-RRB- ) O
a DT I
share NN I
. . O
'' '' O

Jaguar NN I
shares NNS I
stood VBD O
at IN O
405 CD I
pence NN I
before IN O
Ford NNP I
's POS B
initial JJ I
announcement NN I
, , O
but CC O
the DT I
subsequent JJ I
takeover NN I
frenzy NN I
has VBZ O
driven VBN O
them PRP I
up RB O
. . O

The DT I
stock NN I
traded VBD O
late JJ I
yesterday NN I
on IN O
London NNP I
's POS B
stock NN I
exchange NN I
at IN O
673 CD I
pence NN I
, , O
up IN O
19 CD I
pence NN I
. . O

Developing VBG O
an DT I
executive-model JJ I
range NN I
would MD O
mark VB O
a DT I
major JJ I
departure NN I
for IN O
Britain NNP I
's POS B
leading VBG I
luxury-car NN I
maker NN I
. . O

A DT I
typical JJ I
British JJ I
executive JJ I
car NN I
is VBZ O
mass NN O
produced VBN O
and CC O
smaller JJR O
than IN O
a DT I
luxury NN I
car NN I
. . O

It PRP I
generally RB O
fetches VBZ O
no DT I
more JJR I
than IN O
# # I
25,000 CD I
-LRB- ( O
$ $ I
39,400 CD I
-RRB- ) O
-- : O
roughly RB I
# # I
16,000 CD I
less JJR O
than IN O
the DT I
highest-priced JJS I
Jaguars NNPS I
, , O
which WDT I
are VBP O
all DT O
known VBN O
for IN O
their PRP$ I
hand-crafted JJ I
leather NN I
work NN I
. . O

`` `` O
We PRP I
have VBP O
designs NNS I
for IN O
such JJ I
-LCB- ( I
executive NN I
-RCB- ) I
cars NNS I
, , O
but CC O
have VBP O
never RB O
been VBN O
able JJ O
to TO O
develop VB O
them PRP I
, , O
'' '' O
Sir NNP I
John NNP I
said VBD O
. . O

GM NNP I
's POS B
help NN I
would MD O
`` `` O
make VB O
it PRP I
possible JJ O
-LCB- ( O
for IN O
Jaguar NNP I
-RCB- ) O
to TO O
build VB O
a DT I
wider JJR I
range NN I
of IN O
cars NNS I
. . O
'' '' O

An DT I
executive JJ I
model NN I
would MD O
significantly RB O
boost VB O
Jaguar NNP I
's POS B
yearly JJ I
output NN I
of IN O
50,000 CD I
cars NNS I
. . O

`` `` O
You PRP I
are VBP O
talking VBG O
about IN O
a DT I
couple NN I
hundred CD I
thousand CD I
a DT B
year NN I
, , O
'' '' O
said VBD O
Bob NNP I
Barber NNP I
, , O
an DT I
auto-industry NN I
analyst NN I
at IN O
U.K. NNP I
brokerage NN I
James NNP I
Capel NNP I
& CC I
Co NNP I
. . O

A DT I
pact NN I
with IN O
GM NNP I
may MD O
emerge VB O
in IN O
as RB I
little JJ I
as IN I
two CD I
weeks NNS I
, , O
according VBG O
to TO O
sources NNS I
close VBP O
to TO O
the DT I
talks NNS I
. . O

The DT I
deal NN I
would MD O
require VB O
approval NN I
by IN O
a DT I
majority NN I
of IN O
Jaguar NNP I
shareholders NNS I
. . O

`` `` O
We PRP I
have VBP O
to TO O
make VB O
it PRP I
attractive JJ O
enough RB O
that IN O
-LCB- ( O
holders NNS I
-RCB- ) O
would MD O
accept VB O
it PRP I
, , O
'' '' O
Sir NNP I
John NNP I
said VBD O
. . O

That DT I
may MD O
be VB O
difficult JJ O
, , O
the DT I
Jaguar NNP I
chairman NN I
acknowledged VBD O
, , O
`` `` O
when WRB O
you PRP I
have VBP O
somebody NN I
else JJ O
breathing NN O
down RB O
your PRP$ I
neck NN I
. . O

'' '' O
Ford NNP I
probably RB O
would MD O
try VB O
to TO O
kill VB O
the DT I
proposal NN I
by IN O
enlisting VBG O
support NN I
from IN O
U.S. NNP I
takeover-stock JJ I
speculators NNS I
and CC O
holding VBG O
out RP O
the IN I
carrot NN I
of IN O
a DT I
larger JJR I
bid NN I
later RB O
, , O
said VBD O
Stephen NNP I
Reitman NNP I
, , O
European JJ I
auto NN I
analyst NN I
at IN O
London NNP I
brokers NNS I
UBS NNP I
Phillips NNP I
& CC I
Drew NNP I
. . O

Ford NNP I
ca MD O
n't RB O
make VB O
a DT I
full-fledged JJ I
bid NN I
for IN O
Jaguar NNP I
until IN O
U.K. NNP I
government NN I
restrictions NNS I
expire VBP O
. . O

The DT I
anti-takeover JJ I
measure NN I
prevents VBZ O
any DT I
outside JJ I
investor NN I
from IN O
buying VBG O
more JJR I
than IN I
15 CD I
% NN I
of IN O
Jaguar NNP I
shares NNS I
without IN O
permission NN I
until IN O
Dec. NNP I
31 CD I
, , I
1990 CD I
. . O

But CC O
with IN O
its PRP$ I
10.4 CD I
% NN I
stake NN I
, , O
Ford NNP I
can MD O
convene VB O
a DT O
special JJ O
Jaguar NNP I
shareholders NNS I
' POS I
meeting NN O
and CC O
urge VB O
them PRP I
to TO O
drop VB O
the DT I
restrictions NNS I
prematurely RB O
. . O

`` `` O
It PRP I
's VBZ O
a DT I
very RB I
valuable JJ I
weapon NN I
in IN O
their PRP$ I
armory NN I
, , O
'' '' O
which WDT I
could MD O
enable VB O
Ford NNP I
to TO O
bid VB O
sooner RBR O
for IN O
Jaguar NNP I
, , O
observed VBN O
Mr. NNP I
Barber NNP I
of IN O
James NNP I
Capel NNP I
. . O

Otherwise RB O
, , O
Jaguar NNP I
may MD O
have VB O
to TO O
tolerate VB O
the DT I
two CD I
U.S. NNP I
auto NN I
giants NNS I
each DT O
owning VBG O
a DT I
15 CD I
% NN I
stake NN I
for IN O
more JJR I
than IN O
a DT I
year NN I
. . O

`` `` O
It PRP I
would MD O
be VB O
difficult JJ O
to TO O
see VB O
how WRB O
a DT I
car NN I
company NN I
can MD O
be VB O
owned VBN O
by IN O
a DT I
collective NN I
, , O
'' '' O
Sir NNP I
John NNP I
said VBD O
. . O

`` `` O
It PRP I
has VBZ O
never RB O
been VBN O
done VBN O
before RB O
, , O
but CC O
there EX I
's VBZ O
always RB O
a DT I
first JJ I
. . O

Although IN O
two CD I
Baby NNP I
Bells NNPS I
showed VBD O
strong JJ I
growth NN I
in IN O
access NN I
lines NNS I
, , O
usage NN I
and CC O
unregulated JJ I
business NN I
revenue NN I
, , O
one CD I
reported VBD O
a DT I
modest JJ I
gain NN I
in IN O
third-quarter JJ I
net NN I
while IN O
the DT I
other NN I
posted VBD O
a DT I
small JJ I
drop NN I
. . O

Ameritech NNP I
Corp. NNP I
's POS B
earnings NNS I
increased VBN O
2.8 CD I
% NN I
, , O
after IN O
strong JJ I
revenue NN I
gains NNS I
were VBD O
offset VBN O
somewhat RB O
by IN O
refunds NNS I
and CC O
rate NN I
reductions NNS I
imposed VBN O
by IN O
regulators NNS I
in IN O
its PRP$ I
Midwest NNP I
territory NN I
. . O

BellSouth NNP I
Corp. NNP I
's POS B
third-quarter JJ I
earnings NNS I
dropped VBD O
3.8 CD I
% NN I
as IN O
a DT I
result NN I
of IN O
debt NN I
refinancing NN I
, , O
the DT I
recent JJ I
acquisition NN I
of IN O
a DT I
cellular JJ I
and CC I
paging NN I
property NN I
and CC O
rate NN I
reductions NNS I
in IN O
its PRP$ I
Southeast NNP I
territory NN I
. . O

BellSouth NNP I

At IN O
BellSouth NNP I
, , O
based VBN O
in IN O
Atlanta NNP I
, , O
customer NN I
access NN I
lines NNS I
grew VBN O
by IN O
162,000 CD I
, , O
or CC O
3.5 CD I
% NN I
, , O
during IN O
the DT I
12-month JJ I
period NN I
ended VBN O
Sept NNP I
. . O

For IN O
the DT I
third JJ I
quarter NN I
, , O
total JJ I
operating NN I
revenue NN I
grew VBD O
2.6 CD I
% NN I
to TO O
$ $ I
3.55 CD I
billion CD I
from IN O
$ $ I
3.46 CD I
billion CD I
. . O

Total JJ I
operating NN I
expenses NNS I
increased VBN O
3.5 CD I
% NN I
to TO O
$ $ I
2.78 CD I
billion CD I
from IN O
$ $ I
2.69 CD I
billion CD I
. . O

Overall JJ I
access NN I
minutes NNS I
of IN O
use NN I
increased VBN O
10.3 CD I
% NN I
and CC O
toll NN I
messages NNS I
jumped VBD O
5.2 CD I
% NN I
. . O

BellSouth NNP I
Chairman NNP I
and CC I
Chief NNP I
Executive NNP I
Officer NNP I
John NNP I
L. NNP I
Clendenin NNP I
said VBD O
three CD I
factors NNS I
accounted VBD O
for IN O
the DT I
drop NN I
in IN O
third-quarter JJ I
earnings NNS I
. . O

The DT I
refinancing NN I
of IN O
$ $ I
481 CD I
million CD I
in IN O
long-term JJ I
debt NN I
reduced VBD O
net JJ I
income NN I
by IN O
$ $ I
22 CD I
million CD I
, , O
or CC O
five CD I
cents NNS I
a DT B
share NN I
, , O
but CC O
in IN O
the DT I
long JJ I
run NN I
will MD O
save VB O
more JJR I
than IN I
$ $ I
250 CD I
million CD I
in IN O
interest NN I
costs NNS I
. . O

The DT I
company NN I
previously RB O
said VBD O
that IN O
the DT I
recent JJ I
acquisition NN I
of IN O
Mobile NNP I
Communications NNP I
Corp. NNP I
of IN O
America NNP I
would MD O
dilute VB O
1989 CD I
earnings NNS I
by IN O
about IN I
3 CD I
% NN I
. . O

In IN O
addition NN I
, , O
earnings NNS I
were VBD O
reduced VBN O
by IN O
rate NN I
reductions NNS I
in IN O
Florida NNP I
, , I
Kentucky NNP I
, , I
Alabama NNP I
, , I
Tennessee NNP I
and CC I
Louisiana NNP I
. . O

Ameritech NNP I

At IN O
Ameritech NNP I
, , O
based VBN O
in IN O
Chicago NNP I
, , O
customer NN I
access NN I
lines NNS I
increased VBN O
by IN O
402,000 CD I
, , O
or CC O
2.6 CD I
% NN I
, , O
and CC O
cellular JJ I
mobile JJ I
lines NNS I
increased VBN O
by IN O
80,000 CD I
, , O
or CC O
62.3 CD I
% NN I
, , O
for IN O
the DT I
12-month JJ I
period NN I
ended VBN O
Sept. NNP I
30 CD I
. . O

For IN O
the DT I
third JJ I
quarter NN I
, , O
revenue NN I
increased VBN O
1.9 CD I
% NN I
to TO O
$ $ I
2.55 CD I
billion CD I
from IN O
$ $ I
2.51 CD I
billion CD I
. . O

Operating NN I
expenses NNS I
increased VBN O
2.6 CD I
% NN I
to TO O
$ $ I
2.04 CD I
billion CD I
, , O
including VBG O
one-time JJ I
pretax JJ I
charges NNS I
of IN O
$ $ I
40 CD I
million CD I
for IN O
labor NN I
contract NN I
signing VBG I
bonuses NNS I
. . O

Local JJ I
service NN I
revenue NN I
increased VBN O
3.5 CD I
% NN I
and CC O
directory NN I
and CC I
unregulated JJ I
business NN I
revenue NN I
jumped VBD O
9.5 CD I
% NN I
. . O

But CC O
network NN I
access NN I
revenue NN I
dropped VBD O
4 CD I
% NN I
and CC O
toll NN I
revenue NN I
dropped VBD O
1.4 CD I
% NN I
. . O

a DT O
- : O
reflects VBZ O
2-for-1 JJ I
stock NN I
split NN I
effective JJ O
Dec. NNP I
30 CD I
, , I
1988 CD I
. . O

b NN O
- : O
reflects VBZ O
extraordinary JJ I
loss NN I
of IN O
five CD I
cents NNS I
a DT B
share NN I
for IN O
early JJ I
debt NN I
retirement NN I
. . O

c NN O
- : O
reflects VBZ O
extraordinary JJ I
loss NN I
of IN O
five CD I
cents NNS I
a DT B
share NN I
and CC O
extraordinary JJ I
gain NN I
of IN O
14 CD I
cents NNS I
a DT B
share NN I
from IN O
cumulative JJ I
effect NN I
of IN O
accounting NN I
change NN I
. . O

The DT O
Wall NNP O
Street NNP O
Journal NNP O
`` `` O
American JJ O
Way NN O
of IN O
Buying VBG I
'' '' O
Survey NNP O
consists VBZ O
of IN O
two CD I
separate JJ I
, , I
door-to-door JJ I
nationwide JJ I
polls NNS I
conducted VBN O
for IN O
the DT I
Journal NNP I
by IN O
Peter NNP I
D. NNP I
Hart NNP I
Research NNP I
Associates NNPS I
and CC O
the DT I
Roper NNP I
Organization NNP I
. . O

The DT I
two CD I
surveys NNS I
, , O
which WDT I
asked VBD O
different JJ I
questions NNS I
, , O
were VBD O
conducted VBN O
using VBG O
national JJ I
random JJ I
probability NN I
samples NNS I
. . O

The DT I
poll NN I
conducted VBN O
by IN O
Peter NNP I
D. NNP I
Hart NNP I
Research NNP I
Associates NNPS I
interviewed VBN O
2,064 CD I
adults NNS I
age VBP B
18 CD I
and CC O
older JJR O
from IN O
June NNP I
15 CD I
to TO O
June NNP I
30 CD I
, , I
1989 CD I
. . O

The DT I
poll NN I
conducted VBN O
by IN O
the DT I
Roper NNP I
Organization NNP I
interviewed VBD O
2,002 CD I
adults NNS I
age VBP B
18 CD I
and CC O
older JJR O
from IN O
July NNP I
7 CD I
to TO O
July NNP I
15 CD I
, , I
1989 CD I
. . O

Responses NNS I
were VBD O
weighted JJ O
on IN O
the DT I
basis NN I
of IN O
age NN I
and CC I
gender NN I
to TO O
conform VB O
with IN O
U.S. NNP I
Census NNP I
data NNS I
. . O

For IN O
each DT I
poll NN I
, , O
the DT I
odds NNS I
are VBP O
19 CD I
out IN O
of IN O
20 CD I
that IN O
if IN O
pollsters NNS I
had VBD O
sought VBN O
to TO O
survey VB O
every DT I
household NN I
in IN O
the DT I
U.S. NNP I
using VBG O
the DT I
same JJ I
questionnaire NN I
, , O
the DT I
findings NNS I
would MD O
differ VB O
from IN O
these DT I
poll NN I
results NNS I
by IN O
no DT I
more JJR I
than IN I
2 CD I
1\/2 CD I
percentage NN I
points NNS I
in IN O
either DT I
direction NN I
. . O

The DT I
margin NN I
of IN O
error NN I
for IN O
subgroups NNS I
-- : O
for IN O
example NN I
, , O
married VBN I
women NNS I
with IN O
children NNS I
at IN O
home NN I
-- : O
would MD O
be VB O
larger JJR O
. . O

In IN O
addition NN I
, , O
in IN O
any DT I
survey NN I
, , O
there EX I
is VBZ O
always RB O
the DT I
chance NN I
that IN O
other JJ I
factors NNS I
such JJ O
as IN O
question NN I
wording NN I
could MD O
introduce VB O
errors NNS I
into IN O
the DT I
findings NNS I
. . O

Program NN I
traders NNS I
were VBD O
buying VBG O
and CC O
selling VBG O
at IN O
full JJ I
steam NN I
Monday NNP B
, , O
the DT I
first JJ I
trading NN I
session NN I
after IN O
the DT I
stock NN I
market NN I
's POS B
190.58-point JJ I
plunge NN I
Friday NNP B
. . O

They PRP I
accounted VBD O
for IN O
a DT I
hefty JJ I
16 CD I
% NN I
of IN O
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
volume NN I
Monday NNP B
, , O
the DT I
fourth JJ I
busiest JJS I
session NN I
ever RB O
. . O

On IN O
Friday NNP I
, , O
13 CD I
% NN I
of IN O
volume NN I
was VBD O
in IN O
computer-guided JJ I
program NN I
trades NNS I
. . O

In IN O
August NNP I
, , O
by IN O
contrast NN I
, , O
program NN I
trading NN I
averaged VBD O
10.3 CD I
% NN I
of IN O
daily JJ I
Big NNP I
Board NNP I
turnover NN I
. . O

Program NN I
traders NNS I
were VBD O
publicly RB O
castigated VBN O
following VBG O
the DT I
508-point JJ I
crash NN I
Oct. NNP B
19 CD I
, , I
1987 CD I
, , O
and CC O
a DT I
number NN I
of IN O
brokerage NN I
firms NNS I
pulled VBD O
back RB O
from IN O
using VBG O
this DT I
strategy NN I
for IN O
a DT I
while NN I
. . O

But CC O
as IN O
the DT I
outcry NN I
faded VBN O
by IN O
the DT I
spring NN I
of IN O
1988 CD I
, , O
they PRP I
resumed VBD O
. . O

Some DT I
observers NNS I
thought VBD O
that IN O
after IN O
Friday NNP I
's POS B
sharp JJ I
drop NN I
, , O
the DT I
firms NNS I
would MD O
rein VB O
in IN O
their PRP$ I
program NN I
traders NNS I
to TO O
avoid VB O
stoking VBG O
more JJR I
controversy NN I
. . O

But CC O
the DT I
statistics NNS I
released VBD O
yesterday NN I
show NN O
the DT I
firms NNS I
did VBD O
nothing NN I
of IN O
the DT I
sort NN I
. . O

One CD I
reason NN I
, , O
they PRP I
said VBD O
, , O
was VBD O
that IN O
the DT I
official JJ I
reports NNS I
on IN O
the DT I
1987 CD I
crash NN I
exonerated VBD O
program NN I
trading NN I
as IN O
a DT I
cause NN I
. . O

Stock-index NN I
arbitrage NN I
is VBZ O
the DT I
most RBS I
controversial JJ I
form NN I
of IN O
program NN I
trading NN I
because IN O
it PRP I
accelerates VBZ O
market NN I
moves NNS I
, , O
if IN O
not RB O
actually RB O
causing VBG O
them PRP I
. . O

In IN O
it PRP I
, , O
traders NNS I
buy VBP O
or CC O
sell VB O
stocks NNS I
and CC O
offset VB O
those DT I
positions NNS I
in IN O
stock-index NN I
futures NNS I
contracts NNS I
to TO O
profit VB O
from IN O
fleeting JJ I
price NN I
discrepancies NNS I
. . O

Under IN O
the DT I
exchange NN I
's POS B
definitions NNS I
, , O
program NN I
trading NN I
also RB O
describes VBZ O
a DT I
number NN I
of IN O
other JJ I
strategies NNS I
that IN B
, , O
in IN O
the DT I
opinion NN I
of IN O
some DT I
traders NNS I
, , O
do VBP O
n't RB O
cause VB O
big JJ I
swings NNS I
in IN O
the DT I
market NN I
. . O

The DT I
Big NNP I
Board NNP I
's POS B
disclosure NN I
of IN O
program NN I
trading NN I
activity NN I
on IN O
these DT I
two CD I
days NNS I
was VBD O
unusual JJ O
. . O

Though IN O
it PRP I
collects VBZ O
such JJ I
data NNS I
daily JJ O
, , O
its PRP$ I
monthly JJ I
reports NNS I
on IN O
program NN I
trading NN I
usually RB O
come VB O
out IN O
about IN I
three CD I
weeks NNS I
after IN O
each DT I
month NN I
ends NNS O
. . O

The DT I
September NNP I
figures NNS I
are VBP O
due JJ O
to TO O
be VB O
released VBN O
this DT I
week NN I
. . O

The DT I
Big NNP I
Board NNP I
declined VBD O
to TO O
name VB O
the DT I
Wall NNP I
Street NNP I
firms NNS I
involved VBN O
in IN O
the DT I
activity NN I
Friday NNP B
and CC I
Monday NNP I
, , O
or CC O
the DT I
type NN I
of IN O
strategies NNS I
used VBN O
. . O

But CC O
traders NNS I
on IN O
the DT I
exchange NN I
floor NN I
, , O
who WP I
can MD O
observe VB O
the DT I
computer-guided JJ I
trading NN I
activity NN I
on IN O
monitor NN I
screens NNS I
, , O
said VBD O
most RBS I
of IN O
the DT I
top JJ I
program-trading JJ I
firms NNS I
were VBD O
active JJ O
both DT I
days NNS I
. . O

Through IN O
August NNP I
, , O
the DT I
top JJ I
five CD I
program NN I
trading NN I
firms NNS I
in IN O
volume NN I
were VBD O
Morgan NNP I
Stanley NNP I
& CC I
Co. NNP I
, , O
Kidder NNP I
, , I
Peabody NNP I
& CC I
Co. NNP I
, , O
Merrill NNP I
Lynch NNP I
& CC I
Co. NNP I
, , O
PaineWebber NNP I
Group NNP I
Inc. NNP I
and CC O
Salomon NNP I
Brothers NNP I
Inc NNP I
. . O

Though IN O
brokerage NN I
officials NNS I
defended VBD O
their PRP$ I
use NN I
of IN O
program NN I
trading NN I
, , O
one CD I
sign NN I
of IN O
what WP I
an DT I
issue NN I
it PRP B
remains VBZ O
was VBD O
that IN O
few JJ I
executives NNS I
would MD O
comment VB O
on IN O
the DT I
record NN I
. . O

Besides IN O
reciting VBG O
the DT I
pardon NN I
for IN O
program NN I
trading NN I
contained VBD O
in IN O
the DT I
Brady NNP I
Commission NNP I
report NN I
, , O
they PRP I
said VBD O
stock-index NN I
arbitrage NN I
was VBD O
actually RB O
needed VBN O
Monday NNP I
to TO O
restore VB O
the DT I
markets NNS I
' POS B
equilibrium NN I
. . O

On IN O
Friday NNP I
, , O
the DT I
stock-index NN I
futures NNS I
market NN I
was VBD O
unhinged VBN O
from IN O
the DT I
stock NN I
market NN I
when WRB O
the DT I
Chicago NNP I
Mercantile NNP I
Exchange NNP I
halted VBD O
trading NN I
in IN O
Standard NNP I
& CC I
Poor NNP I
's POS B
500 CD I
futures NNS I
contract VBP I
-- : O
a DT I
`` `` I
circuit NN I
breaker NN I
'' '' I
procedure NN I
instituted VBN O
after IN O
the DT I
1987 CD I
crash NN I
and CC O
implemented VBN O
for IN O
the DT I
first JJ I
time NN I
. . O

Futures NNS I
trading NN I
resumed VBD O
a DT I
half-hour NN I
later RB O
, , O
but CC O
the DT I
session NN I
ended VBD O
shortly RB O
thereafter RB O
, , O
leaving VBG O
the DT I
stock NN I
market NN I
set VBN O
up IN O
for IN O
more JJR I
sell NN I
programs NNS I
, , O
traders NNS I
said VBD O
. . O

By IN O
Monday NNP I
morning NN I
, , O
they PRP I
said VBD O
, , O
stock-index NN I
arbitrage NN I
sell NN I
programs NNS I
helped VBD O
re-establish VB O
the DT I
link NN I
between IN O
stocks NNS I
and CC I
futures NNS I
. . O

But CC O
stunning JJ I
volatility NN I
was VBD O
produced VBN O
in IN O
the DT I
process NN I
. . O

The DT I
Dow NNP I
Jones NNP I
Industrial NNP I
Average NNP I
plunged VBD O
a DT I
breathtaking JJ I
63.52 CD I
points NNS I
in IN O
the DT I
first JJ I
40 CD I
minutes NNS I
of IN O
trading NN I
Monday NNP B
as IN O
stock-index NN I
arbitrage NN I
sell NN I
programs NNS I
kicked VBD O
in RB O
. . O

At IN O
about IN I
10:10 CD I
a.m. NN I
EDT NNP I
, , O
the DT I
market NN I
abruptly RB O
turned VBD O
upward RB O
on IN O
stock-index NN I
arbitrage NN I
buy NN I
programs NNS I
. . O

By IN O
day NN I
's POS B
end NN I
, , O
the DT I
Dow NNP I
industrials NNS I
had VBD O
rebounded VBN O
88.12 CD I
points NNS I
, , O
or CC O
nearly RB I
half NN I
of IN O
Friday NNP I
's POS B
drop NN I
. . O

FREDERICK NNP I
'S VBZ I
OF IN O
HOLLYWOOD NNP I
Inc. NNP I
, , O
Los NNP I
Angeles NNP I
, , O
said VBD O
its PRP$ I
board NN I
voted VBD O
a DT I
50 CD I
% NN I
increase NN I
in IN O
the DT I
specialty NN I
boutique-store NN I
operator NN I
's POS B
semiannual JJ I
dividend NN I
, , O
to TO O
five CD I
cents NNS I
a DT B
common JJ I
share NN I
. . O

The DT I
dividend NN I
is VBZ O
payable JJ O
Dec. NNP I
15 CD I
to TO O
stock VB I
of IN O
record NN I
Nov. NNP B
15 CD I
. . O

Valley NNP I
National NNP I
Corp. NNP I
reported VBD O
a DT I
third-quarter JJ I
net JJ I
loss NN I
of IN O
$ $ I
72.2 CD I
million CD I
, , O
or CC O
$ $ I
3.65 CD I
a DT B
share NN I
, , O
and CC O
suspended VBD O
its PRP$ I
quarterly JJ I
dividend NN I
because IN O
of IN O
potential JJ I
losses NNS I
on IN O
its PRP$ I
Arizona NNP I
real JJ I
estate NN I
holdings NNS I
. . O

The DT I
Phoenix-based JJ I
holding NN I
company NN I
for IN O
Arizona NNP I
's POS B
largest JJS I
bank NN I
said VBD O
it PRP I
added VBD O
$ $ I
121 CD I
million CD I
to TO O
its PRP$ I
allowance NN I
for IN O
losses NNS I
on IN O
loans NNS I
and CC O
for IN O
real JJ I
estate NN I
owned VBN O
. . O

The DT I
company NN I
earned VBD O
$ $ I
18.7 CD I
million CD I
, , O
or CC O
95 CD I
cents NNS I
a DT B
share NN I
, , O
a DT I
year NN I
earlier RBR O
. . O

For IN O
the DT I
nine CD I
months NNS I
, , O
Valley NNP I
National NNP I
posted VBD O
a DT I
net JJ I
loss NN I
of IN O
$ $ I
136.4 CD I
million CD I
, , O
or CC O
$ $ I
6.90 CD I
a DT B
share NN I
. . O

It PRP I
had VBD O
profit NN I
of IN O
$ $ I
48.6 CD I
million CD I
, , O
or CC O
$ $ I
2.46 CD I
a DT B
share NN I
, , O
in IN O
the DT I
1988 CD I
period NN I
. . O

Valley NNP I
National NNP I
had VBD O
been VBN O
paying VBG O
a DT I
quarterly JJ I
dividend NN I
of IN O
36 CD I
cents NNS I
a DT B
share NN I
. . O

`` `` O
The DT I
Arizona NNP I
real JJ I
estate NN I
market NN I
continues VBZ O
to TO O
be VB O
depressed JJ O
, , O
and CC O
there EX I
is VBZ O
still JJ O
uncertainty NN I
as IN O
to TO O
when WRB O
values NNS I
will MD O
recover VB O
, , O
'' '' O
James NNP I
P. NNP I
Simmons NNP I
, , O
chairman NN I
, , O
said VBD O
. . O

The DT I
decision NN I
to TO O
increase VB O
the DT I
loan-loss NN I
reserve NN I
and CC O
suspend VB O
the DT I
dividend NN I
is VBZ O
`` `` O
both DT O
prudent JJ O
and CC O
in IN O
the DT I
best JJS I
long-term JJ I
interest NN I
of IN O
the DT I
shareholders NNS I
, , O
'' '' O
he PRP I
said VBD O
. . O

Valley NNP I
National NNP I
said VBD O
it PRP I
made VBD O
the DT I
decision NN I
on IN O
the DT I
basis NN I
of IN O
an DT I
`` `` I
overall JJ I
assessment NN I
of IN O
the DT I
marketplace NN I
'' '' O
and CC O
the DT I
condition NN I
of IN O
its PRP$ I
loan NN I
portfolio NN I
and CC O
after IN O
reviewing VBG O
it PRP I
with IN O
federal JJ I
regulators NNS I
. . O

The DT I
addition NN I
to TO O
reserves NNS I
comes VBZ O
on IN O
top NN I
of IN O
a DT I
provision NN I
of IN O
$ $ I
199.7 CD I
million CD I
that WDT B
was VBD O
announced VBN O
in IN O
June NNP I
. . O

In IN O
July NNP I
, , O
Moody NNP I
's POS I
downgraded VBD O
$ $ I
400 CD I
million CD I
of IN O
the DT I
company NN I
's POS B
debt NN I
, , O
saying VBG O
the DT I
bank NN I
holding VBG I
company NN I
had VBD O
n't RB O
taken VBN O
adequate JJ I
write-offs NNS I
against IN O
potential JJ I
losses NNS I
on IN O
real JJ I
estate NN I
loans NNS I
despite IN O
its PRP$ I
second-quarter JJ I
write-down NN I
. . O

Richard NNP I
M. NNP I
Greenwood NNP I
, , O
Valley NNP I
National NNP I
's POS B
executive JJ I
vice NN I
president NN I
, , O
said VBD O
then RB O
that IN O
the DT I
company NN I
believed VBD O
the DT I
write-downs NNS I
were VBD O
`` `` O
adequate JJ O
'' '' O
and CC O
did VBD O
n't RB O
plan VB O
to TO O
increase VB O
its PRP$ I
reserves NNS I
again RB O
. . O

Bruce NNP I
Hoyt NNP I
, , O
a DT I
banking NN I
analyst NN I
with IN O
Boettcher NNP I
& CC I
Co. NNP I
, , O
a DT I
Denver NNP I
brokerage NN I
firm NN I
, , O
said VBD O
Valley NNP I
National NNP I
`` `` O
is VBZ O
n't RB O
out IN O
of IN O
the DT I
woods NNS I
yet RB O
. . O
'' '' O

The DT I
key NN I
will MD O
be VB O
whether IN O
Arizona NNP I
real JJ I
estate NN I
turns VBZ O
around IN O
or CC O
at IN O
least JJS O
stabilizes VBZ O
, , O
he PRP I
said VBD O
. . O

`` `` O
They PRP I
've VBP O
stepped VBD O
up IN O
to TO O
the DT I
plate NN I
to TO O
take VB O
the DT I
write-downs NNS I
, , O
but CC O
when WRB O
markets NNS I
head VBP O
down RB O
, , O
a DT I
company NN I
is VBZ O
always RB O
exposed VBN O
to TO O
further VB I
negative JJ I
surprises NNS I
, , O
'' '' O
Mr. NNP I
Hoyt NNP I
said VBD O
. . O

Valley NNP I
National NNP I
closed VBD O
yesterday NN I
at IN O
$ $ I
24.25 CD I
a DT B
share NN I
, , O
down RB O
$ $ I
1 CD I
, , O
in IN O
national JJ I
over-the-counter JJ I
trading NN I
. . O

Two CD I
years NNS I
of IN O
coddling NN I
, , O
down RP O
the DT I
drain NN I
. . O

That DT I
's VBZ O
the DT I
way NN I
a DT B
lot NN I
of IN O
brokers NNS I
feel VBP O
today NN I
on IN O
the DT I
second JJ I
anniversary NN I
of IN O
the DT I
1987 CD I
stock-market NN I
crash NN I
. . O

Ever RB O
since IN O
that DT I
fearful JJ I
Black NNP I
Monday NNP I
, , O
they PRP I
've VBP O
been VBN O
tirelessly RB O
wooing VBG O
wary JJ I
individual JJ I
investors NNS I
-- : O
trying VBG O
to TO O
convince VB O
them PRP I
that IN O
Oct. NNP I
19 CD I
, , I
1987 CD I
, , I
was VBD O
a DT I
fluke NN I
and CC O
that IN O
the DT I
stock NN I
market NN I
really RB O
is VBZ O
a DT I
safe JJ I
place NN I
for IN O
average JJ I
Americans NNPS I
to TO O
put VB O
their PRP$ I
hard-earned JJ I
dollars NNS I
. . O

And CC O
until IN O
last JJ I
Friday NNP I
, , O
it PRP I
seemed VBD O
those DT I
efforts NNS I
were VBD O
starting VBG O
to TO O
pay VB O
off RB O
. . O

`` `` O
Some DT I
of IN O
those DT I
folks NNS I
were VBD O
coming VBG O
back RB O
, , O
'' '' O
says VBZ O
Leslie NNP I
Quick NNP I
Jr. NNP I
, , O
chairman NN I
, , O
of IN O
discount NN I
brokers NNS I
Quick NNP I
& CC I
Reilly NNP I
Group NNP I
Inc NNP I
. . O

`` `` O
We PRP I
had VBD O
heard VBN O
from IN O
people NNS I
who WP B
had VBD O
n't RB O
been VBN O
active JJ O
'' '' O
for IN O
a DT I
long JJ I
time NN I
. . O

Then RB O
came VBD O
the DT I
frightening JJ I
190-point JJ I
plunge NN I
in IN O
the DT I
Dow NNP I
Jones NNP I
Industrial NNP I
Average NNP I
and CC O
a DT I
new JJ I
wave NN I
of IN O
stock-market NN I
volatility NN I
. . O

All DT O
of IN O
a DT I
sudden JJ I
, , O
it PRP I
was VBD O
back RB O
to TO O
square VB I
one CD I
. . O

`` `` O
It PRP I
's VBZ O
going VBG O
to TO O
set VB O
things NNS I
back RB O
for IN O
a DT I
period NN I
, , O
because IN O
it PRP I
reinforces VBZ O
the DT I
concern NN I
of IN O
volatility NN I
, , O
'' '' O
says VBZ O
Jeffrey NNP I
B. NNP I
Lane NNP I
, , O
president NN I
of IN O
Shearson NNP I
Lehman NNP I
Hutton NNP I
Inc NNP I
. . O

`` `` O
I PRP I
think VBP O
it PRP I
will MD O
shake VB O
confidence NN I
one CD B
more JJR I
time NN I
, , O
and CC O
a DT I
lot NN I
of IN O
this DT I
business NN I
is VBZ O
based VBN O
on IN O
client NN I
confidence NN I
. . O
'' '' O

Brokers NNS I
around IN O
the DT I
country NN I
say VBP O
the DT I
reaction NN I
from IN O
individual JJ I
investors NNS I
this DT B
week NN I
has VBZ O
been VBN O
almost RB O
eerie JJ O
. . O

Customers NNS I
and CC O
potential JJ I
customers NNS I
are VBP O
suddenly RB O
complaining VBG O
about IN O
the DT I
stock NN I
market NN I
in IN O
the DT I
exact JJ I
way NN I
they PRP B
did VBD O
in IN O
post-crash JJ I
1987 CD I
. . O

`` `` O
The DT I
kinds NNS I
of IN O
questions NNS I
you PRP B
had VBD O
before IN O
have VBP O
resurfaced VBN O
, , O
'' '' O
says VBZ O
Raymond NNP I
A. NNP I
`` `` I
Chip NNP I
'' '' I
Mason NNP I
, , O
chairman NN I
of IN O
regional JJ I
brokerage NN I
firm NN I
Legg NNP I
Mason NNP I
Inc. NNP I
, , O
Baltimore NNP I
. . O

`` `` O
I PRP I
can MD O
just RB O
tell VB O
the DT I
questions NNS I
are VBP O
right RB O
back RB O
where WRB O
they PRP I
were VBD O
: : O
` `` O
What WP I
's VBZ O
going VBG O
on IN O
? . O
, , O
' '' O
` `` O
Ca MD O
n't RB O
anything NN I
be VB O
done VBN O
about IN O
program NN I
trading NN I
? . O
, , O
' '' O
` `` O
Does VBZ O
n't RB O
the DT I
exchange NN I
understand VB O
? . O
, , O
' '' O
` `` O
Where WRB O
is VBZ O
the DT I
SEC NNP I
on IN O
this DT I
? . O
' '' O
'' '' O

Mr. NNP I
Mason NNP I
says VBZ O
he PRP I
's VBZ O
convinced VBN O
the DT I
public JJ I
still RB O
wants VBZ O
to TO O
invest VB O
in IN O
common JJ I
stocks NNS I
, , O
even RB O
though IN O
they PRP I
believe VBP O
the DT I
deck NN I
is VBZ O
stacked VBN O
against IN O
them PRP I
. . O

But CC O
`` `` O
these DT I
wide JJ I
swings NNS I
scare VBP O
them PRP I
to TO O
death NN I
. . O
'' '' O

All DT I
of IN O
this DT I
is VBZ O
bad JJ I
news NN I
for IN O
the DT I
big JJ I
brokerage NN I
firms NNS I
such JJ O
as IN O
Shearson NNP I
and CC O
Merrill NNP I
Lynch NNP I
& CC I
Co. NNP I
that WDT B
have VBP O
big JJ I
`` `` I
retail JJ I
, , I
'' '' I
or CC I
individual-investor NN I
, , I
businesses NNS I
. . O

After IN O
expanding VBG O
rapidly RB O
during IN O
the DT I
bull-market NN I
years NNS I
up IN O
to TO O
the DT I
1987 CD I
crash NN I
, , O
retail JJ I
brokerage NN I
operations NNS I
these DT B
days NNS I
are VBP O
getting VBG O
barely RB I
enough JJ I
business NN I
to TO O
pay VB O
the DT I
overhead NN I
. . O

True JJ O
, , O
the DT I
amount NN I
of IN O
money NN I
investors NNS B
are VBP O
willing JJ O
to TO O
entrust VB O
to TO O
their PRP$ I
brokers NNS I
has VBZ O
been VBN O
growing VBG O
lately RB O
. . O

But CC O
those DT I
dollars NNS I
have VBP O
been VBN O
going VBG O
into IN O
such JJ I
`` `` I
safe JJ I
'' '' I
products NNS I
as IN O
money NN I
market NN I
funds NNS I
, , O
which WDT I
do VBP O
n't RB O
generate VB O
much JJ I
in IN O
the DT I
way NN I
of IN O
commissions NNS I
for IN O
the DT I
brokerage NN I
firms NNS I
. . O

At IN O
discount NN I
brokerage NN I
Charles NNP I
Schwab NNP I
& CC I
Co. NNP I
, , O
such JJ I
`` `` I
cash-equivalent JJ I
'' '' I
investments NNS I
recently RB O
accounted VBD O
for IN O
a DT I
record NN I
$ $ I
8 CD I
billion CD I
of IN O
the DT I
firm NN I
's POS B
$ $ I
25 CD I
billion CD I
of IN O
client NN I
's POS B
assets NNS I
. . O

The DT I
brokers NNS I
' POS B
hope NN I
has VBZ O
been VBN O
that IN O
they PRP I
could MD O
soon RB O
coax VB O
investors NNS I
into IN O
shifting VBG O
some DT I
of IN O
their PRP$ I
hoard NN I
into IN O
the DT I
stock NN I
market NN I
. . O

And CC O
before IN O
last JJ I
Friday NNP I
, , O
they PRP I
were VBD O
actually RB O
making VBG O
modest JJ I
progress NN I
. . O

A DT I
slightly RB I
higher JJR I
percentage NN I
of IN O
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
volume NN I
has VBZ O
been VBN O
attributed VBN O
to TO O
retail VB I
investors NNS I
in IN O
recent JJ I
months NNS I
compared VBN O
with IN O
post-crash JJ I
1988 CD I
, , O
according VBG O
to TO O
Securities NNP I
Industry NNP I
Association NNP I
data NNS I
. . O

In IN O
1987 CD I
, , O
an DT I
average JJ I
19.7 CD I
% NN I
of IN O
Big NNP I
Board NNP I
volume NN I
was VBD O
retail JJ I
business NN I
, , O
with IN O
the DT I
monthly JJ I
level NN I
never RB O
more JJR I
than IN I
21.4 CD I
% NN I
. . O

The DT I
retail JJ I
participation NN I
dropped VBD O
to TO O
an DT I
average JJ I
18.2 CD I
% NN I
in IN O
1988 CD I
, , O
and CC O
shriveled VBD O
to TO O
barely RB I
14 CD I
% NN I
some DT B
months NNS I
during IN O
the DT I
year NN I
. . O

Yet RB O
in IN O
1989 CD I
, , O
retail JJ I
participation NN I
has VBZ O
been VBN O
more JJR I
than IN I
20 CD I
% NN I
in IN O
every DT I
month NN I
, , O
and CC O
was VBD O
23.5 CD I
% NN I
in IN O
August NNP I
, , O
the DT I
latest JJS I
month NN I
for IN O
which WDT I
figures NNS B
are VBP O
available JJ O
. . O

Jeffrey NNP I
Schaefer NNP I
, , O
the DT I
SIA NNP I
's POS B
research NN I
director NN I
, , O
says VBZ O
that IN O
all DT I
of IN O
his PRP$ I
group NN I
's POS B
retail-volume NN I
statistics NNS I
could MD O
be VB O
overstated VBN O
by IN O
as RB I
much JJ I
as IN I
five CD I
percentage NN I
points NNS I
because IN O
corporate JJ I
buy-backs NNS I
are VBP O
sometimes RB O
inadvertently RB O
included VBD O
in IN O
Big NNP I
Board NNP I
data NNS I
. . O

But CC O
there EX I
did VBD O
seem VB O
to TO O
be VB O
a DT I
retail JJ I
activity NN I
pickup NN I
. . O

But CC O
`` `` O
Friday NNP I
did VBD O
n't RB O
help VB O
things NNS I
, , O
'' '' O
says VBZ O
Mr. NNP I
Schaefer NNP I
. . O

With IN O
the DT I
gyrations NNS I
of IN O
recent JJ I
days NNS I
, , O
says VBZ O
Hugo NNP I
Quackenbush NNP I
, , O
senior JJ I
vice NN I
president NN I
at IN O
Charles NNP I
Schwab NNP I
, , O
many JJ I
small JJ I
investors NNS I
are VBP O
absolutely RB O
convinced VBN O
that IN O
`` `` O
they PRP I
should MD O
n't RB O
play VB O
in IN O
the DT I
stock NN I
market NN I
. . O
'' '' O

Joseph NNP I
Grano NNP I
, , O
president NN I
of IN O
retail JJ I
sales NNS I
and CC O
marketing NN I
at IN O
PaineWebber NNP I
Group NNP I
Inc. NNP I
, , O
still RB O
thinks VBZ O
that IN O
individual JJ I
investors NNS I
will MD O
eventually RB O
go VB O
back RB O
into IN O
the DT I
stock NN I
market NN I
. . O

Investors NNS I
will MD O
develop VB O
`` `` O
thicker JJR I
skins NNS I
, , O
'' '' O
and CC O
their PRP$ I
confidence NN I
will MD O
return VB O
, , O
he PRP I
says VBZ O
. . O

Friday NNP I
's POS B
plunge NN I
, , O
he PRP I
is VBZ O
telling VBG O
PaineWebber NNP I
brokers NNS I
, , O
was VBD O
nothing NN O
more JJR O
than IN O
a DT I
`` `` I
tremendous JJ I
reaction NN I
to TO O
leveraged JJ I
buy-out NN I
stocks NNS I
. . O
'' '' O

Meanwhile RB O
, , O
PaineWebber NNP I
remains VBZ O
among IN O
the DT I
leaders NNS I
in IN O
efforts NNS I
to TO O
simply RB O
persuade VB O
investors NNS I
to TO O
keep VB O
giving VBG O
Wall NNP I
Street NNP I
their PRP$ B
money NN I
. . O

`` `` O
It PRP I
's VBZ O
more JJR I
of IN O
an DT I
important JJ I
issue NN I
to TO O
keep VB O
control NN I
of IN O
those DT I
assets NNS I
, , O
rather RB O
than IN O
push NN O
the DT I
investor NN I
to TO O
move VB O
into IN O
-LRB- ( I
specific JJ I
-RRB- ) I
products NNS I
such JJ O
as IN O
equities NNS I
, , O
'' '' O
Mr. NNP I
Grano NNP I
says VBZ O
. . O

`` `` O
The DT I
equity NN I
decision NN I
will MD O
come VB O
when WRB O
the DT I
client NN I
is VBZ O
ready JJ O
and CC O
when WRB O
there EX I
's VBZ O
a DT I
semblance NN I
of IN O
confidence NN I
. . O
'' '' O

It PRP I
could MD O
be VB O
a DT I
long JJ I
wait NN I
, , O
say VBP O
some DT I
industry NN I
observers NNS I
. . O

`` `` O
Some DT I
investors NNS I
will MD O
tiptoe VB O
back RB O
in IN O
, , O
'' '' O
says VBZ O
Richard NNP I
Ross NNP I
, , O
a DT I
market NN I
research NN I
director NN I
for IN O
Elrick NNP I
& CC I
Lavidge NNP I
in IN O
Chicago NNP I
. . O

`` `` O
Then RB O
there EX I
'll MD O
be VB O
another DT I
swing NN I
. . O

Given VBN O
enough RB I
of IN O
these DT I
, , O
this DT I
will MD O
drive VB O
everyone NN I
out IN O
except IN O
the DT I
most RBS I
hardy JJ I
, , O
'' '' O
he PRP I
adds VBZ O
. . O

Mr. NNP I
Ross NNP I
, , O
who WP I
has VBZ O
been VBN O
studying VBG O
retail JJ I
investors NNS I
' POS B
perception NN I
of IN O
risks NNS I
in IN O
the DT I
brokerage NN I
industry NN I
, , O
said VBD O
a DT I
market NN I
plunge NN I
like IN O
Friday NNP I
's POS I
`` `` O
shatters NNS O
investors NNS I
' '' B
confidence NN I
in IN O
their PRP$ I
ability NN I
to TO O
make VB O
any DT I
judgments NNS I
on IN O
the DT I
market NN I
. . O
'' '' O

The DT I
long-term JJ I
outlook NN I
for IN O
the DT I
retail JJ I
brokerage NN I
business NN I
is VBZ O
`` `` O
miserable JJ O
, , O
'' '' O
Mr. NNP I
Ross NNP I
declares VBZ O
. . O

The DT I
following VBG I
were VBD O
among IN O
yesterday NN I
's POS B
offerings NNS I
and CC I
pricings NNS I
in IN O
the DT I
U.S. NNP I
and CC I
non-U.S. JJ I
capital NN I
markets NNS I
, , O
with IN O
terms NNS I
and CC I
syndicate NN I
manager NN I
, , O
as IN O
compiled VBN O
by IN O
Dow NNP I
Jones NNP I
Capital NNP I
Markets NNP I
Report NNP I
: : O

Washington NNP I
, , O
D.C. NNP I
-- : O

$ $ I
200 CD I
million CD I
of IN O
general JJ I
obligation NN I
tax NN I
revenue NN I
anticipation NN I
notes NNS I
, , O
Series NNP I
1990 CD I
, , O
due JJ O
Sept. NNP I
28 CD I
, , I
1990 CD I
. . O

About IN I
$ $ I
190 CD I
million CD I
were VBD O
offered VBN O
through IN O
Shearson NNP I
Lehman NNP I
Hutton NNP I
Inc NNP I
. . O

Shearson NNP I
is VBZ O
offering VBG O
the DT I
notes NNS I
as IN O
6 CD I
3\/4 CD I
% NN I
securities NNS I
priced VBN O
to TO O
yield VB O
6.15 CD I
% NN I
. . O

J.P. NNP I
Morgan NNP I
Securities NNP I
Inc. NNP I
is VBZ O
offering VBG O
the DT I
remaining VBG I
$ $ I
10 CD I
million CD I
of IN O
notes NNS I
. . O

The DT I
notes NNS I
are VBP O
rated VBN O
MIG-1 JJ O
by IN O
Moody NNP I
's POS B
Investors NNP I
Service NNP I
Inc NNP I
. . O

Standard NNP I
& CC I
Poor NNP I
's POS B
Corp. NNP I
has VBZ O
them PRP I
under IN O
review NN I
. . O

Federal NNP I
National NNP I
Mortgage NNP I
Association NNP I
-- : I

$ $ I
400 CD I
million CD I
of IN O
Remic NNP I
mortgage NN I
securities NNS I
being VBG O
offered VBN O
in IN O
16 CD I
classes NNS I
by IN O
Bear NNP I
, , I
Stearns NNP I
& CC I
Co NNP I
. . O

The DT I
offering NN I
, , O
Series NNP I
1989-83 CD I
, , O
is VBZ O
backed VBN O
by IN O
Fannie NNP I
Mae NNP I
9 CD I
% NN I
securities NNS I
. . O

The DT I
offering NN I
used VBD O
at-market JJ I
pricing NN I
. . O

Separately RB O
, , O
Fannie NNP I
Mae NNP I
issued VBD O
$ $ I
400 CD I
million CD I
of IN O
Remic NNP I
mortgage NN I
securities NNS I
in IN O
12 CD I
classes NNS I
through IN O
First NNP I
Boston NNP I
Corp NNP I
. . O

The DT I
offering NN I
, , O
Series NNP I
1989-84 CD I
, , O
is VBZ O
backed VBN O
by IN O
Fannie NNP I
Mae NNP I
9 CD I
% NN I
securities NNS I
. . O

Pricing NN I
details NNS I
were VBD O
n't RB O
available JJ O
. . O

The DT I
two CD I
offerings NNS I
bring VBP O
Fannie NNP I
Mae NNP I
's POS B
1989 CD I
Remic NNP I
issuance NN I
to TO O
$ $ I
31 CD I
billion CD I
and CC O
its PRP$ I
total JJ I
volume NN I
to TO O
$ $ I
43.3 CD I
billion CD I
since IN O
the DT I
program NN I
began VBD O
in IN O
April NNP I
1987 CD I
. . O

Societa NNP I
per IN I
Azioni NNP I
Finanziaria NNP I
Industria NNP I
Manaifatturiera NNP I
-LRB- ( O
Italy NNP I
-RRB- ) O
-- : O

$ $ I
150 CD I
million CD I
of IN O
9 CD I
% NN I
depository NN I
receipts NNS I
due JJ O
Nov. NNP I
27 CD I
, , I
1994 CD I
, , O
priced VBN O
at IN O
101.60 CD I
to TO O
yield VB O
9.07 CD I
% NN I
less JJR O
fees NNS I
, , O
via IN O
Bankers NNP I
Trust NNP I
International NNP I
Ltd NNP I
. . O

Fees NNS I
1 CD B
7\/8 CD I
. . O

Mitsubishi NNP I
Corp NNP I
. . I
Finance NNP I
-LRB- ( O
Japanese JJ I
parent NN I
-RRB- ) O
-- : O

$ $ I
100 CD I
million CD I
of IN O
8 CD I
5\/8 CD I
% NN I
bonds NNS I
due JJ O
Nov. NNP I
1 CD I
, , I
1993 CD I
priced VBN O
at IN O
101 CD I
1\/4 CD I
to TO O
yield VB O
8.74 CD I
% NN I
annually RB O
less RBR O
full JJ I
fees NNS I
, , O
via IN O
Yamaichi NNP I
International NNP I
-LRB- ( I
Europe NNP I
-RRB- ) I
Ltd NNP I
. . O

Fees NNS I
1 CD B
5\/8 CD I
. . O

Indian NNP I
Oil NNP I
Corp NNP I
. . I
-LRB- ( O
India NNP I
-RRB- ) O
-- : O

$ $ I
200 CD I
million CD I
of IN O
floating-rate JJ I
notes NNS I
due JJ O
November NNP I
1994 CD I
, , O
paying VBG O
six-month JJ I
London NNP I
interbank NN I
offered VBD I
rate NN I
plus CC O
3\/16 CD I
point NN I
and CC O
priced VBN O
at IN O
par NN I
via IN O
Credit NNP I
Suisse NNP I
First NNP I
Boston NNP I
Ltd NNP I
. . O

Guaranteed VBN O
by IN O
India NNP I
. . O

Fees NNS I
0.36 CD B
. . O

Notes NNS I
offered VBN O
at IN O
a DT I
fixed VBN I
level NN I
of IN O
99.75 CD I
. . O

National NNP I
Westminster NNP I
Bank NNP I
PLC NNP I
-LRB- ( O
U.K. NNP I
-RRB- ) O
-- : O

# # I
200 CD I
million CD I
of IN O
undated JJ I
variable-rate JJ I
notes NNS I
priced VBN O
at IN O
par NN I
via IN O
Merill NNP I
Lynch NNP I
International NNP I
Ltd NNP I
. . O

Initial JJ I
interest NN I
rate NN I
set VBN O
at IN O
0.375 CD I
point NN I
over IN O
three-month JJ I
Libor NNP I
. . O

Subsequent JJ I
margins NNS I
set VBN O
by IN O
agreement NN I
between IN O
NatWest NNP I
and CC I
Merrill NNP I
. . O

If IN O
no DT I
margin NN I
agreed VBD O
, , O
there EX I
is VBZ O
a DT I
fallback NN I
rate NN I
of IN O
Libor NNP I
plus CC O
0.75 CD I
point NN I
in IN O
years NNS I
one CD I
to TO I
15 CD I
, , O
and CC O
Libor NNP I
plus CC O
1.25 CD I
point NN I
thereafter RB O
. . O

Keihin NNP I
Electric NNP I
Express NNP I
Railway NNP I
Co NNP I
. . I
-LRB- ( O
Japan NNP I
-RRB- ) O
-- : O

$ $ I
150 CD I
million CD I
of IN O
bonds NNS I
due JJ O
Nov. NNP I
9 CD I
, , I
1993 CD I
, , O
with IN O
equity-purchase JJ I
warrants NNS I
, , O
indicating VBG O
a DT I
4 CD I
% NN I
coupon NN I
at IN O
par NN I
via IN O
Yamaichi NNP I
International NNP I
-LRB- ( I
Europe NNP I
-RRB- ) I
Ltd NNP I
. . O

Each DT I
$ $ I
5,000 CD I
bond NN I
carries VBZ O
one CD I
warrant NN I
, , O
exercisable JJ O
from IN O
Dec. NNP I
1 CD I
, , I
1989 CD I
, , I
through IN O
Nov. NNP I
2 CD I
, , I
1993 CD I
, , O
to TO O
buy VB O
company NN I
shares NNS I
at IN O
an DT I
expected VBN I
premium NN I
of IN O
2 CD I
1\/2 CD I
% NN I
to TO O
the DT I
closing VBG I
share NN I
price NN I
when WRB O
terms NNS I
are VBP O
fixed VBN O
Oct. NNP I
24 CD I
. . O

Seiren NNP I
Co NNP I
. . I
-LRB- ( O
Japan NNP I
-RRB- ) O
-- : O

110 CD I
million CD I
Swiss JJ I
francs NNS I
of IN O
privately RB I
placed VBN I
convertible JJ I
notes NNS I
due JJ O
March NNP I
31 CD I
, , I
1994 CD I
, , O
with IN O
an DT I
indicated VBD I
0.25 CD I
% NN I
coupon NN I
at IN O
par NN I
, , O
via IN O
Bank NNP I
Leu NNP I
Ltd NNP I
. . O

Put VB I
option NN I
on IN O
March NNP I
31 CD I
, , I
1992 CD I
, , O
at IN O
an DT I
indicated VBD I
109 CD I
to TO O
yield VB O
3.865 CD I
% NN I
. . O

Callable JJ O
on IN O
March NNP I
31 CD I
, , I
1992 CD I
, , O
at IN O
109 CD I
, , O
also RB O
beginning VBG O
Sept. NNP I
30 CD I
, , I
1992 CD I
, , O
from IN O
101 CD I
1\/2 CD I
and CC O
declining VBG O
half PDT I
a DT I
point NN I
semiannually RB O
to TO O
par NN I
. . O

Each DT I
50,000 CD I
Swiss JJ I
franc NN I
note NN I
is VBZ O
convertible JJ O
from IN O
Nov. NNP I
20 CD I
, , I
1989 CD I
, , O
to TO O
March NNP I
17 CD I
, , I
1994 CD I
, , O
at IN O
an DT I
indicated VBN I
5 NN I
% NN I
premium NN I
over IN O
the DT I
closing VBG I
share NN I
price NN I
Oct. NNP B
25 CD I
, , O
when WRB O
terms NNS I
are VBP O
scheduled VBN O
to TO O
be VB O
fixed VBN O
. . O

N. NNP I
Nomura NNP I
& CC I
Co NNP I
. . I
-LRB- ( O
Japan NNP I
-RRB- ) O
-- : O

50 CD I
million CD I
Swiss JJ I
francs NNS I
of IN O
privately RB I
placed VBN I
convertible JJ I
notes NNS I
due JJ O
March NNP I
31 CD I
, , I
1994 CD I
, , O
with IN O
an DT I
indicated VBD I
0.5 CD I
% NN I
coupon NN I
at IN O
par NN I
, , O
via IN O
Bank NNP I
Julius NNP I
Baer NNP I
. . O

Put VB I
option NN I
on IN O
March NNP I
31 CD I
, , I
1992 CD I
, , O
at IN O
an DT I
indicated VBD I
108 CD I
1\/4 CD I
to TO O
yield VB O
3.846 CD I
% NN I
. . O

Each DT I
50,000 CD I
Swiss JJ I
franc NN I
note NN I
is VBZ O
convertible JJ O
from IN O
Nov. NNP I
20 CD I
, , I
1989 CD I
, , O
to TO O
March NNP I
17 CD I
, , I
1994 CD I
, , O
at IN O
a DT I
5 NN I
% NN I
premium NN I
over IN O
the DT I
closing VBG I
share NN I
price NN I
Oct. NNP B
21 CD I
, , O
when WRB O
terms NNS I
are VBP O
scheduled VBN O
to TO O
be VB O
fixed VBN O
. . O

Aegon NNP I
N.V NNP I
. . I
-LRB- ( O
Netherlands NNP I
-RRB- ) O
-- : O

250 CD I
million CD I
Dutch JJ I
guilders NNS I
of IN O
7 CD I
3\/4 CD I
% NN I
bonds NNS I
due JJ O
Nov. NNP I
15 CD I
, , I
1999 CD I
, , O
priced VBN O
at IN O
101 CD I
1\/4 CD I
to TO O
yield VB O
7.57 CD I
% NN I
at IN O
issue NN I
price NN I
and CC O
7.86 CD I
% NN I
less RBR O
full JJ I
fees NNS I
, , O
via IN O
AMRO NNP I
Bank NNP I
. . O

Fees NNS I
2 CD B
. . O

Continental NNP I
Airlines NNPS I
-- : I

a DT I
four-part JJ I
, , I
$ $ I
71 CD I
million CD I
issue NN I
of IN O
secured VBN I
equipment NN I
certificates NNS I
priced VBN O
through IN O
Drexel NNP I
Burnham NNP I
Lambert NNP I
Inc NNP I
. . O

The DT I
size NN I
of IN O
the DT I
issue NN I
was VBD O
decreased VBN O
from IN O
an DT I
originally RB I
planned VBN I
$ $ I
95.2 CD I
million CD I
. . O

In IN O
addition NN I
, , O
a DT I
planned VBN I
two-part JJ I
offering NN I
of IN O
$ $ I
58 CD I
million CD I
in IN O
unsecured JJ I
notes NNS I
was VBD O
n't RB O
offered VBN O
. . O

The DT I
first JJ I
part NN I
, , O
consisting VBG O
of IN O
$ $ I
2.5 CD I
million CD I
of IN O
11 CD I
1\/4 CD I
% NN I
secured VBD I
equipment NN I
certificates NNS I
due JJ O
June NNP I
15 CD I
, , I
1990 CD I
, , O
was VBD O
priced VBN O
at IN O
98.481 CD I
with IN O
a DT I
yield NN I
to TO O
maturity NN I
of IN O
13.75 CD I
% NN I
. . O

The DT I
second JJ I
part NN I
, , O
consisting VBG O
of IN O
$ $ I
28 CD I
million CD I
of IN O
11 CD I
3\/4 CD I
% NN I
secured VBD I
equipment NN I
certificates NNS I
due JJ O
June NNP I
15 CD I
, , I
1995 CD I
, , O
was VBD O
priced VBN O
at IN O
87.026 CD I
with IN O
a DT I
yield NN I
to TO O
maturity NN I
of IN O
15.25 CD I
% NN I
. . O

The DT I
third JJ I
part NN I
, , O
consisting VBG O
of IN O
$ $ I
18.5 CD I
million CD I
of IN O
12 CD I
1\/8 CD I
% NN I
secured VBD I
equipment NN I
certificates NNS I
due JJ O
April NNP I
15 CD I
, , I
1996 CD I
, , O
was VBD O
priced VBN O
at IN O
85.60 CD I
with IN O
a DT I
yield NN I
to TO O
maturity NN I
of IN O
15.75 CD I
% NN I
. . O

The DT I
fourth JJ I
part NN I
, , O
consisting VBG O
of IN O
$ $ I
22 CD I
million CD I
of IN O
12 CD I
1\/2 CD I
% NN I
secured VBD I
equipment NN I
certificates NNS I
due JJ O
April NNP I
15 CD I
, , I
1999 CD I
, , O
was VBD O
priced VBN O
at IN O
85.339 CD I
with IN O
a DT I
yield NN I
to TO O
maturity NN I
of IN O
15.50 CD I
% NN I
. . O

The DT I
issue NN I
was VBD O
rated VBN O
single-B-2 JJ O
by IN O
Moody NNP I
's POS I
and CC O
single-B JJ O
by IN O
S&P NNP I
. . O

All DT I
parts NNS I
of IN O
the DT I
issue NN I
are VBP O
callable JJ O
at IN O
any DT I
time NN I
at IN O
par NN I
. . O

Continental NNP I
Airlines NNPS I
is VBZ O
a DT I
unit NN I
of IN O
Texas NNP I
Air NNP I
Corp NNP I
. . O

John NNP I
V. NNP I
Holmes NNP I
, , O
an DT I
investment-newsletter NN I
publisher NN I
, , O
and CC O
three CD I
venture-capital JJ I
firms NNS I
he PRP B
organized VBD O
were VBD O
enjoined VBN O
from IN O
violating VBG O
the DT I
registration NN I
provisions NNS I
of IN O
the DT I
securities NNS I
laws NNS I
governing VBG O
investment NN I
companies NNS I
. . O

As IN O
part NN I
of IN O
an DT I
agreement NN I
that WDT B
settled VBD O
charges NNS I
brought VBN O
by IN O
the DT I
Securities NNP I
and CC I
Exchange NNP I
Commission NNP I
, , O
a DT I
receiver NN I
was VBD O
also RB O
appointed VBN O
for IN O
the DT I
three CD I
venture-capital JJ I
firms NNS I
. . O

Mr. NNP I
Holmes NNP I
was VBD O
the DT I
subject NN I
of IN O
a DT I
page NN I
one CD I
profile NN I
in IN O
The DT I
Wall NNP I
Street NNP I
Journal NNP I
in IN O
1984 CD I
, , O
after IN O
the DT I
SEC NNP I
questioned VBD O
him PRP I
about IN O
ties NNS I
between IN O
him PRP I
and CC O
companies NNS I
he PRP B
touted VBD O
in IN O
a DT I
newsletter NN I
. . O

In IN O
1986 CD I
, , O
in IN O
another DT I
consent NN I
agreement NN I
with IN O
the DT I
SEC NNP I
, , O
Mr. NNP I
Holmes NNP I
was VBD O
enjoined VBN O
from IN O
violating VBG O
the DT I
stock-registration NN I
and CC I
anti-fraud JJ I
provisions NNS I
of IN O
the DT I
securities NNS I
laws NNS I
. . O

Without IN O
any DT I
admission NN I
or CC I
denial NN I
of IN O
guilt NN I
by IN O
Mr. NNP I
Holmes NNP I
, , O
that DT I
agreement NN I
settled VBD O
SEC NNP I
charges NNS I
that IN O
Mr. NNP I
Holmes NNP I
sold VBD O
unregistered JJ I
securities NNS I
and CC O
misled VBD O
investors NNS I
. . O

In IN O
charges NNS I
filed VBD O
last JJ I
week NN I
in IN O
federal JJ I
district NN I
court NN I
in IN O
Charlotte NNP I
, , O
N.C. NNP I
, , O
the DT I
SEC NNP I
alleged VBD O
that IN O
Venture NNP I
Capitalists NNPS I
Inc. NNP I
, , O
Venture NNP I
Finance NNP I
Corp. NNP I
and CC O
New NNP I
Ventures NNP I
Fund NNP I
Inc. NNP I
, , O
all DT I
of IN O
Charlotte NNP I
, , O
failed VBD O
repeatedly RB O
to TO O
file VB O
proper JJ I
documents NNS I
. . O

The DT I
SEC NNP I
also RB O
charged VBD O
that IN O
Mr. NNP I
Holmes NNP I
acted VBD O
as IN O
an DT I
officer NN I
or CC I
director NN I
of IN O
New NNP I
Ventures NNP I
, , O
in IN O
violation NN I
of IN O
his PRP$ I
previous JJ I
consent NN I
agreement NN I
. . O

`` `` O
Some DT I
companies NNS I
were VBD O
delinquent JJ O
in IN O
filings NNS I
and CC O
other JJ I
actions NNS I
, , O
all DT I
of IN O
which WDT I
cost VBP O
money NN I
, , O
'' '' O
Mr. NNP I
Holmes NNP I
said VBD O
. . O

Two CD I
of IN O
Mr. NNP I
Holmes NNP I
's POS B
business NN I
associates NNS I
who WP B
worked VBD O
for IN O
Venture NNP I
Capitalists NNPS I
, , O
Kimberly NNP I
Ann NNP I
Smith NNP I
and CC O
Frederick NNP I
Byrum NNP I
, , O
also RB O
consented VBD O
to TO O
being VBG O
enjoined VBN O
from IN O
violations NNS I
of IN O
registration NN I
provisions NNS I
of IN O
the DT I
securities NNS I
laws NNS I
. . O

Ms. NNP I
Smith NNP I
also RB O
agreed VBD O
to TO O
a DT I
permanent JJ I
injunction NN I
barring VBG O
her PRP I
from IN O
acting VBG O
as IN O
an DT I
officer NN I
, , I
director NN I
or CC I
investment NN I
adviser NN I
of IN O
any DT I
mutual JJ I
fund NN I
, , I
unit NN I
investment NN I
trust NN I
or CC I
face-amount JJ I
certificate NN I
company NN I
. . O

Mr. NNP I
Byrum NNP I
and CC O
Ms. NNP I
Smith NNP I
could MD O
n't RB O
be VB O
reached VBN O
for IN O
comment NN I
. . O

In IN O
consenting VBG O
to TO O
the DT I
injunctions NNS I
, , O
none NN I
of IN O
the DT I
individuals NNS I
or CC I
companies NNS I
admitted VBD O
or CC O
denied VBD O
the DT I
allegations NNS I
. . O

Senate NNP I
Republicans NNPS I
have VBP O
settled VBN O
on IN O
a DT I
proposal NN I
that WDT B
would MD O
cut VB O
the DT I
capital-gains NNS I
tax VBP I
for IN O
individuals NNS I
and CC I
corporations NNS I
. . O

At IN O
the DT I
same JJ I
time NN I
, , O
a DT I
small JJ I
group NN I
of IN O
Senate NNP I
Democrats NNPS I
are VBP O
working VBG O
on IN O
a DT I
similar JJ I
plan NN I
and CC O
may MD O
introduce VB O
it PRP I
soon RB O
. . O

Sen. NNP I
Bob NNP I
Packwood NNP I
-LRB- ( O
R. NNP I
, , O
Ore. NNP I
-RRB- ) O
, , O
the DT I
lead NN I
sponsor NN I
of IN O
the DT I
GOP NNP I
proposal NN I
, , O
said VBD O
he PRP I
intends VBZ O
to TO O
unveil VB O
the DT I
plan NN I
today NN B
and CC O
to TO O
offer VB O
it PRP I
as IN O
an DT I
amendment NN I
to TO O
whatever WDT I
legislation NN I
comes VBZ O
along IN O
, , O
particularly RB O
this DT I
month NN I
's POS B
bill NN I
to TO O
raise VB O
the DT I
federal JJ I
borrowing NN I
limit NN I
. . O

He PRP I
gave VBD O
10-to-1 JJ I
odds NNS I
that IN O
a DT I
capital-gains NNS I
tax VBP I
cut VB I
of IN O
some DT I
sort NN I
would MD O
be VB O
approved VBN O
this DT I
year NN I
, , O
though IN O
it PRP I
probably RB O
wo MD O
n't RB O
be VB O
included VBN O
in IN O
the DT I
pending VBG I
deficit-reduction NN I
bill NN I
. . O

He PRP I
added VBD O
that IN O
he PRP I
expects VBZ O
to TO O
talk VB O
to TO O
the DT I
Democrats NNPS I
who WP B
also RB O
wanted VBD O
to TO O
cut VB O
the DT I
gains NNS I
tax VBP I
about IN O
drafting VBG O
a DT I
joint JJ I
proposal NN I
. . O

For IN O
individuals NNS I
, , O
the DT I
Packwood NNP I
plan NN I
would MD O
exclude VB O
from IN O
income NN I
5 NN B
% NN I
of IN O
the DT I
gain NN I
from IN O
the DT I
sale NN I
of IN O
a DT I
capital NN I
asset NN I
held VBN O
for IN O
more JJR I
than IN I
one CD I
year NN I
. . O

The DT I
exclusion NN I
would MD O
rise VB O
five CD I
percentage NN I
points NNS I
for IN O
each DT I
year NN I
the DT B
asset NN I
was VBD O
held VBN O
until IN O
it PRP I
reached VBD O
a DT I
maximum NN I
of IN O
35 CD I
% NN I
. . O

The DT I
exclusion NN I
would MD O
apply VB O
to TO O
assets NNS I
sold VBN O
after IN O
Oct. NNP I
1 CD I
, , I
1989 CD I
. . O

As IN O
an DT I
alternative NN I
, , O
he PRP I
said VBD O
, , O
taxpayers NNS I
could MD O
chose VBD O
to TO O
reduce VB O
their PRP$ I
gains NNS I
by IN O
an DT I
inflation NN I
index NN I
. . O

For IN O
corporations NNS I
, , O
the DT I
top JJ I
tax NN I
rate NN I
on IN O
the DT I
sale NN I
of IN O
assets NNS I
held VBN O
for IN O
more JJR I
than IN I
three CD I
years NNS I
would MD O
be VB O
cut VBN O
to TO O
33 CD I
% NN I
from IN O
the DT I
current JJ I
top JJ I
rate NN I
of IN O
34 CD I
% NN I
. . O

That DT I
rate NN I
would MD O
gradually RB O
decline VB O
to TO O
as RB I
little JJ I
as IN I
29 CD I
% NN I
for IN O
corporate JJ I
assets NNS I
held VBN O
for IN O
15 CD I
years NNS I
. . O

The DT I
Packwood NNP I
plan NN I
would MD O
also RB O
include VB O
a DT I
proposal NN I
, , O
designed VBN O
by IN O
Sen. NNP I
William NNP I
Roth NNP I
-LRB- ( O
R. NNP I
, , O
Del. NNP I
-RRB- ) O
, , O
that WDT I
would MD O
expand VB O
and CC O
alter VB O
the DT I
deduction NN I
for IN O
individual JJ I
retirement NN I
accounts NNS I
. . O

The DT I
Roth NNP I
plan NN I
would MD O
create VB O
a DT I
new JJ I
, , I
non-deductible JJ I
IRA NNP I
from IN O
which WDT I
money NN B
could MD O
be VB O
withdrawn VBN O
tax-free JJ O
not RB O
only RB O
for IN O
retirement NN I
, , O
but CC O
also RB O
for IN O
the DT I
purchase NN I
of IN O
a DT I
first JJ I
home NN I
and CC O
to TO O
pay VB O
education NN I
and CC I
medical JJ I
expenses NNS I
. . O

Current JJ I
IRAs NNS I
could MD O
be VB O
rolled VBN O
over IN O
into IN O
the DT I
new JJ I
IRAs NNS I
but CC O
would MD O
be VB O
subject NN O
to TO O
tax VB I
. . O

For IN O
their PRP$ I
part NN I
, , O
the DT I
group NN I
of IN O
Democrats NNPS I
are VBP O
working VBG O
on IN O
a DT I
plan NN I
that IN B
, , O
like IN O
the DT I
Packwood NNP I
proposal NN I
, , O
would MD O
grant VB O
larger JJR I
exclusions NNS I
to TO O
assets NNS I
the DT O
longer RB O
they PRP I
were VBD O
held VBN O
by IN O
individuals NNS I
and CC I
companies NNS I
. . O

Newly RB I
acquired VBN I
assets NNS I
would MD O
get VB O
a DT I
bigger JJR I
break NN I
than IN O
those DT I
currently RB O
held VBN O
. . O

An DT I
extra JJ I
exclusion NN I
would MD O
be VB O
given VBN O
to TO O
long-held JJ I
stock NN I
in IN O
small JJ I
and CC I
medium-size JJ I
corporations NNS I
just RB O
starting VBG O
up RB O
. . O

No DT I
one CD I
in IN O
the DT I
Senate NNP I
is VBZ O
considering VBG O
the DT I
capital-gains NNS I
plan VBP I
passed VBN O
by IN O
the DT I
House NNP I
. . O

That DT I
plan NN I
would MD O
provide VB O
a DT I
30 CD I
% NN I
exclusion NN I
to TO O
assets NNS I
sold VBN O
over IN O
a DT I
2 CD I
1\/2-year JJ I
period NN I
ending VBG O
Dec. NNP I
31 CD I
, , I
1991 CD I
. . O

After IN O
then RB I
, , O
the DT I
House NNP I
measure NN I
would MD O
boost VB O
the DT I
tax NN I
rate NN I
to TO O
28 CD I
% NN I
and CC O
exclude VB O
from IN O
tax NN I
the DT B
gain NN I
attributable JJ O
to TO O
inflation NN I
. . O

Senators NNS I
are VBP O
focusing VBG O
on IN O
making VBG O
a DT I
capital-gains NNS I
differential JJ I
permanent JJ O
. . O

Separately RB O
, , O
Chairman NNP I
Dan NNP I
Rostenkowski NNP I
-LRB- ( O
D. NNP I
, , O
Ill NNP I
. . O
-RRB- ) O
of IN O
the DT I
House NNP I
Ways NNPS I
and CC I
Means NNP I
Committee NNP I
said VBD O
he PRP I
did VBD O
n't RB O
want VB O
the DT I
capital-gains NNS I
tax VBP I
cut VB I
or CC O
any DT I
other JJ I
amendments NNS I
attached VBN O
to TO O
the DT I
pending VBG I
bill NN I
raising VBG O
the DT I
federal JJ I
borrowing NN I
limit NN I
. . O

The DT I
current JJ I
debt NN I
limit NN I
expires VBZ O
Oct. NNP I
31 CD I
. . O

He PRP I
also RB O
urged VBD O
House NNP I
and CC I
Senate NNP I
negotiators NNS I
to TO O
rid VB O
the DT I
deficit-reduction NN I
bill NN I
of IN O
all DT I
provisions NNS I
that WDT B
increase VBP O
the DT I
budget NN I
deficit NN I
, , O
including VBG O
the DT I
House-passed JJ I
capital-gains NNS I
provision NN I
. . O

From IN O
a DT I
helicopter NN I
a DT B
thousand CD I
feet NNS I
above IN O
Oakland NNP I
after IN O
the DT I
second-deadliest JJ I
earthquake NN I
in IN O
U.S. NNP I
history NN I
, , O
a DT I
scene NN I
of IN O
devastation NN I
emerges VBZ O
: : O
a DT I
freeway NN I
crumbled VBD O
into IN O
a DT I
concrete JJ I
sandwich NN I
, , O
hoses NNS I
pumping VBG O
water NN I
into IN O
once-fashionable JJ I
apartments NNS I
, , O
abandoned VBN I
autos NNS I
. . O

But CC O
this DT I
quake NN I
was VBD O
n't RB O
the DT I
big JJ I
one CD I
, , O
the DT I
replay NN I
of IN O
1906 CD I
that WDT B
has VBZ O
been VBN O
feared VBN O
for IN O
so RB I
many JJ I
years NNS I
. . O

Despite IN O
the DT I
tragic JJ I
loss NN I
of IN O
more JJR I
than IN I
270 CD I
lives NNS I
, , O
and CC O
damage NN I
estimated VBN O
in IN O
the DT I
billions NNS I
, , O
most RBS I
businesses NNS I
and CC O
their PRP$ I
plants NNS I
and CC I
offices NNS I
in IN O
the DT I
Bay NNP I
area NN I
were VBD O
n't RB O
greatly RB O
affected VBN O
. . O

The DT I
economic JJ I
life NN I
of IN O
the DT I
region NN I
is VBZ O
expected VBN O
to TO O
revive VB O
in IN O
a DT I
day NN I
or CC I
two CD I
, , O
although IN O
some DT I
transportation NN I
problems NNS I
may MD O
last VB O
weeks NNS I
or CC I
months NNS I
. . O

A DT I
main JJ I
factor NN I
mitigating VBG O
more RBR I
widespread JJ I
damage NN I
was VBD O
the DT I
location NN I
of IN O
the DT I
quake NN I
's POS B
epicenter NN I
-- : O
20 CD I
miles NNS I
from IN O
the DT I
heart NN I
of IN O
the DT I
Silicon NNP I
Valley NNP I
and CC O
more JJR I
than IN I
50 CD I
miles NNS I
from IN O
downtown NN I
San NNP I
Francisco NNP I
and CC O
Oakland NNP I
. . O

Also RB O
, , O
the DT I
region NN I
's POS B
insistence NN I
on IN O
strict JJ I
building NN I
codes NNS I
helped VBD O
prevent VB O
wider JJR I
damage NN I
. . O

The DT I
tremendous JJ I
energy NN I
of IN O
the DT I
quake NN I
was VBD O
dissipated VBN O
by IN O
the DT I
distance NN I
, , O
so RB O
that IN O
most RBS I
parts NNS I
of IN O
the DT I
valley NN I
and CC O
the DT I
major JJ I
cities NNS I
suffered VBD O
largely RB I
cosmetic JJ I
damage NN I
-- : O
broken VBN I
windows NNS I
, , O
falling VBG I
brick NN I
and CC I
cornices NNS I
, , O
buckled VBD I
asphalt NN I
or CC I
sidewalks NNS I
. . O

Of IN O
course NN I
, , O
the DT I
quake NN I
was VBD O
the DT I
worst JJS I
since IN O
the DT I
emergence NN I
of IN O
the DT I
computer NN I
era NN I
turned VBD O
Silicon NNP I
Valley NNP I
into IN O
the DT I
nation NN I
's POS B
capital NN I
of IN O
high JJ I
technology NN I
. . O

Like IN O
other JJ I
major JJ I
American JJ I
cities NNS I
, , O
the DT I
San NNP I
Francisco NNP I
-- : I
Oakland NNP I
area NN I
owes VBZ O
its PRP$ I
current JJ I
prosperity NN I
more JJR O
to TO O
its PRP$ I
infrastructure NN I
of IN O
fiber-optic JJ I
cables NNS I
linking VBG O
thousands NNS I
of IN O
computer NN I
terminals NNS I
and CC O
telephones NNS I
than IN O
to TO O
its PRP$ I
location NN I
astride IN O
one CD I
of IN O
the DT I
world NN I
's POS B
great JJ I
natural JJ I
harbors NNS I
. . O

When WRB O
the DT I
tremors NNS I
struck VBD O
, , O
the DT I
region NN I
's POS B
largely RB I
unseen JJ I
high-tech JJ I
fabric NN I
held VBN O
up IN O
surprisingly RB O
well RB O
despite IN O
the DT I
devastation NN I
visible JJ O
from IN O
the DT I
air NN I
. . O

Michael NNP I
L. NNP I
Bandler NNP I
, , O
vice NN I
president NN I
for IN O
network NN I
technology NN I
at IN O
Pacific NNP I
Bell NNP I
Telephone NNP I
Co. NNP I
, , O
says VBZ O
nearly RB O
all PDT O
the DT I
network NN I
's POS I
computer NN O
switches NNS O
, , O
which WDT I
move VBP O
thousands NNS I
of IN O
calls VBZ I
a DT B
minute NN I
from IN O
one CD I
location NN I
to TO O
another DT I
, , O
changed VBN O
to TO O
battery NN I
power NN I
when WRB O
the DT I
city NN I
lost VBD O
power NN I
. . O

The DT I
battery NN I
packs NNS I
have VBP O
enough JJ I
power NN I
for IN O
only RB I
three CD I
hours NNS I
, , O
but CC O
that DT I
gave VBD O
emergency NN I
crews NNS I
time NN B
to TO O
turn VB O
on IN O
an DT I
emergency NN I
system NN I
that WDT B
runs VBZ O
primarily RB O
on IN O
diesel NN I
fuel NN I
. . O

Of IN O
some DT I
160 CD I
switches NNS I
in IN O
Pacific NNP I
Bell NNP I
's POS B
network NN I
, , O
only RB I
four CD I
went VBD O
down RB O
. . O

One CD I
of IN O
those DT I
was VBD O
in IN O
Hollister NNP I
, , O
Calif. NNP I
, , O
near IN O
the DT I
earthquake NN I
's POS B
epicenter NN I
. . O

Few JJ I
telephone NN I
lines NNS I
snapped VBD O
. . O

That DT I
's VBZ O
because IN O
the DT I
widely RB I
used VBN I
fiber-optic JJ I
cable NN I
has VBZ O
been VBN O
installed VBN O
underground JJ O
with IN O
25 CD I
extra JJ I
feet NNS I
of IN O
cable NN I
between IN O
junction NN I
points NNS I
. . O

The DT I
slack NN I
absorbs VBZ O
the DT I
pulling VBG I
strain NN I
generated VBN O
by IN O
an DT I
earthquake NN I
. . O

Nevertheless RB O
, , O
phone NN I
service NN I
was VBD O
sporadic JJ O
; : O
many JJ I
computer NN I
terminals NNS I
remained VBD O
dark JJ O
, , O
and CC O
by IN O
late JJ I
yesterday NN I
a DT B
third JJ I
of IN O
San NNP I
Francisco NNP I
remained VBD O
without IN O
power NN I
. . O

Business NN I
in IN O
the DT I
nation NN I
's POS B
fourth-largest JJ I
metropolitan JJ I
region NN I
was VBD O
nearly RB O
paralyzed VBN O
; : O
an DT I
estimated VBN I
one CD I
million CD I
members NNS I
of IN O
the DT I
work NN I
force NN I
stayed VBD O
at IN O
home NN I
. . O

The DT I
economic JJ I
dislocation NN I
was VBD O
as RB O
abrupt JJ O
as IN O
the DT I
earthquake NN I
itself PRP B
, , O
as IN O
virtually RB I
all DT I
businesses NNS I
shut VBN O
down RB O
. . O

The DT I
$ $ I
125-billion-a-year NNP I
Bay NNP I
area NN I
economy NN I
represents VBZ O
one-fourth NN I
of IN O
the DT I
economy NN I
of IN O
the DT I
nation NN I
's POS B
most RBS I
populous JJ I
state NN I
and CC O
accounts NNS O
for IN O
2 CD I
% NN I
to TO O
3 CD I
% NN I
of IN O
the DT I
nation NN I
's POS B
total JJ I
output NN I
of IN O
goods NNS I
and CC I
services NNS I
, , O
according VBG O
to TO O
the DT I
Center NNP I
for IN O
Continuing VBG I
Study NNP I
of IN O
the DT I
California NNP I
Economy NNP I
in IN O
Palo NNP I
Alto NNP I
. . O

In IN O
high-tech JJ I
, , O
the DT I
Bay NNP I
area NN I
accounts NNS O
for IN O
15 CD I
% NN I
to TO O
20 CD I
% NN I
of IN O
the DT I
U.S. NNP I
computer-related JJ I
industry NN I
. . O

`` `` O
This DT I
has VBZ O
been VBN O
a DT I
major JJ I
disruption NN I
for IN O
the DT I
Bay NNP I
area NN I
economy NN I
, , O
'' '' O
says VBZ O
Pauline NNP I
Sweezey NNP I
, , O
the DT I
chief JJ I
economist NN I
at IN O
the DT I
California NNP I
Department NNP I
of IN O
Finance NNP I
. . O

`` `` O
Obviously RB O
, , O
things NNS I
are VBP O
going VBG O
to TO O
have VB O
to TO O
go VB O
on IN O
hold NN I
for IN O
many JJ I
companies NNS I
. . O
'' '' O

The DT I
damage NN I
to TO O
the DT I
Bay NNP I
area NN I
's POS B
roadways NNS I
could MD O
cause VB O
significant JJ I
economic JJ I
hardship NN I
. . O

A DT I
quarter NN I
of IN I
a DT I
million CD I
people NNS I
cross VBP O
the DT I
Bay NNP I
Bridge NNP I
every DT B
day NN I
, , O
far RB O
more JJR O
than IN O
the DT I
100,000 CD I
that DT B
use NN O
the DT I
Bay NNP I
Area NNP I
Rapid NNP I
Transit NNP I
system NN I
-LRB- ( O
BART NNP I
-RRB- ) O
-- : O
which WDT I
was VBD O
working VBG O
but CC O
was VBD O
n't RB O
stopping VBG O
in IN O
the DT I
city NN I
's POS B
Financial NNP I
District NNP I
yesterday NN B
afternoon NN I
because IN O
electricity NN I
was VBD O
shut VBN O
off IN O
and CC O
the DT I
area NN I
was VBD O
being VBG O
checked VBN O
for IN O
gas NN I
leaks NNS I
. . O

California JJ I
state NN I
transportation NN I
officials NNS I
interviewed VBN O
by IN O
telephone NN I
say VBP O
they PRP I
nevertheless RB O
do VBP O
n't RB O
expect VB O
serious JJ I
problems NNS I
for IN O
commerce NN I
in IN O
and CC O
out IN O
of IN O
the DT I
Bay NNP I
area NN I
. . O

All DT I
major JJ I
roadways NNS I
except IN O
Interstate NNP I
880 CD I
, , O
known VBN O
as IN O
the DT I
Nimitz NNP I
Freeway NNP I
, , O
and CC O
the DT I
Bay NNP I
Bridge NNP I
were VBD O
open JJ O
by IN O
1 CD I
p.m. NN I
yesterday NN B
. . O

Officials NNS I
expect VBP O
difficulty NN I
routing VBG O
traffic NN I
through IN O
downtown NN I
San NNP I
Francisco NNP I
. . O

The DT I
earthquake NN I
caused VBD O
many JJ I
streets NNS I
to TO O
buckle VB O
and CC O
crack NN O
, , O
making VBG O
them PRP I
impassible JJ O
. . O

Other JJ I
roads NNS I
were VBD O
obstructed VBN O
by IN O
collapsed JJ I
buildings NNS I
and CC O
damaged VBN I
water NN I
and CC I
power NN I
lines NNS I
, , O
an DT I
emergency NN I
relief NN I
spokesman NN I
says NNS O
. . O

San NNP I
Francisco NNP I
Mayor NNP I
Art NNP I
Agnos NNP I
estimated VBD O
the DT I
damage NN I
to TO O
his PRP$ I
city NN I
alone RB O
at IN O
$ $ I
2 CD I
billion CD I
. . O

But CC O
many NN I
predicted VBD O
that IN O
the DT I
commercial JJ I
disruption NN I
would MD O
be VB O
short-lived JJ O
. . O

Of IN O
the DT I
scores NNS I
of IN O
companies NNS I
contacted VBN O
by IN O
this DT I
newspaper NN I
, , O
few NN I
reported VBD O
any DT I
damage NN I
that IN B
they PRP B
did VBD O
n't RB O
expect VB O
to TO O
have VB O
remedied VBN O
within IN O
a DT I
day NN I
or CC I
two CD I
. . O

It PRP I
is VBZ O
possible JJ O
, , O
of IN O
course NN I
, , O
that IN O
some DT I
of IN O
the DT I
most RBS I
seriously RB I
damaged VBN I
companies NNS I
could MD O
n't RB O
be VB O
reached VBN O
, , O
particularly RB O
in IN O
areas NNS I
nearest JJS O
the DT I
epicenter NN I
. . O

Typical JJ O
, , O
perhaps RB O
, , O
was VBD O
the DT I
situation NN I
at IN O
New NNP I
United NNP I
Motor NNP I
Manufacturing NNP I
Inc. NNP I
, , O
the DT I
General NNP I
Motors NNPS I
Corp.-Toyota JJ I
joint-venture JJ I
auto NN I
plant NN I
in IN O
Fremont NNP I
, , O
about IN I
35 CD I
miles NNS I
south RB O
of IN O
Oakland NNP I
. . O

Ten CD I
of IN O
the DT I
plant NN I
's POS B
workers NNS I
were VBD O
injured VBN O
when WRB O
the DT I
quake NN I
hit VBD O
about IN I
a DT I
half-hour NN I
into IN O
the DT I
afternoon NN I
shift NN I
; : O
seven CD I
were VBD O
hospitalized VBN O
. . O

Metal NN I
racks NNS I
on IN O
the DT I
plant NN I
floor NN I
fell VBD O
over IN O
, , O
and CC O
water NN I
mains NNS I
ruptured VBN O
, , O
a DT I
spokeswoman NN I
says NNS O
. . O

The DT I
plant NN I
was VBD O
evacuated VBN O
and CC O
workers NNS I
sent VBD O
home NN O
. . O

But CC O
the DT I
plant NN I
was VBD O
able JJ O
to TO O
resume VB O
limited JJ I
production NN I
of IN O
its PRP$ I
Toyota NNP I
Corollas NNPS I
and CC I
Geo NNP I
Prizms NNPS I
by IN O
6 CD I
a.m. NN I
yesterday NN B
, , O
and CC O
absenteeism NN I
was VBD O
only RB I
7 CD I
% NN I
of IN O
the DT I
work NN I
force NN I
, , O
about IN O
twice RB O
normal JJ O
. . O

Computer NN I
maker NN I
Hewlett-Packard NNP I
Co. NNP I
, , O
based VBN O
in IN O
Palo NNP I
Alto NNP I
, , O
says VBZ O
one CD I
of IN O
its PRP$ I
buildings NNS I
sustained VBD O
severe JJ I
damage NN I
when WRB O
it PRP I
was VBD O
knocked VBN O
off IN O
its PRP$ I
foundation NN I
. . O

Other JJ I
buildings NNS I
had VBD O
broken VBN I
glass NN I
, , O
dangling VBG I
light NN I
fixtures NNS I
and CC O
broken VBN I
pipes NNS I
, , O
a DT I
spokesperson NN I
says VBZ O
, , O
estimating VBG O
the DT I
cost NN I
of IN O
reconstruction NN I
`` `` O
in IN O
the DT I
millions NNS I
. . O
'' '' O

Most JJS I
banks NNS I
were VBD O
closed VBN O
but CC O
were VBD O
expected VBN O
to TO O
reopen VB O
today NN I
with IN O
few JJ I
problems NNS I
anticipated VBN O
. . O

At IN O
the DT I
Federal NNP I
Reserve NNP I
Bank NNP I
of IN O
San NNP I
Francisco NNP I
, , O
Vice NNP I
President NNP I
Robert NNP I
Fienberg NNP I
says VBZ O
operations NNS I
were VBD O
`` `` O
steaming VBG O
along IN O
as IN O
usual JJ O
'' '' O
yesterday NN I
afternoon NN I
. . O

` `` O
When WRB O
the DT I
quake NN I
hit VBD O
, , O
we PRP I
turned VBD O
on IN O
our PRP$ I
emergency NN I
generator NN I
and CC O
brought VBN O
our PRP$ I
computers NNS I
up IN O
, , O
'' '' O
he PRP I
says VBZ O
. . O

The DT I
Fed NNP I
serves VBZ O
as IN O
a DT I
middleman NN I
for IN O
banks NNS I
, , O
taking VBG O
checks NNS I
from IN O
one CD I
bank NN I
and CC O
sending VBG O
them PRP I
to TO O
another DT I
, , O
an DT I
operation NN I
that IN B
it PRP B
handled VBD O
smoothly RB O
Tuesday NNP I
night NN I
after IN O
the DT I
quake NN I
. . O

`` `` O
The DT I
volume NN I
we PRP B
received VBD O
from IN O
the DT I
banks NNS I
was VBD O
a DT I
lot NN I
lower JJR O
than IN O
usual JJ O
, , O
'' '' O
he PRP I
says VBZ O
. . O

A DT I
disaster-contingency NN I
plan NN I
in IN O
which WDT I
the DT B
Los NNP I
Angeles NNP I
Fed NNP I
would MD O
come VB O
to TO O
San NNP I
Francisco NNP I
's POS B
aid NN I
was VBD O
n't RB O
needed VBN O
, , O
he PRP I
adds VBZ O
. . O

Most JJS I
of IN O
the DT I
telephone NN I
problems NNS I
in IN O
the DT I
immediate JJ I
aftermath NN I
stemmed VBD O
from IN O
congestion NN I
. . O

The DT I
telephone NN I
network NN I
simply RB O
could MD O
n't RB O
handle VB O
the DT I
large JJ I
number NN I
of IN O
people NNS I
seeking VBG O
to TO O
make VB O
a DT I
call NN I
at IN O
the DT I
same JJ I
time NN I
. . O

The DT I
volume NN I
resulted VBD O
in IN O
dial-tone NN I
delays NNS I
that WDT B
were VBD O
as RB O
short JJ O
as IN O
15 CD I
seconds NNS I
and CC O
as RB O
long RB O
as IN O
five CD I
minutes NNS I
. . O

Mr. NNP I
Bandler NNP I
puts VBZ O
traffic NN I
volume NN I
at IN O
10 CD I
to TO I
50 CD I
times NNS I
normal JJ I
. . O

American NNP I
Telephone NNP I
& CC I
Telegraph NNP I
Co. NNP I
, , O
MCI NNP I
Communications NNP I
Inc. NNP I
and CC O
United NNP I
Telecommunications NNP I
' POS B
U NNP I
S NNP I
Sprint NNP I
unit NN I
were VBD O
blocking VBG O
phone NN I
calls NNS I
into IN O
the DT I
Bay NNP I
area NN I
to TO O
alleviate VB O
congestion NN I
. . O

The DT I
companies NNS I
block VBP O
traffic NN I
much JJ O
as IN O
highway NN I
on-ramps NNS I
are VBP O
blocked VBN O
when WRB O
traffic NN I
backs NNS O
up RB O
. . O

William NNP I
E. NNP I
Downing NNP I
, , O
Pacific NNP I
Bell NNP I
's POS B
vice NN I
president NN I
of IN O
customer NN I
services NNS I
for IN O
the DT I
Bay NNP I
area NN I
, , O
says VBZ O
most RBS I
long-distance JJ I
companies NNS I
were VBD O
blocking VBG O
about IN I
50 CD I
% NN I
of IN O
all DT I
calls VBZ I
. . O

Pacific NNP I
Telesis NNP I
says VBZ O
its PRP$ I
Pacific NNP I
Bell NNP I
unit NN I
also RB O
was VBD O
blocking VBG O
about IN I
50 CD I
% NN I
of IN O
its PRP$ I
calls NNS I
locally RB O
. . O

Ironically RB O
, , O
the DT I
long-term JJ I
effect NN I
of IN O
the DT I
earthquake NN I
may MD O
be VB O
to TO O
bolster VB O
the DT I
Bay NNP I
area NN I
's POS B
economic JJ I
fortunes NNS I
and CC O
, , O
indeed RB O
, , O
the DT I
nation NN I
's POS B
gross JJ I
national JJ I
product NN I
. . O

It PRP I
may MD O
also RB O
lead VB O
to TO O
new JJ I
safeguards NNS I
in IN O
major JJ I
construction NN I
projects NNS I
such JJ O
as IN O
double-deck JJ I
highways NNS I
. . O

`` `` O
It PRP I
would MD O
in IN O
the DT I
near-term JJ I
give NN O
a DT I
boost NN I
to TO O
the DT I
San NNP I
Francisco NNP I
economy NN I
because IN O
there EX I
will MD O
be VB O
an DT I
influx NN I
of IN O
people NNS I
to TO O
help VB O
, , O
'' '' O
says VBZ O
Beth NNP I
Burnham NNP I
Mace NNP I
, , O
a DT I
regional JJ I
economist NN I
at IN O
DRI\/McGraw NNP I
Hill NNP I
, , O
a DT I
Lexington NNP I
, , I
Mass. NNP I
, , I
forecasting NN I
firm NN I
. . O

The DT I
construction NN I
industry NN I
is VBZ O
sure JJ O
to TO O
feel VB O
increased VBN I
demand NN I
. . O

`` `` O
There EX I
will MD O
be VB O
a DT I
big JJ I
influx NN I
of IN O
federal JJ I
dollars NNS I
and CC O
gains NNS I
in IN O
state NN I
, , I
federal JJ I
and CC I
local JJ I
employment NN I
, , O
'' '' O
Ms. NNP I
Mace NNP I
says VBZ O
. . O

Adds VBZ O
Stacy NNP I
Kotman NNP I
, , O
an DT I
economist NN I
at IN O
Georgia NNP I
State NNP I
University NNP I
, , O
`` `` O
There EX I
's VBZ O
nothing NN I
positive JJ O
about IN O
an DT I
earthquake NN I
, , O
but CC O
it PRP I
will MD O
probably RB O
generate VB O
more JJR I
construction NN I
activity NN I
. . O
'' '' O

Wall NNP I
Street NNP I
reacted VBD O
swiftly RB O
yesterday NN I
to TO O
the DT I
disaster NN I
by IN O
bidding NN O
up IN O
stocks NNS I
of IN O
construction NN I
and CC I
related VBN I
companies NNS I
. . O

Shares NNS I
of IN O
Lone NNP I
Star NNP I
Industries NNP I
Inc. NNP I
, , O
a DT I
cement NN I
maker NN I
, , O
rose VBD O
sharply RB O
in IN O
anticipation NN I
of IN O
stepped-up JJ I
demand NN I
. . O

In IN O
Greenwich NNP I
, , O
Conn. NNP I
, , O
Lone NNP I
Star NNP I
spokesman NN I
Michael NNP I
London NNP I
says VBZ O
, , O
`` `` O
Obviously RB O
with IN O
an DT I
earthquake NN I
of IN O
this DT I
size NN I
, , O
there EX I
are VBP O
likely JJ O
to TO O
be VB O
construction NN I
projects NNS I
that WDT B
would MD O
n't RB O
otherwise RB O
have VB O
been VBN O
anticipated VBN O
. . O

But CC O
any DT I
increase NN I
is VBZ O
n't RB O
likely JJ O
to TO O
be VB O
any DT I
kind NN I
of IN O
a DT I
surge NN I
. . O

It PRP I
's VBZ O
something NN I
likely JJ O
to TO O
be VB O
spread VBN O
out IN O
over IN O
a DT I
long JJ I
period NN I
of IN O
time NN I
. . O

There EX I
will MD O
be VB O
a DT I
lot NN I
of IN O
repair NN I
work NN I
that WDT B
wo MD O
n't RB O
require VB O
the DT I
quantities NNS I
of IN O
cement NN I
or CC I
concrete JJ I
that IN B
new JJ B
constructon NN I
would MD O
. . O
'' '' O

Lone NNP I
Star NNP I
's POS B
San NNP I
Francisco NNP I
facilities NNS I
were VBD O
n't RB O
damaged VBN O
in IN O
the DT I
quake NN I
. . O

The DT I
earthquake NN I
is VBZ O
likely JJ O
to TO O
reduce VB O
GNP NNP I
negligibly RB O
in IN O
the DT I
near JJ I
term NN I
and CC O
then RB O
could MD O
raise VB O
it PRP I
a DT B
bit NN I
as IN O
rebuilding VBG I
begins VBZ O
. . O

The DT I
first JJ I
effects NNS I
are VBP O
, , O
of IN O
course NN I
, , O
negative JJ O
as IN O
work NN I
is VBZ O
disrupted VBN O
and CC O
people NNS I
lose VBP O
income NN I
and CC O
cut VB O
spending NN I
. . O

Corporate JJ I
profits NNS I
may MD O
also RB O
dip VB O
initially RB O
. . O

Many JJ I
of IN O
the DT I
lost VBN I
tourism NN I
dollars NNS I
wo MD O
n't RB O
be VB O
recovered VBN O
; : O
many JJ I
trips NNS I
delayed VBN O
never RB O
take VB O
place NN I
. . O

Subsequently RB O
, , O
however RB O
, , O
the DT I
ill JJ I
effects NNS I
are VBP O
likely JJ O
to TO O
be VB O
offset VB O
, , O
at IN O
least JJS O
in IN O
economic JJ I
terms NNS I
, , O
as IN O
construction NN I
activity NN I
begins VBZ O
. . O

Because IN O
of IN O
the DT I
way NN I
the DT B
government NN I
keeps VBZ O
its PRP$ I
books NNS I
, , O
the DT I
damage NN I
to TO O
the DT I
Bay NNP I
Bridge NNP I
, , O
however RB O
costly JJ O
, , O
wo MD O
n't RB O
be VB O
counted VBN O
as IN O
a DT I
minus CC I
. . O

The DT I
money NN I
spent VBD O
on IN O
repairs NNS I
will MD O
be VB O
counted VBN O
as IN O
a DT I
plus CC I
. . O

`` `` O
It PRP I
's VBZ O
very RB O
difficult JJ O
to TO O
model VB O
the DT I
long-term JJ I
impact NN I
of IN O
this DT I
, , O
'' '' O
says VBZ O
Andrew NNP I
Goldberg NNP I
, , O
who WP I
studies VBZ O
the DT I
public-policy NN I
and CC I
crisis-management JJ I
aspects NNS I
of IN O
earthquakes NNS I
at IN O
the DT I
Center NNP I
for IN O
Strategic NNP I
International NNP I
Studies NNS I
in IN O
Washington NNP I
, , O
D.C NNP I
. . O

`` `` O
You PRP I
certainly RB O
can MD O
say VB O
it PRP I
's VBZ O
going VBG O
to TO O
be VB O
extremely RB O
severe JJ O
. . O

We PRP I
really RB O
are VBP O
talking VBG O
about IN O
shutting VBG O
down RP O
a DT I
major JJ I
American JJ I
city NN I
for IN O
a DT I
number NN I
of IN O
days NNS I
, , O
maybe RB O
for IN O
a DT I
few JJ I
weeks NNS I
. . O
'' '' O

Mr. NNP I
Goldberg NNP I
says VBZ O
the DT I
cost NN I
of IN O
the DT I
earthquake NN I
will MD O
definitely RB O
top JJ O
$ $ I
1 CD I
billion CD I
and CC O
could MD O
reach VB O
$ $ I
4 CD I
billion CD I
. . O

He PRP I
cautions VBZ O
that IN O
early JJ I
damage NN I
estimates NNS I
are VBP O
often RB O
low JJ O
; : O
the DT I
damage NN I
totals VBZ I
in IN O
Hurricane NNP I
Hugo NNP I
increased VBD O
tenfold RB O
as IN O
more JJR I
information NN I
was VBD O
received VBN O
. . O

The DT I
earthquake NN I
damage NN I
, , O
of IN O
course NN I
, , O
would MD O
have VB O
been VBN O
far RB O
greater JJR O
if IN O
the DT I
epicenter NN I
had VBD O
been VBN O
in IN O
downtown NN I
San NNP I
Francisco NNP I
. . O

A DT I
direct JJ I
hit VBD I
on IN O
a DT I
major JJ I
city NN I
, , O
Mr. NNP I
Goldberg NNP I
figures VBZ O
, , O
would MD O
cause VB O
$ $ I
20 CD I
billion CD I
to TO O
$ $ I
40 CD I
billion CD I
of IN O
damage NN I
. . O

Experts NNS I
caution VBP O
that IN O
it PRP I
is VBZ O
far RB O
too RB O
soon RB O
for IN O
reliable JJ I
estimates NNS I
of IN O
the DT I
quake NN I
's POS B
total JJ I
damage NN I
, , O
but CC O
it PRP I
's VBZ O
clear JJ O
that IN O
insurers NNS I
are VBP O
likely JJ O
to TO O
pay VB O
out RP O
enormous JJ I
sums NNS I
. . O

Jack NNP I
Byrne NNP I
, , O
the DT I
chairman NN I
of IN O
Fireman NNP I
's POS B
Fund NNP I
Corp. NNP I
, , O
which WDT I
is VBZ O
based VBN O
in IN O
Novato NNP I
, , O
Calif. NNP I
, , O
estimates NNS O
insured VBD I
losses NNS I
resulting VBG O
the DT I
earthquake NN I
could MD O
total VB O
$ $ I
2 CD I
billion CD I
. . O

The DT I
impact NN I
on IN O
the DT I
insurance NN I
industry NN I
`` `` O
will MD O
be VB O
big JJ O
and CC O
harsh JJ O
, , O
but CC O
less JJR O
than IN O
-LCB- ( I
Hurricane NNP I
-RCB- ) I
Hugo NNP I
, , O
'' '' O
says VBZ O
Mr. NNP I
Byrne NNP I
, , O
who WP I
toured VBD O
the DT I
Bay NNP I
area NN I
by IN O
car NN I
yesterday NN B
afternoon NN I
to TO O
get VB O
a DT I
sense NN I
of IN O
the DT I
company NN I
's POS B
exposure NN I
to TO O
the DT I
earthquake NN I
. . O

Mr. NNP I
Byrne NNP I
says VBZ O
Fireman NNP I
's POS B
Fund NNP I
will MD O
probably RB O
pay VB O
hundreds NNS I
of IN O
millions NNS I
in IN O
primary JJ I
claims NNS I
, , O
but CC O
, , O
after IN O
taxes NNS I
and CC O
use NN I
of IN O
its PRP$ I
reinsurance NN I
lines NNS I
, , O
the DT I
company NN I
's POS B
fourthquarter NN I
charge NN I
against IN O
earnings NNS I
should MD O
n't RB O
top JJ O
$ $ I
50 CD I
million CD I
. . O

The DT I
company NN I
was VBD O
able JJ O
to TO O
assess VB O
its PRP$ I
damage NN I
liability NN I
quickly RB O
because IN O
it PRP I
has VBZ O
computerized JJ I
maps NNS I
of IN O
Northern NNP I
California NNP I
showing VBG O
the DT I
exact JJ I
locations NNS I
of IN O
all PDT I
the DT I
property NN I
it PRP B
insures VBZ O
. . O

Fireman NNP I
's POS B
Fund NNP I
had VBD O
claims NNS I
adjusters NNS I
on IN O
the DT I
streets NNS I
of IN O
San NNP I
Francisco NNP I
right NN O
after IN O
sunrise NN I
yesterday NN B
and CC O
was VBD O
paying VBG O
as IN I
many JJ I
claims NNS I
as IN O
it PRP I
could MD O
right VB O
on IN O
the DT I
spot NN I
. . O

Fireman NNP I
's POS B
Fund NNP I
insures VBZ O
37,300 CD I
homes NNS I
and CC I
autos NNS I
and CC O
35,000 CD I
businesses NNS I
in IN O
the DT I
Bay NNP I
area NN I
. . O

In IN O
addition NN I
to TO O
paying VBG O
for IN O
earthquake NN I
and CC I
fire NN I
damage NN I
, , O
the DT I
insurer NN I
must MD O
cover VB O
worker-compensation NN I
claims NNS I
and CC O
also RB O
losses NNS I
due JJ O
to TO O
businesses NNS I
being VBG O
shut VBN O
down RB O
by IN O
lack NN I
of IN O
power NN I
or CC O
phone NN I
service NN I
. . O

But CC O
many JJ I
Californians NNS I
may MD O
not RB O
have VB O
adequate JJ I
insurance NN I
coverage NN I
to TO O
pay VB O
for IN O
damages NNS I
to TO O
their PRP$ I
property NN I
. . O

The DT I
Independent NNP I
Insurance NNP I
Agents NNS I
of IN O
America NNP I
says VBZ O
fewer JJR I
than IN I
one CD I
of IN I
every DT I
five CD I
California NNP I
homeowners NNS I
has VBZ O
earthquake NN I
insurance NN I
. . O

A DT I
somewhat RB I
higher JJR I
percentage NN I
of IN O
people NNS I
living VBG O
in IN O
the DT I
Bay NNP I
area NN I
have VBP O
bought VBN O
the DT I
additional JJ I
insurance NN I
protection NN I
, , O
but CC O
the DT I
great JJ I
majority NN I
are VBP O
n't RB O
covered VBN O
. . O

Earthquake NN I
insurance NN I
typically RB O
runs VBZ O
$ $ I
200 CD I
or CC I
more JJR I
a DT B
year NN I
for IN O
a DT I
small JJ I
house NN I
. . O

Whatever WDT I
the DT B
long-term JJ I
economic JJ I
effect NN I
, , O
the DT I
scene NN I
from IN O
the DT I
helicopter NN I
above IN O
Oakland NNP I
is VBZ O
one CD I
of IN O
tragedy NN I
. . O

Gargantuan JJ I
sections NNS I
of IN O
a DT I
double-decker JJ I
freeway NN I
have VBP O
been VBN O
heaved VBN O
about IN O
like IN O
plastic NN I
building NN I
blocks NNS I
. . O

