ Cambridge/NNP ]
,/, 
[ Mass./NNP ]
,/, said/VBD 
[ it/PRP ]
was/VBD awarded/VBN 
[ U.S./NNP patents/NNS ]
for/IN 
[ Interleukin-3/NN ]
and/CC bone/NN 
[ morphogenetic/JJ protein/NN ]
./. 

[ The/DT patent/NN ]
for/IN 
[ Interleukin-3/NN covers/VBZ materials/NNS ]
and/CC 
[ methods/NNS ]
used/VBN to/TO make/VB 
[ the/DT human/JJ blood/NN cell/NN growth/NN factor/NN ]
via/IN 
[ recombinant/JJ DNA/NNP technology/NN ]
./. 

[ Sandoz/NNP Ltd./NNP ]
has/VBZ licensed/VBN 
[ certain/JJ ]
manufacturing/NN and/CC 
[ marketing/NN rights/NNS ]
for/IN 
[ Interleukin-3/NN ]
from/IN 
[ Genetics/NNP Institute/NNP ]
and/CC is/VBZ conducting/VBG 
[ preclinical/JJ studies/NNS ]
with/IN 
[ it/PRP ]
./. 

[ Interleukin-3/NN ]
may/MD help/VB in/IN 
[ treating/VBG blood/NN cell/NN deficiencies/NNS ]
associated/VBN with/IN 
[ cancer/NN treatment/NN ]
,/, 
[ bone/NN marrow/NN transplants/NNS ]
and/CC 
[ other/JJ blood-cell/NN disorders/NNS ]
,/, 
[ Genetics/NNP Institute/NNP ]
said/VBD ./. 

[ The/DT second/JJ patent/NN ]
describes/VBZ 
[ bone/NN morphogenetic/JJ protein-1/NN ]
,/, 
[ a/DT substance/NN ]
[ that/WDT ]
can/MD induce/VB 
[ formation/NN ]
of/IN 
[ new/JJ cartilage/NN ]
./. 

[ The/DT patent/NN ]
covers/VBZ 
[ BMP-1/NN type/NN proteins/NNS ]
and/CC 
[ pharmaceutical/JJ compositions/NNS ]
and/CC 
[ methods/NNS ]
for/IN 
[ treating/VBG bone/NN ]
or/CC 
[ cartilage/NN defects/NNS ]
,/, 
[ Genetics/NNP Institute/NNP ]
said/VBD ./. 

[ The/DT company/NN ]
added/VBD that/IN 
[ it/PRP ]
has/VBZ filed/VBN 
[ patent/NN applications/NNS ]
``/`` on/IN 
[ a/DT large/JJ number/NN ]
of/IN 
[ different/JJ BMP/NN proteins/NNS ]
''/'' and/CC 
[ the/DT patent/NN ]
on/IN 
[ BMP-1/NN ]
is/VBZ 
[ the/DT first/JJ it/PRP ]
has/VBZ received/VBN ./. 

[ BMP/NN products/NNS ]
may/MD be/VB useful/JJ in/IN 
[ fracture/NN healing/NN ]
and/CC in/IN 
[ treating/VBG bone/NN loss/NN ]
associated/VBN with/IN 
[ periodontal/JJ disease/NN ]
and/CC 
[ certain/JJ cancers/NNS ]
,/, 
[ the/DT company/NN ]
said/VBD ./. 

[ The/DT Bush/NNP administration/NN 's/POS nomination/NN ]
of/IN 
[ Clarence/NNP Thomas/NNP ]
to/TO 
[ a/DT seat/NN ]
on/IN 
[ the/DT federal/JJ appeals/NNS court/NN ]
here/RB received/VBD 
[ a/DT blow/NN ]
[ this/DT week/NN ]
when/WRB 
[ the/DT American/NNP Bar/NNP Association/NNP ]
gave/VBD 
[ Mr./NNP Thomas/NNP ]
only/RB 
[ a/DT ]
``/`` 
[ qualified/JJ ]
''/'' 
[ rating/NN ]
,/, rather/RB than/IN ``/`` well/RB qualified/VBN ./. 

''/'' 

[ People/NNS ]
familiar/JJ with/IN 
[ the/DT Senate/NNP Judiciary/NNP Committee/NNP ]
,/, 
[ which/WDT ]
will/MD vote/VB on/IN 
[ the/DT nomination/NN ]
,/, said/VBD 
[ some/DT liberal/JJ members/NNS ]
of/IN 
[ the/DT panel/NN ]
are/VBP likely/JJ to/TO question/VB 
[ the/DT ABA/NNP rating/NN ]
in/IN 
[ hearings/NNS ]
on/IN 
[ the/DT matter/NN ]
./. 

[ Mr./NNP Thomas/NNP ]
,/, currently/RB 
[ chairman/NN ]
of/IN 
[ the/DT Equal/NNP Employment/NNP Opportunity/NNP Commission/NNP ]
,/, would/MD add/VB 
[ another/DT conservative/JJ voice/NN ]
to/TO 
[ the/DT ]
closely/RB divided/VBN 
[ court/NN ]
./. 

[ Groups/NNS ]
have/VBP accused/VBN  
[ him/PRP ]
of/IN advocating/VBG 
[ policies/NNS ]
[ that/WDT ]
narrowed/VBD 
[ rights/NNS ]
of/IN 
[ older/JJR workers/NNS ]
and/CC of/IN 
[ ignoring/VBG discrimination/NN ]
by/IN 
[ large/JJ companies/NNS ]
./. 

[ Fourteen/CD members/NNS ]
of/IN 
[ the/DT House/NNP ]
with/IN 
[ jurisdiction/NN ]
over/IN 
[ the/DT EEOC/NNP ]
have/VBP said/VBN 
[ they/PRP ]
oppose/VBP 
[ Mr./NNP Thomas/NNP 's/POS nomination/NN ]
because/IN of/IN ``/`` 
[ serious/JJ questions/NNS ]
about/IN 
[ his/PRP$ judgment/NN ]
 {/( and/CC }/) 
[ respect/NN ]
for/IN 
[ the/DT law/NN ]
./. 

''/'' 

[ A/DT senior/JJ Justice/NNP Department/NNP official/NN ]
,/, however/RB ,/, said/VBD 
[ the/DT administration/NN ]
is/VBZ n't/RB worried/VBN about/IN 
[ the/DT ABA/NNP rating/NN ]
./. 

``/`` 
[ We/PRP ]
're/VBP pleased/VBN 
[ the/DT ABA/NNP ]
rated/VBD 
[ him/PRP ]
qualified/VBN ,/, ''/'' 
[ David/NNP Runkel/NNP ]
,/, 
[ the/DT department/NN 's/POS chief/NN spokesman/NN ]
,/, said/VBD in/IN 
[ an/DT interview/NN ]
./. 

[ The/DT ABA/NNP ]
gives/VBZ 
[ a/DT ]
``/`` qualified/VBN ''/'' rating/VBG to/TO 
[ nominees/NNS ]
[ it/PRP ]
believes/VBZ would/MD perform/VB ``/`` satisfactorily/RB ''/'' on/IN 
[ the/DT bench/NN ]
./. 

In/IN 
[ contrast/NN ]
,/, 
[ the/DT lawyers/NNS '/POS association/NN ]
gives/VBZ 
[ a/DT ]
``/`` well/RB qualified/VBN ''/'' rating/NN to/TO 
[ those/DT ]
``/`` regarded/VBN as/IN 
[ one/CD ]
of/IN 
[ the/DT ]
best/JJS available/JJ for/IN 
[ the/DT vacancy/NN ]
./. 

''/''

[ Metallgesellschaft/NNP AG/NNP ]
said/VBD 
[ it/PRP ]
agreed/VBD to/TO acquire/VB 
[ 51/CD %/NN ]
of/IN 
[ Lentjes/NNP AG/NNP ]
from/IN 
[ the/DT Ferdinand/NNP Lentjes/NNP Foundation/NNP ]
./. 

[ Terms/NNS ]
were/VBD n't/RB disclosed/VBN ./. 

[ Metallgesellschaft/NN ]
,/, 
[ a/DT diversified/JJ Frankfurt/NNP ]
,/, 
[ West/NNP Germany-based/JJ metals/NNS group/NN ]
,/, said/VBD 
[ it/PRP ]
is/VBZ buying/VBG 
[ the/DT stake/NN ]
in/IN 
[ the/DT specialized/VBN engineering/NN company/NN ]
to/TO expand/VB 
[ its/PRP$ production/NN ]
of/IN 
[ environmental/JJ supplies/NNS ]
for/IN 
[ power/NN plants/NNS ]
./. 

[ Lentjes/NNP '/POS product/NN mix/NN ]
of/IN 
[ specialized/VBN boilers/NNS ]
and/CC 
[ pipes/NNS ]
provides/VBZ 
[ a/DT good/JJ fit/NN ]
with/IN 
[ its/PRP$ own/JJ Lurgi/NNP G.m.b/NNP ]
./. 

[ H./NN plant/NN engineering/VBG unit/NN ]
,/, 
[ the/DT company/NN ]
said/VBD ./. 

[ The/DT move/NN ]
is/VBZ 
[ part/NN ]
of/IN 
[ a/DT strategy/NN ]
to/TO focus/VB on/IN 
[ its/PRP$ core/NN metals/NNS ]
trading/NN ,/, 
[ processing/NN ]
and/CC 
[ plant/NN ]
engineering/NN 
[ activities/NNS ]
while/IN shedding/VBG 
[ peripheral/JJ units/NNS ]
,/, 
[ the/DT company/NN ]
said/VBD ./. 

[ Lentjes/NNP ]
had/VBD 
[ 1988/CD sales/NNS ]
of/IN 
[ 800/CD million/CD marks/NNS ]
 (/( 
[ $/$ 434.4/CD million/CD ]
 )/) and/CC has/VBZ 
[ a/DT current/JJ order/NN backlog/NN ]
of/IN 
[ 2.5/CD billion/CD marks/NNS ]
./. 

[ The/DT sale/NN ]
comes/VBZ in/IN 
[ place/NN ]
of/IN 
[ a/DT planned/VBN initial/JJ public/JJ offering/NN ]
of/IN 
[ Lentjes/NNP stock/NN ]
./. 

[ A/DT plan/NN ]
to/TO bring/VB 
[ the/DT stock/NN ]
to/TO 
[ market/NN ]
before/IN 
[ year/NN end/NN ]
apparently/RB was/VBD upset/VBN by/IN 
[ the/DT recent/JJ weakness/NN ]
of/IN 
[ Frankfurt/NNP share/NN prices/NNS ]
./. 

[ The/DT U.S./NNP International/NNP Trade/NNP Commission/NNP ]
issued/VBD 
[ preliminary/JJ rulings/NNS ]
under/IN 
[ the/DT U.S./NNP anti-dumping/JJ ]
act/NN that/IN 
[ imports/NNS ]
of/IN 
[ sweaters/NNS ]
from/IN 
[ Hong/NNP Kong/NNP ]
,/, 
[ Taiwan/NNP ]
and/CC 
[ South/NNP Korea/NNP ]
may/MD be/VB injuring/VBG 
[ a/DT domestic/JJ industry/NN ]
./. 

Because/IN of/IN 
[ the/DT rulings/NNS ]
,/, 
[ the/DT Commerce/NNP Department/NNP ]
will/MD continue/VB to/TO investigate/VB 
[ complaints/NNS ]
by/IN 
[ U.S./NNP sweater/NN makers/NNS ]
that/IN 
[ the/DT imports/NNS ]
are/VBP reaching/VBG 
[ the/DT U.S./NNP ]
at/IN unfairly/RB 
[ low/JJ prices/NNS ]
in/IN 
[ violation/NN ]
of/IN 
[ the/DT U.S./NNP anti-dumping/JJ act/NN ]
./. 

[ The/DT law/NN ]
defines/VBZ unfairly/RB 
[ low/JJ prices/NNS ]
as/IN 
[ ones/NNS ]
below/IN 
[ the/DT cost/NN ]
of/IN 
[ production/NN ]
or/CC below/IN 
[ prices/NNS ]
in/IN 
[ an/DT exporter/NN 's/POS home/NN market/NN ]
./. 

[ ITC/NNP officials/NNS ]
said/VBD 
[ final/JJ Commerce/NNP Department/NNP ]
and/CC 
[ ITC/NNP rulings/NNS ]
wo/MD n't/RB come/VB until/IN 
[ next/JJ March/NNP ]
or/CC later/JJ ./. 

