Influential/JJ members/NNS of/IN the/DT House/NNP Ways/NNP and/CC Means/NNP Committee/NNP introduced/VBD legislation/NN that/WDT would/MD restrict/VB how/WRB the/DT new/JJ savings-and-loan/NN bailout/NN agency/NN can/MD raise/VB capital/NN ,/, creating/VBG another/DT potential/JJ obstacle/NN to/TO the/DT government/NN 's/POS sale/NN of/IN sick/JJ thrifts/NNS ./. 
The/DT bill/NN ,/, whose/WP$ backers/NNS include/VBP Chairman/NNP Dan/NNP Rostenkowski/NNP -LRB-/-LRB- D./NNP ,/, Ill./NNP -RRB-/-RRB- ,/, would/MD prevent/VB the/DT Resolution/NNP Trust/NNP Corp./NNP from/IN raising/VBG temporary/JJ working/VBG capital/NN by/IN having/VBG an/DT RTC-owned/JJ bank/NN or/CC thrift/NN issue/NN debt/NN that/WDT would/MD n't/RB be/VB counted/VBN on/IN the/DT federal/JJ budget/NN ./. 
The/DT bill/NN intends/VBZ to/TO restrict/VB the/DT RTC/NNP to/TO Treasury/NNP borrowings/NNS only/RB ,/, unless/IN the/DT agency/NN receives/VBZ specific/JJ congressional/JJ authorization/NN ./. 
``/`` Such/JJ agency/NN `/`` self-help/NN '/'' borrowing/NN is/VBZ unauthorized/JJ and/CC expensive/JJ ,/, far/RB more/RBR expensive/JJ than/IN direct/JJ Treasury/NNP borrowing/NN ,/, ''/'' said/VBD Rep./NNP Fortney/NNP Stark/NNP -LRB-/-LRB- D./NNP ,/, Calif./NNP -RRB-/-RRB- ,/, the/DT bill/NN 's/POS chief/JJ sponsor/NN ./. 
The/DT complex/JJ financing/NN plan/NN in/IN the/DT S&L/NN bailout/NN law/NN includes/VBZ raising/VBG $/$ 30/CD billion/CD from/IN debt/NN issued/VBN by/IN the/DT newly/RB created/VBN RTC/NNP ./. 
This/DT financing/NN system/NN was/VBD created/VBN in/IN the/DT new/JJ law/NN in/IN order/NN to/TO keep/VB the/DT bailout/NN spending/NN from/IN swelling/VBG the/DT budget/NN deficit/NN ./. 
Another/DT $/$ 20/CD billion/CD would/MD be/VB raised/VBN through/IN Treasury/NNP bonds/NNS ,/, which/WDT pay/VBP lower/JJR interest/NN rates/NNS ./. 
But/CC the/DT RTC/NNP also/RB requires/VBZ ``/`` working/NN ''/'' capital/NN to/TO maintain/VB the/DT bad/JJ assets/NNS of/IN thrifts/NNS that/WDT are/VBP sold/VBN ,/, until/IN the/DT assets/NNS can/MD be/VB sold/VBN separately/RB ./. 
That/DT debt/NN would/MD be/VB paid/VBN off/RP as/IN the/DT assets/NNS are/VBP sold/VBN ,/, leaving/VBG the/DT total/JJ spending/NN for/IN the/DT bailout/NN at/IN $/$ 50/CD billion/CD ,/, or/CC $/$ 166/CD billion/CD including/VBG interest/NN over/IN 10/CD years/NNS ./. 
``/`` It/PRP 's/VBZ a/DT problem/NN that/WDT clearly/RB has/VBZ to/TO be/VB resolved/VBN ,/, ''/'' said/VBD David/NNP Cooke/NNP ,/, executive/JJ director/NN of/IN the/DT RTC/NNP ./. 
The/DT agency/NN has/VBZ already/RB spent/VBN roughly/RB $/$ 19/CD billion/CD selling/VBG 34/CD insolvent/JJ S&Ls/NNS ,/, and/CC it/PRP is/VBZ likely/JJ to/TO sell/VB or/CC merge/VB 600/CD by/IN the/DT time/NN the/DT bailout/NN concludes/VBZ ./. 
Absent/VB other/JJ working/NN capital/NN ,/, he/PRP said/VBD ,/, the/DT RTC/NNP would/MD be/VB forced/VBN to/TO delay/VB other/JJ thrift/NN resolutions/NNS until/IN cash/NN could/MD be/VB raised/VBN by/IN selling/VBG the/DT bad/JJ assets/NNS ./. 
``/`` We/PRP would/MD have/VB to/TO wait/VB until/IN we/PRP have/VBP collected/VBN on/IN those/DT assets/NNS before/IN we/PRP can/MD move/VB forward/RB ,/, ''/'' he/PRP said/VBD ./. 
The/DT complicated/VBN language/NN in/IN the/DT huge/JJ new/JJ law/NN has/VBZ muddied/VBN the/DT fight/NN ./. 
The/DT law/NN does/VBZ allow/VB the/DT RTC/NNP to/TO borrow/VB from/IN the/DT Treasury/NNP up/IN to/TO $/$ 5/CD billion/CD at/IN any/DT time/NN ./. 
Moreover/RB ,/, it/PRP says/VBZ the/DT RTC/NNP 's/POS total/JJ obligations/NNS may/MD not/RB exceed/VB $/$ 50/CD billion/CD ,/, but/CC that/DT figure/NN is/VBZ derived/VBN after/IN including/VBG notes/NNS and/CC other/JJ debt/NN ,/, and/CC subtracting/VBG from/IN it/PRP the/DT market/NN value/NN of/IN the/DT assets/NNS the/DT RTC/NNP holds/VBZ ./. 
But/CC Congress/NNP did/VBD n't/RB anticipate/VB or/CC intend/VB more/JJR public/JJ debt/NN ,/, say/VBP opponents/NNS of/IN the/DT RTC/NNP 's/POS working-capital/JJ plan/NN ,/, and/CC Rep./NNP Charles/NNP Schumer/NNP -LRB-/-LRB- D./NNP ,/, N.Y/NNP ./. -RRB-/-RRB- said/VBD the/DT RTC/NNP Oversight/NNP Board/NNP has/VBZ been/VBN remiss/JJ in/IN not/RB keeping/VBG Congress/NNP informed/VBN ./. 
``/`` That/DT secrecy/NN leads/VBZ to/TO a/DT proposal/NN like/IN the/DT one/CD from/IN Ways/NNP and/CC Means/NNP ,/, which/WDT seems/VBZ to/TO me/PRP sort/NN of/IN draconian/JJ ,/, ''/'' he/PRP said/VBD ./. 
``/`` The/DT RTC/NNP is/VBZ going/VBG to/TO have/VB to/TO pay/VB a/DT price/NN of/IN prior/JJ consultation/NN on/IN the/DT Hill/NNP if/IN they/PRP want/VBP that/DT kind/NN of/IN flexibility/NN ./. ''/'' 
The/DT Ways/NNP and/CC Means/NNP Committee/NNP will/MD hold/VB a/DT hearing/NN on/IN the/DT bill/NN next/IN Tuesday/NNP ./. 
We/PRP 're/VBP about/IN to/TO see/VB if/IN advertising/NN works/VBZ ./. 
Hard/RB on/IN the/DT heels/NNS of/IN Friday/NNP 's/POS 190-point/JJ stock-market/NN plunge/NN and/CC the/DT uncertainty/NN that/WDT 's/VBZ followed/VBN ,/, a/DT few/JJ big/JJ brokerage/NN firms/NNS are/VBP rolling/VBG out/RP new/JJ ads/NNS trumpeting/VBG a/DT familiar/JJ message/NN :/: Keep/VB on/RP investing/VBG ,/, the/DT market/NN 's/VBZ just/RB fine/JJ ./. 
Their/PRP$ mission/NN is/VBZ to/TO keep/VB clients/NNS from/IN fleeing/VBG the/DT market/NN ,/, as/IN individual/JJ investors/NNS did/VBD in/IN droves/NNS after/IN the/DT crash/NN in/IN October/NNP 
Just/RB days/NNS after/IN the/DT 1987/CD crash/NN ,/, major/JJ brokerage/NN firms/NNS rushed/VBN out/RP ads/NNS to/TO calm/VB investors/NNS ./. 
This/DT time/NN around/RP ,/, they/PRP 're/VBP moving/VBG even/RB faster/RBR ./. 
PaineWebber/NNP Inc./NNP filmed/VBD a/DT new/JJ television/NN commercial/NN at/IN 4/CD p.m./NN EDT/NNP yesterday/NN and/CC had/VBD it/PRP on/IN the/DT air/NN by/IN last/JJ night/NN ./. 
Fidelity/NNP Investments/NNP placed/VBD new/JJ ads/NNS in/IN newspapers/NNS yesterday/NN ,/, and/CC wrote/VBD another/DT new/JJ ad/NN appearing/VBG today/NN ./. 
Shearson/NNP Lehman/NNP Hutton/NNP Inc./NNP by/IN yesterday/NN afternoon/NN had/VBD already/RB written/VBN new/JJ TV/NN ads/NNS ./. 
It/PRP considered/VBD running/VBG them/PRP during/IN tomorrow/NN night/NN 's/POS World/NNP Series/NNP broadcast/NN but/CC decided/VBD not/RB to/TO when/WRB the/DT market/NN recovered/VBD yesterday/NN ./. 
Other/JJ brokerage/NN firms/NNS ,/, including/VBG Merrill/NNP Lynch/NNP &/CC Co./NNP ,/, were/VBD plotting/VBG out/RP potential/JJ new/JJ ad/NN strategies/NNS ./. 
The/DT brokerage/NN firms/NNS learned/VBD a/DT lesson/NN the/DT last/JJ time/NN around/RP ,/, when/WRB frightened/JJ investors/NNS flooded/VBD the/DT phone/NN lines/NNS and/CC fled/VBD the/DT market/NN in/IN a/DT panic/NN ./. 
This/DT time/NN ,/, the/DT firms/NNS were/VBD ready/JJ ./. 
Fidelity/NNP ,/, for/IN example/NN ,/, prepared/VBN ads/NNS several/JJ months/NNS ago/RB in/IN case/NN of/IN a/DT market/NN plunge/NN ./. 
When/WRB the/DT market/NN went/VBD into/IN its/PRP$ free/JJ fall/NN Friday/NNP afternoon/NN ,/, the/DT investment/NN firm/NN ordered/VBD full/JJ pages/NNS in/IN the/DT Monday/NNP editions/NNS of/IN half/PDT a/DT dozen/NN newspapers/NNS ./. 
The/DT ads/NNS touted/VBD Fidelity/NNP 's/POS automated/VBN 800-number/NN beneath/IN the/DT huge/JJ headline/NN ,/, ``/`` Fidelity/NNP Is/VBZ Ready/JJ For/IN Your/PRP$ Call/NN ./. ''/'' 
A/DT Fidelity/NNP spokesman/NN says/VBZ the/DT 800-line/NN ,/, which/WDT already/RB was/VBD operating/VBG but/CC which/WDT many/JJ clients/NNS did/VBD n't/RB know/VB about/IN ,/, received/VBN about/RB double/RB the/DT usual/JJ volume/NN of/IN calls/NNS over/IN the/DT weekend/NN ./. 
``/`` A/DT lot/NN of/IN investor/NN confidence/NN comes/VBZ from/IN the/DT fact/NN that/IN they/PRP can/MD speak/VB to/TO us/PRP ,/, ''/'' he/PRP says/VBZ ./. 
``/`` To/TO maintain/VB that/DT dialogue/NN is/VBZ absolutely/RB crucial/JJ ./. 
It/PRP would/MD have/VB been/VBN too/RB late/JJ to/TO think/VB about/IN on/IN Friday/NNP ./. 
We/PRP had/VBD to/TO think/VB about/IN it/PRP ahead/RB of/IN time/NN ./. ''/'' 
Today/NN 's/POS Fidelity/NNP ad/NN goes/VBZ a/DT step/NN further/RBR ,/, encouraging/VBG investors/NNS to/TO stay/VB in/IN the/DT market/NN or/CC even/RB to/TO plunge/VB in/RP with/IN Fidelity/NNP ./. 
Underneath/IN the/DT headline/NN ``/`` Diversification/NN ,/, ''/'' it/PRP counsels/VBZ ,/, ``/`` Based/VBN on/IN the/DT events/NNS of/IN the/DT past/JJ week/NN ,/, all/DT investors/NNS need/VBP to/TO know/VB their/PRP$ portfolios/NNS are/VBP balanced/VBN to/TO help/VB protect/VB them/PRP against/IN the/DT market/NN 's/POS volatility/NN ./. ''/'' 
It/PRP goes/VBZ on/RB to/TO plug/VB a/DT few/JJ diversified/JJ Fidelity/NNP funds/NNS by/IN name/NN ./. 
PaineWebber/NN also/RB was/VBD able/JJ to/TO gear/VB up/RP quickly/RB thanks/NNS to/TO the/DT 1987/CD crash/NN ./. 
In/IN the/DT aftermath/NN of/IN the/DT 1987/CD debacle/NN ,/, the/DT brokerage/NN firm/NN began/VBD taping/VBG commercials/NNS in-house/JJ ,/, ultimately/RB getting/VBG its/PRP$ timing/NN down/RP fast/JJ enough/RB to/TO tape/VB a/DT commercial/NN after/IN the/DT market/NN closed/VBN and/CC rush/VB it/PRP on/IN the/DT air/NN that/DT night/NN ./. 
It/PRP also/RB negotiated/VBD an/DT arrangement/NN with/IN Cable/NNP News/NNP Network/NNP under/IN which/WDT CNN/NNP would/MD agree/VB to/TO air/VB its/PRP$ last-minute/JJ creations/NNS ./. 
The/DT new/JJ PaineWebber/NNP commercial/NN ,/, created/VBN with/IN ad/NN agency/NN Saatchi/NNP &/CC Saatchi/NNP Co./NNP ,/, features/VBZ Mary/NNP Farrell/NNP ,/, one/CD of/IN the/DT firm/NN 's/VBZ most/RBS visible/JJ investment/NN strategists/NNS ,/, sounding/VBG particularly/RB bullish/JJ ./. 
Taped/VBN just/RB as/IN the/DT market/NN closed/VBD yesterday/NN ,/, it/PRP offers/VBZ Ms./NNP Farrell/NNP advising/NN ,/, ``/`` We/PRP view/VBP the/DT market/NN here/RB as/IN going/VBG through/IN a/DT relatively/RB normal/JJ cycle/NN .../: ./. 
We/PRP continue/VBP to/TO feel/VB that/IN the/DT stock/NN market/NN is/VBZ still/RB the/DT place/NN to/TO be/VB for/IN long-term/JJ appreciation/NN ./. ''/'' 
The/DT spot/NN was/VBD scheduled/VBN to/TO appear/VB three/CD times/NNS on/IN CNN/NNP last/JJ night/NN ./. 
PaineWebber/NNP considered/VBD an/DT even/RB harder/JJR sell/NN ,/, recommending/VBG specific/JJ stocks/NNS ./. 
Instead/RB ,/, it/PRP settled/VBD on/RP just/RB urging/VBG the/DT clients/NNS who/WP are/VBP its/PRP$ lifeline/NN to/TO keep/VB that/DT money/NN in/IN the/DT market/NN ./. 
``/`` We/PRP 're/VBP saying/VBG the/DT worst/JJS thing/NN that/IN anyone/NN can/MD do/VB is/VBZ to/TO see/VB the/DT market/NN go/VB down/RB and/CC dump/VB everything/NN ,/, which/WDT just/RB drives/VBZ the/DT prices/NNS down/IN further/RBR ,/, ''/'' says/VBZ John/NNP Lampe/NNP ,/, PaineWebber/NNP 's/POS director/NN of/IN advertising/NN ./. 
``/`` If/IN you/PRP owned/VBD it/PRP and/CC liked/VBD it/PRP Friday/NNP ,/, the/DT true/JJ value/NN has/VBZ n't/RB changed/VBD ./. ''/'' 
He/PRP adds/VBZ ,/, ``/`` This/DT is/VBZ n't/RB 1987/CD revisited/VBN ./. ''/'' 
With/IN the/DT market/NN fluctuating/VBG and/CC then/RB closing/VBG up/RB more/RBR than/IN 88/CD points/NNS yesterday/NN ,/, investment/NN firms/NNS had/VBD to/TO constantly/RB revise/VB their/PRP$ approach/NN ./. 
At/IN Shearson/NNP Lehman/NNP ,/, executives/NNS created/VBD potential/JJ new/JJ commercials/NNS Friday/NNP night/NN and/CC throughout/IN the/DT weekend/NN ,/, then/RB had/VBD to/TO regroup/VB yesterday/NN afternoon/NN ./. 
The/DT plan/NN had/VBD been/VBN to/TO make/VB one/CD of/IN Shearson/NNP 's/POS easy-to-film/JJ ,/, black-and-white/JJ ``/`` Where/WRB We/PRP Stand/VBP ''/'' commercials/NNS ,/, which/WDT have/VBP been/VBN running/VBG occasionally/RB in/IN response/NN to/TO news/NN events/NNS since/IN 1985/CD ./. 
The/DT ad/NN would/MD have/VB run/VBN during/IN the/DT World/NNP Series/NNP tomorrow/NN ,/, replacing/VBG the/DT debut/NN commercial/NN of/IN Shearson/NNP 's/POS new/JJ ad/NN campaign/NN ,/, ``/`` Leadership/NN by/IN Example/NN ./. ''/'' 
But/CC in/IN a/DT meeting/NN after/IN the/DT market/NN closed/VBD yesterday/NN ,/, Shearson/NNP executives/NNS decided/VBD not/RB to/TO go/VB ahead/RB with/IN the/DT stock-market/NN ad/NN ./. 
``/`` We/PRP do/VBP n't/RB think/VB at/IN this/DT point/NN anything/NN needs/VBZ to/TO be/VB said/VBD ./. 
The/DT market/NN seems/VBZ to/TO be/VB straightening/VBG out/RP ;/: we/PRP 're/VBP taking/VBG a/DT wait-and-see/JJ attitude/NN ,/, ''/'' says/VBZ Cathleen/NNP B./NNP Stewart/NNP ,/, executive/JJ vice/NN president/NN of/IN marketing/NN ./. 
In/IN any/DT case/NN ,/, the/DT brokerage/NN firms/NNS are/VBP clearly/RB moving/VBG faster/RBR to/TO create/VB new/JJ ads/NNS than/IN they/PRP did/VBD in/IN the/DT fall/NN of/IN 1987/CD ./. 
But/CC it/PRP remains/VBZ to/TO be/VB seen/VBN whether/IN their/PRP$ ads/NNS will/MD be/VB any/DT more/RBR effective/JJ ./. 
In/IN 1987/CD ,/, despite/IN a/DT barrage/NN of/IN ads/NNS from/IN most/JJS of/IN the/DT major/JJ investment/NN firms/NNS ,/, individuals/NNS ran/VBD from/IN the/DT market/NN en/FW masse/FW ./. 
Now/RB the/DT firms/NNS must/MD try/VB their/PRP$ hardest/JJS to/TO prove/VB that/DT advertising/NN can/MD work/VB this/DT time/NN around/RP ./. 
Ad/NN Notes/NNS .../: ./. 
ARNOLD/NNP ADVERTISING/NNP :/: 
Edward/NNP Eskandarian/NNP ,/, former/JJ chairman/NN of/IN Della/NNP Femina/NNP ,/, McNamee/NNP WCRS\/Boston/NNP ,/, reached/VBD an/DT agreement/NN in/IN principle/NN to/TO acquire/VB a/DT majority/JJ stake/NN in/IN Arnold/NNP Advertising/NNP ,/, a/DT small/JJ Boston/NNP shop/NN ./. 
Terms/NNS were/VBD n't/RB disclosed/VBN ./. 
Mr./NNP Eskandarian/NNP ,/, who/WP resigned/VBD his/PRP$ Della/NNP Femina/NNP post/NN in/IN September/NNP ,/, becomes/VBZ chairman/NN and/CC chief/JJ executive/NN of/IN Arnold/NNP ./. 
John/NNP Verret/NNP ,/, the/DT agency/NN 's/POS president/NN and/CC chief/JJ executive/NN ,/, will/MD retain/VB the/DT title/NN of/IN president/NN ./. 
Separately/NNP ,/, McDonald/NNP 's/POS Corp./NNP ,/, Oak/NNP Brook/NNP ,/, Ill./NNP ,/, named/VBD Arnold/NNP to/TO handle/VB its/PRP$ estimated/VBN $/$ 4/CD million/CD cooperative/JJ ad/NN account/NN for/IN the/DT Hartford/NNP ,/, Conn./NNP ,/, area/NN ./. 
That/DT account/NN had/VBD been/VBN handled/VBN by/IN Della/NNP Femina/NNP ,/, McNamee/NNP WCRS/NNP ./. 
EDUCATION/NN ADS/NNS :/: 
A/DT 142-page/JJ ad/NN supplement/NN to/TO Business/NNP Week/NNP 's/POS special/JJ ``/`` Corporate/NNP Elite/NNP ''/'' issue/NN calls/VBZ on/IN business/NN leaders/NNS to/TO use/VB their/PRP$ clout/NN to/TO help/VB solve/VB the/DT nation/NN 's/POS education/NN crisis/NN ./. 
The/DT supplement/NN ,/, the/DT largest/JJS ever/RB for/IN the/DT magazine/NN ,/, includes/VBZ ads/NNS from/IN 52/CD corporate/JJ advertisers/NNS and/CC kicks/NNS off/RP a/DT two-year/JJ Business/NNP Week/NNP initiative/NN on/IN education/NN ./. 
The/DT magazine/NN will/MD distribute/VB 10/CD %/NN of/IN the/DT gross/JJ revenues/NNS from/IN the/DT supplement/NN as/IN grants/NNS to/TO innovative/JJ teachers/NNS ./. 
You/PRP know/VBP what/WP the/DT law/NN of/IN averages/NNS is/VBZ ,/, do/VBP n't/RB you/PRP ?/. 
It/PRP 's/VBZ what/WP 1/LS -RRB-/-RRB- explains/VBZ why/WRB we/PRP are/VBP like/JJ ,/, well/RB ,/, ourselves/PRP rather/RB than/IN Bo/NNP Jackson/NNP ;/: 2/LS -RRB-/-RRB- cautions/VBZ that/IN it/PRP 's/VBZ possible/JJ to/TO drown/VB in/IN a/DT lake/NN that/WDT averages/VBZ two/CD feet/NNS deep/RB ;/: and/CC 3/LS -RRB-/-RRB- predicts/VBZ that/IN 10,000/CD monkeys/NNS placed/VBN before/IN 10,000/CD pianos/NNS would/MD produce/VB 1,118/CD publishable/JJ rock/NN 'n'/CC roll/NN tunes/NNS ./. 
Baseball/NN ,/, that/DT game/NN of/IN the/DT long/JJ haul/NN ,/, is/VBZ the/DT quintessential/JJ sport/NN of/IN the/DT mean/NN ,/, and/CC the/DT mean/JJ ol'/JJ law/NN caught/VBD up/RP with/IN the/DT San/NNP Francisco/NNP Giants/NNP in/IN the/DT World/NNP Series/NNP last/JJ weekend/NN ./. 
The/DT team/NN that/WDT dumped/VBD runs/NNS by/IN the/DT bushel/NN on/IN the/DT Chicago/NNP Cubs/NNP in/IN the/DT National/NNP League/NNP playoffs/NNS was/VBD held/VBN to/TO just/RB one/CD in/IN two/CD games/NNS by/IN the/DT home-team/JJ Oakland/NNP A/NNP 's/NNP ,/, the/DT gang/NN that/WDT had/VBD been/VBN done/VBN unto/RP similarly/RB by/IN the/DT Los/NNP Angeles/NNP Dodgers/NNP and/CC Orel/NNP Hershiser/NNP in/IN last/JJ year/NN 's/POS tournament/NN ./. 
Morever/RB ,/, much/JJ of/IN the/DT damage/NN was/VBD accomplished/VBN by/IN A/NNP 's/NNP who/WP had/VBD some/DT catching/VBG up/RP to/TO do/VB ./. 
In/IN game/NN two/CD ,/, on/IN a/DT cool/JJ Sunday/NNP evening/NN in/IN this/DT land/NN of/IN perpetual/JJ autumn/NN ,/, a/DT lot/NN of/IN the/DT catching/VBG up/RP was/VBD done/VBN by/IN the/DT A/NNP 's/NNP catcher/NN ,/, Terry/NNP Steinbach/NNP ./. 
He/PRP hit/VBD a/DT 2-0/CD pitch/NN from/IN Rick/NNP Reuschel/NNP into/IN the/DT left-field/JJ stands/NNS in/IN inning/NN four/CD to/TO stretch/VB his/PRP$ team/NN 's/POS lead/NN from/IN 2-1/CD to/TO a/DT decisive/JJ 5-1/CD ,/, where/WRB it/PRP stayed/VBD ./. 
So/RB what/WP if/IN Steinbach/NNP had/VBD struck/VBN just/RB seven/CD home/NN runs/NNS in/IN 130/CD regular-season/JJ games/NNS ,/, and/CC batted/VBD in/IN the/DT seventh/JJ position/NN of/IN the/DT A/NNP 's/NNP lineup/NN ./. 
``/`` If/IN you/PRP get/VBP your/PRP$ pitch/NN ,/, and/CC take/VBP a/DT good/JJ swing/NN ,/, anything/NN can/MD happen/VB ,/, ''/'' he/PRP later/RBR remarked/VBD ./. 
On/IN Saturday/NNP night/NN ,/, quite/RB a/DT few/JJ of/IN the/DT boys/NNS in/IN green/NN and/CC gold/NN salted/VBD away/RP successes/NNS to/TO salve/VB the/DT pain/NN of/IN past/JJ and/CC ,/, no/DT doubt/NN ,/, future/JJ droughts/NNS ./. 
Mark/NNP McGwire/NNP ,/, the/DT big/JJ ,/, red-haired/JJ Oakland/NNP first/JJ baseman/NN ,/, had/VBD three/CD hits/NNS in/IN four/CD at/NN bats/NNS ,/, two/CD more/JJR than/IN he/PRP 'd/VBD had/VBN in/IN the/DT five-game/JJ Dodger/NNP series/NN in/IN which/WDT he/PRP 'd/MD gone/VBN 1-for-17/NN ./. 
The/DT A-men/NNS batting/VBG Nos./NNS 6/CD through/IN 9/CD ,/, a.k.a./JJ the/DT ``/`` bottom/NN of/IN the/DT order/NN ,/, ''/'' got/VBD seven/CD of/IN their/PRP$ team/NN 's/POS 11/CD hits/NNS and/CC scored/VBD four/CD of/IN its/PRP$ runs/NNS in/IN a/DT 5-0/CD decision/NN ./. 
Right-hander/JJ Dave/NNP Stewart/NNP held/VBD the/DT Giants/NNP to/TO five/CD hits/NNS to/TO account/VB for/IN the/DT zero/NN on/IN the/DT other/JJ side/NN of/IN the/DT Saturday/NNP ledger/NN ./. 
That/IN he/PRP was/VBD the/DT A/NNP 's/NNP winningest/JJS pitcher/NN during/IN its/PRP$ American/NNP League/NNP campaign/NN with/IN a/DT 21-9/CD mark/NN ,/, plus/IN two/CD wins/NNS over/IN Toronto/NNP in/IN the/DT playoffs/NNS ,/, indicates/VBZ he/PRP may/MD have/VB some/DT evening/NN up/RP coming/VBG ,/, but/CC with/IN the/DT way/NN his/PRP$ split-fingered/JJ fastball/NN is/VBZ behaving/VBG ,/, that/IN might/MD not/RB be/VB this/DT week/NN ./. 
The/DT same/JJ goes/VBZ for/IN Mike/NNP Moore/NNP ,/, another/DT veteran/NN who/WP overcame/VBD early/JJ struggles/NNS to/TO permit/VB the/DT Giants/NNP but/RB a/DT run/NN and/CC four/CD hits/NNS in/IN seven/CD innings/NNS in/IN Sunday/NNP 's/POS contest/NN ./. 
``/`` Every/DT guy/NN they/PRP put/VBD out/RB there/RB had/VBD a/DT better/JJR split-finger/NN than/IN the/DT guy/NN before/RB ,/, ''/'' marveled/VBD Giant/JJ manager/NN Roger/NNP Craig/NNP ./. 
He/PRP 's/VBZ an/DT ex-hurler/NN who/WP 's/VBZ one/CD of/IN the/DT leading/VBG gurus/NNS of/IN the/DT fashionable/JJ delivery/NN ,/, which/WDT looks/VBZ like/IN a/DT fastball/NN until/IN it/PRP dives/VBZ beneath/IN the/DT lunging/VBG bat/NN ./. 
The/DT upshot/NN of/IN the/DT downshoot/NN is/VBZ that/IN the/DT A/NNP 's/NNP go/VBP into/IN San/NNP Francisco/NNP 's/POS Candlestick/NNP Park/NNP tonight/RB up/IN two/CD games/NNS to/TO none/NN in/IN the/DT best-of-seven/JJ fest/NN ./. 
The/DT stat/NN to/TO reckon/VB with/RP here/RB says/VBZ that/IN about/RB three/CD of/IN four/CD clubs/NNS -LRB-/-LRB- 29/CD of/IN 39/CD -RRB-/-RRB- that/WDT took/VBD 2-0/CD Series/NNP leads/NNS went/VBD on/RP to/TO win/VB it/PRP all/DT ./. 
That/DT 's/VBZ not/RB an/DT average/NN to/TO soothe/VB Giant/NNP rooters/NNS ./. 
One/NN might/MD think/VB that/IN the/DT home/NN fans/NNS in/IN this/DT Series/NNP of/IN the/DT Subway/NNP Called/VBN BART/NNP -LRB-/-LRB- that/DT 's/VBZ a/DT better/JJR name/NN for/IN a/DT public/JJ conveyance/NN than/IN ``/`` Desire/NN ,/, ''/'' do/VBP n't/RB you/PRP think/VBP ?/. -RRB-/-RRB- would/MD have/VB been/VBN ecstatic/JJ over/IN the/DT proceedings/NNS ,/, but/CC they/PRP observe/VBP them/PRP in/IN relative/JJ calm/NN ./. 
Partisans/NNS of/IN the/DT two/CD combatants/NNS sat/VBD side/NN by/IN side/NN in/IN the/DT 49,000-plus/JJ seats/NNS of/IN Oakland/NNP Coliseum/NNP ,/, and/CC while/IN they/PRP cheered/VBD their/PRP$ favorites/NNS and/CC booed/VBD the/DT opposition/NN ,/, hostilities/NNS advanced/VBD no/DT further/RBR ,/, at/IN least/JJS as/RB far/RB as/IN I/PRP could/MD see/VB ./. 
A/DT few/JJ folks/NNS even/RB showed/VBD up/RP wearing/VBG caps/NNS bearing/VBG the/DT colors/NNS and/CC emblems/NNS of/IN both/DT teams/NNS ./. 
``/`` I/PRP 'm/VBP for/IN the/DT Giants/NNP today/NN ,/, but/CC only/RB because/IN they/PRP lost/VBD yesterday/NN ./. 
I/PRP love/VBP 'em/PRP both/DT ./. 
The/DT only/JJ thing/NN I/PRP 'm/VBP rooting/VBG for/IN is/VBZ for/IN the/DT Series/NNP to/TO go/VB seven/CD games/NNS ,/, ''/'' said/VBD David/NNP Williams/NNP ,/, a/DT Sacramento/NNP septuagenarian/NN ,/, at/IN the/DT Coliseum/NN before/IN Sunday/NNP 's/POS go/NN ./. 
The/DT above/JJ represents/VBZ a/DT triumph/NN of/IN either/DT apathy/NN or/CC civility/NN ./. 
I/PRP choose/VBP to/TO believe/VB it/PRP 's/VBZ the/DT latter/JJ ,/, although/IN it/PRP probably/RB springs/VBZ from/IN the/DT fact/NN that/IN just/RB about/RB everyone/NN out/IN here/RB ,/, including/VBG the/DT A/NNP 's/NNP and/CC Giants/NNP ,/, is/VBZ originally/RB from/IN somewhere/RB else/RB ./. 
Suffice/VB it/PRP to/TO say/VB that/IN if/IN this/DT were/VBD a/DT New/NNP York/NNP Yankees-Mets/JJ series/NN ,/, or/CC one/CD between/IN the/DT Chicago/NNP Cubs/NNP and/CC White/NNP Sox/NNP -LRB-/-LRB- hey/UH ,/, it/PRP 's/VBZ possible/JJ -RRB-/-RRB- ,/, you/PRP 'd/MD need/VB uniformed/JJ police/NNS in/IN every/DT other/JJ seat/NN to/TO separate/VB opposing/VBG fans/NNS ,/, and/CC only/RB the/DT suicidal/JJ would/MD bifurcate/VB their/PRP$ bonnets/NNS ./. 
Anyway/RB ,/, the/DT A/NNP 's/NNP gave/VBD you/PRP a/DT lot/NN of/IN heroes/NNS to/TO root/VB for/RP ./. 
In/IN the/DT opening/JJ game/NN ,/, besides/IN Steinbach/NNP and/CC Stewart/NNP ,/, there/EX was/VBD Walt/NNP Weiss/NNP ,/, a/DT twiggy-looking/JJ ,/, second-year/JJ shortstop/NN who/WP had/VBD lost/VBN a/DT couple/NN months/NNS of/IN the/DT season/NN to/TO knee/NN surgery/NN ./. 
He/PRP was/VBD flawless/JJ afield/RB -LRB-/-LRB- ditto/NN in/IN game/NN two/CD -RRB-/-RRB- ,/, moved/VBD a/DT runner/NN along/IN in/IN the/DT A/NNP 's/NNP three-run/JJ second/JJ inning/NN ,/, and/CC homered/VBD for/IN his/PRP$ team/NN 's/POS final/JJ tally/NN ./. 
Such/JJ is/VBZ his/PRP$ reputation/NN among/IN the/DT East/NNP Bay/NNP Bashers/NNP that/IN when/WRB he/PRP hit/VBD his/PRP$ first/JJ career/NN home/NN run/NN last/JJ season/NN ,/, the/DT fan/NN who/WP caught/VBD it/PRP agreed/VBD to/TO turn/VB the/DT ball/NN over/RP to/TO him/PRP in/IN return/NN for/IN an/DT autograph/NN ./. 
Not/RB his/PRP$ autograph/NN ;/: power-hitter/NN McGwire/NN 's/POS ./. 
An/DT A/NNP 's/NNP co-hero/NN of/IN the/DT second/JJ game/NN was/VBD Rickey/NNP Henderson/NNP ,/, who/WP exemplifies/VBZ the/DT hot/JJ side/NN of/IN the/DT hot-cold/JJ equation/NN ./. 
He/PRP smoked/VBD Toronto/NNP in/IN the/DT playoffs/NNS with/IN six/CD hits/NNS ,/, seven/CD walks/NNS and/CC eight/CD stolen/VBN bases/NNS in/IN 22/CD at/IN bats/NNS ,/, and/CC continued/VBD that/DT by/IN going/VBG 3-for-3/JJ at/IN the/DT plate/NN Sunday/NNP ,/, along/IN with/IN walking/VBG ,/, stealing/VBG a/DT base/NN and/CC scoring/VBG a/DT run/NN ./. 
``/`` When/WRB you/PRP 're/VBP in/IN the/DT groove/NN ,/, you/PRP see/VBP every/DT ball/NN tremendously/RB ,/, ''/'' he/PRP lectured/VBD ./. 
The/DT cold/JJ guys/NNS in/IN the/DT set/NN were/VBD Will/NNP Clark/NNP ,/, Kevin/NNP Mitchell/NNP and/CC Matt/NNP Williams/NNP ,/, the/DT Giants/NNP '/POS 3-4-5/CD hitters/NNS ./. 
They/PRP combined/VBD for/IN 25/CD hits/NNS ,/, six/CD home/NN runs/NNS and/CC 24/CD runs/NNS batted/VBN in/RP in/IN the/DT five/CD games/NNS against/IN the/DT Cubs/NNP ./. 
They/PRP went/VBD a/DT collective/JJ 5-for-24/CD here/RB ,/, with/IN zero/CD homers/NNS and/CC ribbies/NNS ./. 
It/PRP 's/POS that/DT last/JJ set/NN of/IN numbers/NNS ,/, as/RB much/JJ as/IN anything/NN else/RB ,/, that/WDT gives/VBZ the/DT Giants/NNP hope/NN in/IN the/DT Series/NNP games/NNS to/TO come/VB ./. 
``/`` I/PRP believe/VBP in/IN the/DT law/NN of/IN averages/NNS ,/, ''/'' declared/VBD San/NNP Francisco/NNP batting/NN coach/NN Dusty/NNP Baker/NNP after/IN game/NN two/CD ./. 
``/`` I/PRP 'd/MD rather/RB see/VB a/DT so-so/JJ hitter/NN who/WP 's/VBZ hot/JJ come/VB up/RP for/IN the/DT other/JJ side/NN than/IN a/DT good/JJ hitter/NN who/WP 's/VBZ cold/JJ ./. ''/'' 
But/CC the/DT old/JJ Dodger/NNP slugger/NN wisely/RB offered/VBD no/DT prediction/NN about/IN when/WRB good/JJ times/NNS would/MD return/VB to/TO his/PRP$ side/NN ./. 
``/`` When/WRB it/PRP goes/VBZ ,/, you/PRP never/RB know/VBP when/WRB you/PRP 'll/MD get/VB it/PRP back/RB ,/, ''/'' he/PRP said/VBD ./. 
``/`` That/DT 's/VBZ baseball/NN ./. 
NCR/NNP Corp./NNP reported/VBD a/DT 10/CD %/NN drop/NN in/IN third-quarter/JJ net/JJ income/NN ,/, citing/VBG intense/JJ competition/NN that/WDT caused/VBD its/PRP$ gross/JJ profit/NN margins/NNS to/TO dip/VB ./. 
Net/JJ income/NN for/IN the/DT quarter/NN fell/VBD to/TO $/$ 93.1/CD million/CD from/IN $/$ 103.1/CD million/CD ,/, roughly/RB what/WP analysts/NNS had/VBD expected/VBN ./. 
But/CC per-share/JJ profit/NN dropped/VBD only/RB 2/CD %/NN to/TO $/$ 1.23/CD a/DT share/NN from/IN $/$ 1.26/CD a/DT share/NN ,/, as/IN the/DT company/NN continued/VBD its/PRP$ stock/NN buy-back/JJ plan/NN ./. 
Average/JJ shares/NNS outstanding/JJ dropped/VBD to/TO 75.8/CD million/CD from/IN 82.1/CD million/CD ./. 
Revenue/NN fell/VBD 1/CD %/NN to/TO $/$ 1.39/CD billion/CD from/IN $/$ 1.41/CD billion/CD ./. 
The/DT computer/NN maker/NN ,/, which/WDT sells/VBZ more/JJR than/IN half/NN its/PRP$ goods/NNS outside/IN the/DT U.S./NNP ,/, also/RB said/VBD the/DT negative/JJ effect/NN of/IN a/DT stronger/JJR U.S./NNP dollar/NN will/MD ``/`` adversely/RB affect/VB ''/'' its/PRP$ fourth-quarter/JJ performance/NN and/CC ``/`` make/VB it/PRP difficult/JJ ''/'' to/TO better/VB 1988/CD results/NNS ./. 
NCR/NNP said/VBD revenue/NN declined/VBD both/DT in/IN the/DT U.S./NNP and/CC overseas/RB ,/, reflecting/VBG a/DT world-wide/JJ softening/NN of/IN the/DT computer/NN markets/NNS ./. 
The/DT company/NN ,/, however/RB ,/, said/VBD orders/NNS in/IN the/DT U.S./NNP showed/VBD ``/`` good/JJ gains/NNS ''/'' during/IN the/DT latest/JJS quarter/NN ./. 
Analysts/NNS estimate/VBP those/DT gains/NNS at/IN 12/CD %/NN to/TO 13/CD %/NN ,/, a/DT good/JJ part/NN of/IN it/PRP coming/VBG from/IN large/JJ orders/NNS placed/VBN by/IN a/DT few/JJ of/IN NCR/NNP 's/POS major/JJ customers/NNS ./. 
In/IN addition/NN to/TO a/DT general/JJ slowing/NN of/IN the/DT computer/NN industry/NN ,/, NCR/NNP ,/, which/WDT sells/VBZ automated/VBN teller/NN machines/NNS and/CC computerized/VBN cash/NN registers/NNS ,/, is/VBZ also/RB affected/VBN by/IN the/DT retail/JJ and/CC financial/JJ sectors/NNS ,/, ``/`` areas/NNS of/IN the/DT economy/NN that/WDT have/VBP generally/RB not/RB been/VBN robust/JJ ,/, ''/'' notes/VBZ Sanjiv/NNP G./NNP Hingorani/NNP ,/, an/DT analyst/NN for/IN Salomon/NNP Brothers/NNP Inc/NNP ./. 
These/DT factors/NNS ,/, combined/VBN with/IN a/DT strong/JJ dollar/NN ,/, should/MD negatively/RB affect/VB the/DT current/JJ quarter/NN 's/POS results/NNS ,/, NCR/NNP said/VBD ./. 
In/IN the/DT year-earlier/JJ fourth/JJ quarter/NN ,/, NCR/NNP had/VBD profit/NN of/IN $/$ 149.6/CD million/CD ,/, or/CC $/$ 1.85/CD a/DT share/NN ,/, on/IN revenue/NN of/IN $/$ 1.8/CD billion/CD ./. 
Mr./NNP Hingorani/NNP said/VBD he/PRP lowered/VBD his/PRP$ full-year/JJ estimates/NNS for/IN 1989/CD to/TO $/$ 5.35/CD a/DT share/NN from/IN $/$ 5.50/CD a/DT share/NN ./. 
Revenue/NN projections/NNS were/VBD slashed/VBN to/TO $/$ 6.03/CD billion/CD from/IN $/$ 6.20/CD billion/CD ./. 
Last/JJ year/NN ,/, NCR/NNP had/VBD net/JJ income/NN of/IN $/$ 439.3/CD million/CD ,/, or/CC $/$ 5.33/CD a/DT share/NN ,/, on/IN $/$ 5.99/CD billion/CD in/IN revenue/NN ./. 
For/IN the/DT nine/CD months/NNS ,/, the/DT company/NN 's/POS earnings/NNS fell/VBD 9/CD %/NN to/TO $/$ 264.6/CD million/CD ,/, or/CC $/$ 3.40/CD a/DT share/NN ,/, from/IN $/$ 289.7/CD million/CD ,/, or/CC $/$ 3.49/CD a/DT share/NN ./. 
Revenues/NNS declined/VBD 1/CD %/NN to/TO $/$ 4.17/CD billion/CD from/IN $/$ 4.19/CD billion/CD ./. 
In/IN New/NNP York/NNP Stock/NNP Exchange/NNP composite/NN trading/NN yesterday/NN ,/, NCR/NNP shares/NNS fell/VBD 75/CD cents/NNS to/TO close/VB at/IN $/$ 57/CD ./. 
Concerning/VBG your/PRP$ Sept./NNP 19/CD article/NN ``/`` Wall/NNP Street/NNP Firms/NNP Link/VBP Analysts/NNP '/POS Pay/NN to/TO Performance/NN ,/, ''/'' I/PRP 'm/VBP delighted/VBN that/IN Wall/NNP Street/NNP is/VBZ finally/RB tuning/VBG in/RP to/TO the/DT hard/JJ ,/, cold/JJ facts/NNS of/IN the/DT real/JJ working/NN world/NN ./. 
If/IN the/DT firms/NNS are/VBP serious/JJ ,/, however/RB ,/, why/WRB limit/VB the/DT practice/NN to/TO the/DT poor/JJ ,/, maligned/VBN analysts/NNS whose/WP$ ability/NN to/TO see/VB into/IN the/DT future/NN is/VBZ fragile/JJ at/IN best/RBS ?/. 
Why/WRB not/RB extend/VB the/DT same/JJ harsh/JJ standards/NNS to/TO the/DT sales/NNS force/NN ,/, and/CC pay/VB brokers/NNS a/DT base/NN salary/NN with/IN annual/JJ bonus/NN based/VBN on/IN how/WRB much/JJ money/NN they/PRP made/VBD for/IN their/PRP$ clients/NNS during/IN the/DT year/NN ?/. 
That/DT should/MD stop/VB a/DT lot/NN of/IN account-churning/NN ,/, and/CC produce/VB a/DT stock/NN market/NN driven/VBN only/RB by/IN professional/JJ concern/NN ,/, careful/JJ thought/NN and/CC good/JJ sense/NN ./. 
Now/RB ,/, would/MD n't/RB that/DT be/VB a/DT novelty/NN ./. 
Phyllis/NNP Kyle/NNP Stephenson/NNP Newport/NNP News/NNP ,/, Va/NNP ./. 
Steve/NNP Clark/NNP ,/, a/DT Shearson/NNP Lehman/NNP Hutton/NNP Inc./NNP trader/NN ,/, reported/VBD for/IN work/NN at/IN 5/CD a.m./NN ,/, two/CD and/CC a/DT half/NN hours/NNS before/IN the/DT usual/JJ Monday/NNP morning/NN strategy/NN meeting/NN ./. 
At/IN Jefferies/NNP &/CC Co./NNP ,/, J./NNP Francis/NNP Palamara/NNP did/VBD n't/RB reach/VB the/DT office/NN until/IN 5:30/CD a.m./NN ,/, but/CC then/RB he/PRP had/VBD been/VBN up/RB most/RBS of/IN the/DT night/NN at/IN home/NN ./. 
``/`` I/PRP had/VBD calls/NNS all/DT night/NN long/RB from/IN the/DT States/NNP ,/, ''/'' he/PRP said/VBD ./. 
``/`` I/PRP was/VBD woken/VBN up/RP every/DT hour/NN --/: 1:30/CD ,/, 2:30/CD ,/, 3:30/CD ,/, 4:30/CD ./. 
People/NNS are/VBP looking/VBG for/IN possible/JJ opportunities/NNS to/TO buy/VB ,/, but/CC nobody/NN wants/VBZ to/TO stick/VB their/PRP$ chin/NN out/RP ./. ''/'' 
For/IN many/JJ of/IN London/NNP 's/POS securities/NNS traders/NNS ,/, it/PRP was/VBD a/DT day/NN that/WDT started/VBD nervously/RB in/IN the/DT small/JJ hours/NNS ./. 
By/IN lunchtime/NN ,/, the/DT selling/NN was/VBD at/IN near-panic/JJ fever/NN ./. 
But/CC as/IN the/DT day/NN ended/VBD in/IN a/DT frantic/JJ Wall/NNP Street-inspired/JJ rally/NN ,/, the/DT City/NNP breathed/VBD a/DT sigh/NN of/IN relief/NN ./. 
So/IN it/PRP went/VBD yesterday/NN in/IN the/DT trading/NN rooms/NNS of/IN London/NNP 's/POS financial/JJ district/NN ./. 
In/IN the/DT wake/NN of/IN Wall/NNP Street/NNP 's/POS plunge/NN last/JJ Friday/NNP ,/, the/DT London/NNP market/NN was/VBD considered/VBN especially/RB vulnerable/JJ ./. 
And/CC before/IN the/DT opening/NN of/IN trading/NN here/RB yesterday/NN ,/, all/DT eyes/NNS were/VBD on/IN early/JJ trading/NN in/IN Tokyo/NNP for/IN a/DT clue/NN as/IN to/TO how/WRB widespread/JJ the/DT fallout/NN might/MD be/VB ./. 
By/IN the/DT time/NN trading/NN officially/RB got/VBD under/IN way/NN at/IN 9/CD a.m./NN ,/, the/DT news/NN from/IN Asia/NNP was/VBD in/RB ./. 
And/CC it/PRP left/VBD mixed/JJ signals/NNS for/IN London/NNP ./. 
Tokyo/NNP stocks/NNS closed/VBN off/JJ a/DT significant/JJ but/CC less-than-alarming/JJ 1.8/CD %/NN on/IN thin/JJ volume/NN ;/: Hong/NNP Kong/NNP stocks/NNS declined/VBD 6.5/CD %/NN in/IN orderly/JJ trading/NN ./. 
At/IN Jefferies/NNP '/POS trading/VBG room/NN on/IN Finsbury/NNP Circus/NNP ,/, a/DT stately/JJ circle/NN at/IN the/DT edge/NN of/IN the/DT financial/JJ district/NN ,/, desktop/NN computer/NN screens/NNS displayed/VBD the/DT London/NNP market/NN 's/POS major/JJ barometer/NN --/: the/DT Financial/NNP Times-Stock/NNP Exchange/NNP 100/CD Share/NNP Index/NNP ./. 
Red/JJ figures/NNS on/IN the/DT screens/NNS indicated/VBD falling/VBG stocks/NNS ;/: blue/JJ figures/NNS ,/, rising/VBG stocks/NNS ./. 
Right/RB away/RB ,/, the/DT reds/NNS outnumbered/VBD the/DT blues/NNS ,/, 80/CD to/TO 20/CD ,/, as/IN the/DT index/NN opened/VBD at/IN 2076.8/CD ,/, off/IN 157.1/CD points/NNS ,/, or/CC 7/CD %/NN ./. 
``/`` I/PRP see/VBP concern/NN ,/, but/CC I/PRP do/VBP n't/RB see/VB any/DT panic/NN ,/, ''/'' said/VBD Mr./NNP Palamara/NNP ,/, a/DT big/JJ ,/, good-humored/JJ New/NNP York/NNP native/NN who/WP runs/VBZ the/DT 15-trader/JJ office/NN ./. 
The/DT Jefferies/NNP office/NN ,/, a/DT branch/NN of/IN the/DT Los/NNP Angeles-based/JJ firm/NN ,/, played/VBD it/PRP conservatively/RB ,/, seeking/VBG to/TO avoid/VB risk/NN ./. 
``/`` This/DT is/VBZ not/RB the/DT sort/NN of/IN market/NN to/TO have/VB a/DT big/JJ position/NN in/IN ,/, ''/'' said/VBD David/NNP Smith/NNP ,/, who/WP heads/VBZ trading/NN in/IN all/DT non-U.S./JJ stocks/NNS ./. 
``/`` We/PRP tend/VBP to/TO run/VB a/DT very/RB tight/JJ book/NN ./. ''/'' 
Jefferies/NNP spent/VBD most/JJS of/IN its/PRP$ energies/NNS in/IN the/DT morning/NN trying/VBG to/TO match/VB buyers/NNS and/CC sellers/NNS ,/, and/CC there/EX were/VBD n't/RB many/JJ buyers/NNS ./. 
``/`` All/DT the/DT takeover/NN stocks/NNS --/: Scottish/NNP &/CC Newcastle/NNP ,/, B.A.T/NNP ,/, DRG/NNP --/: are/VBP getting/VBG pretty/RB well/RB pasted/VBN this/DT morning/NN ,/, ''/'' Mr./NNP Smith/NNP said/VBD ./. 
Seconds/NNS later/RBR ,/, a/DT 7,500-share/JJ ``/`` sell/NN ''/'' order/NN for/IN Scottish/NNP &/CC Newcastle/NNP came/VBD in/RP ./. 
For/IN the/DT third/JJ time/NN in/IN 15/CD minutes/NNS ,/, a/DT trader/NN next/JJ to/TO Mr./NNP Smith/NNP left/VBD the/DT no-smoking/JJ area/NN to/TO have/VB a/DT cigarette/NN ./. 
On/IN the/DT screens/NNS ,/, only/RB two/CD forlorn/JJ blue/JJ figures/NNS remained/VBD ,/, but/CC the/DT index/NN had/VBD recovered/VBN a/DT few/JJ points/NNS and/CC was/VBD off/RB about/RB 140/CD ./. 
``/`` Because/IN Tokyo/NNP did/VBD n't/RB collapse/VB ,/, let/VB 's/POS pick/VB up/RP a/DT little/JJ stock/NN ,/, ''/'' Mr./NNP Smith/NNP said/VBD ./. 
He/PRP targeted/VBD 7,500/CD shares/NNS of/IN Reuters/NNP and/CC punched/VBD a/DT button/NN to/TO call/VB up/RP on/IN his/PRP$ screen/NN other/JJ dealers/NNS '/POS price/NN quotes/NNS ./. 
The/DT vivid/JJ yellow/JJ figures/NNS showed/VBD the/DT best/JJS price/NN at/IN 845/CD pence/NN ,/, -LRB-/-LRB- $/$ 13.27/CD -RRB-/-RRB- and/CC Mr./NNP Smith/NNP 's/POS traders/NNS started/VBD putting/VBG out/RP feelers/NNS ./. 
But/CC the/DT market/NN sensed/VBD a/DT serious/JJ buyer/NN on/IN a/DT day/NN dominated/VBN by/IN selling/NN ,/, and/CC the/DT quotes/NNS immediately/RB jumped/VBD to/TO 850/CD pence/NN ./. 
``/`` When/WRB I/PRP want/VBP to/TO buy/VB ,/, they/PRP run/VBP from/IN you/PRP --/: they/PRP keep/VBP changing/VBG their/PRP$ prices/NNS ,/, ''/'' Mr./NNP Smith/NNP said/VBD ./. 
``/`` It/PRP 's/VBZ very/RB frustrating/JJ ./. ''/'' 
He/PRP temporarily/RB abandoned/VBD his/PRP$ search/NN for/IN the/DT Reuters/NNP shares/NNS ./. 
By/IN this/DT time/NN ,/, it/PRP was/VBD 4:30/CD a.m./NN in/IN New/NNP York/NNP ,/, and/CC Mr./NNP Smith/NNP fielded/VBD a/DT call/NN from/IN a/DT New/NNP York/NNP customer/NN wanting/VBG an/DT opinion/NN on/IN the/DT British/JJ stock/NN market/NN ,/, which/WDT had/VBD been/VBN having/VBG troubles/NNS of/IN its/PRP$ own/JJ even/RB before/IN Friday/NNP 's/POS New/NNP York/NNP market/NN break/NN ./. 
``/`` Fundamentally/RB dangerous/JJ .../: ,/, ''/'' Mr./NNP Smith/NNP said/VBD ,/, almost/RB in/IN a/DT whisper/NN ,/, ``/`` .../: ./. fundamentally/RB weak/JJ .../: fairly/RB vulnerable/JJ still/RB .../: extremely/RB dangerously/RB poised/VBN .../: 
we/PRP 're/VBP in/IN for/IN a/DT lot/NN of/IN turbulence/NN .../: ./. ''/'' 
He/PRP was/VBD right/JJ ./. 
By/IN midday/NN ,/, the/DT London/NNP market/NN was/VBD in/IN full/JJ retreat/NN ./. 
``/`` It/PRP 's/VBZ falling/VBG like/IN a/DT stone/NN ,/, ''/'' said/VBD Danny/NNP Linger/NNP ,/, a/DT pit/NN trader/NN who/WP was/VBD standing/VBG outside/IN the/DT London/NNP International/NNP Financial/NNP Futures/NNP Exchange/NNP ./. 
Only/RB half/NN the/DT usual/JJ lunchtime/NN crowd/NN gathered/VBD at/IN the/DT tony/JJ Corney/NNP &/CC Barrow/NNP wine/NN bar/NN on/IN Old/NNP Broad/NNP Street/NNP nearby/RB ./. 
Conversation/NN was/VBD subdued/JJ as/IN most/JJS patrons/NNS watched/VBD the/DT latest/JJS market/NN statistics/NNS on/IN television/NN ./. 
At/IN 12:49/CD p.m./NN ,/, the/DT index/NN hit/VBD its/PRP$ low/JJ ,/, 2029.7/CD ,/, off/IN 204.2/CD points/NNS ./. 
``/`` France/NNP opened/VBD the/DT limit/NN down/RB ,/, off/IN at/IN least/JJS 10/CD %/NN if/IN you/PRP could/MD calculate/VB the/DT index/NN ,/, which/WDT you/PRP could/MD n't/RB ,/, ''/'' Mr./NNP Clark/NNP ,/, the/DT Shearson/NNP trader/NN ,/, said/VBD early/RB in/IN the/DT afternoon/NN ./. 
``/`` Spain/NNP is/VBZ down/RB 10/CD %/NN and/CC suspended/VBN ,/, Sweden/NNP 's/VBZ down/RB 8/CD %/NN ,/, Norway/NNP 11/CD %/NN ./. 
This/DT market/NN has/VBZ been/VBN very/RB badly/RB damaged/VBN ./. ''/'' 
As/IN 2:30/CD p.m./NN --/: Wall/NNP Street/NNP 's/POS opening/VBG time/NN --/: neared/VBD ,/, Shearson/NNP traders/NNS and/CC salesmen/NNS traded/VBD bets/NNS on/IN how/WRB low/JJ the/DT New/NNP York/NNP market/NN would/MD open/VB ./. 
In/IN the/DT center/NN of/IN the/DT trading/NN floor/NN ,/, chief/JJ trader/NN Roger/NNP Streeter/NNP and/CC two/CD colleagues/NNS scrambled/VBD for/IN the/DT telephones/NNS as/RB soon/RB as/IN the/DT New/NNP York/NNP market/NN opened/VBD --/: plummeting/VBG more/RBR than/IN 60/CD points/NNS in/IN the/DT first/JJ few/JJ minutes/NNS ./. 
They/PRP saw/VBD an/DT opportunity/NN created/VBN by/IN the/DT sell-off/NN ./. 
As/IN Wall/NNP Street/NNP traders/NNS dumped/VBD American/NNP Depositary/NNP Receipts/NNP in/IN Jaguar/NNP PLC/NNP ,/, Mr./NNP Streeter/NNP and/CC trader/NN Sam/NNP Ruiz/NNP bought/VBD them/PRP to/TO resell/VB in/IN the/DT U.K/NNP ./. 
Investors/NNS here/RB still/RB expect/VB Ford/NNP Motor/NNP Co./NNP or/CC General/NNP Motors/NNP Corp./NNP to/TO bid/VB for/IN Jaguar/NNP ./. 
Suddenly/RB ,/, after/IN about/RB 45/CD minutes/NNS ,/, the/DT U.S./NNP markets/NNS rallied/VBD ./. 
``/`` The/DT MMI/NNP has/VBZ gone/VBN better/RBR ,/, ''/'' shouted/VBD one/CD trader/NN at/IN about/RB 3:15/CD London/NNP time/NN ,/, as/IN the/DT U.S./NNP Major/NNP Markets/NNP Index/NNP contract/NN suddenly/RB indicated/VBD a/DT turnabout/NN ./. 
As/IN Wall/NNP Street/NNP strengthened/VBD ,/, the/DT London/NNP trading/NN room/NN went/VBD wild/JJ ./. 
Traders/NNS shouted/VBD as/IN their/PRP$ screens/NNS posted/VBD an/DT ever-narrowing/JJ loss/NN on/IN Wall/NNP Street/NNP ./. 
Then/RB ,/, nine/CD minutes/NNS later/RBR ,/, Wall/NNP Street/NNP suddenly/RB rebounded/VBD to/TO a/DT gain/NN on/IN the/DT day/NN ./. 
``/`` Rally/NN !/. Rally/NN !/. Rally/NN !/. ''/'' shouted/VBD Shearson/NNP trader/NN Andy/NNP Rosen/NNP ,/, selling/VBG more/JJR Jaguar/NNP shares/NNS ./. 
``/`` This/DT is/VBZ panic/NN buying/NN !/. ''/'' 
As/IN the/DT London/NNP market/NN rallied/VBD ,/, some/DT wondered/VBD whether/IN the/DT weekend/NN of/IN worrying/VBG and/CC jitters/NNS had/VBD been/VBN worth/JJ it/PRP ./. 
The/DT London/NNP index/NN closed/VBD at/IN 2163.4/CD ,/, its/PRP$ high/NN for/IN the/DT day/NN ,/, off/IN 70.5/CD ,/, or/CC about/RB 3.3/CD %/NN ./. 
Ambassador/NNP Paul/NNP Nitze/NNP 's/POS statement/NN -LRB-/-LRB- Notable/NNP &/CC Quotable/NNP ,/, Sept./NNP 20/CD -RRB-/-RRB- ,/, ``/`` If/IN you/PRP have/VBP a/DT million/CD people/NNS working/VBG for/IN you/PRP ,/, every/DT bad/JJ thing/NN that/WDT has/VBZ one/CD chance/NN in/IN a/DT million/CD of/IN going/VBG wrong/NN will/MD go/VB wrong/JJ at/IN least/JJS once/IN a/DT year/NN ,/, ''/'' is/VBZ a/DT pretty/RB negative/JJ way/NN of/IN looking/VBG at/IN things/NNS ./. 
Is/VBZ n't/RB it/PRP just/RB as/RB fair/JJ to/TO say/VB that/IN if/IN you/PRP have/VBP a/DT million/CD people/NNS working/VBG for/IN you/PRP ,/, every/DT good/JJ thing/NN that/WDT has/VBZ one/CD chance/NN in/IN a/DT million/CD of/IN going/VBG right/NN will/MD go/VB right/RB at/IN least/JJS once/IN a/DT year/NN ?/. 
Do/VBP n't/RB be/VB such/JJ a/DT pessimist/NN ,/, Mr./NNP Ambassador/NNP ./. 
Frank/NNP Tremdine/NNP 
The/DT House/NNP Aviation/NNP Subcommittee/NNP approved/VBD a/DT bill/NN that/WDT would/MD give/VB the/DT transportation/NN secretary/NN authority/NN to/TO review/VB and/CC approve/VB leveraged/VBN buy-outs/NNS of/IN major/JJ U.S./NNP airlines/NNS ./. 
The/DT collapsed/VBN plan/NN to/TO acquire/VB UAL/NNP Corp./NNP ,/, parent/NN of/IN United/NNP Airlines/NNP ,/, spurred/VBD quick/JJ action/NN on/IN the/DT legislation/NN ,/, introduced/VBD Wednesday/NNP and/CC approved/VBD by/IN the/DT subcommittee/NN on/IN a/DT voice/NN vote/NN yesterday/NN ./. 
The/DT bill/NN is/VBZ expected/VBN to/TO be/VB taken/VBN up/RP by/IN the/DT Public/NNP Works/NNP and/CC Transportation/NNP Committee/NNP tomorrow/NN ,/, and/CC a/DT floor/NN vote/NN by/IN next/JJ week/NN will/MD be/VB urged/VBN ./. 
The/DT measure/NN drew/VBD criticism/NN from/IN the/DT Bush/NNP administration/NN and/CC a/DT parting/VBG shot/NN from/IN financier/NN Donald/NNP Trump/NNP ,/, who/WP yesterday/NN withdrew/VBD his/PRP$ takeover/NN bid/NN for/IN AMR/NNP Corp./NNP ,/, the/DT parent/NN of/IN American/NNP Airlines/NNP ./. 