Atop IN O
them PRP I
sit VBP O
cars NNS I
and CC I
trucks NNS I
abandoned VBN O
in IN O
a DT I
terrifying JJ I
scramble NN I
to TO O
safety VB O
the DT B
day NN I
before RB I
. . O

In IN O
areas NNS I
where WRB O
the DT I
freeway NN I
made VBD O
giant NN I
concrete JJ I
sandwiches NNS I
of IN O
itself PRP I
lie VBP O
cars NNS I
that WDT B
police NN B
say VBP O
have VBP O
been VBN O
flattened VBN O
into IN O
foot-thick JJ I
slabs NNS I
. . O

On IN O
the DT I
periphery NN I
, , O
rescue NN I
workers NNS I
seem VBP O
, , O
from IN O
the DT I
air NN I
, , O
to TO O
move VB O
in IN O
slow JJ I
motion NN I
. . O

They PRP I
peck VBP O
away RB O
at IN O
the DT I
1 CD I
1\/2-mile JJ I
section NN I
of IN O
rubble NN I
, , O
searching VBG O
for IN O
more JJR I
of IN O
the DT I
250 CD I
people NNS I
thought VBD O
to TO O
have VB O
died VBN O
here RB O
. . O

About IN I
20 CD I
other JJ I
deaths NNS I
were VBD O
also RB O
attributed VBN O
to TO O
the DT I
earthquake NN I
. . O

The DT I
heart NN I
of IN O
the DT I
earthquake NN I
, , O
6.9 CD I
on IN O
the DT I
Richter NNP I
scale NN I
, , O
was VBD O
50 CD I
miles NNS I
to TO O
the DT I
south RB I
, , O
near IN O
Santa NNP I
Cruz NNP I
, , O
but CC O
its PRP$ I
terrible JJ I
fist NN I
struck VBD O
here RB O
on IN O
the DT I
Nimitz NNP I
Freeway NNP I
, , O
a DT I
major JJ I
artery NN I
serving VBG O
the DT I
Bay NNP I
Bridge NNP I
between IN O
Oakland NNP I
and CC O
San NNP I
Francisco NNP I
. . O

Along IN O
the DT I
way NN I
, , O
the DT I
quake NN I
toppled VBD O
a DT I
mall NN I
in IN O
Santa NNP I
Cruz NNP I
, , O
knocked VBD O
down JJ O
buildings NNS I
in IN O
San NNP I
Francisco NNP I
's POS B
fashionable JJ I
Marina NNP I
District NNP I
and CC O
sent VBD O
a DT I
wall NN I
of IN O
bricks NNS I
crashing VBG O
on IN O
motorists NNS I
in IN O
the DT I
city NN I
's POS B
Financial NNP I
District NNP I
. . O

Just RB I
a DT I
short JJ I
span NN I
across IN O
the DT I
bay NN I
to TO O
the DT I
west NN I
, , O
the DT I
quake NN I
also RB O
showed VBD O
its PRP$ I
mettle NN I
: : O
A DT I
four-square-block JJ I
area NN I
of IN O
the DT I
Marina NNP I
District NNP I
lies VBZ O
smoldering VBG O
under IN O
a DT I
steady JJ I
stream NN I
of IN O
seawater NN I
being VBG O
pumped VBN O
onto IN O
rubble NN I
to TO O
prevent VB O
it PRP I
from IN O
blazing VBG O
anew RB O
. . O

Many JJ I
of IN O
the DT I
buildings NNS I
, , O
mostly JJ I
condominiums NNS I
and CC I
apartments NNS I
, , O
were VBD O
flattened VBN O
almost RB O
instantly RB O
as IN O
the DT I
underlying VBG I
soil NN I
-- : O
much NN I
of IN O
it PRP I
landfill NN B
-- : O
was VBD O
literally RB O
turned VBN O
to TO O
ooze VB I
by IN O
the DT I
quake NN I
's POS B
intensive JJ I
shaking NN I
, , O
rupturing VBG O
gas NN I
lines NNS I
. . O

Onlookers NNS I
say VBP O
three CD I
persons NNS I
died VBD O
when WRB O
one CD I
of IN O
the DT I
buildings NNS I
exploded VBD O
into IN O
a DT I
fireball NN I
shortly RB O
after IN O
the DT I
quake NN I
struck VBD O
. . O

Efforts NNS I
to TO O
fight VB O
the DT I
blaze NN I
were VBD O
hampered VBN O
because IN O
water NN I
mains NNS I
were VBD O
severed VBN O
as IN O
well RB O
. . O

From IN O
the DT I
air NN I
, , O
ribbons NNS I
of IN O
yellow JJ I
fire NN I
hose NN I
carry NN O
water NN I
from IN O
the DT I
bay NN I
to TO O
high-pressure JJ I
nozzles NNS I
trained VBN O
on IN O
the DT I
site NN I
. . O

As IN O
onlookers NNS I
stand VBP O
behind IN O
barricades NNS I
, , O
helmeted JJ I
firemen NNS I
and CC I
building NN I
inspectors NNS I
survey VBP O
rows NNS I
of IN O
nearby JJ I
buildings NNS I
that WDT B
were VBD O
twisted VBN O
from IN O
their PRP$ I
foundations NNS I
and CC O
seem VB O
on IN O
the DT I
verge NN I
of IN O
collapse NN I
. . O

In IN O
the DT I
Marina NNP I
District NNP I
, , O
residents NNS I
spent VBD O
yesterday NN I
assessing VBG O
damage NN I
, , O
cleaning NN O
up IN O
and CC O
trying VBG O
to TO O
find VB O
friends NNS I
and CC I
neighbors NNS I
. . O

Evelyn NNP I
Boccone NNP I
, , O
85 CD I
years NNS I
old JJ O
, , O
has VBZ O
lived VBN O
in IN O
the DT I
district NN I
most RBS B
of IN O
her PRP$ I
life NN I
. . O

Her PRP$ I
parents NNS I
lost VBD O
everything NN I
in IN O
the DT I
1906 CD I
earthquake NN I
. . O

`` `` O
Now RB O
, , O
we PRP I
realize VBP O
what WP I
our PRP$ B
mothers NNS I
must MD O
have VB O
gone VBN O
through IN O
, , O
'' '' O
she PRP I
says VBZ O
. . O

`` `` O
We PRP I
always RB O
heard VBD O
about IN O
the DT I
earthquake NN I
, , O
but CC O
as IN O
children NNS I
we PRP B
did VBD O
n't RB O
always RB O
listen VB O
. . O

PRINCE NNP I
HENRI NNP I
is VBZ O
the DT I
crown NN I
prince NN I
and CC I
hereditary JJ I
grand JJ I
duke NN I
of IN O
Luxembourg NNP I
. . O

An DT I
article NN I
in IN O
the DT I
World NNP I
Business NNP I
Report NNP I
of IN O
Sept. NNP I
22 CD I
editions NNS I
incorrectly RB O
referred VBN O
to TO O
his PRP$ I
father NN I
, , O
Grand NNP I
Duke NNP I
Jean NNP I
, , O
as IN O
the DT I
crown NN I
prince NN I
. . O

Resolution NNP I
Funding NNP I
Corp. NNP I
plans VBZ O
to TO O
sell VB O
$ $ I
4.5 CD I
billion CD I
of IN O
30-year JJ I
bonds NNS I
Wednesday NNP B
in IN O
the DT I
agency NN I
's POS B
first JJ I
sale NN I
of IN O
securities NNS I
. . O

The DT I
new JJ I
bonds NNS I
will MD O
be VB O
dated VBN O
Oct. NNP I
30 CD I
and CC O
mature NNP O
Oct. NNP I
15 CD I
, , I
2019 CD I
. . O

Tenders NNS I
for IN O
the DT I
bonds NNS I
, , O
available JJ O
in IN O
minimum JJ I
denominations NNS I
of IN O
$ $ I
1,000 CD I
, , O
must MD O
be VB O
received VBN O
by IN O
1 CD I
p.m. NN I
EDT NNP I
Wednesday NNP B
at IN O
Federal NNP I
Reserve NNP I
banks NNS I
. . O

Refcorp NNP I
, , O
created VBN O
by IN O
the DT I
thrift-overhaul NN I
law NN I
enacted VBN O
in IN O
August NNP I
, , O
will MD O
use VB O
the DT I
proceeds NNS I
to TO O
merge VB O
or CC O
sell VB O
off IN O
ailing VBG I
savings-and-loan JJ I
institutions NNS I
. . O

Congress NNP I
authorized VBD O
$ $ I
50 CD I
billion CD I
to TO O
be VB O
borrowed VBN O
to TO O
pay VB O
for IN O
the DT I
thrift NN I
bailout NN I
. . O

Of IN O
that DT I
amount NN I
, , O
$ $ I
20 CD I
billion CD I
has VBZ O
already RB O
been VBN O
borrowed VBN O
by IN O
the DT I
Treasury NNP I
Department NNP I
. . O

Unless IN O
otherwise RB O
specified VBN O
in IN O
a DT I
particular JJ I
offer NN I
, , O
the DT I
bonds NNS I
wo MD O
n't RB O
be VB O
subject NN O
to TO O
redemption NN I
prior RB O
to TO O
maturity NN I
. . O

Interest NN I
payments NNS I
on IN O
the DT I
bonds NNS I
will MD O
be VB O
payable JJ O
semiannually RB O
. . O

The DT I
bonds NNS I
are VBP O
subject NN O
to TO O
federal JJ I
taxation NN I
in IN O
the DT I
U.S. NNP I
, , O
including VBG O
income NN I
taxes NNS I
. . O

At IN O
the DT I
state NN I
and CC I
local JJ I
level NN I
, , O
the DT I
bonds NNS I
are VBP O
subject NN O
to TO O
surtaxes NNS I
and CC O
estate NN I
, , I
inheritance NN I
and CC I
gift NN I
taxes NNS I
, , O
but CC O
exempt JJ O
from IN O
taxation NN I
as IN O
to TO O
principal NN I
and CC I
interest NN I
. . O

G.D. NNP I
Searle NNP I
& CC I
Co. NNP I
, , O
a DT I
Monsanto NNP I
Co. NNP I
unit NN I
, , O
is VBZ O
launching VBG O
a DT I
program NN I
to TO O
give VB O
consumers NNS I
more JJR B
information NN I
about IN O
its PRP$ I
drugs NNS I
when WRB O
doctors NNS I
prescribe VBP O
them PRP I
. . O

Called VBN O
Patients NNS I
in IN O
the DT I
Know VB I
, , O
the DT I
program NN I
features NNS O
fact NN I
sheets NNS I
designed VBN O
to TO O
be VB O
easy JJ O
to TO O
understand VB O
. . O

The DT I
sheets NNS I
tell VBP O
how WRB O
the DT I
medicine NN I
works NNS O
, , O
describe VB O
how WRB O
to TO O
use VB O
it PRP I
and CC O
list VB O
its PRP$ I
possible JJ I
side NN I
effects NNS I
. . O

They PRP I
are VBP O
designed VBN O
to TO O
be VB O
given VBN O
to TO O
patients NNS I
by IN O
their PRP$ I
doctors NNS I
when WRB O
the DT I
medicines NNS I
are VBP O
prescribed VBN O
and CC O
include VBP O
space NN I
for IN O
the DT I
doctor NN I
to TO O
write VB O
special JJ I
instructions NNS I
. . O

In IN O
addition NN I
, , O
Searle NNP I
will MD O
give VB O
pharmacists NNS I
brochures NNS B
on IN O
the DT I
use NN I
of IN O
prescription NN I
drugs NNS I
for IN O
distribution NN I
in IN O
their PRP$ I
stores NNS I
. . O

Consumer NN I
groups NNS I
have VBP O
long RB O
advocated VBN O
that IN O
drug NN I
companies NNS I
and CC O
doctors NNS I
make VBP O
more JJR I
information NN I
available JJ O
to TO O
patients NNS I
. . O

`` `` O
We PRP I
believe VBP O
that IN O
every DT I
drug NN I
that WDT B
's VBZ O
marketed VBN O
to TO O
a DT I
consumer NN I
should MD O
have VB O
a DT I
consumer NN I
label NN I
, , O
'' '' O
said VBD O
Douglas NNP I
Teich NNP I
of IN O
the DT I
Public NNP I
Citizen NNP I
Health NNP I
Research NNP I
Group NNP I
, , O
a DT I
Ralph NNP I
Nader NNP I
affiliate NN I
. . O

Dr. NNP I
Teich NNP I
said VBD O
Searle NNP I
is VBZ O
`` `` O
the DT I
only JJ I
company NN I
I PRP B
know VBP O
that IN I
voluntarily RB O
'' '' O
will MD O
make VB O
consumer NN I
information NN I
available JJ O
. . O

According VBG O
to TO O
federal JJ I
officials NNS I
and CC O
drug-industry NN I
studies NNS I
, , O
nearly RB I
half NN I
of IN O
the DT I
1.6 CD I
billion CD I
prescriptions NNS I
filled VBD O
each DT I
year NN I
are VBP O
n't RB O
used VBN O
properly RB O
, , O
meaning VBG O
that DT O
money NN I
is VBZ O
wasted VBN O
on IN O
some DT I
prescriptions NNS I
and CC O
patients NNS I
are VBP O
deprived VBN O
of IN O
the DT I
benefits NNS I
of IN O
medication NN I
. . O

`` `` O
We PRP I
think VBP O
it PRP I
's VBZ O
very RB O
important JJ O
to TO O
provide VB O
as IN I
much JJ I
information NN I
as IN O
possible JJ O
on IN O
the DT I
drugs NNS I
consumers NNS B
take VBP O
, , O
'' '' O
said VBD O
Searle NNP I
Chairman NNP I
Sheldon NNP I
Gilgore NNP I
. . O

Bond NN I
prices NNS I
rambled VBD O
yesterday NN I
as IN O
investors NNS I
kept VBD O
close VB I
watch NN I
on IN O
the DT I
stock NN I
market NN I
and CC O
worried VBN O
about IN O
a DT I
wave NN I
of IN O
new JJ I
supply NN I
. . O

Early JJ I
yesterday NN I
, , O
bonds NNS I
rose VBD O
as IN O
investors NNS I
rushed VBD O
to TO O
buy VB O
Treasury NNP I
securities NNS I
on IN O
the DT I
prospect NN I
that IN O
stocks NNS I
would MD O
plummet VB O
in IN O
the DT I
aftermath NN I
of IN O
the DT I
massive JJ I
California NNP I
earthquake NN I
. . O

For IN O
example NN I
, , O
some DT I
securities NNS I
analysts NNS I
warned VBD O
that IN O
stocks NNS I
of IN O
certain JJ I
insurance NN I
companies NNS I
, , O
which WDT I
face VBP O
massive JJ I
damage NN I
claims NNS I
, , O
would MD O
get VB O
hit VB O
hard JJ O
. . O

But CC O
when WRB O
the DT I
Dow NNP I
Jones NNP I
Industrial NNP I
Average NNP I
rose VBD O
instead RB O
, , O
bonds NNS I
drifted VBD O
lower JJR O
. . O

With IN O
stocks NNS I
not RB B
a DT I
major JJ I
focus NN I
, , O
`` `` O
we PRP I
're VBP O
waiting VBG O
for IN O
the DT I
next JJ I
guiding VBG I
light NN I
, , O
'' '' O
said VBD O
Brian NNP I
J. NNP I
Fabbri NNP I
, , O
chief JJ I
economist NN I
at IN O
Midland NNP I
Montagu NNP I
Securities NNP I
Inc NNP I
. . O

`` `` O
If IN O
the DT I
stock NN I
market NN I
tremors NNS I
are VBP O
behind IN O
us PRP I
, , O
then RB O
the DT I
bond NN I
market NN I
will MD O
go VB O
back RB O
to TO O
looking VBG O
at IN O
the DT I
next JJ I
batch NN I
of IN O
economic JJ I
numbers NNS I
to TO O
determine VB O
'' '' O
where WRB O
interest NN I
rates NNS I
are VBP O
heading VBG O
. . O

The DT I
Treasury NNP I
's POS B
benchmark NN I
30-year JJ I
bond NN I
, , O
which WDT I
jumped VBD O
3\/8 CD I
point NN I
, , O
or CC O
about RB I
$ $ I
3.75 CD I
for IN O
each DT I
$ $ I
1,000 CD I
face NN I
amount NN I
, , O
during IN O
the DT I
first JJ I
hour NN I
of IN O
trading NN I
, , O
ended VBD O
little RB O
changed VBN O
. . O

Interest NN I
rates NNS I
barely RB O
budged VBD O
from IN O
Tuesday NNP I
's POS B
levels NNS I
. . O

Most JJS I
junk NN I
bonds NNS I
, , O
which WDT I
have VBP O
been VBN O
battered VBN O
in IN O
recent JJ I
weeks NNS I
, , O
continued VBD O
a DT I
slow JJ I
recuperation NN I
and CC O
ended VBD O
unchanged JJ O
to TO O
slightly RB O
higher JJR O
. . O

But CC O
some DT I
so-called JJ I
high-quality JJ I
junk NN I
issues NNS I
fell VBD O
as IN O
some DT I
mutual JJ I
funds NNS I
sold VBD O
their PRP$ I
most RBS I
liquid JJ I
issues NNS I
to TO O
raise VB O
cash NN I
. . O

RJR NNP I
Holdings NNP I
Capital NNP I
Corp. NNP I
's POS B
14.7 CD I
% NN I
bonds NNS I
due JJ O
2009 CD I
fell VBD O
one CD I
point NN I
. . O

Other NNP I
RJR NNP I
issues NNS I
fell VBD O
between IN O
1\/2 CD I
point NN I
and CC O
1 CD I
1\/2 CD I
point NN I
. . O

In IN O
the DT I
latest JJS I
sign NN I
of IN O
how WRB O
difficult JJ O
it PRP I
is VBZ O
to TO O
place VB O
certain JJ I
junk NN I
bonds NNS I
, , O
Continental NNP I
Airlines NNPS I
said VBD O
it PRP I
was VBD O
forced VBN O
to TO O
scale VB O
back RB O
the DT I
size NN I
of IN O
its PRP$ I
latest JJS I
offering NN I
. . O

Continental NNP I
, , O
a DT I
unit NN I
of IN O
Texas NNP I
Air NNP I
Corp. NNP I
, , O
slashed VBD O
the DT I
size NN I
of IN O
its PRP$ I
note NN I
offering NN I
from IN O
$ $ I
150 CD I
million CD I
to TO O
$ $ I
71 CD I
million CD I
. . O

The DT I
move NN I
had VBD O
been VBN O
widely RB O
expected VBN O
. . O

In IN O
the DT I
multipart JJ I
offering NN I
, , O
the DT I
company NN I
sold VBD O
a DT I
portion NN I
of IN O
secured VBN I
notes NNS I
but CC O
shelved VBD O
all PDT I
the DT I
unsecured JJ I
notes NNS I
. . O

A DT I
Continental NNP I
spokeswoman NN I
said VBD O
the DT I
notes NNS I
may MD O
be VB O
offered VBN O
at IN O
a DT I
later JJ I
date NN I
. . O

`` `` O
This DT I
was VBD O
not RB O
a DT I
do-or-die JJ I
deal NN I
, , O
'' '' O
she PRP I
said VBD O
. . O

`` `` O
I PRP I
think VBP O
this DT I
is VBZ O
a DT I
market NN I
that WDT B
required VBD O
some DT I
level NN I
of IN O
security NN I
. . O

It PRP I
did VBD O
not RB O
make VB O
sense NN I
to TO O
offer VB O
unsecured JJ I
paper NN I
in IN O
an DT I
unsettling JJ I
market NN I
. . O
'' '' O

Investors NNS I
have VBP O
been VBN O
speculating VBG O
for IN O
weeks NNS I
about IN O
the DT I
market NN I
's POS B
ability NN I
to TO O
place VB O
the DT I
$ $ I
7 CD I
billion CD I
to TO I
$ $ I
10 CD I
billion CD I
of IN O
new JJ I
junk NN I
bonds NNS I
scheduled VBN O
to TO O
be VB O
sold VBN O
by IN O
year NN I
end NN I
. . O

Supply NN I
troubles NNS I
were VBD O
also RB O
on IN O
the DT I
minds NNS I
of IN O
Treasury NNP I
investors NNS I
yesterday NN B
, , O
who WP I
worried VBD O
about IN O
the DT I
flood NN I
of IN O
new JJ I
government NN I
securities NNS I
coming VBG O
next JJ I
week NN I
. . O

`` `` O
We PRP I
're VBP O
being VBG O
bombarded VBN O
by IN O
new JJ I
Treasury NNP I
and CC I
agency NN I
debt NN I
offerings NNS I
, , O
'' '' O
said VBD O
William NNP I
Sullivan NNP I
Jr. NNP I
, , O
director NN I
of IN O
money-market JJ I
research NN I
at IN O
Dean NNP I
Witter NNP I
Reynolds NNP I
Inc NNP I
. . O

`` `` O
The DT I
market NN I
is VBZ O
concerned VBN O
about IN O
its PRP$ I
ability NN I
to TO O
underwrite VB O
all PDT I
this DT I
debt NN I
at IN O
current JJ I
levels NNS I
. . O
'' '' O

In IN O
addition NN I
to TO O
the DT I
$ $ I
15.6 CD I
billion CD I
of IN O
Treasury NNP I
bills NNS I
to TO O
be VB O
sold VBN O
at IN O
next JJ I
week NN I
's POS B
regular JJ I
Monday NNP I
auction NN I
, , O
the DT I
government NN I
will MD O
sell VB O
$ $ I
10 CD I
billion CD I
of IN O
new JJ I
two-year JJ I
Treasury NNP I
notes NNS I
. . O

And CC O
Resolution NNP I
Funding NNP I
Corp. NNP I
said VBD O
late JJ I
yesterday NN I
that IN O
it PRP I
will MD O
sell VB O
$ $ I
4.5 CD I
billion CD I
of IN O
30-year JJ I
bonds NNS I
Wednesday NNP B
. . O

Refcorp NNP I
is VBZ O
the DT I
financing NN I
unit NN I
of IN O
Resolution NNP I
Trust NNP I
Corp. NNP I
, , O
a DT I
new JJ I
government NN I
agency NN I
created VBN O
to TO O
rescue VB O
the DT I
nation NN I
's POS B
troubled JJ I
thrifts NNS I
. . O

Its PRP$ I
securities NNS I
have VBP O
been VBN O
dubbed VBN O
`` `` O
bailout NN I
bonds NNS I
'' '' O
by IN O
traders NNS I
. . O

In IN O
when-issued JJ I
trading NN I
, , O
the DT I
two-year JJ I
Treasurys NNPS I
had VBD O
a DT I
yield NN I
of IN O
about IN I
7.88 CD I
% NN I
. . O

In IN O
the DT I
municipal JJ I
market NN I
, , O
all DT I
eyes NNS I
were VBD O
on IN O
California NNP I
debt NN I
as IN O
investors NNS I
tried VBD O
to TO O
gauge VB O
the DT I
financial JJ I
ramifications NNS I
of IN O
Tuesday NNP I
's POS B
earthquake NN I
. . O

But CC O
traders NNS I
said VBD O
the DT I
quake NN I
had VBD O
only RB I
a DT I
minor JJ I
impact NN I
on IN O
the DT I
trading NN I
of IN O
California NNP I
state NN I
and CC I
local JJ I
municipal JJ I
debt NN I
. . O

`` `` O
There EX I
are VBP O
certain JJ I
bonds NNS I
traders NNS B
refer VBP O
to TO O
as IN O
` `` I
earthquake NN I
' '' I
bonds NNS I
because IN O
the DT I
-LRB- ( I
issuers NNS I
-RRB- ) I
are VBP O
on IN O
top NN I
of IN O
the DT I
San NNP I
Andreas NNP I
fault NN I
, , O
'' '' O
said VBD O
Zane NNP I
Mann NNP I
, , O
editor NN I
of IN O
the DT I
California NNP I
Municipal NNP I
Bond NNP I
Advisor NNP I
, , O
a DT I
newsletter NN I
for IN O
investors NNS I
. . O

Since IN O
those DT I
bonds NNS I
already RB O
pay VBP O
a DT I
slightly RB I
higher JJR I
yield VB I
, , O
an DT I
extra JJ I
premium NN I
for IN O
the DT I
earthquake NN I
risk NN I
, , O
they PRP I
were VBD O
n't RB O
materially RB O
affected VBN O
. . O

But CC O
some DT I
bond NN I
market NN I
analysts NNS I
said VBD O
that WDT I
could MD O
quickly RB O
change VB O
if IN O
property NN I
casualty NN I
insurance NN I
companies NNS I
scramble VBP O
to TO O
sell VB O
portions NNS I
of IN O
their PRP$ I
municipal JJ I
portfolios NNS I
to TO O
raise VB O
cash NN I
to TO O
pay VB O
damage NN I
claims NNS I
. . O

`` `` O
Insurance NNP I
companies NNS I
will MD O
foot VB O
a DT I
substantial JJ I
amount NN I
of IN O
the DT I
bill NN I
to TO O
reconstruct VB O
San NNP I
Francisco NNP I
, , O
'' '' O
said VBD O
Charles NNP I
Lieberman NNP I
, , O
chief JJ I
economist NN I
at IN O
Manufacturers NNP I
Hanover NNP I
Securities NNP I
Corp NNP I
. . O

He PRP I
also RB O
expects VBZ O
the DT I
performance NN I
of IN O
municipals NNS I
to TO O
lag VB O
Treasurys NNPS I
as IN O
California NNP I
is VBZ O
forced VBN O
to TO O
issue VB O
new JJ I
debt NN I
over IN O
time NN I
to TO O
repair VB O
public JJ I
facilities NNS I
. . O

A DT I
report NN I
issued VBD O
late JJ I
yesterday NN I
by IN O
Standard NNP I
& CC I
Poor NNP I
's POS B
Corp. NNP I
concluded VBD O
the DT I
quake NN I
wo MD O
n't RB O
cause VB O
`` `` O
wide-scale JJ I
credit NN I
deterioration NN I
'' '' O
for IN O
issuers NNS I
and CC O
debt NN I
issues NNS I
in IN O
the DT I
12-county JJ I
area NN I
of IN O
Northern NNP I
California NNP I
affected VBN O
by IN O
the DT I
quake NN I
. . O

Treasury NNP I
Securities NNPS I

Treasury NN I
bonds NNS I
ended VBD O
narrowly RB O
mixed VBN O
in IN O
quiet JJ I
trading NN I
. . O

The DT I
benchmark NN I
30-year JJ I
bond NN I
ended VBD O
at IN O
a DT I
price NN I
of IN O
100 CD I
29\/32 CD I
to TO O
yield VB O
8.03 CD I
% NN I
, , O
compared VBN O
with IN O
100 CD I
28\/32 CD I
to TO O
yield VB O
8.04 CD I
% NN I
Tuesday NNP B
. . O

The DT I
latest JJS I
10-year JJ I
notes NNS I
were VBD O
quoted VBN O
late RB O
at IN O
a DT I
price NN I
of IN O
99 CD I
26\/32 CD I
to TO O
yield VB O
8 CD I
% NN I
, , O
compared VBN O
with IN O
99 CD I
25\/32 CD I
to TO O
yield VB O
8.01 CD I
% NN I
. . O

Short-term JJ I
rates NNS I
were VBD O
little RB O
changed VBN O
. . O

Corporate JJ I
Issues NNS I

Investment-grade JJ I
corporate JJ I
bonds NNS I
ended VBD O
1\/4 CD I
point NN I
lower JJR O
. . O

The DT I
Continental NNP I
junk NN I
bond NN I
offering NN I
, , O
underwritten VBN O
by IN O
Drexel NNP I
Burnham NNP I
Lambert NNP I
Inc. NNP I
, , O
was VBD O
the DT I
only RB I
new JJ I
issue NN I
priced VBD O
yesterday NN I
. . O

In IN O
the DT I
four-part JJ I
offering NN I
, , O
the DT I
$ $ I
71 CD I
million CD I
of IN O
secured VBN I
equipment NN I
certificates NNS I
was VBD O
priced VBN O
to TO O
yield VB O
13.75 CD I
% NN I
to TO O
15.75 CD I
% NN I
. . O

Municipals NNS I

Municipal JJ I
bonds NNS I
ended VBD O
about IN I
1\/8 CD I
to TO I
3\/8 CD I
point NN I
lower RBR O
, , O
hurt VBN O
by IN O
the DT I
circulation NN I
of IN O
two CD I
`` `` I
bid-wanted JJ I
'' '' I
lists NNS I
totaling VBG O
$ $ I
655 CD I
million CD I
. . O

Chemical NNP I
Securities NNP I
Inc. NNP I
is VBZ O
acting VBG O
as IN O
agent NN I
for IN O
the DT I
seller NN I
. . O

Meanwhile RB O
, , O
some DT I
California NNP I
issues NNS I
were VBD O
down RP O
a DT I
touch NN I
more JJR O
than IN O
the DT I
broad JJ I
market NN I
, , O
but CC O
traders NNS I
said VBD O
there EX I
had VBD O
n't RB O
been VBN O
much JJ I
investor NN I
selling VBG I
because IN O
of IN O
the DT I
quake NN I
. . O

But CC O
New NNP I
York NNP I
City NNP I
general JJ I
obligation NN I
bonds NNS I
came VBD O
under IN O
selling VBG I
pressure NN I
. . O

Traders NNS I
said VBD O
a DT I
steady JJ I
stream NN I
of IN O
bonds NNS I
was VBD O
put VBN O
up IN O
for IN O
sale NN I
yesterday NN B
, , O
pushing VBG O
yields NNS I
for IN O
longer RB I
maturities NNS I
up IN O
0.05 CD I
percentage NN I
point NN I
. . O

Traders NNS I
said VBD O
investors NNS I
were VBD O
reacting VBG O
to TO O
recent JJ I
negative JJ I
news NN I
on IN O
the DT I
city NN I
's POS B
finances NNS I
and CC O
are VBP O
nervous JJ O
ahead RB O
of IN O
the DT I
Nov. NNP I
7 CD I
election NN I
. . O

Washington NNP I
, , O
D.C. NNP I
, , O
topped VBD O
the DT I
competitive JJ I
slate NN I
yesterday NN B
with IN O
a DT I
sale NN I
of IN O
$ $ I
200 CD I
million CD I
of IN O
general JJ I
obligation NN I
tax NN I
revenue NN I
anticipation NN I
notes NNS I
. . O

In IN O
late JJ I
trading NN I
, , O
New NNP I
Jersey NNP I
Turnpike NNP I
Authority NNP I
's POS B
7.20 CD I
% NN I
issue NN I
of IN O
2018 CD I
was VBD O
off IN O
1\/4 CD I
point NN I
at IN O
98 CD I
bid NN O
. . O

The DT I
yield NN I
was VBD O
7.35 CD I
% NN I
, , O
up IN O
0.01 CD I
percentage NN I
point NN I
. . O

Mortgage-Backed JJ I
Securities NNPS I

Mortgage NN I
securities NNS I
ended VBD O
little RB O
changed VBN O
after IN O
light NN I
dealings NNS I
. . O

There EX I
was VBD O
no DT I
appreciable JJ I
market NN I
impact NN I
from IN O
the DT I
California NNP I
earthquake NN I
. . O

Dealers NNS I
said VBD O
there EX I
was VBD O
some DT I
concern NN I
that IN O
insurance NN I
companies NNS I
might MD O
be VB O
forced VBN O
to TO O
sell VB O
mortgage NN I
securities NNS I
to TO O
help VB O
pay VB O
earthquake-related JJ I
claims NNS I
, , O
but CC O
no DT I
selling NN I
materialized VBD O
. . O

The DT I
Federal NNP I
Home NNP I
Loan NNP I
Mortgage NNP I
Corp. NNP I
and CC I
Federal NNP I
National NNP I
Mortgage NNP I
Association NNP I
, , O
two CD I
dominant JJ I
issuers NNS I
of IN O
mortgage NN I
securities NNS I
, , O
have VBP O
a DT I
sizable JJ I
amount NN I
of IN O
California NNP I
home NN I
loans NNS I
in IN O
their PRP$ I
mortgagebacked JJ I
pools NNS I
. . O

But CC O
their PRP$ I
potential JJ I
quake NN I
exposure NN I
is VBZ O
seen VBN O
as IN O
small JJ O
given VBN O
that IN O
they PRP I
require VBP O
a DT I
financial JJ I
cushion NN I
on IN O
all PDT I
the DT I
loans NNS I
they PRP B
purchase VBP O
. . O

And CC O
because IN O
Northern NNP I
California NNP I
home NN I
prices NNS I
are VBP O
so RB O
high JJ O
, , O
loans VBZ I
from IN O
the DT I
region NN I
often RB O
are VBP O
too RB O
large JJ O
to TO O
be VB O
included VBN O
in IN O
Freddie NNP I
Mac NNP I
and CC I
Fannie NNP I
Mae NNP I
pools NNS I
. . O

Meanwhile RB O
, , O
Government NNP I
National NNP I
Mortgage NNP I
Association NNP I
9 CD I
% NN I
securities NNS I
for IN O
November NNP I
delivery NN I
ended VBD O
at IN O
97 CD I
29\/32 CD I
, , O
unchanged JJ O
. . O

Freddie NNP I
Mac NNP I
9 CD I
% NN I
securities NNS I
were VBD O
at IN O
97 CD I
4\/32 CD I
, , O
down RB O
1\/32 CD I
. . O

In IN O
derivative JJ I
markets NNS I
, , O
Fannie NNP I
Mae NNP I
issued VBD O
two CD I
$ $ I
400 CD I
million CD I
real JJ I
estate NN I
mortgage NN I
investment NN I
conduits NNS I
backed VBN O
by IN O
its PRP$ I
9 CD I
% NN I
securities NNS I
. . O

Foreign JJ I
Bonds NNS I

British JJ I
government NN I
bonds NNS I
, , O
or CC O
gilts NNS I
, , O
ended VBD O
moderately RB O
lower JJR O
as IN O
equities NNS I
there RB O
recovered VBD O
from IN O
Tuesday NNP I
's POS B
drop NN I
. . O

The DT I
Treasury NNP I
's POS B
11 CD I
3\/4 CD I
% NN I
bond NN I
due JJ O
2003\/2007 CD I
fell VBD O
11\/32 CD I
to TO O
111 CD I
31\/32 CD I
to TO O
yield VB O
10.08 CD I
% NN I
, , O
while IN O
the DT I
12 CD I
% NN I
notes NNS I
due JJ O
1995 CD I
were VBD O
down RB O
7\/32 CD I
to TO O
103 CD I
22\/32 CD I
to TO O
yield VB O
11.04 CD I
% NN I
. . O

Traders NNS I
said VBD O
today NN I
may MD O
be VB O
an DT I
anxious JJ I
day NN I
for IN O
the DT I
market NN I
. . O

Several JJ I
key JJ I
economic JJ I
figures NNS I
are VBP O
due JJ O
out IN O
and CC O
Chancellor NNP O
of IN O
the DT I
Exchequer NNP I
Nigel NNP O
Lawson NNP O
is VBZ O
scheduled VBN O
to TO O
give VB O
the DT I
annual JJ I
`` `` I
Mansion NNP I
House NNP I
'' '' I
address NN I
to TO O
the DT I
financial JJ I
community NN I
. . O

The DT I
chancellor NN I
sometimes RB O
has VBZ O
used VBN O
the DT I
occasion NN I
to TO O
announce VB O
major JJ I
economic JJ I
policy NN I
changes NNS I
. . O

Economists NNS I
do VBP O
n't RB O
expect VB O
any DT I
such JJ I
changes NNS I
in IN O
this DT I
year NN I
's POS B
address NN I
, , O
given VBN O
Mr. NNP I
Lawson NNP I
's POS B
apparent JJ I
reluctance NN I
to TO O
adjust VB O
policy NN I
currently RB O
. . O

Meanwhile RB O
, , O
Japanese JJ I
government NN I
bonds NNS I
retreated VBD O
in IN O
quiet JJ I
trading NN I
, , O
stymied VBN O
by IN O
the DT I
dollar NN I
's POS B
resiliency NN I
. . O

Japan NNP I
's POS B
bellwether NN I
4.6 CD I
% NN I
bond NN I
due JJ O
1998 CD I
ended VBD O
on IN O
brokers NNS I
' POS B
screens NNS I
at IN O
95.75 CD I
to TO O
yield VB O
5.315 CD I
% NN I
. . O

In IN O
West NNP I
Germany NNP I
, , O
investors NNS I
stayed VBD O
on IN O
the DT I
sidelines NNS I
as IN O
the DT I
bond NN I
market NN I
searched VBD O
for IN O
direction NN I
. . O

The DT I
government NN I
's POS B
7 CD I
% NN I
issue NN I
due JJ O
October NNP I
1999 CD I
fell VBD O
0.05 CD I
point NN I
to TO O
99.90 CD I
to TO O
yield VB O
7.01 CD I
% NN I
. . O

The DT I
Berlin NNP I
Wall NNP I
still RB O
stands VBZ O
. . O

But CC O
the DT I
man NN I
who WP B
built VBD O
it PRP I
has VBZ O
fallen VBN O
. . O

East NNP I
Germany NNP I
yesterday NN B
removed VBN O
Erich NNP I
Honecker NNP I
, , O
one CD I
of IN O
the DT I
staunchest JJS I
holdouts NNS I
against IN O
the DT I
reform NN I
rumbling VBG O
through IN O
the DT I
Communist NNP I
world NN I
, , O
in IN O
an DT I
effort NN I
to TO O
win VB O
back RB O
the DT I
confidence NN I
of IN O
its PRP$ I
increasingly RB I
rebellious JJ I
citizens NNS I
. . O

But CC O
while IN O
it PRP I
was VBD O
a DT I
move NN I
that WDT B
stunned VBD O
the DT I
East NNP I
bloc NN I
, , O
it PRP I
hardly RB O
ushers VBZ O
in IN O
an DT I
era NN I
of IN O
reform NN I
-- : O
at IN O
least JJS O
anytime RB O
soon RB O
. . O

For IN O
the DT I
Politburo NNP I
replaced VBD O
Mr. NNP I
Honecker NNP I
, , O
who WP I
had VBD O
led VBN O
East NNP I
Germany NNP I
for IN O
18 CD I
years NNS I
and CC O
before IN O
that DT I
headed VBD O
its PRP$ I
security NN I
apparatus NN I
, , O
with IN O
a DT I
man NN I
cut NN O
of IN O
the DT I
same JJ I
cloth NN I
: : O
Egon NNP I
Krenz NNP I
, , O
the DT I
most RBS I
recent JJ I
internal-security NN I
chief NN I
and CC O
a DT I
longtime JJ I
Honecker NNP I
protege NN I
. . O

East NNP I
Germany NNP I
, , O
it PRP I
is VBZ O
clear JJ O
, , O
is VBZ O
no DT I
Poland NNP I
, , O
where WRB O
the DT I
Communist NNP I
Party NNP I
now RB O
shares NNS O
power VBP I
with IN O
the DT I
democratically RB I
elected VBN I
Solidarity NNP I
union NN I
. . O

Nor CC O
is VBZ O
it PRP I
a DT B
Hungary NNP I
, , O
where WRB O
yesterday NN I
the DT B
parliament NN I
approved VBD O
constitutional JJ I
changes NNS I
meant VBD O
to TO O
help VB O
turn VB O
the DT I
Communist NNP I
nation NN I
into IN O
a DT I
multiparty NN I
democracy NN I
. . O

Still RB O
, , O
any DT I
change NN I
in IN O
East NNP I
Germany NNP I
has VBZ O
enormous JJ I
implications NNS I
, , O
for IN O
both DT I
East NNP I
and CC I
West NNP I
. . O

It PRP I
raises VBZ O
the DT I
long-cherished JJ I
hopes NNS I
of IN O
many JJ I
Germans NNPS I
for IN O
reunification NN I
-- : O
a DT I
prospect NN I
that IN B
almost RB O
equally RB O
alarms VBZ O
political JJ I
leaders NNS I
in IN O
Moscow NNP I
, , O
Washington NNP I
and CC O
Western NNP I
Europe NNP I
. . O

Mr. NNP I
Krenz NNP I
, , O
52 CD I
, , O
was VBD O
named VBN O
the DT I
new JJ I
party NN I
chief NN I
just RB B
minutes NNS I
after IN O
the DT I
Party NNP I
's POS B
163-member NNP I
Central NNP I
Committee NNP I
convened VBD O
in IN O
East NNP I
Berlin NNP I
. . O

Although IN O
the DT I
East JJ I
German JJ I
news NN I
agency NN I
ADN NNP I
claimed VBD O
Mr. NNP I
Honecker NNP I
had VBD O
asked VBN O
to TO O
be VB O
relieved VBN O
of IN O
his PRP$ I
duties NNS I
for IN O
`` `` O
health NN I
reasons NNS I
, , O
'' '' O
West JJ I
German JJ I
government NN I
sources NNS I
said VBD O
the DT I
26-man NNP I
Politburo NNP I
had VBD O
asked VBN O
for IN O
his PRP$ I
resignation NN I
at IN O
a DT I
separate JJ I
meeting NN I
late JJ B
Tuesday NNP I
. . O

-LRB- ( O
Mr. NNP I
Honecker NNP I
was VBD O
twice RB O
hospitalized VBN O
this DT I
summer NN I
for IN O
a DT I
gall NN I
bladder NN I
ailment NN I
and CC O
his PRP$ I
physical JJ I
condition NN I
has VBZ O
been VBN O
the DT I
subject NN I
of IN O
intense JJ I
speculation NN I
in IN O
the DT I
Western JJ I
media NNS I
. . O
-RRB- ) O

ADN NNP I
said VBD O
Mr. NNP I
Honecker NNP I
, , O
a DT I
hard-line JJ I
Stalinist JJ I
who WP B
in IN O
1961 CD I
supervised VBD O
the DT I
construction NN I
of IN O
the DT I
Berlin NNP I
Wall NNP I
, , O
also RB O
was VBD O
relieved VBN O
of IN O
his PRP$ I
title NN I
as IN O
head NN I
of IN O
state NN I
and CC O
his PRP$ I
position NN I
as IN O
chief NN I
of IN O
the DT I
military NN I
. . O

Mr. NNP I
Krenz NNP I
is VBZ O
expected VBN O
to TO O
be VB O
formally RB O
named VBN O
to TO O
all DT I
three CD I
positions NNS I
once RB O
the DT I
nation NN I
's POS B
parliament NN I
convenes VBZ O
later RB I
this DT I
week NN I
. . O

Mr. NNP I
Honecker NNP I
's POS B
ignoble JJ I
fall NN I
culminates VBZ O
nearly RB I
two CD I
decades NNS I
of IN O
iron-handed JJ I
leadership NN I
during IN O
which WDT I
Mr. NNP B
Honecker NNP I
, , O
now RB O
77 CD I
years NNS I
old JJ O
, , O
built VBN O
East NNP I
Germany NNP I
into IN O
the DT I
most RBS I
economically RB I
advanced VBD I
nation NN I
in IN O
the DT I
Soviet JJ I
bloc NN I
. . O

His PRP$ I
grip NN I
on IN O
power NN I
unraveled VBD O
this DT I
summer NN I
as IN O
thousands NNS I
of IN O
his PRP$ I
countrymen NNS I
, , O
dissatisfied JJ O
by IN O
the DT I
harshness NN I
of IN O
his PRP$ I
rule NN I
, , O
fled VBD O
to TO O
the DT I
West NNP I
. . O

Thousands NNS I
more RBR I
have VBP O
taken VBN O
to TO O
the DT I
streets NNS I
in IN O
the DT I
last JJ I
month NN I
in IN O
East NNP I
Germany NNP I
's POS B
largest JJS I
wave NN I
of IN O
domestic JJ I
unrest NN I
since IN O
a DT I
workers NNS I
' POS B
uprising NN I
in IN O
1953 CD I
. . O

In IN O
Washington NNP I
, , O
the DT I
Bush NNP I
administration NN I
took VBD O
a DT I
characteristically RB I
cautious JJ I
and CC I
skeptical JJ I
view NN I
of IN O
the DT I
leadership NN I
change NN I
. . O

The DT I
official JJ I
line NN I
was VBD O
to TO O
offer VB O
warmer JJR I
ties NNS I
to TO O
Mr. NNP I
Krenz NNP I
, , O
provided VBD O
he PRP I
is VBZ O
willing JJ O
to TO O
institute VB O
reforms NNS I
. . O

But CC O
U.S. NNP I
officials NNS I
have VBP O
strong JJ I
doubts NNS I
that IN O
he PRP I
is VBZ O
a DT I
reformer NN I
. . O

President NNP I
Bush NNP I
told VBD O
reporters NNS I
: : O
`` `` O
Whether IN O
that DT I
-LCB- ( O
the DT I
leadership NN I
change NN I
-RCB- ) O
reflects VBZ O
a DT I
change NN I
in IN O
East-West NNP I
relations NNS I
, , O
I PRP I
do VBP O
n't RB O
think VB O
so RB O
. . O

Because IN O
Mr. NNP I
Krenz NNP I
has VBZ O
been VBN O
very RB O
much RB O
in IN O
accord NN I
with IN O
the DT I
policies NNS I
of IN O
Honecker NNP I
. . O
'' '' O

One CD I
top JJ I
U.S. NNP I
expert NN I
on IN O
East NNP I
Germany NNP I
added VBD O
: : O
`` `` O
There EX I
is VBZ O
no DT I
clear-cut JJ I
champion NN I
of IN O
reform NN I
, , O
that IN I
we PRP B
know VBP O
of IN O
, , O
in IN O
the DT I
East JJ I
German JJ I
leadership NN I
. . O
'' '' O

Indeed RB O
, , O
Mr. NNP I
Krenz NNP I
said VBD O
on IN O
East JJ I
German JJ I
television NN I
last JJ B
night NN I
that IN O
there EX I
will MD O
be VB O
no DT I
sharing NN I
of IN O
power NN I
with IN O
pro-democracy JJ I
groups NNS I
. . O

He PRP I
said VBD O
, , O
while IN O
dialogue NN I
is VBZ O
important JJ O
, , O
enough JJ I
forums NNS I
already RB O
exist VBP O
`` `` O
in IN O
which WDT I
different JJ B
interests NNS I
'' '' O
can MD O
express VB O
themselves PRP I
. . O

The DT I
removal NN I
of IN O
Mr. NNP I
Honecker NNP I
was VBD O
apparently RB O
the DT I
result NN I
of IN O
bitter JJ I
infighting NN I
within IN O
the DT I
top JJ I
ranks NNS I
of IN O
the DT I
Communist NNP I
party NN I
. . O

According VBG O
to TO O
West JJ I
German JJ I
government NN I
sources NNS I
, , O
Mr. NNP I
Honecker NNP I
and CC O
several JJ I
senior JJ I
Politburo NNP I
members NNS I
fought VBD O
over IN O
the DT I
last JJ I
week NN I
to TO O
delay VB O
any DT I
decisions NNS I
about IN O
a DT I
leadership NN I
change NN I
. . O

But CC O
, , O
with IN O
public JJ I
demonstrations NNS I
in IN O
the DT I
country NN I
growing VBG O
in IN O
size NN I
and CC I
intensity NN I
, , O
Mr. NNP I
Honecker NNP I
and CC O
several JJ I
key JJ I
allies NNS I
lost VBD O
out IN O
in IN O
this DT I
battle NN I
, , O
officials NNS I
say VBP O
. . O

Those DT I
allies NNS I
included VBD O
Politburo NNP O
members NNS O
Guenter NNP O
Mittag NNP O
, , O
who WP I
has VBZ O
long RB O
headed VBN O
economic JJ I
affairs NNS I
, , O
and CC O
Joachim NNP O
Hermann NNP O
, , O
chief NN I
of IN O
information NN I
policy NN I
. . O

Both DT I
men NNS I
were VBD O
also RB O
relieved VBN O
of IN O
their PRP$ I
duties NNS I
yesterday NN B
. . O

Although IN O
other JJ I
resignations NNS I
may MD O
follow VB O
, , O
it PRP I
's VBZ O
still RB O
not RB O
clear JJ O
to TO O
what WP I
extent NN I
the DT B
change NN I
in IN O
party NN I
personnel NNS I
will MD O
alter VB O
the DT I
government NN I
's POS B
resistance NN I
to TO O
fundamental JJ I
change NN I
. . O

Clearly RB O
, , O
the DT I
central JJ I
figure NN I
in IN O
this DT I
process NN I
is VBZ O
Egon NNP I
Krenz NNP I
. . O

Born VBN O
in IN O
1937 CD I
in IN O
a DT I
Baltic NNP I
Sea NNP I
town NN I
now JJ O
part NN I
of IN O
Poland NNP I
, , O
he PRP I
was VBD O
eight CD I
years NNS I
old JJ O
when WRB O
World NNP I
War NNP I
II NNP I
ended VBD O
. . O

Like IN O
West JJ I
German NNP I
Chancellor NNP I
Helmut NNP I
Kohl NNP I
, , O
he PRP I
represents VBZ O
the DT I
postwar JJ I
generation NN I
that WDT B
has VBZ O
grown VBN O
up IN O
during IN O
Germany NNP I
's POS B
division NN I
. . O

Since IN O
joining VBG O
the DT I
Politburo NNP I
in IN O
1983 CD I
as IN O
its PRP$ I
youngest JJS I
member NN I
, , O
Mr. NNP I
Krenz NNP I
had VBD O
acquired VBN O
the DT I
nickname NN I
`` `` O
crown NN I
prince NN I
, , O
'' '' O
a DT I
reference NN I
to TO O
the DT I
widely RB I
held VBN I
view NN I
that IN O
he PRP I
was VBD O
the DT I
hand-picked JJ I
successor NN I
to TO O
Mr. NNP I
Honecker NNP I
. . O

In IN O
fact NN I
, , O
the DT I
two CD I
men NNS I
have VBP O
had VBN O
strikingly RB I
similar JJ I
career NN I
paths NNS I
, , O
both DT I
having VBG O
served VBN O
as IN O
chief NN I
of IN O
internal JJ I
security NN I
before IN O
their PRP$ I
rise NN I
to TO O
the DT I
top JJ I
party NN I
position NN I
. . O

Moreover RB O
, , O
both DT I
men NNS I
have VBP O
hewn VBN O
to TO O
a DT I
similar JJ I
hard-line JJ I
philosophy NN I
. . O

Notably RB O
, , O
one CD I
of IN O
Mr. NNP I
Krenz NNP I
's POS B
few JJ I
official JJ I
visits NNS I
overseas NN O
came VBD O
a DT I
few JJ I
months NNS I
ago RB O
, , O
when WRB O
he PRP I
visited VBD O
China NNP I
after IN O
the DT I
massacre NN I
in IN O
Beijing NNP I
. . O

He PRP I
later RB O
defended VBD O
the DT I
Chinese JJ I
government NN I
's POS B
response NN I
during IN O
a DT I
separate JJ I
visit NN I
to TO O
West NNP I
Germany NNP I
. . O

East JJ I
German NNP I
Protestantism NNP I
in IN O
particular JJ O
fears NNS O
Mr. NNP I
Krenz NNP I
, , O
in IN O
part NN I
because IN O
of IN O
an DT I
incident NN I
in IN O
January NNP I
1988 CD I
when WRB O
he PRP I
was VBD O
believed VBN O
to TO O
have VB O
ordered VBN O
the DT I
arrest NN I
of IN O
hundreds NNS I
of IN O
dissidents NNS I
who WP B
had VBD O
sought VBN O
refuge NN I
in IN O
the DT I
Church NNP I
. . O

However RB O
, , O
Mr. NNP I
Krenz NNP I
also RB O
has VBZ O
a DT I
reputation NN I
for IN O
being VBG O
politically RB O
savvy JJ O
. . O

His PRP$ I
shrewd JJ I
ability NN I
to TO O
read VB O
the DT I
shifting VBG I
popular JJ I
mood NN I
in IN O
East NNP I
Germany NNP I
is VBZ O
best RBS O
illustrated VBN O
by IN O
his PRP$ I
apparent JJ I
break NN I
with IN O
his PRP$ I
old JJ I
mentor NN I
, , O
Mr. NNP I
Honecker NNP I
. . O

Indeed RB O
, , O
according VBG O
to TO O
West JJ I
German JJ I
government NN I
sources NNS I
, , O
he PRP I
was VBD O
one CD I
of IN O
the DT I
leaders NNS I
in IN O
the DT I
power NN I
struggle NN I
that WDT B
toppled VBD O
Mr. NNP I
Honecker NNP I
. . O

In IN O
recent JJ I
days NNS I
, , O
Mr. NNP I
Krenz NNP I
has VBZ O
sought VBN O
to TO O
project VB O
a DT I
kinder JJR I
image NN I
. . O

According VBG O
to TO O
a DT I
report NN I
widely RB O
circulating VBG O
in IN O
East NNP I
Berlin NNP I
, , O
it PRP I
was VBD O
Mr. NNP I
Krenz NNP I
who WP B
ordered VBD O
police NN I
to TO O
stop VB O
using VBG O
excessive JJ I
force NN I
against IN O
demonstrators NNS I
in IN O
Leipzig NNP I
. . O

`` `` O
He PRP I
does VBZ O
n't RB O
want VB O
to TO O
have VB O
the DT I
image NN I
of IN O
the DT I
gun NN I
man NN I
, , O
'' '' O
says VBZ O
Fred NNP I
Oldenburg NNP I
, , O
an DT I
expert NN I
at IN O
the DT I
Bonn-sponsored NNP I
Institute NNP I
of IN O
East NNP I
European JJ I
and CC I
International NNP I
Studies NNS I
in IN O
Cologne NNP I
. . O

`` `` O
He PRP I
's VBZ O
not RB O
a DT I
reformer JJ I
-- : O
he PRP I
wants VBZ O
to TO O
have VB O
the DT I
image NN I
of IN O
a DT I
reformer NN I
. . O
'' '' O

As IN O
part NN I
of IN O
his PRP$ I
image NN I
polishing VBG I
, , O
Mr. NNP I
Krenz NNP I
is VBZ O
expected VBN O
to TO O
take VB O
modest JJ I
steps NNS I
toward IN O
reform NN I
to TO O
rebuild VB O
confidence NN I
among IN O
the DT I
people NNS I
and CC O
reassert VB O
the DT I
party NN I
's POS B
authority NN I
. . O

Besides IN O
sacking VBG O
other JJ I
senior JJ I
Politburo NNP I
officials NNS I
who WP B
allied VBD O
themselves PRP I
with IN O
Mr. NNP I
Honecker NNP I
, , O
Mr. NNP I
Krenz NNP I
could MD O
loosen VB O
controls NNS I
on IN O
the DT I
news NN I
media NNS I
, , O
free JJ O
up IN O
travel NN I
restrictions NNS I
, , O
and CC O
establish VB O
a DT I
dialogue NN I
with IN O
various JJ I
dissident JJ I
groups NNS I
. . O

But CC O
will MD O
it PRP I
be VB O
enough RB O
? . O

West JJ I
German JJ I
government NN I
officials NNS I
and CC O
Western JJ I
analysts NNS I
are VBP O
doubtful JJ O
. . O

`` `` O
He PRP I
does VBZ O
n't RB O
signify VB O
what WP I
people NNS B
want VBP O
, , O
so RB O
the DT I
unrest NN I
will MD O
go VB O
on IN O
, , O
'' '' O
Mr. NNP I
Oldenburg NNP I
predicts VBZ O
. . O

At IN O
the DT I
same JJ I
time NN I
, , O
the DT I
expectations NNS I
of IN O
the DT I
East JJ I
German JJ I
people NNS I
are VBP O
great JJ O
and CC O
will MD O
continue VB O
to TO O
grow VB O
. . O

Says VBZ O
one CD I
West JJ I
German JJ I
official NN I
: : O
`` `` O
What WP I
's VBZ O
necessary JJ O
now RB O
is VBZ O
the DT I
process NN I
of IN O
democratization NN I
. . O

Not RB O
just RB O
that IN O
people NNS I
are VBP O
being VBG O
heard VBN O
but CC O
that IN O
their PRP$ I
interests NNS I
are VBP O
being VBG O
taken VBN O
seriously RB O
. . O
'' '' O

Chancellor NNP I
Kohl NNP I
, , O
meanwhile RB O
, , O
has VBZ O
invited VBN O
Mr. NNP I
Krenz NNP I
to TO O
open VB O
discussions NNS I
with IN O
Bonn NNP I
on IN O
a DT I
wide JJ I
range NN I
of IN O
subjects NNS I
. . O

Reports NNS I
in IN O
the DT I
West JJ I
German JJ I
press NN I
, , O
citing VBG O
sources NNS I
in IN O
East NNP I
Germany NNP I
, , O
suggest VBP O
Mr. NNP I
Krenz NNP I
may MD O
serve VB O
only RB O
as IN O
a DT I
bridge NN I
between IN O
Mr. NNP I
Honecker NNP I
and CC O
a DT I
genuine JJ I
reform NN I
leader NN I
. . O

Adding VBG O
to TO O
that DT I
speculation NN I
is VBZ O
Mr. NNP I
Krenz NNP I
's POS B
reputation NN I
as IN O
a DT I
heavy JJ I
drinker NN I
, , O
who WP I
is VBZ O
said VBD O
to TO O
also RB O
suffer VB O
from IN O
diabetes NN I
. . O

`` `` O
This DT I
is VBZ O
a DT I
dynamic JJ I
process NN I
and CC O
we PRP I
're VBP O
experiencing VBG O
the DT I
first JJ I
step NN I
, , O
'' '' O
the DT I
Bonn NNP I
official NN I
adds VBZ O
. . O

The DT I
selection NN I
of IN O
Mr. NNP I
Krenz NNP I
may MD O
also RB O
disappoint VB O
Moscow NNP I
. . O

Soviet JJ I
leader NN I
Mikhail NNP I
Gorbachev NNP I
has VBZ O
pressed VBN O
hard JJ O
for IN O
a DT I
change NN I
in IN O
East NNP I
Germany NNP I
's POS B
rigid JJ I
stance NN I
. . O

Two CD I
reform-minded JJ I
party NN I
leaders NNS I
favored VBN O
by IN O
Moscow NNP I
as IN O
possible JJ I
successors NNS I
to TO O
Mr. NNP I
Honecker NNP I
, , O
Dresden NNP I
party NN I
secretary NN I
Hans NNP I
Modrow NNP I
and CC O
Politburo NNP I
member NN I
Guenter NNP I
Schabowski NNP I
, , O
were VBD O
passed VBN O
over RB O
. . O

If IN O
Mr. NNP I
Krenz NNP I
sticks VBZ O
to TO O
rigid JJ I
policies NNS I
the DT B
pressure NN I
from IN O
the DT I
Soviet NNP I
Union NNP I
could MD O
intensify VB O
. . O

In IN O
Moscow NNP I
, , O
Mr. NNP I
Gorbachev NNP I
sent VBD O
Mr. NNP I
Krenz NNP I
a DT B
congratulatory JJ I
telegram NN I
that WDT B
appeared VBD O
to TO O
urge VB O
the DT I
new JJ I
leadership NN I
to TO O
heed VB O
growing VBG I
calls VBZ I
for IN O
change NN I
. . O

According VBG O
to TO O
the DT I
Soviet JJ I
news NN I
agency NN I
Tass NNP B
, , O
`` `` O
Gorbachev NNP I
expressed VBD O
the DT I
conviction NN I
that IN O
the DT I
leadership NN I
of IN O
the DT I
Socialist NNP I
Unity NNP I
Party NNP I
of IN O
-LCB- ( I
East NNP I
-RCB- ) I
Germany NNP I
, , O
being VBG O
sensitive JJ O
to TO O
the DT I
demands NNS I
of IN O
the DT I
time NN I
, , O
... : O
will MD O
find VB O
solutions NNS I
to TO O
complicated VBN I
problems NNS I
the DT B
GDR NNP I
-LCB- ( O
German JJ I
Democratic NNP I
Republic NNP I
-RCB- ) O
encountered VBN O
. . O
'' '' O

A DT I
force NN I
of IN O
younger JJR I
pro-Gorbachev JJ I
members NNS I
in IN O
the DT I
East JJ I
German JJ I
bureaucracy NN I
has VBZ O
for IN O
some DT I
time NN I
been VBN O
pushing VBG O
for IN O
relaxation NN I
within IN O
their PRP$ I
country NN I
. . O

The DT I
older JJR I
generation NN I
has VBZ O
been VBN O
torn VBN O
between IN O
a DT I
fear NN I
of IN O
tampering VBG O
with IN O
the DT I
status NN I
quo FW I
and CC O
a DT I
fear NN I
of IN O
what WP I
might MD O
happen VB O
if IN O
they PRP I
did VBD O
n't RB O
. . O

From IN O
the DT I
perspective NN I
of IN O
East NNP I
Germany NNP I
's POS B
old JJ I
guard NN I
, , O
reforms NNS I
that IN B
smack RB O
of IN O
capitalism NN I
and CC O
Western-style JJ I
democracy NN I
could MD O
eliminate VB O
their PRP$ I
country NN I
's POS B
reason NN I
for IN O
being VBG I
. . O

Unlike IN O
the DT I
other JJ I
nations NNS I
of IN O
the DT I
bloc NN I
, , O
East NNP I
Germany NNP I
is VBZ O
a DT I
creature NN I
of IN O
the DT I
Cold NNP I
War NNP I
. . O

Erasing VBG O
the DT I
differences NNS I
still RB O
dividing VBG O
Europe NNP I
, , O
and CC O
the DT I
vast JJ I
international JJ I
reordering NN I
that DT B
implies VBZ O
, , O
wo MD O
n't RB O
endanger VB O
the DT I
statehood NN I
of IN O
a DT I
Poland NNP I
or CC O
a DT I
Hungary NNP I
. . O

But CC O
it PRP I
could MD O
ultimately RB O
lead VB O
to TO O
German JJ I
reunification NN I
and CC O
the DT I
disappearance NN I
of IN O
East NNP I
Germany NNP I
from IN O
the DT I
map NN I
. . O

Which WDT I
is VBZ O
what WP I
the DT B
Old NNP I
Guard NNP I
fears NNS O
. . O

`` `` O
I PRP I
'm VBP O
sure JJ O
they PRP I
'll MD O
formulate VB O
a DT I
reform NN I
that WDT B
will MD O
be VB O
a DT I
recipe NN I
for IN O
the DT I
GDR NNP I
's POS B
future NN I
as IN O
a DT I
separately RB I
identifiable JJ I
state NN I
, , O
'' '' O
says VBZ O
Michael NNP I
Simmons NNP I
, , O
a DT I
British JJ I
journalist NN I
whose WP$ B
book NN I
on IN O
East NNP I
Germany NNP I
, , O
entitled VBN O
`` `` O
The DT I
Unloved NNP I
Country NNP I
, , O
'' '' O
was VBD O
published VBN O
this DT I
month NN I
. . O

Up IN O
to TO O
now RB I
, , O
that DT I
recipe NN I
has VBZ O
consisted VBN O
of IN O
a DT I
dogged VBN I
effort NN I
by IN O
former JJ I
leader NN I
Walter NNP I
Ulbricht NNP I
to TO O
establish VB O
the DT I
country NN I
's POS B
international JJ I
legitimacy NN I
, , O
followed VBN O
by IN O
Mr. NNP I
Honecker NNP I
's POS B
campaign NN I
to TO O
build VB O
the DT I
East NNP I
bloc NN I
's POS B
only RB I
successful JJ I
Stalinist JJ I
economy NN I
into IN O
a DT I
consumer NN I
paradise NN I
. . O

Neither CC I
man NN I
achieved VBD O
perfection NN I
. . O

Early RB O
in IN O
1987 CD I
, , O
Mr. NNP I
Honecker NNP I
and CC O
his PRP$ I
team NN I
stopped VBD O
paying VBG O
thin JJ I
compliments NNS I
to TO O
Mr. NNP I
Gorbachev NNP I
and CC O
joined VBD O
with IN O
Romania NNP I
in IN O
rejecting VBG O
any DT I
necessity NN I
for IN O
adjustments NNS I
in IN O
their PRP$ I
systems NNS I
. . O

The DT I
less-self-confident JJ I
Czechoslovaks NNPS I
and CC I
Bulgarians NNPS I
, , O
in IN O
contrast NN I
, , O
declared VBD O
their PRP$ I
intentions NNS I
to TO O
reform VB O
, , O
while IN O
doing VBG O
nothing NN I
concrete JJ O
about IN O
it PRP I
. . O

The DT I
East JJ I
German JJ I
media NNS I
soon RB O
began VBD O
presenting VBG O
Mr. NNP I
Gorbachev NNP I
's POS B
speeches NNS I
only RB O
as IN O
sketchy JJ I
summaries NNS I
, , O
and CC O
giving VBG O
space NN I
to TO O
his PRP$ I
opponents NNS I
. . O

By IN O
late JJ I
1988 CD I
, , O
they PRP I
were VBD O
banning VBG O
Soviet JJ I
publications NNS I
. . O

The DT I
country NN I
abandoned VBD O
its PRP$ I
former JJ I
devotion NN I
to TO O
socialist JJ I
unity NN I
and CC O
took VBD O
to TO O
insisting VBG O
instead RB O
that IN O
each DT I
country NN I
in IN O
the DT I
bloc NN I
ought MD O
to TO O
travel VB O
its PRP$ I
own JJ I
road NN I
. . O

Mr. NNP I
Honecker NNP I
spoke VBD O
of IN O
`` `` O
generally RB I
valid JJ I
objective NN I
laws NNS I
of IN O
socialism NN I
'' '' O
and CC O
left VBD O
no DT I
room NN I
for IN O
debate NN I
. . O

With IN O
this DT I
year NN I
's POS B
dislocations NNS I
in IN O
China NNP I
and CC O
the DT I
Soviet NNP I
Union NNP I
, , O
and CC O
the DT I
drive NN I
to TO O
democracy NN I
in IN O
Poland NNP I
and CC I
Hungary NNP I
, , O
the DT I
East JJ I
German JJ I
leadership NN I
grew VBD O
still RB O
more RBR O
defensive JJ O
. . O

Politburo NNP I
member NN I
Joachim NNP I
Herrman NNP I
confessed VBD O
to TO O
a DT I
`` `` I
grave JJ I
concern NN I
'' '' I
over IN O
Hungarian JJ I
democracy NN I
. . O

`` `` O
Under IN O
the DT I
banner NN I
that WDT B
proclaims VBZ O
the DT I
` `` I
renewal NN I
of IN O
socialism NN I
, , O
' '' O
'' '' O
he PRP I
said VBD O
, , O
`` `` O
forces NNS I
are VBP O
at IN O
work NN I
that WDT B
are VBP O
striving VBG O
to TO O
eliminate VB O
socialism NN I
. . O
'' '' O

Some DT I
loyal JJ I
voices NNS I
, , O
in IN O
and CC O
out IN O
of IN O
the DT I
East JJ I
German NNP I
Communist NNP I
party NN I
, , O
saw VBD O
the DT I
nation NN I
's POS B
unrest NN I
coming VBG O
. . O

The DT I
first JJ I
signs NNS I
were VBD O
economic JJ O
. . O

Despite IN O
heavily RB I
subsidized JJ I
consumer NN I
industries NNS I
, , O
East NNP I
Germans NNPS I
have VBP O
for IN O
years NNS I
watched VBD O
the DT I
West NNP I
pull NN O
farther RB O
out IN O
ahead RB O
. . O

In IN O
1988 CD I
, , O
for IN O
the DT I
first JJ I
time NN I
, , O
economic JJ I
growth NN I
came VBD O
to TO O
a DT I
dead JJ I
stop NN I
. . O

Gingerly RB O
, , O
some DT I
economists NNS I
began VBD O
to TO O
blame VB O
central JJ I
planning NN I
. . O

Some DT I
writers NNS I
in IN O
theoretical JJ I
journals NNS I
even RB O
raised VBN O
the DT I
notion NN I
of IN O
introducing VBG O
democracy NN I
, , O
at IN O
least JJS O
in IN O
the DT I
workplace NN I
. . O

By IN O
summer NN I
, , O
an DT I
independent JJ I
reform NN I
movement NN I
was VBD O
saying VBG O
out IN O
loud JJ O
what WP I
it PRP B
had VBD O
only RB O
whispered VBN O
before RB O
. . O

But CC O
they PRP I
are VBP O
stalwart JJ I
socialists NNS I
. . O

Their PRP$ I
proclaimed VBD I
purpose NN I
is VBZ O
to TO O
cleanse VB O
East NNP I
Germany NNP I
of IN O
its PRP$ I
Stalinist JJ I
muck NN I
, , O
not RB O
to TO O
merge VB O
with IN O
the DT I
West NNP I
. . O

One CD I
of IN O
their PRP$ I
pastors NNS I
has VBZ O
envisioned VBN O
a DT I
`` `` I
new JJ I
utopia NN I
'' '' I
of IN O
`` `` O
creative JJ I
socialism NN I
. . O
'' '' O

Meanwhile RB O
, , O
the DT I
man NN I
Mr. NNP B
Krenz NNP I
replaces VBZ O
has VBZ O
left VBN O
an DT I
indelible JJ I
mark NN I
on IN O
East JJ I
German JJ I
society NN I
. . O

Imprisoned VBN O
by IN O
the DT I
Nazis NNPS I
during IN O
World NNP I
War NNP I
II NNP I
for IN O
his PRP$ I
political JJ I
beliefs NNS I
, , O
Mr. NNP I
Honecker NNP I
typified VBD O
the DT I
postwar JJ I
generation NN I
of IN O
committed VBN I
Communist NNP I
leaders NNS I
in IN O
Eastern NNP I
Europe NNP I
who WP B
took VBD O
their PRP$ I
cues NNS I
from IN O
Moscow NNP I
. . O

He PRP I
was VBD O
a DT I
`` `` I
socialist JJ I
warrior NN I
'' '' I
who WP B
felt VBD O
rankled VBN O
by IN O
West NNP I
Germany NNP I
's POS B
enormous JJ I
postwar JJ I
prosperity NN I
and CC O
the DT I
Bonn NNP I
government NN I
's POS B
steadfast JJ I
refusal NN I
to TO O
recognize VB O
the DT I
legitimacy NN I
of IN O
his PRP$ I
state NN I
. . O

Finally RB O
, , O
during IN O
his PRP$ I
first JJ I
and CC I
only JJ I
state NN I
visit NN I
to TO O
Bonn NNP I
two CD B
years NNS I
ago RB O
, , O
he PRP I
won VBD O
some DT I
measure NN I
of IN O
the DT I
recognition NN I
he PRP B
had VBD O
long JJ O
sought VBD O
. . O

But CC O
ultimately RB O
he PRP I
was VBD O
undone VBN O
by IN O
forces NNS I
unleashed VBN O
by IN O
his PRP$ I
own JJ I
comrade NN I
, , O
Mr. NNP I
Gorbachev NNP I
. . O

Mr. NNP I
Honecker NNP I
's POS B
removal NN I
`` `` O
was VBD O
bound VBN O
to TO O
happen VB O
, , O
'' '' O
says VBZ O
one CD I
aide NN I
to TO O
Chancellor NNP I
Kohl NNP I
. . O

`` `` O
It PRP I
was VBD O
only RB O
a DT I
matter NN I
of IN O
time NN I
. . O
'' '' O

The DT I
European NNP I
Community NNP I
Commission NNP I
increased VBD O
its PRP$ I
forecast NN I
for IN O
economic JJ I
growth NN I
in IN O
the DT I
EC NNP I
in IN O
1989 CD I
to TO O
3.5 CD I
% NN I
, , O
slightly RB O
higher JJR O
than IN O
its PRP$ I
June NNP I
projection NN I
of IN O
3.25 CD I
% NN I
. . O

In IN O
its PRP$ I
annual JJ I
economic JJ I
report NN I
for IN O
1989-1990 CD I
, , O
the DT I
commission NN I
also RB O
projected VBD O
1990 CD I
gross JJ I
domestic JJ I
product NN I
growth NN I
for IN O
the DT I
12 CD I
EC NNP I
members NNS I
at IN O
3 CD I
% NN I
. . O

EC NNP I
inflation NN I
was VBD O
seen VBN O
at IN O
4.8 CD I
% NN I
in IN O
1989 CD I
, , O
higher JJR O
than IN O
1988 CD I
's POS B
3.6 CD I
% NN I
price NN I
rise NN I
. . O

However RB O
, , O
inflation NN I
for IN O
1990 CD I
was VBD O
seen VBN O
slowing VBG O
to TO O
4.5 CD I
% NN I
. . O

Leading VBG O
EC NNP I
growth NN I
forecasts NNS I
in IN O
1989 CD I
was VBD O
Ireland NNP I
, , O
seen VBN O
growing VBG O
5 NN I
% NN I
at IN O
constant JJ I
prices NNS I
. . O

Slower JJR I
growth NN I
countries NNS I
included VBD O
Greece NNP I
, , O
at IN O
2.5 CD I
% NN I
, , O
the DT I
U.K. NNP I
, , O
at IN O
2.25 CD I
% NN I
, , O
and CC O
Denmark NNP I
, , O
at IN O
1.75 CD I
% NN I
. . O

Inflation NN I
is VBZ O
expected VBN O
to TO O
be VB O
highest JJS O
in IN O
Greece NNP I
, , O
where WRB O
it PRP I
is VBZ O
projected VBN O
at IN O
14.25 CD I
% NN I
, , O
and CC O
Portugal NNP I
, , O
at IN O
13 CD I
% NN I
. . O

At IN O
the DT I
other JJ I
end NN I
of IN O
the DT I
spectrum NN I
, , O
West JJ I
German JJ I
inflation NN I
was VBD O
forecast NN O
at IN O
3 CD I
% NN I
in IN O
1989 CD I
and CC O
2.75 CD I
% NN I
in IN O
1990 CD I
. . O

Nestle NNP I
Korea NNP I
Ltd. NNP I
opened VBD O
a DT I
coffee NN I
and CC I
non-dairy-creamer NN I
plant NN I
in IN O
Chongju NNP I
, , O
South NNP I
Korea NNP I
. . O

An DT I
official NN I
at IN O
Nestle NNP I
Korea NNP I
, , O
a DT I
50-50 JJ I
joint JJ I
venture NN I
between IN O
Nestle NNP I
S.A. NNP I
and CC O
the DT I
Doosan NNP I
Group NNP I
, , O
said VBD O
the DT I
new JJ I
facility NN I
will MD O
manufacture VB O
all DT I
types NNS I
of IN O
soluble JJ I
, , I
roasted VBN I
and CC I
ground NN I
coffee NN I
, , O
coffee NN I
mix NN I
and CC O
nondairy JJ I
coffee NN I
creamer NN I
. . O

The DT I
South JJ I
Korean JJ I
coffee NN I
market NN I
, , O
consisting VBG O
mostly RB O
of IN O
instant NN I
coffee NN I
, , O
was VBD O
estimated VBN O
at IN O
about IN I
100 CD I
billion CD I
won VBD I
-LRB- ( O
$ $ I
150.7 CD I
million CD I
-RRB- ) O
last JJ I
year NN I
. . O

Brands NNP I
made VBN O
by IN O
the DT I
Kraft NNP I
General NNP I
Foods NNPS I
unit NN I
of IN O
Philip NNP I
Morris NNP I
Cos. NNP I
had VBD O
about IN I
95 CD I
% NN I
of IN O
the DT I
market NN I
share NN I
. . O

Nestle NNP I
currently RB O
has VBZ O
only RB I
about IN I
a DT I
2 CD I
% NN I
share NN I
with IN O
its PRP$ O
Taster NNP I
's POS I
Choice NN O
coffee NN O
. . O

Poland NNP I
plans VBZ O
to TO O
start VB O
negotiations NNS I
soon RB O
on IN O
purchasing VBG O
natural JJ I
gas NN I
from IN O
Iran NNP I
, , O
the DT I
official NN I
Islamic NNP I
Republic NNP I
News NNP I
Agency NNP I
reported VBD O
. . O

The DT I
agency NN I
said VBD O
Polish NNP I
Prime NNP I
Minister NNP I
Tadeusz NNP I
Mazowiecki NNP I
told VBD O
Iranian NNP I
Deputy NNP I
Foreign NNP I
Minister NNP I
Mahmoud NNP I
Vaezi NNP I
of IN O
Poland NNP I
's POS B
willingess NN I
to TO O
purchase VB O
the DT I
gas NN I
during IN O
Mr. NNP I
Vaezi NNP I
's POS B
current JJ I
visit NN I
to TO O
Warsaw NNP I
. . O

The DT I
agency NN I
did VBD O
n't RB O
mention VB O
possible JJ I
quantities NNS I
and CC O
did VBD O
n't RB O
say VB O
how WRB O
the DT I
gas NN I
would MD O
be VB O
delivered VBN O
. . O

A DT I
Chinese JJ I
official NN I
harshly RB O
criticized VBD O
plans NNS I
to TO O
close VB O
a DT I
British JJ I
naval JJ I
base NN I
in IN O
downtown NN I
Hong NNP I
Kong NNP I
. . O

Hong NNP I
Kong NNP I
officials NNS I
announced VBD O
last JJ I
week NN I
that IN O
the DT I
base NN I
will MD O
be VB O
relocated VBN O
to TO O
a DT I
small JJ I
island NN I
to TO O
allow VB O
downtown NN I
redevelopment NN I
. . O

But CC O
Beijing NNP I
wants VBZ O
to TO O
use VB O
the DT I
base NN I
for IN O
the DT I
People NNS I
's POS B
Liberation NNP I
Army NNP I
after IN O
1997 CD I
, , O
when WRB O
the DT I
territory NN I
returns NNS O
to TO O
Chinese JJ I
sovereignty NN I
. . O

Ke NNP I
Zaishuo NNP I
, , O
head NN I
of IN O
China NNP I
's POS B
delegation NN I
to TO O
a DT I
Chinese-British JJ I
Liaison NNP I
Committee NNP I
on IN O
Hong NNP I
Kong NNP I
, , O
accused VBN O
Britain NNP I
of IN O
trying VBG O
to TO O
impose VB O
a DT I
fait NN I
accompli NN I
and CC O
said VBD O
, , O
`` `` O
This DT I
is VBZ O
something NN I
we PRP B
can MD O
not RB O
accept VB O
. . O
'' '' O

The DT I
Israeli JJ I
and CC I
Soviet JJ I
national JJ I
airlines NNS I
have VBP O
reached VBN O
preliminary JJ I
agreement NN I
for IN O
launching VBG O
the DT I
first JJ I
direct JJ I
flights NNS I
between IN O
Tel NNP I
Aviv NNP I
and CC O
Moscow NNP I
, , O
a DT I
spokesman NN I
for IN O
the DT I
Israeli JJ I
airline NN I
, , O
El NNP I
Al NNP I
, , O
said VBD O
. . O

El NNP I
Al NNP I
director NN I
Rafi NNP I
Har-Lev NNP I
and CC O
top JJ I
officials NNS I
of IN O
the DT I
Soviet NNP I
Union NNP I
's POS B
Aeroflot NNP I
negotiated VBD O
a DT I
preliminary JJ I
pact NN I
in IN O
Moscow NNP I
this DT B
week NN I
, , O
the DT I
spokesman NN I
said VBD O
. . O

He PRP I
added VBD O
that IN O
concluding VBG O
the DT I
deal NN I
requires VBZ O
approval NN I
by IN O
the DT I
governments NNS I
of IN O
both DT I
countries NNS I
, , O
which WDT I
have VBP O
never RB O
had VBN O
direct JJ I
air NN I
links NNS I
. . O

The DT I
chairman NN I
and CC O
a DT I
director NN I
of IN O
one CD I
of IN O
the DT I
Republic NNP I
of IN O
Singapore NNP I
's POS B
leading VBG I
property NN I
companies NNS I
, , O
City NNP I
Development NNP I
Ltd. NNP I
, , O
or CC O
CDL NNP I
, , O
were VBD O
charged VBN O
yesterday NN I
with IN O
criminal JJ I
breach NN I
of IN O
trust NN I
of IN O
some DT I
800,000 CD I
Singapore NNP I
dollars NNS I
-LRB- ( O
about IN I
US$ $ I
409,000 CD I
-RRB- ) O
. . O

Kwek NNP I
Hong NNP I
Png NNP I
, , O
chairman NN I
of IN O
CDL NNP I
, , O
and CC O
director NN I
Quek NNP I
Leng NNP I
Chye NNP I
were VBD O
arrested VBN O
by IN O
the DT I
republic NN I
's POS B
Corrupt NNP I
Practices NNP I
Investigation NNP I
Bureau NNP I
Tuesday NNP B
night NN I
. . O

In IN O
addition NN I
to TO O
abetting VBG O
in IN O
the DT I
alleged VBN I
criminal JJ I
breach NN I
of IN O
trust NN I
, , O
Kwek NNP I
Hong NNP I
Png NNP I
was VBD O
also RB O
charged VBN O
with IN O
dishonestly RB O
receiving VBG O
S$ $ I
500,000 CD I
that WDT B
had VBD O
been VBN O
stolen VBN O
. . O

Both DT I
men NNS I
were VBD O
charged VBN O
in IN O
a DT I
subordinate JJ I
court NN I
and CC O
released VBN O
on IN O
bail NN I
of IN O
S$ $ I
1 CD I
million CD I
. . O

The DT I
charges NNS I
are VBP O
the DT I
culmination NN I
of IN O
weeks NNS I
of IN O
rumors NNS I
concerning VBG O
CDL NNP I
that WDT B
have VBP O
depressed VBD O
the DT I
company NN I
's POS B
share NN I
price NN I
and CC O
to TO O
a DT I
lesser JJR I
extent NN I
the DT B
shares NNS I
of IN O
all DT I
companies NNS I
owned VBN O
by IN O
CDL NNP I
's POS B
controlling VBG I
Quek NNP I
family NN I
, , O
brokers NNS I
in IN O
Singapore NNP I
say VBP O
. . O

The DT I
Queks NNPS I
control NN O
the DT I
Hong NNP I
Leong NNP I
Group NNP I
, , O
which WDT I
has VBZ O
widespread JJ I
interests NNS I
in IN O
manufacturing NN I
, , I
property NN I
and CC I
finance NN I
in IN O
both DT I
Malaysia NNP I
and CC I
Singapore NNP I
. . O

News NNS I
of IN O
the DT I
arrest NN I
and CC I
charging VBG I
of IN O
the DT I
two CD I
men NNS I
helped VBD O
to TO O
push VB O
prices NNS I
on IN O
the DT I
Singapore NNP I
Stock NNP I
market NN I
sharply RB O
lower JJR O
in IN O
early JJ I
trading NN I
yesterday NN B
, , O
but CC O
brokers NNS I
said VBD O
that IN O
the DT I
market NN I
and CC O
CDL NNP I
shares NNS I
recovered VBD O
once RB O
it PRP I
became VBD O
apparent JJ O
the DT I
charges NNS I
were VBD O
limited JJ O
to TO O
the DT I
two CD I
men NNS I
personally RB O
. . O

One CD I
of IN O
the DT I
two CD I
British JJ I
companies NNS I
still RB O
making VBG O
hard JJ I
toilet NN I
paper NN I
stopped VBD O
production NN I
of IN O
it PRP I
. . O

British JJ I
Tissues NNPS I
decided VBD O
to TO O
do VB O
away RB O
with IN O
its PRP$ I
hard JJ I
paper NN I
after IN O
a DT I
major JJ I
customer NN I
, , O
British NNP I
Rail NNP I
, , O
switched VBD O
to TO O
softer JJR I
tissues NNS I
for IN O
train NN I
bathrooms NNS I
... : O
. . O

Peasants NNS I
in IN O
Inner NNP I
Mongolia NNP I
have VBP O
partly RB O
dismantled VBN O
a DT I
20-mile JJ I
section NN I
of IN O
China NNP I
's POS B
famed JJ I
Great NNP I
Wall NNP I
, , O
the DT O
official JJ O
People NNS I
's POS I
Daily NNP O
said VBD O
. . O

The DT I
paper NN I
said VBD O
the DT I
bricks NNS I
were VBD O
used VBN O
to TO O
build VB O
homes NNS I
and CC I
furnaces NNS I
and CC O
, , O
as IN O
a DT I
result NN I
, , O
the DT I
wall NN I
`` `` O
is VBZ O
in IN O
terrible JJ I
shape NN I
. . O

Wednesday NNP I
, , O
October NNP I
18 CD I
, , I
1989 CD I

The DT I
key JJ I
U.S. NNP I
and CC I
foreign JJ I
annual JJ I
interest NN I
rates NNS I
below IN O
are VBP O
a DT I
guide NN I
to TO O
general JJ I
levels NNS I
but CC O
do VBP O
n't RB O
always RB O
represent VB O
actual JJ I
transactions NNS I
. . O

PRIME JJ I
RATE NN I
: : O
10 CD I
1\/2 CD I
% NN I
. . O

The DT I
base NN I
rate NN I
on IN O
corporate JJ I
loans NNS I
at IN O
large JJ I
U.S. NNP I
money NN I
center NN I
commercial JJ I
banks NNS I
. . O

FEDERAL JJ I
FUNDS NNS I
: : O
8 CD I
15\/16 CD I
% NN I
high JJ O
, , O
8 CD I
5\/8 CD I
% NN I
low JJ O
, , O
8 CD I
3\/4 CD I
% NN I
near IN O
closing VBG I
bid NN I
, , O
8 CD I
7\/8 CD I
% NN I
offered VBN O
. . O

Reserves NNS I
traded VBN O
among IN O
commercial JJ I
banks NNS I
for IN O
overnight JJ I
use NN I
in IN O
amounts NNS I
of IN O
$ $ I
1 CD I
million CD I
or CC I
more JJR I
. . O

Source NN I
: : O
Fulton NNP I
Prebon NNP I
-LRB- ( I
U.S.A NNP I
. . I
-RRB- ) I
Inc NNP I
. . O

DISCOUNT NN I
RATE NN I
: : O
7 CD I
% NN I
. . O

The DT I
charge NN I
on IN O
loans NNS I
to TO O
depository NN I
institutions NNS I
by IN O
the DT I
New NNP I
York NNP I
Federal NNP I
Reserve NNP I
Bank NNP I
. . O

CALL NN I
MONEY NN I
: : O
9 CD I
3\/4 CD I
% NN I
to TO O
10 CD I
% NN I
. . O

The DT I
charge NN I
on IN O
loans NNS I
to TO O
brokers NNS I
on IN O
stock NN I
exchange NN I
collateral NN I
. . O

COMMERCIAL JJ I
PAPER NN I
placed VBN O
directly RB O
by IN O
General NNP I
Motors NNPS I
Acceptance NNP I
Corp. NNP I
: : O
8.45 CD I
% NN I
30 CD B
to TO I
44 CD I
days NNS I
; : O
8.25 CD I
% NN I
45 CD B
to TO I
74 CD I
days NNS I
; : O
8.30 CD I
% NN I
75 CD B
to TO I
99 CD I
days NNS I
; : O
7.75 CD I
% NN I
100 CD B
to TO I
179 CD I
days NNS I
; : O
7.50 CD I
% NN I
180 CD B
to TO I
270 CD I
days NNS I
. . O

COMMERCIAL JJ I
PAPER NN I
: : O
High-grade JJ I
unsecured JJ I
notes NNS I
sold VBN O
through IN O
dealers NNS I
by IN O
major JJ I
corporations NNS I
in IN O
multiples NNS I
of IN O
$ $ I
1,000 CD I
: : O
8.55 CD I
% NN I
30 CD B
days NNS I
; : O
8.45 CD I
% NN I
60 CD B
days NNS I
; : O
8.375 CD I
% NN I
90 CD B
days NNS I
. . O

CERTIFICATES NNS I
OF IN O
DEPOSIT NN I
: : O
8.05 CD I
% NN I
one CD B
month NN I
; : O
8.02 CD I
% NN I
two CD B
months NNS I
; : O
8 CD I
% NN I
three CD B
months NNS I
; : O
7.98 CD I
% NN I
six CD B
months NNS I
; : O
7.95 CD I
% NN I
one CD B
year NN I
. . O

Average NNP I
of IN O
top JJ I
rates NNS I
paid VBN O
by IN O
major JJ I
New NNP I
York NNP I
banks NNS I
on IN O
primary JJ I
new JJ I
issues NNS I
of IN O
negotiable JJ I
C.D.s NNS I
, , O
usually RB O
on IN O
amounts NNS I
of IN O
$ $ I
1 CD I
million CD I
and CC I
more JJR I
. . O

The DT I
minimum JJ I
unit NN I
is VBZ O
$ $ I
100,000 CD I
. . O

Typical JJ I
rates NNS I
in IN O
the DT I
secondary JJ I
market NN I
: : O
8.53 CD I
% NN I
one CD B
month NN I
; : O
8.48 CD I
% NN I
three CD B
months NNS I
; : O
8.40 CD I
% NN I
six CD B
months NNS I
. . O

BANKERS NNS I
ACCEPTANCES NNS I
: : O
8.42 CD I
% NN I
30 CD B
days NNS I
; : O
8.30 CD I
% NN I
60 CD B
days NNS I
; : O
8.28 CD I
% NN I
90 CD B
days NNS I
; : O
8.15 CD I
% NN I
120 CD B
days NNS I
; : O
8.05 CD I
% NN I
150 CD B
days NNS I
; : O
7.95 CD I
% NN I
180 CD B
days NNS I
. . O

Negotiable JJ I
, , I
bank-backed JJ I
business NN I
credit NN I
instruments NNS I
typically RB O
financing VBG O
an DT I
import NN I
order NN I
. . O

LONDON NNP I
LATE JJ I
EURODOLLARS NNS I
: : O
8 CD I
11\/16 CD I
% NN I
to TO O
8 CD I
9\/16 CD I
% NN I
one CD B
month NN I
; : O
8 CD I
5\/8 CD I
% NN I
to TO O
8 CD I
1\/2 CD I
% NN I
two CD B
months NNS I
; : O
8 CD I
5\/8 CD I
% NN I
to TO O
8 CD I
1\/2 CD I
% NN I
three CD B
months NNS I
; : O
8 CD I
9\/16 CD I
% NN I
to TO O
8 CD I
7\/16 CD I
% NN I
four CD B
months NNS I
; : O
8 CD I
1\/2 CD I
% NN I
to TO O
8 CD I
3\/8 CD I
% NN I
five CD B
months NNS I
; : O
8 CD I
1\/2 CD I
% NN I
to TO O
8 CD I
3\/8 CD I
% NN I
six CD B
months NNS I
. . O

LONDON NNP I
INTERBANK NNP I
OFFERED NNP I
RATES NNS I
-LRB- ( O
LIBOR NNP I
-RRB- ) O
: : O
8 CD I
11\/16 CD I
% NN I
one CD B
month NN I
; : O
8 CD I
11\/16 CD I
% NN I
three CD B
months NNS I
; : O
8 CD I
1\/2 CD I
% NN I
six CD B
months NNS I
; : O
8 CD I
1\/2 CD I
% NN I
one CD B
year NN I
. . O

The DT I
average NN I
of IN O
interbank NN I
offered VBD I
rates NNS I
for IN O
dollar NN I
deposits NNS I
in IN O
the DT I
London NNP I
market NN I
based VBN O
on IN O
quotations NNS I
at IN O
five CD I
major JJ I
banks NNS I
. . O

FOREIGN JJ I
PRIME JJ I
RATES NNS I
: : O
Canada NNP I
13.50 CD B
% NN I
; : O
Germany NNP I
8.50 CD B
% NN I
; : O
Japan NNP I
4.875 CD B
% NN I
; : O
Switzerland NNP I
8.50 CD B
% NN I
; : O
Britain NNP I
15 CD B
% NN I
. . O

These DT I
rate NN I
indications NNS I
are VBP O
n't RB O
directly RB O
comparable JJ O
; : O
lending NN I
practices NNS I
vary VBP O
widely RB O
by IN O
location NN I
. . O

TREASURY NN I
BILLS NNS I
: : O
Results NNS I
of IN O
the DT I
Monday NNP I
, , I
October NNP I
16 CD I
, , I
1989 CD I
, , I
auction NN I
of IN O
short-term NNP I
U.S. NNP I
government NN I
bills NNS I
, , O
sold VBN O
at IN O
a DT I
discount NN I
from IN O
face NN I
value NN I
in IN O
units NNS I
of IN O
$ $ I
10,000 CD I
to TO O
$ $ I
1 CD I
million CD I
: : O
7.37 CD I
% NN I
13 CD B
weeks NNS I
; : O
7.42 CD I
% NN I
26 CD B
weeks NNS I
. . O

FEDERAL NNP I
HOME NNP I
LOAN NNP I
MORTGAGE NNP I
CORP NNP I
. . I
-LRB- ( O
Freddie NNP I
Mac NNP I
-RRB- ) O
: : O

Posted VBN I
yields NNS I
on IN O
30-year JJ I
mortgage NN I
commitments NNS I
for IN O
delivery NN I
within IN O
30 CD I
days NNS I
. . O

9.88 CD I
% NN I
, , O
standard JJ I
conventional JJ I
fixed-rate JJ I
mortgages NNS I
; : O
7.875 CD I
% NN I
, , O
2 CD I
% NN I
rate NN I
capped VBD I
one-year JJ I
adjustable JJ I
rate NN I
mortgages NNS I
. . O

Source NN I
: : O
Telerate NNP I
Systems NNP I
Inc NNP I
. . O

FEDERAL NNP I
NATIONAL NNP I
MORTGAGE NNP I
ASSOCIATION NNP I
-LRB- ( O
Fannie NNP I
Mae NNP I
-RRB- ) O
: : O

Posted VBN I
yields NNS I
on IN O
30 CD I
year NN I
mortgage NN I
commitments NNS I
for IN O
delivery NN I
within IN O
30 CD I
days NNS I
-LRB- ( O
priced VBN O
at IN O
par NN I
-RRB- ) O
9.83 CD I
% NN I
, , O
standard JJ I
conventional JJ I
fixed-rate JJ I
mortgages NNS I
; : O
8.70 CD I
% NN I
, , O
6\/2 CD I
rate NN I
capped VBD I
one-year JJ I
adjustable JJ I
rate NN I
mortgages NNS I
. . O

Source NN I
: : O
Telerate NNP I
Systems NNP I
Inc NNP I
. . O

MERRILL NNP I
LYNCH NNP I
READY NNP I
ASSETS NNP I
TRUST NNP I
: : O
8.50 CD I
% NN I
. . O

Annualized VBN I
average JJ I
rate NN I
of IN O
return NN I
after IN O
expenses NNS I
for IN O
the DT I
past JJ I
30 CD I
days NNS I
; : O
not RB O
a DT I
forecast NN I
of IN O
future NN I
returns NNS I
. . O

A DT I
grand JJ I
jury NN I
here RB O
indicted VBD O
Norton NNP I
Co. NNP I
's POS B
former JJ I
director NN I
of IN O
advanced-ceramics NN I
research NN I
, , O
charging VBG O
him PRP I
with IN O
interstate JJ I
transportation NN I
of IN O
stolen VBN I
property NN I
. . O

Norton NNP I
and CC O
General NNP I
Electric NNP I
Co. NNP I
last JJ B
month NN I
filed VBD O
a DT I
lawsuit NN I
against IN O
the DT I
former JJ I
research NN I
manager NN I
, , O
Chien-Min NNP I
Sung NNP I
, , O
charging VBG O
him PRP I
with IN O
stealing VBG O
trade NN I
secrets NNS I
. . O

Mr. NNP I
Sung NNP I
formerly RB O
worked VBD O
at IN O
General NNP I
Electric NNP I
in IN O
research NN I
on IN O
synthetic JJ I
diamonds NNS I
. . O

The DT I
criminal JJ I
charges NNS I
brought VBN O
against IN O
him PRP I
involved VBD O
GE NNP I
technology NN I
, , O
according VBG O
the DT I
court NN I
documents NNS I
. . O

If IN O
convicted VBN O
, , O
he PRP I
could MD O
be VB O
imprisoned VBN O
for IN O
up IN I
to TO I
10 CD I
years NNS I
and CC O
fined VBN O
$ $ I
250,000 CD I
. . O

Mr. NNP I
Sung NNP I
could MD O
n't RB O
be VB O
reached VBN O
for IN O
comment NN I
. . O

He PRP I
earlier RBR O
denied VBN O
the DT I
allegations NNS I
against IN O
him PRP I
in IN O
the DT I
lawsuit NN I
by IN O
Norton NNP I
and CC I
GE NNP I
. . O

Norton NNP I
makes VBZ O
sandpaper NN I
and CC O
other JJ I
abrasives NNS I
, , O
diamond NN I
tools NNS I
, , O
specialty NN I
plastics NNS I
and CC O
ceramics NNS I
. . O

As IN O
the DT I
citizens NNS I
of IN O
San NNP I
Francisco NNP I
and CC O
surrounding VBG I
communities NNS I
began VBD O
assessing VBG O
the DT I
damage NN I
from IN O
Tuesday NNP I
's POS B
devastating JJ I
earthquake NN I
, , O
NBC NNP I
News NNP I
began VBD O
assessing VBG O
the DT I
damage NN I
from IN O
what WP I
some DT B
said VBD O
was VBD O
a DT I
failure NN I
to TO O
provide VB O
comprehensive JJ I
coverage NN I
in IN O
the DT I
earthquake NN I
's POS B
initial JJ I
moments NNS I
. . O

`` `` O
In IN O
terms NNS I
of IN O
coverage NN I
, , O
it PRP I
was VBD O
a DT I
disaster NN I
equal JJ O
to TO O
the DT I
earthquakes NNS I
, , O
'' '' O
said VBD O
Eric NNP I
Premner NNP I
, , O
president NN I
for IN O
broadcasting NN I
of IN O
King NNP I
Broadcasting NNP I
Co. NNP I
, , O
which WDT I
owns VBZ O
the DT I
NBC NNP I
affiliate NN I
in IN O
Seattle NNP I
, , O
Wash NNP I
. . O

While IN O
rival JJ I
ABC NNP I
News NNP I
outstripped NN O
the DT I
competition NN I
in IN O
live VB I
coverage NN I
of IN O
the DT I
event NN I
by IN O
sheer JJ I
luck NN I
-- : O
the DT I
network NN I
was VBD O
broadcasting VBG O
the DT I
World NNP I
Series NNP I
from IN O
Candlestick NNP I
Park NNP I
when WRB O
the DT I
quake NN I
struck VBD O
-- : O
NBC NNP I
News NNP I
was VBD O
unable JJ O
to TO O
get VB O
its PRP$ I
signal NN I
out IN O
of IN O
San NNP I
Francisco NNP I
for IN O
the DT I
first JJ I
hour NN I
after IN O
the DT I
quake NN I
. . O

`` `` O
I PRP I
have VBP O
to TO O
attribute VB O
the DT I
lackluster JJ I
performance NN I
to TO O
a DT I
natural JJ I
disaster NN I
, , O
'' '' O
said VBD O
Mr. NNP I
Premner NNP I
. . O

`` `` O
So RB O
before IN O
I PRP I
start VBP O
to TO O
be VB O
really RB O
critical JJ O
of IN O
NBC NNP I
, , O
I PRP I
would MD O
like VB O
to TO O
know VB O
more JJR I
about IN O
what WP I
happened VBD O
. . O
'' '' O

There EX I
were VBD O
no DT I
complaints NNS I
from IN O
affiliates NNS I
of IN O
CBS NNP I
Inc. NNP I
and CC O
Cable NNP I
News NNP I
Network NNP I
, , O
a DT I
unit NN I
of IN O
Turner NNP I
Broadcasting NNP I
System NNP I
Inc NNP I
. . O

But CC O
that DT I
was VBD O
not RB O
the DT I
case NN I
at IN O
NBC NNP I
News NNP I
, , O
which WDT I
has VBZ O
been VBN O
dogged VBN O
with IN O
the DT I
image NN I
of IN O
not RB O
being VBG O
aggressive JJ O
on IN O
major JJ I
breaking NN I
stories NNS I
. . O

Last JJ I
summer NN I
, , O
the DT I
affiliates NNS I
bitterly RB O
complained VBD O
to TO O
network VB I
executives NNS I
about IN O
the DT I
poor JJ I
coverage NN I
of IN O
the DT I
student NN I
uprising NN I
in IN O
China NNP I
. . O

`` `` O
I PRP I
was VBD O
not RB O
pleased VBN O
with IN O
the DT I
slow JJ I
start NN I
, , O
and CC O
neither DT O
was VBD O
NBC NNP I
News NNP I
, , O
'' '' O
said VBD O
Guy NNP I
Hempel NNP I
, , O
general JJ I
manager NN I
of IN O
NBC NNP I
affiliate NN I
WAVE NNP I
in IN O
Louisville NNP I
, , O
Ky NNP I
. . O

A DT I
spokesman NN I
for IN O
National NNP I
Broadcasting NNP I
Co. NNP I
, , O
a DT I
unit NN I
of IN O
General NNP I
Electric NNP I
Co. NNP I
, , O
said VBD O
the DT I
network NN I
was VBD O
`` `` O
looking VBG O
into IN O
what WP I
happened VBD O
. . O
'' '' O

The DT I
stations NNS I
said VBD O
they PRP I
were VBD O
pleased VBN O
with IN O
the DT I
extended VBN I
coverage NN I
yesterday NN B
, , O
including VBG O
a DT I
special JJ I
five-hour JJ I
edition NN I
of IN O
`` `` O
Today NN I
. . O
'' '' O

Don NNP I
Browne NNP I
, , O
director NN I
of IN O
news NN I
at IN O
NBC NNP I
News NNP I
, , O
said VBD O
in IN O
an DT I
interview NN I
that IN O
`` `` O
we PRP I
could MD O
n't RB O
get VB O
a DT I
signal NN I
out IN O
of IN O
San NNP I
Francisco NNP I
. . O

We PRP I
were VBD O
out IN O
of IN O
the DT I
box NN I
. . O

It PRP I
was VBD O
horrible JJ O
. . O

The DT I
comment NN I
we PRP B
're VBP O
hearing VBG O
is VBZ O
that IN O
we PRP I
were VBD O
slow JJ O
out IN O
of IN O
the DT I
box NN I
, , O
but CC O
beat VB O
everyone NN I
else RB O
in IN O
the DT I
stretch NN I
. . O
'' '' O

NBC NNP I
broadcast NN O
throughout IN O
the DT I
entire JJ I
night NN I
and CC O
did VBD O
not RB O
go VB O
off IN O
the DT I
air NN I
until IN O
noon NN I
yesterday NN B
. . O

The DT I
quake NN I
postponed VBD O
the DT I
third JJ I
and CC I
fourth JJ I
games NNS I
of IN O
the DT I
World NNP I
Series NNP I
. . O

In IN O
place NN I
of IN O
the DT I
games NNS I
, , O
ABC NNP I
said VBD O
it PRP I
planned VBD O
to TO O
broadcast VB O
next JJ I
week NN I
's POS B
episodes NNS I
of IN O
its PRP$ I
prime-time JJ I
Wednesday NNP I
and CC I
Thursday NNP I
lineups NNS I
, , O
except IN O
for IN O
a DT I
one-hour JJ I
special NN I
on IN O
the DT I
earthquake NN I
at IN O
10 CD I
p.m. NN I
last JJ B
night NN I
. . O

The DT I
series NN I
is VBZ O
scheduled VBN O
to TO O
resume VB O
Tuesday NNP I
evening NN I
in IN O
San NNP I
Francisco NNP I
. . O

`` `` O
There EX I
are VBP O
no DT I
commercials NNS I
to TO O
make VB O
up IN O
for IN O
since IN O
we PRP I
're VBP O
going VBG O
to TO O
eventually RB O
broadcast NN O
the DT I
World NNP I
Series NNP I
, , O
'' '' O
said VBD O
a DT I
network NN I
spokesman NN I
. . O

Pinnacle NNP I
West NNP I
Capital NNP I
Corp. NNP I
said VBD O
it PRP I
suspended VBD O
indefinitely RB O
its PRP$ I
common JJ I
stock NN I
dividend NN I
and CC O
reported VBD O
a DT I
91 CD I
% NN I
plunge NN I
in IN O
third-quarter JJ I
net JJ I
income NN I
. . O

The DT I
announcement NN I
, , O
made VBN O
after IN O
the DT I
close NN I
of IN O
trading NN I
, , O
caught VBN O
analysts NNS I
by IN O
surprise NN I
. . O

The DT I
company NN I
closed VBD O
at IN O
$ $ I
12 CD I
a DT B
share NN I
, , O
down RB O
62.5 CD I
cents NNS I
, , O
in IN O
composite JJ I
trading NN I
on IN O
the DT I
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
. . O

Pinnacle NNP I
West NNP I
slashed VBD O
its PRP$ I
quarterly JJ I
dividend NN I
to TO O
40 CD I
cents NNS I
per IN O
share NN I
from IN O
70 CD I
cents NNS I
in IN O
December NNP I
, , O
saying VBG O
at IN O
the DT I
time NN I
that IN O
it PRP I
believed VBD O
the DT I
new JJ I
, , I
lower JJR I
dividend NN I
was VBD O
`` `` O
sustainable JJ O
. . O
'' '' O

A DT I
company NN I
spokesman NN I
said VBD O
the DT I
decision NN I
to TO O
eliminate VB O
the DT I
dividend NN I
resulted VBD O
from IN O
a DT I
quarterly JJ I
appraisal NN I
and CC O
that IN O
circumstances NNS I
had VBD O
changed VBN O
since IN O
the DT I
December NNP I
announcement NN I
. . O

He PRP I
declined VBD O
to TO O
elaborate VB O
. . O

Edward NNP I
J. NNP I
Tirello NNP I
Jr. NNP I
, , O
an DT I
analyst NN I
at IN O
Shearson NNP I
Lehman NNP I
Hutton NNP I
Inc. NNP I
, , O
speculated VBD O
that IN O
the DT I
sudden JJ I
dividend NN I
elimination NN I
presages VBZ O
an DT I
expensive JJ I
agreement NN I
with IN O
thrift NN I
regulators NNS I
over IN O
the DT I
company NN I
's POS B
insolvent JJ I
MeraBank NNP I
savings NNS I
and CC I
loan NN I
unit NN I
. . O

Analysts NNS I
have VBP O
estimated VBN O
that IN O
Pinnacle NNP I
West NNP I
may MD O
have VB O
to TO O
inject VB O
between IN I
$ $ I
300 CD I
million CD I
and CC I
$ $ I
400 CD I
million CD I
into IN O
the DT I
MeraBank NNP I
unit NN I
before IN O
turning VBG O
the DT I
thrift NN I
over IN O
to TO O
federal JJ I
regulators NNS I
. . O

The DT I
latest JJS I
financial JJ I
results NNS I
at IN O
the DT I
troubled JJ I
utility NN I
and CC I
thrift NN I
holding VBG I
company NN I
, , O
based VBN O
in IN O
Phoenix NNP I
, , O
Ariz. NNP I
, , O
reflect VB O
continuing VBG I
problems NNS I
at IN O
MeraBank NNP I
and CC O
losses NNS I
in IN O
real-estate NN I
, , I
venture-capital NN I
and CC I
uranium-mining NN I
operations NNS I
. . O

Third-quarter JJ I
net JJ I
income NN I
slid VBD O
to TO O
$ $ I
5.1 CD I
million CD I
, , O
or CC O
six CD I
cents NNS I
a DT B
share NN I
, , O
from IN O
$ $ I
56 CD I
million CD I
, , O
or CC O
65 CD I
cents NNS I
, , O
a DT I
year NN I
earlier RBR O
. . O

Utility NN I
operations NNS I
, , O
the DT I
only JJ I
company NN I
unit NN I
operating VBG O
in IN O
the DT I
black NN I
in IN O
the DT I
latest JJS I
period NN I
, , O
had VBD O
a DT I
26 CD I
% NN I
drop NN I
in IN O
profit NN I
, , O
to TO O
$ $ I
86.3 CD I
million CD I
, , O
largely RB O
as IN O
a DT I
result NN I
of IN O
outages NNS I
at IN O
the DT I
company NN I
's POS B
huge JJ I
Palo NNP I
Verde NNP I
nuclear JJ I
facility NN I
and CC O
the DT I
cost NN I
of IN O
purchased VBN I
replacement NN I
power NN I
. . O

In IN O
other JJ I
operations NNS I
, , O
losses NNS I
at IN O
MeraBank NNP I
totaled VBD O
$ $ I
85.7 CD I
million CD I
in IN O
the DT I
latest JJS I
quarter NN I
, , O
compared VBN O
with IN O
a DT I
$ $ I
2.5 CD I
million CD I
profit NN I
a DT B
year NN I
earlier RBR O
. . O

The DT I
latest JJS I
quarter NN I
includes VBZ O
a DT I
$ $ I
42.7 CD I
million CD I
addition NN I
to TO O
loan-loss NN I
reserves NNS I
. . O

As RB O
recently RB O
as IN O
August NNP I
, , O
the DT I
company NN I
said VBD O
it PRP I
did VBD O
n't RB O
foresee VB O
a DT I
need NN I
for IN O
substantial JJ I
additions NNS I
to TO O
reserves NNS I
. . O

Pinnacle NNP I
's POS B
SunCor NNP I
Development NNP I
Co NNP I
. . I
real-estate NN I
unit NN I
's POS B
loss NN I
narrowed VBD O
to TO O
$ $ I
13.8 CD I
million CD I
from IN O
$ $ I
78.4 CD I
million CD I
. . O

The DT I
latest JJS I
period NN I
included VBD O
a DT I
$ $ I
9 CD I
million CD I
write-down NN I
on IN O
undeveloped JJ I
land NN I
, , O
while IN O
the DT I
year-earlier JJ I
period NN I
included VBD O
a DT I
$ $ I
46 CD I
million CD I
reserve NN I
for IN O
real-estate NN I
losses NNS I
. . O

Losses NNS I
at IN O
its PRP$ I
Malapai NNP I
Resources NNP I
Co NNP I
. . I
uranium-mining NN I
unit NN I
narrowed VBD O
to TO O
$ $ I
3.4 CD I
million CD I
from IN O
$ $ I
18 CD I
million CD I
a DT B
year NN I
ago RB O
, , O
which WDT I
included VBD O
a DT I
$ $ I
9 CD I
million CD I
write-down NN I
of IN O
utility NN I
inventories NNS I
. . O

Losses NNS I
at IN O
El NNP I
Dorado NNP I
Investment NNP I
Co. NNP I
, , O
the DT I
venture-capital JJ I
operation NN I
, , O
widened VBD O
to TO O
$ $ I
6.8 CD I
million CD I
from IN O
$ $ I
425,000 CD I
a DT B
year NN I
earlier RBR O
. . O

The DT I
latest JJS I
quarter NN I
included VBD O
a DT I
$ $ I
6.6 CD I
million CD I
write-down NN I
of IN O
investments NNS I
. . O