If/IN 
[ both/DT ]
[ agencies/NNS ]
find/VBP 
[ violations/NNS ]
of/IN 
[ the/DT U.S./NNP trade/NN law/NN ]
,/, 
[ the/DT U.S./NNP ]
would/MD assess/VB 
[ penalty/NN duties/NNS ]
on/IN 
[ the/DT imports/NNS ]
,/, 
[ which/WDT ]
already/RB are/VBP subject/JJ to/TO import/NN 
[ quotas/NNS ]
under/IN 
[ bilateral/JJ textile/NN ]
and/CC 
[ apparel/NN trade/NN agreements/NNS ]
./. 

[ Imports/NNS ]
of/IN 
[ manmade-fiber/JJ sweaters/NNS ]
in/IN 
[ 1988/CD ]
totaled/VBD about/IN 
[ $/$ 405/CD million/CD ]
from/IN 
[ Taiwan/NNP ]
,/, 
[ $/$ 400/CD million/CD ]
from/IN 
[ South/NNP Korea/NNP ]
and/CC 
[ $/$ 125/CD million/CD ]
from/IN 
[ Hong/NNP Kong/NNP ]
,/, according/VBG to/TO 
[ the/DT ITC/NNP ]
./. 

In/IN 
[ another/DT action/NN ]
,/, 
[ the/DT ITC/NNP ]
dismissed/VBD 
[ anti-dumping/JJ act/NN complaints/NNS ]
filed/VBN by/IN 
[ Du/NNP Pont/NNP Co./NNP ]
of/IN 
[ Wilmington/NNP ]
,/, 
[ Del./NNP ]
,/, against/IN 
[ imports/NNS ]
of/IN 
[ neoprene/NN ]
,/, 
[ a/DT type/NN ]
of/IN 
[ synthetic/JJ rubber/NN ]
,/, from/IN 
[ France/NNP ]
and/CC 
[ West/NNP Germany/NNP ]
./. 

[ These/DT imports/NNS ]
totaled/VBD about/IN 
[ $/$ 17/CD million/CD last/JJ year/NN ]
./. 

[ Upjohn/NNP Co./NNP ]
said/VBD 
[ it/PRP ]
will/MD offer/VB 
[ an/DT early/JJ retirement/NN package/NN ]
to/TO as/RB many/JJ as/IN 
[ 1,100/CD employees/NNS ]
in/IN 
[ a/DT cost-cutting/JJ move/NN ]
expected/VBN to/TO result/VB in/IN 
[ a/DT fourth-quarter/NN charge/NN ]
./. 

[ Upjohn/NNP officials/NNS ]
said/VBD 
[ they/PRP ]
could/MD n't/RB estimate/VB 
[ the/DT size/NN ]
of/IN 
[ the/DT charge/NN ]
until/IN 
[ they/PRP ]
determine/VBP 
[ which/WDT employees/NNS ]
,/, and/CC how/WRB many/JJ ,/, will/MD participate/VB in/IN 
[ the/DT retirement/NN plan/NN ]
./. 

But/CC 
[ the/DT pharmaceutical/JJ company/NN ]
said/VBD 
[ it/PRP ]
``/`` anticipates/VBZ 
[ the/DT long-term/JJ savings/NNS ]
resulting/VBG from/IN 
[ the/DT plan/NN 's/POS implementation/NN ]
will/MD more/RBR than/IN offset/VBN 
[ short-term/JJ costs/NNS ]
./. 

''/'' 

[ The/DT program/NN ]
,/, available/JJ to/TO 
[ Upjohn/NNP ]
employees/NNS 
[ 55/CD years/NNS ]
old/JJ or/CC 
[ older/JJR ]
,/, could/MD increase/VB 
[ an/DT individual/NN 's/POS retirement/NN ]
benefits/NNS 
[ 10/CD %/NN ]
to/TO 
[ 20/CD %/NN ]
./. 

In/IN 
[ addition/NN ]
,/, 
[ Upjohn/NNP ]
is/VBZ offering/VBG 
[ a/DT one-time/JJ retirement/NN bonus/NN ]
equal/JJ to/TO 
[ six/CD months/NNS ]
of/IN 
[ base/NN pay/NN ]
./. 

[ Chairman/NNP Theodore/NNP Cooper/NNP ]
called/VBD 
[ the/DT program/NN part/NN ]
of/IN 
[ the/DT company/NN 's/POS two-year/JJ strategy/NN ]
to/TO implement/VB 
[ budget/NN constraints/NNS ]
and/CC ``/`` 
[ an/DT effective/JJ headcount-control/NN program/NN ]
./. 

''/'' 

But/CC 
[ some/DT analysts/NNS ]
questioned/VBD how/WRB much/RB of/IN 
[ an/DT impact/NN ]
[ the/DT retirement/NN package/NN ]
will/MD have/VB ,/, because/IN 
[ few/JJ jobs/NNS ]
will/MD end/VB up/IN being/VBG eliminated/VBN ./. 

``/`` 
[ It/PRP ]
's/VBZ 
[ a/DT cosmetic/JJ ]
move/NN ,/, ''/'' said/VBD 
[ Jonathan/NNP S./NNP Gelles/NNP ]
of/IN 
[ Wertheim/NNP Schroder/NNP ]
&/CC 
[ Co/NNP ]
./. 

According/VBG to/TO 
[ Upjohn/NNP 's/POS estimates/NNS ]
,/, only/RB 
[ 50/CD %/NN ]
to/TO 
[ 60/CD %/NN ]
of/IN 
[ the/DT 1,100/CD eligible/JJ employees/NNS ]
will/MD take/VB 
[ advantage/NN ]
of/IN 
[ the/DT plan/NN ]
./. 

[ Upjohn/NNP ]
further/RB estimated/VBD that/IN about/IN 
[ 50/CD %/NN ]
of/IN 
[ the/DT employees/NNS ]
[ who/WP ]
leave/VBP for/IN 
[ early/JJ retirement/NN ]
may/MD be/VB replaced/VBN ./. 

As/IN 
[ a/DT result/NN ]
,/, 
[ Upjohn/NNP ]
will/MD likely/RB trim/VB only/RB about/IN 
[ 275/CD ]
to/TO 
[ 350/CD ]
of/IN 
[ its/PRP$ ]
more/JJR than/IN 
[ 21,000/CD jobs/NNS ]
world-wide/JJ ./. 

In/IN 
[ composite/JJ ]
trading/NN on/IN 
[ the/DT New/NNP York/NNP Stock/NNP Exchange/NNP yesterday/NN ]
,/, 
[ Upjohn/NNP shares/NNS ]
rose/VBD 
[ 87.5/CD cents/NNS ]
to/TO 
[ $/$ 38.875/CD ]
apiece/RB ./. 

[ An/DT Upjohn/NNP spokesman/NN ]
said/VBD 
[ he/PRP ]
had/VBD ``/`` heard/VBN 
[ nothing/NN ]
''/'' to/TO suggest/VB 
[ the/DT early/JJ retirement/NN package/NN ]
was/VBD spurred/VBN by/IN 
[ shareholder/NN pressure/NN ]
or/CC 
[ a/DT potential/JJ bidder/NN ]
for/IN 
[ the/DT company/NN ]
,/, 
[ which/WDT ]
occasionally/RB has/VBZ been/VBN 
[ the/DT target/NN ]
of/IN 
[ takeover/NN speculation/NN ]
./. 

[ The/DT company/NN ]
earlier/RBR 
[ this/DT year/NN ]
adopted/VBD 
[ a/DT shareholder-rights/JJ plan/NN ]
to/TO 
[ ward/VB ]
off/RP 
[ unwanted/JJ suitors/NNS ]
./. 

[ The/DT spokesman/NN ]
said/VBD 
[ it/PRP ]
is/VBZ 
[ the/DT ]
first/RB 
[ early/JJ retirement/NN plan/NN ]
offered/VBN under/IN 
[ its/PRP$ two-year/JJ cost-control/JJ strategy/NN ]
./. 

[ Earlier/JJR staff-reduction/NN moves/NNS ]
have/VBP trimmed/VBN about/IN 
[ 300/CD jobs/NNS ]
,/, 
[ the/DT spokesman/NN ]
said/VBD ./. 

[ INTER-TEL/NNP Inc/NNP ]
./. 

 (/( 
[ Chandler/NNP ]
,/, 
[ Ariz./NNP ]
 )/) --/: 
[ Jerry/NNP Chapman/NNP ]
,/, managing/VBG 
[ director/NN ]
of/IN 
[ WayMar/NNP Associates/NNPS ]
,/, was/VBD elected/VBN 
[ a/DT director/NN ]
of/IN 
[ this/DT business/NN telecommunications/NNS software/NN ]
and/CC 
[ systems/NNS ]
concern/NN ./. 

[ He/PRP ]
increases/VBZ 
[ the/DT board/NN ]
to/TO 
[ seven/CD ]
./. 

``/`` 
[ Feeding/NNP Frenzy/NNP ]
''/'' (/( 
[ Henry/NNP Holt/NNP ]
,/, 
[ 326/CD pages/NNS ]
,/, 
[ $/$ 19.95/CD ]
 )/) ,/, 
[ a/DT ]
highly/RB detailed/VBN 
[ account/NN ]
of/IN 
[ the/DT Wedtech/NNP scandal/NN ]
,/, begins/VBZ on/IN 
[ a/DT reassuring/JJ note/NN ]
./. 

Right/RB up/IN 
[ front/NN ]
in/IN 
[ the/DT preface/NN ]
,/, 
[ co-author/NN William/NNP Sternberg/NNP ]
gives/VBZ 
[ us/PRP ]
[ an/DT example/NN ]
of/IN 
[ his/PRP$ own/JJ integrity/NN ]
./. 

When/WRB offered/VBN 
[ a/DT free/JJ trip/NN ]
from/IN 
[ the/DT Bronx/NNP ]
,/, 
[ Wedtech/NNP 's/POS home/NN ]
,/, to/TO 
[ Washington/NNP ]
,/, 
[ D.C./NNP ]
,/, by/IN 
[ one/CD ]
of/IN 
[ Wedtech/NNP 's/POS principals/NNS ]
,/, 
[ he/PRP ]
tells/VBZ 
[ the/DT reader/NN ]
,/, ``/`` 
[ mindful/JJ ]
of/IN accepting/VBG 
[ anything/NN ]
of/IN 
[ value/NN ]
from/IN 
[ those/DT ]
[ I/PRP ]
was/VBD writing/VBG about/IN ,/, 
[ I/PRP ]
declined/VBD ./. 

''/'' 

[ Any/DT question/NN ]
as/IN to/TO why/WRB 
[ an/DT author/NN ]
would/MD believe/VB 
[ this/DT plaintive/JJ ]
,/, 
[ high-minded/JJ note/NN ]
of/IN 
[ assurance/NN ]
is/VBZ necessary/JJ is/VBZ answered/VBN by/IN reading/VBG 
[ this/DT book/NN ]
about/IN 
[ sticky/JJ fingers/NNS ]
and/CC 
[ sweaty/JJ scammers/NNS ]
./. 

Bribe/NN by/IN 
[ bribe/NN ]
,/, 
[ Mr./NNP Sternberg/NNP ]
and/CC 
[ his/PRP$ co-author/NN ]
,/, 
[ Matthew/NNP C./NNP Harrison/NNP Jr./NNP ]
,/, lead/VBP 
[ us/PRP ]
along/IN 
[ the/DT path/NN Wedtech/NNP ]
traveled/VBD ,/, from/IN 
[ its/PRP$ inception/NN ]
as/IN 
[ a/DT small/JJ manufacturing/VBG company/NN ]
to/TO 
[ the/DT status/NN ]
of/IN 
[ full-fledged/JJ defense/NN contractor/NN ]
,/, entrusted/VBN with/IN 
[ the/DT task/NN ]
of/IN producing/VBG 
[ vital/JJ equipment/NN ]
for/IN 
[ the/DT Army/NNP ]
and/CC 
[ Navy/NNP ]
./. 

[ The/DT book/NN ]
revolves/VBZ around/IN 
[ John/NNP Mariotta/NNP ]
,/, 
[ the/DT founder/NN ]
of/IN 
[ the/DT company/NN ]
,/, and/CC 
[ Fred/NNP Neuberger/NNP ]
,/, 
[ who/WP ]
became/VBD 
[ his/PRP$ partner/NN ]
soon/RB after/IN 
[ Wedtech/NNP 's/POS creation/NN ]
./. 

