Rockwell NNP
International NNP
Corp. NNP
's POS
Tulsa NNP
unit NN
said VBD
it PRP
signed VBD
a DT
tentative JJ
agreement NN
extending VBG
its PRP$
contract NN
with IN
Boeing NNP
Co. NNP
to TO
provide VB
structural JJ
parts NNS
for IN
Boeing NNP
's POS
747 CD
jetliners NNS
.Rockwell NNP
said VBD
the DT
agreement NN
calls VBZ
for IN
it PRP
to TO
supply VB
200 CD
additional JJ
so-called JJ
shipsets NNS
for IN
the DT
planes NNS
.These DT
include VBP
,
among IN
other JJ
parts NNS
,
each DT
jetliner NN
's POS
two CD
major JJ
bulkheads NNS
,
a DT
pressure NN
floor NN
,
torque NN
box NN
,
fixed VBN
leading VBG
edges NNS
for IN
the DT
wings NNS
and 
an DT
aft JJ
keel NN
beam NN
.Under IN
the DT
existing VBG
contract NN
,
Rockwell NNP
said VBD
,
it PRP
has VBZ
already RB
delivered VBN
793 CD
of IN
the DT
shipsets NNS
to TO
Boeing NNP
.Rockwell NNP
,
based VBN
in IN
El NNP
Segundo NNP
,
Calif. NNP
,
is VBZ
an DT
aerospace NN
, ,
electronics NNS
, ,
automotive JJ
and CC
graphics NNS
concern VBP
.Frank NNP
Carlucci NNP
III NNP
was VBD
named VBN
to TO
this DT
telecommunications NNS
company NN
's POS
board NN
,
filling VBG
the DT
vacancy NN
created VBN
by IN
the DT
death NN
of IN
William NNP
Sobey NNP
last JJ
May NNP
.Mr. NNP
Carlucci NNP
,
59 CD
years NNS
old JJ
,
served VBN
as IN
defense NN
secretary NN
in IN
the DT
Reagan NNP
administration NN
.In IN
January NNP
,
he PRP
accepted VBD
the DT
position NN
of IN
vice NN
chairman NN
of IN
Carlyle NNP
Group NNP
,
a DT
merchant NN
banking NN
concern NN
.SHEARSON NNP
LEHMAN NNP
HUTTON NNP
Inc NNP
.Thomas NNP
E. NNP
Meador NNP
,
42 CD
years NNS
old JJ
,
was VBD
named VBN
president NN
and 
chief JJ
operating VBG
officer NN
of IN
Balcor NNP
Co. NNP
,
a DT
Skokie NNP
, ,
Ill. NNP
, ,
subsidiary NN
of IN
this DT
New NNP
York NNP
investment NN
banking NN
firm NN
.Balcor NNP
,
which WDT
has VBZ
interests NNS
in IN
real JJ
estate NN
,
said VBD
the DT
position NN
is VBZ
newly RB
created VBN
.Mr. NNP
Meador NNP
had VBD
been VBN
executive JJ
vice NN
president NN
of IN
Balcor NNP
.In IN
addition NN
to TO
his PRP$
previous JJ
real-estate NN
investment NN
and CC
asset-management NN
duties NNS
,
Mr. NNP
Meador NNP
takes VBZ
responsibility NN
for IN
development NN
and 
property NN
management NN
.Those DT
duties NNS
had VBD
been VBN
held VBN
by IN
Van NNP
Pell NNP
,
44 CD
,
who WP
resigned VBD
as IN
an DT
executive JJ
vice NN
president NN
.Shearson NNP
is VBZ
about IN
60%-held JJ
by IN
American NNP
Express NNP
Co NNP
.Great NNP
American NNP
Bank NNP
,
citing VBG
depressed JJ
Arizona NNP
real JJ
estate NN
prices NNS
,
posted VBD
a DT
third-quarter JJ
loss NN
of IN
$ $
59.4 CD
million CD
,
or 
$ $
2.48 CD
a DT
share NN
.A DT
year NN
earlier RBR
,
the DT
savings NNS
bank VBP
had VBD
earnings NNS
of IN
$ $
8.1 CD
million CD
,
or 
33 CD
cents NNS
a DT
share NN
.For IN
the DT
nine CD
months NNS
,
it PRP
had VBD
a DT
loss NN
of IN
$ $
58.3 CD
million CD
,
or 
$ $
2.44 CD
a DT
share NN
,
after IN
earnings NNS
of IN
$ $
29.5 CD
million CD
,
or 
$ $
1.20 CD
a DT
share NN
,
in IN
the DT
1988 CD
period NN
.Great NNP
American NNP
said VBD
it PRP
increased VBD
its PRP$
loan-loss NN
reserves NNS
by IN
$ $
93 CD
million CD
after IN
reviewing VBG
its PRP$
loan NN
portfolio NN
,
raising VBG
its PRP$
total JJ
loan NN
and CC
real JJ
estate NN
reserves NNS
to TO
$ $
217 CD
million CD
.Before IN
the DT
loan-loss NN
addition NN
,
it PRP
said VBD
,
it PRP
had VBD
operating VBG
profit NN
of IN
$ $
10 CD
million CD
for IN
the DT
quarter NN
.The DT
move NN
followed VBD
a DT
round NN
of IN
similar JJ
increases NNS
by IN
other JJ
lenders NNS
against IN
Arizona NNP
real JJ
estate NN
loans NNS
,
reflecting VBG
a DT
continuing VBG
decline NN
in IN
that DT
market NN
.In IN
addition NN
to TO
the DT
increased VBN
reserve NN
,
the DT
savings NNS
bank VBP
took VBD
a DT
special JJ
charge NN
of IN
$ $
5 NN
million CD
representing VBG
general JJ
and CC
administrative JJ
expenses NNS
from IN
staff NN
reductions NNS
and 
other JJ
matters NNS
,
and 
it PRP
posted VBD
a DT
$ $
7.6 CD
million CD
reduction NN
in IN
expected VBN
mortgage NN
servicing NN
fees NNS
,
reflecting VBG
the DT
fact NN
that IN
more JJR
borrowers NNS
are VBP
prepaying VBG
their PRP$
mortgages NNS
.Arbitragers NNS
were VBD
n't 
the DT
only RB
big JJ
losers NNS
in IN
the DT
collapse NN
of IN
UAL NNP
Corp. NNP
stock NN
.Look VB
at IN
what WP
happened VBD
to TO
UAL NNP
's POS
chairman NN
,
Stephen NNP
M. NNP
Wolf NNP
,
and 
its PRP$
chief JJ
financial JJ
officer NN
,
John NNP
C. NNP
Pope NNP
.On IN
a DT
day NN
some DT
United NNP
Airlines NNPS
employees NNS
wanted VBD
Mr. NNP
Wolf NNP
fired VBD
and 
takeover NN
stock NN
speculators NNS
wanted VBD
his PRP$
scalp NN
,
Messrs. NNP
Wolf NNP
and CC
Pope NNP
saw VBD
their PRP$
prospective JJ
personal JJ
fortunes NNS
continue VBP
to TO
plummet VB
as IN
shares NNS
of IN
UAL NNP
,
United NNP
's POS
parent NN
company NN
,
dived VBD
$ $
24.875 CD
on IN
the DT
Big NNP
Board NNP
to TO
close VB
at IN
$ $
198 CD
.Including V
Monday NNP
's POS
plunge NN
,
that WDT
has VBZ
given VBN
the DT
two CD
executives NNS
paper NN
losses NNS
of IN
$ $
49.5 CD
million CD
,
based VBN
on IN
what WP
they PRP
would MD
have VB
realized VBN
had V
the DT
pilots NNS
and CC
management-led JJ
buy-out NN
of IN
UAL NNP
gone VBN
through IN
at IN
$ $
300 CD
a DT
share NN
.When WRB
bank NN
financing NN
for IN
the DT
buy-out NN
collapsed VBD
last JJ
week NN
,
so RB
did V
UAL NNP
's POS
stock NN
.Even RB
if IN
the DT
banks NNS
resurrect VBP
a DT
financing NN
package NN
at IN
$ $
250 CD
a DT
share NN
,
the DT
two CD
executives NNS
would MD
still RB
get VB
about RB
$ $
25 CD
million CD
less JJR
than IN
they PRP
stood VBD
to TO
gain VB
in IN
the DT
initial JJ
transaction NN
.Mr. NNP
Wolf NNP
owns VBZ
75,000 CD
UAL NNP
shares NNS
and 
has VBZ
options NNS
to TO
buy VB
another DT
250,000 CD
at IN
$ $
83.3125 CD
each DT
.In IN
the DT
$ $
300-a-share JJ
buyout NN
,
that WDT
totaled VBD
about RB
$ $
76.7 CD
million CD
.By IN
yesterday NN
's POS
close NN
of IN
trading NN
,
it PRP
was VBD
good JJ
for IN
a DT
paltry JJ
$ $
43.5 CD
million CD
.Of IN
course NN
,
Mr. NNP
Wolf NNP
,
48 CD
years NNS
old JJ
,
has VBZ
some DT
savings NNS
.He PRP
left VBD
his PRP$
last JJ
two CD
jobs NNS
at IN
Republic NNP
Airlines NNPS
and 
Flying NNP
Tiger NNP
with IN
combined VBN
stock-option NN
gains NNS
of IN
about RB
$ $
22 CD
million CD
,
and 
UAL NNP
gave VBD
him PRP
a DT
$ $
15 CD
million CD
bonus NN
when WRB
it PRP
hired VBD
him PRP
.His PRP$
1988 CD
salary NN
was VBD
$ $
575,000 CD
,
with IN
a DT
$ $
575,000 CD
bonus NN
.The DT
40-year JJ
old JJ
Mr. NNP
Pope NNP
has VBZ
n't RB
changed VBN
jobs NNS
enough RB
--
at IN
least JJS
the DT
right NN
ones NNS
--
to TO
stash VB
away RB
that DT
kind NN
of IN
money NN
.United NNP
paid VBD
him PRP
a DT
$ $
375,000 CD
bonus NN
to TO
lure VB
him PRP
away RB
from IN
American NNP
Airlines NNPS
,
and 
he PRP
was VBD
paid VBN
a DT
salary NN
of IN
$ $
342,122 CD
last JJ
year NN
with IN
a DT
$ $
280,000 CD
bonus NN
.Mr. NNP
Pope NNP
owns VBZ
10,000 CD
UAL NNP
shares NNS
and 
has VBZ
options NNS
to TO
buy VB
another DT
150,000 CD
at IN
$ $
69 CD
each DT
.That DT
came VBD
to TO
a DT
combined VBN
$ $
37.7 CD
million CD
under IN
the DT
$ $
300-a-share JJ
buy-out NN
,
but 
just RB
$ $
21.3 CD
million CD
at IN
yesterday NN
's POS
close NN
.Of IN
the DT
combined VBN
$ $
114.4 CD
million CD
the DT
two CD
men NNS
were VBD
scheduled VBN
to TO
reap VB
under IN
the DT
buy-out NN
,
they PRP
agreed VBD
to TO
invest VB
in IN
the DT
buy-out NN
just RB
$ $
15 CD
million CD
,
angering VBG
many NN
of IN
the DT
thousands NNS
of IN
workers NNS
asked VBD
to TO
make VB
pay NN
concessions NNS
so RB
the DT
buy-out NN
would MD
be VB
a DT
success NN
.United NNP
's POS
directors NNS
voted VBD
themselves PRP
,
and 
their PRP$
spouses NNS
,
lifetime NN
access NN
to TO
the DT
Friendly NNP
Skies NNPS
--
free JJ
first-class JJ
travel NN
,
and 
$ $
20,000 CD
a DT
year NN
for IN
life NN
as IN
well RB
.Conceivably RB
,
in IN
a DT
scaled-back JJ
buy-out NN
,
they PRP
could MD
be VB
bumped VBN
back RB
to TO
coach NN
seats NNS
for IN
life NN
.Thomas NNP
H. NNP
Johnson NNP
,
president NN
of IN
the DT
Coatedboard NNP
division NN
of IN
Mead NNP
Corp. NNP
,
was VBD
named VBN
president NN
of IN
Manville NNP
Forest NNP
Products NNP
Corp. NNP
,
a DT
Manville NNP
unit NN
,
and 
senior JJ
vice NN
president NN
of IN
Manville NNP
Corp NNP
.Mr. NNP
Johnson NNP
succeeds VBZ
Harry NNP
W. NNP
Sherman NNP
,
who WP
resigned VBD
to TO
pursue VB
other JJ
interests NNS
,
in IN
both DT
positions NNS
.Manville NNP
is VBZ
a DT
building NN
and CC
forest NN
products NNS
concern VBP
.US PRP
Facilities NNP
Corp. NNP
said VBD
Robert NNP
J. NNP
Percival NNP
agreed VBD
to TO
step VB
down RB
as IN
vice NN
chairman NN
of IN
the DT
insurance NN
holding VBG
company NN
.`` 
There EX
was VBD
a DT
difference NN
of IN
opinion NN
as IN
to TO
the DT
future NN
direction NN
of IN
the DT
company NN
,
'' 
a DT
spokeswoman NN
said VBD
.Mr. NNP
Percival NNP
declined VBD
to TO
comment VB
.In IN
a DT
statement NN
,
US PRP
Facilities NNPS
said VBD
Mr. NNP
Percival NNP
's POS
employment NN
contract NN
calls VBZ
for IN
him PRP
to TO
act VB
as IN
a DT
consultant NN
to TO
the DT
company NN
for IN
two CD
years NNS
.He PRP
will MD
also RB
remain VB
a DT
director NN
,
US PRP
Facilities NNPS
said VBD
,
but 
wo MD
n't RB
serve VB
on IN
any DT
board NN
committees NNS
.Mr. NNP
Percival NNP
will MD
be VB
succeeded VBN
on IN
an DT
interim JJ
basis NN
by IN
George NNP
Kadonada NNP
,
US PRP
Facilities NNPS
chairman NN
and CC
president NN
.In IN
the DT
same JJ
statement NN
,
US PRP
Facilities NNPS
also RB
said VBD
it PRP
had VBD
bought VBN
back RB
112,000 CD
of IN
its PRP$
common JJ
shares NNS
in IN
a DT
private JJ
transaction NN
.Terms NNS
were VBD
n't RB
disclosed VBN
.The DT
buy-back NN
represents VBZ
about IN
3 CD
% NN
of IN
the DT
company NN
's POS
shares NNS
,
based VBN
on IN
the DT
3.7 CD
million CD
shares NNS
outstanding JJ
as IN
of IN
Sept. NNP
30 CD
.In IN
national JJ
over-the-counter JJ
trading NN
yesterday NN
,
US PRP
Facilities NNPS
closed VBD
at IN
$ $
3.625 CD
,
unchanged JJ
.Three CD
leading VBG
drug NN
companies NNS
reported VBD
robust JJ
third-quarter JJ
earnings NNS
,
bolstered VBN
by IN
strong JJ
sales NNS
of IN
newer JJR
, ,
big-selling JJ
prescriptions NNS
drugs NNS
that WDT
provide VBP
hefty JJ
profit NN
margins NNS
.Merck NNP
& CC
Co. NNP
reported VBD
a DT
25 CD
% NN
increase NN
in IN
earnings NNS
;
Warner-Lambert NNP
Co. NNP
's POS
profit NN
rose VBD
22 CD
% NN
and 
Eli NNP
Lilly NNP
& CC
Co. NNP
's POS
net JJ
income NN
rose VBD
24 CD
% NN
.The DT
results NNS
were VBD
in IN
line NN
with IN
analysts NNS
' POS
expectations NNS
.Merck NNP
& CC
Co NNP
.Merck NNP
,
Rahway NNP
,
N.J. NNP
,
continued VBD
to TO
lead VB
the DT
industry NN
with IN
a DT
strong JJ
sales NNS
performance NN
in IN
the DT
human NN
and CC
animal NN
health-products NNS
segment VBP
.A DT
stronger JJR
U.S. NNP
dollar NN
reduced VBD
third-quarter JJ
and CC
first-nine-month JJ
sales NNS
growth NN
2 CD
% NN
and CC
3 CD
% NN
,
respectively RB
.International JJ
sales NNS
accounted VBD
for IN
47 CD
% NN
of IN
total JJ
company NN
sales NNS
for IN
the DT
nine CD
months NNS
,
compared VBN
with IN
50 CD
% NN
a DT
year NN
earlier RBR
.Sales NNS
for IN
the DT
quarter NN
rose VBD
to TO
$ $
1.63 CD
billion CD
from IN
$ $
1.47 CD
billion CD
.Mevacor NNP
,
Merck NNP
's POS
new JJ
cholesterol-lowering JJ
drug NN
,
had VBD
higher JJR
sales NNS
than IN
any DT
other JJ
prescription NN
medicine NN
has VBZ
ever RB
achieved VBN
in IN
the DT
U.S. NNP
in IN
the DT
year NN
following VBG
introduction NN
,
the DT
company NN
said VBD
.The DT
drug NN
was VBD
introduced VBN
in IN
West NNP
Germany NNP
this DT
year NN
.Intense JJ
competition NN
,
however RB
,
led VBN
to TO
unit NN
sales NNS
declines NNS
for IN
a DT
group NN
of IN
Merck NNP
's POS
established VBN
human NN
and CC
animal-health NN
products NNS
,
including VBG
Aldomet NNP
and CC
Indocin NNP
.In IN
New NNP
York NNP
Stock NNP
Exchange NNP
composite JJ
trading NN
yesterday NN
,
Merck NNP
shares NNS
closed VBD
at IN
$ $
75.25 CD
,
up IN
50 CD
cents NNS
.Warner-Lambert NNP
Co NNP
.Warner-Lambert NNP
,
Morris NNP
Plains NNP
,
N.J. NNP
,
reported VBD
sales NNS
that WDT
were VBD
a DT
record NN
for IN
any DT
quarter NN
and 
the DT
eighth JJ
quarter NN
in IN
a DT
row NN
of IN
20 CD
% NN
or CC
more RBR
per-share JJ
earnings NNS
growth NN
.Spurred VBN
by IN
growth NN
in IN
world-wide JJ
sales NNS
of IN
the DT
company NN
's POS
prescription NN
drugs NNS
,
Warner-Lambert NNP
said VBD
1989 CD
will MD
be VB
the DT
best JJS
year NN
in IN
its PRP$
history NN
,
with IN
per-share JJ
earnings NNS
expected VBN
to TO
increase VB
more JJR
than IN
20 CD
% NN
to TO
about RB
$ $
6.10 CD
.Sales NNS
for IN
the DT
quarter NN
rose VBD
to TO
$ $
1.11 CD
billion CD
from IN
$ $
1.03 CD
billion CD
.Prescription-drug NN
world-wide JJ
sales NNS
rose VBD
9 CD
% NN
in IN
the DT
quarter NN
to TO
$ $
340 CD
million CD
;
U.S. NNP
sales NNS
rose VBD
15 CD
% NN
.The DT
segment NN
's POS
growth NN
was VBD
led VBN
by IN
sales NNS
of IN
the DT
cardiovascular JJ
drugs NNS
Lopid NNP
,
a DT
lipid NN
regulator NN
,
and 
Dilzem NNP
,
a DT
calcium NN
channel NN
blocker NN
.World-wide JJ
sales NNS
of IN
Warner-Lambert NNP
's POS
non-prescription JJ
health-care NN
products NNS
,
such JJ
as IN
Halls NNP
cough NN
tablets NNS
,
Rolaids NNP
antacid NN
,
and 
Lubriderm NNP
skin NN
lotion NN
,
increased VBN
3 CD
% NN
to TO
$ $
362 CD
million CD
in IN
the DT
third JJ
quarter NN
;
U.S. NNP
sales NNS
rose VBD
5 NN
% NN
.Confectionery JJ
products NNS
sales NNS
also RB
had VBD
strong JJ
growth NN
in IN
the DT
quarter NN
.World-wide JJ
sales NNS
of IN
Trident NNP
gum NN
,
Certs NNP
breath NN
mints NNS
,
and 
Clorets NNP
gum NN
and CC
breath NN
mints NNS
,
increased VBN
12 CD
% NN
to TO
$ $
277 CD
million CD
.Warner-Lambert NNP
shares NNS
closed VBD
at IN
$ $
109.50 CD
a DT
share NN
,
up IN
$ $
1.50 CD
,
in IN
Big NNP
Board NNP
composite JJ
trading NN
yesterday NN
.Eli NNP
Lilly NNP
& CC
Co NNP
.Lilly NNP
attributed VBD
record NN
third-quarter JJ
and CC
nine-month JJ
results NNS
to TO
world-wide JJ
gains NNS
for IN
pharmaceuticals NNS
,
medical JJ
instruments NNS
and 
plant-science NN
products NNS
despite IN
poor JJ
exchange NN
rates NNS
for IN
the DT
dollar NN
that WDT
slowed VBD
sales NNS
abroad RB
.Earnings NNS
continued VBD
to TO
pace VB
sales NNS
because IN
of IN
a DT
lower JJR
tax NN
rate NN
,
profit NN
from IN
the DT
renegotiation NN
of IN
the DT
debt NN
instrument NN
received VBD
from IN
Faberge NNP
Inc. NNP
in IN
connection NN
with IN
Lilly NNP
's POS
sale NN
of IN
Elizabeth NNP
Arden NNP
Inc. NNP
in IN
1987 CD
,
and 
net JJ
proceeds NNS
from IN
the DT
settlement NN
of IN
patent NN
litigation NN
at IN
Lilly NNP
's POS
Hybritech NNP
Inc. NNP
unit NN
.Third-quarter JJ
sales NNS
of IN
the DT
Indianapolis NNP
, ,
Ind. NNP
, ,
company NN
rose VBD
11 CD
% NN
to TO
$ $
1.045 CD
billion CD
from IN
$ $
940.6 CD
million CD
.Nine-month JJ
sales NNS
grew VBD
12 CD
% NN
to TO
$ $
3.39 CD
billion CD
from IN
$ $
3.03 CD
billion CD
a DT
year NN
earlier RBR
.Sales NNS
of IN
Prozac NNP
,
an DT
anti-depressant NN
,
led VBN
drug-sales NNS
increases NNS
.Higher JJR
sales NNS
of IN
pesticides NNS
and 
other JJ
plant-science NN
products NNS
more JJR
than IN
offset VB
a DT
slight JJ
decline NN
in IN
the DT
sales NNS
of IN
animal-health NN
products NNS
to TO
fuel VB
the DT
increase NN
in IN
world-wide JJ
agricultural JJ
product NN
sales NNS
,
Lilly NNP
said VBD
.Advanced NNP
Cardiovascular NNP
Systems NNP
Inc. NNP
and 
Cardiac NNP
Pacemakers NNPS
Inc. NNP
units NNS
led VBD
growth NN
in IN
the DT
medical-instrument JJ
systems NNS
division NN
.Lilly NNP
shares NNS
closed VBD
yesterday NN
in IN
composite JJ
trading NN
on IN
the DT
Big NNP
Board NNP
at IN
$ $
62.25 CD
,
down RB
12.5 CD
cents NNS
.Reuben NNP
Mark NNP
,
chairman NN
of IN
Colgate-Palmolive NNP
Co. NNP
,
said VBD
he PRP
is VBZ
`` ``
comfortable JJ
'' 
with IN
analysts NNS
' POS
estimates NNS
that IN
third-quarter JJ
earnings NNS
rose VBD
to TO
between IN
95 CD
cents NNS
and CC
$ $
1.05 CD
a DT
share NN
.That DT
compares VBZ
with IN
per-share JJ
earnings NNS
from IN
continuing VBG
operations NNS
of IN
69 CD
cents NNS
the DT
year NN
earlier RBR
;
including VBG
discontinued VBN
operations NNS
,
per-share NN
was VBD
88 CD
cents NNS
a DT
year NN
ago RB
.The DT
per-share JJ
estimates NNS
mean VBP
the DT
consumer-products NNS
company NN
's POS
net JJ
income NN
,
increased VBN
to TO
between IN
$ $
69.5 CD
million CD
and CC
$ $
76 CD
million CD
,
from IN
$ $
47.1 CD
million CD
the DT
year-before JJ
period NN
.Analysts NNS
estimate VBP
Colgate NNP
's POS
world-wide JJ
third-quarter JJ
sales NNS
rose VBD
about IN
8 CD
% NN
to TO
$ $
1.29 CD
billion CD
.Mr. NNP
Mark NNP
attributed VBD
the DT
earnings NNS
growth NN
to TO
strong JJ
sales NNS
in IN
Latin NNP
America NNP
,
Asia NNP
and 
Europe NNP
.Results NNS
were VBD
also RB
bolstered VBN
by IN
`` ``
a DT
very RB
meaningful JJ
'' ''
increase NN
in IN
operating VBG
profit NN
by IN
Colgate NNP
's POS
U.S. NNP
business NN
,
Mr. NNP
Mark NNP
said VBD
.Operating NN
profit NN
at IN
Colgate NNP
's POS
U.S. NNP
household NN
products NNS
and CC
personal-care JJ
businesses NNS
jumped VBD
25 CD
% NN
in IN
the DT
quarter NN
,
Mr. NNP
Mark NNP
added VBD
.He PRP
said VBD
the DT
improvement NN
was VBD
a DT
result NN
of IN
cost NN
savings NNS
achieved VBN
by IN
consolidating VBG
manufacturing NN
operations NNS
,
blending VBG
two CD
sales NNS
organizations NNS
and 
focusing VBG
more RBR
carefully RB
the DT
company NN
's POS
promotional JJ
activities NNS
.The DT
estimated VBN
improvement NN
in IN
Colgate NNP
's POS
U.S. NNP
operations NNS
took VBD
some DT
analysts NNS
by IN
surprise NN
.Colgate NNP
's POS
household NN
products NNS
business NN
,
which WDT
includes VBZ
such JJ
brands NNS
as IN
Fab NNP
laundry NN
detergent NN
and 
Ajax NNP
cleanser NN
,
has VBZ
been VBN
a DT
weak JJ
performer NN
.Analysts NNS
estimate VBP
Colgate NNP
's POS
sales NNS
of IN
household NN
products NNS
in IN
the DT
U.S. NNP
were VBD
flat JJ
for IN
the DT
quarter NN
,
and 
they PRP
estimated VBD
operating VBG
margins NNS
at IN
only RB
1 CD
% NN
to TO
3 CD
% NN
.`` 
If IN
you PRP
could MD
say VB
their PRP$
business NN
in IN
the DT
U.S. NNP
was VBD
mediocre JJ
,
but 
great JJ
everywhere RB
else RB
,
that WDT
would MD
be VB
fine JJ
,
'' 
says VBZ
Bonita NNP
Austin NNP
,
an DT
analyst NN
with IN
Wertheim NNP
Schroder NNP
& CC
Co NNP
.`` 
But 
it PRP
's VBZ
not 
mediocre JJ
,
it PRP
's VBZ
a DT
real JJ
problem NN
.
'' Mr. NNP
Mark NNP
conceded VBD
that 
Colgate NNP
's POS
domestic JJ
business NN
,
apart RB
from IN
its PR
highly 
profitable 
Hill NNP
's POS
Pet NNP
Products NNPS
unit NN
,
has VBZ
lagged VBN
.`` 
We PRP
've VBP
done VBN
a DT
lot NN
to TO
improve VB
-LCB- (
U.S. NNP
. .
-RCB- )
results NNS
,
and 
a DT
lot NN
more JJR
will MD
be VB
done VBN
,
'' 
Mr. NNP
Mark NNP
said VBD
.`` 
Improving VBG
profitability NN
of IN
U.S. NNP
operations NNS
is VBZ
an DT
extremely RB
high JJ
priority NN
in IN
the DT
company NN
.
'' To TO
focus VB
on IN
its PRP$
global JJ
consumer-products NNS
business NN
,
Colgate NNP
sold VBD
its PRP$
Kendall NNP
health-care NN
business NN
in IN
1988 CD
.H. NNP
Anthony NNP
Ittleson NNP
was VBD
elected VBN
a DT
director NN
of IN
this DT
company NN
,
which WDT
primarily RB
has VBZ
interests NNS
in IN
radio NN
and CC
television NN
stations NNS
,
increasing VBG
the DT
number NN
of IN
seats NNS
to TO
five CD
.Osborn NNP
also RB
operates VBZ
Muzak NNP
franchises NNS
,
entertainment NN
properties NNS
and 
small JJ
cable-television NN
systems NNS
.Mr. NNP
Ittleson NNP
is VBZ
executive NN
,
special JJ
projects NNS
,
at IN
CIT NNP
Group NNP
Holdings NNP
Inc. NNP
,
which WDT
is VBZ
controlled VBN
by IN
Manufacturers NNP
Hanover NNP
Corp NNP
.The DT
Boston NNP
Globe NNP
says VBZ
its PRP$
newly RB
redesigned VBN
pages NNS
have VBP
a DT
`` ``
crisper NN
'' ''
look VB
with IN
revamped VBN
fixtures NNS
aimed VBN
at IN
making VBG
the DT
paper NN
`` 
more RBR
consistent JJ
'' 
and 
`` 
easier JJR
to TO
read VB
.
'' Maybe RB
so RB
--
if IN
you PRP
can MD
find VB
where WRB
your PRP$
favorite JJ
writer NN
went VBD
.Beantown NNP
scribes NNS
,
who WP
spare VB
no DT
invective NN
when WRB
taking VBG
on IN
local JJ
luminaries NNS
such JJ
as IN
Michael NNP
`` ``
Pee NNP
Wee NNP
'' ''
Dukakis NNP
,
or 
New NNP
England NNP
Patriots NNPS
Coach NNP
Raymond NNP
`` ``
Rev. NNP
Ray NNP
'' ''
Berry NNP
,
yesterday NN
poured VBD
ridicule NN
on IN
new JJ
drawings NNS
of IN
Globe NNP
columnists NNS
that WDT
replaced VBD
old JJ
photos NNS
in IN
the DT
revamped VBN
pages NNS
this DT
week NN
.By IN
late JJ
last JJ
night NN
,
Globe NNP
Managing NNP
Editor NNP
Thomas NNP
Mulvoy NNP
,
bending VBG
to TO
the DT
will MD
of IN
his PRP$
troops NNS
,
scrapped VBD
the DT
new JJ
drawings NNS
.For IN
a DT
few JJ
days NNS
at IN
least JJS
,
he PRP
says VBZ
,
no DT
pictures NNS
or CC
drawings NNS
of IN
any DT
kind NN
will MD
adorn VB
the DT
columns NNS
.Trouble NN
was VBD
,
nobody NN
thought VBD
they PRP
looked VBD
right NN
.Globe NNP
columnist NN
Mike NNP
Barnicle NNP
--
in IN
the DT
second JJ
attack NN
on IN
his PRP$
employer NN
in IN
as IN
many JJ
weeks NNS
--
averred VBD
that IN
his PRP$
shadowy JJ
countenance NN
was VBD
so RB
bad JJ
,
it PRP
looked VBD
`` 
like IN
a DT
face NN
you PRP
'd MD
find VB
on IN
a DT
bottle NN
of IN
miracle NN
elixir NN
that WDT
promises VBZ
to TO
do VB
away RB
with IN
diarrhea NN
in IN
our PRP$
lifetime NN
.
'' Mr. NNP
Barnicle NNP
reminded VBD
readers NNS
that IN
he PRP
still RB
has VBZ
n't RB
forgiven VBN
Globe NNP
management NN
for IN
questioning VBG
a DT
$ $
20 CD
expense NN
chit NN
he PRP
submitted VBD
for IN
parking VBG
his PRP$
car NN
while IN
chasing VBG
a DT
story NN
.`` 
I PRP
thought VBD
-LCB-
the DT
drawing VBG
-RCB-
a DT
cross NN
between IN
someone NN
you PRP
'd MD
spot VB
whipping VBG
open JJ
his PRP$
trench NN
coat NN
...
or 
a DT
guy NN
who WP
boasted VBD
he PRP
'd MD
been VBN
Charles NNP
Manson NNP
's POS
roommate NN
for IN
the DT
last JJ
19 CD
years NNS
,
'' 
he PRP
said VBD
.Mr. NNP
Barnicle NNP
was VBD
hardly RB
kinder JJR
to TO
the DT
renderings NNS
of IN
colleagues NNS
Michael NNP
Madden NNP
-LRB-
`` 
appears VBZ
to TO
be VB
a DT
pervert NN
'' 
-RRB-
,
Will MD
McDonough NNP
-LRB-
`` 
looks VBZ
as IN
if IN
he PRP
drove VBD
for IN
Abe NNP
Lincoln NNP
'' 
-RRB-
or 
Bella NNP
English NNP
,
whose WP$
`` ``
little JJ
girl NN
now RB
screams VBZ
hysterically RB
every DT
time NN
she PRP
sees VBZ
a DT
newspaper NN
.
'' Lynn NNP
Staley NNP
,
the DT
Globe NNP
's POS
assistant NN
managing VBG
editor NN
for IN
design NN
,
acknowledges VBZ
that IN
the DT
visages NNS
were VBD
`` 
on IN
the DT
low JJ
end NN
of IN
the DT
likeness NN
spectrum NN
.
'' Rival NNP
Boston NNP
Herald NNP
columnist NN
Howie NNP
Carr NNP
,
who WP
usually RB
rails VBZ
at IN
Statehouse NN
`` ``
hacks NNS
'' ''
and CC
nepotism NN
,
argued VBD
that IN
the DT
new JJ
drawings NNS
were VBD
designed VBN
to TO
hide VB
Mr. NNP
Madden NNP
's POS
`` 
rapidly RB
growing VBG
forehead NN
'' 
and 
the DT
facial JJ
defects NNS
of IN
`` ``
chinless JJ
'' ''
Dan NNP
Shaughnessy NNP
,
a DT
Globe NNP
sports NNS
columnist NN
.`` 
But 
think VBP
of IN
the DT
money NN
you PRP
,
the DT
reader NN
,
will MD
save VB
on IN
Halloween NNP
,
'' 
said VBD
Mr. NNP
Barnicle NNP
.`` 
Instead RB
of IN
buying VBG
masks NNS
for IN
your PRP$
kids NNS
,
just RB
cut VB
out RP
the IN
columnists NNS
' POS
pictures NNS
...
.Deeply RB
ingrained JJ
in IN
both 
the DT
book NN
review NN
`` 
Kissing VBG
Nature NNP
Good-bye UH
'' 
by IN
Stephen NNP
MacDonald NNP
-LRB-
Leisure NNP
& CC
Arts NNP
,
Sept. NNP
27 CD
-RRB-
and 
the DT
books NNS
reviewed VBN
is VBZ
the DT
assumption NN
that IN
global JJ
warming NN
is VBZ
entirely RB
a DT
result NN
of IN
human JJ
activity NN
.Is V
such JJ
a DT
view NN
justified VBN
?In IN
the DT
absence NN
of IN
humans NNS
,
would 
the DT
Earth NNP
enjoy VB
a DT
constant JJ
climate NN
over IN
the DT
long JJ
term NN
?Clearly RB
not RB
.About IN
20,000 CD
years NNS
ago RB
the DT
last JJ
ice NN
age NN
ended VBD
.Enormous JJ
ice NN
sheets NNS
retreated VBD
from IN
the DT
face NN
of IN
North NNP
America NNP
,
northern JJ
Europe NNP
and 
Asia NNP
.This DT
global JJ
warming NN
must MD
have VB
been VBN
entirely RB
natural JJ
--
nobody NN
would MD
blame VB
it PRP
on IN
a DT
few JJ
hundred CD
thousand CD
hunter-gatherers NNS
hunting NN
mammoths NNS
and 
scratching VBG
around 
in IN
caves NNS
.Furthermore RB
,
no DT
bell NN
has VBZ
yet RB
rung VBN
to TO
announce VB
the DT
end NN
of IN
this DT
immense JJ
episode NN
of IN
natural JJ
global JJ
warming NN
.It PRP
is VBZ
probably RB
continuing VBG
and 
may MD
well RB
account VB
for IN
most RBS
of IN
,
or 
all DT
of IN
,
present-day JJ
global JJ
warming NN
.I PRP
bow VBP
to TO
no DT
one CD
in IN
my PRP$
regard NN
for IN
our PRP$
terrestrial JJ
heritage NN
,
but 
if IN
we PRP
are VBP
serious JJ
about IN
global JJ
warming NN
we PRP
must MD
look VB
at IN
the DT
big JJ
picture NN
and 
not RB
allow VB
the DT
Dominant NNP
Culture NNP
to TO
lock VB
us PRP
into IN
the DT
capitalist-exploiters-greedy-American-consumers-global JJ
- :
warming NN
scenario NN
as IN
the DT
sole JJ
model NN
for IN
discussion NN
.Jocelyn NNP
Tomkin NNP
Astronomy NNP
Department NNP
University NNP
of INThe DT
Internal NNP
Revenue NNP
Service NNP
plans VBZ
to TO
restructure VB
itself PRP
more JJR
like IN
a DT
private JJ
corporation NN
.In IN
addition NN
,
the DT
tax-collecting JJ
agency NN
says VBZ
that IN
it PRP
will MD
take VB
the DT
unusual JJ
step NN
of IN
looking VBG
to TO
the DT
private JJ
sector NN
to TO
fill VB
two CD
new JJ
high-level JJ
positions NNS
to TO
guide VB
the DT
120,000-employee JJ
agency NN
:
a DT
comptroller NN
to TO
oversee VB
daily JJ
finances NNS
and 
a DT
chief JJ
information NN
officer NN
to TO
update VB
the DT
information NN
system NN
,
which WDT
includes VBZ
probably RB
the DT
largest JJS
computer NN
data NNS
base VBP
in IN
the DT
world NN
.The DT
IRS NNP
also RB
said VBD
that IN
it PRP
would MD
create VB
the DT
position NN
of IN
chief JJ
financial JJ
officer NN
,
who WP
will MD
be VB
hired VBN
from IN
within IN
the DT
agency NN
.IRS NNP
Commissioner NNP
Fred NNP
T. NNP
Goldberg NNP
said VBD
the DT
changes NNS
are VBP
intended VBN
to TO
bring VB
`` 
accountability NN
'' 
to TO
the DT
agency NN
,
which WDT
has VBZ
an DT
annual JJ
budget NN
of IN
more JJR
than IN
$ $
5 NN
billion CD
and 
collects VBZ
about RB
$ $
1 CD
trillion CD
a DT
year NN
.`` 
My PRP$
assessment NN
and 
everyone NN
's POS
assessment NN
is VBZ
that IN
we PRP
do VBP
not RB
have VB
the DT
kinds NNS
of IN
information NN
that WDT
let VBP
us PRP
responsibly RB
and CC
effectively RB
formulate VB
and CC
execute VB
our PRP$
budget NN
,
'' 
Mr. NNP
Goldberg NNP
said VBD
.`` 
And 
we PRP
do VBP
n't RB
have VB
internal JJ
controls NNS
and CC
discipline NN
that IN
we PRP
need VBP
to TO
have VB
to TO
spend VB
$ $
5 NN
billion CD
properly RB
.
'' Mr. NNP
Goldberg NNP
,
who WP
took VBD
over IN
as IN
head NN
of IN
the DT
IRS NNP
in IN
July NNP
,
has VBZ
been VBN
disturbed VBN
by IN
what WP
he PRP
considers VBZ
the DT
inefficiency NN
, ,
waste NN
and CC
lack NN
of IN
coordination NN
among IN
the DT
branches NNS
of IN
the DT
vast JJ
federal JJ
agency NN
.The DT
IRS NNP
operates VBZ
on IN
a DT
computer NN
system NN
designed VBN
in IN
1961 CD
,
which WDT
it PRP
has VBZ
been VBN
trying VBG
to TO
modernize VB
for IN
years NNS
.And 
the DT
agency NN
,
which WDT
operated VBD
throughout IN
fiscal JJ
1989 CD
with IN
a DT
$ $
360 CD
million CD
budget NN
shortfall NN
,
has VBZ
been VBN
under IN
a DT
hiring VBG
freeze NN
since IN
last JJ
fall NN
.The DT
new JJ
commissioner NN
says VBZ
that IN
closer JJR
scrutiny NN
of IN
how WRB
the DT
agency NN
uses VBZ
its PRP$
resources NNS
will MD
go VB
a DT
long JJ
way NN
toward IN
enhancing VBG
its PRP$
ability NN
to TO
collect VB
more JJR
tax NN
revenue NN
.`` 
I PRP
think VBP
that IN
you PRP
will MD
see VB
a DT
significant JJ
improvement NN
in IN
the DT
budget NN
formulation NN
and CC
execution NN
process NN
which WDT
,
in IN
turn NN
,
I PRP
believe VBP
will MD
result VB
in IN
a DT
significant JJ
increase NN
in IN
revenue NN
,
'' 
he PRP
said VBD
.The DT
IRS NNP
hopes VBZ
to TO
fill VB
the DT
new JJ
positions NNS
soon RB
.Customarily RB
,
it PRP
would MD
appoint VB
career NN
civil JJ
servants NNS
from IN
within IN
the DT
agency NN
,
but 
Mr. NNP
Goldberg NNP
said VBD
he PRP
plans VBZ
to TO
`` ``
scour VBP
the DT
world NN
'' 
for IN
the DT
chief JJ
information NN
officer NN
and 
the DT
comptroller NN
.Although IN
the DT
jobs NNS
will MD
probably RB
pay VB
between IN
$ $
70,000 CD
and CC
$ $
80,000 CD
a DT
year NN
,
IRS NNP
officials NNS
are VBP
confident JJ
that IN
they PRP
can MD
attract VB
top-notch JJ
candidates NNS
from IN
the DT
private JJ
sector NN
.`` 
You PRP
're VBP
telling VBG
someone NN
they PRP
can MD
spend VB
the DT
next JJ
three CD
or CC
four CD
or CC
five CD
or CC
six CD
years NNS
of IN
their PRP$
life NN
bringing VBG
about IN
the DT
most RBS
difficult JJ
and CC
costly JJ
modernization NN
of IN
an DT
information NN
system NN
on IN
the DT
civil JJ
side NN
ever RB
,
'' 
Mr. NNP
Goldberg NNP
said VBD
.`` 
On IN
the DT
comptroller NN
side NN
,
you PRP
're VBP
developing VBG
and 
making VBG
work NN
financial JJ
controls NNS
governing VBG
a DT
$ $
6 CD
billion CD
budget NN
.When WRB
Maj. NNP
Moises NNP
Giroldi NNP
,
the DT
leader NN
of IN
the DT
abortive JJ
coup NN
in IN
Panama NNP
,
was VBD
buried VBN
,
his PRP$
body NN
bore VBD
several JJ
gunshot NN
wounds NNS
,
a DT
cracked VBN
skull NN
and 
broken VBN
legs NNS
and CC
ribs NNS
.They PRP
were VBD
the DT
signature NN
of IN
his PRP$
adversary NN
,
Panamanian JJ
leader NN
Manuel NNP
Antonio NNP
Noriega NNP
.The DT
rebel NN
officer NN
's POS
slow JJ
and CC
painful JJ
death NN
,
at IN
the DT
headquarters NN
of IN
Panama NNP
's POS
Battalion-2000 NN
squad NN
,
was VBD
personally RB
supervised VBN
by IN
Gen. NNP
Noriega NNP
,
says VBZ
a DT
U.S. NNP
official NN
with IN
access NN
to TO
intelligence NN
reports NNS
.Leaping VBG
into IN
rages VBZ
,
sinking VBG
into IN
bouts NNS
of IN
drunkenness NN
and CC
mistrust NN
,
Mr. NNP
Noriega NNP
has VBZ
put VBN
to TO
death NN
some DT
70 CD
of IN
his PRP$
troops NNS
involved VBN
in IN
the DT
coup NN
,
according VBG
to TO
U.S. NNP
officials NNS
monitoring NN
crematoriums NNS
and 
funeral NN
parlors NNS
in IN
Panama NNP
City NNP
.He PRP
is VBZ
now RB
changing VBG
the DT
place NN
he PRP
sleeps VBZ
every DT
night NN
,
sometimes RB
more JJR
than IN
once RB
a DT
night NN
.His PRP$
meals NNS
are VBP
most RBS
often RB
prepared VBN
by IN
women NNS
he PRP
trusts VBZ
--
his PRP$
full-time JJ
mistress NN
,
Vicky NNP
Amado NNP
,
and 
her PRP$
mother NN
,
Norma NNP
.And 
he PRP
is VBZ
collecting VBG
the DT
names NNS
of IN
those DT
who WP
telephoned VBD
the DT
coup-makers NNS
to TO
congratulate VB
them PRP
during IN
their PRP$
brief JJ
time NN
in IN
control NN
of IN
his PRP$
headquarters NN
.More JJR
enemies NNS
to TO
be VB
dealt VBN
with RB
.In IN
the DT
two CD
weeks NNS
since IN
the DT
rebellion NN
,
which WDT
the DT
U.S. NNP
hesitantly RB
backed VBD
,
Mr. NNP
Noriega NNP
has VBZ
been VBN
at IN
his PRP$
most RBS
brutal JJ
-
and 
efficient 
-
in IN
maintaining VBG
power NN
.Yet RB
,
while IN
the DT
failed VBN
coup NN
is VBZ
a DT
major JJ
U.S. NNP
foreign JJ
policy NN
embarrassment NN
,
it PRP
is VBZ
merely RB
the DT
latest JJS
chapter NN
in IN
a DT
byzantine JJ
relationship NN
between IN
Mr. NNP
Noriega NNP
and 
Washington NNP
that IN
stretches NNS
back RB
three CD
decades NNS
.America NNP
's POS
war NN
on IN
the DT
dictator NN
over IN
the DT
past JJ
two CD
years NNS
,
following VBG
his PRP$
indictment NN
on IN
drug NN
charges NNS
in IN
February NNP
1988 CD
,
is VBZ
the DT
legacy NN
of IN
that DT
relationship NN
.Before IN
American JJ
foreign JJ
policy NN
set VBN
out IN
to TO
destroy VB
Noriega NNP
,
it PRP
helped VBD
create VB
him PRP
out IN
of IN
the DT
crucible NN
of IN
Panama NNP
's POS
long JJ
history NN
of IN
conspirators NNS
and CC
pirates NNS
.For IN
most RBS
of IN
the DT
past JJ
30 CD
years NNS
,
the DT
marriage NN
was VBD
one CD
of IN
convenience NN
.In IN
1960 CD
,
for IN
example NN
,
when WRB
Mr. NNP
Noriega NNP
was VBD
both 
a DT
cadet NN
at IN
an DT
elite NN
military JJ
academy NN
in IN
Peru NNP
and 
a DT
spy-in-training NN
for IN
the DT
U.S. NNP
Defense NNP
Intelligence NNP
Agency NNP
,
he PRP
was VBD
detained VBN
by IN
Lima NNP
authorities NNS
for IN
allegedly RB
raping VBG
and 
savagely RB
beating VBG
a DT
prostitute NN
,
according VBG
to TO
a DT
U.S. NNP
Embassy NNP
cable NN
from IN
that DT
period NN
.The DT
woman NN
had VBD
nearly RB
died VBN
.But 
U.S. NNP
intelligence NN
,
rather RB
than IN
rein NN
in IN
or 
cut NN
loose JJ
its PRP$
new JJ
spy NN
,
merely RB
filed VBN
the DT
report NN
away RB
.Mr. NNP
Noriega NNP
's POS
tips NNS
on IN
emerging VBG
leftists NNS
at IN
his PRP$
school NN
were VBD
deemed VBN
more RBR
important JJ
to TO
U.S. NNP
interests NNS
.From IN
that DT
point NN
on IN
,
the DT
U.S. NNP
would MD
make VB
a DT
practice NN
of IN
overlooking VBG
the DT
Panamanian NNP
's POS
misadventures NNS
.The DT
U.S. NNP
has VBZ
befriended VBN
and 
later RB
turned VBD
against IN
many JJ
dictators NNS
,
but 
none NN
quite RB
so RB
resourceful JJ
.The DT
55-year-old NNP
Mr. NNP
Noriega NNP
is VBZ
n't 
as RB
smooth JJ
as IN
the DT
shah NN
of IN
Iran NNP
,
as RB
well-born JJ
as IN
Nicaragua NNP
's POS
Anastasio NNP
Somoza NNP
,
as RB
imperial JJ
as IN
Ferdinand NNP
Marcos NNP
of IN
the DT
Philippines NNP
or 
as RB
bloody JJ
as IN
Haiti NNP
's POS
Baby NNP
Doc NNP
Duvalier NNP
.Yet 
he PRP
has VBZ
proved VBN
more RBR
resilient JJ
than IN
any DT
of IN
them PRP
.And 
out IN
of IN
necessity NN
:
The DT
U.S. NNP
can MD
make VB
mistakes NNS
and 
still JJ
hope NN
to TO
remove VB
him PRP
from IN
power NN
,
but 
a DT
single JJ
error NN
on IN
his PRP$
part NN
could MD
cost VB
him PRP
his PRP$
life NN
.`` 
The DT
U.S. NNP
underestimated VBD
Noriega NNP
all DT
along IN
,
'' 
says VBZ
Ambler NNP
Moss NNP
,
a DT
former JJ
Ambassador NNP
to TO
Panama NNP
.`` 
He PRP
has VBZ
mastered VBN
the DT
art NN
of IN
survival NN
.
'' In IN
keeping VBG
with IN
America NNP
's POS
long JJ
history NN
of IN
propping VBG
up IN
Mr. NNP
Noriega NNP
,
recent JJ
U.S. NNP
actions NNS
have VBP
extended VBN
rather RB
than IN
shortened VBN
his PRP$
survival NN
.Mr. NNP
Noriega NNP
might MD
have VB
fallen VBN
of IN
his PRP$
own JJ
weight NN
in IN
1988 CD
because IN
of IN
Panama NNP
's POS
dire JJ
economic JJ
situation NN
,
says VBZ
Mr. NNP
Moss NNP
,
but 
increasing VBG
external JJ
pressure NN
has VBZ
only RB
given VBN
him PRP
additional JJ
excuses NNS
for IN
repression NN
,
and 
a DT
scapegoat NN
for IN
his PRP$
own JJ
mismanagement NN
.`` 
If IN
the DT
U.S. NNP
had VBD
sat VBN
back RB
and 
done VBN
nothing NN
,
he PRP
might MD
not RB
have VB
made VBN
it PRP
through IN
1988 CD
,
'' 
Mr. NNP
Moss NNP
contends VBZ
.Perhaps RB
most RBS
important JJ
,
Mr. NNP
Noriega NNP
's POS
allies NNS
have VBP
intervened VBN
to TO
encourage VB
--
in IN
some DT
cases NNS
,
to TO
demand VB
--
that IN
the DT
dictator NN
maintain VB
his PRP$
grip NN
of IN
the DT
throne NN
.One CD
Colombian JJ
drug NN
boss NN
,
upon IN
hearing NN
in IN
1987 CD
that IN
Gen. NNP
Noriega NNP
was VBD
negotiating VBG
with IN
the DT
U.S. NNP
to TO
abandon VB
his PRP$
command NN
for IN
a DT
comfortable JJ
exile NN
,
sent VBD
him PRP
a DT
hand-sized JJ
mahogany NN
coffin NN
engraved VBN
with IN
his PRP$
name NN
.`` 
He PRP
is VBZ
cornered VBN
,
'' 
says VBZ
the DT
Rev. NNP
Fernando NNP
Guardia NNP
,
who WP
has VBZ
led VBN
Catholic NNP
Church NNP
opposition NN
against IN
Noriega NNP
.`` 
The DT
Americans NNPS
have VBP
left VBN
him PRP
without IN
a DT
way NN
out RB
.It PRP
is VBZ
easy JJ
to TO
fight VB
when WRB
you PRP
do VBP
n't RB
have VB
any DT
other JJ
option NN
.
'' His PRP$
chief JJ
advantage NN
in IN
the DT
fight NN
:
his PRP$
intimate JJ
knowledge NN
of IN
American JJ
ways NNS
and CC
weaknesses NNS
.Mr. NNP
Noriega NNP
often RB
tells VBZ
friends NNS
that WDT
patience NN
is VBZ
the DT
best JJS
weapon NN
against IN
the DT
gringos NNS
,
who WP
have VBP
a DT
short JJ
attention NN
span NN
and 
little JJ
stomach NN
for IN
lasting VBG
confrontation NN
.The DT
U.S. NNP
discovered VBD
the DT
young JJ
Tony NNP
Noriega NNP
in IN
late JJ
1959 CD
,
when WRB
he PRP
was VBD
in IN
his PRP$
second JJ
year NN
at IN
the DT
Chorrillos NNP
Military NNP
Academy NNP
in IN
Lima NNP
,
according VBG
to TO
former JJ
U.S. NNP
intelligence NN
officials NNS
.The DT
contact NN
occurred VBD
through IN
Mr. NNP
Noriega NNP
's POS
half-brother NN
,
a DT
Panamanian JJ
diplomat NN
based VBN
in IN
Peru NNP
named VBD
Luis NNP
Carlos NNP
Noriega NNP
Hurtado NNP
.Luis NNP
Carlos NNP
,
knowing VBG
that IN
helping VBG
the DT
Americans NNPS
could MD
advance VB
the DT
career NN
of IN
any DT
Panamanian JJ
officer NN
,
relayed VBD
Tony NNP
's POS
reports NNS
on IN
the DT
leftist JJ
tendencies NNS
he PRP
observed VBD
among IN
his PRP$
fellow NN
students NNS
and CC
,
more RBR
important JJ
,
among IN
his PRP$
officers NNS
and CC
instructors NNS
.A DT
spy NN
was VBD
born VBN
.It PRP
was VBD
a DT
heady JJ
experience NN
for IN
the DT
pockmarked JJ
and CC
slightly RB
built VBN
Mr. NNP
Noriega NNP
,
who WP
was VBD
known VBN
to TO
his PRP$
friends NNS
as IN
Cara NNP
la FW
Pina NNP
--
pineapple NN
face NN
.Born VBN
the DT
illegitimate JJ
son NN
of IN
his PRP$
father NN
's POS
maid NN
,
he PRP
was VBD
raised VBN
on IN
the DT
mean NN
streets NNS
of IN
the DT
central JJ
market NN
district NN
of IN
Panama NNP
City NNP
.Tony NNP
was VBD
four CD
years NNS
older JJR
than IN
most RBS
of IN
his PRP$
fellow NN
cadets NNS
,
and 
gained VBD
admission NN
to TO
the DT
academy NN
because IN
his PRP$
brother NN
had VBD
falsified VBN
his PRP$
birth NN
certificate NN
.He PRP
considered VBD
himself PRP
intellectually RB
superior JJ
to TO
his PRP$
Peruvian JJ
peers NNS
,
many NN
of IN
whom WP
were VBD
wayward JJ
sons NNS
sent VBN
by IN
their PRP$
well-off JJ
families NNS
to TO
the DT
highly RB
disciplined VBN
, ,
French-modeled JJ
academy NN
as IN
a DT
sort NN
of IN
reform NN
school NN
.In IN
his PRP$
peaked VBD
military JJ
cap NN
and CC
neatly RB
pressed VBN
, ,
French-made JJ
uniform NN
,
Noriega NNP
felt VBD
more RBR
respected VBN
and CC
powerful JJ
than IN
ever RB
in IN
his PRP$
underprivileged JJ
life NN
,
friends NNS
from IN
the DT
period NN
say VBP
.`` 
He PRP
had VBD
an DT
elegant JJ
uniform NN
with IN
gold NN
buttons NNS
in IN
a DT
country NN
where WRB
there EX
was VBD
a DT
cult NN
of IN
militarism NN
,
where WRB
officers NNS
were VBD
the DT
elite NN
with IN
special JJ
privileges NNS
,
'' 
recalls VBZ
Darien NNP
Ayala NNP
,
a DT
fellow NN
student NN
in IN
Peru NNP
and 
a DT
lifelong JJ
friend NN
.Mr. NNP
Noriega NNP
's POS
relationship NN
to TO
American JJ
intelligence NN
agencies NNS
became VBD
contractual JJ
in IN
either DT
1966 CD
or CC
1967 CD
,
intelligence NN
officials NNS
say VBP
.His PRP$
commanding NN
officer NN
at IN
the DT
Chiriqui NNP
Province NNP
garrison NN
,
Major NNP
Omar NNP
Torrijos NNP
,
gave VBD
him PRP
an DT
intriguing JJ
assignment NN
:
Mr. NNP
Noriega NNP
would MD
organize VB
the DT
province NN
's POS
first JJ
intelligence NN
service NN
.The DT
spy NN
network NN
would MD
serve VB
two CD
clients NNS
:
the DT
Panamanian JJ
government NN
,
by IN
monitoring VBG
political JJ
opponents NNS
in IN
the DT
region NN
,
and 
the DT
U.S. NNP
,
by IN
tracking VBG
the DT
growing VBG
Communist NNP
influence NN
in IN
the DT
unions NNS
organized VBN
at IN
United NNP
Fruit NNP
Co. NNP
's POS
banana NN
plantations NNS
in IN
Bocas NNP
del NNP
Toros NNP
and 
Puerto NNP
Armuelles NNP
.United NNP
Fruit NNP
was VBD
one CD
of IN
the DT
two CD
largest JJS
contributors NNS
to TO
Panama NNP
's POS
national JJ
income NN
.Satisfying VBG
its PRP$
interests NNS
was VBD
a DT
priority NN
for IN
any DT
Panamanian JJ
leader NN
.Mr. NNP
Noriega NNP
's POS
initial JJ
retainer NN
was VBD
only RB
$ $
50 CD
to TO
$ $
100 CD
a DT
month NN
,
plus 
occasional JJ
gifts NNS
of IN
liquor NN
or CC
groceries NNS
from IN
the DT
American NNP
PX NNP
,
a DT
former JJ
intelligence NN
official NN
says NNS
.It PRP
was VBD
modest JJ
pay NN
by IN
American JJ
standards NNS
,
but 
a DT
healthy JJ
boost NN
to TO
his PRP$
small JJ
military JJ
salary NN
,
which WDT
fellow NN
officers NNS
remember VBP
as IN
having VBG
been VBN
$ $
300 CD
to TO
$ $
400 CD
monthly JJ
.`` 
He PRP
did VBD
it PRP
very RB
well RB
,
'' 
recalls VBZ
Boris NNP
Martinez NNP
,
a DT
former JJ
Panamanian JJ
colonel NN
who WP
managed VBD
Mr. NNP
Noriega NNP
and 
his PRP$
operation NN
.`` 
He PRP
started VBD
building VBG
the DT
files NNS
that WDT
helped VBD
him PRP
gain VBP
power NN
.
'' A DT
National NNP
Guard NNP
job NN
assumed VBN
by IN
Capt. NNP
Noriega NNP
in IN
1964 CD
--
as IN
chief NN
of IN
the DT
transit NN
police NN
in IN
David NNP
City NNP
,
capital NN
of IN
the DT
Chiriqui NNP
Province NNP
--
was VBD
tailor-made JJ
for IN
an DT
aspiring JJ
super-spy NN
.By IN
pressuring VBG
taxi NN
and CC
bus NN
drivers NNS
who WP
needed VBD
licenses NNS
,
he PRP
gained VBD
a DT
ready JJ
cache NN
of IN
information NN
.He PRP
knew VBD
which WDT
local JJ
luminaries NNS
had VBD
been VBN
caught VBN
driving VBG
drunk JJ
,
which WDT
had VBD
been VBN
found VBN
with IN
their PRP$
mistresses NNS
.This DT
proved VBD
particularly RB
valuable JJ
to TO
the DT
Panamanian JJ
government NN
in IN
1967 CD
,
when WRB
union NN
leaders NNS
were VBD
planning VBG
a DT
May NNP
Day NNP
march NN
that IN
the DT
government NN
feared VBD
could MD
turn VB
violent JJ
.Mr. NNP
Noriega NNP
had VBD
learned VBN
that IN
a DT
local JJ
union NN
leader NN
was VBD
sleeping VBG
with IN
the DT
wife NN
of IN
his PRP$
deputy NN
.So 
he PRP
splashed VBD
the DT
information NN
on IN
handbills NNS
that IN
he PRP
distributed VBD
throughout IN
the DT
banana-exporting JJ
city NN
of IN
Puerto NNP
Armuelles NNP
,
which WDT
was VBD
ruled VBN
by IN
United NNP
Fruit NNP
Co NNP
.The DT
campaign NN
so RB
divided VBD
union NN
leaders NNS
that IN
the DT
government NN
found VBD
them PRP
far RB
easier JJR
to TO
control VB
.`` 
It PRP
was VBD
like IN
a DT
play NN
on IN
Broadway NNP
,
'' 
recalls VBZ
Mr. NNP
Martinez NNP
.`` 
Noriega NNP
managed VBD
the DT
whole JJ
thing NN
.He PRP
was VBD
superb JJ
.Noriega NNP
was VBD
an DT
expert NN
at IN
bribing VBG
and CC
blackmailing VBG
people NNS
.
'' During IN
his PRP$
years NNS
in IN
Chiriqui NNP
,
however RB
,
Mr. NNP
Noriega NNP
also RB
revealed VBD
himself PRP
as IN
an DT
officer NN
as RB
perverse JJ
as IN
he PRP
was VBD
ingenious JJ
.Rodrigo NNP
Miranda NNP
,
a DT
local JJ
lawyer NN
and CC
human-rights JJ
monitor NN
,
recalls VBZ
an DT
intoxicated JJ
Noriega NNP
visiting VBG
prisoners NNS
in IN
their PRP$
cells NNS
at IN
the DT
5th NNP
Zone NNP
Garrison NNP
headquarters NN
in IN
David NNP
,
where WRB
he PRP
had VBD
his PRP$
offices NNS
.Mr. NNP
Noriega NNP
would MD
order VB
them PRP
all DT
to TO
take VB
off 
their PRP$
clothes NNS
and 
run VB
around IN
the DT
courtyard NN
naked JJ
,
laughing VBG
at IN
them PRP
and 
then RB
retreating VBG
to TO
his PRP$
office NN
.`` 
People NNS
started VBD
wondering VBG
if IN
something NN
was VBD
wrong JJ
with IN
him PRP
,
'' 
Mr. NNP
Miranda NNP
recalls VBZ
.But 
through IN
this DT
period NN
,
so RB
far RB
as IN
the DT
U.S. NNP
military NN
was VBD
concerned VBN
,
Mr. NNP
Noriega NNP
was VBD
a DT
model NN
recruit NN
.He PRP
signed VBD
up IN
for IN
intelligence NN
and CC
counter-intelligence JJ
training NN
under IN
American JJ
officers NNS
at IN
Fort NNP
Gulick NNP
in IN
Panama NNP
in IN
July NNP
1967 CD
,
according VBG
to TO
a DT
copy NN
of IN
a DT
1983 CD
resume NN
with IN
details NNS
Mr. NNP
Noriega NNP
has VBZ
since IN
classified VBN
as IN
secret NN
.He PRP
flew VBD
to TO
Fort NNP
Bragg NNP
,
N.C. NNP
,
in IN
September NNP
of IN
that DT
year NN
for IN
a DT
course NN
in IN
psychological JJ
operations NNS
,
returning VBG
to TO
the DT
School NNP
of IN
the DT
Americas NNP
in IN
Panama NNP
for IN
a DT
two-month JJ
course NN
called VBN
`` 
military JJ
intelligence NN
for IN
officers NNS
.
'' Some DT
American JJ
officers NNS
interpreted VBD
his PRP$
eagerness NN
and CC
studiousness NN
as IN
a DT
sign NN
of IN
loyalty NN
,
but 
they PRP
did VBD
so RB
falsely RB
.He PRP
rose VBD
to TO
chief NN
of IN
intelligence NN
in IN
Panama NNP
's POS
socalled JJ
G-2 NN
in IN
1970 CD
after IN
providing VBG
populist JJ
dictator NN
Torrijos NNP
the DT
critical JJ
support NN
to TO
defeat VB
a DT
coup NN
attempt NN
against IN
him PRP
a DT
year NN
earlier RBR
.He PRP
became VBD
Gen. NNP
Torrijos NNP
's POS
inseparable JJ
shadow NN
,
and 
the DT
holder NN
of IN
all DT
Panama NNP
's POS
secrets NNS
.Mr. NNP
Noriega NNP
,
by IN
now RB
a DT
lieutenant NN
colonel NN
,
expanded VBD
his PRP$
contacts NNS
to TO
include VB
the DT
Cubans NNPS
--
not RB
to 
mention 
the DT
Israelis NNPS
,
the DT
Taiwanese JJ
and 
any DT
other JJ
intelligence NN
service NN
that WDT
came VBD
knocking VBG
.When WRB
U.S. NNP
diplomats NNS
complained VBD
to TO
the DT
CIA NNP
of IN
Col. NNP
Noriega NNP
's POS
moonlighting NN
,
intelligence NN
experts NNS
always RB
insisted VBD
that 
his PRP$
allegiance NN
was VBD
first JJ
to TO
the DT
Americans NNPS
.`` 
Early RB
on IN
in IN
the DT
State NNP
Department NNP
,
we PRP
took VBD
to TO
calling VBG
him PRP
the DT
rent-a-colonel NN
,
in IN
tribute NN
to TO
his PRP$
ability NN
to TO
simultaneously RB
milk NN
the DT
antagonistic JJ
intelligence NN
services NNS
of IN
Cuba NNP
and 
the DT
United NNP
States NNPS
,
'' 
recalls VBZ
Francis NNP
J. NNP
McNeil NNP
,
who WP
,
as IN
deputy NN
assistant NN
secretary NN
of IN
state NN
for IN
inter-American JJ
affairs NNS
,
first JJ
ran VBD
across IN
reports NNS
about IN
Mr. NNP
Noriega NNP
in IN
1977 CD
.`` 
Some DT
of IN
us PRP
wondered VBD
how WRB
our PRP$
intelligence NN
people NNS
could MD
put VB
so RB
much JJ
stock NN
in IN
his PRP$
information NN
when WRB
he PRP
was VBD
just RB
as IN
close RB
to TO
the DT
Cubans NNPS
.
'' Even RB
at IN
this DT
early JJ
stage NN
,
drugs NNS
caused VBD
additional JJ
concerns NNS
.During IN
the DT
Nixon NNP
administration NN
,
the DT
Drug NNP
Enforcement NNP
Administration NNP
became VBD
dismayed VBN
at IN
the DT
extent NN
of IN
the DT
G-2 NN
's POS
connections NNS
to TO
arrested VBN
drug NN
traffickers NNS
.One CD
DEA NNP
agent NN
drew VBD
up IN
a DT
list NN
of IN
five CD
options NNS
for IN
dealing VBG
with IN
Col. NNP
Noriega NNP
,
one CD
of IN
which WDT
was VBD
assassination NN
.The DT
head NN
of IN
the DT
DEA NNP
at IN
the DT
time NN
,
John NNP
Ingersoll NNP
,
scotched VBD
the DT
assassination NN
plan NN
.But 
he PRP
did VBD
fly VB
to TO
Panama NNP
to TO
scold VB
dictator NN
Torrijos NNP
on IN
the DT
drug NN
ties NNS
of IN
Panamanian JJ
officials NNS
,
including VBG
Mr. NNP
Noriega NNP
.Mr. NNP
Ingersoll NNP
later RB
recalled VBD
that IN
Gen. NNP
Torrijos NNP
seemed VBD
afraid JJ
to TO
act VB
on IN
the DT
concerns NNS
of IN
the DT
U.S. NNP
.`` 
Everybody NN
was VBD
afraid JJ
of IN
him PRP
,
'' 
Mr. NNP
Ingersoll NNP
says VBZ
.Mr. NNP
Noriega NNP
became VBD
an DT
even RB
greater JJR
threat NN
in IN
1976 CD
,
when WRB
U.S. NNP
intelligence NN
services NNS
discovered VBN
that IN
he PRP
had VBD
been VBN
buying VBG
recordings NNS
of IN
electronically RB
monitored VBN
conversations NNS
from IN
three CD
sergeants NNS
working VBG
for IN
the DT
U.S. NNP
Army NNP
's POS
470th NNP
Military NNP
Intelligence NNP
Group NNP
.The DT
tapes NNS
included VBD
wiretaps NNS
of IN
Gen. NNP
Torrijos NNP
's POS
own JJ
phone NN
,
according VBG
to TO
American JJ
intelligence NN
officials NNS
.`` 
We PRP
caught VBD
him PRP
with IN
his PRP$
hands NNS
on IN
our PRP$
cookie NN
jar NN
,
'' 
says VBZ
former JJ
CIA NNP
Director NNP
Stansfield NNP
Turner NNP
.For IN
the DT
first JJ
time NN
,
the DT
U.S. NNP
considered VBD
cutting VBG
Mr. NNP
Noriega NNP
from IN
its PRP$
intelligence NN
payroll NN
--
and 
the DT
deliberations NNS
were VBD
intense JJ
,
Mr. NNP
Turner NNP
says VBZ
.`` 
In IN
the DT
world NN
of IN
intelligence NN
,
if IN
you PRP
want VBP
to TO
get VB
information NN
,
you PRP
get VBP
it PRP
from IN
seedy JJ
characters NNS
.The DT
question NN
is VBZ
how WRB
much JJ
you PRP
get VBP
tied VBN
in IN
with IN
seedy JJ
characters NNS
so IN
they PRP
can MD
extort VB
you PRP
.
