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November 8, 2020 16:51
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| In/IN an/DT Oct./NNP 19/CD review/NN of/IN ``/`` The/DT Misanthrope/NN ''/'' at/IN Chicago/NNP 's/POS Goodman/NNP Theatre/NNP (/-LRB- ``/`` Revitalized/VBN Classics/NNS Take/VBP the/DT Stage/NN in/IN Windy/NNP City/NNP ,/, ''/'' Leisure/NN &/CC Arts/NNS )/-RRB- ,/, the/DT role/NN of/IN Celimene/NNP ,/, played/VBN by/IN Kim/NNP Cattrall/NNP ,/, was/VBD mistakenly/RB attributed/VBN to/TO Christina/NNP Haag/NNP ./. | |
| Ms./NNP Haag/NNP plays/VBZ Elianti/NNP ./. | |
| Rolls-Royce/NNP Motor/NNP Cars/NNPS Inc./NNP said/VBD it/PRP expects/VBZ its/PRP$ U.S./NNP sales/NNS to/TO remain/VB steady/JJ at/IN about/IN 1,200/CD cars/NNS in/IN 1990/CD ./. | |
| The/DT luxury/NN auto/NN maker/NN last/JJ year/NN sold/VBD 1,214/CD cars/NNS in/IN the/DT U.S./NNP | |
| Howard/NNP Mosher/NNP ,/, president/NN and/CC chief/JJ executive/NN officer/NN ,/, said/VBD he/PRP anticipates/VBZ growth/NN for/IN the/DT luxury/NN auto/NN maker/NN in/IN Britain/NNP and/CC Europe/NNP ,/, and/CC in/IN Far/JJ Eastern/JJ markets/NNS ./. | |
| BELL/NNP INDUSTRIES/NNP Inc./NNP increased/VBD its/PRP$ quarterly/NN to/TO 10/CD cents/NNS from/IN seven/CD cents/NNS a/DT share/NN ./. | |
| The/DT new/JJ rate/NN will/MD be/VB payable/JJ Feb./NNP 15/CD ./. | |
| A/DT record/NN date/NN has/VBZ n't/RB been/VBN set/VBN ./. | |
| Bell/NNP ,/, based/VBN in/IN Los/NNP Angeles/NNP ,/, makes/VBZ and/CC distributes/VBZ electronic/JJ ,/, computer/NN and/CC building/NN products/NNS ./. | |
| Investors/NNS are/VBP appealing/VBG to/TO the/DT Securities/NNPS and/CC Exchange/NNP Commission/NNP not/RB to/TO limit/VB their/PRP$ access/NN to/TO information/NN about/IN stock/NN purchases/NNS and/CC sales/NNS by/IN corporate/JJ insiders/NNS ./. | |
| A/DT SEC/NNP proposal/NN to/TO ease/VB reporting/NN requirements/NNS for/IN some/DT company/NN executives/NNS would/MD undermine/VB the/DT usefulness/NN of/IN information/NN on/IN insider/NN trades/NNS as/IN a/DT stock-picking/JJ tool/NN ,/, individual/JJ investors/NNS and/CC professional/JJ money/NN managers/NNS contend/VBP ./. | |
| They/PRP make/VBP the/DT argument/NN in/IN letters/NNS to/TO the/DT agency/NN about/IN rule/NN changes/NNS proposed/VBD this/DT past/JJ summer/NN that/IN ,/, among/IN other/JJ things/NNS ,/, would/MD exempt/VB many/JJ middle-management/JJ executives/NNS from/IN reporting/VBG trades/NNS in/IN their/PRP$ own/JJ companies/NNS '/POS shares/NNS ./. | |
| The/DT proposed/VBN changes/NNS also/RB would/MD allow/VB executives/NNS to/TO report/VB exercises/NNS of/IN options/NNS later/RBR and/CC less/RBR often/RB ./. | |
| Many/JJ of/IN the/DT letters/NNS maintain/VBP that/IN investor/NN confidence/NN has/VBZ been/VBN so/RB shaken/VBN by/IN the/DT 1987/CD stock/NN market/NN crash/NN --/: and/CC the/DT markets/NNS already/RB so/RB stacked/VBN against/IN the/DT little/JJ guy/NN --/: that/IN any/DT decrease/NN in/IN information/NN on/IN insider-trading/NN patterns/NNS might/MD prompt/VB individuals/NNS to/TO get/VB out/RB of/IN stocks/NNS altogether/RB ./. | |
| ``/`` The/DT SEC/NNP has/VBZ historically/RB paid/VBN obeisance/NN to/TO the/DT ideal/NN of/IN a/DT level/JJ playing/NN field/NN ,/, ''/'' wrote/VBD Clyde/NNP S./NNP McGregor/NNP of/IN Winnetka/NNP ,/, Ill./NNP ,/, in/IN one/CD of/IN the/DT 92/CD letters/NNS the/DT agency/NN has/VBZ received/VBN since/IN the/DT changes/NNS were/VBD proposed/VBN Aug./NNP 17/CD ./. | |
| ``/`` Apparently/RB the/DT commission/NN did/VBD not/RB really/RB believe/VB in/IN this/DT ideal/NN ./. ''/'' | |
| Currently/RB ,/, the/DT rules/NNS force/VBP executives/NNS ,/, directors/NNS and/CC other/JJ corporate/JJ insiders/NNS to/TO report/VB purchases/NNS and/CC sales/NNS of/IN their/PRP$ companies/NNS '/POS shares/NNS within/IN about/IN a/DT month/NN after/IN the/DT transaction/NN ./. | |
| But/CC about/IN 25/CD %/NN of/IN the/DT insiders/NNS ,/, according/VBG to/TO SEC/NNP figures/NNS ,/, file/VBP their/PRP$ reports/NNS late/RB ./. | |
| The/DT changes/NNS were/VBD proposed/VBN in/IN an/DT effort/NN to/TO streamline/VB federal/JJ bureaucracy/NN and/CC boost/VB compliance/NN by/IN the/DT executives/NNS ``/`` who/WP are/VBP really/RB calling/VBG the/DT shots/NNS ,/, ''/'' said/VBD Brian/NNP Lane/NNP ,/, special/JJ counsel/NN at/IN the/DT SEC/NNP 's/POS office/NN of/IN disclosure/NN policy/NN ,/, which/WDT proposed/VBD the/DT changes/NNS ./. | |
| Investors/NNS ,/, money/NN managers/NNS and/CC corporate/JJ officials/NNS had/VBD until/IN today/NN to/TO comment/VB on/IN the/DT proposals/NNS ,/, and/CC the/DT issue/NN has/VBZ produced/VBN more/JJR mail/NN than/IN almost/RB any/DT other/JJ issue/NN in/IN memory/NN ,/, Mr./NNP Lane/NNP said/VBD ./. | |
| The/DT SEC/NNP will/MD probably/RB vote/VB on/IN the/DT proposal/NN early/RB next/JJ year/NN ,/, he/PRP said/VBD ./. | |
| Not/RB all/PDT those/DT who/WP wrote/VBD oppose/VBP the/DT changes/NNS ./. | |
| The/DT Committee/NNP on/IN Federal/NNP Regulation/NNP of/IN Securities/NNPS for/IN the/DT American/NNP Bar/NNP Association/NNP argues/VBZ ,/, for/IN example/NN ,/, in/IN its/PRP$ lengthy/JJ letter/NN to/TO the/DT SEC/NNP ,/, that/IN the/DT proposed/VBN changes/NNS ``/`` would/MD substantially/RB improve/VB the/DT {/-LRB- law/NN }/-RRB- by/IN conforming/VBG it/PRP more/RBR closely/RB to/TO contemporary/JJ business/NN realities/NNS ./. ''/'' | |
| What/WP the/DT investors/NNS who/WP oppose/VBP the/DT proposed/VBN changes/NNS object/VBP to/TO most/RBS is/VBZ the/DT effect/NN they/PRP say/VBP the/DT proposal/NN would/MD have/VB on/IN their/PRP$ ability/NN to/TO spot/VB telltale/JJ ``/`` clusters/NNS ''/'' of/IN trading/NN activity/NN --/: buying/NN or/CC selling/NN by/IN more/JJR than/IN one/CD officer/NN or/CC director/NN within/IN a/DT short/JJ period/NN of/IN time/NN ./. | |
| According/VBG to/TO some/DT estimates/NNS ,/, the/DT rule/NN changes/NNS would/MD cut/VB insider/NN filings/NNS by/IN more/JJR than/IN a/DT third/NN ./. | |
| The/DT SEC/NNP 's/POS Mr./NNP Lane/NNP vehemently/RB disputed/VBD those/DT estimates/NNS ./. | |
| The/DT rules/NNS will/MD eliminate/VB filings/NNS policy-making/VBG divisions/NNS ,/, such/JJ as/IN sales/NNS ,/, marketing/NN ,/, finance/NN and/CC research/NN and/CC development/NN ,/, Mr./NNP Lane/NNP said/VBD ./. | |
| The/DT proposed/VBN rules/NNS also/RB would/MD be/VB tougher/JJR on/IN the/DT insiders/NNS still/RB required/JJ to/TO file/VB reports/NNS ,/, he/PRP said/VBD ./. | |
| Companies/NNS would/MD be/VB compelled/VBN to/TO publish/VB in/IN annual/JJ proxy/NN statements/NNS the/DT names/NNS of/IN insiders/NNS who/WP fail/VBP to/TO file/VB reports/NNS on/IN time/NN ./. | |
| Considered/VBN as/IN a/DT whole/NN ,/, Mr./NNP Lane/NNP said/VBD ,/, the/DT filings/NNS required/VBN under/IN the/DT proposed/VBN rules/NNS ``/`` will/MD be/VB at/IN least/RBS as/IN effective/JJ ,/, if/IN not/RB more/RBR so/RB ,/, for/IN investors/NNS following/VBG transactions/NNS ./. ''/'' | |
| But/CC Robert/NNP Gabele/NNP ,/, president/NN of/IN Invest/Net/NNP ,/, a/DT North/NNP Miami/NNP ,/, Fla./NNP ,/, company/NN that/WDT packages/VBZ and/CC sells/VBZ the/DT insider-trading/NN data/NNS ,/, said/VBD the/DT proposal/NN is/VBZ worded/VBN so/RB vaguely/RB that/IN key/JJ officials/NNS may/MD fail/VB to/TO file/VB the/DT reports/NNS ./. | |
| Many/JJ investors/NNS wrote/VBD asking/VBG the/DT SEC/NNP to/TO require/VB insiders/NNS to/TO report/VB their/PRP$ purchases/NNS and/CC sales/NNS immediately/RB ,/, not/RB a/DT month/NN later/RB ./. | |
| But/CC Mr./NNP Lane/NNP said/VBD that/IN while/IN the/DT SEC/NNP regulates/VBZ who/WP files/VBZ ,/, the/DT law/NN tells/VBZ them/PRP when/WRB to/TO do/VB so/RB ./. | |
| Investors/NNS who/WP want/VBP to/TO change/VB the/DT required/JJ timing/NN should/MD write/VB their/PRP$ representatives/NNS in/IN Congress/NNP ,/, he/PRP added/VBD ./. | |
| The/DT SEC/NNP would/MD likely/RB be/VB amenable/JJ to/TO legislation/NN that/WDT required/VBD insiders/NNS to/TO file/VB transactions/NNS on/IN a/DT more/RBR timely/JJ basis/NN ,/, he/PRP said/VBD ./. | |
| The/DT nation/NN 's/POS largest/JJS pension/NN fund/NN ,/, which/WDT oversees/VBZ $/$ 80/CD billion/CD for/IN college/NN employees/NNS ,/, plans/VBZ to/TO offer/VB two/CD new/JJ investment/NN options/NNS to/TO its/PRP$ 1.2/CD million/CD participants/NNS ./. | |
| The/DT Teachers/NNPS Insurance/NNP and/CC Annuity/NNP Association-College/NNP Retirement/NNP Equities/NNPS Fund/NNP said/VBD it/PRP will/MD introduce/VB a/DT stock/NN and/CC bond/NN fund/NN that/WDT will/MD invest/VB in/IN ``/`` socially/RB responsible/JJ ''/'' companies/NNS ,/, and/CC a/DT bond/NN fund/NN ./. | |
| Both/DT funds/NNS are/VBP expected/VBN to/TO begin/VB operation/NN around/IN March/NNP 1/CD ,/, subject/JJ to/TO Securities/NNPS and/CC Exchange/NNP Commission/NNP approval/NN ./. | |
| For/IN its/PRP$ employees/NNS to/TO sign/VB up/RP for/IN the/DT options/NNS ,/, a/DT college/NN also/RB must/MD approve/VB the/DT plan/NN ./. | |
| Some/DT 4,300/CD institutions/NNS are/VBP part/NN of/IN the/DT pension/NN fund/NN ./. | |
| The/DT new/JJ options/NNS carry/VBP out/RP part/NN of/IN an/DT agreement/NN that/IN the/DT pension/NN fund/NN ,/, under/IN pressure/NN to/TO relax/VB its/PRP$ strict/JJ participation/NN rules/NNS and/CC to/TO provide/VB more/JJR investment/NN options/NNS ,/, reached/VBN with/IN the/DT SEC/NNP in/IN December/NNP ./. | |
| The/DT new/JJ ``/`` social/JJ choice/NN ''/'' fund/NN will/MD shun/VB securities/NNS of/IN companies/NNS linked/VBN to/TO South/NNP Africa/NNP ,/, nuclear/JJ power/NN and/CC in/IN some/DT cases/NNS ,/, Northern/NNP Ireland/NNP ./. | |
| Also/RB excluded/VBN will/MD be/VB investments/NNS in/IN companies/NNS with/IN ``/`` significant/JJ ''/'' business/NN stemming/VBG from/IN weapons/NNS manufacture/NN ,/, alcoholic/JJ beverages/NNS or/CC tobacco/NN ./. | |
| Sixty/CD percent/NN of/IN the/DT fund/NN will/MD be/VB invested/VBN in/IN stocks/NNS ,/, with/IN the/DT rest/NN going/VBG into/IN bonds/NNS or/CC short-term/JJ investments/NNS ./. | |
| The/DT bond/NN fund/NN will/MD invest/VB in/IN high-grade/JJ or/CC medium-grade/JJ bonds/NNS ,/, mortgages/NNS or/CC asset-backed/JJ securities/NNS ,/, including/VBG as/JJ much/RB as/IN 15/CD %/NN in/IN foreign/JJ securities/NNS ./. | |
| The/DT fund/NN also/RB might/MD buy/VB and/CC sell/VB futures/NNS and/CC options/NNS contracts/NNS ,/, subject/JJ to/TO approval/NN by/IN the/DT New/NNP York/NNP State/NNP Insurance/NNP Department/NNP ./. | |
| Under/IN two/CD new/JJ features/NNS ,/, participants/NNS will/MD be/VB able/JJ to/TO transfer/VB money/NN from/IN the/DT new/JJ funds/NNS to/TO other/JJ investment/NN funds/NNS or/CC ,/, if/IN their/PRP$ jobs/NNS are/VBP terminated/VBN ,/, receive/VB cash/NN from/IN the/DT funds/NNS ./. | |
| The/DT investment/NN choices/NNS offered/VBN by/IN the/DT pension/NN fund/NN currently/RB are/VBP limited/VBN to/TO a/DT stock/NN fund/NN ,/, an/DT annuity/NN and/CC a/DT money-market/NN fund/NN ./. | |
| New/NNP Brunswick/NNP Scientific/NNP Co./NNP ,/, a/DT maker/NN of/IN biotechnology/NN instrumentation/NN and/CC equipment/NN ,/, said/VBD it/PRP adopted/VBD an/DT anti-takeover/JJ plan/NN giving/VBG shareholders/NNS the/DT right/NN to/TO purchase/VB shares/NNS at/IN half/JJ price/NN under/IN certain/JJ conditions/NNS ./. | |
| The/DT company/NN said/VBD the/DT plan/NN ,/, under/IN review/NN for/IN some/DT time/NN ,/, will/MD protect/VB shareholders/NNS against/IN ``/`` abusive/JJ takeover/NN tactics/NNS ./. | |
| W./NNP Ed/NNP Tyler/NNP ,/, 37/CD years/NNS old/JJ ,/, a/DT senior/JJ vice/NN president/NN at/IN this/DT printing/VBG concern/NN ,/, was/VBD elected/VBN president/NN of/IN its/PRP$ technology/NN group/NN ,/, a/DT new/JJ position/NN ./. | |
| Solo/JJ woodwind/NN players/NNS have/VBP to/TO be/VB creative/JJ if/IN they/PRP want/VBP to/TO work/VB a/DT lot/NN ,/, because/IN their/PRP$ repertoire/NN and/CC audience/NN appeal/NN are/VBP limited/JJ ./. | |
| The/DT oboist/NN Heinz/NNP Holliger/NNP has/VBZ taken/VBN a/DT hard/JJ line/NN about/IN the/DT problem/NN :/: He/PRP commissions/VBZ and/CC splendidly/RB interprets/VBZ fearsome/JJ contemporary/JJ scores/NNS and/CC does/VBZ some/DT conducting/NN ,/, so/IN he/PRP does/VBZ n't/RB have/VB to/TO play/VB the/DT same/JJ Mozart/NNP and/CC Strauss/NNP concertos/NNS over/RB and/CC over/RB again/RB ./. | |
| Richard/NNP Stoltzman/NNP has/VBZ taken/VBN a/DT gentler/JJR ,/, more/RBR audience-friendly/JJ approach/NN ./. | |
| Years/NNS ago/RB ,/, he/PRP collaborated/VBD with/IN the/DT new/JJ music/NN gurus/NNS Peter/NNP Serkin/NNP and/CC Fred/NNP Sherry/NNP in/IN the/DT very/RB countercultural/JJ chamber/NN group/NN Tashi/NNP ,/, which/WDT won/VBD audiences/NNS over/RP to/TO dreaded/JJ contemporary/JJ scores/NNS like/IN Messiaen/NNP 's/POS ``/`` Quartet/NN for/IN the/DT End/NN of/IN Time/NN ./. ''/'' | |
| Today/NN ,/, the/DT pixie-like/JJ clarinetist/NN has/VBZ mostly/RB dropped/VBN the/DT missionary/JJ work/NN (/-LRB- though/IN a/DT touch/NN of/IN the/DT old/JJ Tashi/NNP still/RB survives/VBZ )/-RRB- and/CC now/RB goes/VBZ on/IN the/DT road/NN with/IN piano/NN ,/, bass/NN ,/, a/DT slide/NN show/NN ,/, and/CC a/DT repertoire/NN that/WDT ranges/VBZ from/IN light/JJ classical/JJ to/TO light/JJ jazz/NN to/TO light/JJ pop/NN ,/, with/IN a/DT few/JJ notable/JJ exceptions/NNS ./. | |
| Just/RB the/DT thing/NN for/IN the/DT Vivaldi-at-brunch/JJ set/NN ,/, the/DT yuppie/NN audience/NN that/WDT has/VBZ embraced/VBN New/NNP Age/NNP as/IN its/PRP$ very/RB own/JJ easy/JJ listening/NN ./. | |
| But/CC you/PRP ca/MD n't/RB dismiss/VB Mr./NNP Stoltzman/NNP 's/POS music/NN or/CC his/PRP$ motives/NNS as/RB merely/RB commercial/JJ and/CC lightweight/JJ ./. | |
| He/PRP believes/VBZ in/IN what/WP he/PRP plays/VBZ ,/, and/CC he/PRP plays/VBZ superbly/RB ./. | |
| His/PRP$ recent/JJ appearance/NN at/IN the/DT Metropolitan/NNP Museum/NNP ,/, dubbed/VBN ``/`` A/DT Musical/JJ Odyssey/NN ,/, ''/'' was/VBD a/DT case/NN in/IN point/NN ./. | |
| It/PRP felt/VBD more/RBR like/IN a/DT party/NN ,/, or/CC a/DT highly/RB polished/JJ jam/NN session/NN with/IN a/DT few/JJ friends/NNS ,/, than/IN a/DT classical/JJ concert/NN ./. | |
| Clad/VBN in/IN his/PRP$ trademark/NN black/JJ velvet/NN suit/NN ,/, the/DT soft-spoken/JJ clarinetist/NN announced/VBD that/IN his/PRP$ new/JJ album/NN ,/, ``/`` Inner/JJ Voices/NNS ,/, ''/'' had/VBD just/RB been/VBN released/VBN ,/, that/IN his/PRP$ family/NN was/VBD in/IN the/DT front/NN row/NN ,/, and/CC that/IN it/PRP was/VBD his/PRP$ mother/NN 's/POS birthday/NN ,/, so/RB he/PRP was/VBD going/VBG to/TO play/VB her/PRP$ favorite/JJ tune/NN from/IN the/DT record/NN ./. | |
| He/PRP launched/VBD into/IN Saint-Saens/NNP 's/POS ``/`` The/DT Swan/NN ''/'' from/IN ``/`` Carnival/NN of/IN the/DT Animals/NNS ,/, ''/'' a/DT favorite/JJ encore/NN piece/NN for/IN cellists/NNS ,/, with/IN lovely/JJ ,/, glossy/JJ tone/NN and/CC no/DT bite/NN ./. | |
| Then/RB ,/, as/IN if/IN to/TO show/VB that/IN he/PRP could/MD play/VB fast/RB as/IN well/RB ,/, he/PRP offered/VBD the/DT second/JJ movement/NN from/IN Saint-Saens/NNP 's/POS Sonata/NN for/IN Clarinet/NN ,/, a/DT whimsical/JJ ,/, puckish/JJ tidbit/NN that/WDT reflected/VBD the/DT flip/JJ side/NN of/IN the/DT Stoltzman/NNP personality/NN ./. | |
| And/CC so/RB it/PRP went/VBD through/IN the/DT first/JJ half/NN :/: an/DT ingeniously/RB chosen/VBN potpourri/NN of/IN pieces/NNS ,/, none/NN longer/JJR than/IN five/CD minutes/NNS ,/, none/NN that/WDT would/MD disturb/VB or/CC challenge/VB a/DT listener/NN ./. | |
| Mr./NNP Stoltzman/NNP introduced/VBD his/PRP$ colleagues/NNS :/: Bill/NNP Douglas/NNP ,/, pianist/bassoonist/composer/NN and/CC an/DT old/JJ buddy/NN from/IN Yale/NNP ,/, and/CC jazz/NN bassist/NN Eddie/NNP Gomez/NNP ./. | |
| An/DT improvisational/JJ section/NN was/VBD built/VBN around/IN pieces/NNS by/IN Mr./NNP Douglas/NNP ,/, beginning/NN with/IN ``/`` Golden/JJ Rain/NN ,/, ''/'' a/DT lilting/JJ ,/, laid-back/JJ lead/NN in/IN to/TO the/DT uptempo/JJ ``/`` Sky/NN ,/, ''/'' which/WDT gave/VBD Mr./NNP Stoltzman/NNP the/DT opportunity/NN to/TO wail/VB in/IN a/DT high/JJ register/NN and/CC show/VB off/RP his/PRP$ fleet/JJ fingers/NNS ./. | |
| Bach/NNP 's/POS ``/`` Air/NN ''/'' followed/VBD ./. | |
| Mr./NNP Stoltzman/NNP tied/VBD the/DT composer/NN in/RP by/IN proclaiming/VBG him/PRP ``/`` the/DT great/JJ improviser/NN of/IN the/DT 18th/JJ century/NN ,/, ''/'' and/CC then/RB built/VBD on/IN the/DT image/NN by/IN joining/VBG with/IN Mr./NNP Douglas/NNP in/IN some/DT Bach/NNP two-part/JJ inventions/NNS ,/, cleverly/RB arranged/VBN for/IN clarinet/NN and/CC bassoon/NN by/IN Mr./NNP Douglas/NNP ./. | |
| Keeping/VBG the/DT mood/NN light/JJ ,/, the/DT two/CD then/RB chanted/VBD and/CC chortled/VBD their/PRP$ way/NN through/IN some/DT murderous/JJ polyrhythms/NNS ,/, devised/VBN by/IN Mr./NNP Douglas/NNP as/IN an/DT alternative/NN to/TO Hindemith/NNP 's/POS dry/JJ theory-teaching/VBG techniques/NNS ,/, and/CC then/RB ,/, with/IN Mr./NNP Gomez/NNP ,/, soared/VBD and/CC improvised/VBD on/IN the/DT composer/NN 's/POS tight/JJ ``/`` Bebop/NNP Etudes/NNP ./. ''/'' | |
| The/DT end/NN of/IN the/DT first/JJ half/NN ,/, however/RB ,/, brought/VBD what/WP the/DT standing-room-only/JJ crowd/NN seemed/VBD to/TO be/VB waiting/VBG for/IN :/: the/DT pop/NN singer/NN Judy/NNP Collins/NNP ,/, who/WP appears/VBZ on/IN ``/`` Inner/JJ Voices/NNS ./. ''/'' | |
| Glamorous/JJ and/CC pure-voiced/JJ as/IN ever/RB ,/, Ms./NNP Collins/NNP sang/VBD Joni/NNP Mitchell/NNP 's/POS ``/`` For/IN Free/RB ''/'' --/: about/IN an/DT encounter/NN with/IN a/DT street-corner/JJ clarinetist/NN ,/, to/TO which/WDT Mr./NNP Stoltzman/NNP contributed/VBD a/DT clarinet/NN obligatto/NN --/: and/CC Mr./NNP Douglas/NNP 's/POS lush/JJ setting/NN of/IN a/DT Gaelic/JJ blessing/NN ,/, ``/`` Deep/JJ Peace/NN ./. ''/'' | |
| ``/`` Deep/JJ Peace/NN ''/'' also/RB featured/VBD a/DT slide/NN show/NN of/IN lovely/JJ but/CC predictable/JJ images/NNS of/IN clouds/NNS ,/, beaches/NNS ,/, deserts/NNS ,/, sunsets/NNS ,/, etc/FW ./. | |
| It/PRP was/VBD all/RB too/RB mellow/JJ to/TO be/VB believed/VBN ,/, but/CC they/PRP probably/RB would/MD have/VB gotten/VBN away/RP with/IN it/PRP ,/, had/VBD they/PRP not/RB felt/VBD compelled/VBN to/TO add/VB Ms./NNP Collins/NNP 's/POS signature/NN tune/NN ,/, ``/`` Amazing/JJ Grace/NN ,/, ''/'' and/CC ask/VB for/IN audience/NN participation/NN ./. | |
| That/WDT went/VBD over/IN the/DT permissible/JJ line/NN for/IN warm/JJ and/CC fuzzy/JJ feelings/NNS ./. | |
| Was/VBD this/DT why/WRB some/DT of/IN the/DT audience/NN departed/VBD before/IN or/CC during/IN the/DT second/JJ half/NN ?/. | |
| Or/CC was/VBD it/PRP because/IN Ms./NNP Collins/NNP had/VBD gone/VBN ?/. | |
| Either/DT way/NN it/PRP was/VBD a/DT pity/NN ,/, because/IN Mr./NNP Stolzman/NNP offered/VBD the/DT most/RBS substantial/JJ music/NN of/IN the/DT evening/NN just/RB after/IN intermission/NN :/: Steve/NNP Reich/NNP 's/POS ``/`` New/NNP York/NNP Counterpoint/NN ,/, ''/'' one/CD of/IN a/DT series/NN of/IN Reich/NNP works/NNS that/WDT juxtapose/VBP a/DT live/JJ performer/NN with/IN recorded/JJ tracks/NNS of/IN his/PRP$ or/CC her/PRP$ own/JJ playing/NN ./. | |
| (/-LRB- Mr./NNP Reich/NNP 's/POS new/JJ ``/`` Different/JJ Trains/NNS ''/'' for/IN string/NN quartet/NN uses/VBZ the/DT technique/NN magisterially/RB ./. )/-RRB- | |
| Mr./NNP Stoltzman/NNP must/MD have/VB worried/VBN that/IN his/PRP$ audience/NN might/MD not/RB be/VB able/JJ to/TO take/VB it/PRP :/: He/PRP warned/VBD us/PRP in/IN advance/NN that/IN ``/`` New/NNP York/NNP Counterpoint/NN ''/'' lasts/VBZ 11/CD 1/2/CD minutes/NNS ./. | |
| He/PRP also/RB unfortunately/RB illustrated/VBD this/DT intricate/JJ ,/, jazzy/JJ tapestry/NN with/IN Mr./NNP Pearson/NNP 's/POS images/NNS ,/, this/DT time/NN of/IN geometric/JJ or/CC repeating/JJ objects/NNS ,/, in/IN a/DT kitschy/JJ mirroring/NN of/IN the/DT musical/JJ structure/NN that/WDT was/VBD thoroughly/RB distracting/VBG from/IN Mr./NNP Reich/NNP 's/POS piece/NN and/CC Mr./NNP Stoltzman/NNP 's/POS elegant/JJ execution/NN of/IN it/PRP ./. | |
| The/DT rest/NN of/IN the/DT concert/NN was/VBD more/JJR straight/JJ jazz/NN and/CC mellow/JJ sounds/NNS written/VBN by/IN Charlie/NNP Parker/NNP ,/, Ornette/NNP Coleman/NNP ,/, Bill/NNP Douglas/NNP and/CC Eddie/NNP Gomez/NNP ,/, with/IN pictures/NNS for/IN the/DT Douglas/NNP pieces/NNS ./. | |
| It/PRP was/VBD enjoyable/JJ to/TO hear/VB accomplished/JJ jazz/NN without/IN having/VBG to/TO sit/VB in/IN a/DT smoke-filled/JJ club/NN ,/, but/CC like/IN the/DT first/JJ half/NN ,/, much/JJ of/IN it/PRP was/VBD easy/JJ to/TO take/VB and/CC ultimately/RB forgettable/JJ ./. | |
| Is/VBZ this/DT the/DT future/NN of/IN chamber/NN music/NN ?/. | |
| Managers/NNS and/CC presenters/NNS insist/VBP that/IN chamber/NN music/NN concerts/NNS are/VBP a/DT hard/JJ sell/NN ,/, but/CC can/MD audiences/NNS really/RB enjoy/VB them/PRP only/RB if/IN the/DT music/NN is/VBZ purged/VBN of/IN threatening/JJ elements/NNS ,/, served/VBN up/RP in/IN bite-sized/JJ morsels/NNS and/CC accompanied/VBN by/IN visuals/NNS ?/. | |
| What/WP 's/VBZ next/JJ ?/. | |
| Slides/NNS to/TO illustrate/VB Shostakovich/NNP quartets/NNS ?/. | |
| It/PRP was/VBD not/RB an/DT unpleasant/JJ evening/NN ,/, certainly/RB ,/, thanks/NNS to/TO the/DT high/JJ level/NN of/IN performance/NN ,/, the/DT compositional/JJ talents/NNS of/IN Mr./NNP Douglas/NNP ,/, and/CC the/DT obvious/JJ sincerity/NN with/IN which/WDT Mr./NNP Stoltzman/NNP chooses/VBZ his/PRP$ selections/NNS ./. | |
| But/CC it/PRP was/VBD neither/RB deep/JJ nor/CC lasting/JJ :/: light/JJ entertainment/NN that/WDT was/VBD no/DT substitute/NN for/IN an/DT evening/NN of/IN Brahms/NNP ./. | |
| Ms./NNP Waleson/NNP is/VBZ a/DT free-lance/JJ writer/NN based/VBN in/IN New/NNP York/NNP ./. | |
| One/CD of/IN Ronald/NNP Reagan/NNP 's/POS attributes/NNS as/IN President/NNP was/VBD that/IN he/PRP rarely/RB gave/VBD his/PRP$ blessing/NN to/TO the/DT claptrap/NN that/WDT passes/VBZ for/IN ``/`` consensus/NN ''/'' in/IN various/JJ international/JJ institutions/NNS ./. | |
| In/IN fact/NN ,/, he/PRP liberated/VBD the/DT U.S./NNP from/IN one/CD of/IN the/DT world/NN 's/VBZ most/RBS corrupt/JJ organizations/NNS --/: UNESCO/NNP ./. | |
| This/DT is/VBZ the/DT U.N./NNP group/NN that/WDT managed/VBD to/TO traduce/VB its/PRP$ own/JJ charter/NN of/IN promoting/VBG education/NN ,/, science/NN and/CC culture/NN ./. | |
| Ever/RB since/IN ,/, the/DT remaining/VBG members/NNS have/VBP been/VBN desperate/JJ for/IN the/DT United/NNP States/NNPS to/TO rejoin/VB this/DT dreadful/JJ group/NN ./. | |
| Now/RB UNESCO/NNP apologists/NNS are/VBP lobbying/VBG President/NNP Bush/NNP to/TO renege/VB on/IN President/NNP Reagan/NNP 's/POS decision/NN to/TO depart/VB ./. | |
| But/CC we/PRP can/MD think/VB of/IN many/JJ reasons/NNS to/TO stay/VB out/RB for/IN the/DT foreseeable/JJ future/NN and/CC well/RB beyond/IN ./. | |
| The/DT U.S./NNP ,/, along/IN with/IN Britain/NNP and/CC Singapore/NNP ,/, left/VBD the/DT agency/NN when/WRB its/PRP$ anti-Western/JJ ideology/NN ,/, financial/JJ corruption/NN and/CC top/JJ leadership/NN got/VBD out/IN of/IN hand/NN ./. | |
| The/DT personal/JJ antics/NNS of/IN agency/NN Director/NNP Amadou-Mahtar/NNP M'Bow/NNP drew/VBD much/JJ attention/NN ,/, such/JJ as/IN when/WRB several/JJ of/IN his/PRP$ top/JJ aides/NNS were/VBD uncovered/VBN as/IN KGB/NNP plants/NNS and/CC ejected/VBN from/IN France/NNP and/CC when/WRB a/DT mysterious/JJ office/NN fire/NN was/VBD set/VBN just/RB before/IN Congress/NNP sent/VBD accountants/NNS to/TO trace/VB U.S./NNP funds/NNS ./. | |
| Mr./NNP M'Bow/NNP was/VBD an/DT extreme/JJ case/NN ,/, but/CC even/RB his/PRP$ replacement/NN ,/, the/DT more/RBR personally/RB genial/JJ Spanish/JJ biochemist/NN Federico/NNP Mayor/NNP ,/, has/VBZ had/VBN little/JJ success/NN at/IN achieving/VBG reforms/NNS ./. | |
| Several/JJ ridiculous/JJ projects/NNS continue/VBP ,/, including/VBG the/DT ``/`` New/JJ International/JJ Economic/JJ Order/NN ,/, ''/'' which/WDT means/VBZ redistributionism/NN from/IN the/DT West/NNP to/TO pay/VB for/IN everyone/NN else/RB 's/POS statism/NN ./. | |
| The/DT Orwellian/NNP ``/`` New/JJ World/NN Information/NN Order/NN ''/'' would/MD give/VB government/NN officials/NNS rights/NNS against/IN the/DT press/NN ;/: journalists/NNS would/MD be/VB obliged/VBN to/TO kowtow/VB to/TO their/PRP$ government/NN ,/, which/WDT would/MD have/VB licensing/NN and/CC censorship/NN powers/NNS and/CC ,/, indeed/RB ,/, duties/NNS to/TO block/VB printing/NN of/IN ``/`` wrong/JJ ''/'' ideas/NNS ./. | |
| UNESCO/NNP somehow/RB converted/VBD the/DT founding/JJ U.N./NNP ideals/NNS of/IN individual/JJ rights/NNS and/CC liberty/NN into/IN ``/`` peoples/NNS '/POS rights/NNS ./. ''/'' | |
| Million-dollar/JJ conferences/NNS were/VBD held/VBN to/TO chew/VB on/IN subjects/NNS such/JJ as/IN ``/`` ethical/JJ responsibilities/NNS of/IN scientists/NNS in/IN support/NN of/IN disarmament/NN ''/'' and/CC ``/`` the/DT impact/NN of/IN the/DT activities/NNS of/IN transnational/JJ corporations/NNS ./. ''/'' | |