Although/IN started/VBN in/IN 
[ 1965/CD ]
,/, 
[ Wedtech/NNP ]
did/VBD n't/RB really/RB get/VB rolling/VBG until/IN 
[ 1975/CD ]
,/, when/WRB 
[ Mr./NNP Neuberger/NNP ]
discovered/VBD 
[ the/DT federal/JJ government/NN 's/POS Section/NN 8/CD ]
 (/( 
[ A/NN ]
 )/) 
[ minority/NN business/NN program/NN ]
./. 

[ This/DT ]
is/VBZ 
[ a/DT Johnson-era/NN ]
,/, 
[ Great/NNP Society/NNP creation/NN ]
[ that/WDT ]
mandates/VBZ 
[ certain/JJ government/NN contracts/NNS ]
be/VB awarded/VBN noncompetitively/RB to/TO 
[ minority/NN businesses/NNS ]
./. 

[ Mr./NNP Neuberger/NNP ]
realized/VBD that/IN ,/, although/IN of/IN 
[ Italian/JJ ancestry/NN ]
,/, 
[ Mr./NNP Mariotta/NNP ]
still/RB could/MD qualify/VB as/IN 
[ a/DT minority/NN person/NN ]
since/IN 
[ he/PRP ]
was/VBD born/VBN in/IN 
[ Puerto/NNP Rico/NNP ]
./. 

[ The/DT two/CD partners/NNS ]
merely/RB had/VBD to/TO falsify/VB 
[ the/DT true/JJ ownership/NN ]
of/IN 
[ the/DT corporation/NN ]
./. 

Instead/RB of/IN 
[ 50\/50/CD it/PRP ]
became/VBD ,/, on/IN 
[ paper/NN ]
only/RB ,/, 
[ two-thirds/NNS Mariotta/NNP ]
,/, 
[ one-third/NN Neuberger/NNP ]
,/, and/CC 
[ they/PRP ]
were/VBD in/IN 
[ the/DT program/NN ]
and/CC off/IN to/TO 
[ the/DT races/NNS ]
./. 

Besides/IN being/VBG 
[ a/DT ]
``/`` 
[ minority-owned/JJ company/NN ]
''/'' 
[ Wedtech/NNP ]
was/VBD located/VBN in/IN 
[ the/DT South/NNP Bronx/NNP ]
,/, 
[ a/DT blighted/JJ area/NN ]
,/, made/VBN 
[ famous/JJ ]
by/IN 
[ Jimmy/NNP Carter/NNP ]
in/IN 
[ his/PRP$ 1976/CD presidential/JJ campaign/NN ]
./. 

[ The/DT company/NN ]
plugged/VBD 
[ itself/PRP ]
right/RB into/IN 
[ Carter/NNP campaign/NN rhetoric/NN ]
about/IN rebuilding/VBG 
[ the/DT South/NNP Bronx/NNP ]
and/CC kept/VBD using/VBG 
[ the/DT minority/NN ]
--/: 
[ South/NNP Bronx/NNP angle/NN ]
through/IN 
[ the/DT Reagan/NNP '80s/CD ]
./. 

Starting/VBG with/IN 
[ Congressman/NNP Mario/NNP Biaggi/NNP ]
 (/( now/RB serving/VBG 
[ a/DT jail/NN sentence/NN ]
 )/) ,/, 
[ the/DT company/NN ]
began/VBD 
[ a/DT career/NN ]
of/IN bribing/VBG 
[ federal/JJ ]
,/, 
[ state/NN ]
and/CC 
[ local/JJ public/JJ officials/NNS ]
and/CC 
[ those/DT ]
close/JJ to/TO 
[ public/JJ officials/NNS ]
,/, right/RB up/IN to/TO and/CC including/VBG 
[ E./NNP Robert/NNP Wallach/NNP ]
,/, 
[ close/JJ friend/NN ]
and/CC 
[ adviser/NN ]
to/TO 
[ former/JJ Attorney/NNP General/NNP Ed/NNP Meese/NNP ]
./. 

[ Wedtech/NNP ]
did/VBD n't/RB just/RB 
[ use/VB old/JJ fashioned/VBN bribery/NN ]
./. 

[ It/PRP ]
made/VBD 
[ ample/JJ use/NN ]
of/IN 
[ the/DT modern/JJ techniques/NNS ]
of/IN 
[ influence/NN ]
peddling/NN ,/, retaining/VBG politically/RB connected/VBN ``/`` 
[ respectable/JJ ]
''/'' 
[ law/NN firms/NNS ]
,/, 
[ investment/NN bankers/NNS ]
and/CC 
[ political/JJ consultants/NNS ]
,/, including/VBG 
[ Reagan/NNP confidant/NN Lyn/NNP Nofzinger/NNP ]
./. 

When/WRB 
[ necessary/JJ ]
,/, 
[ it/PRP ]
sought/VBD and/CC received/VBD 
[ assistance/NN ]
from/IN 
[ organized/VBN crime/NN ]
./. 

Sometimes/RB 
[ the/DT bribed/VBN ]
became/VBD 
[ partners/NNS ]
in/IN 
[ the/DT company/NN ]
./. 

[ Wedtech/NNP management/NN ]
used/VBD 
[ the/DT merit/NN system/NN ]
./. 

If/IN 
[ you/PRP ]
were/VBD especially/RB helpful/JJ in/IN 
[ a/DT corrupt/JJ scheme/NN ]
[ you/PRP ]
received/VBD not/RB just/RB cash/NN in/IN 
[ a/DT bag/NN ]
,/, but/CC 
[ equity/NN ]
./. 

If/IN 
[ you/PRP ]
were/VBD not/RB 
[ an/DT effective/JJ crook/NN ]
,/, 
[ you/PRP ]
found/VBD 
[ yourself/PRP ]
out/IN in/IN 
[ the/DT cold/NN ]
,/, 
[ a/DT fate/NN ]
[ that/WDT ]
eventually/RB befell/VBD 
[ Mr./NNP Mariotta/NNP ]
,/, 
[ the/DT firm/NN 's/POS semiliterate/JJ ]
``/`` 
[ minority/NN ]
''/'' 
[ person/NN ]
./. 

But/CC despite/IN 
[ the/DT sensational/JJ nature/NN ]
of/IN 
[ the/DT revelations/NNS ]
and/CC 
[ the/DT breezy/JJ ]
,/, 
[ easy-to-read/JJ tabloid/JJ writing/NN style/NN ]
,/, ``/`` 
[ Feeding/NNP Frenzy/NNP ]
''/'' often/RB falls/VBZ 
[ short/JJ ]
of/IN 
[ gripping/JJ reading/NN ]
./. 

[ None/NN ]
of/IN 
[ the/DT scams/NNS ]
show/VBP 
[ much/JJ ingenuity/NN ]
:/: 
[ Auditors/NNS ]
found/VBD 
[ crookery/NN ]
[ the/DT first/JJ day/NN ]
on/IN 
[ the/DT job/NN ]
./. 

[ Wedtech/NNP 's/POS scammers/NNS ]
simply/RB bribed/VBD 
[ them/PRP ]
to/TO shut/VB up/IN ./. 

[ The/DT scammers/NNS themselves/PRP ]
were/VBD 
[ garden-variety/NN low/JJ lifes/NNS ]
,/, 
[ conspicuous/JJ consumers/NNS ]
[ who/WP ]
wanted/VBD 
[ big/JJ houses/NNS ]
,/, 
[ Mercedes/NNPS cars/NNS ]
,/, 
[ beautiful/JJ women/NNS ]
,/, 
[ expensive/JJ clothes/NNS ]
./. 

Among/IN 
[ the/DT lot/NN ]
of/IN 
[ them/PRP ]
,/, not/RB 
[ one/CD ]
is/VBZ wrestling/VBG with/IN 
[ good/JJ ]
and/CC 
[ evil/JJ ]
,/, or/CC especially/RB intelligent/JJ or/CC even/RB temporarily/RB insane/JJ ./. 

[ The/DT one/CD character/NN ]
at/IN 
[ least/JJS ]
[ somewhat/RB interesting/JJ ]
was/VBD 
[ Irving/NNP Louis/NNP Lobsenz/NNP ]
,/, 
[ a/DT pediatrician/NN ]
[ who/WP ]
changed/VBD 
[ his/PRP$ name/NN ]
to/TO 
[ Rusty/NNP Kent/NNP London/NNP ]
and/CC became/VBD 
[ a/DT master/NN gambler/NN ]
and/CC 
[ author/NN ]
of/IN 
[ a/DT book/NN ]
on/IN 
[ blackjack/NN ]
./. 

[ He/PRP ]
enters/VBZ 
[ the/DT story/NN ]
toward/IN 
[ the/DT end/NN ]
,/, just/RB in/IN 
[ time/NN ]
to/TO get/VB arrested/VBN ./. 

Absorbed/VBN in/IN doling/VBG out/IN ``/`` 
[ Feeding/NNP Frenzy/NNP 's/POS ]
''/'' 
[ tidbits/NNS ]
,/, 
[ the/DT authors/NNS gloss/VBP ]
over/IN 
[ the/DT root/NN ]
causes/NNS of/IN 
[ Wedtech/NNP ]
,/, namely/RB 
[ the/DT Section/NN 8/CD ]
 (/( 
[ A/NN ]
 )/) 
[ federal/JJ program/NN ]
under/IN 
[ whose/WP$ auspices/NNS ]
[ the/DT scandal/NN ]
took/VBD 
[ place/NN ]
./. 

[ They/PRP ]
do/VBP at/IN 
[ least/JJS ]
come/VB around/IN to/TO saying/VBG that/IN 
[ the/DT courts/NNS ]
might/MD want/VB to/TO end/VB ``/`` 
[ rigid/JJ affirmative/JJ action/NN programs/NNS ]
./. 

''/'' 
[ Programs/NNS ]
like/IN 
[ Section/NN 8/CD ]
 (/( 
[ A/NN ]
 )/) are/VBP 
[ a/DT little/RB ]
like/IN leaving/VBG 
[ gold/NN ]
in/IN 
[ the/DT street/NN ]
and/CC then/RB expressing/VBG 
[ surprise/NN ]
when/WRB 
[ thieves/NNS ]
walk/VBP by/IN to/TO scoop/VB 
[ it/PRP ]
up/IN ./. 

[ Numerous/JJ other/JJ scandals/NNS ]
,/, among/IN 
[ them/PRP ]
[ the/DT ones/NNS ]
at/IN 
[ HUD/NNP ]
,/, have/VBP 
[ the/DT same/JJ characteristics/NNS ]
as/IN 
[ Wedtech/NNP ]
./. 

[ They/PRP ]
take/VBP 
[ place/NN ]
in/IN 
[ government/NN programs/NNS ]
[ that/WDT ]
seem/VBP 
[ tailor-made/JJ ]
for/IN 
[ corruption/NN ]
./. 

Why/WRB are/VBP 
[ programs/NNS ]
like/IN 
[ this/DT ]
not/RB eliminated/VBN ?/. 

``/`` 
[ Feeding/NNP Frenzy/NNP ]
''/'' does/VBZ provide/VB 
[ a/DT few/JJ clues/NNS ]
./. 

In/IN and/CC around/IN 
[ all/DT levels/NNS ]
of/IN 
[ government/NN ]
in/IN 
[ the/DT U.S./NNP ]
are/VBP 
[ groups/NNS ]
of/IN 
[ people/NNS ]
[ who/WP ]
can/MD best/JJS be/VB described/VBN as/IN belonging/VBG to/TO 
[ a/DT political/JJ insider/NN commercial/JJ party/NN ]
./. 

[ They/PRP ]
know/VBP that/IN whenever/WRB 
[ government/NN ]
is/VBZ redistributing/VBG 
[ wealth/NN ]
,/, regulating/VBG 
[ commerce/NN ]
or/CC maintaining/VBG 
[ a/DT large/JJ defense/NN establishment/NN ]
,/, 
[ there/EX ]
is/VBZ 
[ big/JJ money/NN ]
to/TO be/VB made/VBN in/IN influencing/VBG ,/, brokering/VBG or/CC selling/VBG 
[ the/DT processes/NNS ]
and/CC 
[ decisions/NNS ]
of/IN 
[ government/NN ]
./. 

[ They/PRP ]
are/VBP 
[ our/PRP$ version/NN ]
of/IN 
[ the/DT East/NNP bloc/NN 's/POS Nomenklatura/NN ]
and/CC 
[ they/PRP ]
have/VBP absolutely/RB 
[ no/DT ]
wish/NN to/TO see/VB 
[ anything/NN ]
change/VB ./. 