'' Intelligence NN
officials NNS
to TO
this DT
day NN
worry NN
whether IN
Mr. NNP
Noriega NNP
sold VBD
sensitive JJ
information NN
on IN
the DT
recordings NNS
to TO
the DT
Cubans NNPS
or 
others NNS
.Mr. NNP
Turner NNP
was VBD
troubled JJ
enough RB
to TO
cancel VB
the DT
U.S. NNP
contract NN
with IN
the DT
rent-a-colonel NN
at IN
the DT
beginning NN
of IN
the DT
Carter NNP
administration NN
.The DT
U.S. NNP
soon RB
found VBD
new JJ
cause NN
for IN
concern NN
:
gun-running JJ
.Prosecutors NNS
in IN
Southern NNP
Florida NNP
indicted VBD
five CD
Panamanians NNS
on IN
charges NNS
of IN
illegally RB
running VBG
arms NNS
to TO
Sandinista NNP
rebels NNS
trying VBG
to TO
overthrow VB
the DT
Nicaraguan JJ
government NN
of IN
Mr. NNP
Somoza NNP
.They PRP
included VBD
one CD
of IN
Mr. NNP
Noriega NNP
's POS
closest JJS
friends NNS
and CC
business NN
partners NNS
,
Carlos NNP
Wittgreen NNP
.And 
the DT
investigators NNS
were VBD
quickly RB
closing VBG
in IN
on IN
Mr. NNP
Noriega NNP
himself PRP
.At IN
the DT
time NN
,
though RB
,
in IN
1979 CD
,
the DT
U.S. NNP
was VBD
once RB
again RB
flirting VBG
with IN
its PRP$
longtime JJ
Latin NNP
American JJ
spy NN
.Mr. NNP
Noriega NNP
made VBD
plans NNS
to TO
fly VB
to TO
Washington NNP
for IN
a DT
meeting NN
with IN
his PRP$
counterpart NN
at IN
the DT
Pentagon NNP
.Dade NNP
County NNP
and CC
federal JJ
authorities NNS
,
learning VBG
that IN
he PRP
intended VBD
to TO
fly VB
through IN
Miami NNP
,
made VBN
plans NNS
to TO
arrest VB
him PRP
on IN
the DT
gun-running JJ
charges NNS
as RB
soon RB
as IN
he PRP
hit VBD
U.S. NNP
soil NN
.It PRP
was VBD
a DT
Friday NNP
in IN
June NNP
.The DT
Pentagon NNP
foiled VBD
the DT
plan NN
.According VBG
to TO
military JJ
officers NNS
at IN
the DT
time NN
,
word NN
was VBD
passed VBN
to TO
Mr. NNP
Noriega NNP
by IN
his PRP$
American JJ
hosts NNS
that IN
the DT
police NN
would MD
be VB
waiting VBG
.On IN
Monday NNP
,
U.S. NNP
officials NNS
received VBD
a DT
routine NN
, ,
unclassified JJ
message NN
from IN
the DT
military JJ
group NN
commander NN
in IN
Panama NNP
.`` 
Due JJ
to TO
health NN
reasons NNS
,
Lt. NNP
Col. NNP
Noriega NNP
has VBZ
elected VBN
to TO
postpone VB
his PRP$
visit NN
to TO
Washington NNP
,
'' 
it PRP
read VBP
.Prosecutors NNS
in IN
Miami NNP
received VBD
yet RB
another DT
setback NN
.Their PRP$
original JJ
indictment NN
against IN
Mr. NNP
Wittgreen NNP
,
the DT
friend NN
of IN
Mr. NNP
Noriega NNP
,
and 
the DT
other JJ
four CD
was VBD
dismissed VBN
on IN
a DT
technicality NN
.But 
now RB
,
along IN
with IN
reindicting VBG
Mr. NNP
Noriega NNP
's POS
pal NN
,
they PRP
intended VBD
to TO
charge VB
Mr. NNP
Noriega NNP
himself PRP
,
on IN
allegations NNS
that IN
he PRP
was VBD
involved VBN
in IN
the DT
illegal JJ
trading NN
of IN
some DT
$ $
2 CD
million CD
in IN
arms NNS
.In IN
January NNP
1980 CD
,
Jerome NNP
Sanford NNP
,
as IN
assistant NN
U.S. NNP
attorney NN
,
was VBD
summoned VBN
to TO
a DT
meeting NN
with IN
a DT
Federal NNP
Bureau NNP
of IN
Investigation NNP
agent NN
assigned VBN
to TO
the DT
Bureau NNP
of IN
Alcohol NN
, ,
Tobacco NNP
and CC
Firearms NNP
in IN
Miami NNP
.Panamanian JJ
dictator NN
Torrijos NNP
,
he PRP
was VBD
told VBN
,
had VBD
granted VBN
the DT
shah NN
of IN
Iran NNP
asylum NN
in IN
Panama NNP
as IN
a DT
favor NN
to TO
Washington NNP
.Mr. NNP
Sanford NNP
was VBD
told VBN
Mr. NNP
Noriega NNP
's POS
friend NN
,
Mr. NNP
Wittgreen NNP
,
would MD
be VB
handling VBG
the DT
shah NN
's POS
security NN
.It PRP
would MD
n't RB
be VB
a DT
good JJ
idea NN
to 
indict VB
him PRP
--
much RB
less JJR
Mr. NNP
Noriega NNP
,
the DT
prosecutor NN
was VBD
told VBN
.After IN
prodding VBG
from IN
Mr. NNP
Sanford NNP
,
U.S. NNP
Attorney NNP
Jack NNP
Eskenazi NNP
pleaded VBD
with IN
Justice NNP
Department NNP
officials NNS
in IN
Washington NNP
to TO
let VB
the DT
indictment NN
proceed VB
.`` 
Unfortunately RB
,
'' 
Mr. NNP
Eskenazi NNP
wrote VBD
in IN
a DT
letter NN
,
`` 
those DT
of IN
us PRP
in IN
law NN
enforcement NN
in IN
Miami NNP
find NN
ourselves PRP
frequently RB
attempting VBG
to TO
enforce VB
the DT
laws NNS
of IN
the DT
United NNP
States NNPS
but 
simultaneously RB
being VBG
caught VBN
between IN
foreign JJ
policy NN
considerations NNS
over IN
which WDT
we PRP
have VBP
no DT
control NN
.
'' The DT
letter NN
,
along IN
with IN
a DT
detailed VBN
prosecution NN
memo NN
,
sat VBD
on IN
the DT
desks NNS
of IN
Justice NNP
officials NNS
for IN
months NNS
before IN
the DT
case NN
died VBD
a DT
quiet JJ
death NN
.`` 
I PRP
think VBP
if IN
we PRP
had VBD
been VBN
allowed VBN
to TO
go VB
ahead RB
then RB
we PRP
would MD
n't RB
have VB
the DT
problems NNS
we PRP
have VBP
now RB
,
'' 
Mr. NNP
Sanford NNP
says VBZ
.`` 
If IN
he PRP
had VBD
been VBN
found VBN
guilty JJ
,
we PRP
could MD
have VB
stopped VBN
him PRP
.
'' In IN
August NNP
1983 CD
,
Mr. NNP
Noriega NNP
took VBD
over IN
as IN
General NNP
and 
de-facto JJ
dictator NN
of IN
Panama NNP
,
having VBG
maneuvered VBN
his PRP$
way NN
to TO
the DT
top JJ
only RB
two CD
years NNS
after IN
the DT
mysterious JJ
death NN
in IN
a DT
plane NN
crash NN
of IN
his PRP$
old JJ
boss NN
Omar NNP
Torrijos NNP
.Soon RB
,
the DT
military NN
became VBD
a DT
veritable JJ
mafia NN
controlling VBG
legal JJ
and CC
illegal JJ
businesses NNS
.The DT
Reagan NNP
administration NN
also RB
put VB
Mr. NNP
Noriega NNP
's POS
G-2 NN
back RB
on IN
the DT
U.S. NNP
payroll NN
.Payments NNS
averaged VBD
nearly RB
$ $
200,000 CD
a DT
year NN
from IN
the DT
U.S. NNP
Defense NNP
Intelligence NNP
Agency NNP
and 
the DT
CIA NNP
.Although IN
working VBG
for IN
U.S. NNP
intelligence NN
,
Mr. NNP
Noriega NNP
was VBD
hardly RB
helping VBG
the DT
U.S. NNP
exclusively RB
.During IN
the DT
Reagan NNP
years NNS
he PRP
expanded VBD
his PRP$
business NN
and CC
intelligence NN
contacts NNS
with IN
the DT
Cubans NNPS
and 
the DT
Sandinistas NNPS
.He PRP
allegedly RB
entered VBD
into IN
Panama NNP
's POS
first JJ
formal JJ
business NN
arrangement NN
with IN
Colombian JJ
drug NN
bosses NNS
,
according VBG
to TO
Floyd NNP
Carlton NNP
,
a DT
pilot NN
who WP
once RB
worked VBD
for IN
Mr. NNP
Noriega NNP
and 
who WP
testified VBD
before IN
the DT
U.S. NNP
grand JJ
jury NN
in IN
Miami NNP
that WDT
would MD
ultimately RB
indict VB
the DT
Panamanian JJ
on IN
drug NN
charges NNS
.But 
Mr. NNP
Noriega NNP
was VBD
convinced VBN
the DT
Reagan NNP
White NNP
House NNP
would MD
n't RB
act VB
against IN
him PRP
,
recalls VBZ
his PRP$
close NN
ally NN
Jose NNP
Blandon NNP
,
because IN
he PRP
had VBD
an DT
insurance NN
policy NN
:
his PRP$
involvement NN
with IN
the DT
Contra NNP
rebels NNS
in IN
Nicaragua NNP
.Mr. NNP
Blandon NNP
says VBZ
the DT
general JJ
allowed VBN
the DT
Contras NNPS
to TO
set VB
up IN
a DT
secret JJ
training NN
center NN
in IN
Panama NNP
.Mr. NNP
Noriega NNP
also RB
conveyed VBD
intelligence NN
from IN
his PRP$
spy NN
operation NN
inside IN
the DT
Nicaraguan JJ
capital NN
of IN
Managua NNP
.And 
on IN
at IN
least JJS
one CD
occasion NN
,
in IN
the DT
spring NN
of IN
1985 CD
,
he PRP
helped VBD
arrange VB
a DT
sabotage NN
attack NN
on IN
a DT
Sandinista NNP
arsenal NN
in IN
Nicaragua NNP
.Although IN
,
his PRP$
help NN
for IN
the DT
Contra NNP
cause NN
was VBD
limited JJ
,
it PRP
was VBD
enough RB
to TO
win VB
him PRP
important JJ
protectors NNS
in IN
the DT
Reagan NNP
administration NN
,
says VBZ
Sen. NNP
Patrick NNP
Leahy NNP
,
a DT
Vermont NNP
Democrat NNP
who WP
then RB
served VBN
on IN
the DT
Senate NNP
Intelligence NNP
Committee NNP
.`` 
Noriega NNP
played VBD
U.S. NNP
intelligence NN
agencies NNS
and 
the DT
U.S. NNP
government NN
like IN
a DT
violin NN
,
'' 
he PRP
says VBZ
.An DT
incident NN
in IN
1984 CD
suggested VBD
one CD
additional JJ
means NNS
by IN
which WDT
Mr. NNP
Noriega NNP
might MD
have VB
maintained VBN
such JJ
influence NN
with IN
Washington NNP
--
by IN
compromising VBG
U.S. NNP
officials NNS
.Curtin NNP
Windsor NNP
,
then RB
the DT
ambassador NN
to TO
Costa NNP
Rica NNP
,
recalls VBZ
being VBG
invited VBN
to TO
Panama NNP
by IN
Mr. NNP
Noriega NNP
's POS
brother NN
Luis NNP
Carlos NNP
for IN
a DT
weekend NN
of IN
deep JJ
sea NN
fishing NN
and 
`` 
quiet JJ
, ,
serious JJ
conversation NN
'' 
on IN
the DT
Aswara NNP
Peninsula NNP
.Mr. NNP
Windsor NNP
notified VBD
Everett NNP
E. NNP
Briggs NNP
,
the DT
U.S. NNP
ambassador NN
to TO
Panama NNP
,
of IN
the DT
invitation NN
.`` 
Briggs NNP
screamed VBD
,
'' 
Mr. NNP
Windsor NNP
recalls VBZ
.He PRP
says VBZ
Mr. NNP
Briggs NNP
told VBD
him PRP
he PRP
was VBD
being VBG
set VBN
up IN
for IN
a DT
`` ``
honey NN
trap NN
,
'' 
in IN
which WDT
Mr. NNP
Noriega NNP
would MD
try VB
to TO
involve VB
him PRP
in IN
an DT
orgy NN
and 
then JJ
record NN
the DT
event NN
`` 
with IN
sound NN
and CC
video NN
.
'' Mr. NNP
Briggs NNP
,
on IN
vacation NN
after IN
resigning VBG
his PRP$
position NN
at IN
the DT
National NNP
Security NNP
Council NNP
,
could MD
n't RB
be VB
reached VBN
for IN
comment NN
.As IN
Mr. NNP
Noriega NNP
's POS
political JJ
troubles NNS
grew VBD
,
so RB
did V
his PRP$
offers NNS
of IN
assistance NN
to TO
the DT
Contras NNPS
,
an DT
apparent JJ
attempt NN
to TO
curry VB
more JJR
favor NN
in IN
Washington NNP
.For IN
instance NN
,
he PRP
helped VBD
steal VB
the DT
May NNP
1984 CD
Panamanian JJ
elections NNS
for IN
the DT
ruling NN
party NN
.But 
just RB
one CD
month NN
later RB
,
he PRP
also RB
contributed VBD
$ $
100,000 CD
to TO
a DT
Contra NNP
leader NN
,
according VBG
to TO
documents NNS
released VBN
for IN
Oliver NNP
North NNP
's POS
criminal JJ
trial NN
in IN
Washington NNP
,
D.C NNP
.Yet RB
,
his PRP$
political JJ
setbacks NNS
mounted VBN
.Mr. NNP
Noriega NNP
was VBD
accused VBN
of IN
ordering VBG
in IN
1985 CD
the DT
beheading NN
of IN
Hugo NNP
Spadafora NNP
,
his PRP$
most RBS
outspoken JJ
political JJ
opponent NN
and 
the DT
first JJ
man NN
to TO
publicly RB
finger NN
Mr. NNP
Noriega NNP
on IN
drug NN
trafficking NN
charges NNS
.He PRP
then RB
ousted VBD
President NNP
Nicholas NNP
Ardito NNP
Barletta NNP
,
a DT
former JJ
World NNP
Bank NNP
official NN
with IN
close NN
ties NNS
to TO
the DT
U.S. NNP
,
after IN
Mr. NNP
Barletta NNP
tried VBD
to TO
create VB
a DT
commission NN
to TO
investigate VB
the DT
murder NN
.And 
,
all PDT
the DT
while NN
,
Panama NNP
's POS
debt NN
problems NNS
continued VBD
to TO
grow VB
.Mr. NNP
Noriega NNP
was VBD
growing VBG
desperate JJ
.In IN
late JJ
1986 CD
,
he PRP
made VBD
an DT
offer NN
he PRP
thought VBD
the DT
U.S. NNP
could MD
n't RB
refuse VB
.As IN
recounted VBN
in IN
a DT
stipulation NN
that WDT
summarized VBD
government NN
documents NNS
released VBN
for IN
the DT
North NNP
trial NN
,
Mr. NNP
Noriega NNP
offered VBD
to TO
assassinate VB
the DT
Sandinista NNP
leadership NN
in IN
exchange NN
`` 
for IN
a DT
promise NN
to TO
help VB
clean JJ
up IN
Noriega NNP
's POS
image NN
and 
a DT
commitment NN
to TO
lift VB
the DT
-LCB- (
U.S. NNP
. .
-RCB- )
ban NN
on IN
military JJ
sales NNS
to TO
the DT
Panamanian NNP
Defense NNP
Forces NNPS
.
'' `` 
North NNP
,
'' 
the DT
document NN
went VBD
on IN
,
referring VBG
to TO
Oliver NNP
North NNP
,
`` 
has VBZ
told VBN
Noriega NNP
's POS
representative NN
that IN
U.S. NNP
law NN
forbade VBD
such JJ
actions NNS
.The DT
representative NN
responded VBD
that IN
Noriega NNP
had VBD
numerous JJ
assets NNS
in IN
place NN
in IN
Nicaragua NNP
and 
could MD
accomplish VB
many JJ
essential JJ
things NNS
,
just RB
as IN
Noriega NNP
had VBD
helped VBN
-LCB-
the DT
U.S. NNP
.
-RCB-
the DT
previous JJ
year NN
in IN
blowing VBG
up IN
a DT
Sandinista NNP
arsenal NN
.
'' Col. NNP
North NNP
conveyed VBD
the DT
request NN
to TO
his PRP$
superiors NNS
and CC
to TO
Assistant N
Secretary N
of IN
State NNP
Elliot NNP
Abrams NNP
,
who WP
relayed VBD
it PRP
to TO
Secretary N
of IN
State NNP
George NNP
Shultz NNP
.Mr. NNP
Noriega NNP
's POS
proposal NN
was VBD
turned VBN
down RB
.And 
Mr. NNP
Shultz NNP
curtly RB
told VBD
Mr. NNP
Abrams NNP
that IN
the DT
general NN
should MD
be VB
told VBN
that IN
only RB
he PRP
could MD
repair VB
his PRP$
tarnished VBN
image NN
.The DT
end NN
of IN
the DT
marriage NN
was VBD
at IN
hand NN
.Within IN
weeks NNS
the DT
unfolding VBG
Iran-Contra NNP
scandal NN
took VBD
away RB
Mr. NNP
Noriega NNP
's POS
insurance NN
policy NN
.The DT
death NN
of IN
CIA NNP
Director NNP
William NNP
Casey NNP
and 
resignation NN
of IN
Oliver NNP
North NNP
allowed VBD
anti-Noriega JJ
political JJ
forces NNS
to TO
gain VB
influence NN
.Public JJ
protests NNS
against IN
him PRP
were VBD
triggered VBN
in IN
June NNP
1987 CD
due JJ
to TO
charges NNS
by IN
Diaz NNP
Herrera NNP
,
his PRP$
former JJ
chief NN
of IN
staff NN
,
that IN
Mr. NNP
Noriega NNP
had VBD
stolen VBN
the DT
1984 CD
election NN
and 
had VBD
ordered VBN
the DT
killing NN
of IN
Messrs. NNP
Spadafora NNP
and CC
Torrijos NNP
.Few NNP
American JJ
officials NNS
were VBD
willing JJ
any RB
longer RB
to TO
defend VB
him PRP
.Lawyers NNS
in IN
Miami NNP
--
this DT
time NN
working VBG
virtually RB
without IN
impediment NN
--
prepared VBN
to TO
have VB
him PRP
indicted VBN
on IN
drug NN
charges NNS
in IN
February NNP
1988 CD
.During IN
negotiations NNS
with IN
American JJ
officials NNS
in IN
May NNP
1988 CD
over IN
proposals NNS
to TO
drop VB
the DT
U.S. NNP
indictments NNS
in IN
exchange NN
for IN
his PRP$
resignation NN
,
Mr. NNP
Noriega NNP
often RB
asked VBD
almost RB
plaintively RB
how WRB
the DT
Americans NNPS
,
whom WP
he PRP
had VBD
helped VBN
for IN
so RB
many JJ
years NNS
,
could MD
turn VB
against IN
him PRP
.Now RB
,
neither DT
side NN
--
the DT
U.S. NNP
nor 
Mr. NNP
Noriega NNP
--
has VBZ
an DT
easy JJ
out RB
.President NNP
Bush NNP
has VBZ
sworn VBN
to TO
bring VB
him PRP
to TO
justice NN
.Mr. NNP
Noriega NNP
believes VBZ
he PRP
has VBZ
n't 
any DT
alternative NN
but 
to TO
continue VB
clutching VBG
to TO
power VB
.It PRP
is VBZ
a DT
knock-out JJ
battle NN
--
perhaps 
to TO
the DT
death NN
.In IN
the DT
end NN
,
is V
Mr. NNP
Noriega NNP
the DT
political JJ
equivalent NN
of IN
Frankenstein NNP
's POS
monster NN
,
created VBN
by IN
a DT
well-intentioned JJ
but CC
misguided JJ
foreign JJ
power NN
?Not RB
quite RB
,
Sen. NNP
Leahy NNP
contends VBZ
.`` 
For IN
short-term JJ
gains NNS
,
people NNS
were VBD
willing JJ
to TO
put VB
up IN
with IN
him PRP
.That DT
allowed VBN
him PRP
to TO
get VB
stronger JJR
and CC
stronger JJR
,
'' 
he PRP
says VBZ
.`` 
I PRP
do VBP
n't RB
think VB
we PRP
created VBD
him PRP
as RB
much JJ
as IN
we PRP
fed VBD
him PRP
,
nurtured VBD
him PRP
and 
let VB
him PRP
grow VB
up 
to TO
be VB
big JJ
and CC
strong JJ
.UPJOHN NNP
Co. NNP
reported VBD
that IN
third-quarter JJ
net JJ
income NN
rose VBD
to TO
$ $
96 CD
million CD
,
or 
52 CD
cents NNS
a DT
share NN
,
from 
$ $
89.6 CD
million CD
, ,
or CC
49 CD
cents NNS
a DT
share NN
,
a DT
year NN
earlier RBR
.Yesterday NN
's POS
edition NN
provided VBD
analysts NNS
' POS
estimates NNS
for IN
the DT
company NN
when WRB
actual JJ
earnings NNS
were VBD
available JJ
.Industrial JJ
production NN
declined VBD
0.1 CD
% NN
in IN
September NNP
,
reinforcing VBG
other JJ
signs NNS
that IN
the DT
manufacturing NN
sector NN
continues VBZ
its PRP$
slowing NN
trend NN
.The DT
Federal NNP
Reserve NNP
Board NNP
said VBD
output NN
of IN
the DT
nation NN
's POS
factories NNS
, ,
mines NNS
and CC
utilities NNS
expanded VBN
at IN
an DT
annual JJ
rate NN
of IN
1.3 CD
% NN
in IN
the DT
third JJ
quarter NN
,
substantially RB
slower JJR
than IN
the DT
3.3 CD
% NN
annual JJ
rate NN
in IN
the DT
second JJ
quarter NN
.`` 
Capital NNP
spending NN
and CC
exports NNS
,
which WDT
have VBP
been VBN
the DT
driving VBG
force NN
in IN
this DT
expansion NN
,
are VBP
showing VBG
clear JJ
signs NNS
of IN
having VBG
the DT
steam NN
taken VBN
out IN
of IN
them PRP
,
'' 
said VBD
Robert NNP
Dederick NNP
,
economist NN
for IN
Northern NNP
Trust NNP
Co. NNP
in IN
Chicago NNP
.The DT
new JJ
reports NNS
of IN
sluggishness NN
,
which WDT
were VBD
foreshadowed VBN
by IN
an DT
earlier RBR
Labor NNP
Department NNP
report NN
that IN
manufacturing NN
payrolls NNS
dropped VBN
by IN
105,000 CD
in IN
September NNP
,
give VB
the DT
Fed NNP
another DT
reason NN
to TO
further VB
ease VB
its PRP$
grip NN
on IN
credit NN
and 
lower JJR
interest NN
rates NNS
.`` 
They PRP
need VBP
to TO
do VB
something NN
about IN
this DT
,
'' 
said VBD
Maury NNP
Harris NNP
,
economist NN
at IN
PaineWebber NNP
Group NNP
Inc NNP
.The DT
Fed NNP
also RB
said VBD
U.S. NNP
industry NN
operated VBN
at IN
83.6 CD
% NN
of IN
capacity NN
last JJ
month NN
,
down RB
from IN
83.8 CD
% NN
in IN
August NNP
.Measures NNS
of IN
manufacturing NN
activity NN
fell VBD
more JJR
than IN
the DT
overall JJ
measures NNS
.Factory NN
output NN
dropped VBD
0.2 CD
% NN
,
its PRP$
first JJ
decline NN
since IN
February NNP
,
after IN
having VBG
been VBN
unchanged JJ
in IN
October NNP
.Factories NNS
operated VBN
at IN
83.7 CD
% NN
of IN
capacity NN
,
the DT
lowest JJS
rate NN
in IN
more JJR
than IN
a DT
year NN
and 
down RB
from IN
84.1 CD
% NN
in IN
September NNP
.The DT
declines NNS
mainly RB
reflected VBD
widespread JJ
weakness NN
in IN
durable JJ
goods NNS
,
those DT
intended VBN
to TO
last VB
more JJR
than IN
three CD
years NNS
.The DT
biggest JJS
drop NN
was VBD
recorded VBN
by IN
primary JJ
metals NNS
producers NNS
,
a DT
category NN
that WDT
includes VBZ
the DT
steel NN
industry NN
.Output NN
of IN
business NN
equipment NN
was VBD
unchanged JJ
in IN
September NNP
.Production NN
of IN
factory NN
equipment NN
,
one CD
indication NN
of IN
the DT
strength NN
of IN
manufacturers NNS
' POS
investment NN
spending NN
,
fell VBD
0.3 CD
% NN
.Some DT
economists NNS
expect VBP
further JJ
declines NNS
in IN
investment NN
spending NN
.`` 
Whenever WRB
corporate JJ
profits NNS
are VBP
weak JJ
that WDT
means VBZ
capital NN
spending NN
is VBZ
going VBG
to TO
soften VB
subsequently RB
,
'' 
Mr. NNP
Harris NNP
said VBD
.`` 
You PRP
have VBP
n't RB
seen VBN
the DT
full JJ
effect NN
of IN
that DT
yet RB
.
'' A DT
decline NN
in IN
truck NN
production NN
more JJR
than IN
offset VB
a DT
sharp JJ
rise NN
in IN
auto NN
assemblies NNS
,
the DT
Fed NNP
noted VBD
.Analysts NNS
do VBP
n't RB
expect VB
the DT
September NNP
surge NN
in IN
auto NN
production NN
to TO
be VB
repeated VBN
in IN
the DT
coming VBG
months NNS
.Here RB
is VBZ
a DT
summary NN
of IN
the DT
Federal NNP
Reserve NNP
Board NNP
's POS
report NN
on IN
industrial JJ
production NN
in IN
September NNP
.The DT
figures NNS
are VBP
seasonally RB
adjusted VBN
.142.3 CD
% NN
of IN
the DT
1977 CD
average JJ
.Robin NNP
Honiss NNP
,
president NN
and 
chief JJ
executive JJ
officer NN
of IN
this DT
bank NN
holding VBG
company NN
,
was VBD
elected VBN
to TO
the DT
additional JJ
posts NNS
of IN
chairman NN
,
president NN
and 
chief JJ
executive NN
of IN
the DT
company NN
's POS
New NNP
England NNP
Savings NNP
Bank NNP
subsidiary NN
.William NNP
R. NNP
Attridge NNP
resigned VBD
those DT
posts NNS
,
as RB
well RB
as IN
a DT
seat NN
on IN
NESB NNP
's POS
board NN
.NESB NNP
is VBZ
also RB
the DT
parent NN
of IN
Omnibank NNP
.Lung-cancer NN
mortality NN
rates NNS
for IN
people NNS
under IN
45 CD
years NNS
of IN
age NN
have VBP
begun VBN
to TO
decline VB
,
federal JJ
researchers NNS
report VBP
.The DT
drop NN
is VBZ
particularly RB
large JJ
for IN
white JJ
males NNS
,
although IN
black JJ
males NNS
and 
white JJ
and CC
black JJ
women NNS
also RB
show VBP
lower JJR
mortality NN
rates NNS
.A DT
report NN
in IN
this DT
week NN
's POS
issue NN
of IN
the DT
Journal NNP
of IN
the DT
National NNP
Cancer NNP
Institute NNP
also RB
projects VBZ
that IN
overall JJ
U.S. NNP
mortality NN
rates NNS
from IN
lung NN
cancer NN
,
the DT
leading VBG
cause NN
of IN
cancer NN
death NN
,
should MD
begin VB
to TO
drop VB
in IN
several JJ
years NNS
if IN
cigarette NN
smoking NN
continues VBZ
to TO
abate VB
.The DT
report NN
,
which WDT
comes VBZ
25 CD
years NNS
after IN
the DT
U.S. NNP
Surgeon NNP
General NNP
issued VBD
a DT
report NN
warning NN
against IN
the DT
dangers NNS
of IN
smoking NN
,
is VBZ
the DT
strongest JJS
indication NN
to TO
date VB
that IN
the DT
reduction NN
in IN
smoking NN
is VBZ
leading VBG
to TO
lower JJR
death NN
rates NNS
from IN
lung NN
cancer NN
.`` 
What WP
this DT
is VBZ
saying VBG
is VBZ
that IN
the DT
surgeon NN
general NN
's POS
message NN
is VBZ
having VBG
an DT
impact NN
,
'' 
said VBD
Melvyn NNP
Tockman NNP
,
an DT
epidemiologist NN
at IN
the DT
Johns NNP
Hopkins NNP
School NNP
of IN
Hygiene NNP
and 
Public NNP
Health NNP
in IN
Baltimore NNP
.The DT
National NNP
Cancer NNP
Institute NNP
report NN
compares VBZ
mortality NN
rates NNS
of IN
two CD
groups NNS
of IN
people NNS
between IN
the DT
ages NNS
of IN
35 CD
and CC
44 CD
a DT
decade NN
apart RB
.The DT
death NN
rate NN
from IN
lung NN
cancer NN
of IN
white JJ
males NNS
aged VBN
35 CD
to TO
44 CD
in IN
the DT
mid-1970s NNS
was VBD
13.4 CD
per IN
100,000 CD
,
but 
the DT
mortality NN
rate NN
of IN
the DT
same JJ
age NN
group NN
in IN
the DT
mid-1980s NNS
was VBD
9.6 CD
,
a DT
decline NN
of IN
28.7 CD
% NN
.Measured VBN
the DT
same JJ
way NN
,
the DT
decline NN
for IN
black JJ
males NNS
was VBD
14.2 CD
% NN
.The DT
drop NN
in IN
mortality NN
rates NNS
for IN
women NNS
was VBD
less RBR
steep JJ
--
8.9 CD
% NN
for IN
blacks NNS
and 
5.3 CD
% NN
for IN
whites NNS
.The DT
study NN
,
by IN
Susan NNP
Devesa NNP
,
William NNP
Blot NNP
and 
Joseph NNP
Fraumeni NNP
of IN
the DT
institute NN
's POS
staff NN
,
also RB
shows VBZ
that IN
the DT
incidence NN
of IN
lung NN
cancer NN
as RB
well RB
as IN
the DT
death NN
rate NN
declined VBD
over IN
the DT
decade NN
for IN
all DT
groups NNS
in IN
the DT
35-44 JJ
age NN
bracket NN
,
except IN
black JJ
men NNS
.Although IN
lung-cancer NN
mortality NN
rates NNS
are VBP
increasing VBG
for IN
the DT
nation NN
as IN
a DT
whole NN
,
the DT
report NN
projects VBZ
that IN
death NN
rates NNS
will MD
begin VB
to TO
decline VB
in IN
the DT
1990s CD
for IN
men NNS
and 
after IN
the DT
year NN
2000 CD
for IN
women NNS
.Lung-cancer NN
mortality NN
rates NNS
increase VBP
with IN
age NN
and 
are VBP
continuing VBG
to TO
rise VB
for IN
all DT
age NN
groups NNS
over IN
55 NN
,
with IN
sharp JJ
increases NNS
for IN
everybody NN
but 
white JJ
men NNS
.But 
Dr. NNP
Fraumeni NNP
,
one CD
of IN
the DT
authors NNS
of IN
the DT
report NN
,
said VBD
`` 
the DT
declining VBG
rates NNS
we PRP
're VBP
seeing VBG
for IN
younger JJR
people NNS
we PRP
believe VBP
may MD
be VB
a DT
harbinger NN
of IN
declining VBG
mortality NN
in IN
the DT
future NN
.
'' However RB
,
he PRP
stressed VBD
that IN
the DT
improvement NN
depends VBZ
on IN
a DT
continued VBN
reduction NN
in IN
smoking NN
.`` 
Even RB
though IN
these DT
favorable JJ
trends NNS
in IN
lung-cancer NN
mortality NN
affect NN
all DT
sex NN
and CC
race NN
groups NNS
,
they PRP
ca MD
n't RB
be VB
taken VBN
for IN
granted VBN
,
'' 
the DT
report NN
says NNS
.`` 
Smoking NNP
prevention NN
programs NNS
should MD
reach VB
larger JJR
segments NNS
of IN
the DT
population NN
,
especially RB
children NNS
, ,
adolescents NNS
and CC
minorities NNS
.
'' An DT
editorial NN
in IN
the DT
NCI NNP
Journal NNP
says VBZ
the DT
report NN
of IN
declining VBG
lung-cancer NN
mortality NN
`` 
among IN
young JJ
men NNS
and CC
women NNS
in IN
the DT
U.S. NNP
indicates VBZ
that IN
we PRP
finally RB
may MD
be VB
winning VBG
the DT
battle NN
--
this DT
even RB
in IN
a DT
country NN
where WRB
the DT
tobacco NN
industry NN
spends VBZ
over IN
$ $
2 CD
billion CD
a DT
year NN
for IN
promotion NN
of IN
the DT
addictive JJ
habit NN
of IN
smoking NN
.
'' But 
the DT
editorial NN
,
by IN
Jan NNP
Stjernsward NNP
of IN
the DT
World NNP
Health NNP
Organization NNP
,
notes VBZ
that DT
tobacco NN
consumption NN
and CC
lung-cancer NN
mortality NN
rates NNS
are VBP
rising VBG
in IN
developing VBG
countries NNS
.`` 
Non-smoking NN
should MD
be VB
established VBN
as IN
the DT
norm NN
of IN
social JJ
behavior NN
'' 
around IN
the DT
world NN
,
the DT
editorial NN
says VBZ
,
through IN
the DT
enactment NN
of IN
laws NNS
that WDT
limit VBP
advertising VBG
,
boost VB
tobacco NN
prices NNS
and 
promote VB
anti-smoking JJ
education NN
.Asked VBN
for IN
comment NN
,
Walker NNP
Merryman NNP
,
a DT
vice NN
president NN
of IN
the DT
Tobacco NNP
Institute NNP
,
said VBD
new JJ
efforts NNS
to TO
restrict VB
tobacco NN
advertising NN
in IN
the DT
U.S. NNP
could MD
violate VB
the DT
First NNP
Amendment NNP
protection NN
of IN
free JJ
speech NN
.According VBG
to TO
the DT
American NNP
Cancer NNP
Society NNP
,
smoking NN
is VBZ
responsible JJ
for IN
85 CD
% NN
of IN
the DT
lung-cancer NN
cases NNS
among IN
men NNS
and 
75 CD
% NN
among IN
women NNS
.The DT
NCI NNP
report NN
attributes VBZ
the DT
differences NNS
in IN
mortality NN
rates NNS
by IN
race NN
to TO
different JJ
smoking NN
patterns NNS
.A DT
higher JJR
proportion NN
of IN
black JJ
men NNS
smoke VBP
than IN
white JJ
men NNS
.While IN
nearly RB
equal JJ
percentages NNS
of IN
black JJ
and CC
white JJ
women NNS
currently JJ
smoke NN
,
in IN
both DT
sexes NNS
more JJR
whites NNS
have VBP
given VBN
up IN
smoking NN
than IN
blacks NNS
.In IN
comparing VBG
changes NNS
in IN
mortality NN
rates NNS
over IN
the DT
past JJ
decade NN
,
the DT
NCI NNP
study NN
looked VBD
only RB
at IN
blacks NNS
and CC
whites NNS
.Asians NNS
and 
native JJ
Americans NNPS
were VBD
n't RB
studied VBN
;
Hispanics NNPS
were VBD
included VBN
with IN
whites NNS
.Recent JJ
changes NNS
in IN
average JJ
annual JJ
age-specific JJ
lung-cancer NN
rates NNS
per IN
100,000 CD
population NN
by IN
race NN
and CC
sex NN
.White NNP
Males NNPSWhite NNP
Females NNPSBlack NNP
Males NNPSBlack NNP
Females NNPSDirectors NNS
elected VBD
R. NNP
Marvin NNP
Womack NNP
,
currently JJ
vice NN
president\/product NN
supply NN
, ,
purchasing VBG
,
to TO
head VB
the DT
company NN
's POS
Washington NNP
, ,
D.C. NNP
, ,
office NN
.As IN
vice NN
president\/national-government NN
relations NNS
,
Mr. NNP
Womack NNP
will MD
work VB
with IN
P&G NNP
's POS
top JJ
management NN
and CC
with IN
the DT
company NN
's POS
government-relations NNS
staff VBP
`` 
to TO
represent VB
P&G NNP
's POS
interests NNS
at IN
the DT
federal JJ
level NN
,
'' 
said VBD
John NNP
G. NNP
Smale NNP
,
chairman NN
and 
chief JJ
executive JJ
officer NN
.Mr. NNP
Smale NNP
said VBD
the DT
appointment NN
`` 
recognizes VBZ
the DT
growing VBG
influence NN
of IN
government NN
on IN
our PRP$
business NN
.
'' Mr. NNP
Womack NNP
,
53 CD
years NNS
old JJ
,
has VBZ
been VBN
with IN
the DT
big JJ
producer NN
of IN
household NN
products NNS
,
food NN
and 
pharmaceuticals NNS
for IN
30 CD
years NNS
.Traders NNS
trying VBG
to TO
profit VB
from IN
the DT
recent JJ
volatility NN
in IN
financial JJ
markets NNS
invaded VBD
the DT
Nasdaq NNP
over-the-counter JJ
market NN
,
prompting VBG
even RB
more JJR
swings NNS
in IN
stock NN
prices NNS
.After IN
gaining VBG
strength NN
during IN
a DT
brief JJ
run-up NN
when WRB
trading NN
began VBD
,
the DT
Nasdaq NNP
Composite NNP
Index NNP
weakened VBD
under IN
selling VBG
pressure NN
.The DT
forces NNS
at IN
work NN
included VBD
computer-guided JJ
trading NN
,
as RB
well RB
as IN
profit-driven CD
market NN
makers NNS
and 
institutional JJ
investors NNS
who WP
had VBD
bought VBN
stock NN
on IN
the DT
cheap NN
during IN
the DT
recent JJ
correction NN
.During IN
the DT
last JJ
two CD
hours NNS
of IN
trading NN
,
the DT
composite JJ
almost RB
drew VBD
even RB
on IN
the DT
day NN
before IN
slipping VBG
again RB
.The DT
Nasdaq NNP
Composite NNP
closed VBD
down RB
1.05 CD
,
or 
0.2 CD
% NN
,
to TO
459.93 CD
.The DT
action NN
was VBD
confined VBN
to TO
Nasdaq NNP
's POS
biggest JJS
and 
most RBS
liquid JJ
stocks NNS
,
traders NNS
said VBD
.The DT
Nasdaq NNP
100 CD
Index NNP
began VBD
the DT
day NN
at IN
449.89 CD
,
lost VBD
2 CD
% NN
at IN
one CD
point NN
,
and 
was VBD
up IN
0.4 CD
% NN
at IN
another DT
.The DT
barometer NN
of IN
the DT
biggest JJS
nonfinancial JJ
stocks NNS
settled VBD
at IN
448.49 CD
,
off IN
1.40 CD
.Its PRP$
counterpart NN
,
the DT
Nasdaq NNP
Financial NNP
Index NNP
,
was VBD
weak JJ
for IN
most RBS
of IN
the DT
day NN
,
sliding VBG
2.51 CD
to TO
453.57 CD
by IN
the DT
end NN
of IN
trading NN
.The DT
volatility NN
was VBD
dizzying JJ
for IN
traders NNS
.`` 
The DT
market NN
must MD
have VB
turned VBN
up IN
and CC
down RB
15 CD
different JJ
times NNS
,
'' 
commented VBD
Lance NNP
Zipper NNP
,
head NN
of IN
OTC NNP
trading NN
at IN
Kidder NNP
Peabody NNP
.`` 
Every DT
time NN
you PRP
thought VBD
it PRP
was VBD
going VBG
into IN
a DT
rally NN
it PRP
gave VBD
up IN
,
and 
every DT
time NN
you PRP
thought VBD
it PRP
would MD
rally VB
it PRP
came VBD
down RB
.This DT
is VBZ
a DT
tough JJ
market NN
.
'' Mr. NNP
Zipper NNP
said VBD
the DT
market NN
is VBZ
still RB
settling VBG
down RB
after IN
the DT
recent JJ
correction NN
.Most JJS
of IN
trading NN
action NN
now RB
is VBZ
from IN
professional JJ
traders NNS
who WP
are VBP
trying VBG
to TO
take VB
advantage NN
of IN
the DT
price NN
swings NNS
to TO
turn VB
a DT
quick JJ
profit NN
,
he PRP
and 
other JJ
traders NNS
said VBD
.`` 
Everybody NN
's POS
confused VBN
and 
no DT
one CD
has VBZ
an DT
opinion NN
that WDT
lasts VBZ
longer RB
than IN
30 CD
seconds NNS
,
'' 
said VBD
Mr. NNP
Zipper NNP
.`` 
A DT
lot NN
of IN
the DT
professional JJ
traders NNS
are VBP
just RB
going VBG
back RB
and CC
forth RB
.They PRP
're VBP
just RB
as IN
confused VBN
.
'' William NNP
Rothe NNP
,
head NN
of IN
OTC NNP
trading NN
at IN
Alex NNP
. .
Brown NNP
& CC
Sons NNP
,
in IN
Baltimore NNP
,
said VBD
program NN
trading NN
is VBZ
keeping VBG
the DT
markets NNS
unsettled JJ
.He PRP
believes VBZ
that IN
the DT
volatile JJ
conditions NNS
created VBN
by IN
program NN
trading NN
has VBZ
`` 
thoroughly RB
confused VBN
'' 
investors NNS
about IN
where WRB
the DT
market NN
is VBZ
headed VBN
.Program NN
trading NN
is VBZ
`` 
benefiting VBG
a DT
few JJ
to TO
the DT
detriment NN
of IN
many JJ
and 
I PRP
wish VBP
someone NN
would MD
do VB
something NN
about IN
it PRP
,
'' 
he PRP
complained VBD
.Trading NN
activity NN
cooled VBN
off IN
from IN
Monday NNP
's POS
sizzling JJ
pace NN
.Share NN
turnover NN
subsided VBD
to TO
161.5 CD
million CD
.Advancing VBG
and CC
declining VBG
issues NNS
finished VBD
about IN
even RB
.Of IN
the DT
4,345 CD
stocks NNS
that WDT
changed VBD
hands NNS
,
1,174 CD
declined VBD
and 
1,040 CD
advanced VBD
.One CD
big JJ
technology NN
issue NN
,
Novell NNP
,
rode VBD
the DT
roller NN
coaster NN
.The DT
stock NN
,
which WDT
finished VBD
Monday NNP
at IN
29 CD
1\/2 CD
,
traded VBD
as RB
high JJ
as IN
29 CD
3\/4 CD
and CC
as RB
low JJ
as IN
28 CD
3\/4 CD
before IN
closing VBG
at IN
29 CD
1\/4 CD
,
down RB
1\/4 CD
.It PRP
was VBD
a DT
jarring VBG
day NN
for IN
investors NNS
in IN
Genetics NNP
Institute NNP
.The DT
stock NN
tumbled VBD
2 CD
3\/4 CD
on IN
news NN
that IN
it PRP
might MD
have VB
to TO
take VB
a DT
charge NN
against IN
earnings NNS
if IN
it PRP
ca MD
n't RB
successfully RB
resolve VB
a DT
dispute NN
with IN
its PRP$
European JJ
licensee NN
,
Boehringer NNP
Mannheim NNP
,
over IN
its PRP$
anti-anemia NN
drug NN
,
EPO NNP
.The DT
stock NN
recovered VBD
somewhat RB
to TO
finish VB
1 CD
1\/4 CD
lower JJR
at IN
26 CD
1\/4 CD
.In IN
a DT
statement NN
,
Genetics NNP
Institute NNP
said VBD
the DT
dispute NN
with IN
Boehringer NNP
centers NNS
on IN
questions NNS
of IN
the DT
usability NN
of IN
certain JJ
batches NNS
of IN
EPO NNP
material NN
valued VBN
at IN
$ $
13.6 CD
million CD
.Earlier RBR
this DT
week NN
,
Genetics NNP
Institute NNP
reported VBD
wider JJR
losses NNS
in IN
its PRP$
fiscal JJ
third JJ
quarter NN
ended VBN
Aug. NNP
31 CD
.Price NNP
Co. NNP
jumped VBD
2 CD
1\/4 CD
to TO
44 CD
on IN
1.7 CD
million CD
shares NNS
.The DT
wholesaler NN
of IN
cash NN
and CC
carry VB
merchandise NN
reported VBD
fiscal JJ
fourthquarter NN
earnings NNS
that WDT
were VBD
better JJR
than IN
analysts NNS
had VBD
expected VBN
.The DT
company NN
also RB
pleased VBD
analysts NNS
by IN
announcing VBG
four CD
new JJ
store NN
openings NNS
planned VBN
for IN
fiscal JJ
1990 CD
,
ending VBG
next JJ
August NNP
.That DT
will MD
bring VB
the DT
total NN
for IN
the DT
year NN
to TO
10 CD
,
from IN
five CD
during IN
fiscal JJ
1989 CD
.`` 
Every DT
year NN
we PRP
've VBP
been VBN
waiting VBG
for IN
stepped-up JJ
expansion NN
from IN
the DT
company NN
.The DT
news NN
could MD
n't RB
have VB
been VBN
better JJR
,
'' 
said VBD
Linda NNP
Kristiansen NNP
,
a DT
Dean NNP
Witter NNP
Reynolds NNP
analyst NN
,
in IN
an DT
interview NN
.Intermec NNP
,
a DT
maker NN
of IN
optical JJ
character-recognition NN
devices NNS
,
also RB
reported VBD
higher JJR
third-quarter JJ
earnings NNS
.Its PRP$
shares NNS
added VBD
3\/4 CD
to TO
30 CD
3\/4 CD
.But 
favorable JJ
earnings NNS
was VBD
n't 
a DT
guarantee NN
that IN
a DT
stock NN
's POS
price NN
would MD
improve VB
yesterday NN
.MCI NNP
Communications NNPS
tumbled VBD
2 CD
5\/8 CD
to TO
42 CD
3\/8 CD
on IN
4.7 CD
million CD
shares NNS
even RB
though IN
the DT
telecommunications NNS
giant NN
reported VBD
a DT
63 CD
% NN
increase NN
in IN
third-quarter JJ
profit NN
.CoreStates NNP
Financial NNP
slipped VBD
3\/8 CD
to TO
43 CD
1\/8 CD
in IN
active JJ
trading NN
after IN
reporting VBG
that IN
third-quarter JJ
earnings NNS
improved VBN
to TO
$ $
1.27 CD
a DT
share NN
from IN
$ $
1.15 CD
a DT
share NN
a DT
year NN
earlier RBR
.However RB
,
the DT
bank NN
holding VBG
company NN
's POS
loan-loss NN
reserves NNS
rose VBD
to TO
$ $
177.3 CD
million CD
from IN
$ $
154 CD
million CD
a DT
year NN
earlier RBR
.A&W NNP
Brands NNP
lost VBD
1\/4 CD
to TO
27 CD
.But 
its PRP$
thirdquarter JJ
earnings NNS
rose VBD
to TO
26 CD
cents NNS
a DT
share NN
from IN
18 CD
cents NNS
a DT
share NN
last JJ
year NN
.Capital NNP
Associates NNPS
dropped VBD
1 CD
to TO
5 VB
3\/8 CD
.The DT
company NN
,
which WDT
leases VBZ
technology NN
equipment NN
,
reported VBD
substantially RB
lower JJR
net JJ
income NN
for IN
its PRP$
fiscal JJ
first JJ
quarter NN
,
which WDT
ended VBN
Aug. NNP
31 CD
.Robert NNP
M. NNP
Jelenic NNP
,
39 CD
,
was VBD
named VBN
president NN
and 
chief JJ
operating VBG
officer NN
of IN
this DT
closely RB
held VBN
publisher NN
.The DT
post NN
had VBD
been VBN
vacant JJ
for IN
more JJR
than IN
a DT
year NN
.Mr. NNP
Jelenic NNP
had VBD
been VBN
executive JJ
vice NN
president NN
for IN
operations NNS
.In IN
addition NN
,
Ralph NNP
Ingersoll NNP
II NNP
,
43 CD
,
chairman NN
and 
chief JJ
executive NN
,
said VBD
he PRP
would MD
take VB
on IN
additional JJ
responsibilities NNS
as IN
editor NN
in IN
chief NN
of IN
the DT
company NN
.John NNP
Wilpers NNP
resigned VBD
as IN
editor NN
in IN
chief NN
.Mr. NNP
Ingersoll NNP
remains VBZ
editor NN
in IN
chief NN
of IN
the DT
company NN
's POS
recently RB
launched VBN
daily JJ
,
the DT
St. NNP
Louis NNP
Sun NNP
.Also RB
,
Jean NNP
B. NNP
Clifton NNP
,
28 CD
,
was VBD
named VBN
executive JJ
vice NN
president NN
,
treasurer NN
and 
chief JJ
financial JJ
officer NN
.Michael NNP
Applebaum NNP
resigned VBD
after IN
less JJR
than IN
a DT
year NN
in IN
the DT
posts NNS
.Ms. NNP
Clifton NNP
had VBD
been VBN
executive NN
financial JJ
assistant NN
to TO
the DT
chairman NN
.Certainly RB
conservative JJ
environmentalists NNS
can MD
defend VB
their PRP$
limited JJ
government NN
position NN
by IN
differentiating VBG
between IN
Old NNP
Environmentalism NNP
and 
New NNP
Environmentalism NNP
-LRB-
`` 
Journalists NNS
and CC
Others NNS
for IN
Saving VBG
the DT
Planet NNP
,
'' 
by IN
David NNP
Brooks NNP
,
editorial NN
page NN
,
Oct. NNP
5 NN
-RRB-
.Old NNP
Environmentalism NNP
involved VBD
microbe NN
hunters NNS
and 
sanitationists NNS
.It PRP
started VBD
with IN
improvements NNS
in IN
hygiene NN
made VBD
possible JJ
by IN
affordable JJ
soap NN
and 
washable JJ
underwear NN
during IN
the DT
Industrial NNP
Revolution NNP
.Then RB
cast-iron NN
sewer NN
pipe NN
and 
the DT
flush JJ
toilet NN
were VBD
followed VBN
by IN
sewage NN
- :
and CC
water-treatment NN
plants NNS
toward IN
the DT
end NN
of IN
the DT
19th JJ
century NN
.Medicine NNP
in IN
the DT
19th JJ
century NN
was VBD
dedicated VBN
mostly RB
to TO
combating VBG
sepsis NN
and 
diagnostic JJ
analysis NN
.Then RB
the DT
20th JJ
century NN
saw VBD
the DT
evolution NN
of IN
private-sector JJ
wonder NN
drugs NNS
,
which WDT
promulgated VBD
medical JJ
therapy NN
.The DT
process NN
dramatically RB
increased VBD
our PRP$
average JJ
life NN
expectancy NN
,
eliminated VBN
much JJ
pain NN
and 
constantly RB
improved VBN
health NN
and CC
well-being NN
.Most JJS
public-health JJ
measures NNS
were VBD
handled VBN
at IN
the DT
local JJ
level NN
.New NNP
Environmentalism NNP
probably RB
started VBD
in IN
1962 CD
with IN
the DT
publication NN
of IN
Rachel NNP
Carson NNP
's POS
book NN
`` 
Silent NNP
Spring NNP
.
'' Shortly RB
thereafter RB
,
hysterical JJ
articles NNS
began VBD
to TO
appear VB
predicting VBG
that WDT
advanced VBD
industrial JJ
societies NNS
would MD
produce VB
a DT
blackened VBN
, ,
uninhabitable JJ
planet NN
possibly RB
by IN
the DT
turn NN
of IN
the DT
century NN
.These DT
apocalyptic JJ
predictions NNS
were VBD
advanced VBN
by IN
such JJ
stalwarts NNS
as IN
Paul NNP
Ehrlich NNP
,
Barry NNP
Commoner NNP
,
Rene NNP
Dubois NNP
and 
George NNP
Wald NNP
.Writing VBG
in IN
the DT
1960s CD
Ms. NNP
Carson NNP
suggested VBD
that IN
the DT
human JJ
race NN
could MD
be VB
eliminated VBN
in IN
20 CD
years NNS
,
and 
Mr. NNP
Wald NNP
suggested VBD
that 
life NN
on IN
earth NN
might MD
end VB
by IN
1985 CD
.Mr. NNP
Ehrlich NNP
predicted VBD
unprecedented JJ
famine NN
by IN
1980 CD
.There EX
were VBD
many RB
more JJR
.Thousands NNS
of IN
chemical NN
products NNS
were VBD
categorized VBN
as IN
carcinogenic JJ
,
with IN
recommendations NNS
that IN
they PRP
be VBP
banned VBN
from IN
industrial JJ
use NN
because IN
they PRP
produced VBD
malignant JJ
tumors NNS
in IN
overdosed VBN
rats NNS
.Unknown JJ
before IN
1960 CD
were VBD
the DT
inconclusive JJ
effects NNS
of IN
acid NN
rain NN
,
greenhouse NN
warming NN
and 
ozone NN
depletion NN
,
all DT
of IN
which WDT
required VBD
burgeoning VBG
political JJ
power NN
and 
gargantuan JJ
expense NN
.Meanwhile RB
,
the DT
New NNP
Environmentalists NNS
systematically RB
opposed VBN
the DT
methods NNS
of IN
the DT
Old NNP
Environmentalists NNS
.Local JJ
pollution NN
problems NNS
require VBP
cheap JJ
energy NN
and 
capital NN
for IN
their PRP$
solution NN
.But 
the DT
New NNP
Environmentalists NNS
oppose VBP
private JJ
wealth NN
creation NN
-LRB-
which WDT
,
they PRP
claim VBP
,
depletes VBZ
natural JJ
resources NNS
-RRB-
and 
nuclear JJ
power NN
-LRB-
even RB
though IN
it PRP
would MD
counteract VB
the DT
greenhouse NN
effect NN
-RRB-
.They PRP
are VBP
in IN
the DT
forefront NN
of IN
opposing VBG
the DT
search NN
for IN
new JJ
landfills NNS
and CC
methods NNS
of IN
incineration NN
and 
even RB
oppose VB
new JJ
methods NNS
of IN
research NN
such JJ
as IN
genetic JJ
engineering NN
.New NNP
Environmentalism NNP
is VBZ
an DT
emotional JJ
attack NN
on IN
proven VBN
methods NNS
of IN
improving VBG
our PRP$
quality NN
of IN
life NN
and 
a DT
bid NN
for IN
political JJ
power NN
.Let VB
's POS
rationalize VB
our PRP$
priorities NNS
by IN
solving VBG
pollution NN
problems NNS
at IN
the DT
local JJ
level NN
as IN
heretofore 
.Harry NNP
Lee NNP
Smith NNP
Alpharetta NNP
,
Ga NNP
.Your PRP$
story NN
missed VBD
some DT
essential JJ
points NNS
of IN
the DT
conference NN
on IN
`` 
The DT
Global NNP
Environment NNP
:
Are V
We PRP
Overreacting VBG
?
'' First NNP
and CC
foremost JJ
,
the DT
vignettes NNS
presented VBN
by IN
the DT
various JJ
scientists NNS
represent VBP
a DT
general JJ
consensus NN
among IN
specialists NNS
working VBG
in IN
the DT
respective JJ
aspects NNS
of IN
the DT
global JJ
environment NN
.Consider VB
,
for IN
example NN
,
the DT
greenhouse NN
effect NN
and 
climate NN
change NN
;
numerous JJ
blue-ribbon JJ
scientific JJ
committees NNS
,
including VBG
one CD
from IN
the DT
National NNP
Academy NNP
of IN
Science NNP
,
judge NN
there EX
is VBZ
a DT
greater JJR
than IN
50 CD
% NN
probability NN
of IN
a DT
grave JJ
problem NN
in IN
the DT
offing NN
.The DT
point NN
was VBD
to TO
answer VB
the DT
question NN
in IN
the DT
conference NN
title NN
,
not 
to TO
try VB
to TO
create VB
news NN
stories NNS
for IN
the DT
event NN
itself PRP
.Nor 
was V
it PRP
intended VBD
to TO
dictate VB
a DT
set NN
of IN
prescriptive JJ
solutions NNS
,
although IN
various JJ
points NNS
were VBD
raised VBN
.Each DT
speaker NN
was VBD
asked VBN
to TO
address VB
a DT
specific JJ
topic NN
,
not 
deliver VB
a DT
point NN
of IN
view NN
.Each DT
scientist NN
independently RB
concluded VBD
society NN
and CC
government NN
are VBP
underreacting VBG
when WRB
it PRP
comes VBZ
to TO
substantive JJ
policy NN
change NN
.This DT
leads VBZ
to TO
a DT
very RB
special JJ
sense NN
of IN
urgency NN
.If IN
the DT
media NNS
decide VBP
to TO
work VB
harder JJR
at IN
educating VBG
the DT
public NN
about IN
these DT
complex JJ
and CC
technical JJ
issues NNS
,
that IN
hardly RB
can MD
be VB
termed VBN
non-objective JJ
journalism NN
.The DT
environment NN
can MD
no RB
longer RB
be VB
a DT
normal JJ
issue NN
,
to TO
be VB
dealt VBN
with 
on IN
a DT
business-as-usual JJ
basis NN
with IN
comfortable JJ
increments NNS
of IN
change NN
.We PRP
have VBP
literally RB
altered VBN
the DT
chemistry NN
and CC
physics NN
of IN
our PRP$
planet NN
's POS
atmosphere NN
.This DT
portends VBZ
consequences NNS
from IN
what WP
we PRP
have VBP
already RB
done VBN
that WDT
will MD
be VB
very RB
destabilizing VBG
to TO
social JJ
and CC
economic JJ
systems NNS
.The DT
problems NNS
of IN
the DT
environment NN
are VBP
so RB
interrelated VBN
,
so RB
inextricably RB
entwined VBN
with IN
our PRP$
current JJ
way NN
of IN
life NN
and 
so RB
large JJ
that IN
it PRP
is VBZ
unlikely JJ
we PRP
will MD
be VB
able JJ
to TO
address VB
them PRP
effectively RB
unless IN
major JJ
changes NNS
are VBP
made VBN
in IN
less JJR
than IN
10 CD
years NNS
.The DT
consensus NN
from IN
the DT
scientific JJ
community NN
is VBZ
that IN
there EX
is VBZ
sufficient JJ
evidence NN
to TO
advise VB
major JJ
policy NN
changes NNS
.No DT
,
we PRP
are VBP
not RB
overreacting VBG
.Thomas NNP
E. NNP
Lovejoy NNP
Assistant NNP
Secretary NNP
for IN
External NNP
Affairs NNP
Smithsonian NNP
Institution NNPCoca-Cola NNP
Enterprises NNPS
Inc. NNP
,
fulfilling VBG
its PRP$
dismal JJ
earnings NNS
forecast NN
for IN
1989 CD
,
said VBD
its PRP$
third-quarter JJ
net JJ
income NN
fell VBD
68 CD
% NN
on IN
flat JJ
revenue NN
.Stung VBN
by IN
higher JJR
marketing NN
costs NNS
and 
slowing VBG
volume NN
growth NN
,
the DT
giant NN
Coke NNP
bottling NN
operation NN
said VBD
net NN
fell VBD
to TO
$ $
12.7 CD
million CD
,
or 
six CD
cents NNS
a DT
share NN
,
from IN
$ $
39.9 CD
million CD
,
or 
26 CD
cents NNS
a DT
share NN
,
the DT
year NN
earlier RBR
.The DT
results NNS
met VBD
estimates NNS
of IN
analysts NNS
,
who WP
had VBD
already RB
slashed VBN
their PRP$
projections NNS
after IN
the DT
company NN
said VBD
in IN
late JJ
August NNP
that IN
its PRP$
1989 CD
earnings NNS
could MD
tumble VB
as RB
much JJ
as IN
37 CD
% NN
.A DT
company NN
spokesman NN
said VBD
yesterday NN
that IN
Coca-Cola NNP
Enterprises NNPS
sticks NNS
by IN
its PRP$
1989 CD
forecast NN
.Third-quarter JJ
revenue NN
was VBD
flat JJ
at IN
$ $
1.02 CD
billion CD
.The DT
year-ago JJ
results NNS
,
however RB
,
included VBD
the DT
operations NNS
of IN
a DT
bottling NN
business NN
,
which WDT
was VBD
sold VBN
last JJ
December NNP
.Excluding VBG
that DT
bottling NN
business NN
,
Coca-Cola NNP
Enterprises NNPS
' POS
volume NN
,
measured VBN
by IN
cases NNS
of IN
soda NN
,
rose VBD
only RB
1 CD
% NN
.The DT
volume NN
is VBZ
well RB
below IN
the DT
industry NN
's POS
4 CD
% NN
to TO
5 VB
% NN
growth NN
rate NN
of IN
recent JJ
years NNS
, ,
but CC
in IN
line NN
with IN
other JJ
soft-drink NN
companies NNS
for IN
the DT
third JJ
quarter NN
.The DT
latest JJS
third-quarter JJ
volume NN
also RB
compares VBZ
with IN
a DT
very RB
strong JJ
10 CD
% NN
growth NN
in IN
the DT
year-ago JJ
quarter NN
.Coca-Cola NNP
Enterprises NNPS
blamed VBD
the DT
lower JJR
volume NN
on IN
its PRP$
soft-drink NN
prices NNS
,
which WDT
were VBD
about IN
3 CD
% NN
higher JJR
in IN
the DT
third JJ
quarter NN
.Consumers NNS
have VBP
been VBN
accustomed VBN
to TO
buying VBG
soft-drinks NNS
at IN
discounted VBN
prices NNS
for IN
several JJ
years NNS
.Coca-Cola NNP
Enterprises NNPS
said VBD
it PRP
had VBD
to TO
boost VB
spending NN
for IN
trade NN
and CC
dealer NN
incentives NNS
to TO
try VB
to TO
keep VB
volumes NNS
from IN
slipping VBG
.The DT
company NN
said VBD
it PRP
expects VBZ
consumers NNS
will MD
adjust VB
to TO
higher-priced JJ
soft JJ
drinks NNS
.A DT
spokesman NN
attributed VBD
the DT
bulk NN
of IN
a DT
14 CD
% NN
increase NN
in IN
selling VBG
, ,
administrative JJ
and CC
general JJ
expenses NNS
--
to TO
$ $
324.9 CD
million CD
--
to TO
marketing NN
costs NNS
.`` 
They PRP
're VBP
out IN
there RB
promoting VBG
like IN
crazy JJ
,
trying VBG
to TO
get VB
prices NNS
up IN
by IN
promotion NN
,
'' 
said VBD
Roy NNP
Burry NNP
,
an DT
analyst NN
with IN
Kidder NNP
, ,
Peabody NNP
& CC
Co NNP
.For IN
the DT
nine CD
months NNS
,
Coca-Cola NNP
Enterprises NNPS
' POS
net NN
fell VBD
31 CD
% NN
to TO
$ $
65 CD
million CD
,
or 
39 CD
cents NNS
a DT
share NN
,
from IN
$ $
93.8 CD
million CD
,
or 
63 CD
cents NNS
a DT
share NN
.Revenue NN
was VBD
flat JJ
at IN
about RB
$ $
2.97 CD
billion CD
.Coca-Cola NNP
Enterprises NNPS
,
which WDT
is VBZ
49%-owned JJ
by IN
Coca-Cola NNP
Co. NNP
,
also RB
said VBD
it PRP
repurchased VBD
about IN
1.2 CD
million CD
of IN
its PRP$
common JJ
shares NNS
during IN
the DT
third JJ
quarter NN
.The DT
buy-back NN
is VBZ
part NN
of IN
a DT
25-million-share JJ
repurchase NN
plan NN
,
under IN
which WDT
Coca-Cola NNP
Enterprises NNPS
so RB
far RB
has VBZ
acquired VBN
a DT
total NN
of IN
9.7 CD
million CD
shares NNS
.Separately RB
,
Purchase NNP
, ,
N.Y.-based JJ
PepsiCo NNP
Inc. NNP
,
as IN
expected VBN
,
said VBD
fiscal JJ
third-quarter JJ
net NN
rose VBD
11 CD
% NN
to TO
$ $
269.3 CD
million CD
,
or 
$ $
1.02 CD
a DT
share NN
,
from IN
$ $
241.6 CD
million CD
,
or 
91 CD
cents NNS
a DT
share NN
.Sales NNS
rose VBD
25 CD
% NN
to TO
$ $
3.90 CD
billion CD
from IN
$ $
3.13 CD
billion CD
.The DT
year-ago JJ
quarter NN
's POS
results NNS
include VBP
an DT
after-tax JJ
charge NN
of IN
$ $
5.9 CD
million CD
from IN
the DT
sale NN
of IN
a DT
winery NN
in IN
Spain NNP
.In IN
composite JJ
trading NN
on IN
the DT
New NNP
York NNP
Stock NNP
Exchange NNP
,
Coca-Cola NNP
Enterprises NNPS
closed VBD
at IN
$ $
16.375 CD
a DT
share NN
,
down RB
62.5 CD
cents NNS
.PepsiCo NNP
closed VBD
at IN
$ $
58.50 CD
a DT
share NN
,
up IN
$ $
1.375 CD
.L.J. NNP
Hooker NNP
Corp. NNP
is VBZ
expected VBN
to TO
reach VB
an DT
agreement NN
in IN
principle NN
this DT
week NN
to TO
sell VB
Merksamer NNP
Jewelers NNP
Inc. NNP
to TO
management NN
,
say VBP
executives NNS
familiar JJ
with IN
the DT
talks NNS
.L.J. NNP
Hooker NNP
,
based VBN
in IN
Atlanta NNP
,
filed VBN
for IN
Chapter NN
11 CD
bankruptcy NN
protection NN
earlier RBR
this DT
year NN
.Currently RB
,
its PRP$
parent NN
company NN
,
Hooker NNP
Corp. NNP
of IN
Sydney NNP
,
Australia NNP
,
is VBZ
being VBG
managed VBN
by IN
a DT
court-appointed JJ
liquidator NN
.It PRP
is VBZ
expected VBN
that IN
GE NNP
Capital NNP
Corp. NNP
,
a DT
financial-services NNS
subsidiary NN
of IN
General NNP
Electric NNP
Co. NNP
,
will MD
provide VB
much NN
of IN
the DT
funding NN
for IN
the DT
proposed VBN
leveraged JJ
buy-out NN
of IN
Merksamer NNP
,
based VBN
in IN
Sacramento NNP
,
Calif NNP
.A DT
spokesman NN
for IN
GE NNP
Capital NNP
declined VBD
to TO
comment VB
.GE NNP
Capital NNP
has VBZ
a DT
working VBG
relationship NN
with IN
L.J. NNP
Hooker NNP
.It PRP
is VBZ
providing VBG
$ $
50 CD
million CD
in IN
emergency NN
financing NN
to TO
the DT
company NN
and 
has VBZ
agreed VBN
to TO
buy VB
as RB
much JJ
as IN
$ $
75 CD
million CD
in IN
receivables NN
from IN
B. NNP
Altman NNP
& CC
Co. NNP
and 
Bonwit NNP
Teller NNP
,
L.J. NNP
Hooker NNP
's POS
two 
fully RB
owned VBN
department-store NN
chains NNS
.Sam NNP
Merksamer NNP
,
chief JJ
executive JJ
officer NN
of IN
the DT
nationwide JJ
jewelry NN
chain NN
,
and 
Sanford NNP
Sigoloff NNP
,
chief JJ
executive NN
of IN
L.J. NNP
Hooker NNP
Corp. NNP
,
both DT
declined VBD
to TO
comment VB
.Currently RB
,
Mr. NNP
Merksamer NNP
owns VBZ
20 CD
% NN
of IN
the DT
company NN
;
L.J. NNP
Hooker NNP
acquired VBD
its PRP$
80 CD
% NN
interest NN
in IN
the DT
firm NN
in IN
May NNP
1986 CD
.At IN
the DT
time NN
,
the DT
Merksamer NNP
chain NN
had VBD
11 CD
stores NNS
in IN
operation NN
.Today NN
,
there EX
are VBP
77 CD
units NNS
,
all DT
located VBN
in IN
shopping NN
malls NNS
.In IN
recent JJ
weeks NNS
Mr. NNP
Merksamer NNP
has VBZ
approached VBN
a DT
number NN
of IN
his PRP$
suppliers NNS
and 
asked VBD
them PRP
to TO
provide VB
letters NNS
of IN
intent NN
saying VBG
they PRP
will MD
continue VB
shipping VBG
merchandise NN
to TO
the DT
chain NN
following VBG
the DT
buy-out NN
,
say VBP
those DT
familiar NN
with IN
the DT
situation NN
.This DT
year NN
,
a DT
number NN
of IN
retail JJ
leveraged JJ
buyouts NNS
have VBP
failed VBN
,
causing VBG
jitters NNS
among IN
suppliers NNS
,
and 
Mr. NNP
Merksamer NNP
apparently RB
wanted VBD
assurances NNS
that IN
he PRP
wo MD
n't RB
have VB
delivery NN
problems NNS
.For IN
the DT
year NN
ended VBN
June NNP
30 CD
, ,
1989 CD
,
Merksamer NNP
Jewelers NNPS
had VBD
$ $
62 CD
million CD
of IN
revenue NN
and 
operating VBG
profit NN
of IN
$ $
2.5 CD
million CD
.The DT
jewelery NN
chain NN
was VBD
put VBN
up IN
for IN
sale NN
in IN
June NNP
.According VBG
to TO
those DT
familiar NN
with IN
the DT
situation NN
,
other JJ
bidders NNS
included VBD
Ratners NNP
Group NNP
PLC NNP
of IN
London NNP
and 
Kay NNP
Jewelers NNP
Inc NNP
.First NNP
Boston NNP
Corp. NNP
is VBZ
advising VBG
L.J. NNP
Hooker NNP
on IN
the DT
sale NN
of IN
the DT
Merksamer NNP
business NN
.Merksamer NNP
was VBD
the DT
first JJ
in IN
a DT
series NN
of IN
retail JJ
acquisitions NNS
made VBN
by IN
L.J. NNP
Hooker NNP
.The DT
company NN
was VBD
founded VBN
in IN
Sacramento NNP
in IN
1929 CD
by IN
two CD
brothers NNS
,
Ralph NNP
and CC
Walter NNP
Merksamer NNP
,
who WP
operated VBD
as IN
DeVon NNP
's POS
Jewelers NNPS
.In IN
1979 CD
,
the DT
pair NN
split NN
the DT
company NN
in IN
half NN
,
with IN
Walter NNP
and 
his PRP$
son NN
,
Sam NNP
,
agreeing VBG
to TO
operate VB
under IN
the DT
Merksamer NNP
Jewelery NNP
name NN
.The DT
sale NN
of IN
Merksamer NNP
Jewelers NNPS
is VBZ
subject NN
to TO
approval NN
by IN
Judge NNP
Tina NNP
Brozman NNP
of IN
U.S. NNP
Bankruptcy NNP
Court NNP
.As IN
earlier RBR
reported VBD
,
L.J. NNP
Hooker NNP
this DT
week NN
received VBD
a DT
$ $
409 CD
million CD
bid NN
for IN
its PRP$
three CD
shopping NN
malls NNS
,
plus 
other JJ
properties NNS
from IN
a DT
consortium NN
led VBN
by IN
Honolulu NNP
real-estate NN
investor NN
Jay NNP
Shidler NNP
and 
A. NNP
Boyd NNP
Simpson NNP
,
an DT
Atlanta NNP
developer NN
and 
former JJ
L.J. NNP
Hooker NNP
senior JJ
executive NN
.The DT
offer NN
,
which WDT
did VBD
n't RB
include VB
the DT
Merksamer NNP
chain NN
,
is VBZ
being VBG
reviewed VBN
by IN
Mr. NNP
Sigoloff NNP
.Robert NNP
J. NNP
Regal NNP
was VBD
named VBN
president NN
and 
chief JJ
executive JJ
officer NN
of IN
this DT
company NN
's POS
Universal-Rundle NNP
Corp. NNP
unit NN
.Mr. NNP
Regal NNP
had VBD
been VBN
president NN
and 
chief JJ
executive NN
of IN
RBS NNP
Industries NNP
Inc NNP
.Robert NNP
H. NNP
Carlson NNP
,
previous JJ
president NN
and CC
chief JJ
executive NN
of IN
Universal-Rundle NNP
,
will MD
assume VB
the DT
title NN
of IN
chairman NN
of IN
the DT
unit NN
,
a DT
vitreous-china NN
maker NN
.The DT
days NNS
may MD
be VB
numbered VBN
for IN
animated JJ
shows NNS
featuring VBG
Alf NNP
,
the DT
Karate NNP
Kid NNP
and 
the DT
Chipmunks NNPS
.NBC NNP
,
a DT
leader NN
in IN
morning NN
, ,
prime-time JJ
and CC
late JJ
night NN
programs NNS
but 
an DT
also-ran NN
on IN
Saturday NNP
mornings NNS
,
when WRB
children NNS
rule VBP
the DT
TV NN
set VBN
,
is VBZ
contemplating VBG
getting VBG
out IN
of IN
the DT
cartoon NN
business NN
.Instead RB
,
network NN
officials NNS
say VBP
,
it PRP
may MD
`` ``
counterprogram VB
'' 
with IN
shows VBZ
for IN
an DT
audience NN
that WDT
is VBZ
virtually RB
ignored VBN
in IN
that DT
time NN
period NN
:
adults NNS
.`` 
There EX
is VBZ
talk VB
of IN
some DT
revamping VBG
and 
we PRP
're VBP
certainly RB
heading VBG
in IN
the DT
direction NN
of IN
less JJR
and CC
less JJR
animation NN
,
'' 
said VBD
Joseph NNP
S. NNP
Cicero NNP
,
vice NN
president NN
of IN
finance NN
and CC
administration NN
for IN
National NNP
Broadcasting NNP
Co. NNP
,
a DT
unit NN
of IN
General NNP
Electric NNP
Co NNP
.Mr. NNP
Cicero NNP
said VBD
that IN
NBC NNP
Entertainment NNP
president NNP
Brandon NNP
Tartikoff NNP
,
who WP
declined VBD
to TO
be VB
interviewed VBN
,
is VBZ
`` 
looking VBG
at IN
options NNS
now RB
and 
may MD
put VB
some DT
things NNS
into IN
the DT
schedule NN
by IN
mid-season NN
.