| The/DT agency/NN was/VBD so/RB totally/RB subverted/VBN from/IN the/DT high/JJ principles/NNS of/IN its/PRP$ founding/NN that/IN even/RB the/DT Soviets/NNPS now/RB wonder/VBP about/IN an/DT agency/NN that/WDT seemed/VBD so/RB congenial/JJ to/TO them/PRP ./. | |
| Glasnost/FW may/MD be/VB partly/RB responsible/JJ ,/, but/CC Soviet/NNP Foreign/NNP Minister/NNP Eduard/NNP Shevardnadze/NNP last/JJ year/NN admitted/VBD ,/, ``/`` The/DT exaggerated/JJ ideological/JJ approach/NN undermined/VBD tolerance/NN intrinsic/JJ to/TO UNESCO/NNP ./. ''/'' | |
| UNESCO/NNP is/VBZ now/RB holding/VBG its/PRP$ biennial/JJ meetings/NNS in/IN Paris/NNP to/TO devise/VB its/PRP$ next/JJ projects/NNS ./. | |
| Mr./NNP Mayor/NNP 's/POS hope/NN that/IN references/NNS to/TO ``/`` press/NN freedom/NN ''/'' would/MD survive/VB unamended/JJ seems/VBZ doomed/VBN to/TO failure/NN ;/: the/DT current/JJ phrasing/NN is/VBZ ``/`` educating/VBG the/DT public/NN and/CC media/NNS to/TO avoid/VB manipulation/NN ./. ''/'' | |
| He/PRP has/VBZ n't/RB been/VBN able/JJ to/TO replace/VB the/DT M'Bow/NNP cabal/NN ./. | |
| Soviets/NNPS remain/VBP in/IN charge/NN of/IN education/NN programs/NNS ,/, a/DT former/JJ head/NN of/IN an/DT African/JJ military/JJ tribunal/NN for/IN executions/NNS is/VBZ in/IN charge/NN of/IN culture/NN ,/, and/CC a/DT hard-line/JJ Polish/JJ communist/NN in/IN exile/NN directs/VBZ the/DT human-rights/JJ and/CC peace/NN division/NN ./. | |
| Of/IN the/DT agency/NN 's/POS 2,750/CD staff/NN members/NNS ,/, 230/CD are/VBP in/IN the/DT field/NN working/VBG on/IN actual/JJ projects/NNS ,/, such/JJ as/IN literacy/NN and/CC oceanographic/JJ research/NN ./. | |
| The/DT position/NN of/IN the/DT United/NNP States/NNPS ,/, which/WDT once/RB contributed/VBD 25/CD %/NN of/IN the/DT budget/NN ,/, is/VBZ that/IN nothing/NN has/VBZ changed/VBN ./. | |
| John/NNP Bolton/NNP ,/, the/DT assistant/NN secretary/NN of/IN state/NN for/IN international/JJ organizations/NNS ,/, told/VBD Congress/NNP that/IN the/DT continuing/VBG ``/`` statist/JJ ,/, restrictive/JJ ,/, nondemocratic/JJ ''/'' programs/NNS make/VBP rejoining/VBG any/DT time/NN soon/RB ``/`` extremely/RB unlikely/JJ ./. ''/'' | |
| This/DT has/VBZ n't/RB much/RB bothered/VBN the/DT UNESCO/NNP delegates/NNS ,/, who/WP last/JJ week/NN could/MD n't/RB even/RB agree/VB to/TO raise/VB funds/NNS by/IN selling/VBG off/RP a/DT fancy/JJ 19th-century/JJ French/JJ chateau/NN the/DT agency/NN somehow/RB owns/VBZ ./. | |
| Other/JJ countries/NNS ,/, including/VBG West/NNP Germany/NNP ,/, may/MD have/VB a/DT hard/JJ time/NN justifying/VBG continued/JJ membership/NN ./. | |
| We/PRP see/VBP an/DT even/RB stronger/JJR argument/NN against/IN UNESCO/NNP than/IN its/PRP$ unsurprising/JJ failure/NN to/TO reform/NN ./. | |
| This/DT is/VBZ that/IN the/DT Reagan/NNP Revolution/NNP spanning/VBG Eastern/NNP Europe/NNP and/CC Tiananmen/NNP Square/NNP shows/VBZ the/DT power/NN of/IN ideas/NNS unencumbered/JJ by/IN international/JJ civil/JJ servants/NNS or/CC government/NN functionaries/NNS ./. | |
| Free/JJ markets/NNS ,/, free/JJ minds/NNS and/CC free/JJ elections/NNS have/VBP an/DT appeal/NN that/WDT seems/VBZ to/TO get/VB muddled/VBN only/RB when/WRB delivered/VBN through/IN U.N./NNP organizations/NNS --/: which/WDT of/IN course/NN are/VBP made/VBN up/RP largely/RB of/IN governments/NNS that/WDT fear/VBP these/DT principles/NNS at/IN home/NN ./. | |
| The/DT Babelists/NNS of/IN the/DT United/NNP Nations/NNPS are/VBP experts/NNS at/IN obfuscation/NN ./. | |
| This/DT can/MD have/VB its/PRP$ purposes/NNS at/IN times/NNS ,/, but/CC there/EX 's/VBZ no/DT reason/NN to/TO cloud/VB the/DT importance/NN and/CC allure/NN of/IN Western/JJ concepts/NNS of/IN freedom/NN and/CC justice/NN ./. | |
| We/PRP can/MD see/VB plenty/RB of/IN reasons/NNS to/TO stay/VB out/RB ,/, and/CC none/NN to/TO rejoin/VB UNESCO/NNP ./. | |
| Researchers/NNS at/IN Plant/NNP Genetic/NNP Systems/NNP N.V./NNP in/IN Belgium/NNP said/VBD they/PRP have/VBP developed/VBN a/DT genetic/JJ engineering/NN technique/NN for/IN creating/VBG hybrid/JJ plants/NNS for/IN a/DT number/NN of/IN key/JJ crops/NNS ./. | |
| The/DT researchers/NNS said/VBD they/PRP have/VBP isolated/VBN a/DT plant/NN gene/NN that/WDT prevents/VBZ the/DT production/NN of/IN pollen/NN ./. | |
| The/DT gene/NN thus/RB can/MD prevent/VB a/DT plant/NN from/IN fertilizing/VBG itself/PRP ./. | |
| Such/JJ so-called/JJ male-sterile/JJ plants/NNS can/MD then/RB be/VB fertilized/VBN by/IN pollen/NN from/IN another/DT strain/NN of/IN the/DT plant/NN ,/, thereby/RB producing/VBG hybrid/JJ seed/NN ./. | |
| The/DT new/JJ generation/NN of/IN plants/NNS will/MD possess/VB the/DT flourishing/JJ ,/, high-production/JJ trait/NN known/VBN as/IN ``/`` hybrid/JJ vigor/NN ,/, ''/'' similar/JJ to/TO that/DT now/RB seen/VBN in/IN hybrid/JJ corn/NN ./. | |
| ``/`` The/DT development/NN could/MD have/VB a/DT dramatic/JJ effect/NN on/IN farm/NN production/NN ,/, especially/RB cotton/NN ,/, ''/'' said/VBD Murray/NNP Robinson/NNP ,/, president/NN of/IN Delta/NNP &/CC Pine/NNP Land/NNP Co./NNP ,/, a/DT Southwide/NNP Inc./NNP subsidiary/NN that/WDT is/VBZ one/CD of/IN the/DT largest/JJS cotton/NN seed/NN producers/NNS in/IN the/DT U.S./NNP ./. | |
| On/IN a/DT commercial/JJ scale/NN ,/, the/DT sterilization/NN of/IN the/DT pollen-producing/VBG male/JJ part/NN has/VBZ only/RB been/VBN achieved/VBN in/IN corn/NN and/CC sorghum/NN feed/NN grains/NNS ./. | |
| That/DT 's/VBZ because/IN the/DT male/NN part/NN ,/, the/DT tassel/NN ,/, and/CC the/DT female/NN ,/, the/DT ear/NN ,/, are/VBP some/DT distance/NN apart/RB on/IN the/DT corn/NN plant/NN ./. | |
| In/IN a/DT labor-intensive/JJ process/NN ,/, the/DT seed/NN companies/NNS cut/VBD off/RP the/DT tassels/NNS of/IN each/DT plant/NN ,/, making/VBG it/PRP male/JJ sterile/JJ ./. | |
| They/PRP sow/VBP a/DT row/NN of/IN male-fertile/JJ plants/NNS nearby/RB ,/, which/WDT then/RB pollinate/VBP the/DT male-sterile/JJ plants/NNS ./. | |
| The/DT first/JJ hybrid/JJ corn/NN seeds/NNS produced/VBN using/VBG this/DT mechanical/JJ approach/NN were/VBD introduced/VBN in/IN the/DT 1930s/NNS and/CC they/PRP yielded/VBD as/RB much/JJ as/IN 20/CD %/NN more/JJR corn/NN than/IN naturally/RB pollinated/VBN plants/NNS ./. | |
| The/DT vast/JJ majority/NN of/IN the/DT U.S./NNP corn/NN crop/NN now/RB is/VBZ grown/VBN from/IN hybrid/JJ seeds/NNS produced/VBN by/IN seed/NN companies/NNS ./. | |
| A/DT similar/JJ technique/NN is/VBZ almost/RB impossible/JJ to/TO apply/VB to/TO other/JJ crops/NNS ,/, such/JJ as/IN cotton/NN ,/, soybeans/NNS and/CC rice/NN ./. | |
| The/DT male/JJ part/NN ,/, the/DT anthers/NNS of/IN the/DT plant/NN ,/, and/CC the/DT female/NN ,/, the/DT pistils/NNS ,/, of/IN the/DT same/JJ plant/NN are/VBP within/IN a/DT fraction/NN of/IN an/DT inch/NN or/CC even/RB attached/VBN to/TO each/DT other/JJ ./. | |
| The/DT anthers/NNS in/IN these/DT plants/NNS are/VBP difficult/JJ to/TO clip/VB off/RP ./. | |
| In/IN China/NNP ,/, a/DT great/JJ number/NN of/IN workers/NNS are/VBP engaged/VBN in/IN pulling/VBG out/RP the/DT male/JJ organs/NNS of/IN rice/NN plants/NNS using/VBG tweezers/NNS ,/, and/CC one-third/NN of/IN rice/NN produced/VBN in/IN that/DT country/NN is/VBZ grown/VBN from/IN hybrid/JJ seeds/NNS ./. | |
| At/IN Plant/NNP Genetic/NNP Systems/NNPS ,/, researchers/NNS have/VBP isolated/VBN a/DT pollen-inhibiting/JJ gene/NN that/WDT can/MD be/VB inserted/VBN in/IN a/DT plant/NN to/TO confer/VB male/JJ sterility/NN ./. | |
| Jan/NNP Leemans/NNP ,/, research/NN director/NN ,/, said/VBD this/DT gene/NN was/VBD successfully/RB introduced/VBN in/IN oil-producing/JJ rapeseed/NN plants/NNS ,/, a/DT major/JJ crop/NN in/IN Europe/NNP and/CC Canada/NNP ,/, using/VBG as/IN a/DT carrier/NN a/DT ``/`` promoter/NN gene/NN ''/'' developed/VBN by/IN Robert/NNP Goldberg/NNP at/IN the/DT University/NNP of/IN California/NNP in/IN Los/NNP Angeles/NNP ./. | |
| The/DT sterilizing/VBG gene/NN is/VBZ expressed/VBN just/RB before/IN the/DT pollen/NN is/VBZ about/IN to/TO develop/VB and/CC it/PRP deactivates/VBZ the/DT anthers/NNS of/IN every/DT flower/NN in/IN the/DT plant/NN ./. | |
| Mr./NNP Leemans/NNP said/VBD this/DT genetic/JJ manipulation/NN does/VBZ n't/RB hurt/VB the/DT growth/NN of/IN that/DT plant/NN ./. | |
| The/DT researchers/NNS also/RB pulled/VBD off/RP a/DT second/JJ genetic/JJ engineering/NN trick/NN in/IN order/NN to/TO get/VB male-sterile/JJ plants/NNS in/IN large/JJ enough/JJ numbers/NNS to/TO produce/VB a/DT commercial/JJ hybrid/JJ seed/NN crop/NN ./. | |
| They/PRP attached/VBD a/DT second/JJ gene/NN ,/, for/IN herbicide/NN resistance/NN ,/, to/TO the/DT pollen-inhibiting/JJ gene/NN ./. | |
| Both/DT genes/NNS are/VBP then/RB inserted/VBN into/IN a/DT few/JJ greenhouse/NN plants/NNS ,/, which/WDT are/VBP then/RB pollinated/VBN and/CC allowed/VBN to/TO mature/VB and/CC produce/VB seed/NN ./. | |
| The/DT laws/NNS of/IN heredity/NN dictate/VBP that/IN half/NN of/IN the/DT plants/NNS springing/VBG from/IN these/DT greenhouse-produced/JJ seeds/NNS will/MD be/VB male/NN sterile/JJ and/CC herbicide/NN resistant/JJ and/CC half/NN will/MD be/VB male/NN fertile/JJ and/CC herbicide/NN susceptible/JJ ./. | |
| The/DT application/NN of/IN herbicide/NN would/MD kill/VB off/RP the/DT male-fertile/JJ plants/NNS ,/, leaving/VBG a/DT large/JJ field/NN of/IN male-sterile/JJ plants/NNS that/WDT can/MD be/VB cross-pollinated/VBN to/TO produce/VB hybrid/NN seed/NN ./. | |
| Mr./NNP Leemans/NNP said/VBD the/DT hybrid/NN rapeseeds/NNS created/VBN with/IN this/DT genetic/JJ engineering/NN yield/NN 15/CD %/NN to/TO 30/CD %/NN more/JJR output/NN than/IN the/DT commercial/JJ strains/NNS used/VBN currently/RB ./. | |
| ``/`` This/DT technique/NN is/VBZ applicable/JJ to/TO a/DT wide/JJ variety/NN of/IN crops/NNS ,/, ''/'' he/PRP said/VBD ,/, and/CC added/VBD that/IN some/DT modifications/NNS may/MD be/VB necessary/JJ to/TO accommodate/VB the/DT peculiarities/NNS of/IN each/DT type/NN of/IN crop/NN ./. | |
| He/PRP said/VBD the/DT company/NN is/VBZ experimenting/VBG with/IN the/DT technique/NN on/IN alfalfa/NN ,/, and/CC plans/VBZ to/TO include/VB cotton/NN and/CC corn/NN ,/, among/IN other/JJ crops/NNS ./. | |
| He/PRP said/VBD that/IN even/RB though/IN virtually/RB all/DT corn/NN seeds/NNS currently/RB planted/VBN are/VBP hybrids/NNS ,/, the/DT genetic/JJ approach/NN will/MD obviate/VB the/DT need/NN for/IN mechanical/JJ emasculation/NN of/IN anthers/NNS ,/, which/WDT costs/VBZ U.S./NNP seed/NN producers/NNS about/IN $/$ 70/CD million/CD annually/RB ./. | |
| In/IN recent/JJ years/NNS ,/, demand/NN for/IN hybrid/NN seeds/NNS has/VBZ spurred/VBN research/NN at/IN a/DT number/NN of/IN chemical/NN and/CC biotechnology/NN companies/NNS ,/, including/VBG Monsanto/NNP Co./NNP ,/, Shell/NNP Oil/NNP Co./NNP and/CC Eli/NNP Lilly/NNP &/CC Co/NNP ./. | |
| One/CD technique/NN developed/VBN by/IN some/DT of/IN these/DT companies/NNS involves/VBZ a/DT chemical/NN spray/NN supposed/VBD to/TO kill/VB only/RB a/DT plant/NN 's/POS pollen/NN ./. | |
| But/CC there/EX have/VBP been/VBN problems/NNS with/IN chemical/NN sprays/NNS damaging/VBG plants/NNS '/POS female/JJ reproductive/JJ organs/NNS and/CC concern/NN for/IN the/DT toxicity/NN of/IN such/JJ chemical/NN sprays/NNS to/TO humans/NNS ,/, animals/NNS and/CC beneficial/JJ insects/NNS ./. | |
| However/RB ,/, Paul/NNP Johanson/NNP ,/, Monsanto/NNP 's/POS director/NN of/IN plant/NN sciences/NNS ,/, said/VBD the/DT company/NN 's/POS chemical/NN spray/NN overcomes/VBZ these/DT problems/NNS and/CC is/VBZ ``/`` gentle/JJ on/IN the/DT female/JJ organ/NN ./. ''/'' | |
| Biosource/NNP Genetics/NNP Corp./NNP ,/, Vacaville/NNP ,/, Calif./NNP ,/, is/VBZ developing/VBG a/DT spray/NN containing/VBG a/DT gene/NN that/WDT spreads/VBZ from/IN cell/NN to/TO cell/NN and/CC interferes/VBZ with/IN the/DT genes/NNS that/WDT are/VBP responsible/JJ for/IN producing/VBG pollen/NN ./. | |
| This/DT gene/NN ,/, called/VBN ``/`` gametocide/NN ,/, ''/'' is/VBZ carried/VBN into/IN the/DT plant/NN by/IN a/DT virus/NN that/WDT remains/VBZ active/JJ for/IN a/DT few/JJ days/NNS ./. | |
| Robert/NNP Erwin/NNP ,/, president/NN of/IN Biosource/NNP ,/, called/VBD Plant/NNP Genetic/NNP 's/POS approach/NN ``/`` interesting/JJ ''/'' and/CC ``/`` novel/JJ ,/, ''/'' and/CC ``/`` complementary/JJ rather/RB than/IN competitive/JJ ./. ''/'' | |
| ``/`` There/EX is/VBZ a/DT large/JJ market/NN out/IN there/RB hungry/JJ for/IN hybrid/JJ seeds/NNS ,/, ''/'' he/PRP said/VBD ./. | |
| Mr./NNP Robinson/NNP of/IN Delta/NNP &/CC Pine/NNP ,/, the/DT seed/NN producer/NN in/IN Scott/NNP ,/, Miss./NNP ,/, said/VBD Plant/NNP Genetic/NNP 's/POS success/NN in/IN creating/VBG genetically/RB engineered/VBN male/NN steriles/NNS does/VBZ n't/RB automatically/RB mean/VB it/PRP would/MD be/VB simple/JJ to/TO create/VB hybrids/NNS in/IN all/DT crops/NNS ./. | |
| That/DT 's/VBZ because/RB pollination/NN ,/, while/IN easy/JJ in/IN corn/NN because/IN the/DT carrier/NN is/VBZ wind/NN ,/, is/VBZ more/RBR complex/JJ and/CC involves/VBZ insects/NNS as/IN carriers/NNS in/IN crops/NNS such/JJ as/IN cotton/NN ./. | |
| ``/`` It/PRP 's/VBZ one/CD thing/NN to/TO say/VB you/PRP can/MD sterilize/VB ,/, and/CC another/DT to/TO then/RB successfully/RB pollinate/VB the/DT plant/NN ,/, ''/'' he/PRP said/VBD ./. | |
| Nevertheless/RB ,/, he/PRP said/VBD ,/, he/PRP is/VBZ negotiating/VBG with/IN Plant/NNP Genetic/NNP to/TO acquire/VB the/DT technology/NN to/TO try/VB breeding/VBG hybrid/JJ cotton/NN ./. | |
| A/DT bitter/JJ conflict/NN with/IN global/JJ implications/NNS has/VBZ erupted/VBN between/IN Nomura/NNP Securities/NNPS Co./NNP and/CC Industrial/NNP Bank/NNP of/IN Japan/NNP ,/, two/CD of/IN the/DT world/NN 's/VBZ most/RBS powerful/JJ financial/JJ companies/NNS ./. | |
| The/DT clash/NN is/VBZ a/DT sign/NN of/IN a/DT new/JJ toughness/NN and/CC divisiveness/NN in/IN Japan/NNP 's/POS once-cozy/JJ financial/JJ circles/NNS ./. | |
| Not/RB only/RB are/VBP Japan/NNP 's/POS financial/JJ institutions/NNS putting/VBG their/PRP$ enormous/JJ clout/NN to/TO work/VB ;/: increasingly/RB they/PRP 're/VBP squaring/VBG off/RP against/IN one/CD another/DT in/IN unprecedented/JJ public/JJ fashion/NN ./. | |
| Already/RB ,/, the/DT consequences/NNS are/VBP being/VBG felt/VBN by/IN other/JJ players/NNS in/IN the/DT financial/JJ markets/NNS --/: even/JJ governments/NNS ./. | |
| What/WP triggered/VBD the/DT latest/JJS clash/NN was/VBD a/DT skirmish/NN over/IN the/DT timing/NN of/IN a/DT New/NNP Zealand/NNP government/NN bond/NN issue/NN ./. | |
| Nomura/NNP was/VBD attempting/VBG to/TO organize/VB the/DT 50/CD billion-yen/JJ (/-LRB- $/$ 352/CD million/CD )/-RRB- borrowing/NN in/IN Japan/NNP at/IN a/DT time/NN when/WRB many/JJ Japanese/JJ banks/NNS ,/, led/VBN by/IN Industrial/NNP Bank/NNP of/IN Japan/NNP ,/, were/VBD pressuring/VBG the/DT Wellington/NNP government/NN to/TO help/VB them/PRP recover/VB loans/NNS made/VBN to/TO a/DT defunct/JJ investment/NN bank/NN that/WDT had/VBD been/VBN owned/VBN by/IN New/NNP Zealand/NNP 's/POS civil-service/JJ pension/NN fund/NN ./. | |
| Unwilling/JJ to/TO put/VB up/RP new/JJ money/NN for/IN New/NNP Zealand/NNP until/IN those/DT debts/NNS are/VBP repaid/VBN ,/, most/JJS banks/NNS refused/VBD even/RB to/TO play/VB administrative/JJ roles/NNS in/IN the/DT new/JJ financing/NN ,/, forcing/VBG an/DT embarrassed/JJ Nomura/NNP to/TO postpone/VB it/PRP this/DT week/NN ./. | |
| The/DT dispute/NN shows/VBZ clearly/RB the/DT global/JJ power/NN of/IN Japan/NNP 's/POS financial/JJ titans/NNS ./. | |
| Aside/RB from/IN Nomura/NNP 's/POS injured/JJ pride/NN ,/, the/DT biggest/JJS victim/NN so/RB far/RB has/VBZ been/VBN the/DT New/NNP Zealand/NNP government/NN ./. | |
| Barred/VBN by/IN its/PRP$ budget/NN law/NN from/IN making/VBG any/DT new/JJ domestic/JJ bond/NN issues/NNS ,/, Wellington/NNP 's/POS Debt/NNP Management/NNP Office/NNP had/VBD been/VBN casting/VBG abroad/RB to/TO raise/VB the/DT 3/CD billion/CD New/NNP Zealand/NNP dollars/NNS (/-LRB- US$/$ 1.76/CD billion/CD )/-RRB- to/TO NZ$/$ 4/CD billion/CD it/PRP needs/VBZ to/TO come/VB up/RB with/IN by/IN the/DT end/NN of/IN its/PRP$ fiscal/JJ year/NN next/IN June/NNP 30/CD ./. | |
| With/IN Japan/NNP 's/POS cash-flush/JJ banks/NNS aligned/VBN against/IN it/PRP ,/, though/RB ,/, raising/VBG money/NN may/MD be/VB difficult/JJ ./. | |
| Not/RB only/RB can/MD they/PRP block/VB Wellington/NNP from/IN raising/VBG money/NN in/IN Japan/NNP ,/, bankers/NNS here/RB say/VBP ,/, but/CC as/IN the/DT largest/JJS underwriters/NNS in/IN the/DT Eurobond/NN market/NN ,/, they/PRP might/MD be/VB able/JJ to/TO scuttle/VB borrowings/NNS there/RB ,/, too/RB ./. | |
| New/NNP Zealand/NNP 's/POS finance/NN minister/NN ,/, David/NNP Caygill/NNP ,/, lashed/VBD out/RB at/IN such/JJ suggestions/NNS ./. | |
| He/PRP told/VBD reporters/NNS in/IN Wellington/NNP Tuesday/NNP that/IN the/DT government/NN had/VBD n't/RB guaranteed/VBN the/DT loans/NNS to/TO DFC/NNP New/NNP Zealand/NNP Ltd./NNP ,/, an/DT investment/NN bank/NN 80%-owned/JJ by/IN the/DT National/NNP Provident/NNP Fund/NNP ,/, and/CC would/MD n't/RB bail/VB it/PRP out/RP ./. | |
| ``/`` It/PRP may/MD very/RB well/RB be/VB what/WP the/DT Japanese/JJ banks/NNS want/VBP ,/, ''/'' he/PRP told/VBD Radio/NNP New/NNP Zealand/NNP ./. | |
| ``/`` I/PRP think/VBP it/PRP would/MD be/VB irresponsible/JJ and/CC I/PRP am/VBP not/RB about/IN to/TO be/VB blackmailed/VBN by/IN Japanese/JJ banks/NNS or/CC any/DT other/JJ international/JJ interests/NNS ./. ''/'' | |
| No/DT less/RBR significant/JJ than/IN the/DT Japanese/JJ banks/NNS '/POS attempt/NN to/TO cut/VB off/RP funds/NNS to/TO pressure/VB a/DT foreign/JJ government/NN are/VBP the/DT implications/NNS of/IN a/DT confrontation/NN between/IN Japan/NNP securities/NNS and/CC banking/VBG industries/NNS ./. | |
| Anxiety/NN is/VBZ rising/VBG over/IN recent/JJ government/NN proposals/NNS to/TO eventually/RB lower/VB the/DT strict/JJ barriers/NNS that/WDT now/RB separate/VBP --/: and/CC protect/VBP --/: the/DT two/CD industries/NNS from/IN each/DT other/JJ ./. | |
| Both/DT sides/NNS are/VBP jealously/RB guarding/VBG their/PRP$ turf/NN ,/, and/CC relations/NNS have/VBP been/VBN at/IN a/DT flashpoint/NN for/IN months/NNS ./. | |
| The/DT banks/NNS badly/RB want/VBP to/TO break/VB into/IN all/DT aspects/NNS of/IN the/DT securities/NNS business/NN ./. | |
| Meanwhile/RB ,/, the/DT securities/NNS companies/NNS --/: most/JJS of/IN them/PRP smaller/JJR than/IN the/DT banks/NNS --/: are/VBP seeking/VBG access/NN only/RB to/TO limited/JJ kinds/NNS of/IN banking/NN that/WDT would/MD n't/RB open/VB them/PRP to/TO the/DT full/JJ brunt/NN of/IN competition/NN from/IN the/DT banks/NNS ./. | |
| Nomura/NNP ,/, the/DT world/NN 's/POS biggest/JJS securities/NNS company/NN largely/RB by/IN virtue/NN of/IN its/PRP$ protected/JJ home/NN field/NN ,/, and/CC Industrial/NNP Bank/NNP of/IN Japan/NNP ,/, Japan/NNP 's/POS most/RBS innovative/JJ and/CC aggressive/JJ bank/NN in/IN capital/NN markets/NNS abroad/RB ,/, captain/VBP the/DT opposing/VBG sides/NNS ./. | |
| And/CC their/PRP$ suspicions/NNS of/IN each/DT other/JJ run/VBP deep/RB ./. | |
| In/IN the/DT past/JJ year/NN ,/, both/DT have/VBP tried/VBN to/TO stretch/VB the/DT limits/NNS of/IN their/PRP$ businesses/NNS ./. | |
| Nomura/NNP started/VBD a/DT credit-card/NN venture/NN with/IN American/NNP Express/NNP Co./NNP that/WDT allowed/VBD cardholders/NNS to/TO use/VB their/PRP$ Nomura/NNP securities/NNS accounts/NNS like/IN a/DT bank/NN account/NN ,/, attracting/VBG the/DT wrath/NN of/IN banks/NNS ./. | |
| And/CC Industrial/NNP Bank/NNP of/IN Japan/NNP started/VBD up/RP a/DT London/NNP securities/NNS subsidiary/NN that/WDT sells/VBZ Japanese/JJ stocks/NNS to/TO non-Japanese/JJ institutions/NNS overseas/RB ,/, a/DT move/NN that/WDT stirred/VBD the/DT anger/NN of/IN the/DT stock/NN brokerage/NN firms/NNS ./. | |
| The/DT New/NNP Zealand/NNP bond/NN issue/NN simply/RB has/VBZ brought/VBN the/DT two/CD institutions/NNS face-to-face/RB ./. | |
| ITEL/NNP CORP./NNP reported/VBD third-quarter/JJ earnings/NNS ,/, which/WDT were/VBD mistakenly/RB shown/VBN in/IN the/DT Quarterly/JJ Earnings/NNS Surprises/NNS table/NN in/IN yesterday/NN 's/POS edition/NN to/TO be/VB lower/JJR than/IN the/DT average/NN of/IN analysts/NNS '/POS estimates/NNS ./. | |
| On/IN a/DT pretax/JJ basis/NN ,/, Itel/NNP 's/POS third-quarter/JJ earnings/NNS of/IN 30/CD cents/NNS a/DT share/NN were/VBD actually/RB 7.14/CD %/NN higher/JJR than/IN the/DT average/NN of/IN estimates/NNS ./. | |
| Raymond/NNP E./NNP Ross/NNP ,/, 53/CD years/NNS old/JJ ,/, formerly/RB group/NN vice/NN president/NN ,/, U.S./NNP plastics/NNS machinery/NN ,/, at/IN this/DT machine/NN tool/NN ,/, plastics/NNS machinery/NN and/CC robots/NNS concern/NN ,/, was/VBD named/VBN senior/JJ vice/NN president/NN ,/, industrial/JJ systems/NNS ,/, succeeding/VBG David/NNP A./NN Entrekin/NNP ,/, who/WP resigned/VBD Monday/NNP ./. | |
| John/NNP A./NN Conlon/NNP Jr./NNP ,/, 45/CD ,/, was/VBD named/VBN a/DT managing/VBG director/NN at/IN this/DT investment-banking/JJ company/NN ./. | |
| He/PRP will/MD be/VB in/IN charge/NN of/IN research/NN ,/, equity/NN sales/NNS and/CC trading/NN ,/, and/CC the/DT syndicate/NN operation/NN of/IN Rothschild/NNP ./. | |
| Mr./NNP Conlon/NNP was/VBD executive/NN vice/NN president/NN and/CC director/NN of/IN the/DT equity/NN division/NN of/IN the/DT international/JJ division/NN of/IN Nikko/NNP Securities/NNPS Co/NNP ./. | |
| As/IN Yogi/NNP Berra/NNP might/MD say/VB ,/, it/PRP 's/VBZ deja/NN vu/NN all/RB over/RB again/RB ./. | |
| Crouched/VBN at/IN shortstop/NN ,/, Bert/NNP Campaneris/NNP ,/, once/RB Oakland/NNP 's/POS master/NN thief/NN ,/, effortlessly/RB scoops/VBZ up/RP a/DT groundball/NN and/CC flips/VBZ it/PRP to/TO second/JJ ./. | |
| In/IN the/DT outfield/NN ,/, Paul/NNP Blair/NNP ,/, the/DT Orioles/NNP '/POS eight-time/JJ Gold/NNP Glove/NNP winner/NN ,/, elegantly/RB shags/VBZ a/DT fly/NN ./. | |
| On/IN the/DT mound/NN ,/, former/JJ Red/NNP Sox/NNP great/JJ Luis/NNP Tiant/NNP ,/, the/DT wily/JJ master/NN of/IN 1,001/CD moves/NNS ,/, throws/VBZ an/DT off-speed/JJ strike/NN ./. | |
| ``/`` Babies/NNS ,/, kiddies/NNS ,/, ''/'' growls/VBZ their/PRP$ manager/NN --/: a/DT fellow/NN named/VBN Earl/NNP Weaver/NNP ,/, who/WP ,/, in/IN a/DT different/JJ time/NN ,/, handled/VBD four/CD World/NNP Series/NNP teams/NNS and/CC now/RB handles/VBZ the/DT Gold/NNP Coast/NNP Suns/NNPS ./. | |
| ``/`` Old-time/JJ kiddies/NNS ,/, ''/'' he/PRP says/VBZ ./. | |
| Perhaps/RB ./. | |
| But/CC for/IN the/DT next/JJ few/JJ months/NNS ,/, these/DT boys/NNS of/IN summers/NNS long/JJ past/NN are/VBP going/VBG to/TO be/VB reveling/VBG in/IN an/DT Indian/JJ summer/NN of/IN the/DT soul/NN ./. | |
| Now/RB that/IN the/DT baseball/NN season/NN is/VBZ officially/RB over/RP ,/, you/PRP see/VBP ,/, it/PRP 's/VBZ time/NN for/IN a/DT new/JJ season/NN to/TO begin/VB ./. | |
| Today/NN is/VBZ the/DT debut/NN of/IN the/DT Senior/NNP Professional/NNP Baseball/NNP Association/NNP ,/, a/DT new/JJ eight-team/JJ pro/JJ sports/NNS circuit/NN ,/, modeled/VBN after/IN the/DT highly/RB successful/JJ senior/JJ tennis/NN and/CC golf/NN tours/NNS and/CC complete/JJ with/IN good/JJ salaries/NNS ,/, a/DT cable/NN television/NN contract/NN and/CC even/RB expansion/NN plans/NNS ./. | |
| One/CD hundred/CD and/CC ninety/CD two/CD former/JJ greats/NNS ,/, near/JJ greats/NNS ,/, hardly/RB knowns/NNS and/CC unknowns/NNS begin/VBP a/DT 72-game/JJ ,/, three-month/JJ season/NN in/IN spring-training/NN stadiums/NNS up/RB and/CC down/RB Florida/NNP ./. | |
| For/IN everyone/NN involved/VBN ,/, it/PRP 's/VBZ one/CD more/JJR swig/NN of/IN that/DT elixir/NN of/IN youth/NN ,/, baseball/NN ./. | |
| ``/`` Someone/NN always/RB makes/VBZ you/PRP quit/VB ,/, ''/'' says/VBZ legendary/JJ St./NNP Louis/NNP Cardinals/NNPS centerfielder/NN Curt/NNP Flood/NNP ,/, the/DT league/NN 's/POS commissioner/NN ./. | |
| ``/`` You/PRP feel/VBP you/PRP want/VBP one/CD more/JJR --/: one/NN more/JJR at-bat/NN ,/, one/CD more/JJR hit/NN ,/, one/CD more/JJR game/NN ./. ''/'' | |
| Until/IN the/DT baby-faced/JJ heroes/NNS of/IN today/NN reclaim/VBP these/DT ballparks/NNS for/IN spring/NN training/NN ,/, there/EX is/VBZ one/CD more/JJR ./. | |
| And/CC not/RB just/RB for/IN the/DT players/NNS ./. | |
| It/PRP 's/VBZ one/CD more/JJR for/IN the/DT baseball-loving/JJ lawyers/NNS ,/, accountants/NNS and/CC real/JJ estate/NN developers/NNS who/WP ponied/VBD up/RP about/IN $/$ 1/CD million/CD each/DT for/IN the/DT chance/NN to/TO be/VB an/DT owner/NN ,/, to/TO step/VB into/IN the/DT shoes/NNS of/IN a/DT Gene/NNP Autry/NNP or/CC have/VB a/DT beer/NN with/IN Rollie/NNP Fingers/NNP ./. | |
| ``/`` Nothing/NN can/MD be/VB better/JJR than/IN this/DT ,/, ''/'' says/VBZ Don/NNP Sider/NNP ,/, owner/NN of/IN the/DT West/NNP Palm/NNP Beach/NNP Tropics/NNPS ./. | |
| Early/RB in/IN the/DT morning/NN Mr./NNP Sider/NNP ,/, an/DT estate/NN lawyer/NN ,/, pores/VBZ over/IN last/JJ wills/NNS and/CC testaments/NNS ./. | |