How/WRB 
[ many/JJ government/NN programs/NNS ]
and/CC 
[ policies/NNS ]
exist/VBP because/IN 
[ they/PRP ]
line/VBP 
[ the/DT pockets/NNS ]
of/IN 
[ political/JJ insiders/NNS ]
?/. 

[ This/DT ]
is/VBZ 
[ the/DT real/JJ issue/NN ]
raised/VBN by/IN 
[ the/DT Wedtech/NNP scandal/NN ]
./. 

[ Mr./NNP Stern/NNP ]
was/VBD 
[ chairman/NN ]
and/CC 
[ chief/NN executive/JJ officer/NN ]
of/IN 
[ the/DT New/NNP York/NNP State/NNP Urban/NNP Development/NNP Corp./NNP ]
,/, 
[ 1983-85/CD ]
./. 

[ The/DT Finnish/JJ government/NN ]
and/CC 
[ major/JJ creditors/NNS ]
of/IN 
[ bankrupt/JJ shipyard/NN Waertsilae/NNP Marine/NNP Industries/NNPS Oy/NNP ]
agreed/VBD in/IN 
[ principle/NN ]
to/TO form/VB 
[ a/DT new/JJ company/NN ]
to/TO complete/VB 
[ most/JJS ]
of/IN 
[ the/DT troubled/JJ shipyard/NN 's/POS backlog/NN ]
of/IN 
[ 15/CD ships/NNS ]
./. 

[ The/DT new/JJ company/NN ]
will/MD attempt/VB to/TO limit/VB 
[ the/DT shipyard/NN 's/POS losses/NNS ]
,/, 
[ participants/NNS ]
said/VBD ./. 

``/`` 
[ The/DT situation/NN ]
is/VBZ that/IN 
[ the/DT bankruptcy/NN court/NN ]
will/MD get/VB out/IN of/IN 
[ the/DT shipbuilding/NN business/NN ]
./. 

[ Everything/NN ]
will/MD be/VB taken/VBN over/IN by/IN 
[ the/DT new/JJ company/NN ]
,/, ''/'' said/VBD 
[ Christian/NNP Andersson/NNP ]
,/, 
[ executive/JJ vice/NN president/NN ]
of/IN 
[ Oy/NNP Waertsilae/NNP ]
,/, 
[ former/JJ parent/NN ]
of/IN 
[ Waertsilae/NNP Marine/NNP ]
./. 

Once/RB 
[ its/PRP$ ownership/NN ]
is/VBZ finalized/VBN ,/, 
[ the/DT new/JJ company/NN ]
will/MD open/VB 
[ talks/NNS ]
with/IN 
[ state-appointed/JJ receivers/NNS ]
to/TO buy/VB or/CC lease/VB 
[ Waertsilae/NNP Marine/NNP 's/POS shipyard/NN facilities/NNS ]
./. 

[ Subcontractors/NNS ]
will/MD be/VB offered/VBN 
[ a/DT settlement/NN ]
and/CC 
[ a/DT swift/NN transition/NN ]
to/TO 
[ new/JJ management/NN ]
is/VBZ expected/VBN to/TO avert/VB 
[ an/DT exodus/NN ]
of/IN 
[ skilled/JJ workers/NNS ]
from/IN 
[ Waertsilae/NNP Marine/NNP 's/POS two/CD big/JJ shipyards/NNS ]
,/, 
[ government/NN officials/NNS ]
said/VBD ./. 

Under/IN 
[ an/DT accord/NN ]
signed/VBN yesterday/NN ,/, 
[ the/DT government/NN ]
and/CC 
[ Union/NNP Bank/NNP ]
of/IN 
[ Finland/NNP ]
would/MD become/VB 
[ major/JJ shareholders/NNS ]
in/IN 
[ the/DT new/JJ company/NN ]
,/, 
[ each/DT ]
injecting/VBG 
[ 100/CD million/CD Finnish/JJ markkaa/NN ]
 (/( 
[ $/$ 23.5/CD million/CD ]
 )/) ./. 

[ Oy/NNP Waertsilae/NNP ]
is/VBZ to/TO contribute/VB 
[ 200/CD million/CD markkaa/NN ]
,/, most/JJS of/IN 
[ it/PRP ]
as/IN subordinated/VBN 
[ debt/NN ]
,/, and/CC take/VB 
[ a/DT minority/NN stake/NN ]
in/IN 
[ the/DT new/JJ company/NN ]
./. 

[ Customers/NNS ]
holding/VBG 
[ contracts/NNS ]
for/IN 
[ Waertsilae/NNP Marine/NNP 's/POS undelivered/JJ ships/NNS ]
are/VBP expected/VBN to/TO subscribe/VB 
[ most/JJS ]
of/IN 
[ the/DT ]
remaining/VBG 
[ 170/CD million/CD markkaa/NN ]
in/IN 
[ share/NN capital/NN ]
,/, 
[ government/NN officials/NNS ]
said/VBD ./. 

[ Waertsilae/NNP Marine/NNP 's/POS biggest/JJS creditor/NN ]
is/VBZ 
[ Miami-based/JJ Carnival/NNP Cruise/NNP Lines/NNPS Inc/NNP ]
./. 

[ Carnival/NNP ]
,/, 
[ which/WDT ]
has/VBZ 
[ three/CD ships/NNS ]
on/IN 
[ order/NN ]
from/IN 
[ Waertsilae/NNP Marine/NNP ]
,/, presented/VBD 
[ claims/NNS ]
for/IN 
[ $/$ 1.5/CD billion/CD damages/NNS ]
in/IN 
[ the/DT bankruptcy/NN court/NN ]
[ this/DT week/NN ]
./. 

[ Waertsilae/NNP Marine/NNP 's/POS bankruptcy/NN proceedings/NNS ]
began/VBD 
[ Tuesday/NNP ]
in/IN 
[ a/DT Helsinki/NNP court/NN ]
./. 

[ Its/PRP$ plans/NNS ]
to/TO be/VB acquired/VBN dashed/VBN ,/, 
[ Comprehensive/NNP Care/NNP Corp./NNP ]
said/VBD 
[ it/PRP ]
plans/VBZ to/TO sell/VB 
[ most/JJS ]
of/IN 
[ its/PRP$ psychiatric/JJ ]
and/CC 
[ drug/NN abuse/NN facilities/NNS ]
in/IN 
[ California/NNP ]
and/CC 
[ some/DT other/JJ assets/NNS ]
to/TO pay/VB 
[ its/PRP$ debt/NN ]
and/CC provide/VB 
[ working/JJ capital/NN ]
./. 

In/IN 
[ all/DT ]
,/, 
[ the/DT company/NN ]
hopes/VBZ to/TO repay/VB 
[ $/$ 45/CD million/CD ]
in/IN 
[ debt/NN ]
through/IN 
[ the/DT sales/NNS ]
,/, 
[ which/WDT ]
will/MD completely/RB discharge/VB 
[ its/PRP$ secured/VBN debt/NN ]
,/, 
[ the/DT company/NN ]
said/VBD ./. 

In/IN 
[ addition/NN ]
,/, 
[ the/DT company/NN ]
has/VBZ replaced/VBN 
[ its/PRP$ president/NN ]
and/CC 
[ chief/NN executive/NN ]
,/, naming/VBG 
[ W./NNP James/NNP Nichol/NNP ]
,/, 
[ head/NN ]
of/IN 
[ the/DT company/NN 's/POS contract/NN health/NN services/NNS ]
,/, to/TO succeed/VB 
[ B./NNP Lee/NNP Karns/NNP ]
./. 

[ Mr./NNP Nichol/NNP ]
said/VBD 
[ he/PRP ]
was/VBD ``/`` extremely/RB disappointed/VBN in/IN 
[ the/DT continuing/VBG deterioration/NN ]
of/IN 
[ the/DT company/NN 's/POS operations/NNS ]
while/IN 
[ it/PRP ]
attempted/VBD to/TO conclude/VB 
[ the/DT reorganization/NN ]
during/IN 
[ the/DT past/JJ four/CD months/NNS ]
./. 

''/'' 
[ Concurrent/JJ ]
with/IN 
[ Mr./NNP Nichol/NNP 's/POS appointment/NN ]
,/, 
[ Comprehensive/NNP Care/NNP ]
moved/VBD 
[ its/PRP$ corporate/JJ headquarters/NNS ]
from/IN 
[ Irvine/NNP ]
,/, 
[ Calif./NNP ]
,/, to/TO 
[ St./NNP Louis/NNP ]
,/, where/WRB 
[ the/DT company/NN ]
maintained/VBD 
[ its/PRP$ contract/NN services/NNS offices/NNS ]
./. 

[ Mr./NNP Karns/NNP ]
continues/VBZ as/IN 
[ chairman/NN ]
./. 

[ Comprehensive/NNP Care/NNP ]
had/VBD agreed/VBN to/TO be/VB acquired/VBN by/IN closely/RB held/VBN 
[ First/NNP Hospital/NNP Corp./NNP ]
of/IN 
[ Norfolk/NNP ]
,/, 
[ Va./NNP ]
,/, but/CC 
[ the/DT sale/NN ]
sputtered/VBD almost/RB from/IN 
[ the/DT beginning/NN ]
and/CC finally/RB collapsed/VBD 
[ last/JJ week/NN ]
./. 

In/IN 
[ composite/JJ ]
trading/NN on/IN 
[ the/DT New/NNP York/NNP Stock/NNP Exchange/NNP yesterday/NN ]
,/, 
[ Comprehensive/NNP Care/NNP ]
closed/VBD at/IN 
[ $/$ 3.75/CD ]
[ a/DT share/NN ]
,/, up/RB 
[ 12.5/CD cents/NNS ]
./. 

[ Ralston/NNP Purina/NNP Co./NNP ]
reported/VBD 
[ a/DT 47/CD %/NN decline/NN ]
in/IN 
[ fourth-quarter/NN earnings/NNS ]
,/, reflecting/VBG 
[ restructuring/NN costs/NNS ]
as/RB well/RB as/IN 
[ a/DT more/RBR difficult/JJ pet/NN food/NN market/NN ]
./. 

[ The/DT St./NNP Louis/NNP company/NN ]
earned/VBD 
[ $/$ 45.2/CD million/CD ]
,/, or/CC 
[ 65/CD cents/NNS ]
[ a/DT share/NN ]
,/, compared/VBN with/IN 
[ $/$ 84.9/CD million/CD ]
,/, or/CC 
[ $/$ 1.24/CD ]
[ a/DT share/NN ]
,/, 
[ a/DT year/NN ]
earlier/JJR ./. 

[ Sales/NNS ]
in/IN 
[ the/DT latest/JJS period/NN ]
were/VBD 
[ $/$ 1.76/CD billion/CD ]
,/, 
[ a/DT 13/CD %/NN increase/NN ]
from/IN 
[ last/JJ year/NN 's/POS $/$ 1.55/CD billion/CD ]
./. 

For/IN 
[ the/DT year/NN ]
ended/VBD 
[ Sept./NNP 30/CD ]
,/, 
[ Ralston/NNP ]
earned/VBD 
[ $/$ 422.5/CD million/CD ]
,/, or/CC 
[ $/$ 6.44/CD ]
[ a/DT share/NN ]
,/, up/RB 
[ 8.9/CD %/NN ]
from/IN 
[ $/$ 387.8/CD million/CD ]
,/, or/CC 
[ $/$ 5.63/CD ]
[ a/DT share/NN ]
./. 

[ This/DT year/NN 's/POS results/NNS ]
included/VBD 
[ a/DT gain/NN ]
of/IN 
[ $/$ 70.2/CD million/CD ]
on/IN 
[ the/DT disposal/NN ]
of/IN 
[ seafood/NN operations/NNS ]
./. 

[ Sales/NNS ]
for/IN 
[ the/DT full/JJ year/NN ]
were/VBD 
[ $/$ 6.6/CD billion/CD ]
,/, up/RB 
[ 13/CD %/NN ]
from/IN 
[ $/$ 5.8/CD billion/CD ]
./. 

[ Ralston/NNP ]
said/VBD 
[ its/PRP$ restructuring/NN costs/NNS ]
include/VBP 
[ the/DT phase-out/NN ]
of/IN 
[ a/DT battery/NN facility/NN ]
in/IN 
[ Greenville/NNP ]
,/, 
[ N.C./NNP ]
,/, 
[ the/DT recent/JJ closing/NN ]
of/IN 
[ a/DT Hostess/NNP cake/NN bakery/NN ]
in/IN 
[ Cincinnati/NNP ]
and/CC 
[ a/DT reduction/NN ]
in/IN 
[ staff/NN ]
throughout/IN 
[ the/DT company/NN ]
./. 

