-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

Rockwell NNP I
International NNP I
Corp. NNP I
's POS B
Tulsa NNP I
unit NN I
said VBD O
it PRP I
signed VBD O
a DT I
tentative JJ I
agreement NN I
extending VBG O
its PRP$ I
contract NN I
with IN O
Boeing NNP I
Co. NNP I
to TO O
provide VB O
structural JJ I
parts NNS I
for IN O
Boeing NNP I
's POS B
747 CD I
jetliners NNS I
. . O

Rockwell NNP I
said VBD O
the DT I
agreement NN I
calls VBZ O
for IN O
it PRP I
to TO O
supply VB O
200 CD I
additional JJ I
so-called JJ I
shipsets NNS I
for IN O
the DT I
planes NNS I
. . O

These DT I
include VBP O
, , O
among IN O
other JJ I
parts NNS I
, , O
each DT I
jetliner NN I
's POS B
two CD I
major JJ I
bulkheads NNS I
, , O
a DT I
pressure NN I
floor NN I
, , O
torque NN I
box NN I
, , O
fixed VBN I
leading VBG I
edges NNS I
for IN O
the DT I
wings NNS I
and CC O
an DT I
aft JJ I
keel NN I
beam NN I
. . O

Under IN O
the DT I
existing VBG I
contract NN I
, , O
Rockwell NNP I
said VBD O
, , O
it PRP I
has VBZ O
already RB O
delivered VBN O
793 CD I
of IN O
the DT I
shipsets NNS I
to TO O
Boeing NNP I
. . O

Rockwell NNP I
, , O
based VBN O
in IN O
El NNP I
Segundo NNP I
, , O
Calif. NNP I
, , O
is VBZ O
an DT I
aerospace NN I
, , I
electronics NNS I
, , I
automotive JJ I
and CC I
graphics NNS I
concern VBP I
. . O

Frank NNP I
Carlucci NNP I
III NNP I
was VBD O
named VBN O
to TO O
this DT I
telecommunications NNS I
company NN I
's POS B
board NN I
, , O
filling VBG O
the DT I
vacancy NN I
created VBN O
by IN O
the DT I
death NN I
of IN O
William NNP I
Sobey NNP I
last JJ B
May NNP I
. . O

Mr. NNP I
Carlucci NNP I
, , O
59 CD I
years NNS I
old JJ O
, , O
served VBN O
as IN O
defense NN I
secretary NN I
in IN O
the DT I
Reagan NNP I
administration NN I
. . O

In IN O
January NNP I
, , O
he PRP I
accepted VBD O
the DT I
position NN I
of IN O
vice NN I
chairman NN I
of IN O
Carlyle NNP I
Group NNP I
, , O
a DT I
merchant NN I
banking NN I
concern NN I
. . O

SHEARSON NNP I
LEHMAN NNP I
HUTTON NNP I
Inc NNP I
. . I

Thomas NNP I
E. NNP I
Meador NNP I
, , O
42 CD I
years NNS I
old JJ O
, , O
was VBD O
named VBN O
president NN I
and CC O
chief JJ I
operating VBG I
officer NN I
of IN O
Balcor NNP I
Co. NNP I
, , O
a DT I
Skokie NNP I
, , I
Ill. NNP I
, , I
subsidiary NN I
of IN O
this DT I
New NNP I
York NNP I
investment NN I
banking NN I
firm NN I
. . O

Balcor NNP I
, , O
which WDT I
has VBZ O
interests NNS I
in IN O
real JJ I
estate NN I
, , O
said VBD O
the DT I
position NN I
is VBZ O
newly RB O
created VBN O
. . O

Mr. NNP I
Meador NNP I
had VBD O
been VBN O
executive JJ I
vice NN I
president NN I
of IN O
Balcor NNP I
. . O

In IN O
addition NN I
to TO O
his PRP$ I
previous JJ I
real-estate NN I
investment NN I
and CC I
asset-management NN I
duties NNS I
, , O
Mr. NNP I
Meador NNP I
takes VBZ O
responsibility NN I
for IN O
development NN I
and CC O
property NN I
management NN I
. . O

Those DT I
duties NNS I
had VBD O
been VBN O
held VBN O
by IN O
Van NNP I
Pell NNP I
, , O
44 CD I
, , O
who WP I
resigned VBD O
as IN O
an DT I
executive JJ I
vice NN I
president NN I
. . O

Shearson NNP I
is VBZ O
about IN O
60%-held JJ O
by IN O
American NNP I
Express NNP I
Co NNP I
. . O

Great NNP I
American NNP I
Bank NNP I
, , O
citing VBG O
depressed JJ I
Arizona NNP I
real JJ I
estate NN I
prices NNS I
, , O
posted VBD O
a DT I
third-quarter JJ I
loss NN I
of IN O
$ $ I
59.4 CD I
million CD I
, , O
or CC O
$ $ I
2.48 CD I
a DT B
share NN I
. . O

A DT I
year NN I
earlier RBR O
, , O
the DT I
savings NNS I
bank VBP I
had VBD O
earnings NNS I
of IN O
$ $ I
8.1 CD I
million CD I
, , O
or CC O
33 CD I
cents NNS I
a DT B
share NN I
. . O

For IN O
the DT I
nine CD I
months NNS I
, , O
it PRP I
had VBD O
a DT I
loss NN I
of IN O
$ $ I
58.3 CD I
million CD I
, , O
or CC O
$ $ I
2.44 CD I
a DT B
share NN I
, , O
after IN O
earnings NNS I
of IN O
$ $ I
29.5 CD I
million CD I
, , O
or CC O
$ $ I
1.20 CD I
a DT B
share NN I
, , O
in IN O
the DT I
1988 CD I
period NN I
. . O

Great NNP I
American NNP I
said VBD O
it PRP I
increased VBD O
its PRP$ I
loan-loss NN I
reserves NNS I
by IN O
$ $ I
93 CD I
million CD I
after IN O
reviewing VBG O
its PRP$ I
loan NN I
portfolio NN I
, , O
raising VBG O
its PRP$ I
total JJ I
loan NN I
and CC I
real JJ I
estate NN I
reserves NNS I
to TO O
$ $ I
217 CD I
million CD I
. . O

Before IN O
the DT I
loan-loss NN I
addition NN I
, , O
it PRP I
said VBD O
, , O
it PRP I
had VBD O
operating VBG I
profit NN I
of IN O
$ $ I
10 CD I
million CD I
for IN O
the DT I
quarter NN I
. . O

The DT I
move NN I
followed VBD O
a DT I
round NN I
of IN O
similar JJ I
increases NNS I
by IN O
other JJ I
lenders NNS I
against IN O
Arizona NNP I
real JJ I
estate NN I
loans NNS I
, , O
reflecting VBG O
a DT I
continuing VBG I
decline NN I
in IN O
that DT I
market NN I
. . O

In IN O
addition NN I
to TO O
the DT I
increased VBN I
reserve NN I
, , O
the DT I
savings NNS I
bank VBP I
took VBD O
a DT I
special JJ I
charge NN I
of IN O
$ $ I
5 NN I
million CD I
representing VBG O
general JJ I
and CC I
administrative JJ I
expenses NNS I
from IN O
staff NN I
reductions NNS I
and CC O
other JJ I
matters NNS I
, , O
and CC O
it PRP I
posted VBD O
a DT I
$ $ I
7.6 CD I
million CD I
reduction NN I
in IN O
expected VBN I
mortgage NN I
servicing NN I
fees NNS I
, , O
reflecting VBG O
the DT I
fact NN I
that IN O
more JJR I
borrowers NNS I
are VBP O
prepaying VBG O
their PRP$ I
mortgages NNS I
. . O

Arbitragers NNS I
were VBD O
n't RB O
the DT I
only RB I
big JJ I
losers NNS I
in IN O
the DT I
collapse NN I
of IN O
UAL NNP I
Corp. NNP I
stock NN I
. . O

Look VB O
at IN O
what WP I
happened VBD O
to TO O
UAL NNP I
's POS B
chairman NN I
, , O
Stephen NNP I
M. NNP I
Wolf NNP I
, , O
and CC O
its PRP$ I
chief JJ I
financial JJ I
officer NN I
, , O
John NNP I
C. NNP I
Pope NNP I
. . O

On IN O
a DT I
day NN I
some DT B
United NNP I
Airlines NNPS I
employees NNS I
wanted VBD O
Mr. NNP I
Wolf NNP I
fired VBD O
and CC O
takeover NN I
stock NN I
speculators NNS I
wanted VBD O
his PRP$ I
scalp NN I
, , O
Messrs. NNP I
Wolf NNP I
and CC I
Pope NNP I
saw VBD O
their PRP$ I
prospective JJ I
personal JJ I
fortunes NNS I
continue VBP O
to TO O
plummet VB O
as IN O
shares NNS I
of IN O
UAL NNP I
, , O
United NNP I
's POS B
parent NN I
company NN I
, , O
dived VBD O
$ $ I
24.875 CD I
on IN O
the DT I
Big NNP I
Board NNP I
to TO O
close VB O
at IN O
$ $ I
198 CD I
. . O

Including VBG O
Monday NNP I
's POS B
plunge NN I
, , O
that WDT I
has VBZ O
given VBN O
the DT I
two CD I
executives NNS I
paper NN B
losses NNS I
of IN O
$ $ I
49.5 CD I
million CD I
, , O
based VBN O
on IN O
what WP I
they PRP B
would MD O
have VB O
realized VBN O
had VBN O
the DT I
pilots NNS I
and CC I
management-led JJ I
buy-out NN I
of IN O
UAL NNP I
gone VBN O
through IN O
at IN O
$ $ I
300 CD I
a DT B
share NN I
. . O

When WRB O
bank NN I
financing NN I
for IN O
the DT I
buy-out NN I
collapsed VBD O
last JJ I
week NN I
, , O
so RB O
did VBD O
UAL NNP I
's POS B
stock NN I
. . O

Even RB O
if IN O
the DT I
banks NNS I
resurrect VBP O
a DT I
financing NN I
package NN I
at IN O
$ $ I
250 CD I
a DT B
share NN I
, , O
the DT I
two CD I
executives NNS I
would MD O
still RB O
get VB O
about RB I
$ $ I
25 CD I
million CD I
less JJR O
than IN O
they PRP I
stood VBD O
to TO O
gain VB O
in IN O
the DT I
initial JJ I
transaction NN I
. . O

Mr. NNP I
Wolf NNP I
owns VBZ O
75,000 CD I
UAL NNP I
shares NNS I
and CC O
has VBZ O
options NNS I
to TO O
buy VB O
another DT I
250,000 CD I
at IN O
$ $ I
83.3125 CD I
each DT B
. . O

In IN O
the DT I
$ $ I
300-a-share JJ I
buyout NN I
, , O
that WDT I
totaled VBD O
about RB I
$ $ I
76.7 CD I
million CD I
. . O

By IN O
yesterday NN I
's POS B
close NN I
of IN O
trading NN I
, , O
it PRP I
was VBD O
good JJ O
for IN O
a DT I
paltry JJ I
$ $ I
43.5 CD I
million CD I
. . O

Of IN O
course NN I
, , O
Mr. NNP I
Wolf NNP I
, , O
48 CD I
years NNS I
old JJ O
, , O
has VBZ O
some DT I
savings NNS I
. . O

He PRP I
left VBD O
his PRP$ I
last JJ I
two CD I
jobs NNS I
at IN O
Republic NNP I
Airlines NNPS I
and CC O
Flying NNP I
Tiger NNP I
with IN O
combined VBN I
stock-option NN I
gains NNS I
of IN O
about RB I
$ $ I
22 CD I
million CD I
, , O
and CC O
UAL NNP I
gave VBD O
him PRP I
a DT B
$ $ I
15 CD I
million CD I
bonus NN I
when WRB O
it PRP I
hired VBD O
him PRP I
. . O

His PRP$ I
1988 CD I
salary NN I
was VBD O
$ $ I
575,000 CD I
, , O
with IN O
a DT I
$ $ I
575,000 CD I
bonus NN I
. . O

The DT I
40-year JJ I
old JJ I
Mr. NNP I
Pope NNP I
has VBZ O
n't RB O
changed VBN O
jobs NNS I
enough RB O
-- : O
at IN I
least JJS I
the DT I
right NN I
ones NNS I
-- : O
to TO O
stash VB O
away RB O
that DT I
kind NN I
of IN O
money NN I
. . O

United NNP I
paid VBD O
him PRP I
a DT B
$ $ I
375,000 CD I
bonus NN I
to TO O
lure VB O
him PRP I
away RB O
from IN O
American NNP I
Airlines NNPS I
, , O
and CC O
he PRP I
was VBD O
paid VBN O
a DT I
salary NN I
of IN O
$ $ I
342,122 CD I
last JJ B
year NN I
with IN O
a DT I
$ $ I
280,000 CD I
bonus NN I
. . O

Mr. NNP I
Pope NNP I
owns VBZ O
10,000 CD I
UAL NNP I
shares NNS I
and CC O
has VBZ O
options NNS I
to TO O
buy VB O
another DT I
150,000 CD I
at IN O
$ $ I
69 CD I
each DT B
. . O

That DT I
came VBD O
to TO O
a DT I
combined VBN I
$ $ I
37.7 CD I
million CD I
under IN O
the DT I
$ $ I
300-a-share JJ I
buy-out NN I
, , O
but CC O
just RB I
$ $ I
21.3 CD I
million CD I
at IN O
yesterday NN I
's POS B
close NN I
. . O

Of IN O
the DT I
combined VBN I
$ $ I
114.4 CD I
million CD I
the DT B
two CD I
men NNS I
were VBD O
scheduled VBN O
to TO O
reap VB O
under IN O
the DT I
buy-out NN I
, , O
they PRP I
agreed VBD O
to TO O
invest VB O
in IN O
the DT I
buy-out NN I
just RB B
$ $ I
15 CD I
million CD I
, , O
angering VBG O
many NN I
of IN O
the DT I
thousands NNS I
of IN O
workers NNS I
asked VBD O
to TO O
make VB O
pay NN I
concessions NNS I
so RB O
the DT I
buy-out NN I
would MD O
be VB O
a DT I
success NN I
. . O

United NNP I
's POS B
directors NNS I
voted VBD O
themselves PRP I
, , O
and CC O
their PRP$ I
spouses NNS I
, , O
lifetime NN I
access NN I
to TO O
the DT I
Friendly NNP I
Skies NNPS I
-- : O
free JJ I
first-class JJ I
travel NN I
, , O
and CC O
$ $ I
20,000 CD I
a DT B
year NN I
for IN O
life NN I
as IN O
well RB O
. . O

Conceivably RB O
, , O
in IN O
a DT I
scaled-back JJ I
buy-out NN I
, , O
they PRP I
could MD O
be VB O
bumped VBN O
back RB O
to TO O
coach NN I
seats NNS I
for IN O
life NN I
. . O

Thomas NNP I
H. NNP I
Johnson NNP I
, , O
president NN I
of IN O
the DT I
Coatedboard NNP I
division NN I
of IN O
Mead NNP I
Corp. NNP I
, , O
was VBD O
named VBN O
president NN I
of IN O
Manville NNP I
Forest NNP I
Products NNP I
Corp. NNP I
, , O
a DT I
Manville NNP I
unit NN I
, , O
and CC O
senior JJ I
vice NN I
president NN I
of IN O
Manville NNP I
Corp NNP I
. . O

Mr. NNP I
Johnson NNP I
succeeds VBZ O
Harry NNP I
W. NNP I
Sherman NNP I
, , O
who WP I
resigned VBD O
to TO O
pursue VB O
other JJ I
interests NNS I
, , O
in IN O
both DT I
positions NNS I
. . O

Manville NNP I
is VBZ O
a DT I
building NN I
and CC I
forest NN I
products NNS I
concern VBP I
. . O

US PRP I
Facilities NNP I
Corp. NNP I
said VBD O
Robert NNP I
J. NNP I
Percival NNP I
agreed VBD O
to TO O
step VB O
down RB O
as IN O
vice NN I
chairman NN I
of IN O
the DT I
insurance NN I
holding VBG I
company NN I
. . O

`` `` O
There EX I
was VBD O
a DT I
difference NN I
of IN O
opinion NN I
as IN O
to TO O
the DT I
future NN I
direction NN I
of IN O
the DT I
company NN I
, , O
'' '' O
a DT I
spokeswoman NN I
said VBD O
. . O

Mr. NNP I
Percival NNP I
declined VBD O
to TO O
comment VB O
. . O

In IN O
a DT I
statement NN I
, , O
US PRP I
Facilities NNPS I
said VBD O
Mr. NNP I
Percival NNP I
's POS B
employment NN I
contract NN I
calls VBZ O
for IN O
him PRP I
to TO O
act VB O
as IN O
a DT I
consultant NN I
to TO O
the DT I
company NN I
for IN O
two CD I
years NNS I
. . O

He PRP I
will MD O
also RB O
remain VB O
a DT I
director NN I
, , O
US PRP I
Facilities NNPS I
said VBD O
, , O
but CC O
wo MD O
n't RB O
serve VB O
on IN O
any DT I
board NN I
committees NNS I
. . O

Mr. NNP I
Percival NNP I
will MD O
be VB O
succeeded VBN O
on IN O
an DT I
interim JJ I
basis NN I
by IN O
George NNP I
Kadonada NNP I
, , O
US PRP I
Facilities NNPS I
chairman NN I
and CC I
president NN I
. . O

In IN O
the DT I
same JJ I
statement NN I
, , O
US PRP I
Facilities NNPS I
also RB O
said VBD O
it PRP I
had VBD O
bought VBN O
back RB O
112,000 CD I
of IN O
its PRP$ I
common JJ I
shares NNS I
in IN O
a DT I
private JJ I
transaction NN I
. . O

Terms NNS I
were VBD O
n't RB O
disclosed VBN O
. . O

The DT I
buy-back NN I
represents VBZ O
about IN I
3 CD I
% NN I
of IN O
the DT I
company NN I
's POS B
shares NNS I
, , O
based VBN O
on IN O
the DT I
3.7 CD I
million CD I
shares NNS I
outstanding JJ O
as IN O
of IN O
Sept. NNP I
30 CD I
. . O

In IN O
national JJ I
over-the-counter JJ I
trading NN I
yesterday NN B
, , O
US PRP I
Facilities NNPS I
closed VBD O
at IN O
$ $ I
3.625 CD I
, , O
unchanged JJ O
. . O

Three CD I
leading VBG I
drug NN I
companies NNS I
reported VBD O
robust JJ I
third-quarter JJ I
earnings NNS I
, , O
bolstered VBN O
by IN O
strong JJ I
sales NNS I
of IN O
newer JJR I
, , I
big-selling JJ I
prescriptions NNS I
drugs NNS I
that WDT B
provide VBP O
hefty JJ I
profit NN I
margins NNS I
. . O

Merck NNP I
& CC I
Co. NNP I
reported VBD O
a DT I
25 CD I
% NN I
increase NN I
in IN O
earnings NNS I
; : O
Warner-Lambert NNP I
Co. NNP I
's POS B
profit NN I
rose VBD O
22 CD I
% NN I
and CC O
Eli NNP I
Lilly NNP I
& CC I
Co. NNP I
's POS B
net JJ I
income NN I
rose VBD O
24 CD I
% NN I
. . O

The DT I
results NNS I
were VBD O
in IN O
line NN I
with IN O
analysts NNS I
' POS B
expectations NNS I
. . O

Merck NNP I
& CC I
Co NNP I
. . I

Merck NNP I
, , O
Rahway NNP I
, , O
N.J. NNP I
, , O
continued VBD O
to TO O
lead VB O
the DT I
industry NN I
with IN O
a DT I
strong JJ I
sales NNS I
performance NN I
in IN O
the DT I
human NN I
and CC I
animal NN I
health-products NNS I
segment VBP I
. . O

A DT I
stronger JJR I
U.S. NNP I
dollar NN I
reduced VBD O
third-quarter JJ I
and CC I
first-nine-month JJ I
sales NNS I
growth NN I
2 CD B
% NN I
and CC I
3 CD I
% NN I
, , O
respectively RB O
. . O

International JJ I
sales NNS I
accounted VBD O
for IN O
47 CD I
% NN I
of IN O
total JJ I
company NN I
sales NNS I
for IN O
the DT I
nine CD I
months NNS I
, , O
compared VBN O
with IN O
50 CD I
% NN I
a DT B
year NN I
earlier RBR O
. . O

Sales NNS I
for IN O
the DT I
quarter NN I
rose VBD O
to TO O
$ $ I
1.63 CD I
billion CD I
from IN O
$ $ I
1.47 CD I
billion CD I
. . O

Mevacor NNP I
, , O
Merck NNP I
's POS B
new JJ I
cholesterol-lowering JJ I
drug NN I
, , O
had VBD O
higher JJR I
sales NNS I
than IN O
any DT I
other JJ I
prescription NN I
medicine NN I
has VBZ O
ever RB O
achieved VBN O
in IN O
the DT I
U.S. NNP I
in IN O
the DT I
year NN I
following VBG O
introduction NN I
, , O
the DT I
company NN I
said VBD O
. . O

The DT I
drug NN I
was VBD O
introduced VBN O
in IN O
West NNP I
Germany NNP I
this DT B
year NN I
. . O

Intense JJ I
competition NN I
, , O
however RB O
, , O
led VBN O
to TO O
unit NN I
sales NNS I
declines NNS I
for IN O
a DT I
group NN I
of IN O
Merck NNP I
's POS B
established VBN I
human NN I
and CC I
animal-health NN I
products NNS I
, , O
including VBG O
Aldomet NNP I
and CC I
Indocin NNP I
. . O

In IN O
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
composite JJ I
trading NN I
yesterday NN B
, , O
Merck NNP I
shares NNS I
closed VBD O
at IN O
$ $ I
75.25 CD I
, , O
up IN O
50 CD I
cents NNS I
. . O

Warner-Lambert NNP I
Co NNP I
. . I

Warner-Lambert NNP I
, , O
Morris NNP I
Plains NNP I
, , O
N.J. NNP I
, , O
reported VBD O
sales NNS I
that WDT B
were VBD O
a DT I
record NN I
for IN O
any DT I
quarter NN I
and CC O
the DT I
eighth JJ I
quarter NN I
in IN O
a DT I
row NN I
of IN O
20 CD I
% NN I
or CC I
more RBR I
per-share JJ I
earnings NNS I
growth NN I
. . O

Spurred VBN O
by IN O
growth NN I
in IN O
world-wide JJ I
sales NNS I
of IN O
the DT I
company NN I
's POS B
prescription NN I
drugs NNS I
, , O
Warner-Lambert NNP I
said VBD O
1989 CD I
will MD O
be VB O
the DT I
best JJS I
year NN I
in IN O
its PRP$ I
history NN I
, , O
with IN O
per-share JJ I
earnings NNS I
expected VBN O
to TO O
increase VB O
more JJR I
than IN I
20 CD I
% NN I
to TO O
about RB I
$ $ I
6.10 CD I
. . O

Sales NNS I
for IN O
the DT I
quarter NN I
rose VBD O
to TO O
$ $ I
1.11 CD I
billion CD I
from IN O
$ $ I
1.03 CD I
billion CD I
. . O

Prescription-drug NN I
world-wide JJ I
sales NNS I
rose VBD O
9 CD I
% NN I
in IN O
the DT I
quarter NN I
to TO O
$ $ I
340 CD I
million CD I
; : O
U.S. NNP I
sales NNS I
rose VBD O
15 CD I
% NN I
. . O

The DT I
segment NN I
's POS B
growth NN I
was VBD O
led VBN O
by IN O
sales NNS I
of IN O
the DT I
cardiovascular JJ I
drugs NNS I
Lopid NNP B
, , O
a DT I
lipid NN I
regulator NN I
, , O
and CC O
Dilzem NNP I
, , O
a DT I
calcium NN I
channel NN I
blocker NN I
. . O

World-wide JJ I
sales NNS I
of IN O
Warner-Lambert NNP I
's POS B
non-prescription JJ I
health-care NN I
products NNS I
, , O
such JJ O
as IN O
Halls NNP I
cough NN I
tablets NNS I
, , O
Rolaids NNP I
antacid NN I
, , O
and CC O
Lubriderm NNP I
skin NN I
lotion NN I
, , O
increased VBN O
3 CD I
% NN I
to TO O
$ $ I
362 CD I
million CD I
in IN O
the DT I
third JJ I
quarter NN I
; : O
U.S. NNP I
sales NNS I
rose VBD O
5 NN I
% NN I
. . O

Confectionery JJ I
products NNS I
sales NNS I
also RB O
had VBD O
strong JJ I
growth NN I
in IN O
the DT I
quarter NN I
. . O

World-wide JJ I
sales NNS I
of IN O
Trident NNP I
gum NN I
, , O
Certs NNP I
breath NN I
mints NNS I
, , O
and CC O
Clorets NNP I
gum NN I
and CC I
breath NN I
mints NNS I
, , O
increased VBN O
12 CD I
% NN I
to TO O
$ $ I
277 CD I
million CD I
. . O

Warner-Lambert NNP I
shares NNS I
closed VBD O
at IN O
$ $ I
109.50 CD I
a DT B
share NN I
, , O
up IN O
$ $ I
1.50 CD I
, , O
in IN O
Big NNP I
Board NNP I
composite JJ I
trading NN I
yesterday NN B
. . O

Eli NNP I
Lilly NNP I
& CC I
Co NNP I
. . I

Lilly NNP I
attributed VBD O
record NN I
third-quarter JJ I
and CC I
nine-month JJ I
results NNS I
to TO O
world-wide JJ I
gains NNS I
for IN O
pharmaceuticals NNS I
, , O
medical JJ I
instruments NNS I
and CC O
plant-science NN I
products NNS I
despite IN O
poor JJ I
exchange NN I
rates NNS I
for IN O
the DT I
dollar NN I
that WDT B
slowed VBD O
sales NNS I
abroad RB O
. . O

Earnings NNS I
continued VBD O
to TO O
pace VB O
sales NNS I
because IN O
of IN O
a DT I
lower JJR I
tax NN I
rate NN I
, , O
profit NN I
from IN O
the DT I
renegotiation NN I
of IN O
the DT I
debt NN I
instrument NN I
received VBD O
from IN O
Faberge NNP I
Inc. NNP I
in IN O
connection NN I
with IN O
Lilly NNP I
's POS B
sale NN I
of IN O
Elizabeth NNP I
Arden NNP I
Inc. NNP I
in IN O
1987 CD I
, , O
and CC O
net JJ I
proceeds NNS I
from IN O
the DT I
settlement NN I
of IN O
patent NN I
litigation NN I
at IN O
Lilly NNP I
's POS B
Hybritech NNP I
Inc. NNP I
unit NN I
. . O

Third-quarter JJ I
sales NNS I
of IN O
the DT I
Indianapolis NNP I
, , I
Ind. NNP I
, , I
company NN I
rose VBD O
11 CD I
% NN I
to TO O
$ $ I
1.045 CD I
billion CD I
from IN O
$ $ I
940.6 CD I
million CD I
. . O

Nine-month JJ I
sales NNS I
grew VBD O
12 CD I
% NN I
to TO O
$ $ I
3.39 CD I
billion CD I
from IN O
$ $ I
3.03 CD I
billion CD I
a DT B
year NN I
earlier RBR O
. . O

Sales NNS I
of IN O
Prozac NNP I
, , O
an DT I
anti-depressant NN I
, , O
led VBN O
drug-sales NNS I
increases NNS I
. . O

Higher JJR I
sales NNS I
of IN O
pesticides NNS I
and CC O
other JJ I
plant-science NN I
products NNS I
more JJR O
than IN O
offset VB O
a DT I
slight JJ I
decline NN I
in IN O
the DT I
sales NNS I
of IN O
animal-health NN I
products NNS I
to TO O
fuel VB O
the DT I
increase NN I
in IN O
world-wide JJ I
agricultural JJ I
product NN I
sales NNS I
, , O
Lilly NNP I
said VBD O
. . O

Advanced NNP I
Cardiovascular NNP I
Systems NNP I
Inc. NNP I
and CC O
Cardiac NNP I
Pacemakers NNPS I
Inc. NNP I
units NNS I
led VBD O
growth NN I
in IN O
the DT I
medical-instrument JJ I
systems NNS I
division NN I
. . O

Lilly NNP I
shares NNS I
closed VBD O
yesterday NN I
in IN O
composite JJ I
trading NN I
on IN O
the DT I
Big NNP I
Board NNP I
at IN O
$ $ I
62.25 CD I
, , O
down RB O
12.5 CD I
cents NNS I
. . O

Reuben NNP I
Mark NNP I
, , O
chairman NN I
of IN O
Colgate-Palmolive NNP I
Co. NNP I
, , O
said VBD O
he PRP I
is VBZ O
`` `` O
comfortable JJ O
'' '' O
with IN 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
between IN I
95 CD I
cents NNS I
and CC I
$ $ I
1.05 CD I
a DT B
share NN I
. . O

That DT I
compares VBZ O
with IN O
per-share JJ I
earnings NNS I
from IN O
continuing VBG I
operations NNS I
of IN O
69 CD I
cents NNS I
the DT B
year NN I
earlier RBR O
; : O
including VBG O
discontinued VBN I
operations NNS I
, , O
per-share NN I
was VBD O
88 CD I
cents NNS I
a DT B
year NN I
ago RB O
. . O

The DT I
per-share JJ I
estimates NNS I
mean VBP O
the DT I
consumer-products NNS I
company NN I
's POS B
net JJ I
income NN I
, , O
increased VBN O
to TO O
between IN I
$ $ I
69.5 CD I
million CD I
and CC I
$ $ I
76 CD I
million CD I
, , O
from IN O
$ $ I
47.1 CD I
million CD I
the DT B
year-before JJ I
period NN I
. . O

Analysts NNS I
estimate VBP O
Colgate NNP I
's POS B
world-wide JJ I
third-quarter JJ I
sales NNS I
rose VBD O
about IN I
8 CD I
% NN I
to TO O
$ $ I
1.29 CD I
billion CD I
. . O

Mr. NNP I
Mark NNP I
attributed VBD O
the DT I
earnings NNS I
growth NN I
to TO O
strong JJ I
sales NNS I
in IN O
Latin NNP I
America NNP I
, , O
Asia NNP I
and CC O
Europe NNP I
. . O

Results NNS I
were VBD O
also RB O
bolstered VBN O
by IN O
`` `` I
a DT I
very RB I
meaningful JJ I
'' '' I
increase NN I
in IN O
operating VBG I
profit NN I
by IN O
Colgate NNP I
's POS B
U.S. NNP I
business NN I
, , O
Mr. NNP I
Mark NNP I
said VBD O
. . O

Operating NN I
profit NN I
at IN O
Colgate NNP I
's POS B
U.S. NNP I
household NN I
products NNS I
and CC I
personal-care JJ I
businesses NNS I
jumped VBD O
25 CD I
% NN I
in IN O
the DT I
quarter NN I
, , O
Mr. NNP I
Mark NNP I
added VBD O
. . O

He PRP I
said VBD O
the DT I
improvement NN I
was VBD O
a DT I
result NN I
of IN O
cost NN I
savings NNS I
achieved VBN O
by IN O
consolidating VBG O
manufacturing NN O
operations NNS I
, , O
blending VBG O
two CD I
sales NNS I
organizations NNS I
and CC O
focusing VBG O
more RBR O
carefully RB O
the DT I
company NN I
's POS B
promotional JJ I
activities NNS I
. . O

The DT I
estimated VBN I
improvement NN I
in IN O
Colgate NNP I
's POS B
U.S. NNP I
operations NNS I
took VBD O
some DT I
analysts NNS I
by IN O
surprise NN I
. . O

Colgate NNP I
's POS B
household NN I
products NNS I
business NN I
, , O
which WDT I
includes VBZ O
such JJ I
brands NNS I
as IN O
Fab NNP I
laundry NN I
detergent NN I
and CC O
Ajax NNP I
cleanser NN I
, , O
has VBZ O
been VBN O
a DT I
weak JJ I
performer NN I
. . O

Analysts NNS I
estimate VBP O
Colgate NNP I
's POS B
sales NNS I
of IN O
household NN I
products NNS I
in IN O
the DT I
U.S. NNP I
were VBD O
flat JJ O
for IN O
the DT I
quarter NN I
, , O
and CC O
they PRP I
estimated VBD O
operating VBG I
margins NNS I
at IN O
only RB I
1 CD I
% NN I
to TO I
3 CD I
% NN I
. . O

`` `` O
If IN O
you PRP I
could MD O
say VB O
their PRP$ I
business NN I
in IN O
the DT I
U.S. NNP I
was VBD O
mediocre JJ O
, , O
but CC O
great JJ O
everywhere RB O
else RB O
, , O
that WDT I
would MD O
be VB O
fine JJ O
, , O
'' '' O
says VBZ O
Bonita NNP I
Austin NNP I
, , O
an DT I
analyst NN I
with IN O
Wertheim NNP I
Schroder NNP I
& CC I
Co NNP I
. . O

`` `` O
But CC O
it PRP I
's VBZ O
not RB O
mediocre JJ O
, , O
it PRP I
's VBZ O
a DT I
real JJ I
problem NN I
. . O
'' '' O

Mr. NNP I
Mark NNP I
conceded VBD O
that IN O
Colgate NNP I
's POS B
domestic JJ I
business NN I
, , O
apart RB O
from IN O
its PRP$ O
highly RB O
profitable JJ O
Hill NNP I
's POS I
Pet NNP O
Products NNPS O
unit NN O
, , O
has VBZ O
lagged VBN O
. . O

`` `` O
We PRP I
've VBP O
done VBN O
a DT I
lot NN I
to TO O
improve VB O
-LCB- ( I
U.S. NNP I
. . I
-RCB- ) I
results NNS I
, , O
and CC O
a DT I
lot NN I
more JJR I
will MD O
be VB O
done VBN O
, , O
'' '' O
Mr. NNP I
Mark NNP I
said VBD O
. . O

`` `` O
Improving VBG O
profitability NN I
of IN O
U.S. NNP I
operations NNS I
is VBZ O
an DT I
extremely RB I
high JJ I
priority NN I
in IN O
the DT I
company NN I
. . O
'' '' O

To TO O
focus VB O
on IN O
its PRP$ I
global JJ I
consumer-products NNS I
business NN I
, , O
Colgate NNP I
sold VBD O
its PRP$ I
Kendall NNP I
health-care NN I
business NN I
in IN O
1988 CD I
. . O

H. NNP I
Anthony NNP I
Ittleson NNP I
was VBD O
elected VBN O
a DT I
director NN I
of IN O
this DT I
company NN I
, , O
which WDT I
primarily RB O
has VBZ O
interests NNS I
in IN O
radio NN I
and CC I
television NN I
stations NNS I
, , O
increasing VBG O
the DT I
number NN I
of IN O
seats NNS I
to TO O
five CD I
. . O

Osborn NNP I
also RB O
operates VBZ O
Muzak NNP I
franchises NNS I
, , O
entertainment NN I
properties NNS I
and CC O
small JJ I
cable-television NN I
systems NNS I
. . O

Mr. NNP I
Ittleson NNP I
is VBZ O
executive NN I
, , O
special JJ I
projects NNS I
, , O
at IN O
CIT NNP I
Group NNP I
Holdings NNP I
Inc. NNP I
, , O
which WDT I
is VBZ O
controlled VBN O
by IN O
Manufacturers NNP I
Hanover NNP I
Corp NNP I
. . O

The DT I
Boston NNP I
Globe NNP I
says VBZ O
its PRP$ I
newly RB I
redesigned VBN I
pages NNS I
have VBP O
a DT I
`` `` I
crisper NN I
'' '' I
look VB I
with IN O
revamped VBN I
fixtures NNS I
aimed VBN O
at IN O
making VBG O
the DT I
paper NN I
`` `` O
more RBR O
consistent JJ O
'' '' O
and CC O
`` `` O
easier JJR O
to TO O
read VB O
. . O
'' '' O

Maybe RB O
so RB O
-- : O
if IN O
you PRP I
can MD O
find VB O
where WRB O
your PRP$ I
favorite JJ I
writer NN I
went VBD O
. . O

Beantown NNP I
scribes NNS I
, , O
who WP I
spare VB O
no DT I
invective NN I
when WRB O
taking VBG O
on IN O
local JJ I
luminaries NNS I
such JJ O
as IN O
Michael NNP I
`` `` I
Pee NNP I
Wee NNP I
'' '' I
Dukakis NNP I
, , O
or CC O
New NNP I
England NNP I
Patriots NNPS I
Coach NNP I
Raymond NNP I
`` `` I
Rev. NNP I
Ray NNP I
'' '' I
Berry NNP I
, , O
yesterday NN I
poured VBD O
ridicule NN I
on IN O
new JJ I
drawings NNS I
of IN O
Globe NNP I
columnists NNS I
that WDT B
replaced VBD O
old JJ I
photos NNS I
in IN O
the DT I
revamped VBN I
pages NNS I
this DT B
week NN I
. . O

By IN O
late JJ I
last JJ I
night NN I
, , O
Globe NNP O
Managing NNP O
Editor NNP O
Thomas NNP I
Mulvoy NNP I
, , O
bending VBG O
to TO O
the DT I
will MD I
of IN O
his PRP$ I
troops NNS I
, , O
scrapped VBD O
the DT I
new JJ I
drawings NNS I
. . O

For IN O
a DT I
few JJ I
days NNS I
at IN O
least JJS O
, , O
he PRP I
says VBZ O
, , O
no DT I
pictures NNS I
or CC I
drawings NNS I
of IN O
any DT I
kind NN I
will MD O
adorn VB O
the DT I
columns NNS I
. . O

Trouble NN I
was VBD O
, , O
nobody NN I
thought VBD O
they PRP I
looked VBD O
right NN O
. . O

Globe NNP I
columnist NN I
Mike NNP I
Barnicle NNP I
-- : O
in IN O
the DT I
second JJ I
attack NN I
on IN O
his PRP$ I
employer NN I
in IN O
as IN I
many JJ I
weeks NNS I
-- : O
averred VBD O
that IN O
his PRP$ I
shadowy JJ I
countenance NN I
was VBD O
so RB O
bad JJ O
, , O
it PRP I
looked VBD O
`` `` O
like IN O
a DT I
face NN I
you PRP B
'd MD O
find VB O
on IN O
a DT I
bottle NN I
of IN O
miracle NN I
elixir NN I
that WDT B
promises VBZ O
to TO O
do VB O
away RB O
with IN O
diarrhea NN I
in IN O
our PRP$ I
lifetime NN I
. . O
'' '' O

Mr. NNP I
Barnicle NNP I
reminded VBD O
readers NNS I
that IN O
he PRP I
still RB O
has VBZ O
n't RB O
forgiven VBN O
Globe NNP I
management NN I
for IN O
questioning VBG O
a DT I
$ $ I
20 CD I
expense NN I
chit NN I
he PRP B
submitted VBD O
for IN O
parking VBG O
his PRP$ I
car NN I
while IN O
chasing VBG O
a DT I
story NN I
. . O

`` `` O
I PRP I
thought VBD O
-LCB- ( O
the DT I
drawing VBG I
-RCB- ) O
a DT I
cross NN I
between IN O
someone NN I
you PRP B
'd MD O
spot VB O
whipping VBG O
open JJ O
his PRP$ I
trench NN I
coat NN I
... : O
or CC O
a DT I
guy NN I
who WP B
boasted VBD O
he PRP I
'd MD O
been VBN O
Charles NNP I
Manson NNP I
's POS B
roommate NN I
for IN O
the DT I
last JJ I
19 CD I
years NNS I
, , O
'' '' O
he PRP I
said VBD O
. . O

Mr. NNP I
Barnicle NNP I
was VBD O
hardly RB O
kinder JJR O
to TO O
the DT I
renderings NNS I
of IN O
colleagues NNS I
Michael NNP B
Madden NNP I
-LRB- ( O
`` `` O
appears VBZ O
to TO O
be VB O
a DT I
pervert NN I
'' '' O
-RRB- ) O
, , O
Will MD I
McDonough NNP I
-LRB- ( O
`` `` O
looks VBZ O
as IN O
if IN O
he PRP I
drove VBD O
for IN O
Abe NNP I
Lincoln NNP I
'' '' O
-RRB- ) O
or CC O
Bella NNP I
English NNP I
, , O
whose WP$ I
`` `` I
little JJ I
girl NN I
now RB O
screams VBZ O
hysterically RB O
every DT I
time NN I
she PRP B
sees VBZ O
a DT I
newspaper NN I
. . O
'' '' O

Lynn NNP I
Staley NNP I
, , O
the DT I
Globe NNP I
's POS B
assistant NN I
managing VBG I
editor NN I
for IN O
design NN I
, , O
acknowledges VBZ O
that IN O
the DT I
visages NNS I
were VBD O
`` `` O
on IN O
the DT I
low JJ I
end NN I
of IN O
the DT I
likeness NN I
spectrum NN I
. . O
'' '' O

Rival NNP I
Boston NNP I
Herald NNP I
columnist NN I
Howie NNP I
Carr NNP I
, , O
who WP I
usually RB O
rails VBZ O
at IN O
Statehouse NN I
`` `` I
hacks NNS I
'' '' I
and CC I
nepotism NN I
, , O
argued VBD O
that IN O
the DT I
new JJ I
drawings NNS I
were VBD O
designed VBN O
to TO O
hide VB O
Mr. NNP I
Madden NNP I
's POS B
`` `` I
rapidly RB I
growing VBG I
forehead NN I
'' '' I
and CC O
the DT I
facial JJ I
defects NNS I
of IN O
`` `` I
chinless JJ I
'' '' I
Dan NNP I
Shaughnessy NNP I
, , O
a DT I
Globe NNP I
sports NNS I
columnist NN I
. . O

`` `` O
But CC O
think VBP O
of IN O
the DT I
money NN I
you PRP B
, , O
the DT I
reader NN I
, , O
will MD O
save VB O
on IN O
Halloween NNP I
, , O
'' '' O
said VBD O
Mr. NNP I
Barnicle NNP I
. . O

`` `` O
Instead RB O
of IN O
buying VBG O
masks NNS I
for IN O
your PRP$ I
kids NNS I
, , O
just RB O
cut VB O
out RP O
the IN I
columnists NNS I
' POS B
pictures NNS I
... : O
. . O

Deeply RB O
ingrained JJ O
in IN O
both DT O
the DT I
book NN I
review NN I
`` `` I
Kissing VBG O
Nature NNP I
Good-bye UH B
'' '' O
by IN O
Stephen NNP I
MacDonald NNP I
-LRB- ( O
Leisure NNP I
& CC I
Arts NNP I
, , O
Sept. NNP I
27 CD I
-RRB- ) O
and CC O
the DT I
books NNS I
reviewed VBN O
is VBZ O
the DT I
assumption NN I
that IN O
global JJ I
warming NN I
is VBZ O
entirely RB O
a DT I
result NN I
of IN O
human JJ I
activity NN I
. . O

Is VBZ O
such JJ I
a DT I
view NN I
justified VBN O
? . O

In IN O
the DT I
absence NN I
of IN O
humans NNS I
, , O
would MD O
the DT I
Earth NNP I
enjoy VB O
a DT I
constant JJ I
climate NN I
over IN O
the DT I
long JJ I
term NN I
? . O

Clearly RB O
not RB O
. . O

About IN I
20,000 CD I
years NNS I
ago RB O
the DT I
last JJ I
ice NN I
age NN I
ended VBD O
. . O

Enormous JJ I
ice NN I
sheets NNS I
retreated VBD O
from IN O
the DT I
face NN I
of IN O
North NNP I
America NNP I
, , O
northern JJ I
Europe NNP I
and CC O
Asia NNP I
. . O

This DT I
global JJ I
warming NN I
must MD O
have VB O
been VBN O
entirely RB O
natural JJ O
-- : O
nobody NN I
would MD O
blame VB O
it PRP I
on IN O
a DT I
few JJ I
hundred CD I
thousand CD I
hunter-gatherers NNS I
hunting NN O
mammoths NNS I
and CC O
scratching VBG O
around IN O
in IN O
caves NNS I
. . O

Furthermore RB O
, , O
no DT I
bell NN I
has VBZ O
yet RB O
rung VBN O
to TO O
announce VB O
the DT I
end NN I
of IN O
this DT I
immense JJ I
episode NN I
of IN O
natural JJ I
global JJ I
warming NN I
. . O

It PRP I
is VBZ O
probably RB O
continuing VBG O
and CC O
may MD O
well RB O
account VB O
for IN O
most RBS I
of IN O
, , O
or CC O
all DT I
of IN O
, , O
present-day JJ I
global JJ I
warming NN I
. . O

I PRP I
bow VBP O
to TO O
no DT I
one CD I
in IN O
my PRP$ I
regard NN I
for IN O
our PRP$ I
terrestrial JJ I
heritage NN I
, , O
but CC O
if IN O
we PRP I
are VBP O
serious JJ O
about IN O
global JJ I
warming NN I
we PRP B
must MD O
look VB O
at IN O
the DT I
big JJ I
picture NN I
and CC O
not RB O
allow VB O
the DT I
Dominant NNP I
Culture NNP I
to TO O
lock VB O
us PRP I
into IN O
the DT I
capitalist-exploiters-greedy-American-consumers-global JJ I
- : I
warming NN I
scenario NN I
as IN O
the DT I
sole JJ I
model NN I
for IN O
discussion NN I
. . O

Jocelyn NNP I
Tomkin NNP I
Astronomy NNP B
Department NNP I
University NNP B
of IN O

The DT I
Internal NNP I
Revenue NNP I
Service NNP I
plans VBZ O
to TO O
restructure VB O
itself PRP I
more JJR O
like IN O
a DT I
private JJ I
corporation NN I
. . O

In IN O
addition NN I
, , O
the DT I
tax-collecting JJ I
agency NN I
says VBZ O
that IN O
it PRP I
will MD O
take VB O
the DT I
unusual JJ I
step NN I
of IN O
looking VBG O
to TO O
the DT I
private JJ I
sector NN I
to TO O
fill VB O
two CD I
new JJ I
high-level JJ I
positions NNS I
to TO O
guide VB O
the DT I
120,000-employee JJ I
agency NN I
: : O
a DT I
comptroller NN I
to TO O
oversee VB O
daily JJ I
finances NNS I
and CC O
a DT I
chief JJ I
information NN I
officer NN I
to TO O
update VB O
the DT I
information NN I
system NN I
, , O
which WDT I
includes VBZ O
probably RB I
the DT I
largest JJS I
computer NN I
data NNS I
base VBP I
in IN O
the DT I
world NN I
. . O

The DT I
IRS NNP I
also RB O
said VBD O
that IN O
it PRP I
would MD O
create VB O
the DT I
position NN I
of IN O
chief JJ I
financial JJ I
officer NN I
, , O
who WP I
will MD O
be VB O
hired VBN O
from IN O
within IN O
the DT I
agency NN I
. . O

IRS NNP I
Commissioner NNP I
Fred NNP I
T. NNP I
Goldberg NNP I
said VBD O
the DT I
changes NNS I
are VBP O
intended VBN O
to TO O
bring VB O
`` `` O
accountability NN I
'' '' O
to TO O
the DT I
agency NN I
, , O
which WDT I
has VBZ O
an DT I
annual JJ I
budget NN I
of IN O
more JJR I
than IN I
$ $ I
5 NN I
billion CD I
and CC O
collects VBZ O
about RB I
$ $ I
1 CD I
trillion CD I
a DT B
year NN I
. . O

`` `` O
My PRP$ I
assessment NN I
and CC O
everyone NN I
's POS B
assessment NN I
is VBZ O
that IN O
we PRP I
do VBP O
not RB O
have VB O
the DT I
kinds NNS I
of IN O
information NN I
that WDT B
let VBP O
us PRP I
responsibly RB O
and CC O
effectively RB O
formulate VB O
and CC O
execute VB O
our PRP$ I
budget NN I
, , O
'' '' O
Mr. NNP I
Goldberg NNP I
said VBD O
. . O

`` `` O
And CC O
we PRP I
do VBP O
n't RB O
have VB O
internal JJ I
controls NNS I
and CC I
discipline NN I
that IN B
we PRP B
need VBP O
to TO O
have VB O
to TO O
spend VB O
$ $ I
5 NN I
billion CD I
properly RB O
. . O
'' '' O

Mr. NNP I
Goldberg NNP I
, , O
who WP I
took VBD O
over IN O
as IN O
head NN I
of IN O
the DT I
IRS NNP I
in IN O
July NNP I
, , O
has VBZ O
been VBN O
disturbed VBN O
by IN O
what WP I
he PRP B
considers VBZ O
the DT I
inefficiency NN I
, , I
waste NN I
and CC I
lack NN I
of IN O
coordination NN I
among IN O
the DT I
branches NNS I
of IN O
the DT I
vast JJ I
federal JJ I
agency NN I
. . O

The DT I
IRS NNP I
operates VBZ O
on IN O
a DT I
computer NN I
system NN I
designed VBN O
in IN O
1961 CD I
, , O
which WDT I
it PRP B
has VBZ O
been VBN O
trying VBG O
to TO O
modernize VB O
for IN O
years NNS I
. . O

And CC O
the DT I
agency NN I
, , O
which WDT I
operated VBD O
throughout IN O
fiscal JJ I
1989 CD I
with IN O
a DT I
$ $ I
360 CD I
million CD I
budget NN I
shortfall NN I
, , O
has VBZ O
been VBN O
under IN O
a DT I
hiring VBG I
freeze NN I
since IN O
last JJ I
fall NN I
. . O

The DT I
new JJ I
commissioner NN I
says VBZ O
that IN O
closer JJR I
scrutiny NN I
of IN O
how WRB O
the DT I
agency NN I
uses VBZ O
its PRP$ I
resources NNS I
will MD O
go VB O
a DT I
long JJ I
way NN I
toward IN O
enhancing VBG O
its PRP$ I
ability NN I
to TO O
collect VB O
more JJR I
tax NN I
revenue NN I
. . O

`` `` O
I PRP I
think VBP O
that IN O
you PRP I
will MD O
see VB O
a DT I
significant JJ I
improvement NN I
in IN O
the DT I
budget NN I
formulation NN I
and CC I
execution NN I
process NN I
which WDT B
, , O
in IN O
turn NN I
, , O
I PRP I
believe VBP O
will MD O
result VB O
in IN O
a DT I
significant JJ I
increase NN I
in IN O
revenue NN I
, , O
'' '' O
he PRP I
said VBD O
. . O

The DT I
IRS NNP I
hopes VBZ O
to TO O
fill VB O
the DT I
new JJ I
positions NNS I
soon RB O
. . O

Customarily RB O
, , O
it PRP I
would MD O
appoint VB O
career NN I
civil JJ I
servants NNS I
from IN O
within IN O
the DT I
agency NN I
, , O
but CC O
Mr. NNP I
Goldberg NNP I
said VBD O
he PRP I
plans VBZ O
to TO O
`` `` O
scour VBP O
the DT I
world NN I
'' '' O
for IN O
the DT I
chief JJ I
information NN I
officer NN I
and CC O
the DT I
comptroller NN I
. . O

Although IN O
the DT I
jobs NNS I
will MD O
probably RB O
pay VB O
between IN I
$ $ I
70,000 CD I
and CC I
$ $ I
80,000 CD I
a DT B
year NN I
, , O
IRS NNP I
officials NNS I
are VBP O
confident JJ O
that IN O
they PRP I
can MD O
attract VB O
top-notch JJ I
candidates NNS I
from IN O
the DT I
private JJ I
sector NN I
. . O

`` `` O
You PRP I
're VBP O
telling VBG O
someone NN I
they PRP B
can MD O
spend VB O
the DT I
next JJ I
three CD I
or CC I
four CD I
or CC I
five CD I
or CC I
six CD I
years NNS I
of IN O
their PRP$ I
life NN I
bringing VBG O
about IN O
the DT I
most RBS I
difficult JJ I
and CC I
costly JJ I
modernization NN I
of IN O
an DT I
information NN I
system NN I
on IN O
the DT I
civil JJ I
side NN I
ever RB O
, , O
'' '' O
Mr. NNP I
Goldberg NNP I
said VBD O
. . O

`` `` O
On IN O
the DT I
comptroller NN I
side NN I
, , O
you PRP I
're VBP O
developing VBG O
and CC O
making VBG O
work NN O
financial JJ I
controls NNS I
governing VBG O
a DT I
$ $ I
6 CD I
billion CD I
budget NN I
. . O

When WRB O
Maj. NNP I
Moises NNP I
Giroldi NNP I
, , O
the DT I
leader NN I
of IN O
the DT I
abortive JJ I
coup NN I
in IN O
Panama NNP I
, , O
was VBD O
buried VBN O
, , O
his PRP$ I
body NN I
bore VBD O
several JJ I
gunshot NN I
wounds NNS I
, , O
a DT I
cracked VBN I
skull NN I
and CC O
broken VBN I
legs NNS I
and CC I
ribs NNS I
. . O

They PRP I
were VBD O
the DT I
signature NN I
of IN O
his PRP$ I
adversary NN I
, , O
Panamanian JJ I
leader NN I
Manuel NNP I
Antonio NNP I
Noriega NNP I
. . O

The DT I
rebel NN I
officer NN I
's POS B
slow JJ I
and CC I
painful JJ I
death NN I
, , O
at IN O
the DT I
headquarters NN I
of IN O
Panama NNP I
's POS B
Battalion-2000 NN I
squad NN I
, , O
was VBD O
personally RB O
supervised VBN O
by IN O
Gen. NNP I
Noriega NNP I
, , O
says VBZ O
a DT I
U.S. NNP I
official NN I
with IN O
access NN I
to TO O
intelligence NN I
reports NNS I
. . O

Leaping VBG O
into IN O
rages VBZ I
, , O
sinking VBG O
into IN O
bouts NNS I
of IN O
drunkenness NN I
and CC I
mistrust NN I
, , O
Mr. NNP I
Noriega NNP I
has VBZ O
put VBN O
to TO O
death NN I
some DT B
70 CD I
of IN O
his PRP$ I
troops NNS I
involved VBN O
in IN O
the DT I
coup NN I
, , O
according VBG O
to TO O
U.S. NNP I
officials NNS I
monitoring NN O
crematoriums NNS I
and CC O
funeral NN I
parlors NNS I
in IN O
Panama NNP I
City NNP I
. . O

He PRP I
is VBZ O
now RB O
changing VBG O
the DT I
place NN I
he PRP B
sleeps VBZ O
every DT I
night NN I
, , O
sometimes RB I
more JJR I
than IN I
once RB I
a DT B
night NN I
. . O

His PRP$ I
meals NNS I
are VBP O
most RBS O
often RB O
prepared VBN O
by IN O
women NNS I
he PRP B
trusts VBZ O
-- : O
his PRP$ I
full-time JJ I
mistress NN I
, , O
Vicky NNP I
Amado NNP I
, , O
and CC O
her PRP$ I
mother NN I
, , O
Norma NNP I
. . O

And CC O
he PRP I
is VBZ O
collecting VBG O
the DT I
names NNS I
of IN O
those DT I
who WP B
telephoned VBD O
the DT I
coup-makers NNS I
to TO O
congratulate VB O
them PRP I
during IN O
their PRP$ I
brief JJ I
time NN I
in IN O
control NN I
of IN O
his PRP$ I
headquarters NN I
. . O

More JJR I
enemies NNS I
to TO O
be VB O
dealt VBN O
with RB O
. . O

In IN O
the DT I
two CD I
weeks NNS I
since IN O
the DT I
rebellion NN I
, , O
which WDT I
the DT B
U.S. NNP I
hesitantly RB O
backed VBD O
, , O
Mr. NNP I
Noriega NNP I
has VBZ O
been VBN O
at IN O
his PRP$ I
most RBS I
brutal JJ I
- : I
and CC I
efficient JJ I
- : I
in IN O
maintaining VBG O
power NN I
. . O

Yet RB O
, , O
while IN O
the DT I
failed VBN I
coup NN I
is VBZ O
a DT I
major JJ I
U.S. NNP I
foreign JJ I
policy NN I
embarrassment NN I
, , O
it PRP I
is VBZ O
merely RB I
the DT I
latest JJS I
chapter NN I
in IN O
a DT I
byzantine JJ I
relationship NN I
between IN O
Mr. NNP I
Noriega NNP I
and CC O
Washington NNP I
that IN B
stretches NNS O
back RB O
three CD I
decades NNS I
. . O

America NNP I
's POS B
war NN I
on IN O
the DT I
dictator NN I
over IN O
the DT I
past JJ I
two CD I
years NNS I
, , O
following VBG O
his PRP$ I
indictment NN I
on IN O
drug NN I
charges NNS I
in IN O
February NNP I
1988 CD I
, , O
is VBZ O
the DT I
legacy NN I
of IN O
that DT I
relationship NN I
. . O

Before IN O
American JJ I
foreign JJ I
policy NN I
set VBN O
out IN O
to TO O
destroy VB O
Noriega NNP I
, , O
it PRP I
helped VBD O
create VB O
him PRP I
out IN O
of IN O
the DT I
crucible NN I
of IN O
Panama NNP I
's POS B
long JJ I
history NN I
of IN O
conspirators NNS I
and CC I
pirates NNS I
. . O

For IN O
most RBS I
of IN I
the DT I
past JJ I
30 CD I
years NNS I
, , O
the DT I
marriage NN I
was VBD O
one CD I
of IN O
convenience NN I
. . O

In IN O
1960 CD I
, , O
for IN O
example NN I
, , O
when WRB O
Mr. NNP I
Noriega NNP I
was VBD O
both DT O
a DT I
cadet NN I
at IN O
an DT I
elite NN I
military JJ I
academy NN I
in IN O
Peru NNP I
and CC O
a DT I
spy-in-training NN I
for IN O
the DT I
U.S. NNP I
Defense NNP I
Intelligence NNP I
Agency NNP I
, , O
he PRP I
was VBD O
detained VBN O
by IN O
Lima NNP I
authorities NNS I
for IN O
allegedly RB O
raping VBG O
and CC O
savagely RB O
beating VBG O
a DT I
prostitute NN I
, , O
according VBG O
to TO O
a DT I
U.S. NNP I
Embassy NNP I
cable NN I
from IN O
that DT I
period NN I
. . O

The DT I
woman NN I
had VBD O
nearly RB O
died VBN O
. . O

But CC O
U.S. NNP I
intelligence NN I
, , O
rather RB O
than IN O
rein NN O
in IN O
or CC O
cut NN O
loose JJ O
its PRP$ I
new JJ I
spy NN I
, , O
merely RB O
filed VBN O
the DT I
report NN I
away RB O
. . O

Mr. NNP I
Noriega NNP I
's POS B
tips NNS I
on IN O
emerging VBG I
leftists NNS I
at IN O
his PRP$ I
school NN I
were VBD O
deemed VBN O
more RBR O
important JJ O
to TO O
U.S. NNP I
interests NNS I
. . O

From IN O
that DT I
point NN I
on IN I
, , O
the DT I
U.S. NNP I
would MD O
make VB O
a DT I
practice NN I
of IN O
overlooking VBG O
the DT I
Panamanian NNP I
's POS B
misadventures NNS I
. . O

The DT I
U.S. NNP I
has VBZ O
befriended VBN O
and CC O
later RB O
turned VBD O
against IN O
many JJ I
dictators NNS I
, , O
but CC O
none NN I
quite RB O
so RB O
resourceful JJ O
. . O

The DT I
55-year-old NNP I
Mr. NNP I
Noriega NNP I
is VBZ O
n't RB O
as RB O
smooth JJ O
as IN O
the DT I
shah NN I
of IN O
Iran NNP I
, , O
as RB O
well-born JJ O
as IN O
Nicaragua NNP I
's POS B
Anastasio NNP I
Somoza NNP I
, , O
as RB O
imperial JJ O
as IN O
Ferdinand NNP I
Marcos NNP I
of IN O
the DT I
Philippines NNP I
or CC O
as RB O
bloody JJ O
as IN O
Haiti NNP I
's POS B
Baby NNP I
Doc NNP I
Duvalier NNP I
. . O

Yet RB O
he PRP I
has VBZ O
proved VBN O
more RBR O
resilient JJ O
than IN O
any DT I
of IN O
them PRP I
. . O

And CC O
out IN O
of IN O
necessity NN I
: : O
The DT I
U.S. NNP I
can MD O
make VB O
mistakes NNS I
and CC O
still JJ O
hope NN O
to TO O
remove VB O
him PRP I
from IN O
power NN I
, , O
but CC O
a DT I
single JJ I
error NN I
on IN O
his PRP$ I
part NN I
could MD O
cost VB O
him PRP I
his PRP$ B
life NN I
. . O

`` `` O
The DT I
U.S. NNP I
underestimated VBD O
Noriega NNP I
all DT O
along IN O
, , O
'' '' O
says VBZ O
Ambler NNP I
Moss NNP I
, , O
a DT I
former JJ I
Ambassador NNP I
to TO O
Panama NNP I
. . O

`` `` O
He PRP I
has VBZ O
mastered VBN O
the DT I
art NN I
of IN O
survival NN I
. . O
'' '' O

In IN O
keeping VBG O
with IN O
America NNP I
's POS B
long JJ I
history NN I
of IN O
propping VBG O
up IN O
Mr. NNP I
Noriega NNP I
, , O
recent JJ I
U.S. NNP I
actions NNS I
have VBP O
extended VBN O
rather RB O
than IN O
shortened VBN O
his PRP$ I
survival NN I
. . O

Mr. NNP I
Noriega NNP I
might MD O
have VB O
fallen VBN O
of IN O
his PRP$ I
own JJ I
weight NN I
in IN O
1988 CD I
because IN O
of IN O
Panama NNP I
's POS B
dire JJ I
economic JJ I
situation NN I
, , O
says VBZ O
Mr. NNP I
Moss NNP I
, , O
but CC O
increasing VBG I
external JJ I
pressure NN I
has VBZ O
only RB O
given VBN O
him PRP I
additional JJ B
excuses NNS I
for IN O
repression NN I
, , O
and CC O
a DT I
scapegoat NN I
for IN O
his PRP$ I
own JJ I
mismanagement NN I
. . O

`` `` O
If IN O
the DT I
U.S. NNP I
had VBD O
sat VBN O
back RB O
and CC O
done VBN O
nothing NN I
, , O
he PRP I
might MD O
not RB O
have VB O
made VBN O
it PRP I
through IN O
1988 CD I
, , O
'' '' O
Mr. NNP I
Moss NNP I
contends VBZ O
. . O

Perhaps RB O
most RBS O
important JJ O
, , O
Mr. NNP I
Noriega NNP I
's POS B
allies NNS I
have VBP O
intervened VBN O
to TO O
encourage VB O
-- : O
in IN O
some DT I
cases NNS I
, , O
to TO O
demand VB O
-- : O
that IN O
the DT I
dictator NN I
maintain VB O
his PRP$ I
grip NN I
of IN O
the DT I
throne NN I
. . O

One CD I
Colombian JJ I
drug NN I
boss NN I
, , O
upon IN O
hearing NN O
in IN O
1987 CD I
that IN O
Gen. NNP I
Noriega NNP I
was VBD O
negotiating VBG O
with IN O
the DT I
U.S. NNP I
to TO O
abandon VB O
his PRP$ I
command NN I
for IN O
a DT I
comfortable JJ I
exile NN I
, , O
sent VBD O
him PRP I
a DT B
hand-sized JJ I
mahogany NN I
coffin NN I
engraved VBN O
with IN O
his PRP$ I
name NN I
. . O

`` `` O
He PRP I
is VBZ O
cornered VBN O
, , O
'' '' O
says VBZ O
the DT I
Rev. NNP I
Fernando NNP I
Guardia NNP I
, , O
who WP I
has VBZ O
led VBN O
Catholic NNP I
Church NNP I
opposition NN I
against IN O
Noriega NNP I
. . O

`` `` O
The DT I
Americans NNPS I
have VBP O
left VBN O
him PRP I
without IN O
a DT I
way NN I
out RB I
. . O

It PRP I
is VBZ O
easy JJ O
to TO O
fight VB O
when WRB O
you PRP I
do VBP O
n't RB O
have VB O
any DT I
other JJ I
option NN I
. . O
'' '' O

His PRP$ I
chief JJ I
advantage NN I
in IN O
the DT I
fight NN I
: : O
his PRP$ I
intimate JJ I
knowledge NN I
of IN O
American JJ I
ways NNS I
and CC I
weaknesses NNS I
. . O

Mr. NNP I
Noriega NNP I
often RB O
tells VBZ O
friends NNS I
that WDT O
patience NN I
is VBZ O
the DT I
best JJS I
weapon NN I
against IN O
the DT I
gringos NNS I
, , O
who WP I
have VBP O
a DT I
short JJ I
attention NN I
span NN I
and CC O
little JJ I
stomach NN I
for IN O
lasting VBG I
confrontation NN I
. . O

The DT I
U.S. NNP I
discovered VBD O
the DT I
young JJ I
Tony NNP I
Noriega NNP I
in IN O
late JJ I
1959 CD I
, , O
when WRB O
he PRP I
was VBD O
in IN O
his PRP$ I
second JJ I
year NN I
at IN O
the DT I
Chorrillos NNP I
Military NNP I
Academy NNP I
in IN O
Lima NNP I
, , O
according VBG O
to TO O
former JJ I
U.S. NNP I
intelligence NN I
officials NNS I
. . O

The DT I
contact NN I
occurred VBD O
through IN O
Mr. NNP I
Noriega NNP I
's POS B
half-brother NN I
, , O
a DT I
Panamanian JJ I
diplomat NN I
based VBN O
in IN O
Peru NNP I
named VBD O
Luis NNP I
Carlos NNP I
Noriega NNP I
Hurtado NNP I
. . O

Luis NNP I
Carlos NNP I
, , O
knowing VBG O
that IN O
helping VBG O
the DT I
Americans NNPS I
could MD O
advance VB O
the DT I
career NN I
of IN O
any DT I
Panamanian JJ I
officer NN I
, , O
relayed VBD O
Tony NNP I
's POS B
reports NNS I
on IN O
the DT I
leftist JJ I
tendencies NNS I
he PRP B
observed VBD O
among IN O
his PRP$ I
fellow NN I
students NNS I
and CC O
, , O
more RBR O
important JJ O
, , O
among IN O
his PRP$ I
officers NNS I
and CC I
instructors NNS I
. . O

A DT I
spy NN I
was VBD O
born VBN O
. . O

It PRP I
was VBD O
a DT I
heady JJ I
experience NN I
for IN O
the DT I
pockmarked JJ I
and CC I
slightly RB I
built VBN I
Mr. NNP I
Noriega NNP I
, , O
who WP I
was VBD O
known VBN O
to TO O
his PRP$ I
friends NNS I
as IN O
Cara NNP I
la FW I
Pina NNP I
-- : O
pineapple NN I
face NN I
. . O

Born VBN O
the DT I
illegitimate JJ I
son NN I
of IN O
his PRP$ I
father NN I
's POS B
maid NN I
, , O
he PRP I
was VBD O
raised VBN O
on IN O
the DT I
mean NN I
streets NNS I
of IN O
the DT I
central JJ I
market NN I
district NN I
of IN O
Panama NNP I
City NNP I
. . O

Tony NNP I
was VBD O
four CD I
years NNS I
older JJR O
than IN O
most RBS I
of IN O
his PRP$ I
fellow NN I
cadets NNS I
, , O
and CC O
gained VBD O
admission NN I
to TO O
the DT I
academy NN I
because IN O
his PRP$ I
brother NN I
had VBD O
falsified VBN O
his PRP$ I
birth NN I
certificate NN I
. . O

He PRP I
considered VBD O
himself PRP I
intellectually RB O
superior JJ O
to TO O
his PRP$ I
Peruvian JJ I
peers NNS I
, , O
many NN O
of IN O
whom WP I
were VBD O
wayward JJ I
sons NNS I
sent VBN O
by IN O
their PRP$ I
well-off JJ I
families NNS I
to TO O
the DT I
highly RB I
disciplined VBN I
, , I
French-modeled JJ I
academy NN I
as IN O
a DT I
sort NN I
of IN O
reform NN I
school NN I
. . O

In IN O
his PRP$ I
peaked VBD I
military JJ I
cap NN I
and CC I
neatly RB I
pressed VBN I
, , I
French-made JJ I
uniform NN I
, , O
Noriega NNP I
felt VBD O
more RBR O
respected VBN O
and CC O
powerful JJ O
than IN O
ever RB I
in IN O
his PRP$ I
underprivileged JJ I
life NN I
, , O
friends NNS I
from IN O
the DT I
period NN I
say VBP O
. . O

`` `` O
He PRP I
had VBD O
an DT I
elegant JJ I
uniform NN I
with IN O
gold NN I
buttons NNS I
in IN O
a DT I
country NN I
where WRB O
there EX I
was VBD O
a DT I
cult NN I
of IN O
militarism NN I
, , O
where WRB O
officers NNS I
were VBD O
the DT I
elite NN I
with IN O
special JJ I
privileges NNS I
, , O
'' '' O
recalls VBZ O
Darien NNP I
Ayala NNP I
, , O
a DT I
fellow NN I
student NN I
in IN O
Peru NNP I
and CC O
a DT I
lifelong JJ I
friend NN I
. . O

Mr. NNP I
Noriega NNP I
's POS B
relationship NN I
to TO O
American JJ I
intelligence NN I
agencies NNS I
became VBD O
contractual JJ O
in IN O
either DT I
1966 CD I
or CC I
1967 CD I
, , O
intelligence NN I
officials NNS I
say VBP O
. . O

His PRP$ I
commanding NN I
officer NN I
at IN O
the DT I
Chiriqui NNP I
Province NNP I
garrison NN I
, , O
Major NNP I
Omar NNP I
Torrijos NNP I
, , O
gave VBD O
him PRP I
an DT B
intriguing JJ I
assignment NN I
: : O
Mr. NNP I
Noriega NNP I
would MD O
organize VB O
the DT I
province NN I
's POS B
first JJ I
intelligence NN I
service NN I
. . O

The DT I
spy NN I
network NN I
would MD O
serve VB O
two CD I
clients NNS I
: : O
the DT I
Panamanian JJ I
government NN I
, , O
by IN O
monitoring VBG O
political JJ I
opponents NNS I
in IN O
the DT I
region NN I
, , O
and CC O
the DT I
U.S. NNP I
, , O
by IN O
tracking VBG O
the DT I
growing VBG I
Communist NNP I
influence NN I
in IN O
the DT I
unions NNS I
organized VBN O
at IN O
United NNP I
Fruit NNP I
Co. NNP I
's POS B
banana NN I
plantations NNS I
in IN O
Bocas NNP I
del NNP I
Toros NNP I
and CC O
Puerto NNP I
Armuelles NNP I
. . O

United NNP I
Fruit NNP I
was VBD O
one CD I
of IN O
the DT I
two CD I
largest JJS I
contributors NNS I
to TO O
Panama NNP I
's POS B
national JJ I
income NN I
. . O

Satisfying VBG O
its PRP$ I
interests NNS I
was VBD O
a DT I
priority NN I
for IN O
any DT I
Panamanian JJ I
leader NN I
. . O

Mr. NNP I
Noriega NNP I
's POS B
initial JJ I
retainer NN I
was VBD O
only RB I
$ $ I
50 CD I
to TO I
$ $ I
100 CD I
a DT B
month NN I
, , O
plus CC O
occasional JJ I
gifts NNS I
of IN O
liquor NN I
or CC I
groceries NNS I
from IN O
the DT I
American NNP I
PX NNP I
, , O
a DT I
former JJ I
intelligence NN I
official NN I
says NNS O
. . O

It PRP I
was VBD O
modest JJ I
pay NN I
by IN O
American JJ I
standards NNS I
, , O
but CC O
a DT I
healthy JJ I
boost NN I
to TO O
his PRP$ I
small JJ I
military JJ I
salary NN I
, , O
which WDT I
fellow NN B
officers NNS I
remember VBP O
as IN O
having VBG O
been VBN O
$ $ I
300 CD I
to TO I
$ $ I
400 CD I
monthly JJ O
. . O

`` `` O
He PRP I
did VBD O
it PRP I
very RB O
well RB O
, , O
'' '' O
recalls VBZ O
Boris NNP I
Martinez NNP I
, , O
a DT I
former JJ I
Panamanian JJ I
colonel NN I
who WP B
managed VBD O
Mr. NNP I
Noriega NNP I
and CC O
his PRP$ I
operation NN I
. . O

`` `` O
He PRP I
started VBD O
building VBG O
the DT I
files NNS I
that WDT B
helped VBD O
him PRP I
gain VBP O
power NN I
. . O
'' '' O

A DT I
National NNP I
Guard NNP I
job NN I
assumed VBN O
by IN O
Capt. NNP I
Noriega NNP I
in IN O
1964 CD I
-- : O
as IN O
chief NN I
of IN O
the DT I
transit NN I
police NN I
in IN O
David NNP I
City NNP I
, , O
capital NN I
of IN O
the DT I
Chiriqui NNP I
Province NNP I
-- : O
was VBD O
tailor-made JJ O
for IN O
an DT I
aspiring JJ I
super-spy NN I
. . O

By IN O
pressuring VBG O
taxi NN I
and CC I
bus NN I
drivers NNS I
who WP B
needed VBD O
licenses NNS I
, , O
he PRP I
gained VBD O
a DT I
ready JJ I
cache NN I
of IN O
information NN I
. . O

He PRP I
knew VBD O
which WDT I
local JJ I
luminaries NNS I
had VBD O
been VBN O
caught VBN O
driving VBG O
drunk JJ O
, , O
which WDT I
had VBD O
been VBN O
found VBN O
with IN O
their PRP$ I
mistresses NNS I
. . O

This DT I
proved VBD O
particularly RB O
valuable JJ O
to TO O
the DT I
Panamanian JJ I
government NN I
in IN O
1967 CD I
, , O
when WRB O
union NN I
leaders NNS I
were VBD O
planning VBG O
a DT I
May NNP I
Day NNP I
march NN I
that IN B
the DT B
government NN I
feared VBD O
could MD O
turn VB O
violent JJ O
. . O

Mr. NNP I
Noriega NNP I
had VBD O
learned VBN O
that IN O
a DT I
local JJ I
union NN I
leader NN I
was VBD O
sleeping VBG O
with IN O
the DT I
wife NN I
of IN O
his PRP$ I
deputy NN I
. . O

So RB O
he PRP I
splashed VBD O
the DT I
information NN I
on IN O
handbills NNS I
that IN B
he PRP B
distributed VBD O
throughout IN O
the DT I
banana-exporting JJ I
city NN I
of IN O
Puerto NNP I
Armuelles NNP I
, , O
which WDT I
was VBD O
ruled VBN O
by IN O
United NNP I
Fruit NNP I
Co NNP I
. . O

The DT I
campaign NN I
so RB O
divided VBD O
union NN I
leaders NNS I
that IN O
the DT I
government NN I
found VBD O
them PRP I
far RB O
easier JJR O
to TO O
control VB O
. . O

`` `` O
It PRP I
was VBD O
like IN O
a DT I
play NN I
on IN O
Broadway NNP I
, , O
'' '' O
recalls VBZ O
Mr. NNP I
Martinez NNP I
. . O

`` `` O
Noriega NNP I
managed VBD O
the DT I
whole JJ I
thing NN I
. . O

He PRP I
was VBD O
superb JJ O
. . O

Noriega NNP I
was VBD O
an DT I
expert NN I
at IN O
bribing VBG O
and CC O
blackmailing VBG O
people NNS I
. . O
'' '' O

During IN O
his PRP$ I
years NNS I
in IN O
Chiriqui NNP I
, , O
however RB O
, , O
Mr. NNP I
Noriega NNP I
also RB O
revealed VBD O
himself PRP I
as IN O
an DT I
officer NN I
as RB O
perverse JJ O
as IN O
he PRP I
was VBD O
ingenious JJ O
. . O

Rodrigo NNP I
Miranda NNP I
, , O
a DT I
local JJ I
lawyer NN I
and CC I
human-rights JJ I
monitor NN I
, , O
recalls VBZ O
an DT I
intoxicated JJ I
Noriega NNP I
visiting VBG O
prisoners NNS I
in IN O
their PRP$ I
cells NNS I
at IN O
the DT I
5th NNP I
Zone NNP I
Garrison NNP I
headquarters NN I
in IN O
David NNP I
, , O
where WRB O
he PRP I
had VBD O
his PRP$ I
offices NNS I
. . O

Mr. NNP I
Noriega NNP I
would MD O
order VB O
them PRP I
all DT O
to TO O
take VB O
off IN O
their PRP$ I
clothes NNS I
and CC O
run VB O
around IN O
the DT I
courtyard NN I
naked JJ O
, , O
laughing VBG O
at IN O
them PRP I
and CC O
then RB O
retreating VBG O
to TO O
his PRP$ I
office NN I
. . O

`` `` O
People NNS I
started VBD O
wondering VBG O
if IN O
something NN I
was VBD O
wrong JJ O
with IN O
him PRP I
, , O
'' '' O
Mr. NNP I
Miranda NNP I
recalls VBZ O
. . O

But CC O
through IN O
this DT I
period NN I
, , O
so RB O
far RB O
as IN O
the DT I
U.S. NNP I
military NN I
was VBD O
concerned VBN O
, , O
Mr. NNP I
Noriega NNP I
was VBD O
a DT I
model NN I
recruit NN I
. . O

He PRP I
signed VBD O
up IN O
for IN O
intelligence NN I
and CC I
counter-intelligence JJ I
training NN I
under IN O
American JJ I
officers NNS I
at IN O
Fort NNP I
Gulick NNP I
in IN O
Panama NNP I
in IN O
July NNP I
1967 CD I
, , O
according VBG O
to TO O
a DT I
copy NN I
of IN O
a DT I
1983 CD I
resume NN I
with IN O
details NNS I
Mr. NNP B
Noriega NNP I
has VBZ O
since IN O
classified VBN O
as IN O
secret NN O
. . O

He PRP I
flew VBD O
to TO O
Fort NNP I
Bragg NNP I
, , O
N.C. NNP I
, , O
in IN O
September NNP I
of IN O
that DT I
year NN I
for IN O
a DT I
course NN I
in IN O
psychological JJ I
operations NNS I
, , O
returning VBG O
to TO O
the DT I
School NNP I
of IN O
the DT I
Americas NNP I
in IN O
Panama NNP I
for IN O
a DT I
two-month JJ I
course NN I
called VBN O
`` `` O
military JJ I
intelligence NN I
for IN O
officers NNS I
. . O
'' '' O

Some DT I
American JJ I
officers NNS I
interpreted VBD O
his PRP$ I
eagerness NN I
and CC I
studiousness NN I
as IN O
a DT I
sign NN I
of IN O
loyalty NN I
, , O
but CC O
they PRP I
did VBD O
so RB O
falsely RB O
. . O

He PRP I
rose VBD O
to TO O
chief NN I
of IN O
intelligence NN I
in IN O
Panama NNP I
's POS B
socalled JJ I
G-2 NN I
in IN O
1970 CD I
after IN O
providing VBG O
populist JJ O
dictator NN O
Torrijos NNP I
the DT B
critical JJ I
support NN I
to TO O
defeat VB O
a DT I
coup NN I
attempt NN I
against IN O
him PRP I
a DT B
year NN I
earlier RBR O
. . O

He PRP I
became VBD O
Gen. NNP I
Torrijos NNP I
's POS B
inseparable JJ I
shadow NN I
, , O
and CC O
the DT I
holder NN I
of IN O
all DT I
Panama NNP I
's POS B
secrets NNS I
. . O

Mr. NNP I
Noriega NNP I
, , O
by IN O
now RB I
a DT B
lieutenant NN I
colonel NN I
, , O
expanded VBD O
his PRP$ I
contacts NNS I
to TO O
include VB O
the DT I
Cubans NNPS I
-- : O
not RB O
to TO O
mention VB O
the DT I
Israelis NNPS I
, , O
the DT I
Taiwanese JJ I
and CC O
any DT I
other JJ I
intelligence NN I
service NN I
that WDT B
came VBD O
knocking VBG O
. . O

When WRB O
U.S. NNP I
diplomats NNS I
complained VBD O
to TO O
the DT I
CIA NNP I
of IN O
Col. NNP I
Noriega NNP I
's POS B
moonlighting NN I
, , O
intelligence NN I
experts NNS I
always RB O
insisted VBD O
that IN O
his PRP$ I
allegiance NN I
was VBD O
first JJ O
to TO O
the DT I
Americans NNPS I
. . O

`` `` O
Early RB O
on IN O
in IN O
the DT I
State NNP I
Department NNP I
, , O
we PRP I
took VBD O
to TO O
calling VBG O
him PRP I
the DT B
rent-a-colonel NN I
, , O
in IN O
tribute NN I
to TO O
his PRP$ I
ability NN I
to TO O
simultaneously RB O
milk NN O
the DT I
antagonistic JJ I
intelligence NN I
services NNS I
of IN O
Cuba NNP I
and CC O
the DT I
United NNP I
States NNPS I
, , O
'' '' O
recalls VBZ O
Francis NNP I
J. NNP I
McNeil NNP I
, , O
who WP I
, , O
as IN O
deputy NN I
assistant NN I
secretary NN I
of IN O
state NN I
for IN O
inter-American JJ I
affairs NNS I
, , O
first JJ O
ran VBD O
across IN O
reports NNS I
about IN O
Mr. NNP I
Noriega NNP I
in IN O
1977 CD I
. . O

`` `` O
Some DT I
of IN O
us PRP I
wondered VBD O
how WRB O
our PRP$ I
intelligence NN I
people NNS I
could MD O
put VB O
so RB I
much JJ I
stock NN I
in IN O
his PRP$ I
information NN I
when WRB O
he PRP I
was VBD O
just RB O
as IN O
close RB O
to TO O
the DT I
Cubans NNPS I
. . O
'' '' O

Even RB O
at IN O
this DT I
early JJ I
stage NN I
, , O
drugs NNS I
caused VBD O
additional JJ I
concerns NNS I
. . O

During IN O
the DT I
Nixon NNP I
administration NN I
, , O
the DT I
Drug NNP I
Enforcement NNP I
Administration NNP I
became VBD O
dismayed VBN O
at IN O
the DT I
extent NN I
of IN O
the DT I
G-2 NN I
's POS B
connections NNS I
to TO O
arrested VBN I
drug NN I
traffickers NNS I
. . O

One CD I
DEA NNP I
agent NN I
drew VBD O
up IN O
a DT I
list NN I
of IN O
five CD I
options NNS I
for IN O
dealing VBG O
with IN O
Col. NNP I
Noriega NNP I
, , O
one CD O
of IN O
which WDT I
was VBD O
assassination NN I
. . O

The DT I
head NN I
of IN O
the DT I
DEA NNP I
at IN O
the DT I
time NN I
, , O
John NNP I
Ingersoll NNP I
, , O
scotched VBD O
the DT I
assassination NN I
plan NN I
. . O

But CC O
he PRP I
did VBD O
fly VB O
to TO O
Panama NNP I
to TO O
scold VB O
dictator NN I
Torrijos NNP I
on IN O
the DT I
drug NN I
ties NNS I
of IN O
Panamanian JJ I
officials NNS I
, , O
including VBG O
Mr. NNP I
Noriega NNP I
. . O

Mr. NNP I
Ingersoll NNP I
later RB O
recalled VBD O
that IN O
Gen. NNP I
Torrijos NNP I
seemed VBD O
afraid JJ O
to TO O
act VB O
on IN O
the DT I
concerns NNS I
of IN O
the DT I
U.S. NNP I
. . O

`` `` O
Everybody NN I
was VBD O
afraid JJ O
of IN O
him PRP I
, , O
'' '' O
Mr. NNP I
Ingersoll NNP I
says VBZ O
. . O

Mr. NNP I
Noriega NNP I
became VBD O
an DT I
even RB I
greater JJR I
threat NN I
in IN O
1976 CD I
, , O
when WRB O
U.S. NNP I
intelligence NN I
services NNS I
discovered VBN O
that IN O
he PRP I
had VBD O
been VBN O
buying VBG O
recordings NNS I
of IN O
electronically RB I
monitored VBN I
conversations NNS I
from IN O
three CD I
sergeants NNS I
working VBG O
for IN O
the DT I
U.S. NNP I
Army NNP I
's POS B
470th NNP I
Military NNP I
Intelligence NNP I
Group NNP I
. . O

The DT I
tapes NNS I
included VBD O
wiretaps NNS I
of IN O
Gen. NNP I
Torrijos NNP I
's POS B
own JJ I
phone NN I
, , O
according VBG O
to TO O
American JJ I
intelligence NN I
officials NNS I
. . O

`` `` O
We PRP I
caught VBD O
him PRP I
with IN O
his PRP$ I
hands NNS I
on IN O
our PRP$ I
cookie NN I
jar NN I
, , O
'' '' O
says VBZ O
former JJ I
CIA NNP I
Director NNP I
Stansfield NNP I
Turner NNP I
. . O

For IN O
the DT I
first JJ I
time NN I
, , O
the DT I
U.S. NNP I
considered VBD O
cutting VBG O
Mr. NNP I
Noriega NNP I
from IN O
its PRP$ I
intelligence NN I
payroll NN I
-- : O
and CC O
the DT I
deliberations NNS I
were VBD O
intense JJ O
, , O
Mr. NNP I
Turner NNP I
says VBZ O
. . O

`` `` O
In IN O
the DT I
world NN I
of IN O
intelligence NN I
, , O
if IN O
you PRP I
want VBP O
to TO O
get VB O
information NN I
, , O
you PRP I
get VBP O
it PRP I
from IN O
seedy JJ I
characters NNS I
. . O

The DT I
question NN I
is VBZ O
how WRB O
much JJ O
you PRP I
get VBP O
tied VBN O
in IN O
with IN O
seedy JJ I
characters NNS I
so IN O
they PRP I
can MD O
extort VB O
you PRP I
. . O
'' '' O

Intelligence NN I
officials NNS I
to TO O
this DT I
day NN I
worry NN O
whether IN O
Mr. NNP I
Noriega NNP I
sold VBD O
sensitive JJ I
information NN I
on IN O
the DT I
recordings NNS I
to TO O
the DT I
Cubans NNPS I
or CC O
others NNS I
. . O

Mr. NNP I
Turner NNP I
was VBD O
troubled JJ O
enough RB O
to TO O
cancel VB O
the DT I
U.S. NNP I
contract NN I
with IN O
the DT I
rent-a-colonel NN I
at IN O
the DT I
beginning NN I
of IN O
the DT I
Carter NNP I
administration NN I
. . O

The DT I
U.S. NNP I
soon RB O
found VBD O
new JJ I
cause NN I
for IN O
concern NN I
: : O
gun-running JJ I
. . O

Prosecutors NNS I
in IN O
Southern NNP I
Florida NNP I
indicted VBD O
five CD I
Panamanians NNS I
on IN O
charges NNS I
of IN O
illegally RB O
running VBG O
arms NNS I
to TO O
Sandinista NNP I
rebels NNS I
trying VBG O
to TO O
overthrow VB O
the DT I
Nicaraguan JJ I
government NN I
of IN O
Mr. NNP I
Somoza NNP I
. . O

They PRP I
included VBD O
one CD I
of IN O
Mr. NNP I
Noriega NNP I
's POS B
closest JJS I
friends NNS I
and CC I
business NN I
partners NNS I
, , O
Carlos NNP I
Wittgreen NNP I
. . O

And CC O
the DT I
investigators NNS I
were VBD O
quickly RB O
closing VBG O
in IN O
on IN O
Mr. NNP I
Noriega NNP I
himself PRP B
. . O