In/IN a/DT letter/NN to/TO subcommittee/NN Chairman/NNP James/NNP Oberstar/NNP -LRB-/-LRB- D./NNP ,/, Minn./NNP -RRB-/-RRB- ,/, Mr./NNP Trump/NNP criticized/VBD the/DT bill/NN as/IN an/DT explicit/JJ effort/NN to/TO thwart/VB his/PRP$ bid/NN for/IN AMR/NNP ,/, and/CC said/VBD it/PRP contributed/VBD to/TO the/DT collapse/NN of/IN the/DT deal/NN ./. 
Elaine/NNP Chao/NNP ,/, deputy/NN transportation/NN secretary/NN ,/, also/RB sent/VBD a/DT letter/NN to/TO express/VB the/DT administration/NN 's/POS opposition/NN to/TO the/DT bill/NN ``/`` in/IN its/PRP$ present/JJ form/NN ./. ''/'' 
Rep./NNP Oberstar/NNP brushed/VBD off/RP Mr./NNP Trump/NNP 's/POS allegations/NNS as/IN an/DT ``/`` excuse/NN for/IN his/PRP$ own/JJ deal/NN failing/VBG ./. ''/'' 
He/PRP also/RB said/VBD the/DT fact/NN that/IN the/DT other/JJ letter/NN had/VBD n't/RB come/VBN from/IN Transportation/NNP Secretary/NNP Samuel/NNP Skinner/NNP indicated/VBD there/EX is/VBZ ``/`` wiggle/NN room/NN ''/'' in/IN the/DT administration/NN 's/POS position/NN ./. 
Mr./NNP Oberstar/NNP and/CC other/JJ committee/NN members/NNS repeatedly/RB stressed/VBD that/IN the/DT legislation/NN was/VBD n't/RB a/DT response/NN to/TO any/DT particular/JJ market/NN situation/NN ./. 
But/CC they/PRP cited/VBD the/DT UAL/NNP and/CC AMR/NNP examples/NNS as/IN reasons/NNS to/TO move/VB quickly/RB to/TO enact/VB this/DT legislation/NN ./. 
Aides/NNS both/DT in/IN the/DT House/NNP and/CC Senate/NNP said/VBD the/DT withdrawal/NN of/IN the/DT Trump/NNP bid/NN for/IN AMR/NNP is/VBZ n't/RB likely/JJ to/TO deflate/VB efforts/NNS to/TO push/VB the/DT legislation/NN ./. 
``/`` It/PRP 's/VBZ still/RB on/IN the/DT fast/JJ track/NN and/CC we/PRP still/RB want/VBP to/TO do/VB it/PRP ,/, ''/'' said/VBD one/CD Senate/NNP aide/NN ./. 
The/DT bill/NN is/VBZ aimed/VBN at/IN addressing/VBG the/DT concern/NN that/IN an/DT airline/NN might/MD sacrifice/VB costly/JJ safety/NN measures/NNS to/TO pay/VB off/RP the/DT debt/NN incurred/VBN in/IN a/DT leveraged/VBN buy-out/NN ./. 
Currently/RB ,/, the/DT transportation/NN secretary/NN does/VBZ n't/RB have/VB clearly/RB established/VBN authority/NN to/TO block/NN mergers/NNS ,/, but/CC can/MD take/VB the/DT drastic/JJ step/NN of/IN revoking/VBG the/DT operating/NN certificate/NN of/IN any/DT carrier/NN the/DT official/NN considers/VBZ unfit/JJ ./. 
Supporters/NNS of/IN the/DT legislation/NN view/VBP the/DT bill/NN as/IN an/DT effort/NN to/TO add/VB stability/NN and/CC certainty/NN to/TO the/DT airline-acquisition/JJ process/NN ,/, and/CC to/TO preserve/VB the/DT safety/NN and/CC fitness/NN of/IN the/DT industry/NN ./. 
In/IN general/JJ ,/, the/DT bill/NN would/MD give/VB the/DT Transportation/NNP Department/NNP a/DT 30-day/JJ review/NN period/NN before/IN 15/CD %/NN or/CC more/JJR of/IN the/DT voting/NN stock/NN of/IN a/DT major/JJ U.S./NNP air/NN carrier/NN could/MD be/VB acquired/VBN ./. 
It/PRP also/RB would/MD require/VB the/DT acquiring/VBG party/NN to/TO notify/VB the/DT transportation/NN secretary/NN and/CC to/TO provide/VB all/DT information/NN relevant/JJ to/TO determining/VBG the/DT intent/NN of/IN the/DT acquisition/NN ./. 
The/DT bill/NN would/MD allow/VB the/DT secretary/NN to/TO reject/VB a/DT buy-out/NN if/IN sufficient/JJ information/NN has/VBZ n't/RB been/VBN provided/VBN ,/, or/CC if/IN the/DT buy-out/NN is/VBZ likely/JJ to/TO weaken/VB the/DT carrier/NN financially/RB ,/, result/VB in/IN a/DT substantial/JJ reduction/NN in/IN size/NN of/IN the/DT airline/NN through/IN disposal/NN of/IN assets/NNS ,/, or/CC give/VB control/NN to/TO a/DT foreign/JJ interest/NN ./. 
If/IN more/JJR information/NN is/VBZ needed/VBN ,/, the/DT secretary/NN would/MD have/VB authority/NN to/TO extend/VB the/DT review/NN period/NN 20/CD days/NNS ./. 
All/DT the/DT witnesses/NNS ,/, both/DT congressmen/NNS and/CC industry/NN experts/NNS ,/, expressed/VBD support/NN for/IN the/DT bill/NN in/IN order/NN to/TO prevent/VB profiteers/NNS from/IN cashing/VBG in/RP on/IN airline/NN profits/NNS at/IN the/DT expense/NN of/IN safe/JJ ,/, cost-effective/JJ service/NN ./. 
But/CC several/JJ committee/NN members/NNS disapproved/VBD ,/, some/DT backing/VBG Mr./NNP Trump/NNP 's/POS claim/NN that/IN the/DT threat/NN of/IN regulation/NN caused/VBD the/DT failure/NN of/IN the/DT UAL/NNP deal/NN and/CC the/DT stock-market/NN plunge/NN ./. 
One/CD of/IN the/DT major/JJ concerns/NNS expressed/VBN by/IN the/DT dissenters/NNS was/VBD that/IN large/JJ airlines/NNS would/MD be/VB prohibited/VBN from/IN divesting/VBG themselves/PRP of/IN smaller/JJR entities/NNS and/CC producing/VBG independent/JJ spin-off/JJ companies/NNS ./. 
In/IN a/DT possible/JJ prelude/NN to/TO the/DT resumption/NN of/IN talks/NNS between/IN Boeing/NNP Co./NNP and/CC striking/VBG Machinists/NNS union/NN members/NNS ,/, a/DT federal/JJ mediator/NN said/VBD representatives/NNS of/IN the/DT two/CD sides/NNS will/MD meet/VB with/IN him/PRP tomorrow/NN ./. 
``/`` It/PRP could/MD be/VB a/DT long/JJ meeting/NN or/CC it/PRP could/MD be/VB a/DT short/JJ one/CD ,/, ''/'' said/VBD Doug/NNP Hammond/NNP ,/, the/DT mediator/NN ,/, who/WP called/VBD the/DT agreement/NN to/TO meet/VB a/DT first/JJ step/NN toward/IN a/DT resumption/NN of/IN negotiations/NNS ./. 
``/`` We/PRP 're/VBP encouraged/VBN that/IN talks/NNS are/VBP scheduled/VBN again/RB but/CC beyond/IN that/DT ,/, we/PRP have/VBP made/VBN no/DT expression/NN of/IN expectations/NNS ,/, ''/'' a/DT Boeing/VBG spokesman/NN said/VBD ./. 
The/DT Machinists/NNP union/NN has/VBZ rejected/VBN a/DT three-year/JJ contract/NN offer/NN that/WDT would/MD have/VB provided/VBN a/DT 10/CD %/NN wage/NN increase/NN over/IN the/DT life/NN of/IN the/DT pact/NN ,/, plus/CC some/DT bonuses/NNS ./. 
Currently/RB ,/, average/JJ pay/NN for/IN machinists/NNS is/VBZ $/$ 13.39/CD an/DT hour/NN ,/, Boeing/VBG said/VBD ./. 
Now/RB in/IN its/PRP$ 13th/JJ day/NN ,/, the/DT strike/NN has/VBZ idled/VBN about/RB 55,000/CD machinists/NNS and/CC has/VBZ started/VBN to/TO delay/VB delivery/NN of/IN some/DT jetliners/NNS ./. 
With/IN a/DT strike/NN fund/NN of/IN about/RB $/$ 100/CD million/CD ,/, the/DT union/NN had/VBD said/VBD it/PRP was/VBD prepared/VBN for/IN a/DT long/JJ strike/NN ./. 
After/IN the/DT third/JJ week/NN on/IN strike/NN ,/, union/NN members/NNS will/MD begin/VB receiving/VBG $/$ 100/CD a/DT week/NN from/IN the/DT fund/NN ./. 
Work/NN at/IN Boeing/NNP continues/VBZ with/IN supervisors/NNS and/CC other/JJ non-striking/JJ personnel/NNS manning/VBG the/DT lines/NNS ./. 
And/CC at/IN the/DT company/NN 's/POS Wichita/NNP ,/, Kan./NNP ,/, plant/NN ,/, about/RB 2,400/CD of/IN the/DT 11,700/CD machinists/NNS still/RB are/VBP working/VBG ,/, Boeing/NNP said/VBD ./. 
Under/IN Kansas/NNP right-to-work/JJ laws/NNS ,/, contracts/NNS can/MD not/RB require/VB workers/NNS to/TO be/VB union/NN members/NNS ./. 
Boeing/NNP has/VBZ declined/VBN to/TO say/VB how/WRB many/JJ employees/NNS are/VBP working/VBG at/IN its/PRP$ giant/JJ Renton/NNP ,/, Wash./NNP ,/, plant/NN ./. 
Union/NN officials/NNS could/MD n't/RB be/VB reached/VBN for/IN comment/NN ./. 
DPC/NNP Acquisition/NNP Partners/NNP ,/, a/DT hostile/JJ suitor/NN for/IN Dataproducts/NNP Corp./NNP ,/, said/VBD it/PRP intends/VBZ to/TO launch/VB a/DT tender/NN offer/NN for/IN the/DT computer/NN printer/NN maker/NN 's/POS common/JJ stock/NN ./. 
DPC/NNP ,/, a/DT group/NN led/VBD by/IN the/DT New/NNP York/NNP investment/NN firm/NN Crescott/NNP Inc./NNP ,/, also/RB said/VBD it/PRP plans/VBZ to/TO file/VB preliminary/JJ materials/NNS with/IN the/DT Securities/NNP and/CC Exchange/NNP Commission/NNP regarding/VBG a/DT shareholder/NN solicitation/NN to/TO oust/VB Dataproducts/NNP '/POS board/NN ./. 
DPC/NNP holds/VBZ a/DT 7.8/CD %/NN stake/NN in/IN Dataproducts/NNP and/CC made/VBD a/DT $/$ 15-a-share/JJ bid/NN for/IN the/DT company/NN in/IN May/NNP ,/, but/CC Dataproducts/NNP management/NN considered/VBD the/DT $/$ 283.7/CD million/CD proposal/NN unacceptable/JJ ./. 
A/DT DPC/NNP spokesman/NN declined/VBD to/TO elaborate/VB on/IN the/DT group/NN 's/POS new/JJ plan/NN ./. 
In/IN American/NNP Stock/NNP Exchange/NNP composite/NN trading/NN yesterday/NN ,/, Dataproducts/NNP shares/NNS jumped/VBD 62.5/CD cents/NNS to/TO close/VB at/IN $/$ 9.375/CD ./. 
Dataproducts/NNP ,/, which/WDT had/VBD been/VBN seeking/VBG a/DT buyer/NN for/IN several/JJ months/NNS ,/, announced/VBD a/DT restructuring/NN plan/NN in/IN September/NNP and/CC took/VBD itself/PRP off/IN the/DT auction/NN block/NN ./. 
The/DT company/NN 's/POS restructuring/NN includes/VBZ plans/NNS to/TO split/VB into/IN three/CD sectors/NNS ,/, to/TO phase/NN out/RP domestic/JJ printer/NN manufacturing/VBG operations/NNS and/CC to/TO sell/VB its/PRP$ New/NNP England/NNP subsidiary/NN ./. 
As/IN part/NN of/IN the/DT plan/NN ,/, Dataproducts/NNP announced/VBD a/DT pact/NN to/TO sell/VB $/$ 63/CD million/CD of/IN its/PRP$ real/JJ estate/NN holdings/NNS to/TO Trizec/NNP Properties/NNP Inc./NNP ,/, a/DT unit/NN of/IN Canada/NNP 's/POS Trizec/NNP Corp/NNP ./. 
Jack/NNP Davis/NNP ,/, Dataproducts/NNP '/POS president/NN ,/, chairman/NN and/CC chief/JJ executive/JJ officer/NN ,/, said/VBD the/DT company/NN ``/`` is/VBZ at/IN a/DT loss/NN to/TO understand/VB DPC/NNP 's/POS intentions/NNS ./. ''/'' 
He/PRP called/VBD today/NN 's/POS announcement/NN ``/`` opportunistic/JJ and/CC disruptive/JJ ''/'' and/CC said/VBD the/DT company/NN intends/VBZ to/TO proceed/VB with/IN its/PRP$ restructuring/NN ./. 
Share/NN prices/NNS plummeted/VBD across/IN Europe/NNP yesterday/NN in/IN response/NN to/TO Friday/NNP 's/POS New/NNP York/NNP sell-off/NN ,/, but/CC some/DT issues/NNS staged/VBD a/DT late/JJ comeback/NN after/IN Wall/NNP Street/NNP opened/VBD without/IN another/DT rout/NN ./. 
European/JJ investors/NNS have/VBP further/JJ reason/NN for/IN optimism/NN today/NN ,/, after/IN the/DT U.S./NNP rebound/NN ./. 
The/DT Frankfurt/NNP Stock/NNP Exchange/NNP ,/, which/WDT closed/VBD before/IN the/DT New/NNP York/NNP exchanges/NNS opened/VBD ,/, was/VBD the/DT hardest/JJS hit/NN of/IN the/DT major/JJ European/JJ markets/NNS ,/, with/IN the/DT DAX/NNP Index/NNP dropping/VBG 12.8/CD %/NN ./. 
In/IN London/NNP ,/, prices/NNS plummeted/VBD in/IN early/JJ trading/NN and/CC were/VBD off/JJ as/RB much/JJ as/IN 9/CD %/NN before/IN coming/VBG back/RB strong/JJ after/IN the/DT New/NNP York/NNP opening/NN to/TO close/VB down/RB only/RB 3.2/CD %/NN ./. 
West/JJ German/JJ Economics/NNP Minister/NNP Helmut/NNP Haussmann/NNP said/VBD ,/, ``/`` In/IN my/PRP$ view/NN ,/, the/DT stock/NN market/NN will/MD stabilize/VB relatively/RB quickly/RB ./. 
There/EX may/MD be/VB one/CD or/CC other/JJ psychological/JJ or/CC technical/JJ reactions/NNS ,/, but/CC they/PRP are/VBP n't/RB based/VBN on/IN fundamentals/NNS ./. 
The/DT economy/NN of/IN West/NNP Germany/NNP and/CC the/DT EC/NNP -LCB-/-LRB- European/NNP Community/NNP -RCB-/-RRB- is/VBZ highly/RB stable/JJ ./. ''/'' 
Paris/NNP ,/, which/WDT has/VBZ been/VBN the/DT center/NN of/IN speculation/NN fever/NN in/IN recent/JJ weeks/NNS ,/, also/RB was/VBD hard/RB hit/VBN ./. 
Share/NN prices/NNS fell/VBD in/IN Milan/NNP ,/, Amsterdam/NNP ,/, Zurich/NNP ,/, Madrid/NNP and/CC Stockholm/NNP ./. 
Prices/NNP in/IN Brussels/NNP ,/, where/WRB a/DT computer/NN breakdown/NN disrupted/VBD trading/NN ,/, also/RB tumbled/VBD ./. 
Following/VBG is/VBZ a/DT breakdown/NN of/IN major/JJ market/NN activity/NN :/: 
FRANKFURT/NNP :/: 
One/CD of/IN the/DT sharpest/JJS declines/NNS came/VBD in/IN the/DT financial/JJ center/NN of/IN Europe/NNP 's/POS strongest/JJS economy/NN ./. 
The/DT DAX/NNP Index/NNP of/IN 30/CD West/JJ German/JJ blue/JJ chips/NNS plunged/VBD 12.8/CD %/NN ,/, a/DT one-day/JJ record/NN ,/, wiping/VBG out/RP the/DT summer/NN 's/POS gains/NNS ./. 
The/DT index/NN closed/VBD at/IN 1385.72/CD ,/, down/RB 203.56/CD points/NNS ./. 
By/IN comparison/NN ,/, two/CD years/NNS ago/RB on/IN Black/NNP Monday/NNP ,/, the/DT new/JJ index/NN would/MD have/VB dropped/VBN 9.4/CD %/NN ,/, according/VBG to/TO a/DT projection/NN by/IN the/DT exchange/NN ./. 
Investors/NNS may/MD have/VB reacted/VBD so/RB strongly/RB to/TO Friday/NNP 's/POS U.S./NNP stock/NN market/NN loss/NN because/IN they/PRP had/VBD vivid/JJ memories/NNS of/IN the/DT Frankfurt/NNP exchange/NN 's/POS losing/VBG 35/CD %/NN of/IN its/PRP$ value/NN in/IN the/DT 1987/CD crash/NN and/CC its/PRP$ wake/NN ./. 
This/DT time/NN ,/, however/RB ,/, many/JJ small/JJ investors/NNS may/MD have/VB been/VBN hurt/VBN by/IN acting/VBG so/RB swiftly/RB ./. 
``/`` They/PRP all/DT went/VBD in/IN the/DT wrong/JJ direction/NN ,/, ''/'' said/VBD Andreas/NNP Insam/NNP ,/, an/DT investment/NN adviser/NN for/IN the/DT Bank/NNP in/IN Liechtenstein/NNP 's/POS Frankfurt/NNP branch/NN ./. 
He/PRP said/VBD he/PRP told/VBD clients/NNS to/TO buy/VB selected/VBN West/JJ German/JJ blue/JJ chips/NNS after/IN they/PRP fell/VBD by/IN about/RB 10/CD %/NN ./. 
After/IN the/DT opening/NN was/VBD delayed/VBN 30/CD minutes/NNS because/RB of/IN the/DT crush/NN of/IN sell/NN orders/NNS ,/, Frankfurt/NNP 's/POS normal/JJ two-hour/JJ trading/NN session/NN was/VBD extended/VBN 75/CD minutes/NNS to/TO handle/VB the/DT heavy/JJ volume/NN ./. 
``/`` The/DT beginning/NN was/VBD chaotic/JJ ,/, ''/'' said/VBD Nigel/NNP Longley/NNP ,/, a/DT broker/NN for/IN Commerzbank/NNP AG/NNP ./. 
``/`` It/PRP took/VBD three-quarters/NNS of/IN an/DT hour/NN before/IN enough/JJ prices/NNS could/MD be/VB worked/VBN out/RP to/TO get/VB a/DT reading/NN on/IN the/DT market/NN ./. ''/'' 
Institutional/JJ investors/NNS and/CC bankers/NNS ,/, many/DT of/IN whom/WP spent/VBD the/DT night/NN before/RB in/IN their/PRP$ offices/NNS watching/VBG Far/JJ Eastern/JJ markets/NNS ,/, were/VBD cautiously/RB optimistic/JJ after/IN the/DT mild/JJ 1.8/CD %/NN decline/NN in/IN Tokyo/NNP stock/NN prices/NNS ./. 
``/`` Everybody/NN was/VBD still/RB confident/JJ ,/, including/VBG most/JJS institutional/JJ investors/NNS ./. 
That/DT is/VBZ why/WRB everybody/NN was/VBD a/DT little/RB surprised/VBN by/IN the/DT storm/NN of/IN sell/NN orders/NNS from/IN small/JJ private/JJ investors/NNS ,/, ''/'' said/VBD Norbert/NNP Braeuer/NNP ,/, a/DT senior/JJ trader/NN for/IN Hessische/NNP Landesbank/NNP ./. 
Some/DT big/JJ institutions/NNS ,/, including/VBG banks/NNS ,/, began/VBD picking/VBG up/RP lower-priced/JJ shares/NNS late/RB yesterday/NN ,/, but/CC most/JJS investors/NNS wanted/VBD to/TO see/VB what/WP would/MD happen/VB in/IN New/NNP York/NNP before/IN acting/VBG ./. 
But/CC even/RB if/IN Wall/NNP Street/NNP continues/VBZ to/TO stabilize/VB ,/, analysts/NNS here/RB say/VBP the/DT latest/JJS blow/NN to/TO investor/NN confidence/NN could/MD inhibit/VB a/DT swift/NN recovery/NN for/IN the/DT Frankfurt/NNP exchange/NN ,/, which/WDT already/RB was/VBD showing/VBG signs/NNS of/IN weakness/NN after/IN the/DT DAX/NNP had/VBD slipped/VBN from/IN a/DT 1989/CD high/NN of/IN 1657.61/CD on/IN Sept./NNP 8/CD ./. 
Some/DT of/IN West/NNP Germany/NNP 's/POS bluest/JJS chips/NNS took/VBD some/DT of/IN the/DT biggest/JJS hits/NNS ./. 
A/DT 16.3/CD %/NN drop/NN for/IN Mannesmann/NNP AG/NNP and/CC Dresdner/NNP Bank/NNP AG/NNP 's/POS 9.6/CD %/NN decline/NN were/VBD especially/RB problematic/JJ for/IN their/PRP$ respective/JJ boards/NNS ,/, whose/WP$ plans/NNS for/IN major/JJ rights/NNS issues/NNS in/IN November/NNP could/MD now/RB be/VB in/IN jeopardy/NN ./. 
Dresdner/NNP Bank/NNP last/JJ month/NN said/VBD it/PRP hoped/VBD to/TO raise/VB 1.2/CD billion/CD marks/NNS -LRB-/-LRB- $/$ 642.2/CD million/CD -RRB-/-RRB- by/IN issuing/VBG four/CD million/CD shares/NNS at/IN 300/CD marks/NNS each/DT ./. 
Yet/RB yesterday/NN 's/POS market/NN cropped/VBD Dresdner/NNP 's/POS share/NN price/NN by/IN 33/CD marks/NNS to/TO 309/CD marks/NNS a/DT share/NN ,/, leaving/VBG little/JJ incentive/NN for/IN investors/NNS to/TO subscribe/VB to/TO the/DT standing/NN price/NN unless/IN the/DT market/NN recovers/VBZ quickly/RB ./. 
LONDON/NNP :/: 
Headed/VBN toward/IN a/DT record/NN drop/NN at/IN midday/NN ,/, the/DT London/NNP stock/NN market/NN recouped/VBD two-thirds/NNS of/IN its/PRP$ losses/NNS in/IN the/DT wake/NN of/IN New/NNP York/NNP 's/POS early/JJ rally/NN ./. 
The/DT Financial/NNP Times-Stock/NNP Exchange/NNP 100/CD Share/NNP Index/NNP closed/VBD off/RB 70.5/CD points/NNS ,/, at/IN 2163.4/CD ,/, its/PRP$ high/NN for/IN the/DT day/NN ,/, after/IN having/VBG plunged/VBD 204.2/CD points/NNS at/IN 12:49/CD p.m/NN ./. 
It/PRP was/VBD big/JJ institutions/NNS such/JJ as/IN Norwich/NNP Union/NNP Insurance/NNP Group/NNP ,/, Scottish/NNP Amicable/NNP Investment/NNP Managers/NNP and/CC Standard/NNP Life/NNP Assurance/NNP Co./NNP that/WDT spearheaded/VBD the/DT rally/NN ./. 
Attracted/VBN by/IN low/JJ prices/NNS and/CC encouraged/VBN by/IN New/NNP York/NNP 's/POS performance/NN ,/, they/PRP scooped/VBD up/RP equities/NNS across/IN the/DT board/NN ./. 
Volume/NN was/VBD 959.3/CD million/CD shares/NNS ,/, more/JJR than/IN triple/JJ recent/JJ levels/NNS ./. 
PARIS/NNP :/: 
Late/JJ buying/NN gave/VBD the/DT Paris/NNP Bourse/NNP a/DT parachute/NN after/IN its/PRP$ free/JJ fall/NN early/RB in/IN the/DT day/NN ./. 
The/DT CAC/NNP General/NNP Index/NNP ended/VBD down/RB 5.4/CD %/NN at/IN 523.6/CD ,/, a/DT drop/NN of/IN 29.6/CD points/NNS from/IN Friday/NNP ./. 
``/`` There/EX was/VBD a/DT volatility/NN in/IN the/DT market/NN that/IN I/PRP have/VBP never/RB seen/VBN before/RB ,/, ''/'' said/VBD Michel/NNP Vigier/NNP ,/, a/DT partner/NN in/IN brokerage/NN firm/NN Cholet/NNP Dupont/NNP ./. 
``/`` When/WRB Wall/NNP Street/NNP turned/VBD around/RB shortly/RB after/IN the/DT opening/NN ,/, there/EX was/VBD panic/NN buying/NN in/IN Paris/NNP ./. ''/'' 
Brokers/NNS said/VBD that/IN as/IN the/DT news/NN spread/VBD that/IN Wall/NNP Street/NNP was/VBD moving/VBG up/RB ,/, traders/NNS who/WP had/VBD called/VBN to/TO place/VB sell/NN orders/NNS changed/VBD their/PRP$ line/NN in/IN mid-conversation/NN ,/, ordering/VBG buys/NNS instead/RB ./. 
Trading/NN was/VBD driven/VBN primarily/RB by/IN small/JJ investors/NNS and/CC speculators/NNS ,/, with/IN large/JJ institutions/NNS waiting/VBG on/IN the/DT sidelines/NNS until/IN late/JJ in/IN the/DT day/NN ./. 
When/WRB Wall/NNP Street/NNP turned/VBD ,/, however/RB ,/, the/DT big/JJ boys/NNS entered/VBD the/DT market/NN ,/, looking/VBG for/IN bargains/NNS ./. 
J.P./NNP Morgan/NNP &/CC Co./NNP swung/VBD to/TO a/DT loss/NN in/IN the/DT third/JJ quarter/NN ,/, while/IN NCNB/NNP Corp./NNP reported/VBD net/JJ income/NN more/RBR than/IN doubled/VBD ,/, and/CC Security/NNP Pacific/NNP Corp./NNP net/NN rose/VBD 10/CD %/NN ./. 
J.P./NNP Morgan/NNP &/CC Co/NNP ./. 
J.P./NNP Morgan/NNP ,/, as/IN expected/VBN ,/, posted/VBD a/DT $/$ 1.82/CD billion/CD net/NN loss/NN for/IN the/DT quarter/NN ,/, reflecting/VBG the/DT New/NNP York/NNP bank/NN 's/POS decision/NN last/JJ month/NN to/TO add/VB $/$ 2/CD billion/CD to/TO reserves/NNS for/IN losses/NNS on/IN loans/NNS to/TO less-developed/JJ countries/NNS ./. 
The/DT reserve/NN addition/NN placed/VBD the/DT parent/NN of/IN Morgan/NNP Guaranty/NNP Trust/NNP Co./NNP among/IN a/DT few/JJ major/JJ U.S./NNP banks/NNS that/WDT have/VBP covered/VBN nearly/RB all/DT their/PRP$ medium/NN and/CC long-term/JJ portfolios/NNS to/TO less-developed/JJ countries/NNS with/IN reserves/NNS ./. 
The/DT latest/JJS quarter/NN 's/POS loss/NN equals/VBZ $/$ 9.92/CD a/DT share/NN ./. 
In/IN the/DT year-earlier/JJ quarter/NN ,/, Morgan/NNP earned/VBD $/$ 233.6/CD million/CD ,/, or/CC $/$ 1.25/CD a/DT share/NN ./. 
George/NNP M./NNP Salem/NNP ,/, analyst/NN at/IN Prudential-Bache/NNP Securities/NNP Inc./NNP ,/, called/VBD the/DT results/NNS ``/`` mildly/RB disappointing/JJ ./. ''/'' 
Excluding/VBG the/DT $/$ 2/CD billion/CD provision/NN and/CC allowing/VBG for/IN the/DT taxes/NNS Morgan/NNP paid/VBD ,/, earnings/NNS were/VBD about/RB 65/CD cents/NNS a/DT share/NN ,/, Mr./NNP Salem/NNP said/VBD ./. 
In/IN New/NNP York/NNP Stock/NNP Exchange/NNP composite/NN trading/NN yesterday/NN ,/, Morgan/NNP climbed/VBD $/$ 1.50/CD a/DT share/NN to/TO $/$ 44.125/CD ./. 
Net/JJ interest/NN income/NN sank/VBD 27/CD %/NN in/IN the/DT quarter/NN to/TO $/$ 254/CD million/CD from/IN $/$ 347/CD million/CD ./. 
The/DT interest/NN rate/NN on/IN short-term/JJ funds/NNS ,/, which/WDT banks/NNS borrow/VBP to/TO finance/VB longer-term/JJ loans/NNS to/TO customers/NNS ,/, was/VBD ``/`` sharply/RB higher/JJR ,/, ''/'' Morgan/NNP said/VBD ./. 
Morgan/NNP received/VBD $/$ 2/CD million/CD of/IN interest/NN payments/NNS on/IN its/PRP$ medium/JJ and/CC long-term/JJ Brazilian/JJ loans/NNS ;/: had/VBD they/PRP been/VBN accruing/VBG interest/NN ,/, net/JJ interest/NN income/NN would/MD have/VB been/VBN $/$ 35/CD million/CD higher/JJR in/IN the/DT quarter/NN ,/, Morgan/NNP said/VBD ./. 
Such/JJ loans/NNS to/TO Argentina/NNP also/RB remain/VBP classified/JJ as/IN non-accruing/JJ ,/, costing/VBG the/DT bank/NN $/$ 10/CD million/CD of/IN interest/NN income/NN in/IN the/DT third/JJ period/NN ./. 
Income/NN from/IN sources/NNS other/JJ than/IN interest/NN climbed/VBD 12/CD %/NN to/TO $/$ 414/CD million/CD ,/, reflecting/VBG higher/JJR corporate-finance/NN and/CC other/JJ fees/NNS and/CC gains/NNS on/IN sales/NNS of/IN investment/NN securities/NNS ./. 
``/`` These/DT increases/NNS were/VBD partly/RB offset/VBN by/IN lower/JJR trading-related/JJ ''/'' income/NN ,/, the/DT bank/NN said/VBD ./. 
Non-interest/JJ expenses/NNS grew/VBD 16/CD %/NN to/TO $/$ 496/CD million/CD ./. 
NCNB/NNP Corp/NNP ./. 
NCNB/NNP Corp./NNP 's/POS net/JJ income/NN more/RBR than/IN doubled/VBD in/IN the/DT period/NN ,/, largely/RB because/IN of/IN continued/VBN strong/JJ performance/NN by/IN the/DT bank/NN 's/POS Texas/NNP operations/NNS ./. 
The/DT Charlotte/NNP ,/, N.C./NNP ,/, company/NN said/VBD earnings/NNS rose/VBD to/TO $/$ 143.6/CD million/CD ,/, or/CC $/$ 1.45/CD a/DT share/NN ,/, from/IN $/$ 58.9/CD million/CD ,/, or/CC 69/CD cents/NNS a/DT share/NN ,/, a/DT year/NN earlier/RBR ./. 
The/DT latest/JJS quarter/NN included/VBD a/DT gain/NN of/IN $/$ 56.1/CD million/CD ,/, or/CC 59/CD cents/NNS a/DT share/NN ,/, related/VBN to/TO the/DT purchase/NN of/IN the/DT remaining/JJ 51/CD %/NN of/IN NCNB/NNP Texas/NNP National/NNP Bank/NNP from/IN the/DT Federal/NNP Deposit/NNP Insurance/NNP Corp/NNP ./. 
The/DT strong/JJ performance/NN ,/, however/RB ,/, contrasted/VBD with/IN an/DT unexpectedly/RB large/JJ increase/NN in/IN the/DT size/NN of/IN NCNB/NNP 's/POS problem/NN loans/NNS ,/, particularly/RB in/IN the/DT Southeast/NNP ./. 
In/IN the/DT third/JJ quarter/NN ,/, nonperforming/VBG assets/NNS jumped/VBD to/TO $/$ 474.1/CD million/CD ,/, or/CC 1.43/CD %/NN of/IN net/JJ loans/NNS and/CC leases/NNS ,/, from/IN $/$ 232.8/CD million/CD ,/, or/CC 1.13/CD %/NN in/IN the/DT second/JJ quarter/NN ./. 
Nonperformers/NNS totaled/VBD $/$ 230.8/CD million/CD ,/, or/CC 1.27/CD %/NN in/IN the/DT year-ago/JJ third/JJ quarter/NN ./. 
Included/VBN in/IN the/DT increase/NN in/IN the/DT most/RBS recent/JJ quarter/NN is/VBZ a/DT $/$ 33/CD million/CD loan/NN ,/, which/WDT NCNB/NNP said/VBD it/PRP ``/`` expects/VBZ to/TO be/VB fully/RB repaid/VBN ,/, with/IN no/DT loss/NN ,/, early/RB in/IN the/DT fourth/JJ quarter/NN ./. ''/'' 
The/DT deterioration/NN in/IN credit/NN quality/NN offset/VBD strong/JJ loan/NN growth/NN of/IN 17/CD %/NN in/IN NCNB/NNP 's/POS Southeast/NNP operations/NNS ,/, as/RB well/RB as/IN a/DT 28/CD %/NN growth/NN in/IN deposits/NNS resulting/VBG from/IN an/DT aggressive/JJ marketing/NN campaign/NN ./. 
The/DT higher/JJR rates/NNS paid/VBN on/IN deposits/NNS also/RB helped/VBD squeeze/VB NCNB/NNP 's/POS net/JJ interest/NN margin/NN in/IN the/DT Southeast/NNP to/TO 3.38/CD %/NN from/IN 3.80/CD %/NN a/DT year/NN earlier/RBR ./. 
In/IN Big/NNP Board/NNP composite/NN trading/NN yesterday/NN ,/, NCNB/NNP jumped/VBD $/$ 3.50/CD a/DT share/NN ,/, to/TO $/$ 51/CD ./. 
Results/NNS were/VBD released/VBN after/IN the/DT market/NN closed/VBD ./. 
NCNB/NNP Texas/NNP National/NNP ,/, formed/VBN from/IN the/DT remnants/NNS of/IN of/IN the/DT failed/VBN First/NNP RepublicBank/NNP Corp./NNP of/IN Dallas/NNP ,/, contributed/VBD $/$ 76.9/CD million/CD to/TO NCNB/NNP 's/POS bottom/JJ line/NN in/IN the/DT third/JJ quarter/NN ./. 
NCNB/NNP said/VBD its/PRP$ third-quarter/NN results/NNS reflect/VBP 100/CD %/NN of/IN earnings/NNS of/IN the/DT Texas/NNP operation/NN since/IN Aug./NNP 1/CD ./. 
NCNB/NNP raised/VBD some/DT $/$ 1.9/CD billion/CD in/IN new/JJ capital/NN during/IN the/DT quarter/NN to/TO complete/VB the/DT NCNB/NNP Texas/NNP purchase/NN ,/, and/CC to/TO acquire/VB several/JJ small/JJ failed/VBN thrifts/NNS to/TO fill/VB out/RP its/PRP$ regional/JJ franchise/NN ./. 
Last/JJ week/NN ,/, the/DT banking/NN company/NN said/VBD it/PRP purchased/VBD both/DT Freedom/NNP Savings/NNP &/CC Loan/NNP Association/NNP ,/, Tampa/NNP ,/, Fla./NNP ,/, and/CC University/NNP Federal/NNP Savings/NNP Association/NNP of/IN San/NNP Antonio/NNP ,/, Texas/NNP ,/, for/IN $/$ 169.4/CD million/CD ./. 
In/IN the/DT first/JJ nine/CD months/NNS ,/, NCNB/NNP 's/POS net/JJ income/NN climbed/VBD 65/CD %/NN to/TO $/$ 310.9/CD million/CD ,/, or/CC $/$ 3.30/CD a/DT share/NN ,/, from/IN $/$ 188.2/CD million/CD ,/, or/CC $/$ 2.22/CD a/DT share/NN ,/, a/DT year/NN earlier/RBR ./. 
Security/NNP Pacific/NNP Corp/NNP ./. 
Security/NNP Pacific/NNP 's/POS earnings/NNS growth/NN slowed/VBD in/IN the/DT third/JJ quarter/NN ,/, but/CC the/DT Los/NNP Angeles/NNP bank/NN holding/VBG company/NN was/VBD still/RB able/JJ to/TO post/VB a/DT 10/CD %/NN increase/NN in/IN net/JJ income/NN because/IN of/IN robust/JJ growth/NN in/IN residential/JJ real-estate/NN and/CC consumer/NN loans/NNS ./. 
Net/JJ rose/VBD to/TO $/$ 185.1/CD million/CD ,/, or/CC $/$ 1.55/CD a/DT share/NN ,/, from/IN $/$ 167.9/CD million/CD ,/, or/CC $/$ 1.47/CD a/DT share/NN ,/, a/DT year/NN earlier/RBR ./. 
The/DT company/NN said/VBD the/DT gain/NN resulted/VBD mainly/RB from/IN a/DT $/$ 54/CD million/CD increase/NN in/IN net/JJ interest/NN income/NN ,/, reflecting/VBG a/DT 33/CD %/NN increase/NN in/IN real/NN estate/NN loans/NNS -LRB-/-LRB- mainly/RB residential/JJ -RRB-/-RRB- ,/, and/CC a/DT 19/CD %/NN rise/NN in/IN consumer/NN loans/NNS ./. 
These/DT high-yielding/JJ loans/NNS in/IN effect/NN replaced/VBD some/DT low-yielding/JJ assets/NNS such/JJ as/IN inter-bank/JJ loans/NNS ,/, which/WDT were/VBD allowed/VBN to/TO decrease/VB ./. 
As/IN a/DT result/NN ,/, Security/NNP Pacific/NNP 's/POS net/JJ interest/NN margin/NN fell/VBD only/RB 13/CD basis/NN points/NNS ,/, a/DT more/RBR mild/JJ decrease/NN than/IN some/DT major/JJ banks/NNS outside/IN California/NNP ,/, which/WDT have/VBP been/VBN reporting/VBG more/RBR sluggish/JJ earnings/NNS ./. 
Security/NNP Pacific/NNP shares/NNS closed/VBD at/IN $/$ 44.625/CD ,/, down/RB 37.5/CD cents/NNS ,/, in/IN Big/NNP Board/NNP composite/JJ trading/NN ./. 
The/DT earnings/NNS represent/VBP a/DT 0.89/CD %/NN return/NN on/IN assets/NNS for/IN Security/NNP Pacific/NNP ,/, and/CC an/DT 18.9/CD %/NN return/NN on/IN equity/NN ./. 
The/DT loan/NN growth/NN offset/VBD continuing/VBG real-estate/NN loan/NN losses/NNS in/IN the/DT depressed/VBN Arizona/NNP market/NN ./. 
Security/NNP Pacific/NNP reported/VBD a/DT 33/CD %/NN increase/NN in/IN net/JJ credit/NN losses/NNS for/IN the/DT quarter/NN ,/, to/TO $/$ 109/CD million/CD from/IN $/$ 81.9/CD million/CD in/IN the/DT year-ago/JJ period/NN ./. 
Nonperforming/VBG loans/NNS grew/VBD slightly/RB to/TO $/$ 1.75/CD billion/CD at/IN Sept./NNP 30/CD ,/, from/IN $/$ 1.7/CD billion/CD a/DT year/NN ago/RB ./. 
Security/NNP Pacific/NNP 's/POS loan-loss/JJ provision/NN was/VBD down/RB 22/CD %/NN ,/, or/CC $/$ 30.4/CD million/CD ,/, because/IN it/PRP added/VBD to/TO its/PRP$ foreign-debt/JJ reserve/NN the/DT year/NN before/RB ./. 
Non-interest/JJ income/NN fell/VBD 6/CD %/NN in/IN the/DT quarter/NN ,/, mainly/RB because/IN of/IN an/DT unusual/JJ gain/NN a/DT year/NN earlier/RBR from/IN the/DT sale/NN of/IN Hong/NNP Kong/NNP banking/NN operations/NNS ./. 
Non-interest/JJ expense/NN grew/VBD only/RB 4/CD %/NN in/IN the/DT period/NN ./. 
For/IN the/DT nine/CD months/NNS ,/, net/JJ rose/VBD 17/CD %/NN to/TO $/$ 548.9/CD million/CD ,/, or/CC $/$ 4.67/CD a/DT share/NN ,/, from/IN $/$ 469.4/CD million/CD ,/, or/CC $/$ 4.13/CD a/DT share/NN ,/, a/DT year/NN earlier/RBR ./. 
LIN/NNP Broadcasting/NNP Corp./NNP said/VBD it/PRP wo/MD n't/RB take/VB a/DT position/NN on/IN a/DT revised/VBN tender/NN offer/NN by/IN McCaw/NNP Cellular/NNP Communications/NNP Inc./NNP to/TO buy/VB LIN/NNP and/CC has/VBZ asked/VBN for/IN clarification/NN of/IN the/DT offer/NN ./. 
The/DT new/JJ offer/NN ,/, which/WDT seeks/VBZ 50.3/CD %/NN of/IN the/DT cellular/JJ and/CC broadcasting/NN concern/NN ,/, is/VBZ for/IN $/$ 125/CD a/DT share/NN for/IN 22/CD million/CD LIN/NNP shares/NNS ./. 
McCaw/NNP 's/POS revised/VBN tender/NN offer/NN would/MD require/VB McCaw/NNP to/TO begin/VB an/DT auction/NN process/NN in/IN July/NNP 1994/CD that/WDT would/MD buy/VB out/RP remaining/JJ holders/NNS at/IN a/DT per-share/JJ price/NN roughly/RB equivalent/JJ to/TO what/WP a/DT third/JJ party/NN might/MD then/RB have/VB to/TO pay/VB for/IN all/DT of/IN LIN/NNP ./. 
LIN/NNP is/VBZ asking/VBG McCaw/NNP to/TO clarify/VB its/PRP$ tender/NN offer/NN ,/, which/WDT challenges/VBZ an/DT agreement/NN between/IN BellSouth/NNP Corp./NNP and/CC LIN/NNP to/TO merge/VB their/PRP$ cellular-telephone/JJ businesses/NNS ./. 
BellSouth/NNP has/VBZ notified/VBN LIN/NNP that/IN it/PRP would/MD ``/`` shortly/RB respond/VB to/TO the/DT McCaw/NNP proposal/NN in/IN as/RB full/JJ and/CC effective/JJ a/DT manner/NN as/IN is/VBZ warranted/VBN ./. ''/'' 
The/DT LIN/NNP board/NN said/VBD holders/NNS may/MD be/VB misled/VBN by/IN the/DT provision/NN in/IN the/DT McCaw/NNP proposal/NN that/IN ``/`` guarantees/NNS ''/'' private/JJ market/NN value/NN after/IN five/CD years/NNS for/IN the/DT remaining/JJ shares/NNS ./. 
McCaw/NNP has/VBZ ``/`` no/DT obligation/NN to/TO purchase/NN and/CC the/DT definition/NN of/IN private/JJ market/NN value/NN is/VBZ uncertain/JJ ,/, ''/'' the/DT LIN/NNP board/NN said/VBD ./. 
The/DT board/NN added/VBD that/IN McCaw/NNP would/MD be/VB able/JJ to/TO control/VB LIN/NNP 's/POS operations/NNS and/CC could/MD ,/, ``/`` therefore/RB ,/, operate/VB LIN/NNP in/IN a/DT manner/NN which/WDT could/MD diminish/VB its/PRP$ private/JJ market/NN value/NN and/CC attractiveness/NN to/TO a/DT third-party/JJ purchaser/NN in/IN five/CD years/NNS ./. ''/'' 
In/IN national/JJ over-the-counter/JJ trading/NN ,/, LIN/NNP closed/VBD at/IN $/$ 104.75/CD ,/, down/RB $/$ 2.75/CD ./. 
A/DT group/NN of/IN institutional/JJ investors/NNS in/IN Telerate/NNP Inc./NNP said/VBD that/IN Dow/NNP Jones/NNP &/CC Co./NNP 's/POS $/$ 18-a-share/JJ offer/NN for/IN the/DT electronic/JJ financial/JJ information/NN services/NNS company/NN is/VBZ ``/`` grossly/RB inadequate/JJ ./. ''/'' 
In/IN a/DT letter/NN filed/VBN with/IN the/DT Securities/NNP and/CC Exchange/NNP Commission/NNP ,/, the/DT group/NN ,/, which/WDT holds/VBZ about/RB 4.5/CD million/CD Telerate/NNP shares/NNS ,/, or/CC about/RB 4.7/CD %/NN of/IN the/DT shares/NNS outstanding/JJ ,/, said/VBD ``/`` .../: at/IN present/JJ none/NN of/IN us/PRP believes/VBZ an/DT offer/NN for/IN less/JJR than/IN $/$ 25/CD per/IN share/NN would/MD be/VB fair/JJ and/CC some/DT believe/VBP that/DT $/$ 25/CD is/VBZ too/RB low/JJ ./. ''/'' 
The/DT letter/NN was/VBD dated/VBN Oct./NNP 6/CD ./. 
In/IN composite/JJ trading/NN on/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ,/, Telerate/NNP shares/NNS closed/VBD yesterday/NN at/IN $/$ 18.875/CD ,/, down/RB 75/CD cents/NNS a/DT share/NN ./. 
Dow/NNP Jones/NNP ,/, publisher/NN of/IN The/DT Wall/NNP Street/NNP Journal/NNP ,/, has/VBZ launched/VBN an/DT $/$ 18-a-share/JJ ,/, or/CC $/$ 576/CD million/CD ,/, tender/NN offer/NN to/TO acquire/VB the/DT remaining/JJ Telerate/NNP shares/NNS outstanding/JJ ;/: Dow/NNP Jones/NNP owns/VBZ 67/CD %/NN of/IN Telerate/NNP ./. 
Telerate/NNP has/VBZ rejected/VBN the/DT offer/NN ,/, which/WDT expires/VBZ Nov./NNP 3/CD ./. 
The/DT group/NN includes/VBZ Putnam/NNP Cos./NNP and/CC various/JJ affiliates/NNS based/VBN in/IN Boston/NNP ;/: Wells/NNP Fargo/NNP Bank/NNP ,/, San/NNP Francisco/NNP ;/: the/DT California/NNP Public/NNP Employees/NNP Retirement/NNP System/NNP ,/, Sacramento/NNP ,/, Calif./NNP ,/, and/CC T./NNP Rowe/NNP Price/NNP Associates/NNP Inc./NNP ,/, Baltimore/NNP ./. 
Among/IN other/JJ issues/NNS ,/, the/DT group/NN 's/POS letter/NN said/VBD it/PRP has/VBZ ``/`` concerns/VBZ as/IN to/TO whether/IN Dow/NNP Jones/NNP 's/POS offer/NN meets/VBZ the/DT applicable/JJ requirements/NNS of/IN procedural/JJ fairness/NN ./. ''/'' 
A/DT spokesman/NN for/IN Dow/NNP Jones/NNP said/VBD he/PRP had/VBD n't/RB seen/VBN the/DT group/NN 's/POS filing/NN ,/, but/CC added/VBD ,/, ``/`` obviously/RB Dow/NNP Jones/NNP disagrees/VBZ with/IN their/PRP$ conclusions/NNS ./. 
Our/PRP$ offer/NN is/VBZ to/TO buy/VB any/DT and/CC all/DT shares/NNS tendered/VBN at/IN $/$ 18/CD a/DT share/NN ./. 
U.S./NNP Trade/NNP Representative/NNP Carla/NNP Hills/NNP said/VBD the/DT first/JJ dispute-settlement/JJ panel/NN set/VBD up/RP under/IN the/DT U.S.-Canadian/JJ ``/`` free/JJ trade/NN ''/'' agreement/NN has/VBZ ruled/VBN that/IN Canada/NNP 's/POS restrictions/NNS on/IN exports/NNS of/IN Pacific/NNP salmon/NN and/CC herring/NN violate/VBP the/DT accord/NN ./. 
Mrs./NNP Hills/NNP said/VBD the/DT U.S./NNP and/CC Canada/NNP have/VBP until/IN Nov./NNP 13/CD to/TO resolve/VB the/DT dispute/NN ./. 
If/IN a/DT solution/NN is/VBZ n't/RB reached/VBN by/IN then/RB ,/, she/PRP said/VBD ,/, the/DT U.S./NNP would/MD have/VB the/DT right/NN to/TO suspend/VB some/DT trade/NN concessions/NNS to/TO Canada/NNP equivalent/NN in/IN value/NN to/TO the/DT losses/NNS suffered/VBN by/IN U.S./NNP fish-processing/JJ companies/NNS in/IN Alaska/NNP and/CC the/DT Pacific/NNP Northwest/NNP ./. 
However/RB ,/, in/IN Ottawa/NNP ,/, Canadian/NNP Trade/NNP Minister/NNP John/NNP Crosbie/NNP said/VBD the/DT dispute-settlement/JJ panel/NN accepted/VBD the/DT ``/`` legitimacy/NN of/IN Canada/NNP 's/POS position/NN on/IN the/DT use/NN of/IN these/DT landing/NN requirements/NNS to/TO conserve/VB and/CC manage/VB these/DT important/JJ fisheries/NNS ./. ''/'' 
Questioned/VBN about/IN the/DT seeming/JJ contradiction/NN in/IN the/DT U.S./NNP and/CC Canadian/JJ government/NN views/NNS of/IN the/DT panel/NN 's/POS report/NN ,/, an/DT aide/NN for/IN Mrs./NNP Hills/NNP said/VBD the/DT panel/NN had/VBD clearly/RB ruled/VBN that/IN the/DT Canadian/JJ trade/NN restrictions/NNS ``/`` are/VBP illegal/JJ ./. ''/'' 
The/DT U.S./NNP trade/NN representative/NN declined/VBD to/TO put/VB a/DT dollar/NN estimate/NN on/IN the/DT losses/NNS resulting/VBG from/IN the/DT Canadian/JJ export/NN restrictions/NNS ./. 
Canada/NNP initially/RB had/VBD an/DT export/NN prohibition/NN that/WDT was/VBD replaced/VBN by/IN regulations/NNS requiring/VBG that/DT such/JJ fish/NN had/VBD to/TO be/VB brought/VBN ashore/RB in/IN British/NNP Columbia/NNP by/IN commercial/JJ fishermen/NNS prior/RB to/TO export/VB ./. 
This/DT action/NN was/VBD defended/VBN by/IN the/DT Canadian/JJ government/NN on/IN conservation/NN grounds/NNS ./. 
Mrs./NNP Hills/NNP said/VBD yesterday/NN that/IN the/DT dispute-settlement/JJ panel/NN rejected/VBD this/DT Canadian/JJ government/NN argument/NN ./. 
``/`` We/PRP fully/RB expect/VBP that/IN Canada/NNP will/MD comply/VB with/IN the/DT panel/NN 's/POS ruling/NN ''/'' that/IN the/DT ``/`` landing/NN requirement/NN ''/'' also/RB must/MD be/VB ended/VBN ,/, she/PRP said/VBD ./. 
Earlier/RBR ,/, an/DT international/JJ panel/NN set/VBN up/NNP under/IN the/DT rules/NNS of/IN the/DT General/NNP Agreement/NNP on/IN Tariffs/NNP and/CC Trade/NNP in/IN Geneva/NNP determined/VBD that/IN the/DT original/JJ Canadian/JJ fish-export/JJ restrictions/NNS violated/VBD GATT/NNP rules/NNS ./. 
Mrs./NNP Hills/NNP said/VBD the/DT U.S./NNP wo/MD n't/RB accept/VB any/DT delays/NNS after/IN Nov./NNP 13/CD because/IN U.S./NNP fish-processing/JJ firms/NNS enter/VBP into/IN contracts/NNS in/IN the/DT fall/NN to/TO purchase/VB the/DT next/JJ season/NN 's/POS catch/NN ./. 
She/PRP said/VBD the/DT Canadian/JJ restrictions/NNS must/MD be/VB removed/VBN before/IN such/JJ contracts/NNS are/VBP concluded/VBN ./. 
Idle/JJ Thought/NN 
To/TO spend/VB a/DT carefree/JJ ,/, idle/JJ day/NN ,/, When/WRB duty/NN calls/VBZ ,/, to/TO pay/VB no/DT heed/NN ,/, To/TO while/VB the/DT precious/JJ hours/NNS away/RB --/: Character/NN is/VBZ what/WP you/PRP need/VBP ./. 
--/: May/NNP Richstone/NNP ./. 
Telecussed/VBD 
The/DT guy/NN who/WP throws/VBZ an/DT intercept/NN 'Cause/IN his/PRP$ receiver/NN slips/VBZ Should/MD somehow/RB be/VB advised/VBN that/IN we/PRP At/IN home/NN can/MD read/VB his/PRP$ lips/NNS ./. 
--/: Dick/NNP Emmons/NNP ./. 
BancOklahoma/NNP Corp./NNP said/VBD it/PRP completed/VBD a/DT restructuring/NN agreement/NN previously/RB agreed/VBN to/TO by/IN the/DT Federal/NNP Deposit/NNP Insurance/NNP Corp./NNP ,/, creditor/NN banks/NNS and/CC subordinated/VBN debenture/NN holders/NNS ./. 
The/DT plan/NN would/MD permit/VB the/DT bank/NN holding/VBG company/NN to/TO retire/VB its/PRP$ bank/NN and/CC debenture/NN obligations/NNS through/IN exchanges/NNS of/IN cash/NN and/CC equity/NN ./. 
The/DT FDIC/NNP ,/, which/WDT in/IN 1986/CD provided/VBD $/$ 130/CD million/CD in/IN open-bank/JJ assistance/NN to/TO BancOklahoma/NNP 's/POS Bank/NNP of/IN Oklahoma/NNP ,/, Tulsa/NNP ,/, unit/NN will/MD continue/VB to/TO maintain/VB $/$ 90/CD million/CD in/IN preferred/VBN stock/NN in/IN the/DT Tulsa/NNP bank/NN unit/NN ./. 
In/IN exchange/NN for/IN the/DT other/JJ $/$ 40/CD million/CD ,/, the/DT FDIC/NNP will/MD receive/VB additional/JJ warrants/NNS entitling/VBG it/PRP to/TO buy/VB 60/CD %/NN of/IN BancOklahoma/NNP 's/POS common/JJ stock/NN outstanding/JJ ,/, up/RB from/IN the/DT 55/CD %/NN option/NN the/DT FDIC/NNP received/VBD under/IN terms/NNS of/IN the/DT 1986/CD capital/NN infusion/NN ./. 
In/IN exchange/NN for/IN the/DT $/$ 76/CD million/CD they/PRP are/VBP owed/VBN ,/, creditor/NN banks/NNS will/MD receive/VB 3.9/CD million/CD shares/NNS of/IN BancOklahoma/NNP common/JJ stock/NN and/CC the/DT proceeds/NNS from/IN the/DT future/JJ sales/NNS of/IN four/CD subsidiary/JJ banks/NNS to/TO private/JJ buyers/NNS ,/, the/DT bank/NN holding/VBG company/NN said/VBD ./. 
Also/RB under/IN the/DT agreement/NN ,/, debenture/NN holders/NNS will/MD get/VB one/CD million/CD shares/NNS of/IN common/JJ stock/NN in/IN exchange/NN for/IN $/$ 7.7/CD million/CD in/IN debentures/NNS and/CC holders/NNS of/IN BancOklahoma/NNP 's/POS series/NN A/DT preferred/JJ stock/NN will/MD receive/VB 1.25/CD shares/NNS of/IN common/JJ stock/NN for/IN every/DT share/NN of/IN preferred/VBN they/PRP own/VBP ,/, the/DT company/NN said/VBD ./. 
Bear/NNP Stearns/NNP 's/POS chief/JJ economist/NN ,/, Lawrence/NNP Kudlow/NNP ,/, in/IN the/DT Sept./NNP 29/CD issue/NN of/IN the/DT firm/NN 's/POS Global/NNP Spectator/NNP :/: 
Were/VB it/PRP true/JJ that/IN a/DT weak/JJ currency/NN paves/VBZ the/DT way/NN for/IN trade/NN surpluses/NNS ,/, then/RB presumably/RB Argentina/NN would/MD be/VB the/DT center/NN of/IN today/NN 's/POS global/JJ economy/NN ./. 
BSN/NNP Corp./NNP said/VBD it/PRP will/MD begin/VB an/DT offer/NN tomorrow/NN to/TO exchange/VB up/IN to/TO one/CD million/CD of/IN its/PRP$ common/JJ shares/NNS and/CC all/DT of/IN its/PRP$ $/$ 16.6/CD million/CD in/IN 7/CD 3\/4/CD %/NN convertible/JJ debentures/NNS due/JJ 2001/CD for/IN a/DT package/NN of/IN new/JJ debt/NN and/CC common/JJ stock/NN warrants/NNS ./. 
Under/IN terms/NNS of/IN the/DT offer/NN ,/, the/DT sporting/NN goods/NNS maker/NN will/MD swap/VB $/$ 9/CD face/NN amount/NN of/IN 9/CD 1\/4/CD %/NN subordinated/VBD notes/NNS due/JJ 1996/CD and/CC one/CD warrant/NN for/IN each/DT common/JJ share/NN ./. 
Each/DT warrant/NN allows/VBZ the/DT holder/NN to/TO buy/VB one/CD BSN/NNP share/NN for/IN $/$ 10.75/CD a/DT share/NN at/IN any/DT time/NN over/IN the/DT next/JJ seven/CD years/NNS ./. 
BSN/NNP currently/RB has/VBZ 4.6/CD million/CD common/JJ shares/NNS outstanding/JJ ./. 
BSN/NNP also/RB is/VBZ offering/VBG $/$ 850/CD face/NN amount/NN of/IN new/JJ notes/NNS and/CC 64/CD common-stock/JJ warrants/NNS for/IN each/DT $/$ 1,000/CD face/NN amount/NN of/IN its/PRP$ convertible/JJ debt/NN outstanding/JJ ./. 
The/DT company/NN said/VBD it/PRP can/MD redeem/VB the/DT warrants/NNS at/IN its/PRP$ option/NN for/IN $/$ 1/CD each/DT ./. 
The/DT offer/NN is/VBZ n't/RB contingent/JJ on/IN a/DT certain/JJ amount/NN of/IN debt/NN or/CC stock/NN being/VBG exchanged/VBN ./. 
BSN/NNP said/VBD it/PRP is/VBZ making/VBG the/DT offer/NN to/TO shrink/VB its/PRP$ capital/NN and/CC increase/VB shareholder/NN value/NN ./. 
If/IN all/DT the/DT bondholders/NNS and/CC holders/NNS of/IN one/CD million/CD common/JJ shares/NNS accept/VBP the/DT offer/NN ,/, BSN/NNP will/MD increase/VB its/PRP$ debt/NN by/IN $/$ 9/CD million/CD ,/, but/CC it/PRP also/RB will/MD recognize/VB a/DT $/$ 2/CD million/CD gain/NN from/IN retiring/VBG the/DT old/JJ debt/NN ,/, said/VBD Michael/NNP J./NNP Blumenfeld/NNP ,/, president/NN ./. 
``/`` We/PRP have/VBP sufficient/JJ cash/NN flow/NN to/TO handle/VB that/DT ,/, ''/'' he/PRP said/VBD ./. 
The/DT offers/NNS are/VBP scheduled/VBN to/TO expire/VB in/IN mid/JJ to/TO late/JJ November/NNP ./. 
Merrill/NNP Lynch/NNP &/CC Co./NNP 's/POS net/JJ income/NN dropped/VBD 37/CD %/NN ,/, while/IN Bear/NNP Stearns/NNP Cos./NNP posted/VBD a/DT 7.5/CD %/NN gain/NN in/IN net/JJ ,/, and/CC PaineWebber/NNP Group/NNP Inc./NNP 's/POS profit/NN fell/VBD ,/, but/CC would/MD have/VB risen/VBN without/IN a/DT special/JJ gain/NN a/DT year/NN ago/RB ./. 
At/IN Merrill/NNP Lynch/NNP ,/, third-period/JJ net/JJ was/VBD $/$ 41/CD million/CD ,/, or/CC 34/CD cents/NNS a/DT share/NN ,/, down/RB from/IN $/$ 65.6/CD million/CD ,/, or/CC 58/CD cents/NNS a/DT share/NN ,/, a/DT year/NN ago/RB ./. 
Total/JJ revenue/NN reached/VBN $/$ 2.83/CD billion/CD ,/, up/RB 10/CD %/NN from/IN $/$ 2.57/CD billion/CD ./. 
The/DT firm/NN 's/POS drop/NN in/IN net/JJ reflected/VBD weaker/JJR revenue/NN in/IN transactions/NNS for/IN its/PRP$ own/JJ account/NN --/: a/DT decline/NN of/IN 19/CD %/NN to/TO $/$ 314.6/CD million/CD on/IN reduced/VBN revenue/NN from/IN trading/VBG fixed-income/JJ securities/NNS ./. 
Investment/NN banking/VBG revenue/NN fell/VBD 22/CD %/NN to/TO $/$ 296.6/CD million/CD on/IN fewer/JJR equity/NN and/CC municipal/JJ underwritings/NNS ./. 
Merrill/NNP Lynch/NNP 's/POS commission/NN revenue/NN grew/VBD 21/CD %/NN ,/, however/RB ,/, to/TO $/$ 462.8/CD million/CD ,/, on/IN higher/JJR share/NN prices/NNS and/CC volume/NN and/CC on/IN strong/JJ sales/NNS of/IN mutual/JJ funds/NNS ./. 
Revenue/NN derived/VBN from/IN interest/NN and/CC dividends/NNS jumped/VBD 30/CD %/NN to/TO $/$ 1.4/CD billion/CD ./. 
Asset-management/JJ fee/NN revenue/NN grew/VBD 12/CD %/NN to/TO $/$ 151/CD million/CD ./. 
The/DT brokerage/NN also/RB reported/VBD a/DT loss/NN of/IN $/$ 2.2/CD million/CD from/IN the/DT discontinued/VBN operations/NNS and/CC disposal/NN of/IN its/PRP$ Fine/NNP Homes/NNP International/NNP Limited/NNP Partnership/NNP real-estate/NN subsidiary/NN ./. 
