No/RB ,/, it/PRP was/VBD n't/RB Black/NNP Monday/NNP ./. 
But/CC while/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP did/VBD n't/RB fall/VB apart/RB Friday/NNP as/IN the/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP plunged/VBD 190.58/CD points/NNS --/: most/JJS of/IN it/PRP in/IN the/DT final/JJ hour/NN --/: it/PRP barely/RB managed/VBD to/TO stay/VB this/DT side/NN of/IN chaos/NN ./. 
Some/DT ``/`` circuit/NN breakers/NNS ''/'' installed/VBN after/IN the/DT October/NNP 1987/CD crash/NN failed/VBD their/PRP$ first/JJ test/NN ,/, traders/NNS say/VBP ,/, unable/JJ to/TO cool/VB the/DT selling/NN panic/NN in/IN both/DT stocks/NNS and/CC futures/NNS ./. 
The/DT 49/CD stock/NN specialist/NN firms/NNS on/IN the/DT Big/NNP Board/NNP floor/NN --/: the/DT buyers/NNS and/CC sellers/NNS of/IN last/JJ resort/NN who/WP were/VBD criticized/VBN after/IN the/DT 1987/CD crash/NN --/: once/RB again/RB could/MD n't/RB handle/VB the/DT selling/NN pressure/NN ./. 
Big/JJ investment/NN banks/NNS refused/VBD to/TO step/VB up/IN to/TO the/DT plate/NN to/TO support/VB the/DT beleaguered/JJ floor/NN traders/NNS by/IN buying/VBG big/JJ blocks/NNS of/IN stock/NN ,/, traders/NNS say/VBP ./. 
Heavy/JJ selling/NN of/IN Standard/NNP &/CC Poor/NNP 's/POS 500-stock/JJ index/NN futures/NNS in/IN Chicago/NNP relentlessly/RB beat/VBD stocks/NNS downward/RB ./. 
Seven/NNP Big/NNP Board/NNP stocks/NNS --/: UAL/NNP ,/, AMR/NNP ,/, BankAmerica/NNP ,/, Walt/NNP Disney/NNP ,/, Capital/NNP Cities\/ABC/NNP ,/, Philip/NNP Morris/NNP and/CC Pacific/NNP Telesis/NNP Group/NNP --/: stopped/VBD trading/NN and/CC never/RB resumed/VBD ./. 
The/DT finger-pointing/JJ has/VBZ already/RB begun/VBN ./. 
``/`` The/DT equity/NN market/NN was/VBD illiquid/JJ ./. 
Once/RB again/RB -LCB-/-LRB- the/DT specialists/NNS -RCB-/-RRB- were/VBD not/RB able/JJ to/TO handle/VB the/DT imbalances/NNS on/IN the/DT floor/NN of/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ,/, ''/'' said/VBD Christopher/NNP Pedersen/NNP ,/, senior/JJ vice/NN president/NN at/IN Twenty-First/NNP Securities/NNPS Corp/NNP ./. 
Countered/NNP James/NNP Maguire/NNP ,/, chairman/NN of/IN specialists/NNS Henderson/NNP Brothers/NNPS Inc./NNP :/: ``/`` It/PRP is/VBZ easy/JJ to/TO say/VB the/DT specialist/NN is/VBZ n't/RB doing/VBG his/PRP$ job/NN ./. 
When/WRB the/DT dollar/NN is/VBZ in/IN a/DT free-fall/JJ ,/, even/RB central/JJ banks/NNS ca/MD n't/RB stop/VB it/PRP ./. 
Speculators/NNS are/VBP calling/VBG for/IN a/DT degree/NN of/IN liquidity/NN that/WDT is/VBZ not/RB there/RB in/IN the/DT market/NN ./. ''/'' 
Many/JJ money/NN managers/NNS and/CC some/DT traders/NNS had/VBD already/RB left/VBN their/PRP$ offices/NNS early/RB Friday/NNP afternoon/NN on/IN a/DT warm/JJ autumn/NN day/NN --/: because/IN the/DT stock/NN market/NN was/VBD so/RB quiet/JJ ./. 
Then/RB in/IN a/DT lightning/NN plunge/NN ,/, the/DT Dow/NNP Jones/NNP industrials/NNS in/IN barely/RB an/DT hour/NN surrendered/VBD about/IN a/DT third/JJ of/IN their/PRP$ gains/NNS this/DT year/NN ,/, chalking/VBG up/RP a/DT 190.58-point/JJ ,/, or/CC 6.9/CD %/NN ,/, loss/NN on/IN the/DT day/NN in/IN gargantuan/JJ trading/NN volume/NN ./. 
Final-hour/JJ trading/NN accelerated/VBD to/TO 108.1/CD million/CD shares/NNS ,/, a/DT record/NN for/IN the/DT Big/NNP Board/NNP ./. 
At/IN the/DT end/NN of/IN the/DT day/NN ,/, 251.2/CD million/CD shares/NNS were/VBD traded/VBN ./. 
The/DT Dow/NNP Jones/NNP industrials/NNS closed/VBD at/IN 2569.26/CD ./. 
The/DT Dow/NNP 's/POS decline/NN was/VBD second/JJ in/IN point/NN terms/NNS only/RB to/TO the/DT 508-point/JJ Black/NNP Monday/NNP crash/NN that/WDT occurred/VBD Oct./NNP 19/CD ,/, 1987/CD ./. 
In/IN percentage/NN terms/NNS ,/, however/RB ,/, the/DT Dow/NNP 's/POS dive/NN was/VBD the/DT 12th-worst/JJ ever/RB and/CC the/DT sharpest/JJS since/IN the/DT market/NN fell/VBD 156.83/CD ,/, or/CC 8/CD %/NN ,/, a/DT week/NN after/IN Black/NNP Monday/NNP ./. 
The/DT Dow/NNP fell/VBD 22.6/CD %/NN on/IN Black/NNP Monday/NNP ./. 
Shares/NNS of/IN UAL/NNP ,/, the/DT parent/NN of/IN United/NNP Airlines/NNPS ,/, were/VBD extremely/RB active/JJ all/DT day/NN Friday/NNP ,/, reacting/VBG to/TO news/NN and/CC rumors/NNS about/IN the/DT proposed/VBN $/$ 6.79/CD billion/CD buy-out/NN of/IN the/DT airline/NN by/IN an/DT employee-management/NN group/NN ./. 
Wall/NNP Street/NNP 's/POS takeover-stock/JJ speculators/NNS ,/, or/CC ``/`` risk/NN arbitragers/NNS ,/, ''/'' had/VBD placed/VBN unusually/RB large/JJ bets/NNS that/IN a/DT takeover/NN would/MD succeed/VB and/CC UAL/NNP stock/NN would/MD rise/VB ./. 
At/IN 2:43/CD p.m./RB EDT/NNP ,/, came/VBD the/DT sickening/VBG news/NN :/: The/DT Big/NNP Board/NNP was/VBD halting/VBG trading/NN in/IN UAL/NNP ,/, ``/`` pending/VBG news/NN ./. ''/'' 
On/IN the/DT exchange/NN floor/NN ,/, ``/`` as/RB soon/RB as/IN UAL/NNP stopped/VBD trading/NN ,/, we/PRP braced/VBN for/IN a/DT panic/NN ,/, ''/'' said/VBD one/CD top/JJ floor/NN trader/NN ./. 
Several/JJ traders/NNS could/MD be/VB seen/VBN shaking/VBG their/PRP$ heads/NNS when/WRB the/DT news/NN flashed/VBD ./. 
For/IN weeks/NNS ,/, the/DT market/NN had/VBD been/VBN nervous/JJ about/IN takeovers/NNS ,/, after/IN Campeau/NNP Corp./NNP 's/POS cash/NN crunch/NN spurred/VBD concern/NN about/IN the/DT prospects/NNS for/IN future/JJ highly/RB leveraged/JJ takeovers/NNS ./. 
And/CC 10/CD minutes/NNS after/IN the/DT UAL/NNP trading/NN halt/NN came/VBD news/NN that/IN the/DT UAL/NNP group/NN could/MD n't/RB get/VB financing/NN for/IN its/PRP$ bid/NN ./. 
At/IN this/DT point/NN ,/, the/DT Dow/NNP was/VBD down/RB about/IN 35/CD points/NNS ./. 
The/DT market/NN crumbled/VBD ./. 
Arbitragers/NNS could/MD n't/RB dump/VB their/PRP$ UAL/NNP stock/NN --/: but/CC they/PRP rid/JJ themselves/PRP of/IN nearly/RB every/DT ``/`` rumor/NN ''/'' stock/NN they/PRP had/VBD ./. 
For/IN example/NN ,/, their/PRP$ selling/NN caused/VBD trading/NN halts/NNS to/TO be/VB declared/VBN in/IN USAir/NNP Group/NNP ,/, which/WDT closed/VBD down/RB 3/CD 7\/8/CD to/TO 41/CD 1\/2/CD ,/, Delta/NNP Air/NNP Lines/NNPS ,/, which/WDT fell/VBD 7/CD 3\/4/CD to/TO 69/CD 1\/4/CD ,/, and/CC Philips/NNP Industries/NNPS ,/, which/WDT sank/VBD 3/CD to/TO 21/CD 1\/2/CD ./. 
These/DT stocks/NNS eventually/RB reopened/VBD ./. 
But/CC as/IN panic/NN spread/NN ,/, speculators/NNS began/VBD to/TO sell/VB blue-chip/JJ stocks/NNS such/JJ as/IN Philip/NNP Morris/NNP and/CC International/NNP Business/NNP Machines/NNP to/TO offset/VB their/PRP$ losses/NNS ./. 
When/WRB trading/NN was/VBD halted/VBN in/IN Philip/NNP Morris/NNP ,/, the/DT stock/NN was/VBD trading/VBG at/IN 41/CD ,/, down/RB 3/CD 3\/8/CD ,/, while/IN IBM/NNP closed/VBD 5/CD 5\/8/CD lower/JJR at/IN 102/CD ./. 
Selling/VBG snowballed/VBD because/IN of/IN waves/NNS of/IN automatic/JJ ``/`` stop-loss/JJ ''/'' orders/NNS ,/, which/WDT are/VBP triggered/VBN by/IN computer/NN when/WRB prices/NNS fall/VBP to/TO certain/JJ levels/NNS ./. 
Most/JJS of/IN the/DT stock/NN selling/NN pressure/NN came/VBD from/IN Wall/NNP Street/NNP professionals/NNS ,/, including/VBG computer-guided/JJ program/NN traders/NNS ./. 
Traders/NNS said/VBD most/JJS of/IN their/PRP$ major/JJ institutional/JJ investors/NNS ,/, on/IN the/DT other/JJ hand/NN ,/, sat/VBD tight/JJ ./. 
Now/RB ,/, at/IN 3:07/CD ,/, one/CD of/IN the/DT market/NN 's/POS post-crash/JJ ``/`` reforms/NNS ''/'' took/VBD hold/NN as/IN the/DT S&P/NNP 500/CD futures/NNS contract/NN had/VBD plunged/VBN 12/CD points/NNS ,/, equivalent/JJ to/TO around/IN a/DT 100-point/JJ drop/NN in/IN the/DT Dow/NNP industrials/NNS ./. 
Under/IN an/DT agreement/NN signed/VBN by/IN the/DT Big/NNP Board/NNP and/CC the/DT Chicago/NNP Mercantile/NNP Exchange/NNP ,/, trading/NN was/VBD temporarily/RB halted/VBN in/IN Chicago/NNP ./. 
After/IN the/DT trading/NN halt/NN in/IN the/DT S&P/NNP 500/CD pit/NN in/IN Chicago/NNP ,/, waves/NNS of/IN selling/NN continued/VBN to/TO hit/VB stocks/NNS themselves/PRP on/IN the/DT Big/NNP Board/NNP ,/, and/CC specialists/NNS continued/VBD to/TO notch/VB prices/NNS down/RP ./. 
As/IN a/DT result/NN ,/, the/DT link/NN between/IN the/DT futures/NNS and/CC stock/NN markets/NNS ripped/VBD apart/RB ./. 
Without/IN the/DT guidepost/NN of/IN stock-index/NN futures/NNS --/: the/DT barometer/NN of/IN where/WRB traders/NNS think/VBP the/DT overall/JJ stock/NN market/NN is/VBZ headed/VBN --/: many/JJ traders/NNS were/VBD afraid/JJ to/TO trust/VB stock/NN prices/NNS quoted/VBN on/IN the/DT Big/NNP Board/NNP ./. 
The/DT futures/NNS halt/NN was/VBD even/RB assailed/VBD by/IN Big/NNP Board/NNP floor/NN traders/NNS ./. 
``/`` It/PRP screwed/VBD things/NNS up/RP ,/, ''/'' said/VBD one/CD major/JJ specialist/NN ./. 
This/DT confusion/NN effectively/RB halted/VBD one/CD form/NN of/IN program/NN trading/NN ,/, stock/NN index/NN arbitrage/NN ,/, that/WDT closely/RB links/VBZ the/DT futures/NNS and/CC stock/NN markets/NNS ,/, and/CC has/VBZ been/VBN blamed/VBN by/IN some/DT for/IN the/DT market/NN 's/POS big/JJ swings/NNS ./. 
-LRB-/-LRB- In/IN a/DT stock-index/NN arbitrage/NN sell/NN program/NN ,/, traders/NNS buy/VBP or/CC sell/VBP big/JJ baskets/NNS of/IN stocks/NNS and/CC offset/VB the/DT trade/NN in/IN futures/NNS to/TO lock/VB in/RP a/DT price/NN difference/NN ./. -RRB-/-RRB- 
``/`` When/WRB the/DT airline/NN information/NN came/VBD through/IN ,/, it/PRP cracked/VBN every/DT model/NN we/PRP had/VBD for/IN the/DT marketplace/NN ,/, ''/'' said/VBD a/DT managing/VBG director/NN at/IN one/CD of/IN the/DT largest/JJS program-trading/JJ firms/NNS ./. 
``/`` We/PRP did/VBD n't/RB even/RB get/VB a/DT chance/NN to/TO do/VB the/DT programs/NNS we/PRP wanted/VBD to/TO do/VB ./. ''/'' 
But/CC stocks/NNS kept/VBD falling/VBG ./. 
The/DT Dow/NNP industrials/NNS were/VBD down/RB 55/CD points/NNS at/IN 3/CD p.m./NN before/IN the/DT futures-trading/JJ halt/NN ./. 
At/IN 3:30/CD p.m./NN ,/, at/IN the/DT end/NN of/IN the/DT ``/`` cooling/VBG off/RP ''/'' period/NN ,/, the/DT average/NN was/VBD down/RB 114.76/CD points/NNS ./. 
Meanwhile/RB ,/, during/IN the/DT the/DT S&P/NNP trading/NN halt/NN ,/, S&P/NNP futures/NNS sell/VBP orders/NNS began/VBD piling/VBG up/RP ,/, while/IN stocks/NNS in/IN New/NNP York/NNP kept/VBD falling/VBG sharply/RB ./. 
Big/NNP Board/NNP Chairman/NNP John/NNP J./NNP Phelan/NNP said/VBD yesterday/NN the/DT circuit/NN breaker/NN ``/`` worked/VBD well/RB mechanically/RB ./. 
I/PRP just/RB think/VBP it/PRP 's/VBZ nonproductive/JJ at/IN this/DT point/NN to/TO get/VB into/IN a/DT debate/NN if/IN index/NN arbitrage/NN would/MD have/VB helped/VBN or/CC hurt/VBN things/NNS ./. ''/'' 
Under/IN another/DT post-crash/JJ system/NN ,/, Big/NNP Board/NNP President/NNP Richard/NNP Grasso/NNP -LRB-/-LRB- Mr./NNP Phelan/NNP was/VBD flying/VBG to/TO Bangkok/NNP as/IN the/DT market/NN was/VBD falling/VBG -RRB-/-RRB- was/VBD talking/VBG on/IN an/DT ``/`` inter-exchange/JJ hot/JJ line/NN ''/'' to/TO the/DT other/JJ exchanges/NNS ,/, the/DT Securities/NNPS and/CC Exchange/NNP Commission/NNP and/CC the/DT Federal/NNP Reserve/NNP Board/NNP ./. 
He/PRP camped/VBD out/RP at/IN a/DT high-tech/JJ nerve/NN center/NN on/IN the/DT floor/NN of/IN the/DT Big/NNP Board/NNP ,/, where/WRB he/PRP could/MD watch/VB updates/NNS on/IN prices/NNS and/CC pending/VBG stock/NN orders/NNS ./. 
At/IN about/IN 3:30/CD p.m./RB EDT/NNP ,/, S&P/NNP futures/NNS resumed/VBD trading/NN ,/, and/CC for/IN a/DT brief/JJ time/NN the/DT futures/NNS and/CC stock/NN markets/NNS started/VBD to/TO come/VB back/RB in/IN line/NN ./. 
Buyers/NNS stepped/VBD in/RP to/TO the/DT futures/NNS pit/NN ./. 
But/CC the/DT build-up/NN of/IN S&P/NNP futures/NNS sell/VBP orders/NNS weighed/VBN on/IN the/DT market/NN ,/, and/CC the/DT link/NN with/IN stocks/NNS began/VBD to/TO fray/NN again/RB ./. 
At/IN about/IN 3:45/CD ,/, the/DT S&P/NNP market/NN careened/VBD to/TO still/RB another/DT limit/NN ,/, of/IN 30/CD points/NNS down/RB ,/, and/CC trading/NN was/VBD locked/VBN again/RB ./. 
Futures/NNS traders/NNS say/VBP the/DT S&P/NNP was/VBD signaling/VBG that/IN the/DT Dow/NNP could/MD fall/VB as/RB much/JJ as/IN 200/CD points/NNS ./. 
During/IN this/DT time/NN ,/, small/JJ investors/NNS began/VBD ringing/VBG their/PRP$ brokers/NNS ,/, wondering/VBG whether/IN another/DT crash/NN had/VBD begun/VBN ./. 
At/IN Prudential-Bache/NNP Securities/NNPS Inc./NNP ,/, which/WDT is/VBZ trying/VBG to/TO cater/VB to/TO small/JJ investors/NNS ,/, some/DT demoralized/JJ brokers/NNS thought/VBD this/DT would/MD be/VB the/DT final/JJ confidence-crusher/NN ./. 
That/DT 's/VBZ when/WRB George/NNP L./NNP Ball/NNP ,/, chairman/NN of/IN the/DT Prudential/NNP Insurance/NNP Co./NNP of/IN America/NNP unit/NN ,/, took/VBD to/TO the/DT internal/JJ intercom/NN system/NN to/TO declare/VB that/IN the/DT plunge/NN was/VBD only/RB ``/`` mechanical/JJ ./. ''/'' 
``/`` I/PRP have/VBP a/DT hunch/NN that/IN this/DT particular/JJ decline/NN today/NN is/VBZ something/NN `/`` more/JJR ado/NN about/IN less/JJR ./. '/'' 
It/PRP would/MD be/VB my/PRP$ inclination/NN to/TO advise/VB clients/NNS not/RB to/TO sell/VB ,/, to/TO look/VB for/IN an/DT opportunity/NN to/TO buy/VB ,/, ''/'' Mr./NNP Ball/NNP told/VBD the/DT brokers/NNS ./. 
At/IN Merrill/NNP Lynch/NNP &/CC Co./NNP ,/, the/DT nation/NN 's/POS biggest/JJS brokerage/NN firm/NN ,/, a/DT news/NN release/NN was/VBD prepared/VBN headlined/VBN ``/`` Merrill/NNP Lynch/NNP Comments/NNS on/IN Market/NNP Drop/NNP ./. ''/'' 
The/DT release/NN cautioned/VBD that/IN ``/`` there/EX are/VBP significant/JJ differences/NNS between/IN the/DT current/JJ environment/NN and/CC that/IN of/IN October/NNP 1987/CD ''/'' and/CC that/IN there/EX are/VBP still/RB ``/`` attractive/JJ investment/NN opportunities/NNS ''/'' in/IN the/DT stock/NN market/NN ./. 
However/RB ,/, Jeffrey/NNP B./NNP Lane/NNP ,/, president/NN of/IN Shearson/NNP Lehman/NNP Hutton/NNP Inc./NNP ,/, said/VBD that/IN Friday/NNP 's/POS plunge/NN is/VBZ ``/`` going/VBG to/TO set/VB back/RB ''/'' relations/NNS with/IN customers/NNS ,/, ``/`` because/IN it/PRP reinforces/VBZ the/DT concern/NN of/IN volatility/NN ./. 
And/CC I/PRP think/VBP a/DT lot/NN of/IN people/NNS will/MD harp/VB on/IN program/NN trading/NN ./. 
It/PRP 's/VBZ going/VBG to/TO bring/VB the/DT debate/NN right/RB back/RB to/TO the/DT forefront/NN ./. ''/'' 
As/IN the/DT Dow/NNP average/JJ ground/NN to/TO its/PRP$ final/JJ 190.58/CD loss/NN Friday/NNP ,/, the/DT S&P/NNP pit/NN stayed/VBD locked/VBN at/IN its/PRP$ 30-point/JJ trading/NN limit/NN ./. 
Jeffrey/NNP Yass/NNP of/IN program/NN trader/NN Susquehanna/NNP Investment/NNP Group/NNP said/VBD 2,000/CD S&P/NNP contracts/NNS were/VBD for/IN sale/NN on/IN the/DT close/NN ,/, the/DT equivalent/NN of/IN $/$ 330/CD million/CD in/IN stock/NN ./. 
But/CC there/EX were/VBD no/DT buyers/NNS ./. 
While/IN Friday/NNP 's/POS debacle/NN involved/VBD mainly/RB professional/JJ traders/NNS rather/RB than/IN investors/NNS ,/, it/PRP left/VBD the/DT market/NN vulnerable/JJ to/TO continued/VBN selling/VBG this/DT morning/NN ,/, traders/NNS said/VBD ./. 
Stock-index/NN futures/NNS contracts/NNS settled/VBD at/IN much/RB lower/JJR prices/NNS than/IN indexes/NNS of/IN the/DT stock/NN market/NN itself/PRP ./. 
At/IN those/DT levels/NNS ,/, stocks/NNS are/VBP set/VBN up/RP to/TO be/VB hammered/VBN by/IN index/NN arbitragers/NNS ,/, who/WP lock/VBP in/RP profits/NNS by/IN buying/VBG futures/NNS when/WRB futures/NNS prices/NNS fall/VBP ,/, and/CC simultaneously/RB sell/VB off/RP stocks/NNS ./. 
But/CC nobody/NN knows/VBZ at/IN what/WP level/NN the/DT futures/NNS and/CC stocks/NNS will/MD open/VB today/NN ./. 
The/DT de-linkage/NN between/IN the/DT stock/NN and/CC futures/NNS markets/NNS Friday/NNP will/MD undoubtedly/RB cause/VB renewed/VBN debate/NN about/IN whether/IN Wall/NNP Street/NNP is/VBZ properly/RB prepared/VBN for/IN another/DT crash/JJ situation/NN ./. 
The/DT Big/NNP Board/NNP 's/POS Mr./NNP Grasso/NNP said/VBD ,/, ``/`` Our/PRP$ systemic/JJ performance/NN was/VBD good/JJ ./. ''/'' 
But/CC the/DT exchange/NN will/MD ``/`` look/VB at/IN the/DT performance/NN of/IN all/DT specialists/NNS in/IN all/DT stocks/NNS ./. 
Obviously/RB we/PRP 'll/MD take/VB a/DT close/JJ look/NN at/IN any/DT situation/NN in/IN which/WDT we/PRP think/VBP the/DT dealer-community/JJ obligations/NNS were/VBD n't/RB met/VBN ,/, ''/'' he/PRP said/VBD ./. 
-LRB-/-LRB- See/NNP related/VBN story/NN :/: ``/`` Fed/NNP Ready/NNP to/TO Inject/NNP Big/NNP Funds/NNPS ''/'' --/: WSJ/NNP Oct./NNP 16/CD ,/, 1989/CD -RRB-/-RRB- 
But/CC specialists/NNS complain/VBP privately/RB that/RB just/RB as/IN in/IN the/DT 1987/CD crash/NN ,/, the/DT ``/`` upstairs/NN ''/'' firms/NNS --/: big/JJ investment/NN banks/NNS that/WDT support/VBP the/DT market/NN by/IN trading/VBG big/JJ blocks/NNS of/IN stock/NN --/: stayed/VBD on/IN the/DT sidelines/NNS during/IN Friday/NNP 's/POS blood-letting/NN ./. 
Mr./NNP Phelan/NNP said/VBD ,/, ``/`` It/PRP will/MD take/VB another/DT day/NN or/CC two/CD ''/'' to/TO analyze/VB who/WP was/VBD buying/VBG and/CC selling/VBG Friday/NNP ./. 
Concerning/VBG your/PRP$ Sept./NNP 21/CD page-one/NN article/NN on/IN Prince/NNP Charles/NNP and/CC the/DT leeches/NNS :/: It/PRP 's/VBZ a/DT few/JJ hundred/CD years/NNS since/IN England/NNP has/VBZ been/VBN a/DT kingdom/NN ./. 
It/PRP 's/VBZ now/RB the/DT United/NNP Kingdom/NNP of/IN Great/NNP Britain/NNP and/CC Northern/NNP Ireland/NNP ,/, comprising/VBG Wales/NNP ,/, Northern/NNP Ireland/NNP ,/, Scotland/NNP ,/, and/CC .../: oh/UH yes/UH ,/, England/NNP ,/, too/RB ./. 
Just/RB thought/VBN you/PRP 'd/MD like/VB to/TO know/VB ./. 
George/NNP Morton/NNP 
Ports/NNS of/IN Call/NN Inc./NNP reached/VBD agreements/NNS to/TO sell/VB its/PRP$ remaining/VBG seven/CD aircraft/NN to/TO buyers/NNS that/WDT were/VBD n't/RB disclosed/VBN ./. 
The/DT agreements/NNS bring/VBP to/TO a/DT total/NN of/IN nine/CD the/DT number/NN of/IN planes/NNS the/DT travel/NN company/NN has/VBZ sold/VBN this/DT year/NN as/IN part/NN of/IN a/DT restructuring/NN ./. 
The/DT company/NN said/VBD a/DT portion/NN of/IN the/DT $/$ 32/CD million/CD realized/VBN from/IN the/DT sales/NNS will/MD be/VB used/VBN to/TO repay/VB its/PRP$ bank/NN debt/NN and/CC other/JJ obligations/NNS resulting/VBG from/IN the/DT currently/RB suspended/VBN air-charter/NN operations/NNS ./. 
Earlier/RBR the/DT company/NN announced/VBD it/PRP would/MD sell/VB its/PRP$ aging/VBG fleet/NN of/IN Boeing/NNP Co./NNP 707s/NNP because/IN of/IN increasing/VBG maintenance/NN costs/NNS ./. 
A/DT consortium/NN of/IN private/JJ investors/NNS operating/VBG as/IN LJH/NNP Funding/NNP Co./NNP said/VBD it/PRP has/VBZ made/VBN a/DT $/$ 409/CD million/CD cash/NN bid/NN for/IN most/JJS of/IN L.J./NNP Hooker/NNP Corp./NNP 's/POS real-estate/NN and/CC shopping-center/NN holdings/NNS ./. 
The/DT $/$ 409/CD million/CD bid/NN includes/VBZ the/DT assumption/NN of/IN an/DT estimated/VBN $/$ 300/CD million/CD in/IN secured/VBN liabilities/NNS on/IN those/DT properties/NNS ,/, according/VBG to/TO those/DT making/VBG the/DT bid/NN ./. 
The/DT group/NN is/VBZ led/VBN by/IN Jay/NNP Shidler/NNP ,/, chief/JJ executive/JJ officer/NN of/IN Shidler/NNP Investment/NNP Corp./NNP in/IN Honolulu/NNP ,/, and/CC A./NNP Boyd/NNP Simpson/NNP ,/, chief/JJ executive/NN of/IN the/DT Atlanta-based/JJ Simpson/NNP Organization/NNP Inc/NNP ./. 
Mr./NNP Shidler/NNP 's/POS company/NN specializes/VBZ in/IN commercial/JJ real-estate/NN investment/NN and/CC claims/VBZ to/TO have/VB $/$ 1/CD billion/CD in/IN assets/NNS ;/: Mr./NNP Simpson/NNP is/VBZ a/DT developer/NN and/CC a/DT former/JJ senior/JJ executive/NN of/IN L.J./NNP Hooker/NNP ./. 
``/`` The/DT assets/NNS are/VBP good/JJ ,/, but/CC they/PRP require/VBP more/JJR money/NN and/CC management/NN ''/'' than/IN can/MD be/VB provided/VBN in/IN L.J./NNP Hooker/NNP 's/POS current/JJ situation/NN ,/, said/VBD Mr./NNP Simpson/NNP in/IN an/DT interview/NN ./. ``/`` 
Hooker/NNP 's/POS philosophy/NN was/VBD to/TO build/VB and/CC sell/VB ./. 
We/PRP want/VBP to/TO build/VB and/CC hold/VB ./. ''/'' 
L.J./NNP Hooker/NNP ,/, based/VBN in/IN Atlanta/NNP ,/, is/VBZ operating/VBG with/IN protection/NN from/IN its/PRP$ creditors/NNS under/IN Chapter/NN 11/CD of/IN the/DT U.S./NNP Bankruptcy/NNP Code/NNP ./. 
Its/PRP$ parent/NN company/NN ,/, Hooker/NNP Corp./NNP of/IN Sydney/NNP ,/, Australia/NNP ,/, is/VBZ currently/RB being/VBG managed/VBN by/IN a/DT court-appointed/JJ provisional/JJ liquidator/NN ./. 
Sanford/NNP Sigoloff/NNP ,/, chief/JJ executive/NN of/IN L.J./NNP Hooker/NNP ,/, said/VBD yesterday/NN in/IN a/DT statement/NN that/IN he/PRP has/VBZ not/RB yet/RB seen/VBN the/DT bid/NN but/CC that/IN he/PRP would/MD review/VB it/PRP and/CC bring/VB it/PRP to/TO the/DT attention/NN of/IN the/DT creditors/NNS committee/NN ./. 
The/DT $/$ 409/CD million/CD bid/NN is/VBZ estimated/VBN by/IN Mr./NNP Simpson/NNP as/IN representing/VBG 75/CD %/NN of/IN the/DT value/NN of/IN all/DT Hooker/NNP real-estate/NN holdings/NNS in/IN the/DT U.S./NNP ./. 
Not/RB included/VBN in/IN the/DT bid/NN are/VBP Bonwit/NNP Teller/NNP or/CC B./NNP Altman/NNP &/CC Co./NNP ,/, L.J./NNP Hooker/NNP 's/POS department-store/NN chains/NNS ./. 
The/DT offer/NN covers/VBZ the/DT massive/JJ 1.8/CD million-square-foot/JJ Forest/NNP Fair/NNP Mall/NNP in/IN Cincinnati/NNP ,/, the/DT 800,000/CD square-foot/JJ Richland/NNP Fashion/NNP Mall/NNP in/IN Columbia/NNP ,/, S.C./NNP ,/, and/CC the/DT 700,000/CD square-foot/JJ Thornton/NNP Town/NNP Center/NNP mall/NN in/IN Thornton/NNP ,/, Colo/NNP ./. 
The/DT Thornton/NNP mall/NN opened/VBD Sept./NNP 19/CD with/IN a/DT Bigg/NNP 's/POS hypermarket/NN as/IN its/PRP$ anchor/VB ;/: the/DT Columbia/NNP mall/NN is/VBZ expected/VBN to/TO open/VB Nov./NNP 15/CD ./. 
Other/JJ Hooker/NNP properties/NNS included/VBD are/VBP a/DT 20-story/JJ office/NN tower/NN in/IN midtown/JJ Atlanta/NNP ,/, expected/VBN to/TO be/VB completed/VBN next/JJ February/NNP ;/: vacant/JJ land/NN sites/NNS in/IN Florida/NNP and/CC Ohio/NNP ;/: L.J./NNP Hooker/NNP International/NNP ,/, the/DT commercial/JJ real-estate/NN brokerage/NN company/NN that/WDT once/RB did/VBD business/NN as/IN Merrill/NNP Lynch/NNP Commercial/NNP Real/NNP Estate/NNP ,/, plus/CC other/JJ shopping/NN centers/NNS ./. 
The/DT consortium/NN was/VBD put/VBN together/RB by/IN Hoare/NNP Govett/NNP ,/, the/DT London-based/JJ investment/NN banking/NN company/NN that/WDT is/VBZ a/DT subsidiary/NN of/IN Security/NNP Pacific/NNP Corp/NNP ./. 
``/`` We/PRP do/VBP n't/RB anticipate/VB any/DT problems/NNS in/IN raising/VBG the/DT funding/NN for/IN the/DT bid/NN ,/, ''/'' said/VBD Allan/NNP Campbell/NNP ,/, the/DT head/NN of/IN mergers/NNS and/CC acquisitions/NNS at/IN Hoare/NNP Govett/NNP ,/, in/IN an/DT interview/NN ./. 
Hoare/NNP Govett/NNP is/VBZ acting/VBG as/IN the/DT consortium/NN 's/POS investment/NN bankers/NNS ./. 
According/VBG to/TO people/NNS familiar/JJ with/IN the/DT consortium/NN ,/, the/DT bid/NN was/VBD code-named/NNP Project/NNP Klute/NNP ,/, a/DT reference/NN to/TO the/DT film/NN ``/`` Klute/NNP ''/'' in/IN which/WDT a/DT prostitute/NN played/VBN by/IN actress/NN Jane/NNP Fonda/NNP is/VBZ saved/VBN from/IN a/DT psychotic/JJ businessman/NN by/IN a/DT police/NN officer/NN named/VBN John/NNP Klute/NNP ./. 
L.J./NNP Hooker/NNP was/VBD a/DT small/JJ home-building/JJ company/NN based/VBN in/IN Atlanta/NNP in/IN 1979/CD when/WRB Mr./NNP Simpson/NNP was/VBD hired/VBN to/TO push/VB it/PRP into/IN commercial/JJ development/NN ./. 
The/DT company/NN grew/VBD modestly/RB until/IN 1986/CD ,/, when/WRB a/DT majority/NN position/NN in/IN Hooker/NNP Corp./NNP was/VBD acquired/VBN by/IN Australian/JJ developer/NN George/NNP Herscu/NNP ,/, currently/RB Hooker/NNP 's/POS chairman/NN ./. 
Mr./NNP Herscu/NNP proceeded/VBD to/TO launch/VB an/DT ambitious/JJ ,/, but/CC ill-fated/JJ ,/, $/$ 1/CD billion/CD acquisition/NN binge/NN that/WDT included/VBD Bonwit/NNP Teller/NNP and/CC B./NNP Altman/NNP &/CC Co./NNP ,/, as/RB well/RB as/IN majority/NN positions/NNS in/IN Merksamer/NNP Jewelers/NNPS ,/, a/DT Sacramento/NNP chain/NN ;/: Sakowitz/NNP Inc./NNP ,/, the/DT Houston-based/JJ retailer/NN ,/, and/CC Parisian/NNP Inc./NNP ,/, the/DT Southeast/JJ department-store/NN chain/NN ./. 
Eventually/RB Mr./NNP Simpson/NNP and/CC Mr./NNP Herscu/NNP had/VBD a/DT falling/VBG out/RP over/IN the/DT direction/NN of/IN the/DT company/NN ,/, and/CC Mr./NNP Simpson/NNP said/VBD he/PRP resigned/VBD in/IN 1988/CD ./. 
Since/IN then/RB ,/, Hooker/NNP Corp./NNP has/VBZ sold/VBN its/PRP$ interest/NN in/IN the/DT Parisian/JJ chain/NN back/RB to/TO Parisian/NNP 's/POS management/NN and/CC is/VBZ currently/RB attempting/VBG to/TO sell/VB the/DT B./NNP Altman/NNP &/CC Co./NNP chain/NN ./. 
In/IN addition/NN ,/, Robert/NNP Sakowitz/NNP ,/, chief/JJ executive/NN of/IN the/DT Sakowitz/NNP chain/NN ,/, is/VBZ seeking/VBG funds/NNS to/TO buy/VB out/RP the/DT Hooker/NNP interest/NN in/IN his/PRP$ company/NN ./. 
The/DT Merksamer/NNP chain/NN is/VBZ currently/RB being/VBG offered/VBN for/IN sale/NN by/IN First/NNP Boston/NNP Corp/NNP ./. 
Reached/VBN in/IN Honolulu/NNP ,/, Mr./NNP Shidler/NNP said/VBD that/IN he/PRP believes/VBZ the/DT various/JJ Hooker/NNP malls/NNS can/MD become/VB profitable/JJ with/IN new/JJ management/NN ./. 
``/`` These/DT are/VBP n't/RB mature/JJ assets/NNS ,/, but/CC they/PRP have/VBP the/DT potential/NN to/TO be/VB so/RB ,/, ''/'' said/VBD Mr./NNP Shidler/NNP ./. 
``/`` Managed/VBN properly/RB ,/, and/CC with/IN a/DT long-term/JJ outlook/NN ,/, these/DT can/MD become/VB investment-grade/JJ quality/NN properties/NNS ./. 
Canadian/JJ steel-ingot/NN production/NN totaled/VBD 291,890/CD metric/JJ tons/NNS in/IN the/DT week/NN ended/VBN Oct./NNP 7/CD ,/, up/RB 14.8/CD %/NN from/IN the/DT preceding/VBG week/NN 's/POS total/NN of/IN 254,280/CD tons/NNS ,/, Statistics/NNPS Canada/NNP ,/, a/DT federal/JJ agency/NN ,/, said/VBD ./. 
The/DT week/NN 's/POS total/NN was/VBD up/RB 6.2/CD %/NN from/IN 274,963/CD tons/NNS a/DT year/NN earlier/RBR ./. 
The/DT year-to-date/JJ total/NN was/VBD 12,006,883/CD tons/NNS ,/, up/RB 7.8/CD %/NN from/IN 11,141,711/CD tons/NNS a/DT year/NN earlier/RBR ./. 
The/DT Treasury/NNP plans/VBZ to/TO raise/VB $/$ 175/CD million/CD in/IN new/JJ cash/NN Thursday/NNP by/IN selling/VBG about/IN $/$ 9.75/CD billion/CD of/IN 52-week/JJ bills/NNS and/CC redeeming/VBG $/$ 9.58/CD billion/CD of/IN maturing/VBG bills/NNS ./. 
The/DT bills/NNS will/MD be/VB dated/VBN Oct./NNP 26/CD and/CC will/MD mature/VB Oct./NNP 25/CD ,/, 1990/CD ./. 
They/PRP will/MD be/VB available/JJ in/IN minimum/JJ denominations/NNS of/IN $/$ 10,000/CD ./. 
Bids/NNS must/MD be/VB received/VBN by/IN 1/CD p.m./RB EDT/NNP Thursday/NNP at/IN the/DT Treasury/NNP or/CC at/IN Federal/NNP Reserve/NNP banks/NNS or/CC branches/NNS ./. 
As/IN small/JJ investors/NNS peppered/VBD their/PRP$ mutual/JJ funds/NNS with/IN phone/NN calls/NNS over/IN the/DT weekend/NN ,/, big/JJ fund/NN managers/NNS said/VBD they/PRP have/VBP a/DT strong/JJ defense/NN against/IN any/DT wave/NN of/IN withdrawals/NNS :/: cash/NN ./. 
Unlike/IN the/DT weekend/NN before/IN Black/NNP Monday/NNP ,/, the/DT funds/NNS were/VBD n't/RB swamped/VBN with/IN heavy/JJ withdrawal/NN requests/NNS ./. 
And/CC many/JJ fund/NN managers/NNS have/VBP built/VBN up/RP cash/NN levels/NNS and/CC say/VB they/PRP will/MD be/VB buying/VBG stock/NN this/DT week/NN ./. 
At/IN Fidelity/NNP Investments/NNP ,/, the/DT nation/NN 's/POS largest/JJS fund/NN company/NN ,/, telephone/NN volume/NN was/VBD up/RP sharply/RB ,/, but/CC it/PRP was/VBD still/RB at/IN just/RB half/PDT the/DT level/NN of/IN the/DT weekend/NN preceding/VBG Black/NNP Monday/NNP in/IN 1987/CD ./. 
The/DT Boston/NNP firm/NN said/VBD stock-fund/NN redemptions/NNS were/VBD running/VBG at/IN less/JJR than/IN one-third/RB the/DT level/NN two/CD years/NNS ago/RB ./. 
As/IN of/IN yesterday/NN afternoon/NN ,/, the/DT redemptions/NNS represented/VBD less/JJR than/IN 15/CD %/NN of/IN the/DT total/JJ cash/NN position/NN of/IN about/IN $/$ 2/CD billion/CD of/IN Fidelity/NNP 's/POS stock/NN funds/NNS ./. 
``/`` Two/CD years/NNS ago/RB there/EX were/VBD massive/JJ redemption/NN levels/NNS over/IN the/DT weekend/NN and/CC a/DT lot/NN of/IN fear/NN around/IN ,/, ''/'' said/VBD C./NNP Bruce/NNP Johnstone/NNP ,/, who/WP runs/VBZ Fidelity/NNP Investments/NNP '/POS $/$ 5/CD billion/CD Equity-Income/NNP Fund/NNP ./. 
``/`` This/DT feels/VBZ more/JJR like/IN a/DT one-shot/JJ deal/NN ./. 
People/NNS are/VBP n't/RB panicking/VBG ./. ''/'' 
The/DT test/NN may/MD come/VB today/NN ./. 
Friday/NNP 's/POS stock/NN market/NN sell-off/NN came/VBD too/RB late/JJ for/IN many/JJ investors/NNS to/TO act/VB ./. 
Some/DT shareholders/NNS have/VBP held/VBN off/RP until/IN today/NN because/IN any/DT fund/NN exchanges/NNS made/VBN after/IN Friday/NNP 's/POS close/NN would/MD take/VB place/NN at/IN today/NN 's/POS closing/NN prices/NNS ./. 
Stock/NN fund/NN redemptions/NNS during/IN the/DT 1987/CD debacle/NN did/VBD n't/RB begin/VB to/TO snowball/VB until/IN after/IN the/DT market/NN opened/VBD on/IN Black/NNP Monday/NNP ./. 
But/CC fund/NN managers/NNS say/VBP they/PRP 're/VBP ready/JJ ./. 
Many/JJ have/VBP raised/VBN cash/NN levels/NNS ,/, which/WDT act/VBP as/IN a/DT buffer/NN against/IN steep/JJ market/NN declines/NNS ./. 
Mario/NNP Gabelli/NNP ,/, for/IN instance/NN ,/, holds/VBZ cash/NN positions/NNS well/RB above/IN 20/CD %/NN in/IN several/JJ of/IN his/PRP$ funds/NNS ./. 
Windsor/NNP Fund/NNP 's/POS John/NNP Neff/NNP and/CC Mutual/NNP Series/NNP '/POS Michael/NNP Price/NNP said/VBD they/PRP had/VBD raised/VBN their/PRP$ cash/NN levels/NNS to/TO more/JJR than/IN 20/CD %/NN and/CC 30/CD %/NN ,/, respectively/RB ,/, this/DT year/NN ./. 
Even/RB Peter/NNP Lynch/NNP ,/, manager/NN of/IN Fidelity/NNP 's/POS $/$ 12.7/CD billion/CD Magellan/NNP Fund/NNP ,/, the/DT nation/NN 's/POS largest/JJS stock/NN fund/NN ,/, built/VBD up/RP cash/NN to/TO 7/CD %/NN or/CC $/$ 850/CD million/CD ./. 
One/CD reason/NN is/VBZ that/IN after/IN two/CD years/NNS of/IN monthly/JJ net/JJ redemptions/NNS ,/, the/DT fund/NN posted/VBD net/JJ inflows/NNS of/IN money/NN from/IN investors/NNS in/IN August/NNP and/CC September/NNP ./. 
``/`` I/PRP 've/VBP let/VBN the/DT money/NN build/VB up/RP ,/, ''/'' Mr./NNP Lynch/NNP said/VBD ,/, who/WP added/VBD that/IN he/PRP has/VBZ had/VBN trouble/NN finding/VBG stocks/NNS he/PRP likes/VBZ ./. 
Not/RB all/DT funds/NNS have/VBP raised/VBN cash/NN levels/NNS ,/, of/IN course/NN ./. 
As/IN a/DT group/NN ,/, stock/NN funds/NNS held/VBD 10.2/CD %/NN of/IN assets/NNS in/IN cash/NN as/IN of/IN August/NNP ,/, the/DT latest/JJS figures/NNS available/JJ from/IN the/DT Investment/NNP Company/NNP Institute/NNP ./. 
That/DT was/VBD modestly/RB higher/JJR than/IN the/DT 8.8/CD %/NN and/CC 9.2/CD %/NN levels/NNS in/IN August/NNP and/CC September/NNP of/IN 1987/CD ./. 
Also/RB ,/, persistent/JJ redemptions/NNS would/MD force/VB some/DT fund/NN managers/NNS to/TO dump/VB stocks/NNS to/TO raise/VB cash/NN ./. 
But/CC a/DT strong/JJ level/NN of/IN investor/NN withdrawals/NNS is/VBZ much/RB more/RBR unlikely/JJ this/DT time/NN around/RP ,/, fund/NN managers/NNS said/VBD ./. 
A/DT major/JJ reason/NN is/VBZ that/IN investors/NNS already/RB have/VBP sharply/RB scaled/VBN back/RP their/PRP$ purchases/NNS of/IN stock/NN funds/NNS since/IN Black/NNP Monday/NNP ./. 
Stock-fund/NN sales/NNS have/VBP rebounded/VBN in/IN recent/JJ months/NNS ,/, but/CC monthly/JJ net/JJ purchases/NNS are/VBP still/RB running/VBG at/IN less/JJR than/IN half/NN 1987/CD levels/NNS ./. 
``/`` There/EX 's/VBZ not/RB nearly/RB as/IN much/JJ froth/NN ,/, ''/'' said/VBD John/NNP Bogle/NNP ,/, chairman/NN of/IN Vanguard/NNP Group/NNP Inc./NNP ,/, a/DT big/JJ Valley/NNP Forge/NNP ,/, Pa./NNP ,/, fund/NN company/NN ./. 
Many/JJ fund/NN managers/NNS argue/VBP that/IN now/RB 's/VBZ the/DT time/NN to/TO buy/VB ./. 
Vincent/NNP Bajakian/NNP ,/, manager/NN of/IN the/DT $/$ 1.8/CD billion/CD Wellington/NNP Fund/NNP ,/, added/VBD to/TO his/PRP$ positions/NNS in/IN Bristol-Myers/NNP Squibb/NNP ,/, Woolworth/NNP and/CC Dun/NNP &/CC Bradstreet/NNP Friday/NNP ./. 
And/CC today/NN he/PRP 'll/MD be/VB looking/VBG to/TO buy/VB drug/NN stocks/NNS like/IN Eli/NNP Lilly/NNP ,/, Pfizer/NNP and/CC American/NNP Home/NNP Products/NNPS whose/WP$ dividend/NN yields/NNS have/VBP been/VBN bolstered/VBN by/IN stock/NN declines/NNS ./. 
Fidelity/NNP 's/POS Mr./NNP Lynch/NNP ,/, for/IN his/PRP$ part/NN ,/, snapped/VBD up/RP Southern/NNP Co./NNP shares/NNS Friday/NNP after/IN the/DT stock/NN got/VBD hammered/VBN ./. 
If/IN the/DT market/NN drops/VBZ further/JJ today/NN ,/, he/PRP said/VBD he/PRP 'll/MD be/VB buying/VBG blue/JJ chips/NNS such/JJ as/IN Bristol-Myers/NNP and/CC Kellogg/NNP ./. 
``/`` If/IN they/PRP croak/VBP stocks/NNS like/IN that/DT ,/, ''/'' he/PRP said/VBD ,/, it/PRP presents/VBZ an/DT opportunity/NN that/WDT is/VBZ ``/`` the/DT kind/NN of/IN thing/NN you/PRP dream/VBP about/IN ./. ''/'' 
Major/JJ mutual-fund/JJ groups/NNS said/VBD phone/NN calls/NNS were/VBD arriving/VBG at/IN twice/RB the/DT normal/JJ weekend/NN pace/NN yesterday/NN ./. 
But/CC most/JJS investors/NNS were/VBD seeking/VBG share/NN prices/NNS and/CC other/JJ information/NN ./. 
Trading/NN volume/NN was/VBD only/RB modestly/RB higher/JJR than/IN normal/JJ ./. 
Still/RB ,/, fund/NN groups/NNS are/VBP n't/RB taking/VBG any/DT chances/NNS ./. 
They/PRP hope/VBP to/TO avoid/VB the/DT jammed/VBN phone/NN lines/NNS and/CC other/JJ snags/NNS that/WDT infuriated/VBD some/DT fund/NN investors/NNS in/IN October/NNP 1987/CD ./. 
Fidelity/NNP on/IN Saturday/NNP opened/VBD its/PRP$ 54/CD walk-in/JJ investor/NN centers/NNS across/IN the/DT country/NN ./. 
The/DT centers/NNS normally/RB are/VBP closed/VBN through/IN the/DT weekend/NN ./. 
In/IN addition/NN ,/, East/NNP Coast/NNP centers/NNS will/MD open/VB at/IN 7:30/CD EDT/NNP this/DT morning/NN ,/, instead/RB of/IN the/DT normal/JJ 8:30/CD ./. 
T./NNP Rowe/NNP Price/NNP Associates/NNPS Inc./NNP increased/VBD its/PRP$ staff/NN of/IN phone/NN representatives/NNS to/TO handle/VB investor/NN requests/NNS ./. 
The/DT Baltimore-based/JJ group/NN noted/VBD that/IN some/DT investors/NNS moved/VBD money/NN from/IN stock/NN funds/NNS to/TO money-market/JJ funds/NNS ./. 
But/CC most/JJS investors/NNS seemed/VBD to/TO be/VB ``/`` in/IN an/DT information/NN mode/NN rather/RB than/IN in/IN a/DT transaction/NN mode/NN ,/, ''/'' said/VBD Steven/NNP Norwitz/NNP ,/, a/DT vice/NN president/NN ./. 
And/CC Vanguard/NNP ,/, among/IN other/JJ groups/NNS ,/, said/VBD it/PRP was/VBD adding/VBG more/JJR phone/NN representatives/NNS today/NN to/TO help/VB investors/NNS get/VB through/IN ./. 
In/IN an/DT unusual/JJ move/NN ,/, several/JJ funds/NNS moved/VBD to/TO calm/JJ investors/NNS with/IN recordings/NNS on/IN their/PRP$ toll-free/JJ phone/NN lines/NNS ./. 
``/`` We/PRP view/VBP -LCB-/-LRB- Friday/NNP 's/POS -RCB-/-RRB- market/NN decline/NN as/IN offering/VBG us/PRP a/DT buying/VBG opportunity/NN as/IN long-term/JJ investors/NNS ,/, ''/'' a/DT recording/NN at/IN Gabelli/NNP &/CC Co./NNP funds/NNS said/VBD over/IN the/DT weekend/NN ./. 
The/DT Janus/NNP Group/NNP had/VBD a/DT similar/JJ recording/NN for/IN investors/NNS ./. 
Several/JJ fund/NN managers/NNS expect/VBP a/DT rough/JJ market/NN this/DT morning/NN before/IN prices/NNS stabilize/VBP ./. 
Some/DT early/JJ selling/NN is/VBZ likely/JJ to/TO stem/VB from/IN investors/NNS and/CC portfolio/NN managers/NNS who/WP want/VBP to/TO lock/VB in/RP this/DT year/NN 's/POS fat/JJ profits/NNS ./. 
Stock/NN funds/NNS have/VBP averaged/VBN a/DT staggering/JJ gain/NN of/IN 25/CD %/NN through/IN September/NNP ,/, according/VBG to/TO Lipper/NNP Analytical/NNP Services/NNPS Inc/NNP ./. 
Elaine/NNP Garzarelli/NNP ,/, who/WP runs/VBZ Shearson/NNP Lehman/NNP Hutton/NNP Inc./NNP 's/POS $/$ 335/CD million/CD Sector/NNP Analysis/NNP Portfolio/NNP ,/, predicts/VBZ the/DT market/NN will/MD open/VB down/RP at/IN least/JJS 50/CD points/NNS on/IN technical/JJ factors/NNS and/CC ``/`` some/DT panic/NN selling/NN ./. ''/'' 
But/CC she/PRP expects/VBZ prices/NNS to/TO rebound/VB soon/RB and/CC is/VBZ telling/VBG investors/NNS she/PRP expects/VBZ the/DT stock/NN market/NN wo/MD n't/RB decline/VB more/JJR than/IN 10/CD %/NN to/TO 15/CD %/NN from/IN recent/JJ highs/NNS ./. 
``/`` This/DT is/VBZ not/RB a/DT major/JJ crash/NN ,/, ''/'' she/PRP said/VBD ./. 
Nevertheless/RB ,/, Ms./NNP Garzarelli/NNP said/VBD she/PRP was/VBD swamped/VBN with/IN phone/NN calls/NNS over/IN the/DT weekend/NN from/IN nervous/JJ shareholders/NNS ./. 
``/`` Half/NN of/IN them/PRP are/VBP really/RB scared/VBN and/CC want/VB to/TO sell/VB ,/, ''/'' she/PRP said/VBD ,/, ``/`` but/CC I/PRP 'm/VBP trying/VBG to/TO talk/VB them/PRP out/IN of/IN it/PRP ./. ''/'' 
She/PRP added/VBD ,/, ``/`` If/IN they/PRP all/DT were/VBD bullish/JJ ,/, I/PRP 'd/MD really/RB be/VB upset/VBN ./. ''/'' 
The/DT backdrop/NN to/TO Friday/NNP 's/POS slide/NN was/VBD markedly/RB different/JJ from/IN that/DT of/IN the/DT October/NNP 1987/CD crash/NN ,/, fund/NN managers/NNS argue/VBP ./. 
Two/CD years/NNS ago/RB ,/, unlike/IN today/NN ,/, the/DT dollar/NN was/VBD weak/JJ ,/, interest/NN rates/NNS were/VBD rising/VBG and/CC the/DT market/NN was/VBD very/RB overvalued/VBD ,/, they/PRP say/VBP ./. 
``/`` From/IN the/DT investors/NNS '/POS standpoint/NN ,/, institutions/NNS and/CC individuals/NNS learned/VBD a/DT painful/JJ lesson/NN .../: by/IN selling/VBG at/IN the/DT lows/NNS ''/'' on/IN Black/NNP Monday/NNP ,/, said/VBD Stephen/NNP Boesel/NNP ,/, manager/NN of/IN the/DT $/$ 580/CD million/CD T./NNP Rowe/NNP Price/NNP Growth/NNP and/CC Income/NNP Fund/NNP ./. 
This/DT time/NN ,/, ``/`` I/PRP do/VBP n't/RB think/VB we/PRP 'll/MD get/VB a/DT panic/NN reaction/NN ./. 
Newport/NNP Corp./NNP said/VBD it/PRP expects/VBZ to/TO report/VB fiscal-first-quarter/JJ earnings/NNS of/IN between/IN 15/CD cents/NNS and/CC 19/CD cents/NNS a/DT share/NN ,/, somewhat/RB below/IN analysts/NNS '/POS estimates/NNS of/IN 19/CD cents/NNS to/TO 23/CD cents/NNS ./. 
The/DT maker/NN of/IN scientific/JJ instruments/NNS and/CC laser/NN parts/NNS said/VBD orders/NNS fell/VBD below/IN expectations/NNS in/IN recent/JJ months/NNS ./. 
A/DT spokesman/NN added/VBD that/IN sales/NNS in/IN the/DT current/JJ quarter/NN will/MD about/RB equal/VB the/DT yearearlier/JJR quarter/NN 's/POS figure/NN ,/, when/WRB Newport/NNP reported/VBD net/JJ income/NN of/IN $/$ 1.7/CD million/CD ,/, or/CC 21/CD cents/NNS a/DT share/NN ,/, on/IN $/$ 14.1/CD million/CD in/IN sales/NNS ./. 
Ripples/NNS from/IN the/DT strike/NN by/IN 55,000/CD Machinists/NNS union/NN members/NNS against/IN Boeing/NNP Co./NNP reached/VBD air/NN carriers/NNS Friday/NNP as/IN America/NNP West/NNP Airlines/NNPS announced/VBD it/PRP will/MD postpone/VB its/PRP$ new/JJ service/NN out/IN of/IN Houston/NNP because/IN of/IN delays/NNS in/IN receiving/VBG aircraft/NN from/IN the/DT Seattle/NNP jet/NN maker/NN ./. 
Peter/NNP Otradovec/NNP ,/, vice/NN president/NN for/IN planning/NN at/IN the/DT Phoenix/NNP ,/, Ariz./NNP ,/, carrier/NN ,/, said/VBD in/IN an/DT interview/NN that/IN the/DT work/NN stoppage/NN at/IN Boeing/NNP ,/, now/RB entering/VBG its/PRP$ 13th/JJ day/NN ,/, ``/`` has/VBZ caused/VBN some/DT turmoil/NN in/IN our/PRP$ scheduling/NN ''/'' and/CC that/IN more/JJR than/IN 500/CD passengers/NNS who/WP were/VBD booked/VBN to/TO fly/VB out/IN of/IN Houston/NNP on/IN America/NNP West/NNP would/MD now/RB be/VB put/VBN on/IN other/JJ airlines/NNS ./. 
Mr./NNP Otradovec/NNP said/VBD Boeing/NNP told/VBD America/NNP West/NNP that/IN the/DT 757/CD it/PRP was/VBD supposed/VBN to/TO get/VB this/DT Thursday/NNP would/MD n't/RB be/VB delivered/VBN until/IN Nov./NNP 7/CD --/: the/DT day/NN after/IN the/DT airline/NN had/VBD been/VBN planning/VBG to/TO initiate/VB service/NN at/IN Houston/NNP with/IN four/CD daily/JJ flights/NNS ,/, including/VBG three/CD nonstops/NNS to/TO Phoenix/NNP and/CC one/CD nonstop/JJ to/TO Las/NNP Vegas/NNP ./. 
Now/RB ,/, those/DT routes/NNS are/VBP n't/RB expected/VBN to/TO begin/VB until/IN Jan/NNP ./. 
Boeing/NNP is/VBZ also/RB supposed/VBN to/TO send/VB to/TO America/NNP West/NNP another/DT 757/CD twin-engine/JJ aircraft/NN as/RB well/RB as/IN a/DT 737/CD by/IN year/NN 's/POS end/NN ./. 
Those/DT ,/, too/RB ,/, are/VBP almost/RB certain/JJ to/TO arrive/VB late/RB ./. 
At/IN this/DT point/NN ,/, no/DT other/JJ America/NNP West/NNP flights/NNS --/: including/VBG its/PRP$ new/JJ service/NN at/IN San/NNP Antonio/NNP ,/, Texas/NNP ;/: Newark/NNP ,/, N.J./NNP ;/: and/CC Palmdale/NNP ,/, Calif./NNP --/: have/VBP been/VBN affected/VBN by/IN the/DT delays/NNS in/IN Boeing/NNP deliveries/NNS ./. 
Nevertheless/RB ,/, the/DT company/NN 's/POS reaction/NN underscores/VBZ the/DT domino/NN effect/NN that/IN a/DT huge/JJ manufacturer/NN such/JJ as/IN Boeing/NNP can/MD have/VB on/IN other/JJ parts/NNS of/IN the/DT economy/NN ./. 
It/PRP also/RB is/VBZ sure/JJ to/TO help/VB the/DT machinists/NNS put/VBD added/VBN pressure/NN on/IN the/DT company/NN ./. 
``/`` I/PRP just/RB do/VBP n't/RB feel/VB that/IN the/DT company/NN can/MD really/RB stand/VB or/CC would/MD want/VB a/DT prolonged/JJ walkout/NN ,/, ''/'' Tom/NNP Baker/NNP ,/, president/NN of/IN Machinists/NNS '/POS District/NNP 751/CD ,/, said/VBD in/IN an/DT interview/NN yesterday/NN ./. 
``/`` I/PRP do/VBP n't/RB think/VB their/PRP$ customers/NNS would/MD like/VB it/PRP very/RB much/RB ./. ''/'' 
America/NNP West/NNP ,/, though/RB ,/, is/VBZ a/DT smaller/JJR airline/NN and/CC therefore/RB more/RBR affected/JJ by/IN the/DT delayed/VBN delivery/NN of/IN a/DT single/JJ plane/NN than/IN many/JJ of/IN its/PRP$ competitors/NNS would/MD be/VB ./. 
``/`` I/PRP figure/VBP that/IN American/NNP and/CC United/NNP probably/RB have/VBP such/JJ a/DT hard/JJ time/NN counting/VBG all/PDT the/DT planes/NNS in/IN their/PRP$ fleets/NNS ,/, they/PRP might/MD not/RB miss/VB one/CD at/IN all/DT ,/, ''/'' Mr./NNP Otradovec/NNP said/VBD ./. 
Indeed/RB ,/, a/DT random/JJ check/NN Friday/NNP did/VBD n't/RB seem/VB to/TO indicate/VB that/IN the/DT strike/NN was/VBD having/VBG much/JJ of/IN an/DT effect/NN on/IN other/JJ airline/NN operations/NNS ./. 
Southwest/NNP Airlines/NNPS has/VBZ a/DT Boeing/NNP 737-300/CD set/VBN for/IN delivery/NN at/IN the/DT end/NN of/IN this/DT month/NN and/CC expects/VBZ to/TO have/VB the/DT plane/NN on/IN time/NN ./. 
``/`` It/PRP 's/VBZ so/RB close/RB to/TO completion/NN ,/, Boeing/NNP 's/POS told/VBD us/PRP there/EX wo/MD n't/RB be/VB a/DT problem/NN ,/, ''/'' said/VBD a/DT Southwest/NNP spokesman/NN ./. 
A/DT spokesman/NN for/IN AMR/NNP Corp./NNP said/VBD Boeing/NNP has/VBZ assured/VBN American/NNP Airlines/NNPS it/PRP will/MD deliver/VB a/DT 757/CD on/IN time/NN later/RB this/DT month/NN ./. 
American/NNP is/VBZ preparing/VBG to/TO take/VB delivery/NN of/IN another/DT 757/CD in/IN early/JJ December/NNP and/CC 20/CD more/JJR next/JJ year/NN and/CC is/VBZ n't/RB anticipating/VBG any/DT changes/NNS in/IN that/DT timetable/NN ./. 
In/IN Seattle/NNP ,/, a/DT Boeing/NNP spokesman/NN explained/VBD that/IN the/DT company/NN has/VBZ been/VBN in/IN constant/JJ communication/NN with/IN all/DT of/IN its/PRP$ customers/NNS and/CC that/IN it/PRP was/VBD impossible/JJ to/TO predict/VB what/WP further/JJ disruptions/NNS might/MD be/VB triggered/VBN by/IN the/DT strike/NN ./. 
Meanwhile/RB ,/, supervisors/NNS and/CC non-striking/JJ employees/NNS have/VBP been/VBN trying/VBG to/TO finish/VB some/DT 40/CD aircraft/NN --/: mostly/RB 747/CD and/CC 767/CD jumbo/JJ jets/NNS at/IN the/DT company/NN 's/POS Everett/NNP ,/, Wash./NNP ,/, plant/NN --/: that/WDT were/VBD all/DT but/CC completed/VBD before/IN the/DT walkout/NN ./. 
As/IN of/IN Friday/NNP ,/, four/CD had/VBD been/VBN delivered/VBN and/CC a/DT fifth/JJ plane/NN ,/, a/DT 747-400/CD ,/, was/VBD supposed/VBN to/TO be/VB flown/VBN out/RP over/IN the/DT weekend/NN to/TO Air/NNP China/NNP ./. 
No/DT date/NN has/VBZ yet/RB been/VBN set/VBN to/TO get/VB back/RB to/TO the/DT bargaining/NN table/NN ./. 
``/`` We/PRP want/VBP to/TO make/VB sure/JJ they/PRP know/VBP what/WP they/PRP want/VBP before/IN they/PRP come/VBP back/RB ,/, ''/'' said/VBD Doug/NNP Hammond/NNP ,/, the/DT federal/JJ mediator/NN who/WP has/VBZ been/VBN in/IN contact/NN with/IN both/DT sides/NNS since/IN the/DT strike/NN began/VBD ./. 
The/DT investment/NN community/NN ,/, for/IN one/CD ,/, has/VBZ been/VBN anticipating/VBG a/DT speedy/JJ resolution/NN ./. 
Though/IN Boeing/NNP 's/POS stock/NN price/NN was/VBD battered/VBN along/IN with/IN the/DT rest/NN of/IN the/DT market/NN Friday/NNP ,/, it/PRP actually/RB has/VBZ risen/VBN over/IN the/DT last/JJ two/CD weeks/NNS on/IN the/DT strength/NN of/IN new/JJ orders/NNS ./. 
``/`` The/DT market/NN has/VBZ taken/VBN two/CD views/NNS :/: that/IN the/DT labor/NN situation/NN will/MD get/VB settled/VBN in/IN the/DT short/JJ term/NN and/CC that/IN things/NNS look/VBP very/RB rosy/JJ for/IN Boeing/NNP in/IN the/DT long/JJ term/NN ,/, ''/'' said/VBD Howard/NNP Rubel/NNP ,/, an/DT analyst/NN at/IN Cyrus/NNP J./NNP Lawrence/NNP Inc/NNP ./. 
Boeing/NNP 's/POS shares/NNS fell/VBD $/$ 4/CD Friday/NNP to/TO close/VB at/IN $/$ 57.375/CD in/IN composite/JJ trading/NN on/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ./. 
But/CC Mr./NNP Baker/NNP said/VBD he/PRP thinks/VBZ the/DT earliest/JJS a/DT pact/NN could/MD be/VB struck/VBN would/MD be/VB the/DT end/NN of/IN this/DT month/NN ,/, hinting/VBG that/IN the/DT company/NN and/CC union/NN may/MD resume/VB negotiations/NNS as/RB early/RB as/IN this/DT week/NN ./. 
Still/RB ,/, he/PRP said/VBD ,/, it/PRP 's/VBZ possible/JJ that/IN the/DT strike/NN could/MD last/VB considerably/RB longer/JJR ./. 
``/`` I/PRP would/MD n't/RB expect/VB an/DT immediate/JJ resolution/NN to/TO anything/NN ./. ''/'' 
Last/JJ week/NN ,/, Boeing/NNP Chairman/NNP Frank/NNP Shrontz/NNP sent/VBD striking/JJ workers/NNS a/DT letter/NN ,/, saying/VBG that/IN ``/`` to/TO my/PRP$ knowledge/NN ,/, Boeing/NNP 's/POS offer/NN represents/VBZ the/DT best/JJS overall/JJ three-year/JJ contract/NN of/IN any/DT major/JJ U.S./NNP industrial/JJ firm/NN in/IN recent/JJ history/NN ./. ''/'' 
But/CC Mr./NNP Baker/NNP called/VBD the/DT letter/NN --/: and/CC the/DT company/NN 's/POS offer/NN of/IN a/DT 10/CD %/NN wage/NN increase/NN over/IN the/DT life/NN of/IN the/DT pact/NN ,/, plus/CC bonuses/NNS --/: ``/`` very/RB weak/JJ ./. ''/'' 
He/PRP added/VBD that/IN the/DT company/NN miscalculated/VBD the/DT union/NN 's/POS resolve/NN and/CC the/DT workers/NNS '/POS disgust/NN with/IN being/VBG forced/VBN to/TO work/VB many/JJ hours/NNS overtime/RB ./. 
In/IN separate/JJ developments/NNS :/: --/: Talks/NNS have/VBP broken/VBN off/RP between/IN Machinists/NNS representatives/NNS at/IN Lockheed/NNP Corp./NNP and/CC the/DT Calabasas/NNP ,/, Calif./NNP ,/, aerospace/NN company/NN ./. 
The/DT union/NN is/VBZ continuing/VBG to/TO work/VB through/IN its/PRP$ expired/VBN contract/NN ,/, however/RB ./. 
It/PRP had/VBD planned/VBN a/DT strike/NN vote/NN for/IN next/JJ Sunday/NNP ,/, but/CC that/DT has/VBZ been/VBN pushed/VBN back/RB indefinitely/RB ./. 
--/: United/NNP Auto/NNP Workers/NNPS Local/NNP 1069/CD ,/, which/WDT represents/VBZ 3,000/CD workers/NNS at/IN Boeing/NNP 's/POS helicopter/NN unit/NN in/IN Delaware/NNP County/NNP ,/, Pa./NNP ,/, said/VBD it/PRP agreed/VBD to/TO extend/VB its/PRP$ contract/NN on/IN a/DT day-by-day/JJ basis/NN ,/, with/IN a/DT 10-day/JJ notification/NN to/TO cancel/VB ,/, while/IN it/PRP continues/VBZ bargaining/NN ./. 
The/DT accord/NN expired/VBD yesterday/NN ./. 
--/: And/CC Boeing/NNP on/IN Friday/NNP said/VBD it/PRP received/VBD an/DT order/NN from/IN Martinair/NNP Holland/NNP for/IN four/CD model/NN 767-300/CD wide-body/JJ jetliners/NNS valued/VBN at/IN a/DT total/NN of/IN about/IN $/$ 326/CD million/CD ./. 
The/DT planes/NNS ,/, long/JJ range/NN versions/NNS of/IN the/DT medium-haul/JJ twin-jet/NN ,/, will/MD be/VB delivered/VBN with/IN Pratt/NNP &/CC Whitney/NNP PW4060/NNP engines/NNS ./. 
Pratt/NNP &/CC Whitney/NNP is/VBZ a/DT unit/NN of/IN United/NNP Technologies/NNPS Inc/NNP ./. 
Martinair/NNP Holland/NNP is/VBZ based/VBN in/IN Amsterdam/NNP ./. 
A/DT Boeing/NNP spokeswoman/NN said/VBD a/DT delivery/NN date/NN for/IN the/DT planes/NNS is/VBZ still/RB being/VBG worked/VBN out/RP ``/`` for/IN a/DT variety/NN of/IN reasons/NNS ,/, but/CC not/RB because/IN of/IN the/DT strike/NN ./. ''/'' 
Bridget/NNP O'Brian/NNP contributed/VBD to/TO this/DT article/NN ./. 
Atco/NNP Ltd./NNP said/VBD its/PRP$ utilities/NNS arm/NN is/VBZ considering/VBG building/VBG new/JJ electric/JJ power/NN plants/NNS ,/, some/DT valued/VBN at/IN more/JJR than/IN one/CD billion/CD Canadian/JJ dollars/NNS -LRB-/-LRB- US$/$ 851/CD million/CD -RRB-/-RRB- ,/, in/IN Great/NNP Britain/NNP and/CC elsewhere/RB ./. 
C.S./NNP Richardson/NNP ,/, Atco/NNP 's/POS senior/JJ vice/NN president/NN ,/, finance/NN ,/, said/VBD its/PRP$ 50.1%-owned/JJ Canadian/NNP Utilities/NNPS Ltd./NNP unit/NN is/VBZ reviewing/VBG cogeneration/NN projects/NNS in/IN eastern/JJ Canada/NNP ,/, and/CC conventional/JJ electric/JJ power/NN generating/NN plants/NNS elsewhere/RB ,/, including/VBG Britain/NNP ,/, where/WRB the/DT British/JJ government/NN plans/VBZ to/TO allow/VB limited/JJ competition/NN in/IN electrical/JJ generation/NN from/IN private-sector/JJ suppliers/NNS as/IN part/NN of/IN its/PRP$ privatization/NN program/NN ./. 
``/`` The/DT projects/NNS are/VBP big/JJ ./. 
They/PRP can/MD be/VB C$/$ 1/CD billion/CD plus/CC ,/, ''/'' Mr./NNP Richardson/NNP said/VBD ./. 
``/`` But/CC we/PRP would/MD n't/RB go/VB into/IN them/PRP alone/RB ,/, ''/'' and/CC Canadian/NNP Utilities/NNP '/POS equity/NN stake/NN would/MD be/VB small/JJ ,/, he/PRP said/VBD ./. 
``/`` Ideally/RB ,/, we/PRP 'd/MD like/VB to/TO be/VB the/DT operator/NN -LCB-/-LRB- of/IN the/DT project/NN -RCB-/-RRB- and/CC a/DT modest/JJ equity/NN investor/NN ./. 
Our/PRP$ long/JJ suit/NN is/VBZ our/PRP$ proven/VBN ability/NN to/TO operate/VB ''/'' power/NN plants/NNS ,/, he/PRP said/VBD ./. 
Mr./NNP Richardson/NNP would/MD n't/RB offer/VB specifics/NNS regarding/VBG Atco/NNP 's/POS proposed/VBN British/JJ project/NN ,/, but/CC he/PRP said/VBD it/PRP would/MD compete/VB for/IN customers/NNS with/IN two/CD huge/JJ British/JJ power/NN generating/NN companies/NNS that/WDT would/MD be/VB formed/VBN under/IN the/DT country/NN 's/POS plan/NN to/TO privatize/VB its/PRP$ massive/JJ water/NN and/CC electric/JJ utilities/NNS ./. 
Britain/NNP 's/POS government/NN plans/VBZ to/TO raise/VB about/IN #/# 20/CD billion/CD -LRB-/-LRB- $/$ 31.05/CD billion/CD -RRB-/-RRB- from/IN the/DT sale/NN of/IN most/JJS of/IN its/PRP$ giant/JJ water/NN and/CC electric/JJ utilities/NNS ,/, beginning/VBG next/JJ month/NN ./. 
The/DT planned/VBN electric/JJ utility/NN sale/NN ,/, scheduled/VBN for/IN next/JJ year/NN ,/, is/VBZ alone/RB expected/VBN to/TO raise/VB #/# 13/CD billion/CD ,/, making/VBG it/PRP the/DT world/NN 's/POS largest/JJS public/JJ offering/NN ./. 
Under/IN terms/NNS of/IN the/DT plan/NN ,/, independent/JJ generators/NNS would/MD be/VB able/JJ to/TO compete/VB for/IN 15/CD %/NN of/IN customers/NNS until/IN 1994/CD ,/, and/CC for/IN another/DT 10/CD %/NN between/IN 1994/CD and/CC 1998/CD ./. 
Canadian/NNP Utilities/NNPS had/VBD 1988/CD revenue/NN of/IN C$/$ 1.16/CD billion/CD ,/, mainly/RB from/IN its/PRP$ natural/JJ gas/NN and/CC electric/JJ utility/NN businesses/NNS in/IN Alberta/NNP ,/, where/WRB the/DT company/NN serves/VBZ about/IN 800,000/CD customers/NNS ./. 
``/`` There/EX seems/VBZ to/TO be/VB a/DT move/NN around/IN the/DT world/NN to/TO deregulate/VB the/DT generation/NN of/IN electricity/NN ,/, ''/'' Mr./NNP Richardson/NNP said/VBD ,/, and/CC Canadian/NNP Utilities/NNPS hopes/VBZ to/TO capitalize/VB on/IN it/PRP ./. 
``/`` This/DT is/VBZ a/DT real/JJ thrust/NN on/IN our/PRP$ utility/NN side/NN ,/, ''/'' he/PRP said/VBD ,/, adding/VBG that/IN Canadian/NNP Utilities/NNP is/VBZ also/RB mulling/VBG projects/NNS in/IN underdeveloped/JJ countries/NNS ,/, though/IN he/PRP would/MD be/VB specific/JJ ./. 
Canadian/NNP Utilities/NNP is/VBZ n't/RB alone/RB in/IN exploring/VBG power/NN generation/NN opportunities/NNS in/IN Britain/NNP ,/, in/IN anticipation/NN of/IN the/DT privatization/NN program/NN ./. 
``/`` We/PRP 're/VBP certainly/RB looking/VBG at/IN some/DT power/NN generating/VBG projects/NNS in/IN England/NNP ,/, ''/'' said/VBD Bruce/NNP Stram/NNP ,/, vice/NN president/NN ,/, corporate/JJ strategy/NN and/CC corporate/JJ planning/NN ,/, with/IN Enron/NNP Corp./NNP ,/, Houston/NNP ,/, a/DT big/JJ natural/JJ gas/NN producer/NN and/CC pipeline/NN operator/NN ./. 
Mr./NNP Stram/NNP said/VBD Enron/NNP is/VBZ considering/VBG building/VBG gas-fired/JJ power/NN plants/NNS in/IN the/DT U.K./NNP capable/JJ of/IN producing/VBG about/IN 500/CD megawatts/NNS of/IN power/NN at/IN a/DT cost/NN of/IN about/IN $/$ 300/CD million/CD to/TO $/$ 400/CD million/CD ./. 
PSE/NNP Inc./NNP said/VBD it/PRP expects/VBZ to/TO report/VB third/JJ earnings/NNS of/IN $/$ 1.3/CD million/CD to/TO $/$ 1.7/CD million/CD ,/, or/CC 14/CD cents/NNS to/TO 18/CD cents/NNS a/DT share/NN ./. 
In/IN the/DT year-ago/JJ quarter/NN ,/, the/DT designer/NN and/CC operator/NN of/IN cogeneration/NN and/CC waste/NN heat/NN recovery/NN plants/NNS had/VBD net/JJ income/NN of/IN $/$ 326,000/CD ,/, or/CC four/CD cents/NNS a/DT share/NN ,/, on/IN revenue/NN of/IN about/IN $/$ 41.4/CD million/CD ./. 
The/DT company/NN said/VBD the/DT improvement/NN is/VBZ related/VBN to/TO additional/JJ cogeneration/NN facilities/NNS that/WDT have/VBP been/VBN put/VBN into/IN operation/NN ./. 
CONCORDE/VBG trans-Atlantic/JJ flights/NNS are/VBP $/$ 2,400/CD to/TO Paris/NNP and/CC $/$ 3,200/CD to/TO London/NNP ./. 
In/IN a/DT Centennial/NNP Journal/NNP article/NN Oct./NNP 5/CD ,/, the/DT fares/NNS were/VBD reversed/VBN ./. 
Diamond/NNP Shamrock/NNP Offshore/NNP Partners/NNP said/VBD it/PRP had/VBD discovered/VBN gas/NN offshore/RB Louisiana/NNP ./. 
The/DT well/RB flowed/VBD at/IN a/DT rate/NN of/IN 2.016/CD million/CD cubic/JJ feet/NNS of/IN gas/NN a/DT day/NN through/IN a/DT 16/CD 64-inch/JJ opening/NN at/IN depths/NNS between/IN 5,782/CD and/CC 5,824/CD feet/NNS ./. 
Diamond/NNP Shamrock/NNP is/VBZ the/DT operator/NN ,/, with/IN a/DT 100/CD %/NN interest/NN in/IN the/DT well/NN ./. 
Diamond/NNP Shamrock/NNP Offshore/NNP 's/POS stock/NN rose/VBD 12.5/CD cents/NNS Friday/NNP to/TO close/VB at/IN $/$ 8.25/CD in/IN New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN ./. 
Kaufman/NNP &/CC Broad/NNP Home/NNP Corp./NNP said/VBD it/PRP formed/VBD a/DT $/$ 53.4/CD million/CD limited/JJ partnership/NN subsidiary/NN to/TO buy/VB land/NN in/IN California/NNP suitable/JJ for/IN residential/JJ development/NN ./. 
The/DT partnership/NN ,/, Kaufman/NNP &/CC Broad/NNP Land/NNP Development/NNP Venture/NNP Limited/NNP Partnership/NNP ,/, is/VBZ a/DT 50-50/CD joint/JJ venture/NN with/IN a/DT trust/NN created/VBN by/IN institutional/JJ clients/NNS of/IN Heitman/NNP Advisory/NNP Corp./NNP ,/, a/DT unit/NN of/IN Heitman/NNP Financial/NNP Corp./NNP ,/, a/DT real/JJ estate/NN advisory/NN ,/, management/NN and/CC development/NN company/NN with/IN offices/NNS in/IN Chicago/NNP and/CC Beverly/NNP Hills/NNP ,/, Calif/NNP ./. 
Kaufman/NNP &/CC Broad/NNP ,/, a/DT home/NN building/NN company/NN ,/, declined/VBD to/TO identify/VB the/DT institutional/JJ investors/NNS ./. 
The/DT land/NN to/TO be/VB purchased/VBN by/IN the/DT joint/JJ venture/NN has/VBZ n't/RB yet/RB received/VBN zoning/NN and/CC other/JJ approvals/NNS required/VBN for/IN development/NN ,/, and/CC part/NN of/IN Kaufman/NNP &/CC Broad/NNP 's/POS job/NN will/MD be/VB to/TO obtain/VB such/JJ approvals/NNS ./. 
The/DT partnership/NN runs/VBZ the/DT risk/NN that/IN it/PRP may/MD not/RB get/VB the/DT approvals/NNS for/IN development/NN ,/, but/CC in/IN return/NN ,/, it/PRP can/MD buy/VB land/NN at/IN wholesale/JJ rather/RB than/IN retail/JJ prices/NNS ,/, which/WDT can/MD result/VB in/IN sizable/JJ savings/NNS ,/, said/VBD Bruce/NNP Karatz/NNP ,/, president/NN and/CC chief/JJ executive/JJ officer/NN of/IN Kaufman/NNP &/CC Broad/NNP ./. 
``/`` There/EX are/VBP really/RB very/RB few/JJ companies/NNS that/WDT have/VBP adequate/JJ capital/NN to/TO buy/VB properties/NNS in/IN a/DT raw/JJ state/NN for/IN cash/NN ./. 
Typically/RB ,/, developers/NNS option/NN property/NN ,/, and/CC then/RB once/IN they/PRP get/VBP the/DT administrative/JJ approvals/NNS ,/, they/PRP buy/VBP it/PRP ,/, ''/'' said/VBD Mr./NNP Karatz/NNP ,/, adding/VBG that/IN he/PRP believes/VBZ the/DT joint/JJ venture/NN is/VBZ the/DT first/JJ of/IN its/PRP$ kind/NN ./. 
``/`` We/PRP usually/RB operate/VBP in/IN that/DT conservative/JJ manner/NN ./. ''/'' 
By/IN setting/VBG up/RP the/DT joint/JJ venture/NN ,/, Kaufman/NNP &/CC Broad/NNP can/MD take/VB the/DT more/RBR aggressive/JJ approach/NN of/IN buying/VBG raw/JJ land/NN ,/, while/IN avoiding/VBG the/DT negative/NN impacts/NNS to/TO its/PRP$ own/JJ balance/NN sheet/NN ,/, Mr./NNP Karatz/NNP said/VBD ./. 
The/DT company/NN is/VBZ putting/VBG up/RP only/RB 10/CD %/NN of/IN the/DT capital/NN ,/, although/IN it/PRP is/VBZ responsible/JJ for/IN providing/VBG management/NN ,/, planning/NN and/CC processing/NN services/NNS to/TO the/DT joint/JJ venture/NN ./. 
``/`` This/DT is/VBZ one/CD of/IN the/DT best/JJS ways/NNS to/TO assure/VB a/DT pipeline/NN of/IN land/NN to/TO fuel/VB our/PRP$ growth/NN at/IN a/DT minimum/JJ risk/NN to/TO our/PRP$ company/NN ,/, ''/'' Mr./NNP Karatz/NNP said/VBD ./. 
When/WRB the/DT price/NN of/IN plastics/NNS took/VBD off/RP in/IN 1987/CD ,/, Quantum/NNP Chemical/NNP Corp./NNP went/VBD along/IN for/IN the/DT ride/NN ./. 
The/DT timing/NN of/IN Quantum/NNP 's/POS chief/JJ executive/NN officer/NN ,/, John/NNP Hoyt/NNP Stookey/NNP ,/, appeared/VBD to/TO be/VB nothing/NN less/JJR than/IN inspired/VBN ,/, because/IN he/PRP had/VBD just/RB increased/VBN Quantum/NNP 's/POS reliance/NN on/IN plastics/NNS ./. 
The/DT company/NN outpaced/VBD much/JJ of/IN the/DT chemical/NN industry/NN as/IN annual/JJ profit/NN grew/VBD fivefold/RB in/IN two/CD years/NNS ./. 
Mr./NNP Stookey/NNP said/VBD of/IN the/DT boom/NN ,/, ``/`` It/PRP 's/VBZ going/VBG to/TO last/VB a/DT whole/JJ lot/NN longer/RBR than/IN anybody/NN thinks/VBZ ./. ''/'' 
But/CC now/RB prices/NNS have/VBP nose-dived/VBD and/CC Quantum/NNP 's/POS profit/NN is/VBZ plummeting/VBG ./. 
Some/DT securities/NNS analysts/NNS are/VBP looking/VBG for/IN no/RB better/JJR than/IN break-even/JJ results/NNS from/IN the/DT company/NN for/IN the/DT third/JJ quarter/NN ,/, compared/VBN with/IN year-earlier/JJ profit/NN of/IN $/$ 99.8/CD million/CD ,/, or/CC $/$ 3.92/CD a/DT share/NN ,/, on/IN sales/NNS of/IN $/$ 724.4/CD million/CD ./. 
The/DT stock/NN ,/, having/VBG lost/VBN nearly/RB a/DT quarter/NN of/IN its/PRP$ value/NN since/IN Sept./NNP 1/CD ,/, closed/VBD at/IN $/$ 34.375/CD share/NN ,/, down/RB $/$ 1.125/CD ,/, in/IN New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN Friday/NNP ./. 
To/TO a/DT degree/NN ,/, Quantum/NNP represents/VBZ the/DT new/JJ times/NNS that/WDT have/VBP arrived/VBN for/IN producers/NNS of/IN the/DT so-called/JJ commodity/NN plastics/NNS that/WDT pervade/VBP modern/JJ life/NN ./. 
Having/VBG just/RB passed/VBN through/IN one/CD of/IN the/DT most/RBS profitable/JJ periods/NNS in/IN their/PRP$ history/NN ,/, these/DT producers/NNS now/RB see/VBP their/PRP$ prices/NNS eroding/VBG ./. 
Pricing/NN cycles/NNS ,/, to/TO be/VB sure/JJ ,/, are/VBP nothing/NN new/JJ for/IN plastics/NNS producers/NNS ./. 
And/CC the/DT financial/JJ decline/NN of/IN some/DT looks/VBZ steep/JJ only/RB in/IN comparison/NN with/IN the/DT heady/JJ period/NN that/WDT is/VBZ just/RB behind/IN them/PRP ./. 
``/`` We/PRP were/VBD all/DT wonderful/JJ heroes/NNS last/JJ year/NN ,/, ''/'' says/VBZ an/DT executive/NN at/IN one/CD of/IN Quantum/NNP 's/POS competitors/NNS ./. 
``/`` Now/RB we/PRP 're/VBP at/IN the/DT bottom/NN of/IN the/DT heap/NN ./. ''/'' 
At/IN Quantum/NNP ,/, which/WDT is/VBZ based/VBN in/IN New/NNP York/NNP ,/, the/DT trouble/NN is/VBZ magnified/VBN by/IN the/DT company/NN 's/POS heavy/JJ dependence/NN on/IN plastics/NNS ./. 
Once/RB known/VBN as/IN National/NNP Distillers/NNPS &/CC Chemical/NNP Corp./NNP ,/, the/DT company/NN exited/VBD the/DT wine/NN and/CC spirits/NNS business/NN and/CC plowed/VBN more/JJR of/IN its/PRP$ resources/NNS into/IN plastics/NNS after/IN Mr./NNP Stookey/NNP took/VBD the/DT chief/JJ executive/NN 's/POS job/NN in/IN 1986/CD ./. 
Mr./NNP Stookey/NNP ,/, 59/CD years/NNS old/JJ ,/, declined/VBD to/TO be/VB interviewed/VBN for/IN this/DT article/NN ,/, but/CC he/PRP has/VBZ consistently/RB argued/VBN that/IN over/IN the/DT long/JJ haul/NN --/: across/IN both/DT the/DT peaks/NNS and/CC the/DT troughs/NNS of/IN the/DT plastics/NNS market/NN --/: Quantum/NNP will/MD prosper/VB through/IN its/PRP$ new/JJ direction/NN ./. 
Quantum/NNP 's/POS lot/NN is/VBZ mostly/RB tied/VBN to/TO polyethylene/NN resin/NN ,/, used/VBN to/TO make/VB garbage/NN bags/NNS ,/, milk/NN jugs/NNS ,/, housewares/NNS ,/, toys/NNS and/CC meat/NN packaging/NN ,/, among/IN other/JJ items/NNS ./. 
In/IN the/DT U.S./NNP polyethylene/NN market/NN ,/, Quantum/NNP has/VBZ claimed/VBN the/DT largest/JJS share/NN ,/, about/RB 20/CD %/NN ./. 
But/CC its/PRP$ competitors/NNS --/: including/VBG Dow/NNP Chemical/NNP Co./NNP ,/, Union/NNP Carbide/NNP Corp./NNP and/CC several/JJ oil/NN giants/NNS --/: have/VBP much/RB broader/JJR business/NN interests/NNS and/CC so/RB are/VBP better/RBR cushioned/VBN against/IN price/NN swings/NNS ./. 
When/WRB the/DT price/NN of/IN polyethylene/NN moves/VBZ a/DT mere/JJ penny/NN a/DT pound/NN ,/, Quantum/NNP 's/POS annual/JJ profit/NN fluctuates/VBZ by/IN about/RB 85/CD cents/NNS a/DT share/NN ,/, provided/VBD no/DT other/JJ variables/NNS are/VBP changing/VBG ./. 