At IN O
the DT I
time NN I
, , O
though RB O
, , O
in IN O
1979 CD I
, , O
the DT I
U.S. NNP I
was VBD O
once RB O
again RB O
flirting VBG O
with IN O
its PRP$ I
longtime JJ I
Latin NNP I
American JJ I
spy NN I
. . O

Mr. NNP I
Noriega NNP I
made VBD O
plans NNS I
to TO O
fly VB O
to TO O
Washington NNP I
for IN O
a DT I
meeting NN I
with IN O
his PRP$ I
counterpart NN I
at IN O
the DT I
Pentagon NNP I
. . O

Dade NNP I
County NNP I
and CC I
federal JJ I
authorities NNS I
, , O
learning VBG O
that IN O
he PRP I
intended VBD O
to TO O
fly VB O
through IN O
Miami NNP I
, , O
made VBN O
plans NNS I
to TO O
arrest VB O
him PRP I
on IN O
the DT I
gun-running JJ I
charges NNS I
as RB O
soon RB O
as IN O
he PRP I
hit VBD O
U.S. NNP I
soil NN I
. . O

It PRP I
was VBD O
a DT I
Friday NNP I
in IN O
June NNP I
. . O

The DT I
Pentagon NNP I
foiled VBD O
the DT I
plan NN I
. . O

According VBG O
to TO O
military JJ I
officers NNS I
at IN O
the DT I
time NN I
, , O
word NN I
was VBD O
passed VBN O
to TO O
Mr. NNP I
Noriega NNP I
by IN O
his PRP$ I
American JJ I
hosts NNS I
that IN O
the DT I
police NN I
would MD O
be VB O
waiting VBG O
. . O

On IN O
Monday NNP I
, , O
U.S. NNP I
officials NNS I
received VBD O
a DT I
routine NN I
, , I
unclassified JJ I
message NN I
from IN O
the DT I
military JJ I
group NN I
commander NN I
in IN O
Panama NNP I
. . O

`` `` O
Due JJ O
to TO O
health NN I
reasons NNS I
, , O
Lt. NNP I
Col. NNP I
Noriega NNP I
has VBZ O
elected VBN O
to TO O
postpone VB O
his PRP$ I
visit NN I
to TO O
Washington NNP I
, , O
'' '' O
it PRP I
read VBP O
. . O

Prosecutors NNS I
in IN O
Miami NNP I
received VBD O
yet RB I
another DT I
setback NN I
. . O

Their PRP$ I
original JJ I
indictment NN I
against IN O
Mr. NNP I
Wittgreen NNP I
, , O
the DT I
friend NN I
of IN O
Mr. NNP I
Noriega NNP I
, , O
and CC O
the DT I
other JJ I
four CD I
was VBD O
dismissed VBN O
on IN O
a DT I
technicality NN I
. . O

But CC O
now RB O
, , O
along IN O
with IN O
reindicting VBG O
Mr. NNP I
Noriega NNP I
's POS B
pal NN I
, , O
they PRP I
intended VBD O
to TO O
charge VB O
Mr. NNP I
Noriega NNP I
himself PRP B
, , O
on IN O
allegations NNS I
that IN O
he PRP I
was VBD O
involved VBN O
in IN O
the DT I
illegal JJ I
trading NN I
of IN O
some DT I
$ $ I
2 CD I
million CD I
in IN O
arms NNS I
. . O

In IN O
January NNP I
1980 CD I
, , O
Jerome NNP I
Sanford NNP I
, , O
as IN O
assistant NN I
U.S. NNP I
attorney NN I
, , O
was VBD O
summoned VBN O
to TO O
a DT I
meeting NN I
with IN O
a DT I
Federal NNP I
Bureau NNP I
of IN O
Investigation NNP I
agent NN O
assigned VBN O
to TO O
the DT I
Bureau NNP I
of IN O
Alcohol NN I
, , I
Tobacco NNP I
and CC I
Firearms NNP I
in IN O
Miami NNP I
. . O

Panamanian JJ O
dictator NN O
Torrijos NNP I
, , O
he PRP I
was VBD O
told VBN O
, , O
had VBD O
granted VBN O
the DT I
shah NN I
of IN O
Iran NNP I
asylum NN B
in IN O
Panama NNP I
as IN O
a DT I
favor NN I
to TO O
Washington NNP I
. . O

Mr. NNP I
Sanford NNP I
was VBD O
told VBN O
Mr. NNP I
Noriega NNP I
's POS B
friend NN I
, , O
Mr. NNP I
Wittgreen NNP I
, , O
would MD O
be VB O
handling VBG O
the DT I
shah NN I
's POS B
security NN I
. . O

It PRP I
would MD O
n't RB O
be VB O
a DT I
good JJ I
idea NN I
to TO O
indict VB O
him PRP I
-- : O
much RB O
less JJR O
Mr. NNP I
Noriega NNP I
, , O
the DT I
prosecutor NN I
was VBD O
told VBN O
. . O

After IN O
prodding VBG I
from IN O
Mr. NNP I
Sanford NNP I
, , O
U.S. NNP I
Attorney NNP I
Jack NNP I
Eskenazi NNP I
pleaded VBD O
with IN O
Justice NNP I
Department NNP I
officials NNS I
in IN O
Washington NNP I
to TO O
let VB O
the DT I
indictment NN I
proceed VB O
. . O

`` `` O
Unfortunately RB O
, , O
'' '' O
Mr. NNP I
Eskenazi NNP I
wrote VBD O
in IN O
a DT I
letter NN I
, , O
`` `` O
those DT I
of IN O
us PRP I
in IN O
law NN I
enforcement NN I
in IN O
Miami NNP I
find NN O
ourselves PRP I
frequently RB O
attempting VBG O
to TO O
enforce VB O
the DT I
laws NNS I
of IN O
the DT I
United NNP I
States NNPS I
but CC O
simultaneously RB O
being VBG O
caught VBN O
between IN O
foreign JJ I
policy NN I
considerations NNS I
over IN O
which WDT I
we PRP B
have VBP O
no DT I
control NN I
. . O
'' '' O

The DT I
letter NN I
, , O
along IN O
with IN O
a DT I
detailed VBN I
prosecution NN I
memo NN I
, , O
sat VBD O
on IN O
the DT I
desks NNS I
of IN O
Justice NNP I
officials NNS I
for IN O
months NNS I
before IN O
the DT I
case NN I
died VBD O
a DT I
quiet JJ I
death NN I
. . O

`` `` O
I PRP I
think VBP O
if IN O
we PRP I
had VBD O
been VBN O
allowed VBN O
to TO O
go VB O
ahead RB O
then RB O
we PRP I
would MD O
n't RB O
have VB O
the DT I
problems NNS I
we PRP B
have VBP O
now RB O
, , O
'' '' O
Mr. NNP I
Sanford NNP I
says VBZ O
. . O

`` `` O
If IN O
he PRP I
had VBD O
been VBN O
found VBN O
guilty JJ O
, , O
we PRP I
could MD O
have VB O
stopped VBN O
him PRP I
. . O
'' '' O

In IN O
August NNP I
1983 CD I
, , O
Mr. NNP I
Noriega NNP I
took VBD O
over IN O
as IN O
General NNP I
and CC O
de-facto JJ I
dictator NN I
of IN O
Panama NNP I
, , O
having VBG O
maneuvered VBN O
his PRP$ I
way NN I
to TO O
the DT I
top JJ I
only RB B
two CD I
years NNS I
after IN O
the DT I
mysterious JJ I
death NN I
in IN O
a DT I
plane NN I
crash NN I
of IN O
his PRP$ I
old JJ I
boss NN I
Omar NNP I
Torrijos NNP I
. . O

Soon RB O
, , O
the DT I
military NN I
became VBD O
a DT I
veritable JJ I
mafia NN I
controlling VBG O
legal JJ I
and CC I
illegal JJ I
businesses NNS I
. . O

The DT I
Reagan NNP I
administration NN I
also RB O
put VB O
Mr. NNP I
Noriega NNP I
's POS B
G-2 NN I
back RB O
on IN O
the DT I
U.S. NNP I
payroll NN I
. . O

Payments NNS I
averaged VBD O
nearly RB I
$ $ I
200,000 CD I
a DT B
year NN I
from IN O
the DT I
U.S. NNP I
Defense NNP I
Intelligence NNP I
Agency NNP I
and CC O
the DT I
CIA NNP I
. . O

Although IN O
working VBG O
for IN O
U.S. NNP I
intelligence NN I
, , O
Mr. NNP I
Noriega NNP I
was VBD O
hardly RB O
helping VBG O
the DT I
U.S. NNP I
exclusively RB O
. . O

During IN O
the DT I
Reagan NNP I
years NNS I
he PRP B
expanded VBD O
his PRP$ I
business NN I
and CC I
intelligence NN I
contacts NNS I
with IN O
the DT I
Cubans NNPS I
and CC O
the DT I
Sandinistas NNPS I
. . O

He PRP I
allegedly RB O
entered VBD O
into IN O
Panama NNP I
's POS B
first JJ I
formal JJ I
business NN I
arrangement NN I
with IN O
Colombian JJ I
drug NN I
bosses NNS I
, , O
according VBG O
to TO O
Floyd NNP I
Carlton NNP I
, , O
a DT I
pilot NN I
who WP B
once RB O
worked VBD O
for IN O
Mr. NNP I
Noriega NNP I
and CC O
who WP I
testified VBD O
before IN O
the DT I
U.S. NNP I
grand JJ I
jury NN I
in IN O
Miami NNP I
that WDT B
would MD O
ultimately RB O
indict VB O
the DT I
Panamanian JJ I
on IN O
drug NN I
charges NNS I
. . O

But CC O
Mr. NNP I
Noriega NNP I
was VBD O
convinced VBN O
the DT I
Reagan NNP I
White NNP I
House NNP I
would MD O
n't RB O
act VB O
against IN O
him PRP I
, , O
recalls VBZ O
his PRP$ I
close NN I
ally NN I
Jose NNP B
Blandon NNP I
, , O
because IN O
he PRP I
had VBD O
an DT I
insurance NN I
policy NN I
: : O
his PRP$ I
involvement NN I
with IN O
the DT I
Contra NNP I
rebels NNS I
in IN O
Nicaragua NNP I
. . O

Mr. NNP I
Blandon NNP I
says VBZ O
the DT I
general JJ I
allowed VBN O
the DT I
Contras NNPS I
to TO O
set VB O
up IN O
a DT I
secret JJ I
training NN I
center NN I
in IN O
Panama NNP I
. . O

Mr. NNP I
Noriega NNP I
also RB O
conveyed VBD O
intelligence NN I
from IN O
his PRP$ I
spy NN I
operation NN I
inside IN O
the DT I
Nicaraguan JJ I
capital NN I
of IN O
Managua NNP I
. . O

And CC O
on IN O
at IN I
least JJS I
one CD I
occasion NN I
, , O
in IN O
the DT I
spring NN I
of IN O
1985 CD I
, , O
he PRP I
helped VBD O
arrange VB O
a DT I
sabotage NN I
attack NN I
on IN O
a DT I
Sandinista NNP I
arsenal NN I
in IN O
Nicaragua NNP I
. . O

Although IN O
, , O
his PRP$ I
help NN I
for IN O
the DT I
Contra NNP I
cause NN I
was VBD O
limited JJ O
, , O
it PRP I
was VBD O
enough RB O
to TO O
win VB O
him PRP I
important JJ B
protectors NNS I
in IN O
the DT I
Reagan NNP I
administration NN I
, , O
says VBZ O
Sen. NNP I
Patrick NNP I
Leahy NNP I
, , O
a DT I
Vermont NNP I
Democrat NNP I
who WP B
then RB O
served VBN O
on IN O
the DT I
Senate NNP I
Intelligence NNP I
Committee NNP I
. . O

`` `` O
Noriega NNP I
played VBD O
U.S. NNP I
intelligence NN I
agencies NNS I
and CC O
the DT I
U.S. NNP I
government NN I
like IN O
a DT I
violin NN I
, , O
'' '' O
he PRP I
says VBZ O
. . O

An DT I
incident NN I
in IN O
1984 CD I
suggested VBD O
one CD I
additional JJ I
means NNS I
by IN O
which WDT I
Mr. NNP B
Noriega NNP I
might MD O
have VB O
maintained VBN O
such JJ I
influence NN I
with IN O
Washington NNP I
-- : O
by IN O
compromising VBG O
U.S. NNP I
officials NNS I
. . O

Curtin NNP I
Windsor NNP I
, , O
then RB O
the DT I
ambassador NN I
to TO O
Costa NNP I
Rica NNP I
, , O
recalls VBZ O
being VBG O
invited VBN O
to TO O
Panama NNP I
by IN O
Mr. NNP I
Noriega NNP I
's POS B
brother NN I
Luis NNP B
Carlos NNP I
for IN O
a DT I
weekend NN I
of IN O
deep JJ I
sea NN I
fishing NN I
and CC O
`` `` O
quiet JJ I
, , I
serious JJ I
conversation NN I
'' '' O
on IN O
the DT I
Aswara NNP I
Peninsula NNP I
. . O

Mr. NNP I
Windsor NNP I
notified VBD O
Everett NNP I
E. NNP I
Briggs NNP I
, , O
the DT I
U.S. NNP I
ambassador NN I
to TO O
Panama NNP I
, , O
of IN O
the DT I
invitation NN I
. . O

`` `` O
Briggs NNP I
screamed VBD O
, , O
'' '' O
Mr. NNP I
Windsor NNP I
recalls VBZ O
. . O

He PRP I
says VBZ O
Mr. NNP I
Briggs NNP I
told VBD O
him PRP I
he PRP B
was VBD O
being VBG O
set VBN O
up IN O
for IN O
a DT I
`` `` I
honey NN I
trap NN I
, , O
'' '' O
in IN O
which WDT I
Mr. NNP B
Noriega NNP I
would MD O
try VB O
to TO O
involve VB O
him PRP I
in IN O
an DT I
orgy NN I
and CC O
then JJ O
record NN O
the DT I
event NN I
`` `` O
with IN O
sound NN I
and CC I
video NN I
. . O
'' '' O

Mr. NNP I
Briggs NNP I
, , O
on IN O
vacation NN I
after IN O
resigning VBG O
his PRP$ I
position NN I
at IN O
the DT I
National NNP I
Security NNP I
Council NNP I
, , O
could MD O
n't RB O
be VB O
reached VBN O
for IN O
comment NN I
. . O

As IN O
Mr. NNP I
Noriega NNP I
's POS B
political JJ I
troubles NNS I
grew VBD O
, , O
so RB O
did VBD O
his PRP$ I
offers NNS I
of IN O
assistance NN I
to TO O
the DT I
Contras NNPS I
, , O
an DT I
apparent JJ I
attempt NN I
to TO O
curry VB O
more JJR I
favor NN I
in IN O
Washington NNP I
. . O

For IN O
instance NN I
, , O
he PRP I
helped VBD O
steal VB O
the DT I
May NNP I
1984 CD I
Panamanian JJ I
elections NNS I
for IN O
the DT I
ruling NN I
party NN I
. . O

But CC O
just RB I
one CD I
month NN I
later RB O
, , O
he PRP I
also RB O
contributed VBD O
$ $ I
100,000 CD I
to TO O
a DT I
Contra NNP I
leader NN I
, , O
according VBG O
to TO O
documents NNS I
released VBN O
for IN O
Oliver NNP I
North NNP I
's POS B
criminal JJ I
trial NN I
in IN O
Washington NNP I
, , O
D.C NNP I
. . O

Yet RB O
, , O
his PRP$ I
political JJ I
setbacks NNS I
mounted VBN O
. . O

Mr. NNP I
Noriega NNP I
was VBD O
accused VBN O
of IN O
ordering VBG O
in IN O
1985 CD I
the DT B
beheading NN I
of IN O
Hugo NNP I
Spadafora NNP I
, , O
his PRP$ I
most RBS I
outspoken JJ I
political JJ I
opponent NN I
and CC O
the DT I
first JJ I
man NN I
to TO O
publicly RB O
finger NN O
Mr. NNP I
Noriega NNP I
on IN O
drug NN I
trafficking NN I
charges NNS I
. . O

He PRP I
then RB O
ousted VBD O
President NNP I
Nicholas NNP I
Ardito NNP I
Barletta NNP I
, , O
a DT I
former JJ I
World NNP I
Bank NNP I
official NN I
with IN O
close NN I
ties NNS I
to TO O
the DT I
U.S. NNP I
, , O
after IN O
Mr. NNP I
Barletta NNP I
tried VBD O
to TO O
create VB O
a DT I
commission NN I
to TO O
investigate VB O
the DT I
murder NN I
. . O

And CC O
, , O
all PDT I
the DT I
while NN I
, , O
Panama NNP I
's POS B
debt NN I
problems NNS I
continued VBD O
to TO O
grow VB O
. . O

Mr. NNP I
Noriega NNP I
was VBD O
growing VBG O
desperate JJ O
. . O

In IN O
late JJ I
1986 CD I
, , O
he PRP I
made VBD O
an DT I
offer NN I
he PRP B
thought VBD O
the DT I
U.S. NNP I
could MD O
n't RB O
refuse VB O
. . O

As IN O
recounted VBN O
in IN O
a DT I
stipulation NN I
that WDT B
summarized VBD O
government NN I
documents NNS I
released VBN O
for IN O
the DT I
North NNP I
trial NN I
, , O
Mr. NNP I
Noriega NNP I
offered VBD O
to TO O
assassinate VB O
the DT I
Sandinista NNP I
leadership NN I
in IN O
exchange NN I
`` `` O
for IN O
a DT I
promise NN I
to TO O
help VB O
clean JJ O
up IN O
Noriega NNP I
's POS B
image NN I
and CC O
a DT I
commitment NN I
to TO O
lift VB O
the DT I
-LCB- ( I
U.S. NNP I
. . I
-RCB- ) I
ban NN I
on IN O
military JJ I
sales NNS I
to TO O
the DT I
Panamanian NNP I
Defense NNP I
Forces NNPS I
. . O
'' '' O

`` `` O
North NNP I
, , O
'' '' O
the DT I
document NN I
went VBD O
on IN O
, , O
referring VBG O
to TO O
Oliver NNP I
North NNP I
, , O
`` `` O
has VBZ O
told VBN O
Noriega NNP I
's POS B
representative NN I
that IN O
U.S. NNP I
law NN I
forbade VBD O
such JJ I
actions NNS I
. . O

The DT I
representative NN I
responded VBD O
that IN O
Noriega NNP I
had VBD O
numerous JJ I
assets NNS I
in IN O
place NN I
in IN O
Nicaragua NNP I
and CC O
could MD O
accomplish VB O
many JJ I
essential JJ I
things NNS I
, , O
just RB O
as IN O
Noriega NNP I
had VBD O
helped VBN O
-LCB- ( O
the DT I
U.S. NNP I
. . O
-RCB- ) O
the DT I
previous JJ I
year NN I
in IN O
blowing VBG O
up IN O
a DT I
Sandinista NNP I
arsenal NN I
. . O
'' '' O

Col. NNP I
North NNP I
conveyed VBD O
the DT I
request NN I
to TO O
his PRP$ I
superiors NNS I
and CC O
to TO O
Assistant NNP O
Secretary NNP O
of IN O
State NNP I
Elliot NNP O
Abrams NNP O
, , O
who WP I
relayed VBD O
it PRP I
to TO O
Secretary NNP O
of IN O
State NNP I
George NNP O
Shultz NNP O
. . O

Mr. NNP I
Noriega NNP I
's POS B
proposal NN I
was VBD O
turned VBN O
down RB O
. . O

And CC O
Mr. NNP I
Shultz NNP I
curtly RB O
told VBD O
Mr. NNP I
Abrams NNP I
that IN O
the DT I
general NN I
should MD O
be VB O
told VBN O
that IN O
only RB I
he PRP I
could MD O
repair VB O
his PRP$ I
tarnished VBN I
image NN I
. . O

The DT I
end NN I
of IN O
the DT I
marriage NN I
was VBD O
at IN O
hand NN I
. . O

Within IN O
weeks NNS I
the DT B
unfolding VBG I
Iran-Contra NNP I
scandal NN I
took VBD O
away RB O
Mr. NNP I
Noriega NNP I
's POS B
insurance NN I
policy NN I
. . O

The DT I
death NN I
of IN O
CIA NNP O
Director NNP O
William NNP I
Casey NNP I
and CC O
resignation NN I
of IN O
Oliver NNP I
North NNP I
allowed VBD O
anti-Noriega JJ I
political JJ I
forces NNS I
to TO O
gain VB O
influence NN I
. . O

Public JJ I
protests NNS I
against IN O
him PRP I
were VBD O
triggered VBN O
in IN O
June NNP I
1987 CD I
due JJ O
to TO O
charges NNS I
by IN O
Diaz NNP I
Herrera NNP I
, , O
his PRP$ I
former JJ I
chief NN I
of IN O
staff NN I
, , O
that IN O
Mr. NNP I
Noriega NNP I
had VBD O
stolen VBN O
the DT I
1984 CD I
election NN I
and CC O
had VBD O
ordered VBN O
the DT I
killing NN I
of IN O
Messrs. NNP I
Spadafora NNP I
and CC I
Torrijos NNP I
. . O

Few NNP I
American JJ I
officials NNS I
were VBD O
willing JJ O
any RB O
longer RB O
to TO O
defend VB O
him PRP I
. . O

Lawyers NNS I
in IN O
Miami NNP I
-- : O
this DT I
time NN I
working VBG O
virtually RB O
without IN O
impediment NN I
-- : O
prepared VBN O
to TO O
have VB O
him PRP I
indicted VBN O
on IN O
drug NN I
charges NNS I
in IN O
February NNP I
1988 CD I
. . O

During IN O
negotiations NNS I
with IN O
American JJ I
officials NNS I
in IN O
May NNP I
1988 CD I
over IN O
proposals NNS I
to TO O
drop VB O
the DT I
U.S. NNP I
indictments NNS I
in IN O
exchange NN I
for IN O
his PRP$ I
resignation NN I
, , O
Mr. NNP I
Noriega NNP I
often RB O
asked VBD O
almost RB O
plaintively RB O
how WRB O
the DT I
Americans NNPS I
, , O
whom WP I
he PRP B
had VBD O
helped VBN O
for IN O
so RB I
many JJ I
years NNS I
, , O
could MD O
turn VB O
against IN O
him PRP I
. . O

Now RB O
, , O
neither DT I
side NN I
-- : O
the DT I
U.S. NNP I
nor CC O
Mr. NNP I
Noriega NNP I
-- : O
has VBZ O
an DT I
easy JJ I
out RB I
. . O

President NNP I
Bush NNP I
has VBZ O
sworn VBN O
to TO O
bring VB O
him PRP I
to TO O
justice NN I
. . O

Mr. NNP I
Noriega NNP I
believes VBZ O
he PRP I
has VBZ O
n't RB O
any DT I
alternative NN I
but CC O
to TO O
continue VB O
clutching VBG O
to TO O
power VB I
. . O

It PRP I
is VBZ O
a DT I
knock-out JJ I
battle NN I
-- : O
perhaps RB O
to TO O
the DT I
death NN I
. . O

In IN O
the DT I
end NN I
, , O
is VBZ O
Mr. NNP I
Noriega NNP I
the DT B
political JJ I
equivalent NN I
of IN O
Frankenstein NNP I
's POS B
monster NN I
, , O
created VBN O
by IN O
a DT I
well-intentioned JJ I
but CC I
misguided JJ I
foreign JJ I
power NN I
? . O

Not RB O
quite RB O
, , O
Sen. NNP I
Leahy NNP I
contends VBZ O
. . O

`` `` O
For IN O
short-term JJ I
gains NNS I
, , O
people NNS I
were VBD O
willing JJ O
to TO O
put VB O
up IN O
with IN O
him PRP I
. . O

That DT I
allowed VBN O
him PRP I
to TO O
get VB O
stronger JJR O
and CC O
stronger JJR O
, , O
'' '' O
he PRP I
says VBZ O
. . O

`` `` O
I PRP I
do VBP O
n't RB O
think VB O
we PRP I
created VBD O
him PRP I
as RB O
much JJ O
as IN O
we PRP I
fed VBD O
him PRP I
, , O
nurtured VBD O
him PRP I
and CC O
let VB O
him PRP I
grow VB O
up VB O
to TO O
be VB O
big JJ O
and CC O
strong JJ O
. . O

UPJOHN NNP I
Co. NNP I
reported VBD O
that IN O
third-quarter JJ I
net JJ I
income NN I
rose VBD O
to TO O
$ $ I
96 CD I
million CD I
, , O
or CC O
52 CD I
cents NNS I
a DT B
share NN I
, , O
from IN O
$ $ I
89.6 CD I
million CD I
, , O
or CC O
49 CD I
cents NNS I
a DT B
share NN I
, , O
a DT I
year NN I
earlier RBR O
. . O

Yesterday NN I
's POS B
edition NN I
provided VBD O
analysts NNS I
' POS B
estimates NNS I
for IN O
the DT I
company NN I
when WRB O
actual JJ I
earnings NNS I
were VBD O
available JJ O
. . O

Industrial JJ I
production NN I
declined VBD O
0.1 CD I
% NN I
in IN O
September NNP I
, , O
reinforcing VBG O
other JJ I
signs NNS I
that IN O
the DT I
manufacturing NN I
sector NN I
continues VBZ O
its PRP$ I
slowing NN I
trend NN I
. . O

The DT I
Federal NNP I
Reserve NNP I
Board NNP I
said VBD O
output NN I
of IN O
the DT I
nation NN I
's POS B
factories NNS I
, , I
mines NNS I
and CC I
utilities NNS I
expanded VBN O
at IN O
an DT I
annual JJ I
rate NN I
of IN O
1.3 CD I
% NN I
in IN O
the DT I
third JJ I
quarter NN I
, , O
substantially RB O
slower JJR O
than IN O
the DT I
3.3 CD I
% NN I
annual JJ I
rate NN I
in IN O
the DT I
second JJ I
quarter NN I
. . O

`` `` O
Capital NNP I
spending NN I
and CC I
exports NNS I
, , O
which WDT I
have VBP O
been VBN O
the DT I
driving VBG I
force NN I
in IN O
this DT I
expansion NN I
, , O
are VBP O
showing VBG O
clear JJ I
signs NNS I
of IN O
having VBG O
the DT I
steam NN I
taken VBN O
out IN O
of IN O
them PRP I
, , O
'' '' O
said VBD O
Robert NNP I
Dederick NNP I
, , O
economist NN I
for IN O
Northern NNP I
Trust NNP I
Co. NNP I
in IN O
Chicago NNP I
. . O

The DT I
new JJ I
reports NNS I
of IN O
sluggishness NN I
, , O
which WDT I
were VBD O
foreshadowed VBN O
by IN O
an DT I
earlier RBR I
Labor NNP I
Department NNP I
report NN I
that IN O
manufacturing NN I
payrolls NNS I
dropped VBN O
by IN O
105,000 CD I
in IN O
September NNP I
, , O
give VB O
the DT I
Fed NNP I
another DT B
reason NN I
to TO O
further VB O
ease VB O
its PRP$ I
grip NN I
on IN O
credit NN I
and CC O
lower JJR O
interest NN I
rates NNS I
. . O

`` `` O
They PRP I
need VBP O
to TO O
do VB O
something NN I
about IN O
this DT I
, , O
'' '' O
said VBD O
Maury NNP I
Harris NNP I
, , O
economist NN I
at IN O
PaineWebber NNP I
Group NNP I
Inc NNP I
. . O

The DT I
Fed NNP I
also RB O
said VBD O
U.S. NNP I
industry NN I
operated VBN O
at IN O
83.6 CD I
% NN I
of IN O
capacity NN I
last JJ B
month NN I
, , O
down RB O
from IN O
83.8 CD I
% NN I
in IN O
August NNP I
. . O

Measures NNS I
of IN O
manufacturing NN I
activity NN I
fell VBD O
more JJR O
than IN O
the DT I
overall JJ I
measures NNS I
. . O

Factory NN I
output NN I
dropped VBD O
0.2 CD I
% NN I
, , O
its PRP$ I
first JJ I
decline NN I
since IN O
February NNP I
, , O
after IN O
having VBG O
been VBN O
unchanged JJ O
in IN O
October NNP I
. . O

Factories NNS I
operated VBN O
at IN O
83.7 CD I
% NN I
of IN O
capacity NN I
, , O
the DT I
lowest JJS I
rate NN I
in IN O
more JJR I
than IN I
a DT I
year NN I
and CC O
down RB O
from IN O
84.1 CD I
% NN I
in IN O
September NNP I
. . O

The DT I
declines NNS I
mainly RB O
reflected VBD O
widespread JJ I
weakness NN I
in IN O
durable JJ I
goods NNS I
, , O
those DT I
intended VBN O
to TO O
last VB O
more JJR I
than IN I
three CD I
years NNS I
. . O

The DT I
biggest JJS I
drop NN I
was VBD O
recorded VBN O
by IN O
primary JJ I
metals NNS I
producers NNS I
, , O
a DT I
category NN I
that WDT B
includes VBZ O
the DT I
steel NN I
industry NN I
. . O

Output NN I
of IN O
business NN I
equipment NN I
was VBD O
unchanged JJ O
in IN O
September NNP I
. . O

Production NN I
of IN O
factory NN I
equipment NN I
, , O
one CD I
indication NN I
of IN O
the DT I
strength NN I
of IN O
manufacturers NNS I
' POS B
investment NN I
spending NN I
, , O
fell VBD O
0.3 CD I
% NN I
. . O

Some DT I
economists NNS I
expect VBP O
further JJ I
declines NNS I
in IN O
investment NN I
spending NN I
. . O

`` `` O
Whenever WRB O
corporate JJ I
profits NNS I
are VBP O
weak JJ O
that WDT I
means VBZ O
capital NN I
spending NN I
is VBZ O
going VBG O
to TO O
soften VB O
subsequently RB O
, , O
'' '' O
Mr. NNP I
Harris NNP I
said VBD O
. . O

`` `` O
You PRP I
have VBP O
n't RB O
seen VBN O
the DT I
full JJ I
effect NN I
of IN O
that DT I
yet RB O
. . O
'' '' O

A DT I
decline NN I
in IN O
truck NN I
production NN I
more JJR O
than IN O
offset VB O
a DT I
sharp JJ I
rise NN I
in IN O
auto NN I
assemblies NNS I
, , O
the DT I
Fed NNP I
noted VBD O
. . O

Analysts NNS I
do VBP O
n't RB O
expect VB O
the DT I
September NNP I
surge NN I
in IN O
auto NN I
production NN I
to TO O
be VB O
repeated VBN O
in IN O
the DT I
coming VBG I
months NNS I
. . O

Here RB I
is VBZ O
a DT I
summary NN I
of IN O
the DT I
Federal NNP I
Reserve NNP I
Board NNP I
's POS B
report NN I
on IN O
industrial JJ I
production NN I
in IN O
September NNP I
. . O

The DT I
figures NNS I
are VBP O
seasonally RB O
adjusted VBN O
. . O

142.3 CD I
% NN I
of IN O
the DT I
1977 CD I
average JJ I
. . O

Robin NNP I
Honiss NNP I
, , O
president NN I
and CC O
chief JJ I
executive JJ I
officer NN I
of IN O
this DT I
bank NN I
holding VBG I
company NN I
, , O
was VBD O
elected VBN O
to TO O
the DT I
additional JJ I
posts NNS I
of IN O
chairman NN I
, , O
president NN I
and CC O
chief JJ I
executive NN I
of IN O
the DT I
company NN I
's POS B
New NNP I
England NNP I
Savings NNP I
Bank NNP I
subsidiary NN I
. . O

William NNP I
R. NNP I
Attridge NNP I
resigned VBD O
those DT I
posts NNS I
, , O
as RB O
well RB O
as IN O
a DT I
seat NN I
on IN O
NESB NNP I
's POS B
board NN I
. . O

NESB NNP I
is VBZ O
also RB O
the DT I
parent NN I
of IN O
Omnibank NNP I
. . 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
federal JJ I
researchers NNS I
report VBP O
. . O

The DT I
drop NN I
is VBZ O
particularly RB O
large JJ O
for IN O
white JJ I
males NNS I
, , O
although IN O
black JJ I
males NNS I
and CC O
white JJ I
and CC I
black JJ I
women NNS I
also RB O
show VBP O
lower JJR I
mortality NN I
rates NNS I
. . O

A DT I
report NN I
in IN O
this DT I
week NN I
's POS B
issue NN I
of IN O
the DT I
Journal NNP I
of IN O
the DT I
National NNP I
Cancer NNP I
Institute NNP I
also RB O
projects VBZ 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
, , O
the DT I
leading VBG I
cause NN I
of IN O
cancer NN I
death NN I
, , O
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

The DT I
report NN I
, , O
which WDT I
comes VBZ O
25 CD I
years NNS I
after IN O
the DT I
U.S. NNP I
Surgeon NNP I
General NNP I
issued VBD O
a DT I
report NN I
warning NN O
against IN O
the DT I
dangers NNS I
of IN O
smoking NN I
, , O
is VBZ O
the DT I
strongest JJS I
indication NN I
to TO O
date VB I
that IN O
the DT I
reduction NN I
in IN O
smoking NN I
is VBZ O
leading VBG O
to TO O
lower JJR I
death NN I
rates NNS I
from IN O
lung NN I
cancer NN I
. . O

`` `` O
What WP I
this DT B
is VBZ O
saying VBG O
is VBZ O
that IN O
the DT I
surgeon NN I
general NN I
's POS B
message NN I
is VBZ O
having VBG O
an DT I
impact NN I
, , O
'' '' O
said VBD O
Melvyn NNP I
Tockman NNP I
, , O
an DT I
epidemiologist NN I
at IN O
the DT I
Johns NNP I
Hopkins NNP I
School NNP I
of IN O
Hygiene NNP I
and CC O
Public NNP I
Health NNP I
in IN O
Baltimore NNP I
. . O

The DT I
National NNP I
Cancer NNP I
Institute NNP I
report NN I
compares VBZ O
mortality NN I
rates NNS I
of IN O
two CD I
groups NNS I
of IN O
people NNS I
between IN O
the DT I
ages NNS I
of IN O
35 CD I
and CC I
44 CD I
a DT B
decade NN I
apart RB O
. . O

The DT I
death NN I
rate NN I
from IN O
lung NN I
cancer NN I
of IN O
white JJ I
males NNS I
aged VBN O
35 CD I
to TO O
44 CD I
in IN O
the DT I
mid-1970s NNS I
was VBD O
13.4 CD I
per IN O
100,000 CD I
, , O
but CC O
the DT I
mortality NN I
rate NN I
of IN O
the DT I
same JJ I
age NN I
group NN I
in IN O
the DT I
mid-1980s NNS I
was VBD O
9.6 CD I
, , O
a DT I
decline NN I
of IN O
28.7 CD I
% NN I
. . O

Measured VBN O
the DT I
same JJ I
way NN I
, , O
the DT I
decline NN I
for IN O
black JJ I
males NNS I
was VBD O
14.2 CD I
% NN I
. . O

The DT I
drop NN I
in IN O
mortality NN I
rates NNS I
for IN O
women NNS I
was VBD O
less RBR O
steep JJ O
-- : O
8.9 CD I
% NN I
for IN O
blacks NNS I
and CC O
5.3 CD I
% NN I
for IN O
whites NNS I
. . O

The DT I
study NN I
, , O
by IN O
Susan NNP I
Devesa NNP I
, , O
William NNP I
Blot NNP I
and CC O
Joseph NNP I
Fraumeni NNP I
of IN O
the DT I
institute NN I
's POS B
staff NN I
, , O
also RB O
shows VBZ O
that IN O
the DT I
incidence NN I
of IN O
lung NN I
cancer NN I
as RB O
well RB O
as IN O
the DT I
death NN I
rate NN I
declined VBD O
over IN O
the DT I
decade NN I
for IN O
all DT I
groups NNS I
in IN O
the DT I
35-44 JJ I
age NN I
bracket NN I
, , O
except IN O
black JJ I
men NNS I
. . O

Although IN O
lung-cancer NN I
mortality NN I
rates NNS I
are VBP O
increasing VBG O
for IN O
the DT I
nation NN I
as IN O
a DT I
whole NN I
, , O
the DT I
report NN I
projects VBZ O
that IN O
death NN I
rates NNS I
will MD O
begin VB O
to TO O
decline VB O
in IN O
the DT I
1990s CD I
for IN O
men NNS I
and CC O
after IN O
the DT I
year NN I
2000 CD I
for IN O
women NNS I
. . O

Lung-cancer NN I
mortality NN I
rates NNS I
increase VBP O
with IN O
age NN I
and CC O
are VBP O
continuing VBG O
to TO O
rise VB O
for IN O
all DT I
age NN I
groups NNS I
over IN O
55 NN I
, , O
with IN O
sharp JJ I
increases NNS I
for IN O
everybody NN I
but CC O
white JJ I
men NNS I
. . O

But CC O
Dr. NNP I
Fraumeni NNP I
, , O
one CD I
of IN O
the DT I
authors NNS I
of IN O
the DT I
report NN I
, , O
said VBD O
`` `` O
the DT I
declining VBG I
rates NNS I
we PRP B
're VBP O
seeing VBG O
for IN O
younger JJR I
people NNS I
we PRP B
believe VBP O
may MD O
be VB O
a DT I
harbinger NN I
of IN O
declining VBG I
mortality NN I
in IN O
the DT I
future NN I
. . O
'' '' O

However RB O
, , O
he PRP I
stressed VBD O
that IN O
the DT I
improvement NN I
depends VBZ O
on IN O
a DT I
continued VBN I
reduction NN I
in IN O
smoking NN I
. . O

`` `` O
Even RB O
though IN O
these DT I
favorable JJ I
trends NNS I
in IN O
lung-cancer NN I
mortality NN I
affect NN O
all DT I
sex NN I
and CC I
race NN I
groups NNS I
, , O
they PRP I
ca MD O
n't RB O
be VB O
taken VBN O
for IN O
granted VBN O
, , O
'' '' O
the DT I
report NN I
says NNS O
. . O

`` `` O
Smoking NNP I
prevention NN I
programs NNS I
should MD O
reach VB O
larger JJR I
segments NNS I
of IN O
the DT I
population NN I
, , O
especially RB I
children NNS I
, , I
adolescents NNS I
and CC I
minorities NNS I
. . O
'' '' O

An DT I
editorial NN I
in IN O
the DT I
NCI NNP I
Journal NNP I
says VBZ O
the DT I
report NN I
of IN O
declining VBG I
lung-cancer NN I
mortality NN I
`` `` I
among IN O
young JJ I
men NNS I
and CC I
women NNS I
in IN O
the DT I
U.S. NNP I
indicates VBZ O
that IN O
we PRP I
finally RB O
may MD O
be VB O
winning VBG O
the DT I
battle NN I
-- : O
this DT I
even RB O
in IN O
a DT I
country NN I
where WRB O
the DT I
tobacco NN I
industry NN I
spends VBZ O
over IN I
$ $ I
2 CD I
billion CD I
a DT B
year NN I
for IN O
promotion NN I
of IN O
the DT I
addictive JJ I
habit NN I
of IN O
smoking NN I
. . O
'' '' O

But CC O
the DT I
editorial NN I
, , O
by IN O
Jan NNP I
Stjernsward NNP I
of IN O
the DT I
World NNP I
Health NNP I
Organization NNP I
, , O
notes VBZ O
that DT O
tobacco NN I
consumption NN I
and CC I
lung-cancer NN I
mortality NN I
rates NNS I
are VBP O
rising VBG O
in IN O
developing VBG I
countries NNS I
. . O

`` `` O
Non-smoking NN I
should MD O
be VB O
established VBN O
as IN O
the DT I
norm NN I
of IN O
social JJ I
behavior NN I
'' '' O
around IN O
the DT I
world NN I
, , O
the DT I
editorial NN I
says VBZ O
, , O
through IN O
the DT I
enactment NN I
of IN O
laws NNS I
that WDT B
limit VBP O
advertising VBG I
, , O
boost VB O
tobacco NN I
prices NNS I
and CC O
promote VB O
anti-smoking JJ I
education NN I
. . O

Asked VBN O
for IN O
comment NN I
, , O
Walker NNP I
Merryman NNP I
, , O
a DT I
vice NN I
president NN I
of IN O
the DT I
Tobacco NNP I
Institute NNP I
, , O
said VBD O
new JJ I
efforts NNS I
to TO O
restrict VB O
tobacco NN I
advertising NN I
in IN O
the DT I
U.S. NNP I
could MD O
violate VB O
the DT I
First NNP I
Amendment NNP I
protection NN I
of IN O
free JJ I
speech NN I
. . O

According VBG O
to TO O
the DT I
American NNP I
Cancer NNP I
Society NNP I
, , O
smoking NN I
is VBZ O
responsible JJ O
for IN O
85 CD I
% NN I
of IN O
the DT I
lung-cancer NN I
cases NNS I
among IN O
men NNS I
and CC O
75 CD I
% NN I
among IN O
women NNS I
. . O

The DT I
NCI NNP I
report NN I
attributes VBZ O
the DT I
differences NNS I
in IN O
mortality NN I
rates NNS I
by IN O
race NN I
to TO O
different JJ I
smoking NN I
patterns NNS I
. . O

A DT I
higher JJR I
proportion NN I
of IN O
black JJ I
men NNS I
smoke VBP O
than IN O
white JJ I
men NNS I
. . O

While IN O
nearly RB I
equal JJ I
percentages NNS I
of IN O
black JJ I
and CC I
white JJ I
women NNS I
currently JJ O
smoke NN O
, , O
in IN O
both DT I
sexes NNS I
more JJR B
whites NNS I
have VBP O
given VBN O
up IN O
smoking NN I
than IN O
blacks NNS I
. . O

In IN O
comparing VBG O
changes NNS I
in IN O
mortality NN I
rates NNS I
over IN O
the DT I
past JJ I
decade NN I
, , O
the DT I
NCI NNP I
study NN I
looked VBD O
only RB O
at IN O
blacks NNS I
and CC I
whites NNS I
. . O

Asians NNS I
and CC O
native JJ I
Americans NNPS I
were VBD O
n't RB O
studied VBN O
; : O
Hispanics NNPS I
were VBD O
included VBN O
with IN O
whites NNS I
. . O

Recent JJ I
changes NNS I
in IN O
average JJ I
annual JJ I
age-specific JJ I
lung-cancer NN I
rates NNS I
per IN O
100,000 CD I
population NN I
by IN O
race NN I
and CC I
sex NN I
. . O

White NNP I
Males NNPS I

White NNP I
Females NNPS I

Black NNP I
Males NNPS I

Black NNP I
Females NNPS I

Directors NNS I
elected VBD O
R. NNP I
Marvin NNP I
Womack NNP I
, , O
currently JJ O
vice NN I
president\/product NN I
supply NN I
, , I
purchasing VBG I
, , O
to TO O
head VB O
the DT I
company NN I
's POS B
Washington NNP I
, , I
D.C. NNP I
, , I
office NN I
. . O

As IN O
vice NN I
president\/national-government NN I
relations NNS I
, , O
Mr. NNP I
Womack NNP I
will MD O
work VB O
with IN O
P&G NNP I
's POS B
top JJ I
management NN I
and CC O
with IN O
the DT I
company NN I
's POS B
government-relations NNS I
staff VBP I
`` `` O
to TO O
represent VB O
P&G NNP I
's POS B
interests NNS I
at IN O
the DT I
federal JJ I
level NN I
, , O
'' '' O
said VBD O
John NNP I
G. NNP I
Smale NNP I
, , O
chairman NN I
and CC O
chief JJ I
executive JJ I
officer NN I
. . O

Mr. NNP I
Smale NNP I
said VBD O
the DT I
appointment NN I
`` `` O
recognizes VBZ O
the DT I
growing VBG I
influence NN I
of IN O
government NN I
on IN O
our PRP$ I
business NN I
. . O
'' '' O

Mr. NNP I
Womack NNP I
, , O
53 CD I
years NNS I
old JJ O
, , O
has VBZ O
been VBN O
with IN O
the DT I
big JJ I
producer NN I
of IN O
household NN I
products NNS I
, , O
food NN I
and CC O
pharmaceuticals NNS I
for IN O
30 CD I
years NNS I
. . O

Traders NNS I
trying VBG O
to TO O
profit VB O
from IN O
the DT I
recent JJ I
volatility NN I
in IN O
financial JJ I
markets NNS I
invaded VBD O
the DT I
Nasdaq NNP I
over-the-counter JJ I
market NN I
, , O
prompting VBG O
even RB I
more JJR I
swings NNS I
in IN O
stock NN I
prices NNS I
. . O

After IN O
gaining VBG O
strength NN I
during IN O
a DT I
brief JJ I
run-up NN I
when WRB O
trading NN I
began VBD O
, , O
the DT I
Nasdaq NNP I
Composite NNP I
Index NNP I
weakened VBD O
under IN O
selling VBG I
pressure NN I
. . O

The DT I
forces NNS I
at IN O
work NN I
included VBD O
computer-guided JJ I
trading NN I
, , O
as RB O
well RB O
as IN O
profit-driven CD I
market NN I
makers NNS I
and CC O
institutional JJ I
investors NNS I
who WP B
had VBD O
bought VBN O
stock NN I
on IN O
the DT I
cheap NN I
during IN O
the DT I
recent JJ I
correction NN I
. . O

During IN O
the DT I
last JJ I
two CD I
hours NNS I
of IN O
trading NN I
, , O
the DT I
composite JJ I
almost RB O
drew VBD O
even RB O
on IN O
the DT I
day NN I
before IN O
slipping VBG O
again RB O
. . O

The DT I
Nasdaq NNP I
Composite NNP I
closed VBD O
down RB O
1.05 CD I
, , O
or CC O
0.2 CD I
% NN I
, , O
to TO O
459.93 CD I
. . O

The DT I
action NN I
was VBD O
confined VBN O
to TO O
Nasdaq NNP I
's POS B
biggest JJS I
and CC I
most RBS I
liquid JJ I
stocks NNS I
, , O
traders NNS I
said VBD O
. . O

The DT I
Nasdaq NNP I
100 CD I
Index NNP I
began VBD O
the DT I
day NN I
at IN O
449.89 CD I
, , O
lost VBD O
2 CD I
% NN I
at IN O
one CD I
point NN I
, , O
and CC O
was VBD O
up IN O
0.4 CD I
% NN I
at IN O
another DT I
. . O

The DT I
barometer NN I
of IN O
the DT I
biggest JJS I
nonfinancial JJ I
stocks NNS I
settled VBD O
at IN O
448.49 CD I
, , O
off IN O
1.40 CD I
. . O

Its PRP$ I
counterpart NN I
, , O
the DT I
Nasdaq NNP I
Financial NNP I
Index NNP I
, , O
was VBD O
weak JJ O
for IN O
most RBS I
of IN O
the DT I
day NN I
, , O
sliding VBG O
2.51 CD I
to TO O
453.57 CD I
by IN O
the DT I
end NN I
of IN O
trading NN I
. . O

The DT I
volatility NN I
was VBD O
dizzying JJ O
for IN O
traders NNS I
. . O

`` `` O
The DT I
market NN I
must MD O
have VB O
turned VBN O
up IN O
and CC O
down RB O
15 CD I
different JJ I
times NNS I
, , O
'' '' O
commented VBD O
Lance NNP I
Zipper NNP I
, , O
head NN I
of IN O
OTC NNP I
trading NN I
at IN O
Kidder NNP I
Peabody NNP I
. . O

`` `` O
Every DT I
time NN I
you PRP B
thought VBD O
it PRP I
was VBD O
going VBG O
into IN O
a DT I
rally NN I
it PRP B
gave VBD O
up IN O
, , O
and CC O
every DT I
time NN I
you PRP B
thought VBD O
it PRP I
would MD O
rally VB O
it PRP I
came VBD O
down RB O
. . O

This DT I
is VBZ O
a DT I
tough JJ I
market NN I
. . O
'' '' O

Mr. NNP I
Zipper NNP I
said VBD O
the DT I
market NN I
is VBZ O
still RB O
settling VBG O
down RB O
after IN O
the DT I
recent JJ I
correction NN I
. . O

Most JJS I
of IN O
trading NN I
action NN I
now RB O
is VBZ O
from IN O
professional JJ I
traders NNS I
who WP B
are VBP O
trying VBG O
to TO O
take VB O
advantage NN I
of IN O
the DT I
price NN I
swings NNS I
to TO O
turn VB O
a DT I
quick JJ I
profit NN I
, , O
he PRP I
and CC O
other JJ I
traders NNS I
said VBD O
. . O

`` `` O
Everybody NN I
's POS O
confused VBN O
and CC O
no DT I
one CD I
has VBZ O
an DT I
opinion NN I
that WDT B
lasts VBZ O
longer RB O
than IN O
30 CD I
seconds NNS I
, , O
'' '' O
said VBD O
Mr. NNP I
Zipper NNP I
. . O

`` `` O
A DT I
lot NN I
of IN O
the DT I
professional JJ I
traders NNS I
are VBP O
just RB O
going VBG O
back RB O
and CC O
forth RB O
. . O

They PRP I
're VBP O
just RB O
as IN O
confused VBN O
. . O
'' '' O

William NNP I
Rothe NNP I
, , O
head NN I
of IN O
OTC NNP I
trading NN I
at IN O
Alex NNP I
. . I
Brown NNP I
& CC I
Sons NNP I
, , O
in IN O
Baltimore NNP I
, , O
said VBD O
program NN I
trading NN I
is VBZ O
keeping VBG O
the DT I
markets NNS I
unsettled JJ O
. . O

He PRP I
believes VBZ O
that IN O
the DT I
volatile JJ I
conditions NNS I
created VBN O
by IN O
program NN I
trading NN I
has VBZ O
`` `` O
thoroughly RB O
confused VBN O
'' '' O
investors NNS I
about IN O
where WRB O
the DT I
market NN I
is VBZ O
headed VBN O
. . O

Program NN I
trading NN I
is VBZ O
`` `` O
benefiting VBG O
a DT I
few JJ I
to TO O
the DT I
detriment NN I
of IN O
many JJ I
and CC O
I PRP I
wish VBP O
someone NN I
would MD O
do VB O
something NN I
about IN O
it PRP I
, , O
'' '' O
he PRP I
complained VBD O
. . O

Trading NN I
activity NN I
cooled VBN O
off IN O
from IN O
Monday NNP I
's POS B
sizzling JJ I
pace NN I
. . O

Share NN I
turnover NN I
subsided VBD O
to TO O
161.5 CD I
million CD I
. . O

Advancing VBG I
and CC I
declining VBG I
issues NNS I
finished VBD O
about IN O
even RB O
. . O

Of IN O
the DT I
4,345 CD I
stocks NNS I
that WDT B
changed VBD O
hands NNS I
, , O
1,174 CD I
declined VBD O
and CC O
1,040 CD I
advanced VBD O
. . O

One CD I
big JJ I
technology NN I
issue NN I
, , O
Novell NNP I
, , O
rode VBD O
the DT I
roller NN I
coaster NN I
. . O

The DT I
stock NN I
, , O
which WDT I
finished VBD O
Monday NNP I
at IN O
29 CD I
1\/2 CD I
, , O
traded VBD O
as RB O
high JJ O
as IN O
29 CD I
3\/4 CD I
and CC O
as RB O
low JJ O
as IN O
28 CD I
3\/4 CD I
before IN O
closing VBG O
at IN O
29 CD I
1\/4 CD I
, , O
down RB O
1\/4 CD I
. . O

It PRP I
was VBD O
a DT I
jarring VBG I
day NN I
for IN O
investors NNS I
in IN O
Genetics NNP I
Institute NNP I
. . O

The DT I
stock NN I
tumbled VBD O
2 CD I
3\/4 CD I
on IN O
news NN I
that IN O
it PRP I
might MD O
have VB O
to TO O
take VB O
a DT I
charge NN I
against IN O
earnings NNS I
if IN O
it PRP I
ca MD O
n't RB O
successfully RB O
resolve VB O
a DT I
dispute NN I
with IN O
its PRP$ I
European JJ I
licensee NN I
, , O
Boehringer NNP I
Mannheim NNP I
, , O
over IN O
its PRP$ I
anti-anemia NN I
drug NN I
, , O
EPO NNP I
. . O

The DT I
stock NN I
recovered VBD O
somewhat RB O
to TO O
finish VB O
1 CD I
1\/4 CD I
lower JJR O
at IN O
26 CD I
1\/4 CD I
. . O

In IN O
a DT I
statement NN I
, , O
Genetics NNP I
Institute NNP I
said VBD O
the DT I
dispute NN I
with IN O
Boehringer NNP I
centers NNS O
on IN O
questions NNS I
of IN O
the DT I
usability NN I
of IN O
certain JJ I
batches NNS I
of IN O
EPO NNP I
material NN I
valued VBN O
at IN O
$ $ I
13.6 CD I
million CD I
. . O

Earlier RBR O
this DT I
week NN I
, , O
Genetics NNP I
Institute NNP I
reported VBD O
wider JJR I
losses NNS I
in IN O
its PRP$ I
fiscal JJ I
third JJ I
quarter NN I
ended VBN O
Aug. NNP I
31 CD I
. . O

Price NNP I
Co. NNP I
jumped VBD O
2 CD I
1\/4 CD I
to TO O
44 CD I
on IN O
1.7 CD I
million CD I
shares NNS I
. . O

The DT I
wholesaler NN I
of IN O
cash NN I
and CC I
carry VB I
merchandise NN I
reported VBD O
fiscal JJ I
fourthquarter NN I
earnings NNS I
that WDT B
were VBD O
better JJR O
than IN O
analysts NNS I
had VBD O
expected VBN O
. . O

The DT I
company NN I
also RB O
pleased VBD O
analysts NNS I
by IN O
announcing VBG O
four CD I
new JJ I
store NN I
openings NNS I
planned VBN O
for IN O
fiscal JJ I
1990 CD I
, , O
ending VBG O
next JJ I
August NNP I
. . O

That DT I
will MD O
bring VB O
the DT I
total NN I
for IN O
the DT I
year NN I
to TO O
10 CD I
, , O
from IN O
five CD I
during IN O
fiscal JJ I
1989 CD I
. . O

`` `` O
Every DT I
year NN I
we PRP B
've VBP O
been VBN O
waiting VBG O
for IN O
stepped-up JJ I
expansion NN I
from IN O
the DT I
company NN I
. . O

The DT I
news NN I
could MD O
n't RB O
have VB O
been VBN O
better JJR O
, , O
'' '' O
said VBD O
Linda NNP I
Kristiansen NNP I
, , O
a DT I
Dean NNP I
Witter NNP I
Reynolds NNP I
analyst NN I
, , O
in IN O
an DT I
interview NN I
. . O

Intermec NNP I
, , O
a DT I
maker NN I
of IN O
optical JJ I
character-recognition NN I
devices NNS I
, , O
also RB O
reported VBD O
higher JJR I
third-quarter JJ I
earnings NNS I
. . O

Its PRP$ I
shares NNS I
added VBD O
3\/4 CD I
to TO O
30 CD I
3\/4 CD I
. . O

But CC O
favorable JJ I
earnings NNS I
was VBD O
n't RB O
a DT I
guarantee NN I
that IN O
a DT I
stock NN I
's POS B
price NN I
would MD O
improve VB O
yesterday NN I
. . O

MCI NNP I
Communications NNPS I
tumbled VBD O
2 CD I
5\/8 CD I
to TO O
42 CD I
3\/8 CD I
on IN O
4.7 CD I
million CD I
shares NNS I
even RB O
though IN O
the DT I
telecommunications NNS I
giant NN I
reported VBD O
a DT I
63 CD I
% NN I
increase NN I
in IN O
third-quarter JJ I
profit NN I
. . O

CoreStates NNP I
Financial NNP I
slipped VBD O
3\/8 CD I
to TO O
43 CD I
1\/8 CD I
in IN O
active JJ I
trading NN I
after IN O
reporting VBG O
that IN O
third-quarter JJ I
earnings NNS I
improved VBN O
to TO O
$ $ I
1.27 CD I
a DT B
share NN I
from IN O
$ $ I
1.15 CD I
a DT B
share NN I
a DT B
year NN I
earlier RBR O
. . O

However RB O
, , O
the DT I
bank NN I
holding VBG I
company NN I
's POS B
loan-loss NN I
reserves NNS I
rose VBD O
to TO O
$ $ I
177.3 CD I
million CD I
from IN O
$ $ I
154 CD I
million CD I
a DT B
year NN I
earlier RBR O
. . O

A&W NNP I
Brands NNP I
lost VBD O
1\/4 CD I
to TO O
27 CD I
. . O

But CC O
its PRP$ I
thirdquarter JJ I
earnings NNS I
rose VBD O
to TO O
26 CD I
cents NNS I
a DT B
share NN I
from IN O
18 CD I
cents NNS I
a DT B
share NN I
last JJ B
year NN I
. . O

Capital NNP I
Associates NNPS I
dropped VBD O
1 CD I
to TO O
5 VB I
3\/8 CD I
. . O

The DT I
company NN I
, , O
which WDT I
leases VBZ O
technology NN I
equipment NN I
, , O
reported VBD O
substantially RB I
lower JJR I
net JJ I
income NN I
for IN O
its PRP$ I
fiscal JJ I
first JJ I
quarter NN I
, , O
which WDT I
ended VBN O
Aug. NNP I
31 CD I
. . O

Robert NNP I
M. NNP I
Jelenic NNP I
, , O
39 CD I
, , O
was VBD O
named VBN O
president NN I
and CC O
chief JJ I
operating VBG I
officer NN I
of IN O
this DT I
closely RB I
held VBN I
publisher NN I
. . O

The DT I
post NN I
had VBD O
been VBN O
vacant JJ O
for IN O
more JJR I
than IN I
a DT I
year NN I
. . O

Mr. NNP I
Jelenic NNP I
had VBD O
been VBN O
executive JJ I
vice NN I
president NN I
for IN O
operations NNS I
. . O

In IN O
addition NN I
, , O
Ralph NNP I
Ingersoll NNP I
II NNP I
, , O
43 CD I
, , O
chairman NN I
and CC O
chief JJ I
executive NN I
, , O
said VBD O
he PRP I
would MD O
take VB O
on IN O
additional JJ I
responsibilities NNS I
as IN O
editor NN I
in IN O
chief NN I
of IN O
the DT I
company NN I
. . O

John NNP I
Wilpers NNP I
resigned VBD O
as IN O
editor NN I
in IN O
chief NN I
. . O

Mr. NNP I
Ingersoll NNP I
remains VBZ O
editor NN I
in IN O
chief NN I
of IN O
the DT I
company NN I
's POS B
recently RB I
launched VBN I
daily JJ I
, , O
the DT I
St. NNP I
Louis NNP I
Sun NNP I
. . O

Also RB O
, , O
Jean NNP I
B. NNP I
Clifton NNP I
, , O
28 CD I
, , O
was VBD O
named VBN O
executive JJ I
vice NN I
president NN I
, , O
treasurer NN I
and CC O
chief JJ I
financial JJ I
officer NN I
. . O

Michael NNP I
Applebaum NNP I
resigned VBD O
after IN O
less JJR I
than IN I
a DT I
year NN I
in IN O
the DT I
posts NNS I
. . O

Ms. NNP I
Clifton NNP I
had VBD O
been VBN O
executive NN I
financial JJ I
assistant NN I
to TO O
the DT I
chairman NN I
. . O

Certainly RB O
conservative JJ I
environmentalists NNS I
can MD O
defend VB O
their PRP$ I
limited JJ I
government NN I
position NN I
by IN O
differentiating VBG O
between IN O
Old NNP I
Environmentalism NNP I
and CC O
New NNP I
Environmentalism NNP I
-LRB- ( O
`` `` O
Journalists NNS I
and CC I
Others NNS I
for IN O
Saving VBG O
the DT I
Planet NNP I
, , O
'' '' O
by IN O
David NNP I
Brooks NNP I
, , O
editorial NN I
page NN I
, , O
Oct. NNP I
5 NN I
-RRB- ) O
. . O

Old NNP I
Environmentalism NNP I
involved VBD O
microbe NN I
hunters NNS I
and CC O
sanitationists NNS I
. . O

It PRP I
started VBD O
with IN O
improvements NNS I
in IN O
hygiene NN I
made VBD O
possible JJ O
by IN O
affordable JJ I
soap NN I
and CC O
washable JJ I
underwear NN I
during IN O
the DT I
Industrial NNP I
Revolution NNP I
. . O

Then RB O
cast-iron NN I
sewer NN I
pipe NN I
and CC O
the DT I
flush JJ I
toilet NN I
were VBD O
followed VBN O
by IN O
sewage NN I
- : I
and CC I
water-treatment NN I
plants NNS I
toward IN O
the DT I
end NN I
of IN O
the DT I
19th JJ I
century NN I
. . O

Medicine NNP I
in IN O
the DT I
19th JJ I
century NN I
was VBD O
dedicated VBN O
mostly RB O
to TO O
combating VBG O
sepsis NN I
and CC O
diagnostic JJ I
analysis NN I
. . O

Then RB O
the DT I
20th JJ I
century NN I
saw VBD O
the DT I
evolution NN I
of IN O
private-sector JJ I
wonder NN I
drugs NNS I
, , O
which WDT I
promulgated VBD O
medical JJ I
therapy NN I
. . O

The DT I
process NN I
dramatically RB O
increased VBD O
our PRP$ I
average JJ I
life NN I
expectancy NN I
, , O
eliminated VBN O
much JJ I
pain NN I
and CC O
constantly RB O
improved VBN O
health NN I
and CC I
well-being NN I
. . O

Most JJS I
public-health JJ I
measures NNS I
were VBD O
handled VBN O
at IN O
the DT I
local JJ I
level NN I
. . O

New NNP I
Environmentalism NNP I
probably RB O
started VBD O
in IN O
1962 CD I
with IN O
the DT I
publication NN I
of IN O
Rachel NNP I
Carson NNP I
's POS B
book NN I
`` `` O
Silent NNP I
Spring NNP I
. . O
'' '' O

Shortly RB O
thereafter RB O
, , O
hysterical JJ I
articles NNS I
began VBD O
to TO O
appear VB O
predicting VBG O
that WDT O
advanced VBD I
industrial JJ I
societies NNS I
would MD O
produce VB O
a DT I
blackened VBN I
, , I
uninhabitable JJ I
planet NN I
possibly RB O
by IN O
the DT I
turn NN I
of IN O
the DT I
century NN I
. . O

These DT I
apocalyptic JJ I
predictions NNS I
were VBD O
advanced VBN O
by IN O
such JJ I
stalwarts NNS I
as IN O
Paul NNP I
Ehrlich NNP I
, , O
Barry NNP I
Commoner NNP I
, , O
Rene NNP I
Dubois NNP I
and CC O
George NNP I
Wald NNP I
. . O

Writing VBG O
in IN O
the DT I
1960s CD I
Ms. NNP B
Carson NNP I
suggested VBD O
that IN O
the DT I
human JJ I
race NN I
could MD O
be VB O
eliminated VBN O
in IN O
20 CD I
years NNS I
, , O
and CC O
Mr. NNP I
Wald NNP I
suggested VBD O
that DT O
life NN I
on IN O
earth NN I
might MD O
end VB O
by IN O
1985 CD I
. . O

Mr. NNP I
Ehrlich NNP I
predicted VBD O
unprecedented JJ I
famine NN I
by IN O
1980 CD I
. . O

There EX I
were VBD O
many RB I
more JJR I
. . O

Thousands NNS I
of IN O
chemical NN I
products NNS I
were VBD O
categorized VBN O
as IN O
carcinogenic JJ O
, , O
with IN O
recommendations NNS I
that IN O
they PRP I
be VBP O
banned VBN O
from IN O
industrial JJ I
use NN I
because IN O
they PRP I
produced VBD O
malignant JJ I
tumors NNS I
in IN O
overdosed VBN I
rats NNS I
. . O

Unknown JJ O
before IN O
1960 CD I
were VBD O
the DT I
inconclusive JJ I
effects NNS I
of IN O
acid NN I
rain NN I
, , O
greenhouse NN I
warming NN I
and CC O
ozone NN I
depletion NN I
, , O
all DT O
of IN O
which WDT I
required VBD O
burgeoning VBG I
political JJ I
power NN I
and CC O
gargantuan JJ I
expense NN I
. . O

Meanwhile RB O
, , O
the DT I
New NNP I
Environmentalists NNS I
systematically RB O
opposed VBN O
the DT I
methods NNS I
of IN O
the DT I
Old NNP I
Environmentalists NNS I
. . O

Local JJ I
pollution NN I
problems NNS I
require VBP O
cheap JJ I
energy NN I
and CC O
capital NN I
for IN O
their PRP$ I
solution NN I
. . O

But CC O
the DT I
New NNP I
Environmentalists NNS I
oppose VBP O
private JJ I
wealth NN I
creation NN I
-LRB- ( O
which WDT I
, , O
they PRP I
claim VBP O
, , O
depletes VBZ O
natural JJ I
resources NNS I
-RRB- ) O
and CC O
nuclear JJ I
power NN I
-LRB- ( O
even RB O
though IN O
it PRP I
would MD O
counteract VB O
the DT I
greenhouse NN I
effect NN I
-RRB- ) O
. . O

They PRP I
are VBP O
in IN O
the DT I
forefront NN I
of IN O
opposing VBG O
the DT I
search NN I
for IN O
new JJ I
landfills NNS I
and CC I
methods NNS I
of IN O
incineration NN I
and CC O
even RB O
oppose VB O
new JJ I
methods NNS I
of IN O
research NN I
such JJ O
as IN O
genetic JJ I
engineering NN I
. . O

New NNP I
Environmentalism NNP I
is VBZ O
an DT I
emotional JJ I
attack NN I
on IN O
proven VBN I
methods NNS I
of IN O
improving VBG O
our PRP$ I
quality NN I
of IN O
life NN I
and CC O
a DT I
bid NN I
for IN O
political JJ I
power NN I
. . O

Let VB O
's POS I
rationalize VB O
our PRP$ I
priorities NNS I
by IN O
solving VBG O
pollution NN I
problems NNS I
at IN O
the DT I
local JJ I
level NN I
as IN O
heretofore RB O
. . O

Harry NNP I
Lee NNP I
Smith NNP I
Alpharetta NNP B
, , O
Ga NNP I
. . O

Your PRP$ I
story NN I
missed VBD O
some DT I
essential JJ I
points NNS I
of IN O
the DT I
conference NN I
on IN O
`` `` O
The DT I
Global NNP I
Environment NNP I
: : O
Are VBP O
We PRP I
Overreacting VBG O
? . O
'' '' O

First NNP O
and CC O
foremost JJ O
, , O
the DT I
vignettes NNS I
presented VBN O
by IN O
the DT I
various JJ I
scientists NNS I
represent VBP O
a DT I
general JJ I
consensus NN I
among IN O
specialists NNS I
working VBG O
in IN O
the DT I
respective JJ I
aspects NNS I
of IN O
the DT I
global JJ I
environment NN I
. . O

Consider VB O
, , O
for IN O
example NN I
, , O
the DT I
greenhouse NN I
effect NN I
and CC O
climate NN I
change NN I
; : O
numerous JJ I
blue-ribbon JJ I
scientific JJ I
committees NNS I
, , O
including VBG O
one CD I
from IN O
the DT I
National NNP I
Academy NNP I
of IN O
Science NNP I
, , O
judge NN O
there EX I
is VBZ O
a DT I
greater JJR I
than IN I
50 CD I
% NN I
probability NN I
of IN O
a DT I
grave JJ I
problem NN I
in IN O
the DT I
offing NN I
. . O

The DT I
point NN I
was VBD O
to TO O
answer VB O
the DT I
question NN I
in IN O
the DT I
conference NN I
title NN I
, , O
not RB O
to TO O
try VB O
to TO O
create VB O
news NN I
stories NNS I
for IN O
the DT I
event NN I
itself PRP I
. . O

Nor CC O
was VBD O
it PRP I
intended VBD O
to TO O
dictate VB O
a DT I
set NN I
of IN O
prescriptive JJ I
solutions NNS I
, , O
although IN O
various JJ I
points NNS I
were VBD O
raised VBN O
. . O

Each DT I
speaker NN I
was VBD O
asked VBN O
to TO O
address VB O
a DT I
specific JJ I
topic NN I
, , O
not RB O
deliver VB O
a DT I
point NN I
of IN O
view NN I
. . O

Each DT I
scientist NN I
independently RB O
concluded VBD O
society NN I
and CC I
government NN I
are VBP O
underreacting VBG O
when WRB O
it PRP I
comes VBZ O
to TO O
substantive JJ I
policy NN I
change NN I
. . O

This DT I
leads VBZ O
to TO O
a DT I
very RB I
special JJ I
sense NN I
of IN O
urgency NN I
. . O

If IN O
the DT I
media NNS I
decide VBP O
to TO O
work VB O
harder JJR O
at IN O
educating VBG O
the DT I
public NN I
about IN O
these DT I
complex JJ I
and CC I
technical JJ I
issues NNS I
, , O
that IN I
hardly RB O
can MD O
be VB O
termed VBN O
non-objective JJ I
journalism NN I
. . O

The DT I
environment NN I
can MD O
no RB O
longer RB O
be VB O
a DT I
normal JJ I
issue NN I
, , O
to TO O
be VB O
dealt VBN O
with IN O
on IN O
a DT I
business-as-usual JJ I
basis NN I
with IN O
comfortable JJ I
increments NNS I
of IN O
change NN I
. . O

We PRP I
have VBP O
literally RB O
altered VBN O
the DT I
chemistry NN I
and CC I
physics NN I
of IN O
our PRP$ I
planet NN I
's POS B
atmosphere NN I
. . O

This DT I
portends VBZ O
consequences NNS I
from IN O
what WP I
we PRP B
have VBP O
already RB O
done VBN O
that WDT I
will MD O
be VB O
very RB O
destabilizing VBG O
to TO O
social JJ I
and CC I
economic JJ I
systems NNS I
. . O

The DT I
problems NNS I
of IN O
the DT I
environment NN I
are VBP O
so RB O
interrelated VBN O
, , O
so RB O
inextricably RB O
entwined VBN O
with IN O
our PRP$ I
current JJ I
way NN I
of IN O
life NN I
and CC O
so RB O
large JJ O
that IN O
it PRP I
is VBZ O
unlikely JJ O
we PRP I
will MD O
be VB O
able JJ O
to TO O
address VB O
them PRP I
effectively RB O
unless IN O
major JJ I
changes NNS I
are VBP O
made VBN O
in IN O
less JJR I
than IN I
10 CD I
years NNS I
. . O

The DT I
consensus NN I
from IN O
the DT I
scientific JJ I
community NN I
is VBZ O
that IN O
there EX I
is VBZ O
sufficient JJ I
evidence NN I
to TO O
advise VB O
major JJ I
policy NN I
changes NNS I
. . O

No DT O
, , O
we PRP I
are VBP O
not RB O
overreacting VBG O
. . O

Thomas NNP I
E. NNP I
Lovejoy NNP I
Assistant NNP B
Secretary NNP I
for IN O
External NNP I
Affairs NNP I
Smithsonian NNP B
Institution NNP I

Coca-Cola NNP I
Enterprises NNPS I
Inc. NNP I
, , O
fulfilling VBG O
its PRP$ I
dismal JJ I
earnings NNS I
forecast NN I
for IN O
1989 CD I
, , O
said VBD O
its PRP$ I
third-quarter JJ I
net JJ I
income NN I
fell VBD O
68 CD I
% NN I
on IN O
flat JJ I
revenue NN I
. . O

Stung VBN O
by IN O
higher JJR I
marketing NN I
costs NNS I
and CC O
slowing VBG I
volume NN I
growth NN I
, , O
the DT I
giant NN I
Coke NNP I
bottling NN I
operation NN I
said VBD O
net NN I
fell VBD O
to TO O
$ $ I
12.7 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
39.9 CD I
million CD I
, , O
or CC O
26 CD I
cents NNS I
a DT B
share NN I
, , O
the DT I
year NN I
earlier RBR O
. . O

The DT I
results NNS I
met VBD O
estimates NNS I
of IN O
analysts NNS I
, , O
who WP I
had VBD O
already RB O
slashed VBN O
their PRP$ I
projections NNS I
after IN O
the DT I
company NN I
said VBD O
in IN O
late JJ I
August NNP I
that IN O
its PRP$ I
1989 CD I
earnings NNS I
could MD O
tumble VB O
as RB I
much JJ I
as IN I
37 CD I
% NN I
. . O

A DT I
company NN I
spokesman NN I
said VBD O
yesterday NN I
that IN O
Coca-Cola NNP I
Enterprises NNPS I
sticks NNS O
by IN O
its PRP$ I
1989 CD I
forecast NN I
. . O

Third-quarter JJ I
revenue NN I
was VBD O
flat JJ O
at IN O
$ $ I
1.02 CD I
billion CD I
. . O

The DT I
year-ago JJ I
results NNS I
, , O
however RB O
, , O
included VBD O
the DT I
operations NNS I
of IN O
a DT I
bottling NN I
business NN I
, , O
which WDT I
was VBD O
sold VBN O
last JJ I
December NNP I
. . O

Excluding VBG O
that DT I
bottling NN I
business NN I
, , O
Coca-Cola NNP I
Enterprises NNPS I
' POS B
volume NN I
, , O
measured VBN O
by IN O
cases NNS I
of IN O
soda NN I
, , O
rose VBD O
only RB I
1 CD I
% NN I
. . O

The DT I
volume NN I
is VBZ O
well RB O
below IN O
the DT I
industry NN I
's POS B
4 CD I
% NN I
to TO I
5 VB I
% NN I
growth NN I
rate NN I
of IN O
recent JJ I
years NNS I
, , O
but CC O
in IN O
line NN I
with IN O
other JJ I
soft-drink NN I
companies NNS I
for IN O
the DT I
third JJ I
quarter NN I
. . O

The DT I
latest JJS I
third-quarter JJ I
volume NN I
also RB O
compares VBZ O
with IN O
a DT I
very RB I
strong JJ I
10 CD I
% NN I
growth NN I
in IN O
the DT I
year-ago JJ I
quarter NN I
. . O

Coca-Cola NNP I
Enterprises NNPS I
blamed VBD O
the DT I
lower JJR I
volume NN I
on IN O
its PRP$ I
soft-drink NN I
prices NNS I
, , O
which WDT I
were VBD O
about IN O
3 CD O
% NN O
higher JJR O
in IN O
the DT I
third JJ I
quarter NN I
. . O

Consumers NNS I
have VBP O
been VBN O
accustomed VBN O
to TO O
buying VBG O
soft-drinks NNS I
at IN O
discounted VBN I
prices NNS I
for IN O
several JJ I
years NNS I
. . O

Coca-Cola NNP I
Enterprises NNPS I
said VBD O
it PRP I
had VBD O
to TO O
boost VB O
spending NN I
for IN O
trade NN I
and CC I
dealer NN I
incentives NNS I
to TO O
try VB O
to TO O
keep VB O
volumes NNS I
from IN O
slipping VBG O
. . O

The DT I
company NN I
said VBD O
it PRP I
expects VBZ O
consumers NNS I
will MD O
adjust VB O
to TO O
higher-priced JJ I
soft JJ I
drinks NNS I
. . O

A DT I
spokesman NN I
attributed VBD O
the DT I
bulk NN I
of IN O
a DT I
14 CD I
% NN I
increase NN I
in IN O
selling VBG I
, , I
administrative JJ I
and CC I
general JJ I
expenses NNS I
-- : O
to TO O
$ $ I
324.9 CD I
million CD I
-- : O
to TO O
marketing NN I
costs NNS I
. . O

`` `` O
They PRP I
're VBP O
out IN O
there RB I
promoting VBG O
like IN O
crazy JJ O
, , O
trying VBG O
to TO O
get VB O
prices NNS I
up IN O
by IN O
promotion NN I
, , O
'' '' O
said VBD O
Roy NNP I
Burry NNP I
, , O
an DT I
analyst NN I
with IN O
Kidder NNP I
, , I
Peabody NNP I
& CC I
Co NNP I
. . O

For IN O
the DT I
nine CD I
months NNS I
, , O
Coca-Cola NNP I
Enterprises NNPS I
' POS B
net NN I
fell VBD O
31 CD I
% NN I
to TO O
$ $ I
65 CD I
million CD I
, , O
or CC O
39 CD I
cents NNS I
a DT B
share NN I
, , O
from IN O
$ $ I
93.8 CD I
million CD I
, , O
or CC O
63 CD I
cents NNS I
a DT B
share NN I
. . O

Revenue NN I
was VBD O
flat JJ O
at IN O
about RB I
$ $ I
2.97 CD I
billion CD I
. . O

Coca-Cola NNP I
Enterprises NNPS I
, , O
which WDT I
is VBZ O
49%-owned JJ O
by IN O
Coca-Cola NNP I
Co. NNP I
, , O
also RB O
said VBD O
it PRP I
repurchased VBD O
about IN I
1.2 CD I
million CD I
of IN O
its PRP$ I
common JJ I
shares NNS I
during IN O
the DT I
third JJ I
quarter NN I
. . O

The DT I
buy-back NN I
is VBZ O
part NN I
of IN O
a DT I
25-million-share JJ I
repurchase NN I
plan NN I
, , O
under IN O
which WDT I
Coca-Cola NNP B
Enterprises NNPS I
so RB O
far RB O
has VBZ O
acquired VBN O
a DT I
total NN I
of IN O
9.7 CD I
million CD I
shares NNS I
. . O

Separately RB O
, , O
Purchase NNP I
, , I
N.Y.-based JJ I
PepsiCo NNP I
Inc. NNP I
, , O
as IN O
expected VBN O
, , O
said VBD O
fiscal JJ I
third-quarter JJ I
net NN I
rose VBD O
11 CD I
% NN I
to TO O
$ $ I
269.3 CD I
million CD I
, , O
or CC O
$ $ I
1.02 CD I
a DT B
share NN I
, , O
from IN O
$ $ I
241.6 CD I
million CD I
, , O
or CC O
91 CD I
cents NNS I
a DT B
share NN I
. . O

Sales NNS I
rose VBD O
25 CD I
% NN I
to TO O
$ $ I
3.90 CD I
billion CD I
from IN O
$ $ I
3.13 CD I
billion CD I
. . O

The DT I
year-ago JJ I
quarter NN I
's POS B
results NNS I
include VBP O
an DT I
after-tax JJ I
charge NN I
of IN O
$ $ I
5.9 CD I
million CD I
from IN O
the DT I
sale NN I
of IN O
a DT I
winery NN I
in IN O
Spain NNP 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
Coca-Cola NNP I
Enterprises NNPS I
closed VBD O
at IN O
$ $ I
16.375 CD I
a DT B
share NN I
, , O
down RB O
62.5 CD I
cents NNS I
. . O

PepsiCo NNP I
closed VBD O
at IN O
$ $ I
58.50 CD I
a DT B
share NN I
, , O
up IN O
$ $ I
1.375 CD I
. . O

L.J. NNP I
Hooker NNP I
Corp. NNP I
is VBZ O
expected VBN O
to TO O
reach VB O
an DT I
agreement NN I
in IN O
principle NN I
this DT B
week NN I
to TO O
sell VB O
Merksamer NNP I
Jewelers NNP I
Inc. NNP I
to TO O
management NN I
, , O
say VBP O
executives NNS I
familiar JJ O
with IN O
the DT I
talks NNS I
. . O

L.J. NNP I
Hooker NNP I
, , O
based VBN O
in IN O
Atlanta NNP I
, , O
filed VBN O
for IN O
Chapter NN I
11 CD I
bankruptcy NN I
protection NN I
earlier RBR O
this DT I
year NN I
. . O

Currently RB O
, , O
its PRP$ I
parent NN I
company NN I
, , O
Hooker NNP I
Corp. NNP I
of IN O
Sydney NNP I
, , O
Australia NNP I
, , O
is VBZ O
being VBG O
managed VBN O
by IN O
a DT I
court-appointed JJ I
liquidator NN I
. . O

It PRP I
is VBZ O
expected VBN O
that IN O
GE NNP I
Capital NNP I
Corp. NNP I
, , O
a DT I
financial-services NNS I
subsidiary NN I
of IN O
General NNP I
Electric NNP I
Co. NNP I
, , O
will MD O
provide VB O
much NN O
of IN O
the DT I
funding NN I
for IN O
the DT I
proposed VBN I
leveraged JJ I
buy-out NN I
of IN O
Merksamer NNP I
, , O
based VBN O
in IN O
Sacramento NNP I
, , O
Calif NNP I
. . O

A DT I
spokesman NN I
for IN O
GE NNP I
Capital NNP I
declined VBD O
to TO O
comment VB O
. . O

GE NNP I
Capital NNP I
has VBZ O
a DT I
working VBG I
relationship NN I
with IN O
L.J. NNP I
Hooker NNP I
. . O

It PRP I
is VBZ O
providing VBG O
$ $ I
50 CD I
million CD I
in IN O
emergency NN I
financing NN I
to TO O
the DT I
company NN I
and CC O
has VBZ O
agreed VBN O
to TO O
buy VB O
as RB I
much JJ I
as IN O
$ $ I
75 CD I
million CD I
in IN O
receivables NN I
from IN O
B. NNP I
Altman NNP I
& CC I
Co. NNP I
and CC O
Bonwit NNP I
Teller NNP I
, , O
L.J. NNP I
Hooker NNP I
's POS B
two CD I
fully RB I
owned VBN I
department-store NN I
chains NNS I
. . O

Sam NNP I
Merksamer NNP I
, , O
chief JJ I
executive JJ I
officer NN I
of IN O
the DT I
nationwide JJ I
jewelry NN I
chain NN I
, , O
and CC O
Sanford NNP I
Sigoloff NNP I
, , O
chief JJ I
executive NN I
of IN O
L.J. NNP I
Hooker NNP I
Corp. NNP I
, , O
both DT I
declined VBD O
to TO O
comment VB O
. . O

Currently RB O
, , O
Mr. NNP I
Merksamer NNP I
owns VBZ O
20 CD I
% NN I
of IN O
the DT I
company NN I
; : O
L.J. NNP I
Hooker NNP I
acquired VBD O
its PRP$ I
80 CD I
% NN I
interest NN I
in IN O
the DT I
firm NN I
in IN O
May NNP I
1986 CD I
. . O

At IN O
the DT I
time NN I
, , O
the DT I
Merksamer NNP I
chain NN I
had VBD O
11 CD I
stores NNS I
in IN O
operation NN I
. . O

Today NN I
, , O
there EX I
are VBP O
77 CD I
units NNS I
, , O
all DT I
located VBN O
in IN O
shopping NN I
malls NNS I
. . O

In IN O
recent JJ I
weeks NNS I
Mr. NNP B
Merksamer NNP I
has VBZ O
approached VBN O
a DT I
number NN I
of IN O
his PRP$ I
suppliers NNS I
and CC O
asked VBD O
them PRP I
to TO O
provide VB O
letters NNS I
of IN O
intent NN I
saying VBG O
they PRP I
will MD O
continue VB O
shipping VBG O
merchandise NN I
to TO O
the DT I
chain NN I
following VBG O
the DT I
buy-out NN I
, , O
say VBP O
those DT I
familiar NN O
with IN O
the DT I
situation NN I
. . O

This DT I
year NN I
, , O
a DT I
number NN I
of IN O
retail JJ I
leveraged JJ I
buyouts NNS I
have VBP O
failed VBN O
, , O
causing VBG O
jitters NNS I
among IN O
suppliers NNS I
, , O
and CC O
Mr. NNP I
Merksamer NNP I
apparently RB O
wanted VBD O
assurances NNS I
that IN O
he PRP I
wo MD O
n't RB O
have VB O
delivery NN I
problems NNS I
. . O

For IN O
the DT I
year NN I
ended VBN O
June NNP I
30 CD I
, , I
1989 CD I
, , O
Merksamer NNP I
Jewelers NNPS I
had VBD O
$ $ I
62 CD I
million CD I
of IN O
revenue NN I
and CC O
operating VBG I
profit NN I
of IN O
$ $ I
2.5 CD I
million CD I
. . O

The DT I
jewelery NN I
chain NN I
was VBD O
put VBN O
up IN O
for IN O
sale NN I
in IN O
June NNP I
. . O

According VBG O
to TO O
those DT I
familiar NN O
with IN O
the DT I
situation NN I
, , O
other JJ I
bidders NNS I
included VBD O
Ratners NNP I
Group NNP I
PLC NNP I
of IN O
London NNP I
and CC O
Kay NNP I
Jewelers NNP I
Inc NNP I
. . O

First NNP I
Boston NNP I
Corp. NNP I
is VBZ O
advising VBG O
L.J. NNP I
Hooker NNP I
on IN O
the DT I
sale NN I
of IN O
the DT I
Merksamer NNP I
business NN I
. . O

Merksamer NNP I
was VBD O
the DT I
first JJ I
in IN O
a DT I
series NN I
of IN O
retail JJ I
acquisitions NNS I
made VBN O
by IN O
L.J. NNP I
Hooker NNP I
. . O

The DT I
company NN I
was VBD O
founded VBN O
in IN O
Sacramento NNP I
in IN O
1929 CD I
by IN O
two CD I
brothers NNS I
, , O
Ralph NNP I
and CC I
Walter NNP I
Merksamer NNP I
, , O
who WP I
operated VBD O
as IN O
DeVon NNP I
's POS B
Jewelers NNPS I
. . O

In IN O
1979 CD I
, , O
the DT I
pair NN I
split NN O
the DT I
company NN I
in IN O
half NN I
, , O
with IN O
Walter NNP I
and CC O
his PRP$ I
son NN I
, , O
Sam NNP I
, , O
agreeing VBG O
to TO O
operate VB O
under IN O
the DT I
Merksamer NNP I
Jewelery NNP I
name NN I
. . O

The DT I
sale NN I
of IN O
Merksamer NNP I
Jewelers NNPS I
is VBZ O
subject NN O
to TO O
approval NN I
by IN O
Judge NNP I
Tina NNP I
Brozman NNP I
of IN O
U.S. NNP I
Bankruptcy NNP I
Court NNP I
. . O

As IN O
earlier RBR O
reported VBD O
, , O
L.J. NNP I
Hooker NNP I
this DT B
week NN I
received VBD O
a DT I
$ $ I
409 CD I
million CD I
bid NN I
for IN O
its PRP$ I
three CD I
shopping NN I
malls NNS I
, , O
plus CC O
other JJ I
properties NNS I
from IN O
a DT I
consortium NN I
led VBN O
by IN O
Honolulu NNP I
real-estate NN I
investor NN I
Jay NNP I
Shidler NNP I
and CC O
A. NNP I
Boyd NNP I
Simpson NNP I
, , O
an DT I
Atlanta NNP I
developer NN I
and CC O
former JJ I
L.J. NNP I
Hooker NNP I
senior JJ I
executive NN I
. . O

The DT I
offer NN I
, , O
which WDT I
did VBD O
n't RB O
include VB O
the DT I
Merksamer NNP I
chain NN I
, , O
is VBZ O
being VBG O
reviewed VBN O
by IN O
Mr. NNP I
Sigoloff NNP I
. . O

Robert NNP I
J. NNP I
Regal NNP I
was VBD O
named VBN O
president NN I
and CC O
chief JJ I
executive JJ I
officer NN I
of IN O
this DT I
company NN I
's POS B
Universal-Rundle NNP I
Corp. NNP I
unit NN I
. . O