Bear/NNP Stearns/NNP said/VBD net/NN in/IN the/DT first/JJ quarter/NN ended/VBN Sept./NNP 29/CD reached/VBD $/$ 22.1/CD million/CD ,/, or/CC 23/CD cents/NNS a/DT share/NN ,/, from/IN $/$ 20.5/CD million/CD ,/, or/CC 20/CD cents/NNS a/DT share/NN ,/, in/IN the/DT year-earlier/JJ quarter/NN ./. 
Gross/JJ revenue/NN rose/VBD 21/CD %/NN to/TO $/$ 580.4/CD million/CD from/IN $/$ 478.9/CD million/CD ./. 
Profit/NN from/IN trading/NN for/IN its/PRP$ own/JJ account/NN dropped/VBD ,/, the/DT securities/NNS firm/NN said/VBD ./. 
Investment/NN banking/NN revenue/NN climbed/VBD 25/CD %/NN ,/, while/IN commission/NN revenue/NN advanced/VBD 31/CD %/NN on/IN a/DT stronger/JJR retail/JJ market/NN ./. 
Bear/NNP Stearns/NNP is/VBZ the/DT holding/VBG company/NN for/IN Bear/NNP ,/, Stearns/NNP &/CC Co./NNP ,/, the/DT investment/NN banking/NN and/CC brokerage/NN firm/NN ./. 
In/IN New/NNP York/NNP Stock/NNP Exchange/NNP composite/NN trading/NN yesterday/NN ,/, Bear/NNP Stearns/NNP shares/NNS closed/VBD at/IN $/$ 13.625/CD ,/, down/RB 25/CD cents/NNS ./. 
Separately/RB ,/, PaineWebber/NNP posted/VBD net/JJ income/NN for/IN the/DT third/JJ quarter/NN of/IN $/$ 16.8/CD million/CD ,/, or/CC 41/CD cents/NNS a/DT share/NN ,/, reflecting/VBG a/DT ``/`` broad-based/JJ improvement/NN ''/'' in/IN the/DT company/NN 's/POS core/NN businesses/NNS ./. 
Retail/JJ profit/NN surged/VBD ,/, but/CC the/DT company/NN said/VBD it/PRP was/VBD only/RB a/DT ``/`` modest/JJ contributor/NN ''/'' to/TO third-quarter/JJ results/NNS ./. 
A/DT year/NN ago/RB ,/, net/NN at/IN the/DT New/NNP York/NNP investment/NN banking/VBG firm/NN was/VBD $/$ 20.9/CD million/CD ,/, or/CC 50/CD cents/NNS a/DT share/NN ,/, including/VBG a/DT special/JJ pretax/JJ gain/NN of/IN $/$ 46.3/CD million/CD from/IN the/DT sale/NN of/IN the/DT company/NN 's/POS interest/NN in/IN National/NNP Car/NNP Rental/NNP Systems/NNP Inc/NNP ./. 
Revenue/NN was/VBD $/$ 444.9/CD million/CD ,/, including/VBG net/JJ interest/NN ,/, down/RB slightly/RB from/IN $/$ 450.7/CD million/CD ./. 
In/IN Big/NNP Board/NNP composite/NN trading/NN yesterday/RB ,/, PaineWebber/NNP closed/VBD at/IN $/$ 18.50/CD ,/, up/RB 75/CD cents/NNS ./. 
Seafirst/NNP Corp./NNP said/VBD it/PRP signed/VBD an/DT agreement/NN with/IN builder/NN Martin/NNP Selig/NNP to/TO purchase/VB its/PRP$ headquarters/NN building/NN ,/, the/DT Columbia/NNP Seafirst/NNP Center/NNP ,/, for/IN $/$ 354/CD million/CD ./. 
Purchase/NN of/IN the/DT 76-story/JJ structure/NN is/VBZ subject/JJ to/TO execution/NN of/IN a/DT definitive/JJ agreement/NN ,/, approval/NN by/IN the/DT boards/NNS of/IN Seafirst/NNP and/CC its/PRP$ parent/NN company/NN BankAmerica/NNP Corp./NNP ,/, and/CC approval/NN by/IN regulators/NNS ./. 
The/DT market/NN upheaval/NN apparently/RB has/VBZ n't/RB triggered/VBN any/DT cash/NN crunch/NN --/: yet/RB ./. 
Individual/JJ investors/NNS ,/, investment/NN firms/NNS and/CC arbitragers/NNS who/WP speculate/VBP in/IN the/DT stocks/NNS of/IN takeover/NN candidates/NNS can/MD suffer/VB liquidity/NN and/CC payment/NN problems/NNS when/WRB stocks/NNS dive/VBP ;/: those/DT investors/NNS often/RB borrow/VBP heavily/RB to/TO buy/VB their/PRP$ holdings/NNS and/CC use/VB the/DT stocks/NNS as/IN collateral/NN for/IN loans/NNS ./. 
But/CC several/JJ large/JJ banks/NNS said/VBD yesterday/NN they/PRP detected/VBD no/DT signs/NNS of/IN unusual/JJ demand/NN for/IN credit/NN that/WDT would/MD signal/VB such/JJ difficulties/NNS ./. 
``/`` We/PRP 're/VBP seeing/VBG nothing/NN out/IN of/IN the/DT ordinary/JJ ,/, ''/'' said/VBD one/CD official/NN at/IN a/DT Top/JJ 10/CD bank/NN ./. 
``/`` That/DT 's/VBZ good/JJ news/NN ,/, because/IN we/PRP all/DT swim/VBP in/IN this/DT water/NN ./. ''/'' 
Added/VBD another/DT executive/NN at/IN a/DT big/JJ bank/NN :/: ``/`` We/PRP were/VBD all/DT a/DT little/JJ goosey/JJ over/IN the/DT weekend/NN trying/VBG to/TO forecast/VB what/WP would/MD happen/VB -LCB-/-LRB- Monday/NNP -RCB-/-RRB- ,/, but/CC it/PRP 's/VBZ been/VBN very/RB quiet/JJ ./. 
Now/RB ,/, as/IN for/IN tomorrow/NN ,/, hell/UH ,/, who/WP knows/VBZ ?/. 
What/WP happened/VBD Friday/NNP shows/VBZ that/IN financial/JJ markets/NNS are/VBP not/RB yet/RB sufficiently/RB coordinated/VBN to/TO handle/VB another/DT meltdown/NN in/IN prices/NNS ./. 
No/DT fiddling/NN with/IN systems/NNS and/CC procedures/NNS will/MD ever/RB prevent/VB markets/NNS from/IN suffering/VBG a/DT panic/NN wave/NN of/IN selling/NN ./. 
But/CC markets/NNS can/MD operate/VB with/IN greater/JJR or/CC lesser/JJR efficiency/NN ./. 
After/IN the/DT 1987/CD plunge/NN ,/, markets/NNS agreed/VBD that/IN it/PRP would/MD be/VB wise/JJ to/TO halt/VB trading/NN whenever/WRB panic/NN conditions/NNS arose/VBD ./. 
The/DT New/NNP York/NNP Stock/NNP Exchange/NNP adopted/VBD two/CD specific/JJ circuit/NN breakers/NNS :/: If/IN the/DT Dow/NNP Jones/NNP index/NN falls/VBZ 250/CD points/NNS in/IN a/DT day/NN ,/, the/DT exchange/NN will/MD halt/NN trading/VBG for/IN one/CD hour/NN ;/: if/IN the/DT decline/NN hits/VBZ 400/CD points/NNS ,/, the/DT exchange/NN will/MD close/VB for/IN an/DT additional/JJ two/CD hours/NNS ./. 
The/DT rationale/NN is/VBZ that/IN an/DT interruption/NN of/IN trading/NN will/MD allow/VB investors/NNS to/TO reconsider/VB their/PRP$ strategies/NNS ,/, calm/VB sellers/NNS and/CC lead/VB buyers/NNS to/TO enter/VB the/DT market/NN at/IN indicated/VBN new/JJ price/NN levels/NNS ./. 
It/PRP is/VBZ impossible/JJ to/TO know/VB whether/IN that/DT theory/NN is/VBZ realistic/JJ ./. 
A/DT temporary/JJ cessation/NN of/IN trading/NN may/MD indeed/RB discourage/VB a/DT selling/NN panic/NN from/IN feeding/VBG on/IN itself/PRP ./. 
But/CC there/EX is/VBZ also/RB the/DT possibility/NN that/IN shutting/VBG down/RP markets/NNS will/MD intensify/VB fears/NNS and/CC cause/VB an/DT even/RB more/RBR abrupt/JJ slide/NN in/IN prices/NNS ./. 
What/WP happened/VBD Friday/NNP was/VBD the/DT worst/JJS of/IN all/DT worlds/NNS ./. 
The/DT futures/NNS exchanges/NNS followed/VBD their/PRP$ own/JJ pre-set/JJ circuit/NN breakers/NNS and/CC shut/VBD down/RP at/IN about/RB 3/CD p.m./NN for/IN 30/CD minutes/NNS ,/, after/IN the/DT Standard/NNP &/CC Poor/NNP 's/POS 500/CD stock/NN index/NN had/VBD fallen/VBN 12/CD points/NNS ,/, or/CC about/RB 100/CD points/NNS on/IN the/DT Dow/NNP Jones/NNP index/NN ./. 
Options/NNS markets/NNS stopped/VBD trading/NN in/IN many/JJ securities/NNS ./. 
The/DT New/NNP York/NNP Stock/NNP Exchange/NNP ,/, under/IN its/PRP$ own/JJ rules/NNS ,/, remained/VBD open/JJ ./. 
With/IN nowhere/RB else/RB to/TO go/VB ,/, sellers/NNS ,/, and/CC particularly/RB program/NN traders/NNS ,/, focused/VBD all/DT their/PRP$ selling/NN on/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ./. 
As/IN liquidity/NN on/IN that/DT market/NN weakened/VBD ,/, prices/NNS fell/VBD sharply/RB ./. 
Had/VBD the/DT futures/NNS and/CC options/NNS markets/NNS been/VBN open/JJ ,/, additional/JJ liquidity/NN would/MD have/VB been/VBN provided/VBN and/CC the/DT decline/NN ,/, most/RBS probably/RB ,/, would/MD have/VB been/VBN less/RBR intense/JJ ./. 
At/IN 3:30/CD ,/, after/IN intense/JJ telephone/NN negotiations/NNS between/IN the/DT trading/NN markets/NNS and/CC Washington/NNP ,/, the/DT futures/NNS exchanges/NNS reopened/VBD ./. 
Futures/NNS trading/NN ,/, however/RB ,/, was/VBD halted/VBN altogether/RB at/IN 3:45/CD ,/, after/IN the/DT futures/NNS markets/NNS had/VBD dropped/VBN an/DT additional/JJ 30/CD points/NNS ,/, which/WDT is/VBZ the/DT daily/JJ limit/NN for/IN price/NN declines/NNS ./. 
At/IN this/DT point/NN ,/, the/DT options/NNS markets/NNS also/RB shut/VBD down/RP and/CC once/RB more/RBR left/VBD all/DT sales/NNS to/TO be/VB handled/VBN by/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ./. 
It/PRP is/VBZ time/NN to/TO recognize/VB that/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ,/, the/DT futures/NNS markets/NNS and/CC the/DT options/NNS markets/NNS ,/, though/IN physically/RB separate/JJ ,/, have/VBP actually/RB become/VBN so/RB closely/RB intertwined/VBN as/IN to/TO constitute/VB one/CD market/NN effectively/RB ./. 
Traders/NNS can/MD vary/VB their/PRP$ strategies/NNS and/CC execute/VB their/PRP$ orders/NNS in/IN any/DT one/CD of/IN them/PRP ./. 
It/PRP therefore/RB makes/VBZ no/DT sense/NN for/IN each/DT market/NN to/TO adopt/VB different/JJ circuit/NN breakers/NNS ./. 
To/TO achieve/VB maximum/NN liquidity/NN and/CC minimize/VB price/NN volatility/NN ,/, either/CC all/DT markets/NNS should/MD be/VB open/JJ to/TO trading/NN or/CC none/NN ./. 
Synchronized/VBN circuit/NN breakers/NNS would/MD not/RB have/VB halted/VBN the/DT slide/NN in/IN prices/NNS on/IN Friday/NNP ,/, but/CC they/PRP probably/RB would/MD have/VB made/VBN for/IN smoother/JJR ,/, less/RBR volatile/JJ executions/NNS ./. 
It/PRP 's/POS time/NN for/IN the/DT exchanges/NNS and/CC the/DT Securities/NNP and/CC Exchange/NNP Commission/NNP to/TO agree/VB on/IN joint/JJ conditions/NNS for/IN halting/VBG trading/NN or/CC staying/VBG open/JJ ./. 
Let/VB 's/PRP not/RB have/VB one/CD market/NN shut/VBD down/RP for/IN 30/CD minutes/NNS when/WRB the/DT Dow/NNP declines/VBZ 100/CD points/NNS and/CC another/DT shut/VBD down/RP for/IN an/DT hour/NN after/IN a/DT 250-point/JJ decline/NN ./. 
The/DT need/NN for/IN hurried/JJ last-minute/JJ telephone/NN negotiations/NNS among/IN market/NN officials/NNS will/MD disappear/VB once/IN rules/NNS are/VBP in/IN place/NN that/WDT synchronize/VBP circuit/NN breakers/NNS in/IN all/DT markets/NNS ./. 
The/DT new/JJ circuit/NN breakers/NNS ,/, if/IN they/PRP are/VBP to/TO be/VB applied/VBN at/IN all/DT ,/, will/MD require/VB that/IN futures/NNS and/CC options/NNS trading/NN continue/VB as/RB long/RB as/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP remains/VBZ open/JJ ./. 
The/DT rules/NNS should/MD be/VB established/VBN by/IN agreement/NN of/IN the/DT officials/NNS of/IN all/DT affected/VBN exchanges/NNS acting/VBG under/IN the/DT oversight/NN and/CC with/IN the/DT approval/NN of/IN the/DT government/NN regulatory/JJ agencies/NNS ./. 
Should/MD the/DT SEC/NNP and/CC the/DT Commodities/NNP Futures/NNP Trading/NNP Commission/NNP -LRB-/-LRB- which/WDT ,/, with/IN the/DT SEC/NNP ,/, regulates/VBZ the/DT Chicago/NNP stock-index/JJ markets/NNS -RRB-/-RRB- be/VB unable/JJ to/TO agree/VB ,/, the/DT issue/NN may/MD have/VB to/TO be/VB resolved/VBN by/IN decision/NN of/IN the/DT Treasury/NNP secretary/NN ./. 
In/IN many/JJ ways/NNS ,/, our/PRP$ financial/JJ markets/NNS are/VBP better/RBR prepared/VBN today/RB to/TO handle/VB a/DT decline/NN than/IN they/PRP were/VBD two/CD years/NNS ago/RB ./. 
The/DT New/NNP York/NNP Stock/NNP Exchange/NNP now/RB has/VBZ the/DT capacity/NN to/TO handle/VB a/DT volume/NN of/IN nearly/RB a/DT billion/CD shares/NNS a/DT day/NN ./. 
Telephone/NN service/NN has/VBZ been/VBN improved/VBN for/IN customers/NNS trying/VBG to/TO reach/VB their/PRP$ brokers/NNS ,/, and/CC specialists/NNS --/: who/WP I/PRP believe/VBP should/MD stay/VB ,/, despite/IN the/DT urgings/NNS of/IN some/DT post-crash/JJ critics/NNS --/: have/VB larger/JJR capital/NN positions/NNS ./. 
-LRB-/-LRB- Of/IN course/NN ,/, specialists/NNS '/POS actions/NNS alone/RB can/MD never/RB prevent/VB a/DT major/JJ crack/NN in/IN stock/NN prices/NNS ./. 
Witness/VB the/DT fact/NN that/IN trading/NN in/IN some/DT stocks/NNS closed/VBD early/JJ Friday/NNP and/CC opened/VBD late/JJ Monday/NNP because/IN of/IN an/DT excess/NN of/IN sell/NN orders/NNS ./. -RRB-/-RRB- 
But/CC the/DT task/NN of/IN improving/VBG market/NN performance/NN remains/VBZ unfinished/JJ ./. 
Mr./NNP Freund/NNP ,/, former/JJ chief/JJ economist/NN of/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ,/, is/VBZ a/DT professor/NN of/IN economics/NNS at/IN Pace/NNP University/NNP 's/POS business/NN school/NN in/IN New/NNP York/NNP ./. 
A/DT UNIFIED/JJ EUROPE/NNP poses/VBZ labor/NN problems/NNS and/CC prospects/NNS for/IN U.S./NNP firms/NNS ./. 
The/DT ``/`` social/JJ dimension/NN ''/'' --/: worker/NN concerns/NNS --/: of/IN the/DT European/NNP Community/NNP 's/POS plan/NN to/TO open/VB its/PRP$ internal/JJ borders/NNS in/IN 1992/CD could/MD set/VB the/DT effort/NN ``/`` off/IN the/DT rails/NNS ''/'' if/IN not/RB done/VBN reasonably/RB ,/, says/VBZ General/NNP Electric/NNP senior/JJ vice/NN president/NN Frank/NNP Doyle/NNP ./. 
U.S./NNP companies/NNS wanting/VBG to/TO expand/VB in/IN Europe/NNP face/VBP ``/`` tough/JJ pressure/NN ''/'' from/IN unions/NNS in/IN nations/NNS such/JJ as/IN West/NNP Germany/NNP ,/, which/WDT play/VBP a/DT big/JJ consulting/NN role/NN in/IN management/NN decisions/NNS ,/, he/PRP says/VBZ ./. 
FMC/NNP Corp./NNP and/CC Baxter/NNP International/NNP say/VBP unions/NNS also/RB wo/MD n't/RB like/VB plant/NN relocations/NNS and/CC needed/VBN restructuring/NN ,/, which/WDT means/VBZ layoffs/NNS ./. 
Many/JJ employers/NNS have/VBP already/RB begun/VBN moving/VBG to/TO southern/JJ countries/NNS such/JJ as/IN Spain/NNP and/CC Italy/NNP ,/, where/WRB wages/NNS are/VBP low/JJ and/CC unions/NNS are/VBP weaker/JJR ;/: demand/NN for/IN trained/VBN labor/NN and/CC managers/NNS will/MD rise/VB there/RB ,/, FMC/NNP says/VBZ ./. 
Pfizer/NNP ,/, Fluor/NNP and/CC GE/NNP see/VBP big/JJ ``/`` EC/NNP 92/CD ''/'' pluses/NNS :/: a/DT push/NN for/IN job/NN training/NN and/CC ease/NN in/IN moving/VBG and/CC finding/VBG workers/NNS ./. 
CLUBBING/VBG A/DT FAN/NN was/VBD n't/RB the/DT Baltimore/NNP Orioles/NNP '/POS fault/NN ./. 
So/RB said/VBD a/DT federal/JJ judge/NN ,/, in/IN a/DT case/NN involving/VBG two/CD players/NNS for/IN the/DT minor/JJ league/NN Bluefield/NNP ,/, Va./NNP ,/, Orioles/NNP ,/, a/DT Baltimore/NNP farm/NN team/NN ./. 
The/DT players/NNS were/VBD heckled/VBN by/IN a/DT patron/NN during/IN a/DT July/NNP 4/CD ,/, 1988/CD ,/, game/NN with/IN the/DT Martinsville/NNP Phillies/NNP ./. 
Like/IN its/PRP$ parent/NN that/DT year/NN ,/, ``/`` Bluefield/NNP was/VBD not/RB having/VBG a/DT good/JJ year/NN ,/, ''/'' the/DT judge/NN said/VBD ./. 
After/IN the/DT game/NN -LRB-/-LRB- ``/`` Bluefield/NNP lost/VBD ,/, 9-8/CD ,/, stranding/VBG three/CD runners/NNS in/IN .../: the/DT ninth/JJ ,/, ''/'' he/PRP noted/VBD -RRB-/-RRB- ,/, trouble/NN began/VBD ./. 
More/JJR taunting/NN in/IN the/DT parking/NN lot/NN ,/, the/DT players/NNS said/VBD ,/, led/VBD to/TO a/DT fight/NN ./. 
The/DT fan/NN said/VBD he/PRP was/VBD punched/VBN and/CC kicked/VBN by/IN one/CD player/NN and/CC that/IN the/DT other/JJ broke/VBD his/PRP$ jaw/NN with/IN a/DT baseball/NN bat/NN ./. 
The/DT judge/NN dismissed/VBD the/DT fan/NN 's/POS suit/NN against/IN the/DT team/NN ,/, however/RB ,/, ruling/VBG the/DT Orioles/NNP innocent/JJ of/IN negligent/JJ hiring/NN ,/, and/CC not/RB responsible/JJ for/IN a/DT fight/NN that/WDT was/VBD outside/IN the/DT players/NNS '/POS employment/NN ./. 
PROPOSALS/NNS ARISE/VBP for/IN coping/VBG with/IN the/DT shortage/NN of/IN nurses/NNS ./. 
An/DT Association/NNP of/IN Academic/NNP Health/NNP Centers/NNP report/NN urges/VBZ freeing/VBG nurses/NNS from/IN duties/NNS that/WDT do/VBP n't/RB require/VB special/JJ skills/NNS ./. 
It/PRP also/RB recommends/VBZ better/JJR retirement/NN and/CC day-care/NN benefits/NNS ,/, and/CC basing/VBG pay/NN on/IN education/NN ,/, experience/NN and/CC nurses/NNS '/POS demanding/JJ work/NN schedules/NNS ./. 
But/CC it/PRP opposes/VBZ an/DT American/NNP Medical/NNP Association/NNP proposal/NN for/IN creating/VBG a/DT ``/`` registered/JJ care/NN technologist/NN ,/, ''/'' as/IN ``/`` potentially/RB divisive/JJ ''/'' ;/: it/PRP says/VBZ the/DT job/NN would/MD entail/VB an/DT unwanted/JJ new/JJ doctor/NN 's/POS ``/`` bedside/NN ''/'' extension/NN ./. 
Over/IN a/DT third/JJ of/IN 618/CD hospitals/NNS surveyed/VBN by/IN consultant/NN Hewitt/NNP Associates/NNP use/VBP a/DT ``/`` clinical/JJ ladder/NN ,/, ''/'' basing/VBG advancement/NN on/IN performance/NN and/CC education/NN ./. 
Many/RB also/RB use/VB recruiting/VBG bonuses/NNS ,/, tuition/NN reimbursement/NN ,/, loan/NN repayment/NN or/CC child-care/JJ help/NN ./. 
Some/DT give/VBP lump-sum/JJ incentives/NNS ./. 
MRA/NNP Staffing/NNP Systems/NNP signs/VBZ up/RP nurses/NNS for/IN paid/VBN travel/NN ,/, promising/VBG annual/JJ income/NN up/IN to/TO $/$ 50,000/CD and/CC free/JJ or/CC subsidized/VBN housing/NN ./. 
TREATING/VBG EMPLOYEES/NNS with/IN respect/NN is/VBZ crucial/JJ for/IN managers/NNS ,/, says/VBZ consultant/NN Hay/NNP Group/NNP after/IN surveys/NNS of/IN a/DT million/CD workers/NNS ./. 
It/PRP 's/VBZ in/IN their/PRP$ top/JJ five/CD ``/`` work/NN values/NNS ./. ''/'' 
Fully/RB 80/CD %/NN of/IN employees/NNS who/WP say/VBP their/PRP$ bosses/NNS treat/VBP them/PRP with/IN respect/NN ,/, but/CC only/RB a/DT third/JJ of/IN those/DT who/WP do/VBP n't/RB feel/VB respected/VBN say/VBP they/PRP 're/VBP satisfied/VBN with/IN where/WRB they/PRP work/VBP ./. 
SPRUCING/VBG UP/RP THE/DT DIGS/NNS :/: About/RB 200/CD employees/NNS of/IN the/DT Maryland/NNP Department/NNP of/IN Economic/NNP and/CC Employment/NNP Development/NNP for/IN four/CD months/NNS painted/VBD walls/NNS ,/, polished/VBD and/CC carpeted/VBD floors/NNS ,/, bought/VBD plants/NNS ,/, cleaned/VBD windows/NNS and/CC blinds/NNS ,/, and/CC hung/VBD pictures/NNS at/IN the/DT agency/NN 's/POS Baltimore/NNP office/NN ./. 
The/DT 3,000/CD hours/NNS of/IN work/NN will/MD save/VB the/DT state/NN $/$ 55,000/CD ./. 
CURBING/VBG WAGE/NN BOOSTS/NNS will/MD get/VB high/JJ priority/NN again/RB in/IN 1990/CD collective/JJ bargaining/NN ,/, a/DT Bureau/NNP of/IN National/NNP Affairs/NNP survey/NN of/IN 250/CD companies/NNS with/IN pacts/NNS expiring/VBG next/JJ year/NN indicates/VBZ ./. 
Despite/IN labor-shortage/NN warnings/NNS ,/, 80/CD %/NN aim/VBP for/IN first-year/JJ wage/NN increases/NNS of/IN under/IN 4/CD %/NN ;/: and/CC 77/CD %/NN say/VBP they/PRP 'd/MD try/VB to/TO replace/VB workers/NNS ,/, if/IN struck/VBN ,/, or/CC would/MD consider/VB it/PRP ./. 
TEMPORARY/JJ WORKERS/NNS have/VBP good/JJ educations/NNS ,/, the/DT National/NNP Association/NNP of/IN Temporary/NNP Services/NNP says/VBZ ;/: its/PRP$ survey/NN of/IN 2,508/CD such/JJ employees/NNS shows/VBZ 82/CD %/NN with/IN more/JJR than/IN a/DT high-school/JJ education/NN ,/, and/CC 31/CD %/NN with/IN college/NN degrees/NNS ./. 
About/RB 12/CD %/NN have/VBP retired/VBN from/IN a/DT full-time/JJ job/NN ,/, while/IN 54/CD %/NN were/VBD asked/VBN to/TO stay/VB on/RP full/JJ time/NN ./. 
HOME-SALE/JJ LOSSES/NNS rise/VBP ,/, but/CC they/PRP 're/VBP often/RB covered/VBN by/IN employers/NNS ./. 
But/CC they/PRP search/VBP for/IN ways/NNS to/TO limit/VB the/DT damage/NN ./. 
A/DT third/JJ of/IN 439/CD companies/NNS surveyed/VBN by/IN the/DT Employee/NNP Relocation/NNP Council/NNP report/VBP a/DT rise/NN in/IN 1988/CD sales/NNS losses/NNS over/IN 1987/CD ./. 
About/RB 72/CD %/NN reimburse/VBP for/IN all/DT or/CC some/DT losses/NNS ./. 
Since/IN 1984/CD ,/, more/JJR companies/NNS give/VBP sales-loss/JJ aid/NN ,/, as/IN many/JJ real-estate/NN values/NNS depreciated/VBD ,/, the/DT council/NN says/VBZ ./. 
RJR/NNP Nabisco/NNP pays/VBZ up/IN to/TO $/$ 30,000/CD of/IN losses/NNS ,/, including/VBG improvements/NNS ./. 
Goodrich/NNP wo/MD n't/RB ensure/VB loss/NN coverage/NN ,/, but/CC will/MD prevent/VB a/DT ``/`` catastrophic/JJ loss/NN ''/'' ;/: it/PRP has/VBZ given/VBN some/DT employees/NNS the/DT full/JJ purchase/NN price/NN when/WRB values/NNS fell/VBD from/IN concern/NN over/IN dangers/NNS posed/VBN by/IN a/DT disposal/NN site/NN ./. 
Federal/NNP Express/NNP ,/, Dow/NNP Chemical/NNP ,/, Ford/NNP and/CC National/NNP City/NNP Corp./NNP will/MD buy/VB the/DT home/NN or/CC let/VB the/DT worker/NN sell/VB to/TO an/DT outside/JJ firm/NN ,/, but/CC usually/RB wo/MD n't/RB cover/VB a/DT loss/NN ./. 
Since/IN 1984/CD ,/, firms/NNS offering/VBG prepurchase/JJ house/NN appraisals/NNS ,/, to/TO deter/VB overpaying/VBG ,/, rose/VBD to/TO 40/CD %/NN of/IN those/DT the/DT council/NN polled/VBD ,/, from/IN 28/CD %/NN ./. 
THE/DT CHECKOFF/NN :/: The/DT National/NNP Academy/NNP of/IN Engineering/NNP gives/VBZ two/CD inventors/NNS of/IN the/DT semiconductor/NN microchip/NN a/DT $/$ 350,000/CD achievement/NN award/NN .../: ./. 
Now/RB ,/, that/DT 's/VBZ reactionary/JJ :/: Letter/NNP Carriers/NNP union/NN president/NN Vincent/NNP Sombrotto/NNP accuses/VBZ Philadelphia/NNP postmaster/NN Charles/NNP James/NNP of/IN ``/`` 12th/JJ century/NN .../: oppressive/JJ management/NN tactics/NNS ./. 
Yesterday/NN was/VBD ,/, in/IN the/DT words/NNS of/IN New/NNP York/NNP Stock/NNP Exchange/NNP Chairman/NNP John/NNP J./NNP Phelan/NNP Jr./NNP ,/, just/RB your/PRP$ ``/`` reasonably/RB normal/JJ ,/, 400/CD million-share/JJ ,/, up/RB 88-points/JJ day/NN ./. ''/'' 
When/WRB it/PRP was/VBD all/DT over/RB and/CC stocks/NNS had/VBD staged/VBN a/DT huge/JJ recovery/NN ,/, Big/NNP Board/NNP officials/NNS were/VBD self-congratulatory/JJ about/IN how/WRB well/RB the/DT day/NN had/VBD gone/VBN ./. 
They/PRP said/VBD the/DT exchange/NN 's/POS trading/NN procedures/NNS ,/, personnel/NNS ,/, equipment/NN and/CC links/NNS with/IN other/JJ exchanges/NNS could/MD n't/RB have/VB performed/VBN better/RBR ./. 
``/`` We/PRP had/VBD no/DT operating/NN problems/NNS at/IN all/DT ,/, ''/'' Mr./NNP Phelan/NNP said/VBD after/IN the/DT market/NN closed/VBD ./. 
``/`` All/DT the/DT things/NNS that/IN we/PRP set/VBD up/RP to/TO slow/VB down/RP the/DT process/NN ,/, to/TO let/VB people/NNS know/VB that/IN the/DT market/NN was/VBD in/IN an/DT extreme/JJ position/NN ,/, worked/VBD extremely/RB well/RB ./. ''/'' 
Prices/NNS for/IN the/DT 416.3/CD million/CD shares/NNS that/WDT changed/VBD hands/NNS during/IN the/DT session/NN were/VBD carried/VBN on/IN the/DT exchange/NN 's/POS trading/NN tape/NN with/IN barely/RB a/DT delay/NN ,/, officials/NNS said/VBD ./. 
While/IN reaching/VBG blockbuster/NN proportions/NNS yesterday/NN ,/, the/DT volume/NN was/VBD still/RB well/RB within/IN the/DT 600/CD million-share/JJ capacity/NN that/IN the/DT exchange/NN has/VBZ said/VBD it/PRP can/MD handle/VB daily/RB since/IN beefing/VBG up/RP its/PRP$ computers/NNS after/IN the/DT October/NNP 1987/CD crash/NN ./. 
The/DT so-called/JJ circuit/NN breakers/NNS devised/VBN by/IN the/DT Big/NNP Board/NNP and/CC the/DT Chicago/NNP Mercantile/NNP Exchange/NNP to/TO quell/VB free/JJ falls/NNS in/IN stock/NN and/CC futures/NNS prices/NNS were/VBD n't/RB triggered/VBN yesterday/NN because/IN the/DT markets/NNS were/VBD higher/JJR for/IN most/RBS of/IN the/DT day/NN ./. 
Despite/IN traders/NNS '/POS complaints/NNS ,/, Mr./NNP Phelan/NNP said/VBD the/DT links/NNS with/IN the/DT Chicago/NNP futures/NNS market/NN worked/VBD as/RB planned/VBN in/IN Friday/NNP 's/POS rout/NN to/TO provide/VB a/DT cooling-off/JJ period/NN ./. 
Of/IN greater/JJR help/NN ,/, the/DT Big/NNP Board/NNP chairman/NN said/VBD ,/, was/VBD the/DT ``/`` natural/JJ circuit/NN breaker/NN ''/'' of/IN the/DT weekend/NN ,/, that/WDT provided/VBD a/DT breathing/NN period/NN that/IN ``/`` brought/VBN rationality/NN back/RB to/TO the/DT market/NN ./. 
Chicken/NN Chains/NNS Ruffled/VBN By/IN Loss/NN of/IN Customers/NNS 
FAST-FOOD/NN chicken/NN chains/NNS ,/, faced/VBN with/IN a/DT worsening/VBG business/NN slump/NN ,/, are/VBP struggling/VBG to/TO hatch/VB some/DT new/JJ marketing/NN strategies/NNS ./. 
The/DT Crest/NNP Report/NNP ,/, which/WDT tracks/VBZ consumer/NN purchases/NNS ,/, says/VBZ customer/NN traffic/NN at/IN chicken/NN restaurants/NNS fell/VBD 10/CD %/NN in/IN the/DT second/JJ quarter/NN ,/, while/IN the/DT overall/JJ fast-food/NN customer/NN count/NN was/VBD down/RB 2/CD %/NN ./. 
Chicken/NN business/NN is/VBZ off/JJ largely/RB because/IN of/IN more/JJR competition/NN from/IN grocery-store/JJ convenience/NN food/NN ,/, home-delivered/JJ pizza/NN and/CC other/JJ takeout/NN fare/NN ,/, says/VBZ a/DT spokesman/NN for/IN the/DT report/NN ,/, a/DT publication/NN of/IN NPD/NNP Group/NNP ,/, a/DT market/NN research/NN firm/NN in/IN Port/NNP Washington/NNP ,/, N.Y/NNP ./. 
The/DT loss/NN of/IN more/JJR customers/NNS is/VBZ the/DT latest/JJS in/IN a/DT string/NN of/IN problems/NNS ./. 
Church/NNP 's/POS Fried/NNP Chicken/NNP Inc./NNP and/CC Popeye/NNP 's/POS Famous/NNP Fried/NNP Chicken/NNP Inc./NNP ,/, which/WDT have/VBP merged/VBN ,/, are/VBP still/RB troubled/VBN by/IN overlapping/JJ restaurant/NN locations/NNS ./. 
Chicken/NN chains/NNS also/RB are/VBP feeling/VBG more/JJR pressure/NN from/IN McDonald/NNP 's/POS Corp./NNP ,/, which/WDT introduced/VBD its/PRP$ McChicken/NNP sandwich/NN this/DT year/NN and/CC recently/RB tested/VBD the/DT sale/NN of/IN individual/JJ pieces/NNS of/IN chicken/NN ./. 
New/JJ management/NN at/IN Kentucky/NNP Fried/NNP Chicken/NNP ,/, a/DT unit/NN of/IN PepsiCo/NNP Inc./NNP ,/, has/VBZ fought/VBN back/RB with/IN new/JJ medium/NN and/CC large/JJ chicken/NN sandwiches/NNS for/IN the/DT lunch/NN crowd/NN ./. 
And/CC the/DT chain/NN is/VBZ testing/VBG products/NNS that/WDT are/VBP n't/RB fried/VBN ,/, such/JJ as/IN ``/`` char-grilled/JJ ''/'' chicken/NN ,/, to/TO try/VB to/TO win/VB health-conscious/JJ consumers/NNS ./. 
Kentucky/NNP Fried/NNP Chicken/NNP also/RB is/VBZ testing/VBG home-delivery/NN of/IN chicken/NN ,/, which/WDT could/MD be/VB a/DT hit/NN with/IN stay-at-home/JJ diners/NNS ./. 
But/CC some/DT fast-food/NN industry/NN analysts/NNS say/VBP problems/NNS with/IN keeping/VBG chicken/NN warm/JJ and/CC fresh/JJ must/MD be/VB solved/VBN first/RB ./. 
A/DT Kentucky/NNP Fried/NNP Chicken/NNP spokesman/NN ,/, however/RB ,/, disputed/VBD the/DT notion/NN that/IN the/DT delivery/NN service/NN experienced/VBD problems/NNS in/IN some/DT markets/NNS where/WRB testing/NN has/VBZ been/VBN discontinued/VBN ./. 
He/PRP says/VBZ the/DT test/NN is/VBZ continuing/VBG in/IN Chicago/NNP ,/, Columbus/NNP ,/, Ohio/NNP ,/, and/CC a/DT few/JJ other/JJ cities/NNS ./. 
The/DT advertising/NN industry/NN is/VBZ buzzing/VBG with/IN rumors/NNS that/IN Kentucky/NNP Fried/NNP Chicken/NNP will/MD drop/VB Young/NNP &/CC Rubicam/NNP and/CC seek/VB a/DT new/JJ ad/NN agency/NN ./. 
But/CC the/DT company/NN declines/VBZ to/TO comment/VB ./. 
Emanuel/NNP Goldman/NNP ,/, a/DT PaineWebber/NNP Inc./NNP analyst/NN ,/, predicts/VBZ Kentucky/NNP Fried/NNP Chicken/NNP will/MD post/VB an/DT 11/CD %/NN drop/NN in/IN 1989/CD net/JJ income/NN ./. 
``/`` They/PRP 've/VBP been/VBN laggard/JJ ,/, ''/'' he/PRP says/VBZ ,/, ``/`` but/CC they/PRP 'll/MD have/VB to/TO become/VB more/RBR aggressive/JJ ./. ''/'' 
Reluctant/JJ Advertisers/NNS Try/VBP Soft-Sell/JJ Spots/NNS 
CALL/VB IT/PRP un-advertising/NN ./. 
Pittsburgh/NNP consultant/NN David/NNP Bear/NNP is/VBZ selling/VBG a/DT soft/JJ approach/NN to/TO clients/NNS who/WP want/VBP exposure/NN yet/CC shun/VBP pushy/JJ ads/NNS ./. 
His/PRP$ ploy/NN :/: 60-second/JJ radio/NN spots/NNS that/WDT offer/VBP helpful/JJ hints/NNS ./. 
The/DT only/JJ plug/NN for/IN the/DT sponsor/NN is/VBZ a/DT brief/JJ mention/NN at/IN the/DT end/NN of/IN the/DT spot/NN ./. 
The/DT messages/NNS resemble/VBP the/DT Business/NNP Traveler/NNP ,/, a/DT daily/JJ dose/NN of/IN travel/NN tips/NNS developed/VBN by/IN Mr./NNP Bear/NNP and/CC sponsored/VBN by/IN travel/NN agencies/NNS in/IN several/JJ major/JJ cities/NNS ./. 
New/JJ un-advertisers/NNS include/VBP Burt/NNP Hill/NNP Kosar/NNP Rittlemann/NNP Associates/NNP ,/, a/DT Butler/NNP ,/, Pa./NNP ,/, architectural/JJ firm/NN ./. 
Its/PRP$ radio/NN series/NN features/VBZ such/JJ spots/NNS as/IN ``/`` Floodlights/NNP :/: Evening/NNP Wear/NNP for/IN Urban/NNP Structures/NNP ''/'' and/CC ``/`` Building/VBG a/DT Place/NN to/TO Park/VB ./. ''/'' 
A/DT harder/JJR sell/NN ,/, says/VBZ John/NNP Kosar/NNP ,/, the/DT firm/NN 's/POS president/NN ,/, would/MD ``/`` detract/VB from/IN the/DT profession/NN ./. ''/'' 
Hospitals/NNS have/VBP signed/VBN up/RP to/TO use/VB the/DT messages/NNS to/TO promote/VB fundraisers/NNS ,/, and/CC Equitable/NNP Gas/NNP Co./NNP is/VBZ considering/VBG the/DT format/NN to/TO offer/VB energy/NN tips/NNS to/TO consumers/NNS ./. 
But/CC such/JJ spots/NNS can/MD be/VB too/RB soft/JJ ./. 
``/`` There/EX 's/VBZ always/RB a/DT risk/NN of/IN lost/VBN messages/NNS ,/, ''/'' says/VBZ John/NNP Fitzgerald/NNP ,/, chairman/NN of/IN Ketchum/NNP Advertising/NNP USA/NNP ,/, which/WDT created/VBD similar/JJ radio/NN spots/NNS for/IN Pittsburgh/NNP National/NNP Bank/NNP ./. 
``/`` It/PRP 's/VBZ a/DT question/NN of/IN how/WRB much/JJ credibility/NN you/PRP gain/VBP for/IN the/DT possible/JJ loss/NN of/IN recognition/NN ./. ''/'' 
Retailer/NN Sees/VBZ Pitfalls/NNS In/IN Environmental/JJ Push/NN 
HERE/RB 'S/VBZ a/DT retailer/NN that/WDT 's/VBZ getting/VBG tough/JJ in/IN the/DT push/NN for/IN environmentally/RB safe/JJ packaging/NN and/CC products/NNS ./. 
Big/NNP Bear/NNP Supermarkets/NNP Inc./NNP ,/, a/DT grocery/NN chain/NN based/VBN in/IN San/NNP Diego/NNP ,/, plans/VBZ to/TO display/VB shelf/NN cards/NNS and/CC distribute/VB pamphlets/NNS recommending/VBG products/NNS deemed/VBN safe/JJ for/IN the/DT environment/NN ./. 
The/DT choices/NNS will/MD be/VB based/VBN on/IN research/NN by/IN the/DT San/NNP Diego/NNP Environmental/NNP Health/NNP Coalition/NNP and/CC will/MD include/VB products/NNS like/IN Murphy/NNP 's/POS Oil/NNP Soap/NNP and/CC other/JJ noncorrosive/JJ cleaners/NNS ./. 
But/CC the/DT chain/NN is/VBZ quickly/RB realizing/VBG the/DT pitfalls/NNS of/IN such/JJ endorsements/NNS ./. 
For/IN example/NN ,/, it/PRP recommends/VBZ nonchlorinated/JJ dishwasher/NN detergent/NN and/CC puts/VBZ Sunlight/NNP on/IN its/PRP$ environmentally/RB safe/JJ list/NN ./. 
That/DT does/VBZ n't/RB thrill/VB Procter/NNP &/CC Gamble/NNP Co./NNP ,/, maker/NN of/IN Cascade/NNP dishwasher/NN detergent/NN ./. 
A/DT company/NN spokesman/NN questioned/VBD the/DT validity/NN of/IN the/DT list/NN ,/, noting/VBG that/DT chlorine/NN is/VBZ present/JJ in/IN all/DT major/JJ dishwasher/NN detergents/NNS ./. 
In/IN fact/NN ,/, Lever/NNP Bros./NNP confirms/VBZ that/IN its/PRP$ Sunlight/NNP brand/NN does/VBZ contain/VB chlorine/NN bleach/NN ,/, even/RB though/IN it/PRP is/VBZ n't/RB listed/VBN on/IN the/DT label/NN for/IN the/DT powder/NN version/NN ./. 
Thomas/NNP G./NNP Dahlen/NNP ,/, Big/NNP Bear/NNP 's/POS executive/JJ vice/NN president/NN ,/, said/VBD the/DT chain/NN is/VBZ still/RB reviewing/VBG its/PRP$ product/NN list/NN to/TO avoid/VB such/JJ problems/NNS ./. 
``/`` Our/PRP$ intent/NN is/VBZ to/TO promote/VB the/DT best/JJS alternative/NN ,/, ''/'' he/PRP says/VBZ ./. 
``/`` And/CC it/PRP 's/VBZ important/JJ that/IN we/PRP be/VB accurate/JJ ./. ''/'' 
But/CC in/IN the/DT end/NN ,/, customers/NNS '/POS wishes/NNS are/VBP what/WP will/MD prevail/VB ./. 
Big/NNP Bear/NNP does/VBZ n't/RB care/VB for/IN disposable/JJ diapers/NNS ,/, which/WDT are/VBP n't/RB biodegradable/JJ ./. 
Yet/CC parents/NNS demand/VBP them/PRP ./. 
Says/VBZ Mr./NNP Dahlen/NNP ,/, ``/`` We/PRP 'll/MD still/RB be/VB forced/VBN to/TO sell/VB items/NNS we/PRP might/MD not/RB philosophically/RB agree/VB with/IN ./. ''/'' 
Odds/NNS and/CC Ends/NNS 
NEATNESS/NN does/VBZ count/VB --/: at/IN least/JJS in/IN the/DT grocery/NN store/NN ./. 
A/DT study/NN by/IN Safeway/NNP 's/POS Scanner/NNP Marketing/NNP Research/NNP shows/VBZ soap/NN sales/NNS climbed/VBD 5/CD %/NN when/WRB bars/NNS were/VBD neatly/RB stacked/VBN on/IN shelves/NNS instead/RB of/IN dumped/VBD in/IN a/DT wire/NN basket/NN .../: ./. 
Which/WDT celebrity/NN endorsers/NNS are/VBP most/RBS believable/JJ ?/. 
For/IN the/DT third/JJ year/NN in/IN a/DT row/NN ,/, consumers/NNS voted/VBD Bill/NNP Cosby/NNP first/JJ and/CC James/NNP Garner/NNP second/JJ in/IN persuasiveness/NN as/IN spokesmen/NNS in/IN TV/NN commercials/NNS ,/, according/VBG to/TO Video/NNP Storyboard/NNP Tests/NNP ,/, New/NNP York/NNP ./. 
Michael/NNP J./NNP Fox/NNP replaced/VBD Bruce/NNP Willis/NNP in/IN third/JJ place/NN ;/: Cher/NNP placed/VBD fourth/JJ for/IN the/DT second/JJ time/NN ./. 
Health/NNP and/CC Human/NNP Services/NNP Secretary/NNP Louis/NNP Sullivan/NNP has/VBZ chosen/VBN Antonia/NNP Novello/NNP to/TO be/VB the/DT next/JJ surgeon/NN general/NN ,/, Bush/NNP administration/NN officials/NNS said/VBD ./. 
If/IN she/PRP is/VBZ nominated/VBN by/IN President/NNP Bush/NNP and/CC confirmed/VBN by/IN the/DT Senate/NNP ,/, Dr./NNP Novello/NNP would/MD succeed/VB C./NNP Everett/NNP Koop/NNP ,/, who/WP rattled/VBD liberals/NNS and/CC conservatives/NNS alike/RB with/IN his/PRP$ outspoken/JJ views/NNS on/IN a/DT range/NN of/IN health/NN issues/NNS ./. 
Dr./NNP Novello/NNP ,/, an/DT expert/NN on/IN pediatric/JJ kidney/NN diseases/NNS ,/, is/VBZ deputy/JJ director/NN of/IN the/DT National/NNP Institute/NNP of/IN Child/NNP Health/NNP and/CC Human/NNP Development/NNP ./. 
She/PRP has/VBZ also/RB served/VBN on/IN several/JJ task/NN forces/NNS on/IN acquired/VBN immune/JJ deficiency/NN syndrome/NN ./. 
Dr./NNP Novello/NNP 's/POS office/NN said/VBD she/PRP would/MD n't/RB talk/VB with/IN reporters/NNS ,/, and/CC it/PRP refused/VBD to/TO release/VB any/DT information/NN about/IN her/PRP ./. 
The/DT newsletter/NN Medicine/NNP &/CC Health/NNP ,/, which/WDT first/RB disclosed/VBD her/PRP$ selection/NN by/IN Dr./NNP Sullivan/NNP ,/, said/VBD she/PRP is/VBZ 44/CD years/NNS old/JJ and/CC she/PRP studied/VBD at/IN the/DT University/NNP of/IN Puerto/NNP Rico/NNP School/NNP of/IN Medicine/NNP ./. 
The/DT continuing/VBG series/NN of/IN HUD/NNP scandals/NNS is/VBZ a/DT sadly/RB predictable/JJ result/NN of/IN pork-barrel/NN politics/NNS ./. 
Nevertheless/RB ,/, lobbies/NNS such/JJ as/IN the/DT National/NNP Association/NNP of/IN Home/NNP Builders/NNP -LRB-/-LRB- NAHB/NNP -RRB-/-RRB- continue/VBP to/TO pressure/VB Capitol/NNP Hill/NNP for/IN more/JJR special-interest/JJ spending/NN ./. 
Kent/NNP Colton/NNP ,/, NAHB/NNP executive/JJ vice/NN president/NN ,/, argues/VBZ that/IN the/DT U.S./NNP faces/VBZ a/DT multifaceted/JJ housing/NN crisis/NN --/: reduced/VBN affordability/NN of/IN homes/NNS for/IN first-time/JJ buyers/NNS ,/, increased/VBN homelessness/NN ,/, and/CC lower/JJR apartment/NN construction/NN rates/NNS --/: that/DT will/MD be/VB ``/`` very/RB difficult/JJ ''/'' to/TO solve/VB ``/`` without/IN expanded/VBN federal/JJ resources/NNS ./. ''/'' 
There/EX 's/VBZ nothing/NN unusual/JJ about/IN business/NN groups/NNS pushing/VBG for/IN more/JJR government/NN spending/NN ./. 
But/CC the/DT NAHB/NNP was/VBD created/VBN in/IN 1943/CD out/IN of/IN an/DT organization/NN that/WDT made/VBD its/PRP$ name/NN fighting/VBG a/DT Roosevelt/NNP administration/NN proposal/NN to/TO take/VB over/RP all/DT defense/NN housing/NN production/NN ./. 
Through/IN the/DT years/NNS the/DT association/NN has/VBZ been/VBN an/DT active/JJ member/NN of/IN the/DT taxpayer/NN 's/POS coalition/NN ,/, pushing/VBG for/IN such/JJ initiatives/NNS as/IN the/DT balanced-budget/JJ amendment/NN ./. 
Yet/RB on/IN matters/NNS close/JJ to/TO ,/, er/UH ,/, home/NN .../: 
``/`` The/DT HUD/NNP budget/NN has/VBZ dropped/VBN by/IN more/JJ than/IN 70/CD %/NN since/IN 1980/CD ,/, ''/'' argues/VBZ Mr./NNP Colton/NNP ./. 
``/`` We/PRP 've/VBP taken/VBN more/JJR than/IN our/PRP$ fair/JJ share/NN ./. 
I/PRP would/MD n't/RB have/VB a/DT problem/NN if/IN other/JJ programs/NNS had/VBD taken/VBN a/DT similar/JJ hit/NN ./. ''/'' 
But/CC NAHB/NNP support/NN for/IN subsidies/NNS is/VBZ not/RB related/VBN to/TO the/DT current/JJ housing/NN crunch/NN ;/: over/IN the/DT years/NNS the/DT NAHB/NNP has/VBZ backed/VBN a/DT host/NN of/IN public/JJ programs/NNS ./. 
It/PRP once/RB pushed/VBD for/IN a/DT national/JJ housing/NN production/NN goal/NN set/VBN by/IN the/DT federal/JJ government/NN and/CC has/VBZ regularly/RB advanced/VBN anti-recession/JJ housing/NN measures/NNS ./. 
Moreover/RB ,/, explains/VBZ one/CD HUD/NNP official/NN ,/, the/DT NAHB/NNP remains/VBZ susceptible/JJ to/TO internal/JJ pressure/NN from/IN members/NNS that/WDT specialize/VBP in/IN subsidized/VBN production/NN ./. 
The/DT association/NN is/VBZ pushing/VBG an/DT extensive/JJ and/CC expensive/JJ wish-list/NN ,/, which/WDT would/MD substantially/RB boost/VB spending/NN above/IN the/DT current/JJ level/NN of/IN more/JJ than/IN $/$ 15/CD billion/CD annually/RB ./. 
It/PRP would/MD like/VB to/TO peg/VB the/DT ceiling/NN on/IN Federal/NNP Housing/NNP Administration/NNP mortgage/NN guarantees/NNS to/TO 95/CD %/NN of/IN the/DT median/JJ price/NN in/IN a/DT particular/JJ market/NN ,/, instead/RB of/IN limiting/VBG it/PRP to/TO $/$ 101,250/CD ;/: reduce/VB -LRB-/-LRB- or/CC even/RB eliminate/VB -RRB-/-RRB- FHA/NNP down-payment/NN requirements/NNS and/CC increase/VB the/DT availability/NN of/IN variable-rate/JJ mortgages/NNS ;/: expand/VB the/DT Veterans/NNP Affairs/NNP Department/NNP loan/NN guarantee/NN program/NN ;/: provide/VB ``/`` adequate/JJ ''/'' funding/NN for/IN the/DT Farmers/NNP Home/NNP Administration/NNP -LRB-/-LRB- FmHA/NNP -RRB-/-RRB- ;/: increase/VB federal/JJ funding/NN and/CC tax/NN incentives/NNS for/IN the/DT construction/NN of/IN low-income/JJ and/CC rental/NN housing/NN ,/, including/VBG $/$ 4/CD billion/CD in/IN block/NN grants/NNS to/TO states/NNS and/CC localities/NNS ;/: and/CC ``/`` fully/RB fund/VB ''/'' the/DT McKinney/NNP Act/NNP ,/, a/DT $/$ 656/CD million/CD potpourri/NN for/IN the/DT homeless/JJ ./. 
Direct/JJ federal/JJ subsidies/NNS for/IN housing/NN construction/NN have/VBP proved/VBN intolerably/RB expensive/JJ in/IN the/DT past/NN ,/, and/CC inevitably/RB are/VBP twisted/VBN to/TO the/DT benefit/NN of/IN well-connected/JJ developers/NNS and/CC lobbyists/NNS ,/, as/IN demonstrated/VBN by/IN the/DT ongoing/JJ HUD/NNP scandal/NN ,/, or/CC congressmen/NNS ./. 
Indirect/JJ subsidies/NNS ,/, through/IN the/DT FHA/NNP ,/, for/IN instance/NN ,/, are/VBP little/RB better/JJR ./. 
Though/NNP Mr./NNP Colton/NNP says/VBZ expanding/VBG FHA/NNP lending/NN would/MD result/VB in/IN ``/`` no/DT cost/NN to/TO the/DT government/NN ,/, ''/'' the/DT mere/JJ diversion/NN of/IN funds/NNS from/IN other/JJ parts/NNS of/IN the/DT economy/NN and/CC from/IN other/JJ forms/NNS of/IN housing/NN -LRB-/-LRB- such/JJ as/IN low-income/NN -RRB-/-RRB- to/TO the/DT single-family/JJ home/NN market/NN would/MD result/VB in/IN a/DT major/JJ expense/NN ./. 
More/RBR important/JJ ,/, housing/NN programs/NNS run/VBN by/IN HUD/NNP ,/, the/DT VA/NNP ,/, and/CC FmHA/NNP are/VBP awash/RB in/IN red/JJ ink/NN ./. 
The/DT FHA/NNP alone/RB lost/VBD $/$ 4.2/CD billion/CD in/IN fiscal/JJ 1988/CD ;/: the/DT government/NN 's/POS equity/NN in/IN the/DT agency/NN ,/, essentially/RB its/PRP$ reserve/NN fund/NN ,/, fell/VBD to/TO minus/IN $/$ 2.9/CD billion/CD ./. 
The/DT federal/JJ government/NN has/VBZ had/VBD to/TO pump/VB in/RP $/$ 2.28/CD billion/CD into/IN the/DT VA/NNP housing/NN program/NN since/IN 1984/CD to/TO keep/VB the/DT fund/NN afloat/RB and/CC the/DT VA/NNP requested/VBD an/DT additional/JJ $/$ 120/CD million/CD for/IN the/DT fiscal/JJ year/NN just/RB ended/VBD ./. 
All/DT told/VBD ,/, the/DT federal/JJ government/NN already/RB guarantees/VBZ more/JJR than/IN $/$ 900/CD billion/CD of/IN mortgages/NNS ./. 
In/IN its/PRP$ nicely/RB produced/VBN publication/NN ``/`` Where/WRB Will/MD Our/PRP$ Children/NNS Live/VB ?/. ''/'' the/DT NAHB/NNP does/VBZ acknowledge/VB that/IN ``/`` of/IN course/NN ,/, the/DT full/JJ measure/NN of/IN housing/NN affordability/NN can/MD not/RB be/VB provided/VBN by/IN the/DT federal/JJ government/NN ./. ''/'' 
It/PRP points/VBZ to/TO the/DT pernicious/JJ impact/NN of/IN local/JJ government/NN regulation/NN ,/, particularly/RB zoning/NN and/CC building/NN fees/NNS ,/, which/WDT pushes/VBZ the/DT price/NN of/IN housing/NN out/IN of/IN the/DT reach/NN of/IN low-/JJ and/CC middle-income/JJ people/NNS ./. 
But/CC while/IN the/DT NAHB/NNP has/VBZ suggested/VBN actions/NNS that/IN states/NNS and/CC localities/NNS should/MD take/VB to/TO reduce/VB regulatory/JJ barriers/NNS ,/, the/DT association/NN has/VBZ proposed/VBN no/DT activist/JJ legislative/JJ program/NN --/: comparable/JJ to/TO ,/, say/VB ,/, its/PRP$ detailed/VBN request/NN for/IN more/JJR federal/JJ subsidies/NNS --/: to/TO eliminate/VB counterproductive/JJ controls/NNS ./. 
The/DT association/NN ,/, a/DT majority/NN of/IN whose/WP$ 156,000/CD members/NNS build/VBP fewer/JJR than/IN 25/CD units/NNS a/DT year/NN ,/, is/VBZ like/IN many/JJ other/JJ business/NN lobbies/NNS ./. 
Explains/VBZ Sheila/NNP MacDonald/NNP of/IN the/DT National/NNP Taxpayers/NNP Union/NNP :/: ``/`` It/PRP treads/VBZ in/IN two/CD worlds/NNS ./. 
The/DT builders/NNS like/VBP the/DT subsidies/NNS ,/, but/CC at/IN the/DT same/JJ time/NN they/PRP tend/VBP to/TO be/VB fiscal/JJ conservatives/NNS in/IN terms/NNS of/IN major/JJ issues/NNS ,/, such/JJ as/IN the/DT balanced-budget/JJ amendment/NN ./. ''/'' 
Unfortunately/RB ,/, the/DT organization/NN 's/POS desire/NN for/IN pork/NN tends/VBZ to/TO override/VB its/PRP$ commitment/NN to/TO overall/JJ fiscal/JJ responsibility/NN ./. 
Two/CD years/NNS ago/RB when/WRB the/DT NAHB/NNP lobbied/VBD for/IN the/DT $/$ 19/CD billion/CD omnibus/NN housing/NN bill/NN ,/, the/DT organization/NN ``/`` basically/RB dropped/VBD out/RP of/IN the/DT taxpayers/NNS '/POS coalition/NN ,/, ''/'' says/VBZ Ms./NNP MacDonald/NNP ./. 
As/IN Mr./NNP Colton/NNP of/IN the/DT NAHB/NNP acknowledges/VBZ :/: ``/`` Government/NNP is/VBZ not/RB going/VBG to/TO solve/VB the/DT problem/NN .../: ./. 
The/DT real/JJ key/NN is/VBZ to/TO have/VB the/DT economy/NN working/VBG and/CC interest/NN rates/NNS down/RB ./. ''/'' 
More/JJR money/NN for/IN HUD/NNP will/MD increase/VB the/DT deficit/NN and/CC destabilize/VB the/DT economy/NN ;/: more/JJR money/NN to/TO municipalities/NNS that/WDT are/VBP wrecking/VBG their/PRP$ local/JJ housing/NN markets/NNS will/MD further/RBR insulate/VB them/PRP from/IN the/DT destructive/JJ effects/NNS of/IN their/PRP$ policies/NNS ./. 
Is/VBZ this/DT what/WP the/DT home/NN builders/NNS want/VBP ?/. 
Mr./NNP Bandow/NNP is/VBZ a/DT Cato/NNP Institute/NNP fellow/NN ./. 
-LRB-/-LRB- See/VB related/VBN story/NN :/: ``/`` And/CC Bills/NNS to/TO Make/VB Wishes/NNS Come/VB True/JJ ''/'' --/: WSJ/NNP Oct./NNP 17/CD ,/, 1989/CD ./. 
In/IN an/DT attempt/NN to/TO give/VB new/JJ momentum/NN to/TO European/NNP Community/NNP plans/NNS for/IN a/DT single/JJ currency/NN ,/, EC/NNP government/NN leaders/NNS are/VBP likely/JJ to/TO agree/VB to/TO set/VB a/DT date/NN for/IN starting/VBG formal/JJ talks/NNS on/IN amending/VBG the/DT EC/NNP 's/POS founding/NN Treaty/NNP of/IN Rome/NNP ./. 
According/VBG to/TO diplomatic/JJ sources/NNS in/IN Brussels/NNP ,/, most/JJS EC/NNP leaders/NNS agree/VBP that/IN talks/NNS should/MD begin/VB in/IN the/DT second/JJ half/NN of/IN 1990/CD ,/, and/CC will/MD make/VB a/DT declaration/NN on/IN that/DT during/IN a/DT summit/NN meeting/NN in/IN Strasbourg/NNP ,/, France/NNP ,/, on/IN Dec./NNP 8/CD and/CC 9/CD ./. 
The/DT only/JJ strong/JJ opposition/NN to/TO changing/VBG the/DT EC/NNP treaty/NN comes/VBZ from/IN British/NNP Prime/NNP Minister/NNP Margaret/NNP Thatcher/NNP ,/, who/WP is/VBZ opposed/VBN to/TO creating/VBG a/DT single/JJ EC/NNP currency/NN ./. 
But/CC the/DT process/NN of/IN convening/VBG the/DT intergovernmental/JJ conference/NN does/VBZ n't/RB require/VB unanimity/NN ./. 
Setting/VBG a/DT date/NN to/TO start/VB treaty/NN negotiations/NNS has/VBZ no/DT legal/JJ significance/NN in/IN itself/PRP ,/, but/CC could/MD be/VB viewed/VBN as/IN an/DT important/JJ psychological/JJ push/NN ./. 
French/NNP President/NNP Francois/NNP Mitterrand/NNP fought/VBD to/TO set/VB a/DT date/NN for/IN the/DT conference/NN during/IN the/DT EC/NNP summit/NN in/IN Madrid/NNP last/JJ June/NNP ,/, but/CC the/DT move/NN was/VBD scuttled/VBN because/RB of/IN opposition/NN by/IN Mrs./NNP Thatcher/NNP and/CC West/NNP German/NNP Chancellor/NNP Helmut/NNP Kohl/NNP ./. 
Diplomatic/JJ sources/NNS said/VBD Mr./NNP Kohl/NNP may/MD now/RB agree/VB to/TO set/VB a/DT date/NN for/IN the/DT conference/NN to/TO make/VB it/PRP clear/JJ that/IN West/NNP Germany/NNP is/VBZ still/RB committed/VBN to/TO EC/NNP unity/NN ./. 