In/IN recent/JJ months/NNS the/DT price/NN of/IN polyethylene/NN ,/, even/RB more/RBR than/IN that/DT of/IN other/JJ commodity/NN plastics/NNS ,/, has/VBZ taken/VBN a/DT dive/NN ./. 
Benchmark/NN grades/NNS ,/, which/WDT still/RB sold/VBD for/IN as/RB much/JJ as/IN 50/CD cents/NNS a/DT pound/NN last/JJ spring/NN ,/, have/VBP skidded/VBD to/TO between/IN 35/CD cents/NNS and/CC 40/CD cents/NNS ./. 
Meanwhile/RB ,/, the/DT price/NN of/IN ethylene/NN ,/, the/DT chemical/NN building/NN block/NN of/IN polyethylene/NN ,/, has/VBZ n't/RB dropped/VBN nearly/RB so/RB fast/RB ./. 
That/DT discrepancy/NN hurts/VBZ Quantum/NNP badly/RB ,/, because/IN its/PRP$ own/JJ plants/NNS cover/VBP only/RB about/IN half/NN of/IN its/PRP$ ethylene/NN needs/NNS ./. 
By/IN many/JJ accounts/NNS ,/, an/DT early/JJ hint/NN of/IN a/DT price/NN rout/NN in/IN the/DT making/NN came/VBD at/IN the/DT start/NN of/IN this/DT year/NN ./. 
China/NNP ,/, which/WDT had/VBD been/VBN putting/VBG in/IN huge/JJ orders/NNS for/IN polyethylene/NN ,/, abruptly/RB halted/VBD them/PRP ./. 
Calculating/VBG that/IN excess/JJ polyethylene/NN would/MD soon/RB be/VB sloshing/VBG around/IN the/DT world/NN ,/, other/JJ buyers/NNS then/RB bet/VBD that/IN prices/NNS had/VBD peaked/VBN and/CC so/RB began/VBD to/TO draw/VB down/RP inventories/NNS rather/RB than/IN order/VB new/JJ product/NN ./. 
Kenneth/NNP Mitchell/NNP ,/, director/NN of/IN Dow/NNP 's/POS polyethylene/NN business/NN ,/, says/VBZ producers/NNS were/VBD surprised/VBN to/TO learn/VB how/WRB much/JJ inventories/NNS had/VBD swelled/VBN throughout/IN the/DT distribution/NN chain/NN as/IN prices/NNS spiraled/VBD up/RP ./. 
``/`` People/NNS were/VBD even/RB hoarding/VBG bags/NNS ,/, ''/'' he/PRP says/VBZ ./. 
Now/RB producers/NNS hope/VBP prices/NNS have/VBP hit/VBN bottom/NN ./. 
They/PRP recently/RB announced/VBD increases/NNS of/IN a/DT few/JJ cents/NNS a/DT pound/NN to/TO take/VB effect/NN in/IN the/DT next/JJ several/JJ weeks/NNS ./. 
No/DT one/NN knows/VBZ ,/, however/RB ,/, whether/IN the/DT new/JJ posted/VBN prices/NNS will/MD stick/VB once/IN producers/NNS and/CC customers/NNS start/VBP to/TO haggle/VB ./. 
One/CD doubter/NN is/VBZ George/NNP Krug/NNP ,/, a/DT chemical-industry/NN analyst/NN at/IN Oppenheimer/NNP &/CC Co./NNP and/CC a/DT bear/NN on/IN plastics/NNS stocks/NNS ./. 
Noting/VBG others/NNS '/POS estimates/NNS of/IN when/WRB price/NN increases/NNS can/MD be/VB sustained/VBN ,/, he/PRP remarks/VBZ ,/, ``/`` Some/DT say/VBP October/NNP ./. 
Some/DT say/VBP November/NNP ./. 
I/PRP say/VBP 1992/CD ./. ''/'' 
He/PRP argues/VBZ that/IN efforts/NNS to/TO firm/VB up/RP prices/NNS will/MD be/VB undermined/VBN by/IN producers/NNS '/POS plans/NNS to/TO expand/VB production/NN capacity/NN ./. 
A/DT quick/JJ turnaround/NN is/VBZ crucial/JJ to/TO Quantum/NNP because/IN its/PRP$ cash/NN requirements/NNS remain/VBP heavy/JJ ./. 
The/DT company/NN is/VBZ trying/VBG to/TO carry/VB out/RP a/DT three-year/JJ ,/, $/$ 1.3/CD billion/CD plant-expansion/NN program/NN started/VBD this/DT year/NN ./. 
At/IN the/DT same/JJ time/NN ,/, its/PRP$ annual/JJ payments/NNS on/IN long-term/JJ debt/NN will/MD more/RBR than/IN double/JJ from/IN a/DT year/NN ago/RB to/TO about/RB $/$ 240/CD million/CD ,/, largely/RB because/IN of/IN debt/NN taken/VBN on/RP to/TO pay/VB a/DT $/$ 50-a-share/JJ special/JJ dividend/NN earlier/RBR this/DT year/NN ./. 
Quantum/NNP described/VBD the/DT payout/NN at/IN the/DT time/NN as/IN a/DT way/NN for/IN it/PRP to/TO share/VB the/DT bonanza/NN with/IN its/PRP$ holders/NNS ,/, because/IN its/PRP$ stock/NN price/NN was/VBD n't/RB reflecting/VBG the/DT huge/JJ profit/NN increases/NNS ./. 
Some/DT analysts/NNS saw/VBD the/DT payment/NN as/IN an/DT effort/NN also/RB to/TO dispel/VB takeover/NN speculation/NN ./. 
Whether/IN a/DT cash/NN crunch/NN might/MD eventually/RB force/VB the/DT company/NN to/TO cut/VB its/PRP$ quarterly/JJ dividend/NN ,/, raised/VBD 36/CD %/NN to/TO 75/CD cents/NNS a/DT share/NN only/RB a/DT year/NN ago/RB ,/, has/VBZ become/VBN a/DT topic/NN of/IN intense/JJ speculation/NN on/IN Wall/NNP Street/NNP since/IN Mr./NNP Stookey/NNP deflected/VBD dividend/NN questions/NNS in/IN a/DT Sept./NNP 29/CD meeting/NN with/IN analysts/NNS ./. 
Some/DT viewed/VBD his/PRP$ response/NN --/: that/IN company/NN directors/NNS review/VBP the/DT dividend/NN regularly/RB --/: as/IN nothing/NN more/JJR than/IN the/DT standard/JJ line/NN from/IN executives/NNS ./. 
But/CC others/NNS came/VBD away/RB thinking/VBG he/PRP had/VBD given/VBN something/NN less/JJR than/IN his/PRP$ usual/JJ straight-from-the-shoulder/JJ performance/NN ./. 
In/IN any/DT case/NN ,/, on/IN the/DT day/NN of/IN the/DT meeting/NN ,/, Quantum/NNP 's/POS shares/NNS slid/VBD $/$ 2.625/CD to/TO $/$ 36.625/CD in/IN Big/NNP Board/NNP trading/NN ./. 
On/IN top/NN of/IN everything/NN else/RB ,/, Quantum/NNP confronts/VBZ a/DT disaster/NN at/IN its/PRP$ plant/NN in/IN Morris/NNP ,/, Ill/NNP ./. 
After/IN an/DT explosion/NN idled/VBD the/DT plant/NN in/IN June/NNP ,/, the/DT company/NN progressed/VBD in/IN September/NNP to/TO within/IN 12/CD hours/NNS of/IN completing/VBG the/DT drawn-out/JJ process/NN of/IN restarting/VBG it/PRP ./. 
Then/RB a/DT second/JJ explosion/NN occurred/VBD ./. 
Two/CD workers/NNS died/VBD and/CC six/CD remain/VBP in/IN the/DT hospital/NN ./. 
This/DT human/JJ toll/NN adds/VBZ the/DT most/RBS painful/JJ dimension/NN yet/RB to/TO the/DT sudden/JJ change/NN in/IN Quantum/NNP 's/POS fortunes/NNS ./. 
Until/IN this/DT year/NN ,/, the/DT company/NN had/VBD been/VBN steadily/RB lowering/VBG its/PRP$ accident/NN rate/NN and/CC picking/VBG up/RP trade-group/JJ safety/NN awards/NNS ./. 
A/DT prolonged/JJ production/NN halt/NN at/IN the/DT plant/NN could/MD introduce/VB another/DT imponderable/JJ into/IN Quantum/NNP 's/POS financial/JJ future/NN ./. 
When/WRB a/DT plant/NN has/VBZ just/RB been/VBN running/VBG flat/JJ out/RP to/TO meet/VB demand/NN ,/, calculating/VBG lost/VBN profit/NN and/CC thus/RB claims/VBZ under/IN business-interruption/NN insurance/NN is/VBZ straightforward/JJ ./. 
But/CC the/DT numbers/NNS become/VBP trickier/JJR --/: and/CC subject/JJ to/TO dickering/VBG between/IN insured/VBN and/CC insurer/NN --/: when/WRB demand/NN is/VBZ shifting/VBG ./. 
``/`` You/PRP say/VBP you/PRP could/MD have/VB sold/VBN X/NNP percent/NN of/IN this/DT product/NN and/CC Y/NNP percent/NN of/IN that/DT ,/, ''/'' recalls/VBZ Theodore/NNP Semegran/NNP ,/, an/DT analyst/NN at/IN Shearson/NNP Lehman/NNP Hutton/NNP who/WP went/VBD through/IN this/DT exercise/NN during/IN his/PRP$ former/JJ career/NN as/IN a/DT chemical/NN engineer/NN ./. 
``/`` And/CC then/RB you/PRP still/RB have/VBP to/TO negotiate/VB ./. ''/'' 
Quantum/NNP hopes/VBZ the/DT Morris/NNP plant/NN ,/, where/WRB limited/JJ production/NN got/VBD under/IN way/NN last/JJ week/NN ,/, will/MD resume/VB full/JJ operation/NN by/IN year/NN 's/POS end/NN ./. 
The/DT plant/NN usually/RB accounts/VBZ for/IN 20/CD %/NN to/TO 25/CD %/NN of/IN Quantum/NNP 's/POS polyethylene/NN production/NN and/CC 50/CD %/NN of/IN its/PRP$ ethylene/NN production/NN ./. 
Not/RB everything/NN looks/VBZ grim/JJ for/IN Quantum/NNP ./. 
The/DT plant/NN expansion/NN should/MD strengthen/VB the/DT company/NN 's/POS sway/VB in/IN the/DT polyethylene/NN business/NN ,/, where/WRB market/NN share/NN is/VBZ often/RB taken/VBN through/IN sheer/JJ capacity/NN ./. 
By/IN lifting/VBG ethylene/NN production/NN ,/, the/DT expansion/NN will/MD also/RB lower/VB the/DT company/NN 's/POS raw/JJ material/NN costs/NNS ./. 
Quantum/NNP is/VBZ also/RB tightening/VBG its/PRP$ grip/NN on/IN its/PRP$ one/CD large/JJ business/NN outside/IN chemicals/NNS ,/, propane/NN marketing/NN ./. 
Through/IN a/DT venture/NN with/IN its/PRP$ investment/NN banker/NN ,/, First/NNP Boston/NNP Corp./NNP ,/, Quantum/NNP completed/VBD in/IN August/NNP an/DT acquisition/NN of/IN Petrolane/NNP Inc./NNP in/IN a/DT transaction/NN valued/VBN at/IN $/$ 1.18/CD billion/CD ./. 
Petrolane/NNP is/VBZ the/DT second-largest/JJ propane/NN distributor/NN in/IN the/DT U.S./NNP ./. 
The/DT largest/JJS ,/, Suburban/NNP Propane/NNP ,/, was/VBD already/RB owned/VBN by/IN Quantum/NNP ./. 
Still/RB ,/, Quantum/NNP has/VBZ a/DT crisis/NN to/TO get/VB past/JJ right/RB now/RB ./. 
Some/DT analysts/NNS speculate/VBP the/DT weakening/VBG stock/NN may/MD yet/RB attract/VB a/DT suitor/NN ./. 
The/DT name/NN surfacing/VBG in/IN rumors/NNS is/VBZ British/NNP Petroleum/NNP Co./NNP ,/, which/WDT is/VBZ looking/VBG to/TO expand/VB its/PRP$ polyethylene/NN business/NN in/IN the/DT U.S./NNP ./. 
Asked/VBN about/IN a/DT bid/NN for/IN Quantum/NNP ,/, a/DT BP/NNP spokesman/NN says/VBZ ,/, ``/`` We/PRP pretty/RB much/RB have/VB a/DT policy/NN of/IN not/RB commenting/VBG on/IN rumors/NNS ,/, and/CC I/PRP think/VBP that/DT falls/VBZ in/IN that/DT category/NN ./. 
RJR/NNP Nabisco/NNP Inc./NNP is/VBZ disbanding/VBG its/PRP$ division/NN responsible/JJ for/IN buying/VBG network/NN advertising/NN time/NN ,/, just/RB a/DT month/NN after/IN moving/VBG 11/CD of/IN the/DT group/NN 's/POS 14/CD employees/NNS to/TO New/NNP York/NNP from/IN Atlanta/NNP ./. 
A/DT spokesman/NN for/IN the/DT New/NNP York-based/JJ food/NN and/CC tobacco/NN giant/NN ,/, taken/VBN private/JJ earlier/RBR this/DT year/NN in/IN a/DT $/$ 25/CD billion/CD leveraged/JJ buy-out/NN by/IN Kohlberg/NNP Kravis/NNP Roberts/NNP &/CC Co./NNP ,/, confirmed/VBD that/IN it/PRP is/VBZ shutting/VBG down/RP the/DT RJR/NNP Nabisco/NNP Broadcast/NNP unit/NN ,/, and/CC dismissing/VBG its/PRP$ 14/CD employees/NNS ,/, in/IN a/DT move/NN to/TO save/VB money/NN ./. 
The/DT spokesman/NN said/VBD RJR/NNP is/VBZ discussing/VBG its/PRP$ network-buying/JJ plans/NNS with/IN its/PRP$ two/CD main/JJ advertising/NN firms/NNS ,/, FCB\/Leber/NNP Katz/NNP and/CC McCann/NNP Erickson/NNP ./. 
``/`` We/PRP found/VBD with/IN the/DT size/NN of/IN our/PRP$ media/NNS purchases/NNS that/IN an/DT ad/NN agency/NN could/MD do/VB just/RB as/RB good/JJ a/DT job/NN at/IN significantly/RB lower/JJR cost/NN ,/, ''/'' said/VBD the/DT spokesman/NN ,/, who/WP declined/VBD to/TO specify/VB how/WRB much/JJ RJR/NNP spends/VBZ on/IN network/NN television/NN time/NN ./. 
An/DT executive/NN close/RB to/TO the/DT company/NN said/VBD RJR/NNP is/VBZ spending/VBG about/IN $/$ 140/CD million/CD on/IN network/NN television/NN time/NN this/DT year/NN ,/, down/RB from/IN roughly/RB $/$ 200/CD million/CD last/JJ year/NN ./. 
The/DT spokesman/NN said/VBD the/DT broadcast/VBN unit/NN will/MD be/VB disbanded/VBN Dec./NNP 1/CD ,/, and/CC the/DT move/NN wo/MD n't/RB affect/VB RJR/NNP 's/POS print/NN ,/, radio/NN and/CC spot-television/NN buying/NN practices/NNS ./. 
The/DT broadcast/NN group/NN had/VBD been/VBN based/VBN in/IN New/NNP York/NNP until/IN a/DT year/NN ago/RB ,/, when/WRB RJR/NNP 's/POS previous/JJ management/NN moved/VBD it/PRP to/TO Atlanta/NNP ,/, the/DT company/NN 's/POS headquarters/NN before/IN this/DT summer/NN ./. 
One/CD employee/NN with/IN the/DT group/NN said/VBD RJR/NNP moved/VBD 11/CD employees/NNS of/IN the/DT group/NN back/RB to/TO New/NNP York/NNP in/IN September/NNP because/IN ``/`` there/EX was/VBD supposed/VBN to/TO be/VB a/DT future/NN ./. ''/'' 
He/PRP said/VBD the/DT company/NN hired/VBD three/CD more/JJR buyers/NNS for/IN the/DT unit/NN within/IN the/DT past/JJ two/CD weeks/NNS ,/, wooing/VBG them/PRP from/IN jobs/NNS with/IN advertising/NN agencies/NNS ./. 
The/DT RJR/NNP spokesman/NN said/VBD the/DT company/NN moved/VBD the/DT 11/CD employees/NNS to/TO New/NNP York/NNP last/JJ month/NN because/IN the/DT group/NN had/VBD then/RB been/VBN in/IN the/DT midst/NN of/IN purchasing/VBG ad/NN time/NN for/IN the/DT networks/NNS '/POS upcoming/JJ season/NN ./. 
``/`` The/DT studies/NNS -LCB-/-LRB- on/IN closing/VBG the/DT unit/NN -RCB-/-RRB- could/MD n't/RB be/VB completed/VBN until/IN now/RB ,/, ''/'' he/PRP said/VBD ./. 
The/DT group/NN 's/POS president/NN ,/, Peter/NNP Chrisanthopoulos/NNP ,/, was/VBD n't/RB in/IN his/PRP$ office/NN Friday/NNP afternoon/NN to/TO comment/VB ./. 
The/DT U.S./NNP ,/, which/WDT is/VBZ finalizing/VBG its/PRP$ steel-import/JJ quotas/NNS ,/, is/VBZ allocating/VBG a/DT larger/JJR share/NN of/IN its/PRP$ steel/NN market/NN to/TO developing/VBG and/CC newly/RB industrialized/VBN countries/NNS which/WDT have/VBP relatively/RB unsubsidized/JJ steel/NN industries/NNS ./. 
Meanwhile/RB ,/, the/DT U.S./NNP has/VBZ negotiated/VBN a/DT significant/JJ cut/NN in/IN Japan/NNP 's/POS steel/NN quota/NN ,/, and/CC made/VBD only/RB a/DT minor/JJ increase/NN to/TO the/DT steel/NN allotment/NN for/IN the/DT European/NNP Community/NNP ./. 
Brazil/NNP ,/, similar/JJ to/TO Mexico/NNP and/CC South/NNP Korea/NNP ,/, is/VBZ expected/VBN to/TO negotiate/VB a/DT somewhat/RB bigger/JJR share/NN of/IN the/DT U.S./NNP market/NN than/IN it/PRP had/VBD under/IN the/DT previous/JJ five-year/JJ steel/NN quotas/NNS ,/, which/WDT expired/VBD Sept./NNP 30/CD ./. 
Brazil/NNP and/CC Venezuela/NNP are/VBP the/DT only/JJ two/CD countries/NNS that/WDT have/VBP n't/RB completed/VBN steel/NN talks/NNS with/IN the/DT U.S./NNP for/IN the/DT year/NN ending/VBG Oct./NNP 1/CD ,/, 1990/CD ./. 
In/IN recent/JJ years/NNS ,/, U.S./NNP steelmakers/NNS have/VBP supplied/VBN about/IN 80/CD %/NN of/IN the/DT 100/CD million/CD tons/NNS of/IN steel/NN used/VBN annually/RB by/IN the/DT nation/NN ./. 
Of/IN the/DT remaining/VBG 20/CD %/NN needed/VBN ,/, the/DT steel-quota/JJ negotiations/NNS allocate/VBP about/IN 15/CD %/NN to/TO foreign/JJ suppliers/NNS ,/, with/IN the/DT difference/NN supplied/VBD mainly/RB by/IN Canada/NNP --/: which/WDT is/VBZ n't/RB included/VBN in/IN the/DT quota/NN program/NN ./. 
Other/JJ countries/NNS that/WDT do/VBP n't/RB have/VB formal/JJ steel/NN quotas/NNS with/IN the/DT U.S./NNP ,/, such/JJ as/IN Taiwan/NNP ,/, Sweden/NNP and/CC Argentina/NNP ,/, also/RB have/VBP supplied/VBN steel/NN ./. 
Some/DT of/IN these/DT countries/NNS have/VBP in/IN recent/JJ years/NNS made/VBD informal/JJ agreements/NNS with/IN the/DT U.S./NNP that/WDT are/VBP similar/JJ to/TO quotas/NNS ./. 
The/DT Bush/NNP administration/NN earlier/RBR this/DT year/NN said/VBD it/PRP would/MD extend/VB steel/NN quotas/NNS ,/, known/VBN as/IN voluntary/JJ restraint/NN agreements/NNS ,/, until/IN March/NNP 31/CD ,/, 1992/CD ./. 
It/PRP also/RB said/VBD it/PRP would/MD use/VB that/IN two-and-a-half/JJ year/NN period/NN to/TO work/VB toward/IN an/DT international/JJ consensus/NN on/IN freeing/VBG up/RP the/DT international/JJ steel/NN trade/NN ,/, which/WDT has/VBZ been/VBN notoriously/RB managed/VBN ,/, subsidized/VBN and/CC protected/VBN by/IN governments/NNS ./. 
The/DT U.S./NNP termed/VBD its/PRP$ plan/NN ,/, a/DT ``/`` trade/NN liberalization/NN program/NN ,/, ''/'' despite/IN the/DT fact/NN that/IN it/PRP is/VBZ merely/RB an/DT extension/NN ./. 
Mexico/NNP ,/, which/WDT was/VBD one/CD of/IN the/DT first/JJ countries/NNS to/TO conclude/VB its/PRP$ steel/NN talks/NNS with/IN the/DT U.S./NNP ,/, virtually/RB doubled/VBD its/PRP$ quota/NN to/TO 0.95/CD %/NN of/IN the/DT U.S./NNP steel/NN market/NN from/IN 0.48/CD %/NN under/IN the/DT previous/JJ quotas/NNS ./. 
South/NNP Korea/NNP ,/, which/WDT had/VBD 1.9/CD %/NN under/IN the/DT previous/JJ quotas/NNS ,/, is/VBZ set/VBN to/TO get/VB a/DT small/JJ increase/NN to/TO about/RB 1.95/CD %/NN ./. 
That/DT increase/NN rises/VBZ to/TO slightly/RB more/JJR than/IN 2/CD %/NN of/IN the/DT U.S./NNP market/NN if/IN a/DT joint/JJ Korean-U.S./NNP steel/NN project/NN is/VBZ included/VBN ./. 
Meanwhile/RB ,/, Brazil/NNP is/VBZ expected/VBN to/TO increase/VB its/PRP$ allowance/NN from/IN the/DT 1.43/CD %/NN share/NN it/PRP has/VBZ had/VBN in/IN recent/JJ years/NNS ./. 
The/DT EC/NNP and/CC Japan/NNP --/: the/DT U.S./NNP 's/POS largest/JJS steel/NN suppliers/NNS --/: have/VBP n't/RB been/VBN filling/VBG their/PRP$ quotas/NNS to/TO the/DT full/JJ extent/NN ./. 
The/DT EC/NNP steel/NN industry/NN ,/, which/WDT has/VBZ been/VBN coping/VBG with/IN strong/JJ European/JJ demand/NN ,/, has/VBZ been/VBN supplying/VBG about/IN 5/CD %/NN of/IN the/DT U.S./NNP market/NN compared/VBN with/IN recent/JJ quotas/NNS of/IN about/RB 6.7/CD %/NN ./. 
Japan/NNP has/VBZ been/VBN shipping/VBG steel/NN to/TO total/VB about/RB 4.5/CD %/NN of/IN the/DT U.S./NNP market/NN compared/VBN with/IN a/DT quota/NN of/IN 5.9/CD %/NN ./. 
In/IN the/DT recent/JJ talks/NNS ,/, the/DT EC/NNP had/VBD its/PRP$ quota/NN increased/VBD about/IN 300,000/CD tons/NNS ,/, to/TO 7/CD %/NN of/IN the/DT U.S./NNP market/NN from/IN 6.7/CD %/NN in/IN 1988/CD ./. 
But/CC its/PRP$ quota/NN has/VBZ been/VBN as/RB high/JJ as/IN 6.9/CD %/NN in/IN 1984/CD ./. 
Japan/NNP ,/, however/RB ,/, has/VBZ agreed/VBN to/TO cut/VB its/PRP$ quota/NN to/TO about/IN 5/CD %/NN from/IN 5.9/CD %/NN previously/RB ./. 
Japan/NNP ,/, the/DT EC/NNP ,/, Brazil/NNP ,/, Mexico/NNP and/CC South/NNP Korea/NNP provide/VBP about/IN 80/CD %/NN of/IN the/DT steel/NN imported/VBN to/TO the/DT U.S./NNP under/IN the/DT quota/NN program/NN ./. 
The/DT balance/NN is/VBZ supplied/VBN by/IN a/DT host/NN of/IN smaller/JJR exporters/NNS ,/, such/JJ as/IN Australia/NNP and/CC Venezuela/NNP ./. 
The/DT U.S./NNP had/VBD about/IN an/DT extra/JJ 2/CD %/NN of/IN the/DT domestic/JJ steel/NN market/NN to/TO give/VB to/TO foreign/JJ suppliers/NNS in/IN its/PRP$ quota/NN talks/NNS ./. 
That/DT was/VBD essentially/RB made/VBN up/RP of/IN a/DT 1/CD %/NN increase/NN in/IN the/DT overall/JJ quota/NN program/NN and/CC 1/CD %/NN from/IN cutting/VBG Japan/NNP 's/POS allowance/NN ./. 
Negotiators/NNS from/IN the/DT White/NNP House/NNP trade/NN office/NN will/MD repeat/VB these/DT quota/NN negotiations/NNS next/JJ year/NN when/WRB they/PRP will/MD have/VB another/DT 1/CD %/NN of/IN the/DT U.S./NNP steel/NN market/NN to/TO allocate/VB ./. 
These/DT optional/JJ 1%-a-year/JJ increases/NNS to/TO the/DT steel/NN quota/NN program/NN are/VBP built/VBN into/IN the/DT Bush/NNP administration/NN 's/POS steel-quota/JJ program/NN to/TO give/VB its/PRP$ negotiators/NNS leverage/NN with/IN foreign/JJ steel/NN suppliers/NNS to/TO try/VB to/TO get/VB them/PRP to/TO withdraw/VB subsidies/NNS and/CC protectionism/NN from/IN their/PRP$ own/JJ steel/NN industries/NNS ./. 
Elcotel/NNP Inc./NNP expects/VBZ fiscal/JJ second-quarter/JJ earnings/NNS to/TO trail/VB 1988/CD results/NNS ,/, but/CC anticipates/VBZ that/IN several/JJ new/JJ products/NNS will/MD lead/VB to/TO a/DT ``/`` much/RB stronger/JJR ''/'' performance/NN in/IN its/PRP$ second/JJ half/NN ./. 
Elcotel/NNP ,/, a/DT telecommunications/NNS company/NN ,/, had/VBD net/JJ income/NN of/IN $/$ 272,000/CD ,/, or/CC five/CD cents/NNS a/DT share/NN ,/, in/IN its/PRP$ year-earlier/JJ second/JJ quarter/NN ,/, ended/VBN Sept./NNP 30/CD ./. 
Revenue/NN totaled/VBD $/$ 5/CD million/CD ./. 
George/NNP Pierce/NNP ,/, chairman/NN and/CC chief/JJ executive/NN officer/NN ,/, said/VBD in/IN an/DT interview/NN that/IN earnings/NNS in/IN the/DT most/RBS recent/JJ quarter/NN will/MD be/VB about/IN two/CD cents/NNS a/DT share/NN on/IN revenue/NN of/IN just/RB under/IN $/$ 4/CD million/CD ./. 
The/DT lower/JJR results/NNS ,/, Mr./NNP Pierce/NNP said/VBD ,/, reflect/VBP a/DT 12-month/JJ decline/NN in/IN industry/NN sales/NNS of/IN privately/RB owned/VBN pay/NN telephones/NNS ,/, Elcotel/NNP 's/POS primary/JJ business/NN ./. 
Although/IN Mr./NNP Pierce/NNP expects/VBZ that/IN line/NN of/IN business/NN to/TO strengthen/VB in/IN the/DT next/JJ year/NN ,/, he/PRP said/VBD Elcotel/NNP will/MD also/RB benefit/VB from/IN moving/VBG into/IN other/JJ areas/NNS ./. 
Foremost/NN among/IN those/DT is/VBZ the/DT company/NN 's/POS entrance/NN into/IN the/DT public/JJ facsimile/JJ business/NN ,/, Mr./NNP Pierce/NNP said/VBD ./. 
Within/IN the/DT next/JJ year/NN ,/, Elcotel/NNP expects/VBZ to/TO place/VB 10,000/CD fax/NN machines/NNS ,/, made/VBN by/IN Minolta/NNP in/IN Japan/NNP ,/, in/IN hotels/NNS ,/, municipal/JJ buildings/NNS ,/, drugstores/NNS and/CC other/JJ public/JJ settings/NNS around/IN the/DT country/NN ./. 
Elcotel/NNP will/MD provide/VB a/DT credit-card/NN reader/NN for/IN the/DT machines/NNS to/TO collect/VB ,/, store/VB and/CC forward/RB billing/NN data/NNS ./. 
Mr./NNP Pierce/NNP said/VBD Elcotel/NNP should/MD realize/VB a/DT minimum/NN of/IN $/$ 10/CD of/IN recurring/VBG net/JJ earnings/NNS for/IN each/DT machine/NN each/DT month/NN ./. 
Elcotel/NNP has/VBZ also/RB developed/VBN an/DT automatic/JJ call/NN processor/NN that/WDT will/MD make/VB further/JJ use/NN of/IN the/DT company/NN 's/POS system/NN for/IN automating/VBG and/CC handling/VBG credit-card/NN calls/NNS and/CC collect/VB calls/NNS ./. 
Automatic/NNP call/NN processors/NNS will/MD provide/VB that/DT system/NN for/IN virtually/RB any/DT telephone/NN ,/, Mr./NNP Pierce/NNP said/VBD ,/, not/RB just/RB phones/NNS produced/VBN by/IN Elcotel/NNP ./. 
The/DT company/NN will/MD also/RB be/VB producing/VBG a/DT new/JJ line/NN of/IN convenience/NN telephones/NNS ,/, which/WDT do/VBP n't/RB accept/VB coins/NNS ,/, for/IN use/NN in/IN hotel/NN lobbies/NNS ,/, office/NN lobbies/NNS ,/, hospitality/NN lounges/NNS and/CC similar/JJ settings/NNS ./. 
Mr./NNP Pierce/NNP estimated/VBD that/IN the/DT processors/NNS and/CC convenience/NN phones/NNS would/MD produce/VB about/IN $/$ 5/CD of/IN recurring/VBG net/JJ earnings/NNS for/IN each/DT machine/NN each/DT month/NN ./. 
Britain/NNP 's/POS retail/JJ price/NN index/NN rose/VBD 0.7/CD %/NN in/IN September/NNP from/IN August/NNP and/CC was/VBD up/RB 7.6/CD %/NN for/IN the/DT year/NN ,/, the/DT Central/NNP Statistical/NNP Office/NNP said/VBD ./. 
Quest/NNP Medical/NNP Inc./NNP said/VBD it/PRP adopted/VBD a/DT shareholders/NNS '/POS rights/NNS plan/NN in/IN which/WDT rights/NNS to/TO purchase/VB shares/NNS of/IN common/JJ stock/NN will/MD be/VB distributed/VBN as/IN a/DT dividend/NN to/TO shareholders/NNS of/IN record/NN as/IN of/IN Oct./NNP 23/CD ./. 
The/DT company/NN said/VBD the/DT plan/NN was/VBD n't/RB adopted/VBN in/IN response/NN to/TO any/DT known/VBN offers/NNS for/IN Quest/NNP ,/, a/DT maker/NN and/CC marketer/NN of/IN hospital/NN products/NNS ./. 
The/DT rights/NNS allow/VBP shareholders/NNS to/TO purchase/VB Quest/NNP stock/NN at/IN a/DT discount/NN if/IN any/DT person/NN or/CC group/NN acquires/VBZ more/JJR than/IN 15/CD %/NN of/IN the/DT company/NN 's/POS common/JJ stock/NN or/CC announces/VBZ a/DT tender/NN offer/NN ./. 
Measuring/VBG cups/NNS may/MD soon/RB be/VB replaced/VBN by/IN tablespoons/NNS in/IN the/DT laundry/NN room/NN ./. 
Procter/NNP &/CC Gamble/NNP Co./NNP plans/VBZ to/TO begin/VB testing/VBG next/JJ month/NN a/DT superconcentrated/JJ detergent/NN that/WDT will/MD require/VB only/RB a/DT few/JJ spoonfuls/NNS per/IN washload/NN ./. 
The/DT move/NN stems/VBZ from/IN lessons/NNS learned/VBN in/IN Japan/NNP where/WRB local/JJ competitors/NNS have/VBP had/VBN phenomenal/JJ success/NN with/IN concentrated/JJ soapsuds/NNS ./. 
It/PRP also/RB marks/VBZ P&G/NNP 's/POS growing/VBG concern/NN that/IN its/PRP$ Japanese/JJ rivals/NNS ,/, such/JJ as/IN Kao/NNP Corp./NNP ,/, may/MD bring/VB their/PRP$ superconcentrates/NNS to/TO the/DT U.S./NNP ./. 
The/DT Cincinnati/NNP consumer-products/NNS giant/NN got/VBD clobbered/VBN two/CD years/NNS ago/RB in/IN Japan/NNP when/WRB Kao/NNP introduced/VBD a/DT powerful/JJ detergent/NN ,/, called/VBN Attack/NNP ,/, which/WDT quickly/RB won/VBD a/DT 30/CD %/NN stake/NN in/IN the/DT Japanese/JJ markets/NNS ./. 
``/`` They/PRP do/VBP n't/RB want/VB to/TO get/VB caught/VBN again/RB ,/, ''/'' says/VBZ one/CD industry/NN watcher/NN ./. 
Retailers/NNS in/IN Phoenix/NNP ,/, Ariz./NNP ,/, say/VBP P&G/NNP 's/POS new/JJ powdered/JJ detergent/NN --/: to/TO be/VB called/VBN Cheer/NNP with/IN Color/NNP Guard/NNP --/: will/MD be/VB on/IN shelves/NNS in/IN that/DT market/NN by/IN early/JJ November/NNP ./. 
A/DT P&G/NNP spokeswoman/NN confirmed/VBD that/IN shipments/NNS to/TO Phoenix/NNP started/VBD late/RB last/JJ month/NN ./. 
She/PRP said/VBD the/DT company/NN will/MD study/VB results/NNS from/IN this/DT market/NN before/IN expanding/VBG to/TO others/NNS ./. 
Superconcentrates/NNS are/VBP n't/RB entirely/RB new/JJ for/IN P&G/NNP ./. 
The/DT company/NN introduced/VBD a/DT superconcentrated/JJ Lemon/NNP Cheer/NNP in/IN Japan/NNP after/IN watching/VBG the/DT success/NN of/IN Attack/NNP ./. 
When/WRB Attack/NNP hit/VBD the/DT shelves/NNS in/IN 1987/CD ,/, P&G/NNP 's/POS share/NN of/IN the/DT Japanese/JJ market/NN fell/VBD to/TO about/IN 8/CD %/NN from/IN more/JJR than/IN 20/CD %/NN ./. 
With/IN the/DT help/NN of/IN Lemon/NNP Cheer/NNP ,/, P&G/NNP 's/POS share/NN is/VBZ now/RB estimated/VBN to/TO be/VB 12/CD %/NN ./. 
While/IN the/DT Japanese/NNPS have/VBP embraced/VBN the/DT compact/JJ packaging/NN and/CC convenience/NN of/IN concentrated/JJ products/NNS ,/, the/DT true/JJ test/NN for/IN P&G/NNP will/MD be/VB in/IN the/DT $/$ 4/CD billion/CD U.S./NNP detergent/NN market/NN ,/, where/WRB growth/NN is/VBZ slow/JJ and/CC liquids/NNS have/VBP gained/VBN prominence/NN over/IN powders/NNS ./. 
The/DT company/NN may/MD have/VB chosen/VBN to/TO market/VB the/DT product/NN under/IN the/DT Cheer/NNP name/NN since/IN it/PRP 's/VBZ already/RB expanded/VBN its/PRP$ best-selling/JJS Tide/NNP into/IN 16/CD different/JJ varieties/NNS ,/, including/VBG this/DT year/NN 's/POS big/JJ hit/NN ,/, Tide/NNP with/IN Bleach/NNP ./. 
With/IN superconcentrates/NNS ,/, however/RB ,/, it/PRP is/VBZ n't/RB always/RB easy/JJ to/TO persuade/VB consumers/NNS that/IN less/JJR is/VBZ more/RBR ;/: many/JJ people/NNS tend/VBP to/TO dump/VB too/RB much/JJ detergent/NN into/IN the/DT washing/VBG machine/NN ,/, believing/VBG that/IN it/PRP takes/VBZ a/DT cup/NN of/IN powder/NN to/TO really/RB clean/VB the/DT laundry/NN ./. 
In/IN the/DT early/JJ 1980s/CD ,/, P&G/NNP tried/VBD to/TO launch/VB here/RB a/DT concentrated/JJ detergent/NN under/IN the/DT Ariel/NNP brand/NN name/NN that/IN it/PRP markets/VBZ in/IN Europe/NNP ./. 
But/CC the/DT product/NN ,/, which/WDT was/VBD n't/RB as/RB concentrated/JJ as/IN the/DT new/JJ Cheer/NNP ,/, bombed/VBN in/IN a/DT market/NN test/NN in/IN Denver/NNP and/CC was/VBD dropped/VBN ./. 
P&G/NNP and/CC others/NNS also/RB have/VBP tried/VBN repeatedly/RB to/TO hook/NN consumers/NNS on/IN detergent/NN and/CC fabric/NN softener/NN combinations/NNS in/IN pouches/NNS ,/, but/CC they/PRP have/VBP n't/RB sold/VBN well/RB ,/, despite/IN the/DT convenience/NN ./. 
But/CC P&G/NNP contends/VBZ the/DT new/JJ Cheer/NNP is/VBZ a/DT unique/JJ formula/NN that/WDT also/RB offers/VBZ an/DT ingredient/NN that/WDT prevents/VBZ colors/NNS from/IN fading/JJ ./. 
And/CC retailers/NNS are/VBP expected/VBN to/TO embrace/VB the/DT product/NN ,/, in/IN part/NN because/IN it/PRP will/MD take/VB up/RP less/JJR shelf/NN space/NN ./. 
``/`` When/WRB shelf/NN space/NN was/VBD cheap/JJ ,/, bigger/JJR was/VBD better/JJR ,/, ''/'' says/VBZ Hugh/NNP Zurkuhlen/NNP ,/, an/DT analyst/NN at/IN Salomon/NNP Bros/NNP ./. 
But/CC with/IN so/RB many/JJ brands/NNS vying/VBG for/IN space/NN ,/, that/DT 's/VBZ no/RB longer/RBR the/DT case/NN ./. 
If/IN the/DT new/JJ Cheer/NNP sells/VBZ well/RB ,/, the/DT trend/NN toward/IN smaller/JJR packaging/NN is/VBZ likely/JJ to/TO accelerate/VB as/IN competitors/NNS follow/VBP with/IN their/PRP$ own/JJ superconcentrates/NNS ./. 
Then/RB retailers/NNS ``/`` will/MD probably/RB push/VB the/DT -LCB-/-LRB- less-established/JJ -RCB-/-RRB- brands/NNS out/RP altogether/RB ,/, ''/'' he/PRP says/VBZ ./. 
Competition/NN is/VBZ bound/VBN to/TO get/VB tougher/JJR if/IN Kao/NNP introduces/VBZ a/DT product/NN like/IN Attack/NNP in/IN the/DT U.S./NNP ./. 
To/TO be/VB sure/JJ ,/, Kao/NNP would/MD n't/RB have/VB an/DT easy/JJ time/NN taking/VBG U.S./NNP market/NN share/NN away/RB from/IN the/DT mighty/JJ P&G/NNP ,/, which/WDT has/VBZ about/RB 23/CD %/NN of/IN the/DT market/NN ./. 
Kao/NNP officials/NNS previously/RB have/VBP said/VBN they/PRP are/VBP interested/JJ in/IN selling/VBG detergents/NNS in/IN the/DT U.S./NNP ,/, but/CC so/RB far/RB the/DT company/NN has/VBZ focused/VBN on/IN acquisitions/NNS ,/, such/JJ as/IN last/JJ year/NN 's/POS purchase/NN of/IN Andrew/NNP Jergens/NNP Co./NNP ,/, a/DT Cincinnati/NNP hand-lotion/NN maker/NN ./. 
It/PRP also/RB has/VBZ a/DT product-testing/JJ facility/NN in/IN California/NNP ./. 
Some/DT believe/VBP P&G/NNP 's/POS interest/NN in/IN a/DT superconcentrated/JJ detergent/NN goes/VBZ beyond/IN the/DT concern/NN for/IN the/DT Japanese/NNPS ./. 
``/`` This/DT is/VBZ something/NN P&G/NNP would/MD do/VB with/IN or/CC without/IN Kao/NNP ,/, ''/'' says/VBZ Mr./NNP Zurkuhlen/NNP ./. 
With/IN economic/JJ tension/NN between/IN the/DT U.S./NNP and/CC Japan/NNP worsening/VBG ,/, many/JJ Japanese/NNP had/VBD feared/VBN last/JJ week/NN 's/POS visit/NN from/IN U.S./NNP Trade/NNP Representative/NNP Carla/NNP Hills/NNP ./. 
They/PRP expected/VBD a/DT new/JJ barrage/NN of/IN demands/NNS that/IN Japan/NNP do/VBP something/NN quickly/RB to/TO reduce/VB its/PRP$ trade/NN surplus/NN with/IN the/DT U.S./NNP ./. 
Instead/RB ,/, they/PRP got/VBD a/DT discussion/NN of/IN the/DT need/NN for/IN the/DT U.S./NNP and/CC Japan/NNP to/TO work/VB together/RB and/CC of/IN the/DT importance/NN of/IN the/DT long-term/JJ view/NN ./. 
Mrs./NNP Hills/NNP '/POS first/JJ trip/NN to/TO Japan/NNP as/IN America/NNP 's/POS chief/JJ trade/NN negotiator/NN had/VBD a/DT completely/RB different/JJ tone/NN from/IN last/JJ month/NN 's/POS visit/NN by/IN Commerce/NNP Secretary/NNP Robert/NNP A./NNP Mosbacher/NNP ./. 
Mr./NNP Mosbacher/NNP called/VBD for/IN concrete/JJ results/NNS by/IN next/JJ spring/NN in/IN negotiations/NNS over/IN fundamental/JJ Japanese/JJ business/NN practices/NNS that/WDT supposedly/RB inhibit/VBP free/JJ trade/NN ./. 
He/PRP said/VBD such/JJ results/NNS should/MD be/VB ``/`` measurable/JJ in/IN dollars/NNS and/CC cents/NNS ''/'' in/IN reducing/VBG the/DT U.S./NNP trade/NN deficit/NN with/IN Japan/NNP ./. 
But/CC Mrs./NNP Hills/NNP ,/, speaking/VBG at/IN a/DT breakfast/NN meeting/NN of/IN the/DT American/NNP Chamber/NNP of/IN Commerce/NNP in/IN Japan/NNP on/IN Saturday/NNP ,/, stressed/VBD that/IN the/DT objective/NN ``/`` is/VBZ not/RB to/TO get/VB definitive/JJ action/NN by/IN spring/NN or/CC summer/NN ,/, it/PRP is/VBZ rather/RB to/TO have/VB a/DT blueprint/NN for/IN action/NN ./. ''/'' 
She/PRP added/VBD that/IN she/PRP expected/VBD ``/`` perhaps/RB to/TO have/VB a/DT down/RP payment/NN .../: some/DT small/JJ step/NN to/TO convince/VB the/DT American/JJ people/NNS and/CC the/DT Japanese/JJ people/NNS that/IN we/PRP 're/VBP moving/VBG in/IN earnest/NN ./. ''/'' 
How/WRB such/JJ remarks/NNS translate/VB into/IN policy/NN wo/MD n't/RB become/VB clear/JJ for/IN months/NNS ./. 
American/JJ and/CC Japanese/JJ officials/NNS offered/VBD several/JJ theories/NNS for/IN the/DT difference/NN in/IN approach/NN betwen/NN Mr./NNP Mosbacher/NNP and/CC Mrs./NNP Hills/NNP ./. 
Many/JJ called/VBD it/PRP simply/RB a/DT contrast/NN in/IN styles/NNS ./. 
But/CC some/DT saw/VBD it/PRP as/IN a/DT classic/JJ negotiating/NN tactic/NN ./. 
Others/NNS said/VBD the/DT Bush/NNP administration/NN may/MD feel/VB the/DT rhetoric/NN on/IN both/DT sides/NNS is/VBZ getting/VBG out/IN of/IN hand/NN ./. 
And/CC some/DT said/VBD it/PRP reflected/VBD the/DT growing/VBG debate/NN in/IN Washington/NNP over/IN pursuing/VBG free/JJ trade/NN with/IN Japan/NNP versus/IN some/DT kind/NN of/IN managed/VBN trade/NN ./. 
Asked/VBN to/TO compare/VB her/PRP$ visit/NN to/TO Mr./NNP Mosbacher/NNP 's/POS ,/, Mrs./NNP Hills/NNP replied/VBD :/: ``/`` I/PRP did/VBD n't/RB hear/VB every/DT word/NN he/PRP spoke/VBD ,/, but/CC as/IN a/DT general/JJ proposition/NN ,/, I/PRP think/VBP we/PRP have/VBP a/DT very/RB consistent/JJ trade/NN strategy/NN in/IN the/DT Bush/NNP administration/NN ./. ''/'' 
Yet/RB more/JJR than/IN one/CD American/JJ official/NN who/WP sat/VBD in/IN with/IN her/PRP during/IN three/CD days/NNS of/IN talks/NNS with/IN Japanese/JJ officials/NNS said/VBD her/PRP$ tone/NN often/RB was/VBD surprisingly/RB ``/`` conciliatory/JJ ./. ''/'' 
``/`` I/PRP think/VBP my/PRP$ line/NN has/VBZ been/VBN very/RB consistent/JJ ,/, ''/'' Mrs./NNP Hills/NNP said/VBD at/IN a/DT news/NN conference/NN Saturday/NNP afternoon/NN ./. 
``/`` I/PRP am/VBP painted/VBN sometimes/RB as/IN ferocious/JJ ,/, perhaps/RB because/IN I/PRP have/VBP a/DT ferocious/JJ list/NN of/IN statutes/NNS to/TO implement/VB ./. 
I/PRP do/VBP n't/RB feel/VB very/RB ferocious/JJ ./. 
I/PRP do/VBP n't/RB feel/VB either/DT hard/JJ or/CC soft/JJ ./. 
I/PRP feel/VBP committed/VBN to/TO the/DT program/NN of/IN opening/VBG markets/NNS and/CC expanding/VBG trade/NN ./. ''/'' 
When/WRB she/PRP met/VBD the/DT local/JJ press/NN for/IN the/DT first/JJ time/NN on/IN Friday/NNP ,/, Mrs./NNP Hills/NNP firmly/RB reiterated/VBD the/DT need/NN for/IN progress/NN in/IN removing/VBG barriers/NNS to/TO trade/VB in/IN forest/NN products/NNS ,/, satellites/NNS and/CC supercomputers/NNS ,/, three/CD areas/NNS targeted/VBN under/IN the/DT Super/NNP 301/CD provision/NN of/IN the/DT 1988/CD trade/NN bill/NN ./. 
She/PRP highlighted/VBD exclusionary/JJ business/NN practices/NNS that/IN the/DT U.S./NNP government/NN has/VBZ identified/VBN ./. 
But/CC her/PRP$ main/JJ thrust/NN was/VBD to/TO promote/VB the/DT importance/NN of/IN world-wide/JJ free/JJ trade/NN and/CC open/JJ competition/NN ./. 
She/PRP said/VBD the/DT trade/NN imbalance/NN was/VBD mainly/RB due/JJ to/TO macroeconomic/JJ factors/NNS and/CC should/MD n't/RB be/VB tackled/VBN by/IN setting/VBG quantitative/JJ targets/NNS ./. 
At/IN her/PRP$ news/NN conference/NN for/IN Japanese/JJ reporters/NNS ,/, one/CD economics/NNS journalist/NN summed/VBD up/RP the/DT Japanese/JJ sense/NN of/IN relief/NN ./. 
``/`` My/PRP$ impression/NN was/VBD that/IN you/PRP would/MD be/VB a/DT scary/JJ old/JJ lady/NN ,/, ''/'' he/PRP said/VBD ,/, drawing/VBG a/DT few/JJ nervous/JJ chuckles/VBZ from/IN his/PRP$ colleagues/NNS ./. 
``/`` But/CC I/PRP am/VBP relieved/VBN to/TO see/VB that/IN you/PRP are/VBP beautiful/JJ and/CC gentle/JJ and/CC intelligent/JJ and/CC a/DT person/NN of/IN integrity/NN ./. ''/'' 
Mrs./NNP Hills/NNP '/POS remarks/NNS did/VBD raise/VB questions/NNS ,/, at/IN least/JJS among/IN some/DT U.S./NNP officials/NNS ,/, about/IN what/WP exactly/RB her/PRP$ stance/NN is/VBZ on/IN U.S./NNP access/NN to/TO the/DT Japanese/JJ semiconductor/NN market/NN ./. 
The/DT U.S./NNP share/NN of/IN the/DT Japanese/JJ market/NN has/VBZ been/VBN stuck/VBN around/IN 10/CD %/NN for/IN years/NNS ./. 
Many/JJ Americans/NNPS have/VBP interpreted/VBN a/DT 1986/CD agreement/NN as/IN assuring/VBG U.S./NNP companies/NNS a/DT 20/CD %/NN share/NN by/IN 1991/CD ,/, but/CC the/DT Japanese/NNPS have/VBP denied/VBN making/VBG any/DT such/JJ promise/NN ./. 
At/IN one/CD of/IN her/PRP$ news/NN conferences/NNS ,/, Mrs./NNP Hills/NNP said/VBD ,/, ``/`` I/PRP believe/VBP we/PRP can/MD do/VB much/RB better/JJR than/IN 20/CD %/NN ./. ''/'' 
But/CC she/PRP stressed/VBD ,/, ``/`` I/PRP am/VBP against/IN managed/VBN trade/NN ./. 
I/PRP will/MD not/RB enter/VB into/IN an/DT agreement/NN that/WDT stipulates/VBZ to/TO a/DT percentage/NN of/IN the/DT market/NN ./. 
Traditional/JJ Industries/NNPS Inc./NNP said/VBD it/PRP expects/VBZ to/TO report/VB a/DT net/JJ loss/NN for/IN the/DT fourth/JJ quarter/NN that/WDT ended/VBD June/NNP 30/CD and/CC is/VBZ seeking/VBG new/JJ financing/NN ./. 
The/DT seller/NN of/IN photographic/JJ products/NNS and/CC services/NNS said/VBD it/PRP is/VBZ considering/VBG a/DT number/NN of/IN financing/NN alternatives/NNS ,/, including/VBG seeking/VBG increases/NNS in/IN its/PRP$ credit/NN lines/NNS ./. 
Traditional/JJ declined/VBD to/TO estimate/VB the/DT amount/NN of/IN the/DT loss/NN and/CC would/MD n't/RB say/VB if/IN it/PRP expects/VBZ to/TO show/VB a/DT profit/NN for/IN the/DT year/NN ./. 
In/IN the/DT year/NN ended/VBN June/NNP 30/CD ,/, 1988/CD ,/, Traditional/JJ reported/VBD net/JJ income/NN of/IN $/$ 4.9/CD million/CD ,/, or/CC $/$ 1.21/CD a/DT share/NN ./. 
The/DT company/NN did/VBD n't/RB break/VB out/RP its/PRP$ fourth-quarter/JJ results/NNS ./. 
In/IN the/DT latest/JJS nine/CD months/NNS net/JJ income/NN was/VBD $/$ 4.7/CD million/CD ,/, or/CC $/$ 1.31/CD a/DT share/NN ,/, on/IN revenue/NN of/IN $/$ 44.3/CD million/CD ./. 
Separately/RB ,/, the/DT company/NN said/VBD it/PRP would/MD file/VB a/DT delayed/VBN fiscal-year/JJ report/NN with/IN the/DT Securities/NNPS and/CC Exchange/NNP Commission/NNP ``/`` within/IN approximately/RB 45/CD days/NNS ./. ''/'' 
It/PRP said/VBD the/DT delay/NN resulted/VBD from/IN difficulties/NNS in/IN resolving/VBG its/PRP$ accounting/NN of/IN a/DT settlement/NN with/IN the/DT Federal/NNP Trade/NNP Commission/NNP ./. 
Under/IN an/DT agreement/NN filed/VBN in/IN federal/JJ court/NN in/IN August/NNP to/TO settle/VB FTC/NNP objections/NNS to/TO some/DT Traditional/JJ sales/NNS practices/NNS ,/, Traditional/JJ said/VBD it/PRP would/MD establish/VB a/DT $/$ 250,000/CD trust/NN fund/NN to/TO provide/VB refunds/NNS to/TO certain/JJ customers/NNS ./. 
Information/NNP International/NNP Inc./NNP said/VBD it/PRP was/VBD sued/VBN by/IN a/DT buyer/NN of/IN its/PRP$ computerized/JJ newspaper-publishing/JJ system/NN ,/, alleging/VBG that/IN the/DT company/NN failed/VBD to/TO correct/VB deficiencies/NNS in/IN the/DT system/NN ./. 
A/DT spokesman/NN for/IN Information/NNP International/NNP said/VBD the/DT lawsuit/NN by/IN two/CD units/NNS of/IN Morris/NNP Communications/NNP Corp./NNP seeks/VBZ restitution/NN of/IN the/DT system/NN 's/POS about/IN $/$ 3/CD million/CD purchase/NN price/NN and/CC cancellation/NN of/IN a/DT software/NN license/NN provided/VBN by/IN the/DT Morris/NNP units/NNS to/TO Information/NNP International/NNP for/IN alleged/VBN failure/NN to/TO pay/VB royalties/NNS ./. 
Information/NNP International/NNP said/VBD it/PRP believes/VBZ that/IN the/DT complaints/NNS ,/, filed/VBN in/IN federal/JJ court/NN in/IN Georgia/NNP ,/, are/VBP without/IN merit/NN ./. 
Closely/RB held/VBN Morris/NNP Communications/NNPS is/VBZ based/VBN in/IN Augusta/NNP ,/, Ga/NNP ./. 
The/DT units/NNS that/WDT filed/VBD the/DT suit/NN are/VBP Southeastern/NNP Newspapers/NNP Corp./NNP and/CC Florida/NNP Publishing/NNP Co/NNP ./. 
Syms/NNP Corp./NNP completed/VBD the/DT sale/NN of/IN its/PRP$ A./NNP Sulka/NNP &/CC Co./NNP subsidiary/NN ,/, a/DT men/NNS 's/POS luxury/NN haberdashery/NN ,/, to/TO Luxco/NNP Investments/NNPS ./. 
Terms/NNS were/VBD n't/RB disclosed/VBN ./. 
As/IN Syms/NNP 's/POS ``/`` core/NN business/NN of/IN off-price/JJ retailing/NN grows/VBZ ,/, a/DT small/JJ subsidiary/NN that/WDT is/VBZ operationally/RB unrelated/JJ becomes/VBZ a/DT difficult/JJ distraction/NN ,/, ''/'' said/VBD Marcy/NNP Syms/NNP ,/, president/NN of/IN the/DT parent/NN ,/, in/IN a/DT statement/NN ./. 
A/DT spokeswoman/NN said/VBD Sulka/NNP operates/VBZ a/DT total/NN of/IN seven/CD stores/NNS in/IN the/DT U.S./NNP and/CC overseas/RB ./. 
Syms/NNS operates/VBZ 25/CD off-price/JJ apparel/NN stores/NNS in/IN the/DT U.S./NNP ./. 
The/DT oil/NN industry/NN 's/POS middling/JJ profits/NNS could/MD persist/VB through/IN the/DT rest/NN of/IN the/DT year/NN ./. 
Major/JJ oil/NN companies/NNS in/IN the/DT next/JJ few/JJ days/NNS are/VBP expected/VBN to/TO report/VB much/RB less/JJR robust/JJ earnings/NNS than/IN they/PRP did/VBD for/IN the/DT third/JJ quarter/NN a/DT year/NN ago/RB ,/, largely/RB reflecting/VBG deteriorating/VBG chemical/NN prices/NNS and/CC gasoline/NN profitability/NN ./. 
The/DT gasoline/NN picture/NN may/MD improve/VB this/DT quarter/NN ,/, but/CC chemicals/NNS are/VBP likely/JJ to/TO remain/VB weak/JJ ,/, industry/NN executives/NNS and/CC analysts/NNS say/VBP ,/, reducing/VBG chances/NNS that/IN profits/NNS could/MD equal/VB their/PRP$ year-earlier/JJ performance/NN ./. 
The/DT industry/NN is/VBZ ``/`` seeing/VBG a/DT softening/NN somewhat/RB in/IN volume/NN and/CC certainly/RB in/IN price/NN in/IN petrochemicals/NNS ,/, ''/'' Glenn/NNP Cox/NNP ,/, president/NN of/IN Phillips/NNP Petroleum/NNP Co./NNP ,/, said/VBD in/IN an/DT interview/NN ./. 
``/`` That/DT change/NN will/MD obviously/RB impact/VB third/JJ and/CC fourth/JJ quarter/NN earnings/NNS ''/'' for/IN the/DT industry/NN in/IN general/JJ ,/, he/PRP added/VBD ./. 
He/PRP did/VBD n't/RB forecast/VB Phillips/NNP 's/POS results/NNS ./. 
But/CC securities/NNS analysts/NNS say/VBP Phillips/NNP will/MD be/VB among/IN the/DT companies/NNS hard-hit/JJ by/IN weak/JJ chemical/NN prices/NNS and/CC will/MD probably/RB post/VB a/DT drop/NN in/IN third-quarter/JJ earnings/NNS ./. 
So/RB ,/, too/RB ,/, many/JJ analysts/NNS predict/VBP ,/, will/MD Exxon/NNP Corp./NNP ,/, Chevron/NNP Corp./NNP and/CC Amoco/NNP Corp/NNP ./. 
Typical/JJ is/VBZ what/WP happened/VBD to/TO the/DT price/NN of/IN ethylene/NN ,/, a/DT major/JJ commodity/NN chemical/NN produced/VBN in/IN vast/JJ amounts/NNS by/IN many/JJ oil/NN companies/NNS ./. 
It/PRP has/VBZ plunged/VBN 13/CD %/NN since/IN July/NNP to/TO around/IN 26/CD cents/NNS a/DT pound/NN ./. 
A/DT year/NN ago/RB ethylene/NN sold/VBD for/IN 33/CD cents/NNS ,/, peaking/VBG at/IN about/RB 34/CD cents/NNS last/JJ December/NNP ./. 
A/DT big/JJ reason/NN for/IN the/DT chemical/NN price/NN retreat/NN is/VBZ overexpansion/NN ./. 
Beginning/NN in/IN mid-1987/NN ,/, prices/NNS began/VBD accelerating/VBG as/IN a/DT growing/VBG U.S./NNP economy/NN and/CC the/DT weak/JJ dollar/NN spurred/VBD demand/NN ./. 
Companies/NNS added/VBD capacity/NN furiously/RB ./. 
Now/RB ,/, greatly/RB increased/VBN supplies/NNS are/VBP on/IN the/DT market/NN ,/, while/IN the/DT dollar/NN is/VBZ stronger/JJR ,/, and/CC domestic/JJ economic/JJ growth/NN is/VBZ slower/JJR ./. 
Third-quarter/JJ profits/NNS from/IN gasoline/NN were/VBD weaker/JJR ./. 
``/`` Refining/NN margins/NNS were/VBD so/RB good/JJ in/IN the/DT third/JJ quarter/NN of/IN last/JJ year/NN and/CC generally/RB not/RB very/RB good/JJ this/DT year/NN ,/, ''/'' said/VBD William/NNP Randol/NNP ,/, a/DT securities/NNS analyst/NN at/IN First/NNP Boston/NNP Corp/NNP ./. 
Oil/NN company/NN refineries/NNS ran/VBD flat/JJ out/RP to/TO prepare/VB for/IN a/DT robust/JJ holiday/NN driving/VBG season/NN in/IN July/NNP and/CC August/NNP that/WDT did/VBD n't/RB materialize/VB ./. 
The/DT excess/JJ supply/NN pushed/VBD gasoline/NN prices/NNS down/RP in/IN that/DT period/NN ./. 
In/IN addition/NN ,/, crude/JJ oil/NN prices/NNS were/VBD up/RB some/DT from/IN a/DT year/NN earlier/RBR ,/, further/JJ pressuring/VBG profitability/NN ./. 
Refiners/NNS say/VBP margins/NNS picked/VBD up/RP in/IN September/NNP ,/, and/CC many/JJ industry/NN officials/NNS believe/VBP gasoline/NN profits/NNS will/MD rebound/VB this/DT quarter/NN ,/, though/IN still/RB not/RB to/TO the/DT level/NN of/IN 1988/CD 's/POS fourth/JJ quarter/NN ./. 
During/IN the/DT 1988/CD second/JJ half/NN ,/, many/JJ companies/NNS posted/VBD record/NN gasoline/NN and/CC chemical/NN profits/NNS ./. 
Crude/JJ oil/NN production/NN may/MD turn/VB out/RP to/TO be/VB the/DT most/RBS surprising/JJ element/NN of/IN companies/NNS '/POS earnings/NNS this/DT year/NN ./. 
Prices/NNS --/: averaging/VBG roughly/RB $/$ 2/CD a/DT barrel/NN higher/JJR in/IN the/DT third/JJ quarter/NN than/IN a/DT year/NN earlier/RBR --/: have/VBP stayed/VBN well/RB above/IN most/JJS companies/NNS '/POS expectations/NNS ./. 
Demand/NN has/VBZ been/VBN much/RB stronger/JJR than/IN anticipated/VBN ,/, and/CC it/PRP typically/RB accelerates/VBZ in/IN the/DT fourth/JJ quarter/NN ./. 
``/`` We/PRP could/MD see/VB higher/JJR oil/NN prices/NNS this/DT year/NN ,/, ''/'' said/VBD Bryan/NNP Jacoboski/NNP ,/, an/DT analyst/NN at/IN PaineWebber/NNP Inc/NNP ./. 
That/DT will/MD translate/VB into/IN sharply/RB higher/JJR production/NN profits/NNS ,/, particularly/RB compared/VBN with/IN last/JJ year/NN when/WRB oil/NN prices/NNS steadily/RB fell/VBD to/TO below/IN $/$ 13/CD a/DT barrel/NN in/IN the/DT fourth/JJ quarter/NN ./. 
While/IN oil/NN prices/NNS have/VBP been/VBN better/JJR than/IN expected/VBN ,/, natural/JJ gas/NN prices/NNS have/VBP been/VBN worse/JJR ./. 
In/IN the/DT third/JJ quarter/NN ,/, they/PRP averaged/VBD about/IN 5/CD %/NN less/JJR than/IN they/PRP were/VBD in/IN 1988/CD ./. 
The/DT main/JJ reason/NN remains/VBZ weather/NN ./. 
Last/JJ summer/NN was/VBD notable/JJ for/IN a/DT heat/NN wave/NN and/CC drought/NN that/WDT caused/VBD utilities/NNS to/TO burn/VB more/RBR natural/JJ gas/NN to/TO feed/VB increased/VBN electrical/JJ demand/NN from/IN air/NN conditioning/NN use/NN ./. 
This/DT summer/NN ,/, on/IN the/DT other/JJ hand/NN ,/, had/VBD milder/JJR weather/NN than/IN usual/JJ ./. 
``/`` We/PRP 've/VBP been/VBN very/RB disappointed/VBN in/IN the/DT performance/NN of/IN natural/JJ gas/NN prices/NNS ,/, ''/'' said/VBD Mr./NNP Cox/NNP ,/, Phillips/NNP 's/POS president/NN ./. 
``/`` The/DT lagging/VBG gas/NN price/NN is/VBZ not/RB going/VBG to/TO assist/VB fourth/JJ quarter/NN performance/NN as/IN many/JJ had/VBD expected/VBN ./. ''/'' 
Going/VBG into/IN the/DT fourth/JJ quarter/NN ,/, natural/JJ gas/NN prices/NNS are/VBP anywhere/RB from/IN 8/CD %/NN to/TO 17/CD %/NN lower/JJR than/IN a/DT year/NN earlier/RBR ./. 
For/IN instance/NN ,/, natural/JJ gas/NN currently/RB produced/VBN along/IN the/DT Gulf/NNP Coast/NNP is/VBZ selling/VBG on/IN the/DT spot/NN market/NN for/IN around/IN $/$ 1.47/CD a/DT thousand/CD cubic/JJ feet/NNS ,/, down/RB 13/CD %/NN from/IN $/$ 1.69/CD a/DT thousand/CD cubic/JJ feet/NNS a/DT year/NN ago/RB ./. 
The/DT Bush/NNP administration/NN ,/, trying/VBG to/TO blunt/VB growing/VBG demands/NNS from/IN Western/NNP Europe/NNP for/IN a/DT relaxation/NN of/IN controls/NNS on/IN exports/NNS to/TO the/DT Soviet/JJ bloc/NN ,/, is/VBZ questioning/VBG whether/IN Italy/NNP 's/POS Ing/NNP ./. C./NNP Olivetti/NNP &/CC Co./NNP supplied/VBD militarily/RB valuable/JJ technology/NN to/TO the/DT Soviets/NNPS ./. 
Most/JJS of/IN the/DT Western/JJ European/JJ members/NNS of/IN Coordinating/NNP Committee/NNP on/IN Multilateral/NNP Export/NNP Controls/NNP ,/, the/DT unofficial/JJ forum/NN through/IN which/WDT the/DT U.S./NNP and/CC its/PRP$ allies/NNS align/VBP their/PRP$ export-control/JJ policies/NNS ,/, are/VBP expected/VBN to/TO argue/VB for/IN more/JJR liberal/JJ export/NN rules/NNS at/IN a/DT meeting/NN to/TO be/VB held/VBN in/IN Paris/NNP Oct./NNP 25/CD and/CC 26/CD ./. 
They/PRP plan/VBP to/TO press/VB specifically/RB for/IN a/DT relaxation/NN of/IN rules/NNS governing/VBG exports/NNS of/IN machine/NN tools/NNS ,/, computers/NNS and/CC other/JJ high-technology/JJ products/NNS ./. 
But/CC the/DT Bush/NNP administration/NN says/VBZ it/PRP wants/VBZ to/TO see/VB evidence/NN that/IN all/DT Cocom/NNP members/NNS are/VBP complying/VBG fully/RB with/IN existing/VBG export-control/JJ procedures/NNS before/IN it/PRP will/MD support/VB further/JJ liberalization/NN ./. 
To/TO make/VB its/PRP$ point/NN ,/, it/PRP is/VBZ challenging/VBG the/DT Italian/JJ government/NN to/TO explain/VB reports/NNS that/IN Olivetti/NNP may/MD have/VB supplied/VBN the/DT Soviet/NNP Union/NNP with/IN sophisticated/JJ computer-driven/JJ devices/NNS that/WDT could/MD be/VB used/VBN to/TO build/VB parts/NNS for/IN combat/NN aircraft/NN ./. 
The/DT London/NNP Sunday/NNP Times/NNP ,/, which/WDT first/RB reported/VBD the/DT U.S./NNP concerns/NNS ,/, cited/VBD a/DT U.S./NNP intelligence/NN report/NN as/IN the/DT source/NN of/IN the/DT allegations/NNS that/IN Olivetti/NNP exported/VBD $/$ 25/CD million/CD in/IN ``/`` embargoed/JJ ,/, state-of-the-art/JJ ,/, flexible/JJ manufacturing/NN systems/NNS to/TO the/DT Soviet/JJ aviation/NN industry/NN ./. ''/'' 
Olivetti/NNP reportedly/RB began/VBD shipping/VBG these/DT tools/NNS in/IN 1984/CD ./. 
A/DT State/NNP Department/NNP spokesman/NN acknowledged/VBD that/IN the/DT U.S./NNP is/VBZ discussing/VBG the/DT allegations/NNS with/IN the/DT Italian/JJ government/NN and/CC Cocom/NNP ,/, but/CC declined/VBD to/TO confirm/VB any/DT details/NNS ./. 
Italian/NNP President/NNP Francesco/NNP Cossiga/NNP promised/VBD a/DT quick/JJ investigation/NN into/IN whether/IN Olivetti/NNP broke/VBD Cocom/NNP rules/NNS ./. 
President/NNP Bush/NNP called/VBD his/PRP$ attention/NN to/TO the/DT matter/NN during/IN the/DT Italian/JJ leader/NN 's/POS visit/NN here/RB last/JJ week/NN ./. 
Olivetti/NNP has/VBZ denied/VBN that/IN it/PRP violated/VBD Cocom/NNP rules/NNS ,/, asserting/VBG that/IN the/DT reported/VBN shipments/NNS were/VBD properly/RB licensed/VBN by/IN the/DT Italian/JJ authorities/NNS ./. 
Although/IN the/DT legality/NN of/IN these/DT sales/NNS is/VBZ still/RB an/DT open/JJ question/NN ,/, the/DT disclosure/NN could/MD n't/RB be/VB better/JJR timed/VBN to/TO support/VB the/DT position/NN of/IN export-control/JJ hawks/NNS in/IN the/DT Pentagon/NNP and/CC the/DT intelligence/NN community/NN ./. 
``/`` It/PRP seems/VBZ to/TO me/PRP that/IN a/DT story/NN like/IN this/DT breaks/NNS just/RB before/IN every/DT important/JJ Cocom/NNP meeting/NN ,/, ''/'' said/VBD a/DT Washington/NNP lobbyist/NN for/IN a/DT number/NN of/IN U.S./NNP computer/NN companies/NNS ./. 
The/DT Bush/NNP administration/NN has/VBZ sent/VBN conflicting/VBG signals/NNS about/IN its/PRP$ export-control/JJ policies/NNS ,/, reflecting/VBG unhealed/JJ divisions/NNS among/IN several/JJ competing/VBG agencies/NNS ./. 
Last/JJ summer/NN ,/, Mr./NNP Bush/NNP moved/VBD the/DT administration/NN in/IN the/DT direction/NN of/IN gradual/JJ liberalization/NN when/WRB he/PRP told/VBD a/DT North/NNP Atlantic/NNP Treaty/NNP Organization/NNP meeting/NN that/IN he/PRP would/MD allow/VB some/DT exceptions/NNS to/TO the/DT Cocom/NNP embargo/NN of/IN strategic/JJ goods/NNS ./. 
But/CC more/RBR recently/RB ,/, the/DT Pentagon/NNP and/CC the/DT Commerce/NNP Department/NNP openly/RB feuded/VBD over/IN the/DT extent/NN to/TO which/WDT Cocom/NNP should/MD liberalize/VB exports/NNS of/IN personal/JJ computers/NNS to/TO the/DT bloc/NN ./. 
However/RB ,/, these/DT agencies/NNS generally/RB agree/VBP that/IN the/DT West/NNP should/MD be/VB cautious/JJ about/IN any/DT further/JJ liberalization/NN ./. 
``/`` There/EX 's/VBZ no/DT evidence/NN that/IN the/DT Soviet/JJ program/NN to/TO -LRB-/-LRB- illegally/RB -RRB-/-RRB- acquire/NN Western/JJ technology/NN has/VBZ diminished/VBN ,/, ''/'' said/VBD a/DT State/NNP Department/NNP spokesman/NN ./. 
Salomon/NNP Brothers/NNP International/NNP Ltd./NNP ,/, a/DT British/JJ subsidiary/NN of/IN Salomon/NNP Inc./NNP ,/, announced/VBD it/PRP will/MD issue/VB warrants/NNS on/IN shares/NNS of/IN Hong/NNP Kong/NNP Telecommunications/NNPS Ltd/NNP ./. 
The/DT move/NN closely/RB follows/VBZ a/DT similar/JJ offer/NN by/IN Salomon/NNP of/IN warrants/NNS for/IN shares/NNS of/IN Hongkong/NNP &/CC Shanghai/NNP Banking/NNP Corp/NNP ./. 
Under/IN the/DT latest/JJS offer/NN ,/, HK$/$ 62.5/CD million/CD -LRB-/-LRB- US$/$ 8/CD million/CD -RRB-/-RRB- of/IN three-year/JJ warrants/NNS will/MD be/VB issued/VBN in/IN London/NNP ,/, each/DT giving/VBG buyers/NNS the/DT right/NN to/TO buy/VB one/CD Hong/NNP Kong/NNP Telecommunications/NNPS share/NN at/IN a/DT price/NN to/TO be/VB determined/VBN Friday/NNP ./. 
The/DT 50/CD million/CD warrants/NNS will/MD be/VB priced/VBN at/IN HK$/$ 1.25/CD each/DT and/CC are/VBP expected/VBN to/TO carry/VB a/DT premium/NN to/TO the/DT share/NN price/NN of/IN about/IN 26/CD %/NN ./. 
In/IN trading/NN on/IN the/DT Stock/NNP Exchange/NNP of/IN Hong/NNP Kong/NNP ,/, the/DT shares/NNS closed/VBD Wednesday/NNP at/IN HK$/$ 4.80/CD each/DT ./. 
At/IN this/DT price/NN ,/, the/DT shares/NNS would/MD have/VB to/TO rise/VB above/IN HK$/$ 6.05/CD for/IN subscribers/NNS to/TO Salomon/NNP 's/POS issue/NN to/TO profitably/RB convert/VB their/PRP$ warrants/NNS ./. 
While/IN Hong/NNP Kong/NNP companies/NNS have/VBP in/IN the/DT past/NN issued/VBD warrants/NNS on/IN their/PRP$ own/JJ shares/NNS ,/, Salomon/NNP 's/POS warrants/NNS are/VBP the/DT first/JJ here/RB to/TO be/VB issued/VBN by/IN a/DT third/JJ party/NN ./. 
Salomon/NNP will/MD ``/`` cover/VB ''/'' the/DT warrants/NNS by/IN buying/VBG sufficient/JJ shares/NNS ,/, or/CC options/NNS to/TO purchase/VB shares/NNS ,/, to/TO cover/VB its/PRP$ entire/JJ position/NN ./. 
Bankers/NNS said/VBD warrants/NNS for/IN Hong/NNP Kong/NNP stocks/NNS are/VBP attractive/JJ because/IN they/PRP give/VBP foreign/JJ investors/NNS ,/, wary/JJ of/IN volatility/NN in/IN the/DT colony/NN 's/POS stock/NN market/NN ,/, an/DT opportunity/NN to/TO buy/VB shares/NNS without/IN taking/VBG too/RB great/JJ a/DT risk/NN ./. 
The/DT Hong/NNP Kong/NNP Telecommunications/NNPS warrants/NNS should/MD be/VB attractive/JJ to/TO buyers/NNS in/IN Europe/NNP ,/, the/DT bankers/NNS added/VBD ,/, because/IN the/DT group/NN is/VBZ one/CD of/IN a/DT handful/NN of/IN blue-chip/JJ stocks/NNS on/IN the/DT Hong/NNP Kong/NNP market/NN that/WDT has/VBZ international/JJ appeal/NN ./. 
Financial/NNP Corp./NNP of/IN Santa/NNP Barbara/NNP filed/VBD suit/NN against/IN former/JJ stock/NN speculator/NN Ivan/NNP F./NNP Boesky/NNP and/CC Drexel/NNP Burnham/NNP Lambert/NNP Inc./NNP ,/, charging/VBG they/PRP defrauded/VBD the/DT thrift/NN by/IN concealing/VBG their/PRP$ relationship/NN when/WRB persuading/VBG it/PRP to/TO buy/VB $/$ 284/CD million/CD in/IN high-yield/JJ ,/, high-risk/JJ junk/NN bonds/NNS ./. 
In/IN a/DT suit/NN filed/VBN in/IN federal/JJ court/NN Thursday/NNP ,/, the/DT S&L/NN alleged/VBD that/IN a/DT ``/`` disproportionate/JJ number/NN ''/'' of/IN the/DT bonds/NNS it/PRP purchased/VBD in/IN 1984/CD declined/VBD in/IN value/NN ./. 
Financial/NNP Corp./NNP purchased/VBD the/DT bonds/NNS ,/, the/DT suit/NN alleged/VBD ,/, after/IN Mr./NNP Boesky/NNP and/CC Drexel/NNP negotiated/VBD an/DT agreement/NN for/IN Vagabond/NNP Hotels/NNPS to/TO purchase/VB a/DT 51/CD %/NN stake/NN in/IN the/DT thrift/NN for/IN about/IN $/$ 34/CD million/CD ./. 
Vagabond/NNP Hotels/NNPS was/VBD controlled/VBN by/IN Mr./NNP Boesky/NNP ,/, who/WP currently/RB is/VBZ serving/VBG a/DT prison/NN term/NN for/IN securities/NNS violations/NNS ./. 
Officials/NNS at/IN Drexel/NNP said/VBD they/PRP had/VBD n't/RB seen/VBN the/DT suit/NN and/CC thus/RB could/MD n't/RB comment/VB ./. 
In/IN addition/NN to/TO $/$ 33/CD million/CD compensatory/JJ damages/NNS ,/, the/DT suit/NN seeks/VBZ $/$ 100/CD million/CD in/IN punitive/JJ damages/NNS ./. 
Also/RB named/VBN in/IN the/DT suit/NN is/VBZ Ivan/NNP F./NNP Boesky/NNP Corp./NNP and/CC Northview/NNP Corp./NNP ,/, the/DT successor/NN company/NN to/TO Vagabonds/NNP Hotels/NNPS ./. 
Northview/NNP officials/NNS could/MD n't/RB be/VB located/VBN ./. 
Financial/NNP Corp./NNP said/VBD it/PRP agreed/VBD to/TO buy/VB the/DT bonds/NNS after/IN a/DT representative/NN of/IN Ivan/NNP F./NNP Boesky/NNP Corp./NNP visited/VBD it/PRP in/IN November/NNP 1983/CD and/CC said/VBD Financial/NNP Corp./NNP could/MD improve/VB its/PRP$ financial/JJ condition/NN by/IN purchasing/VBG the/DT bonds/NNS ./. 
Shortly/RB before/IN the/DT visit/NN ,/, Mr./NNP Boesky/NNP and/CC Drexel/NNP representives/NNS had/VBD met/VBN with/IN Financial/NNP Corp./NNP officials/NNS and/CC had/VBD signed/VBN a/DT letter/NN of/IN intent/NN to/TO acquire/VB the/DT 51/CD %/NN stake/NN in/IN the/DT company/NN ./. 
However/RB ,/, the/DT agreement/NN was/VBD canceled/VBN in/IN June/NNP 1984/CD ./. 
Financial/NNP Corp./NNP purchased/VBD the/DT bonds/NNS in/IN at/IN least/JJS 70/CD different/JJ transactions/NNS in/IN 1984/CD and/CC since/IN then/RB has/VBZ realized/VBN $/$ 11/CD million/CD in/IN losses/NNS on/IN them/PRP ,/, the/DT company/NN said/VBD ./. 
Ideal/NNP Basic/NNP Industries/NNPS Inc./NNP said/VBD its/PRP$ directors/NNS reached/VBD an/DT agreement/NN in/IN principle/NN calling/VBG for/IN HOFI/NNP North/NNP America/NNP Inc./NNP to/TO combine/VB its/PRP$ North/JJ American/JJ cement/NN holdings/NNS with/IN Ideal/NNP in/IN a/DT transaction/NN that/WDT will/MD leave/VB Ideal/NNP 's/POS minority/NN shareholders/NNS with/IN 12.8/CD %/NN of/IN the/DT combined/VBN company/NN ./. 
HOFI/NNP ,/, the/DT North/JJ American/JJ holding/VBG company/NN of/IN Swiss/JJ concern/NN Holderbank/NNP Financiere/NNP Glaris/NNP Ltd./NNP ,/, previously/RB proposed/VBN combining/VBG its/PRP$ 100/CD %/NN stake/NN in/IN St./NNP Lawrence/NNP Cement/NNP Inc./NNP and/CC its/PRP$ 60/CD %/NN stake/NN in/IN Dundee/NNP Cement/NNP Co./NNP with/IN its/PRP$ 67/CD %/NN stake/NN in/IN Ideal/NNP ./. 
But/CC HOFI/NNP 's/POS first/JJ offer/NN would/MD have/VB given/VBN Ideal/NNP 's/POS other/JJ shareholders/NNS about/IN 10/CD %/NN of/IN the/DT combined/VBN company/NN ./. 
Ideal/NNP 's/POS directors/NNS rejected/VBD that/DT offer/NN ,/, although/IN they/PRP said/VBD they/PRP endorsed/VBD the/DT merger/NN proposal/NN ./. 
Under/IN the/DT agreement/NN ,/, HOFI/NNP will/MD own/VB 87.2/CD %/NN of/IN the/DT combined/VBN company/NN ./. 
Ideal/NNP 's/POS current/JJ operations/NNS will/MD represent/VB about/RB 39.2/CD %/NN of/IN the/DT combined/VBN company/NN ./. 
The/DT transaction/NN is/VBZ subject/JJ to/TO a/DT definitive/JJ agreement/NN and/CC approval/NN by/IN Ideal/NNP shareholders/NNS ./. 
Ideal/NNP said/VBD it/PRP expects/VBZ to/TO complete/VB the/DT transaction/NN early/JJ next/JJ year/NN ./. 
While/IN corn/NN and/CC soybean/NN prices/NNS have/VBP slumped/VBN well/RB below/IN their/PRP$ drought-induced/JJ peaks/NNS of/IN 1988/CD ,/, wheat/NN prices/NNS remain/VBP stubbornly/RB high/JJ ./. 
And/CC they/PRP 're/VBP likely/JJ to/TO stay/VB that/DT way/NN for/IN months/NNS to/TO come/VB ,/, analysts/NNS say/VBP ./. 
For/IN one/CD thing/NN ,/, even/RB with/IN many/JJ farmers/NNS planting/VBG more/JJR winter/NN wheat/NN this/DT year/NN than/IN last/JJ ,/, tight/JJ wheat/NN supplies/NNS are/VBP likely/JJ to/TO support/VB prices/NNS well/RB into/IN 1990/CD ,/, the/DT analysts/NNS say/VBP ./. 
And/CC if/IN rain/NN does/VBZ n't/RB fall/VB soon/RB across/IN many/JJ of/IN the/DT Great/NNP Plains/NNP '/POS wheat-growing/JJ areas/NNS ,/, yields/NNS in/IN the/DT crop/NN now/RB being/VBG planted/VBN could/MD be/VB reduced/VBN ,/, further/JJ squeezing/VBG supplies/NNS ./. 
Also/RB supporting/VBG prices/NNS are/VBP expectations/NNS that/IN the/DT Soviet/NNP Union/NNP will/MD place/VB substantial/JJ buying/NN orders/NNS over/IN the/DT next/JJ few/JJ months/NNS ./. 
By/IN next/JJ May/NNP 31/CD ,/, stocks/NNS of/IN U.S./NNP wheat/NN to/TO be/VB carried/VBN over/IN into/IN the/DT next/JJ season/NN --/: before/IN the/DT winter/NN wheat/NN now/RB being/VBG planted/VBN is/VBZ harvested/VBN --/: are/VBP projected/VBN to/TO drop/VB to/TO 443/CD million/CD bushels/NNS ./. 
That/DT would/MD be/VB the/DT lowest/JJS level/NN since/IN the/DT early/JJ 1970s/CD ./. 
Stocks/NNS were/VBD 698/CD million/CD bushels/NNS on/IN May/NNP 31/CD of/IN this/DT year/NN ./. 
In/IN response/NN to/TO dwindling/VBG domestic/JJ supplies/NNS ,/, Agriculture/NNP Secretary/NNP Clayton/NNP Yeutter/NNP last/JJ month/NN said/VBD the/DT U.S./NNP government/NN would/MD slightly/RB increase/VB the/DT number/NN of/IN acres/NNS farmers/NNS can/MD plant/VB in/IN wheat/NN for/IN next/JJ year/NN and/CC still/RB qualify/VB for/IN federal/JJ support/NN payments/NNS ./. 
The/DT government/NN estimates/VBZ that/IN the/DT new/JJ plan/NN will/MD boost/VB production/NN next/JJ year/NN by/IN about/RB 66/CD million/CD bushels/NNS ./. 
It/PRP now/RB estimates/VBZ production/NN for/IN next/JJ year/NN at/IN just/RB under/IN 2.6/CD billion/CD bushels/NNS ,/, compared/VBN with/IN this/DT year/NN 's/POS estimated/VBN 2.04/CD billion/CD and/CC a/DT drought-stunted/JJ 1.81/CD billion/CD in/IN 1988/CD ./. 
But/CC the/DT full/JJ effect/NN on/IN prices/NNS of/IN the/DT winter/NN wheat/NN now/RB being/VBG planted/VBN wo/MD n't/RB be/VB felt/VBN until/IN the/DT second/JJ half/NN of/IN next/JJ year/NN ./. 
Until/IN then/RB ,/, limited/JJ stocks/NNS are/VBP likely/JJ to/TO keep/VB prices/NNS near/IN the/DT $/$ 4-a-bushel/JJ level/NN ,/, analysts/NNS say/VBP ./. 
On/IN the/DT Chicago/NNP Board/NNP of/IN Trade/NNP Friday/NNP ,/, wheat/NN for/IN December/NNP delivery/NN settled/VBD at/IN $/$ 4.0675/CD a/DT bushel/NN ,/, unchanged/JJ ./. 
In/IN theory/NN at/IN least/JJS ,/, tight/JJ supplies/NNS next/JJ spring/NN could/MD leave/VB the/DT wheat/NN futures/NNS market/NN susceptible/JJ to/TO a/DT supply-demand/JJ squeeze/NN ,/, said/VBD Daniel/NNP Basse/NNP ,/, a/DT futures/NNS analyst/NN with/IN AgResource/NNP Co./NNP in/IN Chicago/NNP ./. 
Such/JJ a/DT situation/NN can/MD wreak/VB havoc/NN ,/, as/IN was/VBD shown/VBN by/IN the/DT emergency/NN that/WDT developed/VBD in/IN soybean/NN futures/NNS trading/NN this/DT summer/NN on/IN the/DT Chicago/NNP Board/NNP of/IN Trade/NNP ./. 
In/IN July/NNP ,/, the/DT CBOT/NNP ordered/VBD Ferruzzi/NNP Finanziaria/NNP S.p/NNP ./. A./NN to/TO liquidate/VB futures/NNS positions/NNS equal/JJ to/TO about/IN 23/CD million/CD bushels/NNS of/IN soybeans/NNS ./. 
The/DT exchange/NN said/VBD it/PRP feared/VBD that/IN some/DT members/NNS would/MD n't/RB be/VB able/JJ to/TO find/VB enough/JJ soybeans/NNS to/TO deliver/VB and/CC would/MD have/VB to/TO default/VB on/IN their/PRP$ contractual/JJ obligation/NN to/TO the/DT Italian/JJ conglomerate/NN ,/, which/WDT had/VBD refused/VBN requests/NNS to/TO reduce/VB its/PRP$ holdings/NNS ./. 
Ferruzzi/NNP has/VBZ denied/VBN it/PRP was/VBD trying/VBG to/TO manipulate/VB the/DT soybean/NN futures/NNS market/NN ./. 
Unseasonably/RB hot/JJ ,/, dry/JJ weather/NN across/IN large/JJ portions/NNS of/IN the/DT Great/NNP Plains/NNPS and/CC in/IN wheat-growing/JJ areas/NNS in/IN Washington/NNP and/CC Oregon/NNP is/VBZ threatening/VBG to/TO reduce/VB the/DT yield/NN from/IN this/DT season/NN 's/POS winter/NN wheat/NN crop/NN ,/, said/VBD Conrad/NNP Leslie/NNP ,/, a/DT futures/NNS analyst/NN and/CC head/NN of/IN Leslie/NNP Analytical/NNP in/IN Chicago/NNP ./. 
For/IN example/NN ,/, in/IN the/DT Oklahoma/NNP panhandle/NN ,/, 40/CD %/NN or/CC more/JJR of/IN the/DT topsoil/NN is/VBZ short/JJ of/IN moisture/NN ./. 
That/DT figure/NN climbs/VBZ to/TO about/IN 47/CD %/NN in/IN wheat-growing/JJ portions/NNS of/IN Kansas/NNP ,/, he/PRP said/VBD ./. 
The/DT Soviet/NNP Union/NNP has/VBZ n't/RB given/VBN any/DT clear/JJ indication/NN of/IN its/PRP$ wheat/NN purchase/NN plans/NNS ,/, but/CC many/JJ analysts/NNS expect/VBP Moscow/NNP to/TO place/VB sizable/JJ orders/NNS for/IN U.S./NNP wheat/NN in/IN the/DT next/JJ few/JJ months/NNS ,/, further/JJ supporting/VBG prices/NNS ./. 
``/`` Wheat/NN prices/NNS will/MD increasingly/RB pivot/VB off/RP of/IN Soviet/JJ demand/NN ''/'' in/IN coming/VBG weeks/NNS ,/, predicted/VBD Richard/NNP Feltes/NNP ,/, vice/NN president/NN ,/, research/NN ,/, for/IN Refco/NNP Inc./NNP in/IN Chicago/NNP ./. 
Looking/VBG ahead/RB to/TO other/JJ commodity/NN markets/NNS this/DT week/NN :/: 
Orange/NNP Juice/NNP Traders/NNP will/MD be/VB watching/VBG to/TO see/VB how/WRB long/JJ and/CC how/WRB far/RB the/DT price/NN decline/NN that/WDT began/VBD Friday/NNP will/MD go/VB ./. 