Mr. NNP I
Regal NNP I
had VBD O
been VBN O
president NN I
and CC O
chief JJ I
executive NN I
of IN O
RBS NNP I
Industries NNP I
Inc NNP I
. . O

Robert NNP I
H. NNP I
Carlson NNP I
, , O
previous JJ I
president NN I
and CC I
chief JJ I
executive NN I
of IN O
Universal-Rundle NNP I
, , O
will MD O
assume VB O
the DT I
title NN I
of IN O
chairman NN I
of IN O
the DT I
unit NN I
, , O
a DT I
vitreous-china NN I
maker NN I
. . O

The DT I
days NNS I
may MD O
be VB O
numbered VBN O
for IN O
animated JJ I
shows NNS I
featuring VBG O
Alf NNP I
, , O
the DT I
Karate NNP I
Kid NNP I
and CC O
the DT I
Chipmunks NNPS I
. . O

NBC NNP I
, , O
a DT I
leader NN I
in IN O
morning NN I
, , I
prime-time JJ I
and CC I
late JJ I
night NN I
programs NNS I
but CC O
an DT I
also-ran NN I
on IN O
Saturday NNP I
mornings NNS I
, , O
when WRB O
children NNS I
rule VBP O
the DT I
TV NN I
set VBN I
, , O
is VBZ O
contemplating VBG O
getting VBG O
out IN O
of IN O
the DT I
cartoon NN I
business NN I
. . O

Instead RB O
, , O
network NN I
officials NNS I
say VBP O
, , O
it PRP I
may MD O
`` `` O
counterprogram VB O
'' '' O
with IN O
shows VBZ I
for IN O
an DT I
audience NN I
that WDT B
is VBZ O
virtually RB O
ignored VBN O
in IN O
that DT I
time NN I
period NN I
: : O
adults NNS I
. . O

`` `` O
There EX I
is VBZ O
talk VB I
of IN O
some DT I
revamping VBG I
and CC O
we PRP I
're VBP O
certainly RB O
heading VBG O
in IN O
the DT I
direction NN I
of IN O
less JJR I
and CC I
less JJR I
animation NN I
, , O
'' '' O
said VBD O
Joseph NNP I
S. NNP I
Cicero NNP I
, , O
vice NN I
president NN I
of IN O
finance NN I
and CC I
administration 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

Mr. NNP I
Cicero NNP I
said VBD O
that IN O
NBC NNP I
Entertainment NNP I
president NNP I
Brandon NNP I
Tartikoff NNP I
, , O
who WP I
declined VBD O
to TO O
be VB O
interviewed VBN O
, , O
is VBZ O
`` `` O
looking VBG O
at IN O
options NNS I
now RB O
and CC O
may MD O
put VB O
some DT I
things NNS I
into IN O
the DT I
schedule NN I
by IN O
mid-season NN I
. . O
'' '' O

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

NBC NNP I
's POS B
options NNS I
could MD O
range VB O
from IN O
news-oriented JJ I
programming NN I
to TO O
sports NNS I
shows VBZ I
, , O
although IN O
the DT I
network NN I
declined VBD O
to TO O
comment VB O
. . O

One CD I
major JJ I
NBC NNP I
affiliate NN I
, , O
KCRA NNP I
in IN O
Sacramento NNP I
, , O
plans VBZ O
to TO O
cancel VB O
the DT I
NBC NNP I
Saturday NNP I
morning NN I
line-up NN I
as IN O
of IN O
January NNP I
and CC O
replace VB O
it PRP I
with IN O
a DT I
local JJ I
newscast NN I
. . O

The DT I
one-hour JJ I
program NN I
will MD O
be VB O
repeated VBN O
with IN O
updates NNS I
throughout IN O
Saturday NNP I
mornings NNS I
. . O

`` `` O
We PRP I
feel VBP O
there EX I
is VBZ O
an DT I
opportunity NN I
for IN O
an DT I
audience NN I
that WDT B
is VBZ O
not RB O
being VBG O
served VBN O
by IN O
any DT I
network NN I
, , O
so IN O
we PRP I
want VBP O
to TO O
take VB O
the DT I
lead NN I
, , O
'' '' O
says VBZ O
KCRA NNP I
's POS B
general JJ I
manager NN I
, , O
John NNP I
Kueneke NNP I
. . O

`` `` O
We PRP I
do VBP O
n't RB O
need VB O
cartoons NNS I
anymore RB O
. . O

They PRP I
only RB O
accounted VBD O
for IN O
5 NN I
% NN I
, , O
at IN O
best JJS O
, , O
of IN O
the DT I
station NN I
's POS B
total JJ I
revenues NNS I
. . O
'' '' O

An DT I
NBC NNP I
spokesman NN I
says VBZ O
the DT I
network NN I
will MD O
`` `` O
closely RB O
monitor VB O
'' '' O
the DT I
Sacramento NNP I
situation NN I
, , O
and CC O
says VBZ O
it PRP I
is VBZ O
the DT I
only JJ I
station NN I
to TO O
defect VB O
. . O

Spokesmen NNS I
for IN O
the DT I
television NN I
networks NNS I
of IN O
CBS NNP I
Inc. NNP I
and CC O
Capital NNP I
Cities\/ABC NNP I
Inc. NNP I
, , O
say VBP O
there EX I
are VBP O
no DT I
plans NNS I
to TO O
alter VB O
the DT I
children NNS I
's POS B
line-up NN I
on IN O
Saturday NNP I
mornings NNS I
. . O

The DT I
youthful JJ I
audience NN I
for IN O
Saturday NNP I
programming NN I
is VBZ O
no RB O
longer RB O
dependent JJ O
on IN O
the DT I
networks NNS I
. . O

There EX I
has VBZ O
been VBN O
a DT I
surge NN I
in IN O
syndicated VBN O
children NNS I
's POS I
shows VBZ O
to TO O
independent JJ I
stations NNS I
, , O
as RB O
well RB O
as IN O
competition NN I
from IN O
videocassettes NNS I
for IN O
kids NNS I
and CC O
from IN O
cable NN I
outlets NNS I
such JJ O
as IN O
Nickelodeon NNP I
and CC O
the DT I
Disney NNP I
Channel NNP I
. . O

At IN O
the DT I
same JJ I
time NN I
, , O
there EX I
appears VBZ O
to TO O
be VB O
a DT I
market NN I
for IN O
news-oriented JJ I
programming NN I
; : O
Turner NNP I
Broadcasting NNP I
System NNP I
Inc. NNP I
's POS B
Cable NNP I
News NNP I
Network NNP I
has VBZ O
its PRP$ I
highest JJS I
ratings NNS I
, , O
outside IN O
of IN O
prime JJ I
time NN I
, , O
on IN O
Saturday NNP I
mornings NNS I
. . O

NBC NNP I
has VBZ O
on IN O
previous JJ I
occasions NNS I
considered VBN O
replacing VBG O
cartoons NNS I
with IN O
a DT I
Saturday NNP I
version NN I
of IN O
`` `` O
Today NN I
, , O
'' '' O
which WDT I
is VBZ O
produced VBN O
by IN O
NBC NNP I
News NNP I
. . O

The DT I
network NN I
's POS B
own JJ I
production NN I
company NN I
, , O
NBC NNP I
Productions NNPS I
, , O
supplies VBZ O
a DT I
half-hour NN I
family-oriented JJ I
show NN I
titled VBN O
`` `` O
Saved NNP O
By IN O
The DT I
Bell NNP I
. . O
'' '' O

NBC NNP I
Productions NNPS I
or CC O
NBC NNP I
News NNP I
could MD O
supply VB O
the DT I
network NN I
with IN O
other JJ I
Saturday NNP I
morning NN I
shows VBZ I
, , O
a DT I
move NN I
that WDT B
would MD O
control VB O
costs NNS I
. . O

Animated JJ I
shows NNS I
, , O
which WDT I
are VBP O
made VBN O
by IN O
outside IN I
production NN I
companies NNS I
, , O
cost NN O
the DT I
network NN I
about RB B
$ $ I
300,000 CD I
per IN O
episode NN I
. . O

Rohm NNP I
& CC I
Haas NNP I
Co. NNP I
said VBD O
third-quarter JJ I
net JJ I
income NN I
skidded VBD O
35 CD I
% NN I
to TO O
$ $ I
32.6 CD I
million CD I
, , O
or CC O
49 CD I
cents NNS I
a DT B
share NN I
. . O

In IN O
the DT I
year-earlier JJ I
quarter NN I
, , O
the DT I
chemicals NNS I
company NN I
had VBD O
net NN I
of IN O
$ $ I
49.8 CD I
million CD I
, , O
or CC O
75 CD I
cents NNS I
a DT B
share NN I
. . O

Sales NNS I
were VBD O
$ $ I
623 CD I
million CD I
, , O
up IN O
0.5 CD I
% NN I
from IN O
$ $ I
619.8 CD I
million CD I
a DT B
year NN I
ago RB O
. . O

Rohm NNP I
& CC I
Haas NNP I
, , O
which WDT I
plans VBZ O
to TO O
start VB O
operating VBG O
seven CD I
new JJ I
production NN I
units NNS I
this DT B
year NN I
, , O
attributed VBD O
the DT I
profit NN I
slide NN I
partly RB O
to TO O
higher JJR I
start-up JJ I
expense NN I
. . O

The DT I
company NN I
also RB O
cited VBD O
the DT I
stronger JJR I
dollar NN I
, , O
which WDT I
cuts VBZ O
the DT I
value NN I
of IN O
overseas JJ I
profit NN I
when WRB O
it PRP I
is VBZ O
translated VBN O
into IN O
dollars NNS I
. . O

In IN O
addition NN I
, , O
the DT I
company NN I
said VBD O
, , O
it PRP I
was VBD O
hurt VBN O
by IN O
higher JJR I
than IN I
previous-year JJ I
costs NNS I
for IN O
raw JJ I
materials NNS I
, , O
though IN O
those DT I
costs NNS I
have VBP O
declined VBN O
since IN O
the DT I
second JJ I
quarter NN I
. . O

Incrementally RB I
higher JJR I
production NN I
of IN O
those DT I
chemicals NNS I
which WDT B
remain VBP O
in IN O
heavy JJ I
demand NN I
also RB O
has VBZ O
forced VBN O
up IN O
costs NNS I
, , O
such JJ O
as IN O
overtime NN I
pay NN I
. . O

For IN O
the DT I
nine CD I
months NNS I
, , O
Rohm NNP I
& CC I
Haas NNP I
net NN I
totaled VBD O
$ $ I
155 CD I
million CD I
, , O
or CC O
$ $ I
2.33 CD I
a DT B
share NN I
, , O
down RB O
17 CD I
% NN I
from IN O
$ $ I
187.8 CD I
million CD I
, , O
or CC O
$ $ I
2.82 CD I
a DT B
share NN I
, , O
a DT I
year NN I
ago RB O
. . O

Sales NNS I
rose VBD O
5.2 CD I
% NN I
to TO O
$ $ I
2.04 CD I
billion CD I
from IN O
$ $ I
1.94 CD I
billion CD I
the DT B
previous JJ I
year NN I
. . O

In IN O
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
composite JJ I
trading NN I
, , O
Rohm NNP I
& CC I
Haas NNP I
closed VBD O
at IN O
$ $ I
33 CD I
a DT B
share NN I
, , O
down RB O
$ $ I
1.75 CD I
. . O

Michael NNP I
A. NNP I
Gaskin NNP I
, , O
55 NN I
years NNS I
old JJ O
, , O
was VBD O
named VBN O
president NN I
and CC O
chief JJ I
executive JJ I
officer NN I
of IN O
this DT I
manufacturer NN I
of IN O
industrial JJ I
robots NNS I
, , O
succeeding VBG O
Walter NNP I
K. NNP I
Weisel NNP I
. . O

Mr. NNP I
Weisel NNP I
, , O
49 CD I
, , O
resigned VBD O
as IN O
president NN I
and CC O
chief JJ I
executive NN I
and CC O
will MD O
work VB O
on IN O
special JJ I
projects NNS I
, , O
said VBD O
John NNP I
J. NNP I
Wallace NNP I
, , O
chairman NN I
. . O

Mr. NNP I
Gaskin NNP I
formerly RB O
was VBD O
president NN I
and CC O
chief JJ I
executive NN I
of IN O
Taylor NNP I
& CC I
Gaskin NNP I
Inc. NNP I
and CC O
was VBD O
a DT I
director NN I
of IN O
Prab NNP I
Robots NNP I
since IN O
1985 CD I
. . O

Stephen NNP I
N. NNP I
Wertheimer NNP I
was VBD O
named VBN O
managing VBG I
director NN I
and CC O
group NN I
head NN I
of IN O
investment NN I
banking NN I
in IN O
Asia NNP I
, , O
based VBN O
in IN O
Tokyo NNP I
. . O

Mr. NNP I
Wertheimer NNP I
, , O
38 CD I
years NNS I
old JJ O
, , O
had VBD O
been VBN O
a DT I
first JJ I
vice NN I
president NN I
in IN O
the DT I
industrial JJ I
group NN I
in IN O
investment NN I
banking NN I
. . O

He PRP I
succeeds VBZ O
Everett NNP I
Meyers NNP I
, , O
who WP I
resigned VBD O
in IN O
May NNP I
. . O

This DT I
is VBZ O
written VBN O
to TO O
correct VB O
a DT I
misquotation NN I
in IN O
your PRP$ I
Oct. NNP I
3 CD I
article NN I
`` `` O
Deaths NNP I
From IN O
Advanced NNP I
Colon NNP I
Cancer NNP I
Can MD O
Be VB O
Reduced NNP O
by IN O
Using VBG O
Two CD I
Drugs NNS I
. . O
'' '' O

In IN O
this DT I
article NN I
, , O
I PRP I
was VBD O
alleged VBN O
to TO O
have VB O
said VBD O
, , O
`` `` O
Any DT I
patient NN I
with IN O
high-risk JJ I
colon NN I
cancer NN I
is VBZ O
really RB O
getting VBG O
short JJ I
shrift NN I
if IN O
he PRP I
's VBZ O
not RB O
getting VBG O
this DT I
therapy NN I
. . O
'' '' O

I PRP I
did VBD O
n't RB O
say VB O
this DT I
, , O
and CC O
I PRP I
'm VBP O
totally RB O
opposed VBN O
to TO O
the DT I
philosophy NN I
expressed VBN O
by IN O
the DT I
quote NN I
. . O

I PRP I
have VBP O
not RB O
offered VBN O
and CC O
will MD O
not RB O
offer VB O
routine JJ I
therapy NN I
with IN O
the DT I
two CD I
drugs NNS I
, , O
levamisole NN I
and CC I
5-fluorouracil JJ I
, , O
to TO O
any DT I
of IN O
my PRP$ I
colon-cancer NN I
patients NNS I
. . O

With IN O
this DT I
treatment NN I
we PRP B
have VBP O
reduced VBN O
deaths NNS I
in IN O
high-risk JJ I
colon NN I
cancer NN I
by IN O
one-third NN I
-- : O
but CC O
this DT I
leaves VBZ O
the DT I
two-thirds NNS I
who WP B
are VBP O
dying VBG O
of IN O
cancer NN I
. . O

This DT I
is VBZ O
not RB O
nearly RB O
good JJ O
enough RB O
. . O

I PRP I
believe VBP O
any DT I
physician NN I
who WP B
truly RB O
cares VBZ O
about IN O
cancer NN I
patients NNS I
, , O
both DT I
today NN I
and CC I
tomorrow NN I
, , O
should MD O
offer VB O
the DT I
hope NN I
of IN O
something NN I
better JJR O
than IN O
that DT I
. . O

My PRP$ I
statement NN I
, , O
read VB O
verbatim RB O
from IN O
a DT I
printed VBN I
text NN I
available JJ O
to TO O
all DT I
reporters NNS I
attending VBG O
the DT I
National NNP I
Cancer NNP I
Institute NNP I
news NN I
conference NN I
, , O
was VBD O
the DT I
following VBG I
: : O
`` `` O
New NNP I
clinical JJ I
trials NNS I
are VBP O
already RB O
in IN O
operation NN I
seeking VBG O
to TO O
improve VB O
these DT I
results NNS I
. . O

These DT I
research NN I
protocols NNS I
offer VBP O
to TO O
the DT I
patient NN I
not RB O
only RB O
the DT I
very RB I
best JJS I
therapy NN I
which WDT B
we PRP B
have VBP O
established VBN O
today NN I
but CC O
also RB O
the DT I
hope NN I
of IN O
something NN I
still RB O
better JJR O
. . O

I PRP I
feel VBP O
any DT I
patient NN I
with IN O
high-risk JJ I
cancer NN I
is VBZ O
getting VBG O
short JJ I
shrift NN I
if IN O
he PRP I
is VBZ O
not RB O
offered VBN O
this DT I
opportunity NN I
. . O
'' '' O

We PRP I
have VBP O
very RB I
exciting JJ I
prospects NNS I
for IN O
far RB I
more RBR I
impressive JJ I
advances NNS I
in IN O
the DT I
treatment NN I
of IN O
colon NN I
cancer NN I
during IN O
the DT I
years NNS I
immediately RB O
ahead RB O
. . O

This DT I
hope NN I
, , O
however RB O
, , O
will MD O
never RB O
be VB O
realized VBN O
if IN O
we PRP I
use VBP O
levamisole NN I
and CC I
5-fluorouracil JJ I
as IN O
a DT I
stopping VBG I
point NN I
. . O

Charles NNP I
G. NNP I
Moertel NNP I
M.D NNP I
. . I
Mayo NNP B
Clinic NNP I
Rochester NNP B
, , O
Minn NNP I
. . O

The DT I
oil NN I
and CC I
auto NN I
industries NNS I
, , O
united VBN O
in IN O
their PRP$ I
dislike NN I
of IN O
President NNP I
Bush NNP I
's POS B
proposal NN I
for IN O
cars NNS I
that WDT B
run VBP O
on IN O
alternative NN I
fuels NNS I
, , O
announced VBD O
a DT I
joint JJ I
research NN I
program NN I
that WDT B
could MD O
turn VB O
up IN O
a DT I
cleaner-burning JJ I
gasoline NN I
. . O

Officials NNS I
of IN O
the DT I
Big NNP I
Three CD I
auto NN I
makers NNS I
and CC O
14 CD I
petroleum NN I
companies NNS I
said VBD O
they PRP I
are VBP O
setting VBG O
out IN O
to TO O
find VB O
the DT I
most RBS I
cost-effective JJ I
fuel NN I
for IN O
reducing VBG O
cities NNS I
' POS B
air-pollution NN I
problems NNS I
, , O
with IN O
no DT I
bias NN I
toward IN O
any DT I
fuel NN I
in IN O
particular NN I
. . O

However RB O
, , O
their PRP$ I
search NN I
notably RB O
wo MD O
n't RB O
include VB O
natural JJ I
gas NN I
or CC O
pure JJ I
methanol NN I
-- : O
the DT I
two CD I
front-running JJ I
alternative NN I
fuels NNS I
-- : O
in IN O
tests NNS I
to TO O
be VB O
completed VBN O
by IN O
next JJ I
summer NN I
. . O

Instead RB O
, , O
the DT I
tests NNS I
will MD O
focus VB O
heavily RB O
on IN O
new JJ I
blends NNS I
of IN O
gasoline NN I
, , O
which WDT I
are VBP O
still RB O
undeveloped JJ O
but CC O
which WDT I
the DT B
petroleum NN I
industry NN I
has VBZ O
been VBN O
touting VBG O
as IN O
a DT I
solution NN I
for IN O
automobile NN I
pollution NN I
that WDT B
is VBZ O
choking VBG O
urban JJ I
areas NNS I
. . O

Environmentalists NNS I
criticized VBD O
the DT I
program NN I
as IN O
merely RB I
a DT I
public-relations NNS I
attempt VBP I
to TO O
head VB O
off IN O
a DT I
White NNP I
House NNP I
proposal NN I
to TO O
require VB O
a DT I
million CD I
cars NNS I
a DT B
year NN I
that WDT B
run VBP O
on IN O
cleaner-burning JJ I
fuels NNS I
by IN O
1997 CD I
. . O

While IN O
major JJ I
oil NN I
companies NNS I
have VBP O
been VBN O
experimenting VBG O
with IN O
cleaner-burning JJ I
gasoline NN I
blends NNS I
for IN O
years NNS I
, , O
only RB I
Atlantic NNP I
Richfield NNP I
Co. NNP I
is VBZ O
now RB O
marketing VBG O
a DT I
lower-emission NN I
gasoline NN I
for IN O
older JJR I
cars NNS I
currently RB O
running VBG O
on IN O
leaded JJ I
fuel NN I
. . O

The DT I
initial JJ I
$ $ I
11 CD I
million CD I
research NN I
program NN I
will MD O
conduct VB O
the DT I
most RBS I
extensive JJ I
testing NN I
to TO O
date VB I
of IN O
reformulated VBN I
gasolines NNS I
, , O
said VBD O
Joe NNP I
Colucci NNP I
, , O
head NN I
of IN O
fuels NNS I
and CC I
lubricants NNS I
at IN O
General NNP I
Motors NNPS I
Corp. NNP I
research NN I
laboratories NNS I
. . O

It PRP I
will MD O
compare VB O
21 CD I
different JJ I
blends NNS I
of IN O
gasolines NNS I
with IN O
three CD I
mixtures NNS I
of IN O
up IN I
to TO I
85 CD I
% NN I
methanol NN I
. . O

A DT I
second JJ I
phase NN I
of IN O
research NN I
, , O
which WDT I
is VBZ O
still RB O
being VBG O
planned VBN O
, , O
will MD O
test VB O
reformulated VBN I
gasolines NNS I
on IN O
newer JJR I
engine NN I
technologies NNS I
now RB O
being VBG O
developed VBN O
for IN O
use NN I
in IN O
1992 CD I
or CC I
1993 CD I
cars NNS I
. . O

There EX I
was VBD O
no DT I
cost NN I
estimate NN I
for IN O
the DT I
second JJ I
phase NN I
. . O

`` `` O
The DT I
whole JJ I
idea NN I
here RB I
is VBZ O
the DT I
automobile NN I
and CC I
oil NN I
companies NNS I
have VBP O
joint JJ I
customers NNS I
, , O
'' '' O
said VBD O
Keith NNP I
McHenry NNP I
, , O
a DT I
senior JJ I
vice NN I
president NN I
of IN O
technology NN I
at IN O
Amoco NNP I
Corp NNP I
. . O

`` `` O
And CC O
we PRP I
are VBP O
looking VBG O
for IN O
the DT I
most RBS I
cost-effective JJ I
way NN I
to TO O
clean VB O
up IN O
the DT I
air NN I
. . O
'' '' O

But CC O
David NNP I
Hawkins NNP I
, , O
an DT I
environmental JJ I
lawyer NN I
with IN O
the DT I
Natural NNP I
Resources NNP I
Defense NNP I
Council NNP I
, , O
said VBD O
the DT I
research NN I
appears VBZ O
merely RB O
to TO O
be VB O
a DT I
way NN I
to TO O
promote VB O
reformulated VBN I
gasoline NN I
. . O

Oil NNP I
and CC I
auto NN I
companies NNS I
supported VBD O
a DT I
move NN I
on IN O
Capitol NNP I
Hill NNP I
last JJ B
week NN I
to TO O
gut VB O
Mr. NNP I
Bush NNP I
's POS B
plans NNS I
to TO O
require VB O
auto NN I
makers NNS I
to TO O
begin VB O
selling VBG O
alternative-fueled JJ I
cars NNS I
by IN O
1995 CD I
. . O

Instead RB O
, , O
a DT I
House NNP I
subcommittee NN I
adopted VBD O
a DT I
clean-fuels NNS I
program VBP I
that WDT B
specifically RB O
mentions VBZ O
reformulated VBN I
gasoline NN I
as IN O
an DT I
alternative NN I
. . O

The DT I
Bush NNP I
administration NN I
has VBZ O
said VBD O
it PRP I
will MD O
try VB O
to TO O
resurrect VB O
its PRP$ I
plan NN I
when WRB O
the DT I
House NNP I
Energy NNP I
and CC I
Commerce NNP I
Committee NNP I
takes VBZ O
up IN O
a DT I
comprehensive JJ I
clean-air JJ I
bill NN I
. . O

William NNP I
Seidman NNP I
, , O
chairman NN I
of IN O
the DT I
Federal NNP I
Deposit NNP I
Insurance NNP I
Corp. NNP I
, , O
said VBD O
Lincoln NNP I
Savings NNP I
& CC I
Loan NNP I
Association NNP I
should MD O
have VB O
been VBN O
seized VBN O
by IN O
the DT I
government NN I
in IN O
1986 CD I
to TO O
contain VB O
losses NNS I
that IN B
he PRP B
estimated VBD O
will MD O
cost VB O
taxpayers NNS I
as RB B
much JJ I
as IN I
$ $ I
2 CD I
billion CD I
. . O

Mr. NNP I
Seidman NNP I
, , O
who WP I
has VBZ O
been VBN O
the DT I
nation NN I
's POS B
top JJ I
bank NN I
regulator NN I
, , O
inherited VBD O
the DT I
problems NNS I
of IN O
Lincoln NNP I
, , O
based VBN O
in IN O
Irvine NNP I
, , O
Calif. NNP I
, , O
after IN O
his PRP$ I
regulatory JJ I
role NN I
was VBD O
expanded VBN O
by IN O
the DT I
new JJ I
savings-and-loan JJ I
bailout NN I
law NN I
. . O

He PRP I
made VBD O
his PRP$ I
comments NNS I
before IN O
House NNP I
Banking NNP I
Committee NNP I
hearings NNS I
to TO O
investigate VB O
what WP I
appears VBZ O
to TO O
be VB O
the DT I
biggest JJS I
thrift NN I
disaster NN I
in IN O
a DT I
scandal-ridden JJ I
industry NN I
. . O

The DT I
inquiry NN I
also RB O
will MD O
cover VB O
the DT I
actions NNS I
of IN O
Charles NNP I
Keating NNP I
Jr. NNP I
, , O
who WP I
is VBZ O
chairman NN I
of IN O
American NNP I
Continental NNP I
Corp. NNP I
, , O
Lincoln NNP I
's POS B
parent NN I
, , O
and CC O
who WP I
contributed VBD O
heavily RB O
to TO O
several JJ I
U.S. NNP I
senators NNS I
. . O

Mr. NNP I
Seidman NNP I
told VBD O
the DT I
committee NN I
that IN O
the DT I
Resolution NNP I
Trust NNP I
Corp. NNP I
, , O
the DT I
agency NN I
created VBN O
to TO O
sell VB O
sick JJ I
thrifts NNS I
, , O
has VBZ O
studied VBN O
Lincoln NNP I
's POS B
examination NN I
reports NNS I
by IN O
former JJ I
regulators NNS I
dating VBG O
back RB O
to TO O
1986 CD I
. . O

`` `` O
My PRP$ I
staff NN I
indicated VBD O
that WDT O
had VBD O
we PRP I
made VBD O
such JJ I
findings NNS I
in IN O
one CD I
of IN O
our PRP$ I
own JJ I
institutions NNS I
, , O
we PRP I
would MD O
have VB O
sought VBN O
an DT I
immediate JJ I
cease-and-desist JJ I
order NN I
to TO O
stop VB O
the DT I
hazardous JJ I
operations NNS I
, , O
'' '' O
Mr. NNP I
Seidman NNP I
said VBD O
. . O

When WRB O
Lincoln NNP I
was VBD O
seized VBN O
by IN O
the DT I
government NN I
, , O
for IN O
example NN I
, , O
15 CD I
% NN I
of IN O
its PRP$ I
loans NNS I
, , O
or CC O
$ $ I
250 CD I
million CD I
, , O
were VBD O
to TO O
borrowers NNS I
who WP B
were VBD O
buying VBG O
real JJ I
estate NN I
from IN O
one CD I
of IN O
American NNP I
Continental NNP I
's POS B
50 CD I
other JJ I
subsidiaries NNS I
, , O
according VBG O
to TO O
Mr. NNP I
Seidman NNP I
. . O

But CC O
the DT I
government NN I
did VBD O
n't RB O
step VB O
in IN O
until IN O
six CD I
months NNS I
ago RB O
, , O
when WRB O
thrift NN I
officials NNS I
put VBP O
Lincoln NNP I
into IN O
conservatorship NN I
-- : O
the DT I
day NN I
after IN O
American NNP I
Continental NNP I
filed VBD O
for IN O
Chapter NN I
11 CD I
bankruptcy NN I
protection NN I
from IN O
creditors NNS I
. . O

The DT I
bankruptcy NN I
filing NN I
, , O
the DT I
government NN I
has VBZ O
charged VBN O
in IN O
a DT I
$ $ I
1.1 CD I
billion CD I
civil JJ I
lawsuit NN I
, , O
was VBD O
part NN I
of IN O
a DT I
pattern NN I
to TO O
shift VB O
insured VBN I
deposits NNS I
to TO O
the DT I
parent NN I
company NN I
, , O
which WDT I
used VBD O
the DT I
deposits NNS I
as IN O
a DT I
cache NN I
for IN O
real-estate NN I
deals NNS I
. . O

The DT I
deposits NNS I
that WDT B
have VBP O
been VBN O
transferred VBN O
to TO O
other JJ I
subsidiaries NNS I
are VBP O
now RB O
under IN O
the DT I
jurisdiction NN I
of IN O
the DT I
bankruptcy NN I
court NN I
. . O

`` `` O
I PRP I
think VBP O
it PRP I
's VBZ O
fairly RB O
clear JJ O
-LCB- ( O
Mr. NNP I
Keating NNP I
-RCB- ) O
knew VBD O
, , O
'' '' O
that IN O
regulators NNS I
were VBD O
set VBN O
to TO O
seize VB O
Lincoln NNP I
, , O
Mr. NNP I
Seidman NNP I
said VBD O
. . O

Further JJ I
investigation NN I
, , O
he PRP I
said VBD O
, , O
may MD O
result VB O
in IN O
further JJ I
actions NNS I
against IN O
Lincoln NNP I
's POS B
executives NNS I
, , O
said VBD O
Mr. NNP I
Seidman NNP I
, , O
`` `` O
including VBG O
fraud NN I
actions NNS I
. . O
'' '' O

Mr. NNP I
Keating NNP I
, , O
for IN O
his PRP$ I
part NN I
, , O
has VBZ O
filed VBN O
suit NN I
alleging VBG O
that IN O
regulators NNS I
unlawfully RB O
seized VBN O
the DT I
thrift NN I
. . O

Leonard NNP I
Bickwit NNP I
, , O
an DT I
attorney NN I
in IN O
Washington NNP I
for IN O
Mr. NNP I
Keating NNP I
, , O
declined VBD O
to TO O
comment VB O
on IN O
the DT I
hearings NNS I
, , O
except VB O
to TO O
say VB O
, , O
`` `` O
We PRP I
will MD O
be VB O
responding VBG O
comprehensively RB O
in IN O
several JJ I
forums NNS I
to TO O
each DT I
of IN O
these DT I
allegations NNS I
at IN O
the DT I
appropriate JJ I
time NN I
. . O
'' '' O

Lincoln NNP I
's POS B
treatment NN I
by IN O
former JJ I
thrift NN I
regulators NNS I
, , O
in IN O
an DT I
agency NN I
disbanded VBN O
by IN O
the DT I
new JJ I
law NN I
, , O
has VBZ O
proved VBN O
embarrassing JJ O
for IN O
five CD I
senators NNS I
who WP B
received VBD O
thousands NNS I
of IN O
dollars NNS I
in IN O
campaign NN I
contributions NNS I
from IN O
Mr. NNP I
Keating NNP I
. . O

Mr. NNP I
Seidman NNP I
said VBD O
yesterday NN I
, , O
for IN O
example NN I
, , O
that IN O
Sen. NNP I
Dennis NNP I
DeConcini NNP I
-LRB- ( O
D. NNP I
, , O
Ariz. NNP I
-RRB- ) O
, , O
who WP I
received VBD O
$ $ I
48,100 CD I
in IN O
contributions NNS I
from IN O
Mr. NNP I
Keating NNP I
, , O
phoned VBD O
Mr. NNP I
Seidman NNP I
to TO O
request VB O
that IN O
he PRP I
push VBP O
for IN O
a DT I
sale NN I
of IN O
Lincoln NNP I
before IN O
it PRP I
would MD O
be VB O
seized VBN O
. . O

After IN O
the DT I
government NN I
lawsuit NN I
was VBD O
filed VBN O
against IN O
Lincoln NNP I
, , O
Sen. NNP I
DeConcini NNP I
returned VBD O
the DT I
campaign NN I
contributions NNS I
. . O

The DT I
senator NN I
's POS B
spokesman NN I
said VBD O
yesterday NN I
that IN O
he PRP I
pushed VBD O
for IN O
the DT I
sale NN I
of IN O
Lincoln NNP I
because IN O
`` `` O
hundreds NNS I
of IN O
Arizona NNP I
jobs NNS I
-LCB- ( O
at IN O
Lincoln NNP I
-RCB- ) O
were VBD O
on IN O
the DT I
line NN I
. . O
'' '' O

Senate NNP I
Banking NNP I
Committee NNP I
Chairman NNP I
Donald NNP I
Riegle NNP I
-LRB- ( O
D. NNP I
, , O
Mich NNP I
. . I
-RRB- ) O
has VBZ O
also RB O
returned VBN O
contributions NNS I
he PRP B
received VBD O
from IN O
Mr. NNP I
Keating NNP I
a DT B
year NN I
ago RB O
. . O

Sens. NNP O
John NNP O
Glenn NNP O
-LRB- ( O
D. NNP I
, , O
Ohio NNP I
-RRB- ) O
, , O
John NNP O
McCain NNP O
, , O
-LRB- ( O
R. NNP I
, , O
Ariz. NNP I
-RRB- ) O
and CC O
Alan NNP O
Cranston NNP O
-LRB- ( O
D. NNP I
, , O
Calif. NNP I
-RRB- ) O
also RB O
received VBD O
substantial JJ I
contributions NNS I
from IN O
Mr. NNP I
Keating NNP I
and CC O
sought VBD O
to TO O
intervene VB O
on IN O
behalf NN I
of IN O
Lincoln NNP I
. . O

House NNP I
Banking NNP I
Committee NNP I
Chairman NNP I
Henry NNP I
Gonzalez NNP I
-LRB- ( O
D. NNP I
, , O
Texas NNP I
-RRB- ) O
said VBD O
Sen. NNP I
Cranston NNP I
volunteered VBD O
to TO O
appear VB O
before IN O
the DT I
House NNP I
committee NN I
, , O
if IN O
necessary JJ O
. . O

But CC O
a DT I
committee NN I
staff NN I
member NN I
said VBD O
the DT I
panel NN I
is VBZ O
unlikely JJ O
to TO O
pursue VB O
closely RB O
the DT I
role NN I
of IN O
the DT I
senators NNS I
. . O

At IN O
the DT I
hearing NN I
, , O
Mr. NNP I
Seidman NNP I
said VBD O
the DT I
RTC NNP I
has VBZ O
already RB O
pumped VBN O
$ $ I
729 CD I
million CD I
into IN O
Lincoln NNP I
for IN O
liquidity NN I
. . O

He PRP I
also RB O
held VBD O
out IN O
little JJ I
hope NN I
of IN O
restitution NN I
for IN O
purchasers NNS I
of IN O
$ $ I
225 CD I
million CD I
in IN O
American NNP I
Continental NNP I
subordinated VBD I
debt NN I
. . O

Some DT I
of IN O
those DT I
debtholders NNS I
have VBP O
filed VBN O
a DT I
suit NN I
, , O
saying VBG O
they PRP I
believed VBD O
they PRP I
were VBD O
buying VBG O
government-insured JJ I
certificates NNS I
of IN O
deposit NN I
. . O

`` `` O
We PRP I
have VBP O
no DT I
plans NNS I
at IN O
this DT I
time NN I
to TO O
pay VB O
off IN O
those DT I
notes NNS I
, , O
'' '' O
he PRP I
said VBD O
. . O

Eastern NNP I
Airlines NNPS I
' POS B
creditors NNS I
committee NN I
, , O
unhappy JJ O
with IN O
the DT I
carrier NN I
's POS B
plans NNS I
for IN O
emerging VBG O
from IN O
bankruptcy-law NN I
proceedings NNS I
, , O
asked VBD O
its PRP$ I
own JJ I
experts NNS I
to TO O
devise VB O
alternate JJ I
approaches NNS I
to TO O
a DT I
reorganization NN I
. . O

Representatives NNS I
of IN O
the DT I
accounting NN I
firm NN I
of IN O
Ernst NNP I
& CC I
Young NNP I
and CC O
the DT I
securities NNS I
firm NN I
of IN O
Goldman NNP I
, , I
Sachs NNP I
& CC I
Co. NNP I
, , O
hired VBN O
by IN O
creditors NNS I
to TO O
consult VB O
on IN O
Eastern NNP I
's POS B
financial JJ I
plans NNS I
, , O
told VBD O
the DT I
committee NN I
in IN O
a DT I
private JJ I
meeting NN I
yesterday NN B
that IN O
Eastern NNP I
's POS B
latest JJS I
plan NN I
to TO O
emerge VB O
from IN O
bankruptcy-law NN I
protection NN I
is VBZ O
far RB O
riskier JJR O
than IN O
an DT I
earlier RBR I
one CD I
which WDT B
won VBD O
the DT I
creditors NNS I
' POS B
approval NN I
. . O

According VBG O
to TO O
one CD I
person NN I
present JJ O
at IN O
the DT I
meeting NN I
, , O
Eastern NNP I
's POS B
new JJ I
plan NN I
is VBZ O
financially RB O
`` `` O
overly RB O
optimistic JJ O
. . O
'' '' O

Asked VBN O
about IN O
the DT I
consultants NNS I
' POS B
reports NNS I
, , O
an DT I
Eastern NNP I
spokeswoman NN I
said VBD O
`` `` O
we PRP I
totally RB O
disagree VBP O
. . O
'' '' O

She PRP I
said VBD O
they PRP I
have VBP O
`` `` O
oversimplified VBN O
and CC O
made VBD O
some DT I
erroneous JJ I
assumptions NNS I
that WDT B
make VBP O
their PRP$ I
analysis NN I
completely RB O
off-base JJ O
. . O
'' '' O

At IN O
a DT I
later JJ I
news NN I
conference NN I
here RB I
, , O
Frank NNP I
Lorenzo NNP I
, , O
chairman NN I
of IN O
Eastern NNP I
's POS B
parent NN I
Texas NNP I
Air NNP I
Corp. NNP I
, , O
said VBD O
Eastern NNP I
was VBD O
exceeding VBG O
its PRP$ I
goals NNS I
for IN O
getting VBG O
back RB O
into IN O
operation NN I
and CC O
predicted VBD O
it PRP I
would MD O
emerge VB O
from IN O
Chapter NN I
11 CD I
protection NN I
from IN O
creditors NNS I
early JJ B
next JJ I
year NN I
, , O
operating VBG O
with IN O
more JJR I
service NN I
than IN O
it PRP I
originally RB O
had VBD O
scheduled VBN O
. . O

He PRP I
insisted VBD O
, , O
as IN O
he PRP I
has VBZ O
before RB O
, , O
that IN O
creditors NNS I
would MD O
be VB O
paid VBN O
in IN O
full JJ O
under IN O
the DT I
plan NN I
. . O

Mr. NNP I
Lorenzo NNP I
made VBD O
no DT I
mention NN I
of IN O
creditors NNS I
' POS B
negative JJ I
response NN I
to TO O
his PRP$ I
plan NN I
. . O

`` `` O
We PRP I
're VBP O
in IN O
the DT I
process NN I
of IN O
discussing VBG O
an DT I
amended VBN I
plan NN I
with IN O
the DT I
creditors NNS I
and CC O
anticipate VB O
filing NN O
that WDT I
amended VBD I
plan NN I
shortly RB O
, , O
'' '' O
Mr. NNP I
Lorenzo NNP I
told VBD O
reporters NNS I
. . O

`` `` O
We PRP I
're VBP O
meeting VBG O
and CC O
surpassing VBG O
our PRP$ I
goals NNS I
, , O
'' '' O
he PRP I
added VBD O
. . O

In IN O
July NNP I
, , O
Eastern NNP I
and CC O
its PRP$ I
creditors NNS I
agreed VBD O
on IN O
a DT I
reorganization NN I
plan NN I
that WDT B
called VBD O
for IN O
Eastern NNP I
to TO O
sell VB O
$ $ I
1.8 CD I
billion CD I
in IN O
assets NNS I
and CC O
to TO O
emerge VB O
from IN O
bankruptcy-law NN I
protection NN I
at IN O
two-thirds NNS I
its PRP$ I
former JJ I
size NN I
. . O

But CC O
after IN O
selling VBG O
off IN O
pieces NNS I
such JJ O
as IN O
its PRP$ I
East NNP I
Coast NNP I
shuttle NN I
, , O
its PRP$ I
Philadelphia NNP I
hub NN I
and CC O
various JJ I
planes NNS I
, , O
Eastern NNP I
hit VBD O
a DT I
stumbling VBG I
block NN I
. . O

It PRP I
could MD O
n't RB O
sell VB O
its PRP$ I
South JJ I
American JJ I
routes NNS I
, , O
one CD I
of IN O
the DT I
major JJ I
assets NNS I
marked VBN O
for IN O
disposal NN I
. . O

Those DT I
routes NNS I
, , O
valued VBN O
by IN O
the DT I
creditors NNS I
' POS B
professionals NNS I
at IN O
about RB I
$ $ I
400 CD I
million CD I
, , O
were VBD O
to TO O
be VB O
sold VBN O
to TO O
AMR NNP I
Corp. NNP I
's POS B
American NNP I
Airlines NNPS I
. . O

A DT I
last-minute JJ I
snag NN I
in IN O
negotiations NNS I
with IN O
AMR NNP I
, , O
over IN O
an DT I
unrelated JJ I
lawsuit NN I
between IN O
American NNP I
and CC O
another DT I
Texas NNP I
Air NNP I
unit NN I
, , O
caused VBD O
the DT I
deal NN I
to TO O
collapse VB O
. . O

Eastern NNP I
ultimately RB O
decided VBD O
it PRP I
would MD O
have VB O
to TO O
keep VB O
and CC O
operate VB O
the DT I
routes NNS I
itself PRP B
, , O
which WDT I
would MD O
leave VB O
it PRP I
with IN O
less JJR I
cash NN I
for IN O
its PRP$ I
reorganization NN I
. . O

It PRP I
also RB O
would MD O
leave VB O
Eastern NNP I
a DT B
bigger JJR I
carrier NN I
than IN O
the DT I
scaled-down JJ I
one CD I
proposed VBN O
under IN O
the DT I
initial JJ I
plan NN I
. . O

Those DT I
changes NNS I
in IN O
its PRP$ I
condition NN I
meant VBD O
the DT I
reorganization NN I
plan NN I
previously RB O
presented VBD O
to TO O
creditors NNS I
would MD O
have VB O
to TO O
be VB O
revamped VBN O
. . O

Since IN O
then RB I
, , O
Eastern NNP I
has VBZ O
been VBN O
negotiating VBG O
with IN O
creditors NNS I
over IN O
revisions NNS I
, , O
but CC O
the DT I
creditors NNS I
committee NN I
has VBZ O
been VBN O
having VBG O
problems NNS I
with IN O
the DT I
revisions NNS I
. . O

The DT I
committee NN I
has VBZ O
two CD I
groups NNS I
of IN O
experts NNS I
it PRP B
calls VBZ O
on IN O
to TO O
analyze VB O
Eastern NNP I
's POS B
plans NNS I
. . O

Both DT I
said VBD O
the DT I
new JJ I
plan NN I
would MD O
n't RB O
work VB O
. . O

Ernst NNP I
& CC I
Young NNP I
said VBD O
Eastern NNP I
's POS B
plans NNS I
will MD O
miss VB O
its PRP$ I
projections NNS I
of IN O
earnings NNS I
before IN O
interest NN I
, , I
tax NN I
and CC I
depreciation NN I
by IN O
$ $ I
100 CD I
million CD I
, , O
and CC O
that IN O
Eastern NNP I
's POS B
plan NN I
presented VBD O
no DT I
comfort NN I
level NN I
, , O
according VBG O
to TO O
a DT I
source NN I
present JJ O
at IN O
yesterday NN I
's POS B
session NN I
. . O

Experts NNS I
from IN O
Goldman NNP I
Sachs NNP I
estimated VBD O
Eastern NNP I
would MD O
miss VB O
the DT I
same JJ I
mark NN I
by IN O
$ $ I
120 CD I
million CD I
to TO I
$ $ I
135 CD I
million CD I
, , O
the DT I
source NN I
said VBD O
. . O

The DT I
experts NNS I
said VBD O
they PRP I
expected VBD O
Eastern NNP I
would MD O
have VB O
to TO O
issue VB O
new JJ I
debt NN I
to TO O
cover VB O
its PRP$ I
costs NNS I
, , O
and CC O
that IN O
it PRP I
would MD O
generate VB O
far RB I
less JJR I
cash NN I
than IN O
anticipated VBN O
. . O

Other JJ I
costs NNS I
also RB O
would MD O
increase VB O
, , O
including VBG O
maintenance NN I
, , O
because IN O
Eastern NNP I
has VBZ O
an DT I
older JJR I
fleet NN I
. . O

At IN O
the DT I
news NN I
conference NN I
, , O
Mr. NNP I
Lorenzo NNP I
and CC O
Eastern NNP I
President NNP I
Phil NNP I
Bakes NNP I
presented VBD O
a DT I
far RB I
rosier JJR I
assessment NN I
. . O

Flanked VBN O
by IN O
flight NN I
attendants NNS I
, , O
pilots NNS I
and CC O
gate NN I
agents NNS I
dressed VBN O
in IN O
spiffy JJ I
new JJ I
blue JJ I
uniforms NNS I
, , O
they PRP I
said VBD O
Eastern NNP I
has VBZ O
exceeded VBN O
its PRP$ I
operational JJ I
goals NNS I
and CC O
is VBZ O
filling VBG O
its PRP$ I
seats NNS I
. . O

Starting VBG O
next JJ I
month NN I
, , O
Eastern NNP I
will MD O
begin VB O
flying VBG O
775 CD I
flights NNS I
daily JJ O
instead RB O
of IN O
the DT I
previously RB I
announced VBN I
700 CD I
, , O
they PRP I
said VBD O
. . O

Mr. NNP I
Bakes NNP I
declined VBD O
to TO O
give VB O
out IN O
Eastern NNP I
's POS B
daily JJ I
losses NNS I
, , O
but CC O
said VBD O
he PRP I
did VBD O
n't RB O
expect VB O
Eastern NNP I
would MD O
have VB O
to TO O
dip VB O
into IN O
the DT I
cash NN I
from IN O
asset NN I
sales NNS I
currently RB O
held VBN O
in IN O
escrow NN I
. . O

These DT I
accounts NNS I
hold VBP O
several JJ I
hundred CD I
million CD I
dollars NNS I
, , O
primarily RB O
from IN O
asset NN I
sales NNS I
. . O

The DT I
plan NN I
Eastern NNP B
hopes VBZ O
to TO O
pursue VB O
, , O
he PRP I
said VBD O
, , O
calls VBZ O
for IN O
Eastern NNP I
to TO O
have VB O
$ $ I
390 CD I
million CD I
in IN O
cash NN I
by IN O
year NN I
's POS B
end NN I
. . O

Both DT O
he PRP I
and CC O
Mr. NNP I
Lorenzo NNP I
predicted VBD O
that DT I
plan NN I
might MD O
be VB O
confirmed VBN O
in IN O
January NNP I
. . O

As IN O
to TO O
negotiations NNS I
with IN O
creditors NNS I
, , O
Mr. NNP I
Lorenzo NNP I
said VBD O
in IN O
remarks NNS I
after IN O
the DT I
conference NN I
`` `` O
we PRP I
'll MD O
have VB O
to TO O
see VB O
how WRB O
they PRP I
-LCB- ( O
talks NNS I
-RCB- ) O
come VB O
along IN O
. . O
'' '' O

However RB O
, , O
he PRP I
added VBD O
, , O
`` `` O
it PRP I
's VBZ O
not RB O
a DT I
requirement NN I
that IN O
the DT I
plan NN I
be VB O
accepted VBN O
by IN O
creditors NNS I
. . O

It PRP I
must MD O
be VB O
accepted VBN O
by IN O
the DT I
court NN I
. . O
'' '' O

Under IN O
bankruptcy NN I
law NN I
, , O
Eastern NNP I
has VBZ O
exclusive JJ I
rights NNS I
for IN O
a DT I
certain JJ I
period NN I
to TO O
develop VB O
its PRP$ I
own JJ I
reorganization NN I
plan NN I
. . O

That DT I
deadline NN I
has VBZ O
been VBN O
extended VBN O
once RB O
and CC O
could MD O
be VB O
extended VBN O
again RB O
. . O

If IN O
Eastern NNP I
can MD O
get VB O
creditor NN I
support NN I
, , O
court NN I
confirmation NN I
of IN O
its PRP$ I
plan NN I
could MD O
be VB O
relatively RB O
swift JJ O
. . O

But CC O
creditors NNS I
are VBP O
free JJ O
to TO O
press VB O
for IN O
court NN I
approval NN I
of IN O
their PRP$ I
own JJ I
plan NN I
, , O
or CC O
the DT I
court NN I
could MD O
ignore VB O
both DT I
sides NNS I
and CC O
draw VB O
its PRP$ I
own JJ I
. . O

In IN O
any DT I
event NN I
, , O
some DT I
people NNS I
familiar JJ O
with IN O
the DT I
case NN I
question NN O
whether IN O
the DT I
court NN I
will MD O
act VB O
by IN O
January NNP I
as IN O
forecast NN O
by IN O
Mr. NNP I
Lorenzo NNP I
and CC O
Mr. NNP I
Bakes NNP I
. . O

Eastern NNP I
sought VBD O
bankruptcy-law NN I
protection NN I
a DT B
few JJ I
days NNS I
after IN O
a DT I
crippling JJ I
strike NN I
began VBD O
March NNP I
4 CD I
. . O

Mr. NNP I
Lorenzo NNP I
told VBD O
reporters NNS I
the DT B
reorganization NN I
Eastern NNP B
is VBZ O
pursuing VBG O
would MD O
create VB O
a DT I
carrier NN I
85 CD B
% NN I
to TO I
90 CD I
% NN I
of IN O
the DT I
size NN I
of IN O
the DT I
pre-bankruptcy NN I
Eastern NNP I
. . O

He PRP I
projected VBD O
it PRP I
would MD O
be VB O
operating VBG O
about IN I
1,000 CD I
flights NNS I
a DT B
day NN I
by IN O
late JJ I
spring NN I
, , O
only RB O
slightly RB O
fewer JJR O
than IN O
the DT I
carrier NN I
's POS B
old JJ I
volume NN I
of IN O
1,050 CD I
a DT B
day NN I
. . O

HOPES NNS I
OF IN O
SIMPLIFYING VBG O
the DT I
corporate JJ I
minimum JJ I
tax NN I
before IN O
1990 CD I
are VBP O
weakening VBG O
. . O

The DT I
method NN I
of IN O
calculating VBG O
the DT I
20 CD I
% NN I
tax NN I
, , O
paid VBN O
if IN O
it PRP I
exceeds VBZ O
tax NN I
figured VBD O
the DT I
regular JJ I
way NN I
, , O
is VBZ O
due JJ O
for IN O
a DT I
change NN I
in IN O
1990 CD I
, , O
thanks VBZ I
to TO O
1986 CD I
's POS B
tax NN I
act NN I
. . O

But CC O
most RBS I
experts NNS I
agree VBP O
that IN O
the DT I
concept NN I
that WDT B
is VBZ O
to TO O
be VB O
introduced VBN O
drags VBZ O
in IN O
great JJ I
complexity NN I
; : O
they PRP I
have VBP O
been VBN O
trying VBG O
to TO O
head VB O
it PRP I
off IN O
this DT I
year NN I
. . O

Ways NNS I
and CC I
Means NNP I
Chairman NNP I
Rostenkowski NNP I
backed VBD O
a DT I
simplification NN I
plan NN I
in IN O
the DT I
pending VBG I
House NNP I
tax NN I
bill NN I
, , O
but CC O
the DT I
plan NN I
turns VBZ O
out IN O
to TO O
be VB O
a DT I
big JJ I
revenue NN I
loser NN I
. . O

Now RB O
the DT I
Senate NNP I
's POS B
stripped-down JJ I
bill NN I
omits VBZ O
any DT I
proposal NN I
to TO O
deal VB O
with IN O
the DT I
corporate JJ I
tax NN I
. . O

Proponents NNS I
of IN O
simplification NN I
fear NN O
that IN O
the DT I
chances NNS I
of IN O
getting VBG O
it PRP I
into IN O
the DT I
final JJ I
bill NN I
are VBP O
waning VBG O
. . O

`` `` O
We PRP I
hear VBP O
it PRP I
has VBZ O
low JJ I
priority NN I
on IN O
the DT I
House NNP I
side NN I
, , O
'' '' O
says VBZ O
Samuel NNP I
Starr NNP I
of IN O
Coopers NNP I
& CC I
Lybrand NNP I
, , I
CPAs NNS I
. . O

If IN O
the DT I
law NN I
is VBZ O
n't RB O
changed VBN O
, , O
he PRP I
says VBZ O
, , O
`` `` O
we PRP I
are VBP O
left VBN O
staring VBG O
at IN O
rules NNS I
that WDT B
are VBP O
almost RB O
impossible JJ O
to TO O
implement VB O
, , O
because IN O
there EX I
are VBP O
so RB I
many JJ I
complex JJ I
depreciation NN I
calculations NNS I
to TO O
do VB O
. . O
'' '' O

But CC O
Congress NNP I
still RB O
could MD O
resolve VB O
the DT I
issue NN I
with IN O
other JJ I
legislation NN I
this DT B
year NN I
or CC O
next JJ I
, , O
Starr NNP I
adds VBZ O
. . O

HUGO NNP I
'S VBZ B
RAVAGES NNS I
may MD O
be VB O
offset VB O
by IN O
immediate JJ I
claims NNS I
for IN O
tax NN I
refunds NNS I
. . O

This DT I
law NN I
aids VBZ O
hurricane-wracked JJ I
locales NNS I
named VBN O
by IN O
the DT I
president NN I
as IN O
disaster NN I
areas NNS I
, , O
as RB O
well RB O
as IN O
regions NNS I
so RB O
designated VBN O
after IN O
other JJ I
1989 CD I
disasters NNS I
. . O

It PRP I
lets VBZ O
victims NNS I
elect VBP O
to TO O
deduct VB O
casualty NN I
losses NNS I
on IN O
either DT O
1989 CD I
or CC O
amended VBN I
1988 CD I
returns NNS O
, , O
whichever WDT I
offers VBZ O
the DT I
larger JJR I
tax NN I
benefit NN I
; : O
they PRP I
have VBP O
until IN O
April NNP I
16 CD I
to TO O
choose VB O
. . O

Amending VBG O
a DT I
1988 CD I
return NN I
to TO O
claim VB O
a DT I
refund NN I
brings VBZ O
cash NN I
faster RBR O
; : O
but CC O
for IN O
personal JJ I
losses NNS I
, , O
there EX I
are VBP O
other JJ I
factors NNS I
to TO O
consider VB O
, , O
notes NNS O
publisher NN I
Prentice NNP I
Hall NNP I
. . O

A DT I
loss NN I
-- : O
after IN O
insurance NN I
recoveries NNS I
-- : O
is VBZ O
deductible JJ O
only RB O
to TO O
the DT I
extent NN I
that IN O
it PRP I
exceeds VBZ O
$ $ I
100 CD I
and CC O
that IN O
the DT I
year NN I
's POS B
total JJ I
losses NNS I
exceed VBP O
10 CD I
% NN I
of IN O
adjusted VBN I
gross JJ I
income NN I
; : O
victims NNS I
may MD O
pick VB O
the DT I
year NN I
when WRB O
income NN I
is VBZ O
lower JJR O
and CC O
deductions NNS I
higher JJR O
. . O

In IN O
filing VBG O
an DT I
original JJ I
-LRB- ( I
not RB I
amended VBN I
-RRB- ) I
return NN I
, , O
a DT I
couple NN I
should MD O
consider VB O
whether IN O
damaged VBN I
property NN I
is VBZ O
owned VBN O
jointly RB O
or CC O
separately RB O
and CC O
whether IN O
one CD I
spouse NN I
has VBZ O
larger JJR I
income NN I
; : O
that WDT I
may MD O
determine VB O
whether IN O
they PRP I
should MD O
file VB O
jointly RB O
or CC O
separately RB O
. . O

THE DT I
IRS NNP I
DELAYS VBZ O
several JJ I
deadlines NNS I
for IN O
Hugo NNP I
's POS B
victims NNS I
. . O

Returns NNS I
for IN O
1988 CD I
from IN O
people NNS I
with IN O
six-month JJ I
filing NN I
extensions NNS I
were VBD O
due JJ O
Monday NNP I
, , O
but CC O
the DT I
IRS NNP I
says VBZ O
people NNS I
in IN O
the DT I
disaster NN I
areas NNS I
wo MD O
n't RB O
be VB O
penalized VBN O
for IN O
late JJ I
filing NN I
if IN O
their PRP$ I
returns NNS I
are VBP O
marked VBN O
`` `` O
Hugo NNP I
'' '' O
and CC O
postmarked VBN O
by IN O
Jan. NNP I
16 CD I
. . O

Interest NN I
will MD O
be VB O
imposed VBN O
on IN O
unpaid JJ I
taxes NNS I
, , O
but CC O
late-payment NN I
penalties NNS I
on IN O
the DT I
returns NNS I
will MD O
be VB O
waived VBN O
if IN O
the DT I
balance NN I
due JJ O
and CC O
paid VBN O
is VBZ O
10 CD I
% NN I
or CC I
less JJR I
of IN O
the DT I
liability NN I
. . O

IRS NNP I
Notice NN I
89-136 CD I
describes VBZ O
this DT I
and CC O
other JJ I
deadline NN I
relief NN I
for IN O
Hugo NNP I
's POS B
victims NNS I
. . O

Among IN O
the DT I
provisions NNS I
: : O
Fiscal-year JJ I
taxpayers NNS I
with IN O
returns NNS I
due JJ O
last JJ I
Monday NNP I
wo MD O
n't RB O
be VB O
penalized VBN O
if IN O
they PRP I
file VBP O
-- : O
or CC O
request VB O
an DT I
extension NN I
-- : O
and CC O
pay VB O
tax NN I
due JJ O
by IN O
Nov. NNP I
15 CD I
. . O

Excise-tax JJ I
returns NNS I
due JJ O
by IN O
Oct. NNP I
31 CD I
or CC O
Nov. NNP I
30 CD I
may MD O
be VB O
delayed VBN O
to TO O
Jan. NNP I
16 CD I
. . O

Extensions NNS I
ca MD O
n't RB O
be VB O
granted VBN O
for IN O
filing VBG O
employment-tax JJ I
returns NNS I
due JJ O
Oct. NNP I
31 CD I
or CC O
for IN O
depositing VBG O
withheld VBN I
taxes NNS I
, , O
but CC O
late JJ I
penalties NNS I
will MD O
be VB O
abated VBN O
for IN O
deposits NNS I
made VBN O
by IN O
Nov. NNP I
15 CD I
. . O

The DT I
notice NN I
also RB O
grants VBZ O
relief NN I
for IN O
certain JJ I
estate-tax JJ I
returns NNS I
. . O

ONE-DAY JJ I
JAUNTS NNS I
in IN O
a DT I
chartered JJ I
boat NN I
were VBD O
perks NNS I
for IN O
permanent JJ I
staffers NNS I
of IN O
American NNP I
Business NNP I
Service NNP I
Corp. NNP I
, , O
a DT I
Costa NNP I
Mesa NNP I
, , I
Calif. NNP I
, , I
supplier NN I
of IN O
temporary JJ I
workers NNS I
. . O

The DT I
IRS NNP I
denied VBD O
cost NN I
deductions NNS I
because IN O
few NN I
of IN O
the DT I
temps NNS I
got VBD O
to TO O
go VB O
aboard RB O
. . O

But CC O
the DT I
Tax NNP I
Court NNP I
said VBD O
the DT I
limitations NNS I
were VBD O
reasonable JJ O
and CC O
realistic JJ O
and CC O
allowed VBD O
the DT I
deductions NNS I
. . O

USED-CAR NN I
BUYERS NNS I
who WP B
try VBP O
to TO O
avoid VB O
sales NNS I
tax VB I
by IN O
understating VBG O
prices NNS I
paid VBN O
in IN O
private JJ I
deals NNS I
are VBP O
the DT I
targets NNS I
of IN O
a DT I
New NNP I
York NNP I
drive NN I
. . O

Estimating VBG O
that IN O
the DT I
state NN I
may MD O
lose VB O
$ $ I
15 CD I
million CD I
a DT B
year NN I
, , O
officials NNS I
announced VBD O
the DT I
filing NN I
of IN O
15 CD I
criminal JJ I
actions NNS I
and CC O
`` `` O
hundreds NNS I
'' '' O
of IN O
civil JJ I
penalties NNS I
. . O

WHEN WRB O
AN DT I
IRA NNP I
OWNER NNP I
dies VBZ O
, , O
the DT I
trustee NN I
of IN O
the DT I
individual JJ I
retirement NN I
account NN I
must MD O
file VB O
forms NNS I
5498 CD I
reporting VBG O
market NN I
values NNS I
relating VBG O
to TO O
the DT I
decedent NN I
and CC O
each DT I
beneficiary NN I
, , O
with IN O
copies NNS I
to TO O
the DT I
executor NN I
and CC I
beneficiaries NNS I
. . O

IRS NNP I
Revenue NN I
Procedure NN I
89-52 CD I
describes VBZ O
the DT I
reporting VBG I
requirements NNS I
. . O

BIGGER JJR O
THAN IN O
A DT I
BREADBOX NN I
was VBD O
this DT I
cash NN I
hoarder NN I
's POS B
reputation NN I
for IN O
honesty NN I
. . O

People NNS I
often RB O
cite VBP O
frugality NN I
and CC O
distrust NN I
of IN O
banks NNS I
to TO O
justify VB O
cash NN I
caches NNS I
to TO O
the DT I
IRS NNP I
. . O

Gregory NNP I
Damonne NNP I
Brown NNP I
of IN O
Fremont NNP I
, , O
Calif. NNP I
, , O
a DT I
hardworking JJ I
, , I
reclusive JJ I
young JJ I
bachelor NN I
, , O
told VBD O
that DT I
story NN I
to TO O
the DT I
Tax NNP I
Court NNP I
. . O

But CC O
judges NNS I
usually RB O
find VBP O
the DT I
real JJ I
aim NN I
is VBZ O
to TO O
escape VB O
tax NN I
on IN O
hidden VBN I
income NN I
; : O
and CC O
the DT I
IRS NNP I
said VBD O
Brown NNP I
must MD O
have VB O
had VBN O
such JJ I
income NN I
-- : O
although IN O
it PRP I
uncovered VBD O
no DT I
source NN I
-- : O
because IN O
he PRP I
deposited VBD O
$ $ I
124,732 CD I
in IN O
a DT I
bank NN I
account NN I
in IN O
1982-84 CD I
while IN O
reporting VBG O
income NN I
of IN O
only RB I
$ $ I
52,012 CD I
. . O

Brown NNP I
's POS B
story NN I
: : O

The DT I
deposits NNS I
came VBD O
from IN O
savings NNS I
kept VBD O
in IN O
a DT I
Tupperware NNP I
breadbox NN I
; : O
he PRP I
saved VBD O
$ $ I
47,000 CD I
in IN O
1974-81 CD I
by IN O
living VBG O
with IN O
family NN I
members NNS I
and CC O
pinching VBG O
pennies NNS I
and CC O
$ $ I
45,000 CD I
of IN O
secret JJ I
gifts NNS I
from IN O
his PRP$ I
remorseful JJ I
father NN I
, , O
who WP I
had VBD O
abandoned VBN O
the DT I
family NN I
in IN O
1955 CD I
. . O

Brown NNP I
had VBD O
no DT I
proof NN I
; : O
but CC O
testimony NN I
of IN O
his PRP$ I
mother NN I
and CC I
stepmother NN I
about IN O
his PRP$ I
father NN I
and CC O
of IN O
an DT I
ex-employer NN I
about IN O
his PRP$ I
honesty NN I
and CC I
habits NNS I
satisfied VBD O
a DT I
judge NN I
that IN O
Brown NNP I
was VBD O
truthful JJ O
and CC O
his PRP$ I
tale NN I
of IN O
gifts NNS I
was VBD O
possible JJ O
. . O

The DT I
IRS NNP I
offered VBD O
no DT I
evidence NN I
of IN O
hidden VBN I
sources NNS I
of IN O
taxable JJ I
income NN I
, , O
so RB O
Judge NNP I
Shields NNP I
rejected VBD O
its PRP$ I
claims NNS I
. . O

BRIEFS NNS I
: : I

Asked VBN O
how WRB O
he PRP I
made VBD O
charitable JJ I
gifts NNS I
of IN O
$ $ I
26,350 CD I
out IN O
of IN O
reported VBN I
two-year JJ I
income NN I
of IN O
$ $ I
46,892 CD I
, , O
Thomas NNP I
H. NNP I
McFall NNP I
of IN O
Bryan NNP I
, , O
Texas NNP I
, , O
told VBD O
the DT I
Tax NNP I
Court NNP I
he PRP B
had VBD O
understated VBN O
his PRP$ I
income NN I
. . O

The DT I
court NN I
rejected VBD O
his PRP$ I
incredible JJ I
claims NNS I
, , O
denied VBD O
his PRP$ I
deductions NNS I
, , O
and CC O
imposed VBD O
a DT I
negligence NN I
penalty NN I
... : O
. . O

Rep. NNP I
Schaefer NNP I
-LRB- ( O
R. NNP I
, , O
Colo. NNP I
-RRB- ) O
entered VBD O
a DT I
bill NN I
to TO O
exempt VB O
from IN O
tax NN I
rewards NNS B
for IN O
tips NNS I
leading VBG O
to TO O
the DT I
arrest NN I
of IN O
violent JJ I
criminals NNS I
. . O

Kay NNP I
Peterson NNP I
mounts NNS O
her PRP$ I
bicycle NN I
and CC O
grinds VBZ O
up IN O
yet RB I
another DT I
steep NN I
, , I
rocky JJ I
path NN I
seemingly RB O
suitable JJ O
only RB O
for IN O
mountain NN I
goats NNS I
. . O

After IN O
a DT I
tortuous JJ I
climb NN I
, , O
she PRP I
is VBZ O
rewarded VBN O
by IN O
a DT I
picture-postcard NN I
vista NN I
: : O
a DT I
glade NN I
of IN O
golden JJ I
aspens NNS I
under IN O
an DT I
azure JJ I
Indian-summer JJ I
sky NN I
. . O

This DT I
place NN I
is VBZ O
12 CD I
miles NNS I
into IN O
the DT I
back JJ I
country NN I
-- : O
a DT I
day-long JJ I
trudge NN I
for IN O
a DT I
hiker NN I
, , O
but CC O
reached VBD O
by IN O
Ms. NNP I
Peterson NNP I
and CC O
six CD I
others NNS I
in IN O
a DT I
mere JJ I
two CD I
hours NNS I
of IN O
pedaling VBG O
fat-tired JJ I
mountain NN I
bikes NNS I
. . O

`` `` O
This DT I
, , O
'' '' O
says VBZ O
Ms. NNP I
Peterson NNP I
, , O
`` `` O
is VBZ O
what WP I
it PRP B
's VBZ O
all DT O
about IN O
. . O
'' '' O

Twelve CD I
hundred CD I
miles NNS I
away RB O
, , O
rangers NNS I
at IN O
a DT I
Napa NNP I
County NNP I
, , I
Calif. NNP I
, , I
state NN I
park NN I
are VBP O
among IN O
the DT I
many JJ I
who WP B
do VBP O
n't RB O
quite RB O
share VBP O
the DT I
enthusiasm NN I
. . O

This DT I
summer NN I
, , O
speeding VBG I
bikers NNS I
were VBD O
blamed VBN O
for IN O
an DT I
accident NN I
in IN O
the DT I
Napa NNP I
County NNP I
park NN I
, , O
in IN O
which WDT I
a DT B
horse NN I
-- : O
spooked VBN O
on IN O
a DT I
trail NN I
that WDT B
was VBD O
closed VBN O
to TO O
bikers NNS I
-- : O
broke VBD O
its PRP$ I
leg NN I
. . O

The DT I
animal NN I
had VBD O
to TO O
be VB O
destroyed VBN O
; : O
the DT I
bikers NNS I
fled VBD O
and CC O
were VBD O
never RB O
found VBN O
. . O

In IN O
numerous JJ I
parks NNS I
near IN O
San NNP I
Francisco NNP I
, , O
rangers NNS I
have VBP O
been VBN O
forced VBN O
to TO O
close VB O
trails NNS I
, , O
set VBN O
up IN O
speed NN I
traps NNS I
and CC O
use NN O
radar NN I
guns NNS I
to TO O
curb VB O
fast RB I
and CC I
reckless JJ I
riding NN I
. . O

They PRP I
have VBP O
even RB O
sent VBN O
helicopters NNS I
in IN O
pursuit NN I
of IN O
bikers NNS I
after IN O
hikers NNS I
and CC I
equestrians NNS I
complained VBD O
they PRP I
were VBD O
being VBG O
driven VBN O
from IN O
trails NNS I
. . O

`` `` O
We PRP I
were VBD O
being VBG O
overrun VBN O
, , O
'' '' O
says VBZ O
Steve NNP I
Fiala NNP I
, , O
trails NNS I
coordinator NN I
of IN O
the DT I
East NNP I
Bay NNP I
Regional NNP I
Park NNP I
District NNP I
. . O

Two CD I
years NNS I
ago RB O
, , O
the DT I
district NN I
decided VBD O
to TO O
limit VB O
the DT I
bikes NNS I
to TO O
fire VB I
roads NNS I
in IN O
its PRP$ I
65,000 CD I
hilly JJ I
acres NNS I
. . O

From IN O
about IN I
200,000 CD I
six CD B
years NNS I
ago RB O
, , O
the DT I
number NN I
of IN O
mountain NN I
bikes NNS I
in IN O
the DT I
U.S. NNP I
is VBZ O
expected VBN O
to TO O
grow VB O
to TO O
10 CD I
million CD I
in IN O
1990 CD I
. . O

At IN I
least JJS I
half PDT I
that DT I
growth NN I
will MD O
have VB O
come VBN O
in IN O
the DT I
past JJ I
three CD I
years NNS I
alone RB O
. . O

The DT I
controversy NN I
kicked VBD O
up IN O
by IN O
the DT I
proliferation NN I
of IN O
these DT I
all-terrain JJ I
bicycles NNS I
is VBZ O
one CD I
of IN O
the DT I
most RBS I
divisive JJ I
storms NNS I
to TO O
blow VB O
through IN O
the DT I
national JJ I
conservation NN I
movement NN I
in IN O
recent JJ I
memory NN I
. . O

Bikers NNS I
-- : O
many NN I
of IN O
them PRP I
ardent JJ B
environmentalists NNS I
-- : O
proclaim VB O
their PRP$ I
sport NN I
an DT B
efficient JJ I
, , I
safe JJ I
, , I
fitness-promoting JJ I
way NN I
to TO O
get VB O
back RB O
to TO O
nature NN I
, , O
while IN O
asserting VBG O
a DT I
right NN I
, , O
as IN O
taxpayers NNS I
, , O
to TO O
pedal VB O
on IN O
public JJ I
lands NNS I
. . O

But CC O
the DT I
bikes NNS I
' POS B
burgeoning VBG I
numbers NNS I
, , O
safety NN I
concerns NNS I
and CC O
fear NN I
that IN O
they PRP I
damage VBP O
fragile JJ I
landscapes NNS I
have VBP O
prompted VBN O
pleas NNS I
, , O
from IN O
the DT I
Sierras NNPS I
to TO O
the DT I
Eastern NNP I
Seaboard NNP I
, , O
to TO O
ban VB O
them PRP I
from IN O
the DT I
back JJ I
country NN I
. . O

Key NNP O
to TO O
the DT I
issue NN I
is VBZ O
that IN O
the DT I
bikes NNS I
, , O
in IN O
skillful JJ I
hands NNS I
, , O
can MD O
go VB O
virtually RB O
anywhere RB O
, , O
and CC O
in IN O
reckless JJ I
hands NNS I
can MD O
become VB O
vehicles NNS I
of IN O
terror NN I
. . O

An DT I
adept JJ I
bicyclist NN I
can MD O
leap VB O
from IN O
a DT I
dead JJ I
stop NN I
to TO O
the DT I
top NN I
of IN O
a DT I
picnic NN I
table NN I
without IN O
losing VBG O
balance NN I
. . O

Such JJ I
skills NNS I
allow VBP O
riders NNS I
to TO O
fly VB O
down RB O
treacherous JJ I
mountain NN I
grades NNS I
at IN O
speeds NNS I
of IN O
up IN I
to TO I
40 CD I
miles NNS I
an DT B
hour NN I
-- : O
a DT I
thrill NN I
for IN O
the DT I
cyclist NN I
but CC O
a DT I
nightmare NN I
for IN O
unsuspecting JJ I
hikers NNS I
or CC I
equestrians NNS I
. . O

For IN O
harried VBN I
public-land JJ I
managers NNS I
across IN O
the DT I
nation NN I
, , O
the DT I
response NN I
is VBZ O
increasingly RB O
to TO O
shut VB O
the DT I
gates NNS I
. . O

The DT I
state NN I
of IN O
California NNP I
, , O
following VBG O
the DT I
lead NN I
of IN O
some DT I
regional JJ I
parks NNS I
, , O
recently RB O
adopted VBN O
regulations NNS I
that WDT B
closed VBD O
nearly RB I
all DT I
hiking VBG I
paths NNS I
in IN O
state NN I
parks NNS I
to TO O
mountain NN I
bicycles NNS I
. . O

The DT I
move NN I
largely RB O
consigns VBZ O
them PRP I
to TO O
roads NNS I
used VBN O
by IN O
motorized JJ I
vehicles NNS I
. . O

Most JJS I
other JJ I
states NNS I
have VBP O
enacted VBN O
similar JJ I
bans NNS I
. . O

The DT I
bikes NNS I
are VBP O
unwelcome JJ O
on IN O
trails NNS I
in IN O
national JJ I
parks NNS I
. . O

Even RB I
the DT I
U.S. NNP I
Forest NNP I
Service NNP I
, , O
whose WP$ I
lenient JJ I
`` `` I
multiple-use JJ I
'' '' I
philosophy NN I
permits VBZ O
motorized VBN I
vehicles NNS I
on IN O
thousands NNS I
of IN O
miles NNS I
of IN O
its PRP$ I
trails NNS I
across IN O
the DT I
U.S. NNP I
, , O
has VBZ O
begun VBN O
to TO O
close VB O
some DT I
lands NNS I
to TO O
the DT I
bikes NNS I
, , O
including VBG O
major JJ I
portions NNS I
of IN O
the DT I
popular JJ I
Pacific NNP I
Crest NNP I
Trail NNP I
, , O
which WDT I
stretches VBZ O
from IN O
California NNP I
to TO O
Canada NNP I
. . O

Often RB O
these DT I
closings NNS I
come VBP O
after IN O
vigorous JJ I
anti-bike JJ I
lobbying NN I
by IN O
conservation NN I
organizations NNS I
, , O
the DT I
politically RB I
potent JJ I
Sierra NNP I
Club NNP I
among IN O
them PRP I
. . O

Sierra NNP I
has VBZ O
been VBN O
instrumental JJ O
in IN O
securing VBG O
a DT I
number NN I
of IN O
the DT I
California NNP I
bans NNS I
. . O

It PRP I
has VBZ O
been VBN O
waging VBG O
an DT I
all-out JJ I
campaign NN I
to TO O
beat VB O
back RB O
a DT I
proposal NN I
, , O
pushed VBN O
by IN O
Utah NNP I
bike NN I
groups NNS I
, , O
to TO O
allow VB O
the DT I
cycles NNS I
in IN O
federally RB I
designated VBN I
wilderness NN I
areas NNS I
, , O
where WRB O
they PRP I
are VBP O
now RB O
prohibited VBN O
. . O

Yet RB O
Sierra NNP I
's POS B
hard-line JJ I
stance NN I
has VBZ O
created VBN O
something NN I
of IN O
a DT I
rift NN I
in IN O
the DT I
organization NN I
, , O
which WDT I
estimates VBZ O
that IN O
17 CD I
% NN I
of IN O
its PRP$ I
500,000 CD I
members NNS I
own JJ O
mountain NN I
bikes NNS I
. . O

Pressure NN I
from IN O
these DT I
members NNS I
prompted VBD O
the DT I
club NN I
recently RB O
to TO O
soften VB O
its PRP$ I
anti-bike JJ I
rhetoric NN I
; : O
it PRP I
no RB O
longer RB O
, , O
for IN O
example NN I
, , O
lumps VBZ O
the DT I
bikes NNS I
into IN O
the DT I
same JJ I
category NN I
as IN O
motorcycles NNS I
and CC O
other JJ I
terrain-marring JJ I
off-road JJ I
vehicles NNS I
. . O

But CC O
the DT I
club NN I
still RB O
insists VBZ O
that IN O
public JJ I
lands NNS I
ought MD O
to TO O
be VB O
closed VBN O
to TO O
the DT I
bikes NNS I
unless IN O
studies NNS I
indicate VBP O
the DT I
bikes NNS I
wo MD O
n't RB O
injure VB O
the DT I
environment NN I
or CC O
other JJ I
users NNS I
. . O

`` `` O
I PRP I
have VBP O
a DT I
mountain NN I
bike NN I
, , O
yet RB O
as IN O
a DT I
hiker NN I
I PRP B
've VBP O
been VBN O
run VB O
off IN O
the DT I
road NN I
by IN O
kids NNS I
careening VBG O
down RP O
a DT I
fire NN I
trail NN I
on IN O
them PRP I
, , O
'' '' O
says VBZ O
Gene NNP I
Coan NNP I
, , O
an DT I
official NN I
at IN O
Sierra NNP I
's POS B
headquarters NN I
in IN O
San NNP I
Francisco NNP I
, , O
echoing VBG O
the DT I
concerns NNS I
of IN O
many JJ I
members NNS I
. . O

`` `` O
People NNS I
who WP B
feel VBP O
that IN O
cyclists NNS I
should MD O
be VB O
banned VBN O
from IN O
an DT I
area NN I
are VBP O
n't RB O
looking VBG O
at IN O
the DT I
whole JJ I
picture NN I
, , O
'' '' O
complains VBZ O
Mark NNP I
Langton NNP I
, , O
associate JJ I
editor NN I
of IN O
Mountain NNP I
and CC I
City NNP I
Biking NNP I
magazine NN I
in IN O
Canoga NNP I
Park NNP I
, , O
Calif NNP I
. . O

Mr. NNP I
Langton NNP I
is VBZ O
among IN O
the DT I
legions NNS I
of IN O
bikers NNS I
who WP B
got VBD O
their PRP$ I
first JJ I
taste NN I
of IN O
wilderness NN I
as IN O
hikers NNS I
or CC I
backpackers NNS I
. . O

He PRP I
says VBZ O
fellow NN I
bikers NNS I
show VBP O
the DT I
same JJ I
concern NN I
for IN O
the DT I
land NN I
that IN B
they PRP B
demonstrated VBD O
as IN O
hikers NNS I
; : O
many JJ I
are VBP O
appalled VBN O
that IN O
the DT I
conservation NN I
community NN I
would MD O
suddenly RB O
consider VB O
them PRP I
the DT B
enemy NN I
. . O

To TO O
fight VB O
back RB O
, , O
activists NNS I
such JJ O
as IN O
Mr. NNP I
Langton NNP I
are VBP O
forming VBG O
groups NNS I
to TO O
lobby VB O
land NN I
managers NNS I
over IN O
access NN I
issues NNS I
and CC O
undertake VB O
education NN I
programs NNS I
to TO O
show VB O
that IN O
the DT I
bikes NNS I
can MD O
responsibly RB O
share VB O
trails NNS I
. . O

Mr. NNP I
Langton NNP I
's POS B
group NN I
, , O
Concerned NNP I
Off-Road NNP I
Bicyclists NNPS I
Association NNP I
, , O
mounted VBN O
petition NN I
drives NNS I
to TO O
help VB O
keep VB O
open JJ O
certain JJ I
Santa NNP I
Monica NNP I
Mountain NNP I
trails NNS I
designated VBN O
for IN O
closing VBG I
. . O

Biking NNP I
groups NNS I
in IN O
Montana NNP I
, , I
Idaho NNP I
, , I
Michigan NNP I
and CC I
Massachusetts NNP I
have VBP O
won VBN O
similar JJ I
concessions NNS I
, , O
says VBZ O
Tim NNP I
Blumenthal NNP I
, , O
mountain NN I
bike NN I
editor NN I
of IN O
Bicycling NNP I
magazine NN I
. . O

These DT I
groups NNS I
have VBP O
been VBN O
trying VBG O
to TO O
improve VB O
the DT I
mountain NN I
biker NN I
's POS B
image NN I
; : O
in IN O
the DT I
San NNP I
Francisco-area JJ I
park NN I
district NN I
where WRB O
a DT I
ranger NN I
was VBD O
clobbered VBN O
by IN O
a DT I
cyclist NN I
this DT B
summer NN I
bikers NNS B
have VBP O
formed VBN O
a DT I
volunteer NN I
patrol NN I
to TO O
help VB O
rangers NNS I
enforce VB O
regulations NNS I
, , O
and CC O
to TO O
school VB O
riders NNS I
in IN O
proper JJ I
trail NN I
etiquette NN I
. . O

Even RB I
staunch JJ I
anti-bike JJ I
Sierra NNP I
members NNS I
concede VBP O
that IN O
10 CD I
% NN I
of IN O
all DT I
riders NNS I
cause VBP O
most RBS I
of IN O
the DT I
problems NNS I
. . O

While IN O
some DT I
are VBP O
renegade NN I
riders NNS I
who WP B
simply JJ O
scorn NN O
regulations NNS I
, , O
much JJ I
bad JJ I
riding NN I
simply RB O
reflects VBZ O
ignorance NN I
that WDT B
can MD O
be VB O
corrected VBN O
through IN O
`` `` O
education NN I
and CC O
peer NN I
pressure NN I
, , O
'' '' O
says VBZ O
Jim NNP I
Hasenauer NNP I
, , O
a DT I
director NN I
of IN O
the DT I
International NNP I
Mountain NNP I
Biking NNP I
Association NNP I
. . O

`` `` O
I PRP I
think VBP O
we PRP I
're VBP O
making VBG O
progress NN I
. . O
'' '' O

Few JJ I
would MD O
have VB O
foreseen VBN O
such JJ I
a DT I
furor NN I
when WRB O
, , O
a DT I
decade NN I
ago RB O
, , O
some DT I
Marin NNP I
County NNP I
bicycle NN I
enthusiasts NNS I
created VBD O
a DT I
hybrid JJ I
bike NN I
using VBG O
fat JJ I
tires NNS I
, , O
lightweight JJ I
metallurgy NN I
and CC O
multi-gear JJ I
technology NN I
. . O

They PRP I
wanted VBD O
a DT I
machine NN I
that WDT B
would MD O
allow VB O
them PRP I
to TO O
pedal VB O
into IN O
rugged JJ I
terrain NN I
then RB O
inaccessible JJ O
to TO O
cycles NNS I
. . O

They PRP I
got VBD O
a DT I
machine NN I
more RBR O
responsive JJ O
, , O
more RBR O
stable JJ O
and CC O
in IN O
many JJ I
ways NNS I
easier JJR O
to TO O
ride VB O
than IN O
the DT I
thin-tired JJ I
racing NN I
bikes NNS I
that IN B
then RB O
were VBD O
the DT I
rage NN I
. . O

When WRB O
the DT I
bikes NNS I
first JJ O
entered VBD O
mass NN I
production NN I
in IN O
1981 CD I
, , O
they PRP I
were VBD O
dismissed VBN O
as IN O
a DT I
fad NN I
. . O

Last JJ I
year NN I
, , O
25 CD I
% NN I
of IN O
the DT I
10 CD I
million CD I
bicycles NNS I
sold VBN O
in IN O
the DT I
U.S. NNP I
were VBD O
mountain NN I
bikes NNS I
. . O

In IN O
California NNP I
, , O
a DT I
bellwether NN I
market NN I
, , O
they PRP I
accounted VBD O
for IN O
more JJR I
than IN I
80 CD I
% NN I
of IN O
all DT I
bike NN I
sales NNS I
. . O

The DT I
majority NN I
of IN O
the DT I
bikes NNS I
never RB O
even RB O
make VB O
it PRP I
into IN O
the DT I
high JJ I
country NN I
. . O

City NN I
dwellers NNS I
love VBP O
them PRP I
because IN O
they PRP I
shift VBP O
smoothly RB O
in IN O
traffic NN I
, , O
bounce VB O
easily RB O
over IN O
curbs NNS I
and CC O
roll NN O
through IN O
road NN I
glass NN I
with IN O
far RB I
fewer RBR I
flat JJ I
tires NNS I
than IN O
racing VBG I
bikes NNS I
. . O

Crested NNP I
Butte NNP I
, , O
population NN I
1,200 CD I
, , O
is VBZ O
a DT I
bastion NN I
of IN O
the DT I
sport NN I
. . O

By IN O
one CD I
estimate NN I
, , O
everyone NN I
here RB I
under IN O
50 CD I
owns VBZ O
at IN I
least JJS I
one CD I
bike NN I
. . O

The DT I
town NN I
is VBZ O
home NN I
to TO O
the DT I
Mountain NNP I
Bike NNP I
Hall NNP I
of IN O
Fame NNP I
and CC O
it PRP I
hosts VBZ O
the DT I
annual JJ I
Fat NNP I
Tire NNP I
Bike NNP I
Week NNP I
. . O

This DT I
summer NN I
, , O
the DT I
jamboree NN I
attracted VBN O
more JJR I
visitors NNS I
than IN O
the DT I
busiest JJS I
week NN I
of IN O
the DT I
town NN I
's POS B
winter NN I
ski NN I
season NN I
. . O

David NNP I
Lindsey NNP I
, , O
chairman NN I
of IN O
the DT I
Fat NNP I
Tire NNP I
Bike NNP I
celebration NN I
, , O
muses VBZ O
that IN O
the DT I
bike NN I
's POS B
popularity NN I
may MD O
be VB O
a DT I
combination NN I
of IN O
technology NN I
and CC I
nostalgia NN I
. . O

`` `` O
The DT I
mountain NN I
bike NN I
feels VBZ O
as RB O
comfortable JJ O
as IN O
the DT I
` `` I
paperboy NN I
' '' I
bike NN I
you PRP B
had VBD O
as IN O
a DT I
kid NN I
, , O
but CC O
it PRP I
can MD O
do VB O
so RB I
much RB I
more JJR I
, , O
'' '' O
he PRP I
says VBZ O
. . O

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

Canada NNP I
's POS B
Province NNP I
of IN O
Nova NNP I
Scotia NNP I
, , O
shelf NN I
offering NN I
of IN O
up IN I
to TO I
$ $ I
550 CD I
million CD I
of IN O
debentures NNS I
. . O