'' He PRP
declined VBD
to TO
elaborate VB
.NBC NNP
's POS
options NNS
could MD
range VB
from IN
news-oriented JJ
programming NN
to TO
sports NNS
shows VBZ
,
although IN
the DT
network NN
declined VBD
to TO
comment VB
.One CD
major JJ
NBC NNP
affiliate NN
,
KCRA NNP
in IN
Sacramento NNP
,
plans VBZ
to TO
cancel VB
the DT
NBC NNP
Saturday NNP
morning NN
line-up NN
as IN
of IN
January NNP
and 
replace VB
it PRP
with IN
a DT
local JJ
newscast NN
.The DT
one-hour JJ
program NN
will MD
be VB
repeated VBN
with IN
updates NNS
throughout IN
Saturday NNP
mornings NNS
.`` 
We PRP
feel VBP
there EX
is VBZ
an DT
opportunity NN
for IN
an DT
audience NN
that WDT
is VBZ
not RB
being VBG
served VBN
by IN
any DT
network NN
,
so 
we PRP
want VBP
to TO
take VB
the DT
lead NN
,
'' 
says VBZ
KCRA NNP
's POS
general JJ
manager NN
,
John NNP
Kueneke NNP
.`` 
We PRP
do VBP
n't RB
need VB
cartoons NNS
anymore RB
.They PRP
only RB
accounted VBD
for IN
5 NN
% NN
,
at IN
best JJS
,
of IN
the DT
station NN
's POS
total JJ
revenues NNS
.
'' An DT
NBC NNP
spokesman NN
says VBZ
the DT
network NN
will MD
`` ``
closely RB
monitor VB
'' 
the DT
Sacramento NNP
situation NN
,
and 
says VBZ
it PRP
is VBZ
the DT
only JJ
station NN
to TO
defect VB
.Spokesmen NNS
for IN
the DT
television NN
networks NNS
of IN
CBS NNP
Inc. NNP
and 
Capital NNP
Cities\/ABC NNP
Inc. NNP
,
say VBP
there EX
are VBP
no DT
plans NNS
to TO
alter VB
the DT
children NNS
's POS
line-up NN
on IN
Saturday NNP
mornings NNS
.The DT
youthful JJ
audience NN
for IN
Saturday NNP
programming NN
is VBZ
no RB
longer RB
dependent JJ
on IN
the DT
networks NNS
.There EX
has VBZ
been VBN
a DT
surge NN
in IN
syndicated V
children NNS
's POS
shows VBZ
to TO
independent JJ
stations NNS
,
as RB
well RB
as IN
competition NN
from IN
videocassettes NNS
for IN
kids NNS
and CC
from IN
cable NN
outlets NNS
such JJ
as IN
Nickelodeon NNP
and 
the DT
Disney NNP
Channel NNP
.At IN
the DT
same JJ
time NN
,
there EX
appears VBZ
to TO
be VB
a DT
market NN
for IN
news-oriented JJ
programming NN
;
Turner NNP
Broadcasting NNP
System NNP
Inc. NNP
's POS
Cable NNP
News NNP
Network NNP
has VBZ
its PRP$
highest JJS
ratings NNS
,
outside IN
of IN
prime JJ
time NN
,
on IN
Saturday NNP
mornings NNS
.NBC NNP
has VBZ
on IN
previous JJ
occasions NNS
considered VBN
replacing VBG
cartoons NNS
with IN
a DT
Saturday NNP
version NN
of IN
`` 
Today NN
,
'' 
which WDT
is VBZ
produced VBN
by IN
NBC NNP
News NNP
.The DT
network NN
's POS
own JJ
production NN
company NN
,
NBC NNP
Productions NNPS
,
supplies VBZ
a DT
half-hour NN
family-oriented JJ
show NN
titled VBN
`` 
Saved NNP
By 
The DT
Bell NNP
.
'' NBC NNP
Productions NNPS
or 
NBC NNP
News NNP
could MD
supply VB
the DT
network NN
with IN
other JJ
Saturday NNP
morning NN
shows VBZ
,
a DT
move NN
that WDT
would MD
control VB
costs NNS
.Animated JJ
shows NNS
,
which WDT
are VBP
made VBN
by IN
outside IN
production NN
companies NNS
,
cost NN
the DT
network NN
about RB
$ $
300,000 CD
per IN
episode NN
.Rohm NNP
& CC
Haas NNP
Co. NNP
said VBD
third-quarter JJ
net JJ
income NN
skidded VBD
35 CD
% NN
to TO
$ $
32.6 CD
million CD
,
or 
49 CD
cents NNS
a DT
share NN
.In IN
the DT
year-earlier JJ
quarter NN
,
the DT
chemicals NNS
company NN
had VBD
net NN
of IN
$ $
49.8 CD
million CD
,
or 
75 CD
cents NNS
a DT
share NN
.Sales NNS
were VBD
$ $
623 CD
million CD
,
up IN
0.5 CD
% NN
from IN
$ $
619.8 CD
million CD
a DT
year NN
ago RB
.Rohm NNP
& CC
Haas NNP
,
which WDT
plans VBZ
to TO
start VB
operating VBG
seven CD
new JJ
production NN
units NNS
this DT
year NN
,
attributed VBD
the DT
profit NN
slide NN
partly RB
to TO
higher JJR
start-up JJ
expense NN
.The DT
company NN
also RB
cited VBD
the DT
stronger JJR
dollar NN
,
which WDT
cuts VBZ
the DT
value NN
of IN
overseas JJ
profit NN
when WRB
it PRP
is VBZ
translated VBN
into IN
dollars NNS
.In IN
addition NN
,
the DT
company NN
said VBD
,
it PRP
was VBD
hurt VBN
by IN
higher J
than IN
previous-year JJ
costs NNS
for IN
raw JJ
materials NNS
,
though IN
those DT
costs NNS
have VBP
declined VBN
since IN
the DT
second JJ
quarter NN
.Incrementally RB
higher JJR
production NN
of IN
those DT
chemicals NNS
which WDT
remain VBP
in IN
heavy JJ
demand NN
also RB
has VBZ
forced VBN
up IN
costs NNS
,
such JJ
as IN
overtime NN
pay NN
.For IN
the DT
nine CD
months NNS
,
Rohm NNP
& CC
Haas NNP
net NN
totaled VBD
$ $
155 CD
million CD
,
or 
$ $
2.33 CD
a DT
share NN
,
down RB
17 CD
% NN
from IN
$ $
187.8 CD
million CD
,
or 
$ $
2.82 CD
a DT
share NN
,
a DT
year NN
ago RB
.Sales NNS
rose VBD
5.2 CD
% NN
to TO
$ $
2.04 CD
billion CD
from IN
$ $
1.94 CD
billion CD
the DT
previous JJ
year NN
.In IN
New NNP
York NNP
Stock NNP
Exchange NNP
composite JJ
trading NN
,
Rohm NNP
& CC
Haas NNP
closed VBD
at IN
$ $
33 CD
a DT
share NN
,
down RB
$ $
1.75 CD
.Michael NNP
A. NNP
Gaskin NNP
,
55 NN
years NNS
old JJ
,
was VBD
named VBN
president NN
and 
chief JJ
executive JJ
officer NN
of IN
this DT
manufacturer NN
of IN
industrial JJ
robots NNS
,
succeeding VBG
Walter NNP
K. NNP
Weisel NNP
.Mr. NNP
Weisel NNP
,
49 CD
,
resigned VBD
as IN
president NN
and 
chief JJ
executive NN
and 
will MD
work VB
on IN
special JJ
projects NNS
,
said VBD
John NNP
J. NNP
Wallace NNP
,
chairman NN
.Mr. NNP
Gaskin NNP
formerly RB
was VBD
president NN
and 
chief JJ
executive NN
of IN
Taylor NNP
& CC
Gaskin NNP
Inc. NNP
and 
was VBD
a DT
director NN
of IN
Prab NNP
Robots NNP
since IN
1985 CD
.Stephen NNP
N. NNP
Wertheimer NNP
was VBD
named VBN
managing VBG
director NN
and 
group NN
head NN
of IN
investment NN
banking NN
in IN
Asia NNP
,
based VBN
in IN
Tokyo NNP
.Mr. NNP
Wertheimer NNP
,
38 CD
years NNS
old JJ
,
had VBD
been VBN
a DT
first JJ
vice NN
president NN
in IN
the DT
industrial JJ
group NN
in IN
investment NN
banking NN
.He PRP
succeeds VBZ
Everett NNP
Meyers NNP
,
who WP
resigned VBD
in IN
May NNP
.This DT
is VBZ
written VBN
to TO
correct VB
a DT
misquotation NN
in IN
your PRP$
Oct. NNP
3 CD
article NN
`` 
Deaths NNP
From IN
Advanced NNP
Colon NNP
Cancer NNP
Can MD
Be VB
Reduced NNP
by IN
Using VBG
Two CD
Drugs NNS
.
'' In IN
this DT
article NN
,
I PRP
was VBD
alleged VBN
to TO
have VB
said VBD
,
`` 
Any DT
patient NN
with IN
high-risk JJ
colon NN
cancer NN
is VBZ
really RB
getting VBG
short JJ
shrift NN
if IN
he PRP
's VBZ
not RB
getting VBG
this DT
therapy NN
.
'' I PRP
did VBD
n't RB
say VB
this DT
,
and 
I PRP
'm VBP
totally RB
opposed VBN
to TO
the DT
philosophy NN
expressed VBN
by IN
the DT
quote NN
.I PRP
have VBP
not RB
offered VBN
and 
will MD
not RB
offer VB
routine JJ
therapy NN
with IN
the DT
two CD
drugs NNS
,
levamisole NN
and CC
5-fluorouracil JJ
,
to TO
any DT
of IN
my PRP$
colon-cancer NN
patients NNS
.With IN
this DT
treatment NN
we PRP
have VBP
reduced VBN
deaths NNS
in IN
high-risk JJ
colon NN
cancer NN
by IN
one-third NN
--
but 
this DT
leaves VBZ
the DT
two-thirds NNS
who WP
are VBP
dying VBG
of IN
cancer NN
.This DT
is VBZ
not 
nearly RB
good JJ
enough RB
.I PRP
believe VBP
any DT
physician NN
who WP
truly RB
cares VBZ
about IN
cancer NN
patients NNS
,
both DT
today NN
and CC
tomorrow NN
,
should MD
offer VB
the DT
hope NN
of IN
something NN
better JJR
than IN
that DT
.My PRP$
statement NN
,
read VB
verbatim RB
from IN
a DT
printed VBN
text NN
available JJ
to TO
all DT
reporters NNS
attending VBG
the DT
National NNP
Cancer NNP
Institute NNP
news NN
conference NN
,
was VBD
the DT
following VBG
:
`` 
New NNP
clinical JJ
trials NNS
are VBP
already RB
in IN
operation NN
seeking VBG
to TO
improve VB
these DT
results NNS
.These DT
research NN
protocols NNS
offer VBP
to TO
the DT
patient NN
not 
only 
the DT
very RB
best JJS
therapy NN
which WDT
we PRP
have VBP
established VBN
today NN
but CC
also RB
the DT
hope NN
of IN
something NN
still RB
better JJR
.I PRP
feel VBP
any DT
patient NN
with IN
high-risk JJ
cancer NN
is VBZ
getting VBG
short JJ
shrift NN
if IN
he PRP
is VBZ
not RB
offered VBN
this DT
opportunity NN
.
'' We PRP
have VBP
very RB
exciting JJ
prospects NNS
for IN
far RB
more RBR
impressive JJ
advances NNS
in IN
the DT
treatment NN
of IN
colon NN
cancer NN
during IN
the DT
years NNS
immediately RB
ahead RB
.This DT
hope NN
,
however RB
,
will MD
never RB
be VB
realized VBN
if IN
we PRP
use VBP
levamisole NN
and CC
5-fluorouracil JJ
as IN
a DT
stopping VBG
point NN
.Charles NNP
G. NNP
Moertel NNP
M.D NNP
.
Mayo NNP
Clinic NNP
Rochester NNP
,
Minn NNP
.The DT
oil NN
and CC
auto NN
industries NNS
,
united VBN
in IN
their PRP$
dislike NN
of IN
President NNP
Bush NNP
's POS
proposal NN
for IN
cars NNS
that WDT
run VBP
on IN
alternative NN
fuels NNS
,
announced VBD
a DT
joint JJ
research NN
program NN
that WDT
could MD
turn VB
up IN
a DT
cleaner-burning JJ
gasoline NN
.Officials NNS
of IN
the DT
Big NNP
Three CD
auto NN
makers NNS
and 
14 CD
petroleum NN
companies NNS
said VBD
they PRP
are VBP
setting VBG
out IN
to TO
find VB
the DT
most RBS
cost-effective JJ
fuel NN
for IN
reducing VBG
cities NNS
' POS
air-pollution NN
problems NNS
,
with IN
no DT
bias NN
toward IN
any DT
fuel NN
in IN
particular NN
.However RB
,
their PRP$
search NN
notably RB
wo MD
n't RB
include VB
natural JJ
gas NN
or 
pure JJ
methanol NN
--
the DT
two CD
front-running JJ
alternative NN
fuels NNS
--
in IN
tests NNS
to TO
be VB
completed VBN
by IN
next JJ
summer NN
.Instead RB
,
the DT
tests NNS
will MD
focus VB
heavily RB
on IN
new JJ
blends NNS
of IN
gasoline NN
,
which WDT
are VBP
still RB
undeveloped JJ
but 
which WDT
the DT
petroleum NN
industry NN
has VBZ
been VBN
touting VBG
as IN
a DT
solution NN
for IN
automobile NN
pollution NN
that WDT
is VBZ
choking VBG
urban JJ
areas NNS
.Environmentalists NNS
criticized VBD
the DT
program NN
as IN
merely RB
a DT
public-relations NNS
attempt VBP
to TO
head VB
off IN
a DT
White NNP
House NNP
proposal NN
to TO
require VB
a DT
million CD
cars NNS
a DT
year NN
that WDT
run VBP
on IN
cleaner-burning JJ
fuels NNS
by IN
1997 CD
.While IN
major JJ
oil NN
companies NNS
have VBP
been VBN
experimenting VBG
with IN
cleaner-burning JJ
gasoline NN
blends NNS
for IN
years NNS
,
only RB
Atlantic NNP
Richfield NNP
Co. NNP
is VBZ
now RB
marketing VBG
a DT
lower-emission NN
gasoline NN
for IN
older JJR
cars NNS
currently RB
running VBG
on IN
leaded JJ
fuel NN
.The DT
initial JJ
$ $
11 CD
million CD
research NN
program NN
will MD
conduct VB
the DT
most RBS
extensive JJ
testing NN
to TO
date VB
of IN
reformulated VBN
gasolines NNS
,
said VBD
Joe NNP
Colucci NNP
,
head NN
of IN
fuels NNS
and CC
lubricants NNS
at IN
General NNP
Motors NNPS
Corp. NNP
research NN
laboratories NNS
.It PRP
will MD
compare VB
21 CD
different JJ
blends NNS
of IN
gasolines NNS
with IN
three CD
mixtures NNS
of IN
up IN
to TO
85 CD
% NN
methanol NN
.A DT
second JJ
phase NN
of IN
research NN
,
which WDT
is VBZ
still RB
being VBG
planned VBN
,
will MD
test VB
reformulated VBN
gasolines NNS
on IN
newer JJR
engine NN
technologies NNS
now RB
being VBG
developed VBN
for IN
use NN
in IN
1992 CD
or CC
1993 CD
cars NNS
.There EX
was VBD
no DT
cost NN
estimate NN
for IN
the DT
second JJ
phase NN
.`` 
The DT
whole JJ
idea NN
here RB
is VBZ
the DT
automobile NN
and CC
oil NN
companies NNS
have VBP
joint JJ
customers NNS
,
'' 
said VBD
Keith NNP
McHenry NNP
,
a DT
senior JJ
vice NN
president NN
of IN
technology NN
at IN
Amoco NNP
Corp NNP
.`` 
And 
we PRP
are VBP
looking VBG
for IN
the DT
most RBS
cost-effective JJ
way NN
to TO
clean VB
up IN
the DT
air NN
.
'' But 
David NNP
Hawkins NNP
,
an DT
environmental JJ
lawyer NN
with IN
the DT
Natural NNP
Resources NNP
Defense NNP
Council NNP
,
said VBD
the DT
research NN
appears VBZ
merely RB
to TO
be VB
a DT
way NN
to TO
promote VB
reformulated VBN
gasoline NN
.Oil NNP
and CC
auto NN
companies NNS
supported VBD
a DT
move NN
on IN
Capitol NNP
Hill NNP
last JJ
week NN
to TO
gut VB
Mr. NNP
Bush NNP
's POS
plans NNS
to TO
require VB
auto NN
makers NNS
to TO
begin VB
selling VBG
alternative-fueled JJ
cars NNS
by IN
1995 CD
.Instead RB
,
a DT
House NNP
subcommittee NN
adopted VBD
a DT
clean-fuels NNS
program VBP
that WDT
specifically RB
mentions VBZ
reformulated VBN
gasoline NN
as IN
an DT
alternative NN
.The DT
Bush NNP
administration NN
has VBZ
said VBD
it PRP
will MD
try VB
to TO
resurrect VB
its PRP$
plan NN
when WRB
the DT
House NNP
Energy NNP
and CC
Commerce NNP
Committee NNP
takes VBZ
up IN
a DT
comprehensive JJ
clean-air JJ
bill NN
.William NNP
Seidman NNP
,
chairman NN
of IN
the DT
Federal NNP
Deposit NNP
Insurance NNP
Corp. NNP
,
said VBD
Lincoln NNP
Savings NNP
& CC
Loan NNP
Association NNP
should MD
have VB
been VBN
seized VBN
by IN
the DT
government NN
in IN
1986 CD
to TO
contain VB
losses NNS
that IN
he PRP
estimated VBD
will MD
cost VB
taxpayers NNS
as RB
much JJ
as IN
$ $
2 CD
billion CD
.Mr. NNP
Seidman NNP
,
who WP
has VBZ
been VBN
the DT
nation NN
's POS
top JJ
bank NN
regulator NN
,
inherited VBD
the DT
problems NNS
of IN
Lincoln NNP
,
based VBN
in IN
Irvine NNP
,
Calif. NNP
,
after IN
his PRP$
regulatory JJ
role NN
was VBD
expanded VBN
by IN
the DT
new JJ
savings-and-loan JJ
bailout NN
law NN
.He PRP
made VBD
his PRP$
comments NNS
before IN
House NNP
Banking NNP
Committee NNP
hearings NNS
to TO
investigate VB
what WP
appears VBZ
to TO
be VB
the DT
biggest JJS
thrift NN
disaster NN
in IN
a DT
scandal-ridden JJ
industry NN
.The DT
inquiry NN
also RB
will MD
cover VB
the DT
actions NNS
of IN
Charles NNP
Keating NNP
Jr. NNP
,
who WP
is VBZ
chairman NN
of IN
American NNP
Continental NNP
Corp. NNP
,
Lincoln NNP
's POS
parent NN
,
and 
who WP
contributed VBD
heavily RB
to TO
several JJ
U.S. NNP
senators NNS
.Mr. NNP
Seidman NNP
told VBD
the DT
committee NN
that IN
the DT
Resolution NNP
Trust NNP
Corp. NNP
,
the DT
agency NN
created VBN
to TO
sell VB
sick JJ
thrifts NNS
,
has VBZ
studied VBN
Lincoln NNP
's POS
examination NN
reports NNS
by IN
former JJ
regulators NNS
dating VBG
back RB
to TO
1986 CD
.`` 
My PRP$
staff NN
indicated VBD
that WDT
had V
we PRP
made VBD
such JJ
findings NNS
in IN
one CD
of IN
our PRP$
own JJ
institutions NNS
,
we PRP
would MD
have VB
sought VBN
an DT
immediate JJ
cease-and-desist JJ
order NN
to TO
stop VB
the DT
hazardous JJ
operations NNS
,
'' 
Mr. NNP
Seidman NNP
said VBD
.When WRB
Lincoln NNP
was VBD
seized VBN
by IN
the DT
government NN
,
for IN
example NN
,
15 CD
% NN
of IN
its PRP$
loans NNS
,
or 
$ $
250 CD
million CD
,
were VBD
to TO
borrowers NNS
who WP
were VBD
buying VBG
real JJ
estate NN
from IN
one CD
of IN
American NNP
Continental NNP
's POS
50 CD
other JJ
subsidiaries NNS
,
according VBG
to TO
Mr. NNP
Seidman NNP
.But 
the DT
government NN
did VBD
n't RB
step VB
in IN
until IN
six CD
months NNS
ago RB
,
when WRB
thrift NN
officials NNS
put VBP
Lincoln NNP
into IN
conservatorship NN
--
the DT
day NN
after IN
American NNP
Continental NNP
filed VBD
for IN
Chapter NN
11 CD
bankruptcy NN
protection NN
from IN
creditors NNS
.The DT
bankruptcy NN
filing NN
,
the DT
government NN
has VBZ
charged VBN
in IN
a DT
$ $
1.1 CD
billion CD
civil JJ
lawsuit NN
,
was VBD
part NN
of IN
a DT
pattern NN
to TO
shift VB
insured VBN
deposits NNS
to TO
the DT
parent NN
company NN
,
which WDT
used VBD
the DT
deposits NNS
as IN
a DT
cache NN
for IN
real-estate NN
deals NNS
.The DT
deposits NNS
that WDT
have VBP
been VBN
transferred VBN
to TO
other JJ
subsidiaries NNS
are VBP
now RB
under IN
the DT
jurisdiction NN
of IN
the DT
bankruptcy NN
court NN
.`` 
I PRP
think VBP
it PRP
's VBZ
fairly RB
clear JJ
-LCB-
Mr. NNP
Keating NNP
-RCB-
knew VBD
,
'' 
that IN
regulators NNS
were VBD
set VBN
to TO
seize VB
Lincoln NNP
,
Mr. NNP
Seidman NNP
said VBD
.Further JJ
investigation NN
,
he PRP
said VBD
,
may MD
result VB
in IN
further JJ
actions NNS
against IN
Lincoln NNP
's POS
executives NNS
,
said VBD
Mr. NNP
Seidman NNP
,
`` 
including VBG
fraud NN
actions NNS
.
'' Mr. NNP
Keating NNP
,
for IN
his PRP$
part NN
,
has VBZ
filed VBN
suit NN
alleging VBG
that IN
regulators NNS
unlawfully RB
seized VBN
the DT
thrift NN
.Leonard NNP
Bickwit NNP
,
an DT
attorney NN
in IN
Washington NNP
for IN
Mr. NNP
Keating NNP
,
declined VBD
to TO
comment VB
on IN
the DT
hearings NNS
,
except VB
to TO
say VB
,
`` 
We PRP
will MD
be VB
responding VBG
comprehensively RB
in IN
several JJ
forums NNS
to TO
each DT
of IN
these DT
allegations NNS
at IN
the DT
appropriate JJ
time NN
.
'' Lincoln NNP
's POS
treatment NN
by IN
former JJ
thrift NN
regulators NNS
,
in IN
an DT
agency NN
disbanded VBN
by IN
the DT
new JJ
law NN
,
has VBZ
proved VBN
embarrassing JJ
for IN
five CD
senators NNS
who WP
received VBD
thousands NNS
of IN
dollars NNS
in IN
campaign NN
contributions NNS
from IN
Mr. NNP
Keating NNP
.Mr. NNP
Seidman NNP
said VBD
yesterday NN
,
for IN
example NN
,
that IN
Sen. NNP
Dennis NNP
DeConcini NNP
-LRB-
D. NNP
,
Ariz. NNP
-RRB-
,
who WP
received VBD
$ $
48,100 CD
in IN
contributions NNS
from IN
Mr. NNP
Keating NNP
,
phoned VBD
Mr. NNP
Seidman NNP
to TO
request VB
that IN
he PRP
push VBP
for IN
a DT
sale NN
of IN
Lincoln NNP
before IN
it PRP
would MD
be VB
seized VBN
.After IN
the DT
government NN
lawsuit NN
was VBD
filed VBN
against IN
Lincoln NNP
,
Sen. NNP
DeConcini NNP
returned VBD
the DT
campaign NN
contributions NNS
.The DT
senator NN
's POS
spokesman NN
said VBD
yesterday NN
that IN
he PRP
pushed VBD
for IN
the DT
sale NN
of IN
Lincoln NNP
because IN
`` 
hundreds NNS
of IN
Arizona NNP
jobs NNS
-LCB-
at IN
Lincoln NNP
-RCB-
were VBD
on IN
the DT
line NN
.
'' Senate NNP
Banking NNP
Committee NNP
Chairman NNP
Donald NNP
Riegle NNP
-LRB-
D. NNP
,
Mich NNP
.
-RRB-
has VBZ
also RB
returned VBN
contributions NNS
he PRP
received VBD
from IN
Mr. NNP
Keating NNP
a DT
year NN
ago RB
.Sens. N
John N
Glenn N
-LRB-
D. NNP
,
Ohio NNP
-RRB-
,
John N
McCain N
,
-LRB-
R. NNP
,
Ariz. NNP
-RRB-
and CC
Alan NNP
Cranston NNP
-LRB-
D. NNP
,
Calif. NNP
-RRB-
also RB
received VBD
substantial JJ
contributions NNS
from IN
Mr. NNP
Keating NNP
and 
sought VBD
to TO
intervene VB
on IN
behalf NN
of IN
Lincoln NNP
.House NNP
Banking NNP
Committee NNP
Chairman NNP
Henry NNP
Gonzalez NNP
-LRB-
D. NNP
,
Texas NNP
-RRB-
said VBD
Sen. NNP
Cranston NNP
volunteered VBD
to TO
appear VB
before IN
the DT
House NNP
committee NN
,
if IN
necessary JJ
.But 
a DT
committee NN
staff NN
member NN
said VBD
the DT
panel NN
is VBZ
unlikely JJ
to TO
pursue VB
closely RB
the DT
role NN
of IN
the DT
senators NNS
.At IN
the DT
hearing NN
,
Mr. NNP
Seidman NNP
said VBD
the DT
RTC NNP
has VBZ
already RB
pumped VBN
$ $
729 CD
million CD
into IN
Lincoln NNP
for IN
liquidity NN
.He PRP
also RB
held VBD
out IN
little JJ
hope NN
of IN
restitution NN
for IN
purchasers NNS
of IN
$ $
225 CD
million CD
in IN
American NNP
Continental NNP
subordinated VBD
debt NN
.Some DT
of IN
those DT
debtholders NNS
have VBP
filed VBN
a DT
suit NN
,
saying VBG
they PRP
believed VBD
they PRP
were VBD
buying VBG
government-insured JJ
certificates NNS
of IN
deposit NN
.`` 
We PRP
have VBP
no DT
plans NNS
at IN
this DT
time NN
to TO
pay VB
off IN
those DT
notes NNS
,
'' 
he PRP
said VBD
.Eastern NNP
Airlines NNPS
' POS
creditors NNS
committee NN
,
unhappy JJ
with IN
the DT
carrier NN
's POS
plans NNS
for IN
emerging VBG
from IN
bankruptcy-law NN
proceedings NNS
,
asked VBD
its PRP$
own JJ
experts NNS
to TO
devise VB
alternate JJ
approaches NNS
to TO
a DT
reorganization NN
.Representatives NNS
of IN
the DT
accounting NN
firm NN
of IN
Ernst NNP
& CC
Young NNP
and 
the DT
securities NNS
firm NN
of IN
Goldman NNP
, ,
Sachs NNP
& CC
Co. NNP
,
hired VBN
by IN
creditors NNS
to TO
consult VB
on IN
Eastern NNP
's POS
financial JJ
plans NNS
,
told VBD
the DT
committee NN
in IN
a DT
private JJ
meeting NN
yesterday NN
that IN
Eastern NNP
's POS
latest JJS
plan NN
to TO
emerge VB
from IN
bankruptcy-law NN
protection NN
is VBZ
far RB
riskier JJR
than IN
an DT
earlier RBR
one CD
which WDT
won VBD
the DT
creditors NNS
' POS
approval NN
.According VBG
to TO
one CD
person NN
present JJ
at IN
the DT
meeting NN
,
Eastern NNP
's POS
new JJ
plan NN
is VBZ
financially RB
`` ``
overly RB
optimistic JJ
.
'' Asked VBN
about IN
the DT
consultants NNS
' POS
reports NNS
,
an DT
Eastern NNP
spokeswoman NN
said VBD
`` 
we PRP
totally RB
disagree VBP
.
'' She PRP
said VBD
they PRP
have VBP
`` 
oversimplified VBN
and 
made VBD
some DT
erroneous JJ
assumptions NNS
that WDT
make VBP
their PRP$
analysis NN
completely RB
off-base JJ
.
'' At IN
a DT
later JJ
news NN
conference NN
here RB
,
Frank NNP
Lorenzo NNP
,
chairman NN
of IN
Eastern NNP
's POS
parent NN
Texas NNP
Air NNP
Corp. NNP
,
said VBD
Eastern NNP
was VBD
exceeding VBG
its PRP$
goals NNS
for IN
getting VBG
back RB
into IN
operation NN
and 
predicted VBD
it PRP
would MD
emerge VB
from IN
Chapter NN
11 CD
protection NN
from IN
creditors NNS
early JJ
next JJ
year NN
,
operating VBG
with IN
more JJR
service NN
than IN
it PRP
originally RB
had VBD
scheduled VBN
.He PRP
insisted VBD
,
as IN
he PRP
has VBZ
before RB
,
that IN
creditors NNS
would MD
be VB
paid VBN
in IN
full JJ
under IN
the DT
plan NN
.Mr. NNP
Lorenzo NNP
made VBD
no DT
mention NN
of IN
creditors NNS
' POS
negative JJ
response NN
to TO
his PRP$
plan NN
.`` 
We PRP
're VBP
in IN
the DT
process NN
of IN
discussing VBG
an DT
amended VBN
plan NN
with IN
the DT
creditors NNS
and 
anticipate VB
filing NN
that WDT
amended VBD
plan NN
shortly RB
,
'' 
Mr. NNP
Lorenzo NNP
told VBD
reporters NNS
.`` 
We PRP
're VBP
meeting VBG
and CC
surpassing VBG
our PRP$
goals NNS
,
'' 
he PRP
added VBD
.In IN
July NNP
,
Eastern NNP
and 
its PRP$
creditors NNS
agreed VBD
on IN
a DT
reorganization NN
plan NN
that WDT
called VBD
for IN
Eastern NNP
to TO
sell VB
$ $
1.8 CD
billion CD
in IN
assets NNS
and 
to TO
emerge VB
from IN
bankruptcy-law NN
protection NN
at IN
two-thirds NNS
its PRP$
former JJ
size NN
.But 
after IN
selling VBG
off IN
pieces NNS
such JJ
as IN
its PRP$
East NNP
Coast NNP
shuttle NN
,
its PRP$
Philadelphia NNP
hub NN
and 
various JJ
planes NNS
,
Eastern NNP
hit VBD
a DT
stumbling VBG
block NN
.It PRP
could MD
n't RB
sell VB
its PRP$
South JJ
American JJ
routes NNS
,
one CD
of IN
the DT
major JJ
assets NNS
marked VBN
for IN
disposal NN
.Those DT
routes NNS
,
valued VBN
by IN
the DT
creditors NNS
' POS
professionals NNS
at IN
about RB
$ $
400 CD
million CD
,
were VBD
to TO
be VB
sold VBN
to TO
AMR NNP
Corp. NNP
's POS
American NNP
Airlines NNPS
.A DT
last-minute JJ
snag NN
in IN
negotiations NNS
with IN
AMR NNP
,
over IN
an DT
unrelated JJ
lawsuit NN
between IN
American NNP
and 
another DT
Texas NNP
Air NNP
unit NN
,
caused VBD
the DT
deal NN
to TO
collapse VB
.Eastern NNP
ultimately RB
decided VBD
it PRP
would MD
have VB
to TO
keep VB
and CC
operate VB
the DT
routes NNS
itself PRP
,
which WDT
would MD
leave VB
it PRP
with IN
less JJR
cash NN
for IN
its PRP$
reorganization NN
.It PRP
also RB
would MD
leave VB
Eastern NNP
a DT
bigger JJR
carrier NN
than IN
the DT
scaled-down JJ
one CD
proposed VBN
under IN
the DT
initial JJ
plan NN
.Those DT
changes NNS
in IN
its PRP$
condition NN
meant VBD
the DT
reorganization NN
plan NN
previously RB
presented VBD
to TO
creditors NNS
would MD
have VB
to TO
be VB
revamped VBN
.Since IN
then RB
,
Eastern NNP
has VBZ
been VBN
negotiating VBG
with IN
creditors NNS
over IN
revisions NNS
,
but 
the DT
creditors NNS
committee NN
has VBZ
been VBN
having VBG
problems NNS
with IN
the DT
revisions NNS
.The DT
committee NN
has VBZ
two CD
groups NNS
of IN
experts NNS
it PRP
calls VBZ
on IN
to TO
analyze VB
Eastern NNP
's POS
plans NNS
.Both DT
said VBD
the DT
new JJ
plan NN
would MD
n't RB
work VB
.Ernst NNP
& CC
Young NNP
said VBD
Eastern NNP
's POS
plans NNS
will MD
miss VB
its PRP$
projections NNS
of IN
earnings NNS
before IN
interest NN
, ,
tax NN
and CC
depreciation NN
by IN
$ $
100 CD
million CD
,
and 
that IN
Eastern NNP
's POS
plan NN
presented VBD
no DT
comfort NN
level NN
,
according VBG
to TO
a DT
source NN
present JJ
at IN
yesterday NN
's POS
session NN
.Experts NNS
from IN
Goldman NNP
Sachs NNP
estimated VBD
Eastern NNP
would MD
miss VB
the DT
same JJ
mark NN
by IN
$ $
120 CD
million CD
to TO
$ $
135 CD
million CD
,
the DT
source NN
said VBD
.The DT
experts NNS
said VBD
they PRP
expected VBD
Eastern NNP
would MD
have VB
to TO
issue VB
new JJ
debt NN
to TO
cover VB
its PRP$
costs NNS
,
and 
that IN
it PRP
would MD
generate VB
far RB
less JJR
cash NN
than IN
anticipated VBN
.Other JJ
costs NNS
also RB
would MD
increase VB
,
including VBG
maintenance NN
,
because IN
Eastern NNP
has VBZ
an DT
older JJR
fleet NN
.At IN
the DT
news NN
conference NN
,
Mr. NNP
Lorenzo NNP
and 
Eastern NNP
President NNP
Phil NNP
Bakes NNP
presented VBD
a DT
far RB
rosier JJR
assessment NN
.Flanked VBN
by IN
flight NN
attendants NNS
,
pilots NNS
and 
gate NN
agents NNS
dressed VBN
in IN
spiffy JJ
new JJ
blue JJ
uniforms NNS
,
they PRP
said VBD
Eastern NNP
has VBZ
exceeded VBN
its PRP$
operational JJ
goals NNS
and 
is VBZ
filling VBG
its PRP$
seats NNS
.Starting VBG
next JJ
month NN
,
Eastern NNP
will MD
begin VB
flying VBG
775 CD
flights NNS
daily JJ
instead RB
of IN
the DT
previously RB
announced VBN
700 CD
,
they PRP
said VBD
.Mr. NNP
Bakes NNP
declined VBD
to TO
give VB
out IN
Eastern NNP
's POS
daily JJ
losses NNS
,
but 
said VBD
he PRP
did VBD
n't RB
expect VB
Eastern NNP
would MD
have VB
to TO
dip VB
into IN
the DT
cash NN
from IN
asset NN
sales NNS
currently RB
held VBN
in IN
escrow NN
.These DT
accounts NNS
hold VBP
several JJ
hundred CD
million CD
dollars NNS
,
primarily RB
from IN
asset NN
sales NNS
.The DT
plan NN
Eastern NNP
hopes VBZ
to TO
pursue VB
,
he PRP
said VBD
,
calls VBZ
for IN
Eastern NNP
to TO
have VB
$ $
390 CD
million CD
in IN
cash NN
by IN
year NN
's POS
end NN
.Both DT
he PRP
and 
Mr. NNP
Lorenzo NNP
predicted VBD
that DT
plan NN
might MD
be VB
confirmed VBN
in IN
January NNP
.As IN
to TO
negotiations NNS
with IN
creditors NNS
,
Mr. NNP
Lorenzo NNP
said VBD
in IN
remarks NNS
after IN
the DT
conference NN
`` 
we PRP
'll MD
have VB
to TO
see VB
how WRB
they PRP
-LCB-
talks NNS
-RCB-
come VB
along IN
.
'' However RB
,
he PRP
added VBD
,
`` 
it PRP
's VBZ
not 
a DT
requirement NN
that IN
the DT
plan NN
be VB
accepted VBN
by IN
creditors NNS
.It PRP
must MD
be VB
accepted VBN
by IN
the DT
court NN
.
'' Under IN
bankruptcy NN
law NN
,
Eastern NNP
has VBZ
exclusive JJ
rights NNS
for IN
a DT
certain JJ
period NN
to TO
develop VB
its PRP$
own JJ
reorganization NN
plan NN
.That DT
deadline NN
has VBZ
been VBN
extended VBN
once RB
and 
could MD
be VB
extended VBN
again RB
.If IN
Eastern NNP
can MD
get VB
creditor NN
support NN
,
court NN
confirmation NN
of IN
its PRP$
plan NN
could MD
be VB
relatively RB
swift JJ
.But 
creditors NNS
are VBP
free JJ
to TO
press VB
for IN
court NN
approval NN
of IN
their PRP$
own JJ
plan NN
,
or 
the DT
court NN
could MD
ignore VB
both DT
sides NNS
and 
draw VB
its PRP$
own JJ
.In IN
any DT
event NN
,
some DT
people NNS
familiar JJ
with IN
the DT
case NN
question NN
whether IN
the DT
court NN
will MD
act VB
by IN
January NNP
as IN
forecast NN
by IN
Mr. NNP
Lorenzo NNP
and 
Mr. NNP
Bakes NNP
.Eastern NNP
sought VBD
bankruptcy-law NN
protection NN
a DT
few JJ
days NNS
after IN
a DT
crippling JJ
strike NN
began VBD
March NNP
4 CD
.Mr. NNP
Lorenzo NNP
told VBD
reporters NNS
the DT
reorganization NN
Eastern NNP
is VBZ
pursuing VBG
would MD
create VB
a DT
carrier NN
85 CD
% NN
to TO
90 CD
% NN
of IN
the DT
size NN
of IN
the DT
pre-bankruptcy NN
Eastern NNP
.He PRP
projected VBD
it PRP
would MD
be VB
operating VBG
about IN
1,000 CD
flights NNS
a DT
day NN
by IN
late JJ
spring NN
,
only RB
slightly RB
fewer JJR
than IN
the DT
carrier NN
's POS
old JJ
volume NN
of IN
1,050 CD
a DT
day NN
.HOPES NNS
OF IN
SIMPLIFYING VBG
the DT
corporate JJ
minimum JJ
tax NN
before IN
1990 CD
are VBP
weakening VBG
.The DT
method NN
of IN
calculating VBG
the DT
20 CD
% NN
tax NN
,
paid VBN
if IN
it PRP
exceeds VBZ
tax NN
figured VBD
the DT
regular JJ
way NN
,
is VBZ
due JJ
for IN
a DT
change NN
in IN
1990 CD
,
thanks VBZ
to TO
1986 CD
's POS
tax NN
act NN
.But 
most RBS
experts NNS
agree VBP
that IN
the DT
concept NN
that WDT
is VBZ
to TO
be VB
introduced VBN
drags VBZ
in IN
great JJ
complexity NN
;
they PRP
have VBP
been VBN
trying VBG
to TO
head VB
it PRP
off IN
this DT
year NN
.Ways NNS
and CC
Means NNP
Chairman NNP
Rostenkowski NNP
backed VBD
a DT
simplification NN
plan NN
in IN
the DT
pending VBG
House NNP
tax NN
bill NN
,
but 
the DT
plan NN
turns VBZ
out IN
to TO
be VB
a DT
big JJ
revenue NN
loser NN
.Now RB
the DT
Senate NNP
's POS
stripped-down JJ
bill NN
omits VBZ
any DT
proposal NN
to TO
deal VB
with IN
the DT
corporate JJ
tax NN
.Proponents NNS
of IN
simplification NN
fear NN
that IN
the DT
chances NNS
of IN
getting VBG
it PRP
into IN
the DT
final JJ
bill NN
are VBP
waning VBG
.`` 
We PRP
hear VBP
it PRP
has VBZ
low JJ
priority NN
on IN
the DT
House NNP
side NN
,
'' 
says VBZ
Samuel NNP
Starr NNP
of IN
Coopers NNP
& CC
Lybrand NNP
, ,
CPAs NNS
.If IN
the DT
law NN
is VBZ
n't RB
changed VBN
,
he PRP
says VBZ
,
`` 
we PRP
are VBP
left VBN
staring VBG
at IN
rules NNS
that WDT
are VBP
almost RB
impossible JJ
to TO
implement VB
,
because IN
there EX
are VBP
so RB
many JJ
complex JJ
depreciation NN
calculations NNS
to TO
do VB
.
'' But 
Congress NNP
still RB
could MD
resolve VB
the DT
issue NN
with IN
other JJ
legislation NN
this DT
year NN
or 
next JJ
,
Starr NNP
adds VBZ
.HUGO NNP
'S VBZ
RAVAGES NNS
may MD
be VB
offset VB
by IN
immediate JJ
claims NNS
for IN
tax NN
refunds NNS
.This DT
law NN
aids VBZ
hurricane-wracked JJ
locales NNS
named VBN
by IN
the DT
president NN
as IN
disaster NN
areas NNS
,
as RB
well RB
as IN
regions NNS
so RB
designated VBN
after IN
other JJ
1989 CD
disasters NNS
.It PRP
lets VBZ
victims NNS
elect VBP
to TO
deduct VB
casualty NN
losses NNS
on IN
either 
1989 CD
or 
amended VBN
1988 CD
returns NNS
,
whichever WDT
offers VBZ
the DT
larger JJR
tax NN
benefit NN
;
they PRP
have VBP
until IN
April NNP
16 CD
to TO
choose VB
.Amending VBG
a DT
1988 CD
return NN
to TO
claim VB
a DT
refund NN
brings VBZ
cash NN
faster RBR
;
but 
for IN
personal JJ
losses NNS
,
there EX
are VBP
other JJ
factors NNS
to TO
consider VB
,
notes NNS
publisher NN
Prentice NNP
Hall NNP
.A DT
loss NN
--
after IN
insurance NN
recoveries NNS
--
is VBZ
deductible JJ
only RB
to TO
the DT
extent NN
that IN
it PRP
exceeds VBZ
$ $
100 CD
and 
that IN
the DT
year NN
's POS
total JJ
losses NNS
exceed VBP
10 CD
% NN
of IN
adjusted VBN
gross JJ
income NN
;
victims NNS
may MD
pick VB
the DT
year NN
when WRB
income NN
is VBZ
lower JJR
and 
deductions NNS
higher JJR
.In IN
filing VBG
an 
original 
-LRB-
not RB
amended VBN
-RRB-
return NN
,
a DT
couple NN
should MD
consider VB
whether IN
damaged VBN
property NN
is VBZ
owned VBN
jointly RB
or CC
separately RB
and 
whether IN
one CD
spouse NN
has VBZ
larger JJR
income NN
;
that WDT
may MD
determine VB
whether IN
they PRP
should MD
file VB
jointly RB
or CC
separately RB
.THE DT
IRS NNP
DELAYS VBZ
several JJ
deadlines NNS
for IN
Hugo NNP
's POS
victims NNS
.Returns NNS
for IN
1988 CD
from IN
people NNS
with IN
six-month JJ
filing NN
extensions NNS
were VBD
due JJ
Monday NNP
,
but 
the DT
IRS NNP
says VBZ
people NNS
in IN
the DT
disaster NN
areas NNS
wo MD
n't RB
be VB
penalized VBN
for IN
late JJ
filing NN
if IN
their PRP$
returns NNS
are VBP
marked VBN
`` 
Hugo NNP
'' 
and 
postmarked VBN
by IN
Jan. NNP
16 CD
.Interest NN
will MD
be VB
imposed VBN
on IN
unpaid JJ
taxes NNS
,
but 
late-payment NN
penalties NNS
on IN
the DT
returns NNS
will MD
be VB
waived VBN
if IN
the DT
balance NN
due JJ
and CC
paid VBN
is VBZ
10 CD
% NN
or CC
less JJR
of IN
the DT
liability NN
.IRS NNP
Notice NN
89-136 CD
describes VBZ
this DT
and 
other JJ
deadline NN
relief NN
for IN
Hugo NNP
's POS
victims NNS
.Among IN
the DT
provisions NNS
:
Fiscal-year JJ
taxpayers NNS
with IN
returns NNS
due JJ
last JJ
Monday NNP
wo MD
n't RB
be VB
penalized VBN
if IN
they PRP
file VBP
--
or 
request VB
an DT
extension NN
--
and 
pay VB
tax NN
due JJ
by IN
Nov. NNP
15 CD
.Excise-tax JJ
returns NNS
due JJ
by IN
Oct. NNP
31 CD
or 
Nov. NNP
30 CD
may MD
be VB
delayed VBN
to TO
Jan. NNP
16 CD
.Extensions NNS
ca MD
n't RB
be VB
granted VBN
for IN
filing VBG
employment-tax JJ
returns NNS
due JJ
Oct. NNP
31 CD
or CC
for IN
depositing VBG
withheld VBN
taxes NNS
,
but 
late JJ
penalties NNS
will MD
be VB
abated VBN
for IN
deposits NNS
made VBN
by IN
Nov. NNP
15 CD
.The DT
notice NN
also RB
grants VBZ
relief NN
for IN
certain JJ
estate-tax JJ
returns NNS
.ONE-DAY JJ
JAUNTS NNS
in IN
a DT
chartered JJ
boat NN
were VBD
perks NNS
for IN
permanent JJ
staffers NNS
of IN
American NNP
Business NNP
Service NNP
Corp. NNP
,
a DT
Costa NNP
Mesa NNP
, ,
Calif. NNP
, ,
supplier NN
of IN
temporary JJ
workers NNS
.The DT
IRS NNP
denied VBD
cost NN
deductions NNS
because IN
few NN
of IN
the DT
temps NNS
got VBD
to TO
go VB
aboard RB
.But 
the DT
Tax NNP
Court NNP
said VBD
the DT
limitations NNS
were VBD
reasonable JJ
and CC
realistic JJ
and 
allowed VBD
the DT
deductions NNS
.USED-CAR NN
BUYERS NNS
who WP
try VBP
to TO
avoid VB
sales NNS
tax VB
by IN
understating VBG
prices NNS
paid VBN
in IN
private JJ
deals NNS
are VBP
the DT
targets NNS
of IN
a DT
New NNP
York NNP
drive NN
.Estimating VBG
that IN
the DT
state NN
may MD
lose VB
$ $
15 CD
million CD
a DT
year NN
,
officials NNS
announced VBD
the DT
filing NN
of IN
15 CD
criminal JJ
actions NNS
and 
`` 
hundreds NNS
'' 
of IN
civil JJ
penalties NNS
.WHEN WRB
AN DT
IRA NNP
OWNER NNP
dies VBZ
,
the DT
trustee NN
of IN
the DT
individual JJ
retirement NN
account NN
must MD
file VB
forms NNS
5498 CD
reporting VBG
market NN
values NNS
relating VBG
to TO
the DT
decedent NN
and 
each DT
beneficiary NN
,
with IN
copies NNS
to TO
the DT
executor NN
and CC
beneficiaries NNS
.IRS NNP
Revenue NN
Procedure NN
89-52 CD
describes VBZ
the DT
reporting VBG
requirements NNS
.BIGGER JJR
THAN IN
A DT
BREADBOX NN
was VBD
this DT
cash NN
hoarder NN
's POS
reputation NN
for IN
honesty NN
.People NNS
often RB
cite VBP
frugality NN
and 
distrust NN
of IN
banks NNS
to TO
justify VB
cash NN
caches NNS
to TO
the DT
IRS NNP
.Gregory NNP
Damonne NNP
Brown NNP
of IN
Fremont NNP
,
Calif. NNP
,
a DT
hardworking JJ
, ,
reclusive JJ
young JJ
bachelor NN
,
told VBD
that DT
story NN
to TO
the DT
Tax NNP
Court NNP
.But 
judges NNS
usually RB
find VBP
the DT
real JJ
aim NN
is VBZ
to TO
escape VB
tax NN
on IN
hidden VBN
income NN
;
and 
the DT
IRS NNP
said VBD
Brown NNP
must MD
have VB
had VBN
such JJ
income NN
--
although IN
it PRP
uncovered VBD
no DT
source NN
--
because IN
he PRP
deposited VBD
$ $
124,732 CD
in IN
a DT
bank NN
account NN
in IN
1982-84 CD
while IN
reporting VBG
income NN
of IN
only RB
$ $
52,012 CD
.Brown NNP
's POS
story NN
:The DT
deposits NNS
came VBD
from IN
savings NNS
kept VBD
in IN
a DT
Tupperware NNP
breadbox NN
;
he PRP
saved VBD
$ $
47,000 CD
in IN
1974-81 CD
by IN
living VBG
with IN
family NN
members NNS
and 
pinching VBG
pennies NNS
and 
$ $
45,000 CD
of IN
secret JJ
gifts NNS
from IN
his PRP$
remorseful JJ
father NN
,
who WP
had VBD
abandoned VBN
the DT
family NN
in IN
1955 CD
.Brown NNP
had VBD
no DT
proof NN
;
but 
testimony NN
of IN
his PRP$
mother NN
and CC
stepmother NN
about IN
his PRP$
father NN
and 
of IN
an DT
ex-employer NN
about IN
his PRP$
honesty NN
and CC
habits NNS
satisfied VBD
a DT
judge NN
that IN
Brown NNP
was VBD
truthful JJ
and 
his PRP$
tale NN
of IN
gifts NNS
was VBD
possible JJ
.The DT
IRS NNP
offered VBD
no DT
evidence NN
of IN
hidden VBN
sources NNS
of IN
taxable JJ
income NN
,
so 
Judge NNP
Shields NNP
rejected VBD
its PRP$
claims NNS
.BRIEFS NNS
:Asked VBN
how WRB
he PRP
made VBD
charitable JJ
gifts NNS
of IN
$ $
26,350 CD
out IN
of IN
reported VBN
two-year JJ
income NN
of IN
$ $
46,892 CD
,
Thomas NNP
H. NNP
McFall NNP
of IN
Bryan NNP
,
Texas NNP
,
told VBD
the DT
Tax NNP
Court NNP
he PRP
had VBD
understated VBN
his PRP$
income NN
.The DT
court NN
rejected VBD
his PRP$
incredible JJ
claims NNS
,
denied VBD
his PRP$
deductions NNS
,
and 
imposed VBD
a DT
negligence NN
penalty NN
...
.Rep. NNP
Schaefer NNP
-LRB-
R. NNP
,
Colo. NNP
-RRB-
entered VBD
a DT
bill NN
to TO
exempt VB
from IN
tax NN
rewards NNS
for IN
tips NNS
leading VBG
to TO
the DT
arrest NN
of IN
violent JJ
criminals NNS
.Kay NNP
Peterson NNP
mounts NNS
her PRP$
bicycle NN
and 
grinds VBZ
up IN
yet RB
another DT
steep NN
, ,
rocky JJ
path NN
seemingly RB
suitable JJ
only RB
for IN
mountain NN
goats NNS
.After IN
a DT
tortuous JJ
climb NN
,
she PRP
is VBZ
rewarded VBN
by IN
a DT
picture-postcard NN
vista NN
:
a DT
glade NN
of IN
golden JJ
aspens NNS
under IN
an DT
azure JJ
Indian-summer JJ
sky NN
.This DT
place NN
is VBZ
12 CD
miles NNS
into IN
the DT
back JJ
country NN
--
a DT
day-long JJ
trudge NN
for IN
a DT
hiker NN
,
but 
reached VBD
by IN
Ms. NNP
Peterson NNP
and 
six CD
others NNS
in IN
a DT
mere JJ
two CD
hours NNS
of IN
pedaling VBG
fat-tired JJ
mountain NN
bikes NNS
.`` 
This DT
,
'' 
says VBZ
Ms. NNP
Peterson NNP
,
`` 
is VBZ
what WP
it PRP
's VBZ
all 
about IN
.
'' Twelve CD
hundred CD
miles NNS
away RB
,
rangers NNS
at IN
a DT
Napa NNP
County NNP
, ,
Calif. NNP
, ,
state NN
park NN
are VBP
among IN
the DT
many JJ
who WP
do VBP
n't RB
quite RB
share VBP
the DT
enthusiasm NN
.This DT
summer NN
,
speeding VBG
bikers NNS
were VBD
blamed VBN
for IN
an DT
accident NN
in IN
the DT
Napa NNP
County NNP
park NN
,
in IN
which WDT
a DT
horse NN
--
spooked VBN
on IN
a DT
trail NN
that WDT
was VBD
closed VBN
to TO
bikers NNS
--
broke VBD
its PRP$
leg NN
.The DT
animal NN
had VBD
to TO
be VB
destroyed VBN
;
the DT
bikers NNS
fled VBD
and 
were VBD
never RB
found VBN
.In IN
numerous JJ
parks NNS
near IN
San NNP
Francisco NNP
,
rangers NNS
have VBP
been VBN
forced VBN
to TO
close VB
trails NNS
,
set VBN
up IN
speed NN
traps NNS
and 
use NN
radar NN
guns NNS
to TO
curb VB
fast RB
and CC
reckless JJ
riding NN
.They PRP
have VBP
even RB
sent VBN
helicopters NNS
in IN
pursuit NN
of IN
bikers NNS
after IN
hikers NNS
and CC
equestrians NNS
complained VBD
they PRP
were VBD
being VBG
driven VBN
from IN
trails NNS
.`` 
We PRP
were VBD
being VBG
overrun VBN
,
'' 
says VBZ
Steve NNP
Fiala NNP
,
trails NNS
coordinator NN
of IN
the DT
East NNP
Bay NNP
Regional NNP
Park NNP
District NNP
.Two CD
years NNS
ago RB
,
the DT
district NN
decided VBD
to TO
limit VB
the DT
bikes NNS
to TO
fire VB
roads NNS
in IN
its PRP$
65,000 CD
hilly JJ
acres NNS
.From IN
about IN
200,000 CD
six CD
years NNS
ago RB
,
the DT
number NN
of IN
mountain NN
bikes NNS
in IN
the DT
U.S. NNP
is VBZ
expected VBN
to TO
grow VB
to TO
10 CD
million CD
in IN
1990 CD
.At IN
least JJS
half PDT
that DT
growth NN
will MD
have VB
come VBN
in IN
the DT
past JJ
three CD
years NNS
alone RB
.The DT
controversy NN
kicked VBD
up IN
by IN
the DT
proliferation NN
of IN
these DT
all-terrain JJ
bicycles NNS
is VBZ
one CD
of IN
the DT
most RBS
divisive JJ
storms NNS
to TO
blow VB
through IN
the DT
national JJ
conservation NN
movement NN
in IN
recent JJ
memory NN
.Bikers NNS
--
many NN
of IN
them PRP
ardent JJ
environmentalists NNS
--
proclaim VB
their PRP$
sport NN
an DT
efficient JJ
, ,
safe JJ
, ,
fitness-promoting JJ
way NN
to TO
get VB
back RB
to TO
nature NN
,
while IN
asserting VBG
a DT
right NN
,
as IN
taxpayers NNS
,
to TO
pedal VB
on IN
public JJ
lands NNS
.But 
the DT
bikes NNS
' POS
burgeoning VBG
numbers NNS
,
safety NN
concerns NNS
and 
fear NN
that IN
they PRP
damage VBP
fragile JJ
landscapes NNS
have VBP
prompted VBN
pleas NNS
,
from IN
the DT
Sierras NNPS
to TO
the DT
Eastern NNP
Seaboard NNP
,
to TO
ban VB
them PRP
from IN
the DT
back JJ
country NN
.Key NNP
to TO
the DT
issue NN
is VBZ
that IN
the DT
bikes NNS
,
in IN
skillful JJ
hands NNS
,
can MD
go VB
virtually RB
anywhere RB
,
and 
in IN
reckless JJ
hands NNS
can MD
become VB
vehicles NNS
of IN
terror NN
.An DT
adept JJ
bicyclist NN
can MD
leap VB
from IN
a DT
dead JJ
stop NN
to TO
the DT
top NN
of IN
a DT
picnic NN
table NN
without IN
losing VBG
balance NN
.Such JJ
skills NNS
allow VBP
riders NNS
to TO
fly VB
down RB
treacherous JJ
mountain NN
grades NNS
at IN
speeds NNS
of IN
up IN
to TO
40 CD
miles NNS
an DT
hour NN
--
a DT
thrill NN
for IN
the DT
cyclist NN
but 
a DT
nightmare NN
for IN
unsuspecting JJ
hikers NNS
or CC
equestrians NNS
.For IN
harried VBN
public-land JJ
managers NNS
across IN
the DT
nation NN
,
the DT
response NN
is VBZ
increasingly RB
to TO
shut VB
the DT
gates NNS
.The DT
state NN
of IN
California NNP
,
following VBG
the DT
lead NN
of IN
some DT
regional JJ
parks NNS
,
recently RB
adopted VBN
regulations NNS
that WDT
closed VBD
nearly RB
all DT
hiking VBG
paths NNS
in IN
state NN
parks NNS
to TO
mountain NN
bicycles NNS
.The DT
move NN
largely RB
consigns VBZ
them PRP
to TO
roads NNS
used VBN
by IN
motorized JJ
vehicles NNS
.Most JJS
other JJ
states NNS
have VBP
enacted VBN
similar JJ
bans NNS
.The DT
bikes NNS
are VBP
unwelcome JJ
on IN
trails NNS
in IN
national JJ
parks NNS
.Even RB
the DT
U.S. NNP
Forest NNP
Service NNP
,
whose WP$
lenient JJ
`` ``
multiple-use JJ
'' ''
philosophy NN
permits VBZ
motorized VBN
vehicles NNS
on IN
thousands NNS
of IN
miles NNS
of IN
its PRP$
trails NNS
across IN
the DT
U.S. NNP
,
has VBZ
begun VBN
to TO
close VB
some DT
lands NNS
to TO
the DT
bikes NNS
,
including VBG
major JJ
portions NNS
of IN
the DT
popular JJ
Pacific NNP
Crest NNP
Trail NNP
,
which WDT
stretches VBZ
from IN
California NNP
to TO
Canada NNP
.Often RB
these DT
closings NNS
come VBP
after IN
vigorous JJ
anti-bike JJ
lobbying NN
by IN
conservation NN
organizations NNS
,
the DT
politically RB
potent JJ
Sierra NNP
Club NNP
among IN
them PRP
.Sierra NNP
has VBZ
been VBN
instrumental JJ
in IN
securing VBG
a DT
number NN
of IN
the DT
California NNP
bans NNS
.It PRP
has VBZ
been VBN
waging VBG
an DT
all-out JJ
campaign NN
to TO
beat VB
back RB
a DT
proposal NN
,
pushed VBN
by IN
Utah NNP
bike NN
groups NNS
,
to TO
allow VB
the DT
cycles NNS
in IN
federally RB
designated VBN
wilderness NN
areas NNS
,
where WRB
they PRP
are VBP
now RB
prohibited VBN
.Yet RB
Sierra NNP
's POS
hard-line JJ
stance NN
has VBZ
created VBN
something NN
of IN
a DT
rift NN
in IN
the DT
organization NN
,
which WDT
estimates VBZ
that IN
17 CD
% NN
of IN
its PRP$
500,000 CD
members NNS
own JJ
mountain NN
bikes NNS
.Pressure NN
from IN
these DT
members NNS
prompted VBD
the DT
club NN
recently RB
to TO
soften VB
its PRP$
anti-bike JJ
rhetoric NN
;
it PRP
no RB
longer RB
,
for IN
example NN
,
lumps VBZ
the DT
bikes NNS
into IN
the DT
same JJ
category NN
as IN
motorcycles NNS
and 
other JJ
terrain-marring JJ
off-road JJ
vehicles NNS
.But 
the DT
club NN
still RB
insists VBZ
that IN
public JJ
lands NNS
ought MD
to TO
be VB
closed VBN
to TO
the DT
bikes NNS
unless IN
studies NNS
indicate VBP
the DT
bikes NNS
wo MD
n't RB
injure VB
the DT
environment NN
or 
other JJ
users NNS
.`` 
I PRP
have VBP
a DT
mountain NN
bike NN
,
yet RB
as IN
a DT
hiker NN
I PRP
've VBP
been VBN
run VB
off IN
the DT
road NN
by IN
kids NNS
careening VBG
down 
a DT
fire NN
trail NN
on IN
them PRP
,
'' 
says VBZ
Gene NNP
Coan NNP
,
an DT
official NN
at IN
Sierra NNP
's POS
headquarters NN
in IN
San NNP
Francisco NNP
,
echoing VBG
the DT
concerns NNS
of IN
many JJ
members NNS
.`` 
People NNS
who WP
feel VBP
that IN
cyclists NNS
should MD
be VB
banned VBN
from IN
an DT
area NN
are VBP
n't RB
looking VBG
at IN
the DT
whole JJ
picture NN
,
'' 
complains VBZ
Mark NNP
Langton NNP
,
associate JJ
editor NN
of IN
Mountain NNP
and CC
City NNP
Biking NNP
magazine NN
in IN
Canoga NNP
Park NNP
,
Calif NNP
.Mr. NNP
Langton NNP
is VBZ
among IN
the DT
legions NNS
of IN
bikers NNS
who WP
got VBD
their PRP$
first JJ
taste NN
of IN
wilderness NN
as IN
hikers NNS
or CC
backpackers NNS
.He PRP
says VBZ
fellow NN
bikers NNS
show VBP
the DT
same JJ
concern NN
for IN
the DT
land NN
that IN
they PRP
demonstrated VBD
as IN
hikers NNS
;
many JJ
are VBP
appalled VBN
that IN
the DT
conservation NN
community NN
would MD
suddenly RB
consider VB
them PRP
the DT
enemy NN
.To TO
fight VB
back RB
,
activists NNS
such JJ
as IN
Mr. NNP
Langton NNP
are VBP
forming VBG
groups NNS
to TO
lobby VB
land NN
managers NNS
over IN
access NN
issues NNS
and 
undertake VB
education NN
programs NNS
to TO
show VB
that IN
the DT
bikes NNS
can MD
responsibly RB
share VB
trails NNS
.Mr. NNP
Langton NNP
's POS
group NN
,
Concerned NNP
Off-Road NNP
Bicyclists NNPS
Association NNP
,
mounted VBN
petition NN
drives NNS
to TO
help VB
keep VB
open JJ
certain JJ
Santa NNP
Monica NNP
Mountain NNP
trails NNS
designated VBN
for IN
closing VBG
.Biking NNP
groups NNS
in IN
Montana NNP
, ,
Idaho NNP
, ,
Michigan NNP
and CC
Massachusetts NNP
have VBP
won VBN
similar JJ
concessions NNS
,
says VBZ
Tim NNP
Blumenthal NNP
,
mountain NN
bike NN
editor NN
of IN
Bicycling NNP
magazine NN
.These DT
groups NNS
have VBP
been VBN
trying VBG
to TO
improve VB
the DT
mountain NN
biker NN
's POS
image NN
;
in IN
the DT
San NNP
Francisco-area JJ
park NN
district NN
where WRB
a DT
ranger NN
was VBD
clobbered VBN
by IN
a DT
cyclist NN
this DT
summer NN
bikers NNS
have VBP
formed VBN
a DT
volunteer NN
patrol NN
to TO
help VB
rangers NNS
enforce VB
regulations NNS
,
and 
to TO
school VB
riders NNS
in IN
proper JJ
trail NN
etiquette NN
.Even RB
staunch JJ
anti-bike JJ
Sierra NNP
members NNS
concede VBP
that IN
10 CD
% NN
of IN
all DT
riders NNS
cause VBP
most RBS
of IN
the DT
problems NNS
.While IN
some DT
are VBP
renegade NN
riders NNS
who WP
simply JJ
scorn NN
regulations NNS
,
much JJ
bad JJ
riding NN
simply RB
reflects VBZ
ignorance NN
that WDT
can MD
be VB
corrected VBN
through IN
`` 
education NN
and 
peer NN
pressure NN
,
'' 
says VBZ
Jim NNP
Hasenauer NNP
,
a DT
director NN
of IN
the DT
International NNP
Mountain NNP
Biking NNP
Association NNP
.`` 
I PRP
think VBP
we PRP
're VBP
making VBG
progress NN
.