| Midmorning/NN ,/, he/PRP dons/VBZ an/DT orange-and-blue/JJ uniform/NN and/CC ,/, for/IN fun/NN ,/, may/MD field/VB a/DT bunt/NN from/IN Dave/NNP Kingman/NNP ./. | |
| It/PRP 's/VBZ one/CD more/JJR ,/, too/RB ,/, for/IN the/DT fans/NNS who/WP dream/VBP of/IN a/DT season/NN that/WDT never/RB ends/VBZ ./. | |
| ``/`` I/PRP feel/VBP like/IN a/DT little/JJ kid/NN ,/, ''/'' says/VBZ a/DT gleeful/JJ Alex/NNP de/FW Castro/NNP ,/, a/DT car/NN salesman/NN ,/, who/WP has/VBZ stopped/VBN by/RP a/DT workout/NN of/IN the/DT Suns/NNPS to/TO slip/VB six/CD Campaneris/NNP cards/NNS to/TO the/DT Great/JJ Man/NN Himself/PRP to/TO be/VB autographed/VBN ./. | |
| The/DT league/NN 's/POS promoters/NNS hope/VBP retirees/NNS and/CC tourists/NNS will/MD join/VB die-hard/JJ fans/NNS like/IN Mr./NNP de/FW Castro/NNP and/CC pack/VB the/DT stands/NNS to/TO see/VB the/DT seniors/NNS ./. | |
| The/DT league/NN is/VBZ the/DT brainchild/NN of/IN Colorado/NNP real/JJ estate/NN developer/NN James/NNP Morley/NNP --/: once/RB a/DT minor-leaguer/NN himself/PRP --/: who/WP says/VBZ he/PRP had/VBD the/DT idea/NN last/JJ January/NNP while/IN lying/VBG on/IN a/DT beach/NN in/IN Australia/NNP ./. | |
| When/WRB he/PRP sent/VBD letters/NNS offering/VBG 1,250/CD retired/JJ major/JJ leaguers/NNS the/DT chance/NN of/IN another/DT season/NN ,/, 730/CD responded/VBD ./. | |
| Eventually/RB ,/, about/IN 250/CD made/VBD the/DT trip/NN to/TO Florida/NNP to/TO compete/VB for/IN the/DT available/JJ slots/NNS ./. | |
| (/-LRB- Players/NNS have/VBP to/TO be/VB 35/CD or/CC older/JJR ,/, except/IN for/IN catchers/NNS ,/, who/WP are/VBP eligible/JJ at/IN 32/CD because/IN life/NN behind/IN the/DT plate/NN is/VBZ so/RB rough/JJ ./. )/-RRB- | |
| For/IN some/DT players/NNS ,/, the/DT lure/NN is/VBZ money/NN --/: up/RB to/TO $/$ 15,000/CD a/DT month/NN ./. | |
| Others/NNS ,/, just/RB released/VBN from/IN the/DT majors/NNS ,/, hope/VBP the/DT senior/JJ league/NN will/MD be/VB their/PRP$ bridge/NN back/RB into/IN the/DT big-time/JJ ./. | |
| But/CC as/IN they/PRP hurl/VBP fireballs/NNS that/WDT smolder/VBP rather/RB than/IN burn/VBP ,/, and/CC relive/VBP old/JJ duels/NNS in/IN the/DT sun/NN ,/, it/PRP 's/VBZ clear/JJ that/IN most/JJS are/VBP there/RB to/TO make/VB their/PRP$ fans/NNS cheer/VB again/RB or/CC recapture/VB the/DT camaraderie/NN of/IN seasons/NNS past/JJ or/CC prove/VB to/TO themselves/PRP and/CC their/PRP$ colleagues/NNS that/IN they/PRP still/RB have/VBP it/PRP --/: or/CC something/NN close/RB to/TO it/PRP ./. | |
| ``/`` My/PRP$ fastball/NN is/VBZ good/JJ ./. | |
| Real/RB good/JJ ,/, ''/'' says/VBZ 39-year-old/JJ Pete/NNP Broberg/NNP ,/, working/VBG in/IN the/DT midday/NN heat/NN of/IN the/DT Tropics/NNPS camp/NN ./. | |
| Mr./NNP Broberg/NNP ,/, who/WP started/VBD with/IN the/DT now-defunct/JJ Washington/NNP Senators/NNPS ,/, says/VBZ that/IN when/WRB he/PRP left/VBD baseball/NN in/IN 1978/CD ,/, he/PRP ``/`` never/RB looked/VBD back/RB ./. ''/'' | |
| For/IN a/DT long/JJ time/NN ,/, he/PRP ignored/VBD baseball/NN altogether/RB ,/, even/RB the/DT sports/NNS pages/NNS ./. | |
| Now/RB Mr./NNP Broberg/NNP ,/, a/DT lawyer/NN ,/, claims/VBZ he/PRP 'd/MD play/VB for/IN free/RB ./. | |
| ``/`` You/PRP ca/MD n't/RB give/VB it/PRP up/RP that/IN easily/RB ,/, ''/'' he/PRP says/VBZ ./. | |
| ``/`` I/PRP tried/VBD ./. ''/'' | |
| The/DT nagging/JJ memory/NN of/IN one/CD afternoon/NN fourteen/CD years/NNS ago/RB drove/VBD Jim/NNP Gideon/NNP ,/, a/DT lean/JJ 36-year-old/JJ righthander/NN to/TO take/VB a/DT four-month/JJ leave/NN from/IN selling/VBG insurance/NN in/IN Texas/NNP to/TO try/VB out/RP for/IN Mr./NNP Weaver/NNP 's/POS team/NN ./. | |
| ``/`` It/PRP does/VBZ n't/RB replace/VB pitching/VBG in/IN the/DT majors/NNS ,/, but/CC it/PRP proves/VBZ to/TO me/PRP that/IN I/PRP would/MD have/VB been/VBN able/JJ to/TO play/VB if/IN I/PRP 'd/MD stayed/VBN healthy/JJ ,/, ''/'' he/PRP says/VBZ ./. | |
| Back/RB in/IN 1975/CD ,/, late/RB in/IN the/DT season/NN ,/, a/DT then-21/JJ Mr./NNP Gideon/NNP made/VBD his/PRP$ only/JJ major/JJ league/NN appearance/NN ,/, five/CD and/CC two-thirds/NNS innings/NN for/IN the/DT Texas/NNP Rangers/NNPS against/IN the/DT Chicago/NNP White/NNP Sox/NNPS ./. | |
| He/PRP gave/VBD up/RP seven/CD hits/NNS ,/, walked/VBD five/CD and/CC did/VBD n't/RB get/VB a/DT decision/NN ./. | |
| Arm/NN troubles/NNS forced/VBD him/PRP back/RB to/TO the/DT minors/NNS the/DT next/JJ year/NN ./. | |
| ``/`` There/EX 's/VBZ a/DT satisfaction/NN in/IN going/VBG against/IN the/DT rules/NNS ,/, ''/'' offers/VBZ Will/NNP McEnaney/NNP ,/, once/RB a/DT stopper/NN with/IN Cincinnati/NNP 's/POS Big/JJ Red/JJ Machine/NN ./. | |
| He/PRP means/VBZ the/DT rule/NN that/IN a/DT player/NN ca/MD n't/RB cut/VB it/PRP after/IN a/DT certain/JJ age/NN ./. | |
| These/DT days/NNS he/PRP hustles/VBZ to/TO house-painting/JJ jobs/NNS in/IN his/PRP$ Chevy/NNP pickup/NN before/IN and/CC after/IN training/NN with/IN the/DT Tropics/NNPS ./. | |
| While/IN sipping/VBG a/DT beer/NN after/IN practice/NN ,/, he/PRP vividly/RB recounts/VBZ getting/VBG the/DT Red/NNP Sox/NNPS 's/POS Carl/NNP Yastrzemski/NNP to/TO pop/VB out/RB to/TO end/VB the/DT 1975/CD World/NNP Series/NNP ,/, and/CC repeating/VBG the/DT feat/NN against/IN the/DT Yankees/NNPS '/POS Roy/NNP White/NNP in/IN 1976/CD ./. | |
| Some/DT of/IN the/DT game/NN 's/POS reigning/VBG philosophers/NNS dislike/VBP the/DT idea/NN of/IN middle-aged/JJ men/NNS attempting/VBG a/DT young/JJ man/NN 's/POS sport/NN ./. | |
| ``/`` I/PRP personally/RB do/VBP n't/RB enjoy/VB seeing/VBG players/NNS who/WP I/PRP remember/VBP vividly/RB from/IN their/PRP$ playing/JJ days/NNS running/VBG about/RB and/CC being/VBG gallant/JJ about/IN their/PRP$ deficiencies/NNS ,/, ''/'' says/VBZ Roger/NNP Angell/NNP ,/, New/NNP Yorker/NNP magazine/NN 's/POS resident/JJ baseball/NN sage/NN ./. | |
| ``/`` I/PRP feel/VBP people/NNS should/MD be/VB allowed/VBN to/TO remember/VB players/NNS as/IN they/PRP were/VBD ./. ''/'' | |
| Worse/JJR ,/, says/VBZ baseball/NN author/NN Lawrence/NNP Ritter/NNP ,/, ``/`` Someone/NN will/MD get/VB a/DT heart/NN attack/NN and/CC that/DT will/MD be/VB the/DT end/NN of/IN the/DT whole/JJ story/NN ./. ''/'' | |
| But/CC the/DT ballplayers/NNS disagree/VBP ./. | |
| Most/JJS are/VBP trim/JJ ./. | |
| Some/DT have/VBP been/VBN training/VBG for/IN months/NNS ;/: others/NNS only/RB recently/RB left/VBD active/JJ status/NN ./. | |
| (/-LRB- No/DT one/NN has/VBZ worked/VBN out/RP the/DT players/NNS '/POS average/NN age/NN ,/, but/CC most/JJS appear/VB to/TO be/VB in/IN their/PRP$ late/JJ 30s/NNS ./. )/-RRB- | |
| And/CC there/EX 's/VBZ pride/NN ./. | |
| ``/`` I/PRP 'm/VBP not/RB going/VBG to/TO look/VB stupid/JJ ,/, ''/'' vows/VBZ former/JJ Pittsburgh/NNP Pirate/NNP second/JJ baseman/NN Rennie/NNP Stennett/NNP ,/, sweat/NN dotting/VBG his/PRP$ brow/NN as/IN he/PRP prepares/VBZ for/IN some/DT practice/NN swings/NNS ./. | |
| ``/`` It/PRP 's/VBZ going/VBG to/TO be/VB a/DT tough/JJ league/NN ,/, ''/'' promises/VBZ the/DT 47-year-old/JJ Mr./NNP Campaneris/NNP ./. | |
| ``/`` There/EX will/MD be/VB a/DT lot/NN of/IN malice/NN ./. ''/'' | |
| Men/NNS who/WP have/VBP played/VBN hard/RB all/DT their/PRP$ lives/NNS are/VBP n't/RB about/IN to/TO change/VB their/PRP$ habits/NNS ,/, he/PRP says/VBZ ./. | |
| Nonetheless/RB ,/, one/PRP ca/MD n't/RB help/VB wonder/VB whether/IN the/DT game/NN will/MD be/VB just/RB a/DT little/JJ bit/NN slower/JJR ./. | |
| At/IN the/DT weatherbeaten/JJ Pompano/NNP Beach/NNP municipal/JJ stadium/NN ,/, Mr./NNP Blair/NNP ,/, the/DT 45-year-old/JJ former/JJ Oriole/NNP ,/, knows/VBZ his/PRP$ power/NN is/VBZ n't/RB what/WP it/PRP used/VBD to/TO be/VB ./. | |
| So/RB he/PRP adjusts/VBZ ./. | |
| He/PRP no/RB longer/RBR crowds/VBZ the/DT plate/NN ./. | |
| He/PRP 's/VBZ not/RB thinking/VBG about/IN home/NN runs/NNS anymore/RB ,/, just/RB base/NN hits/NNS ./. | |
| Still/RB ,/, ``/`` how/WRB sweet/JJ it/PRP is/VBZ ,/, ''/'' he/PRP says/VBZ ,/, savoring/VBG the/DT fat/JJ sound/NN of/IN the/DT well-hit/JJ line/NN drive/NN that/IN bounces/VBZ off/RB the/DT center/JJ field/NN wall/NN ./. | |
| And/CC do/VBP n't/RB expect/VB many/JJ complete/JJ games/NNS by/IN pitchers/NNS --/: perhaps/RB three/CD out/IN of/IN 288/CD ,/, laughs/VBZ Mr./NNP Fingers/NNP ,/, the/DT former/JJ Oakland/NNP reliever/NN ./. | |
| Expect/VB ``/`` tricky/JJ ''/'' stuff/NN from/IN pitchers/NNS ,/, says/VBZ Mr./NNP Weaver/NNP ,/, the/DT manager/NN ./. | |
| Expect/VB brushbacks/NNS but/CC no/DT beanballs/NNS ,/, says/VBZ Mr./NNP McEnaney/NNP ./. | |
| Even/RB expect/VB stolen/VBN bases/NNS ,/, says/VBZ the/DT wiry/JJ and/CC fit/JJ Mr./NNP Campaneris/NNP :/: ``/`` If/IN you/PRP know/VBP how/WRB to/TO slide/VB ,/, it/PRP 's/VBZ no/DT problem/NN ,/, ''/'' he/PRP says/VBZ ./. | |
| And/CC expect/VB slower/JJR fastballs/NNS ./. | |
| ``/`` I/PRP 'm/VBP not/RB so/RB young/JJ anymore/RB ,/, ''/'' concedes/VBZ the/DT cigar-chomping/JJ ,/, 48-year-old/JJ Mr./NNP Tiant/NNP ./. | |
| ``/`` I/PRP wo/MD n't/RB be/VB throwing/VBG 90/CD mph/NN ,/, but/CC I/PRP will/MD throw/VB 80-plus/JJ ,/, ''/'' he/PRP says/VBZ ./. | |
| White-haired/JJ Pedro/NNP Ramos/NNP ,/, at/IN 54/CD the/DT league/NN 's/POS oldest/JJS player/NN and/CC a/DT pitcher-coach/NN with/IN the/DT Suns/NNPS ,/, has/VBZ lost/VBN even/RB more/JJR speed/NN ./. | |
| Stuffing/VBG a/DT wad/NN of/IN Red/NNP Man/NN into/IN his/PRP$ cheek/NN ,/, he/PRP admits/VBZ the/DT fastball/NN he/PRP brought/VBD into/IN the/DT majors/NNS in/IN 1955/CD has/VBZ become/VBN a/DT slowball/NN ./. | |
| Its/PRP$ maximum/JJ velocity/NN is/VBZ 72/CD mph/NN ./. | |
| But/CC he/PRP is/VBZ n't/RB worried/JJ ./. | |
| He/PRP will/MD compensate/VB with/IN the/DT guile/NN learned/VBN from/IN his/PRP$ years/NNS in/IN the/DT majors/NNS ./. | |
| He/PRP has/VBZ good/JJ control/NN ./. | |
| He/PRP will/MD keep/VB the/DT ball/NN down/RP ,/, move/VB it/PRP around/RB ./. | |
| After/IN all/DT ,/, he/PRP says/VBZ ,/, ``/`` Even/RB to/TO make/VB love/VB ,/, you/PRP need/VBP experience/VB ./. | |
| Alltel/NNP Corp./NNP said/VBD it/PRP will/MD acquire/VB the/DT 55/CD %/NN of/IN Pond/NNP Branch/NNP Telephone/NNP Company/NNP Inc./NNP 's/POS cellular/JJ franchise/NN that/IN it/PRP does/VBZ n't/RB own/VB already/RB ./. | |
| Terms/NNS were/VBD n't/RB disclosed/VBN ./. | |
| Alltel/NNP holds/VBZ 45/CD %/NN of/IN the/DT franchise/NN ,/, which/WDT has/VBZ operations/NNS in/IN Aiken/NNP ,/, S.C./NNP ,/, and/CC Augusta/NNP ,/, Ga/NNP ./. | |
| Alltel/NNP ,/, which/WDT provides/VBZ local/JJ telephone/NN service/NN in/IN 25/CD states/NNS ,/, said/VBD it/PRP exercised/VBD its/PRP$ right/NN of/IN first/JJ refusal/NN following/VBG an/DT offer/NN from/IN an/DT undisclosed/JJ third/JJ party/NN to/TO acquire/VB the/DT majority/NN position/NN in/IN the/DT franchise/NN ./. | |
| Stewart/NNP &/SYM Stevenson/NNP Services/NNPS Inc./NNP said/VBD it/PRP received/VBD two/CD contracts/NNS totaling/VBG $/$ 19/CD million/CD to/TO build/VB gas-turbine/JJ generators/NNS ./. | |
| The/DT separate/JJ contracts/NNS were/VBD from/IN Paragould/NNP Light/NNP &/CC Water/NNP Commission/NNP ,/, a/DT utility/NN in/IN Paragould/NNP ,/, Ark./NNP ,/, and/CC PSE/NNP Inc./NNP ,/, a/DT cogeneration-plant/NN operator/NN in/IN Houston/NNP ./. | |
| Stewart/NNP &/CC Stevenson/NNP makes/VBZ equipment/NN powered/VBN with/IN diesel/NN and/CC gas/NN turbines/NNS ./. | |
| Liberty/NNP National/NNP Bancorp/NNP said/VBD its/PRP$ acquisition/NN of/IN Florence/NNP Deposit/NNP Bank/NNP ,/, Florence/NNP ,/, Ky./NNP ,/, first/RB announced/VBN in/IN April/NNP ,/, has/VBZ been/VBN completed/VBN in/IN a/DT transaction/NN valued/VBN at/IN $/$ 13.1/CD million/CD ./. | |
| Liberty/NNP National/NNP exchanged/VBD about/IN 78.64/CD shares/NNS of/IN its/PRP$ common/JJ stock/NN for/IN each/DT of/IN Florence/NNP Deposit/NNP 's/POS 5,600/CD shares/NNS outstanding/JJ ./. | |
| Liberty/NNP National/NNP ,/, a/DT bank/NN holding/VBG company/NN ,/, has/VBZ assets/NNS exceeding/VBG $/$ 3/CD billion/CD ./. | |
| Hani/NNP Zayadi/NNP was/VBD appointed/VBN president/NN and/CC chief/JJ executive/NN officer/NN of/IN this/DT financially/RB troubled/JJ department/NN store/NN chain/NN ,/, effective/JJ Nov./NNP 15/CD ,/, succeeding/VBG Frank/NNP Robertson/NNP ,/, who/WP is/VBZ retiring/VBG early/RB ./. | |
| Mr./NNP Zayadi/NNP was/VBD previously/RB president/NN and/CC chief/JJ operating/VBG officer/NN of/IN Zellers/NNP Inc./NNP ,/, a/DT retail/JJ chain/NN that/WDT is/VBZ owned/VBN by/IN Toronto-based/JJ Hudson/NNP 's/POS Bay/NNP Co./NNP ,/, Canada/NNP 's/POS largest/JJS department/NN store/NN operator/NN ./. | |
| Tuesday/NNP ,/, October/NNP 31/CD ,/, 1989/CD | |
| The/DT key/JJ U.S./NNP and/CC foreign/JJ annual/JJ interest/NN rates/NNS below/RB are/VBP a/DT guide/NN to/TO general/JJ levels/NNS but/CC do/VBP n't/RB always/RB represent/VB actual/JJ transactions/NNS ./. | |
| PRIME/JJ RATE/NN :/: 10/CD 1/2/CD %/NN ./. | |
| The/DT base/JJ rate/NN on/IN corporate/JJ loans/NNS at/IN large/JJ U.S./NNP money/NN center/NN commercial/JJ banks/NNS ./. | |
| FEDERAL/JJ FUNDS/NNS :/: 9/CD %/NN high/JJ ,/, 8/CD 13/16/CD %/NN low/JJ ,/, 8/CD 7/8/CD %/NN near/IN closing/NN bid/NN ,/, 8/CD 15/16/CD %/NN offered/VBN ./. | |
| Reserves/NNS traded/VBD 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- U.S.A/NNP ./. )/-RRB- Inc/NNP ./. | |
| DISCOUNT/NN RATE/NN :/: 7/CD %/NN ./. | |
| The/DT charge/NN on/IN loans/NNS to/TO depository/NN institutions/NNS by/IN the/DT New/NNP York/NNP Federal/NNP Reserve/NNP Bank/NNP ./. | |
| CALL/JJ MONEY/NN :/: 9/CD 3/4/CD %/NN to/TO 10/CD %/NN ./. | |
| The/DT charge/NN on/IN loans/NNS to/TO brokers/NNS on/IN stock/NN exchange/NN collateral/NN ./. | |
| COMMERCIAL/JJ PAPER/NN placed/VBN directly/RB by/IN General/NNP Motors/NNPS Acceptance/NNP Corp./NNP :/: 8.55/CD %/NN 30/CD to/TO 44/CD days/NNS ;/: 8.25/CD %/NN 45/CD to/TO 59/CD days/NNS ;/: 8.40/CD %/NN 60/CD to/TO 89/CD days/NNS ;/: 8/CD %/NN 90/CD to/TO 119/CD days/NNS ;/: 7.90/CD %/NN 120/CD to/TO 149/CD days/NNS ;/: 7.80/CD %/NN 150/CD to/TO 179/CD days/NNS ;/: 7.55/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 :/: 8.62/CD %/NN 30/CD days/NNS ;/: 8.55/CD %/NN 60/CD days/NNS ;/: 8.45/CD %/NN 90/CD days/NNS ./. | |
| CERTIFICATES/NNS OF/IN DEPOSIT/NN :/: 8.09/CD %/NN one/CD month/NN ;/: 8.04/CD %/NN two/CD months/NNS ;/: 8.03/CD %/NN three/CD months/NNS ;/: 7.96/CD %/NN six/CD months/NNS ;/: 7.92/CD %/NN one/CD year/NN ./. | |
| Average/JJ of/IN top/JJ rates/NNS paid/VBN by/IN major/JJ New/NNP York/NNP banks/NNS on/IN primary/JJ new/JJ issues/NNS of/IN negotiable/JJ C.D.s/NNPS ,/, usually/RB on/IN amounts/NNS of/IN $/$ 1/CD million/CD and/CC more/JJR ./. | |
| The/DT minimum/JJ unit/NN is/VBZ $/$ 100,000/CD ./. | |
| Typical/JJ rates/NNS in/IN the/DT secondary/JJ market/NN :/: 8.53/CD %/NN one/CD month/NN ;/: 8.50/CD %/NN three/CD months/NNS ;/: 8.30/CD %/NN six/CD months/NNS ./. | |
| BANKERS/NNS ACCEPTANCES/NNS :/: 8.49/CD %/NN 30/CD days/NNS ;/: 8.44/CD %/NN 60/CD days/NNS ;/: 8.27/CD %/NN 90/CD days/NNS ;/: 8.12/CD %/NN 120/CD days/NNS ;/: 8.05/CD %/NN 150/CD days/NNS ;/: 7.98/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 3/4/CD %/NN to/TO 8/CD 5/8/CD %/NN one/CD month/NN ;/: 8/CD 3/4/CD %/NN to/TO 8/CD 5/8/CD %/NN two/CD months/NNS ;/: 8/CD 11/16/CD %/NN to/TO 8/CD 9/16/CD %/NN three/CD months/NNS ;/: 8/CD 9/16/CD %/NN to/TO 8/CD 7/16/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 7/16/CD %/NN to/TO 8/CD 5/16/CD %/NN six/CD months/NNS ./. | |
| LONDON/NNP INTERBANK/NNP OFFERED/NNP RATES/NNPS (/-LRB- LIBOR/NNP )/-RRB- :/: 8/CD 3/4/CD %/NN one/CD month/NN ;/: 8/CD 11/16/CD %/NN three/CD months/NNS ;/: 8/CD 7/16/CD %/NN six/CD months/NNS ;/: 8/CD 7/16/CD %/NN one/CD year/NN ./. | |
| The/DT average/NN of/IN interbank/NN offered/JJ rates/NNS for/IN dollar/NN deposits/NNS in/IN the/DT London/NNP market/NN based/VBN on/IN quotations/NNS at/IN five/CD major/JJ banks/NNS ./. | |
| FOREIGN/JJ PRIME/JJ RATES/NNS :/: Canada/NNP 13.50/CD %/NN ;/: Germany/NNP 9/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/JJ practices/NNS vary/VBP widely/RB by/IN location/NN ./. | |
| TREASURY/NN BILLS/NNS :/: Results/NNS of/IN the/DT Monday/NNP ,/, October/NNP 30/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/JJ value/NN in/IN units/NNS of/IN $/$ 10,000/CD to/TO $/$ 1/CD million/CD :/: 7.78/CD %/NN 13/CD weeks/NNS ;/: 7.62/CD %/NN 26/CD weeks/NNS ./. | |
| FEDERAL/NNP HOME/NNP LOAN/NNP MORTGAGE/NNP CORP/NNP ./. (/-LRB- Freddie/NNP Mac/NNP )/-RRB- :/: Posted/VBN yields/NNS on/IN 30-year/JJ mortgage/NN commitments/NNS for/IN delivery/NN within/IN 30/CD days/NNS ./. | |
| 9.78/CD %/NN ,/, standard/JJ conventional/JJ fixed-rate/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/NNPS Inc/NNP ./. | |
| FEDERAL/NNP NATIONAL/NNP MORTGAGE/NNP ASSOCIATION/NNP (/-LRB- Fannie/NNP Mae/NNP )/-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- priced/VBN at/IN par/JJ )/-RRB- 9.75/CD %/NN ,/, standard/JJ conventional/JJ fixed-rate/JJ mortgages/NNS ;/: 8.75/CD %/NN ,/, 6/2/CD rate/NN capped/VBD one-year/JJ adjustable/JJ rate/NN mortgages/NNS ./. | |
| Source/NN :/: Telerate/NNP Systems/NNPS Inc/NNP ./. | |
| MERRILL/NNP LYNCH/NNP READY/NNP ASSETS/NNPS TRUST/NNP :/: 8.63/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 ./. | |
| Canada/NNP 's/POS gross/JJ domestic/JJ product/NN rose/VBD an/DT inflation-adjusted/JJ 0.3/CD %/NN in/IN August/NNP ,/, mainly/RB as/IN a/DT result/NN of/IN service-industry/NN growth/NN ,/, Statistics/NNPS Canada/NNP ,/, a/DT federal/JJ agency/NN ,/, said/VBD ./. | |
| The/DT August/NNP GDP/NNP was/VBD up/RB 2.4/CD %/NN from/IN its/PRP$ year-earlier/JJ level/NN ./. | |
| GDP/NNP is/VBZ the/DT total/JJ value/NN of/IN a/DT nation/NN 's/POS output/NN of/IN goods/NNS and/CC services/NNS ./. | |
| Statistics/NNPS Canada/NNP said/VBD service-industry/NN output/NN in/IN August/NNP rose/VBD 0.4/CD %/NN from/IN July/NNP ./. | |
| Output/NN of/IN goods-producing/JJ industries/NNS increased/VBD 0.1/CD %/NN ./. | |
| Separately/RB ,/, Statistics/NNPS Canada/NNP reported/VBD that/DT its/PRP$ industrial-product/NN price/NN index/NN dropped/VBD 0.2/CD %/NN in/IN September/NNP ,/, its/PRP$ third/JJ consecutive/JJ monthly/JJ decline/NN ./. | |
| It/PRP also/RB reported/VBD a/DT 2.6/CD %/NN decline/NN in/IN its/PRP$ raw-materials/NNS price/NN index/NN for/IN September/NNP ./. | |
| Columbia/NNP Pictures/NNPS Entertainment/NNP Inc./NNP was/VBD dropped/VBN ,/, effective/JJ today/NN ,/, from/IN the/DT recreational/JJ products/NNS and/CC services/NNS industry/NN group/NN of/IN the/DT Dow/NNP Jones/NNP Equity/NNP Market/NNP Index/NNP ./. | |
| Columbia/NNP Pictures/NNPS is/VBZ being/VBG acquired/VBN by/IN Sony/NNP Corp./NNP ,/, which/WDT is/VBZ based/VBN in/IN Japan/NNP ./. | |
| People/NNPS 's/POS Savings/NNPS Financial/NNP Corp./NNP said/VBD it/PRP will/MD buy/VB back/RB as/RB much/JJ as/IN 10/CD %/NN of/IN its/PRP$ 2.4/CD million/CD shares/NNS outstanding/JJ because/IN the/DT stock/NN is/VBZ undervalued/VBN ./. | |
| The/DT holding/VBG company/NN said/VBD it/PRP has/VBZ been/VBN ``/`` unfairly/RB associated/VBN ''/'' with/IN other/JJ banks/NNS in/IN New/NNP England/NNP that/WDT have/VBP had/VBN major/JJ loan/NN losses/NNS in/IN recent/JJ quarters/NNS ./. | |
| The/DT company/NN said/VBD its/PRP$ People/NNPS 's/POS Savings/NNPS Bank/NNP unit/NN does/VBZ n't/RB have/VB a/DT ``/`` large/JJ exposure/NN to/TO construction/NN and/CC commercial/JJ loans/NNS that/WDT have/VBP caused/VBN the/DT loan-loss/JJ problems/NNS in/IN many/JJ of/IN the/DT banks/NNS ./. | |
| A/DT seat/NN on/IN the/DT Chicago/NNP Mercantile/NNP Exchange/NNP was/VBD sold/VBN for/IN $/$ 410,000/CD ,/, down/RB $/$ 6,000/CD from/IN the/DT previous/JJ sale/NN Oct/NNP ./. | |
| Seats/NNS currently/RB are/VBP quoted/VBN at/IN $/$ 400,000/CD bid/NN ,/, $/$ 425,000/CD asked/VBN ./. | |
| The/DT record/NN price/NN for/IN a/DT full/JJ membership/NN on/IN the/DT exchange/NN is/VBZ $/$ 550,000/CD ,/, set/VBN March/NNP 9/CD ./. | |
| In/IN a/DT surprise/NN move/NN ,/, the/DT British/JJ government/NN cleared/VBD the/DT way/NN for/IN a/DT bidding/JJ war/NN for/IN Jaguar/NNP PLC/NNP by/IN agreeing/VBG to/TO remove/VB an/DT obstacle/NN to/TO a/DT takeover/NN of/IN the/DT auto/NN maker/NN ./. | |
| Trade/NNP and/CC Industry/NNP Secretary/NNP Nicholas/NNP Ridley/NNP told/VBD the/DT House/NNP of/IN Commons/NNPS yesterday/NN that/IN he/PRP will/MD relinquish/VB the/DT government/NN 's/POS so-called/JJ golden/JJ share/NN in/IN the/DT company/NN as/RB long/RB as/IN Jaguar/NNP shareholders/NNS agree/VBP ./. | |
| The/DT golden/JJ share/NN restricts/VBZ any/DT individual/JJ holding/NN to/TO 15/CD %/NN and/CC expires/VBZ at/IN the/DT end/NN of/IN 1990/CD ./. | |
| It/PRP was/VBD in/IN Jaguar/NNP 's/POS best/JJS interests/NNS ``/`` for/IN the/DT company/NN 's/POS future/NN to/TO be/VB assured/VBN and/CC the/DT present/JJ climate/NN of/IN uncertainty/NN resolved/VBN as/RB quickly/RB as/IN possible/JJ ,/, ''/'' Mr./NNP Ridley/NNP said/VBD ./. | |
| Mr./NNP Ridley/NNP 's/POS decision/NN fires/VBZ the/DT starting/JJ pistol/NN for/IN perhaps/RB a/DT costly/JJ contest/NN between/IN the/DT world/NN 's/POS auto/NN giants/NNS for/IN Britain/NNP 's/POS leading/JJ luxury-car/NN maker/NN ./. | |
| Both/DT General/NNP Motors/NNPS Corp./NNP and/CC Ford/NNP Motor/NNP Co./NNP have/VBP been/VBN trying/VBG to/TO amass/VB 15/CD %/JJ stakes/NNS in/IN Jaguar/NNP ./. | |
| Ford/NNP ,/, which/WDT already/RB has/VBZ an/DT unwelcome/JJ 13.2/CD %/NN holding/NN ,/, is/VBZ prepared/JJ to/TO bid/VB for/IN the/DT entire/JJ company/NN and/CC had/VBD lobbied/VBN the/DT government/NN to/TO lift/VB the/DT takeover/NN restrictions/NNS early/RB ./. | |
| GM/NNP has/VBZ been/VBN negotiating/VBG a/DT friendly/JJ transaction/NN with/IN Jaguar/NNP that/WDT likely/RB would/MD involve/VB joint/JJ ventures/NNS and/CC an/DT eventual/JJ stake/NN of/IN just/RB under/IN 30/CD %/NN ./. | |
| But/CC the/DT government/NN 's/POS action/NN ,/, which/WDT caught/VBD Jaguar/NNP management/NN flat-footed/RB ,/, may/MD scuttle/VB the/DT GM/NNP minority/NN deal/NN by/IN forcing/VBG it/PRP to/TO fight/VB for/IN all/DT of/IN Jaguar/NNP ./. | |
| ``/`` I/PRP ca/MD n't/RB believe/VB they/PRP (/-LRB- GM/NNP )/-RRB- will/MD let/VB Ford/NNP have/VB a/DT free/JJ run/NN ,/, ''/'' said/VBD Stephen/NNP Reitman/NNP ,/, a/DT European/JJ auto/NN industry/NN analyst/NN at/IN UBS-Phillips/NNP &/CC Drew/NNP ./. | |
| ``/`` I/PRP am/VBP sure/JJ they/PRP will/MD be/VB going/VBG for/IN a/DT full/JJ bid/NN ./. ''/'' | |
| Many/JJ investors/NNS certainly/RB believe/VBP a/DT bidding/JJ war/NN is/VBZ imminent/JJ ./. | |
| Jaguar/NNP shares/NNS skyrocketed/VBD yesterday/NN after/IN Mr./NNP Ridley/NNP 's/POS announcement/NN ,/, following/VBG their/PRP$ temporary/JJ suspension/NN on/IN London/NNP 's/POS Stock/NNP Exchange/NNP ./. | |
| In/IN late/JJ trading/NN ,/, the/DT shares/NNS were/VBD up/RB a/DT whopping/JJ 122/CD pence/NN (/-LRB- $/$ 1.93/CD )/-RRB- --/: a/DT 16.3/CD %/NN gain/NN --/: to/TO a/DT record/NN 869/CD pence/NN on/IN very/RB heavy/JJ volume/NN of/IN 9.7/CD million/CD shares/NNS ./. | |
| In/IN the/DT U.S./NNP over-the-counter/JJ market/NN ,/, Jaguar/NNP shares/NNS trading/VBG as/IN American/NNP Depositary/NNP Receipts/NNPS closed/VBD at/IN $/$ 13.625/CD ,/, up/RB $/$ 1.75/CD ./. | |
| Analysts/NNS expect/VBP Ford/NNP will/MD make/VB the/DT first/JJ move/NN ,/, perhaps/RB today/NN ,/, with/IN an/DT initial/JJ offer/NN of/IN about/IN 900/CD pence/NN (/-LRB- $/$ 14.25/CD )/-RRB- a/DT share/NN ./. | |
| Such/JJ a/DT proposal/NN values/VBZ Jaguar/NNP at/IN more/JJR than/IN #/# 1.6/CD billion/CD (/-LRB- $/$ 2.53/CD billion/CD )/-RRB- ./. | |
| Speculation/NN about/IN a/DT takeover/NN fight/NN has/VBZ sent/VBN Jaguar/NNP shares/NNS soaring/VBG in/IN the/DT past/JJ six/CD weeks/NNS ./. | |
| The/DT share/NN price/NN was/VBD languishing/VBG at/IN about/IN 400/CD pence/NN before/IN Ford/NNP 's/POS Sept./NNP 19/CD announcement/NN of/IN its/PRP$ interest/NN in/IN a/DT minority/NN stake/NN ./. | |
| Ford/NNP is/VBZ ``/`` in/IN the/DT driving/JJ seat/NN at/IN the/DT moment/NN ,/, ''/'' observed/VBD Bob/NNP Barber/NNP ,/, an/DT auto/NN analyst/NN at/IN brokers/NNS James/NNP Capel/NNP &/CC Co/NNP ./. | |
| An/DT aggressive/JJ Ford/NNP bid/NN for/IN Jaguar/NNP would/MD put/VB pressure/NN on/IN GM/NNP to/TO make/VB a/DT better/JJR offer/NN as/IN the/DT British/JJ company/NN 's/POS ``/`` white/JJ knight/NN ./. ''/'' | |
| Such/JJ a/DT countermove/NN could/MD end/VB Jaguar/NNP 's/POS hopes/NNS for/IN remaining/VBG independent/JJ and/CC British-owned/JJ ./. | |
| But/CC it/PRP is/VBZ n't/RB clear/JJ how/WRB long/JJ GM/NNP would/MD be/VB willing/JJ to/TO fight/VB Ford/NNP for/IN Jaguar/NNP ./. | |
| Because/IN of/IN their/PRP$ longstanding/JJ rivalry/NN ,/, GM/NNP just/RB ``/`` wants/VBZ to/TO make/VB sure/JJ Ford/NNP pays/VBZ a/DT huge/JJ packet/NN for/IN (/-LRB- Jaguar/NNP )/-RRB- ,/, ''/'' said/VBD John/NNP Lawson/NNP ,/, an/DT auto/NN analyst/NN at/IN London/NNP 's/POS Nomura/NNP Research/NNP Institute/NNP ./. | |