[ The/DT battery/NN plant/NN ]
,/, 
[ which/WDT ]
makes/VBZ 
[ rechargeable/JJ nickel/NN cadmium/NN ]
and/CC 
[ carbon/NN zinc/NN products/NNS ]
,/, will/MD be/VB closed/VBN over/IN 
[ the/DT next/JJ year/NN ]
or/CC so/RB ,/, 
[ a/DT spokesman/NN ]
said/VBD ./. 

[ Ralston/NNP ]
attributed/VBD 
[ its/PRP$ fourth-quarter/NN slump/NN ]
partly/RB to/TO 
[ higher/JJR costs/NNS ]
of/IN 
[ ingredients/NNS ]
in/IN 
[ the/DT pet/NN food/NN business/NN ]
as/RB well/RB as/IN 
[ competitive/JJ pressures/NNS ]
,/, 
[ which/WDT ]
required/VBD 
[ higher/JJR advertising/NN spending/NN ]
./. 

For/IN 
[ the/DT year/NN ]
,/, 
[ pet/NN food/NN volume/NN ]
was/VBD flat/JJ ,/, 
[ the/DT company/NN ]
said/VBD ./. 

[ Its/PRP$ cereal/NN division/NN ]
realized/VBD 
[ higher/JJR operating/VBG profit/NN ]
on/IN 
[ volume/NN increases/NNS ]
,/, but/CC also/RB spent/VBD more/JJR on/IN 
[ promotion/NN ]
./. 

[ The/DT Continental/NNP Baking/NNP business/NN ]
benefited/VBD from/IN 
[ higher/JJR margins/NNS ]
on/IN 
[ bread/NN ]
and/CC on/IN 
[ increased/VBN cake/NN sales/NNS ]
,/, 
[ it/PRP ]
added/VBD ./. 

[ Ralston/NNP ] 
said/VBD 
[ its/PRP$ Eveready/NNP battery/NN unit/NN ]
was/VBD hurt/VBN by/IN continuing/VBG 
[ economic/JJ problems/NNS ]
in/IN 
[ South/NNP America/NNP ]
./. 

[ Ralston/NNP shares/NNS ]
closed/VBD yesterday/NN at/IN 
[ $/$ 80.50/CD ]
,/, off/IN 
[ $/$ 1/CD ]
,/, in/IN 
[ New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ ]
trading/NN ./. 

[ 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 ]
./. 

[ Source/NN ]
:/: 
[ Zacks/NNP Investment/NNP ]
[ Research/NNP ]
[ First/NNP Chicago/NNP Corp./NNP ]
said/VBD 
[ it/PRP ]
completed/VBD 
[ its/PRP$ $/$ 55.1/CD million/CD cash-and-stock/JJ acquisition/NN ]
of/IN closely/RB held/VBN 
[ Ravenswood/NNP Financial/NNP Corp./NNP ]
,/, 
[ another/DT Chicago/NNP bank/NN holding/VBG company/NN ]
./. 

[ The/DT record/NN corn-buying/JJ binge/NN ]
by/IN 
[ the/DT Soviet/NNP Union/NNP ]
is/VBZ causing/VBG 
[ serious/JJ bottlenecks/NNS ]
in/IN 
[ the/DT U.S./NNP grain/NN pipeline/NN ]
./. 

[ The/DT Soviet/JJ purchases/NNS ]
are/VBP so/RB massive/JJ that/IN 
[ exporters/NNS ]
are/VBP struggling/VBG to/TO find/VB 
[ enough/JJ river/NN barges/NNS ]
and/CC 
[ trains/NNS ]
to/TO move/VB 
[ the/DT ]
recently/RB harvested/VBN 
[ Midwest/NN crop/NN ]
to/TO 
[ ports/NNS ]
for/IN 
[ loading/VBG ]
onto/IN 
[ Soviet/JJ ships/NNS ]
./. 

[ River/NN barge/NN rates/NNS ]
have/VBP soared/VBN 
[ 40/CD %/NN ]
[ this/DT fall/NN ]
from/IN 
[ a/DT year/NN ]
earlier/JJR ./. 

[ Railroad/NN companies/NNS ]
and/CC 
[ some/DT ports/NNS ]
are/VBP reaping/VBG 
[ a/DT sudden/JJ windfall/NN ]
of/IN 
[ business/NN ]
./. 

And/CC 
[ some/DT grain/NN analysts/NNS ]
are/VBP predicting/VBG that/IN 
[ corn/NN prices/NNS ]
might/MD gyrate/VB 
[ this/DT month/NN ]
as/IN 
[ exporters/NNS ]
scrounge/VBP to/TO find/VB enough/RB of/IN 
[ the/DT crop/NN ]
to/TO meet/VB 
[ their/PRP$ obligations/NNS ]
to/TO 
[ the/DT Soviets/NNPS ]
./. 

[ The/DT Soviet/NNP Union/NNP ]
bought/VBD roughly/RB 
[ 310/CD million/CD bushels/NNS ]
of/IN 
[ U.S./NNP corn/NN ]
in/IN 
[ October/NNP ]
,/, 
[ which/WDT ]
is/VBZ 
[ the/DT ]
most/RBS ever/RB sold/VBN to/TO 
[ the/DT Soviet/NNP Union/NNP ]
in/IN 
[ one/CD month/NN ]
from/IN 
[ the/DT U.S/NNP ]
./. 

[ The/DT Soviet/NNP Union/NNP ]
wants/VBZ much/JJ of/IN 
[ it/PRP ]
delivered/VBN by/IN 
[ January/NNP ]
,/, 
[ which/WDT ]
would/MD be/VB 
[ a/DT strain/NN ]
in/IN 
[ most/JJS years/NNS ]
./. 

But/CC 
[ it/PRP ]
is/VBZ particularly/RB 
[ difficult/JJ ]
[ this/DT autumn/NN ]
because/IN of/IN 
[ low/JJ water/NN levels/NNS ]
on/IN 
[ the/DT Mississippi/NNP River/NNP ]
,/, on/IN 
[ which/WDT ]
flows/VBZ much/JJ of/IN 
[ the/DT U.S./NNP corn/NN ]
[ that/WDT ]
is/VBZ shipped/VBN overseas/RB ./. 

``/`` 
[ We/PRP ]
are/VBP shipping/VBG 
[ the/DT most/JJS corn/NN ]
in/IN 
[ that/DT short/JJ ]
of/IN 
[ time/NN period/NN ]
to/TO 
[ one/CD customer/NN ]
on/IN 
[ record/NN ]
,/, ''/'' said/VBD 
[ William/NNP Dunton/NNP ]
,/, 
[ a/DT U.S./NNP Agriculture/NNP Department/NNP transportation/NN expert/NN ]
./. 

``/`` 
[ It/PRP ]
is/VBZ going/VBG to/TO be/VB real/RB tight/JJ ./. 

''/'' 

Because/IN of/IN 
[ persistent/JJ dry/JJ weather/NN ]
in/IN 
[ the/DT northern/JJ Plains/NNS ]
,/, 
[ the/DT water/NN level/NN ]
on/IN 
[ the/DT upper/JJ section/NN ]
of/IN 
[ the/DT Mississippi/NNP River/NNP ]
is/VBZ so/RB low/JJ that/IN 
[ many/JJ river/NN operators/NNS ]
are/VBP already/RB trimming/VBG 
[ the/DT number/NN ]
of/IN 
[ barges/NNS their/PRP$ tows/NNS ]
push/VBP at/IN 
[ one/CD time/NN ]
./. 

In/IN 
[ a/DT few/JJ weeks/NNS ]
,/, 
[ many/JJ barges/NNS ]
probably/RB wo/MD n't/RB be/VB able/JJ to/TO operate/VB fully/RB loaded/VBN south/RB of/IN 
[ St./NNP Louis/NNP ]
because/IN 
[ the/DT U.S./NNP Army/NNP Corps/NNP ]
of/IN 
[ Engineers/NNPS ]
is/VBZ beginning/VBG to/TO reduce/VB 
[ the/DT flow/NN ]
of/IN 
[ the/DT Missouri/NNP River/NNP ]
,/, 
[ which/WDT ]
feeds/VBZ into/IN 
[ the/DT Mississippi/NNP River/NNP ]
./. 

[ The/DT Army/NNP Corps/NNP ]
is/VBZ cutting/VBG 
[ the/DT flow/NN ]
of/IN 
[ the/DT Missouri/NNP River/NNP ]
about/IN 
[ two/CD weeks/NNS ]
earlier/JJR than/IN 
[ normal/JJ ]
because/IN of/IN 
[ low/JJ water/NN levels/NNS ]
in/IN 
[ the/DT reservoirs/NNS ]
[ that/WDT ]
feed/VBP 
[ it/PRP ]
./. 

[ Barge/NN rates/NNS ]
on/IN 
[ the/DT Mississippi/NNP River/NNP ]
sank/VBD yesterday/NN on/IN 
[ speculation/NN ]
that/IN 
[ widespread/JJ rain/NN ]
[ this/DT week/NN ]
in/IN 
[ the/DT Midwest/NN ]
might/MD temporarily/RB alleviate/VB 
[ the/DT situation/NN ]
./. 

But/CC 
[ the/DT Army/NNP Corps/NNP ]
of/IN 
[ Engineers/NNPS ]
expects/VBZ 
[ the/DT river/NN level/NN ]
to/TO continue/VB falling/VBG 
[ this/DT month/NN ]
./. 

At/IN 
[ St./NNP Louis/NNP ]
,/, 
[ the/DT water/NN level/NN ]
of/IN 
[ the/DT Mississippi/NNP River/NNP ]
is/VBZ already/RB 
[ 6.5/CD feet/NNS ]
below/IN 
[ normal/JJ ]
and/CC 
[ it/PRP ]
could/MD drop/VB 
[ an/DT additional/JJ 2.5/CD feet/NNS ]
when/WRB 
[ the/DT flow/NN ]
of/IN 
[ the/DT Missouri/NNP River/NNP ]
is/VBZ slowed/VBN ,/, 
[ an/DT Army/NNP Corps/NNP spokesman/NN ]
said/VBD ./. 

[ Similar/JJ levels/NNS ]
hamstrung/VBP 
[ barge/NN shipments/NNS last/JJ year/NN ]
in/IN 
[ the/DT wake/NN ]
of/IN 
[ the/DT worst/JJS drought/NN ]
in/IN 
[ 50/CD years/NNS ]
./. 

So/IN far/RB ,/, 
[ the/DT grain/NN industry/NN ]
's/POS budding/VBG 
[ logistical/JJ problems/NNS ]
have/VBP n't/RB been/VBN 
[ a/DT major/JJ factor/NN ]
in/IN 
[ the/DT ]
trading/NN of/IN 
[ corn/NN contracts/NNS ]
at/IN 
[ the/DT Chicago/NNP Board/NNP ]
of/IN 
[ Trade/NNP ]
./. 

[ Many/JJ grain/NN processors/NNS ]
and/CC 
[ exporters/NNS ]
use/VBP 
[ the/DT price/NN ]
of/IN 
[ the/DT corn/NN futures/NNS contracts/NNS ]
traded/VBN there/RB to/TO calculate/VB 
[ the/DT price/NN ]
[ they/PRP ]
offer/VBP to/TO buy/VB 
[ corn/NN ]
from/IN 
[ farmers/NNS ]
./. 

At/IN 
[ the/DT Board/NNP ]
of/IN 
[ Trade/NNP yesterday/NN ]
[ the/DT price/NN ]
of/IN 
[ the/DT corn/NN contract/NN ]
for/IN 
[ December/NNP delivery/NN ]
slipped/VBD 
[ 3.5/CD cents/NNS ]
[ a/DT bushel/NN ]
to/TO settle/VB at/IN 
[ $/$ 2.375/CD ]
[ a/DT bushel/NN ]
./. 

[ Corn/NN prices/NNS ]
have/VBP been/VBN sluggish/JJ 
[ this/DT fall/NN ]
despite/IN 
[ the/DT huge/JJ Soviet/JJ orders/NNS ]
because/IN 
[ the/DT harvest/NN ]
has/VBZ allowed/VBN 
[ farmers/NNS ]
to/TO rebuild/VB 
[ the/DT stockpiles/NNS ]
depleted/VBN by/IN 
[ the/DT 1988/CD drought/NN ]
./. 