Golar NNP I
Gas NNP I
Holding NNP I
Co. NNP I
, , O
a DT I
subsidiary NN I
of IN O
Gotaas-Larsen NNP I
Shipping NNP I
Corp. NNP I
, , O
offering NN I
of IN O
$ $ I
280 CD I
million CD I
first JJ I
preferred JJ I
ship NN I
mortgage NN I
notes NNS I
, , O
via IN O
Merrill NNP I
Lynch NNP I
Capital NNP I
Markets NNPS I
. . O

H.F. NNP I
Ahmanson NNP I
& CC I
Co. NNP I
, , O
offering NN I
of IN O
four CD I
million CD I
shares NNS I
of IN O
noncumulative JJ I
convertible JJ I
preferred JJ I
stock NN I
, , O
Series NNP I
B. NNP I
, , O
via IN O
Goldman NNP I
, , I
Sachs NNP I
& CC I
Co NNP I
, , O
First NNP I
Boston NNP I
Corp. NNP I
, , O
and CC O
Merrill NNP I
Lynch NNP I
. . O

Shared NNP I
Technologies NNP I
Inc. NNP I
, , O
offering NN I
of IN O
2.5 CD I
million CD I
common JJ I
shares NNS I
, , O
via IN O
Smetek NNP I
, , I
Van NNP I
Horn NNP I
& CC I
Cormack NNP I
Inc. NNP I
and CC O
Oakes NNP I
, , I
Fitzwilliams NNP I
& CC I
Co NNP I
. . O

Stock-market NN I
tremors NNS I
again RB O
shook VBD O
bond NN I
prices NNS I
, , O
while IN O
the DT I
dollar NN I
turned VBD O
in IN O
a DT I
mixed VBN I
performance NN I
. . O

Early JJ I
yesterday NN I
, , O
investors NNS I
scrambled VBD O
to TO O
buy VB O
Treasury NNP I
bonds NNS I
for IN O
safety NN I
as IN O
stock NN I
prices NNS I
plummeted VBD O
and CC O
fears NNS I
mounted VBN O
of IN O
a DT I
replay NN I
of IN O
Friday NNP I
. . O

But CC O
stocks NNS I
later RB O
recovered VBD O
, , O
erasing VBG O
most RBS I
of IN O
their PRP$ I
early JJ I
declines NNS I
. . O

That DT I
cut NN O
short VB O
the DT I
rally NN I
in IN O
Treasury NNP I
bonds NNS I
and CC O
depressed JJ O
prices NNS I
moderately RB O
below IN O
late JJ I
Monday NNP I
's POS B
levels NNS I
. . O

The DT I
Dow NNP I
Jones NNP I
Industrial NNP I
Average NNP I
, , O
down RB O
more JJR I
than IN I
60.25 CD I
points NNS I
early RB O
in IN O
the DT I
day NN I
, , O
finished VBD O
18.65 CD I
points NNS I
lower JJR O
at IN O
2638.73 CD I
. . O

Long-term NNP I
Treasury NNP I
issues NNS I
declined VBD O
about IN I
half PDT I
a DT I
point NN I
, , O
or CC O
$ $ I
5 NN I
for IN O
each DT I
$ $ I
1,000 CD I
face NN I
amount NN I
. . O

`` `` O
The DT I
stock NN I
market NN I
clearly RB O
is VBZ O
leading VBG O
the DT I
bond NN I
markets NNS I
, , O
'' '' O
said VBD O
Jack NNP I
Conlon NNP I
, , O
an DT I
executive JJ I
vice NN I
president NN I
at IN O
Nikko NNP I
Securities NNP I
. . O

`` `` O
People NNS I
are VBP O
breathing VBG O
a DT I
major JJ I
sigh NN I
of IN O
relief NN I
that IN O
the DT I
world NN I
did VBD O
n't RB O
end VB O
Monday NNP I
morning NN I
'' '' O
or CC O
yesterday NN I
. . O

Gold NNP I
, , O
a DT I
closely RB I
watched VBN I
barometer NN I
of IN O
investor NN I
anxiety NN I
, , O
was VBD O
little RB O
changed VBN O
. . O

The DT I
dollar NN I
initially RB O
fell VBD O
against IN O
other JJ I
major JJ I
currencies NNS I
on IN O
news NN I
that IN O
the DT I
U.S. NNP I
trade NN I
deficit NN I
surged VBD O
in IN O
August NNP I
to TO O
$ $ I
10.77 CD I
billion CD I
. . O

But CC O
the DT I
dollar NN I
later RB O
rebounded VBD O
, , O
finishing VBG O
slightly RB O
higher JJR O
against IN O
the DT I
yen NN I
although IN O
slightly RB O
lower JJR O
against IN O
the DT I
mark NN I
. . O

Federal NNP I
Reserve NNP I
officials NNS I
sent VBD O
another DT I
signal NN I
of IN O
their PRP$ I
determination NN I
to TO O
shore VB O
up IN O
investor NN I
confidence NN I
. . O

In IN O
an DT I
apparent JJ I
attempt NN I
to TO O
keep VB O
a DT I
lid NN I
on IN O
short-term JJ I
interest NN I
rates NNS I
, , O
the DT I
Fed NNP I
once RB O
again RB O
pumped VBN O
money NN I
into IN O
the DT I
banking NN I
system NN I
. . O

But CC O
the DT I
Fed NNP I
move NN I
was VBD O
a DT I
small JJ I
gesture NN I
, , O
traders NNS I
said VBD O
. . O

Fed JJ I
officials NNS I
appear VBP O
reluctant JJ O
to TO O
ease VB O
their PRP$ I
credit NN I
grip NN I
any DT O
further JJ O
because IN O
a DT I
bold JJ I
move NN I
does VBZ O
n't RB O
appear VB O
necessary JJ O
, , O
several JJ I
investment NN I
managers NNS I
said VBD O
. . O

The DT I
Fed NNP I
has VBZ O
allowed VBN O
a DT I
key JJ I
short-term JJ I
interest NN I
rate NN I
to TO O
decline VB O
about IN I
one-quarter NN I
percentage NN I
point NN I
. . O

The DT I
federal JJ I
funds NNS I
rate NN I
on IN O
overnight JJ I
loans NNS I
between IN O
banks NNS I
has VBZ O
been VBN O
hovering VBG O
around IN O
8 CD I
3\/4 CD I
% NN I
, , O
down RB O
from IN O
9 CD I
% NN I
previously RB O
. . O

Although IN O
stocks NNS I
have VBP O
led VBN O
bonds NNS I
this DT B
week NN I
, , O
some DT I
traders NNS I
predict VBP O
that DT I
relationship NN I
will MD O
reverse VB O
during IN O
the DT I
next JJ I
few JJ I
weeks NNS I
. . O

Nikko NNP I
's POS B
Mr. NNP I
Conlon NNP I
fears VBZ O
a DT I
huge JJ I
wave NN I
of IN O
Treasury NNP I
borrowing NN I
early JJ B
next JJ I
month NN I
will MD O
drive VB O
down RB O
Treasury NNP I
bond NN I
prices NNS I
. . O

That DT I
, , O
coupled VBN O
with IN O
poor JJ I
third-quarter JJ I
corporate-earnings NNS I
comparisons NNS I
, , O
`` `` O
will MD O
make VB O
trouble NN I
for IN O
the DT I
equity NN I
market NN I
for IN O
the DT I
next JJ I
two CD I
to TO I
three CD I
months NNS I
, , O
'' '' O
he PRP I
says VBZ O
. . O

But CC O
several JJ I
other JJ I
traders NNS I
contend VBP O
investors NNS I
have VBP O
overreacted VBN O
to TO O
junk-bond NN I
jitters NNS I
, , O
and CC O
that IN O
stock NN I
prices NNS I
will MD O
continue VB O
to TO O
recover VB O
. . O

`` `` O
They PRP I
shot NN O
the DT I
whole JJ I
orchestra NN I
just RB O
because IN O
the DT I
piano NN I
player NN I
hit VBD O
a DT I
bad JJ I
note NN I
, , O
'' '' O
said VBD O
Laszlo NNP I
Birinyi NNP I
, , O
president NN I
of IN O
Birinyi NNP I
Associates NNP I
Inc. NNP I
, , O
referring VBG O
to TO O
the DT I
stock NN I
market NN I
's POS B
plunge NN I
Friday NNP B
on IN O
news NN I
of IN O
trouble NN I
in IN O
financing VBG O
the DT I
UAL NNP I
Corp NNP I
. . I
buy-out NN I
. . O

In IN O
major JJ I
market NN I
activity NN I
: : O
Treasury NNP I
bond NN I
prices NNS I
fell VBD O
. . O

The DT I
yield NN I
on IN O
30-year NNP I
Treasury NNP I
bonds NNS I
climbed VBD O
back RB O
above IN O
8 CD I
% NN I
, , O
ending VBG O
the DT I
day NN I
at IN O
8.03 CD I
% NN I
. . O

The DT I
dollar NN I
was VBD O
mixed VBN O
. . O

Late JJ I
yesterday NN I
in IN O
New NNP I
York NNP I
, , O
the DT I
dollar NN I
rose VBD O
to TO O
142.75 CD I
yen NN I
from IN O
141.80 CD I
yen NN I
Monday NNP B
, , O
but CC O
fell VBD O
to TO O
1.8667 CD I
marks NNS I
from IN O
1.8685 CD I
marks NNS I
. . O

The DT I
Consumer NNP I
News NNP I
and CC I
Business NNP I
Channel NNP I
cable NN I
network NN I
and CC O
U.S. NNP I
News NNP I
& CC I
World NNP I
Report NNP I
have VBP O
formed VBN O
a DT I
joint JJ I
venture NN I
to TO O
produce VB O
cable NN I
program NN I
versions NNS I
of IN O
special JJ I
issues NNS I
of IN O
the DT I
magazine NN I
. . O

The DT I
programs NNS I
will MD O
run VB O
on IN O
the DT I
cable NN I
network NN I
the DT B
Sunday NNP I
evening NN I
immediately RB O
prior RB O
to TO O
the DT I
release NN I
of IN O
the DT I
special JJ I
issue NN I
of IN O
U.S. NNP I
News NNP I
& CC I
World NNP I
Report NNP I
. . O

CNBC NNP I
is VBZ O
a DT I
joint JJ I
venture NN I
of IN O
the DT I
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
and CC O
Cablevision NNP I
System NNP I
Corp NNP I
. . O

Advertisers NNS I
will MD O
be VB O
offered VBN O
an DT I
advertising NN I
package NN I
, , O
which WDT I
for IN O
a DT I
single JJ I
price NN I
, , O
will MD O
include VB O
time NN I
on IN O
the DT I
CNBC NNP I
program NN I
and CC O
ad NN I
pages NNS I
in IN O
the DT I
special JJ I
guides NNS I
. . O

CNBC NNP I
will MD O
produce VB O
six CD I
, , I
one-hour JJ I
programs NNS I
, , O
beginning VBG O
in IN O
April NNP I
1990 CD I
. . O

The DT I
first JJ I
program NN I
scheduled VBN O
in IN O
the DT I
joint JJ I
venture NN I
is VBZ O
`` `` O
The DT O
1990 CD O
Homeowner NNP I
's POS I
Guide NNP O
. . O
'' '' O

Other JJ I
programs NNS I
and CC I
special JJ I
issues NNS I
will MD O
be VB O
based VBN O
on IN O
themes NNS I
of IN O
health NN I
, , O
jobs NNS I
, , O
personal JJ I
finance NN I
, , O
the DT I
best JJS I
colleges NNS I
, , O
and CC O
investments NNS I
. . O

The DT I
programs NNS I
will MD O
be VB O
written VBN O
and CC O
produced VBN O
by IN O
CNBC NNP I
, , O
with IN O
background NN I
and CC I
research NN I
provided VBN O
by IN O
staff NN I
from IN O
U.S. NNP I
News NNP I
& CC I
World NNP I
Report NNP I
. . O

Skoal NNP I
Daze NNP I

I PRP I
've VBP O
learned VBD O
the DT I
hard JJ I
way NN I
that IN O
too RB I
much JJ I
booze NN I
Takes VBZ O
revenge NN I
the DT B
next JJ I
day NN I
about IN O
nine CD I
; : O
No DT I
wonder NN I
I PRP I
say VBP O
, , O
`` `` O
I PRP I
drink VBP O
to TO O
your PRP$ I
health NN I
'' '' O
-- : O
It PRP I
certainly RB O
is VBZ O
n't RB O
to TO O
mine VB I
! . O

-- : I
George NNP I
O. NNP I
Ludcke NNP I
. . I

Spaced NNP O
Out IN O

Those DT I
supermarket NN I
tabloids NNS I
Make VBP O
me PRP I
feel VBP O
slow JJ O
Because IN O
I PRP I
still RB O
have VBP O
n't RB O
seen VBN O

-- : I
Bruce NNP I
Kafaroff NNP I
. . I

Daffynition NN I

Repression NN I
: : O
emote VB I
control NN I
. . O

-- : I
Daisy NNP I
Brown NNP I
. . I

Weyerhaeuser NNP I
Co. NNP I
reported VBD O
a DT I
one-time JJ I
gain NN I
and CC O
strong JJ I
wood-product NN I
sales NNS I
that WDT B
offset VBP O
weakness NN I
in IN O
pulp NN I
and CC I
paper NN I
to TO O
fuel VB O
a DT I
15 CD I
% NN I
jump NN I
in IN O
third-quarter JJ I
net JJ I
income NN I
to TO O
$ $ I
166.8 CD I
million CD I
, , O
or CC O
78 CD I
cents NNS I
a DT B
share NN I
. . O

In IN O
the DT I
1988 CD I
third JJ I
quarter NN I
, , O
the DT I
forest-products NNS I
company NN I
reported VBD O
profit NN I
of IN O
$ $ I
144.9 CD I
million CD I
, , O
or CC O
69 CD I
cents NNS I
a DT B
share NN I
. . O

Sales NNS I
rose VBD O
9 CD I
% NN I
to TO O
$ $ I
2.57 CD I
billion CD I
from IN O
$ $ I
2.36 CD I
billion CD I
. . O

For IN O
the DT I
nine CD I
months NNS I
, , O
the DT I
company NN I
posted VBD O
a DT I
14 CD I
% NN I
rise NN I
in IN O
profit NN I
to TO O
$ $ I
469.8 CD I
million CD I
, , O
or CC O
$ $ I
2.21 CD I
a DT B
share NN I
, , O
from IN O
$ $ I
410.3 CD I
million CD I
, , O
or CC O
$ $ I
1.95 CD I
a DT B
share NN I
. . O

Sales NNS I
rose VBD O
9 CD I
% NN I
to TO O
$ $ I
7.54 CD I
billion CD I
from IN O
$ $ I
6.95 CD I
billion CD I
. . O

Results NNS I
for IN O
the DT I
1989 CD I
third JJ I
quarter NN I
and CC I
nine CD I
months NNS I
include VBP O
a DT I
pretax JJ I
loss NN I
of IN O
$ $ I
33 CD I
million CD I
from IN O
the DT I
company NN I
's POS B
business NN I
improvement NN I
and CC I
refocusing NN I
program NN I
, , O
and CC O
a DT I
gain NN I
of IN O
$ $ I
49 CD I
million CD I
on IN O
the DT I
sale NN I
of IN O
a DT I
subsidiary NN I
's POS B
common JJ I
stock NN I
. . O

Forest-products NNS I
operations NNS I
strengthened VBN O
in IN O
the DT I
third JJ I
quarter NN I
, , O
while IN O
paper NN I
operations NNS I
were VBD O
dogged VBN O
by IN O
higher JJR I
costs NNS I
, , O
soft JJ I
newsprint NN I
exports NNS I
and CC O
a DT I
strong JJ I
Japanese JJ I
yen NN I
. . O

Some DT I
competing VBG I
forest-products NNS I
firms NNS I
have VBP O
recently RB O
reported VBN O
improved VBN I
results NNS I
due JJ O
to TO O
strong JJ I
pulp NN I
and CC I
paper NN I
business NN I
. . O

Weyerhaeuser NNP I
's POS B
pulp NN I
and CC I
paper NN I
operations NNS I
were VBD O
up IN O
for IN O
the DT I
nine CD I
months NNS I
, , O
but CC O
full-year JJ I
performance NN I
depends VBZ O
on IN O
the DT I
balance NN I
of IN O
operating VBG I
and CC I
maintenance NN I
costs NNS I
, , O
plus CC O
pricing NN I
of IN O
certain JJ I
products NNS I
, , O
the DT I
company NN I
said VBD O
. . O

Looking VBG O
ahead RB O
to TO O
the DT I
fourth JJ I
quarter NN I
, , O
the DT I
company NN I
said VBD O
export NN I
log NN I
and CC I
lumber NN I
markets NNS I
will MD O
be VB O
weak JJ O
, , O
while IN O
panel NN I
and CC I
plywood NN I
markets NNS I
will MD O
be VB O
stronger JJR O
. . O

Pulp NNP I
and CC I
paper NN I
performance NN I
depends VBZ O
on IN O
cost NN I
and CC I
price NN I
variables NNS I
, , O
the DT I
company NN I
said VBD O
. . O

Bankers NNP I
Trust NNP I
New NNP I
York NNP I
Corp. NNP I
became VBD O
the DT I
latest JJS I
major JJ I
U.S. NNP I
bank NN I
to TO O
increase VB O
reserves NNS I
for IN O
its PRP$ I
loans NNS I
to TO O
less-developed JJ I
countries NNS I
, , O
making VBG O
a DT I
$ $ I
1.6 CD I
billion CD I
third-quarter JJ I
addition NN I
to TO O
its PRP$ I
provision NN I
. . O

The DT I
bank NN I
also RB O
said VBD O
it PRP I
expects VBZ O
to TO O
report VB O
a DT I
$ $ I
1.42 CD I
billion CD I
loss NN I
for IN O
the DT I
third JJ I
quarter NN I
and CC O
a DT I
loss NN I
for IN O
the DT I
full JJ I
year NN I
. . O

The DT I
new JJ I
reserves NNS I
bring VBP O
the DT I
company NN I
's POS B
provision NN I
for IN O
loans NNS I
to TO O
Third NNP I
World NNP I
countries NNS I
to TO O
$ $ I
2.6 CD I
billion CD I
, , O
or CC O
85 CD I
% NN I
of IN O
Bankers NNP I
Trust NNP I
's POS B
medium NN I
and CC I
long-term JJ I
loans NNS I
to TO O
these DT I
countries NNS I
. . O

`` `` O
Step NN O
up IN O
to TO O
the DT I
plate NN I
and CC O
take VB O
the DT I
big JJ I
swing NN I
. . O

Get VB O
the DT I
problem NN I
behind IN O
you PRP I
and CC O
do VBP O
n't RB O
look VB O
back RB O
, , O
'' '' O
said VBD O
James NNP I
J. NNP I
McDermott NNP I
, , O
analyst NN I
at IN O
Keefe NNP I
, , I
Bruyette NNP I
& CC I
Woods NNP I
, , O
in IN O
approving VBG O
of IN O
the DT I
move NN I
. . O

Bankers NNP I
Trust NNP I
`` `` O
has VBZ O
had VBN O
the DT I
capacity NN I
to TO O
do VB O
this DT I
for IN O
some DT I
time NN I
, , O
'' '' O
the DT I
analyst NN I
said VBD O
. . O

He PRP I
expects VBZ O
Citicorp NNP I
to TO O
take VB O
a DT I
similar JJ I
step NN I
this DT B
year NN I
. . O

Citicorp NN I
yesterday NN B
reported VBD O
a DT I
9 CD I
% NN I
third-quarter JJ I
earnings NNS I
drop NN I
, , O
which WDT I
analysts NNS B
called VBD O
a DT O
bit NN O
disappointing JJ O
, , O
while IN O
Manufacturers NNP I
Hanover NNP I
Corp. NNP I
posted VBD O
a DT I
$ $ I
789 CD I
million CD I
loss NN I
for IN O
the DT I
quarter NN I
after IN O
adding VBG O
$ $ I
950 CD I
million CD I
to TO O
its PRP$ I
reserve NN I
for IN O
loans NNS I
to TO O
less-developed JJ I
countries NNS I
. . O

Three CD I
other JJ I
major JJ I
U.S. NNP I
banks NNS I
posted VBD O
earnings NNS I
increases NNS I
. . O

Wells NNP I
Fargo NNP I
& CC I
Co. NNP I
of IN O
San NNP I
Francisco NNP I
posted VBD O
a DT I
17 CD I
% NN I
jump NN I
. . O

PNC NNP I
Financial NNP I
Corp. NNP I
, , O
the DT I
parent NN I
of IN O
Pittsburgh NNP I
National NNP I
Bank NNP I
, , O
reported VBD O
net JJ I
income NN I
climbed VBD O
9.8 CD I
% NN I
, , O
while IN O
net JJ I
for IN O
Banc NNP I
One CD I
Corp. NNP I
of IN O
Columbus NNP I
, , O
Ohio NNP I
, , O
grew VBD O
3.8 CD I
% NN I
. . O

Citicorp NNP I

Analysts NNS I
were VBD O
only RB O
slightly RB O
disappointed VBN O
by IN O
Citicorp NNP I
's POS B
numbers NNS I
. . O

`` `` O
There EX I
's VBZ O
nothing NN I
in IN O
here RB I
that DT B
's VBZ O
horrible NN O
and CC O
nothing NN I
to TO O
make VB O
you PRP I
think VB O
they PRP I
're VBP O
setting VBG O
the DT I
world NN I
on IN O
fire NN I
, , O
'' '' O
said VBD O
Carole NNP I
Berger NNP I
, , O
analyst NN I
for IN O
C.J. NNP I
Lawrence NNP I
, , I
Morgan NNP I
Grenfell NNP I
Inc NNP I
. . O

Earnings NNS I
from IN O
the DT I
bank NN I
's POS B
global JJ I
consumer NN I
business NN I
grew VBD O
27 CD I
% NN I
. . O

`` `` O
The DT I
consumer NN I
business NN I
continues VBZ O
to TO O
drive VB O
the DT I
earnings NNS I
stream NN I
, , O
'' '' O
said VBD O
Mr. NNP I
McDermott NNP I
of IN O
Keefe NNP I
, , I
Bruyette NNP I
& CC I
Woods NNP I
. . O

Corporate JJ I
finance NN I
and CC I
trading NN I
results NNS I
in IN O
member NN I
countries NNS I
of IN O
the DT I
Organization NNP I
for IN O
Economic NNP I
Cooperation NNP I
and CC I
Development NNP I
were VBD O
`` `` O
relatively RB O
flat JJ O
, , O
sometimes RB O
choppy JJ O
, , O
'' '' O
the DT I
bank NN I
said VBD O
, , O
and CC O
profit NN I
for IN O
the DT I
area NN I
sank VBD O
27 CD I
% NN I
. . O

The DT I
cross-border JJ I
loan NN I
portfolio NN I
reflected VBD O
`` `` O
adjustment NN I
problems NNS I
and CC O
episodic JJ I
payment NN I
patterns NNS I
, , O
'' '' O
the DT I
bank NN I
said VBD O
no DT I
interest NN I
payments NNS I
from IN O
Argentina NNP I
in IN O
the DT I
nine CD I
months NNS I
and CC O
none NN I
from IN O
Brazil NNP I
in IN O
the DT I
third JJ I
quarter NN I
, , O
while IN O
Venezuela NNP I
brought VBD O
itself PRP I
`` `` O
substantially RB O
current JJ O
. . O
'' '' O

Overall RB O
, , O
the DT I
portfolio NN I
narrowed VBD O
its PRP$ I
quarterly JJ I
loss NN I
to TO O
$ $ I
70 CD I
million CD I
from IN O
$ $ I
80 CD I
million CD I
a DT B
year NN I
earlier RBR O
. . O

`` `` O
People NNS I
were VBD O
waiting VBG O
to TO O
see VB O
if IN O
we PRP I
would MD O
take VB O
an DT I
additional JJ I
provision NN I
'' '' O
for IN O
medium-term JJ I
and CC I
long-term JJ I
loans NNS I
to TO O
less-developed JJ I
countries NNS I
, , O
a DT I
Citicorp NNP I
spokesman NN I
said VBD O
. . O

But CC O
he PRP I
reiterated VBD O
the DT I
bank NN I
's POS B
position NN I
that IN O
it PRP I
is VBZ O
comfortable JJ O
with IN O
the DT I
current JJ I
level NN I
of IN O
$ $ I
2.6 CD I
billion CD I
, , O
covering VBG O
about IN I
30 CD I
% NN I
of IN O
the DT I
$ $ I
8.9 CD I
billion CD I
of IN O
such JJ I
loans NNS I
outstanding JJ O
. . O

Ronald NNP I
I. NNP I
Mandle NNP I
, , O
analyst NN I
at IN O
Sanford NNP I
C. NNP I
Bernstein NNP I
& CC I
Co. NNP I
, , O
called VBN O
Citicorp NNP I
's POS B
venture-capital JJ I
gains NNS I
of IN O
$ $ I
93 CD I
million CD I
before IN O
taxes NNS I
`` `` O
strong JJ O
. . O
'' '' O

A DT I
`` `` I
concerning VBG I
'' '' I
item NN I
the DT B
analyst NN I
cited VBD O
was VBD O
the DT I
10 CD I
% NN I
jump NN I
in IN O
expenses NNS I
, , O
which WDT I
the DT B
bank NN I
attributes NNS O
to TO O
costs NNS I
of IN O
expanding VBG O
both DT O
its PRP$ I
consumer NN I
credit-card NN I
operations NNS I
and CC O
its PRP$ I
overseas JJ I
branch NN I
business NN I
. . O

Citicorp NNP I
's POS B
spokesman NN I
said VBD O
, , O
however RB O
, , O
that IN O
the DT I
bank NN I
is VBZ O
maintaining VBG O
those DT I
expenses NNS I
in IN O
proportion NN I
to TO O
revenue NN I
growth NN I
. . O

Wells NNP I
Fargo NNP I

Wells NNP I
Fargo NNP I
continued VBD O
to TO O
generate VB O
one CD I
of IN O
the DT I
highest JJS I
profit NN I
margins NNS I
among IN O
major JJ I
banks NNS I
, , O
minimizing VBG O
a DT I
drop NN I
in IN O
net JJ I
interest NN I
margin NN I
with IN O
13 CD I
% NN I
third-quarter JJ I
growth NN I
in IN O
high-yielding JJ I
business NN I
loans NNS I
and CC O
similar JJ I
growth NN I
in IN O
mortgages NNS I
. . O

Its PRP$ I
margin NN I
fell VBD O
only RB I
seven CD I
basis NN I
points NNS I
, , O
or CC O
7\/100ths CD I
of IN O
a DT I
percentage NN I
point NN I
, , O
from IN O
a DT I
year NN I
ago RB O
, , O
compared VBN O
with IN O
a DT I
13-point JJ I
drop NN I
at IN O
Security NNP I
Pacific NNP I
Corp. NNP I
and CC O
much RB I
larger JJR I
declines NNS I
among IN O
banks NNS I
in IN O
other JJ I
parts NNS I
of IN O
the DT I
country NN I
. . O

As IN O
a DT I
result NN I
, , O
Wells NNP I
Fargo NNP I
's POS B
net JJ I
interest NN I
income NN I
rose VBD O
$ $ I
36.3 CD I
million CD I
, , O
or CC O
7 CD I
% NN I
, , O
to TO O
$ $ I
537 CD I
million CD I
for IN O
the DT I
quarter NN I
. . O

Non-interest JJ I
income NN I
fell VBD O
slightly RB O
to TO O
$ $ I
191.9 CD I
million CD I
from IN O
$ $ I
193.3 CD I
million CD I
, , O
while IN O
Wells NNP I
Fargo NNP I
continued VBD O
to TO O
rigorously RB O
control VBP O
non-interest JJ I
expense NN I
, , O
which WDT I
was VBD O
almost RB O
flat JJ O
at IN O
$ $ I
393.4 CD I
million CD I
. . O

The DT I
combination NN I
of IN O
solid JJ I
loan NN I
growth NN I
with IN O
tight JJ I
expense NN I
control NN I
gave VBD O
Wells NNP I
Fargo NNP I
a DT B
1.25 CD I
% NN I
return NN I
on IN O
average JJ I
assets NNS I
for IN O
the DT I
quarter NN I
, , O
about IN I
40 CD I
% NN I
higher JJR O
than IN O
Security NNP I
Pacific NNP I
's POS B
and CC O
a DT I
profit NN I
ratio NN I
matched VBN O
by IN O
only RB I
two CD I
or CC I
three CD I
other JJ O
major JJ O
banks NNS O
in IN O
the DT I
U.S. NNP I
. . O

Wells NNP I
Fargo NNP I
's POS B
return NN I
on IN O
equity NN I
increased VBN O
to TO O
24.4 CD I
% NN I
from IN O
23.8 CD I
% NN I
. . O

Wells NNP I
Fargo NNP I
has VBZ O
sold VBN O
all DT I
of IN O
its PRP$ I
non-trade JJ I
loans NNS I
made VBN O
to TO O
less-developed JJ I
countries NNS I
, , O
and CC O
managed VBD O
to TO O
partly RB O
reverse VB O
the DT I
sharp JJ I
rise NN I
in IN O
domestic JJ I
non-accrual JJ I
loans NNS I
, , O
which WDT I
fell VBD O
8 CD I
% NN I
from IN O
the DT I
previous JJ I
quarter NN I
to TO O
$ $ I
806.8 CD I
million CD I
from IN O
$ $ I
880.9 CD I
million CD I
. . O

But CC O
the DT I
amount NN I
was VBD O
still RB O
39 CD I
% NN I
higher JJR O
than IN O
the DT I
year-ago JJ I
level NN I
, , O
and CC O
25 CD I
% NN I
higher JJR O
as IN O
a DT I
percentage NN I
of IN O
total JJ I
loans NNS I
. . O

That DT I
trend NN I
, , O
and CC O
Wells NNP I
Fargo NNP I
's POS B
heavy JJ I
exposure NN I
to TO O
leveraged JJ I
buy-outs NNS I
, , O
are VBP O
about IN I
the DT I
only RB I
worries VBZ I
analysts NNS B
have VBP O
about IN O
Wells NNP I
Fargo NNP I
's POS B
financial JJ I
picture NN I
. . O

Wells NNP I
Fargo NNP I
is VBZ O
rebuilding VBG O
its PRP$ I
loan-loss NN I
reserve NN I
, , O
which WDT I
increased VBD O
to TO O
$ $ I
711 CD I
million CD I
at IN O
Sept. NNP I
30 CD I
from IN O
$ $ I
664 CD I
million CD I
the DT B
previous JJ I
quarter NN I
but CC O
was VBD O
down RB O
from IN O
$ $ I
852 CD I
million CD I
a DT B
year NN I
ago RB O
, , O
when WRB O
the DT I
bank NN I
still RB O
had VBD O
some DT I
shaky JJ I
foreign JJ I
loans NNS I
. . O

Manufacturers NNP I
Hanover NNP I

Manufacturers NNP I
Hanover NNP I
said VBD O
that IN O
excluding VBG O
the DT I
addition NN I
to TO O
its PRP$ I
reserves NNS I
, , O
certain JJ I
tax NN I
benefits NNS I
, , O
and CC O
a DT I
one-time JJ I
$ $ I
16 CD I
million CD I
gain NN I
on IN O
the DT I
sale NN I
of IN O
an DT I
interest NN I
in IN O
a DT I
foreign JJ I
leasing NN I
company NN I
, , O
third-quarter JJ I
earnings NNS I
were VBD O
$ $ I
75 CD I
million CD I
. . O

The DT I
comparable JJ I
year-earlier JJ I
number NN I
was VBD O
$ $ I
56 CD I
million CD I
, , O
a DT I
spokesman NN I
said VBD O
. . O

The DT I
bank NN I
's POS B
additional JJ I
provisions NNS I
brought VBD O
reserves NNS I
for IN O
loans NNS I
to TO O
less-developed JJ I
countries NNS I
to TO O
$ $ I
2.4 CD I
billion CD I
, , O
covering VBG O
36 CD I
% NN I
of IN O
its PRP$ I
medium NN I
and CC I
long-term JJ I
loans NNS I
outstanding JJ O
to TO O
these DT I
nations NNS I
. . O

The DT I
net JJ I
interest NN I
margin NN I
- : O
the DT I
difference NN I
between IN O
the DT I
bank NN I
's POS B
cost NN I
of IN O
funds NNS I
and CC O
what WP I
it PRP B
receives VBZ O
as IN O
interest NN I
payments NNS I
-- : O
improved VBN O
in IN O
the DT I
quarter NN I
, , O
as IN O
did VBD O
certain JJ I
areas NNS I
of IN O
wholesale JJ I
banking NN I
. . O

Fees NNS I
from IN O
syndicating VBG I
loans NNS I
dropped VBD O
48 CD I
% NN I
, , O
to TO O
$ $ I
21 CD I
million CD I
. . O

`` `` O
We PRP I
did VBD O
n't RB O
take VB O
part NN I
in IN O
a DT I
lot NN I
of IN O
deals NNS I
'' '' O
in IN O
the DT I
quarter NN I
`` `` O
because IN O
their PRP$ I
credit NN I
quality NN I
was VBD O
poor JJ O
, , O
'' '' O
the DT I
spokesman NN I
said VBD O
. . O

Expenses NNS I
unrelated JJ O
to TO O
interest VB I
rose VBD O
5.4 CD I
% NN I
, , O
to TO O
$ $ I
541 CD I
million CD I
. . O

PNC NNP I
Financial NNP I

PNC NNP I
Financial NNP I
cited VBD O
higher JJR I
income NN I
from IN O
sources NNS I
unrelated JJ O
to TO O
interest VB I
and CC O
said VBD O
it PRP I
continues VBZ O
to TO O
cut VB O
costs NNS I
. . O

Net JJ I
interest NN I
income NN I
in IN O
the DT I
third JJ I
quarter NN I
edged VBD O
up IN O
1.4 CD I
% NN I
, , O
to TO O
$ $ I
317.7 CD I
million CD I
. . O

Trust NN I
income NN I
grew VBD O
15 CD I
% NN I
, , O
to TO O
$ $ I
49.9 CD I
million CD I
, , O
while IN O
service NN I
charges NNS I
, , O
fees NNS I
and CC O
commissions NNS I
increased VBN O
22 CD I
% NN I
, , O
to TO O
$ $ I
79.4 CD I
million CD I
. . O

The DT I
bank NN I
's POS B
total JJ I
allowance NN I
for IN O
credit NN I
losses NNS I
was VBD O
$ $ I
502.1 CD I
million CD I
, , O
or CC O
1.82 CD I
% NN I
of IN O
total JJ I
loans NNS I
. . O

Prime NNP I
Minister NNP I
Rajiv NNP I
Gandhi NNP I
set VBD O
a DT I
date NN I
next JJ B
month NN I
for IN O
general JJ I
elections NNS I
that IN B
some DT B
analysts NNS I
say VBP O
could MD O
cost VB O
him PRP I
and CC O
his PRP$ O
ruling NN O
Congress NNP O
-LRB- ( O
I PRP I
-RRB- ) O
Party NNP O
control NN I
of IN O
the DT I
government NN I
. . O

Other JJ I
analysts NNS I
say VBP O
the DT I
Indian NNP I
leader NN I
could MD O
retain VB O
control NN I
with IN O
a DT I
slim JJ I
majority NN I
or CC O
be VB O
forced VBN O
to TO O
rule VB O
as IN O
the DT I
dominant JJ I
partner NN I
in IN O
a DT I
coalition NN I
with IN O
other JJ I
parties NNS I
. . O

Elections NNS I
in IN O
this DT I
large JJ I
, , I
diverse JJ I
and CC I
passionate JJ I
nation NN I
are VBP O
always RB O
hard JJ O
to TO O
predict VB O
. . O

Much RB I
depends VBZ O
on IN O
the DT I
opposition NN I
, , O
a DT I
loose JJ I
group NN I
of IN O
regional JJ I
and CC I
ideological JJ I
parties NNS I
led VBN O
by IN O
former JJ O
Gandhi NNP O
cabinet NN O
minister NNP O
Vishwanath NNP I
Pratap NNP I
Singh NNP I
. . O

The DT I
biggest JJS I
certainty NN I
is VBZ O
that IN O
the DT I
elections NNS I
will MD O
be VB O
a DT I
vote NN I
for IN O
or CC O
against IN O
Mr. NNP I
Gandhi NNP I
and CC O
his PRP$ I
five CD I
years NNS I
in IN O
power NN I
-- : O
five CD I
years NNS I
of IN O
ups NNS I
and CC O
downs NNS I
, , O
promises VBZ I
and CC O
disappointments NNS I
and CC O
wide JJ I
fluctuations NNS I
in IN O
popularity NN I
. . O

Yesterday NN I
, , O
four CD I
days NNS I
after IN O
an DT I
unusual JJ I
parliamentary JJ I
defeat NN I
for IN O
the DT I
ruling NN I
party NN I
, , O
Mr. NNP I
Gandhi NNP I
called VBD O
elections NNS I
for IN O
the DT I
lower JJR I
house NN I
of IN O
Parliament NNP I
on IN O
Nov. NNP I
22 CD I
and CC I
24 CD I
. . O

The DT I
elections NNS I
will MD O
be VB O
held VBN O
in IN O
different JJ I
states NNS I
on IN O
one CD I
of IN O
the DT I
two CD I
days NNS I
. . O

-LRB- ( O
The DT I
lower JJR I
house NN I
's POS B
five-year JJ I
term NN I
expires VBZ O
in IN O
January NNP I
; : O
the DT I
Parliament NNP I
's POS B
upper JJ I
house NN I
is VBZ O
appointed VBN O
. . O
-RRB- ) O

The DT I
elections NNS I
will MD O
be VB O
a DT I
rigorous JJ I
test NN I
for IN O
the DT I
45-year-old JJ I
prime JJ I
minister NN I
and CC O
Congress NNP I
-LRB- ( I
I PRP I
-RRB- ) I
, , O
which WDT I
in IN O
various JJ I
forms NNS I
has VBZ O
ruled VBN O
for IN O
40 CD O
of IN O
India NNP I
's POS I
42 CD O
years NNS O
of IN O
independence NN I
. . O

After IN O
a DT I
landslide NN I
win NN I
in IN O
1984 CD I
in IN O
polls NNS I
held VBN O
after IN O
the DT I
assassination NN I
of IN O
his PRP$ I
mother NN I
, , O
Indira NNP I
Gandhi NNP I
, , O
Mr. NNP I
Gandhi NNP I
saw VBD O
his PRP$ I
popularity NN I
begin VB O
a DT I
roller NN I
coaster NN I
ride NN I
. . O

His PRP$ I
early JJ I
promises NNS I
to TO O
make VB O
India NNP I
a DT B
modern JJ I
nation NN I
remain VB O
bogged VBD O
down RB O
in IN O
bloated JJ I
bureaucracy NN I
. . O

His PRP$ I
pledge NN I
to TO O
clean VB O
up IN O
local JJ I
administration NN I
and CC O
Indian NNP I
politics NNS I
, , O
including VBG O
his PRP$ I
own JJ I
party NN I
, , O
went VBD O
unfulfilled JJ O
. . O

His PRP$ I
`` `` I
Mr. NNP I
Clean NNP I
'' '' I
image NN I
was VBD O
muddied VBN O
by IN O
an DT I
arms-kickback NN I
scandal NN I
, , O
which WDT I
will MD O
be VB O
a DT I
major JJ I
campaign NN I
issue NN I
. . O

Some DT I
analysts NNS I
predict VBP O
that DT I
disappointment NN I
in IN O
Mr. NNP I
Gandhi NNP I
's POS B
spent VBD I
pledge NN I
to TO O
reduce VB O
corruption NN I
and CC O
heavy-handed JJ I
local JJ I
government NN I
will MD O
crest VB O
at IN O
the DT I
polls NNS I
. . O

`` `` O
There EX I
's VBZ O
a DT I
wide JJ I
feeling NN I
of IN O
indignation NN I
across IN O
the DT I
country NN I
, , O
'' '' O
says VBZ O
Bhabani NNP I
Sen NNP I
Gupta NNP I
of IN O
the DT I
Center NNP I
for IN O
Policy NNP I
Research NNP I
, , O
in IN O
New NNP I
Delhi NNP I
. . O

`` `` O
I PRP I
think VBP O
the DT I
people NNS I
will MD O
be VB O
judging VBG O
the DT I
regime NN I
by IN O
a DT I
petty JJ I
policeman NN I
, , O
by IN O
a DT I
corrupt JJ I
revenue NN I
collector NN I
. . O

This DT I
could MD O
be VB O
a DT I
big JJ I
protest NN I
against IN O
an DT I
administrative JJ I
failure NN I
. . O
'' '' O

Even RB O
if IN O
the DT I
Congress NNP I
-LRB- ( O
I PRP I
-RRB- ) O
retains VBZ O
control NN I
of IN O
the DT I
government NN I
, , O
Mr. NNP I
Gandhi NNP I
's POS B
ability NN I
to TO O
push VB O
through IN O
major JJ I
initiatives NNS I
might MD O
be VB O
hobbled VBN O
by IN O
a DT I
thinner JJR I
majority NN I
. . O

Economic JJ I
analysts NNS I
call VBP O
his PRP$ I
trail-blazing JJ I
liberalization NN I
of IN O
the DT I
Indian NNP I
economy NN I
incomplete JJ O
, , O
and CC O
many JJ I
are VBP O
hoping VBG O
for IN O
major JJ I
new JJ I
liberalizations NNS I
if IN O
he PRP I
is VBZ O
returned VBN O
firmly RB O
to TO O
power VB I
. . O

The DT I
Lok NNP I
Sabha NNP I
, , O
or CC O
lower JJR I
house NN I
of IN O
Parliament NNP I
, , O
has VBZ O
542 CD I
elected VBN I
and CC O
two CD I
appointed VBN I
seats NNS O
. . O

In IN O
1984 CD I
, , O
the DT I
Congress NNP I
-LRB- ( O
I PRP I
-RRB- ) O
captured VBN O
405 CD I
seats NNS I
, , O
the DT I
largest JJS I
victory NN I
in IN O
the DT I
history NN I
of IN O
Indian NNP I
democracy NN I
. . O

The DT I
landslide NN I
was VBD O
fueled VBN O
by IN O
panic NN I
that WDT B
prevailed VBD O
in IN O
India NNP I
at IN O
the DT I
time NN I
. . O

Mrs. NNP I
Gandhi NNP I
had VBD O
been VBN O
assassinated VBN O
by IN O
separatist JJ I
Sikhs NNPS I
, , O
and CC O
many JJ I
Indians NNPS I
feared VBD O
their PRP$ I
country NN I
might MD O
split VB O
apart RB O
. . O

In IN O
the DT I
previous JJ I
three CD I
general JJ I
elections NNS I
, , O
similar JJ I
national JJ I
issues NNS I
clinched VBD O
the DT I
vote NN I
. . O

In IN O
1971 CD I
, , O
the DT I
Congress NNP I
Party NNP I
won VBD O
after IN O
India NNP I
's POS B
victory NN I
in IN O
the DT I
Bangladesh NNP I
war NN I
. . O

In IN O
1977 CD I
, , O
Mrs. NNP I
Gandhi NNP I
was VBD O
thrown VBN O
out IN O
of IN O
office NN I
after IN O
her PRP$ I
19-month JJ I
emergency NN I
rule NN I
, , O
and CC O
in IN O
1980 CD I
, , O
after IN O
her PRP$ I
successors NNS I
made VBD O
a DT I
mess NN I
of IN O
their PRP$ I
three CD I
years NNS I
in IN O
power NN I
, , O
she PRP I
was VBD O
restored VBN O
to TO O
office NN I
. . O

Most JJS I
political JJ I
analysts NNS I
say VBP O
that IN O
if IN O
Mr. NNP I
Gandhi NNP I
's POS B
opposition NN I
unites VBZ O
to TO O
field VB O
single JJ I
candidates NNS I
in IN O
most RBS I
precincts NNS I
, , O
the DT I
Congress NNP I
-LRB- ( O
I PRP I
-RRB- ) O
will MD O
lose VB O
big JJ O
. . O

But CC O
if IN O
the DT I
opposition NN I
remains VBZ O
fractured VBN O
, , O
the DT I
Congress NNP I
-LRB- ( O
I PRP I
-RRB- ) O
could MD O
win VB O
a DT I
small JJ I
majority NN I
, , O
or CC O
lead VB O
a DT I
coalition NN I
government NN I
. . O

Chimanbhai NNP I
Mehta NNP I
, , O
a DT I
parliamentarian NN I
and CC I
former JJ I
Gandhi NNP I
ally NN I
, , O
predicts VBZ O
Congress NNP I
-LRB- ( O
I PRP I
-RRB- ) O
will MD O
win VB O
only RB I
150 CD I
seats NNS I
, , O
a DT I
quarter NN I
of IN O
the DT I
house NN I
, , O
if IN O
the DT I
opposition NN I
fields VBZ O
single JJ I
candidates NNS I
in IN O
80 CD I
% NN I
of IN O
the DT I
races NNS I
. . O

Analysts NNS I
say VBP O
the DT I
opposition NN I
will MD O
struggle VB O
this DT I
week NN I
to TO O
unite VB O
, , O
and CC O
its PRP$ I
success NN I
will MD O
be VB O
clear JJ O
only RB O
when WRB O
it PRP I
announces VBZ O
its PRP$ I
final JJ I
list NN I
of IN O
parliamentary JJ I
candidates NNS I
. . O

The DT I
arms-kickback NN I
scandal NN I
is VBZ O
likely JJ O
to TO O
be VB O
one CD I
of IN O
the DT I
big JJ I
talking NN I
points NNS I
in IN O
the DT I
campaign NN I
, , O
but CC O
it PRP I
's VBZ O
unclear JJ O
how WRB O
it PRP I
is VBZ O
viewed VBN O
by IN O
average JJ I
Indian NNP I
voters NNS I
. . O

In IN O
1986 CD I
, , O
India NNP I
signed VBD O
a DT I
$ $ I
1.4 CD I
billion CD I
contract NN I
with IN O
AB NNP I
Bofors NNP I
, , O
a DT I
unit NN I
of IN O
Nobel NNP I
Industries NNP I
Sweden NNP I
AB NNP I
, , O
to TO O
purchase VB O
400 CD I
artillery NN I
pieces NNS I
. . O

The DT I
contract NN I
was VBD O
negotiated VBN O
by IN O
the DT I
countries NNS I
' POS B
two CD I
prime JJ I
ministers NNS I
, , O
and CC O
was VBD O
supposed VBN O
to TO O
be VB O
free JJ O
of IN O
commissions NNS I
or CC O
agents NNS I
' POS B
costs NNS I
. . O

In IN O
April NNP I
1987 CD I
, , O
evidence NN I
surfaced VBD O
that IN O
commissions NNS I
were VBD O
paid VBN O
. . O

The DT I
opposition NN I
charged VBN O
that IN O
the DT I
money NN I
was VBD O
used VBN O
to TO O
bribe VB O
Indian NNP I
government NN I
officials NNS I
, , O
an DT I
allegation NN I
denied VBN O
by IN O
Mr. NNP I
Gandhi NNP I
's POS B
administration NN I
. . O

But CC O
many NN I
of IN O
his PRP$ I
statements NNS I
on IN O
the DT I
issue NN I
in IN O
Parliament NNP I
subsequently RB O
were VBD O
proven VBN O
wrong JJ O
by IN O
documentary NN I
evidence NN I
. . O

The DT I
scandal NN I
has VBZ O
faded VBN O
and CC O
flared VBN O
, , O
but CC O
recent JJ I
disclosures NNS I
propelled VBN O
it PRP I
back RB O
onto IN O
the DT I
front NN I
pages NNS I
, , O
and CC O
that DT I
has VBZ O
helped VBN O
galvanize VB O
the DT I
opposition NN I
, , O
which WDT I
last JJ B
week NN I
blocked VBD O
passage NN I
of IN O
two CD I
constitutional JJ I
amendment NN I
bills NNS I
. . O

It PRP I
was VBD O
the DT I
first JJ I
time NN I
in IN O
20 CD I
years NNS I
that IN O
such JJ I
government NN I
bills NNS I
were VBD O
defeated VBN O
. . O

In IN O
a DT I
country NN I
where WRB O
a DT I
bribe NN I
is VBZ O
needed VBN O
to TO O
get VB O
a DT I
phone NN I
, , O
a DT I
job NN I
, , O
and CC O
even RB O
into IN O
a DT I
school NN I
, , O
the DT I
name NN I
Bofors NNP I
has VBZ O
become VBN O
a DT I
potent JJ I
rallying NN I
cry NN I
against IN O
the DT I
government NN I
. . O

That DT I
illustrates VBZ O
the DT I
kind NN I
of IN O
disappointment NN I
many JJ B
Indians NNPS I
feel VBP O
toward IN O
Mr. NNP I
Gandhi NNP I
, , O
whom WP I
they PRP B
zestfully RB O
elected VBD O
and CC O
enthusiastically RB O
supported VBN O
in IN O
his PRP$ I
first JJ I
two CD I
years NNS I
in IN O
power NN I
. . O

His PRP$ I
term NN I
has VBZ O
produced VBN O
no DT I
spectacular JJ I
failures NNS I
in IN O
politics NNS I
, , O
in IN O
the DT I
economy NN I
or CC O
on IN O
the DT I
military JJ I
front NN I
, , O
and CC O
has VBZ O
chalked VBN O
up IN O
some DT I
successes NNS I
. . O

But CC O
the DT I
average JJ I
Indian NNP I
had VBD O
tremendous JJ I
hope NN I
in IN O
the DT I
youthful JJ I
leader NN I
and CC O
his PRP$ I
promise NN I
to TO O
make VB O
both DT O
government NN I
and CC O
the DT I
ruling NN I
party NN I
more RBR O
effective JJ O
and CC O
less RBR O
corrupt JJ O
. . O

His PRP$ I
failures NNS I
in IN O
those DT I
two CD I
areas NNS I
deeply RB O
, , O
and CC O
sometimes RB O
bitterly RB O
, , O
disappointed VBN O
many JJ I
Indians NNPS I
. . O

`` `` O
We PRP I
do VBP O
n't RB O
like IN O
the DT I
Congress NNP I
-LRB- ( O
I PRP I
-RRB- ) O
, , O
'' '' O
says VBZ O
Sooraji NNP I
Jath NNP I
, , O
a DT I
farmer NN I
in IN O
the DT I
western JJ I
state NN I
of IN O
Gujarat NN I
. . O

`` `` O
The DT I
Congress NNP I
government NN I
is VBZ O
taking VBG O
the DT I
farmers NNS I
' POS B
bread NN I
and CC O
not RB O
giving VBG O
us PRP I
any DT B
support NN I
. . O

When WRB O
there EX I
are VBP O
well JJ I
problems NNS I
, , O
light NN I
problems NNS I
, , O
road NN I
problems NNS I
, , O
the DT I
government NN I
tells VBZ O
us PRP I
to TO O
forget VB O
it PRP I
. . O
'' '' O

The DT I
greatest JJS I
thing NN I
going VBG O
for IN O
Mr. NNP I
Gandhi NNP I
and CC O
the DT O
Congress NNP O
-LRB- ( O
I PRP I
-RRB- ) O
Party NNP O
is VBZ O
the DT I
poor JJ I
reputation NN I
of IN O
the DT I
opposition NN I
. . O

Even RB O
if IN O
it PRP I
unites VBZ O
for IN O
the DT I
elections NNS I
, , O
its PRP$ I
coherence NN I
is VBZ O
likely JJ O
to TO O
be VB O
temporary JJ O
. . O

When WRB O
the DT I
Congress NNP I
-LRB- ( O
I PRP I
-RRB- ) O
lost VBD O
the DT I
1977 CD I
election NN I
, , O
following VBG O
Mrs. NNP I
Gandhi NNP I
's POS B
hated VBD I
emergency NN I
rule NN I
, , O
a DT I
similar JJ I
coalition NN I
took VBD O
power NN I
and CC O
then RB O
disintegrated VBD O
. . O

Many JJ I
Indians NNPS I
fear NN O
a DT I
repeat NN I
of IN O
that DT I
experience NN I
. . O

March NNP I
24 CD I
, , I
1986 CD I
: : I

AB NNP I
Bofors NNP I
, , O
a DT I
unit NN I
of IN O
Nobel NNP I
Industries NNP I
Sweden NNP I
AB NNP I
, , O
enters VBZ O
into IN O
a DT I
$ $ I
1.4 CD I
billion CD I
contract NN I
with IN O
India NNP I
's POS B
Defense NNP I
Ministry NNP I
to TO O
supply VB O
400 CD I
Bofors NNP I
FH-77B NNP I
155-mm JJ I
field NN I
howitzer NN I
guns NNS I
. . O

In IN O
1985 CD I
, , O
Prime NNP I
Minister NNP I
Rajiv NNP I
Gandhi NNP I
, , O
in IN O
his PRP$ I
talks NNS I
with IN O
then RB I
Swedish NNP I
Prime NNP I
Minister NNP I
Olof NNP I
Palme NNP I
, , O
imposed VBD O
the DT I
condition NN I
that IN O
the DT I
contract NN I
have VBP O
no DT I
middlemen NNS I
. . O

April NNP I
16 CD I
, , I
1987 CD I
: : I

Swedish NNP I
National NNP I
Radio NNP I
reports NNS O
that IN O
about RB I
$ $ I
40 CD I
million CD I
-- : O
nearly RB I
3 CD I
% NN I
of IN O
the DT I
total JJ I
contract NN I
-- : O
was VBD O
paid VBN O
by IN O
Bofors NNP I
as IN O
commissions NNS I
to TO O
middlemen NNS I
. . O

June NNP I
1 CD I
, , I
1987 CD I
: : I

Sweden NNP I
's POS B
National NNP I
Audit NNP I
Bureau NNP I
releases NNS O
its PRP$ I
report NN I
confirming VBG O
payment NN I
of IN O
about RB I
$ $ I
40 CD I
million CD I
to TO O
unidentified JJ I
Indians NNPS I
. . O

The DT I
report NN I
says VBZ O
that IN O
investigations NNS I
were VBD O
severely RB O
hampered VBN O
by IN O
lack NN I
of IN O
cooperation NN I
from IN O
Bofors NNP I
. . O

Bofors NNP I
says VBZ O
it PRP I
ca MD O
n't RB O
disclose VB O
the DT I
names NNS I
of IN O
the DT I
middlemen NNS I
because IN O
it PRP I
would MD O
jeopardize VB O
industrial JJ I
confidentiality NN I
. . O

A DT I
portion NN I
of IN O
the DT I
report NN I
containing VBG O
names NNS I
of IN O
the DT I
middlemen NNS I
is VBZ O
withheld VBN O
by IN O
officials NNS I
citing VBG O
bank NN I
secrecy NN I
requirements NNS I
. . O

Aug. NNP I
6 CD I
, , I
1987 CD I
: : I

Prime NNP I
Minister NNP I
Gandhi NNP I
tells VBZ O
the DT I
Indian NNP I
Parliament NNP I
, , O
`` `` O
... : O
neither DT O
I PRP I
nor CC O
any DT I
member NN I
of IN O
my PRP$ I
family NN I
has VBZ O
received VBN O
any DT I
consideration NN I
in IN O
these DT I
transactions NNS I
. . O

That DT I
is VBZ O
the DT I
truth NN I
. . O
'' '' O

Aug. NNP I
26 CD I
, , I
1987 CD I
: : I

Bofors NNP I
admits VBZ O
payments NNS I
of IN O
$ $ I
41 CD I
million CD I
to TO O
middlemen NNS I
. . O

April NNP I
22 CD I
, , I
1988 CD I
: : I

The DT I
Hindu NNP I
newspaper NN I
publishes VBZ O
facsimiles NNS I
of IN O
bank NN I
documents NNS I
for IN O
foreign-exchange JJ I
remittances NNS I
and CC O
letters NNS I
between IN O
Bofors NNP I
and CC O
certain JJ I
private JJ I
companies NNS I
related VBN O
to TO O
the DT I
sale NN I
of IN O
the DT I
guns NNS I
to TO O
India NNP I
. . O

April NNP I
26 CD I
, , I
1988 CD I
: : I

A DT I
parliamentary JJ I
investigative JJ I
committee NN I
dominated VBN O
by IN O
the DT O
Congress NNP O
-LRB- ( O
I PRP I
-RRB- ) O
Party NNP O
concludes VBZ O
that IN O
there EX I
were VBD O
no DT I
middlemen NNS I
in IN O
the DT I
deal NN I
and CC O
no DT I
payment NN I
to TO O
any DT I
Indian NNP I
individual NN I
or CC I
company NN I
. . O

July NNP I
18 CD I
, , I
1989 CD I
: : I

The DT I
comptroller NN I
and CC I
auditor-general NN I
of IN O
India NNP I
reports VBZ O
serious JJ I
lapses NNS I
in IN O
the DT I
government NN I
's POS B
technical JJ I
and CC I
financial JJ I
evaluation NN I
of IN O
the DT I
Bofors NNP I
deal NN I
. . O

Sept. NNP I
15 CD I
, , I
1989 CD I
: : I

Retired JJ O
army NN O
Chief NNP O
of IN O
Staff NNP I
Krishnaswami NNP O
Sundarji NNP O
discloses VBZ O
in IN O
an DT I
interview NN I
that IN O
he PRP I
suggested VBD O
in IN O
May NNP I
1987 CD I
that IN O
the DT I
government NN I
cancel NN O
the DT I
Bofors NNP I
contract NN I
. . O

According VBG O
to TO O
Gen. NNP I
Sundarji NNP I
, , O
that WDT I
would MD O
have VB O
forced VBN O
Bofors NNP I
to TO O
disclose VB O
the DT I
names NNS I
of IN O
the DT I
middlemen NNS I
who WP B
received VBD O
kickbacks NNS I
from IN O
the DT I
company NN I
. . O

His PRP$ I
recommendation NN I
was VBD O
rejected VBN O
by IN O
the DT I
government NN I
. . O

Oct. NNP I
9. CD I
1989 CD I
: : I

The DT I
Hindu NNP I
newspaper NN I
publishes VBZ O
the DT I
withheld VBN I
portion NN I
of IN O
the DT I
Swedish NNP I
National NNP I
Audit NNP I
Bureau NNP I
's POS B
report NN I
. . O

The DT I
disclosures NNS I
state VBP O
that IN O
commissions NNS I
were VBD O
paid VBN O
by IN O
Bofors NNP I
to TO O
an DT I
Indian NNP I
agent NN I
of IN O
the DT I
arms NNS I
company NN I
. . O

Parsow NNP I
Partnership NNP I
Ltd. NNP I
and CC O
Elkhorn NNP I
Partners NNP I
L.P. NNP I
said VBD O
they PRP I
may MD O
seek VB O
proposals NNS I
from IN O
third JJ I
parties NNS I
relating VBG O
to TO O
a DT I
sale NN I
or CC I
restructuring NN I
of IN O
CACI NNP I
International NNP I
Inc NNP I
. . O

In IN O
a DT I
filing NN I
with IN O
the DT I
Securities NNP I
and CC I
Exchange NNP I
Commission NNP I
, , O
Parsow NNP I
and CC I
Elkhorn NNP I
, , O
which WDT I
together RB O
hold VB O
8.685 CD I
% NN I
of IN O
CACI NNP I
's POS B
common JJ I
shares NNS I
, , O
said VBD O
they PRP I
think VBP O
it PRP I
is VBZ O
in IN O
the DT I
best JJS I
interest NN I
of IN O
CACI NNP I
stockholders NNS I
that IN O
the DT I
company NN I
be VB O
sold VBN O
. . O

CACI NNP I
, , O
based VBN O
in IN O
Arlington NNP I
, , O
Va. NNP I
, , O
said VBD O
it PRP I
had VBD O
n't RB O
seen VBN O
the DT I
filing NN I
by IN O
Parsow NNP I
and CC I
Elkhorn NNP I
and CC O
therefore RB O
had VBD O
no DT I
comment NN I
. . O

The DT I
partnerships NNS I
said VBD O
they PRP I
may MD O
seek VB O
board NN I
representation NN I
, , O
and CC O
they PRP I
may MD O
seek VB O
the DT I
support NN I
of IN O
CACI NNP I
's POS B
board NN I
and CC O
other JJ I
major JJ I
shareholders NNS I
in IN O
connection NN I
with IN O
their PRP$ I
plans NNS I
. . O

According VBG O
to TO O
the DT I
filing NN I
, , O
Parsow NNP I
and CC I
Elkhorn NNP I
are VBP O
based VBN O
in IN O
Elkhorn NNP I
, , O
Neb. NNP I
, , O
and CC O
are VBP O
controlled VBN O
by IN O
the DT I
same JJ I
general JJ I
partner NN I
, , O
Alan NNP I
S. NNP I
Parsow NNP I
. . O

Their PRP$ I
combined VBN I
stake NN I
consists VBZ O
of IN O
880,500 CD I
CACI NNP I
common JJ I
shares NNS I
, , O
including VBG O
86,500 CD I
shares NNS I
bought VBD O
in IN O
the DT I
past JJ I
60 CD I
days NNS I
at IN O
$ $ I
2.3125 CD I
to TO I
$ $ I
2.4375 CD I
a DT B
share NN I
. . O

Additional JJ I
shares NNS I
may MD O
be VB O
bought VBN O
or CC O
sold VBN O
in IN O
the DT I
open JJ I
market NN I
, , O
in IN O
private JJ I
transactions NNS I
or CC O
otherwise RB O
, , O
depending VBG O
on IN O
market NN I
conditions NNS I
and CC O
other JJ I
factors NNS I
. . O

The DT I
inverse JJ I
trading NN I
relationship NN I
between IN O
bonds NNS I
and CC I
stocks NNS I
was VBD O
interrupted VBN O
yesterday NN I
as IN O
bonds NNS I
fell VBD O
despite IN O
a DT I
modest JJ I
decline NN I
in IN O
stock NN I
prices NNS I
. . O

But CC O
bond NN I
investors NNS I
continue VBP O
to TO O
keep VB O
a DT I
close NN I
watch NN I
on IN O
the DT I
jittery JJ I
stock NN I
market NN I
. . O

In IN O
early JJ I
trading NN I
, , O
investors NNS I
were VBD O
bidding NN O
bond NN I
prices NNS I
higher JJR O
as IN O
stocks NNS I
tumbled VBD O
and CC O
fears NNS I
mounted VBN O
that IN O
Friday NNP I
's POS B
stock NN I
market NN I
debacle NN I
would MD O
be VB O
repeated VBN O
. . O

But CC O
a DT I
partial JJ I
recovery NN I
in IN O
the DT I
Dow NNP I
Jones NNP I
Industrial NNP I
Average NNP I
, , O
which WDT I
had VBD O
been VBN O
down RB O
more JJR I
than IN I
60 CD I
points NNS I
in IN O
midmorning NN I
, , O
dashed VBD O
those DT I
expectations NNS I
. . O

Treasury NN I
bonds NNS I
also RB O
were VBD O
hurt VBN O
late RB O
in IN O
the DT I
day NN I
by IN O
a DT I
$ $ I
4 CD I
billion CD I
offering NN I
by IN O
the DT I
Tennessee NNP I
Valley NNP I
Authority NNP I
and CC O
the DT I
prospect NN I
of IN O
a DT I
huge JJ I
amount NN I
of IN O
new JJ I
agency NN I
debt NN I
. . O

`` `` O
Bond NNP I
investors NNS I
were VBD O
hoping VBG O
that IN O
stock NN I
prices NNS I
would MD O
continue VB O
to TO O
fall VB O
, , O
'' '' O
said VBD O
Roger NNP I
Early NNP I
, , O
a DT I
vice NN I
president NN I
at IN O
Federated NNP I
Investors NNP I
Inc. NNP I
, , O
Pittsburgh NNP I
. . O

`` `` O
When WRB O
stocks NNS I
stabilized VBN O
, , O
that WDT I
was VBD O
a DT I
disappointment NN I
. . O
'' '' O

Meanwhile RB O
, , O
for IN O
the DT I
second JJ I
straight JJ I
day NN I
, , O
the DT I
bond NN I
market NN I
paid VBD O
little JJ I
attention NN I
to TO O
the DT I
Federal NNP I
Reserve NNP I
's POS B
open JJ I
market NN I
operations NNS I
. . O

Fed JJ I
officials NNS I
injected VBN O
more JJR I
cash NN I
into IN O
the DT I
banking NN I
system NN I
by IN O
arranging VBG O
$ $ I
1.5 CD I
billion CD I
of IN O
repurchase NN I
agreements NNS I
during IN O
the DT I
usual JJ I
pre-noon NN I
intervention NN I
period NN I
. . O

The DT I
move NN I
was VBD O
meant VBN O
to TO O
keep VB O
a DT I
lid NN I
on IN O
interest NN I
rates NNS I
and CC O
to TO O
boost VB O
investor NN I
confidence NN I
. . O

`` `` O
The DT I
intervention NN I
has VBZ O
been VBN O
friendly JJ O
, , O
meaning NN O
that IN O
they PRP I
really RB O
did VBD O
n't RB O
have VB O
to TO O
do VB O
it PRP I
, , O
'' '' O
said VBD O
Maria NNP I
Fiorini NNP I
Ramirez NNP I
, , O
money-market JJ I
economist NN I
at IN O
Drexel NNP I
Burnham NNP I
Lambert NNP I
Inc NNP I
. . O

She PRP I
said VBD O
a DT I
more RBR I
aggressive JJ I
move NN I
was VBD O
n't RB O
needed VBN O
. . O

The DT I
Fed NNP I
also RB O
appears VBZ O
reluctant JJ O
to TO O
ease VB O
credit NN I
conditions NNS I
further JJ O
. . O

It PRP I
already RB O
has VBZ O
allowed VBN O
the DT I
closely RB I
watched VBN I
federal JJ I
funds NNS I
rate NN I
to TO O
decline VB O
1\/4 CD I
percentage NN I
point NN I
to TO O
about IN I
8 CD I
3\/4 CD I
% NN I
from IN O
its PRP$ I
previous JJ I
target NN I
level NN I
of IN O
about IN I
9 CD I
% NN I
. . O

The DT I
rate NN I
, , O
which WDT I
banks NNS B
charge VBP O
each DT I
other NN I
on IN O
overnight JJ I
loans NNS I
, , O
is VBZ O
considered VBN O
an DT I
early JJ I
signal NN I
of IN O
changes NNS I
in IN O
Fed NNP I
policy NN I
. . O

It PRP I
ended VBD O
at IN O
about IN I
8 CD I
11\/16 CD I
% NN I
yesterday NN B
, , O
but CC O
was VBD O
as RB O
low JJ O
as IN O
8 CD I
1\/2 CD I
% NN I
Monday NNP B
. . O

The DT I
Treasury NNP I
's POS B
benchmark NN I
30-year JJ I
bond NN I
fell VBD O
more JJR I
than IN I
1\/2 CD I
point NN I
, , O
or CC O
over IN I
$ $ I
5 NN I
for IN O
each DT I
$ $ I
1,000 CD I
face NN I
amount NN I
, , O
while IN O
the DT I
yield NN I
moved VBD O
above IN O
8 CD I
% NN I
for IN O
the DT I
first JJ I
time NN I
since IN O
Thursday NNP I
. . O

Investment-grade JJ I
corporate JJ I
, , I
municipal JJ I
and CC I
mortgage-backed JJ I
securities NNS I
also RB O
fell VBD O
. . O

But CC O
most RBS I
junk NN I
bonds NNS I
closed VBD O
unchanged JJ O
after IN O
opening NN O
slightly RB O
higher JJR O
on IN O
bargain-hunting NN I
by IN O
institutional JJ I
investors NNS I
. . O

Some DT I
so-called JJ I
high-quality JJ I
junk NN I
issues NNS I
, , O
such JJ O
as IN O
R.H. NNP I
Macy NNP I
& CC I
Co. NNP I
's POS B
14 CD I
1\/2 CD I
% NN I
subordinated VBD I
debentures NNS I
, , O
rose VBD O
. . O

The DT I
Macy NNP I
's POS B
issue NN I
closed VBD O
up IN O
about IN I
one CD I
point NN I
at IN O
a DT I
bid NN I
price NN I
of IN O
97 CD I
. . O

The DT I
TVA NNP I
's POS B
public JJ I
debt NN I
offering NN I
was VBD O
its PRP$ I
first JJ I
in IN O
15 CD I
years NNS I
. . O

Strong JJ I
investor NN I
demand NN I
prompted VBD O
it PRP I
to TO O
boost VB O
the DT I
size NN I
of IN O
the DT I
issue NN I
from IN O
$ $ I
3 CD I
billion CD I
. . O

Traders NNS I
said VBD O
hedging VBG I
related VBN O
to TO O
the DT I
TVA NNP I
pricing NN I
also RB O
pressured VBD O
Treasury NNP I
bonds NNS I
. . O

`` `` O
Underwriters NNS I
of IN O
the DT I
TVA NNP I
bonds NNS I
reduced VBD O
their PRP$ I
market NN I
risk NN I
by IN O
selling VBG O
Treasurys NNPS I
to TO O
cover VB O
at IN I
least JJS I
part NN I
of IN O
their PRP$ I
-LCB- ( I
TVA NNP I
-RCB- ) I
holdings NNS I
, , O
'' '' O
said VBD O
James NNP I
R. NNP I
Capra NNP I
, , O
a DT I
senior JJ I
vice NN I
president NN I
at IN O
Shearson NNP I
Lehman NNP I
Government NNP I
Securities NNP I
Inc NNP I
. . O

The DT I
TVA NNP I
bonds NNS I
also RB O
`` `` O
served VBN O
to TO O
remind VB O
the DT I
market NN I
that IN O
there EX I
will MD O
be VB O
even RB I
more RBR I
new JJ I
supply NN I
, , O
'' '' O
said VBD O
Lawrence NNP I
N. NNP I
Leuzzi NNP I
, , O
a DT I
managing VBG I
director NN I
at IN O
S.G. NNP I
Warburg NNP I
Securities NNPS I
& CC I
Co NNP I
. . O

Today NN I
the DT B
Treasury NNP I
will MD O
announce VB O
the DT I
size NN I
of IN O
its PRP$ I
next JJ I
two-year JJ I
note NN I
sale NN I
and CC O
Resolution NNP I
Funding NNP I
Corp. NNP I
will MD O
announce VB O
details NNS I
of IN O
its PRP$ I
first JJ I
bond NN I
offering NN I
. . O

Some DT I
traders NNS I
estimate VBP O
$ $ I
9.75 CD I
billion CD I
of IN O
new JJ I
two-year JJ I
Treasurys NNPS I
will MD O
be VB O
sold VBN O
next JJ I
week NN I
, , O
and CC O
they PRP I
expect VBP O
Refcorp NNP I
to TO O
offer VB O
$ $ I
4 CD I
billion CD I
to TO I
$ $ I
6 CD I
billion CD I
of IN O
long-term JJ I
`` `` I
bailout NN I
'' '' I
bonds NNS I
. . O

Refcorp NNP I
was VBD O
created VBN O
to TO O
help VB O
fund VB O
the DT I
thrift NN I
bailout NN I
. . O

Another DT I
agency NN I
issue NN I
came VBD O
to TO O
market VB I
yesterday NN B
. . O

The DT I
Office NNP I
of IN O
Finance NNP I
of IN O
the DT I
Federal NNP I
Home NNP I
Loan NNP I
Banks NNP I
said VBD O
it PRP I
priced VBD O
a DT I
four-part JJ I
$ $ I
2.27 CD I
billion CD I
bond NN I
offering NN I
for IN O
the DT I
banks NNS I
to TO O
yield VB O
from IN I
8.125 CD I
% NN I
to TO I
8.375 CD I
% NN I
. . O

The DT I
release NN I
of IN O
several JJ I
economic JJ I
reports NNS I
had VBD O
little JJ I
impact NN I
on IN O
the DT I
market NN I
, , O
including VBG O
a DT I
report NN I
that IN O
the DT I
U.S. NNP I
trade NN I
deficit NN I
expanded VBN O
to TO O
a DT I
surprisingly RB I
wide JJ I
$ $ I
10.77 CD I
billion CD I
in IN O
August NNP I
, , O
up IN O
from IN O
a DT I
revised VBN I
$ $ I
8.24 CD I
billion CD I
in IN O
July NNP I
. . O

The DT I
August NNP I
gap NN I
was VBD O
expected VBN O
to TO O
have VB O
expanded VBN O
to TO O
$ $ I
9.1 CD I
billion CD I
. . O

Treasury NNP I
Securities NNPS I

Treasury NN I
securities NNS I
were VBD O
essentially RB O
flat JJ O
to TO O
about IN I
1\/2 CD I
point NN I
lower JJR O
. . O

The DT I
benchmark NN I
30-year JJ I
bond NN I
was VBD O
quoted VBN O
late RB O
at IN O
100 CD I
28\/32 CD I
to TO O
yield VB O
8.04 CD I
% NN I
, , O
compared VBN O
with IN O
101 CD I
19\/32 CD I
to TO O
yield VB O
7.97 CD I
% NN I
Monday 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
99 CD I
25\/32 CD I
to TO O
yield VB O
8.01 CD I
% NN I
, , O
compared VBN O
with IN O
100 CD I
1\/32 CD I
to TO O
yield VB O
7.97 CD I
% NN I
. . O

Short-term JJ I
rates NNS I
increased VBN O
. . O

The DT I
discount NN I
rate NN I
on IN O
three-month JJ I
bills NNS I
rose VBD O
to TO O
7.52 CD I
% NN I
for IN O
a DT I
bond-equivalent JJ I
yield NN I
of IN O
7.75 CD I
% NN I
. . O

The DT I
rate NN I
on IN O
six-month JJ I
bills NNS I
rose VBD O
to TO O
7.53 CD I
% NN I
for IN O
a DT I
bond-equivalent JJ I
yield NN I
of IN O
7.92 CD I
% NN I
. . O

Corporate JJ I
, , I
Other JJ I
Issues NNS I

Investment-grade JJ I
corporate JJ I
bonds NNS I
ended VBD O
1\/4 CD I
to TO I
1\/2 CD I
point NN I
lower JJR O
, , O
while IN O
most RBS I
junk NN I
bonds NNS I
ended VBD O
unchanged JJ O
. . O

The DT I
TVA NNP I
's POS B
huge JJ I
$ $ I
4 CD I
billion CD I
offering NN I
dominated VBD O
attention NN I
in IN O
the DT I
new-issue JJ I
market NN I
. . O

TVA NNP I
offered VBD O
$ $ I
2 CD I
billion CD I
of IN O
30-year JJ I
bonds NNS I
priced VBN O
to TO O
yield VB O
9.06 CD I
% NN I
; : O
$ $ I
1 CD I
billion CD I
in IN O
10-year JJ I
notes NNS I
priced VBN O
to TO O
yield VB O
8.42 CD I
% NN I
; : O
and CC O
$ $ I
1 CD I
billion CD I
in IN O
five-year JJ I
notes NNS I
priced VBN O
to TO O
yield VB O
8.33 CD I
% NN I
. . O

The DT I
TVA NNP I
, , O
which WDT I
operates VBZ O
one CD I
of IN O
the DT I
nation NN I
's POS B
largest JJS I
electric JJ I
power NN I
systems NNS I
, , O
is VBZ O
a DT I
corporation NN I
wholly RB O
owned VBD O
by IN O
the DT I
U.S. NNP I
government NN I
. . O

Yesterday NN I
's POS B
bond NN I
sale NN I
was VBD O
part NN I
of IN O
a DT I
$ $ I
6.7 CD I
billion CD I
refinancing NN I
plan NN I
to TO O
pay VB O
off IN O
high-interest JJ I
debt NN I
the DT B
TVA NNP I
owes VBZ O
the DT I
Federal NNP I
Financing NNP I
Bank NNP I
, , O
an DT I
arm NN I
of IN O
the DT I
Treasury NNP I
. . O

Meanwhile RB O
, , O
Lockheed NNP I
Corp. NNP I
priced VBD O
a DT I
$ $ I
300 CD I
million CD I
note NN I
offering NN I
to TO O
yield VB O
9.39 CD I
% NN I
. . O

Mortgage-Backed JJ I
Securities NNPS I

The DT I
derivative JJ I
mortgage-backed JJ I
market NN I
revived VBN O
after IN O
a DT I
brief JJ I
hiatus NN I
as IN O
two CD I
new JJ I
Remics NNS I
totaling VBG O
$ $ I
850 CD I
million CD I
were VBD O
offered VBN O
and CC O
talk VB I
circulated VBD O
about IN O
two CD I
more JJR I
issues NNS I
that WDT B
could MD O
be VB O
priced VBN O
today NN I
. . O

The DT I
revival NN I
of IN O
the DT I
real JJ I
estate NN I
mortgage NN I
investment NN I
conduit NN I
market NN I
reflected VBD O
the DT I
relative JJ I
calm NN I
in IN O
the DT I
mortgage NN I
market NN I
after IN O
two CD I
days NNS I
of IN O
volatile JJ I
trading NN I
. . O

Dealers NNS I
noted VBD O
that IN O
it PRP I
's VBZ O
difficult JJ O
to TO O
structure VB O
new JJ I
Remics NNS I
when WRB O
prices NNS I
are VBP O
moving VBG O
widely RB O
. . O

The DT I
two CD I
Remics NNS I
priced VBN O
were VBD O
a DT I
$ $ I
500 CD I
million CD I
Federal NNP I
Home NNP I
Loan NNP I
Mortgage NNP I
Corp. NNP I
issue NN I
underwritten VBN O
by IN O
Salomon NNP I
Brothers NNP I
Inc. NNP I
and CC O
a DT I
$ $ I
350 CD I
million CD I
Federal NNP I
National NNP I
Mortgage NNP I
Association NNP I
deal NN I
underwritten VBN O
by IN O
Greenwich NNP I
Capital NNP I
Markets NNPS I
. . O

The DT I
Remic NNP I
issuance NN I
supported VBD O
prices NNS I
of IN O
Freddie NNP I
Mac NNP I
and CC O
Fannie NNP I
Mae NNP I
securities NNS I
, , O
which WDT I
held VBD O
up IN O
better JJR O
than IN O
Government NNP I
National NNP I
Mortgage NNP I
Association NNP I
securities NNS I
during IN O
an DT I
afternoon NN I
sell-off NN I
. . O

Ginnie NNP I
Mae 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
down RB O
7\/32 CD I
; : O
9 CD I
1\/2 CD I
% NN I
securities NNS I
at IN O
99 CD I
31\/32 CD I
, , O
down RB O
6\/32 CD I
; : O
and CC O
10 CD I
% NN I
securities NNS I
at IN O
101 CD I
29\/32 CD I
, , O
down RB O
5\/32 CD I
. . O

Freddie NNP I
Mac NNP I
9 CD I
% NN I
securities NNS I
were VBD O
at IN O
97 CD I
5\/32 CD I
, , O
down RB O
3\/32 CD I
. . O

The DT I
Ginnie NNP I
Mae NNP I
9 CD I
% NN I
issue NN I
was VBD O
yielding VBG O
9.43 CD I
% NN I
to TO O
a DT I
12-year JJ I
average JJ I
life NN I
assumption NN I
, , O
as IN O
the DT I
spread NN I
above IN O
the DT I
Treasury NNP I
10-year JJ I
note NN I
held VBN O
at IN O
1.42 CD I
percentage NN I
points NNS I
. . O

Municipals NNS I

Confusion NN I
over IN O
the DT I
near-term JJ I
trend NN I
for IN O
rates NNS I
dominated VBD O
the DT I
municipal JJ I
arena NN I
, , O
as IN O
gyrations NNS I
in IN O
the DT I
stock NN I
market NN I
continued VBD O
to TO O
buffet VB O
bonds NNS I
. . O

Long NNP I
tax-exempt JJ I
dollar NN I
bonds NNS I
were VBD O
mostly RB O
flat JJ O
to TO O
3\/8 CD I
point NN I
lower JJR O
after IN O
a DT I
whipsaw JJ I
session NN I
of IN O
moving VBG O
inversely RB O
to TO O
stocks NNS I
in IN O
modest JJ I
dealer-led JJ I
trading NN I
. . O

Prices NNS I
of IN O
pre-refunded JJ I
municipal JJ I
bonds NNS I
were VBD O
capped VBN O
by IN O
news NN I
that IN O
Chemical NNP I
Securities NNP I
Inc. NNP I
, , O
as IN O
agent NN I
for IN O
a DT I
customer NN I
, , O
will MD O
accept VB O
bids NNS I
today NN B
for IN O
two CD I
large JJ I
lists NNS I
of IN O
bonds NNS I
that WDT B
include VBP O
many JJ I
such JJ I
issues NNS I
. . O

The DT I
lists NNS I
total JJ O
$ $ I
654.5 CD I
million CD I
. . O

Pre-refunded JJ I
bonds NNS I
are VBP O
called VBN O
at IN O
their PRP$ I
earliest JJS I
call NN I
date NN I
with IN O
the DT I
escrowed VBN I
proceeds NNS I
of IN O
another DT I
bond NN I
issue NN I
. . O

Meanwhile RB O
, , O
several JJ I
new JJ I
issues NNS I
were VBD O
priced VBN O
. . O

Underwriters NNS I
led VBN O
by IN O
PaineWebber NNP I
Inc. NNP I
set VBD O
preliminary JJ I
pricing NN I
for IN O
$ $ I
144.4 CD I
million CD I
of IN O
California NNP I
Health NNP I
Facilities NNP I
Financing NNP I
Authority NNP I
revenue NN I
bonds NNS I
for IN O
Kaiser NNP I
Permanente NNP I
. . O

Tentative JJ I
reoffering NN I
yields NNS I
were VBD O
set VBN O
from IN O
6.25 CD I
% NN I
in IN O
1993 CD I
to TO O
7.227 CD I
% NN I
in IN O
2018 CD I
. . O

As IN O
part NN I
of IN O
its PRP$ I
College NNP I
Savings NNP I
Plan NNP I
, , O
Connecticut NNP I
offered VBD O
$ $ I
100.4 CD I
million CD I
of IN O
general JJ I
obligation NN I
capital NN I
appreciation NN I
bonds NNS I
priced VBN O
to TO O
yield VB O
to TO O
maturity NN I
from IN O
6.25 CD I
% NN I
in IN O
1994 CD I
to TO O
6.90 CD I
% NN I
in IN O
2006 CD I
, , I
2007 CD I
and CC I
2009 CD I
. . O

A DT I
Chemical NNP I
Securities NNPS I
group NN I
won VBD O
a DT O
$ $ O
100 CD O
million CD O
Oregon NNP O
general JJ O
obligation NN O
veterans NNS I
' POS I
tax NN O
note NN O
issue NN O
due JJ O
Nov. NNP I
1 CD I
, , I
1990 CD I
. . O

The DT I
6 CD I
3\/4 CD I
% NN I
notes NNS I
yield VBP O
6.25 CD I
% NN I
. . O

Foreign JJ I
Bonds NNS I

West JJ I
German JJ I
government NN I
bond NN I
prices NNS I
took VBD O
a DT I
wild JJ I
roller-coaster NN I
ride NN I
, , O
pulled VBD O
down RB O
by IN O
Monday NNP I
's POS B
U.S. NNP I
stock NN I
market NN I
gains NNS I
then RB O
up IN O
by IN O
a DT I
wider-than-expected JJ I
U.S. NNP I
trade NN I
deficit NN I
and CC O
falling VBG I
U.S. NNP I
stock NN I
prices NNS I
. . O

West NNP I
Germany NNP I
's POS B
7 CD I
% NN I
bond NN I
due JJ O
October NNP I
1999 CD I
was VBD O
at IN O
99.95 CD I
late JJ B
yesterday NN I
, , O
off IN O
0.10 CD I
point NN I
from IN O
Monday NNP I
, , O
to TO O
yield VB O
7.01 CD I
% NN I
. . O

The DT I
6 CD I
3\/4 CD I
% NN I
notes NNS I
due JJ O
April NNP I
1994 CD I
were VBD O
up IN O
0.10 CD I
point NN I
to TO O
97.85 CD I
to TO O
yield VB O
7.31 CD I
% NN I
. . O

British JJ I
government NN I
bonds NNS I
surged VBD O
on IN O
renewed VBN I
volatility NN I
in IN O
the DT I
stock NN I
market NN I
. . O

The DT I
Treasury NNP I
11 CD I
3\/4 CD I
% NN I
bond NN I
due JJ O
2003\/2007 CD I
rose VBD O
23\/32 CD I
to TO O
112 CD I
10\/32 CD I
to TO O
yield VB O
10.03 CD I
% NN I
. . O

But CC O
Japanese JJ I
bonds NNS I
ended VBD O
weaker JJR O
. . O

The DT I
benchmark NN I
No. NN I
111 CD 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
a DT I
price NN I
of IN O
96 CD I
, , O
off IN O
0.15 CD I
point NN I
to TO O
yield VB O
5.27 CD I
% NN I
. . O

A DT I
House-Senate NNP I
conference NN I
approved VBD O
an DT I
estimated VBN I
$ $ I
67 CD I
billion CD I
fiscal JJ I
1990 CD I
spending NN I
bill NN I
that WDT B
provides VBZ O
a DT I
28 CD I
% NN I
increase NN I
for IN O
space NN I
research NN I
and CC I
development NN I
and CC O
incorporates VBZ O
far-reaching JJ I
provisions NNS I
affecting VBG O
the DT I
federal JJ I
mortgage NN I
market NN I
. . O

The DT I
current JJ I
ceiling NN I
on IN O
home NN I
loans NNS I
insured VBN O
by IN O
the DT I
Federal NNP I
Housing NNP I
Administration NNP I
would MD O
be VB O
increased VBN O
to TO O
$ $ I
124,875 CD I
. . O

Separately RB O
, , O
the DT I
bill NN I
gives VBZ O
authority NN I
to TO O
the DT I
Bush NNP I
administration NN I
to TO O
facilitate VB O
the DT I
refinancing NN I
of IN O
federally RB I
subsidized JJ I
loans NNS I
for IN O
low-income JJ I
and CC I
moderate-income JJ I
homeowners NNS I
. . O

The DT I
second JJ I
provision NN I
, , O
affecting VBG O
so-called JJ I
235 CD I
mortgages NNS I
, , O
has VBZ O
met VBN O
strong JJ I
opposition NN I
from IN O
investment NN I
bankers NNS I
represented VBN O
by IN O
the DT I
Public NNP I
Securities NNP I
Association NNP I
. . O

And CC O
a DT I
squad NN I
of IN O
influential JJ I
former JJ I
Senate NNP I
aides NNS I
employed VBN O
by IN O
the DT I
Wall NNP I
Street NNP I
firm NN I
Salomon NNP I
Brothers NNPS I
came VBD O
to TO O
the DT I
Capitol NNP I
in IN O
a DT I
vain JJ I
attempt NN I
to TO O
strip VB O
the DT I
provision NN I
. . O

By IN O
an DT I
11-2 JJ I
margin NN I
, , O
Senate NNP I
negotiators NNS I
voted VBD O
to TO O
preserve VB O
the DT I
235 CD I
mortgage NN I
refinancing NN I
plan NN I
, , O
and CC O
despite IN O
powerful JJ I
allies NNS I
, , O
the DT I
opposition NN I
found VBD O
itself PRP I
undercut VBP O
by IN O
an DT I
unusual JJ I
alliance NN I
of IN O
liberals NNS I
and CC I
conservatives NNS I
. . O