Late/RB Thursday/NNP ,/, after/IN the/DT close/NN of/IN trading/NN ,/, the/DT market/NN received/VBD what/WP would/MD normally/RB have/VB been/VBN a/DT bullish/JJ U.S./NNP Department/NNP of/IN Agriculture/NNP estimate/NN of/IN the/DT 1989-90/CD Florida/NNP orange/JJ crop/NN ./. 
It/PRP was/VBD near/IN the/DT low/JJ range/NN of/IN estimates/NNS ,/, at/IN 130/CD million/CD 90-pound/JJ boxes/NNS ,/, compared/VBN with/IN 146.6/CD million/CD boxes/NNS last/JJ season/NN ./. 
However/RB ,/, as/IN expected/VBN ,/, Brazil/NNP waited/VBD for/IN the/DT crop/NN estimate/NN to/TO come/VB out/RB and/CC then/RB cut/VBD the/DT export/NN price/NN of/IN its/PRP$ juice/NN concentrate/NN to/TO about/IN $/$ 1.34/CD a/DT pound/NN from/IN around/IN $/$ 1.55/CD ./. 
Friday/NNP 's/POS consequent/JJ selling/NN of/IN futures/NNS contracts/NNS erased/VBD whatever/WDT supportive/JJ effect/NN the/DT U.S./NNP report/NN might/MD have/VB had/VBN and/CC sent/VBN the/DT November/NNP orange/JJ juice/NN contract/NN down/RP as/RB much/JJ as/IN 6.55/CD cents/NNS a/DT pound/NN at/IN one/CD time/NN ./. 
It/PRP settled/VBD with/IN a/DT loss/NN of/IN 4.95/CD cents/NNS at/IN $/$ 1.3210/CD a/DT pound/NN ./. 
Brazilian/JJ juice/NN ,/, after/IN a/DT delay/NN caused/VBN by/IN drought/NN at/IN the/DT start/NN of/IN its/PRP$ crop/NN season/NN ,/, is/VBZ beginning/VBG to/TO arrive/VB in/IN the/DT U.S./NNP in/IN large/JJ quantities/NNS ./. 
Brazil/NNP wants/VBZ to/TO stimulate/VB demand/NN for/IN its/PRP$ product/NN ,/, which/WDT is/VBZ going/VBG to/TO be/VB in/IN plentiful/JJ supply/NN ./. 
The/DT price/NN cut/NN ,/, one/CD analyst/NN said/VBD ,/, appeared/VBD to/TO be/VB aimed/VBN even/RB more/RBR at/IN Europe/NNP ,/, where/WRB consumption/NN of/IN Brazilian/JJ juice/NN has/VBZ fallen/VBN ./. 
It/PRP 's/VBZ a/DT dollar-priced/JJ product/NN ,/, and/CC the/DT strong/JJ dollar/NN has/VBZ made/VBN it/PRP more/RBR expensive/JJ in/IN Europe/NNP ,/, the/DT analyst/NN said/VBD ./. 
New/NNP York/NNP futures/NNS prices/NNS have/VBP dropped/VBN significantly/RB from/IN more/JJR than/IN $/$ 2/CD a/DT pound/NN at/IN midyear/NN ./. 
Barring/VBG a/DT cold/JJ snap/NN or/CC other/JJ crop/NN problems/NNS in/IN the/DT growing/VBG areas/NNS ,/, downward/JJ pressure/NN on/IN prices/NNS is/VBZ likely/JJ to/TO continue/VB into/IN January/NNP ,/, when/WRB harvesting/NN and/CC processing/NN of/IN oranges/NNS in/IN Florida/NNP reach/VBP their/PRP$ peak/NN ,/, the/DT analyst/NN said/VBD ./. 
Energy/NN 
Although/IN some/DT analysts/NNS look/VBP for/IN profit-taking/NN in/IN the/DT wake/NN of/IN Friday/NNP 's/POS leap/NN in/IN crude/JJ oil/NN prices/NNS ,/, last/JJ week/NN 's/POS rally/NN is/VBZ generally/RB expected/VBN to/TO continue/VB this/DT week/NN ./. 
``/`` I/PRP would/MD continue/VB to/TO look/VB for/IN a/DT stable/JJ crude/NN market/NN ,/, at/IN least/JJS in/IN futures/NNS ''/'' trading/NN ,/, said/VBD William/NNP Hinton/NNP ,/, an/DT energy/NN futures/NNS broker/NN with/IN Stotler/NNP &/CC Co/NNP ./. 
Friday/NNP capped/VBD a/DT week/NN of/IN steadily/RB rising/VBG crude/JJ oil/NN prices/NNS in/IN both/DT futures/NNS and/CC spot/NN markets/NNS ./. 
On/IN the/DT New/NNP York/NNP Mercantile/NNP Exchange/NNP ,/, West/NNP Texas/NNP Intermediate/NNP crude/JJ for/IN November/NNP delivery/NN finished/VBD at/IN $/$ 20.89/CD a/DT barrel/NN ,/, up/RB 42/CD cents/NNS on/IN the/DT day/NN ./. 
On/IN European/JJ markets/NNS ,/, meanwhile/RB ,/, spot/NN prices/NNS of/IN North/NNP Sea/NNP crudes/NNS were/VBD up/RB 35/CD to/TO 75/CD cents/NNS a/DT barrel/NN ./. 
``/`` This/DT market/NN still/RB wants/VBZ to/TO go/VB higher/RBR ,/, ''/'' said/VBD Nauman/NNP Barakat/NNP ,/, a/DT first/JJ vice/NN president/NN at/IN Shearson/NNP Lehman/NNP Hutton/NNP Inc/NNP ./. 
He/PRP predicted/VBD that/IN the/DT November/NNP contract/NN will/MD reach/VB $/$ 21.50/CD a/DT barrel/NN or/CC more/JJR on/IN the/DT New/NNP York/NNP Mercantile/NNP Exchange/NNP ./. 
There/EX has/VBZ been/VBN little/JJ news/NN to/TO account/VB for/IN such/JJ buoyancy/NN in/IN the/DT oil/NN markets/NNS ./. 
Analysts/NNS generally/RB cite/VBP a/DT lack/NN of/IN bearish/JJ developments/NNS as/RB well/RB as/IN rumors/NNS of/IN a/DT possible/JJ tightening/NN of/IN supplies/NNS of/IN some/DT fuels/NNS and/CC crudes/NNS ./. 
There/EX also/RB are/VBP recurring/VBG reports/NNS that/IN the/DT Soviet/NNP Union/NNP is/VBZ having/VBG difficulties/NNS with/IN its/PRP$ oil/NN exports/NNS and/CC that/IN Nigeria/NNP has/VBZ about/RB reached/VBN its/PRP$ production/NN limit/NN and/CC ca/MD n't/RB produce/VB as/RB much/RB as/IN it/PRP could/MD sell/VB ./. 
Many/JJ traders/NNS foresee/VBP a/DT tightening/NN of/IN near-term/JJ supplies/NNS ,/, particularly/RB of/IN high-quality/JJ crudes/NNS such/JJ as/IN those/DT produced/VBN in/IN the/DT North/NNP Sea/NNP and/CC in/IN Nigeria/NNP ./. 
If/IN a/DT hostile/JJ predator/NN emerges/VBZ for/IN Saatchi/NNP &/CC Saatchi/NNP Co./NNP ,/, co-founders/NNS Charles/NNP and/CC Maurice/NNP Saatchi/NNP will/MD lead/VB a/DT management/NN buy-out/NN attempt/NN ,/, an/DT official/JJ close/NN to/TO the/DT company/NN said/VBD ./. 
Financing/NN for/IN any/DT takeover/NN attempt/NN may/MD be/VB problematic/JJ in/IN the/DT wake/NN of/IN Friday/NNP 's/POS stock-market/NN sell-off/NN in/IN New/NNP York/NNP and/CC turmoil/NN in/IN the/DT junk-bond/NN market/NN ./. 
But/CC the/DT beleaguered/JJ British/JJ advertising/NN and/CC consulting/NN giant/NN ,/, which/WDT last/JJ week/NN named/VBD a/DT new/JJ chief/JJ executive/NN officer/NN to/TO replace/VB Maurice/NNP Saatchi/NNP ,/, has/VBZ been/VBN the/DT subject/NN of/IN intense/JJ takeover/NN speculation/NN for/IN weeks/NNS ./. 
Last/JJ week/NN ,/, Saatchi/NNP 's/POS largest/JJS shareholder/NN ,/, Southeastern/NNP Asset/NNP Management/NNP ,/, said/VBD it/PRP had/VBD been/VBN approached/VBN by/IN one/CD or/CC more/JJR third/JJ parties/NNS interested/JJ in/IN a/DT possible/JJ restructuring/NN ./. 
And/CC Carl/NNP Spielvogel/NNP ,/, chief/JJ executive/JJ officer/NN of/IN Saatchi/NNP 's/POS big/JJ Backer/NNP Spielvogel/NNP Bates/NNP advertising/NN unit/NN ,/, said/VBD he/PRP had/VBD offered/VBN to/TO lead/VB a/DT management/NN buy-out/NN of/IN the/DT company/NN ,/, but/CC was/VBD rebuffed/VBN by/IN Charles/NNP Saatchi/NNP ./. 
Mr./NNP Spielvogel/NNP said/VBD he/PRP would/MD n't/RB launch/VB a/DT hostile/JJ bid/NN ./. 
The/DT executive/JJ close/NN to/TO Saatchi/NNP &/CC Saatchi/NNP said/VBD that/IN ``/`` if/IN a/DT bidder/NN came/VBD up/RP with/IN a/DT ludicrously/RB high/JJ offer/NN ,/, a/DT crazy/JJ offer/NN which/WDT Saatchi/NNP knew/VBD it/PRP could/MD n't/RB beat/VB ,/, it/PRP would/MD have/VB no/DT choice/NN but/CC to/TO recommend/VB it/PRP to/TO shareholders/NNS ./. 
But/CC -LCB-/-LRB- otherwise/RB -RCB-/-RRB- it/PRP would/MD undoubtedly/RB come/VB back/RB ''/'' with/IN an/DT offer/NN by/IN management/NN ./. 
The/DT executive/NN said/VBD any/DT buy-out/NN would/MD be/VB led/VBN by/IN the/DT current/JJ board/NN ,/, whose/WP$ chairman/NN is/VBZ Maurice/NNP Saatchi/NNP and/CC whose/WP$ strategic/JJ guiding/VBG force/NN is/VBZ believed/VBN to/TO be/VB Charles/NNP Saatchi/NNP ./. 
Mr./NNP Spielvogel/NNP is/VBZ n't/RB part/NN of/IN the/DT board/NN ,/, nor/CC are/VBP any/DT of/IN the/DT other/JJ heads/NNS of/IN Saatchi/NNP 's/POS big/JJ U.S.-based/JJ ad/NN agencies/NNS ./. 
The/DT executive/NN did/VBD n't/RB name/VB any/DT price/NN ,/, but/CC securities/NNS analysts/NNS have/VBP said/VBN Saatchi/NNP would/MD fetch/VB upward/RB of/IN $/$ 1.3/CD billion/CD ./. 
The/DT executive/NN denied/VBD speculation/NN that/IN Saatchi/NNP was/VBD bringing/VBG in/IN the/DT new/JJ chief/JJ executive/NN officer/NN only/RB to/TO clean/VB up/RP the/DT company/NN financially/RB so/IN that/IN the/DT brothers/NNS could/MD lead/VB a/DT buy-back/NN ./. 
That/DT speculation/NN abounded/VBD Friday/NNP as/IN industry/NN executives/NNS analyzed/VBD the/DT appointment/NN of/IN the/DT new/JJ chief/JJ executive/NN ,/, Robert/NNP Louis-Dreyfus/NNP ,/, who/WP joins/VBZ Saatchi/NNP and/CC becomes/VBZ a/DT member/NN of/IN its/PRP$ board/NN on/IN Jan./NNP 1/CD ./. 
Mr./NNP Louis-Dreyfus/NNP ,/, formerly/RB chief/JJ executive/NN of/IN the/DT pharmaceutical/JJ research/NN firm/NN IMS/NNP International/NNP Inc./NNP ,/, has/VBZ a/DT reputation/NN as/IN a/DT savvy/JJ financial/JJ manager/NN ,/, and/CC will/MD be/VB charged/VBN largely/RB with/IN repairing/VBG Saatchi/NNP 's/POS poor/JJ financial/JJ state/NN ./. 
Asked/VBN about/IN the/DT speculation/NN that/IN Mr./NNP Louis-Dreyfus/NNP has/VBZ been/VBN hired/VBN to/TO pave/VB the/DT way/NN for/IN a/DT buy-out/NN by/IN the/DT brothers/NNS ,/, the/DT executive/NN replied/VBD ,/, ``/`` That/DT is/VBZ n't/RB the/DT reason/NN Dreyfus/NNP has/VBZ been/VBN brought/VBN in/IN ./. 
He/PRP was/VBD brought/VBN in/RP to/TO turn/VB around/RP the/DT company/NN ./. ''/'' 
Separately/RB ,/, several/JJ Saatchi/NNP agency/NN clients/NNS said/VBD they/PRP believe/VBP the/DT company/NN 's/POS management/NN shakeup/NN will/MD have/VB little/RB affect/VB on/IN them/PRP ./. 
``/`` It/PRP has/VBZ n't/RB had/VBN any/DT impact/NN on/IN us/PRP ,/, nor/CC do/VBP we/PRP expect/VBP it/PRP to/TO ,/, ''/'' said/VBD a/DT spokeswoman/NN for/IN Miller/NNP Brewing/NNP Co./NNP ,/, a/DT major/JJ client/NN of/IN Backer/NNP Spielvogel/NNP ./. 
John/NNP Lampe/NNP ,/, director/NN of/IN advertising/NN at/IN PaineWebber/NNP Inc./NNP ,/, a/DT Saatchi/NNP &/CC Saatchi/NNP Advertising/NNP client/NN ,/, said/VBD :/: ``/`` We/PRP have/VBP no/DT problem/NN with/IN the/DT announcement/NN ,/, because/IN we/PRP do/VBP n't/RB know/VB what/WP change/NN it/PRP 's/VBZ going/VBG to/TO bring/VB about/RP ./. 
We/PRP are/VBP n't/RB going/VBG to/TO change/VB agencies/NNS because/IN of/IN a/DT change/NN in/IN London/NNP ./. ''/'' 
Executives/NNS at/IN Backer/NNP Spielvogel/NNP client/NN Avis/NNP Inc./NNP ,/, as/RB well/RB as/IN at/IN Saatchi/NNP client/NN Philips/NNP Lighting/NNP Co./NNP ,/, also/RB said/VBD they/PRP saw/VBD no/DT effect/NN ./. 
Executives/NNS at/IN Prudential-Bache/NNP Securities/NNPS Inc./NNP ,/, a/DT Backer/NNP Spielvogel/NNP client/NN that/WDT is/VBZ reviewing/VBG its/PRP$ account/NN ,/, declined/VBD comment/NN ./. 
Mr./NNP Spielvogel/NNP had/VBD said/VBN that/IN Prudential-Bache/NNP was/VBD prepared/VBN to/TO finance/VB either/CC a/DT management/NN buy-out/NN and/CC restructuring/NN ,/, or/CC a/DT buy-out/NN of/IN Backer/NNP Spielvogel/NNP alone/RB ,/, led/VBN by/IN him/PRP ./. 
Ad/NN Notes/NNS .../: ./. 
NEW/JJ ACCOUNT/NNP :/: 
California/NNP 's/POS Glendale/NNP Federal/NNP Bank/NNP awarded/VBD its/PRP$ $/$ 12/CD million/CD to/TO $/$ 15/CD million/CD account/NN to/TO the/DT Los/NNP Angeles/NNP office/NN of/IN Omnicom/NNP Group/NNP 's/POS BBDO/NNP agency/NN ./. 
The/DT account/NN was/VBD previously/RB handled/VBN by/IN Davis/NNP ,/, Ball/NNP &/CC Colombatto/NNP Advertising/NNP Inc./NNP ,/, a/DT Los/NNP Angeles/NNP agency/NN ./. 
ACCOUNT/NNP REVIEW/NNP :/: 
Royal/NNP Crown/NNP Cola/NNP Co./NNP has/VBZ ended/VBN its/PRP$ relationship/NN with/IN the/DT Boston/NNP office/NN of/IN Hill/NNP ,/, Holliday/NNP ,/, Connors/NNP ,/, Cosmopulos/NNP ./. 
The/DT account/NN had/VBD billed/VBN about/IN $/$ 6/CD million/CD in/IN 1988/CD ,/, according/VBG to/TO Leading/VBG National/NNP Advertisers/NNPS ./. 
NOT-GUILTY/JJ PLEA/NN :/: 
As/IN expected/VBN ,/, Young/NNP &/CC Rubicam/NNP Inc./NNP along/IN with/IN two/CD senior/JJ executives/NNS and/CC a/DT former/JJ employee/NN ,/, pleaded/VBD not/RB guilty/JJ in/IN federal/JJ court/NN in/IN New/NNP Haven/NNP ,/, Conn./NNP ,/, to/TO conspiracy/NN and/CC racketeering/NN charges/NNS ./. 
The/DT government/NN has/VBZ charged/VBN that/IN they/PRP bribed/VBD Jamaican/JJ officials/NNS to/TO win/VB the/DT Jamaica/NNP Tourist/NNP Board/NNP ad/NN account/NN in/IN 1981/CD ./. 
A/DT spokesman/NN for/IN the/DT U.S./NNP Attorney/NNP 's/POS office/NN said/VBD extradition/NN proceedings/NNS are/VBP ``/`` just/RB beginning/VBG ''/'' for/IN the/DT other/JJ two/CD defendants/NNS in/IN the/DT case/NN ,/, Eric/NNP Anthony/NNP Abrahams/NNP ,/, former/JJ Jamaican/JJ tourism/NN minister/NN ,/, and/CC Jamaican/JJ businessman/NN Arnold/NNP Foote/NNP Jr/NNP ./. 
KOREAN/NNP AGENCY/NNP :/: 
The/DT Samsung/NNP Group/NNP and/CC Bozell/NNP Inc./NNP agreed/VBD to/TO establish/VB a/DT joint/JJ venture/NN advertising/NN agency/NN in/IN South/NNP Korea/NNP ./. 
Bozell/NNP Cheil/NNP Corp./NNP ,/, as/IN the/DT new/JJ agency/NN will/MD be/VB called/VBN ,/, will/MD be/VB based/VBN in/IN Seoul/NNP and/CC is/VBZ 70/CD %/NN owned/VBN by/IN Samsung/NNP and/CC 30/CD %/NN owned/VBN by/IN Bozell/NNP ./. 
Samsung/NNP already/RB owns/VBZ Korea/NNP First/NNP Advertising/NNP Co./NNP ,/, that/DT country/NN 's/POS largest/JJS agency/NN ./. 
Bozell/NNP joins/VBZ Backer/NNP Spielvogel/NNP Bates/NNP and/CC Ogilvy/NNP Group/NNP as/IN U.S./NNP agencies/NNS with/IN interests/NNS in/IN Korean/JJ agencies/NNS ./. 
Citing/VBG a/DT payment/NN from/IN a/DT supplier/NN and/CC strong/JJ sales/NNS of/IN certain/JJ data-storage/JJ products/NNS ,/, Maxtor/NNP Corp./NNP said/VBD earnings/NNS and/CC revenue/NN jumped/VBD in/IN its/PRP$ second/JJ quarter/NN ended/VBN Sept./NNP 24/CD ./. 
The/DT maker/NN of/IN computer-data-storage/JJ products/NNS said/VBD net/JJ income/NN rose/VBD to/TO $/$ 4.8/CD million/CD ,/, or/CC 23/CD cents/NNS a/DT share/NN ,/, from/IN year-earlier/JJ net/NN of/IN $/$ 1.1/CD million/CD ,/, or/CC five/CD cents/NNS a/DT share/NN ./. 
Revenue/NN soared/VBD to/TO $/$ 117/CD million/CD from/IN $/$ 81.5/CD million/CD ./. 
Maxtor/NNP said/VBD its/PRP$ results/NNS were/VBD boosted/VBN by/IN $/$ 2/CD million/CD in/IN payments/NNS received/VBN from/IN a/DT supplier/NN ,/, for/IN a/DT certain/JJ line/NN of/IN products/NNS that/IN Maxtor/NNP is/VBZ n't/RB going/VBG to/TO sell/VB anymore/RB ./. 
Maxtor/NNP said/VBD effects/NNS from/IN discontinuing/VBG the/DT line/NN may/MD have/VB a/DT positive/JJ effect/NN on/IN future/JJ earnings/NNS and/CC revenue/NN ./. 
A/DT spokeswoman/NN would/MD n't/RB elaborate/VB ,/, but/CC the/DT company/NN said/VBD the/DT discontinued/VBN product/NN has/VBZ never/RB been/VBN a/DT major/JJ source/NN of/IN revenue/NN or/CC profit/NN ./. 
Operationally/RB ,/, Maxtor/NNP benefited/VBD from/IN robust/JJ sales/NNS of/IN products/NNS that/WDT store/VBP data/NNS for/IN high-end/JJ personal/JJ computers/NNS and/CC computer/NN workstations/NNS ./. 
In/IN the/DT fiscal/JJ first/JJ half/NN ,/, net/NN was/VBD $/$ 7/CD million/CD ,/, or/CC 34/CD cents/NNS a/DT share/NN ,/, up/RB from/IN the/DT year-earlier/JJ $/$ 3.1/CD million/CD ,/, or/CC 15/CD cents/NNS a/DT share/NN ./. 
Revenue/NN rose/VBD to/TO $/$ 225.5/CD million/CD from/IN $/$ 161.8/CD million/CD ./. 
Robert/NNP G./NNP Walden/NNP ,/, 62/CD years/NNS old/JJ ,/, was/VBD elected/VBN a/DT director/NN of/IN this/DT provider/NN of/IN advanced/JJ technology/NN systems/NNS and/CC services/NNS ,/, increasing/VBG the/DT board/NN to/TO eight/CD members/NNS ./. 
He/PRP retired/VBD as/IN senior/JJ vice/NN president/NN ,/, finance/NN and/CC administration/NN ,/, and/CC chief/JJ financial/JJ officer/NN of/IN the/DT company/NN Oct./NNP 1/CD ./. 
Southmark/NNP Corp./NNP said/VBD that/IN it/PRP filed/VBD part/NN of/IN its/PRP$ 10-K/JJ report/NN with/IN the/DT Securities/NNPS and/CC Exchange/NNP Commission/NNP ,/, but/CC that/IN the/DT filing/NN does/VBZ n't/RB include/VB its/PRP$ audited/JJ financial/JJ statements/NNS and/CC related/JJ information/NN ./. 
The/DT real/JJ estate/NN and/CC thrift/NN concern/NN ,/, operating/VBG under/IN bankruptcy-law/NN proceedings/NNS ,/, said/VBD it/PRP told/VBD the/DT SEC/NNP it/PRP could/MD n't/RB provide/VB financial/JJ statements/NNS by/IN the/DT end/NN of/IN its/PRP$ first/JJ extension/NN ``/`` without/IN unreasonable/JJ burden/NN or/CC expense/NN ./. ''/'' 
The/DT company/NN asked/VBD for/IN a/DT 15-day/JJ extension/NN Sept./NNP 30/CD ,/, when/WRB the/DT financial/JJ reports/NNS were/VBD due/JJ ./. 
Southmark/NNP said/VBD it/PRP plans/VBZ to/TO amend/VB its/PRP$ 10K/NNS to/TO provide/VB financial/JJ results/NNS as/RB soon/RB as/IN its/PRP$ audit/NN is/VBZ completed/VBN ./. 
Alan/NNP Seelenfreund/NNP ,/, 52/CD years/NNS old/JJ ,/, was/VBD named/VBN chairman/NN of/IN this/DT processor/NN of/IN prescription/NN claims/NNS ,/, succeeding/VBG Thomas/NNP W./NNP Field/NNP Jr./NNP ,/, 55/CD ,/, who/WP resigned/VBD last/JJ month/NN ./. 
Mr./NNP Field/NNP also/RB had/VBD been/VBN chairman/NN of/IN McKesson/NNP Corp./NNP ,/, resigning/VBG that/DT post/NN after/IN a/DT dispute/NN with/IN the/DT board/NN over/IN corporate/JJ strategy/NN ./. 
Mr./NNP Seelenfreund/NNP is/VBZ executive/JJ vice/NN president/NN and/CC chief/NN financial/JJ officer/NN of/IN McKesson/NNP and/CC will/MD continue/VB in/IN those/DT roles/NNS ./. 
PCS/NNS also/RB named/VBD Rex/NNP R./NNP Malson/NNP ,/, 57/CD ,/, executive/JJ vice/NN president/NN at/IN McKesson/NNP ,/, as/IN a/DT director/NN ,/, filling/VBG the/DT seat/NN vacated/VBN by/IN Mr./NNP Field/NNP ./. 
Messrs./NNS Malson/NNP and/CC Seelenfreund/NNP are/VBP directors/NNS of/IN McKesson/NNP ,/, which/WDT has/VBZ an/DT 86/CD %/NN stake/NN in/IN PCS/NNP ./. 
MedChem/NNP Products/NNPS Inc./NNP said/VBD a/DT U.S./NNP District/NNP Court/NNP in/IN Boston/NNP ruled/VBD that/IN a/DT challenge/NN by/IN MedChem/NNP to/TO the/DT validity/NN of/IN a/DT U.S./NNP patent/NN held/VBN by/IN Pharmacia/NNP Inc./NNP was/VBD ``/`` without/IN merit/NN ./. ''/'' 
Pharmacia/NNP ,/, based/VBN in/IN Upsala/NNP ,/, Sweden/NNP ,/, had/VBD charged/VBN in/IN a/DT lawsuit/NN against/IN MedChem/NNP that/IN MedChem/NNP 's/POS AMVISC/NNP product/NN line/NN infringes/VBZ on/IN the/DT Pharmacia/NNP patent/NN ./. 
The/DT patent/NN is/VBZ related/VBN to/TO hyaluronic/JJ acid/NN ,/, a/DT rooster-comb/NN extract/VB used/VBN in/IN eye/NN surgery/NN ./. 
In/IN its/PRP$ lawsuit/NN ,/, Pharmacia/NNP is/VBZ seeking/VBG unspecified/JJ damages/NNS and/CC a/DT preliminary/JJ injunction/NN to/TO block/VB MedChem/NNP from/IN selling/VBG the/DT AMVISC/NNP products/NNS ./. 
A/DT MedChem/NNP spokesman/NN said/VBD the/DT products/NNS contribute/VBP about/IN a/DT third/JJ of/IN MedChem/NNP 's/POS sales/NNS and/CC 10/CD %/NN to/TO 20/CD %/NN of/IN its/PRP$ earnings/NNS ./. 
In/IN the/DT year/NN ended/VBN Aug./NNP 31/CD ,/, 1988/CD ,/, MedChem/NNP earned/VBD $/$ 2.9/CD million/CD ,/, or/CC 72/CD cents/NNS a/DT share/NN ,/, on/IN sales/NNS of/IN $/$ 17.4/CD million/CD ./. 
MedChem/NNP said/VBD the/DT court/NN 's/POS ruling/NN was/VBD issued/VBN as/IN part/NN of/IN a/DT ``/`` first-phase/NN trial/NN ''/'' in/IN the/DT patent-infringement/NN proceedings/NNS and/CC concerns/NNS only/RB one/CD of/IN its/PRP$ defenses/NNS in/IN the/DT case/NN ./. 
It/PRP said/VBD it/PRP is/VBZ considering/VBG ``/`` all/DT of/IN its/PRP$ options/NNS in/IN light/NN of/IN the/DT decision/NN ,/, including/VBG a/DT possible/JJ appeal/NN ./. ''/'' 
The/DT medical-products/NNS company/NN added/VBD that/IN it/PRP plans/VBZ to/TO ``/`` assert/VB its/PRP$ other/JJ defenses/NNS ''/'' against/IN Pharmacia/NNP 's/POS lawsuit/NN ,/, including/VBG the/DT claim/NN that/IN it/PRP has/VBZ n't/RB infringed/VBN on/IN Pharmacia/NNP 's/POS patent/NN ./. 
MedChem/NNP said/VBD that/IN the/DT court/NN scheduled/VBD a/DT conference/NN for/IN next/JJ Monday/NNP --/: to/TO set/VB a/DT date/NN for/IN proceedings/NNS on/IN Pharmacia/NNP 's/POS motion/NN for/IN a/DT preliminary/JJ injunction/NN ./. 
Newspaper/NNP publishers/NNS are/VBP reporting/VBG mixed/JJ third-quarter/JJ results/NNS ,/, aided/VBN by/IN favorable/JJ newsprint/NN prices/NNS and/CC hampered/VBN by/IN flat/JJ or/CC declining/VBG advertising/NN linage/NN ,/, especially/RB in/IN the/DT Northeast/NNP ./. 
Adding/VBG to/TO unsteadiness/NN in/IN the/DT industry/NN ,/, seasonal/JJ retail/JJ ad/NN spending/NN patterns/NNS in/IN newspapers/NNS have/VBP been/VBN upset/VBN by/IN shifts/NNS in/IN ownership/NN and/CC general/JJ hardships/NNS within/IN the/DT retail/JJ industry/NN ./. 
In/IN New/NNP York/NNP ,/, the/DT Bonwit/NNP Teller/NNP and/CC B./NNP Altman/NNP &/CC Co./NNP department/NN stores/NNS have/VBP filed/VBN for/IN protection/NN from/IN creditors/NNS under/IN Chapter/NN 11/CD of/IN the/DT federal/JJ Bankruptcy/NNP Code/NNP ,/, while/IN the/DT R.H./NNP Macy/NNP &/CC Co./NNP ,/, Bloomingdale/NNP 's/POS and/CC Saks/NNP Fifth/NNP Avenue/NNP department-store/NN chains/NNS are/VBP for/IN sale/NN ./. 
Many/JJ papers/NNS throughout/IN the/DT country/NN are/VBP also/RB faced/VBN with/IN a/DT slowdown/NN in/IN classified-ad/JJ spending/NN ,/, a/DT booming/JJ category/NN for/IN newspapers/NNS in/IN recent/JJ years/NNS ./. 
Until/IN recently/RB ,/, industry/NN analysts/NNS believed/VBD decreases/VBZ in/IN retail/JJ ad/NN spending/NN had/VBD bottomed/VBN out/RP and/CC would/MD in/IN fact/NN increase/NN in/IN this/DT year/NN 's/POS third/JJ and/CC fourth/JJ quarters/NNS ./. 
All/DT bets/NNS are/VBP off/RP ,/, analysts/NNS say/VBP ,/, because/IN of/IN the/DT shifting/VBG ownership/NN of/IN the/DT retail/JJ chains/NNS ./. 
``/`` Improved/JJ paper/NN prices/NNS will/MD help/VB offset/VB weakness/NN in/IN linage/NN ,/, but/CC the/DT retailers/NNS '/POS problems/NNS have/VBP affected/VBN the/DT amount/NN of/IN ad/NN linage/NN they/PRP usually/RB run/VBP ,/, ''/'' said/VBD Edward/NNP J./NNP Atorino/NNP ,/, industry/NN analyst/NN for/IN Salomon/NNP Brothers/NNPS Inc/NNP ./. 
``/`` Retailers/NNS are/VBP just/RB in/IN disarray/NN ./. ''/'' 
For/IN instance/NN ,/, Gannett/NNP Co./NNP posted/VBD an/DT 11/CD %/NN gain/NN in/IN net/JJ income/NN ,/, as/IN total/JJ ad/NN pages/NNS dropped/VBD at/IN USA/NNP Today/NNP ,/, but/CC advertising/NN revenue/NN rose/VBD because/IN of/IN a/DT higher/JJR circulation/NN rate/NN base/NN and/CC increased/VBN rates/NNS ./. 
Gannett/NNP 's/POS 83/CD daily/JJ and/CC 35/CD non-daily/JJ newspapers/NNS reported/VBD a/DT 3/CD %/NN increase/NN in/IN advertising/NN and/CC circulation/NN revenue/NN ./. 
Total/JJ advertising/NN linage/NN was/VBD ``/`` modestly/RB ''/'' lower/RBR as/IN classified-ad/JJ volume/NN increased/VBD ,/, while/IN there/EX was/VBD ``/`` softer/JJR demand/NN ''/'' for/IN retail/JJ and/CC national/JJ ad/NN linage/NN ,/, said/VBD John/NNP Curley/NNP ,/, Gannett/NNP 's/POS chief/JJ executive/NN officer/NN ./. 
At/IN USA/NNP Today/NNP ,/, ad/NN pages/NNS totaled/VBD 785/CD for/IN the/DT quarter/NN ,/, down/RB 9.2/CD %/NN from/IN the/DT 1988/CD period/NN ,/, which/WDT was/VBD helped/VBN by/IN increased/VBN ad/NN spending/NN from/IN the/DT Summer/NNPS Olympics/NNPS ./. 
While/IN USA/NNP Today/NNP 's/POS total/NN paid/VBD ad/NN pages/NNS for/IN the/DT year/NN to/TO date/NN totaled/VBD 2,735/CD ,/, a/DT decrease/NN of/IN 4/CD %/NN from/IN last/JJ year/NN ,/, the/DT paper/NN 's/POS ad/NN revenue/NN increased/VBD 8/CD %/NN in/IN the/DT quarter/NN and/CC 13/CD %/NN in/IN the/DT nine/CD months/NNS ./. 
In/IN the/DT nine/CD months/NNS ,/, Gannett/NNP 's/POS net/NN rose/VBD 9.5/CD %/NN to/TO $/$ 270/CD million/CD ,/, or/CC $/$ 1.68/CD a/DT share/NN ,/, from/IN $/$ 247/CD million/CD ,/, or/CC $/$ 1.52/CD a/DT share/NN ./. 
Revenue/NN gained/VBD 6/CD %/NN to/TO $/$ 2.55/CD billion/CD from/IN $/$ 2.4/CD billion/CD ./. 
At/IN Dow/NNP Jones/NNP &/CC Co./NNP ,/, third-quarter/JJ net/JJ income/NN fell/VBD 9.9/CD %/NN from/IN the/DT year-earlier/JJ period/NN ./. 
Net/NN fell/VBD to/TO $/$ 28.8/CD million/CD ,/, or/CC 29/CD cents/NNS a/DT share/NN ,/, from/IN $/$ 32/CD million/CD ,/, or/CC 33/CD cents/NNS a/DT share/NN ./. 
The/DT year-earlier/JJ period/NN included/VBD a/DT one-time/JJ gain/NN of/IN $/$ 3.5/CD million/CD ,/, or/CC four/CD cents/NNS a/DT share/NN ./. 
Revenue/NN gained/VBD 5.3/CD %/NN to/TO $/$ 404.1/CD million/CD from/IN $/$ 383.8/CD million/CD ./. 
The/DT drop/NN in/IN profit/NN reflected/VBN ,/, in/IN part/NN ,/, continued/VBD softness/NN in/IN financial/JJ advertising/NN at/IN The/DT Wall/NNP Street/NNP Journal/NNP and/CC Barron/NNP 's/POS magazine/NN ./. 
Ad/NN linage/NN at/IN the/DT Journal/NNP fell/VBD 6.1/CD %/NN in/IN the/DT third/JJ quarter/NN ./. 
Affiliated/NNP Publications/NNPS Inc./NNP reversed/VBD a/DT year-earlier/JJ third/JJ quarter/NN net/JJ loss/NN ./. 
The/DT publisher/NN of/IN the/DT Boston/NNP Globe/NNP reported/VBD net/NN of/IN $/$ 8.5/CD million/CD ,/, or/CC 12/CD cents/NNS a/DT share/NN ,/, compared/VBN with/IN a/DT loss/NN of/IN $/$ 26.5/CD million/CD ,/, or/CC 38/CD cents/NNS a/DT share/NN ,/, for/IN the/DT third/JJ quarter/NN in/IN 1988/CD ./. 
William/NNP O./NNP Taylor/NNP ,/, the/DT parent/NN 's/POS chairman/NN and/CC chief/JJ executive/NN officer/NN ,/, said/VBD earnings/NNS continued/VBD to/TO be/VB hurt/VBN by/IN softness/NN in/IN ad/NN volume/NN at/IN the/DT Boston/NNP newspaper/NN ./. 
Third-quarter/JJ profit/NN estimates/NNS for/IN several/JJ companies/NNS are/VBP being/VBG strongly/RB affected/VBN by/IN the/DT price/NN of/IN newsprint/NN ,/, which/WDT in/IN the/DT last/JJ two/CD years/NNS has/VBZ had/VBN several/JJ price/NN increases/NNS ./. 
After/IN a/DT supply/NN crunch/NN caused/VBD prices/NNS to/TO rise/VB 14/CD %/NN since/IN 1986/CD to/TO $/$ 650/CD a/DT metric/JJ ton/NN ,/, analysts/NNS are/VBP encouraged/VBN ,/, because/IN they/PRP do/VBP n't/RB expect/VB a/DT price/NN increase/NN for/IN the/DT rest/NN of/IN this/DT year/NN ./. 
Companies/NNS with/IN daily/JJ newspapers/NNS in/IN the/DT Northeast/NNP will/MD need/VB the/DT stable/JJ newsprint/NN prices/NNS to/TO ease/VB damage/NN from/IN weak/JJ ad/NN linage/NN ./. 
Mr./NNP Atorino/NNP at/IN Salomon/NNP Brothers/NNP said/VBD he/PRP estimates/VBZ that/IN Times/NNP Mirror/NNP Co./NNP 's/POS earnings/NNS were/VBD down/RB for/IN the/DT third/JJ quarter/NN ,/, because/IN of/IN soft/JJ advertising/NN levels/NNS at/IN its/PRP$ Long/NNP Island/NNP Newsday/NNP and/CC Hartford/NNP Courant/NNP newspapers/NNS ./. 
Trouble/NN on/IN the/DT East/NNP Coast/NNP was/VBD likely/RB offset/VBN by/IN improved/VBN ad/NN linage/NN at/IN the/DT Los/NNP Angeles/NNP Times/NNP ,/, which/WDT this/DT week/NN also/RB unveiled/VBD a/DT redesign/NN ./. 
New/NNP York/NNP Times/NNP Co./NNP is/VBZ expected/VBN to/TO report/VB lower/JJR earnings/NNS for/IN the/DT third/JJ quarter/NN because/IN of/IN continued/JJ weak/JJ advertising/NN levels/NNS at/IN its/PRP$ flagship/NN New/NNP York/NNP Times/NNP and/CC deep/JJ discounting/NN of/IN newsprint/NN at/IN its/PRP$ affiliate/NN ,/, Forest/NNP Products/NNPS Group/NNP ./. 
``/`` Times/NNP Co./NNP 's/POS regional/JJ daily/JJ newspapers/NNS are/VBP holding/VBG up/RP well/RB ,/, but/CC there/EX is/VBZ little/JJ sign/NN that/IN things/NNS will/MD improve/VB in/IN the/DT New/NNP York/NNP market/NN ,/, ''/'' said/VBD Alan/NNP Kassan/NNP ,/, an/DT analyst/NN with/IN Shearson/NNP Lehman/NNP Hutton/NNP ./. 
Washington/NNP Post/NNP Co./NNP is/VBZ expected/VBN to/TO report/VB improved/VBN earnings/NNS ,/, largely/RB because/IN of/IN increased/VBN cable/NN revenue/NN and/CC publishing/NN revenue/NN helped/VBN by/IN an/DT improved/VBN retail/JJ market/NN in/IN the/DT Washington/NNP area/NN ./. 
According/VBG to/TO analysts/NNS ,/, profits/NNS were/VBD also/RB helped/VBN by/IN successful/JJ cost-cutting/JJ measures/NNS at/IN Newsweek/NNP ./. 
The/DT news-weekly/RB has/VBZ faced/VBN heightened/VBN competition/NN from/IN rival/JJ Time/NNP magazine/NN and/CC a/DT relatively/RB flat/JJ magazine/NN advertising/NN market/NN ./. 
Knight-Ridder/NNP Inc./NNP is/VBZ faced/VBN with/IN continued/JJ uncertainty/NN over/IN the/DT pending/VBG joint/JJ operating/NN agreement/NN between/IN its/PRP$ Detroit/NNP Free/NNP Press/NNP and/CC Gannett/NNP 's/POS Detroit/NNP News/NNP ,/, and/CC has/VBZ told/VBN analysts/NNS that/IN earnings/NNS were/VBD down/RB in/IN the/DT third/JJ quarter/NN ./. 
However/RB ,/, analysts/NNS point/VBP to/TO positive/JJ advertising/NN spending/NN at/IN several/JJ of/IN its/PRP$ major/JJ daily/JJ newspapers/NNS ,/, such/JJ as/IN the/DT Miami/NNP Herald/NNP and/CC San/NNP Jose/NNP Mercury/NNP News/NNP ./. 
``/`` The/DT Miami/NNP market/NN is/VBZ coming/VBG back/RB strong/JJ after/IN a/DT tough/JJ couple/NN of/IN years/NNS ''/'' when/WRB Knight-Ridder/NNP ``/`` was/VBD starting/VBG up/RP a/DT Hispanic/JJ edition/NN and/CC circulation/NN was/VBD falling/VBG ,/, ''/'' said/VBD Bruce/NNP Thorp/NNP ,/, an/DT analyst/NN for/IN Provident/NNP National/NNP Bank/NNP ./. 
General/NNP Motors/NNPS Corp./NNP ,/, in/IN a/DT series/NN of/IN moves/NNS that/WDT angered/VBD union/NN officials/NNS in/IN the/DT U.S./NNP and/CC Canada/NNP ,/, has/VBZ signaled/VBN that/IN as/RB many/JJ as/IN five/CD North/JJ American/JJ assembly/NN plants/NNS may/MD not/RB survive/VB the/DT mid-1990s/NNS as/IN the/DT corporation/NN struggles/VBZ to/TO cut/VB its/PRP$ excess/JJ vehicle-making/JJ capacity/NN ./. 
In/IN announcements/NNS to/TO workers/NNS late/RB last/JJ week/NN ,/, GM/NNP effectively/RB signed/VBD death/NN notices/NNS for/IN two/CD full-sized/JJ van/NNP assembly/NN plants/NNS ,/, and/CC cast/VBD serious/JJ doubt/NN on/IN the/DT futures/NNS of/IN three/CD U.S./NNP car/NN factories/NNS ./. 
GM/NNP is/VBZ under/IN intense/JJ pressure/NN to/TO close/VB factories/NNS that/WDT became/VBD unprofitable/JJ as/IN the/DT giant/JJ auto/NN maker/NN 's/POS U.S./NNP market/NN share/NN skidded/VBD during/IN the/DT past/JJ decade/NN ./. 
The/DT company/NN ,/, currently/RB using/VBG about/IN 80/CD %/NN of/IN its/PRP$ North/JJ American/JJ vehicle/NN capacity/NN ,/, has/VBZ vowed/VBN it/PRP will/MD run/VB at/IN 100/CD %/NN of/IN capacity/NN by/IN 1992/CD ./. 
Just/RB a/DT month/NN ago/RB ,/, GM/NNP announced/VBD it/PRP would/MD make/VB an/DT aging/VBG assembly/NN plant/NN in/IN Lakewood/NNP ,/, Ga./NNP ,/, the/DT eighth/JJ U.S./NNP assembly/NN facility/NN to/TO close/VB since/IN 1987/CD ./. 
Now/RB ,/, GM/NNP appears/VBZ to/TO be/VB stepping/VBG up/RP the/DT pace/NN of/IN its/PRP$ factory/NN consolidation/NN to/TO get/VB in/IN shape/NN for/IN the/DT 1990s/CD ./. 
One/CD reason/NN is/VBZ mounting/VBG competition/NN from/IN new/JJ Japanese/JJ car/NN plants/NNS in/IN the/DT U.S./NNP that/WDT are/VBP pouring/VBG out/RP more/JJR than/IN one/CD million/CD vehicles/NNS a/DT year/NN at/IN costs/NNS lower/JJR than/IN GM/NNP can/MD match/VB ./. 
Another/DT is/VBZ that/IN United/NNP Auto/NNP Workers/NNPS union/NN officials/NNS have/VBP signaled/VBN they/PRP want/VBP tighter/JJR no-layoff/JJ provisions/NNS in/IN the/DT new/JJ Big/NNP Three/NNP national/JJ contract/NN that/WDT will/MD be/VB negotiated/VBN next/JJ year/NN ./. 
GM/NNP officials/NNS want/VBP to/TO get/VB their/PRP$ strategy/NN to/TO reduce/VB capacity/NN and/CC the/DT work/NN force/NN in/IN place/NN before/IN those/DT talks/NNS begin/VBP ./. 
The/DT problem/NN ,/, however/RB ,/, is/VBZ that/IN GM/NNP 's/POS moves/NNS are/VBP coming/VBG at/IN a/DT time/NN when/WRB UAW/NNP leaders/NNS are/VBP trying/VBG to/TO silence/NN dissidents/NNS who/WP charge/VBP the/DT union/NN is/VBZ too/RB passive/JJ in/IN the/DT face/NN of/IN GM/NNP layoffs/NNS ./. 
Against/IN that/DT backdrop/NN ,/, UAW/NNP Vice/NNP President/NNP Stephen/NNP P./NNP Yokich/NNP ,/, who/WP recently/RB became/VBD head/NN of/IN the/DT union/NN 's/POS GM/NNP department/NN ,/, issued/VBD a/DT statement/NN Friday/NNP blasting/VBG GM/NNP 's/POS ``/`` flagrant/JJ insensitivity/NN ''/'' toward/IN union/NN members/NNS ./. 
The/DT auto/NN maker/NN 's/POS decision/NN to/TO let/VB word/NN of/IN the/DT latest/JJS shutdowns/NNS and/CC product/NN reassignments/NNS trickle/VB out/RP in/IN separate/JJ communiques/NNS to/TO the/DT affected/VBN plants/NNS showed/VBD ``/`` disarray/NN ''/'' and/CC an/DT ``/`` inability/NN or/CC unwillingness/NN to/TO provide/VB consistent/JJ information/NN ,/, ''/'' Mr./NNP Yokich/NNP said/VBD ./. 
GM/NNP officials/NNS told/VBD workers/NNS late/RB last/JJ week/NN of/IN the/DT following/JJ moves/NNS :/: Production/NN of/IN full-sized/JJ vans/NNS will/MD be/VB consolidated/VBN into/IN a/DT single/JJ plant/NN in/IN Flint/NNP ,/, Mich/NNP ./. 
That/DT means/VBZ two/CD plants/NNS --/: one/CD in/IN Scarborough/NNP ,/, Ontario/NNP ,/, and/CC the/DT other/JJ in/IN Lordstown/NNP ,/, Ohio/NNP --/: probably/RB will/MD be/VB shut/VBN down/RP after/IN the/DT end/NN of/IN 1991/CD ./. 
The/DT shutdowns/NNS will/MD idle/VB about/IN 3,000/CD Canadian/JJ assembly/NN workers/NNS and/CC about/IN 2,500/CD workers/NNS in/IN Ohio/NNP ./. 
Robert/NNP White/NNP ,/, Canadian/NNP Auto/NNP Workers/NNPS union/NN president/NN ,/, used/VBD the/DT impending/JJ Scarborough/NNP shutdown/NN to/TO criticize/VB the/DT U.S.-Canada/JJ free/JJ trade/NN agreement/NN and/CC its/PRP$ champion/NN ,/, Prime/NNP Minister/NNP Brian/NNP Mulroney/NNP ./. 
But/CC Canadian/JJ auto/NN workers/NNS may/MD benefit/VB from/IN a/DT separate/JJ GM/NNP move/NN that/WDT affects/VBZ three/CD U.S./NNP car/NN plants/NNS and/CC one/CD in/IN Quebec/NNP ./. 
Workers/NNS at/IN plants/NNS in/IN Van/NNP Nuys/NNP ,/, Calif./NNP ,/, Oklahoma/NNP City/NNP and/CC Pontiac/NNP ,/, Mich./NNP ,/, were/VBD told/VBN their/PRP$ facilities/NNS are/VBP no/RB longer/RBR being/VBG considered/VBN to/TO build/VB the/DT next/JJ generation/NN of/IN the/DT Pontiac/NNP Firebird/NNP and/CC Chevrolet/NNP Camaro/NNP muscle/NN cars/NNS ./. 
GM/NNP is/VBZ studying/VBG whether/IN it/PRP can/MD build/VB the/DT new/JJ Camaro-Firebird/NNP profitably/RB at/IN a/DT plant/NN in/IN St./NNP Therese/NNP ,/, Quebec/NNP ,/, company/NN and/CC union/NN officials/NNS said/VBD ./. 
That/DT announcement/NN left/VBD union/NN officials/NNS in/IN Van/NNP Nuys/NNP and/CC Oklahoma/NNP City/NNP uncertain/JJ about/IN their/PRP$ futures/NNS ./. 
The/DT Van/NNP Nuys/NNP plant/NN ,/, which/WDT employs/VBZ about/IN 3,000/CD workers/NNS ,/, does/VBZ n't/RB have/VB a/DT product/NN to/TO build/VB after/IN 1993/CD ./. 
Jerry/NNP Shrieves/NNP ,/, UAW/NNP local/JJ president/NN ,/, said/VBD the/DT facility/NN was/VBD asked/VBN to/TO draw/VB up/RP plans/NNS to/TO continue/VB working/VBG as/IN a/DT ``/`` flex/NN plant/NN ,/, ''/'' which/WDT could/MD build/VB several/JJ different/JJ types/NNS of/IN products/NNS on/IN short/JJ notice/NN to/TO satisfy/VB demand/NN ./. 
At/IN the/DT Oklahoma/NNP City/NNP plant/NN ,/, which/WDT employs/VBZ about/IN 6,000/CD workers/NNS building/VBG the/DT eight-year-old/NN A-body/JJ mid-sized/JJ cars/NNS ,/, Steve/NNP Featherston/NNP ,/, UAW/NNP local/JJ vice/NN president/NN ,/, said/VBD the/DT plant/NN has/VBZ no/DT new/JJ product/NN lined/VBD up/RP ,/, and/CC ``/`` none/NN of/IN us/PRP knows/VBZ ''/'' when/WRB the/DT A-body/NNP cars/NNS will/MD die/VB ./. 
He/PRP said/VBD he/PRP believes/VBZ GM/NNP has/VBZ plans/NNS to/TO keep/VB building/NN A-body/JJ cars/NNS into/IN the/DT mid-1990s/NNS ./. 
At/IN Pontiac/NNP ,/, however/RB ,/, the/DT Camaro-Firebird/NNP decision/NN appears/VBZ to/TO erase/VB UAW/NNP hopes/VBZ that/IN GM/NNP would/MD reopen/VB the/DT shuttered/VBD assembly/NN plant/NN that/IN last/JJ built/VBD the/DT plastic-bodied/JJ ,/, two-seater/JJ Pontiac/NNP Fiero/NNP model/NN ./. 
The/DT Fiero/NNP plant/NN was/VBD viewed/VBN as/IN a/DT model/NN of/IN union-management/JJ cooperation/NN at/IN GM/NNP before/IN slow/JJ sales/NNS of/IN the/DT Fiero/NNP forced/VBD the/DT company/NN to/TO close/VB the/DT factory/NN last/JJ year/NN ./. 
Union/NN officials/NNS have/VBP taken/VBN a/DT beating/NN politically/RB as/IN a/DT result/NN ./. 
Dissident/JJ UAW/NNP members/NNS have/VBP used/VBN the/DT Fiero/NNP plant/NN as/IN a/DT symbol/NN of/IN labor-management/JJ cooperation/NN 's/POS failure/NN ./. 
Institut/NNP Merieux/NNP S.A./NNP of/IN France/NNP said/VBD the/DT Canadian/JJ government/NN raised/VBD an/DT obstacle/NN to/TO its/PRP$ proposed/VBN acquisition/NN of/IN Connaught/NNP BioSciences/NNP Inc./NNP for/IN 942/CD million/CD Canadian/JJ dollars/NNS -LRB-/-LRB- US$/$ 801.6/CD million/CD -RRB-/-RRB- ./. 
Merieux/NNP said/VBD the/DT government/NN 's/POS minister/NN of/IN industry/NN ,/, science/NN and/CC technology/NN told/VBD it/PRP that/IN he/PRP was/VBD n't/RB convinced/VBN that/IN the/DT purchase/NN is/VBZ likely/JJ to/TO be/VB of/IN ``/`` net/JJ benefit/NN ''/'' to/TO Canada/NNP ./. 
Canadian/JJ investment/NN rules/NNS require/VBP that/IN big/JJ foreign/JJ takeovers/NNS meet/VBP that/DT standard/NN ./. 
The/DT French/JJ company/NN said/VBD the/DT government/NN gave/VBD it/PRP 30/CD days/NNS in/IN which/WDT to/TO submit/VB information/NN to/TO further/JJ support/VB its/PRP$ takeover/NN plan/NN ./. 
Both/DT Merieux/NNP and/CC Connaught/NNP are/VBP biotechnology/NN research/NN and/CC vaccine/NN manufacturing/NN concerns/NNS ./. 
The/DT government/NN 's/POS action/NN was/VBD unusual/JJ ./. 
Alan/NNP Nymark/NNP ,/, executive/JJ vice/NN president/NN of/IN Investment/NNP Canada/NNP ,/, which/WDT oversees/VBZ foreign/JJ takeovers/NNS ,/, said/VBD it/PRP marked/VBD the/DT first/JJ time/NN in/IN its/PRP$ four-year/JJ history/NN that/IN the/DT agency/NN has/VBZ made/VBN an/DT adverse/JJ net-benefit/JJ decision/NN about/IN the/DT acquisition/NN of/IN a/DT publicly/RB traded/VBN company/NN ./. 
He/PRP said/VBD it/PRP has/VBZ reached/VBN the/DT same/JJ conclusions/NNS about/IN some/DT attempts/NNS to/TO buy/VB closely/RB held/VBN concerns/NNS ,/, but/CC eventually/RB allowed/VBD those/DT acquisitions/NNS to/TO proceed/VB ./. 
``/`` This/DT is/VBZ n't/RB a/DT change/NN in/IN government/NN policy/NN ;/: this/DT provision/NN has/VBZ been/VBN used/VBN before/RB ,/, ''/'' said/VBD Jodi/NNP Redmond/NNP ,/, press/NN secretary/NN for/IN Harvie/NNP Andre/NNP ,/, Canada/NNP 's/POS minister/NN of/IN industry/NN ,/, science/NN and/CC technology/NN ./. 
Mr./NNP Andre/NNP issued/VBD the/DT ruling/NN based/VBN on/IN a/DT recommendation/NN by/IN Investment/NNP Canada/NNP ./. 
Spokesmen/NNP for/IN Merieux/NNP and/CC Connaught/NNP said/VBD they/PRP had/VBD n't/RB been/VBN informed/VBN of/IN specific/JJ areas/NNS of/IN concern/NN by/IN either/CC the/DT government/NN or/CC Investment/NNP Canada/NNP ,/, but/CC added/VBD they/PRP hope/VBP to/TO have/VB more/JJR information/NN early/RB this/DT week/NN ./. 
Investment/NNP Canada/NNP declined/VBD to/TO comment/VB on/IN the/DT reasons/NNS for/IN the/DT government/NN decision/NN ./. 
Viren/NNP Mehta/NNP ,/, a/DT partner/NN with/IN Mehta/NNP &/CC Isaly/NNP ,/, a/DT New/NNP York-based/JJ pharmaceutical/JJ industry/NN research/NN firm/NN ,/, said/VBD the/DT government/NN 's/POS ruling/NN was/VBD n't/RB unexpected/JJ ./. 
``/`` This/DT has/VBZ become/VBN a/DT very/RB politicized/VBN deal/NN ,/, concerning/VBG Canada/NNP 's/POS only/RB large/JJ ,/, world-class/JJ bio-research/JJ or/CC pharmaceutical/JJ company/NN ,/, ''/'' Mr./NNP Mehta/NNP said/VBD ./. 
Mr./NNP Mehta/NNP said/VBD the/DT move/NN that/WDT could/MD allow/VB the/DT transaction/NN to/TO go/VB ahead/RB as/IN planned/VBN could/MD be/VB an/DT out-of-court/JJ settlement/NN of/IN Connaught/NNP 's/POS dispute/NN with/IN the/DT University/NNP of/IN Toronto/NNP ./. 
The/DT University/NNP is/VBZ seeking/VBG to/TO block/VB the/DT acquisition/NN of/IN Connaught/NNP by/IN foreign/JJ interests/NNS ,/, citing/VBG concerns/NNS about/IN the/DT amount/NN of/IN research/NN that/WDT would/MD be/VB done/VBN in/IN Canada/NNP ./. 
The/DT university/NN is/VBZ considering/VBG a/DT settlement/NN proposal/NN made/VBN by/IN Connaught/NNP ./. 
While/IN neither/DT side/NN will/MD disclose/VB its/PRP$ contents/NNS ,/, Mr./NNP Mehta/NNP expects/VBZ it/PRP to/TO contain/VB more/RBR specific/JJ guarantees/NNS on/IN research/NN and/CC development/NN spending/NN levels/NNS in/IN Canada/NNP than/IN Merieux/NNP offered/VBD to/TO Investment/NNP Canada/NNP ./. 
Some/DT analysts/NNS ,/, such/JJ as/IN Murray/NNP Grossner/NNP of/IN Toronto-based/NNP Richardson/NNP Greenshields/NNP Inc./NNP ,/, believe/VBP the/DT government/NN ruling/NN leaves/VBZ the/DT door/NN open/JJ for/IN other/JJ bidders/NNS ,/, such/JJ as/IN Switzerland/NNP 's/POS Ciba-Geigy/NNP and/CC Chiron/NNP Corp./NNP of/IN Emeryville/NNP ,/, Calif/NNP ./. 
Officials/NNS for/IN the/DT two/CD concerns/NNS ,/, which/WDT are/VBP bidding/VBG C$/$ 30/CD a/DT share/NN for/IN Connaught/NNP ,/, could/MD n't/RB be/VB reached/VBN for/IN comment/NN ./. 
French/JJ state-owned/JJ Rhone-Poulenc/NNP S.A./NNP holds/VBZ 51/CD %/NN of/IN Merieux/NNP ./. 
Weatherford/NNP International/NNP Inc./NNP said/VBD it/PRP canceled/VBD plans/NNS for/IN a/DT preferred-stock/JJ swap/NN but/CC may/MD resume/VB payment/NN of/IN dividends/NNS on/IN the/DT stock/NN ,/, and/CC added/VBD that/IN it/PRP expects/VBZ to/TO publicly/RB offer/VB about/IN 10/CD million/CD common/JJ shares/NNS ./. 
The/DT company/NN said/VBD it/PRP planned/VBD to/TO offer/VB an/DT undetermined/JJ number/NN of/IN common/JJ shares/NNS in/IN exchange/NN for/IN the/DT 585,000/CD shares/NNS of/IN its/PRP$ preferred/JJ stock/NN outstanding/JJ ./. 
The/DT exchange/NN ratio/NN was/VBD never/RB established/VBN ./. 
Weatherford/NNP said/VBD market/NN conditions/NNS led/VBD to/TO the/DT cancellation/NN of/IN the/DT planned/VBN exchange/NN ./. 
The/DT energy-services/JJ concern/NN said/VBD ,/, however/RB ,/, that/IN in/IN January/NNP 1990/CD ,/, it/PRP may/MD resume/VB payments/NNS of/IN dividends/NNS on/IN the/DT preferred/JJ stock/NN ./. 
Weatherford/NNP suspended/VBD its/PRP$ preferred-dividend/JJ payment/NN in/IN October/NNP 1985/CD and/CC said/VBD it/PRP has/VBZ n't/RB any/DT plans/NNS to/TO catch/VB up/RP on/IN dividends/NNS in/IN arrears/NNS about/IN $/$ 6/CD million/CD ,/, but/CC will/MD do/VB so/RB some/DT time/NN in/IN the/DT future/NN ./. 
Additionally/RB ,/, the/DT company/NN said/VBD it/PRP filed/VBD with/IN the/DT Securities/NNPS and/CC Exchange/NNP Commission/NNP for/IN the/DT proposed/VBN offering/NN of/IN 10/CD million/CD shares/NNS of/IN common/JJ stock/NN ,/, expected/VBN to/TO be/VB offered/VBN in/IN November/NNP ./. 
The/DT company/NN said/VBD Salomon/NNP Brothers/NNP Inc./NNP and/CC Howard/NNP ,/, Weil/NNP ,/, Labouisse/NNP ,/, Friedrichs/NNP Inc./NNP ,/, underwriters/NNS for/IN the/DT offering/NN ,/, were/VBD granted/VBN an/DT option/NN to/TO buy/VB as/RB much/JJ as/IN an/DT additional/JJ 1.5/CD million/CD shares/NNS to/TO cover/VB over-allotments/NNS ./. 
Proceeds/NNS will/MD be/VB used/VBN to/TO eliminate/VB and/CC restructure/VB bank/NN debt/NN ./. 
Weatherford/NNP currently/RB has/VBZ approximately/RB 11.1/CD million/CD common/JJ shares/NNS outstanding/JJ ./. 
Earnings/NNS for/IN most/JJS of/IN the/DT nation/NN 's/POS major/JJ pharmaceutical/JJ makers/NNS are/VBP believed/VBN to/TO have/VB moved/VBN ahead/RB briskly/RB in/IN the/DT third/JJ quarter/NN ,/, as/IN companies/NNS with/IN newer/JJR ,/, big-selling/JJ prescription/NN drugs/NNS fared/VBD especially/RB well/RB ./. 
For/IN the/DT third/JJ consecutive/JJ quarter/NN ,/, however/RB ,/, most/JJS of/IN the/DT companies/NNS '/POS revenues/NNS were/VBD battered/VBN by/IN adverse/JJ foreign-currency/JJ translations/NNS as/IN a/DT result/NN of/IN the/DT strong/JJ dollar/NN abroad/RB ./. 
Analysts/NNS said/VBD that/IN Merck/NNP &/CC Co./NNP ,/, Eli/NNP Lilly/NNP &/CC Co./NNP ,/, Warner-Lambert/NNP Co./NNP and/CC the/DT Squibb/NNP Corp./NNP unit/NN of/IN Bristol-Myers/NNP Squibb/NNP Co./NNP all/DT benefited/VBD from/IN strong/JJ sales/NNS of/IN relatively/RB new/JJ ,/, higher-priced/JJ medicines/NNS that/WDT provide/VBP wide/JJ profit/NN margins/NNS ./. 
Less/RBR robust/JJ earnings/NNS at/IN Pfizer/NNP Inc./NNP and/CC Upjohn/NNP Co./NNP were/VBD attributed/VBN to/TO those/DT companies/NNS '/POS older/JJR products/NNS ,/, many/JJ of/IN which/WDT face/VBP stiffening/VBG competition/NN from/IN generic/JJ drugs/NNS and/CC other/JJ medicines/NNS ./. 
Joseph/NNP Riccardo/NNP ,/, an/DT analyst/NN with/IN Bear/NNP ,/, Stearns/NNP &/CC Co./NNP ,/, said/VBD that/IN over/IN the/DT past/JJ few/JJ years/NNS most/JJS drug/NN makers/NNS have/VBP shed/VBN their/PRP$ slow-growing/JJ businesses/NNS and/CC instituted/VBD other/JJ cost/NN savings/NNS ,/, such/JJ as/IN consolidating/VBG manufacturing/NN plants/NNS and/CC administrative/JJ staffs/NNS ./. 
As/IN a/DT result/NN ,/, ``/`` major/JJ new/JJ products/NNS are/VBP having/VBG significant/JJ impact/NN ,/, even/RB on/IN a/DT company/NN with/IN very/RB large/JJ revenues/NNS ,/, ''/'' Mr./NNP Riccardo/NNP said/VBD ./. 
Analysts/NNS said/VBD profit/NN for/IN the/DT dozen/NN or/CC so/RB big/JJ drug/NN makers/NNS ,/, as/IN a/DT group/NN ,/, is/VBZ estimated/VBN to/TO have/VB climbed/VBN between/IN 11/CD %/NN and/CC 14/CD %/NN ./. 
While/IN that/DT 's/VBZ not/RB spectacular/JJ ,/, Neil/NNP Sweig/NNP ,/, an/DT analyst/NN with/IN Prudential/NNP Bache/NNP ,/, said/VBD that/IN the/DT rate/NN of/IN growth/NN will/MD ``/`` look/VB especially/RB good/JJ as/IN compared/VBN to/TO other/JJ companies/NNS if/IN the/DT economy/NN turns/VBZ downward/RB ./. ''/'' 
Mr./NNP Sweig/NNP estimated/VBD that/IN Merck/NNP 's/POS profit/NN for/IN the/DT quarter/NN rose/VBD by/IN about/RB 22/CD %/NN ,/, propelled/VBN by/IN sales/NNS of/IN its/PRP$ line-up/NN of/IN fast-growing/JJ prescription/NN drugs/NNS ,/, including/VBG its/PRP$ anti-cholesterol/JJ drug/NN ,/, Mevacor/NNP ;/: a/DT high/JJ blood/NN pressure/NN medicine/NN ,/, Vasotec/NNP ;/: Primaxin/NNP ,/, an/DT antibiotic/JJ ,/, and/CC Pepcid/NNP ,/, an/DT anti-ulcer/JJ medication/NN ./. 
Profit/NN climbed/VBD even/RB though/IN Merck/NNP 's/POS sales/NNS were/VBD reduced/VBN by/IN ``/`` one/CD to/TO three/CD percentage/NN points/NNS ''/'' as/IN a/DT result/NN of/IN the/DT strong/JJ dollar/NN ,/, Mr./NNP Sweig/NNP said/VBD ./. 
In/IN the/DT third/JJ quarter/NN of/IN 1988/CD ,/, Merck/NNP earned/VBD $/$ 311.8/CD million/CD ,/, or/CC 79/CD cents/NNS a/DT share/NN ./. 
In/IN Rahway/NNP ,/, N.J./NNP ,/, a/DT Merck/NNP spokesman/NN said/VBD the/DT company/NN does/VBZ n't/RB make/VB earnings/NNS projections/NNS ./. 
Mr./NNP Sweig/NNP said/VBD he/PRP estimated/VBD that/IN Lilly/NNP 's/POS earnings/NNS for/IN the/DT quarter/NN jumped/VBD about/IN 20/CD %/NN ,/, largely/RB because/IN of/IN the/DT performance/NN of/IN its/PRP$ new/JJ anti-depressant/JJ Prozac/NNP ./. 
The/DT drug/NN ,/, introduced/VBN last/JJ year/NN ,/, is/VBZ expected/VBN to/TO generate/VB sales/NNS of/IN about/RB $/$ 300/CD million/CD this/DT year/NN ./. 
``/`` It/PRP 's/VBZ turning/VBG out/RP to/TO be/VB a/DT real/JJ blockbuster/NN ,/, ''/'' Mr./NNP Sweig/NNP said/VBD ./. 
In/IN last/JJ year/NN 's/POS third/JJ quarter/NN ,/, Lilly/NNP earned/VBD $/$ 171.4/CD million/CD ,/, or/CC $/$ 1.20/CD a/DT share/NN ./. 
In/IN Indianapolis/NNP ,/, Lilly/NNP declined/VBD comment/NN ./. 
Several/JJ analysts/NNS said/VBD they/PRP expected/VBD Warner-Lambert/NNP 's/POS profit/NN also/RB to/TO increase/VB by/IN more/JJR than/IN 20/CD %/NN from/IN $/$ 87.7/CD million/CD ,/, or/CC $/$ 1.25/CD a/DT share/NN ,/, it/PRP reported/VBD in/IN the/DT like/JJ period/NN last/JJ year/NN ./. 
The/DT company/NN is/VBZ praised/VBN by/IN analysts/NNS for/IN sharply/RB lowering/VBG its/PRP$ costs/NNS in/IN recent/JJ years/NNS and/CC shedding/VBG numerous/JJ companies/NNS with/IN low/JJ profit/NN margins/NNS ./. 
The/DT company/NN 's/POS lean/JJ operation/NN ,/, analysts/NNS said/VBD ,/, allowed/VBD sharp-rising/JJ sales/NNS from/IN its/PRP$ cholesterol/NN drug/NN ,/, Lopid/NNP ,/, to/TO power/NN earnings/NNS growth/NN ./. 
Lopid/JJ sales/NNS are/VBP expected/VBN to/TO be/VB about/IN $/$ 300/CD million/CD this/DT year/NN ,/, up/RB from/IN $/$ 190/CD million/CD in/IN 1988/CD ./. 
In/IN Morris/NNP Plains/NNP ,/, N.J./NNP ,/, a/DT spokesman/NN for/IN the/DT company/NN said/VBD the/DT analysts/NNS '/POS projections/NNS are/VBP ``/`` in/IN the/DT ballpark/NN ./. ''/'' 
Squibb/NNP 's/POS profit/NN ,/, estimated/VBN by/IN analysts/NNS to/TO be/VB about/IN 18/CD %/NN above/IN the/DT $/$ 123/CD million/CD ,/, or/CC $/$ 1.25/CD a/DT share/NN ,/, it/PRP earned/VBD in/IN the/DT third/JJ quarter/NN of/IN 1988/CD ,/, was/VBD the/DT result/NN of/IN especially/RB strong/JJ sales/NNS of/IN its/PRP$ Capoten/NNP drug/NN for/IN treating/VBG high/JJ blood/NN pressure/NN and/CC other/JJ heart/NN disease/NN ./. 
The/DT company/NN was/VBD officially/RB merged/VBN with/IN Bristol-Myers/NNP Co./NNP earlier/RBR this/DT month/NN ./. 
Bristol-Myers/NNP declined/VBD to/TO comment/VB ./. 
Mr./NNP Riccardo/NNP of/IN Bear/NNP Stearns/NNP said/VBD that/IN Schering-Plough/NNP Corp./NNP 's/POS expected/VBN profit/NN rise/NN of/IN about/IN 18/CD %/NN to/TO 20/CD %/NN ,/, and/CC Bristol-Meyers/NNS 's/POS expected/VBN profit/NN increase/NN of/IN about/IN 13/CD %/NN are/VBP largely/RB because/IN ``/`` those/DT companies/NNS are/VBP really/RB managed/VBN well/RB ./. ''/'' 
ScheringPlough/NNP earned/VBD $/$ 94.4/CD million/CD ,/, or/CC 84/CD cents/NNS a/DT share/NN ,/, while/IN Bristol-Myers/NNP earned/VBD $/$ 232.3/CD million/CD ,/, or/CC 81/CD cents/NNS a/DT share/NN ,/, in/IN the/DT like/JJ period/NN a/DT year/NN earlier/RBR ./. 
In/IN Madison/NNP ,/, N.J./NNP ,/, a/DT spokesman/NN for/IN Schering-Plough/NNP said/VBD the/DT company/NN has/VBZ ``/`` no/DT problems/NNS ''/'' with/IN the/DT average/JJ estimate/NN by/IN a/DT analysts/NNS that/IN third-quarter/JJ earnings/NNS per/IN share/NN rose/VBD by/IN about/RB 19/CD %/NN ,/, to/TO $/$ 1/CD ./. 
The/DT company/NN expects/VBZ to/TO achieve/VB the/DT 20/CD %/NN increase/NN in/IN full-year/JJ earnings/NNS per/IN share/NN ,/, as/IN it/PRP projected/VBD in/IN the/DT spring/NN ,/, the/DT spokesman/NN said/VBD ./. 
Meanwhile/RB ,/, analysts/NNS said/VBD Pfizer/NNP 's/POS recent/JJ string/NN of/IN lackluster/JJ quarterly/JJ performances/NNS continued/VBD ,/, as/IN earnings/NNS in/IN the/DT quarter/NN were/VBD expected/VBN to/TO decline/VB by/IN about/RB 5/CD %/NN ./. 
Sales/NNS of/IN Pfizer/NNP 's/POS important/JJ drugs/NNS ,/, Feldene/NNP for/IN treating/VBG arthritis/NN ,/, and/CC Procardia/NNP ,/, a/DT heart/NN medicine/NN ,/, have/VBP shrunk/VBN because/IN of/IN increased/VBN competition/NN ./. 
``/`` The/DT -LRB-/-LRB- strong/JJ -RRB-/-RRB- dollar/NN hurt/VBD Pfizer/NNP a/DT lot/NN ,/, too/RB ,/, ''/'' Mr./NNP Sweig/NNP said/VBD ./. 
In/IN the/DT third/JJ quarter/NN last/JJ year/NN ,/, Pfizer/NNP earned/VBD $/$ 216.8/CD million/CD ,/, or/CC $/$ 1.29/CD a/DT share/NN ./. 
In/IN New/NNP York/NNP ,/, the/DT company/NN declined/VBD comment/NN ./. 
Analysts/NNS said/VBD they/PRP expected/VBD Upjohn/NNP 's/POS profit/NN to/TO be/VB flat/JJ or/CC rise/VB by/IN only/RB about/IN 2/CD %/NN to/TO 4/CD %/NN as/IN compared/VBN with/IN $/$ 89.6/CD million/CD ,/, or/CC 49/CD cents/NNS a/DT share/NN ,/, it/PRP earned/VBD a/DT year/NN ago/RB ./. 
Upjohn/NNP 's/POS biggest-selling/JJ drugs/NNS are/VBP Xanax/NNP ,/, a/DT tranquilizer/NN ,/, and/CC Halcion/NNP ,/, a/DT sedative/NN ./. 
Sales/NNS of/IN both/DT drugs/NNS have/VBP been/VBN hurt/VBN by/IN new/JJ state/NN laws/NNS restricting/VBG the/DT prescriptions/NNS of/IN certain/JJ tranquilizing/NN medicines/NNS and/CC adverse/JJ publicity/NN about/IN the/DT excessive/JJ use/NN of/IN the/DT drugs/NNS ./. 
Also/RB ,/, the/DT company/NN 's/POS hair-growing/JJ drug/NN ,/, Rogaine/NNP ,/, is/VBZ selling/VBG well/RB --/: at/IN about/IN $/$ 125/CD million/CD for/IN the/DT year/NN ,/, but/CC the/DT company/NN 's/POS profit/NN from/IN the/DT drug/NN has/VBZ been/VBN reduced/VBN by/IN Upjohn/NNP 's/POS expensive/JJ print/NN and/CC television/NN campaigns/NNS for/IN advertising/NN ,/, analysts/NNS said/VBD ./. 
In/IN Kalamazoo/NNP ,/, Mich./NNP ,/, Upjohn/NNP declined/VBD comment/NN ./. 
Amid/IN a/DT crowd/NN of/IN crashing/VBG stocks/NNS ,/, Relational/NNP Technology/NNP Inc./NNP 's/POS stock/NN fell/VBD particularly/RB hard/JJ Friday/NNP ,/, dropping/VBG 23/CD %/NN because/IN its/PRP$ problems/NNS were/VBD compounded/VBN by/IN disclosure/NN of/IN an/DT unexpected/JJ loss/NN for/IN its/PRP$ fiscal/JJ first/JJ quarter/NN ./. 
The/DT database/NN software/NN company/NN said/VBD it/PRP expects/VBZ a/DT $/$ 2/CD million/CD net/JJ loss/NN for/IN the/DT fiscal/JJ first/JJ quarter/NN ended/VBN Sept./NNP 30/CD ./. 
It/PRP said/VBD analysts/NNS had/VBD been/VBN expecting/VBG a/DT small/JJ profit/NN for/IN the/DT period/NN ./. 
Revenue/NN is/VBZ expected/VBN to/TO be/VB ``/`` up/RB modestly/RB ''/'' from/IN the/DT $/$ 26.5/CD million/CD reported/VBN a/DT year/NN ago/RB ./. 
Relational/NNP Technology/NNP reported/VBD net/JJ income/NN of/IN $/$ 1.5/CD million/CD ,/, or/CC 12/CD cents/NNS a/DT share/NN ,/, in/IN the/DT year-earlier/JJ period/NN ./. 
``/`` While/IN our/PRP$ international/JJ operations/NNS showed/VBD strong/JJ growth/NN ,/, our/PRP$ domestic/JJ business/NN was/VBD substantially/RB below/IN expectations/NNS ,/, ''/'' said/VBD Paul/NNP Newton/NNP ,/, president/NN and/CC chief/JJ executive/NN officer/NN ./. 
A/DT spokesman/NN said/VBD the/DT company/NN 's/POS first/JJ quarter/NN is/VBZ historically/RB soft/JJ ,/, and/CC computer/NN companies/NNS in/IN general/JJ are/VBP experiencing/VBG slower/JJR sales/NNS ./. 
Mr./NNP Newton/NNP said/VBD he/PRP accepted/VBD the/DT resignation/NN of/IN Thomas/NNP Wilson/NNP ,/, vice/NN president/NN of/IN corporate/JJ sales/NNS ,/, and/CC that/IN his/PRP$ marketing/NN responsibilities/NNS have/VBP been/VBN reassigned/VBN ./. 
The/DT company/NN said/VBD Mr./NNP Wilson/NNP 's/POS resignation/NN was/VBD n't/RB related/VBN to/TO the/DT sales/NNS shortfall/NN ./. 
Relational/NNP Technology/NNP went/VBD public/JJ in/IN May/NNP 1988/CD at/IN $/$ 14/CD a/DT share/NN ./. 
It/PRP fell/VBD $/$ 1.875/CD a/DT share/NN Friday/NNP ,/, to/TO $/$ 6.25/CD ,/, a/DT new/JJ low/NN ,/, in/IN over-the-counter/JJ trading/NN ./. 
Its/PRP$ high/NN for/IN the/DT past/JJ year/NN was/VBD $/$ 16.375/CD a/DT share/NN ./. 
In/IN the/DT previous/JJ quarter/NN ,/, the/DT company/NN earned/VBD $/$ 4.5/CD million/CD ,/, or/CC 37/CD cents/NNS a/DT share/NN ,/, on/IN sales/NNS of/IN $/$ 47.2/CD million/CD ./. 
The/DT Bronx/NNP has/VBZ a/DT wonderful/JJ botanical/JJ garden/NN ,/, a/DT great/JJ zoo/NN ,/, its/PRP$ own/JJ charming/JJ Little/NNP Italy/NNP -LRB-/-LRB- on/IN Arthur/NNP Avenue/NNP -RRB-/-RRB- and/CC ,/, of/IN course/NN ,/, the/DT Yankees/NNPS ./. 
However/RB ,/, most/JJS people/NNS ,/, having/VBG been/VBN subjected/VBN to/TO news/NN footage/NN of/IN the/DT devastated/VBN South/NNP Bronx/NNP ,/, look/NN at/IN the/DT borough/NN the/DT way/NN Tom/NNP Wolfe/NNP 's/POS Sherman/NNP McCoy/NNP did/VBD in/IN ``/`` Bonfire/NNP of/IN the/DT Vanities/NNS ''/'' --/: as/IN a/DT wrong/JJ turn/NN into/IN hell/NN ./. 
But/CC Laura/NNP Cunningham/NNP 's/POS Bronx/NNP ,/, her/PRP$ childhood/NN Bronx/NNP of/IN the/DT '50s/CD ,/, is/VBZ something/NN else/RB altogether/RB ./. 
In/IN a/DT lovely/JJ ,/, novelistic/JJ memoir/NN ,/, ``/`` Sleeping/VBG Arrangements/NNP ''/'' -LRB-/-LRB- Knopf/NNP ,/, 195/CD pages/NNS ,/, $/$ 18.95/CD -RRB-/-RRB- ,/, she/PRP remembers/VBZ an/DT exotic/JJ playground/NN ,/, peopled/VBD mainly/RB by/IN Jewish/JJ eccentrics/NNS and/CC the/DT occasional/JJ Catholic/NNP -LRB-/-LRB- real/JJ oddballs/NNS like/IN her/PRP$ sexpot/NN friend/NN ,/, the/DT hell-kitten/JJ Diana/NNP ,/, age/NN five/CD -RRB-/-RRB- ./. 
Ms./NNP Cunningham/NNP ,/, a/DT novelist/NN and/CC playwright/NN ,/, has/VBZ a/DT vivid/JJ and/CC dramatically/RB outsized/JJ sense/NN of/IN recall/NN ./. 
She/PRP transforms/VBZ her/PRP ``/`` Bronx/NNP of/IN the/DT emotions/NNS ,/, a/DT place/NN where/WRB the/DT flats/NNS of/IN mediocrity/NN are/VBP only/RB relieved/VBN by/IN steep/JJ descents/NNS into/IN hysteria/NN ''/'' into/IN the/DT ``/`` Babylonian/NNP Bronx/NNP ,/, ''/'' a/DT world/NN simmering/VBG with/IN sex/NN and/CC death/NN and/CC intrigue/NN ./. 
In/IN the/DT Babylonian/NNP Bronx/NNP ,/, Jewish/JJ working-class/JJ people/NNS lived/VBN in/IN drab/JJ ,/, Soviet-style/JJ buildings/NNS ``/`` glamorized/VBD ''/'' with/IN names/NNS like/IN AnaMor/NNP Towers/NNP -LRB-/-LRB- after/IN owners/NNS Anna/NNP and/CC Morris/NNP Snezak/NNP -RRB-/-RRB- ,/, whose/WP$ lobbies/NNS and/CC hallways/NNS were/VBD decorated/VBN with/IN murals/NNS of/IN ancient/JJ Syrians/NNPS and/CC Greeks/NNPS ,/, friezes/NNS of/IN Pompeii/NNP ./. 
For/IN Ms./NNP Cunningham/NNP the/DT architectural/JJ discombobulation/NN matched/VBD the/DT discrepancy/NN she/PRP felt/VBD living/VBG in/IN the/DT AnaMor/NNP Towers/NNP as/IN a/DT little/JJ girl/NN :/: ``/`` .../: outwardly/RB ordinary/JJ ,/, inwardly/JJ ornate/NN ,/, owing/VBG all/DT inspiration/NN to/TO heathen/VB cultures/NNS ./. ''/'' 
Sharp-witted/JJ and/CC funny/JJ but/CC never/RB mean/VBP ,/, she/PRP 's/VBZ a/DT memorialist/NN a/DT bit/NN like/IN Truman/NNP Capote/NNP ,/, if/IN he/PRP 'd/MD been/VBN Jewish/JJ and/CC female/JJ and/CC less/RBR bitchy/JJ ./. 
Little/NNP Lily/NNP ,/, as/IN Ms./NNP Cunningham/NNP calls/VBZ herself/PRP in/IN the/DT book/NN ,/, really/RB was/VBD n't/RB ordinary/JJ ./. 
She/PRP was/VBD raised/VBN ,/, for/IN the/DT first/JJ eight/CD years/NNS ,/, by/IN her/PRP$ mother/NN ,/, Rosie/NNP ,/, whom/WP she/PRP remembers/VBZ as/IN a/DT loving/JJ liar/NN ,/, who/WP realigned/VBD history/NN to/TO explain/VB why/WRB Lily/NNP 's/POS father/NN did/VBD n't/RB live/VB with/IN them/PRP ./. 
Rosie/NNP reinvented/VBD this/DT man/NN ,/, who/WP may/MD or/CC may/MD not/RB have/VB known/VBN about/IN his/PRP$ child/NN ,/, as/IN a/DT war/NN hero/NN for/IN Lily/NNP 's/POS benefit/NN ./. 
Rosie/NNP died/VBD young/JJ and/CC Lily/NNP has/VBZ remembered/VBN her/PRP as/IN a/DT romantic/JJ figure/NN ,/, who/WP did/VBD n't/RB interfere/VB much/RB with/IN her/PRP$ child/NN 's/POS education/NN on/IN the/DT streets/NNS ./. 
The/DT games/NNS Bronx/NNP children/NNS played/VBD -LRB-/-LRB- holding/VBG kids/NNS down/RB and/CC stripping/VBG them/PRP ,/, for/IN example/NN -RRB-/-RRB- seem/VBP tame/JJ by/IN today/NN 's/POS crack/NN standards/NNS ,/, but/CC Ms./NNP Cunningham/NNP makes/VBZ it/PRP all/DT sound/VBP like/IN a/DT great/JJ adventure/NN ./. 
``/`` Without/IN official/JJ knowledge/NN of/IN sex/NN or/CC death/NN ,/, we/PRP flirted/VBN with/IN both/DT ,/, ''/'' she/PRP writes/VBZ ./. 
She/PRP analyzed/VBD families/NNS by/IN their/PRP$ sleeping/VBG arrangements/NNS ./. 
Her/PRP$ friend/NN Susan/NNP ,/, whose/WP$ parents/NNS kept/VBD reminding/VBG her/PRP she/PRP was/VBD unwanted/JJ ,/, slept/VBD on/IN a/DT narrow/JJ bed/NN wedged/VBD into/IN her/PRP$ parents/NNS '/POS bedroom/NN ,/, as/IN though/IN she/PRP were/VBD a/DT temporary/JJ visitor/NN ./. 
Her/PRP$ friend/NN Diana/NNP 's/POS father/NN was/VBD a/DT professional/JJ thief/NN ;/: they/PRP did/VBD n't/RB seem/VB to/TO have/VB any/DT bedrooms/NNS at/IN all/DT ./. 
Maybe/RB Lily/NNP became/VBD so/RB obsessed/VBN with/IN where/WRB people/NNS slept/VBD and/CC how/WRB because/IN her/PRP$ own/JJ arrangements/NNS kept/VBD shifting/VBG ./. 
When/WRB Rosie/NNP died/VBD ,/, her/PRP$ uncles/NNS moved/VBN in/IN --/: and/CC let/VB her/PRP make/VB the/DT sleeping/NN and/CC other/JJ household/NN arrangements/NNS ./. 
They/PRP painted/VBD the/DT apartment/NN orange/NN ,/, pink/JJ and/CC white/JJ ,/, according/VBG to/TO her/PRP$ instructions/NNS ./. 
With/IN loving/JJ detail/NN she/PRP recalls/VBZ her/PRP Uncle/NNP Gabe/NNP ,/, an/DT Orthodox/NNP Jew/NNP and/CC song/NN lyricist/NN -LRB-/-LRB- who/WP rhymed/VBD river/NN with/IN liver/NN in/IN a/DT love/NN song/NN -RRB-/-RRB- ;/: and/CC Uncle/NNP Len/NNP ,/, a/DT mysterious/JJ part-time/JJ investigator/NN who/WP looked/VBD like/IN Lincoln/NNP and/CC carried/VBD a/DT change/NN of/IN clothing/NN in/IN a/DT Manila/NNP envelope/NN ,/, like/IN an/DT ``/`` undercover/JJ President/NNP on/IN a/DT good-will/NN mission/NN ./. ''/'' 
They/PRP came/VBD by/IN their/PRP$ strangeness/NN honestly/RB ./. 
Lily/NNP 's/POS grandmother/NN ,/, no/DT cookie/NN baker/NN ,/, excised/VBD the/DT heads/NNS of/IN disliked/JJ relatives/NNS from/IN the/DT family/NN album/NN ,/, and/CC lugged/VBD around/IN her/PRP$ perennial/JJ work-in-progress/NN ,/, ``/`` Philosophy/NNP for/IN Women/NNP ./. ''/'' 
The/DT book/NN loses/VBZ some/DT momentum/NN toward/IN the/DT end/NN ,/, when/WRB Lily/NNP becomes/VBZ more/RBR preoccupied/VBN with/IN dating/VBG boys/NNS and/CC less/JJR with/IN her/PRP delightfully/RB weird/JJ family/NN ./. 
For/IN the/DT most/JJS part/NN ,/, though/RB ,/, there/EX 's/VBZ much/JJ pleasure/NN in/IN her/PRP$ saucy/NN ,/, poignant/JJ probe/NN into/IN the/DT mysteries/NNS of/IN the/DT Babylonian/NNP Bronx/NNP ./. 
The/DT Bronx/NNP also/RB figures/VBZ in/IN Bruce/NNP Jay/NNP Friedman/NNP 's/POS latest/JJS novel/NN ,/, which/WDT flashes/VBZ back/RB to/TO the/DT New/NNP York/NNP of/IN the/DT '50s/CD ./. 
But/CC both/DT the/DT past/JJ and/CC present/JJ worlds/NNS of/IN ``/`` The/DT Current/JJ Climate/NN ''/'' -LRB-/-LRB- Atlantic/NNP Monthly/JJ Press/NNP ,/, 200/CD pages/NNS ,/, $/$ 18.95/CD -RRB-/-RRB- feel/NN cramped/VBD and/CC static/JJ ./. 
For/IN his/PRP$ sixth/JJ novel/NN ,/, Mr./NNP Friedman/NNP tried/VBD to/TO resuscitate/VB the/DT protagonist/NN of/IN his/PRP$ 1972/CD work/NN ,/, ``/`` About/IN Harry/NNP Towns/NNP ./. ''/'' 
Harry/NNP is/VBZ now/RB a/DT 57-year-old/JJ writer/NN ,/, whose/WP$ continuing/VBG flirtation/NN with/IN drugs/NNS and/CC marginal/JJ types/NNS in/IN Hollywood/NNP and/CC New/NNP York/NNP seems/VBZ quaintly/RB out-of-synch/JJ ./. 
Harry/NNP fondly/RB remembers/VBZ the/DT ``/`` old/JJ ''/'' days/NNS of/IN the/DT early/JJ '70s/NNS ,/, when/WRB people/NNS like/IN his/PRP$ friend/NN Travis/NNP would/MD take/VB a/DT psychiatrist/NN on/IN a/DT date/NN to/TO analyze/VB what/WP Travis/NNP was/VBD doing/VBG wrong/JJ ./. 