With/IN 
[ the/DT harvest/NN ]
winding/VBG down/IN ,/, however/RB ,/, 
[ some/DT analysts/NNS ]
are/VBP speculating/VBG that/IN 
[ prices/NNS ]
might/MD jump/VB in/IN 
[ some/DT regions/NNS ]
as/IN 
[ U.S./NNP exporters/NNS ]
try/VBP to/TO gather/VB 
[ the/DT corn/NN ]
[ they/PRP ]
are/VBP obligated/VBN to/TO deliver/VB ./. 

[ Farmers/NNS ]
are/VBP in/IN 
[ the/DT best/JJS position/NN ]
of/IN 
[ many/JJ years/NNS ]
to/TO push/VB up/IN 
[ corn/NN prices/NNS ]
./. 

Because/IN 
[ the/DT drought/NN ]
reduced/VBD 
[ U.S./NNP stockpiles/NNS ]
,/, 
[ they/PRP ]
have/VBP more/JJR than/IN enough/JJ 
[ storage/NN space/NN ]
for/IN 
[ their/PRP$ new/JJ crop/NN ]
,/, and/CC 
[ that/DT ]
permits/VBZ 
[ them/PRP ]
to/TO wait/VB for/IN 
[ prices/NNS ]
to/TO rise/VB ./. 

In/IN 
[ parts/NNS ]
of/IN 
[ Iowa/NNP ]
,/, for/IN 
[ example/NN ]
,/, 
[ some/DT grain/NN elevators/NNS ]
are/VBP offering/VBG 
[ farmers/NNS $/$ 2.15/CD ]
[ a/DT bushel/NN ]
for/IN 
[ corn/NN ]
./. 

[ Many/JJ farmers/NNS ]
probably/RB would/MD n't/RB sell/VB until/IN 
[ prices/NNS ]
rose/VBD at/IN 
[ least/JJS 20/CD cents/NNS ]
[ a/DT bushel/NN ]
,/, said/VBD 
[ Lyle/NNP Reed/NNP ]
,/, 
[ president/NN ]
of/IN 
[ Chicago/NNP Central/NNP ]
&/CC 
[ Pacific/NNP Railroad/NNP Co./NNP ]
of/IN 
[ Waterloo/NNP ]
,/, 
[ Iowa/NNP ]
./. 

[ It/PRP ]
is/VBZ n't/RB clear/JJ ,/, however/RB ,/, 
[ who/WP ]
would/MD win/VB 
[ a/DT waiting/VBG game/NN ]
./. 

Although/IN 
[ U.S./NNP corn/NN stockpiles/NNS ]
shrank/VBD by/IN roughly/RB 
[ half/DT ]
in/IN 
[ the/DT wake/NN ]
of/IN 
[ the/DT drought/NN ]
,/, 
[ the/DT Agriculture/NNP Department/NNP ]
projects/VBZ that/IN nearly/RB one-fifth/NN of/IN 
[ the/DT harvest/NN ]
will/MD still/RB be/VB in/IN 
[ storage/NN ]
before/IN 
[ the/DT 1990/CD corn/NN harvest/NN ]
begins/VBZ ./. 

[ Some/DT analysts/NNS ]
are/VBP worried/VBN that/IN 
[ reports/NNS ]
of/IN 
[ the/DT grain/NN industry/NN 's/POS problems/NNS ]
might/MD spark/VB 
[ investors/NNS ]
to/TO begin/VB 
[ buying/VBG corn/NN futures/NNS ]
contracts/NNS --/: only/RB to/TO see/VB 
[ little/JJ appreciation/NN ]
./. 

``/`` 
[ The/DT public/NN ]
is/VBZ buying/VBG 
[ the/DT market/NN ]
when/WRB in/IN 
[ reality/NN ]
[ there/EX ]
is/VBZ 
[ plenty/NN ]
of/IN 
[ grain/NN ]
to/TO be/VB shipped/VBN ,/, ''/'' said/VBD 
[ Bill/NNP Biedermann/NNP ]
,/, 
[ Allendale/NNP Inc./NNP research/NN director/NN ]
./. 

Although/IN 
[ much/JJ ]
of/IN 
[ this/DT country/NN 's/POS export/NN corn/NN ]
goes/VBZ to/TO 
[ New/NNP Orleans/NNP ]
by/IN 
[ barge/NN ]
,/, 
[ it/PRP ]
is/VBZ possible/JJ for/IN 
[ exporters/NNS ]
to/TO sidestep/VB 
[ the/DT Mississippi/NNP River/NNP ]
by/IN shipping/VBG 
[ a/DT larger-than-normal/JJ amount/NN ]
of/IN 
[ corn/NN ]
by/IN 
[ train/NN ]
to/TO 
[ the/DT port/NN ]
./. 

[ Ports/NNS ]
in/IN 
[ the/DT Great/NNP Lakes/NNPS ]
and/CC 
[ Atlantic/NNP Coast/NNP ]
can/MD also/RB relieve/VB 
[ pressure/NN ]
on/IN 
[ New/NNP Orleans/NNP ]
./. 

[ One/CD railroad/NN ]
,/, for/IN 
[ example/NN ]
,/, is/VBZ already/RB increasing/VBG 
[ its/PRP$ grain/NN hauling/VBG service/NN ]
from/IN 
[ Indiana/NNP ]
to/TO 
[ Baltimore/NNP ]
./. 

And/CC 
[ it/PRP ]
is/VBZ n't/RB clear/JJ that/IN 
[ the/DT Soviet/NNP Union/NNP ]
will/MD stay/VB on/IN 
[ its/PRP$ record/NN buying/VBG pace/NN ]
./. 

[ The/DT Soviet/JJ orders/NNS ]
were/VBD compressed/VBN into/IN 
[ the/DT month/NN ]
of/IN 
[ October/NNP ]
because/IN of/IN 
[ delays/NNS ]
./. 

[ The/DT Soviet/NNP Union/NNP ]
usually/RB begins/VBZ buying/VBG 
[ U.S./NNP crops/NNS ]
earlier/JJR in/IN 
[ the/DT fall/NN ]
./. 

But/CC 
[ its/PRP$ purchases/NNS ]
apparently/RB were/VBD delayed/VBN by/IN 
[ a/DT reorganization/NN ]
of/IN 
[ its/PRP$ agricultural/JJ bureaucracy/NN ]
as/RB well/RB as/IN 
[ budget/NN problems/NNS ]
./. 

In/IN 
[ other/JJ commodity/NN markets/NNS ]
yesterday/NN :/: 

[ ENERGY/NN ]
:/: 
[ Crude/JJ oil/NN futures/NNS prices/NNS ]
increased/VBD in/IN 
[ moderate/JJ ]
trading/NN ,/, but/CC much/JJ of/IN 
[ the/DT action/NN ]
was/VBD in/IN 
[ heating/NN oil/NN ]
./. 

[ Prices/NNS ]
rose/VBD on/IN 
[ the/DT news/NN ]
that/IN 
[ a/DT sizable/JJ West/JJ German/JJ refinery/NN ]
was/VBD damaged/VBN in/IN 
[ a/DT fire/NN ]
,/, tightening/VBG 
[ an/DT ]
already/RB 
[ tight/JJ European/JJ market/NN ]
./. 

Heating/NN 
[ oil/NN ]
for/IN 
[ November/NNP delivery/NN ]
ended/VBD at/IN 
[ 58.64/CD cents/NNS ]
[ a/DT gallon/NN ]
,/, up/RB 
[ one/CD cent/NN ]
on/IN 
[ the/DT New/NNP York/NNP Mercantile/NNP Exchange/NNP ]
./. 

[ West/NNP Texas/NNP Intermediate/NNP ]
for/IN 
[ December/NNP delivery/NN ]
advanced/VBD 
[ 22/CD cents/NNS ]
to/TO 
[ $/$ 19.94/CD ]
[ a/DT barrel/NN ]
./. 

[ Gasoline/NN futures/NNS ]
continued/VBD 
[ a/DT sell-off/NN ]
[ that/WDT ]
began/VBD 
[ Monday/NNP ]
./. 

[ PRECIOUS/NNP METALS/NNPS ]
:/: 
[ Futures/NNP prices/NNS ]
eased/VBD as/RB increased/VBN 
[ stability/NN ]
and/CC 
[ strength/NN ]
came/VBD into/IN 
[ the/DT securities/NNS markets/NNS ]
./. 

[ December/NNP delivery/NN gold/NN ]
fell/VBD 
[ $/$ 3.20/CD ]
[ an/DT ounce/NN ]
to/TO 
[ $/$ 377.60/CD ]
./. 

[ December/NNP silver/NN ]
declined/VBD 
[ 6.50/CD cents/NNS ]
[ an/DT ounce/NN ]
to/TO 
[ $/$ 5.2180/CD ]
./. 

[ January/NNP platinum/NN ]
was/VBD down/IN 
[ $/$ 5.70/CD ]
[ an/DT ounce/NN ]
at/IN 
[ $/$ 494.50/CD ]
./. 

[ Precious/JJ metals/NNS ]
,/, 
[ gold/NN ]
in/IN 
[ particular/JJ ]
,/, currently/RB are/VBP being/VBG influenced/VBN 
[ more/JJR ]
by/IN 
[ stock/NN market/NN gyrations/NNS ]
than/IN 
[ the/DT dollar/NN ]
as/IN 
[ traders/NNS ]
seek/VBP 
[ greater/JJR investment/NN stability/NN ]
,/, according/VBG to/TO 
[ William/NNP O'Neill/NNP ]
,/, 
[ vice/NN president/NN ]
of/IN 
[ research/NN ]
at/IN 
[ Elders/NNPS Futures/NNP ]
in/IN 
[ New/NNP York/NNP ]
./. 

``/`` 
[ The/DT recent/JJ rally/NN ]
in/IN 
[ precious/JJ metals/NNS ]
was/VBD 
[ a/DT result/NN ]
of/IN 
[ uncertainty/NN ]
and/CC 
[ volatility/NN ]
in/IN 
[ equities/NNS ]
,/, ''/'' 
[ he/PRP ]
said/VBD ./. 

[ Yesterday/NN ]
,/, 
[ the/DT stock/NN market/NN ]
rose/VBD strongly/RB ,/, creating/VBG 
[ a/DT more/JJR defensive/JJ attitude/NN ]
among/IN 
[ precious/JJ metals/NNS traders/NNS ]
,/, 
[ he/PRP ]
said/VBD ./. 

[ Silver/NN ]
and/CC 
[ platinum/NN ]
,/, 
[ which/WDT ]
have/VBP more/JJR of/IN 
[ an/DT industrial/JJ nature/NN ]
than/IN 
[ gold/NN ]
,/, were/VBD even/RB 
[ weaker/JJR ]
,/, 
[ he/PRP ]
said/VBD ./. 

[ Silver/NN ]
is/VBZ also/RB under/IN 
[ pressure/NN ]
of/IN ``/`` extremely/RB 
[ high/JJ ]
''/'' 
[ inventories/NNS ]
in/IN 
[ warehouses/NNS ]
of/IN 
[ the/DT Commodity/NNP Exchange/NNP ]
,/, 
[ he/PRP ]
said/VBD ./. 

[ Yesterday/NN ]
,/, 
[ these/DT stocks/NNS ]
rose/VBD by/IN 
[ 170,262/CD ounces/NNS ]
to/TO 
[ a/DT record/NN ]
of/IN 
[ 226,570,380/CD ounces/NNS ]
,/, according/VBG to/TO 
[ an/DT exchange/NN spokesman/NN ]
./. 

[ COPPER/NNP ]
:/: 
[ Futures/NNS prices/NNS ]
partially/RB recovered/VBD 
[ Monday/NNP 's/POS declines/NNS ]
because/IN 
[ Chilean/JJ miners/NNS ]
voted/VBD to/TO strike/VB ./. 

[ The/DT December/NNP contract/NN ]
rose/VBD 
[ 1.20/CD cents/NNS ]
[ a/DT pound/NN ]
to/TO 
[ $/$ 1.14/CD ]
./. 

In/IN 
[ Chile/NNP ]
,/, 
[ workers/NNS ]
at/IN 
[ two/CD copper/NN mines/NNS ]
,/, 
[ Los/NNP Bronces/NNP ]
and/CC 
[ El/NNP Soldado/NNP ]
,/, 
[ which/WDT ]
belong/VBP to/TO 
[ the/DT Exxon-owned/JJ Minera/NNP Disputada/NNP ]
,/, yesterday/NN voted/VBD to/TO begin/VB 
[ a/DT full/JJ strike/NN tomorrow/NN ]
,/, 
[ an/DT analyst/NN ]
said/VBD ./. 