The DT I
government NN I
currently RB O
is VBZ O
subsidizing VBG O
an DT I
estimated VBN I
23,000 CD I
loans NNS I
above IN O
11 CD I
% NN I
under IN O
the DT I
235 CD I
program NN I
, , O
and CC O
however RB O
disruptive JJ O
to TO O
private JJ I
investors NNS I
, , O
the DT I
refinancing NN I
is VBZ O
expected VBN O
to TO O
yield VB O
at IN I
least JJS I
$ $ I
15 CD I
million CD I
in IN O
savings NNS I
in IN O
fiscal JJ I
1990 CD I
. . O

This DT I
sum NN I
has VBZ O
been VBN O
guarded VBN O
jealously RB O
by IN O
appropriators NNS I
anxious JJ O
to TO O
offset VB O
spending NN I
elsewhere RB O
, , O
and CC O
conservative JJ I
Sen. NNP I
Phil NNP I
Gramm NNP I
cast NN O
the DT I
fight NN I
as IN O
a DT I
populist JJ I
stand NN I
against IN O
monied JJ I
interests NNS I
. . O

`` `` O
We PRP I
are VBP O
stewards NNS I
here RB O
, , O
not RB O
of IN O
the DT I
mortgage NN I
companies NNS I
, , O
but CC O
the DT I
taxpayers NNS I
, , O
'' '' O
said VBD O
the DT I
Texas NNP I
Republican NNP I
. . O

The DT I
action NN I
came VBD O
as IN O
the DT I
administration NN I
won VBD O
final JJ I
congressional JJ I
approval NN I
of IN O
$ $ I
9 CD I
million CD I
in IN O
assistance NN I
for IN O
elections NNS I
scheduled VBN O
in IN O
Nicaragua NNP I
in IN O
February NNP I
. . O

The DT I
bulk NN I
of IN O
the DT I
money NN I
would MD O
be VB O
funneled VBN O
through IN O
the DT I
National NNP I
Endowment NNP I
for IN O
Democracy NNP I
, , O
but CC O
the DT I
legislation NN I
is VBZ O
so RB O
vaguely RB O
written VBN O
that IN O
it PRP I
has VBZ O
been VBN O
dogged VBN O
by IN O
questions NNS I
regarding VBG O
the DT I
money NN I
's POS B
true JJ I
purpose NN I
and CC O
its PRP$ I
ultimate JJ I
destination NN I
. . O

The DT I
Senate NNP I
had VBD O
refused VBN O
late JJ I
Friday NNP I
to TO O
invoke VB O
cloture NN I
and CC O
limit NN O
debate NN I
, , O
but CC O
behind IN O
the DT I
bipartisan JJ I
leadership NN I
, , O
a DT I
solid JJ I
majority NN I
took VBD O
shape NN I
yesterday NN B
and CC O
brushed VBD O
aside RB O
amendments NNS I
seeking VBG O
to TO O
cut VB O
the DT I
total JJ I
package NN I
or CC O
steer VB O
it PRP I
away RB O
from IN O
direct JJ I
aid NN I
to TO O
political JJ I
parties NNS I
. . O

Final JJ I
approval NN I
-- : O
on IN O
a DT I
64-35 JJ I
roll NN I
call NN I
-- : O
was VBD O
never RB O
in IN O
doubt NN I
, , O
but CC O
the DT I
opposition NN I
drew VBD O
an DT I
unusual JJ I
mix NN I
of IN O
senators NNS I
, , O
including VBG O
Republicans NNP I
Jesse NNP I
Helms NNP I
and CC I
Warren NNP I
Rudman NNP I
and CC O
Democrats NNP I
Bill NNP I
Bradley NNP I
and CC I
John NNP I
Glenn NNP I
. . O

The DT I
money NN I
will MD O
be VB O
applied VBN O
for IN O
voter NN I
registration NN I
and CC O
election NN I
monitoring NN I
, , O
but CC O
more JJR I
than IN I
half NN I
is VBZ O
likely JJ O
to TO O
go VB O
to TO O
the DT I
Union NNP I
Nacional NNP I
Opositora NNP I
party NN I
. . O

Critics NNS I
warned VBD O
such JJ I
cash NN I
contributions NNS I
may MD O
only RB O
undercut VB O
the DT I
opposition NN I
party NN I
's POS B
standing VBG I
, , O
and CC O
one CD I
irony NN I
is VBZ O
that IN O
under IN O
Nicaraguan JJ I
law NN I
a DT B
major JJ I
portion NN I
of IN O
the DT I
opposition NN I
party NN I
's POS B
funds NNS I
must MD O
be VB O
shared VBN O
with IN O
the DT I
government NN I
's POS B
Supreme NNP I
Electoral NNP I
Council NNP I
. . O

Within IN O
the DT I
appropriations NNS I
conference NN I
yesterday NN B
, , O
the DT I
$ $ I
67 CD I
billion CD I
measure NN I
is VBZ O
the DT I
second JJ I
largest JJS I
of IN O
the DT I
annual JJ I
domestic JJ I
spending NN I
bills NNS I
and CC O
covers VBZ O
a DT I
disparate JJ I
collection NN I
of IN O
accounts NNS I
for IN O
science NN I
, , O
housing NN I
, , O
veterans NNS I
and CC O
the DT I
environment NN I
. . O

The DT I
decision NN I
to TO O
raise VB O
the DT I
ceiling NN I
on IN O
FHA NNP I
home NN I
loans NNS I
still RB O
faces VBZ O
strong JJ I
opposition NN I
in IN O
the DT I
House NNP I
. . O

But CC O
it PRP I
is VBZ O
driven VBN O
by IN O
the DT I
same JJ I
fiscal JJ I
pressures NNS I
that WDT B
have VBP O
forced VBN O
lawmakers NNS I
to TO O
resort VB O
to TO O
various JJ I
bookkeeping NN I
devices NNS I
to TO O
juggle VB O
as RB I
much JJ I
as IN I
$ $ I
1 CD I
billion CD I
in IN O
spending NN I
that WDT B
would MD O
otherwise RB O
put VB O
the DT I
bill NN I
over IN O
budget NN I
. . O

These DT I
costs NNS I
will MD O
complicate VB O
the DT I
budget NN I
picture NN I
in IN O
fiscal JJ I
1991 CD I
, , O
and CC O
the DT I
measure NN I
further JJ O
commits VBZ O
Congress NNP I
to TO O
a DT I
set NN I
of IN O
costly JJ I
projects NNS I
, , O
including VBG O
the DT I
first JJ I
construction NN I
funds NNS I
for IN O
the DT I
space NN I
station NN I
. . O

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

Similarly RB O
, , O
the DT I
House NNP I
agreed VBD O
to TO O
add VB O
back RB O
$ $ I
62 CD I
million CD I
to TO O
continue VB O
work NN I
on IN O
the DT I
advanced VBN I
communications NNS I
technology NN I
satellite NN I
, , O
being VBG O
developed VBN O
by IN O
General NNP I
Electric NNP I
Co NNP I
. . O

And CC O
while IN O
setting VBG O
a DT I
statutory JJ I
limit NN I
of IN O
$ $ I
1.6 CD I
billion CD I
on IN O
the DT I
automated VBN I
space NN I
probe NN I
, , O
the DT I
conference NN I
appropriated VBN O
$ $ I
30 CD I
million CD I
for IN O
the DT I
start-up NN I
of IN O
the DT I
CRAF-Cassini NNP I
mission NN I
, , O
a DT I
successor NN I
to TO O
the DT I
Voyager NNP I
space NN I
probe NN I
. . O

Among IN O
major JJ I
domestic JJ I
agencies NNS I
, , O
the DT I
Environmental NNP I
Protection NNP I
Agency NNP I
stands VBZ O
to TO O
receive VB O
increases NNS I
significantly RB O
beyond IN O
those DT I
sought VBN O
by IN O
the DT I
administration NN I
, , O
with IN O
pollution NN I
abatement NN I
and CC I
control NN I
accounts NNS I
growing VBG O
by IN O
14 CD I
% NN I
to TO O
about RB I
$ $ I
829.9 CD I
million CD I
. . O

An DT I
estimated VBN I
$ $ I
1.57 CD I
billion CD I
is VBZ O
separately RB O
allocated VBN O
for IN O
the DT I
National NNP I
Science NNP I
Foundation NNP I
, , O
and CC O
within IN O
the DT I
Housing NNP I
and CC I
Urban NNP I
Development NNP I
Department NNP I
, , O
more JJR I
than IN I
$ $ I
9.2 CD I
billion CD I
is VBZ O
provided VBN O
for IN O
federally RB I
assisted VBN I
housing NN I
, , O
including VBG O
an DT I
expanded VBN I
effort NN I
to TO O
modernize VB O
public JJ I
housing NN I
units NNS I
that WDT B
serve VBP O
the DT I
poorest JJS I
families NNS I
. . O

To TO O
an DT I
unusual JJ I
degree NN I
, , O
the DT I
massive JJ I
bill NN I
has VBZ O
become VBN O
a DT I
vehicle NN I
for IN O
lawmakers NNS I
to TO O
earmark VB O
funds NNS I
for IN O
projects NNS I
in IN O
home NN I
states NNS I
. . O

While IN O
the DT I
practice NN I
was VBD O
discouraged VBN O
in IN O
the DT I
past NN I
, , O
the DT I
conference NN I
agreement NN I
is VBZ O
laced VBN O
with IN O
veterans NNS I
' POS B
hospitals NNS I
, , O
environmental JJ I
projects NNS I
and CC O
urban JJ I
grants NNS I
designated VBN O
for IN O
specific JJ I
communities NNS I
. . O

The DT I
most RBS I
striking JJ I
example NN I
yesterday NN B
may MD O
have VB O
been VBN O
in IN O
community NN I
development NN I
funds NNS I
, , O
where WRB O
the DT I
two CD I
houses NNS I
had VBD O
separately RB O
approved VBN O
a DT I
total NN I
of IN O
27 CD I
projects NNS I
valued VBN O
at IN O
$ $ I
20 CD I
million CD I
, , O
and CC O
the DT I
conference NN I
added VBD O
15 CD I
more RBR I
valued VBN O
at IN O
$ $ I
8 CD I
million CD I
to TO O
ostensibly RB O
preserve VB O
`` `` O
balance NN I
'' '' O
between IN O
the DT I
House NNP I
and CC I
Senate NNP I
. . O

Yesterday NN I
's POS B
conference NN I
agreement NN I
is VBZ O
the DT I
second JJ I
major JJ I
bill NN I
to TO O
emerge VB O
from IN O
negotiations NNS I
this DT B
week NN I
, , O
as IN O
appropriators NNS I
approved VBD O
a DT I
fiscal JJ I
1990 CD I
transportation NN I
bill NN I
late JJ B
Monday NNP I
that WDT B
includes VBZ O
a DT I
sweeping VBG I
ban NN I
on IN O
smoking NN O
on IN O
most RBS I
domestic JJ I
airline NN I
flights NNS I
. . O

An DT I
exemption NN I
will MD O
remain VB O
for IN O
flights NNS I
longer RB O
than IN O
six CD I
hours NNS I
to TO O
Hawaii NNP I
and CC I
Alaska NNP I
, , O
but CC O
estimates NNS I
by IN O
the DT I
tobacco NN I
industry NN I
yesterday NN B
indicate VB O
all DT I
but CC I
about IN I
30 CD I
flights NNS I
would MD O
be VB O
covered VBN O
. . O

Separately RB O
, , O
a DT I
third JJ I
conference NN I
report NN I
covering VBG O
an DT I
$ $ I
18.4 CD I
billion CD I
Treasury NNP I
and CC I
Postal NNP I
Service NNP I
bill NN I
was VBD O
sent VBN O
to TO O
the DT I
Senate NNP I
after IN O
passing VBG O
the DT I
House NNP I
on IN O
a DT I
383-30 JJ I
roll NN I
call NN I
yesterday NN B
. . O

And CC O
after IN O
weeks NNS I
of IN O
delay NN I
, , O
the DT I
appropriations NNS I
process VBP I
is VBZ O
beginning VBG O
to TO O
take VB O
some DT I
final JJ I
shape NN I
. . O

Defense NNP I
and CC O
foreign JJ I
aid NN I
are VBP O
the DT I
two CD I
most RBS I
critical JJ I
areas NNS I
remaining VBG O
from IN O
the DT I
administration NN I
's POS B
standpoint NN I
. . O

And CC O
among IN O
domestic JJ I
programs NNS I
, , O
the DT I
most RBS I
serious JJ I
threat NN I
is VBZ O
White NNP I
House NNP I
opposition NN I
to TO O
abortion NN I
riders NNS I
attached VBN O
to TO O
separate VB I
bills NNS I
funding VBG O
the DT I
District NNP I
of IN O
Columbia NNP I
and CC O
Department NNP I
of IN O
Health NNP I
and CC O
Human NNP I
Services NNP I
. . O

The DT I
same JJ I
issue NN I
threatens VBZ O
to TO O
spill VB O
over IN O
to TO O
the DT I
foreign JJ I
aid NN I
debate NN I
, , O
and CC O
Mr. NNP I
Bush NNP I
also RB O
is VBZ O
threatening VBG O
to TO O
veto VB O
any DT I
agreement NN I
that WDT B
preserves VBZ O
Senate-passed JJ I
provisions NNS I
renewing VBG O
U.S. NNP I
support NN I
for IN O
the DT I
United NNP I
Nations NNP I
Fund NNP I
for IN O
Population NNP I
Activities NNP I
. . O

In IN O
a DT I
sharply RB I
written VBN I
letter NN I
, , O
Rep. NNP I
David NNP I
Obey NNP I
, , O
chairman NN I
of IN O
the DT I
House NNP I
appropriations NNS I
subcommittee NN I
for IN O
foreign JJ I
operations NNS I
, , O
warned VBD O
Mr. NNP I
Bush NNP I
that IN O
the DT I
result NN I
of IN O
his PRP$ I
`` `` I
ultimatum NN I
'' '' I
could MD O
weaken VB O
efforts NNS I
to TO O
accommodate VB O
the DT I
administration NN I
elsewhere RB O
. . O

`` `` O
As IN O
a DT I
result NN I
of IN O
your PRP$ I
ultimatum NN I
, , O
'' '' O
writes VBZ O
the DT I
Wisconsin NNP I
Democrat NNP I
, , O
`` `` O
I PRP I
guess VBP O
there EX I
is VBZ O
no RB O
longer RB O
any DT I
point NN I
in IN O
taking VBG O
administration NN I
views NNS I
into IN O
account NN I
on IN O
other JJ I
items NNS I
in IN O
conference NN I
, , O
inasmuch RB O
regardless RB O
of IN O
their PRP$ I
resolution NN I
you PRP B
apparently RB O
intend VBP O
to TO O
veto VB O
this DT I
bill NN I
. . O

Markets NNS I
usually RB O
get VB O
noticed VBD O
because IN O
they PRP I
soar VBP O
or CC O
plunge NN O
. . O

Gold NNP I
, , O
which WDT I
has VBZ O
n't RB O
risen VBN O
or CC O
fallen VBN O
significantly RB O
in IN O
quite RB I
some DT I
time NN I
, , O
yesterday NN I
achieved VBN O
what WP I
may MD O
be VB O
a DT I
new JJ I
level NN I
of IN O
impassiveness NN I
: : O
The DT I
most RBS I
actively RB I
traded VBN I
futures NNS I
contracts NNS I
closed VBD O
unchanged JJ O
despite IN O
nervous JJ I
fluctuations NNS I
in IN O
both DT O
the DT I
dollar NN I
and CC O
the DT I
stock NN I
market NN I
. . O

The DT I
settlement NN I
prices NNS I
of IN O
the DT I
December NNP I
, , I
February NNP I
and CC I
April NNP I
gold NN I
contracts NNS I
were VBD O
even RB O
with IN O
Monday NNP I
's POS B
final JJ I
prices NNS I
. . O

The DT I
December NNP I
1989 CD I
contract NN I
, , O
which WDT I
has VBZ O
the DT I
greatest JJS I
trading NN I
volume NN I
, , O
ended VBD O
at IN O
$ $ I
371.20 CD I
an DT B
ounce NN I
. . O

The DT I
other JJ I
months NNS I
posted VBD O
advances NNS I
of IN O
10 CD O
cents NNS O
to TO O
20 CD O
cents NNS O
an DT I
ounce NN I
. . O

According VBG O
to TO O
one CD I
analyst NN I
, , O
Bernard NNP I
Savaiko NNP I
of IN O
PaineWebber NNP I
, , O
New NNP I
York NNP I
, , O
the DT I
stock NN I
market NN I
's POS B
ability NN I
on IN O
Monday NNP I
to TO O
rally VB O
from IN O
last JJ I
Friday NNP I
's POS B
decline NN I
-- : O
which WDT I
seemed VBD O
to TO O
indicate VB O
that IN O
the DT I
economy NN I
was VBD O
n't RB O
going VBG O
to TO O
fall VB O
either DT O
-- : O
took VBD O
the DT I
starch NN I
out IN O
of IN O
precious JJ I
metals NNS I
prices NNS I
, , O
and CC O
out IN O
of IN O
gold NN I
's POS I
, , O
in IN O
particular NN I
. . O

Yesterday NN I
, , O
gold NN I
traded VBN O
within IN O
a DT I
narrow JJ I
range NN I
. . O

Gold NNP I
tried VBD O
to TO O
rally VB O
on IN O
Monday NNP I
but CC O
ran VBD O
into IN O
the DT I
same JJ I
situation NN I
that WDT B
has VBZ O
subdued VBN O
gold NN I
prices NNS I
for IN O
more JJR I
than IN I
a DT I
year NN I
: : O
selling VBG O
by IN O
gold NN I
producers NNS I
, , O
who WP I
want VBP O
to TO O
fix VB O
the DT I
highest JJS I
possible JJ I
price NN I
for IN O
their PRP$ I
gold NN I
. . O

`` `` O
December NNP I
delivery NN I
gold NN I
is VBZ O
trading VBG O
in IN O
a DT I
range NN I
of IN O
$ $ I
365 CD I
to TO I
$ $ I
375 CD I
-LCB- ( O
an DT I
ounce NN I
-RCB- ) O
and CC O
is VBZ O
having VBG O
difficulty NN I
breaking VBG O
out IN O
above IN O
that DT I
, , O
'' '' O
Mr. NNP I
Savaiko NNP I
said VBD O
. . O

`` `` O
Producers NNS I
at IN O
the DT I
moment NN I
regard NN O
that DT I
area NN I
a DT B
good JJ I
one CD I
in IN O
which WDT I
to TO O
sell VB O
gold NN I
. . O
'' '' O

Also RB O
, , O
Mr. NNP I
Savaiko NNP I
noted VBD O
, , O
stock NN I
market NN I
investors NNS I
seeking VBG O
greater JJR I
safety NN I
are VBP O
veering VBG O
toward IN O
buying VBG O
bonds NNS I
rather RB O
than IN O
precious JJ I
metals NNS I
because IN O
`` `` O
we PRP I
are VBP O
tending VBG O
more JJR O
toward IN O
a DT I
disinflationary JJ I
economy NN I
that WDT B
does VBZ O
n't RB O
make VB O
gold NN I
and CC O
precious JJ I
metals NNS I
attractive JJ O
. . O
'' '' O

Jeffrey NNP I
Nichols NNP I
, , O
president NN I
of IN O
APMS NNP I
Canada NNP I
, , O
Toronto NNP I
precious JJ I
metals NNS I
advisers NNS I
, , O
said VBD O
there EX I
is VBZ O
little JJ I
to TO O
motivate VB O
gold NN I
traders NNS I
to TO O
buy VB O
the DT I
metal NN I
. . O

`` `` O
Investors NNS I
in IN O
the DT I
U.S. NNP I
and CC O
Europe NNP I
are VBP O
comfortable JJ O
with IN O
the DT I
actions NNS I
of IN O
the DT I
-LCB- ( I
Federal NNP I
Reserve NNP I
-RCB- ) I
in IN O
its PRP$ I
willingness NN I
to TO O
supply VB O
liquidity NN I
to TO O
financial JJ I
system NN I
, , O
which WDT I
helped VBD O
the DT I
stock NN I
market NN I
rebound NN O
on IN O
Monday NNP I
, , O
'' '' O
he PRP I
said VBD O
. . O

There EX I
is VBZ O
n't RB O
any DT I
rush NN I
on IN O
the DT I
part NN I
of IN O
investors NNS I
in IN O
the DT I
West NNP I
to TO O
buy VB O
gold NN I
, , O
he PRP I
said VBD O
. . O

`` `` O
They PRP I
still RB O
bear VBP O
the DT I
memory NN I
of IN O
October NNP I
1987 CD I
, , O
when WRB O
they PRP I
bought VBD O
gold NN I
after IN O
the DT I
stock NN I
market NN I
crashed VBD O
and CC O
ended VBD O
up IN O
losing VBG O
money NN I
because IN O
gold NN I
prices NNS I
subsequently RB O
fell VBD O
, , O
'' '' O
Mr. NNP I
Nichols NNP I
said VBD O
. . O

`` `` O
It PRP I
's VBZ O
an DT I
experience NN I
they PRP B
do VBP O
n't RB O
want VB O
to TO O
repeat VB O
. . O
'' '' O

At IN O
the DT I
moment NN I
gold NN B
traders NNS I
are VBP O
n't RB O
concerned VBN O
about IN O
inflation NN I
, , O
he PRP I
said VBD O
, , O
and CC O
as IN O
for IN O
the DT I
dollar NN I
, , O
`` `` O
gold NN I
's POS B
association NN I
with IN O
the DT I
currency NN I
has VBZ O
been VBN O
diminishing VBG O
recently RB O
so RB O
drops VBZ I
in IN O
the DT I
currency NN I
are VBP O
n't RB O
having VBG O
much JJ I
impact NN I
on IN O
gold NN I
. . O
'' '' O

Dinsa NNP I
Mehta NNP I
, , O
chief JJ I
bullion NN I
trader NN I
for IN O
Chase NNP I
Manhattan NNP I
Bank NNP I
, , O
said VBD O
: : O
`` `` O
There EX I
is VBZ O
little JJ I
incentive NN I
on IN O
the DT I
part NN I
of IN O
traders NNS I
to TO O
sell VB O
gold NN I
because IN O
the DT I
stock NN I
market NN I
may MD O
go VB O
lower JJR O
and CC O
gold NN I
may MD O
retain VB O
some DT I
of IN O
its PRP$ O
` `` O
flight NN O
to TO O
safety VB I
' POS O
quality NN O
. . O

There EX I
is VBZ O
little JJ I
incentive NN I
to TO O
buy VB O
gold NN I
because IN O
if IN O
the DT I
stock NN I
market NN I
goes VBZ O
higher JJR O
, , O
it PRP I
may MD O
be VB O
just RB I
a DT I
false JJ I
alarm NN I
. . O

This DT I
is VBZ O
keeping VBG O
the DT I
gold NN I
traders NNS I
handcuffed VBN O
. . O
'' '' O

The DT I
most RBS I
remarkable JJ I
feature NN I
about IN O
yesterday NN I
's POS B
action NN I
was VBD O
that IN O
the DT I
price NN I
of IN O
roughly RB I
$ $ I
370 CD I
an DT B
ounce NN I
was VBD O
regarded VBN O
as IN O
attractive JJ O
enough RB O
by IN O
gold NN I
producers NNS I
around IN O
the DT I
world NN I
to TO O
aggressively RB O
sell VB O
gold NN I
, , O
Mr. NNP I
Mehta NNP I
said VBD O
. . O

`` `` O
I PRP I
do VBP O
n't RB O
know VB O
what WP I
it PRP B
means VBZ O
over IN O
the DT I
long JJ I
run NN I
, , O
but CC O
for IN O
the DT I
short JJ I
term NN I
, , O
it PRP I
appears VBZ O
that IN O
gold NN I
producers NNS I
are VBP O
grateful JJ O
for IN O
the DT I
$ $ I
10 CD I
or CC I
so RB I
that DT B
gold NN B
has VBZ O
risen VBN O
over IN O
the DT I
past JJ I
week NN I
or CC I
so RB I
, , O
'' '' O
he PRP I
said VBD O
. . O

Previously RB O
, , O
he PRP I
noted VBD O
, , O
gold NN I
producers NNS I
tended VBD O
to TO O
back RB O
off IN O
from IN O
a DT I
rising VBG I
gold NN I
market NN I
, , O
letting VBG O
prices NNS I
rise VBP O
as RB I
much JJ I
as IN O
possible JJ O
before IN O
selling VBG O
. . O

Mr. NNP I
Mehta NNP I
observed VBD O
that IN O
the DT I
U.S. NNP I
merchandise NN I
trade NN I
deficit NN I
, , O
which WDT I
rose VBD O
sharply RB O
in IN O
August NNP I
, , O
according VBG O
to TO O
yesterday NN I
's POS B
report NN I
, , O
has VBZ O
been VBN O
having VBG O
less JJR I
and CC I
less JJR I
impact NN I
on IN O
the DT I
gold NN I
market NN I
. . O

`` `` O
The DT I
dollar NN I
has VBZ O
n't RB O
reacted VBN O
much JJ O
to TO O
it PRP I
, , O
so RB O
gold NN I
has VBZ O
n't RB O
either DT O
, , O
'' '' O
he PRP I
said VBD O
. . O

In IN O
other JJ I
commodity NN I
markets NNS I
yesterday NN B
: : O

ENERGY NN I
: : I

Crude JJ I
oil NN I
prices NNS I
rose VBD O
slightly RB O
in IN O
lackluster JJ I
activity NN I
as IN O
traders NNS I
in IN O
the DT I
pits NNS I
tried VBD O
to TO O
assess VB O
action NN I
in IN O
the DT I
stock NN I
market NN I
. . O

Since IN O
stock NN I
market NN I
indexes NNS I
plummeted VBD O
last JJ I
Friday NNP I
, , O
participants NNS I
in IN O
all DT I
markets NNS I
have VBP O
been VBN O
wary JJ O
. . O

When WRB O
traders NNS I
become VBP O
confident JJ O
that IN O
the DT I
stock NN I
market NN I
has VBZ O
stabilized VBN O
, , O
oil NN I
prices NNS I
are VBP O
expected VBN O
to TO O
rise VB O
as IN O
supply NN I
and CC I
demand NN I
fundamentals NNS I
once RB O
again RB O
become VB O
the DT I
major JJ I
consideration NN I
. . O

Crude JJ I
oil NN I
for IN O
November NNP I
delivery NN I
edged VBD O
up IN O
by IN O
16 CD I
cents NNS I
a DT B
barrel NN I
to TO O
$ $ I
20.75 CD I
a DT B
barrel NN I
. . O

Heating NN I
oil NN I
prices NNS I
also RB O
rose VBD O
. . O

November NNP I
gasoline NN I
slipped VBD O
slightly RB O
. . O

SUGAR NN I
: : I

Futures NNS I
prices NNS I
rose VBD O
on IN O
a DT I
report NN I
that IN O
Cuba NNP I
may MD O
seek VB O
to TO O
postpone VB O
some DT I
sugar NN I
shipments NNS I
. . O

The DT I
March NNP I
contract NN I
advanced VBD O
0.14 CD I
cent NN I
a DT B
pound NN I
to TO O
14.11 CD I
cents NNS I
. . O

According VBG O
to TO O
an DT I
analyst NN I
, , O
Cuba NNP I
ca MD O
n't RB O
meet VB O
all DT I
its PRP$ I
shipment NN I
commitments NNS I
and CC O
has VBZ O
asked VBN O
Japan NNP I
to TO O
accept VB O
a DT I
delay NN I
of IN O
shipments NNS I
scheduled VBN O
for IN O
later RB I
this DT I
year NN I
, , O
into IN O
early JJ I
next JJ I
year NN I
. . O

`` `` O
Japan NNP I
is VBZ O
perceived VBN O
as IN O
a DT I
wealthy JJ I
nation NN I
that WDT B
can MD O
turn VB O
elsewhere RB O
in IN O
the DT I
world NN I
market NN I
and CC O
buy VB O
the DT I
sugar NN I
, , O
'' '' O
the DT I
analyst NN I
said VBD O
. . O

It PRP I
was VBD O
the DT I
possibility NN I
of IN O
this DT I
demand NN I
that WDT B
helped VBD O
firm NN O
prices NNS I
, , O
the DT I
analyst NN I
said VBD O
. . O

Another DT I
analyst NN I
noted VBD O
that IN O
Cuba NNP I
has VBZ O
been VBN O
deferring VBG O
shipments NNS I
in IN O
recent JJ I
years NNS I
. . O

`` `` O
To TO O
the DT I
professionals NNS I
in IN O
the DT I
trade NN I
it PRP B
did VBD O
n't RB O
cause VB O
much JJ I
surprise NN I
. . O

The DT I
March NNP I
futures NNS I
contract VBP I
traded VBN O
as RB O
high JJ O
as IN O
14.24 CD I
cents NNS I
, , O
but CC O
could MD O
n't RB O
sustain VB O
the DT I
advance NN I
, , O
'' '' O
he PRP I
said VBD O
. . O

LIVESTOCK NNP I
AND CC I
MEATS NNPS I
: : I

The DT I
prices NNS I
of IN O
cattle NNS I
, , I
hogs NNS I
and CC I
pork NN I
belly NN I
futures NNS I
contracts NNS I
rebounded VBD O
as IN O
livestock NN I
traders NNS I
shook VBD O
off IN O
fears NNS I
that IN O
the DT I
Friday NNP I
stock NN I
market NN I
plunge NN I
would MD O
chill VB O
consumer NN I
spending NN I
, , O
which WDT I
in IN O
turn NN I
would MD O
hurt VB O
retail JJ I
sales NNS I
of IN O
beef NN I
and CC I
pork NN I
. . O

The DT I
prices NNS I
of IN O
most RBS I
livestock NN I
futures NNS I
contracts NNS I
had VBD O
dropped VBN O
sharply RB O
Monday NNP I
. . O

Cattle NNS I
futures NNS I
prices NNS I
were VBD O
also RB O
supported VBN O
yesterday NN I
by IN O
signs VBZ I
that IN O
supermarket NN I
chains NNS I
are VBP O
making VBG O
plans NNS I
to TO O
increase VB O
their PRP$ I
promotions NNS I
concerning VBG O
beef NN I
. . O

GRAINS NNS I
AND CC I
SOYBEANS NNS I
: : I

The DT I
prices NNS I
of IN O
most RBS I
soybean NN I
and CC I
soybean-meal NN I
futures NNS I
contracts NNS I
rose VBD O
amid IN O
rumors NNS I
that IN O
the DT I
Soviet NNP I
Union NNP I
is VBZ O
interested JJ O
in IN O
buying VBG O
from IN O
the DT I
U.S. NNP I
or CC O
South NNP I
America NNP I
about IN B
250,000 CD I
metric JJ I
tons NNS I
of IN O
soybeans NNS I
and CC O
as RB I
many JJ I
as IN I
400,000 CD I
metric JJ I
tons NNS I
of IN O
soybean NN I
meal NN I
. . O

Traders NNS I
are VBP O
especially RB O
sensitive JJ O
to TO O
reports NNS I
of IN O
possible JJ I
U.S. NNP I
soybean NN I
sales NNS I
because IN O
U.S. NNP I
exports NNS I
are VBP O
lagging VBG O
. . O

Since IN O
Sept. NNP I
1 CD I
, , O
about IN I
13 CD I
million CD I
fewer JJR I
bushels NNS I
of IN O
U.S. NNP I
soybeans NNS I
have VBP O
been VBN O
sold VBN O
overseas JJ O
than IN O
for IN O
the DT I
same JJ I
period NN I
last JJ B
year NN I
. . O

Corn NN I
futures NNS I
prices NNS I
rose VBD O
slightly RB O
while IN O
wheat NN I
prices NNS I
settled VBD O
mixed VBN O
. . O

Moody NNP I
's POS B
Investors NNP I
Service NNP I
Inc. NNP I
, , O
fretting VBG O
about IN O
increasing VBG I
competitive JJ I
pressure NN I
on IN O
Ryder NNP I
, , O
placed VBD O
about RB I
$ $ I
2.8 CD I
billion CD I
in IN O
company NN I
securities NNS I
under IN O
review NN I
for IN O
possible JJ I
downgrade NN I
. . O

Ratings NNS I
under IN O
review NN I
are VBP O
Ryder NNP I
's POS B
A-1 JJ I
collateral NN I
trust NN I
debentures NNS I
, , O
A-2 NN I
senior JJ I
notes NNS I
and CC I
bonds NNS I
, , O
A-2 NN I
preferred JJ I
stock NN I
and CC O
the DT I
company NN I
's POS B
Prime-1 JJ I
rating NN I
for IN O
commercial JJ I
paper NN I
. . O

Moody NNP I
's POS B
said VBD O
it PRP I
is VBZ O
assessing VBG O
the DT I
strategies NNS I
Ryder NNP B
's POS B
management NN I
may MD O
follow VB O
in IN O
addressing VBG O
significant JJ I
challenges NNS I
in IN O
some DT I
major JJ I
markets NNS I
. . O

The DT I
rating NN I
agency NN I
said VBD O
it PRP I
is VBZ O
focusing VBG O
especially RB O
on IN O
the DT I
transportation NN I
service NN I
company NN I
's POS B
efforts NNS I
to TO O
control VB O
costs NNS I
, , O
improve VB O
margins NNS I
and CC O
enhance VB O
its PRP$ I
competitive JJ I
position NN I
in IN O
its PRP$ I
primary JJ I
business NN I
, , O
vehicle NN I
leasing NN I
and CC I
rental JJ I
. . O

The DT I
nations NNS I
of IN O
southern JJ I
Africa NNP I
know VB O
a DT I
lot NN I
about IN O
managing VBG O
elephants NNS I
; : O
their PRP$ I
herds NNS I
are VBP O
thriving VBG O
. . O

But CC O
the DT I
nations NNS I
of IN O
Europe NNP I
and CC O
North NNP I
America NNP I
have VBP O
decided VBN O
they PRP I
know VBP O
better JJR O
. . O

At IN O
this DT I
week NN I
's POS B
U.N. NNP I
conference NN I
in IN O
Lausanne NNP I
, , O
they PRP I
imposed VBD O
a DT I
global JJ I
ivory NN I
ban NN I
that WDT B
seeks VBZ O
to TO O
overturn VB O
local JJ I
policies NNS I
. . O

A DT I
Zimbabwean NNP I
delegate NN I
argued VBD O
that IN O
the DT I
ban NN I
would MD O
`` `` O
guarantee VB O
the DT I
extinction NN I
of IN O
the DT I
elephant NN I
. . O
'' '' O

Legitimate JJ I
ranchers NNS I
, , O
who WP I
have VBP O
an DT I
interest NN I
in IN O
preserving VBG O
the DT I
herds NNS I
, , O
would MD O
go VB O
out IN O
of IN O
business NN I
. . O

Poachers NNS I
would MD O
control VB O
the DT I
underground JJ I
trade NN I
. . O

Many JJ I
delegates NNS I
were VBD O
willing JJ O
to TO O
craft VB O
a DT I
compromise NN I
, , O
but CC O
U.S. NNP I
delegate NN I
Constance NNP I
Harriman NNP I
and CC O
others NNS I
thundered VBD O
that DT I
down RB O
. . O

The DT I
Greens NNPS I
from IN O
the DT I
First NNP I
World NNP I
wanted VBD O
a DT I
morality NN I
play NN I
, , O
not RB O
a DT I
negotiation NN I
. . O

Fortunately RB O
, , O
the DT I
nations NNS I
of IN O
southern JJ I
Africa NNP I
have VBP O
n't RB O
totally RB O
surrendered VBD O
their PRP$ I
sovereignty NN I
. . O

Five CD I
countries NNS I
announced VBD O
they PRP I
would MD O
not RB O
honor VB O
what WP I
one CD B
Zimbabwean NNP I
delegate NN I
wryly RB O
called VBD O
the DT O
`` `` O
made VBN O
in IN O
Switzerland NNP I
'' '' O
solution NN O
. . O

In IN O
fact NN I
, , O
they PRP I
seemed VBD O
a DT I
mite NN I
resentful JJ O
. . O

The DT I
director NN I
of IN O
Zimbabwe NNP I
's POS B
Wildlife NNP I
Department NNP I
described VBD O
American JJ I
conservationists NNS I
as IN O
`` `` O
fat JJ I
little JJ I
puppies NNS I
from IN O
urban JJ I
environments NNS I
who WP B
do VBP O
n't RB O
know VB O
a DT I
thing NN I
about IN O
Africa NNP I
. . O
'' '' O

That DT I
's VBZ O
not RB O
fair JJ O
; : O
they PRP I
're VBP O
not RB O
all DT O
fat NN O
. . O

HUGO'S NNP I
BLAST NN I
generates VBZ O
pleas NNS I
for IN O
aid NN I
from IN O
South NNP I
Carolina NNP I
small JJ I
businesses NNS I
. . O

The DT I
Small NNP I
Business NNP I
Administration NNP I
has VBZ O
received VBN O
more JJR I
than IN I
5,000 CD I
formal JJ I
requests NNS I
for IN O
disaster NN I
loans NNS I
because IN O
of IN O
the DT I
hurricane NN I
. . O

About IN I
45 CD I
% NN I
of IN O
requests NNS I
for IN O
SBA NNP I
relief NN I
loans NNS I
, , O
which WDT I
also RB O
are VBP O
available JJ O
to TO O
homeowners NNS I
, , O
come VB O
from IN O
small JJ I
businesses NNS I
, , O
compared VBN O
with IN O
a DT I
25 CD I
% NN I
business NN I
share NN I
after IN O
most RBS I
disasters NNS I
. . O

The DT I
SBA NNP I
expects VBZ O
to TO O
make VB O
about RB I
$ $ I
1 CD I
billion CD I
in IN O
Hurricane NNP I
Hugo NNP I
loans NNS I
. . O

The DT I
disaster NN I
fund NN I
is VBZ O
replenished VBN O
by IN O
loan NN I
repayments NNS I
. . O

Hardest RBS O
hit VBN O
by IN O
Hugo NNP I
in IN O
South NNP I
Carolina NNP I
were VBD O
small JJ I
retailers NNS I
tied VBN O
to TO O
the DT I
tourist NN I
industry NN I
and CC O
businesses NNS I
in IN O
agriculture NN I
and CC O
cultivated VBN I
seafood NN I
. . O

The DT I
State NNP I
Development NNP I
Board NNP I
set VBD O
up IN O
a DT I
Hugo NNP I
Hotline NNP I
to TO O
accept VB O
business-to-business JJ I
help NN I
. . O

After IN O
NBC NNP I
weather NN I
man NN I
Willard NNP I
Scott NNP I
broadcast NN O
the DT I
hot-line NN I
number NN I
, , O
it PRP I
was VBD O
flooded VBN O
with IN O
10,000 CD I
calls VBZ I
. . O

Last JJ I
week NN I
, , O
the DT I
U.S. NNP I
Chamber NNP I
of IN O
Commerce NNP I
began VBD O
using VBG O
its PRP$ I
national JJ I
TV NN I
show NN I
to TO O
seek VB O
help NN I
, , O
such JJ O
as IN O
equipment NN I
, , O
for IN O
business NN I
owners NNS I
. . O

Local JJ I
bankers NNS I
and CC I
accountants NNS I
help VBP O
applicants NNS I
fill VBP O
out IN O
forms NNS I
. . O

`` `` O
It PRP I
helps VBZ O
us PRP I
, , O
and CC O
people NNS I
feel VBP O
better JJR O
talking VBG O
to TO O
someone NN I
who WP B
's VBZ O
gone VBN O
through IN O
the DT I
same JJ I
thing NN I
, , O
'' '' O
an DT I
SBA NNP I
official NN I
says NNS O
. . O

HEALTH NN I
BENEFITS NNS I
remain VBP O
a DT I
central JJ I
lobbying NN I
effort NN I
, , O
even RB O
as IN O
Section NN I
89 CD I
fades NNS O
. . O

The DT I
Senate NNP I
, , O
after IN O
deleting VBG O
Section NN I
89 CD I
repeal NN I
from IN O
its PRP$ I
deficit-reduction NN I
bill NN I
, , O
still RB O
is VBZ O
expected VBN O
to TO O
join VB O
the DT I
House NNP I
in IN O
voting NN O
to TO O
kill VB O
the DT I
law NN I
, , O
which WDT I
forces VBZ O
companies NNS I
to TO O
provide VB O
comparable JJ I
benefits NNS I
to TO O
laborers NNS I
and CC I
executives NNS I
alike RB O
. . O

In IN O
lobbying VBG O
on IN O
other JJ I
health-coverage NN I
topics NNS I
, , O
the DT I
National NNP I
Federation NNP I
of IN O
Independent NNP I
Business NNP I
will MD O
press VB O
for IN O
legislation NN I
that WDT B
would MD O
give VB O
self-employed JJ I
people NNS I
a DT B
100 CD I
% NN I
tax NN I
deduction NN I
for IN O
their PRP$ I
own JJ I
health NN I
plans NNS I
, , O
up IN O
from IN O
25 CD I
% NN I
currently RB O
. . O

And CC O
the DT I
group NN I
will MD O
urge VB O
that IN O
the DT I
federal JJ I
government NN I
pre-empt VB O
state NN I
rules NNS I
on IN O
what WP I
must MD O
be VB O
covered VBN O
by IN O
employers NNS I
' POS B
health NN I
insurance NN I
. . O

Small-business NN I
groups NNS I
also RB O
will MD O
fight VB O
the DT I
medical-leave JJ I
provision NN I
of IN O
legislation NN I
that WDT B
would MD O
expand VB O
parental JJ I
leaves NNS I
. . O

And CC O
they PRP I
still RB O
oppose VBP O
as IN O
too RB O
costly JJ O
an DT I
employer-paid JJ I
health NN I
insurance NN I
bill NN I
sponsored VBN O
by IN O
Sen. NNP I
Edward NNP I
Kennedy NNP I
-LRB- ( O
D. NNP I
, , O
Mass NNP I
. . I
-RRB- ) O
despite IN O
his PRP$ I
proposal NN I
to TO O
phase VB O
in IN O
small JJ I
business NN I
only RB O
gradually RB O
. . O

There EX I
is VBZ O
also RB O
worry VB I
that IN O
the DT I
Pepper NNP I
Commission NNP I
studying VBG O
long-term JJ I
health NN I
care NN I
will MD O
again RB O
push VB O
lawmakers NNS I
toward IN O
employerpaid JJ I
solutions NNS I
. . O

The DT I
Section NN I
89 CD I
victory NN I
could MD O
have VB O
a DT I
downside NN I
by IN O
making VBG O
it PRP I
harder JJR O
to TO O
oppose VB O
lawmakers NNS I
on IN O
other JJ I
health NN I
proposals NNS I
. . O

`` `` O
With IN O
the DT I
repeal NN I
of IN O
Section NN I
89 CD I
, , O
we PRP I
can MD O
no RB O
longer RB O
say VB O
they PRP I
're VBP O
discouraging VBG O
businesses NNS I
from IN O
offering NN O
health NN I
plans NNS I
, , O
'' '' O
says VBZ O
Christine NNP I
Russell NNP I
, , O
the DT I
Chamber NNP I
of IN O
Commerce NNP I
's POS B
small-business NN I
advocate NN I
. . O

JUMPING NNP O
THE DT I
GUN NNP I
: : O

Sen. NNP I
Lloyd NNP I
Bentsen NNP I
-LRB- ( O
D. NNP I
, , O
Texas NNP I
-RRB- ) O
was VBD O
outraged VBN O
after IN O
a DT I
private JJ I
word NN I
to TO O
John NNP I
Motley NNP I
, , O
lobbyist NN I
for IN O
the DT I
National NNP I
Federation NNP I
of IN O
Independent NNP I
Business NNP I
, , O
resulted VBD O
in IN O
a DT I
news NN I
release NN I
saying VBG O
that IN O
the DT I
Senate NNP I
Finance NNP I
Committee NNP I
chairman NN I
would MD O
recommend VB O
repeal NN I
of IN O
Section NN I
89 CD I
. . O

Even RB O
though IN O
the DT I
announcement NN I
was VBD O
true JJ O
in IN O
the DT I
end NN I
, , O
it PRP I
was VBD O
issued VBN O
without IN O
the DT I
senator NN I
's POS B
permission NN I
. . O

`` `` O
I PRP I
blew VBD O
it PRP I
, , O
'' '' O
Mr. NNP I
Motley NNP I
says VBZ O
apologetically RB O
. . O

`` `` O
It PRP I
was VBD O
a DT I
timing NN I
mistake NN I
. . O
'' '' O

PRISON-SHOP NNP I
BLUES NNPS I
: : I

Sen. NNP I
Strom NNP I
Thurmond NNP I
-LRB- ( O
R. NNP I
, , O
S.C NNP I
. . I
-RRB- ) O
protests NNS O
pending VBG I
legislation NN I
to TO O
end VB O
the DT I
preference NN I
that IN B
the DT B
federal JJ I
prison NN I
system NN I
gets VBZ O
in IN O
selling VBG O
prisoner-made JJ I
furniture NN I
and CC O
other JJ I
goods NNS I
to TO O
government NN I
agencies NNS I
. . O

Small-business NN I
suppliers NNS I
want VBP O
prisons NNS I
to TO O
stop VB O
getting VBG O
high JJ I
priority NN I
, , O
especially RB O
as IN O
prison NN I
production NN I
grows VBZ O
with IN O
swelling VBG I
inmate NN I
populations NNS I
. . O

Last JJ I
year NN I
, , O
the DT I
prisons NNS I
' POS B
sales NNS I
to TO O
the DT I
Pentagon NNP I
totaled VBD O
$ $ I
336 CD I
million CD I
. . O

REPAIR NN I
SHOPS NNS I
SCRAP VBP O
for IN O
more JJR I
access NN I
to TO O
work VB I
on IN O
auto-emissions NNS I
systems NNS I
. . O

Groups NNS I
representing VBG O
some DT I
independent JJ I
auto-repair JJ I
shops NNS I
join VBP O
a DT I
compromise NN I
on IN O
the DT I
Clean NNP I
Air NNP I
legislation NN I
worked VBD O
out RP O
between IN O
environmentalists NNS I
and CC O
Rep. NNP I
Henry NNP I
Waxman NNP I
-LRB- ( O
D. NNP I
, , O
Calif NNP I
. . I
-RRB- ) O
. . O

The DT I
plan NN I
would MD O
increase VB O
the DT I
warranty NN I
on IN O
auto-emission NN I
systems NNS I
to TO O
eight CD I
years NNS I
or CC O
80,000 CD I
miles NNS I
from IN O
five CD I
years NNS I
or CC O
50,000 CD I
for IN O
major JJ I
parts NNS I
. . O

But CC O
the DT I
warranty NN I
on IN O
simpler JJR I
parts NNS I
would MD O
be VB O
lowered VBN O
to TO O
two CD I
years NNS I
or CC O
24,000 CD I
miles NNS I
. . O

The DT I
garage NN I
owners NNS I
say VBP O
they PRP I
would MD O
benefit VB O
because IN O
car NN I
owners NNS I
would MD O
be VB O
less RBR O
likely JJ O
to TO O
go VB O
back RB O
to TO O
dealers NNS I
for IN O
the DT I
simpler JJR I
repairs NNS I
after IN O
two CD I
years NNS I
. . O

The DT I
repair NN I
shops NNS I
are VBP O
n't RB O
united VBN O
, , O
however RB O
. . O

Shops NNS I
represented VBN O
by IN O
the DT I
Automotive NNP I
Service NNP I
Industry NNP I
Association NNP I
and CC O
the DT I
Motor NNP I
Equipment NNP I
Manufacturers NNP I
Association NNP I
oppose VB O
any DT I
increase NN I
in IN O
warranty NN I
length NN I
. . O

They PRP I
say VBP O
the DT O
longer RB O
the DT I
warranty NN I
, , O
the DT O
longer RB O
customers NNS I
will MD O
automatically RB O
return VB O
to TO O
new-car NN I
dealers NNS I
, , O
which WDT I
then RB O
find VB O
non-warranty NN I
work NN I
that WDT B
might MD O
otherwise RB O
go VB O
to TO O
repair VB I
shops NNS I
. . O

The DT I
House NNP I
Energy NNP I
Committee NNP I
will MD O
debate VB O
the DT I
issue NN I
later RB B
this DT I
month NN I
. . O

Stan NNP I
Hathcock NNP I
, , O
an DT I
Atlanta NNP I
garage NN I
owner NN I
who WP B
opposes VBZ O
a DT I
longer RB I
warranty NN I
, , O
estimates VBZ O
that IN O
the DT I
current JJ I
plan NN I
costs NNS O
him PRP I
as RB B
much JJ I
as IN I
$ $ I
15,000 CD I
a DT B
year NN I
in IN O
lost VBN I
business NN I
. . O

SMALL NNP I
TALK NNP I
: : I

Some DT I
70 CD I
% NN I
of IN O
graduates NNS I
who WP B
recently RB O
earned VBD O
an DT I
M.B.A. NNP I
degree NN I
say VBP O
they PRP I
'd MD O
prefer VB O
to TO O
work VB O
in IN O
or CC O
own VB O
a DT I
small JJ I
company NN I
, , O
yet RB O
most RBS I
take VB O
jobs NNS I
with IN O
large JJ I
concerns NNS I
, , O
says VBZ O
a DT I
survey NN I
by IN O
the DT I
Foster NNP I
McKay NNP I
Group NNP I
, , O
a DT I
New NNP I
York NNP I
recruiting VBG I
firm NN I
... : O
. . O

Cardinal NNP I
Scientific NNP I
Inc. NNP I
of IN O
Waldorf NNP I
, , O
Md. NNP I
, , O
seeks VBZ O
a DT I
Small NNP I
Business NNP I
Innovation NNP I
Research NNP I
grant NN I
to TO O
produce VB O
a DT I
`` `` I
nozzle NN I
assembly NN I
for IN O
an DT I
Army NNP I
mass NN I
delousing VBG I
outfit NN I
. . O

Banc NNP I
One CD I
Corp. NNP I
said VBD O
Frank NNP I
E. NNP I
McKinney NNP I
plans VBZ O
to TO O
retire VB O
as IN O
the DT I
bank NN I
holding VBG I
company NN I
's POS B
president NN I
effective JJ O
Jan. NNP I
12 CD I
. . O

Banc NNP I
One CD I
said VBD O
`` `` O
it PRP I
is VBZ O
contemplated VBN O
'' '' O
that IN O
John NNP I
B. NNP I
McCoy NNP I
, , O
chairman NN I
and CC O
chief JJ I
executive JJ I
officer NN I
, , O
will MD O
assume VB O
the DT I
additional JJ I
position NN I
of IN O
president NN I
upon IN O
Mr. NNP I
McKinney NNP I
's POS B
retirement NN I
. . O

Mr. NNP I
McKinney NNP I
, , O
50 CD I
years NNS I
old JJ O
, , O
was VBD O
chairman NN I
and CC O
chief JJ I
executive NN I
of IN O
American NNP I
Fletcher NNP I
Corp. NNP I
, , O
Indianapolis NNP I
, , O
when WRB O
that DT I
bank NN I
holding VBG I
company NN I
merged VBN O
into IN O
Banc NNP I
One CD I
in IN O
January NNP I
1987 CD I
. . O

The DT I
company NN I
said VBD O
Mr. NNP I
McKinney NNP I
plans VBZ O
to TO O
retire VB O
because IN O
the DT I
process NN I
of IN O
affiliating VBG O
American NNP I
Fletcher NNP I
into IN O
Banc NNP I
One CD I
`` `` O
is VBZ O
considered VBN O
completed VBN O
. . O
'' '' O

Mr. NNP I
McKinney NNP I
will MD O
continue VB O
as IN O
chairman NN I
of IN O
the DT I
board NN I
and CC O
chairman NN I
of IN O
the DT I
executive JJ I
committee NN I
of IN O
Banc NNP I
One CD I
Indiana NNP I
Corp. NNP I
, , O
the DT I
successor NN I
company NN I
to TO O
American NNP I
Fletcher NNP I
Corp. NNP I
, , O
but CC O
will MD O
no RB O
longer RB O
be VB O
active JJ O
in IN O
day-to-day JJ I
management NN I
. . O

He PRP I
will MD O
remain VB O
on IN O
the DT I
Banc NNP I
One CD I
board NN I
. . O

The DT I
Treasury NNP I
plans VBZ O
to TO O
raise VB O
$ $ I
1.55 CD I
billion CD I
in IN O
new JJ I
cash NN I
with IN O
the DT I
sale NN I
Monday NNP B
of IN O
about RB I
$ $ I
15.6 CD I
billion CD I
in IN O
short-term JJ I
bills NNS I
to TO O
redeem VB O
$ $ I
14.1 CD I
billion CD I
in IN O
maturing VBG I
bills NNS I
. . O

The DT I
offering NN I
will MD O
be VB O
divided VBN O
evenly RB O
between IN O
13-week JJ I
and CC I
26-week JJ I
bills NNS I
maturing VBG O
on IN O
Jan. NNP I
25 CD I
, , I
1990 CD I
, , O
and CC O
April NNP I
26 CD I
, , I
1990 CD I
, , O
respectively RB O
. . O

Tenders NNS I
for IN O
the DT I
bills NNS I
, , O
available JJ O
in IN O
minimum JJ I
$ $ I
10,000 CD I
denominations NNS I
, , O
must MD O
be VB O
received VBN O
by IN O
1 CD I
p.m. NN I
EDT NNP I
Monday NNP I
at IN O
the DT I
Treasury NNP I
or CC O
at IN O
Federal NNP I
Reserve NNP I
banks NNS I
or CC I
branches NNS I
. . O

Moody NNP I
's POS B
Investors NNP I
Service NNP I
Inc. NNP I
said VBD O
it PRP I
lowered VBD O
ratings NNS I
on IN O
about RB I
$ $ I
650 CD I
million CD I
of IN O
Beatrice NNP I
Co. NNP I
debt NN I
, , O
citing VBG O
the DT I
closely RB I
held VBN I
Chicago NNP I
food NN I
concern NN I
's POS B
proposed VBN I
recapitalization NN I
. . O

The DT I
ratings NNS I
concern VBP I
said VBD O
it PRP I
downgraded VBD O
Beatrice NNP I
notes NNS I
, , O
Euronotes NNS I
and CC O
certain JJ I
industrial JJ I
revenue NN I
bonds NNS I
to TO O
single-B-1 JJ I
from IN O
Ba-3 JJ I
and CC O
the DT I
company NN I
's POS B
subordinated VBN I
debentures NNS I
to TO O
single-B-3 NNP I
from IN O
single-B-2 NN I
. . O

Moody NNP I
's POS B
said VBD O
the DT I
proposed VBN I
recaptilization NN I
may MD O
`` `` O
limit VB O
the DT I
company NN I
's POS B
ability NN I
to TO O
realize VB O
its PRP$ I
profit NN I
potential JJ I
'' '' O
and CC O
that IN O
paying VBG O
dividends NNS I
from IN O
a DT I
new JJ I
series NN I
of IN O
preferred JJ I
could MD O
squeeze VB O
`` `` O
basic JJ I
business NN I
operations NNS I
. . O
'' '' O

A DT I
Beatrice NNP I
spokesman NN I
did VBD O
n't RB O
return VB O
calls VBZ I
seeking VBG O
comment VB I
. . O

Beatrice NNP I
, , O
which WDT I
went VBD O
private JJ O
in IN O
an DT I
$ $ I
8.2 CD I
billion CD I
leveraged JJ I
buy-out NN I
in IN O
1986 CD I
, , O
said VBD O
last JJ I
month NN I
that IN O
it PRP I
might MD O
borrow VB O
again RB O
to TO O
help VB O
pay VB O
investors NNS I
as RB B
much JJ I
as IN I
$ $ I
983 CD I
million CD I
in IN O
preferred JJ I
stock NN I
and CC O
debt NN I
securities NNS I
. . O

When WRB O
the DT I
Soviets NNPS I
announced VBD O
their PRP$ I
last JJ I
soldier NN I
had VBD O
left VBN O
Afghanistan NNP I
in IN O
February NNP I
, , O
the DT I
voices NNS I
of IN O
skepticism NN I
were VBD O
all DT O
but CC O
drowned VBN O
out IN O
by IN O
an DT I
international JJ I
chorus NN I
of IN O
euphoria NN I
. . O

It PRP I
was VBD O
`` `` O
the DT I
Soviets NNPS I
' '' B
Vietnam NNP I
. . O
'' '' O

The DT I
Kabul NNP I
regime NN I
would MD O
fall VB O
. . O

Millions NNS I
of IN O
refugees NNS I
would MD O
rush VB O
home NN O
. . O

A DT I
resistance NN I
government NN I
would MD O
walk VB O
into IN O
Kabul NNP I
. . O

Those DT I
who WP B
bought VBD O
that DT I
illusion NN I
are VBP O
now RB O
bewildered VBN O
. . O

Eight CD I
months NNS I
after IN O
Gen. NNP I
Boris NNP I
Gromov NNP I
walked VBD O
across IN O
the DT I
bridge NN I
into IN O
the DT I
U.S.S.R. NNP I
, , O
a DT I
Soviet-controlled JJ I
regime NN I
remains VBZ O
in IN O
Kabul NNP I
, , O
the DT I
refugees NNS I
sit VBP O
in IN O
their PRP$ I
camps NNS I
, , O
and CC O
the DT I
restoration NN I
of IN O
Afghan JJ I
freedom NN I
seems VBZ O
as IN O
far RB O
off IN O
as IN O
ever RB O
. . O

But CC O
there EX I
never RB O
was VBD O
a DT I
chance NN I
that IN O
the DT I
Afghan JJ I
resistance NN I
would MD O
overthrow VB O
the DT I
Kabul NNP I
regime NN I
quickly RB O
and CC O
easily RB O
. . O

Soviet JJ I
leaders NNS I
said VBD O
they PRP I
would MD O
support VB O
their PRP$ I
Kabul NNP I
clients NNS I
by IN O
all DT I
means VBZ I
necessary JJ O
-- : O
and CC O
did VBD O
. . O

The DT I
U.S. NNP I
said VBD O
it PRP I
would MD O
fully RB O
support VB O
the DT I
resistance NN I
-- : O
and CC O
did VBD O
n't RB O
. . O

With IN O
the DT I
February NNP I
1987 CD I
U.N. NNP I
accords NNS I
`` `` O
relating VBG O
to TO O
Afghanistan NNP I
, , O
'' '' O
the DT I
Soviet NNP I
Union NNP I
got VBD O
everything NN I
it PRP B
needed VBD O
to TO O
consolidate VB O
permanent JJ I
control NN I
. . O

The DT I
terms NNS I
of IN O
the DT I
Geneva NNP I
accords NNS I
leave VBP O
Moscow NNP I
free JJ O
to TO O
provide VB O
its PRP$ I
clients NNS I
in IN O
Kabul NNP I
with IN O
assistance NN I
of IN O
any DT I
kind NN I
-- : O
including VBG O
the DT I
return NN I
of IN O
Soviet JJ I
ground NN I
forces NNS I
-- : O
while IN O
requiring VBG O
the DT I
U.S. NNP I
and CC O
Pakistan NNP I
to TO O
cut VB O
off IN O
aid NN I
. . O

The DT I
only JJ I
fly NN I
in IN O
the DT I
Soviet JJ I
ointment NN I
was VBD O
the DT I
last-minute JJ I
addition NN I
of IN O
a DT I
unilateral JJ I
American JJ I
caveat NN I
, , I
that IN O
U.S. NNP I
aid NN I
to TO O
the DT I
resistance NN I
would MD O
continue VB O
as RB O
long RB O
as IN O
Soviet JJ I
aid NN I
to TO O
Kabul NNP I
did VBD O
. . O

But CC O
as RB O
soon RB O
as IN O
the DT I
accords NNS I
were VBD O
signed VBN O
, , O
American JJ I
officials NNS I
sharply RB O
reduced VBN O
aid NN I
. . O

In IN O
February NNP I
1989 CD I
, , O
when WRB O
the DT I
Soviets NNPS I
said VBD O
they PRP I
had VBD O
completed VBN O
their PRP$ I
pullout NN I
, , O
the DT I
U.S. NNP I
cut NN O
it PRP I
further JJ O
. . O

Not RB O
so RB O
the DT I
Soviets NNPS I
. . O

Gen. NNP I
Gromov NNP I
himself PRP I
said VBD O
Soviet JJ I
troops NNS I
expected VBN O
to TO O
leave VB O
behind IN O
more JJR I
than IN I
$ $ I
1 CD I
billion CD I
of IN O
military JJ I
equipment NN I
and CC I
installations NNS I
for IN O
the DT I
Kabul NNP I
regime NN I
. . O

Since IN O
the DT I
troop NN I
withdrawal NN I
, , O
Moscow NNP I
has VBZ O
poured VBN O
in IN O
an DT I
additional JJ I
$ $ I
200 CD I
to TO I
$ $ I
300 CD I
million CD I
worth JJ O
per IN O
month NN I
-- : O
nearly RB I
$ $ I
2 CD I
billion CD I
since IN O
February NNP I
, , O
equivalent NN O
to TO O
the DT I
total JJ I
U.S. NNP I
aid NN I
to TO O
the DT I
resistance NN I
in IN O
nine CD I
years NNS I
. . O

This DT I
includes VBZ O
what WP I
Deputy NNP B
Foreign NNP I
Minister NNP I
Yuli NNP I
Vorontsov NNP I
fetchingly RB O
called VBD O
`` `` O
new JJ I
peaceful JJ I
long-range JJ I
weapons NNS I
, , O
'' '' O
including VBG O
more JJR I
than IN I
800 CD I
SCUD NNP I
missiles NNS I
. . O

By IN O
early JJ I
May NNP I
, , O
Moscow NNP I
had VBD O
delivered VBN O
, , O
for IN O
example NN I
, , O
1,000 CD I
trucks NNS I
, , O
about IN I
100 CD I
tanks NNS I
, , O
artillery NN I
and CC O
hundreds NNS I
of IN O
other JJ I
combat NN I
vehicles NNS I
. . O

Later RB I
that DT I
month NN I
, , O
it PRP I
added VBD O
an DT I
entire JJ I
tank NN I
brigade NN I
, , O
including VBG O
120 CD I
T-72 NN I
tanks NNS I
and CC O
more JJR I
than IN I
40 CD I
BMP NN I
state-of-the-art JJ I
infantry NN I
fighting VBG I
vehicles NNS I
. . O

By IN O
September NNP I
, , O
a DT I
new JJ I
Reinforced NNP I
Motorized NNP I
Rifle NNP I
Brigade NNP I
with IN O
an DT I
additional JJ I
300 CD I
combat NN I
vehicles NNS I
, , O
1,000 CD I
more JJR I
trucks NNS I
and CC O
10,000 CD I
Soviet-trained JJ I
Afghan JJ I
troops NNS I
had VBD O
arrived VBN O
in IN O
Kandahar NNP I
. . O

In IN O
the DT I
last JJ I
few JJ I
weeks NNS I
, , O
Moscow NNP I
has VBZ O
added VBN O
FROG-7B NN I
missiles NNS I
, , O
the DT I
bomber NN I
version NN I
of IN O
the DT I
An-12 NN I
, , O
MiG-23BN NN I
high-altitude JJ I
aircraft NN I
, , O
MiG-29s NNS I
, , O
which WDT I
can MD O
outfly VB O
Pakistan NNP I
's POS B
U.S.-built JJ I
F16s NNS I
, , O
and CC O
Sukhoi NNP I
SU-27 NN I
fighter-bombers NNS I
, , O
which WDT I
can MD O
outfly VB O
the DT I
MiG-29s NNS I
. . O

Moscow NNP I
claims VBZ O
this DT I
is VBZ O
all DT O
needed VBN O
to TO O
protect VB O
the DT I
Kabul NNP I
regime NN I
against IN O
the DT I
guerrilla NN I
resistance NN I
. . O

It PRP I
is VBZ O
well-known JJ O
that IN O
the DT I
regular JJ I
Afghan JJ I
infantry NN I
is VBZ O
filled VBN O
with IN O
reluctant JJ I
conscripts NNS I
. . O

But CC O
this DT I
is VBZ O
not RB O
the DT I
entire JJ I
Afghan JJ I
army NN I
, , O
and CC O
it PRP I
is VBZ O
no RB O
longer RB O
Kabul NNP I
's POS B
only RB I
military JJ I
force NN I
. . O

Complete JJ I
units NNS I
have VBP O
been VBN O
trained VBN O
and CC O
indoctrinated VBN O
in IN O
the DT I
U.S.S.R. NNP I
and CC O
other JJ I
East NNP I
bloc NN I
nations NNS I
; : O
30,000 CD I
to TO I
40,000 CD I
of IN O
these DT I
troops NNS I
have VBP O
returned VBN O
. . O

In IN O
addition NN I
, , O
the DT I
regime NN I
has VBZ O
established VBN O
well-paid JJ I
paramilitary JJ I
forces NNS I
totaling VBG O
more JJR I
than IN O
100,000 CD O
, , O
including VBG O
35,000 CD I
Soviet-trained JJ I
troops NNS I
of IN O
the DT I
Interior NNP I
Ministry NNP I
-LRB- ( O
KHAD\/WAD NN I
-RRB- ) O
, , O
which WDT I
still RB O
is VBZ O
directed VBN O
by IN O
1,500 CD I
Soviet NNP I
KGB NNP I
officers NNS I
. . O

Even RB O
if IN O
not RB I
all PDT I
these DT I
forces NNS I
are VBP O
committed VBN O
to TO O
the DT I
regime NN I
, , O
they PRP I
are VBP O
now RB O
dependent JJ O
on IN O
it PRP I
. . O

And CC O
thousands NNS I
of IN O
Afghan JJ I
children NNS I
have VBP O
been VBN O
taken VBN O
to TO O
the DT I
Soviet NNP I
Union NNP I
, , O
where WRB O
they PRP I
are VBP O
hostage NN I
for IN O
the DT I
behavior NN I
of IN O
their PRP$ I
families NNS I
. . O

Since IN O
1981 CD I
, , O
Indian NNP I
military JJ I
advisers NNS I
have VBP O
been VBN O
assisting VBG O
the DT I
Kabul NNP I
regime NN I
. . O

In IN O
preparation NN I
for IN O
the DT I
withdrawal NN I
, , O
Moscow NNP I
, , O
Kabul NNP I
and CC O
New NNP I
Delhi NNP I
signed VBD O
two CD I
agreements NNS I
for IN O
several JJ I
hundred CD I
newly RB I
civilian JJ I
Indian NNP I
experts NNS I
to TO O
replace VB O
some DT I
of IN O
the DT I
more RBR I
visible JJ I
Soviet JJ I
military JJ I
personnel NNS I
. . O

Cuban JJ I
military JJ I
personnel NNS I
also RB O
have VBP O
been VBN O
active JJ O
in IN O
Afghanistan NNP I
since IN O
1979 CD I
. . O

The DT I
Soviets NNPS I
cut NN O
a DT I
deal NN I
with IN O
Iran NNP I
: : O
a DT I
future NN I
Iranian JJ I
role NN I
in IN O
Afghanistan NNP I
in IN O
exchange NN I
for IN O
Iranian JJ I
support NN I
of IN O
Soviet JJ I
policy NN I
. . O

The DT I
deal NN I
was VBD O
symbolized VBN O
by IN O
the DT I
restoration NN I
of IN O
the DT I
Shi'ite NNP I
Sultan NNP I
Ali NNP I
Keshtmand NNP I
to TO O
the DT I
Afghan JJ I
prime JJ I
ministry NN I
. . O

Moreover RB O
, , O
serious JJ I
questions NNS I
have VBP O
been VBN O
raised VBN O
about IN O
the DT I
claimed VBN I
withdrawal NN I
of IN O
Soviet JJ I
forces NNS I
. . O

Before IN O
his PRP$ I
assassination NN I
in IN O
1988 CD I
, , O
President NNP I
Zia NNP I
of IN O
Pakistan NNP I
repeatedly RB O
stated VBD O
that IN O
fresh JJ I
Soviet JJ I
troops NNS I
were VBD O
being VBG O
inserted VBN O
into IN O
Afghanistan NNP I
even RB O
as IN O
others NNS I
were VBD O
ostentatiously RB O
withdrawn VBN O
. . O

Rep. NNP I
Bill NNP I
McCollum NNP I
-LRB- ( O
R. NNP I
, , O
Fla. NNP I
-RRB- ) O
reports NNS O
that IN O
these DT I
included VBD O
20,000 CD I
to TO I
30,000 CD I
Soviet NNP I
Central NNP I
Asian NNP I
KGB NNP I
Border NNP I
Guards NNPS I
, , O
ethnically RB O
indistinguishable JJ O
from IN O
Afghans NNPS I
and CC O
wearing VBG O
unmarked JJ I
uniforms NNS I
. . O

Meanwhile RB O
, , O
the DT I
Kabul NNP I
regime NN I
is VBZ O
increasingly RB O
successful JJ O
at IN O
portraying VBG O
the DT I
resistance NN I
as IN O
bloody-minded JJ I
fanatics NNS I
. . O

In IN O
this DT I
they PRP B
are VBP O
aided VBN O
by IN O
years NNS I
of IN O
American NNP I
, , I
European JJ I
, , I
Pakistani JJ I
and CC I
Saudi NNP I
support NN I
for IN O
the DT I
most RBS I
extreme JJ I
factions NNS I
-- : O
radical JJ I
Islamic NNP I
fanatics NNS I
with IN O
leaders NNS I
whose WP$ B
policies NNS I
are VBP O
anathema NN I
to TO O
the DT I
Afghan JJ I
public NN I
. . O

This DT I
heavy NN I
outside IN I
support NN I
for IN O
the DT I
worst JJS I
has VBZ O
undermined VBN O
better JJR I
, , I
moderate JJ I
leaders NNS I
. . O

In IN O
autumn NN I
last JJ B
year NN I
, , O
for IN O
example NN I
, , O
the DT I
regime NN I
garrison NN I
at IN O
Kandahar NNP I
was VBD O
prepared VBN O
to TO O
surrender VB O
the DT I
city NN I
to TO O
resistance NN I
moderates NNS I
. . O

At IN O
the DT I
last JJ I
minute NN I
, , O
however RB O
, , O
Pakistani JJ I
officials NNS I
sent VBD O
in IN O
Gulbuddin NNP I
Hekhmatyar NNP I
, , O
perhaps RB O
the DT I
most RBS I
hated VBD I
and CC I
feared VBD I
of IN O
the DT I
extremists NNS I
, , O
with IN O
a DT I
demand NN I
that IN O
the DT I
surrender NN I
be VB O
made VBN O
to TO O
his PRP$ I
forces NNS I
. . O

The DT I
deal NN I
fell VBD O
through IN O
, , O
and CC O
Kandahar NNP I
remains VBZ O
a DT I
major JJ I
regime NN I
base NN I
. . O

The DT I
resistance NN I
lacks VBZ O
not RB O
only JJ O
air NN I
power NN I
, , O
armor NN I
and CC O
expertise NN I
but CC O
often RB O
such JJ I
essentials NNS I
as IN O
maps NNS I
, , O
mine NN I
detectors NNS I
, , O
or CC O
even JJ O
winter NN I
gloves NNS I
. . O

Experienced VBN I
resistance NN I
commanders NNS I
wanted VBD O
to TO O
use VB O
guerrilla NN I
action NN I
and CC O
siege NN I
tactics NNS I
to TO O
wear VB O
down RP O
the DT I
regime NN I
. . O

Instead RB O
, , O
they PRP I
were VBD O
pressured VBN O
by IN O
Pakistan NNP I
's POS B
ISI NNP I
, , O
the DT I
channel NN I
for IN O
their PRP$ I
support NN I
, , O
into IN O
attacking VBG O
Jalalabad NNP I
. . O

They PRP I
took VBD O
more JJR I
than IN I
25 CD I
% NN I
casualties NNS I
; : O
journalists NNS I
report VBP O
that IN O
they PRP I
faced VBD O
minefields NNS I
without IN O
mine NN I
detectors NNS I
. . O

The DT I
wonder NN I
is VBZ O
not RB O
that IN O
the DT I
resistance NN I
has VBZ O
failed VBN O
to TO O
topple VB O
the DT I
Kabul NNP I
regime NN I
, , O
but CC O
that IN O
it PRP I
continues VBZ O
to TO O
exist VB O
and CC O
fight NN O
at IN O
all DT O
. . O

Last JJ I
summer NN I
, , O
in IN O
response NN I
to TO O
congressional JJ I
criticism NN I
, , O
the DT I
State NNP I
Department NNP I
and CC O
the DT I
CIA NNP I
said VBD O
they PRP I
had VBD O
resumed VBN O
military JJ I
aid NN I
to TO O
the DT I
resistance NN I
months NNS B
after IN O
it PRP I
was VBD O
cut VBN O
off IN O
; : O
but CC O
it PRP I
is VBZ O
not RB O
clear JJ O
how WRB I
much NN I
is VBZ O
being VBG O
sent VBN O
or CC O
when WRB O
it PRP I
will MD O
arrive VB O
. . O

For IN O
months NNS I
the DT B
resistance NN I
has VBZ O
been VBN O
defenseless JJ O
against IN O
air NN I
attack NN I
. . O

Thus RB O
far RB O
there EX I
is VBZ O
no DT I
indication NN I
that IN O
they PRP I
have VBP O
been VBN O
re-supplied VBN O
with IN O
Stingers NNPS I
or CC O
other JJ I
anti-aircraft JJ I
weapons NNS I
. . O

Indeed RB O
, , O
U.S. NNP I
officials NNS I
have VBP O
indicated VBN O
to TO O
the DT I
press NN I
that IN O
the DT I
continuation NN I
of IN O
aid NN I
depends VBZ O
on IN O
what WP I
success NN I
the DT B
weakened VBN I
resistance NN I
achieves VBZ O
by IN O
the DT I
end NN I
of IN O
this DT I
year NN I
. . O

Moscow NNP I
and CC I
Kabul NNP I
must MD O
have VB O
found VBN O
that DT I
information NN I
useful JJ O
. . O

For IN O
a DT I
decade NN I
U.S. NNP B
policy NN I
has VBZ O
been VBN O
incoherent JJ O
, , O
based VBN O
on IN O
miscalculation NN I
and CC O
the DT I
defense NN I
of IN O
bureaucratic JJ I
and CC I
political JJ I
turf NN I
. . O

No DT I
settlement NN I
negotiated VBN O
by IN O
others NNS I
can MD O
force VB O
the DT I
Afghan JJ I
people NNS I
to TO O
give VB O
up IN O
their PRP$ I
struggle NN I
. . O

A DT I
cutoff NN I
of IN O
U.S. NNP I
military JJ I
aid NN I
would MD O
merely RB O
abandon VB O
them PRP I
to TO O
die VB O
in IN O
vain JJ I
. . O

Creation NN I
of IN O
a DT I
new JJ I
, , I
realistic JJ I
U.S. NNP I
policy NN I
is VBZ O
long JJ O
overdue JJ O
. . O

Ms. NNP I
Klass NNP I
, , O
editor NN I
and CC I
co-author NN I
of IN O
`` `` O
Afghanistan NNP I
: : O
The DT I
Great NNP I
Game NNP I
Revisited NNP O
'' '' O
-LRB- ( O
Freedom NNP I
House NNP I
-RRB- ) O
, , O
directs VBZ O
the DT I
Freedom NNP I
House NNP I
program NN I
on IN O
Afghanistan\/Southwest NNP I
Asia NNP I
. . O

Nothing NN I
stirred VBD O
the DT I
soul NN I
of IN O
Ronald NNP I
Reagan NNP I
and CC O
his PRP$ I
disciples NNS I
as RB O
much JJ O
as IN O
the DT I
crusade NN I
to TO O
aid VB O
Nicaragua NNP I
's POS B
Contra NNP I
rebels NNS I
, , O
or CC O
the DT I
dream NN I
of IN O
building VBG O
a DT I
space-based JJ I
defense NN I
shield NN I
to TO O
knock VB O
out IN O
Soviet JJ I
nuclear JJ I
missiles NNS I
. . O

Yet RB O
under IN O
Mr. NNP I
Reagan NNP I
's POS B
preferred JJ I
successor NN I
, , O
President NNP I
Bush NNP I
, , O
those DT I
two CD I
cherished VBN I
national-security NN I
causes NNS I
are VBP O
withering VBG O
on IN O
the DT I
vine NN I
. . O

And CC O
, , O
surprisingly RB O
, , O
little RB I
more JJR I
than IN O
a DT I
whimper NN I
of IN O
protest NN I
is VBZ O
being VBG O
heard VBN O
, , O
even RB O
though IN O
Reaganauts NNS I
once RB O
breathed VBD O
fire NN I
supporting VBG O
the DT I
Contras NNPS I
and CC O
the DT I
Strategic NNP I
Defense NNP I
Initiative NNP I
. . O

`` `` O
The DT I
programs NNS I
have VBP O
arthritis NN I
, , O
'' '' O
says VBZ O
Rep. NNP I
Henry NNP I
Hyde NNP I
, , O
a DT I
conservative JJ I
Republican NNP I
from IN O
Illinois NNP I
. . O

Yet RB O
, , O
he PRP I
asserts VBZ O
, , O
`` `` O
you PRP I
look VBP O
around IN O
... : O
and CC O
you PRP I
say VBP O
, , O
` `` O
Who WP I
are VBP O
the DT I
leaders NNS I
? . O

Who WP I
is VBZ O
going VBG O
to TO O
carry VB O
the DT I
water NN I
? . O
' '' O
'' '' O

It PRP I
is VBZ O
n't RB O
surprising JJ O
that IN O
President NNP I
Bush NNP I
has VBZ O
n't RB O
led VBN O
a DT I
crusade NN I
to TO O
pump VB O
up IN O
the DT I
Contras NNPS I
or CC O
SDI NNP I
. . O

Though IN O
he PRP I
nominally RB O
supports VBZ O
both DT I
programs NNS I
, , O
Mr. NNP I
Bush NNP I
has VBZ O
n't RB O
been VBN O
a DT I
passionate JJ I
champion NN I
of IN O
either DT I
cause NN I
, , O
as IN O
Mr. NNP I
Reagan NNP I
was VBD O
. . O

What WP I
's VBZ O
surprising JJ O
is VBZ O
that IN O
there EX I
is VBZ O
n't RB O
more JJR I
of IN O
a DT I
conservative JJ I
outcry NN I
as IN O
the DT I
Bush NNP I
administration NN I
lets VBZ O
the DT I
programs NNS I
slip VBP O
down RP O
the DT I
national-priority JJ I
list NN I
. . O

A DT I
combination NN I
of IN O
factors NNS I
-- : O
a DT I
weariness NN I
among IN O
some DT I
conservatives NNS I
, , O
a DT I
decline NN I
in IN O
the DT I
perception NN I
of IN O
a DT I
Soviet JJ I
threat NN I
and CC O
a DT I
preoccupation NN I
with IN O
other JJ I
issues NNS I
-- : O
seem VB O
to TO O
explain VB O
the DT I
strange JJ I
tranquility NN I
. . O

Above IN O
all DT O
, , O
though RB O
, , O
conservative JJ I
Republicans NNPS I
who WP B
have VBP O
championed VBN O
both DT O
the DT I
Contras NNPS I
and CC O
SDI NNP I
are VBP O
reluctant JJ O
to TO O
attack VB O
a DT I
Republican NNP I
president NN I
for IN O
failing VBG O
to TO O
do VB O
more JJR I
-- : O
though IN O
that DT I
reluctance NN I
may MD O
be VB O
receding VBG O
. . O

`` `` O
We PRP I
want VBP O
to TO O
complain VB O
, , O
we PRP I
want VBP O
to TO O
say VB O
something NN I
about IN O
it PRP I
, , O
and CC O
we PRP I
're VBP O
going VBG O
to TO O
as IN O
it PRP I
gets VBZ O
worse JJR O
, , O
'' '' O
says VBZ O
Rep. NNP I
Dan NNP I
Burton NNP I
, , O
an DT I
Indiana NNP I
Republican NNP I
who WP B
has VBZ O
been VBN O
a DT I
staunch JJ I
Contra NNP I
backer NN I
. . O

`` `` O
But CC O
it PRP I
's VBZ O
like IN O
kicking VBG O
your PRP$ I
father NN I
in IN O
the DT I
pants NNS I
. . O

You PRP I
hate VBP O
to TO O
do VB O
it PRP I
because IN O
he PRP I
's VBZ O
your PRP$ I
father NN I
. . O
'' '' O

Mr. NNP I
Burton NNP I
says VBZ O
conservatives NNS I
' POS B
unhappiness NN I
with IN O
Mr. NNP I
Bush NNP I
's POS B
cautious JJ I
handling NN I
of IN O
the DT I
recent JJ I
unsuccessful JJ I
coup NN I
in IN O
Panama NNP I
will MD O
make VB O
them PRP I
more RBR O
willing JJ O
to TO O
speak VB O
out RB O
. . O

Of IN O
course NN I
, , O
neither DT O
President NNP I
Bush NNP I
nor CC O
the DT I
Congress NNP I
has VBZ O
actually RB O
abandoned VBN O
the DT I
Contras NNPS I
or CC O
SDI NNP I
. . O

Mr. NNP I
Bush NNP I
has VBZ O
struck VBN O
a DT I
deal NN I
with IN O
congressional JJ I
leaders NNS I
to TO O
provide VB O
nonlethal JJ I
aid NN I
to TO O
the DT I
Contras NNPS I
until IN O
Nicaragua NNP I
holds VBZ O
national JJ I
elections NNS I
next JJ B
February NNP I
. . O

But CC O
the DT I
administration NN I
has VBZ O
dropped VBN O
any DT I
effort NN I
to TO O
win VB O
military JJ I
aid NN I
for IN O
the DT I
rebels NNS I
. . O

And CC O
the DT I
administration NN I
's POS B
deal NN I
with IN O
Congress NNP I
gives VBZ O
several JJ I
congressional JJ I
committees NNS I
the DT B
right NN I
to TO O
cut VB O
off IN O
even RB I
humanitarian JJ I
aid NN I
next JJ B
month NN I
, , O
though IN O
the DT I
committees NNS I
are VBP O
likely JJ O
to TO O
let VB O
aid NN I
continue VB O
until IN O
February NNP I
. . O

Most JJS I
analysts NNS I
think VBP O
there EX I
's VBZ O
little JJ I
prospect NN I
the DT I
Contras NNPS I
can MD O
be VB O
a DT I
significant JJ I
fighting NN I
force NN I
without IN O
U.S. NNP I
arms NNS I
, , O
and CC O
after IN O
the DT I
February NNP I
election NN I
their PRP$ B
future NN I
in IN O
any DT I
form NN I
will MD O
be VB O
murky JJ O
at IN O
best JJS O
. . O

Instead RB O
of IN O
focusing VBG O
on IN O
the DT I
Contras NNPS I
, , O
Mr. NNP I
Bush NNP I
has VBZ O
switched VBN O
to TO O
urging VBG O
members NNS I
of IN O
Congress NNP I
-- : O
most RBS O
recently RB O
in IN O
a DT I
White NNP I
House NNP I
meeting NN I
yesterday NN B
-- : O
to TO O
approve VB O
financing NN I
for IN O
the DT I
election NN I
campaign NN I
of IN O
political JJ I
opponents NNS I
of IN O
Nicaragua NNP I
's POS B
Sandinista NNP I
government NN I
. . O

The DT I
administration NN I
continues VBZ O
to TO O
support VB O
SDI NNP I
, , O
or CC O
Star NNP I
Wars NNP I
, , O
and CC O
it PRP I
recently RB O
lobbied VBD O
to TO O
persuade VB O
the DT I
Senate NNP I
to TO O
restore VB O
some DT I
of IN O
the DT I
funds NNS I
it PRP B
planned VBD O
to TO O
cut VB O
from IN O
the DT I
program NN I
. . O

And CC O
just RB I
last JJ I
week NN I
, , O
Defense NNP I
Secretary NNP I
Dick NNP I
Cheney NNP I
gave VBD O
a DT I
strong JJ I
speech NN I
listing NN O
`` `` O
compelling JJ I
reasons NNS I
'' '' O
to TO O
push VB O
ahead RB O
with IN O
SDI NNP I
and CC O
saying VBG O
he PRP I
'd MD O
urge VB O
President NNP I
Bush NNP I
to TO O
veto VB O
a DT I
defense NN I
bill NN I
with IN O
`` `` I
inadequate JJ I
'' '' I
funding NN I
for IN O
the DT I
program NN I
. . O

But CC O
the DT I
strong JJ I
pitch NN I
by IN O
Mr. NNP I
Cheney NNP I
may MD O
be VB O
too RB O
little JJ O
too RB O
late JJ O
to TO O
prevent VB O
damage NN I
to TO O
SDI NNP I
. . O

The DT I
House NNP I
has VBZ O
already RB O
voted VBN O
for IN O
a DT I
deep JJ I
cut NN I
in IN O
funding NN I
, , O
and CC O
in IN O
the DT I
end NN I
the DT B
program NN I
's POS B
backers NNS I
will MD O
be VB O
hard RB O
pressed VBN O
to TO O
head VB O
off IN O
some DT I
reduction NN I
in IN O
spending NN I
next JJ B
year NN I
. . O

And CC O
while IN O
the DT I
defense NN I
secretary NN I
is VBZ O
speaking VBG O
out IN O
, , O
President NNP I
Bush NNP I
himself PRP I
has VBZ O
n't RB O
launched VBN O
any DT I
high-visibility JJ I
campaign NN I
to TO O
drum VB O
up IN O
support NN I
, , O
as IN O
President NNP I
Reagan NNP I
did VBD O
. . O

The DT I
administration NN I
also RB O
acknowledges VBZ O
that IN O
it PRP I
is VBZ O
n't RB O
pursuing VBG O
Mr. NNP I
Reagan NNP I
's POS B
original JJ I
vision NN I
of IN O
an DT I
`` `` I
impenetrable JJ I
shield NN I
'' '' I
protecting VBG O
the DT I
whole JJ I
U.S. NNP I
, , O
but CC O
rather RB O
a DT I
more RBR I
modest JJ I
version NN I
. . O

More RBR O
ominous JJ O
to TO O
SDI NNP I
supporters NNS I
, , O
the DT I
Bush NNP I
administration NN I
appears VBZ O
to TO O
have VB O
tacitly RB O
accepted VBN O
a DT I
new JJ I
arms-control NN I
proposal NN I
from IN O
the DT I
Soviet NNP I
Union NNP I
that WDT B
spells VBZ O
long-term JJ I
trouble NN I
for IN O
Star NNP I
Wars NNPS I
. . O

The DT I
Soviets NNPS I
have VBP O
agreed VBN O
to TO O
complete VB O
a DT I
treaty NN I
cutting VBG O
strategic JJ I
weapons NNS I
without IN O
including VBG O
restrictions NNS I
on IN O
space-based JJ I
defenses NNS I
. . O

But CC O
the DT I
Soviets NNPS I
also RB O
are VBP O
insisting VBG O
that IN O
they PRP I
will MD O
reserve VB O
the DT I
right NN I
to TO O
withdraw VB O
from IN O
the DT I
completed VBN I
strategic-arms JJ I
treaty NN I
later RB O
on IN O
if IN O
the DT I
U.S. NNP I
does VBZ O
SDI NNP I
testing NN I
or CC I
deployment NN I
that IN B
the DT B
Soviets NNPS I
think VBP O
violates VBZ O
the DT I
existing VBG I
anti-ballistic-missile JJ I
treaty NN I
. . O

It PRP I
will MD O
be VB O
hard JJ O
down RP O
the DT I
road NN I
to TO O
persuade VB O
Congress NNP I
to TO O
approve VB O
money NN I
for IN O
SDI NNP I
plans VBZ I
if IN O
lawmakers NNS I
fear VBP O
those DT I
plans NNS I
could MD O
scuttle VB O
a DT I
completed VBN I
treaty NN I
. . O