'' Few JJ
would MD
have VB
foreseen VBN
such JJ
a DT
furor NN
when WRB
,
a DT
decade NN
ago RB
,
some DT
Marin NNP
County NNP
bicycle NN
enthusiasts NNS
created VBD
a DT
hybrid JJ
bike NN
using VBG
fat JJ
tires NNS
,
lightweight JJ
metallurgy NN
and 
multi-gear JJ
technology NN
.They PRP
wanted VBD
a DT
machine NN
that WDT
would MD
allow VB
them PRP
to TO
pedal VB
into IN
rugged JJ
terrain NN
then RB
inaccessible JJ
to TO
cycles NNS
.They PRP
got VBD
a DT
machine NN
more RBR
responsive JJ
,
more RBR
stable JJ
and 
in IN
many JJ
ways NNS
easier JJR
to TO
ride VB
than IN
the DT
thin-tired JJ
racing NN
bikes NNS
that IN
then RB
were VBD
the DT
rage NN
.When WRB
the DT
bikes NNS
first JJ
entered VBD
mass NN
production NN
in IN
1981 CD
,
they PRP
were VBD
dismissed VBN
as IN
a DT
fad NN
.Last JJ
year NN
,
25 CD
% NN
of IN
the DT
10 CD
million CD
bicycles NNS
sold VBN
in IN
the DT
U.S. NNP
were VBD
mountain NN
bikes NNS
.In IN
California NNP
,
a DT
bellwether NN
market NN
,
they PRP
accounted VBD
for IN
more JJR
than IN
80 CD
% NN
of IN
all DT
bike NN
sales NNS
.The DT
majority NN
of IN
the DT
bikes NNS
never RB
even RB
make VB
it PRP
into IN
the DT
high JJ
country NN
.City NN
dwellers NNS
love VBP
them PRP
because IN
they PRP
shift VBP
smoothly RB
in IN
traffic NN
,
bounce VB
easily RB
over IN
curbs NNS
and 
roll NN
through IN
road NN
glass NN
with IN
far RB
fewer RBR
flat JJ
tires NNS
than IN
racing VBG
bikes NNS
.Crested NNP
Butte NNP
,
population NN
1,200 CD
,
is VBZ
a DT
bastion NN
of IN
the DT
sport NN
.By IN
one CD
estimate NN
,
everyone NN
here RB
under IN
50 CD
owns VBZ
at IN
least JJS
one CD
bike NN
.The DT
town NN
is VBZ
home NN
to TO
the DT
Mountain NNP
Bike NNP
Hall NNP
of IN
Fame NNP
and 
it PRP
hosts VBZ
the DT
annual JJ
Fat NNP
Tire NNP
Bike NNP
Week NNP
.This DT
summer NN
,
the DT
jamboree NN
attracted VBN
more JJR
visitors NNS
than IN
the DT
busiest JJS
week NN
of IN
the DT
town NN
's POS
winter NN
ski NN
season NN
.David NNP
Lindsey NNP
,
chairman NN
of IN
the DT
Fat NNP
Tire NNP
Bike NNP
celebration NN
,
muses VBZ
that IN
the DT
bike NN
's POS
popularity NN
may MD
be VB
a DT
combination NN
of IN
technology NN
and CC
nostalgia NN
.`` 
The DT
mountain NN
bike NN
feels VBZ
as RB
comfortable JJ
as IN
the DT
` ``
paperboy NN
' ''
bike NN
you PRP
had VBD
as IN
a DT
kid NN
,
but 
it PRP
can MD
do VB
so RB
much RB
more JJR
,
'' 
he PRP
says VBZ
.The DT
following VBG
issues NNS
were VBD
recently RB
filed VBN
with IN
the DT
Securities NNP
and CC
Exchange NNP
Commission NNP
:Canada NNP
's POS
Province NNP
of IN
Nova NNP
Scotia NNP
,
shelf NN
offering NN
of IN
up IN
to TO
$ $
550 CD
million CD
of IN
debentures NNS
.Golar NNP
Gas NNP
Holding NNP
Co. NNP
,
a DT
subsidiary NN
of IN
Gotaas-Larsen NNP
Shipping NNP
Corp. NNP
,
offering NN
of IN
$ $
280 CD
million CD
first JJ
preferred JJ
ship NN
mortgage NN
notes NNS
,
via IN
Merrill NNP
Lynch NNP
Capital NNP
Markets NNPS
.H.F. NNP
Ahmanson NNP
& CC
Co. NNP
,
offering NN
of IN
four CD
million CD
shares NNS
of IN
noncumulative JJ
convertible JJ
preferred JJ
stock NN
,
Series NNP
B. NNP
,
via IN
Goldman NNP
, ,
Sachs NNP
& CC
Co NNP
,
First NNP
Boston NNP
Corp. NNP
,
and 
Merrill NNP
Lynch NNP
.Shared NNP
Technologies NNP
Inc. NNP
,
offering NN
of IN
2.5 CD
million CD
common JJ
shares NNS
,
via IN
Smetek NNP
, ,
Van NNP
Horn NNP
& CC
Cormack NNP
Inc. NNP
and 
Oakes NNP
, ,
Fitzwilliams NNP
& CC
Co NNP
.Stock-market NN
tremors NNS
again RB
shook VBD
bond NN
prices NNS
,
while IN
the DT
dollar NN
turned VBD
in IN
a DT
mixed VBN
performance NN
.Early JJ
yesterday NN
,
investors NNS
scrambled VBD
to TO
buy VB
Treasury NNP
bonds NNS
for IN
safety NN
as IN
stock NN
prices NNS
plummeted VBD
and 
fears NNS
mounted VBN
of IN
a DT
replay NN
of IN
Friday NNP
.But 
stocks NNS
later RB
recovered VBD
,
erasing VBG
most RBS
of IN
their PRP$
early JJ
declines NNS
.That DT
cut NN
short VB
the DT
rally NN
in IN
Treasury NNP
bonds NNS
and 
depressed JJ
prices NNS
moderately RB
below IN
late JJ
Monday NNP
's POS
levels NNS
.The DT
Dow NNP
Jones NNP
Industrial NNP
Average NNP
,
down RB
more JJR
than IN
60.25 CD
points NNS
early RB
in IN
the DT
day NN
,
finished VBD
18.65 CD
points NNS
lower JJR
at IN
2638.73 CD
.Long-term NNP
Treasury NNP
issues NNS
declined VBD
about IN
half PDT
a DT
point NN
,
or 
$ $
5 NN
for IN
each DT
$ $
1,000 CD
face NN
amount NN
.`` 
The DT
stock NN
market NN
clearly RB
is VBZ
leading VBG
the DT
bond NN
markets NNS
,
'' 
said VBD
Jack NNP
Conlon NNP
,
an DT
executive JJ
vice NN
president NN
at IN
Nikko NNP
Securities NNP
.`` 
People NNS
are VBP
breathing VBG
a DT
major JJ
sigh NN
of IN
relief NN
that IN
the DT
world NN
did VBD
n't RB
end VB
Monday NNP
morning NN
'' 
or 
yesterday NN
.Gold NNP
,
a DT
closely RB
watched VBN
barometer NN
of IN
investor NN
anxiety NN
,
was VBD
little RB
changed VBN
.The DT
dollar NN
initially RB
fell VBD
against IN
other JJ
major JJ
currencies NNS
on IN
news NN
that IN
the DT
U.S. NNP
trade NN
deficit NN
surged VBD
in IN
August NNP
to TO
$ $
10.77 CD
billion CD
.But 
the DT
dollar NN
later RB
rebounded VBD
,
finishing VBG
slightly RB
higher JJR
against IN
the DT
yen NN
although IN
slightly RB
lower JJR
against IN
the DT
mark NN
.Federal NNP
Reserve NNP
officials NNS
sent VBD
another DT
signal NN
of IN
their PRP$
determination NN
to TO
shore VB
up IN
investor NN
confidence NN
.In IN
an DT
apparent JJ
attempt NN
to TO
keep VB
a DT
lid NN
on IN
short-term JJ
interest NN
rates NNS
,
the DT
Fed NNP
once RB
again RB
pumped VBN
money NN
into IN
the DT
banking NN
system NN
.But 
the DT
Fed NNP
move NN
was VBD
a DT
small JJ
gesture NN
,
traders NNS
said VBD
.Fed JJ
officials NNS
appear VBP
reluctant JJ
to TO
ease VB
their PRP$
credit NN
grip NN
any DT
further JJ
because IN
a DT
bold JJ
move NN
does VBZ
n't RB
appear VB
necessary JJ
,
several JJ
investment NN
managers NNS
said VBD
.The DT
Fed NNP
has VBZ
allowed VBN
a DT
key JJ
short-term JJ
interest NN
rate NN
to TO
decline VB
about IN
one-quarter NN
percentage NN
point NN
.The DT
federal JJ
funds NNS
rate NN
on IN
overnight JJ
loans NNS
between IN
banks NNS
has VBZ
been VBN
hovering VBG
around IN
8 CD
3\/4 CD
% NN
,
down RB
from IN
9 CD
% NN
previously RB
.Although IN
stocks NNS
have VBP
led VBN
bonds NNS
this DT
week NN
,
some DT
traders NNS
predict VBP
that DT
relationship NN
will MD
reverse VB
during IN
the DT
next JJ
few JJ
weeks NNS
.Nikko NNP
's POS
Mr. NNP
Conlon NNP
fears VBZ
a DT
huge JJ
wave NN
of IN
Treasury NNP
borrowing NN
early JJ
next JJ
month NN
will MD
drive VB
down RB
Treasury NNP
bond NN
prices NNS
.That DT
,
coupled VBN
with IN
poor JJ
third-quarter JJ
corporate-earnings NNS
comparisons NNS
,
`` 
will MD
make VB
trouble NN
for IN
the DT
equity NN
market NN
for IN
the DT
next JJ
two CD
to TO
three CD
months NNS
,
'' 
he PRP
says VBZ
.But 
several JJ
other JJ
traders NNS
contend VBP
investors NNS
have VBP
overreacted VBN
to TO
junk-bond NN
jitters NNS
,
and 
that IN
stock NN
prices NNS
will MD
continue VB
to TO
recover VB
.`` 
They PRP
shot NN
the DT
whole JJ
orchestra NN
just RB
because IN
the DT
piano NN
player NN
hit VBD
a DT
bad JJ
note NN
,
'' 
said VBD
Laszlo NNP
Birinyi NNP
,
president NN
of IN
Birinyi NNP
Associates NNP
Inc. NNP
,
referring VBG
to TO
the DT
stock NN
market NN
's POS
plunge NN
Friday NNP
on IN
news NN
of IN
trouble NN
in IN
financing VBG
the DT
UAL NNP
Corp NNP
. .
buy-out NN
.In IN
major JJ
market NN
activity NN
:
Treasury NNP
bond NN
prices NNS
fell VBD
.The DT
yield NN
on IN
30-year NNP
Treasury NNP
bonds NNS
climbed VBD
back RB
above IN
8 CD
% NN
,
ending VBG
the DT
day NN
at IN
8.03 CD
% NN
.The DT
dollar NN
was VBD
mixed VBN
.Late JJ
yesterday NN
in IN
New NNP
York NNP
,
the DT
dollar NN
rose VBD
to TO
142.75 CD
yen NN
from IN
141.80 CD
yen NN
Monday NNP
,
but 
fell VBD
to TO
1.8667 CD
marks NNS
from IN
1.8685 CD
marks NNS
.The DT
Consumer NNP
News NNP
and CC
Business NNP
Channel NNP
cable NN
network NN
and 
U.S. NNP
News NNP
& CC
World NNP
Report NNP
have VBP
formed VBN
a DT
joint JJ
venture NN
to TO
produce VB
cable NN
program NN
versions NNS
of IN
special JJ
issues NNS
of IN
the DT
magazine NN
.The DT
programs NNS
will MD
run VB
on IN
the DT
cable NN
network NN
the DT
Sunday NNP
evening NN
immediately RB
prior RB
to TO
the DT
release NN
of IN
the DT
special JJ
issue NN
of IN
U.S. NNP
News NNP
& CC
World NNP
Report NNP
.CNBC NNP
is VBZ
a DT
joint JJ
venture NN
of IN
the DT
National NNP
Broadcasting NNP
Co. NNP
,
a DT
unit NN
of IN
General NNP
Electric NNP
Co. NNP
,
and 
Cablevision NNP
System NNP
Corp NNP
.Advertisers NNS
will MD
be VB
offered VBN
an DT
advertising NN
package NN
,
which WDT
for IN
a DT
single JJ
price NN
,
will MD
include VB
time NN
on IN
the DT
CNBC NNP
program NN
and 
ad NN
pages NNS
in IN
the DT
special JJ
guides NNS
.CNBC NNP
will MD
produce VB
six CD
, ,
one-hour JJ
programs NNS
,
beginning VBG
in IN
April NNP
1990 CD
.The DT
first JJ
program NN
scheduled VBN
in IN
the DT
joint JJ
venture NN
is VBZ
`` 
The 
1990 
Homeowner NNP
's POS
Guide NNP
.
'' Other JJ
programs NNS
and CC
special JJ
issues NNS
will MD
be VB
based VBN
on IN
themes NNS
of IN
health NN
,
jobs NNS
,
personal JJ
finance NN
,
the DT
best JJS
colleges NNS
,
and 
investments NNS
.The DT
programs NNS
will MD
be VB
written VBN
and CC
produced VBN
by IN
CNBC NNP
,
with IN
background NN
and CC
research NN
provided VBN
by IN
staff NN
from IN
U.S. NNP
News NNP
& CC
World NNP
Report NNP
.Skoal NNP
Daze NNPI PRP
've VBP
learned VBD
the DT
hard JJ
way NN
that IN
too RB
much JJ
booze NN
Takes VBZ
revenge NN
the DT
next JJ
day NN
about IN
nine CD
;
No DT
wonder NN
I PRP
say VBP
,
`` 
I PRP
drink VBP
to TO
your PRP$
health NN
'' 
--
It PRP
certainly RB
is VBZ
n't 
to TO
mine VB
!-- :
George NNP
O. NNP
Ludcke NNP
.Spaced NNP
Out INThose DT
supermarket NN
tabloids NNS
Make VBP
me PRP
feel VBP
slow JJ
Because IN
I PRP
still RB
have VBP
n't RB
seen VBN-- :
Bruce NNP
Kafaroff NNP
.Daffynition NNRepression NN
:
emote VB
control NN
.-- :
Daisy NNP
Brown NNP
.Weyerhaeuser NNP
Co. NNP
reported VBD
a DT
one-time JJ
gain NN
and 
strong JJ
wood-product NN
sales NNS
that WDT
offset VBP
weakness NN
in IN
pulp NN
and CC
paper NN
to TO
fuel VB
a DT
15 CD
% NN
jump NN
in IN
third-quarter JJ
net JJ
income NN
to TO
$ $
166.8 CD
million CD
,
or 
78 CD
cents NNS
a DT
share NN
.In IN
the DT
1988 CD
third JJ
quarter NN
,
the DT
forest-products NNS
company NN
reported VBD
profit NN
of IN
$ $
144.9 CD
million CD
,
or 
69 CD
cents NNS
a DT
share NN
.Sales NNS
rose VBD
9 CD
% NN
to TO
$ $
2.57 CD
billion CD
from IN
$ $
2.36 CD
billion CD
.For IN
the DT
nine CD
months NNS
,
the DT
company NN
posted VBD
a DT
14 CD
% NN
rise NN
in IN
profit NN
to TO
$ $
469.8 CD
million CD
,
or 
$ $
2.21 CD
a DT
share NN
,
from IN
$ $
410.3 CD
million CD
,
or 
$ $
1.95 CD
a DT
share NN
.Sales NNS
rose VBD
9 CD
% NN
to TO
$ $
7.54 CD
billion CD
from IN
$ $
6.95 CD
billion CD
.Results NNS
for IN
the DT
1989 CD
third JJ
quarter NN
and CC
nine CD
months NNS
include VBP
a DT
pretax JJ
loss NN
of IN
$ $
33 CD
million CD
from IN
the DT
company NN
's POS
business NN
improvement NN
and CC
refocusing NN
program NN
,
and 
a DT
gain NN
of IN
$ $
49 CD
million CD
on IN
the DT
sale NN
of IN
a DT
subsidiary NN
's POS
common JJ
stock NN
.Forest-products NNS
operations NNS
strengthened VBN
in IN
the DT
third JJ
quarter NN
,
while IN
paper NN
operations NNS
were VBD
dogged VBN
by IN
higher JJR
costs NNS
,
soft JJ
newsprint NN
exports NNS
and 
a DT
strong JJ
Japanese JJ
yen NN
.Some DT
competing VBG
forest-products NNS
firms NNS
have VBP
recently RB
reported VBN
improved VBN
results NNS
due JJ
to TO
strong JJ
pulp NN
and CC
paper NN
business NN
.Weyerhaeuser NNP
's POS
pulp NN
and CC
paper NN
operations NNS
were VBD
up IN
for IN
the DT
nine CD
months NNS
,
but 
full-year JJ
performance NN
depends VBZ
on IN
the DT
balance NN
of IN
operating VBG
and CC
maintenance NN
costs NNS
,
plus 
pricing NN
of IN
certain JJ
products NNS
,
the DT
company NN
said VBD
.Looking VBG
ahead RB
to TO
the DT
fourth JJ
quarter NN
,
the DT
company NN
said VBD
export NN
log NN
and CC
lumber NN
markets NNS
will MD
be VB
weak JJ
,
while IN
panel NN
and CC
plywood NN
markets NNS
will MD
be VB
stronger JJR
.Pulp NNP
and CC
paper NN
performance NN
depends VBZ
on IN
cost NN
and CC
price NN
variables NNS
,
the DT
company NN
said VBD
.Bankers NNP
Trust NNP
New NNP
York NNP
Corp. NNP
became VBD
the DT
latest JJS
major JJ
U.S. NNP
bank NN
to TO
increase VB
reserves NNS
for IN
its PRP$
loans NNS
to TO
less-developed JJ
countries NNS
,
making VBG
a DT
$ $
1.6 CD
billion CD
third-quarter JJ
addition NN
to TO
its PRP$
provision NN
.The DT
bank NN
also RB
said VBD
it PRP
expects VBZ
to TO
report VB
a DT
$ $
1.42 CD
billion CD
loss NN
for IN
the DT
third JJ
quarter NN
and 
a DT
loss NN
for IN
the DT
full JJ
year NN
.The DT
new JJ
reserves NNS
bring VBP
the DT
company NN
's POS
provision NN
for IN
loans NNS
to TO
Third NNP
World NNP
countries NNS
to TO
$ $
2.6 CD
billion CD
,
or 
85 CD
% NN
of IN
Bankers NNP
Trust NNP
's POS
medium NN
and CC
long-term JJ
loans NNS
to TO
these DT
countries NNS
.`` 
Step NN
up IN
to TO
the DT
plate NN
and 
take VB
the DT
big JJ
swing NN
.Get VB
the DT
problem NN
behind IN
you PRP
and 
do VBP
n't RB
look VB
back RB
,
'' 
said VBD
James NNP
J. NNP
McDermott NNP
,
analyst NN
at IN
Keefe NNP
, ,
Bruyette NNP
& CC
Woods NNP
,
in IN
approving VBG
of IN
the DT
move NN
.Bankers NNP
Trust NNP
`` 
has VBZ
had VBN
the DT
capacity NN
to TO
do VB
this DT
for IN
some DT
time NN
,
'' 
the DT
analyst NN
said VBD
.He PRP
expects VBZ
Citicorp NNP
to TO
take VB
a DT
similar JJ
step NN
this DT
year NN
.Citicorp NN
yesterday NN
reported VBD
a DT
9 CD
% NN
third-quarter JJ
earnings NNS
drop NN
,
which WDT
analysts NNS
called VBD
a DT
bit NN
disappointing JJ
,
while IN
Manufacturers NNP
Hanover NNP
Corp. NNP
posted VBD
a DT
$ $
789 CD
million CD
loss NN
for IN
the DT
quarter NN
after IN
adding VBG
$ $
950 CD
million CD
to TO
its PRP$
reserve NN
for IN
loans NNS
to TO
less-developed JJ
countries NNS
.Three CD
other JJ
major JJ
U.S. NNP
banks NNS
posted VBD
earnings NNS
increases NNS
.Wells NNP
Fargo NNP
& CC
Co. NNP
of IN
San NNP
Francisco NNP
posted VBD
a DT
17 CD
% NN
jump NN
.PNC NNP
Financial NNP
Corp. NNP
,
the DT
parent NN
of IN
Pittsburgh NNP
National NNP
Bank NNP
,
reported VBD
net JJ
income NN
climbed VBD
9.8 CD
% NN
,
while IN
net JJ
for IN
Banc NNP
One CD
Corp. NNP
of IN
Columbus NNP
,
Ohio NNP
,
grew VBD
3.8 CD
% NN
.Citicorp NNPAnalysts NNS
were VBD
only RB
slightly RB
disappointed VBN
by IN
Citicorp NNP
's POS
numbers NNS
.`` 
There EX
's VBZ
nothing NN
in IN
here RB
that DT
's VBZ
horrible NN
and 
nothing NN
to TO
make VB
you PRP
think VB
they PRP
're VBP
setting VBG
the DT
world NN
on IN
fire NN
,
'' 
said VBD
Carole NNP
Berger NNP
,
analyst NN
for IN
C.J. NNP
Lawrence NNP
, ,
Morgan NNP
Grenfell NNP
Inc NNP
.Earnings NNS
from IN
the DT
bank NN
's POS
global JJ
consumer NN
business NN
grew VBD
27 CD
% NN
.`` 
The DT
consumer NN
business NN
continues VBZ
to TO
drive VB
the DT
earnings NNS
stream NN
,
'' 
said VBD
Mr. NNP
McDermott NNP
of IN
Keefe NNP
, ,
Bruyette NNP
& CC
Woods NNP
.Corporate JJ
finance NN
and CC
trading NN
results NNS
in IN
member NN
countries NNS
of IN
the DT
Organization NNP
for IN
Economic NNP
Cooperation NNP
and CC
Development NNP
were VBD
`` 
relatively RB
flat JJ
,
sometimes RB
choppy JJ
,
'' 
the DT
bank NN
said VBD
,
and 
profit NN
for IN
the DT
area NN
sank VBD
27 CD
% NN
.The DT
cross-border JJ
loan NN
portfolio NN
reflected VBD
`` 
adjustment NN
problems NNS
and 
episodic JJ
payment NN
patterns NNS
,
'' 
the DT
bank NN
said VBD
no DT
interest NN
payments NNS
from IN
Argentina NNP
in IN
the DT
nine CD
months NNS
and 
none NN
from IN
Brazil NNP
in IN
the DT
third JJ
quarter NN
,
while IN
Venezuela NNP
brought VBD
itself PRP
`` 
substantially RB
current JJ
.
'' Overall RB
,
the DT
portfolio NN
narrowed VBD
its PRP$
quarterly JJ
loss NN
to TO
$ $
70 CD
million CD
from IN
$ $
80 CD
million CD
a DT
year NN
earlier RBR
.`` 
People NNS
were VBD
waiting VBG
to TO
see VB
if IN
we PRP
would MD
take VB
an DT
additional JJ
provision NN
'' 
for IN
medium-term JJ
and CC
long-term JJ
loans NNS
to TO
less-developed JJ
countries NNS
,
a DT
Citicorp NNP
spokesman NN
said VBD
.But 
he PRP
reiterated VBD
the DT
bank NN
's POS
position NN
that IN
it PRP
is VBZ
comfortable JJ
with IN
the DT
current JJ
level NN
of IN
$ $
2.6 CD
billion CD
,
covering VBG
about IN
30 CD
% NN
of IN
the DT
$ $
8.9 CD
billion CD
of IN
such JJ
loans NNS
outstanding JJ
.Ronald NNP
I. NNP
Mandle NNP
,
analyst NN
at IN
Sanford NNP
C. NNP
Bernstein NNP
& CC
Co. NNP
,
called VBN
Citicorp NNP
's POS
venture-capital JJ
gains NNS
of IN
$ $
93 CD
million CD
before IN
taxes NNS
`` 
strong JJ
.
'' A DT
`` ``
concerning VBG
'' ''
item NN
the DT
analyst NN
cited VBD
was VBD
the DT
10 CD
% NN
jump NN
in IN
expenses NNS
,
which WDT
the DT
bank NN
attributes NNS
to TO
costs NNS
of IN
expanding VBG
both 
its PRP$
consumer NN
credit-card NN
operations NNS
and 
its PRP$
overseas JJ
branch NN
business NN
.Citicorp NNP
's POS
spokesman NN
said VBD
,
however RB
,
that IN
the DT
bank NN
is VBZ
maintaining VBG
those DT
expenses NNS
in IN
proportion NN
to TO
revenue NN
growth NN
.Wells NNP
Fargo NNPWells NNP
Fargo NNP
continued VBD
to TO
generate VB
one CD
of IN
the DT
highest JJS
profit NN
margins NNS
among IN
major JJ
banks NNS
,
minimizing VBG
a DT
drop NN
in IN
net JJ
interest NN
margin NN
with IN
13 CD
% NN
third-quarter JJ
growth NN
in IN
high-yielding JJ
business NN
loans NNS
and 
similar JJ
growth NN
in IN
mortgages NNS
.Its PRP$
margin NN
fell VBD
only RB
seven CD
basis NN
points NNS
,
or 
7\/100ths CD
of IN
a DT
percentage NN
point NN
,
from IN
a DT
year NN
ago RB
,
compared VBN
with IN
a DT
13-point JJ
drop NN
at IN
Security NNP
Pacific NNP
Corp. NNP
and 
much RB
larger JJR
declines NNS
among IN
banks NNS
in IN
other JJ
parts NNS
of IN
the DT
country NN
.As IN
a DT
result NN
,
Wells NNP
Fargo NNP
's POS
net JJ
interest NN
income NN
rose VBD
$ $
36.3 CD
million CD
,
or 
7 CD
% NN
,
to TO
$ $
537 CD
million CD
for IN
the DT
quarter NN
.Non-interest JJ
income NN
fell VBD
slightly RB
to TO
$ $
191.9 CD
million CD
from IN
$ $
193.3 CD
million CD
,
while IN
Wells NNP
Fargo NNP
continued VBD
to TO
rigorously RB
control VBP
non-interest JJ
expense NN
,
which WDT
was VBD
almost RB
flat JJ
at IN
$ $
393.4 CD
million CD
.The DT
combination NN
of IN
solid JJ
loan NN
growth NN
with IN
tight JJ
expense NN
control NN
gave VBD
Wells NNP
Fargo NNP
a DT
1.25 CD
% NN
return NN
on IN
average JJ
assets NNS
for IN
the DT
quarter NN
,
about IN
40 CD
% NN
higher JJR
than IN
Security NNP
Pacific NNP
's POS
and 
a DT
profit NN
ratio NN
matched VBN
by IN
only RB
two CD
or CC
three CD
other JJ
major JJ
banks NNS
in IN
the DT
U.S. NNP
.Wells NNP
Fargo NNP
's POS
return NN
on IN
equity NN
increased VBN
to TO
24.4 CD
% NN
from IN
23.8 CD
% NN
.Wells NNP
Fargo NNP
has VBZ
sold VBN
all DT
of IN
its PRP$
non-trade JJ
loans NNS
made VBN
to TO
less-developed JJ
countries NNS
,
and 
managed VBD
to TO
partly RB
reverse VB
the DT
sharp JJ
rise NN
in IN
domestic JJ
non-accrual JJ
loans NNS
,
which WDT
fell VBD
8 CD
% NN
from IN
the DT
previous JJ
quarter NN
to TO
$ $
806.8 CD
million CD
from IN
$ $
880.9 CD
million CD
.But 
the DT
amount NN
was VBD
still 
39 CD
% NN
higher JJR
than IN
the DT
year-ago JJ
level NN
,
and 
25 CD
% NN
higher JJR
as IN
a DT
percentage NN
of IN
total JJ
loans NNS
.That DT
trend NN
,
and 
Wells NNP
Fargo NNP
's POS
heavy JJ
exposure NN
to TO
leveraged JJ
buy-outs NNS
,
are VBP
about IN
the DT
only RB
worries VBZ
analysts NNS
have VBP
about IN
Wells NNP
Fargo NNP
's POS
financial JJ
picture NN
.Wells NNP
Fargo NNP
is VBZ
rebuilding VBG
its PRP$
loan-loss NN
reserve NN
,
which WDT
increased VBD
to TO
$ $
711 CD
million CD
at IN
Sept. NNP
30 CD
from IN
$ $
664 CD
million CD
the DT
previous JJ
quarter NN
but 
was VBD
down RB
from IN
$ $
852 CD
million CD
a DT
year NN
ago RB
,
when WRB
the DT
bank NN
still RB
had VBD
some DT
shaky JJ
foreign JJ
loans NNS
.Manufacturers NNP
Hanover NNPManufacturers NNP
Hanover NNP
said VBD
that IN
excluding VBG
the DT
addition NN
to TO
its PRP$
reserves NNS
,
certain JJ
tax NN
benefits NNS
,
and 
a DT
one-time JJ
$ $
16 CD
million CD
gain NN
on IN
the DT
sale NN
of IN
an DT
interest NN
in IN
a DT
foreign JJ
leasing NN
company NN
,
third-quarter JJ
earnings NNS
were VBD
$ $
75 CD
million CD
.The DT
comparable JJ
year-earlier JJ
number NN
was VBD
$ $
56 CD
million CD
,
a DT
spokesman NN
said VBD
.The DT
bank NN
's POS
additional JJ
provisions NNS
brought VBD
reserves NNS
for IN
loans NNS
to TO
less-developed JJ
countries NNS
to TO
$ $
2.4 CD
billion CD
,
covering VBG
36 CD
% NN
of IN
its PRP$
medium NN
and CC
long-term JJ
loans NNS
outstanding JJ
to TO
these DT
nations NNS
.The DT
net JJ
interest NN
margin NN
-
the DT
difference NN
between IN
the DT
bank NN
's POS
cost NN
of IN
funds NNS
and 
what WP
it PRP
receives VBZ
as IN
interest NN
payments NNS
--
improved VBN
in IN
the DT
quarter NN
,
as IN
did V
certain JJ
areas NNS
of IN
wholesale JJ
banking NN
.Fees NNS
from IN
syndicating VBG
loans NNS
dropped VBD
48 CD
% NN
,
to TO
$ $
21 CD
million CD
.`` 
We PRP
did VBD
n't RB
take VB
part NN
in IN
a DT
lot NN
of IN
deals NNS
'' 
in IN
the DT
quarter NN
`` 
because IN
their PRP$
credit NN
quality NN
was VBD
poor JJ
,
'' 
the DT
spokesman NN
said VBD
.Expenses NNS
unrelated JJ
to TO
interest VB
rose VBD
5.4 CD
% NN
,
to TO
$ $
541 CD
million CD
.PNC NNP
Financial NNPPNC NNP
Financial NNP
cited VBD
higher JJR
income NN
from IN
sources NNS
unrelated JJ
to TO
interest VB
and 
said VBD
it PRP
continues VBZ
to TO
cut VB
costs NNS
.Net JJ
interest NN
income NN
in IN
the DT
third JJ
quarter NN
edged VBD
up IN
1.4 CD
% NN
,
to TO
$ $
317.7 CD
million CD
.Trust NN
income NN
grew VBD
15 CD
% NN
,
to TO
$ $
49.9 CD
million CD
,
while IN
service NN
charges NNS
,
fees NNS
and 
commissions NNS
increased VBN
22 CD
% NN
,
to TO
$ $
79.4 CD
million CD
.The DT
bank NN
's POS
total JJ
allowance NN
for IN
credit NN
losses NNS
was VBD
$ $
502.1 CD
million CD
,
or 
1.82 CD
% NN
of IN
total JJ
loans NNS
.Prime NNP
Minister NNP
Rajiv NNP
Gandhi NNP
set VBD
a DT
date NN
next JJ
month NN
for IN
general JJ
elections NNS
that IN
some DT
analysts NNS
say VBP
could MD
cost VB
him PRP
and 
his PR
ruling 
Congress N
-LRB-
I PRP
-RRB-
Party NNP
control NN
of IN
the DT
government NN
.Other JJ
analysts NNS
say VBP
the DT
Indian NNP
leader NN
could MD
retain VB
control NN
with IN
a DT
slim JJ
majority NN
or 
be VB
forced VBN
to TO
rule VB
as IN
the DT
dominant JJ
partner NN
in IN
a DT
coalition NN
with IN
other JJ
parties NNS
.Elections NNS
in IN
this DT
large JJ
, ,
diverse JJ
and CC
passionate JJ
nation NN
are VBP
always RB
hard JJ
to TO
predict VB
.Much RB
depends VBZ
on IN
the DT
opposition NN
,
a DT
loose JJ
group NN
of IN
regional JJ
and CC
ideological JJ
parties NNS
led VBN
by IN
former JJ
Gandhi NNP
cabinet NN
minister NNP
Vishwanath NNP
Pratap NNP
Singh NNP
.The DT
biggest JJS
certainty NN
is VBZ
that IN
the DT
elections NNS
will MD
be VB
a DT
vote NN
for IN
or CC
against IN
Mr. NNP
Gandhi NNP
and 
his PRP$
five CD
years NNS
in IN
power NN
--
five CD
years NNS
of IN
ups NNS
and 
downs NNS
,
promises VBZ
and 
disappointments NNS
and 
wide JJ
fluctuations NNS
in IN
popularity NN
.Yesterday NN
,
four CD
days NNS
after IN
an DT
unusual JJ
parliamentary JJ
defeat NN
for IN
the DT
ruling NN
party NN
,
Mr. NNP
Gandhi NNP
called VBD
elections NNS
for IN
the DT
lower JJR
house NN
of IN
Parliament NNP
on IN
Nov. NNP
22 CD
and CC
24 CD
.The DT
elections NNS
will MD
be VB
held VBN
in IN
different JJ
states NNS
on IN
one CD
of IN
the DT
two CD
days NNS
.-LRB-
The DT
lower JJR
house NN
's POS
five-year JJ
term NN
expires VBZ
in IN
January NNP
;
the DT
Parliament NNP
's POS
upper JJ
house NN
is VBZ
appointed VBN
.
-RRB-The DT
elections NNS
will MD
be VB
a DT
rigorous JJ
test NN
for IN
the DT
45-year-old JJ
prime JJ
minister NN
and 
Congress NNP
-LRB- (
I PRP
-RRB-
,
which WDT
in IN
various JJ
forms NNS
has VBZ
ruled VBN
for IN
40 
of 
India NNP
's POS
42 CD
years NNS
of IN
independence NN
.After IN
a DT
landslide NN
win NN
in IN
1984 CD
in IN
polls NNS
held VBN
after IN
the DT
assassination NN
of IN
his PRP$
mother NN
,
Indira NNP
Gandhi NNP
,
Mr. NNP
Gandhi NNP
saw VBD
his PRP$
popularity NN
begin VB
a DT
roller NN
coaster NN
ride NN
.His PRP$
early JJ
promises NNS
to TO
make VB
India NNP
a DT
modern JJ
nation NN
remain VB
bogged VBD
down RB
in IN
bloated JJ
bureaucracy NN
.His PRP$
pledge NN
to TO
clean VB
up IN
local JJ
administration NN
and 
Indian NNP
politics NNS
,
including VBG
his PRP$
own JJ
party NN
,
went VBD
unfulfilled JJ
.His PRP$
`` ``
Mr. NNP
Clean NNP
'' ''
image NN
was VBD
muddied VBN
by IN
an DT
arms-kickback NN
scandal NN
,
which WDT
will MD
be VB
a DT
major JJ
campaign NN
issue NN
.Some DT
analysts NNS
predict VBP
that DT
disappointment NN
in IN
Mr. NNP
Gandhi NNP
's POS
spent VBD
pledge NN
to TO
reduce VB
corruption NN
and 
heavy-handed JJ
local JJ
government NN
will MD
crest VB
at IN
the DT
polls NNS
.`` 
There EX
's VBZ
a DT
wide JJ
feeling NN
of IN
indignation NN
across IN
the DT
country NN
,
'' 
says VBZ
Bhabani NNP
Sen NNP
Gupta NNP
of IN
the DT
Center NNP
for IN
Policy NNP
Research NNP
,
in IN
New NNP
Delhi NNP
.`` 
I PRP
think VBP
the DT
people NNS
will MD
be VB
judging VBG
the DT
regime NN
by IN
a DT
petty JJ
policeman NN
,
by IN
a DT
corrupt JJ
revenue NN
collector NN
.This DT
could MD
be VB
a DT
big JJ
protest NN
against IN
an DT
administrative JJ
failure NN
.
'' Even RB
if IN
the DT
Congress NNP
-LRB-
I PRP
-RRB-
retains VBZ
control NN
of IN
the DT
government NN
,
Mr. NNP
Gandhi NNP
's POS
ability NN
to TO
push VB
through IN
major JJ
initiatives NNS
might MD
be VB
hobbled VBN
by IN
a DT
thinner JJR
majority NN
.Economic JJ
analysts NNS
call VBP
his PRP$
trail-blazing JJ
liberalization NN
of IN
the DT
Indian NNP
economy NN
incomplete JJ
,
and 
many JJ
are VBP
hoping VBG
for IN
major JJ
new JJ
liberalizations NNS
if IN
he PRP
is VBZ
returned VBN
firmly RB
to TO
power VB
.The DT
Lok NNP
Sabha NNP
,
or 
lower JJR
house NN
of IN
Parliament NNP
,
has VBZ
542 CD
elected VBN
and 
two CD
appointed VBN
seats NNS
.In IN
1984 CD
,
the DT
Congress NNP
-LRB-
I PRP
-RRB-
captured VBN
405 CD
seats NNS
,
the DT
largest JJS
victory NN
in IN
the DT
history NN
of IN
Indian NNP
democracy NN
.The DT
landslide NN
was VBD
fueled VBN
by IN
panic NN
that WDT
prevailed VBD
in IN
India NNP
at IN
the DT
time NN
.Mrs. NNP
Gandhi NNP
had VBD
been VBN
assassinated VBN
by IN
separatist JJ
Sikhs NNPS
,
and 
many JJ
Indians NNPS
feared VBD
their PRP$
country NN
might MD
split VB
apart RB
.In IN
the DT
previous JJ
three CD
general JJ
elections NNS
,
similar JJ
national JJ
issues NNS
clinched VBD
the DT
vote NN
.In IN
1971 CD
,
the DT
Congress NNP
Party NNP
won VBD
after IN
India NNP
's POS
victory NN
in IN
the DT
Bangladesh NNP
war NN
.In IN
1977 CD
,
Mrs. NNP
Gandhi NNP
was VBD
thrown VBN
out IN
of IN
office NN
after IN
her PRP$
19-month JJ
emergency NN
rule NN
,
and 
in IN
1980 CD
,
after IN
her PRP$
successors NNS
made VBD
a DT
mess NN
of IN
their PRP$
three CD
years NNS
in IN
power NN
,
she PRP
was VBD
restored VBN
to TO
office NN
.Most JJS
political JJ
analysts NNS
say VBP
that IN
if IN
Mr. NNP
Gandhi NNP
's POS
opposition NN
unites VBZ
to TO
field VB
single JJ
candidates NNS
in IN
most RBS
precincts NNS
,
the DT
Congress NNP
-LRB-
I PRP
-RRB-
will MD
lose VB
big JJ
.But 
if IN
the DT
opposition NN
remains VBZ
fractured VBN
,
the DT
Congress NNP
-LRB-
I PRP
-RRB-
could MD
win VB
a DT
small JJ
majority NN
,
or 
lead VB
a DT
coalition NN
government NN
.Chimanbhai NNP
Mehta NNP
,
a DT
parliamentarian NN
and CC
former JJ
Gandhi NNP
ally NN
,
predicts VBZ
Congress NNP
-LRB-
I PRP
-RRB-
will MD
win VB
only RB
150 CD
seats NNS
,
a DT
quarter NN
of IN
the DT
house NN
,
if IN
the DT
opposition NN
fields VBZ
single JJ
candidates NNS
in IN
80 CD
% NN
of IN
the DT
races NNS
.Analysts NNS
say VBP
the DT
opposition NN
will MD
struggle VB
this DT
week NN
to TO
unite VB
,
and 
its PRP$
success NN
will MD
be VB
clear JJ
only RB
when WRB
it PRP
announces VBZ
its PRP$
final JJ
list NN
of IN
parliamentary JJ
candidates NNS
.The DT
arms-kickback NN
scandal NN
is VBZ
likely JJ
to TO
be VB
one CD
of IN
the DT
big JJ
talking NN
points NNS
in IN
the DT
campaign NN
,
but 
it PRP
's VBZ
unclear JJ
how WRB
it PRP
is VBZ
viewed VBN
by IN
average JJ
Indian NNP
voters NNS
.In IN
1986 CD
,
India NNP
signed VBD
a DT
$ $
1.4 CD
billion CD
contract NN
with IN
AB NNP
Bofors NNP
,
a DT
unit NN
of IN
Nobel NNP
Industries NNP
Sweden NNP
AB NNP
,
to TO
purchase VB
400 CD
artillery NN
pieces NNS
.The DT
contract NN
was VBD
negotiated VBN
by IN
the DT
countries NNS
' POS
two CD
prime JJ
ministers NNS
,
and 
was VBD
supposed VBN
to TO
be VB
free JJ
of IN
commissions NNS
or 
agents NNS
' POS
costs NNS
.In IN
April NNP
1987 CD
,
evidence NN
surfaced VBD
that IN
commissions NNS
were VBD
paid VBN
.The DT
opposition NN
charged VBN
that IN
the DT
money NN
was VBD
used VBN
to TO
bribe VB
Indian NNP
government NN
officials NNS
,
an DT
allegation NN
denied VBN
by IN
Mr. NNP
Gandhi NNP
's POS
administration NN
.But 
many NN
of IN
his PRP$
statements NNS
on IN
the DT
issue NN
in IN
Parliament NNP
subsequently RB
were VBD
proven VBN
wrong JJ
by IN
documentary NN
evidence NN
.The DT
scandal NN
has VBZ
faded VBN
and CC
flared VBN
,
but 
recent JJ
disclosures NNS
propelled VBN
it PRP
back RB
onto IN
the DT
front NN
pages NNS
,
and 
that DT
has VBZ
helped VBN
galvanize VB
the DT
opposition NN
,
which WDT
last JJ
week NN
blocked VBD
passage NN
of IN
two CD
constitutional JJ
amendment NN
bills NNS
.It PRP
was VBD
the DT
first JJ
time NN
in IN
20 CD
years NNS
that IN
such JJ
government NN
bills NNS
were VBD
defeated VBN
.In IN
a DT
country NN
where WRB
a DT
bribe NN
is VBZ
needed VBN
to TO
get VB
a DT
phone NN
,
a DT
job NN
,
and 
even RB
into IN
a DT
school NN
,
the DT
name NN
Bofors NNP
has VBZ
become VBN
a DT
potent JJ
rallying NN
cry NN
against IN
the DT
government NN
.That DT
illustrates VBZ
the DT
kind NN
of IN
disappointment NN
many JJ
Indians NNPS
feel VBP
toward IN
Mr. NNP
Gandhi NNP
,
whom WP
they PRP
zestfully RB
elected VBD
and 
enthusiastically RB
supported VBN
in IN
his PRP$
first JJ
two CD
years NNS
in IN
power NN
.His PRP$
term NN
has VBZ
produced VBN
no DT
spectacular JJ
failures NNS
in IN
politics NNS
,
in IN
the DT
economy NN
or CC
on IN
the DT
military JJ
front NN
,
and 
has VBZ
chalked VBN
up IN
some DT
successes NNS
.But 
the DT
average JJ
Indian NNP
had VBD
tremendous JJ
hope NN
in IN
the DT
youthful JJ
leader NN
and 
his PRP$
promise NN
to TO
make VB
both DT
government NN
and 
the DT
ruling NN
party NN
more RBR
effective JJ
and 
less RBR
corrupt JJ
.His PRP$
failures NNS
in IN
those DT
two CD
areas NNS
deeply RB
,
and 
sometimes RB
bitterly RB
, ,
disappointed VBN
many JJ
Indians NNPS
.`` 
We PRP
do VBP
n't RB
like IN
the DT
Congress NNP
-LRB-
I PRP
-RRB-
,
'' 
says VBZ
Sooraji NNP
Jath NNP
,
a DT
farmer NN
in IN
the DT
western JJ
state NN
of IN
Gujarat NN
.`` 
The DT
Congress NNP
government NN
is VBZ
taking VBG
the DT
farmers NNS
' POS
bread NN
and 
not 
giving VBG
us PRP
any DT
support NN
.When WRB
there EX
are VBP
well JJ
problems NNS
,
light NN
problems NNS
,
road NN
problems NNS
,
the DT
government NN
tells VBZ
us PRP
to TO
forget VB
it PRP
.
'' The DT
greatest JJS
thing NN
going VBG
for IN
Mr. NNP
Gandhi NNP
and 
the 
Congress N
-LRB-
I PRP
-RRB-
Party NNP
is VBZ
the DT
poor JJ
reputation NN
of IN
the DT
opposition NN
.Even RB
if IN
it PRP
unites VBZ
for IN
the DT
elections NNS
,
its PRP$
coherence NN
is VBZ
likely JJ
to TO
be VB
temporary JJ
.When WRB
the DT
Congress NNP
-LRB-
I PRP
-RRB-
lost VBD
the DT
1977 CD
election NN
,
following VBG
Mrs. NNP
Gandhi NNP
's POS
hated VBD
emergency NN
rule NN
,
a DT
similar JJ
coalition NN
took VBD
power NN
and 
then RB
disintegrated VBD
.Many JJ
Indians NNPS
fear NN
a DT
repeat NN
of IN
that DT
experience NN
.March NNP
24 CD
, ,
1986 CD
:AB NNP
Bofors NNP
,
a DT
unit NN
of IN
Nobel NNP
Industries NNP
Sweden NNP
AB NNP
,
enters VBZ
into IN
a DT
$ $
1.4 CD
billion CD
contract NN
with IN
India NNP
's POS
Defense NNP
Ministry NNP
to TO
supply VB
400 CD
Bofors NNP
FH-77B NNP
155-mm JJ
field NN
howitzer NN
guns NNS
.In IN
1985 CD
,
Prime NNP
Minister NNP
Rajiv NNP
Gandhi NNP
,
in IN
his PRP$
talks NNS
with IN
then RB
Swedish NNP
Prime NNP
Minister NNP
Olof NNP
Palme NNP
,
imposed VBD
the DT
condition NN
that IN
the DT
contract NN
have VBP
no DT
middlemen NNS
.April NNP
16 CD
, ,
1987 CD
:Swedish NNP
National NNP
Radio NNP
reports NNS
that IN
about RB
$ $
40 CD
million CD
--
nearly RB
3 CD
% NN
of IN
the DT
total JJ
contract NN
--
was VBD
paid VBN
by IN
Bofors NNP
as IN
commissions NNS
to TO
middlemen NNS
.June NNP
1 CD
, ,
1987 CD
:Sweden NNP
's POS
National NNP
Audit NNP
Bureau NNP
releases NNS
its PRP$
report NN
confirming VBG
payment NN
of IN
about RB
$ $
40 CD
million CD
to TO
unidentified JJ
Indians NNPS
.The DT
report NN
says VBZ
that IN
investigations NNS
were VBD
severely RB
hampered VBN
by IN
lack NN
of IN
cooperation NN
from IN
Bofors NNP
.Bofors NNP
says VBZ
it PRP
ca MD
n't RB
disclose VB
the DT
names NNS
of IN
the DT
middlemen NNS
because IN
it PRP
would MD
jeopardize VB
industrial JJ
confidentiality NN
.A DT
portion NN
of IN
the DT
report NN
containing VBG
names NNS
of IN
the DT
middlemen NNS
is VBZ
withheld VBN
by IN
officials NNS
citing VBG
bank NN
secrecy NN
requirements NNS
.Aug. NNP
6 CD
, ,
1987 CD
:Prime NNP
Minister NNP
Gandhi NNP
tells VBZ
the DT
Indian NNP
Parliament NNP
,
`` 
...
neither 
I PRP
nor 
any DT
member NN
of IN
my PRP$
family NN
has VBZ
received VBN
any DT
consideration NN
in IN
these DT
transactions NNS
.That DT
is VBZ
the DT
truth NN
.
'' Aug. NNP
26 CD
, ,
1987 CD
:Bofors NNP
admits VBZ
payments NNS
of IN
$ $
41 CD
million CD
to TO
middlemen NNS
.April NNP
22 CD
, ,
1988 CD
:The DT
Hindu NNP
newspaper NN
publishes VBZ
facsimiles NNS
of IN
bank NN
documents NNS
for IN
foreign-exchange JJ
remittances NNS
and 
letters NNS
between IN
Bofors NNP
and 
certain JJ
private JJ
companies NNS
related VBN
to TO
the DT
sale NN
of IN
the DT
guns NNS
to TO
India NNP
.April NNP
26 CD
, ,
1988 CD
:A DT
parliamentary JJ
investigative JJ
committee NN
dominated VBN
by IN
the 
Congress N
-LRB-
I PRP
-RRB-
Party NNP
concludes VBZ
that IN
there EX
were VBD
no DT
middlemen NNS
in IN
the DT
deal NN
and 
no DT
payment NN
to TO
any DT
Indian NNP
individual NN
or CC
company NN
.July NNP
18 CD
, ,
1989 CD
:The DT
comptroller NN
and CC
auditor-general NN
of IN
India NNP
reports VBZ
serious JJ
lapses NNS
in IN
the DT
government NN
's POS
technical JJ
and CC
financial JJ
evaluation NN
of IN
the DT
Bofors NNP
deal NN
.Sept. NNP
15 CD
, ,
1989 CD
:Retired 
army 
Chief N
of IN
Staff NNP
Krishnaswami NNP
Sundarji NNP
discloses VBZ
in IN
an DT
interview NN
that IN
he PRP
suggested VBD
in IN
May NNP
1987 CD
that IN
the DT
government NN
cancel NN
the DT
Bofors NNP
contract NN
.According VBG
to TO
Gen. NNP
Sundarji NNP
,
that WDT
would MD
have VB
forced VBN
Bofors NNP
to TO
disclose VB
the DT
names NNS
of IN
the DT
middlemen NNS
who WP
received VBD
kickbacks NNS
from IN
the DT
company NN
.His PRP$
recommendation NN
was VBD
rejected VBN
by IN
the DT
government NN
.Oct. NNP
9. CD
1989 CD
:The DT
Hindu NNP
newspaper NN
publishes VBZ
the DT
withheld VBN
portion NN
of IN
the DT
Swedish NNP
National NNP
Audit NNP
Bureau NNP
's POS
report NN
.The DT
disclosures NNS
state VBP
that IN
commissions NNS
were VBD
paid VBN
by IN
Bofors NNP
to TO
an DT
Indian NNP
agent NN
of IN
the DT
arms NNS
company NN
.Parsow NNP
Partnership NNP
Ltd. NNP
and 
Elkhorn NNP
Partners NNP
L.P. NNP
said VBD
they PRP
may MD
seek VB
proposals NNS
from IN
third JJ
parties NNS
relating VBG
to TO
a DT
sale NN
or CC
restructuring NN
of IN
CACI NNP
International NNP
Inc NNP
.In IN
a DT
filing NN
with IN
the DT
Securities NNP
and CC
Exchange NNP
Commission NNP
,
Parsow NNP
and CC
Elkhorn NNP
,
which WDT
together RB
hold VB
8.685 CD
% NN
of IN
CACI NNP
's POS
common JJ
shares NNS
,
said VBD
they PRP
think VBP
it PRP
is VBZ
in IN
the DT
best JJS
interest NN
of IN
CACI NNP
stockholders NNS
that IN
the DT
company NN
be VB
sold VBN
.CACI NNP
,
based VBN
in IN
Arlington NNP
,
Va. NNP
,
said VBD
it PRP
had VBD
n't RB
seen VBN
the DT
filing NN
by IN
Parsow NNP
and CC
Elkhorn NNP
and 
therefore RB
had VBD
no DT
comment NN
.The DT
partnerships NNS
said VBD
they PRP
may MD
seek VB
board NN
representation NN
,
and 
they PRP
may MD
seek VB
the DT
support NN
of IN
CACI NNP
's POS
board NN
and 
other JJ
major JJ
shareholders NNS
in IN
connection NN
with IN
their PRP$
plans NNS
.According VBG
to TO
the DT
filing NN
,
Parsow NNP
and CC
Elkhorn NNP
are VBP
based VBN
in IN
Elkhorn NNP
,
Neb. NNP
,
and 
are VBP
controlled VBN
by IN
the DT
same JJ
general JJ
partner NN
,
Alan NNP
S. NNP
Parsow NNP
.Their PRP$
combined VBN
stake NN
consists VBZ
of IN
880,500 CD
CACI NNP
common JJ
shares NNS
,
including VBG
86,500 CD
shares NNS
bought VBD
in IN
the DT
past JJ
60 CD
days NNS
at IN
$ $
2.3125 CD
to TO
$ $
2.4375 CD
a DT
share NN
.Additional JJ
shares NNS
may MD
be VB
bought VBN
or CC
sold VBN
in IN
the DT
open JJ
market NN
,
in IN
private JJ
transactions NNS
or 
otherwise RB
,
depending VBG
on IN
market NN
conditions NNS
and 
other JJ
factors NNS
.The DT
inverse JJ
trading NN
relationship NN
between IN
bonds NNS
and CC
stocks NNS
was VBD
interrupted VBN
yesterday NN
as IN
bonds NNS
fell VBD
despite IN
a DT
modest JJ
decline NN
in IN
stock NN
prices NNS
.But 
bond NN
investors NNS
continue VBP
to TO
keep VB
a DT
close NN
watch NN
on IN
the DT
jittery JJ
stock NN
market NN
.In IN
early JJ
trading NN
,
investors NNS
were VBD
bidding NN
bond NN
prices NNS
higher JJR
as IN
stocks NNS
tumbled VBD
and 
fears NNS
mounted VBN
that IN
Friday NNP
's POS
stock NN
market NN
debacle NN
would MD
be VB
repeated VBN
.But 
a DT
partial JJ
recovery NN
in IN
the DT
Dow NNP
Jones NNP
Industrial NNP
Average NNP
,
which WDT
had VBD
been VBN
down RB
more JJR
than IN
60 CD
points NNS
in IN
midmorning NN
,
dashed VBD
those DT
expectations NNS
.Treasury NN
bonds NNS
also RB
were VBD
hurt VBN
late RB
in IN
the DT
day NN
by IN
a DT
$ $
4 CD
billion CD
offering NN
by IN
the DT
Tennessee NNP
Valley NNP
Authority NNP
and 
the DT
prospect NN
of IN
a DT
huge JJ
amount NN
of IN
new JJ
agency NN
debt NN
.`` 
Bond NNP
investors NNS
were VBD
hoping VBG
that IN
stock NN
prices NNS
would MD
continue VB
to TO
fall VB
,
'' 
said VBD
Roger NNP
Early NNP
,
a DT
vice NN
president NN
at IN
Federated NNP
Investors NNP
Inc. NNP
,
Pittsburgh NNP
.`` 
When WRB
stocks NNS
stabilized VBN
,
that WDT
was VBD
a DT
disappointment NN
.