| People/NNS close/RB to/TO the/DT GM-Jaguar/JJ talks/NNS agreed/VBD that/IN Ford/NNP now/RB may/MD be/VB able/JJ to/TO shut/VB out/RP General/NNP Motors/NNPS ./. | |
| ``/`` It/PRP 's/VBZ either/CC going/VBG to/TO be/VB a/DT shootout/NN ,/, or/CC there/EX only/RB may/MD be/VB one/CD player/NN in/IN town/NN ,/, ''/'' one/CD person/NN said/VBD ./. | |
| Another/DT person/NN close/JJ to/TO the/DT talks/NNS said/VBD ,/, ``/`` It/PRP is/VBZ very/RB hard/JJ to/TO justify/VB paying/VBG a/DT silly/JJ price/NN for/IN Jaguar/NNP if/IN an/DT out-and-out/JJ bidding/JJ war/NN were/VBD to/TO start/VB now/RB ./. ''/'' | |
| In/IN a/DT statement/NN ,/, Jaguar/NNP 's/POS board/NN said/VBD they/PRP ``/`` were/VBD not/RB consulted/VBN about/IN the/DT (/-LRB- Ridley/NNP decision/NN )/-RRB- in/IN advance/NN and/CC were/VBD surprised/VBN at/IN the/DT action/NN taken/VBN ./. ''/'' | |
| The/DT statement/NN emphasized/VBD that/IN holders/NNS representing/VBG 75/CD %/NN of/IN the/DT shares/NNS voting/VBG at/IN a/DT special/JJ shareholders/NNS '/POS meeting/NN must/MD agree/VB to/TO lift/VB the/DT takeover/NN restrictions/NNS ./. | |
| Jaguar/NNP officials/NNS in/IN the/DT U.S./NNP noted/VBD that/IN Ford/NNP ,/, as/IN Jaguar/NNP 's/POS largest/JJS shareholder/NN ,/, now/RB has/VBZ the/DT power/NN to/TO call/VB for/IN such/JJ a/DT meeting/NN ./. | |
| U.S./NNP auto/NN analysts/NNS also/RB noted/VBD that/IN Ford/NNP is/VBZ in/IN the/DT best/JJS position/NN to/TO benefit/VB from/IN the/DT large/JJ number/NN of/IN Jaguar/NNP shares/NNS that/WDT have/VBP moved/VBN over/IN the/DT past/JJ month/NN into/IN the/DT hands/NNS of/IN arbitragers/NNS waiting/VBG for/IN the/DT highest/JJS takeover/NN bid/NN ./. | |
| Jaguar/NNP 's/POS own/JJ defenses/NNS against/IN a/DT hostile/JJ bid/NN are/VBP weakened/VBN ,/, analysts/NNS add/VBP ,/, because/IN fewer/JJR than/IN 3/CD %/NN of/IN its/PRP$ shares/NNS are/VBP owned/VBN by/IN employees/NNS and/CC management/NN ./. | |
| Ford/NNP officials/NNS in/IN the/DT U.S./NNP declined/VBD to/TO comment/VB on/IN the/DT British/JJ government/NN 's/POS action/NN or/CC on/IN any/DT plans/NNS to/TO call/VB a/DT special/JJ Jaguar/NNP shareholders/NNS meeting/NN ./. | |
| But/CC GM/NNP officials/NNS said/VBD they/PRP ,/, too/RB ,/, were/VBD surprised/VBN by/IN the/DT move/NN ,/, which/WDT left/VBD them/PRP to/TO ``/`` consider/VB all/DT our/PRP$ options/NNS and/CC explore/VB matters/NNS further/RBR ./. ''/'' | |
| Although/IN GM/NNP has/VBZ U.S./NNP approval/NN to/TO buy/VB up/IN to/TO 15/CD %/NN of/IN Jaguar/NNP 's/POS stock/NN ,/, it/PRP has/VBZ n't/RB yet/RB disclosed/VBN how/WRB many/JJ shares/NNS it/PRP now/RB owns/VBZ ./. | |
| In/IN a/DT prepared/JJ statement/NN ,/, GM/NNP suggested/VBD its/PRP$ plans/NNS for/IN Jaguar/NNP would/MD be/VB more/RBR valuable/JJ in/IN the/DT long/JJ run/NN than/IN the/DT initial/JJ windfalls/NNS investors/NNS might/MD reap/VB from/IN a/DT hostile/JJ Ford/NNP bid/NN ./. | |
| ``/`` Our/PRP$ intensive/JJ discussions/NNS with/IN Jaguar/NNP ,/, at/IN their/PRP$ invitation/NN ,/, ''/'' GM/NNP said/VBD ,/, ``/`` have/VBP as/RB their/PRP$ objectives/NNS to/TO create/VB a/DT cooperative/JJ business/NN relationship/NN with/IN Jaguar/NNP that/WDT would/MD provide/VB for/IN the/DT continued/JJ independence/NN of/IN this/DT great/JJ British/JJ car/NN company/NN ,/, to/TO ensure/VB a/DT secure/JJ future/NN for/IN its/PRP$ employees/NNS and/CC to/TO provide/VB an/DT attractive/JJ long-term/JJ return/NN for/IN its/PRP$ shareholders/NNS ./. ''/'' | |
| Jaguar/NNP was/VBD shocked/VBN by/IN Mr./NNP Ridley/NNP 's/POS decision/NN ,/, because/IN management/NN had/VBD believed/VBN the/DT government/NN would/MD n't/RB lift/VB the/DT golden/JJ share/NN without/IN consulting/VBG the/DT company/NN first/RB ./. | |
| Indeed/RB ,/, the/DT government/NN is/VBZ taking/VBG a/DT calculated/JJ risk/NN ./. | |
| Mr./NNP Ridley/NNP 's/POS announcement/NN set/VBN off/RP a/DT howl/NN of/IN protests/NNS from/IN members/NNS of/IN the/DT opposition/NN Labor/NNP Party/NNP ,/, who/WP accused/VBD the/DT Thatcher/NNP administration/NN of/IN backing/VBG down/RB on/IN promised/JJ protection/NN for/IN a/DT privatized/JJ company/NN ./. | |
| The/DT British/JJ government/NN retained/VBD the/DT single/JJ golden/JJ share/NN after/IN selling/VBG its/PRP$ stake/NN in/IN Jaguar/NNP in/IN | |
| The/DT Conservative/JJ government/NN 's/POS decision/NN may/MD reflect/VB its/PRP$ desire/NN to/TO shed/VB a/DT politically/RB sensitive/JJ issue/NN well/RB before/IN the/DT next/JJ election/NN ,/, expected/VBN in/IN late/JJ 1991/CD ./. | |
| ``/`` It/PRP 's/VBZ now/RB a/DT very/RB good/JJ time/NN politically/RB to/TO get/VB this/DT over/RB and/CC done/RB with/IN ,/, ''/'' observed/VBD Daniel/NNP Jones/NNP ,/, professor/NN of/IN motor/NN industry/NN management/NN at/IN the/DT University/NNP of/IN Cardiff/NNP in/IN Wales/NNP ./. | |
| The/DT government/NN ,/, already/RB buffeted/VBN by/IN high/JJ interest/NN rates/NNS and/CC a/DT slowing/VBG economy/NN ,/, has/VBZ been/VBN badly/RB hurt/VBN by/IN last/JJ week/NN 's/POS shake-up/NN in/IN Mrs./NNP Thatcher/NNP 's/POS cabinet/NN ./. | |
| At/IN the/DT same/JJ time/NN ,/, the/DT government/NN did/VBD n't/RB want/VB to/TO appear/VB to/TO favor/VB GM/NNP by/IN allowing/VBG a/DT minority/NN stake/NN that/WDT might/MD preclude/VB a/DT full/JJ bid/NN by/IN Ford/NNP ./. | |
| Mr./NNP Ridley/NNP hinted/VBD at/IN this/DT motive/NN in/IN answering/VBG questions/NNS from/IN members/NNS of/IN Parliament/NNP after/IN his/PRP$ announcement/NN ./. | |
| He/PRP said/VBD he/PRP was/VBD giving/VBG up/RP the/DT golden/JJ share/NN ``/`` to/TO clear/VB the/DT way/NN so/IN the/DT playing/NN field/NN is/VBZ level/JJ between/IN all/DT contestants/NNS ./. ''/'' | |
| Bradley/NNP A./NN Stertz/NNP in/IN Detroit/NNP contributed/VBD to/TO this/DT article/NN ./. | |
| Dow/NNP Chemical/NNP Co./NNP ,/, Midland/NNP ,/, Mich./NNP ,/, and/CC Eli/NNP Lilly/NNP &/CC Co./NNP ,/, Indianapolis/NNP ,/, said/VBD they/PRP completed/VBD the/DT formation/NN of/IN Dow/NNP Elanco/NNP ,/, a/DT joint/JJ venture/NN combining/VBG their/PRP$ plant-sciences/JJ businesses/NNS as/RB well/RB as/IN Dow/NNP 's/POS industrial/JJ pest-control/JJ business/NN ./. | |
| The/DT companies/NNS said/VBD Dow/NNP Elanco/NNP will/MD be/VB the/DT largest/JJS research-based/JJ agricultural/JJ concern/NN in/IN North/NNP America/NNP ,/, with/IN projected/VBN first-year/JJ revenue/NN of/IN $/$ 1.5/CD billion/CD ./. | |
| Dow/NNP will/MD own/VB 60/CD %/NN of/IN the/DT venture/NN ,/, with/IN Eli/NNP Lilly/NNP holding/VBG the/DT rest/NN ./. | |
| The/DT venture/NN will/MD be/VB based/VBN in/IN Indianapolis/NNP ./. | |
| William/NNP A./NN Wise/NNP ,/, 44/CD years/NNS old/JJ ,/, president/NN of/IN the/DT El/NNP Paso/NNP Natural/NNP Gas/NNP Co./NNP unit/NN of/IN this/DT energy/NN and/CC natural-resources/NNS concern/NN ,/, was/VBD named/VBN to/TO the/DT additional/JJ post/NN of/IN chief/JJ executive/NN officer/NN ,/, succeeding/VBG Travis/NNP H./NNP Petty/NNP ,/, 61/CD ,/, who/WP continues/VBZ as/IN a/DT vice/NN chairman/NN of/IN the/DT parent/NN ./. | |
| Erwin/NNP Tomash/NNP ,/, the/DT 67-year-old/JJ founder/NN of/IN this/DT maker/NN of/IN data/NNS communications/NNS products/NNS and/CC a/DT former/JJ chairman/NN and/CC chief/JJ executive/NN ,/, resigned/VBD as/IN a/DT director/NN ./. | |
| Dataproducts/NNPS is/VBZ fighting/VBG a/DT hostile/JJ tender/NN offer/NN by/IN DPC/NNP Acquisition/NNP Partners/NNPS ,/, a/DT group/NN led/VBN by/IN New/NNP York-based/JJ Crescott/NNP Investments/NNPS Associates/NNPS ./. | |
| Under/IN the/DT circumstances/NNS ,/, Dataproducts/NNPS said/VBD ,/, Mr./NNP Tomash/NNP said/VBD he/PRP was/VBD unable/JJ to/TO devote/VB the/DT time/NN required/JJ because/RB of/IN other/JJ commitments/NNS ./. | |
| Mr./NNP Tomash/NNP will/MD remain/VB as/IN a/DT director/NN emeritus/NN ./. | |
| The/DT company/NN had/VBD no/DT comment/NN on/IN whether/IN a/DT replacement/NN would/MD be/VB named/VBN ./. | |
| Robert/NNP Q./NNP Marston/NNP ,/, president/NN emeritus/NN ,/, University/NNP of/IN Florida/NNP ,/, and/CC a/DT director/NN of/IN this/DT maker/NN of/IN medical/JJ devices/NNS ,/, was/VBD named/VBN chairman/NN ./. | |
| Dr./NNP Marston/NNP ,/, 66/CD years/NNS old/JJ ,/, succeeds/VBZ Alexander/NNP T./NNP Daignault/NNP ,/, 72/CD ,/, who/WP did/VBD n't/RB stand/VB for/IN re-election/NN due/JJ to/TO mandatory/JJ board/NN retirement/NN policy/NN ./. | |
| SFE/NNP Technologies/NNPS said/VBD William/NNP P./NNP Kuehn/NNP was/VBD elected/VBN chairman/NN and/CC chief/JJ executive/JJ officer/NN of/IN this/DT troubled/JJ electronics/NN parts/NNS maker/NN ./. | |
| The/DT 45-year-old/JJ Mr./NNP Kuehn/NNP ,/, who/WP has/VBZ a/DT background/NN in/IN crisis/NN management/NN ,/, succeeds/VBZ Alan/NNP D./NNP Rubendall/NNP ,/, 45/CD ./. | |
| Jerome/NNP J./NNP Jahn/NNP ,/, executive/NN vice/NN president/NN and/CC chief/JJ financial/JJ officer/NN ,/, said/VBD Mr./NNP Rubendall/NNP was/VBD resigning/VBG by/IN ``/`` mutual/JJ agreement/NN ''/'' with/IN the/DT board/NN ./. | |
| ``/`` He/PRP is/VBZ going/VBG to/TO pursue/VB other/JJ interests/NNS ,/, ''/'' Mr./NNP Jahn/NNP said/VBD ./. | |
| Mr./NNP Rubendall/NNP could/MD n't/RB be/VB reached/VBN ./. | |
| Mr./NNP Kuehn/NNP ,/, the/DT company/NN said/VBD ,/, will/MD retain/VB the/DT rest/NN of/IN the/DT current/JJ management/NN team/NN ./. | |
| For/IN the/DT nine/CD months/NNS ended/VBN July/NNP 29/CD ,/, SFE/NNP Technologies/NNPS reported/VBD a/DT net/JJ loss/NN of/IN $/$ 889,000/CD on/IN sales/NNS of/IN $/$ 23.4/CD million/CD ./. | |
| That/IN compared/VBN with/IN an/DT operating/NN loss/NN of/IN $/$ 1.9/CD million/CD on/IN sales/NNS of/IN $/$ 27.4/CD million/CD in/IN the/DT year-earlier/JJ period/NN ./. | |
| In/IN national/JJ over-the-counter/JJ trading/NN ,/, SFE/NNP Technologies/NNPS shares/NNS closed/VBD yesterday/NN at/IN 31.25/CD cents/NNS a/DT share/NN ,/, up/RB 6.25/CD cents/NNS ./. | |
| Sales/NNS of/IN new/JJ cars/NNS in/IN Europe/NNP fell/VBD 4.2/CD %/NN in/IN September/NNP from/IN a/DT year/NN earlier/RB and/CC analysts/NNS say/VBP the/DT market/NN could/MD continue/VB to/TO soften/VB in/IN the/DT months/NNS ahead/RB ./. | |
| After/IN a/DT stronger-than-expected/JJ pace/NN early/RB this/DT year/NN ,/, analysts/NNS say/VBP the/DT market/NN ,/, after/IN a/DT series/NN of/IN sharp/JJ swings/NNS in/IN recent/JJ months/NNS ,/, now/RB shows/VBZ signs/NNS of/IN retreating/VBG ./. | |
| Statistics/NNS from/IN 12/CD countries/NNS which/WDT normally/RB account/VBP for/IN 94/CD %/NN of/IN non-communist/JJ Europe/NNP 's/POS passenger/NN car/NN sales/NNS showed/VBD new/JJ car/NN registrations/NNS totaled/VBD 911,606/CD in/IN September/NNP ,/, down/RB 21/CD %/NN from/IN August/NNP and/CC down/RB 4.2/CD %/NN for/IN the/DT year/NN to/TO date/NN ./. | |
| Tokyo/NNP stocks/NNS rebounded/VBD Tuesday/NNP from/IN two/CD consecutive/JJ daily/JJ losses/NNS in/IN relatively/RB active/JJ dealings/NNS ./. | |
| London/NNP shares/NNS also/RB rose/VBD ,/, while/IN trading/NN in/IN Frankfurt/NNP ,/, West/NNP Germany/NNP ,/, ended/VBD higher/RBR ./. | |
| In/IN Tokyo/NNP ,/, the/DT Nikkei/NNP index/NN of/IN 225/CD selected/VBN issues/NNS was/VBD up/RB 132.00/CD points/NNS to/TO 35549.44/CD ./. | |
| The/DT index/NN fell/VBD 109.85/CD Monday/NNP ./. | |
| Volume/NN on/IN the/DT First/JJ Section/NN was/VBD estimated/VBN at/IN 900/CD million/CD shares/NNS ,/, up/RB from/IN 582/CD million/CD shares/NNS Monday/NNP ./. | |
| Advancing/VBG issues/NNS outnumbered/VBD decliners/NNS 542/CD to/TO 362/CD ,/, while/IN 208/CD issues/NNS were/VBD unchanged/JJ ./. | |
| Small-lot/JJ buying/NN targeted/VBN at/IN incentive-backed/JJ issues/NNS pushed/VBN up/RP the/DT Nikkei/NNP ./. | |
| But/CC other/JJ sectors/NNS failed/VBD to/TO attract/VB investor/NN interest/NN and/CC remained/VBD sluggish/JJ ,/, making/VBG overall/JJ trading/NN appear/VB mixed/JJ ./. | |
| Individuals/NNS and/CC corporations/NNS ,/, as/RB well/RB as/IN dealers/NNS trading/VBG for/IN their/PRP$ own/JJ account/NN ,/, actively/RB bought/VBD Tuesday/NNP ./. | |
| An/DT official/NN at/IN Wako/NNP Securities/NNPS said/VBD these/DT investors/NNS feel/VBP the/DT need/NN to/TO make/VB quick/JJ profits/NNS ,/, despite/IN destabilizing/JJ external/JJ factors/NNS ,/, such/JJ as/IN political/JJ uncertainty/NN tied/VBN to/TO the/DT ruling/VBG party/NN 's/POS fate/NN at/IN next/JJ year/NN 's/POS Lower/NNP House/NNP elections/NNS -/: an/DT event/NN which/WDT could/MD directly/RB affect/VB the/DT stock/NN market/NN ./. | |
| The/DT Tokyo/NNP Stock/NNP Price/NNP Index/NNP of/IN all/DT issues/NNS listed/VBN in/IN the/DT First/JJ Section/NN ,/, which/WDT declined/VBD 5.16/CD on/IN Monday/NNP ,/, was/VBD up/RB 16.05/CD ,/, or/CC 0.60/CD %/NN ,/, at/IN 2692.65/CD on/IN Tuesday/NNP ./. | |
| The/DT Second/JJ Section/NN index/NN ,/, which/WDT fell/VBD 21.44/CD points/NNS Monday/NNP ,/, was/VBD up/RB 6.84/CD points/NNS ,/, or/CC 0.19/CD %/NN ,/, to/TO close/VB at/IN 3642.90/CD ./. | |
| Second/JJ Section/NN volume/NN was/VBD estimated/VBN at/IN 14/CD million/CD shares/NNS ,/, unchanged/JJ from/IN Monday/NNP ./. | |
| Institutional/JJ investors/NNS mostly/RB remained/VBD on/IN the/DT sidelines/NNS Tuesday/NNP ./. | |
| A/DT fund/NN manager/NN at/IN a/DT life-insurance/NN company/NN said/VBD three/CD factors/NNS make/VBP it/PRP difficult/JJ to/TO read/VB market/NN direction/NN ./. | |
| First/LS ,/, he/PRP said/VBD ,/, domestic/JJ interest/NN rates/NNS are/VBP likely/JJ to/TO stay/VB at/IN higher/JJR levels/NNS as/IN increased/JJ anticipation/NN of/IN inflation/NN followed/VBD rising/VBG consumer/NN prices/NNS reported/VBN last/JJ week/NN ./. | |
| Second/LS ,/, the/DT dollar/NN is/VBZ showing/VBG persistent/JJ strength/NN despite/IN a/DT slowdown/NN in/IN the/DT U.S./NNP economy/NN shown/VBN by/IN economic/JJ indicators/NNS ./. | |
| Third/LS ,/, oil/NN prices/NNS have/VBP n't/RB declined/VBN although/IN supply/NN has/VBZ been/VBN increasing/VBG ./. | |
| The/DT topic/NN that/WDT attracted/VBD participants/NNS '/POS attention/NN was/VBD Mitsubishi/NNP Estate/NNP 's/POS purchase/NN of/IN 51/CD %/NN of/IN Rockefeller/NNP Center/NNP Properties/NNPS ,/, announced/VBD late/JJ Monday/NNP in/IN New/NNP York/NNP ./. | |
| Mitsubishi/NNP Estate/NNP ended/VBD the/DT day/NN at/IN 2680/CD ,/, up/RB 150/CD ./. | |
| The/DT gains/NNS also/RB sparked/VBD buying/NN interest/NN in/IN other/JJ real-estate/NN companies/NNS ,/, traders/NNS said/VBD ./. | |
| Sumitomo/NNP Realty/NNP &/CC Development/NNP rose/VBD 40/CD to/TO 2170/CD ./. | |
| Heiwa/NNP Real/NNP Estate/NNP gained/VBD 40/CD to/TO 2210/CD ./. | |
| Investor/NN focus/NN shifted/VBD quickly/RB ,/, traders/NNS said/VBD ./. | |
| Many/JJ of/IN the/DT morning-session/NN winners/NNS turned/VBD out/RP to/TO be/VB losers/NNS by/IN afternoon/NN ./. | |
| In/IN other/JJ stock-market/NN news/NN ,/, the/DT Tokyo/NNP Stock/NNP Exchange/NNP said/VBD that/IN for/IN the/DT week/NN ended/VBN Friday/NNP ,/, the/DT balance/NN of/IN margin/JJ buying/NN rose/VBD 189.8/CD billion/CD yen/NNS (/-LRB- $/$ 1.34/CD billion/CD )/-RRB- ,/, to/TO 7.160/CD trillion/CD yen/NNS (/-LRB- $/$ 50.46/CD billion/CD )/-RRB- ./. | |
| The/DT balance/NN of/IN short/JJ positions/NNS outstanding/JJ fell/VBD 159.7/CD billion/CD yen/NNS ,/, to/TO 779.8/CD billion/CD yen/NNS ./. | |
| In/IN London/NNP ,/, prices/NNS finished/VBD at/IN intraday/JJ peaks/NNS ,/, comforted/VBN by/IN a/DT reassuring/JJ early/JJ performance/NN on/IN Wall/NNP Street/NNP and/CC news/NN that/IN the/DT British/JJ government/NN will/MD waive/VB its/PRP$ ``/`` golden/JJ share/NN ''/'' in/IN auto/NN maker/NN Jaguar/NNP ./. | |
| But/CC trading/NN was/VBD very/RB sketchy/JJ ,/, as/IN investment/NN decision/NN makers/NNS remain/VBP wary/JJ from/IN gyrations/NNS and/CC upsets/NNS of/IN recent/JJ weeks/NNS ./. | |
| ``/`` Volume/NN has/VBZ been/VBN appalling/JJ ,/, ''/'' said/VBD a/DT dealer/NN at/IN a/DT British/JJ brokerage/NN concern/NN ./. | |
| ``/`` The/DT market/NN was/VBD dragged/VBN up/RB by/IN the/DT scruff/NN of/IN its/PRP$ neck/NN by/IN Wall/NNP Street/NNP and/CC by/IN market/NN makers/NNS getting/VBG caught/VBN short/JJ ./. | |
| No/DT one/NN wants/VBZ stock/NN on/IN their/PRP$ books/NNS ./. ''/'' | |
| Meanwhile/RB ,/, the/DT broad-based/JJ Financial/NNP Times/NNP 100-share/JJ index/NN added/VBD 30.4/CD points/NNS to/TO end/VB at/IN 2142.6/CD ,/, while/IN reaching/VBG its/PRP$ minimum/NN of/IN 2120.5/CD a/DT half/JJ hour/NN into/IN the/DT session/NN ./. | |
| At/IN the/DT close/NN ,/, the/DT narrower/JJR 30-share/JJ index/NN was/VBD up/RB 19.7/CD points/NNS to/TO 1721.4/CD ./. | |
| Volume/NN totaled/VBD a/DT modest/JJ 334.5/CD million/CD shares/NNS ,/, up/RB from/IN 257.8/CD million/CD shares/NNS Monday/NNP ./. | |
| The/DT market/NN also/RB moved/VBD at/IN early/JJ afternoon/NN on/IN news/NN that/IN Jaguar/NNP shares/NNS were/VBD being/VBG temporarily/RB suspended/VBN at/IN 746/CD pence/NN (/-LRB- $/$ 11.80/CD )/-RRB- each/DT ./. | |
| Secretary/NNP of/IN State/NNP for/IN Trade/NNP and/CC Industry/NNP Nicholas/NNP Ridley/NNP said/VBD later/RBR in/IN the/DT day/NN that/IN the/DT government/NN would/MD abolish/VB its/PRP$ golden/JJ share/NN in/IN Jaguar/NNP ,/, the/DT luxury/NN auto/NN maker/NN being/VBG stalked/VBN by/IN General/NNP Motors/NNPS and/CC Ford/NNP Motor/NNP ./. | |
| The/DT golden/JJ share/NN dates/NNS from/IN Jaguar/NNP 's/POS public/JJ offering/NN in/IN 1984/CD and/CC was/VBD designed/VBN to/TO protect/VB the/DT company/NN from/IN takeover/NN ./. | |
| The/DT golden/JJ share/NN was/VBD scheduled/VBN to/TO expire/VB at/IN the/DT beginning/NN of/IN | |
| But/CC although/IN the/DT golden/JJ share/NN has/VBZ been/VBN waived/VBN ,/, a/DT hostile/JJ bidder/NN for/IN Jaguar/NNP would/MD still/RB have/VB to/TO alter/VB the/DT British/JJ concern/NN 's/POS articles/NNS of/IN association/NN which/WDT ban/VBP shareholdings/NNS of/IN more/JJR than/IN 15/CD %/NN ./. | |
| Jaguar/NNP shares/NNS closed/VBD at/IN 869/CD pence/NN ,/, up/RB 122/CD pence/NN ,/, on/IN hefty/JJ turnover/NN of/IN 9.7/CD million/CD shares/NNS ./. | |
| As/IN the/DT London/NNP trading/NN session/NN drew/VBD to/TO a/DT close/NN ,/, the/DT market/NN was/VBD still/RB listening/VBG to/TO the/DT parliamentary/JJ debate/NN on/IN the/DT economy/NN ,/, with/IN new/JJ Chancellor/NNP of/IN the/DT Exchequer/NNP John/NNP Major/NNP expected/VBN to/TO clarify/VB his/PRP$ approach/NN to/TO the/DT British/JJ economy/NN and/CC currency/NN issues/NNS ./. | |
| On/IN the/DT Frankfurt/NNP Stock/NNP Exchange/NNP ,/, share/NN prices/NNS closed/VBD higher/JJR in/IN fairly/RB thin/JJ trading/NN ,/, as/IN selective/JJ buying/NN by/IN foreigners/NNS helped/VBD propel/VB prices/NNS ./. | |
| The/DT DAX/NNP index/NN closed/VBD at/IN 1472.76/CD ,/, up/RB from/IN 1466.29/CD ./. | |
| Despite/IN the/DT modest/JJ gains/NNS ,/, traders/NNS said/VBD the/DT market/NN remains/VBZ dull/JJ ,/, with/IN investors/NNS remaining/VBG cautiously/RB on/IN the/DT sidelines/NNS ./. | |
| Contributing/VBG to/TO the/DT market/NN 's/POS reserved/JJ stance/NN was/VBD the/DT release/NN later/RBR in/IN the/DT day/NN of/IN new/JJ data/NNS on/IN the/DT health/NN of/IN the/DT U.S./NNP economy/NN ,/, in/IN the/DT form/NN of/IN the/DT U.S./NNP index/NN of/IN leading/VBG indicators/NNS ./. | |
| Additionally/RB ,/, the/DT end/NN of/IN the/DT month/NN position-squaring/NN might/MD have/VB also/RB played/VBN a/DT minor/JJ role/NN ,/, traders/NNS said/VBD ./. | |
| Elsewhere/RB ,/, share/NN prices/NNS closed/VBD higher/RBR in/IN Amsterdam/NNP ,/, Brussels/NNP ,/, Milan/NNP and/CC Paris/NNP ./. | |
| Prices/NNS were/VBD mixed/JJ in/IN Zurich/NNP and/CC lower/JJR in/IN Stockholm/NNP ./. | |
| Stocks/NNS closed/VBD higher/RBR in/IN Hong/NNP Kong/NNP ,/, Manila/NNP ,/, Singapore/NNP ,/, Sydney/NNP and/CC Wellington/NNP ,/, but/CC were/VBD lower/JJR in/IN Seoul/NNP ./. | |
| Taipei/NNP was/VBD closed/VBN for/IN a/DT holiday/NN ./. | |
| 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 ./. | |
| French/JJ consumer/NN prices/NNS rose/VBD 0.2/CD %/NN in/IN September/NNP from/IN the/DT previous/JJ month/NN and/CC were/VBD up/RB 3.4/CD %/NN from/IN a/DT year/NN earlier/RB ,/, according/VBG to/TO definitive/JJ figures/NNS from/IN the/DT National/NNP Statistics/NNPS Institute/NNP ./. | |
| The/DT state/NN agency/NN 's/POS figures/NNS confirm/VBP previous/JJ estimates/NNS and/CC leave/VBP the/DT index/NN at/IN 178.9/CD ,/, up/RB from/IN 178.5/CD in/IN August/NNP and/CC 173.1/CD a/DT year/NN earlier/RB ./. | |
| The/DT index/NN is/VBZ based/VBN on/IN 1980/CD equaling/VBG 100/CD ./. | |
| A/DT breakdown/NN showed/VBD that/IN food/NN prices/NNS were/VBD the/DT most/RBS active/JJ part/NN of/IN growth/NN with/IN a/DT rise/NN of/IN 0.6/CD %/NN ./. | |
| An/DT official/NN linked/VBD the/DT gain/NN essentially/RB to/TO higher/JJR prices/NNS for/IN beef/NN and/CC pork/NN ./. | |
| He/PRP said/VBD summer/NN drought/NN problems/NNS that/WDT had/VBD hit/VBN several/JJ southern/JJ agricultural/JJ regions/NNS had/VBD stopped/VBN being/VBG a/DT major/JJ source/NN of/IN price/NN pressure/NN in/IN September/NNP ./. | |
| Japan/NNP 's/POS index/NN of/IN leading/VBG indicators/NNS rose/VBD to/TO 63.6/CD in/IN August/NNP ,/, above/IN the/DT so-called/JJ boom-or-bust/JJ line/NN of/IN 50/CD for/IN the/DT first/JJ time/NN since/IN May/NNP ,/, the/DT Economic/NNP Planning/NNP Agency/NNP said/VBD ./. | |
| The/DT leading/VBG index/NN recovered/VBD from/IN July/NNP 's/POS revised/JJ level/NN of/IN 36.6/CD on/IN strong/JJ performances/NNS in/IN consumer/NN durables/NNS and/CC machinery/NN orders/NNS ,/, among/IN other/JJ factors/NNS ,/, according/VBG to/TO an/DT agency/NN spokeswoman/NN ./. | |
| The/DT index/NN is/VBZ intended/VBN to/TO measure/VB future/JJ economic/JJ performance/NN ./. | |
| A/DT figure/NN above/IN 50/CD indicates/VBZ the/DT economy/NN is/VBZ likely/JJ to/TO expand/VB ;/: one/CD below/IN 50/CD indicates/VBZ a/DT contraction/NN may/MD be/VB ahead/RB ./. | |
| Metromedia/NNP Co./NNP said/VBD its/PRP$ Metromedia/NNP Long/NNP Distance/NNP unit/NN has/VBZ been/VBN renamed/VBN Metromedia-ITT/NNP Long/NNP Distance/NNP ,/, reflecting/VBG acquisitions/NNS from/IN ITT/NNP Corp./NNP ,/, which/WDT licenses/VBZ its/PRP$ name/NN to/TO closely/RB held/JJ Metromedia/NNP ./. | |
| Metromedia/NNP said/VBD its/PRP$ unit/NN is/VBZ the/DT fifth-largest/JJ provider/NN of/IN long-distance/NN communications/NNS service/NN in/IN the/DT U.S./NNP ,/, with/IN projected/VBN 1989/CD revenue/NN of/IN more/JJR than/IN $/$ 550/CD million/CD ./. | |
| Metromedia/NNP ,/, headed/VBN by/IN John/NNP W./NNP Kluge/NNP ,/, has/VBZ interests/NNS in/IN telecommunications/NN ,/, robotic/JJ painting/NN ,/, computer/NN software/NN ,/, restaurants/NNS and/CC entertainment/NN ./. | |
| South/JJ Korean/JJ consumer/NN prices/NNS rose/VBD 5/CD %/NN in/IN the/DT first/JJ 10/CD months/NNS of/IN this/DT year/NN ,/, matching/VBG the/DT government/NN 's/POS target/NN for/IN the/DT entire/JJ year/NN ,/, according/VBG to/TO the/DT Bank/NNP of/IN Korea/NNP and/CC the/DT Economic/NNP Planning/NNP Board/NNP ./. | |
| According/VBG to/TO reports/NNS released/VBN by/IN the/DT two/CD government/NN agencies/NNS ,/, domestic/JJ consumer/NN and/CC wholesale/JJ prices/NNS each/DT rose/VBD by/IN 0.2/CD %/NN in/IN October/NNP from/IN the/DT previous/JJ month/NN ./. | |
| As/IN a/DT result/NN ,/, consumer/NN prices/NNS for/IN the/DT first/JJ 10/CD months/NNS of/IN 1989/CD surged/VBD by/IN 5/CD %/NN and/CC wholesale/JJ prices/NNS by/IN 1.3/CD %/NN ./. | |
| The/DT South/JJ Korean/JJ government/NN had/VBD been/VBN projecting/VBG a/DT 5/CD %/NN consumer/NN price/NN increase/NN for/IN the/DT entire/JJ year/NN ./. | |
| Martin/NNP Marietta/NNP Corp./NNP said/VBD it/PRP won/VBD a/DT $/$ 38.2/CD million/CD contract/NN from/IN the/DT U.S./NNP Postal/NNP Service/NNP to/TO manufacture/VB and/CC install/VB automated/JJ mail-sorting/VBG machines/NNS ./. | |
| Under/IN terms/NNS of/IN the/DT three-year/JJ contract/NN ,/, Martin/NNP Marietta/NNP said/VBD it/PRP will/MD make/VB and/CC install/VB 267/CD of/IN the/DT new/JJ machines/NNS at/IN 156/CD postal/JJ offices/NNS ./. | |
| The/DT new/JJ machines/NNS are/VBP capable/JJ of/IN sorting/VBG by/IN zip/NN code/NN up/IN to/TO 10,000/CD large/JJ flat/JJ mail/NN pieces/NNS ,/, including/VBG magazines/NNS and/CC parcels/NNS ,/, an/DT hour/NN ./. | |
| Thomas/NNP A./NN Donovan/NNP ,/, 37/CD years/NNS old/JJ ,/, formerly/RB vice/NN president/NN ,/, West/NNP Coast/NNP operations/NNS ,/, at/IN this/DT hazardous-waste-site/NN remediation/NN concern/NN ,/, was/VBD named/VBN executive/NN vice/NN president/NN and/CC chief/JJ operating/VBG officer/NN ,/, both/DT newly/RB created/VBN posts/NNS ,/, and/CC a/DT director/NN ,/, filling/VBG a/DT vacancy/NN ./. | |
| Canonie/NNP said/VBD it/PRP anticipates/VBZ naming/VBG Mr./NNP Donovan/NNP to/TO succeed/VB Richard/NNP F./NNP Brissette/NNP ,/, 55/CD ,/, as/IN president/NN and/CC chief/JJ executive/NN officer/NN ,/, effective/JJ March/NNP 1/CD ./. | |
| Mr./NNP Brissette/NNP will/MD remain/VB a/DT Canonie/NNP board/NN member/NN and/CC will/MD be/VB a/DT consultant/NN to/TO the/DT company/NN ./. | |