Equitec NNP I
Financial NNP I
Group NNP I
said VBD O
it PRP I
will MD O
ask VB O
as RB I
many JJ I
as IN I
100,000 CD I
investors NNS I
in IN O
12 CD I
of IN O
its PRP$ I
public JJ I
real-estate NN I
limited JJ I
partnerships NNS I
to TO O
give VB O
approval NN I
to TO O
rolling VBG O
them PRP I
up IN O
into IN O
a DT I
new JJ I
master NN I
limited JJ I
partnership NN I
. . O

Under IN O
the DT I
proposal NN I
by IN O
Equitec NNP I
, , O
a DT I
financially RB I
troubled JJ I
real-estate NN I
syndicator NN I
, , O
New NNP I
York-based JJ I
Hallwood NNP I
Group NNP I
Inc. NNP I
would MD O
replace VB O
Equitec NNP I
as IN O
the DT I
newly RB I
formed VBN I
master NN I
limited JJ I
partnership NN I
's POS B
general JJ I
partner NN I
and CC I
manager NN I
. . O

Shares NNS I
of IN O
the DT I
new JJ I
partnership NN I
would MD O
trade VB O
on IN O
an DT I
exchange NN I
like IN O
a DT I
stock NN I
. . O

Hallwood NNP I
is VBZ O
a DT I
merchant NN I
bank NN I
whose WP$ B
activities NNS I
include VBP O
the DT I
ownership NN I
, , I
management NN I
and CC I
financial JJ I
restructuring NN I
of IN O
shopping NN I
centers NNS I
, , O
office NN I
buildings NNS I
, , O
apartments NNS I
and CC O
other JJ I
real JJ I
estate NN I
. . O

In IN O
a DT I
statement NN I
, , O
Equitec NNP I
Chairman NNP I
Richard NNP I
L. NNP I
Saalfeld NNP I
said VBD O
the DT I
transfer NN I
will MD O
benefit VB O
both DT O
the DT I
company NN I
and CC O
investors NNS I
in IN O
the DT I
12 CD I
limited JJ I
partnerships NNS I
included VBD O
in IN O
the DT I
proposed VBN I
rollup NN I
. . O

While IN O
he PRP I
did VBD O
n't RB O
describe VB O
the DT I
partnerships NNS I
' POS B
financial JJ I
condition NN I
, , O
he PRP I
said VBD O
their PRP$ I
operations NNS I
`` `` O
continue VB O
to TO O
drain VB O
the DT I
resources NNS I
of IN O
Equitec NNP I
. . O
'' '' O

Equitec NNP I
posted VBD O
a DT I
$ $ I
3.3 CD I
million CD I
net JJ I
loss NN I
in IN O
the DT I
second JJ I
quarter NN I
on IN O
$ $ I
11.8 CD I
million CD I
of IN O
revenue NN I
, , O
compared VBN O
with IN O
a DT I
net JJ I
loss NN I
of IN O
$ $ I
12.9 CD I
million CD I
in IN O
the DT I
year-earlier JJ I
period NN I
on IN O
revenue NN I
of IN O
$ $ I
9.1 CD I
million CD I
. . O

In IN O
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
composite JJ I
trading NN I
, , O
Equitec NNP I
closed VBD O
at IN O
$ $ I
2.625 CD I
a DT B
share NN I
, , O
unchanged JJ O
. . O

Because IN O
of IN O
Tuesday NNP I
's POS B
earthquake NN I
in IN O
Northern NNP I
California NNP I
, , O
company NN I
officials NNS I
could MD O
n't RB O
immediately RB O
be VB O
reached VBN O
for IN O
additional JJ I
comment NN I
. . O

A DT I
spokesman NN I
for IN O
Hallwood NNP I
said VBD O
the DT I
12 CD I
limited JJ I
partnerships NNS I
, , O
which WDT I
were VBD O
marketed VBN O
by IN O
brokerage NN I
firms NNS I
and CC O
financial JJ I
planners NNS I
between IN O
1979 CD I
and CC I
1984 CD I
, , O
raised VBN O
several JJ I
hundred CD I
million CD I
dollars NNS I
from IN O
investors NNS I
. . O

With IN O
airline NN I
deals NNS I
in IN O
a DT I
tailspin NN I
, , O
legendary JJ I
Wall NNP I
Street NNP I
trader NN I
Michael NNP I
Steinhardt NNP I
could MD O
have VB O
trouble NN I
parachuting VBG O
out IN O
of IN O
USAir NNP I
Group NNP I
, , O
traders NNS I
say VBP O
. . O

Only RB I
a DT I
week NN I
ago RB O
, , O
when WRB O
airline NN I
buy-out NN I
fever NN I
was VBD O
already RB O
winding VBG O
down RB O
, , O
Mr. NNP I
Steinhardt NNP I
was VBD O
engaged VBN O
in IN O
a DT I
duel NN I
with IN O
USAir NNP I
. . O

He PRP I
was VBD O
threatening VBG O
to TO O
take VB O
over IN O
the DT I
carrier NN I
, , O
after IN O
spending VBG O
an DT I
estimated VBN I
$ $ I
167 CD I
million CD I
to TO O
build VB O
an DT I
8.4 CD I
% NN I
USAir NNP I
stake NN I
for IN O
his PRP$ I
investment NN I
clients NNS I
. . O

The DT I
would-be JJ I
raider NN I
even RB O
hired VBD O
an DT I
investment NN I
banker NN I
to TO O
give VB O
teeth NNS I
to TO O
his PRP$ I
takeover NN I
threat NN I
, , O
which WDT I
was VBD O
widely RB O
interpreted VBN O
as IN O
an DT I
effort NN I
to TO O
flush VB O
out RP O
an DT I
acquirer NN I
for IN O
USAir NNP I
, , O
or CC O
for IN O
his PRP$ I
own JJ I
stake NN I
. . O

In IN O
fighting VBG O
USAir NNP I
, , O
Mr. NNP I
Steinhardt NNP I
was VBD O
pitted VBN O
against IN O
another DT I
investor NN I
, , O
billionnaire NN I
Warren NNP I
Buffett NNP I
, , O
who WP I
bought VBD O
into IN O
USAir NNP I
to TO O
help VB O
fend VB O
off IN O
Mr. NNP I
Steinhardt NNP I
. . O

Mr. NNP I
Buffett NNP I
's POS B
firm NN I
, , O
Berkshire NNP I
Hathaway NNP I
, , O
holds VBZ O
a DT I
much RB I
bigger JJR I
stake NN I
in IN O
the DT I
carrier NN I
than IN O
Mr. NNP I
Steinhardt NNP I
's POS B
firm NN I
, , O
Steinhardt NNP I
Partners NNPS I
. . O

Now RB O
, , O
in IN O
the DT I
wake NN I
of IN O
UAL NNP I
's POS B
troubles NNS I
in IN O
financing VBG O
its PRP$ I
buy-out NN I
, , O
the DT I
airline NN I
raiding VBG I
game NN I
has VBZ O
been VBN O
grounded VBN O
. . O

Instead RB O
of IN O
hoping VBG O
to TO O
sell VB O
his PRP$ I
USAir NNP I
stake NN I
at IN O
analysts NNS I
' POS B
estimated VBN I
buy-out NN I
price NN I
of IN O
$ $ I
80 CD I
a DT B
share NN I
, , O
Mr. NNP I
Steinhardt NNP I
is VBZ O
stuck VBN O
with IN O
roughly RB I
3.7 CD I
million CD I
USAir NNP I
shares VBZ I
that DT B
cost NN O
him PRP I
$ $ B
45 CD I
, , O
on IN O
average JJ I
, , O
but CC O
yesterday NN I
closed VBD O
at IN O
40 CD I
1\/2 CD I
, , O
up IN O
1\/4 CD I
, , O
in IN O
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
composite JJ I
trading NN I
. . O

`` `` O
It PRP I
does VBZ O
n't RB O
make VB O
sense NN I
to TO O
parachute VB O
out IN O
at IN O
this DT I
price NN I
, , O
'' '' O
Mr. NNP I
Steinhardt NNP I
says VBZ O
, , O
though IN O
he PRP I
has VBZ O
stopped VBN O
his PRP$ I
takeover NN I
talk NN I
and CC O
now RB O
commends VBZ O
USAir NNP I
managers NNS I
' POS B
`` `` I
operating VBG I
skills NNS I
. . O
'' '' O

At IN O
the DT I
current JJ I
price NN I
, , O
the DT I
USAir NNP I
holding VBG I
represents VBZ O
9 CD I
% NN I
of IN O
all PDT I
the DT I
assets NNS I
that IN B
Mr. NNP B
Steinhardt NNP I
manages VBZ O
. . O

A DT I
week NN I
ago RB O
, , O
USAir NNP I
stock NN I
briefly NN O
soared VBD O
above IN O
52 CD I
after IN O
a DT I
report NN I
in IN O
USA NNP I
Today NN I
that IN O
Mr. NNP I
Steinhardt NNP I
might MD O
launch VB O
a DT I
hostile JJ I
bid NN I
for IN O
the DT I
carrier NN I
, , O
though IN O
takeover NN I
speculators NNS I
say VBP O
they PRP I
were VBD O
skeptical JJ O
. . O

`` `` O
If IN O
USAir NNP I
is VBZ O
worth JJ O
80 CD I
as IN O
a DT I
takeover NN I
and CC O
the DT I
stock NN I
went VBD O
to TO O
52 CD I
, , O
the DT I
market NN I
was VBD O
saying VBG O
Steinhardt NNP I
's POS B
presence NN I
was VBD O
n't RB O
worth JJ O
anything NN I
, , O
in IN O
terms NNS I
of IN O
getting VBG O
a DT I
deal NN I
done VBN O
, , O
'' '' O
says VBZ O
a DT I
veteran NN I
takeover NN I
speculator NN I
. . O

Traders NNS I
say VBP O
this DT I
all DT O
goes VBZ O
to TO O
show VB O
that IN O
even RB I
the DT I
smartest JJS I
money NN I
manager NN I
can MD O
get VB O
infected VBN O
with IN O
crowd NN I
passions NNS I
. . O

In IN O
trying VBG O
to TO O
raid VB O
USAir NNP I
, , O
Mr. NNP I
Steinhardt NNP I
abandoned VBD O
his PRP$ I
usual JJ I
role NN I
as IN O
a DT I
passive JJ I
investor NN I
, , O
and CC O
ran VBD O
into IN O
snags NNS I
. . O

Moreover RB O
, , O
unlike IN O
Mr. NNP I
Buffett NNP I
, , O
who WP I
often RB O
holds VBZ O
big JJ I
stakes NNS I
in IN O
companies NNS I
for IN O
years NNS I
, , O
Mr. NNP I
Steinhardt NNP I
has VBZ O
n't RB O
in IN O
the DT I
past RB I
done VBN O
much JJ I
long-term JJ I
investing NN I
. . O

Mr. NNP I
Steinhardt NNP I
, , O
who WP I
runs VBZ O
about RB I
$ $ I
1.7 CD I
billion CD I
for IN O
Steinhardt NNP I
Partners NNPS I
, , O
made VBD O
his PRP$ I
name NN I
as IN O
a DT I
gunslinging VBG I
trader NN I
, , O
moving VBG O
in IN O
and CC O
out RP O
of IN O
stocks NNS I
with IN O
agility NN I
-- : O
enriching VBG O
himself PRP I
and CC O
his PRP$ I
investment NN I
clients NNS I
. . O

Meanwhile RB O
, , O
his PRP$ I
big JJ I
losses NNS I
, , O
for IN O
instance NN I
in IN O
1987 CD I
's POS B
crash NN I
, , O
generally RB O
have VBP O
been VBN O
trading NN I
losses NNS I
. . O

So RB O
, , O
some DT I
see VB O
a DT I
special JJ I
irony NN I
in IN O
the DT I
fact NN I
that IN O
Mr. NNP I
Steinhardt NNP I
, , O
the DT I
trader NN I
, , O
now RB O
is VBZ O
encumbered VBN O
with IN O
a DT I
massive JJ I
, , I
illiquid JJ I
airline NN I
holding VBG I
. . O

Analysts NNS I
say VBP O
USAir NNP I
stock NN I
might MD O
lose VB O
four CD I
or CC I
five CD I
points NNS I
if IN O
the DT I
Steinhardt NNP I
stake NN I
was VBD O
dumped VBN O
all DT O
at IN O
once RB O
. . O

As IN O
a DT I
result NN I
, , O
Mr. NNP I
Steinhardt NNP I
must MD O
reconcile VB O
himself PRP I
to TO O
selling VBG O
USAir NNP I
at IN O
a DT I
loss NN I
, , O
or CC O
to TO O
holding VBG O
the DT I
shares NNS I
as IN O
an DT I
old-fashioned JJ I
investment NN I
. . O

`` `` O
Long-term JJ I
investing NN I
-- : O
that DT I
's VBZ O
not RB O
Steinhardt NNP I
's POS B
style NN I
, , O
'' '' O
chuckles VBZ O
an DT I
investor NN I
who WP B
once RB O
worked VBD O
at IN O
Steinhardt NNP I
Partners NNPS I
. . O

`` `` O
He PRP I
does VBZ O
n't RB O
usually RB O
risk VBP O
that IN I
much JJ I
unless IN O
he PRP I
thinks VBZ O
he PRP I
has VBZ O
an DT I
ace NN I
in IN O
the DT I
hole NN I
, , O
'' '' O
adds VBZ O
another DT I
Steinhardt NNP I
Partners NNPS I
alumnus NN I
. . O

In IN O
recent JJ I
days NNS I
, , O
traders NNS I
say VBP O
USAir NNP I
has VBZ O
been VBN O
buying VBG O
its PRP$ I
own JJ I
shares NNS I
, , O
as IN O
part NN I
of IN O
a DT I
program NN I
to TO O
retire VB O
about IN I
eight CD I
million CD I
USAir NNP I
shares NNS I
, , O
though IN O
the DT I
carrier NN I
wo MD O
n't RB O
discuss VB O
its PRP$ I
buy-back NN I
program NN I
. . O

If IN O
USAir NNP I
stepped VBD O
up IN O
its PRP$ I
share NN I
purchases NNS I
, , O
that WDT I
might MD O
be VB O
a DT I
way NN I
for IN O
Mr. NNP I
Steinhardt NNP I
to TO O
get VB O
out IN O
, , O
says VBZ O
Timothy NNP I
Pettee NNP I
, , O
a DT I
Merrill NNP I
Lynch NNP I
analyst NN I
. . O

But CC O
USAir NNP I
might MD O
not RB O
want VB O
to TO O
help VB O
Mr. NNP I
Steinhardt NNP I
, , O
he PRP I
adds VBZ O
. . O

In IN O
1987 CD I
, , O
USAir NNP I
Chairman NNP I
Edwin NNP I
Colodny NNP I
stonewalled VBD O
when WRB O
Trans NNP I
World NNP I
Airlines NNP I
Chairman NNP I
Carl NNP I
Icahn NNP I
threatened VBD O
to TO O
take VB O
over IN O
the DT I
carrier NN I
. . O

Mr. NNP I
Icahn NNP I
, , O
a DT I
much RB I
more RBR I
practiced VBN I
raider NN I
than IN O
Mr. NNP I
Steinhardt NNP I
, , O
eventually RB O
sold VBN O
a DT I
big JJ I
USAir NNP I
stake NN I
at IN O
a DT I
tiny JJ I
profit NN I
through IN O
Bear NNP I
, , I
Stearns NNP I
. . O

Mr. NNP I
Steinhardt NNP I
also RB O
could MD O
take VB O
that DT I
route NN I
. . O

He PRP I
confers VBZ O
big JJ I
trading NN I
commissions NNS I
on IN O
Wall NNP I
Street NNP I
firms NNS I
. . O

However RB O
, , O
with IN O
airline NN I
stocks NNS I
cratering VBG O
, , O
he PRP I
might MD O
not RB O
get VB O
a DT I
very RB I
good JJ I
price NN I
for IN O
his PRP$ I
shares NNS I
, , O
traders NNS I
say VBP O
. . O

Especially RB O
galling JJ O
for IN O
Mr. NNP I
Steinhardt NNP I
, , O
say VBP O
people NNS I
close VBP O
to TO O
him PRP I
, , O
is VBZ O
that IN O
USAir NNP I
's POS B
Mr. NNP I
Colodny NNP I
wo MD O
n't RB O
even RB O
take VB O
his PRP$ I
telephone NN I
calls NNS I
. . O

While IN O
USAir NNP I
is VBZ O
n't RB O
considered VBN O
absolutely RB O
takeover-proof JJ O
, , O
its PRP$ I
defenses NNS I
, , O
including VBG O
the DT I
sale NN I
in IN O
August NNP I
of IN O
a DT I
12 CD I
% NN I
stake NN I
in IN O
the DT I
company NN I
to TO O
Mr. NNP I
Buffett NNP I
's POS B
Berkshire NNP I
Hathaway NNP I
, , O
are VBP O
pretty RB O
strong JJ O
. . O

USAir NNP I
's POS B
deal NN I
with IN O
Mr. NNP I
Buffett NNP I
`` `` O
was VBD O
n't RB O
exactly RB O
a DT I
shining VBG I
example NN I
of IN O
shareholder NN I
democracy NN I
, , O
'' '' O
Mr. NNP I
Steinhardt NNP I
says VBZ O
. . O

Since IN O
last JJ I
April NNP I
, , O
the DT I
investor NN I
has VBZ O
made VBN O
seven CD I
so-called JJ I
13D CD I
filings NNS I
in IN O
USAir NNP I
, , O
as IN O
he PRP I
bought VBD O
and CC O
sold VBD O
the DT I
company NN I
's POS B
stock NN I
. . O

Such JJ I
disclosures NNS I
of IN O
big JJ I
holdings NNS I
often RB O
are VBP O
used VBN O
by IN O
raiders NNS I
to TO O
try VB O
to TO O
scare VB O
a DT I
company NN I
's POS B
managers NNS I
, , O
and CC O
to TO O
stir VB O
interest NN I
in IN O
the DT I
stock NN I
. . O

But CC O
of IN O
course NN I
it PRP B
would MD O
be VB O
highly RB O
unusual JJ O
for IN O
an DT I
investment NN I
fund NN I
such JJ O
as IN O
Steinhardt NNP I
Partners NNPS I
to TO O
take VB O
over IN O
a DT I
company NN I
. . O

USAir NNP I
and CC O
Mr. NNP I
Buffett NNP I
wo MD O
n't RB O
talk VB O
about IN O
Mr. NNP I
Steinhardt NNP I
at IN O
all DT O
. . O

Analysts NNS I
say VBP O
USAir NNP I
has VBZ O
great JJ I
promise NN I
. . O

By IN O
the DT I
second JJ I
half NN I
of IN O
1990 CD I
, , O
USAir NNP I
stock NN I
could MD O
hit VB O
60 CD I
, , O
says VBZ O
Helane NNP I
Becker NNP I
of IN O
Shearson NNP I
Lehman NNP I
Hutton NNP I
. . O

She PRP I
thinks VBZ O
traders NNS I
should MD O
buy VB O
the DT I
stock NN I
if IN O
it PRP I
tumbles VBZ O
to TO O
35 CD I
. . O

But CC O
meanwhile RB O
, , O
USAir NNP I
is VBZ O
expected VBN O
to TO O
show VB O
losses NNS I
or CC O
lackluster JJ I
profit NN I
for IN O
several JJ I
quarters NNS I
as IN O
it PRP I
tries VBZ O
to TO O
digest VB O
Piedmont NNP I
Airlines NNPS I
, , O
which WDT I
it PRP B
acquired VBD O
. . O

Moreover RB O
, , O
some DT I
investors NNS I
think VBP O
a DT I
recession NN I
or CC O
renewed VBN I
airfare NN I
wars NNS I
will MD O
pummel VB O
airline NN I
stocks NNS I
in IN O
coming VBG I
months NNS I
. . O

However RB O
, , O
Mr. NNP I
Steinhardt NNP I
says VBZ O
he PRP I
's VBZ O
`` `` O
comfortable JJ O
holding NN O
USAir NNP I
as IN O
an DT I
investment NN I
. . O
'' '' O

While IN O
he PRP I
has VBZ O
bought VBN O
and CC O
sold VBD O
some DT I
USAir NNP I
shares NNS I
in IN O
recent JJ I
days NNS I
, , O
he PRP I
says VBZ O
that IN O
contrary JJ O
to TO O
rumors NNS I
, , O
he PRP I
has VBZ O
n't RB O
tried VBN O
to TO O
unload VB O
his PRP$ I
holding NN I
. . O

Mr. NNP I
Steinhardt NNP I
adds VBZ O
that IN O
he PRP I
bought VBD O
USAir NNP I
stock NN I
earlier RBR B
this DT I
year NN I
as IN O
`` `` O
part NN I
of IN O
a DT I
fundamental JJ I
investment NN I
in IN O
the DT I
airline NN I
group NN I
. . O
'' '' O

In IN O
1989 CD I
, , O
Mr. NNP I
Steinhardt NNP I
says VBZ O
he PRP I
made VBD O
money NN I
trading NN O
in IN O
Texas NNP I
Air NNP I
, , O
AMR NNP I
and CC O
UAL NNP I
. . O

Overall RB O
, , O
his PRP$ I
investments NNS I
so RB O
far RB O
this DT I
year NN I
are VBP O
showing VBG O
gains NNS I
of IN O
about IN I
20 CD I
% NN I
, , O
he PRP I
adds VBZ O
. . O

Does VBZ O
Mr. NNP I
Steinhardt NNP I
regret VBP O
his PRP$ I
incursion NN I
into IN O
the DT I
takeover-threat NN I
game NN I
? . O

People NNS I
close VBP O
to TO O
the DT I
investor NN I
say VBP O
that WDT I
was VBD O
an DT I
experiment NN I
he PRP B
is VBZ O
unlikely JJ O
to TO O
repeat VB O
. . O

`` `` O
I PRP I
do VBP O
n't RB O
think VB O
you PRP I
'll MD O
find VB O
I PRP I
'm VBP O
making VBG O
a DT I
radical JJ I
change NN I
in IN O
my PRP$ I
traditional JJ I
investment NN I
style NN I
, , O
'' '' O
Mr. NNP I
Steinhardt NNP I
says VBZ O
. . O

Addington NNP I
Resources NNP I
Inc. NNP I
said VBD O
it PRP I
called VBD O
for IN O
redemption NN I
on IN O
Nov. NNP I
21 CD I
its PRP$ B
$ $ I
25.8 CD I
million CD I
outstanding JJ O
of IN O
8 CD I
% NN I
convertible JJ I
subordinated VBN I
debentures NNS I
due JJ O
2013 CD I
. . O

The DT I
debentures NNS I
were VBD O
issued VBN O
in IN O
the DT I
face NN I
amount NN I
of IN O
$ $ I
46 CD I
million CD I
on IN O
July NNP I
11 CD I
, , I
1988 CD I
, , O
the DT I
Ashland NNP I
, , I
Ky. NNP I
, , I
coal NN I
mining NN I
, , I
water NN I
transportation NN I
and CC I
construction NN I
company NN I
said VBD O
. . O

The DT I
company NN I
said VBD O
the DT I
redemption NN I
is VBZ O
permitted VBN O
because IN O
the DT I
price NN I
of IN O
Addington NNP I
's POS B
stock NN I
has VBZ O
equaled VBN O
or CC O
exceeded VBN O
$ $ I
19.60 CD I
for IN O
20 CD I
consecutive JJ I
trading NN I
days NNS I
, , O
a DT I
condition NN I
set VBN O
in IN O
the DT I
terms NNS I
of IN O
the DT I
debentures NNS I
. . O

Debenture NN I
holders NNS I
are VBP O
expected VBN O
to TO O
convert VB O
most RBS I
of IN O
the DT I
debentures NNS I
into IN O
common JJ I
because IN O
the DT I
value NN I
of IN O
the DT I
stock NN I
received VBD O
in IN O
a DT I
conversion NN I
would MD O
exceed VB O
the DT I
$ $ I
1,103.11 CD I
redemption NN I
price NN I
. . O

Commodore NNP I
International NNP I
Ltd. NNP I
said VBD O
it PRP I
will MD O
report VB O
a DT I
loss NN I
for IN O
the DT I
first JJ I
quarter NN I
ended VBN O
Sept. NNP I
30 CD I
because IN O
sales NNS I
of IN O
personal JJ I
computers NNS I
for IN O
the DT I
home NN I
market NN I
remained VBD O
weak JJ O
in IN O
some DT I
major JJ I
countries NNS I
. . O

That DT I
will MD O
mark VB O
the DT I
second JJ I
consecutive JJ I
quarterly JJ I
loss NN I
for IN O
Commodore NNP I
and CC O
will MD O
raise VB O
additional JJ I
questions NNS I
about IN O
whether IN O
it PRP I
can MD O
sustain VB O
the DT I
turnaround NN I
it PRP B
had VBD O
seemed VBN O
to TO O
be VB O
engineering NN O
. . O

Commodore NNP I
, , O
West NNP I
Chester NNP I
, , O
Pa. NNP I
, , O
had VBD O
said VBD O
in IN O
August NNP I
that IN O
it PRP I
was VBD O
consolidating VBG O
manufacturing NN I
to TO O
cut VB O
costs NNS I
and CC O
expected VBN O
to TO O
be VB O
profitable JJ O
in IN O
the DT I
fiscal JJ I
first JJ I
quarter NN I
. . O

Commodore NNP I
said VBD O
that IN O
its PRP$ I
announcement NN I
is VBZ O
based VBN O
on IN O
preliminary JJ I
information NN I
and CC O
that IN O
the DT I
situation NN I
could MD O
look VB O
different JJ O
by IN O
the DT I
time NN I
final JJ B
results NNS I
are VBP O
announced VBN O
early JJ I
next JJ I
month NN I
. . O

In IN O
fact NN I
, , O
Commodore NNP I
's POS B
fiscal JJ I
fourth-quarter JJ I
loss NN I
was VBD O
$ $ I
2 CD I
million CD I
narrower JJR O
than IN O
Commodore NNP I
had VBD O
expected VBN O
a DT I
few JJ I
weeks NNS I
after IN O
the DT I
quarter NN I
closed VBD O
. . O

Still RB O
, , O
even RB I
results VBZ I
approaching VBG O
break-even NN I
would MD O
mark VB O
a DT I
sharp JJ I
weakening NN I
compared VBN O
with IN O
fiscal JJ I
1989 CD I
first-quarter JJ I
earnings NNS I
of IN O
$ $ I
9.6 CD I
million CD I
, , O
or CC O
30 CD I
cents NNS I
a DT B
share NN I
, , O
on IN O
sales NNS I
of IN O
$ $ I
200.2 CD I
million CD I
. . O

Reflecting VBG O
concerns NNS I
about IN O
Commodore NNP I
's POS B
outlook NN I
, , O
its PRP$ I
stock NN I
has VBZ O
plunged VBN O
more JJR I
than IN I
50 CD I
% NN I
since IN O
May NNP I
, , O
closing VBG O
yesterday NN I
unchanged JJ O
at IN O
$ $ I
8.875 CD I
a DT B
share NN I
in IN O
composite JJ I
trading NN I
on IN O
the DT I
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
. . O

The DT I
price NN I
can MD O
be VB O
expected VBN O
to TO O
erode VB O
further RBR O
, , O
because IN O
the DT I
loss NN I
estimate NN I
came VBD O
after IN O
the DT I
market NN I
closed VBD O
. . O

Commodore NNP I
has VBZ O
seemed VBN O
to TO O
be VB O
setting VBG O
the DT I
stage NN I
recently RB O
for IN O
progress NN I
in IN O
the DT I
U.S. NNP I
, , O
where WRB O
its PRP$ I
personal-computer NN I
sales NNS I
have NN O
been VBN O
so RB O
dismal JJ O
for IN O
years NNS I
that IN O
Commodore NNP I
is VBZ O
close RB O
to TO O
dropping VBG O
off IN O
research NN I
firms NNS I
' POS B
market-share JJ I
charts NNS I
. . O

Commodore NNP I
has VBZ O
assembled VBN O
an DT I
experienced VBN I
management NN I
team NN I
, , O
it PRP I
has VBZ O
persuaded VBN O
many RB I
more JJR I
dealers NNS I
to TO O
carry VB O
its PRP$ I
products NNS I
and CC O
it PRP I
has VBZ O
unleashed VBN O
a DT I
slick JJ I
advertising NN I
campaign NN I
. . O

But CC O
those DT I
represent VB O
long-term JJ I
strategies NNS I
that IN B
probably RB O
wo MD O
n't RB O
succeed VB O
quickly RB O
, , O
even RB O
if IN O
they PRP I
turn VBP O
out IN O
to TO O
be VB O
the DT I
right NN I
ones NNS I
. . O

In IN O
the DT I
meantime NN I
, , O
the DT I
strategies NNS I
will MD O
increase VB O
expenses NNS I
. . O

Commodore NNP I
had VBD O
been VBN O
counting VBG O
on IN O
its PRP$ I
consumer NN I
business NN I
to TO O
stay VB O
sufficiently RB O
healthy JJ O
to TO O
support VB O
its PRP$ I
efforts NNS I
in IN O
other JJ I
areas NNS I
-- : O
mainly RB O
in IN O
getting VBG O
schools NNS I
and CC I
businesses NNS I
to TO O
use VB O
its PRP$ I
Amiga NNP I
, , O
which WDT I
has VBZ O
slick JJ I
graphics NNS I
yet RB O
has VBZ O
been VBN O
slow JJ O
to TO O
catch VB O
on IN O
because IN O
it PRP I
is VBZ O
n't RB O
compatible JJ O
with IN O
Apple NNP I
Computer NNP I
Inc. NNP I
or CC I
International NNP I
Business NNP I
Machines NNP I
Corp. NNP I
hardware NN I
. . O

But CC O
sales NNS I
to TO O
consumers NNS I
have VBP O
become VBN O
difficult JJ O
during IN O
the DT I
past JJ I
several JJ I
months NNS I
, , O
even RB O
in IN O
West NNP I
Germany NNP I
, , O
which WDT I
has VBZ O
been VBN O
by IN O
far RB O
Commodore NNP I
's POS B
strongest JJS I
market NN I
. . O

The DT I
Commodore NNP I
64 CD I
and CC I
128 CD I
, , O
mainly RB O
used VBN O
for IN O
children NNS I
's POS B
educational JJ I
software NN I
and CC I
games NNS I
, , O
had VBD O
surprised VBN O
market NN I
researchers NNS I
by IN O
continuing VBG O
to TO O
produce VB O
strong JJ I
sales NNS I
even RB O
though IN O
other JJ I
low-profit JJ I
personal JJ I
computers NNS I
now RB O
operate VBP O
several JJ I
times NNS I
as IN O
fast RB O
and CC O
have VBP O
much RB I
more JJR I
memory NN I
. . O

Commodore NNP I
has VBZ O
said VBD O
it PRP I
expects VBZ O
sales NNS I
to TO O
rebound VB O
, , O
but CC O
market NN I
researchers NNS I
have VBP O
said VBD O
that IN O
sales NNS I
of IN O
the DT I
low-end JJ I
products NNS I
may MD O
finally RB O
be VB O
trailing VBG O
off RB O
. . O

Stock NN I
prices NNS I
closed VBD O
slightly RB O
higher JJR O
in IN O
the DT I
first JJ I
routine JJ I
trading NN I
day NN I
since IN O
Friday NNP I
's POS B
big JJ I
plunge NN I
. . O

Some DT I
issues NNS I
were VBD O
affected VBN O
by IN O
Tuesday NNP I
's POS B
devastating JJ I
earthquake NN I
in IN O
the DT I
San NNP I
Francisco NNP I
area NN I
. . O

Activity NN I
continued VBD O
to TO O
slow VB O
from IN O
the DT I
hectic JJ I
pace NN I
set VBN O
during IN O
the DT I
market NN I
's POS B
plunge NN I
late JJ B
Friday NNP I
and CC O
its PRP$ I
rebound NN I
Monday NNP B
, , O
as IN O
players NNS I
began VBD O
to TO O
set VB O
their PRP$ I
sights NNS I
on IN O
events NNS I
coming VBG O
later RB I
this DT I
week NN I
. . O

The DT I
Dow NNP I
Jones NNP I
Industrial NNP I
Average NNP I
drifted VBD O
through IN O
the DT I
session NN I
within IN O
a DT I
trading NN I
range NN I
of IN O
about IN I
30 CD I
points NNS I
before IN O
closing VBG O
with IN O
a DT I
gain NN I
of IN O
4.92 CD I
at IN O
2643.65 CD I
. . O

Broader JJR I
averages NNS I
also RB O
posted VBD O
modest JJ I
gains NNS I
. . O

Standard NNP I
& CC I
Poor NNP I
's POS B
500-Stock NNP I
Index NNP I
rose VBD O
0.60 CD I
to TO O
341.76 CD I
, , O
the DT I
Dow NNP I
Jones NNP I
Equity NNP I
Market NNP I
Index NNP I
rose VBD O
0.71 CD I
to TO O
320.54 CD I
and CC O
the DT I
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
Composite NNP I
Index NNP I
gained VBD O
0.43 CD I
to TO O
189.32 CD I
. . O

Some DT I
822 CD I
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
issues NNS I
advanced VBD O
in IN O
price NN I
, , O
while IN O
668 CD I
declined VBD O
. . O

But CC O
the DT I
Dow NNP I
Jones NNP I
Transportation NNP I
Average NNP I
went VBD O
down RB O
for IN O
the DT I
seventh JJ I
consecutive JJ I
session NN I
, , O
due JJ O
largely RB O
to TO O
further VB I
selling NN I
in IN O
UAL NNP I
. . O

The DT I
average NN I
dropped VBD O
6.40 CD I
to TO O
1247.87 CD I
and CC O
has VBZ O
now RB O
lost VBN O
21.7 CD I
% NN I
of IN O
its PRP$ I
value NN I
since IN O
the DT I
losing VBG I
streak NN I
began VBD O
Oct. NNP I
10 CD I
. . O

Big NNP I
Board NNP I
volume NN I
dropped VBD O
to TO O
166,900,000 CD I
shares NNS I
, , O
in IN O
line NN I
with IN O
the DT I
level NN I
of IN O
trading NN I
over IN O
the DT I
past JJ I
few JJ I
weeks NNS I
, , O
from IN O
224.1 CD I
million CD I
Tuesday NNP B
. . O

Traders NNS I
cited VBD O
anticipation NN I
of IN O
the DT I
consumer NN I
price NN I
report NN I
for IN O
September NNP I
, , O
due JJ O
today NN I
, , O
and CC O
tomorrow NN I
's POS B
expiration NN I
of IN O
October NNP I
stock-index NN I
futures NNS I
and CC I
options NNS I
as IN O
major JJ I
factors NNS I
in IN O
the DT I
slowdown NN I
. . O

In IN O
addition NN I
, , O
activity NN I
at IN O
a DT I
number NN I
of IN O
San NNP I
Francisco-based JJ I
brokerage NN I
houses NNS I
was VBD O
curtailed VBN O
as IN O
a DT I
result NN I
of IN O
the DT I
earthquake NN I
, , O
which WDT I
knocked VBD O
out RP O
power NN I
lines NNS I
and CC O
telephone NN I
service NN I
throughout IN O
the DT I
Bay NNP I
area NN I
. . O

Stocks NNS I
retreated VBD O
to TO O
session NN I
lows NNS I
just RB O
after IN O
the DT I
opening NN I
amid IN O
worries NNS I
about IN O
the DT I
market NN I
impact NN I
of IN O
the DT I
quake NN I
, , O
but CC O
quickly RB O
snapped VBD O
back RB O
to TO O
higher JJR I
levels NNS I
with IN O
the DT I
help NN I
of IN O
futures-related JJ I
program NN I
buying VBG I
. . O

The DT I
early JJ I
move NN I
essentially RB O
established VBD O
the DT I
day NN I
's POS B
trading NN I
range NN I
, , O
and CC O
traders NNS I
said VBD O
they PRP I
saw VBD O
little JJ I
of IN O
the DT I
program NN I
activity NN I
that WDT B
has VBZ O
battered VBN O
the DT I
market NN I
recently RB O
. . O

`` `` O
I PRP I
did VBD O
n't RB O
expect VB O
it PRP I
to TO O
be VB O
this DT I
quiet NN I
. . O

I PRP I
expected VBD O
to TO O
see VB O
more JJR I
volatility NN I
as IN O
some DT I
of IN O
the DT I
institutions NNS I
who WP B
were VBD O
spooked VBN O
last JJ I
Friday NNP I
did VBD O
some DT I
selling NN I
, , O
'' '' O
said VBD O
Raymond NNP I
F. NNP I
DeVoe NNP I
, , O
a DT I
market NN I
strategist NN I
at IN O
Legg NNP I
Mason NNP I
Wood NNP I
Walker NNP I
, , O
Baltimore NNP I
. . O

Mr. NNP I
DeVoe NNP I
said VBD O
he PRP I
expects VBZ O
prices NNS I
to TO O
show VB O
some DT I
renewed VBN I
instability NN I
over IN O
the DT I
next JJ I
few JJ I
sessions NNS I
as IN O
institutions NNS I
re-evaluate VBP O
their PRP$ I
stance NN I
toward IN O
the DT I
market NN I
in IN O
light NN I
of IN O
its PRP$ I
decline NN I
. . O

`` `` O
I PRP I
would MD O
suspect VB O
that IN O
a DT I
lot NN I
of IN O
investment NN I
committees NNS I
are VBP O
looking VBG O
into IN O
whether IN O
-LRB- ( O
they PRP I
-RRB- ) O
want VBP O
to TO O
be VB O
in IN O
stocks NNS I
at IN O
all DT O
, , O
'' '' O
he PRP I
said VBD O
. . O

Insurance NN I
stocks NNS I
were VBD O
sold VBN O
at IN O
the DT I
opening NN I
amid IN O
concerns NNS I
about IN O
the DT I
level NN I
of IN O
damage NN I
claims VBZ I
the DT B
companies NNS I
would MD O
receive VB O
as IN O
a DT I
result NN I
of IN O
the DT I
earthquake NN I
. . O

But CC O
those DT I
issues NNS I
recovered VBD O
quickly RB O
and CC O
turned VBD O
higher JJR O
because IN O
of IN O
expectations NNS I
that IN O
the DT I
quake NN I
and CC O
the DT I
recent JJ I
Hurricane NNP I
Hugo NNP I
would MD O
set VB O
the DT I
stage NN I
for IN O
an DT I
increase NN I
in IN O
premium NN I
rates NNS I
. . O

Issues NNS I
of IN O
insurance NN I
brokers NNS I
were VBD O
especially RB O
strong JJ O
. . O

Marsh NNP I
& CC I
McLennan NNP I
advanced VBD O
3 CD I
1\/8 CD I
to TO O
75 CD I
7\/8 CD I
, , O
Alexander NNP I
& CC I
Alexander NNP I
Services NNP I
climbed VBD O
2 CD I
to TO O
32 CD I
and CC O
Corroon NNP I
& CC I
Black NNP I
firmed VBD O
1 CD I
7\/8 CD I
to TO O
37 CD I
1\/2 CD I
. . O

Elsewhere RB O
in IN O
the DT I
group NN I
, , O
General NNP I
Re NNP I
rose VBD O
2 CD I
3\/4 CD I
to TO O
86 CD I
1\/2 CD I
, , O
American NNP I
International NNP I
Group NNP I
gained VBD O
3 CD I
1\/4 CD I
to TO O
102 CD I
5\/8 CD I
, , O
Aetna NNP I
Life NNP I
& CC I
Casualty NNP I
added VBD O
2 CD I
3\/8 CD I
to TO O
59 CD I
1\/2 CD I
and CC O
Cigna NNP I
advanced VBD O
7\/8 CD I
to TO O
62 CD I
1\/2 CD I
. . O

Loews NNP I
, , O
the DT I
parent NN I
of IN O
CNA NNP I
Financial NNP I
, , O
rose VBD O
1 CD I
3\/8 CD I
to TO O
123 CD I
1\/8 CD I
. . O

Companies NNS I
in IN O
the DT I
construction NN I
, , I
engineering NN I
and CC I
building-products NNS I
sectors NNS I
were VBD O
among IN O
other JJ I
beneficiaries NNS I
of IN O
earthquake-related JJ I
buying NN I
. . O

The DT I
heavy-construction NN I
sector NN I
was VBD O
the DT I
session NN I
's POS B
best JJS I
performer NN I
among IN O
Dow NNP I
Jones NNP I
industry NN I
groups NNS I
; : O
Fluor NNP I
rose VBD O
3\/4 CD I
to TO O
33 CD I
3\/8 CD I
, , O
Morrison NNP I
Knudsen NNP I
gained VBD O
2 CD I
1\/4 CD I
to TO O
44 CD I
1\/8 CD I
, , O
Foster NNP I
Wheeler NNP I
added VBD O
3\/8 CD I
to TO O
18 CD I
1\/4 CD I
and CC O
Ameron NNP I
climbed VBD O
2 CD I
3\/8 CD I
to TO O
39 CD I
3\/4 CD I
. . O

Among IN O
engineering NN I
firms NNS I
, , O
CRS NNP I
Sirrine NNP I
rose VBD O
5\/8 CD I
to TO O
34 CD I
1\/4 CD I
on IN O
the DT I
Big NNP I
Board NNP I
and CC O
four CD I
others NNS I
rallied VBD O
on IN O
the DT I
American NNP I
Stock NNP I
Exchange NNP I
: : O
Jacobs NNP I
Engineering NNP I
Group NNP I
, , O
which WDT I
gained VBD O
1 CD I
1\/8 CD I
to TO O
25 CD I
3\/8 CD I
, , O
Greiner NNP I
Engineering NNP I
, , O
which WDT I
rose VBD O
3 CD I
1\/2 CD I
to TO O
22 CD I
1\/2 CD I
; : O
Michael NNP I
Baker NNP I
, , O
which WDT I
added VBD O
1 CD I
1\/4 CD I
to TO O
15 CD I
1\/4 CD I
, , O
and CC O
American NNP I
Science NNP I
& CC I
Engineering NNP I
, , O
up IN O
1\/2 CD I
to TO O
8 CD I
1\/2 CD I
. . O

Within IN O
the DT I
building-materials NNS I
group VBP I
, , O
Georgia-Pacific NNP I
climbed VBD O
1 CD I
1\/4 CD I
to TO O
58 CD I
and CC O
Louisiana-Pacific NNP I
added VBD O
1 CD I
to TO O
40 CD I
3\/4 CD I
after IN O
Merrill NNP I
Lynch NNP I
recommended VBD O
the DT I
forest-products NNS I
issues NNS I
. . O

CalMat NNP I
advanced VBD O
2 CD I
3\/4 CD I
to TO O
28 CD I
3\/4 CD I
, , O
Lone NNP I
Star NNP I
Industries NNPS I
gained VBD O
1 CD I
3\/4 CD I
to TO O
29 CD I
1\/4 CD I
, , O
Lafarge NNP I
rose VBD O
1 CD I
to TO O
19 CD I
1\/2 CD I
, , O
Southdown NNP I
added VBD O
5\/8 CD I
to TO O
24 CD I
5\/8 CD I
and CC O
Eljer NNP I
Industries NNP I
rose VBD O
1 CD I
1\/4 CD I
to TO O
24 CD I
7\/8 CD I
. . O

Pacific NNP I
Gas NNP I
& CC I
Electric NNP I
fell VBD O
3\/8 CD I
to TO O
19 CD I
5\/8 CD I
in IN O
Big NNP I
Board NNP I
composite JJ I
trading NN I
of IN O
1.7 CD I
million CD I
shares NNS I
and CC O
Pacific NNP I
Telesis NNP I
Group NNP I
slipped VBD O
5\/8 CD I
to TO O
44 CD I
5\/8 CD I
as IN O
the DT I
companies NNS I
worked VBD O
to TO O
restore VB O
service NN I
to TO O
areas NNS I
affected VBN O
by IN O
the DT I
quake NN I
. . O

Chevron NNP I
added VBD O
1 CD I
to TO O
65 CD I
. . O

The DT I
company NN I
, , O
based VBN O
in IN O
San NNP I
Francisco NNP I
, , O
said VBD O
it PRP I
had VBD O
to TO O
shut VB O
down RP O
a DT I
crude-oil NN I
pipeline NN I
in IN O
the DT I
Bay NNP I
area NN I
to TO O
check VB O
for IN O
leaks NNS I
but CC O
added VBD O
that IN O
its PRP$ I
refinery NN I
in IN O
nearby JJ I
Richmond NNP I
, , I
Calif. NNP I
, , I
was VBD O
undamaged JJ O
. . O

Other JJ I
companies NNS I
based VBN O
in IN O
the DT I
area NN I
include VBP O
Hewlett-Packard NNP I
, , O
which WDT I
rose VBD O
1\/4 CD I
to TO O
49 CD I
; : O
National NNP I
Semiconductor NNP I
, , O
which WDT I
went VBD O
up IN O
1\/4 CD I
to TO O
7 CD I
5\/8 CD I
, , O
and CC O
Genentech NNP I
, , O
which WDT I
eased VBD O
1\/4 CD I
to TO O
19 CD I
5\/8 CD I
. . O

None NN I
of IN O
the DT I
firms NNS I
reported VBD O
any DT I
major JJ I
damage NN I
to TO O
facilities NNS I
as IN O
a DT I
result NN I
of IN O
the DT I
quake NN I
. . O

BankAmerica NNP I
eased VBD O
1\/2 CD I
to TO O
31 CD I
7\/8 CD I
and CC O
Wells NNP I
Fargo NNP I
lost VBD O
1\/2 CD I
to TO O
81 CD I
1\/2 CD I
; : O
the DT I
two CD I
bank NN I
holding VBG I
companies NNS I
, , O
based VBN O
in IN O
San NNP I
Francisco NNP I
, , O
were VBD O
forced VBN O
to TO O
curtail VB O
some DT I
operations NNS I
due JJ O
to TO O
the DT I
temblor NN I
. . O

Among IN O
California NNP I
savings-and-loan JJ I
stocks NNS I
, , O
H.F. NNP I
Ahmanson NNP I
eased VBD O
3\/8 CD I
to TO O
22 CD I
1\/4 CD I
, , O
CalFed NNP I
slid VBD O
3\/4 CD I
to TO O
24 CD I
1\/8 CD I
, , O
Great NNP I
Western NNP I
Financial NNP I
dropped VBD O
1\/2 CD I
to TO O
21 CD I
1\/4 CD I
and CC O
Golden NNP I
West NNP I
Financial NNP I
fell VBD O
5\/8 CD I
to TO O
29 CD I
1\/4 CD I
. . O

UAL NNP I
, , O
the DT I
parent NN I
company NN I
of IN O
United NNP I
Airlines NNPS I
, , O
swung VBD O
within IN O
a DT I
14-point JJ I
range NN I
during IN O
the DT I
course NN I
of IN O
the DT I
session NN I
before IN O
closing VBG O
at IN O
191 CD I
3\/4 CD I
, , O
down RB O
6 CD I
1\/4 CD I
, , O
on IN O
2.3 CD I
million CD I
shares NNS I
. . O

British JJ I
Airways NNPS I
, , O
a DT I
member NN I
of IN O
the DT I
group NN I
that WDT B
had VBD O
offered VBN O
$ $ I
300 CD I
a DT B
share NN I
for IN O
UAL NNP I
in IN O
a DT I
leveraged JJ I
buy-out NN I
, , O
said VBD O
it PRP I
had VBD O
yet RB O
to TO O
receive VB O
a DT I
revised VBN I
proposal NN I
and CC O
it PRP I
was VBD O
`` `` O
in IN O
no DT I
way NN I
committed VBN O
'' '' O
to TO O
the DT I
completion NN I
of IN O
a DT I
bid NN I
. . O

Separately RB O
, , O
investor NN I
Marvin NNP I
Davis NNP I
withdrew VBD O
his PRP$ I
backup NN I
$ $ I
300-a-share JJ I
takeover NN I
offer NN I
. . O

While IN O
UAL NNP I
faltered VBD O
, , O
AMR NNP I
, , O
the DT I
parent NN I
of IN O
American NNP I
Airlines NNPS I
, , O
pulled VBD O
out IN O
of IN O
its PRP$ I
recent JJ I
nosedive NN I
by IN O
rising VBG O
3\/4 CD I
to TO O
74 CD I
. . O

The DT I
stock NN I
had VBD O
been VBN O
on IN O
the DT I
decline NN I
since IN O
the DT I
financing NN I
for IN O
the DT I
UAL NNP I
buy-out NN I
fell VBD O
through IN O
on IN O
Friday NNP I
and CC O
developer NN I
Donald NNP I
Trump NNP I
subsequently RB O
withdrew VBD O
a DT I
takeover NN I
offer NN I
of IN O
$ $ I
120 CD I
a DT B
share NN I
for IN O
AMR NNP I
. . O

Also RB O
, , O
AMR NNP I
was VBD O
the DT I
most RBS I
active JJ I
Big NNP I
Board NNP I
issue NN I
; : O
2.8 CD I
million CD I
shares NNS I
changed VBD O
hands NNS I
. . O

GTE NNP I
added VBD O
1 CD I
1\/4 CD I
to TO O
65 CD I
3\/8 CD I
. . O

PaineWebber NNP I
repeated VBD O
a DT I
buy NN I
recommendation NN I
on IN O
the DT I
stock NN I
and CC O
raised VBN O
its PRP$ I
1990 CD I
earnings NNS I
estimate NN I
by IN O
35 CD I
cents NNS I
a DT B
share NN I
, , O
to TO O
$ $ I
5.10 CD I
. . O

Colgate-Palmolive NNP I
advanced VBD O
1 CD I
5\/8 CD I
to TO O
63 CD I
after IN O
saying VBG O
it PRP I
was VBD O
comfortable JJ O
with IN O
analysts NNS I
' POS B
projections NNS I
that IN O
third-quarter JJ I
net JJ I
income NN I
from IN O
continuing VBG I
operations NNS I
would MD O
be VB O
between IN O
95 CD I
cents NNS I
and CC O
$ $ I
1.05 CD I
a DT B
share NN I
, , O
up IN O
from IN O
69 CD I
cents NNS I
a DT B
year NN I
ago RB O
. . O

Springs NNP I
Industries NNPS I
dropped VBD O
1 CD I
3\/8 CD I
to TO O
36 CD I
. . O

Analysts NNS I
at IN O
several JJ I
brokerage NN I
firms NNS I
lowered VBD O
their PRP$ I
1989 CD I
and CC I
1990 CD I
earnings NNS I
estimates NNS I
on IN O
the DT I
company NN I
after IN O
its PRP$ I
third-quarter JJ I
results NNS I
proved VBD O
disappointing JJ O
. . O

Trinova NNP I
third-quarter JJ I
loss NN I
after IN O
a DT I
charge NN I
for IN O
a DT I
planned VBN I
restructuring NN I
, , O
which WDT I
will MD O
include VB O
the DT I
closing VBG I
or CC I
downsizing VBG I
of IN O
about IN I
25 CD I
% NN I
of IN O
its PRP$ I
plants NNS I
and CC O
a DT I
work NN I
force NN I
cut NN I
of IN O
about IN I
1,500 CD I
over IN O
three CD I
years NNS I
. . O

The DT I
Amex NNP I
Market NNP I
Value NNP I
Index NNP I
snapped VBD O
a DT I
five-session JJ I
losing NN I
streak NN I
by IN O
rising VBG O
2.91 CD I
to TO O
378.07 CD I
. . O

Volume NN I
totaled VBD O
12,500,000 CD I
shares NNS I
. . O

Carnival NNP I
Cruise NNP I
Lines NNP I
Class NNP I
A DT I
rose VBD O
1 CD I
1\/4 CD I
to TO O
22 CD I
3\/8 CD I
. . O

The DT I
company NN I
, , O
citing VBG O
market NN I
conditions NNS I
, , O
postponed VBD O
a DT I
$ $ I
200 CD I
million CD I
debt NN I
offer NN I
. . O

Philip NNP I
Morris NNP I
Cos. NNP I
posted VBD O
a DT I
20 CD I
% NN I
jump NN I
in IN O
third-quarter JJ I
profit NN I
on IN O
a DT I
45 CD I
% NN I
revenue NN I
increase NN I
, , O
reflecting VBG O
strength NN I
in IN O
the DT I
company NN I
's POS B
cigarette NN I
, , I
food NN I
and CC I
brewing NN I
businesses NNS I
. . O

Net JJ I
income NN I
rose VBD O
to TO O
$ $ I
748 CD I
million CD I
, , O
or CC O
81 CD I
cents NNS I
a DT B
share NN I
, , O
from IN O
the DT I
year-earlier JJ I
$ $ I
621 CD I
million CD I
, , O
or CC O
67 CD I
cents NNS I
a DT B
share NN I
. . O

Per-share JJ I
figures NNS I
have VBP O
been VBN O
adjusted VBN O
for IN O
a DT I
4-for-1 JJ I
stock NN I
split NN I
paid VBN O
earlier RBR I
this DT I
month NN I
. . O

The DT I
New NNP I
York-based JJ I
tobacco NN I
, , I
food NN I
and CC I
beer NN I
concern NN I
said VBD O
revenue NN I
increased VBN O
to TO O
$ $ I
11.25 CD I
billion CD I
from IN O
$ $ I
7.74 CD I
billion CD I
. . O

In IN O
composite JJ I
trading NN I
on IN O
the DT I
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
, , O
Philip NNP I
Morris NNP I
closed VBD O
at IN O
$ $ I
43.375 CD I
, , O
up IN O
12.5 CD I
cents NNS I
. . O

Philip NNP I
Morris NNP I
disclosed VBD O
little RB I
detailed VBN I
information NN I
about IN O
performance NN I
by IN O
major JJ I
business NN I
lines NNS I
except VB O
to TO O
say VB O
that IN O
most RBS I
, , O
including VBG O
Philip NNP I
Morris NNP I
U.S.A. NNP I
, , O
Kraft NNP I
General NNP I
Foods NNPS I
and CC O
Miller NNP I
Brewing NNP I
Co. NNP I
, , O
posted VBD O
increased VBN I
revenues NNS I
. . O

For IN O
the DT I
nine CD I
months NNS I
, , O
net JJ I
increased VBN O
4.4 CD I
% NN I
to TO O
$ $ I
2.08 CD I
billion CD I
, , O
or CC O
$ $ I
2.25 CD I
a DT B
share NN I
, , O
from IN O
$ $ I
2 CD I
billion CD I
, , O
which WDT I
included VBD O
$ $ I
273 CD I
million CD I
reflecting VBG O
the DT I
effect NN I
of IN O
an DT I
accounting NN I
change NN I
. . O

Granges NNP I
Inc. NNP I
, , O
citing VBG O
depressed JJ I
gold NN I
prices NNS I
, , O
said VBD O
it PRP I
plans VBZ O
to TO O
suspend VB O
operations NNS I
for IN O
an DT I
indefinite JJ I
period NN I
at IN O
its PRP$ I
Tartan NNP I
gold NN I
mine NN I
in IN O
Manitoba NNP I
. . O

Granges NNP I
said VBD O
in IN O
Vancouver NNP I
, , O
British NNP I
Columbia NNP I
, , O
that IN O
the DT I
production NN I
halt NN I
will MD O
be VB O
phased VBN O
in IN O
over IN O
a DT I
10-week JJ I
period NN I
. . O

Tartan NNP I
currently RB O
produces VBZ O
gold NN I
at IN O
a DT I
cash NN I
operating VBG I
cost NN I
of IN O
$ $ I
393 CD I
an DT B
ounce NN I
, , O
which WDT I
is VBZ O
high JJ O
by IN O
industry NN I
standards NNS I
and CC O
$ $ I
25 CD I
or CC I
so RB I
above IN O
the DT I
current JJ I
spot NN I
price NN I
. . O

Granges NNP I
said VBD O
it PRP I
also RB O
plans VBZ O
in IN O
the DT I
third JJ I
quarter NN I
to TO O
write VB O
down RP O
the DT I
carrying VBG I
value NN I
of IN O
the DT I
Tartan NNP I
mine NN I
by IN O
2.5 CD I
million CD I
Canadian JJ I
dollars NNS I
-LRB- ( O
US$ $ I
2.12 CD I
million CD I
-RRB- ) O
, , O
and CC O
to TO O
write VB O
off IN O
most RBS I
of IN O
the DT I
C$ $ I
6.3 CD I
million CD I
carrying VBG I
value NN I
of IN O
its PRP$ I
Windflower NNP I
gold NN I
property NN I
in IN O
British NNP I
Columbia NNP I
. . O

Granges NNP I
did VBD O
n't RB O
say VB O
what WP I
impact NN I
the DT B
moves NNS I
would MD O
have VB O
on IN O
total JJ I
gold NN I
output NN I
or CC O
earnings NNS I
, , O
and CC O
company NN I
officials NNS I
were VBD O
n't RB O
available JJ O
. . O

Computer NNP I
Associates NNP I
International NNP I
Inc. NNP I
, , O
Garden NNP I
City NNP I
, , O
N.Y. NNP I
, , O
and CC O
Digital NNP I
Equipment NNP I
Corp. NNP I
said VBD O
they PRP I
agreed VBD O
to TO O
jointly RB O
develop VB O
software NN I
to TO O
help VB O
manage VB O
Digital NNP I
's POS B
Vax NNP I
computers NNS I
. . O

Computer NNP I
Associates NNPS I
has VBZ O
carved VBN O
out RP O
a DT I
huge JJ I
business NN I
selling VBG O
such JJ I
software NN I
for IN O
use NN I
in IN O
managing VBG I
networks NNS I
of IN O
International NNP I
Business NNP I
Machines NNP I
Corp. NNP I
computers NNS I
but CC O
needs VBZ O
to TO O
find VB O
new JJ I
markets NNS I
if IN O
it PRP I
is VBZ O
to TO O
maintain VB O
its PRP$ I
growth NN I
rate NN I
of IN O
30 CD I
% NN I
and CC I
more JJR I
each DT B
year NN I
. . O

The DT I
market NN I
for IN O
system-management NN I
software NN I
for IN O
Digital NNP I
's POS B
hardware NN I
is VBZ O
fragmented JJ O
enough RB O
that IN O
a DT I
giant NN I
such JJ O
as IN O
Computer NNP I
Associates NNPS I
should MD O
do VB O
well RB O
there RB O
. . O

At IN O
the DT I
same JJ I
time NN I
, , O
the DT I
market NN I
is VBZ O
smaller JJR O
than IN O
the DT I
market NN I
for IN O
IBM-compatible JJ I
software NN I
. . O

For IN O
one CD I
thing NN I
, , O
Digital NNP I
, , O
Maynard NNP I
, , O
Mass. NNP I
, , O
has VBZ O
sold VBN O
fewer JJR I
machines NNS I
. . O

In IN O
addition NN I
, , O
its PRP$ I
machines NNS I
are VBP O
typically RB O
easier JJR O
to TO O
operate VB O
, , O
so RB O
customers NNS I
require VBP O
less JJR I
assistance NN I
from IN O
software NN I
. . O

Wang NNP I
Laboratories NNP I
Inc. NNP I
, , O
Lowell NNP I
, , O
Mass. NNP I
, , O
beset VBN O
by IN O
declining VBG I
demand NN I
for IN O
its PRP$ I
computers NNS I
, , O
reported VBD O
a DT I
$ $ I
62.1 CD I
million CD I
, , I
38-cents-a-share JJ I
loss NN I
in IN O
its PRP$ I
first JJ I
quarter NN I
ended VBN O
Sept. NNP I
30 CD I
. . O

Revenue NN I
fell VBD O
12.7 CD I
% NN I
to TO O
$ $ I
596.8 CD I
million CD I
from IN O
$ $ I
684 CD I
million CD I
, , O
although IN O
some DT I
of IN O
the DT I
decline NN I
was VBD O
caused VBN O
by IN O
discontinued JJ I
operations NNS I
. . O

Wang NNP I
had VBD O
previously RB O
forecast VBP O
a DT I
loss NN I
. . O

The DT I
company NN I
reiterated VBD O
that IN O
it PRP I
expects VBZ O
another DT I
loss NN I
in IN O
the DT I
second JJ I
quarter NN I
and CC O
for IN O
the DT I
full JJ I
year NN I
, , O
although IN O
it PRP I
expects VBZ O
a DT I
profitable JJ I
fourth JJ I
quarter NN I
. . O

A DT I
year NN I
ago RB O
, , O
Wang NNP I
had VBD O
earnings NNS I
of IN O
$ $ I
13.1 CD I
million CD I
, , O
or CC O
eight CD I
cents NNS I
a DT B
share NN I
, , O
in IN O
its PRP$ I
first JJ I
quarter NN I
, , O
including VBG O
a DT I
$ $ I
3.1 CD I
million CD I
loss NN I
from IN O
discontinued VBN I
operations NNS I
. . O

The DT I
latest JJS I
period NN I
loss NN I
included VBD O
a DT I
$ $ I
12.9 CD I
pretax JJ I
charge NN I
for IN O
severance NN I
payments NNS I
. . O

Dayton NNP I
Hudson NNP I
Corp. NNP I
said VBD O
it PRP I
accepted VBD O
for IN O
purchase NN I
seven CD B
million CD I
common JJ I
shares NNS I
at IN O
$ $ I
62.875 CD I
each DT B
, , O
under IN O
the DT I
terms NNS I
of IN O
a DT I
Dutch JJ I
auction NN I
self-tender JJ I
offer NN I
. . O

The DT I
offer NN I
expired VBD O
at IN O
12:01 CD I
a.m. NN I
yesterday NN B
. . O

In IN O
a DT I
Dutch JJ I
auction NN I
, , O
the DT I
buyer NN I
sets VBZ O
a DT I
price NN I
range NN I
and CC O
holders NNS I
give VBP O
a DT I
price NN I
in IN O
that DT I
range NN I
at IN O
which WDT I
they PRP B
're VBP O
willing JJ O
to TO O
sell VB O
their PRP$ I
shares NNS I
. . O

The DT I
buyer NN I
then RB O
picks VBZ O
a DT I
price NN I
and CC O
buys VBZ O
shares NNS I
at IN O
that DT I
price NN I
from IN O
holders NNS I
who WP B
offered VBD O
to TO O
sell VB O
at IN O
that DT I
price NN I
or CC O
lower JJR O
. . O

Dayton NNP I
Hudson NNP I
's POS B
repurchase NN I
offer NN I
, , O
representing VBG O
about IN I
9 CD I
% NN I
of IN O
its PRP$ I
common JJ I
shares NNS I
outstanding JJ O
, , O
had VBD O
established VBN O
a DT I
range NN I
of IN O
between IN I
$ $ I
60 CD I
and CC I
$ $ I
65 CD I
for IN O
the DT I
buy-back NN I
. . O

Dayton NNP I
Hudson NNP I
said VBD O
it PRP I
accepted VBD O
all DT I
odd-lot JJ I
shares NNS I
tendered VBN O
at IN O
or CC O
below IN O
the DT I
final JJ I
$ $ I
62.875 CD I
price NN I
; : O
the DT I
preliminary JJ I
proration NN I
factor NN I
for IN O
other JJ I
shares NNS I
tendered VBN O
at IN O
or CC O
below IN O
the DT I
final JJ I
price NN I
is VBZ O
98 CD I
% NN I
. . O

The DT I
Minneapolis-based JJ I
retailer NN I
said VBD O
it PRP I
expects VBZ O
to TO O
pay VB O
for IN O
the DT I
seven CD I
million CD I
shares NNS I
next JJ B
Thursday NNP I
. . O

Tendered JJ I
shares NNS I
not RB O
purchased VBN O
will MD O
be VB O
returned VBN O
to TO O
holders NNS I
. . O

In IN O
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
composite JJ I
trading NN I
, , O
Dayton NNP I
rose VBD O
$ $ I
1 CD I
to TO O
$ $ I
61.125 CD I
. . O

Continental NNP I
Bank NNP I
Corp. NNP I
's POS B
third-quarter JJ I
net JJ I
income NN I
slipped VBD O
11 CD I
% NN I
despite IN O
a DT I
big JJ I
gain NN I
from IN O
the DT I
sale NN I
of IN O
the DT I
company NN I
's POS B
London NNP I
headquarters NN I
building NN I
. . O

The DT I
$ $ I
55 NN I
million CD I
gain NN I
on IN O
the DT I
sale NN I
was VBD O
offset VBN O
by IN O
lower JJR I
interest NN I
income NN I
, , O
poorer JJR I
results NNS I
from IN O
foreign-exchange JJ I
trading NN I
and CC O
a DT I
$ $ I
9 CD I
million CD I
loss NN I
on IN O
the DT I
sale NN I
of IN O
a DT I
unit NN I
, , O
Securities NNP I
Settlement NNP I
Corp NNP I
. . O

Chicago-based JJ I
Continental NNP I
earned VBD O
$ $ I
65.2 CD I
million CD I
, , O
or CC O
$ $ I
1.04 CD I
a DT B
share NN I
, , O
compared VBN O
with IN O
$ $ I
73.6 CD I
million CD I
, , O
or CC O
$ $ I
1.19 CD I
a DT B
share NN I
, , O
a DT I
year NN I
earlier RBR O
. . O

The DT I
1988 CD I
quarter NN I
also RB O
included VBD O
one-time JJ I
gains NNS I
totaling VBG O
about RB I
$ $ I
35 CD I
million CD I
. . O

The DT I
bank NN I
, , O
which WDT I
has VBZ O
loss NN I
reserves NNS I
equal JJ O
to TO O
about IN I
half VB I
its PRP$ I
long-term JJ I
and CC I
medium-term JJ I
loans NNS I
to TO O
less-developed JJ I
nations NNS I
, , O
said VBD O
it PRP I
does VBZ O
n't RB O
think VB O
additional JJ I
reserves NNS I
are VBP O
required VBN O
. . O

Enron NNP I
Corp. NNP I
said VBD O
a DT I
subsidiary NN I
and CC O
two CD I
United NNP I
Kingdom NNP I
firms NNS I
are VBP O
studying VBG O
the DT I
feasibility NN I
of IN O
constructing VBG O
a DT I
1,500 CD I
megawatt NN I
gas-fired JJ I
power NN I
plant NN I
in IN O
northern JJ I
England NNP I
as IN O
an DT I
outgrowth NN I
of IN O
the DT I
government NN I
's POS B
privatization NN I
program NN I
. . O

Enron NNP I
Power NNP I
Corp. NNP I
, , O
a DT I
unit NN I
of IN O
the DT I
Houston NNP I
natural JJ I
gas NN I
pipeline NN I
company NN I
, , O
would MD O
design VB O
, , O
construct VB O
and CC O
run VB O
the DT I
plant NN I
. . O

Gas NNP I
to TO O
fuel VB O
it PRP I
would MD O
be VB O
piped VBN O
from IN O
the DT I
North NNP I
Sea NNP I
. . O

A DT I
subsidiary NN I
of IN O
Britain NNP I
's POS B
Imperial NNP I
Chemical NNP I
Industries NNPS I
would MD O
buy VB O
electricity NN I
and CC I
steam NN I
from IN O
the DT I
proposed VBN I
station NN I
. . O

Surplus JJ I
power NN I
would MD O
be VB O
sold VBN O
on IN O
the DT I
open JJ I
market NN I
, , O
Enron NNP I
said VBD O
. . O

Also RB O
participating VBG O
in IN O
the DT I
study NN I
, , O
Enron NNP I
said VBD O
, , O
is VBZ O
the DT I
National NNP I
Power NNP I
division NN I
of IN O
Britain NNP I
's POS B
Central NNP I
Electricity NNP I
Generating NNP I
Board NNP I
. . O

Upon IN O
privatization NN I
, , O
National NNP I
Power NNP I
will MD O
be VB O
responsible JJ O
for IN O
70 CD I
% NN I
of IN O
the DT I
country NN I
's POS B
power NN I
generating VBG I
business NN I
. . O

Viacom NNP I
Inc. NNP I
, , O
New NNP I
York NNP I
, , O
reported VBD O
that IN O
its PRP$ I
third-quarter JJ I
loss NN I
widened VBD O
to TO O
$ $ I
21.7 CD I
million CD I
, , O
or CC O
41 CD I
cents NNS I
a DT B
share NN I
, , O
primarily RB O
because IN O
of IN O
interest NN I
expense NN I
of IN O
$ $ I
70.1 CD I
million CD I
. . O

A DT I
year NN I
ago RB O
, , O
Viacom NNP I
had VBD O
a DT I
net JJ I
loss NN I
of IN O
$ $ I
56.9 CD I
million CD I
, , O
or CC O
$ $ I
1.07 CD I
a DT B
share NN I
. . O

Interest NN I
expense NN I
in IN O
the DT I
1988 CD I
third JJ I
quarter NN I
was VBD O
$ $ I
75.3 CD I
million CD I
. . O

In IN O
the DT I
year-ago JJ I
quarter NN I
, , O
Viacom NNP I
also RB O
paid VBD O
preferred JJ I
stock NN I
dividends NNS I
of IN O
$ $ I
17 CD I
million CD I
; : O
Viacom NNP I
exchanged VBD O
its PRP$ I
preferred JJ I
stock NN I
for IN O
debt NN I
in IN O
March NNP I
. . O

The DT I
communications NNS I
and CC I
entertainment NN I
company NN I
said VBD O
revenue NN I
rose VBD O
to TO O
$ $ I
345.5 CD I
million CD I
, , O
from IN O
$ $ I
311.6 CD I
million CD I
. . O

Viacom NNP I
attributed VBD O
the DT I
improvement NN I
to TO O
higher JJR I
earnings NNS I
from IN O
operations NNS I
in IN O
its PRP$ I
networks NNS I
segment VBP I
, , O
which WDT I
includes VBZ O
the DT I
MTV NNP I
and CC I
Showtime NNP I
networks NNS I
. . O

Viacom NNP I
said VBD O
it PRP I
also RB O
restructured VBD O
bank NN I
debt NN I
under IN O
a DT I
$ $ I
1.5 CD I
billion CD I
unsecured JJ I
bank NN I
agreement NN I
that WDT B
offers VBZ O
significant JJ I
interest NN I
rate NN I
savings NNS I
. . O

Sumner NNP I
M. NNP I
Redstone NNP I
, , O
Viacom NNP I
's POS B
chairman NN I
, , O
said VBD O
Viacom NNP I
`` `` O
emerged VBD O
from IN O
our PRP$ I
leveraged JJ I
buy-out NN I
structure NN I
and CC O
gained VBD O
substantial JJ I
operating NN I
and CC I
financial JJ I
flexibility NN I
through IN O
'' '' O
the DT I
bank NN I
pact NN I
. . O

Trinova NNP I
Corp. NNP I
, , O
Maumee NNP I
, , O
Ohio NNP I
, , O
said VBD O
it PRP I
is VBZ O
launching VBG O
an DT I
extensive JJ I
restructuring NN I
of IN O
its PRP$ I
core NN I
business NN I
, , O
and CC O
took VBD O
a DT I
charge NN I
that WDT B
resulted VBD O
in IN O
a DT I
loss NN I
of IN O
$ $ I
29.7 CD I
million CD I
, , O
or CC O
87 CD I
cents NNS I
a DT B
share NN I
, , O
for IN O
the DT I
third JJ I
quarter NN I
. . O

Trinova NNP I
said VBD O
it PRP I
will MD O
close VB O
, , O
move NN O
or CC O
overhaul NN O
40 CD I
of IN O
its PRP$ I
170 CD I
manufacturing NN I
facilities NNS I
and CC O
over IN O
the DT I
next JJ I
three CD I
years NNS I
cut VBP O
1,500 CD I
jobs NNS I
from IN O
its PRP$ I
current JJ I
world-wide JJ I
payroll NN I
of IN O
22,300 CD I
employees NNS I
. . O

Most JJS I
of IN O
the DT I
factory NN I
closings NNS I
and CC I
job NN I
cutbacks NNS I
will MD O
affect VB O
Trinova NNP I
's POS B
Aeroquip NNP I
operations NNS I
, , O
which WDT I
manufacture VBP O
automotive JJ I
plastics NNS I
, , O
hoses NNS I
and CC O
other JJ I
industrial JJ I
and CC I
automotive JJ I
parts NNS I
. . O

Hoses NNS I
and CC I
plastics NNS I
together RB O
account VBP O
for IN O
about IN I
42 CD I
% NN I
of IN O
Trinova NNP I
's POS B
total JJ I
annual JJ I
sales NNS I
. . O

In IN O
a DT I
separate JJ I
announcement NN I
, , O
Trinova NNP I
said VBD O
the DT I
Aeroquip NNP I
group NN I
has VBZ O
agreed VBN O
to TO O
sell VB O
its PRP$ I
spring-brake NN I
, , I
piston-brake NN I
and CC I
related VBN I
businesses NNS I
to TO O
Midland NNP I
Brake NNP I
Inc. NNP I
of IN O
Branford NNP I
, , O
Conn NNP I
. . O

Terms NNS I
were VBD O
n't RB O
disclosed VBN O
. . O

To TO O
provide VB O
for IN O
the DT I
restructuring NN I
's POS B
costs NNS I
, , O
Trinova NNP I
said VBD O
it PRP I
took VBD O
an DT I
after-tax JJ I
charge NN I
of IN O
$ $ I
38.5 CD I
million CD I
, , O
or CC O
$ $ I
1.13 CD I
a DT B
share NN I
, , O
in IN O
the DT I
third JJ I
quarter NN I
. . O

The DT I
$ $ I
29.7 CD I
million CD I
net JJ I
loss NN I
compares VBZ O
with IN O
net JJ I
income NN I
of IN O
$ $ I
19.6 CD I
million CD I
, , O
or CC O
57 CD I
cents NNS I
a DT B
share NN I
, , O
a DT I
year NN I
earlier RBR O
. . O

Sales NNS I
rose VBD O
8 CD I
% NN I
to TO O
$ $ I
456.2 CD I
million CD I
from IN O
$ $ I
422 CD I
million CD I
. . O

Trinova NNP I
closed VBD O
at IN O
$ $ I
25 CD I
, , O
down RB O
$ $ I
1 CD I
, , O
in IN O
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
composite JJ I
trading NN I
. . O

A DT I
group NN I
of IN O
investors NNS I
, , O
including VBG O
Giancarlo NNP I
Parretti NNP I
's POS B
Pathe NNP I
Communications NNP I
Corp. NNP I
and CC O
Sasea NNP I
Holding NNP I
S.A. NNP I
, , O
have VBP O
agreed VBN O
to TO O
buy VB O
76.66 CD I
% NN I
of IN O
Odeon NNP I
Finanziaria NNP I
, , O
a DT I
financially RB I
troubled JJ I
Italian JJ I
TV NN I
station NN I
. . O

Florio NNP I
Fiorini NNP I
, , O
managing VBG I
director NN I
of IN O
Geneva-based JJ I
Sasea NNP I
, , O
said VBD O
the DT I
investors NNS I
would MD O
pay VB O
only RB I
a DT I
symbolic JJ I
one CD I
lira NN I
for IN O
the DT I
station NN I
, , O
`` `` O
but CC O
we PRP I
have VBP O
agreed VBN O
to TO O
raise VB O
the DT I
capital NN I
that WDT B
will MD O
enable VB O
the DT I
company NN I
to TO O
continue VB O
operating VBG O
. . O

It PRP I
's VBZ O
sort NN I
of IN O
a DT I
Chapter NN I
11 CD I
situation NN I
, , O
'' '' O
he PRP I
added VBD O
, , O
referring VBG O
to TO O
the DT I
U.S. NNP I
bankruptcy NN I
law NN I
that WDT B
protects VBZ O
companies NNS I
from IN O
creditors NNS I
while IN O
they PRP I
restructure VBP O
. . O

Milan-based JJ I
Odeon NNP I
, , O
which WDT I
draws VBZ O
about IN I
3 CD I
% NN I
of IN O
Italian JJ I
TV NN I
viewers NNS I
, , O
has VBZ O
debt NN I
of IN O
250 CD I
billion CD I
lire NNS I
-LRB- ( O
$ $ I
181.9 CD I
million CD I
-RRB- ) O
, , O
Mr. NNP I
Fiorini NNP I
said VBD O
. . O

He PRP I
added VBD O
that IN O
details NNS I
of IN O
the DT I
recapitalization NN I
still RB O
have VBP O
to TO O
be VB O
worked VBN O
out IN O
, , O
but CC O
that IN O
Pathe NNP I
will MD O
take VB O
50 CD I
% NN I
of IN O
Odeon NNP I
, , O
Rome NNP I
film NN I
producer NN I
Bruno NNP I
Lucisano NNP I
will MD O
take VB O
10 CD I
% NN I
and CC O
the DT I
remaining VBG I
16.66 CD I
% NN I
, , O
currently RB O
owned VBN O
by IN O
Sasea NNP I
, , O
will MD O
eventually RB O
be VB O
sold VBN O
to TO O
other JJ I
investors NNS I
. . O

Calisto NNP I
Tanzi NNP I
, , O
Odeon NNP I
's POS B
owner NN I
, , O
will MD O
retain VB O
his PRP$ I
23.34 CD I
% NN I
stake NN I
. . O

Italy NNP I
's POS B
Supreme NNP I
Court NNP I
this DT B
year NN I
ordered VBD O
Parliament NNP I
to TO O
write VB O
a DT I
law NN I
that WDT B
will MD O
regulate VB O
media NNS I
ownership NN I
. . O

`` `` O
We PRP I
think VBP O
that IN O
it PRP I
's VBZ O
going VBG O
to TO O
be VB O
far RB O
more RBR O
favorable JJ O
to TO O
own VB O
a DT I
station NN I
before IN O
the DT I
law NN I
is VBZ O
passed VBN O
than IN O
to TO O
try VB O
to TO O
buy VB O
one CD I
afterward RB O
, , O
'' '' O
Mr. NNP I
Fiorini NNP I
said VBD O
. . O

San NNP I
Francisco NNP I
area NN I
officials NNS I
gave VBD O
the DT I
media NNS I
high JJ B
marks NNS I
for IN O
helping VBG O
people NNS I
find VBP O
shelter NN I
and CC O
obtain VB O
emergency NN I
information NN I
after IN O
Tuesday NNP I
's POS B
catastrophic JJ I
earthquake NN I
. . O

`` `` O
The DT I
press NN I
has VBZ O
been VBN O
doing VBG O
an DT I
excellent JJ I
job NN I
. . O

They PRP I
are VBP O
telling VBG O
people NNS I
what WP B
roads NNS I
are VBP O
closed VBN O
and CC O
just RB O
keeping VBG O
the DT I
public RB I
informed VBN O
has VBZ O
helped VBN O
to TO O
keep VB O
the DT I
panic NN I
down RB O
, , O
'' '' O
said VBD O
James NNP I
Ball NNP I
, , O
a DT I
station NN I
supervisor NN I
at IN O
Daly NNP I
City NNP I
Police NNP I
Department NNP I
. . O

Mr. NNP I
Ball NNP I
noted VBD O
that IN O
television NN I
stations NNS I
featured VBD O
people NNS I
holding VBG O
up IN O
phone NN I
books NNS I
, , O
explaining VBG O
where WRB O
to TO O
call VB O
for IN O
help NN I
. . O

Radio NN I
stations NNS I
provided VBD O
an DT I
emergency NN I
number NN I
for IN O
people NNS I
who WP B
smelled VBD O
gas NN I
but CC O
did VBD O
n't RB O
know VB O
how WRB O
to TO O
turn VB O
off IN O
their PRP$ I
gas NN I
supply NN I
. . O

Kim NNP I
Schwartz NNP I
, , O
a DT I
spokesperson NN I
for IN O
the DT I
American NNP I
Red NNP I
Cross NNP I
in IN O
Los NNP I
Angeles NNP I
, , O
said VBD O
television NN I
and CC I
radio NN I
stations NNS I
in IN O
San NNP I
Francisco NNP I
played VBD O
a DT I
`` `` I
very RB I
positive JJ I
role NN I
'' '' I
by IN O
providing VBG O
the DT I
address NN I
of IN O
28 CD I
shelters NNS I
of IN O
the DT I
Red NNP I
Cross NNP I
and CC O
by IN O
giving VBG O
out RP O
the IN I
Red NNP I
Cross NNP I
number NN I
for IN O
contributions NNS I
to TO O
help VB O
earthquake NN I
victims NNS I
-LRB- ( O
1-800-453-9000 CD I
-RRB- ) O
. . O

The DT I
San NNP I
Francisco NNP I
Examiner NNP I
issued VBD O
a DT I
special JJ I
edition NN I
around IN O
noon NN I
yesterday NN B
that WDT B
was VBD O
filled VBN O
entirely RB O
with IN O
earthquake NN I
news NN I
and CC I
information NN I
. . O

The DT I
Examiner NNP I
and CC O
the DT I
San NNP I
Francisco NNP I
Chronicle NNP I
were VBD O
able JJ O
to TO O
publish VB O
despite IN O
Tuesday NNP I
's POS B
quake NN I
, , O
which WDT I
occurred VBD O
close RB O
to TO O
deadline NN I
for IN O
many JJ I
newspapers NNS I
. . O

Sterling NNP I
Software NNP I
Inc. NNP I
said VBD O
it PRP I
lost VBD O
its PRP$ I
bid NN I
to TO O
supply VB O
software NN I
services NNS I
to TO O
the DT I
National NNP I
Aeronautics NNP I
and CC I
Space NNP I
Administration NNP I
's POS B
Ames NNP I
Research NNP I
Center NNP I
at IN O
Moffett NNP I
Field NNP I
, , O
Calif NNP I
. . O

Sterling NNP I
, , O
which WDT I
estimated VBD O
the DT I
value NN I
of IN O
the DT I
contract NN I
at IN O
$ $ I
150 CD I
million CD I
, , O
said VBD O
NASA NNP I
selected VBD O
another DT I
bidder NN I
for IN O
final JJ I
negotiations NNS I
. . O

In IN O
1988 CD I
, , O
Dallas-based JJ I
Sterling NNP I
protested VBD O
a DT I
similar JJ I
decision NN I
by IN O
NASA NNP I
involving VBG O
the DT I
same JJ I
contract NN I
, , O
claiming VBG O
it PRP I
had VBD O
submitted VBN O
the DT I
lowest JJS I
bid NN I
. . O

As IN O
a DT I
result NN I
, , O
last JJ I
March NNP I
the DT B
General NNP I
Services NNP I
Administration NNP I
board NN I
of IN O
contract NN I
appeals NNS I
directed VBD O
NASA NNP I
to TO O
reopen VB O
negotiations NNS I
on IN O
the DT I
contract NN I
. . O

Sterling NNP I
said VBD O
it PRP I
had VBD O
requested VBN O
a DT I
briefing NN I
by IN O
NASA NNP I
but CC O
had VBD O
not RB O
decided VBN O
whether IN O
to TO O
protest VB O
the DT I
agency NN I
's POS B
latest JJS I
decision NN I
. . O

Consolidated NNP I
Rail NNP I
Corp. NNP I
, , O
New NNP I
York NNP I
, , O
reported VBD O
that IN O
third-quarter JJ I
net JJ I
income NN I
climbed VBD O
4.8 CD I
% NN I
to TO O
$ $ I
87 CD I
million CD I
, , O
or CC O
$ $ I
1.27 CD I
a DT B
share NN I
, , O
exceeding VBG O
analysts NNS I
' POS B
expectations NNS I
. . O

In IN O
the DT I
year-earlier JJ I
quarter NN I
, , O
the DT I
freight NN I
railroad NN I
earned VBD O
$ $ I
83 CD I
million CD I
, , O
or CC O
$ $ I
1.21 CD I
a DT B
share NN I
. . O

James NNP I
A. NNP I
Hagen NNP I
, , O
chairman NN I
and CC O
chief JJ I
executive JJ I
officer NN I
, , O
noted VBD O
that IN O
earnings NNS I
advanced VBD O
`` `` O
in IN O
the DT I
face NN I
of IN O
a DT I
drop NN I
in IN O
business NN I
, , O
brought VBN O
on IN O
by IN O
the DT I
general JJ I
economic JJ I
slowdown NN I
. . O
'' '' O

Revenue NN I
slipped VBD O
4.6 CD I
% NN I
to TO O
$ $ I
835 CD I
million CD I
from IN O
$ $ I
876 CD I
million CD I
. . O

For IN O
the DT I
rest NN I
of IN O
1989 CD I
, , O
Mr. NNP I
Hagen NNP I
said VBD O
, , O
Conrail NNP I
's POS B
traffic NN I
and CC I
revenue NN I
`` `` O
will MD O
reflect VB O
the DT I
sluggish JJ I
economy NN I
, , O
but CC O
Conrail NNP I
will MD O
continue VB O
to TO O
take VB O
steps NNS I
to TO O
control VB O
and CC O
reduce VB O
costs NNS I
. . O
'' '' O

For IN O
the DT I
nine CD I
months NNS I
, , O
Conrail NNP I
earnings NNS I
grew VBD O
0.4 CD I
% NN I
to TO O
$ $ I
229 CD I
million CD I
, , O
or CC O
$ $ I
3.34 CD I
a DT B
share NN I
, , O
from IN O
$ $ I
228 CD I
million CD I
, , O
or CC O
$ $ I
3.31 CD I
a DT B
share NN I
. . O

Revenue NN I
was VBD O
flat JJ O
at IN O
$ $ I
2.59 CD I
billion CD I
. . O

Georgia NNP I
Gulf NNP I
Corp. NNP I
, , O
hurt VBN O
by IN O
declining VBG I
sales NNS I
and CC O
falling VBG I
chemical NN I
prices NNS I
, , O
said VBD O
third-quarter JJ I
earnings NNS I
fell VBD O
13 CD I
% NN I
to TO O
$ $ I
46.1 CD I
million CD I
from IN O
$ $ I
53.1 CD I
million CD I
in IN O
the DT I
year-earlier JJ I
period NN I
. . O

Sales NNS I
declined VBD O
10 CD I
% NN I
to TO O
$ $ I
251.2 CD I
million CD I
from IN O
$ $ I
278.7 CD I
million CD I
. . O

The DT I
Atlanta-based JJ I
chemical NN I
manufacturer NN I
said VBD O
lower JJR I
prices NNS I
hurt VBD O
margins NNS I
for IN O
most RBS I
products NNS I
. . O

`` `` O
We PRP I
did VBD O
see VB O
some DT I
relief NN I
in IN O
raw JJ I
material NN I
costs NNS I
, , O
but CC O
it PRP I
was VBD O
n't RB O
sufficient JJ O
to TO O
offset VB O
the DT I
drop NN I
in IN O
sales NNS I
prices NNS I
, , O
'' '' O
James NNP I
R. NNP I
Kuse NNP I
, , O
the DT I
company NN I
's POS B
chairman NN I
and CC I
chief JJ I
executive JJ I
officer NN I
said VBD O
in IN O
a DT I
statement NN I
. . O

On IN O
a DT I
per-share JJ I
basis NN I
, , O
quarterly JJ I
earnings NNS I
remained VBD O
at IN O
$ $ I
1.85 CD I
, , O
the DT I
same JJ I
as IN O
last JJ I
year NN I
, , O
because IN O
of IN O
the DT I
company NN I
's POS B
share NN I
buy-back NN I
program NN I
. . O

Georgia NNP I
Gulf NNP I
had VBD O
24.9 CD I
million CD I
shares NNS I
outstanding JJ O
on IN O
average JJ I
in IN O
the DT I
quarter NN I
, , O
compared VBN O
with IN O
28.6 CD I
million CD I
in IN O
the DT I
third JJ I
quarter NN I
of IN O
1988 CD I
, , O
adjusted VBN O
for IN O
a DT I
stock NN I
split NN I
paid VBN O
in IN O
January NNP I
1989 CD I
. . O

In IN O
composite JJ I
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
trading NN I
, , O
stock NN I
in IN O
Georgia NNP I
Gulf NNP I
, , O
which WDT I
has VBZ O
been VBN O
mentioned VBN O
as IN O
a DT I
takeover NN I
candidate NN I
, , O
rose VBD O
$ $ I
2.125 CD I
a DT B
share NN I
to TO O
close VB O
at IN O
$ $ I
46.125 CD I
. . O

This DT I
temblor-prone JJ I
city NN I
dispatched VBD O
inspectors NNS I
, , O
firefighters NNS I
and CC O
other JJ I
earthquake-trained JJ I
personnel NNS I
to TO O
aid VB O
San NNP I
Francisco NNP I
. . O

But CC O
a DT I
secondary JJ I
agenda NN I
among IN O
officials NNS I
in IN O
the DT I
City NNP I
of IN O
Angels NNPS I
was VBD O
to TO O
learn VB O
about IN O
the DT I
disaster-contingency NN I
plans VBZ I
that DT B
work NN O
and CC O
those DT I
that WDT B
do VBP O
n't RB O
. . O

Los NNP I
Angeles NNP I
Mayor NNP I
Tom NNP I
Bradley NNP I
used VBD O
the DT I
opportunity NN I
to TO O
push VB O
the DT I
City NNP I
Council NNP I
harder JJR O
to TO O
pass VB O
a DT I
measure NN I
establishing VBG O
a DT I
loss-recovery JJ I
reserve NN I
of IN O
$ $ I
100 CD I
million CD I
. . O

The DT I
amount NN I
would MD O
help VB O
Los NNP I
Angeles NNP I
cope VB O
in IN O
the DT I
first JJ I
few JJ I
weeks NNS I
after IN O
its PRP$ I
own JJ I
anticipated VBN I
quake NN I
, , O
while IN O
waiting VBG O
for IN O
federal JJ I
assistance NN I
to TO O
arrive VB O
. . O

After IN O
San NNP I
Francisco NNP I
Mayor NNP I
Art NNP I
Agnos NNP I
spoke VBD O
on IN O
television NN I
of IN O
the DT I
need NN I
for IN O
building NN I
inspectors NNS I
to TO O
check VB O
the DT I
soundness NN I
of IN O
buildings NNS I
, , O
Los NNP I
Angeles NNP I
dispatched VBD O
32 CD I
inspectors NNS I
to TO O
help VB O
. . O

And CC O
the DT I
county NN I
of IN O
Los NNP I
Angeles NNP I
placed VBD O
its PRP$ I
firefighters NNS I
and CC I
sheriffs NNS I
on IN O
alert JJ I
, , O
ready JJ O
to TO O
send VB O
in IN O
reinforcements NNS I
, , O
and CC O
alerted VBD O
San NNP I
Francisco NNP I
that IN O
the DT I
city NN I
has VBZ O
1,000 CD I
hospital NN I
beds NNS I
at IN O
its PRP$ I
disposal NN I
. . O

Two CD I
Los NNP I
Angeles NNP I
radio NN I
stations NNS I
initiated VBD O
Red NNP I
Cross NNP I
donation NN I
campaigns NNS I
, , O
and CC O
one CD I
Los NNP I
Angeles NNP I
bank NN I
manager NN I
forked JJ O
over IN O
$ $ I
150,000 CD I
of IN O
his PRP$ I
own JJ I
money NN I
for IN O
relief NN I
purposes NNS I
, , O
the DT I
Red NNP I
Cross NNP I
said VBD O
. . O

The DT I
Los NNP I
Angeles NNP I
Red NNP I
Cross NNP I
sent VBD O
2,480 CD I
cots NNS I
, , O
500 CD I
blankets NNS I
, , O
and CC O
300 CD I
pints NNS I
of IN O
Type-O JJ I
blood NN I
. . O

It PRP I
is VBZ O
also RB O
pulling VBG O
20 CD I
people NNS I
out IN O
of IN O
Puerto NNP I
Rico NNP I
, , O
who WP I
were VBD O
helping VBG O
Huricane NNP I
Hugo NNP I
victims NNS I
, , O
and CC O
sending VBG O
them PRP I
to TO O
San NNP I
Francisco NNP I
instead RB O
. . O

Consumers NNS I
may MD O
want VB O
to TO O
move VB O
their PRP$ I
telephones NNS I
a DT B
little RB I
closer JJR O
to TO O
the DT I
TV NN I
set VBN I
. . O

Couch-potato NN I
jocks NNS I
watching VBG O
ABC NNP I
's POS B
`` `` I
Monday NNP I
Night NNP I
Football NNP I
'' '' I
can MD O
now RB O
vote VB O
during IN O
halftime NN I
for IN O
the DT I
greatest JJS I
play NN I
in IN O
20 CD I
years NNS I
from IN O
among IN O
four CD I
or CC I
five CD I
filmed VBN I
replays NNS I
. . O

Two CD I
weeks NNS I
ago RB O
, , O
viewers NNS I
of IN O
several JJ I
NBC NNP I
daytime JJ I
consumer NN I
segments NNS I
started VBD O
calling VBG O
a DT I
900 CD I
number NN I
for IN O
advice NN I
on IN O
various JJ I
life-style NN I
issues NNS I
. . O

And CC O
the DT I
new JJ I
syndicated VBN I
`` `` I
reality NN I
'' '' I
show NN I
`` `` O
Hard NNP I
Copy NNP I
'' '' O
records NNS O
viewers NNS I
' POS B
opinions NNS I
for IN O
possible JJ I
airing NN I
on IN O
the DT I
next JJ I
day NN I
's POS B
show NN I
. . O

Interactive JJ I
telephone NN I
technology NN I
has VBZ O
taken VBN O
a DT I
new JJ I
leap NN I
in IN O
sophistication NN I
, , O
and CC O
television NN I
programmers NNS I
are VBP O
racing VBG O
to TO O
exploit VB O
the DT I
possibilities NNS I
. . O

Eventually RB O
viewers NNS I
may MD O
grow VB O
bored VBN O
with IN O
the DT I
technology NN I
and CC O
resent VBP O
the DT I
cost NN I
. . O

But CC O
right RB O
now JJ O
programmers NNS I
are VBP O
figuring VBG O
that IN O
viewers NNS I
who WP B
are VBP O
busy JJ O
dialing NN O
up IN O
a DT I
range NN I
of IN O
services NNS I
may MD O
put VB O
down RB O
their PRP$ I
remote JJ I
control NN I
zappers NNS I
and CC O
stay VB O
tuned VBN O
. . O

`` `` O
We PRP I
've VBP O
been VBN O
spending VBG O
a DT I
lot NN I
of IN O
time NN I
in IN O
Los NNP I
Angeles NNP I
talking VBG O
to TO O
TV NN I
production NN I
people NNS I
, , O
'' '' O
says VBZ O
Mike NNP I
Parks NNP I
, , O
president NN I
of IN O
Call NNP I
Interactive NNP I
, , O
which WDT I
supplied VBD O
technology NN I
for IN O
both DT O
ABC NNP I
Sports NNPS I
and CC O
NBC NNP I
's POS B
consumer NN I
minutes NNS I
. . O

`` `` O
With IN O
the DT I
competitiveness NN I
of IN O
the DT I
television NN I
market NN I
these DT B
days NNS I
, , O
everyone NN I
is VBZ O
looking VBG O
for IN O
a DT I
way NN I
to TO O
get VB O
viewers NNS I
more RBR O
excited VBN O
. . O
'' '' O

One CD I
of IN O
the DT I
leaders NNS I
behind IN O
the DT I
expanded VBN I
use NN I
of IN O
900 CD I
numbers NNS I
is VBZ O
Call VB I
Interactive NNP I
, , O
a DT I
joint JJ I
venture NN I
of IN O
giants NNS I
American NNP B
Express NNP I
Co. NNP I
and CC O
American NNP I
Telephone NNP I
& CC I
Telegraph NNP I
Co NNP I
. . O

Formed VBN O
in IN O
August NNP I
, , O
the DT I
venture NN I
weds VBZ O
AT&T NNP I
's POS B
newly RB I
expanded VBN I
900 CD I
service NN I
with IN O
200 CD I
voice-activated JJ I
computers NNS I
in IN O
American NNP I
Express NNP I
's POS B
Omaha NNP I
, , I
Neb. NNP I
, , I
service NN I
center NN I
. . O

Other JJ I
long-distance JJ I
carriers NNS I
have VBP O
also RB O
begun VBN O
marketing NN O
enhanced VBN I
900 CD I
service NN I
, , O
and CC O
special JJ I
consultants NNS I
are VBP O
springing VBG O
up VB O
to TO O
exploit VB O
the DT I
new JJ I
tool NN I
. . O

Blair NNP I
Entertainment NNP I
, , O
a DT I
New NNP I
York NNP I
firm NN I
that WDT B
advises VBZ O
TV NN I
stations NNS I
and CC O
sells VBZ O
ads NNS I
for IN O
them PRP I
, , O
has VBZ O
just RB O
formed VBN O
a DT I
subsidiary NN I
-- : O
900 CD I
Blair NNP I
-- : O
to TO O
apply VB O
the DT I
technology NN I
to TO O
television NN I
. . O

The DT I
use NN I
of IN O
900 CD I
toll NN I
numbers NNS I
has VBZ O
been VBN O
expanding VBG O
rapidly RB O
in IN O
recent JJ I
years NNS I
. . O

For IN O
a DT I
while NN I
, , O
high-cost JJ I
pornography NN I
lines NNS I
and CC O
services NNS I
that WDT B
tempt VBP O
children NNS I
to TO O
dial VB O
-LRB- ( O
and CC O
redial VB O
-RRB- ) O
movie NN I
or CC I
music NN I
information NN I
earned VBD O
the DT I
service NN I
a DT B
somewhat RB I
sleazy JJ I
image NN I
, , O
but CC O
new JJ I
legal JJ I
restrictions NNS I
are VBP O
aimed VBN O
at IN O
trimming VBG O
excesses NNS I
. . O

The DT I
cost NN I
of IN O
a DT I
900 CD I
call NN I
is VBZ O
set VBN O
by IN O
the DT I
originator NN I
-- : O
ABC NNP I
Sports NNPS I
, , O
for IN O
example NN I
-- : O
with IN O
the DT I
cheapest JJS I
starting VBG O
at IN O
75 CD I
cents NNS I
. . O

Billing NN I
is VBZ O
included VBN O
in IN O
a DT I
caller NN I
's POS B
regular JJ I
phone NN I
bill NN I
. . O

From IN O
the DT I
fee NN I
, , O
the DT I
local JJ I
phone NN I
company NN I
and CC O
the DT I
long-distance JJ I
carrier NN I
extract VB O
their PRP$ I
costs NNS I
to TO O
carry VB O
the DT I
call NN I
, , O
passing VBG O
the DT I
rest NN I
of IN O
the DT I
money NN I
to TO O
the DT I
originator NN I
, , O
which WDT I
must MD O
cover VB O
advertising NN I
and CC O
other JJ I
costs NNS I
. . O

In IN O
recent JJ I
months NNS I
, , O
the DT I
technology NN I
has VBZ O
become VBN O
more RBR O
flexible JJ O
and CC O
able JJ O
to TO O
handle VB O
much RB I
more JJR I
volume NN I
. . O

Before IN O
, , O
callers NNS I
of IN O
900 CD I
numbers NNS I
would MD O
just RB O
listen VB O
and CC O
not RB O
talk VB O
, , O
or CC O
they PRP I
'd MD O
vote VB O
`` `` O
yes UH O
'' '' O
or CC O
`` `` O
no DT O
'' '' O
by IN O
calling VBG O
one CD I
of IN O
two CD I
numbers NNS I
. . O

-LRB- ( O
People NNS I
in IN O
the DT I
phone NN I
business NN I
call NN O
this DT I
technology NN I
`` `` O
900 CD I
click NN I
. . O
'' '' O
-RRB- ) O

Now RB O
, , O
callers NNS I
are VBP O
led VBN O
through IN O
complex JJ I
menus NNS I
of IN O
choices NNS I
to TO O
retrieve VB O
information NN I
they PRP B
want VBP O
, , O
and CC O
the DT I
hardware NN I
can MD O
process VB O
10,000 CD I
calls VBZ I
in IN O
90 CD I
seconds NNS I
. . O

Up IN O
to TO O
now RB O
, , O
900 CD I
numbers NNS I
have VBP O
mainly RB O
been VBN O
used VBN O
on IN O
local JJ I
TV NN I
stations NNS I
and CC O
cable NN I
channels NNS I
. . O

MTV NNP I
used VBD O
one CD I
to TO O
give VB O
away RB O
the DT I
house NN I
that DT B
rock NN B
star NN I
Jon NNP I
Bon NNP I
Jovi NNP I
grew VBD O
up IN O
in RB O
. . O

For IN O
several JJ I
years NNS I
, , O
Turner NNP I
Broadcasting NNP I
System NNP I
's POS B
Cable NNP I
News NNP I
Network NNP I
has VBZ O
invited VBN O
viewers NNS I
to TO O
respond VB O
nightly JJ O
to TO O
topical JJ I
issues NNS I
-LRB- ( O
`` `` O
Should MD O
the DT I
U.S. NNP I
military JJ I
intervene VB O
in IN O
Panama NNP I
? . O
'' '' O
-RRB- ) O
, , O
but CC O
even RB I
the DT I
hottest JJS I
controversies NNS I
on IN O
CNN NNP I
log NN O
only RB I
about IN I
10,000 CD I
calls VBZ I
. . O

The DT I
newest JJS I
uses NNS I
of IN O
the DT I
900-interactive JJ I
technology NN I
demonstrate VB O
the DT I
growing VBG I
variety NN I
of IN O
applications NNS I
. . O

Capital NNP I
Cities\/ABC NNP I
Inc. NNP I
, , O
CBS NNP I
Inc. NNP I
and CC O
General NNP I
Electric NNP I
Co. NNP I
's POS B
National NNP I
Broadcasting NNP I
Co. NNP I
unit NN I
are VBP O
expected VBN O
to TO O
announce VB O
soon RB O
a DT I
joint JJ I
campaign NN I
to TO O
raise VB O
awareness NN I
about IN O
hunger NN I
. . O

The DT I
subject NN I
will MD O
be VB O
written VBN O
into IN O
the DT I
plots NNS I
of IN O
prime-time JJ I
shows NNS I
, , O
and CC O
viewers NNS I
will MD O
be VB O
given VBN O
a DT I
900 CD I
number NN I
to TO O
call VB O
. . O

Callers NNS I
will MD O
be VB O
sent VBN O
educational JJ I
booklets NNS I
, , O
and CC O
the DT I
call NN I
's POS B
modest JJ I
cost NN I
will MD O
be VB O
an DT I
immediate JJ I
method NN I
of IN O
raising VBG O
money NN I
. . O

Other JJ I
network NN I
applications NNS I
have VBP O
very RB I
different JJ I
goals NNS I
. . O

ABC NNP I
Sports NNPS I
was VBD O
looking VBG O
for IN O
ways NNS I
to TO O
lift VB O
deflated VBD I
halftime NN I
ratings NNS I
for IN O
`` `` I
Monday NNP I
Night NNP I
Football NNP I
. . O
'' '' O

Kurt NNP I
Sanger NNP I
, , O
ABC NNP I
Sports NNPS I
's POS B
marketing NN I
director NN I
, , O
says VBZ O
that IN O
now RB O
`` `` I
tens NNS I
of IN I
thousands NNS I
'' '' I
of IN O
fans NNS I
call VBP O
its PRP$ I
900 CD I
number NN I
each DT B
week NN I
to TO O
vote VB O
for IN O
the DT I
best JJS I
punt NN I
return NN I
, , I
quarterback NN I
sack NN I
, , I
etc FW I
. . O

Profit NN I
from IN O
the DT I
calls NNS I
goes VBZ O
to TO O
charity NN I
, , O
but CC O
ABC NNP I
Sports NNP I
also RB O
uses VBZ O
the DT I
calls NNS I
as IN O
a DT I
sales NNS I
tool NN I
: : O
After IN O
thanking VBG O
callers NNS I
for IN O
voting NN I
, , O
Frank NNP I
Gifford NNP I
offers VBZ O
a DT I
football NN I
videotape NN I
for IN O
$ $ I
19.95 CD I
, , O
and CC O
5 NN I
% NN I
of IN O
callers NNS I
stay VBP O
on IN O
the DT I
line NN I
to TO O
order VB O
it PRP I
. . O

Jackets NNS I
may MD O
be VB O
sold VBN O
next JJ O
. . O

Meanwhile RB O
, , O
NBC NNP I
Sports NNPS I
recently RB O
began VBD O
`` `` I
Scores NNS I
Plus NNP I
, , O
'' '' O
a DT I
year-round JJ I
, , I
24-hour JJ I
900 CD I
line NN I
providing VBG O
a DT I
complex JJ I
array NN I
of IN O
scores NNS I
, , O
analysis NN I
and CC O
fan NN I
news NN I
. . O

A DT I
spokesman NN I
said VBD O
its PRP$ I
purpose NN I
is VBZ O
`` `` O
to TO O
bolster VB O
the DT I
impression NN I
that IN O
NBC NNP I
Sports NNPS I
is VBZ O
always RB O
there RB O
for IN O
people NNS I
. . O
'' '' O

NBC NNP I
's POS B
`` `` I
On-Line NNP I
'' '' I
consumer NN I
minutes NNS I
have VBP O
increased VBN O
advertiser NN I
spending NN I
during IN O
the DT I
day NN I
, , O
the DT I
network NN I
's POS B
weakest JJS I
period NN I
. . O

Each DT I
weekday NN I
matches VBZ O
a DT I
sponsor NN I
and CC O
a DT I
topic NN I
: : O
On IN O
Mondays NNPS I
, , O
Unilever NNP I
N.V. NNP I
's POS B
Lever NNP I
Bros. NNP I
sponsors NNS O
tips NNS I
on IN O
diet NN I
and CC I
exercise NN I
, , O
followed VBN O
by IN O
a DT I
30-second NNP I
Lever NNP I
Bros. NNP I
commercial JJ I
. . O

Viewers NNS I
can MD O
call VB O
a DT I
900 CD I
number NN I
for IN O
additional JJ I
advice NN I
, , O
which WDT I
will MD O
be VB O
tailored VBN O
to TO O
their PRP$ I
needs NNS I
based VBN O
on IN O
the DT I
numbers NNS I
they PRP B
punch VBP O
-LRB- ( O
`` `` O
Press NNP O
one CD I
if IN O
you PRP I
're VBP O
pregnant JJ O
, , O
'' '' O
etc FW O
. . O
-RRB- ) O
. . O

If IN O
the DT I
caller NN I
stays VBZ O
on IN O
the DT I
line NN I
and CC O
leaves VBZ O
a DT I
name NN I
and CC I
address NN I
for IN O
the DT I
sponsor NN I
, , O
coupons NNS I
and CC O
a DT I
newsletter NN I
will MD O
be VB O
mailed VBN O
, , O
and CC O
the DT I
sponsor NN I
will MD O
be VB O
able JJ O
to TO O
gather VB O
a DT I
list NN I
of IN O
desirable JJ I
potential JJ I
customers NNS I
. . O

Diane NNP I
Seaman NNP I
, , O
an DT I
NBC-TV NNP I
vice NN I
president NN I
, , O
says VBZ O
NBC NNP I
has VBZ O
been VBN O
able JJ O
to TO O
charge VB O
premium NN I
rates NNS I
for IN O
this DT I
ad NN I
time NN I
. . O

She PRP I
would MD O
n't RB O
say VB O
what WP I
the DT B
premium NN I
is VBZ O
, , O
but CC O
it PRP I
's VBZ O
believed VBD O
to TO O
be VB O
about IN I
40 CD I
% NN I
above IN O
regular JJ I
daytime JJ I
rates NNS I
. . O

`` `` O
We PRP I
were VBD O
able JJ O
to TO O
get VB O
advertisers NNS I
to TO O
use VB O
their PRP$ I
promotion NN I
budget NN I
for IN O
this DT I
, , O
because IN O
they PRP I
get VBP O
a DT I
chance NN I
to TO O
do VB O
couponing NN I
, , O
'' '' O
says VBZ O
Ms. NNP I
Seaman NNP I
. . O

`` `` O
And CC O
we PRP I
were VBD O
able JJ O
to TO O
attract VB O
some DT I
new JJ I
advertisers NNS I
because IN O
this DT I
is VBZ O
something NN I
new JJ I
. . O
'' '' O

Mr. NNP I
Parks NNP I
of IN O
Call NNP I
Interactive NNP I
says VBZ O
TV NN I
executives NNS I
are VBP O
considering VBG O
the DT I
use NN I
of IN O
900 CD I
numbers NNS I
for IN O
`` `` O
talk NN I
shows VBZ I
, , O
game NN I
shows VBZ I
, , O
news NN I
and CC O
opinion NN I
surveys NNS I
. . O
'' '' O

Experts NNS I
are VBP O
predicting VBG O
a DT I
big JJ I
influx NN I
of IN O
new JJ I
shows NNS I
in IN O
1990 CD I
, , O
when WRB O
a DT I
service NN I
called VBN O
`` `` I
automatic JJ I
number NN I
information NN I
'' '' I
will MD O
become VB O
widely RB O
available JJ O
. . O

This DT I
service NN I
identifies VBZ O
each DT I
caller NN I
's POS B
phone NN I
number NN I
, , O
and CC O
it PRP I
can MD O
be VB O
used VBN O
to TO O
generate VB O
instant NN I
mailing NN I
lists NNS I
. . O

`` `` I
Hard NNP I
Copy NNP I
, , O
'' '' O
the DT I
new JJ I
syndicated VBN I
tabloid NN I
show NN I
from IN O
Paramount NNP I
Pictures NNPS I
, , O
will MD O
use VB O
its PRP$ I
900 CD I
number NN I
for IN O
additional JJ I
purposes NNS I
that WDT B
include VBP O
research NN I
, , O
says VBZ O
executive JJ I
producer NN I
Mark NNP I
B. NNP I
von NNP I
S. NNP I
Monsky NNP I
. . O

`` `` O
For IN O
a DT I
piece NN I
on IN O
local JJ I
heroes NNS I
of IN O
World NNP I
War NNP I
II NNP I
, , O
we PRP I
can MD O
ask VB O
people NNS I
to TO O
leave VB O
the DT I
name NN I
and CC I
number NN I
of IN O
anyone NN I
they PRP B
know VBP O
who WP I
won VBD O
a DT I
medal NN I
, , O
'' '' O
he PRP I
says VBZ O
. . O

`` `` O
That DT I
'll MD O
save VB O
us PRP I
time NN B
and CC O
get VB O
people NNS I
involved VBN O
. . O
'' '' O

But CC O
Mr. NNP I
Monsky NNP I
sees VBZ O
much RB I
bigger JJR I
changes NNS I
ahead RB O
. . O