As IN O
a DT I
result NN I
, , O
Frank NNP I
Gaffney NNP I
, , O
a DT I
former JJ I
Reagan NNP I
Pentagon NNP I
aide NN I
who WP B
now RB O
heads VBZ O
the DT I
Center NNP I
for IN O
Security NNP I
Policy NNP I
, , O
charges VBZ O
that IN O
the DT I
administration NN I
's POS B
`` `` I
professions NNS I
of IN O
continued VBN I
commitment NN I
to TO O
development NN I
and CC I
deployment NN I
of IN O
the DT I
SDI NNP I
program NN I
strain NN O
credulity NN I
. . O
'' '' O

Still RB O
, , O
proponents NNS I
may MD O
be VB O
shying VBG O
away RB O
from IN O
more JJR I
drumbeating NN I
because IN O
they PRP I
sense VBP O
political JJ I
tides NNS I
have VBP O
turned VBN O
against IN O
arming NN O
the DT I
Nicaraguan JJ I
rebels NNS I
or CC O
boosting VBG O
spending NN I
on IN O
SDI NNP I
-- : O
particularly RB O
when WRB O
the DT I
public NN I
perceives VBZ O
the DT I
Soviet JJ I
threat NN I
is VBZ O
declining VBG O
under IN O
Mikhail NNP I
Gorbachev NNP I
. . O

In IN O
fact NN I
, , O
because IN O
communism NN I
seems VBZ O
to TO O
be VB O
beating VBG O
a DT I
global JJ I
retreat NN I
, , O
some DT I
conservatives NNS I
may MD O
simply RB O
be VB O
so RB O
pleased VBN O
that IN O
their PRP$ I
anti-communist JJ I
philosophy NN I
is VBZ O
prevailing VBG O
that IN O
they PRP I
do VBP O
n't RB O
have VB O
the DT I
fire NN I
at IN O
the DT I
moment NN I
to TO O
push VB O
controversial JJ I
programs NNS I
. . O

`` `` O
The DT I
short NN I
of IN O
it PRP I
is VBZ O
that IN O
the DT I
most RBS I
hard-bitten JJ I
among IN O
us PRP I
can MD O
not RB O
get VB O
into IN O
too RB I
sour VB I
a DT I
mood NN I
with IN O
communism NN I
collapsing VBG O
, , O
'' '' O
says VBZ O
Mitchell NNP I
Daniels NNP I
, , O
a DT I
former JJ I
Reagan NNP I
White NNP I
House NNP I
aide NN I
who WP B
now RB O
is VBZ O
president NN I
of IN O
the DT I
Hudson NNP I
Institute NNP I
. . O

Some DT I
activists NNS I
are VBP O
toiling VBG O
to TO O
raise VB O
the DT I
profile NN I
of IN O
the DT I
two CD I
causes NNS I
. . O

But CC O
they PRP I
say VBP O
they PRP I
ca MD O
n't RB O
make VB O
much JJ I
headway NN I
because IN O
of IN O
a DT I
lack NN I
of IN O
willing JJ I
leaders NNS I
in IN O
a DT I
position NN I
to TO O
turn VB O
the DT I
tide NN I
. . O

One CD I
longtime JJ I
champion NN I
of IN O
these DT I
programs NNS I
in IN O
Congress NNP I
, , O
Republican NNP O
whip NN O
Newt NNP O
Gingrich NNP O
of IN O
Georgia NNP I
, , O
is VBZ O
distracted VBN O
by IN O
questions NNS I
about IN O
his PRP$ I
ethics NNS I
, , O
conservatives NNS I
note VBP O
. . O

Other JJ I
conservative JJ I
champions NNS I
, , O
like IN O
Wyoming NNP O
Republican NNP O
Sen. NNP O
Malcolm NNP I
Wallop NNP I
, , O
a DT I
longtime JJ I
SDI NNP I
advocate NN I
, , O
do VBP O
n't RB O
have VB O
the DT I
clout NN I
with IN O
the DT I
Bush NNP I
White NNP I
House NNP I
that IN B
they PRP B
enjoyed VBD O
with IN O
President NNP I
Reagan NNP I
. . O

Above IN O
all DT I
, , O
though RB O
, , O
proponents NNS I
say VBP O
neither DT I
the DT I
Contra NNP I
nor CC I
the DT I
SDI NNP I
cause NN I
can MD O
be VB O
pushed VBN O
much JJ O
further JJ O
without IN O
more RBR I
presidential JJ I
support NN I
. . O

`` `` O
For IN O
there EX I
to TO O
be VB O
wind NN I
in IN O
the DT I
sails NNS I
of IN O
any DT I
program NN I
, , O
the DT I
chief JJ I
executive NN I
has VBZ O
to TO O
be VB O
blowing VBG O
in IN O
the DT I
sails NNS I
, , O
'' '' O
says VBZ O
Rep. NNP I
Burton NNP I
. . O

All DT I
this DT I
causes NNS O
Rep. NNP I
Hyde NNP I
to TO O
muse VB O
about IN O
an DT I
alternate JJ I
way NN I
to TO O
drum VB O
up IN O
more JJR I
enthusiasm NN I
. . O

`` `` O
What WP I
I PRP B
'd MD O
like VB O
to TO O
see VB O
, , O
if IN O
he PRP I
is VBZ O
up IN O
to TO O
it PRP I
, , O
is VBZ O
for IN O
Reagan NNP I
to TO O
take VB O
to TO O
the DT I
hustings NN I
to TO O
regenerate VB O
enthusiasm NN I
for IN O
SDI NNP I
, , O
'' '' O
the DT I
congressman NN I
says NNS O
. . O

We PRP I
're VBP O
sorry JJ O
to TO O
report VB O
that IN O
on IN O
Monday NNP I
President NNP B
Bush NNP I
accepted VBD O
the DT I
resignation NN I
of IN O
William NNP I
Allen NNP I
as IN O
chairman NN I
of IN O
the DT I
U.S. NNP I
Civil NNP I
Rights NNP I
Commission NNP I
. . O

Mr. NNP I
Allen NNP I
, , O
appointed VBN O
by IN O
President NNP I
Reagan NNP I
, , O
grew VBD O
understandably RB O
tired VBN O
of IN O
dealing VBG O
with IN O
the DT I
guerrilla NN I
tactics NNS I
of IN O
his PRP$ I
enemies NNS I
. . O

His PRP$ I
recent JJ I
speech NN I
, , O
provocatively RB O
titled VBN O
`` `` O
Blacks NNS I
? . O
Animals NNS I
? . O
Homosexuals NNS I
? . O
What WP I
is VBZ O
a DT I
Minority NNP I
? . O
'' '' O
caused VBN O
an DT I
uproar NN I
when WRB O
its PRP$ I
title NN I
leaked VBN O
out RB O
. . O

Mr. NNP I
Allen NNP I
's POS B
commissioners NNS I
voted VBD O
to TO O
call VB O
his PRP$ I
unread JJ I
speech NN I
`` `` O
thoughtless JJ O
, , O
disgusting JJ O
and CC O
unnecessarily RB O
inflammatory JJ O
. . O
'' '' O

Commissioner NNP I
Mary NNP I
Francis NNP I
Berry NNP I
said VBD O
it PRP I
was VBD O
`` `` O
another DT I
sad JJ I
episode NN I
in IN O
the DT I
saga NN I
of IN O
the DT I
unguided JJ I
missile NN I
who WP B
is VBZ O
chairman NN I
. . O
'' '' O

Rep. NNP I
Don NNP I
Edwards NNP I
, , O
the DT I
California NNP I
Democrat NNP I
, , O
warned VBD O
Mr. NNP I
Allen NNP I
that IN O
the DT I
speech NN I
would MD O
be VB O
`` `` O
outside IN O
the DT I
scope NN I
of IN O
the DT I
commission NN I
's POS B
jurisdiction NN I
. . O
'' '' O

Thomas NNP I
Stoddard NNP I
, , O
head NN I
of IN O
the DT I
Lambda NNP I
Legal NNP I
Defense NNP I
Fund NNP I
, , O
called VBD O
the DT I
prospect NN I
of IN O
the DT I
speech NN I
`` `` O
frankly RB O
shocking JJ O
. . O
'' '' O

We PRP I
've VBP O
actually RB O
read VB O
the DT I
speech NN I
. . O

Mr. NNP I
Allen NNP I
began VBD O
it PRP I
with IN O
a DT I
warning NN I
to TO O
his PRP$ I
hosts NNS I
, , O
a DT I
California NNP I
church NN I
group NN I
that WDT B
opposes VBZ O
rights NNS I
for IN O
homosexuals NNS I
. . O

He PRP I
said VBD O
that IN O
other JJ I
participants NNS I
in IN O
the DT I
conference NN I
`` `` O
do VBP O
not RB O
believe VB O
that IN O
the DT I
rights NNS I
of IN O
Americans NNPS I
should MD O
be VB O
guaranteed VBN O
to TO O
citizens NNS I
who WP B
are VBP O
homosexual JJ O
, , O
'' '' O
but CC O
that IN O
`` `` O
I PRP I
mean VBP O
to TO O
persuade VB O
you PRP I
to TO O
the DT I
opposite JJ I
view NN I
. . O
'' '' O

He PRP I
recalled VBD O
to TO O
the DT I
audience NN I
a DT B
`` `` I
strange JJ I
, , I
infelicitous JJ I
'' '' I
analogy NN I
he PRP B
once RB O
heard VBD O
arguing VBG O
`` `` O
now RB O
that IN O
we PRP I
have VBP O
finally RB O
recognized VBN O
that IN O
American JJ I
blacks NNS I
have VBP O
rights NNS I
, , O
we PRP I
need VBP O
to TO O
do VB O
the DT I
same JJ I
for IN O
animals NNS I
. . O

'' '' O
Mr. NNP I
Allen NNP I
objected VBD O
to TO O
this DT I
analogy NN I
because IN O
it PRP I
seems VBZ O
to TO O
`` `` O
assimilate VB O
the DT I
status NN I
of IN O
blacks NNS I
to TO O
that IN I
of IN O
animals NNS I
-- : O
as IN O
a DT I
mere JJ I
project NN I
of IN O
charity NN I
, , O
of IN O
humaneness NN I
. . O
'' '' O

Rights NNS I
on IN O
such JJ I
a DT I
basis NN I
, , O
whether IN O
for IN O
blacks NNS I
or CC I
homosexuals NNS I
, , O
are VBP O
`` `` O
mere JJ I
indulgences NNS I
, , O
'' '' O
he PRP I
said VBD O
, , O
subject NN O
to TO O
being VBG O
taken VBN O
back RB O
. . O

He PRP I
says VBZ O
the DT I
title NN I
of IN O
his PRP$ I
speech NN I
was VBD O
to TO O
make VB O
his PRP$ I
point NN I
that IN O
Americans NNPS I
have VBP O
rights NNS I
as IN O
individuals NNS I
, , O
not RB O
as IN O
members NNS I
of IN O
certain JJ I
select VB I
groups NNS I
. . O

His PRP$ I
speech NN I
criticized VBD O
the DT I
`` `` I
idiocy NN I
of IN O
notions NNS I
of IN O
protected VBN I
groups NNS I
in IN O
society NN I
'' '' O
as IN O
opposed VBN O
to TO O
individual JJ I
equality NN I
or CC O
, , O
as IN O
he PRP I
put VBP O
it PRP I
, , O
in IN O
`` `` O
a DT I
common JJ I
destiny NN I
as IN O
Americans NNPS I
. . O
'' '' O

Instead RB O
of IN O
lobbying VBG O
for IN O
special JJ I
treatment NN I
, , O
Mr. NNP I
Allen NNP I
said VBD O
that IN O
homosexuals NNS I
and CC I
others NNS I
should MD O
try VB O
to TO O
ensure VB O
equal JJ I
treatment NN I
under IN O
the DT I
law NN I
and CC O
not RB O
aim VB O
for IN O
special JJ I
privileges NNS I
that WDT B
would MD O
risk VB O
`` `` O
invidious JJ I
retrenchment NN I
with IN O
government NN I
complicity NN I
. . O
'' '' O

This DT I
hardly RB O
sounds VBZ O
like IN O
an DT I
anti-homosexual JJ I
screed NN I
. . O

What WP I
's VBZ O
really RB O
going VBG O
on IN O
here RB O
? . O

The DT I
three CD I
most RBS I
important JJ I
things NNS I
to TO O
understand VB O
about IN O
Mr. NNP I
Allen NNP I
is VBZ O
that IN O
he PRP I
is VBZ O
a DT I
black JJ I
conservative JJ I
intellectual JJ I
-- : O
a DT I
triple JJ I
threat NN I
to TO O
the DT I
liberal JJ I
establishment NN I
. . O

Mr. NNP I
Allen NNP I
, , O
who WP I
teaches VBZ O
government NN I
at IN O
prestigious JJ I
Harvey NNP I
Mudd NNP I
College NNP I
in IN O
California NNP I
and CC O
will MD O
remain VB O
a DT I
member NN I
of IN O
the DT I
commission NN I
, , O
has VBZ O
spent VBN O
years NNS I
arguing VBG O
that IN O
civil JJ I
rights NNS I
are VBP O
individuals NNS I
' POS B
rights NNS I
. . O

He PRP I
last RB O
made VBN O
waves NNS I
when WRB O
he PRP I
dared VBD O
to TO O
defend VB O
an DT I
Indian NNP I
girl NN I
who WP B
had VBD O
been VBN O
adopted VBN O
by IN O
non-Indian JJ I
parents NNS I
off IN O
her PRP$ I
reservation NN I
. . O

Mr. NNP I
Allen NNP I
quickly RB O
ran VBD O
up IN O
against IN O
the DT I
liberal JJ I
establishment NN I
again RB O
, , O
which WDT I
somehow RB O
elevated VBN O
the DT I
vague JJ I
concept NN I
of IN O
`` `` O
Indian NNP I
rights NNS I
'' '' O
above IN O
the DT I
rights NNS I
of IN O
individual JJ I
Indians NNPS I
. . O

There EX I
is VBZ O
a DT I
huge JJ I
divide NN I
between IN O
Mr. NNP I
Allen NNP I
's POS B
we're-all-in-this-together JJ I
view NN I
and CC O
the DT I
divisive JJ I
litigation NN I
approach NN I
of IN O
the DT I
civil JJ I
rights NNS I
groups NNS I
. . O

Indeed RB O
, , O
the DT I
gap NN I
is VBZ O
so RB O
large JJ O
that IN O
Mr. NNP I
Allen NNP I
's POS B
critics NNS I
refuse VBP O
to TO O
engage VB O
the DT I
debate NN I
. . O

Their PRP$ I
ridicule NN I
of IN O
him PRP I
is VBZ O
no DT I
substitute NN I
for IN O
argument NN I
. . O

Their PRP$ I
effort NN I
to TO O
run VB O
him PRP I
out IN O
of IN O
Washington NNP I
is VBZ O
an DT I
embarrassment NN I
to TO O
the DT I
original JJ I
purpose NN I
of IN O
their PRP$ I
own JJ I
movement NN I
. . O

We PRP I
hope VBP O
the DT I
next JJ I
head NN I
of IN O
the DT I
Civil NNP I
Rights NNP I
Commission NNP I
will MD O
be VB O
as RB O
brave JJ O
as IN O
Mr. NNP I
Allen NNP I
in IN O
making VBG O
the DT I
case NN I
for IN O
equality NN I
of IN O
civil JJ I
rights NNS I
. . O

Bearings NNP I
Inc. NNP I
said VBD O
its PRP$ I
chairman NN I
, , O
John NNP I
R. NNP I
Cunin NNP I
, , O
will MD O
retire VB O
as IN O
an DT I
officer NN I
of IN O
the DT I
company NN I
on IN O
Jan. NNP I
2 CD I
. . O

George NNP I
L. NNP I
LaMore NNP I
, , O
president NN I
and CC O
chief JJ I
executive JJ I
officer NN I
, , O
will MD O
become VB O
chairman NN I
and CC O
chief JJ I
executive NN I
upon IN O
Mr. NNP I
Cunin NNP I
's POS B
retirement NN I
. . O

John NNP I
C. NNP I
Dannemiller NNP I
, , O
executive JJ I
vice NN I
president NN I
and CC O
chief JJ I
operating VBG I
officer NN I
, , O
will MD O
become VB O
president NN I
and CC O
chief JJ I
operating VBG I
officer NN I
. . O

Mr. NNP I
Cunin NNP I
, , O
65 CD I
years NNS I
old JJ O
, , O
was VBD O
chief JJ I
executive NN I
of IN O
the DT I
distributor NN I
of IN O
bearings NNS I
and CC O
power-transmission JJ I
products NNS I
from IN O
1982 CD I
to TO O
1988 CD I
. . O

He PRP I
will MD O
continue VB O
as IN O
a DT I
director NN I
. . O

Mr. NNP I
LaMore NNP I
, , O
63 CD I
, , O
a DT I
48-year JJ I
veteran NN I
at IN O
Bearings NNP I
, , O
has VBZ O
been VBN O
president NN I
since IN O
1983 CD I
. . O

Mr. NNP I
Dannemiller NNP I
, , O
51 CD I
, , O
joined VBD O
Bearings NNP I
in IN O
August NNP I
1988 CD I
from IN O
Leaseway NNP I
Transportation NNP I
Corp. NNP I
, , O
where WRB O
he PRP I
was VBD O
president NN I
and CC O
chief JJ I
operating VBG I
officer NN I
. . O

He PRP I
has VBZ O
been VBN O
a DT I
Bearings NNP I
director NN I
since IN O
1985 CD I
. . O

The DT I
appointments NNS I
are VBP O
part NN I
of IN O
a DT I
planned VBN I
succession NN I
at IN O
the DT I
company NN I
. . O

Soviet JJ I
leader NN I
Mikhail NNP I
Gorbachev NNP I
opened VBD O
a DT I
major JJ I
U.S. NNP I
trade NN I
exhibition NN I
in IN O
Moscow NNP I
and CC O
spent VBD O
two CD I
hours NNS I
touring VBG O
some DT I
of IN O
the DT I
150 CD I
stalls NNS I
representing VBG O
such JJ I
blue-chip JJ I
companies NNS I
as IN O
General NNP I
Motors NNPS I
Corp. NNP I
, , O
International NNP I
Business NNP I
Machines NNP I
Corp. NNP I
and CC O
Johnson NNP I
& CC I
Johnson NNP I
. . O

At IN O
the DT I
Archer-Daniels-Midland NNP I
Co. NNP I
stand VB I
, , O
Mrs. NNP I
Nelson NNP I
Rockefeller NNP I
, , O
a DT I
board NN I
member NN I
, , O
offered VBD O
him PRP I
a DT B
soy NN I
burger NN I
. . O

He PRP I
did VBD O
n't RB O
bite VB O
. . O

The DT I
exhibition NN I
by IN O
the DT I
U.S.-U.S.S.R. NNP I
Trade NNP I
and CC I
Economic NNP I
Council NNP I
underscores VBZ O
the DT I
growing VBG I
U.S. NNP I
interest NN I
in IN O
that DT I
nation NN I
's POS B
market NN I
, , O
though IN O
trade NN I
between IN O
the DT I
two CD I
countries NNS I
is VBZ O
a DT I
minuscule JJ I
$ $ I
3 CD I
billion CD I
. . O

The DT I
Soviet JJ I
president NN I
and CC O
his PRP$ I
prime JJ I
minister NN I
, , O
Nikolai NNP I
Ryzhkov NNP I
, , O
spent VBD O
the DT I
longest JJS I
time NN I
, , O
about IN I
15 CD I
minutes NNS I
, , O
at IN O
the DT I
IBM NNP I
stand NN I
, , O
where WRB O
they PRP I
got VBD O
souvenir NN I
computer-chip NN I
key JJ I
rings NNS I
. . O

At IN O
the DT I
GM NNP I
stall NN I
, , O
they PRP I
barely RB O
looked VBD O
at IN O
a DT I
gleaming VBG I
Cadillac NNP I
, , O
preferring VBG O
to TO O
talk VB O
about IN O
cooperation NN I
possibilities NNS I
. . O

In IN O
Beijing NNP I
, , O
meantime NN O
, , O
China NNP I
opened VBD O
an DT I
international JJ I
aviation NN I
show NN I
, , O
but CC O
the DT I
West NNP I
's POS B
embargo NN I
on IN O
military JJ I
deals NNS I
and CC O
uncertainty NN I
about IN O
the DT I
nation NN I
's POS B
stability NN I
kept VBD O
many JJ I
foreign JJ I
exhibitors NNS I
away RB O
. . O

Officials NNS I
said VBD O
91 CD I
companies NNS I
from IN O
14 CD I
countries NNS I
, , O
including VBG O
the DT I
U.S. NNP I
, , O
had VBD O
displays NNS I
, , O
down RB O
from IN O
about IN I
260 CD I
firms NNS I
from IN O
more JJR I
than IN I
20 CD I
countries NNS I
at IN O
the DT I
last JJ I
show NN I
in IN I

Japanese JJ I
air-conditioner NN I
maker NN I
Daikin NNP I
Industries NNP I
Ltd. NNP I
was VBD O
fined VBN O
two CD I
million CD I
yen NN I
-LRB- ( O
$ $ I
14,000 CD I
-RRB- ) O
for IN O
exporting VBG O
to TO O
the DT I
Soviet NNP I
Union NNP I
a DT B
chemical NN I
solution NN I
that WDT B
could MD O
be VB O
used VBN O
in IN O
missile-guidance JJ I
systems NNS I
. . O

A DT I
Daikin NNP I
executive NN I
in IN O
charge NN I
of IN O
exports NNS I
when WRB O
the DT I
high-purity NN I
halogenated VBD I
hydrocarbon NN I
was VBD O
sold VBN O
to TO O
the DT I
Soviets NNPS I
in IN O
1986 CD I
received VBD O
a DT I
suspended VBN I
10-month JJ I
jail NN I
sentence NN I
. . O

Judge NNP I
Masaaki NNP I
Yoneyama NNP I
told VBD O
the DT I
Osaka NNP I
District NNP I
Court NNP I
Daikin NNP B
's POS B
`` `` I
responsibility NN I
is VBZ O
heavy JJ O
because IN O
illegal JJ I
exports NNS I
lowered VBD O
international JJ I
trust NN I
in IN O
Japan NNP I
. . O
'' '' O

Sale NNP I
of IN O
the DT I
solution NN I
in IN O
concentrated VBN I
form NN I
to TO O
Communist NNP I
countries NNS I
is VBZ O
prohibited VBN O
by IN O
Japanese JJ I
law NN I
and CC O
by IN O
international JJ I
agreement NN I
. . O

A DT I
Soviet JJ I
legislative JJ I
panel NN I
rejected VBD O
as IN O
not RB O
radical JJ O
enough RB O
a DT I
government NN I
proposal NN I
on IN O
decentralizing VBG O
economic JJ I
control NN I
. . O

The DT I
newspaper NN I
Leninskoye NNP I
Zamya NNP I
said VBD O
the DT I
committee NN I
decided VBD O
the DT I
plan NN I
to TO O
parcel VB O
out RP O
economic JJ I
powers NNS I
previously RB O
exercised VBN O
by IN O
Moscow NNP I
to TO O
the DT I
country NN I
's POS B
15 CD I
republics NNS I
`` `` O
does VBZ O
n't RB O
reflect VB O
the DT I
radical JJ I
changes NNS I
in IN O
the DT I
Soviet JJ I
federation NN I
. . O
'' '' O

The DT I
committee NN I
gave VBD O
the DT I
government NN I
until IN O
Nov. NNP I
15 CD I
to TO O
revise VB O
the DT I
proposal NN I
. . O

The DT I
move NN I
reflected VBD O
the DT I
growing VBG I
confidence NN I
of IN O
the DT I
revamped VBN I
Supreme NNP I
Soviet JJ I
. . O

Scott NNP I
Paper NNP I
Co. NNP I
said VBD O
it PRP I
is VBZ O
abandoning VBG O
a DT I
proposed VBN I
$ $ I
650 CD I
million CD I
tree-farming JJ I
project NN I
in IN O
Indonesia NNP I
because IN O
it PRP I
no RB O
longer RB O
expects VBZ O
to TO O
use VB O
as IN I
much JJ I
eucalyptus NN I
pulp NN I
as IN O
previously RB O
anticipated VBN O
. . O

The DT I
eucalyptus NN I
plantation NN I
and CC I
pulp NN I
mill NN I
, , O
which WDT I
would MD O
have VB O
covered VBN O
about IN I
175,000 CD I
acres NNS I
in IN O
the DT I
Irian NNP I
Jaya NNP I
region NN I
, , O
had VBD O
been VBN O
approved VBN O
by IN O
Indonesia NNP I
's POS B
investment NN I
board NN I
. . O

But CC O
it PRP I
was VBD O
opposed VBN O
by IN O
some DT I
environmentalists NNS I
as IN O
a DT I
threat NN I
to TO O
Irian NNP I
Jaya NNP I
's POS B
forests NNS I
and CC O
a DT I
potential JJ I
source NN I
of IN O
social JJ I
unrest NN I
for IN O
the DT I
primitive JJ I
tribes NNS I
who WP B
inhabit VBP O
them PRP I
. . O

Yaohan NNP I
Departmentstore NNP I
Co. NNP I
of IN O
Japan NNP I
is VBZ O
moving VBG O
its PRP$ I
international-operations NNS I
headquarters NN I
and CC O
holding VBG I
company NN I
to TO O
Hong NNP I
Kong NNP I
to TO O
gain VB O
from IN O
the DT I
British JJ I
colony NN I
's POS B
economic JJ I
advantages NNS I
and CC I
tax NN I
structure NN I
. . O

With IN O
funds NNS I
of IN O
5.56 CD I
billion CD I
Hong NNP I
Kong NNP I
dollars NNS I
-LRB- ( O
US$ $ I
712 CD I
million CD I
-RRB- ) O
, , O
the DT I
new JJ I
company NN I
, , O
Yaohan NNP I
International NNP I
Co. NNP I
, , O
plans VBZ O
to TO O
acquire VB O
10 CD I
of IN O
Hong NNP I
Kong NNP I
's POS B
top JJ I
restaurants NNS I
. . O

It PRP I
also RB O
intends VBZ O
to TO O
set VB O
up IN O
an DT I
international JJ I
wholesale JJ I
market NN I
with IN O
the DT I
Singapore NNP I
government NN I
next JJ B
May NNP I
and CC O
to TO O
open VB O
a DT I
department NN I
store NN I
in IN O
Bangkok NNP I
and CC O
shopping NN I
centers NNS I
in IN O
Malaysia NNP I
, , I
Taiwan NNP I
, , I
Canada NNP I
, , I
Chicago NNP I
and CC I
Seattle NNP I
by IN O
December NNP I
1990 CD I
. . O

The DT I
chain NN I
currently RB O
has VBZ O
90 CD I
retail JJ I
outlets NNS I
in IN O
Japan NNP I
, , O
seven CD I
in IN O
the DT I
U.S. NNP I
, , O
three CD I
in IN O
Hong NNP I
Kong NNP I
and CC O
a DT I
dozen NN I
more RBR O
scattered VBN O
around IN O
the DT I
globe NN I
. . O

Major NNP I
European JJ I
auction NN I
houses NNS I
are VBP O
turning VBG O
increasingly RB O
to TO O
specialized JJ I
sales NNS I
. . O

Christie NNP I
's POS B
will MD O
soon RB O
have VB O
a DT I
sale NN I
of IN O
Dada NNP I
and CC I
Symbolist NNP I
art NN I
while IN O
Sotheby NNP I
's POS B
is VBZ O
luring VBG O
collectors NNS I
with IN O
sales NNS I
of IN O
Swiss JJ I
, , I
German JJ I
, , I
Spanish JJ I
, , I
Australian JJ I
and CC I
Canadian JJ I
paintings NNS I
. . O

In IN O
Brussels NNP I
, , O
Hotel NNP I
de FW I
Ventes NNP I
Horta NNP I
auctioned VBD O
pistols NNS I
and CC I
sabers NNS I
- : O
along IN O
with IN O
paintings NNS I
and CC I
jewels NNS I
. . O

Berlin NNP I
's POS B
Villa NNP I
Grisebach NNP I
will MD O
auction VB O
art NN I
works NNS I
with IN O
pre-sale JJ I
estimates NNS I
of IN O
less JJR I
than IN I
$ $ I
1,600 CD I
on IN O
Nov. NNP I
25 CD I
. . O

The DT I
auction NN I
house NN I
, , O
known VBN O
for IN O
its PRP$ I
sales NNS I
of IN O
top-drawer NN I
19th JJ I
and CC I
20th JJ I
century NN I
works NNS I
, , O
is VBZ O
providing VBG O
`` `` O
a DT I
service NN I
to TO O
clients NNS I
who WP B
do VBP O
n't RB O
want VB O
to TO O
sell VB O
just RB I
their PRP$ I
fabulous JJ I
oil NN I
paintings NNS I
, , O
'' '' O
says VBZ O
Villa NNP I
Grisebach NNP I
's POS B
Vivien NNP I
Reuter NNP I
. . O

Antwerp NNP I
auctioneer NN I
Campo NNP I
is VBZ O
less RBR O
concerned VBN O
with IN O
market NN I
niches NNS I
than IN O
with IN O
Belgium NNP I
's POS B
crushing VBG I
tax NN I
and CC I
auction-fee JJ I
burden NN I
. . O

`` `` O
Everything NN I
has VBZ O
to TO O
be VB O
the DT I
same JJ I
between IN O
countries NNS I
, , O
'' '' O
says VBZ O
Campo NNP I
's POS B
Stefan NNP I
Campo NNP I
, , O
who WP I
is VBZ O
asking VBG O
clients NNS I
to TO O
sign VB O
protest NN I
petitions NNS I
. . O

`` `` O
Then RB O
there EX I
'll MD O
be VB O
fair JJ I
competition NN I
. . O
'' '' O

Ending VBG O
tax-free JJ I
shopping NN I
in IN O
the DT I
European NNP I
Community NNP I
after IN O
1992 CD I
could MD O
threaten VB O
more JJR I
than IN I
3,000 CD I
jobs NNS I
, , O
the DT I
International NNP I
Duty NNP I
Free NNP I
Confederation NNP I
said VBD O
. . O

Instead RB O
of IN O
banning VBG O
such JJ I
shopping NN I
, , O
the DT I
confederation NN I
proposed VBN O
amending VBG O
controls NNS I
to TO O
be VB O
sure JJ O
the DT I
privilege NN I
is VBZ O
n't RB O
abused VBN O
... : O
. . O

British JJ I
and CC I
Argentine JJ I
diplomats NNS I
opened VBD O
talks NNS I
in IN O
Madrid NNP I
aimed VBD O
at IN O
restoring VBG O
ties NNS I
severed VBN O
because IN O
of IN O
their PRP$ I
1982 CD I
war NN I
over IN O
the DT I
Falkland NNP I
Islands NNPS I
. . O

Britain NNP I
's POS B
U.N. NNP I
representative NN I
and CC I
delegation NN I
head NN I
Crispin NNP I
Tickell NNP I
called VBD O
the DT I
first JJ I
meeting NN I
`` `` O
good JJ O
, , O
interesting JJ O
and CC O
businesslike JJ O
. . O

Polaroid NNP I
Corp. NNP I
, , O
benefiting VBG O
from IN O
staff-reduction NN I
savings NNS I
, , O
reported VBD O
a DT I
strong JJ I
gain NN I
in IN O
third-quarter JJ I
operating NN I
results NNS I
and CC O
net JJ I
income NN I
of IN O
$ $ I
29.9 CD I
million CD I
, , O
or CC O
40 CD I
cents NNS I
a DT B
share NN I
, , O
after IN O
preferred-stock JJ I
requirements NNS I
. . O

Analysts NNS I
said VBD O
the DT I
numbers NNS I
were VBD O
better JJR O
than IN O
expectations NNS I
, , O
partly RB O
because IN O
of IN O
strong JJ I
profit NN I
margins NNS I
and CC O
a DT I
positive JJ I
foreign-currency NN I
translation NN I
. . O

However RB O
, , O
they PRP I
said VBD O
the DT I
company NN I
's POS B
flat JJ I
revenue NN I
was VBD O
a DT I
disappointment NN I
, , O
and CC O
an DT I
indication NN I
that IN O
sales NNS I
of IN O
Polaroid NNP I
's POS B
new JJ I
conventional JJ I
film NN I
in IN O
the DT I
U.S. NNP I
have VBP O
been VBN O
sluggish JJ O
. . O

Revenue NN I
in IN O
the DT I
third JJ I
quarter NN I
was VBD O
$ $ I
437.7 CD I
million CD I
, , O
almost RB O
unchanged JJ O
from IN O
$ $ I
436.3 CD I
million CD I
a DT B
year NN I
earlier RBR O
. . O

Polaroid NNP I
reported VBD O
operating VBG I
profit NN I
before IN O
taxes NNS I
and CC O
interest NN I
costs NNS I
of IN O
$ $ I
63.1 CD I
million CD I
for IN O
the DT I
third JJ I
quarter NN I
, , O
more JJR I
than IN I
double VB I
the DT I
year-before JJ I
$ $ I
24 CD I
million CD I
. . O

Charges NNS I
for IN O
staff NN I
cuts NNS I
and CC O
other JJ I
restructuring NN I
produced VBD O
a DT I
net JJ I
loss NN I
of IN O
$ $ I
54.1 CD I
million CD I
, , O
or CC O
77 CD I
cents NNS I
a DT B
share NN I
, , O
in IN O
1988 CD I
's POS B
third JJ I
quarter NN I
. . O

`` `` O
I PRP I
'm VBP O
somewhat RB O
skeptical JJ O
about IN O
the DT I
underlying VBG I
demand NN I
'' '' I
for IN O
Polaroid NNP I
products NNS I
, , O
said VBD O
Michael NNP I
Ellmann NNP I
, , O
an DT I
analyst NN I
with IN O
Wertheim NNP I
Schroder NNP I
& CC I
Co NNP I
. . O

`` `` O
If IN O
you PRP I
believe VBP O
that IN O
a DT I
good JJ I
performance NN I
next JJ B
year NN I
is VBZ O
contingent JJ O
on IN O
an DT I
acceleration NN I
of IN O
revenue NN I
, , O
there EX I
is VBZ O
n't RB O
a DT I
lot NN I
here RB O
to TO O
base VB O
optimism NN I
on IN O
. . O
'' '' O

Alex NNP I
Henderson NNP I
, , O
an DT I
analyst NN I
with IN O
Prudential-Bache NNP I
, , O
says VBZ O
Polaroid NNP I
officials NNS I
told VBN O
him PRP I
yesterday NN B
that IN O
U.S. NNP I
sales NNS I
of IN O
the DT I
company NN I
's POS B
new JJ I
conventional JJ I
film NN I
product NN I
, , O
introduced VBN O
in IN O
the DT I
second JJ I
quarter NN I
, , O
have VBP O
been VBN O
`` `` O
disappointing JJ O
'' '' O
after IN O
a DT I
promising JJ I
start NN I
. . O

Sam NNP I
Yanes NNP I
, , O
a DT I
Polaroid NNP I
spokesman NN I
, , O
said VBD O
`` `` O
I PRP I
do VBP O
n't RB O
know VB O
about IN O
disappointing JJ O
, , O
'' '' O
but CC O
added VBD O
that IN O
the DT I
company NN I
has VBZ O
n't RB O
been VBN O
able JJ O
to TO O
get VB O
the DT I
product NN I
on IN O
the DT I
shelves NNS I
of IN O
some DT I
mass-merchandise NN I
, , I
discount NN I
retailers NNS I
that IN B
it PRP B
had VBD O
hoped VBN O
would MD O
be VB O
carrying VBG O
the DT I
product NN I
already RB O
. . O

Mr. NNP I
Yanes NNP I
said VBD O
the DT I
film NN I
, , O
One CD I
Film NNP I
, , O
is VBZ O
currently RB O
carried VBN O
at IN O
about IN I
15,000 CD I
retail JJ I
outlets NNS I
, , O
including VBG O
drugstores NNS I
and CC I
supermarkets NNS I
. . O

For IN O
the DT I
nine CD I
months NNS I
, , O
Polaroid NNP I
reported VBD O
earnings NNS I
of IN O
$ $ I
98.5 CD I
million CD I
, , O
or CC O
$ $ I
1.27 CD I
a DT B
share NN I
. . O

Last JJ I
year NN I
, , O
the DT I
company NN I
had VBD O
a DT I
nine-month JJ I
loss NN I
of IN O
$ $ I
15.1 CD I
million CD I
, , O
or CC O
23 CD I
cents NNS I
a DT B
share NN I
. . O

In IN O
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
composite JJ I
trading NN I
, , O
Polaroid NNP I
closed VBD O
at IN O
$ $ I
47 CD I
, , O
up IN O
$ $ I
1.125 CD I
. . O

Why WRB O
is VBZ O
the DT I
stock NN I
market NN I
suddenly RB O
so RB O
volatile JJ O
? . O

Yesterday NN I
, , O
the DT I
Dow NNP I
Jones NNP I
Industrial NNP I
Average NNP I
did VBD O
a DT I
now RB I
familiar JJ I
dance NN I
: : O
It PRP I
plunged VBD O
60.25 CD I
points NNS I
before IN O
lunch NN I
, , O
with IN O
most RBS I
of IN O
the DT I
drop NN I
occurring VBG O
in IN O
25 CD I
minutes NNS I
. . O

Then RB O
, , O
it PRP I
rebounded VBD O
to TO O
finish VB O
down RB O
only RB I
18.65 CD I
points NNS I
. . O

And CC O
those DT I
swings NNS I
paled VBD O
beside IN O
Friday NNP I
's POS B
190.58-point JJ I
plunge NN I
and CC O
Monday NNP I
's POS B
88.12-point JJ I
recovery NN I
. . O

`` `` O
It PRP I
's VBZ O
madness NN I
-- : O
that IN O
in IN O
an DT I
hour NN I
you PRP B
can MD O
whack VB O
off IN O
so RB I
much JJ I
value NN I
, , O
'' '' O
says VBZ O
Stanford NNP I
Calderwood NNP I
, , O
chairman NN I
of IN O
Trinity NNP I
Investment NNP I
Management NNP I
Corp. NNP I
, , O
Boston NNP I
. . O

And CC O
, , O
apparently RB O
, , O
it PRP I
is VBZ O
here RB O
to TO O
stay VB O
. . O

Richard NNP I
Bernstein NNP I
, , O
senior JJ I
quantitative JJ I
analyst NN I
at IN O
Merrill NNP I
Lynch NNP I
& CC I
Co NNP I
, , O
says VBZ O
, , O
`` `` O
My PRP$ I
gut NN I
feel NN I
is VBZ O
that IN O
we PRP I
'll MD O
live VB O
with IN O
those DT I
swings NNS I
for IN O
a DT I
while NN I
. . O
'' '' O

There EX I
are VBP O
many JJ I
reasons NNS I
for IN O
the DT I
market NN I
's POS B
jumpiness NN I
: : O
new JJ I
trading NN I
vehicles NNS I
such JJ O
as IN O
stock-index NN I
futures NNS I
and CC O
options NNS I
; : O
computer-driven JJ I
strategies NNS I
like IN O
program NN I
trading NN I
; : O
and CC O
crowd NN I
psychology NN I
. . O

But CC O
most RBS I
are VBP O
linked VBN O
by IN O
a DT I
single JJ I
theme NN I
: : O
liquidity NN I
-- : O
the DT I
ability NN I
to TO O
get VB O
in IN O
and CC O
out IN O
of IN O
the DT I
market NN I
quickly RB O
. . O

Prices NNS I
are VBP O
moving VBG O
up IN O
and CC O
down RB O
so RB O
fast RB O
because IN O
investors NNS I
are VBP O
employing VBG O
ways NNS I
to TO O
turn VB O
over IN O
shares NNS I
at IN O
ever-faster JJ I
rates NNS I
and CC O
increasingly RB O
acting VBG O
in IN O
concert NN I
. . O

`` `` O
Institutions NNS I
are VBP O
herding VBG O
animals NNS I
, , O
'' '' O
says VBZ O
Peter NNP I
Anderson NNP I
, , O
who WP I
heads VBZ O
the DT I
pension-fund NN I
management NN I
arm NN I
of IN O
IDS NNP I
Financial NNP I
Services NNP I
Inc NNP I
. . O

`` `` O
We PRP I
watch VBP O
the DT I
same JJ I
indicators NNS I
and CC O
listen VB O
to TO O
the DT I
same JJ I
prognosticators NNS I
. . O

Like IN O
lemmings NNS I
, , O
we PRP I
tend VBP O
to TO O
move VB O
in IN O
the DT I
same JJ I
direction NN I
at IN O
same JJ I
time NN I
. . O
'' '' O

And CC O
that IN I
, , O
naturally RB O
, , O
exacerbates VBZ O
price NN I
movements NNS I
. . O

Institutions NNS I
-- : O
who WP I
now JJ O
account NN O
for IN O
most RBS I
trading NN I
-- : O
count NN O
on IN O
being VBG O
able JJ O
to TO O
buy VB I
and CC I
sell VB I
big JJ B
blocks NNS I
of IN O
stock NN I
at IN O
an DT I
eye-blink NN I
. . O

But CC O
when WRB O
they PRP I
discover VBP O
that IN O
markets NNS I
are VBP O
n't RB O
always RB O
as RB O
liquid JJ O
as IN O
they PRP I
supposed VBD O
-- : O
markets NNS I
jump VBP O
. . O

On IN O
Monday NNP I
, , O
for IN O
instance NN I
, , O
Howard NNP I
Ward NNP I
, , O
a DT I
principal NN I
at IN O
Scudder NNP I
, , I
Stevens NNP I
& CC I
Clark NNP I
, , O
found VBD O
that IN O
`` `` O
you PRP I
could MD O
n't RB O
buy VB O
blue-chips NNS I
at IN O
quoted VBN I
prices NNS I
without IN O
paying VBG O
up IN O
. . O
'' '' O

And CC O
when WRB O
many JJ I
firms NNS I
had VBD O
to TO O
`` `` O
pay VB O
up IN O
, , O
'' '' O
Monday NNP I
's POS B
sudden JJ I
rally NN I
was VBD O
sparked VBN O
. . O

Trading NN I
in IN O
futures NNS I
and CC I
options NNS I
, , O
some DT I
people NNS I
believe VBP O
, , O
can MD O
add VB O
to TO O
volatility NN I
. . O

Investors NNS I
believe VBP O
they PRP I
can MD O
can MD O
rely VB O
on IN O
such JJ I
derivative JJ I
securities NNS I
to TO O
get VB O
in IN O
and CC O
out IN O
of IN O
the DT I
stock NN I
market NN I
without IN O
actually RB O
selling VBG O
any DT I
stocks NNS I
; : O
that DT I
is VBZ O
, , O
a DT I
way NN I
of IN O
staying VBG O
liquid JJ O
even RB O
when WRB O
they PRP I
own JJ O
stocks NNS I
. . O

These DT I
and CC I
other JJ I
modern JJ I
trading NN I
methods NNS I
`` `` O
tend VBP O
to TO O
promote VB O
dramatic JJ I
shifts NNS I
in IN O
assets NNS I
, , O
'' '' O
says VBZ 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

`` `` O
It PRP I
's VBZ O
the DT I
idea NN I
that IN O
what WP I
goes VBZ O
in IN O
easy JJ O
can MD O
come VB O
out IN O
easy JJ O
'' '' O
-- : O
so RB O
that IN O
bouts NNS I
of IN O
higher JJR I
volatility NN I
get VB O
built VBN O
into IN O
the DT I
stock NN I
market NN I
. . O

One CD I
new JJ I
investment NN I
style NN I
called VBN O
`` `` O
asset NN I
allocation NN I
'' '' O
shifts NNS O
portfolio NN I
weightings NNS I
between IN O
stocks NNS I
, , O
bonds NNS I
and CC O
cash NN I
when WRB O
computer NN I
models NNS I
say VBP O
one CD I
is VBZ O
more RBR O
attractive JJ O
. . O

For IN O
instance NN I
, , O
First NNP I
Quadrant NNP I
Corp. NNP I
, , O
an DT I
asset NN I
allocator NN I
based VBN O
in IN O
Morristown NNP I
, , O
N.J. NNP I
, , O
said VBD O
it PRP I
quickly RB O
boosted VBD O
stock NN I
positions NNS I
in IN O
its PRP$ I
`` `` I
aggressive JJ I
'' '' I
accounts NNS I
to TO O
75 CD I
% NN I
from IN O
55 NN I
% NN I
to TO O
take VB O
advantage NN I
of IN O
plunging VBG I
prices NNS I
Friday NNP B
. . O

It PRP I
added VBD O
another DT I
5 NN I
% NN I
Monday NNP B
before IN O
stocks NNS I
rallied VBD O
. . O

When WRB O
they PRP I
did VBD O
, , O
the DT I
firm NN I
reduced VBD O
those DT I
stock NN I
holdings NNS I
to TO O
about IN I
70 CD I
% NN I
. . O

A DT I
classic JJ I
example NN I
of IN O
institutions NNS I
' POS B
hunger NN I
for IN O
liquidity NN I
is VBZ O
portfolio NN I
insurance NN I
, , O
now RB O
widely RB O
discredited VBN O
. . O

Before IN O
the DT I
1987 CD I
crash NN I
, , O
an DT I
estimated VBN I
$ $ I
60 CD I
billion CD I
in IN O
institutional JJ I
money NN I
was VBD O
managed VBN O
under IN O
this DT I
hedging VBG I
technique NN I
. . O

The DT I
idea NN I
was VBD O
to TO O
`` `` O
insure VB O
'' '' O
the DT I
value NN I
of IN O
a DT I
portfolio NN I
by IN O
selling VBG O
futures NNS I
when WRB O
stock NN I
prices NNS I
dropped VBD O
-- : O
eliminating VBG O
the DT I
need NN I
to TO O
sell VB O
the DT I
stocks NNS I
themselves PRP I
. . O

But CC O
in IN O
October NNP I
1987 CD I
, , O
when WRB O
portfolio NN I
insurers NNS I
rushed VBD O
to TO O
sell VB O
at IN O
the DT I
same JJ I
time NN I
, , O
they PRP I
overwhelmed VBD O
both DT I
the DT I
stock NN I
and CC I
futures NNS I
markets NNS I
. . O

Yet RB O
even JJ O
today NN O
, , O
institutions NNS I
are VBP O
quietly RB O
practicing VBG O
forms NNS I
of IN O
portfolio NN I
insurance NN I
by IN O
nervously RB O
rushing VBG O
to TO O
and CC O
fro RB O
in IN O
the DT I
markets NNS I
. . O

Others NNS I
are VBP O
doing VBG O
`` `` O
index NN I
arbitrage NN I
'' '' O
a DT I
strategy NN I
of IN O
taking VBG O
advantage NN I
of IN O
price NN I
discrepancies NNS I
between IN O
stocks NNS I
and CC O
futures NNS I
. . O

Unlike IN O
traditional JJ I
buy-and-hold JJ I
strategies NNS I
, , O
all DT I
of IN O
the DT I
above IN I
require VB O
that IN O
market NN I
makers NNS I
be VBP O
on IN O
hand NN I
to TO O
provide VB O
liquidity NN I
by IN O
buying VBG O
and CC O
selling VBG O
stocks NNS I
in IN O
a DT I
crunch NN I
. . O

But CC O
institutions NNS I
say VBP O
Wall NNP I
Street NNP I
brokerage NN I
firms NNS I
are VBP O
less RBR O
willing JJ O
to TO O
make VB O
markets NNS I
. . O

Brokers NNS I
do VBP O
n't RB O
deny VB O
that DT I
. . O

Wall NNP I
Street NNP I
traders NNS I
say VBP O
that IN O
, , O
with IN O
institutional JJ I
brokerage NN I
commissions NNS I
far RB O
lower JJR O
than IN O
in IN O
the DT I
1970s NNS I
, , O
securities NNS I
firms NNS I
ca MD O
n't RB O
afford VB O
to TO O
take VB O
the DT I
risk NN I
of IN O
buying VBG O
too RB I
much JJ I
stock NN I
. . O

`` `` O
I PRP I
think VBP O
everyone NN I
's VBZ O
a DT O
little RB O
more RBR O
leery JJ O
, , O
'' '' O
says VBZ O
Jack NNP I
Baker NNP I
, , O
head NN I
of IN O
equity NN I
trading NN I
at IN O
Shearon NNP I
Lehman NNP I
Hutton NNP I
Inc NNP I
. . O

`` `` O
The DT I
institutions NNS I
have VBP O
driven VBN O
-LRB- ( I
commission NN I
-RRB- ) I
rates NNS I
down RB O
to TO O
the DT I
point NN I
where WRB O
it PRP I
makes VBZ O
no DT I
sense NN I
to TO O
commit VB O
capital NN I
, , O
'' '' O
says VBZ O
Tom NNP I
Gallagher NNP I
, , O
senior JJ I
executive JJ I
vice NN I
president NN I
in IN O
charge NN I
of IN O
institutional JJ I
trading NN I
at IN O
Oppenheimer NNP I
& CC I
Co NNP I
. . O

`` `` O
Why WRB O
should MD O
I PRP I
risk VB O
money NN I
for IN O
a DT I
guy NN I
for IN O
who WP I
's VBZ O
paying VBG O
me PRP I
five CD B
cents NNS I
a DT B
dance NN I
? . O

All DT I
you PRP B
get VBP O
is VBZ O
risk NN I
. . O
'' '' O

Lack NN I
of IN O
liquidity NN I
can MD O
also RB O
result VB O
from IN O
exchange NN I
`` `` I
reforms NNS I
. . O
'' '' O

Many JJ I
traders NNS I
say VBP O
that IN O
`` `` O
circuit NN I
breakers NNS I
'' '' O
put VB O
in IN O
place NN I
to TO O
damp VB O
volatility NN I
after IN O
the DT I
1987 CD I
crash NN I
actually RB O
added VBD O
to TO O
volatility NN I
when WRB O
the DT I
stock NN I
market NN I
plunged VBD O
Friday NNP I
. . O

The DT I
circuit NN I
breakers NNS I
caused VBD O
a DT I
30-minute JJ I
shutdown NN I
in IN O
trading NN I
in IN O
Standard NNP I
& CC I
Poor NNP I
's POS B
500-stock JJ I
index NN I
futures NNS I
contract VBP I
as IN O
the DT I
markets NNS I
were VBD O
falling VBG O
. . O

`` `` O
With IN O
the DT I
futures-trading JJ I
halt NN I
, , O
you PRP I
could MD O
only RB O
sell VB O
stocks NNS I
'' '' O
to TO O
cut VB O
exposure NN I
to TO O
the DT I
market NN I
, , O
says VBZ O
a DT I
money NN I
manager NN I
. . O

`` `` O
It PRP I
was VBD O
scary JJ O
to TO O
people NNS I
thinking VBG O
that IN O
they PRP I
could MD O
n't RB O
get VB O
their PRP$ I
trades NNS I
off IN O
. . O
'' '' O

`` `` O
It PRP I
was VBD O
like IN O
they PRP I
put VBP O
you PRP I
in IN O
a DT I
room NN I
with IN O
a DT I
gorilla NN I
and CC O
told VBD O
you PRP I
there EX B
were VBD O
three CD I
doors NNS I
to TO O
exit VB O
, , O
'' '' O
said VBD O
one CD I
Chicago-based JJ I
futures NNS I
trader NN I
. . O

`` `` O
Then RB O
they PRP I
said VBD O
, , O
` `` O
By IN O
the DT I
way NN I
, , O
two CD I
of IN O
the DT I
doors NNS I
are VBP O
locked VBN O
. . O
' '' O
'' '' O

The DT I
takeover NN I
mania NN I
also RB O
adds VBZ O
to TO O
volatility NN I
. . O

UAL NNP I
Corp. NNP I
is VBZ O
a DT I
good JJ I
example NN I
. . O

Valued VBN O
as IN O
a DT I
buy-out NN I
target NN I
, , O
the DT I
airline NN I
stock NN I
was VBD O
trading VBG O
at IN O
nearly RB I
$ $ I
280 CD I
a DT B
share NN I
. . O

When WRB O
the DT I
deal NN I
ran VBD O
into IN O
trouble NN I
, , O
the DT I
stock NN I
tumbled VBD O
; : O
it PRP I
closed VBD O
at IN O
$ $ I
198 CD I
yesterday NN B
. . O

Presumably RB O
, , O
UAL NNP I
is VBZ O
now JJ O
trading NN O
closer JJR O
to TO O
its PRP$ I
value NN I
based VBN O
on IN O
earnings NNS I
. . O

By IN O
contrast NN I
, , O
traditional JJ I
buy-and-hold JJ I
investors NNS I
are VBP O
unlikely JJ O
to TO O
generate VB O
sudden JJ I
price NN I
moves NNS I
. . O

Scott NNP I
Black NNP I
, , O
a DT I
value-oriented JJ I
money NN I
manager NN I
who WP B
heads VBZ O
Delphi NNP I
Management NNP I
Inc. NNP I
, , O
points VBZ O
out RP O
that IN O
for IN O
those DT I
who WP B
invest VBP O
on IN O
fundamentals NNS I
, , O
`` `` O
the DT I
value NN I
of IN O
a DT I
stock NN I
from IN O
day NN I
to TO O
day NN I
does VBZ O
n't RB O
change VB O
all DT O
that NN O
much NN O
. . O
'' '' O

Some DT I
experts NNS I
say VBP O
markets NNS I
are VBP O
n't RB O
as RB O
volatile JJ O
as IN O
widely RB O
assumed VBN O
. . O

Hans NNP I
Stoll NNP I
, , O
finance NN I
professor NN I
at IN O
Vanderbilt NNP I
University NNP I
, , O
says VBZ O
the DT I
current JJ I
volatility NN I
in IN O
U.S. NNP I
markets NNS I
pales VBZ O
in IN O
comparison NN I
to TO O
the DT I
1930s CD I
, , O
decades NNS I
before IN O
derivative JJ I
instruments NNS I
such JJ O
as IN O
options NNS I
and CC I
futures NNS I
were VBD O
introduced VBN O
. . O

`` `` O
I PRP I
just RB O
ca MD O
n't RB O
believe VB O
that IN O
the DT I
innovations NNS I
in IN O
the DT I
financial JJ I
market NN I
are VBP O
causing VBG O
any DT I
of IN O
this DT I
volatility NN I
, , O
'' '' O
he PRP I
says VBZ O
. . O

And CC O
Robert NNP I
D. NNP I
Arnott NNP I
, , O
president NN I
of IN O
asset NN I
allocator NN I
First NNP I
Quadrant NNP I
, , O
notes VBZ O
that IN O
before IN O
Friday NNP I
's POS B
tailspin NN I
, , O
daily JJ I
volatility NN I
on IN O
the DT I
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
in IN O
recent JJ I
weeks NNS I
had VBD O
reached VBN O
`` `` O
historically RB I
low JJ I
levels NNS I
. . O
'' '' O

Some DT I
people NNS I
tend VBP O
to TO O
ignore VB O
that IN O
a DT I
50-point JJ I
move NN I
is VBZ O
less JJR O
in IN O
percentage NN I
terms NNS I
than IN O
it PRP I
was VBD O
when WRB O
the DT I
stock NN I
market NN I
was VBD O
lower JJR O
. . O

John NNP I
J. NNP I
Phelan NNP I
Jr. NNP I
, , O
chairman NN I
of IN O
the DT I
Big NNP I
Board NNP I
, , O
asserts VBZ O
that IN O
`` `` O
1988 CD I
and CC I
1989 CD I
have VBP O
been VBN O
two CD I
of IN O
the DT I
least JJS I
volatile JJ I
years NNS I
in IN O
the DT I
last JJ I
30 CD I
or CC I
40 CD I
years NNS I
. . O
'' '' O

But CC O
the DT I
low JJ I
average JJ I
volatility NN I
Mr. NNP B
Phelan NNP I
is VBZ O
talking VBG O
about IN O
is VBZ O
n't RB O
any DT I
comfort NN I
in IN O
a DT I
period NN I
of IN O
rapid JJ I
stock-market NN I
moves NNS I
like IN O
the DT I
past JJ I
week NN I
. . O

In IN O
addition NN I
, , O
Sanford NNP I
Grossman NNP I
, , O
a DT I
Wharton NNP I
School NNP I
finance NN I
professor NN I
, , O
says VBZ O
volatile JJ I
jumps NNS I
in IN O
stock NN I
prices NNS I
will MD O
continue VB O
as RB O
long RB O
as IN O
liquidity NN I
falls VBZ O
short NN O
of IN O
the DT I
voracious JJ I
demands NNS I
of IN O
institutions NNS I
`` `` O
who WP I
can MD O
go VB O
out IN O
and CC O
say VBP O
` `` O
I PRP I
have VBP O
a DT I
billion CD I
dollars NNS I
of IN O
stocks NNS I
to TO O
sell VB O
. . O
' '' O
'' '' O

Some DT I
people NNS I
think VBP O
the DT I
search NN I
for IN O
liquidity NN I
is VBZ O
fruitless JJ O
. . O

In IN O
1936 CD I
, , O
John NNP I
Maynard NNP I
Keynes NNP I
wrote VBD O
that IN O
`` `` O
of IN O
the DT I
maxims NNS I
of IN O
orthodox JJ I
finance NN I
none NN B
, , O
surely RB O
, , O
is VBZ O
more RBR O
antisocial JJ O
than IN O
the DT I
fetish NN I
of IN O
liquidity NN I
. . O
'' '' O

It PRP I
leads VBZ O
investors NNS I
to TO O
focus VB O
on IN O
short-term JJ I
price NN I
movements NNS I
-- : O
`` `` O
a DT I
game NN I
of IN O
musical JJ I
chairs NNS I
, , O
'' '' O
he PRP I
called VBD O
it PRP I
-- : O
rather RB O
than IN O
on IN O
long-term JJ I
fundamental JJ I
valuation NN I
. . O

James NNP I
A. NNP I
White NNP I
contributed VBD O
to TO O
this DT I
article NN I
. . O

The DT I
National NNP I
Aeronautics NNP I
and CC I
Space NNP I
Administration NNP I
said VBD O
a DT I
computer NN I
virus NN I
has VBZ O
infected VBN O
one CD I
of IN O
its PRP$ I
networks NNS I
and CC O
is VBZ O
spreading VBG O
anti-nuclear JJ I
messages NNS I
related VBN O
to TO O
its PRP$ I
Galileo NNP I
space NN I
probe NN I
, , O
which WDT I
is VBZ O
to TO O
be VB O
launched VBN O
today NN I
. . O

Charles NNP I
Redmond NNP I
, , O
a DT I
NASA NNP I
spokesman NN I
, , O
said VBD O
the DT I
agency NN I
discovered VBD O
the DT I
virus NN I
on IN O
Monday NNP I
on IN O
the DT I
collection NN I
of IN O
computer NN I
networks NNS I
collectively RB O
called VBN O
Internet NNP I
and CC O
expected VBN O
100 CD I
university NN I
centers NNS I
to TO O
be VB O
infected VBN O
by IN O
today NN I
. . O

Although IN O
the DT I
network NN I
is VBZ O
n't RB O
connected VBN O
to TO O
the DT I
computer NN I
systems NNS I
that WDT B
operate VBP O
either DT O
Galileo NNP I
or CC O
the DT I
shuttle NN I
, , O
part NN I
of IN O
the DT I
network NN I
will MD O
carry VB O
analyses NNS I
of IN O
Galileo NNP I
data NNS I
once RB O
the DT I
craft NN I
gets VBZ O
spaceborn JJ O
. . O

Mr. NNP I
Redmond NNP I
said VBD O
the DT I
intruder NN I
had VBD O
n't RB O
yet RB O
done VBN O
any DT I
harm NN I
but CC O
the DT I
agency NN I
feared VBD O
`` `` O
garbage NN I
data NNS I
could MD O
be VB O
substituted VBN O
for IN O
real JJ I
data NNS I
. . O
'' '' O

He PRP I
estimated VBD O
it PRP I
could MD O
take VB O
a DT I
day NN I
for IN O
a DT I
computer NN I
security NN I
manager NN I
to TO O
expunge VB O
the DT I
virus NN I
from IN O
a DT I
computer NN I
system NN I
. . O

The DT I
intruder NN I
, , O
among IN O
the DT I
broadest JJS I
yet RB I
to TO O
hit VB O
a DT I
research NN I
network NN I
, , O
appeared VBD O
to TO O
affect VB O
only RB I
Digital NNP I
Equipment NNP I
Corp. NNP I
hardware NN I
that WDT B
uses VBZ O
Digital NNP I
's POS B
VAX\/VMS NNP I
operating VBG I
system NN I
. . O

It PRP I
is VBZ O
unrelated JJ O
to TO O
the DT I
much-publicized JJ I
virus NN I
that IN B
last JJ B
year NN I
infected VBN O
Arpanet NNP I
, , O
a DT I
much RB I
larger JJR I
network NN I
used VBN O
by IN O
researchers NNS I
at IN O
universities NNS I
, , O
laboratories NNS I
and CC O
government NN I
agencies NNS I
around IN O
the DT I
world NN I
. . O

In IN O
the DT I
lingo NN I
of IN O
computer NN I
security NN I
, , O
the DT I
NASA NNP I
intruder NN I
is VBZ O
technically RB O
a DT I
computer NN I
worm NN I
, , O
Mr. NNP I
Redmond NNP I
said VBD O
. . O

A DT I
worm NN I
resides VBZ O
in IN O
the DT I
operating VBG I
system NN I
of IN O
a DT I
computer NN I
and CC O
spreads VBZ O
by IN O
boring JJ O
into IN O
other JJ I
computers NNS I
contacted VBN O
through IN O
networks NNS I
. . O

The DT I
Galileo NNP I
worm NN I
apparently RB O
was VBD O
hatched VBN O
on IN O
a DT I
computer NN I
in IN O
France NNP I
hooked VBD O
up IN O
to TO O
NASA NNP I
's POS B
Space NNP I
Physics NNP I
Analysis NNP I
Network NNP I
, , O
Mr. NNP I
Redmond NNP I
said VBD O
. . O

NASA NNP I
said VBD O
the DT I
Galileo NNP I
worm NN I
had VBD O
n't RB O
affected VBN O
its PRP$ I
computers NNS I
or CC O
the DT I
computers NNS I
of IN O
other JJ I
government NN I
agencies NNS I
because IN O
they PRP I
had VBD O
modified VBN O
their PRP$ I
systems NNS I
to TO O
reject VB O
worms NNS I
. . O

But CC O
Mr. NNP I
Redmond NNP I
said VBD O
the DT I
worm NN I
hit VBD O
universities NNS I
that WDT B
had VBD O
n't RB O
elected VBN O
to TO O
make VB O
the DT I
changes NNS I
. . O

Michael NNP I
Alexander NNP I
, , O
a DT I
senior JJ I
editor NN I
at IN O
Computerworld NNP I
, , O
a DT I
trade NN I
publication NN I
, , O
said VBD O
he PRP I
was VBD O
told VBN O
that IN O
the DT I
worm NN I
gets VBZ O
into IN O
a DT I
computer NN I
center NN I
by IN O
looking VBG O
for IN O
obvious JJ I
passwords NNS I
-- : O
such JJ O
as IN O
ones NNS I
that WDT B
are VBP O
the DT O
same JJ O
as IN O
the DT I
user NN I
's POS B
name NN I
. . O

If IN O
it PRP I
finds VBZ O
one CD I
and CC O
gets VBZ O
into IN O
the DT I
system NN I
, , O
it PRP I
will MD O
display VB O
a DT I
screen NN I
when WRB O
a DT I
user NN I
logs NNS O
on IN O
that DT I
says VBZ O
, , O
`` `` O
Worms NNPS I
Against IN O
Nuclear NNP I
Killers NNPS I
... : O
. . O

You PRP I
talk VBP O
of IN O
times NNS I
of IN O
peace NN I
for IN O
all DT I
, , O
and CC O
then RB O
prepare VB O
for IN O
war NN I
. . O
'' '' O

In IN O
addition NN I
, , O
Mr. NNP I
Alexander NNP I
said VBD O
, , O
the DT I
worm NN I
sends VBZ O
strange JJ I
messages NNS I
to TO O
other JJ I
machines NNS I
at IN O
the DT I
center NN I
-- : O
such JJ O
as IN O
, , O
`` `` O
George NNP I
Orwell NNP I
was VBD O
an DT I
optimist NN I
, , O
'' '' O
or CC O
`` `` O
Do VBP O
n't RB O
feed VB O
the DT I
bats NNS I
tonight RB B
. . O
'' '' O

The DT I
worm NN I
also RB O
looks VBZ O
for IN O
elementary JJ I
passwords NNS I
that WDT B
confer VBP O
more JJR I
privileges NNS I
on IN O
the DT I
user NN I
. . O

The DT I
passwords NNS I
are VBP O
included VBN O
in IN O
the DT I
system NN I
software NN I
when WRB O
it PRP I
is VBZ O
installed VBN O
but CC O
are VBP O
supposed VBN O
to TO O
be VB O
replaced VBN O
as RB O
soon RB O
as IN O
the DT I
system NN I
is VBZ O
up IN O
and CC O
running VBG O
. . O

If IN O
it PRP I
finds VBZ O
one CD I
of IN O
those DT I
passwords NNS I
, , O
Mr. NNP I
Alexander NNP I
said VBD O
, , O
the DT I
worm NN I
will MD O
do VB O
such JJ I
things NNS I
as IN O
change NN O
users NNS I
' POS B
passwords NNS I
to TO O
a DT I
series NN I
of IN O
random JJ I
numbers NNS I
, , O
preventing VBG O
them PRP I
from IN O
signing VBG O
on IN O
to TO O
the DT I
network NN I
. . O

NASA NNP I
estimated VBD O
that IN O
, , O
on IN O
Monday NNP I
, , O
about IN I
four CD I
computer NN I
centers NNS I
were VBD O
affected VBN O
. . O

Yesterday NN I
, , O
the DT I
number NN I
grew VBD O
to TO O
40 CD I
; : O
today NN I
the DT B
number NN I
is VBZ O
expected VBN O
to TO O
grow VB O
to TO O
100 CD I
. . O

NASA NNP I
said VBD O
it PRP I
will MD O
take VB O
about IN I
a DT I
week NN I
before IN O
it PRP I
knows VBZ O
exactly RB I
how WRB I
many JJ I
centers NNS I
of IN O
the DT I
6,000 CD I
connected VBN O
to TO O
Internet NNP I
were VBD O
affected VBN O
and CC O
the DT I
extent NN I
of IN O
the DT I
damage NN I
, , O
if IN O
any DT I
. . O

Anti-nuclear JJ I
activists NNS I
have VBP O
protested VBN O
the DT I
launch NN I
of IN O
the DT I
Galileo NNP I
space NN I
probe NN I
to TO O
Jupiter NNP I
because IN O
it PRP I
uses VBZ O
plutonium NN I
to TO O
generate VB O
the DT I
electricity NN I
needed VBN O
to TO O
run VB O
the DT I
craft NN I
. . O

Activists NNS I
fear VBP O
that IN O
if IN O
the DT I
shuttle NN I
carrying VBG O
Galileo NNP I
into IN O
orbit NN I
should MD O
explode VB O
, , O
or CC O
if IN O
Galileo NNP I
itself PRP I
crashes VBZ O
into IN O
the DT I
Earth NNP I
during IN O
the DT I
two CD I
times NNS I
it PRP B
flies VBZ O
close RB O
to TO O
the DT I
planet NN I
, , O
fatal JJ I
levels NNS I
of IN O
plutonium NN I
would MD O
be VB O
released VBN O
into IN O
the DT I
atmosphere NN I
. . O

So RB O
far RB O
Galileo NNP I
has VBZ O
been VBN O
delayed VBN O
twice RB O
, , O
once RB O
because IN O
of IN O
a DT I
computer NN I
malfunction NN I
connected VBN O
with IN O
a DT I
space-shuttle NN I
engine NN I
, , O
and CC O
yesterday NN I
because IN O
of IN O
the DT I
weather NN I
. . O

NASA NNP I
said VBD O
the DT I
Galileo NNP I
worm NN I
had VBD O
nothing NN I
to TO O
do VB O
with IN O
either DT I
delay NN I
. . O

Mr. NNP I
Alexander NNP I
of IN O
Computerworld NNP I
said VBD O
hackers NNS I
have VBP O
gone VBN O
after IN O
SPAN NNP I
before RB O
. . O

He PRP I
said VBD O
the DT I
Chaos NNP I
Computer NNP I
Club NNP I
, , O
of IN O
West NNP I
Germany NNP I
, , O
once RB O
managed VBD O
to TO O
invade VB O
SPAN NNP I
and CC O
do VBP O
such JJ I
things NNS I
as IN O
change NN O
the DT I
value NN I
of IN O
pi NN I
, , O
messing VBG O
up IN O
some DT I
calculations NNS I
. . O

It PRP I
is VBZ O
now RB O
a DT I
commonplace NN I
that IN O
prosecutors NNS I
are VBP O
bringing VBG O
criminal JJ I
indictments NNS I
in IN O
cases NNS I
where WRB O
until IN O
a DT I
few JJ I
years NNS I
ago RB I
only RB B
a DT I
civil JJ I
action NN I
at IN O
most RBS O
would MD O
have VB O
been VBN O
brought VBN O
. . O

Yet RB O
it PRP I
is VBZ O
also RB O
axiomatic JJ O
that IN O
the DT I
power NN I
to TO O
create VB O
new JJ I
crimes NNS I
belongs VBZ O
only RB O
to TO O
the DT I
legislature NN I
, , O
and CC O
not RB O
to TO O
courts NNS I
. . O

Beginning VBG O
in IN O
the DT I
early JJ I
19th JJ I
century NN I
, , O
with IN O
U.S. NNP I
v. CC O
Hudson NNP I
and CC I
Goodwin NNP I
, , O
the DT I
Supreme NNP I
Court NNP I
has VBZ O
repeatedly RB O
held VBN O
that IN O
a DT I
judicial JJ I
power NN I
to TO O
declare VB O
conduct NN I
to TO O
be VB O
against IN O
the DT I
public JJ I
interest NN I
and CC O
hence RB O
criminal JJ O
, , O
while IN O
well RB O
established VBN O
in IN O
British JJ I
law NN I
, , O
would MD O
usurp VB O
legislative JJ I
authority NN I
under IN O
the DT I
doctrine NN I
of IN O
separation NN I
of IN O
powers NNS I
. . O

That DT I
's VBZ O
the DT I
conventional JJ I
theory NN I
anyway RB O
. . O

In IN O
practice NN I
, , O
however RB O
, , O
the DT I
line NN I
between IN O
interpretation NN I
and CC I
redefinition NN I
of IN O
the DT I
criminal JJ I
law NN I
long JJ O
ago RB O
began VBD O
to TO O
blur VB O
. . O

In IN O
particular JJ I
, , O
a DT I
common JJ I
law NN I
of IN O
white-collar JJ I
crime NN I
has VBZ O
developed VBN O
with IN O
surprising JJ I
rapidity NN I
over IN O
the DT I
past JJ I
decade NN I
. . O

For IN O
example NN I
, , O
although IN O
insider NN I
trading NN I
has VBZ O
long RB O
been VBN O
criminal JJ O
, , O
it PRP I
has VBZ O
never RB O
been VBN O
statutorily RB O
defined VBN O
. . O

In IN O
1983 CD I
, , O
the DT I
Supreme NNP I
Court NNP I
tried VBD O
to TO O
supply VB O
a DT I
workable JJ I
definition NN I
in IN O
the DT O
Dirks NNP O
v. CC O
SEC NNP I
decision NN O
, , O
which WDT I
found VBD O
that DT O
liability NN I
depended VBD O
on IN O
whether IN O
the DT I
tipper NN I
had VBD O
breached VBN O
his PRP$ I
fiduciary JJ I
duty NN I
to TO O
the DT I
corporation NN I
in IN O
order NN O
to TO O
obtain VB O
`` `` O
some DT I
personal JJ I
gain NN I
'' '' O
and CC O
whether IN O
the DT I
tippee NN I
knew VBD O
or CC O
recklessly RB O
disregarded VBD O
this DT I
fact NN I
. . O

Gradually RB O
, , O
however RB O
, , O
lower JJR I
courts NNS I
and CC O
prosecutors NNS I
have VBP O
pushed VBN O
this DT I
definition NN I
to TO O
its PRP$ I
breaking NN I
point NN I
. . O

Consider VB O
the DT I
facts NNS I
underlying VBG O
the DT I
1989 CD I
conviction NN I
of IN O
Robert NNP I
Chestman NNP I
. . O

Prior RB O
to TO O
a DT I
tender NN I
offer NN I
by IN O
A&P NNP I
for IN O
Waldbaum NNP I
Inc. NNP I
in IN O
1986 CD I
, , O
the DT I
founder NN I
of IN O
the DT I
Waldbaum NNP I
's POS B
supermarket NN I
chain NN I
called VBD O
an DT I
elderly JJ I
relative JJ I
to TO O
tell VB O
her PRP$ I
to TO O
assemble VB O
her PRP$ I
stock NN I
certificates NNS I
for IN O
delivery NN I
. . O

She PRP I
called VBD O
her PRP$ I
daughter NN I
to TO O
take VB O
her PRP$ I
to TO O
the DT I
bank NN I
, , O
who WP I
, , O
in IN O
turn NN I
, , O
persuaded VBD O
her PRP$ I
husband NN I
, , O
a DT I
Mr. NNP I
Loeb NNP I
, , O
to TO O
run VB O
this DT I
errand NN I
. . O

Hearing NNP O
of IN O
this DT I
information NN I
, , O
the DT I
husband NN I
discussed VBD O
it PRP I
with IN O
his PRP$ I
broker NN I
, , O
Mr. NNP I
Chestman NNP I
, , O
and CC O
Mr. NNP I
Chestman NNP I
then RB O
bought VBD O
for IN O
his PRP$ I
own JJ I
account NN I
and CC O
other JJ I
clients NNS I
. . O

Basically RB O
, , O
Mr. NNP I
Chestman NNP I
was VBD O
a DT I
fourth-level JJ I
tippee NN I
. . O

Did VBD O
Mr. NNP I
Loeb NNP I
, , O
his PRP$ I
tipper NN I
, , O
breach NN O
a DT I
fiduciary JJ I
duty NN I
-LRB- ( O
and CC O
, , O
if IN O
so RB O
, , O
to TO O
whom WP I
-RRB- ) O
? . O

Did VBD O
Mr. NNP I
Loeb NNP I
seek VB O
personal JJ I
gain NN I
-LRB- ( O
and CC O
if IN O
so RB O
, , O
how WRB O
-RRB- ) O
? . O

Or CC O
did VBD O
Mr. NNP I
Chestman NNP I
only RB O
hear VB O
a DT I
market NN I
rumor NN I
-LRB- ( O
which WDT I
one PRP B
may MD O
lawfully RB O
trade VB O
upon IN O
-RRB- ) O
? . O

The DT I
line NN I
seems VBZ O
awfully RB O
thin JJ O
for IN O
criminal-law NN I
purposes NNS I
. . O

A DT I
second JJ I
illustration NN I
is VBZ O
supplied VBN O
by IN O
the DT I
recent JJ I
guilty JJ I
plea NN I
entered VBN O
by IN O
Robert NNP I
Freeman NNP I
, , O
formerly RB O
head VBP I
of IN O
arbitrage NN I
at IN O
Goldman NNP I
, , I
Sachs NNP I
& CC I
Co NNP I
. . O

Essentially RB O
, , O
Mr. NNP I
Freeman NNP I
had VBD O
invested VBN O
heavily RB O
in IN O
the DT I
Beatrice NNP I
leveraged JJ I
buy-out NN I
, , O
when WRB O
he PRP I
was VBD O
told VBN O
by IN O
another DT I
prominent JJ I
trader NN I
, , O
Bernard NNP I
`` `` I
Bunny NNP I
'' '' I
Lasker NNP I
, , O
that IN O
the DT I
deal NN I
was VBD O
in IN O
trouble NN I
. . O

After IN O
placing VBG O
orders NNS I
to TO O
sell VB O
, , O
Mr. NNP I
Freeman NNP I
called VBD O
Martin NNP I
Siegel NNP I
, , O
an DT I
investment NN I
banker NN I
at IN O
Kidder NNP I
, , I
Peabody NNP I
& CC I
Co. NNP I
, , O
who WP I
was VBD O
advising VBG O
on IN O
the DT I
deal NN I
, , O
to TO O
confirm VB O
these DT I
rumors NNS I
. . O

Mr. NNP I
Siegel NNP I
asked VBD O
Mr. NNP I
Freeman NNP I
who WP B
his PRP$ B
source NN I
was VBD O
and CC O
, , O
on IN O
hearing NN O
that IN O
it PRP I
was VBD O
Bunny NNP I
Lasker NNP I
, , O
responded VBD O
: : O
`` `` O
Well UH O
, , O
your PRP$ I
bunny NN I
has VBZ O
a DT I
good JJ I
nose NN I
. . O
'' '' O

The DT I
illegal JJ I
`` `` I
tip NN I
'' '' I
of IN O
the DT I
bunny NN I
's POS B
good JJ I
nose NN I
was VBD O
then RB O
largely RB O
a DT I
confirmation NN I
of IN O
rumors NNS I
already RB O
known VBN O
to TO O
many VB I
in IN O
the DT I
market NN I
. . O

Had VBD O
the DT I
case NN I
gone VBN O
to TO O
trial VB I
the DT B
same JJ I
issues NNS I
would MD O
have VB O
surfaced VBN O
: : O

Was VBD O
there EX I
a DT B
fiduciary JJ I
breach NN I
in IN O
order NN O
to TO O
obtain VB O
personal JJ I
gain NN I
? . O

Did VBD O
Mr. NNP I
Freeman NNP I
have VBP O
notice NN I
of IN O
this DT I
? . O

Finally RB O
, , O
was VBD O
the DT I
information NN I
material NN O
? . O

Yet RB O
, , O
all PDT I
these DT I
issues NNS I
are VBP O
subsidiary NN O
to TO O
a DT I
more RBR I
central JJ I
issue NN I
: : O
Who WP I
is VBZ O
and CC O
who WP I
should MD O
be VB O
making VBG O
the DT I
criminal JJ I
law NN I
here RB O
? . O

It PRP I
is VBZ O
not RB O
my PRP$ I
contention NN I
that IN O
either DT O
Mr. NNP I
Chestman NNP I
or CC O
Mr. NNP I
Freeman NNP I
was VBD O
an DT I
innocent JJ I
victim NN I
of IN O
prosecutorial JJ I
overzealousness NN I
. . O

Arguably RB O
, , O
both DT I
were VBD O
on IN O
notice NN I
that IN O
their PRP$ I
behavior NN I
was VBD O
at IN O
least JJS O
risky JJ O
. . O

But CC O
even RB O
if IN O
they PRP I
behaved VBD O
recklessly RB O
, , O
reasons NNS I
still RB O
exist VBP O
to TO O
fear VB O
and CC O
resist VB O
this DT I
steady JJ I
process NN I
of IN O
case-by-case JJ I
judicial JJ I
extension NN I
of IN O
the DT I
law NN I
of IN O
insider NN I
trading NN I
. . O

Courts NNS I
and CC I
legislatures NNS I
make VBP O
decisions NNS I
in IN O
very RB I
different JJ I
ways NNS I
and CC O
are VBP O
each DT O
susceptible JJ O
to TO O
very RB I
different JJ I
kinds NNS I
of IN O
errors NNS I
. . O

After-the-fact JJ I
judicial JJ I
examination NN I
of IN O
an DT I
actor NN I
's POS B
conduct NN I
has VBZ O
always RB O
been VBN O
the DT I
common JJ I
law NN I
's POS B
method NN I
. . O

When WRB O
only RB I
civil JJ I
liability NN I
is VBZ O
involved VBN O
, , O
this DT I
method NN I
has VBZ O
the DT I
undeniable JJ I
strengths NNS I
of IN O
factual JJ I
specificity NN I
and CC O
avoidance NN I
of IN O
overgeneralization NN I
. . O

Still RB O
, , O
case-by-case JJ I
retrospective NN I
decision NN I
making VBG I
of IN O
this DT I
sort NN I
is VBZ O
vulnerable JJ O
to TO O
the DT I
tunnel NN I
vision NN I
caused VBN O
by IN O
a DT I
fixation NN I
on IN O
ad NN I
hoc FW I
-LRB- ( I
and CC I
usually RB I
sleazy JJ I
-RRB- ) I
examples NNS I
. . O

When WRB O
a DT I
court NN I
decides VBZ O
that IN O
a DT I
particular JJ I
actor NN I
's POS B
conduct NN I
was VBD O
culpable JJ O
and CC O
so RB O
extends VBZ O
the DT I
definition NN I
of IN O
insider NN I
trading NN I
to TO O
reach VB O
this DT I
conduct NN I
, , O
it PRP I
does VBZ O
not RB O
see VB O
the DT I
potentially RB I
enormous JJ I
number NN I
of IN O
other JJ I
cases NNS I
that WDT B
will MD O
be VB O
covered VBN O
by IN O
the DT I
expanded VBN I
rule NN I
. . O

Thus RB O
, , O
a DT I
court NN I
is VBZ O
poorly RB O
positioned VBN O
to TO O
make VB O
judgments NNS I
about IN O
the DT I
social JJ I
utility NN I
of IN O
the DT I
expanded VBN I
rule NN I
. . O

For IN O
example NN I
, , O
in IN O
focusing VBG O
on IN O
Mr. NNP I
Freeman NNP I
's POS B
attempt NN I
to TO O
gain VB O
nonpublic JJ I
information NN I
about IN O
a DT I
deal NN I
's POS B
collapse NN I
, , O
one CD I
does VBZ O
not RB O
naturally RB O
think VB O
about IN O
the DT I
reverse NN I
side NN I
of IN O
the DT I
coin NN I
: : O
What WP I
if IN O
the DT I
rumor NN I
had VBD O
been VBN O
false JJ O
? . O

Can MD O
a DT I
security NN I
analyst NN I
call NN O
an DT I
investment NN I
banker NN I
to TO O
make VB O
certain JJ O
that IN O
a DT I
seemingly RB I
improbable JJ I
rumor NN I
is VBZ O
in IN O
fact NN O
false JJ O
? . O

In IN O
the DT I
past NN I
, , O
not RB O
only RB O
would MD O
reputable JJ I
professionals NNS I
have VB O
rushed VBN O
to TO O
check VB O
out RP O
such JJ I
rumors NNS I
with IN O
the DT I
company NN I
, , O
but CC O
companies NNS I
listed VBN O
on IN O
the DT I
major JJ I
stock NN I
exchanges NNS I
were VBD O
encouraged VBN O
by IN O
the DT I
exchanges NNS I
to TO O
respond VB O
openly RB O
to TO O
such JJ I
inquiries NNS I
from IN O
securities NNS I
analysts NNS I
. . O

Today NN I
, , O
after IN O
Mr. NNP I
Freeman NNP I
's POS B
plea NN I
, , O
there EX I
is VBZ O
an DT I
uncertainty NN I
that WDT B
is VBZ O
both DT O
unfair JJ O
and CC O
inefficient JJ O
. . O

In IN O
this DT I
light NN I
, , O
the DT I
comparative JJ I
advantages NNS I
of IN O
legislative JJ I
law-making NNS I
become VBP O
clear JJ O
: : O
-LRB- ( O
1 CD O
-RRB- ) O
Before IN O
it PRP I
acts VBZ O
, , O
the DT I
legislature NN I
typically RB O
will MD O
hear VB O
the DT I
views NNS I
of IN O
representatives NNS I
of IN O
all PDT I
those DT I
affected VBN O
by IN O
its PRP$ I
decision NN I
, , O
not RB O
just RB I
the DT I
immediate JJ I
parties NNS I
before IN O
the DT I
court NN I
; : O
and CC O
-LRB- ( O
2 CD O
-RRB- ) O
the DT I
legislature NN I
can MD O
frame VB O
`` `` I
bright JJ I
line NN I
'' '' I
standards NNS I
that WDT B
create VBP O
less JJR I
uncertainty NN I
than IN O
the DT I
fact-bound JJ I
decisions NNS I
of IN O
courts NNS I
. . O

Although IN O
legislative JJ I
lines NNS I
can MD O
result VB O
in IN O
under-inclusion NN I
-LRB- ( O
which WDT I
explains VBZ O
why WRB O
the DT I
SEC NNP I
has VBZ O
long RB O
resisted VBN O
a DT I
legislative JJ I
definition NN I
of IN O
insider NN I
trading NN I
-RRB- ) O
, , O
judicial JJ I
lawmaking JJ I
inevitably RB O
creates VBZ O
uncertainty NN I
because IN O
of IN O
the DT I
shadowy JJ I
outer JJ I
edges NNS I
and CC I
implications NNS I
of IN O
most RBS I
judicial JJ I
decisions NNS I
. . O

At IN O
least JJS O
when WRB O
the DT I
stakes NNS I
are VBP O
high JJ O
, , O
uncertainty NN I
in IN O
turn NN I
results NNS O
in IN O
overinclusion NN I
, , O
as IN O
individuals NNS I
do VBP O
not RB O
dare VB O
to TO O
approach VB O
an DT I
uncertain JJ I
line NN I
closely RB O
. . O

The DT I
federal JJ I
mail NN I
and CC I
wire NN I
fraud NN I
statutes NNS I
provide VBP O
even RB I
better JJR I
illustrations NNS I
of IN O
the DT I
rapid JJ I
evolution NN I
of IN O
a DT I
federal JJ I
common JJ I
law NN I
of IN O
white-collar JJ I
crime NN I
. . O

In IN O
1987 CD I
, , O
the DT I
Supreme NNP I
Court NNP I
attempted VBD O
in IN O
McNally NNP I
v. CC O
U.S. NNP I
to TO O
halt VB O
the DT I
inexorable JJ I
expansion NN I
of IN O
these DT I
statutes NNS I
by IN O
adopting VBG O
a DT I
rule NN I
of IN O
strict JJ I
construction NN I
for IN O
ambiguous JJ I
criminal JJ I
statues NNS I
. . O

Yet RB O
, , O
late JJ I
last JJ I
year NN I
, , O
Congress NNP I
effectively RB O
reversed VBD O
this DT I
decision NN I
by IN O
enacting VBG O
a DT I
one-sentence JJ I
statute NN I
that WDT B
defined VBD O
fraud NN I
to TO O
include VB O
any DT I
scheme NN I
to TO O
deprive VB O
another DT I
of IN O
`` `` O
the DT I
intangible JJ I
right NN I
of IN O
honest JJ I
services NNS I
. . O
'' '' O

At IN O
a DT I
stroke NN I
, , O
this DT I
may MD O
criminalize VB O
all DT I
fiduciary JJ I
breaches NNS I
-LRB- ( O
and CC O
possibly RB O
all DT I
misrepresentations NNS I
by IN O
an DT I
agent NN I
or CC I
employee NN I
-RRB- ) O
. . O

Such JJ I
a DT I
statute NN I
illustrates VBZ O
the DT I
fundamental JJ I
problem NN I
: : O
Congress NNP I
finds VBZ O
it PRP I
is VBZ O
easier JJR O
to TO O
pass VB O
sweepingly RB I
moralistic JJ I
prohibitions NNS I
, , O
which WDT I
the DT B
courts NNS I
must MD O
thereafter RB O
interpret VB O
, , O
than IN O
to TO O
engage VB O
in IN O
the DT I
difficult JJ I
line-drawing JJ I
distinctions NNS I
that WDT B
are VBP O
inherently RB O
its PRP$ I
responsibility NN I
. . O