| Yields/NNS on/IN savings-type/JJ certificates/NNS of/IN deposit/NN dropped/VBD slightly/RB in/IN the/DT week/NN ended/VBN yesterday/NN ./. | |
| The/DT average/JJ yield/NN on/IN a/DT six-month/JJ CD/NN of/IN $/$ 50,000/CD or/CC less/JJR was/VBD 7.90/CD %/NN ,/, compared/VBN with/IN 7.94/CD %/NN a/DT week/NN earlier/RB ./. | |
| The/DT average/JJ one-year/JJ savings-type/JJ CD/NN was/VBD down/RB to/TO 7.99/CD %/NN from/IN 8.01/CD %/NN ,/, according/VBG to/TO Banxquote/NNP Money/NNP Markets/NNP ,/, a/DT New/NNP York/NNP information/NN service/NN that/WDT tracks/VBZ CD/NN yields/NNS ./. | |
| ``/`` This/DT week/NN was/VBD uneventful/JJ for/IN the/DT CD/NN market/NN ,/, ''/'' said/VBD Norberto/NNP Mehl/NNP ,/, chairman/NN of/IN Banxquote/NNP ./. | |
| ``/`` The/DT major/JJ banks/NNS have/VBP n't/RB even/RB reacted/VBN to/TO sharp/JJ rises/NNS in/IN the/DT three-month/JJ Treasury/NNP bill/NN rates/NNS ''/'' in/IN the/DT past/JJ two/CD weeks/NNS ./. | |
| Banks/NNS that/WDT adjusted/VBD payouts/NNS on/IN CDs/NNS in/IN the/DT most/RBS recent/JJ week/NN made/VBD only/RB fractional/JJ moves/NNS ,/, he/PRP said/VBD ./. | |
| The/DT CD/NN trend/NN runs/VBZ counter/RB to/TO the/DT direction/NN of/IN short-term/JJ interest/NN rates/NNS at/IN the/DT Treasury/NNP bill/NN auction/NN Monday/NNP ./. | |
| The/DT average/JJ six-month/JJ bill/NN was/VBD sold/VBN with/IN a/DT yield/NN of/IN 8.04/CD %/NN ,/, up/RB from/IN 7.90/CD %/NN ./. | |
| The/DT average/JJ three-month/JJ issue/NN rose/VBD to/TO 8.05/CD %/NN from/IN 7.77/CD %/NN ./. | |
| Typically/RB ,/, banks/NNS offer/VBP CD/NN yields/NNS higher/JJR than/IN those/DT on/IN Treasury/NNP bills/NNS ,/, which/WDT are/VBP considered/VBN the/DT safest/JJS short-term/JJ investments/NNS ;/: banks/NNS need/VBP a/DT competitive/JJ edge/NN to/TO sell/VB their/PRP$ products/NNS ./. | |
| But/CC when/WRB market/NN interest/NN rates/NNS move/VBP up/RB rapidly/RB ,/, increases/NNS in/IN bank/NN CD/NN yields/NNS sometimes/RB lag/VBP ./. | |
| Most/JJS yields/NNS on/IN short-term/JJ jumbo/JJ CDs/NNS ,/, those/DT with/IN denominations/NNS over/IN $/$ 90,000/CD ,/, also/RB moved/VBN in/IN the/DT opposite/JJ direction/NN of/IN Treasury/NNP bill/NN yields/NNS ./. | |
| The/DT average/JJ six-month/JJ yield/NN on/IN a/DT jumbo/JJ CD/NN was/VBD at/IN 7.90/CD %/NN ,/, down/RB from/IN 7.93/CD %/NN ,/, Banxquote/NNP said/VBD ./. | |
| For/IN longer-term/JJR CDs/NNS ,/, yields/NNS were/VBD up/RP ./. | |
| The/DT average/JJ two-year/JJ and/CC five-year/JJ jumbos/NNS were/VBD up/RB 0.02/CD of/IN a/DT percentage/NN point/NN to/TO 7.91/CD %/NN and/CC 7.96/CD %/NN ,/, respectively/RB ./. | |
| However/RB ,/, CDs/NNS sold/VBD through/IN major/JJ broker-dealer/JJ networks/NNS were/VBD up/RP slightly/RB almost/RB across/IN the/DT board/NN ./. | |
| The/DT average/JJ six-month/JJ CD/NN in/IN that/DT category/NN added/VBD 0.05/CD percentage/NN point/NN to/TO 8.35/CD %/NN ,/, for/IN example/NN ./. | |
| Mr./NNP Mehl/NNP attributed/VBD the/DT rise/NN specifically/RB to/TO the/DT Treasury/NNP bill/NN increase/NN ./. | |
| Among/IN the/DT major/JJ banks/NNS surveyed/VBN by/IN Banxquote/NNP in/IN six/CD regions/NNS of/IN the/DT country/NN ,/, 8.33/CD %/NN is/VBZ the/DT highest/JJS yield/NN available/JJ ./. | |
| It/PRP is/VBZ offered/VBN by/IN the/DT flagship/NN banks/NNS of/IN New/NNP York/NNP 's/POS Manufacturers/NNPS Hanover/NNP Corp./NNP in/IN the/DT one-year/JJ maturity/NN only/RB ./. | |
| The/DT yield/NN is/VBZ offered/VBN across/IN a/DT range/NN of/IN maturities/NNS at/IN San/NNP Francisco/NNP 's/POS BankAmerica/NNP Corp./NNP and/CC Wells/NNP Fargo/NNP &/CC Co/NNP ./. | |
| Just/RB two/CD weeks/NNS ago/RB ,/, BankAmerica/NNP 's/POS yields/NNS in/IN many/JJ of/IN those/DT maturities/NNS was/VBD 8.61/CD %/NN ./. | |
| Still/RB ,/, on/IN average/NN ,/, the/DT major/JJ California/NNP banks/NNS have/VBP the/DT highest/JJS yields/NNS on/IN CDs/NNS ,/, according/VBG to/TO Banxquote/NNP ./. | |
| The/DT average/JJ yield/NN there/RB on/IN six-month/JJ issues/NNS is/VBZ 8.32/CD %/NN ./. | |
| I/PRP had/VBD to/TO reach/VB back/RB to/TO French/NNP 101/CD when/WRB the/DT monsieur/NN avec/FW clipboard/NN leaned/VBD over/IN my/PRP$ shoulder/NN during/IN the/DT coffee/NN phase/NN of/IN dinner/NN and/CC asked/VBD whether/IN I/PRP wanted/VBD to/TO ride/VB in/IN a/DT montgolfiere/FW ./. | |
| I/PRP was/VBD a/DT last-minute/JJ (/-LRB- read/VB interloping/VBG )/-RRB- attendee/NN at/IN a/DT French/JJ journalism/NN convention/NN and/CC so/RB far/RB the/DT festivities/NNS had/VBD been/VBN taken/VBN up/RP entirely/RB by/IN eating/NN ,/, drinking/NN ,/, smoking/NN ,/, sleeping/NN and/CC drinking/NN ./. | |
| The/DT man/NN with/IN the/DT clipboard/NN represented/VBD a/DT halfhearted/JJ attempt/NN to/TO introduce/VB a/DT bit/NN of/IN les/FW sportif/FW into/IN our/PRP$ itinerary/NN ./. | |
| But/CC as/IN the/DT French/NNPS embody/VBP a/DT Zen-like/JJ state/NN of/IN blase/NN when/WRB it/PRP comes/VBZ to/TO athletics/NNS (/-LRB- try/VB finding/VBG a/DT Nautilus/JJ machine/NN in/IN Paris/NNP )/-RRB- ,/, my/PRP$ fellow/JJ conventioners/NNS were/VBD having/VBG none/NN of/IN it/PRP ./. | |
| The/DT diners/NNS at/IN my/PRP$ table/NN simply/RB lit/VBD more/JJR Gauloises/NNPS and/CC scoffed/VBD at/IN the/DT suggestion/NN of/IN interrupting/VBG a/DT perfectly/RB good/JJ Saturday/NNP morning/NN to/TO go/VB golfing/NN or/CC even/RB montgolfing/NN (/-LRB- ballooning/NN to/TO you/PRP ;/: the/DT brothers/NNS Montgolfier/NNP ,/, French/JJ of/IN course/NN ,/, were/VBD the/DT world/NN 's/POS first/JJ hot-air/JJ balloonists/NNS )/-RRB- ./. | |
| Back/RB in/IN the/DT U.S.A./NNP this/DT kind/NN of/IN chi-chi/JJ airborne/JJ activity/NN wins/VBZ heartwarmingly/RB covetous/JJ responses/NNS ./. | |
| As/IN in/IN :/: ``/`` You/PRP went/VBD ballooning/VBG ?/. ?/. !/. !/. | |
| In/IN France/NNP ?/. ?/. !/. !/. ''/'' | |
| Americans/NNPS it/PRP seems/VBZ have/VBP followed/VBN Malcolm/NNP Forbes/NNP 's/POS hot-air/JJ lead/NN and/CC taken/VBN to/TO ballooning/NN in/IN a/DT heady/JJ way/NN ./. | |
| During/IN the/DT past/JJ 25/CD years/NNS ,/, the/DT number/NN of/IN balloonists/NNS (/-LRB- those/DT who/WP have/VBP passed/VBN a/DT Federal/NNP Aviation/NNP Authority/NNP lighter-than-air/JJ test/NN )/-RRB- have/VBP swelled/VBN from/IN a/DT couple/JJ hundred/CD to/TO several/JJ thousand/CD ,/, with/IN some/DT estimates/NNS running/VBG as/RB high/JJ as/IN 10,000/CD ./. | |
| Some/DT 30/CD balloon/NN shows/NNS are/VBP held/VBN annually/RB in/IN the/DT U.S./NNP ,/, including/VBG the/DT world/NN 's/POS largest/JJS convocation/NN of/IN ersatz/JJ Phineas/NNP Foggs/NNP --/: the/DT nine-day/JJ Albuquerque/NNP International/NNP Balloon/NNP Fiesta/NNP that/WDT attracts/VBZ some/DT 800,000/CD enthusiasts/NNS and/CC more/JJR than/IN 500/CD balloons/NNS ,/, some/DT of/IN which/WDT are/VBP fetchingly/RB shaped/VBN to/TO resemble/VB Carmen/NNP Miranda/NNP ,/, Garfield/NNP or/CC a/DT 12-story-high/JJ condom/NN ./. | |
| (/-LRB- The/DT condom/NN balloon/NN was/VBD denied/VBN official/JJ entry/NN status/NN this/DT year/NN ./. )/-RRB- | |
| But/CC in/IN Epinal/NNP ,/, a/DT gray/JJ 16th-century/JJ river/NN town/NN adjacent/JJ to/TO France/NNP 's/POS Vosges/NNP mountain/NN region/NN ,/, none/NN of/IN these/DT Yankee-come-lately/JJ enthusiasms/NNS for/IN things/NNS aloft/RB was/VBD evident/JJ ./. | |
| Ballooning/NN at/IN the/DT de/FW rigueur/FW hour/NN of/IN 6/CD a.m./RB held/VBD all/PDT the/DT attraction/NN for/IN most/JJS people/NNS of/IN sunrise/NN root-canal/NN work/NN ./. | |
| Feeling/VBG the/DT naggings/NNS of/IN a/DT culture/NN imperative/NN ,/, I/PRP promptly/RB signed/VBD up/RB ./. | |
| The/DT first/JJ thing/NN anybody/NN will/MD tell/VB you/PRP about/IN ballooning/NN is/VBZ that/IN it/PRP requires/VBZ zip/NN in/IN the/DT way/NN of/IN athletic/JJ prowess/NN ,/, or/CC even/RB a/DT measure/NN of/IN derring-do/NN ./. | |
| (/-LRB- So/RB long/RB as/IN you/PRP do/VBP n't/RB look/VB down/RB ./. )/-RRB- | |
| They/PRP will/MD also/RB tell/VB you/PRP that/RB even/RB if/IN you/PRP hate/VBP heights/NNS ,/, you/PRP can/MD still/RB balloon/VB ./. | |
| (/-LRB- I/PRP still/RB say/VB do/VBP n't/RB look/VB down/RB ./. | |
| At/IN least/JJS not/RB when/WRB you/PRP are/VBP ascending/VBG ./. )/-RRB- | |
| What/WP they/PRP wo/MD n't/RB tell/VB you/PRP is/VBZ not/RB to/TO go/VB aloft/RB in/IN anything/NN you/PRP do/VBP n't/RB want/VB to/TO get/VB wet/JJ ./. | |
| I/PRP 'm/VBP not/RB referring/VBG to/TO the/DT traditional/JJ champagne/NN drenching/NN during/IN the/DT back-on-terra-firma/JJ toast/NN ./. | |
| I/PRP 'm/VBP talking/VBG about/IN landing/NN in/IN a/DT canal/NN ./. | |
| In/IN a/DT porous/JJ wicker/NN basket/NN ./. | |
| With/IN a/DT pilot/NN who/WP speaks/VBZ no/DT English/NNP ./. | |
| To/TO wit/NN ,/, my/PRP$ maiden/JJ voyage/NN (/-LRB- and/CC novitiates/NNS are/VBP referred/VBN to/TO as/IN virgins/NNS )/-RRB- began/VBD at/IN dawn/NN on/IN a/DT dew-sodden/JJ fairway/NN and/CC ended/VBD at/IN noon/NN in/IN a/DT soggy/JJ field/NN ./. | |
| (/-LRB- Balloon/NN flights/NNS almost/RB always/RB occur/VBP at/IN dawn/NN or/CC dusk/NN ,/, when/WRB the/DT winds/NNS are/VBP lightest/JJS ./. )/-RRB- | |
| In/IN between/IN came/VBD lots/NNS of/IN coffee/NN drinking/NN while/IN watching/VBG the/DT balloons/NNS inflate/VB and/CC lots/NNS of/IN standing/VBG around/RB deciding/VBG who/WP would/MD fly/VB in/IN what/WDT balloon/NN and/CC in/IN what/WDT order/NN (/-LRB- the/DT baskets/NNS hold/VBP no/RB more/JJR than/IN four/CD passengers/NNS )/-RRB- ./. | |
| When/WRB it/PRP was/VBD n't/RB my/PRP$ turn/NN in/IN the/DT balloon/NN I/PRP followed/VBD its/PRP$ progress/NN from/IN the/DT ``/`` chase/JJ car/NN ,/, ''/'' listening/VBG to/TO the/DT driver/NN holler/VB into/IN a/DT walkie-talkie/NN ./. | |
| After/IN long/JJ stretches/NNS of/IN this/DT attendant/JJ ground/NN activity/NN came/VBD 20/CD or/CC so/RB lovely/JJ minutes/NNS of/IN drifting/VBG above/IN the/DT Vosges/NNPS watching/VBG the/DT silver/NN mists/NNS rise/VB off/IN the/DT river/NN and/CC the/DT French/JJ cows/NNS amble/VB about/RB the/DT fields/NNS ./. | |
| It/PRP 's/VBZ hard/JJ not/RB to/TO feel/VB that/IN God/NNP 's/VBZ in/IN his/PRP$ heaven/NN with/IN this/DT kind/NN of/IN bird's-eye/JJ view/NN of/IN the/DT world/NN ,/, even/RB if/IN your/PRP$ pilote/FW in/IN silly/JJ plaid/NN beret/NN kept/VBD pointing/VBG out/RP how/WRB ``/`` belle/FW ''/'' it/PRP all/DT was/VBD ./. | |
| Eventually/RB little/JJ French/JJ farmers/NNS and/CC their/PRP$ little/JJ French/JJ farmwives/NNS came/VBD out/IN of/IN their/PRP$ stone/NN houses/NNS and/CC put/VB their/PRP$ hands/NNS above/IN their/PRP$ tiny/JJ eyes/NNS and/CC squinted/VBD at/IN us/PRP ./. | |
| No/DT wonder/NN ./. | |
| We/PRP were/VBD coming/VBG down/RB straight/RB into/IN their/PRP$ canal/NN ./. | |
| See/VB ,/, the/DT other/JJ rule/NN of/IN thumb/NN about/IN ballooning/NN is/VBZ that/IN you/PRP ca/MD n't/RB steer/VB ./. | |
| And/CC neither/RB can/MD your/PRP$ pilot/NN ./. | |
| You/PRP can/MD go/VB only/RB up/RB or/CC down/RB (/-LRB- by/IN heating/VBG the/DT balloon/NN 's/POS air/NN with/IN a/DT propane/NN burner/NN ,/, which/WDT does/VBZ make/VB the/DT top/NN of/IN your/PRP$ head/NN feel/VB hot/JJ )/-RRB- and/CC ride/VB the/DT air/NN currents/NNS ./. | |
| Which/WDT makes/VBZ the/DT chase/NN car/NN necessary/JJ ./. | |
| Most/JJS balloonists/NNS seldom/RB go/VB higher/RBR than/IN 2,000/CD feet/NNS and/CC most/JJS average/VBP a/DT leisurely/JJ 5-10/JJ miles/NNS an/DT hour/NN ./. | |
| When/WRB the/DT balloon/NN is/VBZ cruising/VBG along/RB at/IN a/DT steady/JJ altitude/NN there/EX is/VBZ little/JJ sense/NN of/IN motion/NN ./. | |
| Only/RB when/WRB one/NN is/VBZ ascending/VBG --/: or/CC in/IN our/PRP$ case/NN descending/VBG a/DT tad/RB trop/FW rapidement/FW --/: does/VBZ one/CD feel/NN ,/, well/UH ,/, airborne/JJ in/IN a/DT picnic/NN basket/NN ./. | |
| ``/`` What/WP 's/VBZ he/PRP doing/VBG ?/. ''/'' hissed/VBD my/PRP$ companion/NN ,/, who/WP was/VBD the/DT only/RB other/JJ English-speaking/JJ member/NN of/IN the/DT convention/NN and/CC whose/WP$ knuckles/NNS were/VBD white/JJ ./. | |
| ``/`` Attention/VB ,/, ''/'' yelled/VBD our/PRP$ pilot/NN as/IN our/PRP$ basket/NN plunged/VBD into/IN the/DT canal/NN ./. | |
| ``/`` You/PRP bet/RB attention/NN ,/, ''/'' I/PRP yelled/VBD back/RB ,/, leaping/VBG atop/IN the/DT propane/NN tanks/NNS ,/, ``/`` I/PRP 'm/VBP wearing/VBG alligator/NN loafers/NNS !/. ''/'' | |
| Our/PRP$ pilot/NN simply/RB laughed/VBD ,/, fired/VBD up/RP the/DT burner/NN and/CC with/IN another/DT blast/NN of/IN flame/NN lifted/VBD us/PRP ,/, oh/UH ,/, a/DT good/JJ 12-inches/NNS above/IN the/DT water/NN level/NN ./. | |
| We/PRP scuttled/VBD along/RB for/IN a/DT few/JJ feet/NNS before/IN he/PRP plunged/VBD us/PRP into/IN the/DT drink/NN again/RB ./. | |
| Eventually/RB we/PRP came/VBD to/TO rest/VB in/IN a/DT soggy/JJ patch/NN of/IN field/NN where/WRB we/PRP had/VBD the/DT exquisite/JJ pleasure/NN of/IN scrambling/VBG out/IN of/IN the/DT basket/NN into/IN the/DT mud/NN while/IN the/DT French/JJ half/NN of/IN our/PRP$ ballooning/NN tag/NN team/NN scrambled/VBD in/RB ./. | |
| I/PRP looked/VBD at/IN my/PRP$ watch/NN ./. | |
| Barely/RB half-an-hour/NN aloft/RB ./. | |
| Back/RB in/IN the/DT chase/NN car/NN ,/, we/PRP drove/VBD around/RB some/DT more/JJR ,/, got/VBD stuck/VBN in/IN a/DT ditch/NN ,/, enlisted/VBD the/DT aid/NN of/IN a/DT local/JJ farmer/NN to/TO get/VB out/RP the/DT trailer/NN hitch/NN and/CC pull/VB us/PRP out/IN of/IN the/DT ditch/NN ./. | |
| We/PRP finally/RB rendezvoused/VBD with/IN our/PRP$ balloon/NN ,/, which/WDT had/VBD come/VBN to/TO rest/VB on/IN a/DT dirt/NN road/NN amid/IN a/DT clutch/NN of/IN Epinalers/NNPS who/WP watched/VBD us/PRP disassemble/VB our/PRP$ craft/NN --/: another/DT half-an-hour/NN of/IN non-flight/JJ activity/NN --/: that/WDT included/VBD the/DT precision/NN routine/NN of/IN yanking/VBG the/DT balloon/NN to/TO the/DT ground/NN ,/, punching/VBG all/PDT the/DT air/NN out/IN of/IN it/PRP ,/, rolling/VBG it/PRP up/RP and/CC cramming/VBG it/PRP and/CC the/DT basket/NN into/IN the/DT trailer/NN ./. | |
| It/PRP was/VBD the/DT most/JJS exercise/NN we/PRP 'd/VBD had/VBN all/DT morning/NN and/CC it/PRP was/VBD followed/VBN by/IN our/PRP$ driving/VBG immediately/RB to/TO the/DT nearest/JJS watering/NN hole/NN ./. | |
| This/DT meant/VBD returning/VBG to/TO the/DT golf/NN course/NN ,/, where/WRB we/PRP watched/VBD a/DT few/JJ French/JJ duffers/NNS maul/VB the/DT first/JJ tee/NN while/IN we/PRP sat/VBD under/IN Cinzano/NNP umbrellas/NNS ,/, me/PRP nursing/VBG an/DT espresso/NN and/CC my/PRP$ ego/NN ./. | |
| A/DT whole/JJ morning/NN of/IN ballooning/NN and/CC I/PRP had/VBD been/VBN off/IN the/DT ground/NN barely/RB 30/CD minutes/NNS ./. | |
| Still/RB ,/, I/PRP figured/VBD the/DT event/NN 's/POS envy-quotient/NN back/RB in/IN the/DT U.S.A./NN was/VBD near/RB peerless/JJ ./. | |
| As/IN for/IN the/DT ride/NN back/RB to/TO camp/NN ,/, our/PRP$ pilot/NN and/CC all/PDT the/DT other/JJ French-speaking/JJ passengers/NNS clambered/VBD into/IN the/DT chase/JJ car/NN ./. | |
| My/PRP$ American/JJ companion/NN and/CC I/PRP were/VBD left/VBN to/TO ride/VB alfresco/RB in/IN the/DT wicker/NN basket/NN ./. | |
| As/IN we/PRP streaked/VBD by/IN a/DT blase/JJ gendarme/NN ,/, I/PRP could/MD n't/RB resist/VB rearing/VBG up/RB on/IN my/PRP$ soggy/JJ loafers/NNS and/CC saluting/VBG ./. | |
| Ms./NNP de/NNP Vries/NNP is/VBZ a/DT free-lance/JJ writer/NN ./. | |
| Treasury/NNP Undersecretary/NNP David/NNP Mulford/NNP defended/VBD the/DT Treasury/NNP 's/POS efforts/NNS this/DT fall/NN to/TO drive/VB down/RP the/DT value/NN of/IN the/DT dollar/NN ,/, saying/VBG it/PRP helped/VBD minimize/VB damage/NN from/IN the/DT 190-point/JJ drop/NN in/IN the/DT stock/NN market/NN Oct./NNP 13/CD ./. | |
| Testifying/VBG before/IN a/DT House/NNP subcommittee/NN ,/, Mr./NNP Mulford/NNP said/VBD that/IN if/IN the/DT Treasury/NNP had/VBD n't/RB intervened/VBN in/IN foreign-exchange/JJ markets/NNS in/IN September/NNP and/CC early/JJ October/NNP to/TO reduce/VB the/DT dollar/NN 's/POS value/NN ,/, the/DT plunge/NN in/IN the/DT stock/NN market/NN might/MD have/VB provoked/VBN a/DT steep/JJ fall/NN in/IN the/DT currency/NN that/WDT might/MD have/VB ``/`` unhinged/VBN financial/JJ markets/NNS ./. ''/'' | |
| Mr./NNP Mulford/NNP ,/, responding/VBG to/TO critics/NNS of/IN intervention/NN ,/, also/RB said/VBD intervention/NN is/VBZ ``/`` highly/RB visible/JJ ,/, ''/'' is/VBZ taken/VBN seriously/RB by/IN financial/JJ markets/NNS and/CC works/VBZ better/RBR than/IN ``/`` was/VBD recognized/VBN some/DT time/NN ago/RB ./. ''/'' | |
| Differences/NNS between/IN the/DT Treasury/NNP and/CC the/DT Federal/NNP Reserve/NNP on/IN the/DT usefulness/NN of/IN intervention/NN to/TO help/VB restrain/VB the/DT dollar/NN resurfaced/VBD at/IN the/DT hearing/NN ./. | |
| Fed/NNP Vice/NNP Chairman/NNP Manuel/NNP Johnson/NNP ,/, who/WP had/VBD dissented/VBN from/IN the/DT Treasury/NNP 's/POS policy/NN ,/, told/VBD lawmakers/NNS ,/, ``/`` I/PRP became/VBD convinced/JJ about/IN what/WP looked/VBD to/TO me/PRP like/IN an/DT attempt/NN to/TO push/VB the/DT dollar/NN down/RP against/IN the/DT fundamentals/NNS in/IN the/DT market/NN ./. ''/'' | |
| Intervention/NN ,/, he/PRP added/VBD ,/, is/VBZ useful/JJ only/RB to/TO smooth/VB disorderly/JJ markets/NNS ,/, not/RB to/TO fundamentally/RB influence/VB the/DT dollar/NN 's/POS value/NN ./. | |
| Rep./NNP John/NNP LaFalce/NNP (/-LRB- D./NNP ,/, N.Y/NNP ./. )/-RRB- said/VBD Mr./NNP Johnson/NNP refused/VBD to/TO testify/VB jointly/RB with/IN Mr./NNP Mulford/NNP and/CC instead/RB asked/VBD to/TO appear/VB after/IN the/DT Treasury/NNP official/NN had/VBD completed/VBN his/PRP$ testimony/NN ./. | |
| A/DT Fed/NNP spokesman/NN denied/VBD Mr./NNP LaFalce/NNP 's/POS statement/NN ./. | |
| Mr./NNP Mulford/NNP said/VBD reports/NNS of/IN tension/NN between/IN the/DT Treasury/NNP and/CC Fed/NNP have/VBP been/VBN exaggerated/JJ ,/, insisting/VBG that/IN they/PRP involved/VBD ``/`` nuances/NNS ./. ''/'' | |
| Mr./NNP Johnson/NNP also/RB said/VBD that/IN ``/`` in/IN the/DT scheme/NN of/IN things/NNS ,/, these/DT things/NNS are/VBP minor/JJ ./. ''/'' | |
| On/IN other/JJ matters/NNS ,/, Mr./NNP Mulford/NNP said/VBD West/NNP Germany/NNP is/VBZ contributing/VBG to/TO imbalances/NNS in/IN the/DT world/NN economy/NN because/IN of/IN its/PRP$ success/NN as/IN an/DT exporter/NN ./. | |
| ``/`` The/DT solution/NN is/VBZ stronger/JJR domestic/JJ growth/NN {/-LRB- in/IN Germany/NNP }/-RRB- ,/, ''/'' he/PRP said/VBD ./. | |
| But/CC because/IN the/DT growth/NN of/IN the/DT German/JJ economy/NN has/VBZ been/VBN stronger/JJR than/IN expected/VBN ,/, Mr./NNP Mulford/NNP said/VBD ,/, it/PRP 's/VBZ difficult/JJ for/IN the/DT U.S./NNP to/TO argue/VB that/IN Germany/NNP ought/MD to/TO adopt/VB more/RBR stimulative/JJ monetary/JJ and/CC fiscal/JJ policies/NNS ./. | |
| Germany/NNP 's/POS trade/NN surplus/NN is/VBZ largely/RB with/IN other/JJ European/JJ countries/NNS rather/RB than/IN with/IN the/DT U.S./NNP ,/, Mr./NNP Mulford/NNP acknowledged/VBD ./. | |
| But/CC nonetheless/RB U.S./NNP companies/NNS might/MD be/VB more/RBR successful/JJ in/IN European/JJ markets/NNS if/IN not/RB for/IN the/DT German/JJ export/NN push/NN ,/, he/PRP said/VBD ./. | |
| Five/CD officials/NNS of/IN this/DT investment/NN banking/VBG firm/NN were/VBD elected/VBN directors/NNS :/: E./NNP Garrett/NNP Bewkes/NNP III/NNP ,/, a/DT 38-year-old/JJ managing/VBG director/NN in/IN the/DT mergers/NNS and/CC acquisitions/NNS department/NN ;/: Michael/NNP R./NNP Dabney/NNP ,/, 44/CD ,/, a/DT managing/VBG director/NN who/WP directs/VBZ the/DT principal/JJ activities/NNS group/NN which/WDT provides/VBZ funding/NN for/IN leveraged/JJ acquisitions/NNS ;/: Richard/NNP Harriton/NNP ,/, 53/CD ,/, a/DT general/JJ partner/NN who/WP heads/VBZ the/DT correspondent/NN clearing/NN services/NNS ;/: Michael/NNP Minikes/NNP ,/, 46/CD ,/, a/DT general/JJ partner/NN who/WP is/VBZ treasurer/NN ;/: and/CC William/NNP J./NNP Montgoris/NNP ,/, 42/CD ,/, a/DT general/JJ partner/NN who/WP is/VBZ also/RB senior/JJ vice/NN president/NN of/IN finance/NN and/CC chief/JJ financial/JJ officer/NN ./. | |
| The/DT board/NN increased/VBN by/IN one/CD to/TO 26/CD members/NNS ./. | |
| In/IN the/DT past/NN year/NN ,/, one/CD inside/JJ director/NN resigned/VBD ,/, while/IN three/CD others/NNS retired/VBD ./. | |
| Some/DT U.S./NNP allies/NNS are/VBP complaining/VBG that/IN President/NNP Bush/NNP is/VBZ pushing/VBG conventional-arms/JJ talks/NNS too/RB quickly/RB ,/, creating/VBG a/DT risk/NN that/IN negotiators/NNS will/MD make/VB errors/NNS that/WDT could/MD affect/VB the/DT security/NN of/IN Western/NNP Europe/NNP for/IN years/NNS ./. | |
| Concerns/NNS about/IN the/DT pace/NN of/IN the/DT Vienna/NNP talks/NNS --/: which/WDT are/VBP aimed/VBN at/IN the/DT destruction/NN of/IN some/DT 100,000/CD weapons/NNS ,/, as/RB well/RB as/IN major/JJ reductions/NNS and/CC realignments/NNS of/IN troops/NNS in/IN central/JJ Europe/NNP --/: also/RB are/VBP being/VBG registered/VBN at/IN the/DT Pentagon/NNP ./. | |
| Mr./NNP Bush/NNP has/VBZ called/VBN for/IN an/DT agreement/NN by/IN next/JJ September/NNP at/IN the/DT latest/JJS ./. | |
| But/CC some/DT American/JJ defense/NN officials/NNS believe/VBP the/DT North/NNP Atlantic/NNP Treaty/NNP Organization/NNP should/MD take/VB more/JJR time/NN to/TO examine/VB the/DT long-term/JJ implications/NNS of/IN the/DT options/NNS being/VBG considered/VBN ./. | |
| For/IN one/CD thing/NN ,/, Pentagon/NNP officials/NNS ,/, who/WP asked/VBD not/RB to/TO be/VB identified/VBN ,/, worry/VBP that/IN the/DT U.S./NNP will/MD have/VB a/DT much/RB tougher/JJR time/NN persuading/VBG Europeans/NNPS to/TO keep/VB some/DT short-range/JJ nuclear/JJ weapons/NNS on/IN their/PRP$ soil/NN once/IN Soviet/JJ armored/JJ forces/NNS are/VBP thinned/VBN out/RP ./. | |
| At/IN the/DT same/JJ time/NN ,/, they/PRP contend/VBP that/IN a/DT reduction/NN of/IN NATO/NNP forces/NNS under/IN a/DT treaty/NN will/MD increase/VB the/DT possibility/NN of/IN a/DT conventional/JJ Soviet/JJ attack/NN unless/IN the/DT West/NNP retains/VBZ a/DT residual/JJ force/NN of/IN nuclear/JJ weapons/NNS in/IN Europe/NNP ./. | |
| Allies/NNS concerned/VBN about/IN the/DT deadline/NN include/VBP the/DT British/NNPS ,/, French/NNPS and/CC smaller/JJR NATO/NNP allies/NNS ,/, some/DT of/IN whom/WP do/VBP n't/RB have/VB adequate/JJ staffs/NNS to/TO provide/VB quick/JJ answers/NNS to/TO the/DT questions/NNS being/VBG raised/VBN by/IN what/WP generally/RB are/VBP considered/VBN the/DT most/RBS complex/JJ arms-control/NN talks/NNS ever/RB attempted/VBN ./. | |
| So/RB far/RB ,/, no/DT ally/NN has/VBZ complained/VBN openly/RB ,/, preserving/VBG the/DT impression/NN that/IN NATO/NNP is/VBZ in/IN line/NN with/IN the/DT Bush/NNP position/NN that/IN a/DT quick/JJ agreement/NN bringing/VBG Soviet/JJ conventional/JJ forces/NNS down/RB to/TO parity/NN with/IN NATO/NNP is/VBZ the/DT West/NNP 's/POS top/JJ bargaining/NN priority/NN ./. | |
| But/CC even/RB though/IN NATO/NNP negotiators/NNS have/VBP only/RB 10/CD months/NNS left/VBN under/IN the/DT Bush/NNP timetable/NN ,/, they/PRP are/VBP still/RB wrestling/VBG over/IN such/JJ seemingly/RB fundamental/JJ questions/NNS as/IN ``/`` What/WP is/VBZ a/DT tank/NN ?/. ''/'' | |
| Five/CD of/IN the/DT six/CD categories/NNS of/IN weapons/NNS under/IN negotiation/NN have/VBP n't/RB even/RB been/VBN defined/VBN ./. | |
| Tanks/NNS currently/RB are/VBP defined/VBN as/IN armored/JJ vehicles/NNS weighing/VBG 25/CD tons/NNS or/CC more/JJR that/IN carry/VB large/JJ guns/NNS ./. | |
| The/DT Soviets/NNPS complicated/VBD the/DT issue/NN by/IN offering/VBG to/TO include/VB light/JJ tanks/NNS ,/, which/WDT are/VBP as/RB light/JJ as/IN 10/CD tons/NNS ./. | |
| Oleg/NNP A./NN Grinevsky/NNP ,/, the/DT chief/JJ Soviet/JJ negotiator/NN in/IN the/DT conventional-arms/JJ talks/NNS ,/, argued/VBD that/IN this/DT would/MD mean/VB the/DT Soviets/NNPS would/MD have/VB to/TO destroy/VB some/DT 1,800/CD tanks/NNS ,/, while/IN the/DT U.S./NNP would/MD lose/VB none/NN because/IN it/PRP has/VBZ no/DT light/JJ tanks/NNS in/IN Europe/NNP ./. | |
| But/CC the/DT issue/NN is/VBZ stickier/JJR than/IN it/PRP seems/VBZ ./. | |
| France/NNP ,/, Britain/NNP and/CC Italy/NNP all/DT have/VBP light/JJ tanks/NNS they/PRP would/MD like/VB to/TO keep/VB out/IN of/IN the/DT talks/NNS ./. | |
| And/CC some/DT U.S./NNP Army/NNP analysts/NNS worry/VBP that/IN the/DT proposed/VBN Soviet/JJ redefinition/NN is/VBZ aimed/VBN at/IN blocking/VBG the/DT U.S./NNP from/IN developing/VBG lighter/JJR ,/, more/RBR transportable/JJ ,/, high-technology/JJ tanks/NNS ./. | |
| Defining/VBG combat/NN aircraft/NN is/VBZ even/RB tougher/JJR ./. | |
| The/DT Soviets/NNPS insisted/VBD that/DT aircraft/NN be/VB brought/VBN into/IN the/DT talks/NNS ,/, then/RB argued/VBD for/IN exempting/VBG some/DT 4,000/CD Russian/JJ planes/NNS because/IN they/PRP are/VBP ``/`` solely/RB defensive/JJ ./. ''/'' | |