`` `` O
These DT I
are VBP O
just RB I
baby NN I
steps NNS I
toward IN O
real JJ I
interactive JJ I
video NN I
, , O
which WDT I
I PRP B
believe VBP O
will MD O
be VB O
the DT I
biggest JJS I
thing NN I
yet RB O
to TO O
affect VB O
television NN I
, , O
'' '' O
he PRP I
says VBZ O
. . O

Although IN O
it PRP I
would MD O
be VB O
costly JJ O
to TO O
shoot VB O
multiple JJ I
versions NNS I
, , O
TV NN I
programmers NNS I
could MD O
let VB O
audiences NNS I
vote VB O
on IN O
different JJ I
endings NNS I
for IN O
a DT I
movie NN I
. . O

Fox NNP I
Broadcasting NNP I
experimented VBD O
with IN O
this DT I
concept NN I
last JJ B
year NN I
when WRB O
viewers NNS I
of IN O
`` `` O
Married VBN O
... : O
With IN O
Children NNS I
'' '' O
voted VBD O
on IN O
whether IN O
Al NNP I
should MD O
say VB O
`` `` O
I PRP I
love VBP O
you PRP I
'' '' O
to TO O
Peg NNP I
on IN O
Valentine NNP I
's POS B
Day NNP I
. . O

Someday RB O
, , O
viewers NNS I
may MD O
also RB O
choose VB O
different JJ I
depths NNS I
of IN O
news NN I
coverage NN I
. . O

`` `` O
A DT I
menu NN I
by IN O
phone NN I
could MD O
let VB O
you PRP I
decide VB O
, , O
` `` O
I PRP I
'm VBP O
interested JJ O
in IN O
just RB I
the DT I
beginning NN I
of IN O
story NN I
No. NN I
1 CD I
, , O
and CC O
I PRP I
want VBP O
story NN I
No. NN I
2 CD I
in IN O
depth NN I
, , O
'' '' O
Mr. NNP I
Monsky NNP I
says VBZ O
. . O

`` `` O
You PRP I
'll MD O
start VB O
to TO O
see VB O
shows VBZ I
where WRB O
viewers NNS I
program VBP O
the DT I
program NN I
. . O

Integrated NNP I
Resources NNP I
Inc. NNP I
, , O
the DT I
troubled JJ I
financial-services NNS I
company NN I
that WDT B
has VBZ O
been VBN O
trying VBG O
to TO O
sell VB O
its PRP$ I
core NN I
companies NNS I
to TO O
restructure VB O
debt NN I
, , O
said VBD O
talks NNS I
with IN O
a DT I
potential JJ I
buyer NN I
ended VBD O
. . O

Integrated NNP I
did VBD O
n't RB O
identify VB O
the DT I
party NN I
or CC O
say VBP O
why WRB O
the DT I
talks NNS I
failed VBD O
. . O

Last JJ I
week NN I
another DT B
potential JJ I
buyer NN I
, , O
Whitehall NNP I
Financial NNP I
Group NNP I
-- : O
which WDT I
had VBD O
agreed VBN O
in IN O
August NNP I
to TO O
purchase VB O
most RBS I
of IN O
Integrated NNP I
's POS B
core NN I
companies NNS I
for IN O
$ $ I
310 CD I
million CD I
-- : O
ended VBD O
talks NNS I
with IN O
Integrated NNP I
. . O

Integrated NNP I
said VBD O
that IN O
it PRP I
would MD O
continue VB O
to TO O
pursue VB O
`` `` I
other JJ I
alternatives NNS I
'' '' I
to TO O
sell VB O
the DT I
five CD I
core NN I
companies NNS I
and CC O
that IN O
a DT I
group NN I
of IN O
senior JJ I
executives NNS I
plans NNS O
to TO O
make VB O
a DT I
proposal NN I
to TO O
purchase VB O
three CD I
of IN O
the DT I
companies NNS I
-- : O
Integrated NNP I
Resources NNP I
Equity NNP I
Corp. NNP I
, , O
Resources NNP I
Trust NNP I
Co. NNP I
and CC O
Integrated NNP I
Resources NNP I
Asset NNP I
Management NNP I
Corp NNP I
. . O

A DT I
price NN I
was VBD O
n't RB O
disclosed VBN O
. . O

Integrated NNP I
also RB O
said VBD O
it PRP I
expects VBZ O
to TO O
report VB O
a DT I
second-quarter JJ I
loss NN I
wider JJR O
than IN O
the DT I
earlier JJR I
estimate NN I
of IN O
about RB I
$ $ I
600 CD I
million CD I
. . O

The DT I
company NN I
did VBD O
n't RB O
disclose VB O
the DT I
new JJ I
estimate NN I
but CC O
said VBD O
the DT I
change NN I
was VBD O
related VBN O
to TO O
Integrated NNP I
's POS B
failure NN I
to TO O
sell VB O
its PRP$ I
core NN I
businesses NNS I
, , O
as RB O
well RB O
as IN O
`` `` I
other JJ I
events NNS I
, , O
'' '' O
which WDT I
it PRP B
did VBD O
n't RB O
detail VB O
, , O
that WDT I
occurred VBD O
after IN O
its PRP$ I
announcement NN I
last JJ B
week NN I
that IN O
it PRP I
was VBD O
in IN O
talks NNS I
with IN O
the DT I
unidentified JJ I
prospective JJ I
buyer NN I
. . O

Meanwhile RB O
, , O
a DT I
number NN I
of IN O
top JJ I
sales NNS I
producers NNS I
from IN O
Integrated NNP I
Resources NNP I
Equity NNP I
will MD O
meet VB O
this DT I
afternoon NN I
in IN O
Chicago NNP I
to TO O
discuss VB O
their PRP$ I
options NNS I
. . O

The DT I
unit NN I
is VBZ O
a DT I
loosely RB I
constructed VBN I
group NN I
of IN O
about IN I
3,900 CD I
independent JJ I
brokers NNS I
and CC I
financial JJ I
planners NNS I
who WP B
sell VBP O
insurance NN I
, , O
annuities NNS I
, , O
limited JJ I
partnerships NNS I
, , O
mutual JJ I
funds NNS I
and CC O
other JJ I
investments NNS I
for IN O
Integrated NNP I
and CC O
other JJ I
firms NNS I
. . O

The DT I
sales NNS I
force NN I
is VBZ O
viewed VBN O
as IN O
a DT I
critical JJ I
asset NN I
in IN O
Integrated NNP I
's POS B
attempt NN I
to TO O
sell VB O
its PRP$ I
core NN I
companies NNS I
. . O

Whitehall NNP I
cited VBD O
concerns NNS I
about IN O
how WRB O
long JJ O
Integrated NNP I
would MD O
be VB O
able JJ O
to TO O
hold VB O
together RB O
the DT I
sales NNS I
force NN I
as IN O
one CD I
reason VB I
its PRP$ B
talks NNS I
with IN O
Integrated NNP I
failed VBD O
. . O

In IN O
composite JJ I
trading NN I
on IN O
the DT I
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
yesterday NN B
, , O
Integrated NNP I
closed VBD O
at IN O
$ $ I
1.25 CD I
a DT B
share NN I
, , O
down RB O
25 CD I
cents NNS I
. . O

Integrated NNP I
has VBZ O
been VBN O
struggling VBG O
to TO O
avoid VB O
a DT I
bankruptcy-law NN I
filing NN I
since IN O
June NNP I
, , O
when WRB O
it PRP I
failed VBD O
to TO O
make VB O
interest NN I
payments NNS I
on IN O
nearly RB I
$ $ I
1 CD I
billion CD I
of IN O
debt NN I
. . O

Integrated NNP I
senior JJ I
and CC I
junior JJ I
creditors NNS I
are VBP O
owed VBN O
a DT I
total NN I
of IN O
about RB I
$ $ I
1.8 CD I
billion CD I
. . O

AN DT I
EARTHQUAKE NN I
STRUCK VBD O
Northern NNP I
California NNP I
, , O
killing VBG O
more JJR I
than IN I
50 CD I
people NNS I
. . O

The DT I
violent JJ I
temblor NN I
, , O
which WDT I
lasted VBD O
about IN I
15 CD I
seconds NNS I
and CC O
registered VBN O
6.9 CD I
on IN O
the DT I
Richter NNP I
scale NN I
, , O
also RB O
caused VBN O
the DT I
collapse NN I
of IN O
a DT I
30-foot JJ I
section NN I
of IN O
the DT I
San NNP I
Francisco-Oakland NNP I
Bay NNP I
Bridge NNP I
and CC O
shook VBD O
Candlestick NNP I
Park NNP I
. . O

The DT I
tremor NN I
was VBD O
centered VBN O
near IN O
Hollister NNP I
, , O
southeast RB I
of IN O
San NNP I
Francisco NNP I
, , O
and CC O
was VBD O
felt VBN O
as RB O
far RB O
as IN O
200 CD I
miles NNS I
away RB O
. . O

Numerous JJ I
injuries NNS I
were VBD O
reported VBN O
. . O

Some DT I
buildings NNS I
collapsed VBD O
, , O
gas NN I
and CC I
water NN I
lines NNS I
ruptured VBN O
and CC O
fires NNS I
raged VBD O
. . O

The DT I
quake NN I
, , O
which WDT I
also RB O
caused VBN O
damage NN I
in IN O
San NNP I
Jose NNP I
and CC O
Berkeley NNP I
, , O
knocked VBD O
out IN O
electricity NN I
and CC I
telephones NNS I
, , O
cracked VBD O
roadways NNS I
and CC O
disrupted VBN O
subway NN I
service NN I
in IN O
the DT I
Bay NNP I
Area NNP I
. . O

Major JJ I
injuries NNS I
were VBD O
n't RB O
reported VBN O
at IN O
Candlestick NNP I
Park NNP I
, , O
where WRB O
the DT I
third JJ I
game NN I
of IN O
baseball NN I
's POS B
World NNP I
Series NNP I
was VBD O
canceled VBN O
and CC O
fans NNS I
evacuated VBN O
from IN O
the DT I
stadium NN I
. . O

Bush NNP I
vowed VBD O
to TO O
veto VB O
a DT I
bill NN I
allowing VBG O
federal JJ I
financing NN I
for IN O
abortions NNS I
in IN O
cases NNS I
of IN O
rape NN I
and CC I
incest NN I
, , O
saying VBG O
tax NN I
dollars NNS I
should MD O
n't RB O
be VB O
used VBN O
to TO O
`` `` O
compound NN O
a DT I
violent JJ I
act NN I
with IN O
the DT I
taking NN I
of IN O
an DT I
unborn JJ I
life NN I
. . O
'' '' O

His PRP$ I
pledge NN I
, , O
in IN O
a DT I
letter NN I
to TO O
Democratic NNP I
Sen. NNP I
Byrd NNP I
, , O
came VBD O
ahead RB O
of IN O
an DT I
expected VBN I
Senate NNP I
vote NN I
on IN O
spending NN I
legislation NN I
containing VBG O
the DT I
provision NN I
. . O

East NNP I
Germany NNP I
's POS B
Politburo NNP I
met VBD O
amid IN O
speculation NN I
that IN O
the DT I
ruling NN I
body NN I
would MD O
oust VB O
hard-line JJ I
leader NN I
Honecker NNP I
, , O
whose WP$ I
rule NN I
has VBZ O
been VBN O
challenged VBN O
by IN O
mass NN I
emigration NN I
and CC O
calls VBZ I
for IN O
democratic JJ I
freedoms NNS I
. . O

Meanwhile RB O
, , O
about IN I
125 CD I
refugees NNS I
flew VBD O
to TO O
Duesseldorf NNP I
, , O
West NNP I
Germany NNP I
, , O
from IN O
Warsaw NNP I
, , O
the DT I
first JJ I
airlift NN I
in IN O
East NNP I
Germany NNP I
's POS B
refugee NN I
exodus NN I
. . O

The DT I
World NNP I
Psychiatric NNP I
Association NNP I
voted VBD O
at IN O
an DT I
Athens NNP I
parley NN I
to TO O
conditionally RB O
readmit VB O
the DT I
Soviet NNP I
Union NNP I
. . O

Moscow NNP I
, , O
which WDT I
left VBD O
the DT I
group NN I
in IN O
1983 CD I
to TO O
avoid VB O
explusion NN I
over IN O
allegations NNS I
that IN O
political JJ I
dissidents NNS I
were VBD O
being VBG O
certified VBN O
as IN O
insane JJ O
, , O
could MD O
be VB O
suspended VBN O
if IN O
the DT I
misuse NN I
of IN O
psychiatry NN I
against IN O
dissenters NNS I
is VBZ O
discovered VBN O
during IN O
a DT I
review NN I
within IN O
a DT I
year NN I
. . O

NASA NNP I
postponed VBD O
the DT I
liftoff NN I
of IN O
the DT I
space NN I
shuttle NN I
Atlantis NNP I
because IN O
of IN O
rain NN I
near IN O
the DT I
site NN I
of IN O
the DT I
launch NN I
pad NN I
in IN O
Cape NNP I
Canaveral NNP I
, , O
Fla NNP I
. . O

The DT I
flight NN I
was VBD O
rescheduled VBN O
for IN O
today NN I
. . O

The DT I
spacecraft NN I
's POS B
five CD I
astronauts NNS I
are VBP O
to TO O
dispatch VB O
the DT I
nuclear-powered JJ I
Galileo NNP I
space NN I
probe NN I
on IN O
an DT I
exploratory JJ I
mission NN I
to TO O
Jupiter NNP I
. . O

Senate NNP I
Democratic JJ I
leaders NNS I
said VBD O
they PRP I
had VBD O
enough RB I
votes VBZ I
to TO O
defeat VB O
a DT I
proposed VBN I
constitutional JJ I
amendment NN I
to TO O
ban VB O
flag NN I
burning VBG I
. . O

The DT I
amendment NN I
is VBZ O
aimed VBN O
at IN O
skirting VBG O
a DT I
Supreme NNP I
Court NNP I
ruling NN I
that WDT B
threw VBD O
out RP O
the IN I
conviction NN I
of IN O
a DT I
Texas NNP I
flag-burner NN I
on IN O
grounds NNS I
that IN O
his PRP$ I
freedom NN I
of IN O
speech NN I
was VBD O
violated VBN O
. . O

Federal JJ I
researchers NNS I
said VBD O
lung-cancer NN I
mortality NN I
rates NNS I
for IN O
people NNS I
under IN O
45 CD I
years NNS I
of IN O
age NN I
have VBP O
begun VBN O
to TO O
decline VB O
, , O
particularly RB O
for IN O
white JJ I
males NNS I
. . O

The DT I
National NNP I
Cancer NNP I
Institute NNP I
also RB O
projected VBD O
that IN O
overall JJ I
U.S. NNP I
mortality NN I
rates NNS I
from IN O
lung NN I
cancer NN I
should MD O
begin VB O
to TO O
drop VB O
in IN O
several JJ I
years NNS I
if IN O
cigarette NN I
smoking NN I
continues VBZ O
to TO O
abate VB O
. . O

Bush NNP I
met VBD O
with IN O
South NNP I
Korean NNP I
President NNP I
Roh NNP I
, , O
who WP I
indicated VBD O
that IN O
Seoul NNP I
plans VBZ O
to TO O
further VB O
ease NN O
trade NN I
rules NNS I
to TO O
ensure VB O
that IN O
its PRP$ I
economy NN I
becomes VBZ O
as RB O
open JJ O
as IN O
the DT I
other JJ I
industrialized VBN I
nations NNS I
by IN O
the DT I
mid-1990s NNS I
. . O

Bush NNP I
assured VBD O
Roh NNP I
that IN O
the DT I
U.S. NNP I
would MD O
stand VB O
by IN O
its PRP$ I
security NN I
commitments NNS I
`` `` O
as RB O
long RB O
as IN O
there EX I
is VBZ O
a DT I
threat NN I
'' '' O
from IN O
Communist NNP I
North NNP I
Korea NNP I
. . O

The DT I
Bush NNP I
administration NN I
is VBZ O
seeking VBG O
an DT I
understanding NN I
with IN O
Congress NNP I
to TO O
ease VB O
restrictions NNS I
on IN O
U.S. NNP I
involvement NN I
in IN O
foreign JJ I
coups NNS I
that WDT B
might MD O
result VB O
in IN O
the DT I
death NN I
of IN O
a DT I
country NN I
's POS B
leader NN I
. . O

A DT I
White NNP I
House NNP I
spokesman NN I
said VBD O
that IN O
while IN O
Bush NNP I
would MD O
n't RB O
alter VB O
a DT I
longstanding JJ I
ban NN I
on IN O
such JJ I
involvement NN I
, , O
`` `` O
there EX I
's VBZ O
a DT I
clarification NN I
needed VBN O
'' '' O
on IN O
its PRP$ I
interpretation NN I
. . O

India NNP I
's POS B
Gandhi NNP I
called VBD O
for IN O
parliamentary JJ I
elections NNS I
next JJ B
month NN I
. . O

The DT I
balloting NN I
, , O
considered VBD O
a DT I
test NN I
for IN O
the DT I
prime JJ I
minister NN I
and CC O
the DT I
ruling NN I
Congress NNP I
-LRB- ( I
I PRP I
-RRB- ) I
Party NNP I
, , O
comes VBZ O
amid IN O
charges NNS I
of IN O
inept JJ I
leadership NN I
and CC O
government NN I
corruption NN I
. . O

Gandhi NNP I
's POS B
family NN I
has VBZ O
ruled VBN O
independent JJ I
India NNP I
for IN O
all DT I
but CC I
five CD I
years NNS I
of IN O
its PRP$ I
42-year JJ I
history NN I
. . O

The DT I
Soviet NNP I
Union NNP I
abstained VBD O
from IN O
a DT I
U.N. NNP I
General NNP I
Assembly NNP I
vote NN I
to TO O
reject VB O
Israel NNP I
's POS B
credentials NNS I
. . O

It PRP I
was VBD O
the DT I
first JJ I
time NN I
in IN O
seven CD I
years NNS I
that IN O
Moscow NNP I
has VBZ O
n't RB O
joined VBN O
efforts NNS I
, , O
led VBN O
by IN O
Moslem NNP I
nations NNS I
, , O
to TO O
expel VB O
Israel NNP I
from IN O
the DT I
world NN I
body NN I
, , O
and CC O
was VBD O
viewed VBN O
as IN O
a DT I
sign NN I
of IN O
improving VBG I
Soviet-Israeli JJ I
ties NNS I
. . O

Israel NNP I
was VBD O
seated VBN O
by IN O
a DT I
vote NN I
of IN O
95-37 CD I
, , O
with IN O
15 CD I
abstentions NNS I
. . O

Black JJ I
activist NN I
Walter NNP I
Sisulu NNP I
said VBD O
the DT I
African NNP I
National NNP I
Congress NNP I
would MD O
n't RB O
reject VB O
violence NN I
as IN O
a DT I
way NN I
to TO O
pressure VB O
the DT I
South JJ I
African JJ I
government NN I
into IN O
concessions NNS I
that WDT B
might MD O
lead VB O
to TO O
negotiations NNS I
over IN O
apartheid NN I
. . O

The DT I
77-year-old NNP I
Sisulu NNP I
was VBD O
among IN O
eight CD I
black JJ I
political JJ I
activists NNS I
freed VBD O
Sunday NNP I
from IN O
prison NN I
. . O

London NNP I
has VBZ O
concluded VBN O
that IN O
Austrian NNP I
President NNP I
Waldheim NNP I
was VBD O
n't RB O
responsible JJ O
for IN O
the DT I
execution NN I
of IN O
six CD I
British JJ I
commandos NNS I
in IN O
World NNP I
War NNP I
II NNP I
, , O
although IN O
he PRP I
probably RB O
was VBD O
aware JJ O
of IN O
the DT I
slayings NNS I
. . O

The DT I
report NN I
by IN O
the DT I
Defense NNP I
Ministry NNP I
also RB O
rejected VBD O
allegations NNS I
that IN O
Britain NNP I
covered VBD O
up IN O
evidence NN I
of IN O
Waldheim NNP I
's POS B
activities NNS I
as IN O
a DT I
German JJ I
army NN I
officer NN I
. . O

An DT I
international JJ I
group NN I
approved VBD O
a DT I
formal JJ I
ban NN I
on IN O
ivory NN I
trade NN I
despite IN O
objections NNS I
from IN O
southern JJ I
African JJ I
governments NNS I
, , O
which WDT I
threatened VBD O
to TO O
find VB O
alternative NN I
channels NNS I
for IN O
selling VBG O
elephant NN I
tusks NNS I
. . O

The DT I
move NN I
by IN O
the DT I
Convention NNP I
on IN O
Trade NNP I
in IN O
Endangered NNP I
Species NNP I
, , O
meeting NN O
in IN O
Switzerland NNP I
, , O
places VBZ O
the DT I
elephant NN I
on IN O
the DT I
endangered-species NNS I
list VBP I
. . O

An DT I
assassin NN I
in IN O
Colombia NNP I
killed VBD O
a DT I
federal JJ I
judge NN I
on IN O
a DT I
Medellin NNP I
street NN I
. . O

An DT I
anonymous JJ I
caller NN I
to TO O
a DT I
local JJ I
radio NN I
station NN I
said VBD O
cocaine NN I
traffickers NNS I
had VBD O
slain VBN O
the DT I
magistrate NN I
in IN O
retaliation NN I
for IN O
the DT I
extraditions NNS I
of IN O
Colombians NNPS I
wanted VBD O
on IN O
drug NN I
charges NNS I
in IN O
the DT I
U.S. NNP I
. . O

Libyan JJ I
leader NN I
Gadhafi NNP I
met VBD O
with IN O
Egypt NNP I
's POS B
President NNP I
Mubarak NNP I
, , O
and CC O
the DT I
two CD I
officials NNS I
pledged VBD O
to TO O
respect VB O
each DT I
other NN I
's POS B
laws NNS I
, , I
security NN I
and CC I
stability NN I
. . O

They PRP I
stopped VBD O
short NN O
of IN O
resuming VBG O
diplomatic JJ I
ties NNS I
, , O
severed VBN O
in IN O
1979 CD I
. . O

The DT I
reconciliation NN I
talks NNS I
in IN O
the DT I
Libyan JJ I
desert NN I
town NN I
of IN O
Tobruk NNP I
followed VBD O
a DT I
meeting NN I
Monday NNP B
in IN O
the DT I
Egyptian JJ I
resort NN I
of IN O
Mersa NNP I
Metruh NNP I
. . O

Alpine NNP I
Group NNP I
Inc. NNP I
revised VBD O
its PRP$ I
exchange NN I
offer NN I
for IN O
$ $ I
43.7 CD I
million CD I
face NN I
amount NN I
of IN O
13.5 CD I
% NN I
senior JJ I
subordinated VBN I
debt NN I
due JJ O
1996 CD I
and CC O
extended VBD O
the DT I
offer NN I
to TO O
Oct. NNP I
27 CD I
from IN O
Oct. NNP I
12 CD I
. . O

The DT I
Hackensack NNP I
, , I
N.J. NNP I
, , I
company NN I
said VBD O
holders NNS I
would MD O
receive VB O
for IN O
each DT I
$ $ I
1,000 CD I
face NN I
amount NN I
, , O
$ $ I
750 CD I
face NN I
amount NN I
of IN O
a DT I
new JJ I
issue NN I
of IN O
secured VBN I
senior JJ I
subordinated VBN I
notes NNS I
, , O
convertible JJ O
into IN O
common JJ I
stock NN I
at IN O
an DT I
initial JJ I
rate NN I
of IN O
$ $ I
6.50 CD I
a DT B
share NN I
, , O
and CC O
50 CD I
common JJ I
shares NNS I
. . O

The DT I
new JJ I
notes NNS I
will MD O
bear VB O
interest NN I
at IN O
5.5 CD I
% NN I
through IN O
July NNP I
31 CD I
, , O
1991 CD I
, , O
and CC O
thereafter RB O
at IN O
10 CD I
% NN I
. . O

Under IN O
the DT I
original JJ I
proposal NN I
, , O
the DT I
maker NN I
of IN O
specialty NN I
coatings NNS I
and CC O
a DT I
developer NN I
of IN O
information-display JJ I
technologies NNS I
offered VBN O
$ $ I
400 CD I
of IN O
notes NNS I
due JJ O
1996 CD I
, , O
10 CD I
common JJ I
shares NNS I
and CC O
$ $ I
175 CD I
in IN O
cash NN I
for IN O
each DT I
$ $ I
1,000 CD I
face NN I
amount NN I
. . O

Completion NN I
of IN O
the DT I
exchange NN I
offer NN I
is VBZ O
subject NN O
to TO O
the DT I
tender NN I
of IN O
at IN I
least JJS I
80 CD I
% NN I
of IN O
the DT I
debt NN I
, , O
among IN O
other JJ I
things NNS I
. . O

Alpine NNP I
, , O
which WDT I
said VBD O
it PRP I
does VBZ O
n't RB O
plan VB O
to TO O
further VB O
extend VB O
the DT I
offer NN I
, , O
said VBD O
it PRP I
received VBD O
$ $ I
615,000 CD I
face NN I
amount NN I
of IN O
debt NN I
under IN O
the DT I
original JJ I
offer NN I
. . O

The DT I
stock NN I
of IN O
UAL NNP I
Corp. NNP I
continued VBD O
to TO O
be VB O
pounded VBN O
amid IN O
signs NNS I
that IN O
British JJ I
Airways NNPS I
may MD O
balk VB O
at IN O
any DT I
hasty JJ I
reformulation NN I
of IN O
the DT I
aborted JJ I
$ $ I
6.79 CD I
billion CD I
buy-out NN I
of IN O
United NNP I
Airlines NNPS I
' POS B
parent NN I
. . O

UAL NNP I
stock NN I
plummeted VBD O
a DT I
further JJ I
$ $ I
24.875 CD I
to TO O
$ $ I
198 CD I
on IN O
volume NN I
of IN O
more JJR I
than IN I
2.8 CD I
million CD I
shares NNS I
in IN O
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
composite JJ I
trading NN I
. . O

The DT I
plunge NN I
followed VBD O
a DT I
drop NN I
of IN O
$ $ I
56.875 CD I
Monday NNP B
, , O
amid IN O
indications NNS I
the DT I
takeover NN I
may MD O
take VB O
weeks NNS I
to TO O
be VB O
revived VBN O
. . O

The DT I
stock NN I
has VBZ O
fallen VBN O
$ $ I
87.25 CD I
, , O
or CC O
31 CD I
% NN I
, , O
in IN O
the DT I
three CD I
trading NN I
days NNS I
since IN O
announcement NN I
of IN O
the DT I
collapse NN I
of IN O
the DT I
$ $ I
300-a-share JJ I
takeover NN I
jolted VBD O
the DT I
entire JJ I
stock NN I
market NN I
into IN O
its PRP$ I
second-worst JJ I
plunge NN I
ever RB O
. . O

`` `` O
This DT I
is VBZ O
a DT I
total JJ I
bloodbath NN I
'' '' O
for IN O
takeover-stock JJ I
traders NNS I
, , O
one CD I
investment NN I
banker NN I
said VBD O
. . O

Los NNP I
Angeles NNP I
financier NN I
Marvin NNP I
Davis NNP I
, , O
who WP I
put VBP O
United NNP I
in IN O
play NN I
with IN O
a DT I
$ $ I
5.4 CD I
billion CD I
bid NN I
two CD B
months NNS I
ago RB O
, , O
last JJ I
night NN I
proffered VBD O
both DT O
a DT I
ray NN I
of IN O
hope NN I
and CC O
an DT I
extra JJ I
element NN I
of IN O
uncertainty NN I
by IN O
saying VBG O
he PRP I
remains VBZ O
interested JJ O
in IN O
acquiring VBG O
UAL NNP I
. . O

But CC O
he PRP I
dropped VBD O
his PRP$ I
earlier RBR I
$ $ I
300-a-share JJ I
back-up NN I
bid NN I
, , O
saying VBG O
he PRP I
must MD O
first RB O
explore VB O
bank NN I
financing NN I
. . O

Even RB O
as IN O
Citicorp NNP I
and CC O
Chase NNP I
Manhattan NNP I
Corp. NNP I
scrambled VBD O
to TO O
line VB O
up IN O
bank NN I
financing NN I
for IN O
a DT I
revised VBN I
version NN I
of IN O
the DT I
lapsed JJ I
labor-management JJ I
bid NN I
, , O
British JJ I
Airways NNPS I
, , O
a DT I
15 CD I
% NN I
partner NN I
in IN O
the DT I
buying VBG I
group NN I
, , O
indicated VBD O
it PRP I
wants VBZ O
to TO O
start VB O
from IN O
scratch NN I
. . O

Its PRP$ I
partners NNS I
are VBP O
United NNP I
's POS B
pilots NNS I
, , O
who WP I
were VBD O
to TO O
own VB O
75 CD I
% NN I
, , O
and CC O
UAL NNP I
management NN I
at IN O
10 CD I
% NN I
. . O

Adding VBG O
insult NN I
to TO O
injury NN I
, , O
United NNP I
's POS I
25,000-member JJ O
Machinists NNS I
' POS I
union NN O
, , O
which WDT I
helped VBD O
scuttle VB O
financing NN I
for IN O
the DT I
first JJ I
bid NN I
, , O
yesterday NN I
asked VBD O
UAL NNP I
Chairman NNP I
Stephen NNP I
Wolf NNP I
and CC O
other JJ I
UAL NNP I
directors NNS I
to TO O
resign VB O
. . O

A DT I
similar JJ I
demand NN I
was VBD O
made VBN O
by IN O
a DT I
group NN I
that WDT B
represents VBZ O
some DT I
of IN O
United NNP I
's POS B
26,000 CD I
noncontract JJ I
employees NNS I
. . O

John NNP I
Peterpaul NNP I
, , O
Machinists NNS I
union NN I
general JJ I
vice NN I
president NN I
, , O
attacked VBN O
Mr. NNP I
Wolf NNP I
as IN O
`` `` O
greedy JJ O
and CC O
irresponsible JJ O
'' '' O
for IN O
pursuing VBG O
the DT I
buy-out NN I
. . O

Although IN O
Mr. NNP I
Wolf NNP I
and CC O
John NNP I
Pope NNP I
, , O
UAL NNP I
's POS B
chief JJ I
financial JJ I
officer NN I
, , O
stood VBD O
to TO O
pocket VB O
$ $ I
114.3 CD I
million CD I
for IN O
stock NN I
and CC I
options NNS I
in IN O
the DT I
buy-out NN I
, , O
UAL NNP I
executives NNS I
planned VBN O
to TO O
reinvest VB O
only RB I
$ $ I
15 CD I
million CD I
in IN O
the DT I
new JJ I
company NN I
. . O

The DT I
blue-collar JJ I
machinists NNS I
, , O
longtime JJ I
rivals NNS I
of IN O
the DT I
white-collar JJ I
pilots NNS I
, , O
say VBP O
the DT I
buyout NN I
would MD O
load VB O
the DT I
company NN I
with IN O
debt NN I
and CC O
weaken VB O
its PRP$ I
finances NNS I
. . O

Confusion NN I
about IN O
the DT I
two CD I
banks NNS I
' POS B
hurried VBD I
efforts NNS I
to TO O
round VB O
up IN O
financing NN I
for IN O
a DT I
new JJ I
bid NN I
that IN B
the DT B
UAL NNP I
board NN I
has VBZ O
n't RB O
even RB O
seen VBN O
yet RB O
helped VBD O
send VB O
UAL NNP I
stock NN I
spiraling VBG O
downward JJ O
. . O

And CC O
rumors NNS I
of IN O
forced VBN I
selling VBG I
by IN O
takeover-stock JJ I
traders NNS I
triggered VBD O
a DT I
25-point JJ I
downdraft NN I
in IN O
the DT I
Dow NNP I
Jones NNP I
Industrial NNP I
Average NNP I
around IN O
11:15 CD I
a.m. NN I
EDT NNP I
yesterday NN B
. . O

Yesterday NN I
's POS B
selling VBG I
began VBD O
after IN O
a DT I
Japanese JJ I
news NN I
agency NN I
reported VBD O
that IN O
Japanese JJ I
banks NNS I
, , O
which WDT I
balked VBD O
at IN O
the DT I
first JJ I
bid NN I
, , O
were VBD O
ready JJ O
to TO O
reject VB O
a DT I
revised VBN I
version NN I
at IN O
around IN I
$ $ I
250 CD I
a DT B
share NN I
, , O
or CC O
$ $ I
5.65 CD I
billion CD I
. . O

Several JJ I
reports NNS I
as IN O
the DT I
day NN I
progressed VBD O
gave VBD O
vague JJ I
or CC I
conflicting VBG I
indications NNS I
about IN O
whether IN O
banks NNS I
would MD O
sign VB O
up RB O
. . O

Citicorp NNP I
, , O
for IN O
example NN I
, , O
said VBD O
only RB O
that IN O
it PRP I
had VBD O
`` `` I
expressions NNS I
of IN O
interest NN I
of IN O
a DT I
transaction NN I
from IN O
both DT O
the DT I
borrowers NNS I
and CC O
the DT I
banks NNS I
, , O
'' '' O
but CC O
did VBD O
n't RB O
have VB O
an DT I
agreement NN I
. . O

Late RB O
in IN O
the DT I
day NN I
, , O
Mr. NNP I
Wolf NNP I
issued VBD O
a DT I
onepage JJ I
statement NN I
calling VBG O
Mr. NNP I
Peterpaul NNP I
's POS B
blast NN I
`` `` O
divisive JJ O
and CC O
uncalled JJ O
for IN O
. . O
'' '' O

But CC O
he PRP I
gave VBD O
few JJ I
details NNS I
on IN O
the DT I
progress NN I
toward IN O
a DT I
new JJ I
bid NN I
, , O
saying VBG O
only RB O
, , O
`` `` O
We PRP I
are VBP O
working VBG O
toward IN O
a DT I
revised VBN I
proposal NN I
for IN O
majority NN I
employee NN I
ownership NN I
. . O
'' '' O

Meanwhile RB O
, , O
in IN O
another DT I
sign NN I
that IN O
a DT I
new JJ I
bid NN I
is VBZ O
n't RB O
imminent JJ O
, , O
it PRP I
was VBD O
learned VBN O
that IN O
the DT I
UAL NNP I
board NN I
held VBD O
a DT I
telephone NN I
meeting NN I
Monday NNP B
to TO O
hear VB O
an DT I
update NN I
on IN O
the DT I
situation NN I
, , O
but CC O
that IN O
a DT I
formal JJ I
board NN I
meeting NN I
is VBZ O
n't RB O
likely JJ O
to TO O
be VB O
convened VBN O
until IN O
early JJ I
next JJ I
week NN I
. . O

In IN O
London NNP I
, , O
British JJ I
Airways NNP I
Chairman NNP I
Lord NNP I
King NNP I
was VBD O
quoted VBN O
in IN O
the DT I
Times NNP I
as IN O
declaring VBG O
he PRP I
is VBZ O
`` `` O
not RB O
prepared VBN O
to TO O
take VB O
my PRP$ I
shareholders NNS I
into IN O
a DT I
hasty JJ I
deal NN I
. . O
'' '' O

Observers NNS I
said VBD O
it PRP I
appeared VBD O
that IN O
British NNP I
Air NNP I
was VBD O
angered VBN O
at IN O
the DT I
way NN I
the DT B
bid NN I
has VBZ O
degenerated VBN O
into IN O
confusion NN I
, , O
as RB O
well RB O
as IN O
by IN O
the DT I
banks NNS I
' POS B
effort NN I
to TO O
round VB O
up IN O
financing NN I
for IN O
what WP I
one CD B
called VBN O
`` `` O
a DT I
deal NN I
that WDT B
is VBZ O
n't RB O
a DT I
deal NN I
. . O
'' '' O

The DT I
effort NN I
to TO O
revive VB O
the DT I
bid NN I
was VBD O
complicated VBN O
by IN O
the DT I
unwieldy JJ I
nature NN I
of IN O
the DT I
three-party JJ I
buying NN I
group NN I
. . O

The DT I
pilots NNS I
were VBD O
meeting NN O
outside IN O
Chicago NNP I
yesterday NN B
. . O

But CC O
British NNP I
Air NNP I
, , O
which WDT I
was VBD O
to TO O
have VB O
supplied VBN O
$ $ I
750 CD I
million CD I
out IN I
of IN I
$ $ I
965 CD I
million CD I
in IN O
equity NN I
financing NN I
, , O
apparently RB O
was VBD O
n't RB O
involved VBN O
in IN O
the DT I
second JJ I
proposal NN I
and CC O
could MD O
well RB O
reject VB O
it PRP I
even RB O
if IN O
banks NNS I
obtain VBP O
financing VBG I
. . O

A DT I
group NN I
of IN O
United NNP I
's POS B
noncontract JJ I
employees NNS I
said VBD O
in IN O
a DT I
statement NN I
, , O
`` `` O
The DT I
fact NN I
that IN O
Wolf NNP I
and CC O
other JJ I
officers NNS I
were VBD O
going VBG O
to TO O
line VB O
their PRP$ I
pockets NNS I
with IN O
literally RB I
millions NNS I
of IN O
dollars NNS I
while IN O
instituting VBG O
severe JJ I
pay NN I
cuts NNS I
on IN O
the DT I
nonunion JJ I
employees NNS I
of IN O
United NNP I
is VBZ O
not RB O
only RB O
deplorable JJ O
but CC O
inexcusable JJ O
. . O
'' '' O

The DT I
machinists NNS I
also RB O
asked VBD O
for IN O
an DT I
investigation NN I
by IN O
the DT I
Securities NNP I
and CC I
Exchange NNP I
Commission NNP I
into IN O
possible JJ I
securities-law NN I
violations NNS I
in IN O
the DT I
original JJ I
bid NN I
for IN O
UAL NNP I
by IN O
Mr. NNP I
Davis NNP I
, , O
as RB O
well RB O
as IN O
in IN O
the DT I
response NN I
by IN O
UAL NNP I
. . O

Last JJ I
week NN I
, , O
just RB O
before IN O
the DT I
bank NN I
commitments NNS I
were VBD O
due JJ O
, , O
the DT I
union NN I
asked VBD O
the DT I
U.S. NNP I
Labor NNP I
Department NNP I
to TO O
study VB O
whether IN O
the DT I
bid NN I
violated VBD O
legal JJ I
standards NNS I
of IN O
fairness NN I
governing VBG O
employee NN I
investment NN I
funds NNS I
. . O

In IN O
his PRP$ I
statement NN I
, , O
Mr. NNP I
Wolf NNP I
said VBD O
, , O
`` `` O
We PRP I
continue VBP O
to TO O
believe VB O
our PRP$ I
approach NN I
is VBZ O
sound NN O
, , O
and CC O
that IN O
it PRP I
is VBZ O
far RB O
better JJR O
for IN O
all DT I
employees NNS I
than IN O
the DT I
alternative NN I
of IN O
having VBG O
an DT I
outsider NN I
own VB O
the DT I
company NN I
with IN O
employees NNS I
paying VBG O
for IN O
it PRP I
just RB O
the DT O
same JJ O
. . O
'' '' O

Mr. NNP I
Wolf NNP I
has VBZ O
eschewed VBN O
merger NN I
advice NN I
from IN O
a DT I
major JJ I
Wall NNP I
Street NNP I
securities NNS I
firm NN I
, , O
relying VBG O
instead RB O
only RB O
on IN O
a DT I
takeover NN I
lawyer NN I
, , O
Peter NNP I
Atkins NNP I
of IN O
Skadden NNP I
Arps NNP I
Slate NNP I
Meagher NNP I
& CC I
Flom NNP I
. . O

The DT I
huge JJ I
drop NN I
in IN O
UAL NNP I
stock NN I
prompted VBD O
one CD I
takeover NN I
stock NN I
trader NN I
, , O
George NNP I
Kellner NNP I
, , O
managing VBG I
partner NN I
of IN O
Kellner NNP I
, , I
DiLeo NNP I
& CC I
Co. NNP I
, , O
to TO O
deny VB O
publicly RB O
rumors VBZ I
that IN O
his PRP$ I
firm NN I
was VBD O
going VBG O
out IN O
of IN O
business NN I
. . O

Mr. NNP I
Kellner NNP I
said VBD O
that IN O
despite IN O
losses NNS I
on IN O
UAL NNP I
stock NN I
, , O
his PRP$ I
firm NN I
's POS B
health NN I
is VBZ O
`` `` O
excellent JJ O
. . O
'' '' O

The DT I
stock NN I
's POS B
decline NN I
also RB O
has VBZ O
left VBN O
the DT I
UAL NNP I
board NN I
in IN O
a DT I
quandary NN I
. . O

Although IN O
it PRP I
may MD O
not RB O
be VB O
legally RB O
obligated VBN O
to TO O
sell VB O
the DT I
company NN I
if IN O
the DT I
buy-out NN I
group NN I
ca MD O
n't RB O
revive VB O
its PRP$ I
bid NN I
, , O
it PRP I
may MD O
have VB O
to TO O
explore VB O
alternatives NNS I
if IN O
the DT I
buyers NNS I
come VBP O
back RB O
with IN O
a DT I
bid NN I
much RB O
lower JJR O
than IN O
the DT I
group NN I
's POS B
original JJ I
$ $ I
300-a-share JJ I
proposal NN I
. . O

At IN O
a DT I
meeting NN I
Sept. NNP B
1 CD I
to TO O
consider VB O
the DT I
labor-management JJ I
bid NN I
, , O
the DT I
board NN I
also RB O
was VBD O
informed VBN O
by IN O
its PRP$ I
investment NN I
adviser NN I
, , O
First NNP I
Boston NNP I
Corp. NNP I
, , O
of IN O
interest NN I
expressed VBN O
by IN O
buy-out NN I
funds NNS I
including VBG O
Kohlberg NNP I
Kravis NNP I
Roberts NNP I
& CC I
Co. NNP I
and CC O
Forstmann NNP I
Little NNP I
& CC I
Co. NNP I
, , O
as RB O
well RB O
as IN O
by IN O
Robert NNP I
Bass NNP I
, , O
Morgan NNP I
Stanley NNP I
's POS B
buy-out NN I
fund NN I
, , O
and CC O
Pan NNP I
Am NNP I
Corp NNP I
. . O

The DT I
takeover-stock JJ I
traders NNS I
were VBD O
hoping VBG O
that IN O
Mr. NNP I
Davis NNP I
or CC O
one CD I
of IN O
the DT I
other JJ I
interested JJ I
parties NNS I
might MD O
re-emerge VB O
with IN O
the DT I
situation NN I
in IN O
disarray NN I
, , O
or CC O
that IN O
the DT I
board NN I
might MD O
consider VB O
a DT I
recapitalization NN I
. . O

Meanwhile RB O
, , O
Japanese JJ I
bankers NNS I
said VBD O
they PRP I
were VBD O
still RB O
hesitant JJ O
about IN O
accepting VBG O
Citicorp NNP I
's POS B
latest JJS I
proposal NN I
. . O

Macmillan NNP I
Inc. NNP I
said VBD O
it PRP I
plans VBZ O
a DT I
public JJ I
offering NN I
of IN O
8.4 CD I
million CD I
shares NNS I
of IN O
its PRP$ I
Berlitz NNP I
International NNP I
Inc. NNP I
unit NN I
at IN O
$ $ I
19 CD I
to TO I
$ $ I
21 CD I
a DT B
share NN I
. . O

The DT I
offering NN I
for IN O
the DT I
language NN I
school NN I
unit NN I
was VBD O
announced VBN O
by IN O
Robert NNP I
Maxwell NNP I
, , O
chairman NN I
and CC O
chief JJ I
executive JJ I
officer NN I
of IN O
London-based NNP I
Maxwell NNP I
Communication NNP I
Corp. NNP I
, , O
which WDT I
owns VBZ O
Macmillan NNP I
. . O

After IN O
the DT I
offering NN I
is VBZ O
completed VBN O
, , O
Macmillan NNP I
will MD O
own VB O
about IN I
56 CD I
% NN I
of IN O
the DT I
Berlitz NNP I
common JJ I
stock NN I
outstanding JJ O
. . O

Five CD I
million CD I
shares NNS I
will MD O
be VB O
offered VBN O
in IN O
the DT I
U.S. NNP I
, , O
and CC O
3.4 CD I
million CD I
additional JJ I
shares NNS I
will MD O
be VB O
offered VBN O
in IN O
concurrent JJ I
international JJ I
offerings NNS I
outside IN O
the DT I
U.S. NNP I
. . O

Goldman NNP I
, , I
Sachs NNP I
& CC I
Co. NNP I
will MD O
manage VB O
the DT I
offering NN I
. . O

Macmillan NNP I
said VBD O
Berlitz NNP I
intends VBZ O
to TO O
pay VB O
quarterly JJ I
dividends NNS I
on IN O
the DT I
stock NN I
. . O

The DT I
company NN I
said VBD O
it PRP I
expects VBZ O
to TO O
pay VB O
the DT I
first JJ I
dividend NN I
, , O
of IN O
12.5 CD I
cents NNS I
a DT B
share NN I
, , O
in IN O
the DT I
1990 CD I
first JJ I
quarter NN I
. . O

Berlitz NNP I
will MD O
borrow VB O
an DT I
amount NN I
equal JJ O
to TO O
its PRP$ I
expected VBN I
net JJ I
proceeds NNS I
from IN O
the DT I
offerings NNS I
, , O
plus CC O
$ $ I
50 CD I
million CD I
, , O
in IN O
connection NN I
with IN O
a DT I
credit NN I
agreement NN I
with IN O
lenders NNS I
. . O

The DT I
total JJ I
borrowing NN I
will MD O
be VB O
about RB I
$ $ I
208 CD I
million CD I
, , O
the DT I
company NN I
said VBD O
. . O

Proceeds NNS I
from IN O
the DT I
borrowings NNS I
under IN O
the DT I
credit NN I
agreement NN I
will MD O
be VB O
used VBN O
to TO O
pay VB O
an DT I
$ $ I
80 CD I
million CD I
cash NN I
dividend NN I
to TO O
Macmillan NNP I
and CC O
to TO O
lend VB O
the DT I
remainder NN I
of IN O
about RB I
$ $ I
128 CD I
million CD I
to TO O
Maxwell NNP I
Communications NNPS I
in IN O
connection NN I
with IN O
a DT I
promissory JJ I
note NN I
. . O

Proceeds NNS I
from IN O
the DT I
offering NN I
will MD O
be VB O
used VBN O
to TO O
repay VB O
borrowings NNS I
under IN O
the DT I
short-term JJ I
parts NNS I
of IN O
a DT I
credit NN I
agreement NN I
. . O

Berlitz NNP I
, , O
which WDT I
is VBZ O
based VBN O
in IN O
Princeton NNP I
, , O
N.J. NNP I
, , O
provides VBZ O
language NN I
instruction NN I
and CC O
translation NN I
services NNS I
through IN O
more JJR I
than IN I
260 CD I
language NN I
centers NNS I
in IN O
25 CD I
countries NNS I
. . O

In IN O
the DT I
past JJ I
five CD I
years NNS I
, , O
more JJR I
than IN I
68 CD I
% NN I
of IN O
its PRP$ I
sales NNS I
have NN O
been VBN O
outside IN O
the DT I
U.S. NNP I
. . O

Macmillan NNP I
has VBZ O
owned VBN O
Berlitz NNP I
since IN O
1966 CD I
. . O

In IN O
the DT I
first JJ I
six CD I
months NNS I
of IN O
this DT I
year NN I
, , O
Berlitz NNP I
posted VBD O
net JJ I
income NN I
of IN O
$ $ I
7.6 CD I
million CD I
on IN O
sales NNS I
of IN O
$ $ I
106.2 CD I
million CD I
, , O
compared VBN O
with IN O
net JJ I
income NN I
of IN O
$ $ I
8.2 CD I
million CD I
on IN O
sales NNS I
of IN O
$ $ I
90.6 CD I
million CD I
. . O

Right RB O
away RB O
you PRP I
notice VBP O
the DT I
following VBG I
things NNS I
about IN O
a DT I
Philip NNP I
Glass NNP I
concert NN I
. . O

It PRP I
attracts VBZ O
people NNS I
with IN O
funny JJ I
hair NN I
-LRB- ( O
or CC O
with IN O
no DT I
hair NN I
-- : O
in IN O
front NN I
of IN O
me PRP I
a DT B
girl NN I
with IN O
spiked JJ I
locks NNS I
sat VBD O
beside IN O
a DT I
boy NN I
who WP B
had VBD O
shaved VBN O
his PRP$ I
-RRB- ) O
. . O

Whoever WP I
constitute VBP O
the DT I
local JJ I
Left NNP I
Bank NNP I
come VB O
out IN O
in IN O
force NN I
, , O
dressed VBN O
in IN O
black JJ O
, , O
along IN O
with IN O
a DT I
smattering NN I
of IN O
yuppies NNS I
who WP B
want VBP O
to TO O
be VB O
on IN O
the DT I
cutting VBG I
edge NN I
. . O

People NNS I
in IN O
Glass NNP I
houses NNS I
tend VBP O
to TO O
look VB O
stoned VBN O
. . O

And CC O
, , O
if IN O
still RB O
conscious JJ O
at IN O
the DT I
evening NN I
's POS B
end NN I
, , O
you PRP I
notice VBP O
something NN I
else RB I
: : O
The DT I
audience NN I
, , O
at IN O
first RB O
entranced VBN O
and CC O
hypnotized VBN O
by IN O
the DT I
music NN I
, , O
releases NNS O
its PRP$ I
pent-up JJ I
feelings NNS I
in IN O
collective JJ I
gratitude NN I
. . O

Currently RB O
in IN O
the DT I
middle NN I
of IN O
a DT I
four-week JJ I
, , I
20-city JJ I
tour NN I
as IN O
a DT I
solo NN I
pianist NN I
, , O
Mr. NNP I
Glass NNP I
has VBZ O
left VBN O
behind IN O
his PRP$ I
synthesizers NNS I
, , I
equipment NN I
and CC I
collaborators NNS I
in IN O
favor NN I
of IN O
going VBG O
it PRP I
alone RB O
. . O

He PRP I
sits VBZ O
down RB O
at IN O
the DT I
piano NN I
and CC O
plays VBZ O
. . O

And CC O
plays VBZ O
. . O

Either CC O
one CD I
likes VBZ O
it PRP I
or CC O
one CD I
does VBZ O
n't RB O
. . O

The DT I
typical JJ I
Glass NNP I
audience NN I
, , O
which WDT I
is VBZ O
more RBR O
likely JJ O
to TO O
be VB O
composed VBN O
of IN O
music NN I
students NNS I
than IN O
their PRP$ I
teachers NNS I
, , O
certainly RB O
does VBZ O
. . O

The DT I
work NN I
, , O
though RB O
, , O
sounds VBZ O
like IN O
Muzak NNP I
for IN O
spaceships NNS I
. . O

Philip NNP I
Glass NNP I
is VBZ O
the DT I
emperor NN I
, , O
and CC O
his PRP$ I
music NN I
the DT B
new JJ I
clothes NNS I
, , O
of IN O
the DT I
avant-garde NN I
. . O

His PRP$ I
success NN I
is VBZ O
easy JJ O
to TO O
understand VB O
. . O

Softly RB O
introducing VBG O
and CC O
explaining VBG O
his PRP$ I
pieces NNS I
, , O
Mr. NNP I
Glass NNP I
looks VBZ O
and CC O
sounds VBZ O
more JJR O
like IN O
a DT I
shaggy JJ I
poet NN I
describing VBG O
his PRP$ I
work NN I
than IN O
a DT I
classical JJ I
pianist NN I
playing VBG O
a DT I
recital NN I
. . O

The DT I
piano NN I
compositions NNS I
, , O
which WDT I
have VBP O
been VBN O
labeled VBN O
variously RB O
as IN O
minimalist JJ O
, , O
Oriental JJ O
, , O
repetitive JJ O
, , O
cyclical JJ O
, , O
monophonic JJ O
and CC O
hypnotic JJ O
, , O
are VBP O
relentlessly RB O
tonal JJ O
-LRB- ( O
therefore RB O
unthreatening JJ O
-RRB- ) O
, , O
unvaryingly RB O
rhythmic JJ O
-LRB- ( O
therefore RB O
soporific JJ O
-RRB- ) O
, , O
and CC O
unflaggingly RB O
harmonious JJ O
but CC O
unmelodic JJ O
-LRB- ( O
therefore RB O
both DT O
pretty RB O
and CC O
unconventional JJ O
-RRB- ) O
. . O

It PRP I
is VBZ O
music NN I
for IN O
people NNS I
who WP B
want VBP O
to TO O
hear VB O
something NN I
different JJ O
but CC O
do VBP O
n't RB O
want VB O
to TO O
work VB O
especially RB O
hard JJ O
at IN O
the DT I
task NN I
. . O

It PRP I
is VBZ O
E-Z JJ I
listening NN I
for IN O
the DT I
now JJ I
generation NN I
. . O

Mr. NNP I
Glass NNP I
has VBZ O
inverted JJ O
the DT I
famous JJ I
modernist JJ I
dictum NN I
`` `` O
less JJR I
is VBZ O
more JJR I
. . O
'' '' O

His PRP$ I
more JJR I
is VBZ O
always RB O
less JJR I
. . O

Far NNP O
from IN O
being VBG O
minimalist JJ I
, , O
the DT I
music NN I
unabatingly RB O
torments VBZ O
us PRP I
with IN O
apparent JJ I
novelties NNS I
not RB O
so RB O
cleverly RB O
disguised VBN O
in IN O
the DT I
simplicities NNS I
of IN O
4\/4 CD I
time NN I
, , O
octave JJ I
intervals NNS I
, , O
and CC O
ragtime NN I
or CC O
gospel NN I
chord NN I
progressions NNS I
. . O

But CC O
the DT I
music NN I
has VBZ O
its PRP$ I
charm NN I
, , O
and CC O
Mr. NNP I
Glass NNP I
has VBZ O
constructed VBN O
his PRP$ I
solo NN I
program NN I
around IN O
a DT I
move NN I
from IN O
the DT I
simple JJ I
to TO O
the DT I
relatively RB I
complex JJ I
. . O

`` `` I
Opening VBG I
'' '' I
-LRB- ( O
1981 CD I
-RRB- ) O
, , O
from IN O
Glassworks NNP I
, , O
introduces VBZ O
the DT I
audience NN I
to TO O
the DT I
Glass NNP I
technique NN I
: : O
Never RB O
straying VBG O
too RB O
far RB O
from IN O
the DT I
piano NN I
's POS B
center NN I
, , O
Mr. NNP I
Glass NNP I
works VBZ O
in IN O
the DT I
two CD I
octaves NNS I
on IN O
either DT I
side NN I
of IN O
middle NN I
C NN I
, , O
and CC O
his PRP$ I
fingers NNS I
seldom RB O
leave VBP O
the DT I
keys NNS I
. . O

There EX I
is VBZ O
a DT I
recognizable JJ I
musical JJ I
style NN I
here RB O
, , O
but CC O
not RB I
a DT I
particular JJ I
performance NN I
style NN I
. . O

The DT I
music NN I
is VBZ O
not RB O
especially RB O
pianistic JJ O
; : O
indeed RB O
, , O
it PRP I
's VBZ O
hard JJ O
to TO O
imagine VB O
a DT I
bad JJ I
performance NN I
of IN O
it PRP I
. . O

Nothing NN I
bravura NN I
, , O
no DT I
arpeggios NNS I
, , O
no DT I
ticklish JJ I
fingering NN I
problems NNS I
challenge VBP O
the DT I
performer NN I
. . O

We PRP I
hear VBP O
, , O
we PRP I
may MD O
think VB O
, , O
inner JJ I
voices NNS I
, , O
but CC O
they PRP I
all DT B
seem VB O
to TO O
be VB O
saying VBG O
the DT I
same JJ I
thing NN I
. . O

With IN O
`` `` I
Planet NNP I
News NNP I
, , I
'' '' I
music NN B
meant VBD O
to TO O
accompany VB O
readings NNS I
of IN O
Allen NNP I
Ginsberg NNP I
's POS B
`` `` I
Wichita NNP I
Vortex NNP I
Sutra NN I
, , O
'' '' O
Mr. NNP I
Glass NNP I
gets VBZ O
going VBG O
. . O

His PRP$ I
hands NNS I
sit VBP O
farther RB O
apart RB O
on IN O
the DT I
keyboard NN I
. . O

Seventh JJ I
chords NNS I
make VBP O
you PRP I
feel VBP O
as IN O
though IN O
he PRP I
may MD O
break VB O
into IN O
a DT I
-LRB- ( I
very RB I
slow JJ I
-RRB- ) I
improvisatory JJ I
riff NN I
. . O

The DT I
chords NNS I
modulate VBP O
, , O
but CC O
there EX I
is VBZ O
little JJ O
filigree JJ O
even RB O
though IN O
his PRP$ I
fingers NNS I
begin VBP O
to TO O
wander VB O
over IN O
more JJR I
of IN O
the DT I
keys NNS I
. . O

Contrasts NNS I
predictably RB O
accumulate VBP O
: : O
First NNP O
the DT I
music NN I
is VBZ O
loud JJ O
, , O
then RB O
it PRP I
becomes VBZ O
soft JJ O
, , O
then RB O
-LRB- ( O
you PRP I
realize VBP O
-RRB- ) O
it PRP I
becomes VBZ O
louder RBR O
again RB O
. . O

`` `` I
The DT I
Fourth NNP I
Knee NN I
Play NNP I
, , O
'' '' O
an DT I
interlude NN I
from IN O
`` `` O
Einstein NNP I
on IN O
the DT I
Beach NNP I
, , O
'' '' O
is VBZ O
like IN O
a DT I
toccata NN I
but CC O
it PRP I
does VBZ O
n't RB O
seem VB O
to TO O
move VB O
much JJ O
beyond IN O
its PRP$ I
left-hand JJ I
ground NN I
in IN O
`` `` I
Three CD I
Blind JJ I
Mice NNS I
. . O
'' '' O

When WRB O
Mr. NNP I
Glass NNP I
decides VBZ O
to TO O
get VB O
really RB O
fancy JJ O
, , O
he PRP I
crosses VBZ O
his PRP$ I
hands NNS I
and CC O
hits VBZ O
a DT I
resonant JJ I
bass NN I
note NN I
with IN O
his PRP$ I
right JJ I
hand NN I
. . O

He PRP I
does VBZ O
this DT I
in NN O
at IN I
least JJS I
three CD I
of IN O
his PRP$ I
solo NN I
pieces NNS I
. . O

You PRP I
might MD O
call VB O
it PRP I
a DT B
leitmotif NN I
or CC O
a DT I
virtuoso JJ I
accomplishment NN I
. . O

In IN O
`` `` I
Mad NNP I
Rush NNP I
, , O
'' '' O
which WDT I
came VBD O
from IN O
a DT I
commission NN I
to TO O
write VB O
a DT I
piece NN I
of IN O
indeterminate JJ I
length NN I
-LRB- ( O
Mr. NNP I
Glass NNP I
charmingly RB O
, , O
and CC O
tellingly RB O
, , O
confessed VBD O
that IN O
`` `` O
this DT I
was VBD O
no DT I
problem NN I
for IN O
me PRP I
'' '' O
-RRB- ) O
, , O
an DT I
A DT I
section NN I
alternates VBZ O
with IN O
a DT I
B NNP I
section NN I
several JJ B
times NNS I
before IN O
the DT I
piece NN I
ends NNS O
unresolved JJ O
. . O

Not RB O
only RB O
is VBZ O
the DT I
typical JJ I
Glasswork NNP I
open-ended JJ O
, , O
it PRP I
is VBZ O
also RB O
often RB O
multiple JJ O
in IN O
its PRP$ I
context NN I
-LRB- ( I
s PRP I
-RRB- ) I
. . O

`` `` I
Mad NNP I
Rush NNP I
'' '' I
began VBD O
its PRP$ I
life NN I
as IN O
the DT I
accompaniment NN I
to TO O
the DT I
Dalai NNP I
Lama NNP I
's POS B
first JJ I
public JJ I
address NN I
in IN O
the DT I
U.S. NNP I
, , O
when WRB O
Mr. NNP I
Glass NNP I
played VBD O
it PRP I
on IN O
the DT I
organ NN I
at IN O
New NNP I
York NNP I
's POS I
Cathedral NNP B
of IN O
St. NNP I
John NNP I
the DT I
Divine NNP I
. . O

Later RB O
it PRP I
was VBD O
performed VBN O
on IN O
Radio NNP I
Bremen NNP I
in IN O
Germany NNP I
, , O
and CC O
then RB O
Lucinda NNP I
Childs NNP I
took VBD O
it PRP I
for IN O
one CD I
of IN O
her PRP$ I
dance NN I
pieces NNS I
. . O

The DT I
point NN I
is VBZ O
that IN O
any DT I
piece NN I
can MD O
be VB O
used VBN O
as IN O
background NN I
music NN I
for IN O
virtually JJ I
anything NN I
. . O

The DT I
evening NN I
ended VBD O
with IN O
Mr. NNP I
Glass NNP I
's POS B
`` `` I
Metamorphosis NN I
, , I
'' '' I
another DT B
multiple JJ I
work NN I
. . O

Parts NNS I
1 CD I
, , I
2 CD I
, , I
and CC I
5 NN I
come VB O
from IN O
the DT I
soundtrack NN I
of IN O
Errol NNP I
Morris NNP I
's POS B
acclaimed VBN I
film NN I
, , O
`` `` I
The DT I
Thin NNP I
Blue NNP I
Line NNP I
, , O
'' '' O
and CC O
the DT I
two CD I
other JJ I
parts NNS I
from IN O
incidental JJ I
music NN I
to TO O
two CD I
separate JJ I
dramatizations NNS I
of IN O
the DT I
Kafka NNP I
story NN I
of IN O
the DT I
same JJ I
name NN I
. . O

When WRB O
used VBN O
as IN O
background NN I
in IN O
this DT I
way NN I
, , O
the DT I
music NN I
has VBZ O
an DT I
appropriate JJ I
eeriness NN I
, , O
as IN O
when WRB O
a DT I
two-note JJ I
phrase NN I
, , O
a DT I
descending VBG I
minor JJ I
third NN I
, , O
accompanies VBZ O
the DT I
seemingly RB I
endless JJ I
litany NN I
of IN O
reports NNS I
, , O
interviews NNS I
and CC O
confessions NNS I
of IN O
witnesses NNS I
in IN O
the DT I
Morris NNP I
film NN I
. . O

Served VBN O
up IN O
as IN O
a DT I
solo NN I
, , O
however RB O
, , O
the DT I
music NN I
lacks VBZ O
the DT I
resonance NN I
provided VBN O
by IN O
a DT I
context NN I
within IN O
another DT I
medium NN I
. . O

Admirers NNS I
of IN O
Mr. NNP I
Glass NNP I
may MD O
agree VB O
with IN O
the DT I
critic NN I
Richard NNP I
Kostelanetz NNP I
's POS B
sense NN I
that IN O
the DT O
1974 CD O
`` `` O
Music NNP I
in IN O
Twelve CD I
Parts NNS I
'' '' O
is VBZ O
as IN O
encyclopedic JJ O
and CC O
weighty JJ O
as IN O
`` `` I
The DT I
Well-Tempered JJ I
Clavier NN I
. . O
'' '' O

But CC O
while IN O
making VBG O
the DT I
obvious JJ I
point NN I
that IN O
both DT I
composers NNS I
develop VBP O
variations NNS I
from IN O
themes NNS I
, , O
this DT I
comparison NN I
ignores VBZ O
the DT I
intensely RB I
claustrophobic JJ I
nature NN I
of IN O
Mr. NNP I
Glass NNP I
's POS B
music NN I
. . O

Its PRP$ I
supposedly RB I
austere JJ I
minimalism NN I
overlays VBZ O
a DT I
bombast NN I
that WDT B
makes VBZ O
one CD I
yearn VB O
for IN O
the DT I
astringency NN I
of IN O
neoclassical JJ I
Stravinsky NNP I
, , O
the DT I
genuinely RB I
radical JJ I
minimalism NN I
of IN O
Berg NNP I
and CC I
Webern NNP I
, , O
and CC O
what WP I
in IN O
retrospect NN I
even RB O
seems VBZ O
like IN O
concision NN I
in IN O
Mahler NNP I
. . O

Mr. NNP I
Spiegelman NNP I
is VBZ O
professor NN I
of IN O
English NNP I
at IN O
Southern NNP I
Methodist NNP I
University NNP I
and CC O
editor NN I
of IN O
the DT I
Southwest NNP I
Review NNP I
. . O

Honeywell NNP I
Inc. NNP I
said VBD O
it PRP I
hopes VBZ O
to TO O
complete VB O
shortly RB O
the DT I
first JJ I
of IN I
two CD I
sales NNS I
of IN O
shares NNS I
in IN O
its PRP$ I
Japanese JJ I
joint JJ I
venture NN I
, , O
Yamatake-Honeywell NNP I
, , O
for IN O
about RB I
$ $ I
280 CD I
million CD I
. . O

The DT I
company NN I
would MD O
n't RB O
disclose VB O
the DT I
buyer NN I
of IN O
the DT I
initial JJ I
16 CD I
% NN I
stake NN I
. . O

Proceeds NNS I
of IN O
the DT I
sale NN I
, , O
expected VBN O
to TO O
be VB O
completed VBN O
next JJ I
week NN I
, , O
would MD O
be VB O
used VBN O
to TO O
repurchase VB O
as RB I
many JJ I
as IN I
10 CD I
million CD I
shares NNS I
of IN O
Honeywell NNP I
stock NN I
, , O
the DT I
company NN I
said VBD O
. . O

Honeywell NNP I
said VBD O
it PRP I
is VBZ O
negotiating VBG O
the DT I
sale NN I
of IN O
a DT I
second JJ I
stake NN I
in IN O
Yamatake-Honeywell NNP I
, , O
but CC O
indicated VBD O
it PRP I
intends VBZ O
to TO O
hold VB O
at IN I
least JJS I
20 CD I
% NN I
of IN O
the DT I
joint JJ I
venture NN I
's POS B
stock NN I
long JJ B
term NN I
. . O

A DT I
20 CD I
% NN I
stake NN I
would MD O
allow VB O
Honeywell NNP I
to TO O
include VB O
Yamatake NNP I
earnings NNS I
in IN O
its PRP$ I
results NNS I
. . O

Honeywell NNP I
previously RB O
said VBD O
it PRP I
intended VBD O
to TO O
reduce VB O
its PRP$ I
holding NN I
in IN O
the DT I
Japanese JJ I
concern NN I
as IN O
part NN I
of IN O
a DT I
restructuring NN I
plan NN I
which WDT B
also RB O
calls VBZ O
for IN O
a DT I
reduction NN I
of IN O
dependence NN I
on IN O
weapons NNS I
sales NNS I
. . O

Yesterday NN I
a DT B
spokeswoman NN I
said VBD O
the DT I
company NN I
was VBD O
`` `` O
pleased VBN O
with IN O
our PRP$ I
progress NN I
'' '' O
in IN O
that DT I
regard NN I
and CC O
`` `` O
hopes VBZ O
to TO O
provide VB O
additional JJ I
details NNS I
soon RB O
. . O
'' '' O

Honeywell NNP I
said VBD O
its PRP$ I
Defense NNP I
and CC I
Marine NNP I
Systems NNP I
group NN I
incurred VBD O
delays NNS I
in IN O
shipping VBG O
some DT I
undisclosed JJ I
contracts NNS I
during IN O
the DT I
third JJ I
quarter NN I
, , O
resulting VBG O
in IN O
lower JJR I
operating VBG I
profit NN I
for IN O
that DT I
business NN I
. . O

Overall RB O
, , O
Honeywell NNP I
reported VBD O
earnings NNS I
of IN O
$ $ I
74.4 CD I
million CD I
, , O
or CC O
$ $ I
1.73 CD I
a DT B
share NN I
, , O
for IN O
the DT I
three CD I
months NNS I
ended VBD O
Oct. NNP I
1 CD I
compared VBN O
with IN O
a DT I
loss NN I
of IN O
$ $ I
41.4 CD I
million CD I
, , O
or CC O
98 CD I
cents NNS I
a DT B
share NN I
, , O
a DT I
year NN I
earlier RBR O
. . O

The DT I
previous JJ I
period NN I
's POS B
results NNS I
included VBD O
a DT I
$ $ I
108 CD I
million CD I
pretax JJ I
charge NN I
related VBN O
to TO O
unrecoverable JJ I
contract NN I
costs NNS I
and CC O
a DT I
$ $ I
12.3 CD I
million CD I
pretax JJ I
gain NN I
on IN O
real JJ I
estate NN I
sales NNS I
. . O

Sales NNS I
for IN O
the DT I
latest JJS I
quarter NN I
were VBD O
flat JJ O
, , O
at IN O
$ $ I
1.72 CD I
billion CD I
. . O

For IN O
the DT I
nine CD I
months NNS I
, , O
Honeywell NNP I
reported VBD O
earnings NNS I
of IN O
$ $ I
212.1 CD I
million CD I
, , O
or CC O
$ $ I
4.92 CD I
a DT B
share NN I
, , O
compared VBN O
with IN O
earnings NNS I
of IN O
$ $ I
47.9 CD I
million CD I
, , O
or CC O
$ $ I
1.13 CD I
a DT B
share NN I
, , O
a DT I
year NN I
earlier RBR O
. . O

Sales NNS I
declined VBD O
slightly RB O
to TO O
$ $ I
5.17 CD I
billion CD I
. . O

Once RB O
again RB O
, , O
your PRP$ I
editorial NN I
page NN I
misstates VBZ O
the DT I
law NN I
to TO O
conform VB O
to TO O
your PRP$ I
almost RB I
beatific JJ I
misperceptions NNS I
. . O

In IN O
an DT I
excursus NN I
of IN O
little JJ I
relevance NN I
to TO O
his PRP$ I
central JJ I
point NN I
about IN O
private JJ I
enforcement NN I
suits NNS I
by IN O
environmental JJ I
groups NNS I
, , O
Michael NNP I
S. NNP I
Greve NNP I
informs VBZ O
your PRP$ I
readers NNS I
, , O
`` `` O
... : O
the DT I
Clean NNP I
Water NNP I
Act NNP I
is VBZ O
written VBN O
upon IN O
the DT O
presumption NN O
-- : O
the DT I
pretense NN I
, , O
rather RB O
-- : O
that DT O
nothing NN I
but CC O
zero CD I
risk NN I
will MD O
do VB O
; : O
it PRP I
establishes VBZ O
a DT I
legal JJ I
standard NN I
of IN O
zero CD I
discharge NN I
'' '' O
-LRB- ( O
`` `` I
Congress's NNP I
Environmental NNP I
Buccaneers NNS I
, , I
'' '' I
Sept. NNP B
18 CD I
-RRB- ) O
. . O

This DT I
statement NN I
surely RB O
buttresses VBZ O
your PRP$ I
editorial NN I
viewpoint NN I
that IN O
environmental JJ I
protection NN I
is VBZ O
generally RB O
silly JJ O
or CC O
excessive JJ O
, , O
but CC O
it PRP I
is VBZ O
simply RB O
wrong JJ O
. . O

The DT I
Clean NNP I
Water NNP I
Act NNP I
contains VBZ O
no DT I
`` `` I
legal JJ I
standard JJ I
'' '' I
of IN O
zero CD I
discharge NN I
. . O

It PRP I
requires VBZ O
that IN O
`` `` O
discharges NNS I
of IN O
pollutants NNS I
'' '' O
into IN O
the DT I
`` `` I
waters NNS I
of IN O
the DT I
United NNP I
States NNPS I
'' '' O
be VB O
authorized VBN O
by IN O
permits VBZ I
that WDT B
reflect VBP O
the DT I
effluent NN I
limitations NNS I
developed VBN O
under IN O
section NN I
301 CD I
. . O

Whatever WDT I
may MD O
be VB O
the DT I
problems NNS I
with IN O
this DT I
system NN I
, , O
it PRP I
scarcely RB O
reflects VBZ O
`` `` I
zero CD I
risk NN I
'' '' I
or CC O
`` `` I
zero CD I
discharge NN I
. . O
'' '' O

Perhaps RB O
Mr. NNP I
Greve NNP I
was VBD O
confused VBN O
by IN O
Congress NNP I
's POS B
meaningless JJ I
statement NN I
of IN O
`` `` I
the DT I
national JJ I
goal NN I
'' '' I
in IN O
section NN I
101 CD I
, , O
which WDT I
indeed RB O
calls VBZ O
for IN O
the DT I
elimination NN I
of IN O
discharges NNS I
-- : O
by IN O
1985 CD I
, , O
no DT I
less JJR I
. . O

This DT I
fatuous JJ I
statement NN I
was VBD O
not RB O
taken VBN O
seriously RB O
when WRB O
enacted VBN O
in IN O
1972 CD I
, , O
and CC O
should MD O
not RB O
now RB O
be VB O
confused VBN O
with IN O
the DT I
operative JJ I
provisions NNS I
of IN O
the DT I
statute NN I
. . O

Thus RB O
, , O
you PRP I
do VBP O
the DT I
public JJ I
a DT B
great JJ I
disservice NN I
when WRB O
Mr. NNP I
Greve NNP I
suggests VBZ O
, , O
even RB O
facetiously RB O
, , O
that IN O
the DT I
Clean NNP I
Water NNP I
Act NNP I
prohibits VBZ O
the DT I
preparation NN I
of IN O
a DT I
scotch NN I
and CC I
water NN I
; : O
your PRP$ I
tippling JJ I
readers NNS I
may MD O
be VB O
led VBN O
to TO O
believe VB O
that DT O
nothing NN I
but CC O
chance NN I
or CC I
oversight NN I
protects VBZ O
them PRP I
, , O
as IN O
they PRP I
cower VBP O
in IN O
the DT I
night NN I
with IN O
their PRP$ I
scotch NN I
and CC I
waters NNS I
, , O
from IN O
the DT I
hairyknuckled JJ I
knock NN I
of IN O
the DT I
Sierra NNP I
Club NNP I
at IN O
their PRP$ I
doors NNS I
. . O

Robert NNP I
J. NNP I
McManus NNP I

National NNP I
Geographic NNP I
, , O
the DT I
sixth-largest JJ I
U.S. NNP I
magazine NN I
, , O
is VBZ O
attracting VBG O
more JJR I
readers NNS I
than IN O
ever RB O
and CC O
offers VBZ O
the DT I
glossy JJ I
, , I
high-toned JJ I
pages NNS I
that IN B
upscale JJ B
advertisers NNS I
love VBP O
. . O

So RB O
why WRB O
did VBD O
advertising NN I
pages NNS I
plunge VBP O
by IN O
almost RB I
10 CD I
% NN I
and CC O
ad NN I
revenue NN I
by IN O
7.2 CD I
% NN I
in IN O
the DT I
first JJ I
half NN I
? . O

To TO O
hear VB O
advertisers NNS I
tell VB O
it PRP I
, , O
the DT I
magazine NN I
just RB O
has VBZ O
n't RB O
kept VBN O
up IN O
with IN O
the DT I
times NNS I
. . O

Despite IN O
renewed VBN I
interest NN I
by IN O
the DT I
public NN I
in IN O
such JJ I
topics NNS I
as IN O
the DT I
environment NN I
and CC O
the DT I
Third NNP I
World NNP I
, , O
it PRP I
has VBZ O
n't RB O
been VBN O
able JJ O
to TO O
shake VB O
its PRP$ I
reputation NN I
as IN O
a DT I
magazine NN I
boys NNS B
like VB O
to TO O
flip VB O
through IN O
in IN O
search NN I
of IN O
topless JJ I
tribe NN I
women NNS I
. . O

Worse JJR O
, , O
it PRP I
lagged VBD O
behind IN O
competitors NNS I
in IN O
offering VBG O
now-standard JJ I
gimmicks NNS I
, , O
from IN O
regional JJ I
editions NNS I
to TO O
discounts NNS I
for IN O
frequent JJ I
advertisers NNS I
. . O

But CC O
now RB O
, , O
the DT I
magazine NN I
is VBZ O
attempting VBG O
to TO O
fight VB O
back RB O
, , O
with IN O
an DT I
ambitious JJ I
plan NN I
including VBG O
a DT I
revamped VBN I
sales NNS I
strategy NN I
and CC O
a DT I
surprisingly RB I
aggressive JJ I
ad NN I
campaign NN I
. . O

Advertisers NNS I
do VBP O
n't RB O
think VB O
of IN O
the DT I
magazine NN I
first JJ O
, , O
says VBZ O
Joan NNP I
McCraw NNP I
, , O
who WP I
joined VBD O
in IN O
April NNP I
as IN O
national JJ I
advertising NN I
director NN I
. . O

`` `` O
What WP I
we PRP B
want VBP O
to TO O
do VB O
is VBZ O
take VB O
a DT I
more RBR I
aggressive JJ I
stance NN I
. . O

People NNS I
did VBD O
n't RB O
believe VB O
we PRP I
were VBD O
in IN O
tune NN I
with IN O
the DT I
marketplace NN I
, , O
and CC O
in IN O
many JJ I
ways NNS I
we PRP B
were VBD O
n't RB O
. . O
'' '' O

The DT I
101-year-old JJ I
magazine NN I
has VBZ O
never RB O
had VBN O
to TO O
woo VB O
advertisers NNS I
with IN O
quite RB I
so RB I
much JJ I
fervor NN I
before RB O
. . O

It PRP I
largely RB O
rested VBD O
on IN O
its PRP$ I
hard-to-fault JJ I
demographics NNS I
: : O
10.8 CD I
million CD I
subscribers NNS I
in IN O
the DT I
first JJ I
half NN I
, , O
up IN O
from IN O
10.5 CD I
million CD I
a DT B
year NN I
ago RB O
; : O
an DT I
average JJ I
age NN I
of IN O
42 CD I
for IN O
readers NNS I
-- : O
at IN O
the DT I
height NN I
of IN O
their PRP$ I
consuming NN I
years NNS I
; : O
loyalty NN I
to TO O
the DT I
tune NN I
of IN O
an DT I
85 CD I
% NN I
average JJ I
subscription NN I
renewal NN I
rate NN I
. . O

The DT I
magazine NN I
had VBD O
its PRP$ I
best JJS I
year NN I
yet RB O
in IN O
1988 CD I
, , O
when WRB O
it PRP I
celebrated VBD O
its PRP$ I
centennial NN I
and CC O
racked VBN O
up IN O
a DT I
17 CD I
% NN I
gain NN I
in IN O
ad NN I
pages NNS I
, , O
to TO O
283 CD I
. . O

But CC O
this DT I
year NN I
, , O
when WRB O
the DT I
hullabaloo NN I
surrounding VBG O
its PRP$ I
centennial NN I
died VBD O
, , O
so RB O
too RB O
did VBD O
some DT I
advertiser NN I
interest NN I
. . O

The DT I
reason NN I
, , O
ad NN I
executives NNS I
say VBP O
, , O
is VBZ O
that IN O
the DT I
entire JJ I
magazine NN I
business NN I
has VBZ O
been VBN O
soft JJ O
-- : O
and CC O
National NNP I
Geographic NNP I
has VBZ O
some DT I
quirks NNS I
that WDT B
make VBP O
it PRP I
especially RB O
unattractive JJ O
during IN O
a DT I
soft JJ I
market NN I
. . O

Perhaps RB O
the DT I
biggest JJS I
of IN O
those DT I
factors NNS I
is VBZ O
its PRP$ I
high JJ I
ad NN I
prices NNS I
-- : O
$ $ I
130,000 CD I
for IN O
a DT I
four-color JJ I
page NN I
, , O
vs. IN O
$ $ I
47,000 CD I
for IN O
the DT I
Smithsonian NNP I
, , O
a DT I
comparable JJ I
publication NN I
with IN O
a DT I
far RB I
smaller JJR I
circulation NN I
. . O

When WRB O
ad NN I
dollars NNS I
are VBP O
tight JJ O
, , O
the DT I
high JJ I
page NN I
cost NN I
is VBZ O
a DT I
major JJ I
deterrent NN I
for IN O
advertisers NNS I
, , O
who WP I
generally RB O
want VBP O
to TO O
appear VB O
regularly RB O
in IN O
a DT I
publication NN I
or CC O
not RB O
at IN O
all DT O
. . O

Even RB O
though IN O
National NNP I
Geographic NNP I
offers VBZ O
far RB I
more JJR I
readers NNS I
than IN O
does VBZ O
a DT I
magazine NN I
like IN O
Smithsonian NNP I
, , O
`` `` O
the DT I
page NN I
costs NNS O
you PRP I
an DT B
arm NN I
and CC O
a DT I
leg NN I
to TO O
develop VB O
any DT I
frequency NN I
, , O
'' '' O
says VBZ O
Harry NNP I
Glass NNP I
, , O
New NNP I
York NNP I
media NNS I
manager NN I
for IN O
Bozell NNP I
Inc NNP I
. . O

To TO O
combat VB O
that DT I
problem NN I
, , O
National NNP I
Geographic NNP I
, , O
like IN O
other JJ I
magazines NNS I
, , O
began VBD O
offering VBG O
regional JJ I
editions NNS I
allowing VBG O
advertisers NNS I
to TO O
appear VB O
in IN O
only RB I
a DT I
portion NN I
of IN O
its PRP$ I
magazines NNS I
-- : O
for IN O
example NN I
, , O
ads NNS I
can MD O
run VB O
only RB O
in IN O
the DT I
magazines NNS I
sent VBD O
to TO O
subscribers NNS I
in IN O
the DT I
largest JJS I
25 CD I
markets NNS I
. . O

But CC O
the DT I
magazine NN I
was VBD O
slower JJR O
than IN O
its PRP$ I
competitors NNS I
to TO O
come VB O
up IN O
with IN O
its PRP$ I
regional JJ I
editions NNS I
, , O
and CC O
until IN O
last JJ I
year NN I
offered VBN O
fewer JJR I
of IN O
them PRP I
than IN O
did VBD O
competitors NNS I
. . O

Time NN I
magazine NN I
, , O
for IN O
example NN I
, , O
has VBZ O
more JJR I
than IN I
100 CD I
separate JJ I
editions NNS I
going VBG O
to TO O
different JJ I
regions NNS I
, , O
top JJ I
management NN I
, , O
and CC O
other JJ I
groups NNS I
. . O

Another DT I
sticking VBG I
point NN I
for IN O
advertisers NNS I
was VBD O
National NNP I
Geographic NNP I
's POS B
tradition NN I
of IN O
lumping VBG O
its PRP$ I
ads NNS I
together RB O
, , O
usually RB O
at IN O
the DT I
beginning VBG I
or CC I
end NN I
of IN O
the DT I
magazine NN I
, , O
rather RB O
than IN O
spreading VBG O
ads NNS I
out IN O
among IN O
its PRP$ I
articles NNS I
, , O
as IN O
most RBS I
magazines NNS I
do VBP O
. . O

And CC O
National NNP I
Geographic NNP I
's POS B
smaller-than-average JJ I
size NN I
means VBZ O
extra JJ I
production NN I
costs NNS I
for IN O
advertisers NNS I
. . O

But CC O
Ms. NNP I
McCraw NNP I
says VBZ O
the DT I
magazine NN I
is VBZ O
fighting VBG O
back RB O
. . O

It PRP I
now RB O
offers VBZ O
30 CD I
regional JJ I
editions NNS I
, , O
it PRP I
very RB O
recently RB O
began VBD O
running VBG O
ads NNS I
adjacent JJ O
to TO O
articles NNS I
, , O
and CC O
it PRP I
has VBZ O
been VBN O
beefing VBG O
up IN O
its PRP$ I
sales NNS I
force NN I
. . O

And CC O
it PRP I
just RB O
launched VBD O
a DT I
promotional JJ I
campaign NN I
to TO O
tell VB O
chief JJ I
executives NNS I
, , O
marketing NN I
directors NNS I
, , O
and CC O
media NNS I
executives NNS I
just RB B
that DT I
. . O

The DT I
centerpiece NN I
of IN O
the DT I
promotion NN I
is VBZ O
its PRP$ I
new JJ I
ad NN I
campaign NN I
, , O
into IN O
which WDT I
the DT B
magazine NN I
will MD O
pour VB O
about RB I
$ $ I
500,000 CD I
, , O
mostly RB O
in IN O
the DT I
next JJ I
few JJ I
weeks NNS I
. . O

The DT I
campaign NN I
, , O
created VBN O
by IN O
Omnicom NNP I
Group NNP I
's POS B
DDB NNP I
Needham NNP I
agency NN I
, , O
takes VBZ O
advantage NN I
of IN O
the DT I
eye-catching JJ I
photography NN I
that IN B
National NNP B
Geographic NNP I
is VBZ O
known VBN O
for RB O
. . O

In IN O
one CD I
ad NN I
, , O
a DT I
photo NN I
of IN O
the DT I
interior NN I
of IN O
the DT I
Sainte-Chapelle NNP I
in IN O
Paris NNP I
is VBZ O
paired VBN O
with IN O
the DT I
headline NN I
, , O
`` `` O
The DT I
only JJ I
book NN I
more RBR O
respected VBN O
than IN O
ours PRP I
does VBZ O
n't RB O
accept VB O
advertising NN I
. . O
'' '' O

Another DT I
ad NN I
pictures VBZ O
a DT I
tree NN I
ant NN I
, , O
magnified VBN O
80 CD I
times NNS I
, , O
with IN O
the DT I
headline NN I
, , O
`` `` O
For IN O
impact NN I
far RB O
beyond IN O
your PRP$ I
size NN I
consider VB O
our PRP$ I
regional JJ I
editions NNS I
. . O
'' '' O

Ms. NNP I
McCraw NNP I
says VBZ O
she PRP I
wants VBZ O
the DT I
campaign NN I
to TO O
help VB O
attract VB O
advertisers NNS I
in IN O
10 CD I
categories NNS I
, , O
including VBG O
corporate JJ I
, , I
financial JJ I
services NNS I
, , O
consumer NN I
electronics NNS I
, , O
insurance NN I
and CC O
food NN I
. . O

Her PRP$ I
goal NN I
: : O
to TO O
top VB O
300 CD I
ad NN I
pages NNS I
in IN O
1990 CD I
, , O
up IN O
from IN O
about IN I
274 CD I
this DT B
year NN I
. . O

Whether IN O
she PRP I
can MD O
meet VB O
that IN I
ambitious JJ I
goal NN I
is VBZ O
still RB O
far RB O
from IN O
certain JJ O
. . O

`` `` O
The DT I
ad NN I
campaign NN I
is VBZ O
meant VBN O
to TO O
contemporize VB O
the DT I
thought NN I
of IN O
National NNP I
Geographic NNP I
, , O
'' '' O
she PRP I
says VBZ O
. . O

`` `` O
We PRP I
want VBP O
it PRP I
to TO O
be VB O
a DT I
'90s NNS I
kind NN I
of IN O
image NN I
. . O
'' '' O

WCRS NNP I
Plans NNS O
Ad-Unit NN I
Sale NNP I

WCRS NNP I
Group NNP I
hopes VBZ O
to TO O
announce VB O
, , O
perhaps RB I
today NN I
, , O
an DT I
agreement NN I
to TO O
sell VB O
the DT I
majority NN I
of IN O
its PRP$ I
ad NN I
unit NN I
to TO O
Paris-based JJ I
Eurocom NNP I
, , O
a DT I
European JJ I
ad NN I
executive NN I
said VBD O
. . O

WCRS NNP I
has VBZ O
been VBN O
in IN O
discussions NNS I
with IN O
Eurocom NNP I
for IN O
several JJ I
months NNS I
. . O

However RB O
, , O
when WRB O
negotiations NNS I
bogged VBD O
down RB O
recently RB O
, , O
WCRS NNP I
's POS B
chief JJ I
executive NN I
, , O
Peter NNP I
Scott NNP I
, , O
met VBD O
in IN O
Paris NNP I
with IN O
another DT I
French JJ I
firm NN I
, , O
Boulet NNP I
Dru NNP I
Dupuy NNP I
Petit NNP I
, , O
or CC O
BDDP NNP I
. . O

According VBG O
to TO O
the DT I
executive NN I
, , O
BDDP NNP I
's POS B
involvement NN I
prompted VBD O
renewed VBN I
vigor NN I
in IN O
the DT I
WCRS-Eurocom NNP I
talks NNS I
and CC O
the DT I
two CD I
agencies NNS I
were VBD O
hoping VBG O
to TO O
hammer VB O
out RP O
details NNS I
by IN O
today NN I
. . O

Executives NNS I
of IN O
the DT I
two CD I
agencies NNS I
could MD O
n't RB O
be VB O
reached VBN O
last JJ I
night NN I
. . O

Ad NN I
Notes NNS I
... : I
. . I

NEW JJ I
ACCOUNT NN I
: : O
Procter NNP I
& CC I
Gamble NNP I
Co. NNP I
, , O
Cincinnati NNP I
, , O
awarded VBD O
the DT I
ad NN I
accounts NNS I
for IN O
its PRP$ I
line NN I
of IN O
Professional NNP I
Crisco NNP I
vegetable NN I
shortening VBG I
and CC I
oil NN I
products NNS I
to TO O
Northlich NNP I
, , I
Stolley NNP I
, , I
LaWarre NNP I
, , O
Cincinnati NNP I
. . O

Billings NNS I
were VBD O
n't RB O
disclosed VBN O
. . O

Professional NNP I
Crisco NNP I
products NNS I
are VBP O
specially RB O
made VBN O
for IN O
the DT I
foodservice NN I
industry NN I
. . O

WHO WP I
'S VBZ O
NEWS NN I
: : O
Stephen NNP I
Novick NNP I
, , O
49 CD I
, , O
was VBD O
named VBN O
executive JJ I
vice NN I
president NN I
, , O
deputy NN I
creative JJ I
director NN I
at IN O
Grey NNP I
Advertising NNP I
, , O
New NNP I
York NNP I
. . O

He PRP I
was VBD O
executive JJ I
vice NN I
president NN I
, , O
director NN I
of IN O
broadcast NN I
production NN I
. . O

The DT I
Commodity NNP I
Futures NNS I
Trading NNP I
Commission NNP I
plans VBZ O
to TO O
restrict VB O
dual JJ I
trading NN I
on IN O
commodity NN I
exchanges NNS I
, , O
a DT I
move NN I
almost RB O
certain JJ O
to TO O
infuriate VB O
exchange NN I
officials NNS I
and CC O
traders NNS I
. . O

The DT I
CFTC NNP I
said VBD O
it PRP I
will MD O
propose VB O
the DT I
restrictions NNS I
after IN O
the DT I
release NN I
of IN O
a DT I
study NN I
that WDT B
shows VBZ O
little JJ I
economic JJ I
benefit NN I
resulting VBG O
from IN O
dual JJ I
trading NN I
and CC O
cites VBZ O
`` `` I
problems NNS I
'' '' I
associated VBN O
with IN O
the DT I
practice NN I
. . O

Dual JJ I
trading NN I
gives VBZ O
an DT I
exchange NN I
trader NN I
the DT B
right NN I
to TO O
trade VB O
both DT O
for IN O
his PRP$ I
own JJ I
account NN I
and CC O
for IN O
customers NNS I
. . O

The DT I
issue NN I
exploded VBD O
this DT I
year NN I
after IN O
a DT O
Federal NNP O
Bureau NNP O
of IN O
Investigation NNP I
operation NN O
led VBN O
to TO O
charges NNS I
of IN O
widespread JJ I
trading NN I
abuses NNS I
at IN O
the DT I
Chicago NNP I
Board NNP I
of IN O
Trade NNP I
and CC O
Chicago NNP I
Mercantile NNP I
Exchange NNP I
. . O

While IN O
not RB O
specifically RB O
mentioned VBN O
in IN O
the DT I
FBI NNP I
charges NNS I
, , O
dual JJ I
trading NN I
became VBD O
a DT I
focus NN I
of IN O
attempts NNS I
to TO O
tighten VB O
industry NN I
regulations NNS I
. . O

Critics NNS I
contend VBP O
that IN O
traders NNS I
were VBD O
putting VBG O
buying VBG I
or CC I
selling VBG I
for IN O
their PRP$ I
own JJ I
accounts NNS I
ahead RB O
of IN O
other JJ I
traders NNS I
' POS B
customer NN I
orders NNS I
. . O

Traders NNS I
are VBP O
likely JJ O
to TO O
oppose VB O
such JJ I
restrictions NNS I
because IN O
dual JJ I
trading NN I
provides VBZ O
a DT I
way NN I
to TO O
make VB O
money NN I
in IN O
slower JJR I
markets NNS I
where WRB O
there EX I
is VBZ O
a DT I
shortage NN I
of IN O
customer NN I
orders NNS I
. . O

The DT I
exchanges NNS I
contend VBP O
that IN O
dual JJ I
trading NN I
improves VBZ O
liquidity NN I
in IN O
the DT I
markets NNS I
because IN O
traders NNS I
can MD O
buy VB O
or CC O
sell VB O
even RB O
when WRB O
they PRP I
do VBP O
n't RB O
have VB O
a DT I
customer NN I
order NN I
in IN O
hand NN I
. . O

The DT I
exchanges NNS I
say VBP O
liquidity NN I
becomes VBZ O
a DT I
severe JJ I
problem NN I
for IN O
thinly RB I
traded VBN I
contracts NNS I
such JJ O
as IN O
those DT I
with IN O
a DT I
long JJ I
time NN I
remaining VBG O
before IN O
expiration NN I
. . O

The DT I
CFTC NNP I
may MD O
take VB O
those DT I
arguments NNS I
into IN O
account NN I
by IN O
allowing VBG O
exceptions NNS I
to TO O
its PRP$ I
restrictions NNS I
. . O

The DT I
agency NN I
did VBD O
n't RB O
cite VB O
specific JJ I
situations NNS I
where WRB O
dual JJ I
trading NN I
might MD O
be VB O
allowed VBN O
, , O
but CC O
smaller JJR I
exchanges NNS I
or CC I
contracts VBZ I
that DT B
need NN O
additional JJ I
liquidity NN I
are VBP O
expected VBN O
to TO O
be VB O
among IN O
them PRP I
. . O

Wendy NNP I
Gramm NNP I
, , O
the DT I
agency NN I
's POS B
chairman NN I
, , O
told VBD O
the DT I
Senate NNP I
Agriculture NNP I
Committee NNP I
that IN O
she PRP I
expects VBZ O
the DT I
study NN I
to TO O
be VB O
released VBN O
within IN O
two CD I
weeks NNS I
and CC O
the DT I
rule NN I
changes NNS I
to TO O
be VB O
completed VBN O
by IN O
Thanksgiving NNP I
. . O

The DT I
study NN I
, , O
by IN O
the DT I
CFTC NNP I
's POS B
division NN I
of IN O
economic JJ I
analysis NN I
, , O
shows VBZ O
that IN O
`` `` O
a DT I
trade NN I
is VBZ O
a DT I
trade NN I
, , O
'' '' O
a DT I
member NN I
of IN O
the DT I
study NN I
team NN I
said VBD O
. . O

Whether IN O
a DT I
trade NN I
is VBZ O
done VBN O
on IN O
a DT I
dual JJ I
or CC I
non-dual JJ I
basis NN I
, , O
the DT I
member NN I
said VBD O
, , O
`` `` O
does VBZ O
n't RB O
seem VB O
to TO O
have VB O
much JJ I
economic JJ I
impact NN I
. . O
'' '' O

Currently RB O
, , O
most RBS I
traders NNS I
on IN O
commodity NN I
exchanges NNS I
specialize VBP O
in IN O
trading VBG I
either DT O
for JJ O
customer NN I
accounts NNS I
, , O
which WDT I
makes VBZ O
them PRP I
brokers NNS B
, , O
or CC O
for IN O
their PRP$ I
own JJ I
accounts NNS I
as IN O
socalled JJ I
locals NNS I
. . O

`` `` O
The DT I
tests NNS I
indicate VBP O
that IN O
dual JJ I
and CC I
non-dual JJ I
traders NNS I
are VBP O
similar JJ O
in IN O
terms NNS I
of IN O
the DT I
trade NN I
executions NNS I
and CC O
liquidity NN I
they PRP B
provide VBP O
to TO O
the DT I
market NN I
, , O
'' '' O
Mrs. NNP I
Gramm NNP I
told VBD O
the DT I
Senate NNP I
panel NN I
. . O

Members NNS I
of IN O
Congress NNP I
have VBP O
proposed VBN O
restricting VBG O
dual JJ I
trading NN I
in IN O
bills NNS I
to TO O
reauthorize VB O
CFTC NNP I
operations NNS I
. . O

The DT I
House NNP I
's POS B
bill NN I
would MD O
prohibit VB O
dual JJ I
trading NN I
in IN O
markets NNS I
with IN O
daily JJ I
average JJ I
volume NN I
of IN O
7,000 CD I
contracts NNS I
or CC I
more JJR I
, , O
comprising VBG O
those DT I
considered VBN O
too RB O
difficult JJ O
to TO O
track VB O
without IN O
a DT I
sophisticated JJ I
computer NN I
system NN I
. . O

The DT I
Senate NNP I
bill NN I
would MD O
force VB O
the DT I
CFTC NNP I
to TO O
suspend VB O
dual JJ I
trading NN I
if IN O
an DT I
exchange NN I
ca MD O
n't RB O
show VB O
that IN O
its PRP$ I
oversight NN I
system NN I
can MD O
detect VB O
dual-trading NN I
abuses NNS I
. . O

So RB O
far RB O
, , O
one CD I
test NN I
of IN O
restricting VBG O
dual JJ I
trading NN I
has VBZ O
worked VBN O
well RB O
. . O

The DT I
Chicago NNP I
Merc NNP I
banned VBD O
dual JJ I
trading NN I
in IN O
its PRP$ I
Standard NNP I
& CC I
Poor NNP I
's POS B
500-stock JJ I
index NN I
futures NNS I
pit VBP I
in IN O
1987 CD I
. . O

Under IN O
the DT I
rules NNS I
, , O
traders NNS I
decide VBP O
before IN O
a DT I
session NN I
begins VBZ O
whether IN O
they PRP I
will MD O
trade VB O
for IN O
their PRP$ I
own JJ I
account NN I
or CC O
for IN O
customers NNS I
. . O

Traders NNS I
who WP B
stand VBP O
on IN O
the DT I
pit NN I
's POS B
top JJ I
step NN I
, , O
where WRB O
most RBS I
customer NN I
orders NNS I
are VBP O
executed VBN O
, , O
ca MD O
n't RB O
trade VB O
for IN O
themselves PRP I
. . O

A DT I
Merc NNP I
spokesman NN I
said VBD O
the DT I
plan NN I
has VBZ O
n't RB O
made VBN O
much JJ I
difference NN I
in IN O
liquidity NN I
in IN O
the DT I
pit NN I
. . O

`` `` O
It PRP I
's VBZ O
too RB O
soon RB O
to TO O
tell VB O
... : O
but CC O
people NNS I
do VBP O
n't RB O
seem VB O
to TO O
be VB O
unhappy JJ O
with IN O
it PRP I
, , O
'' '' O
he PRP I
said VBD O
. . O

He PRP I
said VBD O
he PRP I
would MD O
n't RB O
comment VB O
on IN O
the DT I
CFTC NNP I
plan NN I
until IN O
the DT I
exchange NN I
has VBZ O
seen VBN O
the DT I
full JJ I
proposal NN I
. . O

But CC O
at IN O
a DT I
meeting NN I
last JJ B
week NN I
, , O
Tom NNP I
Donovan NNP I
, , O
the DT I
Board NNP I
of IN O
Trade NNP I
's POS B
president NN I
, , O
told VBD O
commodity NN I
lawyers NNS I
: : O
`` `` O
Dual JJ I
trading NN I
is VBZ O
definitely RB O
worth JJ O
saving NN O
. . O

It PRP I
adds VBZ O
something NN I
to TO O
the DT I
market NN I
. . O

Japanese JJ I
Firms NNS I
Push VBP O
Posh JJ I
Car NNP I
Showrooms NNS I

JAPANESE JJ I
luxury-car NN I
makers NNS I
are VBP O
trying VBG O
to TO O
set VB O
strict JJ I
design NN I
standards NNS I
for IN O
their PRP$ I
dealerships NNS I
. . O

But CC O
some DT I
dealers NNS I
are VBP O
negotiating VBG O
looser JJR I
terms NNS I
, , O
while IN O
others NNS I
decline VBP O
to TO O
deal VB O
at IN O
all DT O
. . O

Nissan NNP I
Motor NNP I
Co. NNP I
's POS B
Infiniti NNP I
division NN I
likes VBZ O
to TO O
insist VB O
that IN O
every DT I
dealer NN I
construct VB O
and CC O
furnish VB O
a DT I
building NN I
in IN O
a DT I
Japanese JJ I
style NN I
. . O

Specifications NNS I
include VBP O
a DT I
polished VBN I
bronze NN I
sculpture NN I
at IN O
the DT I
center NN I
of IN O
each DT I
showroom NN I
and CC O
a DT I
tile NN I
bridge NN I
spanning VBG O
a DT I
stream NN I
that IN B
flows NNS O
into IN O
the DT I
building NN I
from IN O
outside RB I
. . O

`` `` O
Infiniti NNP I
has VBZ O
it PRP I
down RB O
to TO O
the DT I
ashtrays NNS I
, , O
'' '' O
says VBZ O
Jay NNP I
Ferron NNP I
, , O
a DT I
partner NN I
at IN O
J.D. NNP I
Power NNP I
& CC I
Associates NNPS I
, , O
an DT I
auto NN I
research NN I
firm NN I
. . O

Toyota NNP I
Motor NNP I
Corp. NNP I
's POS B
Lexus NNP I
division NN I
also RB O
provides VBZ O
specifications NNS I
. . O

But CC O
only JJ I
two-thirds NNS I
of IN O
Lexus NNP I
dealers NNS I
are VBP O
constructing VBG O
new JJ I
buildings NNS I
according VBG O
to TO O
the DT I
Lexus NNP I
specs NNS I
. . O

Some DT I
are VBP O
even RB O
coming VBG O
up IN O
with IN O
their PRP$ I
own JJ I
novel NN I
designs NNS I
. . O

In IN O
Louisville NNP I
, , O
Ky. NNP I
, , O
for IN O
example NN I
, , O
David NNP I
Peterson NNP I
has VBZ O
built VBN O
a DT I
Lexus NNP I
dealership NN I
with IN O
the DT I
showroom NN I
on IN O
the DT I
second JJ I
floor NN I
. . O

Yet RB O
some DT I
dealers NNS I
have VBP O
turned VBN O
down RB O
Infiniti NNP I
or CC I
Lexus NNP I
franchises NNS I
because IN O
they PRP I
were VBD O
unwilling JJ O
or CC O
unable JJ O
to TO O
meet VB O
the DT I
design NN I
requirements NNS I
. . O

Lee NNP I
Seidman NNP I
of IN O
Cleveland NNP I
says VBZ O
Infiniti NNP I
`` `` O
was VBD O
a DT I
bear NN I
on IN O
interiors NNS I
'' '' O
but CC O
at IN O
least JJS O
let NN O
him PRP I
retrofit VB O
an DT I
existing VBG I
building NN I
-- : O
without IN O
the DT I
stream NN I
. . O

Mr. NNP I
Seidman NNP I
says VBZ O
he PRP I
turned VBD O
down RP O
a DT I
Lexus NNP I
franchise NN I
in IN O
part NN I
because IN O
`` `` O
the DT I
building NN I
was VBD O
gorgeous JJ O
but CC O
very RB O
expensive JJ O
. . O
'' '' O

To TO O
head VB O
off IN O
arguments NNS I
, , O
Infiniti NNP I
offers VBZ O
dealers NNS I
cash NN B
bonuses NNS I
and CC O
low-interest JJ I
construction NN I
loans NNS I
. . O

Dictation NN I
Device NN I
's POS B
Saga NNP I
Plays NNP O
Back NNP O
a DT I
Lesson NN I

PRODUCTS NNP I
DON'T NNP O
have VBP O
to TO O
be VB O
first JJ O
to TO O
be VB O
winners NNS I
. . O

That DT I
's VBZ O
the DT I
lesson NN I
offered VBN O
through IN O
one CD I
case NN I
study NN I
featured VBN O
in IN O
a DT I
design NN I
exhibit NN I
. . O

Dictaphone NNP I
Corp. NNP I
was VBD O
caught VBN O
off IN O
guard NN I
in IN O
1974 CD I
when WRB O
its PRP$ I
main JJ I
competitor NN I
, , O
Lanier NNP I
Office NNP I
Products NNPS I
of IN O
Japan NNP I
, , O
introduced VBD O
a DT I
microcassette NN I
dictation NN I
recorder NN I
half PDT B
the DT I
size NN I
of IN O
standard JJ I
cassette NN I
devices NNS I
. . O

Blocked VBN O
by IN O
patent NN I
protection NN I
from IN O
following VBG O
suit NN O
, , O
Dictaphone NNP I
decided VBD O
to TO O
go VB O
a DT I
step NN I
further JJ O
and CC O
cut VB O
the DT I
cassette NN I
in IN O
half NN I
again RB O
-- : O
down RB O
to TO O
the DT I
length NN I
of IN O
a DT I
paperclip NN I
. . O

By IN O
1979 CD I
, , O
designers NNS I
and CC I
engineers NNS I
at IN O
Dictaphone NNP I
, , O
a DT I
Pitney NNP I
Bowes NNP I
subsidiary NN I
, , O
had VBD O
produced VBN O
a DT I
working VBG I
model NN I
of IN O
a DT I
`` `` I
picocassette NN I
'' '' I
recorder NN I
. . O

By IN O
1982 CD I
, , O
however RB O
, , O
the DT I
patent NN I
status NN I
of IN O
the DT I
Lanier NNP I
microcassette NN I
had VBD O
changed VBN O
, , O
permitting VBG O
Dictaphone NNP I
to TO O
develop VB O
its PRP$ I
own JJ I
competitive JJ I
micro JJ I
system NN I
, , O
which WDT I
it PRP B
did VBD O
. . O

Marketing NNP I
and CC I
sales NNS I
departments NNS I
then RB O
urged VBD O
abandonment NN I
of IN O
the DT I
pico NN I
project NN I
. . O

But CC O
others NNS I
said VBD O
pico NN I
should MD O
proceed VB O
. . O

Both DT I
were VBD O
right NN O
. . O

Dictaphone NNP I
went VBD O
ahead RB O
and CC O
introduced VBD O
the DT I
pico NN I
in IN O
1985 CD I
, , O
but CC O
it PRP I
has VBZ O
n't RB O
sold VBN O
well RB O
. . O

To TO O
date VB I
, , O
says VBZ O
Emil NNP I
Jachmann NNP I
, , O
a DT I
Dictaphone NNP I
vice NN I
president NN I
, , O
it PRP I
has VBZ O
`` `` O
broken VBN O
even RB O
or CC O
shown VBD O
a DT I
small JJ I
loss NN I
. . O
'' '' O

Nevertheless RB O
, , O
the DT I
device NN I
has VBZ O
been VBN O
successful JJ O
in IN O
other JJ I
ways NNS I
. . O

It PRP I
helped VBD O
Dictaphone NNP I
attract VB O
better JJR I
engineers NNS I
, , O
and CC O
it PRP I
provided VBD O
new JJ I
technology NN I
for IN O
other JJ I
company NN I
products NNS I
. . O

The DT I
picocassette NN I
recorder NN I
also RB O
helped VBD O
transform VB O
the DT I
company NN I
's POS B
reputation NN I
from IN O
follower NN I
to TO O
leading-edge JJ I
innovator NN I
. . O

`` `` O
It PRP I
gave VBD O
me PRP I
great JJ B
pride NN I
to TO O
see VB O
the DT I
inventor NN I
of IN O
the DT I
microcassette NN I
in IN O
Japan NNP I
look NN O
at IN O
the DT I
pico NN I
and CC O
shake VB O
his PRP$ I
head NN I
and CC O
say VBP O
` `` O
unbelievable JJ O
, , O
' '' O
'' '' O
says VBZ O
Mr. NNP I
Jachmann NNP I
. . O

Dictaphone NNP I
's POS B
picocassette NN I
recorder NN I
is VBZ O
one CD I
of IN O
13 CD I
case NN I
studies NNS I
in IN O
the DT I
TRIAD NNP I
Design NNP I
Project NNP I
, , O
sponsored VBN O
by IN O
the DT I
Design NNP I
Management NNP I
Institute NNP I
of IN O
Boston NNP I
and CC O
Harvard NNP I
Business NNP I
School NNP I
. . O

The DT I
studies NNS I
are VBP O
on IN O
exhibit NN I
at IN O
Harvard NNP I
this DT B
month NN I
and CC O
will MD O
travel VB O
to TO O
Chicago NNP I
's POS B
Institute NNP I
of IN O
Design NNP I
and CC O
the DT I
University NNP I
of IN O
California NNP I
at IN O
Berkeley NNP I
. . O

A DT I
Rake NN I
's POS B
Progress NNP I
Means NNP O
Branching NNP O
Out IN O

ONE CD I
DAY NNP I
Carl NNP B
Barrett NNP I
of IN O
Mobile NNP I
, , O
Ala. NNP I
, , O
was VBD O
raking VBG O
some DT I
sycamore NN I
leaves VBZ I
, , O
but CC O
the DT I
rake NN I
kept VBD O
riding VBG O
up IN O
over IN O
the DT I
piles NNS I
. . O

The DT O
harder JJR O
he PRP I
tried VBD O
to TO O
push VB O
them PRP I
into IN O
large JJ I
piles NNS I
, , O
the DT O
closer JJR O
he PRP I
came VBD O
to TO O
breaking VBG O
the DT I
rake NN I
and CC O
straining VBG O
his PRP$ I
back RB I
. . O

So RB O
Mr. NNP I
Barrett NNP I
, , O
then JJ O
vice NN I
president NN I
of IN O
the DT I
Alabama NNP I
Steamship NNP I
Association NNP I
, , O
took VBD O
a DT I
steel-toothed JJ I
garden NN I
rake NN I
and CC O
taped VBN O
it PRP I
to TO O
the DT I
underside NN I
of IN O
a DT I
leaf NN I
rake NN I
about IN B
nine CD I
inches NNS I
up RB O
. . O

His PRP$ I
crude NN I
device NN I
worked VBD O
: : O
The DT I
lower JJR I
teeth NNS I
gathered VBD O
the DT I
leaves NNS I
into IN O
a DT I
pile NN I
, , O
while IN O
the DT I
higher JJR I
, , I
harder JJR I
teeth NNS I
moved VBD O
the DT I
top NN I
of IN O
the DT I
pile NN I
. . O