[ Reasons/NNS ]
for/IN 
[ the/DT walkout/NN ]
,/, 
[ the/DT analyst/NN ]
said/VBD ,/, included/VBD 
[ a/DT number/NN ]
of/IN 
[ procedural/JJ issues/NNS ]
,/, such/JJ as/IN 
[ a/DT right/NN ]
to/TO strike/VB ./. 

[ The/DT analyst/NN ]
noted/VBD that/IN also/RB inherent/JJ in/IN 
[ all/DT metal/NN markets/NNS ]
was/VBD 
[ a/DT sympathetic/JJ reaction/NN ]
to/TO 
[ stocks/NNS ]
./. 

In/IN 
[ the/DT case/NN ]
of/IN 
[ copper/NN ]
,/, 
[ he/PRP ]
said/VBD ,/, 
[ the/DT upbeat/JJ mood/NN ]
of/IN 
[ stocks/NNS ]
was/VBD reflected/VBN in/IN 
[ demand/NN ]
for/IN 
[ futures/NNS ]
contracts/NNS because/IN 
[ a/DT stronger/JJR economy/NN ]
means/VBZ 
[ greater/JJR buying/NN interest/NN ]
for/IN 
[ the/DT metal/NN ]
./. 

Also/RB contributing/VBG to/TO 
[ the/DT firmness/NN ]
in/IN 
[ copper/NN ]
,/, 
[ the/DT analyst/NN ]
noted/VBD ,/, was/VBD 
[ a/DT report/NN ]
by/IN 
[ Chicago/NNP ]
purchasing/VBG 
[ agents/NNS ]
,/, 
[ which/WDT ]
precedes/VBZ 
[ the/DT full/JJ purchasing/VBG agents/NNS '/POS report/NN ]
[ that/WDT ]
is/VBZ due/JJ out/IN 
[ today/NN ]
and/CC gives/VBZ 
[ an/DT indication/NN ]
of/IN 
[ what/WP ]
[ the/DT full/JJ report/NN ]
might/MD hold/VB ./. 

[ The/DT Purchasing/NNP Management/NNP Association/NNP ]
of/IN 
[ Chicago/NNP 's/POS October/NNP index/NN ]
rose/VBD to/TO 
[ 51.6/CD %/NN ]
after/IN 
[ three/CD previous/JJ months/NNS ]
of/IN 
[ readings/NNS ]
below/IN 
[ 50/CD %/NN ]
./. 

[ The/DT September/NNP index/NN ]
was/VBD 
[ 47.1/CD %/NN ]
./. 

[ A/DT reading/NN ]
below/IN 
[ 50/CD %/NN ]
generally/RB indicates/VBZ 
[ a/DT slowing/NN ]
in/IN 
[ the/DT industrial/JJ sector/NN ]
of/IN 
[ the/DT economy/NN ]
,/, while/IN 
[ a/DT reading/NN ]
above/IN 
[ 50/CD %/NN points/VBZ ]
to/TO 
[ expansion/NN ]
./. 

[ The/DT Chicago/NNP report/NN ]
raised/VBD 
[ the/DT possibility/NN ]
that/IN 
[ the/DT October/NNP survey/NN ]
of/IN 
[ the/DT National/NNP Association/NNP ]
of/IN 
[ Purchasing/NNP Management/NNP ]
would/MD also/RB show/VB 
[ a/DT reading/NN ]
above/IN 
[ 50/CD %/NN ]
./. 

[ NCR/NNP Corp./NNP ]
unveiled/VBD 
[ two/CD models/NNS ]
of/IN 
[ its/PRP$ Tower/NNP line/NN ]
of/IN 
[ midrange/JJ computers/NNS ]
and/CC introduced/VBD advanced/VBN 
[ networking/NN software/NN ]
to/TO allow/VB 
[ the/DT Tower/NNP family/NN ]
to/TO operate/VB as/IN 
[ a/DT central/JJ hub/NN ]
in/IN 
[ a/DT network/NN ]
of/IN 
[ computers/NNS ]
./. 

[ The/DT new/JJ software/NN ]
is/VBZ based/VBN on/IN 
[ Novell/NNP Inc./NNP 's/POS NetWare/NNP network/NN operating/VBG system/NN software/NN ]
./. 

[ USX/NNP Corp./NNP ]
posted/VBD 
[ a/DT 23/CD %/NN drop/NN ]
in/IN 
[ third-quarter/NN profit/NN ]
,/, as/IN improved/VBN 
[ oil/NN results/NNS ]
failed/VBD to/TO offset/VB 
[ weakness/NN ]
in/IN 
[ steel/NN ]
and/CC 
[ natural/JJ gas/NN operations/NNS ]
./. 

[ The/DT nation/NN 's/POS largest/JJS steelmaker/NN ]
earned/VBD 
[ $/$ 175/CD million/CD ]
,/, or/CC 
[ 62/CD cents/NNS ]
[ a/DT share/NN ]
,/, compared/VBN with/IN 
[ the/DT year-earlier/JJ $/$ 228/CD million/CD ]
,/, or/CC 
[ 80/CD cents/NNS ]
[ a/DT share/NN ]
./. 

[ The/DT recent/JJ quarter/NN ]
includes/VBZ 
[ pretax/NN gains/NNS ]
of/IN 
[ $/$ 98/CD million/CD ]
from/IN 
[ asset/NN sales/NNS ]
,/, while/IN 
[ like/JJ gains/NNS ]
in/IN 
[ the/DT year-earlier/JJ quarter/NN ]
totaled/VBD 
[ $/$ 61/CD million/CD ]
./. 

In/IN 
[ the/DT 1988/CD period/NN ]
,/, 
[ USX/NNP ]
also/RB had/VBD 
[ a/DT $/$ 71/CD million/CD after-tax/JJ gain/NN ]
from/IN 
[ a/DT tax/NN dispute/NN settlement/NN ]
./. 

[ Sales/NNS ]
rose/VBD 
[ 5/CD %/NN ]
to/TO 
[ $/$ 4.4/CD billion/CD ]
from/IN 
[ $/$ 4.2/CD billion/CD ]
./. 

[ The/DT earnings/NNS drop/NN ]
appears/VBZ particularly/RB steep/JJ in/IN 
[ comparison/NN ]
with/IN 
[ last/JJ year/NN ]
's/POS unusually/RB 
[ strong/JJ third/JJ quarter/NN ]
,/, when/WRB 
[ the/DT company/NN ]
was/VBD riding/VBG 
[ an/DT industrywide/JJ boom/NN ]
in/IN 
[ demand/NN ]
and/CC 
[ pricing/NN ]
./. 

However/RB ,/, 
[ third-quarter/NN operating/NN profit/NN ]
fell/VBD 
[ 14/CD %/NN ]
,/, as/IN 
[ USX/NNP ]
sold/VBD 
[ sizable/JJ chunks/NNS ]
of/IN 
[ its/PRP$ diversified/JJ ]
and/CC 
[ steel/NN segments/NNS ]
,/, eliminating/VBG 
[ income/NN ]
from/IN 
[ those/DT operations/NNS ]
./. 

Among/IN 
[ segments/NNS ]
[ that/WDT ]
continue/VBP to/TO operate/VB ,/, though/RB ,/, 
[ the/DT company/NN 's/POS steel/NN division/NN ]
continued/VBD to/TO suffer/VB from/IN 
[ soft/JJ demand/NN ]
for/IN 
[ its/PRP$ tubular/JJ goods/NNS ]
serving/VBG 
[ the/DT oil/NN industry/NN ]
and/CC 
[ other/JJ markets/NNS ]
./. 

[ Peter/NNP Marcus/NNP ]
,/, 
[ an/DT analyst/NN ]
with/IN 
[ PaineWebber/NNP Inc./NNP ]
,/, said/VBD that/IN 
[ a/DT downturn/NN ]
in/IN 
[ the/DT appliance/NN industry/NN ]
,/, coupled/VBN with/IN 
[ sluggish/JJ automotive/JJ sales/NNS ]
,/, hurt/VBP 
[ USX/NNP results/NNS ]
./. 

Moreover/RB ,/, 
[ USX/NNP exports/NNS ]
more/JJR than/IN 
[ other/JJ steelmakers/NNS ]
,/, and/CC 
[ the/DT overseas/JJ market/NN ]
has/VBZ been/VBN under/IN 
[ more/RBR severe/JJ pricing/NN pressure/NN ]
./. 

[ The/DT company/NN ]
attributed/VBD 
[ lower/JJR sales/NNS ]
and/CC 
[ earnings/NNS ]
for/IN 
[ the/DT steel/NN segment/NN ]
to/TO 
[ the/DT loss/NN ]
of/IN 
[ results/NNS ]
from/IN 
[ the/DT Lorain/NNP ]
,/, 
[ Ohio/NNP ]
,/, 
[ plant/NN ]
,/, 
[ which/WDT ]
now/RB is/VBZ 
[ a/DT 50-50/CD joint/NN venture/NN ]
with/IN 
[ Japan/NNP 's/POS Kobe/NNP Steel/NNP Ltd/NNP ]
./. 

In/IN 
[ the/DT steel/NN division/NN ]
,/, operating/NN 
[ profit/NN ]
dropped/VBD 
[ 11/CD %/NN ]
to/TO 
[ $/$ 85/CD million/CD ]
./. 

[ Profit/NN ]
per/IN 
[ ton/NN ]
of/IN 
[ steel/NN ]
shipped/VBN dropped/VBD to/TO about/IN 
[ $/$ 33/CD ]
[ a/DT ton/NN ]
from/IN 
[ $/$ 42/CD ]
[ a/DT ton/NN last/JJ year/NN ]
and/CC 
[ $/$ 53/CD ]
[ a/DT ton/NN ]
in/IN 
[ the/DT second/JJ quarter/NN ]
,/, 
[ analysts/NNS ]
said/VBD ./. 

Still/RB ,/, 
[ USX/NNP ]
fared/VBD better/RBR than/IN 
[ other/JJ major/JJ steelmakers/NNS ]
,/, earning/VBG 
[ more/JJR ]
per/IN 
[ ton/NN ]
of/IN 
[ steel/NN ]
shipped/VBN than/IN 
[ either/DT Bethlehem/NNP Steel/NNP Corp./NNP ]
,/, 
[ which/WDT ]
posted/VBD 
[ a/DT 54/CD %/NN drop/NN ]
in/IN 
[ net/JJ income/NN ]
,/, or/CC 
[ Inland/NNP Steel/NNP Industries/NNPS Inc./NNP ]
,/, 
[ whose/WP$ profit/NN ]
plummeted/VBD 
[ 70/CD %/NN ]
./. 

In/IN 
[ New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN yesterday/NN ]
,/, 
[ USX/NNP shares/NNS ]
closed/VBD up/RB 
[ $/$ 1.25/CD ]
,/, at/IN 
[ $/$ 34.625/CD ]
,/, as/IN 
[ the/DT reported/VBN earnings/NNS ]
exceeded/VBD 
[ projections/NNS ]
by/IN 
[ some/DT analysts/NNS ]
[ who/WP ]
had/VBD n't/RB expected/VBN as/RB great/JJ 
[ a/DT volume/NN ]
of/IN 
[ asset/NN sales/NNS ]
./. 

[ The/DT rise/NN ]
in/IN 
[ the/DT stock/NN 's/POS price/NN ]
may/MD also/RB reflect/VB 
[ the/DT fact/NN ]
that/IN 
[ USX/NNP 's/POS steel/NN segment/NN ]
fared/VBD better/RBR than/IN 
[ some/DT other/JJ steelmakers/NNS '/POS ]
./. 

[ Charles/NNP Bradford/NNP ]
,/, 
[ an/DT analyst/NN ]
with/IN 
[ Merrill/NNP Lynch/NNP Capital/NNP Markets/NNPS ]
,/, said/VBD 
[ USX/NNP ]
may/MD have/VB received/VBN 
[ orders/NNS ]
lost/VBN by/IN 
[ competitors/NNS ]
[ who/WP ]
were/VBD involved/VBN in/IN 
[ labor/NN contracts/NNS ]
earlier/RBR 
[ this/DT year/NN ]
./. 

[ He/PRP ]
said/VBD 
[ USX/NNP ]
also/RB appeared/VBD to/TO sell/VB 
[ a/DT richer/JJR mix/NN ]
of/IN 
[ steel/NN products/NNS ]
,/, such/JJ as/IN 
[ the/DT more/RBR profitable/JJ pipe/NN ]
and/CC 
[ galvanized/JJ coated/VBN sheet/NN ]
,/, than/IN 
[ lower-priced/JJ structural/JJ goods/NNS ]
./. 