| NATO/NNP has/VBZ n't/RB budged/VBN from/IN its/PRP$ insistence/NN that/IN any/DT gun-carrying/JJ plane/NN has/VBZ offensive/JJ capability/NN ./. | |
| The/DT dispute/NN over/IN that/DT issue/NN ,/, according/VBG to/TO one/CD U.S./NNP official/NN ,/, is/VBZ a/DT ``/`` potential/JJ treaty/NN stopper/NN ,/, ''/'' and/CC only/RB President/NNP Bush/NNP and/CC Soviet/JJ leader/NN Mikhail/NNP Gorbachev/NNP may/MD be/VB able/JJ to/TO resolve/VB it/PRP ./. | |
| Accounting/NN problems/NNS raise/VBP more/JJR knotty/JJ issues/NNS ./. | |
| Greece/NNP and/CC Turkey/NNP ,/, for/IN example/NN ,/, are/VBP suspected/VBN of/IN overstating/VBG their/PRP$ arsenals/NNS in/IN hopes/NNS that/IN they/PRP can/MD emerge/VB from/IN the/DT arms-reduction/JJ treaty/NN with/IN large/JJ remaining/VBG forces/NNS to/TO deter/VB each/DT other/JJ ./. | |
| Other/JJ nations/NNS are/VBP n't/RB sure/JJ how/WRB many/JJ weapons/NNS they/PRP have/VBP in/IN their/PRP$ own/JJ arsenals/NNS ./. | |
| ``/`` It/PRP 's/VBZ just/RB going/VBG to/TO be/VB sloppy/JJ ,/, both/DT on/IN our/PRP$ side/NN and/CC theirs/PRP {/-LRB- the/DT Warsaw/NNP Pact/NNP 's/POS }/-RRB- ,/, ''/'' says/VBZ one/CD NATO/NNP analyst/NN ./. | |
| So/RB far/RB ,/, neither/CC the/DT Bush/NNP administration/NN nor/CC arms-control/JJ experts/NNS in/IN Congress/NNP seem/VBP moved/VBN by/IN arguments/NNS that/IN these/DT problems/NNS may/MD take/VB more/JJR time/NN to/TO thrash/VB out/RB than/IN President/NNP Bush/NNP has/VBZ allowed/VBN ./. | |
| They/PRP argue/VBP that/IN the/DT bigger/JJR danger/NN would/MD be/VB that/IN the/DT West/NNP would/MD delay/VB action/NN so/RB long/RB that/IN the/DT Soviets/NNPS might/MD back/VB away/RB from/IN the/DT current/JJ conciliatory/JJ attitude/NN ./. | |
| ``/`` So/RB what/WP if/IN you/PRP miss/VBP 50/CD tanks/NNS somewhere/RB ?/. ''/'' asks/VBZ Rep./NNP Norman/NNP Dicks/NNP (/-LRB- D./NNP ,/, Wash./NNP )/-RRB- ,/, a/DT member/NN of/IN the/DT House/NNP group/NN that/WDT visited/VBD the/DT talks/NNS in/IN Vienna/NNP ./. | |
| ``/`` The/DT bottom/JJ line/NN is/VBZ that/IN if/IN we/PRP can/MD get/VB that/DT {/-LRB- Warsaw/NNP Pact/NNP }/-RRB- superiority/NN brought/VBD down/RB to/TO parity/NN ,/, we/PRP ought/MD to/TO keep/VB pressing/VBG ahead/RB as/RB quickly/RB as/IN possible/JJ ./. | |
| I/PRP worry/VBP more/RBR about/IN things/NNS becoming/VBG so/RB unraveled/JJ on/IN the/DT other/JJ side/NN that/IN they/PRP might/MD become/VB unable/JJ to/TO negotiate/VB ./. | |
| International/NNP Lease/NNP Finance/NNP Corp./NNP announced/VBD a/DT leasing/NN contract/NN with/IN charter/NN carrier/NN American/JJ Trans/NNP Air/NNP Inc./NNP ,/, in/IN a/DT transaction/NN involving/VBG six/CD Boeing/NNP Co./NNP 757-200s/NNS ./. | |
| The/DT value/NN of/IN the/DT jets/NNS ,/, including/VBG spares/NNS ,/, is/VBZ in/IN excess/NN of/IN $/$ 250/CD million/CD ./. | |
| Two/CD of/IN the/DT 757-200s/NNS are/VBP new/JJ aircraft/NNS to/TO be/VB delivered/VBN to/TO American/NNP Trans/NNP Air/NNP ,/, the/DT main/JJ subsidiary/NN of/IN Amtran/NNP Inc./NNP ,/, in/IN December/NNP 1991/CD and/CC January/NNP 1992/CD ./. | |
| Four/CD of/IN the/DT planes/NNS were/VBD purchased/VBN by/IN International/NNP Lease/NNP from/IN Singapore/NNP Airlines/NNPS in/IN a/DT previously/RB announced/JJ transaction/NN ./. | |
| Delivery/NN of/IN the/DT first/JJ aircraft/NN is/VBZ set/VBN for/IN early/JJ November/NNP ,/, a/DT second/NN for/IN December/NNP and/CC two/CD for/IN April/NNP 1990/CD ./. | |
| Norway/NNP 's/POS unemployment/NN rate/NN for/IN October/NNP was/VBD 3.6/CD %/NN ,/, unchanged/JJ from/IN September/NNP but/CC up/RB from/IN 2.6/CD %/NN in/IN the/DT same/JJ month/NN last/JJ year/NN ./. | |
| The/DT figure/NN excludes/VBZ a/DT record/NN number/NN employed/VBN by/IN extraordinary/JJ government/NN work/NN programs/NNS ,/, the/DT Labor/NNP Directorate/NNP announced/VBD Tuesday/NNP ./. | |
| Including/VBG those/DT in/IN the/DT state/NN programs/NNS ,/, there/EX were/VBD 143,800/CD Norwegians/NNPS ,/, or/CC about/IN 6.5/CD %/NN of/IN the/DT work/NN force/NN ,/, without/IN permanent/JJ employment/NN in/IN October/NNP ,/, up/RB from/IN September/NNP 's/POS 136,800/CD ./. | |
| The/DT number/NN of/IN people/NNS registered/VBN as/IN jobless/JJ at/IN the/DT end/NN of/IN October/NNP declined/VBD by/IN 900/CD from/IN September/NNP to/TO 78,600/CD ./. | |
| Those/DT employed/VBN in/IN state-funded/JJ special/JJ programs/NNS increased/VBN by/IN 7,400/CD to/TO 65,200/CD in/IN the/DT same/JJ period/NN ,/, the/DT Directorate/NNP said/VBD ./. | |
| In/IN October/NNP 1988/CD ,/, there/EX were/VBD 40,800/CD fewer/JJR employed/VBN by/IN government/NN programs/NNS ./. | |
| Coca-Cola/NNP Co./NNP ,/, aiming/VBG to/TO boost/VB soft-drink/NN volume/NN in/IN Singapore/NNP ,/, said/VBD it/PRP is/VBZ discussing/VBG a/DT joint/JJ venture/NN with/IN Fraser/NNP &/CC Neave/NNP Ltd./NNP ,/, its/PRP$ bottling/VBG franchisee/NN in/IN that/DT country/NN ./. | |
| The/DT venture/NN would/MD be/VB the/DT latest/JJS in/IN Coke/NNP 's/POS rapid/JJ expansion/NN of/IN overseas/JJ investment/NN ./. | |
| So/RB far/RB this/DT year/NN ,/, it/PRP has/VBZ put/VBN nearly/RB $/$ 700/CD million/CD into/IN bottling/VBG operations/NNS in/IN Australia/NNP ,/, New/NNP Zealand/NNP and/CC France/NNP ./. | |
| The/DT move/NN also/RB reflects/VBZ Coke/NNP 's/POS eagerness/NN to/TO have/VB a/DT hand/NN in/IN developing/VBG the/DT soft-drink/NN markets/NNS in/IN Pacific/NNP Basin/NNP countries/NNS ./. | |
| Aside/RB from/IN Europe/NNP ,/, the/DT Pacific/NNP division/NN is/VBZ where/WRB Coke/NNP will/MD be/VB focusing/VBG much/RB of/IN its/PRP$ attention/NN for/IN years/NNS to/TO come/VB ./. | |
| That/DT 's/VBZ because/IN when/WRB Coke/NNP looks/VBZ to/TO the/DT Pacific/NNP area/NN ,/, it/PRP sees/VBZ an/DT economic/JJ and/CC demographic/JJ gold/NN mine/NN ./. | |
| In/IN countries/NNS such/JJ as/IN Taiwan/NNP ,/, South/NNP Korea/NNP and/CC Singapore/NNP ,/, economies/NNS are/VBP growing/VBG ,/, resulting/VBG in/IN a/DT rise/NN in/IN disposable/JJ income/NN that/IN consumers/NNS can/MD use/VB for/IN soft/JJ drinks/NNS ./. | |
| And/CC unlike/IN Europe/NNP and/CC the/DT U.S./NNP ,/, where/WRB populations/NNS are/VBP aging/VBG ,/, the/DT Pacific/NNP Basin/NNP countries/NNS have/VBP growing/VBG proportions/NNS of/IN youths/NNS --/: the/DT heaviest/JJS consumers/NNS of/IN Coca-Cola/NNP and/CC other/JJ sodas/NNS ./. | |
| A/DT Coca-Cola/NNP spokesman/NN said/VBD it/PRP is/VBZ too/RB early/JJ to/TO say/VB how/WRB the/DT joint/JJ venture/NN would/MD be/VB structured/VBN ,/, or/CC how/WRB much/JJ the/DT company/NN would/MD invest/VB in/IN the/DT transaction/NN ./. | |
| In/IN the/DT past/NN ,/, however/RB ,/, Coke/NNP has/VBZ typically/RB taken/VBN a/DT minority/NN stake/NN in/IN such/JJ ventures/NNS ./. | |
| By/IN acquiring/VBG stakes/NNS in/IN bottling/VBG companies/NNS in/IN the/DT U.S./NNP and/CC overseas/RB ,/, Coke/NNP has/VBZ been/VBN able/JJ to/TO improve/VB bottlers/NNS '/POS efficiency/NN and/CC production/NN ,/, and/CC in/IN some/DT cases/NNS ,/, marketing/NN ./. | |
| Coke/NNP has/VBZ tended/VBN to/TO increase/VB its/PRP$ control/NN when/WRB results/NNS were/VBD sluggish/JJ in/IN a/DT given/VBN country/NN ./. | |
| That/IN does/VBZ n't/RB appear/VB to/TO be/VB the/DT case/NN in/IN Singapore/NNP ,/, a/DT country/NN of/IN about/IN three/CD million/CD people/NNS with/IN a/DT relatively/RB high/JJ soft-drink/NN consumption/NN rate/NN --/: a/DT key/JJ indicator/NN of/IN Coke/NNP 's/POS success/NN in/IN a/DT market/NN ./. | |
| In/IN Singapore/NNP ,/, per-capita/JJ consumption/NN is/VBZ about/IN one-third/NN that/IN of/IN the/DT U.S./NNP ./. | |
| And/CC combining/VBG Fraser/NNP &/CC Neave/NNP 's/POS own/JJ soft/JJ drinks/NNS with/IN Coca-Cola/NNP 's/POS gives/VBZ the/DT Singapore/NNP company/NN more/JJR than/IN half/PDT the/DT share/NN of/IN the/DT soda/NN market/NN there/RB ,/, Coke/NNP said/VBD ./. | |
| Fraser/NNP &/CC Neave/NNP ,/, which/WDT also/RB has/VBZ interests/NNS in/IN packaging/NN ,/, beer/NN and/CC dairy/NN products/NNS ,/, holds/VBZ the/DT Coke/NNP licenses/NNS for/IN Malaysia/NNP and/CC Brunei/NNP ,/, where/WRB per-capita/JJ consumption/NN is/VBZ n't/RB as/RB high/JJ as/IN in/IN Singapore/NNP ./. | |
| Coke/NNP could/MD be/VB interested/JJ in/IN more/RBR quickly/RB developing/VBG some/DT of/IN the/DT untapped/JJ potential/NN in/IN those/DT markets/NNS ./. | |
| A/DT Coke/NNP spokesman/NN said/VBD he/PRP could/MD n't/RB say/VB whether/IN that/DT is/VBZ the/DT direction/NN of/IN the/DT talks/NNS ./. | |
| Coke/NN said/VBD the/DT joint-venture/NN arrangement/NN ,/, which/WDT needs/VBZ approval/NN from/IN both/DT companies/NNS '/POS boards/NNS ,/, should/MD be/VB completed/VBN early/JJ next/JJ year/NN ./. | |
| AMERICAN/NNP BRANDS/NNPS Inc./NNP ,/, Old/NNP Greenwich/NNP ,/, Conn./NNP ,/, said/VBD it/PRP increased/VBD its/PRP$ quarterly/JJ 11/CD %/NN to/TO 68/CD cents/NNS a/DT share/NN from/IN 61/CD cents/NNS ,/, payable/JJ Dec./NNP 1/CD to/TO stock/NN of/IN record/NN Nov./NNP 10/CD ./. | |
| The/DT increase/NN follows/VBZ the/DT company/NN 's/POS report/NN of/IN strong/JJ earnings/NNS for/IN the/DT third/JJ quarter/NN ,/, and/CC reflects/VBZ what/WP American/NNP Brands/NNPS called/VBD its/PRP$ ``/`` tradition/NN of/IN sharing/VBG earnings/NNS growth/NN ''/'' with/IN shareholders/NNS ./. | |
| American/NNP Brands/NNPS is/VBZ a/DT consumer/NN products/NNS company/NN with/IN core/NN businesses/NNS in/IN tobacco/NN ,/, distilled/JJ spirits/NNS and/CC life/NN insurance/NN ./. | |
| As/IN of/IN Sept./NNP 30/CD ,/, American/NNP Brands/NNPS had/VBD 95.2/CD million/CD shares/NNS outstanding/JJ ./. | |
| Giovanni/NNP Agnelli/NNP &/CC Co./NNP announced/VBD a/DT transaction/NN that/WDT will/MD strengthen/VB its/PRP$ indirect/JJ control/NN of/IN Fiat/NNP S.p/NNP ./. A./NNP and/CC will/MD admit/VB Prince/NNP Karim/NNP Aga/NNP Khan/NNP as/IN its/PRP$ first/JJ non-family/JJ shareholder/NN ./. | |
| Giovanni/NNP Agnelli/NNP ,/, a/DT limited/JJ partnership/NN that/WDT is/VBZ the/DT master/NN holding/VBG company/NN for/IN Fiat/NNP 's/POS Agnelli/NNP family/NN ,/, owns/VBZ approximately/RB 75/CD %/NN of/IN the/DT shares/NNS in/IN Istituto/NNP Finanziario/NNP Industriale/NNP ,/, which/WDT in/IN turn/NN owns/VBZ approximately/RB 40/CD %/NN of/IN Fiat/NNP ,/, Italy/NNP 's/POS biggest/JJS private-sector/NN industrial/JJ group/NN ./. | |
| The/DT company/NN said/VBD Maria/NNP Sole/NNP Agnelli/NNP Teodorani/NNP ,/, sister/NN of/IN Fiat/NNP Chairman/NNP Giovanni/NNP Agnelli/NNP ,/, agreed/VBD to/TO trade/VB her/PRP$ shares/NNS in/IN IFI/NNP for/IN new/JJ ordinary/JJ shares/NNS in/IN the/DT limited/JJ partnership/NN ,/, which/WDT will/MD give/VB her/PRP$ control/NN of/IN 4.67/CD %/NN of/IN Giovanni/NNP Agnelli/NNP &/CC Co/NNP ./. | |
| The/DT Aga/NNP Khan/NNP ,/, meanwhile/RB ,/, agreed/VBD to/TO trade/VB some/DT of/IN his/PRP$ stake/NN in/IN Luxembourg-based/JJ Ifint/NNP S.A./NNP ,/, another/DT Agnelli/NNP family/NN company/NN ,/, for/IN 7.45/CD %/NN of/IN Giovanni/NNP Agnelli/NNP &/CC Co./NNP 's/POS capital/NN ./. | |
| His/PRP$ new/JJ stake/NN would/MD be/VB in/IN the/DT form/NN of/IN preferred/JJ shares/NNS ,/, which/WDT receive/VBP higher/JJR dividends/NNS but/CC have/VBP voting/VBG rights/NNS only/RB in/IN extraordinary/JJ shareholders/NNS assemblies/NNS ./. | |
| The/DT Aga/NNP Khan/NNP owns/VBZ 10/CD %/NN of/IN Ifint/NNP 's/POS capital/NN ,/, while/IN IFI/NNP owns/VBZ 23/CD %/NN ./. | |
| As/IN a/DT result/NN of/IN the/DT transaction/NN ,/, which/WDT is/VBZ expected/VBN to/TO be/VB approved/VBN at/IN a/DT shareholders/NNS meeting/NN Nov./NNP 24/CD ,/, Giovanni/NNP Agnelli/NNP &/CC Co./NNP will/MD control/VB 79.18/CD %/NN of/IN IFI/NNP 's/POS ordinary/JJ shares/NNS ./. | |
| Its/PRP$ capital/NN will/MD also/RB be/VB raised/VBN to/TO 232.4/CD billion/CD lire/NNS (/-LRB- $/$ 172.5/CD million/CD )/-RRB- from/IN the/DT current/JJ 204.3/CD billion/CD lire/NNS ./. | |
| IFI/NNP also/RB has/VBZ nonvoting/JJ preferred/JJ shares/NNS ,/, which/WDT are/VBP quoted/VBN on/IN the/DT Milan/NNP stock/NN exchange/NN ./. | |
| The/DT value/NN of/IN the/DT two/CD transactions/NNS was/VBD n't/RB disclosed/VBN ,/, but/CC an/DT IFI/NNP spokesman/NN said/VBD no/DT cash/NN would/MD change/VB hands/NNS ./. | |
| The/DT move/NN strengthens/VBZ the/DT existing/VBG links/NNS between/IN the/DT Agnellis/NNPS and/CC the/DT Aga/NNP Khan/NNP ,/, the/DT head/NN of/IN the/DT world/NN 's/POS Ismaili/NNP Moslems/NNPS who/WP is/VBZ a/DT longtime/JJ family/NN friend/NN and/CC frequently/RB goes/VBZ sailing/NN with/IN Mr./NNP Agnelli/NNP ./. | |
| Mr./NNP Agnelli/NNP and/CC the/DT Aga/NNP Khan/NNP also/RB have/VBP some/DT business/NN ties/NNS ,/, and/CC a/DT spokesman/NN for/IN the/DT Agnelli/NNP company/NN did/VBD n't/RB rule/VB out/RB that/IN the/DT current/JJ agreement/NN could/MD lead/VB to/TO further/JJ collaboration/NN ./. | |
| For/IN instance/NN ,/, Ifint/NNP earlier/RBR this/DT year/NN bought/VBD an/DT 18/CD %/NN stake/NN in/IN Alisarda/NNP ,/, the/DT Aga/NNP Khan/NNP 's/POS airline/NN ,/, which/WDT flies/VBZ between/IN Italy/NNP and/CC Sardinia/NNP ./. | |
| Giovanni/NNP Agnelli/NNP &/CC Co./NNP ,/, which/WDT was/VBD formed/VBN in/IN January/NNP 1987/CD as/IN a/DT way/NN of/IN keeping/VBG the/DT Agnellis/NNPS '/POS controlling/VBG stake/NN in/IN Fiat/NNP together/RB despite/IN an/DT ever-growing/JJ family/NN tree/NN ,/, has/VBZ been/VBN playing/VBG a/DT more/RBR active/JJ role/NN in/IN the/DT Agnelli/NNP group/NN of/IN late/RB ./. | |
| It/PRP raised/VBD financing/NN of/IN 300/CD billion/CD lire/NNS for/IN the/DT purchase/NN this/DT summer/NN by/IN another/DT Agnelli-related/JJ group/NN of/IN the/DT food/NN concern/NN Galbani/NNP S.p/NNP ./. A./NNP ,/, by/IN selling/VBG a/DT chunk/NN of/IN its/PRP$ IFI/NNP shares/NNS to/TO Mediobanca/NNP S.p/NNP ./. A./NNP | |
| Mediobanca/NNP said/VBD during/IN the/DT weekend/NN that/IN it/PRP agreed/VBD to/TO sell/VB the/DT shares/NNS back/RP to/TO Giovanni/NNP Agnelli/NNP for/IN 333/CD billion/CD lire/NNS ./. | |
| Your/PRP$ Oct./NNP 2/CD page-one/JJ article/NN on/IN people/NNS riding/VBG so-called/JJ ``/`` railbikes/NNS ''/'' on/IN railroad/NN tracks/NNS was/VBD a/DT disservice/NN to/TO your/PRP$ readers/NNS ./. | |
| It/PRP unfortunately/RB encourages/VBZ others/NNS to/TO engage/VB in/IN a/DT highly/RB dangerous/JJ and/CC illegal/JJ activity/NN that/IN only/RB a/DT very/RB few/JJ are/VBP doing/VBG now/RB ./. | |
| And/CC it/PRP treats/VBZ such/JJ activities/NNS in/IN a/DT frivolous/JJ ,/, cavalier/JJ fashion/NN ,/, with/IN total/JJ indifference/NN to/TO common/JJ sense/NN and/CC public/JJ safety/NN ./. | |
| Saul/NNP Resnick/NNP | |
| Vice/NNP President/NNP | |
| Public/NNP Affairs/NNPS | |
| Conrail/NNP | |
| MCI/NNP Communications/NNPS Corp./NNP said/VBD it/PRP received/VBD a/DT three-year/JJ contract/NN valued/VBN at/IN more/JJR than/IN $/$ 15/CD million/CD to/TO provide/VB network/NN ,/, credit-card/NN and/CC other/JJ telecommunications/NN services/NNS to/TO Drexel/NNP Burnham/NNP Lambert/NNP Inc/NNP ./. | |
| Congressional/JJ Democrats/NNPS and/CC the/DT Bush/NNP administration/NN agreed/VBD on/IN a/DT compromise/NN minimum-wage/NN bill/NN ,/, opening/VBG the/DT way/NN for/IN the/DT first/JJ wage-floor/JJ boost/NN in/IN more/JJR than/IN nine/CD years/NNS ./. | |
| The/DT agreement/NN ended/VBD a/DT long/JJ impasse/NN between/IN the/DT congressional/JJ leaders/NNS and/CC the/DT White/NNP House/NNP over/IN the/DT wage/NN issue/NN ./. | |
| President/NNP Bush/NNP in/IN June/NNP vetoed/VBD a/DT measure/NN passed/VBN by/IN Congress/NNP and/CC said/VBD he/PRP would/MD n't/RB accept/VB any/DT minimum-wage/NN rise/NN that/WDT went/VBD beyond/IN limits/NNS he/PRP set/VBD early/RB in/IN this/DT year/NN 's/POS debate/NN on/IN the/DT issue/NN ./. | |
| The/DT compromise/NN was/VBD a/DT somewhat/RB softened/JJ version/NN of/IN what/WP the/DT White/NNP House/NNP had/VBD said/VBN it/PRP would/MD accept/VB ./. | |
| Under/IN the/DT agreement/NN with/IN the/DT House/NNP and/CC Senate/NNP leaders/NNS ,/, the/DT minimum/NN wage/NN would/MD rise/VB from/IN the/DT current/JJ $/$ 3.35/CD an/DT hour/NN to/TO $/$ 4.25/CD an/DT hour/NN by/IN April/NNP 1991/CD ./. | |
| Employers/NNS could/MD also/RB pay/VB a/DT subminimum/JJ ``/`` training/NN wage/NN ''/'' for/IN 90/CD days/NNS to/TO new/JJ workers/NNS who/WP are/VBP up/RB to/TO 19/CD years/NNS old/JJ ,/, and/CC then/RB for/IN another/DT 90/CD days/NNS if/IN the/DT company/NN institutes/NN a/DT specific/JJ training/VBG program/NN for/IN the/DT newcomers/NNS ./. | |
| White/NNP House/NNP officials/NNS were/VBD delighted/JJ that/IN the/DT compromise/NN includes/VBZ the/DT concept/NN of/IN a/DT training/NN wage/NN ,/, which/WDT Mr./NNP Bush/NNP has/VBZ fought/VBN for/IN throughout/IN the/DT year/NN ./. | |
| ``/`` For/IN the/DT first/JJ time/NN in/IN history/NN ,/, we/PRP have/VBP a/DT training/NN wage/NN that/WDT will/MD be/VB part/NN ''/'' of/IN the/DT nation/NN 's/POS labor/NN laws/NNS ,/, said/VBD Roger/NNP Porter/NNP ,/, assistant/NN to/TO the/DT president/NN for/IN economic/JJ and/CC domestic/JJ policy/NN ./. | |
| White/NNP House/NNP aides/NNS said/VBD that/IN although/IN they/PRP made/VBD a/DT small/JJ compromise/NN on/IN the/DT length/NN of/IN a/DT training/NN wage/NN ,/, the/DT final/JJ minimum-wage/NN increase/NN will/MD meet/VB the/DT standards/NNS set/VBN by/IN Mr./NNP Bush/NNP ./. | |
| The/DT bill/NN vetoed/VBN by/IN the/DT president/NN in/IN June/NNP ,/, which/WDT the/DT House/NNP failed/VBD to/TO override/VB ,/, would/MD have/VB lifted/VBN the/DT minimum/NN wage/NN to/TO $/$ 4.55/CD an/DT hour/NN by/IN late/JJ 1991/CD ,/, with/IN a/DT training/NN wage/NN for/IN up/RB to/TO two/CD months/NNS ,/, generally/RB for/IN a/DT worker/NN 's/POS first/JJ job/NN ./. | |
| Mr./NNP Bush/NNP had/VBD been/VBN holding/VBG out/RB for/IN a/DT bill/NN boosting/VBG the/DT wage/NN floor/NN to/TO $/$ 4.25/CD an/DT hour/NN by/IN the/DT end/NN of/IN 1991/CD ,/, coupled/VBN with/IN a/DT six-month/JJ training/NN wage/NN for/IN workers/NNS newly/RB hired/VBN by/IN any/DT employer/NN ./. | |
| Under/IN the/DT compromise/NN ,/, the/DT $/$ 4.25/CD level/NN would/MD be/VB reached/VBN nine/CD months/NNS earlier/RB ,/, while/IN the/DT training/NN subminimum/JJ would/MD be/VB shorter/JJR ,/, unless/IN it/PRP is/VBZ tied/VBN to/TO a/DT training/NN plan/NN ./. | |
| Democrats/NNP argued/VBD that/IN the/DT training/NN wage/NN was/VBD a/DT way/NN of/IN allowing/VBG employers/NNS to/TO pay/VB less/JJR than/IN the/DT minimum/NN wage/NN ,/, while/IN new/JJ workers/NNS need/VBP far/RB less/JJR than/IN six/CD months/NNS to/TO be/VB trained/VBN for/IN their/PRP$ jobs/NNS ./. | |
| Democrats/NNPS had/VBD been/VBN negotiating/VBG with/IN some/DT Republican/JJ congressional/JJ leaders/NNS on/IN a/DT compromise/NN lately/RB ./. | |
| With/IN congressional/JJ elections/NNS next/IN year/NN ,/, GOP/NNP leaders/NNS have/VBP worried/VBN about/IN opposing/VBG a/DT minimum-wage/NN rise/NN for/IN low-paid/JJ workers/NNS at/IN a/DT time/NN when/WRB Congress/NNP is/VBZ moving/VBG toward/IN a/DT capital-gains/NNS tax/NN cut/NN that/WDT would/MD directly/RB benefit/VB wealthier/JJR taxpayers/NNS ./. | |
| Republicans/NNPS have/VBP been/VBN imploring/VBG the/DT White/NNP House/NNP to/TO compromise/VB on/IN the/DT wage/NN issue/NN ./. | |
| In/IN the/DT Senate/NNP ,/, Edward/NNP Kennedy/NNP (/-LRB- D./NNP ,/, Mass./NNP )/-RRB- ,/, chairman/NN of/IN the/DT Labor/NNP Committee/NNP ,/, and/CC Pete/NNP Domenici/NNP ,/, (/-LRB- R./NNP ,/, N.M/NNP ./. )/-RRB- ranking/VBG minority/NN member/NN of/IN the/DT Budget/NNP Committee/NNP ,/, have/VBP been/VBN working/VBG on/IN a/DT compromise/NN ,/, and/CC their/PRP$ soundings/NNS showed/VBD that/IN the/DT Senate/NNP appeared/VBD to/TO be/VB heading/VBG toward/IN enough/JJ strength/NN to/TO override/VB another/DT Bush/NNP veto/NN ,/, a/DT Democratic/JJ staff/NN official/NN said/VBD ./. | |
| The/DT House/NNP is/VBZ scheduled/VBN to/TO vote/VB this/DT week/NN on/IN the/DT compromise/NN ,/, as/IN a/DT substitute/NN to/TO a/DT new/JJ Democratic/JJ bill/NN ,/, itself/PRP watered/VBD down/RB from/IN last/JJ spring/NN 's/POS version/NN ./. | |
| The/DT Senate/NNP will/MD probably/RB vote/VB not/RB long/RB afterward/RB ./. | |
| Some/DT Democrats/NNPS thought/VBD they/PRP might/MD have/VB compromised/VBN too/RB much/RB ./. | |
| Rep./NNP Austin/NNP Murphy/NNP (/-LRB- D./NNP ,/, Pa./NNP )/-RRB- ,/, chairman/NN of/IN the/DT House/NNP labor/NN standards/NNS subcommittee/NN ,/, said/VBD they/PRP might/MD have/VB done/VBN better/RBR ``/`` if/IN we/PRP 'd/VBD held/VBN their/PRP$ feet/NNS to/TO the/DT fire/NN ./. ''/'' | |
| Mr./NNP Kennedy/NNP suggested/VBD Democrats/NNPS ``/`` yielded/VBD a/DT great/JJ deal/NN ''/'' on/IN the/DT size/NN of/IN the/DT increase/NN ,/, but/CC he/PRP cited/VBD concessions/NNS from/IN the/DT White/NNP House/NNP on/IN the/DT training/NN wage/NN ,/, which/WDT he/PRP said/VBD make/VB it/PRP ``/`` less/RBR harsh/JJ ./. ''/'' | |
| With/IN only/RB 16-year-olds/NNS to/TO 19-year-olds/NNS eligible/JJ ,/, 68/CD %/NN of/IN workers/NNS getting/VBG less/JJR than/IN $/$ 4.25/CD an/DT hour/NN ,/, who/WP are/VBP adults/NNS ,/, wo/MD n't/RB be/VB subject/JJ to/TO the/DT training/NN wage/NN ,/, he/PRP said/VBD ./. | |
| The/DT AFL-CIO/NNP ,/, which/WDT previously/RB opposed/VBD the/DT administration/NN 's/POS subminimum/JJ idea/NN ,/, said/VBD the/DT compromise/NN has/VBZ ``/`` adequate/JJ safeguards/NNS ,/, so/IN the/DT youth/NN are/VBP not/RB exploited/VBN and/CC older/JJR workers/NNS are/VBP not/RB displaced/VBN ./. ''/'' | |
| Gerald/NNP F./NNP Seib/NNP contributed/VBD to/TO this/DT article/NN ./. | |
| Moody/NNP 's/POS Investors/NNPS Service/NNP Inc./NNP said/VBD it/PRP lowered/VBD the/DT ratings/NNS on/IN about/IN $/$ 3.2/CD billion/CD of/IN Houston/NNP Lighting/NNP &/CC Power/NNP Co./NNP 's/POS securities/NNS because/IN of/IN the/DT company/NN 's/POS low/JJ levels/NNS of/IN interest/NN coverage/NN and/CC internal/JJ cash/NN generation/NN ./. | |
| Houston/NNP Lighting/NNP is/VBZ a/DT unit/NN of/IN Houston/NNP Industries/NNPS Inc./NNP ,/, a/DT utility/NN holding/VBG company/NN in/IN Houston/NNP ./. | |
| Downgraded/VBN by/IN Moody/NNP 's/POS were/VBD Houston/NNP Lighting/NNP 's/POS first-mortgage/JJ bonds/NNS and/CC secured/JJ pollution-control/JJ bonds/NNS to/TO single-A-3/JJ from/IN single-A-2/JJ ;/: unsecured/JJ pollution-control/NN bonds/NNS to/TO Baa-1/JJ from/IN single-A-3/JJ ;/: preferred/JJ stock/NN to/TO single-A-3/JJ from/IN single-A-2/JJ ;/: a/DT shelf/NN registration/NN for/IN preferred/JJ stock/NN to/TO a/DT preliminary/JJ rating/NN of/IN single-A-3/JJ from/IN a/DT preliminary/JJ rating/NN of/IN single-A-2/JJ ;/: two/CD shelf/NN registrations/NNS for/IN collateralized/JJ debt/NN securities/NNS to/TO a/DT preliminary/JJ rating/NN of/IN single-A-3/JJ from/IN a/DT preliminary/JJ rating/NN of/IN single-A-2/JJ ,/, and/CC the/DT unit/NN 's/POS rating/NN for/IN commercial/JJ paper/NN to/TO Prime-2/JJ from/IN Prime-1/JJ ./. | |
| Moody/NNP 's/POS said/VBD Houston/NNP Lighting/NNP 's/POS current/JJ situation/NN has/VBZ some/DT positive/JJ aspects/NNS ,/, including/VBG managing/VBG ``/`` very/RB well/RB ''/'' the/DT construction/NN and/CC commercial/JJ operation/NN risks/NNS of/IN Units/NNS 1/CD and/CC 2/CD of/IN the/DT South/NNP Texas/NNP Project/NNP nuclear/JJ power/NN plant/NN ./. | |
| Capital/NN requirements/NNS will/MD be/VB declining/VBG and/CC no/DT new/JJ generating/VBG facilities/NNS will/MD be/VB required/VBN for/IN several/JJ years/NNS ,/, Moody/NNP 's/POS said/VBD ./. | |
| Scott/NNP C./NNP Smith/NNP ,/, formerly/RB vice/NN president/NN ,/, finance/NN ,/, and/CC chief/JJ financial/JJ officer/NN of/IN this/DT media/NNS concern/NN ,/, was/VBD named/VBN senior/JJ vice/NN president/NN ./. | |
| Mr./NNP Smith/NNP ,/, 39/CD ,/, retains/VBZ the/DT title/NN of/IN chief/JJ financial/JJ officer/NN ./. | |
| Armstrong/NNP World/NNP Industries/NNPS Inc./NNP agreed/VBD in/IN principle/NN to/TO sell/VB its/PRP$ carpet/NN operations/NNS to/TO Shaw/NNP Industries/NNPS Inc/NNP ./. | |
| The/DT price/NN was/VBD n't/RB disclosed/VBN but/IN one/CD analyst/NN estimated/VBD that/IN it/PRP was/VBD $/$ 150/CD million/CD ./. | |
| Armstrong/NNP ,/, which/WDT has/VBZ faced/VBN a/DT takeover/NN threat/NN from/IN the/DT Belzberg/NNP family/NN of/IN Canada/NNP since/IN July/NNP ,/, said/VBD that/IN disposing/VBG of/IN the/DT carpet/NN business/NN would/MD improve/VB ``/`` total/JJ financial/JJ performance/NN ./. ''/'' | |
| The/DT move/NN also/RB would/MD allow/VB the/DT company/NN to/TO concentrate/VB on/IN core/JJ businesses/NNS ,/, which/WDT include/VBP ceramic/JJ tile/NN ,/, floor/NN coverings/NNS and/CC furniture/NN ./. | |
| Moreover/JJR ,/, such/PDT a/DT sale/NN could/MD help/VB Armstrong/NNP reassure/VB its/PRP$ investors/NNS and/CC deter/VB the/DT Belzbergs/NNPS ,/, who/WP own/VBP a/DT 9.85/CD %/NN stake/NN in/IN the/DT Lancaster/NNP ,/, Pa./NNP ,/, company/NN ./. | |
| Analysts/NNS expect/VBP Armstrong/NNP to/TO use/VB proceeds/NNS of/IN the/DT sale/NN to/TO reduce/VB debt/NN ,/, buy/VB back/RP stock/NN or/CC perhaps/RB finance/VB an/DT acquisition/NN ./. | |