Now RB O
incorporated VBN O
into IN O
a DT I
polypropylene NN I
rake NN I
, , O
the DT I
four-inch JJ I
prongs NNS I
, , O
or CC O
`` `` I
wonderbars NNS I
, , O
'' '' O
also RB O
are VBP O
supposed VBN O
to TO O
aid VB O
in IN O
picking VBG O
up IN O
leaves VBZ I
. . O

One CD I
customer NN I
, , O
Donald NNP I
Blaggs NNP I
of IN O
Mobile NNP I
, , O
says VBZ O
the DT I
Barrett NNP I
Rake NN I
allowed VBD O
him PRP I
to TO O
do VB O
his PRP$ I
lawn NN I
in IN O
2 CD I
1\/2 CD I
hours NNS I
, , O
two CD I
hours NNS I
less JJR O
than IN O
usual JJ O
. . O

But CC O
other JJ I
rake NN I
makers NNS I
have VBP O
their PRP$ I
doubts NNS I
. . O

Richard NNP I
Mason NNP I
, , O
president NN I
of IN O
Ames NNP I
Co. NNP I
in IN O
Parkersburg NNP I
, , O
W. NNP I
Va. NNP I
, , O
says VBZ O
the DT I
Barrett NNP I
rake NN I
`` `` O
makes VBZ O
sense NN I
, , O
'' '' O
but CC O
it PRP I
would MD O
be VB O
`` `` O
tough JJ O
'' '' O
to TO O
explain VB O
to TO O
consumers NNS I
. . O

John NNP I
Stoner NNP I
, , O
marketing NN I
director NN I
for IN O
True JJ I
Temper NNP I
Corp. NNP I
, , O
a DT I
subsidiary NN I
of IN O
Black NNP I
& CC I
Decker NNP I
, , O
says VBZ O
people NNS I
do VBP O
n't RB O
want VB O
to TO O
move VB O
a DT I
leaf NN I
pile NN I
. . O

`` `` O
They PRP I
either DT O
pick NN O
it PRP I
up IN O
, , O
'' '' O
he PRP I
says VBZ O
, , O
`` `` O
or CC O
they PRP I
start VBP O
pulling VBG O
from IN O
a DT I
fresh JJ I
direction NN I
. . O
'' '' O

Odds NNS I
and CC I
Ends NNS I

NO DT I
MORE RBR I
STUBBED VBN I
toes NNS I
or CC I
bruised VBN I
shins NNS I
, , O
promises VBZ O
Geste NNP I
Corp. NNP I
of IN O
Goshen NNP I
, , O
Ind. NNP I
, , O
the DT I
designer NN I
of IN O
a DT I
bed NN I
support NN I
to TO O
replace VB O
traditional JJ I
frames NNS I
. . O

Four CD I
tubular JJ I
steel NN I
`` `` I
Bedfellows NNS I
, , O
'' '' O
each DT I
roughly RB O
in IN O
the DT I
shape NN I
of IN O
a DT I
`` `` I
W NNP I
, , O
'' '' O
are VBP O
attached VBN O
to TO O
the DT I
bottom NN I
of IN O
the DT I
box NN I
spring NN I
in IN O
a DT I
recessed VBN I
position NN I
... : O
. . O

Nearly RB I
half NN I
of IN O
U.S. NNP I
consumers NNS I
say VBP O
they PRP I
'll MD O
pay VB O
up VB I
to TO I
5 VB I
% NN I
more JJR I
for IN O
packaging NN I
that WDT B
can MD O
be VB O
recycled VBN O
or CC O
is VBZ O
biodegradable JJ O
, , O
according VBG O
to TO O
a DT I
survey NN I
commissioned VBN O
by IN O
the DT I
Michael NNP I
Peters NNP I
Group NNP I
, , O
a DT I
design NN I
consultant NN I
. . O

The DT I
Pentagon NNP I
is VBZ O
a DT I
haunted VBN I
house NN I
. . O

Living NNP O
there RB O
for IN O
six CD I
years NNS I
was VBD O
really RB O
scary JJ O
. . O

The DT I
ghosts NNS I
of IN O
the DT I
past JJ I
are VBP O
everywhere RB O
: : O
They PRP I
are VBP O
kept VBN O
at IN O
bay NN I
only RB O
by IN O
feeding VBG O
them PRP I
vast JJ B
quantities NNS I
of IN O
our PRP$ I
defense NN I
budget NN I
. . O

Some DT I
can MD O
be VB O
bought VBN O
off IN O
relatively RB O
cheaply RB O
. . O

During IN O
the DT I
Korean NNP I
War NNP I
, , O
Gen. NNP I
Douglas NNP I
MacArthur NNP I
demanded VBD O
and CC O
got VBD O
, , O
in IN O
addition NN I
to TO O
his PRP$ I
U.N. NNP I
command NN I
in IN O
Korea NNP I
, , O
his PRP$ I
own JJ I
naval JJ I
command NN I
in IN O
Japan NNP I
, , O
NavforJapan NNP I
. . O

Those DT I
obsolete JJ I
operations NNS I
cost VBP O
less JJR I
than IN I
$ $ I
2 CD I
billion CD I
a DT B
year NN I
, , O
and CC O
keep VB O
Mac NNP I
's POS B
ghost NN I
quiet JJ O
. . O

That DT I
's VBZ O
about IN I
all DT I
it PRP B
costs VBZ O
to TO O
appease VB O
Adm. NNP I
Erich NNP I
Raeder NNP I
's POS B
ghost NN I
. . O

In IN O
1941 CD I
, , O
Raeder NNP I
and CC O
the DT I
German JJ I
navy NN I
threatened VBN O
to TO O
attack VB O
the DT I
Panama NNP I
Canal NNP I
, , O
so IN O
we PRP I
created VBD O
the DT I
Southern NNP I
Command NNP I
in IN O
Panama NNP I
. . O

The DT I
Southern NNP I
Command NNP I
has VBZ O
grown VBN O
even RB O
bigger JJR O
since IN O
the DT I
war NN I
because IN O
Raeder NNP I
's POS B
ghost NN I
sometimes RB O
runs VBZ O
through IN O
the DT I
E NN I
ring NN I
dressed VBN O
like IN O
Gen. NNP I
Noriega NNP I
. . O

The DT I
Command NNP I
's POS B
huge JJ I
bureaucracy NN I
is VBZ O
needed VBN O
to TO O
analyze VB O
whether IN O
leaders NNS I
of IN O
coups NNS I
against IN O
Gen. NNP I
Noriega NNP I
meet VB O
the DT I
War NNP I
Powers NNP I
Act NNP I
's POS B
six CD I
points NNS I
, , O
Cap NNP I
Weinberger NNP I
's POS B
seven CD I
points NNS I
, , O
the DT I
Intelligence NNP I
Committee NNP I
's POS B
32 CD I
points NNS I
and CC O
Woodrow NNP I
Wilson NNP I
's POS B
14 CD I
points NNS I
necessary JJ O
to TO O
justify VB O
U.S. NNP I
support NN I
. . O

So RB O
far RB O
no DT I
one CD I
has VBZ O
. . O

The DT I
ghost NN I
of IN O
the DT I
Soviet JJ I
brigade NN I
discovered VBN O
in IN O
Cuba NNP I
back RB O
in IN O
the DT I
'70s NNS I
costs NNS O
just RB I
a DT I
few JJ I
hundred CD I
million CD I
: : O
the DT I
price NN I
of IN O
the DT I
Caribbean NNP I
Command NNP I
in IN O
Key NNP I
West NNP I
that IN B
President NNP B
Carter NNP I
created VBD O
in IN O
1980 CD I
. . O

The DT I
brigade NN I
has VBZ O
n't RB O
been VBN O
heard VBN O
from IN O
since IN O
, , O
but CC O
we PRP I
keep VBP O
the DT I
staff NN I
around IN O
just RB O
in IN O
case NN O
. . O

George NNP I
Marshall NNP I
's POS B
ghost NN I
is VBZ O
much RB O
more RBR O
difficult JJ O
to TO O
keep VB O
happy JJ O
. . O

We PRP I
keep VBP O
a DT I
lot NN I
of IN O
shrines NNS I
to TO O
him PRP I
around IN O
the DT I
Pentagon NNP I
: : O
statues NNS I
, , O
busts NNS I
, , O
relics NNS I
and CC O
such JJ O
. . O

The DT I
Army NNP I
headquarters NN I
on IN O
the DT I
third JJ I
deck NN I
of IN O
the DT I
Pentagon NNP I
used VBD O
to TO O
burn VB O
a DT I
lot NN I
of IN O
incense NN I
to TO O
him PRP I
, , O
but CC O
the DT I
Navy NNP I
headquarters NN I
on IN O
the DT I
fourth JJ I
deck NN I
made VBD O
them PRP I
stop VBP O
it PRP I
. . O

You PRP I
see VBP O
, , O
Marshall NNP I
had VBD O
this DT I
thing NN I
about IN O
the DT I
Navy NNP I
and CC O
the DT I
Marines NNPS I
-- : O
he PRP I
wanted VBD O
to TO O
make VB O
them PRP I
part NN B
of IN O
the DT I
Army NNP I
but CC O
Secretary NNP O
of IN O
the DT I
Navy NNP I
James NNP O
Forrestal NNP O
blocked VBD O
him PRP I
. . O

Now RB O
his PRP$ I
ghost NN I
wo MD O
n't RB O
let VB O
up IN O
till IN O
it PRP I
's VBZ O
done VBN O
. . O

To TO O
keep VB O
him PRP I
quiet JJ O
we PRP I
invent VBP O
a DT I
new JJ I
unified JJ I
command NN I
every DT B
year NN I
or CC O
so RB O
run VB O
by IN O
the DT I
Army NNP I
or CC O
the DT I
Air NNP I
Force NNP I
and CC O
put VB O
more JJR I
of IN O
the DT I
Navy NNP I
and CC I
Marines NNPS I
under IN O
it PRP I
. . O

But CC O
we PRP I
still RB O
hear VBP O
him PRP I
moaning VBG O
at IN O
night NN I
because IN O
the DT I
Navy NNP I
has VBZ O
a DT I
few JJ I
ships NNS I
left VBN O
, , O
and CC O
to TO O
satisfy VB O
him PRP I
the DT B
Navy NNP I
's POS B
sea NN I
lift NN I
forces NNS I
were VBD O
given VBN O
to TO O
a DT I
new JJ I
Air NNP I
Force NNP I
bureaucracy NN I
in IN O
Illinois NNP I
, , O
its PRP$ I
space NN I
operations NNS I
to TO O
another DT I
command NN I
in IN O
Colorado NNP I
, , O
the DT I
frogmen NNS I
to TO O
a DT I
new JJ I
Army NNP I
bureaucracy NN I
in IN O
Fort NNP I
Bragg NNP I
, , O
and CC O
the DT I
Navy NNP I
's POS B
Indian NNP I
Ocean NNP I
and CC I
Persian NNP I
Gulf NNP I
forces NNS I
to TO O
an DT I
Army NNP I
bureaucracy NN I
in IN O
Florida NNP I
. . O

Which WDT I
brings VBZ O
up IN O
the DT I
worst JJS I
and CC I
meanest JJS I
ghost NN I
of IN O
all DT I
-- : O
the DT I
ghost NN I
of IN O
the DT I
shah NN I
of IN O
Iran NNP I
. . O

When WRB O
the DT I
shah NN I
died VBD O
, , O
President NNP I
Carter NNP I
was VBD O
so RB O
scared VBN O
that IN O
the DT I
shah NN I
's POS B
ghost NN I
would MD O
blame VB O
him PRP I
for IN O
shoving VBG O
him PRP I
out IN O
to TO O
make VB O
way NN I
for IN O
the DT I
ayatollah NN I
that IN O
he PRP I
declared VBD O
the DT I
Carter NNP I
Doctrine NNP I
. . O

Mr. NNP I
Carter NNP I
said VBD O
he PRP I
would MD O
go VB O
to TO O
war VB I
to TO O
stop VB O
anyone NN I
from IN O
trying VBG O
to TO O
grab VB O
Iran NNP I
. . O

But CC O
that DT I
ghost NN I
would MD O
n't RB O
settle VB O
for IN O
words NNS I
, , O
he PRP I
wanted VBD O
money NN I
and CC I
people NNS I
-- : O
lots NNS O
. . O

So RB O
Mr. NNP I
Carter NNP I
formed VBD O
three CD I
new JJ I
Army NNP I
divisions NNS I
and CC O
gave VBD O
them PRP I
to TO O
a DT I
new JJ I
bureaucracy NN I
in IN O
Tampa NNP I
called VBD O
the DT I
Rapid NNP I
Deployment NNP I
Force NNP I
. . O

But CC O
that DT I
ghost NN I
was VBD O
n't RB O
fooled VBN O
; : O
he PRP I
knew VBD O
the DT I
RDF NNP I
was VBD O
neither DT O
rapid JJ O
nor CC O
deployable JJ O
nor CC O
a DT I
force NN I
-- : O
even RB O
though IN O
it PRP I
cost VBP O
$ $ I
8 CD I
billion CD I
or CC O
$ $ I
10 CD I
billion CD I
a DT B
year NN I
. . O

After IN O
Mr. NNP I
Carter NNP I
was VBD O
defeated VBN O
in IN O
1980 CD I
, , O
the DT I
shah NN I
's POS B
ghost NN I
claimed VBD O
the DT I
credit NN I
and CC O
then RB O
went VBD O
after IN O
President NNP I
Reagan NNP I
and CC O
Cap NNP I
Weinberger NNP I
. . O

I PRP I
saw VBD O
what WP I
he PRP B
did VBD O
to TO O
them PRP I
firsthand RB O
. . O

It PRP I
made VBD O
my PRP$ I
shoelaces NNS I
dance VBP O
with IN O
terror NN I
. . O

Why WRB O
, , O
he PRP I
used VBD O
to TO O
lay VB O
in IN O
wait NN I
for IN O
Cap NNP I
; : O
suddenly RB O
he PRP I
'd MD O
leap VB O
from IN O
behind IN O
some DT I
statue NN I
of IN O
Marshall NNP I
onto IN O
Cap NNP I
's POS B
chest NN I
and CC O
grab VB O
him PRP I
by IN O
the DT I
throat NN I
and CC O
choke VB O
him PRP I
till IN O
he PRP I
coughed VBD O
up IN O
an DT I
additional JJ I
$ $ I
2 CD I
billion CD I
or CC O
so RB O
. . O

Cap NNP I
added VBD O
four CD I
more JJR I
divisions NNS I
to TO O
the DT I
Army NNP I
, , O
two CD I
active JJ O
and CC O
two CD I
reserve NN O
; : O
two CD I
carrier NN I
groups NNS I
to TO O
the DT I
Navy NNP I
; : O
a DT I
division NN I
-- : I
equivalent NN I
to TO O
the DT I
Marines NNPS I
; : O
and CC O
the DT I
C-5B NN I
, , I
KC-10 NNP I
, , I
C-17 NNP I
and CC O
a DT I
thousand CD I
tactical JJ I
aircraft NN I
to TO O
the DT I
Air NNP I
Force NNP I
. . O

He PRP I
bought VBD O
$ $ I
4 CD I
billion CD I
in IN O
prepositioning JJ I
ships NNS I
and CC O
$ $ I
7 CD I
billion CD I
in IN O
ammo NN I
and CC I
equipment NN I
to TO O
fill VB O
them PRP I
, , O
and CC O
parked VBD O
them PRP I
at IN O
a DT I
new JJ I
$ $ I
6 CD I
billion CD I
base NN I
at IN O
Diego NNP I
Garcia NNP I
in IN O
the DT I
middle NN I
of IN O
the DT I
Indian NNP I
Ocean NNP I
. . O

He PRP I
dedicated VBD O
all PDT I
these DT I
new JJ I
forces NNS I
to TO O
the DT I
Persian NNP I
Gulf NNP I
. . O

One CD I
night NN I
both DT O
Marshall NNP I
's POS B
ghost NN I
and CC O
the DT I
shah NN I
's POS B
ghost NN I
together RB O
caught VBD O
Cap NNP I
and CC O
threw VBD O
him PRP I
to TO O
the DT I
ground NN I
. . O

Before IN O
they PRP I
let VBP O
him PRP I
go VBP O
he PRP I
added VBD O
a DT I
thousand CD I
bureaucrats NNS I
to TO O
the DT I
RDF NNP I
in IN O
Tampa NNP I
and CC O
renamed VBN O
it PRP I
Central NNP B
Command NNP I
. . O

He PRP I
gave VBD O
those DT I
bureaucrats NNS I
charge VBP B
of IN O
all DT I
naval JJ I
operations NNS I
in IN O
the DT I
Persian NNP I
Gulf NNP I
and CC I
Indian NNP I
Ocean NNP I
. . O

Marshall NNP I
figured VBD O
it PRP I
would MD O
be VB O
good JJ I
training NN I
for IN O
those DT I
soldiers NNS I
-- : O
someday RB O
maybe RB O
they PRP I
would MD O
get VB O
the DT I
whole JJ I
Navy NNP I
. . O

They PRP I
had VBD O
fun NN I
moving VBG O
the DT I
carriers NNS I
around IN O
, , O
but CC O
it PRP I
turned VBD O
out RP O
that IN O
they PRP I
had VBD O
forgotten VBN O
all DT O
about JJ O
mine NN I
sweepers NNS I
. . O

But CC O
the DT I
shah NN I
still RB O
kept VBD O
leaping VBG O
out IN O
at IN O
Cap NNP I
, , O
so RB O
Cap NNP I
bought VBD O
a DT I
hundred CD I
merchant NN I
ships NNS I
more JJR I
and CC O
$ $ I
7 CD I
billion CD I
of IN O
loading NN I
barges NNS I
, , O
ramps NNS I
, , O
etc. FW O
, , O
in IN O
order NN O
that IN O
those DT I
seven CD I
new JJ I
Army NNP I
divisions NNS I
and CC I
three CD I
Marine NNP I
brigades NNS I
could MD O
unload VB O
from IN O
all PDT I
those DT I
new JJ I
ships NNS I
and CC I
aircraft NN I
and CC O
go VB O
to TO O
war VB I
in IN O
the DT I
Zagros NNP I
mountains NNS I
. . O

Then RB O
suddenly RB O
Ike NNP I
's POS B
ghost NN I
came VBD O
to TO O
visit VB O
and CC O
said VBD O
, , O
`` `` O
What WP I
the DT I
hell NN I
are VBP O
you PRP I
doing VBG O
planning NN O
for IN O
a DT I
land NN I
war NN I
in IN O
Asia NNP I
12,000 CD B
miles NNS I
away RB O
? . O

We PRP I
'd MD O
get VB O
our PRP$ I
asses NNS I
kicked VBD O
. . O
'' '' O

Lucky NNP O
for IN O
Cap NNP I
, , O
Ike NNP I
was VBD O
easygoing JJ O
and CC O
soon RB O
went VBD O
away RB O
, , O
while IN O
the DT I
shah NN I
-- : O
he PRP I
kept VBD O
coming VBG O
back RB O
. . O

So RB O
the DT I
U.S. NNP I
found VBD O
itself PRP I
paying VBG O
about RB I
$ $ I
2 CD I
billion CD I
in IN O
baksheesh NN I
to TO O
various JJ I
Arab NNP I
potentates NNS I
for IN O
basing VBG I
rights NNS I
around IN O
the DT I
Indian NNP I
Ocean NNP I
. . O

We PRP I
had VBD O
great JJ I
success NN I
in IN O
Somalia NNP I
. . O

But CC O
then RB O
it PRP I
turned VBD O
out RP O
that IN O
President NNP I
Siad NNP I
Barrah NNP I
was VBD O
not RB O
at IN O
all PDT O
a DT I
nice JJ I
person NN I
and CC O
the DT I
Navy NNP I
pointed VBD O
out RP O
that IN O
the DT I
base NN I
he PRP B
promised VBD O
us PRP I
in IN O
Berbera NNP I
had VBD O
silted VBN O
up IN O
about IN I
a DT I
hundred CD I
years NNS I
ago RB O
and CC O
anyway RB O
was VBD O
1,244 CD I
miles NNS I
from IN O
the DT I
mouth NN I
of IN O
the DT I
Gulf NNP I
. . O

-LRB- ( O
But CC O
who WP I
's VBZ O
counting VBG O
. . O
-RRB- ) O

Still RB O
, , O
Berbera NNP I
was VBD O
the DT I
best JJS I
we PRP B
could MD O
get VB O
, , O
so IN O
we PRP I
stay VBP O
in IN O
bed NN I
with IN O
President NNP I
Barrah NNP I
. . O

All DT I
these DT I
reports NNS I
about IN O
him PRP I
committing VBG O
genocide NN I
are VBP O
probably RB O
exaggerated VBN O
anyway RB O
. . O

But CC O
would MD O
n't RB O
you PRP I
know VB O
, , O
now RB O
that IN O
we PRP I
are VBP O
spending VBG O
jillions NNS I
of IN O
dollars NNS I
, , O
and CC O
have VBP O
built VBN O
those DT I
new JJ I
divisions NNS I
and CC O
new JJ I
air NN I
wings NNS I
, , O
and CC O
have VBP O
positioned VBN O
all PDT I
these DT I
ships NNS I
and CC I
supplies NNS I
to TO O
fight VB O
the DT I
Russians NNPS I
in IN O
Iran NNP I
, , O
the DT I
Russians NNPS I
seem VBP O
to TO O
have VB O
lost VBN O
interest NN I
in IN O
the DT I
whole JJ I
subject NN I
. . O

Meanwhile RB O
, , O
Congress NNP I
is VBZ O
cutting VBG O
huge JJ I
chunks NNS I
out IN O
of IN O
the DT I
rest NN I
of IN O
the DT I
defense NN I
budget NN I
. . O

Predictably RB O
, , O
some DT I
Navy NNP I
guys NNS I
said VBD O
: : O
`` `` O
Do VBP O
we PRP I
still JJ O
need NN O
to TO O
keep VB O
all DT I
18 CD I
Army NNP I
divisions NNS I
on IN O
active JJ I
duty NN I
and CC O
all PDT I
those DT I
extra JJ I
land-based JJ I
aircraft NN I
without IN O
bases NNS I
and CC O
all PDT I
those DT I
Army NNP I
guys NNS I
playing VBG O
admiral NN I
in IN O
Tampa NNP I
? . O

Could MD O
n't RB O
we PRP I
save VB O
$ $ I
20 CD I
billion CD I
or CC O
$ $ I
30 CD I
billion CD I
a DT B
year NN I
by IN O
shifting VBG O
that DT I
stuff NN I
to TO O
the DT I
reserves NNS I
? . O

And CC O
why WRB O
not RB O
save VB O
the DT I
costs NNS I
of IN O
a DT I
thousand CD I
bureaucrats NNS I
by IN O
abolishing VBG O
Central NNP I
Command NNP I
and CC O
putting VBG O
responsibility NN I
for IN O
Gulf NNP I
naval JJ I
operations NNS I
back RB O
where WRB O
it PRP I
belongs VBZ O
, , O
afloat RB O
with IN O
the DT I
task NN I
force NN I
commander NN I
in IN O
the DT I
Gulf NNP I
? . O

And CC O
where WRB O
were VBD O
all DT I
our PRP$ I
handsomely RB I
paid VBN I
Indian NNP I
Ocean NNP I
allies NNS I
last JJ B
year NN I
when WRB O
our PRP$ I
convoys NNS I
were VBD O
being VBG O
attacked VBN O
? . O
'' '' O

Questions NNS I
like IN O
that DT I
really RB O
stir VB O
up IN O
Marshall NNP I
's POS B
ghost NN I
. . O

He PRP I
appeared VBD O
late JJ I
one CD I
night NN I
in IN O
the DT I
bedroom NN I
of IN O
the DT I
new JJ I
defense NN I
secretary NN I
, , O
Dick NNP I
Cheney NNP I
. . O

Marshall NNP I
came VBD O
clanking VBG O
in IN O
like IN O
Marley NNP I
's POS B
ghost NN I
dragging VBG O
those DT I
chains NNS I
of IN O
brigades NNS I
and CC O
air NN I
wings NNS I
and CC O
links NNS I
with IN O
Arab NNP I
despots NNS I
. . O

He PRP I
would MD O
n't RB O
leave VB O
until IN O
Mr. NNP I
Cheney NNP I
promised VBD O
to TO O
do VB O
whatever WDT I
the DT B
Pentagon NNP I
systems NNS I
analysts NNS I
told VBD O
him PRP I
. . O

So RB O
next JJ I
day NN I
Mr. NNP B
Cheney NNP I
went VBD O
out IN O
and CC O
did VBD O
just RB I
that IN I
: : O
He PRP I
canceled VBD O
the DT I
600-ship NNP I
Navy NNP I
and CC O
cut VB O
back RB O
one CD I
carrier NN I
and CC O
20 CD I
frigates NNS I
. . O

Then RB O
he PRP I
canceled VBD O
production NN I
of IN O
the DT I
Navy NNP I
's POS B
most RBS I
important JJ I
carrier NN I
aircraft NN I
, , O
the DT I
F-14 NN I
and CC O
the DT I
A-6 NN I
. . O

On IN O
the DT I
other JJ I
hand NN I
, , O
Mr. NNP I
Cheney NNP I
retained VBD O
all PDT I
those DT I
new JJ I
land NN I
forces NNS I
. . O

Marshall NNP I
's POS B
ghost NN I
is VBZ O
satisfied VBN O
for IN O
now RB O
, , O
but CC O
he PRP I
'll MD O
be VB O
back RB O
. . O

What WP O
with IN O
Halloween NNP I
coming VBG O
and CC O
bigger JJR I
defense NN I
cuts NNS I
looming VBG O
, , O
more JJR I
and CC I
more JJR I
Pentagon NNP I
bureaucrats NNS I
are VBP O
crawling VBG O
under IN O
their PRP$ I
desks NNS I
. . O

They PRP I
know VBP O
that IN O
they PRP I
can MD O
hold VB O
off IN O
the DT I
ghosts NNS I
only RB B
a DT I
little JJ I
while IN I
longer RB I
by IN O
cutting VBG O
carriers NNS I
and CC I
ships NNS I
. . O

Then RB O
the DT I
whole JJ I
thing NN I
will MD O
start VB O
to TO O
collapse VB O
, , O
just RB O
as IN O
it PRP I
did VBD O
in IN O
the DT I
1970s NNS I
, , O
and CC O
the DT I
ghosts NNS I
and CC I
banshees NNS I
will MD O
be VB O
howling VBG O
through IN O
the DT I
place NN I
turning VBG O
people NNS I
's POS B
hair NN I
white JJ O
. . O

Gives VBZ O
me PRP I
the DT B
willies NNS I
just RB O
thinking VBG O
about IN O
it PRP I
. . O

Mr. NNP I
Lehman NNP I
, , O
a DT I
Reagan NNP I
Navy NNP I
secretary NN I
, , O
is VBZ O
a DT I
managing VBG I
director NN I
of IN O
PaineWebber NNP I
. . O

The DT I
metal NN I
and CC I
marble NN I
lobby NN I
of IN O
CenTrust NNP I
Bank NNP I
's POS B
headquarters NN I
is VBZ O
grander JJR O
than IN O
your PRP$ I
average JJ I
savings NNS I
and CC I
loan NN I
. . O

For IN O
one CD I
thing NN I
, , O
there EX I
is VBZ O
an DT I
old JJ I
master NN I
on IN O
the DT I
wall NN I
-- : O
`` `` O
Samuel NNP I
Anointing VBG O
David NNP I
, , O
'' '' O
a DT I
big JJ I
baroque JJ I
canvas NN I
painted VBN O
by IN O
Mattia NNP I
Preti NNP I
, , O
a DT I
17th-century NNP I
Neapolitan NNP I
. . O

At IN O
the DT I
moment NN I
, , O
however RB O
, , O
the DT I
painting NN I
is VBZ O
a DT I
nagging JJ I
reminder NN I
of IN O
the DT I
problems NNS I
that WDT B
have VBP O
engulfed VBN O
CenTrust NNP I
and CC O
its PRP$ I
flamboyant JJ I
chairman NN I
and CC I
chief JJ I
executive NN I
, , O
David NNP I
L. NNP I
Paul NNP I
. . O

In IN O
an DT I
international JJ I
buying NN I
spree NN I
that WDT B
began VBD O
barely RB I
two CD I
years NNS I
ago RB O
, , O
Mr. NNP I
Paul NNP I
amassed VBD O
a DT I
collection NN I
of IN O
about IN I
30 CD I
pre-18th-century JJ I
works NNS I
, , O
including VBG O
the DT I
Preti NNP I
, , O
at IN O
a DT I
total JJ I
cost NN I
of IN O
$ $ I
28 CD I
million CD I
. . O

By IN O
midnight NN I
Oct. NNP I
6 CD I
, , O
all DT I
of IN O
the DT I
paintings NNS I
were VBD O
supposed VBN O
to TO O
have VB O
been VBN O
sold VBN O
off IN O
, , O
under IN O
orders NNS I
from IN O
Florida NNP I
's POS B
comptroller NN I
, , O
whose WP$ I
office NN I
regulates VBZ O
the DT I
state NN I
's POS B
S&Ls NNS I
. . O

CenTrust NNP I
did VBD O
n't RB O
meet VB O
the DT I
deadline NN I
. . O

The DT I
collection NN I
was VBD O
at IN O
the DT I
heart NN I
of IN O
a DT I
grandiose JJ I
plan NN I
Mr. NNP B
Paul NNP I
had VBD O
in IN O
which WDT I
the DT B
art NN I
was VBD O
to TO O
do VB O
double JJ I
duty NN I
-- : O
as IN O
an DT I
investment NN I
for IN O
CenTrust NNP I
and CC O
as IN O
decoration NN I
for IN O
the DT I
S&L NNP I
's POS B
new JJ I
office NN I
tower NN I
, , O
designed VBN O
by IN O
I.M. NNP I
Pei NNP I
. . O

The DT I
rub NN I
is VBZ O
that IN O
the DT I
$ $ I
28 CD I
million CD I
was VBD O
plucked VBN O
from IN O
the DT I
funds NNS I
of IN O
this DT I
federally RB I
insured VBN I
institution NN I
even RB O
as IN O
CenTrust NNP I
was VBD O
losing VBG O
money NN I
hand NN B
over IN O
fist NN I
. . O

Mr. NNP I
Paul NNP I
had VBD O
no DT I
right NN I
to TO O
buy VB O
art NN I
for IN O
the DT I
S&L NNP I
in IN O
the DT I
first JJ I
place NN I
-- : O
it PRP I
is VBZ O
n't RB O
on IN O
the DT I
comptroller NN I
's POS B
`` `` I
permissible JJ I
'' '' I
list NN I
-- : O
without IN O
seeking VBG O
a DT I
special JJ I
dispensation NN I
, , O
which WDT I
he PRP B
did VBD O
not RB O
do VB O
. . O

Besides IN O
that DT I
, , O
some DT I
of IN O
the DT I
paintings NNS I
that WDT B
were VBD O
to TO O
grace VB O
the DT I
walls NNS I
of IN O
CenTrust NNP I
actually RB O
ended VBD O
up IN O
hanging VBG O
in IN O
the DT I
chairman NN I
's POS B
estate NN I
on IN O
La NNP I
Gorce NNP I
Isle NNP I
off IN O
Miami NNP I
Beach NNP I
. . O

Last JJ I
spring NN I
, , O
the DT I
comptroller NN I
's POS B
office NN I
called VBD O
a DT I
halt NN I
to TO O
Mr. NNP I
Paul NNP I
's POS B
fling NN I
, , O
giving VBG O
him PRP I
six CD B
months NNS I
to TO O
sell VB O
the DT I
paintings NNS I
. . O

The DT I
acquisitions NNS I
, , O
officials NNS I
said VBD O
in IN O
a DT I
letter NN I
to TO O
Mr. NNP I
Paul NNP I
, , O
were VBD O
`` `` O
unsafe JJ O
, , O
unsound JJ O
and CC O
unauthorized JJ O
. . O
'' '' O

So RB O
far RB O
, , O
Mr. NNP I
Paul NNP I
has VBZ O
unloaded VBN O
but CC I
three CD I
of IN O
his PRP$ I
masterpieces NNS I
, , O
he PRP I
wo MD O
n't RB O
say VB O
to TO O
whom WP I
. . O

The DT I
comptroller NN I
's POS B
office NN I
says VBZ O
it PRP I
is VBZ O
`` `` O
monitoring VBG O
the DT I
situation NN I
. . O
'' '' O

Though IN O
the DT I
agency NN I
could MD O
remove VB O
Mr. NNP I
Paul NNP I
, , O
it PRP I
has VBZ O
no DT I
current JJ I
intention NN I
to TO O
do VB O
that DT I
. . O

`` `` O
It PRP I
's VBZ O
not RB O
like IN O
selling VBG O
Chevrolets NNPS I
, , O
'' '' O
Mr. NNP I
Paul NNP I
says VBZ O
, , O
as IN O
he PRP I
takes VBZ O
a DT I
drag NN I
on IN O
a DT I
goldbanded VBN I
St. NNP I
Moritz NNP I
cigarette NN I
. . O

`` `` O
The DT I
last JJ I
six CD I
months NNS I
has VBZ O
established VBN O
the DT I
quality NN I
of IN O
the DT I
collection NN I
. . O

There EX I
's VBZ O
no DT I
fire NN I
sale NN I
here RB O
. . O
'' '' O

Despite IN O
Mr. NNP I
Paul NNP I
's POS B
characteristic JJ I
hauteur NN I
, , O
the DT I
50-year-old NN I
, , I
chain-smoking NN I
dynamo NN I
is VBZ O
finding VBG O
that IN O
getting VBG O
CenTrust NNP I
-- : O
Florida NNP I
's POS B
largest JJS I
thrift NN I
institution NN I
-- : O
out IN O
of IN O
its PRP$ I
riskiest JJS I
investments NNS I
is VBZ O
much RB O
tougher JJR O
than IN O
getting VBG O
into IN O
them PRP I
had VBD O
been VBN O
. . O

Paintings NNS I
are VBP O
just RB I
part NN I
of IN O
the DT I
picture NN I
. . O

Although IN O
Mr. NNP I
Paul NNP I
has VBZ O
pared VBN O
a DT I
$ $ I
1.35 CD I
billion CD I
junk-bond NN I
portfolio NN I
to TO O
less JJR I
than IN I
$ $ I
900 CD I
million CD I
since IN O
April NNP I
, , O
the DT I
high-yield JJ I
debt NN I
market NN I
has VBZ O
plummeted VBN O
. . O

Divesting VBG O
itself PRP I
of IN O
what WP I
is VBZ O
left VBN O
, , O
as IN O
is VBZ O
required VBN O
of IN O
all DT I
thrift NN I
institutions NNS I
by IN O
July NNP I
1994 CD I
under IN O
the DT I
new JJ I
federal JJ I
S&L NNP I
bailout NN I
law NN I
, , O
may MD O
well RB O
prove VB O
difficult JJ O
. . O

And CC O
CenTrust NNP I
has VBZ O
other JJ I
problems NNS I
. . O

Late RB I
last JJ I
week NN I
federal JJ B
regulators NNS I
ordered VBD O
the DT I
thrift NN I
institution NN I
to TO O
stop VB O
paying VBG O
dividends NNS I
on IN O
its PRP$ I
preferred JJ I
stock NN I
-- : O
a DT I
move NN I
that WDT B
suggests VBZ O
deep JJ I
concern NN I
about IN O
an DT I
institution NN I
. . O

Mr. NNP I
Paul NNP I
has VBZ O
a DT I
plan NN I
to TO O
bring VB O
in IN O
$ $ I
150 CD I
million CD I
by IN O
selling VBG O
off IN O
63 CD I
of IN O
CenTrust NNP I
's POS B
71 CD I
branches NNS I
, , O
but CC O
it PRP I
has VBZ O
yet RB O
to TO O
be VB O
approved VBN O
by IN O
regulators NNS I
. . O

It PRP I
is VBZ O
Mr. NNP I
Paul NNP I
's POS B
art NN I
venture NN I
, , O
however RB O
, , O
that WDT I
has VBZ O
drawn VBN O
the DT I
most RBS I
attention NN I
from IN O
investors NNS I
and CC I
regulators NNS I
, , O
not RB O
to TO O
mention VB O
galleries NNS I
throughout IN O
the DT I
world NN I
. . O

Embittered JJ I
shareholders NNS I
-LRB- ( O
some DT I
of IN O
whom WP I
are VBP O
suing VBG O
-RRB- ) O
say VBP O
the DT I
chairman NN I
and CC O
his PRP$ I
collection NN I
epitomize VB O
the DT I
excesses NNS I
of IN O
speculation NN I
that WDT B
set VBD O
off IN O
the DT I
national JJ I
S&L NNP I
crisis NN I
. . O

-LRB- ( O
CenTrust NNP I
shares NNS I
have VBP O
fallen VBN O
sharply RB O
in IN O
price NN I
from IN O
a DT I
high NN I
of IN O
$ $ I
15.125 CD I
in IN O
1986 CD I
to TO O
close VB O
yesterday NN I
at IN O
$ $ I
2.875 CD I
. . O
-RRB- ) O

Gallery NN I
directors NNS I
, , O
meanwhile RB O
, , O
say VBP O
Mr. NNP I
Paul NNP I
and CC O
others NNS I
of IN O
his PRP$ I
ilk NN I
have VBP O
left VBN O
an DT I
indelible JJ I
mark NN I
on IN O
the DT I
art NN I
world NN I
-- : O
and CC O
not RB O
for IN O
the DT I
better JJR I
. . O

Collectors NNS I
do VBP O
n't RB O
say VB O
`` `` O
It PRP I
's VBZ O
a DT I
van NNP I
Gogh NNP I
'' '' O
anymore RB O
, , O
laments VBZ O
Harry NNP I
Brooks NNP I
, , O
the DT I
president NN I
of IN O
Wildenstein NNP I
& CC I
Co. NNP I
, , O
a DT I
New NNP I
York NNP I
gallery NN I
. . O

`` `` O
They PRP I
say VBP O
, , O
` `` O
Johnny NNP I
Payson NNP I
got VBD O
$ $ I
53 CD I
million CD I
for IN O
his PRP$ I
, , O
so RB O
certainly RB O
$ $ I
10 CD I
million CD I
is VBZ O
n't RB O
too RB I
much JJ I
for IN O
mine NN I
. . O
' '' O

The DT I
great JJ I
collectors NNS I
we PRP B
depended VBD O
on IN O
, , O
such JJ O
as IN O
Paul NNP I
Mellon NNP I
or CC O
Norton NNP I
Simon NNP I
, , O
have VBP O
stopped VBN O
buying VBG O
, , O
and CC O
the DT I
new JJ I
buyers NNS I
are VBP O
brilliant JJ I
men NNS I
who WP B
made VBD O
money NN I
in IN O
the DT I
stock NN I
market NN I
or CC O
in IN O
takeovers NNS I
and CC O
rushed VBD O
into IN O
collecting VBG I
... : O
. . O
'' '' O

Mr. NNP I
Payson NNP I
, , O
an DT I
art NN I
dealer NN I
and CC I
collector NN I
, , O
sold VBN O
Vincent NNP I
van NNP I
Gogh NNP I
's POS B
`` `` I
Irises NNP I
'' '' I
at IN O
a DT I
Sotheby NNP I
's POS B
auction NN I
in IN O
November NNP I
1987 CD B
to TO O
Australian JJ I
businessman NN I
Alan NNP I
Bond NNP I
. . O

-LRB- ( O
Trouble NN I
is VBZ O
, , O
Mr. NNP I
Bond NNP I
has VBZ O
yet RB O
to TO O
pay VB O
up IN O
, , O
and CC O
until IN O
he PRP I
does VBZ O
, , O
Sotheby NNP I
's POS B
has VBZ O
the DT I
painting NN I
under IN O
lock NN I
and CC I
key JJ I
. . O
-RRB- ) O

When WRB O
Mr. NNP I
Paul NNP I
moved VBD O
in IN O
on IN O
the DT I
art NN I
market NN I
, , O
he PRP I
let VBP O
it PRP I
be VBP O
known VBN O
that IN O
virtually RB I
no DT I
piece NN I
was VBD O
too RB O
costly JJ O
to TO O
be VB O
considered VBN O
by IN O
CenTrust NNP I
. . O

He PRP I
established VBD O
his PRP$ I
reputation NN I
as IN O
a DT I
freespender NN I
in IN O
January NNP I
last JJ B
year NN I
at IN O
Sotheby NNP I
's POS B
auction NN I
of IN O
the DT I
Linda NNP I
and CC I
Gerald NNP I
Guterman NNP I
collection NN I
in IN O
New NNP I
York NNP I
. . O

There RB O
, , O
on IN O
one CD I
of IN O
his PRP$ I
first JJ I
shopping NN I
trips NNS I
, , O
Mr. NNP I
Paul NNP I
picked VBD O
up IN O
several JJ I
paintings NNS I
at IN O
stunning JJ I
prices NNS I
. . O

He PRP I
paid VBD O
$ $ I
2.2 CD I
million CD I
, , O
for IN O
instance NN I
, , O
for IN O
a DT I
still JJ I
life NN I
by IN O
Jan NNP I
Jansz. NNP I
den NNP I
Uyl NNP I
that WDT B
was VBD O
expected VBN O
to TO O
fetch VB O
perhaps RB I
$ $ I
700,000 CD I
. . O

The DT I
price NN I
paid VBN O
was VBD O
a DT I
record NN I
for IN O
the DT I
artist NN I
. . O

-LRB- ( O
Some DT I
64 CD I
% NN I
of IN O
items NNS I
offered VBN O
at IN O
the DT I
Guterman NNP I
auction NN I
were VBD O
sold VBN O
, , O
at IN O
an DT I
average JJ I
price NN I
of IN O
$ $ I
343,333 CD I
. . O

The DT I
rest NN I
were VBD O
withdrawn VBN O
for IN O
lack NN I
of IN O
acceptable JJ I
bids NNS I
. . O
-RRB- ) O

Afterward RB O
, , O
Mr. NNP I
Paul NNP I
is VBZ O
said VBD O
by IN O
Mr. NNP I
Guterman NNP I
to TO O
have VB O
phoned VBN O
Mr. NNP I
Guterman NNP I
, , O
the DT I
New NNP I
York NNP I
developer NN I
selling VBG O
the DT I
collection NN I
, , O
and CC O
gloated VBD O
. . O

`` `` O
He PRP I
says VBZ O
he PRP I
` `` O
stole VBD O
them PRP I
, , O
' '' O
'' '' O
recalls VBZ O
Mr. NNP I
Guterman NNP I
. . O

`` `` O
And CC O
he PRP I
tells VBZ O
me PRP I
, , O
` `` O
If IN O
you PRP I
want VBP O
to TO O
see VB O
your PRP$ I
paintings NNS I
, , O
you PRP I
'll MD O
have VB O
to TO O
come VB O
to TO O
my PRP$ I
house NN I
in IN O
Florida NNP I
. . O
' '' O
'' '' O

Mr. NNP I
Paul NNP I
denies VBZ O
phoning VBG O
and CC O
gloating VBG O
. . O

`` `` O
It PRP I
's VBZ O
just RB O
not RB O
true JJ O
, , O
'' '' O
he PRP I
says VBZ O
. . O

Mr. NNP I
Paul NNP I
quickly RB O
became VBD O
more RBR O
aggressive JJ O
in IN O
his PRP$ I
collecting NN I
, , O
with IN O
the DT I
help NN I
of IN O
George NNP I
Wachter NNP I
, , O
a DT I
Sotheby NNP I
's POS B
expert NN I
in IN O
old JJ I
masters NNS I
whom WP B
he PRP B
met VBD O
at IN O
an DT I
exhibition NN I
of IN O
the DT I
Guterman NNP I
items NNS I
. . O

Mr. NNP I
Wachter NNP I
, , O
who WP I
became VBD O
his PRP$ I
principal JJ I
adviser NN I
, , O
searched VBD O
galleries NNS I
in IN O
London NNP I
, , I
Paris NNP I
and CC I
Monaco NNP I
. . O

And CC O
, , O
according VBG O
to TO O
one CD I
dealer NN I
, , O
Mr. NNP I
Wachter NNP I
had VBD O
a DT I
penchant NN I
for IN O
introducing VBG O
Mr. NNP I
Paul NNP I
with IN O
the DT I
phrase NN I
: : O
`` `` O
He PRP I
can MD O
buy VB O
anything NN I
. . O
'' '' O

Nicholas NNP I
Hall NNP I
, , O
the DT I
president NN I
of IN O
the DT I
Colnaghi NNP I
U.S.A. NNP I
Ltd. NNP I
gallery NN I
in IN O
New NNP I
York NNP I
, , O
sold VBN O
Mr. NNP I
Paul NNP I
`` `` O
Abraham NNP I
and CC I
Sarah NNP I
in IN O
the DT I
Wilderness NN I
'' '' O
by IN O
Giovanni NNP I
Battista NNP I
Tiepolo NNP I
. . O

Mr. NNP I
Hall NNP I
says VBZ O
Mr. NNP I
Paul NNP I
`` `` O
was VBD O
known VBN O
to TO O
spend VB O
a DT I
lot NN I
of IN O
money NN I
. . O

People NNS I
were VBD O
interested JJ O
in IN O
seeing VBG O
him PRP I
, , O
but CC O
it PRP I
was VBD O
recognized VBN O
that IN O
the DT I
route NN I
was VBD O
through IN O
Sotheby NNP I
's POS I
and CC O
particularly RB I
George NNP I
Wachter NNP I
. . O
'' '' O

Mr. NNP I
Paul NNP I
thus RB O
developed VBD O
a DT I
close NN I
, , I
symbiotic JJ I
relationship NN I
with IN O
Sotheby NNP I
's POS B
. . O

Mr. NNP I
Paul NNP I
was VBD O
eager JJ O
to TO O
assemble VB O
a DT I
collection NN I
for IN O
the DT I
headquarters NN I
CenTrust NNP B
has VBZ O
been VBN O
moving VBG O
into IN O
for IN O
the DT I
greater JJR I
part NN I
of IN O
a DT I
year NN I
. . O

Sotheby NNP I
's POS I
, , O
the DT I
auction NN I
house NN I
founded VBN O
in IN O
London NNP I
1744 CD B
and CC O
now RB O
under IN O
the DT I
umbrella NN I
of IN O
Sotheby NNP I
's POS B
Holdings NNP I
Inc. NNP I
, , O
was VBD O
hoping VBG O
to TO O
stir VB O
up IN O
interest NN I
in IN O
old JJ I
masters NNS I
as IN O
it PRP I
strove VBD O
to TO O
build VB O
its PRP$ I
U.S. NNP I
business NN I
. . O

European JJ I
dealers NNS I
continued VBD O
to TO O
dominate VB O
the DT I
action NN I
in IN O
old JJ I
masters NNS I
, , O
which WDT I
Sotheby NNP B
's POS B
North NNP I
America NNP I
had VBD O
lately RB O
been VBN O
touting VBG O
in IN O
this DT I
country NN I
. . O

For IN O
several JJ I
months NNS I
, , O
there EX I
was VBD O
optimism NN I
all DT O
around RB O
. . O

Last NNP I
October NNP I
, , O
Mr. NNP I
Paul NNP I
paid VBD O
out IN O
$ $ I
12 CD I
million CD I
of IN O
CenTrust NNP I
's POS B
cash NN I
-- : O
plus CC O
a DT I
$ $ I
1.2 CD I
million CD I
commission NN I
-- : O
for IN O
`` `` I
Portrait NN I
of IN O
a DT I
Man NN I
as IN O
Mars NNP I
. . O
'' '' O

The DT I
painting NN I
, , O
attributed VBD O
to TO O
Flemish NNP I
artist NN I
Peter NNP I
Paul NNP I
Rubens NNP I
, , O
was VBD O
purchased VBN O
privately RB O
through IN O
Sotheby NNP I
's POS B
, , O
not RB O
at IN O
auction NN I
. . O

In IN O
March NNP I
1989 CD B
, , O
just RB I
15 CD I
months NNS I
into IN O
his PRP$ I
campaign NN I
, , O
Mr. NNP I
Paul NNP I
was VBD O
named VBN O
by IN O
Art NNP I
& CC I
Antiques NNPS I
magazine NN I
as IN O
one CD I
of IN O
the DT I
top JJ I
100 CD I
individual JJ I
collectors NNS I
in IN O
the DT I
U.S. NNP I
. . O

`` `` O
An DT I
unknown JJ I
quantity NN I
to TO O
most RBS I
of IN O
the DT I
art NN I
world NN I
, , O
Paul NNP I
is VBZ O
no DT I
stranger NN I
to TO O
lavish JJ I
spending NN I
, , O
'' '' O
the DT I
magazine NN I
said VBD O
, , O
noting VBG O
that IN O
he PRP I
does VBZ O
n't RB O
stop VB O
at IN O
paint NN I
on IN O
canvas NN I
but CC O
also RB O
spends VBZ O
big JJ I
on IN O
art NN I
you PRP B
can MD O
eat VB O
. . O

`` `` O
He PRP I
recently RB O
bid VBP O
$ $ I
30,000 CD I
at IN O
a DT I
Paris NNP I
charity NN I
auction NN I
for IN O
a DT I
dinner NN I
cooked VBN O
by IN O
six CD I
of IN O
the DT I
world NN I
's POS B
great JJ I
chefs NNS I
, , O
but CC O
the DT I
final JJ I
party NN I
cost NN O
closer JJR I
to TO I
$ $ I
100,000 CD I
. . O
'' '' O

-LRB- ( O
Mr. NNP I
Paul NNP I
says VBZ O
it PRP I
was VBD O
n't RB O
that IN O
high NN O
. . O
-RRB- ) O

The DT I
art NN I
collection NN I
might MD O
have VB O
come VBN O
to TO O
rival VB O
the DT I
Medicis NNPS I
' POS I
had VBD O
the DT I
Florida NNP I
comptroller NN I
's POS B
office NN I
not RB O
got VBD O
wind NN I
of IN O
Mr. NNP I
Paul NNP I
's POS B
aesthetic JJ I
adventure NN I
. . O

In IN O
its PRP$ I
letter NN I
to TO O
him PRP I
, , O
dated VBN O
March NNP I
2 CD I
and CC O
shared VBN O
with IN O
reporters NNS I
, , O
Alex NNP I
Hager NNP I
, , O
the DT I
chief NN I
of IN O
the DT I
thrift-institution NN I
bureau NN I
in IN O
the DT I
comptroller NN I
's POS B
office NN I
, , O
expressed VBN O
puzzlement NN I
that IN O
the DT I
S&L NNP I
could MD O
be VB O
so RB O
profligate JJ O
when WRB O
it PRP I
had VBD O
reported VBN O
losses NNS I
of IN O
more JJR I
than IN I
$ $ I
13 CD I
million CD I
in IN O
its PRP$ I
two CD I
preceding VBG I
quarters NNS I
. . O

The DT I
state NN I
gave VBD O
CenTrust NNP I
30 CD B
days NNS I
to TO O
sell VB O
the DT I
Rubens NNP I
. . O

The DT I
comptroller NN I
's POS B
office NN I
eventually RB O
extended VBD O
the DT I
deadline NN I
to TO O
six CD I
months NNS I
but CC O
broadened VBN O
its PRP$ I
demands NNS I
, , O
ordering VBG O
that IN O
the DT I
`` `` I
book NN I
value NN I
of IN O
the DT I
collection NN I
-LCB- ( O
be VB O
-RCB- ) O
reduced VBN O
to TO O
zero CD I
. . O
'' '' O

In IN O
other JJ I
words NNS I
: : O
Get VB O
rid JJ O
of IN O
all PDT I
the DT I
pictures NNS I
. . O

The DT I
state NN I
obliquely RB O
noted VBD O
that IN O
unsafe JJ I
banking NN I
practices NNS I
are VBP O
grounds NNS I
for IN O
removing VBG O
an DT I
officer NN I
or CC I
director NN I
and CC O
closed VBD O
with IN O
the DT I
admonition NN I
to TO O
Mr. NNP I
Paul NNP I
: : O
`` `` O
Govern VB O
yourself PRP I
accordingly RB O
. . O
'' '' O

The DT I
state NN I
agency NN I
was VBD O
particularly RB O
vexed VBN O
to TO O
learn VB O
that IN O
the DT I
Rubens NNP I
and CC O
a DT I
half-dozen NN I
other JJ I
paintings NNS I
listed VBN O
among IN O
the DT I
bank NN I
's POS B
`` `` I
furniture NN I
and CC I
fixtures NNS I
, , I
'' '' I
were VBD O
actually RB O
hanging VBG O
in IN O
the DT I
chairman NN I
's POS B
house NN I
. . O

Mr. NNP I
Paul NNP I
says VBZ O
that IN O
at IN O
one CD I
point NN I
he PRP B
did VBD O
indeed RB O
have VBP O
eight CD I
or CC I
nine CD I
of IN O
the DT I
paintings NNS I
at IN O
home NN I
and CC O
that IN O
the DT I
rest NN I
were VBD O
in IN O
storage NN I
at IN O
Sotheby NNP I
's POS B
. . O

He PRP I
explains VBZ O
that IN O
he PRP I
was VBD O
`` `` O
merely RB O
storing VBG O
the DT I
paintings NNS I
at IN O
home NN I
-- : O
with IN O
some DT I
display NN I
-- : O
because IN O
of IN O
the DT I
special JJ I
dehumidified VBN I
environment NN I
'' '' I
required VBN O
for IN O
their PRP$ I
safekeeping NN I
, , O
until IN O
CenTrust NNP I
's POS B
new JJ I
building NN I
was VBD O
ready JJ O
for IN O
them PRP I
. . O

Still RB O
, , O
the DT I
incident NN I
was VBD O
embarrassing JJ O
. . O

It PRP I
came VBD O
on IN O
the DT I
heels NNS I
of IN O
a DT I
number NN I
of IN O
local JJ I
newspaper NN I
articles NNS I
suggesting VBG O
that IN O
Mr. NNP I
Paul NNP I
has VBZ O
benefited VBN O
handsomely RB O
from IN O
his PRP$ I
association NN I
with IN O
CenTrust NNP I
. . O

For IN O
instance NN I
, , O
he PRP I
got VBD O
a DT I
$ $ I
3 CD I
million CD I
loan NN I
from IN O
the DT I
S&L NNP I
, , O
negotiated VBN O
at IN O
a DT I
below-market JJ I
rate NN I
. . O

He PRP I
owns VBZ O
43 CD I
% NN I
of IN O
CenTrust NNP I
's POS B
shares NNS I
. . O

Adding VBG O
to TO O
Mr. NNP I
Paul NNP I
's POS B
problems NNS I
, , O
dealers NNS I
-LRB- ( O
some DT I
with IN O
vested VBN I
interests NNS I
-RRB- ) O
insist VBP O
that IN O
he PRP I
, , O
relying VBG O
rather RB O
too RB O
heavily RB O
on IN O
Sotheby NNP I
's POS B
advice NN I
, , O
paid VBN O
much JJ I
too RB I
much JJ I
for IN O
several JJ I
pieces NNS I
in IN O
the DT I
CenTrust NNP I
collection NN I
. . O

The DT I
$ $ I
12 CD I
million CD I
lavished VBD O
on IN O
the DT I
Rubens NNP I
, , O
for IN O
example NN I
, , O
was VBD O
a DT I
record NN I
price NN I
for IN O
the DT I
artist NN I
and CC O
maybe RB I
twice RB I
its PRP$ I
value NN I
, , O
given VBN O
a DT I
dispute NN I
among IN O
scholars NNS I
about IN O
its PRP$ I
provenance NN I
. . O

David NNP I
Tunick NNP I
, , O
the DT I
president NN I
of IN O
David NNP I
Tunick NNP I
Inc. NNP I
, , O
a DT I
New NNP I
York NNP I
gallery NN I
, , O
says VBZ O
scholars NNS I
question VBP O
the DT I
authenticity NN I
of IN O
the DT I
Rubens NNP I
. . O

It PRP I
may MD O
have VB O
been VBN O
painted VBN O
instead RB O
by IN O
a DT I
Rubens NNP I
associate JJ I
. . O

`` `` O
The DT I
feeling NN I
among IN O
many JJ I
experts NNS I
on IN O
the DT I
commercial JJ I
side NN I
is VBZ O
that IN O
the DT I
price NN I
paid VBN O
at IN O
the DT I
time NN I
was VBD O
excessive JJ O
in IN O
any DT I
event NN I
, , O
'' '' O
Mr. NNP I
Tunick NNP I
says VBZ O
. . O

`` `` O
It PRP I
sounds VBZ O
like IN O
with IN O
the DT I
Rubens NNP I
he PRP B
got VBD O
absolutely RB O
taken VBN O
to TO O
the DT I
cleaners NNS I
. . O
'' '' O

Victor NNP I
Wiener NNP I
, , O
the DT I
executive JJ I
director NN I
of IN O
the DT I
Appraisers NNPS I
Association NNP I
of IN O
America NNP I
, , O
agrees VBZ O
that IN O
Mr. NNP I
Paul NNP I
paid VBD O
very RB O
dearly RB O
for IN O
the DT I
Rubens NNP I
and CC O
adds VBZ O
that IN O
getting VBG O
rid JJ O
of IN O
it PRP I
any DT B
time NN I
soon RB O
for IN O
a DT I
similar JJ I
sum NN I
would MD O
be VB O
quite RB I
a DT I
feat NN I
. . O

`` `` O
It PRP I
's VBZ O
not RB O
beyond IN O
credibility NN I
the DT B
Rubens NNP I
will MD O
someday RB I
be VB O
worth JJ O
$ $ I
12 CD I
million CD I
, , O
but CC O
whether IN O
it PRP I
could MD O
be VB O
sold VBN O
for IN O
that DT I
amount NN I
tomorrow NN B
remains VBZ O
to TO O
be VB O
seen VBN O
. . O
'' '' O

Still RB O
, , O
predicting VBG I
is VBZ O
tricky JJ O
. . O

`` `` O
I PRP I
'm VBP O
forever RB O
dumbfounded JJ O
by IN O
what WP I
I PRP B
see VBP O
making VBG O
these DT I
high JJ I
prices NNS I
. . O
'' '' O

Jonathan NNP I
H. NNP I
Kress NNP I
, , O
the DT I
son NN I
of IN O
the DT I
painting NN I
's POS B
former JJ I
owner NN I
, , O
Mrs. NNP I
Rush NNP I
Kress NNP I
, , O
dismisses VBZ O
the DT I
price NN I
talk NN I
as IN O
`` `` I
sour JJ I
grapes NNS I
. . O
'' '' O

Dealers NNS I
contemptuous JJ O
of IN O
the DT I
purchase NN I
price NN I
, , O
he PRP I
says VBZ O
, , O
were VBD O
themselves PRP I
interested JJ B
in IN I
buying VBG O
the DT I
Rubens NNP I
but CC O
lost VBD O
out RB O
. . O

Mr. NNP I
Paul NNP I
, , O
for IN O
his PRP$ I
part NN I
, , O
defends VBZ O
the DT I
Rubens NNP I
price NN I
, , O
saying VBG O
a DT I
lot NN I
of IN O
the DT I
experts NNS I
have VBP O
never RB O
seen VBN O
the DT I
thing NN I
itself PRP B
. . O

`` `` O
Most JJS I
of IN O
them PRP I
were VBD O
n't RB O
even RB O
born VBN O
the DT I
last JJ I
time NN I
the DT B
painting NN I
was VBD O
displayed VBN O
publicly RB O
, , O
'' '' O
he PRP I
says VBZ O
. . O

Art NN I
prices NNS I
are VBP O
skyrocketing VBG O
, , O
but CC O
a DT I
good JJ I
deal NN I
of IN O
legerdemain NN I
is VBZ O
involved VBN O
in IN O
compiling VBG O
statistics NNS I
on IN O
sales NNS I
. . O

Salomon NNP I
Brothers NNP I
Inc. NNP I
, , O
the DT I
investment-banking NN I
firm NN I
, , O
in IN O
its PRP$ I
annual JJ I
tally NN I
of IN O
investment NN I
returns NNS I
, , O
reported VBD O
that IN O
old JJ I
masters NNS I
appreciated VBN O
51 CD I
% NN I
in IN O
the DT I
year NN I
ended VBN O
June NNP I
1 CD I
, , O
the DT I
greatest JJS I
return NN I
of IN O
any DT I
of IN O
13 CD I
assets NNS I
it PRP B
tracked VBD O
. . O

-LRB- ( O
Impressionist JJ I
and CC I
modern JJ I
paintings NNS I
, , O
not RB O
tracked VBN O
by IN O
Salomon NNP I
, , O
are VBP O
ranked VBN O
even RB O
higher JJR O
at IN O
74 CD I
% NN I
by IN O
Sotheby NNP I
's POS I
. . O
-RRB- ) O

Salomon NNP I
, , O
moreover RB O
, , O
gets VBZ O
its PRP$ I
data NNS I
on IN O
art NN I
appreciation NN I
from IN O
Sotheby NNP I
's POS B
, , I
whose WP$ I
prices NNS I
go VBP O
up IN O
with IN O
clients NNS I
like IN O
Mr. NNP I
Paul NNP I
in IN O
its PRP$ I
thrall NN I
. . O

The DT I
percentages NNS I
omit VBP O
from IN O
consideration NN I
the DT B
many JJ I
paintings NNS I
that WDT B
go VBP O
begging VBG O
at IN O
auction NN I
. . O

Art NN I
indexes NNS I
track VBP O
winners NNS I
, , O
not RB O
losers NNS I
. . O

But CC O
art NN I
that WDT B
has VBZ O
fallen VBN O
sharply RB O
in IN O
value NN I
is VBZ O
rarely RB O
put VB O
up IN O
for IN O
sale NN I
. . O

Also RB O
, , O
at IN O
any DT I
of IN O
Sotheby NNP I
's POS B
auctions NNS I
of IN O
old JJ I
masters NNS I
, , O
roughly RB I
one-third NN I
to TO I
one-fifth NN I
of IN O
what WP I
is VBZ O
offered VBN O
does VBZ O
n't RB O
sell VB O
at IN O
any DT I
price NN I
. . O

It PRP I
's VBZ O
not RB O
that IN O
there EX I
are VBP O
n't RB O
any DT I
bids NNS I
, , O
but CC O
the DT I
bids NNS I
do VBP O
n't RB O
meet VB O
the DT I
minimum JJ I
`` `` I
reserve NN I
'' '' I
prices NNS I
set VBN O
by IN O
the DT I
sellers NNS I
. . O

In IN O
January NNP I
, , O
the DT I
Preti NNP I
painting NN I
that WDT B
now RB O
hangs VBZ O
at IN O
CenTrust NNP I
was VBD O
expected VBN O
to TO O
bring VB O
no DT I
more JJR I
than IN I
$ $ I
700,000 CD I
at IN O
auction NN I
until IN O
Mr. NNP I
Paul NNP I
came VBD O
along IN O
with IN O
his PRP$ I
$ $ I
1.15 CD I
million CD I
. . O

Mr. NNP I
Hall NNP I
of IN O
the DT I
Colnaghi NNP I
gallery NN I
says VBZ O
$ $ I
1.15 CD I
million CD I
`` `` O
would MD O
have VB O
been VBN O
an DT I
impossible JJ I
price NN I
for IN O
anyone NN I
to TO O
ask VB O
for IN O
a DT I
Preti NNP I
four CD B
years NNS I
ago RB O
. . O
'' '' O

But CC O
from IN O
his PRP$ I
vantage NN I
point NN I
, , O
it PRP I
is VBZ O
n't RB O
that IN O
Mr. NNP I
Paul NNP I
, , O
a DT I
customer NN I
of IN O
his PRP$ I
too RB O
, , O
overpaid VBN O
for IN O
the DT I
work NN I
, , O
`` `` I
a DT I
gargantuan JJ I
painting NN I
by IN O
an DT I
artist NN I
who WP B
is VBZ O
not RB O
a DT I
household NN I
word NN I
. . O
'' '' O

-LRB- ( O
The DT I
painting NN I
is VBZ O
10 CD I
feet NNS I
wide JJ O
, , O
seven CD I
feet NNS I
high JJ O
. . O
-RRB- ) O

Rather RB O
, , O
`` `` O
It PRP I
just RB O
shows VBZ O
things NNS I
have VBP O
changed VBN O
. . O
'' '' O

Mr. NNP I
Paul NNP I
boasts VBZ O
that IN O
he PRP I
spotted VBD O
bargains NNS I
in IN O
old JJ I
masters NNS I
just RB O
before IN O
they PRP I
took VBD O
an DT I
upward JJ I
turn NN I
. . O

`` `` O
They PRP I
went VBD O
up IN O
51 CD I
% NN I
last JJ B
year NN I
, , O
and CC O
they PRP I
'll MD O
do VB O
it PRP I
again RB O
this DT I
year NN I
, , O
'' '' O
he PRP I
declares VBZ O
. . O

`` `` O
They PRP I
were VBD O
a DT I
sleeper NN I
. . O

Everybody NN I
was VBD O
out IN O
buying VBG O
Monets NNPS I
. . O
'' '' O

Sotheby NNP I
's POS B
vice NN I
president NNP I
Diana NNP I
Levitt NNP I
says VBZ O
the DT I
auction NN I
house NN I
has VBZ O
been VBN O
`` `` O
assisting VBG O
'' '' O
Mr. NNP I
Paul NNP I
in IN O
selling VBG O
the DT I
paintings NNS I
. . O

And CC O
while IN O
Sotheby NNP I
's POS B
chief JJ I
rivals NNS I
in IN O
the DT I
art NN I
world NN I
, , O
private JJ I
art NN I
dealers NNS I
, , O
`` `` O
wo MD O
n't RB O
be VB O
happy JJ O
to TO O
hear VB O
it PRP I
, , O
'' '' O
she PRP I
adds VBZ O
, , O
`` `` O
a DT I
number NN I
of IN O
-LCB- ( O
the DT I
artworks NNS I
-RCB- ) O
have VBP O
already RB O
been VBN O
sold VBN O
, , O
and CC O
at IN O
a DT I
substantial JJ I
profit NN I
. . O
'' '' O

Mr. NNP I
Paul NNP I
claims VBZ O
to TO O
have VB O
sold VBN O
three CD I
paintings NNS I
, , O
at IN O
more JJR I
than IN O
a DT I
10 CD I
% NN I
profit NN I
. . O

That DT I
is VBZ O
n't RB O
51 CD I
% NN I
, , O
and CC O
the DT I
claim NN I
is VBZ O
n't RB O
documented VBN O
. . O

He PRP I
furthermore RB O
denies VBZ O
that IN O
he PRP I
relied VBD O
too RB O
heavily RB O
on IN O
Sotheby NNP I
's POS I
or CC O
Mr. NNP I
Wachter NNP I
. . O

Mr. NNP I
Paul NNP I
says VBZ O
he PRP I
had VBD O
not RB I
one CD I
but CC O
four CD I
advisers NNS O
and CC O
that IN O
he PRP I
never RB O
bid VBP O
impulsively RB O
. . O

After IN O
all DT I
, , O
he PRP I
had VBD O
the DT I
counsel NN I
of IN O
`` `` O
curators NNS I
from IN O
the DT I
most RBS I
reputable JJ I
museums NNS I
in IN O
the DT I
world NN I
. . O
'' '' O

He PRP I
says VBZ O
he PRP I
expects VBZ O
to TO O
sell VB O
the DT I
collection NN I
-- : O
including VBG O
the DT I
controversial JJ I
Rubens NNP I
-- : O
`` `` O
carefully RB O
and CC O
prudently RB O
, , O
just RB O
as IN O
it PRP I
was VBD O
put VBN O
together RB O
. . O
'' '' O

But CC O
in IN O
art-world NN I
parlance NN I
, , O
Mr. NNP I
Paul NNP I
's POS B
holdings NNS I
are VBP O
`` `` O
burnt VBN O
. . O
'' '' O

That DT I
is VBZ O
, , O
he PRP I
is VBZ O
being VBG O
compelled VBN O
to TO O
put VB O
them PRP I
on IN O
the DT I
market NN I
too RB O
soon RB O
, , O
and CC O
has VBZ O
already RB O
gotten VBN O
offers VBZ I
that WDT B
are VBP O
less JJR O
than IN O
he PRP I
paid VBD O
for IN O
some DT I
of IN O
the DT I
art NN I
works NNS I
. . O

`` `` O
After IN O
a DT I
few JJ I
years NNS I
, , O
you PRP I
can MD O
argue VB O
there EX I
has VBZ O
been VBN O
natural JJ I
appreciation NN I
, , O
'' '' O
says VBZ O
Susan NNP I
Theran NNP I
, , O
the DT I
publisher NN I
of IN O
Leonard NNP I
's POS I
Annual NNP B
Price NNP I
Index NNP I
of IN O
Art NNP I
Auctions NNS I
. . O

But CC O
quick JJ I
turnover NN I
in IN O
artwork NN I
is VBZ O
`` `` O
like IN O
pawning VBG O
your PRP$ I
jewelry NN I
-- : O
you PRP I
end VBP O
up IN O
with IN O
50 CD I
% NN I
. . O

People NNS I
hold VBP O
out IN O
and CC O
try NN O
to TO O
get VB O
a DT I
bargain NN I
. . O
'' '' O

Sotheby NNP I
's POS I
defends VBZ O
itself PRP I
and CC O
Mr. NNP I
Paul NNP I
in IN O
the DT I
matter NN I
. . O

Mr. NNP I
Wachter NNP I
says VBZ O
Mr. NNP I
Paul NNP I
was VBD O
a DT I
quick JJ I
study NN I
who WP B
worked VBD O
intensely RB O
and CC O
bought VBD O
the DT I
best JJS I
pictures NNS I
available JJ O
at IN O
the DT I
moment NN I
. . O

`` `` O
On IN O
occasion NN I
, , O
he PRP I
paid VBD O
a DT I
high JJ I
price NN I
, , O
'' '' O
Mr. NNP I
Wachter NNP I
concedes VBZ O
, , O
but CC O
he PRP I
says VBZ O
those DT I
who WP B
bid VBP O
less JJR I
and CC O
dropped VBD O
out RP O
were VBD O
dealers NNS I
who WP B
would MD O
then RB O
have VB O
marked VBN O
up IN O
the DT I
paintings NNS I
to TO O
resell VB O
them PRP I
at IN O
a DT I
profit NN I
to TO O
collectors NNS I
. . O

Naomi NNP I
Bernhard NNP I
Levinson NNP I
, , O
a DT I
fine-arts NNS I
appraiser NN I
at IN O
Bernhard NNP I
Associates NNPS I
in IN O
San NNP I
Francisco NNP I
, , O
considers VBZ O
it PRP I
`` `` O
definite JJ I
conflict NN I
of IN O
interest NN I
for IN O
an DT I
auction NN I
house NN I
to TO O
both DT O
advise NN O
a DT I
client NN I
on IN O
purchases NNS I
and CC O
to TO O
set VB O
price NN I
estimates NNS I
on IN O
the DT I
paintings NNS I
to TO O
be VB O
purchased VBN O
. . O
'' '' O

Sotheby NNP I
's POS I
, , O
she PRP I
says VBZ O
, , O
is VBZ O
`` `` O
wearing VBG O
both DT I
hats NNS I
. . O
'' '' O

`` `` O
I PRP I
ca MD O
n't RB O
see VB O
why WRB O
there EX I
would MD O
be VB O
a DT I
conflict NN I
of IN O
interest NN I
, , O
'' '' O
says VBZ O
Sotheby NNP I
's POS B
Ms. NNP I
Levitt NNP I
. . O

`` `` O
Estimates NNS I
are VBP O
based VBN O
on IN O
the DT I
previous JJ I
price NN I
of IN O
similar JJ I
works NNS I
sold VBN O
at IN O
auction NN I
and CC O
current JJ I
market NN I
conditions NNS I
, , O
and CC O
are VBP O
not RB O
affected VBN O
by IN O
any DT I
knowledge NN I
of IN O
who WP I
the DT B
potential JJ I
buyer NN I
could MD O
be VB O
. . O
'' '' O

Frequently RB O
, , O
clients NNS I
express VBP O
interest NN I
in IN O
paintings NNS I
but CC O
do VBP O
n't RB O
end VB O
up IN O
bidding NN O
, , O
she PRP I
adds VBZ O
, , O
`` `` O
so IN O
we PRP I
do VBP O
n't RB O
know VB O
who WP I
the DT B
potential JJ I
buyer NN I
will MD O
be VB O
. . O
'' '' O

Mr. NNP I
Paul NNP I
, , O
in IN O
selling VBG O
off IN O
his PRP$ I
paintings NNS I
, , O
is VBZ O
seeking VBG O
at IN I
least JJS I
a DT I
15 CD I
% NN I
return NN I
on IN O
the DT I
bank NN I
's POS B
investment NN I
, , O
so RB O
as IN O
to TO O
prove VB O
that IN O
the DT I
venture NN I
was VBD O
sound NN O
. . O

Mr. NNP I
Paul NNP I
says VBZ O
that IN O
he PRP I
has VBZ O
feelers NNS I
out IN O
over IN O
much NN I
of IN O
the DT I
globe NN I
and CC O
that IN O
potential JJ I
buyers NNS I
from IN O
as IN O
far RB O
away RB O
as IN O
Japan NNP I
and CC I
Italy NNP I
have VBP O
examined VBN O
the DT I
collection NN I
. . O

Because IN O
of IN O
the DT I
pressure NN I
on IN O
CenTrust NNP I
to TO O
sell VB O
, , O
dealers NNS I
and CC I
collectors NNS I
have VBP O
been VBN O
trying VBG O
to TO O
get VB O
the DT I
paintings NNS I
at IN O
bargain-basement JJ I
prices NNS I
. . O

But CC O
so RB O
far RB O
, , O
Mr. NNP I
Paul NNP I
and CC O
his PRP$ I
advisers NNS I
are VBP O
holding VBG O
fast RB O
. . O

One CD I
dealer NN I
, , O
Martin NNP I
Zimet NNP I
of IN O
French JJ I
& CC I
Co. NNP I
in IN O
New NNP I
York NNP I
, , O
says VBZ O
he PRP I
`` `` O
would MD O
have VB O
loved VBN O
to TO O
buy VB O
'' '' O
a DT I
Jan NNP I
Davids NNP I
de FW I
Heem NNP I
painting NN I
from IN O
the DT I
bank NN I
. . O

`` `` O
I PRP I
tried VBD O
to TO O
steal VB O
the DT I
picture NN I
-- : O
to TO O
buy VB O
it PRP I
attractively RB O
-- : O
and CC O
-LCB- ( O
Sotheby NNP I
's POS I
-RCB- ) O
would MD O
n't RB O
do VB O
it PRP I
. . O

They PRP I
were VBD O
protecting VBG O
his PRP$ I
interests NNS I
. . O
'' '' O

Meanwhile RB O
, , O
Mr. NNP I
Paul NNP I
and CC O
CenTrust NNP I
executives NNS I
are VBP O
getting VBG O
squeamish JJ O
about IN O
opulence NN I
. . O

Mr. NNP I
Paul NNP I
has VBZ O
been VBN O
characterized VBN O
as IN O
`` `` O
the DT I
Great NNP I
Gatsby NNP I
or CC O
something NN I
, , O
'' '' O
complains VBZ O
Karen NNP I
E. NNP I
Brinkman NNP I
, , O
an DT I
executive JJ I
vice NN I
president NN I
of IN O
CenTrust NNP I
. . O

The DT I
media NNS I
, , O
she PRP I
says VBZ O
, , O
have VBP O
distorted VBN O
his PRP$ I
personal JJ I
life NN I
. . O

Mr. NNP I
Paul NNP I
nods VBZ O
in IN O
agreement NN I
. . O

`` `` O
I PRP I
do VBP O
n't RB O
think VB O
I PRP I
have VB O
a DT I
life NN I
style NN I
that DT B
is VBZ O
, , O
frankly RB O
, , O
so RB O
flamboyant JJ O
, , O
'' '' O
he PRP I
says VBZ O
. . O

But CC O
at IN O
just RB I
that DT I
moment NN I
, , O
he PRP I
is VBZ O
interrupted VBN O
in IN O
his PRP$ I
office NN I
by IN O
a DT I
servant NN I
in IN O
tuxedo NN I
who WP B
pours VBZ O
coffee NN I
from IN O
silver NN I
into IN O
a DT I
cup NN I
of IN O
china NN I
and CC O
dabs VBZ O
the DT I
brim NN I
with IN O
linen NN I
. . O

Mr. NNP I
Paul NNP I
says VBZ O
, , O
yes UH O
, , O
the DT I
ceiling NN I
in IN O
his PRP$ I
executive JJ I
suite NN I
is VBZ O
gold-leaf JJ I
inlay NN I
. . O

The DT I
offices NNS I
are VBP O
done VBN O
in IN O
hardwood NN I
and CC O
oriental JJ I
rugs NNS I
, , O
leatherbound JJ I
books NNS I
and CC O
, , O
of IN O
course NN I
, , O
a DT I
$ $ I
12 CD I
million CD I
Rubens NNP I
. . O

But CC O
he PRP I
implores VBZ O
that IN O
the DT I
splendor NN I
be VB O
played VBN O
down RB O
. . O

`` `` O
Do VBP O
n't RB O
say VB O
it PRP I
's VBZ O
a DT I
gold NN I
ceiling NN I
. . O

Just RB O
say VBP O
the DT I
offices NNS I
are VBP O
tastefully RB O
appointed VBN O
, , O
'' '' O
he PRP I
says VBZ O
. . O

`` `` O
Otherwise RB O
, , O
the DT I
regulators NNS I
will MD O
take VB O
it PRP I
for IN O
decadence NN I
, , O
and CC O
nowadays RB O
everything NN I
's POS O
got VBD O
to TO O
be VB O
pristine JJ O
. . O
'' '' O

Figures NNS I
do VBP O
n't RB O
include VB O
taxes NNS I
or CC O
transaction NN I
costs NNS I
. . O

Companies NNS I
listed VBN O
below IN O
reported VBN O
quarterly JJ I
profit NN I
substantially RB O
different JJ O
from IN O
the DT I
average NN I
of IN O
analysts NNS I
' POS B
estimates NNS I
. . O

The DT I
companies NNS I
are VBP O
followed VBN O
by IN O
at IN I
least JJS I
three CD I
analysts NNS I
, , O
and CC O
had VBD O
a DT I
minimum JJ I
five-cent JJ I
change NN I
in IN O
actual JJ I
earnings NNS I
per IN O
share NN I
. . O

Estimated VBN I
and CC I
actual JJ I
results NNS I
involving VBG O
losses NNS I
are VBP O
omitted VBN O
. . O

The DT I
percent NN I
difference NN I
compares VBZ O
actual JJ I
profit NN I
with IN O
the DT I
30-day JJ I
estimate NN I
where WRB O
at IN I
least JJS I
three CD I
analysts NNS I
have VBP O
issues NNS O
forecasts NNS I
in IN O
the DT I
past JJ I
30 CD I
days NNS I
. . O

Otherwise RB O
, , O
actual JJ I
profit NN I
is VBZ O
compared VBN O
with IN O
the DT I
300-day JJ I
estimate NN I
. . O

-LCB- ( O
During IN O
its PRP$ I
centennial NN I
year NN I
, , O
The DT I
Wall NNP I
Street NNP I
Journal NNP I
will MD O
report VB O
events NNS I
of IN O
the DT I
past JJ I
century NN I
that WDT B
stand VBP O
as IN O
milestones NNS I
of IN O
American JJ I
business NN I
history NN I
. . O
-RCB- ) O

CREATIVE JJ I
ACCOUNTING NN I
, , O
mostly RB O
by IN O
conglomerates NNS I
, , O
forced VBN O
CPAs NNS I
to TO O
change VB O
their PRP$ I
way NN I
of IN O
setting VBG O
standards NNS I
to TO O
be VB O
followed VBN O
by IN O
corporations NNS I
reporting VBG O
financial JJ I
results NNS I
, , O
standards NNS I
that WDT B
had VBD O
become VBN O
all DT O
too RB O
flexible JJ O
. . O

The DT I
new JJ I
Financial NNP I
Accounting NNP I
Standards NNP I
Board NNP I
-LRB- ( O
FASB NNP I
-RRB- ) O
was VBD O
created VBN O
in IN O
1972 CD I
to TO O
replace VB O
the DT I
Accounting NNP I
Principles NNS I
Board NNP I
of IN O
the DT I
American NNP I
Institute NNP I
of IN O
Certified NNP I
Public NNP I
Accountants NNPS I
. . O

All DT I
of IN O
the DT I
former JJ I
board NN I
's POS B
members NNS I
were VBD O
CPAs NNS I
, , O
provoking VBG O
conflict-of-interest NN I
criticism NN I
because IN O
they PRP I
were VBD O
writing VBG O
rules NNS I
while IN O
handling NN O
clients NNS I
' POS B
books NNS I
at IN O
the DT I
same JJ I
time NN I
. . O

The DT I
new JJ I
board NN I
's POS B
seven-member JJ I
structure NN I
kept VBD O
four CD I
CPAs NNS I
, , O
but CC O
the DT I
others NNS I
were VBD O
from IN O
industry NN I
and CC I
academia NN I
. . O

Francis NNP I
M. NNP I
Wheat NNP I
, , O
a DT I
former JJ I
Securities NNPS I
and CC I
Exchange NNP I
Commission NNP I
member NN I
, , O
headed VBD O
the DT I
panel NN I
that WDT B
had VBD O
studied VBN O
the DT I
issues NNS I
for IN O
a DT I
year NN I
and CC O
proposed VBD O
the DT I
FASB NNP I
on IN O
March NNP I
30 CD I
, , O
1972 CD I
. . O

The DT I
former JJ I
board NN I
had VBD O
produced VBN O
`` `` O
21 CD I
opinions NNS I
and CC O
1,000 CD I
critics NNS I
'' '' O
in IN O
its PRP$ I
12-year JJ I
life NN I
, , O
its PRP$ I
chairman NN I
had VBD O
conceded VBN O
. . O

The DT I
climate NN I
was VBD O
right NN O
for IN O
the DT I
new JJ I
FASB NNP I
. . O

In IN O
the DT I
late JJ I
1960s CD I
some DT B
CPAs NNS I
failed VBD O
to TO O
correct VB O
such JJ I
abuses NNS I
as IN O
clients NNS I
picking VBG O
permissive JJ I
rules NNS I
that WDT B
hyped VBD O
earnings NNS I
and CC O
stock NN I
prices NNS I
. . O

And CC O
in IN O
November NNP I
1970 CD I
Congress NNP B
had VBD O
passed VBN O
a DT I
special JJ I
act NN I
to TO O
overrule VB O
one CD I
board NN I
rule NN I
. . O

Also RB O
, , O
James NNP I
Needham NNP I
, , O
an DT I
SEC NNP I
commissioner NN I
, , O
in IN O
April NNP I
1972 CD I
had VBD O
warned VBN O
that IN O
the DT I
industry NN I
might MD O
face VB O
a DT I
`` `` I
federal JJ I
agency NN I
writing VBG O
accounting NN I
rules NNS I
'' '' O
if IN O
they PRP I
rejected VBD O
the DT I
FASB NNP I
idea NN I
. . O

Keepers NNS I
of IN O
the DT I
books NNS I
, , O
dubbed VBN O
`` `` I
figure NN I
filberts NNS I
, , O
'' '' O
loathed VBD O
the DT I
threat NN I
. . O

The DT I
FASB NNP I
had VBD O
its PRP$ I
initial JJ I
meeting NN I
on IN O
March NNP I
28 CD I
, , O
1973 CD I
. . O

On IN O
Dec. NNP I
13 CD I
, , O
1973 CD I
, , O
it PRP I
issued VBD O
its PRP$ I
first JJ I
rule NN I
; : O
it PRP I
required VBD O
companies NNS I
to TO O
disclose VB O
foreign JJ I
currency NN I
translations NNS I
in IN O
U.S. NNP I
dollars NNS I
. . O

The DT I
FASB NNP I
since IN O
then RB O
has VBZ O
issued VBN O
102 CD I
rules NNS I
, , O
and CC O
some DT I
still RB O
rile VBP O
industry NN I
. . O

Since IN O
late JJ I
1987 CD I
, , O
for IN O
example NN I
, , O
it PRP I
has VBZ O
put VBN O
off IN O
a DT I
rule NN I
dealing VBG O
with IN O
deferred VBN I
income NN I
taxes NNS I
because IN O
of IN O
the DT I
continuing VBG I
controversy NN I
over IN O
the DT I
issue NN I
. . O

Amcast NNP I
Industrial NNP I
Corp. NNP I
said VBD O
it PRP I
plans VBZ O
to TO O
repurchase VB O
500,000 CD I
shares NNS I
, , O
or CC O
about IN I
7 CD I
% NN I
of IN O
its PRP$ I
shares NNS I
outstanding JJ O
, , O
in IN O
open JJ I
market NN I
transactions NNS I
. . O

The DT I
metal NN I
products NNS I
concern VBP I
currently RB O
has VBZ O
7.2 CD I
million CD I
common JJ I
shares NNS I
outstanding JJ O
. . O

Amcast NNP I
previously RB O
had VBD O
said VBD O
it PRP I
planned VBD O
to TO O
repurchase VB O
shares NNS I
, , O
but CC O
did VBD O
n't RB O
disclose VB O
when WRB O
or CC O
how WRB I
many JJ I
shares NNS I
it PRP B
intended VBD O
to TO O
buy VB O
back RB O
. . O

The DT I
company NN I
named VBN O
Dillon NNP I
Read NNP I
& CC I
Co. NNP I
as IN O
its PRP$ I
exclusive JJ I
agent NN I
for IN O
the DT I
stock NN I
buy-back NN I
program NN I
. . O

A DT I
seat NN I
on IN O
the DT I
Chicago NNP I
Board NNP I
of IN O
Trade NNP I
was VBD O
sold VBN O
for IN O
$ $ I
390,000 CD I
, , O
down RB O
$ $ I
5,000 CD I
from IN O
the DT I
previous JJ I
sale NN I
last JJ B
Tuesday NNP I
. . O

Seats NNS I
currently RB O
are VBP O
quoted VBN O
at IN O
$ $ I
353,500 CD I
bid NN O
, , O
$ $ I
405,000 CD I
asked VBD O
. . O

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

An DT I
associate JJ I
member NN I
seat NN I
was VBD O
sold VBN O
for IN O
$ $ I
228,000 CD I
, , O
up IN O
$ $ I
8,000 CD I
from IN O
the DT I
previous JJ I
sale NN I
Oct. NNP B
4 CD I
. . O

Associate JJ I
member NN I
seats NNS I
currently RB O
are VBP O
quoted VBN O
at IN O
$ $ I
225,000 CD I
bid NN O
, , O
$ $ I
256,000 CD I
asked VBD O
. . O

The DT I
record NN I
price NN I
for IN O
associate JJ I
membership NN I
is VBZ O
$ $ I
275,000 CD I
, , O
set VBN O
Aug. NNP I
30 CD I
, , I
1988 CD I
. . O

CAE NNP I
Industries NNP I
Ltd. NNP I
said VBD O
its PRP$ I
Link NNP I
Flight NNP I
Simulation NN I
division NN I
was VBD O
awarded VBN O
a DT I
contract NN I
by IN O
the DT I
U.S. NNP I
Army NNP I
for IN O
two CD I
helicopter NN I
simulators NNS I
, , O
which WDT I
the DT B
company NN I
valued VBN O
at IN O
as RB I
much JJ I
as IN I
37 CD I
million CD I
Canadian JJ I
dollars NNS I
-LRB- ( O
US$ $ I
31.5 CD I
million CD I
-RRB- ) O
. . O

CAE NNP I
said VBD O
the DT I
fixed VBN I
price NN I
for IN O
the DT I
first JJ I
of IN O
the DT I
AH-64 NNP I
Apache NNP I
combat NN I
mission NN I
simulators NNS I
is VBZ O
C$ $ I
19 CD I
million CD I
. . O

It PRP I
is VBZ O
scheduled VBN O
for IN O
delivery NN I
in IN O
late JJ I
1991 CD I
. . O

The DT I
price NN I
of IN O
the DT I
second JJ I
simulator NN I
ranges NNS O
between IN O
C$ $ I
16.4 CD I
million CD I
and CC O
C$ $ I
18 CD I
million CD I
, , O
CAE NNP I
said VBD O
, , O
depending VBG O
on IN O
when WRB O
the DT I
Army NNP I
exercises NNS O
its PRP$ I
option NN I
. . O

CAE NNP I
is VBZ O
a DT I
Toronto-based JJ I
maker NN I
of IN O
commercial JJ I
and CC I
military JJ I
aircraft NN I
simulators NNS I
and CC O
training NN I
equipment NN I
. . O

Helionetics NNP I
Inc. NNP I
said VBD O
it PRP I
agreed VBD O
to TO O
team VB O
with IN O
a DT I
unit NN I
of IN O
Minneapolis-based JJ I
Honeywell NNP I
Inc. NNP I
to TO O
provide VB O
power NN I
amplifiers NNS I
for IN O
a DT I
new JJ I
military JJ I
sonar NN I
system NN I
being VBG O
proposed VBN O
by IN O
Honeywell NNP I
. . O

Total JJ I
value NN I
of IN O
the DT I
contract NN I
could MD O
be VB O
$ $ I
100 CD I
million CD I
, , O
Helionetics NNP I
said VBD O
, , O
and CC O
work NN I
on IN O
the DT I
project NN I
would MD O
be VB O
about IN O
evenly RB O
divided VBN O
. . O

As IN O
previously RB O
reported VBD O
, , O
Helionetics NNP I
emerged VBD O
from IN O
Chapter NN I
11 CD I
bankruptcy-law NN I
protection NN I
in IN O
February NNP I
. . O

This DT I
Los NNP I
Angeles NNP I
company NN I
and CC O
its PRP$ I
Union NNP I
Federal NNP I
Savings NNP I
Bank NNP I
subsidiary NN I
said VBD O
more JJR I
than IN I
99 CD I
% NN I
of IN O
their PRP$ I
7 CD I
1\/4 CD I
% NN I
convertible JJ I
subordinated VBN I
debentures NNS I
due JJ O
2011 CD I
were VBD O
tendered VBN O
for IN O
conversion NN I
into IN O
UnionFed NNP I
common JJ I
stock NN I
. . O

The DT I
conversion NN I
increased VBD O
total JJ I
equity NN I
capital NN I
by IN O
about RB I
$ $ I
38.5 CD I
million CD I
to TO O
a DT I
total NN I
of IN O
$ $ I
156.8 CD I
million CD I
. . O

Union NNP I
Federal NNP I
, , O
a DT I
federally RB I
insured VBN I
savings NNS I
bank VBP I
, , O
has VBZ O
$ $ I
2.4 CD I
billion CD I
in IN O
assets NNS I
. . O

David NNP I
D. NNP I
Lung NNP I
was VBD O
appointed VBN O
president NN I
and CC I
chief JJ I
operating VBG I
officer NN I
of IN O
this DT I
maker NN I
of IN O
building NN I
materials NNS I
for IN O
manufactured VBN I
homes NNS I
and CC O
recreational JJ I
vehicles NNS I
. . O

As IN O
president NN I
, , O
Mr. NNP I
Lung NNP I
, , O
42 CD I
years NNS I
old JJ O
, , O
succeeds VBZ O
his PRP$ I
father NN I
, , O
Mervin NNP I
D. NNP I
Lung NNP I
, , O
66 CD I
, , O
who WP I
founded VBD O
the DT I
company NN I
in IN O
1959 CD I
. . O

Mervin NNP I
Lung NNP I
remains VBZ O
chairman NN I
and CC I
chief JJ I
executive JJ I
officer NN I
. . O

David NNP I
Lung NNP I
has VBZ O
been VBN O
with IN O
Patrick NNP I
since IN O
1970 CD I
, , O
and CC O
has VBZ O
served VBN O
as IN O
vice NN I
president NN I
for IN O
administration NN I
and CC I
purchasing VBG I
since IN O
1987 CD I
. . O

General NNP I
Dynamics NNP I
Services NNP I
Co. NNP I
, , O
a DT I
unit NN I
of IN O
General NNP I
Dynamics NNP I
Corp. NNP I
, , O
won VBD O
a DT I
$ $ I
48.2 CD I
million CD I
Army NNP I
contract NN I
to TO O
establish VB O
maintenance NN I
facilities NNS I
for IN O
tracked VBN I
vehicles NNS I
in IN O
Pakistan NNP I
. . O

Grumman NNP I
Corp. NNP I
was VBD O
given VBN O
a DT I
$ $ I
15 CD I
million CD I
Navy NNP I
contract NN I
for IN O
aircraft-electronics NN I
improvements NNS I
. . O

Hughes NNP I
Aircraft NNP I
Co. NNP I
, , O
a DT I
unit NN I
of IN O
General NNP I
Motors NNPS I
Corp. NNP I
, , O
got VBD O
a DT I
$ $ I
10.3 CD I
million CD I
Air NNP I
Force NNP I
contract NN I
for IN O
airborne-radar NN I
equipment NN I
. . O

Reynolds NNP I
Metals NNP I
Co. NNP I
said VBD O
third-quarter JJ I
net JJ I
income NN I
dropped VBD O
nearly RB I
10 CD I
% NN I
to TO O
$ $ I
123.7 CD I
million CD I
, , O
or CC O
$ $ I
2.10 CD I
a DT B
share NN I
, , O
from IN O
$ $ I
137.2 CD I
million CD I
, , O
or CC O
$ $ I
2.56 CD I
a DT B
share NN I
, , O
a DT I
year NN I
earlier RBR O
. . O

The DT I
latest JJS I
earnings NNS I
reflect VBP O
an DT I
increase NN I
of IN O
about IN I
5.5 CD I
million CD I
in IN O
common JJ I
shares NNS I
outstanding JJ O
. . O

Revenue NN I
rose VBD O
3 CD I
% NN I
to TO O
$ $ I
1.52 CD I
billion CD I
from IN O
$ $ I
1.48 CD I
billion CD I
. . O

Reynolds NNP I
is VBZ O
the DT I
third JJ I
big JJ I
aluminum NN I
company NN I
since IN O
Friday NNP I
to TO O
report VB O
disappointing JJ I
earnings NNS I
. . O

The DT I
No. NN I
1 CD I
domestic JJ I
aluminum NN I
producer NN I
, , O
Aluminum NNP I
Co. NNP I
of IN O
America NNP I
, , O
Friday NNP I
said VBD O
its PRP$ I
earnings NNS I
fell VBD O
3.2 CD I
% NN I
to TO O
$ $ I
219 CD I
million CD I
, , O
or CC O
$ $ I
2.46 CD I
a DT B
share NN I
. . O

And CC O
Alcan NNP I
Aluminium NNP I
Ltd. NNP I
yesterday NN B
reported VBD O
net JJ I
income NN I
slid VBD O
30 CD I
% NN I
to TO O
$ $ I
180 CD I
million CD I
, , O
or CC O
77 CD I
cents NNS I
a DT B
share NN I
, , O
from IN O
$ $ I
258 CD I
million CD I
, , O
or CC O
$ $ I
1.07 CD I
a DT B
share NN I
. . O

Analysts NNS I
on IN O
average NN I
had VBD O
been VBN O
expecting VBG O
about RB I
$ $ I
2.70 CD I
for IN O
Alcoa NNP I
and CC O
$ $ I
1 CD I
for IN O
Alcan NNP I
. . O

`` `` O
It PRP I
's VBZ O
a DT I
good JJ I
indication NN I
that DT O
level NN I
of IN O
profitability NN I
has VBZ O
peaked VBN O
for IN O
the DT I
industry NN I
, , O
'' '' O
says VBZ O
Vahid NNP I
Fathi NNP I
, , O
metals NNS I
analyst NN I
with IN O
Prescott NNP I
, , I
Ball NNP I
& CC I
Turben NNP I
Inc. NNP I
, , O
who WP I
had VBD O
estimated VBN O
Reynolds NNP I
would MD O
earn VB O
about RB I
$ $ I
2.35 CD I
a DT B
share NN I
. . O

The DT I
nation NN I
's POS B
No. NN I
2 CD I
aluminum NN I
company NN I
said VBD O
earnings NNS I
were VBD O
hurt VBN O
by IN O
lower JJR I
prices NNS I
for IN O
certain RB I
fabricated VBN I
aluminum NN I
products NNS I
, , O
which WDT I
typically RB O
follow VB O
price NN I
fluctuations NNS I
of IN O
primary JJ I
ingots NNS I
. . O

The DT I
base NN I
metal NN I
price NN I
has VBZ O
dropped VBN O
30.3 CD I
% NN I
from IN O
a DT I
year NN I
earlier RBR O
to TO O
78 CD I
cents NNS I
a DT B
pound NN I
. . O

Much RB I
of IN O
the DT I
price NN I
decline NN I
has VBZ O
been VBN O
blamed VBN O
on IN O
a DT I
slowing VBG I
economy NN I
and CC O
the DT I
third JJ I
quarter NN I
is VBZ O
typically RB O
the DT I
industry NN I
's POS B
slowest JJS I
period NN I
. . O

But CC O
William NNP I
O. NNP I
Bourke NNP I
, , O
chairman NN I
and CC O
chief JJ I
executive JJ I
officer NN I
, , O
said VBD O
the DT I
ingot NN I
price NN I
`` `` O
appears VBZ O
to TO O
have VB O
bottomed VBN O
out IN O
. . O
'' '' O

He PRP I
said VBD O
shipments NNS I
are VBP O
continuing VBG O
at IN O
a DT I
`` `` I
healthy JJ I
'' '' I
pace NN I
and CC O
the DT I
company NN I
has VBZ O
no DT I
excess JJ I
inventory NN I
. . O

Aluminum JJ I
shipments NNS I
of IN O
329,600 CD I
metric JJ I
tons NNS I
were VBD O
nearly RB O
equal JJ O
to TO O
the DT I
year-earlier JJ I
period NN I
, , O
the DT I
company NN I
said VBD O
. . O

Nevertheless RB O
, , O
the DT I
company NN I
said VBD O
that IN O
in IN O
the DT I
latest JJS I
quarter NN I
there EX B
were VBD O
increased VBN I
material NN I
and CC I
labor NN I
costs NNS I
, , O
including VBG O
a DT I
new JJ I
employee NN I
profit-sharing NN I
plan NN I
. . O

In IN O
composite JJ I
trading NN I
on IN O
the DT I
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
, , O
Reynolds NNP I
closed VBD O
at IN O
$ $ I
55.375 CD I
, , O
up IN O
$ $ I
1.25 CD I
. . O

No DT I
strikeout NN I
, , O
but CC O
certainly RB I
no DT I
home NN I
run NN I
. . O

That DT I
's VBZ O
how WRB O
the DT I
stock-picking JJ I
game NN I
is VBZ O
shaping VBG O
up IN O
for IN O
the DT I
months NNS I
ahead RB I
, , O
according VBG O
to TO O
money NN I
managers NNS I
and CC O
a DT I
few JJ I
brokers NNS I
. . O

Yesterday NN I
's POS B
88-point JJ I
recovery NN I
from IN O
Friday NNP I
's POS B
megadrop NN I
in IN O
the DT I
Dow NNP I
Jones NNP I
industrials NNS I
had VBD O
many JJ I
brokerage NN I
houses NNS I
proclaiming VBG O
that IN O
stocks NNS I
are VBP O
a DT I
good JJ I
bargain NN I
again RB O
. . O

But CC O
quite RB I
a DT I
few JJ I
money NN I
managers NNS I
are VBP O
n't RB O
buying VBG O
it PRP I
. . O

Weakening VBG I
corporate JJ I
earnings NNS I
, , O
they PRP I
say VBP O
, , O
are VBP O
no DT I
prescription NN I
for IN O
a DT I
bull NN I
market NN I
. . O

`` `` O
The DT I
stock NN I
market NN I
ai VBP O
n't RB O
going VBG O
to TO O
do VB O
much NN I
of IN O
anything NN I
'' '' O
for IN O
a DT I
while NN I
, , O
says VBZ O
John NNP I
Neff NNP I
of IN O
Wellington NNP I
Management NNP I
, , O
who WP I
runs VBZ O
the DT I
$ $ I
8.3 CD I
billion CD I
Windsor NNP I
Fund NNP I
. . O

He PRP I
suspects VBZ O
that IN O
Friday NNP I
's POS B
market NN I
decline NN I
may MD O
have VB O
a DT I
second JJ I
leg NN I
, , O
perhaps RB I
a DT I
10 CD I
% NN I
to TO I
15 CD I
% NN I
drop NN I
later RB O
on RB O
. . O

Mr. NNP I
Neff NNP I
says VBZ O
the DT I
stock NN I
market NN I
has VBZ O
lost VBN O
some DT I
powerful JJ I
driving NN I
forces NNS I
, , O
namely RB O
earnings NNS I
growth NN I
and CC O
the DT I
`` `` I
LBO NNP I
sweepstakes NN I
'' '' I
-- : O
buy-out NN I
fever NN I
that WDT B
induced VBD O
investors NNS I
to TO O
bid VB O
up IN O
whole JJ I
groups NNS I
of IN O
stocks NNS I
, , O
such JJ O
as IN O
media NNS I
and CC I
airlines NNS I
. . O

After IN O
sitting VBG O
with IN O
20 CD I
% NN I
of IN O
his PRP$ I
fund NN I
in IN O
cash NN I
before IN O
Friday NNP I
's POS B
sell-off NN I
, , O
Mr. NNP I
Neff NNP I
says VBZ O
he PRP I
bought VBD O
`` `` O
a DT I
narrow JJ I
list NN I
of IN O
stocks NNS I
'' '' O
yesterday NN I
. . O

With IN O
flat JJ I
corporate JJ I
profits NNS I
on IN O
the DT I
horizon NN I
for IN O
1990 CD I
, , O
money NN I
managers NNS I
say VBP O
price-earnings JJ I
multiples NNS I
that WDT B
look VBP O
cheap JJ O
today NN I
might MD O
go VB O
on IN O
being VBG O
cheap JJ O
for IN O
a DT I
long JJ I
time NN I
. . O

`` `` O
This DT I
is VBZ O
not RB O
a DT I
grossly RB I
overvalued VBN I
market NN I
, , O
but CC O
it PRP I
's VBZ O
not RB O
cheap JJ O
either DT O
, , O
'' '' O
says VBZ O
George NNP I
Collins NNP I
, , O
president NN I
of IN O
the DT I
mutual JJ I
fund NN I
company NN I
T. NNP B
Rowe NNP I
Price NNP I
Associates NNPS I
in IN O
Baltimore NNP I
. . O

According VBG O
to TO O
Institutional JJ I
Brokers NNP I
Estimate NNP I
System NNP I
, , O
Wall NNP I
Street NNP I
market NN I
strategists NNS I
see VBP O
only RB I
a DT I
2.4 CD I
% NN I
jump NN I
in IN O
company NN I
profits NNS I
in IN O
1990 CD I
-- : O
unlike IN O
in IN O
1987 CD I
, , O
when WRB O
profits VBZ I
a DT B
year NN I
out IN O
looked VBN O
good JJ O
-LRB- ( O
they PRP I
did VBD O
soar VB O
36 CD I
% NN I
in IN O
1988 CD I
-RRB- ) O
. . O

Bulls NNS I
say VBP O
the DT I
market NN I
is VBZ O
an DT I
incredible JJ I
bargain NN I
, , O
priced VBN O
at IN O
only RB I
about IN I
12 CD I
times NNS I
estimated VBN I
1989 CD I
earnings NNS I
for IN O
stocks NNS I
in IN O
the DT I
Standard NNP I
& CC I
Poor NNP I
's POS B
500 CD I
index NN I
. . O

Before IN O
the DT I
1987 CD I
crash NN I
, , O
the DT I
P\/E NNP I
was VBD O
more JJR I
than IN I
20 CD I
. . O

The DT I
common JJ I
view NN I
, , O
says VBZ O
Abby NNP I
Cohen NNP I
, , O
strategist NN I
for IN O
Drexel NNP I
Burnham NNP I
Lambert NNP I
, , O
is VBZ O
that IN O
there EX I
will MD O
be VB O
`` `` O
mild JJ I
economic JJ I
growth NN I
, , O
modest JJ I
profit NN I
expansion NN I
, , O
and CC O
things NNS I
are VBP O
going VBG O
to TO O
be VB O
hunky-dory JJ O
. . O

Our PRP$ I
view NN I
is VBZ O
that IN O
we PRP I
may MD O
see VB O
a DT I
profit NN I
decline NN I
. . O
'' '' O

Some DT I
think NN O
investors NNS I
should MD O
sell VB O
into IN O
rallies NNS I
. . O

The DT I
market NN I
`` `` O
is VBZ O
going VBG O
to TO O
wind VB O
down RB O
, , O
'' '' O
says VBZ O
Gerald NNP I
W. NNP I
Perritt NNP I
, , O
a DT I
Chicago NNP I
money NN I
manager NN I
. . O

`` `` O
Things NNS I
are VBP O
a DT I
little RB I
less RBR O
overpriced VBN O
'' '' O
after IN O
Friday NNP I
's POS B
jolt NN I
in IN O
the DT I
market NN I
. . O

He PRP I
expects VBZ O
stocks NNS I
to TO O
decline VB O
an DT I
additional JJ I
5 NN I
% NN I
to TO O
30 CD I
% NN I
, , O
with IN O
the DT I
Dow NNP I
perhaps RB O
bottoming VBG O
out IN O
between IN O
2000 CD I
and CC I
2100 CD I
`` `` O
between IN O
now RB O
and CC O
June NNP I
. . O
'' '' O

After IN O
Friday NNP I
's POS B
decline NN I
, , O
Mr. NNP I
Perritt NNP I
's POS B
firm NN I
ran VBD O
statistical JJ I
tests NNS I
on IN O
100 CD I
high-quality JJ I
stocks NNS I
, , O
using VBG O
old-fashioned JJ I
value NN I
criteria NNS I
devised VBN O
by IN O
Benjamin NNP I
Graham NNP I
, , O
an DT I
analyst NN I
and CC I
author NN I
in IN O
the DT I
1930s CD I
and CC I
1940s CD I
who WP B
is VBZ O
widely RB O
considered VBN O
to TO O
be VB O
the DT I
father NN I
of IN O
modern JJ I
securities NNS I
analysis NN I
. . O

He PRP I
found VBD O
85 CD I
still RB O
overvalued VBN O
and CC O
15 CD I
fairly RB O
valued VBN O
. . O

Nicholas NNP I
Parks NNP I
, , O
a DT I
New NNP I
York NNP I
money NN I
manager NN I
, , O
expects VBZ O
the DT I
market NN I
to TO O
decline VB O
about IN I
15 CD I
% NN I
. . O

`` `` O
I PRP I
've VBP O
been VBN O
two-thirds NNS I
in IN O
cash NN I
since IN O
July NNP I
, , O
and CC O
I PRP I
continue VBP O
to TO O
think VB O
that IN O
having VBG O
a DT I
defensive JJ I
position NN I
is VBZ O
appropriate JJ O
, , O
'' '' O
he PRP I
says VBZ O
. . O

Companies NNS I
that WDT B
piled VBD O
on IN O
debt NN I
in IN O
leveraged JJ I
buy-outs NNS I
during IN O
the DT I
past JJ I
two CD I
years NNS I
`` `` O
will MD O
continue VB O
to TO O
surface VB O
as IN O
business NN I
problems NNS I
. . O
'' '' O

`` `` O
Generalizations NNS I
about IN O
value NN I
are VBP O
n't RB O
useful JJ O
, , O
'' '' O
says VBZ O
New NNP I
York NNP I
money NN I
manager NN I
John NNP I
LeFrere NNP I
of IN O
Delta NNP I
Capital NNP I
Management NNP I
. . O

For IN O
instance NN I
, , O
he PRP I
says VBZ O
, , O
International NNP I
Business NNP I
Machines NNPS I
and CC O
Unisys NNP I
might MD O
look VB O
cheap JJ O
, , O
but CC O
investors NNS I
might MD O
continue VB O
to TO O
do VB O
better JJR O
with IN O
stocks NNS I
like IN O
Walt NNP I
Disney NNP I
, , O
Procter NNP I
& CC I
Gamble NNP I
and CC O
Coca-Cola NNP I
, , O
strong JJ I
performers NNS I
in IN O
recent JJ I
years NNS I
. . O

Money NN I
manager NN I
Robert NNP I
Ross NNP I
, , O
head NN I
of IN O
Duncan NNP I
Ross NNP I
Associates NNP I
Ltd. NNP I
in IN O
Vancouver NNP I
, , O
British NNP I
Columbia NNP I
, , O
says VBZ O
stocks NNS I
would MD O
have VB O
to TO O
fall VB O
15 CD I
% NN I
to TO I
20 CD I
% NN I
before IN O
they PRP I
are VBP O
competitive JJ O
with IN O
less RBR I
risky JJ I
investment NN I
alternatives NNS I
. . O

Fredric NNP I
Russell NNP I
, , O
a DT I
money NN I
manager NN I
in IN O
Tulsa NNP I
, , O
Okla. NNP I
, , O
says VBZ O
Friday NNP I
's POS B
cave-in NN I
`` `` O
is VBZ O
going VBG O
to TO O
have VB O
more JJR O
of IN O
a DT I
permanent JJ I
impact NN I
on IN O
the DT I
psyche NN I
of IN O
many JJ I
investors NNS I
than IN O
Wall NNP I
Street NNP I
would MD O
want VB O
to TO O
admit VB O
. . O
'' '' O

There EX I
are VBP O
still JJ O
bulls NNS I
out IN O
there RB O
. . O

`` `` O
I PRP I
still RB O
think VBP O
we PRP I
will MD O
have VB O
a DT I
3000 CD I
Dow NNP I
, , O
whether IN O
it PRP I
's VBZ O
six CD I
months NNS I
or CC O
12 CD I
months NNS I
from IN O
now RB I
I PRP B
do VBP O
n't RB O
know VB O
, , O
'' '' O
says VBZ O
David NNP I
Dreman NNP I
, , O
managing VBG I
partner NN I
of IN O
Dreman NNP I
Value NNP I
Management NNP I
in IN O
New NNP I
York NNP I
. . O

`` `` O
We PRP I
're VBP O
doing VBG O
a DT I
little JJ I
buying NN I
'' '' O
in IN O
some DT I
stocks NNS I
`` `` O
that WDT I
have VBP O
really RB O
been VBN O
smashed VBN O
down RB O
. . O
'' '' O

Many JJ I
brokerage NN I
house NN I
officials NNS I
also RB O
are VBP O
optimistic JJ O
. . O