The/DT latest/JJS crewcut/NN in/IN the/DT equities/NNS markets/NNS reminds/VBZ me/PRP of/IN the/DT joke/NN T./NNP Boone/NNP Pickens/NNP tells/VBZ about/IN the/DT guy/NN who/WP was/VBD run/VBN over/RP by/IN the/DT parade/NN ./. 
When/WRB asked/VBD ``/`` What/WP went/VBD wrong/JJ ?/. ''/'' the/DT unfortunate/JJ victim/NN replied/VBD ,/, ``/`` It/PRP was/VBD a/DT combination/NN of/IN things/NNS ./. ''/'' 
And/CC so/IN it/PRP was/VBD on/IN Gray/NNP Friday/NNP ./. 
The/DT grand/JJ marshal/NN of/IN this/DT parade/NN would/MD appear/VB to/TO have/VB been/VBN excess/JJ leverage/NN ./. 
Even/RB if/IN that/DT is/VBZ so/RB ,/, however/RB ,/, it/PRP 's/VBZ probably/RB the/DT case/NN that/IN no/DT barriers/NNS should/MD have/VB been/VBN erected/VBN to/TO stop/VB the/DT procession/NN before/IN the/DT end/NN of/IN the/DT rout/NN -LRB-/-LRB- e/NN -RRB-/-RRB- ./. 
The/DT ceremonies/NNS began/VBD Friday/NNP afternoon/NN when/WRB word/NN spread/VBD that/IN the/DT UAL/NNP buy-out/NN was/VBD collapsing/VBG ./. 
Although/IN the/DT union-bidder/NN expects/VBZ to/TO patch/VB together/RP a/DT substitute/JJ offer/NN ,/, consisting/VBG of/IN less/JJR cash/NN ,/, the/DT failure/NN to/TO get/VB cash/NN from/IN Japanese/JJ and/CC American/JJ banks/NNS confirmed/VBD a/DT growing/VBG fear/NN among/IN arbitragers/NNS that/IN the/DT pageant/NN of/IN high-leverage/JJ takeover/NN deals/NNS is/VBZ ending/VBG ./. 
Lots/NNS of/IN other/JJ entries/NNS made/VBN up/RP the/DT parade/NN ,/, of/IN course/NN --/: notably/RB a/DT surprisingly/RB large/JJ increase/NN in/IN producer/NN prices/NNS ,/, signalling/VBG Federal/NNP Reserve/NNP tightness/NN ;/: and/CC the/DT Bush/NNP administration/NN 's/POS -LRB-/-LRB- temporary/JJ ?/. -RRB-/-RRB- defeat/NN in/IN trying/VBG to/TO lower/VB the/DT capital-gains/NNS tax/NN ./. 
As/IN usual/JJ ,/, few/JJ favorable/JJ reviews/NNS were/VBD heard/VBN for/IN that/DT ever-present/JJ marching/VBG band/NN of/IN program/NN traders/NNS ,/, although/IN most/JJS serious/JJ studies/NNS suggest/VBP they/PRP only/RB play/VB the/DT music/NN that/WDT others/NNS write/VBP ./. 
What/WP really/RB spooked/VBD the/DT crowds/NNS along/IN Wall/NNP Street/NNP ,/, however/RB ,/, was/VBD the/DT sudden/JJ concern/NN that/IN ,/, whatever/WDT the/DT reason/NN ,/, the/DT pool/NN of/IN debt/NN capital/NN is/VBZ drying/VBG up/RP ./. 
Gray/NNP Friday/NNP reflects/VBZ a/DT panic/NN mainly/RB by/IN the/DT takeover/NN arbitragers/NNS ,/, rather/RB than/IN the/DT small/JJ investor/NN ,/, as/RB their/PRP$ highly/RB margined/VBN investments/NNS in/IN the/DT ``/`` deal/NN ''/'' stocks/NNS are/VBP jeopardized/VBN by/IN the/DT unexpected/JJ drying/VBG up/RP of/IN the/DT lubricant/NN for/IN deal/NN financing/NN ./. 
Deal/NN stocks/NNS led/VBD the/DT market/NN down/RB as/IN they/PRP absorbed/VBD the/DT heaviest/JJS losses/NNS ./. 
UAL/NNP ,/, which/WDT triggered/VBD the/DT slide/NN ,/, opened/VBD Monday/NNP at/IN $/$ 224/CD ,/, down/RB about/RB 20/CD %/NN from/IN Thursday/NNP 's/POS close/NN ./. 
AMR/NNP opened/VBD Monday/NNP at/IN $/$ 80/CD ,/, down/RB nearly/RB 20/CD %/NN from/IN Thursday/NNP 's/POS close/NN ./. 
-LRB-/-LRB- Both/DT took/VBD further/JJ hits/NNS yesterday/NN ./. -RRB-/-RRB- 
Hilton/NNP lost/VBD 20/CD %/NN on/IN Friday/NNP ;/: Paramount/NNP lost/VBD almost/RB 11/CD %/NN ./. 
A/DT careful/JJ look/NN reveals/VBZ that/IN where/WRB deal/NN financing/NN has/VBZ been/VBN secured/VBN ,/, the/DT target/NN 's/POS stock/NN price/NN was/VBD not/RB affected/VBN on/IN Friday/NNP ./. 
The/DT multibillion-dollar/JJ prospects/NNS ,/, where/WRB the/DT bidder/NN must/MD line/VB up/RP a/DT consortium/NN of/IN banks/NNS and\/or/CC issue/NN billions/NNS in/IN high-yield/JJ debt/NN ,/, were/VBD where/WRB the/DT damage/NN was/VBD concentrated/VBN ./. 
The/DT market/NN for/IN so-called/JJ junk/NN bonds/NNS has/VBZ been/VBN setting/VBG the/DT stage/NN for/IN Friday/NNP 's/POS dramatic/JJ march/NN for/IN several/JJ weeks/NNS ./. 
The/DT growing/VBG financial/JJ difficulties/NNS of/IN recent/JJ high-leverage/JJ restructurings/NNS or/CC takeovers/NNS ,/, such/JJ as/IN Resorts/NNP International/NNP ,/, Integrated/NNP Resources/NNP ,/, and/CC Campeau/NNP 's/POS retailing/NN empire/NN ,/, have/VBP cast/VBN a/DT pall/NN over/IN the/DT entire/JJ market/NN for/IN high-yield/JJ securities/NNS ./. 
Investors/NNS have/VBP reacted/VBN by/IN ignoring/VBG recent/JJ efforts/NNS to/TO float/VB junk/NN bonds/NNS by/IN Ohio/NNP Mattress/NNP and/CC by/IN forcing/VBG Ramada/NNP to/TO postpone/VB indefinitely/RB its/PRP$ planned/VBN junk-bond/NN sale/NN and/CC restructuring/NN ./. 
As/IN a/DT result/NN ,/, high-yield/JJ mutual/JJ funds/NNS have/VBP declined/VBN across/IN the/DT board/NN and/CC the/DT many/JJ firms/NNS planning/VBG to/TO sell/VB $/$ 11/CD billion/CD in/IN junk/NN bonds/NNS before/IN year-end/NN are/VBP experiencing/VBG anxious/JJ times/NNS ./. 
These/DT are/VBP all/DT market/NN excesses/NNS -LRB-/-LRB- putting/VBG aside/RP the/DT artificial/JJ boosts/NNS that/IN the/DT tax/NN code/NN gives/VBZ to/TO debt/NN over/IN equity/NN -RRB-/-RRB- ,/, and/CC what/WP we/PRP 've/VBP seen/VBN is/VBZ the/DT market/NN reining/VBG them/PRP in/RP ./. 
Of/IN course/NN ,/, Washington/NNP had/VBD n't/RB been/VBN silent/JJ in/IN the/DT days/NNS leading/VBG up/RP to/TO the/DT debacle/NN ,/, and/CC its/PRP$ tendency/NN to/TO meddle/VB in/IN the/DT leverage/NN equation/NN remains/VBZ a/DT troublesome/JJ prospect/NN ,/, but/CC those/DT preliminary/JJ steps/NNS should/MD n't/RB distract/VB us/PRP from/IN the/DT basic/JJ market/NN fundamentalism/NN that/WDT was/VBD at/IN work/NN on/IN Friday/NNP ./. 
If/IN it/PRP is/VBZ correct/JJ to/TO find/VB that/IN concerns/NNS over/IN corporate/JJ debt/NN and/CC LBOs/NNS caused/VBD Gray/NNP Friday/NNP ,/, what/WP are/VBP the/DT implications/NNS for/IN policy/NN makers/NNS ?/. 
After/IN all/DT ,/, the/DT stock/NN market/NN 's/POS response/NN to/TO the/DT collapse/NN of/IN the/DT UAL/NNP deal/NN might/MD be/VB taken/VBN to/TO confirm/VB the/DT anti-debt/JJ direction/NN of/IN regulators/NNS ./. 
Is/VBZ this/DT a/DT case/NN where/WRB private/JJ markets/NNS are/VBP approving/VBG of/IN Washington/NNP 's/POS bashing/NN of/IN Wall/NNP Street/NNP ?/. 
Absolutely/RB not/RB ./. 
To/TO the/DT extent/NN that/IN Friday/NNP 's/POS sell-off/NN reflected/VBD a/DT sudden/JJ reappraisal/NN of/IN the/DT excesses/NNS of/IN leverage/NN ,/, the/DT message/NN is/VBZ that/DT Wall/NNP Street/NNP and/CC the/DT private/JJ markets/NNS are/VBP fully/RB capable/JJ of/IN imposing/VBG the/DT appropriate/JJ incentives/NNS and/CC sanctions/NNS on/IN corporate/JJ behavior/NN ./. 
The/DT national/JJ economic/JJ interests/NNS are/VBP much/RB better/RB served/VBN allowing/VBG the/DT private/JJ interests/NNS of/IN bankers/NNS and/CC investors/NNS be/VB the/DT ultimate/JJ judges/NNS of/IN the/DT investment/NN quality/NN of/IN various/JJ LBO/NNP deals/NNS and/CC leveraged/VBN restructurings/NNS ./. 
The/DT recent/JJ difficulties/NNS in/IN the/DT junk-bond/NN markets/NNS and/CC the/DT scarcity/NN of/IN bank/NN capital/NN for/IN recent/JJ deals/NNS underscores/VBZ the/DT wisdom/NN of/IN letting/VBG the/DT free/JJ markets/NNS operate/VB ./. 
If/IN takeover/NN premiums/NNS become/VBP excessive/JJ ,/, if/IN LBO/NNP dealmakers/NNS become/VBP too/RB aggressive/JJ ,/, then/RB the/DT private/JJ market/NN will/MD recognize/VB these/DT problems/NNS more/RBR quickly/RB and/CC accurately/RB than/IN will/MD policy/NN makers/NNS ,/, and/CC the/DT markets/NNS will/MD move/VB with/IN lightning/NN speed/NN to/TO impose/VB appropriate/JJ sanctions/NNS ./. 
Yes/UH ,/, the/DT broader/JJR exchanges/NNS got/VBD caught/VBN up/RP in/IN the/DT spiral/NN ,/, but/CC they/PRP rode/VBD the/DT tiger/NN up/RB all/DT year/NN ./. 
Not/RB surprisingly/RB ,/, he/PRP sometimes/RB bites/VBZ ./. 
The/DT arbitragers/NNS and/CC takeover/NN initiatiors/NNS got/VBD killed/VBN on/IN Gray/NNP Friday/NNP ,/, while/IN the/DT besieged/VBN managers/NNS of/IN prospective/JJ targets/NNS cheered/VBD lustily/RB ./. 
If/IN you/PRP identify/VBP with/IN the/DT besieged/JJ managers/NNS ,/, you/PRP must/MD concede/VB that/IN speedy/JJ and/CC effective/JJ relief/NN from/IN the/DT excesses/NNS of/IN the/DT takeover/NN market/NN is/VBZ more/RBR likely/JJ to/TO come/VB from/IN the/DT marketplace/NN than/IN from/IN Washington/NNP ./. 
If/IN you/PRP side/VBP with/IN the/DT arbitragers/NNS and/CC raiders/NNS ,/, you/PRP clearly/RB have/VBP more/JJR to/TO fear/VB from/IN private/JJ investors/NNS than/IN from/IN regulators/NNS ,/, although/IN the/DT Delaware/NNP courts/NNS should/MD never/RB be/VB underestimated/VBN ./. 
The/DT truth/NN is/VBZ ,/, Washington/NNP understands/VBZ politics/NNS better/JJR than/IN economics/NNS ./. 
Although/IN the/DT average/JJ citizen/NN is/VBZ probably/RB not/RB harmed/VBN too/RB much/RB from/IN Washington/NNP 's/POS rhetorical/JJ war/NN against/IN Wall/NNP Street/NNP regarding/VBG excessive/JJ financial/JJ leveraging/VBG ,/, actual/JJ legislation/NN would/MD probably/RB impose/VB considerable/JJ harm/NN ./. 
Any/DT such/JJ attempt/NN to/TO distinguish/VB ``/`` good/JJ debt/NN ''/'' from/IN ``/`` bad/JJ debt/NN ,/, ''/'' or/CC to/TO draw/VB the/DT line/NN at/IN a/DT particular/JJ industry/NN ,/, such/JJ as/IN the/DT airlines/NNS ,/, is/VBZ likely/JJ to/TO blunt/VB the/DT spur/NN that/IN the/DT proper/JJ amount/NN of/IN leverage/NN provides/VBZ both/DT to/TO equity/NN markets/NNS and/CC economic/JJ efficiency/NN in/IN general/NN ./. 
Far/RB better/RBR for/IN policy/NN makers/NNS to/TO concentrate/VB on/IN the/DT war/NN against/IN drugs/NNS ,/, Panama/NNP and/CC the/DT deficit/NN ,/, all/DT of/IN them/DT parades/NNS that/WDT seem/VBP never/RB to/TO end/VB ./. 
Mr./NNP Jarrell/NNP ,/, former/JJ top/JJ economist/NN at/IN the/DT Securities/NNP and/CC Exchange/NNP Commission/NNP ,/, teaches/VBZ at/IN the/DT University/NNP of/IN Rochester/NNP 's/POS Simon/NNP Business/NNP School/NNP ./. 
Tokyo/NNP share/NN prices/NNS rebounded/VBD Tuesday/NNP morning/NN ,/, with/IN the/DT Nikkei/NNP index/NN of/IN 225/CD selected/VBN stocks/NNS rising/VBG 618.69/CD points/NNS to/TO close/VB the/DT morning/NN session/NN at/IN 35087.38/CD ./. 
The/DT index/NN slid/VBD 647.33/CD points/NNS ,/, or/CC 1.8/CD %/NN ,/, on/IN Monday/NNP ./. 
In/IN the/DT first/JJ 25/CD minutes/NNS of/IN Tuesday/NNP 's/POS trading/NN the/DT Nikkei/NNP index/NN soared/VBD 664.83/CD points/NNS ,/, to/TO 35133.83/CD ./. 
By/IN 10/CD a.m./RB Tokyo/NNP time/NN ,/, the/DT index/NN was/VBD up/RB 435.11/CD points/NNS ,/, to/TO 34903.80/CD as/IN investors/NNS hailed/VBD New/NNP York/NNP 's/POS overnight/JJ rally/NN ./. 
Monday/NNP 's/POS slide/NN came/VBD in/IN a/DT relatively/RB calm/JJ session/NN that/WDT did/VBD n't/RB provide/VB much/JJ direction/NN for/IN other/JJ markets/NNS ./. 
Shares/NNS also/RB closed/VBN sharply/RB lower/RBR across/IN Europe/NNP ,/, particularly/RB in/IN Frankfurt/NNP ,/, although/IN London/NNP and/CC a/DT few/JJ other/JJ markets/NNS recovered/VBD some/DT ground/NN after/IN stocks/NNS began/VBD to/TO rebound/VB in/IN New/NNP York/NNP ./. 
Other/JJ Asian/JJ and/CC Pacific/JJ markets/NNS had/VBD sharper/JJR losses/NNS than/IN Tokyo/NNP ,/, but/CC the/DT selling/NN wave/NN stopped/VBD short/RB of/IN precipitating/VBG another/DT market/NN crash/NN ./. 
All/DT eyes/NNS were/VBD on/IN Tokyo/NNP at/IN the/DT opening/NN because/IN it/PRP was/VBD the/DT first/JJ major/JJ market/NN to/TO trade/VB since/IN Friday/NNP 's/POS 190.58-point/JJ plunge/NN on/IN Wall/NNP Street/NNP ./. 
But/CC rather/RB than/IN set/VB the/DT tone/NN for/IN other/JJ markets/NNS ,/, Japan/NNP 's/POS major/JJ institutional/JJ investors/NNS chose/VBD to/TO remain/VB on/IN the/DT sidelines/NNS ./. 
Still/RB ,/, despite/IN the/DT sudden/JJ reappearance/NN of/IN stock-market/JJ turbulence/NN ,/, managers/NNS of/IN Japanese/JJ investment/NN funds/NNS said/VBD they/PRP were/VBD n't/RB planning/VBG to/TO unload/VB U.S./NNP or/CC European/JJ equities/NNS ./. 
``/`` We/PRP did/VBD n't/RB trade/VB much/JJ today/NN ,/, as/IN our/PRP$ policy/NN now/RB is/VBZ to/TO wait/VB and/CC see/VB ,/, ''/'' said/VBD a/DT fund/NN manager/NN at/IN Taisho/NNP Life/NNP Insurance/NNP Co/NNP ./. 
``/`` We/PRP would/MD like/VB to/TO wait/VB and/CC see/VB until/IN trading/NN goes/VBZ around/RB through/IN Europe/NNP and/CC New/NNP York/NNP ./. ''/'' 
The/DT institutions/NNS appeared/VBD confident/JJ that/IN Japanese/JJ regulators/NNS would/MD step/VB in/RB to/TO ensure/VB orderly/JJ trading/NN if/IN necessary/JJ ,/, and/CC there/EX was/VBD considerable/JJ speculation/NN during/IN the/DT day/NN that/IN the/DT Finance/NNP Ministry/NNP was/VBD working/VBG behind/IN the/DT scenes/NNS to/TO do/VB just/RB that/DT ./. 
But/CC in/IN the/DT absence/NN of/IN panicky/JJ trading/NN ,/, its/PRP$ presence/NN was/VBD never/RB overtly/RB felt/VBN ./. 
At/IN the/DT close/NN ,/, the/DT Nikkei/NNP average/NN of/IN 225/CD stocks/NNS stood/VBD at/IN 34468.69/CD ,/, down/RB 647.33/CD points/NNS ,/, or/CC 1.8/CD %/NN ./. 
The/DT broader/JJR Tokyo/NNP Stock/NNP Price/NNP Index/NNP sank/VBD 45.66/CD ,/, or/CC 1.7/CD %/NN ,/, to/TO 2600.88/CD ./. 
The/DT day/NN 's/POS decline/NN was/VBD generally/RB in/IN line/NN with/IN analysts/NNS '/POS weekend/NN predictions/NNS ./. 
Declining/VBG issues/NNS swamped/VBD advancers/NNS ,/, 941-105/CD ./. 
But/CC volume/NN was/VBD thin/JJ at/IN 526.2/CD million/CD shares/NNS ,/, compared/VBN with/IN 574.7/CD million/CD Friday/NNP ./. 
The/DT market/NN opened/VBD sharply/RB lower/RBR ,/, with/IN the/DT Nikkei/NNP average/NN down/RB nearly/RB 600/CD after/IN 20/CD minutes/NNS ./. 
A/DT midmorning/NN rebound/NN brought/VBD it/PRP back/RB to/TO show/VB a/DT gain/NN of/IN about/RB 200/CD at/IN the/DT end/NN of/IN the/DT morning/NN session/NN ,/, but/CC the/DT rally/NN failed/VBD in/IN the/DT afternoon/NN ,/, and/CC the/DT market/NN closed/VBD near/IN the/DT day/NN 's/POS low/NN ./. 
The/DT smaller/JJR stocks/NNS in/IN the/DT Tokyo/NNP market/NN 's/POS second/JJ section/NN also/RB posted/VBD their/PRP$ biggest/JJS decline/NN of/IN the/DT year/NN ./. 
The/DT Tokyo/NNP Stock/NNP Exchange/NNP index/NN for/IN the/DT second/JJ section/NN fell/VBD 100.96/CD ,/, or/CC 2.7/CD %/NN ,/, to/TO 3655.40/CD ./. 
Many/JJ investors/NNS ,/, trying/VBG to/TO outperform/VB the/DT market/NN 's/POS major/JJ indexes/NNS ,/, have/VBP flocked/VBN to/TO these/DT small/JJ issues/NNS in/IN recent/JJ weeks/NNS ./. 
Japanese/JJ investors/NNS and/CC traders/NNS expressed/VBD relief/NN that/IN the/DT Tokyo/NNP market/NN did/VBD n't/RB fall/VB more/RBR sharply/RB ./. 
But/CC its/PRP$ performance/NN did/VBD bear/VB some/DT resemblance/NN to/TO events/NNS of/IN two/CD years/NNS ago/RB ,/, during/IN the/DT October/NNP 1987/CD global/JJ stock/NN market/NN crash/NN ./. 
On/IN Oct./NNP 16/CD ,/, 1987/CD --/: the/DT Friday/NNP before/IN the/DT Black/NNP Monday/NNP crash/NN --/: the/DT New/NNP York/NNP market/NN dropped/VBD 4.6/CD %/NN ,/, and/CC Tokyo/NNP followed/VBD on/IN Monday/NNP with/IN a/DT 2.4/CD %/NN drop/NN ./. 
This/DT time/NN ,/, Wall/NNP Street/NNP 's/POS plunge/NN of/IN 6.9/CD %/NN Friday/NNP was/VBD followed/VBN by/IN yesterday/NN 's/POS 1.8/CD %/NN loss/NN in/IN Tokyo/NNP ./. 
Two/CD years/NNS ago/RB ,/, Tokyo/NNP 's/POS biggest/JJS fall/NN came/VBD the/DT day/NN after/IN New/NNP York/NNP 's/POS 22.6/CD %/NN Black/NNP Monday/NNP plunge/NN ,/, when/WRB the/DT Nikkei/NNP average/NN fell/VBD 14.9/CD %/NN ./. 
Thus/RB ,/, market/NN participants/NNS yesterday/NN were/VBD looking/VBG ahead/RB nervously/RB to/TO Wall/NNP Street/NNP 's/POS opening/NN ./. 
But/CC in/IN New/NNP York/NNP yesterday/NN ,/, the/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP surged/VBD 88.12/CD to/TO close/VB at/IN 2657.38/CD on/IN heavy/JJ volume/NN of/IN 416,290,000/CD shares/NNS ,/, although/IN declining/VBG issues/NNS still/RB outnumbered/VBD advancing/VBG ones/NNS on/IN the/DT broad/JJ market/NN ./. 
Nobuto/NNP Yasuda/NNP ,/, a/DT director/NN at/IN Yamaichi/NNP Investment/NNP Trust/NNP &/CC Management/NNP Co./NNP ,/, called/VBD yesterday/NN 's/POS session/NN ``/`` a/DT good/JJ scenario/NN ''/'' for/IN Japan/NNP ./. 
``/`` Now/RB we/PRP are/VBP looking/VBG for/IN the/DT time/NN to/TO place/VB buy/NN orders/NNS ,/, ''/'' he/PRP said/VBD ./. 
``/`` For/IN us/PRP institutional/JJ investors/NNS ,/, the/DT chance/NN for/IN buying/VBG has/VBZ come/VBN ./. ''/'' 
Isao/NNP Ushikubo/NNP ,/, general/JJ manager/NN of/IN the/DT investment/NN research/NN department/NN at/IN Toyo/NNP Trust/NNP &/CC Banking/NNP Co./NNP ,/, also/RB was/VBD optimistic/JJ ./. 
He/PRP described/VBD Friday/NNP 's/POS plunge/NN in/IN the/DT U.S./NNP as/IN a/DT ``/`` fleeting/JJ ''/'' event/NN resulting/VBG in/IN part/NN from/IN excessive/JJ merger/NN and/CC acquisition/NN activity/NN ./. 
``/`` Unless/IN there/EX is/VBZ a/DT panic/NN ,/, this/DT is/VBZ the/DT best/JJS time/NN to/TO buy/VB ,/, as/IN was/VBD the/DT case/NN two/CD years/NNS ago/RB ,/, ''/'' he/PRP said/VBD ./. 
``/`` Those/DT shares/NNS which/WDT had/VBD posted/VBN gains/NNS on/IN M&A/NNP speculation/NN were/VBD dashed/VBN with/IN cold/JJ water/NN ,/, but/CC as/RB far/RB as/IN major/JJ stocks/NNS are/VBP concerned/VBN ,/, there/EX is/VBZ n't/RB much/JJ impact/NN ./. ''/'' 
Other/JJ fund/NN managers/NNS were/VBD similarly/RB sanguine/JJ ./. 
``/`` We/PRP have/VBP no/DT plans/NNS to/TO adjust/VB our/PRP$ asset/NN allocation/NN in/IN foreign/JJ equities/NNS ,/, ''/'' said/VBD Masato/NNP Murakami/NNP ,/, chief/JJ portfolio/NN manager/NN in/IN the/DT pension/NN fund/NN management/NN department/NN at/IN Yasuda/NNP Trust/NNP &/CC Banking/NNP Co/NNP ./. 
He/PRP said/VBD Friday/NNP 's/POS Wall/NNP Street/NNP decline/NN was/VBD ``/`` well/RB within/IN the/DT range/NN of/IN volatility/NN ''/'' that/IN Yasuda/NNP Trust/NNP plans/VBZ for/IN when/WRB it/PRP charts/VBZ its/PRP$ overseas/JJ investment/NN strategy/NN ./. 
Among/IN other/JJ Asian/JJ and/CC Pacific/JJ markets/NNS ,/, Malaysia/NNP and/CC Singapore/NNP had/VBD the/DT biggest/JJS losses/NNS ,/, with/IN the/DT Kuala/NNP Lumpur/NNP composite/JJ index/NN in/IN Malaysia/NNP falling/VBG 11.5/CD %/NN and/CC Singapore/NNP 's/POS Straits/NNP Times/NNP Industrial/NNP Index/NNP down/RB 10/CD %/NN ./. 
Major/JJ indexes/NNS declined/VBD more/JJR than/IN 8/CD %/NN in/IN Australia/NNP and/CC New/NNP Zealand/NNP and/CC 6.5/CD %/NN in/IN Hong/NNP Kong/NNP ./. 
Bangkok/NNP ,/, Manila/NNP ,/, Seoul/NNP ,/, Taipei/NNP and/CC Jakarta/NNP escaped/VBD with/IN slightly/RB smaller/JJR losses/NNS ./. 
Brokers/NNS and/CC fund/NN managers/NNS said/VBD the/DT region/NN 's/POS markets/NNS were/VBD reacting/VBG to/TO Friday/NNP 's/POS Wall/NNP Street/NNP plunge/NN even/RB though/IN that/DT decline/NN was/VBD due/JJ to/TO local/JJ factors/NNS such/JJ as/IN failed/VBN corporate/JJ buy-outs/NNS and/CC a/DT deteriorating/VBG junk-bond/NN market/NN ./. 
``/`` It/PRP 's/VBZ pure/JJ psychology/NN ,/, ''/'' said/VBD William/NNP Au/NNP Yeung/NNP ,/, an/DT account/NN executive/NN for/IN Drexel/NNP Burnham/NNP Lambert/NNP -LRB-/-LRB- HK/NNP -RRB-/-RRB- Ltd./NNP in/IN Hong/NNP Kong/NNP ./. 
``/`` Markets/NNS in/IN this/DT region/NN are/VBP n't/RB so/RB geared/VBN to/TO leveraged/VBN buy-outs/NNS ,/, and/CC their/PRP$ economies/NNS generally/RB are/VBP in/IN good/JJ shape/NN ,/, but/CC there/EX 's/VBZ no/DT doubt/NN that/DT Asia/NNP is/VBZ still/RB following/VBG America/NNP 's/POS lead/NN ./. ''/'' 
Several/JJ analysts/NNS said/VBD Malaysia/NNP and/CC Singapore/NNP had/VBD the/DT biggest/JJS losses/NNS because/IN they/PRP are/VBP relatively/RB open/JJ to/TO rapid/JJ cash/NN flows/NNS ./. 
Hong/NNP Kong/NNP is/VBZ the/DT region/NN 's/POS next/JJ most/RBS open/JJ market/NN ,/, but/CC many/JJ foreign/JJ investors/NNS have/VBP been/VBN staying/VBG away/RP from/IN it/PRP since/IN it/PRP plunged/VBD in/IN June/NNP amid/IN political/JJ turmoil/NN in/IN China/NNP ./. 
``/`` Singapore/NNP took/VBD the/DT hit/NN because/RB when/WRB people/NNS want/VBP to/TO get/VB out/RP ,/, they/PRP tend/VBP to/TO go/VB where/WRB the/DT liquidity/NN is/VBZ ,/, ''/'' said/VBD Elizabeth/NNP Hambrecht/NNP ,/, a/DT regional/JJ analyst/NN with/IN Baring/NNP Securities/NNP -LRB-/-LRB- Hong/NNP Kong/NNP -RRB-/-RRB- Ltd/NNP ./. 
She/PRP pointed/VBD out/RP that/IN even/RB after/IN Monday/NNP 's/POS 10/CD %/NN decline/NN ,/, the/DT Straits/NNP Times/NNP index/NN is/VBZ up/RB 24/CD %/NN this/DT year/NN ,/, so/IN investors/NNS who/WP bailed/VBD out/RP generally/RB did/VBD so/RB profitably/RB ./. 
Similarly/RB ,/, Kuala/NNP Lumpur/NNP 's/POS composite/JJ index/NN yesterday/NN ended/VBD 27.5/CD %/NN above/IN its/PRP$ 1988/CD close/NN ./. 
In/IN Hong/NNP Kong/NNP ,/, the/DT Hang/NNP Seng/NNP Index/NNP fell/VBD 180.60/CD to/TO finish/VB at/IN 2601.70/CD ./. 
Trading/NN was/VBD heavy/JJ at/IN about/RB one/CD billion/CD shares/NNS ,/, compared/VBN with/IN 473.9/CD million/CD Friday/NNP ./. 
But/CC the/DT session/NN was/VBD orderly/JJ ,/, in/IN contrast/NN to/TO the/DT market/NN 's/POS four-day/JJ closure/NN after/IN the/DT 1987/CD crash/NN ./. 
Richard/NNP Chenevix-Trench/NNP ,/, a/DT director/NN at/IN Hong/NNP Kong-based/JJ Baring/NNP International/NNP Fund/NNP Managers/NNP Ltd./NNP ,/, said/VBD the/DT market/NN probably/RB has/VBZ n't/RB hit/VBD bottom/NN yet/RB but/CC is/VBZ close/JJ ./. 
``/`` If/IN New/NNP York/NNP does/VBZ n't/RB collapse/VB ,/, I/PRP see/VBP maybe/RB another/DT 5/CD %/NN on/IN the/DT downside/NN ,/, not/RB counting/VBG the/DT risk/NN of/IN bad/JJ news/NN out/IN of/IN China/NNP ,/, ''/'' he/PRP said/VBD ./. 
In/IN Australia/NNP ,/, Sydney/NNP 's/POS All/DT Ordinaries/NNP index/NN closed/VBD at/IN 1601.5/CD ,/, down/RB 8.1/CD %/NN ,/, its/PRP$ biggest/JJS drop/NN since/IN October/NNP 1987/CD ./. 
But/CC volume/NN rose/VBD only/RB to/TO 162/CD million/CD shares/NNS from/IN 143/CD million/CD Friday/NNP ./. 
Nestor/NNP Hinzack/NNP ,/, an/DT analyst/NN at/IN brokerage/NN firm/NN Burdett/NNP ,/, Buckeridge/NNP &/CC Young/NNP Ltd./NNP ,/, described/VBD the/DT market/NN 's/POS performance/NN as/IN ``/`` sheep-like/JJ ''/'' as/IN investors/NNS fled/VBD to/TO bluechip/JJ Australian/JJ stocks/NNS and/CC shunned/VBD entrepreneurial/JJ companies/NNS they/PRP perceived/VBD as/IN having/VBG any/DT takeover/NN premium/NN built/VBN into/IN the/DT price/NN ./. 
London/NNP 's/POS Financial/NNP Times-Stock/NNP Exchange/NNP 100-share/JJ index/NN ,/, the/DT most/RBS closely/RB watched/VBN market/NN barometer/NN ,/, ended/VBD at/IN its/PRP$ intraday/JJ high/NN of/IN 2163.4/CD ,/, down/RB 70.5/CD ,/, or/CC 3.2/CD %/NN ./. 
At/IN its/PRP$ low/JJ ,/, shortly/RB before/IN Wall/NNP Street/NNP opened/VBD ,/, it/PRP was/VBD off/JJ more/RBR than/IN 130/CD points/NNS ./. 
The/DT Financial/NNP Times/NNP 30-share/JJ index/NN closed/VBD 79.3/CD points/NNS lower/RBR at/IN 1738.7/CD ./. 
Volume/NN more/RBR than/IN doubled/VBD to/TO 959.3/CD million/CD shares/NNS from/IN 457.7/CD million/CD Friday/NNP ./. 
Prices/NNS on/IN the/DT Frankfurt/NNP Stock/NNP Exchange/NNP tumbled/VBD in/IN heavy/JJ trading/NN ./. 
The/DT decline/NN in/IN the/DT German/JJ Stock/NNP Index/NNP of/IN 203.56/CD points/NNS ,/, or/CC 12.8/CD %/NN ,/, to/TO 1385.72/CD was/VBD the/DT Frankfurt/NNP market/NN 's/POS steepest/JJS fall/NN ever/RB ./. 
Retail/JJ investors/NNS dumped/VBD holdings/NNS on/IN a/DT massive/JJ scale/NN ,/, pushing/VBG some/DT blue-chip/JJ shares/NNS down/RB as/RB much/JJ as/IN 20/CD %/NN ./. 
Analysts/NNS cited/VBD memories/NNS of/IN two/CD years/NNS ago/RB ,/, when/WRB many/JJ small/JJ investors/NNS held/VBD on/IN to/TO their/PRP$ shares/NNS after/IN the/DT October/NNP crash/NN but/CC the/DT West/JJ German/JJ market/NN continued/VBD to/TO decline/VB steeply/RB for/IN the/DT next/JJ three/CD months/NNS ./. 
Here/RB are/VBP price/NN trends/NNS on/IN the/DT world/NN 's/POS major/JJ stock/NN markets/NNS ,/, as/IN calculated/VBN by/IN Morgan/NNP Stanley/NNP Capital/NNP International/NNP Perspective/NNP ,/, Geneva/NNP ./. 
To/TO make/VB them/PRP directly/RB comparable/JJ ,/, each/DT index/NN is/VBZ based/VBN on/IN the/DT close/NN of/IN 1969/CD equaling/VBG 100/CD ./. 
The/DT percentage/NN change/NN is/VBZ since/IN year-end/NN ./. 
Frank/NNP Lloyd/NNP Wright/NNP is/VBZ reported/VBN to/TO have/VB said/VBD once/RB that/IN if/IN you/PRP tipped/VBD the/DT world/NN on/IN its/PRP$ side/NN ,/, everything/NN loose/JJ would/MD end/VB up/RP in/IN California/NNP ./. 
We/PRP 've/VBP always/RB thought/VBN that/IN Mr./NNP Wright/NNP underestimated/VBD California/NNP 's/POS vitality/NN ,/, but/CC maybe/RB the/DT state/NN 's/POS la-la/JJ factions/NNS are/VBP starting/VBG to/TO overwhelm/VB the/DT forces/NNS that/WDT made/VBD it/PRP such/JJ a/DT significant/JJ place/NN ./. 
What/WP else/RB is/VBZ one/PRP to/TO make/VB of/IN the/DT whacky/JJ save-the-earth/JJ initiative/NN just/RB proposed/VBN by/IN several/JJ major/JJ environmental/JJ groups/NNS and/CC organized/VBN by/IN the/DT state/NN 's/POS attorney/NN general/NN ?/. 
If/IN passed/VBN by/IN the/DT voters/NNS ,/, the/DT recently/RB announced/VBN initiative/NN would/MD phase/VB out/RP major/JJ pesticides/NNS ,/, reduce/VB carbon/NN dioxide/NN emissions/NNS by/IN 40/CD %/NN ,/, ban/VB new/JJ offshore/JJ drilling/NN ,/, ban/VB chemicals/NNS thought/VBN to/TO deplete/VB the/DT ozone/NN layer/NN ,/, and/CC create/VB a/DT new/JJ state/NN environmental/JJ officer/NN armed/VBN with/IN a/DT $/$ 40/CD million/CD budget/NN to/TO sue/VB any/DT firm/NN or/CC agency/NN he/PRP thinks/VBZ is/VBZ being/VBG too/RB dirty/JJ ./. 
The/DT initiative/NN is/VBZ based/VBN largely/RB on/IN the/DT wish-lists/NNS of/IN the/DT green/JJ lobby/NN :/: the/DT Sierra/NNP Club/NNP ,/, the/DT League/NNP of/IN Conservation/NNP Voters/NNP ,/, the/DT Natural/NNP Resources/NNP Defense/NNP Council/NNP ,/, the/DT National/NNP Toxics/NNP Campaign/NNP and/CC the/DT Citizens/NNP for/IN a/DT Better/NNP Environment/NNP ./. 
Interestingly/RB ,/, the/DT Environmental/NNP Defense/NNP Fund/NNP is/VBZ having/VBG nothing/NN to/TO do/VB with/IN this/DT one/CD ./. 
Not/RB only/JJ Californians/NNS but/CC all/DT Americans/NNS would/MD pay/VB if/IN this/DT thing/NN passed/VBD ./. 
The/DT initiative/NN bars/VBZ the/DT sale/NN of/IN any/DT crops/NNS in/IN California/NNP that/WDT do/VBP n't/RB meet/VB the/DT initiative/NN 's/POS standards/NNS ./. 
Kansas/NNP wheat/NN farmers/NNS and/CC Florida/NNP fruit/NN growers/NNS would/MD have/VB to/TO adjust/VB or/CC give/VB up/RP the/DT California/NNP market/NN ./. 
In/IN other/JJ words/NNS ,/, California/NNP is/VBZ presuming/VBG to/TO take/VB control/NN of/IN the/DT nation/NN 's/POS farm/NN policy/NN ./. 
As/IN usual/RB the/DT green/JJ lobby/NN 's/POS proposal/NN is/VBZ disconnected/VBN from/IN scientific/JJ reality/NN ./. 
Consider/VB the/DT greenhouse-effect/JJ provision/NN ./. 
The/DT proposed/VBN initiative/NN would/MD mandate/VB a/DT reduction/NN of/IN carbon/NN dioxide/NN of/IN 40/CD %/NN ./. 
Even/RB if/IN one/PRP buys/VBZ into/IN the/DT whole/JJ greenhouse/NN theory/NN ,/, it/PRP is/VBZ inconceivable/JJ that/IN reductions/NNS in/IN a/DT single/JJ state/NN could/MD have/VB any/DT impact/NN on/IN what/WP is/VBZ billed/VBN as/IN a/DT global/JJ problem/NN ./. 
But/CC if/IN rational/JJ science/NN and/CC economics/NNS have/VBP nothing/NN to/TO do/VB with/IN the/DT new/JJ environment/NN initiative/NN ,/, what/WP is/VBZ going/VBG on/RP ?/. 
The/DT first/JJ place/NN to/TO look/VB under/IN these/DT circumstances/NNS is/VBZ at/IN the/DT ways/NNS in/IN which/WDT the/DT sponsors/NNS themselves/PRP will/MD benefit/VB ./. 
The/DT key/NN here/RB is/VBZ the/DT ambition/NN of/IN state/NN Attorney/NNP General/NNP John/NNP Van/NNP de/NNP Kamp/NNP ./. 
He/PRP 's/VBZ running/VBG for/IN governor/NN ./. 
Mr./NNP Van/NNP de/NNP Kamp/NNP is/VBZ the/DT one/CD who/WP collected/VBD the/DT plans/NNS from/IN the/DT various/JJ radical/JJ environmental/JJ groups/NNS and/CC cobbled/VBD them/PRP into/IN a/DT single/JJ unwieldy/JJ initiative/NN to/TO be/VB placed/VBN on/IN the/DT ballot/NN for/IN election/NN on/IN Nov./NNP 6/CD ,/, 1990/CD ./. 
That/DT 's/VBZ also/RB the/DT day/NN of/IN the/DT gubernatorial/JJ election/NN ./. 
The/DT initiative/NN seems/VBZ to/TO have/VB been/VBN crafted/VBN to/TO include/VB all/DT the/DT hot/JJ issues/NNS that/WDT set/VBD off/RP the/DT wealthy/JJ Hollywood/NNP weepers/NNS who/WP donate/VBP money/NN ./. 
And/CC it/PRP allows/VBZ Mr./NNP Van/NNP de/NNP Kamp/NNP to/TO get/VB around/RP campaign/NN spending/NN limits/NNS ./. 
He/PRP can/MD spend/VB the/DT legal/JJ maximum/NN for/IN his/PRP$ campaign/NN ;/: all/DT the/DT spending/NN for/IN the/DT Van/NNP de/NNP Kamp/NNP initiative/NN -LRB-/-LRB- on/IN which/WDT there/EX are/VBP no/DT limits/NNS -RRB-/-RRB- is/VBZ gravy/NN ./. 
This/DT initiative/NN is/VBZ being/VBG labeled/VBN The/DT Big/NNP Green/NNP ,/, but/CC maybe/RB it/PRP should/MD be/VB called/VBN The/DT Big/NNP Greenback/NNP ./. 
-LRB-/-LRB- The/DT Republican/JJ candidate/NN ,/, Sen./NNP Pete/NNP Wilson/NNP ,/, is/VBZ playing/VBG the/DT initiative/NN fundraising/VBG game/NN too/RB ,/, sponsoring/VBG his/PRP$ own/JJ crime/NN initiative/NN ./. -RRB-/-RRB- 
While/IN it/PRP is/VBZ possible/JJ that/IN the/DT Big/NNP Green/NNP initiative/NN will/MD be/VB ruled/VBN unconstitutional/JJ ,/, it/PRP is/VBZ of/IN course/NN conceivable/JJ that/IN in/IN modern/JJ California/NNP it/PRP could/MD slide/VB through/RB ./. 
This/DT is/VBZ the/DT state/NN that/WDT recently/RB passed/VBD the/DT Prop./NNP 65/CD anti-toxic/JJ initiative/NN ./. 
If/IN this/DT new/JJ proposal/NN ever/RB does/VBZ become/VBN law/NN ,/, the/DT green/JJ lobby/NN will/MD benefit/VB directly/RB ./. 
The/DT initiative/NN creates/VBZ a/DT free/JJ floating/JJ state/NN environmental/JJ officer/NN to/TO sue/VB companies/NNS or/CC government/NN agencies/NNS that/WDT do/VBP things/NNS he/PRP does/VBZ n't/RB like/VB ./. 
That/DT means/VBZ the/DT NRDC/NNP and/CC such/JJ groups/NNS no/RB longer/RBR would/MD have/VB to/TO spend/VB as/IN much/JJ money/NN on/IN litigation/NN ;/: taxpayers/NNS would/MD bear/VB the/DT cost/NN ./. 
Mr./NNP Van/NNP de/NNP Kamp/NNP and/CC his/PRP$ allies/NNS may/MD be/VB hoping/VBG that/IN the/DT environment/NN is/VBZ such/JJ a/DT mom/NN and/CC apple-pie/NN issue/NN among/IN certain/JJ segments/NNS of/IN California/NNP 's/POS population/NN now/RB that/IN almost/RB any/DT collection/NN of/IN anti-scientific/JJ ,/, anti-pocketbook/JJ nonsense/NN can/MD pass/VB under/IN its/PRP$ rubric/NN ./. 
Of/IN course/NN the/DT state/NN 's/POS liberals/NNS are/VBP not/RB yet/RB a/DT nation/NN unto/IN themselves/PRP ./. 
George/NNP Bush/NNP ,/, for/IN example/NN ,/, may/MD decide/VB that/IN he/PRP does/VBZ n't/RB want/VB to/TO be/VB the/DT President/NNP who/WP lost/VBD control/NN of/IN interstate/JJ commerce/NN to/TO an/DT attorney/NN general/JJ from/IN California/NNP ./. 
And/CC some/DT other/JJ segments/NNS of/IN California/NNP 's/POS political/JJ and/CC media/NNS culture/NN may/MD yet/RB start/VB to/TO point/VB out/RP that/IN the/DT initiative/NN would/MD impose/VB significant/JJ costs/NNS on/IN the/DT state/NN 's/POS less/RBR affluent/JJ citizens/NNS in/IN the/DT form/NN of/IN higher/JJR food/NN prices/NNS and/CC lost/VBN jobs/NNS ./. 
This/DT grandiose/JJ initiative/NN will/MD help/VB California/NNP define/VB itself/PRP for/IN the/DT future/NN either/CC as/IN a/DT state/NN still/RB tethered/VBN to/TO economic/JJ and/CC scientific/JJ reality/NN ,/, or/CC as/IN one/CD being/VBG led/VBN to/TO wherever/WRB its/PRP$ la-la/JJ activists/NNS want/VBP to/TO take/VB it/PRP ./. 
First/RB ,/, there/EX was/VBD a/DT death/NN watch/NN ./. 
Then/RB exhilaration/NN ./. 
Spurred/VBN by/IN waves/NNS of/IN large-scale/JJ buying/NN in/IN blue-chip/JJ stocks/NNS ,/, the/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP rallied/VBD yesterday/NN and/CC erased/VBN about/RB a/DT half/NN of/IN Friday/NNP 's/POS 190.58-point/JJ plunge/NN ,/, gaining/VBG 88.12/CD to/TO 2657.38/CD ./. 
It/PRP was/VBD the/DT fourth-biggest/JJ advance/NN for/IN the/DT average/NN of/IN 30/CD blue/JJ chips/NNS ,/, on/IN frenetic/JJ New/NNP York/NNP Stock/NNP Exchange/NNP volume/NN of/IN 416,290,000/CD shares/NNS --/: the/DT highest/JJS since/IN the/DT days/NNS after/IN the/DT 1987/CD crash/NN ./. 
While/IN the/DT advance/NN cheered/VBD investors/NNS who/WP feared/VBD a/DT 1987-style/JJ crash/NN would/MD occur/VB yesterday/NN ,/, it/PRP was/VBD strictly/RB a/DT big-stock/JJ rally/NN fed/VBN by/IN huge/JJ buying/NN by/IN bargain-hunting/JJ institutions/NNS and/CC program/NN traders/NNS ./. 
A/DT troubling/VBG sign/NN :/: Declining/VBG stocks/NNS on/IN the/DT Big/NNP Board/NNP outnumbered/VBD advancers/NNS ,/, 975/CD to/TO 749/CD ,/, and/CC the/DT over-the-counter/JJ market/NN that/WDT includes/VBZ many/JJ smaller/JJR stocks/NNS suffered/VBD aftershocks/NNS of/IN Friday/NNP 's/POS late/JJ Big/NNP Board/NNP plunge/NN ./. 
The/DT Nasdaq/NNP OTC/NNP index/NN closed/VBN down/RB 6.31/CD to/TO 460.98/CD ./. 
Meanwhile/RB ,/, in/IN a/DT divergence/NN in/IN two/CD of/IN the/DT market/NN 's/POS most/RBS important/JJ indicators/NNS ,/, the/DT Dow/NNP industrials/NNS '/POS sister/NN average/NN ,/, the/DT 20-stock/JJ Dow/NNP Jones/NNP Transportation/NNP Average/NNP ,/, tumbled/VBD 102.06/CD to/TO 1304.23/CD --/: its/PRP$ second-worst/JJ decline/NN next/JJ to/TO the/DT 164.78-point/JJ fall/NN during/IN the/DT 1987/CD crash/NN ./. 
Transports/NNS plunged/VBD on/IN takeover/NN disappointments/NNS in/IN two/CD airline/NN stocks/NNS ,/, UAL/NNP and/CC AMR/NNP ,/, which/WDT each/DT fell/VBD more/RBR than/IN 20/CD %/NN when/WRB they/PRP reopened/VBD for/IN trading/NN yesterday/NN after/IN being/VBG suspended/VBN Friday/NNP afternoon/NN ./. 
UAL/NNP ,/, the/DT takeover/NN stock/NN at/IN the/DT center/NN of/IN Friday/NNP 's/POS 190.58-point/JJ market/NN plunge/NN ,/, fell/VBD 56/CD 7\/8/CD to/TO 222/CD 7\/8/CD on/IN nearly/RB 2.3/CD million/CD shares/NNS ./. 
Overall/RB ,/, ``/`` this/DT is/VBZ a/DT pleasant/JJ rally/NN but/CC it/PRP 's/VBZ very/RB selective/JJ ,/, ''/'' said/VBD Arthur/NNP Cashin/NNP Jr./NNP ,/, a/DT veteran/JJ PaineWebber/NNP Inc./NNP trader/NN at/IN the/DT Big/NNP Board/NNP ./. 
``/`` Everyone/NN was/VBD a/DT little/RB concerned/VBN about/IN the/DT general/JJ narrowness/NN of/IN the/DT rally/NN and/CC failure/NN of/IN the/DT OTC/NNP market/NN to/TO get/VB into/IN plus/JJ territory/NN ./. 
It/PRP 's/VBZ just/RB a/DT strange/JJ feeling/NN ./. 
I/PRP do/VBP n't/RB think/VBP anyone/NN left/VBD the/DT place/NN whistling/VBG Dixie/NNP ./. ''/'' 
The/DT rally/NN gave/VBD credence/NN ,/, at/IN least/JJS for/IN now/RB ,/, to/TO the/DT pre-trading/JJ declaration/NN of/IN Big/NNP Board/NNP Chairman/NNP John/NNP J./NNP Phelan/NNP Jr./NNP that/IN Friday/NNP 's/POS market/NN debacle/NN was/VBD ``/`` an/DT abnormal/JJ condition/NN ,/, and/CC not/RB a/DT disaster/NN ./. ''/'' 
But/CC to/TO traders/NNS ,/, it/PRP looked/VBD like/IN disaster/NN on/IN the/DT 9:30/CD a.m./NN opening/VBG bell/NN ./. 
The/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP opened/VBD down/RB 1.64/CD shortly/RB after/IN 9:30/CD ./. 
But/CC most/JJS of/IN the/DT 30/CD blue-chip/JJ stocks/NNS in/IN the/DT average/NN ,/, including/VBG Eastman/NNP Kodak/NNP and/CC General/NNP Motors/NNP ,/, could/MD n't/RB trade/VB because/RB of/IN the/DT heavy/JJ backlog/NN of/IN sell/NN orders/NNS left/VBD over/RP from/IN Friday/NNP 's/POS late-afternoon/JJ rout/NN ./. 
At/IN 9:45/CD ,/, Procter/NNP &/CC Gamble/NNP --/: one/CD of/IN the/DT most/RBS important/JJ Dow/NNP bellwethers/NNS of/IN late/JJ --/: opened/VBN down/RB 2/CD 3\/4/CD to/TO 117/CD ./. 
The/DT Dow/NNP dropped/VBD to/TO a/DT quick/JJ 27-point/JJ loss/NN ,/, and/CC to/TO many/JJ traders/NNS it/PRP looked/VBD as/IN if/IN stocks/NNS were/VBD headed/VBN for/IN yet/RB another/DT big/JJ tumble/NN ./. 
More/JJR stocks/NNS opened/VBN over/IN the/DT ensuing/VBG half/JJ hour/NN ,/, as/IN the/DT 49/CD Big/NNP Board/NNP specialist/NN firms/NNS in/IN charge/NN of/IN keeping/VBG the/DT market/NN orderly/RB groped/VBD to/TO find/VB buy/NN orders/NNS from/IN major/JJ brokerage/NN firms/NNS to/TO match/VB the/DT selling/NN flood/NN ./. 
Then/RB ,/, to/TO make/VB matters/NNS worse/JJR ,/, computerized/VBN sell/NN programs/NNS kicked/VBD in/RP ,/, hammering/VBG stocks/NNS into/IN steeper/JJR losses/NNS ./. 
There/EX was/VBD heavy/JJ stock-index/JJ arbitrage/NN ,/, as/IN traders/NNS sold/VBD big/JJ baskets/NNS of/IN stock/NN and/CC bought/VBD stock-index/JJ futures/NNS to/TO profit/VB from/IN the/DT price/NN discrepancies/NNS between/IN the/DT two/CD markets/NNS ./. 
This/DT was/VBD a/DT hangover/NN from/IN Friday/NNP ,/, when/WRB Standard/NNP &/CC Poor/NNP 's/POS 500-stock/JJ index/NN futures/NNS had/VBD closed/VBN at/IN a/DT sharp/JJ discount/NN to/TO stocks/NNS ./. 
The/DT onslaught/NN of/IN the/DT program/NN selling/NN dashed/VBN any/DT hopes/NNS that/IN some/DT of/IN the/DT big/JJ program/NN trading/NN firms/NNS would/MD hold/VB off/RP until/IN the/DT market/NN stabilized/VBD ./. 
They/PRP did/VBD n't/RB ./. 
The/DT Dow/NNP accelerated/VBD its/PRP$ slide/NN ,/, losing/VBG 63.52/CD in/IN the/DT first/JJ 40/CD minutes/NNS of/IN trading/NN ./. 
With/IN program/NN traders/NNS seemingly/RB in/IN charge/NN ,/, buyers/NNS backed/VBD away/RP from/IN the/DT market/NN and/CC watched/VBD stocks/NNS fall/VB ./. 
Then/RB at/IN 10:15/CD the/DT Dow/NNP suddenly/RB started/VBD to/TO rebound/VB ,/, and/CC when/WRB it/PRP shot/VBD upward/RB it/PRP did/VBD so/RB even/RB faster/RBR than/IN the/DT early-morning/JJ fall/NN ./. 
And/CC this/DT time/NN ,/, it/PRP was/VBD n't/RB just/RB the/DT program/NN traders/NNS who/WP were/VBD responsible/JJ ./. 
All/DT the/DT selling/NN had/VBD pushed/VBN stocks/NNS to/TO such/JJ cheap/JJ values/NNS that/IN big/JJ investment/NN banks/NNS and/CC major/JJ money/NN management/NN firms/NNS started/VBD buying/VBG stocks/NNS heavily/RB ./. 
The/DT program/NN traders/NNS were/VBD in/RB there/RB ,/, too/RB ,/, of/IN course/NN ./. 
But/CC according/VBG to/TO one/CD trader/NN ,/, the/DT programmers/NNS ``/`` did/VBD n't/RB look/VB as/RB dominant/JJ on/IN the/DT upside/RB as/IN on/IN the/DT downside/NN because/IN there/EX was/VBD -LCB-/-LRB- also/RB -RCB-/-RRB- a/DT lot/NN of/IN bargain-hunting/NN ''/'' by/IN institutions/NNS ./. 
Roland/NNP M./NNP Machold/NNP ,/, director/NN of/IN the/DT New/NNP Jersey/NNP Division/NNP of/IN Investment/NNP ,/, which/WDT oversees/VBZ $/$ 29/CD billion/CD in/IN investments/NNS ,/, said/VBD the/DT ``/`` first/JJ thing/NN we/PRP did/VBD was/VBD to/TO double/VB our/PRP$ orders/NNS ''/'' yesterday/NN morning/NN ./. 
``/`` With/IN the/DT market/NN down/RB like/IN this/DT ,/, we/PRP 'll/MD probably/RB take/VB another/DT $/$ 50/CD million/CD and/CC put/VBD it/PRP in/IN ''/'' the/DT market/NN ./. 
Trading/NN in/IN Walt/NNP Disney/NNP Co./NNP particularly/RB caught/VBD traders/NNS '/POS eyes/NNS ./. 
According/VBG to/TO Big/NNP Board/NNP officials/NNS ,/, Disney/NNP had/VBD one/CD of/IN the/DT biggest/JJS sell-order/JJ imbalances/NNS on/IN Friday/NNP ;/: it/PRP was/VBD one/CD of/IN the/DT seven/CD stocks/NNS that/WDT could/MD n't/RB finish/VB trading/NN that/DT day/NN ./. 
The/DT stock/NN opened/VBD late/RB at/IN 114/CD 1\/2/CD ,/, down/RB 8/CD 1\/2/CD ./. 
But/CC then/RB it/PRP shot/VBD upward/RB 7/CD 1\/2/CD as/IN Goldman/NNP ,/, Sachs/NNP &/CC Co./NNP stepped/VBD in/RB and/CC bought/VBD ,/, traders/NNS said/VBD ./. 
However/RB ,/, Disney/NNP specialist/NN Robert/NNP Fagenson/NNP said/VBD :/: ``/`` I/PRP would/MD be/VB surprised/VBN if/IN Goldman/NNP represented/VBD 4/CD %/NN of/IN the/DT opening/NN volume/NN ./. ''/'' 
Around/IN Wall/NNP Street/NNP ,/, trading/NN desks/NNS were/VBD relieved/VBN that/IN they/PRP could/MD at/IN least/JJS play/VB the/DT market/NN yesterday/NN ,/, in/IN contrast/NN to/TO Friday/NNP 's/POS gridlock/NN ./. 
At/IN Donaldson/NNP ,/, Lufkin/NNP &/CC Jenrette/NNP Inc./NNP ,/, head/NN equity/NN trader/NN Dudley/NNP Eppel/NNP said/VBD :/: ``/`` I/PRP think/VBP the/DT opening/NN was/VBD constructive/JJ ./. 
It/PRP was/VBD orderly/JJ ./. 
We/PRP put/VBP some/DT orders/NNS together/RB ./. 
There/RB was/VBD n't/RB a/DT lot/NN of/IN panic/NN selling/NN ,/, either/DT domestically/RB or/CC internationally/RB .../: ./. 
Not/RB like/IN Friday/NNP where/WRB they/PRP just/RB took/VBD -LCB-/-LRB- the/DT market/NN -RCB-/-RRB- apart/RB ./. ''/'' 
Still/RB ,/, the/DT market/NN had/VBD n't/RB yet/RB crossed/VBN into/IN positive/JJ territory/NN ,/, and/CC traders/NNS were/VBD glum/JJ ./. 
But/CC in/IN another/DT dramatic/JJ burst/NN ,/, the/DT Dow/NNP tacked/VBD on/RP 42/CD points/NNS in/IN five/CD minutes/NNS ,/, and/CC at/IN 10:25/CD the/DT index/NN showed/VBD a/DT gain/NN of/IN 5.74/CD ./. 
On/IN the/DT Big/NNP Board/NNP floor/NN and/CC on/IN trading/NN desks/NNS ,/, traders/NNS yelped/VBD their/PRP$ approval/NN ./. 
Grinned/VBD Griffith/NNP Peck/NNP ,/, a/DT trader/NN in/IN Shearson/NNP Lehman/NNP Hutton/NNP Inc./NNP 's/POS OTC/NNP department/NN :/: ``/`` I/PRP tell/VBP you/PRP ,/, this/DT market/NN acts/VBZ healthy/JJ ./. ''/'' 
Around/IN him/PRP ,/, scores/NNS of/IN traders/NNS seemed/VBD to/TO get/VB a/DT burst/NN of/IN energy/NN ;/: their/PRP$ boss/NN broke/VBD out/RP bottles/NNS of/IN Perrier/NNP water/NN to/TO cool/VB them/PRP off/RP ./. 
Among/IN Big/NNP Board/NNP specialists/NNS ,/, the/DT cry/NN was/VBD ``/`` Pull/VB your/PRP$ offers/NNS ''/'' --/: meaning/VBG that/IN specialists/NNS soon/RB expected/VBN to/TO get/VB higher/JJR prices/NNS for/IN their/PRP$ shares/NNS ./. 
``/`` It/PRP was/VBD bedlam/NN on/IN the/DT upside/JJ ,/, ''/'' said/VBD one/CD Big/NNP Board/NNP specialist/NN ./. 
But/CC not/RB everybody/NN was/VBD making/VBG money/NN ./. 
The/DT carnage/NN on/IN the/DT Chicago/NNP Board/NNP Options/NNP Exchange/NNP ,/, the/DT nation/NN 's/POS major/JJ options/NNS market/NN ,/, was/VBD heavy/JJ after/IN the/DT trading/NN in/IN S&P/NNP 100/CD stock-index/JJ options/NNS was/VBD halted/VBN Friday/NNP ./. 
Many/JJ market/NN makers/NNS in/IN the/DT S&P/NNP 100/CD index/NN options/NNS contract/NN had/VBD bullish/JJ positions/NNS Friday/NNP ,/, and/CC when/WRB the/DT shutdown/NN came/VBD they/PRP were/VBD frozen/VBN with/IN huge/JJ losses/NNS ./. 
Over/IN the/DT weekend/NN ,/, clearing/NN firms/NNS told/VBD the/DT Chicago/NNP market/NN makers/NNS to/TO get/VB out/IN of/IN their/PRP$ positions/NNS at/IN any/DT cost/NN Monday/NNP morning/NN ./. 
``/`` They/PRP were/VBD absolutely/RB killed/VBN ,/, slaughtered/VBN ,/, ''/'' said/VBD one/CD Chicago-based/JJ options/NNS trader/NN ./. 
Some/DT traders/NNS said/VBD that/IN the/DT closely/RB watched/VBN Major/NNP Market/NNP Index/NNP ,/, whose/WP$ 20/CD stocks/NNS mimic/VBP the/DT Dow/NNP industrials/NNS ,/, did/VBD n't/RB lead/VB yesterday/NN 's/POS big/JJ rally/NN ./. 
James/NNP Gallagher/NNP ,/, a/DT partner/NN at/IN specialist/NN Fowler/NNP &/CC Rosenau/NNP ,/, said/VBD ,/, ``/`` The/DT difference/NN between/IN today/NN and/CC two/CD years/NNS ago/RB ''/'' --/: ``/`` Terrible/NNP Tuesday/NNP ,/, ''/'' Oct./NNP 20/CD ,/, 1987/CD --/: ``/`` is/VBZ that/DT then/RB we/PRP needed/VBD a/DT savior/NN to/TO go/VB into/IN the/DT Major/NNP Market/NNP Index/NNP ,/, spend/VB $/$ 2/CD million/CD and/CC get/VB the/DT program/NN rally/NN started/VBD ./. 
This/DT time/NN -LCB-/-LRB- institutions/NNS -RCB-/-RRB- saw/VBD the/DT programs/NNS coming/VBG and/CC backed/VBD away/RB and/CC backed/VBD away/RB ./. 