We PRP I
are VBP O
confronted VBN O
less JJR O
with IN O
a DT I
judicial JJ I
power NN I
grab NN I
than IN O
with IN O
a DT I
legislative JJ I
giveaway NN I
. . O

Predictably RB O
, , O
when WRB O
confronted VBN O
with IN O
morally RB I
dubious JJ I
behavior NN I
, , O
prosecutors NNS I
will MD O
exploit VB O
the DT I
latitude NN I
such JJ B
openended VBN I
statutes NNS I
give VBP O
them PRP I
. . O

Over IN O
the DT I
long JJ I
run NN I
, , O
however RB O
, , O
sleazy JJ I
cases NNS I
will MD O
make VB O
bad JJ I
law NN I
. . O

Mr. NNP I
Coffee NNP I
is VBZ O
a DT I
professor NN I
at IN O
Columbia NNP I
Law NNP I
School NNP I
. . O

Corning NNP I
Inc. NNP I
posted VBD O
a DT I
38 CD I
% NN I
decline NN I
in IN O
third-quarter JJ I
net JJ I
income NN I
to TO O
$ $ I
76.5 CD I
million CD I
, , O
or CC O
80 CD I
cents NNS I
a DT B
share NN I
, , O
from IN O
$ $ I
123.9 CD I
million CD I
, , O
or CC O
$ $ I
1.37 CD I
a DT B
share NN I
, , O
a DT I
year NN I
earlier RBR O
. . O

The DT I
year-earlier JJ I
figure NN I
included VBD O
a DT I
one-time JJ I
gain NN I
of IN O
$ $ I
59.9 CD I
million CD I
from IN O
the DT I
sale NN I
of IN O
Corning NNP I
's POS B
stakes NNS I
in IN O
Japanese JJ I
businesses NNS I
. . O

Without IN O
the DT I
gain NN I
, , O
operating VBG I
profit NN I
was VBD O
$ $ I
64 CD I
million CD I
, , O
or CC O
71 CD I
cents NNS I
a DT B
share NN I
. . O

The DT I
telecommunications NNS I
, , I
specialty NN I
glass NN I
, , I
ceramic JJ I
products NNS I
and CC I
laboratory-services JJ I
concern NN I
said VBD O
the DT I
latest JJS I
quarter NN I
included VBD O
a DT I
tax-loss NN I
carry-forward NN I
of IN O
$ $ I
600,000 CD I
. . O

A DT I
year NN I
earlier RBR O
, , O
net NN I
included VBD O
a DT I
$ $ I
700,000 CD I
taxlow NN I
carry-forward NN I
. . O

Sales NNS I
rose VBD O
14 CD I
% NN I
to TO O
$ $ I
715 CD I
million CD I
from IN O
$ $ I
625.4 CD I
million CD I
. . O

Corning NNP I
's POS B
chairman NN I
and CC I
chief JJ I
executive JJ I
officer NN I
, , O
James NNP I
R. NNP I
Houghton NNP I
, , O
said VBD O
operating VBG I
performance NN I
continued VBD O
to TO O
be VB O
strong JJ O
in IN O
the DT I
telecommunications NNS I
and CC I
health NN I
and CC I
science NN I
segments NNS I
. . O

But CC O
the DT I
specialty-material JJ I
segment NN I
slowed VBD O
somewhat RB O
and CC O
consumer NN I
products NNS I
continued VBD O
below IN O
expectations NNS I
. . O

As IN O
for IN O
joint JJ I
ventures NNS I
, , O
Mr. NNP I
Houghton NNP I
said VBD O
profit NN I
was VBD O
`` `` O
essentially RB O
flat JJ O
'' '' O
due JJ O
primarily RB O
to TO O
a DT I
slow JJ I
recovery NN I
at IN O
Samsung-Corning NNP I
Co. NNP I
in IN O
Korea NNP I
following VBG O
a DT I
strike NN I
at IN O
a DT I
major JJ I
customer NN I
and CC O
the DT I
disruption NN I
of IN O
shipments NNS I
to TO O
China NNP I
. . O

Also RB O
, , O
profit NN I
was VBD O
hurt VBN O
by IN O
the DT I
strength NN I
of IN O
the DT I
dollar NN I
overseas JJ O
which WDT I
negatively RB O
affected VBN O
the DT I
company NN I
's POS B
currency-exchange JJ I
rate NN I
. . O

In IN O
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
composite JJ I
trading NN I
, , O
Corning NNP I
closed VBD O
at IN O
$ $ I
38.50 CD I
, , O
down RB O
75 CD I
cents NNS I
. . O

UAL NNP I
, , O
the DT I
hair-trigger JJ I
stock NN I
that WDT B
exploded VBD O
Friday NNP I
's POS B
market NN I
bombshell NN I
, , O
briefly NN O
traumatized VBD O
traders NNS I
again RB O
yesterday NN I
. . O

Within IN O
10 CD I
minutes NNS I
after IN O
an DT I
11:13 CD I
a.m. NN I
trading NN I
halt NN I
in IN O
UAL NNP I
, , O
parent NN I
of IN O
United NNP I
Airlines NNPS I
, , O
the DT I
Dow NNP I
Jones NNP I
Industrial NNP I
Average NNP I
plunged VBD O
nearly RB I
27 CD I
points NNS I
to TO O
a DT I
60.25-point JJ I
deficit NN I
. . O

Computer-guided JJ I
buying NN I
then RB O
kicked VBD O
in IN O
, , O
and CC O
the DT I
industrials NNS I
regained VBD O
27 CD I
points NNS I
in IN O
five CD I
minutes NNS I
. . O

The DT I
lightning NN I
moves NNS I
show VBP O
that IN O
the DT I
stock NN I
market NN I
remains VBZ O
fragile JJ O
and CC O
volatile JJ O
-- : O
ready JJ O
to TO O
jump VB O
at IN O
the DT I
slightest JJS I
rumor NN I
-- : O
a DT I
few JJ I
days NNS I
after IN O
its PRP$ I
shocking JJ I
190.58-point JJ I
plunge NN I
. . O

Nervous JJ I
investors NNS I
continued VBD O
to TO O
limit VB O
their PRP$ I
buying NN I
to TO O
blue-chip JJ I
stocks NNS I
while IN O
dumping VBG O
takeover-related JJ I
issues NNS I
. . O

The DT I
industrial JJ I
average NN I
closed VBD O
down RB O
18.65 CD I
, , O
to TO O
2638.73 CD I
. . O

New NNP I
York NNP I
Stock NNP I
Exchange NNP I
volume NN I
was VBD O
a DT I
heavy JJ I
224,070,000 CD I
shares NNS I
. . O

Decliners NNS I
on IN O
the DT I
Big NNP I
Board NNP I
outnumbered VBD O
advancers NNS I
, , O
931 CD O
to TO O
658 CD O
. . O

UAL NNP I
was VBD O
watched VBN O
closely RB O
and CC O
traded VBN O
heavily RB O
. . O

The DT I
stock NN I
tumbled VBD O
24 CD I
7\/8 CD I
to TO O
198 CD I
on IN O
volume NN I
of IN O
2.8 CD I
million CD I
shares NNS I
. . O

The DT I
market NN I
is VBZ O
still RB O
very RB O
touchy JJ O
about IN O
rumors NNS I
and CC O
news NN I
on IN O
pending VBG I
takeovers NNS I
. . O

UAL NNP I
, , O
which WDT I
is VBZ O
trying VBG O
to TO O
reconstruct VB O
a DT I
buy-out NN I
bid NN I
that IN B
banks NNS B
would MD O
n't RB O
finance VB O
, , O
represents VBZ O
the DT I
future NN I
of IN O
one CD I
of IN O
the DT I
most RBS I
powerful JJ I
ingredients NNS I
in IN O
the DT I
bull NN I
market NN I
- : O
corporate JJ I
restructuring NN I
. . O

An DT I
important JJ I
element NN I
of IN O
this DT I
phenomenon NN I
-- : O
the DT I
now-shaky JJ I
market NN I
for IN O
junk NN I
bonds NNS I
, , O
used VBD O
often RB O
to TO O
finance VB O
restructurings NNS I
and CC I
takeovers NNS I
-- : O
continued VBD O
to TO O
cast VB O
a DT I
pall NN I
over IN O
stocks NNS I
. . O

`` `` O
It PRP I
was VBD O
a DT I
very RB I
nervous JJ I
day NN I
, , O
'' '' O
said VBD O
John NNP I
Geary NNP I
, , O
partner NN I
of IN O
the DT I
Big NNP I
Board NNP I
specialist NN I
firm NN I
Ziebarth NNP I
, , I
Geary NNP I
. . O

The DT I
volatility NN I
wo MD O
n't RB O
end VB O
soon RB O
. . O

This DT I
Friday NNP I
brings VBZ O
the DT I
`` `` I
double JJ I
witching JJ I
hour NN I
, , O
'' '' O
Wall NNP I
Street NNP I
's POS B
nickname NN I
for IN O
the DT I
monthly JJ I
simultaneous JJ I
expiration NN I
of IN O
a DT I
variety NN I
of IN O
stock NN I
index NN I
futures NNS I
, , O
index NN I
options NNS I
and CC O
options NNS I
on IN O
individual JJ I
stocks NNS I
. . O

Traders NNS I
are VBP O
already RB O
buckling VBG O
their PRP$ I
seat NN I
belts NNS I
. . O

Previous JJ I
monthly JJ I
expirations NNS I
of IN O
the DT I
Major NNP I
Market NNP I
Index NNP I
futures NNS I
and CC O
Standard NNP I
& CC I
Poor NNP I
's POS B
100-stock JJ I
index NN I
options NNS I
have VBP O
produced VBN O
spectacular JJ I
volatility NN I
. . O

`` `` O
We PRP I
are VBP O
in IN O
one CD I
of IN O
those DT I
phases NNS I
where WRB O
you PRP I
are VBP O
going VBG O
to TO O
get VB O
a DT I
lot NN I
of IN O
volatile JJ I
expiration NN I
action NN I
, , O
'' '' O
said VBD O
Donald NNP I
Selkin NNP I
, , O
head NN I
of IN O
stock-index NN I
research NN I
at IN O
Prudential-Bache NNP I
Securities NNP I
. . O

Investors NNS I
were VBD O
buying VBG O
yesterday NN I
, , O
but CC O
they PRP I
were VBD O
running VBG O
scared VBN O
to TO O
premier NN I
blue JJ I
chips NNS I
such JJ O
as IN O
Procter NNP I
& CC I
Gamble NNP I
, , O
which WDT I
jumped VBD O
3 CD I
3\/8 CD I
to TO O
127 CD I
. . O

Investors NNS I
`` `` O
are VBP O
buying VBG O
stocks NNS I
that WDT B
have VBP O
predictable JJ I
earnings NNS I
, , O
'' '' O
said VBD O
Edward NNP I
J. NNP I
Laux NNP I
, , O
head NN I
of IN O
block NN I
trading NN I
at IN O
Kidder NNP I
Peabody NNP I
. . O

Along IN O
the DT I
way NN I
, , O
investors NNS I
dumped VBD O
takeover NN I
stocks NNS I
and CC O
shares NNS I
of IN O
banks NNS I
that WDT B
have VBP O
leveraged-buy-out JJ I
debt NN I
and CC O
risky JJ I
real JJ I
estate NN I
loans NNS I
on IN O
their PRP$ I
books NNS I
. . O

`` `` O
These DT I
loans NNS I
are VBP O
more JJR I
of IN O
a DT I
focus NN I
than IN O
lesser-developed-country JJ I
debt NN I
now RB O
, , O
'' '' O
said VBD O
William NNP I
Bee NNP I
, , O
senior JJ I
block NN I
trader NN I
at IN O
Prudential-Bache NNP I
Securities NNP I
. . O

Chase NNP I
Manhattan NNP I
, , O
which WDT I
sold VBD O
14 CD I
million CD I
additional JJ I
shares NNS I
at IN O
40 CD I
1\/8 CD I
Monday NNP B
through IN O
an DT I
underwriting NN I
group NN I
led VBN O
by IN O
Goldman NNP I
Sachs NNP I
, , O
closed VBD O
down RB O
1\/8 CD I
to TO O
40 CD I
. . O

Citicorp NNP I
fell VBD O
1\/2 CD I
to TO O
32 CD I
, , O
and CC O
Manufacturers NNP I
Hanover NNP I
slipped VBD O
3\/8 CD I
to TO O
40 CD I
1\/4 CD I
. . O

Chase NNP I
and CC O
Citicorp NNP I
's POS B
Citibank NNP I
are VBP O
involved VBN O
in IN O
the DT I
UAL NNP I
buy-out NN I
financing NN I
. . O

Both DT O
Citicorp NNP I
and CC O
Manufacturers NNP I
Hanover NNP I
reported VBD O
earnings NNS I
yesterday NN B
. . O

In IN O
the DT I
first JJ I
hour NN I
of IN O
trading NN I
, , O
about IN I
one CD I
million CD I
shares VBZ I
a DT B
minute NN I
changed VBD O
hands NNS I
on IN O
the DT I
Big NNP I
Board NNP I
as IN O
big JJ I
stock-index NN I
arbitrage NN I
sell NN I
programs NNS I
pushed VBD O
prices NNS I
lower JJR O
. . O

-LRB- ( O
In IN O
stock-index NN I
arbitrage NN I
, , O
traders NNS I
buy VBP O
or CC O
sell VB O
big JJ I
baskets NNS I
of IN O
stocks NNS I
against IN O
offsetting VBG I
positions NNS I
in IN O
futures NNS I
. . O
-RRB- ) O

Traders NNS I
said VBD O
many NN I
of IN O
the DT I
sell NN I
programs NNS I
are VBP O
positions NNS I
being VBG O
established VBN O
ahead RB O
of IN O
this DT I
Friday NNP I
's POS B
expiration NN I
. . O

Aside RB O
from IN O
computer-guided JJ I
selling NN I
, , O
airline NN I
stocks NNS I
took VBD O
a DT I
beating NN I
as IN O
well RB O
. . O

The DT I
Dow NNP I
Jones NNP I
Transportation NNP I
Average NNP I
fell VBD O
49.96 CD I
to TO O
close VB O
at IN O
1254.27 CD I
. . O

AMR NNP I
, , O
the DT I
parent NN I
of IN O
American NNP I
Airlines NNPS I
, , O
continued VBD O
to TO O
retreat VB O
in IN O
the DT I
wake NN I
of IN O
New NNP I
York NNP I
developer NN I
Donald NNP I
Trump NNP I
's POS B
decision NN I
to TO O
withdraw VB O
his PRP$ I
$ $ I
120-a-share JJ I
takeover NN I
bid NN I
. . O

The DT I
stock NN I
fell VBD O
3 CD I
1\/4 CD I
to TO O
73 CD I
1\/4 CD I
on IN O
3.4 CD I
million CD I
shares NNS I
. . O

Delta NNP I
Air NNP I
Lines NNPS I
fell VBD O
1 CD I
7\/8 CD I
to TO O
67 CD I
7\/8 CD I
, , O
USAir NNP I
Group NNP I
dropped VBD O
3\/4 CD I
to TO O
40 CD I
1\/4 CD I
, , O
Southwest NNP I
Airlines NNPS I
dipped VBD O
1\/2 CD I
to TO O
25 CD I
and CC O
Alaska NNP I
Air NNP I
Group NNP I
slid VBD O
3\/8 CD I
to TO O
24 CD I
1\/4 CD I
. . O

But CC O
Texas NNP I
Air NNP I
, , O
the DT I
owner NN I
of IN O
Continental NNP I
and CC O
Eastern NNP I
airlines NNS I
, , O
bucked VBD O
the DT I
group NN I
's POS B
decline NN I
by IN O
rising VBG O
7\/8 CD I
to TO O
14 CD I
5\/8 CD I
in IN O
American NNP I
Stock NNP I
Exchange NNP I
trading NN I
. . O

Eastern NNP I
said VBD O
it PRP I
is VBZ O
ahead RB O
of IN O
schedule NN I
in IN O
resuming VBG O
its PRP$ I
operations NNS I
after IN O
filing NN O
earlier RBR O
this DT I
year NN I
for IN O
Chapter NN I
11 CD I
bankruptcy NN I
protection NN I
, , O
from IN O
which WDT I
it PRP B
expects VBZ O
to TO O
emerge VB O
early JJ I
next JJ I
year NN I
. . O

Philip NNP I
Morris NNP I
, , O
the DT I
most RBS I
active JJ I
Big NNP I
Board NNP I
issue NN I
for IN O
the DT I
second JJ I
consecutive JJ I
session NN I
, , O
was VBD O
unchanged JJ O
at IN O
43 CD I
1\/4 CD I
on IN O
3.9 CD I
million CD I
shares NNS I
. . O

Other JJ I
blue-chip JJ I
consumer NN I
issues NNS I
also RB O
fared VBD O
relatively RB O
well RB O
: : O
PepsiCo NNP I
rose VBD O
1 CD I
3\/8 CD I
to TO O
58 CD I
1\/2 CD I
; : O
Coca-Cola NNP I
Co. NNP I
was VBD O
unchanged JJ O
at IN O
66 CD I
3\/4 CD I
; : O
McDonald NNP I
's POS B
also RB O
closed VBD O
unchanged JJ O
at IN O
30 CD I
1\/2 CD I
, , O
and CC O
Merck NNP I
rose VBD O
1\/2 CD I
to TO O
75 CD I
1\/4 CD I
. . O

Broader JJR I
averages NNS I
also RB O
fell VBD O
. . O

Standard NNP I
& CC I
Poor NNP I
's POS I
500-stock JJ I
index NN I
fell VBD O
1.69 CD I
to TO O
341.16 CD I
, , O
and CC O
the DT I
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
Composite NNP I
Index NNP I
fell VBD O
0.88 CD I
to TO O
188.89 CD I
. . O

Among IN O
the DT I
takeover-related JJ I
stocks NNS I
that WDT B
sold VBD O
off IN O
yesterday NN I
were VBD O
Disney NNP I
, , O
which WDT I
closed VBD O
down RB O
2 CD I
1\/8 CD I
to TO O
121 CD I
1\/4 CD I
. . O

Philips NNP I
Industries NNPS I
tumbled VBD O
3\/8 CD I
to TO O
22 CD I
7\/8 CD I
; : O
Hilton NNP I
Hotels NNPS I
fell VBD O
2 CD I
1\/2 CD I
to TO O
92 CD I
and CC O
Holiday NNP I
Corp. NNP I
fell VBD O
2 CD I
1\/8 CD I
to TO O
69 CD I
7\/8 CD I
. . O

Among IN O
other JJ I
blue JJ I
chips NNS I
, , O
Exxon NNP I
gained VBD O
1\/8 CD I
to TO O
45 CD I
1\/2 CD I
. . O

International NNP I
Paper NNP I
fell VBD O
1 CD I
3\/8 CD I
to TO O
51 CD I
1\/2 CD I
, , O
Union NNP I
Carbide NNP I
eased VBD O
7\/8 CD I
to TO O
25 CD I
, , O
Chevron NNP I
gained VBD O
1\/8 CD I
to TO O
64 CD I
, , O
and CC O
Eastman NNP I
Kodak NNP I
closed VBD O
down RB O
3\/4 CD I
to TO O
44 CD I
1\/4 CD I
. . O

The DT I
only JJ I
industry NN I
group NN I
to TO O
show VB O
a DT I
gain NN I
from IN O
the DT I
industrial JJ I
average NN I
's POS B
record NN I
high JJ I
on IN O
Oct. NNP I
9 CD I
is VBZ O
restaurants NNS I
. . O

Among IN O
the DT I
three CD I
worst-performing JJ I
groups NNS I
, , O
with IN O
declines NNS I
of IN O
10 CD I
% NN I
to TO I
20 CD I
% NN I
, , O
are VBP O
airlines NNS I
, , O
casinos NNS I
and CC O
securities NNS I
brokers NNS I
. . O

Trading NN I
also RB O
was VBD O
heavy JJ O
in IN O
the DT I
over-the-counter JJ I
market NN I
. . O

The DT I
Nasdaq NNP I
composite JJ I
index NN I
closed VBD O
down RB O
1.05 CD I
to TO O
459.93 CD I
on IN O
volume NN I
of IN O
161.5 CD I
million CD I
shares NNS I
. . O

`` `` O
The DT I
environment NN I
is VBZ O
a DT I
lot NN I
more RBR O
trading-oriented JJ O
, , O
'' '' O
said VBD O
Gary NNP I
Rosenbach NNP I
, , O
manager NN I
of IN O
equity NN I
trading NN I
at IN O
the DT I
OTC NNP I
stock NN I
firm NN I
Needham NNP I
& CC I
Co. NNP I
in IN O
New NNP I
York NNP I
. . O

`` `` O
Because IN O
there EX I
is VBZ O
a DT I
lot NN I
more JJR O
volatility NN O
now RB O
, , O
if IN O
guys NNS I
see VBP O
that IN O
they PRP I
can MD O
make VB O
a DT I
quick JJ I
10 CD I
% NN I
or CC I
15 CD I
% NN I
profit NN I
, , O
they PRP I
'll MD O
take VB O
it PRP I
. . O
'' '' O

Compaq NNP I
Computer NNP I
gained VBD O
2 CD I
1\/8 CD I
to TO O
103 CD I
3\/4 CD I
on IN O
two CD I
million CD I
shares NNS I
, , O
reflecting VBG O
market NN I
optimism NN I
about IN O
the DT I
prospects NNS I
for IN O
its PRP$ I
newly RB I
introduced VBN I
notebook-sized JJ I
computer NN I
. . O

B.F. NNP I
Goodrich NNP I
dropped VBD O
1 CD I
3\/8 CD I
to TO O
49 CD I
1\/8 CD I
. . O

The DT I
company NN I
's POS B
third-quarter JJ I
earnings NNS I
were VBD O
below IN O
both DT O
analysts NNS I
' POS B
forecasts NNS I
and CC O
the DT I
year-earlier JJ I
level NN I
. . O

Blue NNP I
Arrow NNP I
added VBD O
1\/2 CD I
to TO O
17 CD I
1\/4 CD I
. . O

The DT I
British JJ I
company NN I
plans NNS O
to TO O
change VB O
its PRP$ I
name NN I
to TO O
Manpower NNP I
, , O
the DT I
name NN I
of IN O
its PRP$ I
U.S. NNP I
unit NN I
, , O
and CC O
write VB O
off IN O
part NN I
of IN O
nearly RB I
$ $ I
1.2 CD I
billion CD I
in IN O
good JJ I
will NN I
as IN O
a DT I
possible JJ I
prelude NN I
to TO O
reincorporating VBG O
in IN O
the DT I
U.S. NNP I
. . O

Dravo NNP I
rose VBD O
5\/8 CD I
to TO O
16 CD I
1\/8 CD I
. . O

Shearson NNP I
Lehman NNP I
Hutton NNP I
began VBD O
its PRP$ I
coverage NN I
of IN O
the DT I
company NN I
with IN O
favorable JJ I
ratings NNS I
. . O

Intertan NNP I
jumped VBD O
2 CD I
1\/4 CD I
to TO O
56 CD I
7\/8 CD I
. . O

The DT I
company NN I
reported VBD O
that IN O
earnings NNS I
from IN O
operations NNS I
for IN O
the DT I
September NNP I
quarter NN I
were VBD O
up IN O
about IN I
25 CD I
% NN I
from IN O
a DT I
year NN I
earlier RBR O
. . O

Bay NNP I
Financial NNP I
, , O
which WDT I
said VBD O
it PRP I
may MD O
be VB O
forced VBN O
to TO O
file VB O
under IN O
Chapter NN I
11 CD I
if IN O
it PRP I
ca MD O
n't RB O
reach VB O
an DT I
agreement NN I
with IN O
its PRP$ I
lenders NNS I
to TO O
relieve VB O
its PRP$ I
debt NN I
burden NN I
, , O
plunged VBD O
1 CD I
3\/8 CD I
to TO O
2 CD I
1\/8 CD I
. . O

The DT I
Amex NNP I
Market NNP I
Value NNP I
Index NNP I
fell VBD O
1.25 CD I
to TO O
375.16 CD I
. . O

Volume NN I
totaled VBD O
16,800,000 CD I
shares NNS I
. . O

Among IN O
active JJ I
Amex NNP I
issues NNS I
, , O
the DT I
American JJ I
depositary NN I
receipts NNS I
of IN O
B.A.T NNP I
Industries NNPS I
fell VBD O
1\/4 CD I
to TO O
11 CD I
3\/4 CD I
on IN O
turnover NN I
of IN O
885,800 CD I
. . O

Investment NN I
bankers NNS I
and CC O
retailers NNS I
said VBD O
the DT I
turmoil NN I
on IN O
Wall NNP I
Street NNP I
may MD O
benefit VB O
managers NNS I
who WP B
plan VBP O
to TO O
bid VB O
for IN O
U.S. NNP I
retailing NN I
units NNS I
of IN O
the DT I
British JJ I
firm NN I
because IN O
takeover NN I
prices NNS I
may MD O
not RB O
be VB O
as RB O
high JJ O
as IN O
before IN O
the DT I
recent JJ I
correction NN I
. . O

Fruit NNP I
of IN O
the DT I
Loom NNP I
slipped VBD O
1\/8 CD I
to TO O
12 CD I
3\/8 CD I
on IN O
501,200 CD I
shares NNS I
. . O

DWG NNP I
Corp. NNP I
jumped VBD O
1 CD I
1\/4 CD I
to TO O
15 CD I
on IN O
454,100 CD I
shares NNS I
. . O

Carnival NNP I
Cruise NNP I
Lines NNP I
Class NNP I
A DT I
dropped VBD O
1 CD I
to TO O
21 CD I
1\/8 CD I
on IN O
331,400 CD I
shares NNS I
. . O

Amex NNP I
issues NNS I
with IN O
big JJ I
percentage NN I
price NN I
gains NNS I
included VBD O
two CD I
Eastern NNP I
Air NNP I
Lines NNPS I
preferred JJ I
stocks NNS I
, , O
reacting VBG O
to TO O
the DT I
news NN I
about IN O
improved VBN I
recovery NN I
in IN O
flight NN I
schedules NNS I
after IN O
the DT I
company NN I
filed VBN O
for IN O
bankruptcy NN I
protection NN I
. . O

Eastern NNP I
's POS B
Class NNP I
F NN I
preferred JJ I
rose VBD O
12 CD I
% NN I
, , O
or CC O
1 CD I
1\/4 CD I
, , O
to TO O
11 CD I
3\/4 CD I
; : O
the DT I
Class NNP I
E NN I
preferred JJ I
gained VBD O
7 CD I
% NN I
, , O
or CC O
5\/8 CD I
, , O
to TO O
10 CD I
1\/4 CD I
. . O

The DT I
biggest JJS I
percentage NN I
gainer NN I
on IN O
the DT I
Amex NNP I
was VBD O
Enviropact NNP I
, , O
which WDT I
jumped VBD O
23 CD I
% NN I
, , O
or CC O
5\/8 CD I
, , O
to TO O
3 CD I
3\/8 CD I
on IN O
volume NN I
of IN O
29,000 CD I
shares NNS I
. . O

On IN O
Monday NNP I
, , O
the DT I
company NN I
, , O
a DT I
provider NN I
of IN O
environmental JJ I
consulting NN I
services NNS I
, , O
reported VBD O
a DT I
wider RBR I
fiscal JJ I
fourth-quarter JJ I
loss NN I
and CC O
predicted VBD O
a DT I
loss NN I
for IN O
its PRP$ I
fiscal JJ I
1990 CD I
first JJ I
quarter NN I
, , O
but CC O
said VBD O
a DT I
profit NN I
is VBZ O
expected VBN O
for IN O
all DT I
of IN O
fiscal JJ I
1990 CD I
. . O

But CC O
its PRP$ I
auditor NN I
, , O
Ernst NNP I
& CC I
Young NNP I
, , O
said VBD O
Enviropact NNP I
's POS B
financial JJ I
situation NN I
raises VBZ O
`` `` O
substantial JJ I
doubt NN I
about IN O
its PRP$ I
ability NN I
to TO O
continue VB O
as IN O
a DT I
going VBG I
concern NN I
. . O
'' '' O

Mission NNP I
Resource NNP I
Partners NNPS I
advanced VBD O
8 CD I
% NN I
, , O
or CC O
1 CD I
3\/8 CD I
, , O
to TO O
18 CD I
7\/8 CD I
. . O

Sonja NNP I
Steptoe NNP I
and CC O
David NNP I
Wilson NNP I
contributed VBD O
to TO O
this DT I
article NN I
. . O

ONE CD I
LIBERTY NNP I
PROPERTIES NNPS I
Inc. NNP I
declared VBD O
a DT I
dividend NN I
of IN O
40 CD I
cents NNS I
a DT B
share NN I
on IN O
its PRP$ I
$ $ I
16.50 CD I
cumulative JJ I
convertible JJ I
preferred JJ I
stock NN I
, , O
payable JJ O
Jan. NNP I
2 CD I
to TO O
stock VB I
of IN O
record NN I
Dec. NNP B
8 CD I
. . O

But CC O
directors NNS I
of IN O
the DT I
Great NNP I
Neck NNP I
, , I
N.Y. NNP I
, , I
real JJ I
estate NN I
investment NN I
trust NN I
did VBD O
n't RB O
act VB O
on IN O
the DT I
common JJ I
stock NN I
dividend NN I
. . O

And CC O
they PRP I
wo MD O
n't RB O
consider VB O
such JJ I
a DT I
dividend NN I
, , O
the DT I
trust NN I
added VBD O
, , O
before IN O
results NNS I
are VBP O
available JJ O
for IN O
the DT I
first JJ I
quarter NN I
of IN O
1990 CD I
. . O

In IN O
part NN I
, , O
the DT I
trust NN I
cited VBD O
the DT I
need NN I
to TO O
retain VB O
cash NN I
for IN O
possible JJ I
acquisitions NNS I
. . O

According VBG O
to TO O
a DT I
spokesman NN I
, , O
One CD I
Liberty NNP I
will MD O
have VB O
paid VBN O
out RP O
as IN O
dividends NNS I
the DT B
required VBN I
amount NN I
of IN O
its PRP$ I
taxable JJ I
income NN I
to TO O
maintain VB O
its PRP$ I
legal JJ I
status NN I
as IN O
a DT I
real JJ I
estate NN I
investment NN I
trust NN I
. . O

Banks NNS I
are VBP O
continuing VBG O
to TO O
go VB O
after IN O
individual JJ I
investors NNS I
, , O
despite IN O
falling VBG I
interest NN I
rates NNS I
. . O

Yields NNS I
on IN O
small-denomination NN I
certificates NNS I
of IN O
deposit NN I
fell VBD O
at IN O
about IN I
half PDT I
the DT I
rate NN I
of IN O
so-called JJ I
jumbo JJ I
CDs NNS I
this DT B
week NN I
, , O
according VBG O
to TO O
Banxquote NNP I
Money NNP I
Markets NNPS I
, , O
an DT I
information NN I
service NN I
based VBN O
here RB O
. . O

Investors NNS I
can MD O
get VB O
slightly RB I
higher JJR I
yields NNS I
on IN O
deposits NNS I
below IN O
$ $ I
50,000 CD I
than IN O
they PRP I
can MD O
on IN O
deposits NNS I
of IN O
$ $ I
90,000 CD I
and CC I
up RB I
. . O

`` `` O
Banks NNP I
want VBP O
to TO O
remain VB O
competitive JJ O
, , O
'' '' O
said VBD O
Norberto NNP I
Mehl NNP I
, , O
chairman NN I
of IN O
Banxquote NNP I
. . O

`` `` O
October NNP I
is VBZ O
a DT I
big JJ I
rollover NN I
month NN I
and CC O
perhaps RB O
they PRP I
anticipate VBP O
greater JJR I
demand NN I
... : I
among IN O
people NNS I
leaving VBG O
the DT I
stock NN I
market NN I
. . O
'' '' O

Some DT I
bankers NNS I
are VBP O
reporting VBG O
more JJR I
inquiries NNS I
than IN O
usual JJ O
about IN O
CDs NNS I
since IN O
Friday NNP I
. . O

`` `` O
Reports NNS I
from IN O
branches NNS I
are VBP O
that IN O
there EX I
has VBZ O
been VBN O
greater JJR I
interest NN I
in IN O
the DT I
last JJ I
day NN I
or CC O
so RB O
, , O
'' '' O
said VBD O
Steven NNP I
Braitman NNP I
, , O
a DT I
vice NN I
president NN I
at IN O
Chemical NNP I
Bank NNP I
in IN O
New NNP I
York NNP I
. . O

Chemical NNP I
said VBD O
deposits NNS I
Monday NNP B
were VBD O
about RB I
$ $ I
5 NN I
million CD I
higher JJR O
than IN O
usual JJ O
and CC O
it PRP I
expects VBZ O
more JJR I
activity NN I
as IN O
investors NNS I
receive VBP O
the DT I
proceeds NNS I
from IN O
sales NNS I
of IN O
stock NN I
. . O

`` `` O
This DT I
is VBZ O
no DT I
time NN I
to TO O
be VB O
playing VBG O
in IN O
the DT I
street NN I
... : O

the DT I
Dow NNP I
has VBZ O
more JJR I
ups NNS I
and CC I
downs NNS I
than IN O
an DT I
elevator NN I
, , O
'' '' O
proclaimed VBD O
an DT I
advertisement NN I
Monday NNP B
in IN O
New NNP I
York NNP I
newspapers NNS I
, , O
touting VBG O
Lincoln NNP I
Savings NNP I
Bank NNP I
's POS B
one-year JJ I
CD NNP I
. . O

Harold NNP I
Jones NNP I
, , O
Lincoln NNP I
's POS B
chief JJ I
retail JJ I
banking NN I
officer NN I
, , O
said VBD O
there EX I
has VBZ O
n't RB O
yet RB O
been VBN O
`` `` O
a DT I
discernible JJ I
response NN I
, , O
'' '' O
although IN O
the DT I
ad NN I
included VBD O
a DT I
coupon NN I
that WDT B
could MD O
arrive VB O
later RB O
in IN O
the DT I
week NN I
. . O

Friday NNP I
's POS B
market NN I
rout NN I
came VBD O
smack RB O
in IN O
the DT I
middle NN I
of IN O
the DT I
heaviest JJS I
month NN I
for IN O
CD NNP I
rollovers NNS I
, , O
when WRB O
a DT I
number NN I
of IN O
banks NNS I
and CC I
thrifts NNS I
already RB O
have VBP O
promotions NNS I
under IN O
way NN I
. . O

First NNP I
National NNP I
Bank NNP I
of IN O
Boston NNP I
, , O
for IN O
example NN I
, , O
is VBZ O
offering VBG O
certain JJ I
new JJ I
depositors NNS I
an DT B
extra JJ I
quarter NN I
of IN O
a DT I
percentage NN I
point NN I
on IN O
six-month JJ I
and CC I
12-month JJ I
CDs NNS I
. . O

Some DT I
banks NNS I
actually RB O
boosted VBD O
yields NNS I
on IN O
the DT I
shortest JJS I
term NN I
CDs NNS I
in IN O
the DT I
latest JJS I
week NN I
. . O

New NNP I
York NNP I
's POS B
Citibank NNP I
, , O
for IN O
instance NN I
, , O
increased VBD O
the DT I
yield NN I
on IN O
small-denomination NN I
three-month JJ I
CDs NNS I
to TO O
8 CD I
% NN I
from IN O
7.9 CD I
% NN I
. . O

On IN O
average JJ I
, , O
however RB O
, , O
three-month JJ I
CDs NNS I
at IN O
major JJ I
banks NNS I
are VBP O
yielding VBG O
a DT I
tenth NN I
of IN O
a DT I
percentage NN I
point NN I
less JJR O
than IN O
they PRP I
were VBD O
a DT I
week NN I
ago RB O
. . O

Average JJ I
yields NNS I
on IN O
CDs NNS I
aimed VBN O
at IN O
individual JJ I
investors NNS I
fell VBD O
less JJR O
than IN O
half NN I
as RB I
much JJ I
as IN O
yields NNS I
on IN O
Treasury NNP I
bills NNS I
sold VBN O
at IN O
Monday NNP I
's POS B
auction NN I
. . O

Six-month JJ I
CDs NNS I
of IN O
$ $ I
50,000 CD I
and CC O
less JJR O
yielded VBD O
an DT I
average JJ I
8.02 CD I
% NN I
in IN O
the DT I
week NN I
ended VBN O
Tuesday NNP I
, , O
down RB O
from IN O
8.10 CD I
% NN I
, , O
according VBG O
to TO O
Banxquote NNP I
. . O

The DT I
yield NN I
on IN O
six-month JJ I
T-bills NNS I
fell VBD O
to TO O
7.82 CD I
% NN I
on IN O
Monday NNP I
, , O
from IN O
8.01 CD I
% NN I
the DT B
week NN I
before RB O
. . O

Meanwhile RB O
, , O
the DT I
average JJ I
yield NN I
on IN O
six-month JJ I
CDs NNS I
of IN O
more JJR I
than IN I
$ $ I
90,000 CD I
fell VBD O
to TO O
7.93 CD I
% NN I
in IN O
the DT I
latest JJS I
week NN I
, , O
according VBG O
to TO O
Banxquote NNP I
, , O
from IN O
8.10 CD I
% NN I
the DT B
week NN I
before RB O
. . O

Mr. NNP I
Mehl NNP I
noted VBD O
that IN O
actual JJ I
rates NNS I
are VBP O
almost RB O
identical JJ O
on IN O
small JJ I
and CC I
large-denomination NN I
CDs NNS I
, , O
but CC O
yields NNS I
on IN O
CDs NNS I
aimed VBN O
at IN O
the DT I
individual JJ I
investor NN I
are VBP O
boosted VBN O
by IN O
more RBR I
frequent JJ I
compounding NN I
. . O

CDs NNS I
sold VBN O
by IN O
major JJ I
brokerage NN I
houses NNS I
, , O
which WDT I
like IN O
jumbo JJ I
CDs NNS I
tend VBP O
to TO O
closely RB O
follow VB O
interest NN I
rate NN I
trends NNS I
, , O
also RB O
posted VBD O
larger JJR I
drops VBZ I
in IN O
yields NNS I
. . O

A DT I
six-month JJ I
, , I
broker-sold JJ I
CD NNP I
, , O
for IN O
example NN I
, , O
was VBD O
yielding VBG O
an DT I
average JJ I
8.09 CD I
% NN I
in IN O
the DT I
latest JJS I
week NN I
, , O
a DT I
fifth NN I
of IN O
a DT I
percentage NN I
point NN I
lower JJR O
than IN O
the DT I
week NN I
before RB O
. . O

In IN O
late JJ I
April NNP I
, , O
when WRB O
interest NN I
rates NNS I
were VBD O
at IN O
their PRP$ I
recent JJ I
highs NNS I
, , O
short-term JJ I
CDs NNS I
sold VBN O
by IN O
brokers NNS I
were VBD O
offering NN O
yields NNS I
half PDT B
a DT I
percentage NN I
point NN I
or CC O
more JJR O
higher JJR O
than IN O
banks NNS I
. . O

CD JJ I
yields NNS I
are VBP O
generally RB O
expected VBN O
to TO O
fall VB O
further JJ O
in IN O
coming VBG I
weeks NNS I
. . O

`` `` O
What WP I
happened VBD O
in IN O
the DT I
stock NN I
market NN I
and CC O
the DT I
bigger JJR I
trade NN I
deficit NN I
'' '' O
reported VBD O
yesterday NN I
`` `` O
make VB O
it PRP I
unlikely JJ O
that IN O
short-term JJ I
interest NN I
rates NNS I
will MD O
rise VB O
'' '' O
any DT I
time NN I
soon RB O
, , O
said VBD O
Mr. NNP I
Mehl NNP I
of IN O
Banxquote NNP I
. . O

`` `` O
Even RB O
before IN O
the DT I
market NN I
drop NN I
, , O
rates NNS I
were VBD O
down RB O
about IN I
half PDT I
a DT I
percentage NN I
point NN I
, , O
'' '' O
said VBD O
Robert NNP I
J. NNP I
Hutchinson NNP I
, , O
senior JJ I
vice NN I
president NN I
for IN O
retail JJ I
marketing NN I
at IN O
Manufacturers NNP I
Hanover NNP I
Trust NNP I
Co. NNP I
in IN O
New NNP I
York NNP I
. . O

`` `` O
That DT I
puts VBZ O
pressure NN I
on IN O
CD NNP I
rates NNS I
. . O

Conservatives NNS I
have VBP O
an DT I
important JJ I
decision NN I
to TO O
make VB O
this DT I
fall NN I
. . O

At IN O
the DT I
recent JJ I
meetings NNS I
of IN O
the DT I
World NNP I
Bank NNP I
and CC I
International NNP I
Monetary NNP I
Fund NNP I
, , O
the DT I
Bush NNP I
administration NN I
announced VBD O
its PRP$ I
intention NN I
to TO O
decide VB O
by IN O
yearend NN I
the DT B
size NN I
of IN O
the DT I
next JJ I
increase NN I
in IN O
the DT I
IMF NNP I
's POS B
capital NN I
base NN I
. . O

While IN O
the DT I
U.S. NNP I
share NN I
of IN O
the DT I
increase NN I
probably RB O
will MD O
not RB O
reach VB O
the DT I
$ $ I
12 CD I
billion CD I
or CC O
more RBR O
implicit JJ O
in IN O
the DT I
IMF NNP I
's POS B
request NN I
for IN O
a DT I
doubling NN I
of IN O
its PRP$ I
$ $ I
90 CD I
billion CD I
capital NN I
, , O
the DT I
administration NN I
probably RB O
will MD O
agree VB O
to TO O
a DT I
multibillion-dollar JJ I
increase NN I
. . O

This DT I
would MD O
be VB O
consistent JJ O
with IN O
its PRP$ I
unwavering VBG I
support NN I
for IN O
the DT I
Brady NNP I
Plan NNP I
and CC O
G-7 NNP I
exchange-rate NN I
intervention NN I
, , O
and CC O
with IN O
its PRP$ I
financial JJ I
commitment NN I
to TO O
Mexico NNP I
, , I
Poland NNP I
and CC I
others NNS I
. . O

The DT I
IMF NNP I
has VBZ O
several JJ I
reasons NNS I
for IN O
requesting VBG O
the DT I
increase NN I
. . O

Its PRP$ I
role NN I
in IN O
the DT I
economies NNS I
of IN O
developing VBG I
countries NNS I
has VBZ O
grown VBN O
steadily RB O
since IN O
the DT I
1970s NNS I
. . O

The DT I
size NN I
and CC I
pace NN I
of IN O
disbursements NNS I
will MD O
accelerate VB O
further JJ O
under IN O
the DT I
Brady NNP I
Plan NNP I
, , O
which WDT I
promises VBZ O
larger JJR I
and CC I
earlier JJR I
disbursements NNS I
to TO O
approved VBD I
countries NNS I
. . O

At IN I
least JJS I
three CD I
other JJ I
factors NNS I
have VBP O
encouraged VBN O
the DT I
IMF NNP I
to TO O
insist VB O
on IN O
increased VBN I
capital NN I
. . O

First RB O
, , O
it PRP I
argues VBZ O
that IN O
its PRP$ I
capital NN I
base NN I
must MD O
be VB O
increased VBN O
in IN O
order NN I
to TO O
maintain VB O
its PRP$ I
size NN I
relative JJ O
to TO O
world NN I
financial JJ I
markets NNS I
, , O
for IN O
which WDT I
it PRP B
feels VBZ O
some DT I
responsibility NN I
. . O

Second JJ O
, , O
the DT I
World NNP I
Bank NNP I
's POS B
recent JJ I
$ $ I
75 CD I
billion CD I
capital NN I
increase NN I
-- : O
$ $ I
14 CD I
billion CD I
from IN O
the DT I
U.S. NNP I
-- : O
has VBZ O
left VBN O
the DT I
IMF NNP I
feeling NN O
less JJR O
than IN O
first JJ I
fiddle NN I
among IN O
international JJ I
financial JJ I
institutions NNS I
. . O

Third NNP O
, , O
the DT I
IMF NNP I
would MD O
like VB O
to TO O
meet VB O
Japan NNP I
's POS B
request NN I
for IN O
increased VBN I
ownership NN I
-LRB- ( O
currently RB I
4.5 CD I
% NN I
-RRB- ) O
. . O

Japan NNP I
has VBZ O
supported VBN O
a DT I
larger JJR I
role NN I
for IN O
the DT I
IMF NNP I
in IN O
developing-country JJ I
debt NN I
issues NNS I
, , O
and CC O
is VBZ O
an DT I
important JJ I
financial JJ I
resource NN I
for IN O
IMF-guided JJ I
programs NNS I
in IN O
developing VBG I
countries NNS I
. . O

While IN O
international JJ I
politics NNS I
may MD O
argue VB O
for IN O
the DT I
capital NN I
increase NN I
, , O
there EX I
is VBZ O
a DT I
clear JJ I
economic JJ I
case NN I
against IN O
it PRP I
. . O

Opponents NNS I
of IN O
the DT I
increase NN I
argue VBP O
that IN O
the DT I
IMF NNP I
practices NNS O
central JJ I
planning NN I
while IN O
supporting VBG O
ineffective JJ I
governments NNS I
. . O

They PRP I
question VBP O
whether IN O
the DT I
IMF NNP I
has VBZ O
any DT I
role NN I
in IN O
developing VBG I
countries NNS I
, , O
given VBN O
its PRP$ I
original JJ I
mandate NN I
to TO O
assist VB O
industrial JJ I
countries NNS I
in IN O
balance-of-payments NNS I
emergencies NNS I
. . O

Opponents NNS I
show VBP O
that IN O
there EX I
are VBP O
already RB O
more JJR I
funds NNS I
available JJ O
than IN O
commendable JJ I
reform NN I
efforts NNS I
. . O

They PRP I
worry VBP O
that IN O
new JJ I
IMF NNP I
funding NN I
of IN O
developing VBG I
countries NNS I
will MD O
simply RB O
end VB O
up IN O
substituting VBG O
IMF NNP I
debt NN I
for IN O
reschedulable JJ I
commercial JJ I
bank NN I
debt NN I
, , O
a DT I
bad JJ I
trade NN I
all DT O
around RB O
. . O

They PRP I
believe VBP O
microeconomics NNS I
, , O
which WDT I
addresses VBZ O
the DT I
problems NNS I
of IN O
markets NNS I
, , O
investment NN I
climate NN I
and CC O
management NN I
practices NNS I
, , O
is VBZ O
the DT I
key JJ I
to TO O
developing-country JJ I
growth NN I
, , O
not RB O
the DT I
IMF NNP I
's POS B
Keynesian JJ I
focus NN I
on IN O
trade NN I
deficits NNS I
, , O
quarterly JJ I
targets NNS I
and CC O
government NN I
debt NN I
. . O

They PRP I
point VBP O
at IN O
the DT I
numerous JJ I
developing-country JJ I
governments NNS I
that WDT B
have VBP O
inflated JJ O
, , O
taxed VBN O
and CC O
regulated VBN O
themselves PRP I
into IN O
despair NN I
under IN O
successive JJ I
IMF NNP I
programs NNS I
. . O

Decisions NNS I
on IN O
increases NNS I
in IN O
the DT I
IMF NNP I
's POS B
capital NN I
base NN I
traditionally RB O
are VBP O
made VBN O
by IN O
the DT I
administration NN I
, , O
with IN O
subsequent JJ I
authorization NN O
by IN O
Congress NNP I
. . O

The DT I
last JJ I
U.S. NNP I
congressional JJ I
authorization NN I
, , O
in IN O
1983 CD I
, , O
was VBD O
a DT I
political JJ I
donnybrook NN I
and CC O
carried VBD O
a DT I
$ $ I
6 CD I
billion CD I
housing NN I
program NN I
along IN O
with IN O
it PRP I
to TO O
secure VB O
adequate JJ I
votes NNS I
. . O

The DT I
politics NNS I
of IN O
the DT I
1990 CD I
congressional JJ I
authorization NN I
are VBP O
likely JJ O
to TO O
be VB O
similar JJ O
to TO O
those DT I
of IN O
previous JJ I
authorizations NNS I
. . O

Liberals NNS I
may MD O
support VB O
the DT I
stabilizing VBG I
, , I
quasi-governmental JJ I
role NN I
of IN O
the DT I
IMF NNP I
on IN O
two CD I
conditions NNS I
: : O
that IN O
the DT I
administration NN I
give NN O
assurances NNS I
that IN O
liberal JJ I
Democrats NNPS I
' POS B
support NN I
will MD O
not RB O
be VB O
used VBN O
against IN O
them PRP I
in IN O
congressional JJ I
re-election NN I
campaigns NNS I
; : O
and CC O
that IN O
the DT I
legislation NN I
address NN O
-- : O
with IN O
dollars NNS I
-- : O
social JJ I
and CC I
environmental JJ I
concerns NNS I
. . O

Conservative NNP I
Republicans NNPS I
will MD O
be VB O
given VBN O
the DT I
choice NN I
of IN O
supporting VBG O
or CC O
fighting VBG O
their PRP$ I
party NN I
's POS B
popular JJ I
president NN I
in IN O
an DT I
election NN I
year NN I
. . O

A DT I
U.S. NNP I
decision NN I
to TO O
refuse VB O
the DT I
IMF NNP I
its PRP$ B
capital NN I
increase NN I
, , O
or CC O
limit NN O
it PRP I
to TO O
25 CD I
% NN I
, , O
would MD O
bring VB O
a DT I
major JJ I
change NN I
in IN O
international JJ I
economic JJ I
policy NN I
, , O
and CC O
could MD O
not RB O
be VB O
taken VBN O
lightly RB O
. . O

Commentators NNS I
would MD O
fret VB O
over IN O
the DT I
implications NNS I
for IN O
the DT I
G-7 NNP I
coordination NN I
process NN I
and CC O
the DT I
stability NN I
of IN O
world NN I
financial JJ I
markets NNS I
. . O

Because IN O
commercial JJ I
banks NNS I
and CC O
the DT I
developing-country JJ I
governments NNS I
believe VBP O
they PRP I
will MD O
get VB O
a DT I
piece NN I
of IN O
any DT I
capital NN I
increase NN I
, , O
a DT I
scaled-down JJ I
IMF NNP I
mission NN I
would MD O
leave VB O
both DT I
feeling NN O
shortchanged VBN O
. . O

Furthermore RB O
, , O
a DT I
U.S. NNP I
rejection NN I
of IN O
the DT I
capital NN I
increase NN I
-LRB- ( O
and CC O
transfer NN I
of IN O
shares NNS I
to TO O
Japan NNP I
-RRB- ) O
would MD O
give VB O
Japan NNP I
an DT B
argument NN I
against IN O
future NN I
calls VBZ I
for IN O
economic JJ I
burden-sharing NN I
. . O

On IN O
the DT I
other JJ I
hand NN I
, , O
a DT I
decision NN I
to TO O
increase VB O
the DT I
IMF NNP I
's POS B
capital NN I
would MD O
reinforce VB O
the DT I
central JJ I
economic JJ I
role NN I
of IN O
multilateral JJ I
institutions NNS I
in IN O
developing VBG I
countries NNS I
. . O

With IN O
the DT I
increase NN I
, , O
even RB I
more RBR I
developing-country JJ I
energy NN I
and CC I
talent NN I
would MD O
be VB O
diverted VBN O
from IN O
creating VBG O
profitable JJ I
economic JJ I
systems NNS I
to TO O
setting VBG O
up IN O
economic JJ I
planning NN I
ministries NNS I
that WDT B
generate VBP O
IMF-approved JJ I
economic JJ I
plans NNS I
. . O

Upping VBG O
the DT I
ante NN I
could MD O
slow VB O
economic JJ I
development NN I
even RB O
further RBR O
, , O
as IN O
countries NNS I
delay VBP O
market-opening JJ I
steps NNS I
in IN O
anticipation NN I
of IN O
richer JJR I
multilateral JJ I
support NN I
. . O

Conservatives NNS I
should MD O
take VB O
a DT I
position NN I
prior RB O
to TO O
the DT I
administration NN I
's POS B
year-end NN I
deadline NN I
. . O

The DT I
issues NNS I
are VBP O
too RB O
important JJ O
to TO O
be VB O
left VBN O
to TO O
the DT I
financial JJ I
and CC I
budget NN I
ministries NNS I
fighting VBG O
over IN O
the DT I
size NN I
of IN O
the DT I
capital NN I
increase NN I
, , O
rather RB O
than IN O
its PRP$ I
purpose NN I
. . O

If IN O
conservatives NNS I
do VBP O
n't RB O
support VB O
an DT I
increase NN I
in IN O
the DT I
IMF NNP I
's POS B
capital NN I
, , O
then RB O
it PRP I
is VBZ O
incumbent JJ O
on IN O
them PRP I
to TO O
speak VB O
up IN O
now RB O
and CC O
explain VB O
the DT I
alternative NN I
. . O

Mr. NNP I
Malpass NNP I
directs VBZ O
the DT I
Republican NNP I
staff NN I
of IN O
the DT I
Joint NNP I
Economic NNP I
Committee NNP I
of IN O
Congress NNP I
. . O

The DT I
Chicago NNP I
Mercantile NNP I
Exchange NNP I
fined VBD O
and CC O
suspended VBN O
two CD I
commodities NNS I
traders NNS I
accused VBN O
of IN O
making VBG O
prearranged VBN I
trades NNS I
with IN O
each DT I
other NN I
that IN B
allegedly RB O
cheated VBN O
a DT I
customer NN I
. . O

Merc NN I
officials NNS I
said VBD O
Gary NNP I
N. NNP I
Roberts NNP I
was VBD O
disciplined VBN O
following VBG O
the DT I
exchange NN I
's POS B
investigation NN I
of IN O
his PRP$ I
trading NN I
in IN O
several JJ I
commodities NNS I
pits NNS I
from IN O
July NNP I
to TO O
November NNP I
1988 CD I
. . O

The DT I
Merc NNP I
said VBD O
Mr. NNP I
Roberts NNP I
withheld VBD O
from IN O
the DT I
market NN I
certain JJ B
orders NNS I
in IN O
cooperation NN I
with IN O
another DT I
trader NN I
, , O
David NNP I
Stein NNP I
. . O

The DT I
Merc NNP I
fined VBD O
Mr. NNP I
Roberts NNP I
$ $ B
15,000 CD I
and CC O
suspended VBN O
his PRP$ I
trading NN I
membership NN I
for IN O
three CD I
years NNS I
. . O

Also RB O
, , O
he PRP I
and CC O
Mr. NNP I
Stein NNP I
were VBD O
ordered VBN O
to TO O
make VB O
restitution NN I
of IN O
$ $ I
35,000 CD I
to TO O
a DT I
customer NN I
. . O

Mr. NNP I
Stein NNP I
was VBD O
fined VBN O
$ $ I
25,000 CD I
and CC O
suspended VBN O
for IN O
three CD I
years NNS I
. . O

Messrs. NNP I
Roberts NNP I
and CC I
Stein NNP I
could MD O
n't RB O
be VB O
reached VBN O
for IN O
comment NN I
. . O

The DT I
Merc NNP I
said VBD O
that IN O
as IN O
part NN I
of IN O
the DT I
disciplinary JJ I
settlement NN I
, , O
neither DT I
man NN I
admitted VBD O
, , O
nor CC O
denied VBD O
the DT I
alleged VBN I
violations NNS I
. . O

Neither CC I
was VBD O
among IN O
the DT I
46 CD I
traders NNS I
indicted VBD O
last JJ I
August NNP I
in IN O
a DT I
federal JJ I
investigation NN I
of IN O
traders NNS I
at IN O
both DT 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

In IN O
a DT I
move NN I
that WDT B
could MD O
pose VB O
a DT I
new JJ I
competitive JJ I
challenge NN I
to TO O
Time NNP I
Warner NNP I
Inc. NNP I
's POS B
powerful JJ I
Home NNP I
Box NNP I
Office NNP I
, , O
cable NN I
giant NN I
Tele-Communications NNP I
Inc. NNP I
agreed VBD O
to TO O
buy VB O
half NN I
of IN O
Showtime NNP I
Networks NNP I
Inc. NNP I
from IN O
Viacom NNP I
Inc. NNP I
for IN O
$ $ I
225 CD I
million CD I
. . O

The DT I
purchase NN I
comes VBZ O
after IN O
nearly RB I
three CD I
years NNS I
of IN O
on-again JJ I
off-again JJ I
talks NNS I
between IN O
TCI NNP I
and CC O
Viacom NNP I
, , O
which WDT I
has VBZ O
also RB O
discussed VBN O
the DT I
sale NN I
of IN O
an DT I
interest NN I
in IN O
Showtime NNP I
with IN O
other JJ I
cable NN I
operators NNS I
. . O

Showtime NNP I
is VBZ O
a DT I
distant JJ I
No. NN I
2 CD I
to TO O
Home NNP I
Box NNP I
Office NNP I
, , O
and CC O
in IN O
May NNP I
filed VBD O
a DT I
$ $ I
2.5 CD I
billion CD I
antitrust JJ I
suit NN I
against IN O
Time NNP I
Warner NNP I
, , O
charging VBG O
the DT I
company NN I
and CC O
its PRP$ I
HBO NNP I
and CC I
American NNP I
Television NNP I
cable NN I
units NNS I
with IN O
conspiring VBG O
to TO O
monopolize VB O
the DT I
pay NN I
TV NN I
business NN I
. . O

HBO NNP I
has VBZ O
close RB I
to TO I
24 CD I
million CD I
subscribers NNS I
to TO O
its PRP$ I
HBO NNP I
and CC I
Cinemax NNP I
networks NNS I
, , O
while IN O
Showtime NNP I
and CC O
its PRP$ I
sister NN I
service NN I
, , O
The DT I
Movie NNP I
Channel NNP I
, , O
have VBP O
only RB I
about IN I
10 CD I
million CD I
, , O
according VBG O
to TO O
Paul NNP I
Kagan NNP I
Associates NNPS I
, , O
a DT I
Carmel NNP I
, , I
Calif. NNP I
, , I
research NN I
firm NN I
. . O

For IN O
TCI NNP I
, , O
the DT I
investment NN I
in IN O
Showtime NNP I
puts VBZ O
it PRP I
in IN O
an DT I
unusual JJ I
position NN I
; : O
as IN O
the DT I
largest JJS I
cable NN I
operator NN I
, , O
with IN O
control NN I
of IN O
close RB I
to TO I
12 CD I
million CD I
of IN O
the DT I
nation NN I
's POS B
52 CD I
million CD I
cable NN I
subscribers NNS I
, , O
TCI NNP I
is VBZ O
HBO NNP I
's POS B
largest JJS I
customer NN I
. . O

But CC O
TCI NNP I
President NNP I
John NNP I
Malone NNP I
has VBZ O
long RB O
been VBN O
concerned VBN O
about IN O
HBO NNP I
's POS B
dominance NN I
of IN O
the DT I
pay NN I
TV NN I
business NN I
, , O
and CC O
has VBZ O
been VBN O
eager JJ O
to TO O
keep VB O
Showtime NNP I
as IN O
a DT I
healthy JJ I
competitor NN I
. . O

`` `` O
It PRP I
is VBZ O
important JJ O
to TO O
the DT I
cable NN I
industry NN I
that IN O
we PRP I
have VBP O
a DT I
vibrant JJ I
and CC I
competitive JJ I
pay-television NN I
marketplace NN I
, , O
'' '' O
Mr. NNP I
Malone NNP I
said VBD O
in IN O
a DT I
statement NN I
. . O

In IN O
a DT I
telephone NN I
interview NN I
, , O
Robert NNP I
Thomson NNP I
, , O
TCI NNP I
senior JJ I
vice NN I
president NN I
, , O
said VBD O
Showtime NNP I
's POS B
suit NN I
against IN O
HBO NNP I
`` `` O
does VBZ O
n't RB O
involve VB O
us PRP I
, , O
and CC O
nothing NN I
we PRP B
're VBP O
doing VBG O
here RB O
bears VBZ O
any DT I
relationship NN I
to TO O
that DT I
. . O
'' '' O

He PRP I
added VBD O
, , O
`` `` O
We PRP I
do VBP O
n't RB O
intend VB O
to TO O
be VB O
drawn VBN O
into IN O
it PRP I
, , O
'' '' O
noting VBG O
that IN O
TCI NNP I
wo MD O
n't RB O
play VB O
any DT I
active JJ I
role NN I
in IN O
the DT I
management NN I
of IN O
Showtime NNP I
. . O

Linking VBG O
up IN O
Showtime NNP I
with IN O
the DT I
largest JJS I
cable NN I
operator NN I
in IN O
the DT I
U.S. NNP I
could MD O
sharply RB O
boost VB O
its PRP$ I
subscribers NNS I
. . O

TCI NNP I
said VBD O
it PRP I
may MD O
bring VB O
in IN O
other JJ I
cable NN I
operators NNS I
as IN O
investors NNS I
, , O
a DT I
practice NN I
it PRP B
has VBZ O
employed VBN O
in IN O
the DT I
past NN I
with IN O
investments NNS I
in IN O
other JJ I
cable NN I
networks NNS I
, , O
such JJ O
as IN O
The DT I
Discovery NNP I
Channel NNP I
. . O

Additional JJ I
cable NN I
partners NNS I
could MD O
boost VB O
subscribers NNS I
even RB O
further JJ O
. . O

Time NNP I
Warner NNP I
declined VBD O
comment VB I
. . O

In IN O
addition NN I
to TO O
owning VBG O
HBO NNP I
, , O
Time NNP I
Warner NNP I
owns VBZ O
American NNP I
Television NNP I
& CC I
Communications NNP I
Inc. NNP I
, , O
the DT I
nation NN I
's POS B
second JJ I
largest JJS I
cable NN I
operator NN I
after IN O
TCI NNP I
. . O

Viacom NNP I
also RB O
owns VBZ O
cable NN I
systems NNS I
, , O
but CC O
it PRP I
is VBZ O
the DT I
14th JJ I
largest JJS I
operator NN I
of IN O
such JJ I
systems NNS I
, , O
with IN O
less JJR I
than IN I
one CD I
million CD I
subscribers NNS I
. . O

The DT I
TCI NNP I
investment NN I
is VBZ O
a DT I
big JJ I
victory NN I
for IN O
Viacom NNP I
's POS B
chief JJ I
executive JJ I
officer NN I
, , O
Frank NNP I
Biondi NNP I
, , O
and CC O
Winston NNP I
H. NNP I
Cox NNP I
, , O
president NN I
of IN O
the DT I
Showtime NNP I
unit NN I
. . O

`` `` O
This DT I
takes VBZ O
any DT I
question NN I
of IN O
Showtime NNP I
's POS B
viability NN I
and CC O
puts VBZ O
it PRP I
away RB O
once RB O
and CC O
for IN O
all DT I
, , O
'' '' O
Mr. NNP I
Biondi NNP I
said VBD O
in IN O
a DT I
telephone NN I
interview NN I
. . O

The DT I
fight NN I
between IN O
HBO NNP I
and CC O
Showtime NNP I
is VBZ O
particularly RB O
acrimonious JJ O
because IN O
Mr. NNP I
Biondi NNP I
is VBZ O
the DT I
former JJ I
chief JJ I
executive NN I
of IN O
HBO NNP I
, , O
and CC O
Mr. NNP I
Cox NNP I
served VBD O
as IN O
chief NN I
of IN O
marketing NN I
for IN O
the DT I
service NN I
. . O

They PRP I
were VBD O
both DT O
hired VBN O
by IN O
Sumner NNP I
Redstone NNP I
, , O
the DT I
Boston NNP I
billionaire NN I
who WP B
took VBD O
control NN I
of IN O
Viacom NNP I
three CD B
years NNS I
ago RB O
in IN O
a DT I
leveraged JJ I
buy-out NN I
. . O

Time NNP I
Warner NNP I
has VBZ O
vigorously RB O
denied VBN O
all DT I
of IN O
Viacom NNP I
's POS B
allegations NNS I
. . O

Boeing NNP I
Co. NNP I
, , O
already RB O
struck VBN O
by IN O
its PRP$ I
Machinists NNS I
union NN I
, , O
briefly NN O
called VBN O
off IN O
contract NN I
talks NNS I
with IN O
its PRP$ I
engineers NNS I
and CC O
labeled VBN O
their PRP$ I
demands NNS I
`` `` O
grossly RB O
excessive JJ O
. . O
'' '' O

Later RB O
, , O
however RB O
, , O
the DT I
company NN I
agreed VBD O
to TO O
meet VB O
on IN O
Monday NNP I
with IN O
the DT I
Seattle NNP I
Professional NNP I
Engineering NNP I
Employees NNP I
Association NNP I
after IN O
a DT I
federal JJ I
mediator NN I
intervened VBD O
, , O
according VBG O
to TO O
the DT I
union NN I
. . O

A DT I
spokesman NN I
for IN O
the DT I
engineers NNS I
said VBD O
the DT I
company NN I
asked VBD O
the DT I
union NN I
to TO O
reduce VB O
its PRP$ I
demands NNS I
, , O
which WDT I
included VBD O
a DT I
19 CD I
% NN I
pay NN I
hike NN I
in IN O
the DT I
first JJ I
year NN I
and CC O
8 CD I
% NN I
in IN O
the DT I
second JJ I
and CC I
third JJ I
years NNS I
. . O

The DT I
union NN I
represents VBZ O
about IN I
28,000 CD I
engineers NNS I
and CC I
technical JJ I
workers NNS I
. . O

Its PRP$ I
contract NN I
expires VBZ O
Dec. NNP I
1 CD I
. . O

Meanwhile RB O
, , O
a DT I
federal JJ I
mediator NN I
is VBZ O
scheduled VBN O
to TO O
meet VB O
today NN I
with IN O
Boeing NNP I
officials NNS I
and CC O
representatives NNS I
of IN O
55,000 CD I
striking JJ I
Machinists NNS I
. . O

`` `` O
It PRP I
will MD O
take VB O
several JJ I
meetings NNS I
to TO O
resolve VB O
this DT I
, , O
'' '' O
said VBD O
a DT I
spokesman NN I
for IN O
the DT I
Machinists NNS I
union NN I
. . O

`` `` O
We PRP I
do VBP O
n't RB O
want VB O
to TO O
bring VB O
back JJ O
something NN I
the DT B
members NNS I
will MD O
reject VB O
. . O
'' '' O

Machinists NNS I
already RB O
have VBP O
rejected VBN O
a DT I
package NN I
that WDT B
would MD O
have VB O
provided VBN O
a DT I
10 CD I
% NN I
pay NN I
raise NN I
plus CC O
bonuses NNS I
over IN O
the DT I
three-year JJ I
life NN I
of IN O
the DT I
contract NN I
. . O

It PRP I
also RB O
would MD O
have VB O
reduced VBN O
mandatory JJ I
overtime NN I
. . O

Investor NNP I
Asher NNP I
Edelman NNP I
increased VBD O
his PRP$ I
stake NN I
in IN O
Intelogic NNP I
Trace NNP I
Inc. NNP I
and CC O
cleared VBD O
the DT I
way NN I
for IN O
additional JJ I
purchases NNS I
. . O

It PRP I
was VBD O
n't RB O
clear JJ O
, , O
however RB O
, , O
whether IN O
the DT I
actions NNS I
were VBD O
related VBN O
to TO O
a DT I
battle NN I
between IN O
the DT I
corporate JJ I
raider NN I
and CC O
New NNP I
York NNP I
attorney NN I
Martin NNP I
Ackerman NNP I
for IN O
control NN I
of IN O
Datapoint NNP I
Corp. NNP I
, , O
a DT I
San NNP I
Antonio NNP I
, , I
Texas-based JJ I
data-processing NN I
systems NNS I
maker NN I
. . O

Intelogic NNP I
Trace NNP I
, , O
a DT I
computer NN I
services NNS I
company NN I
, , O
was VBD O
spun VBN O
off IN O
to TO O
Datapoint NNP I
holders NNS I
in IN O
1985 CD I
, , O
after IN O
Mr. NNP I
Edelman NNP I
gained VBD O
control NN I
. . O

After IN O
Mr. NNP I
Ackerman NNP I
announced VBD O
he PRP I
was VBD O
soliciting VBG O
consents NNS I
from IN O
shareholders NNS I
in IN O
order NN I
to TO O
wrest VB O
control NN I
of IN O
Datapoint NNP I
from IN O
Mr. NNP I
Edelman NNP I
, , O
the DT I
corporate JJ I
raider NN I
purchased VBN O
30 CD I
% NN I
of IN O
Datapoint NNP I
's POS B
shares NNS I
. . O

In IN O
a DT I
Securities NNP I
and CC I
Exchange NNP I
Commission NNP I
filing NN I
, , O
Mr. NNP I
Edelman NNP I
said VBD O
from IN O
Sept. NNP I
29 CD I
to TO O
Oct. NNP I
13 CD I
, , O
he PRP I
acquired VBD O
309,500 CD I
shares NNS I
of IN O
Intelogic NNP I
common JJ I
shares NNS I
for IN O
$ $ I
2.25 CD I
to TO I
$ $ I
2.375 CD I
each DT B
. . O

The DT I
purchases NNS I
increased VBD O
his PRP$ I
stake NN I
to TO O
16.2 CD I
% NN I
of IN O
the DT I
shares NNS I
outstanding JJ O
. . O

The DT I
filing NN I
also RB O
said VBD O
certain JJ I
provisions NNS I
which WDT B
apply VBP O
to TO O
persons NNS I
acquiring VBG O
20 CD I
% NN I
or CC I
more JJR I
of IN O
Intelogic NNP I
common JJ I
stock NN I
, , O
were VBD O
waived VBN O
by IN O
Intelogic NNP I
for IN O
Mr. NNP I
Edelman NNP I
, , O
who WP I
is VBZ O
chairman NN I
of IN O
the DT I
company NN I
. . O

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

The DT I
federal JJ I
government NN I
should MD O
make VB O
free JJ I
, , I
voluntary JJ I
testing NN I
for IN O
the DT I
AIDS NNP I
virus NN I
the DT B
cornerstone NN I
of IN O
an DT I
expanded VBN I
campaign NN I
to TO O
stop VB O
the DT I
spread NN I
of IN O
acquired VBN I
immune JJ I
deficiency NN I
syndrome NN I
, , O
the DT I
Hudson NNP I
Institute NNP I
recommended VBD O
. . O

`` `` O
By IN O
encouraging VBG O
massive JJ I
, , I
routine JJ I
, , I
voluntary JJ I
testing NN I
we PRP B
can MD O
enable VB O
society NN I
to TO O
voluntarily RB O
segregate VB O
itself PRP I
sexually RB O
into IN O
two CD I
groups NNS I
: : O
those DT I
who WP B
carry VBP O
the DT I
virus NN I
and CC O
those DT I
who WP B
do VBP O
not RB O
, , O
'' '' O
the DT I
Indianapolis NNP I
research NN I
organization NN I
said VBD O
in IN O
a DT I
new JJ I
report NN I
. . O

The DT I
report NN I
takes VBZ O
a DT I
more RBR I
alarmed VBN I
view NN I
of IN O
AIDS NNP I
and CC O
recommends VBZ O
a DT I
more JJR I
sweeping VBG I
response NN I
than IN O
many JJ I
other JJ I
analyses NNS I
. . O

It PRP I
warns VBZ O
that IN O
the DT I
AIDS NNP I
epidemic NN I
`` `` O
may MD O
reduce VB O
the DT I
rate NN I
of IN O
growth NN I
of IN O
the DT I
work NN I
force NN I
, , O
curb VB O
productivity NN I
gains NNS I
and CC O
slow JJ O
economic JJ I
growth NN I
. . O
'' '' O

It PRP I
contends VBZ O
that IN O
current JJ I
government NN I
policy NN I
is VBZ O
failing VBG O
to TO O
stem VB O
the DT I
AIDS NNP I
epidemic NN I
because IN O
it PRP I
suggests VBZ O
the DT I
use NN I
of IN O
condoms NNS I
can MD O
make VB O
sex NN I
`` `` O
safe JJ O
. . O
'' '' O

But CC O
the DT I
report NN I
says VBZ O
: : O
`` `` O
The DT I
only RB I
safe JJ I
sex NN I
is VBZ O
sex NN I
between IN O
uninfected JJ I
partners NNS I
, , O
'' '' O
and CC O
testing NN I
is VBZ O
the DT I
only JJ I
way NN I
to TO O
learn VB O
of IN O
infection NN I
. . O

Hudson NNP I
's POS B
researchers NNS I
estimated VBN O
that IN O
it PRP I
would MD O
cost VB O
less JJR I
than IN I
$ $ I
650 CD I
million CD I
a DT B
year NN I
to TO O
test VB O
the DT I
entire JJ I
population NN I
between IN O
the DT I
ages NNS I
of IN O
12 CD I
and CC I
65 CD I
years NNS I
old JJ O
. . O

In IN O
addition NN I
, , O
the DT I
report NN I
recommends VBZ O
that IN O
federal JJ I
and CC I
state NN I
governments NNS I
provide VBP O
free JJ I
treatment NN I
to TO O
all DT I
who WP B
test VBP O
positive JJ O
. . O

An DT I
unexpectedly RB I
sharp JJ I
widening NN I
in IN O
the DT I
U.S. NNP I
trade NN I
gap NN I
for IN O
August NNP I
dragged VBD O
the DT I
dollar NN I
lower JJR O
Tuesday NNP I
, , O
but CC O
profit-taking NN I
on IN O
short JJ I
positions NNS I
helped VBD O
the DT I
currency NN I
rebound NN O
to TO O
close VB O
mixed VBN O
against IN O
major JJ I
counterparts NNS I
. . O

While IN O
the DT I
market NN I
kept VBD O
careful JJ I
tabs NNS I
on IN O
Wall NNP I
Street NNP I
's POS B
gyrations NNS I
, , O
it PRP I
shrugged VBD O
off IN O
a DT I
modest JJ I
downturn NN I
in IN O
equities NNS I
to TO O
bid VB O
the DT I
dollar NN I
well RB O
above IN O
the DT I
day NN I
's POS B
lows NNS I
. . O

Soon RB O
after IN O
the DT I
release NN I
of IN O
the DT I
U.S. NNP I
trade NN I
figures NNS I
, , O
the DT I
dollar NN I
plunged VBD O
to TO O
an DT I
intraday JJ I
low NN I
of IN O
140.95 CD I
yen NN I
. . O

It PRP I
also RB O
declined VBD O
against IN O
the DT I
mark NN I
but CC O
did VBD O
n't RB O
reach VB O
its PRP$ I
intraday JJ I
low NN I
of IN O
1.8435 CD I
marks NNS I
until IN O
two CD I
hours NNS I
later RB O
. . O

The DT I
unit NN I
stabilized VBN O
about IN I
midday NN I
New NNP B
York NNP I
time NN I
at IN O
around IN I
1.85 CD I
marks NNS I
and CC O
141 CD I
yen NN I
, , O
prompting VBG O
unconfirmed JJ I
rumors NNS I
that IN O
the DT I
U.S. NNP I
Federal NNP I
Reserve NNP I
had VBD O
intervened VBN O
to TO O
blunt VB O
the DT I
unit NN I
's POS B
tumble NN I
. . O

The DT I
dollar NN I
finished VBD O
at IN O
its PRP$ I
intraday JJ I
highs NNS I
. . O

Dealers NNS I
noted VBD O
that IN O
the DT I
foreign JJ I
exchange NN I
market NN I
's POS B
initial JJ I
bearish JJ I
reaction NN I
to TO O
the DT I
U.S. NNP I
trade NN I
figures NNS I
was VBD O
tempered VBN O
later RB O
by IN O
a DT I
`` `` I
calmer JJR I
reassessment NN I
of IN O
the DT I
data NNS I
. . O
'' '' O

The DT I
U.S. NNP I
Commerce NNP I
Department NNP I
reported VBD O
a DT I
$ $ I
10.77 CD I
billion CD I
deficit NN I
in IN O
August NNP I
, , O
compared VBN O
with IN O
a DT I
revised VBN I
July NNP I
deficit NN I
of IN O
$ $ I
8.24 CD I
billion CD I
. . O

Economists NNS I
had VBD O
expected VBN O
a DT I
$ $ I
9.1 CD I
billion CD I
gap NN I
. . O

The DT I
August NNP I
figure NN I
reflected VBD O
a DT I
6.4 CD I
% NN I
rise NN I
in IN O
imports NNS I
and CC O
a DT I
0.2 CD I
% NN I
drop NN I
in IN O
exports NNS I
. . O

Marc NNP I
M. NNP I
Goloven NNP I
, , O
an DT I
economist NN I
with IN O
Manufacturers NNP I
Hanover NNP I
Trust NNP I
in IN O
New NNP I
York NNP I
, , O
said VBD O
that IN O
while IN O
the DT I
figures NNS I
appear VBP O
to TO O
indicate VB O
a DT I
sadly RB I
deteriorating VBG I
U.S. NNP I
trade NN I
performance NN I
, , O
there EX I
's VBZ O
still RB O
enough RB I
positive JJ I
news NN I
in IN O
the DT I
data NNS I
to TO O
justify VB O
buying VBG O
dollars NNS I
. . O

He PRP I
said VBD O
that IN O
while IN O
the DT I
U.S. NNP I
trade NN I
gap NN I
with IN O
Canada NNP I
has VBZ O
widened VBN O
significantly RB O
, , O
the DT I
trade NN I
deficit NN I
with IN O
Western NNP I
Europe NNP I
and CC O
Japan NNP I
continues VBZ O
to TO O
narrow VB O
. . O

And CC O
he PRP I
added VBD O
that WDT O
manufactured VBD I
goods NNS I
exports NNS I
are VBP O
still RB O
rising VBG O
. . O

The DT I
dollar NN I
's POS B
near-term JJ I
path NN I
remains VBZ O
foggy JJ O
, , O
according VBG O
to TO O
currencny NN I
analysts NNS I
, , O
who WP I
characterize VBP O
the DT I
market NN I
as IN O
`` `` O
bewildering VBG O
. . O
'' '' O

In IN O
late JJ I
New NNP I
York NNP I
trading NN I
yesterday NN B
, , O
the DT I
dollar NN I
was VBD O
quoted VBN O
at IN O
1.8667 CD I
marks NNS I
, , O
down RB O
from IN O
1.8685 CD I
marks NNS I
late JJ B
Monday NNP I
, , O
and CC O
at IN O
142.75 CD I
yen NN I
, , O
up IN O
from IN O
141.85 CD I
yen NN I
late JJ B
Monday NNP I
. . O

Sterling NNP I
was VBD O
unchanged JJ O
at IN O
$ $ I
1.5753 CD I
. . O

In IN O
Tokyo NNP I
Wednesday NNP B
, , O
the DT I
U.S. NNP I
currency NN I
opened VBD O
for IN O
trading NN I
at IN O
142.55 CD I
yen NN I
, , O
unchanged JJ O
from IN O
Tuesday NNP I
's POS B
Tokyo NNP I
close NN I
. . O

Later RB O
, , O
the DT I
U.S. NNP I
currency NN I
fell VBD O
to TO O
about IN I
142.25 CD I
yen NN I
on IN O
news NN I
reports NNS I
of IN O
the DT I
San NNP I
Francisco NNP I
earthquake NN I
. . O

Some DT I
analysts NNS I
remain VBP O
bullish JJ O
and CC O
point NN O
out RP O
that IN O
the DT I
dollar NN I
continues VBZ O
to TO O
be VB O
well JJ O
bid NN O
despite IN O
key JJ I
rate NN I
increases NNS I
in IN O
Europe NNP I
and CC I
Japan NNP I
, , O
several JJ I
weeks NNS I
of IN O
aggressive JJ I
dollar NN I
sales NNS I
by IN O
the DT I
world NN I
central JJ I
banks NNS I
-- : O
some DT I
traders NNS I
estimate VBP O
that IN O
the DT I
barrage NN I
of IN O
sales NNS I
topped VBD O
$ $ I
12 CD I
billion CD I
-- : O
and CC O
a DT I
190-point JJ I
plunge NN I
on IN O
the DT I
New NNP I
York NNP I
Stock NNP I
Exchange NNP I
. . O

They PRP I
note VBP O
that IN O
the DT I
U.S. NNP I
unit NN I
is VBZ O
trading VBG O
at IN O
the DT I
upper JJ I
end NN I
of IN O
the DT I
presumed VBN I
target NN I
zones NNS I
established VBN O
by IN O
the DT O
Group NNP I
of IN O
Seven CD I
trading NN O
partners NNS O
. . O

The DT I
G-7 NNP I
comprises VBZ O
West NNP I
Germany NNP I
, , O
the DT I
U.S. NNP I
, , O
France NNP I
, , O
the DT I
U.K. NNP I
, , O
Italy NNP I
, , O
Canada NNP I
and CC O
Japan NNP I
. . O

The DT I
so-called NNP I
Louvre NNP I
accord NN I
was VBD O
seen VBN O
to TO O
have VB O
set VBN O
ranges NNS I
of IN O
1.70 CD I
marks NNS I
to TO O
1.90 CD I
marks NNS I
and CC O
120 CD I
yen NN I
to TO O
140 CD I
yen NN I
. . O

They PRP I
say VBP O
that IN O
the DT I
recent JJ I
injection NN I
of IN O
liquidity NN I
into IN O
the DT I
U.S. NNP I
banking NN I
system NN I
has VBZ O
been VBN O
modest JJ O
, , O
and CC O
they PRP I
do VBP O
n't RB O
anticipate VB O
significant JJ I
easing NN I
by IN O
the DT I
U.S. NNP I
Federal NNP I
Reserve NNP I
. . O

The DT I
Fed NNP I
arranged VBD O
$ $ I
1.5 CD I
billion CD I
of IN O
customer NN I
repurchase NN I
agreements NNS I
Tuesday NNP B
, , O
the DT I
second JJ I
repurchase NN I
agreement NN I
in IN O
two CD I
days NNS I
. . O

The DT I
move NN I
, , O
which WDT I
injects VBZ O
capital NN I
into IN O
the DT I
system NN I
, , O
is VBZ O
seen VBN O
as IN O
an DT I
effort NN I
to TO O
reassure VB O
the DT I
finanicial JJ I
markets NNS I
that IN O
the DT I
U.S. NNP I
central JJ I
bank NN I
is VBZ O
ready JJ O
to TO O
provide VB O
the DT I
ample JJ I
liquidity NN I
. . O

But CC O
other JJ I
analysts NNS I
contend VBP O
that IN O
while IN O
the DT I
Fed NNP I
's POS B
move NN I
to TO O
loosen VB O
credit NN I
has VBZ O
n't RB O
been VBN O
aggressive JJ O
, , O
it PRP I
nevertheless RB O
sends VBZ O
a DT I
clear JJ I
signal NN I
that IN O
, , O
at IN O
least JJS O
for IN O
now RB I
, , O
the DT I
Fed NNP I
has VBZ O
relaxed VBN O
its PRP$ I
grip NN I
on IN O
credit NN I
. . O

They PRP I
add VBP O
that IN O
the DT I
Fed NNP I
has VBZ O
allowed VBN O
the DT I
key JJ I
federal JJ I
funds NNS I
interest VBP I
rate NN I
to TO O
dip VB O
to TO O
about IN I
8 CD I
5\/8 CD I
% NN I
from IN O
its PRP$ I
levels NNS I
of IN O
just RB I
below IN I
9 CD I
% NN I
last JJ B
week NN I
. . O

The DT I
federal JJ I
funds NNS I
rate NN I
is VBZ O
the DT I
overnight JJ I
lending NN I
rate NN I
that IN B
banks NNS B
charge VBP O
each DT I
other NN I
. . O

Market NN I
participants NNS I
said VBD O
that IN O
the DT I
mark NN I
continues VBZ O
to TO O
post VB O
the DT I
most RBS I
significant JJ I
gains NNS I
against IN O
the DT I
dollar NN I
. . O

On IN O
the DT I
Commodity NNP I
Exchange NNP I
in IN O
New NNP I
York NNP I
, , O
gold NN I
for IN O
current JJ I
delivery NN I
settled VBD O
at IN O
$ $ I
367.40 CD I
an DT B
ounce NN I
, , O
up IN O
10 CD I
cents NNS I
. . O

Estimated VBN I
volume NN I
was VBD O
a DT I
moderate JJ I
3.5 CD I
million CD I
ounces NNS I
. . O

In IN O
early JJ I
trading NN I
in IN O
Hong NNP I
Kong NNP I
Wednesday NNP B
, , O
gold NN I
was VBD O
at IN O
$ $ I
366.55 CD I
an DT B
ounce NN I
. . O

National NNP I
Semiconductor NNP I
Corp. NNP I
said VBD O
it PRP I
settled VBD O
a DT I
four-year-old JJ I
patent NN I
infringement NN I
case NN I
against IN O
Linear NNP I
Technology NNP I
Corp. NNP I
by IN O
accepting VBG O
a DT I
$ $ I
3 CD I
million CD I
payment NN I
from IN O
Linear NNP I
in IN O
exchange NN I
for IN O
granting VBG O
Linear NNP I
irrevocable JJ B
licenses NNS I
for IN O
all DT I
products NNS I
involved VBN O
. . O

The DT I
two CD I
companies NNS I
also RB O
agreed VBD O
to TO O
settle VB O
any DT I
future NN I
property NN I
rights NNS I
issues NNS I
over IN O
the DT I
next JJ I
10 CD I
years NNS I
through IN O
binding NN I
arbitration NN I
, , O
both DT I
companies NNS I
said VBD O
. . O

The DT I
products NNS I
are VBP O
so-called JJ I
analog NN I
integrated VBN I
circuits NNS I
that WDT B
have VBP O
applications NNS I
in IN O
the DT I
consumer NN I
electronics NNS I
, , I
automobile NN I
and CC I
electronic JJ I
instrumentation NN I
markets NNS I
. . O

Linear NNP I
Technology NNP I
, , O
Milpitas NNP I
, , O
Calif. NNP I
, , O
called VBD O
the DT I
settlement NN I
`` `` O
positive JJ O
, , O
'' '' O
since IN O
products NNS I
covered VBN O
by IN O
the DT I
disputed VBN I
patents NNS I
account VBP O
for IN O
about IN I
20 CD I
% NN I
of IN O
its PRP$ I
annual JJ I
sales NNS I
. . O

The DT I
electronics NNS I
concern VBP I
said VBD O
it PRP I
already RB O
has VBZ O
paid VBN O
$ $ I
2 CD I
million CD I
of IN O
the DT I
settlement NN I
to TO O
National NNP I
Semiconductor NNP I
, , O
Santa NNP I
Clara NNP I
, , O
Calif. NNP I
, , O
and CC O
will MD O
pay VB O
the DT I
remaining VBG I
$ $ I
1 CD I
million CD I
in IN O
equal JJ I
installments NNS I
over IN O
the DT I
next JJ I
eight CD I
quarters NNS I
. . O

The DT I
payments NNS I
are VBP O
n't RB O
expected VBN O
to TO O
have VB O
an DT I
impact NN I
on IN O
coming VBG I
operating VBG I
results NNS I
, , O
Linear NNP I
added VBD O
. . O

NBC NNP I
's POS B
winning VBG I
streak NN I
has VBZ O
been VBN O
canceled VBN O
. . O