'' Meanwhile RB
,
for IN
the DT
second JJ
straight JJ
day NN
,
the DT
bond NN
market NN
paid VBD
little JJ
attention NN
to TO
the DT
Federal NNP
Reserve NNP
's POS
open JJ
market NN
operations NNS
.Fed JJ
officials NNS
injected VBN
more JJR
cash NN
into IN
the DT
banking NN
system NN
by IN
arranging VBG
$ $
1.5 CD
billion CD
of IN
repurchase NN
agreements NNS
during IN
the DT
usual JJ
pre-noon NN
intervention NN
period NN
.The DT
move NN
was VBD
meant VBN
to TO
keep VB
a DT
lid NN
on IN
interest NN
rates NNS
and 
to TO
boost VB
investor NN
confidence NN
.`` 
The DT
intervention NN
has VBZ
been VBN
friendly JJ
,
meaning NN
that IN
they PRP
really RB
did VBD
n't RB
have VB
to TO
do VB
it PRP
,
'' 
said VBD
Maria NNP
Fiorini NNP
Ramirez NNP
,
money-market JJ
economist NN
at IN
Drexel NNP
Burnham NNP
Lambert NNP
Inc NNP
.She PRP
said VBD
a DT
more RBR
aggressive JJ
move NN
was VBD
n't RB
needed VBN
.The DT
Fed NNP
also RB
appears VBZ
reluctant JJ
to TO
ease VB
credit NN
conditions NNS
further JJ
.It PRP
already RB
has VBZ
allowed VBN
the DT
closely RB
watched VBN
federal JJ
funds NNS
rate NN
to TO
decline VB
1\/4 CD
percentage NN
point NN
to TO
about IN
8 CD
3\/4 CD
% NN
from IN
its PRP$
previous JJ
target NN
level NN
of IN
about IN
9 CD
% NN
.The DT
rate NN
,
which WDT
banks NNS
charge VBP
each DT
other NN
on IN
overnight JJ
loans NNS
,
is VBZ
considered VBN
an DT
early JJ
signal NN
of IN
changes NNS
in IN
Fed NNP
policy NN
.It PRP
ended VBD
at IN
about IN
8 CD
11\/16 CD
% NN
yesterday NN
,
but 
was VBD
as RB
low JJ
as IN
8 CD
1\/2 CD
% NN
Monday NNP
.The DT
Treasury NNP
's POS
benchmark NN
30-year JJ
bond NN
fell VBD
more JJR
than IN
1\/2 CD
point NN
,
or 
over IN
$ $
5 NN
for IN
each DT
$ $
1,000 CD
face NN
amount NN
,
while IN
the DT
yield NN
moved VBD
above IN
8 CD
% NN
for IN
the DT
first JJ
time NN
since IN
Thursday NNP
.Investment-grade JJ
corporate JJ
, ,
municipal JJ
and CC
mortgage-backed JJ
securities NNS
also RB
fell VBD
.But 
most RBS
junk NN
bonds NNS
closed VBD
unchanged JJ
after IN
opening NN
slightly RB
higher JJR
on IN
bargain-hunting NN
by IN
institutional JJ
investors NNS
.Some DT
so-called JJ
high-quality JJ
junk NN
issues NNS
,
such JJ
as IN
R.H. NNP
Macy NNP
& CC
Co. NNP
's POS
14 CD
1\/2 CD
% NN
subordinated VBD
debentures NNS
,
rose VBD
.The DT
Macy NNP
's POS
issue NN
closed VBD
up IN
about IN
one CD
point NN
at IN
a DT
bid NN
price NN
of IN
97 CD
.The DT
TVA NNP
's POS
public JJ
debt NN
offering NN
was VBD
its PRP$
first JJ
in IN
15 CD
years NNS
.Strong JJ
investor NN
demand NN
prompted VBD
it PRP
to TO
boost VB
the DT
size NN
of IN
the DT
issue NN
from IN
$ $
3 CD
billion CD
.Traders NNS
said VBD
hedging VBG
related VBN
to TO
the DT
TVA NNP
pricing NN
also RB
pressured VBD
Treasury NNP
bonds NNS
.`` 
Underwriters NNS
of IN
the DT
TVA NNP
bonds NNS
reduced VBD
their PRP$
market NN
risk NN
by IN
selling VBG
Treasurys NNPS
to TO
cover VB
at IN
least JJS
part NN
of IN
their PRP$
-LCB- (
TVA NNP
-RCB- )
holdings NNS
,
'' 
said VBD
James NNP
R. NNP
Capra NNP
,
a DT
senior JJ
vice NN
president NN
at IN
Shearson NNP
Lehman NNP
Government NNP
Securities NNP
Inc NNP
.The DT
TVA NNP
bonds NNS
also RB
`` 
served VBN
to TO
remind VB
the DT
market NN
that IN
there EX
will MD
be VB
even RB
more RBR
new JJ
supply NN
,
'' 
said VBD
Lawrence NNP
N. NNP
Leuzzi NNP
,
a DT
managing VBG
director NN
at IN
S.G. NNP
Warburg NNP
Securities NNPS
& CC
Co NNP
.Today NN
the DT
Treasury NNP
will MD
announce VB
the DT
size NN
of IN
its PRP$
next JJ
two-year JJ
note NN
sale NN
and 
Resolution NNP
Funding NNP
Corp. NNP
will MD
announce VB
details NNS
of IN
its PRP$
first JJ
bond NN
offering NN
.Some DT
traders NNS
estimate VBP
$ $
9.75 CD
billion CD
of IN
new JJ
two-year JJ
Treasurys NNPS
will MD
be VB
sold VBN
next JJ
week NN
,
and 
they PRP
expect VBP
Refcorp NNP
to TO
offer VB
$ $
4 CD
billion CD
to TO
$ $
6 CD
billion CD
of IN
long-term JJ
`` ``
bailout NN
'' ''
bonds NNS
.Refcorp NNP
was VBD
created VBN
to TO
help VB
fund VB
the DT
thrift NN
bailout NN
.Another DT
agency NN
issue NN
came VBD
to TO
market VB
yesterday NN
.The DT
Office NNP
of IN
Finance NNP
of IN
the DT
Federal NNP
Home NNP
Loan NNP
Banks NNP
said VBD
it PRP
priced VBD
a DT
four-part JJ
$ $
2.27 CD
billion CD
bond NN
offering NN
for IN
the DT
banks NNS
to TO
yield VB
from IN
8.125 CD
% NN
to TO
8.375 CD
% NN
.The DT
release NN
of IN
several JJ
economic JJ
reports NNS
had VBD
little JJ
impact NN
on IN
the DT
market NN
,
including VBG
a DT
report NN
that IN
the DT
U.S. NNP
trade NN
deficit NN
expanded VBN
to TO
a DT
surprisingly RB
wide JJ
$ $
10.77 CD
billion CD
in IN
August NNP
,
up IN
from IN
a DT
revised VBN
$ $
8.24 CD
billion CD
in IN
July NNP
.The DT
August NNP
gap NN
was VBD
expected VBN
to TO
have VB
expanded VBN
to TO
$ $
9.1 CD
billion CD
.Treasury NNP
Securities NNPSTreasury NN
securities NNS
were VBD
essentially RB
flat JJ
to TO
about IN
1\/2 CD
point NN
lower JJR
.The DT
benchmark NN
30-year JJ
bond NN
was VBD
quoted VBN
late RB
at IN
100 CD
28\/32 CD
to TO
yield VB
8.04 CD
% NN
,
compared VBN
with IN
101 CD
19\/32 CD
to TO
yield VB
7.97 CD
% NN
Monday NNP
.The DT
latest JJS
10-year JJ
notes NNS
were VBD
quoted VBN
late RB
at IN
99 CD
25\/32 CD
to TO
yield VB
8.01 CD
% NN
,
compared VBN
with IN
100 CD
1\/32 CD
to TO
yield VB
7.97 CD
% NN
.Short-term JJ
rates NNS
increased VBN
.The DT
discount NN
rate NN
on IN
three-month JJ
bills NNS
rose VBD
to TO
7.52 CD
% NN
for IN
a DT
bond-equivalent JJ
yield NN
of IN
7.75 CD
% NN
.The DT
rate NN
on IN
six-month JJ
bills NNS
rose VBD
to TO
7.53 CD
% NN
for IN
a DT
bond-equivalent JJ
yield NN
of IN
7.92 CD
% NN
.Corporate JJ
, ,
Other JJ
Issues NNSInvestment-grade JJ
corporate JJ
bonds NNS
ended VBD
1\/4 CD
to TO
1\/2 CD
point NN
lower JJR
,
while IN
most RBS
junk NN
bonds NNS
ended VBD
unchanged JJ
.The DT
TVA NNP
's POS
huge 
$ $
4 
billion 
offering NN
dominated VBD
attention NN
in IN
the DT
new-issue JJ
market NN
.TVA NNP
offered VBD
$ $
2 CD
billion CD
of IN
30-year JJ
bonds NNS
priced VBN
to TO
yield VB
9.06 CD
% NN
;
$ $
1 CD
billion CD
in IN
10-year JJ
notes NNS
priced VBN
to TO
yield VB
8.42 CD
% NN
;
and 
$ $
1 CD
billion CD
in IN
five-year JJ
notes NNS
priced VBN
to TO
yield VB
8.33 CD
% NN
.The DT
TVA NNP
,
which WDT
operates VBZ
one CD
of IN
the DT
nation NN
's POS
largest JJS
electric JJ
power NN
systems NNS
,
is VBZ
a DT
corporation NN
wholly RB
owned VBD
by IN
the DT
U.S. NNP
government NN
.Yesterday NN
's POS
bond NN
sale NN
was VBD
part NN
of IN
a DT
$ $
6.7 CD
billion CD
refinancing NN
plan NN
to TO
pay VB
off IN
high-interest JJ
debt NN
the DT
TVA NNP
owes VBZ
the DT
Federal NNP
Financing NNP
Bank NNP
,
an DT
arm NN
of IN
the DT
Treasury NNP
.Meanwhile RB
,
Lockheed NNP
Corp. NNP
priced VBD
a DT
$ $
300 CD
million CD
note NN
offering NN
to TO
yield VB
9.39 CD
% NN
.Mortgage-Backed JJ
Securities NNPSThe DT
derivative JJ
mortgage-backed JJ
market NN
revived VBN
after IN
a DT
brief JJ
hiatus NN
as IN
two CD
new JJ
Remics NNS
totaling VBG
$ $
850 CD
million CD
were VBD
offered VBN
and 
talk VB
circulated VBD
about IN
two CD
more JJR
issues NNS
that WDT
could MD
be VB
priced VBN
today NN
.The DT
revival NN
of IN
the DT
real JJ
estate NN
mortgage NN
investment NN
conduit NN
market NN
reflected VBD
the DT
relative JJ
calm NN
in IN
the DT
mortgage NN
market NN
after IN
two CD
days NNS
of IN
volatile JJ
trading NN
.Dealers NNS
noted VBD
that IN
it PRP
's VBZ
difficult JJ
to TO
structure VB
new JJ
Remics NNS
when WRB
prices NNS
are VBP
moving VBG
widely RB
.The DT
two CD
Remics NNS
priced VBN
were VBD
a DT
$ $
500 CD
million CD
Federal NNP
Home NNP
Loan NNP
Mortgage NNP
Corp. NNP
issue NN
underwritten VBN
by IN
Salomon NNP
Brothers NNP
Inc. NNP
and 
a DT
$ $
350 CD
million CD
Federal NNP
National NNP
Mortgage NNP
Association NNP
deal NN
underwritten VBN
by IN
Greenwich NNP
Capital NNP
Markets NNPS
.The DT
Remic NNP
issuance NN
supported VBD
prices NNS
of IN
Freddie NNP
Mac NNP
and 
Fannie NNP
Mae NNP
securities NNS
,
which WDT
held VBD
up IN
better JJR
than IN
Government NNP
National NNP
Mortgage NNP
Association NNP
securities NNS
during IN
an DT
afternoon NN
sell-off NN
.Ginnie NNP
Mae NNP
9 CD
% NN
securities NNS
for IN
November NNP
delivery NN
ended VBD
at IN
97 CD
29\/32 CD
,
down RB
7\/32 CD
;
9 CD
1\/2 CD
% NN
securities NNS
at IN
99 CD
31\/32 CD
,
down RB
6\/32 CD
;
and 
10 CD
% NN
securities NNS
at IN
101 CD
29\/32 CD
,
down RB
5\/32 CD
.Freddie NNP
Mac NNP
9 CD
% NN
securities NNS
were VBD
at IN
97 CD
5\/32 CD
,
down RB
3\/32 CD
.The DT
Ginnie NNP
Mae NNP
9 CD
% NN
issue NN
was VBD
yielding VBG
9.43 CD
% NN
to TO
a DT
12-year JJ
average JJ
life NN
assumption NN
,
as IN
the DT
spread NN
above IN
the DT
Treasury NNP
10-year JJ
note NN
held VBN
at IN
1.42 CD
percentage NN
points NNS
.Municipals NNSConfusion NN
over IN
the DT
near-term JJ
trend NN
for IN
rates NNS
dominated VBD
the DT
municipal JJ
arena NN
,
as IN
gyrations NNS
in IN
the DT
stock NN
market NN
continued VBD
to TO
buffet VB
bonds NNS
.Long NNP
tax-exempt JJ
dollar NN
bonds NNS
were VBD
mostly RB
flat JJ
to TO
3\/8 CD
point NN
lower JJR
after IN
a DT
whipsaw JJ
session NN
of IN
moving VBG
inversely RB
to TO
stocks NNS
in IN
modest JJ
dealer-led JJ
trading NN
.Prices NNS
of IN
pre-refunded JJ
municipal JJ
bonds NNS
were VBD
capped VBN
by IN
news NN
that IN
Chemical NNP
Securities NNP
Inc. NNP
,
as IN
agent NN
for IN
a DT
customer NN
,
will MD
accept VB
bids NNS
today NN
for IN
two CD
large JJ
lists NNS
of IN
bonds NNS
that WDT
include VBP
many JJ
such JJ
issues NNS
.The DT
lists NNS
total JJ
$ $
654.5 CD
million CD
.Pre-refunded JJ
bonds NNS
are VBP
called VBN
at IN
their PRP$
earliest JJS
call NN
date NN
with IN
the DT
escrowed VBN
proceeds NNS
of IN
another DT
bond NN
issue NN
.Meanwhile RB
,
several JJ
new JJ
issues NNS
were VBD
priced VBN
.Underwriters NNS
led VBN
by IN
PaineWebber NNP
Inc. NNP
set VBD
preliminary JJ
pricing NN
for IN
$ $
144.4 CD
million CD
of IN
California NNP
Health NNP
Facilities NNP
Financing NNP
Authority NNP
revenue NN
bonds NNS
for IN
Kaiser NNP
Permanente NNP
.Tentative JJ
reoffering NN
yields NNS
were VBD
set VBN
from IN
6.25 CD
% NN
in IN
1993 CD
to TO
7.227 CD
% NN
in IN
2018 CD
.As IN
part NN
of IN
its PRP$
College NNP
Savings NNP
Plan NNP
,
Connecticut NNP
offered VBD
$ $
100.4 CD
million CD
of IN
general JJ
obligation NN
capital NN
appreciation NN
bonds NNS
priced VBN
to TO
yield VB
to TO
maturity NN
from IN
6.25 CD
% NN
in IN
1994 CD
to TO
6.90 CD
% NN
in IN
2006 CD
, ,
2007 CD
and CC
2009 CD
.A DT
Chemical NNP
Securities NNPS
group NN
won VBD
a 
$
100 
million 
Oregon N
general 
obligation 
veterans NNS
' POS
tax NN
note NN
issue NN
due JJ
Nov. NNP
1 CD
, ,
1990 CD
.The DT
6 CD
3\/4 CD
% NN
notes NNS
yield VBP
6.25 CD
% NN
.Foreign JJ
Bonds NNSWest JJ
German JJ
government NN
bond NN
prices NNS
took VBD
a DT
wild JJ
roller-coaster NN
ride NN
,
pulled VBD
down RB
by IN
Monday NNP
's POS
U.S. NNP
stock NN
market NN
gains NNS
then RB
up IN
by IN
a DT
wider-than-expected JJ
U.S. NNP
trade NN
deficit NN
and 
falling VBG
U.S. NNP
stock NN
prices NNS
.West NNP
Germany NNP
's POS
7 CD
% NN
bond NN
due JJ
October NNP
1999 CD
was VBD
at IN
99.95 CD
late JJ
yesterday NN
,
off IN
0.10 CD
point NN
from IN
Monday NNP
,
to TO
yield VB
7.01 CD
% NN
.The DT
6 CD
3\/4 CD
% NN
notes NNS
due JJ
April NNP
1994 CD
were VBD
up IN
0.10 CD
point NN
to TO
97.85 CD
to TO
yield VB
7.31 CD
% NN
.British JJ
government NN
bonds NNS
surged VBD
on IN
renewed VBN
volatility NN
in IN
the DT
stock NN
market NN
.The DT
Treasury NNP
11 CD
3\/4 CD
% NN
bond NN
due JJ
2003\/2007 CD
rose VBD
23\/32 CD
to TO
112 CD
10\/32 CD
to TO
yield VB
10.03 CD
% NN
.But 
Japanese JJ
bonds NNS
ended VBD
weaker JJR
.The DT
benchmark NN
No. NN
111 CD
4.6 CD
% NN
bond NN
due JJ
1998 CD
ended VBD
on IN
brokers NNS
' POS
screens NNS
at IN
a DT
price NN
of IN
96 CD
,
off IN
0.15 CD
point NN
to TO
yield VB
5.27 CD
% NN
.A DT
House-Senate NNP
conference NN
approved VBD
an DT
estimated VBN
$ $
67 CD
billion CD
fiscal JJ
1990 CD
spending NN
bill NN
that WDT
provides VBZ
a DT
28 CD
% NN
increase NN
for IN
space NN
research NN
and CC
development NN
and 
incorporates VBZ
far-reaching JJ
provisions NNS
affecting VBG
the DT
federal JJ
mortgage NN
market NN
.The DT
current JJ
ceiling NN
on IN
home NN
loans NNS
insured VBN
by IN
the DT
Federal NNP
Housing NNP
Administration NNP
would MD
be VB
increased VBN
to TO
$ $
124,875 CD
.Separately RB
,
the DT
bill NN
gives VBZ
authority NN
to TO
the DT
Bush NNP
administration NN
to TO
facilitate VB
the DT
refinancing NN
of IN
federally RB
subsidized JJ
loans NNS
for IN
low-income JJ
and CC
moderate-income JJ
homeowners NNS
.The DT
second JJ
provision NN
,
affecting VBG
so-called JJ
235 CD
mortgages NNS
,
has VBZ
met VBN
strong JJ
opposition NN
from IN
investment NN
bankers NNS
represented VBN
by IN
the DT
Public NNP
Securities NNP
Association NNP
.And 
a DT
squad NN
of IN
influential JJ
former JJ
Senate NNP
aides NNS
employed VBN
by IN
the DT
Wall NNP
Street NNP
firm NN
Salomon NNP
Brothers NNPS
came VBD
to TO
the DT
Capitol NNP
in IN
a DT
vain JJ
attempt NN
to TO
strip VB
the DT
provision NN
.By IN
an DT
11-2 JJ
margin NN
,
Senate NNP
negotiators NNS
voted VBD
to TO
preserve VB
the DT
235 CD
mortgage NN
refinancing NN
plan NN
,
and 
despite IN
powerful JJ
allies NNS
,
the DT
opposition NN
found VBD
itself PRP
undercut VBP
by IN
an DT
unusual JJ
alliance NN
of IN
liberals NNS
and CC
conservatives NNS
.The DT
government NN
currently RB
is VBZ
subsidizing VBG
an DT
estimated VBN
23,000 CD
loans NNS
above IN
11 CD
% NN
under IN
the DT
235 CD
program NN
,
and 
however RB
disruptive JJ
to TO
private JJ
investors NNS
,
the DT
refinancing NN
is VBZ
expected VBN
to TO
yield VB
at IN
least JJS
$ $
15 CD
million CD
in IN
savings NNS
in IN
fiscal JJ
1990 CD
.This DT
sum NN
has VBZ
been VBN
guarded VBN
jealously RB
by IN
appropriators NNS
anxious JJ
to TO
offset VB
spending NN
elsewhere RB
,
and 
conservative JJ
Sen. NNP
Phil NNP
Gramm NNP
cast NN
the DT
fight NN
as IN
a DT
populist JJ
stand NN
against IN
monied JJ
interests NNS
.`` 
We PRP
are VBP
stewards NNS
here RB
,
not 
of IN
the DT
mortgage NN
companies NNS
, ,
but CC
the DT
taxpayers NNS
,
'' 
said VBD
the DT
Texas NNP
Republican NNP
.The DT
action NN
came VBD
as IN
the DT
administration NN
won VBD
final JJ
congressional JJ
approval NN
of IN
$ $
9 CD
million CD
in IN
assistance NN
for IN
elections NNS
scheduled VBN
in IN
Nicaragua NNP
in IN
February NNP
.The DT
bulk NN
of IN
the DT
money NN
would MD
be VB
funneled VBN
through IN
the DT
National NNP
Endowment NNP
for IN
Democracy NNP
,
but 
the DT
legislation NN
is VBZ
so RB
vaguely RB
written VBN
that IN
it PRP
has VBZ
been VBN
dogged VBN
by IN
questions NNS
regarding VBG
the DT
money NN
's POS
true JJ
purpose NN
and 
its PRP$
ultimate JJ
destination NN
.The DT
Senate NNP
had VBD
refused VBN
late JJ
Friday NNP
to TO
invoke VB
cloture NN
and 
limit NN
debate NN
,
but 
behind IN
the DT
bipartisan JJ
leadership NN
,
a DT
solid JJ
majority NN
took VBD
shape NN
yesterday NN
and 
brushed VBD
aside RB
amendments NNS
seeking VBG
to TO
cut VB
the DT
total JJ
package NN
or 
steer VB
it PRP
away RB
from IN
direct JJ
aid NN
to TO
political JJ
parties NNS
.Final JJ
approval NN
--
on IN
a DT
64-35 JJ
roll NN
call NN
--
was VBD
never RB
in IN
doubt NN
,
but 
the DT
opposition NN
drew VBD
an DT
unusual JJ
mix NN
of IN
senators NNS
,
including VBG
Republicans NNP
Jesse NNP
Helms NNP
and CC
Warren NNP
Rudman NNP
and 
Democrats NNP
Bill NNP
Bradley NNP
and CC
John NNP
Glenn NNP
.The DT
money NN
will MD
be VB
applied VBN
for IN
voter NN
registration NN
and 
election NN
monitoring NN
,
but 
more JJR
than IN
half NN
is VBZ
likely JJ
to TO
go VB
to TO
the DT
Union NNP
Nacional NNP
Opositora NNP
party NN
.Critics NNS
warned VBD
such JJ
cash NN
contributions NNS
may MD
only RB
undercut VB
the DT
opposition NN
party NN
's POS
standing VBG
,
and 
one CD
irony NN
is VBZ
that 
under IN
Nicaraguan JJ
law NN
a DT
major JJ
portion NN
of IN
the DT
opposition NN
party NN
's POS
funds NNS
must MD
be VB
shared VBN
with IN
the DT
government NN
's POS
Supreme NNP
Electoral NNP
Council NNP
.Within IN
the DT
appropriations NNS
conference NN
yesterday NN
,
the DT
$ $
67 CD
billion CD
measure NN
is VBZ
the DT
second JJ
largest JJS
of IN
the DT
annual JJ
domestic JJ
spending NN
bills NNS
and 
covers VBZ
a DT
disparate JJ
collection NN
of IN
accounts NNS
for IN
science NN
,
housing NN
,
veterans NNS
and 
the DT
environment NN
.The DT
decision NN
to TO
raise VB
the DT
ceiling NN
on IN
FHA NNP
home NN
loans NNS
still RB
faces VBZ
strong JJ
opposition NN
in IN
the DT
House NNP
.But 
it PRP
is VBZ
driven VBN
by IN
the DT
same JJ
fiscal JJ
pressures NNS
that WDT
have VBP
forced VBN
lawmakers NNS
to TO
resort VB
to TO
various JJ
bookkeeping NN
devices NNS
to TO
juggle VB
as RB
much JJ
as IN
$ $
1 CD
billion CD
in IN
spending NN
that WDT
would MD
otherwise RB
put VB
the DT
bill NN
over IN
budget NN
.These DT
costs NNS
will MD
complicate VB
the DT
budget NN
picture NN
in IN
fiscal JJ
1991 CD
,
and 
the DT
measure NN
further JJ
commits VBZ
Congress NNP
to TO
a DT
set NN
of IN
costly JJ
projects NNS
,
including VBG
the DT
first JJ
construction NN
funds NNS
for IN
the DT
space NN
station NN
.The DT
station NN
is VBZ
promised VBN
$ $
1.8 CD
billion CD
within IN
the DT
$ $
5.36 CD
billion CD
provided VBN
for IN
research NN
and CC
development NN
in IN
the DT
National NNP
Aeronautics NNP
and CC
Space NNP
Administration NNP
,
and 
the DT
nation NN
's POS
high-speed JJ
aerospace NN
plane NN
--
cut VB
by IN
the DT
Senate NNP
--
could MD
receive VB
as RB
much JJ
as IN
$ $
60 CD
million CD
in IN
new JJ
funds NNS
or 
transfers NNS
.Similarly RB
,
the DT
House NNP
agreed VBD
to TO
add VB
back RB
$ $
62 CD
million CD
to TO
continue VB
work NN
on IN
the DT
advanced VBN
communications NNS
technology NN
satellite NN
,
being VBG
developed VBN
by IN
General NNP
Electric NNP
Co NNP
.And 
while IN
setting VBG
a DT
statutory JJ
limit NN
of IN
$ $
1.6 CD
billion CD
on IN
the DT
automated VBN
space NN
probe NN
,
the DT
conference NN
appropriated VBN
$ $
30 CD
million CD
for IN
the DT
start-up NN
of IN
the DT
CRAF-Cassini NNP
mission NN
,
a DT
successor NN
to TO
the DT
Voyager NNP
space NN
probe NN
.Among IN
major JJ
domestic JJ
agencies NNS
,
the DT
Environmental NNP
Protection NNP
Agency NNP
stands VBZ
to TO
receive VB
increases NNS
significantly RB
beyond IN
those DT
sought VBN
by IN
the DT
administration NN
,
with IN
pollution NN
abatement NN
and CC
control NN
accounts NNS
growing VBG
by IN
14 CD
% NN
to TO
about RB
$ $
829.9 CD
million CD
.An DT
estimated VBN
$ $
1.57 CD
billion CD
is VBZ
separately RB
allocated VBN
for IN
the DT
National NNP
Science NNP
Foundation NNP
,
and 
within IN
the DT
Housing NNP
and CC
Urban NNP
Development NNP
Department NNP
,
more JJR
than IN
$ $
9.2 CD
billion CD
is VBZ
provided VBN
for IN
federally RB
assisted VBN
housing NN
,
including VBG
an DT
expanded VBN
effort NN
to TO
modernize VB
public JJ
housing NN
units NNS
that WDT
serve VBP
the DT
poorest JJS
families NNS
.To TO
an DT
unusual JJ
degree NN
,
the DT
massive JJ
bill NN
has VBZ
become VBN
a DT
vehicle NN
for IN
lawmakers NNS
to TO
earmark VB
funds NNS
for IN
projects NNS
in IN
home NN
states NNS
.While IN
the DT
practice NN
was VBD
discouraged VBN
in IN
the DT
past NN
,
the DT
conference NN
agreement NN
is VBZ
laced VBN
with IN
veterans NNS
' POS
hospitals NNS
,
environmental JJ
projects NNS
and 
urban JJ
grants NNS
designated VBN
for IN
specific JJ
communities NNS
.The DT
most RBS
striking JJ
example NN
yesterday NN
may MD
have VB
been VBN
in IN
community NN
development NN
funds NNS
,
where WRB
the DT
two CD
houses NNS
had VBD
separately RB
approved VBN
a DT
total NN
of IN
27 CD
projects NNS
valued VBN
at IN
$ $
20 CD
million CD
,
and 
the DT
conference NN
added VBD
15 CD
more RBR
valued VBN
at IN
$ $
8 CD
million CD
to TO
ostensibly RB
preserve VB
`` 
balance NN
'' 
between IN
the DT
House NNP
and CC
Senate NNP
.Yesterday NN
's POS
conference NN
agreement NN
is VBZ
the DT
second JJ
major JJ
bill NN
to TO
emerge VB
from IN
negotiations NNS
this DT
week NN
,
as IN
appropriators NNS
approved VBD
a DT
fiscal JJ
1990 CD
transportation NN
bill NN
late JJ
Monday NNP
that WDT
includes VBZ
a DT
sweeping VBG
ban NN
on IN
smoking NN
on IN
most RBS
domestic JJ
airline NN
flights NNS
.An DT
exemption NN
will MD
remain VB
for IN
flights NNS
longer RB
than IN
six CD
hours NNS
to TO
Hawaii NNP
and CC
Alaska NNP
,
but 
estimates NNS
by IN
the DT
tobacco NN
industry NN
yesterday NN
indicate VB
all DT
but CC
about IN
30 CD
flights NNS
would MD
be VB
covered VBN
.Separately RB
,
a DT
third JJ
conference NN
report NN
covering VBG
an DT
$ $
18.4 CD
billion CD
Treasury NNP
and CC
Postal NNP
Service NNP
bill NN
was VBD
sent VBN
to TO
the DT
Senate NNP
after IN
passing VBG
the DT
House NNP
on IN
a DT
383-30 JJ
roll NN
call NN
yesterday NN
.And 
after IN
weeks NNS
of IN
delay NN
,
the DT
appropriations NNS
process VBP
is VBZ
beginning VBG
to TO
take VB
some DT
final JJ
shape NN
.Defense NNP
and 
foreign JJ
aid NN
are VBP
the DT
two CD
most RBS
critical JJ
areas NNS
remaining VBG
from IN
the DT
administration NN
's POS
standpoint NN
.And 
among IN
domestic JJ
programs NNS
,
the DT
most RBS
serious JJ
threat NN
is VBZ
White NNP
House NNP
opposition NN
to TO
abortion NN
riders NNS
attached VBN
to TO
separate VB
bills NNS
funding VBG
the DT
District NNP
of IN
Columbia NNP
and 
Department NNP
of IN
Health NNP
and 
Human NNP
Services NNP
.The DT
same JJ
issue NN
threatens VBZ
to TO
spill VB
over IN
to TO
the DT
foreign JJ
aid NN
debate NN
,
and 
Mr. NNP
Bush NNP
also RB
is VBZ
threatening VBG
to TO
veto VB
any DT
agreement NN
that WDT
preserves VBZ
Senate-passed JJ
provisions NNS
renewing VBG
U.S. NNP
support NN
for IN
the DT
United NNP
Nations NNP
Fund NNP
for IN
Population NNP
Activities NNP
.In IN
a DT
sharply RB
written VBN
letter NN
,
Rep. NNP
David NNP
Obey NNP
,
chairman NN
of IN
the DT
House NNP
appropriations NNS
subcommittee NN
for IN
foreign JJ
operations NNS
,
warned VBD
Mr. NNP
Bush NNP
that IN
the DT
result NN
of IN
his PRP$
`` ``
ultimatum NN
'' 
could MD
weaken VB
efforts NNS
to TO
accommodate VB
the DT
administration NN
elsewhere RB
.`` 
As IN
a DT
result NN
of IN
your PRP$
ultimatum NN
,
'' 
writes VBZ
the DT
Wisconsin NNP
Democrat NNP
,
`` 
I PRP
guess VBP
there EX
is VBZ
no RB
longer RB
any DT
point NN
in IN
taking VBG
administration NN
views NNS
into IN
account NN
on IN
other JJ
items NNS
in IN
conference NN
,
inasmuch RB
regardless RB
of IN
their PRP$
resolution NN
you PRP
apparently RB
intend VBP
to TO
veto VB
this DT
bill NN
.Markets NNS
usually RB
get VB
noticed VBD
because IN
they PRP
soar VBP
or CC
plunge NN
.Gold NNP
,
which WDT
has VBZ
n't RB
risen VBN
or CC
fallen VBN
significantly RB
in IN
quite RB
some DT
time NN
,
yesterday NN
achieved VBN
what WP
may MD
be VB
a DT
new JJ
level NN
of IN
impassiveness NN
:
The DT
most RBS
actively RB
traded VBN
futures NNS
contracts NNS
closed VBD
unchanged JJ
despite IN
nervous JJ
fluctuations NNS
in IN
both 
the DT
dollar NN
and 
the DT
stock NN
market NN
.The DT
settlement NN
prices NNS
of IN
the DT
December NNP
, ,
February NNP
and CC
April NNP
gold NN
contracts NNS
were VBD
even RB
with IN
Monday NNP
's POS
final JJ
prices NNS
.The DT
December NNP
1989 CD
contract NN
,
which WDT
has VBZ
the DT
greatest JJS
trading NN
volume NN
,
ended VBD
at IN
$ $
371.20 CD
an DT
ounce NN
.The DT
other JJ
months NNS
posted VBD
advances NNS
of IN
10 CD
cents NNS
to TO
20 CD
cents NNS
an DT
ounce NN
.According VBG
to TO
one CD
analyst NN
,
Bernard NNP
Savaiko NNP
of IN
PaineWebber NNP
,
New NNP
York NNP
,
the DT
stock NN
market NN
's POS
ability NN
on IN
Monday NNP
to TO
rally VB
from IN
last JJ
Friday NNP
's POS
decline NN
--
which WDT
seemed VBD
to TO
indicate VB
that IN
the DT
economy NN
was VBD
n't RB
going VBG
to TO
fall VB
either DT
--
took VBD
the DT
starch NN
out IN
of IN
precious JJ
metals NNS
prices NNS
, ,
and CC
out IN
of IN
gold NN
's POS
,
in IN
particular NN
.Yesterday NN
,
gold NN
traded VBN
within IN
a DT
narrow JJ
range NN
.Gold NNP
tried VBD
to TO
rally VB
on IN
Monday NNP
but 
ran VBD
into IN
the DT
same JJ
situation NN
that WDT
has VBZ
subdued VBN
gold NN
prices NNS
for IN
more JJR
than IN
a DT
year NN
:
selling VBG
by IN
gold NN
producers NNS
,
who WP
want VBP
to TO
fix VB
the DT
highest JJS
possible JJ
price NN
for IN
their PRP$
gold NN
.`` 
December NNP
delivery NN
gold NN
is VBZ
trading VBG
in IN
a DT
range NN
of IN
$ $
365 CD
to TO
$ $
375 CD
-LCB-
an DT
ounce NN
-RCB-
and 
is VBZ
having VBG
difficulty NN
breaking VBG
out IN
above IN
that DT
,
'' 
Mr. NNP
Savaiko NNP
said VBD
.`` 
Producers NNS
at IN
the DT
moment NN
regard NN
that DT
area NN
a DT
good JJ
one CD
in IN
which WDT
to TO
sell VB
gold NN
.
'' Also RB
,
Mr. NNP
Savaiko NNP
noted VBD
,
stock NN
market NN
investors NNS
seeking VBG
greater JJR
safety NN
are VBP
veering VBG
toward IN
buying VBG
bonds NNS
rather RB
than IN
precious JJ
metals NNS
because IN
`` 
we PRP
are VBP
tending VBG
more JJR
toward IN
a DT
disinflationary JJ
economy NN
that WDT
does VBZ
n't RB
make VB
gold NN
and 
precious JJ
metals NNS
attractive JJ
.
'' Jeffrey NNP
Nichols NNP
,
president NN
of IN
APMS NNP
Canada NNP
,
Toronto NNP
precious JJ
metals NNS
advisers NNS
,
said VBD
there EX
is VBZ
little JJ
to TO
motivate VB
gold NN
traders NNS
to TO
buy VB
the DT
metal NN
.`` 
Investors NNS
in IN
the DT
U.S. NNP
and 
Europe NNP
are VBP
comfortable JJ
with IN
the DT
actions NNS
of IN
the DT
-LCB- (
Federal NNP
Reserve NNP
-RCB-
in IN
its PRP$
willingness NN
to TO
supply VB
liquidity NN
to TO
financial JJ
system NN
,
which WDT
helped VBD
the DT
stock NN
market NN
rebound NN
on IN
Monday NNP
,
'' 
he PRP
said VBD
.There EX
is VBZ
n't 
any DT
rush NN
on IN
the DT
part NN
of IN
investors NNS
in IN
the DT
West NNP
to TO
buy VB
gold NN
,
he PRP
said VBD
.`` 
They PRP
still RB
bear VBP
the DT
memory NN
of IN
October NNP
1987 CD
,
when WRB
they PRP
bought VBD
gold NN
after IN
the DT
stock NN
market NN
crashed VBD
and 
ended VBD
up IN
losing VBG
money NN
because IN
gold NN
prices NNS
subsequently RB
fell VBD
,
'' 
Mr. NNP
Nichols NNP
said VBD
.`` 
It PRP
's VBZ
an DT
experience NN
they PRP
do VBP
n't RB
want VB
to TO
repeat VB
.
'' At IN
the DT
moment NN
gold NN
traders NNS
are VBP
n't RB
concerned VBN
about IN
inflation NN
,
he PRP
said VBD
,
and 
as IN
for IN
the DT
dollar NN
,
`` 
gold NN
's POS
association NN
with IN
the DT
currency NN
has VBZ
been VBN
diminishing VBG
recently RB
so 
drops VBZ
in IN
the DT
currency NN
are VBP
n't RB
having VBG
much JJ
impact NN
on IN
gold NN
.
'' Dinsa NNP
Mehta NNP
,
chief JJ
bullion NN
trader NN
for IN
Chase NNP
Manhattan NNP
Bank NNP
,
said VBD
:
`` 
There EX
is VBZ
little JJ
incentive NN
on IN
the DT
part NN
of IN
traders NNS
to TO
sell VB
gold NN
because IN
the DT
stock NN
market NN
may MD
go VB
lower JJR
and 
gold NN
may MD
retain VB
some DT
of IN
its PR
` 
flight 
to TO
safety VB
' POS
quality NN
.There EX
is VBZ
little JJ
incentive NN
to TO
buy VB
gold NN
because IN
if IN
the DT
stock NN
market NN
goes VBZ
higher JJR
,
it PRP
may MD
be VB
just RB
a DT
false JJ
alarm NN
.This DT
is VBZ
keeping VBG
the DT
gold NN
traders NNS
handcuffed VBN
.
'' The DT
most RBS
remarkable JJ
feature NN
about IN
yesterday NN
's POS
action NN
was VBD
that IN
the DT
price NN
of IN
roughly RB
$ $
370 CD
an DT
ounce NN
was VBD
regarded VBN
as IN
attractive JJ
enough RB
by IN
gold NN
producers NNS
around IN
the DT
world NN
to TO
aggressively RB
sell VB
gold NN
,
Mr. NNP
Mehta NNP
said VBD
.`` 
I PRP
do VBP
n't RB
know VB
what WP
it PRP
means VBZ
over IN
the DT
long JJ
run NN
,
but 
for IN
the DT
short JJ
term NN
,
it PRP
appears VBZ
that IN
gold NN
producers NNS
are VBP
grateful JJ
for IN
the DT
$ $
10 CD
or CC
so RB
that DT
gold NN
has VBZ
risen VBN
over IN
the DT
past JJ
week NN
or CC
so RB
,
'' 
he PRP
said VBD
.Previously RB
,
he PRP
noted VBD
,
gold NN
producers NNS
tended VBD
to TO
back RB
off IN
from IN
a DT
rising VBG
gold NN
market NN
,
letting VBG
prices NNS
rise VBP
as RB
much JJ
as IN
possible JJ
before IN
selling VBG
.Mr. NNP
Mehta NNP
observed VBD
that IN
the DT
U.S. NNP
merchandise NN
trade NN
deficit NN
,
which WDT
rose VBD
sharply RB
in IN
August NNP
,
according VBG
to TO
yesterday NN
's POS
report NN
,
has VBZ
been VBN
having VBG
less JJR
and CC
less JJR
impact NN
on IN
the DT
gold NN
market NN
.`` 
The DT
dollar NN
has VBZ
n't RB
reacted VBN
much JJ
to TO
it PRP
,
so RB
gold NN
has VBZ
n't 
either DT
,
'' 
he PRP
said VBD
.In IN
other JJ
commodity NN
markets NNS
yesterday NN
:ENERGY NN
:Crude JJ
oil NN
prices NNS
rose VBD
slightly RB
in IN
lackluster JJ
activity NN
as IN
traders NNS
in IN
the DT
pits NNS
tried VBD
to TO
assess VB
action NN
in IN
the DT
stock NN
market NN
.Since IN
stock NN
market NN
indexes NNS
plummeted VBD
last JJ
Friday NNP
,
participants NNS
in IN
all DT
markets NNS
have VBP
been VBN
wary JJ
.When WRB
traders NNS
become VBP
confident JJ
that IN
the DT
stock NN
market NN
has VBZ
stabilized VBN
,
oil NN
prices NNS
are VBP
expected VBN
to TO
rise VB
as IN
supply NN
and CC
demand NN
fundamentals NNS
once RB
again RB
become VB
the DT
major JJ
consideration NN
.Crude JJ
oil NN
for IN
November NNP
delivery NN
edged VBD
up IN
by IN
16 CD
cents NNS
a DT
barrel NN
to TO
$ $
20.75 CD
a DT
barrel NN
.Heating NN
oil NN
prices NNS
also RB
rose VBD
.November NNP
gasoline NN
slipped VBD
slightly RB
.SUGAR NN
:Futures NNS
prices NNS
rose VBD
on IN
a DT
report NN
that IN
Cuba NNP
may MD
seek VB
to TO
postpone VB
some DT
sugar NN
shipments NNS
.The DT
March NNP
contract NN
advanced VBD
0.14 CD
cent NN
a DT
pound NN
to TO
14.11 CD
cents NNS
.According VBG
to TO
an DT
analyst NN
,
Cuba NNP
ca MD
n't RB
meet VB
all DT
its PRP$
shipment NN
commitments NNS
and 
has VBZ
asked VBN
Japan NNP
to TO
accept VB
a DT
delay NN
of IN
shipments NNS
scheduled VBN
for IN
later RB
this DT
year NN
,
into IN
early JJ
next JJ
year NN
.`` 
Japan NNP
is VBZ
perceived VBN
as IN
a DT
wealthy JJ
nation NN
that WDT
can MD
turn VB
elsewhere RB
in IN
the DT
world NN
market NN
and 
buy VB
the DT
sugar NN
,
'' 
the DT
analyst NN
said VBD
.It PRP
was VBD
the DT
possibility NN
of IN
this DT
demand NN
that WDT
helped VBD
firm NN
prices NNS
,
the DT
analyst NN
said VBD
.Another DT
analyst NN
noted VBD
that IN
Cuba NNP
has VBZ
been VBN
deferring VBG
shipments NNS
in IN
recent JJ
years NNS
.`` 
To TO
the DT
professionals NNS
in IN
the DT
trade NN
it PRP
did VBD
n't RB
cause VB
much JJ
surprise NN
.The DT
March NNP
futures NNS
contract VBP
traded VBN
as RB
high JJ
as IN
14.24 CD
cents NNS
,
but 
could MD
n't RB
sustain VB
the DT
advance NN
,
'' 
he PRP
said VBD
.LIVESTOCK NNP
AND CC
MEATS NNPS
:The DT
prices NNS
of IN
cattle NNS
, ,
hogs NNS
and CC
pork NN
belly NN
futures NNS
contracts NNS
rebounded VBD
as IN
livestock NN
traders NNS
shook VBD
off IN
fears NNS
that IN
the DT
Friday NNP
stock NN
market NN
plunge NN
would MD
chill VB
consumer NN
spending NN
,
which WDT
in IN
turn NN
would MD
hurt VB
retail JJ
sales NNS
of IN
beef NN
and CC
pork NN
.The DT
prices NNS
of IN
most RBS
livestock NN
futures NNS
contracts NNS
had VBD
dropped VBN
sharply RB
Monday NNP
.Cattle NNS
futures NNS
prices NNS
were VBD
also RB
supported VBN
yesterday NN
by IN
signs VBZ
that IN
supermarket NN
chains NNS
are VBP
making VBG
plans NNS
to TO
increase VB
their PRP$
promotions NNS
concerning VBG
beef NN
.GRAINS NNS
AND CC
SOYBEANS NNS
:The DT
prices NNS
of IN
most RBS
soybean NN
and CC
soybean-meal NN
futures NNS
contracts NNS
rose VBD
amid IN
rumors NNS
that IN
the DT
Soviet NNP
Union NNP
is VBZ
interested JJ
in IN
buying VBG
from IN
the DT
U.S. NNP
or 
South NNP
America NNP
about IN
250,000 CD
metric JJ
tons NNS
of IN
soybeans NNS
and 
as RB
many JJ
as IN
400,000 CD
metric JJ
tons NNS
of IN
soybean NN
meal NN
.Traders NNS
are VBP
especially RB
sensitive JJ
to TO
reports NNS
of IN
possible JJ
U.S. NNP
soybean NN
sales NNS
because IN
U.S. NNP
exports NNS
are VBP
lagging VBG
.Since IN
Sept. NNP
1 CD
,
about IN
13 CD
million CD
fewer JJR
bushels NNS
of IN
U.S. NNP
soybeans NNS
have VBP
been VBN
sold VBN
overseas JJ
than IN
for IN
the DT
same JJ
period NN
last JJ
year NN
.Corn NN
futures NNS
prices NNS
rose VBD
slightly RB
while IN
wheat NN
prices NNS
settled VBD
mixed VBN
.Moody NNP
's POS
Investors NNP
Service NNP
Inc. NNP
,
fretting VBG
about IN
increasing VBG
competitive JJ
pressure NN
on IN
Ryder NNP
,
placed VBD
about RB
$ $
2.8 CD
billion CD
in IN
company NN
securities NNS
under IN
review NN
for IN
possible JJ
downgrade NN
.Ratings NNS
under IN
review NN
are VBP
Ryder NNP
's POS
A-1 JJ
collateral NN
trust NN
debentures NNS
,
A-2 NN
senior JJ
notes NNS
and CC
bonds NNS
,
A-2 NN
preferred JJ
stock NN
and 
the DT
company NN
's POS
Prime-1 JJ
rating NN
for IN
commercial JJ
paper NN
.Moody NNP
's POS
said VBD
it PRP
is VBZ
assessing VBG
the DT
strategies NNS
Ryder NNP
's POS
management NN
may MD
follow VB
in IN
addressing VBG
significant JJ
challenges NNS
in IN
some DT
major JJ
markets NNS
.The DT
rating NN
agency NN
said VBD
it PRP
is VBZ
focusing VBG
especially RB
on IN
the DT
transportation NN
service NN
company NN
's POS
efforts NNS
to TO
control VB
costs NNS
,
improve VB
margins NNS
and 
enhance VB
its PRP$
competitive JJ
position NN
in IN
its PRP$
primary JJ
business NN
,
vehicle NN
leasing NN
and CC
rental JJ
.The DT
nations NNS
of IN
southern JJ
Africa NNP
know VB
a DT
lot NN
about IN
managing VBG
elephants NNS
;
their PRP$
herds NNS
are VBP
thriving VBG
.But 
the DT
nations NNS
of IN
Europe NNP
and 
North NNP
America NNP
have VBP
decided VBN
they PRP
know VBP
better JJR
.At IN
this DT
week NN
's POS
U.N. NNP
conference NN
in IN
Lausanne NNP
,
they PRP
imposed VBD
a DT
global JJ
ivory NN
ban NN
that WDT
seeks VBZ
to TO
overturn VB
local JJ
policies NNS
.A DT
Zimbabwean NNP
delegate NN
argued VBD
that IN
the DT
ban NN
would MD
`` 
guarantee VB
the DT
extinction NN
of IN
the DT
elephant NN
.
'' Legitimate JJ
ranchers NNS
,
who WP
have VBP
an DT
interest NN
in IN
preserving VBG
the DT
herds NNS
,
would MD
go VB
out IN
of IN
business NN
.Poachers NNS
would MD
control VB
the DT
underground JJ
trade NN
.Many JJ
delegates NNS
were VBD
willing JJ
to TO
craft VB
a DT
compromise NN
,
but 
U.S. NNP
delegate NN
Constance NNP
Harriman NNP
and 
others NNS
thundered VBD
that DT
down RB
.The DT
Greens NNPS
from IN
the DT
First NNP
World NNP
wanted VBD
a DT
morality NN
play NN
, ,
not RB
a DT
negotiation NN
.Fortunately RB
,
the DT
nations NNS
of IN
southern JJ
Africa NNP
have VBP
n't RB
totally RB
surrendered VBD
their PRP$
sovereignty NN
.Five CD
countries NNS
announced VBD
they PRP
would MD
not RB
honor VB
what WP
one CD
Zimbabwean NNP
delegate NN
wryly RB
called VBD
the 
`` 
made VBN
in IN
Switzerland NNP
'' ''
solution NN
.In IN
fact NN
,
they PRP
seemed VBD
a DT
mite NN
resentful JJ
.The DT
director NN
of IN
Zimbabwe NNP
's POS
Wildlife NNP
Department NNP
described VBD
American JJ
conservationists NNS
as IN
`` 
fat JJ
little JJ
puppies NNS
from IN
urban JJ
environments NNS
who WP
do VBP
n't RB
know VB
a DT
thing NN
about IN
Africa NNP
.
'' That DT
's VBZ
not 
fair JJ
;
they PRP
're VBP
not 
all DT
fat NN
.HUGO'S NNP
BLAST NN
generates VBZ
pleas NNS
for IN
aid NN
from IN
South NNP
Carolina NNP
small JJ
businesses NNS
.The DT
Small NNP
Business NNP
Administration NNP
has VBZ
received VBN
more JJR
than IN
5,000 CD
formal JJ
requests NNS
for IN
disaster NN
loans NNS
because IN
of IN
the DT
hurricane NN
.About IN
45 CD
% NN
of IN
requests NNS
for IN
SBA NNP
relief NN
loans NNS
,
which WDT
also RB
are VBP
available JJ
to TO
homeowners NNS
,
come VB
from IN
small JJ
businesses NNS
,
compared VBN
with IN
a DT
25 CD
% NN
business NN
share NN
after IN
most RBS
disasters NNS
.The DT
SBA NNP
expects VBZ
to TO
make VB
about RB
$ $
1 CD
billion CD
in IN
Hurricane NNP
Hugo NNP
loans NNS
.The DT
disaster NN
fund NN
is VBZ
replenished VBN
by IN
loan NN
repayments NNS
.Hardest RBS
hit VBN
by IN
Hugo NNP
in IN
South NNP
Carolina NNP
were VBD
small JJ
retailers NNS
tied VBN
to TO
the DT
tourist NN
industry NN
and 
businesses NNS
in IN
agriculture NN
and 
cultivated VBN
seafood NN
.The DT
State NNP
Development NNP
Board NNP
set VBD
up IN
a DT
Hugo NNP
Hotline NNP
to TO
accept VB
business-to-business JJ
help NN
.After IN
NBC NNP
weather NN
man NN
Willard NNP
Scott NNP
broadcast NN
the DT
hot-line NN
number NN
,
it PRP
was VBD
flooded VBN
with IN
10,000 CD
calls VBZ
.Last JJ
week NN
,
the DT
U.S. NNP
Chamber NNP
of IN
Commerce NNP
began VBD
using VBG
its PRP$
national JJ
TV NN
show NN
to TO
seek VB
help NN
,
such JJ
as IN
equipment NN
,
for IN
business NN
owners NNS
.Local JJ
bankers NNS
and CC
accountants NNS
help VBP
applicants NNS
fill VBP
out IN
forms NNS
.`` 
It PRP
helps VBZ
us PRP
,
and 
people NNS
feel VBP
better JJR
talking VBG
to TO
someone NN
who WP
's VBZ
gone VBN
through IN
the DT
same JJ
thing NN
,
'' 
an DT
SBA NNP
official NN
says NNS
.HEALTH NN
BENEFITS NNS
remain VBP
a DT
central JJ
lobbying NN
effort NN
,
even RB
as IN
Section NN
89 CD
fades NNS
.The DT
Senate NNP
,
after IN
deleting VBG
Section NN
89 CD
repeal NN
from IN
its PRP$
deficit-reduction NN
bill NN
,
still RB
is VBZ
expected VBN
to TO
join VB
the DT
House NNP
in IN
voting NN
to TO
kill VB
the DT
law NN
,
which WDT
forces VBZ
companies NNS
to TO
provide VB
comparable JJ
benefits NNS
to TO
laborers NNS
and CC
executives NNS
alike RB
.In IN
lobbying VBG
on IN
other JJ
health-coverage NN
topics NNS
,
the DT
National NNP
Federation NNP
of IN
Independent NNP
Business NNP
will MD
press VB
for IN
legislation NN
that WDT
would MD
give VB
self-employed JJ
people NNS
a DT
100 CD
% NN
tax NN
deduction NN
for IN
their PRP$
own JJ
health NN
plans NNS
,
up IN
from IN
25 CD
% NN
currently RB
.And 
the DT
group NN
will MD
urge VB
that IN
the DT
federal JJ
government NN
pre-empt VB
state NN
rules NNS
on IN
what WP
must MD
be VB
covered VBN
by IN
employers NNS
' POS
health NN
insurance NN
.Small-business NN
groups NNS
also RB
will MD
fight VB
the DT
medical-leave JJ
provision NN
of IN
legislation NN
that WDT
would MD
expand VB
parental JJ
leaves NNS
.And 
they PRP
still RB
oppose VBP
as IN
too RB
costly JJ
an DT
employer-paid JJ
health NN
insurance NN
bill NN
sponsored VBN
by IN
Sen. NNP
Edward NNP
Kennedy NNP
-LRB-
D. NNP
,
Mass NNP
.
-RRB-
despite IN
his PRP$
proposal NN
to TO
phase VB
in IN
small JJ
business NN
only RB
gradually RB
.There EX
is VBZ
also RB
worry VB
that IN
the DT
Pepper NNP
Commission NNP
studying VBG
long-term JJ
health NN
care NN
will MD
again RB
push VB
lawmakers NNS
toward IN
employerpaid JJ
solutions NNS
.The DT
Section NN
89 CD
victory NN
could MD
have VB
a DT
downside NN
by IN
making VBG
it PRP
harder JJR
to TO
oppose VB
lawmakers NNS
on IN
other JJ
health NN
proposals NNS
.`` 
With IN
the DT
repeal NN
of IN
Section NN
89 CD
,
we PRP
can MD
no RB
longer RB
say VB
they PRP
're VBP
discouraging VBG
businesses NNS
from IN
offering NN
health NN
plans NNS
,
'' 
says VBZ
Christine NNP
Russell NNP
,
the DT
Chamber NNP
of IN
Commerce NNP
's POS
small-business NN
advocate NN
.JUMPING NNP
THE DT
GUN NNP
:Sen. NNP
Lloyd NNP
Bentsen NNP
-LRB-
D. NNP
,
Texas NNP
-RRB-
was VBD
outraged VBN
after IN
a DT
private JJ
word NN
to TO
John NNP
Motley NNP
,
lobbyist NN
for IN
the DT
National NNP
Federation NNP
of IN
Independent NNP
Business NNP
,
resulted VBD
in IN
a DT
news NN
release NN
saying VBG
that IN
the DT
Senate NNP
Finance NNP
Committee NNP
chairman NN
would MD
recommend VB
repeal NN
of IN
Section NN
89 CD
.Even RB
though IN
the DT
announcement NN
was VBD
true JJ
in IN
the DT
end NN
,
it PRP
was VBD
issued VBN
without IN
the DT
senator NN
's POS
permission NN
.`` 
I PRP
blew VBD
it PRP
,
'' 
Mr. NNP
Motley NNP
says VBZ
apologetically RB
.`` 
It PRP
was VBD
a DT
timing NN
mistake NN
.
'' PRISON-SHOP NNP
BLUES NNPS
:Sen. NNP
Strom NNP
Thurmond NNP
-LRB-
R. NNP
,
S.C NNP
.
-RRB-
protests NNS
pending VBG
legislation NN
to TO
end VB
the DT
preference NN
that IN
the DT
federal JJ
prison NN
system NN
gets VBZ
in IN
selling VBG
prisoner-made JJ
furniture NN
and 
other JJ
goods NNS
to TO
government NN
agencies NNS
.Small-business NN
suppliers NNS
want VBP
prisons NNS
to TO
stop VB
getting VBG
high JJ
priority NN
,
especially RB
as IN
prison NN
production NN
grows VBZ
with IN
swelling VBG
inmate NN
populations NNS
.Last JJ
year NN
,
the DT
prisons NNS
' POS
sales NNS
to TO
the DT
Pentagon NNP
totaled VBD
$ $
336 CD
million CD
.REPAIR NN
SHOPS NNS
SCRAP VBP
for IN
more JJR
access NN
to TO
work VB
on IN
auto-emissions NNS
systems NNS
.Groups NNS
representing VBG
some DT
independent JJ
auto-repair JJ
shops NNS
join VBP
a DT
compromise NN
on IN
the DT
Clean NNP
Air NNP
legislation NN
worked VBD
out RP
between IN
environmentalists NNS
and 
Rep. NNP
Henry NNP
Waxman NNP
-LRB-
D. NNP
,
Calif NNP
.
-RRB-
.The DT
plan NN
would MD
increase VB
the DT
warranty NN
on IN
auto-emission NN
systems NNS
to TO
eight CD
years NNS
or 
80,000 CD
miles NNS
from IN
five CD
years NNS
or 
50,000 CD
for IN
major JJ
parts NNS
.But 
the DT
warranty NN
on IN
simpler JJR
parts NNS
would MD
be VB
lowered VBN
to TO
two CD
years NNS
or 
24,000 CD
miles NNS
.The DT
garage NN
owners NNS
say VBP
they PRP
would MD
benefit VB
because IN
car NN
owners NNS
would MD
be VB
less RBR
likely JJ
to TO
go VB
back RB
to TO
dealers NNS
for IN
the DT
simpler JJR
repairs NNS
after IN
two CD
years NNS
.The DT
repair NN
shops NNS
are VBP
n't RB
united VBN
,
however RB
.Shops NNS
represented VBN
by IN
the DT
Automotive NNP
Service NNP
Industry NNP
Association NNP
and 
the DT
Motor NNP
Equipment NNP
Manufacturers NNP
Association NNP
oppose VB
any DT
increase NN
in IN
warranty NN
length NN
.They PRP
say VBP
the 
longer 
the DT
warranty NN
,
the 
longer 
customers NNS
will MD
automatically RB
return VB
to TO
new-car NN
dealers NNS
,
which WDT
then RB
find VB
non-warranty NN
work NN
that WDT
might MD
otherwise RB
go VB
to TO
repair VB
shops NNS
.The DT
House NNP
Energy NNP
Committee NNP
will MD
debate VB
the DT
issue NN
later RB
this DT
month NN
.Stan NNP
Hathcock NNP
,
an DT
Atlanta NNP
garage NN
owner NN
who WP
opposes VBZ
a DT
longer RB
warranty NN
,
estimates VBZ
that IN
the DT
current JJ
plan NN
costs NNS
him PRP
as RB
much JJ
as IN
$ $
15,000 CD
a DT
year NN
in IN
lost VBN
business NN
.SMALL NNP
TALK NNP
:Some DT
70 CD
% NN
of IN
graduates NNS
who WP
recently RB
earned VBD
an DT
M.B.A. NNP
degree NN
say VBP
they PRP
'd MD
prefer VB
to TO
work VB
in IN
or 
own VB
a DT
small JJ
company NN
,
yet 
most RBS
take VB
jobs NNS
with IN
large JJ
concerns NNS
,
says VBZ
a DT
survey NN
by IN
the DT
Foster NNP
McKay NNP
Group NNP
,
a DT
New NNP
York NNP
recruiting VBG
firm NN
...
.Cardinal NNP
Scientific NNP
Inc. NNP
of IN
Waldorf NNP
,
Md. NNP
,
seeks VBZ
a DT
Small NNP
Business NNP
Innovation NNP
Research NNP
grant NN
to TO
produce VB
a DT
`` ``
nozzle NN
assembly NN
for IN
an DT
Army NNP
mass NN
delousing VBG
outfit NN
.Banc NNP
One CD
Corp. NNP
said VBD
Frank NNP
E. NNP
McKinney NNP
plans VBZ
to TO
retire VB
as IN
the DT
bank NN
holding VBG
company NN
's POS
president NN
effective JJ
Jan. NNP
12 CD
.Banc NNP
One CD
said VBD
`` 
it PRP
is VBZ
contemplated VBN
'' 
that IN
John NNP
B. NNP
McCoy NNP
,
chairman NN
and 
chief JJ
executive JJ
officer NN
,
will MD
assume VB
the DT
additional JJ
position NN
of IN
president NN
upon IN
Mr. NNP
McKinney NNP
's POS
retirement NN
.Mr. NNP
McKinney NNP
,
50 CD
years NNS
old JJ
,
was VBD
chairman NN
and 
chief JJ
executive NN
of IN
American NNP
Fletcher NNP
Corp. NNP
,
Indianapolis NNP
,
when WRB
that DT
bank NN
holding VBG
company NN
merged VBN
into IN
Banc NNP
One CD
in IN
January NNP
1987 CD
.The DT
company NN
said VBD
Mr. NNP
McKinney NNP
plans VBZ
to TO
retire VB
because IN
the DT
process NN
of IN
affiliating VBG
American NNP
Fletcher NNP
into IN
Banc NNP
One CD
`` 
is VBZ
considered VBN
completed VBN
.
'' Mr. NNP
McKinney NNP
will MD
continue VB
as IN
chairman NN
of IN
the DT
board NN
and 
chairman NN
of IN
the DT
executive JJ
committee NN
of IN
Banc NNP
One CD
Indiana NNP
Corp. NNP
,
the DT
successor NN
company NN
to TO
American NNP
Fletcher NNP
Corp. NNP
,
but 
will MD
no RB
longer RB
be VB
active JJ
in IN
day-to-day JJ
management NN
.He PRP
will MD
remain VB
on IN
the DT
Banc NNP
One CD
board NN
.The DT
Treasury NNP
plans VBZ
to TO
raise VB
$ $
1.55 CD
billion CD
in IN
new JJ
cash NN
with IN
the DT
sale NN
Monday NNP
of IN
about RB
$ $
15.6 CD
billion CD
in IN
short-term JJ
bills NNS
to TO
redeem VB
$ $
14.1 CD
billion CD
in IN
maturing VBG
bills NNS
.The DT
offering NN
will MD
be VB
divided VBN
evenly RB
between IN
13-week JJ
and CC
26-week JJ
bills NNS
maturing VBG
on IN
Jan. NNP
25 CD
, ,
1990 CD
,
and 
April NNP
26 CD
, ,
1990 CD
,
respectively RB
.Tenders NNS
for IN
the DT
bills NNS
,
available JJ
in IN
minimum JJ
$ $
10,000 CD
denominations NNS
,
must MD
be VB
received VBN
by IN
1 CD
p.m. NN
EDT NNP
Monday NNP
at IN
the DT
Treasury NNP
or CC
at IN
Federal NNP
Reserve NNP
banks NNS
or CC
branches NNS
.Moody NNP
's POS
Investors NNP
Service NNP
Inc. NNP
said VBD
it PRP
lowered VBD
ratings NNS
on IN
about RB
$ $
650 CD
million CD
of IN
Beatrice NNP
Co. NNP
debt NN
,
citing VBG
the DT
closely RB
held VBN
Chicago NNP
food NN
concern NN
's POS
proposed VBN
recapitalization NN
.The DT
ratings NNS
concern VBP
said VBD
it PRP
downgraded VBD
Beatrice NNP
notes NNS
,
Euronotes NNS
and 
certain JJ
industrial JJ
revenue NN
bonds NNS
to TO
single-B-1 JJ
from IN
Ba-3 JJ
and 
the DT
company NN
's POS
subordinated VBN
debentures NNS
to TO
single-B-3 NNP
from IN
single-B-2 NN
.Moody NNP
's POS
said VBD
the DT
proposed VBN
recaptilization NN
may MD
`` 
limit VB
the DT
company NN
's POS
ability NN
to TO
realize VB
its PRP$
profit NN
potential JJ
'' 
and 
that IN
paying VBG
dividends NNS
from IN
a DT
new JJ
series NN
of IN
preferred JJ
could MD
squeeze VB
`` 
basic JJ
business NN
operations NNS
.
'' A DT
Beatrice NNP
spokesman NN
did VBD
n't RB
return VB
calls VBZ
seeking VBG
comment VB
.Beatrice NNP
,
which WDT
went VBD
private JJ
in IN
an DT
$ $
8.2 CD
billion CD
leveraged JJ
buy-out NN
in IN
1986 CD
,
said VBD
last JJ
month NN
that IN
it PRP
might MD
borrow VB
again RB
to TO
help VB
pay VB
investors NNS
as RB
much JJ
as IN
$ $
983 CD
million CD
in IN
preferred JJ
stock NN
and 
debt NN
securities NNS
.When WRB
the DT
Soviets NNPS
announced VBD
their PRP$
last JJ
soldier NN
had VBD
left VBN
Afghanistan NNP
in IN
February NNP
,
the DT
voices NNS
of IN
skepticism NN
were VBD
all DT
but CC
drowned VBN
out IN
by IN
an DT
international JJ
chorus NN
of IN
euphoria NN
.It PRP
was VBD
`` 
the DT
Soviets NNPS
' ''
Vietnam NNP
.
'' The DT
Kabul NNP
regime NN
would MD
fall VB
.Millions NNS
of IN
refugees NNS
would MD
rush VB
home NN
.A DT
resistance NN
government NN
would MD
walk VB
into IN
Kabul NNP
.Those DT
who WP
bought VBD
that DT
illusion NN
are VBP
now RB
bewildered VBN
.Eight CD
months NNS
after IN
Gen. NNP
Boris NNP
Gromov NNP
walked VBD
across IN
the DT
bridge NN
into IN
the DT
U.S.S.R. NNP
,
a DT
Soviet-controlled JJ
regime NN
remains VBZ
in IN
Kabul NNP
,
the DT
refugees NNS
sit VBP
in IN
their PRP$
camps NNS
,
and 
the DT
restoration NN
of IN
Afghan JJ
freedom NN
seems VBZ
as IN
far RB
off IN
as IN
ever RB
.But 
there EX
never RB
was VBD
a DT
chance NN
that IN
the DT
Afghan JJ
resistance NN
would MD
overthrow VB
the DT
Kabul NNP
regime NN
quickly RB
and CC
easily RB
.Soviet JJ
leaders NNS
said VBD
they PRP
would MD
support VB
their PRP$
Kabul NNP
clients NNS
by IN
all DT
means VBZ
necessary JJ
--
and 
did VBD
.The DT
U.S. NNP
said VBD
it PRP
would MD
fully RB
support VB
the DT
resistance NN
--
and 
did VBD
n't 
.With IN
the DT
February NNP
1987 CD
U.N. NNP
accords NNS
`` 
relating VBG
to TO
Afghanistan NNP
,
'' 
the DT
Soviet NNP
Union NNP
got VBD
everything NN
it PRP
needed VBD
to TO
consolidate VB
permanent JJ
control NN
.The DT
terms NNS
of IN
the DT
Geneva NNP
accords NNS
leave VBP
Moscow NNP
free JJ
to TO
provide VB
its PRP$
clients NNS
in IN
Kabul NNP
with IN
assistance NN
of IN
any DT
kind NN
--
including VBG
the DT
return NN
of IN
Soviet JJ
ground NN
forces NNS
--
while IN
requiring VBG
the DT
U.S. NNP
and 
Pakistan NNP
to TO
cut VB
off IN
aid NN
.The DT
only JJ
fly NN
in IN
the DT
Soviet JJ
ointment NN
was VBD
the DT
last-minute JJ
addition NN
of IN
a DT
unilateral JJ
American JJ
caveat NN
,
that 
U.S. NNP
aid NN
to TO
the DT
resistance NN
would MD
continue VB
as RB
long RB
as IN
Soviet JJ
aid NN
to TO
Kabul NNP
did VBD
.But 
as RB
soon RB
as IN
the DT
accords NNS
were VBD
signed VBN
,
American JJ
officials NNS
sharply RB
reduced VBN
aid NN
.In IN
February NNP
1989 CD
,
when WRB
the DT
Soviets NNPS
said VBD
they PRP
had VBD
completed VBN
their PRP$
pullout NN
,
the DT
U.S. NNP
cut NN
it PRP
further JJ
.Not RB
so RB
the DT
Soviets NNPS
.Gen. NNP
Gromov NNP
himself PRP
said VBD
Soviet JJ
troops NNS
expected VBN
to TO
leave VB
behind IN
more JJR
than IN
$ $
1 CD
billion CD
of IN
military JJ
equipment NN
and CC
installations NNS
for IN
the DT
Kabul NNP
regime NN
.Since IN
the DT
troop NN
withdrawal NN
,
Moscow NNP
has VBZ
poured VBN
in IN
an DT
additional JJ
$ $
200 CD
to TO
$ $
300 CD
million CD
worth JJ
per IN
month NN
--
nearly RB
$ $
2 CD
billion CD
since IN
February NNP
,
equivalent NN
to TO
the DT
total JJ
U.S. NNP
aid NN
to TO
the DT
resistance NN
in IN
nine CD
years NNS
.This DT
includes VBZ
what WP
Deputy NNP
Foreign NNP
Minister NNP
Yuli NNP
Vorontsov NNP
fetchingly RB
called VBD
`` 
new JJ
peaceful JJ
long-range JJ
weapons NNS
,
'' 
including VBG
more JJR
than IN
800 CD
SCUD NNP
missiles NNS
.By IN
early JJ
May NNP
,
Moscow NNP
had VBD
delivered VBN
,
for IN
example NN
,
1,000 CD
trucks NNS
,
about IN
100 CD
tanks NNS
,
artillery NN
and 
hundreds NNS
of IN
other JJ
combat NN
vehicles NNS
.Later RB
that DT
month NN
,
it PRP
added VBD
an DT
entire JJ
tank NN
brigade NN
,
including VBG
120 CD
T-72 NN
tanks NNS
and 
more JJR
than IN
40 CD
BMP NN
state-of-the-art JJ
infantry NN
fighting VBG
vehicles NNS
.By IN
September NNP
,
a DT
new JJ
Reinforced NNP
Motorized NNP
Rifle NNP
Brigade NNP
with IN
an DT
additional JJ
300 CD
combat NN
vehicles NNS
,
1,000 CD
more JJR
trucks NNS
and 
10,000 CD
Soviet-trained JJ
Afghan JJ
troops NNS
had VBD
arrived VBN
in IN
Kandahar NNP
.In IN
the DT
last JJ
few JJ
weeks NNS
,
Moscow NNP
has VBZ
added VBN
FROG-7B NN
missiles NNS
,
the DT
bomber NN
version NN
of IN
the DT
An-12 NN
,
MiG-23BN NN
high-altitude JJ
aircraft NN
,
MiG-29s NNS
,
which WDT
can MD
outfly VB
Pakistan NNP
's POS
U.S.-built JJ
F16s NNS
,
and 
Sukhoi NNP
SU-27 NN
fighter-bombers NNS
,
which WDT
can MD
outfly VB
the DT
MiG-29s NNS
.Moscow NNP
claims VBZ
this DT
is VBZ
all 
needed VBN
to TO
protect VB
the DT
Kabul NNP
regime NN
against IN
the DT
guerrilla NN
resistance NN
.It PRP
is VBZ
well-known JJ
that IN
the DT
regular JJ
Afghan JJ
infantry NN
is VBZ
filled VBN
with IN
reluctant JJ
conscripts NNS
.But 
this DT
is VBZ
not 
the DT
entire JJ
Afghan JJ
army NN
,
and 
it PRP
is VBZ
no RB
longer RB
Kabul NNP
's POS
only RB
military JJ
force NN
.Complete JJ
units NNS
have VBP
been VBN
trained VBN
and CC
indoctrinated VBN
in IN
the DT
U.S.S.R. NNP
and 
other JJ
East NNP
bloc NN
nations NNS
;
30,000 CD
to TO
40,000 CD
of IN
these DT
troops NNS
have VBP
returned VBN
.In IN
addition NN
,
the DT
regime NN
has VBZ
established VBN
well-paid JJ
paramilitary JJ
forces NNS
totaling VBG
more JJR
than IN
100,000 
,
including VBG
35,000 CD
Soviet-trained JJ
troops NNS
of IN
the DT
Interior NNP
Ministry NNP
-LRB-
KHAD\/WAD NN
-RRB-
,
which WDT
still RB
is VBZ
directed VBN
by IN
1,500 CD
Soviet NNP
KGB NNP
officers NNS
.Even RB
if IN
not RB
all PDT
these DT
forces NNS
are VBP
committed VBN
to TO
the DT
regime NN
,
they PRP
are VBP
now RB
dependent JJ
on IN
it PRP
.And 
thousands NNS
of IN
Afghan JJ
children NNS
have VBP
been VBN
taken VBN
to TO
the DT
Soviet NNP
Union NNP
,
where WRB
they PRP
are VBP
hostage NN
for IN
the DT
behavior NN
of IN
their PRP$
families NNS
.Since IN
1981 CD
,
Indian NNP
military JJ
advisers NNS
have VBP
been VBN
assisting VBG
the DT
Kabul NNP
regime NN
.In IN
preparation NN
for IN
the DT
withdrawal NN
,
Moscow NNP
,
Kabul NNP
and 
New NNP
Delhi NNP
signed VBD
two CD
agreements NNS
for IN
several JJ
hundred CD
newly RB
civilian JJ
Indian NNP
experts NNS
to TO
replace VB
some DT
of IN
the DT
more RBR
visible JJ
Soviet JJ
military JJ
personnel NNS
.Cuban JJ
military JJ
personnel NNS
also RB
have VBP
been VBN
active JJ
in IN
Afghanistan NNP
since IN
1979 CD
.The DT
Soviets NNPS
cut NN
a DT
deal NN
with IN
Iran NNP
:
a DT
future NN
Iranian JJ
role NN
in IN
Afghanistan NNP
in IN
exchange NN
for IN
Iranian JJ
support NN
of IN
Soviet JJ
policy NN
.The DT
deal NN
was VBD
symbolized VBN
by IN
the DT
restoration NN
of IN
the DT
Shi'ite NNP
Sultan NNP
Ali NNP
Keshtmand NNP
to TO
the DT
Afghan JJ
prime JJ
ministry NN
.Moreover RB
,
serious JJ
questions NNS
have VBP
been VBN
raised VBN
about IN
the DT
claimed VBN
withdrawal NN
of IN
Soviet JJ
forces NNS
.Before IN
his PRP$
assassination NN
in IN
1988 CD
,
President NNP
Zia NNP
of IN
Pakistan NNP
repeatedly RB
stated VBD
that IN
fresh JJ
Soviet JJ
troops NNS
were VBD
being VBG
inserted VBN
into IN
Afghanistan NNP
even RB
as IN
others NNS
were VBD
ostentatiously RB
withdrawn VBN
.Rep. NNP
Bill NNP
McCollum NNP
-LRB-
R. NNP
,
Fla. NNP
-RRB-
reports NNS
that IN
these DT
included VBD
20,000 CD
to TO
30,000 CD
Soviet NNP
Central NNP
Asian NNP
KGB NNP
Border NNP
Guards NNPS
,
ethnically RB
indistinguishable JJ
from IN
Afghans NNPS
and 
wearing VBG
unmarked JJ
uniforms NNS
.Meanwhile RB
,
the DT
Kabul NNP
regime NN
is VBZ
increasingly RB
successful JJ
at IN
portraying VBG
the DT
resistance NN
as IN
bloody-minded JJ
fanatics NNS
.In IN
this DT
they PRP
are VBP
aided VBN
by IN
years NNS
of IN
American NNP
, ,
European JJ
, ,
Pakistani JJ
and CC
Saudi NNP
support NN
for IN
the DT
most RBS
extreme JJ
factions NNS
--
radical JJ
Islamic NNP
fanatics NNS
with IN
leaders NNS
whose WP$
policies NNS
are VBP
anathema NN
to TO
the DT
Afghan JJ
public NN
.This DT
heavy NN
outside IN
support NN
for IN
the DT
worst JJS
has VBZ
undermined VBN
better JJR
, ,
moderate JJ
leaders NNS
.In IN
autumn NN
last JJ
year NN
,
for IN
example NN
,
the DT
regime NN
garrison NN
at IN
Kandahar NNP
was VBD
prepared VBN
to TO
surrender VB
the DT
city NN
to TO
resistance NN
moderates NNS
.At IN
the DT
last JJ
minute NN
,
however RB
,
Pakistani JJ
officials NNS
sent VBD
in IN
Gulbuddin NNP
Hekhmatyar NNP
,
perhaps RB
the DT
most RBS
hated VBD
and CC
feared VBD
of IN
the DT
extremists NNS
,
with IN
a DT
demand NN
that IN
the DT
surrender NN
be VB
made VBN
to TO
his PRP$
forces NNS
.The DT
deal NN
fell VBD
through IN
,
and 
Kandahar NNP
remains VBZ
a DT
major JJ
regime NN
base NN
.The DT
resistance NN
lacks VBZ
not RB
only JJ
air NN
power NN
,
armor NN
and 
expertise NN
but 
often RB
such JJ
essentials NNS
as IN
maps NNS
,
mine NN
detectors NNS
,
or 
even JJ
winter NN
gloves NNS
.Experienced VBN
resistance NN
commanders NNS
wanted VBD
to TO
use VB
guerrilla NN
action NN
and 
siege NN
tactics NNS
to TO
wear VB
down RP
the DT
regime NN
.Instead RB
,
they PRP
were VBD
pressured VBN
by IN
Pakistan NNP
's POS
ISI NNP
,
the DT
channel NN
for IN
their PRP$
support NN
,
into IN
attacking VBG
Jalalabad NNP
.They PRP
took VBD
more JJR
than IN
25 CD
% NN
casualties NNS
;
journalists NNS
report VBP
that IN
they PRP
faced VBD
minefields NNS
without IN
mine NN
detectors NNS
.The DT
wonder NN
is VBZ
not 
that IN
the DT
resistance NN
has VBZ
failed VBN
to TO
topple VB
the DT
Kabul NNP
regime NN
,
but 
that IN
it PRP
continues VBZ
to TO
exist VB
and CC
fight NN
at IN
all DT
.Last JJ
summer NN
,
in IN
response NN
to TO
congressional JJ
criticism NN
,
the DT
State NNP
Department NNP
and 
the DT
CIA NNP
said VBD
they PRP
had VBD
resumed VBN
military JJ
aid NN
to TO
the DT
resistance NN
months NNS
after IN
it PRP
was VBD
cut VBN
off IN
;
but 
it PRP
is VBZ
not 
clear JJ
how WRB
much NN
is VBZ
being VBG
sent VBN
or 
when WRB
it PRP
will MD
arrive VB
.For IN
months NNS
the DT
resistance NN
has VBZ
been VBN
defenseless JJ
against IN
air NN
attack NN
.Thus RB
far RB
there EX
is VBZ
no DT
indication NN
that IN
they PRP
have VBP
been VBN
re-supplied VBN
with IN
Stingers NNPS
or 
other JJ
anti-aircraft JJ
weapons NNS
.Indeed RB
,
U.S. NNP
officials NNS
have VBP
indicated VBN
to TO
the DT
press NN
that IN
the DT
continuation NN
of IN
aid NN
depends VBZ
on IN
what WP
success NN
the DT
weakened VBN
resistance NN
achieves VBZ
by IN
the DT
end NN
of IN
this DT
year NN
.Moscow NNP
and CC
Kabul NNP
must MD
have VB
found VBN
that DT
information NN
useful JJ
.For IN
a DT
decade NN
U.S. NNP
policy NN
has VBZ
been VBN
incoherent JJ
,
based VBN
on IN
miscalculation NN
and 
the DT
defense NN
of IN
bureaucratic JJ
and CC
political JJ
turf NN
.No DT
settlement NN
negotiated VBN
by IN
others NNS
can MD
force VB
the DT
Afghan JJ
people NNS
to TO
give VB
up IN
their PRP$
struggle NN
.A DT
cutoff NN
of IN
U.S. NNP
military JJ
aid NN
would MD
merely RB
abandon VB
them PRP
to TO
die VB
in IN
vain JJ
.Creation NN
of IN
a DT
new JJ
, ,
realistic JJ
U.S. NNP
policy NN
is VBZ
long JJ
overdue JJ
.Ms. NNP
Klass NNP
,
editor NN
and CC
co-author NN
of IN
`` 
Afghanistan NNP
:
The DT
Great NNP
Game NNP
Revisited NNP
'' 
-LRB-
Freedom NNP
House NNP
-RRB-
,
directs VBZ
the DT
Freedom NNP
House NNP
program NN
on IN
Afghanistan\/Southwest NNP
Asia NNP
.Nothing NN
stirred VBD
the DT
soul NN
of IN
Ronald NNP
Reagan NNP
and 
his PRP$
disciples NNS
as RB
much JJ
as IN
the DT
crusade NN
to TO
aid VB
Nicaragua NNP
's POS
Contra NNP
rebels NNS
,
or 
the DT
dream NN
of IN
building VBG
a DT
space-based JJ
defense NN
shield NN
to TO
knock VB
out IN
Soviet JJ
nuclear JJ
missiles NNS
.Yet RB
under IN
Mr. NNP
Reagan NNP
's POS
preferred JJ
successor NN
,
President NNP
Bush NNP
,
those DT
two CD
cherished VBN
national-security NN
causes NNS
are VBP
withering VBG
on IN
the DT
vine NN
.And 
,
surprisingly RB
,
little RB
more JJR
than IN
a DT
whimper NN
of IN
protest NN
is VBZ
being VBG
heard VBN
,
even RB
though IN
Reaganauts NNS
once RB
breathed VBD
fire NN
supporting VBG
the DT
Contras NNPS
and 
the DT
Strategic NNP
Defense NNP
Initiative NNP
.`` 
The DT
programs NNS
have VBP
arthritis NN
,
'' 
says VBZ
Rep. NNP
Henry NNP
Hyde NNP
,
a DT
conservative JJ
Republican NNP
from IN
Illinois NNP
.Yet RB
,
he PRP
asserts VBZ
,
`` 
you PRP
look VBP
around IN
...
and 
you PRP
say VBP
,
` 
Who WP
are VBP
the DT
leaders NNS
?Who WP
is V
going VBG
to TO
carry VB
the DT
water NN
?
' 
'' It PRP
is VBZ
n't 
surprising JJ
that IN
President NNP
Bush NNP
has VBZ
n't RB
led VBN
a DT
crusade NN
to TO
pump VB
up IN
the DT
Contras NNPS
or 
SDI NNP
.Though IN
he PRP
nominally RB
supports VBZ
both DT
programs NNS
,
Mr. NNP
Bush NNP
has VBZ
n't RB
been VBN
a DT
passionate JJ
champion NN
of IN
either DT
cause NN
,
as IN
Mr. NNP
Reagan NNP
was VBD
.What WP
's VBZ
surprising JJ
is VBZ
that IN
there EX
is VBZ
n't 
more JJR
of IN
a DT
conservative JJ
outcry NN
as IN
the DT
Bush NNP
administration NN
lets VBZ
the DT
programs NNS
slip VBP
down RP
the DT
national-priority JJ
list NN
.A DT
combination NN
of IN
factors NNS
--
a DT
weariness NN
among IN
some DT
conservatives NNS
,
a DT
decline NN
in IN
the DT
perception NN
of IN
a DT
Soviet JJ
threat NN
and 
a DT
preoccupation NN
with IN
other JJ
issues NNS
--
seem VB
to TO
explain VB
the DT
strange JJ
tranquility NN
.Above IN
all DT
,
though RB
,
conservative JJ
Republicans NNPS
who WP
have VBP
championed VBN
both 
the DT
Contras NNPS
and 
SDI NNP
are VBP
reluctant JJ
to TO
attack VB
a DT
Republican NNP
president NN
for IN
failing VBG
to TO
do VB
more JJR
--
though IN
that DT
reluctance NN
may MD
be VB
receding VBG
.`` 
We PRP
want VBP
to TO
complain VB
,
we PRP
want VBP
to TO
say VB
something NN
about IN
it PRP
,
and 
we PRP
're VBP
going VBG
to TO
as IN
it PRP
gets VBZ
worse JJR
,
'' 
says VBZ
Rep. NNP
Dan NNP
Burton NNP
,
an DT
Indiana NNP
Republican NNP
who WP
has VBZ
been VBN
a DT
staunch JJ
Contra NNP
backer NN
.`` 
But 
it PRP
's VBZ
like IN
kicking VBG
your PRP$
father NN
in IN
the DT
pants NNS
.You PRP
hate VBP
to TO
do VB
it PRP
because IN
he PRP
's VBZ
your PRP$
father NN
.