Then/RB when/WRB the/DT market/NN was/VBD at/IN a/DT technical/JJ level/NN to/TO buy/VB ,/, they/PRP came/VBD in/RB with/IN a/DT vengeance/NN ./. ''/'' 
However/RB ,/, according/VBG to/TO one/CD analyst/NN ,/, the/DT timing/NN of/IN Major/NNP Market/NNP Index/NNP futures/NNS buying/NN just/RB before/IN the/DT turnaround/NN was/VBD similar/JJ to/TO that/DT of/IN Terrible/NNP Tuesday/NNP ./. 
``/`` Futures/NNS were/VBD pulling/VBG the/DT stock/NN market/NN higher/RBR ,/, ''/'' said/VBD Donald/NNP Selkin/NNP ,/, head/NN of/IN stock-index/JJ futures/NNS research/NN at/IN Prudential-Bache/NNP Securities/NNP Inc/NNP ./. 
Although/IN the/DT Big/NNP Board/NNP 's/POS specialist/NN firms/NNS struggled/VBD through/IN another/DT highly/RB volatile/JJ trading/NN session/NN ,/, their/PRP$ performance/NN yesterday/NN was/VBD better/RBR than/IN during/IN Friday/NNP 's/POS late-afternoon/JJ chaos/NN ,/, according/VBG to/TO traders/NNS and/CC brokers/NNS who/WP work/VBP with/IN them/PRP ./. 
Specialists/NNS were/VBD criticized/VBN for/IN their/PRP$ inability/NN to/TO maintain/VB orderly/JJ markets/NNS during/IN the/DT Friday/NNP plunge/NN ./. 
But/CC yesterday/NN ,/, even/RB with/IN halts/NNS in/IN such/JJ major/JJ blue-chip/JJ stocks/NNS as/IN Merck/NNP ,/, ``/`` we/PRP expected/VBD -LRB-/-LRB- the/DT halts/NNS -RRB-/-RRB- and/CC it/PRP was/VBD n't/RB too/RB bad/JJ ,/, ''/'' said/VBD Donaldson/NNP 's/POS Mr./NNP Eppel/NNP ,/, who/WP had/VBD been/VBN critical/JJ of/IN the/DT specialists/NNS '/POS performance/NN on/IN Friday/NNP ./. 
According/VBG to/TO a/DT Big/NNP Board/NNP official/NN ,/, while/IN many/JJ stocks/NNS opened/VBD late/RB ,/, there/EX were/VBD subsequent/JJ trading/VBG halts/NNS in/IN only/RB three/CD issues/NNS --/: AMR/NNP ,/, Merck/NNP and/CC Valero/NNP Energy/NNP ./. 
Merck/NNP is/VBZ one/CD of/IN the/DT most/RBS important/JJ stocks/NNS in/IN the/DT Major/NNP Market/NNP Index/NNP ./. 
No/DT sector/NN of/IN the/DT market/NN has/VBZ been/VBN spared/VBN during/IN the/DT past/JJ two/CD days/NNS '/POS gyrations/NNS ./. 
Yet/RB from/IN the/DT Dow/NNP industrials/NNS '/POS high/NN on/IN Oct./NNP 9/CD through/IN Friday/NNP 's/POS plunge/NN ,/, relatively/RB good/JJ performances/NNS have/VBP been/VBN turned/VBN in/RP by/IN real-estate/NN ,/, utilities/NNS ,/, precious/JJ metals/NNS and/CC life/NN insurance/NN stocks/NNS ./. 
And/CC yesterday/NN ,/, the/DT top/JJ performing/NN industry/NN group/NN was/VBD oil/NN field/NN equipment/NN issues/NNS ./. 
For/IN example/NN ,/, Halliburton/NNP jumped/VBD 3/CD 1\/4/CD to/TO 38/CD ,/, Schlumberger/NNP rose/VBD 2/CD 1\/2/CD to/TO 43/CD 1\/4/CD and/CC Baker/NNP Hughes/NNP rose/VBD 1/CD 1\/8/CD to/TO 22/CD ./. 
Because/IN of/IN the/DT UAL/NNP and/CC AMR/NNP tumbles/NNS ,/, airlines/NNS were/VBD the/DT weakest/JJS sector/NN of/IN the/DT market/NN yesterday/NN ./. 
Philip/NNP Morris/NNP was/VBD the/DT Big/NNP Board/NNP 's/POS most/RBS active/JJ issue/NN ,/, rising/VBG 2/CD 1\/4/CD to/TO 43/CD 1\/4/CD on/IN nearly/RB eight/CD million/CD shares/NNS ./. 
Among/IN other/JJ major/JJ issues/NNS ,/, Coca-Cola/NNP Co./NNP closed/VBD up/RB 2/CD at/IN 66/CD 3\/4/CD on/IN 1.7/CD million/CD shares/NNS and/CC American/NNP Telephone/NNP &/CC Telegraph/NNP rose/VBD 3/CD 1\/4/CD to/TO 43/CD on/IN nearly/RB 7.8/CD million/CD shares/NNS ./. 
Shares/NNP of/IN International/NNP Business/NNP Machines/NNP ,/, which/WDT reported/VBD earnings/NNS yesterday/NN ,/, finished/VBN at/IN 103/CD ,/, up/RB 1/CD ,/, after/IN slipping/VBG below/IN 100/CD during/IN Friday/NNP 's/POS session/NN for/IN the/DT first/JJ time/NN in/IN five/CD years/NNS ./. 
Shares/NNS of/IN three/CD brokerage/NN firms/NNS rose/VBD after/IN they/PRP reported/VBD earnings/NNS ./. 
Merrill/NNP Lynch/NNP added/VBD 1/CD 3\/4/CD to/TO 28/CD ,/, PaineWebber/NNP rose/VBD 3\/4/CD to/TO 18/CD 1\/2/CD and/CC Bear/NNP Stearns/NNP rose/VBD 3\/8/CD to/TO 14/CD 1\/4/CD ./. 
Federal/NNP National/NNP Mortgage/NNP Association/NNP ,/, a/DT recently/RB hot/JJ stock/NN ,/, climbed/VBD 4/CD to/TO 124/CD on/IN nearly/RB 1.6/CD million/CD shares/NNS ./. 
At/IN a/DT news/NN conference/NN after/IN the/DT close/NN of/IN trading/NN yesterday/NN ,/, the/DT Big/NNP Board/NNP 's/POS Mr./NNP Phelan/NNP and/CC other/JJ exchange/NN officials/NNS praised/VBD the/DT performance/NN of/IN their/PRP$ computers/NNS and/CC personnel/NNS ./. 
Mr./NNP Phelan/NNP said/VBD that/DT program/NN trading/NN strategies/NNS were/VBD n't/RB responsible/JJ for/IN triggering/VBG Friday/NNP 's/POS decline/NN despite/IN a/DT jump/NN in/IN the/DT use/NN of/IN the/DT computer-driven/JJ strategies/NNS in/IN recent/JJ months/NNS ./. 
Some/DT 24/CD million/CD of/IN the/DT more/JJR than/IN 100/CD million/CD shares/NNS traded/VBN in/IN the/DT final/JJ 90/CD minutes/NNS of/IN Friday/NNP 's/POS session/NN ,/, when/WRB the/DT plunge/NN in/IN stock/NN prices/NNS was/VBD concentrated/VBN ,/, were/VBD program-related/JJ ,/, he/PRP said/VBD ./. 
Program/NN trades/NNS make/VBP up/RP 10/CD %/NN of/IN the/DT exchange/NN 's/POS volume/NN on/IN an/DT average/JJ day/NN ,/, but/CC despite/IN the/DT increase/NN Friday/NNP ,/, it/PRP was/VBD ``/`` certainly/RB not/RB something/NN you/PRP would/MD say/VB precipitated/VBD the/DT market/NN decline/NN ,/, ''/'' Mr./NNP Phelan/NNP said/VBD ./. 
Mr./NNP Phelan/NNP expressed/VBD relief/NN that/IN the/DT market/NN rebounded/VBD yesterday/NN ./. 
``/`` Obviously/RB ,/, every/DT time/NN we/PRP get/VBP this/DT kind/NN of/IN reaction/NN ,/, it/PRP 's/VBZ going/VBG to/TO make/VB everybody/NN nervous/JJ ,/, including/VBG me/PRP ,/, ''/'' he/PRP said/VBD ./. 
He/PRP said/VBD that/IN exchange/NN officials/NNS had/VBD conversations/NNS with/IN Wall/NNP Street/NNP firms/NNS throughout/IN the/DT weekend/NN and/CC that/IN ``/`` all/DT the/DT participants/NNS behaved/VBD very/RB ,/, very/RB responsibly/RB today/NN ./. ''/'' 
Meanwhile/RB ,/, Peter/NNP DaPuzzo/NNP ,/, Shearson/NNP 's/POS head/NN of/IN retail/JJ equity/NN trading/NN ,/, praised/VBD institutional/JJ investors/NNS in/IN the/DT OTC/NNP market/NN ,/, who/WP were/VBD heavy/JJ buyers/NNS of/IN the/DT Nasdaq/NNP 's/POS biggest/JJS technology/NN issues/NNS yesterday/NN amid/IN a/DT flood/NN of/IN selling/NN by/IN other/JJ investors/NNS ./. 
``/`` The/DT institutions/NNS ca/MD n't/RB be/VB criticized/VBN for/IN their/PRP$ behavior/NN ,/, ''/'' Mr./NNP DaPuzzo/NNP said/VBD in/IN an/DT interview/NN ./. 
``/`` It/PRP was/VBD the/DT opposite/NN of/IN what/WP happened/VBD on/IN Oct./NNP 19/CD ./. 
They/PRP used/VBD their/PRP$ judgment/NN ./. 
They/PRP did/VBD n't/RB panic/NN during/IN the/DT first/JJ round/NN of/IN selling/NN this/DT morning/NN ./. 
Instead/RB ,/, they/PRP bought/VBD on/IN weakness/NN and/CC sold/VBD into/IN the/DT strength/NN ,/, which/WDT kept/VBD the/DT market/NN orderly/JJ ./. 
Maybe/RB they/PRP learned/VBD from/IN experience/NN ./. ''/'' 
Mr./NNP Phelan/NNP said/VBD the/DT performance/NN of/IN specialists/NNS during/IN Friday/NNP 's/POS plunge/NN was/VBD admirable/JJ ,/, because/IN out/IN of/IN 1,640/CD Big/NNP Board/NNP common/JJ stocks/NNS traded/VBN during/IN the/DT day/NN only/RB seven/CD were/VBD closed/VBN and/CC were/VBD n't/RB reopened/VBN before/IN the/DT close/NN ./. 
``/`` They/PRP did/VBD an/DT excellent/JJ job/NN ,/, ''/'' Mr./NNP Phelan/NNP said/VBD of/IN the/DT specialists/NNS ./. 
Wall/NNP Street/NNP traders/NNS on/IN Friday/NNP had/VBD complained/VBN about/IN the/DT trading/VBG suspensions/NNS ./. 
James/NNP A./NNP White/NNP and/CC Sonja/NNP Steptoe/NNP contributed/VBD to/TO this/DT article/NN ./. 
West/NNP Germany/NNP 's/POS Green/NNP Party/NNP joined/VBD its/PRP$ ideological/JJ soulmates/NNS Jeremy/NNP Rifkin/NNP and/CC the/DT Christic/NNP Institute/NNP in/IN the/DT legal/JJ battle/NN to/TO ground/VB the/DT Atlantis/NNP shuttle/NN and/CC its/PRP$ plutonium-powered/JJ Galileo/NNP probe/NN to/TO Jupiter/NNP ./. 
The/DT anti-defense/JJ Greens/NNS wanted/VBD a/DT Washington/NNP federal/JJ appeals/NNS court/NN to/TO block/VB today/NN 's/POS scheduled/VBN liftoff/NN long/RB enough/RB for/IN them/PRP to/TO ask/VB the/DT World/NNP Court/NNP to/TO ``/`` order/VB ''/'' a/DT permanent/JJ cancellation/NN of/IN the/DT $/$ 1.5/CD billion/CD flight/NN ./. 
A/DT three-judge/JJ appeals/NNS panel/NN yesterday/NN refused/VBD to/TO comply/VB ,/, though/IN liberal/JJ Judge/NNP Pat/NNP Wald/NNP went/VBD out/IN of/IN her/PRP$ way/NN to/TO deny/VB that/IN this/DT was/VBD a/DT ``/`` frivolous/JJ ''/'' case/NN ./. 
Of/IN course/NN it/PRP was/VBD ./. 
NASA/NNP should/MD now/RB sue/VB for/IN fines/NNS against/IN all/DT three/CD politico-plaintiffs/NNS ,/, foreign/JJ and/CC domestic/JJ ,/, for/IN bringing/VBG this/DT mischievous/JJ case/NN ./. 
A/DT House-Senate/JJ conference/NN approved/VBD a/DT permanent/JJ smoking/NN ban/NN on/IN all/DT domestic/JJ airline/NN routes/NNS within/IN the/DT continental/JJ U.S./NNP and/CC on/IN all/DT flights/NNS of/IN six/CD hours/NNS or/CC less/JJR to/TO Alaska/NNP and/CC Hawaii/NNP ./. 
The/DT restrictions/NNS would/MD cover/VB all/DT but/CC a/DT small/JJ percentage/NN of/IN domestic/JJ air/NN traffic/NN ,/, and/CC represent/VB a/DT major/JJ expansion/NN of/IN the/DT current/JJ smoking/NN ban/NN on/IN flights/NNS of/IN two/CD hours/NNS or/CC less/JJR ./. 
The/DT exemption/NN allowed/VBN on/IN longer/JJR flights/NNS to/TO Alaska/NNP and/CC Hawaii/NNP appears/VBZ to/TO be/VB largely/RB a/DT face-saving/JJ concession/NN for/IN the/DT traditionally/RB powerful/JJ tobacco/NN industry/NN ,/, which/WDT has/VBZ found/VBN itself/PRP increasingly/RB isolated/VBN in/IN the/DT face/NN of/IN public/JJ pressure/NN in/IN recent/JJ years/NNS ./. 
By/IN a/DT 6-4/CD margin/NN ,/, House/NNP negotiators/NNS initially/RB rejected/VBD last/JJ night/NN a/DT Senate/NNP provision/NN covering/VBG all/DT domestic/JJ flights/NNS ./. 
But/CC the/DT six-hour/JJ compromise/NN was/VBD soon/RB agreed/VBN to/TO in/IN subsequent/JJ discussions/NNS ./. 
As/IN a/DT practical/JJ matter/NN ,/, flights/NNS from/IN the/DT West/NNP Coast/NNP to/TO Hawaii/NNP would/MD be/VB covered/VBN as/IN they/PRP are/VBP under/IN the/DT time/NN limit/NN ,/, but/CC the/DT language/NN would/MD exempt/VB longer/JJR routes/NNS beginning/VBG ,/, for/IN example/NN ,/, in/IN Chicago/NNP or/CC on/IN the/DT East/NNP Coast/NNP ./. 
Within/IN the/DT Senate/NNP ,/, the/DT ban/NN has/VBZ had/VBD aggressive/JJ support/NN from/IN Sen./NNP Frank/NNP Lautenberg/NNP -LRB-/-LRB- D./NNP ,/, N.J./NNP -RRB-/-RRB- ,/, who/WP has/VBZ used/VBN his/PRP$ position/NN as/IN a/DT Senate/NNP Appropriations/NNP subcommittee/NN chairman/NN to/TO garner/VB votes/NNS for/IN the/DT initiative/NN ./. 
The/DT measure/NN is/VBZ attached/VBN to/TO the/DT more/JJR than/IN $/$ 26/CD billion/CD fiscal/JJ 1990/CD transportation/NN bill/NN within/IN Mr./NNP Lautenberg/NNP 's/POS jurisdiction/NN ,/, and/CC the/DT final/JJ compromise/NN is/VBZ laced/VBN with/IN more/JJR than/IN $/$ 205/CD million/CD in/IN road/NN projects/NNS earmarked/VBN by/IN members/NNS as/RB well/RB as/IN funds/NNS sought/VBD by/IN major/JJ airports/NNS ,/, including/VBG Denver/NNP ./. 
From/IN the/DT outset/NN ,/, the/DT tobacco/NN industry/NN has/VBZ been/VBN uncertain/JJ as/IN to/TO what/WP strategy/NN to/TO follow/VB ./. 
But/CC the/DT industry/NN retains/VBZ support/NN in/IN the/DT House/NNP leadership/NN through/IN the/DT influence/NN of/IN grower/NN states/NNS ,/, such/JJ as/IN North/NNP Carolina/NNP ./. 
Majority/NNP Whip/NNP William/NNP Gray/NNP owes/VBZ a/DT political/JJ debt/NN to/TO Southern/JJ agriculture/NN lawmakers/NNS for/IN his/PRP$ rise/NN in/IN the/DT House/NNP ,/, and/CC the/DT Philadelphia/NNP Democrat/NNP used/VBD his/PRP$ position/NN in/IN the/DT conference/NN to/TO salvage/VB the/DT exemption/NN from/IN a/DT total/JJ ban/NN ./. 
Although/IN the/DT smoking/NN provision/NN has/VBZ attracted/VBN the/DT most/RBS public/JJ interest/NN ,/, the/DT underlying/JJ bill/NN was/VBD the/DT subject/NN of/IN behind-the-scenes/JJ lobbying/VBG because/IN of/IN its/PRP$ impact/NN on/IN air/NN transportation/NN and/CC the/DT more/RBR mundane/JJ ,/, but/CC politically/RB important/JJ ,/, projects/NNS of/IN members/NNS ./. 
In/IN a/DT stark/JJ lesson/NN in/IN the/DT power/NN of/IN the/DT appropriations/NNS committees/NNS ,/, the/DT House/NNP deliberately/RB killed/VBD a/DT handful/NN of/IN projects/NNS backed/VBN by/IN lawmakers/NNS in/IN Florida/NNP ,/, Illinois/NNP and/CC Pennsylvania/NNP who/WP had/VBD voted/VBN against/IN the/DT panel/NN leadership/NN on/IN the/DT House/NNP floor/NN ./. 
``/`` Anybody/NN can/MD vote/VB as/IN they/PRP want/VBP ,/, ''/'' said/VBD Rep./NNP William/NNP Lehman/NNP -LRB-/-LRB- D./NNP ,/, Fla./NNP -RRB-/-RRB- ,/, head/NN of/IN the/DT House/NNP conferees/NNS ./. 
``/`` But/CC if/IN you/PRP make/VBP a/DT request/NN ,/, you/PRP should/MD support/VB the/DT committee/NN ./. ''/'' 
Within/IN the/DT Federal/NNP Aviation/NNP Administration/NNP ,/, the/DT final/JJ bill/NN promises/VBZ to/TO increase/VB spending/NN for/IN facilities/NNS and/CC equipment/NN by/IN more/JJR than/IN 20/CD %/NN from/IN last/JJ year/NN ,/, and/CC total/JJ operations/NNS would/MD rise/VB to/TO $/$ 3.84/CD billion/CD --/: a/DT 12/CD %/NN boost/NN ./. 
The/DT facilities/NNS account/NN includes/VBZ $/$ 40/CD million/CD for/IN Denver/NNP 's/POS ambitious/JJ new/JJ airport/NN ,/, and/CC the/DT competition/NN for/IN these/DT funds/NNS created/VBD shifting/VBG alliances/NNS between/IN urban/JJ lawmakers/NNS representing/VBG established/VBN airports/NNS in/IN Philadelphia/NNP and/CC Michigan/NNP and/CC the/DT major/JJ carriers/NNS to/TO Denver/NNP ,/, United/NNP and/CC Continental/NNP ./. 
Leery/JJ of/IN the/DT costs/NNS --/: and/CC ,/, critics/NNS say/VBP ,/, competition/NN --/: the/DT airlines/NNS have/VBP sought/VBN to/TO gain/VB leverage/NN over/IN the/DT city/NN of/IN Denver/NNP ./. 
Texas/NNP Air/NNP Corp./NNP ,/, which/WDT owns/VBZ Continental/NNP ,/, and/CC the/DT Air/NNP Transport/NNP Association/NNP were/VBD prominent/JJ in/IN the/DT lobbying/VBG ./. 
The/DT industry/NN sought/VBD to/TO impose/VB conditions/NNS that/WDT would/MD have/VB delayed/VBN funds/NNS for/IN the/DT project/NN until/IN Denver/NNP and/CC the/DT airlines/NNS had/VBD agreed/VBN to/TO leases/NNS for/IN 50/CD %/NN of/IN the/DT gates/NNS ./. 
But/CC this/DT was/VBD rejected/VBN in/IN favor/NN of/IN much/RB looser/JJR language/NN directing/VBG the/DT Transportation/NNP Department/NNP to/TO review/VB the/DT costs/NNS of/IN the/DT first/JJ phase/NN ,/, expected/VBN to/TO cost/VB about/RB $/$ 2/CD billion/CD ./. 
Though/IN smaller/JJR in/IN total/JJ dollars/NNS ,/, the/DT conference/NN agreed/VBD to/TO preserve/VB an/DT estimated/VBN $/$ 30.6/CD million/CD in/IN controversial/JJ subsidies/NNS to/TO carriers/NNS serving/VBG rural/JJ or/CC isolated/VBN airports/NNS ./. 
The/DT sum/NN is/VBZ more/RBR than/IN double/RB what/WP the/DT House/NNP had/VBD approved/VBN for/IN the/DT program/NN ,/, but/CC the/DT list/NN of/IN qualified/VBN airports/NNS would/MD be/VB cut/VBN by/IN 22/CD under/IN new/JJ distance/NN requirements/NNS and/CC limits/NNS on/IN the/DT level/NN of/IN subsidy/NN ./. 
Congress/NNP previously/RB cut/VBD six/CD airports/NNS this/DT year/NN ./. 
The/DT impact/NN of/IN the/DT changes/NNS is/VBZ to/TO eliminate/VB many/JJ of/IN the/DT most/RBS excessive/JJ cases/NNS where/WRB the/DT government/NN has/VBZ been/VBN paying/VBG more/JJR than/IN $/$ 200/CD for/IN each/DT passenger/NN in/IN subsidies/NNS ./. 
Among/IN rail/NN and/CC highway/NN accounts/NNS ,/, the/DT agreement/NN provides/VBZ $/$ 615/CD million/CD for/IN Amtrak/NNP ,/, including/VBG $/$ 85/CD million/CD for/IN capital/NN improvements/NNS ./. 
And/CC federal-formula/JJ grants/NNS for/IN mass/NN transit/NN would/MD be/VB effectively/RB frozen/VBN at/IN $/$ 1.625/CD billion/CD ,/, or/CC $/$ 20/CD million/CD more/JJR than/IN last/JJ fiscal/JJ year/NN ./. 
Enjoying/VBG several/JJ blockbuster/NN movie/NN hits/NNS including/VBG ``/`` Batman/NNP ,/, ''/'' Los/NNP Angeles-based/JJ Guber-Peters/NNP Entertainment/NNP Co./NNP reported/VBD earnings/NNS for/IN the/DT first/JJ quarter/NN ended/VBN Aug./NNP 31/CD of/IN $/$ 5.8/CD million/CD ,/, or/CC 50/CD cents/NNS a/DT share/NN ,/, compared/VBN with/IN a/DT year-earlier/JJ loss/NN ./. 
Sony/NNP Corp./NNP ,/, which/WDT has/VBZ offered/VBN to/TO acquire/VB the/DT movie-production/JJ company/NN ,/, is/VBZ seeking/VBG to/TO free/VB its/PRP$ top/JJ executives/NNS ,/, Peter/NNP Guber/NNP and/CC Jon/NNP Peters/NNP ,/, from/IN an/DT exclusive/JJ agreement/NN with/IN Time/NNP Warner/NNP Inc./NNP 's/POS Warner/NNP Communications/NNP Inc./NNP so/IN they/PRP can/MD run/VB Columbia/NNP Pictures/NNP Entertainment/NNP Inc/NNP ./. 
Sony/NNP two/CD weeks/NNS ago/RB agreed/VBD to/TO acquire/VB Columbia/NNP for/IN $/$ 3.4/CD billion/CD ,/, or/CC $/$ 27/CD a/DT share/NN ./. 
Warner/NNP sued/VBD Sony/NNP and/CC Guber-Peters/NNS late/JJ last/JJ week/NN ;/: Sony/NNP and/CC Guber-Peters/NNS have/VBP countersued/VBN ,/, charging/VBG Warner/NNP with/IN attempting/VBG to/TO interfere/VB in/IN Sony/NNP 's/POS acquisition/NN of/IN the/DT two/CD companies/NNS ./. 
Guber-Peters/NNS 's/POS net/JJ income/NN in/IN the/DT latest/JJS quarter/NN compared/VBN with/IN a/DT net/JJ loss/NN of/IN $/$ 6.9/CD million/CD ,/, or/CC 62/CD cents/NNS a/DT share/NN ,/, in/IN the/DT year-earlier/JJ period/NN ./. 
The/DT company/NN said/VBD revenue/NN rose/VBD 138/CD %/NN ,/, to/TO $/$ 10.9/CD million/CD from/IN $/$ 4.6/CD million/CD ,/, reflecting/VBG the/DT success/NN of/IN its/PRP$ movies/NNS ``/`` Gorillas/NNP in/IN the/DT Mist/NNP ''/'' and/CC ``/`` Rainman/NNP ,/, ''/'' as/RB well/RB as/IN the/DT box-office/NN smash/NN ``/`` Batman/NNP ./. 
A/DT group/NN including/VBG Jon/NNP M./NNP Huntsman/NNP of/IN Salt/NNP Lake/NNP City/NNP ,/, said/VBD it/PRP boosted/VBD its/PRP$ stake/NN in/IN Aristech/NNP Chemical/NNP Corp./NNP to/TO 8.36/CD %/NN of/IN the/DT the/DT common/JJ shares/NNS outstanding/JJ ./. 
As/IN previously/RB reported/VBN ,/, Huntsman/NNP Holdings/NNP Corp./NNP ,/, owned/VBN by/IN Jon/NNP M./NNP Huntsman/NNP and/CC other/JJ members/NNS of/IN his/PRP$ family/NN ,/, proposed/VBD that/IN Banstar/NNP Corp./NNP ,/, an/DT affiliate/NN of/IN Huntsman/NNP Holdings/NNP ,/, acquire/VB Aristech/NNP in/IN a/DT friendly/JJ transaction/NN for/IN $/$ 25-a-share/JJ in/IN cash/NN ,/, or/CC $/$ 817.5/CD million/CD ./. 
In/IN a/DT filing/NN with/IN the/DT Securities/NNP and/CC Exchange/NNP Commission/NNP ,/, the/DT Huntsman/NNP group/NN said/VBD it/PRP controls/VBZ 2,720,675/CD Aristech/NNP common/JJ shares/NNS ,/, including/VBG 306,000/CD shares/NNS bought/VBN from/IN Aug./NNP 21/CD to/TO Oct./NNP 13/CD for/IN $/$ 20/CD to/TO $/$ 20.875/CD per/IN share/NN ./. 
Officials/NNS at/IN Aristech/NNP ,/, based/VBN in/IN Pittsburgh/NNP ,/, declined/VBD comment/NN ./. 
Congress/NNP has/VBZ been/VBN critical/JJ of/IN the/DT Bush/NNP administration/NN for/IN not/RB sending/VBG enough/JJ aid/NN to/TO Poland/NNP ,/, so/IN it/PRP is/VBZ getting/VBG ready/JJ to/TO send/VB its/PRP$ own/JJ version/NN of/IN a/DT CARE/NNP package/NN ./. 
Last/JJ month/NN ,/, the/DT Senate/NNP voted/VBD to/TO send/VB a/DT delegation/NN of/IN congressional/JJ staffers/NNS to/TO Poland/NNP to/TO assist/VB its/PRP$ legislature/NN ,/, the/DT Sejm/NNP ,/, in/IN democratic/JJ procedures/NNS ./. 
Senator/NNP Pete/NNP Domenici/NNP calls/VBZ this/DT effort/NN ``/`` the/DT first/JJ gift/NN of/IN democracy/NN ./. ''/'' 
The/DT Poles/NNS might/MD do/VB better/RBR to/TO view/VB it/PRP as/IN a/DT Trojan/NNP Horse/NNP ./. 
It/PRP is/VBZ the/DT vast/JJ shadow/NN government/NN of/IN 15,000/CD congressional/JJ staffers/NNS that/IN helps/VBZ create/VB such/JJ legislative/JJ atrocities/NNS as/IN the/DT 1,376/CD page/NN ,/, 13-pound/JJ reconciliation/NN bill/NN that/WDT claimed/VBD to/TO be/VB the/DT budget/NN of/IN the/DT United/NNP States/NNP ./. 
Maybe/RB after/IN the/DT staffers/NNS explain/VBP their/PRP$ work/NN to/TO the/DT Poles/NNS ,/, they/PRP 'd/MD be/VB willing/JJ to/TO come/VB back/RB and/CC do/VB the/DT same/JJ for/IN the/DT American/JJ people/NNS ./. 
Waterford/NNP Wedgwood/NNP PLC/NNP ,/, a/DT financially/RB troubled/VBN Irish/JJ maker/NN of/IN fine/JJ crystal/NN and/CC Wedgwood/NNP china/NN ,/, reported/VBD that/DT its/PRP$ pretax/JJ loss/NN for/IN the/DT first/JJ six/CD months/NNS widened/VBD to/TO 10.6/CD million/CD Irish/JJ punts/NNS -LRB-/-LRB- $/$ 14.9/CD million/CD -RRB-/-RRB- from/IN 5.8/CD million/CD Irish/JJ punts/NNS a/DT year/NN earlier/RBR ./. 
The/DT results/NNS for/IN the/DT half/NN were/VBD worse/JJR than/IN market/NN expectations/NNS ,/, which/WDT suggested/VBD an/DT interim/JJ loss/NN of/IN around/RB 10/CD million/CD Irish/JJ punts/NNS ./. 
In/IN a/DT sharply/RB weaker/JJR London/NNP market/NN yesterday/NN ,/, Waterford/NNP shares/NNS were/VBD down/RB 15/CD pence/NNS at/IN 50/CD pence/NNS -LRB-/-LRB- 79/CD cents/NNS -RRB-/-RRB- ./. 
The/DT company/NN reported/VBD a/DT loss/NN after/IN taxation/NN and/CC minority/NN interests/NNS of/IN 14/CD million/CD Irish/JJ punts/NNS ,/, compared/VBN with/IN a/DT loss/NN of/IN 9.3/CD million/JJ Irish/NNP punts/NNS for/IN the/DT year-earlier/JJ period/NN ./. 
There/EX were/VBD n't/RB any/DT extraordinary/JJ items/NNS ./. 
Sales/NNS for/IN the/DT total/JJ group/NN rose/VBD 27/CD %/NN to/TO 168.1/CD million/CD Irish/JJ punts/NNS compared/VBN with/IN 132.6/CD million/CD Irish/JJ punts/NNS a/DT year/NN ago/RB ./. 
Waterford/NNP has/VBZ decided/VBN against/IN paying/VBG an/DT interim/JJ dividend/NN ./. 
Waterford/NNP said/VBD the/DT appointment/NN of/IN a/DT new/JJ management/NN team/NN and/CC the/DT signing/NN of/IN a/DT comprehensive/JJ labor/NN agreement/NN are/VBP expected/VBN to/TO enhance/VB the/DT company/NN 's/POS long-term/JJ prospects/NNS ./. 
The/DT sudden/JJ ``/`` flight/NN to/TO quality/NN ''/'' that/WDT triggered/VBD Friday/NNP 's/POS explosive/JJ bond-market/JJ rally/NN was/VBD reversed/VBN yesterday/NN in/IN a/DT ``/`` flight/NN from/IN quality/NN ''/'' rout/NN ./. 
The/DT setback/NN ,/, in/IN which/WDT Treasury/NNP bond/NN prices/NNS plummeted/VBD ,/, reflected/VBD a/DT rebound/NN in/IN the/DT stock/NN market/NN and/CC profit-taking/NN ./. 
``/`` It/PRP was/VBD a/DT pretty/RB wild/JJ day/NN ./. 
Our/PRP$ markets/NNS were/VBD closely/RB tied/VBN to/TO the/DT stock/NN market/NN ,/, ''/'' said/VBD Joel/NNP Kazis/NNP ,/, manager/NN of/IN trading/NN at/IN Smith/NNP Barney/NNP ,/, Harris/NNP Upham/NNP &/CC Co/NNP ./. 
``/`` Friday/NNP 's/POS flight/NN to/TO quality/NN was/VBD no/DT longer/RBR needed/VBN once/IN the/DT stock/NN market/NN found/VBD its/PRP$ legs/NNS ,/, ''/'' he/PRP said/VBD ./. 
Some/DT fixed-income/JJ investors/NNS had/VBD expected/VBN a/DT further/JJ drop/NN in/IN stock/NN prices/NNS after/IN the/DT nearly/RB 200-point/JJ drop/NN in/IN the/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP on/IN Friday/NNP ./. 
That/IN caused/VBN investors/NNS to/TO flee/VB stocks/NNS and/CC buy/VB high-quality/JJ Treasury/NNP bonds/NNS ,/, which/WDT are/VBP safer/JJR than/IN other/JJ types/NNS of/IN securities/NNS ./. 
But/CC when/WRB stocks/NNS began/VBD to/TO climb/VB instead/RB ,/, prices/NNS of/IN Treasury/NNP bonds/NNS declined/VBD ./. 
Contributing/VBG to/TO the/DT selling/NN pressure/NN were/VBD dispatches/NNS by/IN several/JJ investment/NN firms/NNS advising/VBG clients/NNS to/TO boost/VB their/PRP$ stock/NN holdings/NNS and/CC reduce/VB the/DT size/NN of/IN their/PRP$ cash/NN or/CC bond/NN portfolios/NNS ./. 
Among/IN the/DT firms/NNS were/VBD Merrill/NNP Lynch/NNP &/CC Co./NNP and/CC Dean/NNP Witter/NNP Reynolds/NNP Inc/NNP ./. 
The/DT bond/NN market/NN seemed/VBD to/TO ignore/VB evidence/NN that/IN the/DT Federal/NNP Reserve/NNP eased/VBD credit/NN conditions/NNS slightly/RB by/IN allowing/VBG the/DT federal/JJ funds/NNS rate/NN to/TO drift/VB as/RB low/JJ as/IN 8/CD 1\/2/CD %/NN ./. 
The/DT closely/RB watched/VBN rate/NN on/IN federal/JJ funds/NNS ,/, or/CC overnight/JJ loans/NNS between/IN banks/NNS ,/, slid/VBD to/TO about/RB 8/CD 3\/4/CD %/NN last/JJ week/NN ,/, down/RB from/IN its/PRP$ perceived/VBN target/NN level/NN of/IN about/RB 9/CD %/NN ./. 
The/DT rate/NN is/VBZ considered/VBN an/DT early/JJ signal/NN of/IN changes/NNS in/IN Fed/NNP policy/NN ./. 
Traders/NNS said/VBD yesterday/NN 's/POS modest/JJ easing/NN did/VBD n't/RB stir/VB much/JJ enthusiasm/NN because/IN it/PRP had/VBD been/VBN widely/RB expected/VBN ./. 
In/IN fact/NN ,/, some/DT economists/NNS contend/VBP that/IN the/DT latest/JJS easing/NN started/VBD last/JJ week/NN ./. 
Others/NNS note/VBP that/IN some/DT investors/NNS were/VBD disappointed/VBN because/IN they/PRP had/VBD expected/VBN a/DT more/RBR aggressive/JJ easing/NN ./. 
The/DT Treasury/NNP 's/POS benchmark/NN 30-year/JJ bond/NN ,/, ended/VBD about/RB 1/CD 3\/4/CD points/NNS lower/RBR ,/, or/CC down/RB about/RB $/$ 17.50/CD for/IN each/DT $/$ 1,000/CD face/NN amount/NN ./. 
The/DT reversal/NN was/VBD even/RB more/RBR evident/JJ among/IN shorter-term/JJ Treasury/NNP securities/NNS ./. 
After/IN Treasury/NNP bill/NN rates/NNS plummeted/VBD as/RB much/RB as/IN 0.70/CD percentage/NN point/NN on/IN Friday/NNP ,/, they/PRP gave/VBD back/RB three-fourths/JJ of/IN that/DT amount/NN yesterday/NN ./. 
The/DT bond-equivalent/JJ yield/NN on/IN three-month/JJ Treasury/NNP bills/NNS ,/, for/IN example/NN ,/, was/VBD quoted/VBN late/JJ yesterday/NN at/IN 7.72/CD %/NN ,/, compared/VBN with/IN 7.16/CD %/NN Friday/NNP ./. 
Investment-grade/JJ corporate/JJ bonds/NNS ,/, mortgage-backed/JJ securities/NNS and/CC municipal/JJ bonds/NNS also/RB fell/VBD ./. 
But/CC prices/NNS of/IN junk/NN bonds/NNS ,/, which/WDT were/VBD battered/VBN Friday/NNP in/IN near/JJ standstill/JJ trading/NN ,/, rebounded/VBD to/TO post/VB small/JJ gains/NNS after/IN a/DT volatile/JJ trading/NN session/NN ./. 
Junk/NN bonds/NNS opened/VBD as/RB much/RB as/IN four/CD points/NNS lower/RBR but/CC staged/VBD a/DT modest/JJ comeback/NN as/IN stock/NN prices/NNS firmed/VBD ./. 
Some/DT traders/NNS said/VBD the/DT high-yield/JJ market/NN was/VBD helped/VBN by/IN active/JJ institutional/JJ buying/NN ./. 
In/IN particular/JJ ,/, they/PRP said/VBD ,/, firms/NNS such/JJ as/IN First/NNP Boston/NNP Corp./NNP and/CC Drexel/NNP Burnham/NNP Lambert/NNP Inc./NNP began/VBD making/VBG a/DT market/NN in/IN junk/NN issues/NNS early/RB in/IN the/DT session/NN when/WRB prices/NNS hit/VBD severely/RB depressed/VBN levels/NNS ./. 
``/`` I/PRP think/VBP the/DT willingness/NN of/IN securities/NNS companies/NNS to/TO make/VB markets/NNS for/IN high-yield/JJ issues/NNS improved/VBD the/DT sentiment/NN for/IN junk/NN bonds/NNS ,/, ''/'' said/VBD John/NNP Lonski/NNP ,/, an/DT economist/NN at/IN Moody/NNP 's/POS Investors/NNP Service/NNP Inc/NNP ./. 
U.S./NNP Treasury/NNP bonds/NNS were/VBD higher/JJR in/IN overnight/JJ trading/NN in/IN Japan/NNP ,/, which/WDT opened/VBD at/IN about/RB 7:30/CD p.m./NN EDT/NNP ./. 
The/DT benchmark/NN 30-year/JJ bond/NN ,/, for/IN example/NN rose/VBD one/CD point/NN in/IN early/JJ Japanese/JJ trading/NN in/IN reaction/NN to/TO a/DT quick/JJ 600-point/JJ drop/NN in/IN the/DT Tokyo/NNP stock/NN market/NN ./. 
But/CC as/IN Japanese/JJ stocks/NNS rebounded/VBD ,/, Treasurys/NNPS retreated/VBD and/CC ended/VBD just/RB modestly/RB higher/RBR ./. 
Many/JJ U.S./NNP trading/NN operations/NNS ,/, wanting/VBG to/TO keep/VB a/DT watchful/JJ eye/NN on/IN Japanese/JJ trading/NN as/IN an/DT indication/NN of/IN where/WRB U.S./NNP trading/NN would/MD begin/VB ,/, were/VBD fully/RB staffed/VBN during/IN the/DT Tokyo/NNP trading/NN session/NN ./. 
``/`` Most/JJS of/IN the/DT action/NN was/VBD during/IN the/DT night/NN session/NN ,/, ''/'' said/VBD Michael/NNP Moore/NNP ,/, trading/NN manager/NN at/IN Continental/NNP Bank/NNP ./. 
Jay/NNP Goldinger/NNP ,/, who/WP often/RB trades/VBZ overnight/RB for/IN Capital/NNP Insight/NNP Inc./NNP ,/, Beverly/NNP Hills/NNP ,/, Calif./NNP ,/, said/VBD trading/NN in/IN Tokyo/NNP was/VBD ``/`` very/RB active/JJ ''/'' but/CC highly/RB volatile/JJ ./. 
``/`` We/PRP went/VBD down/RB 3\/4/CD point/NN in/IN 10/CD minutes/NNS right/RB before/IN lunch/NN ,/, then/RB after/IN lunch/NN we/PRP went/VBD up/RB 3\/4/CD point/NN in/IN 12/CD minutes/NNS ,/, ''/'' he/PRP said/VBD ./. 
In/IN Tokyo/NNP ,/, trading/NN is/VBZ halted/VBN during/IN lunchtime/NN ./. 
Tokyo/NNP 's/POS market/NN turned/VBD out/RP to/TO be/VB a/DT bad/JJ bellwether/NN for/IN U.S./NNP trading/NN ./. 
When/WRB the/DT market/NN opened/VBD here/RB ,/, bonds/NNS prices/NNS fell/VBD as/IN the/DT stock/NN market/NN regained/VBD strength/NN ./. 
The/DT bond/NN market/NN 's/POS focus/NN on/IN stock/NN activity/NN was/VBD so/RB strong/JJ yesterday/NN that/IN it/PRP overshadowed/VBD today/NN 's/POS slate/NN of/IN economic/JJ data/NNS ,/, which/WDT includes/VBZ the/DT government/NN 's/POS report/NN on/IN August/NNP U.S./NNP merchandise/NN trade/NN and/CC September/NNP industrial/JJ production/NN ./. 
Industrial/JJ production/NN is/VBZ expected/VBN to/TO have/VB declined/VBN 0.2/CD %/NN ,/, according/VBG to/TO a/DT consensus/NN of/IN economists/NNS surveyed/VBN by/IN Dow/NNP Jones/NNP Capital/NNP Markets/NNP Report/NNP ./. 
The/DT August/NNP trade/NN deficit/NN is/VBZ expected/VBN to/TO have/VB widened/VBN to/TO $/$ 9.1/CD billion/CD from/IN $/$ 7.58/CD billion/CD in/IN July/NNP ./. 
A/DT widening/NN of/IN that/DT magnitude/NN ,/, said/VBD one/CD New/NNP York/NNP trader/NN ,/, is/VBZ ``/`` not/RB a/DT favorable/JJ number/NN .../: ./. 
It/PRP could/MD do/VB damage/NN to/TO us/PRP ./. ''/'' 
Meanwhile/RB ,/, agency/NN supply/NN is/VBZ expected/VBN to/TO weigh/VB heavily/RB on/IN the/DT market/NN today/NN when/WRB the/DT Federal/NNP Home/NNP Loan/NNP Bank/NNP prices/VBZ a/DT $/$ 2.3/CD billion/CD offering/NN of/IN one-year/JJ ,/, three-year/JJ ,/, five-year/JJ and/CC 10-year/JJ maturities/NNS ./. 
Tomorrow/NN ,/, the/DT Resolution/NNP Funding/NNP Corp./NNP will/MD provide/VB details/NNS of/IN its/PRP$ first/JJ bond/NN issue/NN ,/, which/WDT is/VBZ expected/VBN to/TO total/VB between/IN $/$ 4/CD billion/CD and/CC $/$ 6/CD billion/CD and/CC carry/VB a/DT maturity/NN greater/JJR than/IN 20/CD years/NNS ./. 
Resolution/NNP Funding/NNP is/VBZ a/DT division/NN of/IN Resolution/NNP Trust/NNP Corp./NNP ,/, the/DT new/JJ federal/JJ agency/NN created/VBN to/TO bail/VB out/RP the/DT nation/NN 's/POS troubled/VBN thrifts/NNS ./. 
And/CC this/DT week/NN the/DT Tennessee/NNP Valley/NNP Authority/NNP plans/VBZ to/TO price/VB a/DT $/$ 3/CD billion/CD offering/NN ,/, its/PRP$ first/JJ public/NN debt/NN borrowing/NN in/IN 15/CD years/NNS ./. 
``/`` There/EX 's/POS lots/NNS of/IN supply/NN ,/, ''/'' the/DT New/NNP York/NNP trader/NN said/VBD ./. 
``/`` We/PRP have/VBP a/DT couple/NN or/CC three/CD tough/JJ weeks/NNS coming/VBG ./. ''/'' 
Treasury/NNP Securities/NNP 
Prices/NNP of/IN Treasury/NNP bonds/NNS tumbled/VBD in/IN moderate/JJ to/TO active/JJ trading/NN ./. 
The/DT benchmark/NN 30-year/JJ Treasury/NNP bond/NN was/VBD quoted/VBN late/RB at/IN a/DT price/NN of/IN 101/CD 19\/32/CD ,/, compared/VBN with/IN a/DT closing/NN price/NN of/IN 103/CD 12\/32/CD Friday/NNP ./. 
The/DT yield/NN on/IN the/DT benchmark/NN issue/NN rose/VBD to/TO 7.97/CD %/NN from/IN 7.82/CD %/NN ./. 
The/DT latest/JJS 10-year/JJ notes/NNS were/VBD quoted/VBN late/RB at/IN 100/CD 3\/32/CD for/IN a/DT yield/NN of/IN 7.97/CD %/NN ,/, compared/VBN with/IN 101/CD 9\/32/CD to/TO yield/VB 7.84/CD %/NN ./. 
Short-term/JJ interest/NN rates/NNS fell/VBD yesterday/NN at/IN the/DT government/NN 's/POS weekly/JJ Treasury/NNP bill/NN auction/NN ./. 
The/DT average/JJ discount/NN rate/NN on/IN new/JJ three-month/JJ Treasury/NNP bills/NNS was/VBD 7.37/CD %/NN ,/, the/DT lowest/JJS since/IN the/DT average/NN of/IN 7.36/CD %/NN at/IN the/DT auction/NN on/IN Oct./NNP 17/CD ,/, 1988/CD ./. 
The/DT average/JJ discount/NN rate/NN was/VBD 7.42/CD %/NN on/IN new/JJ six-month/JJ bills/NNS ,/, the/DT lowest/JJS since/IN the/DT average/NN of/IN 7.35/CD %/NN at/IN the/DT auction/NN on/IN July/NNP 31/CD ,/, 1989/CD ./. 
Here/RB are/VBP auction/NN details/NNS :/: 
Rates/NNS are/VBP determined/VBN by/IN the/DT difference/NN between/IN the/DT purchase/NN price/NN and/CC face/NN value/NN ./. 
Thus/RB ,/, higher/JJR bidding/NN narrows/VBZ the/DT investor/NN 's/POS return/NN while/IN lower/JJR bidding/NN widens/VBZ it/PRP ./. 
The/DT percentage/NN rates/NNS are/VBP calculated/VBN on/IN a/DT 360-day/JJ year/NN ,/, while/IN the/DT coupon-equivalent/JJ yield/NN is/VBZ based/VBN on/IN a/DT 365-day/JJ year/NN ./. 
Both/DT issues/NNS are/VBP dated/VBN Oct./NNP 19/CD ./. 
The/DT 13-week/JJ bills/NNS mature/VBP Jan./NN 18/CD ,/, 1990/CD ,/, and/CC the/DT 26-week/JJ bills/NNS mature/VBP April/NNP 19/CD ,/, 1990/CD ./. 
Corporate/JJ Issues/NNS 
Investment-grade/JJ corporate/JJ bonds/NNS ended/VBD one/CD to/TO 1/CD 1\/2/CD point/NN lower/RBR ./. 
There/EX were/VBD no/DT new/JJ issues/NNS ./. 
Foreign/JJ Bonds/NNS 
Foreign/JJ bonds/NNS surged/VBD as/IN the/DT dollar/NN weakened/VBD against/IN most/JJS major/JJ currencies/NNS ./. 
Among/IN benchmark/NN issues/NNS :/: --/: Japan/NNP 's/POS No./NN 111/CD 4.6/CD %/NN bond/NN due/JJ 1998/CD ended/VBD on/IN brokers/NNS screens/NNS at/IN 96.15/CD ,/, up/RB 1.17/CD point/NN ./. 
The/DT yield/NN was/VBD 5.245/CD %/NN ./. 
--/: West/NNP Germany/NNP 's/POS 6/CD 3\/4/CD %/NN issue/NN due/JJ June/NNP 1999/CD ended/VBD at/IN 98.30/CD ,/, up/RB 0.91/CD point/NN to/TO yield/VB 6.99/CD %/NN ./. 
--/: Britain/NNP 's/POS 11/CD 3\/4/CD %/NN bond/NN due/JJ 2003\/2007/CD ended/VBD 1/CD 1\/8/CD higher/RBR at/IN 111/CD 19\/32/CD to/TO yield/VB 10.12/CD %/NN ,/, while/IN the/DT 11/CD 3\/4/CD %/NN notes/NNS due/JJ 1991/CD rose/VBD 21\/32/CD to/TO 98/CD 26\/32/CD to/TO yield/VB 12.74/CD %/NN ./. 
Mortgage-Backed/JJ Securities/NNS 
Mortgage/NN securities/NNS gave/VBD up/RP most/JJS of/IN Friday/NNP 's/POS gains/NNS as/IN active/JJ issues/NNS ended/VBD 24\/32/CD to/TO 30\/32/CD point/NN lower/RBR ./. 
Dealers/NNS said/VBD morning/NN activity/NN was/VBD hectic/JJ as/IN prices/NNS dropped/VBD in/IN response/NN to/TO gains/NNS in/IN the/DT stock/NN market/NN and/CC losses/NNS in/IN Treasury/NNP securities/NNS ,/, but/CC trading/NN slowed/VBD to/TO moderate/JJ levels/NNS in/IN the/DT afternoon/NN ./. 
Government/NNP National/NNP Mortgage/NNP Association/NNP 9/CD %/NN securities/NNS for/IN November/NNP delivery/NN were/VBD quoted/VBN late/JJ yesterday/NN at/IN 98/CD 4\/32/CD ,/, down/RB 30\/32/CD from/IN Friday/NNP ;/: 9/CD 1\/2/CD %/NN securities/NNS were/VBD down/RB 27\/32/CD at/IN 100/CD 5\/32/CD ;/: and/CC 10/CD %/NN securities/NNS were/VBD at/IN 102/CD 2\/32/CD ,/, off/JJ 24\/32/CD ./. 
Federal/NNP Home/NNP Loan/NNP Mortgage/NNP Corp./NNP 9/CD %/NN securities/NNS were/VBD at/IN 97/CD 1\/4/CD ,/, down/RB 3\/4/CD ./. 
On/IN Friday/NNP ,/, mortgage/NN issues/NNS gained/VBD as/RB much/RB as/IN 1/CD 5\/32/CD ./. 
Late/JJ yesterday/NN Ginnie/NNP Mae/NNP 9/CD %/NN securities/NNS were/VBD yielding/VBG 9.39/CD %/NN to/TO a/DT 12-year/JJ average/NN life/NN assumption/NN ,/, as/IN the/DT spread/NN above/IN the/DT Treasury/NNP 10-year/JJ note/NN narrowed/VBD 0.01/CD percentage/NN point/NN to/TO 1.42/CD ./. 
Traders/NNS said/VBD there/EX were/VBD some/DT busy/JJ dealings/NNS in/IN Freddie/NNP Mac/NNP and/CC Federal/NNP National/NNP Mortgage/NNP Association/NNP securities/NNS because/IN underwriters/NNS from/IN last/JJ week/NN 's/POS heavy/JJ slate/NN of/IN real/JJ estate/NN mortgage/NN investment/NN conduit/NN issues/NNS moved/VBD to/TO gather/VB collateral/NN for/IN new/JJ deals/NNS ./. 
Offsetting/VBG the/DT Remic-related/JJ purchases/NNS were/VBD continued/VBN heavy/JJ sales/NNS by/IN mortgage/NN originators/NNS ,/, which/WDT are/VBP producing/VBG increased/VBN amounts/NNS of/IN fixed-rate/JJ mortgage-backed/JJ issues/NNS with/IN lower/JJR rates/NNS ./. 
There/EX was/VBD no/DT new-issue/JJ activity/NN in/IN the/DT derivative/JJ market/NN ./. 
Municipals/NNS 
Rebounding/VBG stocks/NNS and/CC weaker/JJR Treasury/NNP prices/NNS drove/VBD municipal/JJ bonds/NNS 1\/4/CD to/TO 3\/4/CD point/NN lower/RBR in/IN late/JJ dealings/NNS ./. 
The/DT session/NN losses/NNS left/VBD municipal/JJ dollar/NN bonds/NNS close/JJ to/TO where/WRB they/PRP were/VBD before/IN the/DT 190.58-point/JJ drop/NN in/IN the/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP Friday/NNP prompted/VBD a/DT capital/NN markets/NNS rally/NN ./. 
Trading/NN was/VBD hectic/JJ during/IN the/DT morning/NN ,/, with/IN players/NNS trying/VBG to/TO gauge/VB whether/IN equities/NNS would/MD continue/VB Friday/NNP 's/POS free/JJ fall/NN or/CC stabilize/VB after/IN a/DT brief/JJ spot/NN of/IN weakness/NN ./. 
Tax-exempts/NNS started/VBD the/DT session/NN flat/JJ to/TO a/DT touch/NN higher/RBR on/IN anticipation/NN of/IN further/JJ stock/NN market/NN erosion/NN ,/, but/CC bond/NN prices/NNS rapidly/RB turned/VBD south/JJ as/IN it/PRP became/VBD more/RBR clear/JJ that/IN a/DT repeat/NN of/IN the/DT October/NNP 1987/CD crash/NN was/VBD n't/RB at/IN hand/NN ./. 
Professionals/NNS dominated/VBD municipal/JJ trading/NN throughout/IN the/DT session/NN ./. 
Traders/NNS said/VBD retail/JJ investors/NNS seemed/VBD to/TO be/VB hugging/VBG the/DT sidelines/NNS until/IN a/DT measure/NN of/IN volatility/NN is/VBZ wrung/VB out/RP of/IN the/DT market/NN ./. 
New/NNP Jersey/NNP Turnpike/NNP Authority/NNP 's/POS 7.20/CD %/NN issue/NN of/IN 2018/CD was/VBD off/JJ 3\/4/CD at/IN 98/CD 1\/2/CD bid/NN ,/, yielding/VBG 7.32/CD %/NN ,/, up/RB 0.07/CD percentage/NN point/NN from/IN late/JJ Friday/NNP ./. 
Florida/NNP Board/NNP of/IN Education/NNP 's/POS 7/CD 1\/4/CD %/NN issue/NN of/IN 2023/CD was/VBD 5\/8/CD point/NN weaker/JJR at/IN 99/CD 1\/2/CD bid/NN ./. 
The/DT 7/CD 1\/8/CD %/NN issue/NN of/IN Triborough/NNP Bridge/NNP and/CC Tunnel/NNP Authority/NNP of/IN New/NNP York/NNP ,/, due/JJ 2019/CD ,/, was/VBD off/JJ 5\/8/CD at/IN 98/CD 1\/8/CD bid/NN ./. 
And/CC Fairfax/NNP County/NNP ,/, Va./NNP ,/, Water/NNP Authority/NNP 's/POS 7/CD 1\/4/CD %/NN issue/NN of/IN 2027/CD was/VBD down/RB 3\/4/CD at/IN 99/CD 7\/8/CD bid/NN ./. 
Serial/JJ bond/NN yields/NNS were/VBD up/RB about/RB 0.05/CD percentage/NN point/NN ./. 
BMA/NNP Corp./NNP ,/, Kansas/NNP City/NNP ,/, Mo./NNP ,/, said/VBD it/PRP 's/VBZ weighing/VBG ``/`` strategic/JJ alternatives/NNS ,/, ''/'' for/IN its/PRP$ Business/NNP Men/NNP 's/POS Assurance/NNP Co./NNP unit/NN ,/, and/CC is/VBZ contacting/VBG possible/JJ buyers/NNS of/IN the/DT life/NN and/CC health/NN insurance/NN operation/NN ./. 
A/DT BMA/NNP spokesman/NN said/VBD ``/`` runaway/JJ medical/JJ costs/NNS ''/'' have/VBP made/VBN health/NN insurance/NN ``/`` a/DT significant/JJ challenge/NN ,/, ''/'' and/CC margins/NNS also/RB have/VBP been/VBN pinched/VBN by/IN changes/NNS in/IN the/DT mix/NN of/IN life-insurance/JJ products/NNS consumers/NNS now/RB demand/VBP ./. 
The/DT Business/NNP Men/NNP 's/POS Assurance/NNP unit/NN represented/VBD about/RB $/$ 288/CD million/CD of/IN the/DT company/NN 's/POS $/$ 488/CD million/CD in/IN 1988/CD revenue/NN ,/, and/CC the/DT unit/NN 's/POS operating/VBG income/NN was/VBD about/RB $/$ 10/CD million/CD ,/, said/VBD the/DT spokesman/NN ./. 
BMA/NNP 's/POS investment/NN banker/NN ,/, Alex/NNP ./. Brown/NNP &/CC Sons/NNP Inc./NNP ,/, has/VBZ been/VBN authorized/VBN to/TO contact/VB possible/JJ buyers/NNS for/IN the/DT unit/NN ./. 
Laidlaw/NNP Transportation/NNP Ltd./NNP said/VBD it/PRP raised/VBD its/PRP$ stake/NN in/IN ADT/NNP Ltd./NNP of/IN Bermuda/NNP to/TO 29.4/CD %/NN from/IN 28/CD %/NN ./. 
A/DT spokesman/NN for/IN Laidlaw/NNP declined/VBD to/TO disclose/VB the/DT price/NN the/DT Toronto/NNP transportation/NN and/CC waste/NN services/NNS concern/NN paid/VBD for/IN the/DT additional/JJ shares/NNS ,/, which/WDT he/PRP said/VBD were/VBD acquired/VBD ``/`` over/IN the/DT last/JJ couple/NN of/IN weeks/NNS ./. ''/'' 
The/DT spokesman/NN said/VBD Laidlaw/NNP would/MD n't/RB increase/VB its/PRP$ stake/NN in/IN ADT/NNP beyond/IN 30/CD %/NN ``/`` without/IN a/DT great/JJ deal/NN of/IN thought/NN ''/'' because/IN of/IN British/JJ takeover/NN regulations/NNS that/WDT require/VBP a/DT company/NN acquiring/VBG more/JJR than/IN 30/CD %/NN to/TO extend/VB an/DT offer/NN to/TO the/DT rest/NN of/IN the/DT company/NN 's/POS shareholders/NNS ./. 
ADT/NNP ,/, a/DT security/NN services/NNS and/CC auctions/NNS company/NN ,/, trades/VBZ on/IN London/NNP 's/POS Stock/NNP Exchange/NNP ./. 
Laidlaw/NNP is/VBZ 47%-controlled/CD by/IN Canadian/NNP Pacific/NNP Ltd./NNP ,/, a/DT Montreal/NNP transportation/NN ,/, resources/NNS and/CC industrial/JJ holding/VBG concern/NN ./. 
Nintendo/NNP Co./NNP ,/, a/DT Japanese/JJ maker/NN of/IN video/JJ games/NNS ,/, electronic/JJ information/NN systems/NNS and/CC playing/NN cards/NNS ,/, posted/VBD a/DT 23/CD %/NN unconsolidated/VBD surge/NN in/IN pretax/JJ profit/NN to/TO 61.41/CD billion/CD yen/NNS -LRB-/-LRB- $/$ 429/CD million/CD -RRB-/-RRB- from/IN 50/CD billion/CD yen/NNS -LRB-/-LRB- $/$ 349.9/CD million/CD -RRB-/-RRB- for/IN the/DT fiscal/JJ year/NN ended/VBN Aug./NNP 31/CD ./. 
Sales/NNS surged/VBD 40/CD %/NN to/TO 250.17/CD billion/CD yen/NNS from/IN 178.61/CD billion/CD ./. 
Net/JJ income/NN rose/VBD 11/CD %/NN to/TO 29.62/CD billion/CD yen/NNS from/IN 26.68/CD billion/CD ./. 
Pershare/JJ net/JJ fell/VBD to/TO 423.3/CD yen/NNS from/IN 457.7/CD yen/NNS because/IN of/IN expenses/NNS and/CC capital/NN adjustments/NNS ./. 
Without/IN detailing/VBG specific/JJ product/NN breakdowns/NNS ,/, Nintendo/NNP credited/VBD its/PRP$ bullish/JJ upsurge/NN in/IN sales/NNS --/: including/VBG advanced/VBN computer/NN games/NNS and/CC television/NN entertainment/NN systems/NNS --/: to/TO surging/JJ ``/`` leisure-oriented/JJ ''/'' sales/NNS in/IN foreign/JJ markets/NNS ./. 
Export/NN sales/NNS for/IN leisure/NN items/NNS alone/RB ,/, for/IN instance/NN ,/, totaled/VBD 184.74/CD billion/CD yen/NNS in/IN the/DT 12/CD months/NNS ,/, up/RB from/IN 106.06/CD billion/CD in/IN the/DT previous/JJ fiscal/JJ year/NN ./. 
Domestic/JJ leisure/NN sales/NNS ,/, however/RB ,/, were/VBD lower/JJR ./. 
Hertz/NNP Corp./NNP of/IN Park/NNP Ridge/NNP ,/, N.J./NNP ,/, said/VBD it/PRP retained/VBD Merrill/NNP Lynch/NNP Capital/NNP Markets/NNP to/TO sell/VB its/PRP$ Hertz/NNP Equipment/NNP Rental/NNP Corp./NNP unit/NN ./. 
``/`` There/EX is/VBZ no/DT pressing/VBG need/NN to/TO sell/VB the/DT unit/NN ,/, but/CC we/PRP are/VBP doing/VBG it/PRP so/IN we/PRP can/MD concentrate/VB on/IN our/PRP$ core/NN business/NN ,/, renting/VBG automobiles/NNS in/IN the/DT U.S./NNP and/CC abroad/RB ,/, ''/'' said/VBD William/NNP Slider/NNP ,/, Hertz/NNP 's/POS executive/JJ vice/NN president/NN ./. 
``/`` We/PRP are/VBP only/RB going/VBG to/TO sell/VB at/IN the/DT right/JJ price/NN ./. ''/'' 
Hertz/NNP Equipment/NNP had/VBD operating/NN profit/NN before/IN depreciation/NN of/IN $/$ 90/CD million/CD on/IN revenue/NN of/IN $/$ 150/CD million/CD in/IN 1988/CD ./. 
The/DT closely/RB held/VBN Hertz/NNP Corp./NNP had/VBD annual/JJ revenue/NN of/IN close/JJ to/TO $/$ 2/CD billion/CD in/IN 1988/CD ,/, of/IN which/WDT $/$ 1.7/CD billion/CD was/VBD contributed/VBN by/IN its/PRP$ Hertz/NNP Rent/NNP A/DT Car/NNP operations/NNS world-wide/JJ ./. 