Yesterday NN I
, , O
Goldman NNP I
Sachs NNP I
, , O
Merrill NNP I
Lynch NNP I
and CC O
Dean NNP I
Witter NNP I
all DT B
increased VBN O
the DT I
proportion NN I
of IN O
assets NNS I
they PRP B
recommend VBP O
investors NNS I
commit VBP O
to TO O
stocks NNS I
. . O

Dean NNP I
Witter NNP I
now RB O
recommends VBZ O
85 CD I
% NN I
, , O
Goldman NNP I
65 CD B
% NN I
and CC O
Merrill NNP I
Lynch NNP I
50 CD B
% NN I
. . O

Some DT I
investors NNS I
say VBP O
Friday NNP I
's POS B
sell-off NN I
was VBD O
a DT I
good JJ I
thing NN I
, , O
because IN O
it PRP I
deflated VBD O
a DT I
lot NN I
of IN O
crazy JJ I
takeover NN I
speculation NN I
. . O

`` `` O
It PRP I
was VBD O
a DT I
healthy JJ I
cleansing NN I
, , O
'' '' O
says VBZ O
Michael NNP I
Holland NNP I
, , O
who WP I
runs VBZ O
Salomon NNP I
Brothers NNP I
Asset NNP I
Management NNP I
in IN O
New NNP I
York NNP I
. . O

From IN O
here RB O
out IN O
, , O
these DT I
investors NNS I
see VBP O
a DT I
return NN I
to TO O
old-fashioned JJ I
investing NN I
, , O
based VBN O
on IN O
a DT I
company NN I
's POS B
ability NN I
to TO O
show VB O
profit NN I
growth NN I
. . O

`` `` O
The DT I
fundamentals NNS I
are VBP O
pretty RB O
strong JJ O
, , O
'' '' O
Mr. NNP I
Dreman NNP I
says VBZ O
. . O

`` `` O
I PRP I
do VBP O
n't RB O
see VB O
this DT I
as IN O
a DT I
bear NN I
market NN I
at IN O
all DT O
. . O

It PRP I
's VBZ O
a DT I
recognition NN I
that IN O
there EX I
was VBD O
much JJ I
too RB I
much JJ I
fluff NN I
in IN O
the DT I
LBO NNP I
market NN I
. . O
'' '' O

Friday NNP I
's POS B
big JJ I
fall NN I
was VBD O
`` `` O
just RB I
a DT I
blunder NN I
by IN O
the DT I
stock NN I
market NN I
, , O
'' '' O
says VBZ O
John NNP I
Connolly NNP I
, , O
chief JJ I
strategist NN I
for IN O
Dean NNP I
Witter NNP I
. . O

`` `` O
It PRP I
was VBD O
an DT I
overreaction NN I
to TO O
an DT I
event NN I
-LCB- ( O
the DT I
failure NN I
of IN O
a DT I
management NN I
and CC I
union NN I
group NN I
to TO O
get VB O
bank NN I
financing NN I
for IN O
a DT I
takeover NN I
of IN O
UAL NNP I
-RCB- ) O
that WDT I
does VBZ O
n't RB O
mean VB O
that IN I
much JJ I
to TO O
lots NNS I
of IN O
stocks NNS I
. . O
'' '' O

Many JJ I
investors NNS I
have VBP O
nagging JJ I
worries NNS I
, , O
however RB O
. . O

Newspapers NNS I
are VBP O
full JJ O
of IN O
headlines NNS I
about IN O
companies NNS I
defaulting VBG O
on IN O
their PRP$ I
debts NNS I
and CC O
banks NNS I
writing VBG O
off IN O
real JJ I
estate NN I
loans NNS I
. . O

That DT I
hurts VBZ O
investors NNS I
' POS B
confidence NN I
in IN O
the DT I
economy NN I
and CC I
stocks NNS I
. . O

Not RB I
even RB I
all PDT I
the DT I
brokerage NN I
firms NNS I
see VBP O
clear JJ I
sailing NN I
ahead RB O
. . O

`` `` O
Disappointing JJ I
profits NNS I
are VBP O
likely JJ O
to TO O
get VB O
worse JJR O
in IN O
the DT I
next JJ I
two CD I
quarters NNS I
, , O
'' '' O
says VBZ O
Mary NNP I
Farrell NNP I
, , O
a DT I
market NN I
strategist NN I
at IN O
PaineWebber NNP I
. . O

She PRP I
thinks VBZ O
the DT I
market NN I
could MD O
drop VB O
about IN I
10 CD I
% NN I
in IN O
the DT I
next JJ I
few JJ I
months NNS I
, , O
then RB O
recover VB O
and CC O
go VB O
higher JJR O
. . O

Companies NNS I
with IN O
steady JJ I
earnings NNS I
growth NN I
could MD O
do VB O
well RB O
, , O
she PRP I
says VBZ O
, , O
while IN O
others NNS I
with IN O
high JJ I
debt NN I
or CC O
poor JJ I
earnings NNS I
could MD O
see VB O
their PRP$ I
shares NNS I
decline VBP O
far RB I
more JJR I
than IN I
10 CD I
% NN I
. . O

The DT I
turmoil NN I
on IN O
Wall NNP I
Street NNP I
may MD O
benefit VB O
some DT I
retailers NNS I
attempting VBG O
to TO O
lead VB O
leveraged JJ I
buy-outs NNS I
of IN O
their PRP$ I
specialty NN I
and CC I
department-store NN I
chains NNS I
, , O
investment NN I
bankers NNS I
and CC I
retailers NNS I
said VBD O
. . O

Managers NNS I
at IN O
five CD I
chains NNS I
have VBP O
said VBD O
in IN O
recent JJ I
weeks NNS I
that IN O
they PRP I
intend VBP O
to TO O
bid VB O
for IN O
their PRP$ I
companies NNS I
. . O

The DT I
chains NNS I
include VBP O
Bloomingdale NNP I
's POS B
, , O
owned VBN O
by IN O
Campeau NNP I
Corp. NNP I
, , O
Toronto NNP I
; : O
Saks NNP I
Fifth NNP I
Avenue NNP I
and CC O
Marshall NNP I
Field NNP I
's POS I
, , O
owned VBN O
by IN O
B.A.T NNP I
Industries NNP I
PLC NNP I
, , O
London NNP I
; : O
and CC O
B. NNP I
Altman NNP I
& CC I
Co. NNP I
and CC O
Sakowitz NNP I
Inc. NNP I
, , O
owned VBN O
by IN O
Hooker NNP I
Corp. NNP I
, , O
which WDT I
is VBZ O
now RB O
being VBG O
managed VBN O
by IN O
a DT I
court-appointed JJ I
provisional JJ I
liquidator NN I
. . O

Hooker NNP I
is VBZ O
based VBN O
in IN O
Sydney NNP I
, , O
Australia NNP I
. . O

The DT I
combination NN I
of IN O
so RB I
many JJ I
chains NNS I
available JJ O
for IN O
sale NN I
, , O
the DT I
recent JJ I
failures NNS I
of IN O
such JJ I
retailing NN I
LBO NNP I
's POS I
as IN O
Miller NNP I
& CC I
Rhoads NNP I
Inc. NNP I
and CC O
declining VBG I
investor NN I
confidence NN I
will MD O
drive VB O
down RB O
prices VBZ I
, , O
retailing NN I
observers NNS I
said VBD O
. . O

`` `` O
The DT I
pricing NN I
will MD O
become VB O
more RBR O
realistic JJ O
, , O
which WDT I
should MD O
help VB O
management NN I
, , O
'' '' O
said VBD O
Bruce NNP I
Rosenthal NNP I
, , O
a DT I
New NNP I
York NNP I
investment NN I
banker NN I
with IN O
Nathan NNP I
S. NNP I
Jonas NNP I
& CC I
Co NNP I
. . O

`` `` O
Investors NNS I
are VBP O
n't RB O
going VBG O
to TO O
be VB O
throwing VBG O
money NN I
at IN O
any DT I
of IN O
the DT I
proposed VBN I
LBOs NNS I
, , O
but CC O
doing VBG O
deals NNS I
on IN O
the DT I
basis NN I
of IN O
ridiculous JJ I
assumptions NNS I
never RB O
made VBN O
sense NN I
, , O
either RB O
. . O
'' '' O

Earlier RBR I
this DT I
year NN I
, , O
bankers NNS I
and CC O
other JJ I
investors NNS I
were VBD O
willing JJ O
to TO O
provide VB O
financing NN I
because IN O
they PRP I
assumed VBD O
there EX I
would MD O
be VB O
major JJ I
gains NNS I
in IN O
both DT I
profitability NN I
and CC I
sales NNS I
, , O
Mr. NNP I
Rosenthal NNP I
added VBD O
. . O

Those DT I
days NNS I
are VBP O
over IN O
now RB O
, , O
he PRP I
believes VBZ O
. . O

`` `` O
Competition NN I
from IN O
third JJ I
parties NNS I
who WP B
have VBP O
cash NN I
and CC O
are VBP O
prepared VBN O
to TO O
buy VB O
has VBZ O
always RB O
existed VBN O
and CC O
will MD O
continue VB O
, , O
'' '' O
added VBD O
Mr. NNP I
Rosenthal NNP I
. . O

`` `` O
But CC O
when WRB O
prices NNS I
were VBD O
crazy JJ O
, , O
it PRP I
was VBD O
even RB O
harder JJR O
to TO O
do VB O
an DT I
LBO NNP I
. . O

Bankers NNS I
believed VBD O
in IN O
the DT I
greater-fool JJ I
theory NN I
that WDT B
says VBZ O
somebody NN I
else RB I
is VBZ O
always RB O
willing JJ O
to TO O
pay VB O
more JJR I
. . O

This DT I
is VBZ O
no RB O
longer RB O
true JJ O
today NN I
. . O
'' '' O

At IN O
Saks NNP I
Fifth NNP I
Avenue NNP I
, , O
Paul NNP I
Leblang NNP I
, , O
senior JJ I
vice NN I
president NN I
, , O
marketing NN I
, , O
agreed VBD O
that IN O
lower JJR I
prices NNS I
will MD O
help VB O
his PRP$ I
management NN I
team NN I
in IN O
their PRP$ I
proposed VBN I
LBO NNP I
. . O

`` `` O
Having VBG O
to TO O
take VB O
on IN O
less JJR I
debt NN I
would MD O
certainly RB O
be VB O
an DT I
advantage NN I
, , O
'' '' O
said VBD O
Mr. NNP I
Leblang NNP I
. . O

`` `` O
It PRP I
would MD O
also RB O
help VB O
us PRP I
in IN O
our PRP$ I
search NN I
for IN O
equity NN I
partners NNS I
. . O

To TO O
make VB O
an DT I
LBO NNP I
work NN O
, , O
now RB O
we PRP I
are VBP O
going VBG O
to TO O
need VB O
more JJR I
than IN O
just RB I
junk NN I
bonds NNS I
. . O

'' '' O
None NN I
believe VBP O
the DT I
proposed VBN I
management NN I
LBOs NNS I
will MD O
be VB O
easy JJ O
to TO O
complete VB O
, , O
especially RB O
at IN O
B. NNP I
Altman NNP I
& CC I
Co. NNP I
, , O
which WDT I
is VBZ O
under IN O
Chapter NN I
11 CD I
bankruptcy NN I
protection NN I
. . O

Not RB O
only RB O
could MD O
the DT I
Wall NNP I
Street NNP I
gyrations NNS I
damp VBP O
Christmas NNP I
sales NNS I
if IN O
consumers NNS I
lose VBP O
confidence NN I
in IN O
the DT I
economy NN I
, , O
but CC O
potential JJ I
junk-bond NN I
buyers NNS I
are VBP O
sure JJ O
to TO O
demand VB O
even RB I
stronger JJR I
covenants NNS I
and CC O
greater JJR I
management NN I
equity NN I
participation NN I
. . O

Further RB O
, , O
many JJ I
institutions NNS I
today NN B
holding VBG O
troubled JJ I
retailers NNS I
' POS B
debt NN I
securities NNS I
will MD O
be VB O
reticent JJ O
to TO O
consider VB O
additional JJ I
retailing NN I
investments NNS I
. . O

`` `` O
It PRP I
's VBZ O
called VBN O
bad JJ I
money NN I
driving VBG O
out IN O
good JJ I
money NN I
, , O
'' '' O
said VBD O
one CD I
retailing NN I
observer NN I
. . O

`` `` O
Institutions NNS I
that WDT B
usually RB O
buy VB O
retail JJ I
paper NN I
have VBP O
to TO O
be VB O
more RBR O
concerned VBN O
. . O
'' '' O

However RB O
, , O
the DT I
lower JJR I
prices VBZ I
these DT B
retail JJ I
chains NNS I
are VBP O
now RB O
expected VBN O
to TO O
bring VB O
should MD O
make VB O
it PRP I
easier JJR O
for IN O
managers NNS I
to TO O
raise VB O
the DT I
necessary JJ I
capital NN I
and CC O
pay VB O
back RB O
the DT I
resulting VBG I
debt NN I
. . O

In IN O
addition NN I
, , O
the DT I
fall NN I
selling VBG I
season NN I
has VBZ O
generally RB O
been VBN O
a DT I
good JJ I
one CD I
, , O
especially RB O
for IN O
those DT I
retailers NNS I
dependent JJ O
on IN O
apparel NN I
sales NNS I
for IN O
the DT I
majority NN I
of IN O
their PRP$ I
revenues NNS I
. . O

`` `` O
What WP I
's VBZ O
encouraging VBG O
about IN O
this DT I
is VBZ O
that IN O
retail JJ I
chains NNS I
will MD O
be VB O
sold VBN O
on IN O
the DT I
basis NN I
of IN O
their PRP$ I
sales NNS I
and CC I
earnings NNS I
, , O
not RB O
liquidation NN I
values NNS I
, , O
'' '' O
said VBD O
Joseph NNP I
E. NNP I
Brooks NNP I
, , O
chairman NN I
and CC O
chief JJ I
executive JJ I
officer NN I
of IN O
Ann NNP I
Taylor NNP I
Inc. NNP I
, , O
a DT I
specialty NN I
chain NN I
. . O

`` `` O
Retailers NNS I
who WP B
had VBD O
good JJ I
track NN I
records NNS I
of IN O
producing VBG O
profits NNS I
will MD O
have VB O
a DT I
better JJR I
chance NN I
to TO O
buy VB O
back RB O
their PRP$ I
companies NNS I
. . O
'' '' O

Still RB O
, , O
most RBS I
retailing NN I
observers NNS I
expect VBP O
that IN O
all PDT I
the DT I
proposed VBN I
retailing NN I
LBOs NNS I
will MD O
depend VB O
partly RB O
on IN O
the DT I
sale NN I
of IN O
junk NN I
bonds NNS I
, , O
a DT I
market NN I
already RB O
in IN O
tumult NN I
, , O
in IN O
part NN I
because IN O
of IN O
concerns NNS I
associated VBN O
with IN O
bonds NNS I
issued VBN O
by IN O
the DT I
Federated NNP I
and CC I
Allied NNP I
units NNS I
of IN O
Campeau NNP I
. . O

`` `` O
Prices NNS I
for IN O
retail JJ I
chains NNS I
are VBP O
lower JJR O
today NN I
than IN O
they PRP I
were VBD O
last JJ I
week NN I
, , O
which WDT I
will MD O
help VB O
management NN I
, , O
'' '' O
said VBD O
Gilbert NNP I
Harrison NNP I
, , O
chairman NN I
of IN O
Financo NNP I
Inc. NNP I
, , O
an DT I
investment-banking NN I
firm NN I
specializing VBG O
in IN O
retailing NN I
acquisitions NNS I
. . O

`` `` O
But CC O
the DT I
hurdle NN I
of IN O
financing NN I
still RB O
has VBZ O
to TO O
be VB O
resolved VBN O
. . O

Potential JJ I
bondholders NNS I
will MD O
either DT O
look NN O
for IN O
greater JJR I
equity NN I
participation NN I
on IN O
behalf NN I
of IN O
management NN I
, , O
or CC O
insist VBP O
the DT I
equity NN I
component NN I
of IN O
the DT I
deals NNS I
be VBP O
substantially RB O
greater JJR O
than IN O
in IN O
the DT I
past NN I
. . O

Sony NNP I
Corp. NNP I
won VBD O
a DT I
pretrial JJ I
order NN I
blocking VBG O
U.S. NNP I
sales NNS I
of IN O
Justin NNP I
Products NNP I
Inc. NNP I
's POS B
`` `` I
My PRP$ I
Own JJ I
'' '' I
line NN I
of IN O
portable JJ I
audio JJ I
players NNS I
for IN O
children NNS I
. . O

Judge NNP I
John NNP I
E. NNP I
Sprizzo NNP I
issued VBD O
the DT I
order NN I
in IN O
Manhattan NNP I
federal JJ I
court NN I
, , O
where WRB O
Sony NNP I
has VBZ O
accused VBN O
the DT I
tiny JJ I
company NN I
of IN O
illegally RB O
knocking VBG O
off IN O
the DT I
`` `` I
My PRP$ I
First NNP I
Sony NNP I
'' '' I
line NN I
. . O

The DT I
judge NN I
held VBN O
that IN O
the DT I
combination NN I
of IN O
colors NNS I
used VBN O
for IN O
the DT I
Sony NNP I
products NNS I
is VBZ O
distinctive JJ O
and CC O
subject NN O
to TO O
protection NN I
under IN O
New NNP I
York NNP I
state NN I
law NN I
, , O
rather RB O
than IN O
federal JJ I
law NN I
. . O

The DT I
legal JJ I
fight NN I
was VBD O
the DT I
subject NN I
of IN O
a DT I
Wall NNP I
Street NNP I
Journal NNP I
story NN I
yesterday NN B
. . O

Justin NNP I
's POS B
attorney NN I
, , O
Charles NNP I
E. NNP I
Baxley NNP I
, , O
said VBD O
Justin NNP I
would MD O
ask VB O
an DT I
appeals NNS I
court VBP I
to TO O
set VB O
aside RB O
the DT I
order NN I
temporarily RB O
, , O
pending VBG O
an DT I
expedited VBN I
appeal NN I
. . O

He PRP I
also RB O
repeated VBD O
Justin NNP I
's POS B
denial NN I
of IN O
Sony NNP I
's POS B
charges NNS I
. . O

`` `` O
Their PRP$ I
likelihood NN I
of IN O
reversing VBG O
us PRP I
is VBZ O
very RB O
slim JJ O
, , O
'' '' O
said VBD O
Lewis NNP I
H. NNP I
Eslinger NNP I
, , O
Sony NNP I
's POS B
attorney NN I
, , O
who WP I
said VBD O
he PRP I
doubts VBZ O
Justin NNP I
will MD O
go VB O
ahead RB O
with IN O
a DT I
trial NN I
. . O

CONTINENTAL NNP I
MORTGAGE NNP I
& CC I
EQUITY NNP I
TRUST NNP I
said VBD O
it PRP I
will MD O
resume VB O
dividend NN I
payments NNS I
with IN O
a DT I
10-cent-a-share JJ I
payout NN I
on IN O
Nov. NNP I
6 CD I
to TO O
shares NNS I
of IN O
record NN I
Oct. NNP B
25 CD I
. . O

The DT I
Dallas NNP I
real JJ I
estate NN I
investment NN I
trust NN I
last RB O
paid VBD O
a DT I
dividend NN I
on IN O
Dec. NNP I
31 CD I
, , O
1987 CD I
, , O
when WRB O
shareholders NNS I
received VBD O
$ $ I
1 CD I
a DT B
share NN I
. . O

Despite IN O
continuing VBG I
troubles NNS I
with IN O
problem NN I
assets NNS I
and CC O
nonperforming JJ I
loans NNS I
, , O
the DT I
trust NN I
said VBD O
it PRP I
expects VBZ O
to TO O
be VB O
able JJ O
to TO O
maintain VB O
or CC O
increase VB O
the DT I
rate NN I
of IN O
distributions NNS I
because IN O
of IN O
operations NNS I
of IN O
joint-venture JJ I
properties NNS I
. . O

A DT I
federal JJ I
appeals NNS I
court VBP I
struck VBD O
down RP O
a DT I
natural-gas NN I
regulation NN I
that WDT B
had VBD O
prevented VBN O
pipeline NN I
companies NNS I
from IN O
passing VBG O
to TO O
customers NNS I
part NN B
of IN O
$ $ I
1 CD I
billion CD I
in IN O
costs NNS I
from IN O
controversial JJ I
`` `` I
take-or-pay JJ I
'' '' I
contracts NNS I
. . O

The DT I
court NN I
, , O
in IN O
a DT I
3-0 JJ I
ruling NN I
, , O
threw VBD O
out IN O
a DT I
deadline NN I
set VBN O
by IN O
the DT I
Federal NNP I
Energy NNP I
Regulatory NNP I
Commission NNP I
for IN O
settling VBG O
old JJ I
contract NN I
disputes NNS I
over IN O
gas NN I
that IN B
the DT B
pipeline NN I
companies NNS I
reserved VBN O
but CC O
did VBD O
n't RB O
use VB O
. . O

FERC NNP I
's POS B
regulation NN I
had VBD O
given VBN O
pipelines NNS I
until IN O
March NNP I
31 CD I
, , O
1989 CD I
, , O
to TO O
pass VB O
on IN O
to TO O
customers NNS I
as RB B
much JJ I
as IN I
50 CD I
% NN I
of IN O
the DT I
costs NNS I
of IN O
buying VBG O
out IN O
their PRP$ I
broken VBN I
contracts NNS I
, , O
which WDT I
were VBD O
made VBN O
with IN O
producers NNS I
when WRB O
gas NN I
prices NNS I
were VBD O
high JJ O
and CC O
supplies NNS I
short JJ O
. . O

A DT I
majority NN I
of IN O
old JJ I
contracts NNS I
were VBD O
renegotiated VBN O
by IN O
the DT I
deadline NN I
and CC O
settled VBD O
at IN O
steep JJ I
discounts NNS I
. . O

But CC O
pipeline NN I
companies NNS I
estimate VBP O
they PRP I
still JJ O
face NN O
$ $ I
2.4 CD I
billion CD I
in IN O
liabilities NNS I
from IN O
unresolved JJ I
disputes NNS I
, , O
including VBG O
$ $ I
1 CD I
billion CD I
they PRP B
fear VBP O
they PRP I
wo MD O
n't RB O
be VB O
able JJ O
to TO O
pass VB O
on IN O
to TO O
customers NNS I
. . O

According VBG O
to TO O
industry NN I
lawyers NNS I
, , O
the DT I
ruling NN I
gives VBZ O
pipeline NN I
companies NNS I
an DT B
important JJ I
second JJ I
chance NN I
to TO O
resolve VB O
remaining VBG I
disputes NNS I
and CC O
take VB O
advantage NN I
of IN O
the DT I
cost-sharing NN I
mechanism NN I
. . O

The DT I
court NN I
left VBD O
open JJ O
whether IN O
FERC NNP I
could MD O
reimpose VB O
a DT I
new JJ I
deadline NN I
later RB O
. . O

The DT I
court NN I
, , O
agreeing VBG O
with IN O
pipeline NN I
companies NNS I
, , O
found VBD O
the DT I
March NNP I
31 CD I
deadline NN I
was VBD O
`` `` O
arbitrary JJ O
and CC O
capricious JJ O
'' '' O
and CC O
`` `` O
highly RB O
prejudicial JJ O
to TO O
the DT I
bargaining NN I
power NN I
of IN O
pipelines NNS I
'' '' O
that WDT I
were VBD O
forced VBN O
to TO O
negotiate VB O
settlement NN I
of IN O
the DT I
old JJ I
take-or-pay JJ I
contracts NNS I
to TO O
meet VB O
the DT I
deadline NN I
. . O

A DT I
report NN I
last JJ B
month NN I
by IN O
the DT I
Interstate NNP I
Natural NNP I
Gas NNP I
Association NNP I
of IN O
America NNP I
found VBD O
that IN O
pipelines NNS I
' POS B
settlement NN I
costs NNS I
had VBD O
jumped VBN O
in IN O
the DT I
three CD I
months NNS I
before IN O
the DT I
deadline NN I
to TO O
39 CD I
cents NNS I
on IN O
the DT I
dollar NN I
, , O
from IN O
22 CD I
cents NNS I
on IN O
the DT I
dollar NN I
in IN O
1988 CD I
. . O

The DT I
court NN I
ordered VBD O
FERC NNP I
to TO O
justify VB O
within IN O
60 CD I
days NNS I
not RB O
only RB O
its PRP$ I
cost-sharing NN I
deadline NN I
, , O
but CC O
other JJ I
major JJ I
elements NNS I
of IN O
its PRP$ I
proposed VBN I
regulation NN I
for IN O
introducing VBG O
more JJR I
competition NN I
into IN O
natural-gas NN I
transportation NN I
. . O

The DT I
court NN I
also RB O
questioned VBD O
a DT I
crediting NN I
mechanism NN I
that WDT B
could MD O
be VB O
used VBN O
to TO O
resolve VB O
take-or-pay JJ I
liabilities NNS I
. . O

The DT I
complex JJ I
regulation NN I
, , O
known VBN O
in IN O
the DT I
industry NN I
as IN O
Order NNP I
500 CD I
, , O
has VBZ O
been VBN O
hotly RB O
contested VBN O
by IN O
all DT I
sides NNS I
, , O
including VBG O
natural-gas NN I
producers NNS I
, , O
pipelines NNS I
, , O
local JJ I
distribution NN I
companies NNS I
and CC O
consumers NNS I
. . O

The DT I
court NN I
's POS B
decision NN I
would MD O
allow VB O
FERC NNP I
to TO O
change VB O
some DT I
of IN O
its PRP$ I
provisions NNS I
, , O
but CC O
ensures VBZ O
it PRP I
will MD O
be VB O
reviewed VBN O
again RB O
quickly RB O
by IN O
the DT I
court NN I
. . O

MEDUSA NNP I
Corp. NNP I
said VBD O
it PRP I
voluntarily RB O
prepaid JJ O
$ $ I
7 CD I
million CD I
on IN O
its PRP$ I
original JJ I
$ $ I
75 CD I
million CD I
term NN I
loan NN I
, , O
bringing VBG O
the DT I
total JJ I
debt NN I
reduction NN I
for IN O
the DT I
year NN I
to TO O
$ $ I
18 CD I
million CD I
. . O

After IN O
the DT I
payment NN I
, , O
the DT I
Cleveland NNP I
company NN I
owes VBZ O
$ $ I
57 CD I
million CD I
on IN O
the DT I
loan NN I
. . O

The DT I
cement NN I
producer NN I
said VBD O
the DT I
payment NN I
was VBD O
made VBN O
from IN O
excess JJ I
cash NN I
flow NN I
. . O

NATIONAL JJ I
INCOME NNP I
REALTY NNP I
TRUST NNP I
said VBD O
it PRP I
will MD O
resume VB O
dividend NN I
payments NNS I
with IN O
a DT I
12-cent-a-share JJ I
dividend NN I
to TO O
be VB O
paid VBN O
Nov. NNP I
6 CD I
to TO O
shares NNS I
of IN O
record NN I
Oct. NNP B
25 CD I
. . O

The DT I
mortgage NN I
and CC I
equity NN I
real JJ I
estate NN I
investment NN I
trust NN I
last RB O
paid VBD O
a DT I
dividend NN I
on IN O
Aug. NNP I
1 CD I
, , O
1988 CD I
, , O
when WRB O
holders NNS I
received VBD O
75 CD I
cents NNS I
a DT B
share NN I
. . O

Despite IN O
continuing VBG I
troubles NNS I
with IN O
problem NN I
properties NNS I
and CC O
nonperforming JJ I
loans NNS I
, , O
the DT I
Dallas NNP I
trust NN I
said VBD O
it PRP I
has VBZ O
rebuilt VBN O
reserves NNS I
, , O
abandoned VBN O
properties NNS I
with IN O
little JJ I
potential JJ I
and CC O
experienced VBN O
improved VBN I
operating VBG I
results NNS I
from IN O
joint JJ I
ventures NNS I
. . O

MLX NNP I
Corp. NNP I
said VBD O
it PRP I
reached VBD O
a DT I
preliminary JJ I
agreement NN I
with IN O
senior JJ I
lenders NNS I
to TO O
its PRP$ I
refrigeration NN I
and CC I
air-conditioning NN I
group NN I
to TO O
restructure VB O
the DT I
$ $ I
188.5 CD I
million CD I
of IN O
credit NN I
facilities NNS I
the DT B
lenders NNS I
provide VBP O
to TO O
the DT I
group NN I
. . O

MLX NNP I
, , O
which WDT I
also RB O
makes VBZ O
aircraft NN I
and CC I
heavy-duty JJ I
truck NN I
parts NNS I
, , O
said VBD O
the DT I
debt NN I
was VBD O
accumulated VBN O
during IN O
its PRP$ I
acquisition NN I
of IN O
nine CD I
businesses NNS I
that WDT B
make VBP O
up IN O
the DT I
group NN I
, , O
the DT I
biggest JJS I
portion NN I
of IN O
which WDT I
was VBD O
related VBN O
to TO O
the DT I
1986 CD I
purchase NN I
of IN O
a DT I
Hillman NNP I
Co. NNP I
unit NN I
. . O

Among IN O
other JJ I
things NNS I
, , O
the DT I
restructured VBN I
facilities NNS I
will MD O
substantially RB O
reduce VB O
the DT I
group NN I
's POS B
required VBN I
amortization NN I
of IN O
the DT I
term NN I
loan NN I
portion NN I
of IN O
the DT I
credit NN I
facilities NNS I
through IN O
September NNP I
1992 CD I
, , O
MLX NNP I
said VBD O
. . O

Certain JJ I
details NNS I
of IN O
the DT I
restructured VBN I
facilities NNS I
remain VBP O
to TO O
be VB O
negotiated VBN O
. . O

The DT I
agreement NN I
is VBZ O
subject NN O
to TO O
completion NN I
of IN O
a DT I
definitive JJ I
amendment NN I
and CC O
appropriate JJ I
approvals NNS I
. . O

William NNP I
P. NNP I
Panny NNP I
, , O
MLX NNP I
chairman NN I
and CC I
chief JJ I
executive NN I
, , O
said VBD O
the DT I
pact NN I
`` `` O
will MD O
provide VB O
MLX NNP I
with IN O
the DT I
additional JJ I
time NN I
and CC I
flexibility NN I
necessary JJ O
to TO O
complete VB O
the DT I
restructuring NN I
of IN O
the DT I
company NN I
's POS B
capital NN I
structure NN I
. . O
'' '' O

MLX NNP I
has VBZ O
filed VBN O
a DT I
registration NN I
statement NN I
with IN O
the DT I
Securities NNP I
and CC I
Exchange NNP I
Commission NNP I
covering VBG O
a DT I
proposed VBN I
offering NN I
of IN O
$ $ I
120 CD I
million CD I
in IN O
long-term JJ I
senior JJ I
subordinated VBN I
notes NNS I
and CC I
warrants NNS I
. . O

Dow NNP I
Jones NNP I
& CC I
Co. NNP I
said VBD O
it PRP I
acquired VBD O
a DT I
15 CD I
% NN I
interest NN I
in IN O
DataTimes NNP I
Corp. NNP I
, , O
a DT I
subsidiary NN I
of IN O
Oklahoma NNP I
Publishing NNP I
Co. NNP I
, , O
Oklahoma NNP I
City NNP I
, , O
that WDT I
provides VBZ O
electronic JJ I
research NN I
services NNS I
. . O

Terms NNS I
were VBD O
n't RB O
disclosed VBN O
. . O

Customers NNS I
of IN O
either DT O
DataTimes NNP I
or CC O
Dow NNP I
Jones NNP I
News\/Retrieval NNP I
are VBP O
able JJ O
to TO O
access VB O
the DT I
information NN I
on IN O
both DT I
services NNS I
. . O

Dow NNP I
Jones NNP I
is VBZ O
the DT I
publisher NN I
of IN O
The DT I
Wall NNP I
Street NNP I
Journal NNP I
. . O

Flowers NNS I
Industries NNP I
Inc. NNP I
said VBD O
it PRP I
will MD O
report VB O
a DT I
charge NN I
of IN O
eight CD I
cents NNS I
to TO I
10 CD I
cents NNS I
a DT B
share NN I
for IN O
its PRP$ I
fiscal JJ I
first JJ I
quarter NN I
, , O
ended VBN O
Sept. NNP I
23 CD I
, , O
from IN O
the DT I
sale NN I
of IN O
two CD I
bakeries NNS I
, , O
in IN O
High NNP I
Point NNP I
, , O
N.C. NNP I
, , O
and CC O
Gadsden NNP I
, , O
Ala NNP I
. . O

The DT I
convenience-food NN I
company NN I
said VBD O
it PRP I
sold VBD O
the DT I
bakeries NNS I
to TO O
Mills NNP I
Family NNP I
Bakery NNP I
for IN O
an DT I
undisclosed JJ I
amount NN I
. . O

It PRP I
said VBD O
the DT I
sales NNS I
were VBD O
part NN I
of IN O
a DT I
1983 CD I
Federal NNP I
Trade NNP I
Commission NNP I
Consent NNP I
Order NNP I
. . O

A DT I
year NN I
earlier RBR O
, , O
Flowers NNPS I
had VBD O
fiscal JJ I
first-quarter JJ I
net JJ I
income NN I
of IN O
$ $ I
8 CD I
million CD I
, , O
or CC O
23 CD I
cents NNS I
a DT B
share NN I
, , O
on IN O
revenue NN I
of IN O
$ $ I
170.4 CD I
million CD I
. . O

Raw-steel NN I
production NN I
by IN O
the DT I
nation NN I
's POS B
mills NNS I
decreased VBD O
0.8 CD I
% NN I
last JJ B
week NN I
to TO O
1,828,000 CD I
tons NNS I
from IN O
1,843,000 CD I
tons NNS I
the DT B
previous JJ I
week NN I
, , O
the DT I
American NNP I
Iron NNP I
and CC I
Steel NNP I
Institute NNP I
said VBD O
. . O

Last JJ I
week NN I
's POS B
output NN I
rose VBD O
1.4 CD I
% NN I
from IN O
the DT I
1,802,000 CD I
tons NNS I
produced VBD O
a DT I
year NN I
earlier RBR O
. . O

The DT I
industry NN I
used VBN O
82.2 CD I
% NN I
of IN O
its PRP$ I
capability NN I
last JJ B
week NN I
, , O
compared VBN O
with IN O
82.8 CD I
% NN I
the DT B
previous JJ I
week NN I
and CC O
84 CD I
% NN I
a DT B
year NN I
ago RB O
. . O

The DT I
capability NN I
utilization NN I
rate NN I
is VBZ O
a DT I
calculation NN I
designed VBN O
to TO O
indicate VB O
at IN O
what WP I
percent NN I
of IN O
its PRP$ I
production NN I
capability NN I
the DT B
industry NN I
is VBZ O
operating VBG O
in IN O
a DT I
given VBN I
week NN I
. . O

Selwyn NNP I
B. NNP I
Kossuth NNP I
was VBD O
named VBN O
executive JJ I
director NN I
of IN O
the DT I
commission NN I
, , O
effective JJ O
early JJ I
November NNP I
. . O

Mr. NNP I
Kossuth NNP I
, , O
52 CD I
years NNS I
old JJ O
, , O
succeeds VBZ O
Ermanno NNP I
Pascutto NNP I
, , O
36 CD I
, , O
who WP I
resigned VBD O
to TO O
join VB O
Hong NNP I
Kong NNP I
's POS B
Securities NNPS I
and CC I
Futures NNP I
Commission NNP I
. . O

Mr. NNP I
Kossuth NNP I
was VBD O
vice NN I
president NN I
and CC O
director NN I
, , O
corporate JJ I
finance NN I
, , O
of IN O
Nesbitt NNP I
Thomson NNP I
Deacon NNP I
Inc. NNP I
, , O
a DT I
Toronto NNP I
investment NN I
dealer NN I
. . O

Dun NNP I
& CC I
Bradstreet NNP I
Corp. NNP I
's POS B
Market NNP I
Data NNP I
Retrieval NNP I
unit NN I
said VBD O
it PRP I
acquired VBD O
School NNP I
and CC I
College NNP I
Construction NN I
Reports NNS I
service VBP I
from IN O
Intelligence NNP O
for IN O
Education NNP I
Inc NNP O
. . O

Terms NNS I
were VBD O
n't RB O
disclosed VBN O
. . O

The DT I
service NN I
supplies VBZ O
weekly JJ I
reports NNS I
on IN O
school NN I
and CC I
college NN I
construction NN I
plans NNS I
. . O

Market NNP I
Data NNP I
Retrieval NNP I
is VBZ O
a DT I
compiler NN I
of IN O
educational JJ I
information NN I
and CC O
provides VBZ O
related VBN I
services NNS I
. . O

Closely RB I
held VBN I
Intelligence NNP I
in IN O
Education NNP I
, , O
of IN O
Larchmont NNP I
, , O
N.Y. NNP I
, , O
is VBZ O
an DT I
educational JJ I
publisher NN I
and CC I
consultant NN I
. . O

A DT I
battle NN I
is VBZ O
raging VBG O
in IN O
Venice NNP I
over IN O
plans NNS I
to TO O
have VB O
the DT I
1,200-year-old JJ I
Italian JJ I
city NN I
be VB O
the DT I
site NN I
for IN O
a DT I
universal JJ I
exposition NN I
in IN O
2000 CD I
. . O

The DT I
plans NNS I
include VBP O
a DT I
subway NN I
system NN I
, , O
a DT I
congress NN I
center NN I
, , O
floating VBG I
trees NNS I
, , O
fanciful JJ I
fountains NNS I
-- : O
and CC O
as RB I
many JJ I
as IN I
60,000 CD I
additional JJ I
tourists NNS I
a DT B
day NN I
. . O

Expo NN I
enthusiasts NNS I
argue VBP O
that IN O
holding VBG O
the DT I
fair NN I
would MD O
attract VB O
businesses NNS I
, , O
create VB O
jobs NNS I
and CC O
help VB O
renovate VB O
abandoned VBN I
sections NNS I
of IN O
town NN I
. . O

But CC O
opponents NNS I
fear VBP O
overcrowding NN I
. . O

`` `` O
This DT I
city NN I
already RB O
has VBZ O
too RB I
many JJ I
tourists NNS I
, , O
and CC O
it PRP I
ca MD O
n't RB O
hold VB O
them PRP I
all DT B
, , O
'' '' O
says VBZ O
Pierluigi NNP I
Beggiato NNP I
, , O
the DT I
president NN I
of IN O
the DT I
Venice NNP I
hoteliers NNS I
association NN I
. . O

About IN I
40 CD I
Italian JJ I
businesses NNS I
, , O
including VBG O
Fiat NNP I
S.p NNP I
. . I
A. NNP I
and CC O
Ing NNP I
. . I
C. NNP I
Olivetti NNP I
& CC I
Co. NNP I
, , O
have VBP O
formed VBN O
a DT I
consortium NN I
to TO O
lobby VB O
for IN O
holding VBG O
the DT I
expo NN I
in IN O
Venice NNP I
. . O

Three CD I
gambling NN I
casinos NNS I
have VBP O
opened VBN O
in IN O
Poland NNP I
. . O

The DT I
three CD I
establishments NNS I
-- : O
two CD I
in IN O
Warsaw NNP I
and CC O
one CD I
in IN O
Krakow NNP I
-- : O
accept VB O
only RB I
foreign JJ I
currency NN I
and CC O
are VBP O
joint JJ I
ventures NNS I
between IN O
Polish JJ I
firms NNS I
and CC O
Western JJ I
companies NNS I
. . O

Not RB I
all DT I
Poles NNPS I
are VBP O
pleased VBN O
. . O

`` `` O
What WP I
do VBP O
we PRP I
want VB O
casinos NNS I
for IN O
when WRB O
we PRP I
have VBP O
n't RB O
got VBN O
anything NN I
in IN O
the DT I
shops NNS I
? . O
'' '' O
one CD I
housewife NN I
asked VBD O
. . O

But CC O
Bogdan NNP I
Gumkowski NNP I
, , O
who WP I
runs VBZ O
the DT I
casino NN I
at IN O
Warsaw NNP I
's POS B
Marriott NNP I
Hotel NNP I
, , O
said VBD O
the DT I
ventures NNS I
would MD O
help VB O
Poland NNP I
service VB O
its PRP$ I
$ $ I
39 CD I
billion CD I
foreign JJ I
debt NN I
by IN O
pouring VBG O
dollars NNS I
into IN O
the DT I
state NN I
firms NNS I
in IN O
the DT I
joint JJ I
ventures NNS I
-- : O
the DT I
LOT NNP I
airline NN I
and CC O
Orbis NNP I
tourist NN I
organization NN I
. . O

Algeria NNP I
plans VBZ O
to TO O
increase VB O
natural-gas NN I
sales NNS I
to TO O
Europe NNP I
and CC O
the DT I
U.S. NNP I
. . O

According VBG O
to TO O
the DT I
Middle NNP I
East NNP I
Economic NNP I
Survey NNP I
, , O
the DT I
North NNP I
African JJ I
nation NN I
is VBZ O
holding VBG O
talks NNS I
with IN O
Italy NNP I
for IN O
adding VBG O
a DT I
fourth JJ I
pipe NN I
to TO O
a DT I
section NN I
of IN O
the DT I
Trans-Mediterranean NNP I
pipeline NN I
, , O
expanding VBG O
capacity NN I
by IN O
up IN I
to TO I
six CD I
billion CD I
cubic JJ I
meters NNS I
a DT B
year NN I
from IN O
12.5 CD I
billion CD I
. . O

Algeria NNP I
also RB O
wants VBZ O
to TO O
build VB O
a DT I
pipeline NN I
through IN O
Morocco NNP I
and CC O
across IN O
the DT I
Strait NNP I
of IN O
Gibraltar NNP I
to TO O
supply VB O
Spain NNP I
, , O
France NNP I
and CC O
West NNP I
Germany NNP I
with IN O
up IN I
to TO I
15 CD I
billion CD I
cubic JJ I
meters NNS I
a DT B
year NN I
by IN O
the DT I
late JJ I
1990s CD I
. . O

South NNP I
Africa NNP I
's POS B
National NNP I
Union NNP I
of IN O
Mineworkers NNPS I
agreed VBD O
to TO O
suspend VB O
the DT I
strike NN I
by IN O
diamond NN I
workers NNS I
and CC O
resume VB O
negotiations NNS I
with IN O
De NNP I
Beers NNP I
Consolidated NNP I
Mines NNP I
Ltd. NNP I
over IN O
their PRP$ I
wage NN I
dispute NN I
, , O
De NNP I
Beers NNP I
said VBD O
. . O

It PRP I
also RB O
said VBD O
the DT I
union NN I
had VBD O
agreed VBN O
to TO O
meet VB O
the DT I
company NN I
for IN O
further JJ I
talks NNS I
tomorrow NN B
. . O

The DT I
strike NN I
at IN O
five CD I
De NNP I
Beers NNP I
mines NNS I
began VBD O
last JJ I
Thursday NNP I
, , O
with IN O
9,500 CD I
out IN O
of IN O
a DT I
total JJ I
10,000 CD I
NUM NNP I
members NNS I
employed VBN O
on IN O
De NNP I
Beers NNP I
mines NNS I
participating VBG O
, , O
according VBG O
to TO O
the DT I
union NN I
, , O
while IN O
De NNP I
Beers NNP I
said VBD O
there EX I
were VBD O
7,800 CD I
participants NNS I
. . O

The DT I
union NN I
has VBZ O
demanded VBN O
a DT I
37.6 CD I
% NN I
increase NN I
in IN O
the DT I
minimum JJ I
wage NN I
while IN O
De NNP I
Beers NNP I
's POS B
final JJ I
offer NN I
was VBD O
an DT I
increase NN I
of IN O
17 CD I
% NN I
. . O

A DT I
35-nation JJ I
environmental JJ I
conference NN I
opened VBD O
in IN O
Sofia NNP I
, , O
Bulgaria NNP I
. . O

The DT I
gathering NN I
is VBZ O
expected VBN O
to TO O
focus VB O
on IN O
curbing VBG O
the DT I
fouling NN I
of IN O
rivers NNS I
and CC I
lakes NNS I
, , O
limiting VBG O
damage NN I
from IN O
industrial JJ I
accidents NNS I
and CC O
improving VBG O
the DT I
handling NN I
of IN O
harmful JJ I
chemicals NNS I
. . O

West JJ I
German NNP I
Environment NNP I
Minister NNP I
Klaus NNP I
Toepfer NNP I
said VBD O
Bonn NNP I
is VBZ O
convinced VBN O
of IN O
the DT I
need NN I
for IN O
cooperation NN I
, , O
`` `` O
especially RB O
with IN O
our PRP$ I
neighbors NNS I
in IN O
the DT I
East NNP I
, , O
because IN O
we PRP I
are VBP O
directly RB O
affected VBN O
by IN O
their PRP$ I
ecological JJ I
progress NN I
or CC O
lack NN I
of IN O
it PRP I
. . O
'' '' O

The DT I
U.S. NNP I
and CC O
Canada NNP I
joined VBD O
every DT I
European JJ I
country NN I
except IN O
Albania NNP I
at IN O
the DT I
meeting NN I
. . O

The DT I
Swedish JJ I
publishers NNS I
of IN O
a DT I
new JJ I
Estonian-language JJ I
newspaper NN I
rushed VBD O
an DT I
extra JJ I
edition NN I
across IN O
the DT I
Baltic JJ I
on IN O
Oct. NNP I
10 CD I
after IN O
the DT I
first JJ I
run NN I
sold VBN O
out IN O
in IN O
one CD I
day NN I
. . O

Editor NNP I
Hasse NNP I
Olsson NNP I
said VBD O
plans NNS I
had VBD O
called VBN O
for IN O
7,000 CD I
copies NNS I
of IN O
the DT I
monthly JJ I
Are VBP I
Paev NNP I
-LRB- ( I
Business NNP I
Paper NNP I
-RRB- ) I
to TO O
be VB O
sold VBN O
at IN O
newsstands NNS I
and CC O
an DT I
additional JJ I
3,000 CD I
promotion NN I
issues NNS I
to TO O
be VB O
sent VBN O
by IN O
direct JJ I
mail NN I
. . O

He PRP I
said VBD O
13,000 CD I
more JJR I
copies NNS I
were VBD O
sent VBN O
to TO O
Estonia NNP I
because IN O
of IN O
strong JJ I
sales NNS I
. . O

The DT I
Swedish JJ I
publishing NN I
company NN I
Bonniers NNP I
owns VBZ O
51 CD I
% NN I
of IN O
Are VBP I
Paev NNP I
, , O
and CC O
the DT I
Estonian JJ I
management NN I
company NN I
Minor NNP I
owns VBZ O
49 CD I
% NN I
. . O

Angel NNP I
Gurria NNP I
, , O
Mexico NNP I
's POS B
top JJ I
debt NN I
negotiator NN I
, , O
said VBD O
the DT I
country NN I
's POS B
creditor NN I
banks NNS I
are VBP O
responding VBG O
positively RB O
to TO O
Mexico NNP I
's POS B
debt-reduction NN I
package NN I
. . O

Mr. NNP I
Gurria NNP I
's POS B
optimism NN I
contrasts NNS O
with IN O
some DT I
bankers NNS I
' POS B
views NNS I
that IN O
the DT I
deal NN I
may MD O
require VB O
a DT I
lot NN I
of IN O
arm NN I
twisting VBG I
by IN O
the DT I
U.S. NNP I
Treasury NNP I
in IN O
order NN O
to TO O
succeed VB O
. . O

Mr. NNP I
Gurria NNP I
, , O
Mexico NNP I
's POS B
under-secretary NN I
of IN O
the DT I
ministry NN I
of IN O
finance NN I
, , O
met VBD O
yesterday NN I
with IN O
European JJ I
bankers NNS I
in IN O
London NNP I
, , O
at IN O
the DT I
half-way JJ I
point NN I
on IN O
a DT I
so-called JJ I
road NN I
show NN I
to TO O
market VB O
the DT I
package NN I
around IN O
the DT I
world NN I
. . O

An DT I
increasing VBG I
number NN I
of IN O
banks NNS I
appear VBP O
to TO O
be VB O
considering VBG O
the DT I
option NN I
under IN O
the DT I
deal NN I
whereby WRB O
they PRP I
can MD O
swap VB O
their PRP$ I
Mexican JJ I
loans NNS I
for IN O
30-year JJ I
bonds NNS I
with IN O
a DT I
face NN I
value NN I
discounted VBN O
by IN O
35 CD I
% NN I
, , O
Mr. NNP I
Gurria NNP I
said VBD O
. . O

The DT I
other JJ I
two CD I
options NNS I
consist VBP O
of IN O
swapping VBG O
loans NNS I
for IN O
bonds NNS I
with IN O
6.25 CD I
% NN I
interest NN I
rates NNS I
, , O
or CC O
providing VBG O
fresh JJ I
loans NNS I
. . O

The DT I
accord NN I
, , O
which WDT I
covers VBZ O
$ $ I
52.7 CD I
billion CD I
of IN O
Mexico NNP I
's POS B
medium NN I
- : I
and CC I
long-term JJ I
debt NN I
, , O
is VBZ O
expected VBN O
to TO O
go VB O
into IN O
effect NN I
in IN O
early JJ I

China NNP I
's POS B
top JJ I
film NN I
actress NN I
, , O
Liu NNP I
Xiaoqing NNP I
, , O
paid VBD O
$ $ I
4,555 CD I
in IN O
back RB I
taxes VBZ I
and CC O
fines NNS I
in IN O
Shandong NNP I
province NN I
, , O
the DT I
People NNS I
's POS B
Daily NNP I
reported VBD O
. . O

The DT I
amount NN I
is VBZ O
equal JJ O
to TO O
about IN I
30 CD I
years NNS I
earnings NNS I
for IN O
the DT I
average JJ I
peasant NN I
, , O
who WP I
makes VBZ O
$ $ I
145 CD I
a DT B
year NN I
... : O
. . O

China NNP I
will MD O
spend VB O
$ $ I
9.45 CD I
million CD I
for IN O
urgent JJ I
maintenance NN I
on IN O
Tibet NNP I
's POS B
Potala NNP I
Palace NNP I
, , O
former JJ I
home NN I
of IN O
the DT I
Dalai NNP I
Lama NNP I
, , O
the DT I
China NNP I
News NNP I
Service NNP I
said VBD O
. . O

The DT I
Dalai NNP I
Lama NNP I
, , O
who WP I
was VBD O
just RB O
awarded VBN O
the DT I
Nobel NNP I
Peace NNP I
Prize NNP I
, , O
lives VBZ O
in IN O
exile NN I
in IN O
India NNP I
. . O

George NNP I
W. NNP I
Koch NNP I
, , O
63 CD I
years NNS I
old JJ O
, , O
president NN I
and CC O
chief JJ I
executive JJ I
officer NN I
of IN O
Grocery NNP I
Manufacturers NNPS I
of IN O
America NNP I
Inc. NNP I
, , O
was VBD O
elected VBN O
a DT I
director NN I
of IN O
this DT I
maker NN I
of IN O
spices NNS I
, , O
seasonings NNS I
and CC O
specialty NN I
foods NNS I
, , O
succeeding VBG O
Erskin NNP I
N. NNP I
White NNP I
Jr. NNP I
, , O
65 CD I
, , O
who WP I
resigned VBD O
. . O

American NNP I
Business NNP I
Computer NNP I
Corp. NNP I
said VBD O
it PRP I
privately RB O
placed VBD O
1,035,000 CD I
common JJ I
shares NNS I
at IN O
$ $ I
2.50 CD I
a DT B
share NN I
. . O

The DT I
placement NN I
was VBD O
made VBN O
through IN O
Gray NNP I
Seifert NNP I
Securities NNPS I
, , O
New NNP I
York NNP I
, , O
to TO O
institutional JJ I
investors NNS I
. . O

Proceeds NNS I
will MD O
be VB O
used VBN O
to TO O
commercialize VB O
recently RB I
patented VBN I
technology NN I
and CC O
support VB O
the DT I
company NN I
's POS B
international JJ I
expansion NN I
. . O

The DT I
company NN I
develops VBZ O
and CC O
markets NNS O
products NNS I
for IN O
the DT I
food NN I
service NN I
industry NN I
. . O

THE DT I
R.H. NNP I
MACY NNP I
& CC I
CO NNP I
. . I
department-store NN I
chain NN I
is VBZ O
n't RB O
for IN O
sale NN I
. . O

In IN O
yesterday NN I
's POS B
edition NN I
, , O
it PRP I
was VBD O
incorrectly RB O
included VBN O
with IN O
a DT I
list NN I
of IN O
New NNP I
York NNP I
chains NNS I
up IN O
for IN O
sale NN I
. . O

Korean JJ I
car NN I
exports NNS I
have VBP O
slid VBN O
about IN I
40 CD I
% NN I
so RB B
far RB I
this DT I
year NN I
, , O
but CC O
auto NN I
makers NNS I
here RB O
are VBP O
n't RB O
panicking VBG O
. . O

They PRP I
are VBP O
enjoying VBG O
domestic JJ I
sales NNS I
that WDT B
are VBP O
more JJR O
than IN O
making VBG O
up IN O
for IN O
lost VBN I
overseas JJ I
sales NNS I
. . O

South JJ I
Korean JJ I
consumers NNS I
are VBP O
expected VBN O
to TO O
buy VB O
almost RB I
500,000 CD I
passenger NN I
cars NNS I
this DT B
year NN I
, , O
up IN O
60 CD I
% NN I
from IN O
1988 CD I
. . O

In IN O
fact NN I
, , O
some DT I
auto NN I
executives NNS I
suggest VBP O
that WDT O
slackened VBD I
demand NN I
for IN O
their PRP$ I
cars NNS I
in IN O
the DT I
U.S. NNP I
and CC O
Canada NNP I
is VBZ O
a DT I
blessing NN I
; : O
otherwise RB O
they PRP I
would MD O
n't RB O
be VB O
able JJ O
to TO O
keep VB O
up IN O
with IN O
demand NN I
in IN O
the DT I
more RBR I
profitable JJ I
local JJ I
market NN I
. . O

`` `` O
We PRP I
are VBP O
very RB O
lucky JJ O
to TO O
easily RB O
change VBP O
an DT I
export NN I
loss NN I
to TO O
domestic JJ I
plus CC I
, , O
'' '' O
says VBZ O
Hong NNP I
Tu NNP I
Pyo NNP I
, , O
managing VBG I
director NN I
of IN O
domestic JJ I
marketing NN I
for IN O
Hyundai NNP I
Motor NNP I
Co NNP I
. . O

As IN O
it PRP I
is VBZ O
, , O
waiting VBG I
lists NNS I
of IN O
a DT I
month NN I
are VBP O
n't RB O
unusual JJ O
for IN O
popular JJ I
models NNS I
. . O

Demand NN I
is VBZ O
so RB O
strong JJ O
that IN O
all DT I
of IN O
the DT I
domestic JJ I
makers NNS I
-- : O
Hyundai NNP I
, , O
Kia NNP I
Motors NNPS I
Corp. NNP I
, , O
Daewoo NNP I
Motor NNP I
Co. NNP I
and CC O
even JJ I
upstart NN I
SsangYong NNP I
Motor NNP I
Co. NNP I
-- : O
plan NN O
to TO O
build VB O
more JJR I
factories NNS I
. . O

Industry NN I
analysts NNS I
predict VBP O
that IN O
by IN O
1995 CD I
, , O
South NNP I
Korea NNP I
will MD O
be VB O
building NN O
three CD I
million CD I
cars NNS I
a DT B
year NN I
-- : O
about IN I
half NN I
of IN O
that DT I
for JJ O
export NN I
. . O

It PRP I
's VBZ O
an DT I
optimistic JJ I
move NN I
in IN O
a DT I
industry NN I
already RB O
facing VBG O
world-wide JJ I
overcapacity NN I
. . O

But CC O
South JJ I
Korean JJ I
auto NN I
makers NNS I
are VBP O
confident JJ O
that IN O
the DT I
export NN I
market NN I
will MD O
bounce VB O
back RB O
and CC O
that DT O
demand NN I
in IN O
Korea NNP I
will MD O
stay VB O
strong JJ O
. . O

Currently RB O
only RB I
one CD I
in IN O
38 CD I
South NNP I
Koreans NNPS I
owns VBZ O
a DT I
car NN I
, , O
up IN O
from IN O
one CD I
in IN O
200 CD I
a DT B
decade NN I
ago RB O
. . O

`` `` O
In IN O
the DT I
year NN I
2000 CD I
it PRP B
will MD O
be VB O
one CD I
car NN I
per IN O
family NN I
. . O

At IN O
that DT I
point NN I
domestic JJ B
sales NNS I
will MD O
slow VB O
down RB O
, , O
'' '' O
says VBZ O
Kim NNP I
Yoon NNP I
Kwon NNP I
, , O
director NN I
of IN O
marketing NN I
for IN O
Daewoo NNP I
Motor NNP I
. . O

The DT I
reason NN I
for IN O
the DT I
tremendous JJ I
demand NN I
is VBZ O
simple JJ I
: : O
South NNP I
Koreans NNPS I
suddenly RB O
have VBP O
a DT I
lot NN I
more JJR I
money NN I
. . O

`` `` O
We PRP I
never RB O
thought VBD O
we PRP I
'd MD O
own VB O
a DT I
car NN I
, , O
'' '' O
says VBZ O
Kwang NNP I
Ok NNP I
Kyong NNP I
, , O
who WP I
just RB O
bought VBD O
a DT I
Daewoo NNP I
LeMans NNP I
on IN O
a DT I
five-year JJ I
loan NN I
. . O

She PRP I
and CC O
her PRP$ I
husband NN I
started VBD O
a DT I
small JJ I
printing NN I
business NN I
and CC O
need VB O
the DT I
car NN I
for IN O
work NN I
as RB O
well RB O
as IN O
for IN O
weekend NN I
jaunts NNS I
. . O

Pay VB I
raises NNS I
of IN O
60 CD I
% NN I
over IN O
the DT I
past JJ I
three CD I
years NNS I
have VBP O
given VBN O
many JJ I
South NNP I
Koreans NNPS I
the DT B
money NN I
to TO O
enjoy VB O
the DT I
things NNS I
they PRP B
were VBD O
supplying VBG O
the DT I
rest NN I
of IN O
the DT I
world NN I
. . O

The DT I
success NN I
of IN O
newcomer NN I
SsangYong NNP I
Motor NNP I
shows VBZ O
the DT I
strength NN I
of IN O
the DT I
auto NN I
market NN I
and CC O
its PRP$ I
growing NN I
diversity NN I
. . O

A DT I
part NN I
of IN O
the DT I
construction-oriented JJ I
conglomerate NN I
SsangYong NNP I
Group NNP I
, , O
it PRP I
took VBD O
over IN O
the DT I
dying VBG I
Dong-A NNP I
Motor NNP I
Co. NNP I
in IN O
1986 CD I
. . O

SsangYong NNP I
began VBD O
making VBG O
variations NNS I
of IN O
the DT I
Jeep-like JJ I
`` `` I
Korando NNP I
'' '' I
vehicle NN I
. . O

-LRB- ( O
Dong-A NNP I
had VBD O
had VBN O
a DT I
technology NN I
agreement NN I
with IN O
Jeep NN I
maker NN I
American NNP I
Motors NNPS I
Corp. NNP I
, , O
now RB O
a DT I
part NN I
of IN O
Chrysler NNP I
Corp NNP I
. . O
-RRB- ) O

The DT I
most RBS I
popular JJ I
style NN I
is VBZ O
the DT I
stretched VBN I
`` `` I
Family NNP I
, , O
'' '' O
which WDT I
resembles VBZ O
a DT I
Ford NNP I
Bronco NNP I
or CC I
Chevy NNP I
Blazer NNP I
. . O

The DT I
four-wheel-drive NN I
vehicles NNS I
start VBP O
at IN O
$ $ I
15,000 CD I
; : O
a DT I
Family NNP I
can MD O
cost VB O
over IN I
$ $ I
25,000 CD I
. . O

SsangYong NNP I
, , O
which WDT I
has VBZ O
only RB I
about IN I
3 CD I
% NN I
of IN O
the DT I
domestic JJ I
market NN I
, , O
will MD O
sell VB O
about IN I
18,000 CD I
of IN O
its PRP$ I
models NNS I
this DT B
year NN I
, , O
twice RB I
as RB I
many JJ I
as IN O
last JJ I
year NN I
. . O

It PRP I
sees VBZ O
sales NNS I
rising VBG O
45 CD I
% NN I
to TO O
26,000 CD I
units NNS I
next JJ B
year NN I
. . O

The DT I
company NN I
plans NNS O
to TO O
expand VB O
plant NN I
capacity NN I
50 CD B
% NN I
by IN O
1991 CD I
. . O

By IN O
then RB O
it PRP I
also RB O
hopes VBZ O
to TO O
begin VB O
producing VBG O
a DT I
passenger NN I
car NN I
based VBN O
on IN O
the DT I
Volvo NNP I
240 CD I
and CC O
selling VBG O
for IN O
about RB I
$ $ I
20,000 CD I
. . O

Hyundai NNP I
and CC I
Daewoo NNP I
seem VB O
unconcerned JJ O
about IN O
the DT I
SsangYong NNP I
threat NN I
, , O
but CC O
Kia NNP I
, , O
the DT I
scrappy JJ I
No.3 JJ I
auto NN I
maker NN I
, , O
is VBZ O
selling VBG O
four-wheel-drive NN I
vehicles NNS I
through IN O
its PRP$ I
Asia NNP I
unit NN I
. . O

It PRP I
plans VBZ O
to TO O
sell VB O
1,700 CD I
units NNS I
in IN O
1989 CD I
. . O

Kia NNP I
, , O
the DT I
only RB I
Korean JJ I
car NN I
maker NN I
that WDT B
has VBZ O
seen VBN O
its PRP$ I
overseas JJ I
sales NNS I
grow VBP O
in IN O
1989 CD I
, , O
aims VBZ O
at IN O
Korea NNP I
's POS B
common JJ I
man NN I
. . O

Its PRP$ I
advantage NN I
has VBZ O
been VBN O
the DT I
peppy JJ I
little JJ I
Pride NNP I
, , O
sold VBN O
as IN O
the DT I
Ford NNP I
Festiva NNP I
in IN O
the DT I
U.S. NNP I
. . O

At IN O
3.8 CD I
million CD I
won VBD I
, , O
or CC O
$ $ I
5,700 CD I
, , O
the DT I
econobox NN I
is VBZ O
the DT I
lowest-priced JJ I
car NN I
in IN O
South NNP I
Korea NNP I
. . O

Along IN O
with IN O
two CD I
larger JJR I
models NNS I
, , O
the DT I
company NN I
claims NNS O
18 CD I
% NN I
of IN O
the DT I
domestic JJ I
market NN I
. . O

Ford NNP I
Motor NNP I
Co. NNP I
and CC O
Japan NNP I
's POS B
Mazda NNP I
Motor NNP I
Corp. NNP I
have VBP O
equity NN I
interests NNS I
in IN O
Kia NNP I
. . O

Kia NNP I
is VBZ O
the DT I
most RBS I
aggressive JJ I
of IN O
the DT I
Korean NNP I
Big NNP I
Three CD I
in IN O
offering NN O
financing NN I
. . O

Loans NNS I
for IN O
as RB O
long RB O
as IN O
five CD I
years NNS I
make VBP O
the DT I
cars NNS I
very RB O
accessible JJ O
, , O
with IN O
monthly JJ I
payments NNS I
as RB O
low JJ O
as IN O
80,000 CD I
won VBD I
, , O
or CC O
$ $ I
120 CD I
. . O

Daewoo NNP I
Motor NNP I
, , O
a DT I
50-50 JJ I
joint JJ I
venture NN I
with IN O
General NNP I
Motors NNPS I
Corp. NNP I
and CC O
the DT I
Daewoo NNP I
Group NNP I
conglomerate NN I
, , O
is VBZ O
the DT I
only JJ I
auto NN I
maker NN I
that WDT B
appears VBZ O
to TO O
be VB O
hurting VBG O
. . O

Shipments NNS I
of IN O
its PRP$ I
Lemans NNP I
to TO O
GM NNP I
's POS B
Pontiac NNP I
division NN I
are VBP O
off IN O
about IN I
65 CD I
% NN I
from IN O
a DT I
year NN I
ago RB O
, , O
versus IN O
a DT I
44 CD I
% NN I
decline NN I
for IN O
Hyundai NNP I
and CC O
an DT I
18 CD I
% NN I
increase NN I
for IN O
Kia NNP I
. . O

Moreover RB O
, , O
Daewoo NNP I
's POS B
domestic JJ I
sales NNS I
have NN O
grown VBN O
half NN O
as RB O
fast RB O
as IN O
sales NNS I
of IN O
its PRP$ I
rivals NNS I
. . O

The DT I
big JJ I
problem NN I
for IN O
Daewoo NNP I
, , O
which WDT I
holds VBZ O
about IN I
21 CD I
% NN I
of IN O
the DT I
market NN I
, , O
is VBZ O
the DT I
long JJ I
series NN I
of IN O
labor NN I
disruptions NNS I
it PRP B
suffered VBD O
this DT I
year NN I
. . O

But CC O
Daewoo NNP I
is VBZ O
expanding VBG O
too RB O
. . O

In IN O
fact NN I
, , O
a DT I
sister NN I
company NN I
, , O
Daewoo NNP I
Shipbuilding NNP I
and CC I
Heavy NNP I
Machinery NNP I
, , O
plans VBZ O
to TO O
build VB O
240,000 CD I
minicars NNS I
by IN O
the DT I
mid-1990s NNS I
. . O

Hyundai NNP I
, , O
the DT I
Korean JJ I
market NN I
leader NN I
with IN O
a DT I
58 CD I
% NN I
share NN I
, , O
also RB O
plans VBZ O
to TO O
jump VB O
into IN O
minicars NNS I
at IN O
the DT I
same JJ I
time NN I
. . O

It PRP I
has VBZ O
a DT I
similar JJ I
project NN I
for IN O
200,000 CD I
cars NNS I
a DT B
year NN I
. . O

Kia NNP I
is VBZ O
reportedly RB O
also RB O
considering VBG O
such JJ I
a DT I
plan NN I
. . O

Even JJ I
giant NN I
Samsung NNP I
Group NNP I
is VBZ O
rumored VBN O
in IN O
the DT I
Korean JJ I
press NN I
to TO O
be VB O
considering VBG O
getting VBG O
into IN O
the DT I
auto-making NN I
business NN I
; : O
a DT I
company NN I
spokesman NN I
had VBD O
no DT I
comment NN I
. . O

Robert NNP I
P. NNP I
Bulseco NNP I
, , O
44 CD I
years NNS I
old JJ O
, , O
was VBD O
named VBN O
president NN I
and CC O
chief JJ I
administrative JJ I
officer NN I
of IN O
this DT I
regional JJ I
commercial JJ I
bank NN I
. . O

Both DT I
posts NNS I
had VBD O
been VBN O
vacant JJ O
. . O

Robert NNP I
Robie NNP I
, , O
51 CD I
, , O
was VBD O
named VBN O
to TO O
the DT I
new JJ I
positions NNS I
of IN O
vice NN I
chairman NN I
and CC O
chief JJ I
credit NN I
officer NN I
. . O

Many JJ I
skittish JJ I
mutual JJ I
fund NN I
investors NNS I
picked VBD O
up IN O
the DT I
phone NN I
yesterday NN B
, , O
but CC O
decided VBD O
not RB O
to TO O
cash VB O
in IN O
their PRP$ I
chips NNS I
after IN O
all DT I
. . O

As IN O
the DT I
stock NN I
market NN I
bounced VBD O
back RB O
, , O
withdrawals NNS I
of IN O
money NN I
from IN O
stock NN I
funds NNS I
amounted VBD O
to TO O
a DT I
mere JJ I
trickle NN I
compared VBN O
with IN O
Black NNP I
Monday NNP I
, , O
when WRB O
investors NNS I
dumped VBD O
$ $ I
2.3 CD I
billion CD I
, , O
or CC O
about IN I
2 CD I
% NN I
of IN O
stock-fund JJ I
assets NNS I
. . O

Fidelity NNP I
Investments NNPS I
, , O
the DT I
nation NN I
's POS B
largest JJS I
fund NN I
company NN I
, , O
said VBD O
phone NN I
volume NN I
was VBD O
more JJR I
than IN I
double JJ I
its PRP$ I
typical JJ I
level NN I
, , O
but CC O
still JJ O
half NN I
that IN I
of IN O
Oct. NNP I
19 CD I
, , O
1987 CD I
. . O

Net JJ I
outflows NNS I
from IN O
Fidelity NNP I
's POS B
stock NN I
funds NNS I
stood VBD O
at IN O
less JJR I
than IN I
$ $ I
300 CD I
million CD I
, , O
or CC O
below IN O
15 CD I
% NN I
of IN O
the DT I
$ $ I
2 CD I
billion CD I
cash NN I
position NN I
of IN O
the DT I
firm NN I
's POS B
stock NN I
portfolios NNS I
. . O

Much RB I
of IN O
the DT I
money NN I
was VBD O
switched VBN O
into IN O
the DT I
firm NN I
's POS B
money NN I
market NN I
funds NNS I
. . O

Outflows NNS I
since IN O
the DT I
close NN I
of IN O
trading NN I
Friday NNP B
remain VB O
below IN O
one-third NN I
their PRP$ I
level NN I
of IN O
two CD I
years NNS I
ago RB O
, , O
Fidelity NNP I
said VBD O
. . O

Other JJ I
mutual JJ I
fund NN I
companies NNS I
reported VBD O
even RB I
lighter JJR I
withdrawal NN I
requests NNS I
. . O

And CC O
some DT I
investors NNS I
at IN O
Fidelity NNP I
and CC I
elsewhere RB I
even RB O
began VBD O
buying VBG O
stock NN I
funds NNS I
during IN O
the DT I
day NN I
. . O

`` `` O
Two CD I
years NNS I
ago RB O
, , O
there EX I
was VBD O
a DT I
lot NN I
of IN O
redemption NN I
activity NN I
and CC O
trouble NN I
with IN O
people NNS I
getting VBG O
through IN O
on IN O
the DT I
phone NN I
, , O
'' '' O
said VBD O
Kathryn NNP I
McGrath NNP I
, , O
head NN I
of IN O
the DT I
investment NN I
management NN I
division NN I
of IN O
the DT I
Securities NNP I
and CC I
Exchange NNP I
Commission NNP I
. . O

This DT I
time NN I
, , O
`` `` O
We PRP I
do VBP O
n't RB O
have VB O
that IN I
at IN O
all DT O
. . O
'' '' O

Of IN O
course NN I
, , O
the DT I
relative JJ I
calm NN I
could MD O
be VB O
jolted VBN O
if IN O
the DT I
market NN I
plunges NNS O
again RB O
. . O

And CC O
any DT I
strong JJ I
surge NN I
in IN O
redemptions NNS I
could MD O
force VB O
some DT I
funds NNS I
to TO O
dump VB O
stocks NNS I
to TO O
raise VB O
cash NN I
, , O
as IN O
some DT I
did VBD O
during IN O
Black NNP I
Monday NNP I
. . O

But CC O
funds NNS I
generally RB O
are VBP O
better RBR O
prepared VBN O
this DT I
time NN I
around RB O
. . O

As IN O
a DT I
group NN I
, , O
their PRP$ I
cash NN I
position NN I
of IN O
10.2 CD I
% NN I
of IN O
assets NNS I
in IN O
August NNP I
-- : O
the DT I
latest JJS I
figure NN I
available JJ O
-- : O
is VBZ O
14 CD I
% NN I
higher JJR O
than IN O
two CD I
years NNS I
earlier RBR O
. . O

Many JJ I
fund NN I
managers NNS I
have VBP O
boosted VBN O
their PRP$ I
cash NN I
levels NNS I
in IN O
recent JJ I
weeks NNS I
. . O

The DT I
biggest JJS I
flurry NN I
of IN O
investor NN I
activity NN I
came VBD O
early RB O
in IN O
the DT I
day NN I
. . O

Vanguard NNP I
Group NNP I
Inc. NNP I
saw VBD O
heavy JJ I
exchanges NNS I
from IN O
stock NN I
funds NNS I
into IN O
money NN I
market NN I
funds NNS I
after IN O
the DT I
telephone NN I
lines NNS I
opened VBD O
at IN O
8:30 CD I
a.m RB I
. . O

`` `` O
In IN O
the DT I
first JJ I
hour NN I
, , O
the DT I
real JJ I
nervous JJ I
folks NNS I
came VBD O
along IN O
, , O
'' '' O
a DT I
spokesman NN I
said VBD O
. . O

`` `` O
But CC O
the DT I
horrendous JJ I
pace NN I
of IN O
call NN I
volume NN I
in IN O
the DT I
first JJ I
half-hour NN I
slowed VBD O
considerably RB O
. . O
'' '' O

At IN O
Scudder NNP I
, , I
Stevens NNP I
& CC I
Clark NNP I
Inc. NNP I
, , O
phone NN I
calls NNS I
came VBD O
in IN O
at IN O
40 CD I
% NN I
more JJR O
than IN O
the DT I
normal JJ I
pace NN I
through IN O
early JJ I
afternoon NN I
. . O

Most JJS I
of IN O
that DT I
increase NN I
came VBD O
in IN O
the DT I
first JJ I
hour NN I
after IN O
the DT I
phone NN I
lines NNS I
opened VBD O
at IN O
8 CD I
a.m RB I
. . O

As IN O
stocks NNS I
rose VBD O
, , O
in IN O
fact NN I
, , O
some DT I
investors NNS I
changed VBD O
course NN I
and CC O
reversed VBD O
their PRP$ I
sell NN I
orders NNS I
. . O

Many JJ I
funds NNS I
allow VBP O
investors NNS I
to TO O
void VB O
orders NNS I
before IN O
the DT I
close NN I
of IN O
trading NN I
. . O

At IN O
Scudder NNP I
and CC O
at IN O
the DT I
smaller JJR I
Ivy NNP I
funds NNS I
group VBP I
in IN O
Hingham NNP I
, , O
Mass. NNP I
, , O
for IN O
instance NN I
, , O
some DT I
shareholders NNS I
called VBN O
early RB O
in IN O
the DT I
morning NN I
to TO O
switch VB O
money NN I
from IN O
stock NN I
funds NNS I
to TO O
money NN I
market NN I
funds NNS I
, , O
but CC O
later RB O
called VBN O
back RB O
to TO O
reverse VB O
the DT I
switches NNS I
. . O

Because IN O
mutual JJ I
fund NN I
trades NNS I
do VBP O
n't RB O
take VB O
effect NN I
until IN O
the DT I
market NN I
close NN I
-- : O
in IN O
this DT I
case NN I
, , O
at IN O
4 CD I
p.m. NN I
-- : O
these DT I
shareholders NNS I
effectively RB O
stayed VBD O
put VBN O
. . O

At IN O
Fidelity NNP I
's POS B
office NN I
in IN O
downtown NN I
Boston NNP I
, , O
Gerald NNP I
Sherman NNP I
walked VBD O
in IN O
shortly RB O
after IN O
7:30 CD I
a.m. NN I
and CC O
placed VBD O
an DT I
order NN I
to TO O
switch VB O
his PRP$ I
retirement NN I
accounts NNS I
out IN O
of IN O
three CD I
stock NN I
funds NNS I
and CC O
into IN O
a DT I
money NN I
market NN I
fund NN I
. . O

But CC O
by IN O
3:15 CD I
p.m. NN I
, , O
with IN O
the DT I
market NN I
comfortably RB O
ahead RB O
for IN O
the DT I
day NN I
, , O
Mr. NNP I
Sherman NNP I
was VBD O
preparing VBG O
to TO O
undo VB O
his PRP$ I
switch NN I
. . O

`` `` O
It PRP I
's VBZ O
a DT I
nice JJ I
feeling NN I
to TO O
know VB O
that IN O
things NNS I
stabilized VBN O
, , O
'' '' O
said VBD O
Mr. NNP I
Sherman NNP I
, , O
the DT I
51-year-old JJ I
co-owner NN I
of IN O
a DT I
discount NN I
department NN I
store NN I
. . O

But CC O
some DT I
investors NNS I
continued VBD O
to TO O
switch VB O
out IN O
of IN O
high-risk JJ I
, , I
high-yield JJ I
junk NN I
funds NNS I
despite IN O
yesterday NN I
's POS B
rebound NN I
from IN O
that DT I
market NN I
's POS B
recent JJ I
price NN I
declines NNS I
. . O

Shareholders NNS I
have VBP O
been VBN O
steadily RB O
bailing VBG O
out IN O
of IN O
several JJ I
big JJ I
junk NN I
funds VBZ I
the DT B
past JJ I
several JJ I
weeks NNS I
as IN O
the DT I
$ $ I
200 CD I
billion CD I
market NN I
was VBD O
jolted VBN O
by IN O
a DT I
cash NN I
crunch NN I
at IN O
Campeau NNP I
Corp. NNP I
and CC O
steadily RB I
declining VBG I
prices NNS I
. . O

Much RB I
of IN O
the DT I
money NN I
has VBZ O
been VBN O
switched VBN O
into IN O
money NN I
market NN I
funds NNS I
, , O
fund NN I
executives NNS I
say VBP O
. . O

Instead RB O
of IN O
selling VBG O
bonds NNS I
to TO O
meet VB O
redemptions NNS I
, , O
however RB O
, , O
some DT I
funds NNS I
have VBP O
borrowed VBN O
from IN O
banks NNS I
to TO O
meet VB O
withdrawal NN I
requests NNS I
. . O

This DT I
avoids VBZ O
knocking VBG O
down RB O
prices VBZ I
further JJ O
. . O

The DT I
$ $ I
1.1 CD I
billion CD I
T. NNP I
Rowe NNP I
Price NNP I
High NNP I
Yield NNP I
Fund NNP I
was VBD O
among IN O
the DT I
funds NNS I
that WDT B
borrowed VBD O
during IN O
the DT I
Campeau NNP I
crisis NN I
, , O
says VBZ O
George NNP I
J. NNP I
Collins NNP I
, , O
president NN I
of IN O
T. NNP I
Rowe NNP I
Price NNP I
Associates NNP I
Inc NNP I
. . O

That DT I
way NN I
, , O
Mr. NNP I
Collins NNP I
says VBZ O
, , O
`` `` O
We PRP I
did VBD O
n't RB O
have VB O
to TO O
sell VB O
securities NNS I
in IN O
a DT I
sloppy JJ I
market NN I
. . O
'' '' O

When WRB O
the DT I
market NN I
stabilized VBN O
, , O
he PRP I
added VBD O
, , O
the DT I
firm NN I
sold VBD O
the DT I
bonds NNS I
and CC O
quickly RB O
paid VBN O
the DT I
loans NNS I
back RB O
. . O

Tom NNP I
Herman NNP I
contributed VBD O
to TO O
this DT I
article NN I
. . O

Amcore NNP I
Financial NNP I
Inc. NNP I
said VBD O
it PRP I
agreed VBD O
to TO O
acquire VB O
Central NNP O
of IN O
Illinois NNP I
Inc. NNP O
in IN O
a DT I
stock NN I
swap NN I
. . O

Shareholders NNS I
of IN O
Central NNP I
, , O
a DT I
bank NN I
holding VBG I
company NN I
based VBN O
in IN O
Sterling NNP I
, , O
Ill. NNP I
, , O
will MD O
receive VB O
Amcore NNP I
stock NN I
equal JJ O
to TO O
10 CD O
times NNS O
Central NNP I
's POS I
1989 CD O
earnings NNS O
, , O
Amcore NNP I
said VBD O
. . O

For IN O
the DT I
first JJ I
nine CD I
months NNS I
of IN O
1989 CD I
, , O
Central NNP I
earned VBD O
$ $ I
2 CD I
million CD I
. . O

Amcore NNP I
, , O
also RB O
a DT I
bank NN I
holding VBG I
company NN I
, , O
has VBZ O
assets NNS I
of IN O
$ $ I
1.06 CD I
billion CD I
. . O

Central NNP I
's POS B
assets NNS I
are VBP O
$ $ I
240 CD I
million CD I
. . O

-LRB- ( O
During IN O
its PRP$ I
centennial NN I
year NN I
, , O
The DT I
Wall NNP I
Street NNP I
Journal NNP I
will MD O
report VB O
events NNS I
of IN O
the DT I
past JJ I
century NN I
that WDT B
stand VBP O
as IN O
milestones NNS I
of IN O
American JJ I
business NN I
history NN I
. . O
-RRB- ) O

SOFT JJ I
CONTACT NN I
LENSES NNS I
WON VBP O
federal JJ I
blessing NN I
on IN O
March NNP I
18 CD I
, , O
1971 CD I
, , O
and CC O
quickly RB O
became VBD O
eye NN I
openers NNS I
for IN O
their PRP$ I
makers NNS I
. . O

The DT I
Food NNP I
and CC I
Drug NNP I
Administration NNP I
that DT B
day NN I
said VBD O
Bausch NNP I
& CC I
Lomb NNP I
could MD O
start VB O
selling VBG O
them PRP I
in IN O
the DT I
U.S. NNP I
. . O

The DT I
cornflake-size JJ I
product NN I
was VBD O
more RBR O
comfortable JJ O
and CC O
less RBR O
prone JJ O
to TO O
falling VBG O
out IN O
than IN O
hard JJ I
contact NN I
lenses NNS I
, , O
which WDT I
had VBD O
been VBN O
around IN O
since IN O
1939 CD I
. . O

Bausch NNP I
& CC I
Lomb NNP I
sold VBD O
the DT I
softies NNS I
under IN O
a DT I
sublicense NN I
from IN O
National NNP I
Patent NNP I
Development NNP I
, , O
which WDT I
had VBD O
gained VBN O
the DT I
rights NNS I
from IN O
the DT I
Czechoslovakia NNP I
Academy NNP I
of IN O
Sciences NNPS I
. . O

Otto NNP I
Wichterle NNP I
, , O
a DT I
Czech JJ I
, , O
invented VBD O
them PRP I
in IN O
1962 CD I
. . O

The DT I
plastic NN I
lens NN I
wraps VBZ O
itself PRP I
over IN O
the DT I
cornea NN I
, , O
absorbing VBG O
eye NN I
moisture NN I
while IN O
permitting VBG O
oxygen NN I
to TO O
pass VB O
through RB O
. . O

But CC O
the DT I
new JJ I
lens NN I
became VBD O
the DT I
eye NN I
of IN O
a DT I
storm NN I
. . O

In IN O
September NNP I
1971 CD I
California NNP B
officials NNS I
seized VBN O
`` `` I
bootlegged VBN I
'' '' I
lenses NNS I
-- : O
made VBN O
by IN O
unlicensed JJ I
companies NNS I
-- : O
after IN O
some DT I
showed VBD O
traces NNS I
of IN O
bacteria NNS I
. . O

In IN O
October NNP I
doctors NNS B
were VBD O
debating VBG O
the DT I
product NN I
's POS B
safety NN I
, , O
some DT I
claiming VBG O
it PRP I
caused VBD O
infections NNS I
. . O

And CC O
there EX I
were VBD O
Senate NNP I
hearings NNS I
on IN O
the DT I
questions NNS I
in IN O
July NNP I
1972 CD I
. . O

The DT I
product NN I
overcame VBD O
the DT I
bad JJ I
publicity NN I
and CC O
kept VBD O
evolving VBG O
. . O

The DT I
early JJ I
soft JJ I
lenses NNS I
, , O
which WDT I
cost VBP O
$ $ I
300 CD I
a DT B
set VBN I
, , O
were VBD O
expected VBN O
to TO O
last VB O
for IN O
a DT I
year NN I
. . O

In IN O
1983 CD I
`` `` B
extended VBN I
wear VB I
'' '' I
versions NNS I
, , O
designed VBN O
to TO O
be VB O
worn VBN O
for IN O
30 CD I
days NNS I
at IN O
a DT I
time NN I
, , O
wree NN O
offered VBN O
. . O

Eighteen CD I
months NNS I
ago RB O
a DT I
`` `` I
disposable JJ I
'' '' I
seven-day JJ I
model NN I
bowed VBD O
; : O
a DT I
year NN I
's POS B
supply NN I
costs NNS O
about RB I
$ $ I
500 CD I
. . O

Last JJ I
month NN I
the DT B
FDA NNP I
and CC O
Contact NNP I
Lens NNP I
Institute NNP I
cautioned VBD O
users NNS I
that IN O
serious JJ I
eye NN I
infections NNS I
could MD O
result VB O
from IN O
wearing VBG O
lenses NNS I
more JJR B
than IN I
seven CD I
days NNS I
at IN O
a DT I
stretch NN I
. . O

Today NN I
20 CD B
million CD I
of IN O
the DT I
25 CD I
million CD I
Americans NNPS I
using VBG O
contact NN I
lenses NNS I
are VBP O
using VBG O
the DT I
soft JJ I
type NN I
. . O

Including VBG O
the DT I
accesory NN I
eye NN I
care NN I
products NNS I
, , O
contacts NNS I
account VBP O
for IN O
$ $ I
2 CD I
billion CD I
in IN O
annual JJ I
retail JJ I
sales NNS I
. . O

Although IN O
Bausch NNP I
remains VBZ O
the DT I
leader NN I
among IN O
the DT I
six CD I
majors NNS I
, , O
Johnson NNP I
& CC I
Johnson NNP I
, , O
with IN O
its PRP$ I
new JJ I
disposables NNS I
, , O
is VBZ O
coming VBG O
on IN O
fast RB O
. . O

The DT I
roller-coaster NN I
stock NN I
market NN I
is VBZ O
making VBG O
life NN I
tougher JJR O
for IN O
small JJ I
companies NNS I
trying VBG O
to TO O
raise VB O
money NN I
. . O

In IN O
the DT I
wake NN I
of IN O
Friday NNP I
's POS B
plunge NN I
and CC O
yesterday NN I
's POS B
rebound NN I
, , O
some DT I
companies NNS I
are VBP O
already RB O
postponing VBG O
deals NNS I
, , O
and CC O
others NNS I
wish VBP O
they PRP I
could MD O
. . O

As IN O
in IN O
other JJ I
jittery JJ I
times NNS I
, , O
many JJ I
small JJ I
businesses NNS I
expect VBP O
a DT I
particularly RB I
rough JJ I
time NN I
raising VBG O
funds NNS I
as IN O
investors NNS I
shun VBP O
risky JJ I
deals NNS I
, , O
seeking VBG O
safety NN I
in IN O
bigger JJR I
companies NNS I
. . O

Even RB O
if IN O
stock NN I
prices NNS I
fully RB O
recover VBP O
from IN O
Friday NNP I
's POS B
sharp JJ I
decline NN I
, , O
the DT I
unsettled JJ I
conditions NNS I
will MD O
frighten VB O
many JJ I
investors NNS I
. . O

`` `` O
The DT I
implication NN I
of IN O
an DT I
unsettled JJ I
situation NN I
is VBZ O
that IN O
the DT I
thing NN I
could MD O
drop VB O
dramatically RB O
, , O
'' '' O
says VBZ O
Henry NNP I
Linsert NNP I
Jr. NNP I
, , O
chairman NN I
of IN O
Martek NNP I
Corp. NNP I
, , O
a DT I
four-year-old JJ I
biotechnology NN I
company NN I
that WDT B
is VBZ O
planning VBG O
a DT I
private JJ I
placement NN I
of IN O
stock NN I
. . O

`` `` O
The DT I
more JJR I
variables NNS I
that WDT B
indicate VBP O
risk NN I
, , O
the DT I
more JJR I
the DT B
investor NN I
is VBZ O
going VBG O
to TO O
drive VB O
a DT I
hard JJ I
bargain NN I
. . O
'' '' O

Earlier RBR I
this DT I
month NN I
, , O
Staples NNP I
Inc. NNP I
, , O
a DT I
Newton NNP I
, , I
Mass. NNP I
, , I
office-supplies NNS I
discounter NN I
, , O
said VBD O
it PRP I
would MD O
accelerate VB O
expansion NN I
plans NNS I
nationwide JJ O
and CC O
offer NN O
more JJR I
of IN O
its PRP$ I
stock NN I
to TO O
the DT I
public NN I
. . O

At IN O
the DT I
time NN I
, , O
its PRP$ I
shares NNS I
were VBD O
selling VBG O
above IN O
their PRP$ I
initial JJ I
offering NN I
price NN I
of IN O
$ $ I
19 CD I
, , O
and CC O
bankers NNS I
believed VBD O
Staples NNP I
would MD O
sell VB O
new JJ I
stock NN I
without IN O
a DT I
hitch NN I
. . O

But CC O
with IN O
the DT I
company NN I
's POS B
shares NNS I
standing VBG O
at IN O
$ $ I
15 CD I
yesterday NN B
, , O
a DT I
new JJ I
offering NN I
seems VBZ O
unlikely JJ O
, , O
company NN I
officials NNS I
say VBP O
. . O

Business NN I
, , O
however RB O
, , O
continues VBZ O
to TO O
be VB O
`` `` O
robust JJ O
, , O
'' '' O
and CC O
the DT I
stock NN I
market NN I
has VBZ O
n't RB O
affected VBN O
the DT I
concern NN I
's POS B
expansion NN I
plans NNS I
, , O
says VBZ O
Todd NNP I
Krasnow NNP I
, , O
a DT I
senior JJ I
executive NN I
. . O

Other JJ I
companies NNS I
figure VBP O
they PRP I
ca MD O
n't RB O
avoid VB O
the DT I
market NN I
. . O

`` `` O
We PRP I
have VBP O
capital NN I
requirements NNS I
, , O
'' '' O
says VBZ O
Mr. NNP I
Linsert NNP I
, , O
`` `` O
so IN O
we PRP I
have VBP O
to TO O
go VB O
ahead RB O
'' '' O
with IN O
a DT I
planned VBN I
$ $ I
1.5 CD I
billion CD I
private JJ I
placement NN I
. . O

Unless IN O
the DT I
market NN I
goes VBZ O
right RB O
back RB O
up IN O
, , O
he PRP I
says VBZ O
, , O
`` `` O
it PRP I
may MD O
take VB O
us PRP I
six CD B
to TO I
nine CD I
months NNS I
to TO O
find VB O
the DT I
money NN I
, , O
instead RB O
of IN O
three CD I
. . O
'' '' O

And CC O
the DT I
Columbia NNP I
, , I
Md. NNP I
, , I
company NN I
may MD O
have VB O
to TO O
settle VB O
for IN O
a DT I
lower JJR I
price NN I
, , O
he PRP I
adds VBZ O
. . O

Life NNP I
is VBZ O
particularly RB O
nerve-racking JJ O
for IN O
companies NNS I
that WDT B
had VBD O
planned VBN O
to TO O
go VB O
public JJ O
this DT I
week NN I
. . O

Hand-holding NN I
is VBZ O
becoming VBG O
an DT I
investment-banking NN I
job NN I
requirement NN I
. . O

Robertson NNP I
, , I
Stephens NNP I
& CC I
Co. NNP I
, , O
a DT I
San NNP I
Francisco NNP I
investment NN I
banking NN I
concern NN I
, , O
has VBZ O
a DT I
client NN I
that WDT B
looked VBD O
forward RB O
to TO O
making VBG O
its PRP$ I
initial JJ I
public JJ I
offering NN I
yesterday NN B
. . O

Officers NNS I
of IN O
the DT I
company NN I
, , O
a DT I
health-care NN I
concern NN I
, , O
`` `` O
were VBD O
very RB O
discouraged VBN O
on IN O
Friday NNP I
and CC O
felt VBD O
they PRP I
should MD O
n't RB O
go VB O
public JJ O
; : O
we PRP I
felt VBD O
they PRP I
should MD O
, , O
'' '' O
says VBZ O
Sanford NNP I
Robertson NNP I
, , O
partner NN I
in IN O
the DT I
banking NN I
concern NN I
. . O

As IN O
the DT I
market NN I
dropped VBD O
Friday NNP I
, , O
Robertson NNP I
Stephens NNP I
slashed VBD O
the DT I
value NN I
of IN O
the DT I
offering NN I
by IN O
7 CD I
% NN I
. . O

Yesterday NN I
, , O
when WRB O
similar JJ I
securities NNS I
rebounded VBD O
, , O
it PRP I
bumped VBD O
the DT I
valuation NN I
up IN O
again RB O
. . O

As IN O
of IN O
late JJ I
yesterday NN I
, , O
the DT I
IPO NNP I
was VBD O
still RB O
on RB O
. . O

For IN O
many JJ I
, , O
the DT I
situation NN I
is VBZ O
especially RB O
discouraging VBG O
because IN O
the DT I
market NN I
for IN O
IPOs NNPS I
was VBD O
showing VBG O
signs NNS I
of IN O
strengthening VBG I
after IN O
several JJ I
years NNS I
of IN O
weakness NN I
. . O

`` `` O
We PRP I
were VBD O
just RB O
beginning VBG O
to TO O
look VB O
at IN O
the DT I
increase NN I
in IN O
IPOs NNPS I
, , O
seeing VBG O
the DT I
light NN I
at IN O
the DT I
end NN I
of IN O
the DT I
tunnel NN I
, , O
'' '' O
says VBZ O
Frank NNP I
Kline NNP I
Jr. NNP I
, , O
partner NN I
in IN O
Lambda NNP I
Funds NNS I
, , O
a DT I
Beverly NNP I
Hills NNP I
, , I
Calif. NNP I
, , I
venture NN I
capital NN I
concern NN I
. . O

`` `` O
But CC O
the DT I
tunnel NN I
's POS O
just RB O
gotten VBN O
longer RB O
. . O
'' '' O

Companies NNS I
planning NN O
to TO O
go VB O
public JJ O
`` `` O
are VBP O
definitely RB O
taking VBG O
a DT I
second JJ I
look NN I
, , O
'' '' O
says VBZ O
Allen NNP I
Hadhazy NNP I
, , O
senior JJ I
analyst NN I
at IN O
the DT I
Institute NNP I
for IN O
Econometric NNP I
Research NNP I
, , O
Fort NNP I
Lauderdale NNP I
, , O
Fla. NNP I
, , O
which WDT I
publishes VBZ O
the DT I
New NNP I
Issues NNS I
newsletter NN I
on IN O
IPOs NNPS I
. . O

He PRP I
calculates VBZ O
that IN O
the DT I
recent JJ I
market NN I
slide NN I
translated VBN O
into IN O
a DT I
5 NN I
% NN I
to TO I
7 CD I
% NN I
reduction NN I
in IN O
IPO NNP I
proceeds NNS I
to TO O
companies NNS I
. . O

Many JJ I
companies NNS I
are VBP O
hesitating VBG O
. . O

Exabyte NNP I
Corp. NNP I
had VBD O
been VBN O
planning NN O
to TO O
sell VB O
10 CD I
% NN I
of IN O
its PRP$ I
stock NN I
this DT B
week NN I
in IN O
an DT I
IPO NNP I
that WDT B
would MD O
raise VB O
up IN I
to TO I
$ $ I
28.5 CD I
million CD I
. . O

But CC O
now RB O
, , O
Peter NNP I
Behrendt NNP I
, , O
president NN I
, , O
says VBZ O
, , O
`` `` O
We PRP I
're VBP O
making VBG O
decisions NNS I
on IN O
a DT I
day-to-day JJ I
basis NN I
. . O
'' '' O

Debt-free JJ O
and CC O
profitable JJ O
, , O
the DT I
Boulder NNP I
, , I
Colo. NNP I
, , I
computer-products NNS I
concern VBP I
could MD O
borrow VB O
funds NNS I
if IN O
it PRP I
decides VBZ O
against IN O
an DT I
IPO NNP I
now RB O
, , O
he PRP I
says VBZ O
. . O

KnowledgeWare NNP I
Inc. NNP I
, , O
an DT I
Atlanta NNP I
computer-software NN I
concern NN I
, , O
says VBZ O
it PRP I
is VBZ O
still JJ O
planning NN O
to TO O
go VB O
ahead RB O
with IN O
its PRP$ I
IPO NNP I
this DT B
week NN I
or CC O
next JJ I
-- : O
unless IN O
conditions NNS I
change VBP O
. . O

`` `` O
It PRP I
's VBZ O
a DT I
wait-and-see JJ I
situation NN I
right RB O
now RB O
, , O
'' '' O
says VBZ O
Terry NNP I
McGowan NNP I
, , O
president NN I
. . O

Delayed JJ I
financings NNS I
also RB O
would MD O
affect VB O
the DT I
operations NNS I
of IN O
many JJ I
companies NNS I
. . O

Sierra NNP I
Tucson NNP I
Cos. NNP I
, , O
a DT I
Tucson NNP I
, , I
Ariz. NNP I
, , I
operator NN O
of IN O
addiction-treatment JJ I
centers NNS I
, , O
has VBZ O
a DT I
planned VBN I
doubling VBG I
of IN O
capacity NN I
riding VBG O
on IN O
an DT I
IPO NNP I
scheduled VBD O
for IN O
next JJ I
week NN I
. . O

William NNP I
O'Donnell NNP I
, , O
president NN I
, , O
says VBZ O
he PRP I
still RB O
thinks VBZ O
the DT I
IPO NNP I
will MD O
succeed VB O
. . O

If IN O
it PRP I
does VBZ O
n't RB O
, , O
he PRP I
says VBZ O
, , O
the DT I
company NN I
would MD O
have VB O
to TO O
change VB O
its PRP$ I
expansion NN I
timetable NN I
. . O

But CC O
the DT I
market NN I
turmoil NN I
could MD O
be VB O
partially RB O
beneficial JJ O
for IN O
some DT I
small JJ I
businesses NNS I
. . O

In IN O
a DT I
sagging VBG I
market NN I
, , O
the DT I
Federal NNP I
Reserve NNP I
System NNP I
`` `` O
might MD O
flood VB O
the DT I
market NN I
with IN O
funds NNS I
, , O
and CC O
that DT I
should MD O
bring VB O
interest NN I
rates NNS I
down RB O
, , O
'' '' O
says VBZ O
Leonard NNP I
T. NNP I
Anctil NNP I
, , O
vice NN I
president NN I
of IN O
the DT I
Bank NNP I
of IN O
New NNP I
England NNP I
, , O
Boston NNP I
. . O

James NNP I
G. NNP I
Zafris NNP I
, , O
president NN I
of IN O
Danvers NNP I
Savings NNP I
Bank NNP I
, , O
Danvers NNP I
, , O
Mass. NNP I
, , O
says VBZ O
the DT I
market NN I
turmoil NN I
`` `` O
is VBZ O
an DT I
absolute JJ I
non-event NN I
for IN O
small JJ I
business NN I
. . O
'' '' O

For IN O
small JJ I
companies NNS I
, , O
he PRP I
says VBZ O
, , O
interest NN I
rates NNS I
are VBP O
far RB O
more RBR O
important JJ O
than IN O
what WP I
happens VBZ O
on IN O
stock NN I
exchanges NNS I
. . O

Mr. NNP I
Zafris NNP I
thinks VBZ O
rates NNS I
are VBP O
heading VBG O
down RB O
, , O
helping VBG O
small JJ I
companies NNS I
. . O

Peter NNP I
Drake NNP I
, , O
biotechnology NN I
analyst NN I
for IN O
Vector NNP I
Securities NNP I
International NNP I
, , O
Chicago NNP I
, , O
thinks VBZ O
market NN I
uncertainty NN I
may MD O
encourage VB O
small JJ I
companies NNS I
to TO O
form VB O
more RBR I
strategic JJ I
alliances NNS I
with IN O
big JJ I
corporations NNS I
. . O

Partly RB O
because IN O
the DT I
1987 CD I
market NN I
crash NN I
made VBD O
it PRP I
harder JJR O
for IN O
them PRP I
to TO O
find VB O
financing NN I
, , O
many JJ I
high-technology NN I
concerns NNS I
have VBP O
made VBN O
such JJ I
alliances NNS I
recently RB O
. . O

Some DT I
even RB O
see VB O
a DT I
silver NN I
lining VBG I
in IN O
the DT I
dark JJ I
clouds NNS I
. . O

Alan NNP I
Wells NNP I
, , O
president NN I
of IN O
Bollinger NNP I
, , I
Wells NNP I
, , I
Lett NNP I
& CC I
Co. NNP I
, , O
a DT I
New NNP I
York NNP I
merger NN I
specialist NN I
, , O
thinks VBZ O
panicky JJ I
investors NNS I
may MD O
lose VB O
their PRP$ I
enthusiasm NN I
for IN O
leveraged JJ I
buy-out NN I
and CC I
giant NN I
takeover NN I
deals NNS I
. . O

Instead RB O
, , O
they PRP I
could MD O
turn VB O
to TO O
investing VBG O
in IN O
smaller JJR I
deals NNS I
involving VBG O
smaller JJR I
companies NNS I
, , O
he PRP I
says VBZ O
. . O

And CC O
William NNP I
E. NNP I
Wetzel NNP I
Jr. NNP I
, , O
a DT O
University NNP O
of IN O
New NNP I
Hampshire NNP I
management NN O
professor NN O
and CC O
director NN I
of IN O
Venture NNP I
Capital NNP I
Network NNP I
Inc. NNP I
, , O
says VBZ O
the DT I
market NN I
's POS B
gyrations NNS I
will MD O
underline VB O
the DT I
investors NNS I
' POS B
lack NN I
of IN O
control NN I
in IN O
big JJ I
stock NN I
investments NNS I
. . O

This DT I
will MD O
add VB O
to TO O
the DT I
appeal NN I
of IN O
small JJ I
business NN I
, , O
he PRP I
says VBZ O
, , O
where WRB O
investors NNS I
often RB O
have VBP O
a DT I
degree NN I
of IN O
influence NN I
. . O

Bay NNP I
Financial NNP I
Corp. NNP I
, , O
hurt VBN O
by IN O
high JJ I
debts NNS I
and CC O
deteriorating VBG I
real JJ I
estate NN I
investments NNS I
, , O
reported VBD O
a DT I
wider JJR I
loss NN I
for IN O
the DT I
fourth JJ I
quarter NN I
and CC O
said VBD O
it PRP I
might MD O
be VB O
forced VBN O
to TO O
seek VB O
a DT I
bankruptcy-court NN I
reorganization NN I
if IN O
it PRP I
ca MD O
n't RB O
renegotiate VB O
its PRP$ I
borrowings NNS I
. . O

Bay NNP I
said VBD O
a DT I
`` `` I
substantial JJ I
part NN I
'' '' I
of IN O
its PRP$ I
debt NN I
outstanding JJ O
is VBZ O
in IN O
default NN I
as IN O
a DT I
result NN I
of IN O
inability NN I
to TO O
sell VB O
certain JJ I
properties NNS I
quickly RB O
and CC O
lower-than-expected JJ I
prices NNS I
for IN O
sales NNS I
made VBN O
. . O

The DT I
company NN I
said VBD O
its PRP$ I
real JJ I
estate NN I
portfolio NN I
is VBZ O
`` `` O
highly RB O
leveraged JJ O
, , O
'' '' O
while IN O
about IN I
two-thirds NNS I
of IN O
its PRP$ I
investments NNS I
are VBP O
n't RB O
income-producing JJ O
. . O

Thus RB O
it PRP I
is VBZ O
coming VBG O
up IN O
short JJ O
on IN O
a DT I
big JJ I
bet NN I
that IN O
quick JJ I
sales NNS I
at IN O
higher JJR I
prices NNS I
would MD O
enable VB O
it PRP I
to TO O
keep VB O
up IN O
with IN O
mortgage NN I
and CC I
other JJ I
debt NN I
payments NNS I
. . O

According VBG O
to TO O
its PRP$ I
latest JJS I
annual JJ I
report NN I
, , O
about IN I
a DT I
quarter NN I
of IN O
the DT I
company NN I
's POS B
holdings NNS I
are VBP O
in IN O
Massachusetts NNP I
, , O
in IN O
the DT I
midst NN I
of IN O
a DT I
real-estate NN I
slump NN I
. . O

The DT I
company NN I
said VBD O
it PRP I
had VBD O
a DT I
net JJ I
loss NN I
in IN O
its PRP$ I
fourth JJ I
quarter NN I
ended VBN O
June NNP I
30 CD I
of IN O
$ $ I
36.2 CD I
million CD I
, , O
or CC O
$ $ I
9.33 CD I
a DT B
share NN I
, , O
on IN O
revenue NN I
of IN O
$ $ I
13.1 CD I
million CD I
. . O

A DT I
year NN I
earlier RBR O
, , O
the DT I
company NN I
had VBD O
a DT I
loss NN I
of IN O
$ $ I
10.8 CD I
million CD I
, , O
or CC O
$ $ I
3.04 CD I
a DT B
share NN I
, , O
on IN O
revenue NN I
of IN O
$ $ I
10.8 CD I
million CD I
. . O

For IN O
the DT I
year NN I
, , O
it PRP I
had VBD O
a DT I
net JJ I
loss NN I
of IN O
$ $ I
62 CD I
million CD I
, , O
or CC O
$ $ I
15.97 CD I
a DT B
share NN I
, , O
on IN O
revenue NN I
of IN O
$ $ I
44.3 CD I
million CD I
. . O

In IN O
the DT I
previous JJ I
year NN I
, , O
it PRP I
had VBD O
a DT I
loss NN I
of IN O
$ $ I
22.5 CD I
million CD I
, , O
or CC O
$ $ I
6.52 CD I
a DT B
share NN I
, , O
on IN O
revenue NN I
of IN O
$ $ I
41.1 CD I
million CD I
. . O

Although IN O
it PRP I
is VBZ O
having VBG O
serious JJ I
cash-flow JJ I
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, , O
Bay NNP I
said VBD O
the DT I
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of IN O
its PRP$ I
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, , O
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, , O
was VBD O
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to TO O
$ $ I
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at IN O
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based VBN O
on IN O
a DT I
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. . O

Book NN I
value NN I
per IN O
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, , O
which WDT I
is VBZ O
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on IN O
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at IN O
cost NN I
, , O
was VBD O
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$ $ I
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. . O

A DT I
year NN I
earlier RBR O
, , O
fair-market JJ I
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per IN O
share NN I
was VBD O
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was VBD O
$ $ I
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share NN I
. . O

Annualized VBN I
interest NN I
rates NNS I
on IN O
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as IN O
reported VBN O
by IN O
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Board NNP I
on IN O
a DT I
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: : O
1989 CD I
and CC O
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4 CD I
, , O
1989 CD I
. . O

c-Yields NNS I
, , O
adjusted VBN O
for IN O
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. . O

TRW NNP I
Inc. NNP I
reported VBD O
a DT I
12 CD I
% NN I
decline NN I
in IN O
third-quarter JJ I
net JJ I
income NN I
, , O
but CC O
the DT I
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said VBD O
that IN O
excluding VBG O
unusual JJ I
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in IN O
both DT I
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, , O
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rose VBD O
16 CD I
% NN I
. . O

The DT I
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, , I
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said VBD O
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was VBD O
$ $ I
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98 CD I
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down RB O
from IN O
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Share NN I
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are VBP O
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, , O
by IN O
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. . O

Results NNS I
for IN O
the DT I
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included VBD O
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of IN O
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of IN O
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of IN O
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of IN O
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The DT I
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of IN O
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of IN O
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, , O
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the DT I
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exceeded VBD O
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. . O

Sales NNS I
for IN O
the DT I
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8.3 CD I
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to TO O
$ $ I
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, , O
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$ $ I
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all DT I
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. . O

The DT I
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said VBD O
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and CC I
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sales NNS I
were VBD O
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2 CD I
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to TO O
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climbed VBD O
6 CD I
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to TO O
$ $ I
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, , O
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of IN O
improved VBN I
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in IN O
spacecraft NN I
and CC I
advanced-technology JJ I
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. . O

Automotive JJ I
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jumped VBD O
16 CD I
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to TO O
$ $ I
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, , O
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of IN O
higher JJR I
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of IN O
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and CC O
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, , O
TRW NNP I
said VBD O
. . O

The DT I
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had VBD O
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$ $ I
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, , O
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of IN O
$ $ I
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. . O

However RB O
, , O
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the DT I
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of IN O
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, , O
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in IN O
the DT I
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declined VBD O
14 CD I
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, , O
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and CC I
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in IN O
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. . O

Materials NNS I
and CC I
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also RB O
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, , O
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said VBD O
. . O

The DT I
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to TO O
$ $ I
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. . O

An DT I
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for IN O
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, , O
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said VBD O
. . O

Operating NN I
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rose VBD O
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to TO O
$ $ I
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, , O
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$ $ I
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. . O

For IN O
the DT I
nine CD I
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, , O
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's POS B
net NN I
was VBD O
$ $ I
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, , O
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$ $ I
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down RB O
3 CD I
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$ $ I
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rose VBD O
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$ $ I
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, , O
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$ $ I
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. . O

a DT I
tragicomic JJ I
monologue NN I
by IN O
an DT I
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his PRP$ I
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of IN O
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, , O
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, , O
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. . O

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fact NN I
, , O
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`` `` O
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. . O

It PRP I
implies VBZ O
that IN O
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was VBD O
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' POS B
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, , O
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, , O
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. . O

As IN O
the DT I
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, , O
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of IN O
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. . O

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of IN O
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was VBD O
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Such JJ I
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. . O

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to TO O
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. . O

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of IN O
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. . O

As IN O
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of IN O
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, , O
a DT I
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and CC O
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for IN O
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of IN O
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we PRP B
're VBP O
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: : O

`` `` O
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of IN O
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, , O
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. . O

Yet RB O
I PRP I
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of IN O
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. . O

It PRP I
is VBZ O
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of IN O
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. . O

What WP I
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of IN O
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. . O

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of IN O
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of IN O
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, , O
and CC O
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to TO O
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. . O

In IN O
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, , O
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of IN O
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as IN O
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, , O
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I PRP I
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of IN O
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. . O
'' '' O

An DT I
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? . I

An DT I
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? . I

But CC O
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at IN O
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has VBZ O
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' '' I
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? . O
'' '' O

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with IN O
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. . O
'' '' O

Such JJ I
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to TO O
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, , O
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. . O

Continentals NNS I
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. . O
'' '' O

Despite IN O
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If IN O
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. . O

You PRP I
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to TO O
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on IN O
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. . O
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It PRP I
is VBZ O
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of IN O
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, , O
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I PRP I
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. . O
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. . O

That DT I
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. . O

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Floating VBG I
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. . O

Now RB O
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to TO O
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, , O
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of IN O
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. . O