'' Mr. NNP
Burton NNP
says VBZ
conservatives NNS
' POS
unhappiness NN
with IN
Mr. NNP
Bush NNP
's POS
cautious JJ
handling NN
of IN
the DT
recent JJ
unsuccessful JJ
coup NN
in IN
Panama NNP
will MD
make VB
them PRP
more RBR
willing JJ
to TO
speak VB
out RB
.Of IN
course NN
,
neither DT
President NNP
Bush NNP
nor 
the DT
Congress NNP
has VBZ
actually RB
abandoned VBN
the DT
Contras NNPS
or 
SDI NNP
.Mr. NNP
Bush NNP
has VBZ
struck VBN
a DT
deal NN
with IN
congressional JJ
leaders NNS
to TO
provide VB
nonlethal JJ
aid NN
to TO
the DT
Contras NNPS
until IN
Nicaragua NNP
holds VBZ
national JJ
elections NNS
next JJ
February NNP
.But 
the DT
administration NN
has VBZ
dropped VBN
any DT
effort NN
to TO
win VB
military JJ
aid NN
for IN
the DT
rebels NNS
.And 
the DT
administration NN
's POS
deal NN
with IN
Congress NNP
gives VBZ
several JJ
congressional JJ
committees NNS
the DT
right NN
to TO
cut VB
off IN
even RB
humanitarian JJ
aid NN
next JJ
month NN
,
though IN
the DT
committees NNS
are VBP
likely JJ
to TO
let VB
aid NN
continue VB
until IN
February NNP
.Most JJS
analysts NNS
think VBP
there EX
's VBZ
little JJ
prospect NN
the DT
Contras NNPS
can MD
be VB
a DT
significant JJ
fighting NN
force NN
without IN
U.S. NNP
arms NNS
,
and 
after IN
the DT
February NNP
election NN
their PRP$
future NN
in IN
any DT
form NN
will MD
be VB
murky JJ
at IN
best JJS
.Instead RB
of IN
focusing VBG
on IN
the DT
Contras NNPS
,
Mr. NNP
Bush NNP
has VBZ
switched VBN
to TO
urging VBG
members NNS
of IN
Congress NNP
--
most RBS
recently RB
in IN
a DT
White NNP
House NNP
meeting NN
yesterday NN
--
to TO
approve VB
financing NN
for IN
the DT
election NN
campaign NN
of IN
political JJ
opponents NNS
of IN
Nicaragua NNP
's POS
Sandinista NNP
government NN
.The DT
administration NN
continues VBZ
to TO
support VB
SDI NNP
,
or 
Star NNP
Wars NNP
,
and 
it PRP
recently RB
lobbied VBD
to TO
persuade VB
the DT
Senate NNP
to TO
restore VB
some DT
of IN
the DT
funds NNS
it PRP
planned VBD
to TO
cut VB
from IN
the DT
program NN
.And 
just RB
last JJ
week NN
,
Defense NNP
Secretary NNP
Dick NNP
Cheney NNP
gave VBD
a DT
strong JJ
speech NN
listing NN
`` 
compelling JJ
reasons NNS
'' 
to TO
push VB
ahead RB
with IN
SDI NNP
and 
saying VBG
he PRP
'd MD
urge VB
President NNP
Bush NNP
to TO
veto VB
a DT
defense NN
bill NN
with IN
`` ``
inadequate JJ
'' ''
funding NN
for IN
the DT
program NN
.But 
the DT
strong JJ
pitch NN
by IN
Mr. NNP
Cheney NNP
may MD
be VB
too RB
little JJ
too RB
late JJ
to TO
prevent VB
damage NN
to TO
SDI NNP
.The DT
House NNP
has VBZ
already RB
voted VBN
for IN
a DT
deep JJ
cut NN
in IN
funding NN
,
and 
in IN
the DT
end NN
the DT
program NN
's POS
backers NNS
will MD
be VB
hard RB
pressed VBN
to TO
head VB
off IN
some DT
reduction NN
in IN
spending NN
next JJ
year NN
.And 
while IN
the DT
defense NN
secretary NN
is VBZ
speaking VBG
out 
,
President NNP
Bush NNP
himself PRP
has VBZ
n't RB
launched VBN
any DT
high-visibility JJ
campaign NN
to TO
drum VB
up IN
support NN
,
as IN
President NNP
Reagan NNP
did VBD
.The DT
administration NN
also RB
acknowledges VBZ
that IN
it PRP
is VBZ
n't RB
pursuing VBG
Mr. NNP
Reagan NNP
's POS
original JJ
vision NN
of IN
an DT
`` ``
impenetrable JJ
shield NN
'' 
protecting VBG
the DT
whole JJ
U.S. NNP
,
but CC
rather RB
a DT
more RBR
modest JJ
version NN
.More RBR
ominous JJ
to TO
SDI NNP
supporters NNS
,
the DT
Bush NNP
administration NN
appears VBZ
to TO
have VB
tacitly RB
accepted VBN
a DT
new JJ
arms-control NN
proposal NN
from IN
the DT
Soviet NNP
Union NNP
that WDT
spells VBZ
long-term JJ
trouble NN
for IN
Star NNP
Wars NNPS
.The DT
Soviets NNPS
have VBP
agreed VBN
to TO
complete VB
a DT
treaty NN
cutting VBG
strategic JJ
weapons NNS
without IN
including VBG
restrictions NNS
on IN
space-based JJ
defenses NNS
.But 
the DT
Soviets NNPS
also RB
are VBP
insisting VBG
that IN
they PRP
will MD
reserve VB
the DT
right NN
to TO
withdraw VB
from IN
the DT
completed VBN
strategic-arms JJ
treaty NN
later RB
on IN
if IN
the DT
U.S. NNP
does VBZ
SDI NNP
testing NN
or CC
deployment NN
that IN
the DT
Soviets NNPS
think VBP
violates VBZ
the DT
existing VBG
anti-ballistic-missile JJ
treaty NN
.It PRP
will MD
be VB
hard JJ
down RP
the DT
road NN
to TO
persuade VB
Congress NNP
to TO
approve VB
money NN
for IN
SDI NNP
plans VBZ
if IN
lawmakers NNS
fear VBP
those DT
plans NNS
could MD
scuttle VB
a DT
completed VBN
treaty NN
.As IN
a DT
result NN
,
Frank NNP
Gaffney NNP
,
a DT
former JJ
Reagan NNP
Pentagon NNP
aide NN
who WP
now RB
heads VBZ
the DT
Center NNP
for IN
Security NNP
Policy NNP
,
charges VBZ
that IN
the DT
administration NN
's POS
`` ``
professions NNS
of IN
continued VBN
commitment NN
to TO
development NN
and CC
deployment NN
of IN
the DT
SDI NNP
program NN
strain NN
credulity NN
.
'' Still RB
,
proponents NNS
may MD
be VB
shying VBG
away RB
from IN
more JJR
drumbeating NN
because IN
they PRP
sense VBP
political JJ
tides NNS
have VBP
turned VBN
against IN
arming NN
the DT
Nicaraguan JJ
rebels NNS
or 
boosting VBG
spending NN
on IN
SDI NNP
--
particularly RB
when WRB
the DT
public NN
perceives VBZ
the DT
Soviet JJ
threat NN
is VBZ
declining VBG
under IN
Mikhail NNP
Gorbachev NNP
.In IN
fact NN
,
because IN
communism NN
seems VBZ
to TO
be VB
beating VBG
a DT
global JJ
retreat NN
,
some DT
conservatives NNS
may MD
simply RB
be VB
so RB
pleased VBN
that IN
their PRP$
anti-communist JJ
philosophy NN
is VBZ
prevailing VBG
that IN
they PRP
do VBP
n't RB
have VB
the DT
fire NN
at IN
the DT
moment NN
to TO
push VB
controversial JJ
programs NNS
.`` 
The DT
short NN
of IN
it PRP
is VBZ
that IN
the DT
most RBS
hard-bitten JJ
among IN
us PRP
can MD
not RB
get VB
into IN
too RB
sour VB
a DT
mood NN
with IN
communism NN
collapsing VBG
,
'' 
says VBZ
Mitchell NNP
Daniels NNP
,
a DT
former JJ
Reagan NNP
White NNP
House NNP
aide NN
who WP
now RB
is VBZ
president NN
of IN
the DT
Hudson NNP
Institute NNP
.Some DT
activists NNS
are VBP
toiling VBG
to TO
raise VB
the DT
profile NN
of IN
the DT
two CD
causes NNS
.But 
they PRP
say VBP
they PRP
ca MD
n't RB
make VB
much JJ
headway NN
because IN
of IN
a DT
lack NN
of IN
willing JJ
leaders NNS
in IN
a DT
position NN
to TO
turn VB
the DT
tide NN
.One CD
longtime JJ
champion NN
of IN
these DT
programs NNS
in IN
Congress NNP
,
Republican NNP
whip NN
Newt NNP
Gingrich NNP
of IN
Georgia NNP
,
is VBZ
distracted VBN
by IN
questions NNS
about IN
his PRP$
ethics NNS
,
conservatives NNS
note VBP
.Other JJ
conservative JJ
champions NNS
,
like IN
Wyoming NNP
Republican NNP
Sen. NNP
Malcolm NNP
Wallop NNP
,
a DT
longtime JJ
SDI NNP
advocate NN
,
do VBP
n't RB
have VB
the DT
clout NN
with IN
the DT
Bush NNP
White NNP
House NNP
that IN
they PRP
enjoyed VBD
with IN
President NNP
Reagan NNP
.Above IN
all DT
,
though RB
,
proponents NNS
say VBP
neither DT
the DT
Contra NNP
nor CC
the DT
SDI NNP
cause NN
can MD
be VB
pushed VBN
much JJ
further JJ
without IN
more RBR
presidential JJ
support NN
.`` 
For IN
there EX
to TO
be VB
wind NN
in IN
the DT
sails NNS
of IN
any DT
program NN
,
the DT
chief JJ
executive NN
has VBZ
to TO
be VB
blowing VBG
in IN
the DT
sails NNS
,
'' 
says VBZ
Rep. NNP
Burton NNP
.All DT
this DT
causes NNS
Rep. NNP
Hyde NNP
to TO
muse VB
about IN
an DT
alternate JJ
way NN
to TO
drum VB
up IN
more JJR
enthusiasm NN
.`` 
What WP
I PRP
'd MD
like VB
to TO
see VB
,
if IN
he PRP
is VBZ
up IN
to TO
it PRP
,
is VBZ
for IN
Reagan NNP
to TO
take VB
to TO
the DT
hustings NN
to TO
regenerate VB
enthusiasm NN
for IN
SDI NNP
,
'' 
the DT
congressman NN
says NNS
.We PRP
're VBP
sorry JJ
to TO
report VB
that IN
on IN
Monday NNP
President NNP
Bush NNP
accepted VBD
the DT
resignation NN
of IN
William NNP
Allen NNP
as IN
chairman NN
of IN
the DT
U.S. NNP
Civil NNP
Rights NNP
Commission NNP
.Mr. NNP
Allen NNP
,
appointed VBN
by IN
President NNP
Reagan NNP
,
grew VBD
understandably RB
tired VBN
of IN
dealing VBG
with IN
the DT
guerrilla NN
tactics NNS
of IN
his PRP$
enemies NNS
.His PRP$
recent JJ
speech NN
,
provocatively RB
titled VBN
`` 
Blacks NNS
?
Animals NNS
?
Homosexuals NNS
?
What WP
is VBZ
a DT
Minority NNP
?
'' 
caused VBN
an DT
uproar NN
when WRB
its PRP$
title NN
leaked VBN
out RB
.Mr. NNP
Allen NNP
's POS
commissioners NNS
voted VBD
to TO
call VB
his PRP$
unread JJ
speech NN
`` 
thoughtless JJ
,
disgusting JJ
and 
unnecessarily RB
inflammatory JJ
.
'' Commissioner NNP
Mary NNP
Francis NNP
Berry NNP
said VBD
it PRP
was VBD
`` 
another DT
sad JJ
episode NN
in IN
the DT
saga NN
of IN
the DT
unguided JJ
missile NN
who WP
is VBZ
chairman NN
.
'' Rep. NNP
Don NNP
Edwards NNP
,
the DT
California NNP
Democrat NNP
,
warned VBD
Mr. NNP
Allen NNP
that IN
the DT
speech NN
would MD
be VB
`` 
outside IN
the DT
scope NN
of IN
the DT
commission NN
's POS
jurisdiction NN
.
'' Thomas NNP
Stoddard NNP
,
head NN
of IN
the DT
Lambda NNP
Legal NNP
Defense NNP
Fund NNP
,
called VBD
the DT
prospect NN
of IN
the DT
speech NN
`` 
frankly RB
shocking JJ
.
'' We PRP
've VBP
actually RB
read VB
the DT
speech NN
.Mr. NNP
Allen NNP
began VBD
it PRP
with IN
a DT
warning NN
to TO
his PRP$
hosts NNS
,
a DT
California NNP
church NN
group NN
that WDT
opposes VBZ
rights NNS
for IN
homosexuals NNS
.He PRP
said VBD
that IN
other JJ
participants NNS
in IN
the DT
conference NN
`` 
do VBP
not RB
believe VB
that IN
the DT
rights NNS
of IN
Americans NNPS
should MD
be VB
guaranteed VBN
to TO
citizens NNS
who WP
are VBP
homosexual JJ
,
'' 
but 
that IN
`` 
I PRP
mean VBP
to TO
persuade VB
you PRP
to TO
the DT
opposite JJ
view NN
.
'' He PRP
recalled VBD
to TO
the DT
audience NN
a DT
`` ``
strange JJ
, ,
infelicitous JJ
'' ''
analogy NN
he PRP
once RB
heard VBD
arguing VBG
`` 
now RB
that IN
we PRP
have VBP
finally RB
recognized VBN
that IN
American JJ
blacks NNS
have VBP
rights NNS
,
we PRP
need VBP
to TO
do VB
the DT
same JJ
for IN
animals NNS
.'' 
Mr. NNP
Allen NNP
objected VBD
to TO
this DT
analogy NN
because IN
it PRP
seems VBZ
to TO
`` 
assimilate VB
the DT
status NN
of IN
blacks NNS
to TO
that IN
of IN
animals NNS
--
as IN
a DT
mere JJ
project NN
of IN
charity NN
,
of IN
humaneness NN
.
'' Rights NNS
on IN
such JJ
a DT
basis NN
,
whether IN
for IN
blacks NNS
or CC
homosexuals NNS
,
are VBP
`` 
mere JJ
indulgences NNS
,
'' 
he PRP
said VBD
,
subject NN
to TO
being VBG
taken VBN
back RB
.He PRP
says VBZ
the DT
title NN
of IN
his PRP$
speech NN
was VBD
to TO
make VB
his PRP$
point NN
that IN
Americans NNPS
have VBP
rights NNS
as IN
individuals NNS
, ,
not RB
as IN
members NNS
of IN
certain JJ
select VB
groups NNS
.His PRP$
speech NN
criticized VBD
the DT
`` ``
idiocy NN
of IN
notions NNS
of IN
protected VBN
groups NNS
in IN
society NN
'' 
as IN
opposed VBN
to TO
individual JJ
equality NN
or 
,
as IN
he PRP
put VBP
it PRP
,
in IN
`` 
a DT
common JJ
destiny NN
as IN
Americans NNPS
.
'' Instead RB
of IN
lobbying VBG
for IN
special JJ
treatment NN
,
Mr. NNP
Allen NNP
said VBD
that IN
homosexuals NNS
and CC
others NNS
should MD
try VB
to TO
ensure VB
equal JJ
treatment NN
under IN
the DT
law NN
and 
not 
aim VB
for IN
special JJ
privileges NNS
that WDT
would MD
risk VB
`` 
invidious JJ
retrenchment NN
with IN
government NN
complicity NN
.
'' This DT
hardly RB
sounds VBZ
like IN
an DT
anti-homosexual JJ
screed NN
.What WP
's V
really RB
going VBG
on IN
here RB
?The DT
three CD
most RBS
important JJ
things NNS
to TO
understand VB
about IN
Mr. NNP
Allen NNP
is VBZ
that IN
he PRP
is VBZ
a DT
black JJ
conservative JJ
intellectual JJ
--
a DT
triple JJ
threat NN
to TO
the DT
liberal JJ
establishment NN
.Mr. NNP
Allen NNP
,
who WP
teaches VBZ
government NN
at IN
prestigious JJ
Harvey NNP
Mudd NNP
College NNP
in IN
California NNP
and 
will MD
remain VB
a DT
member NN
of IN
the DT
commission NN
,
has VBZ
spent VBN
years NNS
arguing VBG
that IN
civil JJ
rights NNS
are VBP
individuals NNS
' POS
rights NNS
.He PRP
last RB
made VBN
waves NNS
when WRB
he PRP
dared VBD
to TO
defend VB
an DT
Indian NNP
girl NN
who WP
had VBD
been VBN
adopted VBN
by IN
non-Indian JJ
parents NNS
off IN
her PRP$
reservation NN
.Mr. NNP
Allen NNP
quickly RB
ran VBD
up IN
against IN
the DT
liberal JJ
establishment NN
again RB
,
which WDT
somehow RB
elevated VBN
the DT
vague JJ
concept NN
of IN
`` 
Indian NNP
rights NNS
'' 
above IN
the DT
rights NNS
of IN
individual JJ
Indians NNPS
.There EX
is VBZ
a DT
huge JJ
divide NN
between IN
Mr. NNP
Allen NNP
's POS
we're-all-in-this-together JJ
view NN
and 
the DT
divisive JJ
litigation NN
approach NN
of IN
the DT
civil JJ
rights NNS
groups NNS
.Indeed RB
,
the DT
gap NN
is VBZ
so RB
large JJ
that IN
Mr. NNP
Allen NNP
's POS
critics NNS
refuse VBP
to TO
engage VB
the DT
debate NN
.Their PRP$
ridicule NN
of IN
him PRP
is VBZ
no DT
substitute NN
for IN
argument NN
.Their PRP$
effort NN
to TO
run VB
him PRP
out IN
of IN
Washington NNP
is VBZ
an DT
embarrassment NN
to TO
the DT
original JJ
purpose NN
of IN
their PRP$
own JJ
movement NN
.We PRP
hope VBP
the DT
next JJ
head NN
of IN
the DT
Civil NNP
Rights NNP
Commission NNP
will MD
be VB
as RB
brave JJ
as IN
Mr. NNP
Allen NNP
in IN
making VBG
the DT
case NN
for IN
equality NN
of IN
civil JJ
rights NNS
.Bearings NNP
Inc. NNP
said VBD
its PRP$
chairman NN
,
John NNP
R. NNP
Cunin NNP
,
will MD
retire VB
as IN
an DT
officer NN
of IN
the DT
company NN
on IN
Jan. NNP
2 CD
.George NNP
L. NNP
LaMore NNP
,
president NN
and 
chief JJ
executive JJ
officer NN
,
will MD
become VB
chairman NN
and 
chief JJ
executive NN
upon IN
Mr. NNP
Cunin NNP
's POS
retirement NN
.John NNP
C. NNP
Dannemiller NNP
,
executive JJ
vice NN
president NN
and 
chief JJ
operating VBG
officer NN
,
will MD
become VB
president NN
and 
chief JJ
operating VBG
officer NN
.Mr. NNP
Cunin NNP
,
65 CD
years NNS
old JJ
,
was VBD
chief JJ
executive NN
of IN
the DT
distributor NN
of IN
bearings NNS
and 
power-transmission JJ
products NNS
from IN
1982 CD
to TO
1988 CD
.He PRP
will MD
continue VB
as IN
a DT
director NN
.Mr. NNP
LaMore NNP
,
63 CD
,
a DT
48-year JJ
veteran NN
at IN
Bearings NNP
,
has VBZ
been VBN
president NN
since IN
1983 CD
.Mr. NNP
Dannemiller NNP
,
51 CD
,
joined VBD
Bearings NNP
in IN
August NNP
1988 CD
from IN
Leaseway NNP
Transportation NNP
Corp. NNP
,
where WRB
he PRP
was VBD
president NN
and 
chief JJ
operating VBG
officer NN
.He PRP
has VBZ
been VBN
a DT
Bearings NNP
director NN
since IN
1985 CD
.The DT
appointments NNS
are VBP
part NN
of IN
a DT
planned VBN
succession NN
at IN
the DT
company NN
.Soviet JJ
leader NN
Mikhail NNP
Gorbachev NNP
opened VBD
a DT
major JJ
U.S. NNP
trade NN
exhibition NN
in IN
Moscow NNP
and 
spent VBD
two CD
hours NNS
touring VBG
some DT
of IN
the DT
150 CD
stalls NNS
representing VBG
such JJ
blue-chip JJ
companies NNS
as IN
General NNP
Motors NNPS
Corp. NNP
,
International NNP
Business NNP
Machines NNP
Corp. NNP
and 
Johnson NNP
& CC
Johnson NNP
.At IN
the DT
Archer-Daniels-Midland NNP
Co. NNP
stand VB
,
Mrs. NNP
Nelson NNP
Rockefeller NNP
,
a DT
board NN
member NN
,
offered VBD
him PRP
a DT
soy NN
burger NN
.He PRP
did VBD
n't RB
bite VB
.The DT
exhibition NN
by IN
the DT
U.S.-U.S.S.R. NNP
Trade NNP
and CC
Economic NNP
Council NNP
underscores VBZ
the DT
growing VBG
U.S. NNP
interest NN
in IN
that DT
nation NN
's POS
market NN
,
though IN
trade NN
between IN
the DT
two CD
countries NNS
is VBZ
a DT
minuscule JJ
$ $
3 CD
billion CD
.The DT
Soviet JJ
president NN
and 
his PRP$
prime JJ
minister NN
,
Nikolai NNP
Ryzhkov NNP
,
spent VBD
the DT
longest JJS
time NN
,
about IN
15 CD
minutes NNS
,
at IN
the DT
IBM NNP
stand NN
,
where WRB
they PRP
got VBD
souvenir NN
computer-chip NN
key JJ
rings NNS
.At IN
the DT
GM NNP
stall NN
,
they PRP
barely RB
looked VBD
at IN
a DT
gleaming VBG
Cadillac NNP
,
preferring VBG
to TO
talk VB
about IN
cooperation NN
possibilities NNS
.In IN
Beijing NNP
,
meantime NN
,
China NNP
opened VBD
an DT
international JJ
aviation NN
show NN
,
but 
the DT
West NNP
's POS
embargo NN
on IN
military JJ
deals NNS
and 
uncertainty NN
about IN
the DT
nation NN
's POS
stability NN
kept VBD
many JJ
foreign JJ
exhibitors NNS
away RB
.Officials NNS
said VBD
91 CD
companies NNS
from IN
14 CD
countries NNS
,
including VBG
the DT
U.S. NNP
,
had VBD
displays NNS
,
down RB
from IN
about IN
260 CD
firms NNS
from IN
more JJR
than IN
20 CD
countries NNS
at IN
the DT
last JJ
show NN
in INJapanese JJ
air-conditioner NN
maker NN
Daikin NNP
Industries NNP
Ltd. NNP
was VBD
fined VBN
two CD
million CD
yen NN
-LRB-
$ $
14,000 CD
-RRB-
for IN
exporting VBG
to TO
the DT
Soviet NNP
Union NNP
a DT
chemical NN
solution NN
that WDT
could MD
be VB
used VBN
in IN
missile-guidance JJ
systems NNS
.A DT
Daikin NNP
executive NN
in IN
charge NN
of IN
exports NNS
when WRB
the DT
high-purity NN
halogenated VBD
hydrocarbon NN
was VBD
sold VBN
to TO
the DT
Soviets NNPS
in IN
1986 CD
received VBD
a DT
suspended VBN
10-month JJ
jail NN
sentence NN
.Judge NNP
Masaaki NNP
Yoneyama NNP
told VBD
the DT
Osaka NNP
District NNP
Court NNP
Daikin NNP
's POS
`` ``
responsibility NN
is VBZ
heavy JJ
because IN
illegal JJ
exports NNS
lowered VBD
international JJ
trust NN
in IN
Japan NNP
.
'' Sale NNP
of IN
the DT
solution NN
in IN
concentrated VBN
form NN
to TO
Communist NNP
countries NNS
is VBZ
prohibited VBN
by IN
Japanese JJ
law NN
and CC
by IN
international JJ
agreement NN
.A DT
Soviet JJ
legislative JJ
panel NN
rejected VBD
as IN
not RB
radical JJ
enough RB
a DT
government NN
proposal NN
on IN
decentralizing VBG
economic JJ
control NN
.The DT
newspaper NN
Leninskoye NNP
Zamya NNP
said VBD
the DT
committee NN
decided VBD
the DT
plan NN
to TO
parcel VB
out RP
economic JJ
powers NNS
previously RB
exercised VBN
by IN
Moscow NNP
to TO
the DT
country NN
's POS
15 CD
republics NNS
`` 
does VBZ
n't RB
reflect VB
the DT
radical JJ
changes NNS
in IN
the DT
Soviet JJ
federation NN
.
'' The DT
committee NN
gave VBD
the DT
government NN
until IN
Nov. NNP
15 CD
to TO
revise VB
the DT
proposal NN
.The DT
move NN
reflected VBD
the DT
growing VBG
confidence NN
of IN
the DT
revamped VBN
Supreme NNP
Soviet JJ
.Scott NNP
Paper NNP
Co. NNP
said VBD
it PRP
is VBZ
abandoning VBG
a DT
proposed VBN
$ $
650 CD
million CD
tree-farming JJ
project NN
in IN
Indonesia NNP
because IN
it PRP
no RB
longer RB
expects VBZ
to TO
use VB
as IN
much JJ
eucalyptus NN
pulp NN
as 
previously RB
anticipated VBN
.The DT
eucalyptus NN
plantation NN
and CC
pulp NN
mill NN
,
which WDT
would MD
have VB
covered VBN
about IN
175,000 CD
acres NNS
in IN
the DT
Irian NNP
Jaya NNP
region NN
,
had VBD
been VBN
approved VBN
by IN
Indonesia NNP
's POS
investment NN
board NN
.But 
it PRP
was VBD
opposed VBN
by IN
some DT
environmentalists NNS
as IN
a DT
threat NN
to TO
Irian NNP
Jaya NNP
's POS
forests NNS
and 
a DT
potential JJ
source NN
of IN
social JJ
unrest NN
for IN
the DT
primitive JJ
tribes NNS
who WP
inhabit VBP
them PRP
.Yaohan NNP
Departmentstore NNP
Co. NNP
of IN
Japan NNP
is VBZ
moving VBG
its PRP$
international-operations NNS
headquarters NN
and 
holding VBG
company NN
to TO
Hong NNP
Kong NNP
to TO
gain VB
from IN
the DT
British JJ
colony NN
's POS
economic JJ
advantages NNS
and CC
tax NN
structure NN
.With IN
funds NNS
of IN
5.56 CD
billion CD
Hong NNP
Kong NNP
dollars NNS
-LRB-
US$ $
712 CD
million CD
-RRB-
,
the DT
new JJ
company NN
,
Yaohan NNP
International NNP
Co. NNP
,
plans VBZ
to TO
acquire VB
10 CD
of IN
Hong NNP
Kong NNP
's POS
top JJ
restaurants NNS
.It PRP
also RB
intends VBZ
to TO
set VB
up IN
an DT
international JJ
wholesale JJ
market NN
with IN
the DT
Singapore NNP
government NN
next JJ
May NNP
and 
to TO
open VB
a DT
department NN
store NN
in IN
Bangkok NNP
and 
shopping NN
centers NNS
in IN
Malaysia NNP
, ,
Taiwan NNP
, ,
Canada NNP
, ,
Chicago NNP
and CC
Seattle NNP
by IN
December NNP
1990 CD
.The DT
chain NN
currently RB
has VBZ
90 CD
retail JJ
outlets NNS
in IN
Japan NNP
,
seven CD
in IN
the DT
U.S. NNP
,
three CD
in IN
Hong NNP
Kong NNP
and 
a DT
dozen NN
more RBR
scattered VBN
around IN
the DT
globe NN
.Major NNP
European JJ
auction NN
houses NNS
are VBP
turning VBG
increasingly RB
to TO
specialized JJ
sales NNS
.Christie NNP
's POS
will MD
soon RB
have VB
a DT
sale NN
of IN
Dada NNP
and CC
Symbolist NNP
art NN
while 
Sotheby NNP
's POS
is VBZ
luring VBG
collectors NNS
with IN
sales NNS
of IN
Swiss JJ
, ,
German JJ
, ,
Spanish JJ
, ,
Australian JJ
and CC
Canadian JJ
paintings NNS
.In IN
Brussels NNP
,
Hotel NNP
de FW
Ventes NNP
Horta NNP
auctioned VBD
pistols NNS
and CC
sabers NNS
-
along IN
with IN
paintings NNS
and CC
jewels NNS
.Berlin NNP
's POS
Villa NNP
Grisebach NNP
will MD
auction VB
art NN
works NNS
with IN
pre-sale JJ
estimates NNS
of IN
less JJR
than IN
$ $
1,600 CD
on IN
Nov. NNP
25 CD
.The DT
auction NN
house NN
,
known VBN
for IN
its PRP$
sales NNS
of IN
top-drawer NN
19th JJ
and CC
20th JJ
century NN
works NNS
,
is VBZ
providing VBG
`` 
a DT
service NN
to TO
clients NNS
who WP
do VBP
n't RB
want VB
to TO
sell VB
just RB
their PRP$
fabulous JJ
oil NN
paintings NNS
,
'' 
says VBZ
Villa NNP
Grisebach NNP
's POS
Vivien NNP
Reuter NNP
.Antwerp NNP
auctioneer NN
Campo NNP
is VBZ
less RBR
concerned VBN
with IN
market NN
niches NNS
than IN
with IN
Belgium NNP
's POS
crushing VBG
tax NN
and CC
auction-fee JJ
burden NN
.`` 
Everything NN
has VBZ
to TO
be VB
the DT
same JJ
between IN
countries NNS
,
'' 
says VBZ
Campo NNP
's POS
Stefan NNP
Campo NNP
,
who WP
is VBZ
asking VBG
clients NNS
to TO
sign VB
protest NN
petitions NNS
.`` 
Then RB
there EX
'll MD
be VB
fair JJ
competition NN
.
'' Ending VBG
tax-free JJ
shopping NN
in IN
the DT
European NNP
Community NNP
after IN
1992 CD
could MD
threaten VB
more JJR
than IN
3,000 CD
jobs NNS
,
the DT
International NNP
Duty NNP
Free NNP
Confederation NNP
said VBD
.Instead RB
of IN
banning VBG
such JJ
shopping NN
,
the DT
confederation NN
proposed VBN
amending VBG
controls NNS
to TO
be VB
sure JJ
the DT
privilege NN
is VBZ
n't RB
abused VBN
...
.British JJ
and CC
Argentine JJ
diplomats NNS
opened VBD
talks NNS
in IN
Madrid NNP
aimed VBD
at IN
restoring VBG
ties NNS
severed VBN
because IN
of IN
their PRP$
1982 CD
war NN
over IN
the DT
Falkland NNP
Islands NNPS
.Britain NNP
's POS
U.N. NNP
representative NN
and CC
delegation NN
head NN
Crispin NNP
Tickell NNP
called VBD
the DT
first JJ
meeting NN
`` 
good JJ
, ,
interesting JJ
and CC
businesslike JJ
.Polaroid NNP
Corp. NNP
,
benefiting VBG
from IN
staff-reduction NN
savings NNS
,
reported VBD
a DT
strong JJ
gain NN
in IN
third-quarter JJ
operating NN
results NNS
and 
net JJ
income NN
of IN
$ $
29.9 CD
million CD
,
or 
40 CD
cents NNS
a DT
share NN
,
after IN
preferred-stock JJ
requirements NNS
.Analysts NNS
said VBD
the DT
numbers NNS
were VBD
better JJR
than IN
expectations NNS
,
partly RB
because IN
of IN
strong JJ
profit NN
margins NNS
and 
a DT
positive JJ
foreign-currency NN
translation NN
.However RB
,
they PRP
said VBD
the DT
company NN
's POS
flat JJ
revenue NN
was VBD
a DT
disappointment NN
,
and 
an DT
indication NN
that IN
sales NNS
of IN
Polaroid NNP
's POS
new JJ
conventional JJ
film NN
in IN
the DT
U.S. NNP
have VBP
been VBN
sluggish JJ
.Revenue NN
in IN
the DT
third JJ
quarter NN
was VBD
$ $
437.7 CD
million CD
,
almost RB
unchanged JJ
from IN
$ $
436.3 CD
million CD
a DT
year NN
earlier RBR
.Polaroid NNP
reported VBD
operating VBG
profit NN
before IN
taxes NNS
and 
interest NN
costs NNS
of IN
$ $
63.1 CD
million CD
for IN
the DT
third JJ
quarter NN
,
more JJR
than IN
double VB
the DT
year-before JJ
$ $
24 CD
million CD
.Charges NNS
for IN
staff NN
cuts NNS
and 
other JJ
restructuring NN
produced VBD
a DT
net JJ
loss NN
of IN
$ $
54.1 CD
million CD
,
or 
77 CD
cents NNS
a DT
share NN
,
in IN
1988 CD
's POS
third JJ
quarter NN
.`` 
I PRP
'm VBP
somewhat RB
skeptical JJ
about IN
the DT
underlying VBG
demand NN
'' 
for IN
Polaroid NNP
products NNS
,
said VBD
Michael NNP
Ellmann NNP
,
an DT
analyst NN
with IN
Wertheim NNP
Schroder NNP
& CC
Co NNP
.`` 
If IN
you PRP
believe VBP
that IN
a DT
good JJ
performance NN
next JJ
year NN
is VBZ
contingent JJ
on IN
an DT
acceleration NN
of IN
revenue NN
,
there EX
is VBZ
n't 
a DT
lot NN
here RB
to TO
base VB
optimism NN
on IN
.
'' Alex NNP
Henderson NNP
,
an DT
analyst NN
with IN
Prudential-Bache NNP
,
says VBZ
Polaroid NNP
officials NNS
told VBN
him PRP
yesterday NN
that IN
U.S. NNP
sales NNS
of IN
the DT
company NN
's POS
new JJ
conventional JJ
film NN
product NN
,
introduced VBN
in IN
the DT
second JJ
quarter NN
,
have VBP
been VBN
`` ``
disappointing JJ
'' 
after IN
a DT
promising JJ
start NN
.Sam NNP
Yanes NNP
,
a DT
Polaroid NNP
spokesman NN
,
said VBD
`` 
I PRP
do VBP
n't RB
know VB
about IN
disappointing 
,
'' 
but 
added VBD
that IN
the DT
company NN
has VBZ
n't RB
been VBN
able JJ
to TO
get VB
the DT
product NN
on IN
the DT
shelves NNS
of IN
some DT
mass-merchandise NN
, ,
discount NN
retailers NNS
that IN
it PRP
had VBD
hoped VBN
would MD
be VB
carrying VBG
the DT
product NN
already RB
.Mr. NNP
Yanes NNP
said VBD
the DT
film NN
,
One CD
Film NNP
,
is VBZ
currently RB
carried VBN
at IN
about IN
15,000 CD
retail JJ
outlets NNS
,
including VBG
drugstores NNS
and CC
supermarkets NNS
.For IN
the DT
nine CD
months NNS
,
Polaroid NNP
reported VBD
earnings NNS
of IN
$ $
98.5 CD
million CD
,
or 
$ $
1.27 CD
a DT
share NN
.Last JJ
year NN
,
the DT
company NN
had VBD
a DT
nine-month JJ
loss NN
of IN
$ $
15.1 CD
million CD
,
or 
23 CD
cents NNS
a DT
share NN
.In IN
New NNP
York NNP
Stock NNP
Exchange NNP
composite JJ
trading NN
,
Polaroid NNP
closed VBD
at IN
$ $
47 CD
,
up IN
$ $
1.125 CD
.Why WRB
is V
the DT
stock NN
market NN
suddenly RB
so RB
volatile JJ
?Yesterday NN
,
the DT
Dow NNP
Jones NNP
Industrial NNP
Average NNP
did VBD
a DT
now RB
familiar JJ
dance NN
:
It PRP
plunged VBD
60.25 CD
points NNS
before IN
lunch NN
,
with IN
most RBS
of IN
the DT
drop NN
occurring VBG
in IN
25 CD
minutes NNS
.Then RB
,
it PRP
rebounded VBD
to TO
finish VB
down RB
only RB
18.65 CD
points NNS
.And 
those DT
swings NNS
paled VBD
beside IN
Friday NNP
's POS
190.58-point JJ
plunge NN
and 
Monday NNP
's POS
88.12-point JJ
recovery NN
.`` 
It PRP
's VBZ
madness NN
--
that IN
in IN
an DT
hour NN
you PRP
can MD
whack VB
off IN
so RB
much JJ
value NN
,
'' 
says VBZ
Stanford NNP
Calderwood NNP
,
chairman NN
of IN
Trinity NNP
Investment NNP
Management NNP
Corp. NNP
,
Boston NNP
.And 
,
apparently RB
,
it PRP
is VBZ
here RB
to TO
stay VB
.Richard NNP
Bernstein NNP
,
senior JJ
quantitative JJ
analyst NN
at IN
Merrill NNP
Lynch NNP
& CC
Co NNP
,
says VBZ
,
`` 
My PRP$
gut NN
feel NN
is VBZ
that IN
we PRP
'll MD
live VB
with IN
those DT
swings NNS
for IN
a DT
while NN
.
'' There EX
are VBP
many JJ
reasons NNS
for IN
the DT
market NN
's POS
jumpiness NN
:
new JJ
trading NN
vehicles NNS
such JJ
as IN
stock-index NN
futures NNS
and 
options NNS
;
computer-driven JJ
strategies NNS
like IN
program NN
trading NN
;
and 
crowd NN
psychology NN
.But 
most RBS
are VBP
linked VBN
by IN
a DT
single JJ
theme NN
:
liquidity NN
--
the DT
ability NN
to TO
get VB
in IN
and CC
out IN
of IN
the DT
market NN
quickly RB
.Prices NNS
are VBP
moving VBG
up IN
and CC
down RB
so RB
fast RB
because IN
investors NNS
are VBP
employing VBG
ways NNS
to TO
turn VB
over IN
shares NNS
at IN
ever-faster JJ
rates NNS
and 
increasingly RB
acting VBG
in IN
concert NN
.`` 
Institutions NNS
are VBP
herding VBG
animals NNS
,
'' 
says VBZ
Peter NNP
Anderson NNP
,
who WP
heads VBZ
the DT
pension-fund NN
management NN
arm NN
of IN
IDS NNP
Financial NNP
Services NNP
Inc NNP
.`` 
We PRP
watch VBP
the DT
same JJ
indicators NNS
and 
listen VB
to TO
the DT
same JJ
prognosticators NNS
.Like IN
lemmings NNS
,
we PRP
tend VBP
to TO
move VB
in IN
the DT
same JJ
direction NN
at IN
same JJ
time NN
.
'' And 
that IN
,
naturally RB
,
exacerbates VBZ
price NN
movements NNS
.Institutions NNS
--
who WP
now JJ
account NN
for IN
most RBS
trading NN
--
count NN
on IN
being VBG
able JJ
to TO
buy VB
and CC
sell VB
big JJ
blocks NNS
of IN
stock NN
at IN
an DT
eye-blink NN
.But 
when WRB
they PRP
discover VBP
that IN
markets NNS
are VBP
n't 
always RB
as RB
liquid JJ
as IN
they PRP
supposed VBD
--
markets NNS
jump VBP
.On IN
Monday NNP
,
for IN
instance NN
,
Howard NNP
Ward NNP
,
a DT
principal NN
at IN
Scudder NNP
, ,
Stevens NNP
& CC
Clark NNP
,
found VBD
that IN
`` 
you PRP
could MD
n't RB
buy VB
blue-chips NNS
at IN
quoted VBN
prices NNS
without IN
paying VBG
up IN
.
'' And 
when WRB
many JJ
firms NNS
had VBD
to TO
`` 
pay VB
up IN
,
'' 
Monday NNP
's POS
sudden JJ
rally NN
was VBD
sparked VBN
.Trading NN
in IN
futures NNS
and CC
options NNS
,
some DT
people NNS
believe VBP
,
can MD
add VB
to TO
volatility NN
.Investors NNS
believe VBP
they PRP
can MD
can MD
rely VB
on IN
such JJ
derivative JJ
securities NNS
to TO
get VB
in IN
and CC
out IN
of IN
the DT
stock NN
market NN
without IN
actually RB
selling VBG
any DT
stocks NNS
;
that DT
is VBZ
,
a DT
way NN
of IN
staying VBG
liquid JJ
even RB
when WRB
they PRP
own JJ
stocks NNS
.These DT
and CC
other JJ
modern JJ
trading NN
methods NNS
`` 
tend VBP
to TO
promote VB
dramatic JJ
shifts NNS
in IN
assets NNS
,
'' 
says VBZ
George NNP
Douglas NNP
,
first JJ
vice NN
president NN
at IN
Drexel NNP
Burnham NNP
Lambert NNP
Inc NNP
.`` 
It PRP
's VBZ
the DT
idea NN
that IN
what WP
goes VBZ
in IN
easy JJ
can MD
come VB
out IN
easy JJ
'' 
--
so RB
that IN
bouts NNS
of IN
higher JJR
volatility NN
get VB
built VBN
into IN
the DT
stock NN
market NN
.One CD
new JJ
investment NN
style NN
called VBN
`` 
asset NN
allocation NN
'' 
shifts NNS
portfolio NN
weightings NNS
between IN
stocks NNS
,
bonds NNS
and 
cash NN
when WRB
computer NN
models NNS
say VBP
one CD
is VBZ
more RBR
attractive JJ
.For IN
instance NN
,
First NNP
Quadrant NNP
Corp. NNP
,
an DT
asset NN
allocator NN
based VBN
in IN
Morristown NNP
,
N.J. NNP
,
said VBD
it PRP
quickly RB
boosted VBD
stock NN
positions NNS
in IN
its PRP$
`` ``
aggressive JJ
'' ''
accounts NNS
to TO
75 CD
% NN
from IN
55 NN
% NN
to TO
take VB
advantage NN
of IN
plunging VBG
prices NNS
Friday NNP
.It PRP
added VBD
another DT
5 NN
% NN
Monday NNP
before IN
stocks NNS
rallied VBD
.When WRB
they PRP
did VBD
,
the DT
firm NN
reduced VBD
those DT
stock NN
holdings NNS
to TO
about IN
70 CD
% NN
.A DT
classic JJ
example NN
of IN
institutions NNS
' POS
hunger NN
for IN
liquidity NN
is VBZ
portfolio NN
insurance NN
,
now RB
widely RB
discredited VBN
.Before IN
the DT
1987 CD
crash NN
,
an DT
estimated VBN
$ $
60 CD
billion CD
in IN
institutional JJ
money NN
was VBD
managed VBN
under IN
this DT
hedging VBG
technique NN
.The DT
idea NN
was VBD
to TO
`` 
insure VB
'' 
the DT
value NN
of IN
a DT
portfolio NN
by IN
selling VBG
futures NNS
when WRB
stock NN
prices NNS
dropped VBD
--
eliminating VBG
the DT
need NN
to TO
sell VB
the DT
stocks NNS
themselves PRP
.But 
in IN
October NNP
1987 CD
,
when WRB
portfolio NN
insurers NNS
rushed VBD
to TO
sell VB
at IN
the DT
same JJ
time NN
,
they PRP
overwhelmed VBD
both DT
the DT
stock NN
and CC
futures NNS
markets NNS
.Yet RB
even JJ
today NN
,
institutions NNS
are VBP
quietly RB
practicing VBG
forms NNS
of IN
portfolio NN
insurance NN
by IN
nervously RB
rushing VBG
to TO
and CC
fro RB
in IN
the DT
markets NNS
.Others NNS
are VBP
doing VBG
`` 
index NN
arbitrage NN
'' 
a DT
strategy NN
of IN
taking VBG
advantage NN
of IN
price NN
discrepancies NNS
between IN
stocks NNS
and 
futures NNS
.Unlike IN
traditional JJ
buy-and-hold JJ
strategies NNS
,
all DT
of IN
the DT
above IN
require VB
that IN
market NN
makers NNS
be VBP
on IN
hand NN
to TO
provide VB
liquidity NN
by IN
buying VBG
and CC
selling VBG
stocks NNS
in IN
a DT
crunch NN
.But 
institutions NNS
say VBP
Wall NNP
Street NNP
brokerage NN
firms NNS
are VBP
less RBR
willing JJ
to TO
make VB
markets NNS
.Brokers NNS
do VBP
n't RB
deny VB
that DT
.Wall NNP
Street NNP
traders NNS
say VBP
that IN
,
with IN
institutional JJ
brokerage NN
commissions NNS
far RB
lower JJR
than IN
in IN
the DT
1970s NNS
,
securities NNS
firms NNS
ca MD
n't RB
afford VB
to TO
take VB
the DT
risk NN
of IN
buying VBG
too RB
much JJ
stock NN
.`` 
I PRP
think VBP
everyone NN
's VBZ
a DT
little RB
more RBR
leery JJ
,
'' 
says VBZ
Jack NNP
Baker NNP
,
head NN
of IN
equity NN
trading NN
at IN
Shearon NNP
Lehman NNP
Hutton NNP
Inc NNP
.`` 
The DT
institutions NNS
have VBP
driven VBN
-LRB-
commission 
-RRB-
rates NNS
down RB
to TO
the DT
point NN
where WRB
it PRP
makes VBZ
no DT
sense NN
to TO
commit VB
capital NN
,
'' 
says VBZ
Tom NNP
Gallagher NNP
,
senior JJ
executive JJ
vice NN
president NN
in IN
charge NN
of IN
institutional JJ
trading NN
at IN
Oppenheimer NNP
& CC
Co NNP
.`` 
Why WRB
should 
I PRP
risk VB
money NN
for IN
a DT
guy NN
for IN
who WP
's VBZ
paying VBG
me PRP
five CD
cents NNS
a DT
dance NN
?All DT
you PRP
get VBP
is VBZ
risk NN
.
'' Lack NN
of IN
liquidity NN
can MD
also RB
result VB
from IN
exchange NN
`` ``
reforms NNS
.
'' Many JJ
traders NNS
say VBP
that IN
`` 
circuit NN
breakers NNS
'' 
put VB
in IN
place NN
to TO
damp VB
volatility NN
after IN
the DT
1987 CD
crash NN
actually RB
added VBD
to TO
volatility NN
when WRB
the DT
stock NN
market NN
plunged VBD
Friday NNP
.The DT
circuit NN
breakers NNS
caused VBD
a DT
30-minute JJ
shutdown NN
in IN
trading NN
in IN
Standard NNP
& CC
Poor NNP
's POS
500-stock JJ
index NN
futures NNS
contract VBP
as IN
the DT
markets NNS
were VBD
falling VBG
.`` 
With IN
the DT
futures-trading JJ
halt NN
,
you PRP
could MD
only RB
sell VB
stocks NNS
'' 
to TO
cut VB
exposure NN
to TO
the DT
market NN
,
says VBZ
a DT
money NN
manager NN
.`` 
It PRP
was VBD
scary JJ
to TO
people NNS
thinking VBG
that IN
they PRP
could MD
n't RB
get VB
their PRP$
trades NNS
off IN
.
'' `` 
It PRP
was VBD
like IN
they PRP
put VBP
you PRP
in IN
a DT
room NN
with IN
a DT
gorilla NN
and 
told VBD
you PRP
there EX
were VBD
three CD
doors NNS
to TO
exit VB
,
'' 
said VBD
one CD
Chicago-based JJ
futures NNS
trader NN
.`` 
Then RB
they PRP
said VBD
,
` 
By IN
the DT
way NN
,
two CD
of IN
the DT
doors NNS
are VBP
locked VBN
.
' 
'' The DT
takeover NN
mania NN
also RB
adds VBZ
to TO
volatility NN
.UAL NNP
Corp. NNP
is VBZ
a DT
good JJ
example NN
.Valued VBN
as IN
a DT
buy-out NN
target NN
,
the DT
airline NN
stock NN
was VBD
trading VBG
at IN
nearly RB
$ $
280 CD
a DT
share NN
.When WRB
the DT
deal NN
ran VBD
into IN
trouble NN
,
the DT
stock NN
tumbled VBD
;
it PRP
closed VBD
at IN
$ $
198 CD
yesterday NN
.Presumably RB
,
UAL NNP
is VBZ
now JJ
trading NN
closer JJR
to TO
its PRP$
value NN
based VBN
on IN
earnings NNS
.By IN
contrast NN
,
traditional JJ
buy-and-hold JJ
investors NNS
are VBP
unlikely JJ
to TO
generate VB
sudden JJ
price NN
moves NNS
.Scott NNP
Black NNP
,
a DT
value-oriented JJ
money NN
manager NN
who WP
heads VBZ
Delphi NNP
Management NNP
Inc. NNP
,
points VBZ
out RP
that IN
for IN
those DT
who WP
invest VBP
on IN
fundamentals NNS
,
`` 
the DT
value NN
of IN
a DT
stock NN
from IN
day NN
to TO
day NN
does VBZ
n't RB
change VB
all DT
that NN
much NN
.
'' Some DT
experts NNS
say VBP
markets NNS
are VBP
n't 
as RB
volatile JJ
as IN
widely RB
assumed VBN
.Hans NNP
Stoll NNP
,
finance NN
professor NN
at IN
Vanderbilt NNP
University NNP
,
says VBZ
the DT
current JJ
volatility NN
in IN
U.S. NNP
markets NNS
pales VBZ
in IN
comparison NN
to TO
the DT
1930s CD
,
decades NNS
before IN
derivative JJ
instruments NNS
such JJ
as IN
options NNS
and CC
futures NNS
were VBD
introduced VBN
.`` 
I PRP
just RB
ca MD
n't RB
believe VB
that IN
the DT
innovations NNS
in IN
the DT
financial JJ
market NN
are VBP
causing VBG
any DT
of IN
this DT
volatility NN
,
'' 
he PRP
says VBZ
.And 
Robert NNP
D. NNP
Arnott NNP
,
president NN
of IN
asset NN
allocator NN
First NNP
Quadrant NNP
,
notes VBZ
that IN
before IN
Friday NNP
's POS
tailspin NN
,
daily JJ
volatility NN
on IN
the DT
New NNP
York NNP
Stock NNP
Exchange NNP
in IN
recent JJ
weeks NNS
had VBD
reached VBN
`` 
historically RB
low JJ
levels NNS
.
'' Some DT
people NNS
tend VBP
to TO
ignore VB
that IN
a DT
50-point JJ
move NN
is VBZ
less JJR
in IN
percentage NN
terms NNS
than IN
it PRP
was VBD
when WRB
the DT
stock NN
market NN
was VBD
lower JJR
.John NNP
J. NNP
Phelan NNP
Jr. NNP
,
chairman NN
of IN
the DT
Big NNP
Board NNP
,
asserts VBZ
that IN
`` 
1988 CD
and CC
1989 CD
have VBP
been VBN
two CD
of IN
the DT
least JJS
volatile JJ
years NNS
in IN
the DT
last JJ
30 CD
or CC
40 CD
years NNS
.
'' But 
the DT
low JJ
average JJ
volatility NN
Mr. NNP
Phelan NNP
is VBZ
talking VBG
about IN
is VBZ
n't 
any DT
comfort NN
in IN
a DT
period NN
of IN
rapid JJ
stock-market NN
moves NNS
like IN
the DT
past JJ
week NN
.In IN
addition NN
,
Sanford NNP
Grossman NNP
,
a DT
Wharton NNP
School NNP
finance NN
professor NN
,
says VBZ
volatile JJ
jumps NNS
in IN
stock NN
prices NNS
will MD
continue VB
as RB
long RB
as IN
liquidity NN
falls VBZ
short NN
of IN
the DT
voracious JJ
demands NNS
of IN
institutions NNS
`` 
who WP
can MD
go VB
out IN
and 
say VBP
` 
I PRP
have VBP
a DT
billion CD
dollars NNS
of IN
stocks NNS
to TO
sell VB
.
' 
'' Some DT
people NNS
think VBP
the DT
search NN
for IN
liquidity NN
is VBZ
fruitless JJ
.In IN
1936 CD
,
John NNP
Maynard NNP
Keynes NNP
wrote VBD
that IN
`` 
of IN
the DT
maxims NNS
of IN
orthodox JJ
finance NN
none NN
,
surely RB
,
is VBZ
more RBR
antisocial JJ
than IN
the DT
fetish NN
of IN
liquidity NN
.
'' It PRP
leads VBZ
investors NNS
to TO
focus VB
on IN
short-term JJ
price NN
movements NNS
--
`` 
a DT
game NN
of IN
musical JJ
chairs NNS
,
'' 
he PRP
called VBD
it PRP
--
rather RB
than IN
on IN
long-term JJ
fundamental JJ
valuation NN
.James NNP
A. NNP
White NNP
contributed VBD
to TO
this DT
article NN
.The DT
National NNP
Aeronautics NNP
and CC
Space NNP
Administration NNP
said VBD
a DT
computer NN
virus NN
has VBZ
infected VBN
one CD
of IN
its PRP$
networks NNS
and 
is VBZ
spreading VBG
anti-nuclear JJ
messages NNS
related VBN
to TO
its PRP$
Galileo NNP
space NN
probe NN
,
which WDT
is VBZ
to TO
be VB
launched VBN
today NN
.Charles NNP
Redmond NNP
,
a DT
NASA NNP
spokesman NN
,
said VBD
the DT
agency NN
discovered VBD
the DT
virus NN
on IN
Monday NNP
on IN
the DT
collection NN
of IN
computer NN
networks NNS
collectively RB
called VBN
Internet NNP
and 
expected VBN
100 CD
university NN
centers NNS
to TO
be VB
infected VBN
by IN
today NN
.Although IN
the DT
network NN
is VBZ
n't RB
connected VBN
to TO
the DT
computer NN
systems NNS
that WDT
operate VBP
either DT
Galileo NNP
or 
the DT
shuttle NN
,
part NN
of IN
the DT
network NN
will MD
carry VB
analyses NNS
of IN
Galileo NNP
data NNS
once RB
the DT
craft NN
gets VBZ
spaceborn JJ
.Mr. NNP
Redmond NNP
said VBD
the DT
intruder NN
had VBD
n't RB
yet RB
done VBN
any DT
harm NN
but 
the DT
agency NN
feared VBD
`` 
garbage NN
data NNS
could MD
be VB
substituted VBN
for IN
real JJ
data NNS
.
'' He PRP
estimated VBD
it PRP
could MD
take VB
a DT
day NN
for IN
a DT
computer NN
security NN
manager NN
to TO
expunge VB
the DT
virus NN
from IN
a DT
computer NN
system NN
.The DT
intruder NN
,
among IN
the DT
broadest JJS
yet RB
to TO
hit VB
a DT
research NN
network NN
,
appeared VBD
to TO
affect VB
only RB
Digital NNP
Equipment NNP
Corp. NNP
hardware NN
that WDT
uses VBZ
Digital NNP
's POS
VAX\/VMS NNP
operating VBG
system NN
.It PRP
is VBZ
unrelated JJ
to TO
the DT
much-publicized JJ
virus NN
that IN
last JJ
year NN
infected VBN
Arpanet NNP
,
a DT
much RB
larger JJR
network NN
used VBN
by IN
researchers NNS
at IN
universities NNS
,
laboratories NNS
and 
government NN
agencies NNS
around IN
the DT
world NN
.In IN
the DT
lingo NN
of IN
computer NN
security NN
,
the DT
NASA NNP
intruder NN
is VBZ
technically RB
a DT
computer NN
worm NN
,
Mr. NNP
Redmond NNP
said VBD
.A DT
worm NN
resides VBZ
in IN
the DT
operating VBG
system NN
of IN
a DT
computer NN
and 
spreads VBZ
by IN
boring JJ
into IN
other JJ
computers NNS
contacted VBN
through IN
networks NNS
.The DT
Galileo NNP
worm NN
apparently RB
was VBD
hatched VBN
on IN
a DT
computer NN
in IN
France NNP
hooked VBD
up IN
to TO
NASA NNP
's POS
Space NNP
Physics NNP
Analysis NNP
Network NNP
,
Mr. NNP
Redmond NNP
said VBD
.NASA NNP
said VBD
the DT
Galileo NNP
worm NN
had VBD
n't RB
affected VBN
its PRP$
computers NNS
or 
the DT
computers NNS
of IN
other JJ
government NN
agencies NNS
because IN
they PRP
had VBD
modified VBN
their PRP$
systems NNS
to TO
reject VB
worms NNS
.But 
Mr. NNP
Redmond NNP
said VBD
the DT
worm NN
hit VBD
universities NNS
that WDT
had VBD
n't RB
elected VBN
to TO
make VB
the DT
changes NNS
.Michael NNP
Alexander NNP
,
a DT
senior JJ
editor NN
at IN
Computerworld NNP
,
a DT
trade NN
publication NN
,
said VBD
he PRP
was VBD
told VBN
that IN
the DT
worm NN
gets VBZ
into IN
a DT
computer NN
center NN
by IN
looking VBG
for IN
obvious JJ
passwords NNS
--
such JJ
as IN
ones NNS
that WDT
are VBP
the DT
same JJ
as IN
the DT
user NN
's POS
name NN
.If IN
it PRP
finds VBZ
one CD
and 
gets VBZ
into IN
the DT
system NN
,
it PRP
will MD
display VB
a DT
screen NN
when WRB
a DT
user NN
logs NNS
on IN
that DT
says VBZ
,
`` 
Worms NNPS
Against 
Nuclear NNP
Killers NNPS
...
.You PRP
talk VBP
of IN
times NNS
of IN
peace NN
for IN
all DT
,
and 
then RB
prepare VB
for IN
war NN
.
'' In IN
addition NN
,
Mr. NNP
Alexander NNP
said VBD
,
the DT
worm NN
sends VBZ
strange JJ
messages NNS
to TO
other JJ
machines NNS
at IN
the DT
center NN
--
such JJ
as IN
,
`` 
George NNP
Orwell NNP
was VBD
an DT
optimist NN
,
'' 
or 
`` 
Do VBP
n't RB
feed VB
the DT
bats NNS
tonight RB
.
'' The DT
worm NN
also RB
looks VBZ
for IN
elementary JJ
passwords NNS
that WDT
confer VBP
more JJR
privileges NNS
on IN
the DT
user NN
.The DT
passwords NNS
are VBP
included VBN
in IN
the DT
system NN
software NN
when WRB
it PRP
is VBZ
installed VBN
but 
are VBP
supposed VBN
to TO
be VB
replaced VBN
as RB
soon RB
as IN
the DT
system NN
is VBZ
up IN
and 
running VBG
.If IN
it PRP
finds VBZ
one CD
of IN
those DT
passwords NNS
,
Mr. NNP
Alexander NNP
said VBD
,
the DT
worm NN
will MD
do VB
such JJ
things NNS
as IN
change NN
users NNS
' POS
passwords NNS
to TO
a DT
series NN
of IN
random JJ
numbers NNS
,
preventing VBG
them PRP
from IN
signing VBG
on IN
to TO
the DT
network NN
.NASA NNP
estimated VBD
that IN
,
on IN
Monday NNP
,
about IN
four CD
computer NN
centers NNS
were VBD
affected VBN
.Yesterday NN
,
the DT
number NN
grew VBD
to TO
40 CD
;
today NN
the DT
number NN
is VBZ
expected VBN
to TO
grow VB
to TO
100 CD
.NASA NNP
said VBD
it PRP
will MD
take VB
about IN
a DT
week NN
before IN
it PRP
knows VBZ
exactly RB
how WRB
many JJ
centers NNS
of IN
the DT
6,000 CD
connected VBN
to TO
Internet NNP
were VBD
affected VBN
and 
the DT
extent NN
of IN
the DT
damage NN
,
if IN
any DT
.Anti-nuclear JJ
activists NNS
have VBP
protested VBN
the DT
launch NN
of IN
the DT
Galileo NNP
space NN
probe NN
to TO
Jupiter NNP
because IN
it PRP
uses VBZ
plutonium NN
to TO
generate VB
the DT
electricity NN
needed VBN
to TO
run VB
the DT
craft NN
.Activists NNS
fear VBP
that IN
if IN
the DT
shuttle NN
carrying VBG
Galileo NNP
into IN
orbit NN
should MD
explode VB
,
or 
if IN
Galileo NNP
itself PRP
crashes VBZ
into IN
the DT
Earth NNP
during IN
the DT
two CD
times NNS
it PRP
flies VBZ
close RB
to TO
the DT
planet NN
,
fatal JJ
levels NNS
of IN
plutonium NN
would MD
be VB
released VBN
into IN
the DT
atmosphere NN
.So RB
far RB
Galileo NNP
has VBZ
been VBN
delayed VBN
twice RB
,
once RB
because IN
of IN
a DT
computer NN
malfunction NN
connected VBN
with IN
a DT
space-shuttle NN
engine NN
,
and 
yesterday NN
because IN
of IN
the DT
weather NN
.NASA NNP
said VBD
the DT
Galileo NNP
worm NN
had VBD
nothing NN
to TO
do VB
with IN
either DT
delay NN
.Mr. NNP
Alexander NNP
of IN
Computerworld NNP
said VBD
hackers NNS
have VBP
gone VBN
after IN
SPAN NNP
before RB
.He PRP
said VBD
the DT
Chaos NNP
Computer NNP
Club NNP
,
of IN
West NNP
Germany NNP
,
once RB
managed VBD
to TO
invade VB
SPAN NNP
and 
do VBP
such JJ
things NNS
as IN
change NN
the DT
value NN
of IN
pi NN
,
messing VBG
up IN
some DT
calculations NNS
.It PRP
is VBZ
now RB
a DT
commonplace NN
that IN
prosecutors NNS
are VBP
bringing VBG
criminal JJ
indictments NNS
in IN
cases NNS
where WRB
until IN
a DT
few JJ
years NNS
ago RB
only RB
a DT
civil JJ
action NN
at IN
most RBS
would MD
have VB
been VBN
brought VBN
.Yet 
it PRP
is VBZ
also RB
axiomatic JJ
that IN
the DT
power NN
to TO
create VB
new JJ
crimes NNS
belongs VBZ
only RB
to TO
the DT
legislature NN
, ,
and CC
not RB
to TO
courts NNS
.Beginning VBG
in IN
the DT
early JJ
19th JJ
century NN
,
with IN
U.S. NNP
v. CC
Hudson NNP
and CC
Goodwin NNP
,
the DT
Supreme NNP
Court NNP
has VBZ
repeatedly RB
held VBN
that IN
a DT
judicial JJ
power NN
to TO
declare VB
conduct NN
to TO
be VB
against IN
the DT
public JJ
interest NN
and 
hence RB
criminal JJ
,
while IN
well RB
established VBN
in IN
British JJ
law NN
,
would MD
usurp VB
legislative JJ
authority NN
under IN
the DT
doctrine NN
of IN
separation NN
of IN
powers NNS
.That DT
's VBZ
the DT
conventional JJ
theory NN
anyway RB
.In IN
practice NN
,
however RB
,
the DT
line NN
between IN
interpretation NN
and CC
redefinition NN
of IN
the DT
criminal JJ
law NN
long JJ
ago RB
began VBD
to TO
blur VB
.In IN
particular JJ
,
a DT
common JJ
law NN
of IN
white-collar JJ
crime NN
has VBZ
developed VBN
with IN
surprising JJ
rapidity NN
over IN
the DT
past JJ
decade NN
.For IN
example NN
,
although IN
insider NN
trading NN
has VBZ
long RB
been VBN
criminal JJ
,
it PRP
has VBZ
never RB
been VBN
statutorily RB
defined VBN
.In IN
1983 CD
,
the DT
Supreme NNP
Court NNP
tried VBD
to TO
supply VB
a DT
workable JJ
definition NN
in IN
the 
Dirks N
v. CC
SEC NNP
decision NN
,
which WDT
found VBD
that 
liability NN
depended VBD
on IN
whether IN
the DT
tipper NN
had VBD
breached VBN
his PRP$
fiduciary JJ
duty NN
to TO
the DT
corporation NN
in IN
order 
to TO
obtain VB
`` 
some DT
personal JJ
gain NN
'' 
and 
whether IN
the DT
tippee NN
knew VBD
or 
recklessly RB
disregarded VBD
this DT
fact NN
.Gradually RB
,
however RB
,
lower JJR
courts NNS
and 
prosecutors NNS
have VBP
pushed VBN
this DT
definition NN
to TO
its PRP$
breaking NN
point NN
.Consider VB
the DT
facts NNS
underlying VBG
the DT
1989 CD
conviction NN
of IN
Robert NNP
Chestman NNP
.Prior RB
to TO
a DT
tender NN
offer NN
by IN
A&P NNP
for IN
Waldbaum NNP
Inc. NNP
in IN
1986 CD
,
the DT
founder NN
of IN
the DT
Waldbaum NNP
's POS
supermarket NN
chain NN
called VBD
an DT
elderly JJ
relative JJ
to TO
tell VB
her PRP$
to TO
assemble VB
her PRP$
stock NN
certificates NNS
for IN
delivery NN
.She PRP
called VBD
her PRP$
daughter NN
to TO
take VB
her PRP$
to TO
the DT
bank NN
,
who WP
,
in IN
turn NN
,
persuaded VBD
her PRP$
husband NN
,
a DT
Mr. NNP
Loeb NNP
,
to TO
run VB
this DT
errand NN
.Hearing NNP
of IN
this DT
information NN
,
the DT
husband NN
discussed VBD
it PRP
with IN
his PRP$
broker NN
,
Mr. NNP
Chestman NNP
,
and 
Mr. NNP
Chestman NNP
then RB
bought VBD
for IN
his PRP$
own JJ
account NN
and 
other JJ
clients NNS
.Basically RB
,
Mr. NNP
Chestman NNP
was VBD
a DT
fourth-level JJ
tippee NN
.Did V
Mr. NNP
Loeb NNP
,
his PRP$
tipper NN
,
breach NN
a DT
fiduciary JJ
duty NN
-LRB-
and 
,
if IN
so RB
,
to TO
whom WP
-RRB-
?Did V
Mr. NNP
Loeb NNP
seek VB
personal JJ
gain NN
-LRB-
and 
if IN
so 
,
how WRB
-RRB-
?Or 
did V
Mr. NNP
Chestman NNP
only RB
hear VB
a DT
market NN
rumor NN
-LRB-
which WDT
one PRP
may MD
lawfully RB
trade VB
upon IN
-RRB-
?The DT
line NN
seems VBZ
awfully RB
thin JJ
for IN
criminal-law NN
purposes NNS
.A DT
second JJ
illustration NN
is VBZ
supplied VBN
by IN
the DT
recent JJ
guilty JJ
plea NN
entered VBN
by IN
Robert NNP
Freeman NNP
,
formerly RB
head VBP
of IN
arbitrage NN
at IN
Goldman NNP
, ,
Sachs NNP
& CC
Co NNP
.Essentially RB
,
Mr. NNP
Freeman NNP
had VBD
invested VBN
heavily RB
in IN
the DT
Beatrice NNP
leveraged JJ
buy-out NN
,
when WRB
he PRP
was VBD
told VBN
by IN
another DT
prominent JJ
trader NN
,
Bernard NNP
`` ``
Bunny NNP
'' ''
Lasker NNP
,
that IN
the DT
deal NN
was VBD
in IN
trouble NN
.After IN
placing VBG
orders NNS
to TO
sell VB
,
Mr. NNP
Freeman NNP
called VBD
Martin NNP
Siegel NNP
,
an DT
investment NN
banker NN
at IN
Kidder NNP
, ,
Peabody NNP
& CC
Co. NNP
,
who WP
was VBD
advising VBG
on IN
the DT
deal NN
,
to TO
confirm VB
these DT
rumors NNS
.Mr. NNP
Siegel NNP
asked VBD
Mr. NNP
Freeman NNP
who WP
his PRP$
source NN
was VBD
and 
,
on IN
hearing NN
that IN
it PRP
was VBD
Bunny NNP
Lasker NNP
, ,
responded VBD
:
`` 
Well UH
,
your PRP$
bunny NN
has VBZ
a DT
good JJ
nose NN
.