Hertz/NNP Equipment/NNP is/VBZ a/DT major/JJ supplier/NN of/IN rental/JJ equipment/NN in/IN the/DT U.S./NNP ,/, France/NNP ,/, Spain/NNP and/CC the/DT U.K/NNP ./. 
It/PRP supplies/VBZ commercial/JJ and/CC industrial/JJ equipment/NN including/VBG earth-moving/JJ ,/, aerial/JJ ,/, compaction/NN and/CC electrical/JJ equipment/NN ,/, compressors/NNS ,/, cranes/NNS ,/, forklifts/NNS and/CC trucks/NNS ./. 
Interspec/NNP Inc./NNP reported/VBD a/DT net/JJ loss/NN of/IN $/$ 2.4/CD million/CD for/IN the/DT fiscal/JJ third/JJ quarter/NN ended/VBN Aug./NNP 31/CD ./. 
It/PRP said/VBD the/DT loss/NN resulted/VBD from/IN startup/NN and/CC introduction/NN costs/NNS related/VBN to/TO a/DT new/JJ medical/JJ ultrasound/NN equipment/NN system/NN ./. 
In/IN the/DT year-earlier/JJ quarter/NN ,/, the/DT company/NN reported/VBD net/JJ income/NN of/IN $/$ 955,000/CD ,/, or/CC 15/CD cents/NNS a/DT share/NN ./. 
The/DT manufacturer/NN of/IN ultrasound/NN diagnostic/JJ systems/NNS ,/, based/VBN in/IN Ambler/NNP ,/, Pa./NNP ,/, reported/VBD a/DT nine-month/JJ net/JJ loss/NN of/IN $/$ 2.43/CD million/CD compared/VBN with/IN net/JJ income/NN of/IN $/$ 2.71/CD million/CD ,/, or/CC 44/CD cents/NNS a/DT share/NN ,/, for/IN the/DT nine-month/JJ period/NN a/DT year/NN earlier/RBR ./. 
In/IN over-the-counter/JJ trading/NN ,/, Interspec/NNP fell/VBD 37.5/CD cents/NNS to/TO $/$ 4.25/CD ./. 
Allegheny/NNP Ludlum/NNP Corp./NNP expects/VBZ to/TO report/VB third-quarter/JJ net/JJ of/IN about/RB $/$ 34/CD million/CD ,/, or/CC $/$ 1.50/CD a/DT share/NN ,/, down/RB from/IN $/$ 38.4/CD million/CD ,/, or/CC $/$ 1.70/CD a/DT share/NN ,/, a/DT year/NN earlier/RB ,/, Richard/NNP P./NNP Simmons/NNP ,/, chairman/NN and/CC chief/JJ executive/JJ officer/NN ,/, told/VBD institutional/JJ investors/NNS in/IN New/NNP York/NNP ./. 
Sales/NNS for/IN the/DT Pittsburgh-based/JJ producer/NN of/IN specialty/NN steels/NNS and/CC other/JJ materials/NNS fell/VBD to/TO about/RB $/$ 265/CD million/CD in/IN the/DT third/JJ quarter/NN from/IN $/$ 320.5/CD million/CD a/DT year/NN earlier/RBR ,/, he/PRP said/VBD ./. 
He/PRP said/VBD the/DT third-quarter/JJ estimate/NN indicates/VBZ profit/NN for/IN the/DT nine/CD months/NNS of/IN $/$ 4.65/CD a/DT share/NN ,/, ``/`` almost/RB equal/JJ to/TO the/DT full-year/JJ 1988/CD earnings/NNS ''/'' of/IN $/$ 108.6/CD million/CD ,/, or/CC $/$ 4.81/CD a/DT share/NN ./. 
In/IN the/DT first/JJ nine/CD months/NNS of/IN 1988/CD ,/, net/JJ was/VBD $/$ 85/CD million/CD ,/, or/CC $/$ 3.76/CD a/DT share/NN ./. 
Mr./NNP Simmons/NNP said/VBD the/DT third-quarter/JJ results/NNS reflect/VBP continued/VBN improvements/NNS in/IN productivity/NN and/CC operating/NN margins/NNS ./. 
He/PRP said/VBD capital/NN spending/NN next/JJ year/NN will/MD rise/VB to/TO about/RB $/$ 45/CD million/CD from/IN about/RB $/$ 35/CD million/CD this/DT year/NN ./. 
U.S./NNP Banknote/NNP Co./NNP said/VBD it/PRP again/RB extended/VBD the/DT expiration/NN date/NN of/IN its/PRP$ $/$ 7-a-share/JJ tender/NN offer/NN for/IN International/NNP Banknote/NNP Co./NNP to/TO Nov./VB 15/CD ./. 
U.S./NNP Banknote/NNP said/VBD it/PRP is/VBZ in/IN negotiations/NNS to/TO sell/VB ``/`` certain/JJ facilities/NNS ,/, ''/'' which/WDT it/PRP did/VBD n't/RB name/VB ,/, to/TO a/DT third/JJ party/NN ,/, and/CC it/PRP needs/VBZ the/DT extension/NN to/TO try/VB to/TO reach/VB a/DT definitive/JJ agreement/NN on/IN the/DT sale/NN ./. 
U.S./NNP Banknote/NNP said/VBD it/PRP believes/VBZ the/DT sale/NN ,/, if/IN completed/VBN ,/, apparently/RB would/MD satisfy/VB antitrust/JJ issues/NNS raised/VBN by/IN the/DT U.S./NNP Justice/NNP Department/NNP about/IN U.S./NNP Banknote/NNP 's/POS offer/NN to/TO buy/VB International/NNP Banknote/NNP ./. 
Both/DT of/IN the/DT New/NNP York-based/JJ companies/NNS print/VBP stock/NN certificates/NNS and/CC currency/NN ./. 
U.S./NNP Banknote/NNP said/VBD ``/`` there/EX can/MD be/VB no/DT assurance/NN ''/'' a/DT sale/NN agreement/NN would/MD be/VB concluded/VBN ./. 
It/PRP also/RB said/VBD the/DT tender/NN offer/NN would/MD probably/RB have/VB to/TO be/VB extended/VBN further/RBR to/TO complete/VB financing/NN arrangements/NNS ./. 
U.S./NNP Banknote/NNP said/VBD Citibank/NNP extended/VBD the/DT expiration/NN date/NN of/IN its/PRP$ commitment/NN for/IN senior/JJ secured/VBN financing/NN to/TO Nov./NNP 15/CD ./. 
The/DT offer/NN ,/, made/VBD June/NNP 1/CD ,/, has/VBZ been/VBN extended/VBN several/JJ times/NNS ./. 
Closely/RB held/VBN U.S./NNP Banknote/NNP offered/VBD the/DT $/$ 7/CD a/DT share/NN ,/, or/CC $/$ 126/CD million/CD ,/, for/IN as/RB many/JJ as/IN 14.9/CD million/CD shares/NNS ,/, or/CC 78.6/CD %/NN ,/, of/IN International/NNP Banknote/NNP 's/POS shares/NNS outstanding/JJ ./. 
U.S./NNP Banknote/NNP said/VBD that/IN as/IN of/IN Oct./NNP 13/CD ,/, 16.1/CD million/CD shares/NNS ,/, or/CC about/RB 84.3/CD %/NN of/IN the/DT fully/RB diluted/VBN shares/NNS outstanding/JJ ,/, had/VBD been/VBN tendered/VBN ./. 
Gitano/NNP Group/NNP Inc./NNP said/VBD it/PRP agreed/VBD to/TO buy/VB 50/CD %/NN of/IN Regatta/NNP Sport/NNP Ltd./NNP ,/, a/DT closely/RB held/VBN apparel/NN maker/NN ,/, with/IN the/DT assumption/NN of/IN $/$ 3/CD million/CD of/IN contingent/JJ debt/NN ./. 
Under/IN the/DT terms/NNS of/IN the/DT contract/NN ,/, New/NNP York-based/JJ Gitano/NNP has/VBZ the/DT option/NN to/TO acquire/VB the/DT remaining/JJ 50/CD %/NN of/IN Regatta/NNP ,/, a/DT maker/NN of/IN men/NNS 's/POS and/CC women/NNS 's/POS clothes/NNS sold/VBN primarily/RB in/IN department/NN stores/NNS ,/, under/IN certain/JJ conditions/NNS ./. 
That/DT 50/CD %/NN is/VBZ now/RB held/VBN by/IN Clifford/NNP Parker/NNP ,/, Regatta/NNP 's/POS president/NN and/CC chief/JJ executive/JJ officer/NN ,/, who/WP will/MD continue/VB to/TO manage/VB Regatta/NNP 's/POS operations/NNS under/IN Gitano/NNP ./. 
In/IN 1989/CD ,/, Regatta/NNP will/MD have/VB sales/NNS ``/`` in/IN excess/NN of/IN $/$ 10/CD million/CD ''/'' and/CC will/MD show/VB a/DT profit/NN ,/, Mr./NNP Parker/NNP said/VBD ./. 
Gitano/NNP ,/, which/WDT makes/VBZ budget-priced/JJ apparel/NN sold/VBN mainly/RB through/IN mass/NN merchandisers/NNS like/IN K/NNP mart/NNP and/CC Wal-Mart/NNP ,/, said/VBD the/DT Regatta/NNP acquisition/NN will/MD enhance/VB its/PRP$ strategy/NN to/TO expand/VB into/IN department/NN stores/NNS ./. 
This/DT fall/NN ,/, Gitano/NNP began/VBD manufacturing/VBG moderately/RB priced/VBN clothes/NNS aimed/VBN at/IN department/NN stores/NNS under/IN the/DT Gloria/NNP Vanderbilt/NNP trademark/NN ,/, which/WDT Gitano/NNP recently/RB acquired/VBD ./. 
Enron/NNP Corp./NNP ,/, Houston/NNP ,/, said/VBD the/DT sale/NN of/IN preference/NN units/NNS of/IN its/PRP$ newly/RB formed/VBN Enron/NNP NGL/NNP Partners/NNP L.P./NNP master/NN limited/VBN partnership/NN subsidiary/NN will/MD result/VB in/IN an/DT undetermined/JJ gain/NN in/IN the/DT fourth/JJ quarter/NN ./. 
In/IN the/DT year-ago/JJ quarter/NN ,/, the/DT natural/JJ gas/NN concern/NN had/VBD net/JJ income/NN of/IN $/$ 25.2/CD million/CD ,/, or/CC 34/CD cents/NNS a/DT share/NN ,/, on/IN revenue/NN of/IN about/RB $/$ 1.46/CD billion/CD ./. 
Those/DT results/NNS included/VBD a/DT $/$ 2.7/CD million/CD charge/NN related/VBN to/TO the/DT retirement/NN of/IN debt/NN ./. 
In/IN a/DT related/VBN move/NN ,/, Enron/NNP said/VBD it/PRP increased/VBD the/DT number/NN of/IN the/DT partnership/NN 's/POS units/NNS it/PRP will/MD offer/VB to/TO 6,930,000/CD from/IN 5,500,000/CD ./. 
The/DT old/JJ and/CC revised/VBN numbers/NNS both/DT include/VBP over-allotment/JJ provisions/NNS ./. 
Enron/NNP said/VBD each/DT unit/NN will/MD be/VB priced/VBN in/IN the/DT $/$ 19-to-$21/JJ range/NN and/CC will/MD represent/VB about/RB 80/CD %/NN of/IN the/DT partnership/NN equity/NN ./. 
Net/JJ proceeds/NNS from/IN the/DT offering/NN are/VBP expected/VBN to/TO be/VB close/JJ to/TO $/$ 200/CD million/CD ./. 
Goldman/NNP ,/, Sachs/NNP &/CC Co./NNP ,/, and/CC Drexel/NNP Burnham/NNP Lambert/NNP Inc./NNP are/VBP lead/JJ underwriters/NNS ./. 
Arthur/NNP M./NNP Goldberg/NNP said/VBD he/PRP extended/VBD his/PRP$ unsolicited/JJ tender/NN offer/NN of/IN $/$ 32/CD a/DT share/NN tender/NN offer/NN ,/, or/CC $/$ 154.3/CD million/CD ,/, for/IN Di/NNP Giorgio/NNP Corp./NNP to/TO Nov./NNP 1/CD ./. 
DIG/NNP Acquisition/NNP Corp./NNP ,/, the/DT New/NNP Jersey/NNP investor/NN 's/POS acquisition/NN vehicle/NN ,/, said/VBD that/IN as/IN of/IN the/DT close/NN of/IN business/NN yesterday/NN ,/, 560,839/CD shares/NNS had/VBD been/VBN tendered/VBN ./. 
Including/VBG the/DT stake/NN DIG/NNP already/RB held/VBD ,/, DIG/NNP holds/VBZ a/DT total/NN of/IN about/RB 25/CD %/NN of/IN Di/NNP Giorgio/NNP 's/POS shares/NNS on/IN a/DT fully/RB diluted/VBN basis/NN ./. 
The/DT offer/NN ,/, which/WDT also/RB includes/VBZ common/JJ and/CC preferred/VBN stock/NN purchase/NN rights/NNS ,/, was/VBD to/TO expire/VB last/JJ night/NN at/IN midnight/NN ./. 
The/DT new/JJ expiration/NN date/NN is/VBZ the/DT date/NN on/IN which/WDT DIG/NNP 's/POS financing/VBG commitments/NNS ,/, which/WDT total/VBP about/RB $/$ 240/CD million/CD ,/, are/VBP to/TO expire/VB ./. 
DIG/NNP is/VBZ a/DT unit/NN of/IN DIG/NNP Holding/NNP Corp./NNP ,/, a/DT unit/NN of/IN Rose/NNP Partners/NNP L.P/NNP ./. 
Mr./NNP Goldberg/NNP is/VBZ the/DT sole/JJ general/JJ partner/NN in/IN Rose/NNP Partners/NNP ./. 
In/IN August/NNP ,/, Di/NNP Giorgio/NNP ,/, a/DT San/NNP Francisco/NNP food/NN products/NNS and/CC building/NN materials/NNS marketing/NN and/CC distribution/NN company/NN ,/, rejected/VBD Mr./NNP Goldberg/NNP 's/POS offer/NN as/IN inadequate/JJ ./. 
In/IN New/NNP York/NNP Stock/NNP Exchange/NNP composite/NN trading/NN yesterday/NN ,/, Di/NNP Giorgio/NNP closed/VBD at/IN $/$ 31.50/CD a/DT share/NN ,/, down/RB $/$ 1.75/CD ./. 
What/WP does/VBZ n't/RB belong/VB here/RB ?/. 
A./LS manual/JJ typewriters/NNS ,/, B./LS black-and-white/JJ snapshots/NNS ,/, C./LS radio/NN adventure/NN shows/NNS ./. 
If/IN you/PRP guessed/VBD black-and-white/JJ snapshots/NNS ,/, you/PRP 're/VBP right/JJ ./. 
After/IN years/NNS of/IN fading/NN into/IN the/DT background/NN ,/, two-tone/JJ photography/NN is/VBZ coming/VBG back/RB ./. 
Trendy/JJ magazine/NN advertisements/NNS feature/VBP stark/JJ black-and-white/JJ photos/NNS of/IN Hollywood/NNP celebrities/NNS pitching/VBG jeans/NNS ,/, shoes/NNS and/CC liquor/NN ./. 
Portrait/NN studios/NNS accustomed/VBN to/TO shooting/VBG only/RB in/IN color/NN report/VBP a/DT rush/NN to/TO black-and-white/JJ portrait/NN orders/NNS ./. 
And/CC black-and-white/JJ photography/NN classes/NNS are/VBP crowded/VBN with/IN students/NNS ./. 
What/WP 's/VBZ happening/VBG in/IN photography/NN mirrors/VBZ the/DT popularity/NN of/IN black/JJ and/CC white/JJ in/IN fashion/NN ,/, home/NN furnishings/NNS and/CC cinematography/NN ./. 
On/IN Seventh/NNP Avenue/NNP ,/, designers/NNS have/VBP been/VBN advancing/VBG the/DT monochrome/JJ look/NN with/IN clothing/NN collections/NNS done/VBN entirely/RB in/IN black/JJ and/CC white/JJ ./. 
And/CC classic/JJ black-and-white/JJ movies/NNS are/VBP enjoying/VBG a/DT comeback/NN on/IN videocassette/NN tapes/NNS ,/, spurred/VBD ,/, in/IN part/NN ,/, by/IN the/DT backlash/NN against/IN colorization/NN of/IN old/JJ films/NNS ./. 
``/`` The/DT pendulum/NN is/VBZ swinging/VBG back/RB to/TO black/NN and/CC white/NN ,/, ''/'' says/VBZ Richard/NNP DeMoulin/NNP ,/, the/DT general/JJ manager/NN of/IN Eastman/NNP Kodak/NNP Co./NNP 's/POS professional/JJ photography/NN division/NN ./. 
Until/IN two/CD years/NNS ago/RB ,/, sales/NNS of/IN black-and-white/JJ film/NN had/VBD been/VBN declining/VBG steadily/RB since/IN the/DT 1960s/CD ./. 
But/CC last/JJ year/NN ,/, buoyed/VBN by/IN increased/VBN use/NN in/IN advertising/VBG and/CC other/JJ commercial/JJ applications/NNS ,/, sales/NNS increased/VBD 5/CD %/NN ,/, and/CC they/PRP are/VBP expected/VBN to/TO jump/VB at/IN least/JJS that/DT much/RB again/RB this/DT year/NN ./. 
Photographic/JJ companies/NNS are/VBP scrambling/VBG to/TO tap/VB the/DT resurging/VBG market/NN ,/, reviving/VBG some/DT black-and-white/JJ product/NN lines/NNS and/CC developing/VBG new/JJ ones/NNS ./. 
At/IN Kodak/NNP ,/, which/WDT largely/RB ignored/VBD the/DT market/NN for/IN years/NNS ,/, black-and-white/JJ film/NN sales/NNS now/RB account/VBP for/IN nearly/RB 15/CD %/NN of/IN the/DT company/NN 's/POS $/$ 3/CD billion/CD in/IN film/NN and/CC paper/NN sales/NNS annually/RB ,/, up/IN from/IN 10/CD %/NN three/CD years/NNS ago/RB ./. 
The/DT Rochester/NNP ,/, N.Y./NNP ,/, photographic/JJ giant/NN recently/RB began/VBD marketing/VBG T-Max/NNP 3200/CD ,/, one/CD of/IN the/DT fastest/JJS and/CC most/RBS sensitive/JJ monochrome/JJ films/NNS ./. 
Aimed/VBN at/IN commercial/JJ photographers/NNS ,/, the/DT film/NN can/MD be/VB used/VBN in/IN very/RB low/JJ light/NN without/IN sacrificing/VBG quality/NN ,/, says/VBZ Donald/NNP Franz/NNP of/IN Photofinishing/NNP Newsletter/NNP ./. 
Also/RB trying/VBG to/TO snare/VB a/DT portion/NN of/IN the/DT $/$ 2/CD billion-a-year/JJ industry/NN is/VBZ Agfa/NNP Corp./NNP ,/, a/DT unit/NN of/IN Bayer/NNP AG/NNP ./. 
Agfa/NNP recently/RB signed/VBD Olympic/JJ gold/NN medalist/NN Florence/NNP Griffith-Joyner/NNP to/TO endorse/VB a/DT new/JJ line/NN of/IN black-and-white/JJ paper/NN that/WDT 's/VBZ geared/VBN to/TO consumers/NNS and/CC will/MD compete/VB directly/RB with/IN Kodak/NNP 's/POS papers/NNS ./. 
Slated/VBN for/IN market/NN by/IN the/DT end/NN of/IN the/DT year/NN ,/, the/DT paper/NN ``/`` could/MD have/VB been/VBN introduced/VBN a/DT long/JJ time/NN ago/RB but/CC the/DT market/NN was/VBD n't/RB there/RB then/RB ,/, ''/'' says/VBZ an/DT Agfa/NNP spokesman/NN ./. 
The/DT biggest/JJS beneficiary/NN of/IN the/DT black-and-white/JJ revival/NN is/VBZ likely/JJ to/TO be/VB International/NNP Paper/NNP Co./NNP 's/POS Ilford/NNP division/NN ,/, known/VBN in/IN the/DT industry/NN for/IN its/PRP$ premium/NN products/NNS ./. 
Sales/NNS of/IN Ilford/NNP 's/POS four/CD varieties/NNS of/IN black-and-white/JJ film/NN this/DT year/NN are/VBP outpacing/VBG growth/NN in/IN the/DT overall/JJ market/NN ,/, although/IN the/DT company/NN wo/MD n't/RB say/VB by/IN exactly/RB how/WRB much/JJ ./. 
``/`` We/PRP hope/VBP the/DT trend/NN lasts/VBZ ,/, ''/'' says/VBZ Laurie/NNP DiCara/NNP ,/, Ilford/NNP 's/POS marketing/NN communications/NNS director/NN ./. 
Why/WRB all/DT the/DT interest/NN ?/. 
For/IN baby/NN boomers/NNS who/WP grew/VBD up/RP being/VBG photographed/VBN in/IN color/NN ,/, black/NN and/CC white/NN seems/VBZ eye-catching/JJ and/CC exotic/JJ ./. 
``/`` It/PRP has/VBZ an/DT archival/JJ ,/, almost/RB nostalgic/JJ quality/NN to/TO it/PRP ,/, ''/'' says/VBZ Owen/NNP B./NNP Butler/NNP ,/, the/DT chairman/NN of/IN the/DT applied/VBN photography/NN department/NN at/IN Rochester/NNP Institute/NNP of/IN Technology/NNP ./. 
``/`` You/PRP can/MD shift/VB out/IN of/IN reality/NN with/IN black/NN and/CC white/NN ,/, ''/'' he/PRP adds/VBZ ./. 
Such/JJ features/NNS have/VBP been/VBN especially/RB attractive/JJ to/TO professional/JJ photographers/NNS and/CC marketing/NN executives/NNS ,/, who/WP have/VBP been/VBN steadily/RB increasing/VBG their/PRP$ use/NN of/IN black/NN and/CC white/NN in/IN advertising/NN ./. 
Processing/VBG of/IN black-and-white/JJ commercial/JJ film/NN jumped/VBD 24/CD %/NN last/JJ year/NN to/TO 18.7/CD million/CD rolls/NNS ./. 
Consider/VB Gap/NNP Inc./NNP ,/, whose/WP$ latest/JJS ad/NN campaign/NN features/VBZ black-and-white/JJ shots/NNS of/IN Hollywood/NNP stars/NNS ,/, artists/NNS and/CC other/JJ well-known/JJ personalities/NNS modeling/VBG the/DT retailer/NN 's/POS jeans/NNS and/CC T-shirts/NNS ./. 
Richard/NNP Crisman/NNP ,/, the/DT account/NN manager/NN for/IN the/DT campaign/NN ,/, says/VBZ Gap/NNP did/VBD n't/RB intentionally/RB choose/VB black/JJ and/CC white/JJ to/TO distinguish/VB its/PRP$ ads/NNS from/IN the/DT color/NN spreads/NNS of/IN competitors/NNS ./. 
``/`` We/PRP wanted/VBD to/TO highlight/VB the/DT individual/NN ,/, not/RB the/DT environment/NN ,/, ''/'' he/PRP says/VBZ ,/, ``/`` and/CC black/NN and/CC white/NN allows/VBZ you/PRP to/TO do/VB that/DT better/RBR than/IN color/NN ./. ''/'' 
The/DT campaign/NN won/VBD a/DT Cleo/NNP award/NN as/IN this/DT year/NN 's/POS best/JJS ad/NN by/IN a/DT specialty/NN retailer/NN ./. 
Even/RB food/NN products/NNS and/CC automobiles/NNS ,/, which/WDT have/VBP long/RB depended/VBN on/IN color/NN ,/, are/VBP making/VBG the/DT switch/NN ./. 
Companies/NNS ``/`` feel/VBP black/NN and/CC white/NN will/MD convey/VB a/DT stronger/JJR statement/NN ,/, ''/'' says/VBZ Marc/NNP L./NNP Hauser/NNP ,/, a/DT Chicago/NNP photographer/NN who/WP is/VBZ working/VBG on/IN a/DT black-and-white/JJ print/NN ad/NN for/IN Stouffer/NNP Food/NNP Corp./NNP 's/POS Lean/NNP Cuisine/NNP ./. 
Other/JJ companies/NNS that/WDT are/VBP currently/RB using/VBG two-tone/JJ ads/NNS include/VBP American/NNP Express/NNP Co./NNP and/CC Epson/NNP America/NNP Inc/NNP ./. 
Portrait/NN studios/NNS have/VBP also/RB latched/VBN onto/IN the/DT trend/NN ./. 
Using/VBG black/NN and/CC white/NN ,/, ``/`` we/PRP can/MD make/VB housewives/NNS look/VB like/IN stars/NNS ,/, ''/'' says/VBZ John/NNP Perrin/NNP ./. 
His/PRP$ On-Broadway/NNP Photography/NNP studio/NN in/IN Portland/NNP ,/, Ore./NNP ,/, doubled/VBD its/PRP$ business/NN last/JJ year/NN and/CC ,/, he/PRP says/VBZ ,/, is/VBZ booked/VBN solid/JJ for/IN the/DT next/JJ five/CD ./. 
One/CD customer/NN ,/, Dayna/NNP Brunsdon/NNP ,/, says/VBZ she/PRP spurned/VBD a/DT color/NN portrait/NN for/IN black/JJ and/CC white/JJ because/IN ``/`` it/PRP 's/VBZ more/RBR dramatic/JJ ./. 
I/PRP show/VBP it/PRP to/TO my/PRP$ friends/NNS ,/, and/CC they/PRP all/DT say/VBP `/`` wow/UH ./. '/'' 
It/PRP is/VBZ n't/RB ordinary/JJ like/IN color/NN ./. ''/'' 
Still/RB ,/, most/JJS consumers/NNS are/VBP n't/RB plunking/VBG black-and-white/JJ film/NN into/IN their/PRP$ cameras/NNS to/TO take/VB family/NN snapshots/NNS ./. 
One/CD big/JJ obstacle/NN is/VBZ that/IN few/JJ drugstores/NNS develop/VBP the/DT film/NN anymore/RB ./. 
Typically/RB ,/, it/PRP must/MD be/VB mailed/VBN to/TO a/DT handful/NN of/IN processors/NNS and/CC may/MD take/VB a/DT week/NN or/CC more/JJR to/TO be/VB processed/VBN and/CC returned/VBN ./. 
Black-and-white/JJ film/NN costs/VBZ consumers/NNS a/DT little/RB less/JJR than/IN color/NN film/NN ,/, and/CC processing/NN costs/VBZ the/DT same/JJ ./. 
But/CC for/IN photofinishers/NNS ,/, developing/NN costs/NNS for/IN black-and-white/JJ film/NN are/VBP higher/JJR ./. 
Some/DT companies/NNS are/VBP starting/VBG to/TO tackle/VB that/DT problem/NN ./. 
Ilford/NNP ,/, for/IN example/NN ,/, recently/RB introduced/VBD a/DT black-and-white/JJ film/NN that/WDT can/MD be/VB processed/VBN quickly/RB by/IN color/NN labs/NNS ./. 
Intent/NN on/IN wooing/VBG customers/NNS ,/, the/DT company/NN is/VBZ also/RB increasing/VBG its/PRP$ sponsorship/NN of/IN black-and-white/JJ photography/NN classes/NNS ./. 
Similarly/RB ,/, Agfa/NNP is/VBZ sponsoring/VBG scores/NNS of/IN photography/NN contests/NNS at/IN high/JJ schools/NNS and/CC colleges/NNS ,/, offering/VBG free/JJ black-and-white/JJ film/NN and/CC paper/NN as/IN prizes/NNS ./. 
And/CC Kodak/NNP is/VBZ distributing/VBG an/DT instructional/JJ video/NN to/TO processors/NNS on/IN how/WRB to/TO develop/VB its/PRP$ monochrome/JJ film/NN more/RBR efficiently/RB ./. 
Other/JJ companies/NNS are/VBP introducing/VBG related/VBN products/NNS ./. 
Charles/NNP Beseler/NNP Co./NNP ,/, a/DT leading/VBG maker/NN of/IN photographic/JJ enlargers/NNS ,/, introduced/VBD last/JJ month/NN a/DT complete/JJ darkroom/NN starter/NN kit/NN targeted/VBN at/IN teen-agers/NNS who/WP want/VBP to/TO process/VB their/PRP$ own/JJ black-and-white/JJ photographs/NNS ./. 
The/DT kit/NN ,/, which/WDT has/VBZ a/DT suggested/VBN retail/JJ price/NN of/IN $/$ 250/CD and/CC has/VBZ already/RB become/VBN a/DT bestseller/NN ,/, was/VBD introduced/VBN after/IN retailers/NNS noticed/VBD numerous/JJ requests/NNS from/IN parents/NNS for/IN children/NNS 's/POS photography/NN equipment/NN ./. 
``/`` It/PRP seems/VBZ computers/NNS as/IN hobbies/NNS have/VBP waned/VBN ,/, ''/'' says/VBZ Ian/NNP Brightman/NNP ,/, Beseler/NNP 's/POS chairman/NN and/CC chief/JJ executive/JJ officer/NN ./. 
But/CC some/DT industry/NN observers/NNS believe/VBP the/DT resurgence/NN of/IN black/NN and/CC white/NN is/VBZ only/RB a/DT fad/NN ./. 
They/PRP cite/VBP the/DT emergence/NN of/IN still/JJ electronic/JJ photography/NN ,/, more/JJR newspapers/NNS turning/VBG to/TO color/VB on/IN their/PRP$ pages/NNS and/CC measurable/JJ improvements/NNS in/IN the/DT quality/NN of/IN color/NN prints/NNS ./. 
``/`` Black/NN and/CC white/NN has/VBZ n't/RB made/VBD the/DT same/JJ quantum/NN leaps/NNS in/IN technological/JJ development/NN as/IN color/NN ,/, ''/'' says/VBZ Mr./NNP Butler/NNP of/IN the/DT Rochester/NNP Institute/NNP ./. 
``/`` The/DT color/NN print/NN today/NN is/VBZ far/RB superior/JJ to/TO prints/NNS of/IN 10/CD years/NNS ago/RB ./. 
You/PRP ca/MD n't/RB say/VB the/DT same/JJ with/IN black/JJ and/CC white/JJ ./. ''/'' 
But/CC when/WRB Popular/NNP Photography/NNP ,/, a/DT leading/VBG magazine/NN for/IN photographers/NNS ,/, selected/VBD 15/CD of/IN the/DT greatest/JJS photos/NNS ever/RB made/VBN for/IN its/PRP$ latest/JJS issue/NN celebrating/VBG photography/NN 's/POS 150th/JJ anniversary/NN ,/, all/DT were/VBD black/NN and/CC white/NN ./. 
``/`` It/PRP 's/VBZ got/VBD a/DT classic/JJ spirit/NN and/CC carries/VBZ over/RP emotionally/RB ,/, ''/'' says/VBZ Alfred/NNP DeBat/NNP of/IN Professional/NNP Photographers/NNP of/IN America/NNP ./. 
``/`` That/DT 's/VBZ the/DT appeal/NN ./. 
McClatchy/NNP Newspapers/NNP Inc./NNP said/VBD improvements/NNS in/IN advertising/NN and/CC subscription/NN revenue/NN led/VBD to/TO a/DT 21/CD %/NN gain/NN in/IN third-quarter/JJ profit/NN to/TO $/$ 8.8/CD million/CD ,/, or/CC 31/CD cents/NNS a/DT share/NN ,/, from/IN $/$ 7.2/CD million/CD ,/, or/CC 25/CD cents/NNS a/DT share/NN ./. 
Sales/NNS rose/VBD more/RBR than/IN 7/CD %/NN to/TO $/$ 94.9/CD million/CD from/IN $/$ 88.3/CD million/CD ./. 
The/DT Sacramento/NNP ,/, Calif./NNP ,/, company/NN also/RB attributed/VBD improved/VBN performance/NN to/TO a/DT lower/JJR effective/JJ tax/NN rate/NN and/CC higher/JJR interest/NN income/NN ./. 
For/IN the/DT nine/CD months/NNS ,/, the/DT newspaper/NN chain/NN had/VBD almost/RB a/DT 23/CD %/NN increase/NN in/IN profit/NN to/TO $/$ 23.6/CD million/CD ,/, or/CC 83/CD cents/NNS a/DT share/NN ,/, from/IN $/$ 19.2/CD million/CD ,/, or/CC 68/CD cents/NNS a/DT share/NN ./. 
Sales/NNS grew/VBD almost/RB 7/CD %/NN to/TO $/$ 279.1/CD million/CD from/IN $/$ 261.3/CD million/CD ./. 
McClatchy/NNP publishes/VBZ the/DT Sacramento/NNP -LRB-/-LRB- Calif/NNP ./. -RRB-/-RRB- Bee/NNP and/CC Tacoma/NNP -LRB-/-LRB- Wash/NNP ./. -RRB-/-RRB- News/NNP Tribune/NNP ,/, and/CC other/JJ papers/NNS in/IN Western/JJ states/NNS ./. 
In/IN composite/JJ trading/NN on/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ,/, the/DT company/NN closed/VBD at/IN $/$ 25.25/CD a/DT share/NN ,/, down/RB 25/CD cents/NNS ./. 
Agip/NNP S.p/NNP ./. A./NNP and/CC Societe/NNP National/NNP Elf/NNP Aquitaine/NNP ,/, the/DT state/NN oil/NN companies/NNS of/IN Italy/NNP and/CC France/NNP ,/, respectively/RB ,/, submitted/VBD an/DT offer/NN to/TO buy/VB Gatoil/NNP Suisse/NNP S.A/NNP ./. 
The/DT price/NN was/VBD n't/RB disclosed/VBD ./. 
A/DT spokesman/NN for/IN Gatoil/NNP said/VBD that/IN the/DT Swiss/NNP oil/NN concern/NN was/VBD examining/VBG the/DT offer/NN ,/, submitted/VBD last/JJ Friday/NNP ,/, along/IN with/IN two/CD other/JJ offers/NNS ,/, also/RB submitted/VBN last/JJ week/NN ./. 
Those/DT two/CD offers/NNS were/VBD private/JJ and/CC the/DT spokesman/NN refused/VBD to/TO identify/VB the/DT bidding/VBG companies/NNS ./. 
The/DT spokesman/NN further/RBR said/VBD that/IN at/IN least/JJS two/CD more/JJR offers/NNS are/VBP expected/VBN from/IN other/JJ companies/NNS within/IN two/CD weeks/NNS ./. 
Gatoil/NNP Suisse/NNP owns/VBZ an/DT oil/NN refinery/NN in/IN Switzerland/NNP with/IN a/DT capacity/NN of/IN 70,000/CD barrels/NNS a/DT day/NN ,/, along/IN with/IN a/DT network/NN of/IN gasoline/NN retailing/VBG outlets/NNS ./. 
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The/DT barometer/NN ,/, developed/VBN by/IN analysts/NNS at/IN Columbia/NNP University/NNP 's/POS Center/NNP for/IN International/NNP Business/NNP Cycle/NNP Research/NNP here/RB ,/, reached/VBD a/DT record/NN high/JJ of/IN 223.0/CD in/IN August/NNP ,/, the/DT latest/JJS month/NN available/JJ ,/, and/CC the/DT Columbia/NNP researchers/NNS estimate/VBP that/IN it/PRP has/VBZ moved/VBN even/RB higher/RBR since/IN then/RB ./. 
The/DT latest/JJS reading/NN of/IN 223.0/CD was/VBD up/RB from/IN 222.3/CD in/IN July/NNP and/CC 215.3/CD as/RB recently/RB as/IN March/NNP ./. 
The/DT August/NNP rise/NN marked/VBD the/DT fifth/JJ straight/JJ monthly/JJ gain/NN for/IN the/DT indicator/NN ,/, which/WDT uses/VBZ the/DT 1967/CD average/NN as/IN a/DT base/NN of/IN 100/CD ./. 
In/IN contrast/NN ,/, the/DT Commerce/NNP Department/NNP 's/POS widely/RB followed/VBN index/NN of/IN leading/VBG indicators/NNS ,/, while/IN up/RB in/IN August/NNP ,/, has/VBZ fallen/VBN repeatedly/RB since/IN reaching/VBG a/DT high/JJ early/RB this/DT year/NN ./. 
Its/PRP$ ragged/JJ behavior/NN through/IN much/JJ of/IN 1989/CD has/VBZ prompted/VBN some/DT forecasters/NNS to/TO anticipate/VB the/DT start/NN of/IN a/DT new/JJ recession/NN perhaps/RB before/IN year/NN 's/POS end/NN ./. 
But/CC the/DT far/RB stronger/JJR showing/NN of/IN the/DT Columbia/NNP index/NN ``/`` makes/VBZ a/DT recession/NN any/DT time/NN soon/RB highly/RB unlikely/JJ ,/, ''/'' says/VBZ Geoffrey/NNP H./NNP Moore/NNP ,/, the/DT director/NN of/IN the/DT Columbia/NNP facility/NN ./. 
A/DT leading/VBG authority/NN on/IN the/DT business/NN cycle/NN ,/, Mr./NNP Moore/NNP also/RB is/VBZ a/DT member/NN of/IN the/DT Business/NNP Cycle/NNP Dating/NNP Group/NNP ,/, the/DT panel/NN of/IN private/JJ economists/NNS that/WDT decides/VBZ for/IN the/DT government/NN when/WRB expansions/NNS and/CC recessions/NNS begin/VBP and/CC end/VBP ./. 
The/DT group/NN normally/RB convenes/VBZ only/RB when/WRB a/DT change/NN in/IN the/DT economy/NN 's/POS general/JJ course/NN seems/VBZ likely/RB ./. 
``/`` No/DT meeting/NN is/VBZ scheduled/VBN because/IN the/DT expansion/NN shows/VBZ no/DT sign/NN of/IN going/VBG off/IN the/DT tracks/NNS ,/, ''/'' Mr./NNP Moore/NNP reports/VBZ ./. 
Based/VBN largely/RB on/IN the/DT recent/JJ strength/NN in/IN their/PRP$ index/NN ,/, called/VBN the/DT long/JJ leading/VBG indicator/NN ,/, the/DT Columbia/NNP analysts/NNS foresee/VBP uninterrupted/JJ economic/JJ growth/NN through/IN the/DT rest/NN of/IN this/DT year/NN and/CC next/JJ year/NN as/RB well/RB ./. 
They/PRP expect/VBP a/DT 2.6/CD %/NN rise/NN in/IN 1990/CD in/IN the/DT gross/JJ national/JJ product/NN ,/, after/IN adjustment/NN for/IN inflation/NN ./. 
Underlying/VBG this/DT optimism/NN is/VBZ the/DT index/NN 's/POS longstanding/JJ ability/NN to/TO signal/VB recessions/NNS or/CC recoveries/NNS ,/, as/IN the/DT case/NN may/MD be/VB ,/, by/IN substantially/RB greater/JJR periods/NNS than/IN the/DT Commerce/NNP Department/NNP 's/POS index/NN of/IN leading/VBG indicators/NNS ./. 
Over/IN the/DT full/JJ post-World/NNP War/NNP II/NNP era/NN ,/, the/DT Columbia/NNP index/NN ,/, on/IN the/DT average/NN ,/, has/VBZ entered/VBN sustained/VBN declines/NNS 14/CD months/NNS before/IN the/DT onset/NN of/IN recessions/NNS and/CC turned/VBD up/RP eight/CD months/NNS before/IN recoveries/NNS ./. 
The/DT comparable/JJ lead/NN times/NNS for/IN the/DT Commerce/NNP index/NN ,/, whose/WP$ components/NNS include/VBP the/DT stock/NN market/NN ,/, are/VBP far/RB shorter/JJR --/: 10/CD months/NNS before/IN recessions/NNS and/CC only/RB three/CD months/NNS before/IN recoveries/NNS ./. 
The/DT Columbia/NNP economists/NNS also/RB have/VBP reconstructed/VBN how/WRB the/DT long/JJ leading/VBG index/NN would/MD have/VB behaved/VBN ,/, had/VBD it/PRP existed/VBD ,/, in/IN 1929/CD ,/, before/IN the/DT stock/NN market/NN crash/NN in/IN October/NNP that/WDT ushered/VBD in/RP the/DT Great/NNP Depression/NNP ./. 
The/DT indicator/NN reached/VBD a/DT peak/NN in/IN January/NNP 1929/CD and/CC then/RB fell/VBD steadily/RB up/IN to/TO and/CC through/IN the/DT crash/NN ./. 
``/`` It/PRP was/VBD an/DT entirely/RB different/JJ pattern/NN from/IN what/WP we/PRP 're/VBP seeing/VBG now/RB ,/, ''/'' Mr./NNP Moore/NNP says/VBZ ./. 
A/DT major/JJ source/NN of/IN the/DT recent/JJ strength/NN in/IN the/DT long/JJ leading/VBG indicator/NN has/VBZ been/VBN the/DT performance/NN of/IN the/DT Dow/NNP Jones/NNP corporate/JJ bond-price/JJ index/NN ,/, which/WDT is/VBZ not/RB a/DT part/NN of/IN the/DT Commerce/NNP index/NN ./. 
In/IN August/NNP ,/, the/DT bond/NN measure/NN was/VBD at/IN its/PRP$ highest/JJS monthly/JJ average/NN since/IN early/JJ 1987/CD ./. 
It/PRP also/RB rose/VBD last/JJ Friday/NNP ,/, while/IN the/DT stock/NN market/NN sagged/VBD ./. 
Other/JJ components/NNS of/IN the/DT long/JJ leading/VBG indicator/NN include/VBP a/DT ratio/NN of/IN prices/NNS to/TO unit/NN labor/NN costs/NNS in/IN manufacturing/VBG industries/NNS ,/, the/DT M2/CD version/NN of/IN the/DT money/NN supply/NN ,/, adjusted/VBN for/IN inflation/NN ,/, and/CC the/DT volume/NN of/IN new/JJ home-building/JJ permits/NNS ./. 
Notably/RB absent/JJ from/IN the/DT Columbia/NNP index/NN is/VBZ the/DT stock/NN market/NN ,/, which/WDT Mr./NNP Moore/NNP says/VBZ ``/`` is/VBZ simply/RB no/DT longer/RBR such/JJ a/DT good/JJ indicator/NN of/IN the/DT economy/NN 's/POS long-range/JJ prospects/NNS ,/, though/IN it/PRP still/RB is/VBZ useful/JJ for/IN anticipating/VBG some/DT short-run/JJ twists/NNS and/CC turns/NNS ./. ''/'' 
As/RB recently/RB as/IN 1975/CD ,/, the/DT stock/NN market/NN --/: as/IN reflected/VBN in/IN the/DT Standard/NNP &/CC Poor/NNP 's/POS index/NN of/IN 500/CD common/JJ stocks/NNS --/: was/VBD rated/VBN by/IN the/DT National/NNP Bureau/NNP of/IN Economic/NNP Research/NNP as/IN the/DT best/JJS of/IN the/DT 12/CD leading/VBG indicators/NNS that/WDT then/RB made/VBD up/RP the/DT Commerce/NNP index/NN ./. 
It/PRP was/VBD assigned/VBN a/DT mark/NN of/IN 80/CD out/IN of/IN a/DT possible/JJ 100/CD ,/, compared/VBN with/IN scores/NNS ranging/VBG as/RB low/JJ as/IN 69/CD for/IN the/DT other/JJ components/NNS ./. 
The/DT stock/NN market/NN has/VBZ lost/VBN some/DT precursory/JJ power/NN ,/, analysts/NNS at/IN the/DT Columbia/NNP center/NN claim/NN ,/, because/IN of/IN the/DT growing/VBG impact/NN of/IN international/JJ developments/NNS ./. 
``/`` Stocks/NNS have/VBP become/VBN more/RBR sensitive/JJ to/TO factors/NNS not/RB directly/RB tied/VBN to/TO the/DT domestic/JJ economy/NN ,/, ''/'' Mr./NNP Moore/NNP says/VBZ ,/, citing/VBG the/DT exchange/NN rate/NN for/IN the/DT dollar/NN on/IN currency/NN markets/NNS ,/, the/DT foreign-trade/JJ balance/NN and/CC inflows/NNS of/IN foreign/JJ capital/NN ./. 
He/PRP also/RB feels/VBZ that/IN the/DT rise/NN of/IN such/JJ computer-based/JJ practices/NNS as/IN program/NN trading/NN has/VBZ diminished/VBN the/DT stock/NN market/NN 's/POS relevancy/NN to/TO the/DT economic/JJ outlook/NN ./. 
BSN/NNP S.A./NNP ,/, a/DT leading/VBG French/JJ food/NN group/NN ,/, said/VBD it/PRP agreed/VBD to/TO acquire/VB Birkel/NNP G.m.b/NNP ./. H./NNP ,/, a/DT West/JJ German/JJ pasta/NN maker/NN ./. 
The/DT value/NN of/IN the/DT acquisition/NN was/VBD n't/RB disclosed/VBD ./. 
The/DT move/NN is/VBZ in/IN line/NN with/IN BSN/NNP 's/POS strategy/NN of/IN gradually/RB building/VBG its/PRP$ share/NN of/IN the/DT European/JJ pasta/NN market/NN through/IN external/JJ growth/NN ./. 
BSN/NNP will/MD initially/RB acquire/VB a/DT 15/CD %/NN interest/NN in/IN Birkel/NNP ,/, a/DT closely/RB held/VBN concern/NN ./. 
The/DT French/JJ group/NN has/VBZ an/DT agreement/NN giving/VBG it/PRP the/DT right/NN to/TO buy/VB all/DT the/DT shares/NNS outstanding/JJ ,/, and/CC this/DT could/MD be/VB completed/VBN within/IN a/DT few/JJ months/NNS ,/, a/DT BSN/NNP spokeswoman/NN said/VBD ./. 
The/DT takeover/NN was/VBD submitted/VBN for/IN approval/NN by/IN the/DT West/JJ German/JJ cartel/NN office/NN ,/, BSN/NNP said/VBD ./. 
Birkel/NNP is/VBZ West/NNP Germany/NNP 's/POS second-biggest/JJ producer/NN of/IN pasta/NN ,/, with/IN sales/NNS of/IN 250/CD million/CD marks/NNS -LRB-/-LRB- $/$ 133.4/CD million/CD -RRB-/-RRB- in/IN 1988/CD ./. 
It/PRP has/VBZ 750/CD workers/NNS at/IN three/CD production/NN units/NNS in/IN southwest/JJS Germany/NNP ,/, and/CC is/VBZ that/DT nation/NN 's/POS leading/VBG producer/NN of/IN pasta/NN sauces/NNS ./. 
The/DT acquisition/NN strengthens/VBZ BSN/NNP 's/POS position/NN in/IN the/DT European/JJ pasta/NN market/NN ./. 
The/DT French/JJ group/NN currently/RB ranks/VBZ second/JJ after/IN Barilla/NNP Group/NNP of/IN Italy/NNP ,/, whose/WP$ sales/NNS are/VBP chiefly/RB in/IN the/DT Italian/JJ market/NN ./. 
Moody/NNP 's/POS Investors/NNP Service/NNP Inc./NNP said/VBD it/PRP reduced/VBD its/PRP$ rating/NN on/IN $/$ 281/CD million/CD of/IN senior/JJ and/CC subordinated/VBN debt/NN of/IN this/DT thrift/NN holding/VBG company/NN ,/, to/TO C/NNP from/IN Ca/NNP ,/, saying/VBG it/PRP believes/VBZ bondholders/NNS will/MD recover/VB only/RB ``/`` negligible/JJ principal/NN ./. ''/'' 
The/DT agency/NN said/VBD it/PRP confirmed/VBD American/NNP Continental/NNP 's/POS preferred/VBN stock/NN rating/NN at/IN C/NNP ./. 
American/NNP Continental/NNP 's/POS thrift/NN unit/NN ,/, Los/NNP Angeles-based/JJ Lincoln/NNP Savings/NNP &/CC Loan/NNP Association/NNP ,/, is/VBZ in/IN receivership/NN and/CC the/DT parent/NN company/NN has/VBZ filed/VBN for/IN protection/NN from/IN creditor/NN lawsuits/NNS under/IN Chapter/NNP 11/CD of/IN the/DT federal/JJ Bankruptcy/NNP Code/NNP ./. 
CENTRUST/NNP SAVINGS/NNP BANK/NNP -LRB-/-LRB- Miami/NNP -RRB-/-RRB- --/: 
Moody/NNP 's/POS Investors/NNP Service/NNP Inc./NNP downgraded/VBD its/PRP$ ratings/NNS on/IN the/DT subordinated/VBN debt/NN of/IN CenTrust/NNP to/TO Caa/NNP from/IN B-3/NNP ./. 
The/DT rating/NN agency/NN also/RB reduced/VBD the/DT ratings/NNS for/IN long-term/JJ deposits/NNS to/TO B-3/NNP from/IN Ba-3/CD and/CC for/IN preferred/VBN stock/NN to/TO Ca/NNP from/IN Caa/NNP ./. 
The/DT rating/NN agency/NN said/VBD about/RB $/$ 85/CD million/CD in/IN securities/NNS was/VBD affected/VBN ./. 
The/DT downgrades/NNS were/VBD prompted/VBN ,/, Moody/NNP 's/POS said/VBD ,/, by/IN the/DT continuing/VBG turmoil/NN in/IN the/DT junk/NN bond/NN market/NN and/CC the/DT suspension/NN of/IN dividends/NNS on/IN CenTrust/NNP 's/POS preferred/VBN stock/NN ./. 
Moody/NNP 's/POS also/RB said/VBD it/PRP believed/VBD the/DT proposed/VBN sale/NN of/IN 63/CD CenTrust/NNP branches/NNS to/TO Great/JJ Western/NNP Bank/NNP could/MD ,/, if/IN completed/VBN ,/, endanger/VB the/DT thrift/NN 's/POS funding/NN and/CC market/NN position/NN ./. 
THE/DT STOCK/NN MARKET/NN AVOIDED/VBD a/DT repeat/NN of/IN Black/NNP Monday/NNP as/IN prices/NNS recovered/VBD from/IN an/DT early/JJ slide/NN ,/, spurred/VBN by/IN bargain-hunting/JJ institutions/NNS and/CC program/NN traders/NNS ./. 
The/DT Dow/NNP Jones/NNP industrials/NNS closed/VBD up/RB 88.12/CD points/NNS ,/, at/IN 2657.38/CD ,/, the/DT fourth-biggest/JJ gain/NN ever/RB ,/, after/IN being/VBG down/RB as/RB much/JJ as/IN 63.52/CD points/NNS in/IN the/DT morning/NN ./. 
The/DT rally/NN erased/VBN about/RB half/NN of/IN Friday/NNP 's/POS 190.58-point/JJ plunge/NN ,/, but/CC analysts/NNS are/VBP cautious/JJ about/IN the/DT market/NN 's/POS outlook/NN ./. 
The/DT dollar/NN also/RB rebounded/VBD ,/, while/IN bond/NN prices/NNS plummeted/VBD and/CC Treasury/NNP bill/NN rates/NNS soared/VBD ./. 
Junk/NN bonds/NNS also/RB recovered/VBD somewhat/RB ,/, though/IN trading/NN remained/VBD stalled/JJ ./. 
Gold/NNP also/RB rose/VBD ./. 
Tokyo/NNP stock/NN prices/NNS bounced/VBD back/RB in/IN early/JJ trading/NN Tuesday/NNP following/VBG a/DT 1.8/CD %/NN plunge/NN on/IN Monday/NNP ./. 
The/DT dollar/NN also/RB moved/VBD higher/RBR in/IN Tokyo/NNP ./. 
Donald/NNP Trump/NNP withdrew/VBD his/PRP$ $/$ 7.54/CD billion/CD offer/NN for/IN American/NNP Air/NNP ,/, citing/VBG the/DT ``/`` recent/JJ change/NN in/IN market/NN conditions/NNS ./. ''/'' 
AMR/NNP slid/VBD $/$ 22.125/CD ,/, to/TO $/$ 76.50/CD ./. 
Also/RB ,/, a/DT UAL/NNP group/NN tried/VBD to/TO get/VB financing/NN for/IN a/DT lower/JJR bid/NN ,/, possibly/RB $/$ 250/CD a/DT share/NN ./. 
UAL/NNP fell/VBD $/$ 56.875/CD ,/, to/TO $/$ 222.875/CD ./. 
Leveraged/VBN buy-outs/NNS of/IN airlines/NNS would/MD be/VB subject/JJ to/TO approval/NN by/IN the/DT transportation/NN secretary/NN under/IN a/DT bill/NN passed/VBN by/IN a/DT House/NNP subcommittee/NN ./. 
IBM/NNP 's/POS earnings/NNS tumbled/VBD 30/CD %/NN in/IN the/DT third/JJ quarter/NN ,/, slightly/RB more/JJR than/IN expected/VBN ./. 
The/DT computer/NN giant/NN partly/RB cited/VBD a/DT stronger/JJR dollar/NN and/CC a/DT delay/NN in/IN shipping/VBG a/DT new/JJ high-end/JJ disk/NN drive/NN ./. 
Analysts/NNS are/VBP downbeat/JJ about/IN IBM/NNP 's/POS outlook/NN for/IN the/DT next/JJ few/JJ quarters/NNS ./. 
U.S./NNP auto/NN makers/NNS plan/VBP to/TO decrease/VB car/NN production/NN 10.4/CD %/NN in/IN the/DT fourth/JJ quarter/NN ,/, with/IN virtually/RB all/DT the/DT decline/NN coming/VBG from/IN the/DT Big/NNP Three/CD ./. 
Output/NN at/IN Japanese-owned/JJ and/CC managed/VBN plants/NNS in/IN the/DT U.S./NNP is/VBZ due/JJ to/TO rise/VB 42/CD %/NN ./. 
Budget/NN director/NN Darman/NNP said/VBD he/PRP wo/MD n't/RB give/VB federal/JJ agencies/NNS much/JJ leeway/NN in/IN coping/VBG with/IN Gramm-Rudman/NNP spending/NN cuts/NNS ,/, which/WDT took/VBD effect/NN yesterday/NN ./. 
Darman/NNP hopes/VBZ to/TO prod/VB Congress/NNP to/TO finish/VB a/DT deficit/NN plan/NN ./. 
The/DT S&L/NNP bailout/NN agency/NN would/MD be/VB restricted/VBN by/IN a/DT new/JJ bill/NN in/IN how/WRB it/PRP raises/VBZ capital/NN ./. 
The/DT Ways/NNP and/CC Means/NNP plan/NN would/MD create/VB another/DT possible/JJ obstacle/NN to/TO selling/VBG sick/JJ thrifts/NNS ./. 
A/DT natural/JJ gas/NN rule/NN was/VBD struck/VBN down/RP by/IN a/DT federal/JJ appeals/NNS court/NN ./. 
The/DT regulation/NN had/VBD prevented/VBN pipeline/NN firms/NNS from/IN passing/VBG part/NN of/IN $/$ 1/CD billion/CD in/IN costs/NNS along/IN to/TO customers/NNS ./. 
The/DT Supreme/NNP Court/NNP agreed/VBD to/TO decide/VB whether/IN a/DT federal/JJ court/NN may/MD dismantle/VB a/DT merger/NN that/WDT has/VBZ won/VBN regulatory/JJ approval/NN but/CC been/VBN ruled/VBN anticompetitive/JJ in/IN a/DT private/JJ suit/NN ./. 
Merrill/NNP Lynch/NNP 's/POS profit/NN slid/VBD 37/CD %/NN in/IN the/DT third/JJ quarter/NN ./. 
Bear/NNP Stearns/NNP posted/VBD a/DT 7.5/CD %/NN gain/NN ,/, while/IN PaineWebber/NNP had/VBD a/DT decline/NN due/JJ to/TO a/DT year-ago/JJ gain/NN ./. 
Blue/NNP Arrow/NNP of/IN Britain/NNP plans/VBZ to/TO return/VB to/TO the/DT name/NN Manpower/NNP and/CC take/VB a/DT big/JJ write-off/NN ./. 
The/DT moves/NNS may/MD help/VB the/DT firm/NN solidify/VB its/PRP$ dominance/NN of/IN the/DT U.S./NNP temporary-help/JJ market/NN ./. 
J.P./NNP Morgan/NNP posted/VBD a/DT $/$ 1.82/CD billion/CD loss/NN for/IN the/DT third/JJ quarter/NN ,/, reflecting/VBG a/DT big/JJ addition/NN to/TO loan-loss/JJ reserves/NNS ./. 
NCNB/NNP 's/POS profit/NN more/RBR than/IN doubled/VBD ./. 
K/NNP mart/NNP agreed/VBD to/TO acquire/VB Pace/NNP Membership/NNP Warehouse/NNP for/IN $/$ 322/CD million/CD ,/, expanding/VBG its/PRP$ presence/NN in/IN the/DT growing/VBG wholesale-store/JJ business/NN ./. 
Markets/NNS --/: 
Stocks/NNS :/: Volume/NN 416,290,000/CD shares/NNS ./. 
Dow/NNP Jones/NNP industrials/NNS 2657.38/CD ,/, up/RB 88.12/CD ;/: transportation/NN 1304.23/CD ,/, off/JJ 102.06/CD ;/: utilities/NNS 214.73/CD ,/, up/RB 2.77/CD ./. 
Bonds/NNS :/: Shearson/NNP Lehman/NNP Hutton/NNP Treasury/NNP index/NN 3393.51/CD ,/, off/JJ 
Commodities/NNS :/: Dow/NNP Jones/NNP futures/NNS index/NN 129.72/CD ,/, off/JJ 0.15/CD ;/: spot/NN index/NN 130.16/CD ,/, up/RB 0.91/CD ./. 
Dollar/NN :/: 141.85/CD yen/NNS ,/, off/IN 0.25/CD ;/: 1.8685/CD marks/NNS ,/, off/IN 0.0055/CD ./. 
Monday/NNP ,/, October/NNP 16/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/NNP RATE/NNP :/: 10/CD 1\/2/CD %/NN ./. 
The/DT base/NN rate/NN on/IN corporate/JJ loans/NNS at/IN large/JJ U.S./NNP money/NN center/NN commercial/JJ banks/NNS ./. 
FEDERAL/NNP FUNDS/NNP :/: 8/CD 3\/4/CD %/NN high/JJ ,/, 8/CD 1\/2/CD %/NN low/JJ ,/, 8/CD 5\/8/CD %/NN near/IN closing/VBG 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/NNP RATE/NNP :/: 7/CD %/NN ./. 
The/DT charge/NN on/IN loans/NNS to/TO depository/JJ institutions/NNS by/IN the/DT New/NNP York/NNP Federal/NNP Reserve/NNP Bank/NNP ./. 
CALL/NN 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/NNP Acceptance/NNP Corp./NNP :/: 8.30/CD %/NN 5/CD to/TO 44/CD days/NNS ;/: 8.20/CD %/NN 45/CD to/TO 59/CD days/NNS ;/: 8/CD %/NN 60/CD to/TO 89/CD days/NNS ;/: 7.875/CD %/NN 90/CD to/TO 119/CD days/NNS ;/: 7.75/CD %/NN 120/CD to/TO 149/CD days/NNS ;/: 7.625/CD %/NN 150/CD to/TO 179/CD days/NNS ;/: 7.375/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 :/: 8.40/CD %/NN 30/CD days/NNS ;/: 8.33/CD %/NN 60/CD days/NNS ;/: 8.26/CD %/NN 90/CD days/NNS ./. 
CERTIFICATES/NNS OF/IN DEPOSIT/NN :/: 8.05/CD %/NN one/CD month/NN ;/: 8.02/CD %/NN two/CD months/NNS ;/: 8/CD %/NN three/CD months/NNS ;/: 7.98/CD %/NN six/CD months/NNS ;/: 7.95/CD %/NN one/CD year/NN ./. 
Average/NN 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/NN unit/NN is/VBZ $/$ 100,000/CD ./. 
Typical/JJ rates/NNS in/IN the/DT secondary/JJ market/NN :/: 8.40/CD %/NN one/CD month/NN ;/: 8.40/CD %/NN three/CD months/NNS ;/: 8.40/CD %/NN six/CD months/NNS ./. 
BANKERS/NNS ACCEPTANCES/NNS :/: 8.40/CD %/NN 30/CD days/NNS ;/: 8.35/CD %/NN 60/CD days/NNS ;/: 8.27/CD %/NN 90/CD days/NNS ;/: 8.20/CD %/NN 120/CD days/NNS ;/: 8.15/CD %/NN 150/CD days/NNS ;/: 8.02/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 5\/8/CD %/NN to/TO 8/CD 1\/2/CD %/NN one/CD month/NN ;/: 8/CD 5\/8/CD %/NN to/TO 8/CD 1\/2/CD %/NN two/CD months/NNS ;/: 8/CD 9\/16/CD %/NN to/TO 8/CD 7\/16/CD %/NN three/CD months/NNS ;/: 8/CD 1\/2/CD %/NN to/TO 8/CD 3\/8/CD %/NN four/CD months/NNS ;/: 8/CD 1\/2/CD %/NN to/TO 8/CD 3\/8/CD %/NN five/CD months/NNS ;/: 8/CD 1\/2/CD %/NN to/TO 8/CD 3\/8/CD %/NN six/CD months/NNS ./. 
LONDON/NNP INTERBANK/NNP OFFERED/VBN RATES/NNS -LRB-/-LRB- LIBOR/NNP -RRB-/-RRB- :/: 8/CD 1\/2/CD %/NN one/CD month/NN ;/: 8/CD 1\/2/CD %/NN three/CD months/NNS ;/: 8/CD 7\/16/CD %/NN six/CD months/NNS ;/: 8/CD 3\/8/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/NNP PRIME/NNP RATES/NNP :/: 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 Monday/NNP ,/, October/NNP 16/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 :/: 7.37/CD %/NN ,/, 13/CD weeks/NNS ;/: 7.42/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/CD mortgage/NN commitments/NNS for/IN delivery/NN within/IN 30/CD days./NNS 
9.83/CD %/NN ,/, standard/JJ conventional/JJ fixedrate/JJ 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/NNP 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/NN -RRB-/-RRB- .9.82/CD %/NN ,/, standard/JJ conventional/JJ fixed/VBN rate-mortgages/NN ;/: 8.70/CD %/NN ,/, 6\/2/CD rate/NN capped/VBN one-year/JJ adjustable/JJ rate/NN mortgages/NNS ./. 
Source/NN :/: Telerate/NNP Systems/NNP Inc/NNP ./. 
MERRILL/NNP LYNCH/NNP READY/NNP ASSETS/NNP TRUST/NNP :/: 8.49/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 ./. 