With IN O
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and CC O
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love NN I
, , O
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anti-Semitism NN I
, , O
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's POS I
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with IN O
democracy NN I
and CC O
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of IN O
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, , O
and CC O
the DT I
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problematics NNS I
of IN O
loyalty NN I
: : O
`` `` O
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a DT I
critical JJ I
attitude NN I
towards IN O
an DT I
employer NN I
and CC O
at IN O
the DT I
same JJ I
time NN I
provide VB O
good JJ I
service NN I
... : O
. . O

` `` O
This DT I
employer NN I
embodies VBZ O
all DT I
that IN B
I PRP B
find VBP O
noble JJ O
and CC O
admirable JJ O
. . O

I PRP I
will MD O
hereafter RB O
devote VB O
myself PRP I
to TO O
serving VBG O
him PRP I
. . O

' '' O
This DT I
is VBZ O
loyalty NN I
intelligently RB O
bestowed VBD O
. . O
'' '' O

In IN O
the DT I
end NN I
, , O
after IN O
meeting NN O
with IN O
the DT I
former JJ I
housekeeper NN I
, , O
Stevens NNP I
sits VBZ O
by IN O
the DT I
seashore NN I
at IN O
dusk NN I
, , O
thinking VBG O
of IN O
her PRP$ I
and CC O
of IN O
his PRP$ I
employer NN I
, , O
and CC O
declares VBZ O
`` `` O
I PRP I
trusted VBD O
. . O

I PRP I
trusted VBD O
in IN O
his PRP$ I
lordship NN I
's POS B
wisdom NN I
... : O
. . O

I PRP I
ca MD O
n't RB O
even RB O
say VB O
I PRP I
made VBD O
my PRP$ I
own JJ I
mistakes NNS I
. . O

Really RB O
-- : O
one CD I
has VBZ O
to TO O
ask VB O
oneself PRP I
-- : O
what WP I
dignity NN I
is VBZ O
there RB I
in IN O
that DT I
? . O
'' '' O

The DT I
loyal JJ I
servant NN I
has VBZ O
come VBN O
full JJ I
circle NN I
. . O

What WP I
is VBZ O
greatness NN I
? . O

What WP I
is VBZ O
dignity NN I
? . O

We PRP I
understand VBP O
such JJ I
rueful JJ I
wisdom NN I
must MD O
be VB O
retrospective NN O
: : O
The DT I
owl NN I
of IN O
Minerva NNP I
only RB O
spreads VBZ O
her PRP$ I
wings NNS I
at IN O
dusk NN I
. . O

But CC O
as IN O
`` `` O
The DT I
Remains NNS I
of IN O
the DT I
Day NNP I
'' '' O
so RB O
eloquently RB O
demonstrates VBZ O
with IN O
quiet JJ I
virtuosity NN I
, , O
such JJ I
wisdom NN I
can MD O
be VB O
movingly RB O
embodied VBN O
in IN O
art NN I
. . O

Mr. NNP I
Locke NNP I
teaches VBZ O
English NNP I
and CC O
comparative JJ I
literature NN I
at IN O
Columbia NNP I
University NNP I
. . O

UGI NNP I
Corp. NNP I
said VBD O
its PRP$ I
AmeriGas NNP I
subsidiary NN I
completed VBD O
the DT I
previously RB I
announced VBN I
sale NN I
of IN O
its PRP$ I
air NN I
separation NN I
plant NN I
and CC I
related VBN I
assets NNS I
in IN O
Waukesha NNP I
, , O
Wis. NNP I
, , O
to TO O
AGA NNP I
Gas NNP I
Inc. NNP I
, , O
Cleveland NNP I
. . O

The DT I
price NN I
was VBD O
n't RB O
disclosed VBN O
. . O

The DT I
transaction NN I
is VBZ O
part NN I
of IN O
UGI NNP I
's POS B
continuing VBG I
program NN I
to TO O
shed VB O
AmeriGas NNP I
's POS B
industrial JJ I
gas NN I
interests NNS I
and CC O
expand VB O
the DT I
subsidiary NN I
's POS B
propane NN I
business NN I
. . O

Since IN O
June NNP I
, , O
AmeriGas NNP I
has VBZ O
netted VBN O
more JJR I
than IN I
$ $ I
100 CD I
million CD I
from IN O
industrial JJ I
gas NN I
divestitures NNS I
and CC O
reinvested VBN O
more JJR I
than IN I
$ $ I
50 CD I
million CD I
to TO O
acquire VB O
three CD I
propane NN I
distributors NNS I
. . O

UGI NNP I
is VBZ O
a DT I
gas NN I
and CC I
electric JJ I
utility NN I
and CC O
distributes VBZ O
propane NN I
nationally RB O
through IN O
its PRP$ I
AmeriGas NNP I
subsidiary NN I
. . O

Stanislav NNP I
Ovcharenko NNP I
, , O
who WP I
represents VBZ O
the DT I
Soviet JJ I
airline NN I
Aeroflot NNP I
here RB O
, , O
has VBZ O
some DT I
visions NNS I
that WDT B
are VBP O
wild JJ O
even RB O
by IN O
the DT I
current JJ I
standards NNS I
of IN O
perestroika FW I
. . O

In IN O
his PRP$ I
office NN I
overlooking VBG O
the DT I
runway NN I
of IN O
Shannon NNP I
Airport NNP I
, , O
Mr. NNP I
Ovcharenko NNP I
enthusiastically RB O
throws VBZ O
out IN O
what WP I
he PRP B
calls VBZ O
`` `` I
just RB I
ideas NNS I
'' '' I
: : O

First RB O
, , O
he PRP I
suggests VBZ O
, , O
GPA NNP I
Group NNP I
Ltd. NNP I
, , O
the DT I
international JJ I
aircraft NN I
leasing NN I
company NN I
based VBN O
in IN O
Ireland NNP I
, , O
could MD O
lease VB O
some DT I
of IN O
its PRP$ I
Boeing NNP I
jetliners NNS I
to TO O
the DT I
Soviet JJ I
airline NN I
. . O

Then RB O
Aer NNP I
Lingus NNP I
, , O
the DT I
Irish JJ I
flag NN I
carrier NN I
, , O
could MD O
teach VB O
Aeroflot NNP I
pilots NNS I
to TO O
fly VB O
the DT I
Boeings NNPS I
, , O
and CC O
the DT I
fleet NN I
could MD O
be VB O
based VBN O
here RB O
at IN O
Shannon NNP I
Airport NNP I
. . O

That DT I
's VBZ O
not RB O
all DT I
, , O
he PRP I
says VBZ O
. . O

Aer NNP I
Rianta NNP I
, , O
the DT I
Irish JJ I
airport NN I
authority NN I
, , O
could MD O
build VB O
a DT I
cargo NN I
terminal NN I
in IN O
the DT I
Soviet NNP I
Union NNP I
. . O

Aeroflot NNP I
could MD O
lease VB O
some DT I
of IN O
its PRP$ I
cargo NN I
planes NNS I
to TO O
Aer NNP I
Lingus NNP I
, , O
through IN O
GPA NNP I
, , O
for IN O
a DT I
joint-venture JJ I
cargo NN I
airline NN I
. . O

And CC O
then RB O
there EX I
is VBZ O
his PRP$ I
notion NN I
of IN O
an DT I
Irish-Soviet JJ I
charter NN I
airline NN I
to TO O
ferry VB O
Armenians NNPS I
to TO O
Los NNP I
Angeles NNP I
via IN O
Shannon NNP I
. . O

Have VBP O
the DT I
freedoms NNS I
of IN O
glasnost FW I
gone VBN O
to TO O
Mr. NNP I
Ovcharenko NNP I
's POS B
head NN I
? . O

Hardly RB O
. . O

The DT I
Irish-Soviet JJ I
aviation NN I
connection NN I
is VBZ O
alive JJ O
and CC O
well RB O
here RB O
at IN O
Shannon NNP I
Airport NNP I
. . O

GPA NNP I
is VBZ O
indeed RB O
talking VBG O
about IN O
leasing VBG O
Western JJ I
planes NNS I
to TO O
Aeroflot NNP I
and CC O
even RB O
about IN O
buying VBG O
Soviet-built JJ I
Tupolev NNP I
204s CD I
. . O

Aer NNP I
Lingus NNP I
is VBZ O
in IN O
discussions NNS I
with IN O
the DT I
Soviet JJ I
carrier NN I
about IN O
a DT I
cargo NN I
venture NN I
and CC O
other JJ I
possibilities NNS I
. . O

Aer NNP I
Rianta NNP I
already RB O
has VBZ O
so RB I
many JJ I
ventures NNS I
with IN O
Aeroflot NNP I
that IN O
its PRP$ I
chief JJ I
executive NN I
is VBZ O
studying VBG O
Russian NNP I
. . O

Unlikely RB O
as IN O
it PRP I
may MD O
seem VB O
, , O
tiny JJ I
, , I
politically RB I
neutral JJ I
Ireland NNP I
has VBZ O
penetrated VBN O
the DT I
mighty JJ I
Soviet JJ I
airline NN I
bureaucracy NN I
. . O

And CC O
as IN O
Aeroflot NNP I
struggles NNS O
to TO O
boost VB O
its PRP$ I
service NN I
standards NNS I
, , O
upgrade VB O
its PRP$ I
fleet NN I
and CC O
pursue VB O
commercial JJ I
opportunities NNS I
, , O
the DT I
Irish JJ I
aviation NN I
industry NN I
seems VBZ O
poised VBN O
to TO O
benefit VB O
. . O

`` `` O
Irish JJ I
and CC I
Soviet JJ I
people NNS I
are VBP O
similar JJ O
, , O
'' '' O
says VBZ O
Mr. NNP I
Ovcharenko NNP I
. . O

`` `` O
They PRP I
look VBP O
the DT I
same JJ I
. . O

They PRP I
're VBP O
very RB O
friendly JJ O
. . O
'' '' O

Moreover RB O
, , O
he PRP I
says VBZ O
, , O
Irish JJ I
companies NNS I
are VBP O
small JJ O
but CC O
spunky NN O
. . O

`` `` O
We PRP I
have VBP O
to TO O
study VB O
their PRP$ I
experience NN I
very RB O
well RB O
, , O
'' '' O
he PRP I
says VBZ O
. . O

`` `` O
We PRP I
must MD O
find VB O
any DT I
way NN I
to TO O
get VB O
business NN I
. . O
'' '' O

The DT I
two CD I
groups NNS I
have VBP O
been VBN O
working VBG O
together RB O
since IN O
the DT I
late JJ I
1970s NNS I
, , O
long RB O
before IN O
Soviet JJ I
joint JJ I
ventures NNS I
were VBD O
the DT I
rage NN I
in IN O
the DT I
West NNP I
. . O

Aeroflot NNP I
carried VBD O
about IN I
125 CD I
million CD I
passengers NNS I
last JJ B
year NN I
, , O
and CC O
Shannon NNP I
Airport NNP I
, , O
the DT I
airline NN I
's POS B
largest JJS I
transit NN I
airport NN I
outside IN O
the DT I
Soviet NNP I
Union NNP I
, , O
saw VBD O
1,400 CD I
Aeroflot NNP I
flights NNS I
and CC O
250,000 CD I
passengers NNS I
pass VBP O
through RB O
. . O

An DT I
apartment NN I
complex JJ I
down RP O
the DT I
road NN I
is VBZ O
the DT I
crew-rest NN I
and CC I
staging VBG I
area NN I
for IN O
more JJR I
than IN I
130 CD I
Aeroflot NNP I
pilots NNS I
and CC I
flight NN I
attendants NNS I
. . O

The DT I
airport NN I
's POS B
biggest JJS I
supplier NN I
of IN O
aircraft NN I
fuel NN I
is VBZ O
the DT I
Soviet NNP I
Union NNP I
. . O

Tankers NNS I
from IN O
the DT I
Latvian JJ I
port NN I
of IN O
Ventspils NNP I
each DT B
year NN I
unload VB O
25 CD I
million CD I
gallons NNS I
of IN O
fuel NN I
into IN O
a DT I
special JJ I
tank NN I
farm NN I
at IN O
the DT I
airport NN I
. . O

What WP I
Aeroflot NNP B
does VBZ O
n't RB O
pour VB O
into IN O
its PRP$ I
own JJ I
gas-guzzling JJ I
Ilyushins NNPS I
is VBZ O
bartered VBN O
to TO O
the DT I
airport NN I
authority NN I
, , O
which WDT I
resells VBZ O
it PRP I
to TO O
11 CD I
Western JJ I
carriers NNS I
including VBG O
Air NNP I
France NNP I
, , O
Trans NNP I
World NNP I
Airlines NNPS I
and CC O
Pakistan NNP I
International NNP I
Airlines NNPS I
. . O

Aeroflot NNP I
thus RB O
pays VBZ O
its PRP$ I
landing NN I
fees NNS I
, , I
ground-handling NNS I
and CC I
catering NN I
bills NNS I
with IN O
fuel NN I
, , O
preserving VBG O
its PRP$ I
hard JJ I
currency NN I
. . O

That DT I
is VBZ O
n't RB O
all DT I
. . O

Last JJ I
year NN I
, , O
the DT I
Irish JJ I
airport NN I
authority NN I
, , O
in IN O
a DT I
joint JJ I
venture NN I
with IN O
Aeroflot NNP I
, , O
opened VBD O
four CD I
hard-currency NN I
duty-free JJ I
shops NNS I
at IN O
Moscow NNP I
's POS B
Sheremetyevo NNP I
Airport NNP I
. . O

Aer NNP I
Rianta NNP I
now RB O
manages VBZ O
duty-free JJ I
sales NNS I
on IN O
all DT I
Aeroflot NNP I
international JJ I
flights NNS I
out IN O
of IN O
Moscow NNP I
. . O

Duty-free JJ I
shops NNS I
in IN O
Leningrad NNP I
's POS B
Pulkova NNP I
Airport NNP I
opened VBD O
in IN O
July NNP I
, , O
and CC O
hard-currency NN I
shops NNS I
in IN O
Leningrad NNP I
hotels NNS I
and CC O
on IN O
the DT I
Soviet-Finnish JJ I
frontier NN I
are VBP O
coming VBG O
soon RB O
. . O

Aer NNP I
Rianta NNP I
is VBZ O
talking VBG O
about IN O
similar JJ I
joint JJ I
ventures NNS I
in IN O
Tashkent NNP I
and CC O
in IN O
Sochi NNP I
, , O
a DT I
Black NNP I
Sea NNP I
resort NN I
, , O
and CC O
even RB O
has VBZ O
a DT I
computer-assembly NN I
project NN I
cooking NN O
with IN O
the DT I
Georgian JJ I
city NN I
of IN O
Tbilisi NNP I
. . O

Aeroflot NNP I
's POS B
international JJ I
fleet NN I
of IN O
285 CD I
planes NNS I
is VBZ O
being VBG O
repainted VBN O
and CC O
refurbished VBN O
at IN O
Shannon NNP I
Airport NNP I
. . O

Thanks NNS I
to TO O
a DT I
new JJ I
air-traffic NN I
agreement NN I
and CC O
the DT I
ability NN I
of IN O
Irish JJ I
travel NN I
agents NNS I
to TO O
issue VB O
Aeroflot NNP I
tickets NNS I
, , O
tourists NNS I
here RB O
are VBP O
taking VBG O
advantage NN I
of IN O
Aeroflot NNP I
's POS B
reasonable JJ I
prices NNS I
to TO O
board VB O
flights NNS I
in IN O
Shannon NNP I
for IN O
holidays NNS I
in IN O
Havana NNP I
, , O
Kingston NNP I
and CC O
Mexico NNP I
City NNP I
. . O

The DT I
round-trip JJ I
fare NN I
to TO O
Havana NNP I
is VBZ O
410 CD I
Irish JJ I
punts NNS I
-LRB- ( O
$ $ I
578 CD I
-RRB- ) O
. . O

Jamaica NNP I
costs NNS O
504 CD I
punts NNS I
. . O

A DT I
formal JJ I
blessing NN I
of IN O
sorts NNS I
was VBD O
bestowed VBN O
on IN O
this DT I
friendship NN I
in IN O
April NNP I
when WRB O
Mikhail NNP I
and CC I
Raisa NNP I
Gorbachev NNP I
stopped VBD O
here RB O
for IN O
talks NNS I
with IN O
Irish JJ I
Prime NNP I
Minister NNP I
Charles NNP I
Haughey NNP I
. . O

New JJ I
trade NN I
accords NNS I
were VBD O
signed VBN O
. . O

It PRP I
all DT B
started VBD O
with IN O
geography NN I
. . O

When WRB O
it PRP I
opened VBD O
in IN O
1939 CD I
, , O
Shannon NNP I
was VBD O
the DT I
first JJ I
landfall NN I
in IN O
Europe NNP I
for IN O
thirsty JJ I
airplanes NNS I
flying VBG O
from IN O
North NNP I
America NNP I
. . O

Advances NNS I
in IN O
aircraft NN I
fuel NN I
efficiency NN I
over IN O
the DT I
years NNS I
made VBD O
a DT I
Shannon NNP I
stop NN I
unnecessary JJ O
for IN O
most RBS I
Western JJ I
air NN I
fleets NNS I
, , O
but CC O
Aeroflot NNP I
still RB O
flies VBZ O
inefficient JJ I
Ilyushins NNPS I
that WDT B
ca MD O
n't RB O
make VB O
it PRP I
from IN O
Moscow NNP I
to TO O
Managua NNP I
on IN O
one CD I
hop NN I
. . O

As IN O
a DT I
result NN I
, , O
Ireland NNP I
did VBD O
n't RB O
spurn VB O
the DT I
Soviets NNPS I
after IN O
they PRP I
shot NN O
down RP O
a DT I
Korean NNP I
Air NNP I
Lines NNPS I
jetliner NN I
over IN O
the DT I
Sea NNP I
of IN O
Japan NNP I
in IN O
1983 CD I
, , O
though IN O
it PRP I
suspended VBD O
direct JJ I
Moscow-Shannon JJ I
flights NNS I
for IN O
two CD I
months NNS I
. . O

In IN O
fact NN I
, , O
Aer NNP I
Lingus NNP I
started VBD O
ferrying VBG O
Russians NNPS I
from IN O
Shannon NNP I
to TO O
New NNP I
York NNP I
when WRB O
Washington NNP I
stripped VBD O
Aeroflot NNP I
of IN O
its PRP$ I
U.S. NNP I
landing NN I
rights NNS I
. . O

Today NN I
, , O
Aer NNP I
Rianta NNP I
is VBZ O
making VBG O
a DT I
heap NN I
of IN O
money NN I
from IN O
its PRP$ I
Soviet JJ I
friendship NN I
. . O

And CC O
, , O
with IN O
those DT I
contacts NNS I
in IN O
place NN I
, , O
it PRP I
could MD O
be VB O
relatively RB O
simple JJ O
to TO O
add VB O
Aer NNP I
Lingus NNP I
and CC O
GPA NNP I
to TO O
the DT I
team NN I
. . O

Then RB O
, , O
perhaps RB O
, , O
Mr. NNP I
Ovcharenko NNP I
's POS B
ideas NNS I
would MD O
n't RB O
sound VB O
like IN O
so RB I
much JJ I
blarney NN I
. . O

Britain NNP I
's POS B
industrial JJ I
production NN I
rose VBD O
1.5 CD I
% NN I
in IN O
August NNP I
from IN O
July NNP I
and CC O
was VBD O
up IN O
0.9 CD I
% NN I
from IN O
August NNP I
1988 CD B
, , O
according VBG O
to TO O
provisional JJ I
data NNS I
from IN O
the DT I
Central NNP I
Statistical NNP I
Office NNP I
. . O

Output NN I
in IN O
the DT I
energy NN I
sector NN I
, , O
which WDT I
can MD O
vary VB O
greatly RB O
with IN O
swings NNS I
in IN O
the DT I
oil NN I
market NN I
, , O
rose VBD O
3.8 CD I
% NN I
in IN O
August NNP I
from IN O
May NNP I
but CC O
was VBD O
down RB O
7.1 CD I
% NN I
from IN O
a DT I
year NN I
earlier RBR O
. . O

The DT I
latest JJS I
figures NNS I
compare VBP O
with IN O
July NNP I
's POS B
4.5 CD I
% NN I
month-to-month JJ I
rise NN I
and CC O
11.3 CD I
% NN I
year-to-year JJ I
fall NN I
. . O

When WRB O
Nucor NNP I
Corp. NNP I
begins VBZ O
shipping VBG O
steel NN I
from IN O
the DT I
world NN I
's POS B
first JJ I
thin-slab JJ I
plant NN I
this DT B
month NN I
, , O
it PRP I
will MD O
begin VB O
testing VBG O
the DT I
competitive JJ I
mettle NN I
of IN O
its PRP$ I
giant NN I
competitors NNS I
. . O

The DT I
new JJ I
technology NN I
, , O
which WDT I
creates VBZ O
a DT I
very RB I
thin JJ I
piece NN I
of IN O
steel NN I
, , O
radically RB O
reduces VBZ O
the DT I
costs NNS I
of IN O
making VBG O
flat-rolled JJ I
sheets NNS I
. . O

An DT I
ebullient JJ I
Kenneth NNP I
Iverson NNP I
, , O
Nucor NNP I
's POS B
chairman NN I
, , O
says VBZ O
the DT I
company NN I
's POS B
plant NN I
eventually RB O
will MD O
make VB O
a DT I
ton NN I
of IN O
steel NN I
in IN O
1.5 CD I
man NN I
hours NNS I
, , O
compared VBN O
with IN O
four CD I
to TO I
six CD I
man NN I
hours NNS I
at IN O
a DT I
conventional JJ I
mill NN I
. . O

`` `` O
We PRP I
've VBP O
had VBD O
the DT I
Russians NNPS I
and CC I
Chinese JJ I
, , O
and CC O
people NNS I
from IN O
India NNP I
visiting VBG O
us PRP I
, , O
'' '' O
Mr. NNP I
Iverson NNP I
beams VBZ O
. . O

`` `` O
Everyone NN I
in IN O
the DT I
world NN I
is VBZ O
watching VBG O
us PRP I
very RB O
closely RB O
. . O
'' '' O

Especially RB I
his PRP$ I
neighbors NNS I
, , O
the DT I
major JJ I
U.S. NNP I
steelmakers NNS I
. . O

Already RB O
, , O
USX NNP I
Corp. NNP I
and CC O
Armco NNP I
Inc. NNP I
are VBP O
studying VBG O
Nucor NNP I
's POS B
technology NN I
to TO O
see VB O
if IN O
they PRP I
can MD O
adopt VB O
it PRP I
. . O

Says VBZ O
the DT I
chief JJ I
executive JJ I
officer NN I
of IN O
a DT I
major JJ I
Midwest NNP I
steel NN I
company NN I
: : O
`` `` O
It PRP I
's VBZ O
damn JJ O
worrisome JJ O
. . O
'' '' O

The DT I
once-staid JJ I
steel NN I
industry NN I
is VBZ O
about IN O
to TO O
be VB O
turned VBN O
topsy-turvy JJ O
by IN O
a DT I
1990s CD I
technology NN I
revolution NN I
. . O

New NNP I
, , I
efficient JJ I
and CC I
sophisticated JJ I
processes NNS I
make VBP O
it PRP I
easier JJR O
for IN O
smaller JJR I
, , I
less RBR I
cash-rich JJ I
companies NNS I
to TO O
make VB O
steel NN I
at IN O
a DT I
fraction NN I
of IN O
what WP I
Big NNP B
Steel NNP I
paid VBD O
decades NNS I
ago RB O
. . O

It PRP I
also RB O
enables VBZ O
minimills NNS I
finally RB O
to TO O
get VB O
a DT I
toehold NN I
in IN O
the DT I
flat-rolled JJ I
steel NN I
market NN I
-- : O
the DT I
major JJ I
steelmakers NNS I
' POS B
largest JJS I
, , I
most RBS I
prized VBN I
, , I
and CC I
until IN I
now RB I
, , I
untouchable JJ I
, , I
market NN I
. . O

But CC O
such JJ I
thin-slab JJ I
technology NN I
is VBZ O
only RB I
the DT I
beginning NN I
. . O

Eager JJ I
engineers NNS I
espouse VBP O
direct-steelmaking NN I
and CC O
direct JJ I
casting NN I
, , O
which WDT I
by IN O
the DT I
end NN I
of IN O
the DT I
1990s CD I
will MD O
enable VB O
production NN I
without IN O
coke NN I
ovens NNS I
and CC O
blast NN I
furnaces NNS I
. . O

Those DT I
massive JJ I
structures NNS I
, , O
while IN O
posing VBG O
cost NN I
and CC I
environmental JJ I
headaches NNS I
, , O
effectively RB O
locked VBN O
out RP O
all DT I
but CC O
deep-pocketed JJ I
giants NNS I
from IN O
steelmaking NN I
. . O

`` `` O
There EX I
's VBZ O
a DT I
revolution NN I
ahead RB O
of IN O
us PRP I
that WDT B
will MD O
ultimately RB O
change VB O
the DT I
way NN I
we PRP B
market VBP O
and CC O
distribute VB O
steel NN I
, , O
'' '' O
says VBZ O
William NNP I
Dennis NNP I
, , O
vice NN I
president NN I
, , O
manufacturing NN I
and CC I
technology NN I
, , O
for IN O
the DT I
American NNP I
Iron NNP I
Ore NNP I
and CC I
Steel NNP I
Institute NNP I
. . O

It PRP I
is VBZ O
n't RB O
that IN O
major JJ I
steelmakers NNS I
have VBP O
blithely RB O
ignored VBN O
high JJ I
technology NN I
. . O

In IN O
fact NN I
, , O
they PRP I
've VBP O
spent VBD O
billions NNS I
of IN O
dollars NNS I
to TO O
boost VB O
the DT I
percentage NN I
of IN O
continously RB I
cast VBP I
steel NN I
to TO O
60.9 CD I
% NN I
in IN O
1988 CD I
, , O
from IN O
39.6 CD I
% NN I
five CD B
years NNS I
before RB O
. . O

Moreover RB O
, , O
their PRP$ I
balance NN I
sheets NNS I
are VBP O
rich JJ O
with IN O
diversity NN I
, , O
their PRP$ I
old JJ I
plants NNS I
shuttered JJ O
, , O
and CC O
work NN I
forces NNS I
lean JJ O
. . O

But CC O
that DT I
wo MD O
n't RB O
suffice VB O
. . O

`` `` O
It PRP I
's VBZ O
no RB O
longer RB O
enough RB O
to TO O
beat VB O
the DT I
guy NN I
down RP O
the DT I
street NN I
. . O

You PRP I
have VBP O
to TO O
beat VB O
everyone NN I
around IN O
the DT I
world NN I
, , O
'' '' O
says VBZ O
Mr. NNP I
Dennis NNP I
. . O

He PRP I
wants VBZ O
to TO O
see VB O
steelmakers NNS I
more RBR O
involved VBN O
in IN O
computers NNS I
and CC O
artificial JJ I
intelligence NN I
. . O

The DT I
problem NN I
: : O
They PRP I
're VBP O
saddled VBN O
with IN O
huge JJ I
plants NNS I
that WDT B
require VBP O
costly JJ I
maintenance NN I
. . O

And CC O
try VB O
plying VBG O
new JJ I
dollars NNS I
free JJ O
in IN O
a DT I
market NN I
that WDT B
is VBZ O
softening VBG O
, , O
hurt VBN O
by IN O
a DT I
strong JJ I
dollar NN I
and CC O
concerned VBN O
about IN O
overcapacity NN I
-- : O
the DT I
industry NN I
's POS B
Darth NNP I
Vadar NNP I
. . O

`` `` O
The DT I
technology NN I
revolution NN I
is VBZ O
going VBG O
to TO O
be VB O
very RB O
threatening VBG O
to TO O
established VBN I
producers NNS I
, , O
'' '' O
says VBZ O
Peter NNP I
Marcus NNP I
, , O
an DT I
analyst NN I
with IN O
PaineWebber NNP I
Inc NNP I
. . O

`` `` O
They PRP I
've VBP O
got VBD O
too RB I
much RB I
invested VBN O
in IN O
the DT I
old JJ I
stuff NN I
and CC O
they PRP I
ca MD O
n't RB O
get VB O
their PRP$ I
workers NNS I
to TO O
be VB O
flexible JJ O
. . O
'' '' O

No DT I
one CD I
expects VBZ O
minimills NNS I
to TO O
eclipse VB O
major JJ I
integrated VBN I
steelmakers NNS I
, , O
who WP I
remain VBP O
the DT I
undisputed JJ I
kings NNS I
of IN O
highest-quality JJ I
steel NN I
used VBN O
for IN O
autos NNS I
and CC I
refrigerators NNS I
. . O

Nucor NNP I
's POS B
plant NN I
in IN O
Crawfordsville NNP I
, , O
Ind. NNP I
, , O
ultimately RB O
will MD O
produce VB O
only RB I
one CD I
million CD I
tons NNS I
annually RB O
, , O
a DT I
drop NN I
in IN O
the DT I
40-million-ton-a-year JJ I
flat-rolled JJ I
steel NN I
bucket NN I
, , O
and CC O
it PRP I
will MD O
be VB O
years NNS I
before IN O
such JJ I
plants NNS I
can MD O
compete VB O
in IN O
the DT I
high-profit JJ I
market NN I
. . O

Still RB O
, , O
flat-rolled JJ I
is VBZ O
the DT I
steel NN I
industry NN I
's POS B
bread NN I
and CC I
butter NN I
, , O
representing VBG O
about IN I
half NN I
of IN O
the DT I
80 CD I
million CD I
tons NNS I
of IN O
steel NN I
expected VBN O
to TO O
be VB O
shipped VBN O
this DT I
year NN I
. . O

Moreover RB O
, , O
the DT I
process NN I
is VBZ O
n't RB O
without IN O
its PRP$ I
headaches NNS I
. . O

Because IN O
all DT I
operations NNS I
are VBP O
connected VBN O
, , O
one CD I
equipment NN I
failure NN I
forces VBZ O
a DT I
complete JJ I
plant NN I
shutdown NN I
. . O

On IN O
some DT I
days NNS I
, , O
the DT I
Nucor NNP I
plant NN I
does VBZ O
n't RB O
produce VB O
anything NN I
. . O

`` `` O
At IN O
this DT I
point NN I
, , O
the DT I
minimill NN I
capacity NN I
wo MD O
n't RB O
make VB O
a DT I
great JJ I
dent NN I
in IN O
the DT I
integrated VBN I
market NN I
, , O
but CC O
it PRP I
does VBZ O
challenge NN O
them PRP I
to TO O
develop VB O
new JJ I
markets NNS I
, , O
'' '' O
says VBZ O
James NNP I
McCall NNP I
, , O
vice NN I
president NN I
, , O
materials NNS I
, , O
at IN O
Battelle NNP I
, , O
a DT I
technology NN I
and CC I
management-research NN I
giant NN I
based VBN O
in IN O
Columbus NNP I
, , O
Ohio NNP I
. . O

Indeed RB O
, , O
with IN O
demand NN I
for IN O
steel NN I
not RB O
growing VBG O
fast RB O
enough RB O
to TO O
absorb VB O
capacity NN I
, , O
steelmakers NNS I
will MD O
have VB O
to TO O
change VB O
the DT I
way NN I
they PRP B
do VBP O
business NN I
. . O

In IN O
the DT I
past NN I
, , O
says VBZ O
Armco NNP I
's POS B
chief JJ I
economist NN I
John NNP I
Corey NNP I
, , O
steelmakers NNS I
made VBD O
a DT I
product NN I
and CC O
set VBN O
it PRP I
out IN O
on IN O
the DT I
loading NN I
dock NN I
. . O

`` `` O
We PRP I
said VBD O
: : O
` `` O
We PRP I
've VBP O
got VBD O
a DT I
product NN I
: : O
if IN O
you PRP I
want VBP O
it PRP I
, , O
you PRP I
can MD O
buy VB O
it PRP I
, , O
' '' O
'' '' O
he PRP I
says VBZ O
, , O
adding VBG O
: : O
`` `` O
Now RB O
we PRP I
're VBP O
figuring VBG O
out RP O
what WP I
people NNS B
need VBP O
, , O
and CC O
are VBP O
going VBG O
back RB O
to TO O
make VB O
it PRP I
. . O
'' '' O

Armco NNP I
's POS B
sales NNS I
representatives NNS I
visit VBP O
the DT I
General NNP I
Motors NNPS I
Corp. NNP I
's POS B
Fairfax NNP I
assembly NN I
plant NN I
in IN O
Kansas NNP I
City NNP I
, , O
Mo. NNP I
, , O
two CD I
or CC I
three CD I
days NNS I
a DT B
week NN I
. . O

When WRB O
they PRP I
determined VBD O
that IN O
GM NNP I
needed VBD O
parts NNS I
more RBR O
quickly RB O
, , O
Armco NNP I
convinced VBD O
a DT I
steel NN I
service NN I
center NN I
to TO O
build VB O
a DT I
processing NN I
plant NN I
nearby JJ O
so RB O
shipments NNS I
could MD O
be VB O
delivered VBN O
within IN O
15 CD I
minutes NNS I
. . O

Cementing VBG O
such JJ I
relationships NNS I
with IN O
major JJ I
clients NNS I
-- : O
car NN I
and CC I
appliance NN I
makers NNS I
-- : O
is VBZ O
a DT I
means NNS I
of IN O
survival NN I
, , O
especially RB O
when WRB O
those DT I
key JJ I
clients NNS I
are VBP O
relying VBG O
on IN O
a DT I
smaller JJR I
pool NN I
of IN O
producers NNS I
and CC O
flirting VBG O
with IN O
plastic NN I
and CC I
aluminum NN I
makers NNS I
. . O

For IN O
example NN I
, , O
when WRB O
Detroit NNP I
began VBD O
talking VBG O
about IN O
plastic-bodied JJ I
cars NNS I
, , O
the DT I
American NNP I
Iron NNP I
and CC I
Steel NNP I
Institute NNP I
began VBD O
a DT I
major JJ I
lobbying NN I
effort NN I
to TO O
show VB O
auto NN I
makers NNS I
how WRB O
they PRP I
could MD O
use VB O
steel NN I
more RBR O
efficiently RB O
by IN O
simply RB O
redesigning VBG O
how WRB O
a DT I
car NN I
door NN I
is VBZ O
assembled VBN O
. . O

But CC O
steelmakers NNS I
must MD O
also RB O
find VB O
new JJ I
markets NNS I
. . O

After IN O
letting VBG O
aluminum-makers NNS I
take VBP O
the DT I
recycling NN I
lead NN I
, , O
a DT I
group NN I
of IN O
the DT I
nation NN I
's POS B
largest JJS I
steelmakers NNS I
started VBD O
a DT I
recycling NN I
institute NN I
to TO O
promote VB O
steel NN I
cans NNS I
to TO O
an DT I
environmentally RB I
conscious JJ I
nation NN I
. . O

Battelle NNP I
's POS B
Mr. NNP I
McCall NNP I
thinks VBZ O
steelmakers NNS I
should MD O
concentrate VB O
more JJR O
on IN O
construction NN I
. . O

Weirton NNP I
Steel NNP I
Corp. NNP I
, , O
Weirton NNP I
, , O
W. NNP I
Va. NNP I
, , O
for IN O
example NN I
, , O
is VBZ O
touting VBG O
to TO O
homeowners NNS I
fashionable JJ B
steel NN I
doors NNS I
, , O
with IN O
leaded JJ I
glass NN I
inserts NNS I
, , O
as IN O
a DT I
secure JJ I
and CC I
energy-efficient JJ I
alternative NN I
to TO O
wooden JJ I
or CC I
aluminum NN I
ones NNS I
. . O

Other JJ I
steelmakers NNS I
envision VBP O
steel NN I
roofs NNS I
covering VBG O
suburbia NN I
. . O

Still JJ I
others NNS I
are VBP O
looking VBG O
at IN O
overseas JJ I
markets NNS I
. . O

USX NNP I
is VBZ O
funneling VBG O
drilling NN I
pipe NN I
to TO O
steel-hungry JJ I
Soviet NNP I
Union NNP I
. . O

This DT I
year NN I
, , O
the DT I
nation NN I
's POS B
largest JJS I
steelmaker NN I
reactivated VBD O
its PRP$ I
overseas JJ I
sales NNS I
operation NN I
. . O

Producers NNS I
also RB O
are VBP O
trying VBG O
to TO O
differentiate VB O
by IN O
concentrating VBG O
on IN O
higher-profit JJR I
output NN I
, , O
such JJ O
as IN O
coated VBN I
and CC I
electrogalvanized JJ I
products NNS I
, , O
which WDT I
remain VBP O
beyond IN O
the DT I
reach NN I
of IN O
minimills NNS I
. . O

Almost RB I
all DT I
capital-improvement NN I
programs NNS I
announced VBN O
by IN O
major JJ I
steelmakers NNS I
within IN O
the DT I
past JJ I
year NN I
involve VB O
building NN O
electrogalvanizing VBG I
lines NNS I
, , O
used VBN O
to TO O
produce VB O
steel NN I
for IN O
such JJ I
products NNS I
as IN O
household NN I
appliances NNS I
and CC O
car NN I
doors NNS I
. . O

But CC O
unfortunately RB O
, , O
that DT I
segment NN I
is VBZ O
much RB O
smaller JJR O
than IN O
the DT I
bread-and-butter JJ I
flat-rolled JJ I
steel NN I
. . O

`` `` O
It PRP I
's VBZ O
like IN O
everyone NN I
climbing VBG O
out IN O
of IN O
the DT I
QE NNP I
II NNP I
and CC O
getting VBG O
into IN O
a DT I
lifeboat NN I
, , O
'' '' O
says VBZ O
John NNP I
Jacobson NNP I
, , O
an DT I
analyst NN I
with IN O
AUS NNP I
Consultants NNP I
. . O

`` `` O
After IN O
a DT I
while NN I
, , O
someone NN I
has VBZ O
to TO O
go VB O
over IN O
the DT I
side NN I
. . O
'' '' O

Although IN O
he PRP I
does VBZ O
n't RB O
expect VB O
any DT I
bankruptcies NNS I
, , O
he PRP I
does VBZ O
see VB O
more JJR I
plants NNS I
being VBG O
sold VBN O
or CC O
closed VBD O
. . O

Robert NNP I
Crandall NNP I
, , O
with IN O
the DT I
Brookings NNP I
Institute NNP I
, , O
agrees VBZ O
. . O

`` `` O
Unless IN O
there EX I
is VBZ O
an DT I
enormous JJ I
rate NN I
of IN O
economic JJ I
growth NN I
or CC O
a DT I
further JJ I
drop NN I
in IN O
the DT I
dollar NN I
, , O
it PRP I
's VBZ O
unlikely JJ O
that DT O
consumption NN I
of IN O
U.S. NNP I
produced VBD I
steel NN I
will MD O
grow VB O
sufficiently RB O
to TO O
offset VB O
the DT I
growth NN I
of IN O
minimills NNS I
. . O
'' '' O

Not RB O
to TO O
mention VB O
the DT I
incursion NN I
of IN O
imports NNS I
. . O

Japanese JJ I
and CC I
European JJ I
steelmakers NNS I
, , O
which WDT I
have VBP O
led VBN O
the DT I
recent JJ I
technology NN I
developments NNS I
, , O
are VBP O
anxiously RB O
awaiting VBG O
the DT I
lifting NN I
of IN O
trade NN I
restraints NNS I
in IN O
1992 CD I
. . O

Moreover RB O
, , O
the DT I
U.S. NNP I
can MD O
expect VB O
more JJR I
competition NN I
from IN O
low-cost JJ O
producing NN O
Pacific NNP I
Rim NNP I
and CC O
Latin NNP O
American JJ O
countries NNS O
. . O

A DT I
Taiwanese JJ I
steelmaker NN I
recently RB O
announced VBD O
plans NNS I
to TO O
build VB O
a DT I
Nucor-like JJ I
plant NN I
. . O

`` `` O
People NNS I
think VBP O
of IN O
the DT I
steel NN I
business NN I
as IN O
an DT I
old JJ I
and CC I
mundane JJ I
smokestack NN I
business NN I
, , O
'' '' O
says VBZ O
Mr. NNP I
Iverson NNP I
. . O

`` `` O
They PRP I
're VBP O
dead JJ O
wrong NN O
. . O
'' '' O

\* SYM O
USX NNP I
, , O
LTV NNP I
, , O
Bethlehem NNP I
, , O
Inland NNP I
, , O
Armco NNP I
, , O
National NNP I
Steel NNP I

\*\* SYM O
Projected VBN O

Polaroid NNP I
Corp. NNP I
's POS B
patent-infringement NN I
damages NNS I
case NN I
against IN O
Eastman NNP I
Kodak NNP I
Co. NNP I
, , O
one CD I
of IN O
the DT I
highest JJS I
stakes VBZ I
corporate JJ I
trials NNS I
ever RB O
, , O
is VBZ O
getting VBG O
scant JJ I
attention NN I
on IN O
Wall NNP I
Street NNP I
. . O

After IN O
78 CD I
days NNS I
of IN O
mind-numbing JJ I
testimony NN I
in IN O
federal JJ I
court NN I
in IN O
Boston NNP I
, , O
the DT I
trial NN I
is VBZ O
being VBG O
all DT O
but CC O
ignored VBN O
by IN O
analysts NNS I
and CC O
patent NN I
attorneys NNS I
. . O

Most JJS I
have VBP O
read VBN O
the DT I
pre-trial JJ I
documents NNS I
, , O
however RB O
, , O
and CC O
estimate NN O
Kodak NNP I
will MD O
be VB O
ordered VBN O
to TO O
pay VB O
$ $ I
1 CD I
billion CD I
to TO I
$ $ I
1.5 CD I
billion CD I
for IN O
infringing VBG O
on IN O
seven CD I
Polaroid NNP I
patents NNS I
. . O

That DT I
may MD O
be VB O
the DT I
largest JJS I
patent NN I
award NN I
ever RB O
, , O
but CC O
it PRP I
is VBZ O
well RB O
below IN O
the DT I
$ $ I
12 CD I
billion CD I
Polaroid NNP B
seeks VBZ O
. . O

The DT I
highest JJS I
patent NN I
damage NN I
award NN I
to TO O
date VB I
was VBD O
in IN O
1986 CD I
, , O
when WRB O
Smith NNP I
International NNP I
Inc. NNP I
was VBD O
ordered VBN O
to TO O
pay VB O
$ $ I
205 CD I
million CD I
to TO O
Baker NNP I
Hughes NNP I
Inc. NNP I
for IN O
infringing VBG O
on IN O
a DT I
patent NN I
on IN O
an DT I
oil NN I
drilling NN I
bit NN I
seal NN I
. . O

The DT I
two CD I
companies NNS I
later RB O
agreed VBD O
to TO O
settle VB O
for IN O
$ $ I
95 CD I
million CD I
. . O

Few JJ I
analysts NNS I
think VBP O
it PRP I
is VBZ O
worth JJ O
their PRP$ I
time NN I
to TO O
slog VB O
through IN O
the DT I
Polaroid NNP I
trial NN I
testimony NN I
. . O

`` `` O
It PRP I
's VBZ O
like IN O
panning VBG O
for IN O
gold NN I
outside IN O
of IN O
Grand NNP I
Central NNP I
Station NNP I
. . O

You PRP I
might MD O
find VB O
something NN I
, , O
but CC O
the DT I
chances NNS I
are VBP O
low JJ O
, , O
'' '' O
said VBD O
Michael NNP I
Ellman NNP I
, , O
an DT I
analyst NN I
at IN O
Wertheim NNP I
Schroder NNP I
& CC I
Co NNP I
. . O

And CC O
Eugene NNP I
Glazer NNP I
, , O
an DT I
analyst NN I
at IN O
Dean NNP I
Witter NNP I
Reynolds NNP I
Inc. NNP I
, , O
said VBD O
: : O
`` `` O
If IN O
you PRP I
hired VBD O
an DT I
attorney NN I
to TO O
be VB O
there EX O
all PDT I
the DT I
time NN I
and CC O
give VB O
you PRP I
a DT B
-LRB- ( I
prediction NN I
-RRB- ) I
of IN O
the DT I
eventual JJ I
award NN I
, , O
I PRP I
would MD O
be VB O
willing JJ O
to TO O
bet VB O
that IN O
he PRP I
would MD O
be VB O
off IN O
'' '' O
by IN O
a DT I
lot NN I
. . O

A DT I
75-day JJ I
trial NN I
in IN O
the DT I
early JJ I
1980s CD I
determined VBN O
that IN O
Kodak NNP I
, , O
based VBN O
in IN O
Rochester NNP I
, , O
N.Y. NNP I
, , O
infringed VBD O
on IN O
patents NNS I
of IN O
Polaroid NNP I
, , O
of IN O
Cambridge NNP I
, , O
Mass NNP I
. . O

The DT I
main JJ I
issues NNS I
remaining VBG O
are VBP O
how WRB O
to TO O
calculate VB O
damages NNS I
and CC O
whether IN O
the DT I
infringement NN I
was VBD O
`` `` O
willful JJ O
and CC O
deliberate JJ O
. . O
'' '' O

If IN O
so RB O
, , O
the DT I
damages NNS I
could MD O
be VB O
tripled VBN O
. . O

Two CD I
analysts NNS I
who WP B
have VBP O
read VBN O
the DT I
transcripts NNS I
, , O
David NNP I
Nelson NNP I
of IN O
Shearson NNP I
Lehman NNP I
Hutton NNP I
Inc. NNP I
and CC O
Calvert NNP I
D. NNP I
Crary NNP I
, , O
a DT I
litigation NN I
analyst NN I
at IN O
Labe NNP I
, , I
Simpson NNP I
& CC I
Co. NNP I
, , O
think VBP O
Judge NNP I
A. NNP I
David NNP I
Mazzone NNP I
will MD O
decide VB O
in IN O
Kodak NNP I
's POS B
favor NN I
on IN O
the DT I
`` `` I
willful JJ I
and CC I
deliberate JJ I
'' '' I
issue NN I
. . O

Mr. NNP I
Crary NNP I
said VBD O
testimony NN I
by IN O
Kodak NNP I
's POS B
patent NN I
counsel NN I
, , O
Francis NNP I
T. NNP I
Carr NNP I
of IN O
Kenyon NNP I
& CC I
Kenyon NNP I
, , O
showed VBD O
that IN O
`` `` O
he PRP I
worked VBD O
with IN O
Kodak NNP I
continuously RB O
from IN O
the DT I
outset NN I
of IN O
the DT I
project NN I
'' '' O
in IN O
an DT I
effort NN I
to TO O
avoid VB O
infringement NN I
. . O

`` `` O
Carr NNP I
told VBD O
Kodak NNP I
on IN O
many JJ I
occasions NNS I
to TO O
avoid VB O
various JJ I
features NNS I
because IN O
of IN O
Polaroid NNP I
's POS B
patent NN I
positions NNS I
, , O
'' '' O
and CC O
Kodak NNP I
followed VBD O
his PRP$ I
advice NN I
in IN O
every DT I
instance NN I
, , O
Mr. NNP I
Crary NNP I
said VBD O
. . O

But CC O
Irving NNP I
Kayton NNP I
, , O
a DT I
patent NN I
expert NN I
at IN O
George NNP I
Mason NNP I
University NNP I
School NNP I
of IN O
Law NNP I
who WP B
is VBZ O
familiar JJ O
with IN O
the DT I
case NN I
, , O
said VBD O
the DT I
fact NN I
that IN O
seven CD I
patents NNS I
were VBD O
infringed VBN O
`` `` O
suggests VBZ O
that DT I
infringement NN I
was VBD O
willful JJ O
. . O

It PRP I
's VBZ O
difficult JJ O
to TO O
be VB O
that IN O
consistently RB O
wrong JJ O
. . O
'' '' O

Observers NNS I
also RB O
wonder VBP O
whether IN O
Judge NNP I
Mazzone NNP I
will MD O
use VB O
the DT I
lost-profits JJ I
method NN I
of IN O
determining VBG O
damages NNS I
, , O
which WDT I
Polaroid NNP B
favors VBZ O
because IN O
it PRP I
would MD O
result VB O
in IN O
a DT I
larger JJR I
award NN I
, , O
or CC O
the DT I
reasonable JJ I
royalty NN I
method NN I
. . O

Polaroid NN I
claims NNS O
it PRP I
could MD O
have VB O
manufactured VBN O
and CC O
sold VBD O
all PDT I
the DT I
instant NN I
cameras NNS I
and CC I
film NN I
sold VBN O
by IN O
Kodak NNP I
if IN O
Kodak NNP I
had VBD O
n't RB O
entered VBN O
the DT I
market NN I
. . O

Moreover RB O
, , O
Polaroid NNP I
contends VBZ O
it PRP I
could MD O
have VB O
sold VBN O
them PRP I
at IN O
a DT I
higher JJR I
price NN I
-- : O
and CC O
thus RB O
made VBN O
higher JJR I
profits NNS I
-- : O
because IN O
it PRP I
would MD O
n't RB O
have VB O
been VBN O
forced VBN O
to TO O
match VB O
Kodak NNP I
's POS B
lower JJR I
prices NNS I
. . O

Each DT I
side NN I
has VBZ O
called VBN O
a DT I
Harvard NNP I
Business NNP I
School NNP I
professor NN I
to TO O
testify VB O
on IN O
that DT I
issue NN I
. . O

Kodak NNP I
hired VBD O
Robert NNP I
Buzzell NNP I
and CC O
Polaroid NNP I
brought VBD O
in IN O
Robert NNP I
J. NNP I
Dolan NNP I
. . O

`` `` O
There EX I
's VBZ O
nothing NN I
that WDT B
says VBZ O
that IN O
people NNS I
at IN O
Harvard NNP I
Business NNP I
school NN I
have VBP O
to TO O
agree VB O
with IN O
each DT I
other NN I
, , O
'' '' O
said VBD O
Mr. NNP I
Buzzell NNP I
. . O

Testimony NN I
is VBZ O
expected VBN O
to TO O
continue VB O
until IN O
early JJ I
December NNP I
. . O

A DT I
decision NN I
is VBZ O
n't RB O
expected VBN O
until IN O
some DT I
time NN I
next JJ B
year NN I
. . O

International NNP I
Business NNP I
Machines NNP I
Corp. NNP I
said VBD O
earnings NNS I
tumbled VBD O
30 CD I
% NN I
in IN O
the DT I
third JJ I
quarter NN I
, , O
even RB O
a DT O
bit NN O
further JJ O
than IN O
expected VBN O
, , O
rendering VBG O
the DT I
outlook NN I
doubtful JJ O
for IN O
the DT I
next JJ I
few JJ I
quarters NNS I
. . O

The DT I
main JJ I
reason NN I
was VBD O
a DT I
delay NN I
in IN O
shipment NN I
of IN O
new JJ I
high-end JJ I
disk NN I
drives NNS I
, , O
a DT I
business NN I
that IN B
accounts NNS O
for IN O
some DT I
10 CD I
% NN I
of IN O
IBM NNP I
's POS B
$ $ I
60 CD I
billion CD I
of IN O
annual JJ I
revenue NN I
. . O

IBM NNP I
, , O
which WDT I
telegraphed VBD O
the DT I
poor JJ I
results NNS I
three CD B
weeks NNS I
ago RB O
, , O
also RB O
cited VBD O
an DT I
increase NN I
in IN O
its PRP$ I
leasing NN I
business NN I
, , O
which WDT I
tends VBZ O
to TO O
lock VB O
in IN O
business NN I
long-term JJ O
but CC O
cut VB O
revenue NN I
in IN O
the DT I
near JJ I
term NN I
. . O

In IN O
addition NN I
, , O
IBM NNP I
noted VBD O
that IN O
the DT I
stronger JJR I
dollar NN I
has VBZ O
cut VBN O
the DT I
value NN I
of IN O
overseas JJ I
revenue NN I
and CC I
earnings NNS I
when WRB O
they PRP I
are VBP O
translated VBN O
into IN O
dollars NNS I
. . O

Earnings NNS I
fell VBD O
to TO O
$ $ I
877 CD I
million CD I
, , O
or CC O
$ $ I
1.51 CD I
a DT B
share NN I
, , O
somewhat RB O
below IN O
securities NNS I
analysts NNS I
' POS B
revised VBN I
expectations NNS I
of IN O
around IN I
$ $ I
1.60 CD I
a DT B
share NN I
. . O

That DT I
compared VBN O
with IN O
the DT I
year-earlier JJ I
$ $ I
1.25 CD I
billion CD I
, , O
or CC O
$ $ I
2.10 CD I
a DT B
share NN I
-- : O
which WDT I
was VBD O
inflated JJ O
by IN O
a DT I
15-cents-a-share JJ I
gain NN I
from IN O
the DT I
sale NN I
of IN O
some DT I
MCI NNP I
Communications NNP I
Corp. NNP I
stock NN I
and CC O
by IN O
an DT I
unspecified JJ I
amount NN I
from IN O
a DT I
payment NN I
by IN O
Fujitsu NNP I
Ltd. NNP I
relating VBG O
to TO O
a DT I
software NN I
dispute NN I
. . O

Revenue NN I
climbed VBD O
4.3 CD I
% NN I
to TO O
$ $ I
14.31 CD I
billion CD I
from IN O
$ $ I
13.71 CD I
billion CD I
. . O

IBM NNP I
, , O
Armonk NNP I
, , O
N.Y. NNP I
, , O
remained VBD O
upbeat JJ O
. . O

The DT I
computer NN I
giant NN I
, , O
whose WP$ O
U.S. NNP I
results NNS I
have VBP O
been VBN O
dismal JJ O
for IN O
years NNS I
, , O
noted VBD O
that DT O
revenue NN I
rose VBD O
again RB O
in IN O
the DT I
U.S. NNP I
in IN O
the DT I
third JJ I
quarter NN I
, , O
following VBG O
an DT I
increase NN I
in IN O
the DT I
second JJ I
period NN I
. . O

The DT I
company NN I
said VBD O
in IN O
a DT I
statement NN I
that IN O
`` `` O
demand NN I
for IN O
IBM NNP I
products NNS I
and CC I
services NNS I
continues VBZ O
to TO O
be VB O
good JJ O
world-wide JJ O
. . O

We PRP I
do VBP O
not RB O
see VB O
anything NN I
in IN O
the DT I
fundamentals NNS I
of IN O
our PRP$ I
business NN I
that WDT B
would MD O
cause VB O
us PRP I
to TO O
change VB O
our PRP$ I
strategy NN I
of IN O
investing VBG O
for IN O
profitable JJ I
growth NN I
. . O
'' '' O

Securities NNS I
analysts NNS I
, , O
however RB O
, , O
remained VBD O
downbeat JJ O
. . O

`` `` O
I PRP I
think VBP O
1990 CD I
will MD O
be VB O
another DT I
mediocre JJ I
year NN I
, , O
'' '' O
said VBD O
Steve NNP I
Milunovich NNP I
of IN O
First NNP I
Boston NNP I
. . O

Jay NNP I
Stevens NNP I
of IN O
Dean NNP I
Witter NNP I
actually RB O
cut VB O
his PRP$ I
per-share JJ I
earnings NNS I
estimate NN I
to TO O
$ $ I
9 CD I
from IN O
$ $ I
9.50 CD I
for IN O
1989 CD I
and CC O
to TO O
$ $ I
9.50 CD I
from IN O
$ $ I
10.35 CD I
in IN O
1990 CD I
because IN O
he PRP I
decided VBD O
sales NNS I
would MD O
be VB O
even RB O
weaker JJR O
than IN O
he PRP I
had VBD O
expected VBN O
. . O

Both DT I
estimates NNS I
would MD O
mark VB O
declines NNS I
from IN O
the DT I
1988 CD I
net NN I
of IN O
$ $ I
5.81 CD I
billion CD I
, , O
or CC O
$ $ I
9.80 CD I
a DT B
share NN I
, , O
which WDT I
itself PRP O
was VBD O
well RB O
below IN O
the DT I
record NN I
IBM NNP B
set VBD O
in IN O
1984 CD I
. . O

Mr. NNP I
Stevens NNP I
said VBD O
he PRP I
kept VBD O
a DT I
`` `` I
buy\/hold NN I
'' '' I
recommendation NN I
on IN O
the DT I
stock NN I
only RB O
because IN O
`` `` O
all PDT I
the DT I
damage NN I
has VBZ O
been VBN O
done VBN O
. . O
'' '' O

He PRP I
said VBD O
the DT I
stock NN I
has VBZ O
n't RB O
traded VBN O
below IN O
1 CD I
1\/2 CD I
times NNS I
book NN I
value NN I
over IN O
the DT I
past JJ I
10 CD I
years NNS I
, , O
which WDT I
at IN O
the DT I
moment NN I
computes VBZ O
to TO O
a DT I
stock NN I
price NN I
of IN O
$ $ I
100 CD I
. . O

The DT I
stock NN I
closed VBD O
yesterday NN I
at IN O
$ $ I
103 CD I
a DT B
share NN I
, , O
up IN O
just RB I
$ $ I
1 CD I
in IN O
composite JJ I
trading NN I
on IN O
the DT I
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
as IN O
the DT I
market NN I
surged VBD O
. . O

Analysts NNS I
worry VBP O
that IN O
the DT I
disk-drive NN I
and CC I
leasing NN I
problems NNS I
will MD O
last VB O
at IN O
least JJS O
through IN O
the DT I
first JJ I
quarter NN I
. . O

`` `` O
A DT I
key JJ I
part NN I
of IN O
the DT I
question NN I
is VBZ O
, , O
how WRB O
soon RB O
does VBZ O
this DT I
disk-drive NN I
come VB O
and CC O
how WRB O
soon RB O
does VBZ O
production NN I
ramp NN O
up IN O
? . O
'' '' O
said VBD O
Steve NNP I
Cohen NNP I
at IN O
SoundView NNP I
Financial NNP I
Group NNP I
. . O

`` `` O
And CC O
the DT I
input NN I
I PRP B
've VBP O
had VBD O
from IN O
customers NNS I
is VBZ O
that IN O
it PRP I
still RB O
could MD O
be VB O
a DT I
while NN I
. . O
'' '' O

On IN O
leasing NN I
, , O
Bob NNP I
Djurdjevic NNP I
at IN O
Annex NNP I
Research NNP I
said VBD O
he PRP I
thinks VBZ O
IBM NNP I
has VBZ O
hurt VBN O
itself PRP I
unnecessarily RB O
. . O

He PRP I
said VBD O
IBM NNP I
has VBZ O
priced VBN O
its PRP$ I
leases NNS I
aggressively RB O
, , O
thinking VBG O
that WDT I
would MD O
help VB O
win VB O
business NN I
. . O

But CC O
he PRP I
said VBD O
IBM NNP I
would MD O
have VB O
won VBN O
the DT I
business NN I
anyway RB O
as IN O
a DT I
sale NN I
to TO O
a DT I
third JJ I
party NN I
that WDT B
would MD O
have VB O
then RB O
leased VBN O
the DT I
equipment NN I
to TO O
the DT I
customer NN I
. . O

He PRP I
said VBD O
IBM NNP I
has VBZ O
not RB O
only RB O
hurt VBN O
its PRP$ I
short-term JJ I
revenue NN I
outlook NN I
but CC O
has VBZ O
also RB O
been VBN O
losing VBG O
money NN I
on IN O
its PRP$ I
leases NNS I
. . O

Bob NNP I
Bardagy NNP I
, , O
executive JJ I
vice NN I
president NN I
of IN O
marketing NN I
at IN O
Comdisco NNP I
Inc. NNP I
, , O
a DT I
huge JJ I
leasing NN I
firm NN I
, , O
said VBD O
: : O
`` `` O
To TO O
put VB O
it PRP I
mildly RB O
, , O
IBM NNP I
Credit NNP I
has VBZ O
been VBN O
doing VBG O
some DT I
of IN O
the DT I
worst JJS I
economic JJ I
deals NNS I
of IN O
any DT I
leasing NN I
company NN I
we PRP B
have VBP O
ever RB O
seen VBN O
. . O
'' '' O

IBM NNP I
is VBZ O
expected VBN O
to TO O
get VB O
a DT I
boost NN I
soon RB O
when WRB O
it PRP I
announces VBZ O
some DT I
new JJ I
versions NNS I
of IN O
its PRP$ I
mainframes NNS I
. . O

But CC O
the DT I
basic JJ I
technology NN I
in IN O
the DT I
line NN I
is VBZ O
almost RB I
five CD I
years NNS I
old JJ O
, , O
which WDT I
means VBZ O
it PRP I
is VBZ O
long RB O
in IN O
the DT I
tooth NN I
, , O
and CC O
competitors NNS I
are VBP O
rolling VBG O
out RP O
strong JJ I
products NNS I
of IN O
their PRP$ I
own JJ I
. . O

IBM NNP I
is VBZ O
gaining VBG O
momentum NN I
in IN O
the DT I
personal-computer NN I
market NN I
, , O
and CC O
is VBZ O
expected VBN O
to TO O
introduce VB O
some DT I
impressive JJ I
workstations NNS I
early JJ B
next JJ I
year NN I
. . O

But CC O
it PRP I
's VBZ O
hard JJ O
to TO O
squeeze VB O
much JJ I
profit NN I
out IN O
of IN O
the DT I
personal-computer NN I
business NN I
these DT B
days NNS I
, , O
and CC O
the DT I
workstation NN I
market NN I
, , O
while IN O
important JJ O
, , O
is VBZ O
too RB O
small JJ O
to TO O
rely VB O
on IN O
for IN O
much JJ I
growth NN I
. . O

The DT I
disk NN I
drives NNS I
will MD O
doubtless RB O
sell VB O
well RB O
when WRB O
they PRP I
finally RB O
become VBP O
available JJ O
. . O

But CC O
the DT I
AS\/400 NNP I
, , O
IBM NNP I
's POS B
highly RB I
successful JJ I
minicomputer NN I
line NN I
, , O
is VBZ O
losing VBG O
its PRP$ I
momentum NN I
, , O
and CC O
some DT I
analysts NNS I
said VBD O
sales NNS I
could MD O
even RB O
decline VB O
in IN O
the DT I
fourth JJ I
quarter NN I
. . O

In IN O
addition NN I
, , O
IBM NNP I
's POS B
growth NN I
in IN O
software NN I
in IN O
the DT I
third JJ I
quarter NN I
was VBD O
just RB I
8.8 CD I
% NN I
, , O
well RB O
below IN O
historical JJ I
levels NNS I
even RB O
when WRB O
adjusted VBN O
to TO O
reflect VB O
last JJ I
year NN I
's POS B
payment NN I
from IN O
Fujitsu NNP I
and CC O
the DT I
stronger JJR I
dollar NN I
. . O

And CC O
expenses NNS I
, , O
up IN O
7.9 CD I
% NN I
in IN O
the DT I
quarter NN I
, , O
have VBP O
stayed VBN O
stubbornly RB O
high JJ O
. . O

In IN O
the DT I
nine CD I
months NNS I
, , O
IBM NNP I
earned VBD O
$ $ I
3.17 CD I
billion CD I
, , O
or CC O
$ $ I
5.43 CD I
a DT B
share NN I
, , O
down RB O
8.4 CD I
% NN I
from IN O
the DT O
year-earlier JJ O
$ $ O
3.46 CD O
billion CD O
, , O
or CC O
$ $ I
5.83 CD I
a DT B
share NN I
. . O

Revenue NN I
increased VBN O
6.5 CD I
% NN I
to TO O
$ $ I
42.25 CD I
billion CD I
from IN O
$ $ I
39.68 CD I
billion CD I
. . O

PepsiCo NNP I
Inc. NNP I
's POS B
chairman NN I
said VBD O
he PRP I
is VBZ O
`` `` O
more JJR O
than IN O
comfortable JJ O
with IN O
'' '' O
analysts NNS I
' POS B
estimates NNS I
that IN O
third-quarter JJ I
earnings NNS I
rose VBD O
to TO O
at IN I
least JJS I
98 CD I
cents NNS I
to TO O
$ $ I
1 CD I
a DT B
share NN I
from IN O
91 CD I
cents NNS I
the DT B
year NN I
earlier RBR O
. . O

D. NNP I
Wayne NNP I
Calloway NNP I
, , O
also RB O
chief JJ I
executive JJ I
officer NN I
of IN O
the DT I
company NN I
, , O
indicated VBD O
that IN O
he PRP I
expects VBZ O
analysts NNS I
to TO O
raise VB O
their PRP$ I
forecasts NNS I
for IN O
1989 CD I
after IN O
the DT I
company NN I
releases NNS O
its PRP$ I
earnings NNS I
today NN B
. . O

So RB O
far RB O
, , O
analysts NNS I
have VBP O
said VBD O
they PRP I
are VBP O
looking VBG O
for IN O
$ $ I
3.30 CD I
to TO I
$ $ I
3.35 CD I
a DT B
share NN I
. . O

After IN O
today NN I
's POS B
announcement NN I
, , O
that DT I
range NN I
could MD O
increase VB O
to TO O
$ $ I
3.35 CD I
to TO I
$ $ I
3.40 CD I
a DT B
share NN I
. . O

The DT I
official NN I
said VBD O
he PRP I
also RB O
would MD O
be VB O
comfortable JJ O
with IN O
that DT I
new JJ I
range NN I
. . O

In IN O
1988 CD I
, , O
the DT I
soft-drink NN I
giant NN I
earned VBD O
$ $ I
2.90 CD I
a DT B
share NN I
. . O

Results NNS I
for IN O
1989 CD I
will MD O
include VB O
about IN I
40 CD I
cents NNS I
a DT B
share NN I
from IN O
the DT I
dilutive JJ I
effects NNS I
of IN O
snack-food NN I
and CC I
bottling NN I
company NN I
acquisitions NNS I
. . O

In IN O
composite JJ I
trading NN I
on IN O
the DT I
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
, , O
the DT I
company NN I
closed VBD O
yesterday NN I
at IN O
$ $ I
57.125 CD I
a DT B
share NN I
, , O
up IN O
$ $ I
3.125 CD I
. . O

The DT I
company NN I
said VBD O
third-quarter JJ I
sales NNS I
are VBP O
expected VBN O
to TO O
increase VB O
25 CD I
% NN I
from IN O
$ $ I
3.12 CD I
billion CD I
of IN O
last JJ I
year NN I
's POS B
third JJ I
quarter NN I
. . O

Domestic JJ I
soft-drink NN I
bottler NN I
case NN I
sales NNS I
are VBP O
estimated VBN O
to TO O
have VB O
risen VBN O
only RB I
1 CD I
% NN I
in IN O
the DT I
third JJ I
quarter NN I
-- : O
well RB O
below IN O
the DT I
4 CD I
% NN I
to TO I
5 VB I
% NN I
growth NN I
of IN O
recent JJ I
years NNS I
-- : O
but CC O
about IN O
in IN O
line NN I
with IN O
the DT I
rest NN I
of IN O
the DT I
soft-drink NN I
industry NN I
. . O

Mr. NNP I
Calloway NNP I
blamed VBD O
the DT I
slower JJR I
volume NN I
on IN O
rainier JJR I
weather NN I
, , O
a DT I
dearth NN I
of IN O
new JJ I
products NNS I
in IN O
the DT I
industry NN I
and CC O
-- : O
to TO O
a DT I
much RB I
lesser JJR I
extent NN I
-- : O
pricing NN I
. . O

PepsiCo NNP I
said VBD O
its PRP$ I
soft-drink NN I
prices NNS I
were VBD O
about IN I
2 CD I
% NN I
higher JJR O
in IN O
the DT I
quarter NN I
. . O

Mr. NNP I
Calloway NNP I
also RB O
noted VBD O
that DT O
soft-drink NN I
volume NN I
rose VBD O
a DT I
hefty JJ I
9 CD I
% NN I
in IN O
last JJ I
year NN I
's POS B
third JJ I
quarter NN I
, , O
making VBG O
the DT I
comparison NN I
more RBR O
difficult JJ O
. . O

International JJ I
soft-drink NN I
volume NN I
was VBD O
up IN O
about IN I
6 CD I
% NN I
. . O

Snack-food NN I
tonnage NN I
increased VBD O
a DT I
strong JJ I
7 CD I
% NN I
in IN O
the DT I
third JJ I
quarter NN I
, , O
while IN O
domestic JJ I
profit NN I
increased VBN O
in IN O
double JJ I
digits NNS I
, , O
Mr. NNP I
Calloway NNP I
said VBD O
. . O

Excluding VBG O
the DT I
British JJ I
snack-food NN I
business NN I
acquired VBN O
in IN O
July NNP I
, , O
snack-food NN I
international JJ I
tonnage NN I
jumped VBD O
40 CD I
% NN I
, , O
with IN O
sales NNS I
strong JJ O
in IN O
Spain NNP I
, , I
Mexico NNP I
and CC I
Brazil NNP I
. . O

Total JJ I
snack-food NN I
profit NN I
rose VBD O
30 CD I
% NN I
. . O

Led VBN O
by IN O
Pizza NNP I
Hut NNP I
and CC O
Taco NNP I
Bell NNP I
, , O
restaurant NN I
earnings NNS I
increased VBN O
about IN I
25 CD I
% NN I
in IN O
the DT I
third JJ I
quarter NN I
on IN O
a DT I
22 CD I
% NN I
sales NNS I
increase NN I
. . O

Same-store JJ I
sales NNS I
for IN O
Pizza NNP I
Hut NNP I
rose VBD O
about IN I
13 CD I
% NN I
, , O
while IN O
Taco NNP I
Bell NNP I
's POS I
increased VBN O
22 CD I
% NN I
, , O
as IN O
the DT I
chain NN I
continues VBZ O
to TO O
benefit VB O
from IN O
its PRP$ I
price-value JJ I
strategy NN I
. . O

Taco NNP I
Bell NNP I
has VBZ O
turned VBN O
around IN O
declining VBG I
customer NN I
counts NNS I
by IN O
permanently RB O
lowering VBG O
the DT I
price NN I
of IN O
its PRP$ I
tacos NNS I
. . O

Same JJ I
store-sales NN I
for IN O
Kentucky NNP I
Fried NNP I
Chicken NNP I
, , O
which WDT I
has VBZ O
struggled VBN O
with IN O
increased VBN I
competition NN I
in IN O
the DT I
fast-food NN I
chicken NN I
market NN I
and CC O
a DT I
lack NN I
of IN O
new JJ I
products NNS I
, , O
rose VBD O
only RB I
1 CD I
% NN I
. . O

The DT I
operation NN I
, , O
which WDT I
has VBZ O
been VBN O
slow JJ O
to TO O
respond VB O
to TO O
consumers NNS I
' POS B
shifting VBG I
tastes NNS I
away RB O
from IN O
fried JJ I
foods NNS I
, , O
has VBZ O
been VBN O
developing VBG O
a DT I
grilled-chicken JJ I
product NN I
that WDT B
may MD O
be VB O
introduced VBN O
nationally RB O
at IN O
the DT I
end NN I
of IN O
next JJ I
year NN I
. . O

The DT I
new JJ I
product NN I
has VBZ O
performed VBN O
well RB O
in IN O
a DT I
market NN I
test NN I
in IN O
Las NNP I
Vegas NNP I
, , O
Nev. NNP I
, , O
Mr. NNP I
Calloway NNP I
said VBD O
. . O

After IN O
a DT I
four-year JJ I
, , I
$ $ I
7.7 CD I
billion CD I
acquisition NN I
binge NN I
that WDT B
brought VBD O
a DT I
major JJ I
soft-drink NN I
company NN I
, , O
soda NN I
bottlers NNS I
, , O
a DT I
fast-food NN I
chain NN I
and CC O
an DT I
overseas JJ I
snack-food NN I
giant NN I
to TO O
Pepsi NNP I
, , O
Mr. NNP I
Calloway NNP I
said VBD O
he PRP I
does VBZ O
n't RB O
expect VB O
any DT I
major JJ I
acquisition NN I
in IN O
the DT I
next JJ I
year NN I
or CC I
so RB I
. . O

But CC O
, , O
`` `` O
You PRP I
never RB O
can MD O
tell VB O
, , O
'' '' O
he PRP I
added VBD O
, , O
`` `` O
you PRP I
have VBP O
to TO O
take VB O
advantage NN I
of IN O
opportunities NNS I
. . O

President NNP I
Bush NNP I
chose VBD O
Martin NNP I
Allday NNP I
, , O
a DT I
longtime JJ I
friend NN I
from IN O
Texas NNP I
, , O
to TO O
be VB O
chairman NN I
of IN O
the DT I
Federal NNP I
Energy NNP I
Regulatory NNP I
Commission NNP I
. . O

Mr. NNP I
Allday NNP I
would MD O
succeed VB O
Martha NNP I
Hesse NNP I
, , O
who WP I
is VBZ O
resigning VBG O
. . O

The DT I
White NNP I
House NNP I
said VBD O
Ms. NNP I
Hesse NNP I
, , O
a DT I
Chicago NNP I
businesswoman NN I
who WP B
previously RB O
held VBN O
posts NNS I
at IN O
the DT I
Energy NNP I
Department NNP I
and CC O
FERC NNP I
, , O
is VBZ O
leaving VBG O
to TO O
become VB O
a DT I
vice NN I
president NN I
of IN O
First NNP I
Chicago NNP I
Corp NNP I
. . O

Mr. NNP I
Allday NNP I
, , O
an DT I
attorney NN I
in IN O
Midland NNP I
, , O
Texas NNP I
, , O
has VBZ O
been VBN O
solicitor NN I
at IN O
the DT I
Interior NNP I
Department NNP I
. . O

He PRP I
met VBD O
Mr. NNP I
Bush NNP I
in IN O
the DT I
1950s CD I
, , O
when WRB O
the DT I
president NN I
was VBD O
a DT I
young JJ I
oil NN I
man NN I
in IN O
Midland NNP I
and CC O
Mr. NNP I
Allday NNP I
was VBD O
a DT I
lawyer NN I
for IN O
an DT I
oil NN I
firm NN I
. . O

The DT I
FERC NNP I
is VBZ O
a DT I
five-member JJ I
commission NN I
that WDT B
regulates VBZ O
billions NNS I
of IN O
dollars NNS I
of IN O
interstate JJ I
wholesale JJ I
energy NN I
transactions NNS I
. . O

Mr. NNP I
Allday NNP I
's POS B
appointment NN I
is VBZ O
subject NN O
to TO O
confirmation NN I
by IN O
the DT I
Senate NNP I
. . O

Administration NN I
officials NNS I
said VBD O
a DT I
date NN I
for IN O
Ms. NNP I
Hesse NNP I
's POS B
departure NN I
has VBZ O
n't RB O
been VBN O
set VBN O
. . O

CALIFORNIA NNP I
REAL JJ I
ESTATE NNP I
INVESTMENT NNP I
Corp. NNP I
said VBD O
its PRP$ I
directors NNS I
declared VBD O
a DT I
dividend NN I
of IN O
five CD I
cents NNS I
per IN O
Class NNP I
A DT I
common JJ I
stock NN I
payable JJ O
Nov. NNP I
6 CD I
to TO O
stock VB I
of IN O
record NN I
Oct. NNP B
16 CD I
. . O

The DT I
dividend NN I
represents VBZ O
the DT I
balance NN I
of IN O
its PRP$ I
regular JJ I
quarterly JJ I
payout NN I
of IN O
10 CD I
cents NNS I
a DT B
share NN I
, , O
of IN O
which WDT I
half NN B
was VBD O
paid VBN O
July NNP I
17 CD I
in IN O
a DT I
final JJ I
distribution NN I
prior RB O
to TO O
its PRP$ I
merger NN I
with IN O
B.B. NNP I
Real NNP I
Estate NNP I
Investment NNP I
Corp. NNP I
, , O
also RB O
in IN O
July NNP I
. . O

The DT I
company NN I
said VBD O
it PRP I
hopes VBZ O
to TO O
resume VB O
its PRP$ I
schedule NN I
of IN O
regular JJ I
quarterly JJ I
dividends NNS I
at IN O
the DT I
end NN I
of IN O
this DT I
year NN I
. . O

Hydro-Quebec NNP I
said VBD O
it PRP I
notified VBD O
Central NNP I
Maine NNP I
Power NNP I
Co. NNP I
it PRP B
will MD O
cancel VB O
a DT I
$ $ I
4 CD I
billion CD I
contract NN I
to TO O
supply VB O
electricity NN I
to TO O
the DT I
Maine NNP I
utility NN I
. . O

The DT I
provincially RB I
owned VBN I
utility NN I
said VBD O
it PRP I
is VBZ O
tearing VBG O
up IN O
the DT I
deal NN I
because IN O
`` `` O
the DT I
contract NN I
's POS B
objectives NNS I
ca MD O
n't RB O
be VB O
fulfilled VBN O
. . O
'' '' O

Hydro-Quebec NNP I
said VBD O
Maine NNP I
regulators NNS I
' POS B
refusal NN I
to TO O
approve VB O
the DT I
contract NN I
earlier RBR B
this DT I
year NN I
halted VBD O
work NN I
on IN O
transmission NN I
lines NNS I
and CC O
stopped VBD O
negotiations NNS I
for IN O
resale NN I
of IN O
electricity NN I
carried VBD O
through IN O
Maine NNP I
to TO O
other JJ I
utilities NNS I
. . O

`` `` O
It PRP I
would MD O
now RB O
be VB O
physically RB O
impossible JJ O
to TO O
begin VB O
deliveries NNS I
in IN O
1992 CD I
, , O
'' '' O
a DT I
Hydro-Quebec NNP I
official NN I
said VBD O
. . O

The DT I
contract NN I
was VBD O
to TO O
run VB O
from IN O
1992 CD I
to TO O
2020 CD I
. . O

Under IN O
the DT I
contract NN I
Hydro-Quebec NNP B
was VBD O
to TO O
supply VB O
400 CD I
megawatts NNS I
of IN O
power NN I
to TO O
Central NNP I
Maine NNP I
Power NNP I
starting VBG O
in IN O
1992 CD I
, , O
600 CD I
megawatts NNS I
starting VBG O
in IN O
1995 CD I
and CC O
900 CD I
megawatts NNS I
starting VBG O
in IN O

Hydro-Quebec NNP I
said VBD O
Maine NNP I
regulators NNS I
' POS B
refusal NN I
to TO O
approve VB O
the DT I
contract NN I
means VBZ O
Central NNP I
Maine NNP I
Power NNP I
has VBZ O
lost VBN O
its PRP$ I
place NN I
in IN O
line NN I
. . O

`` `` O
We PRP I
wo MD O
n't RB O
sign VB O
any DT I
new JJ I
contracts NNS I
-LCB- ( O
with IN O
deliveries NNS I
-RCB- ) O
beginning VBG O
earlier RBR O
than IN O
2000 CD I
, , O
'' '' O
the DT I
Hydro-Quebec NNP I
official NN I
said VBD O
. . O

He PRP I
said VBD O
Hydro-Quebec NNP I
already RB O
has VBZ O
some DT I
`` `` I
customers NNS I
in IN O
mind NN I
'' '' O
for IN O
the DT I
power NN I
that WDT B
was VBD O
to TO O
be VB O
delivered VBN O
to TO O
Maine NNP I
. . O

`` `` O
Nothing NN I
has VBZ O
happened VBN O
since IN O
we PRP I
signed VBD O
the DT I
contract NN I
to TO O
undermine VB O
our PRP$ I
conviction NN I
that IN O
Hydro-Quebec NNP I
was VBD O
the DT I
lowest-cost JJ I
, , I
most RBS I
environmentally RB I
acceptable JJ I
choice NN I
for IN O
meeting VBG O
a DT I
part NN I
of IN O
our PRP$ I
customers NNS I
' POS B
energy NN I
needs VBZ I
through IN O
the DT I
year NN I
2020 CD I
, , O
'' '' O
said VBD O
Central NNP I
Maine NNP I
senior JJ I
vice NN I
president NNP I
Donald NNP I
F. NNP I
Kelly NNP I
. . O

Central NNP I
Maine NNP I
said VBD O
it PRP I
is VBZ O
evaluating VBG O
`` `` O
many JJ I
energy NN I
options NNS I
'' '' O
to TO O
make VB O
up IN O
for IN O
the DT I
lost VBN I
future NN I
power NN I
, , O
including VBG O
new JJ I
energy NN I
generation NN I
and CC I
management NN I
proposals NNS I
from IN O
New NNP I
England NNP I
, , O
and CC O
possibly RB O
new JJ I
Canadian JJ I
purchases NNS I
. . O

CHICAGO NNP I
- : O
Options NNPS I
traders NNS I
were VBD O
among IN O
the DT I
big JJ I
victims NNS I
of IN O
Friday NNP I
's POS B
plunging VBG I
stock NN I
market NN I
, , O
including VBG O
one CD I
small JJ I
firm NN I
that WDT B
required VBD O
an DT I
emergency NN I
$ $ I
50 CD I
million CD I
bailout NN I
. . O

While IN O
Monday NNP I
's POS B
rebounding VBG I
markets NNS I
helped VBD O
other JJ I
investors NNS I
recoup VB O
losses NNS I
, , O
many JJ I
options NNS I
customers NNS I
and CC I
professional JJ I
traders NNS I
in IN O
stock-index NN I
options NNS I
and CC O
the DT I
options NNS I
on IN O
takeover NN I
stocks NNS I
were VBD O
left VBN O
with IN O
multimillion-dollar JJ I
losses NNS I
, , O
traders NNS I
here RB O
and CC O
in IN O
New NNP I
York NNP I
said VBD O
. . O

Options NNS I
traders NNS I
were VBD O
hurt VBN O
worse JJR O
than IN O
others NNS I
on IN O
Friday NNP I
because IN O
of IN O
the DT I
highly RB I
volatile JJ I
nature NN I
of IN O
options NNS I
, , O
which WDT I
often RB O
rise VBP O
or CC O
fall NN O
in IN O
value NN I
several JJ B
times NNS I
the DT O
amount NN O
of IN O
the DT I
price NN I
change NN I
in IN O
the DT I
individual JJ I
stock NN I
or CC O
index NN I
of IN O
stocks NNS I
on IN O
which WDT I
they PRP B
are VBP O
based VBN O
. . O

Thus RB O
, , O
options NNS I
traders NNS I
Friday NNP B
were VBD O
stuck VBN O
with IN O
losses NNS I
that IN B
also RB O
were VBD O
several JJ I
times NNS I
larger JJR O
than IN O
those DT I
suffered VBN O
by IN O
many JJ I
stock NN I
traders NNS I
in IN O
New NNP I
York NNP I
. . O

Jeffrey NNP I
Miller NNP I
of IN O
Miller NNP I
Tabak NNP I
Hirsch NNP I
& CC I
Co. NNP I
said VBD O
that IN O
given VBN O
the DT I
high JJ I
degree NN I
of IN O
leverage NN I
in IN O
the DT I
options NNS I
market NN I
, , O
it PRP I
is VBZ O
`` `` O
very RB O
easy JJ O
for IN O
these DT I
guys NNS I
to TO O
get VB O
wiped VBD O
out RB O
. . O

That DT I
may MD O
just RB O
be VB O
the DT I
nature NN I
of IN O
these DT I
highly RB I
leveraged JJ I
little JJ I
creatures NNS I
. . O
'' '' O

An DT I
options NNS I
contract VBP I
gives VBZ O
the DT I
holder NN I
the DT B
right NN I
to TO O
buy VB O
-LRB- ( O
call VB O
-RRB- ) O
or CC O
sell VB O
-LRB- ( O
put VB O
-RRB- ) O
a DT I
specific JJ I
amount NN I
of IN O
stock NN I
, , O
or CC O
in IN O
this DT I
case NN I
the DT B
value NN I
of IN O
a DT I
stock NN I
index NN I
, , O
based VBN O
on IN O
a DT I
predetermined VBN I
price NN I
within IN O
a DT I
given VBN I
time NN I
period NN I
. . O

Options NNS I
traders NNS I
who WP B
, , O
in IN O
return NN I
for IN O
a DT I
small JJ I
fee NN I
, , O
or CC O
premium NN I
, , O
had VBD O
previously RB O
sold VBN O
put VB I
options NNS I
on IN O
stocks NNS I
or CC O
stock NN I
indexes NNS I
were VBD O
forced VBN O
on IN O
Friday NNP I
to TO O
buy VB O
those DT I
contracts NNS I
back RB O
at IN O
the DT I
previously RB I
agreed VBN I
prices NNS I
, , O
which WDT I
were VBD O
substantially RB O
above IN O
those DT I
in NN O
the DT I
market NN I
as IN O
it PRP I
was VBD O
falling VBG O
. . O

They PRP I
then RB O
had VBD O
no DT I
choice NN I
in IN O
many JJ I
cases NNS I
but CC O
to TO O
sell VB O
the DT I
contracts NNS I
at IN O
prevailing VBG I
prices NNS I
-- : O
in IN O
most RBS I
cases NNS I
at IN O
a DT I
substantial JJ I
loss NN I
. . O

The DT I
latest JJS I
round NN I
of IN O
losses NNS I
is VBZ O
likely JJ O
to TO O
be VB O
a DT I
serious JJ I
blow NN I
to TO O
the DT I
Chicago NNP I
Board NNP I
Options NNP I
Exchange NNP I
, , O
which WDT I
has VBZ O
never RB O
fully RB O
recovered VBN O
from IN O
the DT I
aftershock NN I
of IN O
Black NNP I
Monday NNP I
, , O
when WRB O
investors NNS I
fled VBD O
the DT I
market NN I
because IN O
of IN O
huge JJ I
losses NNS I
. . O

Making VBG O
matters NNS I
worse JJR O
was VBD O
the DT I
fact NN I
that IN O
late JJ I
Friday NNP I
afternoon NN I
the DT B
CBOE NNP I
halted VBD O
stock-index NN I
options NNS I
trading NN I
in IN O
step NN I
with IN O
the DT I
Chicago NNP I
Mercantile NNP I
Exchange NNP I
's POS B
halt NN I
in IN O
stock-index NN I
futures NNS I
. . O

But CC O
while IN O
the DT I
Merc NNP I
reopened VBD O
a DT I
half NN I
hour NN I
later RB O
, , O
the DT I
CBOE NNP I
remained VBD O
closed VBN O
, , O
leaving VBG O
many JJ I
options NNS I
traders NNS I
unable JJ O
to TO O
make VB O
trades NNS I
that WDT B
might MD O
have VB O
reduced VBN O
the DT I
losses NNS I
. . O

CBOE NNP I
Chairman NNP I
Alger NNP I
`` `` I
Duke NNP I
'' '' I
Chapman NNP I
, , O
said VBD O
that IN O
, , O
unlike IN O
the DT I
futures NNS I
market NN I
, , O
the DT I
options NNS I
exchange VBP I
has VBZ O
to TO O
open VB O
in IN O
a DT I
rotation NN I
that WDT B
allows VBZ O
each DT I
different JJ I
options NNS I
series NN I
to TO O
trade VB O
. . O

Exchange NN I
officials NNS I
reasoned VBD O
that IN O
they PRP I
would MD O
n't RB O
have VB O
been VBN O
able JJ O
to TO O
make VB O
such JJ I
a DT I
rotation NN I
with IN O
the DT I
time NN I
remaining VBG O
Friday NNP I
afternoon NN I
, , O
and CC O
with IN O
the DT I
stock-index NN I
futures NNS I
on IN O
the DT I
verge NN I
of IN O
closing VBG O
for IN O
a DT I
second JJ I
and CC I
final JJ I
time NN I
, , O
the DT I
CBOE NNP I
reasoned VBD O
that IN O
its PRP$ I
best JJS I
course NN I
was VBD O
to TO O
remain VB O
closed VBD O
. . O

The DT I
damage NN I
was VBD O
so RB O
bad JJ O
at IN O
Fossett NNP I
Corp. NNP I
, , O
an DT I
options NNS I
trading NN I
firm NN I
here RB O
, , O
that IN O
it PRP I
was VBD O
forced VBN O
to TO O
transfer VB O
its PRP$ I
accounts NNS I
to TO O
First NNP I
Options NNPS I
of IN O
Chicago NNP I
, , O
a DT I
unit NN I
of IN O
Continental NNP I
Bank NNP I
Corp. NNP I
, , O
as IN O
a DT I
result NN I
of IN O
options NNS I
trading NN I
losses NNS I
. . O

Fosset NNP I
so RB O
far RB O
is VBZ O
the DT I
only JJ I
member NN I
of IN O
a DT I
financial JJ I
exchange NN I
to TO O
be VB O
forced VBN O
to TO O
be VB O
taken VBN O
over IN O
by IN O
another DT I
firm NN I
as IN O
a DT I
result NN I
of IN O
Friday NNP I
's POS B
rout NN I
. . O

Fossett NNP I
still RB O
had VBD O
several JJ I
million CD I
dollars NNS I
in IN O
capital NN I
left VBN O
after IN O
Friday NNP I
's POS B
close NN I
of IN O
trading NN I
, , O
but CC O
not RB O
enough RB O
that IN O
regulators NNS I
, , O
worried VBN O
about IN O
another DT I
potential JJ I
market NN I
plunge NN I
yesterday NN B
, , O
would MD O
let VB O
it PRP I
reopen VB O
for IN O
trading NN I
, , O
options NNS I
exchange VBP I
officials NNS I
said VBD O
. . O

Thus RB O
, , O
in IN O
an DT I
unprecedented JJ I
arrangement NN I
underscoring VBG O
the DT I
seriousness NN I
of IN O
the DT I
transfer NN I
, , O
the DT I
CBOE NNP I
, , O
the DT I
American NNP I
Stock NNP I
Exchange NNP I
and CC O
the DT I
Options NNP I
Clearing NNP I
Corp. NNP I
, , O
as RB O
well RB O
as IN O
the DT I
firm NN I
's POS B
owner NN I
, , O
Stephen NNP I
Fossett NNP I
, , O
put VB O
up IN O
a DT I
total NN I
of IN O
$ $ I
50 CD I
million CD I
to TO O
guarantee VB O
the DT I
customer NN I
positions NNS I
being VBG O
transferred VBN O
to TO O
the DT I
bank NN I
holding VBG I
company NN I
subsidiary NN I
in IN O
case NN O
the DT I
market NN I
plunged VBD O
again RB O
yesterday NN I
. . O

S. NNP I
Waite NNP I
Rawls NNP I
III NNP I
, , O
vice NN I
chairman NN I
of IN O
Continental NNP I
Bank NNP I
, , O
First NNP I
Options NNPS I
' POS B
parent NN I
company NN I
, , O
said VBD O
the DT I
firm NN I
took VBD O
on IN O
about IN I
160 CD I
accounts NNS I
formerly RB O
held VBN O
by IN O
Fossett NNP I
, , O
almost RB I
all DT I
of IN O
them PRP I
belonging VBG O
to TO O
professional JJ I
floor NN I
traders NNS I
. . O

`` `` O
Steve NNP I
and CC O
his PRP$ I
firm NN I
were VBD O
still RB O
worth JJ O
a DT I
lot NN I
of IN O
money NN I
, , O
'' '' O
Mr. NNP I
Rawls NNP I
said VBD O
. . O

`` `` O
A DT I
package NN I
of IN O
credit NN I
support NN I
was VBD O
put VBN O
together RB O
-- : O
including VBG O
the DT I
assets NNS I
of IN O
Steve NNP I
and CC O
his PRP$ I
firm NN I
. . O
'' '' O

The DT I
bailout NN I
was VBD O
cobbled VBN O
together RB O
over IN O
the DT I
weekend NN I
, , O
with IN O
officials NNS I
from IN O
the DT I
Federal NNP I
Reserve NNP I
Board NNP I
, , O
Securities NNPS I
and CC I
Exchange NNP I
Commission NNP I
, , O
Comptroller NNP I
of IN O
the DT I
Currency NN I
and CC O
Treasury NNP I
as NNP O
well RB O
as IN O
the DT I
options NNS I
exchanges NNS I
. . O

`` `` O
It PRP I
was VBD O
great JJ O
to TO O
have VB O
the DT I
luxury NN I
of IN O
time NN I
, , O
'' '' O
Mr. NNP I
Rawls NNP I
said VBD O
. . O

At IN O
one CD I
point NN I
, , O
an DT I
options NNS I
industry NN I
official NN I
had VBD O
to TO O
talk VB O
the DT I
Federal NNP I
Reserve NNP I
Bank NNP I
of IN O
Chicago NNP I
's POS B
night NN I
watchman NN I
into IN O
giving VBG O
him PRP I
the DT B
home NN I
phone NN I
number NN I
of IN O
Silas NNP I
Keene NNP I
, , O
Chicago NNP I
Fed NNP I
president NN I
. . O

First NNP I
Options NNPS I
did VBD O
n't RB O
have VB O
to TO O
put VB O
any DT I
money NN I
into IN O
the DT I
bailout NN I
. . O

Yesterday NN I
's POS B
rally NN I
in IN O
the DT I
stock NN I
, , I
futures NNS I
and CC I
options NNS I
markets NNS I
led VBD O
CBOE NNP I
and CC I
Amex NNP I
officials NNS I
to TO O
conclude VB O
that IN O
the DT I
$ $ I
50 CD I
million CD I
in IN O
guarantees NNS I
almost RB O
certainly RB O
wo MD O
n't RB O
need VB O
to TO O
be VB O
tapped VBN O
by IN O
First NNP I
Options NNPS I
. . O

The DT I
Fossett NNP I
firm NN I
had VBD O
some DT I
losses NNS I
and CC I
liquidity NN I
problems NNS I
during IN O
the DT I
October NNP I
1987 CD I
crash NN I
as IN O
well RB O
, , O
Mr. NNP I
Rawls NNP I
said VBD O
. . O

A DT I
federal JJ I
official NN I
said VBD O
that IN O
Continental NNP I
Bank NNP I
worked VBD O
with IN O
securities NNS I
and CC I
banking NN I
regulators NNS I
over IN O
the DT I
weekend NN I
to TO O
fashion VB O
the DT I
Fossett NNP I
bailout NN I
, , O
but CC O
that IN O
conditions NNS I
were VBD O
n't RB O
dictated VBN O
by IN O
those DT I
agencies NNS I
. . O

`` `` O
It PRP I
was VBD O
their PRP$ I
business NN I
decision NN I
, , O
'' '' O
the DT I
official NN I
said VBD O
. . O

Officials NNS I
at IN O
Options NNP I
Clearing NNP I
Corp. NNP I
, , O
which WDT I
processes VBZ O
all DT I
options NNS I
trades NNS I
for IN O
U.S. NNP I
exchanges NNS I
, , O
said VBD O
that IN O
the DT I
$ $ I
50 CD I
million CD I
guarantee NN I
was VBD O
unprecedented JJ O
, , O
but CC O
was VBD O
necessary JJ O
to TO O
help VB O
insure VB O
the DT I
integrity NN I
of IN O
the DT I
options NNS I
markets NNS I
. . O

`` `` O
It PRP I
was VBD O
an DT I
extraordinary JJ I
situation NN I
that WDT B
needed VBD O
extraordinary JJ I
steps NNS I
, , O
'' '' O
said VBD O
Paul NNP I
Stevens NNP I
, , O
OCC NNP I
president NN I
and CC I
chief JJ I
operating VBG I
officer NN I
. . O

Mr. NNP I
Stevens NNP I
declined VBD O
to TO O
give VB O
the DT I
specific JJ I
contributions NNS I
to TO O
the DT I
$ $ I
50 CD I
million CD I
guarantee NN I
from IN O
each DT I
participant NN I
. . O

But CC O
CBOE NNP I
and CC I
Amex NNP I
officials NNS I
said VBD O
that IN O
Options NNP I
Clearing NNP I
Corp. NNP I
contributed VBD O
$ $ I
20 CD I
million CD I
to TO O
the DT I
guarantee NN I
, , O
the DT I
CBOE NNP I
put NN O
up IN O
$ $ I
8 CD I
million CD I
, , O
the DT I
Amex NNP I
added VBD O
$ $ I
4 CD I
million CD I
and CC O
$ $ I
18 CD I
million CD I
came VBD O
from IN O
Mr. NNP I
Fossett NNP I
's POS B
own JJ I
assets NNS I
. . O

Mr. NNP I
Fossett NNP I
could MD O
n't RB O
be VB O
reached VBN O
to TO O
comment VB O
. . O

Debora NNP I
Foster NNP I
takes VBZ O
off IN O
her PRP$ I
necklace NN I
, , O
settles VBZ O
herself PRP I
on IN O
a DT I
padded JJ I
chair NN I
and CC O
gently RB O
leans VBZ O
forward RB O
. . O

With IN O
a DT I
jazz-piano JJ I
tape NN I
playing VBG O
softly RB O
in IN O
the DT I
background NN I
, , O
the DT I
soothing VBG I
hands NNS I
of IN O
Sabina NNP I
Vidunas NNP I
begin VB O
to TO O
work VB O
on IN O
Ms. NNP I
Foster NNP I
's POS B
neck NN I
and CC I
shoulders NNS I
. . O

`` `` O
It PRP I
's VBZ O
like IN O
an DT I
oasis NN I
in IN O
this DT I
room NN I
, , O
'' '' O
Ms. NNP I
Foster NNP I
purrs VBZ O
. . O

The DT I
room NN I
in IN O
question NN I
is VBZ O
the DT I
directors NNS I
' POS B
lounge NN I
of IN O
H.J. NNP I
Heinz NNP I
Co. NNP I
, , O
60 CD I
floors NNS I
above IN O
the DT I
bustle NN I
of IN O
Pittsburgh NNP I
. . O

There RB O
, , O
amid IN O
oil NN I
paintings NNS I
and CC O
marble NN I
tables NNS I
, , O
massages NNS I
are VBP O
administered VBN O
every DT I
Wednesday NNP I
. . O

`` `` O
On IN O
days NNS I
that IN O
I PRP I
'm VBP O
really RB O
busy JJ O
, , O
'' '' O
says VBZ O
Ms. NNP I
Foster NNP I
, , O
who WP I
works VBZ O
in IN O
public JJ I
relations NNS I
for IN O
the DT I
company NN I
, , O
`` `` O
it PRP I
seems VBZ O
decadent JJ O
to TO O
take VB O
time NN I
off IN O
for IN O
a DT I
massage NN I
. . O
'' '' O

Although IN O
such JJ I
sessions NNS I
may MD O
never RB O
replace VB O
coffee NN I
breaks NNS I
, , O
on-site JJ I
massage NN I
, , O
as IN O
it PRP I
is VBZ O
known VBN O
in IN O
the DT I
trade NN I
, , O
is VBZ O
certainly RB O
infiltrating VBG O
corporate JJ I
America NNP I
. . O

In IN O
some DT I
companies NNS I
middle NN B
managers NNS I
sneak VBP O
massage NN I
therapists NNS I
into IN O
the DT I
office NN I
, , O
fearful JJ O
that IN O
upper-level JJ I
executives NNS I
wo MD O
n't RB O
approve VB O
. . O

Ms. NNP I
Foster NNP I
's POS B
indulgence NN I
is VBZ O
nothing NN I
like IN O
the DT I
oily JJ I
, , I
hour-long JJ I
rubfests NNS I
enjoyed VBN O
by IN O
spa NN I
visitors NNS I
. . O

Nor CC O
does VBZ O
it PRP I
at IN O
all DT O
resemble VB O
-LRB- ( O
despite IN O
what WP I
some DT B
executives NNS I
think VBP O
-RRB- ) O
the DT I
more RBR I
intimate JJ I
variety NN I
offered VBN O
at IN O
specialty NN I
parlors NNS I
in IN O
bad JJ I
parts NNS I
of IN O
town NN I
. . O

On IN O
the DT I
contrary NN I
, , O
office NN I
rubdowns NNS I
usually RB O
take VBP O
place NN I
in IN O
dimly RB I
lighted VBN I
conference NN I
rooms NNS I
, , O
where WRB O
stressed-out JJ I
employees NNS I
relax VBP O
in IN O
specially RB I
designed VBN I
chairs NNS I
, , O
fully RB O
clothed VBN O
. . O

The DT I
massages NNS I
last JJ O
15 CD I
minutes NNS I
and CC O
typically RB O
cost VBP O
about RB I
$ $ I
10 CD I
. . O

Some DT I
companies NNS I
, , O
including VBG O
Heinz NNP I
, , O
even RB O
pay VB O
part NN I
of IN O
the DT I
fee NN I
. . O

Ms. NNP I
Vidunas NNP I
has VBZ O
been VBN O
seeing VBG O
some DT I
15 CD I
clients NNS I
a DT B
visit NN I
since IN O
the DT I
program NN I
was VBD O
started VBN O
at IN O
Heinz NNP I
last JJ B
year NN I
. . O

Anthony NNP I
J.F. NNP I
O'Reilly NNP I
, , O
the DT I
company NN I
's POS B
chairman NN I
, , O
swears VBZ O
by IN O
her PRP$ I
firm NN I
touch NN I
, , O
saying VBG O
regular JJ I
massages NNS I
are VBP O
a DT I
balm NN I
for IN O
his PRP$ I
old JJ I
football NN I
injuries NNS I
. . O

Massage NN I
advocates NNS I
say VBP O
that IN O
kneading VBG O
the DT I
head NN I
, , I
shoulders NNS I
, , I
neck NN I
and CC I
back RB I
can MD O
go VB O
a DT I
long JJ I
way NN I
toward IN O
easing VBG O
tension NN I
and CC O
improving VBG O
morale NN I
. . O

They PRP I
also RB O
insist VBP O
that IN O
touching VBG I
is VBZ O
a DT I
basic JJ I
need NN I
, , O
as RB O
powerful JJ O
as IN O
the DT I
need NN I
for IN O
food NN I
or CC I
sleep VB I
, , O
and CC O
that IN O
the DT I
office NN I
is VBZ O
as IN I
good JJ I
a DT I
place NN I
as IN O
any DT I
to TO O
do VB O
it PRP I
. . O

`` `` O
The DT I
blood NN I
flows NNS O
to TO O
your PRP$ I
head NN I
, , O
you PRP I
feel VBP O
lightheaded JJ O
and CC O
you PRP I
do VBP O
n't RB O
feel VB O
tension NN I
around IN O
the DT I
head NN I
or CC I
neck NN I
, , O
'' '' O
says VBZ O
Minnie NNP I
Morey NNP I
, , O
an DT I
operations NNS I
supervisor NN I
at IN O
the DT I
Social NNP I
Security NNP I
office NN I
in IN O
Grand NNP I
Rapids NNP I
, , O
Mich. NNP I
, , O
where WRB O
massages NNS I
began VBD O
last JJ I
month NN I
. . O

`` `` O
When WRB O
you PRP I
leave VBP O
the DT I
room NN I
after IN O
your PRP$ I
massage NN I
, , O
people NNS I
say VBP O
you PRP I
look VBP O
like IN O
you PRP I
're VBP O
glowing VBG O
. . O
'' '' O

Adds VBZ O
Candice NNP I
Ohlman NNP I
, , O
the DT I
35-year-old JJ I
masseuse NN I
who WP B
plies VBZ O
her PRP$ I
trade NN I
in IN O
the DT I
Grand NNP I
Rapids NNP I
office NN I
, , O
`` `` O
They PRP I
fall VBP O
in IN O
love NN I
with IN O
my PRP$ I
hands NNS I
. . O
'' '' O

Not RB I
everyone NN I
, , O
however RB O
, , O
is VBZ O
at IN O
ease NN I
with IN O
office NN I
massage NN I
. . O

Three CD I
years NNS I
ago RB O
, , O
the DT I
Internal NNP I
Revenue NNP I
Service NNP I
's POS B
office NN I
in IN O
San NNP I
Jose NNP I
, , O
Calif. NNP I
, , O
opened VBD O
its PRP$ I
doors NNS I
to TO O
on-site JJ I
massage NN I
. . O

And CC O
even RB O
though IN O
employees NNS I
paid VBD O
the DT I
bill NN I
, , O
taxpayers NNS I
grumbled VBD O
. . O

`` `` O
Sometimes RB O
, , O
with IN O
the DT I
release NN I
of IN O
stress NN I
, , O
you PRP I
hear VBP O
` `` I
oohs UH I
' '' I
and CC I
` `` I
ahs UH I
' '' I
coming VBG O
out IN O
of IN O
the DT I
room NN I
, , O
'' '' O
explains VBZ O
Morgan NNP I
Banks NNP I
, , O
the DT I
agency NN I
's POS B
health NN I
specialist NN I
. . O

`` `` O
And CC O
you PRP I
ca MD O
n't RB O
have VB O
taxpayers NNS I
coming VBG O
into IN O
an DT I
audit NN I
hearing NN O
` `` I
oohs UH I
' '' I
and CC I
` `` I
ahs UH I
. . O
' '' O
'' '' O

Last JJ I
month NN I
, , O
the DT I
complaints NNS I
intensified VBN O
and CC O
the DT I
massages NNS I
ended VBD O
. . O

`` `` O
Now RB O
we PRP I
're VBP O
looking VBG O
for IN O
a DT I
room NN I
with IN O
thicker JJR I
walls NNS I
, , O
'' '' O
Ms. NNP I
Banks NNP I
says VBZ O
. . O

Massage NN I
also RB O
has VBZ O
an DT I
image NN I
problem NN I
to TO O
contend VB O
with RB O
. . O

Some DT I
masseurs NNS I
have VBP O
tried VBN O
to TO O
get VB O
around IN O
this DT I
by IN O
calling VBG O
themselves PRP I
`` `` O
bodyworkers NNS I
'' '' O
and CC O
describing VBG O
their PRP$ I
office NN I
visits NNS I
as IN O
`` `` O
reinvigoration NN I
breaks NNS I
. . O
'' '' O

But CC O
massage NN I
, , O
no DT I
matter NN I
how WRB O
chaste JJ O
, , O
is VBZ O
still RB O
associated VBN O
in IN O
many JJ I
minds NNS I
with IN O
seedy JJ I
fronts NNS I
for IN O
prostitution NN I
, , O
and CC O
that DT I
makes VBZ O
some DT I
executives NNS I
nervous JJ O
. . O

Last JJ I
year NN I
, , O
the DT I
research NN I
and CC I
development NN I
division NN I
of IN O
Weyerhaeuser NNP I
Co. NNP I
, , O
the DT I
large JJ I
wood-products NNS I
concern VBP I
, , O
invited VBD O
a DT I
masseuse NN I
to TO O
its PRP$ I
Tacoma NNP I
, , I
Wash. NNP I
, , I
offices NNS I
. . O

Phil NNP I
Harms NNP I
, , O
a DT I
software NN I
engineer NN I
, , O
was VBD O
an DT I
eager JJ I
customer NN I
. . O

`` `` O
You PRP I
build VBP O
up IN O
a DT I
lot NN I
of IN O
tension NN I
working VBG O
at IN O
a DT I
terminal NN I
all DT B
day NN I
, , O
'' '' O
he PRP I
says VBZ O
. . O

But CC O
after IN O
about IN I
eight CD I
months NNS I
, , O
the DT I
vice NN I
president NN I
of IN O
the DT I
division NN I
, , O
Ed NNP I
Soule NNP I
, , O
learned VBD O
about IN O
the DT I
sessions NNS I
and CC O
brought VBN O
them PRP I
to TO O
a DT I
halt NN I
. . O

Mr. NNP I
Soule NNP I
says VBZ O
his PRP$ I
only JJ I
beef NN I
was VBD O
that IN O
the DT I
massages NNS I
were VBD O
being VBG O
given VBN O
in IN O
a DT I
company NN I
conference NN I
room NN I
; : O
the DT I
department NN I
's POS B
supervised VBD I
health NN I
facility NN I
would MD O
have VB O
been VBN O
fine JJ O
. . O

`` `` O
In IN O
my PRP$ I
view NN I
, , O
-LCB- ( O
massages NNS I
-RCB- ) O
should MD O
be VB O
managed VBN O
with IN O
an DT I
appropriate JJ I
mixture NN I
of IN O
males NNS I
and CC I
females NNS I
around IN O
, , O
'' '' O
he PRP I
says VBZ O
. . O

Given VBN O
such JJ I
attitudes NNS I
, , O
some DT I
corporate JJ I
masseurs NNS I
prefer VBP O
to TO O
go VB O
about IN O
their PRP$ I
business NN I
quietly RB O
. . O

Russell NNP I
Borner NNP I
of IN O
Park NNP I
Ridge NNP I
, , O
N.J. NNP I
, , O
says VBZ O
he PRP I
has VBZ O
been VBN O
working VBG O
for IN O
the DT I
past JJ I
year NN I
at IN O
a DT I
huge JJ I
chemical NN I
and CC I
manufacturing NN I
concern NN I
in IN O
New NNP I
York NNP I
-- : O
unbeknownst JJ O
to TO O
the DT I
company NN I
's POS B
executives NNS I
. . O

He PRP I
visits VBZ O
the DT I
same JJ I
department NN I
every DT B
two CD I
or CC I
three CD I
weeks NNS I
. . O

His PRP$ I
massage NN I
chair NN I
is VBZ O
kept VBN O
in IN O
a DT I
closet NN I
, , O
and CC O
a DT I
secretary NN I
escorts VBZ O
him PRP I
past JJ O
security NN I
. . O

`` `` O
This DT I
is VBZ O
common JJ O
with IN O
a DT I
lot NN I
of IN O
large JJ I
companies NNS I
, , O
'' '' O
says VBZ O
Mr. NNP I
Borner NNP I
, , O
who WP I
worked VBD O
for IN O
American NNP I
Telephone NNP I
& CC I
Telegraph NNP I
Co. NNP I
for IN O
23 CD I
years NNS I
before IN O
choosing VBG O
his PRP$ I
current JJ I
trade NN I
. . O

Managers NNS I
, , O
he PRP I
contends VBZ O
, , O
`` `` O
are VBP O
afraid JJ O
how WRB O
they PRP I
're VBP O
going VBG O
to TO O
look VB O
in IN O
the DT I
eyes NNS I
of IN O
their PRP$ I
peers NNS I
. . O

My PRP$ I
vision NN I
is VBZ O
to TO O
change VB O
human JJ I
consciousness NN I
towards IN O
touch NN I
. . O

My PRP$ I
attitude NN I
is VBZ O
: : O
Let VB O
's POS I
come VB O
out IN O
of IN O
the DT I
closet NN I
. . O
'' '' O

Occasionally RB O
, , O
all PDT I
that DT B
's VBZ O
needed VBN O
is VBZ O
a DT I
little JJ I
coaxing JJ I
. . O

Elisa NNP I
Byler NNP I
, , O
a DT I
St. NNP I
Louis NNP I
masseuse NN I
, , O
won VBD O
over IN O
officials NNS I
at IN O
Emerson NNP I
Electric NNP I
Co. NNP I
, , O
a DT I
maker NN I
of IN O
electrical JJ I
and CC I
electronic JJ I
equipment NN I
, , O
by IN O
providing VBG O
documents NNS I
and CC O
other JJ I
articles NNS I
trumpeting VBG O
the DT I
therapeutic JJ I
benefits NNS I
of IN O
massage NN I
. . O