| The/DT carpet/NN division/NN had/VBD 1988/CD sales/NNS of/IN $/$ 368.3/CD million/CD ,/, or/CC almost/RB 14/CD %/NN of/IN Armstrong/NNP 's/POS $/$ 2.68/CD billion/CD total/NN revenue/NN ./. | |
| The/DT company/NN has/VBZ been/VBN manufacturing/VBG carpet/NN since/IN 1967/CD ./. | |
| Recently/RB it/PRP upgraded/VBD its/PRP$ plants/NNS so/IN that/IN it/PRP could/MD make/VB stain-resistant/JJ products/NNS with/IN higher/JJR quality/JJ dyes/NNS ./. | |
| For/IN the/DT past/JJ year/NN or/CC two/CD ,/, the/DT carpet/NN division/NN 's/POS operating/NN profit/NN margins/NNS have/VBP hovered/VBN around/IN 5/CD %/NN ,/, high/JJ by/IN industry/NN standards/NNS ,/, but/CC disappointing/JJ compared/VBN with/IN the/DT 13/CD %/NN to/TO 19/CD %/NN margins/NNS for/IN two/CD of/IN Armstrong/NNP 's/POS chief/JJ businesses/NNS ,/, flooring/NN and/CC building/NN products/NNS ./. | |
| Analysts/NNS hailed/VBD the/DT planned/JJ transaction/NN as/IN being/VBG beneficial/JJ to/TO Armstrong/NNP and/CC Shaw/NNP ,/, the/DT market/NN leader/NN in/IN the/DT U.S./NNP carpet/NN industry/NN ,/, with/IN an/DT estimated/VBN 17/CD %/NN to/TO 20/CD %/NN share/NN ./. | |
| Shaw/NNP ,/, based/VBN in/IN Dalton/NNP ,/, Ga./NNP ,/, has/VBZ annual/JJ sales/NNS of/IN about/IN $/$ 1.18/CD billion/CD ,/, and/CC has/VBZ economies/NNS of/IN scale/NN and/CC lower/JJR raw-material/NN costs/NNS that/WDT are/VBP expected/JJ to/TO boost/VB the/DT profitability/NN of/IN Armstrong/NNP 's/POS brands/NNS ,/, sold/VBN under/IN the/DT Armstrong/NNP and/CC Evans-Black/NNP names/NNS ./. | |
| Yesterday/NN ,/, in/IN composite/JJ trading/NN on/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ,/, Shaw/NNP 's/POS shares/NNS closed/VBD ex-dividend/NN at/IN $/$ 26.125/CD ,/, up/RB $/$ 2.25/CD ./. | |
| Armstrong/NNP 's/POS shares/NNS ,/, also/RB listed/VBN on/IN the/DT Big/NNP Board/NNP ,/, closed/VBD at/IN $/$ 39.125/CD ,/, up/RB 12.5/CD cents/NNS ./. | |
| Yesterday/NN ,/, Armstrong/NNP reported/VBD flat/JJ earnings/NNS for/IN the/DT third/JJ quarter/NN and/CC nine/CD months/NNS ,/, worsened/VBN by/IN the/DT stock/NN dilution/NN of/IN an/DT employee/NN stock/NN ownership/NN plan/NN adopted/VBN earlier/RBR this/DT year/NN ./. | |
| For/IN the/DT quarter/NN ,/, earnings/NNS were/VBD $/$ 47/CD million/CD ,/, or/CC 92/CD cents/NNS a/DT share/NN ,/, including/VBG a/DT one-time/JJ gain/NN of/IN $/$ 5.9/CD million/CD ./. | |
| In/IN the/DT year-ago/JJ quarter/NN ,/, earnings/NNS were/VBD $/$ 42.9/CD million/CD ,/, or/CC 93/CD cents/NNS a/DT share/NN ./. | |
| Yesterday/NN ,/, Armstrong/NNP announced/VBD an/DT agreement/NN to/TO sell/VB its/PRP$ small/JJ Applied/NNP Color/NNP Systems/NNPS unit/NN to/TO a/DT subsidiary/NN of/IN the/DT Swiss/JJ company/NN ,/, Brauerei/NNP Eichof/NNP Ltd/NNP ./. | |
| The/DT price/NN was/VBD n't/RB disclosed/VBN ./. | |
| Armstrong/NNP expects/VBZ to/TO close/VB the/DT sale/NN of/IN the/DT color/NN unit/NN in/IN late/JJ November/NNP and/CC the/DT carpet/NN sale/NN in/IN December/NNP ,/, with/IN the/DT gains/NNS to/TO be/VB applied/VBN to/TO fourth/JJ quarter/NN or/CC first-quarter/JJ results/NNS ./. | |
| The/DT government/NN 's/POS primary/JJ economic-forecasting/JJ gauge/NN rose/VBD a/DT slight/JJ 0.2/CD %/NN in/IN September/NNP ,/, but/CC economists/NNS said/VBD the/DT report/NN offered/VBD little/JJ new/JJ information/NN on/IN the/DT degree/NN to/TO which/WDT the/DT U.S./NNP economy/NN is/VBZ slowing/VBG ./. | |
| The/DT small/JJ increase/NN in/IN the/DT index/NN of/IN leading/VBG indicators/NNS ,/, which/WDT had/VBD climbed/VBN 0.5/CD %/NN in/IN August/NNP but/CC was/VBD unchanged/JJ in/IN July/NNP ,/, does/VBZ lend/VB support/NN to/TO the/DT view/NN that/IN the/DT economy/NN has/VBZ slowed/VBN noticeably/RB ./. | |
| However/RB ,/, it/PRP does/VBZ n't/RB give/VB much/RB of/IN a/DT clue/NN as/IN to/TO whether/IN a/DT recession/NN is/VBZ on/IN the/DT horizon/NN ./. | |
| ``/`` I/PRP do/VBP n't/RB think/VB it/PRP provides/VBZ much/RB new/JJ information/NN on/IN the/DT economy/NN ,/, ''/'' said/VBD Richard/NNP Rippe/NNP ,/, economist/NN at/IN Dean/NNP Witter/NNP Reynolds/NNP Inc/NNP ./. | |
| So/RB far/RB this/DT year/NN ,/, the/DT index/NN of/IN leading/VBG indicators/NNS has/VBZ risen/VBN in/IN four/CD months/NNS ,/, fallen/VBN in/IN four/CD months/NNS and/CC remained/VBD unchanged/JJ in/IN the/DT other/JJ month/NN ./. | |
| In/IN another/DT report/NN yesterday/NN ,/, the/DT Commerce/NNP Department/NNP said/VBD sales/NNS of/IN new/JJ single-family/JJ houses/NNS plunged/VBD 14/CD %/NN in/IN September/NNP to/TO an/DT annual/JJ rate/NN of/IN 618,000/CD from/IN 719,000/CD in/IN August/NNP ./. | |
| The/DT declines/NNS were/VBD particularly/RB pronounced/VBN in/IN the/DT Northeast/NNP and/CC in/IN the/DT South/NNP ,/, where/WRB Hurricane/NNP Hugo/NNP was/VBD a/DT factor/NN ./. | |
| Although/IN September/NNP 's/POS weakness/NN followed/VBD two/CD strong/JJ months/NNS for/IN home/NN sales/NNS ,/, the/DT decline/NN supports/VBZ other/JJ indications/NNS that/IN the/DT drop/NN in/IN mortgage/NN rates/NNS earlier/RBR this/DT year/NN has/VBZ had/VBN only/RB a/DT limited/JJ beneficial/JJ effect/NN on/IN the/DT housing/NN market/NN ./. | |
| The/DT September/NNP drop/NN was/VBD the/DT largest/JJS since/IN a/DT 19/CD %/NN drop/NN in/IN January/NNP 1982/CD ,/, but/CC monthly/JJ changes/NNS in/IN this/DT measure/NN are/VBP even/RB less/RBR reliable/JJ than/IN those/DT in/IN other/JJ economic/JJ indicators/NNS ./. | |
| Because/IN the/DT figures/NNS are/VBP based/VBN on/IN a/DT small/JJ sample/NN ,/, the/DT department/NN said/VBD it/PRP is/VBZ 90/CD %/NN confident/JJ only/RB that/IN new-home/JJ sales/NNS fell/VBD somewhere/RB between/IN 5/CD %/NN and/CC 23/CD %/NN during/IN the/DT month/NN ./. | |
| The/DT department/NN also/RB said/VBD it/PRP takes/VBZ four/CD months/NNS to/TO establish/VB a/DT trend/NN ./. | |
| So/RB far/RB this/DT year/NN ,/, 534,000/CD newly/RB built/VBN homes/NNS have/VBP been/VBN sold/VBN ,/, down/RB 4.5/CD %/NN from/IN the/DT like/JJ months/NNS of/IN 1988/CD ./. | |
| The/DT index/NN of/IN leading/VBG indicators/NNS got/VBD a/DT major/JJ boost/NN in/IN September/NNP from/IN a/DT surge/NN in/IN consumer/NN expectations/NNS as/IN measured/VBN by/IN the/DT University/NNP of/IN Michigan/NNP ./. | |
| This/DT measure/NN had/VBD dropped/VBN sharply/RB in/IN August/NNP ./. | |
| The/DT Commerce/NNP Department/NNP said/VBD that/IN as/IN a/DT result/NN of/IN a/DT new/JJ adjustment/NN to/TO the/DT formula/NN used/VBN to/TO calculate/VB the/DT index/NN ,/, the/DT influence/NN of/IN this/DT component/NN has/VBZ been/VBN reduced/VBN ./. | |
| Of/IN the/DT 11/CD components/NNS to/TO the/DT index/NN ,/, only/RB three/CD others/NNS rose/VBD in/IN September/NNP :/: the/DT money/NN supply/NN ,/, the/DT length/NN of/IN the/DT average/JJ work/NN week/NN and/CC stock/NN prices/NNS ./. | |
| Several/JJ components/NNS that/WDT track/VBP the/DT health/NN of/IN the/DT manufacturing/VBG sector/NN of/IN the/DT economy/NN turned/VBD down/RB in/IN September/NNP ./. | |
| These/DT include/VBP new/JJ orders/NNS for/IN manufactured/JJ consumer/NN goods/NNS ,/, lead/JJ times/NNS on/IN vendor/NN deliveries/NNS ,/, orders/NNS for/IN new/JJ plant/NN and/CC equipment/NN ,/, and/CC backlogs/NNS of/IN orders/NNS for/IN durable/JJ goods/NNS ./. | |
| Meanwhile/RB ,/, the/DT National/NNP Association/NNP of/IN Manufacturers/NNPS said/VBD yesterday/NN a/DT recent/JJ poll/NN of/IN 53/CD executives/NNS on/IN its/PRP$ board/NN found/VBD that/IN 61/CD %/NN do/VBP n't/RB expect/VB a/DT recession/NN to/TO occur/VB until/IN 1991/CD or/CC later/RBR ./. | |
| The/DT remainder/NN expect/VBP a/DT downturn/NN to/TO begin/VB sometime/RB in/IN | |
| Although/IN manufacturers/NNS often/RB are/VBP quick/JJ to/TO call/VB for/IN lower/JJR interest/NN rates/NNS ,/, 60/CD %/NN of/IN the/DT executives/NNS said/VBD they/PRP would/MD prefer/VB that/IN the/DT Fed/NNP keep/VB inflation-fighting/NN as/IN its/PRP$ top/JJ priority/NN even/RB if/IN that/DT means/VBZ higher/JJR rates/NNS ./. | |
| The/DT other/JJ 40/CD %/NN said/VBD the/DT Fed/NNP ought/MD to/TO worry/VB less/RBR about/IN inflation/NN and/CC bring/VB interest/NN rates/NNS down/RP ./. | |
| All/PDT the/DT figures/NNS are/VBP adjusted/VBN to/TO remove/VB usual/JJ seasonal/JJ patterns/NNS ./. | |
| Here/RB are/VBP the/DT net/JJ contributions/NNS of/IN the/DT components/NNS of/IN the/DT Commerce/NNP Department/NNP 's/POS index/NN of/IN leading/VBG indicators/NNS ./. | |
| After/IN various/JJ adjustments/NNS ,/, they/PRP produced/VBD a/DT 0.5/CD %/NN rise/NN in/IN the/DT index/NN for/IN August/NNP and/CC a/DT 0.2/CD %/NN rise/NN for/IN September/NNP ./. | |
| September/NNP ,/, and/CC the/DT change/NN from/IN August/NNP ,/, are/VBP :/: from/IN 1.11/CD in/IN the/DT previous/JJ month/NN ./. | |
| Boston/NNP Edison/NNP Co./NNP said/VBD it/PRP will/MD take/VB a/DT previously/RB reported/VBN $/$ 60/CD million/CD charge/NN against/IN earnings/NNS in/IN the/DT fourth/JJ quarter/NN ./. | |
| The/DT charge/NN resulted/VBD from/IN a/DT settlement/NN approved/VBN yesterday/NN by/IN the/DT Massachusetts/NNP Department/NNP of/IN Public/NNP Utilities/NNPS ./. | |
| As/IN expected/VBN ,/, the/DT settlement/NN limits/VBZ rate/NN increases/NNS for/IN three/CD years/NNS and/CC ties/VBZ future/JJ charges/NNS to/TO customers/NNS for/IN operation/NN of/IN the/DT troubled/JJ Pilgrim/NNP Nuclear/NNP Power/NNP Station/NNP to/TO that/DT plant/NN 's/POS performance/NN ./. | |
| In/IN its/PRP$ order/NN ,/, the/DT state/NN regulatory/JJ agency/NN said/VBD the/DT company/NN ``/`` must/MD be/VB held/VBN accountable/JJ for/IN the/DT mistakes/NNS made/VBN in/IN the/DT management/NN of/IN the/DT plant/NN 's/POS operation/NN ./. ''/'' | |
| Pilgrim/NNP had/VBD been/VBN closed/JJ for/IN 32/CD months/NNS ./. | |
| The/DT average/JJ interest/NN rate/NN rose/VBD to/TO 8.3875/CD %/NN at/IN Citicorp/NNP 's/POS $/$ 50/CD million/CD weekly/JJ auction/NN of/IN 91-day/JJ commercial/JJ paper/NN ,/, or/CC corporate/JJ IOUs/NNS ,/, from/IN 8.337/CD %/NN at/IN last/JJ week/NN 's/POS sale/NN ./. | |
| Bids/NNS totaling/VBG $/$ 515/CD million/CD were/VBD submitted/VBN ./. | |
| Accepted/JJ bids/NNS ranged/VBD from/IN 8.38/CD %/NN to/TO 8.395/CD %/NN ./. | |
| Citicorp/NNP also/RB said/VBD that/IN the/DT average/JJ rate/NN rose/VBD to/TO 8.0087/CD %/NN at/IN its/PRP$ $/$ 50/CD million/CD auction/NN of/IN 182-day/JJ commercial/JJ paper/NN from/IN 7.962/CD %/NN at/IN last/JJ week/NN 's/POS sale/NN ./. | |
| Bids/NNS totaling/VBG $/$ 475/CD million/CD were/VBD submitted/VBN ./. | |
| Accepted/JJ bids/NNS ranged/VBD from/IN 8/CD %/NN to/TO 8.019/CD %/NN ./. | |
| The/DT bank/NN holding/NN company/NN will/MD auction/VB another/DT $/$ 50/CD million/CD in/IN each/DT maturity/NN next/IN Tuesday/NNP ./. | |
| An/DT imaginative/JJ novelist/NN writing/VBG a/DT thriller/NN about/IN amateur/JJ spy-chasing/NN might/MD invent/VB a/DT Clifford/NNP Stoll/NNP ,/, but/CC it/PRP 's/VBZ unlikely/JJ ./. | |
| It/PRP 's/VBZ also/RB unnecessary/JJ ./. | |
| Amateur/JJ spy-chaser/NN Clifford/NNP Stoll/NNP is/VBZ a/DT real/JJ person/NN ,/, or/CC as/IN he/PRP might/MD waggishly/RB put/VB it/PRP ,/, a/DT surreal/JJ person/NN ./. | |
| He/PRP is/VBZ 37/CD ,/, an/DT astronomer/NN with/IN impressive/JJ credentials/NNS ,/, and/CC something/NN of/IN a/DT genius/NN at/IN making/VBG computers/NNS do/VB his/PRP$ bidding/NN ./. | |
| He/PRP once/RB described/VBD himself/PRP as/IN a/DT ``/`` Berkeley/NNP Hippie/NNP ,/, ''/'' and/CC played/VBD the/DT role/NN well/RB ;/: obligatory/JJ ragged/JJ jeans/NNS ,/, a/DT thicket/NN of/IN long/JJ hair/NN and/CC rejection/NN of/IN all/DT things/NNS conventional/JJ ,/, including/VBG ,/, for/IN a/DT time/NN at/IN least/JJS ,/, formal/JJ marriage/NN to/TO his/PRP$ ``/`` sweetheart/NN ,/, ''/'' Martha/NNP Matthews/NNP ./. | |
| He/PRP also/RB is/VBZ an/DT entertaining/JJ writer/NN ,/, combining/VBG wisecracks/NNS and/CC wordplay/NN with/IN programmatic/JJ detail/NN and/CC lucid/JJ explanations/NNS of/IN how/WRB computers/NNS work/VBP ./. | |
| In/IN ``/`` The/DT Cuckoo/NN 's/POS Egg/NN ''/'' (/-LRB- Doubleday/NNP ,/, 326/CD pages/NNS ,/, $/$ 19.95/CD )/-RRB- ,/, he/PRP spins/VBZ a/DT remarkable/JJ tale/NN of/IN his/PRP$ efforts/NNS over/IN 18/CD months/NNS to/TO catch/VB a/DT computer/NN spy/NN ./. | |
| The/DT result/NN last/JJ spring/NN was/VBD the/DT arrest/NN by/IN West/JJ German/NNP authorities/NNS of/IN five/CD young/JJ West/NNPS Germans/NNPS ,/, accused/VBN of/IN stealing/VBG information/NN from/IN computers/NNS in/IN the/DT U.S./NNP and/CC Europe/NNP and/CC selling/VBG it/PRP to/TO the/DT Soviet/NNP KGB/NNP ./. | |
| One/CD of/IN them/PRP ,/, 25-year-old/JJ Markus/NNP Hess/NNP of/IN Hannover/NNP ,/, allegedly/RB used/VBD the/DT international/JJ telecommunications/NN network/NN to/TO break/VB into/IN more/JJR than/IN 30/CD high-security/JJ computers/NNS in/IN the/DT U.S./NNP ,/, searching/VBG for/IN secrets/NNS ./. | |
| He/PRP probably/RB did/VBD n't/RB penetrate/VB any/DT top-secret/JJ files/NNS ,/, but/CC the/DT KGB/NNP in/IN East/NNP Berlin/NNP was/VBD willing/JJ to/TO pay/VB two/CD of/IN his/PRP$ associates/NNS ,/, Peter/NNP Carl/NNP and/CC Dirk/NNP Brezinski/NNP ,/, $/$ 15,000/CD for/IN some/DT of/IN the/DT material/NN Hess/NNP collected/VBD ./. | |
| They/PRP promised/VBD yet/RB more/JJR for/IN really/RB good/JJ stuff/NN ./. | |
| Mr./NNP Stoll/NNP draws/VBZ his/PRP$ title/NN from/IN the/DT cuckoo/NN 's/POS habit/NN of/IN laying/VBG eggs/NNS in/IN the/DT nests/NNS of/IN other/JJ birds/NNS ,/, making/VBG them/PRP surrogate/JJ parents/NNS ./. | |
| The/DT computer/NN spy/NN had/VBD discovered/VBN that/IN a/DT popular/JJ editing/electronic/JJ mail/NN program/NN called/VBN Gnu-Emacs/NNP could/MD do/VB tricks/NNS with/IN the/DT widely/RB used/JJ Unix/NNP operating/VBG system/NN created/VBN by/IN AT&T/NNP ./. | |
| Using/VBG Gnu-Emacs/NNP ,/, the/DT spy/NN could/MD substitute/VB a/DT bogus/JJ ``/`` atrun/JJ ''/'' program/NN for/IN the/DT one/NN that/WDT routinely/RB cleans/VBZ up/RP the/DT Unix/NNP system/NN every/DT five/CD minutes/NNS ./. | |
| Once/RB his/PRP$ cuckoo/NN 's/POS egg/NN was/VBD laid/VBN ,/, he/PRP could/MD enter/VB Unix/NNP and/CC become/VB a/DT ``/`` super-user/NN ,/, ''/'' with/IN access/NN to/TO everything/NN ./. | |
| Mr./NNP Stoll/NNP was/VBD scanning/VBG the/DT heavens/NNS at/IN the/DT Keck/NNP observatory/NN of/IN the/DT Lawrence/NNP Berkeley/NNP Laboratory/NNP in/IN 1986/CD when/WRB his/PRP$ grant/NN ran/VBD low/RB and/CC he/PRP was/VBD asked/VBN to/TO switch/VB to/TO helping/VBG run/VB the/DT lab/NN 's/POS computers/NNS ./. | |
| He/PRP discovered/VBD a/DT 75-cent/JJ discrepancy/NN in/IN the/DT charges/NNS made/VBN to/TO various/JJ departments/NNS for/IN computer/NN time/NN and/CC traced/VBD it/PRP to/TO a/DT user/NN named/VBN ``/`` Hunter/NNP ,/, ''/'' who/WP had/VBD no/DT valid/JJ billing/NN address/NN ./. | |
| Mr./NNP Stoll/NNP suspected/VBD the/DT intruder/NN was/VBD one/CD of/IN those/DT precocious/JJ students/NNS who/WP has/VBZ fun/NN breaking/VBG into/IN computers/NNS ./. | |
| But/CC after/IN much/JJ tracking/NN ,/, it/PRP became/VBD evident/JJ to/TO Mr./NNP Stoll/NNP ,/, through/IN various/JJ clues/NNS ,/, that/IN the/DT hacker/NN was/VBD not/RB on/IN the/DT Berkeley/NNP campus/NN or/CC even/RB in/IN California/NNP ./. | |
| Finding/VBG him/PRP became/VBD an/DT obsession/NN for/IN Mr./NNP Stoll/NNP ./. | |
| He/PRP made/VBD a/DT midnight/NN requisition/NN of/IN all/PDT the/DT printers/NNS he/PRP could/MD lay/VB hands/NNS on/RB so/IN that/IN he/PRP could/MD monitor/VB all/PDT the/DT telephone/NN lines/NNS coming/VBG into/IN the/DT lab/NN 's/POS computers/NNS ./. | |
| After/IN discovering/VBG that/IN the/DT hacker/NN had/VBD taken/VBN over/RP the/DT dormant/JJ account/NN of/IN a/DT legitimate/JJ user/NN named/VBN Joe/NNP Sventek/NNP ,/, he/PRP rigged/VBD up/RP an/DT alarm/NN system/NN ,/, including/VBG a/DT portable/JJ beeper/NN ,/, to/TO alert/VB him/PRP when/WRB Sventek/NNP came/VBD on/IN the/DT line/NN ./. | |
| Some/DT nights/NNS he/PRP slept/VBD under/IN his/PRP$ desk/NN ./. | |
| His/PRP$ boss/NN complained/VBD about/IN neglect/NN of/IN other/JJ chores/NNS ./. | |
| The/DT hacker/NN was/VBD pawing/VBG over/IN the/DT Berkeley/NNP files/NNS but/CC also/RB using/VBG Berkeley/NNP and/CC other/JJ easily/RB accessible/JJ computers/NNS as/IN stepping/JJ stones/NNS to/TO the/DT network/NN of/IN computers/NNS used/VBN by/IN the/DT military/NN and/CC national/JJ security/NN agencies/NNS ./. | |
| The/DT White/NNP Sands/NNPS missile/NN range/NN and/CC CIA/NNP contractor/NN Mitre/NNP Inc./NNP were/VBD among/IN the/DT targets/NNS ./. | |
| When/WRB the/DT hacker/NN moved/VBD ,/, Mr./NNP Stoll/NNP moved/VBD too/RB ,/, calling/VBG up/RP other/JJ systems/NNS managers/NNS to/TO alert/VB them/PRP but/CC keeping/VBG his/PRP$ own/JJ system/NN open/JJ to/TO avoid/VB arousing/VBG suspicion/NN ./. | |
| Sometimes/RB ,/, if/IN the/DT hacker/NN seemed/VBD to/TO be/VB into/IN a/DT sensitive/JJ file/NN ,/, he/PRP would/MD drag/VB his/PRP$ keychain/NN across/IN the/DT terminal/NN to/TO create/VB static/JJ or/CC slow/VB the/DT system/NN down/RP to/TO frustrate/VB his/PRP$ quarry/NN ./. | |
| The/DT FBI/NNP initially/RB showed/VBD little/JJ interest/NN ,/, and/CC he/PRP had/VBD the/DT impression/NN other/JJ federal/JJ security/NN agencies/NNS were/VBD tangled/VBN up/RB in/IN legal/JJ red/JJ tape/NN ./. | |
| The/DT CIA/NNP told/VBD him/PRP it/PRP does/VBZ not/RB do/VB domestic/JJ counterespionage/NN ./. | |
| One/PRP learns/VBZ a/DT lot/NN from/IN this/DT book/NN ,/, or/CC seems/VBZ to/TO ,/, about/IN crippling/JJ federal/JJ bureaucracy/NN ./. | |
| ``/`` Seems/VBZ to/TO ''/'' because/IN it/PRP 's/VBZ possible/JJ that/IN the/DT CIA/NNP and/CC the/DT National/NNP Security/NNP Agency/NNP were/VBD more/RBR interested/JJ than/IN they/PRP let/VB on/RP to/TO Mr./NNP Stoll/NNP ./. | |
| Finally/RB ,/, he/PRP got/VBD help/NN ./. | |
| Tymnet/NNP is/VBZ a/DT major/JJ network/NN linking/VBG computers/NNS ./. | |
| One/CD of/IN its/PRP$ international/JJ specialists/NNS ,/, Steve/NNP White/NNP ,/, took/VBD a/DT quick/JJ interest/NN in/IN Mr./NNP Stoll/NNP 's/POS hunt/NN ,/, ultimately/RB tracing/VBG the/DT hacker/NN to/TO West/NNP Germany/NNP ./. | |
| The/DT West/NNPS Germans/NNPS then/RB took/VBD over/RB and/CC finally/RB found/VBD Markus/NNP Hess/NNP ./. | |
| Eventually/RB ,/, Mr./NNP Stoll/NNP was/VBD invited/VBN to/TO both/DT the/DT CIA/NNP and/CC NSA/NNP to/TO brief/VB high-ranking/JJ officers/NNS on/IN computer/NN theft/NN ./. | |
| He/PRP savored/VBD the/DT humor/NN of/IN his/PRP$ uncombed/JJ appearance/NN among/IN these/DT buttoned-up/JJ chaps/NNS ./. | |
| Back/RB in/IN Berkeley/NNP ,/, he/PRP was/VBD violently/RB scolded/VBN by/IN a/DT left-wing/JJ lady/NN friend/NN for/IN consorting/VBG with/IN such/JJ people/NNS ./. | |
| He/PRP became/VBD angry/JJ in/IN return/NN ./. | |
| He/PRP had/VBD developed/VBN a/DT hatred/NN for/IN the/DT hacker/NN and/CC a/DT grudging/JJ appreciation/NN of/IN the/DT federal/JJ ``/`` spooks/NNS ''/'' who/WP make/VBP national/JJ security/NN their/PRP$ business/NN ./. | |
| At/IN several/JJ different/JJ levels/NNS ,/, it/PRP 's/VBZ a/DT fascinating/JJ tale/NN ./. | |
| Mr./NNP Melloan/NNP is/VBZ deputy/JJ editor/NN of/IN the/DT Journal/NNP ./. | |
| Mips/NNP Computer/NNP Systems/NNPS Inc./NNP today/NN will/MD unveil/VB a/DT new/JJ general-purpose/JJ computer/NN that/WDT will/MD compete/VB with/IN more/RBR expensive/JJ machines/NNS from/IN companies/NNS such/JJ as/IN Sun/NNP Microsystems/NNPS Inc./NNP and/CC Digital/NNP Equipment/NNP Corp/NNP ./. | |
| The/DT closely/RB held/JJ Sunnyvale/NNP ,/, Calif./NNP ,/, company/NN also/RB will/MD announce/VB an/DT agreement/NN to/TO supply/VB computers/NNS to/TO Control/NNP Data/NNP Corp./NNP ,/, which/WDT will/MD sell/VB Mips/NNP machines/NNS under/IN its/PRP$ own/JJ label/NN ./. | |
| The/DT new/JJ Mips/NNP machine/NN ,/, called/VBN the/DT RC6280/NN ,/, will/MD cost/VB $/$ 150,000/CD for/IN a/DT basic/JJ system/NN ./. | |
| The/DT computer/NN processes/VBZ 55/CD million/CD instructions/NNS per/IN second/NN and/CC uses/VBZ only/RB one/CD central/JJ processing/VBG chip/NN ,/, unlike/IN many/JJ rival/JJ machines/NNS using/VBG several/JJ processors/NNS ./. | |
| The/DT machine/NN employs/VBZ reduced/JJ instruction-set/JJ computing/NN ,/, or/CC RISC/NNP ,/, technology/NN ./. | |
| At/IN that/DT price/NN ,/, an/DT analyst/NN familiar/JJ with/IN the/DT machine/NN said/VBD ,/, the/DT computer/NN offers/VBZ up/IN to/TO 10/CD times/NNS the/DT performance/NN of/IN similar/JJ machines/NNS ./. | |
| ``/`` In/IN the/DT price/NN range/NN it/PRP 's/VBZ a/DT tremendously/RB high-performing/JJ product/NN ,/, ''/'' said/VBD Sandy/NNP Gant/NNP ,/, an/DT analyst/NN at/IN the/DT market-research/JJ firm/NN InfoCorp/NNP ./. | |
| The/DT machine/NN is/VBZ part/NN of/IN an/DT effort/NN by/IN Mips/NNP to/TO establish/VB itself/PRP as/IN a/DT supplier/NN of/IN computers/NNS ,/, not/RB just/RB of/IN integrated-circuit/JJ technology/NN ./. | |
| Mips/NNP also/RB wants/VBZ to/TO wedge/VB into/IN markets/NNS other/JJ than/IN traditional/JJ RISC/NNP applications/NNS such/JJ as/IN engineering/NN ;/: Mips/NNP said/VBD the/DT new/JJ machine/NN will/MD also/RB be/VB used/VBN by/IN businesses/NNS and/CC for/IN communications/NNS ./. | |
| ``/`` This/DT clearly/RB demonstrates/VBZ that/IN Mips/NNP is/VBZ a/DT systems/NNS company/NN rather/RB than/IN just/RB a/DT chip/NN company/NN ,/, ''/'' said/VBD Mips/NNP Vice/NNP President/NNP John/NNP Hime/NNP ./. | |
| The/DT Control/NNP Data/NNP deal/NN is/VBZ a/DT boon/NN for/IN Mips/NNP because/IN it/PRP gives/VBZ the/DT the/DT five-year-old/JJ company/NN one/CD more/JJR ally/NN as/IN it/PRP battles/VBZ more/RBR established/JJ electronic/JJ concerns/NNS such/JJ as/IN Sun/NNP ,/, Hewlett-Packard/NNP Co./NNP ,/, Motorola/NNP Inc./NNP and/CC Intel/NNP Corp./NNP for/IN the/DT emerging/VBG market/NN for/IN RISC/NNP machines/NNS ./. | |
| RISC/NNP technology/NN speeds/VBZ up/RP a/DT computer/NN by/IN simplifying/VBG the/DT internal/JJ software/NN ./. | |
| For/IN Mips/NNP ,/, which/WDT expects/VBZ revenue/NN of/IN $/$ 100/CD million/CD this/DT year/NN ,/, big-name/JJ allies/NNS such/JJ as/IN Control/NNP Data/NNP are/VBP essential/JJ to/TO attract/VB software/NN developers/NNS to/TO the/DT company/NN 's/POS RISC/NNP architecture/NN ./. | |
| ``/`` The/DT thing/NN it/PRP says/VBZ about/IN Mips/NNP is/VBZ that/IN they/PRP 're/VBP on/IN a/DT roll/NN right/RB now/RB ,/, ''/'' said/VBD Ms./NNP Gant/NNP at/IN InfoCorp/NNP ./. | |
| ``/`` They/PRP 're/VBP getting/VBG some/DT major/JJ wins/NNS ,/, ''/'' she/PRP added/VBD ./. | |
| Last/JJ month/NN ,/, for/IN example/NN ,/, Mips/NNP agreed/VBD to/TO supply/VB its/PRP$ computers/NNS to/TO Nixdorf/NNP Computer/NNP AG/NNP of/IN West/NNP Germany/NNP and/CC France/NNP 's/POS Groupe/NNP Bull/NNP ./. | |
| Sony/NNP Corp./NNP ,/, Tandem/NNP Computers/NNPS Inc./NNP and/CC Digital/NNP Equipment/NNP have/VBP agreed/VBN to/TO sell/VB MIPS/NNP computers/NNS and/CC companies/NNS such/JJ as/IN Japan/NNP 's/POS NEC/NNP Corp./NNP and/CC West/NNP Germany/NNP 's/POS Siemens/NNP A.G./NNP have/VBP agreed/VBN to/TO make/VB Mips/NNP chips/NNS under/IN license/NN ./. | |
| Today/NN 's/POS agreement/NN gives/VBZ Control/NNP Data/NNP a/DT machine/NN to/TO compete/VB against/IN Digital/NNP and/CC other/JJ general-purpose/JJ computer/NN makers/NNS ,/, said/VBD John/NNP Logan/NNP ,/, a/DT computer-market/JJ analyst/NN at/IN Aberdeen/NNP Group/NNP Inc./NNP of/IN Boston/NNP ./. | |
| The/DT machine/NN is/VBZ essentially/RB a/DT mainframe/NN computer/NN ,/, he/PRP said/VBD ./. | |
| ``/`` Suddenly/RB CDC/NNP (/-LRB- Control/NNP Data/NNP )/-RRB- has/VBZ a/DT competitive/JJ product/NN to/TO fight/VB back/RB against/IN the/DT VAX9000/NN ,/, ''/'' a/DT machine/NN Digital/NNP announced/VBD last/JJ month/NN ,/, he/PRP added/VBD ./. | |
| Control/NNP Data/NNP ,/, based/VBN in/IN Minneapolis/NNP ,/, Minn./NNP ,/, expects/VBZ its/PRP$ sales/NNS of/IN Mips/NNP systems/NNS ,/, including/VBG the/DT new/JJ RC6280/NN ,/, to/TO amount/VB to/TO more/JJR than/IN $/$ 100/CD million/CD by/IN the/DT end/NN of/IN 1991/CD ,/, Mips/NNP said/VBD ./. | |
| Nixdorf/NNP ,/, Bull/NNP and/CC others/NNS will/MD also/RB sell/VB versions/NNS of/IN the/DT machine/NN ,/, said/VBD Mips/NNP President/NNP Robert/NNP Miller/NNP ./. | |
| Mips/NNP will/MD start/VB shipping/VBG its/PRP$ new/JJ machine/NN in/IN the/DT first/JJ quarter/NN of/IN 1990/CD ,/, he/PRP said/VBD ./. | |
| The/DT machine/NN uses/VBZ a/DT single/JJ processor/NN ,/, which/WDT makes/VBZ it/PRP easier/JJR to/TO program/VB than/IN competing/VBG machines/NNS using/VBG several/JJ processors/NNS ./. | |
| The/DT computer/NN can/MD process/VB 13.3/CD million/CD calculations/NNS called/VBD floating-point/JJ operations/NNS every/DT second/NN ./. | |
| The/DT machine/NN can/MD run/VB software/NN written/VBN for/IN other/JJ Mips/NNP computers/NNS ,/, the/DT company/NN said/VBD ./. | |