``/`` An/DT L.A./NNP solution/NN ,/, ''/'' explains/VBZ Mr./NNP Friedman/NNP ./. 
Line/NN by/IN line/NN Mr./NNP Friedman/NNP 's/POS weary/JJ cynicism/NN can/MD be/VB amusing/JJ ,/, especially/RB when/WRB he/PRP 's/VBZ riffing/VBG on/IN the/DT Hollywood/NNP social/JJ scheme/NN --/: the/DT way/NN people/NNS size/VBP each/DT other/JJ up/RP ,/, immediately/RB canceling/VBG the/DT desperate/JJ ones/NNS who/WP merely/RB almost/RB made/VBD it/PRP ./. 
Harry/NNP has/VBZ avoided/VBN all/DT that/IN by/IN living/VBG in/IN a/DT Long/NNP Island/NNP suburb/NN with/IN his/PRP$ wife/NN ,/, who/WP 's/VBZ so/RB addicted/VBN to/TO soap/NN operas/NNS and/CC mystery/NN novels/NNS she/PRP barely/RB seems/VBZ to/TO notice/VB when/WRB her/PRP$ husband/NN disappears/VBZ for/IN drug-seeking/JJ forays/NNS into/IN Manhattan/NNP ./. 
But/CC it/PRP does/VBZ n't/RB take/VB too/RB many/JJ lines/NNS to/TO figure/VB Harry/NNP out/RP ./. 
He/PRP 's/VBZ a/DT bore/VBD ./. 
Gulf/NNP Resources/NNPS &/CC Chemical/NNP Corp./NNP said/VBD it/PRP agreed/VBD to/TO pay/VB $/$ 1.5/CD million/CD as/IN part/NN of/IN an/DT accord/NN with/IN the/DT Environmental/NNP Protection/NNP Agency/NNP regarding/VBG an/DT environmental/JJ cleanup/NN of/IN a/DT defunct/JJ smelter/NN the/DT company/NN formerly/RB operated/VBN in/IN Idaho/NNP ./. 
In/IN 1984/CD the/DT EPA/NNP notified/VBD Gulf/NNP Resources/NNPS ,/, which/WDT was/VBD a/DT part-owner/NN of/IN the/DT smelter/NN ,/, that/IN it/PRP was/VBD potentially/RB liable/JJ for/IN sharing/VBG cleanup/NN costs/NNS at/IN the/DT site/NN under/IN the/DT federal/JJ Superfund/NNP program/NN ./. 
The/DT 21-square-mile/JJ area/NN is/VBZ contaminated/VBN with/IN lead/NN ,/, zinc/NN and/CC other/JJ metals/NNS ./. 
Gulf/NNP Resources/NNPS earlier/RBR this/DT year/NN proposed/VBD a/DT reorganization/NN plan/NN that/WDT would/MD make/VB it/PRP a/DT unit/NN of/IN a/DT Bermuda/NNP concern/NN ,/, potentially/RB exempting/VBG it/PRP from/IN liability/NN for/IN the/DT smelter/NN 's/POS cleanup/NN costs/NNS ./. 
The/DT company/NN said/VBD that/IN as/IN part/NN of/IN its/PRP$ agreement/NN with/IN the/DT EPA/NNP ,/, it/PRP ``/`` made/VBD certain/JJ voluntary/JJ undertakings/NNS with/IN respect/NN to/TO intercorporate/VB transactions/NNS entered/VBD into/IN after/IN the/DT reorganization/NN ./. ''/'' 
The/DT company/NN ,/, which/WDT issued/VBD a/DT statement/NN on/IN the/DT agreement/NN late/JJ Friday/NNP ,/, said/VBD that/IN $/$ 1/CD million/CD of/IN the/DT payment/NN was/VBD previously/RB provided/VBN for/IN in/IN its/PRP$ financial/JJ statements/NNS and/CC that/IN $/$ 500,000/CD will/MD be/VB recognized/VBN in/IN its/PRP$ 1989/CD third-quarter/JJ statement/NN ./. 
The/DT agreement/NN and/CC consent/NN decree/NN are/VBP subject/JJ to/TO court/VB approval/NN ,/, the/DT company/NN said/VBD ./. 
Gulf/NNP Resources/NNP added/VBD that/IN it/PRP ``/`` will/MD seek/VB to/TO recover/VB equitable/JJ contribution/NN from/IN others/NNS for/IN both/DT the/DT amount/NN of/IN the/DT settlement/NN and/CC any/DT other/JJ liabilities/NNS it/PRP may/MD incur/VB under/IN the/DT Superfund/NNP law/NN ./. ''/'' 
Under/IN the/DT agreement/NN ,/, Gulf/NNP must/MD give/VB the/DT U.S./NNP government/NN 45/CD days/NNS '/POS advance/NN written/JJ notice/NN before/IN issuing/VBG any/DT dividends/NNS on/IN common/JJ stock/NN ./. 
The/DT company/NN 's/POS net/JJ worth/NN can/MD not/RB fall/VB below/IN $/$ 185/CD million/CD after/IN the/DT dividends/NNS are/VBP issued/VBN ./. 
``/`` The/DT terms/NNS of/IN that/DT agreement/NN only/RB become/VB effective/JJ the/DT date/NN of/IN Gulf/NNP 's/POS reorganization/NN ,/, which/WDT we/PRP anticipate/VBP will/MD occur/VB sometime/RB in/IN early/JJ 1990/CD ,/, ''/'' said/VBD Lawrence/NNP R./NNP Mehl/NNP ,/, Gulf/NNP 's/POS general/JJ counsel/NN ./. 
In/IN addition/NN ,/, Gulf/NNP must/MD give/VB the/DT government/NN 20/CD days/NNS '/POS advance/NN written/JJ notice/NN of/IN any/DT loans/NNS exceeding/VBG $/$ 50/CD million/CD that/WDT are/VBP made/VBN to/TO the/DT Bermuda-based/JJ holding/VBG company/NN ./. 
Gulf/NNP 's/POS net/JJ worth/NN after/IN those/DT transaction/NN must/MD be/VB at/IN least/JJS $/$ 150/CD million/CD ./. 
Separately/RB ,/, the/DT company/NN said/VBD it/PRP expects/VBZ to/TO hold/VB a/DT special/JJ meeting/NN for/IN shareholders/NNS in/IN early/JJ 1990/CD to/TO vote/VB on/IN its/PRP$ proposed/VBN reorganization/NN ./. 
Many/JJ of/IN the/DT nation/NN 's/POS highest-ranking/JJ executives/NNS saluted/VBD Friday/NNP 's/POS market/NN plunge/NN as/IN an/DT overdue/JJ comeuppance/NN for/IN speculators/NNS and/CC takeover/NN players/NNS ./. 
Assuming/VBG that/IN the/DT market/NN does/VBZ n't/RB head/VB into/IN a/DT bottomless/JJ free/JJ fall/NN ,/, some/DT executives/NNS think/VBP Friday/NNP 's/POS action/NN could/MD prove/VB a/DT harbinger/NN of/IN good/JJ news/NN --/: as/IN a/DT sign/NN that/IN the/DT leveraged/JJ buy-out/NN and/CC takeover/NN frenzy/NN of/IN recent/JJ years/NNS may/MD be/VB abating/VBG ./. 
``/`` This/DT is/VBZ a/DT reaction/NN to/TO artificial/JJ LBO/NNP valuations/NNS ,/, rather/RB than/IN to/TO any/DT fundamentals/NNS ,/, ''/'' said/VBD John/NNP Young/NNP ,/, chairman/NN of/IN Hewlett-Packard/NNP Co./NNP ,/, whose/WP$ shares/NNS dropped/VBD $/$ 3.125/CD to/TO $/$ 48.125/CD ./. 
``/`` If/IN we/PRP get/VBP rid/JJ of/IN a/DT lot/NN of/IN that/DT nonsense/NN ,/, it/PRP will/MD be/VB a/DT big/JJ plus/NN ./. ''/'' 
A/DT few/JJ of/IN the/DT executives/NNS here/RB for/IN the/DT fall/NN meeting/NN of/IN the/DT Business/NNP Council/NNP ,/, a/DT group/NN that/WDT meets/VBZ to/TO discuss/VB national/JJ issues/NNS ,/, were/VBD only/RB too/RB happy/JJ to/TO personalize/VB their/PRP$ criticism/NN ./. 
``/`` People/NNS wish/VBP the/DT government/NN would/MD do/VB something/NN about/IN leveraged/JJ buy-outs/NNS ,/, do/VBP something/NN about/IN takeovers/NNS ,/, do/VBP something/NN about/IN Donald/NNP Trump/NNP ,/, ''/'' said/VBD Rand/NNP Araskog/NNP ,/, chairman/NN of/IN ITT/NNP Corp./NNP ,/, whose/WP$ stock/NN dropped/VBD $/$ 3.375/CD ./. 
``/`` Where/WRB 's/VBZ the/DT leadership/NN ?/. 
Where/WRB 's/VBZ the/DT guy/NN who/WP can/MD say/VB :/: `/`` Enough/NNP is/VBZ enough/RB '/'' ''/'' ?/. 
The/DT executives/NNS were/VBD remarkably/RB unperturbed/JJ by/IN the/DT plunge/NN even/RB though/IN it/PRP lopped/VBD billions/NNS of/IN dollars/NNS off/IN the/DT value/NN of/IN their/PRP$ companies/NNS --/: and/CC millions/NNS off/IN their/PRP$ personal/JJ fortunes/NNS ./. 
``/`` I/PRP 'm/VBP not/RB going/VBG to/TO worry/VB about/IN one/CD day/NN 's/POS decline/NN ,/, ''/'' said/VBD Kenneth/NNP Olsen/NNP ,/, Digital/NNP Equipment/NNP Corp./NNP president/NN ,/, who/WP was/VBD leisurely/JJ strolling/VBG through/IN the/DT bright/JJ orange/NN and/CC yellow/JJ leaves/NNS of/IN the/DT mountains/NNS here/RB after/IN his/PRP$ company/NN 's/POS shares/NNS plunged/VBD $/$ 5.75/CD to/TO close/VB at/IN $/$ 86.50/CD ./. 
``/`` I/PRP did/VBD n't/RB bother/VB calling/VBG anybody/NN ;/: I/PRP did/VBD n't/RB even/RB turn/VB on/IN TV/NN ./. ''/'' 
``/`` There/EX has/VBZ n't/RB been/VBN any/DT fundamental/JJ change/NN in/IN the/DT economy/NN ,/, ''/'' added/VBD John/NNP Smale/NNP ,/, whose/WP$ Procter/NNP &/CC Gamble/NNP Co./NNP took/VBD an/DT $/$ 8.75/CD slide/NN to/TO close/VB at/IN $/$ 120.75/CD ./. 
``/`` The/DT fact/NN that/IN this/DT happened/VBD two/CD years/NNS ago/RB and/CC there/EX was/VBD a/DT recovery/NN gives/VBZ people/NNS some/DT comfort/NN that/IN this/DT wo/MD n't/RB be/VB a/DT problem/NN ./. ''/'' 
Of/IN course/NN ,/, established/VBD corporate/JJ managements/NNS often/RB tend/VBP to/TO applaud/VB the/DT setbacks/NNS of/IN stock/NN speculators/NNS and/CC takeover/NN artists/NNS ./. 
Indeed/RB ,/, one/CD chief/JJ executive/NN who/WP was/VBD downright/RB delighted/JJ by/IN Friday/NNP 's/POS events/NNS was/VBD Robert/NNP Crandall/NNP ,/, chairman/NN of/IN AMR/NNP Corp./NNP ,/, the/DT parent/NN of/IN American/NNP Airlines/NNPS and/CC the/DT target/NN of/IN a/DT takeover/NN offer/NN by/IN Mr./NNP Trump/NNP ./. 
Asked/VBN whether/IN Friday/NNP 's/POS action/NN could/MD help/VB him/PRP avoid/VB being/VBG Trumped/VBN by/IN the/DT New/NNP York/NNP real/JJ estate/NN magnate/NN ,/, Mr./NNP Crandall/NNP smiled/VBD broadly/RB and/CC said/VBD :/: ``/`` No/DT comment/NN ./. ''/'' 
On/IN Friday/NNP morning/NN ,/, before/IN the/DT market/NN 's/POS sell-off/NN ,/, the/DT business/NN leaders/NNS issued/VBD a/DT report/NN predicting/VBG the/DT economy/NN would/MD grow/VB at/IN roughly/RB an/DT inflation-adjusted/JJ 2/CD %/NN annual/JJ rate/NN ,/, through/IN next/JJ year/NN ,/, then/RB accelerate/VB anew/RB in/IN 1991/CD ./. 
Of/IN the/DT 19/CD economists/NNS who/WP worked/VBD on/IN the/DT Business/NNP Council/NNP forecast/NN ,/, only/RB two/CD projected/VBN periods/NNS of/IN decline/NN in/IN the/DT nation/NN 's/POS output/NN over/IN the/DT next/JJ two/CD years/NNS ,/, and/CC in/IN ``/`` both/DT instances/NNS the/DT declines/NNS are/VBP too/RB modest/JJ to/TO warrant/VB the/DT phrase/NN recession/NN ,/, ''/'' said/VBD Lewis/NNP Preston/NNP ,/, chairman/NN of/IN J.P./NNP Morgan/NNP &/CC Co./NNP and/CC vice/NN chairman/NN of/IN the/DT Business/NNP Council/NNP ./. 
The/DT real/JJ estate/NN slump/NN that/WDT 's/VBZ pushing/VBG down/RP the/DT price/NN of/IN New/NNP York/NNP office/NN space/NN and/CC housing/NN is/VBZ also/RB affecting/VBG the/DT city/NN 's/POS retail/JJ real/JJ estate/NN market/NN ./. 
In/IN Manhattan/NNP ,/, once-desirable/JJ store/NN sites/NNS sit/VBP vacant/JJ and/CC newly/RB constructed/VBN space/NN has/VBZ been/VBN slow/JJ to/TO fill/VB ./. 
Retail/JJ real/JJ estate/NN brokers/NNS say/VBP tenants/NNS are/VBP reluctant/JJ to/TO sign/VB leases/NNS because/IN of/IN uncertainty/NN about/IN the/DT local/JJ economy/NN ,/, turmoil/NN in/IN their/PRP$ own/JJ industries/NNS and/CC a/DT belief/NN that/IN rents/NNS have/VBP not/RB yet/RB hit/VBN bottom/NN ./. 
``/`` There/EX is/VBZ an/DT unbelievable/JJ amount/NN of/IN space/NN available/JJ ,/, ''/'' says/VBZ Faith/NNP Consolo/NNP ,/, senior/JJ vice/NN president/NN at/IN Garrick-Aug/NNP Associates/NNP Store/NNP Leasing/NNP Inc/NNP ./. 
There/EX are/VBP about/IN 2,000/CD stores/NNS for/IN rent/NN ,/, up/RB from/IN a/DT more/RBR typical/JJ range/NN of/IN 1,200/CD to/TO 1,500/CD ./. 
``/`` This/DT further/JJ confuses/VBZ retailers/NNS ,/, ''/'' she/PRP says/VBZ ./. 
``/`` They/PRP wonder/VBP should/MD they/PRP sign/VB a/DT lease/NN if/IN prices/NNS are/VBP still/RB coming/VBG down/RP ?/. 
Is/VBZ this/DT the/DT wrong/JJ time/NN to/TO open/VB a/DT store/NN ?/. 
Who/WP is/VBZ going/VBG to/TO be/VB in/IN the/DT space/NN next/JJ door/NN ?/. ''/'' 
In/IN addition/NN ,/, Ms./NNP Consolo/NNP says/VBZ ,/, tenants/NNS usually/RB can/MD negotiate/VB to/TO pay/VB rents/NNS that/WDT are/VBP about/IN one-quarter/NN lower/JJR than/IN landlords/NNS '/POS initial/JJ asking/NN price/NN ./. 
A/DT handful/NN of/IN hot/JJ retail/JJ locations/NNS ,/, such/JJ as/IN the/DT 57th/CD Street/NNP and/CC Madison/NNP and/CC Fifth/NNP Avenue/NNP areas/NNS ,/, have/VBP been/VBN able/JJ to/TO sustain/VB what/WP many/JJ see/VBP as/IN astronomical/JJ rents/NNS ./. 
And/CC ,/, in/IN some/DT neighborhoods/NNS ,/, rents/NNS have/VBP merely/RB hit/VBN a/DT plateau/NN ./. 
But/CC on/IN average/NN ,/, Manhattan/NNP retail/JJ rents/NNS have/VBP dropped/VBN 10/CD %/NN to/TO 15/CD %/NN in/IN the/DT past/JJ six/CD months/NNS alone/RB ,/, experts/NNS say/VBP ./. 
That/DT follows/VBZ a/DT more/RBR subtle/JJ decline/NN in/IN the/DT prior/JJ six/CD months/NNS ,/, after/IN Manhattan/NNP rents/NNS had/VBD run/VBN up/RP rapidly/RB since/IN 1986/CD ./. 
The/DT same/JJ factors/NNS limiting/VBG demand/NN for/IN office/NN space/NN have/VBP affected/VBN retailing/NN ./. 
``/`` As/IN businesses/NNS contract/NN or/CC depart/VB ,/, the/DT number/NN of/IN employees/NNS who/WP might/MD use/VB retail/JJ services/NNS shrinks/VBZ ,/, ''/'' says/VBZ Edward/NNP A./NNP Friedman/NNP ,/, senior/JJ vice/NN president/NN of/IN Helmsley/NNP Spear/NNP Inc/NNP ./. 
He/PRP says/VBZ financial/JJ problems/NNS plaguing/VBG electronics/NNS ,/, fur/NN and/CC furniture/NN companies/NNS --/: key/JJ categories/NNS in/IN the/DT local/JJ retail/JJ economy/NN --/: have/VBP further/RBR deflated/VBN the/DT market/NN ./. 
Hardest/JJS hit/NN are/VBP what/WP he/PRP calls/VBZ ``/`` secondary/JJ ''/'' sites/NNS that/WDT primarily/RB serve/VBP neighborhood/NN residents/NNS ./. 
In/IN these/DT locations/NNS ,/, Mr./NNP Friedman/NNP says/VBZ ,/, ``/`` Retailers/NNS are/VBP increasingly/RB cautious/JJ about/IN expanding/VBG and/CC rents/NNS have/VBP remained/VBN steady/JJ or/CC in/IN some/DT cases/NNS have/VBP declined/VBN ./. ''/'' 
Weakness/NN in/IN the/DT restaurant/NN industry/NN ,/, which/WDT is/VBZ leaving/VBG retail/JJ space/NN vacant/JJ ,/, exacerbates/VBZ the/DT problem/NN for/IN landlords/NNS ./. 
It/PRP is/VBZ also/RB no/DT comfort/NN to/TO landlords/NNS and/CC small/JJ New/NNP York/NNP retailers/NNS when/WRB the/DT future/NN of/IN larger/JJR department/NN stores/NNS ,/, which/WDT anchor/VB retail/JJ neighborhoods/NNS ,/, are/VBP in/IN doubt/NN ./. 
Hooker/NNP Corp./NNP ,/, parent/NN of/IN Bonwit/NNP Teller/NNP and/CC B./NNP Altman/NNP 's/POS ,/, is/VBZ mired/VBN in/IN bankruptcy/NN proceedings/NNS and/CC Bloomingdale/NNP 's/POS is/VBZ for/IN sale/NN by/IN its/PRP$ owner/NN ,/, Campeau/NNP Corp/NNP ./. 
The/DT trend/NN toward/IN lower/JJR rents/NNS may/MD seem/VB surprising/JJ given/VBN that/IN some/DT communities/NNS in/IN New/NNP York/NNP are/VBP bemoaning/VBG the/DT loss/NN of/IN favorite/JJ local/JJ businesses/NNS to/TO high/JJ rents/NNS ./. 
But/CC ,/, despite/IN the/DT recent/JJ softening/NN ,/, for/IN many/JJ of/IN these/DT retailers/NNS there/EX 's/VBZ still/RB been/VBN too/RB big/JJ a/DT jump/NN from/IN the/DT rental/JJ rates/NNS of/IN the/DT late/JJ 1970s/NNS ,/, when/WRB their/PRP$ leases/NNS were/VBD signed/VBN ./. 
Certainly/RB ,/, the/DT recent/JJ drop/NN in/IN prices/NNS does/VBZ n't/RB mean/VB Manhattan/NNP comes/VBZ cheap/JJ ./. 
New/NNP York/NNP retail/JJ rents/NNS still/RB run/VBP well/RB above/IN the/DT going/VBG rate/NN in/IN other/JJ U.S./NNP cities/NNS ./. 
Madison/NNP and/CC Fifth/NNP Avenues/NNP and/CC East/NNP 57th/JJ Street/NNP can/MD command/VB rents/NNS of/IN up/IN to/TO $/$ 500/CD a/DT square/JJ foot/NN ,/, and/CC $/$ 250/CD is/VBZ not/RB uncommon/JJ ./. 
The/DT thriving/VBG 34th/JJ Street/NNP area/NN offers/VBZ rents/NNS of/IN about/IN $/$ 100/CD a/DT square/JJ foot/NN ,/, as/IN do/VBP up-and-coming/JJ locations/NNS along/IN lower/JJR Fifth/NNP Avenue/NNP ./. 
By/IN contrast/NN ,/, rentals/NNS in/IN the/DT best/JJS retail/JJ locations/NNS in/IN Boston/NNP ,/, San/NNP Francisco/NNP and/CC Chicago/NNP rarely/RB top/VBP $/$ 100/CD a/DT square/JJ foot/NN ./. 
And/CC rents/NNS on/IN Beverly/NNP Hills/NNP '/POS Rodeo/NNP Drive/NNP generally/RB do/VBP n't/RB exceed/VB about/IN $/$ 125/CD a/DT square/JJ foot/NN ./. 
The/DT New/NNP York/NNP Stock/NNP Exchange/NNP said/VBD two/CD securities/NNS will/MD begin/VB trading/VBG this/DT week/NN ./. 
Precision/NNP Castparts/NNP Corp./NNP ,/, Portland/NNP ,/, Ore./NNP ,/, will/MD begin/VB trading/VBG with/IN the/DT symbol/NN PCP/NNP ./. 
It/PRP makes/VBZ investment/NN castings/NNS and/CC has/VBZ traded/VBN over-the-counter/JJ ./. 
Royal/NNP Bank/NNP of/IN Scotland/NNP Group/NNP PLC/NNP ,/, an/DT Edinburgh/NNP ,/, Scotland/NNP ,/, financial/JJ services/NNS company/NN ,/, will/MD list/VB American/JJ depositary/NN shares/NNS ,/, representing/VBG preferred/JJ shares/NNS ,/, with/IN the/DT symbol/NN RBSPr/NNP ./. 
It/PRP will/MD continue/VB to/TO trade/VB on/IN the/DT International/NNP Stock/NNP Exchange/NNP ,/, London/NNP ./. 
The/DT American/NNP Stock/NNP Exchange/NNP listed/VBD shares/NNS of/IN two/CD companies/NNS ./. 
AIM/NNP Telephones/NNP Inc./NNP ,/, a/DT Parsippany/NNP ,/, N.J./NNP ,/, telecommunications/NN equipment/NN supply/NN company/NN ,/, started/VBD trading/VBG with/IN the/DT symbol/NN AIM/NNP ./. 
It/PRP had/VBD traded/VBN over-the-counter/JJ ./. 
Columbia/NNP Laboratories/NNPS Inc./NNP ,/, Miami/NNP ,/, began/VBD trading/VBG with/IN the/DT symbol/NN COB/NNP ./. 
The/DT pharmaceuticals/NNS maker/NN had/VBD traded/VBN over-the-counter/JJ ./. 
The/DT National/NNP Market/NNP System/NNP of/IN the/DT Nasdaq/NNP over-the-counter/JJ market/NN listed/VBD shares/NNS of/IN one/CD company/NN ./. 
Employee/NNP Benefit/NNP Plans/NNP Inc./NNP ,/, a/DT Minneapolis/NNP health-care/NN services/NNS company/NN ,/, was/VBD listed/VBN with/IN the/DT symbol/NN EBPI/NNP ./. 
When/WRB Justice/NNP William/NNP Brennan/NNP marks/VBZ the/DT start/NN of/IN his/PRP$ 34th/JJ year/NN on/IN the/DT Supreme/NNP Court/NNP today/NN ,/, the/DT occasion/NN will/MD differ/VB sharply/RB from/IN previous/JJ anniversaries/NNS of/IN his/PRP$ tenure/NN ./. 
For/IN the/DT first/JJ time/NN ,/, the/DT 83-year-old/JJ justice/NN finds/VBZ his/PRP$ influence/NN almost/RB exclusively/RB in/IN dissent/NN ,/, rather/RB than/IN as/IN a/DT force/NN in/IN the/DT high/JJ court/NN 's/POS majority/NN ./. 
This/DT role/NN reversal/NN holds/VBZ true/JJ ,/, as/IN well/RB ,/, for/IN his/PRP$ three/CD liberal/JJ and/CC moderate/JJ allies/NNS ,/, Justices/NNP Thurgood/NNP Marshall/NNP ,/, Harry/NNP Blackmun/NNP and/CC John/NNP Stevens/NNP ./. 
But/CC are/VBP these/DT four/CD players/NNS ,/, three/CD of/IN them/PRP in/IN their/PRP$ 80s/JJ ,/, ready/JJ to/TO assume/VB a/DT different/JJ role/NN after/IN 88/CD years/NNS ,/, collectively/RB ,/, of/IN service/NN on/IN the/DT high/JJ court/NN ?/. 
Every/DT indication/NN is/VBZ that/IN the/DT four/CD are/VBP prepared/VBN to/TO accept/VB this/DT new/JJ role/NN ,/, and/CC the/DT frustrations/NNS that/WDT go/VBP with/IN it/PRP ,/, but/CC in/IN different/JJ ways/NNS ./. 
Justices/NNS Brennan/NNP and/CC Stevens/NNP appear/VBP philosophical/JJ about/IN it/PRP ;/: Justices/NNP Marshall/NNP and/CC Blackmun/NNP appear/VBP fighting/VBG mad/JJ ./. 
The/DT four/CD justices/NNS are/VBP no/DT newcomers/NNS to/TO dissent/NN ,/, often/RB joining/VBG forces/NNS in/IN the/DT past/JJ decade/NN to/TO criticize/VB the/DT court/NN 's/POS conservative/JJ drift/NN ./. 
But/CC always/RB ,/, in/IN years/NNS past/JJ ,/, they/PRP have/VBP bucked/VBD the/DT trend/NN and/CC have/VBP been/VBN able/JJ to/TO pick/VB up/RP a/DT fifth/JJ vote/NN to/TO eke/VB out/RP a/DT number/NN of/IN major/JJ victories/NNS in/IN civil/JJ rights/NNS and/CC liberties/NNS cases/NNS ./. 
Now/RB ,/, however/RB ,/, as/IN the/DT court/NN 's/POS new/JJ five-member/JJ conservative/JJ majority/NN continues/VBZ to/TO solidify/VB ,/, victories/NNS for/IN the/DT liberals/NNS are/VBP rare/JJ ./. 
The/DT change/NN is/VBZ most/RBS dramatic/JJ for/IN Justice/NNP Brennan/NNP ,/, the/DT last/JJ survivor/NN of/IN the/DT mid-1960s/JJ liberal/JJ majority/NN under/IN Chief/NNP Justice/NNP Earl/NNP Warren/NNP ./. 
In/IN the/DT seven/CD Supreme/NNP Court/NNP terms/NNS from/IN the/DT fall/NN of/IN 1962/CD through/IN the/DT spring/NN of/IN 1967/CD ,/, the/DT height/NN of/IN the/DT Warren/NNP Court/NNP 's/POS power/NN ,/, Justice/NNP Brennan/NNP cast/VBD only/RB 25/CD dissenting/VBG votes/NNS in/IN 555/CD cases/NNS decided/VBN by/IN the/DT court/NN ./. 
Last/JJ term/NN alone/RB he/PRP cast/VBD 52/CD dissenting/VBG votes/NNS in/IN 133/CD decisions/NNS ,/, with/IN the/DT contentious/JJ flag-burning/NN ruling/NN as/IN his/PRP$ only/JJ big/JJ victory/NN ./. 
But/CC Justice/NNP Brennan/NNP foresaw/NN his/PRP$ new/JJ role/NN ,/, strongly/RB defending/VBG the/DT importance/NN of/IN dissents/NNS in/IN a/DT 1985/CD speech/NN ./. 
``/`` Each/DT time/NN the/DT court/NN revisits/VBZ an/DT issue/NN ,/, the/DT justices/NNS will/MD be/VB forced/VBN by/IN a/DT dissent/NN to/TO reconsider/VB the/DT fundamental/JJ questions/NNS and/CC to/TO rethink/VB the/DT result/NN ,/, ''/'' he/PRP said/VBD ./. 
Moreover/RB ,/, in/IN recent/JJ months/NNS he/PRP has/VBZ said/VBN that/IN when/WRB he/PRP was/VBD on/IN the/DT winning/VBG side/NN in/IN the/DT 1960s/CD ,/, he/PRP knew/VBD that/IN the/DT tables/NNS might/MD turn/VB in/IN the/DT future/NN ./. 
He/PRP has/VBZ said/VBN that/IN he/PRP now/RB knows/VBZ how/WRB Justice/NNP John/NNP Harlan/NNP felt/VBD ,/, a/DT reference/NN to/TO the/DT late/JJ conservative/JJ justice/NN who/WP was/VBD the/DT most/RBS frequent/JJ dissenter/NN from/IN the/DT Warren/NNP Court/NNP 's/POS opinions/NNS ./. 
Associates/NNS of/IN 81-year-old/JJ Justice/NNP Marshall/NNP say/VBP he/PRP was/VBD ``/`` depressed/JJ ''/'' about/IN the/DT court/NN 's/POS direction/NN last/JJ spring/NN ,/, but/CC is/VBZ feisty/JJ about/IN his/PRP$ role/NN and/CC determined/VBD to/TO speak/VB out/RP against/IN the/DT court/NN 's/POS cutbacks/NNS in/IN civil/JJ rights/NNS ./. 
``/`` We/PRP could/MD sweep/NN it/PRP under/IN the/DT rug/NN and/CC hide/VB it/PRP ,/, but/CC I/PRP 'm/VBP not/RB going/VBG to/TO do/VB it/PRP ,/, ''/'' he/PRP said/VBD in/IN a/DT speech/NN last/JJ month/NN ./. 
He/PRP ,/, like/IN Justice/NNP Brennan/NNP ,/, considers/VBZ dissents/NNS highly/RB important/JJ for/IN the/DT future/NN ,/, a/DT point/NN that/WDT has/VBZ n't/RB escaped/VBN legal/JJ scholars/NNS ./. 
Harvard/NNP Law/NNP School/NNP Professor/NNP Laurence/NNP Tribe/NNP says/VBZ there/EX is/VBZ a/DT ``/`` generation-skipping/JJ ''/'' flavor/NN to/TO current/JJ dissents/NNS ./. 
The/DT dissenters/NNS in/IN the/DT Warren/NNP Court/NNP ,/, he/PRP says/VBZ ,/, appeared/VBD to/TO be/VB writing/VBG for/IN the/DT short-term/NN ,/, suggesting/VBG that/IN the/DT court/NN 's/POS direction/NN might/MD change/VB soon/RB ./. 
``/`` Brennan/NNP and/CC Marshall/NNP are/VBP speaking/VBG in/IN their/PRP$ dissents/NNS to/TO a/DT more/RBR distant/JJ future/NN ,/, ''/'' he/PRP says/VBZ ./. 
Justice/NNP Blackmun/NNP ,/, who/WP will/MD turn/VB 81/CD next/JJ month/NN ,/, also/RB seems/VBZ feisty/JJ about/IN his/PRP$ new/JJ role/NN ./. 
Associates/NNS say/VBP he/PRP takes/VBZ some/DT defeats/VBZ more/RBR personally/RB than/IN his/PRP$ colleagues/NNS ,/, especially/RB attempts/VBZ to/TO curtail/VB the/DT right/NN to/TO abortion/NN first/RB recognized/VBN in/IN his/PRP$ 1973/CD opinion/NN ,/, Roe/NNP vs./FW Wade/NNP ./. 
Friends/NNS and/CC associates/NNS who/WP saw/VBD Justice/NNP Blackmun/NNP during/IN the/DT summer/NN said/VBD he/PRP was/VBD no/DT more/RBR discouraged/VBN about/IN the/DT court/NN than/IN in/IN recent/JJ years/NNS ./. 
And/CC his/PRP$ outlook/NN improved/VBN after/IN successful/JJ cataract/NN surgery/NN in/IN August/NNP ./. 
But/CC his/PRP$ level/NN of/IN frustration/NN showed/VBN in/IN a/DT recent/JJ ,/, impassioned/JJ speech/NN to/TO a/DT group/NN of/IN hundreds/NNS of/IN lawyers/NNS in/IN Chicago/NNP ./. 
He/PRP concluded/VBD his/PRP$ remarks/NNS by/IN quoting/VBG ,/, emotionally/RB and/CC at/IN some/DT length/NN ,/, according/VBG to/TO those/DT present/NN ,/, the/DT late/JJ Martin/NNP Luther/NNP King/NNP 's/POS famous/JJ ``/`` I/PRP Have/VBP a/DT Dream/VB ''/'' speech/NN from/IN the/DT 1963/CD March/NNP on/IN Washington/NNP ./. 
Justice/NNP Stevens/NNP ,/, 69/CD ,/, is/VBZ probably/RB the/DT most/RBS philosophical/JJ of/IN the/DT dissenters/NNS about/IN his/PRP$ role/NN ,/, in/IN part/NN because/IN he/PRP may/MD be/VB the/DT least/JJS liberal/NN of/IN the/DT four/CD ,/, but/CC also/RB because/IN he/PRP enjoys/VBZ the/DT intellectual/JJ challenge/NN of/IN arguing/VBG with/IN the/DT majority/NN more/JJR than/IN the/DT others/NNS ./. 
If/IN the/DT role/NN these/DT four/CD dissenters/NNS are/VBP assuming/VBG is/VBZ a/DT familiar/JJ one/CD in/IN modern/JJ Supreme/NNP Court/NNP history/NN ,/, it/PRP also/RB differs/VBZ in/IN an/DT important/JJ way/NN from/IN recent/JJ history/NN ,/, court/NN watchers/NNS say/VBP ./. 
``/`` The/DT dissenters/NNS of/IN the/DT Warren/NNP Court/NNP were/VBD often/RB defending/VBG a/DT legal/JJ legacy/NN that/IN they/PRP inherited/VBD ,/, ''/'' says/VBZ Prof./NNP A.E./NNP Dick/NNP Howard/NNP of/IN the/DT University/NNP of/IN Virginia/NNP Law/NNP School/NNP ,/, ``/`` but/CC the/DT dissenters/NNS today/NN are/VBP defending/VBG a/DT legacy/NN that/IN they/PRP created/VBD ./. 
The/DT government/NN sold/VBD the/DT deposits/NNS of/IN four/CD savings-and-loan/JJ institutions/NNS ,/, in/IN its/PRP$ first/JJ wave/NN of/IN sales/NNS of/IN big/JJ ,/, sick/JJ thrifts/NNS ,/, but/CC low/JJ bids/NNS prevented/VBD the/DT sale/NN of/IN a/DT fifth/NN ./. 
The/DT four/CD S&Ls/NNP were/VBD sold/VBN to/TO large/JJ banks/NNS ,/, as/IN was/VBD the/DT case/NN with/IN most/JJS of/IN the/DT 28/CD previous/JJ transactions/NNS initiated/VBN by/IN the/DT Resolution/NNP Trust/NNP Corp./NNP since/IN it/PRP was/VBD created/VBN in/IN the/DT S&L/NN bailout/NN legislation/NN two/CD months/NNS ago/RB ./. 
Two/CD of/IN the/DT four/CD big/JJ thrifts/NNS were/VBD sold/VBN to/TO NCNB/NNP Corp./NNP ,/, Charlotte/NNP ,/, N.C./NNP ,/, which/WDT has/VBZ aggressively/RB expanded/VBN its/PRP$ markets/NNS ,/, particularly/RB in/IN Texas/NNP and/CC Florida/NNP ./. 
A/DT Canadian/JJ bank/NN bought/VBD another/DT thrift/NN ,/, in/IN the/DT first/JJ RTC/NNP transaction/NN with/IN a/DT foreign/JJ bank/NN ./. 
Under/IN these/DT deals/NNS ,/, the/DT RTC/NNP sells/VBZ just/RB the/DT deposits/NNS and/CC the/DT healthy/JJ assets/NNS ./. 
These/DT ``/`` clean-bank/JJ ''/'' transactions/NNS leave/VBP the/DT bulk/NN of/IN bad/JJ assets/NNS ,/, mostly/RB real/JJ estate/NN ,/, with/IN the/DT government/NN ,/, to/TO be/VB sold/VBN later/RB ./. 
In/IN these/DT four/CD ,/, for/IN instance/NN ,/, the/DT RTC/NNP is/VBZ stuck/VBN with/IN $/$ 4.51/CD billion/CD in/IN bad/JJ assets/NNS ./. 
Acquirers/NNS paid/VBD premiums/NNS ranging/VBG from/IN 1.5/CD %/NN to/TO 3.7/CD %/NN for/IN the/DT deposits/NNS and/CC branch/NN systems/NNS ,/, roughly/RB in/IN line/NN with/IN what/WP analysts/NNS were/VBD expecting/VBG ./. 
The/DT buyers/NNS will/MD also/RB be/VB locked/VBN into/IN deposit/NN rates/NNS for/IN just/RB two/CD weeks/NNS ,/, as/IN has/VBZ been/VBN the/DT case/NN with/IN previous/JJ deals/NNS ./. 
After/IN that/DT ,/, the/DT buyers/NNS may/MD repudiate/VB the/DT rates/NNS paid/VBN by/IN the/DT former/JJ thrifts/NNS ./. 
But/CC it/PRP 's/VBZ uncertain/JJ whether/IN these/DT institutions/NNS will/MD take/VB those/DT steps/NNS ./. 
NCNB/NNP ,/, for/IN example/NN ,/, has/VBZ been/VBN one/CD of/IN the/DT highest/JJS rate/NN payers/NNS in/IN the/DT Texas/NNP market/NN ,/, and/CC in/IN Florida/NNP ,/, rates/NNS are/VBP especially/RB sensitive/JJ in/IN retirement/NN communities/NNS ./. 
The/DT RTC/NNP had/VBD previously/RB targeted/VBN five/CD thrifts/NNS for/IN quick/JJ sales/NNS in/IN order/NN to/TO spend/VB cash/NN by/IN certain/JJ budgetary/JJ deadlines/NNS ,/, but/CC the/DT delays/NNS illustrate/VBP the/DT tough/JJ chore/NN facing/VBG the/DT agency/NN ./. 
``/`` These/DT thrifts/NNS are/VBP beached/VBN whales/NNS ,/, ''/'' said/VBD Bert/NNP Ely/NNP ,/, an/DT industry/NN consultant/NN based/VBN in/IN Alexandria/NNP ,/, Va/NNP ./. 
For/IN example/NN ,/, the/DT delay/NN in/IN selling/VBG People/NNS 's/POS Heritage/NNP Savings/NNP ,/, Salina/NNP ,/, Kan./NNP ,/, with/IN $/$ 1.7/CD billion/CD in/IN assets/NNS ,/, has/VBZ forced/VBN the/DT RTC/NNP to/TO consider/VB selling/VBG off/RP the/DT thrift/NN branch-by-branch/JJ ,/, instead/RB of/IN as/IN a/DT whole/JJ institution/NN ./. 
NCNB/NNP continued/VBD its/PRP$ foray/NN into/IN the/DT Florida/NNP and/CC Texas/NNP markets/NNS ./. 
NCNB/NNP will/MD acquire/VB University/NNP Federal/NNP Savings/NNP Association/NNP ,/, Houston/NNP ,/, which/WDT had/VBD assets/NNS of/IN $/$ 2.8/CD billion/CD ./. 
NCNB/NNP Texas/NNP National/NNP Bank/NNP will/MD pay/VB the/DT RTC/NNP a/DT premium/NN of/IN $/$ 129/CD million/CD for/IN $/$ 3.5/CD billion/CD in/IN deposits/NNS ./. 
As/IN a/DT measure/NN of/IN the/DT depths/NNS to/TO which/WDT the/DT Texas/NNP real/JJ estate/NN market/NN has/VBZ sunk/VBN ,/, the/DT RTC/NNP will/MD pay/VB $/$ 3.8/CD billion/CD to/TO NCNB/NNP to/TO take/VB $/$ 750/CD million/CD of/IN bad/JJ assets/NNS ./. 
NCNB/NNP also/RB acquired/VBD Freedom/NNP Savings/NNP &/CC Loan/NNP Association/NNP ,/, Tampa/NNP ,/, Fla./NNP ,/, which/WDT had/VBD total/JJ assets/NNS of/IN $/$ 900/CD million/CD ./. 
NCNB/NNP will/MD pay/VB the/DT RTC/NNP a/DT premium/NN of/IN $/$ 40.4/CD million/CD for/IN $/$ 1.1/CD billion/CD in/IN deposits/NNS ./. 
NCNB/NNP will/MD also/RB acquire/VB $/$ 266/CD million/CD of/IN Freedom/NNP 's/POS assets/NNS from/IN the/DT RTC/NNP ,/, which/WDT will/MD require/VB $/$ 875/CD million/CD in/IN assistance/NN ./. 
Meridian/NNP Bancorp/NNP Inc./NNP ,/, Reading/VBG ,/, Pa./NNP ,/, will/MD acquire/VB Hill/NNP Financial/NNP Savings/NNP Association/NNP ,/, Red/NNP Hill/NNP ,/, Pa./NNP ,/, which/WDT had/VBD $/$ 2.3/CD billion/CD in/IN assets/NNS ./. 
Meridian/NNP will/MD pay/VB a/DT premium/NN of/IN $/$ 30.5/CD million/CD to/TO assume/VB $/$ 2/CD billion/CD in/IN deposits/NNS ./. 
It/PRP will/MD also/RB purchase/VB $/$ 845/CD million/CD of/IN the/DT thrift/NN 's/POS assets/NNS ,/, with/IN $/$ 1.9/CD billion/CD in/IN RTC/NNP assistance/NN ./. 
In/IN the/DT first/JJ RTC/NNP transaction/NN with/IN a/DT foreign/JJ buyer/NN ,/, Royal/NNP Trustco/NNP Ltd./NNP ,/, Toronto/NNP ,/, will/MD acquire/VB Pacific/NNP Savings/NNP Bank/NNP ,/, Costa/NNP Mesa/NNP ,/, Calif./NNP ,/, which/WDT had/VBD $/$ 949/CD million/CD in/IN assets/NNS ./. 
Royal/NNP Trustco/NNP will/MD pay/VB the/DT RTC/NNP $/$ 25/CD million/CD to/TO assume/VB $/$ 989/CD million/CD in/IN deposits/NNS ./. 
It/PRP will/MD also/RB purchase/VB $/$ 473/CD million/CD in/IN assets/NNS ,/, and/CC receive/VB $/$ 550/CD million/CD in/IN assistance/NN from/IN the/DT RTC/NNP ./. 
The/DT following/VBG issues/NNS were/VBD recently/RB filed/VBN with/IN the/DT Securities/NNPS and/CC Exchange/NNP Commission/NNP :/: 
American/NNP Cyanamid/NNP Co./NNP ,/, offering/NN of/IN 1,250,000/CD common/JJ shares/NNS ,/, via/IN Merrill/NNP Lynch/NNP Capital/NNP Markets/NNPS ./. 
Limited/NNP Inc./NNP ,/, offering/NN of/IN up/IN to/TO $/$ 300/CD million/CD of/IN debt/NN securities/NNS and/CC warrants/NNS ./. 
Nuveen/NNP California/NNP Performance/NNP Plus/NNP Municipal/NNP Fund/NNP Inc./NNP ,/, initial/JJ offering/NN of/IN five/CD million/CD common/JJ shares/NNS ,/, via/IN Alex/NNP ./. Brown/NNP &/CC Sons/NNPS Inc./NNP ,/, John/NNP Nuveen/NNP &/CC Co./NNP ,/, Prudential-Bache/NNP Capital/NNP Funding/NNP ,/, and/CC Bateman/NNP Eichler/NNP ,/, Hill/NNP Richards/NNP ./. 
PacifiCare/NNP Health/NNP Systems/NNPS Inc./NNP ,/, proposed/VBD offering/NN of/IN 1.5/CD million/CD common/JJ shares/NNS ,/, of/IN which/WDT 700,000/CD shares/NNS will/MD be/VB offered/VBN by/IN PacifiCare/NNP and/CC 800,000/CD shares/NNS by/IN UniHealth/NNP America/NNP Inc/NNP ./. -LRB-/-LRB- PacifiCare/NNP 's/POS 71/CD %/NN -RRB-/-RRB- ,/, via/IN Dillon/NNP ,/, Read/NNP &/CC Co./NNP Inc./NNP ,/, Goldman/NNP ,/, Sachs/NNP &/CC Co./NNP and/CC Dean/NNP Witter/NNP Reynolds/NNP Inc/NNP ./. 
Pricor/NNP Inc./NNP ,/, offering/NN of/IN one/CD million/CD new/JJ shares/NNS of/IN common/JJ stock/NN and/CC 300,000/CD shares/NNS by/IN holders/NNS ,/, via/IN Drexel/NNP Burnham/NNP Lambert/NNP Inc./NNP and/CC J.C./NNP Bradford/NNP &/CC Co/NNP ./. 
Trans/NNP World/NNP Airlines/NNPS Inc./NNP ,/, offering/NN of/IN $/$ 150/CD million/CD senior/JJ notes/NNS ,/, via/IN Drexel/NNP Burnham/NNP ./. 
Time/NNP magazine/NN ,/, in/IN a/DT move/NN to/TO reduce/VB the/DT costs/NNS of/IN wooing/VBG new/JJ subscribers/NNS ,/, is/VBZ lowering/VBG its/PRP$ circulation/NN guarantee/NN to/TO advertisers/NNS for/IN the/DT second/JJ consecutive/JJ year/NN ,/, increasing/VBG its/PRP$ subscription/NN rates/NNS and/CC cutting/VBG back/RB on/IN merchandise/NN giveaways/NNS ./. 
In/IN an/DT announcement/NN to/TO its/PRP$ staff/NN last/JJ week/NN ,/, executives/NNS at/IN Time/NNP Warner/NNP Inc./NNP 's/POS weekly/JJ magazine/NN said/VBD Time/NNP will/MD ``/`` dramatically/RB de-emphasize/JJ ''/'' its/PRP$ use/NN of/IN electronic/JJ giveaways/NNS such/JJ as/IN telephones/NNS in/IN television/NN subscription/NN drives/NNS ;/: cut/VB the/DT circulation/NN it/PRP guarantees/VBZ advertisers/NNS by/IN 300,000/CD ,/, to/TO four/CD million/CD ;/: and/CC increase/VB the/DT cost/NN of/IN its/PRP$ annual/JJ subscription/NN rate/NN by/IN about/RB $/$ 4/CD to/TO $/$ 55/CD ./. 
In/IN a/DT related/JJ development/NN ,/, the/DT news-weekly/RB ,/, for/IN the/DT fourth/JJ year/NN in/IN a/DT row/NN ,/, said/VBD it/PRP wo/MD n't/RB increase/VB its/PRP$ advertising/NN rates/NNS in/IN 1990/CD ;/: a/DT full/JJ ,/, four-color/JJ page/NN in/IN the/DT magazine/NN costs/VBZ about/IN $/$ 120,000/CD ./. 
However/RB ,/, because/IN the/DT guaranteed/VBN circulation/NN base/NN is/VBZ being/VBG lowered/VBN ,/, ad/NN rates/NNS will/MD be/VB effectively/RB 7.5/CD %/NN higher/JJR per/IN subscriber/NN ,/, according/VBG to/TO Richard/NNP Heinemann/NNP ,/, Time/NNP associate/JJ publisher/NN ./. 
Time/NNP is/VBZ following/VBG the/DT course/NN of/IN some/DT other/JJ mass-circulation/JJ magazines/NNS that/IN in/IN recent/JJ years/NNS have/VBP challenged/VBN the/DT publishing/NN myth/NN that/IN maintaining/VBG artificially/RB high/JJ ,/, and/CC expensive/JJ ,/, circulations/NNS is/VBZ the/DT way/NN to/TO draw/VB advertisers/NNS ./. 
In/IN recent/JJ years/NNS ,/, Reader/NNP 's/POS Digest/NNP ,/, New/NNP York/NNP Times/NNP Co./NNP 's/POS McCall/NNP 's/POS ,/, and/CC most/RBS recently/RB News/NNP Corp./NNP 's/POS TV/NN Guide/NNP ,/, have/VBP cut/VBN their/PRP$ massive/JJ circulation/NN rate/NN bases/NNS to/TO eliminate/VB marginal/JJ circulation/NN and/CC hold/VB down/RP rates/NNS for/IN advertisers/NNS ./. 
Deep/JJ discounts/NNS in/IN subscriptions/NNS and/CC offers/NNS of/IN free/JJ clock/NN radios/NNS and/CC watches/NNS have/VBP become/VBN accepted/JJ forms/NNS of/IN attracting/VBG new/JJ subscribers/NNS in/IN the/DT hyper-competitive/JJ world/NN of/IN magazine/NN news-weeklies/NNS ./. 
But/CC Time/NNP ,/, as/IN part/NN of/IN the/DT more/RBR cost-conscious/JJ Time/NNP Warner/NNP ,/, wants/VBZ to/TO wean/VB itself/PRP away/RB from/IN expensive/JJ gimmicks/NNS ./. 
Besides/IN ,/, Time/NNP executives/NNS think/VBP selling/VBG a/DT news/NN magazine/NN with/IN a/DT clock/NN radio/NN is/VBZ tacky/JJ ./. 
``/`` Giveaways/NNS just/RB give/VBP people/NNS the/DT wrong/JJ image/NN ,/, ''/'' said/VBD Mr./NNP Heinemann/NNP ./. 
``/`` That/DT perception/NN takes/VBZ the/DT focus/NN off/IN the/DT magazine/NN ./. ''/'' 
Time/NN magazine/NN executives/NNS predictably/RB paint/VBP the/DT circulation/NN cut/NN as/IN a/DT show/NN of/IN strength/NN and/CC actually/RB a/DT benefit/NN to/TO advertisers/NNS ./. 
``/`` What/WP we/PRP are/VBP doing/VBG is/VBZ screening/VBG out/RP the/DT readers/NNS who/WP are/VBP only/RB casually/RB related/VBN to/TO the/DT magazine/NN and/CC do/VBP n't/RB really/RB read/VB it/PRP ,/, ''/'' said/VBD Mr./NNP Heinemann/NNP ./. 
``/`` We/PRP are/VBP trying/VBG to/TO create/VB quality/NN and/CC involvement/NN ./. ''/'' 
However/RB ,/, Time/NNP executives/NNS used/VBD the/DT same/JJ explanation/NN when/WRB in/IN October/NNP 1988/CD the/DT magazine/NN cut/VBD its/PRP$ guaranteed/VBN circulation/NN from/IN 4.6/CD million/CD to/TO 4.3/CD million/CD ./. 
And/CC Time/NNP 's/POS paid/VBN circulation/NN ,/, according/VBG to/TO Audit/NNP Bureau/NNP of/IN Circulations/NNP ,/, dropped/VBD 7.3/CD %/NN to/TO 4,393,237/CD in/IN the/DT six/CD months/NNS ended/VBN June/NNP 30/CD ,/, 1989/CD ./. 
Still/RB ,/, Time/NNP 's/POS move/NN is/VBZ being/VBG received/VBN well/RB ,/, once/RB again/RB ./. 
``/`` It/PRP 's/VBZ terrific/JJ for/IN advertisers/NNS to/TO know/VB the/DT reader/NN will/MD be/VB paying/VBG more/JJR ,/, ''/'' said/VBD Michael/NNP Drexler/NNP ,/, national/JJ media/NNS director/NN at/IN Bozell/NNP Inc./NNP ad/NN agency/NN ./. 
``/`` A/DT few/JJ drops/NNS in/IN circulation/NN are/VBP of/IN no/DT consequence/NN ./. 
It/PRP 's/VBZ not/RB a/DT show/NN of/IN weakness/NN ;/: they/PRP are/VBP improving/VBG the/DT quality/NN of/IN circulation/NN while/IN insuring/VBG their/PRP$ profits/NNS ./. ''/'' 
Mr./NNP Heinemann/NNP said/VBD the/DT changes/NNS represent/VBP a/DT new/JJ focus/NN in/IN the/DT magazine/NN industry/NN :/: a/DT magazine/NN 's/POS net/JJ revenue/NN per/IN subscriber/NN ,/, or/CC the/DT actual/JJ revenue/NN from/IN subscribers/NNS after/IN discounts/NNS and/CC the/DT cost/NN of/IN premiums/NNS have/VBP been/VBN stripped/VBN away/RB ./. 
``/`` The/DT question/NN is/VBZ how/WRB much/JJ are/VBP we/PRP getting/VBG from/IN each/DT reader/NN ,/, ''/'' said/VBD Mr./NNP Heinemann/NNP ./. 
Time/NNP 's/POS rivals/NNS news-weeklies/NNS ,/, Washington/NNP Post/NNP Co./NNP 's/POS Newsweek/NNP and/CC U.S./NNP News/NNP &/CC World/NNP Report/NNP ,/, are/VBP less/RBR reliant/JJ on/IN electronic/JJ giveaways/NNS ,/, and/CC in/IN recent/JJ years/NNS both/DT have/VBP been/VBN increasing/VBG their/PRP$ circulation/NN rate/NN bases/NNS ./. 
Both/DT magazines/NNS are/VBP expected/VBN to/TO announce/VB their/PRP$ ad/NN rates/NNS and/CC circulation/NN levels/NNS for/IN 1990/CD within/IN a/DT month/NN ./. 
When/WRB the/DT news/NN broke/VBD of/IN an/DT attempted/VBN coup/NN in/IN Panama/NNP two/CD weeks/NNS ago/RB ,/, Sen./NNP Christopher/NNP Dodd/NNP called/VBD the/DT State/NNP Department/NNP for/IN a/DT briefing/NN ./. 
``/`` They/PRP said/VBD ,/, `/`` follow/VB CNN/NNP ,/, '/'' ''/'' he/PRP told/VBD reporters/NNS ./. 
That/DT shows/VBZ how/WRB far/RB Ted/NNP Turner/NNP 's/POS Cable/NNP News/NNP Network/NNP has/VBZ come/VBN since/IN its/PRP$ birth/NN nine/CD years/NNS ago/RB ,/, when/WRB it/PRP was/VBD considered/VBN the/DT laughingstock/NN of/IN television/NN news/NN ./. 
It/PRP is/VBZ bigger/JJR ,/, faster/JJR and/CC more/RBR profitable/JJ than/IN the/DT news/NN divisions/NNS of/IN any/DT of/IN the/DT three/CD major/JJ broadcast/NN networks/NNS ./. 
Its/PRP$ niche/NN as/IN the/DT ``/`` network/NN of/IN record/NN ''/'' during/IN major/JJ crises/NNS draws/VBZ elite/JJ audiences/NNS around/IN the/DT world/NN ./. 
But/CC for/IN all/DT its/PRP$ success/NN ,/, CNN/NNP has/VBZ hit/VBN a/DT plateau/NN ./. 
Although/IN viewership/NN soars/NNS when/WRB big/JJ news/NN breaks/NNS ,/, it/PRP ebbs/VBZ during/IN periods/NNS of/IN calm/JJ ./. 
CNN/NNP executives/NNS worry/VBP that/IN the/DT network/NN 's/POS punchy/JJ but/CC repetitive/JJ news/NN format/NN may/MD be/VB getting/VBG stale/JJ and/CC wo/MD n't/RB keep/VB viewers/NNS coming/VBG back/RB as/IN the/DT alternatives/NNS multiply/VB for/IN news/NN and/CC information/NN on/IN cable-TV/NN ./. 
``/`` Just/RB the/DT fact/NN we/PRP 're/VBP on/IN 24/CD hours/NNS is/VBZ no/RB longer/JJR bulletin/NN ,/, ''/'' says/VBZ Ed/NNP Turner/NNP ,/, CNN/NNP 's/POS executive/JJ vice/NN president/NN ,/, news/NN gathering/NN -LRB-/-LRB- and/CC no/DT relation/NN to/TO Ted/NNP Turner/NNP -RRB-/-RRB- ./. 
``/`` You/PRP ca/MD n't/RB live/VB on/IN that/DT ./. ''/'' 
So/RB CNN/NNP ,/, a/DT unit/NN of/IN Atlanta-based/JJ Turner/NNP Broadcasting/NNP System/NNP Inc./NNP ,/, is/VBZ trying/VBG to/TO reposition/VB itself/PRP as/IN a/DT primary/JJ channel/NN ,/, or/CC what/WP people/NNS in/IN the/DT television/NN industry/NN call/VBP a/DT ``/`` top/NN of/IN mind/NN ''/'' network/NN ./. 
Tonight/NNP ,/, to/TO kick/VB off/RP the/DT effort/NN ,/, CNN/NNP will/MD premiere/VB its/PRP$ first/JJ prime-time/JJ newscast/NN in/IN years/NNS ,/, an/DT hourlong/NN show/NN at/IN 6/CD p.m/RB ./. Eastern/JJ time/NN to/TO air/VB head-to-head/NN against/IN the/DT network/NN newscasts/NNS ./. 
The/DT show/NN will/MD be/VB co-anchored/VBN by/IN Bernard/NNP Shaw/NNP and/CC Catherine/NNP Crier/NNP ,/, a/DT 34-year-old/JJ former/JJ Texas/NNP judge/NN and/CC campus/NN beauty/NN queen/NN who/WP has/VBZ never/RB held/VBN a/DT job/NN in/IN television/NN or/CC journalism/NN ./. 
The/DT new/JJ show/NN is/VBZ perhaps/RB the/DT boldest/JJS in/IN a/DT number/NN of/IN steps/NNS the/DT network/NN is/VBZ taking/VBG to/TO build/VB audience/NN loyalty/NN by/IN shifting/VBG away/RB from/IN its/PRP$ current/JJ format/NN toward/IN more/RBR full-length/JJ ``/`` signature/NN ''/'' programming/VBG with/IN recognizable/JJ stars/NNS ./. 
To/TO distinguish/VB itself/PRP ,/, CNN/NNP is/VBZ also/RB expanding/VBG international/JJ coverage/NN and/CC adding/VBG a/DT second/JJ global-news/JJ program/NN ./. 
It/PRP is/VBZ paying/VBG higher/JJR salaries/NNS --/: after/IN years/NNS of/IN scrimping/VBG --/: to/TO lure/VB and/CC keep/VB experienced/JJ staffers/NNS ./. 
And/CC it/PRP is/VBZ embarking/VBG on/IN an/DT expensive/JJ gamble/NN to/TO break/VB major/JJ stories/NNS with/IN a/DT large/JJ investigative-reporting/JJ team/NN ./. 
``/`` The/DT next/JJ stage/NN is/VBZ to/TO get/VB beyond/IN the/DT opinion/NN leaders/NNS who/WP use/VBP us/PRP as/IN a/DT point/NN of/IN reference/NN to/TO become/VB a/DT point/NN of/IN reference/NN at/IN ordinary/JJ dinner/NN tables/NNS ,/, ''/'' says/VBZ Jon/NNP Petrovich/NNP ,/, executive/JJ vice/NN president/NN of/IN Headline/NNP News/NNP ,/, CNN/NNP 's/POS sister/JJ network/NN ./. 
But/CC that/DT wo/MD n't/RB be/VB easy/JJ ./. 
Networks/NNP ,/, like/IN other/JJ consumer/NN products/NNS ,/, develop/VBP images/NNS in/IN peoples/NNS '/POS minds/NNS that/WDT are/VBP n't/RB easy/JJ to/TO change/VB ./. 
It/PRP also/RB takes/VBZ money/NN that/IN CNN/NNP has/VBZ been/VBN reluctant/JJ to/TO spend/VB to/TO make/VB programs/NNS and/CC hire/NN talent/NN that/IN viewers/NNS will/MD tune/NN in/IN specially/RB to/TO see/VB ./. 
And/CC the/DT cable-TV/NN operators/NNS --/: CNN/NNP 's/POS distributors/NNS and/CC part/NN owners/NNS --/: like/IN things/NNS just/RB the/DT way/NN they/PRP are/VBP ./. 
The/DT repositioning/NN bid/NN is/VBZ aimed/VBN at/IN CNN/NNP 's/POS unsteady/JJ viewership/NN --/: and/CC what/WP may/MD happen/VB to/TO it/PRP as/IN the/DT cable-TV/NN news/NN market/NN grows/VBZ more/RBR competitive/JJ ./. 
Already/RB ,/, CNN/NNP is/VBZ facing/VBG stronger/JJR competition/NN from/IN Financial/NNP News/NNP Network/NNP Inc./NNP and/CC General/NNP Electric/NNP Co./NNP 's/POS Consumer/NNP News/NNP and/CC Business/NNP Channel/NNP ,/, both/DT of/IN which/WDT are/VBP likely/JJ to/TO pursue/VB more/RBR general/JJ news/NN in/IN the/DT future/NN ./. 
In/IN addition/NN ,/, many/JJ cable-TV/NN systems/NNS themselves/PRP are/VBP airing/VBG more/RBR local/JJ and/CC regional/JJ news/NN programs/NNS produced/VBN by/IN local/JJ broadcast/NN stations/NNS ./. 
CNN/NNP wants/VBZ to/TO change/VB its/PRP$ viewers/NNS '/POS habits/NNS ./. 
Its/PRP$ watchers/NNS are/VBP ,/, on/IN the/DT whole/NN ,/, a/DT disloyal/JJ group/NN of/IN channel-zapping/JJ ``/`` grazers/NNS ''/'' and/CC news/NN junkies/NNS ,/, who/WP spend/VBP an/DT average/NN of/IN just/RB 26/CD minutes/NNS a/DT day/NN watching/VBG CNN/NNP ,/, according/VBG to/TO audience/NN research/NN ./. 
That/DT 's/VBZ less/JJR than/IN one-third/RB the/DT time/NN that/IN viewers/NNS watch/VBP the/DT major/JJ broadcast/NN networks/NNS ./. 
The/DT brief/JJ attention/NN viewers/NNS give/VBP CNN/NNP could/MD put/VB it/PRP at/IN a/DT disadvantage/NN as/IN ratings/NNS data/NNS ,/, and/CC advertising/NN ,/, become/VBP more/RBR important/JJ to/TO cable-TV/NN channels/NNS ./. 
CNN/NNP 's/POS viewer/NN habits/NNS have/VBP been/VBN molded/VBN by/IN its/PRP$ format/NN ./. 
Its/PRP$ strategy/NN in/IN the/DT past/NN has/VBZ been/VBN to/TO serve/VB as/IN a/DT TV/NN wire/NN service/NN ./. 
It/PRP focused/VBD on/IN building/VBG up/RP its/PRP$ news/NN bureaus/NNS around/IN the/DT world/NN ,/, so/RB as/IN events/NNS took/VBD place/NN it/PRP could/MD go/VB live/RB quicker/JJR and/CC longer/JJR than/IN other/JJ networks/NNS ./. 
It/PRP filled/VBD its/PRP$ daily/JJ schedule/NN with/IN newscasts/NNS called/VBN ``/`` Daybreak/NNP ,/, ''/'' ``/`` Daywatch/NNP ,/, ''/'' ``/`` Newsday/NNP ,/, ''/'' and/CC ``/`` Newsnight/NNP ,/, ''/'' but/CC the/DT shows/NNS varied/VBD little/JJ in/IN content/NN ,/, personality/NN or/CC look/NN ./. 
Now/RB ,/, the/DT push/NN is/VBZ on/IN for/IN more-distinctive/JJ shows/NNS ./. 
``/`` Our/PRP$ goal/NN is/VBZ to/TO create/VB more/JJR programs/NNS with/IN an/DT individual/JJ identity/NN ,/, ''/'' says/VBZ Paul/NNP Amos/NNP ,/, CNN/NNP executive/NN vice/NN president/NN for/IN programming/NN ./. 
Accordingly/RB ,/, CNN/NNP is/VBZ adding/VBG a/DT world-affairs/NNS show/NN in/IN the/DT morning/NN because/IN surveys/NNS show/VBP its/PRP$ global-news/JJ hour/NN in/IN the/DT afternoon/NN is/VBZ among/IN its/PRP$ most/JJS ``/`` differentiated/VBN ''/'' programs/NNS in/IN viewers/NNS '/POS minds/NNS ,/, says/VBZ Mr./NNP Amos/NNP ./. 
And/CC it/PRP is/VBZ exploring/VBG other/JJ original/JJ programs/NNS ,/, similar/JJ to/TO its/PRP$ ``/`` Larry/NNP King/NNP Live/NNP ''/'' and/CC ``/`` Crossfire/NNP ''/'' talk/NN shows/NNS ,/, which/WDT executives/NNS hope/VBP will/MD keep/VB people/NNS tuned/VBN in/IN ./. 
Then/RB there/EX 's/VBZ ``/`` The/DT World/NNP Today/NNP ,/, ''/'' the/DT prime-time/JJ newscast/NN featuring/VBG Mr./NNP Shaw/NNP and/CC Ms./NNP Crier/NNP ./. 
Until/IN now/RB ,/, CNN/NNP has/VBZ featured/VBN its/PRP$ Hollywood/NNP gossip/NN show/NN during/IN the/DT key/JJ evening/NN period/NN ./. 
But/CC 70/CD %/NN of/IN the/DT cable-television-equipped/JJ households/NNS that/WDT watch/VBP news/NN do/VBP so/RB between/IN 6:30/CD p.m./NN and/CC 7/CD p.m./NN ,/, the/DT network/NN discovered/VBN ,/, so/IN CNN/NNP wants/VBZ in/IN ./. 
Mr./NNP Amos/NNP says/VBZ the/DT Shaw-Crier/NNP team/NN will/MD probably/RB do/VB two/CD live/JJ interviews/NNS a/DT day/NN ,/, with/IN most/JJS of/IN the/DT program/NN ,/, at/IN least/JJS for/IN now/RB ,/, appearing/VBG similar/JJ to/TO CNN/NNP 's/POS other/JJ newcasts/NNS ./. 
Some/DT in/IN the/DT industry/NN are/VBP skeptical/JJ ./. 
``/`` I/PRP find/VBP it/PRP hard/JJ to/TO conceive/VB of/IN people/NNS switching/VBG over/RP to/TO CNN/NNP for/IN what/WP ,/, at/IN least/JJS in/IN the/DT public/NN 's/POS mind/NN ,/, is/VBZ the/DT same/JJ news/NN ,/, ''/'' says/VBZ Reuven/NNP Frank/NNP ,/, the/DT former/JJ two-time/JJ president/NN of/IN NBC/NNP News/NNP and/CC creator/NN of/IN the/DT Huntley-Brinkley/NNP Report/NNP ./. 
The/DT evening/NN news/NN is/VBZ also/RB slated/VBN as/IN CNN/NNP 's/POS stage/NN for/IN its/PRP$ big/JJ push/NN into/IN investigative/JJ journalism/NN ./. 
In/IN August/NNP ,/, the/DT network/NN hired/VBD award-winning/JJ producer/NN Pamela/NNP Hill/NNP ,/, the/DT former/JJ head/NN of/IN news/NN specials/NNS at/IN ABC/NNP ./. 
She/PRP 's/VBZ assembling/VBG a/DT staff/NN of/IN about/IN 35/CD investigative/JJ reporters/NNS who/WP will/MD produce/VB weekly/JJ ,/, in-depth/JJ segments/NNS ,/, with/IN an/DT eye/NN toward/IN breaking/VBG big/JJ stories/NNS ./. 
CNN/NNP executives/NNS hope/VBP the/DT headlines/NNS created/VBN by/IN such/JJ scoops/VBZ will/MD generate/VB excitement/NN for/IN its/PRP$ ``/`` branded/JJ ''/'' programs/NNS ,/, in/IN the/DT way/NN ``/`` 60/CD Minutes/NNPS ''/'' did/VBD so/RB well/RB for/IN CBS/NNP ./. 
That/DT 's/VBZ such/PDT a/DT departure/NN from/IN the/DT past/NN that/IN many/JJ in/IN the/DT industry/NN are/VBP skeptical/JJ CNN/NNP will/MD follow/VB through/IN with/IN its/PRP$ investigative/JJ commitment/NN ,/, especially/RB after/IN it/PRP sees/VBZ the/DT cost/NN of/IN producing/VBG in-depth/JJ pieces/NNS ./. 
``/`` They/PRP 've/VBP never/RB shown/VBN any/DT inclination/NN to/TO spend/VB money/NN on/IN production/NN ,/, ''/'' says/VBZ Michael/NNP Mosettig/NNP ,/, a/DT senior/JJ producer/NN with/IN MacNeil-Lehrer/NNP NewsHour/NNP ,/, who/WP notes/VBZ that/IN CNN/NNP is/VBZ indispensable/JJ to/TO his/PRP$ job/NN ./. 
The/DT network/NN 's/POS salaries/NNS have/VBP always/RB ranged/VBN far/RB below/IN industry/NN standards/NNS ,/, resulting/VBG in/IN a/DT less-experienced/JJ work/NN force/NN ./. 
CNN/NNP recently/RB gave/VBD most/JJS employees/NNS raises/VBZ of/IN as/RB much/JJ as/IN 15/CD %/NN ,/, but/CC they/PRP 're/VBP still/RB drastically/RB underpaid/JJ compared/VBN with/IN the/DT networks/NNS ./. 
Says/VBZ Mr./NNP Mosettig/NNP :/: ``/`` CNN/NNP is/VBZ my/PRP$ wire/NN service/NN ;/: they/PRP 're/VBP on/IN top/NN of/IN everything/NN ./. 
But/CC to/TO improve/VB ,/, they/PRP 've/VBP really/RB got/VBN to/TO make/VB the/DT investment/NN in/IN people/NNS ./. ''/'' 
In/IN any/DT case/NN ,/, cable-TV-system/NN operators/NNS have/VBP reason/NN to/TO fear/VB any/DT tinkering/NN with/IN CNN/NNP 's/POS format/NN ./. 
They/PRP market/VBP cable-TV/NN on/IN the/DT very/JJ grazing/NN opportunities/NNS CNN/NNP seeks/VBZ to/TO discourage/VB ./. 
``/`` We/PRP would/MD obviously/RB be/VB upset/VBN if/IN those/DT kinds/NNS of/IN services/NNS evolved/VBN into/IN more/RBR general-interest/JJ ,/, long-format/JJ programming/NN ,/, ''/'' says/VBZ Robert/NNP Stengel/NNP ,/, senior/JJ vice/NN president/NN ,/, programming/NN ,/, of/IN Continental/NNP Cablevision/NNP Inc./NNP ,/, which/WDT holds/VBZ a/DT 2/CD %/NN stake/NN in/IN Turner/NNP Broadcasting/NNP ./. 
The/DT Second/NNP U.S./NNP Circuit/NNP Court/NNP of/IN Appeals/NNPS opinion/NN in/IN the/DT Arcadian/JJ Phosphate/NNP case/NN did/VBD not/RB repudiate/VB the/DT position/NN Pennzoil/NNP Co./NNP took/VBD in/IN its/PRP$ dispute/NN with/IN Texaco/NNP ,/, contrary/JJ to/TO your/PRP$ Sept./NNP 8/CD article/NN ``/`` Court/NNP Backs/NNP Texaco/NNP 's/POS View/NNP in/IN Pennzoil/NNP Case/NNP --/: Too/NNP Late/RB ./. ''/'' 
The/DT fundamental/JJ rule/NN of/IN contract/NN law/NN applied/VBN to/TO both/DT cases/NNS was/VBD that/IN courts/NNS will/MD not/RB enforce/VB agreements/NNS to/TO which/WDT the/DT parties/NNS did/VBD not/RB intend/VB to/TO be/VB bound/VBN ./. 
In/IN the/DT Pennzoil\/Texaco/NNP litigation/NN ,/, the/DT courts/NNS found/VBD Pennzoil/NNP and/CC Getty/NNP Oil/NNP intended/VBD to/TO be/VB bound/VBN ;/: in/IN Arcadian/NNP Phosphates/NNP they/PRP found/VBD there/EX was/VBD no/DT intention/NN to/TO be/VB bound/VBN ./. 
Admittedly/RB ,/, the/DT principle/NN in/IN the/DT cases/NNS is/VBZ the/DT same/JJ ./. 
But/CC the/DT outcome/NN of/IN a/DT legal/JJ dispute/NN almost/RB always/RB turns/VBZ on/IN the/DT facts/NNS ./. 
And/CC the/DT facts/NNS ,/, as/IN found/VBN by/IN the/DT various/JJ courts/NNS in/IN these/DT two/CD lawsuits/NNS ,/, were/VBD different/JJ ./. 
When/WRB you/PRP suggest/VBP otherwise/RB ,/, you/PRP leave/VBP the/DT realm/NN of/IN reporting/NN and/CC enter/VB the/DT orbit/NN of/IN speculation/NN ./. 
Charles/NNP F./NNP Vihon/NNP 
Valley/NNP Federal/NNP Savings/NNP &/CC Loan/NNP Association/NNP said/VBD Imperial/NNP Corp./NNP of/IN America/NNP withdrew/VBD from/IN regulators/NNS its/PRP$ application/NN to/TO buy/VB five/CD Valley/NNP Federal/NNP branches/NNS ,/, leaving/VBG the/DT transaction/NN in/IN limbo/NN ./. 
The/DT broken/JJ purchase/NN appears/VBZ as/IN additional/JJ evidence/NN of/IN trouble/NN at/IN Imperial/NNP Corp./NNP ,/, whose/WP$ spokesman/NN said/VBD the/DT company/NN withdrew/VBD its/PRP$ application/NN from/IN the/DT federal/JJ Office/NNP of/IN Thrift/NNP Supervision/NNP because/IN of/IN an/DT informal/JJ notice/NN that/IN Imperial/NNP 's/POS thrift/NN unit/NN failed/VBD to/TO meet/VB Community/NNP Reinvestment/NNP Act/NNP requirements/NNS ./. 
The/DT Community/NNP Reinvestment/NNP Act/NNP requires/VBZ savings/NNS and/CC loan/NN associations/NNS to/TO lend/VB money/NN in/IN amounts/NNS related/VBN to/TO areas/NNS where/WRB deposits/NNS are/VBP received/VBN ./. 
The/DT transaction/NN ,/, announced/VBN in/IN August/NNP ,/, included/VBD about/RB $/$ 146/CD million/CD in/IN deposits/NNS at/IN the/DT five/CD outlets/NNS in/IN California/NNP 's/POS San/NNP Joaquin/NNP Valley/NNP ./. 
Terms/NNS were/VBD n't/RB disclosed/VBN ,/, but/CC Valley/NNP Federal/NNP had/VBD said/VBN it/PRP expected/VBD to/TO post/VB a/DT modest/JJ pretax/JJ gain/NN and/CC to/TO save/VB about/IN $/$ 2/CD million/CD in/IN operating/NN costs/NNS annually/RB ./. 
Valley/NNP Federal/NNP said/VBD Friday/NNP that/IN it/PRP is/VBZ considering/VBG whether/IN to/TO seek/VB another/DT buyer/NN for/IN the/DT branches/NNS or/CC to/TO pursue/VB the/DT transaction/NN with/IN Imperial/NNP Corp./NNP ,/, which/WDT said/VBD it/PRP is/VBZ attempting/VBG to/TO meet/VB Community/NNP Reinvestment/NNP Act/NNP requirements/NNS ./. 
Valley/NNP Federal/NNP ,/, with/IN assets/NNS of/IN $/$ 3.3/CD billion/CD ,/, is/VBZ based/VBN in/IN Van/NNP Nuys/NNP ./. 
Imperial/NNP Corp./NNP ,/, based/VBN in/IN San/NNP Diego/NNP ,/, is/VBZ the/DT parent/NN of/IN Imperial/NNP Savings/NNP &/CC Loan/NNP ./. 
In/IN the/DT first/JJ six/CD months/NNS of/IN the/DT year/NN it/PRP posted/VBD a/DT net/JJ loss/NN of/IN $/$ 33.1/CD million/CD ./. 
Call/VB it/PRP the/DT ``/`` we/PRP 're/VBP too/RB broke/VBD to/TO fight/VB ''/'' defense/NN ./. 
Lawyers/NNS for/IN dozens/NNS of/IN insolvent/JJ savings/NNS and/CC loan/NN associations/NNS are/VBP trying/VBG a/DT new/JJ tack/NN in/IN their/PRP$ efforts/NNS to/TO defuse/VB suits/NNS filed/VBN by/IN borrowers/NNS ,/, developers/NNS and/CC creditors/NNS ./. 
The/DT thrifts/NNS '/POS lawyers/NNS claim/VBP that/IN the/DT suits/NNS ,/, numbering/VBG 700/CD to/TO 1,000/CD in/IN Texas/NNP alone/RB ,/, should/MD be/VB dismissed/VBN as/IN moot/NN because/IN neither/CC the/DT S&Ls/NNP nor/CC the/DT extinct/JJ Federal/NNP Savings/NNP and/CC Loan/NNP Insurance/NNP Corp./NNP has/VBZ the/DT money/NN to/TO pay/VB judgments/NNS ./. 
Though/IN the/DT argument/NN may/MD have/VB a/DT common-sense/JJ ring/NN to/TO it/PRP ,/, even/RB the/DT S&L/NN lawyers/NNS concede/VBP there/EX 's/POS little/JJ precedent/NN to/TO back/VB their/PRP$ position/NN ./. 
Still/RB ,/, one/CD federal/JJ appeals/NNS court/NN has/VBZ signaled/VBN it/PRP 's/VBZ willing/JJ to/TO entertain/VB the/DT notion/NN ,/, and/CC the/DT lawyers/NNS have/VBP renewed/VBN their/PRP$ arguments/NNS in/IN Texas/NNP and/CC eight/CD other/JJ states/NNS where/WRB the/DT defense/NN is/VBZ permitted/VBN under/IN state/NN law/NN ./. 
The/DT dismissal/NN of/IN the/DT pending/VBG suits/NNS could/MD go/VB a/DT long/JJ way/NN toward/IN clearing/VBG court/NN dockets/NNS in/IN Texas/NNP and/CC reducing/VBG the/DT FSLIC/NNP 's/POS massive/JJ legal/JJ bills/NNS ,/, which/WDT topped/VBD $/$ 73/CD million/CD last/JJ year/NN ./. 
The/DT S&L/NN lawyers/NNS were/VBD encouraged/VBN last/JJ month/NN by/IN an/DT appellate-court/JJ ruling/NN in/IN two/CD cases/NNS brought/VBD against/IN defunct/JJ Sunbelt/NNP Savings/NNP &/CC Loan/NNP Association/NNP of/IN Dallas/NNP by/IN the/DT developers/NNS of/IN the/DT Valley/NNP Ranch/NNP ,/, best/RB known/VBN as/IN the/DT training/NN center/NN for/IN the/DT Dallas/NNP Cowboys/NNPS football/NN team/NN ./. 
Sunbelt/NNP foreclosed/VBN on/IN the/DT ranch/NN ./. 
Sunbelt/NNP and/CC the/DT FSLIC/NNP argued/VBD to/TO the/DT Fifth/NNP U.S./NNP Circuit/NNP Court/NNP of/IN Appeals/NNPS ``/`` that/IN there/EX will/MD never/RB be/VB any/DT assets/NNS with/IN which/WDT to/TO satisfy/VB a/DT judgment/NN against/IN Sunbelt/NNP Savings/NNP nor/CC any/DT means/NNS to/TO collect/VB from/IN any/DT other/JJ party/NN ,/, including/VBG FSLIC/NNP ./. ''/'' 
``/`` If/IN true/JJ ,/, ''/'' the/DT court/NN wrote/VBD ,/, ``/`` this/DT contention/NN would/MD justify/VB dismissal/NN of/IN these/DT actions/NNS on/IN prudential/JJ grounds/NNS ./. ''/'' 
But/CC the/DT court/NN said/VBD it/PRP lacked/VBD enough/JJ financial/JJ information/NN about/IN Sunbelt/NNP and/CC the/DT FSLIC/NNP and/CC sent/VBD the/DT cases/NNS back/RB to/TO federal/JJ district/NN court/NN in/IN Dallas/NNP ./. 
Charles/NNP Haworth/NNP ,/, a/DT lawyer/NN for/IN Sunbelt/NNP ,/, says/VBZ he/PRP plans/VBZ to/TO file/VB a/DT brief/NN this/DT week/NN urging/VBG the/DT district/NN judge/NN to/TO dismiss/VB the/DT suits/NNS ,/, because/IN Sunbelt/NNP 's/POS liabilities/NNS exceeded/VBD its/PRP$ assets/NNS by/IN about/IN $/$ 2/CD billion/CD when/WRB federal/JJ regulators/NNS closed/VBD it/PRP in/IN August/NNP 1988/CD ./. 
``/`` This/DT institution/NN is/VBZ just/RB brain/NN dead/JJ ,/, ''/'' says/VBZ Mr./NNP Haworth/NNP ,/, a/DT partner/NN in/IN the/DT Dallas/NNP office/NN of/IN Andrews/NNP &/CC Kurth/NNP ,/, a/DT Houston/NNP law/NN firm/NN ./. 
But/CC a/DT lawyer/NN for/IN Triland/NNP Investment/NNP Group/NNP ,/, the/DT developer/NN of/IN Valley/NNP Ranch/NNP ,/, dismisses/VBZ such/JJ arguments/NNS as/IN a/DT ``/`` defense/NN du/NNP jour/FW ./. ''/'' 
Attorney/NNP Richard/NNP Jackson/NNP of/IN Dallas/NNP says/VBZ a/DT judgment/NN for/IN Triland/NNP could/MD be/VB satisfied/VBN in/IN ways/NNS other/JJ than/IN a/DT monetary/JJ award/NN ,/, including/VBG the/DT reversal/NN of/IN Sunbelt/NNP 's/POS foreclosure/NN on/IN Valley/NNP Ranch/NNP ./. 
``/`` We/PRP 're/VBP asking/VBG the/DT court/NN for/IN a/DT number/NN of/IN things/NNS he/PRP can/MD grant/VB in/IN addition/NN to/TO the/DT thrill/NN of/IN victory/NN ,/, ''/'' he/PRP says/VBZ ./. 
``/`` We/PRP 'd/MD take/VB the/DT Valley/NNP Ranch/NNP free/JJ and/CC clear/JJ as/IN a/DT booby/JJ prize/NN ./. 
Kenneth/NNP J./NNP Thygerson/NNP ,/, who/WP was/VBD named/VBN president/NN of/IN this/DT thrift/NN holding/VBG company/NN in/IN August/NNP ,/, resigned/VBD ,/, citing/VBG personal/JJ reasons/NNS ./. 
Mr./NNP Thygerson/NNP said/VBD he/PRP had/VBD planned/VBN to/TO travel/VB between/IN the/DT job/NN in/IN Denver/NNP and/CC his/PRP$ San/NNP Diego/NNP home/NN ,/, but/CC has/VBZ found/VBN the/DT commute/NN too/RB difficult/JJ to/TO continue/VB ./. 
A/DT new/JJ president/NN was/VBD n't/RB named/VBN ./. 
SOUTH/NNP AFRICA/NNP FREED/VBD the/DT ANC/NNP 's/POS Sisulu/NNP and/CC seven/CD other/JJ political/JJ prisoners/NNS ./. 
Thousands/NNS of/IN supporters/NNS ,/, many/JJ brandishing/VBG flags/NNS of/IN the/DT outlawed/VBN African/NNP National/NNP Congress/NNP ,/, gave/VBD the/DT anti-apartheid/JJ activists/NNS a/DT tumultuous/JJ reception/NN upon/IN their/PRP$ return/NN to/TO black/JJ townships/NNS across/IN the/DT country/NN ./. 
Most/JJS of/IN those/DT freed/VBN had/VBD spent/VBN at/IN least/JJS 25/CD years/NNS in/IN prison/NN ./. 
The/DT 77-year-old/JJ Sisulu/NNP ,/, sentenced/VBN to/TO life/NN in/IN 1964/CD along/IN with/IN black/JJ nationalist/JJ Nelson/NNP Mandela/NNP for/IN plotting/VBG to/TO overthrow/VB the/DT government/NN ,/, said/VBD equality/NN for/IN blacks/NNS in/IN South/NNP Africa/NNP was/VBD in/IN reach/NN ./. 
The/DT releases/NNS ,/, announced/VBN last/JJ week/NN by/IN President/NNP de/NNP Klerk/NNP ,/, were/VBD viewed/VBN as/IN Pretoria/NNP 's/POS tacit/JJ legalization/NN of/IN the/DT ANC/NNP ./. 
Mandela/NNP ,/, considered/VBN the/DT most/RBS prominent/JJ leader/NN of/IN the/DT ANC/NNP ,/, remains/VBZ in/IN prison/NN ./. 
But/CC his/PRP$ release/NN within/IN the/DT next/JJ few/JJ months/NNS is/VBZ widely/RB expected/VBN ./. 
The/DT Soviet/NNP Union/NNP reported/VBD that/IN thousands/NNS of/IN tons/NNS of/IN goods/NNS needed/VBN to/TO ease/VB widespread/JJ shortages/NNS across/IN the/DT nation/NN were/VBD piled/VBN up/RP at/IN ports/NNS and/CC rail/NN depots/NNS ,/, and/CC food/NN shipments/NNS were/VBD rotting/VBG because/IN of/IN a/DT lack/NN of/IN people/NNS and/CC equipment/NN to/TO move/VB the/DT cargo/NN ./. 
Strikes/NNS and/CC mismanagement/NN were/VBD cited/VBN ,/, and/CC Premier/NNP Ryzhkov/NNP warned/VBD of/IN ``/`` tough/JJ measures/NNS ./. ''/'' 
Bush/NNP indicated/VBD there/EX might/MD be/VB ``/`` room/NN for/IN flexibility/NN ''/'' in/IN a/DT bill/NN to/TO allow/VB federal/JJ funding/NN of/IN abortions/NNS for/IN poor/JJ women/NNS who/WP are/VBP vicitims/NNS of/IN rape/NN and/CC incest/NN ./. 
He/PRP reiterated/VBD his/PRP$ opposition/NN to/TO such/JJ funding/NN ,/, but/CC expressed/VBD hope/NN of/IN a/DT compromise/NN ./. 
The/DT president/NN ,/, at/IN a/DT news/NN conference/NN Friday/NNP ,/, also/RB renewed/VBD a/DT call/NN for/IN the/DT ouster/NN of/IN Panama/NNP 's/POS Noriega/NNP ./. 
The/DT White/NNP House/NNP said/VBD minors/NNS have/VBP n't/RB any/DT right/NN to/TO abortion/NN without/IN the/DT consent/NN of/IN their/PRP$ parents/NNS ./. 
The/DT administration/NN 's/POS policy/NN was/VBD stated/VBN in/IN a/DT friend-of-the-court/JJ brief/NN urging/VBG the/DT Supreme/NNP Court/NNP to/TO give/VB states/NNS more/JJR leeway/NN to/TO restrict/VB abortions/NNS ./. 
Ten/CD of/IN the/DT nation/NN 's/POS governors/NNS ,/, meanwhile/RB ,/, called/VBD on/IN the/DT justices/NNS to/TO reject/VB efforts/NNS to/TO limit/VB abortions/NNS ./. 
The/DT Justice/NNP Department/NNP announced/VBD that/IN the/DT FBI/NNP has/VBZ been/VBN given/VBN the/DT authority/NN to/TO seize/VB U.S./NNP fugitives/NNS overseas/RB without/IN the/DT permission/NN of/IN foreign/JJ governments/NNS ./. 
Secretary/NNP of/IN State/NNP Baker/NNP emphasized/VBD Friday/NNP that/IN the/DT new/JJ policy/NN would/MD n't/RB be/VB invoked/VBN by/IN the/DT Bush/NNP administration/NN without/IN full/JJ consideration/NN of/IN foreign-policy/NN implications/NNS ./. 
NASA/NNP pronounced/VBD the/DT space/NN shuttle/NN Atlantis/NNP ready/JJ for/IN launch/NN tomorrow/NN following/VBG a/DT five-day/JJ postponement/NN of/IN the/DT flight/NN because/IN of/IN a/DT faulty/JJ engine/NN computer/NN ./. 
The/DT device/NN was/VBD replaced/VBN ./. 
The/DT spacecraft/NN 's/POS five/CD astronauts/NNS are/VBP to/TO dispatch/VB the/DT Galileo/NNP space/NN probe/NN on/IN an/DT exploration/NN mission/NN to/TO Jupiter/NNP ./. 
South/NNP Korea/NNP 's/POS President/NNP Roh/NNP traveled/VBD to/TO the/DT U.S./NNP for/IN a/DT five-day/JJ visit/NN that/WDT is/VBZ expected/VBN to/TO focus/VB on/IN ties/NNS between/IN Washington/NNP and/CC Seoul/NNP ./. 
Roh/NNP ,/, who/WP is/VBZ facing/VBG calls/NNS for/IN the/DT reduction/NN of/IN U.S./NNP military/JJ forces/NNS in/IN South/NNP Korea/NNP ,/, is/VBZ to/TO meet/VB with/IN Bush/NNP tomorrow/NN and/CC is/VBZ to/TO address/VB a/DT joint/JJ session/NN of/IN Congress/NNP on/IN Wednesday/NNP ./. 