She PRP I
notes VBZ O
that IN O
she PRP I
also RB O
stresses VBZ O
professionalism NN I
during IN O
her PRP$ I
weekly JJ I
visits NNS I
. . O

`` `` O
I PRP I
pull VBP O
my PRP$ I
hair NN I
back RB O
, , O
wear VB O
a DT I
little JJ I
makeup NN I
and CC O
look VB O
corporate JJ O
, , O
'' '' O
says VBZ O
Ms. NNP I
Byler NNP I
, , O
who WP I
has VBZ O
been VBN O
visiting VBG O
Emerson NNP I
since IN O
January NNP I
. . O

`` `` O
If IN O
I PRP I
go VBP O
in IN O
there RB I
as IN O
I PRP I
normally RB O
dress VBP O
, , O
they PRP I
'd MD O
ask VB O
, , O
` `` O
Who WP I
is VBZ O
this DT I
hippie NN I
? . O
' '' O
'' '' O

The DT I
self-proclaimed JJ I
father NN I
of IN O
on-site JJ I
massage NN I
is VBZ O
David NNP I
Palmer NNP I
, , O
a DT I
41-year-old NNP I
San NNP I
Francisco NNP I
masseur NN I
whose WP$ B
mission NN I
is VBZ O
to TO O
save VB O
the DT I
touch-starved JJ I
masses NNS I
. . O

To TO O
help VB O
do VBP O
this DT I
, , O
Mr. NNP I
Palmer NNP I
developed VBD O
a DT I
portable JJ I
massage NN I
chair NN I
three CD B
years NNS I
ago RB O
that IN I
he PRP B
hopes VBZ O
will MD O
bring VB O
`` `` O
structured VBN I
touching VBG I
'' '' O
into IN O
mainstream NN I
America NNP I
. . O

`` `` O
The DT I
culture NN I
is VBZ O
not RB O
ready JJ O
to TO O
take VB O
off IN O
its PRP$ I
clothes NNS I
, , O
lie VB O
down RB O
and CC O
be VB O
touched VBN O
for IN O
an DT I
hour NN I
for IN O
$ $ I
45 CD I
, , O
'' '' O
he PRP I
says VBZ O
. . O

`` `` O
The DT I
idea NN I
is VBZ O
to TO O
keep VB O
the DT I
clothes NNS I
on IN O
and CC O
to TO O
keep VB O
people NNS I
seated VBN O
. . O

The DT I
chair NN I
is VBZ O
a DT I
way NN I
to TO O
package VB O
massage NN I
. . O
'' '' O

Sitting VBG O
in IN O
one CD I
of IN O
Mr. NNP I
Palmer NNP I
's POS B
chairs NNS I
, , O
which WDT I
cost VBP O
$ $ I
425 CD I
and CC O
have VBP O
since IN O
been VBN O
copied VBN O
by IN O
others NNS I
, , O
is VBZ O
a DT I
bit NN I
like IN O
straddling VBG O
a DT I
recliner NN I
. . O

Customers NNS I
lean JJ O
forward RB O
, , O
rest VB O
their PRP$ I
knees NNS I
on IN O
side NN I
supports VBZ I
and CC O
bury VB O
their PRP$ I
face NN I
in IN O
padding NN I
on IN O
the DT I
back RB I
of IN O
the DT I
chair NN I
. . O

-LRB- ( O
Ms. NNP I
Ohlman NNP I
, , O
the DT I
Grand NNP I
Rapids NNP I
masseuse NN I
, , O
says VBZ O
she PRP I
has VBZ O
heard VBN O
the DT I
odd-looking JJ I
contraption NN I
compared VBN O
to TO O
something NN I
out IN O
of IN O
the DT I
Spanish NNP I
Inquisition NNP I
. . O
-RRB- ) O

Mr. NNP I
Palmer NNP I
, , O
who WP I
serves VBZ O
as IN O
president NN I
of IN O
the DT I
On-Site NNP I
Massage NNP I
Association NNP I
and CC O
writes VBZ O
an DT I
industry NN I
newsletter NN I
, , O
says VBZ O
some DT I
4,000 CD I
practitioners NNS I
-- : O
out RP O
of IN O
about IN I
50,000 CD I
certified VBN I
masseurs NNS I
across IN O
the DT I
country NN I
-- : O
now JJ O
use NN O
massage NN I
chairs NNS I
in IN O
the DT I
workplace NN I
, , O
as RB O
well RB O
as IN O
on IN O
street NN I
corners NNS I
, , O
in IN O
airports NNS I
and CC I
malls NNS I
, , O
and CC O
at IN O
conventions NNS I
and CC O
other JJ I
gatherings NNS I
where WRB O
weary JJ I
people NNS I
can MD O
be VB O
found VBN O
. . O

Scot NNP I
MacInnis NNP I
, , O
a DT I
masseur NN I
in IN O
Boulder NNP I
, , O
Colo. NNP I
, , O
had VBD O
a DT I
scary JJ I
experience NN I
while IN O
massaging VBG O
a DT I
man NN I
in IN O
a DT I
natural-foods NNS I
supermarket NN I
as IN O
part NN I
of IN O
a DT I
store NN I
promotion NN I
. . O

Three CD I
minutes NNS I
into IN O
the DT I
massage NN I
, , O
the DT I
man NN I
curled VBD O
up IN O
, , O
began VBD O
shaking VBG O
and CC O
turned VBD O
red JJ O
. . O

Paramedics NNS I
were VBD O
called VBN O
. . O

A DT I
week NN I
later RB O
, , O
the DT I
man NN I
told VBD O
Mr. NNP I
MacInnis NNP I
he PRP B
had VBD O
suffered VBN O
a DT I
mild JJ I
heart NN I
attack NN I
unrelated JJ O
to TO O
the DT I
massage NN I
. . O

`` `` O
It PRP I
was VBD O
a DT I
powerful JJ I
point NN I
in IN O
my PRP$ I
career NN I
, , O
'' '' O
says VBZ O
the DT I
31-year-old NNP I
Mr. NNP I
MacInnis NNP I
, , O
who WP I
has VBZ O
since IN O
taken VBN O
out RP O
a DT I
$ $ I
1 CD I
million CD I
liability NN I
policy NN I
for IN O
his PRP$ I
business NN I
. . O

`` `` O
But CC O
he PRP I
pulled VBD O
through IN O
, , O
and CC O
after IN O
the DT I
ambulance NN I
left VBN O
, , O
there EX I
were VBD O
still RB O
six CD I
people NNS I
in IN O
line NN I
waiting VBG O
for IN O
a DT I
massage NN I
. . O

The DT I
next JJ I
woman NN I
was VBD O
older JJR O
, , O
and CC O
I PRP I
was VBD O
afraid JJ O
to TO O
touch VB O
her PRP$ I
. . O

But CC O
it PRP I
's VBZ O
like IN O
falling VBG O
off IN O
a DT I
horse NN I
and CC O
getting VBG O
back RB O
on IN O
. . O
'' '' O

Despite IN O
the DT I
number NN I
of IN O
fans VBZ I
that DT B
office NN B
massage NN I
has VBZ O
won VBN O
, , O
some DT I
purists NNS I
look VBP O
down RB O
on IN O
it PRP I
, , O
arguing VBG O
that IN O
naked JJ I
, , I
full-body JJ I
rubs NNS I
are VBP O
the DT I
only JJ I
way NN I
to TO O
go VB O
. . O

Linda NNP I
Aldridge NNP I
, , O
who WP I
does VBZ O
full-body JJ I
work NN I
in IN O
Pittsburgh NNP I
, , O
says VBZ O
that IN O
while IN O
on-site JJ I
massage NN I
is VBZ O
better JJR O
than IN O
nothing NN I
, , O
tired VBN I
workers NNS I
should MD O
realize VB O
it PRP I
is VBZ O
only RB I
the DT I
tip NN I
of IN O
the DT I
iceberg NN I
. . O

`` `` O
Whole JJ I
areas NNS I
of IN O
their PRP$ I
bodies NNS I
are VBP O
neglected VBN O
, , O
'' '' O
she PRP I
says VBZ O
, , O
adding VBG O
that IN O
clothes NNS I
ruin VBP O
the DT I
experience NN I
. . O

`` `` O
There EX I
's VBZ O
nothing NN I
like IN O
skin NN I
to TO O
skin NN I
. . O

In IN O
what WP I
is VBZ O
believed VBN O
to TO O
be VB O
the DT I
first JJ I
cancellation NN I
of IN O
a DT I
loan NN I
to TO O
China NNP I
since IN O
the DT I
June NNP I
4 CD I
killings NNS I
in IN O
Beijing NNP I
, , O
an DT I
international JJ I
bank NN I
syndicate NN I
has VBZ O
terminated VBN O
a DT I
$ $ I
55 NN I
million CD I
credit NN I
for IN O
a DT I
Shanghai NNP I
property NN I
project NN I
. . O

The DT I
syndicate NN I
, , O
led VBN O
by IN O
Schroders NNP I
Asia NNP I
Ltd. NNP I
, , O
agreed VBD O
last JJ I
November NNP I
to TO O
provide VB O
the DT I
loan NN I
to TO O
Asia NNP I
Development NNP I
Corp. NNP I
, , O
a DT I
U.S. NNP I
property NN I
developer NN I
. . O

But CC O
several JJ I
weeks NNS I
ago RB O
, , O
in IN O
the DT I
wake NN I
of IN O
the DT I
Beijing NNP I
killings NNS I
, , O
the DT I
loan NN I
was VBD O
canceled VBN O
, , O
according VBG O
to TO O
bankers NNS I
and CC I
executives NNS I
close VBP O
to TO O
the DT I
project NN I
. . O

Asia NNP I
Development NNP I
and CC O
Schroders NNP I
declined VBD O
to TO O
comment VB O
on IN O
the DT I
move NN I
. . O

Lenders NNS I
had VBD O
doubts NNS I
about IN O
the DT I
project NN I
even RB O
before IN O
June NNP I
4 CD I
, , O
but CC O
the DT I
harsh JJ I
crackdown NN I
, , O
which WDT I
caused VBD O
many JJ I
businesses NNS I
to TO O
reassess VB O
their PRP$ I
China NNP I
transactions NNS I
, , O
`` `` O
gave VBD O
the DT I
banks NNS I
the DT B
out NN I
they PRP B
wanted VBD O
, , O
'' '' O
says VBZ O
an DT I
official JJ I
close RB O
to TO O
the DT I
Shanghai NNP I
venture NN I
. . O

The DT I
decision NN I
to TO O
cancel VB O
the DT I
loan NN I
exemplifies VBZ O
the DT I
tough JJ I
attitude NN I
bankers NNS B
have VBP O
taken VBN O
toward IN O
China NNP I
since IN O
June NNP I
4 CD I
. . O

While IN O
some DT I
commercial JJ I
lending NN I
has VBZ O
resumed VBN O
, , O
international JJ I
lenders NNS I
remain VBP O
nervous JJ O
about IN O
China NNP I
's POS I
economic JJ O
troubles NNS O
and CC O
foreign JJ O
debt NN O
-- : O
$ $ I
40 CD I
billion CD I
at IN O
the DT I
end NN I
of IN O
1988 CD I
. . O

Many JJ I
loans NNS I
are VBP O
being VBG O
renegotiated VBN O
, , O
especially RB I
those DT I
tied VBN O
to TO O
the DT I
hotel NN I
sector NN I
, , O
which WDT I
has VBZ O
been VBN O
hit VBN O
hard JJ O
by IN O
a DT I
post-June JJ I
4 CD I
tourism NN I
slump NN I
. . O

Many JJ I
bankers NNS I
view VBP O
property-sector NN I
loans NNS I
as IN O
particularly RB O
risky JJ O
. . O

The DT I
canceled VBN I
Shanghai NNP I
loan NN I
leaves VBZ O
Asia NNP I
Development NNP I
, , O
a DT I
small JJ I
concern NN I
, , O
saddled VBN O
with IN O
a DT I
half-completed JJ I
32-story JJ I
apartment NN I
building NN I
and CC O
heavy JJ I
debts NNS I
. . O

The DT I
company NN I
owes VBZ O
$ $ I
11 CD I
million CD I
to TO O
the DT I
Shui NNP I
On IN I
Group NNP I
, , O
the DT I
project NN I
's POS B
Hong NNP I
Kong NNP I
contractor NN I
, , O
and CC O
a DT I
significant JJ I
, , I
though IN I
unspecified JJ I
, , I
amount NN I
in IN O
legal JJ I
fees NNS I
to TO O
Coudert NNP I
Brothers NNPS I
, , O
a DT I
U.S. NNP I
law NN I
firm NN I
, , O
the DT I
sources NNS I
say VBP O
. . O

The DT I
project NN I
, , O
known VBN O
as IN O
Lotus NNP I
Mansion NNP I
, , O
has VBZ O
been VBN O
mired VBN O
in IN O
controversy NN I
. . O

When WRB O
the DT I
loan NN I
agreement NN I
was VBD O
announced VBN O
, , O
it PRP I
was VBD O
hailed VBN O
as IN O
one CD I
of IN O
the DT I
first JJ I
Western-style JJ I
financing NN I
transactions NNS I
ever RB O
used VBN O
in IN O
China NNP I
. . O

Unlike IN O
most RBS I
loans NNS I
to TO O
China NNP I
, , O
there EX I
was VBD O
no DT I
Chinese JJ I
guarantor NN I
. . O

Instead RB O
, , O
the DT I
banks NNS I
secured VBD O
a DT I
promise NN I
from IN O
state-owned JJ I
Bank NNP I
of IN O
Communications NNPS I
that IN O
it PRP I
would MD O
lend VB O
Asia NNP I
Development NNP I
the DT B
entire JJ I
$ $ I
55 NN I
million CD I
at IN O
maturity NN I
to TO O
finance VB O
repayment NN I
of IN O
the DT I
original JJ I
borrowing NN I
. . O

The DT I
loan NN I
was VBD O
to TO O
have VB O
matured VBN O
in IN O
just RB I
two CD I
to TO I
three CD I
years NNS I
, , O
as RB O
soon RB O
as IN O
construction NN I
was VBD O
completed VBN O
. . O

But CC O
in IN O
a DT I
letter NN I
sent VBD O
in IN O
August NNP I
to TO O
Asia NNP I
Development NNP I
, , O
Schroders NNP I
said VBD O
the DT I
loan NN I
was VBD O
terminated VBN O
because IN O
the DT I
developer NN I
had VBD O
failed VBN O
to TO O
deliver VB O
adequate JJ I
financial JJ I
data NNS I
and CC O
pay VB O
certain JJ I
fees NNS I
to TO O
the DT I
loan-management NN I
committee NN I
on IN O
time NN I
, , O
according VBG O
to TO O
officials NNS I
close VBP O
to TO O
the DT I
project NN I
. . O

Creditors NNS I
involved VBN O
in IN O
the DT I
project NN I
contend VBP O
, , O
however RB O
, , O
that IN O
the DT I
termination NN I
actually RB O
had VBD O
nothing NN I
to TO O
do VB O
with IN O
these DT I
technical JJ I
violations NNS I
. . O

Instead RB O
, , O
the DT I
creditors NNS I
say VBP O
, , O
the DT I
loan NN I
fell VBD O
victim NN I
to TO O
nervousness NN I
about IN O
China NNP I
's POS B
political JJ I
turmoil NN I
, , O
as RB O
well RB O
as IN O
to TO O
concern VB I
about IN O
the DT I
loan NN I
's POS B
security NN I
. . O

The DT I
bank NN I
syndicate NN I
is VBZ O
made VBN O
up IN O
mostly RB O
of IN O
European JJ I
banks NNS I
, , O
but CC O
it PRP I
includes VBZ O
China NNP I
's POS B
state-owned JJ I
Citic NNP I
Industrial NNP I
Bank NNP I
. . O

The DT I
11 CD I
banks NNS I
in IN O
the DT I
syndicate NN I
sustained VBD O
no DT I
monetary JJ I
losses NNS I
because IN O
none NN I
of IN O
the DT I
credit NN I
facility NN I
had VBD O
been VBN O
drawn VBN O
down RB O
. . O

K NNP I
mart NNP I
Corp. NNP I
agreed VBD O
to TO O
acquire VB O
Pace NNP I
Membership NNP I
Warehouse NNP I
Inc. NNP I
for IN O
$ $ I
23 CD I
a DT B
share NN I
, , O
or CC O
$ $ I
322 CD I
million CD I
, , O
in IN O
a DT I
move NN I
to TO O
expand VB O
its PRP$ I
presence NN I
in IN O
the DT I
rapidly RB I
growing VBG I
warehouse-club NN I
business NN I
. . O

The DT I
proposed VBN I
merger NN I
comes VBZ O
as IN O
K NNP I
mart NNP I
's POS B
profit NN I
is VBZ O
declining VBG O
and CC O
sales NNS I
at IN O
its PRP$ I
core NN I
discount NN I
stores NNS I
are VBP O
rising VBG O
more RBR O
slowly RB O
than IN O
at IN O
such JJ I
competitors NNS I
as IN O
Wal-Mart NNP I
Stores NNP I
Inc NNP I
. . O

K NNP I
mart NNP I
, , O
based VBN O
in IN O
Troy NNP I
, , O
Mich. NNP I
, , O
recently RB O
said VBD O
net JJ I
income NN I
would MD O
fall VB O
for IN O
the DT I
third JJ I
consecutive JJ I
quarter NN I
, , O
after IN O
a DT I
16 CD I
% NN I
drop NN I
in IN O
the DT I
first JJ I
half NN I
of IN O
its PRP$ I
current JJ I
fiscal JJ I
year NN I
. . O

`` `` O
The DT I
membership NN I
warehouse-club NN I
concept NN I
has VBZ O
great JJ O
potential NN O
, , O
'' '' O
the DT I
company NN I
's POS B
chairman NN I
, , O
Joseph NNP I
E. NNP I
Antonini NNP I
, , O
said VBD O
in IN O
a DT I
statement NN I
. . O

Warehouse NN I
clubs NNS I
typically RB O
carry VBP O
general JJ I
merchandise NN I
and CC O
food NN I
products NNS I
, , O
which WDT I
they PRP B
sell VBP O
for IN O
close RB I
to TO I
wholesale JJ I
prices NNS I
in IN O
no-frills JJ I
stores NNS I
. . O

Shoppers NNS I
, , O
many NN I
of IN O
whom WP I
operate VBP O
small JJ I
businesses NNS I
, , O
pay VB O
annual JJ I
membership NN I
fees NNS I
, , O
which WDT I
provide VBP O
an DT I
income NN I
base NN I
for IN O
the DT I
stores NNS I
. . O

K NNP I
mart NNP I
tested VBD O
the DT I
warehouse-club NN I
sector NN I
last JJ B
year NN I
with IN O
its PRP$ I
acquisition NN I
of IN O
a DT I
51 CD I
% NN I
interest NN I
in IN O
Makro NNP I
Inc NNP I
. . O

But CC O
the DT I
Makro NNP I
chain NN I
, , O
which WDT I
operates VBZ O
as IN O
a DT I
joint JJ I
venture NN I
between IN O
K NNP I
mart NNP I
and CC O
SHV NNP I
Holdings NNP I
N.V. NNP I
of IN O
the DT I
Netherlands NNP I
, , O
has VBZ O
only RB I
six CD I
stores NNS I
and CC O
annual JJ I
sales NNS I
that IN B
one CD B
analyst NN I
estimated VBN O
at IN O
about RB I
$ $ I
300 CD I
million CD I
. . O

Six-year-old JJ I
Pace NNP I
, , O
based VBN O
in IN O
Aurora NNP I
, , O
Colo. NNP I
, , O
operates VBZ O
41 CD I
warehouse-club NN I
stores NNS I
. . O

The DT I
company NN I
had VBD O
losses NNS I
for IN O
several JJ I
years NNS I
before IN O
turning VBG O
profitable JJ O
in IN O
fiscal JJ I
1988 CD I
. . O

In IN O
the DT I
year NN I
ended VBN O
Jan. NNP I
31 CD I
, , O
Pace NNP I
rang VBD O
up IN O
profit NN I
of IN O
$ $ I
9.4 CD I
million CD I
, , O
or CC O
72 CD I
cents NNS I
a DT B
share NN I
, , O
after IN O
a DT I
tax-loss NN I
carry-forward NN I
, , O
on IN O
sales NNS I
of IN O
$ $ I
1.3 CD I
billion CD I
, , O
and CC O
analysts NNS I
expect VBP O
its PRP$ I
results NNS I
to TO O
continue VB O
to TO O
improve VB O
. . O

`` `` O
The DT I
company NN I
turned VBD O
the DT I
corner NN I
fairly RB O
recently RB O
in IN O
profitability NN I
, , O
'' '' O
said VBD O
Margo NNP I
McGlade NNP I
of IN O
PaineWebber NNP I
Inc. NNP I
, , O
who WP I
had VBD O
been VBN O
forecasting VBG O
a DT I
46 CD I
% NN I
jump NN I
in IN O
Pace NNP I
's POS B
net JJ I
income NN I
from IN O
operations NNS I
this DT B
year NN I
and CC O
another DT I
42 CD I
% NN I
increase NN I
next JJ B
year NN I
. . O

`` `` O
Warehouse NNP I
productivity NN I
is VBZ O
really RB O
beginning VBG O
to TO O
take VB O
off IN O
. . O
'' '' O

But CC O
some DT I
analysts NNS I
contend VBP O
K NNP I
mart NNP I
has VBZ O
agreed VBN O
to TO O
pay VB O
too RB I
much JJ I
for IN O
Pace NNP I
. . O

`` `` O
Even RB O
if IN O
you PRP I
look VBP O
at IN O
it PRP I
as IN O
a DT I
turnaround NN I
situation NN I
, , O
it PRP I
's VBZ O
expensive JJ O
, , O
'' '' O
said VBD O
Wayne NNP I
Hood NNP I
of IN O
Prudential-Bache NNP I
Securities NNP I
Inc NNP I
. . O

`` `` O
In IN O
my PRP$ I
opinion NN I
, , O
you PRP I
would MD O
only RB O
pay VB O
that DT I
kind NN I
of IN O
price NN I
if IN O
you PRP I
were VBD O
getting VBG O
a DT I
premier NN I
player NN I
in IN O
the DT I
industry NN I
. . O
'' '' O

Ms. NNP I
McGlade NNP I
of IN O
PaineWebber NNP I
raised VBD O
a DT I
more RBR I
fundamental JJ I
question NN I
about IN O
the DT I
deal NN I
. . O

`` `` O
If IN O
K NNP I
mart NNP I
ca MD O
n't RB O
get VB O
its PRP$ I
act NN I
together RB O
in IN O
discounting NN I
, , O
why WRB O
is VBZ O
it PRP I
spending NN O
time NN I
worrying VBG O
about IN O
other JJ I
growing NN I
markets NNS I
? . O
'' '' O

She PRP I
said VBD O
, , O
`` `` O
I PRP I
would MD O
say VB O
K NNP I
mart NNP I
's POS B
number NN I
one CD I
job NN I
is VBZ O
to TO O
address VB O
its PRP$ I
market-share JJ I
loss NN I
-LCB- ( O
in IN O
discount NN I
stores NNS I
-RCB- ) O
, , O
which WDT I
longer-term JJ O
will MD O
lead VB O
to TO O
improved VBN I
profit NN I
margins NNS I
. . O

At IN O
that DT I
point NN I
, , O
perhaps RB O
diversification NN I
would MD O
be VB O
appropriate JJ O
. . O
'' '' O

But CC O
K NNP I
mart NNP I
's POS B
Mr. NNP I
Antonini NNP I
is VBZ O
intent NN O
on IN O
pushing VBG O
the DT I
company NN I
into IN O
new JJ I
retail JJ I
businesses NNS I
. . O

For IN O
instance NN I
, , O
K NNP I
mart NNP I
is VBZ O
opening VBG O
big JJ I
food NN I
and CC I
general JJ I
merchandise NN I
stores NNS I
, , O
called VBN O
hypermarkets NNS I
, , O
and CC O
warehouse-type NN I
stores NNS I
specializing VBG O
in IN O
office NN I
products NNS I
and CC O
sporting VBG I
goods NNS I
. . O

It PRP I
also RB O
operates VBZ O
Waldenbooks NNP I
, , O
Pay VB I
Less RBR I
Drug NNP I
Stores NNPS I
and CC O
Builders NNP I
Square NNP I
home NN I
improvement NN I
stores NNS I
. . O

In IN O
composite JJ I
trading NN I
on IN O
the DT I
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
, , O
K NNP I
mart NNP I
closed VBD O
yesterday NN I
at IN O
$ $ I
36 CD I
a DT B
share NN I
, , O
up IN O
12.5 CD I
cents NNS I
. . O

Pace NNP I
rose VBD O
$ $ I
2.625 CD I
to TO O
close VB O
at IN O
$ $ I
22.125 CD I
a DT B
share NN I
in IN O
national JJ I
over-the-counter JJ I
trading NN I
. . O

A DT I
K NNP I
mart NNP I
spokesman NN I
said VBD O
the DT I
acquisition NN I
would MD O
be VB O
financed VBN O
with IN O
short-term JJ I
borrowings NNS I
. . O

Under IN O
terms NNS I
of IN O
the DT I
agreement NN I
, , O
a DT I
K NNP I
mart NNP I
subsidiary NN I
will MD O
soon RB O
make VB O
a DT I
tender NN I
offer NN I
for IN O
Pace NNP I
shares NNS I
. . O

Among IN O
the DT I
conditions NNS I
of IN O
the DT I
offer NN I
is VBZ O
that IN O
Pace NNP I
shareholders NNS I
tender VBP O
a DT I
majority NN I
of IN O
the DT I
company NN I
's POS B
shares NNS I
outstanding JJ O
. . O

The DT I
companies NNS I
said VBD O
Pace NNP I
would MD O
ill RB O
continue VB O
to TO O
operate VB O
under IN O
its PRP$ I
present JJ I
management NN I
. . O

G. NNP I
William NNP I
Ryan NNP I
, , O
president NN I
of IN O
Post-Newsweek NNP I
Stations NNS I
, , O
was VBD O
named VBN O
chief JJ I
executive JJ I
officer NN I
of IN O
the DT I
unit NN I
of IN O
this DT I
media NNS I
company NN I
, , O
effective JJ O
Jan. NNP I
1 CD I
. . O

He PRP I
will MD O
succeed VB O
Joel NNP I
Chaseman NNP I
, , O
who WP I
will MD O
remain VB O
a DT I
vice NN I
president NN I
of IN O
the DT I
company NN I
and CC O
continue VB O
to TO O
represent VB O
Post-Newsweek NNP I
stations NNS I
in IN O
several JJ I
industry NN I
organizations NNS I
, , O
the DT I
company NN I
said VBD O
. . O

literally RB O
. . O

Traders NNS I
nervously RB O
watching VBG O
their PRP$ I
Quotron NNP I
electronic-data JJ I
machines NNS I
yesterday NN B
morning NN I
were VBD O
stunned VBN O
to TO O
see VB O
the DT I
Dow NNP I
Jones NNP I
Industrial NNP I
Average NNP I
plummet VB O
99 CD I
points NNS I
in IN O
seconds NNS I
. . O

A DT I
minute NN I
later RB O
it PRP I
soared VBD O
128 CD I
points NNS I
, , O
then RB O
zoomed VBD O
back RB O
down RB O
113 CD I
points NNS I
, , O
69 CD I
below IN O
Friday NNP I
's POS B
close NN I
. . O

`` `` O
It PRP I
was VBD O
crazy JJ O
, , O
'' '' O
said VBD O
Neil NNP I
Weisman NNP I
, , O
general JJ I
partner NN I
of IN O
Chilmark NNP I
Capital NNP I
Corp NNP I
. . O

`` `` O
It PRP I
was VBD O
like IN O
flying VBG O
without IN O
a DT I
pilot NN I
in IN O
the DT I
front NN I
of IN O
the DT I
plane NN I
. . O
'' '' O

But CC O
those DT I
who WP B
said VBD O
`` `` O
This DT I
ca MD O
n't RB O
be VB O
happening VBG O
'' '' O
were VBD O
right NN O
. . O

The DT I
Quotrons NNPS I
were VBD O
wrong JJ O
. . O

Quotron NNP I
Systems NNP I
Inc. NNP I
, , O
a DT I
Citicorp NNP I
unit NN I
, , O
blamed VBD O
the DT I
30-minute JJ I
foul-up NN I
on IN O
`` `` O
a DT I
timing NN I
problem NN I
in IN O
our PRP$ I
software NN I
'' '' O
caused VBN O
by IN O
the DT I
enormous JJ I
early JJ I
volume NN I
-- : O
about IN I
145 CD I
million CD I
shares NNS I
in IN O
the DT I
first JJ I
hour NN I
of IN O
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
trading NN I
. . O

The DT I
prices NNS I
of IN O
the DT I
individual JJ I
stocks NNS I
that WDT B
make VBP O
up IN O
the DT I
average NN I
were VBD O
correct JJ O
, , O
Quotron NNP I
said VBD O
, , O
but CC O
the DT I
average NN I
was VBD O
wrong JJ O
. . O

Meanwhile RB O
, , O
there EX I
was VBD O
an DT I
awful JJ I
lot NN I
of IN O
confusion NN I
. . O

At IN O
about IN I
10:40 CD I
a.m. NN I
on IN O
the DT I
over-the-counter JJ I
trading NN I
desk NN I
at IN O
a DT I
major JJ I
brokerage NN I
firm NN I
, , O
a DT I
veteran NN I
trader NN I
who WP B
buys VBZ O
and CC O
sells VBZ O
some DT I
of IN O
the DT I
most RBS I
active JJ I
stocks NNS I
looked VBD O
at IN O
a DT I
senior JJ I
official NN I
and CC O
asked VBD O
, , O
`` `` O
What WP I
's VBZ O
going VBG O
on RB O
? . O

Is VBZ O
the DT I
market NN I
up IN O
or CC O
down RB O
? . O
'' '' O

At IN O
the DT I
time NN I
, , O
Quotron NNP I
was VBD O
reporting VBG O
that IN O
the DT I
industrial JJ I
average NN I
was VBD O
down RB O
70 CD I
points NNS I
. . O

In IN O
fact NN I
, , O
it PRP I
was VBD O
up IN O
24 CD I
. . O

Holly NNP I
Stark NNP I
, , O
a DT I
vice NN I
president NN I
who WP B
heads VBZ O
the DT I
trading NN I
desk NN I
at IN O
Dillon NNP I
Read NNP I
Capital NNP I
Corp. NNP I
, , O
said VBD O
that IN O
once RB O
she PRP I
figured VBD O
out RP O
the IN I
Quotron NNP I
numbers NNS I
were VBD O
wrong JJ O
, , O
she PRP I
called VBD O
brokers NNS I
to TO O
tell VB O
them PRP I
. . O

`` `` O
It PRP I
's VBZ O
been VBN O
kind NN O
of IN O
annoying JJ O
, , O
to TO O
say VB O
the DT I
least JJS I
, , O
'' '' O
she PRP I
said VBD O
. . O

To TO O
confuse VB O
matters NNS I
further RBR O
, , O
when WRB O
UAL NNP I
Corp. NNP I
stock NN I
finally RB O
opened VBD O
on IN O
the DT I
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
at IN O
11:08 CD I
a.m. NN I
, , O
the DT I
price NN I
was VBD O
listed VBN O
at IN O
$ $ I
324.75 CD I
a DT B
share NN I
, , O
up IN O
about RB I
$ $ I
45 CD I
from IN O
Friday NNP I
; : O
in IN O
fact NN I
, , O
its PRP$ I
true JJ I
price NN I
was VBD O
$ $ I
224.75 CD I
, , O
down RB O
$ $ I
55 NN I
. . O

That DT I
was VBD O
the DT I
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
's POS B
blooper NN I
. . O

A DT I
spokesman NN I
cited VBD O
a DT I
`` `` I
technical JJ I
error NN I
'' '' I
and CC O
declined VBD O
to TO O
elaborate VB O
. . O

And CC O
there EX I
were VBD O
other JJ I
blunders NNS I
. . O

When WRB O
the DT I
market NN I
opened VBD O
at IN O
9:30 CD I
a.m. NN I
EST NNP I
, , O
a DT I
reporter NN I
for IN O
the DT I
Reuters NNP I
newswire NN I
miscalculated VBD O
the DT I
industrial JJ I
average NN I
's POS B
drop NN I
as IN O
a DT I
4 CD I
% NN I
decline NN I
when WRB O
it PRP I
really RB O
was VBD O
down RB O
0.7 CD I
% NN I
. . O

`` `` O
It PRP I
was VBD O
a DT I
case NN I
of IN O
human JJ I
error NN I
, , O
which WDT I
we PRP B
found VBD O
almost RB O
immediately RB O
and CC O
corrected VBN O
, , O
'' '' O
a DT I
spokesman NN I
for IN O
Reuter NNP I
in IN O
New NNP I
York NNP I
said VBD O
. . O

Meanwhile RB O
, , O
some DT I
currency NN I
traders NNS I
at IN O
West JJ I
German JJ I
banks NNS I
in IN O
Frankfurt NNP I
said VBD O
they PRP I
sold VBD O
dollars NNS I
on IN O
the DT I
news NN I
and CC O
had VBD O
to TO O
buy VB O
them PRP I
back RB O
later RB O
at IN O
higher JJR I
prices NNS I
. . O

But CC O
it PRP I
was VBD O
the DT I
Quotron NNP I
problems NNS I
that WDT B
had VBD O
lingering VBG I
effects NNS I
. . O

Dillon NNP I
Read NNP I
's POS B
Ms. NNP I
Stark NNP I
said VBD O
in IN O
early JJ I
afternoon NN I
that IN O
she PRP I
was VBD O
still RB O
viewing VBG O
prices NNS I
and CC O
other JJ I
data NNS I
as IN O
subject NN O
to TO O
verification NN I
, , O
and CC O
she PRP I
said VBD O
portfolio NN I
managers NNS I
continued VBD O
to TO O
question VB O
the DT I
numbers NNS I
they PRP B
saw VBD O
on IN O
the DT I
screen NN I
. . O

It PRP I
was VBD O
the DT I
second JJ I
time NN I
in IN O
less JJR O
than IN O
a DT I
week NN I
that IN O
Quotron NNP I
has VBZ O
had VBN O
problems NNS I
calculating VBG O
the DT I
industrial JJ I
average NN I
. . O

At IN O
the DT I
start NN I
of IN O
trading NN I
last JJ B
Wednesday NNP I
, , O
the DT I
average NN I
appeared VBD O
to TO O
plunge VB O
more JJR I
than IN I
200 CD I
points NNS I
. . O

Actually RB O
, , O
it PRP I
was VBD O
down RB O
only RB I
a DT I
few JJ I
points NNS I
at IN O
the DT I
time NN I
. . O

Quotron NNP I
said VBD O
that DT I
snafu NN I
, , O
which WDT I
lasted VBD O
nine CD I
minutes NNS I
, , O
resulted VBD O
from IN O
a DT I
failure NN I
to TO O
adjust VB O
for IN O
a DT I
4-for-1 JJ I
stock NN I
split NN I
at IN O
Philip NNP I
Morris NNP I
Cos NNP I
. . O

A DT I
Quotron NNP I
spokeswoman NN I
said VBD O
recent JJ I
software NN I
changes NNS I
may MD O
have VB O
contributed VBN O
to TO O
yesterday NN I
's POS B
problems NNS I
. . O

She PRP I
said VBD O
Quotron NNP I
switched VBD O
to TO O
a DT I
backup NN I
system NN I
until IN O
the DT I
problems NNS I
were VBD O
corrected VBN O
. . O

`` `` O
Today NN I
of IN O
all DT I
days NNS I
, , O
'' '' O
she PRP I
lamented VBD O
. . O

`` `` O
The DT I
eyes NNS I
of IN O
the DT I
world NN I
were VBD O
watching VBG O
us PRP I
. . O

Steven NNP I
F. NNP I
Kaplan NNP I
was VBD O
named VBN O
a DT I
senior JJ I
vice NN I
president NN I
of IN O
this DT I
graphics NNS I
equipment NN I
company NN I
. . O

He PRP I
retains VBZ O
his PRP$ I
current JJ I
positions NNS I
as IN O
chief JJ I
strategic JJ I
officer NN I
of IN O
AM NNP I
International NNP I
and CC O
president NN I
of IN O
AM NNP I
Ventures NNP I
. . O

Houston JJ I
attorney NN I
Dale NNP I
Friend NNP I
, , O
representing VBG O
a DT I
plaintiff NN I
in IN O
a DT I
damage NN I
suit NN I
, , O
says VBZ O
he PRP I
has VBZ O
negotiated VBN O
a DT I
settlement NN I
that WDT B
will MD O
strike VB O
a DT I
blow NN I
for IN O
his PRP$ I
client NN I
. . O

Literally RB O
. . O

It PRP I
turns VBZ O
out IN O
Mr. NNP I
Friend NNP I
's POS B
client NN I
, , O
Machelle NNP I
Parks NNP I
of IN O
Cincinnati NNP I
, , O
did VBD O
n't RB O
like IN O
the DT I
way NN I
defense NN B
attorney NN I
Tom NNP I
Alexander NNP I
acted VBD O
during IN O
the DT I
legal JJ I
proceedings NNS I
. . O

So RB O
she PRP I
has VBZ O
agreed VBN O
to TO O
forgo VB O
monetary JJ I
damages NNS I
against IN O
Mr. NNP I
Alexander NNP I
's POS B
client NN I
in IN O
return NN I
for IN O
the DT I
right NN I
to TO O
punch VB O
the DT I
attorney NN I
. . O

Ms. NNP I
Parks NNP I
's POS B
mother NN I
also RB O
gets VBZ O
to TO O
cuff VB O
Mr. NNP I
Alexander NNP I
. . O

So RB O
does VBZ O
Mr. NNP I
Friend NNP I
and CC O
his PRP$ I
law NN I
partner NN I
, , O
Nick NNP I
Nichols NNP I
. . O

The DT I
bizarre JJ I
arrangement NN I
grows VBZ O
out IN O
of IN O
Mr. NNP I
Alexander NNP I
's POS B
representation NN I
of IN O
Derr NNP I
Construction NNP I
Co. NNP I
, , O
one CD I
of IN O
several JJ I
defendants NNS I
in IN O
a DT I
wrongful JJ I
death NN I
lawsuit NN I
brought VBN O
by IN O
Ms. NNP I
Parks NNP I
, , O
the DT I
widow NN I
of IN O
a DT I
construction NN I
worker NN I
killed VBN O
in IN O
January NNP I
1987 CD I
while IN O
working VBG O
on IN O
a DT I
new JJ I
Houston NNP I
convention NN I
center NN I
. . O

Last JJ I
month NN I
, , O
Mr. NNP I
Friend NNP I
says VBZ O
, , O
Mr. NNP I
Alexander NNP I
's POS B
associate NN I
agreed VBD O
that IN O
Derr NNP I
would MD O
pay VB O
$ $ I
50,000 CD I
as IN O
part NN I
of IN O
an DT I
overall JJ I
settlement NN I
. . O

But CC O
Mr. NNP I
Alexander NNP I
scuttled VBD O
the DT I
deal NN I
at IN O
the DT I
last JJ I
minute NN I
, , O
angering VBG O
the DT I
plaintiff NN I
's POS B
side NN I
. . O

`` `` O
I PRP I
never RB O
agreed VBD O
to TO O
it PRP I
, , O
'' '' O
Mr. NNP I
Alexander NNP I
says VBZ O
, , O
adding VBG O
that IN O
`` `` O
it PRP I
's VBZ O
not RB O
necessary JJ O
to TO O
pay VB O
these DT I
nuisance NN I
settlements NNS I
. . O
'' '' O

When WRB O
Ms. NNP I
Parks NNP I
and CC O
her PRP$ I
mother NN I
heard VBN O
about IN O
what WP I
had VBD O
happened VBN O
, , O
Mr. NNP I
Friend NNP I
says VBZ O
, , O
they PRP I
volunteered VBD O
that IN O
they PRP I
would MD O
like VB O
to TO O
give VB O
Mr. NNP I
Alexander NNP I
a DT B
good JJ I
walloping NN I
. . O

Mr. NNP I
Friend NNP I
says VBZ O
he PRP I
passed VBD O
that IN I
along IN O
to TO O
his PRP$ I
adversary NN I
, , O
and CC O
soon RB O
they PRP I
were VBD O
talking VBG O
about IN O
the DT I
ground NN I
rules NNS I
under IN O
which WDT I
Derr NNP B
could MD O
keep VB O
its PRP$ I
money NN I
and CC O
the DT I
plaintiffs NNS I
could MD O
take VB O
a DT I
shot NN I
at IN O
Mr. NNP I
Alexander NNP I
. . O

Although IN O
time NN I
and CC I
place NN I
have VBP O
yet RB O
to TO O
be VB O
determined VBN O
, , O
some DT I
details NNS I
are VBP O
in IN O
place NN I
. . O

Mr. NNP I
Friend NNP I
says VBZ O
he PRP I
agreed VBD O
to TO O
strike VB O
Mr. NNP I
Alexander NNP I
above IN O
the DT I
belt NN I
. . O

Ms. NNP I
Parks NNP I
and CC O
her PRP$ I
mother NN I
indicated VBD O
they PRP I
want VBP O
to TO O
`` `` O
catch VB O
him PRP I
unawares RB O
from IN O
behind IN I
, , O
'' '' O
he PRP I
says VBZ O
. . O

Mr. NNP I
Alexander NNP I
, , O
for IN O
his PRP$ I
part NN I
, , O
insisted VBD O
that IN O
the DT I
punchers NNS I
ca MD O
n't RB O
assign VB O
their PRP$ I
pummeling NN I
rights NNS I
to TO O
anyone NN I
else RB I
, , O
ca MD O
n't RB O
use VB O
a DT I
blunt JJ I
instrument NN I
and CC O
ca MD O
n't RB O
take VB O
a DT I
running VBG I
start NN I
. . O

Mr. NNP I
Alexander NNP I
says VBZ O
he PRP I
regards VBZ O
the DT I
agreement NN I
, , O
which WDT I
has VBZ O
n't RB O
been VBN O
submitted VBN O
to TO O
a DT I
judge NN I
, , O
as IN O
something NN I
of IN O
a DT I
joke NN I
. . O

However RB O
, , O
he PRP I
acknowledges VBZ O
they PRP I
`` `` O
have VBP O
the DT I
option NN I
of IN O
taking VBG O
a DT I
swat NN I
at IN O
me PRP I
if IN O
they PRP I
really RB O
want VBP O
to TO O
. . O
'' '' O

Mr. NNP I
Friend NNP I
says VBZ O
his PRP$ I
side NN I
is VBZ O
`` `` O
dead JJ O
serious JJ O
. . O
'' '' O

Although IN O
they PRP I
do VBP O
n't RB O
contemplate VB O
delivering VBG O
any DT I
disabling VBG I
blows NNS I
, , O
he PRP I
says VBZ O
that IN O
Mr. NNP I
Alexander NNP I
will MD O
be VB O
asked VBN O
to TO O
sign VB O
a DT I
release NN I
from IN O
liability NN I
, , O
just RB O
in IN O
case NN I
. . O

After IN O
two CD I
years NNS I
of IN O
drought NN I
, , O
it PRP I
rained VBD O
money NN I
in IN O
the DT I
stock-index NN I
futures NNS I
markets NNS I
yesterday NN B
. . O

As IN O
financial JJ I
markets NNS I
rebounded VBD O
, , O
trading NN I
volume NN I
in IN O
the DT I
Chicago NNP I
Mercantile NNP I
Exchange NNP I
's POS B
huge JJ I
Standard NNP I
& CC I
Poor NNP I
's POS I
500 CD I
stock-index NN I
futures NNS I
pit VBP I
soared VBD O
, , O
reaching VBG O
near-record JJ I
levels NNS I
for IN O
the DT I
first JJ I
time NN I
since IN O
October NNP I
1987 CD B
. . O

The DT I
sudden JJ I
influx NN I
of IN O
liquidity NN I
enabled VBD O
several JJ I
traders NNS I
to TO O
reap VB O
six-figure JJ I
windfalls NNS I
in IN O
a DT I
matter NN I
of IN O
minutes NNS I
as IN O
prices NNS I
soared VBD O
, , O
traders NNS I
said VBD O
. . O

`` `` O
Guys NNS I
were VBD O
minting VBG O
money NN I
in IN O
there EX I
today NN B
, , O
'' '' O
said VBD O
John NNP I
Legittino NNP I
, , O
a DT I
futures NNS I
broker NN I
for IN O
Elders NNP I
Futures NNP I
Inc. NNP I
in IN O
Chicago NNP I
. . O

The DT I
S&P NNP I
500 CD I
futures NNS I
contract VBP I
, , O
which WDT I
moves VBZ O
in IN O
fractions NNS I
of IN O
an DT I
index NN I
point NN I
under IN O
normal JJ I
conditions NNS I
, , O
jumped VBD O
two CD I
to TO I
three CD I
points NNS I
in IN O
seconds NNS I
early JJ B
yesterday NN I
after IN O
an DT I
initial JJ I
downturn NN I
, , O
then RB O
moved VBD O
strongly RB O
higher JJR O
the DT I
rest NN I
of IN O
the DT I
day NN I
. . O

Each DT I
index NN I
point NN I
represents VBZ O
a DT I
$ $ I
500 CD I
profit NN I
for IN O
each DT I
S&P NNP I
500 CD I
contract NN I
held VBN O
. . O

For IN O
the DT I
first JJ I
time NN I
since IN O
the DT I
1987 CD I
crash NN I
, , O
traders NNS I
said VBD O
that IN O
they PRP I
were VBD O
able JJ O
to TO O
trade VB O
several JJ I
hundred CD I
S&P NNP I
500 CD I
contracts NNS I
at IN O
a DT I
time NN I
in IN O
a DT I
highly RB I
liquid JJ I
market NN I
. . O

Many JJ I
institutions NNS I
and CC O
individual JJ I
investors NNS I
have VBP O
shied VBN O
away RB O
from IN O
stock-index NN I
futures NNS I
, , O
blaming VBG O
them PRP I
for IN O
speeding VBG O
the DT I
stock NN I
market NN I
crash NN I
on IN O
Black NNP I
Monday NNP I
two CD B
years NNS I
ago RB O
. . O

Since IN O
the DT I
crash NN I
, , O
many JJ I
futures NNS I
traders NNS I
have VBP O
n't RB O
assumed VBN O
large JJ I
positions NNS I
for IN O
fear NN I
that IN O
the DT I
S&P NNP I
500 CD I
market NN I
, , O
with IN O
much NN I
of IN O
its PRP$ I
customer NN I
order NN I
flow NN I
missing VBG O
, , O
would MD O
dry VB O
up IN O
if IN O
prices NNS I
turned VBD O
against IN O
them PRP I
. . O

More RBR I
than IN I
400 CD I
traders NNS I
jammed VBD O
the DT I
S&P NNP I
500 CD I
futures NNS I
pit VBP I
to TO O
await VB O
the DT I
opening NN I
bell NN I
. . O

Traders NNS I
were VBD O
shouting VBG O
bids NNS I
and CC I
offers VBZ I
a DT B
full JJ I
five CD I
minutes NNS I
before IN O
the DT I
start NN I
of IN O
trading NN I
at IN O
8:30 CD I
am VBP I

The DT I
contract NN I
fell VBD O
five CD I
points NNS I
at IN O
the DT I
open JJ I
to TO O
323.85 CD I
, , O
the DT I
maximum JJ I
opening NN I
move NN I
allowed VBN O
under IN O
safeguards NNS I
adopted VBN O
by IN O
the DT I
Merc NNP I
to TO O
stem VB O
a DT I
market NN I
slide NN I
. . O

But CC O
several JJ I
traders NNS I
quickly RB O
stepped VBD O
up IN O
and CC O
bid NN O
for IN O
contracts NNS I
, , O
driving VBG O
prices NNS I
sharply RB O
higher JJR O
. . O

The DT I
market NN I
hovered VBD O
near IN O
Friday NNP I
's POS B
closing VBG I
price NN I
of IN O
328.85 CD I
for IN O
about IN I
a DT I
half NN I
hour NN I
, , O
moving VBG O
several JJ I
index NN I
points NNS I
higher JJR O
or CC O
lower JJR O
in IN O
seconds NNS I
, , O
then RB O
broke VBD O
higher JJR O
and CC O
did VBD O
n't RB O
look VB O
back RB O
. . O

The DT I
S&P NNP I
500 CD I
contract NN I
that WDT B
expires VBZ O
in IN O
December NNP I
closed VBD O
up IN O
a DT I
record NN I
15.65 CD I
points NNS I
on IN O
volume NN I
of IN O
nearly RB I
80,000 CD I
contracts NNS I
. . O

`` `` O
Traders NNS I
five CD B
feet NNS I
from IN O
each DT I
other NN I
were VBD O
making VBG O
bids NNS I
and CC I
offers VBZ I
that WDT B
were VBD O
a DT I
full JJ I
point NN I
apart RB I
, , O
'' '' O
said VBD O
one CD I
S&P NNP I
500 CD I
broker NN I
. . O

`` `` O
You PRP I
could MD O
buy VB O
at IN O
the DT I
bid NN I
and CC O
sell VB O
at IN O
the DT I
offer NN I
and CC O
make VB O
a DT I
fortune NN I
, , O
'' '' O
he PRP I
marveled VBD O
. . O

Several JJ I
of IN O
Wall NNP I
Street NNP I
's POS B
largest JJS I
securities NNS I
firms NNS I
, , O
including VBG O
Salomon NNP I
Brothers NNP I
Inc. NNP I
and CC O
PaineWebber NNP I
Inc. NNP I
, , O
were VBD O
also RB O
large JJ I
buyers NNS I
, , O
traders NNS I
said VBD O
. . O

Salomon NNP I
Brothers NNPS I
was VBD O
among IN O
the DT I
largest JJS I
sellers NNS I
of IN O
stock-index NN I
futures NNS I
last JJ B
week NN I
, , O
traders NNS I
said VBD O
. . O

Brokerage NN I
firms NNS I
as IN O
a DT I
rule NN I
do VBP O
n't RB O
comment VB O
on IN O
their PRP$ I
market NN I
activity NN I
. . O

Unlike IN O
the DT I
week NN I
following VBG O
Black NNP I
Monday NNP I
two CD B
years NNS I
ago RB O
, , O
individual JJ I
traders NNS I
in IN O
the DT I
S&P NNP I
500 CD I
pit NN I
were VBD O
also RB O
being VBG O
uncharacteristically RB O
circumspect JJ O
about IN O
their PRP$ I
one-day JJ I
profits NNS I
. . O

`` `` O
With IN O
the DT I
FBI NNP I
around IN O
here RB O
, , O
bragging VBG I
rights NNS I
are VBP O
a DT I
thing NN I
of IN O
the DT I
past NN I
, , O
'' '' O
said VBD O
one CD I
trader NN I
, , O
referring VBG O
to TO O
the DT I
federal JJ I
investigation NN I
of IN O
futures NNS I
trading NN I
that IN B
so RB O
far RB O
has VBZ O
resulted VBN O
in IN O
46 CD I
indictments NNS I
lodged VBN O
against IN O
individuals NNS I
on IN O
the DT I
Merc NNP I
and CC O
the DT I
Chicago NNP I
Board NNP I
of IN O
Trade NNP I
. . O

The DT I
market NN I
for IN O
$ $ I
200 CD I
billion CD I
of IN O
high-yield JJ I
junk NN I
bonds NNS I
regained VBD O
some DT I
of IN O
its PRP$ I
footing NN I
as IN O
the DT I
Dow NNP I
Jones NNP I
Industrial NNP I
Average NNP I
rebounded VBD O
from IN O
Friday NNP I
's POS B
plunge NN I
. . O

But CC O
the DT I
junk NN I
recovery NN I
, , O
led VBN O
by IN O
the DT I
bellwether NN I
RJR NNP I
Holdings NNP I
bonds NNS I
, , O
was VBD O
precarious JJ O
. . O

No DT I
trading NN I
existed VBD O
for IN O
the DT I
vast JJ I
majority NN I
of IN O
junk NN I
bonds NNS I
, , O
securities NNS I
industry NN I
officials NNS I
said VBD O
. . O

On IN O
Friday NNP I
, , O
trading NN I
in IN O
practically RB I
every DT I
issue NN I
ground NN O
to TO O
a DT I
halt NN I
as IN O
potential JJ I
buyers NNS I
fled VBD O
and CC O
brokerage NN I
firms NNS I
were VBD O
unwilling JJ O
to TO O
provide VB O
bid NN I
and CC I
offer NN I
prices NNS I
for IN O
most RBS I
issues NNS I
. . O

`` `` O
Nothing NN I
traded VBN O
on IN O
Friday NNP I
, , O
and CC O
people NNS I
were VBD O
n't RB O
really RB O
sure JJ O
where WRB O
the DT I
market NN I
should MD O
have VB O
opened VBN O
'' '' O
yesterday NN I
, , O
said VBD O
Raymond NNP I
Minella NNP I
, , O
co-head NN I
of IN O
merchant NN I
banking NN I
at IN O
Merrill NNP I
Lynch NNP I
& CC I
Co NNP I
. . O

`` `` O
But CC O
we PRP I
had VBD O
a DT I
fairly RB I
active JJ I
day NN I
yesterday NN B
. . O
'' '' O

At IN O
Drexel NNP I
Burnham NNP I
Lambert NNP I
Inc. NNP I
, , O
the DT I
leading VBG I
underwriter NN I
of IN O
junk NN I
bonds NNS I
, , O
`` `` O
I PRP I
was VBD O
prepared VBN O
to TO O
be VB O
in IN O
a DT I
very RB I
bad JJ I
mood NN I
tonight RB B
, , O
'' '' O
said VBD O
David NNP I
Feinman NNP I
, , O
a DT I
junk NN I
bond NN I
trader NN I
. . O

`` `` O
Now RB O
, , O
I PRP I
feel VBP O
maybe RB O
there EX I
's VBZ O
a DT I
little JJ I
bit NN I
of IN O
euphoria NN I
. . O
'' '' O

But CC O
before IN O
the DT I
stock NN I
market NN I
rebounded VBD O
from IN O
a DT I
sharp JJ I
early JJ I
sell-off NN I
yesterday NN B
, , O
he PRP I
said VBD O
, , O
`` `` O
You PRP I
could MD O
n't RB O
buy VB O
-LCB- ( O
junk NN I
bonds NNS I
-RCB- ) O
and CC O
you PRP I
could MD O
n't RB O
give VB O
them PRP I
away RB O
. . O
'' '' O

Yesterday NN I
's POS B
rally NN I
was VBD O
led VBN O
by IN O
RJR NNP I
Holdings NNP I
13 CD I
3\/4 CD I
% NN I
bonds NNS I
, , O
which WDT I
initially RB O
tumbled VBD O
three CD I
points NNS I
, , O
or CC O
$ $ I
30 CD I
for IN O
each DT I
$ $ I
1,000 CD I
face NN I
amount NN I
, , O
to TO O
96 CD I
1\/4 CD I
before IN O
rebounding VBG O
to TO O
99 CD I
3\/4 CD I
. . O

Bonds NNS I
issued VBN O
by IN O
Kroger NNP I
, , O
Duracell NNP I
, , O
Safeway NNP I
and CC O
American NNP I
Standard NNP I
also RB O
showed VBD O
big JJ I
gains NNS I
, , O
recovering VBG O
almost RB I
all DT I
their PRP$ I
losses NNS I
from IN O
Friday NNP I
and CC O
early JJ I
yesterday NN I
. . O

But CC O
traders NNS I
said VBD O
the DT I
junk NN I
bond NN I
market NN I
increasingly RB O
is VBZ O
separating VBG O
into IN O
a DT I
top-tier JJ I
group NN I
, , O
in IN O
which WDT I
trades NNS B
can MD O
be VB O
executed VBN O
easily RB O
, , O
and CC O
a DT I
larger JJR I
group NN I
of IN O
lower-quality NN I
bonds NNS I
in IN O
which WDT I
liquidity NN B
-- : O
or CC O
the DT I
ability NN I
to TO O
trade VB O
without IN O
too RB I
much JJ I
difficulty NN I
-- : O
has VBZ O
steadily RB O
deteriorated VBN O
this DT I
year NN I
. . O

`` `` O
Liquidity NN I
has VBZ O
n't RB O
returned VBN O
to TO O
the DT I
vast JJ I
middle NN I
ground NN I
of IN O
the DT I
market NN I
, , O
'' '' O
said VBD O
Mr. NNP I
Minella NNP I
of IN O
Merrill NNP I
. . O

`` `` O
The DT I
deadbeats NNS I
are VBP O
still JJ O
deadbeats NNS I
, , O
'' '' O
said VBD O
Mr. NNP I
Feinman NNP I
of IN O
Drexel NNP I
. . O

Analysts NNS I
are VBP O
concerned VBN O
that IN O
much NN I
of IN O
the DT I
high-yield JJ I
market NN I
will MD O
remain VB O
treacherous JJ O
for IN O
investors NNS I
. . O

Paul NNP I
Asquith NNP I
, , O
associate JJ I
professor NN I
at IN O
the DT O
Massachusetts NNP O
Institute NNP O
of IN O
Technology NNP I
's POS I
Sloan NNP B
School NNP I
of IN O
Management NNP I
, , O
citing VBG O
a DT I
pattern NN I
of IN O
junk-bond NN I
default NN I
rates NNS I
that WDT B
are VBP O
low JJ O
in IN O
the DT I
early JJ I
years NNS I
after IN O
issuance NN I
and CC O
rise NN O
later RB O
, , O
says VBZ O
, , O
`` `` O
We PRP I
're VBP O
now RB O
in IN O
a DT I
period NN I
where WRB O
we PRP I
're VBP O
starting VBG O
to TO O
see VB O
defaults NNS I
from IN O
the DT I
big JJ I
issue NN I
years NNS I
of IN O
1984 CD I
to TO O
1986 CD I
. . O
'' '' O

Mark NNP I
Bachmann NNP I
, , O
a DT I
senior JJ I
vice NN I
president NN I
at IN O
Standard NNP I
& CC I
Poor NNP I
's POS B
Corp. NNP I
, , O
confirms VBZ O
that IN O
there EX I
is VBZ O
`` `` O
increasing VBG I
concern NN I
about IN O
the DT I
future NN I
liquidity NN I
of IN O
the DT I
junk NN I
bond NN I
market NN I
. . O
'' '' O

`` `` O
Junk NN I
bonds NNS I
are VBP O
a DT I
highly RB I
stratified JJ I
market NN I
, , O
'' '' O
said VBD O
Lewis NNP I
Glucksman NNP I
, , O
vice NN I
chairman NN I
of IN O
Smith NNP I
Barney NNP I
, , I
Harris NNP I
Upham NNP I
& CC I
Co NNP I
. . O

`` `` O
There EX I
's VBZ O
a DT I
whole JJ I
bunch NN I
of IN O
stuff NN I
that WDT B
's VBZ O
money NN I
good JJ O
and CC O
a DT I
whole JJ I
bunch NN I
of IN O
stuff NN I
that WDT B
's VBZ O
not RB O
so RB O
good JJ O
. . O
'' '' O

Analysts NNS I
at IN O
Standard NNP I
& CC I
Poor NNP I
's POS I
say VBP O
junk NN I
bond NN I
offerings NNS I
by IN O
`` `` I
tightly RB I
stretched VBD I
'' '' I
issuers NNS I
seem VBP O
to TO O
be VB O
growing VBG O
. . O

Almost RB I
$ $ I
8 CD I
billion CD I
of IN O
junk NN I
bonds NNS I
that WDT B
are VBP O
considered VBN O
untradeable JJ O
include VBP O
issues NNS I
from IN O
SCI NNP I
TV NN I
, , O
Gillette NNP I
Holdings NNP I
-LRB- ( O
not RB O
related VBN O
to TO O
Gillette NNP I
Co. NNP I
-RRB- ) O
, , O
Interco NNP I
, , O
Seaman NNP I
Furniture NNP I
, , O
Allied NNP I
Stores NNPS I
, , O
Federated NNP I
Department NNP I
Stores NNPS I
, , O
National NNP I
Gypsum NNP I
, , O
M.D.C. NNP I
Holdings NNP I
, , O
Micropolis NNP I
, , O
Leaseway NNP I
Transportation NNP I
and CC O
Price NNP I
Communications NNP I
. . O

`` `` O
You PRP I
could MD O
still RB O
have VB O
some DT I
very RB I
bad JJ I
times NNS I
ahead RB O
, , O
'' '' O
said VBD O
Mr. NNP I
Bachmann NNP I
. . O

`` `` O
It PRP I
's VBZ O
possible JJ O
to TO O
have VB O
a DT I
10 CD I
% NN I
default NN I
rate NN I
in IN O
one CD I
year NN I
, , O
because IN O
we PRP I
're VBP O
already RB O
seeing VBG O
big JJ I
problems NNS I
in IN O
the DT I
midst NN I
of IN O
a DT I
pretty RB I
strong JJ I
economy NN I
. . O

I PRP I
'm VBP O
certainly RB O
not RB O
comfortable JJ O
saying NN O
we PRP I
've VBP O
seen VBN O
the DT I
bottom NN I
. . O
'' '' O

But CC O
yesterday NN I
's POS B
rally NN I
among IN O
`` `` I
good JJ I
'' '' I
junk NN I
was VBD O
a DT I
badly RB I
needed VBN I
tonic NN I
for IN O
the DT I
market NN I
. . O

Many JJ I
issues NNS I
`` `` O
bounced VBD O
off IN O
the DT I
floor NN I
, , O
'' '' O
Mr. NNP I
Minella NNP I
said VBD O
, , O
and CC O
benchmark NN I
junk NN I
issues NNS I
`` `` O
recovered VBD O
all DT I
of IN O
their PRP$ I
losses NNS I
'' '' O
from IN O
Friday NNP I
and CC O
early JJ I
yesterday NN I
. . O

In IN O
contrast NN I
, , O
he PRP I
says VBZ O
, , O
`` `` O
The DT I
stock NN I
market NN I
gained VBD O
back RB O
only RB I
about IN I
half NN I
what WP B
it PRP B
lost VBD O
Friday NNP I
, , O
and CC O
the DT I
-LCB- ( I
government NN I
-RCB- ) I
bond NN I
market NN I
lost VBD O
about IN I
half NN I
what WP B
it PRP B
gained VBD O
Friday NNP I
. . O
'' '' O

Traders NNS I
said VBD O
yesterday NN I
's POS B
rally NN I
was VBD O
fueled VBN O
by IN O
insurance NN I
companies NNS I
looking VBG O
for IN O
bargains NNS I
after IN O
a DT I
drastic JJ I
slide NN I
in IN O
prices VBZ I
the DT B
past JJ I
month NN I
. . O

In IN O
addition NN I
, , O
mutual JJ I
funds NNS I
did VBD O
n't RB O
appear VB O
to TO O
be VB O
major JJ I
sellers NNS I
of IN O
high-yield JJ I
securities NNS I
as IN O
was VBD O
expected VBN O
. . O

`` `` O
Sometimes RB O
a DT I
shakeout NN I
is VBZ O
healthy JJ O
, , O
'' '' O
said VBD O
Drexel NNP I
's POS B
Mr. NNP I
Feinman NNP I
. . O

`` `` O
People NNS I
will MD O
learn VB O
to TO O
be VB O
more RBR O
circumspect JJ O
. . O

If IN O
they PRP I
do VBP O
good JJ I
credit NN I
analysis NN I
, , O
they PRP I
will MD O
avoid VB O
the DT I
hand NN I
grenades NNS I
. . O

I PRP I
think VBP O
the DT I
market NN I
is VBZ O
in IN O
good JJ I
shape NN I
. . O

Should MD O
you PRP I
really RB O
own JJ O
stocks NNS I
? . O

That DT I
's VBZ O
a DT I
question NN I
a DT B
lot NN I
of IN O
people NNS I
are VBP O
asking VBG O
, , O
following VBG O
the DT I
stock NN I
market NN I
's POS B
stunning JJ I
display NN I
of IN O
volatility NN I
. . O

Whipsawed JJ O
financially RB O
and CC O
emotionally RB O
by IN O
Friday NNP I
's POS B
heartstopping JJ I
190-point JJ I
drop NN I
in IN O
the DT I
Dow NNP I
Jones NNP I
Industrial NNP I
Average NNP I
and CC O
yesterday NN I
's POS B
88-point JJ I
rebound NN I
, , O
they PRP I
're VBP O
wondering VBG O
if IN O
an DT I
individual NN I
has VBZ O
any DT I
business NN I
being VBG O
in IN O
the DT I
market NN I
. . O

The DT I
answer NN I
, , O
say VBP O
academic JJ I
researchers NNS I
, , O
money NN I
managers NNS I
and CC O
investment NN I
specialists NNS I
, , O
is VBZ O
yes UH I
-- : O
as RB O
long RB O
as IN O
you PRP I
approach VBP O
the DT I
stock NN I
market NN I
as IN O
an DT I
investor NN I
. . O

But CC O
, , O
they PRP I
say VBP O
, , O
people NNS I
should MD O
n't RB O
try VB O
to TO O
be VB O
traders NNS I
, , O
who WP I
buy VBP O
and CC O
sell VB O
in IN O
an DT I
effort NN I
to TO O
ride VB O
the DT I
latest JJS I
economic JJ I
trend NN I
or CC O
catch VB O
the DT I
next JJ I
hot JJ I
stock NN I
. . O

The DT I
case NN I
for IN O
owning VBG O
stocks NNS I
over IN O
the DT I
long-term NN I
is VBZ O
compelling JJ O
. . O

`` `` O
If IN O
you PRP I
look VBP O
at IN O
75 CD I
years NNS I
worth VBP O
of IN O
investment NN I
history NN I
-- : O
including VBG O
the DT I
Great NNP I
Depression NNP I
and CC O
every DT I
bear NN I
market NN I
since IN O
-- : O
stocks NNS I
have VBP O
outperformed VBN O
almost JJ I
everything NN I
an DT B
individual NN I
could MD O
have VB O
owned VBN O
by IN O
a DT I
long JJ I
shot NN I
, , O
'' '' O
says VBZ O
Barry NNP I
Berlin NNP I
, , O
vice NN I
president NN I
at IN O
First NNP I
Wachovia NNP I
Capital NNP I
Management NNP I
. . O

A DT I
dollar NN I
invested VBN O
in IN O
the DT I
stock NN I
market NN I
in IN O
1926 CD I
would MD O
have VB O
grown VBN O
to TO O
$ $ I
473.29 CD I
by IN O
the DT I
end NN I
of IN O
last JJ I
June NNP I
, , O
according VBG O
to TO O
Laurence NNP I
Siegel NNP I
, , O
managing VBG I
director NN I
at IN O
Ibbotson NNP I
Associates NNP I
Inc NNP I
. . O

But CC O
a DT I
dollar NN I
invested VBN O
in IN O
long-term JJ I
bonds NNS I
in IN O
1926 CD I
would MD O
have VB O
grown VBN O
to TO O
only RB I
$ $ I
16.56 CD I
, , O
and CC O
a DT I
dollar NN I
put NN O
in IN O
Treasury NNP I
bills NNS I
would MD O
equal VB O
a DT I
meager JJ I
$ $ I
9.29 CD I
. . O

The DT O
longer RB O
the DT I
time NN I
period NN I
, , O
the DT O
less JJR O
risk NN I
there RB B
is NNS O
of IN O
losing VBG O
money NN I
in IN O
the DT I
stock NN I
market NN I
. . O

Over IN O
time NN I
, , O
the DT I
odds NNS I
increasingly RB O
favor VBP O
the DT I
investor NN I
with IN O
a DT I
diversified JJ I
portfolio NN I
. . O

For IN O
instance NN I
, , O
Ken NNP I
Gregory NNP I
, , O
a DT I
San NNP I
Francisco NNP I
money NN I
manager NN I
, , O
calculates VBZ O
that IN O
if IN O
an DT I
investor NN I
holds VBZ O
a DT I
basket NN I
of IN O
stocks NNS I
that WDT B
tracks VBZ O
the DT I
Standard NNP I
& CC I
Poor NNP I
's POS B
500-stock JJ I
index NN I
, , O
the DT I
chance NN I
of IN O
losing VBG O
money NN I
is VBZ O
3 CD I
% NN I
to TO I
4 CD I
% NN I
over IN O
a DT I
10-year JJ I
period NN I
, , O
compared VBN O
with IN O
15 CD I
% NN I
over IN O
three CD I
years NNS I
and CC O
30 CD I
% NN I
over IN O
one CD I
year NN I
. . O

`` `` O
If IN O
you PRP I
do VBP O
n't RB O
need VB O
the DT I
money NN I
for IN O
10 CD I
years NNS I
, , O
there EX I
's VBZ O
a DT I
clear-cut JJ I
case NN I
for IN O
sticking VBG O
to TO O
a DT I
steady JJ I
core NN I
of IN O
stocks NNS I
, , O
'' '' O
Mr. NNP I
Gregory NNP I
says VBZ O
. . O

Stock-market NN I
investments NNS I
also RB O
help VBP O
balance VB O
the DT I
other JJ I
assets NNS I
an DT B
individual NN I
owns VBZ O
, , O
says VBZ O
John NNP I
Blankenship NNP I
Jr. NNP I
, , O
president NN I
of IN O
the DT I
Institute NNP I
of IN O
Certified NNP I
Financial NNP I
Planners NNS I
. . O

Stocks NNS I
have VBP O
a DT I
place NN I
in IN O
an DT I
investors NNS I
' POS B
portfolio NN I
along IN O
with IN O
real JJ I
estate NN I
, , O
bonds NNS I
, , O
international JJ I
securities NNS I
and CC O
cash NN I
, , O
he PRP I
says VBZ O
. . O

There EX I
are VBP O
some DT I
important JJ I
caveats NNS I
: : O
Before IN O
investing VBG O
in IN O
stocks NNS I
, , O
individuals NNS I
should MD O
have VB O
at IN I
least JJS I
three CD I
to TO I
six CD I
months NNS I
of IN O
living VBG I
expenses NNS I
set VBN O
aside RB O
in IN O
the DT I
bank NN I
, , O
most RBS I
investment NN I
advisers NNS I
say VBP O
. . O

Individuals NNS I
also RB O
should MD O
focus VB O
on IN O
building NN O
equity NN I
in IN O
a DT I
home NN I
, , O
which WDT I
provides VBZ O
some DT I
protection NN I
against IN O
inflation NN I
, , O
as RB O
well RB O
as IN O
a DT I
nest-egg NN I
that WDT B
can MD O
be VB O
cashed VBN O
in IN O
late RB O
in IN O
life NN I
to TO O
help VB O
cover VB O
the DT I
cost NN I
of IN O
retirement NN I
living VBG I
. . O

People NNS I
also RB O
should MD O
n't RB O
invest VB O
money NN I
in IN O
stocks NNS I
that IN B
they PRP B
'll MD O
need VB O
in IN O
the DT I
near JJ I
future NN I
-- : O
for IN O
example NN I
, , O
for IN O
college NN I
tuition NN I
payments NNS I
or CC O
retirement NN I
expenses NNS I
. . O

`` `` O
You PRP I
may MD O
have VB O
to TO O
sell VB O
your PRP$ I
stocks NNS I
at IN O
a DT I
time NN I
when WRB O
the DT I
market NN I
takes VBZ O
a DT I
plunge NN I
, , O
'' '' O
says VBZ O
Mr. NNP I
Blankenship NNP I
, , O
a DT I
Del NNP I
Mar NNP I
, , I
Calif. NNP I
financial JJ I
planner NN I
. . O

But CC O
once RB O
the DT I
basics NNS I
are VBP O
covered VBN O
, , O
`` `` O
then RB O
I PRP I
would MD O
start VB O
to TO O
invest VB O
, , O
even RB O
if IN O
it PRP I
's VBZ O
as RB I
little JJ I
as IN O
$ $ I
1,000 CD I
, , O
'' '' O
says VBZ O
Michael NNP I
Lipper NNP I
, , O
president NN I
of IN O
Lipper NNP I
Analytical NNP I
Services NNP I
Inc NNP I
. . O

He PRP I
says VBZ O
individuals NNS I
should MD O
consider VB O
not RB O
just RB I
stocks VBZ I
, , O
but CC O
other JJ I
long-term JJ I
investments NNS I
, , O
such JJ O
as IN O
high-quality JJ I
bonds NNS I
. . O

Despite IN O
the DT I
strong JJ I
case NN I
for IN O
stocks NNS I
, , O
however RB O
, , O
most RBS I
pros NNS I
warn VBP O
that IN O
individuals NNS I
should MD O
n't RB O
try VB O
to TO O
profit VB O
from IN O
short-term JJ I
developments NNS I
. . O

`` `` O
It PRP I
's VBZ O
very RB O
difficult JJ O
to TO O
do VB O
, , O
'' '' O
says VBZ O
Donald NNP I
Holt NNP I
, , O
a DT I
market NN I
strategist NN I
for IN O
Wedbush NNP I
Morgan NNP I
Securities NNPS I
, , O
a DT I
Los NNP I
Angeles NNP I
brokerage NN I
firm NN I
. . O

`` `` O
Our PRP$ I
markets NNS I
move VBP O
so RB O
fast RB O
and CC O
they PRP I
are VBP O
so RB O
volatile JJ O
, , O
there EX I
's VBZ O
no DT I
way NN I
the DT B
average JJ I
investor NN I
can MD O
compete VB O
with IN O
the DT I
pros NNS I
. . O
'' '' O

Individual JJ I
investors NNS I
face VBP O
high JJ I
transaction NN I
costs NNS I
of IN O
moving VBG O
in IN O
and CC O
out IN O
of IN O
the DT I
market NN I
. . O

The DT I
cost NN I
of IN O
executing VBG O
stock NN I
orders NNS I
varies VBZ O
from IN O
brokerage NN I
to TO O
brokerage NN I
and CC O
with IN O
the DT I
size NN I
of IN O
the DT I
order NN I
, , O
but CC O
2 CD I
% NN I
of IN O
the DT I
order NN I
's POS B
value NN I
is VBZ O
an DT I
average NN I
, , O
says VBZ O
Stephen NNP I
Boesel NNP I
, , O
manager NN I
of IN O
T. NNP I
Rowe NNP I
Price NNP I
's POS B
Growth NN I
and CC I
Income NNP I
mutual JJ I
fund NN I
. . O

And CC O
assuming VBG O
their PRP$ I
first JJ I
investment NN I
is VBZ O
successful JJ O
, , O
investors NNS I
will MD O
have VB O
to TO O
pay VB O
taxes NNS I
on IN O
their PRP$ I
gains NNS I
. . O

That DT I
can MD O
reduce VB O
returns NNS I
by IN O
a DT I
third JJ I
or CC I
more JJR I
, , O
once RB O
local JJ I
taxes NNS I
are VBP O
included VBN O
, , O
Mr. NNP I
Lipper NNP I
says VBZ O
. . O

After IN O
that DT I
, , O
individual JJ I
traders NNS I
face VBP O
the DT I
risk NN I
that IN O
the DT I
new JJ I
investment NN I
they PRP B
choose VBP O
wo MD O
n't RB O
perform VB O
well RB O
-- : O
so RB O
their PRP$ I
trading NN I
costs NNS I
could MD O
be VB O
sustained VBN O
for IN O
nothing NN I
. . O

`` `` O
It PRP I
's VBZ O
very RB O
tough JJ O
for IN O
most RBS I
individuals NNS I
to TO O
out-trade VB O
the DT I
mutual JJ I
funds NNS I
or CC O
the DT I
market NN I
, , O
'' '' O
says VBZ O
Mr. NNP I
Lipper NNP I
. . O

`` `` O
You PRP I
should MD O
really RB O
think VB O
twice RB O
if IN O
you PRP I
think VBP O
you PRP I
can MD O
out-smart VB O
the DT I
system NN I
. . O
'' '' O

Then RB O
, , O
too RB O
, , O
many JJ I
individual JJ I
investors NNS I
lack VBP O
the DT I
sturdy JJ I
emotional JJ I
makeup NN I
professionals NNS B
say VBP O
is VBZ O
needed VBN O
to TO O
plunge VB O
in IN O
and CC O
out IN O
of IN O
the DT I
market NN I
. . O

So RB O
what WP I
's VBZ O
the DT I
best JJS I
way NN I
to TO O
buy VB O
stocks NNS I
? . O

`` `` O
Unless IN O
an DT I
individual NN I
has VBZ O
a DT I
minimum NN I
of IN O
between IN I
$ $ I
50,000 CD I
and CC I
$ $ I
100,000 CD I
to TO O
invest VB O
in IN O
stocks NNS I
, , O
he PRP I
's VBZ O
still RB O
better JJR O
off IN O
in IN O
mutual JJ I
funds NNS I
than IN O
in IN O
individual JJ I
stocks NNS I
, , O
in IN O
terms NNS I
of IN O
getting VBG O
enough JJ I
attention NN I
from IN O
a DT I
competent JJ I
broker NN I
, , O
'' '' O
says VBZ O
Mr. NNP I
Lipper NNP I
. . O

Still RB O
, , O
he PRP I
adds VBZ O
, , O
`` `` O
I PRP I
could MD O
see VB O
owning VBG O
both DT I
, , O
given VBN O
that IN O
individuals NNS I
often RB O
have VBP O
an DT I
advantage NN I
over IN O
big JJ I
investors NNS I
in IN O
spotting VBG O
special JJ I
situations NNS I
based VBN O
on IN O
their PRP$ I
own JJ I
insights NNS I
, , O
'' '' O
he PRP I
adds VBZ O
. . O

George NNP I
Douglas NNP I
, , O
first JJ I
vice NN I
president NN I
at IN O
Drexel NNP I
Burnham NNP I
Lambert NNP I
Inc. NNP I
, , O
says VBZ O
that IN O
individuals NNS I
have VBP O
a DT I
particular JJ I
edge NN I
now RB O
in IN O
`` `` O
small JJ I
to TO I
medium-size JJ I
niche NN I
companies NNS I
with IN O
exciting JJ I
earnings NNS I
prospects NNS I
'' '' O
-- : O
a DT I
traditional JJ I
stomping NN I
ground NN I
for IN O
small JJ I
investors NNS I
. . O

This DT I
growth NN I
sector NN I
, , O
which WDT I
usually RB O
carries VBZ O
a DT I
price\/earnings NNS I
multiple JJ I
about IN B
twice RB I
that IN I
of IN O
the DT I
Standard NNP I
& CC I
Poor NNP I
's POS B
500 CD I
, , O
happens VBZ O
to TO O
include VB O
some DT I
of IN O
the DT I
market NN I
's POS B
most RBS I
attractive JJ I
bargains NNS I
right RB O
now RB O
. . O

`` `` O
It PRP I
's VBZ O
now RB O
selling VBG O
at IN O
a DT I
multiple NN I
about IN O
even RB O
with IN O
the DT I
market NN I
, , O
'' '' O
says VBZ O
Mr. NNP I
Douglas NNP I
. . O

Moreover RB O
, , O
Mr. NNP I
Douglas NNP I
sees VBZ O
a DT I
revival NN I
of IN O
institutional JJ I
interest NN I
in IN O
smaller JJR I
growth NN I
stocks NNS I
that WDT B
could MD O
boost VB O
the DT I
performance NN I
of IN O
these DT I
stocks NNS I
in IN O
the DT I
medium NN I
term NN I
. . O

Many JJ I
big JJ I
Wall NNP I
Street NNP I
brokerage NN I
firms NNS I
who WP B
eliminated VBD O
their PRP$ I
research NN I
effort NN I
in IN O
stocks NNS I
of IN O
emerging VBG I
growth NN I
companies NNS I
a DT B
few JJ I
years NNS I
ago RB O
are VBP O
now RB O
resuming VBG O
coverage NN I
of IN O
this DT I
area NN I
, , O
he PRP I
notes VBZ O
. . O

`` `` O
We PRP I
're VBP O
seeing VBG O
a DT I
real JJ I
turnaround NN I
in IN O
interest NN I
in IN O
small JJ I
growth NN I
stocks NNS I
, , O
'' '' O
he PRP I
says VBZ O
. . O

The DT I
pros NNS I
strenuously RB O
advise VBP O
individuals NNS I
to TO O
stay VB O
away RB O
from IN O
the DT I
latest JJS I
investment NN I
fad NN I
. . O

They PRP I
say VBP O
that DT I
's VBZ O
especially RB O
important JJ O
this DT O
late RB O
in IN O
the DT I
growth NN I
phase NN I
of IN O
the DT I
economic JJ I
cycle NN I
, , O
when WRB O
there EX I
's VBZ O
no DT I
robust JJ I
bull NN I
market NN I
to TO O
bail VB O
investors NNS I
out IN O
of IN O
their PRP$ I
mistakes NNS I
. . O

Friday NNP I
's POS B
correction NN I
presents VBZ O
`` `` O
a DT I
pretty RB I
good JJ I
buying NN I
opportunity NN I
, , O
but CC O
let VB O
's POS I
not RB O
speculate VB O
at IN O
this DT I
point NN I
in IN O
the DT I
business NN I
cycle NN I
, , O
'' '' O
says VBZ O
Carmine NNP I
Grigoli NNP I
, , O
chief JJ I
equity NN I
portfolio NN I
strategist NN I
at IN O
First NNP I
Boston NNP I
Corp NNP I
. . O

`` `` O
Buy VB O
stocks NNS I
on IN O
weakness NN I
for IN O
their PRP$ I
long-term JJ I
fundamentals NNS I
, , O
'' '' O
he PRP I
says VBZ O
. . O

In IN O
the DT I
long JJ I
run NN I
, , O
investment NN I
advisers NNS I
say VBP O
, , O
most RBS I
investors NNS I
will MD O
be VB O
better JJR O
off IN O
using VBG O
the DT I
dollar-cost JJ I
averaging NN I
method NN I
of IN O
buying VBG O
stocks NNS I
. . O

In IN O
this DT I
method NN I
, , O
a DT I
person NN I
invests VBZ O
a DT I
regular JJ I
amount NN I
every DT B
month NN I
or CC I
quarter NN I
into IN O
the DT I
stock NN I
market NN I
whether IN O
the DT I
market NN I
is VBZ O
up IN O
or CC O
down RB O
. . O

That DT I
cuts VBZ O
the DT I
risk NN I
, , O
Mr. NNP I
Gregory NNP I
, , O
the DT I
San NNP I
Francisco NNP I
money NN I
manager NN I
, , O
points NNS O
out RB O
. . O

`` `` O
When WRB O
the DT I
market NN I
is VBZ O
low JJ O
, , O
you PRP I
are VBP O
buying VBG O
more JJR I
shares NNS I
, , O
and CC O
when WRB O
it PRP I
's VBZ O
high JJ O
, , O
you PRP I
're VBP O
buying VBG O
fewer JJR I
shares NNS I
, , O
'' '' O
he PRP I
says VBZ O
. . O

Otherwise RB O
, , O
if IN O
you PRP I
put VBP O
all DT I
your PRP$ I
money NN I
in IN O
at IN O
one CD I
time NN I
, , O
by IN O
sheer JJ I
bad JJ I
luck NN I
, , O
you PRP I
might MD O
pick VB O
a DT I
terrible JJ I
time NN I
, , O
and CC O
have VBP O
to TO O
wait VB O
three CD I
years NNS I
to TO O
get VB O
even RB O
, , O
Mr. NNP I
Gregory NNP I
says VBZ O
. . O

A DT I
disciplined VBN I
program NN I
will MD O
work VB O
the DT I
best JJS I
, , O
Mr. NNP I
Boesel NNP I
says VBZ O
. . O

`` `` O
One CD I
of IN O
the DT I
hardest JJS I
things NNS I
to TO O
do VB O
is VBZ O
to TO O
buy VB O
stocks NNS I
when WRB O
the DT I
market NN I
is VBZ O
down RB O
, , O
'' '' O
he PRP I
says VBZ O
. . O

`` `` O
But CC O
that DT I
's VBZ O
just RB O
the DT I
time NN I
when WRB O
you PRP I
should MD O
be VB O
buying VBG O
them PRP I
. . O
'' '' O

Compound JJ I
annual JJ I
returns NNS I
, , O
including VBG O
price NN I
changes NNS I
and CC O
income NN I
from IN O
interest NN I
and CC I
dividends NNS I

\* SYM O
Actual JJ I
performance NN I
, , O
not RB O
annualized VBN O

Source NN I
: : O
Ibbotson NNP I
Associates NNP I
Inc NNP I
. . I

The DT I
following VBG I
issues NNS I
were VBD O
recently RB O
filed VBN O
with IN O
the DT I
Securities NNP I
and CC I
Exchange NNP I
Commission NNP I
: : O
Gehl NNP I
Co. NNP I
, , O
initial JJ I
public JJ I
offering NN I
of IN O
two CD I
million CD I
shares NNS I
of IN O
common JJ I
stock NN I
, , O
of IN O
which WDT I
1,450,635 CD B
shares NNS I
are VBP O
being VBG O
offered VBN O
by IN O
the DT I
company NN I
and CC O
549,365 CD I
shares NNS I
by IN O
holders NNS I
, , O
via IN O
Blunt NNP I
, , I
Ellis NNP I
& CC I
Loewi NNP I
Inc. NNP I
and CC O
Robert NNP I
W. NNP I
Baird NNP I
& CC I
Co NNP I
. . O

Giant NNP I
Industries NNP I
Inc. NNP I
, , O
initial JJ I
public JJ I
offering NN I
of IN O
3,111,000 CD I
common JJ I
shares NNS I
, , O
of IN O
which WDT I
2,425,000 CD B
will MD O
be VB O
sold VBN O
by IN O
the DT I
company NN I
, , O
and CC O
the DT I
rest NN I
by IN O
holders NNS I
, , O
via IN O
Shearson NNP I
Lehman NNP I
Hutton NNP I
Inc. NNP I
and CC O
Hanifen NNP I
, , I
Imhoff NNP I
Inc NNP I
. . O

Inefficient-Market NNP I
Fund NNP I
Inc. NNP I
, , O
initial JJ I
offering NN I
of IN O
five CD I
million CD I
common JJ I
shares NNS I
, , O
via IN O
Smith NNP I
Barney NNP I
, , I
Harris NNP I
Upham NNP I
& CC I
Co NNP I
. . O

Jason NNP I
Overseas NNP I
Ltd. NNP I
, , O
initial JJ I
offering NN I
of IN O
four CD I
million CD I
common JJ I
shares NNS I
, , O
of IN O
which WDT I
3.2 CD B
million CD I
will MD O
be VB O
sold VBN O
in IN O
the DT I
U.S. NNP I
, , O
and CC O
the DT I
balance NN I
outside IN O
the DT I
U.S. NNP I
, , O
via IN O
Smith NNP I
Barney NNP I
, , I
Harris NNP I
Upham NNP I
& CC I
Co. NNP I
and CC O
Mabon NNP I
, , I
Nugent NNP I
& CC I
Co NNP I
. . O

Donald NNP I
Trump NNP I
, , O
who WP I
faced VBD O
rising VBG I
doubt NN I
about IN O
his PRP$ I
bid NN I
for IN O
American NNP I
Airlines NNPS I
parent NN I
AMR NNP I
Corp. NNP I
even RB O
before IN O
a DT I
United NNP I
Airlines NNPS I
buy-out NN I
came VBD O
apart RB O
Friday NNP I
, , O
withdrew VBD O
his PRP$ I
$ $ I
7.54 CD I
billion CD I
offer NN I
. . O

Separately RB O
, , O
bankers NNS I
representing VBG O
the DT I
group NN I
trying VBG O
to TO O
buy VB O
United NNP I
's POS B
parent NN I
UAL NNP I
Corp. NNP I
met VBD O
with IN O
other JJ I
banks NNS I
about IN O
reviving VBG O
that DT I
purchase NN I
at IN O
a DT I
lower JJR I
price NN I
, , O
possibly RB I
around IN I
$ $ I
250 CD I
a DT B
share NN I
, , O
or CC O
$ $ I
5.65 CD I
billion CD I
. . O

But CC O
a DT I
lower JJR I
bid NN I
could MD O
face VB O
rejection NN I
by IN O
the DT I
UAL NNP I
board NN I
. . O

Mr. NNP I
Trump NNP I
, , O
who WP I
vowed VBD O
Wednesday NNP I
to TO O
`` `` O
go VB O
forward RB O
'' '' O
with IN O
the DT I
bid NN I
, , O
said VBD O
he PRP I
was VBD O
dropping VBG O
it PRP I
`` `` O
in IN O
light NN I
of IN O
the DT I
recent JJ I
change NN I
in IN O
market NN I
conditions NNS I
. . O
'' '' O

He PRP I
said VBD O
he PRP I
might MD O
now RB O
sell VB O
his PRP$ I
AMR NNP I
stake NN I
, , O
buy VB O
more JJR I
shares NNS I
, , O
or CC O
make VB O
another DT I
offer NN I
at IN O
a DT I
lower JJR I
price NN I
. . O

The DT I
Manhattan NNP I
real-estate NN I
developer NN I
acted VBD O
after IN O
the DT I
UAL NNP I
buyers NNS I
failed VBD O
to TO O
obtain VB O
financing NN I
for IN O
their PRP$ I
earlier RBR I
$ $ I
300-a-share JJ I
bid NN I
, , O
which WDT I
sparked VBD O
a DT I
selling NN I
panic NN I
among IN O
that DT I
snowballed VBD O
into IN O
a DT I
190-point JJ I
drop NN I
Friday NNP B
in IN O
the DT I
Dow NNP I
Jones NNP I
Industrial NNP I
Average NNP I
. . O

News NNS I
about IN O
UAL NNP I
and CC I
AMR NNP I
, , O
whose WP$ I
shares NNS I
never RB O
reopened VBD O
after IN O
trading NN I
was VBD O
halted VBN O
Friday NNP I
for IN O
the DT I
UAL NNP I
announcement NN I
, , O
sent VBD O
both DT I
stocks NNS I
nosediving VBG O
in IN O
composite JJ I
trading NN I
on IN O
the DT I
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
. . O

UAL NNP I
tumbled VBD O
$ $ I
56.875 CD I
to TO O
$ $ I
222.875 CD I
on IN O
volume NN I
of IN O
2.3 CD I
million CD I
shares NNS I
, , O
and CC O
AMR NNP I
declined VBN O
by IN O
$ $ I
22.125 CD I
to TO O
$ $ I
76.50 CD I
as IN O
4.7 CD I
million CD I
shares NNS I
changed VBD O
hands NNS I
. . O

Together RB O
, , O
the DT I
two CD I
stocks NNS I
wreaked VBD O
havoc NN I
among IN O
takeover NN I
stock NN I
traders NNS I
, , O
and CC O
caused VBD O
a DT I
7.3 CD I
% NN I
drop NN I
in IN O
the DT I
Dow NNP I
Jones NNP I
Transportation NNP I
Average NNP I
, , O
second JJ O
in IN O
size NN I
only RB O
to TO O
the DT I
stock-market NN I
crash NN I
of IN O
Oct. NNP I
19 CD I
, , O
1987 CD I
. . O

Some DT I
said VBD O
Friday NNP I
's POS B
market NN I
debacle NN I
had VBD O
given VBN O
Mr. NNP I
Trump NNP I
an DT B
excuse NN I
to TO O
bail VB O
out IN O
of IN O
an DT I
offer NN I
that WDT B
showed VBD O
signs NNS I
of IN O
stalling VBG I
even RB O
before IN O
problems NNS I
emerged VBD O
with IN O
the DT I
UAL NNP I
deal NN I
. . O

After IN O
reaching VBG O
an DT I
intraday JJ I
high NN I
of IN O
$ $ I
107.50 CD I
the DT B
day NN I
Mr. NNP B
Trump NNP I
disclosed VBD O
his PRP$ I
bid NN I
Oct. NNP B
5 NN I
, , O
AMR NNP I
's POS B
stock NN I
had VBD O
retreated VBN O
as RB O
low JJ O
as IN O
$ $ I
97.75 CD I
last JJ B
week NN I
. . O

Some DT I
takeover NN I
stock NN I
traders NNS I
had VBD O
been VBN O
betting VBG O
against IN O
Mr. NNP I
Trump NNP I
because IN O
he PRP I
has VBZ O
a DT I
record NN I
of IN O
disclosing VBG O
stakes NNS I
in IN O
companies NNS I
that WDT B
are VBP O
potential JJ I
takeover NN I
targets NNS I
, , O
then RB O
selling VBG O
at IN O
a DT I
profit NN I
without IN O
making VBG O
a DT I
bid NN I
. . O

`` `` O
He PRP I
still RB O
has VBZ O
n't RB O
proven VBN O
his PRP$ I
mettle NN I
as IN O
a DT I
big-league JJ I
take-out NN I
artist NN I
, , O
'' '' O
said VBD O
airline NN I
analyst NN I
Kevin NNP I
Murphy NNP I
of IN O
Morgan NNP I
Stanley NNP I
& CC I
Co NNP I
. . O

`` `` O
He PRP I
's VBZ O
done VBN O
this DT I
thing NN I
where WRB O
he PRP I
'll MD O
buy VB O
a DT I
little JJ I
bit NN I
of IN O
a DT I
company NN I
and CC O
then JJ O
trade NN O
out IN O
of IN O
it PRP I
. . O

He PRP I
's VBZ O
written VBN O
this DT I
book NN I
, , O
` `` O
The DT I
Art NNP I
of IN O
the DT I
Deal NNP I
. . O
' '' O

Why WRB O
does VBZ O
n't RB O
he PRP I
just RB O
follow VBP O
through IN O
on IN O
one CD I
of IN O
these DT I
things NNS I
? . O
'' '' O

Mr. NNP I
Trump NNP I
withdrew VBD O
his PRP$ I
bid NN I
before IN O
the DT I
AMR NNP I
board NN I
, , O
which WDT I
is VBZ O
due JJ O
to TO O
meet VB O
tomorrow NN I
, , O
ever RB O
formally RB O
considered VBN O
it PRP I
. . O

AMR NNP I
had VBD O
weighed VBN O
a DT I
wide JJ I
range NN I
of IN O
possible JJ I
responses NNS I
, , O
from IN O
flat JJ I
rejection NN I
to TO O
recapitalizations NNS I
and CC O
leveraged JJ I
buy-outs NNS I
that WDT B
might MD O
have VB O
included VBN O
either DT O
employees NNS I
, , O
a DT I
friendlier JJR I
buyer NN I
such JJ O
as IN O
Texas NNP I
billionaire NN I
Robert NNP I
Bass NNP I
, , O
or CC O
both DT I
. . O

AMR NNP I
had VBD O
also RB O
sought VBN O
to TO O
foil VB O
Mr. NNP I
Trump NNP I
in IN O
Congress NNP I
by IN O
lobbying VBG O
for IN O
legislation NN I
that WDT B
would MD O
have VB O
bolstered VBN O
the DT I
authority NN I
of IN O
the DT I
Transportation NNP I
Department NNP I
to TO O
reject VB O
airline NN I
buy-outs NNS I
. . O

Yesterday NN I
, , O
Mr. NNP I
Trump NNP I
tried VBD O
to TO O
put VB O
the DT I
blame NN I
for IN O
the DT I
collapse NN I
of IN O
the DT I
UAL NNP I
deal NN I
on IN O
Congress NNP I
, , O
saying VBG O
it PRP I
was VBD O
rushing VBG O
through IN O
a DT I
bill NN I
to TO O
protect VB O
AMR NNP I
executives NNS I
. . O

`` `` O
I PRP I
believe VBP O
that IN O
the DT I
perception NN I
that DT O
legislation NN I
in IN O
this DT I
area NN I
may MD O
be VB O
hastily RB O
approved VBN O
contributed VBN O
to TO O
the DT I
collapse NN I
of IN O
the DT I
UAL NNP I
transaction NN I
, , O
and CC O
the DT I
resulting VBG I
disruption NN I
in IN O
the DT I
financial JJ I
markets NNS I
experienced VBD O
this DT I
past JJ I
Friday NNP I
, , O
'' '' O
Mr. NNP I
Trump NNP I
wrote VBD O
members NNS I
of IN O
Congress NNP I
. . O

AMR NNP I
declined VBD O
to TO O
comment VB O
, , O
and CC O
Mr. NNP I
Trump NNP I
did VBD O
n't RB O
respond VB O
to TO O
requests NNS I
for IN O
interviews NNS I
. . O

Mr. NNP I
Trump NNP I
never RB O
said VBD O
how WRB I
much JJ I
AMR NNP I
stock NN I
he PRP B
had VBD O
bought VBN O
, , O
only RB O
that IN O
his PRP$ I
holdings NNS I
were VBD O
`` `` O
substantial JJ O
. . O
'' '' O

However RB O
, , O
he PRP I
only RB O
received VBD O
federal JJ I
clearance NN I
to TO O
buy VB O
more JJR I
than IN I
$ $ I
15 CD I
million CD I
of IN O
the DT I
stock NN I
on IN O
Sept. NNP I
20 CD I
, , O
when WRB O
the DT I
price NN I
rose VBD O
$ $ I
2 CD I
a DT B
share NN I
to TO O
$ $ I
78.50 CD I
. . O

Between IN O
then RB O
and CC O
his PRP$ I
bid NN I
on IN O
Oct. NNP I
5 NN I
, , O
the DT I
price NN I
fluctuated VBD O
between IN O
$ $ I
75.625 CD I
and CC O
$ $ I
87.375 CD I
. . O

In IN O
an DT I
attempt NN I
to TO O
persuade VB O
investors NNS I
that IN O
his PRP$ I
bid NN I
was VBD O
n't RB O
just RB I
`` `` I
a DT I
stock NN I
play NN I
, , O
'' '' O
Mr. NNP I
Trump NNP I
promised VBD O
last JJ I
week NN I
to TO O
notify VB O
the DT I
market NN I
before IN O
selling VBG O
any DT I
shares NNS I
. . O

AMR NNP I
was VBD O
trading VBG O
at IN O
around IN I
$ $ I
84 CD I
yesterday NN B
before IN O
his PRP$ I
withdrawal NN I
announcement NN I
, , O
then RB O
immediately RB O
fell VBD O
to TO O
about RB I
$ $ I
76 CD I
. . O

Assuming VBG O
that IN O
he PRP I
paid VBD O
a DT I
rough JJ I
average JJ I
price NN I
of IN O
$ $ I
80 CD I
a DT B
share NN I
, , O
and CC O
assuming VBG O
he PRP I
did VBD O
n't RB O
sell VB O
before IN O
his PRP$ I
announcement NN I
reached VBD O
the DT I
market NN I
, , O
Mr. NNP I
Trump NNP I
could MD O
be VB O
sitting VBG O
with IN O
a DT I
modest JJ I
loss NN I
with IN O
the DT I
stock NN I
at IN O
$ $ I
76.50 CD I
. . O

Some DT I
analysts NNS I
said VBD O
AMR NNP I
Chairman NNP I
Robert NNP I
Crandall NNP I
might MD O
seize VB O
the DT I
opportunity NN I
presented VBN O
by IN O
the DT I
stock NN I
price NN I
drop NN I
to TO O
protect VB O
the DT I
nation NN I
's POS B
largest JJS I
airline NN I
with IN O
a DT I
defensive JJ I
transaction NN I
, , O
such JJ O
as IN O
the DT I
sale NN I
of IN O
stock NN I
to TO O
a DT I
friendly JJ I
holder NN I
or CC O
company NN I
employees NNS I
. . O

However RB O
, , O
other JJ I
knowledgeable JJ I
observers NNS I
said VBD O
they PRP I
believed VBD O
Mr. NNP I
Crandall NNP I
and CC O
the DT I
AMR NNP I
board NN I
might MD O
well RB O
decide VB O
to TO O
tough VB O
it PRP I
out IN O
without IN O
taking VBG O
any DT I
extra JJ I
steps NNS I
. . O

Some DT I
analysts NNS I
said VBD O
they PRP I
believed VBD O
Mr. NNP I
Trump NNP I
, , O
whose WP$ I
towering JJ I
ego NN I
had VBD O
been VBN O
viewed VBN O
by IN O
some DT I
as IN O
a DT I
reason NN I
to TO O
believe VB O
he PRP I
would MD O
n't RB O
back RB O
out IN O
, , O
might MD O
come VB O
back RB O
with IN O
a DT I
lower JJR I
bid NN I
. . O

Ray NNP I
Neidl NNP I
of IN O
Dillon NNP I
Read NNP I
& CC I
Co. NNP I
said VBD O
Mr. NNP I
Trump NNP I
`` `` O
is VBZ O
stepping VBG O
back RB O
and CC O
waiting VBG O
for IN O
the DT I
dust NN I
to TO O
settle VB O
. . O

I PRP I
'm VBP O
sure JJ O
he PRP I
still RB O
wants VBZ O
AMR NNP I
. . O
'' '' O

But CC O
others NNS I
remained VBD O
skeptical JJ O
. . O

`` `` O
I PRP I
was VBD O
never RB O
sure JJ O
Donald NNP I
Trump NNP I
really RB O
wanted VBD O
to TO O
take VB O
AMR NNP I
, , O
'' '' O
said VBD O
John NNP I
Mattis NNP I
, , O
a DT I
bond NN I
analyst NN I
with IN O
Shearson NNP I
Lehman NNP I
Hutton NNP I
Inc NNP I
. . O

`` `` O
What WP I
happened VBD O
with IN O
United NNP I
was VBD O
a DT I
gracious JJ I
way NN I
for IN O
him PRP I
to TO O
bow VB O
out IN O
. . O
'' '' O

Mr. NNP I
Trump NNP I
never RB O
obtained VBD O
financing NN I
for IN O
his PRP$ I
bid NN I
. . O

That DT I
skepticism NN I
would MD O
leave VB O
him PRP I
with IN O
an DT I
even RB I
greater JJR I
credibility NN I
problem NN I
should MD O
he PRP I
return VB O
that WDT I
would MD O
handicap VB O
him PRP I
in IN O
any DT I
effort NN I
to TO O
oust VB O
the DT I
board NN I
in IN O
a DT I
proxy NN I
fight NN I
. . O

Meanwhile RB O
, , O
Citicorp NNP I
and CC O
Chase NNP I
Manhattan NNP I
Corp. NNP I
, , O
the DT I
two CD I
lead NN I
lenders NNS I
on IN O
the DT I
UAL NNP I
buy-out NN I
, , O
met VBD O
with IN O
other JJ I
banks NNS I
yesterday NN B
to TO O
determine VB O
if IN O
they PRP I
would MD O
be VB O
willing JJ O
to TO O
finance VB O
the DT I
buy-out NN I
at IN O
a DT I
lower JJR I
price NN I
. . O

Officials NNS I
familiar JJ O
with IN O
the DT I
talks NNS I
said VBD O
Citicorp NNP I
had VBD O
discussed VBN O
lowering VBG O
the DT I
offer NN I
to TO O
$ $ I
250 CD I
a DT B
share NN I
, , O
but CC O
said VBD O
that DT I
price NN I
was VBD O
a DT I
talking VBG I
point NN I
and CC O
that IN O
no DT I
decision NN I
has VBZ O
been VBN O
made VBN O
. . O

At IN O
$ $ I
250 CD I
a DT B
share NN I
, , O
the DT I
group NN I
would MD O
have VB O
to TO O
borrow VB O
about RB I
$ $ I
6.1 CD I
billion CD I
from IN O
banks NNS I
. . O

The DT I
first JJ I
UAL NNP I
deal NN I
unraveled VBN O
after IN O
Citibank NNP I
and CC I
Chase NNP I
could MD O
n't RB O
raise VB O
$ $ I
7.2 CD I
billion CD I
. . O

Citibank NNP I
and CC I
Chase NNP I
had VBD O
agreed VBN O
to TO O
commit VB O
$ $ I
3 CD I
billion CD I
, , O
and CC O
said VBD O
they PRP I
were VBD O
`` `` O
highly RB O
confident JJ O
'' '' O
of IN O
raising VBG O
another DT I
$ $ I
4.2 CD I
billion CD I
. . O

Together RB O
, , O
Citicorp NNP I
and CC I
Chase NNP I
received VBD O
$ $ I
8 CD I
million CD I
in IN O
fees NNS I
to TO O
raise VB O
the DT I
rest NN I
of IN O
the DT I
financing NN I
. . O

But CC O
other JJ I
banks NNS I
balked VBD O
at IN O
the DT I
low JJ I
interest NN I
rate NN I
and CC I
banking NN I
fees NNS I
the DT B
UAL NNP I
group NN I
was VBD O
willing JJ O
to TO O
pay VB O
them PRP I
. . O

Officials NNS I
familiar JJ O
with IN O
the DT I
bank NN I
talks NNS I
said VBD O
the DT I
UAL NNP I
buy-out NN I
group NN I
-- : O
UAL NNP I
pilots NNS I
, , I
management NN B
, , O
and CC O
British JJ I
Airways NNP I
PLC NNP I
-- : O
is VBZ O
now RB O
willing JJ O
to TO O
pay VB O
higher JJR I
bank NN I
fees NNS I
and CC I
interest NN I
, , O
but CC O
is VBZ O
n't RB O
likely JJ O
to TO O
boost VB O
its PRP$ I
$ $ I
965 CD I
million CD I
equity NN I
contribution NN I
. . O

Nor CC O
is VBZ O
the DT I
group NN I
likely JJ O
to TO O
come VB O
forward RB O
with IN O
a DT I
revised VBN I
offer NN I
within IN O
the DT I
next JJ I
48 CD I
hours NNS I
despite IN O
the DT I
hopes NNS I
of IN O
many JJ I
traders NNS I
. . O

The DT I
group NN I
's POS B
advisers NNS I
want VBP O
to TO O
make VB O
certain JJ O
they PRP I
have VBP O
firm NN I
bank NN I
commitments NNS I
the DT B
second JJ I
time NN I
around RB I
. . O

Even RB O
if IN O
the DT I
buy-out NN I
group NN I
is VBZ O
able JJ O
to TO O
obtain VB O
financing NN I
, , O
the DT I
transaction NN I
still RB O
faces VBZ O
obstacles NNS I
. . O

UAL NNP I
's POS B
board NN I
could MD O
reject VB O
the DT I
new JJ I
price NN I
as IN O
too RB O
low JJ O
, , O
especially RB O
since IN O
there EX I
are VBP O
n't RB O
any DT I
competing VBG I
bids NNS I
. . O

Los NNP I
Angeles NNP I
investor NN I
Marvin NNP I
Davis NNP I
, , O
whose WP$ I
$ $ I
275-a-share JJ I
offer NN I
was VBD O
rejected VBN O
by IN O
UAL NNP I
's POS B
board NN I
, , O
has VBZ O
n't RB O
shown VBN O
signs NNS I
of IN O
pursuing VBG O
a DT I
$ $ I
300-a-share JJ I
back-up NN I
bid NN I
he PRP B
made VBD O
last JJ I
month NN I
. . O

In IN O
addition NN I
, , O
the DT I
coalition NN I
of IN O
labor NN I
and CC I
management NN I
, , O
longtime JJ I
enemies NNS I
who WP B
joined VBD O
forces NNS I
only RB O
under IN O
the DT I
threat NN I
of IN O
Mr. NNP I
Davis NNP I
's POS B
bid NN I
, , O
could MD O
break VB O
apart RB O
now RB O
. . O

The DT I
group NN I
's POS B
resilience NN I
gets VBZ O
its PRP$ I
first JJ I
test NN I
today NN B
when WRB O
30 CD I
top JJ I
pilot NN I
union NN I
leaders NNS I
convene VBP O
outside IN O
Chicago NNP I
in IN O
a DT I
previously RB I
scheduled VBN I
meeting NN I
. . O

Union NNP I
Chairman NNP I
F.C NNP I
. . I
-LRB- ( I
Rick NNP I
-RRB- ) I
Dubinsky NNP I
faces VBZ O
the DT I
tough JJ I
task NN I
of IN O
explaining VBG O
why WRB O
banks NNS I
refused VBD O
to TO O
finance VB O
a DT I
buy-out NN I
the DT B
members NNS I
approved VBD O
overwhelmingly RB O
last JJ I
week NN I
. . O

The DT I
pilot NN I
union NN I
is VBZ O
vowing VBG O
to TO O
pursue VB O
an DT I
acquisition NN I
whatever WDT B
the DT B
board NN I
decides VBZ O
. . O

But CC O
if IN O
the DT I
board NN I
rejects VBZ O
a DT I
reduced VBN I
bid NN I
and CC O
decides VBZ O
to TO O
explore VB O
other JJ I
alternatives NNS I
, , O
it PRP I
could MD O
transform VB O
what WP I
has VBZ O
been VBN O
a DT I
harmonious JJ I
process NN I
into IN O
an DT I
adversarial JJ I
one CD I
. . O

The DT I
pilots NNS I
could MD O
play VB O
hardball NN I
by IN O
noting VBG O
they PRP I
are VBP O
crucial JJ O
to TO O
any DT I
sale NN I
or CC I
restructuring NN I
because IN O
they PRP I
can MD O
refuse VB O
to TO O
fly VB O
the DT I
airplanes NNS I
. . O

If IN O
they PRP I
were VBD O
to TO O
insist VB O
on IN O
a DT I
low JJ I
bid NN I
of IN O
, , O
say VBP O
$ $ I
200 CD I
a DT B
share NN I
, , O
the DT I
board NN I
might MD O
n't RB O
be VB O
able JJ O
to TO O
obtain VB O
a DT I
higher JJR I
offer NN I
from IN O
other JJ I
bidders NNS I
because IN O
banks NNS I
might MD O
hesitate VB O
to TO O
finance VB O
a DT I
transaction NN I
the DT B
pilots NNS I
oppose VBP O
. . O

Also RB O
, , O
because IN O
UAL NNP I
Chairman NNP I
Stephen NNP I
Wolf NNP I
and CC O
other JJ I
UAL NNP I
executives NNS I
have VBP O
joined VBN O
the DT I
pilots NNS I
' POS B
bid NN I
, , O
the DT I
board NN I
might MD O
be VB O
forced VBN O
to TO O
exclude VB O
him PRP I
from IN O
its PRP$ I
deliberations NNS I
in IN O
order NN O
to TO O
be VB O
fair JJ O
to TO O
other JJ I
bidders NNS I
. . O

That DT I
could MD O
cost VB O
him PRP I
the DT B
chance NN I
to TO O
influence VB O
the DT I
outcome NN I
and CC O
perhaps RB O
join VB O
the DT I
winning VBG I
bidder NN I
. . O