[ The/DT energy/NN segment/NN ]
,/, with/IN 
[ a/DT 15/CD %/NN rise/NN ]
in/IN 
[ operating/NN profit/NN ]
,/, is/VBZ clearly/RB 
[ the/DT company/NN ]
's/POS strongest/JJS ./. 

[ Higher/JJR crude/JJ oil/NN prices/NNS ]
helped/VBD 
[ boost/VB operating/NN profit/NN ]
for/IN 
[ the/DT Marathon/NNP Oil/NNP Co./NNP unit/NN ]
to/TO 
[ $/$ 198/CD million/CD ]
from/IN 
[ $/$ 180/CD million/CD ]
./. 

[ The/DT Texas/NNP Oil/NNP ]
&/CC 
[ Gas/NNP division/NN ]
continues/VBZ to/TO operate/VB in/IN 
[ the/DT red/NN ]
,/, although/IN 
[ losses/NNS ]
narrowed/VBD to/TO 
[ $/$ 9/CD million/CD ]
from/IN 
[ $/$ 15/CD million/CD ]
./. 

[ USX/NNP ]
announced/VBD in/IN 
[ October/NNP ]
that/IN 
[ it/PRP ]
was/VBD soliciting/VBG 
[ bids/NNS ]
to/TO sell/VB 
[ TXO/NNP 's/POS oil/NN ]
and/CC 
[ gas/NN reserves/NNS ]
./. 

[ Proceeds/NNS ]
of/IN 
[ that/DT sale/NN ]
are/VBP to/TO be/VB used/VBN to/TO reduce/VB 
[ debt/NN ]
and/CC buy/VB 
[ back/RP shares/NNS ]
./. 

[ The/DT company/NN ]
noted/VBD that/IN 
[ it/PRP ]
has/VBZ reduced/VBN 
[ debt/NN ]
by/IN 
[ $/$ 1.6/CD billion/CD ]
since/IN 
[ the/DT end/NN ]
of/IN 
[ 1988/CD ]
and/CC bought/VBD back/RP about/IN 
[ 15.5/CD million/CD shares/NNS ]
of/IN 
[ common/JJ stock/NN ]
since/IN 
[ the/DT fourth/JJ quarter/NN ]
of/IN 
[ 1987/CD ]
./. 

[ USX/NNP ]
has/VBZ about/IN 
[ $/$ 5.5/CD billion/CD ]
in/IN 
[ long-term/JJ debt/NN ]
and/CC 
[ 257/CD million/CD shares/NNS ]
outstanding/JJ ./. 

[ The/DT announced/VBN sale/NN ]
of/IN 
[ the/DT reserves/NNS ]
was/VBD followed/VBN by/IN 
[ news/NN ]
[ that/IN investor/NN Carl/NNP Icahn/NNP ]
had/VBD increased/VBN 
[ his/PRP$ stake/NN ]
in/IN 
[ USX/NNP ]
to/TO 
[ 13.1/CD %/NN ]
and/CC threatened/VBN 
[ a/DT takeover/NN ]
or/CC 
[ other/JJ business/NN combination/NN ]
./. 

[ Mr./NNP Icahn/NNP ]
has/VBZ said/VBN 
[ he/PRP ]
believes/VBZ 
[ USX/NNP ]
would/MD be/VB worth/JJ more/RBR if/IN broken/VBN up/IN into/IN 
[ steel/NN ]
and/CC 
[ energy/NN segments/NNS ]
./. 

[ Profit/NN ]
for/IN 
[ the/DT nine/CD months/NNS ]
jumped/VBD 
[ 21/CD %/NN ]
to/TO 
[ $/$ 721/CD million/CD ]
,/, or/CC 
[ $/$ 2.62/CD ]
[ a/DT share/NN ]
,/, from/IN 
[ $/$ 598/CD million/CD ]
,/, or/CC 
[ $/$ 2.07/CD ]
[ a/DT share/NN ]
./. 

[ Sales/NNS ]
rose/VBD 
[ 10/CD %/NN ]
to/TO 
[ $/$ 13.8/CD billion/CD ]
from/IN 
[ $/$ 12.5/CD billion/CD ]
./. 

[ John/NNP F./NNP Barrett/NNP ]
,/, 
[ 40/CD ]
,/, formerly/RB 
[ executive/JJ vice/NN president/NN ]
and/CC 
[ chief/NN financial/JJ officer/NN ]
,/, was/VBD named/VBN 
[ president/NN ]
and/CC 
[ chief/NN operating/VBG officer/NN ]
,/, 
[ posts/NNS ]
[ which/WDT ]
had/VBD been/VBN vacant/JJ ./. 

[ Leon/NNP J./NNP Level/NNP ]
,/, 
[ vice/NN president/NN ]
and/CC 
[ chief/NN financial/JJ officer/NN ]
of/IN 
[ this/DT computer/NN ]
services/NNS 
[ concern/NN ]
,/, and/CC 
[ F./NNP Warren/NNP McFarlan/NNP ]
,/, 
[ a/DT professor/NN ]
at/IN 
[ Harvard/NNP University/NNP 's/POS Graduate/NNP School/NNP ]
of/IN 
[ Business/NNP ]
,/, were/VBD elected/VBN 
[ directors/NNS ]
,/, increasing/VBG 
[ board/NN membership/NN ]
to/TO 
[ nine/CD ]
./. 

[ David/NNP A./NNP DiLoreto/NNP ]
,/, 
[ president/NN ]
of/IN 
[ metal/NN container/NN division/NN ]
,/, was/VBD named/VBN to/TO 
[ the/DT additional/JJ post/NN ]
of/IN 
[ group/NN vice/NN president/NN ]
,/, packaging/NN 
[ products/NNS ]
,/, at/IN 
[ this/DT ]
packaging/NN ,/, 
[ industrial/JJ ]
and/CC 
[ aerospace/NN products/NNS concern/NN ]
,/, succeeding/VBG 
[ Delmont/NNP A./NNP Davis/NNP ]
,/, 
[ who/WP ]
was/VBD named/VBN 
[ president/NN ]
and/CC 
[ chief/NN operating/VBG officer/NN ]
in/IN 
[ August/NNP ]
./. 

[ Two/CD leading/VBG constitutional-law/NN experts/NNS ]
said/VBD 
[ President/NNP Bush/NNP ]
does/VBZ n't/RB have/VB 
[ the/DT legal/JJ authority/NN ]
to/TO exercise/VB 
[ a/DT line-item/JJ veto/NN ]
./. 

[ Professors/NNP Philip/NNP Kurland/NNP ]
of/IN 
[ the/DT University/NNP ]
of/IN 
[ Chicago/NNP ]
and/CC 
[ Laurence/NNP Tribe/NNP ]
of/IN 
[ Harvard/NNP Law/NNP School/NNP ]
said/VBD 
[ any/DT effort/NN ]
by/IN 
[ President/NNP Bush/NNP ]
to/TO claim/VB 
[ authority/NN ]
for/IN 
[ a/DT line-item/JJ veto/NN ]
would/MD contradict/VB 
[ the/DT text/NN ]
of/IN 
[ the/DT Constitution/NNP ]
and/CC 
[ the/DT intent/NN ]
of/IN 
[ its/PRP$ authors/NNS ]
,/, as/RB well/RB as/IN 
[ the/DT views/NNS ]
of/IN 
[ previous/JJ presidents/NNS ]
./. 

[ A/DT line-item/JJ veto/NN ]
is/VBZ 
[ a/DT procedure/NN ]
[ that/WDT ]
would/MD allow/VB 
[ a/DT president/NN ]
to/TO veto/VB 
[ part/NN ]
of/IN 
[ a/DT big/JJ congressional/JJ spending/NN bill/NN ]
without/IN having/VBG to/TO scuttle/VB 
[ the/DT entire/JJ measure/NN ]
./. 

[ Mr./NNP Bush/NNP ]
has/VBZ said/VBN 
[ he/PRP ]
would/MD like/VB to/TO be/VB able/JJ to/TO use/VB 
[ this/DT procedure/NN ]
./. 

[ A/DT White/NNP House/NNP spokesman/NN ]
said/VBD 
[ last/JJ week/NN ]
that/IN 
[ the/DT president/NN ]
is/VBZ considering/VBG declaring/VBG that/IN 
[ the/DT Constitution/NNP ]
implicitly/RB gives/VBZ 
[ him/PRP ]
[ the/DT authority/NN ]
for/IN 
[ a/DT line-item/JJ veto/NN ]
to/TO provoke/VB 
[ a/DT test/NN case/NN ]
./. 

But/CC 
[ the/DT two/CD legal/JJ experts/NNS ]
,/, responding/VBG to/TO 
[ an/DT inquiry/NN ]
by/IN 
[ Sen./NNP Edward/NNP Kennedy/NNP ]
 (/( 
[ D./NNP ]
,/, 
[ Mass./NNP ]
 )/) ,/, wrote/VBD in/IN 
[ a/DT joint/JJ letter/NN ]
that/IN 
[ the/DT president/NN ]
``/`` lacks/VBZ 
[ the/DT constitutional/JJ authority/NN ]
to/TO exercise/VB 
[ a/DT line-item/JJ veto/NN ]
./. 

''/'' 
[ The/DT two/CD professors/NNS ]
represent/VBP 
[ different/JJ ends/NNS ]
of/IN 
[ the/DT political/JJ spectrum/NN ]
--/: 
[ Mr./NNP Kurland/NNP ]
is/VBZ 
[ a/DT conservative/JJ ]
and/CC 
[ Mr./NNP Tribe/NNP ]
is/VBZ 
[ a/DT liberal/NN ]
./. 

[ The/DT two/CD professors/NNS ]
said/VBD 
[ the/DT Constitution/NNP ]
authorizes/VBZ 
[ the/DT president/NN ]
to/TO veto/VB 
[ entire/JJ bills/NNS ]
,/, not/RB 
[ partial/JJ measures/NNS ]
./. 

Moreover/RB ,/, 
[ they/PRP ]
said/VBD 
[ the/DT first/JJ appropriations/NNS bill/NN ]
passed/VBN 
[ 200/CD years/NNS ]
ago/IN covered/VBD 
[ many/JJ different/JJ items/NNS ]
,/, and/CC 
[ there/EX ]
was/VBD 
[ no/DT discussion/NN ]
of/IN 
[ a/DT line-item/JJ veto/NN ]
./. 

[ They/PRP ]
also/RB said/VBD that/IN more/JJR than/IN 
[ a/DT dozen/NN presidents/NNS ]
have/VBP called/VBN for/IN 
[ line-item/JJ veto/NN authority/NN ]
since/IN 
[ the/DT Civil/NNP War/NNP ]
,/, and/CC ``/`` 
[ all/DT ]
have/VBP shared/VBN 
[ the/DT view/NN ]
that/IN 
[ such/JJ lawmaking/JJ power/NN ]
is/VBZ beyond/IN 
[ the/DT reach/NN ]
''/'' of/IN 
[ the/DT president/NN ]
./. 

[ Sen./NNP Kennedy/NNP ]
said/VBD in/IN 
[ a/DT separate/JJ statement/NN ]
that/IN 
[ he/PRP ]
supports/VBZ 
[ legislation/NN ]
to/TO give/VB 
[ the/DT president/NN line-item/JJ veto/NN power/NN ]
,/, but/CC that/IN 
[ it/PRP ]
would/MD be/VB 
[ a/DT ]
``/`` 
[ reckless/JJ course/NN ]
of/IN 
[ action/NN ]
''/'' for/IN 
[ President/NNP Bush/NNP ]
to/TO claim/VB 
[ the/DT authority/NN ]
without/IN 
[ congressional/JJ approval/NN ]
./. 

[ Trinity/NNP Industries/NNPS Inc./NNP ]
said/VBD 
[ it/PRP ]
reached/VBD 
[ a/DT preliminary/JJ agreement/NN ]
to/TO sell/VB 
[ 500/CD railcar/NN platforms/NNS ]
to/TO 
[ Trailer/NNP Train/NNP Co./NNP ]
of/IN 
[ Chicago/NNP ]
./. 

[ Terms/NNS ]
were/VBD n't/RB disclosed/VBN ./. 

[ Trinity/NNP ]
said/VBD 
[ it/PRP ]
plans/VBZ to/TO begin/VB 
[ delivery/NN ]
in/IN 
[ the/DT first/JJ quarter/NN ]
of/IN 
[ next/JJ year/NN ]
./. 