China/NNP 's/POS Communist/JJ leadership/NN voted/VBD to/TO purge/VB the/DT party/NN of/IN ``/`` hostile/JJ and/CC anti-party/JJ elements/NNS ''/'' and/CC wealthy/JJ private/JJ businessmen/NNS ,/, whom/WP they/PRP called/VBD exploiters/NNS ./. 
The/DT decision/NN ,/, reported/VBN by/IN the/DT official/JJ Xinhua/NNP News/NNP Agency/NNP ,/, indicated/VBD that/IN the/DT crackdown/NN prompted/VBN by/IN student-led/JJ pro-democracy/JJ protests/NNS in/IN June/NNP is/VBZ intensifying/VBG ./. 
Hundreds/NNS of/IN East/NNP Germans/NNPS flocked/VBD to/TO Bonn/NNP 's/POS Embassy/NNP in/IN Warsaw/NNP ,/, bringing/VBG to/TO more/JJR than/IN 1,200/CD the/DT number/NN of/IN emigres/NNS expected/VBN to/TO flee/VB to/TO the/DT West/NNP beginning/VBG today/NN ./. 
More/JJR than/IN 2,100/CD others/NNS escaped/VBN to/TO West/NNP Germany/NNP through/IN Hungary/NNP over/IN the/DT Weekend/NNP ./. 
In/IN Leipzig/NNP ,/, activists/NNS vowed/VBD to/TO continue/VB street/NN protests/NNS to/TO demand/VB internal/JJ change/NN ./. 
Zaire/NNP 's/POS President/NNP Mobutu/NNP met/VBD in/IN southern/JJ France/NNP with/IN Angolan/NNP rebel/JJ leader/NN Savimbi/NNP and/CC a/DT senior/JJ U.S./NNP envoy/NN in/IN a/DT bid/NN to/TO revive/VB an/DT accord/NN to/TO end/VB Angola/NNP 's/POS civil/JJ war/NN ./. 
Details/NNS of/IN the/DT talks/NNS ,/, described/VBN by/IN a/DT Zairean/JJ official/NN as/IN ``/`` very/RB delicate/JJ ,/, ''/'' were/VBD n't/RB disclosed/VBN ./. 
PLO/NNP leader/NN Arafat/NNP insisted/VBD on/IN guarantees/NNS that/IN any/DT elections/NNS in/IN the/DT Israeli-occupied/JJ territories/NNS would/MD be/VB impartial/JJ ./. 
He/PRP made/VBD his/PRP$ remarks/NNS to/TO a/DT PLO/NNP gathering/NN in/IN Baghdad/NNP ./. 
In/IN the/DT occupied/VBN lands/NNS ,/, underground/JJ leaders/NNS of/IN the/DT Arab/JJ uprising/NN rejected/VBD a/DT U.S./NNP plan/NN to/TO arrange/VB Israeli-Palestinian/JJ talks/NNS as/IN Shamir/NNP opposed/VBD holding/VBG such/JJ discussions/NNS in/IN Cairo/NNP ./. 
Lebanese/JJ Christian/JJ lawmakers/NNS presented/VBD to/TO Arab/JJ mediators/NNS at/IN talks/NNS in/IN Saudi/NNP Arabia/NNP proposals/NNS for/IN a/DT new/JJ timetable/NN for/IN the/DT withdrawal/NN of/IN Syria/NNP 's/POS forces/NNS from/IN Lebanon/NNP ./. 
A/DT plan/NN currently/RB under/IN study/NN gives/VBZ Damascus/NNP two/CD years/NNS to/TO pull/VB back/RB to/TO eastern/JJ Lebanon/NNP ,/, starting/VBG from/IN the/DT time/NN Beirut/NNP 's/POS legislature/NN increases/VBZ political/JJ power/NN for/IN Moslems/NNPS ./. 
Hurricane/NNP Jerry/NNP threatened/VBD to/TO combine/VB with/IN the/DT highest/JJS tides/NNS of/IN the/DT year/NN to/TO swamp/VB the/DT Texas-Louisiana/NNP coast/NN ./. 
Thousands/NNS of/IN residents/NNS of/IN low-lying/JJ areas/NNS were/VBD ordered/VBN to/TO evacuate/VB as/IN the/DT storm/NN headed/VBD north/RB in/IN the/DT Gulf/NNP of/IN Mexico/NNP with/IN 80/CD mph/NN winds/NNS ./. 
A/DT group/NN of/IN Arby/NNP 's/POS franchisees/NNS said/VBD they/PRP formed/VBD an/DT association/NN to/TO oppose/VB Miami/NNP Beach/NNP financier/NN Victor/NNP Posner/NNP 's/POS control/NN of/IN the/DT restaurant/NN chain/NN ./. 
The/DT decision/NN is/VBZ the/DT latest/JJS move/NN in/IN an/DT escalating/VBG battle/NN between/IN the/DT franchisees/NNS and/CC Mr./NNP Posner/NNP that/WDT began/VBD in/IN August/NNP ./. 
At/IN the/DT time/NN ,/, a/DT group/NN called/VBN R.B./NNP Partners/NNPS Ltd./NNP ,/, consisting/VBG of/IN eight/CD of/IN Arby/NNP 's/POS largest/JJS franchisees/NNS ,/, offered/VBD more/JJR than/IN $/$ 200/CD million/CD to/TO buy/VB Arby/NNP 's/POS Inc./NNP ,/, which/WDT is/VBZ part/NN of/IN DWG/NNP Corp/NNP ./. 
DWG/NNP is/VBZ a/DT holding/VBG company/NN controlled/VBN by/IN Mr./NNP Posner/NNP ./. 
One/CD week/NN later/RB ,/, Leonard/NNP H./NNP Roberts/NNP ,/, president/NN and/CC chief/JJ executive/JJ officer/NN of/IN Arby/NNP 's/POS ,/, was/VBD fired/VBN in/IN a/DT dispute/NN with/IN Mr./NNP Posner/NNP ./. 
Friday/NNP ,/, 42/CD franchisees/NNS announced/VBD the/DT formation/NN of/IN an/DT association/NN --/: called/VBN A.P./NNP Association/NNP Inc./NNP --/: to/TO ``/`` preserve/VB the/DT integrity/NN of/IN the/DT Arby/NNP 's/POS system/NN ./. ''/'' 
The/DT franchisees/NNS ,/, owners/NNS or/CC operators/NNS of/IN 1,000/CD of/IN the/DT 1,900/CD franchised/VBN Arby/NNP 's/POS in/IN the/DT U.S./NNP ,/, said/VBD :/: ``/`` We/PRP have/VBP concluded/VBN that/IN continued/VBD control/NN of/IN Arby/NNP 's/POS by/IN Victor/NNP Posner/NNP is/VBZ totally/RB unacceptable/JJ to/TO us/PRP ,/, because/IN it/PRP is/VBZ extremely/RB likely/JJ to/TO cause/VB irreparable/JJ damage/NN to/TO the/DT Arby/NNP 's/POS system/NN ./. 
We/PRP support/VBP all/DT efforts/NNS to/TO remove/VB Victor/NNP Posner/NNP from/IN control/NN of/IN Arby/NNP 's/POS Inc./NNP and/CC the/DT Arby/NNP 's/POS system/NN ./. ''/'' 
The/DT group/NN said/VBD it/PRP would/MD consider/VB ,/, among/IN other/JJ things/NNS ,/, withholding/VBG royalty/NN payments/NNS and/CC initiating/VBG a/DT class-action/JJ lawsuit/NN seeking/VBG court/NN approval/NN for/IN the/DT withholdings/NNS ./. 
In/IN Florida/NNP ,/, Renee/NNP Mottram/NNP ,/, a/DT senior/JJ vice/NN president/NN at/IN DWG/NNP ,/, responded/VBD :/: ``/`` We/PRP do/VBP n't/RB think/VB any/DT individual/NN or/CC group/NN should/MD disrupt/VB a/DT winning/VBG system/NN or/CC illegally/RB interfere/VB with/IN existing/VBG contractual/JJ relationships/NNS for/IN their/PRP$ own/JJ self-serving/JJ motives/NNS ./. 
September/NNP 's/POS steep/JJ rise/NN in/IN producer/NN prices/NNS shows/VBZ that/DT inflation/NN still/RB persists/VBZ ,/, and/CC the/DT pessimism/NN over/IN interest/NN rates/NNS caused/VBN by/IN the/DT new/JJ price/NN data/NNS contributed/VBD to/TO the/DT stock/NN market/NN 's/POS plunge/NN Friday/NNP ./. 
After/IN falling/VBG for/IN three/CD consecutive/JJ months/NNS ,/, the/DT producer/NN price/NN index/NN for/IN finished/VBN goods/NNS shot/VBD up/RB 0.9/CD %/NN last/JJ month/NN ,/, the/DT Labor/NNP Department/NNP reported/VBD Friday/NNP ,/, as/IN energy/NN prices/NNS jumped/VBD after/IN tumbling/VBG through/IN the/DT summer/NN ./. 
Although/IN the/DT report/NN ,/, which/WDT was/VBD released/VBN before/IN the/DT stock/NN market/NN opened/VBD ,/, did/VBD n't/RB trigger/VB the/DT 190.58-point/JJ drop/NN in/IN the/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP ,/, analysts/NNS said/VBD it/PRP did/VBD play/VB a/DT role/NN in/IN the/DT market/NN 's/POS decline/NN ./. 
Analysts/NNS immediately/RB viewed/VBD the/DT price/NN data/NNS ,/, the/DT grimmest/JJS inflation/NN news/NN in/IN months/NNS ,/, as/IN evidence/NN that/IN the/DT Federal/NNP Reserve/NNP was/VBD unlikely/JJ to/TO allow/VB interest/NN rates/NNS to/TO fall/VB as/IN many/JJ investors/NNS had/VBD hoped/VBN ./. 
Further/RB fueling/VBG the/DT belief/NN that/IN pressures/NNS in/IN the/DT economy/NN were/VBD sufficient/JJ to/TO keep/VB the/DT Fed/NNP from/IN easing/VBG credit/NN ,/, the/DT Commerce/NNP Department/NNP reported/VBD Friday/NNP that/IN retail/JJ sales/NNS grew/VBD 0.5/CD %/NN in/IN September/NNP ,/, to/TO $/$ 145.21/CD billion/CD ./. 
That/DT rise/NN came/VBD on/IN top/NN of/IN a/DT 0.7/CD %/NN gain/NN in/IN August/NNP ,/, and/CC suggested/VBD there/EX is/VBZ still/RB healthy/JJ consumer/NN demand/NN in/IN the/DT economy/NN ./. 
``/`` I/PRP think/VBP the/DT Friday/NNP report/NN ,/, combined/VBN with/IN the/DT actions/NNS of/IN the/DT Fed/NNP ,/, weakened/VBD the/DT belief/NN that/IN there/EX was/VBD going/VBG to/TO be/VB an/DT imminent/JJ easing/NN of/IN monetary/JJ policy/NN ,/, ''/'' said/VBD Robert/NNP Dederick/NNP ,/, chief/JJ economist/NN at/IN Northern/NNP Trust/NNP Co./NNP in/IN Chicago/NNP ./. 
But/CC economists/NNS were/VBD divided/VBN over/IN the/DT extent/NN of/IN the/DT inflation/NN threat/NN signaled/VBN by/IN the/DT new/JJ numbers/NNS ./. 
``/`` The/DT overall/JJ 0.9/CD %/NN increase/NN is/VBZ serious/JJ in/IN itself/PRP ,/, but/CC what/WP is/VBZ even/RB worse/JJR is/VBZ that/IN excluding/VBG food/NN and/CC energy/NN ,/, the/DT producer/NN price/NN index/NN still/RB increased/VBN by/IN 0.7/CD %/NN ,/, ''/'' said/VBD Gordon/NNP Richards/NNP ,/, an/DT economist/NN at/IN the/DT National/NNP Association/NNP of/IN Manufacturers/NNP ./. 
But/CC Sung/NNP Won/NNP Sohn/NNP ,/, chief/JJ economist/NN at/IN Norwest/NNP Corp./NNP in/IN Minneapolis/NNP ,/, blamed/VBD rising/VBG energy/NN prices/NNS and/CC the/DT annual/JJ autumn/NN increase/NN in/IN car/NN prices/NNS for/IN most/JJS of/IN the/DT September/NNP jump/NN ./. 
``/`` I/PRP would/MD say/VB this/DT is/VBZ not/RB bad/JJ news/NN ;/: this/DT is/VBZ a/DT blip/NN ,/, ''/'' he/PRP said/VBD ./. 
``/`` The/DT core/NN rate/NN is/VBZ not/RB really/RB out/IN of/IN line/NN ./. ''/'' 
All/DT year/NN ,/, energy/NN prices/NNS have/VBP skewed/VBN the/DT producer/NN price/NN index/NN ,/, which/WDT measures/VBZ changes/NNS in/IN the/DT prices/NNS producers/NNS receive/VBP for/IN goods/NNS ./. 
Inflation/NN unquestionably/RB has/VBZ fallen/VBN back/RB from/IN its/PRP$ torrid/JJ pace/NN last/JJ winter/NN ,/, when/WRB a/DT steep/JJ run-up/NN in/IN world/NN oil/NN prices/NNS sent/VBD the/DT index/NN surging/VBG at/IN double-digit/JJ annual/JJ rates/NNS ./. 
Energy/NN prices/NNS then/RB plummeted/VBD through/IN the/DT summer/NN ,/, causing/VBG the/DT index/NN to/TO decline/VB for/IN three/CD consecutive/JJ months/NNS ./. 
Overall/RB ,/, the/DT index/NN has/VBZ climbed/VBN at/IN a/DT 5.1/CD %/NN compound/NN annual/JJ rate/NN since/IN the/DT start/NN of/IN the/DT year/NN ,/, the/DT Labor/NNP Department/NNP said/VBD ./. 
While/IN far/RB more/RBR restrained/JJ than/IN the/DT pace/NN at/IN the/DT beginning/NN of/IN the/DT year/NN ,/, that/WDT is/VBZ still/RB a/DT steeper/JJR rise/NN than/IN the/DT 4.0/CD %/NN increase/NN for/IN all/DT of/IN 1988/CD ./. 
Moreover/RB ,/, this/DT year/NN 's/POS good/JJ inflation/NN news/NN may/MD have/VB ended/VBN last/JJ month/NN ,/, when/WRB energy/NN prices/NNS zoomed/VBN up/RB 6.5/CD %/NN after/IN plunging/VBG 7.3/CD %/NN in/IN August/NNP ./. 
Some/DT analysts/NNS expect/VBP oil/NN prices/NNS to/TO remain/VB relatively/RB stable/JJ in/IN the/DT months/NNS ahead/RB ,/, leaving/VBG the/DT future/JJ pace/NN of/IN inflation/NN uncertain/JJ ./. 
Analysts/NNS had/VBD expected/VBN that/IN the/DT climb/NN in/IN oil/NN prices/NNS last/JJ month/NN would/MD lead/VB to/TO a/DT substantial/JJ rise/NN in/IN the/DT producer/NN price/NN index/NN ,/, but/CC the/DT 0.9/CD %/NN climb/NN was/VBD higher/JJR than/IN most/RBS anticipated/VBN ./. 
``/`` I/PRP think/VBP the/DT resurgence/NN -LCB-/-LRB- in/IN inflation/NN -RCB-/-RRB- is/VBZ going/VBG to/TO continue/VB for/IN a/DT few/JJ months/NNS ,/, ''/'' said/VBD John/NNP Mueller/NNP ,/, chief/JJ economist/NN at/IN Bell/NNP Mueller/NNP Cannon/NNP ,/, a/DT Washington/NNP economic/JJ forecasting/NN firm/NN ./. 
He/PRP predicted/VBD that/DT inflation/NN will/MD moderate/VB next/JJ year/NN ,/, saying/VBG that/IN credit/NN conditions/NNS are/VBP fairly/RB tight/RB world-wide/JJ ./. 
But/CC Dirk/NNP Van/NNP Dongen/NNP ,/, president/NN of/IN the/DT National/NNP Association/NNP of/IN Wholesaler-Distributors/NNP ,/, said/VBD that/IN last/JJ month/NN 's/POS rise/NN ``/`` is/VBZ n't/RB as/RB bad/JJ an/DT omen/NNS ''/'' as/IN the/DT 0.9/CD %/NN figure/NN suggests/VBZ ./. 
``/`` If/IN you/PRP examine/VBP the/DT data/NNS carefully/RB ,/, the/DT increase/NN is/VBZ concentrated/VBN in/IN energy/NN and/CC motor/NN vehicle/NN prices/NNS ,/, rather/RB than/IN being/VBG a/DT broad-based/JJ advance/NN in/IN the/DT prices/NNS of/IN consumer/NN and/CC industrial/JJ goods/NNS ,/, ''/'' he/PRP explained/VBD ./. 
Passenger/NN car/NN prices/NNS jumped/VBD 3.8/CD %/NN in/IN September/NNP ,/, after/IN climbing/VBG 0.5/CD %/NN in/IN August/NNP and/CC declining/VBG in/IN the/DT late/JJ spring/NN and/CC summer/NN ./. 
Many/JJ analysts/NNS said/VBD the/DT September/NNP increase/NN was/VBD a/DT one-time/JJ event/NN ,/, coming/VBG as/IN dealers/NNS introduced/VBD their/PRP$ 1990/CD models/NNS ./. 
Although/IN all/PDT the/DT price/NN data/NNS were/VBD adjusted/VBN for/IN normal/JJ seasonal/JJ fluctuations/NNS ,/, car/NN prices/NNS rose/VBD beyond/IN the/DT customary/JJ autumn/NN increase/NN ./. 
Prices/NNS for/IN capital/NN equipment/NN rose/VBD a/DT hefty/JJ 1.1/CD %/NN in/IN September/NNP ,/, while/IN prices/NNS for/IN home/NN electronic/JJ equipment/NN fell/VBD 1.1/CD %/NN ./. 
Food/NN prices/NNS declined/VBD 0.6/CD %/NN ,/, after/IN climbing/VBG 0.3/CD %/NN in/IN August/NNP ./. 
Meanwhile/RB ,/, the/DT retail/JJ sales/NNS report/NN showed/VBD that/IN car/NN sales/NNS rose/VBD 0.8/CD %/NN in/IN September/NNP to/TO $/$ 32.82/CD billion/CD ./. 
But/CC at/IN least/JJS part/NN of/IN the/DT increase/NN could/MD have/VB come/VBN from/IN higher/JJR prices/NNS ,/, analysts/NNS said/VBD ./. 
Sales/NNS at/IN general/JJ merchandise/NN stores/NNS rose/VBD 1.7/CD %/NN after/IN declining/VBG 0.6/CD %/NN in/IN August/NNP ,/, while/IN sales/NNS of/IN building/NN materials/NNS fell/VBD 1.8/CD %/NN after/IN rising/VBG 1.7/CD %/NN ./. 
Producer/NN prices/NNS for/IN intermediate/JJ goods/NNS grew/VBD 0.4/CD %/NN in/IN September/NNP ,/, after/IN dropping/VBG for/IN three/CD consecutive/JJ months/NNS ./. 
Prices/NNS for/IN crude/JJ goods/NNS ,/, an/DT array/NN of/IN raw/JJ materials/NNS ,/, jumped/VBD 1.1/CD %/NN after/IN declining/VBG 1.9/CD %/NN in/IN August/NNP and/CC edging/VBG up/RP 0.2/CD %/NN in/IN July/NNP ./. 
Here/RB are/VBP the/DT Labor/NNP Department/NNP 's/POS producer/NN price/NN indexes/NNS -LRB-/-LRB- 1982/CD =/SYM 100/CD -RRB-/-RRB- for/IN September/NNP ,/, before/IN seasonal/JJ adjustment/NN ,/, and/CC the/DT percentage/NN changes/NNS from/IN September/NNP ,/, 1988/CD ./. 
CityFed/NNP Financial/NNP Corp./NNP said/VBD it/PRP expects/VBZ to/TO report/VB a/DT loss/NN of/IN at/IN least/JJS $/$ 125/CD million/CD to/TO $/$ 150/CD million/CD for/IN the/DT third/JJ quarter/NN ./. 
In/IN the/DT year-earlier/JJ period/NN ,/, CityFed/NNP had/VBD net/JJ income/NN of/IN $/$ 485,000/CD ,/, but/CC no/DT per-share/JJ earnings/NNS ./. 
CityFed/NNP 's/POS president/NN and/CC chief/JJ executive/NN officer/NN ,/, John/NNP Atherton/NNP ,/, said/VBD the/DT loss/NN stems/VBZ from/IN several/JJ factors/NNS ./. 
He/PRP said/VBD nonperforming/VBG assets/NNS rose/VBD to/TO slightly/RB more/JJR than/IN $/$ 700/CD million/CD from/IN $/$ 516/CD million/CD between/IN June/NNP and/CC September/NNP ./. 
Approximately/RB 85/CD %/NN of/IN the/DT total/NN consisted/VBD of/IN nonperforming/VBG commercial/JJ real/JJ estate/NN assets/NNS ./. 
Accordingly/RB ,/, CityFed/NNP estimated/VBD that/IN it/PRP will/MD provide/VB between/IN $/$ 85/CD million/CD and/CC $/$ 110/CD million/CD for/IN credit/NN losses/NNS in/IN the/DT third/JJ quarter/NN ./. 
CityFed/NNP added/VBD that/IN significant/JJ additional/JJ loan-loss/JJ provisions/NNS may/MD be/VB required/VBN by/IN federal/JJ regulators/NNS as/IN part/NN of/IN the/DT current/JJ annual/JJ examination/NN of/IN City/NNP Federal/NNP Savings/NNP Bank/NNP ,/, CityFed/NNP 's/POS primary/JJ subsidiary/NN ,/, based/VBN in/IN Somerset/NNP ,/, N.J/NNP ./. 
City/NNP Federal/NNP operates/VBZ 105/CD banking/NN offices/NNS in/IN New/NNP Jersey/NNP and/CC Florida/NNP ./. 
Mr./NNP Atherton/NNP said/VBD CityFed/NNP will/MD also/RB mark/VB its/PRP$ portfolio/NN of/IN high-yield/JJ corporate/JJ bonds/NNS to/TO market/NN as/IN a/DT result/NN of/IN federal/JJ legislation/NN requiring/VBG that/IN savings/NNS institutions/NNS divest/VB themselves/PRP of/IN such/JJ bonds/NNS ./. 
That/DT action/NN ,/, CityFed/NNP said/VBD ,/, will/MD result/VB in/IN a/DT charge/NN against/IN third-quarter/JJ results/NNS of/IN approximately/RB $/$ 30/CD million/CD ./. 
CityFed/NNP also/RB said/VBD it/PRP expects/VBZ to/TO shed/VB its/PRP$ remaining/VBG mortgage/NN loan/NN origination/NN operations/NNS outside/IN its/PRP$ principal/JJ markets/NNS in/IN New/NNP Jersey/NNP and/CC Florida/NNP and/CC ,/, as/IN a/DT result/NN ,/, is/VBZ taking/VBG a/DT charge/NN for/IN discontinued/VBN operations/NNS ./. 
All/PDT these/DT actions/NNS ,/, Mr./NNP Atherton/NNP said/VBD ,/, will/MD result/VB in/IN a/DT loss/NN of/IN $/$ 125/CD million/CD to/TO $/$ 150/CD million/CD for/IN the/DT third/JJ quarter/NN ./. 
He/PRP added/VBD ,/, however/RB :/: ``/`` Depending/VBG on/IN the/DT resolution/NN of/IN certain/JJ accounting/NN issues/NNS relating/VBG to/TO mortgages/NNS servicing/VBG and/CC the/DT outcome/NN of/IN the/DT annual/JJ examination/NN of/IN City/NNP Federal/NNP currently/RB in/IN progress/NN with/IN respect/NN to/TO the/DT appropriate/JJ level/NN of/IN loan/NN loss/NN reserves/NNS ,/, the/DT total/JJ loss/NN for/IN the/DT quarter/NN could/MD significantly/RB exceed/VB this/DT range/NN ./. 
CenTrust/NNP Savings/NNPS Bank/NNP said/VBD federal/JJ thrift/NN regulators/NNS ordered/VBD it/PRP to/TO suspend/VB dividend/NN payments/NNS on/IN its/PRP$ two/CD classes/NNS of/IN preferred/JJ stock/NN ,/, indicating/VBG that/IN regulators/NNS '/POS concerns/NNS about/IN the/DT troubled/JJ institution/NN have/VBP heightened/VBN ./. 
In/IN a/DT statement/NN ,/, Miami-based/JJ CenTrust/NNP said/VBD the/DT regulators/NNS cited/VBD the/DT thrift/NN 's/POS operating/NN losses/NNS and/CC ``/`` apparent/JJ losses/NNS ''/'' in/IN its/PRP$ junk-bond/NN portfolio/NN in/IN ordering/VBG the/DT suspension/NN of/IN the/DT dividends/NNS ./. 
Regulators/NNS also/RB ordered/VBD CenTrust/NNP to/TO stop/VB buying/VBG back/RP the/DT preferred/VBN stock/NN ./. 
David/NNP L./NNP Paul/NNP ,/, chairman/NN and/CC chief/JJ executive/NN officer/NN ,/, criticized/VBD the/DT federal/JJ Office/NNP of/IN Thrift/NNP Supervision/NNP ,/, which/WDT issued/VBD the/DT directive/NN ,/, saying/VBG it/PRP was/VBD ``/`` inappropriate/JJ ''/'' and/CC based/VBN on/IN ``/`` insufficient/JJ ''/'' reasons/NNS ./. 
He/PRP said/VBD the/DT thrift/NN will/MD try/VB to/TO get/VB regulators/NNS to/TO reverse/VB the/DT decision/NN ./. 
The/DT suspension/NN of/IN a/DT preferred/JJ stock/NN dividend/NN is/VBZ a/DT serious/JJ step/NN that/WDT signals/VBZ that/IN regulators/NNS have/VBP deep/JJ concerns/NNS about/IN an/DT institution/NN 's/POS health/NN ./. 
In/IN March/NNP ,/, regulators/NNS labeled/VBD CenTrust/NNP a/DT ``/`` troubled/JJ institution/NN ,/, ''/'' largely/RB because/IN of/IN its/PRP$ big/JJ junk-bond/NN holdings/NNS and/CC its/PRP$ operating/NN losses/NNS ./. 
In/IN the/DT same/JJ month/NN ,/, the/DT Office/NNP of/IN Thrift/NNP Supervision/NNP ordered/VBD the/DT institution/NN to/TO stop/VB paying/VBG common/JJ stock/NN dividends/NNS until/IN its/PRP$ operations/NNS were/VBD on/IN track/NN ./. 
For/IN the/DT nine/CD months/NNS ended/VBN June/NNP 30/CD ,/, CenTrust/NNP had/VBD a/DT net/JJ loss/NN of/IN $/$ 21.3/CD million/CD ,/, compared/VBN with/IN year-earlier/JJ net/JJ income/NN of/IN $/$ 52.8/CD million/CD ./. 
CenTrust/NNP ,/, which/WDT is/VBZ Florida/NNP 's/POS largest/JJS thrift/NN ,/, holds/VBZ one/CD of/IN the/DT largest/JJS junk-bond/NN portfolios/NNS of/IN any/DT thrift/NN in/IN the/DT nation/NN ./. 
Since/IN April/NNP ,/, it/PRP has/VBZ pared/VBN its/PRP$ high-yield/JJ bond/NN holdings/NNS to/TO about/RB $/$ 890/CD million/CD from/IN $/$ 1.35/CD billion/CD ./. 
Mr./NNP Paul/NNP said/VBD only/RB about/RB $/$ 150/CD million/CD of/IN the/DT current/JJ holdings/NNS are/VBP tradeable/JJ securities/NNS registered/VBN with/IN the/DT Securities/NNPS and/CC Exchange/NNP Commission/NNP ./. 
The/DT remainder/NN ,/, he/PRP said/VBD ,/, are/VBP commercial/JJ loan/NN participations/NNS ,/, or/CC private/JJ placements/NNS ,/, that/WDT are/VBP n't/RB filed/VBN with/IN the/DT SEC/NNP and/CC do/VBP n't/RB have/VB a/DT ready/JJ market/NN ./. 
CenTrust/NNP and/CC regulators/NNS have/VBP been/VBN in/IN a/DT dispute/NN over/IN market/NN valuations/NNS for/IN the/DT junk/NN bonds/NNS ./. 
The/DT Office/NNP of/IN Thrift/NNP Supervision/NNP has/VBZ been/VBN hounding/VBG CenTrust/NNP to/TO provide/VB current/JJ market/NN values/NNS for/IN its/PRP$ holdings/NNS ,/, but/CC CenTrust/NNP has/VBZ said/VBN it/PRP ca/MD n't/RB easily/RB obtain/VB such/JJ values/NNS because/IN of/IN the/DT relative/JJ illiquidity/NN of/IN the/DT bonds/NNS and/CC lack/NN of/IN a/DT ready/JJ market/NN ./. 
Regulators/NNS have/VBP become/VBN increasingly/RB antsy/JJ about/IN CenTrust/NNP 's/POS and/CC other/JJ thrifts/NNS '/POS junk-bond/NN holdings/NNS in/IN light/NN of/IN the/DT recent/JJ federal/JJ thrift/NN bailout/NN legislation/NN and/CC the/DT recent/JJ deep/JJ decline/NN in/IN the/DT junk-bond/NN market/NN ./. 
The/DT legislation/NN requires/VBZ thrifts/NNS to/TO divest/VB themselves/PRP of/IN junk/NN bonds/NNS in/IN the/DT new/JJ ,/, somber/JJ regulatory/JJ climate/NN ./. 
In/IN American/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN Friday/NNP ,/, CenTrust/NNP common/JJ shares/NNS closed/VBD at/IN $/$ 3/CD ,/, down/RB 12.5/CD cents/NNS ./. 
In/IN a/DT statement/NN Friday/NNP ,/, Mr./NNP Paul/NNP challenged/VBD the/DT regulators/NNS '/POS decision/NN ,/, saying/VBG the/DT thrift/NN 's/POS operating/NN losses/NNS and/CC ``/`` apparent/JJ ''/'' junk-bond/NN losses/NNS ``/`` have/VBP been/VBN substantially/RB offset/VBN by/IN gains/NNS in/IN other/JJ activities/NNS of/IN the/DT bank/NN ./. ''/'' 
He/PRP also/RB said/VBD substantial/JJ reserves/NNS have/VBP been/VBN set/VBN aside/RB for/IN possible/JJ losses/NNS from/IN the/DT junk/NN bonds/NNS ./. 
In/IN the/DT third/JJ quarter/NN ,/, for/IN instance/NN ,/, CenTrust/NNP added/VBD $/$ 22.5/CD million/CD to/TO its/PRP$ general/JJ reserves/NNS ./. 
Mr./NNP Paul/NNP said/VBD the/DT regulators/NNS should/MD instead/RB move/VB ahead/RB with/IN approving/VBG CenTrust/NNP 's/POS request/NN to/TO sell/VB 63/CD of/IN its/PRP$ 71/CD branches/NNS to/TO Great/NNP Western/NNP Bank/NNP ,/, a/DT unit/NN of/IN Great/NNP Western/NNP Financial/NNP Corp./NNP based/VBN in/IN Beverly/NNP Hills/NNP ,/, Calif/NNP ./. 
The/DT branch/NN sale/NN is/VBZ the/DT centerpiece/NN of/IN CenTrust/NNP 's/POS strategy/NN to/TO transform/VB itself/PRP into/IN a/DT traditional/JJ S&L/NN from/IN a/DT high-flying/JJ institution/NN that/WDT relied/VBD heavily/RB on/IN securities/NNS trading/VBG for/IN profits/NNS ,/, according/VBG to/TO Mr./NNP Paul/NNP ./. 
Most/JJS analysts/NNS and/CC thrift/NN executives/NNS had/VBD expected/VBN a/DT decision/NN on/IN the/DT proposed/VBN transaction/NN ,/, which/WDT was/VBD announced/VBN in/IN July/NNP ,/, long/RB before/RB now/RB ./. 
Many/JJ interpret/VB the/DT delay/NN as/IN an/DT indication/NN that/IN regulators/NNS are/VBP skeptical/JJ about/IN the/DT proposal/NN ./. 
Branches/NNS and/CC deposits/NNS can/MD be/VB sold/VBN at/IN a/DT premium/NN in/IN the/DT event/NN federal/JJ regulators/NNS take/VBP over/RP an/DT institution/NN ./. 
CenTrust/NNP ,/, however/RB ,/, touts/VBZ the/DT branch/NN sale/NN ,/, saying/VBG it/PRP would/MD bring/VB in/RP $/$ 150/CD million/CD and/CC reduce/VB the/DT thrift/NN 's/POS assets/NNS to/TO $/$ 6.7/CD billion/CD from/IN $/$ 9/CD billion/CD ./. 
It/PRP said/VBD the/DT sale/NN would/MD give/VB it/PRP positive/JJ tangible/JJ capital/NN of/IN $/$ 82/CD million/CD ,/, or/CC about/IN 1.2/CD %/NN of/IN assets/NNS ,/, from/IN a/DT negative/JJ $/$ 33/CD million/CD as/IN of/IN Sept./NNP 30/CD ,/, thus/RB bringing/VBG CenTrust/NNP close/RB to/TO regulatory/JJ standards/NNS ./. 
CenTrust/NNP said/VBD the/DT branch/NN sale/NN would/MD also/RB reduce/VB the/DT company/NN 's/POS large/JJ amount/NN of/IN good/JJ will/NN by/IN about/RB $/$ 180/CD million/CD ./. 
Critics/NNS ,/, however/RB ,/, say/VBP the/DT branch/NN sale/NN will/MD make/VB CenTrust/NNP more/RBR dependent/JJ than/IN ever/RB on/IN brokered/JJ deposits/NNS and/CC junk/NN bonds/NNS ./. 
Mr./NNP Paul/NNP counters/NNS that/IN he/PRP intends/VBZ to/TO further/RBR pare/VB the/DT size/NN of/IN CenTrust/NNP by/IN not/RB renewing/VBG more/JJR than/IN $/$ 1/CD billion/CD of/IN brokered/JJ certificates/NNS of/IN deposit/NN when/WRB they/PRP come/VBP due/JJ ./. 
The/DT thrift/NN is/VBZ also/RB working/VBG to/TO unload/VB its/PRP$ junk-bond/NN portfolio/NN by/IN continuing/VBG to/TO sell/VB off/RP the/DT bonds/NNS ,/, and/CC it/PRP plans/VBZ to/TO eventually/RB place/VB some/DT of/IN them/PRP in/IN a/DT separate/JJ affiliate/NN ,/, as/IN required/VBN under/IN the/DT new/JJ thrift/NN law/NN ./. 
On/IN a/DT recent/JJ Saturday/NNP night/NN ,/, in/IN the/DT midst/NN of/IN West/NNP Germany/NNP 's/POS most/RBS popular/JJ prime-time/JJ show/NN ,/, a/DT contestant/JJ bet/NN the/DT host/NN that/IN she/PRP could/MD name/VB any/DT of/IN 100/CD different/JJ cheeses/NNS after/IN just/RB one/CD nibble/NN ,/, while/IN blindfolded/VBD ./. 
The/DT woman/NN won/VBD the/DT bet/NN ./. 
But/CC perhaps/RB even/RB more/RBR remarkable/JJ ,/, the/DT three-hour-show/NN ,/, ``/`` Wetten/NNP Dass/NNP ''/'' -LRB-/-LRB- Make/VBP a/DT Bet/NNP -RRB-/-RRB- ,/, regularly/RB wins/VBZ the/DT top/JJ slot/NN in/IN the/DT country/NN 's/POS TV/NN ratings/NNS ,/, sometimes/RB drawing/VBG as/RB many/JJ as/IN 50/CD %/NN of/IN West/JJ German/JJ households/NNS ./. 
As/IN the/DT 1992/CD economic/JJ integration/NN approaches/NNS ,/, Europe/NNP 's/POS cultural/JJ curators/NNS have/VBP taken/VBN to/TO the/DT ramparts/NNS against/IN American/JJ ``/`` cultural/JJ imperialism/NN ,/, ''/'' threatening/VBG to/TO impose/VB quotas/NNS against/IN such/JJ pop/NN invaders/NNS as/IN ``/`` Dallas/NNP ,/, ''/'' ``/`` Miami/NNP Vice/NNP ''/'' and/CC ``/`` L.A./NNP Law/NNP ./. ''/'' 
But/CC much/JJ of/IN what/WP the/DT Europeans/NNPS want/VBP to/TO protect/VB seems/VBZ every/DT bit/NN as/RB cheesy/JJ as/IN what/WP they/PRP are/VBP trying/VBG to/TO keep/VB out/RP ./. 
The/DT most/RBS militant/JJ opposition/NN to/TO American/JJ TV/NN imports/NNS has/VBZ come/VBN from/IN French/JJ television/NN and/CC movie/NN producers/NNS ,/, who/WP have/VBP demanded/VBN quotas/NNS ensuring/VBG that/IN a/DT full/JJ 60/CD %/NN of/IN Europe/NNP 's/POS TV/NN shows/NNS be/VB produced/VBN in/IN Europe/NNP ./. 
So/RB far/RB ,/, the/DT French/NNS have/VBP failed/VBN to/TO win/VB enough/JJ broad-based/JJ support/NN to/TO prevail/VB ./. 
A/DT glance/NN through/IN the/DT television/NN listings/NNS and/CC a/DT few/JJ twists/NNS of/IN the/DT European/JJ television/NN dial/NN suggest/VBP one/CD reason/NN why/WRB ./. 
While/IN there/EX are/VBP some/DT popular/JJ action/NN and/CC drama/NN series/NN ,/, few/JJ boast/NN the/DT high/JJ culture/NN and/CC classy/JJ production/NN values/VBZ one/PRP might/MD expect/VB ./. 
More/RBR European/JJ air/NN time/NN is/VBZ filled/VBN with/IN low-budget/JJ game/NN shows/NNS ,/, variety/NN hours/NNS ,/, movies/NNS and/CC talk/NN shows/NNS ,/, many/JJ of/IN which/WDT are/VBP authorized/VBN knock-offs/NNS of/IN their/PRP$ American/JJ counterparts/NNS ./. 
One/CD of/IN France/NNP 's/POS most/RBS popular/JJ Saturday/NNP night/NN programs/NNS features/NNS semi-celebrities/NNS seeking/VBG out/RP their/PRP$ grammar-school/JJ classmates/NNS for/IN on-air/JJ reunions/NNS ./. 
A/DT Flemish/JJ game/NN show/NN has/VBZ as/IN its/PRP$ host/NN a/DT Belgian/JJ pretending/NN to/TO be/VB Italian/JJ ./. 
One/CD of/IN Italy/NNP 's/POS favorite/JJ shows/NNS ,/, ``/`` Fantastico/NNP ,/, ''/'' a/DT tepid/JJ variety/NN show/NN ,/, is/VBZ so/RB popular/JJ that/IN viewers/NNS clamored/VBD to/TO buy/VB a/DT chocolate/JJ product/NN ,/, ``/`` Cacao/NNP Fantastico/NNP ,/, ''/'' whose/WP$ praises/VBZ were/VBD sung/VBN each/DT week/NN by/IN dancing/VBG showgirls/NNS --/: even/RB though/IN the/DT product/NN did/VBD n't/RB exist/VB ./. 
Topping/VBG the/DT cheese/NN stunt/NN ,/, on/IN another/DT typical/JJ evening/NN of/IN fun/NN on/IN ``/`` Wetten/NNP Dass/NNP ,/, ''/'' a/DT contestant/NN won/VBD a/DT bet/NN with/IN the/DT show/NN 's/POS host/NN ,/, Thomas/NNP Gottschalk/NNP ,/, that/IN he/PRP could/MD identify/VB 300/CD German/JJ dialects/NNS over/IN the/DT telephone/NN ./. 
A/DT celebrity/NN guest/NN ,/, U.S./NNP Ambassador/NNP to/TO West/NNP Germany/NNP Richard/NNP Burt/NNP ,/, also/RB won/VBD a/DT bet/NN that/DT someone/NN could/MD pile/VB up/RP $/$ 150/CD worth/NN of/IN quarters/NNS on/IN a/DT slanted/JJ coin/NN ./. 
Mr./NNP Burt/NNP nonetheless/RB paid/VBD the/DT penalty/NN as/IN if/IN he/PRP had/VBD lost/VBN ,/, agreeing/VBG to/TO spend/VB a/DT day/NN with/IN West/JJ German/NNP Foreign/NNP Minister/NNP Hans-Dietrich/NNP Genscher/NNP frying/VBG and/CC selling/VBG their/PRP$ combined/VBN weight/NN in/IN potato/NN pancakes/NNS ./. 
If/IN this/DT seems/VBZ like/IN pretty/JJ weak/JJ stuff/NN around/IN which/WDT to/TO raise/VB the/DT protectionist/NN barriers/NNS ,/, it/PRP may/MD be/VB because/IN these/DT shows/NNS need/VBP all/PDT the/DT protection/NN they/PRP can/MD get/VB ./. 
European/JJ programs/NNS usually/RB target/VBP only/RB their/PRP$ own/JJ local/JJ audience/NN ,/, and/CC often/RB only/RB a/DT small/JJ portion/NN of/IN that/DT ./. 
Mega-hits/NNS in/IN Germany/NNP or/CC Italy/NNP rarely/RB make/VBP it/PRP even/RB to/TO France/NNP or/CC Great/NNP Britain/NNP ,/, and/CC almost/RB never/RB show/VB up/RP on/IN U.S./NNP screens/NNS ./. 
Attempts/NNS to/TO produce/VB ``/`` pan-European/JJ ''/'' programs/NNS have/VBP generally/RB resulted/VBN in/IN disappointment/NN ./. 
One/CD annual/JJ co-production/NN ,/, the/DT three-hour-long/JJ ``/`` Eurovision/NN Song/NN Contest/JJS ,/, ''/'' featuring/VBG soft-rock/JJ songs/NNS from/IN each/DT of/IN 20/CD European/JJ countries/NNS ,/, has/VBZ been/VBN described/VBN as/IN the/DT world/NN 's/VBZ most/RBS boring/JJ TV/NN show/NN ./. 
Another/DT ,/, ``/`` Jeux/NNP Sans/NNP Frontieres/NNP ,/, ''/'' where/WRB villagers/NNS from/IN assorted/JJ European/JJ countries/NNS make/VBP fools/NNS of/IN themselves/PRP performing/VBG pointless/JJ tasks/NNS ,/, is/VBZ a/DT hit/NN in/IN France/NNP ./. 
A/DT U.S.-made/JJ imitation/NN under/IN the/DT title/NN ``/`` Almost/RB Anything/NNP Goes/VBZ ''/'' flopped/VBN fast/RB ./. 
For/IN the/DT most/JJS part/NN ,/, what/WP 's/VBZ made/VBN here/RB stays/VBZ here/RB ,/, and/CC for/IN good/JJ reason/NN ./. 
The/DT cream/NN of/IN the/DT British/JJ crop/NN ,/, the/DT literary/JJ dramas/NN that/WDT are/VBP shown/VBN on/IN U.S./NNP public/JJ television/NN as/IN ``/`` Masterpiece/NNP Theater/NNP ,/, ''/'' make/VB up/RP a/DT relatively/RB small/JJ part/NN of/IN British/JJ air/NN time/NN ./. 
Most/JJS British/JJ programming/NN is/VBZ more/JJR of/IN an/DT acquired/VBN taste/NN ./. 
There/EX is/VBZ ,/, for/IN instance/NN ,/, ``/`` One/CD Man/NN and/CC His/PRP$ Dog/NNP ,/, ''/'' a/DT herding/JJ contest/NN among/IN sheep/NN dogs/NNS ./. 
Also/RB riveting/JJ to/TO the/DT British/NNPS are/VBP hours/NNS of/IN dart-throwing/JJ championships/NNS ,/, even/RB more/JJR hours/NNS of/IN lawn/NN bowling/NN contests/NNS and/CC still/RB more/JJR hours/NNS of/IN snooker/NN marathons/NNS ./. 
European/JJ drama/NN has/VBZ had/VBN better/RBR ,/, though/IN still/RB mixed/VBN ,/, fortunes/NNS ./. 
The/DT most/RBS popular/JJ such/JJ shows/NNS focus/VBP on/IN narrow/JJ national/JJ concerns/NNS ./. 
A/DT French/JJ knock-off/NN of/IN ``/`` Dallas/NNP ,/, ''/'' called/VBN ``/`` Chateauvallon/NNP ''/'' and/CC set/VBN in/IN a/DT French/JJ vineyard/NN ,/, had/VBD a/DT good/JJ run/NN in/IN France/NNP ,/, which/WDT ended/VBD after/IN the/DT female/JJ lead/NN was/VBD injured/VBN in/IN a/DT real-life/JJ auto/NN accident/NN ./. 
``/`` Schwarzwaldklinik/NNP ,/, ''/'' -LRB-/-LRB- Black/NNP Forest/NNP Clinic/NNP -RRB-/-RRB- ,/, a/DT kind/NN of/IN German/JJ ``/`` St/NNP ./. Elsewhere/RB ''/'' set/VBN in/IN a/DT health/NN spa/NN ,/, is/VBZ popular/JJ in/IN Germany/NNP ,/, and/CC has/VBZ spread/VBN into/IN France/NNP ./. 
Italy/NNP 's/POS most/RBS popular/JJ series/NN is/VBZ a/DT drama/NN called/VBN ``/`` La/NNP Piovra/NNP ,/, ''/'' or/CC ``/`` The/DT Octopus/NNP ,/, ''/'' which/WDT chronicles/VBZ the/DT fight/NN of/IN an/DT idealistic/JJ young/JJ investigator/NN in/IN Palermo/NNP against/IN the/DT Mafia/NNP ./. 
It/PRP was/VBD front-page/JJ news/NN in/IN Italy/NNP earlier/RBR this/DT year/NN when/WRB the/DT fictional/JJ inspector/NN was/VBD gunned/VBN down/RP in/IN the/DT series/NN ./. 
Spain/NNP 's/POS most/RBS popular/JJ mini-series/NNS this/DT year/NN was/VBD ``/`` Juncal/NNP ,/, ''/'' the/DT story/NN of/IN an/DT aging/VBG bullfighter/NN ./. 
``/`` The/DT trend/NN is/VBZ pretty/RB well/RB established/VBN now/RB that/IN local/JJ programs/NNS are/VBP the/DT most/RBS popular/JJ ,/, with/IN American/JJ programs/NNS second/JJ ,/, ''/'' says/VBZ Brian/NNP Wenham/NNP ,/, a/DT former/JJ director/NN of/IN programs/NNS for/IN the/DT British/NNP Broadcasting/NNP Corp/NNP ./. 
``/`` Given/VBN a/DT choice/NN ,/, everybody/NN will/MD watch/VB a/DT home-produced/JJ show/NN ./. ''/'' 
But/CC frequently/RB there/EX is/VBZ n't/RB much/JJ choice/NN ./. 
Thus/RB ,/, Europe/NNP has/VBZ begun/VBN the/DT recent/JJ crusade/NN to/TO produce/VB more/JJR worthy/JJ shows/NNS of/IN its/PRP$ own/JJ ,/, programs/NNS with/IN broader/JJR appeal/NN ./. 
``/`` We/PRP 've/VBP basically/RB got/VBN to/TO start/VB from/IN scratch/NN ,/, to/TO train/VB writers/NNS and/CC producers/NNS to/TO make/VB shows/NNS that/IN other/JJ people/NNS will/MD want/VB to/TO see/VB ,/, ''/'' concedes/VBZ Colin/NNP Young/NNP ,/, head/NN of/IN Britain/NNP 's/POS National/NNP Film/NNP Theatre/NNP School/NNP ./. 
While/IN some/DT in/IN the/DT U.S./NNP contend/VBP that/DT advertising/NN is/VBZ the/DT bane/NN of/IN television/NN ,/, here/RB many/JJ believe/VBP that/IN its/PRP$ absence/NN is/VBZ to/TO blame/VB for/IN the/DT European/JJ TV/NN industry/NN 's/POS sluggish/JJ development/NN ./. 
Until/IN recently/RB ,/, national/JJ governments/NNS in/IN Europe/NNP controlled/VBD most/JJS of/IN the/DT air/NN time/NN and/CC allowed/VBD little/JJ or/CC no/DT advertising/NN ./. 
Since/IN production/NN costs/NNS were/VBD guaranteed/VBN ,/, it/PRP did/VBD n't/RB matter/VB that/IN a/DT program/NN could/MD n't/RB be/VB sold/VBN abroad/RB or/CC put/VBN into/IN syndication/NN ,/, as/IN most/JJS American/JJ programs/NNS are/VBP ./. 
But/CC not/RB much/JJ money/NN was/VBD spent/VBN on/IN the/DT shows/NNS ,/, either/RB ,/, a/DT situation/NN that/WDT encouraged/VBD cheap-to-make/JJ talk/NN and/CC game/NN shows/NNS ,/, while/IN discouraging/VBG expensive-to-produce/JJ dramas/NN ./. 
Now/RB ,/, however/RB ,/, commercial/JJ channels/NNS are/VBP coming/VBG to/TO most/JJS European/JJ countries/NNS ,/, and/CC at/IN the/DT same/JJ time/NN ,/, satellite/NN and/CC cable/NN technology/NN is/VBZ spreading/VBG rapidly/RB ./. 
Just/RB last/JJ week/NN ,/, Greece/NNP authorized/VBD two/CD commercial/JJ channels/NNS for/IN the/DT first/JJ time/NN ;/: Spain/NNP earlier/RBR began/VBD to/TO allow/VB commercial/JJ television/NN alongside/IN its/PRP$ state/NN channels/NNS ./. 
The/DT result/NN is/VBZ a/DT new/JJ and/CC huge/JJ appetite/NN for/IN programming/VBG ./. 
But/CC perhaps/RB to/TO the/DT consternation/NN of/IN those/DT calling/VBG for/IN quotas/NNS ,/, most/JJS of/IN this/DT void/NN is/VBZ likely/JJ to/TO be/VB filled/VBN with/IN the/DT cheapest/JJS and/CC most/RBS plentiful/JJ programming/NN now/RB available/JJ --/: reruns/NNS --/: usually/RB of/IN shows/NNS made/VBN in/IN the/DT U.S./NNP ./. 
Sky/NNP Channel/NNP ,/, a/DT British-based/JJ venture/NN of/IN Australian-American/JJ press/NN tycoon/NN Rupert/NNP Murdoch/NNP ,/, offers/VBZ what/WP must/MD be/VB a/DT baffling/VBG cultural/JJ mix/NN to/TO most/JJS of/IN its/PRP$ audience/NN ./. 
The/DT financially/RB struggling/VBG station/NN offers/VBZ programs/NNS obviously/RB made/VBN available/JJ cheaply/RB from/IN its/PRP$ boss/NN 's/POS other/JJ ventures/NNS ./. 
In/IN a/DT Madrid/NNP hotel/NN room/NN recently/RB ,/, a/DT viewer/NN caught/VBD the/DT end/NN of/IN a/DT badly/RB acted/VBN series/NN about/IN a/DT fishing/NN boat/NN on/IN Australia/NNP 's/POS Great/NNP Barrier/NNP Reef/NNP ,/, only/RB to/TO be/VB urged/VBN by/IN the/DT British/JJ announcer/NN to/TO ``/`` stay/VB tuned/VBN for/IN the/DT further/JJ adventures/NNS of/IN Skippy/NNP the/DT Kangaroo/NNP ./. ''/'' 
Lisa/NNP Grishaw-Mueller/NNP in/IN Bonn/NNP ,/, Laura/NNP Colby/NNP in/IN Milan/NNP ,/, Tim/NNP Carrington/NNP in/IN London/NNP and/CC Carlta/NNP Vitzhum/NNP in/IN Madrid/NNP contributed/VBD to/TO this/DT article/NN ./. 
British/NNP Aerospace/NNP PLC/NNP and/CC France/NNP 's/POS Thomson-CSF/NNP S.A./NNP said/VBD they/PRP are/VBP nearing/VBG an/DT agreement/NN to/TO merge/VB their/PRP$ guided-missile/JJ divisions/NNS ,/, greatly/RB expanding/VBG collaboration/NN between/IN the/DT two/CD defense/NN contractors/NNS ./. 
The/DT 50-50/CD joint/JJ venture/NN ,/, which/WDT may/MD be/VB dubbed/VBN Eurodynamics/NNS ,/, would/MD have/VB combined/VBN annual/JJ sales/NNS of/IN at/IN least/JJS #/# 1.4/CD billion/CD -LRB-/-LRB- $/$ 2.17/CD billion/CD -RRB-/-RRB- and/CC would/MD be/VB among/IN the/DT world/NN 's/POS largest/JJS missile/NN makers/NNS ./. 
After/IN two/CD years/NNS of/IN talks/NNS ,/, plans/NNS for/IN the/DT venture/NN are/VBP sufficiently/RB advanced/VBN for/IN the/DT companies/NNS to/TO seek/VB French/JJ and/CC British/JJ government/NN clearance/NN ./. 
The/DT companies/NNS hope/VBP for/IN a/DT final/JJ agreement/NN by/IN year-end/NN ./. 
The/DT venture/NN would/MD strengthen/VB the/DT rapidly/RB growing/VBG ties/NNS between/IN the/DT two/CD companies/NNS ,/, and/CC help/VB make/VB them/PRP a/DT leading/VBG force/NN in/IN European/JJ defense/NN contracting/NN ./. 
In/IN recent/JJ months/NNS ,/, a/DT string/NN of/IN cross-border/JJ mergers/NNS and/CC joint/JJ ventures/NNS have/VBP reshaped/VBN the/DT once-balkanized/JJ world/NN of/IN European/JJ arms/NNS manufacture/NN ./. 
Already/RB ,/, British/NNP Aerospace/NNP and/CC French/NNP government-controlled/JJ Thomson-CSF/NNP collaborate/VB on/IN a/DT British/JJ missile/NN contract/NN and/CC on/IN an/DT air-traffic/NN control/NN radar/NN system/NN ./. 
Just/RB last/JJ week/NN they/PRP announced/VBD they/PRP may/MD make/VB a/DT joint/JJ bid/NN to/TO buy/VB Ferranti/NNP International/NNP Signal/NNP PLC/NNP ,/, a/DT smaller/JJR British/JJ defense/NN contractor/NN rocked/VBN by/IN alleged/JJ accounting/NN fraud/NN at/IN a/DT U.S./NNP unit/NN ./. 
The/DT sudden/JJ romance/NN of/IN British/NNP Aerospace/NNP and/CC Thomson-CSF/NNP --/: traditionally/RB bitter/JJ competitors/NNS for/IN Middle/NNP East/NNP and/CC Third/NNP World/NNP weapons/NNS contracts/NNS --/: is/VBZ stirring/VBG controversy/NN in/IN Western/NNP Europe/NNP 's/POS defense/NN industry/NN ./. 
Most/RBS threatened/VBN by/IN closer/JJR British/JJ Aerospace-Thomson/NNP ties/NNS would/MD be/VB their/PRP$ respective/JJ national/JJ rivals/NNS ,/, including/VBG Matra/NNP S.A./NNP in/IN France/NNP and/CC Britain/NNP 's/POS General/NNP Electric/NNP Co./NNP PLC/NNP ./. 
But/CC neither/DT Matra/NNP nor/CC GEC/NNP --/: unrelated/JJ to/TO Stamford/NNP ,/, Conn.-based/JJ General/NNP Electric/NNP Co./NNP --/: are/VBP sitting/VBG quietly/RB by/IN as/IN their/PRP$ competitors/NNS join/VBP forces/NNS ./. 
Yesterday/NN ,/, a/DT source/NN close/RB to/TO GEC/NNP confirmed/VBD that/IN his/PRP$ company/NN may/MD join/VB the/DT Ferranti/NNP fight/NN ,/, as/IN part/NN of/IN a/DT possible/JJ consortium/NN that/WDT would/MD bid/VB against/IN British/NNP Aerospace/NNP and/CC Thomson-CSF/NNP ./. 
Companies/NNS with/IN which/WDT GEC/NNP has/VBZ had/VBN talks/NNS about/IN a/DT possible/JJ joint/JJ Ferranti/NNP bid/NN include/VBP Matra/NNP ,/, Britain/NNP 's/POS Dowty/NNP Group/NNP PLC/NNP ,/, West/NNP Germany/NNP 's/POS Daimler-Benz/NNP AG/NNP ,/, and/CC France/NNP 's/POS Dassault/NNP group/NN ./. 
But/CC it/PRP may/MD be/VB weeks/NNS before/IN GEC/NNP and/CC its/PRP$ potential/JJ partners/NNS decide/VBP whether/IN to/TO bid/VB ,/, the/DT source/NN indicated/VBD ./. 
GEC/NNP plans/VBZ first/JJ to/TO study/VB Ferranti/NNP 's/POS financial/JJ accounts/NNS ,/, which/WDT auditors/NNS recently/RB said/VBD included/VBN #/# 215/CD million/CD in/IN fictitious/JJ contracts/NNS at/IN a/DT U.S./NNP unit/NN ,/, International/NNP Signal/NNP &/CC Control/NNP Group/NNP ,/, with/IN which/WDT Ferranti/NNP merged/VBD last/JJ year/NN ./. 
Also/RB ,/, any/DT GEC/NNP bid/NN might/MD be/VB blocked/VBN by/IN British/JJ antitrust/JJ regulators/NNS ;/: Ferranti/NNP is/VBZ GEC/NNP 's/POS main/JJ competitor/NN on/IN several/JJ key/JJ defense-electronics/NNS contracts/NNS ,/, and/CC its/PRP$ purchase/NN by/IN GEC/NNP may/MD heighten/VB British/NNP Defense/NNP Ministry/NNP worries/NNS about/IN concentration/NN in/IN the/DT country/NN 's/POS defense/NN industry/NN ./. 
A/DT consortium/NN bid/NN ,/, however/RB ,/, would/MD diminish/VB GEC/NNP 's/POS direct/JJ role/NN in/IN Ferranti/NNP and/CC might/MD consequently/RB appease/VB ministry/NN officials/NNS ./. 
A/DT British/NNP Aerospace/NNP spokeswoman/NN appeared/VBD unperturbed/JJ by/IN the/DT prospect/NN of/IN a/DT fight/NN with/IN GEC/NNP for/IN Ferranti/NNP :/: ``/`` Competition/NN is/VBZ the/DT name/NN of/IN the/DT game/NN ,/, ''/'' she/PRP said/VBD ./. 
At/IN least/JJS one/CD potential/JJ GEC/NNP partner/NN ,/, Matra/NNP ,/, insists/VBZ it/PRP is/VBZ n't/RB interested/JJ in/IN Ferranti/NNP ./. 
``/`` We/PRP have/VBP nothing/NN to/TO say/VB about/IN this/DT affair/NN ,/, which/WDT does/VBZ n't/RB concern/VB us/PRP ,/, ''/'' a/DT Matra/NNP official/NN said/VBD Sunday/NNP ./. 
The/DT missile/NN venture/NN ,/, the/DT British/NNP Aerospace/NNP spokeswoman/NN said/VBD ,/, is/VBZ a/DT needed/VBN response/NN to/TO the/DT ``/`` new/JJ environment/NN ''/'' in/IN defense/NN contracting/NN ./. 
For/IN both/DT Thomson/NNP and/CC British/NNP Aerospace/NNP ,/, earnings/NNS in/IN their/PRP$ home/NN markets/NNS have/VBP come/VBN under/IN pressure/NN from/IN increasingly/RB tight-fisted/JJ defense/NN ministries/NNS ;/: and/CC Middle/NNP East/NNP sales/NNS ,/, a/DT traditional/JJ mainstay/NN for/IN both/DT companies/NNS '/POS exports/NNS ,/, have/VBP been/VBN hurt/VBN by/IN five/CD years/NNS of/IN weak/JJ oil/NN prices/NNS ./. 
The/DT venture/NN 's/POS importance/NN for/IN Thomson/NNP is/VBZ great/JJ ./. 
Thomson/NNP feels/VBZ the/DT future/NN of/IN its/PRP$ defense/NN business/NN depends/VBZ on/IN building/NN cooperation/NN with/IN other/JJ Europeans/NNPS ./. 
The/DT European/JJ defense/NN industry/NN is/VBZ consolidating/VBG ;/: for/IN instance/NN ,/, West/NNP Germany/NNP 's/POS Siemens/NNP AG/NNP recently/RB joined/VBD GEC/NNP in/IN a/DT takeover/NN of/IN Britain/NNP 's/POS Plessey/NNP Co./NNP ,/, and/CC Daimler-Benz/NNP agreed/VBD to/TO buy/VB Messerschmitt-Boelkow/NNP Blohm/NNP G.m.b/NNP ./. H/NNP ./. 
In/IN missiles/NNS ,/, Thomson/NNP is/VBZ already/RB overshadowed/VBN by/IN British/NNP Aerospace/NNP and/CC by/IN its/PRP$ home/NN rival/NN ,/, France/NNP 's/POS Aerospatiale/NNP S.A./NNP ;/: to/TO better/RBR compete/VB ,/, Thomson/NNP officials/NNS say/VBP ,/, they/PRP need/VBP a/DT partnership/NN ./. 
To/TO justify/VB 50-50/CD ownership/NN of/IN the/DT planned/VBN venture/NN ,/, Thomson/NNP would/MD make/VB a/DT cash/NN payment/NN to/TO British/NNP Aerospace/NNP ./. 
Annual/JJ revenue/NN of/IN British/NNP Aerospace/NNP 's/POS missile/NN business/NN is/VBZ about/IN #/# 950/CD million/CD ,/, a/DT Thomson/NNP spokesman/NN said/VBD ./. 
British/NNP Aerospace/NNP 's/POS chief/JJ missile/NN products/NNS include/VBP its/PRP$ 17-year-old/JJ family/NN of/IN Rapier/NNP surface-to-air/JJ missiles/NNS ./. 
Thomson/NNP missile/NN products/NNS ,/, with/IN about/IN half/JJ British/JJ Aerospace/NNP 's/POS annual/JJ revenue/NN ,/, include/VBP the/DT Crotale/NNP surface-to-air/JJ missile/NN family/NN ./. 
Interprovincial/NNP Pipe/NNP Line/NNP Co./NNP said/VBD it/PRP will/MD delay/VB a/DT proposed/VBN two-step/JJ ,/, 830/CD million/CD Canadian-dollar/JJ -LRB-/-LRB- US$/$ 705.6/CD million/CD -RRB-/-RRB- expansion/NN of/IN its/PRP$ system/NN because/IN Canada/NNP 's/POS output/NN of/IN crude/JJ oil/NN is/VBZ shrinking/VBG ./. 
Interprovincial/NNP ,/, Canada/NNP 's/POS biggest/JJS oil/NN pipeline/NN operator/NN and/CC a/DT major/JJ transporter/NN of/IN crude/NN to/TO the/DT U.S./NNP ,/, said/VBD revised/VBN industry/NN forecasts/NNS indicate/VBP that/IN Canadian/JJ oil/NN output/NN will/MD total/VB about/RB 1.64/CD million/CD barrels/NNS a/DT day/NN by/IN 1991/CD ,/, 8/CD %/NN lower/JJR than/IN a/DT previous/JJ estimate/NN ./. 
Canadian/JJ crude/NN production/NN averaged/VBD about/IN 1.69/CD million/CD barrels/NNS a/DT day/NN during/IN 1989/CD 's/POS first/JJ half/NN ,/, about/IN 1/CD %/NN below/IN the/DT 1988/CD level/NN ./. 
``/`` The/DT capability/NN of/IN existing/VBG fields/NNS to/TO deliver/VB oil/NN is/VBZ dropping/VBG ,/, ''/'' and/CC oil/NN exploration/NN activity/NN is/VBZ also/RB down/RB dramatically/RB ,/, as/IN many/JJ producers/NNS shift/VBP their/PRP$ emphasis/NN to/TO natural/JJ gas/NN ,/, said/VBD Ronald/NNP Watkins/NNP ,/, vice/NN president/NN for/IN government/NN and/CC industry/NN relations/NNS with/IN Interprovincial/NNP 's/POS parent/NN ,/, Interhome/NNP Energy/NNP Inc/NNP ./. 
Mr./NNP Watkins/NNP said/VBD volume/NN on/IN Interprovincial/NNP 's/POS system/NN is/VBZ down/RP about/IN 2/CD %/NN since/IN January/NNP and/CC is/VBZ expected/VBN to/TO fall/VB further/RB ,/, making/VBG expansion/NN unnecessary/JJ until/IN perhaps/RB the/DT mid-1990s/NNS ./. 
``/`` There/EX has/VBZ been/VBN a/DT swing/NN of/IN the/DT pendulum/NN back/RB to/TO the/DT gas/NN side/NN ,/, ''/'' he/PRP said/VBD ./. 
Many/JJ of/IN Canada/NNP 's/POS oil/NN and/CC gas/NN producers/NNS say/VBP the/DT outlook/NN for/IN natural/JJ gas/NN is/VBZ better/JJR than/IN it/PRP is/VBZ for/IN oil/NN ,/, and/CC have/VBP shifted/VBN their/PRP$ exploration/NN and/CC development/NN budgets/NNS accordingly/RB ./. 
The/DT number/NN of/IN active/JJ drilling/NN rigs/NNS in/IN Canada/NNP is/VBZ down/RB 30/CD %/NN from/IN a/DT year/NN ago/RB ,/, and/CC the/DT number/NN of/IN completed/VBN oil/NN wells/NNS is/VBZ ``/`` down/RB more/JJR than/IN that/DT ,/, due/JJ to/TO the/DT increasing/VBG focus/NN on/IN gas/NN exploration/NN ,/, ''/'' said/VBD Robert/NNP Feick/NNP ,/, manager/NN of/IN crude/JJ oil/NN with/IN Calgary/NNP 's/POS Independent/NNP Petroleum/NNP Association/NNP of/IN Canada/NNP ,/, an/DT industry/NN group/NN ./. 
Mr./NNP Watkins/NNP said/VBD the/DT main/JJ reason/NN for/IN the/DT production/NN decline/NN is/VBZ shrinking/VBG output/NN of/IN light/JJ crude/NN from/IN mature/JJ ,/, conventional/JJ fields/NNS in/IN western/JJ Canada/NNP ./. 
Interprovincial/NNP transports/VBZ about/IN 75/CD %/NN of/IN all/DT crude/NN produced/VBN in/IN western/JJ Canada/NNP ,/, and/CC almost/RB 60/CD %/NN of/IN Interprovincial/NNP 's/POS total/JJ volume/NN consists/VBZ of/IN light/JJ crude/NN ./. 
Nearly/RB all/DT of/IN the/DT crude/JJ oil/NN that/IN Canada/NNP exports/NNS to/TO the/DT U.S./NNP is/VBZ transported/VBN on/IN Interprovincial/NNP 's/POS system/NN ,/, whose/WP$ main/JJ line/NN runs/NNS from/IN Edmonton/NNP to/TO major/JJ U.S./NNP and/CC Canadian/JJ cities/NNS in/IN the/DT Great/NNP Lakes/NNPS region/NN ,/, including/VBG Chicago/NNP ,/, Buffalo/NNP ,/, Toronto/NNP and/CC Montreal/NNP ./. 
Canada/NNP 's/POS current/JJ oil/NN exports/NNS to/TO the/DT U.S./NNP total/JJ about/IN 600,000/CD barrels/NNS a/DT day/NN ,/, or/CC about/IN 9.1/CD %/NN of/IN net/JJ U.S./NNP crude/NN imports/NNS ,/, said/VBD John/NNP Lichtblau/NNP ,/, president/NN of/IN the/DT New/NNP York-based/JJ Petroleum/NNP Industry/NNP Research/NNP Foundation/NNP ./. 
That/DT ranks/VBZ Canada/NNP as/IN the/DT fourth-largest/JJ source/NN of/IN imported/VBN crude/NN ,/, behind/IN Saudi/NNP Arabia/NNP ,/, Nigeria/NNP and/CC Mexico/NNP ./. 
Mr./NNP Lichtblau/NNP said/VBD Canada/NNP 's/POS declining/VBG crude/JJ output/NN ,/, combined/VBN with/IN the/DT fast-shrinking/JJ output/NN of/IN U.S./NNP crude/NN ,/, will/MD help/VB intensify/VB U.S./NNP reliance/NN on/IN oil/NN from/IN overseas/RB ,/, particularly/RB the/DT Middle/NNP East/NNP ./. 
``/`` It/PRP 's/VBZ very/RB much/JJ a/DT growing/VBG concern/NN ./. 
But/CC when/WRB something/NN is/VBZ inevitable/JJ ,/, you/PRP learn/VBP to/TO live/VB with/IN it/PRP ,/, ''/'' he/PRP said/VBD ./. 
Mr./NNP Lichtblau/NNP stressed/VBD that/IN the/DT delay/NN of/IN Interprovincial/NNP 's/POS proposed/VBN expansion/NN wo/MD n't/RB by/IN itself/PRP increase/VBP U.S./NNP dependence/NN on/IN offshore/JJ crude/NN ,/, however/RB ,/, since/IN Canadian/JJ imports/NNS are/VBP limited/VBN in/IN any/DT case/NN by/IN Canada/NNP 's/POS falling/VBG output/NN ./. 
Under/IN terms/NNS of/IN its/PRP$ proposed/VBN two-step/JJ expansion/NN ,/, which/WDT would/MD have/VB required/VBN regulatory/JJ approval/NN ,/, Interprovincial/NNP intended/VBD to/TO add/VB 200,000/CD barrels/NNS a/DT day/NN of/IN additional/JJ capacity/NN to/TO its/PRP$ system/NN ,/, beginning/VBG with/IN a/DT modest/JJ expansion/NN by/IN 1991/CD ./. 
The/DT system/NN currently/RB has/VBZ a/DT capacity/NN of/IN 1.55/CD million/CD barrels/NNS a/DT day/NN ./. 
Inland/NNP Steel/NNP Industries/NNPS Inc./NNP expects/VBZ to/TO report/VB that/IN third-quarter/JJ earnings/NNS dropped/VBD more/JJR than/IN 50/CD %/NN from/IN the/DT previous/JJ quarter/NN as/IN a/DT result/NN of/IN reduced/VBN sales/NNS volume/NN and/CC increased/VBN costs/NNS ./. 
In/IN the/DT second/JJ quarter/NN ,/, the/DT steelmaker/NN had/VBD net/JJ income/NN of/IN $/$ 45.3/CD million/CD or/CC $/$ 1.25/CD a/DT share/NN ,/, including/VBG a/DT pretax/JJ charge/NN of/IN $/$ 17/CD million/CD related/VBN to/TO the/DT settlement/NN of/IN a/DT suit/NN ,/, on/IN sales/NNS of/IN $/$ 1.11/CD billion/CD ./. 
The/DT company/NN said/VBD normal/JJ seasonal/JJ softness/NN and/CC lost/VBN orders/NNS caused/VBN by/IN prolonged/JJ labor/NN talks/NNS reduced/VBD shipments/NNS by/IN 200,000/CD tons/NNS in/IN the/DT latest/JJS quarter/NN ,/, compared/VBN with/IN the/DT second/JJ quarter/NN ./. 
At/IN the/DT same/JJ time/NN ,/, the/DT integrated-steel/JJ business/NN was/VBD hurt/VBN by/IN continued/JJ increases/NNS in/IN materials/NNS costs/NNS and/CC repair/NN and/CC maintenance/NN expenses/NNS ,/, as/RB well/RB as/IN higher/JJR labor/NN costs/NNS under/IN its/PRP$ new/JJ contract/NN ./. 
The/DT service-center/NN business/NN was/VBD hurt/VBN by/IN reduced/JJ margins/NNS and/CC start-up/NN costs/NNS associated/VBN with/IN its/PRP$ Joseph/NNP T./NNP Ryerson/NNP &/CC Son/NNP unit/NN ./. 
The/DT company/NN said/VBD it/PRP is/VBZ beginning/VBG to/TO see/VB some/DT shipping-rate/JJ improvements/NNS in/IN both/DT the/DT intergrated-steel/NN and/CC steel-service-center/NN segments/NNS ,/, which/WDT should/MD result/VB in/IN improved/VBN results/NNS for/IN the/DT fourth/JJ quarter/NN ./. 
Inland/RB said/VBD its/PRP$ third-quarter/JJ results/NNS will/MD be/VB announced/VBN later/RB this/DT week/NN ./. 
In/IN the/DT year-earlier/JJ third/JJ quarter/NN ,/, when/WRB the/DT industry/NN was/VBD in/IN the/DT midst/NN of/IN a/DT boom/NN ,/, the/DT company/NN had/VBD net/NN of/IN $/$ 61/CD million/CD ,/, or/CC $/$ 1.70/CD a/DT share/NN ,/, on/IN sales/NNS of/IN $/$ 1.02/CD billion/CD ./. 
Predicting/VBG the/DT financial/JJ results/NNS of/IN computer/NN firms/NNS has/VBZ been/VBN a/DT tough/JJ job/NN lately/RB ./. 
Take/VB Microsoft/NNP Corp./NNP ,/, the/DT largest/JJS maker/NN of/IN personal/JJ computer/NN software/NN and/CC generally/RB considered/VBN an/DT industry/NN bellwether/NN ./. 
In/IN July/NNP ,/, the/DT company/NN stunned/VBD Wall/NNP Street/NNP with/IN the/DT prediction/NN that/DT growth/NN in/IN the/DT personal/JJ computer/NN business/NN overall/NN would/MD be/VB only/RB 10/CD %/NN in/IN 1990/CD ,/, a/DT modest/JJ increase/NN when/WRB compared/VBN with/IN the/DT sizzling/VBG expansion/NN of/IN years/NNS past/JJ ./. 
Investors/NNS --/: taking/VBG this/DT as/IN a/DT sign/NN that/IN a/DT broad/JJ industry/NN slump/NN was/VBD in/IN the/DT offing/NN --/: reacted/VBN by/IN selling/VBG the/DT company/NN 's/POS stock/NN ,/, which/WDT lost/VBD $/$ 3.25/CD that/DT day/NN to/TO close/VB at/IN $/$ 52/CD in/IN national/JJ over-the-counter/JJ trading/NN ./. 
But/CC that/DT was/VBD all/DT of/IN three/CD months/NNS ago/RB ./. 
Last/JJ week/NN ,/, Microsoft/NNP said/VBD it/PRP expects/VBZ revenue/NN for/IN its/PRP$ first/JJ quarter/NN ended/VBN Sept./NNP 30/CD to/TO increase/VB 34/CD %/NN ./. 
The/DT announcement/NN caused/VBD the/DT company/NN 's/POS stock/NN to/TO surge/VB $/$ 6.50/CD to/TO close/VB at/IN $/$ 75.50/CD a/DT share/NN ./. 
Microsoft/NNP 's/POS surprising/JJ strength/NN is/VBZ one/CD example/NN of/IN the/DT difficulty/NN facing/VBG investors/NNS looking/VBG for/IN reassurances/NNS about/IN the/DT financial/JJ health/NN of/IN the/DT computer/NN firms/NNS ./. 
``/`` It/PRP 's/VBZ hard/JJ to/TO know/VB what/WP to/TO expect/VB at/IN this/DT point/NN ,/, ''/'' said/VBD Peter/NNP Rogers/NNP ,/, an/DT analyst/NN at/IN Robertson/NNP Stephens/NNP &/CC Co/NNP ./. 
``/`` The/DT industry/NN defies/VBZ characterization/NN ./. ''/'' 
To/TO illustrate/VB ,/, Mr./NNP Rogers/NNP said/VBD that/IN of/IN the/DT 14/CD computer-related/JJ firms/NNS he/PRP follows/VBZ ,/, half/NN will/MD report/VB for/IN their/PRP$ most/RBS recent/JJ quarter/NN earnings/NNS below/IN last/JJ year/NN 's/POS results/NNS ,/, and/CC half/JJ above/IN those/DT results/NNS ./. 
Among/IN those/DT companies/NNS expected/VBN to/TO have/VB a/DT down/RP quarter/NN are/VBP Hewlett-Packard/NNP Co./NNP ,/, Amdahl/NNP Corp./NNP and/CC Sun/NNP Microsystems/NNPS Inc./NNP ,/, generally/RB solid/JJ performers/NNS in/IN the/DT past/NN ./. 
International/NNP Business/NNP Machines/NNPS Corp./NNP also/RB is/VBZ expected/VBN to/TO report/VB disappointing/JJ results/NNS ./. 
Apple/NNP Computer/NNP Inc./NNP ,/, meanwhile/RB ,/, is/VBZ expected/VBN to/TO show/VB improved/VBN earnings/NNS for/IN the/DT period/NN ended/VBD Sept/NNP ./. 
Another/DT contradictory/JJ message/NN comes/VBZ from/IN Businessland/NNP Inc./NNP ,/, a/DT computer/NN retailer/NN ./. 
In/IN July/NNP ,/, the/DT company/NN reported/VBD that/IN booming/VBG sales/NNS of/IN new/JJ personal/JJ computers/NNS from/IN Apple/NNP and/CC IBM/NNP had/VBD resulted/VBN in/IN net/JJ income/NN more/JJR than/IN doubling/VBG for/IN its/PRP$ fourth/JJ quarter/NN ended/VBN June/NNP 30/CD to/TO $/$ 7.4/CD million/CD ,/, or/CC 23/CD cents/NNS a/DT share/NN ./. 
This/DT month/NN ,/, however/RB ,/, Businessland/NNP warned/VBD investors/NNS that/IN results/NNS for/IN its/PRP$ first/JJ quarter/NN ended/VBN Sept./NNP 30/CD had/VBD n't/RB met/VBN expectations/NNS ./. 
The/DT company/NN said/VBD it/PRP expects/VBZ earnings/NNS of/IN 14/CD to/TO 17/CD cents/NNS a/DT share/NN ,/, down/RB from/IN 25/CD cents/NNS a/DT share/NN in/IN the/DT year-earlier/JJ period/NN ./. 
While/IN the/DT earnings/NNS picture/NN confuses/NNS ,/, observers/NNS say/VBP the/DT major/JJ forces/NNS expected/VBN to/TO shape/VB the/DT industry/NN in/IN the/DT coming/VBG year/NN are/VBP clearer/JJR ./. 
Companies/NNS will/MD continue/VB to/TO war/NN over/IN standards/NNS ./. 
In/IN computer/NN publishing/NN ,/, a/DT battle/NN over/IN typefaces/NNS is/VBZ hurting/VBG Adobe/NNP Systems/NNP Inc./NNP ,/, which/WDT sells/VBZ software/NN that/WDT controls/VBZ the/DT image/NN produced/VBN by/IN printers/NNS and/CC displays/NNS ./. 
Until/IN recently/RB ,/, Adobe/NNP had/VBD a/DT lock/NN on/IN the/DT market/NN for/IN image/NN software/NN ,/, but/CC last/JJ month/NN Apple/NNP ,/, Adobe/NNP 's/POS biggest/JJS customer/NN ,/, and/CC Microsoft/NNP rebelled/VBD ./. 
Now/RB the/DT two/CD firms/NNS are/VBP collaborating/VBG on/IN an/DT alternative/NN to/TO Adobe/NNP 's/POS approach/NN ,/, and/CC analysts/NNS say/VBP they/PRP are/VBP likely/JJ to/TO carry/VB IBM/NNP ,/, the/DT biggest/JJS seller/NN of/IN personal/JJ computers/NNS ,/, along/IN with/IN them/PRP ./. 
The/DT short-term/JJ outlook/NN for/IN Adobe/NNP 's/POS business/NN ,/, however/RB ,/, appears/VBZ strong/JJ ./. 
The/DT company/NN is/VBZ beginning/VBG to/TO ship/VB a/DT new/JJ software/NN program/NN that/WDT 's/VBZ being/VBG heralded/VBN as/IN a/DT boon/NN for/IN owners/NNS of/IN low-end/JJ printers/NNS sold/VBN by/IN Apple/NNP ./. 
The/DT program/NN is/VBZ aimed/VBN at/IN improving/VBG the/DT quality/NN of/IN printed/VBN material/NN ./. 
John/NNP Warnock/NNP ,/, Adobe/NNP 's/POS chief/JJ executive/NN officer/NN ,/, said/VBD the/DT Mountain/NNP View/NNP ,/, Calif./NNP ,/, company/NN has/VBZ been/VBN receiving/VBG 1,000/CD calls/NNS a/DT day/NN about/IN the/DT product/NN since/IN it/PRP was/VBD demonstrated/VBN at/IN a/DT computer/NN publishing/NN conference/NN several/JJ weeks/NNS ago/RB ./. 
Meanwhile/RB ,/, competition/NN between/IN various/JJ operating/NN systems/NNS ,/, which/WDT control/VBP the/DT basic/JJ functions/NNS of/IN a/DT computer/NN ,/, spells/NNS trouble/NN for/IN software/NN firms/NNS generally/RB ./. 
``/`` It/PRP creates/VBZ uncertainty/NN and/CC usually/RB slows/VBZ down/RP sales/NNS ,/, ''/'' said/VBD Russ/NNP Crabs/NNP ,/, an/DT analyst/NN at/IN Soundview/NNP Financial/NNP Group/NNP ./. 
Mr./NNP Crabs/NNP said/VBD this/DT probably/RB is/VBZ behind/IN the/DT expected/VBN weak/JJ performance/NN of/IN Aldus/NNP Corp./NNP ,/, maker/NN of/IN a/DT widely/RB used/VBN computer/NN publishing/NN program/NN ./. 
He/PRP expects/VBZ Aldus/NNP to/TO report/VB earnings/NNS of/IN 21/CD cents/NNS a/DT share/NN on/IN revenues/NNS of/IN $/$ 19.5/CD million/CD for/IN its/PRP$ third/JJ quarter/NN ,/, compared/VBN with/IN earnings/NNS of/IN 30/CD cents/NNS a/DT share/NN on/IN revenue/NN of/IN 20.4/CD million/CD in/IN the/DT year-earlier/JJ period/NN ./. 
Aldus/NNP officials/NNS could/MD n't/RB be/VB reached/VBN for/IN comment/NN ./. 
On/IN the/DT other/JJ hand/NN ,/, the/DT battle/NN of/IN the/DT bus/NN is/VBZ expected/VBN to/TO grow/VB increasingly/RB irrelevant/JJ ./. 
A/DT bus/NN is/VBZ the/DT data/NNS highway/NN within/IN a/DT computer/NN ./. 
IBM/NNP is/VBZ backing/VBG one/CD type/NN of/IN bus/NN called/VBN microchannel/NN ,/, while/IN the/DT nine/CD other/JJ leading/VBG computer/NN makers/NNS ,/, including/VBG H-P/NNP and/CC Compaq/NNP Computer/NNP Corp./NNP ,/, have/VBP chosen/VBN another/DT method/NN ./. 
``/`` Users/NNS do/VBP n't/RB care/VB about/IN the/DT bus/NN ,/, ''/'' said/VBD Daniel/NNP Benton/NNP ,/, an/DT analyst/NN at/IN Goldman/NNP ,/, Sachs/NNP &/CC Co/NNP ./. 
He/PRP said/VBD Apple/NNP 's/POS family/NN of/IN Macintosh/NNP computers/NNS ,/, for/IN instance/NN ,/, uses/VBZ four/CD different/JJ buses/NNS ``/`` and/CC no/DT one/NN seems/VBZ to/TO mind/VB ./. ''/'' 
The/DT gap/NN between/IN winners/NNS and/CC laggards/NNS will/MD grow/VB ./. 
In/IN personal/JJ computers/NNS ,/, Apple/NNP ,/, Compaq/NNP and/CC IBM/NNP are/VBP expected/VBN to/TO tighten/VB their/PRP$ hold/NN on/IN their/PRP$ business/NN ./. 
At/IN the/DT same/JJ time/NN ,/, second-tier/JJ firms/NNS will/MD continue/VB to/TO lose/VB ground/NN ./. 
Some/DT lagging/VBG competitors/NNS even/RB may/MD leave/VB the/DT personal/JJ computer/NN business/NN altogether/RB ./. 
Wyse/NNP Technology/NNP ,/, for/IN instance/NN ,/, is/VBZ considered/VBN a/DT candidate/NN to/TO sell/VB its/PRP$ troubled/JJ operation/NN ./. 
``/`` Wyse/NN has/VBZ done/VBN well/RB establishing/VBG a/DT distribution/NN business/NN ,/, but/CC they/PRP have/VBP n't/RB delivered/VBN products/NNS that/WDT sell/VBP ,/, ''/'' said/VBD Kimball/NNP Brown/NNP ,/, an/DT analyst/NN at/IN Prudential-Bache/NNP Securities/NNPS ./. 
Mr./NNP Brown/NNP estimates/VBZ Wyse/NNP ,/, whose/WP$ terminals/NNS business/NN is/VBZ strong/JJ ,/, will/MD report/VB a/DT loss/NN of/IN 12/CD cents/NNS a/DT share/NN for/IN its/PRP$ quarter/NN ended/VBD Sept/NNP ./. 
Personal-computer/NN makers/NNS will/MD continue/VB to/TO eat/VB away/RB at/IN the/DT business/NN of/IN more/RBR traditional/JJ computer/NN firms/NNS ./. 
Ever-more/RB powerful/JJ desk-top/JJ computers/NNS ,/, designed/VBN with/IN one/CD or/CC more/JJR microprocessors/NNS as/IN their/PRP$ ``/`` brains/NNS ,/, ''/'' are/VBP expected/VBN to/TO increasingly/RB take/VB on/RP functions/NNS carried/VBD out/RP by/IN more/RBR expensive/JJ minicomputers/NNS and/CC mainframes/NNS ./. 
``/`` The/DT guys/NNS that/WDT make/VBP traditional/JJ hardware/NN are/VBP really/RB being/VBG obsoleted/VBN by/IN microprocessor-based/JJ machines/NNS ,/, ''/'' said/VBD Mr./NNP Benton/NNP ./. 
As/IN a/DT result/NN of/IN this/DT trend/NN ,/, longtime/JJ powerhouses/NNS H-P/NNP ,/, IBM/NNP and/CC Digital/NNP Equipment/NNP Corp./NNP are/VBP scrambling/VBG to/TO counterattack/NN with/IN microprocessor-based/JJ systems/NNS of/IN their/PRP$ own/JJ ./. 
But/CC they/PRP will/MD have/VB to/TO act/VB quickly/RB ./. 
Mr./NNP Benton/NNP expects/VBZ Compaq/NNP to/TO unveil/VB a/DT family/NN of/IN high-end/JJ personal/JJ computers/NNS later/RB this/DT year/NN that/WDT are/VBP powerful/JJ enough/RB to/TO serve/VB as/IN the/DT hub/NN for/IN communications/NNS within/IN large/JJ networks/NNS of/IN desk-top/JJ machines/NNS ./. 
A/DT raft/NN of/IN new/JJ computer/NN companies/NNS also/RB has/VBZ targeted/VBN this/DT ``/`` server/NN ''/'' market/NN ./. 
Population/NNP Drain/NNP Ends/NNPS For/IN Midwestern/NNP States/NNPS 
IOWA/NNP IS/VBZ MAKING/NNP a/DT comeback/NN ./. 
So/RB are/VBP Indiana/NNP ,/, Ohio/NNP and/CC Michigan/NNP ./. 
The/DT population/NN of/IN all/DT four/CD states/NNS is/VBZ on/IN the/DT upswing/NN ,/, according/VBG to/TO new/JJ Census/NNP Bureau/NNP estimates/VBZ ,/, following/VBG declines/NNS throughout/IN the/DT early/JJ 1980s/CD ./. 
The/DT gains/NNS ,/, to/TO be/VB sure/JJ ,/, are/VBP rather/RB small/JJ ./. 
Iowa/NNP ,/, for/IN instance/NN ,/, saw/VBD its/PRP$ population/NN grow/VBP by/IN 11,000/CD people/NNS ,/, or/CC 0.4/CD %/NN ,/, between/IN 1987/CD and/CC 1988/CD ,/, the/DT Census/NNP Bureau/NNP says/VBZ ./. 
Still/RB ,/, even/RB that/IN modest/JJ increase/NN is/VBZ good/JJ news/NN for/IN a/DT state/NN that/WDT had/VBD n't/RB grown/VBN at/IN all/DT since/IN 1981/CD ./. 
Between/IN 1987/CD and/CC 1988/CD ,/, North/NNP Dakota/NNP was/VBD the/DT only/JJ state/NN in/IN the/DT Midwest/NNP to/TO lose/VB population/NN ,/, a/DT loss/NN of/IN 4,000/CD people/NNS ./. 
Six/CD of/IN the/DT 12/CD midwestern/JJ states/NNS have/VBP been/VBN growing/VBG steadily/RB since/IN 1980/CD --/: Illinois/NNP ,/, Kansas/NNP ,/, Minnesota/NNP ,/, Missouri/NNP ,/, South/NNP Dakota/NNP and/CC Wisconsin/NNP ./. 
The/DT Northeast/NNP has/VBZ been/VBN holding/VBG its/PRP$ own/JJ in/IN the/DT population/NN race/NN ./. 
Seven/CD of/IN nine/CD states/NNS have/VBP grown/VBN each/DT year/NN since/IN 1980/CD ,/, including/VBG New/NNP York/NNP ,/, which/WDT lost/VBD 4/CD %/NN of/IN its/PRP$ population/NN during/IN the/DT 1970s/CD ./. 
And/CC although/IN Pennsylvania/NNP and/CC Massachusetts/NNP suffered/VBD slight/JJ declines/NNS earlier/RBR in/IN the/DT decade/NN ,/, they/PRP are/VBP growing/VBG again/RB ./. 