Intel/NNP Corp./NNP said/VBD it/PRP reached/VBD an/DT agreement/NN with/IN Alliant/NNP Computer/NNP Systems/NNP Corp./NNP to/TO develop/VB software/NN standards/NNS for/IN Intel/NNP 's/POS i860/NN microprocessor/NN ./. 
The/DT i860/NN ,/, introduced/VBN earlier/RBR this/DT year/NN ,/, is/VBZ Intel/NNP 's/POS entry/NN in/IN the/DT crowded/VBN market/NN for/IN reduced/VBN instruction/NN set/NN computing/VBG ,/, or/CC RISC/NNP ,/, computers/NNS ./. 
Intel/NNP ,/, based/VBN in/IN Santa/NNP Clara/NNP ,/, Calif./NNP ,/, is/VBZ the/DT market/NN leader/NN for/IN traditional/JJ microprocessors/NNS with/IN its/PRP$ 8086/CD family/NN that/WDT forms/VBZ the/DT heart/NN of/IN IBM-compatible/JJ personal/JJ computers/NNS ./. 
Under/IN the/DT agreement/NN ,/, Intel/NNP will/MD invest/VB $/$ 3/CD million/CD to/TO acquire/VB a/DT 4/CD %/NN stake/NN in/IN Alliant/NNP ,/, a/DT maker/NN of/IN minisupercomputers/NNS for/IN scientists/NNS and/CC engineers/NNS ./. 
Alliant/NNP ,/, based/VBN in/IN Littleton/NNP ,/, Mass./NNP ,/, will/MD license/VB its/PRP$ parallel-computing/JJ technologies/NNS to/TO Intel/NNP ,/, providing/VBG users/NNS a/DT way/NN to/TO let/VB many/JJ i860/NN microprocessors/NNS in/IN a/DT single/JJ computer/NN work/VB on/IN a/DT problem/NN simultaneously/RB ./. 
Alliant/NNP said/VBD it/PRP plans/VBZ to/TO use/VB the/DT microprocessor/NN in/IN future/JJ products/NNS ./. 
It/PRP declined/VBD to/TO discuss/VB its/PRP$ plans/NNS for/IN upgrading/VBG its/PRP$ current/JJ product/NN line/NN ./. 
Omnicare/NNP Inc./NNP ,/, which/WDT intends/VBZ to/TO expand/VB its/PRP$ position/NN in/IN the/DT medical/JJ and/CC dental/JJ markets/NNS ,/, said/VBD it/PRP acquired/VBD a/DT cotton/NN and/CC gauze/NN products/NNS division/NN from/IN closely/RB held/VBN Sterile/NNP Products/NNP Corp./NNP for/IN $/$ 8.2/CD million/CD ./. 
Omnicare/NNP said/VBD it/PRP expects/VBZ the/DT division/NN to/TO add/VB ``/`` substantial/JJ sales/NNS volume/NN and/CC to/TO make/VB a/DT positive/JJ contribution/NN to/TO our/PRP$ earnings/NNS in/IN 1990/CD and/CC beyond/IN ./. ''/'' 
In/IN 1988/CD the/DT Cincinnati/NNP company/NN earned/VBD $/$ 3.1/CD million/CD ,/, or/CC 32/CD cents/NNS a/DT share/NN ,/, on/IN revenue/NN of/IN $/$ 148.5/CD million/CD ./. 
Omnicare/NNP said/VBD the/DT division/NN operates/VBZ under/IN the/DT trade/NN name/NN ACCO/NNP and/CC supplies/VBZ the/DT medical/JJ and/CC dental/JJ markets/NNS ./. 
The/DT business/NN ,/, based/VBN in/IN St./NNP Louis/NNP ,/, had/VBD sales/NNS of/IN more/JJR than/IN $/$ 14/CD million/CD in/IN the/DT fiscal/JJ year/NN ended/VBN March/NNP 31/CD ,/, Omnicare/NNP said/VBD ./. 
Burmah/NNP Oil/NNP PLC/NNP ,/, a/DT British/NNP independent/JJ oil/NN and/CC specialty/NN chemicals/NNS marketing/NN concern/NN ,/, said/VBD SHV/NNP Holdings/NNP N.V./NNP of/IN the/DT Netherlands/NNP has/VBZ built/VBN up/RP a/DT 6.7/CD %/NN stake/NN in/IN the/DT company/NN ./. 
James/NNP Alexander/NNP ,/, a/DT Burmah/NNP spokesman/NN ,/, said/VBD SHV/NNP had/VBD previously/RB owned/VBN ``/`` a/DT little/JJ under/IN 5/CD %/NN ''/'' of/IN Burmah/NNP for/IN about/RB two/CD years/NNS ./. 
The/DT Dutch/NNP company/NN had/VBD n't/RB notified/VBN Burmah/NNP of/IN its/PRP$ reason/NN for/IN increasing/VBG the/DT stake/NN ,/, he/PRP said/VBD ./. 
SHV/NNP ,/, which/WDT last/JJ year/NN merged/VBD its/PRP$ North/NNP Sea/NNP oil/NN and/CC gas/NN operations/NNS with/IN those/DT of/IN Calor/NNP Group/NNP PLC/NNP ,/, has/VBZ been/VBN pegged/VBN by/IN speculators/NNS as/IN a/DT possible/JJ suitor/NN for/IN Burmah/NNP Oil/NNP in/IN recent/JJ weeks/NNS ./. 
SHV/NNP also/RB owns/VBZ 40/CD %/NN of/IN Calor/NNP ./. 
Burmah/NNP ,/, which/WDT owns/VBZ the/DT Castrol/NNP brand/NN of/IN lubricant/JJ oils/NNS ,/, reported/VBD a/DT 17/CD %/NN rise/NN in/IN net/JJ income/NN to/TO #/# 43.5/CD million/CD -LRB-/-LRB- $/$ 68.3/CD million/CD -RRB-/-RRB- in/IN the/DT first/JJ half/NN ./. 
J.P./NNP Industries/NNP Inc./NNP said/VBD it/PRP signed/VBD a/DT definitive/JJ agreement/NN to/TO sell/VB its/PRP$ Builders/NNP '/POS Hardware/NNP Group/NNP to/TO closely/RB held/VBN Nalcor/NNP Inc./NNP of/IN Beverly/NNP Hills/NNP ,/, Calif/NNP ./. 
Terms/NNS were/VBD n't/RB disclosed/VBN ,/, but/CC a/DT J.P./NNP Industries/NNP spokesman/NN said/VBD the/DT amount/NN J.P./NNP Industries/NNP will/MD get/VB for/IN the/DT group/NN is/VBZ ``/`` a/DT little/RB better/RBR than/IN expected/VBN by/IN the/DT marketplace/NN ,/, and/CC the/DT marketplace/NN had/VBD been/VBN expecting/VBG $/$ 25/CD million/CD to/TO $/$ 30/CD million/CD ./. ''/'' 
The/DT group/NN consists/VBZ of/IN Weslock/NNP Corp./NNP and/CC JPI/NNP Modern/NNP Inc/NNP ./. 
J.P./NNP Industries/NNP ,/, which/WDT is/VBZ based/VBN in/IN Ann/NNP Arbor/NNP ,/, Mich./NNP ,/, said/VBD the/DT sale/NN completes/VBZ a/DT previously/RB announced/VBN program/NN to/TO divest/VB itself/PRP of/IN its/PRP$ hardware/NN and/CC plumbing/NN supplies/NNS operations/NNS ./. 
The/DT company/NN 's/POS remaining/JJ business/NN is/VBZ the/DT manufacture/NN and/CC sale/NN of/IN engine/NN and/CC transmissions/NNS products/NNS for/IN industrial/JJ and/CC transportation/NN applications/NNS ./. 
Citing/VBG a/DT $/$ 3.1/CD million/CD provision/NN for/IN doubtful/JJ accounts/NNS ,/, Dallas-based/JJ National/NNP Heritage/NNP Inc./NNP posted/VBD a/DT loss/NN for/IN its/PRP$ fourth/JJ quarter/NN ended/VBN June/NNP 30/CD ./. 
A/DT unit/NN of/IN troubled/VBN Southmark/NNP Corp./NNP ,/, the/DT operator/NN of/IN nursing/NN homes/NNS and/CC retirement/NN centers/NNS said/VBD it/PRP sustained/VBD a/DT net/JJ loss/NN of/IN $/$ 1.6/CD million/CD ,/, or/CC nine/CD cents/NNS a/DT share/NN ,/, compared/VBN with/IN net/JJ income/NN of/IN $/$ 1.3/CD million/CD ,/, or/CC eight/CD cents/NNS a/DT share/NN ,/, a/DT year/NN earlier/RBR ./. 
Operating/NN revenue/NN rose/VBD 13/CD %/NN to/TO $/$ 22.2/CD million/CD from/IN $/$ 19.7/CD million/CD in/IN the/DT year-earlier/JJ quarter/NN ./. 
The/DT company/NN said/VBD the/DT $/$ 3.1/CD million/CD reserve/NN was/VBD created/VBN to/TO reflect/VB doubt/NN about/IN the/DT collectability/NN of/IN receivables/NNS owed/VBN to/TO National/NNP Heritage/NNP by/IN some/DT of/IN the/DT real/JJ estate/NN partnerships/NNS it/PRP manages/VBZ ./. 
The/DT company/NN also/RB said/VBD expenses/NNS incurred/VBN by/IN the/DT previous/JJ board/NN and/CC management/NN in/IN the/DT recent/JJ contest/NN for/IN control/NN were/VBD recognized/VBN primarily/RB in/IN the/DT first/JJ quarter/NN ended/VBN Sept./NNP 30/CD ./. 
National/NNP Heritage/NNP stock/NN fell/VBD 12.5/CD cents/NNS yesterday/NN to/TO close/VB at/IN $/$ 1.375/CD a/DT share/NN in/IN New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN ./. 
United/NNP Biscuits/NNP -LRB-/-LRB- Holdings/NNP -RRB-/-RRB- PLC/NNP ,/, a/DT British/JJ food/NN producer/NN ,/, announced/VBD the/DT creation/NN of/IN a/DT European/JJ group/NN to/TO bring/VB together/RB its/PRP$ trading/NN interests/NNS in/IN the/DT region/NN ./. 
The/DT new/JJ group/NN will/MD comprise/VB all/DT of/IN United/NNP Biscuit/NNP 's/POS manufacturing/NN and/CC marketing/NN operations/NNS in/IN the/DT food/NN sector/NN apart/RB from/IN those/DT based/VBN in/IN the/DT U.S./NNP ./. 
United/NNP Biscuits/NNP said/VBD the/DT combined/VBN group/NN ,/, which/WDT will/MD include/VB businesses/NNS such/JJ as/IN McVities/NNP biscuits/NNS and/CC Terry/NNP 's/POS confectionery/NN ,/, will/MD have/VB annual/JJ sales/NNS of/IN more/JJR than/IN #/# 1.5/CD billion/CD -LRB-/-LRB- $/$ 2.35/CD billion/CD -RRB-/-RRB- and/CC trading/NN profit/NN of/IN more/JJR than/IN #/# 160/CD million/CD -LRB-/-LRB- $/$ 251/CD million/CD -RRB-/-RRB- ./. 
``/`` The/DT new/JJ structure/NN will/MD enable/VB United/NNP Biscuits/NNP to/TO focus/VB clearly/RB upon/IN opportunities/NNS for/IN planned/VBN growth/NN during/IN the/DT 1990s/NNS ,/, ''/'' said/VBD Bob/NNP Clarke/NNP ,/, deputy/JJ chairman/NN and/CC group/NN chief/JJ executive/NN ./. 
Last/JJ month/NN ,/, United/NNP Biscuits/NNP agreed/VBD to/TO sell/VB its/PRP$ entire/JJ restaurant/NN operations/NNS to/TO Grand/NNP Metropolitan/NNP PLC/NNP for/IN #/# 180/CD million/CD ./. 
An/DT American/JJ journalist/NN now/RB is/VBZ standing/VBG trial/NN in/IN Namibia/NNP ./. 
This/DT is/VBZ the/DT place/NN that/DT world/NN opinion/NN has/VBZ been/VBN celebrating/VBG over/IN in/IN the/DT expectation/NN that/IN it/PRP 's/VBZ going/VBG to/TO hold/VB an/DT election/NN ./. 
The/DT most/RBS likely/JJ winner/NN will/MD be/VB the/DT Marxist-dominated/JJ SWAPO/NNP rebels/NNS ./. 
The/DT U.S./NNP journalist/NN 's/POS ``/`` crime/NN ''/'' was/VBD writing/VBG that/IN the/DT head/NN of/IN the/DT commission/NN charged/VBN with/IN overseeing/VBG the/DT election/NN 's/POS fairness/NN ,/, Bryan/NNP O'Linn/NNP ,/, was/VBD openly/RB sympathetic/JJ to/TO SWAPO/NNP ./. 
Shortly/RB after/IN that/DT ,/, Mr./NNP O'Linn/NNP had/VBD Scott/NNP Stanley/NNP arrested/VBN and/CC his/PRP$ passport/NN confiscated/VBN ./. 
Mr./NNP Stanley/NNP is/VBZ on/IN trial/NN over/IN charges/NNS that/IN he/PRP violated/VBD a/DT proclamation/NN ,/, issued/VBN by/IN the/DT South/JJ African/JJ administrator/NN general/NN earlier/RBR this/DT year/NN ,/, which/WDT made/VBD it/PRP a/DT crime/NN punishable/JJ by/IN two/CD years/NNS in/IN prison/NN for/IN any/DT person/NN to/TO ``/`` insult/VB ,/, disparate/JJ or/CC belittle/VB ''/'' the/DT election/NN commission/NN ./. 
The/DT Stanley/NNP affair/NN does/VBZ n't/RB bode/VB well/RB for/IN the/DT future/NN of/IN democracy/NN or/CC freedom/NN of/IN anything/NN in/IN Namibia/NNP when/WRB SWAPO/NNP starts/VBZ running/VBG the/DT government/NN ./. 
To/TO the/DT extent/NN Mr./NNP Stanley/NNP has/VBZ done/VBN anything/NN wrong/JJ ,/, it/PRP may/MD be/VB that/IN he/PRP is/VBZ out/IN of/IN step/NN with/IN the/DT consensus/NN of/IN world/NN intellectuals/NNS that/IN the/DT Namibian/JJ guerrillas/NNS were/VBD above/IN all/DT else/RB the/DT victims/NNS of/IN suppression/NN by/IN neighboring/JJ South/NNP Africa/NNP ./. 
SWAPO/NNP has/VBZ enjoyed/VBN favorable/JJ Western/JJ media/NNS treatment/NN ever/RB since/IN the/DT U.N./NNP General/NNP Assembly/NNP declared/VBD it/PRP the/DT ``/`` sole/JJ ,/, authentic/JJ representative/NN ''/'' of/IN Namibia/NNP 's/POS people/NNS in/IN 
Last/JJ year/NN ,/, the/DT U.S./NNP brokered/VBD a/DT peace/NN settlement/NN to/TO remove/VB Cuba/NNP 's/POS ``/`` Afrika/NNP Korps/NNP ''/'' from/IN Angola/NNP and/CC hold/VB ``/`` free/JJ and/CC fair/JJ ''/'' elections/NNS that/WDT would/MD end/VB South/NNP Africa/NNP 's/POS control/NN of/IN Namibia/NNP ./. 
The/DT elections/NNS are/VBP set/VBN for/IN Nov./NNP 7/CD ./. 
In/IN July/NNP ,/, Mr./NNP Stanley/NNP ,/, editor/NN of/IN American/NNP Press/NNP International/NNP ,/, a/DT Washington/NNP D.C.-based/JJ conservative/JJ wire/NN service/NN ,/, visited/VBD Namibia/NNP to/TO report/VB on/IN the/DT U.N.-monitored/JJ election/NN campaign/NN ./. 
He/PRP interviewed/VBD Mr./NNP O'Linn/NNP ,/, head/NN of/IN a/DT commission/NN charged/VBN with/IN investigating/VBG electoral/JJ intimidation/NN ,/, and/CC reported/VBD that/IN Mr./NNP O'Linn/NNP was/VBD openly/RB sympathetic/JJ to/TO SWAPO/NNP and/CC indeed/RB had/VBD defended/VBN its/PRP$ leaders/NNS in/IN court/NN ./. 
After/IN Mr./NNP Stanley/NNP 's/POS article/NN was/VBD published/VBN in/IN two/CD Namibian/JJ newspapers/NNS ,/, Mr./NNP O'Linn/NNP had/VBD criminal/JJ charges/NNS brought/VBN against/IN their/PRP$ editors/NNS ,/, publisher/NN and/CC lawyer/NN ./. 
Mr./NNP Stanley/NNP was/VBD arrested/VBN and/CC charged/VBN along/IN with/IN the/DT others/NNS when/WRB he/PRP returned/VBD to/TO Namibia/NNP this/DT month/NN ./. 
Both/DT the/DT State/NNP Department/NNP and/CC the/DT Lawyers/NNP Committee/NNP for/IN Freedom/NNP of/IN the/DT Press/NNP have/VBP protested/VBN Mr./NNP Stanley/NNP 's/POS detention/NN ./. 
Mr./NNP Stanley/NNP 's/POS arrest/NN is/VBZ the/DT latest/JJS in/IN a/DT series/NN of/IN incidents/NNS that/WDT threaten/VBP to/TO derail/VB Namibia/NNP 's/POS elections/NNS ./. 
Both/DT South/NNP African/NNP and/CC SWAPO/NNP extremists/NNS are/VBP intimidating/VBG voters/NNS ./. 
The/DT U.S./NNP is/VBZ in/IN the/DT habit/NN of/IN arranging/VBG peace/NN settlements/NNS and/CC then/RB washing/VBG its/PRP$ hands/NNS over/IN the/DT tragic/JJ results/NNS ./. 
It/PRP now/RB has/VBZ the/DT chance/NN to/TO redress/VB that/DT record/NN in/IN Namibia/NNP ./. 
State/NNP and/CC the/DT human-rights/JJ community/NN should/MD insist/VB that/IN Mr./NNP Stanley/NNP and/CC his/PRP$ fellow/JJ defendants/NNS be/VB released/VBN and/CC that/IN the/DT United/NNP Nation/NNP 's/POS monitors/NNS make/VB certain/JJ that/IN Mr./NNP O'Linn's/NNP commission/NN investigates/VBZ election/NN complaints/NNS from/IN all/DT sides/NNS ./. 
Commodity/NN futures/NNS prices/NNS generally/RB reflected/VBD the/DT stability/NN of/IN the/DT stock/NN market/NN following/VBG its/PRP$ plunge/NN Friday/NNP ./. 
Yesterday/NN ,/, the/DT stock/NN market/NN 's/POS influence/NN at/IN first/JJ created/VBD nervousness/NN ./. 
Later/RB ,/, however/RB ,/, it/PRP became/VBD more/JJR of/IN an/DT undercurrent/NN than/IN a/DT dominating/JJ force/NN as/IN individual/JJ markets/NNS reacted/VBD more/RBR to/TO their/PRP$ own/JJ factors/NNS ./. 
Gold/NNP ,/, the/DT traditional/JJ haven/NN in/IN times/NNS of/IN financial/JJ crisis/NN ,/, continued/VBD its/PRP$ inverse/JJ lockstep/NN with/IN the/DT dollar/NN ,/, rising/VBG early/RB in/IN the/DT day/NN as/IN the/DT currency/NN fell/VBD ,/, and/CC then/RB giving/VBG up/RP some/DT of/IN its/PRP$ gains/NNS as/IN the/DT dollar/NN recovered/VBD ./. 
Copper/NN and/CC crude/NN oil/NN reacted/VBD sharply/RB to/TO the/DT concern/NN that/IN a/DT crash/NN yesterday/NN could/MD have/VB a/DT potentially/RB devastating/VBG effect/NN on/IN the/DT economy/NN ./. 
Copper/NNP fell/VBD and/CC showed/VBD little/JJ rebound/NN through/IN the/DT day/NN as/IN one/CD of/IN the/DT major/JJ supply/NN problems/NNS that/WDT had/VBD been/VBN supporting/VBG prices/NNS appeared/VBD to/TO be/VB solved/VBN ./. 
Crude/JJ oil/NN declined/VBD early/RB ,/, but/CC as/IN the/DT stock/NN market/NN retained/VBD early/JJ gains/NNS ,/, it/PRP ,/, too/RB ,/, became/VBD stronger/JJR ,/, ending/VBG with/IN a/DT small/JJ net/NN loss/NN ./. 
Trading/NN in/IN cotton/NN and/CC sugar/NN was/VBD nervous/JJ and/CC showed/VBD small/JJ declines/NNS ./. 
In/IN Chicago/NNP ,/, grain/NN and/CC soybean/NN prices/NNS rose/VBD slightly/RB ./. 
Livestock/NN and/CC meat/NN prices/NNS ,/, however/RB ,/, dropped/VBD on/IN concern/NN that/IN a/DT financial/JJ crisis/NN would/MD cut/VB consumption/NN of/IN beef/NN and/CC pork/NN ./. 
In/IN commodity/NN markets/NNS yesterday/NN :/: PRECIOUS/JJ METALS/NNS :/: Futures/NNS prices/NNS were/VBD moderately/RB higher/JJR as/IN gold/NN gave/VBD up/RP some/DT of/IN its/PRP$ early/JJ gains/NNS and/CC platinum/NN behaved/VBD independently/RB ,/, first/RB falling/VBG and/CC then/RB later/RBR rising/VBG ./. 
Silver/NN performed/VBD quietly/RB ./. 
The/DT spot/NN October/NNP gold/NN price/NN rose/VBD $/$ 4/CD to/TO $/$ 367.30/CD an/DT ounce/NN ./. 
The/DT more/RBR active/JJ December/NNP delivery/NN gold/NN settled/VBN with/IN a/DT gain/NN of/IN $/$ 3.90/CD an/DT ounce/NN at/IN $/$ 371.20/CD ,/, after/IN trading/VBG as/RB high/JJ as/IN $/$ 374/CD ./. 
December/NNP silver/NN was/VBD up/RB 2.3/CD cents/NNS an/DT ounce/NN at/IN $/$ 5.163/CD ./. 
Platinum/NN behaved/VBD more/RBR like/IN an/DT industrial/JJ metal/NN ,/, easing/VBG early/RB on/IN concern/NN over/IN a/DT possible/JJ weaker/JJR economy/NN ,/, but/CC recovering/VBG later/RBR ,/, as/IN the/DT stock/NN market/NN strengthened/VBD ./. 
Gold/NNP was/VBD nowhere/RB the/DT spectacular/JJ performer/JJ it/PRP was/VBD two/CD years/NNS ago/RB on/IN Black/NNP Monday/NNP ./. 
For/IN one/CD thing/NN ,/, last/JJ Friday/NNP ,/, precious/JJ metals/NNS markets/NNS closed/VBD before/IN the/DT stock/NN market/NN went/VBD into/IN its/PRP$ late-in-the-day/JJ nose/NN dive/NN ,/, so/IN it/PRP could/MD n't/RB react/VB to/TO it/PRP ./. 
Back/RB on/IN Friday/NNP ,/, Oct./NNP 16/CD ,/, l987/CD ,/, the/DT stock/NN market/NN declined/VBD during/IN the/DT day/NN ,/, and/CC gold/JJ prices/NNS surged/VBD as/IN the/DT stock/NN market/NN fell/VBD ./. 
The/DT October/NNP 1987/CD contract/NN that/DT day/NN rose/VBD as/RB much/RB as/IN $/$ 8.70/CD to/TO as/RB high/JJ as/IN $/$ 471.60/CD ,/, and/CC the/DT more/RBR deferred/JJ positions/NNS ,/, due/JJ to/TO mature/VB as/RB late/RB as/IN March/NNP 1989/CD ,/, rose/VBD as/RB much/RB as/IN $/$ 9.60/CD ./. 
On/IN Black/NNP Monday/NNP ,/, Oct./NNP 19/CD ,/, 1987/CD ,/, the/DT October/NNP contract/NN tacked/VBD on/RP further/JJ gains/NNS ,/, rising/VBG to/TO as/RB high/JJ as/IN $/$ 491.50/CD for/IN a/DT gain/NN of/IN almost/RB $/$ 20/CD on/IN top/NN of/IN the/DT Friday/NNP advances/NNS ,/, before/IN giving/VBG up/RP almost/RB $/$ 10/CD of/IN that/DT at/IN the/DT close/NN ./. 
Yesterday/NN 's/POS October/NNP gain/NN of/IN $/$ 4/CD was/VBD miniscule/NN compared/VBN with/IN that/DT ./. 
One/CD analyst/NN ,/, Peter/NNP Cardillo/NNP of/IN Josephthal/NNP &/CC Co./NNP ,/, New/NNP York/NNP ,/, said/VBD the/DT gold/NN market/NN already/RB had/VBD some/DT good/JJ price-supporting/JJ technical/JJ factors/NNS that/WDT would/MD have/VB caused/VBN prices/NNS to/TO rise/VB ,/, with/IN or/CC without/IN the/DT stock/NN market/NN ./. 
``/`` What/WP the/DT stock/NN market/NN did/VBD was/VBD cause/VB the/DT rise/NN to/TO take/VB place/NN earlier/RBR than/IN it/PRP would/MD have/VB happened/VBN ,/, ''/'' said/VBD Mr./NNP Cardillo/NNP ./. 
There/EX 's/VBZ a/DT good/JJ chance/NN that/DT gold/NN will/MD retain/VB its/PRP$ gains/NNS and/CC rise/VB further/RBR ,/, he/PRP said/VBD ./. 
He/PRP expects/VBZ a/DT drop/NN in/IN interest/NN rates/NNS ,/, which/WDT would/MD help/VB gold/NN by/IN keeping/VBG the/DT dollar/NN from/IN rising/VBG ./. 
Finally/RB ,/, according/VBG to/TO Mr./NNP Cardillo/NNP ,/, the/DT impact/NN of/IN the/DT strong/JJ dollar/NN should/MD be/VB reflected/VBN in/IN reduced/VBN exports/NNS in/IN the/DT August/NNP merchandise/NN trade/NN deficit/NN ,/, when/WRB the/DT figures/NNS are/VBP released/VBN today/NN ./. 
This/DT would/MD be/VB damaging/VBG to/TO the/DT dollar/NN and/CC supportive/JJ for/IN gold/NN ,/, he/PRP said/VBD ./. 
ENERGY/NNP :/: 
Worried/VBN that/IN Friday/NNP 's/POS 190-point/JJ stock/NN market/NN plunge/NN might/MD be/VB a/DT harbinger/NN of/IN things/NNS to/TO come/VB for/IN the/DT economy/NN ,/, petroleum/NN futures/NNS traders/NNS called/VBD a/DT halt/NN to/TO the/DT recent/JJ string/NN of/IN increases/NNS in/IN crude/JJ oil/NN futures/NNS prices/NNS ./. 
The/DT U.S./NNP benchmark/NN crude/NN ,/, West/NNP Texas/NNP Intermediate/NNP ,/, closed/VBD at/IN $/$ 20.59/CD a/DT barrel/NN for/IN November/NNP delivery/NN ,/, down/RB 30/CD cents/NNS ./. 
Some/DT analysts/NNS said/VBD crude/NN was/VBD due/JJ for/IN a/DT correction/NN anyhow/RB ,/, following/VBG several/JJ days/NNS of/IN significant/JJ gains/NNS ./. 
But/CC most/JJS market/NN observers/NNS agreed/VBD that/IN Friday/NNP 's/POS stock/NN market/NN drop/NN is/VBZ what/WP dampened/VBD spirits/NNS in/IN the/DT petroleum/NN pits/NNS yesterday/NN ./. 
Until/IN yesterday/NN ,/, futures/NNS prices/NNS had/VBD been/VBN headed/VBN up/RB on/IN expectations/NNS that/IN world/NN oil/NN demand/NN will/MD continue/VB to/TO be/VB strong/JJ ./. 
The/DT Organization/NNP of/IN Petroleum/NNP Exporting/NNP Countries/NNP increased/VBD its/PRP$ production/NN ceiling/NN for/IN the/DT fourth/JJ quarter/NN based/VBN on/IN projections/NNS of/IN robust/JJ demand/NN ./. 
So/IN any/DT bearish/JJ indicator/NN ,/, such/JJ as/IN Friday/NNP 's/POS precipitous/JJ drop/NN in/IN the/DT stock/NN market/NN ,/, sends/VBZ shivers/NNS through/IN the/DT oil/NN markets/NNS as/RB well/RB ./. 
Indeed/RB ,/, after/IN reacting/VBG early/RB in/IN the/DT trading/NN day/NN to/TO Friday/NNP 's/POS plummet/NN ,/, futures/NNS prices/NNS firmed/VBD up/RP again/RB as/IN traders/NNS took/VBD note/NN of/IN the/DT stock/NN market/NN 's/POS partial/JJ recovery/NN yesterday/NN ./. 
COPPER/NN :/: 
Futures/NNS prices/NNS fell/VBD and/CC showed/VBD little/JJ rebound/NN as/IN one/CD major/JJ labor/NN problem/NN that/WDT had/VBD been/VBN underpinning/VBG prices/NNS appeared/VBD to/TO be/VB solved/VBN ./. 
The/DT December/NNP contract/NN declined/VBD 3.05/CD cents/NNS a/DT pound/NN to/TO $/$ 1.2745/CD ./. 
Prices/NNS were/VBD down/RB from/IN the/DT outset/NN of/IN trading/NN on/IN concern/NN that/IN a/DT drop/NN in/IN the/DT stock/NN market/NN might/MD create/VB a/DT weakened/VBN economy/NN and/CC a/DT consequent/JJ reduction/NN in/IN copper/NN use/NN ./. 
But/CC the/DT recovery/NN in/IN the/DT stock/NN market/NN provided/VBD little/JJ help/NN for/IN copper/NN as/IN word/NN spread/VBD that/IN a/DT three-month/JJ strike/NN at/IN the/DT Highland/NNP Valley/NNP mine/NN in/IN British/NNP Columbia/NNP was/VBD about/RB over/RB ,/, according/VBG to/TO an/DT analyst/NN ./. 
Highland/NNP Valley/NNP is/VBZ a/DT large/JJ Canadian/JJ producer/NN and/CC principal/JJ supplier/NN to/TO Japan/NNP ,/, which/WDT recently/RB began/VBD seeking/VBG copper/NN elsewhere/RB as/IN its/PRP$ inventories/NNS shrank/VBD ./. 
Last/JJ week/NN it/PRP was/VBD reported/VBN that/IN company/NN and/CC union/NN negotiations/NNS had/VBD overcome/VBN the/DT major/JJ hurdle/NN ,/, the/DT contracting/NN out/RP of/IN work/NN by/IN the/DT company/NN ./. 
Now/RB ,/, the/DT analyst/NN said/VBD ,/, only/RB minor/JJ points/NNS remain/VBP to/TO be/VB cleaned/VBN up/RP ./. 
``/`` For/IN all/DT intents/NNS and/CC purposes/NNS ,/, an/DT agreement/NN appears/VBZ to/TO have/VB been/VBN achieved/VBN ,/, ''/'' he/PRP said/VBD ./. 
Copper/NN inventories/NNS in/IN New/NNP York/NNP 's/POS Commodity/NNP Exchange/NNP warehouses/NNS rose/VBD yesterday/NN by/IN 516/CD tons/NNS ,/, to/TO 10,004/CD tons/NNS ./. 
London/NNP Metal/NNP Exchange/NNP copper/NN inventories/NNS last/JJ week/NN declined/VBD 13,575/CD tons/NNS ,/, to/TO 89,300/CD tons/NNS ./. 
The/DT LME/NNP stocks/NNS decline/NN was/VBD about/RB as/RB expected/VBN ,/, but/CC the/DT Comex/NNP gain/NN was/VBD n't/RB ./. 
However/RB ,/, this/DT was/VBD brushed/VBN aside/RB by/IN concern/NN over/IN the/DT stock/NN market/NN ,/, the/DT analyst/NN said/VBD ./. 
At/IN one/CD point/NN in/IN futures/NNS trading/NN ,/, as/IN the/DT stock/NN market/NN firmed/VBD ,/, the/DT December/NNP contract/NN rose/VBD to/TO as/RB high/JJ as/IN $/$ 1.2965/CD ,/, but/CC it/PRP was/VBD n't/RB able/JJ to/TO sustain/VB the/DT gain/NN ./. 
``/`` It/PRP was/VBD simply/RB overbought/VBN ,/, ''/'' he/PRP said/VBD ,/, and/CC selling/VBG by/IN funds/NNS that/WDT are/VBP computer/NN guided/VBN helped/VBD depress/VB prices/NNS ./. 
COTTON/NNP :/: 
Futures/NNS prices/NNS eased/VBD ,/, more/RBR in/IN reaction/NN to/TO Hurricane/NNP Jerry/NNP than/IN to/TO any/DT influence/NN of/IN the/DT stock/NN market/NN ./. 
The/DT December/NNP contract/NN ended/VBD with/IN a/DT loss/NN of/IN 0.22/CD cent/NN a/DT pound/NN ,/, at/IN 74.48/CD cents/NNS ./. 
Technical/JJ considerations/NNS following/VBG the/DT hurricane/NN ,/, which/WDT was/VBD a/DT factor/NN in/IN the/DT market/NN Friday/NNP ,/, caused/VBD prices/NNS to/TO decline/VB yesterday/NN ,/, said/VBD Ernest/NNP Simon/NNP ,/, cotton/NN specialist/NN for/IN Prudential-Bache/NNP Securities/NNP ,/, New/NNP York/NNP ./. 
Prices/NNS rose/VBD sharply/RB Friday/NNP as/IN the/DT storm/NN approached/VBD Texas/NNP and/CC Louisiana/NNP ,/, which/WDT is/VBZ part/NN of/IN the/DT Mississippi/NNP Delta/NNP cotton-growing/JJ area/NN ./. 
However/RB ,/, after/IN absorbing/VBG the/DT potential/JJ effect/NN of/IN the/DT hurricane/NN ,/, prices/NNS began/VBD to/TO slip/VB late/JJ Friday/NNP ,/, Mr./NNP Simon/NNP said/VBD ./. 
That/DT selling/NN continued/VBD yesterday/NN and/CC kept/VBD prices/NNS under/IN pressure/NN ,/, he/PRP said/VBD ./. 
Colder/JJR weather/NN is/VBZ being/VBG predicted/VBN for/IN the/DT high/JJ plains/NNS of/IN Texas/NNP and/CC the/DT northern/JJ states/NNS of/IN the/DT Delta/NNP during/IN the/DT coming/VBG weekend/NN ,/, Mr./NNP Simon/NNP said/VBD ./. 
That/DT has/VBZ n't/RB yet/RB captured/VBN traders/NNS '/POS attention/NN ,/, he/PRP added/VBD ./. 
SUGAR/NN :/: 
Futures/NNS prices/NNS declined/VBD ./. 
The/DT March/NNP contract/NN was/VBD off/JJ 0.32/CD cent/NN a/DT pound/NN at/IN 13.97/CD cents/NNS ./. 
At/IN one/CD point/NN in/IN early/RB trading/NN the/DT March/NNP price/NN rose/VBD to/TO as/RB high/JJ as/IN 14.22/CD cents/NNS when/WRB the/DT stock/NN market/NN recovered/VBN ,/, but/CC the/DT price/NN then/RB fell/VBD back/RB ./. 
A/DT price-depressing/JJ factor/NN ,/, one/CD analyst/NN said/VBD ,/, was/VBD that/IN India/NNP ,/, which/WDT had/VBD been/VBN expected/VBN to/TO buy/VB around/RB 200,000/CD tons/NNS of/IN sugar/NN in/IN the/DT world/NN market/NN ,/, did/VBD n't/RB make/VB any/DT purchases/NNS ./. 
India/NNP recently/RB bought/VBD 200,000/CD tons/NNS and/CC was/VBD expected/VBN to/TO buy/VB more/JJR ,/, the/DT analyst/NN said/VBD ./. 
Another/DT analyst/NN thought/VBD that/IN India/NNP may/MD have/VB pulled/VBN back/RB because/IN of/IN the/DT concern/NN over/IN the/DT stock/NN market/NN ./. 
``/`` India/NNP may/MD have/VB felt/VBD that/IN if/IN there/EX was/VBD a/DT severe/JJ drop/NN in/IN the/DT stock/NN market/NN and/CC it/PRP affected/VBD sugar/NN ,/, it/PRP could/MD buy/VB at/IN lower/JJR prices/NNS ,/, ''/'' said/VBD Judith/NNP Ganes/NNP ,/, analyst/NN for/IN Shearson/NNP Lehman/NNP Hutton/NNP ,/, New/NNP York/NNP ./. 
At/IN any/DT rate/NN ,/, she/PRP added/VBD ,/, ``/`` India/NNP needs/VBZ the/DT sugar/NN ,/, so/IN it/PRP will/MD be/VB in/RB sooner/RBR or/CC later/RBR to/TO buy/VB it/PRP ./. ''/'' 
FARM/NN PRODUCTS/NNS :/: 
The/DT prices/NNS of/IN cattle/NNS and/CC hog/NN futures/NNS contracts/NNS dropped/VBD sharply/RB because/IN traders/NNS speculated/VBD that/IN the/DT stock/NN market/NN plunge/NN Friday/NNP will/MD linger/VB in/IN the/DT minds/NNS of/IN U.S./NNP consumers/NNS long/RB enough/RB to/TO prompt/VB them/PRP to/TO rein/VB in/IN their/PRP$ spending/NN at/IN the/DT supermarket/NN ,/, which/WDT would/MD hurt/VB demand/NN for/IN beef/NN and/CC pork/NN ./. 
The/DT price/NN of/IN the/DT hog/NN contract/NN for/IN October/NNP delivery/NN dropped/VBD its/PRP$ maximum/NN permissible/JJ daily/JJ limit/NN of/IN 1.5/CD cents/NNS a/DT pound/NN ./. 
The/DT prices/NNS of/IN most/JJS grain/NN futures/NNS contracts/NNS rose/VBD slightly/RB yesterday/NN out/IN of/IN relief/NN that/IN the/DT stock/NN market/NN was/VBD showing/VBG signs/NNS of/IN recovering/VBG ./. 
Earlier/RBR in/IN the/DT session/NN ,/, the/DT prices/NNS of/IN several/JJ soybean/NN contracts/NNS set/VBD new/JJ lows/NNS ./. 
A/DT broad/JJ rally/NN began/VBD when/WRB several/JJ major/JJ processors/NNS began/VBD buying/VBG futures/NNS contracts/NNS ,/, apparently/RB to/TO take/VB advantage/NN of/IN the/DT price/NN dip/NN ./. 
Knight-Ridder/NNP Inc./NNP said/VBD it/PRP would/MD report/VB increased/VBN earnings/NNS per/IN share/NN for/IN the/DT third/JJ quarter/NN ,/, contrary/JJ to/TO reported/VBN analysts/NNS '/POS comments/NNS that/IN the/DT publishing/VBG company/NN 's/POS earnings/NNS would/MD be/VB down/RB ./. 
A/DT company/NN spokesman/NN said/VBD he/PRP believed/VBD the/DT confusion/NN was/VBD caused/VBN when/WRB James/NNP Batten/NNP ,/, Knight-Ridder/NNP 's/POS chairman/NN and/CC chief/JJ executive/NN ,/, told/VBD New/NNP York/NNP analysts/NNS two/CD weeks/NNS ago/RB that/IN Knight-Ridder/NNP 's/POS earnings/NNS per/IN share/NN for/IN the/DT first/JJ nine/CD months/NNS of/IN 1989/CD would/MD ``/`` be/VB behind/IN a/DT little/JJ bit/NN ''/'' from/IN like/JJ period/NN of/IN 
The/DT Knight-Ridder/NNP spokesman/NN said/VBD the/DT third-quarter/JJ earnings/NNS that/IN the/DT company/NN plans/VBZ to/TO report/VB Oct./NNP 24/CD are/VBP expected/VBN to/TO be/VB up/RB ./. 
The/DT spokesman/NN said/VBD he/PRP was/VBD ``/`` comfortable/JJ ''/'' with/IN revised/VBN analysts/NNS '/POS projections/NNS that/IN the/DT company/NN would/MD report/VB earnings/NNS of/IN between/IN 62/CD cents/NNS and/CC 64/CD cents/NNS a/DT share/NN ,/, compared/VBN with/IN the/DT 53/CD cents/NNS a/DT share/NN it/PRP reported/VBD for/IN the/DT 1988/CD third/JJ quarter/NN ./. 
Knight-Ridder/NNP said/VBD it/PRP agreed/VBD with/IN estimates/NNS that/IN net/JJ income/NN for/IN all/DT of/IN 1989/CD would/MD be/VB around/RB $/$ 2.86/CD a/DT share/NN ,/, compared/VBN with/IN $/$ 2.59/CD a/DT share/NN a/DT year/NN earlier/RBR ./. 
In/IN New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN yesterday/NN ,/, Knight-Ridder/NNP closed/VBD at/IN $/$ 51.75/CD ,/, down/RB 37.5/CD cents/NNS ./. 
DD/NNP Acquisition/NNP Corp./NNP said/VBD it/PRP extended/VBD its/PRP$ $/$ 45-a-share/JJ offer/NN for/IN Dunkin/NNP '/'' Donuts/NNP Inc./NNP to/TO Nov./NNP 1/CD from/IN yesterday/NN ./. 
The/DT offer/NN has/VBZ an/DT indicated/VBN value/NN of/IN $/$ 268/CD million/CD ./. 
DD/NNP Acquisition/NNP is/VBZ a/DT partnership/NN of/IN Unicorp/NNP Canada/NNP Corp./NNP 's/POS Kingsbridge/NNP Capital/NNP Group/NNP unit/NN and/CC Cara/NNP Operations/NNP Ltd/NNP ./. 
As/IN previously/RB reported/VBN ,/, under/IN the/DT terms/NNS of/IN a/DT confidentiality/NN agreement/NN with/IN Dunkin/NNP '/'' Donuts/NNP ,/, the/DT partners/NNS agreed/VBD to/TO keep/VB their/PRP$ offer/NN open/JJ until/IN Nov./NNP 1/CD ,/, and/CC not/RB to/TO acquire/VB any/DT additional/JJ shares/NNS except/IN through/IN a/DT tender/NN offer/NN expiring/VBG on/IN that/DT date/NN ./. 
DD/NNP Acquisition/NNP said/VBD that/IN it/PRP already/RB owns/VBZ 15/CD %/NN of/IN the/DT common/JJ shares/NNS of/IN the/DT doughnut/NN shop/NN chain/NN and/CC that/IN as/RB of/IN the/DT close/NN of/IN business/NN Friday/NNP an/DT additional/JJ 11/CD %/NN had/VBD been/VBN tendered/VBN to/TO its/PRP$ offer/NN ./. 
Dunkin/NNP '/'' Donuts/NNP is/VBZ based/VBN in/IN Randolph/NNP ,/, Mass/NNP ./. 
Cara/NNP Operations/NNP ,/, a/DT food/NN services/NNS concern/NN ,/, and/CC Unicorp/NNP ,/, a/DT holding/VBG company/NN with/IN interests/NNS in/IN oil/NN and/CC natural/JJ gas/NN and/CC financial/JJ services/NNS ,/, are/VBP based/VBN in/IN Toronto/NNP ./. 
Golden/NNP West/NNP Financial/NNP Corp./NNP ,/, riding/VBG above/IN the/DT turbulence/NN that/WDT has/VBZ troubled/VBN most/JJS of/IN the/DT thrift/NN industry/NN ,/, posted/VBD a/DT 16/CD %/NN increase/NN of/IN third-quarter/JJ earnings/NNS to/TO $/$ 41.8/CD millon/NN ,/, or/CC 66/CD cents/NNS a/DT share/NN ./. 
The/DT company/NN earned/VBD $/$ 36/CD million/CD ,/, or/CC 57/CD cents/NNS a/DT share/NN ,/, in/IN the/DT year-ago/JJ quarter/NN ./. 
Herbert/NNP M./NNP Sandler/NNP ,/, chairman/NN and/CC chief/JJ executive/JJ officer/NN of/IN the/DT Oakland/NNP ,/, Calif./NNP ,/, savings-and-loan/JJ holding/VBG company/NN ,/, credited/VBD the/DT high/JJ number/NN of/IN loans/NNS added/VBN to/TO the/DT company/NN 's/POS portfolio/NN over/IN the/DT last/JJ 12/CD months/NNS for/IN broadening/VBG its/PRP$ earning/NN asset/NN base/NN and/CC improving/VBG profit/NN performance/NN ./. 
However/RB ,/, the/DT executive/NN noted/VBD that/IN slackening/VBG demand/NN for/IN new/JJ mortgages/NNS depressed/VBD new/JJ loan/NN originations/NNS to/TO $/$ 1/CD billion/CD ,/, 30/CD %/NN below/IN the/DT same/JJ period/NN last/JJ year/NN ./. 
In/IN savings/NN activity/NN ,/, Mr./NNP Sandler/NNP said/VBD consumer/NN deposits/NNS have/VBP enjoyed/VBN a/DT steady/JJ increase/NN throughout/IN 1989/CD ,/, and/CC topped/VBD $/$ 11/CD billion/CD at/IN quarter/NN 's/POS end/NN for/IN the/DT first/JJ time/NN in/IN the/DT company/NN 's/POS history/NN ./. 
Deposit/NN growth/NN amounted/VBD to/TO $/$ 393/CD million/CD ,/, more/RBR than/IN double/RB the/DT year-ago/JJ figure/NN ./. 
Whirlpool/NNP Corp./NNP ,/, Benton/NNP Harbor/NNP ,/, Mich./NNP ,/, said/VBD it/PRP has/VBZ developed/VBN a/DT process/NN to/TO recover/VB environmentally/RB harmful/JJ chlorofluorocarbons/NNS ,/, or/CC CFCs/NNS ,/, that/WDT previously/RB entered/VBD the/DT atmosphere/NN during/IN in-home/JJ repair/NN of/IN refrigerators/NNS and/CC freezers/NNS ./. 
The/DT maker/NN of/IN home/NN appliances/NNS said/VBD the/DT process/NN ,/, which/WDT involves/VBZ the/DT use/NN of/IN a/DT multilayer/JJ plastic/NN bag/NN during/IN repairs/NNS to/TO capture/VB the/DT gaseous/JJ substance/NN and/CC transport/NN it/PRP to/TO a/DT recycling/VBG center/NN ,/, is/VBZ already/RB in/IN use/NN at/IN a/DT number/NN of/IN its/PRP$ service/NN centers/NNS ,/, and/CC will/MD be/VB available/JJ to/TO all/DT authorized/VBN repair/NN centers/NNS by/IN spring/NN ./. 
Earlier/JJR repairs/NNS vented/VBD the/DT CFCs/NNS out/IN of/IN the/DT home/NN through/IN a/DT hose/NN directly/RB into/IN the/DT atmosphere/NN ./. 
CFCs/NNS are/VBP widely/RB used/VBN as/IN solvents/NNS ,/, coolants/NNS and/CC fire/NN suppressants/NNS ./. 
But/CC their/PRP$ use/NN has/VBZ been/VBN linked/VBN to/TO a/DT potentially/RB dangerous/JJ depletion/NN of/IN the/DT Earth/NNP 's/POS ozone/NN layer/NN ,/, and/CC a/DT number/NN of/IN companies/NNS are/VBP seeking/VBG to/TO curtail/VB use/NN ,/, or/CC at/IN least/JJS emission/NN ,/, of/IN the/DT substance/NN ./. 
Whirpool/NNP said/VBD ,/, ``/`` We/PRP see/VBP this/DT process/NN as/IN a/DT small/JJ but/CC important/JJ step/NN toward/IN eventual/JJ elimination/NN of/IN CFC/NNP use/NN in/IN appliance/NN manufacture/NN ./. 
Maxus/NNP Energy/NNP Corp./NNP ,/, Dallas/NNP ,/, said/VBD it/PRP discovered/VBD a/DT new/JJ oil/NN field/NN northeast/NN of/IN its/PRP$ previously/RB discovered/VBN Intan/NNP Field/NNP in/IN the/DT southeast/JJ Sumatra/NNP area/NN of/IN Indonesia/NNP ./. 
Maxus/NNP said/VBD it/PRP did/VBD n't/RB run/VB a/DT production/NN test/NN on/IN the/DT three/CD discovery/NN wells/NNS it/PRP drilled/VBD in/IN the/DT field/NN ,/, which/WDT is/VBZ about/RB 1.6/CD miles/NNS from/IN the/DT Intan/NNP Field/NNP ,/, because/IN the/DT wells/NNS are/VBP similar/JJ to/TO others/NNS drilled/VBN at/IN its/PRP$ Intan/NNP and/CC Widuri/NNP fields/NNS ./. 
However/RB ,/, Maxus/NNP said/VBD it/PRP believes/VBZ the/DT reserves/NNS in/IN the/DT field/NN are/VBP about/RB 10/CD million/CD barrels/NNS of/IN oil/NN ./. 
The/DT Intan/NNP Field/NNP has/VBZ estimated/VBN reserves/NNS of/IN 50/CD million/CD barrels/NNS and/CC the/DT Widuri/NNP Field/NNP has/VBZ estimated/VBN reserves/NNS of/IN 225/CD million/CD barrels/NNS ./. 
Maxus/NNP ,/, an/DT independent/JJ oil/NN and/CC gas/NN concern/NN ,/, is/VBZ the/DT operator/NN and/CC owns/VBZ a/DT 56/CD %/NN interest/NN in/IN the/DT new/JJ field/NN ,/, called/VBD Northeast/NNP Intan/NNP ./. 
Other/JJ interests/NNS are/VBP owned/VBN by/IN BP/NNP Petroleum/NNP Development/NNP -LRB-/-LRB- SES/NNP -RRB-/-RRB- Ltd./NNP ,/, C./NNP Itoh/NNP Energy/NNP Co./NNP Ltd./NNP ,/, Deminex/NNP Sumatra/NNP OEL/NNP G.m.b/NNP ./. H./NNP ,/, Hispanoil/NNP -LRB-/-LRB- Sumatra/NNP -RRB-/-RRB- Production/NNP Ltd./NNP ,/, Hudbay/NNP Oil/NNP -LRB-/-LRB- Indonesia/NNP -RRB-/-RRB- Ltd./NNP ,/, Inpex/NNP Sumatra/NNP Co./NNP Ltd./NNP ,/, Lasmo/NNP Sumatra/NNP Ltd./NNP ,/, Sunda/NNP Shell/NNP ,/, TCR/NNP Sumat/NNP A.G./NNP and/CC Warrior/NNP Oil/NNP Co/NNP ./. 
The/DT production-sharing/JJ contract/NN area/NN is/VBZ held/VBN with/IN Pertamina/NNP ,/, the/DT Indonesian/JJ state/NN oil/NN company/NN ./. 
Environmental/NNP Systems/NNP Co./NNP said/VBD it/PRP is/VBZ restating/VBG its/PRP$ results/NNS to/TO reduce/VB its/PRP$ reported/VBN net/JJ income/NN for/IN the/DT first/JJ nine/CD months/NNS of/IN its/PRP$ fiscal/JJ year/NN after/IN discovering/VBG it/PRP took/VBD tax/NN credits/NNS that/WDT already/RB had/VBD been/VBN taken/VBN last/JJ year/NN ./. 
The/DT Little/NNP Rock/NNP ,/, Ark./NNP ,/, hazardous-waste/JJ services/NNS company/NN said/VBD the/DT restatement/NN will/MD reduce/VB its/PRP$ net/JJ for/IN the/DT nine/CD months/NNS ended/VBN July/NNP 31/CD to/TO $/$ 2.5/CD million/CD ,/, or/CC 17/CD cents/NNS a/DT share/NN ,/, from/IN $/$ 3.7/CD million/CD ,/, or/CC 26/CD cents/NNS a/DT share/NN ./. 
Net/JJ for/IN the/DT third/JJ quarter/NN ,/, restated/VBN ,/, is/VBZ $/$ 1.6/CD million/CD ,/, or/CC 10/CD cents/NNS a/DT share/NN ./. 
The/DT company/NN previously/RB reported/VBN net/JJ of/IN $/$ 2.3/CD million/CD ,/, or/CC 15/CD cents/NNS a/DT share/NN ./. 
The/DT company/NN said/VBD that/IN for/IN financial/JJ reporting/NN purposes/NNS last/JJ year/NN it/PRP took/VBD tax/NN credits/NNS that/WDT will/MD be/VB recognized/VBN for/IN tax/NN purposes/NNS this/DT year/NN ./. 
But/CC because/IN of/IN confusion/NN ,/, it/PRP took/VBD those/DT credits/NNS again/RB in/IN reporting/VBG its/PRP$ results/NNS through/IN the/DT first/JJ nine/CD months/NNS ./. 
Jack/NNP W./NNP Forrest/NNP ,/, Environmental/NNP Systems/NNP president/NN and/CC chief/JJ executive/JJ officer/NN ,/, said/VBD the/DT change/NN increases/VBZ the/DT company/NN 's/POS effective/JJ tax/NN rate/NN to/TO about/RB 35/CD %/NN from/IN 20/CD %/NN ./. 
Memotec/NNP Data/NNP Inc./NNP said/VBD it/PRP signed/VBD a/DT definitive/JJ merger/NN agreement/NN with/IN ISI/NNP Systems/NNP Inc./NNP under/IN which/WDT Memotec/NNP will/MD acquire/VB ISI/NNP for/IN $/$ 20/CD -LRB-/-LRB- U.S./NNP ./. -RRB-/-RRB- a/DT share/NN ,/, or/CC about/RB $/$ 130/CD million/CD ,/, in/IN cash/NN and/CC securities/NNS ./. 
In/IN American/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN ,/, ISI/NNP closed/VBD up/RB $/$ 3.125/CD at/IN $/$ 18.625/CD ./. 
In/IN Montreal/NNP Exchange/NNP trading/NN ,/, Memotec/NNP closed/VBD unchanged/JJ at/IN 10.625/CD Canadian/JJ dollars/NNS -LRB-/-LRB- US$/$ 9.05/CD -RRB-/-RRB- ./. 
Memotec/NNP said/VBD under/IN the/DT agreement/NN ,/, ISI/NNP ,/, a/DT Braintree/NNP ,/, Mass./NNP ,/, provider/NN of/IN computer/NN software/NN and/CC services/NNS to/TO the/DT insurance/NN industry/NN ,/, will/MD merge/VB with/IN a/DT U.S./NNP unit/NN of/IN Memotec/NNP created/VBN for/IN that/DT purpose/NN ./. 
Memotec/NNP is/VBZ a/DT Montreal-based/JJ maker/NN of/IN telecommunications/NNS products/NNS and/CC provider/NN of/IN telecommunications/NNS and/CC computer/NN services/NNS ./. 
Memotec/NNP said/VBD the/DT agreement/NN calls/VBZ for/IN it/PRP to/TO make/VB a/DT $/$ 20-a-share/JJ cash/NN tender/NN offer/NN for/IN all/DT shares/NNS outstanding/JJ of/IN ISI/NNP ./. 
But/CC it/PRP said/VBD Charles/NNP Johnston/NNP ,/, ISI/NNP chairman/NN and/CC president/NN ,/, agreed/VBD to/TO sell/VB his/PRP$ 60/CD %/NN stake/NN in/IN ISI/NNP to/TO Memotec/NNP upon/IN completion/NN of/IN the/DT tender/NN offer/NN for/IN a/DT combination/NN of/IN cash/NN ,/, Memotec/NNP stock/NN and/CC debentures/NNS ./. 
Memotec/NNP said/VBD the/DT tender/NN offer/NN is/VBZ conditioned/VBN on/IN ,/, among/IN other/JJ things/NNS ,/, holders/NNS tendering/VBG at/IN least/JJS 15/CD %/NN of/IN the/DT shares/NNS outstanding/JJ ,/, other/JJ than/IN the/DT shares/NNS held/VBN by/IN Mr./NNP Johnston/NNP ./. 
ISI/NNP said/VBD its/PRP$ board/NN has/VBZ instructed/VBN management/NN to/TO accept/VB inquiries/NNS from/IN any/DT others/NNS interested/VBN in/IN making/VBG a/DT bid/NN ./. 
ISI/NNP said/VBD it/PRP can/MD withdraw/VB from/IN the/DT merger/NN agreement/NN with/IN Memotec/NNP if/IN a/DT better/JJR bid/NN surfaces/VBZ ./. 
CMS/NNP Energy/NNP Corp./NNP ,/, Jackson/NNP ,/, Mich./NNP ,/, said/VBD it/PRP has/VBZ resumed/VBN the/DT purchase/NN of/IN its/PRP$ common/JJ stock/NN under/IN a/DT program/NN approved/VBN by/IN its/PRP$ directors/NNS in/IN 1987/CD ./. 
At/IN the/DT time/NN of/IN the/DT original/JJ announcement/NN ,/, CMS/NNP said/VBD its/PRP$ board/NN authorized/VBD the/DT purchase/NN of/IN as/RB many/JJ as/IN five/CD million/CD of/IN its/PRP$ shares/NNS ./. 
A/DT spokesman/NN said/VBD 2.6/CD million/CD shares/NNS have/VBP been/VBN purchased/VBN since/IN then/RB ./. 
The/DT company/NN said/VBD it/PRP will/MD buy/VB additional/JJ shares/NNS ``/`` from/IN time/NN to/TO time/NN in/IN the/DT open/JJ market/NN or/CC in/IN private/JJ transactions/NNS at/IN prevailing/VBG market/NN prices/NNS ./. ''/'' 
In/IN composite/JJ trading/NN on/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ,/, CMS/NNP Energy/NNP closed/VBD at/IN $/$ 34.375/CD a/DT share/NN ,/, down/RB 62.5/CD cents/NNS ,/, from/IN the/DT closing/VBG price/NN of/IN $/$ 37.375/CD a/DT share/NN on/IN Thursday/NNP ,/, before/IN Friday/NNP 's/POS plunge/NN ./. 
The/DT utility/NN company/NN currently/RB has/VBZ about/RB 82.1/CD million/CD shares/NNS outstanding/JJ ./. 
Morgan/NNP Stanley/NNP &/CC Co./NNP will/MD act/VB as/IN the/DT exclusive/JJ broker/NN for/IN the/DT repurchase/NN ./. 
Hughes/NNP Aircraft/NNP Co./NNP ,/, a/DT unit/NN of/IN General/NNP Motors/NNP Corp./NNP ,/, said/VBD it/PRP agreed/VBD to/TO purchase/VB the/DT Electro-Optics/NNP Technology/NNP division/NN of/IN Perkin-Elmer/NNP Corp/NNP ./. 
Terms/NNS of/IN the/DT agreement/NN were/VBD n't/RB disclosed/VBN ./. 
But/CC for/IN the/DT fiscal/JJ year/NN ended/VBN July/NNP 31/CD ,/, 1988/CD ,/, the/DT most/RBS recent/JJ period/NN for/IN which/WDT results/NNS were/VBD broken/VBN out/RP ,/, the/DT Perkin-Elmer/NNP unit/NN accounted/VBD for/IN more/JJR than/IN half/PDT the/DT $/$ 145/CD million/CD in/IN sales/NNS recorded/VBN by/IN the/DT company/NN 's/POS government/NN systems/NNS sector/NN ./. 
Perkin-Elmer/NNP ,/, which/WDT is/VBZ based/VBN in/IN Norwalk/NNP ,/, Conn./NNP ,/, said/VBD the/DT sale/NN of/IN the/DT Danbury/NNP ,/, Conn./NNP ,/, unit/NN is/VBZ consistent/JJ with/IN its/PRP$ restructuring/VBG strategy/NN announced/VBD in/IN April/NNP ./. 
In/IN addition/NN to/TO making/VBG electro-optical/JJ systems/NNS ,/, the/DT unit/NN also/RB makes/VBZ laser/NN warning/NN receivers/NNS ./. 
These/DT are/VBP used/VBN aboard/IN military/JJ helicopters/NNS to/TO warn/VB pilots/NNS that/IN a/DT laser/NN weapon/NN has/VBZ been/VBN focused/VBN on/IN them/PRP ./. 
Hughes/NNP of/IN Los/NNP Angeles/NNP said/VBD the/DT PerkinElmer/NNP unit/NN 's/POS work/NN complements/VBZ efforts/NNS by/IN its/PRP$ Electro-Optical/NNP and/CC Data/NNP Systems/NNP group/NN ,/, which/WDT makes/VBZ infrared/JJ sensors/NNS ,/, military/JJ lasers/NNS and/CC night/NN vision/NN equipment/NN ./. 
Hughes/NNP said/VBD it/PRP expects/VBZ the/DT sale/NN to/TO close/VB by/IN year/NN end/NN ./. 
The/DT Communications/NNP Workers/NNP of/IN America/NNP ratified/VBD a/DT new/JJ regional/JJ contract/NN and/CC all/DT but/CC one/CD of/IN the/DT local/JJ agreements/NNS with/IN Bell/NNP Atlantic/NNP Corp/NNP ./. 
CWA/NNP 's/POS New/NNP Jersey/NNP Commercial/NNP local/NN ,/, which/WDT represents/VBZ about/RB 2,500/CD service/NN representatives/NNS and/CC marketing/NN employees/NNS ,/, rejected/VBD the/DT tentative/JJ agreement/NN ./. 
Both/DT the/DT union/NN and/CC the/DT regional/JJ telephone/NN company/NN said/VBD they/PRP were/VBD working/VBG together/RB to/TO resolve/VB differences/NNS ./. 
The/DT new/JJ three-year/JJ contracts/NNS ,/, which/WDT replace/VBP ones/NNS that/WDT expired/VBD Aug./NNP 5/CD ,/, cover/VBP 41,000/CD Bell/NNP Atlantic/NNP employees/NNS ./. 
The/DT ratification/NN follows/VBZ a/DT 23-day/JJ strike/NN against/IN the/DT Philadelphia-based/JJ company/NN ./. 
Meanwhile/RB ,/, CWA/NNP and/CC International/NNP Brotherhood/NNP of/IN Electrical/NNP Workers/NNP members/NNS remain/VBP on/IN strike/NN against/IN Nynex/NNP Corp./NNP ,/, the/DT New/NNP York-based/JJ regional/JJ phone/NN company/NN ./. 
The/DT unions/NNS and/CC the/DT company/NN last/JJ week/NN agreed/VBD to/TO mediation/NN ./. 
The/DT CWA/NNP represents/VBZ 40,000/CD Nynex/NNP workers/NNS and/CC the/DT IBEW/NNP represents/VBZ 20,000/CD workers/NNS ./. 
For/IN the/DT moment/NN ,/, at/IN least/JJS ,/, euphoria/NN has/VBZ replaced/VBN anxiety/NN on/IN Wall/NNP Street/NNP ./. 