The DT I
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
had VBD O
its PRP$ I
record-breaking JJ I
68-week JJ I
reign NN I
as IN O
the DT I
prime-time JJ I
ratings NNS I
leader NN I
snapped VBD O
yesterday NN I
by IN O
ABC-TV NNP I
, , O
a DT I
subsidiary NN I
of IN O
Capital NNP I
Cities\/ABC NNP I
Inc NNP I
. . O

In IN O
the DT I
ratings NNS I
compiled VBN O
by IN O
the DT I
A.C. NNP I
Nielsen NNP I
Co. NNP I
, , O
ABC NNP I
, , O
which WDT I
broadcast NN O
the DT I
World NNP I
Series NNP I
, , O
topped VBD O
the DT I
competition NN I
with IN O
a DT I
14.8 CD I
rating NN I
and CC I
25 CD I
share NN I
. . O

NBC NNP I
was VBD O
second JJ O
with IN O
a DT I
13.9 CD I
rating NN I
and CC I
24 CD I
share NN I
followed VBN O
by IN O
CBS NNP I
Inc. NNP I
's POS B
television NN I
network NN I
with IN O
a DT I
12.5 CD I
rating NN I
and CC I
21 CD I
share NN I
. . O

-LRB- ( O
A DT I
ratings NNS I
point VBP I
represents VBZ O
904,000 CD I
television NN I
households NNS I
; : O
shares NNS I
indicate VBP O
the DT I
percentage NN I
of IN O
sets NNS I
in IN O
use NN I
. . O
-RRB- ) O

The DT I
first JJ I
two CD I
games NNS I
of IN O
the DT I
World NNP I
Series NNP I
between IN O
the DT I
Oakland NNP I
Athletics NNP I
and CC I
San NNP I
Francisco NNP I
Giants NNP I
did VBD O
n't RB O
finish VB O
in IN O
the DT I
top JJ I
10 CD I
; : O
instead RB O
they PRP I
landed VBD O
in IN O
16th JJ I
and CC I
18th JJ I
place NN I
. . O

The DT I
highest-rated JJ I
show NN I
continues VBZ O
to TO O
be VB O
ABC NNP I
's POS B
`` `` I
Roseanne NNP I
. . O
'' '' O

NBC NNP I
had VBD O
five CD I
of IN O
the DT I
top JJ I
10 CD I
shows VBZ O
; : O
ABC NNP I
had VBD O
four CD I
and CC O
CBS NNP I
had VBD O
one CD I
. . O

CBS NNP I
held VBD O
the DT I
previous JJ I
record NN I
for IN O
consecutive JJ I
No. NN I
1 CD I
victories NNS I
-- : O
46 CD I
weeks NNS I
-- : O
during IN O
the DT I
1962-63 CD I
season NN I
. . O

Procter NNP I
& CC I
Gamble NNP I
Co. NNP I
, , O
Cincinnati NNP I
, , O
expanding VBG O
its PRP$ I
presence NN I
in IN O
the DT I
food NN I
service NN I
market NN I
, , O
said VBD O
it PRP I
acquired VBD O
Maryland NNP I
Club NNP I
Foods NNPS I
, , O
a DT I
coffee NN I
supplier NN I
, , O
from IN O
an DT I
investor NN I
group NN I
led VBN O
by IN O
F. NNP I
Philip NNP I
Handy NNP I
of IN O
Winter NNP I
Park NNP I
, , O
Fla NNP I
. . O

Terms NNS I
were VBD O
n't RB O
disclosed VBN O
. . O

Houston-based NNP I
Maryland NNP I
Club NNP I
Foods NNPS I
, , O
which WDT I
had VBD O
sales NNS I
of IN O
about RB I
$ $ I
200 CD I
million CD I
last JJ B
year NN I
, , O
sells VBZ O
coffee NN I
under IN O
the DT I
Maryland NNP I
Club NNP I
and CC I
Butter-Nut NNP I
brands NNS I
to TO O
restaurants NNS I
, , I
hotels NNS I
, , I
offices NNS I
and CC I
airlines NNS I
. . O

The DT I
acquisition NN I
`` `` O
gives VBZ O
us PRP I
additional JJ B
production NN I
capacity NN I
for IN O
the DT I
food NN I
service NN I
coffee NN I
business NN I
and CC O
a DT I
stronger JJR I
distribution NN I
network NN I
, , O
'' '' O
a DT I
P&G NNP I
spokesman NN I
said VBD O
. . O

P&G NNP I
already RB O
sells VBZ O
its PRP$ I
Folgers NNP I
ground NN I
roast NN I
coffee NN I
to TO O
food NN I
service NN I
concerns NNS I
, , O
but CC O
not RB O
to TO O
as IN I
many JJ I
markets NNS I
as IN O
Maryland NNP I
Club NNP I
. . O

For IN O
example NN I
, , O
P&G NNP I
up IN O
until IN O
now RB I
has VBZ O
n't RB O
sold VBN O
coffee NN I
to TO O
airlines NNS I
and CC O
does VBZ O
only RB I
limited JJ I
business NN I
with IN O
hotels NNS I
and CC O
large JJ I
restaurant NN I
chains NNS I
. . O

Maryland NNP I
Club NNP I
also RB O
distributes VBZ O
tea NN I
, , O
which WDT I
fits VBZ O
well RB O
with IN O
P&G NNP I
's POS B
Tender NN I
Leaf NN I
brand NN I
, , I
and CC I
hot JJ I
cocoa NN I
products NNS I
. . O

The DT I
company NN I
said VBD O
the DT I
acquisition NN I
has VBZ O
been VBN O
completed VBN O
and CC O
reviewed VBN O
by IN O
the DT I
Federal NNP I
Trade NNP I
Commission NNP I
. . O

The DT I
purchase NN I
includes VBZ O
a DT I
coffee-roasting JJ I
plant NN I
in IN O
Omaha NNP I
, , O
Neb. NNP I
, , O
and CC O
a DT I
leased VBN I
facility NN I
in IN O
Houston NNP I
. . O

MACMILLAN NNP I
BLOEDEL NNP I
Ltd. NNP I
said VBD O
it PRP I
borrowed VBD O
215 CD I
million CD I
Dutch JJ I
guilders NNS I
-LRB- ( O
US$ $ I
102 CD I
million CD I
-RRB- ) O
from IN O
a DT I
group NN I
of IN O
Dutch JJ I
institutional JJ I
investors NNS I
. . O

MacMillan NNP I
Bloedel NNP I
, , O
a DT I
Vancouver NNP I
, , I
British NNP I
Columbia NNP I
, , I
forest NN I
products NNS I
concern VBP I
, , O
said VBD O
the DT I
8.1 CD I
% NN I
loan NN I
is VBZ O
due JJ O
Oct. NNP I
16 CD I
, , I
1996 CD I
. . O

Funds NNS I
will MD O
be VB O
used VBN O
to TO O
repay VB O
existing VBG I
short-term JJ I
debt NN I
and CC O
to TO O
finance VB O
capital NN I
spending NN I
, , O
it PRP I
said VBD O
. . O

President NNP I
Bush NNP I
will MD O
veto VB O
a DT I
bill NN I
funding VBG O
the DT I
Departments NNPS I
of IN O
Labor NNP I
, , O
Education NNP I
and CC O
Health NNP I
and CC I
Human NNP I
Services NNP I
because IN O
it PRP I
would MD O
allow VB O
federal JJ I
funding NN I
of IN O
abortions NNS I
for IN O
victims NNS I
of IN O
rape NN I
and CC I
incest NN I
, , O
the DT I
White NNP I
House NNP I
said VBD O
. . O

Mr. NNP I
Bush NNP I
had VBD O
threatened VBN O
a DT I
veto NN I
previously RB O
. . O

But CC O
he PRP I
put VBP O
off IN O
a DT I
firm NN I
decision NN I
while IN O
his PRP$ I
aides NNS I
and CC I
legislators NNS I
searched VBD O
for IN O
a DT I
compromise NN I
that WDT B
would MD O
tighten VB O
requirements NNS I
for IN O
such JJ I
abortions NNS I
in IN O
a DT I
way NN I
acceptable JJ O
to TO O
the DT I
president NN I
. . O

White NNP I
House NNP I
Press NNP I
Secretary NNP I
Marlin NNP I
Fitzwater NNP I
said VBD O
negotiations NNS I
between IN O
Bush NNP I
aides NNS I
and CC O
lawmakers NNS I
ended VBD O
Monday NNP I
without IN O
success NN I
. . O

Most JJS I
lawmakers NNS I
think VBP O
it PRP I
will MD O
be VB O
extremely RB O
difficult JJ O
for IN O
Mr. NNP I
Bush NNP I
's POS B
opponents NNS I
on IN O
the DT I
abortion NN I
issue NN I
to TO O
round VB O
up IN O
the DT I
votes NNS I
needed VBN O
to TO O
override VB O
the DT I
veto NN I
. . O

But CC O
there EX I
still RB O
may MD O
be VB O
prolonged VBN I
debate NN I
and CC O
political JJ I
maneuvering NN I
that WDT B
holds VBZ O
up IN O
the DT I
$ $ I
156.7 CD I
billion CD I
funding NN I
bill NN I
for IN O
the DT I
fiscal JJ I
year NN I
that WDT B
began VBD O
Oct. NNP I
1 CD I
. . O

Mr. NNP I
Bush NNP I
has VBZ O
said VBD O
he PRP I
personally RB O
approves VBZ O
of IN O
abortions NNS I
in IN O
the DT I
cases NNS I
of IN O
rape NN I
, , O
incest NN I
and CC O
danger NN I
to TO O
the DT I
life NN I
of IN O
the DT I
mother NN I
. . O

But CC O
he PRP I
has VBZ O
opposed VBN O
Medicaid NNP I
funding NN I
of IN O
abortions NNS I
for IN O
poor JJ I
women NNS I
who WP B
say VBP O
they PRP I
are VBP O
victims NNS I
of IN O
rape NN I
and CC I
incest NN I
, , O
arguing VBG O
that IN O
those DT I
exceptions NNS I
are VBP O
enforced VBN O
so RB O
loosely RB O
that IN O
they PRP I
open VB O
the DT I
way NN I
for IN O
abortions NNS I
for IN O
other JJ I
women NNS I
. . O

NEWSPAPERS NNS I
: : I

Media NNP I
General NNP I
Inc. NNP I
intends VBZ O
to TO O
sell VB O
two CD I
of IN O
its PRP$ I
West NNP I
Coast NNP I
weekly JJ I
newspaper NN I
chains NNS I
, , O
Golden NNP I
West NNP I
Publishing NNP I
Inc. NNP I
and CC O
Highlander NNP I
Publications NNP I
, , O
which WDT I
together RB O
comprise VBP O
31 CD I
papers NNS I
. . O

Media NNP I
General NNP I
said VBD O
it PRP I
has VBZ O
had VBN O
inquiries NNS I
from IN O
potential JJ I
buyers NNS I
and CC O
expects VBZ O
to TO O
complete VB O
a DT I
sale NN I
in IN O
1989 CD I
. . O

It PRP I
would MD O
n't RB O
discuss VB O
a DT I
price NN I
. . O

Lee NNP I
Dirks NNP I
& CC I
Associates NNPS I
is VBZ O
to TO O
sell VB O
the DT I
chains NNS I
. . O

J.P. NNP I
Morgan NNP I
& CC I
Co. NNP I
, , O
New NNP I
York NNP I
, , O
will MD O
help VB O
the DT I
statutory JJ I
managers NNS I
of IN O
DFC NNP I
New NNP I
Zealand NNP I
Ltd. NNP I
to TO O
evaluate VB O
the DT I
failed VBN I
investment NN I
bank NN I
's POS B
condition NN I
. . O

Earlier RBR O
this DT I
month NN I
, , O
the DT I
Reserve NNP I
Bank NNP I
of IN O
New NNP I
Zealand NNP I
, , O
the DT I
country NN I
's POS B
central JJ I
bank NN I
, , O
appointed VBD O
the DT I
managers NNS I
to TO O
run VB O
the DT I
investment NN I
bank NN I
and CC O
pay VB O
creditors NNS I
. . O

DFC NNP I
asked VBD O
the DT I
central JJ I
bank NN I
to TO O
appoint VB O
managers NNS I
after IN O
it PRP I
revised VBD O
loan-loss NN I
provisions NNS I
to TO O
around IN I
the DT I
same JJ I
level NN I
of IN O
shareholders NNS I
' POS B
funds NNS I
of IN O
180 CD I
million CD I
New NNP I
Zealand NNP I
dollars NNS I
-LRB- ( O
US$ $ I
105.4 CD I
million CD I
-RRB- ) O
. . O

DFC NNP I
is VBZ O
held VBN O
80 CD I
% NN I
by IN O
National NNP I
Provident NNP I
Fund NNP I
, , O
New NNP I
Zealand NNP I
's POS B
largest JJS I
pension NN I
fund NN I
, , O
and CC O
20 CD I
% NN I
by IN O
Salomon NNP I
Brothers NNP I
Inc. NNP I
, , O
the DT I
investment-bank JJ I
and CC I
securities-firm NN I
subsidiary NN I
of IN O
Salomon NNP I
Inc. NNP I
in IN O
New NNP I
York NNP I
. . O

A DT I
spokeswoman NN I
for IN O
J.P. NNP I
Morgan NNP I
, , O
parent NN I
of IN O
the DT I
bank NN I
Morgan NNP I
Guaranty NNP I
Trust NNP I
Co. NNP I
, , O
confirmed VBD O
its PRP$ I
appointment NN I
to TO O
assist VB O
the DT I
managers NNS I
but CC O
declined VBD O
to TO O
elaborate VB O
. . O

The DT I
managers NNS I
said VBD O
in IN O
a DT I
brief JJ I
statement NN I
yesterday NN B
that IN O
Morgan NNP I
will MD O
help VB O
evaluate VB O
DFC NNP I
's POS B
position NN I
and CC O
help VB O
determine VB O
alternatives NNS I
. . O

The DT I
managers NNS I
do VBP O
n't RB O
expect VB O
to TO O
complete VB O
the DT I
evaluation NN I
until IN O
Nov. NNP I
30 CD I
. . O

An DT I
experimental JJ I
vaccine NN I
can MD O
alter VB O
the DT I
immune JJ I
response NN I
of IN O
people NNS I
infected VBN O
with IN O
the DT I
AIDS NNP I
virus NN I
, , O
a DT I
prominent JJ I
U.S. NNP I
scientist NN I
said VBD O
. . O

However RB O
, , O
that WDT I
does VBZ O
n't RB O
mean VB O
they PRP I
can MD O
benefit VB O
from IN O
the DT I
vaccine NN I
. . O

Its PRP$ I
effectiveness NN I
ca MD O
n't RB O
be VB O
determined VBN O
until IN O
a DT I
large JJ I
clinical JJ I
trial NN I
is VBZ O
undertaken VBN O
by IN O
the DT I
Army NNP I
in IN O
January NNP I
, , O
according VBG O
to TO O
Robert NNP I
Redfield NNP I
, , O
chief NN I
of IN O
acquired VBN I
immune JJ I
deficiency NN I
syndrome NN I
research NN I
at IN O
Walter NNP I
Reed NNP I
Army NNP I
Institute NNP I
of IN O
Research NNP I
. . O

Dr. NNP I
Redfield NNP I
's POS B
report NN I
on IN O
early JJ I
experiments NNS I
using VBG O
an DT I
AIDS NNP I
vaccine NN I
made VBN O
by IN O
MicroGeneSys NNP I
Inc. NNP I
of IN O
West NNP I
Haven NNP I
, , O
Conn. NNP I
, , O
came VBD O
at IN O
a DT I
meeting NN I
of IN O
AIDS NNP I
vaccine NN I
researchers NNS I
in IN O
Florida NNP I
late JJ B
Monday NNP I
. . O

The DT I
vaccine NN I
, , O
VaxSyn NNP I
HIV-1 NNP I
, , O
has VBZ O
been VBN O
safely RB O
given VBN O
to TO O
14 CD I
people NNS I
, , O
some DT O
of IN O
whom WP I
are VBP O
experiencing VBG O
substantial JJ I
increases NNS I
in IN O
certain JJ I
antibodies NNS I
. . O

`` `` O
The DT I
conventional JJ I
wisdom NN I
used VBN O
to TO O
be VB O
that IN O
you PRP I
could MD O
n't RB O
modify VB O
the DT I
immune JJ I
response NN I
of IN O
an DT I
infected VBN I
individual JJ I
'' '' O
by IN O
innoculating VBG O
them PRP I
with IN O
synthetic JJ I
viral JJ I
proteins NNS I
, , O
Dr. NNP I
Redfield NNP I
said VBD O
. . O

`` `` O
We PRP I
've VBP O
demonstrated VBN O
that IN O
you PRP I
can MD O
. . O
'' '' O

He PRP I
said VBD O
certain JJ I
volunteers NNS I
developed VBD O
kinds NNS I
of IN O
antibodies NNS I
associated VBN O
with IN O
early JJ I
AIDS NNP I
. . O

Other JJ I
antibodies NNS I
sparked VBN O
by IN O
the DT I
preparation NN I
are VBP O
of IN O
a DT I
sort NN I
rarely RB O
present JJ O
in IN O
large JJ I
quantities NNS I
in IN O
infected VBN I
or CC I
ill JJ I
individuals NNS I
, , O
he PRP I
added VBD O
. . O

One CD I
of IN O
the DT I
mysteries NNS I
of IN O
AIDS NNP I
remains VBZ O
why WRB O
infected VBN I
people NNS I
produce VBP O
large JJ I
quantities NNS I
of IN O
antibodies NNS I
, , O
but CC O
deteriorate VB O
nonetheless RB O
. . O

Cross NNP I
& CC I
Trecker NNP I
Corp. NNP I
said VBD O
it PRP I
reached VBD O
an DT I
agreement NN I
to TO O
sell VB O
its PRP$ I
Wiedemann NNP I
division NN I
to TO O
recently RB I
created VBN I
Murata NNP I
Wiedemann NNP I
Inc. NNP I
, , O
a DT I
U.S. NNP I
affiliate NN I
of IN O
Murata NNP I
Machinery NNP I
Ltd. NNP I
of IN O
Kyoto NNP I
, , O
Japan NNP I
. . O

The DT I
agreement NN I
also RB O
includes VBZ O
the DT I
purchase NN I
of IN O
Cross NNP I
& CC I
Trecker NNP I
's POS I
Warner NNP O
& CC O
Swasey NNP O
-LRB- ( O
Switzerland NNP I
-RRB- ) O
AG NNP O
unit NN O
by IN O
a DT I
European JJ I
affiliate NN I
of IN O
Murata NNP I
Machinery NNP I
. . O

Cross NNP I
& CC I
Trecker NNP I
is VBZ O
also RB O
selling VBG O
its PRP$ I
equity NN I
interest NN I
in IN O
a DT I
Japanese JJ I
joint JJ I
venture NN I
, , O
Murata NNP I
Warner NNP I
Swasey NNP I
, , O
to TO O
Murata NNP I
Machinery NNP I
. . O

Cross NNP I
& CC I
Trecker NNP I
, , O
a DT I
Bloomfield NNP I
Hills NNP I
, , I
Mich. NNP I
, , I
machine-tool JJ I
maker NN I
, , O
said VBD O
the DT I
net JJ I
sales NNS I
price NN I
of IN O
the DT I
total JJ I
transaction NN I
is VBZ O
$ $ I
24 CD I
million CD I
. . O

The DT I
Wiedemann NNP I
division NN I
was VBD O
one CD I
of IN O
three CD I
businesses NNS I
put VBP O
up IN O
for IN O
sale NN I
in IN O
Cross NNP I
& CC I
Trecker NNP I
's POS B
restructuring NN I
program NN I
announced VBD O
in IN O
July NNP I
. . O

Cross NNP I
& CC I
Trecker NNP I
said VBD O
negotiations NNS I
are VBP O
under IN O
way NN I
for IN O
the DT I
sale NN I
of IN O
another DT I
company NN I
, , O
RobertsCorp NNP I
. . O

The DT I
average JJ I
interest NN I
rate NN I
fell VBD O
to TO O
8.292 CD I
% NN I
at IN O
Citicorp NNP I
's POS I
$ $ B
50 CD I
million CD I
weekly JJ I
auction NN I
of IN O
91-day JJ I
commercial JJ I
paper NN I
, , O
or CC O
corporate JJ I
IOUs NNS I
, , O
from IN O
8.483 CD I
% NN I
at IN O
last JJ I
week NN I
's POS B
sale NN I
. . O

Bids NNS I
totaling VBG O
$ $ I
465 CD I
million CD I
were VBD O
submitted VBN O
, , O
and CC O
accepted VBD I
bids NNS I
were VBD O
at IN O
8.292 CD I
% NN I
. . O

Citicorp NNP I
also RB O
said VBD O
that IN O
the DT I
average JJ I
rate NN I
fell VBD O
to TO O
7.986 CD I
% NN I
at IN O
its PRP$ I
$ $ I
50 CD I
million CD I
auction NN I
of IN O
182-day JJ I
commercial JJ I
paper NN I
from IN O
8.1255 CD I
% NN I
at IN O
last JJ I
week NN I
's POS B
sale NN I
. . O

Bids NNS I
totaling VBG O
$ $ I
415 CD I
million CD I
were VBD O
submitted VBN O
, , O
and CC O
accepted VBD I
bids NNS I
were VBD O
at IN O
7.986 CD I
% NN I
. . O

The DT I
bank NN I
holding VBG I
company NN I
will MD O
auction VB O
another DT I
$ $ I
50 CD I
million CD I
of IN O
commercial JJ I
paper NN I
in IN O
each DT I
maturity NN I
next JJ O
Tuesday NNP I
. . O

Matra NNP I
S.A. NNP I
reported VBD O
its PRP$ I
1989 CD I
first-half JJ I
profit NN I
soared VBD O
88 CD I
% NN I
, , O
and CC O
indicated VBD O
that IN O
its PRP$ I
previous JJ I
estimate NN I
of IN O
a DT I
50 CD I
% NN I
rise NN I
in IN O
earnings NNS I
for IN O
all DT I
of IN O
1989 CD I
will MD O
be VB O
exceeded VBN O
by IN O
a DT I
wide JJ I
margin NN I
. . O

The DT I
French JJ I
electronics NNS I
and CC I
defense NN I
group NN I
said VBD O
attributable JJ I
consolidated JJ I
net JJ I
profit NN I
for IN O
the DT I
first JJ I
six CD I
months NNS I
of IN O
1989 CD I
totaled VBD O
244 CD I
million CD I
francs NNS I
-LRB- ( O
$ $ I
38.4 CD I
million CD I
-RRB- ) O
, , O
compared VBN O
with IN O
130 CD I
million CD I
francs NNS I
-LRB- ( O
$ $ I
20.5 CD I
million CD I
-RRB- ) O
in IN O
the DT I
corresponding JJ I
period NN I
of IN O

Operating NN I
profit NN I
climbed VBD O
51 CD I
% NN I
, , O
to TO O
572 CD I
million CD I
francs NNS I
from IN O
378 CD I
million CD I
in IN O
the DT I
first JJ I
half NN I
of IN O
1988 CD I
. . O

Matra NNP I
said VBD O
the DT I
sharp JJ I
improvement NN I
in IN O
net JJ I
profit NN I
partly RB O
reflected VBD O
a DT I
decline NN I
of IN O
59 CD I
million CD I
francs NNS I
in IN O
the DT I
group NN I
's POS B
net JJ I
loss NN I
from IN O
nonrecurring VBG I
items NNS I
in IN O
the DT I
first JJ I
half NN I
of IN O
this DT I
year NN I
to TO O
104 CD I
million CD I
francs NNS I
from IN O
163 CD I
million CD I
a DT B
year NN I
earlier RBR O
. . O

There EX I
was VBD O
also RB O
a DT I
decline NN I
in IN O
the DT I
group NN I
's POS B
net JJ I
financial JJ I
costs NNS I
to TO O
25 CD I
million CD I
francs NNS I
from IN O
50 CD I
million CD I
a DT B
year NN I
before RB O
. . O

These DT I
movements NNS I
were VBD O
offset VBN O
, , O
however RB O
, , O
by IN O
a DT I
steep JJ I
rise NN I
in IN O
corporate JJ I
income NN I
tax NN I
payments NNS I
to TO O
199 CD I
million CD I
francs NNS I
from IN O
35 CD I
million CD I
in IN O
the DT I
first JJ I
six CD I
months NNS I
of IN O
1988 CD I
. . O

Matra NNP I
said VBD O
the DT I
sharp JJ I
rise NN I
in IN O
its PRP$ I
first-half JJ I
earnings NNS I
was VBD O
based VBN O
on IN O
a DT I
15 CD I
% NN I
gain NN I
in IN O
consolidated JJ I
revenue NN I
to TO O
10.16 CD I
billion CD I
francs NNS I
from IN O
8.85 CD I
billion CD I
a DT B
year NN I
earlier RBR O
. . O

Rep. NNP I
Lee NNP I
Hamilton NNP I
-LRB- ( O
D. NNP I
, , O
Ind NNP I
. . I
-RRB- ) O
said VBD O
he PRP I
and CC O
Rep. NNP I
Byron NNP I
Dorgan NNP I
-LRB- ( O
D. NNP I
, , O
N.D NNP I
. . I
-RRB- ) O
are VBP O
backing VBG O
away RB O
from IN O
their PRP$ I
proposal NN I
to TO O
make VB O
the DT I
Treasury NNP I
Secretary NNP I
a DT B
voting NN I
member NN I
of IN O
the DT I
Federal NNP I
Reserve NNP I
panel NN I
that IN B
sets NNS O
monetary JJ I
policy NN I
. . O

Rep. NNP I
Hamilton NNP I
said VBD O
the DT I
bill NN I
will MD O
be VB O
modified VBN O
substantially RB O
to TO O
call VB O
for IN O
two CD I
meetings NNS I
each DT B
year NN I
between IN O
the DT I
Fed NNP I
's POS B
open JJ I
market NN I
committee NN I
and CC O
the DT I
Treasury NNP I
Secretary NNP I
, , O
the DT I
chairman NN I
of IN O
the DT I
Council NNP I
of IN O
Economic NNP I
Advisers NNPS I
and CC O
the DT I
director NN I
of IN O
the DT I
Office NNP I
of IN O
Management NNP I
and CC I
Budget NNP I
. . O

The DT I
original JJ I
bill NN I
was VBD O
strongly RB O
opposed VBN O
by IN O
the DT I
Fed NNP I
and CC O
publicly RB O
criticized VBN O
by IN O
friends NNS I
of IN O
the DT I
Fed NNP I
as IN O
an DT I
attempt NN I
to TO O
undermine VB O
the DT I
central JJ I
bank NN I
's POS B
independence NN I
. . O

Fed JJ I
critics NNS I
, , O
however RB O
, , O
hailed VBD O
it PRP I
as IN O
a DT I
long JJ I
overdue JJ I
attempt NN I
to TO O
bring VB O
a DT I
measure NN I
of IN O
openness NN I
and CC I
democracy NN I
to TO O
the DT I
setting NN I
of IN O
monetary JJ I
policy NN I
. . O

Rep. NNP I
Hamilton NNP I
said VBD O
the DT I
purpose NN I
of IN O
the DT I
meetings NNS I
would MD O
be VB O
to TO O
`` `` O
improve VB O
communications NNS I
and CC O
perhaps RB O
coordination NN I
between IN O
the DT I
executive JJ I
branch NN I
and CC O
the DT I
Fed NNP I
. . O
'' '' O

Fed NNP I
Chairman NNP I
Alan NNP I
Greenspan NNP I
meets VBZ O
regularly RB O
for IN O
lunch NN I
with IN O
Treasury NNP I
Secretary NNP I
Nicholas NNP I
Brady NNP I
and CC O
talks NNS O
frequently RB O
with IN O
Budget NNP I
Director NNP I
Richard NNP I
Darman NNP I
and CC O
Michael NNP I
Boskin NNP I
, , O
chairman NN I
of IN O
the DT I
Council NNP I
of IN O
Economic NNP I
Advisers NNPS I
. . O

The DT I
administration NN I
officials NNS I
do VBP O
n't RB O
ordinarily RB O
meet VB O
with IN O
the DT I
entire JJ I
membership NN I
of IN O
the DT I
open JJ I
market NN I
committee NN I
. . O

B.F. NNP I
Goodrich NNP I
Co. NNP I
said VBD O
third-quarter JJ I
profits NNS I
dropped VBD O
34 CD I
% NN I
because IN O
of IN O
lower JJR I
prices NNS I
for IN O
polyvinyl NN I
chloride NN I
materials NNS I
, , O
the DT I
company NN I
's POS B
largest JJS I
product NN I
group NN I
. . O

Net NN I
fell VBD O
to TO O
$ $ I
40.1 CD I
million CD I
, , O
or CC O
$ $ I
1.50 CD I
a DT B
share NN I
, , O
from IN O
$ $ I
60.7 CD I
million CD I
, , O
or CC O
$ $ I
2.32 CD I
a DT B
share NN I
, , O
a DT I
year NN I
earlier RBR O
. . O

Sales NNS I
for IN O
the DT I
quarter NN I
slipped VBD O
2.7 CD I
% NN I
to TO O
$ $ I
601.3 CD I
million CD I
from IN O
$ $ I
618.1 CD I
million CD I
. . O

Polyvinyl NN I
chloride NN I
capacity NN I
`` `` O
has VBZ O
overtaken VBN O
demand NN I
and CC O
we PRP I
are VBP O
experiencing VBG O
reduced VBN I
profit NN I
margins NNS I
as IN O
a DT I
result NN I
, , O
'' '' O
said VBD O
John NNP I
D. NNP I
Ong NNP I
, , O
chairman NN I
and CC O
chief JJ I
executive NN I
. . O

Prices NNS I
for IN O
general-purpose JJ I
PVC NNP I
resin NN I
have VBP O
dropped VBN O
more JJR I
than IN I
15 CD I
% NN I
since IN O
last JJ I
December NNP I
, , O
he PRP I
said VBD O
. . O

The DT I
plastic NN I
resin NN I
is VBZ O
used VBN O
in IN O
a DT I
wide JJ I
range NN I
of IN O
products NNS I
, , O
including VBG O
siding NN I
, , O
pipe NN I
and CC O
electrical JJ I
wire NN I
insulation NN I
. . O

Goodrich NNP I
's POS B
vinyl-products NNS I
segment VBP I
reported VBD O
operating VBG I
profit NN I
for IN O
the DT I
quarter NN I
of IN O
$ $ I
30.1 CD I
million CD I
, , O
less JJR I
than IN I
half PDT I
the DT I
$ $ I
64.1 CD I
million CD I
of IN O
the DT I
year-earlier JJ I
quarter NN I
. . O

Third-quarter JJ I
operating NN I
profit NN I
of IN O
the DT I
specialty-chemicals NNS I
group VBP I
declined VBD O
slightly RB O
to TO O
$ $ I
24.3 CD I
million CD I
from IN O
$ $ I
24.9 CD I
million CD I
. . O

But CC O
operating VBG I
profit NN I
from IN O
aerospace NN I
products NNS I
rose VBD O
nearly RB I
50 CD I
% NN I
to TO O
$ $ I
15 CD I
million CD I
from IN O
$ $ I
10.1 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
shares VBZ I
of IN O
the DT I
Akron NNP I
, , I
Ohio-based JJ I
company NN I
fell VBD O
$ $ I
1.375 CD I
to TO O
$ $ I
49.125 CD I
. . O

Fiat NNP I
S.p NNP I
. . I
A. NNP I
, , O
Italy NNP I
's POS B
leading VBG I
industrial JJ I
group NN I
, , O
is VBZ O
conducting VBG O
`` `` I
concrete JJ I
'' '' I
talks NNS I
with IN O
West NNP I
Germany NNP I
's POS B
Daimler-Benz NNP I
AG NNP I
on IN O
a DT I
series NN I
of IN O
projects NNS I
in IN O
the DT I
aerospace NN I
sector NN I
, , O
Fiat NNP I
officials NNS I
said VBD O
. . O

However RB O
, , O
the DT I
officials NNS I
said VBD O
it PRP I
was VBD O
too RB O
early JJ O
to TO O
disclose VB O
the DT I
nature NN I
of IN O
the DT I
proposed VBN I
projects NNS I
or CC O
indicate VB O
when WRB O
the DT I
talks NNS I
might MD O
be VB O
concluded VBN O
. . O

Daimler-Benz NNP I
Chairman NNP I
Edzard NNP I
Reuter NNP I
told VBD O
Milan NNP I
's POS B
financial JJ I
daily JJ I
Il FW O
Sole NNP O
24 CD O
Ore NNP O
that IN O
talks NNS I
are VBP O
taking VBG O
place NN I
between IN O
both DT I
companies NNS I
' POS B
aerospace NN I
units NNS I
. . O

`` `` O
While IN O
Mr. NNP I
Reuter NNP I
's POS B
comments NNS I
please VBP O
us PRP I
very RB O
much RB O
, , O
there EX I
currently RB O
are VBP O
no DT I
talks NNS I
in IN O
progress NN I
regarding VBG O
the DT I
automotive JJ I
industry NN I
, , O
'' '' O
a DT I
Fiat NNP I
spokeswoman NN I
said VBD O
. . O

In IN O
the DT I
interview NN I
, , O
Mr. NNP I
Reuter NNP I
said VBD O
he PRP I
is VBZ O
thinking VBG O
foremost JJ O
of IN O
cooperation NN I
in IN O
the DT I
truck NN I
sector NN I
, , O
but CC O
`` `` O
in IN O
the DT I
long JJ I
run NN I
, , O
I PRP I
do VBP O
n't RB O
want VB O
to TO O
rule VB O
out RP O
that IN O
we PRP I
can MD O
also RB O
come VB O
a DT I
bit NN I
closer JJR O
in IN O
personal JJ I
cars NNS I
. . O
'' '' O

Roberto NNP I
Morelli NNP I
, , O
Italy NNP I
analyst NN I
for IN O
County NNP I
Natwest NNP I
Securities NNPS I
in IN O
London NNP I
, , O
said VBD O
that DT O
right RB O
now RB O
`` `` O
the DT I
market NN I
is VBZ O
n't RB O
being VBG O
influenced VBN O
by IN O
that DT I
kind NN I
of IN O
news NN I
, , O
'' '' O
referring VBG O
to TO O
the DT I
conditional JJ I
nature NN I
of IN O
the DT I
talks NNS I
mentioned VBN O
by IN O
Mr. NNP I
Reuter NNP I
and CC O
by IN O
the DT I
uncertainty NN I
surrounding VBG O
world NN I
stock NN I
exchanges VBZ I
this DT B
week NN I
. . O

Paul NNP I
Tanner NNP I
was VBD O
named VBN O
president NN I
, , O
chief JJ I
executive JJ I
officer NN I
and CC O
chairman NN I
of IN O
this DT I
oil NN I
and CC I
natural JJ I
gas NN I
company NN I
. . O

He PRP I
succeeds VBZ O
John NNP I
A. NNP I
Boudreau NNP I
, , O
who WP I
resigned VBD O
for IN O
personal JJ I
reasons NNS I
. . O

Mr. NNP I
Tanner NNP I
had VBD O
been VBN O
president NN I
of IN O
Penn NNP I
Pacific NNP I
's POS B
National NNP I
Southwest NNP I
Capital NNP I
Group NNP I
subsidiary NN I
. . O

Mr. NNP I
Boudreau NNP I
will MD O
remain VB O
with IN O
Penn NNP I
Pacific NNP I
as IN O
a DT I
director NN I
and CC O
a DT I
member NN I
of IN O
the DT I
executive JJ I
committee NN I
. . O

He PRP I
has VBZ O
also RB O
agreed VBN O
to TO O
become VB O
president NN I
of IN O
a DT I
new JJ I
subsidiary NN I
to TO O
be VB O
formed VBN O
to TO O
make VB O
future NN I
acquisitions NNS I
, , O
the DT I
company NN I
said VBD O
. . O

Spooked VBN I
investors NNS I
, , O
despite IN O
their PRP$ I
stampede NN I
to TO O
dump VB O
takeover NN I
stocks NNS I
, , O
should MD O
hold VB O
on IN O
tight JJ O
to TO O
their PRP$ I
Jaguar NNP I
shares NNS I
. . O

That DT I
's VBZ O
the DT I
view NN I
of IN O
some DT I
analysts NNS I
here RB O
who WP I
argue VBP O
that IN O
Britain NNP I
's POS B
leading VBG I
maker NN I
of IN O
luxury NN I
cars NNS I
still RB O
may MD O
have VB O
two CD I
U.S. NNP I
auto NN I
giants NNS I
battling VBG O
for IN O
it PRP I
. . O

Yesterday NN I
, , O
Ford NNP I
Motor NNP I
disclosed VBD O
that IN O
it PRP I
has VBZ O
raised VBN O
its PRP$ I
holding NN I
in IN O
Jaguar NNP I
to TO O
10.4 CD I
% NN I
from IN O
5 NN I
% NN I
. . O

Both DT O
Ford NNP I
and CC O
its PRP$ I
rival JJ I
General NNP I
Motors NNPS I
recently RB O
set VBN O
their PRP$ I
sights NNS I
on IN O
grabbing VBG O
significant JJ I
minority NN I
stakes NNS I
in IN O
the DT I
British JJ I
company NN I
. . O

Ford NNP I
's POS B
latest JJS I
move NN I
increases VBZ O
the DT I
pressure NN I
on IN O
GM NNP I
to TO O
complete VB O
its PRP$ I
current JJ I
talks NNS I
with IN O
Jaguar NNP I
quickly RB O
. . O

GM NNP I
is VBZ O
likely JJ O
to TO O
reach VB O
the DT I
cooperative JJ I
operating NN I
pact NN I
it PRP B
has VBZ O
been VBN O
seeking VBG O
in IN O
about IN I
two CD I
weeks NNS I
, , O
knowledgeable JJ I
individuals NNS I
say VBP O
. . O

At IN O
that DT I
point NN I
investors NNS B
may MD O
face VB O
a DT I
long JJ I
, , I
bumpy JJ I
ride NN I
. . O

A DT I
victor NN I
in IN O
the DT I
fight NN I
for IN O
Jaguar NNP I
may MD O
not RB O
emerge VB O
until IN O
after IN O
the DT I
expiration NN I
late JJ B
next JJ I
year NN I
of IN O
British JJ I
government NN I
takeover NN I
restrictions NNS I
. . O

The DT I
curbs NNS I
prevent VBP O
a DT I
buyer NN I
from IN O
purchasing 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
. . O

`` `` O
This DT I
is VBZ O
an DT I
exceptionally RB I
odd JJ I
takeover NN I
battle NN I
, , O
'' '' O
says VBZ O
London NNP I
analyst NN I
Christopher NNP B
Will MD I
of IN O
Shearson NNP I
Lehman NNP I
Hutton NNP I
. . O

Jaguar NNP I
's POS B
American JJ I
depositary NN I
receipts NNS I
were VBD O
up IN O
3\/8 CD I
yesterday NN B
in IN O
a DT I
down JJ I
market NN I
, , O
closing VBG O
at IN O
10 CD I
3\/8 CD I
. . O

-LRB- ( O
Jaguar NNP I
's POS B
ADRs NNS I
make VBP O
the DT I
company NN I
one CD B
of IN O
the DT I
most RBS I
widely RB I
held VBN I
United NNP I
Kingdom NNP I
stocks NNS I
in IN O
the DT I
U.S. NNP I
, , O
with IN O
more JJR I
than IN I
one-fourth NN I
of IN O
its PRP$ I
shares NNS I
owned VBN O
there RB O
. . O
-RRB- ) O

Jaguar NNP I
topped VBD O
the DT I
most-active JJ I
list NN I
for IN O
the DT I
U.S. NNP I
over-the-counter JJ I
market NN I
Monday NNP B
. . O

And CC O
on IN O
London NNP I
's POS B
Stock NNP I
Exchange NNP I
Monday NNP B
, , O
18.5 CD I
million CD I
shares NNS I
were VBD O
traded VBN O
, , O
far RB O
above IN O
the DT I
usual JJ I
volume NN I
. . O

Ford NNP I
's POS B
share NN I
purchases NNS I
undoubtedly RB O
accounted VBD O
for IN O
much NN I
of IN O
Monday NNP I
's POS B
heavy JJ I
trading NN I
. . O

Last JJ I
week NN I
, , O
many JJ I
Jaguar NNP I
shareholders NNS I
took VBD O
their PRP$ I
money NN I
and CC O
ran VBD O
. . O

Fears NNS I
that IN O
Ford NNP I
's POS B
ardor NN I
might MD O
be VB O
cooling NN O
put NN O
Jaguar NNP I
shares NNS I
into IN O
reverse NN I
after IN O
GM NNP I
confirmed VBD O
its PRP$ I
friendly JJ I
negotiations NNS I
with IN O
Jaguar NNP I
. . O

But CC O
yesterday NN I
's POS B
announcement NN I
indicates VBZ O
that IN O
Ford NNP I
has VBZ O
n't RB O
lost VBN O
interest NN I
. . O

Both DT O
Shearson NNP I
's POS B
Mr NNP I
. . I
Will MD I
and CC O
Stephen NNP I
Reitman NNP I
, , O
European JJ I
auto NN I
analyst NN I
at IN O
the DT I
London NNP I
brokerage NN I
firm NN I
UBS-Phillips NNP I
& CC I
Drew NNP I
, , O
recently RB O
switched VBD O
their PRP$ I
Jaguar NNP I
recommendations NNS I
to TO O
hold VB I
from IN O
buy NN I
. . O

`` `` O
Sit VB O
tight JJ O
'' '' O
through IN O
the DT I
coming VBG I
volatility NN I
, , O
Mr. NNP I
Reitman NNP I
suggests VBZ O
, , O
though IN O
he PRP I
concedes VBZ O
that IN O
many JJ I
small JJ I
investors NNS I
will MD O
find VB O
Jaguar NNP I
's POS B
zigzags NNS I
`` `` O
too RB O
hard JJ O
to TO O
swallow VB O
. . O
'' '' O

But CC O
a DT I
crucial JJ I
point NN I
is VBZ O
how WRB O
Ford NNP I
reacts VBZ O
when WRB O
GM NNP I
, , O
the DT I
world NN I
's POS B
largest JJS I
auto NN I
maker NN I
, , O
firms VBZ O
up IN O
its PRP$ I
proposed VBN I
deal NN I
with IN O
Jaguar NNP I
. . O

At IN O
the DT I
moment NN I
, , O
Ford NNP I
executives NNS I
will MD O
say VB O
little JJ I
beyond IN O
reiterating VBG O
their PRP$ I
desire NN I
to TO O
raise VB O
Ford NNP I
's POS B
Jaguar NNP I
stake NN I
to TO O
about IN I
15 CD I
% NN I
. . O

GM NNP I
is VBZ O
expected VBN O
to TO O
inject VB O
roughly RB I
# # I
200 CD I
million CD I
-LRB- ( O
$ $ I
316 CD I
million CD I
-RRB- ) O
by IN O
acquiring VBG O
some DT I
Jaguar NNP I
shares NNS I
, , O
and CC O
then RB O
win VB O
Jaguar NNP I
management NN I
's POS B
promise NN I
of IN O
an DT I
eventual JJ I
30 CD I
% NN I
stake NN I
. . O

Analysts NNS I
believe VBP O
the DT I
car NN I
makers NNS I
also RB O
will MD O
create VB O
joint JJ I
ventures NNS I
to TO O
develop VB O
new JJ I
executive NN I
models NNS I
, , O
doubling VBG O
Jaguar NNP I
's POS B
yearly JJ I
output NN I
of IN O
50,000 CD I
cars NNS I
. . O

Jaguar NN I
shareholders NNS I
would MD O
have VB O
to TO O
bless VB O
such JJ I
a DT I
far-reaching JJ I
accord NN I
. . O

Ford NNP I
might MD O
challenge VB O
the DT I
proposal NN I
by IN O
offering VBG O
a DT I
full JJ I
bid NN I
if IN O
holders NNS I
and CC O
the DT I
U.K. NNP I
government NN I
agreed VBD O
to TO O
drop VB O
the DT I
anti-takeover JJ I
barrier NN I
early JJ O
. . O

`` `` O
I PRP I
think VBP O
Ford NNP I
is VBZ O
going VBG O
to TO O
come VB O
out IN O
with IN O
full JJ I
guns NNS I
blazing VBG O
, , O
'' '' O
Mr. NNP I
Reitman NNP I
says VBZ O
. . O

`` `` O
Ford NNP I
wants VBZ O
-LCB- ( O
Jaguar NNP I
-RCB- ) O
very RB O
much RB O
. . O
'' '' O

U.S. NNP I
takeover-stock JJ I
speculators NNS I
, , O
who WP I
may MD O
own VB O
between IN I
20 CD I
% NN I
and CC I
30 CD I
% NN I
of IN O
Jaguar NNP I
, , O
could MD O
give VB O
Ford NNP I
enough RB B
votes VBZ I
to TO O
block VB O
the DT I
GM NNP I
deal NN I
. . O

GM NNP I
might MD O
counterbid NN O
. . O

Then RB O
, , O
Mr NNP I
. . I
Will MD I
says VBZ O
, , O
`` `` O
you PRP I
get VBP O
a DT I
bidding NN I
war NN I
between IN O
two CD I
very RB I
rich JJ I
, , I
very RB I
determined VBN I
international JJ I
companies NNS I
. . O
'' '' O

He PRP I
believes VBZ O
Jaguar NNP I
's POS B
share NN I
price NN I
could MD O
zoom VB O
to TO O
between IN I
# # I
8 CD I
and CC I
# # I
10 CD I
-LRB- ( O
$ $ I
12.60 CD I
to TO I
$ $ I
15.80 CD I
-RRB- ) O
. . O

`` `` O
There EX I
's VBZ O
quite RB I
a DT I
bit NN I
of IN O
value NN I
left VBN O
in IN O
the DT O
-LCB- ( O
Jaguar NNP I
-RCB- ) O
shares NNS O
here RB O
even RB O
though IN O
they PRP I
have VBP O
run VBN O
up IN O
'' '' O
lately RB O
, , O
says VBZ O
Doug NNP I
Johnson NNP I
, , O
a DT I
fund NN I
manager NN I
for IN O
Seattle-based JJ I
Safeco NNP I
Asset NNP I
Management NNP I
. . O

At IN O
the DT I
moment NN I
, , O
he PRP I
intends VBZ O
to TO O
keep VB O
the DT I
firm NN I
's POS B
180,000 CD I
Jaguar NNP I
shares NNS I
. . O

The DT I
risk NN I
is VBZ O
that IN O
Jaguar NNP I
's POS B
share NN I
price NN I
could MD O
slump VB O
if IN O
GM NNP I
's POS B
agreement NN I
with IN O
Jaguar NNP I
effectively RB O
locks VBZ O
out IN O
its PRP$ I
U.S. NNP I
rival JJ I
. . O

`` `` O
Ford NNP I
's POS B
appetite NN I
to TO O
attack VB O
-LCB- ( O
Jaguar NNP I
-RCB- ) O
could MD O
gradually RB O
wane VB O
over IN O
time NN I
, , O
particularly RB O
if IN O
Saab NNP I
is VBZ O
a DT I
reasonably RB I
attractive JJ I
proposition NN I
, , O
'' '' O
says VBZ O
John NNP I
Lawson NNP I
, , O
an DT I
auto NN I
analyst NN I
at IN O
London NNP I
's POS B
Nomura NNP I
Research NNP I
Institute NNP I
. . O

He PRP I
thinks VBZ O
Saab-Scania NNP I
AB NNP I
on IN O
Friday NNP I
will MD O
announce VB O
the DT I
sale NN I
of IN O
50 CD I
% NN I
of IN O
its PRP$ I
car NN I
division NN I
to TO O
Ford NNP I
; : O
the DT I
companies NNS I
have VBP O
been VBN O
discussing VBG O
closer JJR I
cooperation NN I
for IN O
months NNS I
. . O

Clifford NNP I
Stahl NNP I
, , O
president NN I
and CC O
chief JJ I
investment NN I
officer NN I
of IN O
C-S NNP I
Capital NNP I
Advisors NNP I
Inc. NNP I
, , O
two CD I
weeks NNS I
ago RB O
sold VBN O
his PRP$ I
Cincinnati NNP I
firm NN I
's POS B
107,100 CD I
Jaguar NNP I
ADRs NNS I
at IN O
about IN I
10 CD I
each DT B
, , O
making VBG O
a DT I
tidy JJ I
profit NN I
on IN O
a DT I
holding VBG I
purchased VBN O
at IN O
4 CD I
7\/8 CD I
in IN O
early JJ I
May NNP I
. . O

`` `` O
I PRP I
thought VBD O
the DT I
probabilities NNS I
of IN O
-LCB- ( O
a DT I
bidding NN I
war NN I
-RCB- ) O
happening VBG O
were VBD O
less JJR O
, , O
'' '' O
he PRP I
says VBZ O
. . O

Of IN O
course NN I
, , O
that WDT I
was VBD O
before IN O
Ford NNP I
's POS B
latest JJS I
move NN I
. . O

Jaguar NNP I
-LRB- ( O
OTC NNP I
; : O
Symbol NN I
: : O
JAGRY NNP I
-RRB- ) O

Business NN I
: : O
Luxury NN I
cars NNS I

Year NN I
ended VBN O
Dec. NNP I
31 CD I
, , I
1988 CD I
: : O

Revenue NN I
: : O
$ $ I
1.71 CD I
billion CD I

Net JJ I
income NN I
: : O
$ $ I
44.9 CD I
million CD I
; : O
or CC O
25 CD I
cents NNS I
a DT B
share NN I

First JJ I
half NN I
ended VBD O
, , O
June NNP I
30 CD I
, , I
1989 CD I
: : O

Net JJ I
loss NN I
: : O
$ $ I
1.7 CD I
million CD I
vs. IN O
net JJ I
income NN I
: : O
$ $ I
21.2 CD I
million CD I
; : O
or CC O
12 CD I
cents NNS I
a DT B
share NN I

Averae NNP I
daily JJ I
trading NN I
volume NN I
: : O
Ordinary JJ I
shares NNS I
outstanding JJ O
: : O
182.9 CD I
million CD I

NOTE NN I
: : O
All DT I
figures NNS I
are VBP O
translated VBN O
into IN O
U.S. NNP I
dollars NNS I
based VBN O
on IN O
current JJ I
exchange NN I
rates NNS I
. . O

A.F. NNP I
Sloan NNP I
, , O
60 CD I
years NNS I
old JJ O
, , O
announced VBD O
that IN O
he PRP I
will MD O
retire VB O
next JJ I
April NNP I
as IN O
chairman NN I
and CC O
chief JJ I
executive JJ I
officer NN I
of IN O
this DT I
snack NN I
food NN I
and CC I
bakery NN I
products NNS I
maker NN I
. . O

No DT I
replacement NN I
was VBD O
immediately RB O
named VBN O
. . O

Mr. NNP I
Sloan NNP I
plans VBZ O
to TO O
remain VB O
on IN O
the DT I
board NN I
until IN O
his PRP$ I
current JJ I
term NN I
expires VBZ O
in IN O
April NNP I
1991 CD I
, , O
a DT I
Lance NNP I
spokesman NN I
said VBD O
. . O

Newport NNP I
Electronics NNP I
Inc. NNP I
of IN O
Santa NNP I
Ana NNP I
, , O
Calif. NNP I
, , O
said VBD O
Milton NNP I
B. NNP I
Hollander NNP I
, , O
who WP I
holds VBZ O
a DT I
49.4 CD I
% NN I
stake NN I
, , O
requested VBD O
a DT I
special JJ I
shareholders NNS I
' POS B
meeting NN I
next JJ B
Wednesday NNP I
to TO O
remove VB O
four CD I
current JJ I
directors NNS I
and CC O
elect VB O
an DT I
alternative NN I
slate NN I
. . O

Mr. NNP I
Hollander NNP I
's POS I
High NNP B
Technology NNP I
Holding NNP I
Co. NNP I
of IN O
Stamford NNP I
, , O
Conn. NNP I
, , O
acquired VBN O
most RBS I
of IN O
its PRP$ I
stake NN I
last JJ B
August NNP I
in IN O
an DT I
$ $ I
11-a-share JJ I
tender NN I
offer NN I
for IN O
Newport NNP I
, , O
a DT I
maker NN I
of IN O
electronic-measuring JJ I
devices NNS I
. . O

Newport NNP I
said VBD O
Mr. NNP I
Hollander NNP I
is VBZ O
asking VBG O
shareholders NNS I
to TO O
retain VB O
only RB I
one CD I
director NN I
, , O
James NNP I
R. NNP I
Lees NNP I
, , O
a DT I
Newport NNP I
vice NN I
president NN I
. . O

The DT I
board NN I
is VBZ O
n't RB O
proposing VBG O
a DT I
slate NN I
of IN O
its PRP$ I
own JJ I
and CC O
the DT I
other JJ I
four CD I
current JJ I
directors NNS I
do VBP O
n't RB O
want VB O
to TO O
serve VB O
beyond IN O
the DT I
special JJ I
meeting NN I
date NN I
, , O
Newport NNP I
said VBD O
. . O

Mr. NNP I
Hollander NNP I
`` `` O
is VBZ O
the DT I
new JJ I
owner NN I
and CC O
wants VBZ O
to TO O
exercise VB O
control NN I
, , O
'' '' O
said VBD O
Barret NNP I
B. NNP I
Weekes NNP I
, , O
Newport NNP I
's POS B
chairman NN I
. . O

Sandoz NNP I
AG NNP I
, , O
a DT I
major JJ I
Swiss JJ I
chemical NN I
and CC I
pharmaceutical JJ I
group NN I
, , O
said VBD O
that IN O
its PRP$ I
group NN I
sales NNS I
rose VBD O
25 CD I
% NN I
to TO O
9.482 CD I
billion CD I
francs NNS I
-LRB- ( O
$ $ I
5.80 CD I
billion CD I
-RRB- ) O
in IN O
the DT I
first JJ I
nine CD I
months NNS I
of IN O
this DT I
year NN I
, , O
with IN O
strong JJ I
gains NNS I
in IN O
all DT I
divisions NNS I
. . O

A DT I
year NN I
earlier JJR O
sales NNS I
totaled VBD O
7.567 CD I
billion CD I
francs NNS I
. . O

Positive JJ I
currency NN I
rates NNS I
and CC O
strong JJ I
sales NNS I
growth NN I
led VBN O
to TO O
a DT I
substantial JJ I
rise NN I
in IN O
consolidated JJ I
profit NN I
in IN O
the DT I
period NN I
, , O
although IN O
the DT I
company NN I
did VBD O
n't RB O
provide VB O
figures NNS I
, , O
as IN O
is VBZ O
customary JJ O
with IN O
Swiss JJ I
companies NNS I
. . O

Sandoz NNP I
said VBD O
it PRP I
expects VBZ O
a DT I
`` `` I
substantial JJ I
increase NN I
'' '' I
in IN O
consolidated JJ I
profit NN I
for IN O
the DT I
full JJ I
year NN I
, , O
barring VBG O
major JJ I
currency NN I
rate NN I
changes NNS I
. . O

Amstrad NNP I
PLC NNP I
, , O
a DT I
British JJ I
maker NN I
of IN O
computer NN I
hardware NN I
and CC O
communications NNS I
equipment NN I
, , O
posted VBD O
a DT I
52 CD I
% NN I
plunge NN I
in IN O
pretax JJ I
profit NN I
for IN O
the DT I
latest JJS I
year NN I
. . O

The DT O
# # O
76.6 CD O
million CD O
-LRB- ( O
$ $ I
120.6 CD I
million CD I
-RRB- ) O
in IN O
pretax JJ I
profit NN I
for IN O
the DT I
12 CD I
months NNS I
to TO O
June NNP I
30 CD I
was VBD O
down RB O
from IN O
# # I
160 CD I
million CD I
-LRB- ( O
$ $ I
252 CD I
million CD I
-RRB- ) O
a DT I
year NN I
earlier RBR O
and CC O
below IN O
market NN I
expectations NNS I
of IN O
# # I
80 CD I
million CD I
and CC I
# # I
90 CD I
million CD I
. . O

The DT I
slump NN I
in IN O
profit NN I
, , O
which WDT I
came VBD O
despite IN O
steady JJ I
sales NNS I
, , O
was VBD O
attributed VBN O
to TO O
increased VB I
costs NNS I
for IN O
parts NNS I
and CC O
problems NNS I
with IN O
model NN I
introductions NNS I
. . O

Amstrad NNP I
's POS B
profit NN I
after IN O
taxes NNS I
fell VBD O
a DT I
similarly RB I
steep JJ I
51 CD I
% NN I
, , O
to TO O
# # I
51.1 CD I
million CD I
from IN O
# # I
105 CD I
million CD I
a DT B
year NN I
earlier RBR O
. . O

Sales NNS I
edged VBD O
up IN O
fractionally RB O
to TO O
# # I
626.3 CD I
million CD I
from IN O
# # I
625.4 CD I
million CD I
a DT B
year NN I
earlier RBR O
. . O

Microsoft NNP I
Corp. NNP I
's POS B
earnings NNS I
growth NN I
continued VBD O
to TO O
outstrip VB O
that IN I
of IN O
most RBS I
of IN O
its PRP$ I
competitors NNS I
and CC I
customers NNS I
in IN O
the DT I
personal-computer NN I
industry NN I
, , O
as IN O
it PRP I
reported VBD O
a DT I
36 CD I
% NN I
jump NN I
in IN O
fiscal JJ I
first-quarter JJ I
earnings NNS I
on IN O
a DT I
33 CD I
% NN I
revenue NN I
gain NN I
. . O

The DT I
Redmond NNP I
, , I
Wash. NNP I
company NN I
, , O
a DT I
bellwether NN I
provider NN I
of IN O
operating VBG I
systems NNS I
and CC O
software NN I
for IN O
personal-computer NN I
makers NNS I
and CC I
users NNS I
, , O
reported VBD O
net JJ I
income NN I
for IN O
the DT I
quarter NN I
ended VBN O
Sept. NNP I
30 CD I
of IN O
$ $ I
49.6 CD I
million CD I
, , O
or CC O
87 CD I
cents NNS I
a DT B
share NN I
, , O
up IN O
from IN O
$ $ I
36.6 CD I
million CD I
, , O
or CC O
65 CD I
cents NNS I
a DT B
share NN I
, , O
in IN O
the DT I
year-ago JJ I
period NN I
. . O

Revenue NN I
rose VBD O
to TO O
$ $ I
235.2 CD I
million CD I
, , O
from IN O
$ $ I
176.4 CD I
million CD I
. . O

Microsoft NNP I
previously RB O
indicated VBD O
it PRP I
would MD O
have VB O
a DT I
strong JJ I
quarter NN I
by IN O
forecasting VBG O
its PRP$ I
revenue NN I
gain NN I
on IN O
Oct. NNP I
4 CD I
, , O
causing VBG O
a DT O
$ $ I
6.50 CD I
a DT B
share NN I
jump NN O
in IN O
its PRP$ I
stock NN I
. . O

But CC O
its PRP$ I
stock NN I
jumped VBD O
again RB O
yesterday NN I
as IN O
it PRP I
disclosed VBD O
surprisingly RB I
strong JJ I
margins NNS I
on IN O
those DT I
sales NNS I
. . O

Microsoft NNP I
's POS B
stock NN I
rose VBD O
$ $ I
2.875 CD I
a DT B
share NN I
in IN O
national JJ I
over-the-counter JJ I
trading NN I
to TO O
$ $ I
78.625 CD I
. . O

The DT I
stock NN I
had VBD O
hit VBN O
a DT I
high NN I
of IN O
$ $ I
81 CD I
a DT B
share NN I
early JJ O
last JJ I
week NN I
but CC O
collapsed VBD O
to TO O
$ $ I
73.50 CD I
in IN O
the DT I
Friday NNP I
stock NN I
plunge NN I
. . O

The DT I
company NN I
had VBD O
been VBN O
experiencing VBG O
softening VBG I
margins NNS I
because IN O
of IN O
increased VBN I
sales NNS I
of IN O
software NN I
applications NNS I
, , O
which WDT I
have VBP O
lower JJR I
margins NNS I
than IN O
do VBP O
operating VBG I
systems NNS I
. . O

But CC O
the DT I
company NN I
said VBD O
that DT I
trend NN I
was VBD O
offset VBN O
in IN O
the DT I
first JJ I
quarter NN I
by IN O
better JJR I
economies NNS I
of IN O
scale NN I
and CC O
efficiencies NNS I
in IN O
manufacturing NN I
. . O

As IN O
a DT I
result NN I
, , O
Microsoft NNP I
's POS I
cost NN O
of IN O
goods NNS I
, , O
as IN O
a DT I
percentage NN I
of IN O
sales NNS I
, , O
fell VBD O
17 CD I
% NN I
from IN O
the DT I
year-ago JJ I
quarter NN I
and CC O
13 CD I
% NN I
from IN O
the DT I
previous JJ I
period NN I
. . O

The DT I
trend NN I
drove VBD O
up IN O
the DT I
aftertax JJ I
margin NN I
-- : O
net JJ I
income NN I
as IN O
a DT I
percentage NN I
of IN O
revenues NNS I
-- : O
to TO O
21.1 CD I
% NN I
in IN O
the DT I
quarter NN I
, , O
compared VBN O
with IN O
20.7 CD I
% NN I
a DT B
year NN I
earlier RBR O
. . O

Microsoft NNP I
officials NNS I
said VBD O
the DT I
strong JJ I
results NNS I
also RB O
reflected VBD O
continuing VBG I
high JJ I
demand NN I
for IN O
its PRP$ I
software NN I
applications NNS I
and CC O
operating VBG I
systems NNS I
. . O

While IN O
it PRP I
has VBZ O
predicted VBN O
that IN O
overall JJ I
growth NN I
in IN O
unit NN I
sales NNS I
of IN O
personal JJ I
computers NNS I
is VBZ O
slowing VBG O
to TO O
about IN I
a DT I
10 CD I
% NN I
yearly JJ I
rate NN I
, , O
its PRP$ I
own JJ I
products NNS I
are VBP O
selling VBG O
at IN O
a DT I
much JJ I
faster JJR I
rate NN I
because IN O
many JJ I
are VBP O
geared VBN O
to TO O
the DT I
high-performance JJ I
end NN I
of IN O
the DT I
market NN I
. . O

That DT I
segment NN I
continues VBZ O
to TO O
post VB O
strong JJ I
quarter-to-quarter JJ I
gains NNS I
, , O
while IN O
the DT I
low-end NN I
, , I
or CC I
commodity NN I
segment NN I
, , I
of IN O
the DT I
industry NN I
is VBZ O
experiencing VBG O
sluggish JJ I
growth NN I
or CC O
even RB O
sales VBZ I
declines NNS I
. . O

Compared VBN O
with IN O
its PRP$ I
previous JJ I
quarter NN I
, , O
the DT I
final JJ I
period NN I
of IN O
its PRP$ I
1989 CD I
fiscal JJ I
year NN I
, , O
net NN I
rose VBD O
9 CD I
% NN I
, , O
and CC O
sales NNS I
rose VBD O
7 CD I
% NN I
. . O

Control NNP I
Data NNP I
Corp. NNP I
, , O
Minneapolis NNP I
, , O
signed VBD O
a DT I
joint JJ I
development NN I
agreement NN I
with IN O
MIPS NNP I
Computer NNP I
Systems NNP I
Inc. NNP I
to TO O
incorporate VB O
an DT I
emerging VBG I
computing VBG I
architecture NN I
in IN O
future NN I
machines NNS I
. . O

MIPS NNP I
is VBZ O
a DT I
leader NN I
in IN O
what WP I
is VBZ O
known VBN O
as IN O
reduced-instruction NN I
set VBN I
computing VBG I
, , O
or CC O
RISC NNP I
, , O
a DT I
technology NN I
combining VBG O
microprocessors NNS I
and CC O
sophisticated JJ I
software NN I
. . O

In IN O
joining VBG O
MIPS NNP I
, , O
Control NNP I
Data NNP I
follows VBZ O
several JJ I
competitors NNS I
in IN O
embracing VBG O
RISC NNP I
as IN O
a DT I
new JJ I
design NN I
approach NN I
. . O

Digital NNP I
Equipment NNP I
Corp. NNP I
, , O
Tandem NNP I
Computers NNP I
Inc. NNP I
, , O
NEC NNP I
Corp. NNP I
and CC O
Group NNP I
Bull NNP I
, , O
among IN O
others NNS I
, , O
have VBP O
similar JJ I
arrangements NNS I
with IN O
MIPs NNP I
, , O
based VBN O
in IN O
Sunnyvale NNP I
, , O
Calif NNP I
. . O

Control NNP I
Data NNP I
said VBD O
it PRP I
expects VBZ O
its PRP$ I
first JJ I
RISC-based JJ I
mainframe NN I
machine NN I
to TO O
be VB O
introduced VBN O
next JJ I
year NN I
. . O

The DT I
accord NN I
with IN O
MIPS NNP I
calls VBZ O
for IN O
Control NNP I
Data NNP I
to TO O
share VB O
its PRP$ I
expertise NN I
in IN O
data NNS I
storage NN I
, , O
the DT I
companies NNS I
said VBD O
. . O

Control NNP I
Data NNP I
also RB O
said VBD O
it PRP I
is VBZ O
developing VBG O
what WP I
it PRP B
called VBD O
a DT I
`` `` I
supermainframe NN I
'' '' I
computer NN I
, , O
the DT I
Cyber NNP I
2000 CD I
, , O
intended VBN O
for IN O
scientists NNS I
, , O
engineers NNS I
and CC O
other JJ I
users NNS I
of IN O
generalpurpose JJ I
high-performance JJ I
computers NNS I
. . O

UAL'S NNP I
STOCK NN I
SKIDDED VBD O
an DT I
additional JJ I
$ $ I
24.875 CD I
, , O
to TO O
$ $ I
198 CD I
, , O
as IN O
British JJ I
Airways NNPS I
indicated VBD O
it PRP I
may MD O
balk VB O
at IN O
any DT I
hastily RB I
revised VBN I
version 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
Air NNP I
's POS B
parent NN I
. . O

UAL NNP 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
disclosure NN I
of IN O
the DT I
buy-out NN I
's POS B
collapse NN I
jolted VBD O
the DT I
stock NN I
market NN I
. . O

Meanwhile RB O
, , O
investor NN I
Marvin NNP I
Davis NNP I
said VBD O
he PRP I
remains VBZ O
interested JJ O
in IN 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

Stock NN I
prices NNS I
fell VBD O
broadly RB O
in IN O
heavy JJ I
trading NN I
, , O
dominated VBN O
by IN O
futures-related JJ I
program NN I
selling VBG I
and CC O
further JJ I
declines NNS I
by IN O
UAL NNP I
and CC O
other JJ I
airline NN I
stocks NNS I
. . O

The DT I
Dow NNP I
Jones NNP I
industrials NNS I
closed VBD O
off IN O
18.65 CD I
points NNS I
, , O
at IN O
2638.73 CD I
, , O
after IN O
plunging VBG O
over IN I
60.25 CD I
points NNS I
in IN O
the DT I
morning NN I
. . O

Bond NN I
prices NNS I
ended VBD O
lower JJR O
after IN O
an DT I
early JJ I
rally NN I
, , O
while IN O
the DT I
dollar NN I
was VBD O
mixed VBN O
. . O

The DT I
U.S. NNP I
trade NN I
deficit NN I
swelled VBD O
to TO O
$ $ I
10.77 CD I
billion CD I
in IN O
August NNP I
, , O
prompting VBG O
worries NNS I
that IN O
the DT I
nation NN I
's POS B
export NN I
drive NN I
had VBD O
stalled VBN O
. . O

Exports NNS I
declined VBD O
for IN O
the DT I
second JJ I
month NN I
in IN O
a DT I
row NN I
, , O
while IN O
imports NNS I
rose VBD O
to TO O
a DT I
record NN I
. . O

An DT I
analyst NN I
called VBD O
it PRP I
one CD B
of IN O
the DT I
worst JJS I
trade NN I
reports NNS I
since IN O
the DT I
dollar NN I
bottomed VBN O
out IN O
in IN O

Industrial JJ I
output NN I
fell VBD O
0.1 CD I
% NN I
in IN O
September NNP I
, , O
the DT I
latest JJS I
sign NN I
manufacturing NN B
is VBZ O
slowing VBG O
. . O

An DT I
analyst NN I
cited VBD O
weaker JJR I
capital NN I
spending NN I
and CC I
exports NNS I
. . O

Bankers NNP I
Trust NNP I
added VBD O
$ $ I
1.6 CD I
billion CD I
to TO O
reserves NNS I
for IN O
Third NNP I
World NNP I
loans NNS I
, , O
the DT I
latest JJS I
big JJ I
bank NN I
to TO O
take VB O
such JJ I
a DT I
step NN I
. . O

It PRP I
expects VBZ O
a DT I
$ $ I
1.42 CD I
billion CD I
quarterly JJ I
loss NN I
. . O

Citicorp NNP I
posted VBD O
a DT I
9 CD I
% NN I
drop NN I
in IN O
quarterly JJ I
profit NN I
. . O

Manufacturers NNP I
Hanover NNP I
had VBD O
a DT I
loss NN I
due JJ O
to TO O
a DT I
big JJ I
reserve NN I
addition NN I
. . O

Bank NNP I
of IN O
New NNP I
England NNP I
plans VBZ O
to TO O
sell VB O
some DT I
operations NNS I
and CC O
lay VBD O
off IN O
4 CD I
% NN I
of IN O
its PRP$ I
work NN I
force NN I
after IN O
a DT I
year NN I
of IN O
weak JJ I
earnings NNS I
and CC O
mounting VBG I
loan NN I
problems NNS I
. . O

Eastern NNP I
Airlines NNPS I
' POS B
creditors NNS I
have VBP O
begun VBN O
exploring VBG O
alternative NN I
approaches NNS I
to TO O
a DT I
Chapter NN I
11 CD I
reorganization NN I
because IN O
they PRP I
are VBP O
unhappy JJ O
with IN O
the DT I
carrier NN I
's POS B
latest JJS I
proposal NN I
. . O

Tele-Communications NNP I
agreed VBD O
to TO O
buy VB O
half NN I
of IN O
Showtime NNP I
Networks NNP I
from IN O
Viacom NNP I
for IN O
$ $ I
225 CD I
million CD I
. . O

The DT I
move NN I
could MD O
pose VB O
a DT I
new JJ I
challenge NN I
to TO O
Time NNP I
Warner NNP I
's POS B
Home NNP I
Box NNP I
Office NNP I
. . O

The DT I
CFTC NNP I
plans VBZ O
to TO O
curb VB O
dual JJ I
trading NN I
on IN O
commodities NNS I
markets NNS I
, , O
in IN O
which WDT I
traders NNS B
buy VBP O
and CC O
sell VB O
both DT O
for IN O
their PRP$ I
own JJ I
account NN I
and CC O
for IN O
clients NNS I
. . O

The DT I
move NN I
is VBZ O
likely JJ O
to TO O
anger NN O
traders NNS I
. . O

FDIC NNP I
Chairman NNP I
Seidman NNP I
said VBD O
that IN O
Lincoln NNP I
Savings NNP I
& CC I
Loan NNP I
of IN O
California NNP I
should MD O
have VB O
been VBN O
seized VBN O
in IN O
1986 CD I
to TO O
contain VB O
losses NNS I
he PRP B
estimated VBD O
will MD O
cost VB O
taxpayers NNS I
as RB B
much JJ I
as IN O
$ $ I
2 CD I
billion CD I
. . O

A DT I
$ $ I
67 CD I
billion CD I
spending NN I
bill NN I
was VBD O
approved VBN O
by IN O
House-Senate NNP I
conferees NNS I
that WDT B
includes VBZ O
major JJ I
provisions NNS I
affecting VBG O
the DT I
federal JJ I
mortgage NN I
market NN I
. . O

Hooker NNP I
's POS B
U.S. NNP I
unit NN I
is VBZ O
expected VBN O
to TO O
agree VB O
in IN O
principle NN I
this DT B
week NN I
to TO O
sell VB O
its PRP$ I
Merksamer NNP I
Jewelers NNPS I
chain NN I
to TO O
management NN I
, , O
according VBG O
to TO O
executives NNS I
. . O

The DT I
deficit-reduction NN I
bill NN I
became VBD O
snagged VBN O
over IN O
efforts NNS I
to TO O
streamline VB O
the DT I
House NNP I
version NN I
of IN O
the DT I
legislation NN I
in IN O
advance NN I
of IN O
a DT I
House-Senate NNP I
conference NN I
. . O

Integrated NNP I
Resources NNPS I
said VBD O
talks NNS I
have VBP O
ended VBN O
with IN O
another DT I
potential JJ I
buyer NN I
of IN O
its PRP$ I
core NN I
businesses NNS I
. . O

Three CD I
big JJ I
drug NN I
makers NNS I
posted VBD O
robust JJ I
third-quarter JJ I
earnings NNS I
. . O

Merck NNP I
's POS B
profit NN I
climbed VBD O
25 CD I
% NN I
, , O
Warner-Lambert NNP I
's POS I
22 CD B
% NN I
and CC O
Eli NNP I
Lilly NNP I
's POS I
24 CD B
% NN I
. . O

Markets NNS I
-- : O

Stocks NNS I
: : O
Volume NN I
224,070,000 CD B
shares NNS I
. . O

Dow NNP I
Jones NNP I
industrials NNS I
2638.73 CD B
, , O
off IN O
18.65 CD I
; : O
transportation NN I
1254.27 CD B
, , O
off IN O
49.96 CD I
; : O
utilities NNS I
214.54 CD B
, , O
off IN O
0.19 CD I
. . O

Bonds NNS I
: : O
Shearson NNP I
Lehman NNP I
Hutton NNP I
Treasury NNP I
index NN I
3377.43 CD B
, , O
off IN O

Commodities NNS I
: : O
Dow NNP I
Jones NNP I
futures NNS I
index NN I
129.72 CD B
, , O
unchanged JJ O
; : O
spot NN I
index NN I
129.97 CD B
, , O
off IN O
0.19 CD I
. . O

Dollar NN I
: : O
142.75 CD I
yen NN I
, , O
up IN O
0.95 CD I
; : O
1.8667 CD I
marks NNS I
, , O
off IN O
0.0018 CD I
. . O

Paul NNP I
Ely NNP I
, , O
general JJ I
partner NN I
of IN O
Alpha NNP I
Partners NNPS I
, , O
a DT I
venture-capital JJ I
firm NN I
based VBN O
in IN O
Menlo NNP I
Park NNP I
, , O
Calif. NNP I
, , O
was VBD O
named VBN O
a DT I
director NN I
of IN O
this DT I
computer NN I
company NN I
. . O

Mr. NNP I
Ely NNP I
, , O
57 CD I
years NNS I
old JJ O
, , O
temporarily RB O
increases VBZ O
the DT I
board NN I
to TO O
seven CD I
members NNS I
. . O

However RB O
, , O
director NN I
Thomas NNP I
O'Rourke NNP I
has VBZ O
said VBD O
he PRP I
wo MD O
n't RB O
seek VB O
re-election NN I
at IN O
the DT I
company NN I
's POS B
annual JJ I
meeting NN I
next JJ B
month NN I
. . O

BroadBeach NNP I
Associates NNP I
Inc. NNP I
, , O
the DT I
Los NNP I
Angeles NNP I
investment NN I
partnership NN I
whose WP$ B
$ $ I
62-a-share JJ I
bid NN I
for IN O
McGill NNP I
Manufacturing NNP I
Co. NNP I
was VBD O
topped VBN O
recently RB O
by IN O
a DT I
competing VBG I
offer NN I
from IN O
a DT I
Swedish JJ I
concern NN I
, , O
disclosed VBN O
that IN O
it PRP I
sold VBD O
its PRP$ I
entire JJ I
7 CD I
% NN I
McGill NNP I
stake NN I
. . O

McGill NNP I
, , O
a DT I
Valparaiso NNP I
, , I
Ind. NNP I
, , I
ball-bearing NN I
manufacturer NN I
, , O
had VBD O
rebuffed VBN O
BroadBeach NNP I
's POS B
proposal NN I
. . O

It PRP I
has VBZ O
since IN O
asked VBN O
holders NNS I
not RB O
to TO O
immediately RB O
tender VBP O
their PRP$ I
shares NNS I
under IN O
a DT I
recent JJ I
$ $ I
72-a-share JJ I
, , I
or CC I
$ $ I
104 CD I
million CD I
, , I
bid NN I
from IN O
AB NNP I
SKF NNP I
of IN O
Sweden NNP I
, , O
until IN O
McGill NNP I
directors NNS I
have VBP O
completed VBN O
their PRP$ I
evaluation NN I
. . O

In IN O
a DT O
Securities NNP I
and CC I
Exchange NNP I
Commission NNP I
filing NN O
, , O
BroadBeach NNP I
said VBD O
it PRP I
sold VBD O
the DT I
101,000 CD I
McGill NNP I
shares NNS I
for IN O
$ $ I
7.3 CD I
million CD I
in IN O
a DT I
private JJ I
transaction NN I
on IN O
Oct. NNP I
12 CD I
. . O

BroadBeach NNP I
did VBD O
n't RB O
identify VB O
the DT I
buyer NN I
of IN O
the DT I
shares NNS I
, , O
but CC O
the DT I
date NN I
of IN O
the DT I
selloff NN I
followed VBN O
by IN O
one CD I
day NN I
the DT B
Swedish JJ I
concern NN I
's POS B
tender NN I
offer NN I
, , O
and CC O
the DT I
indicated VBN I
price NN I
of IN O
the DT I
shares NNS I
sold VBN O
equals VBZ O
SKF NNP I
's POS B
$ $ I
72-a-share JJ I
tender NN I
offer NN I
price NN I
. . O

A DT I
BroadBeach NNP I
spokeswoman NN I
said VBD O
the DT I
company NN I
sold VBD O
the DT I
stock NN I
in IN O
the DT I
open JJ I
market NN I
and CC O
thus RB O
could MD O
n't RB O
identify VB O
the DT I
buyer NN I
or CC I
buyers NNS I
. . O

Luis NNP I
Nogales NNP I
, , O
45 CD I
years NNS I
old JJ O
, , O
has VBZ O
been VBN O
elected VBN O
to TO O
the DT I
board NN I
of IN O
this DT I
brewer NN I
. . O

Mr. NNP I
Nogales NNP I
, , O
former JJ I
president NN I
of IN O
United NNP I
Press NNP I
International NNP I
and CC O
the DT I
Univision NNP I
Spanish-language JJ I
network NN I
, , O
most RBS O
recently RB O
co-founded VBD O
Nogales NNP I
Castro NNP I
Partners NNPS I
, , O
a DT I
California-based JJ I
media NNS I
acquisition NN I
firm NN I
. . O

Mr. NNP I
Nogales NNP I
, , O
the DT I
first JJ I
Hispanic JJ I
person NN I
to TO O
serve VB O
as IN O
a DT I
Coors NNP I
director NN I
, , O
is VBZ O
an DT I
addition NN I
to TO O
the DT I
board NN I
, , O
increasing VBG O
its PRP$ I
membership NN I
to TO O
nine CD I
. . O

Hachette NNP I
S.A. NNP I
, , O
a DT I
European JJ I
media NNS I
and CC I
publishing NN I
group NN I
, , O
reported VBD O
a DT I
small JJ I
rise NN I
in IN O
its PRP$ I
attributable JJ I
first-half JJ I
group NN I
profit NN I
, , O
excluding VBG O
exceptional JJ I
items NNS I
, , O
to TO O
133.8 CD I
million CD I
francs NNS I
-LRB- ( O
$ $ I
21.1 CD I
million CD I
-RRB- ) O
from IN O
130.1 CD I
million CD I
francs NNS I
a DT B
year NN I
earlier RBR O
. . O

The DT I
Paris-based JJ I
group NN I
said VBD O
its PRP$ I
earlier JJR I
projection NN I
-- : I
that DT I
group NN I
profit NN I
for IN O
all DT I
of IN O
1989 CD I
would MD O
be VB O
close RB O
to TO O
the DT I
322.7 CD I
million CD I
francs NNS I
posted VBD O
for IN O
1988 CD I
-- : O
remains VBZ O
valid JJ O
. . O

Taking VBG O
into IN O
account NN I
nonrecurring VBG B
gains NNS I
and CC I
losses NNS I
, , O
Hachette NNP I
's POS B
group NN I
net JJ I
income NN I
for IN O
the DT I
first JJ I
six CD I
months NNS I
of IN O
this DT I
year NN I
totaled VBD O
246.6 CD I
million CD I
francs NNS I
, , O
practically RB I
double VB I
the DT I
year-earlier JJ I
figure NN I
of IN O
124.5 CD I
million CD I
francs NNS I
. . O

Analysts NNS I
said VBD O
Hachette NNP I
's POS B
earnings NNS I
in IN O
the DT I
second JJ I
half NN I
might MD O
be VB O
boosted VBN O
by IN O
a DT I
capital NN I
gain NN I
from IN O
the DT I
sale NN I
of IN O
the DT I
Paris NNP I
headquarters NN I
of IN O
a DT I
newspaper-delivery NN I
company NN I
that WDT B
is VBZ O
49 CD I
% NN I
owned VBN O
by IN O
Hachette NNP I
. . O

Oncor NNP I
Inc. NNP I
, , O
Gaithersburg NNP I
, , O
Md. NNP I
, , O
said VBD O
it PRP I
received VBD O
approval NN I
from IN O
the DT I
U.S. NNP I
Food NNP I
and CC I
Drug NNP I
Administration NNP I
to TO O
market VB O
a DT I
genetic JJ I
test NN I
that WDT B
will MD O
assist VB O
in IN O
diagnosis NN I
and CC I
treatment NN I
of IN O
leukemia NN I
and CC O
lymph NN I
cancer NN I
. . O

The DT I
B\/T NNP I
gene NN I
rearrangement NN I
test NN I
is VBZ O
more RBR O
accurate JJ O
than IN O
existing VBG I
tests NNS I
for IN O
diagnosing VBG O
the DT I
type NN I
of IN O
cancer NN I
, , O
whether IN O
it PRP I
has VBZ O
spread NN O
or CC O
whether IN O
there EX I
is VBZ O
a DT I
recurrence NN I
following VBG O
treatment NN I
, , O
said VBD O
Oncor NNP I
President NNP I
Stephen NNP I
Turner NNP I
. . O

Mr. NNP I
Turner NNP I
said VBD O
the DT I
test NN I
initially RB O
will MD O
be VB O
used VBN O
in IN O
conjunction NN I
with IN O
biopsies NNS I
and CC O
other JJ I
tests NNS I
, , O
but CC O
eventually RB O
might MD O
become VB O
the DT I
benchmark NN I
for IN O
tumor NN I
analysis NN I
. . O

Mr. NNP I
Turner NNP I
said VBD O
the DT I
test NN I
will MD O
be VB O
shipped VBN O
in IN O
45 CD I
days NNS I
to TO O
hospitals NNS I
and CC O
clinical JJ I
laboratories NNS I
. . O

Dr. NNP I
Wyndham NNP I
Wilson NNP I
, , O
a DT I
cancer NN I
treatment NN I
specialist NN I
at IN O
the DT I
National NNP I
Cancer NNP I
Institute NNP I
, , O
said VBD O
the DT I
test NN I
is VBZ O
widely RB O
used VBN O
in IN O
research NN I
centers NNS I
but CC O
is VBZ O
n't RB O
having VBG O
a DT I
major JJ I
impact NN I
because IN O
it PRP I
is VBZ O
only RB O
occasionally RB O
useful JJ O
in IN O
choosing VBG O
the DT I
most RBS I
effective JJ I
treatment NN I
. . O

But CC O
the DT I
test NN I
may MD O
prove VB O
to TO O
be VB O
more RBR O
sensitive JJ O
in IN O
determining VBG O
whether IN O
a DT I
tumor NN I
has VBZ O
spread NN O
or CC O
returned VBN O
following VBG O
treatment NN I
, , O
Dr. NNP I
Wilson NNP I
said VBD O
. . O

`` `` O
We PRP I
do VBP O
n't RB O
know VB O
yet RB O
how WRB O
useful JJ O
it PRP I
's VBZ O
going VBG O
to TO O
be VB O
, , O
'' '' O
he PRP I
said VBD O
. . O

Oncor NNP I
, , O
a DT I
six-year-old JJ I
developer NN I
of IN O
genetic JJ I
medical JJ I
tests NNS I
, , O
projects VBZ O
that IN O
the DT I
cancer NN I
test NN I
will MD O
help VB O
it PRP I
to TO O
post VB O
its PRP$ I
first-ever JJ I
profit NN I
during IN O
the DT I
first JJ I
quarter NN I
of IN O
1990 CD I
, , O
Mr. NNP I
Turner NNP I
said VBD O
. . O

The DT I
company NN I
will MD O
charge VB O
$ $ I
35 CD I
for IN O
a DT I
test NN I
and CC O
projects NNS O
about RB I
$ $ I
2 CD I
million CD I
in IN O
revenue NN I
from IN O
the DT I
test NN I
during IN O
the DT I
first JJ I
12 CD I
months NNS I
of IN O
marketing NN I
, , O
he PRP I
said VBD O
. . O

Unilab NNP I
Corp. NNP I
, , O
Norcross NNP I
, , O
Ga. NNP I
, , O
said VBD O
it PRP I
acquired VBD O
the DT I
clinical JJ I
laboratories NNS I
of IN O
closely RB I
held VBN I
Central NNP I
Diagnostic NNP I
Laboratory NNP I
Inc. NNP I
in IN O
a DT I
cash NN I
and CC I
securities NNS I
transaction NN I
valued VBN O
at IN O
$ $ I
85 CD I
million CD I
. . O

Unilab NNP I
said VBD O
its PRP$ I
wholly RB I
owned VBN I
MetWest NNP I
Inc. NNP I
unit NN I
paid VBN O
$ $ I
25 CD I
million CD I
in IN O
cash NN I
, , O
provided VBD O
$ $ I
30 CD I
million CD I
in IN O
notes NNS I
and CC O
$ $ I
30 CD I
million CD I
in IN O
preferred JJ I
stock NN I
to TO O
acquire VB O
Central NNP I
's POS B
labs NNS I
in IN O
the DT I
Western NNP I
U.S. NNP I
. . O

Unilab NNP I
, , O
which WDT I
provides VBZ O
clinical JJ I
laboratory NN I
services NNS I
, , O
competed VBD O
with IN O
Central NNP I
, , O
based VBN O
in IN O
Tarzana NNP I
, , O
Calif. NNP I
, , O
in IN O
a DT I
number NN I
of IN O
areas NNS I
. . O

Beyond IN O
removing VBG O
a DT I
competitor NN I
, , O
the DT I
combination NN I
should MD O
provide VB O
`` `` O
synergies NNS I
, , O
'' '' O
said VBD O
Fred NNP I
Harlow NNP I
, , O
Unilab NNP I
's POS B
chief JJ I
financial JJ I
officer NN I
. . O

It PRP I
also RB O
will MD O
hand VB O
Unilab NNP I
new JJ B
markets NNS I
. . O

In IN O
Los NNP I
Angeles NNP I
, , O
for IN O
example NN I
, , O
Central NNP I
has VBZ O
had VBN O
a DT I
strong JJ I
market NN I
position NN I
while IN O
Unilab NNP I
's POS B
presence NN I
has VBZ O
been VBN O
less RBR O
prominent JJ O
, , O
according VBG O
to TO O
Mr. NNP I
Harlow NNP I
. . O