At/IN the/DT same/JJ time/NN ,/, several/JJ states/NNS in/IN the/DT South/NNP and/CC West/NNP have/VBP had/VBN their/PRP$ own/JJ population/NN turnaround/NN ./. 
Seven/CD states/NNS that/WDT grew/VBD in/IN the/DT early/JJ 1980s/CD are/VBP now/RB losing/VBG population/NN --/: West/NNP Virginia/NNP ,/, Mississippi/NNP ,/, Louisiana/NNP ,/, Oklahoma/NNP ,/, Montana/NNP ,/, Wyoming/NNP and/CC Alaska/NNP ./. 
Overall/RB ,/, though/RB ,/, the/DT South/NNP and/CC West/NNP still/RB outpace/VB the/DT Northeast/NNP and/CC Midwest/NNP ,/, and/CC fast-growing/JJ states/NNS like/IN Florida/NNP and/CC California/NNP ensure/VB that/IN the/DT pattern/NN will/MD continue/VB ./. 
But/CC the/DT growth/NN gap/NN between/IN the/DT Sun/NNP Belt/NNP and/CC other/JJ regions/NNS has/VBZ clearly/RB started/VBN narrowing/VBG ./. 
More/JJR Elderly/NNP Maintain/NNP Their/PRP$ Independence/NNP 
THANKS/VBZ TO/TO modern/JJ medicine/NN ,/, more/JJR couples/NNS are/VBP growing/VBG old/JJ together/RB ./. 
And/CC even/RB after/IN losing/VBG a/DT spouse/NN ,/, more/JJR of/IN the/DT elderly/JJ are/VBP staying/VBG independent/JJ ./. 
A/DT new/JJ Census/NNP Bureau/NNP study/NN of/IN the/DT noninstitutionalized/JJ population/NN shows/VBZ that/IN 64/CD %/NN of/IN people/NNS aged/VBN 65/CD to/TO 74/CD were/VBD living/VBG with/IN a/DT spouse/NN in/IN 1988/CD ,/, up/RB from/IN 59/CD %/NN in/IN 1970/CD ./. 
This/DT does/VBZ n't/RB mean/VB they/PRP 're/VBP less/RBR likely/JJ to/TO live/VB alone/RB ,/, however/RB ./. 
That/DT share/NN has/VBZ remained/VBN at/IN about/RB 24/CD %/NN since/IN 1970/CD ./. 
What/WP has/VBZ changed/VBN is/VBZ that/IN more/JJR of/IN the/DT young/JJ elderly/JJ are/VBP living/VBG with/IN spouses/NNS rather/RB than/IN with/IN other/JJ relatives/NNS ,/, such/JJ as/IN children/NNS ./. 
In/IN 1988/CD ,/, 10/CD %/NN of/IN those/DT aged/VBN 65/CD to/TO 74/CD lived/VBD with/IN relatives/NNS other/JJ than/IN spouses/NNS ,/, down/RB from/IN 15/CD %/NN in/IN 1970/CD ./. 
As/IN people/NNS get/VBP even/RB older/JJR ,/, many/JJ become/VBP widowed/VBN ./. 
But/CC even/RB among/IN those/DT aged/VBN 75/CD and/CC older/JJR ,/, the/DT share/NN living/NN with/IN a/DT spouse/NN rose/VBD slightly/RB ,/, to/TO 40/CD %/NN in/IN 1988/CD from/IN 38/CD %/NN in/IN 1970/CD ./. 
Like/IN their/PRP$ younger/JJR counterparts/NNS ,/, the/DT older/JJR elderly/JJ are/VBP less/RBR likely/JJ to/TO live/VB with/IN other/JJ relatives/NNS ./. 
Only/RB 17/CD %/NN of/IN those/DT aged/VBN 75/CD and/CC older/JJR lived/VBD with/IN relatives/NNS other/JJ than/IN spouses/NNS in/IN 1988/CD ,/, down/RB from/IN 26/CD %/NN in/IN 1970/CD ./. 
The/DT likelihood/NN of/IN living/VBG alone/RB beyond/IN the/DT age/NN of/IN 75/CD has/VBZ increased/VBN to/TO 40/CD %/NN from/IN 32/CD %/NN ./. 
More/JJR people/NNS are/VBP remaining/VBG independent/JJ longer/RBR presumably/RB because/IN they/PRP are/VBP better/JJR off/RP physically/RB and/CC financially/RB ./. 
Careers/NNP Count/NNP Most/JJS For/IN the/DT Well-to-Do/NNP 
MANY/NNP AFFLUENT/NNP people/NNS place/VBP personal/JJ success/NN and/CC money/NN above/IN family/NN ./. 
At/IN least/JJS that/DT 's/VBZ what/WP a/DT survey/NN by/IN Ernst/NNP &/CC Young/NNP and/CC Yankelovich/NNP ,/, Clancy/NNP ,/, Shulman/NNP indicates/VBZ ./. 
Two-thirds/NNS of/IN respondents/NNS said/VBD they/PRP strongly/RB felt/VBD the/DT need/NN to/TO be/VB successful/JJ in/IN their/PRP$ jobs/NNS ,/, while/IN fewer/JJR than/IN half/NN said/VBD they/PRP strongly/RB felt/VBD the/DT need/NN to/TO spend/VB more/JJR time/NN with/IN their/PRP$ families/NNS ./. 
Being/VBG successful/JJ in/IN careers/NNS and/CC spending/VBG the/DT money/NN they/PRP make/VBP are/VBP top/JJ priorities/NNS for/IN this/DT group/NN ./. 
Unlike/IN most/JJS studies/NNS of/IN the/DT affluent/JJ market/NN ,/, this/DT survey/NN excluded/VBN the/DT super-rich/NN ./. 
Average/JJ household/NN income/NN for/IN the/DT sample/NN was/VBD $/$ 194,000/CD ,/, and/CC average/JJ net/JJ assets/NNS were/VBD reported/VBN as/IN $/$ 775,000/CD ./. 
The/DT goal/NN was/VBD to/TO learn/VB about/IN one/CD of/IN today/NN 's/POS fastest-growing/JJS income/NN groups/NNS ,/, the/DT upper-middle/JJ class/NN ./. 
Although/IN they/PRP represent/VBP only/RB 2/CD %/NN of/IN the/DT population/NN ,/, they/PRP control/VBP nearly/RB one-third/NN of/IN discretionary/JJ income/NN ./. 
Across/IN the/DT board/NN ,/, these/DT consumers/NNS value/VBP quality/NN ,/, buy/VB what/WP they/PRP like/IN rather/RB than/IN just/RB what/WP they/PRP need/VBP ,/, and/CC appreciate/VB products/NNS that/WDT are/VBP distinctive/JJ ./. 
Despite/IN their/PRP$ considerable/JJ incomes/NNS and/CC assets/NNS ,/, 40/CD %/NN of/IN the/DT respondents/NNS in/IN the/DT study/NN do/VBP n't/RB feel/VB financially/RB secure/JJ ,/, and/CC one-fourth/NN do/VBP n't/RB feel/VB that/IN they/PRP have/VBP made/VBN it/PRP ./. 
Twenty/CD percent/NN do/VBP n't/RB even/RB feel/VB they/PRP are/VBP financially/RB well/RB off/RP ./. 
Many/JJ of/IN the/DT affluent/JJ are/VBP n't/RB comfortable/JJ with/IN themselves/PRP ,/, either/RB ./. 
About/IN 40/CD %/NN do/VBP n't/RB feel/VB they/PRP 're/VBP more/RBR able/JJ than/IN others/NNS ./. 
While/IN twothirds/NNS feel/VBP some/DT guilt/NN about/IN being/VBG affluent/JJ ,/, only/RB 25/CD %/NN give/VBP $/$ 2,500/CD or/CC more/JJR to/TO charity/NN each/DT year/NN ./. 
Thirty-five/JJ percent/NN attend/VBP religious/JJ services/NNS regularly/RB ;/: at/IN the/DT same/JJ time/NN ,/, 60/CD %/NN feel/NN that/IN in/IN life/NN one/CD sometimes/RB has/VBZ to/TO compromise/VB one/PRP 's/POS principles/NNS ./. 
Odds/NNS and/CC Ends/NNPS 
THE/DT NUMBER/NN of/IN women/NNS and/CC minorities/NNS who/WP hold/VBP jobs/NNS in/IN top/JJ management/NN in/IN the/DT nation/NN 's/POS largest/JJS banks/NNS has/VBZ more/RBR than/IN doubled/VBN since/IN 1978/CD ./. 
The/DT American/NNP Bankers/NNP Association/NNP says/VBZ that/IN women/NNS make/VBP up/RP 47/CD %/NN of/IN officials/NNS and/CC managers/NNS in/IN the/DT top/JJ 50/CD banks/NNS ,/, up/RB from/IN 33/CD %/NN in/IN 1978/CD ./. 
The/DT share/NN of/IN minorities/NNS in/IN those/DT positions/NNS has/VBZ risen/VBN to/TO 16/CD %/NN from/IN 12/CD %/NN .../: ./. 
Per-capita/JJ personal/JJ income/NN in/IN the/DT U.S./NNP grew/VBD faster/RBR than/IN inflation/NN last/JJ year/NN ,/, according/VBG to/TO the/DT Bureau/NNP of/IN Economic/NNP Analysis/NNP ./. 
The/DT amount/NN of/IN income/NN divvied/VBD up/RP for/IN each/DT man/NN ,/, woman/NN and/CC child/NN was/VBD $/$ 16,489/CD in/IN 1988/CD ,/, up/RB 6.6/CD %/NN from/IN $/$ 15,472/CD in/IN 1987/CD ./. 
Per/IN capita/NNS personal/JJ income/NN ranged/VBD from/IN $/$ 11,116/CD in/IN Mississippi/NNP to/TO $/$ 23,059/CD in/IN Connecticut/NNP .../: ./. 
There/EX are/VBP 13.1/CD million/CD students/NNS in/IN college/NN this/DT fall/NN ,/, up/RB 2/CD %/NN from/IN 1988/CD ,/, the/DT National/NNP Center/NNP for/IN Education/NNP Statistics/NNPS estimates/VBZ ./. 
About/IN 54/CD %/NN are/VBP women/NNS ,/, and/CC 44/CD %/NN are/VBP part-time/JJ students/NNS ./. 
This/DT small/JJ Dallas/NNP suburb/NN 's/POS got/VBD trouble/NN ./. 
Trouble/NN with/IN a/DT capital/NN T/NN and/CC that/IN rhymes/NNS with/IN P/NNP and/CC that/DT stands/VBZ for/IN pool/NN ./. 
More/JJR than/IN 30/CD years/NNS ago/RB ,/, Prof./NNP Harold/NNP Hill/NNP ,/, the/DT con/JJ man/NN in/IN Meredith/NNP Willson/NNP 's/POS ``/`` The/DT Music/NNP Man/NNP ,/, ''/'' warned/VBD the/DT citizens/NNS of/IN River/NNP City/NNP ,/, Iowa/NNP ,/, against/IN the/DT game/NN ./. 
Now/RB kindred/VBD spirits/NNS on/IN Addison/NNP 's/POS town/NN council/NN have/VBP barred/VBN the/DT town/NN 's/POS fanciest/JJS hotel/NN ,/, the/DT Grand/NNP Kempinski/NNP ,/, from/IN installing/VBG three/CD free/JJ pool/NN tables/NNS in/IN its/PRP$ new/JJ lounge/NN ./. 
Mayor/NNP Lynn/NNP Spruill/NNP and/CC two/CD members/NNS of/IN the/DT council/NN said/VBD they/PRP were/VBD worried/VBN about/IN setting/VBG a/DT precedent/NN that/WDT would/MD permit/VB pool/NN halls/NNS along/IN Addison/NNP 's/POS main/JJ street/NN ./. 
And/CC the/DT mayor/NN ,/, in/IN an/DT admonition/NN that/WDT bears/VBZ a/DT rhythmic/JJ resemblance/NN to/TO Prof./NNP Hill/NNP 's/POS ,/, warned/VBD that/IN ``/`` alcohol/NN leads/VBZ to/TO betting/VBG ,/, which/WDT leads/VBZ to/TO fights/NNS ./. ''/'' 
The/DT council/NN 's/POS action/NN is/VBZ yet/RB another/DT blow/NN to/TO a/DT sport/NN that/IN its/PRP$ fans/NNS claim/NN has/VBZ been/VBN maligned/VBN unjustly/RB for/IN years/NNS ./. 
``/`` Obviously/RB they/PRP 're/VBP not/RB in/IN touch/NN with/IN what/WP 's/VBZ going/VBG on/IN ,/, ''/'' says/VBZ Tom/NNP Manske/NNP ,/, vice/NN president/NN of/IN the/DT National/NNP Pocket/NNP Billiards/NNP Association/NNP ./. 
Pool/NNP is/VBZ hot/JJ in/IN New/NNP York/NNP and/CC Chicago/NNP ,/, he/PRP insists/VBZ ,/, where/WRB ``/`` upscale/JJ ,/, suit-and-tie/JJ places/NNS ''/'' are/VBP adding/VBG tables/NNS ./. 
With/IN today/NN 's/POS tougher/RBR drunk/JJ driving/VBG laws/NNS ,/, he/PRP adds/VBZ ,/, ``/`` people/NNS do/VBP n't/RB want/VB to/TO just/RB sit/VB around/RB and/CC drink/NN ./. ''/'' 
Besides/IN ,/, rowdy/JJ behavior/NN seems/VBZ unlikely/JJ at/IN the/DT Grand/NNP Kempinski/NNP ,/, where/WRB rooms/NNS average/VBP $/$ 200/CD a/DT night/NN and/CC the/DT cheap/JJ mixed/JJ drinks/NNS go/VBP for/IN $/$ 3.50/CD a/DT pop/NN ./. 
At/IN the/DT lounge/NN ,/, manager/NN Elizabeth/NNP Dyer/NNP wo/MD n't/RB admit/VB patrons/NNS in/IN jeans/NNS ,/, T-shirts/NNS or/CC tennis/NN shoes/NNS ./. 
But/CC a/DT majority/NN of/IN the/DT Addison/NNP council/NN did/VBD n't/RB buy/VB those/DT arguments/NNS ./. 
Introducing/VBG pool/NN ,/, argued/VBD Councilwoman/NNP Riley/NNP Reinker/NNP ,/, would/MD be/VB ``/`` dangerous/JJ ./. 
It/PRP would/MD open/VB a/DT can/NN of/IN worms/NNS ./. ''/'' 
Addison/NNP is/VBZ no/DT stranger/NN to/TO cans/NNS of/IN worms/NNS ,/, either/RB ./. 
After/IN its/PRP$ previous/JJ mayor/NN committed/VBD suicide/NN last/JJ year/NN ,/, an/DT investigation/NN disclosed/VBD that/IN town/NN officials/NNS regularly/RB voted/VBD on/IN their/PRP$ own/JJ projects/NNS ,/, gave/VBD special/JJ favors/NNS to/TO developer/NN friends/NNS and/CC dipped/VBD into/IN the/DT town/NN 's/POS coffers/NNS for/IN trips/NNS and/CC retreats/NNS ./. 
The/DT revelations/NNS embarrassed/JJ town/NN officials/NNS ,/, although/IN they/PRP argued/VBD that/IN the/DT problems/NNS were/VBD n't/RB as/RB severe/JJ as/IN the/DT media/NNS suggested/VBD ./. 
Now/RB comes/VBZ the/DT pool/NN flap/NN ./. 
``/`` I/PRP think/VBP there/EX 's/VBZ some/DT people/NNS worried/VBD about/IN something/NN pretty/RB ridiculous/JJ ,/, ''/'' Councilman/NNP John/NNP Nolan/NNP says/VBZ ./. 
``/`` I/PRP thought/VBD this/DT was/VBD all/DT taken/VBN care/NN of/IN in/IN `/`` The/DT Music/NNP Man/NNP ./. 
The/DT only/JJ thing/NN Robert/NNP Goldberg/NNP could/MD praise/NN about/IN CBS/NNP 's/POS new/JJ show/NN ``/`` Island/NNP Son/NNP ''/'' -LRB-/-LRB- Leisure/NN &/CC Arts/NNPS ,/, Sept./NNP 25/CD -RRB-/-RRB- was/VBD the/DT local/JJ color/NN ;/: unfortunately/RB neither/CC he/PRP nor/CC the/DT producers/NNS of/IN the/DT show/NN have/VBP done/VBN their/PRP$ homework/NN ./. 
For/IN instance/NN :/: ``/`` Haole/NNP ''/'' -LRB-/-LRB- white/JJ -RRB-/-RRB- is/VBZ not/RB the/DT ultimate/JJ insult/NN ;/: ``/`` Mainland/NNP haole/NN ''/'' is/VBZ ./. 
Richard/NNP Chamberlain/NNP dresses/NNS as/IN a/DT ``/`` Mainland/NNP haole/NN ,/, ''/'' tucking/VBG in/IN a/DT Hawaiian/JJ shirt/NN and/CC rolling/VBG up/RP its/PRP$ long/JJ sleeves/NNS ./. 
And/CC the/DT local/JJ expression/NN for/IN brother/NN is/VBZ ``/`` brah/VB ,/, ''/'' not/RB ``/`` bruddah/NN ./. ''/'' 
And/CC even/RB if/IN a/DT nurse/NN would/MD wear/VB flowers/NNS in/IN her/PRP$ hair/NN while/IN on/IN duty/NN ,/, if/IN she/PRP were/VBD engaged/VBN she/PRP would/MD know/VB to/TO wear/VB them/PRP behind/IN her/PRP$ left/NN ,/, not/RB right/JJ ,/, ear/NN ./. 
Sorry/NNP ,/, the/DT show/NN does/VBZ not/RB even/RB have/VB the/DT one/CD redeeming/VBG quality/NN of/IN genuine/JJ local/JJ color/NN ./. 
Anita/NNP Davis/NNP 
Of/IN all/PDT the/DT ethnic/JJ tensions/NNS in/IN America/NNP ,/, which/WDT is/VBZ the/DT most/RBS troublesome/JJ right/RB now/RB ?/. 
A/DT good/JJ bet/NN would/MD be/VB the/DT tension/NN between/IN blacks/NNS and/CC Jews/NNPS in/IN New/NNP York/NNP City/NNP ./. 
Or/CC so/IN it/PRP must/MD seem/VB to/TO Jackie/NNP Mason/NNP ,/, the/DT veteran/JJ Jewish/JJ comedian/NN appearing/VBG in/IN a/DT new/JJ ABC/NNP sitcom/NN airing/VBG on/IN Tuesday/NNP nights/NNS -LRB-/-LRB- 9:30-10/CD p.m./RB EDT/NNP -RRB-/-RRB- ./. 
Not/RB only/RB is/VBZ Mr./NNP Mason/NNP the/DT star/NN of/IN ``/`` Chicken/NNP Soup/NNP ,/, ''/'' he/PRP 's/VBZ also/RB the/DT inheritor/NN of/IN a/DT comedic/JJ tradition/NN dating/VBG back/RB to/TO ``/`` Duck/NN Soup/NNP ,/, ''/'' and/CC he/PRP 's/VBZ currently/RB a/DT man/NN in/IN hot/JJ water/NN ./. 
Here/RB ,/, in/IN neutral/JJ language/NN ,/, is/VBZ the/DT gist/NN of/IN Mr./NNP Mason/NNP 's/POS remarks/NNS ,/, quoted/VBN first/RB in/IN the/DT Village/NNP Voice/NNP while/IN he/PRP was/VBD a/DT paid/VBN spokesman/NN for/IN the/DT Rudolph/NNP Giuliani/NNP mayoral/JJ campaign/NN ,/, and/CC then/RB in/IN Newsweek/NNP after/IN he/PRP and/CC the/DT campaign/NN parted/VBD company/NN ./. 
Mr./NNP Mason/NNP said/VBD that/IN many/JJ Jewish/JJ voters/NNS feel/VBP guilty/JJ toward/IN blacks/NNS ,/, so/IN they/PRP support/VBP black/JJ candidates/NNS uncritically/RB ./. 
He/PRP said/VBD that/IN many/JJ black/JJ voters/NNS feel/VBP bitter/JJ about/IN racial/JJ discrimination/NN ,/, so/IN they/PRP ,/, too/RB ,/, support/NN black/JJ candidates/NNS uncritically/RB ./. 
He/PRP said/VBD that/IN Jews/NNS have/VBP contributed/VBN more/JJR to/TO black/JJ causes/NNS over/IN the/DT years/NNS than/IN vice/NN versa/RB ./. 
Of/IN course/NN ,/, Mr./NNP Mason/NNP did/VBD not/RB use/VB neutral/JJ language/NN ./. 
As/IN a/DT practitioner/NN of/IN ethnic/JJ humor/NN from/IN the/DT old/JJ days/NNS on/IN the/DT Borscht/NNP Belt/NNP ,/, live/JJ television/NN and/CC the/DT nightclub/NN circuit/NN ,/, Mr./NNP Mason/NNP instinctively/RB reached/VBD for/IN the/DT vernacular/NN ./. 
He/PRP said/VBD Jews/NNS were/VBD ``/`` sick/JJ with/IN complexes/NNS ''/'' ;/: and/CC he/PRP called/VBD David/NNP Dinkins/NNP ,/, Mr./NNP Giuliani/NNP 's/POS black/JJ opponent/NN ,/, ``/`` a/DT fancy/JJ shvartze/NN with/IN a/DT mustache/NN ./. ''/'' 
If/IN Mr./NNP Mason/NNP had/VBD used/VBN less/RBR derogatory/JJ language/NN to/TO articulate/VB his/PRP$ amateur/JJ analysis/NN of/IN the/DT voting/VBG behavior/NN of/IN his/PRP$ fellow/JJ New/NNP Yorkers/NNPS ,/, would/MD the/DT water/NN be/VB quite/RB so/RB hot/JJ ?/. 
It/PRP probably/RB would/MD ,/, because/IN few/JJ or/CC none/NN of/IN the/DT people/NNS upset/JJ by/IN Mr./NNP Mason/NNP 's/POS remarks/NNS have/VBP bothered/VBN to/TO distinguish/VB between/IN the/DT substance/NN of/IN his/PRP$ comments/NNS and/CC the/DT fact/NN that/IN he/PRP used/VBD insulting/JJ language/NN ./. 
In/IN addition/NN ,/, some/DT of/IN Mr./NNP Mason/NNP 's/POS critics/NNS have/VBP implied/VBN that/IN his/PRP$ type/NN of/IN ethnic/JJ humor/NN is/VBZ itself/PRP a/DT form/NN of/IN racism/NN ./. 
For/IN example/NN ,/, the/DT New/NNP York/NNP state/NN counsel/NN for/IN the/DT NAACP/NNP said/VBD that/IN Mr./NNP Mason/NNP is/VBZ ``/`` like/IN a/DT dinosaur/NN ./. 
People/NNS are/VBP fast/RB leaving/VBG the/DT place/NN where/WRB he/PRP is/VBZ stuck/VBN ./. ''/'' 
These/DT critics/NNS fail/VBP to/TO distinguish/VB between/IN the/DT type/NN of/IN ethnic/JJ humor/NN that/WDT aims/VBZ at/IN disparaging/VBG another/DT group/NN ,/, such/JJ as/IN ``/`` Polish/JJ jokes/NNS ''/'' ;/: and/CC the/DT type/NN that/WDT is/VBZ double-edged/JJ ,/, aiming/VBG inward/RB as/RB well/RB as/IN outward/JJ ./. 
The/DT latter/NN typically/RB is/VBZ the/DT humor/NN of/IN the/DT underdog/NN ,/, and/CC it/PRP was/VBD perfected/VBN by/IN both/DT blacks/NNS and/CC Jews/NNPS on/IN the/DT minstrel/NN and/CC vaudeville/JJ stage/NN as/IN a/DT means/NN of/IN mocking/VBG their/PRP$ white/JJ and/CC gentile/JJ audiences/NNS along/IN with/IN themselves/PRP ./. 
In/IN the/DT hands/NNS of/IN a/DT zealot/NN like/IN Lenny/NNP Bruce/NNP ,/, this/DT double-edged/JJ blade/NN could/MD cut/VB both/DT the/DT self/NN and/CC the/DT audience/NN to/TO ribbons/NNS ./. 
But/CC wielded/VBN by/IN a/DT pro/NN like/IN Jackie/NNP Mason/NNP ,/, it/PRP is/VBZ a/DT constructive/JJ form/NN of/IN mischief/NN ./. 
Why/WRB constructive/JJ ?/. 
Because/IN despite/IN all/PDT the/DT media/NNS prattle/VBP about/IN comedy/NN and/CC politics/NNS not/RB mixing/VBG ,/, they/PRP are/VBP similar/JJ in/IN one/CD respect/NN :/: Both/DT can/MD serve/VB as/IN mechanisms/NNS for/IN easing/VBG tensions/NNS and/CC facilitating/VBG the/DT co-existence/NN of/IN groups/NNS in/IN conflict/NN ./. 
That/DT 's/VBZ why/WRB it/PRP 's/VBZ dangerous/JJ to/TO have/VB well-intentioned/JJ thought/VBN police/NN ,/, on/IN college/NN campuses/NNS and/CC elsewhere/RB ,/, taboo/JJ all/DT critical/JJ mention/NN of/IN group/NN differences/NNS ./. 
As/IN Elizabeth/NNP Kristol/NNP wrote/VBD in/IN the/DT New/NNP York/NNP Times/NNP just/RB before/IN the/DT Mason/NNP donnybrook/NN ,/, ``/`` Perhaps/RB intolerance/NN would/MD not/RB boil/NN over/IN with/IN such/JJ intensity/NN if/IN honest/JJ differences/NNS were/VBD allowed/VBN to/TO simmer/VB ./. ''/'' 
The/DT question/NN is/VBZ ,/, if/IN group/NN conflicts/NNS still/RB exist/VBP -LRB-/-LRB- as/IN undeniably/RB they/PRP do/VBP -RRB-/-RRB- ,/, and/CC if/IN Mr./NNP Mason/NNP 's/POS type/NN of/IN ethnic/JJ humor/NN is/VBZ passe/NN ,/, then/RB what/WP other/JJ means/NNS do/VBP we/PRP have/VB for/IN letting/VBG off/RP steam/NN ?/. 
Do/VBP n't/RB say/VB the/DT TV/NN sitcom/NN ,/, because/IN that/DT happens/VBZ to/TO be/VB a/DT genre/NN that/IN ,/, in/IN its/PRP$ desperate/JJ need/NN to/TO attract/VB everybody/NN and/CC offend/VB nobody/NN ,/, resembles/VBZ politics/NNS more/RBR than/IN it/PRP does/VBZ comedy/NN ./. 
It/PRP is/VBZ true/JJ that/IN the/DT best/JJS sitcoms/NNS do/VBP allow/VB group/NN differences/NNS to/TO simmer/VB :/: yuppies/NNS vs./FW blue-collar/JJ Bostonians/NNPS in/IN ``/`` Cheers/NNP ''/'' ;/: children/NNS vs./FW adults/NNS in/IN ``/`` The/DT Cosby/NNP Show/NNP ./. ''/'' 
But/CC these/DT are/VBP not/RB the/DT differences/NNS that/WDT make/VBP headlines/NNS ./. 
In/IN ``/`` Chicken/NNP Soup/NNP ,/, ''/'' Mr./NNP Mason/NNP plays/VBZ Jackie/NNP ,/, a/DT Jewish/JJ bachelor/NN courting/VBG Maddie/NNP -LRB-/-LRB- Lynn/NNP Redgrave/NNP -RRB-/-RRB- ,/, an/DT Irish/JJ widow/NN and/CC mother/NN of/IN three/CD ,/, against/IN the/DT wishes/NNS of/IN his/PRP$ mother/NN -LRB-/-LRB- Rita/NNP Karin/NNP -RRB-/-RRB- and/CC her/PRP$ brother/NN Michael/NNP -LRB-/-LRB- Brandon/NNP Maggart/NNP -RRB-/-RRB- ./. 
It/PRP 's/VBZ worth/JJ noting/VBG that/IN both/DT disapproving/JJ relatives/NNS are/VBP immigrants/NNS ./. 
At/IN least/JJS ,/, they/PRP both/DT speak/VBP with/IN strong/JJ accents/NNS ,/, as/IN do/VB Jackie/NNP and/CC Maddie/NNP ./. 
It/PRP could/MD n't/RB be/VB more/RBR obvious/JJ that/IN ``/`` Chicken/NNP Soup/NNP ''/'' is/VBZ being/VBG made/VBN from/IN an/DT old/JJ recipe/NN ./. 
And/CC a/DT safe/JJ one/CD --/: imagine/VB if/IN the/DT romance/NN in/IN question/NN were/VBD between/IN an/DT Orthodox/NNP Jew/NNP and/CC a/DT member/NN of/IN the/DT Nation/NNP of/IN Islam/NNP ./. 
Back/RB in/IN the/DT 1920s/CD ,/, the/DT play/NN and/CC movie/NN versions/NNS of/IN ``/`` Abie/NNP 's/POS Irish/NNP Rose/NNP ''/'' made/VBD the/DT theme/NN of/IN courtship/NN between/IN the/DT assimilated/JJ offspring/NN of/IN Jewish/JJ and/CC Irish/JJ immigrants/NNS so/RB popular/JJ that/IN its/PRP$ author/NN ,/, Anne/NNP Nichols/NNP ,/, lost/VBD a/DT plagiarism/NN suit/NN on/IN the/DT grounds/NNS that/IN the/DT plot/NN has/VBZ entered/VBN the/DT public/JJ domain/NN ./. 
And/CC it/PRP has/VBZ remained/VBN there/RB ,/, as/IN evidenced/VBN by/IN its/PRP$ reappearance/NN in/IN a/DT 1972/CD CBS/NNP sitcom/NN called/VBN ``/`` Bridget/NNP Loves/VBZ Bernie/NNP ,/, ''/'' whose/WP$ sole/JJ distinction/NN was/VBD that/IN it/PRP led/VBD to/TO the/DT real-life/JJ marriage/NN of/IN Meredith/NNP Baxter/NNP and/CC David/NNP Birney/NNP ./. 
Clearly/RB ,/, the/DT question/NN with/IN ``/`` Chicken/NNP Soup/NNP ''/'' is/VBZ not/RB whether/IN the/DT pot/NN will/MD boil/NN over/RB ,/, but/CC whether/IN it/PRP will/MD simmer/VB at/IN all/DT ./. 
So/RB far/RB ,/, the/DT bubbles/NNS have/VBP been/VBN few/JJ and/CC far/RB between/IN ./. 
Part/NN of/IN the/DT problem/NN is/VBZ the/DT tendency/NN of/IN all/DT sitcoms/NNS ,/, ever/RB since/IN the/DT didactic/JJ days/NNS of/IN Norman/NNP Lear/NNP ,/, to/TO preach/VBP about/IN social/JJ issues/NNS ./. 
To/TO some/DT extent/NN ,/, this/DT tendency/NN emerges/VBZ whenever/WRB the/DT show/NN tries/VBZ to/TO enlighten/VB us/PRP about/IN ethnic/JJ stereotypes/NNS by/IN reversing/VBG them/PRP ./. 
For/IN instance/NN ,/, Michael/NNP dislikes/NN Jackie/NNP not/RB because/IN he/PRP 's/VBZ a/DT shrewd/JJ Jewish/JJ businessman/NN ,/, but/CC because/IN he/PRP quits/VBZ his/PRP$ well-paying/JJ job/NN as/IN a/DT salesman/NN in/IN order/NN to/TO become/VB a/DT social/JJ worker/NN ./. 
Even/RB more/RBR problematic/JJ is/VBZ the/DT incompatibility/NN between/IN sitcom/NN preachiness/NN and/CC Mr./NNP Mason/NNP 's/POS comic/JJ persona/NN ./. 
The/DT best/JJS moments/NNS in/IN the/DT show/NN occur/VBP at/IN the/DT beginning/NN and/CC the/DT end/NN -LRB-/-LRB- and/CC occasionally/RB in/IN the/DT middle/JJ -RRB-/-RRB- ,/, when/WRB Mr./NNP Mason/NNP slips/VBZ into/IN his/PRP$ standup/NN mode/NN and/CC starts/VBZ meting/VBG out/RP that/IN old-fashioned/JJ Jewish/JJ mischief/NN to/TO other/JJ people/NNS as/RB well/RB as/IN to/TO himself/PRP ./. 
But/CC too/RB often/RB ,/, these/DT routines/NNS lack/VBP spark/VB because/IN this/DT sitcom/NN ,/, like/IN all/DT sitcoms/NNS ,/, is/VBZ timid/JJ about/IN confronting/VBG Mr./NNP Mason/NNP 's/POS stock/NN in/IN trade/NN -/: ethnic/JJ differences/NNS ./. 
I/PRP 'm/VBP not/RB suggesting/VBG that/IN the/DT producers/NNS start/VBP putting/VBG together/RB episodes/NNS about/IN topics/NNS like/IN the/DT Catholic-Jewish/JJ dispute/NN over/IN the/DT Carmelite/NNP convent/NN at/IN Auschwitz/NNP ./. 
That/DT issue/NN ,/, like/IN racial/JJ tensions/NNS in/IN New/NNP York/NNP City/NNP ,/, will/MD have/VB to/TO cool/VB down/RP ,/, not/RB heat/VB up/RP ,/, before/IN it/PRP can/MD simmer/VB ./. 
But/CC I/PRP am/VBP suggesting/VBG that/IN they/PRP stop/VBP requiring/VBG Mr./NNP Mason/NNP to/TO interrupt/VB his/PRP$ classic/JJ shtik/NN with/IN some/DT line/NN about/IN ``/`` caring/VBG for/IN other/JJ people/NNS ''/'' that/WDT would/MD sound/VB shmaltzy/NN on/IN the/DT lips/NNS of/IN Miss/NNP America/NNP ./. 
At/IN your/PRP$ age/NN ,/, Jackie/NNP ,/, you/PRP ought/MD to/TO know/VB that/IN you/PRP ca/MD n't/RB make/VB soup/NN without/IN turning/VBG up/RP the/DT flame/NN ./. 
The/DT official/JJ White/NNP House/NNP reaction/NN to/TO a/DT plunge/NN in/IN stock/NN prices/NNS has/VBZ a/DT 60-year/JJ history/NN of/IN calm/JJ ,/, right/RB up/RP through/IN Friday/NNP ./. 
Treasury/NNP Secretary/NNP Nicholas/NNP Brady/NNP said/VBD in/IN a/DT statement/NN Friday/NNP that/IN the/DT stock-market/NN decline/NN ``/`` does/VBZ n't/RB signal/VB any/DT fundamental/JJ change/NN in/IN the/DT condition/NN of/IN the/DT economy/NN ./. ''/'' 
``/`` The/DT economy/NN ,/, ''/'' he/PRP added/VBD ,/, ``/`` remains/VBZ well-balanced/JJ and/CC the/DT outlook/NN is/VBZ for/IN continued/VBN moderate/JJ growth/NN ./. ''/'' 
Sound/NN familiar/JJ ?/. 
Here/RB 's/VBZ what/WP Ronald/NNP Reagan/NNP said/VBD after/IN the/DT 1987/CD crash/NN :/: ``/`` The/DT underlying/JJ economy/NN remains/VBZ sound/JJ ./. 
There/EX is/VBZ nothing/NN wrong/JJ with/IN the/DT economy/NN .../: all/PDT the/DT indices/NNS are/VBP up/RP ./. ''/'' 
Heard/VBN that/IN before/IN ?/. 
After/IN the/DT 1929/CD crash/NN ,/, Herbert/NNP Hoover/NNP said/VBD :/: ``/`` The/DT fundamental/JJ business/NN of/IN the/DT country/NN .../: is/VBZ on/IN a/DT sound/JJ and/CC prosperous/JJ basis/NN ./. 
James/NNP Robinson/NNP ,/, 57/CD years/NNS old/JJ ,/, was/VBD elected/VBN president/NN and/CC chief/JJ executive/JJ officer/NN of/IN this/DT maker/NN of/IN magnetic/JJ recording/NN heads/NNS for/IN disk/NN drives/NNS ./. 
He/PRP has/VBZ been/VBN president/NN and/CC chief/JJ executive/JJ officer/NN of/IN Amperex/NNP Electronics/NNP Corp./NNP ,/, a/DT division/NN of/IN North/NNP American/NNP Philips/NNP Corp./NNP ,/, itself/PRP a/DT subsidiary/NN of/IN N.V/NNP ./. Philips/NNP of/IN the/DT Netherlands/NNP ./. 
Charles/NNP J./NNP Lawson/NNP Jr./NNP ,/, 68/CD ,/, who/WP had/VBD been/VBN acting/VBG chief/JJ executive/NN since/IN June/NNP 14/CD ,/, will/MD continue/VB as/IN chairman/NN ./. 
The/DT former/JJ president/NN and/CC chief/JJ executive/NN ,/, Eric/NNP W./NNP Markrud/NNP ,/, resigned/VBN in/IN June/NNP ./. 
The/DT Senate/NNP 's/POS decision/NN to/TO approve/VB a/DT bare-bones/JJ deficit-reduction/NN bill/NN without/IN a/DT capital-gains/NNS tax/NN cut/NN still/RB leaves/VBZ open/JJ the/DT possibility/NN of/IN enacting/VBG a/DT gains/NNS tax/NN reduction/NN this/DT year/NN ./. 
Late/RB Friday/NNP night/NN ,/, the/DT Senate/NNP voted/VBD 87-7/CD to/TO approve/VB an/DT estimated/VBN $/$ 13.5/CD billion/CD measure/NN that/WDT had/VBD been/VBN stripped/VBN of/IN hundreds/NNS of/IN provisions/NNS that/WDT would/MD have/VB widened/VBN ,/, rather/RB than/IN narrowed/VBN ,/, the/DT federal/JJ budget/NN deficit/NN ./. 
Lawmakers/NNS drastically/RB streamlined/JJ the/DT bill/NN to/TO blunt/JJ criticism/NN that/IN it/PRP was/VBD bloated/JJ with/IN special-interest/JJ tax/NN breaks/NNS and/CC spending/NN increases/NNS ./. 
``/`` We/PRP 're/VBP putting/VBG a/DT deficit-reduction/JJ bill/NN back/RB in/IN the/DT category/NN of/IN being/VBG a/DT deficit-reduction/JJ bill/NN ,/, ''/'' said/VBD Senate/NNP Budget/NNP Committee/NNP Chairman/NNP James/NNP Sasser/NNP -LRB-/-LRB- D./NNP ,/, Tenn/NNP ./. -RRB-/-RRB- ./. 
But/CC Senate/NNP supporters/NNS of/IN the/DT trimmer/NN legislation/NN said/VBD that/IN other/JJ bills/NNS would/MD soon/RB be/VB moving/VBG through/IN Congress/NNP that/WDT could/MD carry/VB some/DT of/IN the/DT measures/NNS that/WDT had/VBD been/VBN cast/VBN aside/RB ,/, including/VBG a/DT capital-gains/NNS tax/NN cut/NN ./. 
In/IN addition/NN ,/, the/DT companion/NN deficit-reduction/NN bill/NN already/RB passed/VBN by/IN the/DT House/NNP includes/VBZ a/DT capital-gains/NNS provision/NN ./. 
House-Senate/JJ negotiations/NNS are/VBP likely/JJ to/TO begin/VB at/IN midweek/JJ and/CC last/JJ for/IN a/DT while/NN ./. 
``/`` No/DT one/NN can/MD predict/VB exactly/RB what/WP will/MD happen/VB on/IN the/DT House/NNP side/NN ,/, ''/'' said/VBD Senate/NNP Minority/NNP Leader/NNP Robert/NNP Dole/NNP -LRB-/-LRB- R./NNP ,/, Kan/NNP ./. -RRB-/-RRB- ./. 
But/CC ,/, he/PRP added/VBD ,/, ``/`` I/PRP believe/VBP Republicans/NNPS and/CC Democrats/NNPS will/MD work/VB together/RB to/TO get/VB capital-gains/NNS reform/NN this/DT year/NN ./. ''/'' 
White/NNP House/NNP Budget/NNP Director/NNP Richard/NNP Darman/NNP told/VBD reporters/NNS yesterday/NN that/IN the/DT administration/NN would/MD n't/RB push/VB to/TO keep/VB the/DT capital-gains/NNS cut/NN in/IN the/DT final/JJ version/NN of/IN the/DT bill/NN ./. 
``/`` We/PRP do/VBP n't/RB need/VB this/DT as/IN a/DT way/NN to/TO get/VB capital/NN gains/NNS ,/, ''/'' he/PRP said/VBD ./. 
House/NNP Budget/NNP Committee/NNP Chairman/NNP Leon/NNP Panetta/NNP -LRB-/-LRB- D./NNP ,/, Calif/NNP ./. -RRB-/-RRB- said/VBD in/IN an/DT interview/NN ,/, ``/`` If/IN that/DT 's/VBZ the/DT signal/NN that/WDT comes/VBZ from/IN the/DT White/NNP House/NNP ,/, that/WDT will/MD help/VB a/DT great/JJ deal/NN ./. ''/'' 
The/DT Senate/NNP 's/POS decision/NN was/VBD a/DT setback/NN for/IN President/NNP Bush/NNP and/CC will/MD make/VB approval/NN of/IN a/DT capital-gains/NNS tax/NN cut/NN less/RBR certain/JJ this/DT year/NN ./. 
Opponents/NNS of/IN the/DT cut/NN are/VBP playing/VBG hardball/NN ./. 
Senate/NNP Majority/NNP Leader/NNP George/NNP Mitchell/NNP -LRB-/-LRB- D./NNP ,/, Maine/NNP -RRB-/-RRB- said/VBD he/PRP was/VBD ``/`` confident/JJ ''/'' that/IN any/DT House-Senate/NNP agreement/NN on/IN the/DT deficit-reduction/JJ legislation/NN would/MD n't/RB include/VB a/DT capital-gains/NNS tax/NN cut/NN ./. 
And/CC a/DT senior/JJ aide/NN to/TO the/DT House/NNP Ways/NNPS and/CC Means/NNP Committee/NNP ,/, where/WRB tax/NN legislation/NN originates/VBZ ,/, said/VBD there/EX are/VBP n't/RB any/DT ``/`` plans/NNS to/TO produce/VB another/DT tax/NN bill/NN that/WDT could/MD carry/VB a/DT gains/NNS tax/NN cut/NN this/DT year/NN ./. ''/'' 
One/CD obvious/JJ place/NN to/TO attach/VB a/DT capital-gains/NNS tax/NN cut/NN ,/, and/CC perhaps/RB other/JJ popular/JJ items/NNS stripped/VBN from/IN the/DT deficit-reduction/JJ bill/NN ,/, is/VBZ the/DT legislation/NN to/TO raise/VB the/DT federal/JJ borrowing/NN limit/NN ./. 
Such/JJ legislation/NN must/MD be/VB enacted/VBN by/IN the/DT end/NN of/IN the/DT month/NN ./. 
The/DT Senate/NNP bill/NN was/VBD pared/VBN back/RB in/IN an/DT attempt/NN to/TO speed/VB deficit-reduction/NN through/IN Congress/NNP ./. 
Because/IN the/DT legislation/NN has/VBZ n't/RB been/VBN completed/VBN ,/, President/NNP Bush/NNP has/VBZ until/IN midnight/NN tonight/NN to/TO enact/VB across-the-board/JJ spending/NN cuts/NNS mandated/VBN by/IN the/DT Gramm-Rudman/NNP deficit-reduction/NN law/NN ./. 
Senators/NNS hope/VBP that/IN the/DT need/NN to/TO avoid/VB those/DT cuts/NNS will/MD pressure/VB the/DT House/NNP to/TO agree/VB to/TO the/DT streamlined/JJ bill/NN ./. 
The/DT House/NNP appears/VBZ reluctant/JJ to/TO join/VB the/DT senators/NNS ./. 
A/DT key/NN is/VBZ whether/IN House/NNP Republicans/NNPS are/VBP willing/JJ to/TO acquiesce/VB to/TO their/PRP$ Senate/NNP colleagues/NNS '/POS decision/NN to/TO drop/VB many/JJ pet/JJ provisions/NNS ./. 
``/`` Although/IN I/PRP am/VBP encouraged/VBN by/IN the/DT Senate/NNP action/NN ,/, ''/'' said/VBD Chairman/NNP Dan/NNP Rostenkowski/NNP -LRB-/-LRB- D./NNP ,/, Ill/NNP ./. -RRB-/-RRB- of/IN the/DT House/NNP Ways/NNPS and/CC Means/NNP Committee/NNP ,/, ``/`` it/PRP is/VBZ uncertain/JJ whether/IN a/DT clean/JJ bill/NN can/MD be/VB achieved/VBN in/IN the/DT upcoming/JJ conference/NN with/IN the/DT Senate/NNP ./. ''/'' 
Another/DT big/JJ question/NN hovering/VBG over/IN the/DT debate/NN is/VBZ what/WP President/NNP Bush/NNP thinks/VBZ ./. 
He/PRP has/VBZ been/VBN resisting/VBG a/DT stripped-down/JJ bill/NN without/IN a/DT guaranteed/JJ vote/NN on/IN his/PRP$ capital-gains/NNS tax/NN cut/NN ./. 
But/CC Republican/JJ senators/NNS saw/VBD no/DT way/NN to/TO overcome/VB a/DT procedural/JJ hurdle/NN and/CC garner/VB the/DT 60/CD votes/NNS needed/VBN to/TO win/VB the/DT capital-gains/NNS issue/NN on/IN the/DT floor/NN ,/, so/IN they/PRP went/VBD ahead/RB with/IN the/DT streamlined/JJ bill/NN ./. 
The/DT Senate/NNP bill/NN was/VBD stripped/VBN of/IN many/JJ popular/JJ ,/, though/IN revenue-losing/JJ ,/, provisions/NNS ,/, a/DT number/NN of/IN which/WDT are/VBP included/VBN in/IN the/DT House-passed/JJ bill/NN ./. 
These/DT include/VBP a/DT child-care/JJ initiative/NN and/CC extensions/NNS of/IN soon-to-expire/JJ tax/NN breaks/NNS for/IN low-income/JJ housing/NN and/CC research-and-development/NN expenditures/NNS ./. 
Also/RB missing/VBG from/IN the/DT Senate/NNP bill/NN is/VBZ the/DT House/NNP 's/POS repeal/NN of/IN a/DT law/NN ,/, called/VBN Section/NN 89/CD ,/, that/WDT compels/VBZ companies/NNS to/TO give/VB rank-and-file/JJ workers/NNS comparable/JJ health/NN benefits/NNS to/TO top/VB paid/VBN executives/NNS ./. 
One/CD high-profile/JJ provision/NN that/WDT was/VBD originally/RB in/IN the/DT Senate/NNP bill/NN but/CC was/VBD cut/VBN out/RP because/IN it/PRP lost/VBD money/NN was/VBD the/DT proposal/NN by/IN Chairman/NNP Lloyd/NNP Bentsen/NNP -LRB-/-LRB- D./NNP ,/, Texas/NNP -RRB-/-RRB- of/IN the/DT Senate/NNP Finance/NNP Committee/NNP to/TO expand/VB the/DT deduction/NN for/IN individual/JJ retirement/NN accounts/NNS ./. 
Mr./NNP Bentsen/NNP said/VBD he/PRP hopes/VBZ the/DT Senate/NNP will/MD consider/VB that/DT measure/NN soon/RB ./. 
To/TO the/DT delight/NN of/IN some/DT doctors/NNS ,/, the/DT bill/NN dropped/VBD a/DT plan/NN passed/VBN by/IN the/DT Finance/NNP Committee/NNP that/WDT would/MD have/VB overhauled/VBN the/DT entire/JJ physician-reimbursement/NN system/NN under/IN Medicare/NNP ./. 
To/TO the/DT detriment/NN of/IN many/JJ low-income/JJ people/NNS ,/, efforts/NNS to/TO boost/VB Medicaid/NNP funding/NN ,/, especially/RB in/IN rural/JJ areas/NNS ,/, also/RB were/VBD stricken/VBN ./. 
Asked/VBN why/WRB senators/NNS were/VBD giving/VBG up/RP so/RB much/JJ ,/, New/NNP Mexico/NNP Sen./NNP Pete/NNP Domenici/NNP ,/, the/DT ranking/JJ Republican/NNP on/IN the/DT Senate/NNP Budget/NNP Committee/NNP ,/, said/VBD ,/, ``/`` We/PRP 're/VBP looking/VBG like/IN idiots/NNS ./. 
Things/NNS had/VBD just/RB gone/VBN too/RB far/RB ./. ''/'' 
Sen./NNP Dole/NNP said/VBD that/IN the/DT move/NN required/VBD sacrifice/NN by/IN every/DT senator/NN ./. 
It/PRP worked/VBD ,/, others/NNS said/VBD ,/, because/IN there/EX were/VBD no/DT exceptions/NNS :/: all/DT revenue-losing/JJ provisions/NNS were/VBD stricken/VBN ./. 
The/DT Senate/NNP also/RB dropped/VBD a/DT plan/NN by/IN its/PRP$ Finance/NNP Committee/NNP that/WDT would/MD have/VB increased/VBN the/DT income/NN threshold/NN beyond/IN which/WDT senior/JJ citizens/NNS have/VBP their/PRP$ Social/NNP Security/NNP benefits/NNS reduced/VBD ./. 
In/IN addition/NN ,/, the/DT bill/NN dropped/VBD a/DT plan/NN to/TO make/VB permanent/JJ a/DT 3/CD %/NN excise/NN tax/NN on/IN long-distance/JJ telephone/NN calls/NNS ./. 
It/PRP no/RB longer/RB includes/VBZ a/DT plan/NN that/WDT would/MD have/VB repealed/VBN what/WP remains/VBZ of/IN the/DT completed-contract/JJ method/NN of/IN accounting/NN ,/, which/WDT is/VBZ used/VBN by/IN military/JJ contractors/NNS to/TO reduce/VB their/PRP$ tax/NN burden/NN ./. 
It/PRP also/RB drops/VBZ a/DT provision/NN that/WDT would/MD have/VB permitted/VBN corporations/NNS to/TO use/VB excess/JJ pension/NN funds/NNS to/TO pay/VB health/NN benefits/NNS for/IN current/JJ retirees/NNS ./. 
Also/RB stricken/VBN was/VBD a/DT fivefold/RB increase/NN in/IN the/DT maximum/NN Occupational/NNP Safety/NNP and/CC Health/NNP Administration/NNP penalties/NNS ,/, which/WDT would/MD have/VB raised/VBN $/$ 65/CD million/CD in/IN fiscal/JJ 1990/CD ./. 
A/DT provision/NN that/WDT would/MD have/VB made/VBN the/DT Social/NNP Security/NNP Administration/NNP an/DT independent/JJ agency/NN was/VBD excised/VBN ./. 
The/DT approval/NN of/IN the/DT Senate/NNP bill/NN was/VBD especially/RB sweet/JJ for/IN Sen./NNP Mitchell/NNP ,/, who/WP had/VBD proposed/VBN the/DT streamlining/NN ./. 
Mr./NNP Mitchell/NNP 's/POS relations/NNS with/IN Budget/NNP Director/NNP Darman/NNP ,/, who/WP pushed/VBD for/IN a/DT capital-gains/NNS cut/NN to/TO be/VB added/VBN to/TO the/DT measure/NN ,/, have/VBP been/VBN strained/VBN since/IN Mr./NNP Darman/NNP chose/VBD to/TO bypass/VB the/DT Maine/NNP Democrat/NNP and/CC deal/VB with/IN other/JJ lawmakers/NNS earlier/RBR this/DT year/NN during/IN a/DT dispute/NN over/IN drug/NN funding/NN in/IN the/DT fiscal/JJ 1989/CD supplemental/JJ spending/NN bill/NN ./. 
The/DT deficit/NN reduction/NN bill/NN contains/VBZ $/$ 5.3/CD billion/CD in/IN tax/NN increases/NNS in/IN fiscal/JJ 1990/CD ,/, and/CC $/$ 26/CD billion/CD over/IN five/CD years/NNS ./. 
The/DT revenue-raising/JJ provisions/NNS ,/, which/WDT affect/VBP mostly/RB corporations/NNS ,/, would/MD :/: 
--/: Prevent/JJ companies/NNS that/WDT have/VBP made/VBN leveraged/JJ buy-outs/NNS from/IN getting/VBG federal/JJ tax/NN refunds/NNS resulting/VBG from/IN losses/NNS caused/VBN by/IN interest/NN payments/NNS on/IN debt/NN issued/VBN to/TO finance/VB the/DT buy-outs/NNS ,/, effective/JJ Aug./NNP 2/CD ,/, 1989/CD ./. 
--/: Require/VBP mutual/JJ funds/NNS to/TO include/VB in/IN their/PRP$ taxable/JJ income/NN dividends/NNS paid/VBN to/TO them/PRP on/IN the/DT date/NN that/IN the/DT dividends/NNS are/VBP declared/VBN rather/RB than/IN received/VBN ,/, effective/JJ the/DT day/NN after/IN the/DT tax/NN bill/NN is/VBZ enacted/VBN ./. 
--/: Close/RB a/DT loophole/NN regarding/VBG employee/NN stock/NN ownership/NN plans/NNS ,/, effective/JJ June/NNP 6/CD ,/, 1989/CD ,/, that/WDT has/VBZ been/VBN exploited/VBN by/IN investment/NN bankers/NNS in/IN corporate/JJ takeovers/NNS ./. 
The/DT measure/NN repeals/VBZ a/DT 50/CD %/NN exclusion/NN given/VBN to/TO banks/NNS on/IN the/DT interest/NN from/IN loans/NNS used/VBN to/TO acquire/VB securities/NNS for/IN an/DT ESOP/NNP ,/, if/IN the/DT ESOP/NNP owns/VBZ less/JJR than/IN 30/CD %/NN of/IN the/DT employer/NN 's/POS stock/NN ./. 
--/: Curb/NN junk/NN bonds/NNS by/IN ending/VBG tax/NN benefits/NNS for/IN certain/JJ securities/NNS ,/, such/JJ as/IN zero-coupon/JJ bonds/NNS ,/, that/WDT postpone/VB cash/NN interest/NN payments/NNS ./. 
--/: Raise/NNP $/$ 851/CD million/CD by/IN suspending/VBG for/IN one/CD year/NN an/DT automatic/JJ reduction/NN in/IN airport/NN and/CC airway/NN taxes/NNS ./. 
--/: Speed/NN up/RP the/DT collection/NN of/IN the/DT payroll/NN tax/NN from/IN large/JJ companies/NNS ,/, effective/JJ August/NNP 1990/CD ./. 
--/: Impose/VB a/DT tax/NN on/IN ozone-depleting/JJ chemicals/NNS ,/, such/JJ as/IN those/DT used/VBN in/IN air/NN conditioners/NNS and/CC in/IN Styrofoam/NNP ,/, beginning/VBG at/IN $/$ 1.10/CD a/DT pound/NN starting/VBG next/JJ year/NN ./. 
--/: Withhold/JJ income/NN taxes/NNS from/IN the/DT paychecks/NNS of/IN certain/JJ farm/NN workers/NNS currently/RB exempt/JJ from/IN withholding/VBG ./. 
--/: Change/NNP the/DT collection/NN of/IN gasoline/NN excise/NN taxes/NNS to/TO weekly/JJ from/IN semimonthly/JJ ,/, effective/JJ next/JJ year/NN ./. 
--/: Restrict/VB the/DT ability/NN of/IN real/JJ estate/NN owners/NNS to/TO escape/VB taxes/NNS by/IN swapping/VBG one/CD piece/NN of/IN property/NN for/IN another/DT instead/RB of/IN selling/VBG it/PRP for/IN cash/NN ./. 
--/: Increase/VB to/TO $/$ 6/CD a/DT person/NN from/IN $/$ 3/CD the/DT international/JJ air-passenger/NN departure/NN tax/NN ,/, and/CC impose/VB a/DT $/$ 3-a-person/JJ tax/NN on/IN international/JJ departures/NNS by/IN commercial/JJ ships/NNS ./. 
The/DT measure/NN also/RB includes/VBZ spending/NN cuts/NNS and/CC increases/NNS in/IN federal/JJ fees/NNS ./. 
Among/IN its/PRP$ provisions/NNS :/: 
--/: Reduction/NNP of/IN Medicare/NNP spending/NN in/IN fiscal/JJ 1990/CD by/IN some/DT $/$ 2.8/CD billion/CD ,/, in/IN part/NN by/IN curbing/VBG increases/NNS in/IN reimbursements/NNS to/TO physicians/NNS ./. 
The/DT plan/NN would/MD impose/VB a/DT brief/JJ freeze/NN on/IN physician/NN fees/NNS next/IN year/NN ./. 
--/: Removal/NNP of/IN the/DT U.S./NNP Postal/NNP Service/NNP 's/POS operating/VBG budget/NN from/IN the/DT federal/JJ budget/NN ,/, reducing/VBG the/DT deficit/NN by/IN $/$ 1.77/CD billion/CD ./. 
A/DT similar/JJ provision/NN is/VBZ in/IN the/DT House/NNP version/NN ./. 
--/: Authority/NNP for/IN the/DT Federal/NNP Aviation/NNP Administration/NNP to/TO raise/VB $/$ 239/CD million/CD by/IN charging/VBG fees/NNS for/IN commercial/JJ airline-landing/JJ rights/NNS at/IN New/NNP York/NNP 's/POS LaGuardia/NNP and/CC John/NNP F./NNP Kennedy/NNP International/NNP Airports/NNPS ,/, O'Hare/NNP International/NNP Airport/NNP in/IN Chicago/NNP and/CC National/NNP Airport/NNP in/IN Washington/NNP ./. 
--/: Increases/NNS in/IN Nuclear/NNP Regulatory/NNP Commission/NNP fees/NNS totaling/VBG $/$ 54/CD million/CD ./. 
--/: Direction/NN to/TO the/DT U.S./NNP Coast/NNP Guard/NNP to/TO collect/VB $/$ 50/CD million/CD from/IN users/NNS of/IN Coast/NNP Guard/NNP services/NNS ./. 
--/: Raising/NNP an/DT additional/JJ $/$ 43/CD million/CD by/IN increasing/VBG existing/VBG Federal/NNP Communications/NNPS Commission/NNP fees/NNS and/CC penalties/NNS and/CC establishing/VBG new/JJ fees/NNS for/IN amateur/JJ radio/NN operators/NNS ,/, ship/NN stations/NNS and/CC mobile/JJ radio/NN facilities/NNS ./. 
John/NNP E./NNP Yang/NNP contributed/VBD to/TO this/DT article/NN ./. 
In/IN response/NN to/TO your/PRP$ overly/RB optimistic/JJ ,/, outdated/JJ piece/NN on/IN how/WRB long/JJ unemployment/NN lasts/VBZ -LRB-/-LRB- People/NNS Patterns/NNP ,/, Sept./NNP 20/CD -RRB-/-RRB- :/: I/PRP am/VBP in/IN the/DT communications/NNS field/NN ,/, above/IN entry/NN level/NN ./. 
I/PRP was/VBD laid/VBN off/RP in/IN August/NNP 1988/CD ,/, and/CC after/IN a/DT thorough/JJ and/CC exhausting/JJ job/NN search/NN ,/, was/VBD hired/VBN in/IN August/NNP 1989/CD ./. 
My/PRP$ unemployment/NN insurance/NN ran/VBD out/RP before/IN I/PRP found/VBD a/DT job/NN ;/: I/PRP found/VBD cutbacks/NNS and/CC layoffs/NNS in/IN many/JJ companies/NNS ./. 
The/DT statistics/NNS quoted/VBN by/IN the/DT ``/`` new/JJ ''/'' Census/NNP Bureau/NNP report/NN -LRB-/-LRB- garnered/VBD from/IN 1984/CD to/TO 1986/CD -RRB-/-RRB- are/VBP out/IN of/IN date/NN ,/, certainly/RB as/IN an/DT average/NN for/IN the/DT Northeast/NNP ,/, and/CC possibly/RB for/IN the/DT rest/NN of/IN the/DT country/NN ./. 
I/PRP think/VBP what/WP bothered/VBD me/PRP most/JJS about/IN the/DT piece/NN was/VBD that/IN there/EX seemed/VBD to/TO be/VB an/DT underlying/VBG attitude/NN to/TO tell/VB your/PRP$ readers/NNS all/DT is/VBZ well/RB --/: if/IN you/PRP 're/VBP getting/VBG laid/VBN off/RP do/VBP n't/RB worry/VB ,/, and/CC if/IN you/PRP 're/VBP unemployed/JJ ,/, it/PRP 's/VBZ a/DT seller/NN 's/POS market/NN ./. 
To/TO top/VB it/PRP off/RP ,/, you/PRP captioned/VBD the/DT graph/NN showing/VBG the/DT average/JJ number/NN of/IN months/NNS in/IN a/DT job/NN search/NN as/IN ``/`` Time/NNP Off/IN ./. ''/'' 
Are/VBP you/PRP kidding/VBG ?/. 
Looking/VBG for/IN a/DT job/NN was/VBD one/CD of/IN the/DT most/RBS anxious/JJ periods/NNS of/IN my/PRP$ life/NN --/: and/CC is/VBZ for/IN most/JJS people/NNS ./. 
Your/PRP$ paper/NN needs/VBZ a/DT serious/JJ reality/NN check/NN ./. 
Reva/NNP Levin/NNP 
Cambridge/NNP ,/, Mass/NNP ./. 
BULL/NNP HN/NNP INFORMATION/NNP SYSTEMS/NNP Inc./NNP is/VBZ a/DT U.S./NNP majority-owned/JJ unit/NN of/IN Cie./NNP des/NNP Machines/NNP Bull/NNP ./. 
In/IN Friday/NNP 's/POS edition/NN ,/, the/DT name/NN of/IN the/DT unit/NN was/VBD misstated/VBN ./. 
Moody/NNP 's/POS Investors/NNPS Service/NNP said/VBD it/PRP reduced/VBD its/PRP$ rating/NN on/IN $/$ 165/CD million/CD of/IN subordinated/JJ debt/NN of/IN this/DT Beverly/NNP Hills/NNP ,/, Calif./NNP ,/, thrift/NN ,/, citing/VBG turmoil/NN in/IN the/DT market/NN for/IN low-grade/JJ ,/, high-yield/JJ securities/NNS ./. 
The/DT agency/NN said/VBD it/PRP reduced/VBD its/PRP$ rating/NN on/IN the/DT thrift/NN 's/POS subordinated/JJ debt/NN to/TO B-2/NNP from/IN Ba-2/NNP and/CC will/MD keep/VB the/DT debt/NN under/IN review/NN for/IN possible/JJ further/JJ downgrade/NN ./. 
Columbia/NNP Savings/NNP is/VBZ a/DT major/JJ holder/NN of/IN so-called/JJ junk/NN bonds/NNS ./. 
New/JJ federal/JJ legislation/NN requires/VBZ that/IN all/DT thrifts/NNS divest/VB themselves/PRP of/IN such/JJ speculative/JJ securities/NNS over/IN a/DT period/NN of/IN years/NNS ./. 
Columbia/NNP Savings/NNPS officials/NNS were/VBD n't/RB available/JJ for/IN comment/NN on/IN the/DT downgrade/NN ./. 
FRANKLIN/NNP SAVINGS/NNP ASSOCIATION/NNP -LRB-/-LRB- Ottawa/NNP ,/, Kan./NNP -RRB-/-RRB- --/: 
Moody/NNP 's/POS Investors/NNPS Service/NNP Inc./NNP said/VBD it/PRP downgraded/VBD its/PRP$ rating/NN to/TO B-2/NNP from/IN Ba-3/JJ on/IN less/JJR than/IN $/$ 20/CD million/CD of/IN this/DT thrift/NN 's/POS senior/JJ subordinated/JJ notes/NNS ./. 
The/DT rating/NN concern/NN said/VBD Franklin/NNP 's/POS ``/`` troubled/JJ diversification/NN record/NN in/IN the/DT securities/NNS business/NN ''/'' was/VBD one/CD reason/NN for/IN the/DT downgrade/NN ,/, citing/VBG the/DT troubles/NNS at/IN its/PRP$ L.F./NNP Rothschild/NNP subsidiary/NN and/CC the/DT possible/JJ sale/NN of/IN other/JJ subsidiaries/NNS ./. 
``/`` They/PRP perhaps/RB had/VBD concern/NN that/IN we/PRP were/VBD getting/VBG out/IN of/IN all/PDT these/DT ,/, ''/'' said/VBD Franklin/NNP President/NNP Duane/NNP H./NNP Hall/NNP ./. 
``/`` I/PRP think/VBP it/PRP was/VBD a/DT little/RB premature/JJ on/IN their/PRP$ part/NN ./. 
Just/RB when/WRB it/PRP seemed/VBD safe/JJ to/TO go/VB back/RB into/IN stocks/NNS ,/, Wall/NNP Street/NNP suffered/VBD another/DT severe/JJ attack/NN of/IN nerves/NNS ./. 
Does/VBZ this/DT signal/NN another/DT Black/NNP Monday/NNP is/VBZ coming/VBG ?/. 
Or/CC is/VBZ this/DT an/DT extraordinary/JJ buying/NN opportunity/NN ,/, just/RB like/IN Oct./NNP 19/CD ,/, 1987/CD ,/, eventually/RB turned/VBD out/RP to/TO be/VB ?/. 
Here/RB 's/VBZ what/WP several/JJ leading/VBG market/NN experts/NNS and/CC money/NN managers/NNS say/VBP about/IN Friday/NNP 's/POS action/NN ,/, what/WP happens/VBZ next/JJ and/CC what/WP investors/NNS should/MD do/VB ./. 
Joseph/NNP Granville/NNP ./. 
``/`` I/PRP 'm/VBP the/DT only/RB one/CD who/WP said/VBD there/EX would/MD be/VB an/DT October/NNP massacre/NN ,/, all/DT through/IN late/JJ August/NNP and/CC September/NNP ,/, ''/'' says/VBZ Mr./NNP Granville/NNP ,/, once/RB a/DT widely/RB followed/VBN market/NN guru/NN and/CC still/RB a/DT well-known/JJ newsletter/NN writer/NN ./. 
``/`` Everyone/NN will/MD tell/VB you/PRP that/IN this/DT time/NN is/VBZ different/JJ from/IN 1987/CD ,/, ''/'' he/PRP says/VBZ ./. 
``/`` Well/UH ,/, in/IN some/DT ways/NNS it/PRP is/VBZ different/JJ ,/, but/CC technically/RB it/PRP is/VBZ just/RB the/DT same/JJ ./. 
If/IN you/PRP 're/VBP a/DT technician/NN ,/, you/PRP obey/VBP the/DT signals/NNS ./. 
Right/RB now/RB they/PRP 're/VBP telling/VBG me/PRP to/TO get/VB the/DT hell/NN out/RP and/CC stay/VB out/RP ./. 
I/PRP see/VBP no/DT major/JJ support/NN until/IN 2200/CD ./. 
I/PRP see/VBP a/DT possibility/NN of/IN going/VBG to/TO 2200/CD this/DT month/NN ./. ''/'' 
Mr./NNP Granville/NNP says/VBZ he/PRP would/MD n't/RB even/RB think/VB of/IN buying/VBG until/IN at/IN least/JJS 600/CD to/TO 700/CD stocks/NNS have/VBP hit/VBN 52-week/JJ lows/NNS ;/: about/IN 100/CD stocks/NNS hit/VBD new/JJ lows/NNS Friday/NNP ./. 
``/`` Most/JJS people/NNS ,/, ''/'' he/PRP says/VBZ ,/, ``/`` have/VBP no/DT idea/NN what/WP a/DT massacre/NN pattern/NN looks/VBZ like/IN ./. ''/'' 
Elaine/NNP Garzarelli/NNP ./. 
A/DT quantitative/JJ analyst/NN with/IN Shearson/NNP Lehman/NNP Hutton/NNP Inc./NNP ,/, Ms./NNP Garzarelli/NNP had/VBD warned/VBN clients/NNS to/TO take/VB their/PRP$ money/NN out/IN of/IN the/DT market/NN before/IN the/DT 1987/CD crash/NN ./. 
Friday/NNP 's/POS big/JJ drop/NN ,/, she/PRP says/VBZ ,/, ``/`` was/VBD not/RB a/DT crash/NN ./. 
This/DT was/VBD an/DT October/NNP massacre/NN ''/'' like/IN those/DT that/WDT occurred/VBD in/IN 1978/CD and/CC 1979/CD ./. 
Now/RB ,/, as/IN in/IN those/DT two/CD years/NNS ,/, her/PRP$ stock/NN market/NN indicators/NNS are/VBP positive/JJ ./. 
So/RB she/PRP thinks/VBZ the/DT damage/NN will/MD be/VB short-lived/JJ and/CC contained/VBN ./. 
``/`` Those/DT corrections/NNS lasted/VBD one/CD to/TO four/CD weeks/NNS and/CC took/VBD the/DT market/NN 10%-12/JJ %/NN down/RP ,/, ''/'' she/PRP says/VBZ ./. 
``/`` This/DT is/VBZ exactly/RB the/DT same/JJ thing/NN ,/, as/RB far/RB as/IN I/PRP 'm/VBP concerned/VBN ./. ''/'' 
Thus/RB ,/, she/PRP says/VBZ ,/, if/IN the/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP dropped/VBD below/IN 2450/CD ,/, ``/`` It/PRP would/MD just/RB be/VB a/DT fluke/NN ./. 
My/PRP$ advice/NN is/VBZ to/TO buy/VB ./. ''/'' 
As/IN she/PRP calculates/VBZ it/PRP ,/, the/DT average/JJ stock/NN now/RB sells/VBZ for/IN about/RB 12.5/CD times/NNS companies/NNS '/POS earnings/NNS ./. 
She/PRP says/VBZ that/DT ratio/NN could/MD climb/VB to/TO 14.5/CD ,/, given/VBN current/JJ interest/NN rates/NNS ,/, and/CC still/RB be/VB within/IN the/DT range/NN of/IN ``/`` fair/JJ value/NN ./. ''/'' 
Ned/NNP Davis/NNP ./. 
Friday/NNP 's/POS fall/NN marks/VBZ the/DT start/NN of/IN a/DT bear/NN market/NN ,/, says/VBZ Mr./NNP Davis/NNP ,/, president/NN of/IN Ned/NNP Davis/NNP Research/NNP Inc/NNP ./. 
But/CC Mr./NNP Davis/NNP ,/, whose/WP$ views/NNS are/VBP widely/RB respected/VBN by/IN money/NN managers/NNS ,/, says/VBZ he/PRP expects/VBZ no/DT 1987-style/JJ crash/NN ./. 
``/`` There/EX was/VBD a/DT unique/JJ combination/NN in/IN 1987/CD ,/, ''/'' he/PRP says/VBZ ./. 
``/`` Margin/NN debt/NN was/VBD at/IN a/DT record/NN high/NN ./. 
There/EX was/VBD tremendous/JJ public/JJ enthusiasm/NN for/IN stock/NN mutual/JJ funds/NNS ./. 
The/DT main/JJ thing/NN was/VBD portfolio/NN insurance/NN ,/, ''/'' a/DT mechanical/JJ trading/NN system/NN intended/VBN to/TO protect/VB an/DT investor/NN against/IN losses/NNS ./. ``/`` 
A/DT hundred/CD billion/CD dollars/NNS in/IN stock/NN was/VBD subject/JJ ''/'' to/TO it/PRP ./. 
In/IN 1987/CD ,/, such/JJ selling/NN contributed/VBD to/TO a/DT snowball/NN effect/NN ./. 
Today/NN could/MD even/RB be/VB an/DT up/RP day/NN ,/, Mr./NNP Davis/NNP says/VBZ ,/, if/IN major/JJ brokerage/NN firms/NNS agree/VBP to/TO refrain/VB from/IN program/NN trading/NN ./. 
Over/IN the/DT next/JJ several/JJ months/NNS ,/, though/RB ,/, he/PRP says/VBZ things/NNS look/VBP bad/JJ ./. 
``/`` I/PRP think/VBP the/DT market/NN will/MD be/VB heading/VBG down/RP into/IN November/NNP ,/, ''/'' he/PRP says/VBZ ./. 
``/`` We/PRP will/MD probably/RB have/VB a/DT year-end/JJ rally/NN ,/, and/CC then/RB go/VB down/RB again/RB ./. 
Sort/NN of/IN a/DT two-step/JJ bear/NN market/NN ./. ''/'' 
He/PRP expects/VBZ the/DT downturn/NN to/TO carry/VB the/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP down/RB to/TO around/IN 2000/CD sometime/RB next/JJ year/NN ./. 
``/`` That/DT would/MD be/VB a/DT normal/JJ bear/NN market/NN ,/, ''/'' he/PRP says/VBZ ./. 
``/`` I/PRP guess/VBP that/DT 's/VBZ my/PRP$ forecast/NN ./. ''/'' 
Leon/NNP G./NNP Cooperman/NNP ./. 
``/`` I/PRP do/VBP n't/RB think/VB the/DT market/NN is/VBZ going/VBG through/IN another/DT October/NNP '87/NN ./. 
I/PRP do/VBP n't/RB think/VB that/DT 's/VBZ the/DT case/NN at/IN all/DT ,/, ''/'' says/VBZ Mr./NNP Cooperman/NNP ,/, a/DT partner/NN at/IN Goldman/NNP ,/, Sachs/NNP &/CC Co./NNP and/CC chairman/NN of/IN Goldman/NNP Sachs/NNP Asset/NNP Management/NNP ./. 
Mr./NNP Cooperman/NNP sees/VBZ this/DT as/IN a/DT good/JJ time/NN to/TO pick/VB up/RP bargains/NNS ,/, but/CC he/PRP does/VBZ n't/RB think/VB there/EX 's/VBZ any/DT need/NN to/TO rush/VB ./. 
``/`` I/PRP expect/VBP the/DT market/NN to/TO open/VB weaker/JJR Monday/NNP ,/, but/CC then/RB it/PRP should/MD find/VB some/DT stability/NN ./. ''/'' 
He/PRP ticks/VBZ off/RP several/JJ major/JJ differences/NNS between/IN now/RB and/CC two/CD years/NNS ago/RB ./. 
Unlike/IN 1987/CD ,/, interest/NN rates/NNS have/VBP been/VBN falling/VBG this/DT year/NN ./. 
Unlike/IN 1987/CD ,/, the/DT dollar/NN has/VBZ been/VBN strong/JJ ./. 
And/CC unlike/IN 1987/CD ,/, the/DT economy/NN does/VBZ n't/RB appear/VB to/TO be/VB in/IN any/DT danger/NN of/IN overheating/VBG ./. 
But/CC the/DT economy/NN 's/POS slower/JJR growth/NN this/DT year/NN also/RB means/VBZ the/DT outlook/NN for/IN corporate/JJ profits/NNS ``/`` is/VBZ n't/RB good/JJ ,/, ''/'' he/PRP says/VBZ ./. 
``/`` So/RB it/PRP 's/VBZ a/DT very/RB mixed/JJ bag/NN ./. ''/'' 
Thus/RB ,/, he/PRP concludes/VBZ ,/, ``/`` This/DT is/VBZ not/RB a/DT good/JJ environment/NN to/TO be/VB fully/RB invested/VBN ''/'' in/IN stocks/NNS ./. 
``/`` If/IN I/PRP had/VBD come/VBN into/IN Friday/NNP on/IN margin/NN or/CC with/IN very/RB little/JJ cash/NN in/IN the/DT portfolios/NNS ,/, I/PRP would/MD not/RB do/VB any/DT buying/NN ./. 
But/CC we/PRP came/VBD into/IN Friday/NNP with/IN a/DT conservative/JJ portfolio/NN ,/, so/IN I/PRP would/MD look/VB to/TO do/VB some/DT modest/JJ buying/NN ''/'' on/IN behalf/NN of/IN clients/NNS ./. ``/`` 
We/PRP 're/VBP going/VBG to/TO look/VB for/IN some/DT of/IN the/DT better-known/JJ companies/NNS that/WDT got/VBD clocked/VBN ''/'' Friday/NNP ./. 
John/NNP Kenneth/NNP Galbraith/NNP ./. 
``/`` This/DT is/VBZ the/DT latest/JJS manifestation/NN of/IN the/DT capacity/NN of/IN the/DT financial/JJ community/NN for/IN recurrent/NN insanity/NN ,/, ''/'' says/VBZ Mr./NNP Galbraith/NNP ,/, an/DT economist/NN ./. 
``/`` I/PRP see/VBP this/DT as/IN a/DT reaction/NN to/TO the/DT whole/JJ junk/NN bond/NN explosion/NN ,/, ''/'' he/PRP says/VBZ ./. 
``/`` The/DT explosion/NN of/IN junk/NN bonds/NNS and/CC takeovers/NNS has/VBZ lodged/VBN a/DT lot/NN of/IN insecure/NN securities/NNS in/IN the/DT hands/NNS of/IN investors/NNS and/CC loaded/VBD the/DT corporations/NNS that/WDT are/VBP the/DT objects/NNS of/IN takeovers/NNS or/CC feared/VBN takeovers/NNS with/IN huge/JJ amounts/NNS of/IN debt/NN rather/RB than/IN equity/NN ./. 
This/DT has/VBZ both/DT made/VBN investors/NNS uneasy/JJ and/CC the/DT corporations/NNS more/RBR vulnerable/JJ ./. ''/'' 
Nevertheless/RB ,/, he/PRP says/VBZ a/DT depression/NN does/VBZ n't/RB appear/VB likely/JJ ./. 
``/`` There/EX is/VBZ more/JJR resiliency/NN in/IN the/DT economy/NN at/IN large/JJ than/IN we/PRP commonly/RB suppose/VBP ,/, ''/'' he/PRP says/VBZ ./. 
``/`` It/PRP takes/VBZ more/JJR error/NN now/RB to/TO have/VB a/DT major/JJ depression/NN than/IN back/RB in/IN the/DT Thirties/NNPS --/: much/RB as/IN the/DT financial/JJ community/NN and/CC the/DT government/NN may/MD try/VB ./. ''/'' 
Mario/NNP Gabelli/NNP ./. 
New/NNP York/NNP money/NN manager/NN Mario/NNP Gabelli/NNP ,/, an/DT expert/NN at/IN spotting/VBG takeover/NN candidates/NNS ,/, says/VBZ that/IN takeovers/NNS are/VBP n't/RB totally/RB gone/VBN ./. 
``/`` Companies/NNS are/VBP still/RB going/VBG to/TO buy/VB companies/NNS around/IN the/DT world/NN ,/, ''/'' he/PRP says/VBZ ./. 
Examples/NNS are/VBP ``/`` Ford/NNP looking/VBG at/IN Jaguar/NNP ,/, BellSouth/NNP looking/VBG at/IN LIN/NNP Broadcasting/NNP ./. ''/'' 
These/DT sorts/NNS of/IN takeovers/NNS do/VBP n't/RB require/VB junk/NN bonds/NNS or/CC big/JJ bank/NN loans/NNS to/TO finance/VB them/PRP ,/, so/IN Mr./NNP Gabelli/NNP figures/VBZ they/PRP will/MD continue/VB ./. 
``/`` The/DT market/NN was/VBD up/RB 35/CD %/NN since/IN -LCB-/-LRB- President/NNP -RCB-/-RRB- Bush/NNP took/VBD office/NN ,/, ''/'' Mr./NNP Gabelli/NNP says/VBZ ,/, so/RB a/DT correction/NN was/VBD to/TO be/VB expected/VBN ./. 
He/PRP thinks/VBZ another/DT crash/NN is/VBZ ``/`` unlikely/JJ ,/, ''/'' and/CC says/VBZ he/PRP was/VBD ``/`` nibbling/VBG at/IN ''/'' selected/VBN stocks/NNS during/IN Friday/NNP 's/POS plunge/NN ./. 
``/`` Stocks/NNS that/WDT were/VBD thrown/VBN out/RP just/RB on/IN an/DT emotional/JJ basis/NN are/VBP a/DT great/JJ opportunity/NN -LCB-/-LRB- this/DT -RCB-/-RRB- week/NN for/IN guys/NNS like/IN me/PRP ,/, ''/'' he/PRP says/VBZ ./. 
Jim/NNP Rogers/NNP ./. 
``/`` It/PRP seems/VBZ to/TO me/PRP that/IN this/DT is/VBZ the/DT pin/NN that/WDT has/VBZ finally/RB pricked/VBN the/DT balloon/NN ,/, ''/'' says/VBZ Mr./NNP Rogers/NNP ,/, a/DT professor/NN of/IN finance/NN at/IN Columbia/NNP University/NNP and/CC former/JJ co-manager/NN of/IN one/CD of/IN the/DT most/RBS successful/JJ hedge/NN funds/NNS in/IN history/NN ,/, Quantum/NNP Fund/NNP ./. 
He/PRP sees/VBZ ``/`` economic/JJ problems/NNS ,/, financial/JJ problems/NNS ''/'' ahead/RB for/IN the/DT U.S./NNP ,/, with/IN a/DT fairly/RB strong/JJ possibility/NN of/IN a/DT recession/NN ./. 
``/`` Friday/NNP you/PRP could/MD n't/RB sell/VB dollars/NNS ,/, ''/'' he/PRP says/VBZ ./. 
Dealers/NNS ``/`` would/MD give/VB you/PRP a/DT quote/NN ,/, but/CC then/RB refuse/VB to/TO make/VB the/DT trade/NN ./. ''/'' 
If/IN the/DT dollar/NN stays/VBZ weak/JJ ,/, he/PRP says/VBZ ,/, that/WDT will/MD add/VB to/TO inflationary/JJ pressures/NNS in/IN the/DT U.S./NNP and/CC make/VB it/PRP hard/JJ for/IN the/DT Federal/NNP Reserve/NNP Board/NNP to/TO ease/VB interest/NN rates/NNS very/RB much/RB ./. 
Mr./NNP Rogers/NNP wo/MD n't/RB decide/VB what/WP to/TO do/VB today/NN until/IN he/PRP sees/VBZ how/WRB the/DT London/NNP and/CC Tokyo/NNP markets/NNS go/VBP ./. 
He/PRP recommends/VBZ that/IN investors/NNS sell/VBP takeover-related/JJ stocks/NNS ,/, but/CC hang/VB on/RP to/TO some/DT other/JJ stocks/NNS --/: especially/RB utilities/NNS ,/, which/WDT often/RB do/VBP well/RB during/IN periods/NNS of/IN economic/JJ weakness/NN ./. 
Frank/NNP Curzio/NNP ./. 
Many/JJ people/NNS now/RB claim/VBP to/TO have/VB predicted/VBN the/DT 1987/CD crash/NN ./. 
Queens/NNP newsletter/NN writer/NN Francis/NNP X./NNP Curzio/NNP actually/RB did/VBD it/PRP :/: He/PRP stated/VBD in/IN writing/NN in/IN September/NNP 1987/CD that/IN the/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP was/VBD likely/JJ to/TO decline/VB about/IN 500/CD points/NNS the/DT following/JJ month/NN ./. 
Mr./NNP Curzio/NNP says/VBZ what/WP happens/VBZ now/RB will/MD depend/VB a/DT good/JJ deal/NN on/IN the/DT Federal/NNP Reserve/NNP Board/NNP ./. 
If/IN it/PRP promptly/RB cuts/VBZ the/DT discount/NN rate/NN it/PRP charges/VBZ on/IN loans/NNS to/TO banks/NNS ,/, he/PRP says/VBZ ,/, ``/`` That/DT could/MD quiet/JJ things/NNS down/RP ./. ''/'' 
If/IN not/RB ,/, ``/`` We/PRP could/MD go/VB to/TO 2200/CD very/RB soon/RB ./. ''/'' 
Frank/NNP W./NNP Terrizzi/NNP ./. 
Stock/NN prices/NNS ``/`` would/MD still/RB have/VB to/TO go/VB down/RP some/DT additional/JJ amount/NN before/IN we/PRP become/VBP positive/JJ on/IN stocks/NNS ,/, ''/'' says/VBZ Mr./NNP Terrizzi/NNP ,/, president/NN and/CC managing/VBG director/NN of/IN Renaissance/NNP Investment/NNP Management/NNP Inc./NNP in/IN Cincinnati/NNP ./. 
Renaissance/NNP ,/, which/WDT manages/VBZ about/IN $/$ 1.8/CD billion/CD ,/, drew/VBD stiff/JJ criticism/NN from/IN many/JJ clients/NNS earlier/RBR this/DT year/NN because/IN it/PRP pulled/VBD entirely/RB out/IN of/IN stocks/NNS at/IN the/DT beginning/NN of/IN the/DT year/NN and/CC thus/RB missed/VBD a/DT strong/JJ rally/NN ./. 
Renaissance/NNP is/VBZ keeping/VBG its/PRP$ money/NN entirely/RB in/IN cash/NN equivalents/NNS ,/, primarily/RB U.S./NNP Treasury/NNP bills/NNS ./. 
``/`` T-bills/NNS probably/RB are/VBP the/DT right/JJ place/NN to/TO be/VB ,/, ''/'' he/PRP says/VBZ ./. 
Regarding/VBG the/DT Oct./NNP 3/CD letter/NN to/TO the/DT editor/NN from/IN Rep./NNP Tom/NNP Lantos/NNP ,/, chairman/NN of/IN the/DT House/NNP Subcommittee/NNP on/IN Employment/NNP and/CC Housing/NNP ,/, alleging/VBG :/: 
1/LS ./. That/DT your/PRP$ Sept./NNP 28/CD editorial/NN ``/`` Kangaroo/NNP Committees/NNS ''/'' was/VBD factually/RB inaccurate/JJ and/CC deliberately/RB misleading/JJ ./. 
I/PRP thought/VBD your/PRP$ editorial/NN was/VBD factually/RB accurate/JJ and/CC deliberately/RB elucidative/JJ ./. 
2/LS ./. That/IN Mr./NNP Lantos/NNP supported/VBD the/DT rights/NNS of/IN the/DT witnesses/NNS to/TO take/VB the/DT Fifth/NNP Amendment/NNP ./. 
Yes/RB ,/, he/PRP did/VBD ./. 
As/IN I/PRP watched/VBD him/PRP on/IN C-Span/NNP ,/, I/PRP heard/VBD him/PRP speak/VB those/DT lovely/JJ words/NNS about/IN the/DT Bill/NNP of/IN Rights/NNPS ,/, which/WDT he/PRP quotes/VBZ from/IN the/DT transcript/NN of/IN the/DT hearings/NNS ./. 
He/PRP did/VBD repeat/VB those/DT nice/JJ platitudes/NNS several/JJ times/NNS as/IN an/DT indication/NN of/IN his/PRP$ support/NN for/IN the/DT Constitution/NNP ./. 
He/PRP used/VBD about/IN 56/CD words/NNS defending/VBG the/DT witnesses/NNS '/POS constitutional/JJ rights/NNS ./. 
Unfortunately/RB ,/, by/IN my/PRP$ rough/JJ guess/NN ,/, he/PRP used/VBD better/JJR than/IN 5,000/CD words/NNS heaping/VBG scorn/VB on/IN the/DT witnesses/NNS for/IN exercising/VBG the/DT Fifth/NNP ./. 
He/PRP sandwiched/VBN his/PRP$ praise/NN of/IN constitutional/JJ meat/NN between/IN large/JJ loaves/NNS of/IN bilious/JJ commentary/NN ./. 
As/IN your/PRP$ editorial/NN rightly/RB pointed/VBD out/RP ,/, Samuel/NNP Pierce/NNP ,/, former/JJ HUD/NNP secretary/NN ,/, and/CC Lance/NNP Wilson/NNP ,/, Mr./NNP Pierce/NNP 's/POS former/JJ aide/NN ,/, ``/`` are/VBP currently/RB being/VBG held/VBD up/RP to/TO scorn/VB for/IN taking/VBG the/DT Fifth/NNP Amendment/NNP ./. 
''/'' That/DT certainly/RB is/VBZ not/RB the/DT supposed/VBN ``/`` distorted/JJ reading/NN ''/'' indicated/VBN by/IN Mr./NNP Lantos/NNP ./. 
3/LS ./. That/IN his/PRP$ ``/`` committee/NN does/VBZ not/RB deal/VB with/IN any/DT possible/JJ criminal/JJ activity/NN at/IN HUD/NNP ./. 
My/PRP$ colleagues/NNS and/CC I/PRP fully/RB realize/VBP we/PRP are/VBP not/RB a/DT court/NN .../: etc/NN ./. ''/'' 
Absolute/NNP rubbish/JJ ./. 
By/IN any/DT ``/`` reasonable/JJ man/NN ''/'' criterion/NN ,/, Mr./NNP Lantos/NNP and/CC his/PRP$ colleagues/NNS have/VBP a/DT whole/JJ bunch/NN of/IN people/NNS tried/VBN and/CC convicted/VBN ./. 
Apparently/RB ,/, their/PRP$ verdict/NN is/VBZ in/IN ./. 
Right/RB now/RB they/PRP 're/VBP pursuing/VBG evidence/NN ./. 
That/DT 's/VBZ not/RB a/DT bad/JJ way/NN to/TO proceed/VB ,/, just/RB somewhat/RB different/JJ from/IN standard/JJ American/JJ practice/NN ./. 
How/WRB was/VBD that/DT practice/NN referred/VBD to/TO when/WRB I/PRP was/VBD in/IN school/NN ?/. 
Ah/UH ,/, yes/UH ,/, something/NN called/VBD a/DT Star/NNP Chamber/NNP ./. 
Of/IN course/NN ,/, Mr./NNP Lantos/NNP doth/NN protest/NN that/IN his/PRP$ subcommittee/NN simply/RB seeks/VBZ information/NN for/IN legislative/JJ change/NN ./. 