'' The DT
illegal JJ
`` ``
tip NN
'' 
of IN
the DT
bunny NN
's POS
good JJ
nose NN
was VBD
then RB
largely RB
a DT
confirmation NN
of IN
rumors NNS
already RB
known VBN
to TO
many VB
in IN
the DT
market NN
.Had V
the DT
case NN
gone VBN
to TO
trial VB
the DT
same JJ
issues NNS
would MD
have VB
surfaced VBN
:Was V
there EX
a DT
fiduciary JJ
breach NN
in IN
order 
to TO
obtain VB
personal JJ
gain NN
?Did V
Mr. NNP
Freeman NNP
have VBP
notice NN
of IN
this DT
?Finally RB
,
was V
the DT
information NN
material NN
?Yet RB
,
all PDT
these DT
issues NNS
are VBP
subsidiary NN
to TO
a DT
more RBR
central JJ
issue NN
:
Who WP
is VBZ
and 
who WP
should MD
be VB
making VBG
the DT
criminal JJ
law NN
here RB
?It PRP
is VBZ
not 
my PRP$
contention NN
that IN
either DT
Mr. NNP
Chestman NNP
or 
Mr. NNP
Freeman NNP
was VBD
an DT
innocent JJ
victim NN
of IN
prosecutorial JJ
overzealousness NN
.Arguably RB
,
both DT
were VBD
on IN
notice NN
that IN
their PRP$
behavior NN
was VBD
at IN
least JJS
risky JJ
.But 
even RB
if IN
they PRP
behaved VBD
recklessly RB
,
reasons NNS
still RB
exist VBP
to TO
fear VB
and CC
resist VB
this DT
steady JJ
process NN
of IN
case-by-case JJ
judicial JJ
extension NN
of IN
the DT
law NN
of IN
insider NN
trading NN
.Courts NNS
and CC
legislatures NNS
make VBP
decisions NNS
in IN
very RB
different JJ
ways NNS
and 
are VBP
each 
susceptible JJ
to TO
very RB
different JJ
kinds NNS
of IN
errors NNS
.After-the-fact JJ
judicial JJ
examination NN
of IN
an DT
actor NN
's POS
conduct NN
has VBZ
always RB
been VBN
the DT
common JJ
law NN
's POS
method NN
.When WRB
only RB
civil JJ
liability NN
is VBZ
involved VBN
,
this DT
method NN
has VBZ
the DT
undeniable JJ
strengths NNS
of IN
factual JJ
specificity NN
and 
avoidance NN
of IN
overgeneralization NN
.Still RB
,
case-by-case JJ
retrospective NN
decision NN
making VBG
of IN
this DT
sort NN
is VBZ
vulnerable JJ
to TO
the DT
tunnel NN
vision NN
caused VBN
by IN
a DT
fixation NN
on IN
ad 
hoc 
-LRB-
and 
usually RB
sleazy JJ
-RRB-
examples NNS
.When WRB
a DT
court NN
decides VBZ
that IN
a DT
particular JJ
actor NN
's POS
conduct NN
was VBD
culpable JJ
and 
so RB
extends VBZ
the DT
definition NN
of IN
insider NN
trading NN
to TO
reach VB
this DT
conduct NN
,
it PRP
does VBZ
not RB
see VB
the DT
potentially RB
enormous JJ
number NN
of IN
other JJ
cases NNS
that WDT
will MD
be VB
covered VBN
by IN
the DT
expanded VBN
rule NN
.Thus RB
,
a DT
court NN
is VBZ
poorly RB
positioned VBN
to TO
make VB
judgments NNS
about IN
the DT
social JJ
utility NN
of IN
the DT
expanded VBN
rule NN
.For IN
example NN
,
in IN
focusing VBG
on IN
Mr. NNP
Freeman NNP
's POS
attempt NN
to TO
gain VB
nonpublic JJ
information NN
about IN
a DT
deal NN
's POS
collapse NN
,
one CD
does VBZ
not RB
naturally RB
think VB
about IN
the DT
reverse NN
side NN
of IN
the DT
coin NN
:
What WP
if IN
the DT
rumor NN
had VBD
been VBN
false JJ
?Can 
a DT
security NN
analyst NN
call NN
an DT
investment NN
banker NN
to TO
make VB
certain JJ
that IN
a DT
seemingly RB
improbable JJ
rumor NN
is VBZ
in IN
fact NN
false JJ
?In IN
the DT
past NN
,
not 
only RB
would 
reputable JJ
professionals NNS
have VB
rushed VBN
to TO
check VB
out RP
such JJ
rumors NNS
with IN
the DT
company NN
,
but 
companies NNS
listed VBN
on IN
the DT
major JJ
stock NN
exchanges NNS
were VBD
encouraged VBN
by IN
the DT
exchanges NNS
to TO
respond VB
openly RB
to TO
such JJ
inquiries NNS
from IN
securities NNS
analysts NNS
.Today NN
,
after IN
Mr. NNP
Freeman NNP
's POS
plea NN
,
there EX
is VBZ
an DT
uncertainty NN
that WDT
is VBZ
both DT
unfair JJ
and CC
inefficient JJ
.In IN
this DT
light NN
,
the DT
comparative JJ
advantages NNS
of IN
legislative JJ
law-making NNS
become VBP
clear JJ
:
-LRB- (
1 CD
-RRB-
Before IN
it PRP
acts VBZ
,
the DT
legislature NN
typically RB
will MD
hear VB
the DT
views NNS
of IN
representatives NNS
of IN
all PDT
those DT
affected VBN
by IN
its PRP$
decision NN
, ,
not RB
just RB
the DT
immediate JJ
parties NNS
before IN
the DT
court NN
;
and 
-LRB- (
2 CD
-RRB-
the DT
legislature NN
can MD
frame VB
`` ``
bright JJ
line NN
'' ''
standards NNS
that WDT
create VBP
less JJR
uncertainty NN
than IN
the DT
fact-bound JJ
decisions NNS
of IN
courts NNS
.Although IN
legislative JJ
lines NNS
can MD
result VB
in IN
under-inclusion NN
-LRB-
which WDT
explains VBZ
why WRB
the DT
SEC NNP
has VBZ
long RB
resisted VBN
a DT
legislative JJ
definition NN
of IN
insider NN
trading NN
-RRB-
,
judicial JJ
lawmaking JJ
inevitably RB
creates VBZ
uncertainty NN
because IN
of IN
the DT
shadowy JJ
outer JJ
edges NNS
and CC
implications NNS
of IN
most RBS
judicial JJ
decisions NNS
.At IN
least JJS
when WRB
the DT
stakes NNS
are VBP
high JJ
,
uncertainty NN
in IN
turn NN
results NNS
in IN
overinclusion NN
,
as IN
individuals NNS
do VBP
not RB
dare VB
to TO
approach VB
an DT
uncertain JJ
line NN
closely RB
.The DT
federal JJ
mail NN
and CC
wire NN
fraud NN
statutes NNS
provide VBP
even RB
better JJR
illustrations NNS
of IN
the DT
rapid JJ
evolution NN
of IN
a DT
federal JJ
common JJ
law NN
of IN
white-collar JJ
crime NN
.In IN
1987 CD
,
the DT
Supreme NNP
Court NNP
attempted VBD
in IN
McNally NNP
v. CC
U.S. NNP
to TO
halt VB
the DT
inexorable JJ
expansion NN
of IN
these DT
statutes NNS
by IN
adopting VBG
a DT
rule NN
of IN
strict JJ
construction NN
for IN
ambiguous JJ
criminal JJ
statues NNS
.Yet RB
,
late JJ
last JJ
year NN
,
Congress NNP
effectively RB
reversed VBD
this DT
decision NN
by IN
enacting VBG
a DT
one-sentence JJ
statute NN
that WDT
defined VBD
fraud NN
to TO
include VB
any DT
scheme NN
to TO
deprive VB
another DT
of IN
`` 
the DT
intangible JJ
right NN
of IN
honest JJ
services NNS
.
'' At IN
a DT
stroke NN
,
this DT
may MD
criminalize VB
all DT
fiduciary JJ
breaches NNS
-LRB-
and 
possibly RB
all DT
misrepresentations NNS
by IN
an DT
agent NN
or CC
employee NN
-RRB-
.Such JJ
a DT
statute NN
illustrates VBZ
the DT
fundamental JJ
problem NN
:
Congress NNP
finds VBZ
it PRP
is VBZ
easier JJR
to TO
pass VB
sweepingly RB
moralistic JJ
prohibitions NNS
,
which WDT
the DT
courts NNS
must MD
thereafter RB
interpret VB
,
than IN
to TO
engage VB
in IN
the DT
difficult JJ
line-drawing JJ
distinctions NNS
that WDT
are VBP
inherently RB
its PRP$
responsibility NN
.We PRP
are VBP
confronted VBN
less JJR
with IN
a DT
judicial JJ
power NN
grab NN
than IN
with IN
a DT
legislative JJ
giveaway NN
.Predictably RB
,
when WRB
confronted VBN
with IN
morally RB
dubious JJ
behavior NN
,
prosecutors NNS
will MD
exploit VB
the DT
latitude NN
such JJ
openended VBN
statutes NNS
give VBP
them PRP
.Over IN
the DT
long JJ
run NN
,
however RB
,
sleazy JJ
cases NNS
will MD
make VB
bad JJ
law NN
.Mr. NNP
Coffee NNP
is VBZ
a DT
professor NN
at IN
Columbia NNP
Law NNP
School NNP
.Corning NNP
Inc. NNP
posted VBD
a DT
38 CD
% NN
decline NN
in IN
third-quarter JJ
net JJ
income NN
to TO
$ $
76.5 CD
million CD
,
or 
80 CD
cents NNS
a DT
share NN
,
from IN
$ $
123.9 CD
million CD
,
or 
$ $
1.37 CD
a DT
share NN
,
a DT
year NN
earlier RBR
.The DT
year-earlier JJ
figure NN
included VBD
a DT
one-time JJ
gain NN
of IN
$ $
59.9 CD
million CD
from IN
the DT
sale NN
of IN
Corning NNP
's POS
stakes NNS
in IN
Japanese JJ
businesses NNS
.Without IN
the DT
gain NN
,
operating VBG
profit NN
was VBD
$ $
64 CD
million CD
,
or 
71 CD
cents NNS
a DT
share NN
.The DT
telecommunications NNS
, ,
specialty NN
glass NN
, ,
ceramic JJ
products NNS
and CC
laboratory-services JJ
concern NN
said VBD
the DT
latest JJS
quarter NN
included VBD
a DT
tax-loss NN
carry-forward NN
of IN
$ $
600,000 CD
.A DT
year NN
earlier RBR
,
net NN
included VBD
a DT
$ $
700,000 CD
taxlow NN
carry-forward NN
.Sales NNS
rose VBD
14 CD
% NN
to TO
$ $
715 CD
million CD
from IN
$ $
625.4 CD
million CD
.Corning NNP
's POS
chairman NN
and CC
chief JJ
executive JJ
officer NN
,
James NNP
R. NNP
Houghton NNP
,
said VBD
operating VBG
performance NN
continued VBD
to TO
be VB
strong JJ
in IN
the DT
telecommunications NNS
and CC
health NN
and CC
science NN
segments NNS
.But 
the DT
specialty-material JJ
segment NN
slowed VBD
somewhat RB
and 
consumer NN
products NNS
continued VBD
below IN
expectations NNS
.As IN
for IN
joint JJ
ventures NNS
,
Mr. NNP
Houghton NNP
said VBD
profit NN
was VBD
`` 
essentially RB
flat JJ
'' 
due 
primarily RB
to TO
a DT
slow JJ
recovery NN
at IN
Samsung-Corning NNP
Co. NNP
in IN
Korea NNP
following VBG
a DT
strike NN
at IN
a DT
major JJ
customer NN
and 
the DT
disruption NN
of IN
shipments NNS
to TO
China NNP
.Also RB
,
profit NN
was VBD
hurt VBN
by IN
the DT
strength NN
of IN
the DT
dollar NN
overseas JJ
which WDT
negatively RB
affected VBN
the DT
company NN
's POS
currency-exchange JJ
rate NN
.In IN
New NNP
York NNP
Stock NNP
Exchange NNP
composite JJ
trading NN
,
Corning NNP
closed VBD
at IN
$ $
38.50 CD
,
down RB
75 CD
cents NNS
.UAL NNP
,
the DT
hair-trigger JJ
stock NN
that WDT
exploded VBD
Friday NNP
's POS
market NN
bombshell NN
,
briefly NN
traumatized VBD
traders NNS
again RB
yesterday NN
.Within IN
10 CD
minutes NNS
after IN
an DT
11:13 CD
a.m. NN
trading NN
halt NN
in IN
UAL NNP
,
parent NN
of IN
United NNP
Airlines NNPS
,
the DT
Dow NNP
Jones NNP
Industrial NNP
Average NNP
plunged VBD
nearly RB
27 CD
points NNS
to TO
a DT
60.25-point JJ
deficit NN
.Computer-guided JJ
buying NN
then RB
kicked VBD
in IN
,
and 
the DT
industrials NNS
regained VBD
27 CD
points NNS
in IN
five CD
minutes NNS
.The DT
lightning NN
moves NNS
show VBP
that IN
the DT
stock NN
market NN
remains VBZ
fragile JJ
and CC
volatile JJ
--
ready JJ
to TO
jump VB
at IN
the DT
slightest JJS
rumor NN
--
a DT
few JJ
days NNS
after IN
its PRP$
shocking JJ
190.58-point JJ
plunge NN
.Nervous JJ
investors NNS
continued VBD
to TO
limit VB
their PRP$
buying NN
to TO
blue-chip JJ
stocks NNS
while IN
dumping VBG
takeover-related JJ
issues NNS
.The DT
industrial JJ
average NN
closed VBD
down RB
18.65 CD
,
to TO
2638.73 CD
.New NNP
York NNP
Stock NNP
Exchange NNP
volume NN
was VBD
a DT
heavy JJ
224,070,000 CD
shares NNS
.Decliners NNS
on IN
the DT
Big NNP
Board NNP
outnumbered VBD
advancers NNS
,
931 CD
to TO
658 CD
.UAL NNP
was VBD
watched VBN
closely RB
and 
traded VBN
heavily RB
.The DT
stock NN
tumbled VBD
24 CD
7\/8 CD
to TO
198 CD
on IN
volume NN
of IN
2.8 CD
million CD
shares NNS
.The DT
market NN
is VBZ
still RB
very RB
touchy JJ
about IN
rumors NNS
and 
news NN
on IN
pending VBG
takeovers NNS
.UAL NNP
,
which WDT
is VBZ
trying VBG
to TO
reconstruct VB
a DT
buy-out NN
bid NN
that IN
banks NNS
would MD
n't RB
finance VB
,
represents VBZ
the DT
future NN
of IN
one CD
of IN
the DT
most RBS
powerful JJ
ingredients NNS
in IN
the DT
bull NN
market NN
-
corporate JJ
restructuring NN
.An DT
important JJ
element NN
of IN
this DT
phenomenon NN
--
the DT
now-shaky JJ
market NN
for IN
junk NN
bonds NNS
,
used VBD
often RB
to TO
finance VB
restructurings NNS
and CC
takeovers NNS
--
continued VBD
to TO
cast VB
a DT
pall NN
over IN
stocks NNS
.`` 
It PRP
was VBD
a DT
very RB
nervous JJ
day NN
,
'' 
said VBD
John NNP
Geary NNP
,
partner NN
of IN
the DT
Big NNP
Board NNP
specialist NN
firm NN
Ziebarth NNP
, ,
Geary NNP
.The DT
volatility NN
wo MD
n't RB
end VB
soon RB
.This DT
Friday NNP
brings VBZ
the DT
`` ``
double JJ
witching JJ
hour NN
,
'' 
Wall NNP
Street NNP
's POS
nickname NN
for IN
the DT
monthly JJ
simultaneous JJ
expiration NN
of IN
a DT
variety NN
of IN
stock NN
index NN
futures NNS
,
index NN
options NNS
and 
options NNS
on IN
individual JJ
stocks NNS
.Traders NNS
are VBP
already RB
buckling VBG
their PRP$
seat NN
belts NNS
.Previous JJ
monthly JJ
expirations NNS
of IN
the DT
Major NNP
Market NNP
Index NNP
futures NNS
and 
Standard NNP
& CC
Poor NNP
's POS
100-stock JJ
index NN
options NNS
have VBP
produced VBN
spectacular JJ
volatility NN
.`` 
We PRP
are VBP
in IN
one CD
of IN
those DT
phases NNS
where WRB
you PRP
are VBP
going VBG
to TO
get VB
a DT
lot NN
of IN
volatile JJ
expiration NN
action NN
,
'' 
said VBD
Donald NNP
Selkin NNP
,
head NN
of IN
stock-index NN
research NN
at IN
Prudential-Bache NNP
Securities NNP
.Investors NNS
were VBD
buying VBG
yesterday NN
,
but 
they PRP
were VBD
running VBG
scared VBN
to TO
premier NN
blue JJ
chips NNS
such JJ
as IN
Procter NNP
& CC
Gamble NNP
,
which WDT
jumped VBD
3 CD
3\/8 CD
to TO
127 CD
.Investors NNS
`` 
are VBP
buying VBG
stocks NNS
that WDT
have VBP
predictable JJ
earnings NNS
,
'' 
said VBD
Edward NNP
J. NNP
Laux NNP
,
head NN
of IN
block NN
trading NN
at IN
Kidder NNP
Peabody NNP
.Along IN
the DT
way NN
,
investors NNS
dumped VBD
takeover NN
stocks NNS
and 
shares NNS
of IN
banks NNS
that WDT
have VBP
leveraged-buy-out JJ
debt NN
and 
risky JJ
real JJ
estate NN
loans NNS
on IN
their PRP$
books NNS
.`` 
These DT
loans NNS
are VBP
more JJR
of IN
a DT
focus NN
than IN
lesser-developed-country JJ
debt NN
now RB
,
'' 
said VBD
William NNP
Bee NNP
,
senior JJ
block NN
trader NN
at IN
Prudential-Bache NNP
Securities NNP
.Chase NNP
Manhattan NNP
,
which WDT
sold VBD
14 CD
million CD
additional JJ
shares NNS
at IN
40 CD
1\/8 CD
Monday NNP
through IN
an DT
underwriting NN
group NN
led VBN
by IN
Goldman NNP
Sachs NNP
,
closed VBD
down RB
1\/8 CD
to TO
40 CD
.Citicorp NNP
fell VBD
1\/2 CD
to TO
32 CD
,
and 
Manufacturers NNP
Hanover NNP
slipped VBD
3\/8 CD
to TO
40 CD
1\/4 CD
.Chase NNP
and 
Citicorp NNP
's POS
Citibank NNP
are VBP
involved VBN
in IN
the DT
UAL NNP
buy-out NN
financing NN
.Both DT
Citicorp NNP
and 
Manufacturers NNP
Hanover NNP
reported VBD
earnings NNS
yesterday NN
.In IN
the DT
first JJ
hour NN
of IN
trading NN
,
about IN
one CD
million CD
shares VBZ
a DT
minute NN
changed VBD
hands NNS
on IN
the DT
Big NNP
Board NNP
as IN
big JJ
stock-index NN
arbitrage NN
sell NN
programs NNS
pushed VBD
prices NNS
lower JJR
.-LRB-
In IN
stock-index NN
arbitrage NN
,
traders NNS
buy VBP
or CC
sell VB
big JJ
baskets NNS
of IN
stocks NNS
against IN
offsetting VBG
positions NNS
in IN
futures NNS
.
-RRB-Traders NNS
said VBD
many NN
of IN
the DT
sell NN
programs NNS
are VBP
positions NNS
being VBG
established VBN
ahead RB
of IN
this DT
Friday NNP
's POS
expiration NN
.Aside RB
from IN
computer-guided JJ
selling NN
,
airline NN
stocks NNS
took VBD
a DT
beating NN
as IN
well RB
.The DT
Dow NNP
Jones NNP
Transportation NNP
Average NNP
fell VBD
49.96 CD
to TO
close VB
at IN
1254.27 CD
.AMR NNP
,
the DT
parent NN
of IN
American NNP
Airlines NNPS
,
continued VBD
to TO
retreat VB
in IN
the DT
wake NN
of IN
New NNP
York NNP
developer NN
Donald NNP
Trump NNP
's POS
decision NN
to TO
withdraw VB
his PRP$
$ $
120-a-share JJ
takeover NN
bid NN
.The DT
stock NN
fell VBD
3 CD
1\/4 CD
to TO
73 CD
1\/4 CD
on IN
3.4 CD
million CD
shares NNS
.Delta NNP
Air NNP
Lines NNPS
fell VBD
1 CD
7\/8 CD
to TO
67 CD
7\/8 CD
,
USAir NNP
Group NNP
dropped VBD
3\/4 CD
to TO
40 CD
1\/4 CD
,
Southwest NNP
Airlines NNPS
dipped VBD
1\/2 CD
to TO
25 CD
and 
Alaska NNP
Air NNP
Group NNP
slid VBD
3\/8 CD
to TO
24 CD
1\/4 CD
.But 
Texas NNP
Air NNP
,
the DT
owner NN
of IN
Continental NNP
and 
Eastern NNP
airlines NNS
,
bucked VBD
the DT
group NN
's POS
decline NN
by IN
rising VBG
7\/8 CD
to TO
14 CD
5\/8 CD
in IN
American NNP
Stock NNP
Exchange NNP
trading NN
.Eastern NNP
said VBD
it PRP
is VBZ
ahead RB
of IN
schedule NN
in IN
resuming VBG
its PRP$
operations NNS
after IN
filing NN
earlier RBR
this DT
year NN
for IN
Chapter NN
11 CD
bankruptcy NN
protection NN
,
from IN
which WDT
it PRP
expects VBZ
to TO
emerge VB
early JJ
next JJ
year NN
.Philip NNP
Morris NNP
,
the DT
most RBS
active JJ
Big NNP
Board NNP
issue NN
for IN
the DT
second JJ
consecutive JJ
session NN
,
was VBD
unchanged JJ
at IN
43 CD
1\/4 CD
on IN
3.9 CD
million CD
shares NNS
.Other JJ
blue-chip JJ
consumer NN
issues NNS
also RB
fared VBD
relatively RB
well RB
:
PepsiCo NNP
rose VBD
1 CD
3\/8 CD
to TO
58 CD
1\/2 CD
;
Coca-Cola NNP
Co. NNP
was VBD
unchanged JJ
at IN
66 CD
3\/4 CD
;
McDonald NNP
's POS
also RB
closed VBD
unchanged JJ
at IN
30 CD
1\/2 CD
,
and 
Merck NNP
rose VBD
1\/2 CD
to TO
75 CD
1\/4 CD
.Broader JJR
averages NNS
also RB
fell VBD
.Standard NNP
& CC
Poor NNP
's POS
500-stock JJ
index NN
fell VBD
1.69 CD
to TO
341.16 CD
,
and 
the DT
New NNP
York NNP
Stock NNP
Exchange NNP
Composite NNP
Index NNP
fell VBD
0.88 CD
to TO
188.89 CD
.Among IN
the DT
takeover-related JJ
stocks NNS
that WDT
sold VBD
off 
yesterday NN
were VBD
Disney NNP
,
which WDT
closed VBD
down RB
2 CD
1\/8 CD
to TO
121 CD
1\/4 CD
.Philips NNP
Industries NNPS
tumbled VBD
3\/8 CD
to TO
22 CD
7\/8 CD
;
Hilton NNP
Hotels NNPS
fell VBD
2 CD
1\/2 CD
to TO
92 CD
and 
Holiday NNP
Corp. NNP
fell VBD
2 CD
1\/8 CD
to TO
69 CD
7\/8 CD
.Among IN
other JJ
blue JJ
chips NNS
,
Exxon NNP
gained VBD
1\/8 CD
to TO
45 CD
1\/2 CD
.International NNP
Paper NNP
fell VBD
1 CD
3\/8 CD
to TO
51 CD
1\/2 CD
,
Union NNP
Carbide NNP
eased VBD
7\/8 CD
to TO
25 CD
,
Chevron NNP
gained VBD
1\/8 CD
to TO
64 CD
,
and 
Eastman NNP
Kodak NNP
closed VBD
down RB
3\/4 CD
to TO
44 CD
1\/4 CD
.The DT
only JJ
industry NN
group NN
to TO
show VB
a DT
gain NN
from IN
the DT
industrial JJ
average NN
's POS
record NN
high JJ
on IN
Oct. NNP
9 CD
is VBZ
restaurants NNS
.Among IN
the DT
three CD
worst-performing JJ
groups NNS
,
with IN
declines NNS
of IN
10 CD
% NN
to TO
20 CD
% NN
,
are VBP
airlines NNS
,
casinos NNS
and 
securities NNS
brokers NNS
.Trading NN
also RB
was VBD
heavy JJ
in IN
the DT
over-the-counter JJ
market NN
.The DT
Nasdaq NNP
composite JJ
index NN
closed VBD
down RB
1.05 CD
to TO
459.93 CD
on IN
volume NN
of IN
161.5 CD
million CD
shares NNS
.`` 
The DT
environment NN
is VBZ
a DT
lot NN
more RBR
trading-oriented JJ
,
'' 
said VBD
Gary NNP
Rosenbach NNP
,
manager NN
of IN
equity NN
trading NN
at IN
the DT
OTC NNP
stock NN
firm NN
Needham NNP
& CC
Co. NNP
in IN
New NNP
York NNP
.`` 
Because IN
there EX
is VBZ
a DT
lot NN
more JJR
volatility NN
now RB
,
if IN
guys NNS
see VBP
that IN
they PRP
can MD
make VB
a DT
quick JJ
10 CD
% NN
or CC
15 CD
% NN
profit NN
,
they PRP
'll MD
take VB
it PRP
.
'' Compaq NNP
Computer NNP
gained VBD
2 CD
1\/8 CD
to TO
103 CD
3\/4 CD
on IN
two CD
million CD
shares NNS
,
reflecting VBG
market NN
optimism NN
about IN
the DT
prospects NNS
for IN
its PRP$
newly RB
introduced VBN
notebook-sized JJ
computer NN
.B.F. NNP
Goodrich NNP
dropped VBD
1 CD
3\/8 CD
to TO
49 CD
1\/8 CD
.The DT
company NN
's POS
third-quarter JJ
earnings NNS
were VBD
below IN
both DT
analysts NNS
' POS
forecasts NNS
and 
the DT
year-earlier JJ
level NN
.Blue NNP
Arrow NNP
added VBD
1\/2 CD
to TO
17 CD
1\/4 CD
.The DT
British JJ
company NN
plans NNS
to TO
change VB
its PRP$
name NN
to TO
Manpower NNP
,
the DT
name NN
of IN
its PRP$
U.S. NNP
unit NN
,
and 
write VB
off IN
part NN
of IN
nearly RB
$ $
1.2 CD
billion CD
in IN
good JJ
will NN
as IN
a DT
possible JJ
prelude NN
to TO
reincorporating VBG
in IN
the DT
U.S. NNP
.Dravo NNP
rose VBD
5\/8 CD
to TO
16 CD
1\/8 CD
.Shearson NNP
Lehman NNP
Hutton NNP
began VBD
its PRP$
coverage NN
of IN
the DT
company NN
with IN
favorable JJ
ratings NNS
.Intertan NNP
jumped VBD
2 CD
1\/4 CD
to TO
56 CD
7\/8 CD
.The DT
company NN
reported VBD
that IN
earnings NNS
from IN
operations NNS
for IN
the DT
September NNP
quarter NN
were VBD
up IN
about IN
25 CD
% NN
from IN
a DT
year NN
earlier RBR
.Bay NNP
Financial NNP
,
which WDT
said VBD
it PRP
may MD
be VB
forced VBN
to TO
file VB
under IN
Chapter NN
11 CD
if IN
it PRP
ca MD
n't RB
reach VB
an DT
agreement NN
with IN
its PRP$
lenders NNS
to TO
relieve VB
its PRP$
debt NN
burden NN
,
plunged VBD
1 CD
3\/8 CD
to TO
2 CD
1\/8 CD
.The DT
Amex NNP
Market NNP
Value NNP
Index NNP
fell VBD
1.25 CD
to TO
375.16 CD
.Volume NN
totaled VBD
16,800,000 CD
shares NNS
.Among IN
active JJ
Amex NNP
issues NNS
,
the DT
American JJ
depositary NN
receipts NNS
of IN
B.A.T NNP
Industries NNPS
fell VBD
1\/4 CD
to TO
11 CD
3\/4 CD
on IN
turnover NN
of IN
885,800 CD
.Investment NN
bankers NNS
and 
retailers NNS
said VBD
the DT
turmoil NN
on IN
Wall NNP
Street NNP
may MD
benefit VB
managers NNS
who WP
plan VBP
to TO
bid VB
for IN
U.S. NNP
retailing NN
units NNS
of IN
the DT
British JJ
firm NN
because IN
takeover NN
prices NNS
may MD
not RB
be VB
as RB
high JJ
as IN
before IN
the DT
recent JJ
correction NN
.Fruit NNP
of IN
the DT
Loom NNP
slipped VBD
1\/8 CD
to TO
12 CD
3\/8 CD
on IN
501,200 CD
shares NNS
.DWG NNP
Corp. NNP
jumped VBD
1 CD
1\/4 CD
to TO
15 CD
on IN
454,100 CD
shares NNS
.Carnival NNP
Cruise NNP
Lines NNP
Class NNP
A DT
dropped VBD
1 CD
to TO
21 CD
1\/8 CD
on IN
331,400 CD
shares NNS
.Amex NNP
issues NNS
with IN
big JJ
percentage NN
price NN
gains NNS
included VBD
two CD
Eastern NNP
Air NNP
Lines NNPS
preferred JJ
stocks NNS
,
reacting VBG
to TO
the DT
news NN
about IN
improved VBN
recovery NN
in IN
flight NN
schedules NNS
after IN
the DT
company NN
filed VBN
for IN
bankruptcy NN
protection NN
.Eastern NNP
's POS
Class NNP
F NN
preferred JJ
rose VBD
12 CD
% NN
,
or 
1 CD
1\/4 CD
,
to TO
11 CD
3\/4 CD
;
the DT
Class NNP
E NN
preferred JJ
gained VBD
7 CD
% NN
,
or 
5\/8 CD
,
to TO
10 CD
1\/4 CD
.The DT
biggest JJS
percentage NN
gainer NN
on IN
the DT
Amex NNP
was VBD
Enviropact NNP
,
which WDT
jumped VBD
23 CD
% NN
,
or 
5\/8 CD
,
to TO
3 CD
3\/8 CD
on IN
volume NN
of IN
29,000 CD
shares NNS
.On IN
Monday NNP
,
the DT
company NN
,
a DT
provider NN
of IN
environmental JJ
consulting NN
services NNS
,
reported VBD
a DT
wider RBR
fiscal JJ
fourth-quarter JJ
loss NN
and 
predicted VBD
a DT
loss NN
for IN
its PRP$
fiscal JJ
1990 CD
first JJ
quarter NN
,
but 
said VBD
a DT
profit NN
is VBZ
expected VBN
for IN
all DT
of IN
fiscal JJ
1990 CD
.But 
its PRP$
auditor NN
,
Ernst NNP
& CC
Young NNP
,
said VBD
Enviropact NNP
's POS
financial JJ
situation NN
raises VBZ
`` 
substantial JJ
doubt NN
about IN
its PRP$
ability NN
to TO
continue VB
as IN
a DT
going VBG
concern NN
.
'' Mission NNP
Resource NNP
Partners NNPS
advanced VBD
8 CD
% NN
,
or 
1 CD
3\/8 CD
,
to TO
18 CD
7\/8 CD
.Sonja NNP
Steptoe NNP
and 
David NNP
Wilson NNP
contributed VBD
to TO
this DT
article NN
.ONE CD
LIBERTY NNP
PROPERTIES NNPS
Inc. NNP
declared VBD
a DT
dividend NN
of IN
40 CD
cents NNS
a DT
share NN
on IN
its PRP$
$ $
16.50 CD
cumulative JJ
convertible JJ
preferred JJ
stock NN
,
payable JJ
Jan. NNP
2 CD
to TO
stock VB
of IN
record NN
Dec. NNP
8 CD
.But 
directors NNS
of IN
the DT
Great NNP
Neck NNP
, ,
N.Y. NNP
, ,
real JJ
estate NN
investment NN
trust NN
did VBD
n't RB
act VB
on IN
the DT
common JJ
stock NN
dividend NN
.And 
they PRP
wo MD
n't RB
consider VB
such JJ
a DT
dividend NN
,
the DT
trust NN
added VBD
,
before IN
results NNS
are VBP
available JJ
for IN
the DT
first JJ
quarter NN
of IN
1990 CD
.In IN
part NN
,
the DT
trust NN
cited VBD
the DT
need NN
to TO
retain VB
cash NN
for IN
possible JJ
acquisitions NNS
.According VBG
to TO
a DT
spokesman NN
,
One CD
Liberty NNP
will MD
have VB
paid VBN
out RP
as IN
dividends NNS
the DT
required VBN
amount NN
of IN
its PRP$
taxable JJ
income NN
to TO
maintain VB
its PRP$
legal JJ
status NN
as IN
a DT
real JJ
estate NN
investment NN
trust NN
.Banks NNS
are VBP
continuing VBG
to TO
go VB
after IN
individual JJ
investors NNS
,
despite IN
falling VBG
interest NN
rates NNS
.Yields NNS
on IN
small-denomination NN
certificates NNS
of IN
deposit NN
fell VBD
at IN
about IN
half PDT
the DT
rate NN
of IN
so-called JJ
jumbo JJ
CDs NNS
this DT
week NN
,
according VBG
to TO
Banxquote NNP
Money NNP
Markets NNPS
,
an DT
information NN
service NN
based VBN
here RB
.Investors NNS
can MD
get VB
slightly RB
higher JJR
yields NNS
on IN
deposits NNS
below IN
$ $
50,000 CD
than IN
they PRP
can MD
on IN
deposits NNS
of IN
$ $
90,000 CD
and CC
up RB
.`` 
Banks NNP
want VBP
to TO
remain VB
competitive JJ
,
'' 
said VBD
Norberto NNP
Mehl NNP
,
chairman NN
of IN
Banxquote NNP
.`` 
October NNP
is VBZ
a DT
big JJ
rollover NN
month NN
and 
perhaps RB
they PRP
anticipate VBP
greater JJR
demand NN
...
among IN
people NNS
leaving VBG
the DT
stock NN
market NN
.
'' Some DT
bankers NNS
are VBP
reporting VBG
more JJR
inquiries NNS
than IN
usual JJ
about IN
CDs NNS
since IN
Friday NNP
.`` 
Reports NNS
from IN
branches NNS
are VBP
that IN
there EX
has VBZ
been VBN
greater JJR
interest NN
in IN
the DT
last JJ
day NN
or 
so RB
,
'' 
said VBD
Steven NNP
Braitman NNP
,
a DT
vice NN
president NN
at IN
Chemical NNP
Bank NNP
in IN
New NNP
York NNP
.Chemical NNP
said VBD
deposits NNS
Monday NNP
were VBD
about RB
$ $
5 NN
million CD
higher JJR
than IN
usual JJ
and 
it PRP
expects VBZ
more JJR
activity NN
as IN
investors NNS
receive VBP
the DT
proceeds NNS
from IN
sales NNS
of IN
stock NN
.`` 
This DT
is VBZ
no DT
time NN
to TO
be VB
playing VBG
in IN
the DT
street NN
...the DT
Dow NNP
has VBZ
more JJR
ups NNS
and CC
downs NNS
than IN
an DT
elevator NN
,
'' 
proclaimed VBD
an DT
advertisement NN
Monday NNP
in IN
New NNP
York NNP
newspapers NNS
,
touting VBG
Lincoln NNP
Savings NNP
Bank NNP
's POS
one-year JJ
CD NNP
.Harold NNP
Jones NNP
,
Lincoln NNP
's POS
chief JJ
retail JJ
banking NN
officer NN
,
said VBD
there EX
has VBZ
n't RB
yet RB
been VBN
`` 
a DT
discernible JJ
response NN
,
'' 
although IN
the DT
ad NN
included VBD
a DT
coupon NN
that WDT
could MD
arrive VB
later RB
in IN
the DT
week NN
.Friday NNP
's POS
market NN
rout NN
came VBD
smack RB
in IN
the DT
middle NN
of IN
the DT
heaviest JJS
month NN
for IN
CD NNP
rollovers NNS
,
when WRB
a DT
number NN
of IN
banks NNS
and CC
thrifts NNS
already RB
have VBP
promotions NNS
under IN
way NN
.First NNP
National NNP
Bank NNP
of IN
Boston NNP
,
for IN
example NN
,
is VBZ
offering VBG
certain JJ
new JJ
depositors NNS
an DT
extra JJ
quarter NN
of IN
a DT
percentage NN
point NN
on IN
six-month JJ
and CC
12-month JJ
CDs NNS
.Some DT
banks NNS
actually RB
boosted VBD
yields NNS
on IN
the DT
shortest JJS
term NN
CDs NNS
in IN
the DT
latest JJS
week NN
.New NNP
York NNP
's POS
Citibank NNP
,
for IN
instance NN
,
increased VBD
the DT
yield NN
on IN
small-denomination NN
three-month JJ
CDs NNS
to TO
8 CD
% NN
from IN
7.9 CD
% NN
.On IN
average JJ
,
however RB
,
three-month JJ
CDs NNS
at IN
major JJ
banks NNS
are VBP
yielding VBG
a DT
tenth NN
of IN
a DT
percentage NN
point NN
less JJR
than IN
they PRP
were VBD
a DT
week NN
ago RB
.Average JJ
yields NNS
on IN
CDs NNS
aimed VBN
at IN
individual JJ
investors NNS
fell VBD
less JJR
than IN
half NN
as RB
much JJ
as IN
yields NNS
on IN
Treasury NNP
bills NNS
sold VBN
at IN
Monday NNP
's POS
auction NN
.Six-month JJ
CDs NNS
of IN
$ $
50,000 CD
and CC
less JJR
yielded VBD
an DT
average JJ
8.02 CD
% NN
in IN
the DT
week NN
ended VBN
Tuesday NNP
,
down RB
from IN
8.10 CD
% NN
,
according VBG
to TO
Banxquote NNP
.The DT
yield NN
on IN
six-month JJ
T-bills NNS
fell VBD
to TO
7.82 CD
% NN
on IN
Monday NNP
,
from IN
8.01 CD
% NN
the DT
week NN
before RB
.Meanwhile RB
,
the DT
average JJ
yield NN
on IN
six-month JJ
CDs NNS
of IN
more JJR
than IN
$ $
90,000 CD
fell VBD
to TO
7.93 CD
% NN
in IN
the DT
latest JJS
week NN
,
according VBG
to TO
Banxquote NNP
,
from IN
8.10 CD
% NN
the DT
week NN
before RB
.Mr. NNP
Mehl NNP
noted VBD
that IN
actual JJ
rates NNS
are VBP
almost RB
identical JJ
on IN
small JJ
and CC
large-denomination NN
CDs NNS
,
but 
yields NNS
on IN
CDs NNS
aimed VBN
at IN
the DT
individual JJ
investor NN
are VBP
boosted VBN
by IN
more RBR
frequent JJ
compounding NN
.CDs NNS
sold VBN
by IN
major JJ
brokerage NN
houses NNS
,
which WDT
like IN
jumbo JJ
CDs NNS
tend VBP
to TO
closely RB
follow VB
interest NN
rate NN
trends NNS
,
also RB
posted VBD
larger JJR
drops VBZ
in IN
yields NNS
.A DT
six-month JJ
, ,
broker-sold JJ
CD NNP
,
for IN
example NN
,
was VBD
yielding VBG
an DT
average JJ
8.09 CD
% NN
in IN
the DT
latest JJS
week NN
,
a DT
fifth NN
of IN
a DT
percentage NN
point NN
lower JJR
than IN
the DT
week NN
before RB
.In IN
late JJ
April NNP
,
when WRB
interest NN
rates NNS
were VBD
at IN
their PRP$
recent JJ
highs NNS
,
short-term JJ
CDs NNS
sold VBN
by IN
brokers NNS
were VBD
offering NN
yields NNS
half PDT
a DT
percentage NN
point NN
or CC
more JJR
higher JJR
than IN
banks NNS
.CD JJ
yields NNS
are VBP
generally RB
expected VBN
to TO
fall VB
further JJ
in IN
coming VBG
weeks NNS
.`` 
What WP
happened VBD
in IN
the DT
stock NN
market NN
and 
the DT
bigger JJR
trade NN
deficit NN
'' 
reported VBD
yesterday NN
`` 
make VB
it PRP
unlikely JJ
that IN
short-term JJ
interest NN
rates NNS
will MD
rise VB
'' 
any DT
time NN
soon RB
,
said VBD
Mr. NNP
Mehl NNP
of IN
Banxquote NNP
.`` 
Even RB
before IN
the DT
market NN
drop NN
,
rates NNS
were VBD
down RB
about IN
half PDT
a DT
percentage NN
point NN
,
'' 
said VBD
Robert NNP
J. NNP
Hutchinson NNP
,
senior JJ
vice NN
president NN
for IN
retail JJ
marketing NN
at IN
Manufacturers NNP
Hanover NNP
Trust NNP
Co. NNP
in IN
New NNP
York NNP
.`` 
That DT
puts VBZ
pressure NN
on IN
CD NNP
rates NNS
.Conservatives NNS
have VBP
an DT
important JJ
decision NN
to TO
make VB
this DT
fall NN
.At IN
the DT
recent JJ
meetings NNS
of IN
the DT
World NNP
Bank NNP
and CC
International NNP
Monetary NNP
Fund NNP
,
the DT
Bush NNP
administration NN
announced VBD
its PRP$
intention NN
to TO
decide VB
by IN
yearend NN
the DT
size NN
of IN
the DT
next JJ
increase NN
in IN
the DT
IMF NNP
's POS
capital NN
base NN
.While IN
the DT
U.S. NNP
share NN
of IN
the DT
increase NN
probably RB
will MD
not RB
reach VB
the DT
$ $
12 CD
billion CD
or CC
more RBR
implicit JJ
in IN
the DT
IMF NNP
's POS
request NN
for IN
a DT
doubling NN
of IN
its PRP$
$ $
90 CD
billion CD
capital NN
,
the DT
administration NN
probably RB
will MD
agree VB
to TO
a DT
multibillion-dollar JJ
increase NN
.This DT
would MD
be VB
consistent JJ
with IN
its PRP$
unwavering VBG
support NN
for IN
the DT
Brady NNP
Plan NNP
and 
G-7 NNP
exchange-rate NN
intervention NN
, ,
and CC
with IN
its PRP$
financial JJ
commitment NN
to TO
Mexico NNP
, ,
Poland NNP
and CC
others NNS
.The DT
IMF NNP
has VBZ
several JJ
reasons NNS
for IN
requesting VBG
the DT
increase NN
.Its PRP$
role NN
in IN
the DT
economies NNS
of IN
developing VBG
countries NNS
has VBZ
grown VBN
steadily RB
since IN
the DT
1970s NNS
.The DT
size NN
and CC
pace NN
of IN
disbursements NNS
will MD
accelerate VB
further JJ
under IN
the DT
Brady NNP
Plan NNP
,
which WDT
promises VBZ
larger JJR
and CC
earlier JJR
disbursements NNS
to TO
approved VBD
countries NNS
.At IN
least JJS
three CD
other JJ
factors NNS
have VBP
encouraged VBN
the DT
IMF NNP
to TO
insist VB
on IN
increased VBN
capital NN
.First RB
,
it PRP
argues VBZ
that IN
its PRP$
capital NN
base NN
must MD
be VB
increased VBN
in IN
order NN
to TO
maintain VB
its PRP$
size NN
relative JJ
to TO
world NN
financial JJ
markets NNS
,
for IN
which WDT
it PRP
feels VBZ
some DT
responsibility NN
.Second JJ
,
the DT
World NNP
Bank NNP
's POS
recent 
$ $
75 
billion 
capital NN
increase NN
--
$ $
14 CD
billion CD
from IN
the DT
U.S. NNP
--
has VBZ
left VBN
the DT
IMF NNP
feeling NN
less JJR
than IN
first JJ
fiddle NN
among IN
international JJ
financial JJ
institutions NNS
.Third NNP
,
the DT
IMF NNP
would MD
like VB
to TO
meet VB
Japan NNP
's POS
request NN
for IN
increased VBN
ownership NN
-LRB-
currently RB
4.5 CD
% NN
-RRB-
.Japan NNP
has VBZ
supported VBN
a DT
larger JJR
role NN
for IN
the DT
IMF NNP
in IN
developing-country JJ
debt NN
issues NNS
,
and 
is VBZ
an DT
important JJ
financial JJ
resource NN
for IN
IMF-guided JJ
programs NNS
in IN
developing VBG
countries NNS
.While IN
international JJ
politics NNS
may MD
argue VB
for IN
the DT
capital NN
increase NN
,
there EX
is VBZ
a DT
clear JJ
economic JJ
case NN
against IN
it PRP
.Opponents NNS
of IN
the DT
increase NN
argue VBP
that IN
the DT
IMF NNP
practices NNS
central JJ
planning NN
while IN
supporting VBG
ineffective JJ
governments NNS
.They PRP
question VBP
whether IN
the DT
IMF NNP
has VBZ
any DT
role NN
in IN
developing VBG
countries NNS
,
given VBN
its PRP$
original JJ
mandate NN
to TO
assist VB
industrial JJ
countries NNS
in IN
balance-of-payments NNS
emergencies NNS
.Opponents NNS
show VBP
that IN
there EX
are VBP
already RB
more JJR
funds NNS
available JJ
than IN
commendable JJ
reform NN
efforts NNS
.They PRP
worry VBP
that 
new JJ
IMF NNP
funding NN
of IN
developing VBG
countries NNS
will MD
simply RB
end VB
up IN
substituting VBG
IMF NNP
debt NN
for IN
reschedulable JJ
commercial JJ
bank NN
debt NN
,
a DT
bad JJ
trade NN
all DT
around RB
.They PRP
believe VBP
microeconomics NNS
,
which WDT
addresses VBZ
the DT
problems NNS
of IN
markets NNS
,
investment NN
climate NN
and 
management NN
practices NNS
,
is VBZ
the DT
key JJ
to TO
developing-country JJ
growth NN
, ,
not RB
the DT
IMF NNP
's POS
Keynesian JJ
focus NN
on IN
trade NN
deficits NNS
,
quarterly JJ
targets NNS
and 
government NN
debt NN
.They PRP
point VBP
at IN
the DT
numerous JJ
developing-country JJ
governments NNS
that WDT
have VBP
inflated JJ
, ,
taxed VBN
and CC
regulated VBN
themselves PRP
into IN
despair NN
under IN
successive JJ
IMF NNP
programs NNS
.Decisions NNS
on IN
increases NNS
in IN
the DT
IMF NNP
's POS
capital NN
base NN
traditionally RB
are VBP
made VBN
by IN
the DT
administration NN
,
with IN
subsequent JJ
authorization NN
by IN
Congress NNP
.The DT
last JJ
U.S. NNP
congressional JJ
authorization NN
,
in IN
1983 CD
,
was VBD
a DT
political JJ
donnybrook NN
and 
carried VBD
a DT
$ $
6 CD
billion CD
housing NN
program NN
along IN
with IN
it PRP
to TO
secure VB
adequate JJ
votes NNS
.The DT
politics NNS
of IN
the DT
1990 CD
congressional JJ
authorization NN
are VBP
likely JJ
to TO
be VB
similar JJ
to TO
those DT
of IN
previous JJ
authorizations NNS
.Liberals NNS
may MD
support VB
the DT
stabilizing VBG
, ,
quasi-governmental JJ
role NN
of IN
the DT
IMF NNP
on IN
two CD
conditions NNS
:
that IN
the DT
administration NN
give NN
assurances NNS
that IN
liberal JJ
Democrats NNPS
' POS
support NN
will MD
not RB
be VB
used VBN
against IN
them PRP
in IN
congressional JJ
re-election NN
campaigns NNS
;
and 
that IN
the DT
legislation NN
address NN
--
with IN
dollars NNS
--
social JJ
and CC
environmental JJ
concerns NNS
.Conservative NNP
Republicans NNPS
will MD
be VB
given VBN
the DT
choice NN
of IN
supporting VBG
or CC
fighting VBG
their PRP$
party NN
's POS
popular JJ
president NN
in IN
an DT
election NN
year NN
.A DT
U.S. NNP
decision NN
to TO
refuse VB
the DT
IMF NNP
its PRP$
capital NN
increase NN
,
or 
limit NN
it PRP
to TO
25 CD
% NN
,
would MD
bring VB
a DT
major JJ
change NN
in IN
international JJ
economic JJ
policy NN
,
and 
could MD
not RB
be VB
taken VBN
lightly RB
.Commentators NNS
would MD
fret VB
over IN
the DT
implications NNS
for IN
the DT
G-7 NNP
coordination NN
process NN
and 
the DT
stability NN
of IN
world NN
financial JJ
markets NNS
.Because IN
commercial JJ
banks NNS
and 
the DT
developing-country JJ
governments NNS
believe VBP
they PRP
will MD
get VB
a DT
piece NN
of IN
any DT
capital NN
increase NN
,
a DT
scaled-down JJ
IMF NNP
mission NN
would MD
leave VB
both DT
feeling NN
shortchanged VBN
.Furthermore RB
,
a DT
U.S. NNP
rejection NN
of IN
the DT
capital NN
increase NN
-LRB-
and 
transfer NN
of IN
shares NNS
to TO
Japan NNP
-RRB-
would MD
give VB
Japan NNP
an DT
argument NN
against IN
future NN
calls VBZ
for IN
economic JJ
burden-sharing NN
.On IN
the DT
other JJ
hand NN
,
a DT
decision NN
to TO
increase VB
the DT
IMF NNP
's POS
capital NN
would MD
reinforce VB
the DT
central JJ
economic JJ
role NN
of IN
multilateral JJ
institutions NNS
in IN
developing VBG
countries NNS
.With IN
the DT
increase NN
,
even RB
more RBR
developing-country JJ
energy NN
and CC
talent NN
would MD
be VB
diverted VBN
from IN
creating VBG
profitable JJ
economic JJ
systems NNS
to TO
setting VBG
up IN
economic JJ
planning NN
ministries NNS
that WDT
generate VBP
IMF-approved JJ
economic JJ
plans NNS
.Upping VBG
the DT
ante NN
could MD
slow VB
economic JJ
development NN
even RB
further RBR
,
as IN
countries NNS
delay VBP
market-opening JJ
steps NNS
in IN
anticipation NN
of IN
richer JJR
multilateral JJ
support NN
.Conservatives NNS
should MD
take VB
a DT
position NN
prior RB
to TO
the DT
administration NN
's POS
year-end NN
deadline NN
.The DT
issues NNS
are VBP
too RB
important JJ
to TO
be VB
left VBN
to TO
the DT
financial JJ
and CC
budget NN
ministries NNS
fighting VBG
over IN
the DT
size NN
of IN
the DT
capital NN
increase NN
,
rather RB
than IN
its PRP$
purpose NN
.If IN
conservatives NNS
do VBP
n't RB
support VB
an DT
increase NN
in IN
the DT
IMF NNP
's POS
capital NN
,
then RB
it PRP
is VBZ
incumbent JJ
on IN
them PRP
to 
speak VB
up IN
now RB
and 
explain VB
the DT
alternative NN
.Mr. NNP
Malpass NNP
directs VBZ
the DT
Republican NNP
staff NN
of IN
the DT
Joint NNP
Economic NNP
Committee NNP
of IN
Congress NNP
.The DT
Chicago NNP
Mercantile NNP
Exchange NNP
fined VBD
and CC
suspended VBN
two CD
commodities NNS
traders NNS
accused VBN
of IN
making VBG
prearranged VBN
trades NNS
with IN
each DT
other NN
that IN
allegedly RB
cheated VBN
a DT
customer NN
.Merc NN
officials NNS
said VBD
Gary NNP
N. NNP
Roberts NNP
was VBD
disciplined VBN
following VBG
the DT
exchange NN
's POS
investigation NN
of IN
his PRP$
trading NN
in IN
several JJ
commodities NNS
pits NNS
from IN
July NNP
to TO
November NNP
1988 CD
.The DT
Merc NNP
said VBD
Mr. NNP
Roberts NNP
withheld VBD
from IN
the DT
market NN
certain JJ
orders NNS
in IN
cooperation NN
with IN
another DT
trader NN
,
David NNP
Stein NNP
.The DT
Merc NNP
fined VBD
Mr. NNP
Roberts NNP
$ $
15,000 CD
and 
suspended VBN
his PRP$
trading NN
membership NN
for IN
three CD
years NNS
.Also RB
,
he PRP
and 
Mr. NNP
Stein NNP
were VBD
ordered VBN
to TO
make VB
restitution NN
of IN
$ $
35,000 CD
to TO
a DT
customer NN
.Mr. NNP
Stein NNP
was VBD
fined VBN
$ $
25,000 CD
and 
suspended VBN
for IN
three CD
years NNS
.Messrs. NNP
Roberts NNP
and CC
Stein NNP
could MD
n't RB
be VB
reached VBN
for IN
comment NN
.The DT
Merc NNP
said VBD
that IN
as IN
part NN
of IN
the DT
disciplinary JJ
settlement NN
,
neither DT
man NN
admitted VBD
, ,
nor CC
denied VBD
the DT
alleged VBN
violations NNS
.Neither CC
was VBD
among IN
the DT
46 CD
traders NNS
indicted VBD
last JJ
August NNP
in IN
a DT
federal JJ
investigation NN
of IN
traders NNS
at IN
both 
the DT
Merc NNP
and 
the DT
Chicago NNP
Board NNP
of IN
Trade NNP
.In IN
a DT
move NN
that WDT
could MD
pose VB
a DT
new JJ
competitive JJ
challenge NN
to TO
Time NNP
Warner NNP
Inc. NNP
's POS
powerful JJ
Home NNP
Box NNP
Office NNP
,
cable NN
giant NN
Tele-Communications NNP
Inc. NNP
agreed VBD
to TO
buy VB
half NN
of IN
Showtime NNP
Networks NNP
Inc. NNP
from IN
Viacom NNP
Inc. NNP
for IN
$ $
225 CD
million CD
.The DT
purchase NN
comes VBZ
after IN
nearly RB
three CD
years NNS
of IN
on-again JJ
off-again JJ
talks NNS
between IN
TCI NNP
and 
Viacom NNP
,
which WDT
has VBZ
also RB
discussed VBN
the DT
sale NN
of IN
an DT
interest NN
in IN
Showtime NNP
with IN
other JJ
cable NN
operators NNS
.Showtime NNP
is VBZ
a DT
distant JJ
No. NN
2 CD
to TO
Home NNP
Box NNP
Office NNP
,
and 
in IN
May NNP
filed VBD
a DT
$ $
2.5 CD
billion CD
antitrust JJ
suit NN
against IN
Time NNP
Warner NNP
,
charging VBG
the DT
company NN
and 
its PRP$
HBO NNP
and CC
American NNP
Television NNP
cable NN
units NNS
with IN
conspiring VBG
to TO
monopolize VB
the DT
pay NN
TV NN
business NN
.HBO NNP
has VBZ
close RB
to TO
24 CD
million CD
subscribers NNS
to TO
its PRP$
HBO NNP
and CC
Cinemax NNP
networks NNS
,
while IN
Showtime NNP
and 
its PRP$
sister NN
service NN
,
The DT
Movie NNP
Channel NNP
,
have VBP
only RB
about IN
10 CD
million CD
,
according VBG
to TO
Paul NNP
Kagan NNP
Associates NNPS
,
a DT
Carmel NNP
, ,
Calif. NNP
, ,
research NN
firm NN
.For IN
TCI NNP
,
the DT
investment NN
in IN
Showtime NNP
puts VBZ
it PRP
in IN
an DT
unusual JJ
position NN
;
as IN
the DT
largest JJS
cable NN
operator NN
,
with IN
control NN
of IN
close RB
to TO
12 CD
million CD
of IN
the DT
nation NN
's POS
52 CD
million CD
cable NN
subscribers NNS
,
TCI NNP
is VBZ
HBO NNP
's POS
largest JJS
customer NN
.But 
TCI NNP
President NNP
John NNP
Malone NNP
has VBZ
long RB
been VBN
concerned VBN
about IN
HBO NNP
's POS
dominance NN
of IN
the DT
pay NN
TV NN
business NN
,
and 
has VBZ
been VBN
eager JJ
to TO
keep VB
Showtime NNP
as IN
a DT
healthy JJ
competitor NN
.`` 
It PRP
is VBZ
important JJ
to TO
the DT
cable NN
industry NN
that IN
we PRP
have VBP
a DT
vibrant JJ
and CC
competitive JJ
pay-television NN
marketplace NN
,
'' 
Mr. NNP
Malone NNP
said VBD
in IN
a DT
statement NN
.In IN
a DT
telephone NN
interview NN
,
Robert NNP
Thomson NNP
,
TCI NNP
senior JJ
vice NN
president NN
,
said VBD
Showtime NNP
's POS
suit NN
against IN
HBO NNP
`` 
does VBZ
n't RB
involve VB
us PRP
,
and 
nothing NN
we PRP
're VBP
doing VBG
here RB
bears VBZ
any DT
relationship NN
to TO
that DT
.
'' He PRP
added VBD
,
`` 
We PRP
do VBP
n't RB
intend VB
to TO
be VB
drawn VBN
into IN
it PRP
,
'' 
noting VBG
that IN
TCI NNP
wo MD
n't RB
play VB
any DT
active JJ
role NN
in IN
the DT
management NN
of IN
Showtime NNP
.Linking VBG
up IN
Showtime NNP
with IN
the DT
largest JJS
cable NN
operator NN
in IN
the DT
U.S. NNP
could MD
sharply RB
boost VB
its PRP$
subscribers NNS
.TCI NNP
said VBD
it PRP
may MD
bring VB
in IN
other JJ
cable NN
operators NNS
as IN
investors NNS
,
a DT
practice NN
it PRP
has VBZ
employed VBN
in IN
the DT
past NN
with IN
investments NNS
in IN
other JJ
cable NN
networks NNS
,
such JJ
as IN
The DT
Discovery NNP
Channel NNP
.Additional JJ
cable NN
partners NNS
could MD
boost VB
subscribers NNS
even RB
further JJ
.Time NNP
Warner NNP
declined VBD
comment VB
.In IN
addition NN
to TO
owning VBG
HBO NNP
,
Time NNP
Warner NNP
owns VBZ
American NNP
Television NNP
& CC
Communications NNP
Inc. NNP
,
the DT
nation NN
's POS
second JJ
largest JJS
cable NN
operator NN
after IN
TCI NNP
.Viacom NNP
also RB
owns VBZ
cable NN
systems NNS
,
but 
it PRP
is VBZ
the DT
14th JJ
largest JJS
operator NN
of IN
such JJ
systems NNS
,
with IN
less JJR
than IN
one CD
million CD
subscribers NNS
.The DT
TCI NNP
investment NN
is VBZ
a DT
big JJ
victory NN
for IN
Viacom NNP
's POS
chief JJ
executive JJ
officer NN
,
Frank NNP
Biondi NNP
,
and 
Winston NNP
H. NNP
Cox NNP
,
president NN
of IN
the DT
Showtime NNP
unit NN
.`` 
This DT
takes VBZ
any DT
question NN
of IN
Showtime NNP
's POS
viability NN
and 
puts VBZ
it PRP
away RB
once RB
and 
for IN
all DT
,
'' 
Mr. NNP
Biondi NNP
said VBD
in IN
a DT
telephone NN
interview NN
.The DT
fight NN
between IN
HBO NNP
and 
Showtime NNP
is VBZ
particularly RB
acrimonious JJ
because IN
Mr. NNP
Biondi NNP
is VBZ
the DT
former JJ
chief JJ
executive NN
of IN
HBO NNP
,
and 
Mr. NNP
Cox NNP
served VBD
as IN
chief NN
of IN
marketing NN
for IN
the DT
service NN
.They PRP
were VBD
both DT
hired VBN
by IN
Sumner NNP
Redstone NNP
,
the DT
Boston NNP
billionaire NN
who WP
took VBD
control NN
of IN
Viacom NNP
three CD
years NNS
ago RB
in IN
a DT
leveraged JJ
buy-out NN
.Time NNP
Warner NNP
has VBZ
vigorously RB
denied VBN
all DT
of IN
Viacom NNP
's POS
allegations NNS
.Boeing NNP
Co. NNP
,
already RB
struck VBN
by IN
its PRP$
Machinists NNS
union NN
,
briefly NN
called VBN
off IN
contract NN
talks NNS
with IN
its PRP$
engineers NNS
and 
labeled VBN
their PRP$
demands NNS
`` 
grossly RB
excessive JJ
.
'' Later RB
,
however RB
,
the DT
company NN
agreed VBD
to TO
meet VB
on IN
Monday NNP
with IN
the DT
Seattle NNP
Professional NNP
Engineering NNP
Employees NNP
Association NNP
after IN
a DT
federal JJ
mediator NN
intervened VBD
,
according VBG
to TO
the DT
union NN
.A DT
spokesman NN
for IN
the DT
engineers NNS
said VBD
the DT
company NN
asked VBD
the DT
union NN
to TO
reduce VB
its PRP$
demands NNS
,
which WDT
included VBD
a DT
19 CD
% NN
pay NN
hike NN
in IN
the DT
first JJ
year NN
and 
8 CD
% NN
in IN
the DT
second JJ
and CC
third JJ
years NNS
.The DT
union NN
represents VBZ
about IN
28,000 CD
engineers NNS
and CC
technical JJ
workers NNS
.Its PRP$
contract NN
expires VBZ
Dec. NNP
1 CD
.Meanwhile RB
,
a DT
federal JJ
mediator NN
is VBZ
scheduled VBN
to TO
meet VB
today NN
with IN
Boeing NNP
officials NNS
and 
representatives NNS
of IN
55,000 CD
striking JJ
Machinists NNS
.`` 
It PRP
will MD
take VB
several JJ
meetings NNS
to TO
resolve VB
this DT
,
'' 
said VBD
a DT
spokesman NN
for IN
the DT
Machinists NNS
union NN
.`` 
We PRP
do VBP
n't RB
want VB
to TO
bring VB
back JJ
something NN
the DT
members NNS
will MD
reject VB
.
'' Machinists NNS
already RB
have VBP
rejected VBN
a DT
package NN
that WDT
would MD
have VB
provided VBN
a DT
10 CD
% NN
pay NN
raise NN
plus 
bonuses NNS
over IN
the DT
three-year JJ
life NN
of IN
the DT
contract NN
.It PRP
also RB
would MD
have VB
reduced VBN
mandatory JJ
overtime NN
.Investor NNP
Asher NNP
Edelman NNP
increased VBD
his PRP$
stake NN
in IN
Intelogic NNP
Trace NNP
Inc. NNP
and 
cleared VBD
the DT
way NN
for IN
additional JJ
purchases NNS
.It PRP
was VBD
n't 
clear JJ
,
however RB
,
whether IN
the DT
actions NNS
were VBD
related VBN
to TO
a DT
battle NN
between IN
the DT
corporate JJ
raider NN
and 
New NNP
York NNP
attorney NN
Martin NNP
Ackerman NNP
for IN
control NN
of IN
Datapoint NNP
Corp. NNP
,
a DT
San NNP
Antonio NNP
, ,
Texas-based JJ
data-processing NN
systems NNS
maker NN
.Intelogic NNP
Trace NNP
,
a DT
computer NN
services NNS
company NN
,
was VBD
spun VBN
off IN
to TO
Datapoint NNP
holders NNS
in IN
1985 CD
,
after IN
Mr. NNP
Edelman NNP
gained VBD
control NN
.After IN
Mr. NNP
Ackerman NNP
announced VBD
he PRP
was VBD
soliciting VBG
consents NNS
from IN
shareholders NNS
in IN
order NN
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wrest VB
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of IN
Datapoint NNP
from IN
Mr. NNP
Edelman NNP
,
the DT
corporate JJ
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purchased VBN
30 CD
% NN
of IN
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's POS
shares NNS
.In IN
a DT
Securities NNP
and CC
Exchange NNP
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filing NN
,
Mr. NNP
Edelman NNP
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from IN
Sept. NNP
29 CD
to TO
Oct. NNP
13 CD
,
he PRP
acquired VBD
309,500 CD
shares NNS
of IN
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common JJ
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for IN
$ $
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$ $
2.375 CD
each DT
.The DT
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increased VBD
his PRP$
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to TO
16.2 CD
% NN
of IN
the DT
shares NNS
outstanding JJ
.The DT
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also RB
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apply VBP
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persons NNS
acquiring VBG
20 CD
% NN
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more JJR
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,
were VBD
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,
who WP
is VBZ
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n't RB
be VB
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comment NN
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, ,
voluntary JJ
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for IN
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AIDS NNP
virus NN
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cornerstone NN
of IN
an DT
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to TO
stop VB
the DT
spread NN
of IN
acquired VBN
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syndrome NN
,
the DT
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Institute NNP
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.`` 
By IN
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routine JJ
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voluntary JJ
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itself PRP
sexually RB
into IN
two CD
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:
those DT
who WP
carry VBP
the DT
virus NN
and 
those DT
who WP
do VBP
not 
,
'' 
the DT
Indianapolis NNP
research NN
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said VBD
in IN
a DT
new JJ
report NN
.The DT
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a DT
more RBR
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of IN
AIDS NNP
and 
recommends VBZ
a DT
more JJR
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than IN
many JJ
other JJ
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.It PRP
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that IN
the DT
AIDS NNP
epidemic NN
`` 
may MD
reduce VB
the DT
rate NN
of IN
growth NN
of IN
the DT
work NN
force NN
,
curb VB
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gains NNS
and 
slow JJ
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.
'' It PRP
contends VBZ
that IN
current JJ
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is VBZ
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to TO
stem VB
the DT
AIDS NNP
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it PRP
suggests VBZ
the DT
use NN
of IN
condoms NNS
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make VB
sex NN
`` 
safe JJ
.
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the DT
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:
`` 
The DT
only RB
safe JJ
sex NN
is VBZ
sex NN
between IN
uninfected JJ
partners NNS
,
'' 
and 
testing NN
is VBZ
the DT
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way NN
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of IN
infection NN
.Hudson NNP
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researchers NNS
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that IN
it PRP
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than IN
$ $
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million CD
a DT
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to TO
test VB
the DT
entire JJ
population NN
between IN
the DT
ages NNS
of IN
12 CD
and CC
65 CD
years NNS
old JJ
.In IN
addition NN
,
the DT
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that IN
federal JJ
and CC
state NN
governments NNS
provide VBP
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to TO
all DT
who WP
test VBP
positive JJ
.An DT
unexpectedly RB
sharp JJ
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in IN
the DT
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for IN
August NNP
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,
but 
profit-taking NN
on IN
short JJ
positions NNS
helped VBD
the DT
currency NN
rebound NN
to TO
close VB
mixed VBN
against IN
major JJ
counterparts NNS
.While IN
the DT
market NN
kept VBD
careful JJ
tabs NNS
on IN
Wall NNP
Street NNP
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gyrations NNS
,
it PRP
shrugged VBD
off IN
a DT
modest JJ
downturn NN
in IN
equities NNS
to TO
bid VB
the DT
dollar NN
well RB
above IN
the DT
day NN
's POS
lows NNS
.Soon RB
after IN
the DT
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the DT
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figures NNS
,
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dollar NN
plunged VBD
to TO
an DT
intraday JJ
low NN
of IN
140.95 CD
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.It PRP
also RB
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against IN
the DT
mark NN
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did VBD
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1.8435 CD
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two CD
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later RB
.The DT
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about IN
midday NN
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time NN
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around IN
1.85 CD
marks NNS
and 
141 CD
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,
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that IN
the DT
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Federal NNP
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intervened VBN
to TO
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unit NN
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tumble NN
.The DT
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at IN
its PRP$
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highs NNS
.Dealers NNS
noted VBD
that IN
the DT
foreign JJ
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market NN
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initial JJ
bearish JJ
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to TO
the DT
U.S. NNP
trade NN
figures NNS
was VBD
tempered VBN
later RB
by IN
a DT
`` ``
calmer JJR
reassessment NN
of IN
the DT
data NNS
.
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reported VBD
a DT
$ $
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in IN
August NNP
,
compared VBN
with IN
a DT
revised VBN
July NNP
deficit NN
of IN
$ $
8.24 CD
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$ $
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.The DT
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6.4 CD
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imports NNS
and 
a DT
0.2 CD
% NN
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in IN
exports NNS
.Marc NNP
M. NNP
Goloven NNP
,
an DT
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with IN
Manufacturers NNP
Hanover NNP
Trust NNP
in IN
New NNP
York NNP
,
said VBD
that IN
while IN
the DT
figures NNS
appear VBP
to TO
indicate VB
a DT
sadly RB
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U.S. NNP
trade NN
performance NN
,
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's VBZ
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enough RB
positive JJ
news NN
in IN
the DT
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to TO
justify VB
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dollars NNS
.He PRP
said VBD
that IN
while IN
the DT
U.S. NNP
trade NN
gap NN
with IN
Canada NNP
has VBZ
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significantly RB
,
the DT
trade NN
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with IN
Western NNP
Europe NNP
and 
Japan NNP
continues VBZ
to TO
narrow VB
.And 
he PRP
added VBD
that WDT
manufactured VBD
goods NNS
exports NNS
are VBP
still RB
rising VBG
.The DT
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near-term JJ
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remains VBZ
foggy JJ
,
according VBG
to TO
currencny NN
analysts NNS
,
who WP
characterize VBP
the DT
market NN
as IN
`` 
bewildering VBG
.