The/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP jumped/VBD sharply/RB yesterday/NN to/TO close/VB at/IN 2657.38/CD ,/, panic/NN did/VBD n't/RB sweep/VB the/DT world/NN 's/POS markets/NNS ,/, and/CC investors/NNS large/JJ and/CC small/JJ seemed/VBD to/TO accept/VB Friday/NNP 's/POS dizzying/VBG 190-point/JJ plunge/NN as/IN a/DT sharp/JJ correction/NN ,/, not/RB a/DT calamity/NN ./. 
Many/JJ went/VBD bargain-hunting/NN ./. 
Among/IN those/DT sighing/VBG with/IN relief/NN was/VBD John/NNP H./NNP Gutfreund/NNP ,/, chairman/NN of/IN Salomon/NNP Brothers/NNP ,/, who/WP took/VBD to/TO the/DT firm/NN 's/POS trading/NN floor/NN to/TO monitor/VB yesterday/NN 's/POS events/NNS ./. 
As/IN the/DT rally/NN gained/VBD strength/NN at/IN 3:15/CD p.m./NN ,/, he/PRP smiled/VBD broadly/RB ,/, brandished/VBD his/PRP$ unlit/NN cigar/NN and/CC slapped/VBD Stanley/NNP Shopkorn/NNP ,/, his/PRP$ top/JJ stock/NN trader/NN ,/, on/IN the/DT back/NN ./. 
At/IN first/JJ ,/, it/PRP seemed/VBD as/IN if/IN history/NN might/MD repeat/VB itself/PRP ./. 
As/IN trading/NN opened/VBD yesterday/NN morning/NN on/IN the/DT Big/NNP Board/NNP ,/, stocks/NNS of/IN many/JJ of/IN the/DT nation/NN 's/POS biggest/JJS companies/NNS could/MD n't/RB open/VB for/IN trading/NN because/IN a/DT wave/NN of/IN sell/NN orders/NNS was/VBD overwhelming/VBG buyers/NNS ./. 
By/IN 10:10/CD ,/, the/DT Dow/NNP Industrials/NNP were/VBD off/JJ 63.52/CD points/NNS ,/, and/CC the/DT stock/NN of/IN UAL/NNP Corp./NNP ,/, whose/WP$ troubles/NNS had/VBD kicked/VBN off/RP Friday/NNP 's/POS plunge/NN ,/, still/RB had/VBD n't/RB opened/VBN ./. 
But/CC then/RB ,/, as/RB quickly/RB as/IN the/DT Dow/NNP had/VBD fallen/VBN ,/, it/PRP began/VBD to/TO turn/VB around/RP ./. 
It/PRP ended/VBD with/IN a/DT gain/NN of/IN 88.12/CD points/NNS ./. 
By/IN the/DT market/NN 's/POS close/NN ,/, volume/NN on/IN the/DT New/NNP York/NNP exchange/NN totaled/VBD more/JJR than/IN 416/CD million/CD ,/, the/DT fourth/JJ highest/JJS on/IN record/NN ./. 
The/DT Big/NNP Board/NNP handled/VBD the/DT huge/JJ volume/NN without/IN any/DT obvious/JJ strain/NN ,/, in/IN sharp/JJ contrast/NN to/TO Black/NNP Monday/NNP of/IN 1987/CD ./. 
But/CC the/DT rally/NN was/VBD largely/RB confined/VBN to/TO the/DT blue-chip/JJ stocks/NNS ,/, which/WDT had/VBD been/VBN hard/RB hit/VBN during/IN Friday/NNP 's/POS selling/NN frenzy/NN ./. 
Overall/JJ ,/, more/JJR Big/NNP Board/NNP stocks/NNS lost/VBD money/NN than/IN gained/VBN ./. 
And/CC many/JJ arbitragers/NNS ,/, already/RB reeling/VBG from/IN Friday/NNP 's/POS collapse/NN of/IN the/DT UAL/NNP deal/NN ,/, were/VBD further/RBR hurt/VBN yesterday/NN when/WRB a/DT proposed/VBN takeover/NN of/IN AMR/NNP Corp./NNP ,/, the/DT parent/NN of/IN American/NNP Airlines/NNP ,/, collapsed/VBD ./. 
Indeed/RB ,/, the/DT Dow/NNP Jones/NNP Transportation/NNP Average/NNP plunged/VBD 102.06/CD points/NNS ,/, its/PRP$ second-worst/JJ drop/NN in/IN history/NN ./. 
World-wide/JJ ,/, trading/NN was/VBD generally/RB manageable/JJ ./. 
The/DT Frankfurt/NNP stock/NN exchange/NN was/VBD hardest/RBS hit/VBN of/IN the/DT major/JJ markets/NNS ,/, with/IN blue/JJ chips/NNS there/RB falling/VBG 12.8/CD %/NN ./. 
In/IN London/NNP ,/, a/DT midday/NN rally/NN left/VBD the/DT market/NN 's/POS major/JJ index/NN off/IN 3.2/CD %/NN ,/, and/CC Tokyo/NNP 's/POS leading/VBG stock/NN index/NN fell/VBD only/RB 1.8/CD %/NN in/IN surprisingly/RB lackluster/NN trading/NN ./. 
Other/JJ ,/, more/RBR thinly/RB traded/VBN Asian/JJ markets/NNS were/VBD hit/VBN harder/RBR than/IN Tokyo/NNP 's/POS ,/, but/CC there/EX were/VBD no/DT free-fall/JJ declines/NNS ./. 
Investors/NNS big/JJ and/CC small/JJ say/VBP they/PRP learned/VBD valuable/JJ lessons/NNS since/IN the/DT 1987/CD crash/NN :/: In/IN this/DT age/NN of/IN computerized/VBN trading/NN ,/, huge/JJ corrections/NNS or/CC runups/NNS in/IN a/DT few/JJ hours/NNS '/POS time/NN must/MD be/VB expected/VBN ./. 
What/WP 's/VBZ more/JJR ,/, such/JJ short-term/JJ cataclysms/NNS are/VBP survivable/JJ and/CC are/VBP no/DT cause/NN for/IN panic/NN selling/NN ./. 
Stephen/NNP Boesel/NNP ,/, a/DT major/JJ money/NN manager/NN for/IN T./NNP Rowe/NNP Price/NNP in/IN Baltimore/NNP ,/, says/VBZ ,/, ``/`` There/EX was/VBD less/JJR panic/NN than/IN in/IN 1987/CD :/: We/PRP had/VBD been/VBN through/IN it/PRP once/RB ./. ''/'' 
In/IN Somerset/NNP ,/, Wis./NNP ,/, Adrian/NNP Sween/NNP ,/, who/WP owns/VBZ a/DT supplier/NN of/IN nursing-home/NN equipment/NN and/CC is/VBZ n't/RB active/JJ in/IN the/DT stock/NN market/NN ,/, agrees/VBZ ./. 
``/`` I/PRP look/VBP at/IN it/PRP as/IN a/DT ho-hum/JJ matter/NN ,/, ''/'' he/PRP says/VBZ ./. 
Many/JJ other/JJ factors/NNS played/VBD a/DT part/NN in/IN yesterday/NN 's/POS comeback/NN ./. 
The/DT Federal/NNP Reserve/NNP signaled/VBD its/PRP$ willingness/NN to/TO provide/VB liquidity/NN ;/: the/DT interest/NN rate/NN on/IN its/PRP$ loans/NNS to/TO major/JJ banks/NNS inched/VBD downward/RB early/JJ in/IN the/DT day/NN ./. 
Foreign/JJ stock/NN markets/NNS ,/, which/WDT kicked/VBD off/RP Black/NNP Monday/NNP with/IN a/DT huge/JJ selling/NN spree/NN ,/, began/VBD the/DT day/NN off/JJ by/IN relatively/RB modest/JJ amounts/NNS ./. 
The/DT dollar/NN ,/, after/IN falling/VBG sharply/RB in/IN overnight/JJ trading/NN to/TO 139.10/CD yen/NNS ,/, bounced/VBD back/RB strongly/RB to/TO 141.8/CD ,/, thus/RB easing/VBG fears/NNS that/IN foreigners/NNS would/MD unload/VB U.S./NNP stocks/NNS ./. 
And/CC the/DT widely/RB disseminated/VBN opinion/NN among/IN most/JJS market/NN experts/NNS that/IN a/DT crash/NN was/VBD n't/RB in/IN store/NN also/RB helped/VBD calm/VB investors/NNS ./. 
Many/JJ major/JJ institutions/NNS ,/, for/IN example/NN ,/, came/VBD into/IN work/NN yesterday/NN ready/JJ to/TO buy/VB some/DT of/IN the/DT blue/JJ chips/NNS they/PRP felt/VBD had/VBD been/VBN sharply/RB undervalued/VBN on/IN Friday/NNP ./. 
Still/RB ,/, amid/IN all/DT the/DT backslapping/VBG and/CC signs/NNS of/IN relief/NN over/IN yesterday/NN 's/POS events/NNS ,/, some/DT market/NN professionals/NNS cautioned/VBD that/IN there/EX is/VBZ nothing/NN present/JJ in/IN the/DT current/JJ market/NN system/NN to/TO prevent/VB another/DT dizzying/JJ drop/NN such/JJ as/IN Friday/NNP 's/POS ./. 
``/`` There/EX is/VBZ too/RB much/JJ complacency/NN ,/, ''/'' says/VBZ money/NN manager/NN Barry/NNP Schrager/NNP ./. 
Computers/NNS have/VBP increasingly/RB connected/JJ securities/NNS markets/NNS world-wide/JJ ,/, so/RB that/IN a/DT buying/NN or/CC selling/NN wave/NN in/IN one/CD market/NN is/VBZ often/RB passed/VBN around/IN the/DT globe/NN ./. 
So/RB investors/NNS everywhere/RB nervously/RB eyed/VBD yesterday/NN 's/POS opening/NN in/IN Tokyo/NNP ,/, where/WRB the/DT Nikkei/NNP average/NN of/IN 225/CD blue-chip/JJ stocks/NNS got/VBD off/RP to/TO a/DT rocky/JJ start/NN ./. 
The/DT average/NN plunged/VBD some/DT 600/CD points/NNS ,/, or/CC 1.7/CD %/NN ,/, in/IN the/DT first/JJ 20/CD minutes/NNS of/IN trading/NN ./. 
But/CC the/DT selling/NN wave/NN had/VBD no/DT conviction/NN ,/, and/CC the/DT market/NN first/RB surged/VBD upward/RB by/IN 200/CD points/NNS ,/, then/RB drifted/VBD lower/RBR ,/, closing/VBG down/RB 647/CD ./. 
Unlike/IN two/CD years/NNS ago/RB ,/, most/JJS of/IN Japan/NNP 's/POS major/JJ investors/NNS chose/VBD to/TO sit/VB this/DT calamity/NN out/RP ./. 
In/IN Merrill/NNP Lynch/NNP &/CC Co./NNP 's/POS Tokyo/NNP trading/NN room/NN ,/, some/DT 40/CD traders/NNS and/CC assistants/NNS sat/VBD quietly/RB ,/, with/IN few/JJ orders/NNS to/TO process/NN ./. 
Clients/NNS ``/`` are/VBP all/DT staying/VBG out/IN ''/'' of/IN the/DT market/NN ,/, one/CD Merrill/NNP trader/NN says/VBZ ./. 
The/DT relative/JJ calm/NN in/IN Tokyo/NNP proved/VBD little/JJ comfort/NN to/TO markets/NNS opening/VBG up/RP in/IN Europe/NNP ./. 
Frankfurt/NNP 's/POS opening/NN was/VBD delayed/VBN a/DT half/JJ hour/NN because/IN of/IN a/DT crush/NN of/IN sell/NN orders/NNS ./. 
``/`` The/DT beginning/NN was/VBD chaotic/JJ ,/, ''/'' says/VBZ Nigel/NNP Longley/NNP ,/, a/DT broker/NN for/IN Commerzbank/NNP 
In/IN London/NNP ,/, the/DT view/NN from/IN the/DT trading/NN floor/NN of/IN an/DT American/JJ securities/NNS firm/NN ,/, Jefferies/NNP &/CC Co./NNP ,/, also/RB was/VBD troubling/JJ ./. 
A/DT computer/NN screen/NN displaying/VBG 100/CD blue-chip/JJ stocks/NNS colors/NNS each/DT one/CD red/NN when/WRB its/PRP$ price/NN is/VBZ falling/VBG ./. 
The/DT screen/NN was/VBD a/DT sea/NN of/IN red/NN ./. 
``/`` I/PRP see/VBP concern/NN ,/, but/CC I/PRP do/VBP n't/RB see/VB panic/NN ,/, ''/'' says/VBZ J./NNP Francis/NNP Palamara/NNP ,/, a/DT New/NNP Yorker/NNP who/WP runs/VBZ the/DT 15-trader/JJ office/NN ./. 
London/NNP 's/POS blue-chip/JJ stock/NN index/NN turned/VBD up/RB just/RB before/IN 8/CD a.m/NN ./. New/NNP York/NNP time/NN ,/, sending/VBG an/DT encouraging/JJ message/NN to/TO Wall/NNP Street/NNP ./. 
When/WRB trading/NN opened/VBD in/IN New/NNP York/NNP at/IN 9:30/CD a.m./NN EDT/NNP ,/, stocks/NNS fell/VBD sharply/RB --/: as/IN expected/VBN ./. 
Futures/NNS markets/NNS in/IN Chicago/NNP had/VBD opened/VBN at/IN a/DT level/NN suggesting/VBG the/DT Dow/NNP would/MD fall/VB by/IN about/RB 60/CD points/NNS ./. 
With/IN sell/NN orders/NNS piled/VBD up/RP from/IN Friday/NNP ,/, about/RB half/PDT the/DT stocks/NNS in/IN the/DT Dow/NNP could/MD n't/RB open/VB on/IN time/NN ./. 
By/IN 9:45/CD ,/, the/DT industrial/JJ average/NN had/VBD dropped/VBN 27/CD points/NNS ./. 
By/IN 10/CD a.m./NN ,/, it/PRP was/VBD down/RB 49/CD ./. 
Ten/CD minutes/NNS later/RBR ,/, the/DT Dow/NNP hit/VBD bottom/NN -/: down/RB 63.52/CD points/NNS ,/, another/DT 2.5/CD %/NN ./. 
But/CC shortly/RB before/IN then/RB ,/, some/DT of/IN Wall/NNP Street/NNP 's/POS sharpest/JJS traders/NNS say/VBP ,/, they/PRP sensed/VBD a/DT turn/NN ./. 
``/`` The/DT first/JJ thing/NN that/WDT caught/VBD my/PRP$ eye/NN that/WDT was/VBD encouraging/VBG was/VBD Treasury/NNP bonds/NNS were/VBD off/RB ,/, ''/'' says/VBZ Austin/NNP George/NNP ,/, head/NN of/IN stock/NN trading/VBG at/IN T./NNP Rowe/NNP Price/NNP ./. 
``/`` It/PRP meant/VBD that/IN people/NNS were/VBD n't/RB running/VBG pell-mell/NN to/TO the/DT safety/NN of/IN bonds/NNS ./. ''/'' 
Shortly/RB after/IN 10/CD a.m./NN ,/, the/DT Major/NNP Market/NNP Index/NNP ,/, a/DT Chicago/NNP Board/NNP of/IN Trade/NNP futures/NNS contract/VB of/IN 20/CD stocks/NNS designed/VBN to/TO mimic/VB the/DT DJIA/NNP ,/, exploded/VBD upward/RB ./. 
Stock/NN traders/NNS were/VBD buoyed/VBN --/: because/IN an/DT upturn/NN in/IN the/DT MMI/NNP had/VBD also/RB started/VBN the/DT recovery/NN in/IN stocks/NNS on/IN the/DT Tuesday/NNP following/NN Black/NNP Monday/NNP ./. 
``/`` The/DT MMI/NNP has/VBZ gone/VBN better/RB ,/, ''/'' shouted/VBD a/DT trader/NN in/IN the/DT London/NNP office/NN of/IN Shearson/NNP Lehman/NNP Hutton/NNP ./. 
Shearson/NNP 's/POS London/NNP trading/VBG room/NN went/VBD wild/JJ ./. 
Traders/NNS shouted/VBD out/RP as/RB their/PRP$ Reuters/NNP ,/, Quotron/NNP and/CC Telerate/NNP screens/NNS posted/VBD an/DT ever-narrowing/JJ loss/NN on/IN Wall/NNP Street/NNP ./. 
Then/RB ,/, nine/CD minutes/NNS later/RB ,/, Wall/NNP Street/NNP suddenly/RB rebounded/VB to/TO a/DT gain/NN on/IN the/DT day/NN ./. 
``/`` Rally/VB ,/, rally/VB ,/, rally/VB ,/, ''/'' shouted/VBD Shearson/NNP 's/POS Andy/NNP Rosen/NNP ./. 
``/`` This/DT is/VBZ panic/NN buying/NN ./. ''/'' 
Major/JJ blue-chip/JJ stocks/NNS like/IN Philip/NNP Morris/NNP ,/, General/NNP Motors/NNP and/CC Proctor/NNP &/CC Gamble/NNP led/VBD the/DT rally/NN ./. 
Japanese/NNP were/VBD said/VBD to/TO be/VB heavy/NN buyers/NNS ./. 
German/NNP and/CC Dutch/NNP investors/NNS reportedly/RB loaded/VBD up/RP on/IN Kellogg/NNP Co/NNP ./. 
Then/RB ,/, traders/NNS say/VB ,/, corporations/NNS with/IN share/NN buy-back/JJ programs/NNS kicked/VBN into/IN high/JJ gear/NN ,/, triggering/VBG gains/NNS in/IN ,/, among/IN other/JJ issues/NNS ,/, Alcan/NNP Aluminium/NNP and/CC McDonald/NNP 's/POS ./. 
Walt/NNP Disney/NNP Co./NNP ,/, which/WDT had/VBD one/NN of/IN the/DT biggest/JJS sell-order/JJ imbalances/NNS on/IN Friday/NNP and/CC was/VBD one/CD of/IN seven/CD stocks/NNS that/WDT halted/VBD trading/NN and/CC never/RB reopened/VBD that/DT day/NN ,/, opened/VBD yesterday/NN late/RB at/IN 114.5/CD ,/, down/RB 8.5/CD ./. 
But/CC then/RB it/PRP suddenly/RB burst/VBD upward/RB 7.5/CD as/IN Goldman/NNP ,/, Sachs/NNP &/CC Co./NNP stepped/VBD in/RB and/CC bought/VBD almost/RB every/DT share/NN offer/NN ,/, traders/NNS said/VBD ./. 
By/IN 10:25/CD ,/, the/DT Dow/NNP had/VBD turned/VBN up/IN for/IN the/DT day/NN ,/, prompting/VBG cheers/NNS on/IN trading/VBG desks/NNS and/CC exchange/NN floors/NNS ./. 
Among/IN Big/NNP Board/NNP specialists/NNS ,/, the/DT cry/NN was/VBD ``/`` Pull/VB your/PRP$ offers/NNS ''/'' --/: meaning/NN that/IN specialists/NNS soon/RB expected/VBN to/TO get/VB higher/JJR prices/NNS for/IN their/PRP$ shares/NNS ./. 
``/`` It/PRP was/VBD bedlam/NN on/IN the/DT upside/RB ,/, ''/'' said/VBD one/CD Big/NNP Board/NNP specialist/NN ./. 
``/`` What/WP we/PRP had/VBD was/VBD a/DT real/JJ ,/, old-fashioned/JJ rally/NN ./. ''/'' 
This/DT technical/JJ strength/NN spurred/VBD buying/NN from/IN Wall/NNP Street/NNP 's/POS ``/`` black/JJ boxes/NNS ,/, ''/'' computer/NN programs/NNS designed/VBN to/TO trigger/VB large/JJ stock/NN purchases/NNS during/IN bullish/JJ periods/NNS ./. 
Typical/JJ ,/, perhaps/RB ,/, was/VBD Batterymarch/NNP 's/POS Dean/NNP LeBaron/NNP ./. 
Mr./NNP LeBaron/NNP ,/, who/WP manages/VBZ $/$ 10/CD billion/CD ,/, says/VBZ ,/, ``/`` We/PRP turned/VBD the/DT trading/NN system/NN on/RP ,/, and/CC it/PRP did/VBD whatever/WDT it/PRP was/VBD programmed/VBN to/TO do/VB ./. ''/'' 
Asked/VBN what/WP stocks/VBZ the/DT computer/NN bought/VBD ,/, the/DT money/NN manager/NN says/VBZ ,/, ``/`` I/PRP do/VBP n't/RB know/VB ./. ''/'' 
Not/RB everybody/NN was/VBD making/VBG money/NN ./. 
The/DT carnage/NN on/IN the/DT Chicago/NNP Board/NNP Options/NNP Exchange/NNP ,/, the/DT nation/NN 's/POS major/JJ options/NNS market/NN ,/, was/VBD heavy/JJ after/IN the/DT trading/NN in/IN S&P/NNP 100/CD stock-index/JJ options/NNS was/VBD halted/VBN Friday/NNP ./. 
Many/JJ market/NN makers/NNS in/IN the/DT S&P/NNP 100/CD index/NN options/NNS contract/NN had/VBD bullish/JJ positions/NNS Friday/NNP ,/, and/CC when/WRB the/DT shutdown/NN came/VBD they/PRP were/VBD frozen/VBN with/IN huge/JJ losses/NNS ./. 
Over/IN the/DT weekend/NN ,/, clearing/NN firms/NNS told/VBD the/DT Chicago/NNP market/NN makers/NNS to/TO get/VB out/IN of/IN their/PRP$ positions/NNS at/IN any/DT cost/NN Monday/NNP morning/NN ./. 
``/`` They/PRP were/VBD absolutely/RB killed/VBN ,/, slaughtered/VBN ,/, ''/'' said/VBD one/CD Chicago-based/JJ options/NNS trader/NN ./. 
Meanwhile/RB ,/, a/DT test/NN of/IN the/DT stock/NN market/NN 's/POS rally/NN came/VBD at/IN about/RB 2/CD p.m./NN ,/, with/IN the/DT Dow/NNP at/IN 2600/CD ,/, up/RB 31/CD points/NNS on/IN the/DT day/NN ./. 
Charles/NNP Clough/NNP ,/, a/DT strategist/NN at/IN Merrill/NNP Lynch/NNP ,/, says/VBZ bargain/NN hunting/NN had/VBD explained/VBN the/DT Dow/NNP 's/POS strength/NN up/IN to/TO that/DT point/NN and/CC that/DT many/JJ market/NN professionals/NNS were/VBD anticipating/VBG a/DT drop/NN in/IN the/DT Dow/NNP ./. 
Moreover/RB ,/, the/DT announcement/NN that/IN real/JJ estate/NN magnate/NN and/CC sometime/JJ raider/NN Donald/NNP Trump/NNP was/VBD withdrawing/VBG his/PRP$ offer/NN for/IN AMR/NNP Corp./NNP might/MD have/VB been/VBN expected/VBN to/TO rattle/VB traders/NNS ./. 
Instead/RB ,/, the/DT rally/NN only/RB paused/VBD for/IN about/RB 25/CD minutes/NNS and/CC then/RB steamed/VBD forward/RB as/IN institutions/NNS resumed/VBD buying/VBG ./. 
The/DT market/NN closed/VBD minutes/NNS after/IN reaching/VBG its/PRP$ high/NN for/IN the/DT day/NN of/IN 
Across/IN the/DT country/NN ,/, many/JJ people/NNS took/VBD yesterday/NN 's/POS events/NNS in/IN stride/NN ,/, while/IN remaining/VBG generally/RB uneasy/JJ about/IN the/DT stock/NN market/NN in/IN general/NN ./. 
Says/VBZ James/NNP Norman/NNP ,/, the/DT mayor/NN of/IN Ava/NNP ,/, Mo./NNP :/: ``/`` I/PRP do/VBP n't/RB invest/VB in/IN stocks/NNS ./. 
I/PRP much/RB prefer/VBP money/NN I/PRP can/MD put/VB my/PRP$ hands/NNS on/IN ./. ''/'' 
While/IN Mayor/NNP Norman/NNP found/VBD the/DT market/NN 's/POS performance/NN Monday/NNP reassuring/VBG ,/, he/PRP says/VBZ ,/, he/PRP remains/VBZ uneasy/JJ ./. 
``/`` We/PRP have/VBP half/PDT the/DT experts/NNS saying/VBG one/CD thing/NN and/CC half/NN the/DT other/JJ ''/'' about/IN the/DT course/NN of/IN the/DT economy/NN ./. 
Ralph/NNP Holzfaster/NNP ,/, a/DT farmer/NN and/CC farm-supply/JJ store/NN operator/NN in/IN Ogallala/NNP ,/, Neb./NNP ,/, says/VBZ of/IN the/DT last/JJ few/JJ days/NNS events/NNS ,/, ``/`` If/IN anything/NN good/JJ comes/VBZ out/IN of/IN this/DT ,/, it/PRP might/MD be/VB that/IN it/PRP puts/VBZ some/DT of/IN these/DT LBOs/NNS on/IN the/DT skids/NNS ./. ''/'' 
Says/VBZ Gordon/NNP Fines/NNP ,/, a/DT money/NN manager/NN at/IN IDS/NNP Financial/NNP Services/NNP in/IN Minneapolis/NNP ,/, ``/`` You/PRP 're/VBP on/IN a/DT roller/NN coaster/NN ,/, and/CC that/DT may/MD last/VB ./. 
The/DT public/NN is/VBZ still/RB cautious/JJ ./. 
Skipper/NNP 's/POS Inc./NNP ,/, Bellevue/NNP ,/, Wash./NNP ,/, said/VBD it/PRP signed/VBD a/DT definitive/JJ merger/NN agreement/NN for/IN a/DT National/NNP Pizza/NNP Corp./NNP unit/NN to/TO acquire/VB the/DT 90.6/CD %/NN of/IN Skipper/NNP 's/POS Inc./NNP it/PRP does/VBZ n't/RB own/VB for/IN $/$ 11.50/CD a/DT share/NN ,/, or/CC about/RB $/$ 28.1/CD million/CD ./. 
NP/NNP Acquisition/NNP Co./NNP ,/, a/DT National/NNP Pizza/NNP unit/NN ,/, plans/VBZ to/TO begin/VB a/DT tender/NN offer/NN for/IN Skipper/NNP 's/POS on/IN Friday/NNP ,/, conditioned/VBN on/IN at/IN least/JJS two-thirds/NNS of/IN Skipper/NNP 's/POS shares/NNS being/VBG tendered/VBN ./. 
Pittsburg/NNP ,/, Kan.-based/JJ National/NNP Pizza/NNP said/VBD the/DT transaction/NN will/MD be/VB financed/VBN under/IN its/PRP$ revolving/JJ credit/NN agreement/NN ./. 
In/IN national/JJ over-the-counter/JJ trading/NN ,/, Skipper/NNP 's/POS shares/NNS rose/VBD 50/CD cents/NNS to/TO $/$ 11/CD ./. 
Skipper/NNP 's/POS said/VBD the/DT merger/NN will/MD help/VB finance/VB remodeling/NN and/CC future/JJ growth/NN ./. 
Skipper/NNP 's/POS previously/RB turned/VBD down/RP a/DT $/$ 10-a-share/JJ proposal/NN from/IN National/NNP Pizza/NNP and/CC Pizza/NNP Hut/NNP Inc./NNP questioned/VBD whether/IN the/DT purchase/NN would/MD violate/VB National/NNP Pizza/NNP 's/POS franchise/NN agreements/NNS ./. 
National/NNP Pizza/NNP said/VBD it/PRP settled/VBD its/PRP$ dispute/NN with/IN Pizza/NNP Hut/NNP ,/, allowing/VBG it/PRP to/TO make/VB the/DT purchase/NN ./. 
Also/RB ,/, Skipper/NNP 's/POS results/NNS began/VBD to/TO turn/VB around/RP ,/, permitting/VBG a/DT higher/JJR offer/NN ,/, National/NNP Pizza/NNP said/VBD ./. 
For/IN the/DT 12/CD weeks/NNS ended/VBN Sept./NNP 3/CD ,/, Skipper/NNP 's/POS had/VBD net/JJ income/NN of/IN $/$ 361,000/CD ,/, or/CC 13/CD cents/NNS a/DT share/NN ,/, compared/VBN with/IN a/DT net/JJ loss/NN a/DT year/NN earlier/RBR ./. 
Revenue/NN was/VBD $/$ 19.9/CD million/CD ./. 
EAST/NNS GERMANS/NNS RALLIED/VBD as/IN officials/NNS reportedly/RB sought/VBD Honecker/NNP 's/POS ouster/NN ./. 
In/IN what/WP was/VBD considered/VBN the/DT largest/JJS protest/NN in/IN the/DT Communist/JJ state/NN 's/POS 40-year/JJ history/NN ,/, at/IN least/JJS 120,000/CD demonstrators/NNS marched/VBN through/IN the/DT southern/JJ city/NN of/IN Leipzig/NNP to/TO press/VB demands/NNS for/IN democratic/JJ freedoms/NNS ,/, opposition/NN activists/NNS said/VBD ./. 
Police/NNS did/VBD n't/RB intervene/VB ./. 
Meanwhile/RB ,/, as/IN the/DT first/JJ of/IN more/JJR than/IN 1,300/CD East/NNS Germans/NNS trying/VBG to/TO flee/VB to/TO the/DT West/NNP through/IN Poland/NNP renounced/VBD their/PRP$ citizenship/NN ,/, a/DT West/JJ German/JJ newspaper/NN reported/VBD that/IN regional/JJ Communist/JJ officials/NNS demanded/VBD the/DT dismissal/NN of/IN hard-line/JJ leader/NN Honecker/NNP ./. 
Secretary/NNP of/IN State/NNP Baker/NNP ,/, in/IN a/DT foreign/JJ policy/NN speech/NN ,/, called/VBD for/IN the/DT reunification/NN of/IN Germany/NNP ,/, saying/VBG it/PRP was/VBD the/DT ``/`` legitimate/JJ right/NN ''/'' of/IN the/DT German/JJ people/NNS ./. 
Gorbachev/NNP blamed/VBD the/DT Soviet/NNP Union/NNP 's/POS press/NN for/IN contributing/VBG to/TO the/DT nation/NN 's/POS mounting/VBG problems/NNS ./. 
At/IN a/DT meeting/NN Friday/NNP ,/, the/DT Kremlin/NNP leader/NN complained/VBD about/IN recent/JJ articles/NNS that/WDT raised/VBD the/DT possiblity/NN of/IN civil/JJ unrest/NN ,/, and/CC accused/VBD the/DT media/NNS of/IN fueling/VBG panic/NN buying/VBG of/IN goods/NNS by/IN publishing/VBG stories/NNS about/IN impending/VBG shortages/NNS ./. 
House-Senate/JJ conferees/NNS approved/VBD a/DT permanent/JJ smoking/NN ban/NN on/IN domestic/JJ airline/NN routes/NNS within/IN the/DT continental/JJ U.S./NNP and/CC on/IN flights/NNS of/IN less/JJR than/IN six/CD hours/NNS to/TO Alaska/NNP and/CC Hawaii/NNP ./. 
The/DT curbs/NNS would/MD cover/VB all/DT but/CC a/DT small/JJ percentage/NN of/IN flights/NNS ,/, and/CC represent/VB an/DT expansion/NN of/IN the/DT current/JJ ban/NN on/IN flights/NNS of/IN less/JJR than/IN two/CD hours/NNS ./. 
E./NNP Robert/NNP Wallach/NNP was/VBD sentenced/VBN by/IN a/DT U.S./NNP judge/NN in/IN New/NNP York/NNP to/TO six/CD years/NNS in/IN prison/NN and/CC fined/VBN $/$ 250,000/CD for/IN his/PRP$ racketeering/NN conviction/NN in/IN the/DT Wedtech/NNP scandal/NN ./. 
Wallach/NNP ,/, an/DT associate/NN of/IN ex-Attorney/NNP General/NNP Meese/NNP ,/, was/VBD found/VBN guilty/JJ in/IN August/NNP of/IN taking/VBG $/$ 425,000/CD in/IN illegal/JJ payoffs/NNS from/IN the/DT now-defunct/JJ defense/NN contractor/NN ./. 
NASA/NNP resumed/VBD the/DT countdown/NN for/IN today/NN 's/POS launch/NN of/IN the/DT space/NN shuttle/NN Atlantis/NNP ,/, and/CC a/DT federal/JJ appeals/NNS court/NN in/IN Washington/NNP dismissed/VBD a/DT lawsuit/NN by/IN anti-nuclear/JJ groups/NNS to/TO delay/VB the/DT flight/NN because/IN the/DT plutonium-powered/JJ Galileo/NNP space/NN probe/NN was/VBD aboard/RB ./. 
The/DT space/NN agency/NN said/VBD it/PRP did/VBD n't/RB expect/VB weather/NN or/CC protesters/NNS to/TO block/VB the/DT liftoff/NN ./. 
The/DT Bush/NNP administration/NN is/VBZ preparing/VBG to/TO extend/VB a/DT ban/NN on/IN federal/JJ financing/NN of/IN research/NN using/VBG fetal/JJ tissue/NN ,/, government/NN sources/NNS said/VBD ./. 
A/DT temporary/JJ prohibition/NN was/VBD imposed/VBN in/IN March/NNP 1988/CD ./. 
While/IN anti-abortion/JJ groups/NNS are/VBP opposed/VBN to/TO such/JJ research/NN ,/, scientists/NNS have/VBP said/VBD transplanting/VBG such/JJ tissue/NN could/MD be/VB effective/JJ in/IN treating/VBG diabetes/NN ./. 
Delegates/NNS from/IN 91/CD nations/NNS endorsed/VBD a/DT ban/NN on/IN world/NN ivory/NN trade/NN in/IN an/DT attempt/NN to/TO rescue/VB the/DT endangered/VBN elephant/NN from/IN extinction/NN ./. 
Five/CD African/JJ nations/NNS ,/, however/RB ,/, said/VBD they/PRP would/MD continue/VB selling/VBG the/DT valuable/JJ tusks/NNS ./. 
Mubarak/NNP held/VBD reconciliation/NN talks/NNS with/IN Gadhafi/NNP at/IN the/DT Egyptian/JJ resort/NN of/IN Mersa/NNP Metruh/NNP ./. 
It/PRP was/VBD the/DT Libyan/JJ leader/NN 's/POS first/JJ trip/NN to/TO Egypt/NNP in/IN 16/CD years/NNS ./. 
They/PRP announced/VBD a/DT reduction/NN in/IN formalities/NNS for/IN travel/NN ,/, but/CC did/VBD n't/RB show/VB any/DT real/JJ signs/NNS of/IN resuming/VBG full/JJ diplomatic/JJ ties/NNS ./. 
The/DT Egyptian/JJ president/NN said/VBD he/PRP would/MD visit/VB Libya/NNP today/NN to/TO resume/VB the/DT talks/NNS ./. 
Seoul/NNP and/CC Pyongyang/NNP reached/VBD a/DT tentative/JJ agreement/NN to/TO allow/VB visits/NNS between/IN families/NNS on/IN the/DT divided/VBN Korean/JJ peninsula/NN ./. 
Such/JJ family/NN reunions/NNS would/MD be/VB the/DT second/JJ since/IN 1945/CD ./. 
Differences/NNS remained/VBD between/IN the/DT North/JJ and/CC South/JJ Korean/JJ governments/NNS ,/, however/RB ,/, over/IN conditions/NNS for/IN the/DT exchanges/NNS ./. 
Freed/VBN black/JJ nationalists/NNS resumed/VBD political/JJ activity/NN in/IN South/NNP Africa/NNP and/CC vowed/VBD to/TO fight/VB against/IN apartheid/NN ,/, raising/VBG fears/NNS of/IN a/DT possible/JJ white/JJ backlash/NN ./. 
The/DT nation/NN 's/POS main/JJ white/JJ opposition/NN party/NN warned/VBD that/IN the/DT government/NN 's/POS release/NN Sunday/NNP of/IN eight/CD black/JJ political/JJ prisoners/NNS risked/VBD bringing/VBG chaos/NN and/CC eventual/JJ black/JJ Marxist/JJ rule/NN to/TO the/DT nation/NN ./. 
The/DT White/NNP House/NNP said/VBD Bush/NNP is/VBZ ``/`` fully/RB satisfied/VBN ''/'' with/IN CIA/NNP Director/NNP Webster/NNP and/CC the/DT intelligence/NN agency/NN 's/POS performance/NN during/IN the/DT Oct./NNP 3/CD failed/VBN coup/NN in/IN Panama/NNP ./. 
The/DT Washington/NNP Post/NNP reported/VBD that/IN unidentified/JJ senior/JJ administration/NN officials/NNS were/VBD frustrated/VBN with/IN Webster/NNP 's/POS low-profile/JJ activities/NNS during/IN the/DT insurrection/NN and/CC wanted/VBD him/PRP replaced/VBN ./. 
Poland/NNP 's/POS legislature/NN approved/VBD limits/NNS on/IN automatic/JJ wage/NN increases/NNS without/IN special/JJ provisions/NNS for/IN food/NN price/NN rises/NNS ./. 
The/DT vote/NN was/VBD considered/VBN a/DT test/NN of/IN the/DT Solidarity-led/JJ government/NN 's/POS resolve/NN to/TO proceed/VB with/IN a/DT harsh/JJ economic-restructuring/JJ program/NN ./. 
Norway/NNP 's/POS King/NNP Olav/NNP V/NNP installed/VBD a/DT three-party/JJ non-Socialist/JJ government/NN as/IN Gro/NNP Harlem/NNP Brundtland/NNP 's/POS three-year-old/JJ Labor/NNP regime/NN relinquished/VBD power/NN ./. 
The/DT 19-member/JJ cabinet/NN is/VBZ led/VBN by/IN Prime/NNP Minister/NNP Jan/NNP Syse/NNP ,/, who/WP acknowledged/VBD a/DT ``/`` difficult/JJ situation/NN ''/'' since/IN the/DT coalition/NN controls/VBZ only/RB 62/CD seats/NNS in/IN Oslo/NN 's/POS 165-member/JJ legislature/NN ./. 
El/NNP Salvador/NNP 's/POS government/NN opened/VBD a/DT new/JJ round/NN of/IN talks/NNS with/IN the/DT country/NN 's/POS leftist/JJ rebels/NNS in/IN an/DT effort/NN to/TO end/VB a/DT decade-long/JJ civil/JJ war/NN ./. 
A/DT spokesman/NN said/VBD the/DT guerrillas/NNS would/MD present/VB a/DT cease-fire/NN proposal/NN during/IN the/DT negotiations/NNS in/IN Costa/NNP Rica/NNP that/WDT includes/VBZ constitutional/JJ and/CC economic/JJ changes/NNS ./. 
The/DT State/NNP Department/NNP said/VBD there/EX was/VBD a/DT ``/`` possibility/NN ''/'' that/IN some/DT Nicaraguan/JJ rebels/NNS were/VBD selling/VBG their/PRP$ U.S.-supplied/JJ arms/NNS to/TO Salvadoran/JJ guerrillas/NNS ,/, but/CC insisted/VBD it/PRP was/VBD n't/RB an/DT organized/VBN effort/NN ./. 
Separately/RB ,/, Secretary/NNP of/IN State/NNP Baker/NNP complained/VBD about/IN a/DT U.N./NNP aide/NN who/WP last/JJ week/NN told/VBD the/DT Contras/NNS to/TO disband/VB as/IN part/NN of/IN a/DT regional/JJ peace/NN accord/NN ./. 
Died/VBN :/: Cornel/NNP Wilde/NNP ,/, 74/CD ,/, actor/NN and/CC director/NN ,/, in/IN Los/NNP Angeles/NNP ,/, of/IN leukemia/NN .../: ./. 
Danilo/NNP Kis/NNP ,/, 54/CD ,/, Yugoslav-born/JJ novelist/NN and/CC essayist/NN ,/, Sunday/NNP ,/, in/IN Paris/NNP ,/, of/IN cancer/NN ./. 
British/JJ retail/JJ sales/NNS volume/NN rose/VBD a/DT provisional/JJ 0.4/CD %/NN in/IN September/NNP from/IN August/NNP and/CC was/VBD up/RB 2.2/CD %/NN from/IN September/NNP 1988/CD ,/, the/DT Department/NNP of/IN Trade/NNP and/CC Industry/NNP said/VBD ./. 
For/IN the/DT three/CD months/NNS ended/VBN in/IN September/NNP ,/, retail/JJ sales/NNS volume/NN was/VBD down/RB 0.5/CD %/NN from/IN the/DT previous/JJ three/CD months/NNS and/CC up/RB 1.2/CD %/NN from/IN a/DT year/NN earlier/RBR ./. 
Chicago/NNP investor/NN William/NNP Farley/NNP agreed/VBD to/TO sell/VB three/CD divisions/NNS of/IN Cluett/NNP Peabody/NNP &/CC Co./NNP for/IN about/RB $/$ 600/CD million/CD to/TO Bidermann/NNP S.A./NNP ,/, a/DT closely/RB held/VBN clothing/NN maker/NN based/VBN in/IN Paris/NNP ./. 
Shortly/RB after/IN completing/VBG the/DT $/$ 1.56/CD billion/CD acquisition/NN of/IN West/NNP Point-Pepperell/NNP Inc./NNP in/IN April/NNP ,/, Mr./NNP Farley/NNP 's/POS holding/VBG company/NN ,/, Farley/NNP Inc./NNP ,/, said/VBD it/PRP was/VBD considering/VBG the/DT sale/NN of/IN Cluett/NNP ,/, a/DT leading/JJ shirt/NN maker/NN and/CC one/CD of/IN West/NNP Point-Pepperell/NNP 's/POS biggest/JJS units/NNS ./. 
Included/VBN in/IN the/DT sale/NN are/VBP Cluett/NNP units/NNS that/WDT make/VBP men/NNS 's/POS shirts/NNS under/IN the/DT Arrow/NNP name/NN ,/, socks/NNS under/IN the/DT Gold/NNP Toe/NNP name/NN and/CC menswear/NN through/IN the/DT Schoeneman/NNP division/NN ./. 
The/DT companies/NNS said/VBD the/DT agreement/NN is/VBZ subject/JJ to/TO Bidermann/NNP 's/POS receipt/NN of/IN financing/NN and/CC to/TO regulatory/JJ and/CC other/JJ approvals/NNS ./. 
They/PRP said/VBD the/DT sale/NN is/VBZ expected/VBN to/TO be/VB concluded/VBN by/IN the/DT end/NN of/IN November/NNP ./. 
Mr./NNP Farley/NNP said/VBD the/DT sale/NN of/IN three/CD of/IN Cluett/NNP 's/POS four/CD main/JJ divisions/NNS plus/CC other/JJ ``/`` anticipated/VBN ''/'' West/NNP Point-Pepperell/NNP asset/NN sales/NNS by/IN December/NNP ,/, should/MD bring/VB in/RP a/DT total/NN of/IN about/RB $/$ 700/CD million/CD ./. 
He/PRP did/VBD n't/RB elaborate/VB on/IN other/JJ asset/NN sales/NNS being/VBG considered/VBN ./. 
Mr./NNP Farley/NNP followed/VBD a/DT similar/JJ pattern/NN when/WRB he/PRP acquired/VBD Northwest/NNP Industries/NNP Inc./NNP and/CC then/RB sold/VBN much/JJ of/IN its/PRP$ assets/NNS ./. 
But/CC he/PRP kept/VBD Fruit/NNP of/IN the/DT Loom/NNP Inc./NNP ,/, the/DT underwear/NN maker/NN that/IN he/PRP still/RB controls/VBZ and/CC serves/VBZ as/IN chairman/NN and/CC chief/JJ executive/NN ./. 
Cluett/NNP was/VBD an/DT independent/JJ company/NN until/IN West/NNP Point-Pepperell/NNP acquired/VBD it/PRP for/IN $/$ 375/CD million/CD in/IN cash/NN and/CC stock/NN in/IN 1986/CD ./. 
In/IN the/DT fiscal/JJ year/NN ended/VBN Sept./NNP 30/CD ,/, 1988/CD ,/, Cluett/NNP had/VBD operating/NN profit/NN of/IN $/$ 37/CD million/CD on/IN sales/NNS of/IN $/$ 757/CD million/CD ./. 
Bidermann/NNP sells/VBZ clothes/NNS under/IN various/JJ labels/NNS ,/, including/VBG Yves/NNP Saint/NNP Laurent/NNP and/CC Bill/NNP Robinson/NNP for/IN men/NNS and/CC Ralph/NNP Lauren/NNP for/IN women/NNS ./. 
A/DT spokesman/NN said/VBD the/DT company/NN had/VBD sales/NNS of/IN $/$ 400/CD million/CD in/IN 1988/CD ./. 
In/IN New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN ,/, West/NNP Point-Pepperell/NNP fell/VBD 25/CD cents/NNS to/TO $/$ 53.875/CD ./. 
Britain/NNP 's/POS Blue/NNP Arrow/NNP PLC/NNP intends/VBZ to/TO change/VB its/PRP$ name/NN to/TO Manpower/NNP PLC/NNP and/CC write/VB off/RP a/DT chunk/NN of/IN the/DT nearly/RB $/$ 1.2/CD billion/CD in/IN good/JJ will/NN realized/VBN in/IN the/DT takeover/NN of/IN U.S.-based/JJ Manpower/NNP Inc/NNP ./. 
Blue/NNP Arrow/NNP Chairman/NNP Mitchell/NNP Fromstein/NNP said/VBD in/IN an/DT interview/NN that/IN the/DT two/CD steps/NNS may/MD be/VB a/DT prelude/NN to/TO reincorporating/VBG the/DT world/NN 's/POS biggest/JJS employment-services/JJ group/NN in/IN the/DT U.S./NNP ./. 
Mr./NNP Fromstein/NNP disclosed/VBD the/DT planned/VBN steps/NNS ,/, expected/VBN within/IN a/DT few/JJ months/NNS ,/, as/IN Blue/NNP Arrow/NNP posted/VBD a/DT 2.5/CD %/NN drop/NN in/IN its/PRP$ third-quarter/JJ pretax/JJ earnings/NNS ./. 
The/DT name/NN change/NN and/CC good/JJ will/NN write-off/NN could/MD help/VB solidify/VB Blue/NNP Arrow/NNP 's/POS dominance/NN of/IN the/DT U.S./NNP temporary-help/JJ market/NN and/CC give/VB it/PRP a/DT more/RBR American/JJ image/NN as/IN U.S./NNP investors/NNS turn/VBP jittery/JJ about/IN foreign/JJ stocks/NNS after/IN Friday/NNP 's/POS market/NN plunge/NN ./. 
U.S./NNP holders/NNS now/RB own/VBP more/JJR than/IN 60/CD %/NN of/IN Blue/NNP Arrow/NNP compared/VBN with/IN 9/CD %/NN last/JJ January/NNP ./. 
``/`` In/IN the/DT U.S./NNP market/NN ,/, the/DT recognition/NN of/IN the/DT Manpower/NNP name/NN is/VBZ infinitely/RB stronger/JJR than/IN Blue/NNP Arrow/NNP ,/, ''/'' Mr./NNP Fromstein/NNP said/VBD ./. 
The/DT moves/NNS also/RB could/MD erase/VB shareholders/NNS '/POS perception/NN of/IN Blue/NNP Arrow/NNP as/IN a/DT company/NN in/IN turmoil/NN ./. 
``/`` It/PRP further/RBR reinforces/VBZ the/DT concept/NN that/IN Blue/NNP Arrow/NNP is/VBZ a/DT thing/NN of/IN the/DT past/NN ,/, ''/'' said/VBD Doug/NNP Arthur/NNP ,/, an/DT analyst/NN at/IN Kidder/NNP Peabody/NNP &/CC Co./NNP in/IN New/NNP York/NNP ./. 
The/DT proposed/VBN changes/NNS ``/`` all/DT make/VBP a/DT lot/NN of/IN sense/NN to/TO me/PRP ,/, ''/'' he/PRP added/VBD ./. 
In/IN a/DT widely/RB publicized/VBN boardroom/NN coup/NN ,/, Mr./NNP Fromstein/NNP ousted/VBD Antony/NNP Berry/NNP as/IN Blue/NNP Arrow/NNP chief/JJ executive/NN in/IN January/NNP ,/, a/DT month/NN after/IN Mr./NNP Berry/NNP had/VBD forced/VBN Mr./NNP Fromstein/NNP out/RB as/IN the/DT $/$ 1/CD million-a-year/JJ chief/NN of/IN Milwaukee-based/JJ Manpower/NNP ./. 
Mr./NNP Fromstein/NNP solidified/VBD his/PRP$ control/NN in/IN April/NNP by/IN taking/VBG over/RP from/IN Mr./NNP Berry/NNP as/IN chairman/NN ./. 
But/CC the/DT Blue/NNP Arrow/NNP tumult/NN is/VBZ n't/RB over/RB yet/RB ,/, as/IN the/DT British/JJ government/NN is/VBZ investigating/VBG a/DT disputed/VBN #/# 25/CD million/CD -LRB-/-LRB- $/$ 39.4/CD million/CD -RRB-/-RRB- loan/NN which/WDT Mr./NNP Fromstein/NNP has/VBZ said/VBD was/VBD made/VBN under/IN Mr./NNP Berry/NNP 's/POS direction/NN ./. 
Blue/NNP Arrow/NNP was/VBD able/JJ to/TO pull/VB off/RP the/DT $/$ 1.34/CD billion/CD takeover/NN of/IN Manpower/NNP in/IN 1987/CD largely/RB because/IN different/JJ British/JJ and/CC American/JJ accounting/NN standards/NNS produce/VBP higher/JJR reported/VBN earnings/NNS for/IN British/JJ companies/NNS ./. 
Under/IN British/JJ rules/NNS ,/, Blue/NNP Arrow/NNP was/VBD able/JJ to/TO write/VB off/RP at/IN once/RB the/DT $/$ 1.15/CD billion/CD in/IN good/JJ will/NN arising/VBG from/IN the/DT purchase/NN ./. 
As/IN a/DT U.S.-based/JJ company/NN ,/, Blue/NNP Arrow/NNP would/MD have/VB to/TO amortize/VB the/DT good/JJ will/NN over/IN as/RB many/JJ as/IN 40/CD years/NNS ,/, creating/VBG a/DT continuing/VBG drag/NN on/IN reported/VBN earnings/NNS ./. 
Good/JJ will/NN is/VBZ the/DT excess/NN of/IN cost/NN of/IN an/DT acquired/VBN firm/NN ,/, operating/VBG unit/NN or/CC assets/NNS over/IN the/DT current/JJ or/CC fair/JJ market/NN value/NN of/IN those/DT assets/NNS ./. 
But/CC with/IN so/RB many/JJ shares/NNS now/RB held/VBN in/IN the/DT U.S./NNP ,/, Blue/NNP Arrow/NNP reports/VBZ its/PRP$ earnings/NNS two/CD ways/NNS ,/, based/VBN on/IN both/DT U.K./NNP and/CC U.S./NNP accounting/NN standards/NNS ./. 
``/`` Our/PRP$ balance/NN sheets/NNS look/VBP like/IN they/PRP came/VBD from/IN Alice/NNP 's/POS wonderland/NN ,/, ''/'' Mr./NNP Fromstein/NNP said/VBD ./. 
The/DT British/JJ version/NN shows/VBZ ``/`` a/DT handful/NN of/IN pounds/NNS of/IN net/JJ worth/NN ''/'' following/VBG the/DT 1987/CD write-off/NN of/IN good/JJ will/NN ,/, while/IN the/DT American/JJ version/NN reflects/VBZ ``/`` $/$ 1/CD billion/CD of/IN net/JJ worth/NN because/IN almost/RB none/NN of/IN -LCB-/-LRB- the/DT good/NN will/NN -RCB-/-RRB- has/VBZ been/VBN written/VBN off/RP ./. ''/'' 
Mr./NNP Fromstein/NNP said/VBD he/PRP hopes/VBZ to/TO eradicate/VB some/DT of/IN the/DT good/JJ will/NN left/VBN on/IN Blue/NNP Arrow/NNP 's/POS U.S./NNP books/NNS in/IN one/CD fell/JJ swoop/NN ,/, but/CC would/MD n't/RB specify/VB how/WRB much/RB ./. 
People/NNS close/JJ to/TO Blue/NNP Arrow/NNP suggested/VBD the/DT write-down/NN would/MD represent/VB a/DT sizable/JJ chunk/NN ,/, with/IN executives/NNS claiming/VBG prior/JJ management/NN overstated/VBD the/DT extent/NN of/IN Manpower/NNP 's/POS good/JJ will/NN ./. 
That/DT move/NN ,/, along/IN with/IN the/DT return/NN to/TO the/DT Manpower/NNP name/NN ,/, could/MD bolster/VB the/DT company/NN 's/POS prospects/NNS during/IN possibly/RB difficult/JJ times/NNS for/IN temporary/JJ help/NN ./. 
The/DT number/NN of/IN U.S./NNP temporary/JJ workers/NNS fell/VBD about/RB 1/CD %/NN in/IN the/DT 12/CD months/NNS ending/VBG Aug./NNP 31/CD ,/, after/IN sliding/VBG nearly/RB 3.5/CD %/NN in/IN July/NNP ,/, said/VBD Kidder/NNP Peabody/NNP 's/POS Mr./NNP Arthur/NNP ./. 
Blue/NNP Arrow/NNP blamed/VBD the/DT pretax/JJ profit/NN drop/NN in/IN the/DT quarter/NN ended/VBN July/NNP 31/CD partly/RB on/IN slower/JJR earnings/NNS growth/NN of/IN non-Manpower/JJ units/NNS in/IN Britain/NNP ./. 
Overall/RB ,/, pretax/JJ profit/NN slid/VBD to/TO #/# 18.49/CD million/CD in/IN the/DT quarter/NN from/IN #/# 18.98/CD million/CD a/DT year/NN earlier/RBR ./. 
Richard/NNP G./NNP Sim/NNP ,/, the/DT man/NN credited/VBN with/IN transforming/VBG Applied/NNP Power/NNP Inc./NNP from/IN an/DT underachiever/NN into/IN a/DT feisty/JJ player/NN in/IN the/DT global/JJ market/NN for/IN hydraulic/JJ tools/NNS ,/, hopes/VBZ to/TO guide/VB a/DT similar/JJ turnaround/NN at/IN the/DT company/NN 's/POS latest/JJS acquisition/NN ,/, Barry/NNP Wright/NNP Corp/NNP ./. 
The/DT 45-year-old/JJ former/JJ General/NNP Electric/NNP Co./NNP executive/NN figures/VBZ it/PRP will/MD be/VB easier/JJR this/DT time/NN ./. 
But/CC analysts/NNS ,/, while/IN applauding/VBG the/DT acquisition/NN ,/, say/VBP Applied/NNP 's/POS chief/JJ executive/NN faces/VBZ a/DT tough/JJ challenge/NN in/IN integrating/VBG the/DT two/CD companies/NNS ./. 
Barry/NNP Wright/NNP ,/, acquired/VBN by/IN Applied/NNP for/IN $/$ 147/CD million/CD ,/, makes/VBZ computer-room/JJ equipment/NN and/CC vibration-control/JJ systems/NNS ./. 
The/DT Watertown/NNP ,/, Mass./NNP ,/, company/NN 's/POS sales/NNS have/VBP been/VBN dormant/JJ and/CC its/PRP$ profits/NNS have/VBP dropped/VBN ./. 
Last/JJ year/NN 's/POS earnings/NNS of/IN $/$ 1.3/CD million/CD ,/, including/VBG $/$ 815,000/CD from/IN a/DT restructuring/NN gain/NN ,/, were/VBD far/RB below/IN the/DT year-earlier/JJ $/$ 8.4/CD million/CD ./. 
Besides/IN spurring/VBG Barry/NNP Wright/NNP 's/POS sales/NNS ,/, which/WDT were/VBD $/$ 201.7/CD million/CD in/IN 1988/CD ,/, Mr./NNP Sim/NNP must/MD pare/VB its/PRP$ costs/NNS and/CC product/NN line/NN ./. 
``/`` The/DT question/NN is/VBZ how/WRB long/JJ it/PRP 's/VBZ going/VBG to/TO take/VB Barry/NNP Wright/NNP to/TO make/VB a/DT contribution/NN ,/, ''/'' says/VBZ F./NNP John/NNP Mirek/NNP ,/, an/DT analyst/NN at/IN Blunt/NNP Ellis/NNP Loewi/NNP in/IN Milwaukee/NNP ./. 
The/DT answer/NN will/MD help/VB determine/VB whether/IN Applied/VBN continues/VBZ to/TO reach/VB the/DT ambitious/JJ goals/NNS set/VBN by/IN Mr./NNP Sim/NNP ./. 
The/DT Butler/NNP ,/, Wis./NNP ,/, manufacturer/NN went/VBD public/JJ at/IN $/$ 15.75/CD a/DT share/NN in/IN August/NNP 1987/CD ,/, and/CC Mr./NNP Sim/NNP 's/POS goal/NN then/RB was/VBD a/DT $/$ 29/CD per-share/JJ price/NN by/IN 1992/CD ./. 
Strong/JJ earnings/NNS growth/NN helped/VBD achieve/VB that/DT price/NN far/RB ahead/RB of/IN schedule/NN ,/, in/IN August/NNP 1988/CD ./. 
The/DT stock/NN has/VBZ since/IN softened/VBN ,/, trading/VBG around/RB $/$ 25/CD a/DT share/NN last/JJ week/NN and/CC closing/VBG yesterday/NN at/IN $/$ 23.00/CD in/IN national/JJ over-the-counter/JJ trading/NN ./. 
But/CC Mr./NNP Sim/NNP has/VBZ set/VBN a/DT fresh/JJ target/NN of/IN $/$ 50/CD a/DT share/NN by/IN the/DT end/NN of/IN 
Reaching/VBG that/DT goal/NN ,/, says/VBZ Robert/NNP T./NNP Foote/NNP ,/, Applied/NNP 's/POS chief/JJ financial/JJ officer/NN ,/, will/MD require/VB ``/`` efficient/JJ reinvestment/NN ''/'' of/IN cash/NN by/IN Applied/NNP and/CC continuation/NN of/IN its/PRP$ healthy/JJ 19/CD %/NN rate/NN of/IN return/NN on/IN operating/NN capital/NN ./. 
In/IN Barry/NNP Wright/NNP ,/, Mr./NNP Sim/NNP sees/VBZ a/DT situation/NN ``/`` very/RB similar/JJ ''/'' to/TO the/DT one/CD he/PRP faced/VBD when/WRB he/PRP joined/VBD Applied/NNP as/IN president/NN and/CC chief/NN operating/VBG officer/NN in/IN 1985/CD ./. 
Applied/NNP ,/, then/RB a/DT closely/RB held/VBN company/NN ,/, was/VBD stagnating/VBG under/IN the/DT management/NN of/IN its/PRP$ controlling/VBG family/NN ./. 
While/IN profitable/JJ ,/, it/PRP ``/`` was/VBD n't/RB growing/VBG and/CC was/VBD n't/RB providing/VBG a/DT satisfactory/JJ return/NN on/IN invested/VBN capital/NN ,/, ''/'' he/PRP says/VBZ ./. 
Mr./NNP Sim/NNP is/VBZ confident/JJ that/IN the/DT drive/NN to/TO dominate/VB certain/JJ niche/NN markets/NNS will/MD work/VB at/IN Barry/NNP Wright/NNP as/IN it/PRP has/VBZ at/IN Applied/NNP ./. 
He/PRP also/RB professes/VBZ an/DT ``/`` evangelical/JJ ''/'' fervor/NN to/TO develop/VB a/DT corporate/JJ culture/NN that/WDT rewards/VBZ managers/NNS who/WP produce/VBP and/CC where/WRB decision-making/NN is/VBZ shared/VBN ./. 
Mr./NNP Sim/NNP considers/VBZ the/DT new/JJ unit/NN 's/POS operations/NNS ``/`` fundamentally/RB sound/JJ ''/'' and/CC adds/VBZ that/IN Barry/NNP Wright/NNP has/VBZ been/VBN fairly/RB successful/JJ in/IN moving/VBG into/IN markets/NNS that/WDT have/VBP n't/RB interested/VBN larger/JJR competitors/NNS ./. 
``/`` With/IN a/DT little/JJ patience/NN ,/, these/DT businesses/NNS will/MD perform/VB very/RB satisfactorily/RB ,/, ''/'' Mr./NNP Sim/NNP says/VBZ ./. 
Within/IN about/RB six/CD months/NNS ,/, ``/`` things/NNS will/MD be/VB moving/VBG in/IN the/DT right/JJ direction/NN ,/, ''/'' he/PRP predicts/VBZ ./. 
Mr./NNP Sim/NNP figures/VBZ it/PRP will/MD be/VB easier/JJR to/TO turn/VB Barry/NNP Wright/NNP around/IN since/IN he/PRP 's/VBZ now/RB in/IN the/DT driver/NN 's/POS seat/NN ./. 
When/WRB he/PRP came/VBD to/TO Applied/NNP ,/, ``/`` I/PRP did/VBD n't/RB have/VB the/DT power/NN to/TO execute/VB as/IN I/PRP do/VBP today/NN ,/, ''/'' he/PRP says/VBZ ./. 
He/PRP was/VBD named/VBN chief/JJ executive/JJ officer/NN of/IN Applied/NNP in/IN 1986/CD and/CC became/VBD chairman/NN last/JJ November/NNP ./. 
At/IN Applied/NNP ,/, Mr./NNP Sim/NNP set/VBD growth/NN as/IN his/PRP$ first/JJ objective/NN ./. 
He/PRP took/VBD the/DT company/NN public/NN in/IN an/DT offering/NN that/WDT netted/VBD Applied/NNP about/RB $/$ 12.6/CD million/CD ,/, which/WDT helped/VBD launch/VB the/DT company/NN 's/POS acquisition/NN program/NN ./. 
Sales/NNS climbed/VBD to/TO an/DT estimated/VBN $/$ 245/CD million/CD in/IN fiscal/JJ 1989/CD ,/, ended/VBN Aug./NNP 31/CD ,/, from/IN $/$ 99.9/CD million/CD in/IN fiscal/JJ 1985/CD ./. 
The/DT company/NN expects/VBZ that/IN earnings/NNS ,/, which/WDT have/VBP marched/VBN steadily/RB upward/RB in/IN recent/JJ years/NNS ,/, reached/VBD about/RB $/$ 20.8/CD million/CD ,/, or/CC $/$ 1.58/CD a/DT share/NN ,/, in/IN the/DT fiscal/JJ year/NN just/RB ended/VBD ,/, up/RB from/IN $/$ 15.2/CD million/CD in/IN fiscal/JJ 1988/CD and/CC $/$ 3.9/CD million/CD in/IN 1985/CD ./.