No/DT doubt/NN that/WDT 's/VBZ partially/RB true/JJ ./. 
Everything/NN that/IN Mr./NNP Lantos/NNP says/VBZ in/IN his/PRP$ letter/NN is/VBZ partially/RB true/JJ ./. 
He/PRP 's/VBZ right/JJ about/IN his/PRP$ subcommittee/NN 's/POS responsibilities/NNS when/WRB it/PRP comes/VBZ to/TO obtaining/VBG information/NN from/IN prior/JJ HUD/NNP officials/NNS ./. 
But/CC if/IN his/PRP$ explanation/NN of/IN motivation/NN is/VBZ true/JJ ,/, why/WRB is/VBZ his/PRP$ investigation/NN so/RB oriented/VBN as/IN to/TO identify/VB criminal/JJ activity/NN ?/. 
Why/WRB not/RB simply/RB questions/NNS designed/VBN to/TO identify/VB sources/NNS and/CC causes/NNS of/IN waste/NN and/CC inefficiency/NN ?/. 
Such/JJ as/IN ,/, what/WP happened/VBD when/WRB Congress/NNP wanted/VBD to/TO know/VB about/IN $/$ 400/CD toilet/NN seats/NNS or/CC whatever/WDT they/PRP supposedly/RB cost/VB ?/. 
No/DT ,/, Mr./NNP Lantos/NNP 's/POS complaints/NNS simply/RB wo/MD n't/RB wash/VB ./. 
4/LS ./. That/IN the/DT Journal/NNP defends/VBZ ``/`` the/DT sleaze/NN ,/, fraud/NN ,/, waste/NN ,/, embezzlement/NN ,/, influence-peddling/NN and/CC abuse/NN of/IN the/DT public/NN that/WDT took/VBD place/NN while/IN Mr./NNP Pierce/NNP was/VBD secretary/NN of/IN HUD/NNP ,/, ''/'' etc./FW and/CC so/RB forth/RB ./. 
No/RB ,/, to/TO my/PRP$ mind/NN ,/, the/DT Journal/NNP did/VBD not/RB ``/`` defend/VB sleaze/NN ,/, fraud/NN ,/, waste/NN ,/, embezzlement/NN ,/, influence-peddling/NN and/CC abuse/NN of/IN the/DT public/JJ trust/NN .../: ''/'' 
it/PRP defended/VBD appropriate/JJ constitutional/JJ safeguards/NNS and/CC practical/JJ common/JJ sense/NN ./. 
The/DT problem/NN ,/, which/WDT the/DT Journal/NNP so/RB rightly/RB pointed/VBD out/RP in/IN a/DT number/NN of/IN articles/NNS ,/, is/VBZ not/RB the/DT likes/NNS of/IN Mr./NNP Lantos/NNP ,/, who/WP after/IN all/DT is/VBZ really/RB a/DT bit/NN player/NN on/IN the/DT stage/NN ,/, but/CC the/DT attempt/NN by/IN Congress/NNP to/TO enhance/VB itself/PRP into/IN a/DT quasi-parliamentary\/judicial/JJ body/NN ./. 
-LRB-/-LRB- Of/IN course/NN ,/, we/PRP 've/VBP also/RB got/VBD a/DT judiciary/NN that/WDT seeks/VBZ the/DT same/JJ objective/NN ./. -RRB-/-RRB- 
The/DT system/NN is/VBZ the/DT problem/NN ,/, not/RB an/DT individual/JJ member/NN ./. 
Individuals/NNS can/MD always/RB have/VB their/PRP$ hands/NNS slapped/VBD ./. 
It/PRP 's/VBZ when/WRB such/JJ slapping/NN does/VBZ n't/RB occur/VB that/IN we/PRP 've/VBP got/VBN trouble/NN ./. 
I/PRP do/VBP not/RB by/IN any/DT means/NNS defend/VBP HUD/NNP management/NN ./. 
But/CC I/PRP think/VBP the/DT kind/NN of/IN congressional/JJ investigation/NN that/WDT has/VBZ been/VBN pursued/VBN is/VBZ a/DT far/RB greater/JJR danger/NN to/TO American/JJ notions/NNS of/IN liberty/NN and/CC freedom/NN than/IN any/DT incompetency/NN -LRB-/-LRB- and/CC ,/, yes/UH ,/, maybe/RB criminality/NN -RRB-/-RRB- within/IN HUD/NNP could/MD possibly/RB generate/VB ./. 
The/DT last/JJ time/NN I/PRP saw/VBD a/DT similar/JJ congressional/JJ hearing/NN was/VBD when/WRB ``/`` Tail/NNP Gunner/NNP Joe/NNP ''/'' McCarthy/NNP did/VBD his/PRP$ work/NN ./. 
Raymond/NNP Weber/NNP 
Parsippany/NNP ,/, N.J/NNP ./. 
I/PRP disagree/VBP with/IN the/DT statement/NN by/IN Mr./NNP Lantos/NNP that/IN one/CD should/MD not/RB draw/VB an/DT adverse/JJ inference/NN against/IN former/JJ HUD/NNP officials/NNS who/WP assert/VBP their/PRP$ Fifth/NNP Amendment/NNP privilege/NN against/IN self-incrimination/NN in/IN congressional/JJ hearings/NNS ./. 
The/DT Fifth/NNP Amendment/NNP states/NNS in/IN relevant/JJ part/NN that/IN no/DT person/NN ``/`` shall/MD be/VB compelled/VBN ,/, in/IN any/DT criminal/JJ case/NN ,/, to/TO be/VB a/DT witness/NN against/IN himself/PRP ./. ''/'' 
This/DT privilege/NN against/IN self-incrimination/NN precludes/VBZ the/DT drawing/NN of/IN an/DT adverse/JJ inference/NN against/IN a/DT criminal/JJ defendant/NN who/WP chooses/VBZ not/RB to/TO testify/VB ./. 
Thus/RB ,/, in/IN a/DT criminal/JJ case/NN ,/, a/DT prosecutor/NN can/MD not/RB comment/VB on/IN a/DT defendant/NN 's/POS failure/NN to/TO testify/VB nor/CC can/MD the/DT defendant/NN be/VB compelled/VBN to/TO take/VB the/DT stand/NN as/IN a/DT witness/NN ,/, thus/RB forcing/VBG him/PRP to/TO ``/`` take/VB the/DT Fifth/NNP ./. ''/'' 
The/DT privilege/NN ,/, however/RB ,/, has/VBZ been/VBN limited/VBN in/IN accordance/NN with/IN its/PRP$ plain/JJ language/NN to/TO protect/VB the/DT defendant/NN in/IN criminal/JJ matters/NNS only/RB ./. 
The/DT Supreme/NNP Court/NNP and/CC some/DT states/NNS have/VBP specifically/RB recognized/VBN that/IN ``/`` the/DT Fifth/NNP Amendment/NNP does/VBZ not/RB preclude/VB the/DT inference/NN where/WRB the/DT privilege/NN is/VBZ claimed/VBN by/IN a/DT party/NN to/TO a/DT civil/JJ cause/NN ./. ''/'' 
Baxter/NNP v./IN Palmingiano/NNP ,/, 425/CD U.S./NNP 308/CD -LRB-/-LRB- 1976/CD -RRB-/-RRB- ./. 
Thus/RB ,/, in/IN a/DT civil/JJ case/NN ,/, a/DT defendant/NN may/MD be/VB called/VBN as/IN a/DT witness/NN ,/, he/PRP may/MD be/VB forced/VBN to/TO testify/VB or/CC take/VB the/DT Fifth/NNP ,/, and/CC his/PRP$ taking/NN of/IN the/DT Fifth/NNP may/MD permit/VB the/DT drawing/NN of/IN an/DT adverse/JJ inference/NN against/IN him/PRP in/IN the/DT civil/JJ matter/NN ./. 
He/PRP may/MD take/VB the/DT Fifth/NNP in/IN a/DT civil/JJ matter/NN only/RB if/IN he/PRP has/VBZ a/DT good/JJ faith/NN and/CC justifiable/JJ belief/NN that/IN his/PRP$ testimony/NN may/MD subject/VB him/PRP to/TO criminal/JJ prosecution/NN ./. 
Allowing/VBG the/DT defendant/NN to/TO take/VB the/DT Fifth/NNP in/IN a/DT civil/JJ matter/NN is/VBZ not/RB based/VBN on/IN a/DT constitutional/JJ right/NN to/TO refuse/VB to/TO testify/VB where/WRB one/NN 's/POS testimony/NN harms/VBZ him/PRP in/IN the/DT civil/JJ matter/NN ,/, but/CC because/IN the/DT testimony/NN in/IN the/DT civil/JJ matter/NN could/MD be/VB unconstitutionally/RB used/VBN against/IN him/PRP in/IN a/DT subsequent/JJ criminal/JJ prosecution/NN ./. 
Absent/IN the/DT risk/NN of/IN such/JJ prosecution/NN ,/, a/DT court/NN may/MD order/VB the/DT defendant/NN to/TO testify/VB ./. 
Thus/RB ,/, when/WRB Mr./NNP Pierce/NNP asserted/VBD the/DT Fifth/NNP in/IN a/DT noncriminal/JJ proceeding/NN ,/, particularly/RB after/IN presumably/RB receiving/VBG extensive/JJ advice/NN from/IN legal/JJ counsel/NN ,/, one/PRP must/MD conclude/VB that/IN he/PRP held/VBD a/DT good-faith/NN ,/, justifiable/JJ belief/NN that/IN his/PRP$ testimony/NN could/MD be/VB used/VBN against/IN him/PRP in/IN a/DT subsequent/JJ criminal/JJ prosecution/NN ./. 
The/DT subcommittee/NN ,/, Congress/NNP and/CC the/DT American/JJ public/NN have/VBP every/DT right/NN to/TO draw/VB the/DT adverse/JJ inference/NN and/CC to/TO concur/VB with/IN Mr./NNP Pierce/NNP 's/POS own/JJ belief/NN that/IN his/PRP$ testimony/NN could/MD help/VB convict/VB him/PRP of/IN a/DT crime/NN ./. 
Drawing/VBG the/DT adverse/JJ inference/NN in/IN a/DT noncriminal/JJ congressional/JJ hearing/NN does/VBZ not/RB offend/VB the/DT Fifth/NNP Amendment/NNP shield/NN against/IN self-incrimination/NN ./. 
Clark/NNP S./NNP Spalsbury/NNP Jr/NNP ./. 
Estes/NNP Park/NNP ,/, Colo/NNP ./. 
It/PRP was/VBD Friday/NNP the/DT 13th/NNS ,/, and/CC the/DT stock/NN market/NN plummeted/VBD nearly/RB 200/CD points/NNS ./. 
Just/RB a/DT coincidence/NN ?/. 
Or/CC is/VBZ triskaidekaphobia/NN --/: fear/NN of/IN the/DT number/NN 13/CD --/: justified/VBN ?/. 
In/IN academia/NN ,/, a/DT so-called/JJ Friday/NNP the/DT 13th/JJ effect/NN has/VBZ been/VBN set/VBN up/RP and/CC shot/VBD down/RP by/IN different/JJ professors/NNS ./. 
Robert/NNP Kolb/NNP and/CC Ricardo/NNP Rodriguez/NNP ,/, professors/NNS of/IN finance/NN at/IN the/DT University/NNP of/IN Miami/NNP ,/, found/VBD evidence/NN that/IN the/DT market/NN is/VBZ spooked/VBN by/IN Friday/NNP the/DT 13th/NN ./. 
But/CC their/PRP$ study/NN ,/, which/WDT spanned/VBD the/DT 1962-85/CD period/NN ,/, has/VBZ since/IN been/VBN shown/VBN to/TO be/VB jinxed/VBN by/IN an/DT unlucky/JJ choice/NN of/IN data/NNS ./. 
In/IN the/DT '70s/NNS ,/, the/DT market/NN took/VBD falls/VBZ nine/CD times/NNS in/IN a/DT row/NN on/IN Friday/NNP the/DT you-know-what/NN ./. 
But/CC the/DT date/NN tends/VBZ to/TO be/VB a/DT plus/NN ,/, not/RB a/DT minus/NN ,/, for/IN stocks/NNS ,/, according/VBG to/TO Yale/NNP Hirsch/NNP ,/, a/DT collector/NN of/IN stock/NN market/NN lore/NN ./. 
Another/DT study/NN found/VBD that/IN the/DT 82/CD Fridays/NNP the/DT 13th/JJ in/IN the/DT 1940-1987/CD period/NN had/VBD higher/JJR than/IN average/JJ returns/NNS --/: higher/RBR even/RB than/IN Fridays/NNS in/IN general/JJ ,/, which/WDT tend/VBP to/TO be/VB strong/JJ days/NNS for/IN stock/NN prices/NNS ./. 
On/IN the/DT only/JJ other/JJ Friday/NNP the/DT 13th/JJ this/DT year/NN ,/, the/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP rose/VBD about/IN four/CD points/NNS ./. 
Professor/NNP Kolb/NNP says/VBZ the/DT original/JJ study/NN ,/, titled/VBD Friday/NNP the/DT 13th/JJ ,/, Part/NNP VII/NNP ,/, was/VBD published/VBN tongue-in-cheek/JJ ./. 
In/IN a/DT similar/JJ vein/NN ,/, he/PRP adds/VBZ that/IN the/DT anniversary/NN of/IN the/DT 1987/CD crash/NN and/CC Saturday/NNP 's/POS full/JJ moon/NN could/MD have/VB played/VBN a/DT part/NN ,/, too/RB ,/, in/IN Friday/NNP 's/POS market/NN activity/NN ./. 
reminiscent/NN of/IN those/DT during/IN the/DT 1987/CD crash/NN --/: that/IN as/IN stock/NN prices/NNS plummeted/VBD and/CC trading/NN activity/NN escalated/VBN ,/, some/DT phone/NN calls/NNS to/TO market/NN makers/NNS in/IN over-the-counter/JJ stocks/NNS went/VBD unanswered/JJ ./. 
``/`` We/PRP could/MD n't/RB get/VB dealers/NNS to/TO answer/VB their/PRP$ phones/NNS ,/, ''/'' said/VBD Robert/NNP King/NNP ,/, senior/JJ vice/NN president/NN of/IN OTC/NNP trading/NN at/IN Robinson-Humphrey/NNP Co./NNP in/IN Atlanta/NNP ./. 
``/`` It/PRP was/VBD -LCB-/-LRB- like/IN -RCB-/-RRB- the/DT Friday/NNP before/IN Black/NNP Monday/NNP ''/'' two/CD years/NNS ago/RB ./. 
Whether/IN unanswered/JJ phone/NN calls/NNS had/VBD any/DT effect/NN or/CC not/RB ,/, Nasdaq/NNP stocks/NNS sank/VBD far/RB less/JJR than/IN those/DT on/IN the/DT New/NNP York/NNP and/CC American/JJ exchanges/NNS ./. 
Nonetheless/RB ,/, the/DT Nasdaq/NNP Composite/NNP Index/NNP suffered/VBD its/PRP$ biggest/JJS point/NN decline/NN of/IN the/DT year/NN and/CC its/PRP$ sixth/JJ worst/JJS ever/RB ,/, diving/JJ 14.90/CD ,/, or/CC 3/CD %/NN ,/, to/TO 467.29/CD ./. 
Ten/CD points/NNS of/IN the/DT drop/NN occurred/VBD during/IN the/DT last/JJ 45/CD minutes/NNS of/IN trading/NN ./. 
By/IN comparison/NN ,/, the/DT New/NNP York/NNP Stock/NNP Exchange/NNP Composite/NNP tumbled/VBD 5.8/CD %/NN Friday/NNP and/CC the/DT American/NNP Stock/NNP Exchange/NNP Composite/NNP fell/VBD 4/CD %/NN ./. 
On/IN Oct./NNP 16/CD ,/, 1987/CD ,/, the/DT Nasdaq/NNP Composite/NNP fell/VBD 16.18/CD points/NNS ,/, or/CC 3.8/CD %/NN ,/, followed/VBN by/IN its/PRP$ devastating/VBG 46.12-point/JJ ,/, or/CC 11/CD %/NN slide/NN ,/, three/CD days/NNS later/RB ./. 
Nasdaq/NNP volume/NN Friday/NNP totaled/VBD 167.7/CD million/CD shares/NNS ,/, which/WDT was/VBD only/RB the/DT fifth/JJ busiest/JJS day/NN so/RB far/RB this/DT year/NN ./. 
The/DT single-day/JJ record/NN of/IN 288/CD million/CD shares/NNS was/VBD set/VBN on/IN Oct./NNP 21/CD ,/, 
``/`` There/EX was/VBD n't/RB a/DT lot/NN of/IN volume/NN because/IN it/PRP was/VBD just/RB impossible/JJ to/TO get/VB stock/NN moved/VBN ,/, ''/'' said/VBD E.E./NNP ``/`` Buzzy/NNP ''/'' Geduld/NNP ,/, president/NN of/IN Herzog/NNP ,/, Heine/NNP ,/, Geduld/NNP ,/, a/DT New/NNP York/NNP company/NN that/WDT makes/VBZ markets/NNS in/IN thousands/NNS of/IN OTC/NNP issues/NNS ./. 
Most/JJS of/IN the/DT complaints/NNS about/IN unanswered/JJ phone/NN calls/NNS came/VBD from/IN regional/JJ brokers/NNS rather/RB than/IN individual/JJ investors/NNS ./. 
Mr./NNP King/NNP of/IN Robinson-Humphrey/NNP and/CC others/NNS were/VBD quick/JJ to/TO add/VB that/IN they/PRP believe/VBP the/DT problem/NN stemmed/VBD more/RBR from/IN traders/NNS '/POS inability/NN to/TO handle/VB the/DT volume/NN of/IN calls/NNS ,/, rather/RB than/IN a/DT deliberate/JJ attempt/NN to/TO avoid/VB making/VBG trades/NNS ./. 
The/DT subject/NN is/VBZ a/DT sore/JJ one/CD for/IN Nasdaq/NNP and/CC its/PRP$ market-making/NN companies/NNS ,/, which/WDT were/VBD widely/RB criticized/VBN two/CD years/NNS ago/RB following/VBG complaints/NNS from/IN investors/NNS who/WP could/MD n't/RB reach/VB their/PRP$ brokers/NNS or/CC trade/NN in/IN the/DT chaos/NN of/IN the/DT crash/NN ./. 
Peter/NNP DaPuzzo/NNP ,/, head/NN of/IN retail/JJ equity/NN trading/NN at/IN Shearson/NNP Lehman/NNP Hutton/NNP ,/, declared/VBD :/: ``/`` It/PRP was/VBD the/DT last/JJ hour/NN of/IN trading/NN on/IN a/DT Friday/NNP ./. 
There/EX were/VBD too/RB many/JJ phones/NNS ringing/VBG and/CC too/RB many/JJ things/NNS happening/VBG to/TO expect/VB market/NN makers/NNS to/TO be/VB as/RB efficient/JJ as/IN robots/NNS ./. 
It/PRP was/VBD n't/RB intentional/JJ ,/, we/PRP were/VBD all/DT busy/JJ ./. ''/'' 
James/NNP Tarantino/NNP ,/, head/NN of/IN OTC/NNP trading/NN at/IN Hambrecht/NNP &/CC Quist/NNP in/IN San/NNP Francisco/NNP ,/, said/VBD ,/, ``/`` It/PRP was/VBD just/RB like/IN two/CD years/NNS ago/RB ./. 
Everybody/NN was/VBD trying/VBG to/TO do/VB the/DT same/JJ thing/NN at/IN the/DT same/JJ time/NN ./. ''/'' 
Jeremiah/NNP Mullins/NNP ,/, the/DT OTC/NNP trading/NN chief/NN at/IN Dean/NNP Witter/NNP Reynolds/NNP in/IN New/NNP York/NNP ,/, said/VBD proudly/RB that/IN his/PRP$ company/NN executed/VBD every/DT order/NN it/PRP received/VBD by/IN the/DT close/NN of/IN trading/NN ./. 
But/CC ,/, he/PRP added/VBD ,/, ``/`` you/PRP can/MD only/RB take/VB one/CD call/NN at/IN a/DT time/NN ./. ''/'' 
Market/NN makers/NNS keep/VBP supplies/NNS of/IN stock/NN on/IN hand/NN to/TO maintain/VB orderly/JJ trading/NN when/WRB imbalances/NNS occur/VBP ./. 
On/IN days/NNS like/IN Friday/NNP ,/, that/WDT means/VBZ they/PRP must/MD buy/VB shares/NNS from/IN sellers/NNS when/WRB no/DT one/NN else/RB is/VBZ willing/JJ to/TO ./. 
When/WRB selling/VBG is/VBZ so/RB frenzied/JJ ,/, prices/NNS fall/VBP steeply/RB and/CC fast/RB ./. 
Two/CD years/NNS ago/RB ,/, faced/VBD with/IN the/DT possibility/NN of/IN heavy/JJ losses/NNS on/IN the/DT stocks/NNS in/IN their/PRP$ inventories/NNS ,/, market/NN makers/NNS themselves/PRP began/VBD dumping/VBG shares/NNS ,/, exacerbating/VBG the/DT slide/NN in/IN OTC/NNP stock/NN prices/NNS ./. 
On/IN Friday/NNP ,/, some/DT market/NN makers/NNS were/VBD selling/VBG again/RB ,/, traders/NNS said/VBD ./. 
But/CC ,/, with/IN profits/NNS sagging/VBG on/IN Wall/NNP Street/NNP since/IN the/DT crash/NN ,/, companies/NNS have/VBP kept/VBN smaller/JJR share/NN stockpiles/NNS on/IN hand/NN ./. 
Mr./NNP Tarantino/NNP of/IN Hambrecht/NNP &/CC Quist/NNP said/VBD some/DT prices/NNS fell/VBD without/IN trades/NNS taking/VBG place/NN ,/, as/IN market/NN makers/NNS kept/VBD dropping/VBG the/DT prices/NNS at/IN which/WDT they/PRP would/MD buy/VB shares/NNS ./. 
``/`` Everyone/NN was/VBD hitting/VBG everyone/NN else/RB 's/POS bid/NN ,/, ''/'' he/PRP said/VBD ./. 
So/RB ,/, while/IN OTC/NNP companies/NNS incurred/VBD losses/NNS on/IN Friday/NNP ,/, trading/NN officials/NNS said/VBD the/DT damage/NN was/VBD n't/RB as/RB bad/JJ as/IN it/PRP was/VBD in/IN 1987/CD ./. 
``/`` Two/CD years/NNS ago/IN we/PRP were/VBD carrying/VBG huge/JJ inventories/NNS and/CC that/DT was/VBD the/DT big/JJ culprit/NN ./. 
I/PRP do/VBP n't/RB know/VB of/IN anyone/NN carrying/VBG big/JJ inventories/NNS now/RB ,/, ''/'' said/VBD Mr./NNP King/NNP of/IN Robinson-Humphrey/NNP ./. 
Tony/NNP Cecin/NNP ,/, head/NN of/IN equity/NN trading/NN at/IN Piper/NNP ,/, Jaffray/NNP &/CC Hopwood/NNP in/IN Minneapolis/NNP ,/, said/VBD that/IN Piper/NNP Jaffray/NNP actually/RB made/VBD money/NN on/IN Friday/NNP ./. 
It/PRP helped/VBD that/IN his/PRP$ inventory/NN is/VBZ a/DT third/JJ smaller/JJR now/RB than/IN it/PRP was/VBD two/CD years/NNS ago/RB ,/, he/PRP said/VBD ./. 
Joseph/NNP Hardiman/NNP ,/, president/NN of/IN the/DT National/NNP Association/NNP of/IN Securities/NNPS Dealers/NNPS ,/, which/WDT oversees/VBZ the/DT Nasdaq/NNP computerized/JJ trading/NN system/NN ,/, said/VBD that/IN despite/IN the/DT rush/NN of/IN selling/NN ,/, he/PRP never/RB considered/VBD the/DT situation/NN an/DT ``/`` emergency/NN ./. ''/'' 
``/`` The/DT pace/NN of/IN trading/NN was/VBD orderly/JJ ,/, ''/'' he/PRP said/VBD ./. 
Nasdaq/NNP 's/POS Small/NNP Order/NNP Execution/NNP System/NNP ``/`` worked/VBD beautifully/RB ,/, ''/'' as/IN did/VBD the/DT automated/VBN system/NN for/IN larger/JJR trades/NNS ,/, according/VBG to/TO Mr./NNP Hardiman/NNP ./. 
Nevertheless/RB ,/, the/DT shock/NN of/IN another/DT steep/JJ plunge/NN in/IN stock/NN prices/NNS undoubtedly/RB will/MD shake/VB many/JJ investors/NNS '/POS confidence/NN ./. 
In/IN the/DT past/NN ,/, the/DT OTC/NNP market/NN thrived/VBD on/IN a/DT firm/JJ base/NN of/IN small-investor/JJ participation/NN ./. 
Because/IN Nasdaq/NNP 's/POS trading/NN volume/NN has/VBZ n't/RB returned/VBN to/TO pre-crash/JJ levels/NNS ,/, traders/NNS and/CC OTC/NNP market/NN officials/NNS hope/VBP the/DT damage/NN wo/MD n't/RB be/VB permanent/JJ ./. 
But/CC they/PRP are/VBP worried/VBN ./. 
``/`` We/PRP were/VBD just/RB starting/VBG to/TO get/VB the/DT public/NN 's/POS confidence/NN back/RB ,/, ''/'' lamented/VBD Mr./NNP Mullins/NNP of/IN Dean/NNP Witter/NNP ./. 
More/RBR troubling/JJ is/VBZ the/DT prospect/NN that/IN the/DT overall/JJ collapse/NN in/IN stock/NN prices/NNS could/MD permanently/RB erode/VB the/DT base/NN of/IN small-investor/JJ support/NN the/DT OTC/NNP market/NN was/VBD struggling/VBG to/TO rebuild/VB in/IN the/DT wake/NN of/IN the/DT October/NNP 1987/CD crash/NN ./. 
Mr./NNP Cecin/NNP of/IN Piper/NNP Jaffray/NNP says/VBZ some/DT action/NN from/IN government/NN policy/NN makers/NNS would/MD allay/VB investor/NN fears/NNS ./. 
It/PRP wo/MD n't/RB take/VB much/RB more/JJR to/TO ``/`` scare/VB the/DT hell/NN out/IN of/IN retail/JJ investors/NNS ,/, ''/'' he/PRP says/VBZ ./. 
The/DT sellers/NNS on/IN Friday/NNP came/VBD from/IN all/DT corners/NNS of/IN the/DT OTC/NNP market/NN --/: big/JJ and/CC small/JJ institutional/JJ investors/NNS ,/, as/RB well/RB as/IN individual/JJ investors/NNS and/CC market/NN makers/NNS ./. 
But/CC grateful/JJ traders/NNS said/VBD the/DT sell/NN orders/NNS generally/RB ranged/VBD from/IN 20,000/CD shares/NNS to/TO 50,000/CD shares/NNS ,/, compared/VBN with/IN blocks/NNS of/IN 500,000/CD shares/NNS or/CC more/JJR two/CD years/NNS ago/RB ./. 
Shearson/NNP 's/POS Mr./NNP DaPuzzo/NNP said/VBD retail/JJ investors/NNS nervously/RB sold/VBD stock/NN Friday/NNP and/CC never/RB returned/VBD to/TO bargain-hunt/JJ ./. 
Institutional/JJ investors/NNS ,/, which/WDT had/VBD been/VBN selling/VBG stock/NN throughout/IN last/JJ week/NN to/TO lock/VB in/RP handsome/JJ gains/NNS made/VBN through/IN the/DT third/JJ quarter/NN ,/, were/VBD calmer/NN ./. 
``/`` We/PRP had/VBD a/DT good/JJ amount/NN of/IN selling/NN from/IN institutions/NNS ,/, but/CC not/RB as/IN much/JJ panic/NN ,/, ''/'' Mr./NNP DaPuzzo/NNP said/VBD ./. 
``/`` If/IN they/PRP could/MD n't/RB sell/VB ,/, some/DT of/IN them/PRP put/VBD the/DT shares/NNS back/RB on/IN the/DT shelf/NN ./. ''/'' 
In/IN addition/NN ,/, he/PRP said/VBD ,/, some/DT bigger/JJR institutional/JJ investors/NNS placed/VBD bids/NNS to/TO buy/VB some/DT OTC/NNP stocks/NNS whose/WP$ prices/NNS were/VBD beaten/VBN down/RP ./. 
In/IN addition/NN ,/, Mr./NNP DaPuzzo/NNP said/VBD computer-guided/JJ program/NN selling/NN of/IN OTC/NNP stocks/NNS in/IN the/DT Russell/NNP Index/NNP of/IN 2000/CD small/JJ stocks/NNS and/CC the/DT Standard/NNP &/CC Poor/NNP 's/POS 500-stock/NNP Index/NNP sent/VBD occasional/JJ ``/`` waves/NNS ``/`` through/IN the/DT market/NN ./. 
Nasdaq/NNP 's/POS biggest/JJS stocks/NNS were/VBD hammered/VBN ./. 
The/DT Nasdaq/NNP 100/CD Index/NNP of/IN the/DT largest/JJS nonfinancial/JJ issues/NNS ,/, including/VBG the/DT big/JJ OTC/NNP technology/NN issues/NNS ,/, tumbled/VBD 4.2/CD %/NN ,/, or/CC 19.76/CD ,/, to/TO 449.33/CD ./. 
The/DT Nasdaq/NNP Financial/NNP Index/NNP of/IN giant/JJ insurance/NN and/CC banking/NN stocks/NNS dropped/VBD 2/CD %/NN ,/, or/CC 9.31/CD ,/, to/TO 462.98/CD ./. 
The/DT OTC/NNP market/NN has/VBZ only/RB a/DT handful/NN of/IN takeover-related/JJ stocks/NNS ./. 
But/CC they/PRP fell/VBD sharply/RB ./. 
McCaw/NNP Cellular/NNP Communications/NNPS ,/, for/IN instance/NN ,/, has/VBZ offered/VBN to/TO buy/VB LIN/NNP Broadcasting/NNP as/RB well/RB as/IN Metromedia/NNP 's/POS New/NNP York/NNP City/NNP cellular/JJ telephone/NN interests/NNS ,/, and/CC in/IN a/DT separate/JJ transaction/NN ,/, sell/VBP certain/JJ McCaw/NNP properties/NNS to/TO Contel/NNP Cellular/NNP ./. 
McCaw/NNP lost/VBD 8/CD %/NN ,/, or/CC 3/CD 1\/2/CD ,/, to/TO 40/CD ./. 
LIN/NNP Broadcasting/NNP ,/, dropped/VBD 5/CD 1\/2/CD ,/, or/CC 5/CD %/NN ,/, to/TO 107/CD 1\/2/CD ./. 
The/DT turnover/NN in/IN both/DT issues/NNS was/VBD roughly/RB normal/JJ ./. 
On/IN a/DT day/NN when/WRB negative/JJ takeover-related/JJ news/NN did/VBD n't/RB sit/VB well/RB with/IN investors/NNS ,/, Commercial/NNP Intertech/NNP ,/, a/DT maker/NN of/IN engineered/VBN metal/NN parts/NNS ,/, said/VBD Haas/NNP &/CC Partners/NNPS advised/VBD it/PRP that/IN it/PRP does/VBZ n't/RB plan/VB to/TO pursue/VB its/PRP$ previously/RB reported/VBN $/$ 27.50-a-share/JJ bid/NN to/TO buy/VB the/DT company/NN ./. 
Commercial/NNP Intertech/NNP plummeted/VBD 6/CD to/TO 26/CD ./. 
The/DT issues/NNS of/IN companies/NNS with/IN ties/NNS to/TO the/DT junk/NN bond/NN market/NN also/RB tumbled/VBD Friday/NNP ./. 
On/IN the/DT OTC/NNP market/NN ,/, First/NNP Executive/NNP ,/, a/DT big/JJ buyer/NN of/IN the/DT high-risk/JJ ,/, high-yield/JJ issues/NNS ,/, slid/VBD 2/CD to/TO 12/CD 1\/4/CD ./. 
Among/IN other/JJ OTC/NNP issues/NNS ,/, Intel/NNP ,/, dropped/VBD 2/CD 1\/8/CD to/TO 33/CD 7\/8/CD ;/: Laidlaw/NNP Transportation/NNP lost/VBD 1/CD 1\/8/CD to/TO 19/CD 1\/2/CD ;/: the/DT American/JJ depositary/JJ receipts/NNS of/IN Jaguar/NNP were/VBD off/RB 1\/4/CD to/TO 10/CD 1\/4/CD ;/: MCI/NNP Communications/NNPS slipped/VBD 2/CD 1\/4/CD to/TO 43/CD 1\/2/CD ;/: Apple/NNP Computer/NNP fell/VBD 3/CD to/TO 45/CD 3\/4/CD and/CC Nike/NNP dropped/VBD 2/CD 1\/4/CD to/TO 66/CD 3\/4/CD ./. 
Friday/NNP ,/, October/NNP 13/CD ,/, 1989/CD 
The/DT key/JJ U.S./NNP and/CC foreign/JJ annual/JJ interest/NN rates/NNS below/RB are/VBP a/DT guide/NN to/TO general/JJ levels/NNS but/CC do/VBP n't/RB always/RB represent/VB actual/JJ transactions/NNS ./. 
PRIME/JJ RATE/NN :/: 
10/CD 1\/2/CD %/NN ./. 
The/DT base/NN rate/NN on/IN corporate/JJ loans/NNS at/IN large/JJ U.S./NNP money/NN center/NN commercial/JJ banks/NNS ./. 
FEDERAL/JJ FUNDS/NNS :/: 
8/CD 13\/16/CD %/NN high/JJ ,/, 8/CD 1\/2/CD %/NN low/JJ ,/, 8/CD 5\/8/CD %/NN near/IN closing/NN bid/NN ,/, 8/CD 3\/4/CD %/NN offered/VBN ./. 
Reserves/NNS traded/VBN among/IN commercial/JJ banks/NNS for/IN overnight/JJ use/NN in/IN amounts/NNS of/IN $/$ 1/CD million/CD or/CC more/JJR ./. 
Source/NN :/: Fulton/NNP Prebon/NNP -LRB-/-LRB- U.S.A/NNP ./. -RRB-/-RRB- Inc/NNP ./. 
DISCOUNT/NN RATE/NN :/: 
7/CD %/NN ./. 
The/DT charge/NN on/IN loans/NNS to/TO depository/NN institutions/NNS by/IN the/DT New/NNP York/NNP Federal/NNP Reserve/NNP Bank/NNP ./. 
CALL/JJ MONEY/NN :/: 
9/CD 3\/4/CD %/NN to/TO 10/CD %/NN ./. 
The/DT charge/NN on/IN loans/NNS to/TO brokers/NNS on/IN stock/NN exchange/NN collateral/NN ./. 
COMMERCIAL/JJ PAPER/NN placed/VBN directly/RB by/IN General/NNP Motors/NNPS Acceptance/NNP Corp./NNP :/: 
8.60/CD %/NN 30/CD to/TO 44/CD days/NNS ;/: 8.55/CD %/NN 45/CD to/TO 59/CD days/NNS ;/: 8.375/CD %/NN 60/CD to/TO 79/CD days/NNS ;/: 8.50/CD %/NN 80/CD to/TO 89/CD days/NNS ;/: 8.25/CD %/NN 90/CD to/TO 119/CD days/NNS ;/: 8.125/CD %/NN 120/CD to/TO 149/CD days/NNS ;/: 8/CD %/NN 150/CD to/TO 179/CD days/NNS ;/: 7.625/CD %/NN 180/CD to/TO 270/CD days/NNS ./. 
COMMERCIAL/JJ PAPER/NN :/: 
High-grade/JJ unsecured/JJ notes/NNS sold/VBN through/IN dealers/NNS by/IN major/JJ corporations/NNS in/IN multiples/NNS of/IN $/$ 1,000/CD :/: 
8.65/CD %/NN 30/CD days/NNS ;/: 8.55/CD %/NN 60/CD days/NNS ;/: 8.55/CD %/NN 90/CD days/NNS ./. 
CERTIFICATES/NNS OF/IN DEPOSIT/NN :/: 
8.15/CD %/NN one/CD month/NN ;/: 8.15/CD %/NN two/CD months/NNS ;/: 8.13/CD %/NN three/CD months/NNS ;/: 8.11/CD %/NN six/CD months/NNS ;/: 8.08/CD %/NN one/CD year/NN ./. 
Average/JJ of/IN top/JJ rates/NNS paid/VBN by/IN major/JJ New/NNP York/NNP banks/NNS on/IN primary/JJ new/JJ issues/NNS of/IN negotiable/JJ C.D.s/NNS ,/, usually/RB on/IN amounts/NNS of/IN $/$ 1/CD million/CD and/CC more/JJR ./. 
The/DT minimum/JJ unit/NN is/VBZ $/$ 100,000/CD ./. 
Typical/JJ rates/NNS in/IN the/DT secondary/JJ market/NN :/: 
8.65/CD %/NN one/CD month/NN ;/: 8.65/CD %/NN three/CD months/NNS ;/: 8.55/CD %/NN six/CD months/NNS ./. 
BANKERS/NNS ACCEPTANCES/NNS :/: 
8.52/CD %/NN 30/CD days/NNS ;/: 8.37/CD %/NN 60/CD days/NNS ;/: 8.15/CD %/NN 90/CD days/NNS ;/: 7.98/CD %/NN 120/CD days/NNS ;/: 7.92/CD %/NN 150/CD days/NNS ;/: 7.80/CD %/NN 180/CD days/NNS ./. 
Negotiable/JJ ,/, bank-backed/JJ business/NN credit/NN instruments/NNS typically/RB financing/VBG an/DT import/NN order/NN ./. 
LONDON/NNP LATE/JJ EURODOLLARS/NNS :/: 
8/CD 13\/16/CD %/NN to/TO 8/CD 11\/16/CD %/NN one/CD month/NN ;/: 8/CD 13\/16/CD %/NN to/TO 8/CD 11\/16/CD %/NN two/CD months/NNS ;/: 8/CD 13\/16/CD %/NN to/TO 8/CD 11\/16/CD %/NN three/CD months/NNS ;/: 8/CD 3\/4/CD %/NN to/TO 8/CD 5\/8/CD %/NN four/CD months/NNS ;/: 8/CD 11\/16/CD %/NN to/TO 8/CD 9\/16/CD %/NN five/CD months/NNS ;/: 8/CD 5\/8/CD %/NN to/TO 8/CD 1\/2/CD %/NN six/CD months/NNS ./. 
LONDON/NNP INTERBANK/NNP OFFERED/NNP RATES/NNPS -LRB-/-LRB- LIBOR/NNP -RRB-/-RRB- :/: 
8/CD 3\/4/CD %/NN one/CD month/NN ;/: 8/CD 3\/4/CD %/NN three/CD months/NNS ;/: 8/CD 9\/16/CD %/NN six/CD months/NNS ;/: 8/CD 9\/16/CD %/NN one/CD year/NN ./. 
The/DT average/NN of/IN interbank/NN offered/VBN rates/NNS for/IN dollar/NN deposits/NNS in/IN the/DT London/NNP market/NN based/VBN on/IN quotations/NNS at/IN five/CD major/JJ banks/NNS ./. 
FOREIGN/JJ PRIME/JJ RATES/NNS :/: 
Canada/NNP 13.50/CD %/NN ;/: Germany/NNP 8.50/CD %/NN ;/: Japan/NNP 4.875/CD %/NN ;/: Switzerland/NNP 8.50/CD %/NN ;/: Britain/NNP 15/CD %/NN ./. 
These/DT rate/NN indications/NNS are/VBP n't/RB directly/RB comparable/JJ ;/: lending/NN practices/NNS vary/VBP widely/RB by/IN location/NN ./. 
TREASURY/NNP BILLS/NNS :/: 
Results/NNS of/IN the/DT Tuesday/NNP ,/, October/NNP 10/CD ,/, 1989/CD ,/, auction/NN of/IN short-term/JJ U.S./NNP government/NN bills/NNS ,/, sold/VBN at/IN a/DT discount/NN from/IN face/NN value/NN in/IN units/NNS of/IN $/$ 10,000/CD to/TO $/$ 1/CD million/CD :/: 
7.63/CD %/NN 13/CD weeks/NNS ;/: 7.60/CD %/NN 26/CD weeks/NNS ./. 
FEDERAL/NNP HOME/NNP LOAN/NNP MORTGAGE/NNP CORP/NNP ./. -LRB-/-LRB- Freddie/NNP Mac/NNP -RRB-/-RRB- :/: 
Posted/VBN yields/NNS on/IN 30-year/JJ mortgage/NN commitments/NNS for/IN delivery/NN within/IN 30/CD days/NNS ./. 
9.91/CD %/NN ,/, standard/JJ conventional/JJ fixedrate/NN mortgages/NNS ;/: 7.875/CD %/NN ,/, 2/CD %/NN rate/NN capped/VBD one-year/JJ adjustable/JJ rate/NN mortgages/NNS ./. 
Source/NN :/: Telerate/NNP Systems/NNPS Inc/NNP ./. 
FEDERAL/NNP NATIONAL/NNP MORTGAGE/NNP ASSOCIATION/NNP -LRB-/-LRB- Fannie/NNP Mae/NNP -RRB-/-RRB- :/: 
Posted/VBN yields/NNS on/IN 30/CD year/NN mortgage/NN commitments/NNS for/IN delivery/NN within/IN 30/CD days/NNS -LRB-/-LRB- priced/VBN at/IN par/JJ -RRB-/-RRB- 
9.86/CD %/NN ,/, standard/JJ conventional/JJ fixed-rate/JJ mortgages/NNS ;/: 8.85/CD %/NN ,/, 6\/2/CD rate/NN capped/VBD one-year/JJ adjustable/JJ rate/NN mortgages/NNS ./. 
Source/NN :/: Telerate/NNP Systems/NNPS Inc/NNP ./. 
MERRILL/NNP LYNCH/NNP READY/NNP ASSETS/NNPS TRUST/NNP :/: 
8.33/CD %/NN ./. 
Annualized/VBN average/JJ rate/NN of/IN return/NN after/IN expenses/NNS for/IN the/DT past/JJ 30/CD days/NNS ;/: not/RB a/DT forecast/NN of/IN future/JJ returns/NNS ./. 
Pension/NN funds/NNS ,/, insurers/NNS and/CC other/JJ behemoths/NNS of/IN the/DT investing/NN world/NN said/VBD they/PRP began/VBD scooping/VBG up/RP stocks/NNS during/IN Friday/NNP 's/POS market/NN rout/NN ./. 
And/CC they/PRP plan/VBP to/TO buy/VB more/JJR today/NN ./. 
Rightly/RB or/CC wrongly/RB ,/, many/JJ giant/JJ institutional/JJ investors/NNS appear/VBP to/TO be/VB fighting/VBG the/DT latest/JJS war/NN by/IN applying/VBG the/DT lesson/NN they/PRP learned/VBD in/IN the/DT October/NNP 1987/CD crash/NN :/: Buying/NN at/IN the/DT bottom/NN pays/VBZ off/RP ./. 
To/TO be/VB sure/JJ ,/, big/JJ investors/NNS might/MD put/VB away/RB their/PRP$ checkbooks/NNS in/IN a/DT hurry/NN if/IN stocks/NNS open/VBP sharply/RB lower/JJR today/NN ./. 
They/PRP could/MD still/RB panic/VB and/CC bail/VB out/IN of/IN the/DT market/NN ./. 
But/CC their/PRP$ 1987/CD performance/NN indicates/VBZ that/IN they/PRP wo/MD n't/RB abandon/VB stocks/NNS unless/IN conditions/NNS get/VBP far/RB worse/JJR ./. 
``/`` Last/JJ time/NN ,/, we/PRP got/VBD rewarded/VBN for/IN going/VBG out/RP and/CC buying/VBG stocks/NNS when/WRB the/DT panic/NN was/VBD the/DT worst/JJS ,/, ''/'' said/VBD John/NNP W./NNP Rogers/NNP ,/, president/NN of/IN Chicago-based/JJ Ariel/NNP Capital/NNP Management/NNP Inc./NNP ,/, which/WDT manages/VBZ $/$ 1.1/CD billion/CD of/IN stocks/NNS ./. 
Mr./NNP Rogers/NNP spent/VBD half/PDT his/PRP$ cash/NN on/IN hand/NN Friday/NNP for/IN ``/`` our/PRP$ favorite/JJ stocks/NNS that/WDT have/VBP fallen/VBN apart/RB ./. ''/'' 
He/PRP expects/VBZ to/TO invest/VB the/DT rest/NN if/IN the/DT market/NN weakens/VBZ further/RBR ./. 
Denver-based/JJ portfolio/NN manager/NN James/NNP Craig/NNP was/VBD n't/RB daunted/VBN when/WRB Friday/NNP 's/POS rout/NN shaved/VBD $/$ 40/CD million/CD from/IN the/DT value/NN of/IN the/DT $/$ 752/CD million/CD Janus/NNP Fund/NNP he/PRP oversees/VBZ ./. 
``/`` I/PRP waited/VBD to/TO make/VB sure/JJ all/PDT the/DT program/NN trades/NNS had/VBD kicked/VBN through/IN ,/, ''/'' he/PRP said/VBD ./. 
Then/RB he/PRP jumped/VBD into/IN the/DT market/NN :/: 
``/`` I/PRP spent/VBD $/$ 30/CD million/CD in/IN the/DT last/JJ half-hour/NN ./. ''/'' 
Other/JJ money/NN managers/NNS also/RB opened/VBD their/PRP$ wallets/NNS ./. 
``/`` I/PRP was/VBD buying/VBG at/IN the/DT close/JJ -LRB-/-LRB- Friday/NNP -RRB-/-RRB- and/CC I/PRP 'll/MD be/VB buying/VBG again/RB because/IN I/PRP know/VBP we/PRP 're/VBP getting/VBG good/JJ value/NN ,/, ''/'' said/VBD Frederick/NNP A./NNP Moran/NNP ,/, president/NN of/IN Moran/NNP Asset/NNP Management/NNP Inc./NNP ,/, Greenwich/NNP ,/, Conn/NNP ./. 
``/`` There/EX is/VBZ no/DT justification/NN on/IN the/DT fundamental/JJ level/NN for/IN this/DT crash/NN ./. ''/'' 
Unlike/IN mutual/JJ funds/NNS ,/, which/WDT can/MD be/VB forced/VBN to/TO sell/VB stockholdings/NNS when/WRB investors/NNS rush/VBP to/TO withdraw/VB money/NN ,/, big/JJ investors/NNS such/JJ as/IN pension/NN funds/NNS and/CC insurance/NN companies/NNS can/MD decide/VB to/TO ride/VB out/RP market/NN storms/NNS without/IN jettisoning/VBG stock/NN ./. 
Most/RBS often/RB ,/, they/PRP do/VBP just/RB that/IN ,/, because/IN stocks/NNS have/VBP proved/VBN to/TO be/VB the/DT best-performing/JJ long-term/JJ investment/NN ,/, attracting/VBG about/IN $/$ 1/CD trillion/CD from/IN pension/NN funds/NNS alone/RB ./. 
``/`` If/IN you/PRP bought/VBD after/IN the/DT crash/NN ,/, you/PRP did/VBD very/RB very/RB well/RB off/IN the/DT bottom/NN ,/, ''/'' said/VBD Stephen/NNP B./NNP Timbers/NNP ,/, chief/JJ investment/NN officer/NN of/IN Chicago-based/JJ Kemper/NNP Financial/NNP Services/NNPS Inc/NNP ./. 
The/DT $/$ 56/CD billion/CD California/NNP Public/NNP Employees/NNP Retirement/NNP System/NNP ,/, for/IN one/CD ,/, added/VBD $/$ 1/CD billion/CD to/TO its/PRP$ stock/NN portfolio/NN two/CD years/NNS ago/RB ./. 
``/`` The/DT last/JJ crash/NN taught/VBD institutional/JJ investors/NNS that/IN they/PRP have/VBP to/TO be/VB long-term/JJ holders/NNS ,/, and/CC that/IN they/PRP ca/MD n't/RB react/VB to/TO short-term/JJ events/NNS ,/, good/JJ or/CC bad/JJ ,/, ''/'' said/VBD Stephen/NNP L./NNP Nesbitt/NNP ,/, senior/JJ vice/NN president/NN for/IN the/DT pension/NN consultants/NNS Wilshire/NNP Associates/NNPS in/IN Santa/NNP Monica/NNP ,/, Calif/NNP ./. 
``/`` Those/DT that/WDT pulled/VBD out/RP -LRB-/-LRB- of/IN stocks/NNS -RRB-/-RRB- regretted/VBN it/PRP ,/, ''/'' he/PRP said/VBD ,/, ``/`` so/IN I/PRP doubt/VBP you/PRP 'll/MD see/VB any/DT significant/JJ changes/NNS ''/'' in/IN institutional/JJ portfolios/NNS as/IN a/DT result/NN of/IN Friday/NNP 's/POS decline/NN ./. 
Stocks/NNS ,/, as/IN measured/VBN by/IN the/DT Standard/NNP &/CC Poor/NNP 's/POS 500-stock/JJ index/NN ,/, have/VBP been/VBN stellar/JJ performers/NNS this/DT year/NN ,/, rising/VBG 27.97/CD %/NN before/IN Friday/NNP 's/POS plunge/NN ,/, excluding/VBG dividends/NNS ./. 
Even/RB Friday/NNP 's/POS slump/NN leaves/VBZ investors/NNS ahead/RB more/JJR than/IN 20/CD %/NN ,/, well/RB above/IN the/DT annual/JJ average/NN for/IN stocks/NNS over/IN several/JJ decades/NNS ./. 
``/`` You/PRP could/MD go/VB down/RB 400/CD points/NNS and/CC still/RB have/VB a/DT good/JJ year/NN in/IN the/DT market/NN ,/, ''/'' said/VBD James/NNP D./NNP Awad/NNP ,/, president/NN of/IN New/NNP York-based/JJ BMI/NNP Capital/NNP Corp/NNP ./. 
Mr./NNP Awad/NNP ,/, however/RB ,/, worries/VBZ that/IN the/DT market/NN ``/`` could/MD go/VB down/RB 800/CD or/CC 900/CD points/NNS in/IN the/DT next/JJ few/JJ days/NNS ./. 
It/PRP can/MD happen/VB before/IN you/PRP can/MD turn/VB around/RP ./. ''/'' 
He/PRP said/VBD he/PRP discerns/VBZ many/JJ parallels/NNS with/IN 1987/CD ,/, including/VBG the/DT emphasis/NN on/IN takeover/NN stocks/NNS and/CC the/DT re-emergence/NN of/IN computerized/JJ program/NN trading/NN ./. 
``/`` The/DT only/JJ thing/NN you/PRP do/VBP n't/RB have/VB ,/, ''/'' he/PRP said/VBD ,/, ``/`` is/VBZ the/DT `/`` portfolio/NN insurance/NN '/'' phenomenon/NN overlaid/VBD on/IN the/DT rest/NN ./. ''/'' 
Most/JJS institutional/JJ investors/NNS have/VBP abandoned/VBN the/DT portfolio/NN insurance/NN hedging/NN technique/NN ,/, which/WDT is/VBZ widely/RB thought/VBN to/TO have/VB worsened/VBN the/DT 1987/CD crash/NN ./. 
Not/RB really/RB insurance/NN ,/, this/DT tactic/NN was/VBD designed/VBN to/TO soften/VB the/DT blow/NN of/IN declining/VBG stock/NN prices/NNS and/CC generate/VB an/DT offsetting/JJ profit/NN by/IN selling/VBG waves/NNS of/IN S&P/NNP futures/NNS contracts/NNS ./. 
In/IN its/PRP$ severest/JJ test/NN ,/, the/DT $/$ 60/CD billion/CD of/IN portfolio/NN insurance/NN in/IN effect/NN in/IN the/DT 1987/CD crash/NN did/VBD n't/RB work/VB ,/, as/IN stock/NN buyers/NNS disappeared/VBD and/CC stock/NN and/CC futures/NNS prices/NNS became/VBD disconnected/VBN ./. 
Even/RB without/IN portfolio/NN insurance/NN ,/, market/NN conditions/NNS were/VBD grim/JJ Friday/NNP ,/, money/NN managers/NNS said/VBD ./. 
Neil/NNP Weisman/NNP ,/, whose/WP$ New/NNP York-based/JJ Chilmark/NNP Capital/NNP Partners/NNP had/VBD converted/VBN 85/CD %/NN of/IN its/PRP$ $/$ 220/CD million/CD investment/NN pool/NN to/TO cash/NN in/IN recent/JJ months/NNS ,/, said/VBD he/PRP was/VBD besieged/VBN by/IN Wall/NNP Street/NNP firms/NNS Friday/NNP asking/VBG him/PRP to/TO take/VB stock/NN off/RP their/PRP$ hands/NNS ./. 
``/`` We/PRP got/VBD calls/NNS from/IN big/JJ block/NN houses/NNS asking/VBG us/PRP if/IN we/PRP want/VBP to/TO make/VB bids/NNS on/IN anything/NN ,/, ''/'' said/VBD Mr./NNP Weisman/NNP ,/, who/WP ,/, happy/JJ with/IN his/PRP$ returns/NNS on/IN investments/NNS chalked/VBD up/RP earlier/RBR ,/, declined/VBD the/DT offers/NNS ./. 
Mr./NNP Weisman/NNP predicts/VBZ stocks/NNS will/MD appear/VB to/TO stabilize/VB in/IN the/DT next/JJ few/JJ days/NNS before/IN declining/VBG again/RB ,/, trapping/VBG more/JJR investors/NNS ./. 
``/`` I/PRP think/VBP it/PRP will/MD be/VB a/DT rigor/NN mortis/NN rally/NN ,/, ''/'' he/PRP said/VBD ./. 
Meanwhile/RB ,/, Friday/NNP brought/VBD a/DT reprieve/NN for/IN money/NN managers/NNS whose/WP$ investment/NN styles/NNS had/VBD put/VBN them/PRP at/IN odds/NNS with/IN the/DT market/NN rally/NN ./. 
Especially/RB gleeful/JJ were/VBD the/DT short/JJ sellers/NNS ,/, who/WP have/VBP been/VBN pounded/VBN by/IN this/DT year/NN 's/POS market/NN climb/NN ./. 
The/DT shorts/NNS sell/VBP borrowed/VBN shares/NNS ,/, hoping/VBG to/TO profit/VB by/IN replacing/VBG them/PRP later/RB at/IN a/DT lower/JJR price/NN ./. 
The/DT nation/NN 's/POS largest/JJS short-selling/JJ operation/NN is/VBZ Feshbach/NNP Brothers/NNPS ,/, Palo/NNP Alto/NNP ,/, Calif./NNP ,/, which/WDT said/VBD last/JJ May/NNP that/IN its/PRP$ short/JJ positions/NNS had/VBD shown/VBN losses/NNS of/IN 10/CD %/NN for/IN the/DT year/NN up/RP to/TO that/DT point/NN ./. 
All/DT that/WDT now/RB has/VBZ changed/VBN ./. 
``/`` We/PRP 're/VBP ahead/RB for/IN the/DT year/NN because/IN of/IN Friday/NNP ,/, ''/'' said/VBD the/DT firm/NN 's/POS Kurt/NNP Feshbach/NNP ./. 
``/`` We/PRP 're/VBP not/RB making/VBG a/DT killing/NN ,/, but/CC we/PRP had/VBD a/DT good/JJ day/NN ./. 
Food/NNP and/CC Drug/NNP Administration/NNP spokesman/NN Jeff/NNP Nesbit/NNP said/VBD the/DT agency/NN has/VBZ turned/VBN over/RP evidence/NN in/IN a/DT criminal/JJ investigation/NN concerning/VBG Vitarine/NNP Pharmaceuticals/NNP Inc./NNP to/TO the/DT U.S./NNP Attorney/NNP 's/POS office/NN in/IN Baltimore/NNP ./. 
Neither/DT Vitarine/NNP nor/CC any/DT of/IN the/DT Springfield/NNP Gardens/NNP ,/, N.Y./NNP ,/, company/NN 's/POS officials/NNS or/CC employees/NNS have/VBP been/VBN charged/VBN with/IN any/DT crimes/NNS ./. 
Vitarine/NNP won/VBD approval/NN to/TO market/VB a/DT version/NN of/IN a/DT blood/NN pressure/NN medicine/NN but/CC acknowledged/VBD that/IN it/PRP substituted/VBN a/DT SmithKline/NNP Beecham/NNP PLC/NNP product/NN as/IN its/PRP$ own/JJ in/IN tests/NNS ./. 
Mr./NNP Nesbit/NNP also/RB said/VBD the/DT FDA/NNP has/VBZ asked/VBN Bolar/NNP Pharmaceutical/NNP Co./NNP to/TO recall/VB at/IN the/DT retail/JJ level/NN its/PRP$ urinary/JJ tract/NN antibiotic/JJ ./. 
But/CC so/RB far/RB the/DT company/NN has/VBZ n't/RB complied/VBN with/IN that/DT request/NN ,/, the/DT spokesman/NN said/VBD ./. 
Bolar/NNP ,/, the/DT subject/NN of/IN a/DT criminal/JJ investigation/NN by/IN the/DT FDA/NNP and/CC the/DT Inspector/NNP General/NNP 's/POS office/NN of/IN the/DT Health/NNP and/CC Human/NNP Services/NNP Department/NNP ,/, only/RB agreed/VBD to/TO recall/VB two/CD strengths/NNS of/IN its/PRP$ version/NN of/IN Macrodantin/NNP ``/`` as/IN far/RB down/RP as/IN direct/JJ customers/NNS ,/, mostly/RB wholesalers/NNS ,/, ''/'' Mr./NNP Nesbit/NNP said/VBD ./. 
Bolar/NNP ,/, of/IN Copiague/NNP ,/, N.Y./NNP ,/, earlier/JJR began/VBD a/DT voluntary/JJ recall/NN of/IN both/DT its/PRP$ 100/CD milligram/NN and/CC 50/CD milligram/JJ versions/NNS of/IN the/DT drug/NN ./. 
The/DT FDA/NNP has/VBZ said/VBN it/PRP presented/VBD evidence/NN it/PRP uncovered/VBD to/TO the/DT company/NN indicating/VBG that/IN Bolar/NNP substituted/VBN the/DT brand-name/JJ product/NN for/IN its/PRP$ own/JJ to/TO gain/VB government/NN approval/NN to/TO sell/VB generic/JJ versions/NNS of/IN Macrodantin/NNP ./. 
Bolar/NNP has/VBZ denied/VBN that/IN it/PRP switched/VBD the/DT brand-name/JJ product/NN for/IN its/PRP$ own/JJ in/IN such/JJ testing/NN ./. 
The/DT West/JJ German/JJ retailer/NN ASKO/NNP Deutsche/NNP Kaufhaus/NNP AG/NNP plans/VBZ to/TO challenge/VB the/DT legality/NN of/IN a/DT widely/RB employed/VBN anti-takeover/JJ defense/NN of/IN companies/NNS in/IN the/DT Netherlands/NNP ./. 
The/DT eventual/JJ court/NN decision/NN could/MD become/VB a/DT landmark/NN in/IN Dutch/JJ corporate/JJ law/NN because/IN the/DT lawsuit/NN ASKO/NNP plans/VBZ to/TO file/VB would/MD be/VB the/DT first/JJ to/TO challenge/VB the/DT entire/JJ principle/NN and/CC practice/NN of/IN companies/NNS issuing/VBG voting/VBG preferred/JJ shares/NNS to/TO management-controlled/JJ trusts/NNS to/TO dilute/VB voting/VBG power/NN of/IN common/JJ stockholders/NNS ./. 
Up/IN to/TO now/RB only/RB specific/JJ aspects/NNS of/IN these/DT defenses/NNS have/VBP been/VBN challenged/VBN ,/, though/IN unsuccessfully/RB ,/, ASKO/NNP 's/POS Dutch/JJ lawyers/NNS noted/VBD ./. 
Should/MD the/DT courts/NNS uphold/VB the/DT validity/NN of/IN this/DT type/NN of/IN defense/NN ,/, ASKO/NNP will/MD then/RB ask/VB the/DT court/NN to/TO overturn/VB such/PDT a/DT vote-diluting/JJ maneuver/NN recently/RB deployed/VBN by/IN Koninklijke/NNP Ahold/NNP NV/NNP ./. 
ASKO/NNP says/VBZ the/DT Dutch-based/JJ international/JJ food/NN retailer/NN had/VBD n't/RB reasonable/JJ grounds/NNS to/TO issue/VB preferred/JJ stock/NN to/TO a/DT friendly/JJ trust/NN and/CC thus/RB dilute/VB the/DT worth/NN and/CC voting/VBG power/NN of/IN ASKO/NNP and/CC other/JJ shareholders/NNS ./. 
Speaking/VBG through/IN its/PRP$ Dutch/JJ lawyers/NNS ,/, ASKO/NNP also/RB disclosed/VBD it/PRP holds/VBZ a/DT 15/CD %/NN stake/NN in/IN Ahold/NNP ./. 
It/PRP was/VBD previously/RB thought/VBN ASKO/NNP held/VBD a/DT 13.6/CD %/NN stake/NN that/WDT was/VBD accumulated/VBN since/IN July/NNP ./. 
A/DT spokesman/NN for/IN Ahold/NNP said/VBD his/PRP$ company/NN is/VBZ confident/JJ of/IN its/PRP$ own/JJ position/NN and/CC the/DT propriety/NN of/IN the/DT preferred-share/JJ issue/NN ./. 
He/PRP termed/VBD ASKO/NNP 's/POS legal/JJ actions/NNS as/IN ``/`` unproductive/JJ ''/'' to/TO international/JJ cooperation/NN among/IN European/JJ retailers/NNS ./. 
Chase/NNP Manhattan/NNP Bank/NNP Chairman/NNP Willard/NNP Butcher/NNP is/VBZ a/DT conservative/JJ banker/NN and/CC a/DT loyal/JJ Republican/NNP ,/, but/CC on/IN Friday/NNP morning/NN he/PRP had/VBD few/JJ kind/JJ words/NNS for/IN President/NNP Bush/NNP 's/POS economic/JJ policy-making/NN ./. 
``/`` There/EX are/VBP some/DT very/RB significant/JJ issues/NNS out/IN there/RB ,/, such/JJ as/IN the/DT fiscal/JJ deficit/NN ,/, the/DT trade/NN deficit/NN ,/, our/PRP$ relations/NNS with/IN Japan/NNP ,/, that/WDT have/VBP to/TO be/VB the/DT subject/NN of/IN major/JJ initiatives/NNS ,/, ''/'' he/PRP said/VBD in/IN an/DT interview/NN ./. 
``/`` I/PRP 'd/MD like/VB to/TO see/VB that/DT initiative/NN ,/, and/CC I/PRP have/VBP n't/RB ./. 
There/EX is/VBZ n't/RB a/DT big/JJ shot/NN ,/, an/DT agenda/NN ./. ''/'' 
A/DT few/JJ hours/NNS later/RB ,/, the/DT stock/NN market/NN dropped/VBD 190/CD points/NNS ./. 
Politicians/NNS tried/VBD to/TO finger/NN each/DT other/JJ for/IN the/DT blame/NN ,/, although/IN many/JJ analysts/NNS doubt/VBP that/IN Washington/NNP was/VBD singly/RB responsible/JJ for/IN Wall/NNP Street/NNP 's/POS woes/NNS ./. 
But/CC Mr./NNP Butcher/NNP 's/POS comments/NNS make/VBP one/CD thing/NN clear/JJ :/: Some/DT on/IN Wall/NNP Street/NNP wonder/NN if/IN anyone/NN is/VBZ in/IN charge/NN of/IN economic/JJ policy/NN ./. 
Consider/VB this/DT :/: 
--/: By/IN 11:59/CD p.m./NN tonight/NN ,/, President/NNP Bush/NNP must/MD order/VB $/$ 16/CD billion/CD of/IN automatic/JJ ,/, across-the-board/JJ cuts/NNS in/IN government/NN spending/NN to/TO comply/VB with/IN the/DT Gramm-Rudman/NNP budget/NN law/NN ./. 
The/DT cuts/NNS are/VBP necessary/JJ because/IN Congress/NNP and/CC the/DT administration/NN have/VBP failed/VBN to/TO reach/VB agreement/NN on/IN a/DT deficit-cutting/JJ bill/NN ./. 
``/`` We/PRP simply/RB do/VBP n't/RB have/VB strong/JJ leadership/NN to/TO try/VB to/TO reduce/VB the/DT deficit/NN and/CC make/VB tough/JJ choices/NNS ,/, ''/'' House/NNP Budget/NNP Committee/NNP Chairman/NNP Leon/NNP Panetta/NNP -LRB-/-LRB- D./NNP ,/, Calif/NNP ./. -RRB-/-RRB- said/VBD yesterday/NN on/IN NBC/NNP News/NNP 's/POS ``/`` Meet/NNP the/DT Press/NNP ./. ''/'' 
--/: For/IN the/DT last/JJ two/CD weeks/NNS ,/, the/DT Bush/NNP administration/NN and/CC the/DT Federal/NNP Reserve/NNP have/VBP been/VBN engaged/VBN in/IN a/DT semi-public/JJ battle/NN over/IN international/JJ economic/JJ policy/NN ./. 
The/DT administration/NN has/VBZ been/VBN trying/VBG to/TO push/VB the/DT dollar/NN lower/RBR ;/: the/DT Fed/NNP has/VBZ been/VBN resisting/VBG ./. 
``/`` One/CD of/IN the/DT things/NNS that/WDT continues/VBZ to/TO worry/VB me/PRP is/VBZ this/DT monetary/JJ warfare/NN between/IN the/DT Treasury/NNP Department/NNP and/CC the/DT Federal/NNP Reserve/NNP Board/NNP ,/, ''/'' said/VBD Lawrence/NNP Kudlow/NNP ,/, a/DT Bear/NNP ,/, Stearns/NNP &/CC Co./NNP economist/NN ,/, on/IN ABC/NNP 's/POS ``/`` This/DT Week/NNP ./. ''/'' 
--/: The/DT administration/NN has/VBZ sent/VBN out/RP confusing/JJ signals/NNS about/IN its/PRP$ response/NN to/TO a/DT recent/JJ spate/NN of/IN airline/NN takeovers/NNS ./. 
Last/JJ month/NN ,/, Transportation/NNP Secretary/NNP Sam/NNP Skinner/NNP forced/VBD Northwest/NNP Airlines/NNPS to/TO reduce/VB a/DT stake/NN held/VBN by/IN KLM/NNP Royal/NNP Dutch/NNP Airlines/NNPS ./. 
But/CC he/PRP has/VBZ since/IN run/VBN into/IN opposition/NN from/IN the/DT Treasury/NNP and/CC the/DT White/NNP House/NNP over/IN that/DT decision/NN ./. 
And/CC he/PRP has/VBZ kept/VBN mum/VB on/IN how/WRB his/PRP$ decision/NN might/MD affect/VB a/DT bid/NN for/IN United/NNP Airlines/NNPS ,/, which/WDT includes/VBZ a/DT big/JJ stake/NN by/IN British/NNP Airways/NNPS PLC/NNP ./. 
Some/DT analysts/NNS say/VBP uncertainty/NN about/IN Washington/NNP 's/POS anti-takeover/JJ policy/NN was/VBD one/CD reason/NN that/DT financing/NN for/IN the/DT United/NNP Airlines/NNPS takeover/NN fell/VBD through/RB --/: the/DT event/NN that/WDT triggered/VBD the/DT market/NN drop/NN ./. 
In/IN many/JJ ways/NNS ,/, the/DT backdrop/NN to/TO Friday/NNP 's/POS stock/NN decline/NN is/VBZ eerily/RB similar/JJ to/TO that/DT of/IN October/NNP 1987/CD 's/POS 508-point/JJ crash/NN ./. 
Then/RB ,/, as/IN now/RB ,/, the/DT budget/NN debate/NN was/VBD behind/IN schedule/NN and/CC automatic/JJ spending/NN cuts/NNS were/VBD within/IN days/NNS of/IN taking/VBG hold/NN ./. 
The/DT Treasury/NNP was/VBD locked/VBN in/IN a/DT battle/NN over/IN international/JJ economic/JJ policy/NN ,/, although/IN at/IN that/DT time/NN it/PRP was/VBD with/IN West/JJ German/JJ officials/NNS rather/RB than/IN the/DT Federal/NNP Reserve/NNP ./. 
And/CC concern/NN about/IN official/JJ actions/NNS aimed/VBN at/IN takeovers/NNS --/: then/RB by/IN the/DT tax-writing/JJ House/NNP Ways/NNPS and/CC Means/NNP Committee/NNP rather/RB than/IN the/DT Transportation/NNP Department/NNP --/: were/VBD making/VBG markets/NNS nervous/JJ ./. 
The/DT 1987/CD crash/NN brought/VBD the/DT Reagan/NNP administration/NN and/CC Democratic/JJ lawmakers/NNS to/TO the/DT table/NN for/IN the/DT first/JJ budget/NN summit/NN ,/, resulting/VBG in/IN a/DT two-year/JJ plan/NN to/TO reduce/VB the/DT deficit/NN by/IN more/JJR than/IN $/$ 76/CD billion/CD --/: even/RB though/IN the/DT deficit/NN actually/RB rose/VBD by/IN nearly/RB $/$ 12/CD billion/CD during/IN that/DT period/NN ./. 
But/CC ,/, barring/VBG further/JJ drops/NNS in/IN the/DT market/NN this/DT week/NN ,/, a/DT similar/JJ outcome/NN does/VBZ n't/RB seem/VB likely/RB this/DT year/NN ./. 
Lawmakers/NNS and/CC administration/NN officials/NNS agree/VBP that/IN Friday/NNP 's/POS drop/NN ,/, by/IN itself/PRP ,/, is/VBZ n't/RB enough/JJ to/TO force/VB both/DT sides/NNS back/RB to/TO the/DT table/NN to/TO try/VB to/TO reach/VB a/DT deficit-reduction/JJ agreement/NN that/WDT would/MD be/VB more/RBR serious/JJ and/CC more/RBR far-reaching/JJ than/IN last/JJ spring/NN 's/POS gimmick-ridden/JJ plan/NN ,/, which/WDT still/RB is/VBZ n't/RB fully/RB implemented/VBN ./. 
One/CD of/IN the/DT biggest/JJS reasons/NNS that/IN new/JJ talks/NNS are/VBP n't/RB likely/JJ to/TO come/VB about/IN is/VBZ that/IN ,/, as/IN everyone/NN learned/VBN in/IN 1987/CD ,/, the/DT economy/NN and/CC the/DT market/NN can/MD survive/VB a/DT one-day/JJ 508-point/JJ tumble/NN ./. 
``/`` Everybody/NN thought/VBD we/PRP were/VBD looking/VBG at/IN a/DT repetition/NN of/IN 1929/CD ,/, that/IN we/PRP were/VBD looking/VBG at/IN a/DT recession/NN ,/, ''/'' Rep./NNP Panetta/NNP said/VBD yesterday/NN in/IN an/DT interview/NN ./. 
``/`` That/DT did/VBD not/RB happen/VB ./. 
They/PRP learned/VBD they/PRP could/MD survive/VB it/PRP without/IN much/JJ problem/NN ./. ''/'' 
But/CC administration/NN officials/NNS privately/RB agree/VBP with/IN Mr./NNP Panetta/NNP ,/, who/WP said/VBD a/DT precipitous/JJ drop/NN this/DT week/NN ``/`` is/VBZ going/VBG to/TO force/VB the/DT president/NN and/CC Congress/NNP to/TO take/VB a/DT much/RB harder/JJR look/NN at/IN fiscal/JJ policy/NN ./. ''/'' 
In/IN that/DT case/NN ,/, there/EX will/MD be/VB plenty/JJ of/IN blame/NN to/TO go/VB around/RP ./. 
``/`` There/EX is/VBZ an/DT underlying/VBG concern/NN on/IN the/DT part/NN of/IN the/DT American/JJ people/NNS --/: and/CC there/EX should/MD be/VB -/: that/IN the/DT administration/NN has/VBZ not/RB gone/VBN far/RB enough/RB in/IN cutting/VBG this/DT deficit/NN and/CC that/IN Congress/NNP has/VBZ been/VBN unwilling/JJ to/TO cut/VB what/WP the/DT administration/NN asked/VBD us/PRP to/TO cut/VB ,/, ''/'' said/VBD Senate/NNP Finance/NNP Committee/NNP Chairman/NNP Lloyd/NNP Bentsen/NNP -LRB-/-LRB- D./NNP ,/, Texas/NNP -RRB-/-RRB- ./. 
Nevertheless/RB ,/, it/PRP clearly/RB will/MD take/VB more/JJR than/IN Friday/NNP 's/POS 190-point/JJ decline/NN to/TO overcome/VB the/DT bitter/JJ feelings/NNS that/WDT have/VBP developed/VBN between/IN lawmakers/NNS and/CC White/NNP House/NNP Budget/NNP Director/NNP Richard/NNP Darman/NNP over/IN the/DT capital-gains/NNS fight/NN ./. 
Hill/NNP Democrats/NNPS are/VBP particularly/RB angry/JJ over/IN Mr./NNP Bush/NNP 's/POS claim/NN that/IN the/DT capital-gains/NNS cut/NN was/VBD part/NN of/IN April/NNP 's/POS budget/NN accord/NN and/CC his/PRP$ insistence/NN on/IN combining/VBG it/PRP with/IN the/DT deficit-reduction/JJ legislation/NN ./. 
``/`` There/EX is/VBZ no/DT prospect/NN of/IN any/DT so-called/JJ grand/JJ compromise/NN or/CC deal/NN next/JJ year/NN because/IN the/DT administration/NN simply/RB did/VBD n't/RB live/VB up/RP to/TO this/DT year/NN 's/POS deal/NN ,/, ''/'' Senate/NNP Majority/NNP Leader/NNP George/NNP Mitchell/NNP -LRB-/-LRB- D./NNP ,/, Maine/NNP -RRB-/-RRB- said/VBD yesterday/NN on/IN CBS/NNP News/NNP 's/POS ``/`` Face/NNP the/DT Nation/NNP ./. ''/'' 
During/IN last/JJ week/NN 's/POS maneuverings/NNS on/IN the/DT deficit-cutting/JJ bill/NN and/CC the/DT capital-gains/NNS issue/NN ,/, there/EX were/VBD signs/NNS that/IN Senate/NNP Republicans/NNPS and/CC the/DT administration/NN were/VBD at/IN odds/NNS ./. 
At/IN the/DT very/JJ moment/NN that/IN Senate/NNP Republicans/NNPS were/VBD negotiating/VBG a/DT deal/NN to/TO exclude/VB capital/NN gains/NNS from/IN the/DT deficit-reduction/JJ legislation/NN ,/, White/NNP House/NNP spokesman/NN Marlin/NNP Fitzwater/NNP told/VBD reporters/NNS that/IN it/PRP was/VBD the/DT president/NN 's/POS policy/NN to/TO include/VB it/PRP ./. 
When/WRB an/DT agreement/NN was/VBD reached/VBN to/TO strip/VB capital/NN gains/NNS from/IN the/DT legislation/NN ,/, Oregon/NNP Sen./NNP Bob/NNP Packwood/NNP ,/, the/DT ranking/JJ GOP/NNP member/NN of/IN the/DT tax-writing/JJ Senate/NNP Finance/NNP Committee/NNP ,/, hailed/VBD it/PRP ./. 
Asked/VBN if/IN the/DT administration/NN agreed/VBD ,/, he/PRP curtly/RB replied/VBD :/: ``/`` The/DT adminstration/NN will/MD have/VB to/TO speak/VB for/IN itself/PRP ./. ''/'' 
Friday/NNP 's/POS market/NN tumble/NN could/MD spur/VB action/NN on/IN reconciling/VBG the/DT House/NNP and/CC Senate/NNP versions/NNS of/IN the/DT deficit-reduction/JJ measure/NN ,/, a/DT process/NN that/WDT is/VBZ n't/RB expected/VBN to/TO begin/VB until/IN tomorrow/NN at/IN the/DT soonest/JJS ./. 
Senate/NNP Republicans/NNPS expressed/VBD the/DT hope/NN that/IN the/DT House/NNP would/MD follow/VB the/DT lead/NN of/IN the/DT Senate/NNP ,/, which/WDT on/IN Friday/NNP agreed/VBD to/TO drop/VB a/DT variety/NN of/IN spending/NN measures/NNS and/CC tax/NN breaks/NNS that/WDT would/MD have/VB increased/VBN the/DT fiscal/JJ 1990/CD deficit/NN ./. 
``/`` The/DT market/NN needs/VBZ a/DT strong/JJ signal/NN that/IN we/PRP 're/VBP serious/JJ about/IN deficit/NN reduction/NN ,/, and/CC the/DT best/JJS way/NN to/TO do/VB that/DT is/VBZ for/IN the/DT House/NNP of/IN Representatives/NNPS to/TO strip/VB their/PRP$ bill/NN ''/'' of/IN similar/JJ provisions/NNS ,/, Sen./NNP Warren/NNP Rudman/NNP -LRB-/-LRB- R./NNP ,/, N.H/NNP ./. -RRB-/-RRB- ./. said/VBD yesterday/NN ./. 
The/DT White/NNP House/NNP Office/NNP of/IN Management/NNP and/CC Budget/NNP ,/, whose/WP$ calculations/NNS determine/VBP whether/IN the/DT Gramm-Rudman/NNP targets/NNS are/VBP met/VBN ,/, estimated/VBD that/IN the/DT House-passed/JJ deficit-reduction/JJ measure/NN would/MD cut/VB the/DT fiscal/JJ 1990/CD shortfall/NN by/IN $/$ 6.2/CD billion/CD ,/, almost/RB half/NN of/IN the/DT Congressional/NNP Budget/NNP Office/NNP 's/POS estimate/NN of/IN $/$ 11.0/CD billion/CD ./. 
Rep./NNP Panetta/NNP said/VBD that/IN OMB/NNP 's/POS figure/NN would/MD still/RB be/VB enough/JJ to/TO avoid/VB permanent/JJ across-the-board/JJ cuts/NNS ,/, but/CC added/VBD :/: ``/`` We/PRP 're/VBP getting/VBG very/RB close/RB to/TO the/DT margins/NNS here/RB ./. ''/'' 
No/DT one/NN in/IN Washington/NNP was/VBD willing/JJ to/TO take/VB the/DT blame/NN for/IN provoking/VBG Friday/NNP 's/POS drop/NN in/IN the/DT stock/NN market/NN ./. 
But/CC some/DT players/NNS were/VBD quick/JJ to/TO seize/VB the/DT moment/NN ./. 
Before/IN the/DT sun/NN had/VBD set/VBN on/IN Friday/NNP ,/, Richard/NNP Rahn/NNP ,/, the/DT supply-side/JJ chief/JJ economist/NN of/IN the/DT U.S./NNP Chamber/NNP of/IN Commerce/NNP ,/, issued/VBD a/DT statement/NN attributing/VBG the/DT drop/NN in/IN stock/NN prices/NNS to/TO the/DT Senate/NNP decision/NN to/TO postpone/VB action/NN on/IN capital/NN gains/NNS ./. 
``/`` Investors/NNS ,/, who/WP had/VBD been/VBN holding/VBG assets/NNS in/IN anticipation/NN of/IN a/DT more/RBR favorable/JJ time/NN to/TO sell/VB ,/, were/VBD spooked/VBN ,/, ''/'' he/PRP said/VBD ./. 
``/`` There/EX have/VBP been/VBN many/JJ preposterous/JJ reasons/NNS advanced/VBN to/TO support/VB a/DT capital-gains/NNS tax/NN cut/NN ,/, ''/'' Sen./NNP Mitchell/NNP said/VBD during/IN his/PRP$ television/NN appearance/NN ,/, ``/`` but/CC I/PRP suggest/VBP that/DT is/VBZ perhaps/RB more/JJR than/IN any/DT of/IN the/DT others/NNS ./. 
The/DT following/VBG U.S./NNP Treasury/NNP ,/, corporate/JJ and/CC municipal/JJ offerings/NNS are/VBP tentatively/RB scheduled/VBN for/IN sale/NN this/DT week/NN ,/, according/VBG to/TO Dow/NNP Jones/NNP Capital/NNP Markets/NNPS Report/NNP :/: 
$/$ 15.2/CD billion/CD of/IN three-month/JJ and/CC six-month/JJ bills/NNS ./. 
Two-year/JJ notes/NNS ,/, refinancing/VBG about/IN $/$ 9.6/CD billion/CD in/IN maturing/VBG debt/NN ./. 
$/$ 9.75/CD billion/CD of/IN 52-week/JJ bills/NNS ./. 
Connecticut/NNP Light/NNP &/CC Power/NNP Co./NNP --/: 
Three/CD million/CD shares/NNS of/IN $/$ 25/CD preferred/VBN ,/, via/IN competitive/JJ bidding/NN ./. 
B&H/NNP Crude/NNP Carriers/NNPS Ltd./NNP --/: 
Four/CD million/CD common/JJ shares/NNS ,/, via/IN Salomon/NNP Brothers/NNPS Inc/NNP ./. 
Baldwin/NNP Technology/NNP Co./NNP --/: 
2.6/CD million/CD Class/NNP A/DT shares/NNS ,/, via/IN Smith/NNP Barney/NNP Harris/NNP Upham/NNP &/CC Co/NNP ./. 
Blockbuster/NNP Entertainment/NNP Corp./NNP --/: 
$/$ 250/CD million/CD -LRB-/-LRB- face/NN amount/NN -RRB-/-RRB- Liquid/NN Yield/NNP Option/NN Notes/NNS ,/, via/IN Merrill/NNP Lynch/NNP Capital/NNP Markets/NNPS ./. 
Chase/NNP Manhattan/NNP Corp./NNP --/: 
14/CD million/CD common/JJ shares/NNS ,/, via/IN Goldman/NNP ,/, Sachs/NNP &/CC Co/NNP ./. 
Comcast/NNP Corp./NNP --/: 
$/$ 150/CD million/CD convertible/JJ debentures/NNS ,/, via/IN Merrill/NNP Lynch/NNP ./. 
CSS/NNP Industries/NNPS --/: 
1.3/CD million/CD common/JJ shares/NNS ,/, via/IN Merrill/NNP Lynch/NNP ./. 
Eastern/NNP Utilities/NNPS Associates/NNPS --/: 
1.5/CD million/CD common/JJ shares/NNS ,/, via/IN PaineWebber/NNP Inc/NNP ./. 
Employee/NNP Benefit/NNP Plans/NNP Inc./NNP --/: 
Two/CD million/CD common/JJ shares/NNS ,/, via/IN Dean/NNP Witter/NNP Capital/NNP Markets/NNP ./. 
Exabyte/NNP Corp./NNP --/: 
2,850,000/CD common/JJ shares/NNS ,/, via/IN Goldman/NNP Sachs/NNP ./. 
Knowledgeware/NNP Inc./NNP --/: 
2.4/CD million/CD common/JJ shares/NNS ,/, via/IN Montgomery/NNP Securities/NNPS ./. 
Oregon/NNP --/: 
$/$ 100/CD million/CD of/IN general/JJ obligation/NN veterans/NNS '/POS tax/NN notes/NNS ,/, Series/NN 1989/CD ,/, via/IN competitive/JJ bid/NN ./. 
Washington/NNP ,/, D.C./NNP --/: 
$/$ 200/CD million/CD of/IN 1990/CD general/JJ obligation/NN tax/NN revenue/NN notes/NNS -LRB-/-LRB- Series/NNP 1990A/JJ -RRB-/-RRB- ,/, via/IN competitive/JJ bid/NN ./. 
Virginia/NNP Public/NNP School/NNP Authority/NNP --/: 
$/$ 55,730,000/CD of/IN school/NN financing/NN bonds/NNS ,/, 1989/CD Series/NNP B/NNP -LRB-/-LRB- 1987/CD resolution/NN -RRB-/-RRB- ,/, via/IN competitive/JJ bid/NN ./. 
Austin/NNP ,/, Texas/NNP --/: 
$/$ 68,230,000/CD of/IN various/JJ bonds/NNS ,/, including/VBG $/$ 32/CD million/CD hotel/NN occupancy/NN tax/NN revenue/NN bonds/NNS ,/, Series/NNP 1989A/NNP ,/, and/CC $/$ 36.23/CD million/CD convention/NN center/NN revenue/NN bonds/NNS ,/, Series/NNP 1989B/NNP ,/, via/IN a/DT Morgan/NNP Stanley/NNP &/CC Co./NNP group/NN ./. 
California/NNP Health/NNP Facilities/NNP Financing/NNP Authority/NNP --/: 
$/$ 144.5/CD million/CD of/IN Kaiser/NNP Permanente/NNP revenue/NN bonds/NNS ,/, via/IN a/DT PaineWebber/NNP group/NN ./. 
Connecticut/NNP --/: 
$/$ 100/CD million/CD of/IN general/JJ obligation/NN capital/NN appreciation/NN bonds/NNS ,/, College/NNP Savings/NNP Plan/NNP ,/, 1989/CD Series/NNP B/NNP ,/, via/IN a/DT Prudential-Bache/NNP Capital/NNP Funding/NNP group/NN ./. 
Pennsylvania/NNP Higher/JJR Education/NNP Facilities/NNP Authority/NNP --/: 
$/$ 117/CD million/CD of/IN revenue/NN bonds/NNS for/IN Hahnemann/NNP University/NNP ,/, Series/NNP 1989/CD ,/, via/IN a/DT Merrill/NNP Lynch/NNP group/NN ./. 
Tennessee/NNP Valley/NNP Authority/NNP --/: 
Three/CD billion/CD of/IN power/NN bonds/NNS ,/, via/IN First/NNP Boston/NNP Corp/NNP ./. 
University/NNP of/IN Medicine/NNP And/CC Dentistry/NNP of/IN New/NNP Jersey/NNP --/: 
$/$ 55/CD million/CD of/IN Series/NNP C/NNP bonds/NNS ,/, via/IN a/DT Prudential-Bache/NNP group/NN ./. 
West/NNP Virginia/NNP Parkways/NNPS ,/, Economic/NNP Development/NNP And/CC Tourism/NNP Authority/NNP --/: 
$/$ 143/CD million/CD of/IN parkway/NN revenue/NN bonds/NNS ,/, Series/NN 1989/CD ,/, via/IN a/DT PaineWebber/NNP group/NN ./. 
San/NNP Antonio/NNP ,/, Texas/NNP --/: 
$/$ 640/CD million/CD of/IN gas/NN and/CC electric/JJ revenue/NN refunding/VBG bonds/NNS ,/, via/IN a/DT First/NNP Boston/NNP group/NN ./. 
South/NNP Dakota/NNP Health/NNP &/CC Education/NNP Facility/NNP Authority/NNP --/: 
$/$ 51.1/CD million/CD of/IN Rapid/NNP City/NNP Regional/NNP Hospital/NNP bonds/NNS ,/, via/IN a/DT Dougherty/NNP ,/, Dawkins/NNP ,/, Strand/NNP &/CC Yost/NNP Inc./NNP group/NN ./. 
Small/JJ investors/NNS matched/VBD their/PRP$ big/JJ institutional/JJ brethren/NNS in/IN anxiety/NN over/IN the/DT weekend/NN ,/, but/CC most/JJS seemed/VBD to/TO be/VB taking/VBG a/DT philosophical/JJ approach/NN and/CC said/VBD they/PRP were/VBD resigned/VBN to/TO riding/VBG out/RP the/DT latest/JJS storm/NN in/IN the/DT stock/NN market/NN ./. 
``/`` I/PRP 'm/VBP not/RB losing/VBG faith/NN in/IN the/DT market/NN ,/, ''/'' said/VBD Boston/NNP lawyer/NN Christopher/NNP Sullivan/NNP as/IN he/PRP watched/VBD the/DT market/NN plunge/NN on/IN a/DT big/JJ screen/NN in/IN front/NN of/IN a/DT brokerage/NN firm/NN ./. 
But/CC he/PRP 's/VBZ not/RB so/RB sure/JJ about/IN everyone/NN else/RB ./. 
``/`` I/PRP think/VBP on/IN Monday/NNP the/DT small/JJ -LRB-/-LRB- investors/NNS -RRB-/-RRB- are/VBP going/VBG to/TO panic/VB and/CC sell/VB ,/, ''/'' predicted/VBD Mr./NNP Sullivan/NNP ,/, whose/WP$ investments/NNS include/VBP AMR/NNP Corp./NNP 's/POS American/NNP Airlines/NNPS unit/NN and/CC several/JJ mutual/JJ funds/NNS ./. 
``/`` And/CC I/PRP think/VBP institutions/NNS are/VBP going/VBG to/TO come/VB in/IN and/CC buy/VB .../: 
I/PRP 'm/VBP going/VBG to/TO hold/VB on/RP ./. 
If/IN I/PRP sell/VBP now/RB ,/, I/PRP 'll/MD take/VB a/DT big/JJ loss/NN ./. ''/'' 
Some/DT evinced/VBN an/DT optimism/NN that/WDT had/VBD been/VBN rewarded/VBN when/WRB they/PRP did/VBD n't/RB flee/VB the/DT market/NN in/IN 1987/CD ./. 
``/`` Oh/UH ,/, I/PRP bet/VBP it/PRP 'll/MD be/VB up/RB 50/CD points/NNS on/IN Monday/NNP ,/, ''/'' said/VBD Lucy/NNP Crump/NNP ,/, a/DT 78-year-old/JJ retired/VBN housewife/NN in/IN Lexington/NNP ,/, Ky/NNP ./. 