'' In IN
late JJ
New NNP
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trading NN
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,
the DT
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was VBD
quoted VBN
at IN
1.8667 CD
marks NNS
,
down RB
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1.8685 CD
marks NNS
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and CC
at IN
142.75 CD
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,
up IN
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141.85 CD
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at IN
$ $
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.In IN
Tokyo NNP
Wednesday NNP
,
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for IN
trading NN
at IN
142.55 CD
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,
unchanged JJ
from IN
Tuesday NNP
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Tokyo NNP
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.Later RB
,
the DT
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to TO
about IN
142.25 CD
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news NN
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of IN
the DT
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Francisco NNP
earthquake NN
.Some DT
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that IN
the DT
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key JJ
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,
several JJ
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of IN
aggressive JJ
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by IN
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world NN
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banks NNS
--
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estimate VBP
that IN
the DT
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of IN
sales NNS
topped VBD
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190-point JJ
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on IN
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.They PRP
note VBP
that IN
the DT
U.S. NNP
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is VBZ
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the DT
upper JJ
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of IN
the DT
presumed VBN
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by IN
the 
Group NNP
of IN
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.The DT
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,
the DT
U.S. NNP
,
France NNP
,
the DT
U.K. NNP
,
Italy NNP
,
Canada NNP
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.The DT
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set VBN
ranges NNS
of IN
1.70 CD
marks NNS
to TO
1.90 CD
marks NNS
and 
120 CD
yen NN
to TO
140 CD
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.They PRP
say VBP
that IN
the DT
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of IN
liquidity NN
into IN
the DT
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modest JJ
,
and 
they PRP
do VBP
n't RB
anticipate VB
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by IN
the DT
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Federal NNP
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.The DT
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arranged VBD
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customer NN
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Tuesday NNP
,
the DT
second JJ
repurchase NN
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two CD
days NNS
.The DT
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,
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into IN
the DT
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,
is VBZ
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as IN
an DT
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finanicial JJ
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that IN
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ample JJ
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.But 
other JJ
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that IN
while IN
the DT
Fed NNP
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,
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that IN
,
at IN
least JJS
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,
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that IN
the DT
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interest VBP
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about IN
8 CD
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% NN
from IN
its PRP$
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of IN
just RB
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9 CD
% NN
last JJ
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.The DT
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overnight JJ
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banks NNS
charge VBP
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other NN
.Market NN
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that IN
the DT
mark NN
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post VB
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most RBS
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against IN
the DT
dollar NN
.On IN
the DT
Commodity NNP
Exchange NNP
in IN
New NNP
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,
gold NN
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current JJ
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settled VBD
at IN
$ $
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ounce NN
,
up IN
10 CD
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.Estimated VBN
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3.5 CD
million CD
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.In IN
early JJ
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Hong NNP
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Wednesday NNP
,
gold NN
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at IN
$ $
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ounce NN
.National NNP
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said VBD
it PRP
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against IN
Linear NNP
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accepting VBG
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Linear NNP
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exchange NN
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granting VBG
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irrevocable JJ
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for IN
all DT
products NNS
involved VBN
.The DT
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companies NNS
also RB
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settle VB
any DT
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rights NNS
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over IN
the DT
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through IN
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,
both DT
companies NNS
said VBD
.The DT
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the DT
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, ,
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.Linear NNP
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,
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,
called VBD
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,
'' 
since IN
products NNS
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the DT
disputed VBN
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about IN
20 CD
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.The DT
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it PRP
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$ $
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of IN
the DT
settlement NN
to TO
National NNP
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,
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Clara NNP
,
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,
and 
will MD
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equal JJ
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over IN
the DT
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.The DT
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coming VBG
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,
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.The DT
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,
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,
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as IN
the DT
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by IN
ABC-TV NNP
,
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.In IN
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the DT
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,
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,
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,
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a DT
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CBS NNP
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.-LRB-
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.
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;
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16th JJ
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place NN
.The DT
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show NN
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`` ``
Roseanne NNP
.
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of IN
the DT
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.CBS NNP
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consecutive JJ
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--
during IN
the DT
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,
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the DT
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,
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it PRP
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,
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,
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an DT
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Philip NNP
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,
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,
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the DT
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, ,
hotels NNS
, ,
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.The DT
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`` 
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for IN
the DT
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and 
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,
'' 
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, ,
but CC
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.For IN
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now RB
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, ,
and CC
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.The DT
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the DT
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.The DT
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Omaha NNP
,
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,
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Houston NNP
.MACMILLAN NNP
BLOEDEL NNP
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said VBD
it PRP
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from IN
a DT
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,
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,
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8.1 CD
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16 CD
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1996 CD
.Funds NNS
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,
it PRP
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of IN
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,
Education NNP
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it PRP
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abortions NNS
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rape NN
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,
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while IN
his PRP$
aides NNS
and CC
legislators NNS
searched VBD
for IN
a DT
compromise NN
that WDT
would MD
tighten VB
requirements NNS
for IN
such JJ
abortions NNS
in IN
a DT
way NN
acceptable JJ
to TO
the DT
president NN
.White NNP
House NNP
Press NNP
Secretary NNP
Marlin NNP
Fitzwater NNP
said VBD
negotiations NNS
between IN
Bush NNP
aides NNS
and 
lawmakers NNS
ended VBD
Monday NNP
without IN
success NN
.Most JJS
lawmakers NNS
think VBP
it PRP
will MD
be VB
extremely RB
difficult JJ
for IN
Mr. NNP
Bush NNP
's POS
opponents NNS
on IN
the DT
abortion NN
issue NN
to TO
round VB
up IN
the DT
votes NNS
needed VBN
to TO
override VB
the DT
veto NN
.But 
there EX
still RB
may MD
be VB
prolonged VBN
debate NN
and 
political JJ
maneuvering NN
that WDT
holds VBZ
up IN
the DT
$ $
156.7 CD
billion CD
funding NN
bill NN
for IN
the DT
fiscal JJ
year NN
that WDT
began VBD
Oct. NNP
1 CD
.Mr. NNP
Bush NNP
has VBZ
said VBD
he PRP
personally RB
approves VBZ
of IN
abortions NNS
in IN
the DT
cases NNS
of IN
rape NN
,
incest NN
and 
danger NN
to TO
the DT
life NN
of IN
the DT
mother NN
.But 
he PRP
has VBZ
opposed VBN
Medicaid NNP
funding NN
of IN
abortions NNS
for IN
poor JJ
women NNS
who WP
say VBP
they PRP
are VBP
victims NNS
of IN
rape NN
and CC
incest NN
,
arguing VBG
that IN
those DT
exceptions NNS
are VBP
enforced VBN
so RB
loosely RB
that IN
they PRP
open VB
the DT
way NN
for IN
abortions NNS
for IN
other JJ
women NNS
.NEWSPAPERS NNS
:Media NNP
General NNP
Inc. NNP
intends VBZ
to TO
sell VB
two CD
of IN
its PRP$
West NNP
Coast NNP
weekly JJ
newspaper NN
chains NNS
,
Golden NNP
West NNP
Publishing NNP
Inc. NNP
and 
Highlander NNP
Publications NNP
,
which WDT
together RB
comprise VBP
31 CD
papers NNS
.Media NNP
General NNP
said VBD
it PRP
has VBZ
had VBN
inquiries NNS
from IN
potential JJ
buyers NNS
and 
expects VBZ
to TO
complete VB
a DT
sale NN
in IN
1989 CD
.It PRP
would MD
n't RB
discuss VB
a DT
price NN
.Lee NNP
Dirks NNP
& CC
Associates NNPS
is VBZ
to TO
sell VB
the DT
chains NNS
.J.P. NNP
Morgan NNP
& CC
Co. NNP
,
New NNP
York NNP
,
will MD
help VB
the DT
statutory JJ
managers NNS
of IN
DFC NNP
New NNP
Zealand NNP
Ltd. NNP
to TO
evaluate VB
the DT
failed VBN
investment NN
bank NN
's POS
condition NN
.Earlier RBR
this DT
month NN
,
the DT
Reserve NNP
Bank NNP
of IN
New NNP
Zealand NNP
,
the DT
country NN
's POS
central JJ
bank NN
,
appointed VBD
the DT
managers NNS
to TO
run VB
the DT
investment NN
bank NN
and 
pay VB
creditors NNS
.DFC NNP
asked VBD
the DT
central JJ
bank NN
to TO
appoint VB
managers NNS
after IN
it PRP
revised VBD
loan-loss NN
provisions NNS
to TO
around IN
the DT
same JJ
level NN
of IN
shareholders NNS
' POS
funds NNS
of IN
180 CD
million CD
New NNP
Zealand NNP
dollars NNS
-LRB-
US$ $
105.4 CD
million CD
-RRB-
.DFC NNP
is VBZ
held VBN
80 CD
% NN
by IN
National NNP
Provident NNP
Fund NNP
,
New NNP
Zealand NNP
's POS
largest JJS
pension NN
fund NN
,
and 
20 CD
% NN
by IN
Salomon NNP
Brothers NNP
Inc. NNP
,
the DT
investment-bank JJ
and CC
securities-firm NN
subsidiary NN
of IN
Salomon NNP
Inc. NNP
in IN
New NNP
York NNP
.A DT
spokeswoman NN
for IN
J.P. NNP
Morgan NNP
,
parent NN
of IN
the DT
bank NN
Morgan NNP
Guaranty NNP
Trust NNP
Co. NNP
,
confirmed VBD
its PRP$
appointment NN
to TO
assist VB
the DT
managers NNS
but 
declined VBD
to TO
elaborate VB
.The DT
managers NNS
said VBD
in IN
a DT
brief JJ
statement NN
yesterday NN
that 
Morgan NNP
will MD
help VB
evaluate VB
DFC NNP
's POS
position NN
and 
help VB
determine VB
alternatives NNS
.The DT
managers NNS
do VBP
n't RB
expect VB
to TO
complete VB
the DT
evaluation NN
until IN
Nov. NNP
30 CD
.An DT
experimental JJ
vaccine NN
can MD
alter VB
the DT
immune JJ
response NN
of IN
people NNS
infected VBN
with IN
the DT
AIDS NNP
virus NN
,
a DT
prominent JJ
U.S. NNP
scientist NN
said VBD
.However RB
,
that WDT
does VBZ
n't RB
mean VB
they PRP
can MD
benefit VB
from IN
the DT
vaccine NN
.Its PRP$
effectiveness NN
ca MD
n't RB
be VB
determined VBN
until IN
a DT
large JJ
clinical JJ
trial NN
is VBZ
undertaken VBN
by IN
the DT
Army NNP
in IN
January NNP
,
according VBG
to TO
Robert NNP
Redfield NNP
,
chief NN
of IN
acquired VBN
immune JJ
deficiency NN
syndrome NN
research NN
at IN
Walter NNP
Reed NNP
Army NNP
Institute NNP
of IN
Research NNP
.Dr. NNP
Redfield NNP
's POS
report NN
on IN
early JJ
experiments NNS
using VBG
an DT
AIDS NNP
vaccine NN
made VBN
by IN
MicroGeneSys NNP
Inc. NNP
of IN
West NNP
Haven NNP
,
Conn. NNP
,
came VBD
at IN
a DT
meeting NN
of IN
AIDS NNP
vaccine NN
researchers NNS
in IN
Florida NNP
late JJ
Monday NNP
.The DT
vaccine NN
,
VaxSyn NNP
HIV-1 NNP
,
has VBZ
been VBN
safely RB
given VBN
to TO
14 CD
people NNS
,
some DT
of IN
whom WP
are VBP
experiencing VBG
substantial JJ
increases NNS
in IN
certain JJ
antibodies NNS
.`` 
The DT
conventional JJ
wisdom NN
used VBN
to TO
be VB
that IN
you PRP
could MD
n't RB
modify VB
the DT
immune JJ
response NN
of IN
an DT
infected VBN
individual JJ
'' 
by IN
innoculating VBG
them PRP
with IN
synthetic JJ
viral JJ
proteins NNS
,
Dr. NNP
Redfield NNP
said VBD
.`` 
We PRP
've VBP
demonstrated VBN
that IN
you PRP
can MD
.
'' He PRP
said VBD
certain JJ
volunteers NNS
developed VBD
kinds NNS
of IN
antibodies NNS
associated VBN
with IN
early JJ
AIDS NNP
.Other JJ
antibodies NNS
sparked VBN
by IN
the DT
preparation NN
are VBP
of IN
a DT
sort NN
rarely RB
present JJ
in IN
large JJ
quantities NNS
in IN
infected VBN
or CC
ill JJ
individuals NNS
,
he PRP
added VBD
.One CD
of IN
the DT
mysteries NNS
of IN
AIDS NNP
remains VBZ
why WRB
infected VBN
people NNS
produce VBP
large JJ
quantities NNS
of IN
antibodies NNS
,
but 
deteriorate VB
nonetheless RB
.Cross NNP
& CC
Trecker NNP
Corp. NNP
said VBD
it PRP
reached VBD
an DT
agreement NN
to TO
sell VB
its PRP$
Wiedemann NNP
division NN
to TO
recently RB
created VBN
Murata NNP
Wiedemann NNP
Inc. NNP
,
a DT
U.S. NNP
affiliate NN
of IN
Murata NNP
Machinery NNP
Ltd. NNP
of IN
Kyoto NNP
,
Japan NNP
.The DT
agreement NN
also RB
includes VBZ
the DT
purchase NN
of IN
Cross NNP
& CC
Trecker NNP
's POS
Warner N
& 
Swasey N
-LRB-
Switzerland NNP
-RRB-
AG NNP
unit NN
by IN
a DT
European JJ
affiliate NN
of IN
Murata NNP
Machinery NNP
.Cross NNP
& CC
Trecker NNP
is VBZ
also RB
selling VBG
its PRP$
equity NN
interest NN
in IN
a DT
Japanese JJ
joint JJ
venture NN
,
Murata NNP
Warner NNP
Swasey NNP
,
to TO
Murata NNP
Machinery NNP
.Cross NNP
& CC
Trecker NNP
,
a DT
Bloomfield NNP
Hills NNP
, ,
Mich. NNP
, ,
machine-tool JJ
maker NN
,
said VBD
the DT
net JJ
sales NNS
price NN
of IN
the DT
total JJ
transaction NN
is VBZ
$ $
24 CD
million CD
.The DT
Wiedemann NNP
division NN
was VBD
one CD
of IN
three CD
businesses NNS
put VBP
up IN
for IN
sale NN
in IN
Cross NNP
& CC
Trecker NNP
's POS
restructuring NN
program NN
announced VBD
in IN
July NNP
.Cross NNP
& CC
Trecker NNP
said VBD
negotiations NNS
are VBP
under IN
way NN
for IN
the DT
sale NN
of IN
another DT
company NN
,
RobertsCorp NNP
.The DT
average JJ
interest NN
rate NN
fell VBD
to TO
8.292 CD
% NN
at IN
Citicorp NNP
's POS
$ $
50 CD
million CD
weekly JJ
auction NN
of IN
91-day JJ
commercial JJ
paper NN
,
or 
corporate JJ
IOUs NNS
,
from IN
8.483 CD
% NN
at IN
last JJ
week NN
's POS
sale NN
.Bids NNS
totaling VBG
$ $
465 CD
million CD
were VBD
submitted VBN
,
and 
accepted VBD
bids NNS
were VBD
at IN
8.292 CD
% NN
.Citicorp NNP
also RB
said VBD
that IN
the DT
average JJ
rate NN
fell VBD
to TO
7.986 CD
% NN
at IN
its PRP$
$ $
50 CD
million CD
auction NN
of IN
182-day JJ
commercial JJ
paper NN
from IN
8.1255 CD
% NN
at IN
last JJ
week NN
's POS
sale NN
.Bids NNS
totaling VBG
$ $
415 CD
million CD
were VBD
submitted VBN
,
and 
accepted VBD
bids NNS
were VBD
at IN
7.986 CD
% NN
.The DT
bank NN
holding VBG
company NN
will MD
auction VB
another DT
$ $
50 CD
million CD
of IN
commercial JJ
paper NN
in IN
each DT
maturity NN
next JJ
Tuesday NNP
.Matra NNP
S.A. NNP
reported VBD
its PRP$
1989 CD
first-half JJ
profit NN
soared VBD
88 CD
% NN
,
and 
indicated VBD
that IN
its PRP$
previous JJ
estimate NN
of IN
a DT
50 CD
% NN
rise NN
in IN
earnings NNS
for IN
all DT
of IN
1989 CD
will MD
be VB
exceeded VBN
by IN
a DT
wide JJ
margin NN
.The DT
French JJ
electronics NNS
and CC
defense NN
group NN
said VBD
attributable JJ
consolidated JJ
net JJ
profit NN
for IN
the DT
first JJ
six CD
months NNS
of IN
1989 CD
totaled VBD
244 CD
million CD
francs NNS
-LRB-
$ $
38.4 CD
million CD
-RRB-
,
compared VBN
with IN
130 CD
million CD
francs NNS
-LRB-
$ $
20.5 CD
million CD
-RRB-
in IN
the DT
corresponding JJ
period NN
of INOperating NN
profit NN
climbed VBD
51 CD
% NN
,
to TO
572 CD
million CD
francs NNS
from IN
378 CD
million CD
in IN
the DT
first JJ
half NN
of IN
1988 CD
.Matra NNP
said VBD
the DT
sharp JJ
improvement NN
in IN
net JJ
profit NN
partly RB
reflected VBD
a DT
decline NN
of IN
59 CD
million CD
francs NNS
in IN
the DT
group NN
's POS
net JJ
loss NN
from IN
nonrecurring VBG
items NNS
in IN
the DT
first JJ
half NN
of IN
this DT
year NN
to TO
104 CD
million CD
francs NNS
from IN
163 CD
million CD
a DT
year NN
earlier RBR
.There EX
was VBD
also RB
a DT
decline NN
in IN
the DT
group NN
's POS
net JJ
financial JJ
costs NNS
to TO
25 CD
million CD
francs NNS
from IN
50 CD
million CD
a DT
year NN
before RB
.These DT
movements NNS
were VBD
offset VBN
,
however RB
,
by IN
a DT
steep JJ
rise NN
in IN
corporate JJ
income NN
tax NN
payments NNS
to TO
199 CD
million CD
francs NNS
from IN
35 CD
million CD
in IN
the DT
first JJ
six CD
months NNS
of IN
1988 CD
.Matra NNP
said VBD
the DT
sharp JJ
rise NN
in IN
its PRP$
first-half JJ
earnings NNS
was VBD
based VBN
on IN
a DT
15 CD
% NN
gain NN
in IN
consolidated JJ
revenue NN
to TO
10.16 CD
billion CD
francs NNS
from IN
8.85 CD
billion CD
a DT
year NN
earlier RBR
.Rep. NNP
Lee NNP
Hamilton NNP
-LRB-
D. NNP
,
Ind NNP
.
-RRB-
said VBD
he PRP
and 
Rep. NNP
Byron NNP
Dorgan NNP
-LRB-
D. NNP
,
N.D NNP
.
-RRB-
are VBP
backing VBG
away RB
from IN
their PRP$
proposal NN
to TO
make VB
the DT
Treasury NNP
Secretary NNP
a DT
voting NN
member NN
of IN
the DT
Federal NNP
Reserve NNP
panel NN
that IN
sets NNS
monetary JJ
policy NN
.Rep. NNP
Hamilton NNP
said VBD
the DT
bill NN
will MD
be VB
modified VBN
substantially RB
to TO
call VB
for IN
two CD
meetings NNS
each DT
year NN
between IN
the DT
Fed NNP
's POS
open JJ
market NN
committee NN
and 
the DT
Treasury NNP
Secretary NNP
,
the DT
chairman NN
of IN
the DT
Council NNP
of IN
Economic NNP
Advisers NNPS
and 
the DT
director NN
of IN
the DT
Office NNP
of IN
Management NNP
and CC
Budget NNP
.The DT
original JJ
bill NN
was VBD
strongly RB
opposed VBN
by IN
the DT
Fed NNP
and 
publicly RB
criticized VBN
by IN
friends NNS
of IN
the DT
Fed NNP
as IN
an DT
attempt NN
to TO
undermine VB
the DT
central JJ
bank NN
's POS
independence NN
.Fed JJ
critics NNS
,
however RB
,
hailed VBD
it PRP
as IN
a DT
long JJ
overdue JJ
attempt NN
to TO
bring VB
a DT
measure NN
of IN
openness NN
and CC
democracy NN
to TO
the DT
setting NN
of IN
monetary JJ
policy NN
.Rep. NNP
Hamilton NNP
said VBD
the DT
purpose NN
of IN
the DT
meetings NNS
would MD
be VB
to TO
`` 
improve VB
communications NNS
and 
perhaps RB
coordination NN
between IN
the DT
executive JJ
branch NN
and 
the DT
Fed NNP
.
'' Fed NNP
Chairman NNP
Alan NNP
Greenspan NNP
meets VBZ
regularly RB
for IN
lunch NN
with IN
Treasury NNP
Secretary NNP
Nicholas NNP
Brady NNP
and 
talks NNS
frequently RB
with IN
Budget NNP
Director NNP
Richard NNP
Darman NNP
and 
Michael NNP
Boskin NNP
,
chairman NN
of IN
the DT
Council NNP
of IN
Economic NNP
Advisers NNPS
.The DT
administration NN
officials NNS
do VBP
n't RB
ordinarily RB
meet VB
with IN
the DT
entire JJ
membership NN
of IN
the DT
open JJ
market NN
committee NN
.B.F. NNP
Goodrich NNP
Co. NNP
said VBD
third-quarter JJ
profits NNS
dropped VBD
34 CD
% NN
because IN
of IN
lower JJR
prices NNS
for IN
polyvinyl NN
chloride NN
materials NNS
,
the DT
company NN
's POS
largest JJS
product NN
group NN
.Net NN
fell VBD
to TO
$ $
40.1 CD
million CD
,
or 
$ $
1.50 CD
a DT
share NN
,
from IN
$ $
60.7 CD
million CD
,
or 
$ $
2.32 CD
a DT
share NN
,
a DT
year NN
earlier RBR
.Sales NNS
for IN
the DT
quarter NN
slipped VBD
2.7 CD
% NN
to TO
$ $
601.3 CD
million CD
from IN
$ $
618.1 CD
million CD
.Polyvinyl NN
chloride NN
capacity NN
`` 
has VBZ
overtaken VBN
demand NN
and 
we PRP
are VBP
experiencing VBG
reduced VBN
profit NN
margins NNS
as IN
a DT
result NN
,
'' 
said VBD
John NNP
D. NNP
Ong NNP
,
chairman NN
and 
chief JJ
executive NN
.Prices NNS
for IN
general-purpose JJ
PVC NNP
resin NN
have VBP
dropped VBN
more JJR
than IN
15 CD
% NN
since IN
last JJ
December NNP
,
he PRP
said VBD
.The DT
plastic NN
resin NN
is VBZ
used VBN
in IN
a DT
wide JJ
range NN
of IN
products NNS
,
including VBG
siding NN
,
pipe NN
and 
electrical JJ
wire NN
insulation NN
.Goodrich NNP
's POS
vinyl-products NNS
segment VBP
reported VBD
operating VBG
profit NN
for IN
the DT
quarter NN
of IN
$ $
30.1 CD
million CD
,
less JJR
than IN
half PDT
the DT
$ $
64.1 CD
million CD
of IN
the DT
year-earlier JJ
quarter NN
.Third-quarter JJ
operating NN
profit NN
of IN
the DT
specialty-chemicals NNS
group VBP
declined VBD
slightly RB
to TO
$ $
24.3 CD
million CD
from IN
$ $
24.9 CD
million CD
.But 
operating VBG
profit NN
from IN
aerospace NN
products NNS
rose VBD
nearly RB
50 CD
% NN
to TO
$ $
15 CD
million CD
from IN
$ $
10.1 CD
million CD
.In IN
New NNP
York NNP
Stock NNP
Exchange NNP
composite JJ
trading NN
,
shares VBZ
of IN
the DT
Akron NNP
, ,
Ohio-based JJ
company NN
fell VBD
$ $
1.375 CD
to TO
$ $
49.125 CD
.Fiat NNP
S.p NNP
. .
A. NNP
,
Italy NNP
's POS
leading VBG
industrial JJ
group NN
,
is VBZ
conducting VBG
`` ``
concrete JJ
'' ''
talks NNS
with IN
West NNP
Germany NNP
's POS
Daimler-Benz NNP
AG NNP
on IN
a DT
series NN
of IN
projects NNS
in IN
the DT
aerospace NN
sector NN
,
Fiat NNP
officials NNS
said VBD
.However RB
,
the DT
officials NNS
said VBD
it PRP
was VBD
too RB
early JJ
to TO
disclose VB
the DT
nature NN
of IN
the DT
proposed VBN
projects NNS
or 
indicate VB
when WRB
the DT
talks NNS
might MD
be VB
concluded VBN
.Daimler-Benz NNP
Chairman NNP
Edzard NNP
Reuter NNP
told VBD
Milan NNP
's POS
financial JJ
daily JJ
Il FW
Sole NNP
24 CD
Ore NNP
that IN
talks NNS
are VBP
taking VBG
place NN
between IN
both DT
companies NNS
' POS
aerospace NN
units NNS
.`` 
While IN
Mr. NNP
Reuter NNP
's POS
comments NNS
please VBP
us PRP
very RB
much RB
,
there EX
currently RB
are VBP
no DT
talks NNS
in IN
progress NN
regarding VBG
the DT
automotive JJ
industry NN
,
'' 
a DT
Fiat NNP
spokeswoman NN
said VBD
.In IN
the DT
interview NN
,
Mr. NNP
Reuter NNP
said VBD
he PRP
is VBZ
thinking VBG
foremost JJ
of IN
cooperation NN
in IN
the DT
truck NN
sector NN
,
but 
`` 
in IN
the DT
long JJ
run NN
,
I PRP
do VBP
n't RB
want VB
to TO
rule VB
out RP
that IN
we PRP
can MD
also RB
come VB
a DT
bit NN
closer JJR
in IN
personal JJ
cars NNS
.
'' Roberto NNP
Morelli NNP
,
Italy NNP
analyst NN
for IN
County NNP
Natwest NNP
Securities NNPS
in IN
London NNP
,
said VBD
that DT
right RB
now RB
`` 
the DT
market NN
is VBZ
n't RB
being VBG
influenced VBN
by IN
that DT
kind NN
of IN
news NN
,
'' 
referring VBG
to TO
the DT
conditional JJ
nature NN
of IN
the DT
talks NNS
mentioned VBN
by IN
Mr. NNP
Reuter NNP
and 
by IN
the DT
uncertainty NN
surrounding VBG
world NN
stock NN
exchanges VBZ
this DT
week NN
.Paul NNP
Tanner NNP
was VBD
named VBN
president NN
,
chief JJ
executive JJ
officer NN
and 
chairman NN
of IN
this DT
oil NN
and CC
natural JJ
gas NN
company NN
.He PRP
succeeds VBZ
John NNP
A. NNP
Boudreau NNP
,
who WP
resigned VBD
for IN
personal JJ
reasons NNS
.Mr. NNP
Tanner NNP
had VBD
been VBN
president NN
of IN
Penn NNP
Pacific NNP
's POS
National NNP
Southwest NNP
Capital NNP
Group NNP
subsidiary NN
.Mr. NNP
Boudreau NNP
will MD
remain VB
with IN
Penn NNP
Pacific NNP
as IN
a DT
director NN
and 
a DT
member NN
of IN
the DT
executive JJ
committee NN
.He PRP
has VBZ
also RB
agreed VBN
to TO
become VB
president NN
of IN
a DT
new JJ
subsidiary NN
to TO
be VB
formed VBN
to TO
make VB
future NN
acquisitions NNS
,
the DT
company NN
said VBD
.Spooked VBN
investors NNS
,
despite IN
their PRP$
stampede NN
to TO
dump VB
takeover NN
stocks NNS
,
should MD
hold VB
on IN
tight JJ
to TO
their PRP$
Jaguar NNP
shares NNS
.That DT
's VBZ
the DT
view NN
of IN
some DT
analysts NNS
here RB
who WP
argue VBP
that IN
Britain NNP
's POS
leading VBG
maker NN
of IN
luxury NN
cars NNS
still RB
may MD
have VB
two CD
U.S. NNP
auto NN
giants NNS
battling VBG
for IN
it PRP
.Yesterday NN
,
Ford NNP
Motor NNP
disclosed VBD
that IN
it PRP
has VBZ
raised VBN
its PRP$
holding NN
in IN
Jaguar NNP
to TO
10.4 CD
% NN
from IN
5 NN
% NN
.Both DT
Ford NNP
and 
its PRP$
rival JJ
General NNP
Motors NNPS
recently RB
set VBN
their PRP$
sights NNS
on IN
grabbing VBG
significant JJ
minority NN
stakes NNS
in IN
the DT
British JJ
company NN
.Ford NNP
's POS
latest JJS
move NN
increases VBZ
the DT
pressure NN
on IN
GM NNP
to TO
complete VB
its PRP$
current JJ
talks NNS
with IN
Jaguar NNP
quickly RB
.GM NNP
is VBZ
likely JJ
to TO
reach VB
the DT
cooperative JJ
operating NN
pact NN
it PRP
has VBZ
been VBN
seeking VBG
in IN
about IN
two CD
weeks NNS
,
knowledgeable JJ
individuals NNS
say VBP
.At IN
that DT
point NN
investors NNS
may MD
face VB
a DT
long JJ
, ,
bumpy JJ
ride NN
.A DT
victor NN
in IN
the DT
fight NN
for IN
Jaguar NNP
may MD
not RB
emerge VB
until IN
after IN
the DT
expiration NN
late JJ
next JJ
year NN
of IN
British JJ
government NN
takeover NN
restrictions NNS
.The DT
curbs NNS
prevent VBP
a DT
buyer NN
from IN
purchasing VBG
more JJR
than IN
15 CD
% NN
of IN
Jaguar NNP
shares NNS
without IN
permission NN
.`` 
This DT
is VBZ
an DT
exceptionally RB
odd JJ
takeover NN
battle NN
,
'' 
says VBZ
London NNP
analyst NN
Christopher NNP
Will MD
of IN
Shearson NNP
Lehman NNP
Hutton NNP
.Jaguar NNP
's POS
American JJ
depositary NN
receipts NNS
were VBD
up IN
3\/8 CD
yesterday NN
in IN
a DT
down JJ
market NN
,
closing VBG
at IN
10 CD
3\/8 CD
.-LRB-
Jaguar NNP
's POS
ADRs NNS
make VBP
the DT
company NN
one CD
of IN
the 
most RBS
widely RB
held VBN
United NNP
Kingdom NNP
stocks NNS
in IN
the DT
U.S. NNP
,
with IN
more JJR
than IN
one-fourth NN
of IN
its PRP$
shares NNS
owned VBN
there RB
.
-RRB-Jaguar NNP
topped VBD
the DT
most-active JJ
list NN
for IN
the DT
U.S. NNP
over-the-counter JJ
market NN
Monday NNP
.And 
on IN
London NNP
's POS
Stock NNP
Exchange NNP
Monday NNP
,
18.5 CD
million CD
shares NNS
were VBD
traded VBN
,
far RB
above IN
the DT
usual JJ
volume NN
.Ford NNP
's POS
share NN
purchases NNS
undoubtedly RB
accounted VBD
for IN
much NN
of IN
Monday NNP
's POS
heavy JJ
trading NN
.Last JJ
week NN
,
many JJ
Jaguar NNP
shareholders NNS
took VBD
their PRP$
money NN
and 
ran VBD
.Fears NNS
that IN
Ford NNP
's POS
ardor NN
might MD
be VB
cooling NN
put NN
Jaguar NNP
shares NNS
into IN
reverse NN
after IN
GM NNP
confirmed VBD
its PRP$
friendly JJ
negotiations NNS
with IN
Jaguar NNP
.But 
yesterday NN
's POS
announcement NN
indicates VBZ
that IN
Ford NNP
has VBZ
n't RB
lost VBN
interest NN
.Both DT
Shearson NNP
's POS
Mr NNP
. .
Will MD
and 
Stephen NNP
Reitman NNP
,
European JJ
auto NN
analyst NN
at IN
the DT
London NNP
brokerage NN
firm NN
UBS-Phillips NNP
& CC
Drew NNP
,
recently RB
switched VBD
their PRP$
Jaguar NNP
recommendations NNS
to TO
hold VB
from IN
buy NN
.`` 
Sit VB
tight JJ
'' 
through IN
the DT
coming VBG
volatility NN
,
Mr. NNP
Reitman NNP
suggests VBZ
,
though IN
he PRP
concedes VBZ
that IN
many JJ
small JJ
investors NNS
will MD
find VB
Jaguar NNP
's POS
zigzags NNS
`` 
too RB
hard JJ
to TO
swallow VB
.
'' But 
a DT
crucial JJ
point NN
is VBZ
how WRB
Ford NNP
reacts VBZ
when WRB
GM NNP
,
the DT
world NN
's POS
largest JJS
auto NN
maker NN
,
firms VBZ
up IN
its PRP$
proposed VBN
deal NN
with IN
Jaguar NNP
.At IN
the DT
moment NN
,
Ford NNP
executives NNS
will MD
say VB
little JJ
beyond IN
reiterating VBG
their PRP$
desire NN
to TO
raise VB
Ford NNP
's POS
Jaguar NNP
stake NN
to TO
about IN
15 CD
% NN
.GM NNP
is VBZ
expected VBN
to TO
inject VB
roughly RB
# #
200 CD
million CD
-LRB-
$ $
316 CD
million CD
-RRB-
by IN
acquiring VBG
some DT
Jaguar NNP
shares NNS
,
and 
then RB
win VB
Jaguar NNP
management NN
's POS
promise NN
of IN
an DT
eventual JJ
30 CD
% NN
stake NN
.Analysts NNS
believe VBP
the DT
car NN
makers NNS
also RB
will MD
create VB
joint JJ
ventures NNS
to TO
develop VB
new JJ
executive NN
models NNS
,
doubling VBG
Jaguar NNP
's POS
yearly JJ
output NN
of IN
50,000 CD
cars NNS
.Jaguar NN
shareholders NNS
would MD
have VB
to TO
bless VB
such JJ
a DT
far-reaching JJ
accord NN
.Ford NNP
might MD
challenge VB
the DT
proposal NN
by IN
offering VBG
a DT
full JJ
bid NN
if IN
holders NNS
and 
the DT
U.K. NNP
government NN
agreed VBD
to TO
drop VB
the DT
anti-takeover JJ
barrier NN
early JJ
.`` 
I PRP
think VBP
Ford NNP
is VBZ
going VBG
to TO
come VB
out IN
with IN
full JJ
guns NNS
blazing VBG
,
'' 
Mr. NNP
Reitman NNP
says VBZ
.`` 
Ford NNP
wants VBZ
-LCB-
Jaguar NNP
-RCB-
very RB
much RB
.
'' U.S. NNP
takeover-stock JJ
speculators NNS
,
who WP
may MD
own VB
between IN
20 CD
% NN
and CC
30 CD
% NN
of IN
Jaguar NNP
,
could MD
give VB
Ford NNP
enough RB
votes VBZ
to TO
block VB
the DT
GM NNP
deal NN
.GM NNP
might MD
counterbid NN
.Then RB
,
Mr NNP
. .
Will MD
says VBZ
,
`` 
you PRP
get VBP
a DT
bidding NN
war NN
between IN
two CD
very RB
rich JJ
, ,
very RB
determined VBN
international JJ
companies NNS
.
'' He PRP
believes VBZ
Jaguar NNP
's POS
share NN
price NN
could MD
zoom VB
to TO
between IN
# #
8 CD
and CC
# #
10 CD
-LRB-
$ $
12.60 CD
to TO
$ $
15.80 CD
-RRB-
.`` 
There EX
's VBZ
quite RB
a DT
bit NN
of IN
value NN
left VBN
in IN
the 
-LCB-
Jaguar NNP
-RCB- )
shares NNS
here RB
even RB
though IN
they PRP
have VBP
run VBN
up IN
'' 
lately RB
,
says VBZ
Doug NNP
Johnson NNP
,
a DT
fund NN
manager NN
for IN
Seattle-based JJ
Safeco NNP
Asset NNP
Management NNP
.At IN
the DT
moment NN
,
he PRP
intends VBZ
to TO
keep VB
the DT
firm NN
's POS
180,000 CD
Jaguar NNP
shares NNS
.The DT
risk NN
is VBZ
that IN
Jaguar NNP
's POS
share NN
price NN
could MD
slump VB
if IN
GM NNP
's POS
agreement NN
with IN
Jaguar NNP
effectively RB
locks VBZ
out IN
its PRP$
U.S. NNP
rival JJ
.`` 
Ford NNP
's POS
appetite NN
to TO
attack VB
-LCB-
Jaguar NNP
-RCB-
could MD
gradually RB
wane VB
over IN
time NN
,
particularly RB
if IN
Saab NNP
is VBZ
a DT
reasonably RB
attractive JJ
proposition NN
,
'' 
says VBZ
John NNP
Lawson NNP
,
an DT
auto NN
analyst NN
at IN
London NNP
's POS
Nomura NNP
Research NNP
Institute NNP
.He PRP
thinks VBZ
Saab-Scania NNP
AB NNP
on IN
Friday NNP
will MD
announce VB
the DT
sale NN
of IN
50 CD
% NN
of IN
its PRP$
car NN
division NN
to TO
Ford NNP
;
the DT
companies NNS
have VBP
been VBN
discussing VBG
closer JJR
cooperation NN
for IN
months NNS
.Clifford NNP
Stahl NNP
,
president NN
and 
chief JJ
investment NN
officer NN
of IN
C-S NNP
Capital NNP
Advisors NNP
Inc. NNP
,
two CD
weeks NNS
ago RB
sold VBN
his PRP$
Cincinnati NNP
firm NN
's POS
107,100 CD
Jaguar NNP
ADRs NNS
at IN
about IN
10 CD
each DT
,
making VBG
a DT
tidy JJ
profit NN
on IN
a DT
holding VBG
purchased VBN
at IN
4 CD
7\/8 CD
in IN
early JJ
May NNP
.`` 
I PRP
thought VBD
the DT
probabilities NNS
of IN
-LCB-
a DT
bidding NN
war NN
-RCB-
happening VBG
were VBD
less JJR
,
'' 
he PRP
says VBZ
.Of IN
course NN
,
that WDT
was VBD
before IN
Ford NNP
's POS
latest JJS
move NN
.Jaguar NNP
-LRB-
OTC NNP
;
Symbol NN
:
JAGRY NNP
-RRB-Business NN
:
Luxury NN
cars NNSYear NN
ended VBN
Dec. NNP
31 CD
, ,
1988 CD
:Revenue NN
:
$ $
1.71 CD
billion CDNet JJ
income NN
:
$ $
44.9 CD
million CD
;
or 
25 CD
cents NNS
a DT
share NNFirst JJ
half NN
ended VBD
,
June NNP
30 CD
, ,
1989 CD
:Net JJ
loss NN
:
$ $
1.7 CD
million CD
vs. IN
net JJ
income NN
:
$ $
21.2 CD
million CD
;
or 
12 CD
cents NNS
a DT
share NNAverae NNP
daily JJ
trading NN
volume NN
:
Ordinary JJ
shares NNS
outstanding JJ
:
182.9 CD
million CDNOTE NN
:
All DT
figures NNS
are VBP
translated VBN
into IN
U.S. NNP
dollars NNS
based VBN
on IN
current JJ
exchange NN
rates NNS
.A.F. NNP
Sloan NNP
,
60 CD
years NNS
old JJ
,
announced VBD
that IN
he PRP
will MD
retire VB
next JJ
April NNP
as IN
chairman NN
and 
chief JJ
executive JJ
officer NN
of IN
this DT
snack NN
food NN
and CC
bakery NN
products NNS
maker NN
.No DT
replacement NN
was VBD
immediately RB
named VBN
.Mr. NNP
Sloan NNP
plans VBZ
to TO
remain VB
on IN
the DT
board NN
until IN
his PRP$
current JJ
term NN
expires VBZ
in IN
April NNP
1991 CD
,
a DT
Lance NNP
spokesman NN
said VBD
.Newport NNP
Electronics NNP
Inc. NNP
of IN
Santa NNP
Ana NNP
,
Calif. NNP
,
said VBD
Milton NNP
B. NNP
Hollander NNP
,
who WP
holds VBZ
a DT
49.4 CD
% NN
stake NN
,
requested VBD
a DT
special JJ
shareholders NNS
' POS
meeting NN
next JJ
Wednesday NNP
to TO
remove VB
four CD
current JJ
directors NNS
and 
elect VB
an DT
alternative NN
slate NN
.Mr. NNP
Hollander NNP
's POS
High NNP
Technology NNP
Holding NNP
Co. NNP
of IN
Stamford NNP
,
Conn. NNP
,
acquired VBN
most RBS
of IN
its PRP$
stake NN
last JJ
August NNP
in IN
an DT
$ $
11-a-share JJ
tender NN
offer NN
for IN
Newport NNP
,
a DT
maker NN
of IN
electronic-measuring JJ
devices NNS
.Newport NNP
said VBD
Mr. NNP
Hollander NNP
is VBZ
asking VBG
shareholders NNS
to TO
retain VB
only RB
one CD
director NN
,
James NNP
R. NNP
Lees NNP
,
a DT
Newport NNP
vice NN
president NN
.The DT
board NN
is VBZ
n't RB
proposing VBG
a DT
slate NN
of IN
its PRP$
own JJ
and 
the DT
other JJ
four CD
current JJ
directors NNS
do VBP
n't RB
want VB
to TO
serve VB
beyond IN
the DT
special JJ
meeting NN
date NN
,
Newport NNP
said VBD
.Mr. NNP
Hollander NNP
`` 
is VBZ
the DT
new JJ
owner NN
and 
wants VBZ
to TO
exercise VB
control NN
,
'' 
said VBD
Barret NNP
B. NNP
Weekes NNP
,
Newport NNP
's POS
chairman NN
.Sandoz NNP
AG NNP
,
a DT
major JJ
Swiss JJ
chemical NN
and CC
pharmaceutical JJ
group NN
,
said VBD
that 
its PRP$
group NN
sales NNS
rose VBD
25 CD
% NN
to TO
9.482 CD
billion CD
francs NNS
-LRB-
$ $
5.80 CD
billion CD
-RRB-
in IN
the DT
first JJ
nine CD
months NNS
of IN
this DT
year NN
,
with IN
strong JJ
gains NNS
in IN
all DT
divisions NNS
.A DT
year NN
earlier JJR
sales NNS
totaled VBD
7.567 CD
billion CD
francs NNS
.Positive JJ
currency NN
rates NNS
and 
strong JJ
sales NNS
growth NN
led VBN
to TO
a DT
substantial JJ
rise NN
in IN
consolidated JJ
profit NN
in IN
the DT
period NN
,
although IN
the DT
company NN
did VBD
n't RB
provide VB
figures NNS
,
as IN
is VBZ
customary JJ
with IN
Swiss JJ
companies NNS
.Sandoz NNP
said VBD
it PRP
expects VBZ
a DT
`` ``
substantial JJ
increase NN
'' 
in IN
consolidated JJ
profit NN
for IN
the DT
full JJ
year NN
,
barring VBG
major JJ
currency NN
rate NN
changes NNS
.Amstrad NNP
PLC NNP
,
a DT
British JJ
maker NN
of IN
computer NN
hardware NN
and 
communications NNS
equipment NN
,
posted VBD
a DT
52 CD
% NN
plunge NN
in IN
pretax JJ
profit NN
for IN
the DT
latest JJS
year NN
.The DT
# #
76.6 CD
million CD
-LRB-
$ $
120.6 CD
million CD
-RRB-
in IN
pretax JJ
profit NN
for IN
the DT
12 CD
months NNS
to TO
June NNP
30 CD
was VBD
down RB
from IN
# #
160 CD
million CD
-LRB-
$ $
252 CD
million CD
-RRB-
a DT
year NN
earlier RBR
and 
below IN
market NN
expectations NNS
of IN
# #
80 CD
million CD
and CC
# #
90 CD
million CD
.The DT
slump NN
in IN
profit NN
,
which WDT
came VBD
despite IN
steady JJ
sales NNS
,
was VBD
attributed VBN
to TO
increased VB
costs NNS
for IN
parts NNS
and 
problems NNS
with IN
model NN
introductions NNS
.Amstrad NNP
's POS
profit NN
after IN
taxes NNS
fell VBD
a DT
similarly RB
steep JJ
51 CD
% NN
,
to TO
# #
51.1 CD
million CD
from IN
# #
105 CD
million CD
a DT
year NN
earlier RBR
.Sales NNS
edged VBD
up IN
fractionally RB
to TO
# #
626.3 CD
million CD
from IN
# #
625.4 CD
million CD
a DT
year NN
earlier RBR
.Microsoft NNP
Corp. NNP
's POS
earnings NNS
growth NN
continued VBD
to TO
outstrip VB
that IN
of IN
most RBS
of IN
its PRP$
competitors NNS
and CC
customers NNS
in IN
the DT
personal-computer NN
industry NN
,
as IN
it PRP
reported VBD
a DT
36 CD
% NN
jump NN
in IN
fiscal JJ
first-quarter JJ
earnings NNS
on IN
a DT
33 CD
% NN
revenue NN
gain NN
.The DT
Redmond NNP
, ,
Wash. NNP
company NN
,
a DT
bellwether NN
provider NN
of IN
operating VBG
systems NNS
and 
software NN
for IN
personal-computer NN
makers NNS
and CC
users NNS
,
reported VBD
net JJ
income NN
for IN
the DT
quarter NN
ended VBN
Sept. NNP
30 CD
of IN
$ $
49.6 CD
million CD
,
or 
87 CD
cents NNS
a DT
share NN
,
up IN
from IN
$ $
36.6 CD
million CD
,
or 
65 CD
cents NNS
a DT
share NN
,
in IN
the DT
year-ago JJ
period NN
.Revenue NN
rose VBD
to TO
$ $
235.2 CD
million CD
,
from IN
$ $
176.4 CD
million CD
.Microsoft NNP
previously RB
indicated VBD
it PRP
would MD
have VB
a DT
strong JJ
quarter NN
by IN
forecasting VBG
its PRP$
revenue NN
gain NN
on IN
Oct. NNP
4 CD
,
causing VBG
a 
$ $
6.50 CD
a DT
share NN
jump NN
in IN
its PRP$
stock NN
.But 
its PRP$
stock NN
jumped VBD
again RB
yesterday NN
as IN
it PRP
disclosed VBD
surprisingly RB
strong JJ
margins NNS
on IN
those DT
sales NNS
.Microsoft NNP
's POS
stock NN
rose VBD
$ $
2.875 CD
a DT
share NN
in IN
national JJ
over-the-counter JJ
trading NN
to TO
$ $
78.625 CD
.The DT
stock NN
had VBD
hit VBN
a DT
high NN
of IN
$ $
81 CD
a DT
share NN
early JJ
last JJ
week NN
but 
collapsed VBD
to TO
$ $
73.50 CD
in IN
the DT
Friday NNP
stock NN
plunge NN
.The DT
company NN
had VBD
been VBN
experiencing VBG
softening VBG
margins NNS
because IN
of IN
increased VBN
sales NNS
of IN
software NN
applications NNS
,
which WDT
have VBP
lower JJR
margins NNS
than IN
do VBP
operating VBG
systems NNS
.But 
the DT
company NN
said VBD
that DT
trend NN
was VBD
offset VBN
in IN
the DT
first JJ
quarter NN
by IN
better JJR
economies NNS
of IN
scale NN
and 
efficiencies NNS
in IN
manufacturing NN
.As IN
a DT
result NN
,
Microsoft NNP
's POS
cost NN
of IN
goods NNS
,
as IN
a DT
percentage NN
of IN
sales NNS
,
fell VBD
17 CD
% NN
from IN
the DT
year-ago JJ
quarter NN
and 
13 CD
% NN
from IN
the DT
previous JJ
period NN
.The DT
trend NN
drove VBD
up IN
the DT
aftertax JJ
margin NN
--
net JJ
income NN
as IN
a DT
percentage NN
of IN
revenues NNS
--
to TO
21.1 CD
% NN
in IN
the DT
quarter NN
,
compared VBN
with IN
20.7 CD
% NN
a DT
year NN
earlier RBR
.Microsoft NNP
officials NNS
said VBD
the DT
strong JJ
results NNS
also RB
reflected VBD
continuing VBG
high JJ
demand NN
for IN
its PRP$
software NN
applications NNS
and 
operating VBG
systems NNS
.While IN
it PRP
has VBZ
predicted VBN
that IN
overall JJ
growth NN
in IN
unit NN
sales NNS
of IN
personal JJ
computers NNS
is VBZ
slowing VBG
to TO
about IN
a DT
10 CD
% NN
yearly JJ
rate NN
,
its PRP$
own JJ
products NNS
are VBP
selling VBG
at IN
a DT
much JJ
faster JJR
rate NN
because IN
many JJ
are VBP
geared VBN
to TO
the DT
high-performance JJ
end NN
of IN
the DT
market NN
.That DT
segment NN
continues VBZ
to TO
post VB
strong JJ
quarter-to-quarter JJ
gains NNS
,
while IN
the DT
low-end NN
, ,
or CC
commodity NN
segment NN
,
of IN
the DT
industry NN
is VBZ
experiencing VBG
sluggish JJ
growth NN
or 
even RB
sales VBZ
declines NNS
.Compared VBN
with IN
its PRP$
previous JJ
quarter NN
,
the DT
final JJ
period NN
of IN
its PRP$
1989 CD
fiscal JJ
year NN
,
net NN
rose VBD
9 CD
% NN
,
and 
sales NNS
rose VBD
7 CD
% NN
.Control NNP
Data NNP
Corp. NNP
,
Minneapolis NNP
,
signed VBD
a DT
joint JJ
development NN
agreement NN
with IN
MIPS NNP
Computer NNP
Systems NNP
Inc. NNP
to TO
incorporate VB
an DT
emerging VBG
computing VBG
architecture NN
in IN
future NN
machines NNS
.MIPS NNP
is VBZ
a DT
leader NN
in IN
what WP
is VBZ
known VBN
as IN
reduced-instruction NN
set VBN
computing VBG
,
or 
RISC NNP
,
a DT
technology NN
combining VBG
microprocessors NNS
and 
sophisticated JJ
software NN
.In IN
joining VBG
MIPS NNP
,
Control NNP
Data NNP
follows VBZ
several JJ
competitors NNS
in IN
embracing VBG
RISC NNP
as IN
a DT
new JJ
design NN
approach NN
.Digital NNP
Equipment NNP
Corp. NNP
,
Tandem NNP
Computers NNP
Inc. NNP
,
NEC NNP
Corp. NNP
and 
Group NNP
Bull NNP
,
among IN
others NNS
,
have VBP
similar JJ
arrangements NNS
with IN
MIPs NNP
,
based VBN
in IN
Sunnyvale NNP
,
Calif NNP
.Control NNP
Data NNP
said VBD
it PRP
expects VBZ
its PRP$
first JJ
RISC-based JJ
mainframe NN
machine NN
to TO
be VB
introduced VBN
next JJ
year NN
.The DT
accord NN
with IN
MIPS NNP
calls VBZ
for IN
Control NNP
Data NNP
to TO
share VB
its PRP$
expertise NN
in IN
data NNS
storage NN
,
the DT
companies NNS
said VBD
.Control NNP
Data NNP
also RB
said VBD
it PRP
is VBZ
developing VBG
what WP
it PRP
called VBD
a DT
`` ``
supermainframe NN
'' ''
computer NN
,
the DT
Cyber NNP
2000 CD
,
intended VBN
for IN
scientists NNS
,
engineers NNS
and 
other JJ
users NNS
of IN
generalpurpose JJ
high-performance JJ
computers NNS
.UAL'S NNP
STOCK NN
SKIDDED VBD
an DT
additional JJ
$ $
24.875 CD
,
to TO
$ $
198 CD
,
as IN
British JJ
Airways NNPS
indicated VBD
it PRP
may MD
balk VB
at IN
any DT
hastily RB
revised VBN
version NN
of IN
the DT
aborted JJ
$ $
6.79 CD
billion CD
buy-out NN
of IN
United NNP
Air NNP
's POS
parent NN
.UAL NNP
has VBZ
fallen VBN
$ $
87.25 CD
,
or 
31 CD
% NN
,
in IN
the DT
three CD
trading NN
days NNS
since IN
disclosure NN
of IN
the DT
buy-out NN
's POS
collapse NN
jolted VBD
the DT
stock NN
market NN
.Meanwhile RB
,
investor NN
Marvin NNP
Davis NNP
said VBD
he PRP
remains VBZ
interested JJ
in IN
UAL NNP
,
but 
he PRP
dropped VBD
his PRP$
earlier RBR
$ $
300-a-share JJ
back-up NN
bid NN
.Stock NN
prices NNS
fell VBD
broadly RB
in IN
heavy JJ
trading NN
,
dominated VBN
by IN
futures-related JJ
program NN
selling VBG
and 
further JJ
declines NNS
by IN
UAL NNP
and 
other JJ
airline NN
stocks NNS
.The DT
Dow NNP
Jones NNP
industrials NNS
closed VBD
off IN
18.65 CD
points NNS
,
at IN
2638.73 CD
,
after IN
plunging VBG
over IN
60.25 CD
points NNS
in IN
the DT
morning NN
.Bond NN
prices NNS
ended VBD
lower JJR
after IN
an DT
early JJ
rally NN
,
while IN
the DT
dollar NN
was VBD
mixed VBN
.The DT
U.S. NNP
trade NN
deficit NN
swelled VBD
to TO
$ $
10.77 CD
billion CD
in IN
August NNP
,
prompting VBG
worries NNS
that IN
the DT
nation NN
's POS
export NN
drive NN
had VBD
stalled VBN
.Exports NNS
declined VBD
for IN
the DT
second JJ
month NN
in IN
a DT
row NN
,
while IN
imports NNS
rose VBD
to TO
a DT
record NN
.An DT
analyst NN
called VBD
it PRP
one CD
of IN
the DT
worst JJS
trade NN
reports NNS
since IN
the DT
dollar NN
bottomed VBN
out IN
in INIndustrial JJ
output NN
fell VBD
0.1 CD
% NN
in IN
September NNP
,
the DT
latest JJS
sign NN
manufacturing NN
is VBZ
slowing VBG
.An DT
analyst NN
cited VBD
weaker JJR
capital NN
spending NN
and CC
exports NNS
.Bankers NNP
Trust NNP
added VBD
$ $
1.6 CD
billion CD
to TO
reserves NNS
for IN
Third NNP
World NNP
loans NNS
,
the DT
latest JJS
big JJ
bank NN
to TO
take VB
such JJ
a DT
step NN
.It PRP
expects VBZ
a DT
$ $
1.42 CD
billion CD
quarterly JJ
loss NN
.Citicorp NNP
posted VBD
a DT
9 CD
% NN
drop NN
in IN
quarterly JJ
profit NN
.Manufacturers NNP
Hanover NNP
had VBD
a DT
loss NN
due JJ
to TO
a DT
big JJ
reserve NN
addition NN
.Bank NNP
of IN
New NNP
England NNP
plans VBZ
to TO
sell VB
some DT
operations NNS
and 
lay VBD
off IN
4 CD
% NN
of IN
its PRP$
work NN
force NN
after IN
a DT
year NN
of IN
weak JJ
earnings NNS
and 
mounting VBG
loan NN
problems NNS
.Eastern NNP
Airlines NNPS
' POS
creditors NNS
have VBP
begun VBN
exploring VBG
alternative NN
approaches NNS
to TO
a DT
Chapter NN
11 CD
reorganization NN
because IN
they PRP
are VBP
unhappy JJ
with IN
the DT
carrier NN
's POS
latest JJS
proposal NN
.Tele-Communications NNP
agreed VBD
to TO
buy VB
half NN
of IN
Showtime NNP
Networks NNP
from IN
Viacom NNP
for IN
$ $
225 CD
million CD
.The DT
move NN
could MD
pose VB
a DT
new JJ
challenge NN
to TO
Time NNP
Warner NNP
's POS
Home NNP
Box NNP
Office NNP
.The DT
CFTC NNP
plans VBZ
to TO
curb VB
dual JJ
trading NN
on IN
commodities NNS
markets NNS
,
in IN
which WDT
traders NNS
buy VBP
and CC
sell VB
both 
for IN
their PRP$
own JJ
account NN
and CC
for IN
clients NNS
.The DT
move NN
is VBZ
likely JJ
to TO
anger NN
traders NNS
.FDIC NNP
Chairman NNP
Seidman NNP
said VBD
that IN
Lincoln NNP
Savings NNP
& CC
Loan NNP
of IN
California NNP
should MD
have VB
been VBN
seized VBN
in IN
1986 CD
to TO
contain VB
losses NNS
he PRP
estimated VBD
will MD
cost VB
taxpayers NNS
as RB
much JJ
as IN
$ $
2 CD
billion CD
.A DT
$ $
67 CD
billion CD
spending NN
bill NN
was VBD
approved VBN
by IN
House-Senate NNP
conferees NNS
that WDT
includes VBZ
major JJ
provisions NNS
affecting VBG
the DT
federal JJ
mortgage NN
market NN
.Hooker NNP
's POS
U.S. NNP
unit NN
is VBZ
expected VBN
to TO
agree VB
in IN
principle NN
this DT
week NN
to TO
sell VB
its PRP$
Merksamer NNP
Jewelers NNPS
chain NN
to TO
management NN
,
according VBG
to TO
executives NNS
.The DT
deficit-reduction NN
bill NN
became VBD
snagged VBN
over IN
efforts NNS
to TO
streamline VB
the DT
House NNP
version NN
of IN
the DT
legislation NN
in IN
advance NN
of IN
a DT
House-Senate NNP
conference NN
.Integrated NNP
Resources NNPS
said VBD
talks NNS
have VBP
ended VBN
with IN
another DT
potential JJ
buyer NN
of IN
its PRP$
core NN
businesses NNS
.Three CD
big JJ
drug NN
makers NNS
posted VBD
robust JJ
third-quarter JJ
earnings NNS
.Merck NNP
's POS
profit NN
climbed VBD
25 CD
% NN
,
Warner-Lambert NNP
's POS
22 CD
% NN
and 
Eli NNP
Lilly NNP
's POS
24 CD
% NN
.Markets NNS
--Stocks NNS
:
Volume NN
224,070,000 CD
shares NNS
.Dow NNP
Jones NNP
industrials NNS
2638.73 CD
,
off IN
18.65 CD
;
transportation NN
1254.27 CD
,
off IN
49.96 CD
;
utilities NNS
214.54 CD
,
off IN
0.19 CD
.Bonds NNS
:
Shearson NNP
Lehman NNP
Hutton NNP
Treasury NNP
index NN
3377.43 CD
,
off INCommodities NNS
:
Dow NNP
Jones NNP
futures NNS
index NN
129.72 CD
,
unchanged JJ
;
spot NN
index NN
129.97 CD
,
off IN
0.19 CD
.Dollar NN
:
142.75 CD
yen NN
,
up IN
0.95 CD
;
1.8667 CD
marks NNS
,
off IN
0.0018 CD
.Paul NNP
Ely NNP
,
general JJ
partner NN
of IN
Alpha NNP
Partners NNPS
,
a DT
venture-capital JJ
firm NN
based VBN
in IN
Menlo NNP
Park NNP
,
Calif. NNP
,
was VBD
named VBN
a DT
director NN
of IN
this DT
computer NN
company NN
.Mr. NNP
Ely NNP
,
57 CD
years NNS
old JJ
,
temporarily RB
increases VBZ
the DT
board NN
to TO
seven CD
members NNS
.However RB
,
director NN
Thomas NNP
O'Rourke NNP
has VBZ
said VBD
he PRP
wo MD
n't RB
seek VB
re-election NN
at IN
the DT
company NN
's POS
annual JJ
meeting NN
next JJ
month NN
.BroadBeach NNP
Associates NNP
Inc. NNP
,
the DT
Los NNP
Angeles NNP
investment NN
partnership NN
whose WP$
$ $
62-a-share JJ
bid NN
for IN
McGill NNP
Manufacturing NNP
Co. NNP
was VBD
topped VBN
recently RB
by IN
a DT
competing VBG
offer NN
from IN
a DT
Swedish JJ
concern NN
,
disclosed VBN
that IN
it PRP
sold VBD
its PRP$
entire JJ
7 CD
% NN
McGill NNP
stake NN
.McGill NNP
,
a DT
Valparaiso NNP
, ,
Ind. NNP
, ,
ball-bearing NN
manufacturer NN
,
had VBD
rebuffed VBN
BroadBeach NNP
's POS
proposal NN
.It PRP
has VBZ
since IN
asked VBN
holders NNS
not 
to TO
immediately RB
tender VBP
their PRP$
shares NNS
under IN
a DT
recent JJ
$ $
72-a-share JJ
, ,
or CC
$ $
104 CD
million CD
, ,
bid NN
from IN
AB NNP
SKF NNP
of IN
Sweden NNP
,
until IN
McGill NNP
directors NNS
have VBP
completed VBN
their PRP$
evaluation NN
.In IN
a 
Securities NNP
and CC
Exchange NNP
Commission NNP
filing NN
,
BroadBeach NNP
said VBD
it PRP
sold VBD
the DT
101,000 CD
McGill NNP
shares NNS
for IN
$ $
7.3 CD
million CD
in IN
a DT
private JJ
transaction NN
on IN
Oct. NNP
12 CD
.BroadBeach NNP
did VBD
n't RB
identify VB
the DT
buyer NN
of IN
the DT
shares NNS
,
but 
the DT
date NN
of IN
the DT
selloff NN
followed VBN
by IN
one CD
day NN
the DT
Swedish JJ
concern NN
's POS
tender NN
offer NN
,
and 
the DT
indicated VBN
price NN
of IN
the DT
shares NNS
sold VBN
equals VBZ
SKF NNP
's POS
$ $
72-a-share JJ
tender NN
offer NN
price NN
.A DT
BroadBeach NNP
spokeswoman NN
said VBD
the DT
company NN
sold VBD
the DT
stock NN
in IN
the DT
open JJ
market NN
and 
thus RB
could MD
n't RB
identify VB
the DT
buyer NN
or CC
buyers NNS
.Luis NNP
Nogales NNP
,
45 CD
years NNS
old JJ
,
has VBZ
been VBN
elected VBN
to TO
the DT
board NN
of IN
this DT
brewer NN
.Mr. NNP
Nogales NNP
,
former JJ
president NN
of IN
United NNP
Press NNP
International NNP
and 
the DT
Univision NNP
Spanish-language JJ
network NN
,
most RBS
recently RB
co-founded VBD
Nogales NNP
Castro NNP
Partners NNPS
,
a DT
California-based JJ
media NNS
acquisition NN
firm NN
.Mr. NNP
Nogales NNP
,
the DT
first JJ
Hispanic JJ
person NN
to TO
serve VB
as IN
a DT
Coors NNP
director NN
,
is VBZ
an DT
addition NN
to TO
the DT
board NN
,
increasing VBG
its PRP$
membership NN
to TO
nine CD
.Hachette NNP
S.A. NNP
,
a DT
European JJ
media NNS
and CC
publishing NN
group NN
,
reported VBD
a DT
small JJ
rise NN
in IN
its PRP$
attributable JJ
first-half JJ
group NN
profit NN
,
excluding VBG
exceptional JJ
items NNS
,
to TO
133.8 CD
million CD
francs NNS
-LRB-
$ $
21.1 CD
million CD
-RRB-
from IN
130.1 CD
million CD
francs NNS
a DT
year NN
earlier RBR
.The DT
Paris-based JJ
group NN
said VBD
its PRP$
earlier JJR
projection NN
--
that DT
group NN
profit NN
for IN
all DT
of IN
1989 CD
would MD
be VB
close RB
to TO
the DT
322.7 CD
million CD
francs NNS
posted VBD
for IN
1988 CD
--
remains VBZ
valid JJ
.Taking VBG
into IN
account NN
nonrecurring VBG
gains NNS
and CC
losses NNS
,
Hachette NNP
's POS
group NN
net JJ
income NN
for IN
the DT
first JJ
six CD
months NNS
of IN
this DT
year NN
totaled VBD
246.6 CD
million CD
francs NNS
,
practically RB
double VB
the DT
year-earlier JJ
figure NN
of IN
124.5 CD
million CD
francs NNS
.Analysts NNS
said VBD
Hachette NNP
's POS
earnings NNS
in IN
the DT
second JJ
half NN
might MD
be VB
boosted VBN
by IN
a DT
capital NN
gain NN
from IN
the DT
sale NN
of IN
the DT
Paris NNP
headquarters NN
of IN
a DT
newspaper-delivery NN
company NN
that WDT
is V
49 CD
% NN
owned VBN
by IN
Hachette NNP
.Oncor NNP
Inc. NNP
,
Gaithersburg NNP
,
Md. NNP
,
said VBD
it PRP
received VBD
approval NN
from IN
the DT
U.S. NNP
Food NNP
and CC
Drug NNP
Administration NNP
to TO
market VB
a DT
genetic JJ
test NN
that WDT
will MD
assist VB
in IN
diagnosis NN
and CC
treatment NN
of IN
leukemia NN
and 
lymph NN
cancer NN
.The DT
B\/T NNP
gene NN
rearrangement NN
test NN
is VBZ
more RBR
accurate JJ
than IN
existing VBG
tests NNS
for IN
diagnosing VBG
the DT
type NN
of IN
cancer NN
,
whether IN
it PRP
has VBZ
spread NN
or 
whether IN
there EX
is VBZ
a DT
recurrence NN
following VBG
treatment NN
,
said VBD
Oncor NNP
President NNP
Stephen NNP
Turner NNP
.Mr. NNP
Turner NNP
said VBD
the DT
test NN
initially RB
will MD
be VB
used VBN
in IN
conjunction NN
with IN
biopsies NNS
and 
other JJ
tests NNS
,
but 
eventually RB
might MD
become VB
the DT
benchmark NN
for IN
tumor NN
analysis NN
.Mr. NNP
Turner NNP
said VBD
the DT
test NN
will MD
be VB
shipped VBN
in IN
45 CD
days NNS
to TO
hospitals NNS
and 
clinical JJ
laboratories NNS
.Dr. NNP
Wyndham NNP
Wilson NNP
,
a DT
cancer NN
treatment NN
specialist NN
at IN
the DT
National NNP
Cancer NNP
Institute NNP
,
said VBD
the DT
test NN
is VBZ
widely RB
used VBN
in IN
research NN
centers NNS
but 
is VBZ
n't RB
having VBG
a DT
major JJ
impact NN
because IN
it PRP
is VBZ
only RB
occasionally RB
useful JJ
in IN
choosing VBG
the DT
most RBS
effective JJ
treatment NN
.But 
the DT
test NN
may MD
prove VB
to TO
be VB
more RBR
sensitive JJ
in IN
determining VBG
whether IN
a DT
tumor NN
has VBZ
spread NN
or CC
returned VBN
following VBG
treatment NN
,
Dr. NNP
Wilson NNP
said VBD
.`` 
We PRP
do VBP
n't RB
know VB
yet RB
how WRB
useful JJ
it PRP
's VBZ
going VBG
to TO
be VB
,
'' 
he PRP
said VBD
.Oncor NNP
,
a DT
six-year-old JJ
developer NN
of IN
genetic JJ
medical JJ
tests NNS
,
projects VBZ
that IN
the DT
cancer NN
test NN
will MD
help VB
it PRP
to TO
post VB
its PRP$
first-ever JJ
profit NN
during IN
the DT
first JJ
quarter NN
of IN
1990 CD
,
Mr. NNP
Turner NNP
said VBD
.The DT
company NN
will MD
charge VB
$ $
35 CD
for IN
a DT
test NN
and 
projects NNS
about RB
$ $
2 CD
million CD
in IN
revenue NN
from IN
the DT
test NN
during IN
the DT
first JJ
12 CD
months NNS
of IN
marketing NN
,
he PRP
said VBD
.Unilab NNP
Corp. NNP
,
Norcross NNP
,
Ga. NNP
,
said VBD
it PRP
acquired VBD
the DT
clinical JJ
laboratories NNS
of IN
closely RB
held VBN
Central NNP
Diagnostic NNP
Laboratory NNP
Inc. NNP
in IN
a DT
cash NN
and CC
securities NNS
transaction NN
valued VBN
at IN
$ $
85 CD
million CD
.Unilab NNP
said VBD
its PRP$
wholly RB
owned VBN
MetWest NNP
Inc. NNP
unit NN
paid VBN
$ $
25 CD
million CD
in IN
cash NN
,
provided VBD
$ $
30 CD
million CD
in IN
notes NNS
and 
$ $
30 CD
million CD
in IN
preferred JJ
stock NN
to TO
acquire VB
Central NNP
's POS
labs NNS
in IN
the DT
Western NNP
U.S. NNP
.Unilab NNP
,
which WDT
provides VBZ
clinical JJ
laboratory NN
services NNS
,
competed VBD
with IN
Central NNP
,
based VBN
in IN
Tarzana NNP
,
Calif. NNP
,
in IN
a DT
number NN
of IN
areas NNS
.Beyond IN
removing VBG
a DT
competitor NN
,
the DT
combination NN
should MD
provide VB
`` 
synergies NNS
,
'' 
said VBD
Fred NNP
Harlow NNP
,
Unilab NNP
's POS
chief JJ
financial JJ
officer NN
.It PRP
also RB
will MD
hand VB
Unilab NNP
new JJ
markets NNS
.In IN
Los NNP
Angeles NNP
,
for IN
example NN
,
Central NNP
has VBZ
had VBN
a DT
strong JJ
market NN
position NN
while IN
Unilab NNP
's POS
presence NN
has VBZ
been VBN
less RBR
prominent JJ
,
according VBG
to TO
Mr. NNP
Harlow NNP
.