Mrs./NNP Crump/NNP said/VBD her/PRP Ashwood/NNP Investment/NNP Club/NNP 's/POS portfolio/NN lost/VBD about/IN one-third/NN of/IN its/PRP$ value/NN following/VBG the/DT Black/NNP Monday/NNP crash/NN ,/, ``/`` but/CC no/DT one/NN got/VBD discouraged/VBN ,/, and/CC we/PRP gained/VBD that/DT back/RB --/: and/CC more/JJR ./. ''/'' 
At/IN the/DT annual/JJ congress/NN of/IN the/DT National/NNP Association/NNP of/IN Investors/NNPS Corp./NNP at/IN the/DT Hyatt/NNP Regency/NNP hotel/NN in/IN Minneapolis/NNP ,/, the/DT scene/NN was/VBD calm/JJ ./. 
Some/DT 500/CD investors/NNS representing/VBG investor/NN clubs/NNS from/IN around/IN the/DT U.S./NNP were/VBD attending/VBG when/WRB the/DT market/NN started/VBD to/TO slide/VB Friday/NNP ./. 
But/CC Robert/NNP Showalter/NNP ,/, an/DT official/NN of/IN the/DT association/NN ,/, said/VBD no/DT special/JJ bulletins/NNS or/CC emergency/NN meetings/NNS of/IN the/DT investors/NNS '/POS clubs/NNS are/VBP planned/VBN ./. 
In/IN fact/NN ,/, some/DT of/IN the/DT association/NN 's/POS members/NNS --/: long-term/JJ ,/, buy-and-hold/JJ investors/NNS --/: welcomed/VBD the/DT drop/NN in/IN prices/NNS ./. 
``/`` We/PRP hope/VBP to/TO take/VB advantage/NN of/IN it/PRP ,/, ''/'' said/VBD John/NNP Snyder/NNP ,/, a/DT member/NN of/IN a/DT Los/NNP Angeles/NNP investors/NNS '/POS club/NN ./. 
He/PRP has/VBZ four/CD stocks/NNS in/IN mind/NN to/TO buy/VB if/IN the/DT prices/NNS drop/VBP to/TO the/DT level/NN he/PRP wants/VBZ ./. 
Not/RB everyone/NN is/VBZ reacting/VBG so/RB calmly/RB ,/, however/RB ,/, and/CC many/JJ wonder/NN about/IN the/DT long-term/JJ implications/NNS of/IN what/WP is/VBZ widely/RB viewed/VBN as/IN the/DT cause/NN of/IN Friday/NNP 's/POS slide/NN ,/, reluctance/NN by/IN banks/NNS to/TO provide/VB financing/NN for/IN a/DT buy-out/NN of/IN UAL/NNP Corp./NNP ,/, parent/NN of/IN United/NNP Airlines/NNPS ./. 
Marc/NNP Perkins/NNP ,/, a/DT Tampa/NNP ,/, Fla./NNP ,/, investment/NN banker/NN ,/, said/VBD the/DT market/NN drop/NN is/VBZ one/CD of/IN ``/`` a/DT tremendous/JJ number/NN of/IN signs/NNS that/IN the/DT leveraged/JJ take-out/JJ era/NN is/VBZ ending/VBG ./. 
There/EX 's/VBZ no/DT question/NN that/IN there/EX 's/VBZ a/DT general/JJ distaste/NN for/IN leverage/NN among/IN lenders/NNS ./. 
''/'' Mr./NNP Perkins/NNP believes/VBZ ,/, however/RB ,/, that/IN the/DT market/NN could/MD be/VB stabilized/VBN if/IN California/NNP investor/NN Marvin/NNP Davis/NNP steps/VBZ back/RB in/IN to/TO the/DT United/NNP bidding/NN with/IN an/DT offer/NN of/IN $/$ 275/CD a/DT share/NN ./. 
Sara/NNP Albert/NNP ,/, a/DT 34-year-old/JJ Dallas/NNP law/NN student/NN ,/, says/VBZ she/PRP 's/VBZ generally/RB skittish/JJ about/IN the/DT stock/NN market/NN and/CC the/DT takeover/NN activity/NN that/WDT seems/VBZ to/TO fuel/VB it/PRP ./. 
``/`` I/PRP have/VBP this/DT feeling/NN that/IN it/PRP 's/VBZ built/VBN on/IN sand/NN ,/, ''/'' she/PRP says/VBZ ,/, that/IN the/DT market/NN rises/VBZ ``/`` but/CC there/EX 's/VBZ no/DT foundation/NN to/TO it/PRP ./. ''/'' 
She/PRP and/CC her/PRP$ husband/NN pulled/VBD most/JJS of/IN their/PRP$ investments/NNS out/IN of/IN the/DT market/NN after/IN the/DT 1987/CD crash/NN ,/, although/IN she/PRP still/RB owns/VBZ some/DT Texaco/NNP stock/NN ./. 
Partly/RB because/IN of/IN concern/NN about/IN the/DT economy/NN and/CC partly/RB because/IN she/PRP recently/RB quit/VBD her/PRP$ job/NN as/IN a/DT legal/JJ assistant/NN to/TO go/VB to/TO school/VB ,/, ``/`` I/PRP think/VBP at/IN this/DT point/NN we/PRP want/VBP to/TO be/VB a/DT lot/NN more/RBR liquid/JJ ./. ''/'' 
Others/NNS wonder/VBP how/WRB many/JJ more/JJR of/IN these/DT shocks/NNS the/DT small/JJ investor/NN can/MD stand/VB ./. 
``/`` We/PRP all/DT assumed/VBD October/NNP '87/NN was/VBD a/DT one-time/JJ shot/NN ,/, ''/'' said/VBD San/NNP Francisco/NNP attorney/NN David/NNP Greenberg/NNP ./. 
``/`` We/PRP told/VBD the/DT little/JJ guy/NN it/PRP could/MD only/RB happen/VB once/RB in/IN a/DT lifetime/NN ,/, come/VBP on/IN back/RB ./. 
Now/RB it/PRP 's/VBZ happening/VBG again/RB ./. ''/'' 
Mr./NNP Greenberg/NNP got/VBD out/RP just/RB before/IN the/DT 1987/CD crash/NN and/CC ,/, to/TO his/PRP$ regret/NN ,/, never/RB went/VBD back/RB even/RB as/IN the/DT market/NN soared/VBD ./. 
This/DT time/NN he/PRP 's/VBZ ready/JJ to/TO buy/VB in/IN ``/`` when/WRB the/DT panic/NN wears/VBZ off/RP ./. ''/'' 
Still/RB ,/, he/PRP adds/VBZ :/: ``/`` We/PRP ca/MD n't/RB have/VB this/DT kind/NN of/IN thing/NN happen/VBP very/RB often/RB ./. 
When/WRB the/DT little/JJ guy/NN gets/VBZ frightened/VBN ,/, the/DT big/JJ guys/NNS hurt/VBP badly/RB ./. 
Merrill/NNP Lynch/NNP ca/MD n't/RB survive/VB without/IN the/DT little/JJ guy/NN ./. ''/'' 
Small/JJ investors/NNS have/VBP tiptoed/VBD back/RB into/IN the/DT market/NN following/VBG Black/NNP Monday/NNP ,/, but/CC mostly/RB through/IN mutual/JJ funds/NNS ./. 
Discount/JJ brokerage/NN customers/NNS ``/`` have/VBP been/VBN in/IN the/DT market/NN somewhat/RB but/CC not/RB whole/JJ hog/NNS like/IN they/PRP were/VBD two/CD years/NNS ago/RB ,/, ''/'' says/VBZ Leslie/NNP Quick/NNP Jr./NNP ,/, chairman/NN of/IN the/DT Quick/NNP &/CC Reilly/NNP discount/NN brokerage/NN firm/NN ./. 
Hugo/NNP Quackenbush/NNP ,/, senior/JJ vice/NN president/NN at/IN Charles/NNP Scwhab/NNP Corp./NNP ,/, says/VBZ Schwab/NNP customers/NNS ``/`` have/VBP been/VBN neutral/JJ to/TO cautious/JJ recently/RB about/IN stocks/NNS ./. ''/'' 
Individual/JJ investors/NNS are/VBP still/RB angry/JJ about/IN program/NN trading/NN ,/, Mr./NNP Quackenbush/NNP says/VBZ ./. 
Avner/NNP Arbel/NNP ,/, a/DT Cornell/NNP University/NNP finance/NN professor/NN ,/, says/VBZ government/NN regulators/NNS will/MD have/VB to/TO more/RBR closely/RB control/VB program/NN trading/NN to/TO ``/`` win/VB back/RB the/DT confidence/NN of/IN the/DT small/JJ investor/NN ./. ''/'' 
But/CC it/PRP 's/VBZ not/RB only/RB the/DT stock/NN market/NN that/WDT has/VBZ some/DT small/JJ investors/NNS worried/VBD ./. 
Alan/NNP Helfman/NNP ,/, general/JJ sales/NNS manager/NN of/IN a/DT Chrysler/NNP dealership/NN in/IN Houston/NNP ,/, said/VBD he/PRP and/CC his/PRP$ mother/NN have/VBP some/DT joint/JJ stock/NN investments/NNS ,/, but/CC the/DT overall/JJ economy/NN is/VBZ his/PRP$ chief/JJ worry/NN ./. 
``/`` These/DT high/JJ rollers/NNS took/VBD a/DT big/JJ bath/NN today/NN ,/, ''/'' he/PRP said/VBD in/IN his/PRP$ showroom/NN ,/, which/WDT is/VBZ within/IN a/DT few/JJ miles/NNS of/IN the/DT multi-million/JJ dollar/NN homes/NNS of/IN some/DT of/IN Houston/NNP 's/POS richest/JJS citizens/NNS ./. 
``/`` And/CC I/PRP can/MD tell/VB you/PRP that/IN a/DT high/JJ roller/NN is/VBZ n't/RB going/VBG to/TO come/VB in/IN tomorrow/NN and/CC buy/VB a/DT Chrysler/NNP TC/NNP by/IN Maserati/NNP ./. ''/'' 
And/CC ,/, finally/RB ,/, there/EX were/VBD the/DT gloaters/NNS ./. 
``/`` I/PRP got/VBD out/RP in/IN 1987/CD ./. 
Everything/NN ,/, ''/'' said/VBD Pascal/NNP Antori/NNP ,/, an/DT Akron/NNP ,/, Ohio/NNP ,/, plumbing/NN contractor/NN who/WP was/VBD visiting/VBG Chicago/NNP and/CC stopped/VBN by/IN Fidelity/NNP Investments/NNP '/POS LaSalle/NNP Street/NNP office/NN ./. 
``/`` I/PRP just/RB stopped/VBD by/RP to/TO see/VB how/WRB much/JJ I/PRP would/MD have/VB lost/VBN ./. ''/'' 
Would/MD Mr./NNP Antori/NNP ever/RB get/VB back/RB in/IN ?/. 
``/`` Are/VBP you/PRP kidding/VBG !/. 
When/WRB it/PRP comes/VBZ to/TO money/NN :/: Once/IN bitten/VBN ,/, 2,000/CD times/NNS shy/JJ ./. 
The/DT crowded/JJ field/NN for/IN notebook-sized/JJ computers/NNS is/VBZ about/IN to/TO become/VB a/DT lot/NN more/RBR crowded/VBN ./. 
Compaq/NNP Computer/NNP Corp./NNP 's/POS long-awaited/JJ entry/NN today/NN into/IN the/DT notebook/NN field/NN is/VBZ expected/VBN to/TO put/VB immediate/JJ heat/NN on/IN others/NNS in/IN the/DT market/NN ,/, especially/RB Zenith/NNP Electronics/NNP Corp./NNP ,/, the/DT current/JJ market/NN leader/NN ,/, and/CC on/IN a/DT swarm/NN of/IN promising/VBG start-ups/NNS ./. 
Compaq/NNP 's/POS series/NN of/IN notebooks/NNS extends/VBZ a/DT trend/NN toward/IN downsizing/NN in/IN the/DT personal/JJ computer/NN market/NN ./. 
One/CD manufacturer/NN already/RB has/VBZ produced/VBN a/DT clipboard-sized/JJ computer/NN called/VBD a/DT notepad/NN ,/, and/CC two/CD others/NNS have/VBP introduced/VBN even/RB smaller/JJR ``/`` palmtops/NNS ./. ''/'' 
But/CC those/DT machines/NNS are/VBP still/RB considered/VBN novelties/NNS ,/, with/IN keyboards/NNS only/RB a/DT munchkin/NN could/MD love/VB and/CC screens/NNS to/TO match/VB ./. 
Compaq/NNP 's/POS notebooks/NNS ,/, by/IN contrast/NN ,/, may/MD be/VB the/DT first/JJ in/IN their/PRP$ weight/NN class/NN not/RB to/TO skimp/VB on/IN features/NNS found/VBN in/IN much/RB bigger/JJR machines/NNS ./. 
Analysts/NNS say/VBP they/PRP 're/VBP faster/RBR and/CC carry/VB more/JJR memory/NN than/IN anything/NN else/RB of/IN their/PRP$ size/NN on/IN the/DT market/NN --/: and/CC they/PRP 're/VBP priced/VBN aggressively/RB at/IN $/$ 2,400/CD to/TO $/$ 5,000/CD ./. 
All/DT of/IN this/DT comes/VBZ in/IN a/DT machine/NN that/WDT weighs/VBZ only/RB six/CD pounds/NNS and/CC fits/VBZ comfortably/RB into/IN most/JJS briefcases/NNS ./. 
In/IN recent/JJ months/NNS ,/, Compaq/NNP 's/POS competition/NN ,/, including/VBG Zenith/NNP ,/, Toshiba/NNP Corp./NNP ,/, Tandy/NNP Corp./NNP and/CC NEC/NNP Corp./NNP all/DT have/VBP introduced/VBN portables/NNS that/WDT weigh/VBP approximately/RB the/DT same/JJ and/CC that/WDT are/VBP called/VBN notebooks/NNS --/: perhaps/RB misleadingly/RB ./. 
One/CD analyst/NN ,/, noting/VBG that/IN most/JJS such/JJ machines/NNS are/VBP about/IN two/CD inches/NNS thick/JJ ,/, takes/VBZ exception/NN to/TO the/DT name/NN ./. 
``/`` This/DT is/VBZ n't/RB quite/RB a/DT notebook/NN --/: I/PRP call/VBP it/PRP a/DT phonebook/NN ,/, ''/'' he/PRP says/VBZ ./. 
That/DT ca/MD n't/RB be/VB said/VBN of/IN the/DT $/$ 2,400/CD notepad/NN computer/NN introduced/VBD a/DT few/JJ weeks/NNS ago/RB by/IN GRiD/NNP Systems/NNP Corp./NNP ,/, a/DT unit/NN of/IN Tandy/NNP ./. 
Instead/RB of/IN a/DT keyboard/NN ,/, it/PRP features/VBZ a/DT writing/VBG surface/NN ,/, an/DT electronic/JJ pen/NN and/CC the/DT ability/NN to/TO ``/`` read/VB ''/'' block/NN printing/NN ./. 
At/IN 4/CD 1\/2/CD pounds/NNS ,/, it/PRP may/MD be/VB too/RB ambitiously/RB named/VBN ,/, but/CC it/PRP nevertheless/RB opens/VBZ up/RP the/DT kind/NN of/IN marketing/NN possibilities/NNS that/WDT make/VBP analysts/NNS froth/VBP ./. 
Palmtops/NNS are/VBP n't/RB far/RB behind/RB ./. 
Atari/NNP Corp./NNP 's/POS Portfolio/NN ,/, introduced/VBN in/IN Europe/NNP two/CD months/NNS ago/RB and/CC in/IN the/DT U.S./NNP in/IN early/JJ September/NNP ,/, weighs/VBZ less/JJR than/IN a/DT pound/NN ,/, costs/VBZ a/DT mere/JJ $/$ 400/CD and/CC runs/NNS on/IN three/CD AA/NNP batteries/NNS ,/, yet/RB has/VBZ the/DT power/NN to/TO run/VB some/DT spreadsheets/NNS and/CC word/NN processing/NN programs/NNS ./. 
Some/DT critics/NNS ,/, however/RB ,/, say/VBP its/PRP$ ability/NN to/TO run/VB commonplace/JJ programs/NNS is/VBZ restricted/VBN by/IN a/DT limited/JJ memory/NN ./. 
Poquet/NNP Computer/NNP Corp./NNP ,/, meanwhile/RB ,/, has/VBZ introduced/VBN a/DT much/RB more/RBR sophisticated/JJ palmtop/NN that/WDT can/MD run/VB Lotus/NNP 1-2-3/CD and/CC other/JJ sophisticated/JJ software/NN programs/NNS ,/, but/CC costs/VBZ five/CD times/NNS as/RB much/JJ ./. 
At/IN stake/NN is/VBZ what/WP Mike/NNP Swavely/NNP ,/, Compaq/NNP 's/POS president/NN of/IN North/NNP America/NNP operations/NNS ,/, calls/VBZ ``/`` the/DT Holy/NNP Grail/NNP of/IN the/DT computer/NN industry/NN ''/'' --/: the/DT search/NN for/IN ``/`` a/DT real/JJ computer/NN in/IN a/DT package/NN so/RB small/JJ you/PRP can/MD take/VB it/PRP everywhere/RB ./. ''/'' 
The/DT market/NN is/VBZ so/RB new/JJ ,/, nobody/NN knows/VBZ yet/RB how/WRB big/JJ it/PRP can/MD be/VB ./. 
``/`` I/PRP 've/VBP had/VBD a/DT lot/NN of/IN people/NNS trying/VBG to/TO sell/VB me/PRP services/NNS to/TO find/VB out/RP how/WRB big/JJ it/PRP is/VBZ ,/, ''/'' says/VBZ Tom/NNP Humphries/NNP ,/, director/NN of/IN marketing/NN for/IN GRiD/NNP ./. 
``/`` Whether/IN it/PRP 's/VBZ $/$ 5/CD billion/CD or/CC $/$ 3.5/CD billion/CD ,/, it/PRP does/VBZ n't/RB matter/VB ./. 
It/PRP 's/VBZ huge/JJ ./. ''/'' 
Consider/VB the/DT growth/NN of/IN portables/NNS ,/, which/WDT now/RB comprise/VBP 12/CD %/NN of/IN all/DT personal/JJ computer/NN sales/NNS ./. 
Laptops/NNS --/: generally/RB anything/NN under/IN 15/CD pounds/NNS --/: have/VBP become/VBN the/DT fastest-growing/JJ personal/JJ computer/NN segment/NN ,/, with/IN sales/NNS doubling/VBG this/DT year/NN ./. 
Responding/VBG to/TO that/DT demand/NN ,/, however/RB ,/, has/VBZ led/VBN to/TO a/DT variety/NN of/IN compromises/NNS ./. 
Making/VBG computers/NNS smaller/JJR often/RB means/VBZ sacrificing/VBG memory/NN ./. 
It/PRP also/RB has/VBZ precluded/VBN use/NN of/IN the/DT faster/JJR ,/, more/RBR powerful/JJ microprocessors/NNS found/VBN in/IN increasing/VBG numbers/NNS of/IN desktop/NN machines/NNS ./. 
Size/NN and/CC weight/NN considerations/NNS also/RB have/VBP limited/VBN screen/NN displays/NNS ./. 
The/DT competitive/JJ sniping/NN can/MD get/VB pretty/RB petty/JJ at/IN times/NNS ./. 
A/DT Poquet/NNP spokesman/NN ,/, for/IN example/NN ,/, criticizes/VBZ the/DT Atari/NNP Portfolio/NNP because/IN it/PRP requires/VBZ three/CD batteries/NNS while/IN the/DT Poquet/NNP needs/VBZ only/RB two/CD ./. 
Both/DT palmtops/NNS are/VBP dismissed/VBN by/IN notebook/NN makers/NNS ,/, who/WP argue/VBP that/IN they/PRP 're/VBP too/RB small/JJ --/: a/DT problem/NN Poquet/NNP also/RB encountered/VBD in/IN focus/NN groups/NNS ,/, admits/VBZ Gerry/NNP Purdy/NNP ,/, director/NN of/IN marketing/NN ./. 
Poquet/NNP ,/, trying/VBG to/TO avoid/VB the/DT ``/`` gadget/NN ''/'' label/NN ,/, responded/VBD with/IN the/DT tag/NN line/NN ,/, ``/`` The/DT Poquet/NNP PC/NNP --/: a/DT Very/NNP Big/NNP Computer/NNP ./. ''/'' 
Despite/IN the/DT sniping/VBG ,/, few/JJ question/NN the/DT inevitability/NN of/IN the/DT move/NN to/TO small/JJ machines/NNS that/WDT do/VBP n't/RB make/VB compromises/NNS ./. 
Toward/IN that/DT end/NN ,/, experts/NNS say/VBP the/DT real/JJ battle/NN will/MD take/VB place/NN between/IN center-stage/JJ players/NNS like/IN Toshiba/NNP ,/, Zenith/NNP and/CC now/RB Compaq/NNP ./. 
Compaq/NNP 's/POS new/JJ machines/NNS are/VBP considered/VBN a/DT direct/JJ threat/NN to/TO start-up/JJ firms/NNS like/IN Dynabook/NNP Inc./NNP ,/, which/WDT introduced/VBD in/IN June/NNP a/DT computer/NN that/IN ,/, like/IN Compaq/NNP 's/POS ,/, uses/VBZ an/DT Intel/NNP 286/CD microprocessor/NN and/CC has/VBZ a/DT hard/JJ disk/NN drive/NN ./. 
But/CC the/DT Dynabook/NNP product/NN is/VBZ twice/RB as/IN heavy/JJ and/CC costs/NNS more/JJR than/IN Compaq/NNP 's/POS ./. 
Compaq/NNP 's/POS announcement/NN also/RB spells/NNS trouble/NN for/IN Zenith/NNP ,/, which/WDT last/JJ year/NN had/VBD 28/CD %/NN of/IN the/DT U.S./NNP laptop/JJ market/NN but/CC recently/RB agreed/VBD to/TO sell/VB its/PRP$ computer/NN business/NN to/TO Cie./NNP des/NNP Machines/NNP Bull/NNP ,/, the/DT French/JJ government-owned/JJ computer/NN maker/NN ./. 
Zenith/NNP holders/NNS will/MD vote/VB in/IN December/NNP on/IN the/DT proposed/VBN $/$ 635/CD million/CD sale/NN ,/, a/DT price/NN that/WDT could/MD slip/VB because/IN it/PRP is/VBZ pegged/VBN to/TO Zenith/NNP 's/POS share/NN and/CC sales/NNS ./. 
Compaq/NNP is/VBZ already/RB taking/VBG aim/NN at/IN Zenith/NNP 's/POS market/NN share/NN ./. 
Rod/NNP Canion/NNP ,/, Compaq/NNP 's/POS president/NN and/CC chief/JJ executive/NN officer/NN ,/, notes/VBZ pointedly/RB that/IN Zenith/NNP 's/POS $/$ 2,000/CD MinisPort/NNP uses/VBZ an/DT ``/`` unconventional/JJ ''/'' two-inch/JJ floppy/JJ disk/NN ,/, whereas/IN Compaq/NNP 's/POS new/JJ machines/NNS use/VBP the/DT more/RBR common/JJ 3/CD 1\/2-inch/JJ disk/NN ./. 
John/NNP P./NNP Frank/NNP ,/, president/NN of/IN Zenith/NNP Data/NNP Systems/NNPS ,/, simply/RB shrugs/VBZ off/RP such/JJ criticism/NN ,/, noting/VBG that/IN 3/CD 1\/2-inch/JJ floppies/NNS were/VBD also/RB ``/`` unconventional/JJ ''/'' when/WRB they/PRP first/RB replaced/VBD five-inch/JJ disks/NNS ./. 
``/`` We/PRP do/VBP n't/RB look/VB at/IN it/PRP as/IN not/RB being/VBG a/DT standard/NN ,/, we/PRP look/VBP at/IN it/PRP as/IN a/DT new/JJ standard/NN ,/, ''/'' he/PRP argues/VBZ ./. 
Analysts/NNS do/VBP n't/RB see/VB it/PRP that/DT way/NN ./. 
``/`` I/PRP ca/MD n't/RB imagine/VB that/IN you/PRP 'll/MD talk/VB to/TO anyone/NN who/WP wo/MD n't/RB tell/VB you/PRP this/DT is/VBZ dynamite/NN for/IN Compaq/NNP and/CC a/DT stopper/NN for/IN everyone/NN else/RB ,/, ''/'' says/VBZ Gene/NNP Talsky/NNP ,/, president/NN of/IN Professional/NNP Marketing/NNP Management/NNP Inc/NNP ./. 
Adds/VBZ Bill/NNP Lempesis/NNP ,/, senior/JJ industry/NN analyst/NN for/IN DataQuest/NNP ,/, a/DT high-technology/JJ market/NN research/NN firm/NN :/: ``/`` We/PRP basically/RB think/VBP that/IN these/DT are/VBP very/RB hot/JJ products/NNS ./. 
The/DT problem/NN Compaq/NNP is/VBZ going/VBG to/TO have/VB is/VBZ that/IN they/PRP wo/MD n't/RB be/VB able/JJ to/TO make/VB enough/RB of/IN them/PRP ./. ''/'' 
Compaq/NNP 's/POS machines/NNS include/VBP the/DT 3/CD 1\/2-inch/JJ floppy/JJ disk/NN drive/NN ,/, a/DT backlit/JJ screen/NN that/WDT is/VBZ only/RB 1\/4-inch/JJ thick/JJ and/CC an/DT internal/JJ expansion/NN slot/NN for/IN a/DT modem/NN --/: in/IN other/JJ words/NNS ,/, almost/RB all/PDT the/DT capabilities/NNS of/IN a/DT typical/JJ office/NN machine/NN ./. 
Others/NNS undoubtedly/RB will/MD follow/VB ,/, but/CC most/JJS analysts/NNS believe/VBP Compaq/NNP has/VBZ at/IN least/JJS a/DT six-month/JJ lead/NN on/IN the/DT competition/NN ./. 
Toshiba/NNP 's/POS line/NN of/IN portables/NNS ,/, for/IN example/NN ,/, features/VBZ the/DT T-1000/NN ,/, which/WDT is/VBZ in/IN the/DT same/JJ weight/NN class/NN but/CC is/VBZ much/RB slower/JJR and/CC has/VBZ less/JJR memory/NN ,/, and/CC the/DT T-1600/CD ,/, which/WDT also/RB uses/VBZ a/DT 286/CD microprocessor/NN ,/, but/CC which/WDT weighs/VBZ almost/RB twice/RB as/RB much/JJ and/CC is/VBZ three/CD times/NNS the/DT size/NN ./. 
A/DT third/JJ model/NN ,/, marketed/VBN in/IN Japan/NNP ,/, may/MD hit/VB the/DT U.S./NNP by/IN the/DT end/NN of/IN the/DT first/JJ quarter/NN of/IN 1990/CD ,/, but/CC by/IN then/RB ,/, analysts/NNS say/VBP ,/, Compaq/NNP will/MD have/VB established/VBN itself/PRP as/IN one/CD of/IN three/CD major/JJ players/NNS ./. 
What/WP about/IN Big/NNP Blue/NNP ?/. 
International/NNP Business/NNP Machines/NNPS Corp./NNP ,/, analysts/NNS say/VBP ,/, has/VBZ been/VBN burned/VBN twice/RB in/IN trying/VBG to/TO enter/VB the/DT laptop/JJ market/NN and/CC shows/VBZ no/DT signs/NNS of/IN trying/VBG to/TO get/VB into/IN notebooks/NNS anytime/RB soon/RB ./. 
Honeywell/NNP Inc./NNP and/CC International/NNP Business/NNP Machines/NNPS Corp./NNP received/VBD Air/NNP Force/NNP contracts/VBZ to/TO develop/VB integrated/JJ circuits/NNS for/IN use/NN in/IN space/NN ./. 
Honeywell/NNP 's/POS contract/NN totaled/VBD $/$ 69.7/CD million/CD ,/, and/CC IBM/NNP 's/POS $/$ 68.8/CD million/CD ./. 
Boeing/NNP Co./NNP received/VBD a/DT $/$ 46.7/CD million/CD Air/NNP Force/NNP contract/NN for/IN developing/VBG cable/NN systems/NNS for/IN the/DT Minuteman/NNP Missile/NNP ./. 
General/NNP Dynamics/NNP Corp./NNP received/VBD a/DT $/$ 29/CD million/CD Air/NNP Force/NNP contract/NN for/IN electronic-warfare/JJ training/NN sets/NNS ./. 
Grumman/NNP Corp./NNP received/VBD an/DT $/$ 18.1/CD million/CD Navy/NNP contract/NN to/TO upgrade/VB aircraft/NN electronics/NNS ./. 
Avco/NNP Corp./NNP received/VBD an/DT $/$ 11.8/CD million/CD Army/NNP contract/NN for/IN helicopter/NN engines/NNS ./. 
Sharp/JJ increases/NNS in/IN the/DT price/NN of/IN fresh/JJ produce/NN caused/VBD Spain/NNP 's/POS September/NNP consumer/NN price/NN index/NN to/TO shoot/VB up/RB 1.1/CD %/NN from/IN the/DT previous/JJ month/NN ,/, pushing/VBG the/DT annual/JJ rate/NN of/IN inflation/NN to/TO 6.8/CD %/NN ,/, the/DT National/NNP Institute/NNP of/IN Statistics/NNPS said/VBD Friday/NNP ./. 
The/DT monthly/JJ increase/NN is/VBZ the/DT highest/JJS recorded/VBN in/IN the/DT past/JJ four/CD years/NNS ./. 
The/DT index/NN ,/, which/WDT registered/VBD 156.8/CD at/IN the/DT end/NN of/IN September/NNP ,/, has/VBZ a/DT base/NN of/IN 100/CD set/VBN in/IN 1983/CD and/CC is/VBZ n't/RB seasonally/RB adjusted/VBN ./. 
Prices/NNS have/VBP risen/VBN 5.9/CD %/NN in/IN the/DT first/JJ nine/CD months/NNS of/IN the/DT year/NN ,/, outstripping/VBG both/DT the/DT initial/JJ 3/CD %/NN inflation/NN goal/NN set/VBN by/IN the/DT government/NN of/IN Socialist/NNP Prime/NNP Minister/NNP Felipe/NNP Gonzalez/NNP and/CC the/DT second/NN ,/, revised/JJ goal/NN of/IN 5.8/CD %/NN ./. 
Japan/NNP 's/POS wholesale/JJ prices/NNS in/IN September/NNP rose/VBD 3.3/CD %/NN from/IN a/DT year/NN earlier/RBR and/CC were/VBD up/RB 0.4/CD %/NN from/IN the/DT previous/JJ month/NN ,/, the/DT Bank/NNP of/IN Japan/NNP announced/VBD Friday/NNP ./. 
The/DT wholesale/JJ price/NN index/NN stood/VBD at/IN 90.1/CD ,/, compared/VBN with/IN a/DT 1985/CD base/NN of/IN 100/CD ./. 
Plunge/VB ?/. 
What/WP plunge/NN ?/. 
Twenty-four/NNP New/NNP York/NNP Stock/NNP Exchange/NNP issues/NNS hit/VBD 52-week/JJ highs/NNS during/IN Friday/NNP 's/POS trading/NN ,/, despite/IN the/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP 's/POS 190.58-point/JJ plunge/NN ./. 
Stocks/NNS of/IN utilities/NNS held/VBN up/RP relatively/RB better/RBR than/IN other/JJ market/NN sectors/NNS during/IN the/DT sell-off/NN ./. 
And/CC among/IN the/DT issues/NNS hitting/VBG new/JJ highs/NNS were/VBD Detroit/NNP Edison/NNP Co./NNP and/CC Niagara/NNP Mohawk/NNP Power/NNP Corp/NNP ./. 
Other/JJ major/JJ issues/NNS hitting/VBG highs/NNS included/VBD American/NNP Telephone/NNP &/CC Telegraph/NNP Co./NNP ,/, Westinghouse/NNP Electric/NNP Corp./NNP ,/, Exxon/NNP Corp./NNP and/CC Cigna/NNP Corp./NNP ,/, the/DT big/JJ insurer/NN ./. 
Of/IN course/NN ,/, many/JJ more/JJR issues/NNS --/: 93/CD --/: hit/VBD new/JJ lows/NNS ./. 
These/DT included/VBD International/NNP Business/NNP Machines/NNPS Corp./NNP ,/, which/WDT during/IN Friday/NNP 's/POS session/NN traded/VBD below/IN $/$ 100/CD a/DT share/NN for/IN the/DT first/JJ time/NN since/IN June/NNP 1984/CD ./. 
IBM/NNP closed/VBD at/IN $/$ 102/CD ,/, down/RB $/$ 5.625/CD ./. 
Other/JJ new/JJ lows/NNS included/VBD Navistar/NNP International/NNP Corp./NNP ,/, Union/NNP Carbide/NNP Corp./NNP and/CC Bethlehem/NNP Steel/NNP Corp./NNP ,/, all/DT of/IN which/WDT are/VBP included/VBN in/IN the/DT industrial/JJ average/NN ./. 
Meanwhile/RB ,/, two/CD initial/JJ public/JJ offerings/NNS braved/VBD the/DT cascading/VBG market/NN in/IN their/PRP$ maiden/JJ day/NN of/IN national/JJ over-the-counter/JJ trading/NN Friday/NNP ./. 
Shares/NNS of/IN Rally/NNP 's/POS Inc./NNP ,/, an/DT operator/NN of/IN fast-food/NN restaurants/NNS ,/, closed/VBD at/IN $/$ 17/CD each/DT ,/, up/RB from/IN its/PRP$ $/$ 15/CD offering/NN price/NN and/CC shares/NNS of/IN Employee/NNP Benefit/NNP Plans/NNP Inc./NNP ,/, a/DT health-care/NN consultant/NN ,/, closed/VBD at/IN $/$ 14.125/CD ,/, up/RB from/IN its/PRP$ $/$ 12/CD offering/NN price/NN ./. 
Ford/NNP Motor/NNP Co./NNP said/VBD it/PRP acquired/VBD 5/CD %/NN of/IN the/DT shares/NNS in/IN Jaguar/NNP PLC/NNP ./. 
Jaguar/NNP ,/, the/DT London/NNP Stock/NNP Exchange/NNP and/CC the/DT U.S./NNP Securities/NNPS and/CC Exchange/NNP Commission/NNP are/VBP being/VBG notified/VBN of/IN the/DT transactions/NNS ,/, the/DT company/NN said/VBD ./. 
The/DT U.S./NNP Federal/NNP Trade/NNP Commission/NNP advised/VBD Ford/NNP last/JJ week/NN that/IN it/PRP would/MD n't/RB raise/VB any/DT objection/NN to/TO the/DT acquisition/NN of/IN as/RB much/JJ as/IN 15/CD %/NN of/IN Jaguar/NNP shares/NNS ./. 
The/DT No./NN 2/CD auto/NN maker/NN disclosed/VBD last/JJ month/NN that/IN it/PRP wants/VBZ to/TO buy/VB as/RB much/JJ as/IN 15/CD %/NN of/IN the/DT British/JJ luxury-car/NN maker/NN ,/, the/DT maximum/NN allowed/VBN under/IN current/JJ United/NNP Kingdom/NNP government/NN restrictions/NNS ./. 
General/NNP Motors/NNPS Corp./NNP said/VBD it/PRP had/VBD discussed/VBN the/DT possibility/NN of/IN a/DT joint/JJ venture/NN with/IN Jaguar/NNP before/IN Ford/NNP began/VBD buying/VBG shares/NNS ./. 
GM/NNP said/VBD it/PRP still/RB is/VBZ talking/VBG with/IN Jaguar/NNP about/IN acquiring/VBG a/DT minority/NN interest/NN ./. 
Investors/NNS who/WP bought/VBD stock/NN with/IN borrowed/VBN money/NN --/: that/DT is/VBZ ,/, ``/`` on/IN margin/NN ''/'' --/: may/MD be/VB more/RBR worried/JJ than/IN most/JJS following/VBG Friday/NNP 's/POS market/NN drop/NN ./. 
That/DT 's/VBZ because/IN their/PRP$ brokers/NNS can/MD require/VB them/PRP to/TO sell/VB some/DT shares/NNS or/CC put/VB up/RP more/JJR cash/NN to/TO enhance/VB the/DT collateral/NN backing/VBG their/PRP$ loans/NNS ./. 
In/IN October/NNP 1987/CD ,/, these/DT margin/NN calls/NNS were/VBD thought/VBN to/TO have/VB contributed/VBN to/TO the/DT downward/JJ spiral/NN of/IN the/DT stock/NN market/NN ./. 
Typically/RB ,/, a/DT margin/NN call/NN occurs/VBZ when/WRB the/DT price/NN of/IN a/DT stock/NN falls/VBZ below/IN 75/CD %/NN of/IN its/PRP$ original/JJ value/NN ./. 
If/IN the/DT investor/NN does/VBZ n't/RB put/VB up/RP the/DT extra/JJ cash/NN to/TO satisfy/VB the/DT call/NN ,/, the/DT brokerage/NN firm/NN may/MD begin/VB liquidating/VBG the/DT securities/NNS ./. 
But/CC some/DT big/JJ brokerage/NN firms/NNS said/VBD they/PRP do/VBP n't/RB expect/VB major/JJ problems/NNS as/IN a/DT result/NN of/IN margin/NN calls/NNS ./. 
Margin/NN calls/NNS since/IN Friday/NNP ``/`` have/VBP been/VBN higher/JJR than/IN usual/JJ ,/, but/CC reasonable/JJ ,/, ''/'' a/DT spokesman/NN for/IN Shearson/NNP Lehman/NNP Hutton/NNP Inc./NNP said/VBD ./. 
Merrill/NNP Lynch/NNP &/CC Co./NNP officials/NNS ``/`` do/VBP n't/RB expect/VB -LCB-/-LRB- margin/NN calls/NNS -RCB-/-RRB- to/TO be/VB as/RB big/JJ a/DT factor/NN as/IN in/IN 1987/CD ''/'' because/IN fewer/JJR individual/JJ investors/NNS are/VBP buying/VBG stock/NN on/IN margin/NN ,/, a/DT spokesman/NN said/VBD ./. 
Hugo/NNP Quackenbush/NNP ,/, senior/JJ vice/NN president/NN at/IN Charles/NNP Schwab/NNP Corp./NNP ,/, the/DT San/NNP Francisco-based/JJ discount/NN brokerage/NN firm/NN ,/, said/VBD he/PRP did/VBD n't/RB expect/VB any/DT immediate/JJ problems/NNS with/IN margin/NN calls/NNS for/IN Schwab/NNP customers/NNS ./. 
He/PRP said/VBD Schwab/NNP had/VBD increased/VBN margin/NN requirements/NNS ``/`` so/IN customers/NNS have/VBP more/JJR of/IN a/DT cushion/NN ./. ''/'' 
He/PRP added/VBD :/: ``/`` We/PRP learned/VBD a/DT lesson/NN in/IN 1987/CD about/IN volatility/NN ./. 
Avis/NNP Inc./NNP ,/, following/VBG rival/NN Hertz/NNP Corp./NNP 's/POS lead/NN ,/, said/VBD it/PRP is/VBZ backing/VBG out/IN of/IN frequent-flier/JJ programs/NNS with/IN three/CD airlines/NNS ./. 
The/DT Garden/NNP City/NNP ,/, N.Y./NNP ,/, car-rental/JJ company/NN said/VBD it/PRP wo/MD n't/RB renew/VB contracts/NNS with/IN NWA/NNP Inc./NNP 's/POS Northwest/NNP Airlines/NNPS unit/NN ,/, Pan/NNP Am/NNP Corp./NNP 's/POS Pan/NNP American/NNP World/NNP Airways/NNPS unit/NN and/CC Midway/NNP Airlines/NNP at/IN the/DT end/NN of/IN this/DT year/NN ./. 
But/CC it/PRP remains/VBZ involved/VBN in/IN programs/NNS with/IN AMR/NNP Corp./NNP 's/POS American/NNP Airlines/NNPS unit/NN and/CC Delta/NNP Air/NNP Lines/NNPS ./. 
Industry/NN estimates/NNS put/VBD Avis/NNP 's/POS annual/JJ cost/NN of/IN all/DT five/CD programs/NNS at/IN between/IN $/$ 8/CD million/CD and/CC $/$ 14/CD million/CD ./. 
A/DT spokesman/NN for/IN Avis/NNP would/MD n't/RB specify/VB the/DT costs/NNS but/CC said/VBD the/DT three/CD airlines/NNS being/VBG dropped/VBN account/NN for/IN ``/`` far/RB less/JJR than/IN half/NN ''/'' of/IN the/DT total/NN ./. 
Budget/NNP Rent/NNP a/DT Car/NNP Corp./NNP ,/, of/IN Chicago/NNP ,/, and/CC National/NNP Car/NNP Rental/JJ Systems/NNP Inc./NNP ,/, of/IN Minneapolis/NNP ,/, both/DT said/VBD they/PRP had/VBD no/DT plans/NNS to/TO follow/VB suit/NN ./. 
In/IN fact/NN ,/, Budget/NNP indicated/VBD it/PRP saw/VBD some/DT benefit/NN to/TO staying/VBG involved/VBN in/IN these/DT programs/NNS ,/, in/IN which/WDT renters/NNS earn/VBP frequent-flier/JJ miles/NNS and/CC fliers/NNS can/MD get/VB car-rental/JJ discounts/NNS ./. 
``/`` I/PRP can/MD not/RB see/VB how/WRB this/DT news/NN by/IN Hertz/NNP and/CC Avis/NNP can/MD not/RB benefit/VB Budget/NNP 's/POS programs/NNS ,/, ''/'' said/VBD Bob/NNP Wilson/NNP ,/, Budget/NNP 's/POS vice/NN president/NN ,/, marketing/NN planning/NN ./. 
Northwest/NNP and/CC Midway/NNP are/VBP two/CD of/IN the/DT five/CD airlines/NNS with/IN which/WDT Budget/NNP has/VBZ agreements/NNS ./. 
National/NNP also/RB participates/VBZ in/IN the/DT Northwest/NNP frequent-flier/JJ program/NN along/IN with/IN four/CD other/JJ airlines/NNS ,/, including/VBG Delta/NNP and/CC USAir/NNP Group/NNP Inc./NNP 's/POS USAir/NNP unit/NN ./. 
A/DT month/NN ago/RB ,/, Hertz/NNP ,/, of/IN Park/NNP Ridge/NNP ,/, N.J./NNP ,/, said/VBD that/IN it/PRP would/MD drop/VB its/PRP$ marketing/NN agreements/NNS at/IN year/NN end/NN with/IN Delta/NNP ,/, America/NNP West/NNP and/CC Texas/NNP Air/NNP Corp./NNP 's/POS Continental/NNP Airlines/NNPS and/CC Eastern/NNP Airlines/NNPS ,/, and/CC that/IN pacts/NNS with/IN American/NNP Airlines/NNPS ,/, UAL/NNP Inc/NNP 's/POS United/NNP Airlines/NNPS and/CC USAir/NNP also/RB would/MD be/VB ended/VBN .../: sometime/RB after/IN Dec./NNP 31/CD ./. 
At/IN the/DT time/NN ,/, Hertz/NNP said/VBD its/PRP$ annual/JJ fees/NNS to/TO those/DT airlines/NNS amounted/VBD to/TO $/$ 20/CD million/CD and/CC that/IN the/DT value/NN of/IN redeemed/VBN awards/NNS topped/VBD $/$ 15/CD million/CD ./. 
Analysts/NNS and/CC competitors/NNS ,/, however/RB ,/, doubt/VBP the/DT numbers/NNS were/VBD that/DT high/JJ ./. 
Budget/NNP said/VBD its/PRP$ frequent-flier/JJ costs/NNS are/VBP ``/`` substantially/RB below/IN ''/'' Avis/NNP 's/POS level/NN ./. 
Robert/NNP D./NNP Cardillo/NNP ,/, Avis/NNP vice/NN president/NN of/IN marketing/NN ,/, said/VBD ,/, ``/`` The/DT proliferation/NN and/CC costs/NNS attached/VBN to/TO -LCB-/-LRB- frequent-flier/JJ programs/NNS -RCB-/-RRB- have/VBP significantly/RB diminished/VBN their/PRP$ value/NN ./. ''/'' 
This/DT year/NN has/VBZ been/VBN difficult/JJ for/IN both/DT Hertz/NNP and/CC Avis/NNP ,/, said/VBD Charles/NNP Finnie/NNP ,/, car-rental/JJ industry/NN analyst/NN at/IN Alex/NNP ./. Brown/NNP &/CC Sons/NNP ./. 
``/`` They/PRP 've/VBP been/VBN looking/VBG to/TO get/VB their/PRP$ costs/NNS down/RB ,/, and/CC this/DT is/VBZ a/DT fairly/RB sensible/JJ way/NN to/TO do/VB it/PRP ,/, ''/'' he/PRP said/VBD ./. 
CBS/NNP Inc./NNP is/VBZ cutting/VBG ``/`` The/DT Pat/NNP Sajak/NNP Show/NNP ''/'' down/RP to/TO one/CD hour/NN from/IN its/PRP$ current/JJ 90/CD minutes/NNS ./. 
CBS/NNP insisted/VBD the/DT move/NN was/VBD n't/RB a/DT setback/NN for/IN the/DT program/NN ,/, which/WDT is/VBZ the/DT network/NN 's/POS first/JJ entry/NN into/IN the/DT late-night/JJ talk/NN show/NN format/NN since/IN 1972/CD ./. 
``/`` I/PRP have/VBP every/DT intention/NN of/IN making/VBG this/DT the/DT best/JJS possible/JJ show/NN and/CC having/VBG it/PRP run/VB one/CD hour/NN is/VBZ the/DT best/JJS way/NN to/TO it/PRP ,/, ''/'' said/VBD Rod/NNP Perth/NNP ,/, who/WP was/VBD named/VBN vice/NN president/NN of/IN late/JJ night/NN entertainment/NN in/IN August/NNP ./. 
``/`` This/DT will/MD raise/VB the/DT energy/NN level/NN of/IN the/DT show/NN ./. ''/'' 
CBS/NNP will/MD continue/VB to/TO program/VB action-adventure/NN shows/NNS to/TO follow/VB the/DT Sajak/NNP hour/NN ./. 
But/CC CBS/NNP News/NNP will/MD extend/VB its/PRP$ four-hour/JJ ``/`` Nightwatch/NNP ''/'' by/IN 30/CD minutes/NNS and/CC begin/VB at/IN 1:30/CD a.m/RB ./. 
The/DT show/NN ,/, despite/IN a/DT promising/JJ start/NN ,/, has/VBZ slipped/VBN badly/RB in/IN the/DT weekly/JJ ratings/NNS as/IN compiled/VBN by/IN A.C./NNP Nielsen/NNP Co./NNP ,/, finishing/VBG far/RB below/IN ``/`` Tonight/NNP ''/'' on/IN NBC/NNP ,/, a/DT unit/NN of/IN General/NNP Electric/NNP Co./NNP ,/, and/CC ``/`` Nightline/NNP ''/'' on/IN ABC-TV/NNP ,/, a/DT unit/NN of/IN Capital/NNP Cities\/ABC/NNP Inc/NNP ./. 
Further/RB fractioning/VBG the/DT late-night/JJ audience/NN is/VBZ the/DT addition/NN of/IN the/DT ``/`` Arsenio/NNP Hall/NNP Show/NNP ,/, ''/'' syndicated/VBN by/IN Paramount/NNP Communications/NNPS Inc/NNP ./. 
Tandem/NNP Computers/NNPS Inc./NNP ,/, preparing/VBG to/TO fight/VB with/IN International/NNP Business/NNP Machines/NNPS Corp./NNP for/IN a/DT piece/NN of/IN the/DT mainframe/NN business/NN ,/, said/VBD it/PRP expects/VBZ to/TO post/VB higher/JJR revenue/NN and/CC earnings/NNS for/IN its/PRP$ fiscal/JJ fourth/JJ quarter/NN ended/VBD Sept./NNP 30/CD ./. 
Tandem/NNP said/VBD it/PRP expects/VBZ to/TO report/VB revenue/NN of/IN about/IN $/$ 450/CD million/CD and/CC earnings/NNS of/IN 35/CD cents/NNS to/TO 40/CD cents/NNS a/DT share/NN ./. 
The/DT results/NNS ,/, which/WDT are/VBP in/IN line/NN with/IN analysts/NNS '/POS estimates/NNS ,/, reflect/VBP ``/`` a/DT continued/VBN improvement/NN in/IN our/PRP$ U.S./NNP business/NN ,/, ''/'' said/VBD James/NNP Treybig/NNP ,/, Tandem/NNP 's/POS chief/JJ executive/NN officer/NN ./. 
In/IN the/DT year-earlier/JJ period/NN ,/, Tandem/NNP reported/VBD net/JJ income/NN of/IN $/$ 30.1/CD million/CD ,/, or/CC 31/CD cents/NNS a/DT share/NN ,/, on/IN revenue/NN of/IN $/$ 383.9/CD million/CD ./. 
Tandem/NNP expects/VBZ to/TO report/VB the/DT full/JJ results/NNS for/IN the/DT quarter/NN next/JJ week/NN ./. 
Analysts/NNS have/VBP predicted/VBN that/IN the/DT Cupertino/NNP ,/, Calif./NNP ,/, company/NN will/MD report/VB revenue/NN of/IN $/$ 430/CD million/CD to/TO $/$ 460/CD million/CD and/CC earnings/NNS of/IN 35/CD cents/NNS to/TO 40/CD cents/NNS a/DT share/NN ./. 
Commenting/VBG on/IN the/DT results/NNS for/IN the/DT quarter/NN ,/, Mr./NNP Treybig/NNP said/VBD the/DT strength/NN of/IN the/DT company/NN 's/POS domestic/JJ business/NN came/VBD as/IN ``/`` a/DT surprise/NN ''/'' to/TO him/PRP ,/, noting/VBG that/IN sales/NNS ``/`` in/IN every/DT region/NN of/IN the/DT U.S./NNP exceeded/VBD our/PRP$ plan/NN ./. ''/'' 
The/DT company/NN 's/POS U.S./NNP performance/NN was/VBD helped/VBN by/IN ``/`` a/DT record/NN quarter/NN for/IN new/JJ customers/NNS ,/, ''/'' he/PRP said/VBD ./. 
Tandem/NNP makes/VBZ ``/`` fault-tolerant/JJ ''/'' computers/NNS --/: machines/NNS with/IN built-in/JJ backup/JJ systems/NNS --/: that/WDT run/VBP stock/NN exchanges/NNS ,/, networks/NNS of/IN automatic/JJ tellers/NNS and/CC other/JJ complex/JJ computer/NN systems/NNS ./. 
Tomorrow/NN the/DT company/NN is/VBZ scheduled/VBN to/TO announce/VB its/PRP$ most/RBS powerful/JJ computer/NN ever/RB ,/, which/WDT for/IN the/DT first/JJ time/NN will/MD bring/VB it/PRP into/IN direct/JJ competition/NN with/IN makers/NNS of/IN mainframe/NN computers/NNS ./. 
Tandem/NNP 's/POS new/JJ high-end/JJ computer/NN is/VBZ called/VBN Cyclone/NNP ./. 
Prices/NNS for/IN the/DT machine/NN ,/, which/WDT can/MD come/VB in/IN various/JJ configurations/NNS ,/, are/VBP $/$ 2/CD million/CD to/TO $/$ 10/CD million/CD ./. 
Analysts/NNS expect/VBP the/DT new/JJ computer/NN to/TO wrest/VB a/DT hefty/JJ slice/NN of/IN business/NN away/RB from/IN IBM/NNP ,/, the/DT longtime/JJ leader/NN in/IN mainframes/NNS ./. 
``/`` We/PRP believe/VBP they/PRP could/MD siphon/VB perhaps/RB two/CD to/TO three/CD billion/CD dollars/NNS from/IN IBM/NNP ''/'' over/IN the/DT next/JJ few/JJ years/NNS ,/, said/VBD George/NNP Weiss/NNP ,/, an/DT analyst/NN at/IN the/DT Gartner/NNP group/NN ./. 
That/DT will/MD spur/VB Tandem/NNP 's/POS growth/NN ./. 
``/`` I/PRP 'd/MD be/VB disappointed/VBN if/IN the/DT company/NN grew/VBD by/IN less/JJR than/IN 20/CD %/NN next/JJ year/NN ,/, ''/'' said/VBD John/NNP Levinson/NNP ,/, an/DT analyst/NN at/IN Goldman/NNP ,/, Sachs/NNP &/CC Co/NNP ./. 
IBM/NNP is/VBZ expected/VBN to/TO respond/VB to/TO Tandem/NNP 's/POS Cyclone/NNP by/IN discounting/VBG its/PRP$ own/JJ mainframes/NNS ,/, which/WDT analysts/NNS say/VBP are/VBP roughly/RB three/CD times/NNS the/DT price/NN of/IN a/DT comparable/JJ system/NN from/IN Tandem/NNP ./. 
``/`` Obviously/RB IBM/NNP can/MD give/VB bigger/JJR discounts/NNS to/TO users/NNS immediately/RB ,/, ''/'' said/VBD Mr./NNP Weiss/NNP ./. 
But/CC Mr./NNP Treybig/NNP questions/NNS whether/IN that/DT will/MD be/VB enough/RB to/TO stop/VB Tandem/NNP 's/POS first/JJ mainframe/NN from/IN taking/VBG on/IN some/DT of/IN the/DT functions/NNS that/IN large/JJ organizations/NNS previously/RB sought/VBD from/IN Big/NNP Blue/NNP 's/POS machines/NNS ./. 
``/`` The/DT answer/NN is/VBZ n't/RB price/NN reductions/NNS ,/, but/CC new/JJ systems/NNS ,/, ''/'' he/PRP said/VBD ./. 
Nevertheless/RB ,/, Tandem/NNP faces/VBZ a/DT variety/NN of/IN challenges/NNS ,/, the/DT biggest/JJS being/VBG that/IN customers/NNS generally/RB view/VBP the/DT company/NN 's/POS computers/NNS as/IN complementary/JJ to/TO IBM/NNP 's/POS mainframes/NNS ./. 
Even/RB Mr./NNP Treybig/NNP is/VBZ reluctant/JJ to/TO abandon/VB this/DT notion/NN ,/, insisting/VBG that/IN Tandem/NNP 's/POS new/JJ machines/NNS are/VBP n't/RB replacements/NNS for/IN IBM/NNP 's/POS mainframes/NNS ./. 
``/`` We/PRP 're/VBP after/IN a/DT little/RB bigger/JJR niche/NN ,/, ''/'' he/PRP said/VBD ./. 
Do/VBP n't/RB jump/VB yet/RB ./. 
The/DT stock/NN market/NN 's/POS swoon/NN may/MD turn/VB out/RP to/TO be/VB good/JJ news/NN for/IN the/DT economy/NN ./. 
In/IN one/CD wild/JJ hour/NN of/IN trading/NN ,/, the/DT market/NN managed/VBD to/TO accomplish/VB what/WP the/DT Bush/NNP administration/NN has/VBZ been/VBN trying/VBG to/TO do/VB ,/, unsuccessfully/RB ,/, for/IN weeks/NNS ./. 
It/PRP is/VBZ forcing/VBG the/DT Federal/NNP Reserve/NNP to/TO ease/VB its/PRP$ grip/NN on/IN credit/NN and/CC it/PRP took/VBD the/DT wind/NN out/IN of/IN a/DT previously/RB irrepressible/JJ dollar/NN ./. 
The/DT resulting/VBG decline/NN in/IN interest/NN rates/NNS and/CC the/DT value/NN of/IN the/DT dollar/NN could/MD reinvigorate/VB American/JJ business/NN --/: indeed/RB ,/, the/DT entire/JJ economy/NN ./. 
This/DT may/MD sound/VB strangely/RB optimistic/JJ ./. 
After/IN all/DT ,/, until/IN a/DT few/JJ years/NNS ago/RB ,/, the/DT stock/NN market/NN was/VBD viewed/VBN as/IN a/DT barometer/NN of/IN the/DT national/JJ economy/NN ./. 
When/WRB it/PRP went/VBD down/RP ,/, by/IN all/DT tradition/NN ,/, the/DT economy/NN followed/VBD ./. 
That/DT has/VBZ changed/VBN ,/, partly/RB because/IN the/DT two/CD years/NNS following/VBG the/DT worst/JJS stock-market/NN plunge/NN in/IN history/NN have/VBP been/VBN reasonably/RB comfortable/JJ ./. 
The/DT 1987/CD crash/NN was/VBD ``/`` a/DT false/JJ alarm/NN however/RB you/PRP view/VBP it/PRP ,/, ''/'' says/VBZ University/NNP of/IN Chicago/NNP economist/NN Victor/NNP Zarnowitz/NNP ./. 
The/DT market/NN seems/VBZ increasingly/RB disconnected/VBN from/IN the/DT rest/NN of/IN the/DT nation/NN ./. 
Its/PRP$ spasms/NNS ca/MD n't/RB be/VB traced/VBN to/TO fundamental/JJ business/NN conditions/NNS ,/, nor/CC do/VBP they/PRP appear/VBP to/TO presage/VB major/JJ shifts/NNS in/IN the/DT economy/NN ./. 
``/`` The/DT market/NN today/NN has/VBZ a/DT life/NN of/IN its/PRP$ own/JJ ,/, ''/'' John/NNP Akers/NNP ,/, chairman/NN of/IN International/NNP Business/NNP Machines/NNPS Corp./NNP ,/, said/VBD Saturday/NNP ./. 
``/`` There/EX 's/VBZ nothing/NN rational/JJ about/IN this/DT kind/NN of/IN action/NN ./. ''/'' 
Of/IN course/NN ,/, the/DT health/NN of/IN the/DT economy/NN will/MD be/VB threatened/VBN if/IN the/DT market/NN continues/VBZ to/TO dive/NN this/DT week/NN ./. 
Sharply/RB falling/VBG stock/NN prices/NNS do/VBP reduce/VB consumer/NN wealth/NN ,/, damage/NN business/NN confidence/NN and/CC discourage/VB the/DT foreign/JJ investors/NNS upon/IN whom/WP the/DT U.S./NNP now/RB relies/VBZ for/IN financial/JJ sustenance/NN ./. 
The/DT financial-services/NNS industry/NN was/VBD battered/VBN by/IN the/DT 1987/CD crash/NN ./. 
What/WP 's/VBZ more/JJR ,/, although/IN the/DT stock/NN market/NN is/VBZ far/RB less/JJR overvalued/VBD today/NN than/IN two/CD years/NNS ago/RB ,/, the/DT U.S./NNP economy/NN is/VBZ weaker/JJR ./. 
Growth/NN is/VBZ slower/JJR ./. 
Profits/NNS are/VBP softer/JJR ./. 
Debt/NN burdens/NNS are/VBP heavier/JJR ./. 
But/CC if/IN the/DT stock/NN market/NN does/VBZ n't/RB continue/VB to/TO plummet/VB ,/, the/DT beneficial/JJ effects/NNS of/IN lower/JJR interest/NN rates/NNS and/CC a/DT lower/JJR dollar/NN may/MD well/RB dominate/VB ./. 
The/DT Fed/NNP ,/, which/WDT until/IN Friday/NNP had/VBD been/VBN resisting/VBG moves/NNS to/TO ease/VB credit/NN ,/, is/VBZ now/RB poised/VBN to/TO pour/VB money/NN into/IN the/DT economy/NN if/IN needed/VBN to/TO soothe/VB the/DT markets/NNS ./. 
Fed/NNP officials/NNS may/MD protest/VB that/IN this/DT does/VBZ n't/RB necessarily/RB mean/VB a/DT fundamental/JJ change/NN in/IN their/PRP$ interest-rate/NN policies/NNS ./. 
But/CC the/DT experience/NN of/IN the/DT 1987/CD crash/NN suggests/VBZ the/DT Fed/NNP is/VBZ likely/JJ to/TO bring/VB down/RP short-term/JJ interest/NN rates/NNS in/IN its/PRP$ effort/NN to/TO calm/JJ markets/NNS ./. 
Anticipating/VBG the/DT Fed/NNP 's/POS move/NN ,/, money/NN traders/NNS lowered/VBD a/DT key/JJ interest/NN rate/NN known/VBN as/IN the/DT Federal/NNP Funds/NNPS rate/NN to/TO 8.625/CD %/NN late/JJ Friday/NNP ,/, down/RB from/IN 8.820/CD %/NN the/DT day/NN before/RB ./. 
Tiny/NNP movements/NNS in/IN the/DT rate/NN ,/, which/WDT is/VBZ what/WP banks/NNS charge/VBP each/DT other/JJ for/IN overnight/JJ loans/NNS ,/, are/VBP usually/RB among/IN the/DT few/JJ visible/JJ tracks/NNS that/IN the/DT Fed/NNP leaves/VBZ on/IN the/DT monetary/JJ markets/NNS ./. 
The/DT dollar/NN also/RB began/VBD to/TO decline/VB Friday/NNP as/IN the/DT stock/NN market/NN 's/POS plunge/NN caused/VBD some/DT investors/NNS to/TO reassess/NN their/PRP$ desire/NN to/TO invest/VB in/IN the/DT U.S./NNP ./. 
Treasury/NNP officials/NNS have/VBP been/VBN arguing/VBG for/IN months/NNS that/IN the/DT dollar/NN 's/POS strength/NN was/VBD out/IN of/IN whack/VB with/IN economic/JJ fundamentals/NNS ,/, threatening/VBG to/TO extinguish/VB the/DT export/NN boom/NN that/WDT has/VBZ sustained/VBN manufacturers/NNS for/IN several/JJ years/NNS ./. 
The/DT market/NN drop/NN has/VBZ now/RB apparently/RB convinced/JJ foreign/JJ investors/NNS that/IN the/DT Treasury/NNP was/VBD right/JJ about/IN the/DT overpriced/JJ dollar/NN ./. 
A/DT modest/JJ drop/NN in/IN the/DT dollar/NN --/: only/RB a/DT modest/JJ one/CD ,/, mind/NN you/PRP --/: would/MD be/VB welcomed/VBN by/IN the/DT U.S./NNP ./. 
That/DT was/VBD n't/RB the/DT case/NN in/IN 1987/CD ,/, when/WRB the/DT dollar/NN was/VBD so/RB weak/JJ that/IN some/DT economists/NNS and/CC government/NN officials/NNS seriously/RB worried/VBD that/IN it/PRP might/MD collapse/VB ,/, producing/VBG panic/NN among/IN foreign/JJ investors/NNS and/CC diminishing/VBG the/DT flow/NN of/IN foreign/JJ capital/NN to/TO the/DT U.S./NNP ./. 
Another/DT big/JJ difference/NN between/IN 1987/CD and/CC 1989/CD is/VBZ n't/RB so/RB comforting/JJ ./. 
In/IN the/DT third/JJ quarter/NN of/IN 1987/CD ,/, the/DT economy/NN spurted/VBN at/IN an/DT inflation-adjusted/JJ annual/JJ rate/NN of/IN 5.3/CD %/NN ./. 
The/DT consensus/NN among/IN economists/NNS is/VBZ that/IN it/PRP grew/VBD a/DT much/RB more/RBR sluggish/JJ 2.3/CD %/NN in/IN the/DT third/JJ quarter/NN of/IN 1989/CD ,/, which/WDT ended/VBD two/CD weeks/NNS ago/RB ./. 
The/DT plunge/NN in/IN stock/NN prices/NNS ``/`` is/VBZ happening/VBG at/IN a/DT time/NN when/WRB the/DT economy/NN has/VBZ already/RB slowed/VBN down/RP ,/, ''/'' says/VBZ economist/NN Lawrence/NNP Chimerine/NNP of/IN WEFA/NNP Group/NNP ,/, a/DT Bala/NNP Cynwyd/NNP ,/, Pa./NNP ,/, forecasting/NN company/NN ./. 
``/`` A/DT lot/NN of/IN pent-up/JJ demand/NN is/VBZ gone/VBN ./. ''/'' 
Consumer/NN spending/NN did/VBD drop/NN in/IN the/DT months/NNS following/VBG Black/NNP Monday/NNP 1987/CD --/: ``/`` but/CC only/RB slightly/RB and/CC for/IN a/DT short/JJ period/NN of/IN time/NN ,/, ''/'' recalls/VBZ Mr./NNP Zarnowitz/NNP ,/, a/DT longtime/JJ student/NN of/IN business/NN cycles/NNS ./. 
``/`` That/DT was/VBD offset/VBN by/IN strength/NN elsewhere/RB ./. 
-LCB-/-LRB- The/DT effects/NNS -RCB-/-RRB- were/VBD much/RB less/RBR severe/JJ and/CC less/RBR prolonged/JJ than/IN some/DT had/VBD feared/VBN or/CC expected/VBN ./. 
''/'' Today/NN ,/, he/PRP frets/VBZ ,/, exports/NNS and/CC business/NN investment/NN spending/NN may/MD be/VB insufficient/JJ to/TO pick/VB up/RP the/DT slack/NN if/IN stock/NN prices/NNS sink/NN this/DT week/NN and/CC if/IN consumers/NNS retrench/VBP in/IN reaction/NN ./. 
What/WP 's/VBZ more/JJR ,/, the/DT corporate/JJ borrowing/NN binge/NN has/VBZ n't/RB abated/VBD in/IN the/DT past/JJ two/CD years/NNS ./. 
``/`` We/PRP 've/VBP had/VBD two/CD more/JJR years/NNS of/IN significant/JJ accumulation/NN of/IN debt/NN .../: just/RB at/IN the/DT time/NN when/WRB earnings/NNS are/VBP being/VBG squeezed/VBN ,/, ''/'' Mr./NNP Chimerine/NNP notes/NNS ./. 
The/DT more/RBR a/DT company/NN relies/VBZ on/IN borrowed/VBN money/NN ,/, the/DT greater/JJR its/PRP$ sensitivity/NN to/TO an/DT economic/JJ slowdown/NN ./. 
A/DT company/NN with/IN a/DT strong/JJ balance/NN sheet/NN can/MD withstand/VB an/DT unanticipated/JJ storm/NN ;/: a/DT highly/RB leveraged/JJ company/NN may/MD end/VB up/RP in/IN bankruptcy/NN court/NN ./. 
The/DT Fed/NNP ,/, of/IN course/NN ,/, knows/VBZ that/IN very/RB well/RB --/: hence/RB its/PRP$ readiness/NN to/TO pump/VB credit/NN into/IN the/DT economy/NN this/DT morning/NN ./. 
But/CC ,/, in/IN the/DT process/NN ,/, the/DT Fed/NNP risks/NNS reigniting/VBG inflation/NN ./. 
Even/RB before/IN Friday/NNP 's/POS events/NNS ,/, Harvard/NNP University/NNP economist/NN Benjamin/NNP Friedman/NNP was/VBD arguing/VBG that/IN the/DT Fed/NNP wo/MD n't/RB be/VB able/JJ to/TO live/VB up/RP to/TO its/PRP$ tough/JJ words/NNS on/IN eliminating/VBG inflation/NN because/IN of/IN its/PRP$ responsibility/NN to/TO protect/VB fragile/JJ financial/JJ markets/NNS ,/, banks/NNS and/CC highly/RB leveraged/JJ corporations/NNS ./. 
The/DT biggest/JJS threat/NN on/IN the/DT economic/JJ horizon/NN right/RB now/RB is/VBZ n't/RB recession/NN ,/, he/PRP reasons/VBZ ;/: it/PRP 's/VBZ an/DT outbreak/NN of/IN uncontrolled/JJ inflation/NN ./. 
In/IN the/DT end/NN ,/, the/DT 1987/CD collapse/NN suggested/VBD ,/, the/DT economy/NN does/VBZ n't/RB move/VB in/IN lockstep/NN with/IN stock/NN prices/NNS ./. 
The/DT economy/NN does/VBZ ,/, however/RB ,/, depend/VBP on/IN the/DT confidence/NN of/IN businesses/NNS ,/, consumers/NNS and/CC foreign/JJ investors/NNS ./. 
A/DT panic/NN on/IN Wall/NNP Street/NNP does/VBZ n't/RB exactly/RB inspire/VB confidence/NN ./. 
Surveys/NNS suggested/VBD that/IN consumer/NN confidence/NN was/VBD high/JJ before/IN Friday/NNP ./. 
A/DT 190-point/JJ drop/NN is/VBZ n't/RB likely/JJ to/TO make/VB much/JJ of/IN a/DT dent/NN ;/: multiply/VB that/IN a/DT few/JJ times/NNS over/RB ,/, though/RB ,/, and/CC it/PRP will/MD ./. 
If/IN the/DT reactions/NNS of/IN executives/NNS gathered/VBD Saturday/NNP at/IN Hot/NNP Springs/NNP ,/, Va./NNP ,/, for/IN the/DT Business/NNP Council/NNP meetings/NNS are/VBP typical/JJ ,/, business/NN leaders/NNS were/VBD n't/RB overly/RB rattled/VBN by/IN Friday/NNP 's/POS decline/NN ./. 
And/CC if/IN foreign/JJ investors/NNS become/VBP a/DT tad/NN more/RBR cautious/JJ --/: well/RB ,/, the/DT dollar/NN 's/POS recent/JJ strength/NN suggests/VBZ that/IN the/DT U.S./NNP can/MD stand/VB it/PRP ./. 
On/IN the/DT bottom/JJ line/NN ,/, the/DT most/RBS comforting/JJ fact/NN for/IN the/DT economic/JJ outlook/NN is/VBZ that/IN we/PRP 've/VBP been/VBN through/IN this/DT before/RB ./. 
Two/CD years/NNS ago/RB ,/, about/IN the/DT only/JJ point/NN of/IN comparison/NN was/VBD the/DT 1929/CD crash/NN and/CC the/DT subsequent/JJ Depression/NNP ./. 
The/DT doomsayers/NNS had/VBD a/DT receptive/JJ audience/NN ./. 
The/DT prosperity/NN that/WDT followed/VBD Black/NNP Monday/NNP permits/VBZ a/DT more/RBR optimistic/JJ view/NN today/NN ./. 
At/IN the/DT very/RB least/JJS ,/, the/DT establishment/NN here/RB is/VBZ taking/VBG comfort/NN from/IN the/DT nation/NN 's/POS success/NN in/IN handling/VBG the/DT last/JJ go-around/NN ./. 
As/IN Sen./NNP Lloyd/NNP Bentsen/NNP -LRB-/-LRB- D./NNP ,/, Texas/NNP -RRB-/-RRB- observed/VBD yesterday/NN ,/, ``/`` The/DT Fed/NNP avoided/VBD a/DT meltdown/NN last/JJ time/NN ./. 
They/PRP are/VBP more/RBR sophisticated/JJ this/DT time/NN ./. 
The/DT chemical/NN industry/NN is/VBZ expected/VBN to/TO report/VB that/WDT profits/NNS eroded/VBN in/IN the/DT third/JJ quarter/NN because/IN of/IN skidding/NN prices/NNS in/IN the/DT commodity/NN end/NN of/IN the/DT business/NN ./. 
Producers/NNS of/IN commodity/NN chemicals/NNS ,/, the/DT basic/JJ chemicals/NNS produced/VBN in/IN huge/JJ volumes/NNS for/IN other/JJ manufacturers/NNS ,/, have/VBP seen/VBN sharp/JJ inventory/NN cutting/NN by/IN buyers/NNS ./. 
Once/RB the/DT chief/JJ beneficiaries/NNS of/IN the/DT industry/NN 's/POS now/RB fading/JJ boom/NN ,/, these/DT producers/NNS also/RB will/MD be/VB reporting/VBG against/IN exceptionally/RB strong/JJ performances/NNS in/IN the/DT 1988/CD third/JJ quarter/NN ./. 
``/`` For/IN some/DT of/IN these/DT companies/NNS ,/, this/DT will/MD be/VB the/DT first/JJ quarter/NN with/IN year-to-year/JJ negative/JJ comparisons/NNS ,/, ''/'' says/VBZ Leonard/NNP Bogner/NNP ,/, a/DT chemical/NN industry/NN analyst/NN at/IN Prudential/NNP Bache/NNP Research/NNP ./. 
``/`` This/DT could/MD be/VB the/DT first/JJ of/IN five/CD or/CC six/CD down/RP quarters/NNS ./. ''/'' 
Perhaps/RB most/RBS prominent/JJ ,/, Dow/NNP Chemical/NNP Co./NNP ,/, which/WDT as/IN of/IN midyear/NN had/VBD racked/VBN up/RP eight/CD consecutive/JJ record/NN quarters/NNS ,/, is/VBZ expected/VBN to/TO report/VB that/DT profit/NN decreased/VBN in/IN the/DT latest/JJS quarter/NN from/IN a/DT year/NN earlier/RBR ,/, if/IN only/RB by/IN a/DT shade/NN ./. 
Though/IN Dow/NNP has/VBZ aggressively/RB diversified/VBN into/IN specialty/NN chemicals/NNS and/CC pharmaceuticals/NNS ,/, the/DT company/NN still/RB has/VBZ a/DT big/JJ stake/NN in/IN polyethylene/NN ,/, which/WDT is/VBZ used/VBN in/IN packaging/NN and/CC housewares/NNS ./. 
Analysts/NNS '/POS third-quarter/JJ estimates/NNS for/IN the/DT Midland/NNP ,/, Mich./NNP ,/, company/NN are/VBP between/IN $/$ 3.20/CD a/DT share/NN and/CC $/$ 3.30/CD a/DT share/NN ,/, compared/VBN with/IN $/$ 3.36/CD a/DT year/NN ago/RB ,/, when/WRB profit/NN was/VBD $/$ 632/CD million/CD on/IN sales/NNS of/IN $/$ 4.15/CD billion/CD ./. 
A/DT Dow/NNP spokeswoman/NN declined/VBD to/TO comment/VB on/IN the/DT estimates/NNS ./. 
At/IN the/DT investment/NN firm/NN of/IN Smith/NNP Barney/NNP ,/, Harris/NNP Upham/NNP &/CC Co./NNP ,/, the/DT commodity-chemical/JJ segment/NN is/VBZ seen/VBN pulling/VBG down/RP overall/JJ profit/NN for/IN 20/CD companies/NNS representative/JJ of/IN the/DT whole/JJ industry/NN by/IN 8/CD %/NN to/TO 10/CD %/NN ./. 
``/`` You/PRP will/MD find/VB the/DT commodities/NNS off/RP more/JJR than/IN the/DT others/NNS and/CC the/DT diversified/JJ companies/NNS about/IN even/RB or/CC slightly/RB better/JJR ,/, ''/'' says/VBZ James/NNP Wilbur/NNP ,/, a/DT Smith/NNP Barney/NNP analyst/NN ./. 
First/NNP Boston/NNP Corp./NNP projects/VBZ that/IN 10/CD of/IN the/DT 15/CD companies/NNS it/PRP follows/VBZ will/MD report/VB lower/JJR profit/NN ./. 
Most/JJS of/IN the/DT 10/CD have/VBP big/JJ commodity-chemical/JJ operations/NNS ./. 
Still/RB ,/, some/DT industry/NN giants/NNS are/VBP expected/VBN to/TO report/VB continuing/VBG gains/NNS ,/, largely/RB because/IN so/RB much/JJ of/IN their/PRP$ business/NN is/VBZ outside/JJ commodity/NN chemicals/NNS ./. 
Du/NNP Pont/NNP Co./NNP is/VBZ thought/VBN to/TO have/VB had/VBN steady/JJ profit/NN growth/NN in/IN white/JJ pigments/NNS ,/, fibers/NNS and/CC polymers/NNS ./. 
Moreover/RB ,/, the/DT Wilmington/NNP ,/, Del./NNP ,/, company/NN is/VBZ helped/VBN when/WRB prices/NNS weaken/VBP on/IN the/DT commodity/NN chemicals/NNS it/PRP buys/VBZ for/IN its/PRP$ own/JJ production/NN needs/NNS ,/, such/JJ as/IN ethylene/NN ./. 
Analysts/NNS are/VBP divided/VBN over/IN whether/IN Du/NNP Pont/NNP will/MD report/VB much/JJ of/IN a/DT gain/NN in/IN the/DT latest/JJS quarter/NN from/IN its/PRP$ Conoco/NNP Inc./NNP oil/NN company/NN ./. 
The/DT estimates/NNS for/IN Du/NNP Pont/NNP range/NN from/IN $/$ 2.25/CD to/TO $/$ 2.45/CD a/DT share/NN ./. 
In/IN the/DT 1988/CD third/JJ quarter/NN ,/, the/DT company/NN earned/VBD $/$ 461/CD million/CD ,/, or/CC $/$ 1.91/CD a/DT share/NN ,/, on/IN sales/NNS of/IN $/$ 7.99/CD billion/CD ./. 
Du/NNP Pont/NNP declined/VBD to/TO comment/VB ./. 
Monsanto/NNP Co./NNP ,/, too/RB ,/, is/VBZ expected/VBN to/TO continue/VB reporting/VBG higher/JJR profit/NN ,/, even/RB though/IN its/PRP$ sales/NNS of/IN crop/NN chemicals/NNS were/VBD hurt/VBN in/IN the/DT latest/JJS quarter/NN by/IN drought/NN in/IN northern/JJ Europe/NNP and/CC the/DT western/JJ U.S./NNP ./. 
The/DT St./NNP Louis-based/JJ company/NN is/VBZ expected/VBN to/TO report/VB again/RB that/IN losses/NNS in/IN its/PRP$ G.D./NNP Searle/NNP &/CC Co./NNP pharmaceutical/JJ business/NN are/VBP narrowing/VBG ./. 
Searle/NNP continued/VBD to/TO operate/VB in/IN the/DT red/NN through/IN the/DT first/JJ half/NN of/IN the/DT year/NN ,/, but/CC Monsanto/NNP has/VBZ said/VBN it/PRP expects/VBZ Searle/NNP to/TO post/VB a/DT profit/NN for/IN all/DT of/IN 1989/CD ./. 
Most/JJS estimates/NNS for/IN Monsanto/NNP run/VBP between/IN $/$ 1.70/CD and/CC $/$ 2/CD a/DT share/NN ./. 
A/DT year/NN ago/RB ,/, the/DT company/NN posted/VBD third-quarter/JJ profit/NN of/IN $/$ 116/CD million/CD ,/, or/CC $/$ 1.67/CD a/DT share/NN ,/, on/IN sales/NNS of/IN $/$ 2.02/CD billion/CD ./. 
Monsanto/NNP declined/VBD to/TO comment/VB ./. 
But/CC the/DT commodity-chemical/JJ producers/NNS are/VBP caught/VBN on/IN the/DT downside/NN of/IN a/DT pricing/NN cycle/NN ./. 
By/IN some/DT accounts/NNS on/IN Wall/NNP Street/NNP and/CC in/IN the/DT industry/NN ,/, the/DT inventory/NN reductions/NNS are/VBP near/IN an/DT end/NN ,/, which/WDT may/MD presage/VB firmer/JJR demand/NN ./. 
But/CC doubters/NNS say/VBP growing/VBG production/NN capacity/NN could/MD keep/VB pressure/NN on/IN prices/NNS into/IN the/DT early/JJ 1990s/CD ./. 
In/IN the/DT latest/JJS quarter/NN ,/, at/IN least/JJS ,/, profit/NN is/VBZ expected/VBN to/TO fall/VB sharply/RB ./. 
For/IN Himont/NNP Inc./NNP ,/, ``/`` how/WRB far/RB down/IN it/PRP is/VBZ ,/, we/PRP do/VBP n't/RB know/VB ,/, ''/'' says/VBZ Leslie/NNP Ravitz/NNP at/IN Salomon/NNP Brothers/NNP ./. 
The/DT projections/NNS are/VBP in/IN the/DT neighborhood/NN of/IN 50/CD cents/NNS a/DT share/NN to/TO 75/CD cents/NNS ,/, compared/VBN with/IN a/DT restated/VBN $/$ 1.65/CD a/DT share/NN a/DT year/NN earlier/RBR ,/, when/WRB profit/NN was/VBD $/$ 107.8/CD million/CD on/IN sales/NNS of/IN $/$ 435.5/CD million/CD ./. 
Himont/NNP faces/VBZ lower/JJR prices/NNS for/IN its/PRP$ mainstay/NN product/NN ,/, polypropylene/NN ,/, while/IN it/PRP goes/VBZ forward/RB with/IN a/DT heavy/JJ capital/NN investment/NN program/NN to/TO bolster/VB its/PRP$ raw/JJ material/NN supply/NN and/CC develop/VB new/JJ uses/NNS for/IN polypropylene/NN ,/, whose/WP$ markets/NNS include/VBP the/DT packaging/NN and/CC automobile/NN industries/NNS ./. 
The/DT company/NN ,/, based/VBN in/IN Wilmington/NNP ,/, Del./NNP ,/, is/VBZ 81%-owned/JJ by/IN Montedison/NNP S.p/NNP ./. A./NNP ,/, Milan/NNP ,/, which/WDT has/VBZ an/DT offer/NN outstanding/JJ for/IN the/DT Himont/NNP shares/NNS it/PRP does/VBZ n't/RB already/RB own/VB ./. 
At/IN Quantum/NNP Chemical/NNP Corp./NNP ,/, New/NNP York/NNP ,/, the/DT trouble/NN is/VBZ lower/JJR prices/NNS for/IN polyethylene/NN ,/, higher/JJR debt/NN costs/NNS and/CC the/DT idling/VBG of/IN an/DT important/JJ plant/NN due/JJ to/TO an/DT explosion/NN ./. 
Some/DT analysts/NNS hedge/VB their/PRP$ estimates/NNS for/IN Quantum/NNP ,/, because/IN it/PRP is/VBZ n't/RB known/VBN when/WRB the/DT company/NN will/MD book/VB certain/JJ one-time/JJ charges/NNS ./. 
But/CC the/DT estimates/NNS range/VBP from/IN break-even/JJ to/TO 35/CD cents/NNS a/DT share/NN ./. 
In/IN the/DT 1988/CD third/JJ quarter/NN ,/, Quantum/NNP earned/VBD $/$ 99.8/CD million/CD ,/, or/CC $/$ 3.92/CD a/DT share/NN ,/, on/IN sales/NNS of/IN $/$ 724.4/CD million/CD ./. 
Another/DT big/JJ polyethylene/NN producer/NN ,/, Union/NNP Carbide/NNP Corp./NNP ,/, is/VBZ expected/VBN to/TO post/VB profit/NN of/IN between/IN $/$ 1/CD a/DT share/NN and/CC $/$ 1.25/CD ,/, compared/VBN with/IN $/$ 1.56/CD a/DT share/NN a/DT year/NN earlier/RBR ,/, when/WRB the/DT company/NN earned/VBD $/$ 213/CD million/CD on/IN sales/NNS of/IN $/$ 2.11/CD billion/CD ./. 
Himont/NNP ,/, Quantum/NNP and/CC Union/NNP Carbide/NNP all/DT declined/VBD to/TO comment/VB ./. 
The/DT following/JJ were/VBD among/IN Friday/NNP 's/POS offerings/NNS and/CC pricings/NNS in/IN the/DT U.S./NNP and/CC non-U.S./JJ capital/NN markets/NNS ,/, with/IN terms/NNS and/CC syndicate/NN manager/NN ,/, as/IN compiled/VBN by/IN Dow/NNP Jones/NNP Capital/NNP Markets/NNPS Report/NNP :/: 
Dow/NNP Chemical/NNP Co./NNP --/: 
$/$ 150/CD million/CD of/IN 8.55/CD %/NN senior/JJ notes/NNS due/JJ Oct./NNP 15/CD ,/, 2009/CD ,/, priced/VBN at/IN par/NN ./. 
The/DT issue/NN ,/, which/WDT is/VBZ puttable/JJ back/RB to/TO the/DT company/NN at/IN par/NN on/IN Oct./NNP 15/CD ,/, 1999/CD ,/, was/VBD priced/VBN at/IN a/DT spread/NN of/IN 50/CD basis/NN points/NNS above/IN the/DT Treasury/NNP 's/POS 10-year/JJ note/NN ./. 
Rated/VBN single-A-1/JJ by/IN Moody/NNP 's/POS Investors/NNPS Service/NNP Inc./NNP and/CC single-A/NNP by/IN Standard/NNP &/CC Poor/NNP 's/POS Corp./NNP ,/, the/DT non-callable/JJ issue/NN will/MD be/VB sold/VBN through/IN underwriters/NNS led/VBN by/IN Merrill/NNP Lynch/NNP Capital/NNP Markets/NNPS ./. 
Centel/NNP Capital/NNP Corp./NNP --/: 
$/$ 150/CD million/CD of/IN 9/CD %/NN debentures/NNS due/JJ Oct./NNP 15/CD ,/, 2019/CD ,/, priced/VBN at/IN 99.943/CD to/TO yield/VB 9.008/CD %/NN ./. 
The/DT non-callable/JJ issue/NN ,/, which/WDT can/MD be/VB put/VBN back/RB to/TO the/DT company/NN in/IN 1999/CD ,/, was/VBD priced/VBN at/IN 99/CD basis/NN points/NNS above/IN the/DT Treasury/NNP 's/POS 10-year/JJ note/NN ./. 
Rated/VBN Baa-1/JJ by/IN Moody/NNP 's/POS and/CC triple-B-plus/JJ by/IN S&P/NNP ,/, the/DT issue/NN will/MD be/VB sold/VBN through/IN underwriters/NNS led/VBN by/IN Morgan/NNP Stanley/NNP &/CC Co/NNP ./. 
Federal/NNP Home/NNP Loan/NNP Mortgage/NNP Corp./NNP --/: 
$/$ 500/CD million/CD of/IN Remic/NNP mortgage/NN securities/NNS offered/VBD in/IN 13/CD classes/NNS by/IN Prudential-Bache/NNP Securities/NNPS Inc/NNP ./. 
The/DT offering/NN ,/, Series/NNP 102/CD ,/, backed/VBN by/IN Freddie/NNP Mac/NNP 8/CD 1\/2/CD %/NN securities/NNS with/IN a/DT weighted/JJ average/JJ remaining/VBG term/NN to/TO maturity/NN of/IN 28.4/CD years/NNS ,/, was/VBD priced/VBN before/IN the/DT market/NN 's/POS afternoon/NN surge/NN ./. 
Among/IN classes/NNS for/IN which/WDT details/NNS were/VBD available/JJ ,/, yields/NNS ranged/VBD from/IN 8.78/CD %/NN ,/, or/CC 75/CD basis/NN points/NNS over/IN two-year/JJ Treasury/NNP securities/NNS ,/, to/TO 10.05/CD %/NN ,/, or/CC 200/CD basis/NN points/NNS over/IN 10-year/JJ Treasurys/NNPS ./. 
Federal/NNP Home/NNP Loan/NNP Mortgage/NNP Corp./NNP --/: 
$/$ 300/CD million/CD of/IN Remic/NNP mortgage/NN securities/NNS offered/VBN by/IN Citicorp/NNP Securities/NNPS Markets/NNPS Inc/NNP ./. 
The/DT offering/NN ,/, Series/NNP 101/CD ,/, is/VBZ backed/VBN by/IN Freddie/NNP Mac/NNP 9/CD 1\/2/CD %/NN securities/NNS ./. 
Pricing/NN details/NNS were/VBD n't/RB immediately/RB available/JJ ./. 
Federal/NNP Home/NNP Loan/NNP Mortgage/NNP Corp./NNP --/: 
$/$ 200/CD million/CD of/IN stripped/VBN mortgage/NN securities/NNS underwritten/VBN by/IN BT/NNP Securities/NNPS Corp/NNP ./. 
The/DT agency/NN 's/POS first/JJ strips/NNS issue/NN ,/, collateralized/VBN by/IN Freddie/NNP Mac/NNP 8/CD %/NN securities/NNS pooled/VBN into/IN a/DT single/JJ security/NN called/VBD a/DT Giant/NNP ,/, will/MD be/VB divided/VBN into/IN interest-only/JJ and/CC principal-only/JJ securities/NNS ./. 
The/DT collateral/NN is/VBZ being/VBG sold/VBN by/IN a/DT thrift/NN institution/NN ./. 
The/DT principal-only/JJ securities/NNS will/MD be/VB repackaged/VBN by/IN BT/NNP Securities/NNPS into/IN a/DT Freddie/NNP Mac/NNP Remic/NNP ,/, Series/NNP 103/CD ,/, that/WDT will/MD have/VB six/CD classes/NNS ./. 
The/DT interest-only/JJ securities/NNS will/MD be/VB sold/VBN separately/RB by/IN BT/NNP Securities/NNPS ./. 
The/DT principal-only/JJ securities/NNS pay/VBP the/DT principal/NN from/IN the/DT underlying/VBG Freddie/NNP Mac/NNP 8/CD %/NN securities/NNS ,/, while/IN the/DT interest-only/JJ securities/NNS pay/VBP only/RB interest/NN ./. 
Freddie/NNP Mac/NNP said/VBD the/DT principal-only/JJ securities/NNS were/VBD priced/VBN at/IN 58/CD 1\/4/CD to/TO yield/VB 8.45/CD %/NN ,/, assuming/VBG an/DT average/JJ life/NN of/IN eight/CD years/NNS and/CC a/DT prepayment/NN of/IN 160/CD %/NN of/IN the/DT PSA/NNP model/NN ./. 
The/DT interest-only/JJ securities/NNS were/VBD priced/VBN at/IN 35/CD 1\/2/CD to/TO yield/VB 10.72/CD %/NN ./. 
There/EX were/VBD no/DT major/JJ Eurobond/NNP or/CC foreign/JJ bond/NN offerings/NNS in/IN Europe/NNP Friday/NNP ./.