| Another/DT fight/NN is/VBZ brewing/VBG between/IN Congress/NNP and/CC the/DT Bush/NNP administration/NN over/IN how/WRB to/TO pay/VB for/IN the/DT savings-and-loan/NN bailout/NN without/IN adding/VBG to/TO the/DT federal/JJ budget/NN deficit/NN ./. | |
| In/IN a/DT hearing/NN before/IN the/DT House/NNP Ways/NNPS and/CC Means/NNPS Committee/NNP ,/, the/DT General/NNP Accounting/NNP Office/NNP and/CC the/DT Congressional/NNP Budget/NNP Office/NNP ,/, which/WDT both/DT are/VBP arms/NNS of/IN Congress/NNP ,/, advised/VBD the/DT new/JJ S&L/NN bailout/NN agency/NN to/TO abandon/VB plans/NNS to/TO raise/VB temporary/JJ working/JJ capital/NN through/IN debt/NN issued/VBN from/IN an/DT agency/NN that/WDT would/MD n't/RB be/VB counted/VBN on/IN the/DT federal/JJ budget/NN ./. | |
| Officials/NNS of/IN the/DT Resolution/NNP Trust/NNP Corp./NNP have/VBP said/VBN privately/RB that/IN such/PDT a/DT plan/NN was/VBD the/DT most/RBS likely/JJ alternative/NN to/TO raise/VB short-term/JJ cash/NN for/IN the/DT bailout/NN ./. | |
| Instead/RB ,/, the/DT GAO/NNP and/CC the/DT Congressional/NNP Budget/NNP Office/NNP said/VBD ,/, the/DT RTC/NNP should/MD consider/VB using/VBG Treasury/NNP debt/NN ,/, which/WDT is/VBZ less/RBR expensive/JJ and/CC subject/JJ to/TO oversight/NN by/IN Congress/NNP ./. | |
| The/DT spending/NN could/MD be/VB exempted/VBN from/IN meeting/VBG deficit-reduction/JJ targets/NNS in/IN the/DT Gramm-Rudman/NNP budget/NN law/NN ./. | |
| The/DT RTC/NNP has/VBZ projected/VBN that/IN it/PRP will/MD require/VB between/IN $/$ 50/CD billion/CD to/TO $/$ 100/CD billion/CD in/IN temporary/JJ working/JJ capital/NN ./. | |
| The/DT borrowing/NN to/TO raise/VB these/DT funds/NNS would/MD be/VB paid/VBN off/RB as/IN assets/NNS of/IN sick/JJ thrifts/NNS are/VBP sold/VBN ./. | |
| The/DT new/JJ S&L/NN law/NN allows/VBZ the/DT RTC/NNP to/TO issue/VB notes/NNS for/IN as/RB much/JJ as/IN 85/CD %/NN of/IN the/DT value/NN of/IN the/DT assets/NNS it/PRP holds/VBZ ./. | |
| But/CC higher/JJR interest/NN rates/NNS paid/VBN on/IN off-budget/JJ debt/NN could/MD add/VB billions/NNS to/TO the/DT bailout/NN costs/NNS ,/, and/CC would/MD n't/RB be/VB subject/JJ to/TO congressional/JJ scrutiny/NN ,/, Ways/NNPS and/CC Means/NNPS members/NNS argued/VBD ./. | |
| ``/`` To/TO allow/VB this/DT massive/JJ level/NN of/IN unfettered/JJ federal/JJ borrowing/NN without/IN prior/JJ congressional/JJ approval/NN would/MD be/VB irresponsible/JJ ,/, ''/'' said/VBD Rep./NNP Fortney/NNP Stark/NNP (/-LRB- D./NNP ,/, Calif./NNP )/-RRB- ,/, who/WP has/VBZ introduced/VBN a/DT bill/NN to/TO limit/VB the/DT RTC/NNP 's/POS authority/NN to/TO issue/VB debt/NN ./. | |
| The/DT RTC/NNP will/MD have/VB to/TO sell/VB or/CC merge/VB hundreds/NNS of/IN insolvent/JJ thrifts/NNS over/IN the/DT next/JJ three/CD years/NNS ./. | |
| The/DT new/JJ S&L/NN bailout/NN law/NN allows/VBZ $/$ 50/CD billion/CD to/TO be/VB spent/VBN to/TO sell/VB or/CC merge/VB sick/JJ S&Ls/NNS and/CC their/PRP$ assets/NNS ,/, but/CC that/DT is/VBZ a/DT net/JJ cost/NN ./. | |
| In/IN the/DT meantime/NN ,/, the/DT agency/NN must/MD raise/VB cash/NN to/TO maintain/VB assets/NNS ,/, such/JJ as/IN real/JJ estate/NN ,/, until/IN they/PRP can/MD be/VB sold/VBN ./. | |
| Then/RB the/DT short-term/JJ debt/NN is/VBZ paid/VBN off/RB through/IN the/DT proceeds/NNS of/IN selling/VBG the/DT assets/NNS ./. | |
| David/NNP Mullins/NNP ,/, assistant/NN secretary/NN of/IN the/DT Treasury/NNP ,/, said/VBD that/IN the/DT working/JJ capital/NN is/VBZ necessary/JJ to/TO reduce/VB the/DT final/JJ costs/NNS of/IN the/DT bailout/NN ,/, by/IN allowing/VBG the/DT agency/NN to/TO sell/VB savings/NNS and/CC loans/NNS without/IN their/PRP$ bad/JJ assets/NNS ,/, then/RB hold/VB the/DT assets/NNS until/IN they/PRP can/MD be/VB sold/VBN under/IN favorable/JJ conditions/NNS ./. | |
| He/PRP said/VBD it/PRP has/VBZ n't/RB yet/RB been/VBN determined/VBN how/WRB the/DT RTC/NNP will/MD raise/VB the/DT cash/NN ,/, but/CC the/DT administration/NN does/VBZ n't/RB want/VB it/PRP to/TO be/VB included/VBN on/IN the/DT federal/JJ budget/NN ,/, because/IN it/PRP would/MD ``/`` distort/VB ''/'' the/DT budget/NN process/NN by/IN requiring/VBG either/CC exemptions/NNS from/IN Gramm-Rudman/NNP or/CC big/JJ increases/NNS in/IN the/DT budget/NN deficit/NN ./. | |
| But/CC the/DT worst/JJS possibility/NN would/MD be/VB raising/VBG no/DT working/JJ capital/NN ,/, he/PRP said/VBD ./. | |
| ``/`` If/IN working/JJ capital/NN financing/NN is/VBZ not/RB provided/VBN ,/, ''/'' he/PRP said/VBD ,/, ``/`` the/DT RTC/NNP may/MD have/VB to/TO slow/VB {/-LRB- S&L/NN sales/NNS }/-RRB- or/CC dump/VB acquired/VBN assets/NNS through/IN fire/NN sales/NNS ./. | |
| Panhandle/NNP Eastern/NNP Corp./NNP said/VBD it/PRP applied/VBD ,/, on/IN behalf/NN of/IN two/CD of/IN its/PRP$ subsidiaries/NNS ,/, to/TO the/DT Federal/NNP Energy/NNP Regulatory/NNP Commission/NNP for/IN permission/NN to/TO build/VB a/DT 352-mile/JJ ,/, $/$ 273/CD million/CD pipeline/NN system/NN from/IN Pittsburg/NNP County/NNP ,/, Okla./NNP ,/, to/TO Independence/NNP ,/, Miss/NNP ./. | |
| The/DT natural/JJ gas/NN pipeline/NN concern/NN said/VBD the/DT 500/CD million/CD cubic/JJ feet/NNS a/DT day/NN capacity/NN pipeline/NN would/MD be/VB built/VBN by/IN a/DT proposed/VBN joint/NN venture/NN between/IN two/CD Panhandle/NNP Eastern/NNP units/NNS -/: Texas/NNP Eastern/NNP Transmission/NNP Corp./NNP and/CC Trunkline/NNP Gas/NNP Co/NNP ./. | |
| Texas/NNP Eastern/NNP Transmission/NNP will/MD build/VB and/CC operate/VB the/DT system/NN ,/, which/WDT will/MD connect/VB the/DT Arkoma/NNP Basin/NNP with/IN several/JJ interstate/JJ pipelines/NNS ./. | |
| Now/RB was/VBD that/IN a/DT quarter/NN cup/NN or/CC a/DT half/JJ cup/NN ?/. | |
| Not/RB a/DT gripping/JJ question/NN ,/, unless/IN you/PRP 're/VBP the/DT pastry/NN chef/NN of/IN this/DT city/NN 's/POS Chez/NNP Panisse/NNP restaurant/NN and/CC you/PRP 've/VBP just/RB lost/VBN your/PRP$ priceless/JJ personal/JJ dessert/NN notebook/NN ./. | |
| Chez/NNP Panisse/NNP was/VBD listed/VBN among/IN the/DT top/JJ 30/CD restaurants/NNS in/IN the/DT world/NN this/DT year/NN by/IN Connoisseur/NNP magazine/NN ./. | |
| The/DT tattered/JJ black/JJ binder/NN ,/, bulging/VBG with/IN 18/CD years/NNS '/POS worth/NN of/IN recipes/NNS held/VBN together/RB by/IN rubber/NN bands/NNS ,/, was/VBD in/IN chef/NN Lindsey/NNP Shere/NNP 's/POS purse/NN when/WRB it/PRP was/VBD stolen/VBN from/IN her/PRP$ house/NN recently/RB ./. | |
| The/DT Berkeley/NNP police/NNS do/VBP n't/RB have/VB any/DT leads/NNS but/CC doubt/VB the/DT crime/NN was/VBD driven/VBN by/IN a/DT passion/NN for/IN sweets/NNS ./. | |
| Instead/RB ,/, they/PRP figure/VBP the/DT culprit/NN probably/RB took/VBD money/NN from/IN Ms./NNP Shere/NNP 's/POS wallet/NN and/CC discarded/VBD all/PDT the/DT tips/NNS in/IN the/DT five-by-eight-inch/JJ looseleaf/NN ./. | |
| Chez/NNP Panisse/NNP ,/, whose/WP$ founder/NN ,/, Alice/NNP Waters/NNP ,/, is/VBZ considered/VBN the/DT inventor/NN of/IN the/DT cooking/JJ style/NN known/VBN as/IN California/NNP cuisine/NN and/CC whose/WP$ patrons/NNS make/VBP reservations/NNS a/DT month/NN in/IN advance/NN ,/, has/VBZ n't/RB exactly/RB subjected/VBN diners/NNS to/TO vanilla/NN ice/NN cream/NN because/IN of/IN the/DT theft/NN ./. | |
| For/IN one/CD thing/NN ,/, Ms./NNP Shere/NNP can/MD draw/VB on/IN her/PRP cookbook/NN ,/, published/VBN by/IN Random/NNP House/NNP four/CD years/NNS ago/RB ,/, which/WDT is/VBZ teeming/VBG with/IN recipes/NNS for/IN such/JJ specialties/NNS as/IN kiwi/NN sherbet/NN ,/, gooseberry/NN fool/NN (/-LRB- a/DT creamy/JJ dish/NN made/VBN with/IN crushed/JJ stewed/JJ berries/NNS )/-RRB- and/CC hazelnut/NN ``/`` oeufs/FW a/FW la/FW neige/FW ./. ''/'' | |
| For/IN another/DT ,/, sympathetic/JJ fans/NNS have/VBP sent/VBN Ms./NNP Shere/NNP copies/NNS of/IN her/PRP$ recipes/NNS clipped/VBN from/IN magazines/NNS over/IN the/DT years/NNS ./. | |
| Still/RB ,/, the/DT restaurant/NN 's/POS ever-changing/JJ menu/NN of/IN five-course/JJ dinners/NNS --/: it/PRP supposedly/RB has/VBZ n't/RB repeated/VBN a/DT meal/NN since/IN opening/VBG in/IN 1971/CD --/: requires/VBZ constant/JJ improvisation/NN ./. | |
| And/CC that/DT puts/VBZ added/JJ pressure/NN on/IN Chez/NNP Panisse/NNP dessert-menu/NN planners/NNS ./. | |
| ``/`` We/PRP make/VBP what/WP we/PRP know/VBP how/WRB to/TO make/VB ,/, ''/'' says/VBZ business/NN manager/NN Richard/NNP Mazzera/NNP ./. | |
| Many/JJ in/IN the/DT Bay/NNP Area/NNP 's/POS pastry/NN community/NN express/VBP disbelief/NN that/IN Ms./NNP Shere/NNP kept/VBD only/RB one/CD copy/NN of/IN such/JJ valuable/JJ notes/NNS ,/, but/CC she/PRP has/VBZ received/VBN moral/JJ support/NN from/IN Baker/NNP 's/POS Dozen/NNP ,/, a/DT group/NN of/IN California/NNP pastry/NN chefs/NNS that/WDT meets/VBZ regularly/RB to/TO discuss/VB issues/NNS like/VB how/WRB to/TO keep/VB meringues/NNS from/IN weeping/VBG and/CC how/WRB bovine/JJ eating/JJ habits/NNS affect/VBP butter/NN texture/NN ./. | |
| Ms./NNP Shere/NNP has/VBZ offered/VBN a/DT $/$ 500/CD reward/NN for/IN the/DT book/NN 's/POS return/NN but/CC figures/VBZ she/PRP 'll/MD have/VB to/TO reinvent/VB many/JJ recipes/NNS from/IN scratch/NN ./. | |
| ``/`` It/PRP 's/VBZ an/DT overwhelming/JJ job/NN ,/, ''/'' she/PRP says/VBZ ./. | |
| ``/`` There/EX are/VBP so/RB many/JJ possible/JJ proportions/NNS when/WRB you/PRP consider/VBP how/WRB many/JJ things/NNS are/VBP made/VBN out/IN of/IN eggs/NNS and/CC butter/NN and/CC milk/NN ./. | |
| Newport/NNP Electronics/NNPS Inc./NNP named/VBD a/DT new/JJ slate/NN of/IN officers/NNS ,/, a/DT move/NN that/WDT follows/VBZ replacement/NN of/IN the/DT company/NN 's/POS five/CD incumbent/JJ directors/NNS last/JJ week/NN ./. | |
| Milton/NNP B./NNP Hollander/NNP ,/, 60/CD years/NNS old/JJ ,/, was/VBD named/VBN chief/JJ executive/NN officer/NN ,/, succeeding/VBG Barrett/NNP B./NNP Weekes/NNP ./. | |
| Mr./NNP Hollander/NNP 's/POS Stamford/NNP ,/, Conn.-based/JJ High/NNP Technology/NNP Holding/NNP Co./NNP acquired/VBD most/JJS of/IN its/PRP$ 49.4/CD %/NN stake/NN in/IN Newport/NNP in/IN August/NNP ./. | |
| Mr./NNP Hollander/NNP was/VBD named/VBN chairman/NN last/JJ week/NN ,/, succeeding/VBG Mr./NNP Weekes/NNP ,/, who/WP was/VBD among/IN the/DT ousted/VBN directors/NNS ./. | |
| The/DT company/NN has/VBZ declined/VBN requests/NNS to/TO discuss/VB the/DT changes/NNS ,/, but/CC Mr./NNP Weekes/NNP has/VBZ said/VBN that/IN Mr./NNP Hollander/NNP wanted/VBD to/TO have/VB his/PRP$ own/JJ team/NN ./. | |
| Scott/NNP Wakeman/NNP was/VBD named/VBN president/NN and/CC chief/JJ operating/VBG officer/NN of/IN U.S./NNP operations/NNS ,/, titles/NNS that/WDT had/VBD been/VBN held/VBN by/IN Mr./NNP Weekes/NNP ./. | |
| Mr./NNP Wakeman/NNP was/VBD vice/NN president/NN of/IN the/DT instrument/NN and/CC controls/NNS division/NN of/IN closely/RB held/JJ Omega/NNP Engineering/NNP Inc./NNP ,/, another/DT company/NN controlled/VBN by/IN Mr./NNP Hollander/NNP ./. | |
| A/DT company/NN spokesman/NN did/VBD n't/RB know/VB Mr./NNP Wakeman/NNP 's/POS age/NN ./. | |
| James/NNP R./NNP Lees/NNP ,/, 51/CD ,/, vice/NN president/NN of/IN Newport/NNP 's/POS European/JJ operations/NNS ,/, was/VBD named/VBN executive/NN vice/NN president/NN and/CC chief/JJ operating/VBG officer/NN of/IN European/JJ operations/NNS ,/, assuming/VBG some/DT former/JJ duties/NNS of/IN Mr./NNP Weekes/NNP ./. | |
| Arthur/NNP B./NNP Crozier/NNP ,/, 34/CD ,/, an/DT attorney/NN ,/, was/VBD named/VBN secretary/NN ,/, succeeding/VBG John/NNP Virtue/NNP ,/, who/WP was/VBD another/DT of/IN the/DT ousted/VBN directors/NNS ./. | |
| UNIFIRST/NNP Corp./NNP declared/VBD a/DT 2-for-1/JJ stock/NN split/NN ./. | |
| The/DT Wilmington/NNP ,/, Mass./NNP ,/, garment/NN service/NN company/NN also/RB boosted/VBD its/PRP$ quarterly/JJ dividend/NN 20/CD %/NN to/TO three/CD cents/NNS a/DT share/NN adjusted/VBN for/IN the/DT split/NN ./. | |
| The/DT dividend/NN had/VBD been/VBN five/CD cents/NNS a/DT share/NN ./. | |
| The/DT split/NN and/CC quarterly/JJ dividend/NN will/MD be/VB payable/JJ Jan./NNP 3/CD to/TO stock/NN of/IN record/NN Nov./NNP 16/CD ,/, the/DT company/NN said/VBD ./. | |
| The/DT split/NN will/MD raise/VB the/DT number/NN of/IN shares/NNS outstanding/JJ to/TO about/IN 10.2/CD million/CD ./. | |
| Separately/RB ,/, UniFirst/NNP reported/VBD that/DT net/JJ income/NN rose/VBD 21/CD %/NN to/TO $/$ 3/CD million/CD ,/, or/CC 29/CD cents/NNS a/DT share/NN adjusted/VBN for/IN the/DT split/NN ,/, for/IN the/DT fourth/JJ quarter/NN ended/VBN Aug./NNP 26/CD ./. | |
| A/DT year/NN earlier/RB UniFirst/NNP earned/VBD $/$ 2.4/CD million/CD ,/, or/CC 24/CD cents/NNS a/DT share/NN adjusted/VBN for/IN the/DT split/NN ./. | |
| Sales/NNS rose/VBD to/TO $/$ 52.4/CD million/CD from/IN $/$ 50.1/CD million/CD ./. | |
| Fibreboard/NNP Corp./NNP said/VBD it/PRP completed/VBD the/DT previously/RB reported/JJ sale/NN of/IN approximately/RB 27,500/CD acres/NNS of/IN timberland/NN near/IN Truckee/NNP ,/, Calif./NNP ,/, to/TO closely/RB held/JJ Sierra/NNP Pacific/NNP Industries/NNPS Corp./NNP ,/, Arcata/NNP ,/, Calif./NNP ,/, for/IN $/$ 32.5/CD million/CD ./. | |
| The/DT lumber/NN ,/, insulation/NN and/CC fireproofing/NN concern/NN said/VBD the/DT transaction/NN ,/, which/WDT includes/VBZ a/DT swap/NN of/IN other/JJ timber/NN interests/NNS ,/, would/MD result/VB in/IN a/DT $/$ 13.5/CD million/CD after-tax/JJ gain/NN ,/, to/TO be/VB recorded/VBN in/IN the/DT fourth/JJ quarter/NN ./. | |
| Healthcare/NNP International/NNP Inc./NNP said/VBD it/PRP reached/VBD a/DT 120-day/JJ standstill/NN agreement/NN with/IN its/PRP$ HealthVest/NNP affiliate/NN calling/VBG for/IN Healthcare/NNP to/TO pay/VB HealthVest/NNP $/$ 5/CD million/CD right/RB away/RB and/CC additional/JJ amounts/NNS in/IN the/DT future/NN ./. | |
| Under/IN the/DT agreement/NN ,/, Healthcare/NNP ,/, a/DT manager/NN of/IN health-care/NN facilities/NNS ,/, said/VBD it/PRP would/MD pay/VB HealthVest/NNP $/$ 3.9/CD million/CD in/IN overdue/JJ rent/NN and/CC mortgage/NN payments/NNS and/CC repay/VB $/$ 1.1/CD million/CD in/IN funds/NNS that/IN HealthVest/NNP advanced/VBD for/IN construction/NN work/NN on/IN facilities/NNS ./. | |
| In/IN return/NN ,/, HealthVest/NNP agreed/VBD that/IN it/PRP wo/MD n't/RB exercise/VB its/PRP$ rights/NNS and/CC remedies/NNS against/IN Healthcare/NNP during/IN the/DT 120-day/JJ period/NN ./. | |
| After/IN the/DT payment/NN ,/, Healthcare/NNP still/RB will/MD be/VB $/$ 6.5/CD million/CD in/IN arrears/NNS on/IN rent/NN and/CC mortgage/NN payments/NNS to/TO HealthVest/NNP ,/, a/DT real/JJ estate/NN investment/NN trust/NN whose/WP$ portfolio/NN consists/VBZ largely/RB of/IN properties/NNS operated/VBN by/IN Healthcare/NNP ./. | |
| Healthcare/NNP has/VBZ given/VBN HealthVest/NNP a/DT 12/CD %/NN note/NN for/IN that/DT overdue/JJ amount/NN ,/, to/TO be/VB repaid/VBN over/IN three/CD years/NNS ./. | |
| In/IN addition/NN ,/, Healthcare/NNP agreed/VBD to/TO make/VB monthly/JJ rent/NN and/CC mortgage/NN payments/NNS of/IN $/$ 2.7/CD million/CD to/TO $/$ 3/CD million/CD to/TO HealthVest/NNP during/IN the/DT standstill/JJ period/NN ,/, to/TO be/VB paid/VBN when/WRB Healthcare/NNP successfully/RB completes/VBZ asset/NN sales/NNS ./. | |
| Because/IN Healthcare/NNP actually/RB owes/VBZ HealthVest/NNP $/$ 4.2/CD million/CD in/IN rent/NN and/CC mortgage/NN payments/NNS each/DT month/NN ,/, the/DT amount/NN due/JJ above/IN the/DT amount/NN paid/VBN will/MD be/VB added/VBN to/TO the/DT three-year/JJ note/NN ./. | |
| The/DT funds/NNS should/MD help/VB ease/VB a/DT cash/NN bind/NN at/IN HealthVest/NNP ,/, which/WDT has/VBZ been/VBN unable/JJ to/TO pay/VB its/PRP$ debts/NNS because/IN Healthcare/NNP has/VBZ n't/RB made/VBD complete/JJ rent/NN and/CC mortgage/NN payments/NNS since/IN July/NNP ./. | |
| A/DT spokesman/NN said/VBD HealthVest/NNP has/VBZ paid/VBN two/CD of/IN the/DT three/CD banks/NNS it/PRP owed/VBD interest/NN to/TO in/IN October/NNP and/CC is/VBZ in/IN negotiations/NNS with/IN the/DT third/JJ bank/NN ./. | |
| Healthcare/NNP ,/, which/WDT has/VBZ been/VBN in/IN a/DT severe/JJ liquidity/NN bind/NN ,/, said/VBD it/PRP is/VBZ able/JJ to/TO make/VB the/DT payments/NNS because/IN it/PRP completed/VBD a/DT transaction/NN with/IN Greenery/NNP Rehabilitation/NNP Group/NNP Inc./NNP in/IN which/WDT Greenery/NNP purchased/VBD stock/NN and/CC warrants/NNS for/IN $/$ 500,000/CD and/CC loaned/VBD Healthcare/NNP $/$ 9/CD million/CD ./. | |
| The/DT loan/NN is/VBZ backed/VBN by/IN Healthcare/NNP 's/POS 5.4/CD %/NN stake/NN in/IN HealthVest/NNP and/CC interest/NN in/IN certain/JJ facilities/NNS ./. | |
| I/PRP was/VBD pleased/JJ to/TO note/VB that/DT your/PRP$ Oct./NNP 23/CD Centennial/NNP Journal/NNP item/NN recognized/VBD the/DT money-fund/NN concept/NN as/IN one/CD of/IN the/DT significant/JJ events/NNS of/IN the/DT past/JJ century/NN ./. | |
| Actually/RB ,/, about/IN two/CD years/NNS ago/RB ,/, the/DT Journal/NNP listed/VBD the/DT creation/NN of/IN the/DT money/NN fund/NN as/IN one/CD of/IN the/DT 10/CD most/RBS significant/JJ events/NNS in/IN the/DT world/NN of/IN finance/NN in/IN the/DT 20th/JJ century/NN ./. | |
| But/CC the/DT Reserve/NNP Fund/NNP ,/, America/NNP 's/POS first/JJ money/NN fund/NN ,/, was/VBD not/RB named/VBN ,/, nor/CC were/VBD the/DT creators/NNS of/IN the/DT money-fund/NN concept/NN ,/, Harry/NNP Brown/NNP and/CC myself/PRP ./. | |
| We/PRP innovated/VBD telephone/NN redemptions/NNS ,/, daily/JJ dividends/NNS ,/, total/JJ elimination/NN of/IN share/NN certificates/NNS and/CC the/DT constant/JJ $/$ 1/CD pershare/JJ pricing/NN ,/, all/DT of/IN which/WDT were/VBD painfully/RB thought/VBN out/RB and/CC not/RB the/DT result/NN of/IN some/DT inadvertence/NN on/IN the/DT part/NN of/IN the/DT SEC/NNP ./. | |
| President/NN | |
| The/DT Reserve/NNP Fund/NNP | |
| The/DT crowning/JJ moment/NN in/IN the/DT career/NN of/IN Joseph/NNP F./NNP O'Kicki/NNP came/VBD as/IN 300/CD local/JJ and/CC state/NN dignitaries/NNS packed/VBD into/IN his/PRP$ elegant/JJ ,/, marble-columned/JJ courtroom/NN here/RB last/JJ year/NN for/IN his/PRP$ swearing/NN in/RB as/IN President/NNP Judge/NNP of/IN Cambria/NNP County/NNP ./. | |
| Baskets/NNS of/IN roses/NNS and/CC potted/JJ palms/NNS adorned/VBD his/PRP$ bench/NN ./. | |
| The/DT local/JJ American/NNP Legion/NNP color/NN guard/NN led/VBD the/DT way/NN ./. | |
| As/IN the/DT judge/NN marched/VBD down/IN the/DT center/JJ aisle/NN in/IN his/PRP$ flowing/VBG black/JJ robe/NN ,/, he/PRP was/VBD heralded/VBN by/IN a/DT trumpet/NN fanfare/NN ./. | |
| To/TO many/JJ ,/, it/PRP was/VBD a/DT ceremony/NN more/RBR befitting/JJ a/DT king/NN than/IN a/DT rural/JJ judge/NN seated/VBN in/IN the/DT isolated/JJ foothills/NNS of/IN the/DT southern/JJ Allegheny/NNP Mountains/NNPS ./. | |
| But/CC then/RB Judge/NNP O'Kicki/NNP often/RB behaved/VBD like/IN a/DT man/NN who/WP would/MD be/VB king/NN --/: and/CC ,/, some/DT say/VBP ,/, an/DT arrogant/JJ and/CC abusive/JJ one/NN ./. | |
| While/IN his/PRP$ case/NN may/MD be/VB extreme/JJ ,/, it/PRP reflects/VBZ the/DT vulnerability/NN of/IN many/JJ small/JJ communities/NNS to/TO domineering/JJ judges/NNS ./. | |
| Last/JJ March/NNP ,/, nine/CD months/NNS after/IN the/DT judge/NN 's/POS swearing-in/NN ,/, the/DT state/NN attorney/NN general/NN 's/POS office/NN indicted/VBD him/PRP on/IN a/DT sweeping/JJ array/NN of/IN charges/NNS alleging/VBG more/JJR than/IN 10/CD years/NNS of/IN ``/`` official/JJ oppression/NN ''/'' in/IN Cambria/NNP County/NNP ,/, a/DT depressed/JJ steel/NN and/CC mining/NN community/NN in/IN western/JJ Pennsylvania/NNP ./. | |
| The/DT allegations/NNS ,/, ranging/VBG from/IN theft/NN and/CC bribery/NN to/TO coercion/NN and/CC lewdness/NN ,/, paint/VBP a/DT disquieting/JJ picture/NN ./. | |
| According/VBG to/TO testimony/NN in/IN a/DT public/NN ,/, 80-page/JJ grand-jury/NN report/NN handed/VBD up/RB to/TO the/DT state/NN attorney/NN general/NN ,/, Judge/NNP O'Kicki/NNP extorted/VBD cash/NN from/IN lawyers/NNS ,/, muscled/VBD favorable/JJ loans/NNS from/IN banks/NNS and/CC bullied/VBD local/JJ businesses/NNS for/IN more/JJR than/IN a/DT decade/NN ./. | |
| Prosecutors/NNS ,/, in/IN an/DT indictment/NN based/VBN on/IN the/DT grand/JJ jury/NN 's/POS report/NN ,/, maintain/VBP that/IN at/IN various/JJ times/NNS since/IN 1975/CD ,/, he/PRP owned/VBD a/DT secret/JJ and/CC illegal/JJ interest/NN in/IN a/DT beer/NN distributorship/NN ;/: plotted/VBD hidden/JJ ownership/NN interests/NNS in/IN real/JJ estate/NN that/WDT presented/VBD an/DT alleged/JJ conflict/NN of/IN interest/NN ;/: set/VBN up/RP a/DT dummy/JJ corporation/NN to/TO buy/VB a/DT car/NN and/CC obtain/VB insurance/NN for/IN his/PRP$ former/JJ girlfriend/NN (/-LRB- now/RB his/PRP$ second/JJ wife/NN )/-RRB- ;/: and/CC maintained/VBD 54/CD accounts/NNS in/IN six/CD banks/NNS in/IN Cambria/NNP County/NNP ./. | |
| In/IN testimony/NN recorded/VBN in/IN the/DT grand/JJ jury/NN report/NN ,/, court/NN employees/NNS said/VBD the/DT judge/NN ,/, now/RB 59/CD years/NNS old/JJ ,/, harassed/VBD his/PRP$ secretaries/NNS ,/, made/VBD imperial/JJ demands/NNS on/IN his/PRP$ staff/NN and/CC hounded/VBD anyone/NN who/WP crossed/VBD him/PRP ./. | |
| Bailiffs/NNS claimed/VBD they/PRP were/VBD required/VBN to/TO chauffeur/VB him/PRP to/TO and/CC from/IN work/NN ,/, mow/VB his/PRP$ lawn/NN ,/, chop/VB his/PRP$ wood/NN ,/, fix/VB his/PRP$ car/NN and/CC even/RB drop/VB by/RP his/PRP$ house/NN to/TO feed/VB his/PRP$ two/CD grown/JJ mutts/NNS ,/, Dixie/NNP and/CC Husky/NNP ./. | |
| One/CD former/JJ bailiff/NN charged/VBD that/IN the/DT judge/NN double-crossed/VBD him/PRP by/IN reneging/VBG on/IN a/DT promise/NN of/IN a/DT better/RBR paying/JJ job/NN after/IN pocketing/VBG a/DT $/$ 500/CD bribe/NN ./. | |
| Some/DT of/IN the/DT allegations/NNS are/VBP simply/RB bizarre/JJ ./. | |
| Two/CD former/JJ secretaries/NNS told/VBD the/DT grand/JJ jury/NN they/PRP were/VBD summoned/VBN to/TO the/DT judge/NN 's/POS chambers/NNS on/IN separate/JJ occasions/NNS to/TO take/VB dictation/NN ,/, only/RB to/TO find/VB the/DT judge/NN in/IN his/PRP$ bikini/NN underwear/NN ./. | |
| One/CD secretary/NN testified/VBD that/IN the/DT judge/NN once/RB called/VBD her/PRP to/TO his/PRP$ office/NN while/IN wearing/VBG nothing/NN at/IN all/DT ./. | |
| The/DT judge/NN ,/, suspended/VBN from/IN his/PRP$ bench/NN pending/VBG his/PRP$ trial/NN ,/, which/WDT began/VBD this/DT week/NN ,/, vehemently/RB denies/VBZ all/PDT the/DT allegations/NNS against/IN him/PRP ,/, calling/VBG them/PRP ``/`` ludicrous/JJ ''/'' and/CC ``/`` imaginative/JJ ,/, political/JJ demagoguery/NN ./. ''/'' | |
| He/PRP blames/VBZ the/DT indictment/NN on/IN local/JJ political/JJ feuding/NN ,/, unhappiness/NN with/IN his/PRP$ aggressive/JJ efforts/NNS to/TO clear/VB the/DT courthouse/NN 's/POS docket/NN and/CC a/DT vendetta/NN by/IN state/NN investigators/NNS and/CC prosecutors/NNS angered/VBN by/IN some/DT of/IN his/PRP$ rulings/NNS against/IN them/PRP ./. | |
| ``/`` I/PRP do/VBP n't/RB know/VB whose/WP$ toes/NNS I/PRP 've/VBP stepped/VBN on/IN ,/, ''/'' says/VBZ the/DT judge/NN ./. | |
| ``/`` I/PRP 'll/MD find/VB out/RB ,/, eventually/RB ,/, who/WP pushed/VBD the/DT state/NN police/NN buttons/NNS into/IN action/NN ./. ''/'' | |
| Even/RB if/IN only/RB some/DT of/IN the/DT allegations/NNS stand/VBP up/RP ,/, however/RB ,/, they/PRP provide/VBP ample/JJ testimony/NN to/TO the/DT awesome/JJ power/NN of/IN judges/NNS in/IN rural/JJ communities/NNS ./. | |
| That/DT power/NN can/MD sometimes/RB be/VB abused/JJ ,/, particularly/RB since/IN jurists/NNS in/IN smaller/JJR jurisdictions/NNS operate/VBP without/IN many/JJ of/IN the/DT restraints/NNS that/WDT serve/VBP as/IN corrective/JJ measures/NNS in/IN urban/JJ areas/NNS ./. | |
| Lawyers/NNS and/CC their/PRP$ clients/NNS who/WP frequently/RB bring/VBP business/NN to/TO a/DT country/NN courthouse/NN can/MD expect/VB to/TO appear/VB before/IN the/DT same/JJ judge/NN year/NN after/IN year/NN ./. | |
| Fear/NN of/IN alienating/VBG that/DT judge/NN is/VBZ pervasive/JJ ,/, says/VBZ Maurice/NNP Geiger/NNP ,/, founder/NN and/CC director/NN of/IN the/DT Rural/NNP Justice/NNP Center/NNP in/IN Montpelier/NNP ,/, Vt./NNP ,/, a/DT public/JJ interest/NN group/NN that/WDT researches/VBZ rural/JJ justice/NN issues/NNS ./. | |
| As/IN a/DT result/NN ,/, says/VBZ Mr./NNP Geiger/NNP ,/, lawyers/NNS think/VBP twice/RB before/RB appealing/VBG a/DT judge/NN 's/POS ruling/NN ,/, are/VBP reluctant/JJ to/TO mount/VB ,/, or/CC even/RB support/VB ,/, challenges/NNS against/IN him/PRP for/IN re-election/NN and/CC are/VBP usually/RB loath/JJ to/TO file/VB complaints/NNS that/WDT might/MD impugn/VB a/DT judge/NN 's/POS integrity/NN ./. | |
| Judge/NNP O'Kicki/NNP ,/, a/DT stern/JJ and/CC forbidding-looking/JJ man/NN ,/, has/VBZ been/VBN a/DT fixture/NN in/IN the/DT local/JJ legal/JJ community/NN for/IN more/JJR than/IN two/CD decades/NNS ./. | |
| The/DT son/NN of/IN an/DT immigrant/JJ stonemason/NN of/IN Slovenian/JJ descent/NN ,/, he/PRP was/VBD raised/VBN in/IN a/DT small/JJ borough/NN outside/IN Ebensburg/NNP ,/, the/DT Cambria/NNP County/NNP seat/NN ,/, and/CC put/VBD himself/PRP through/IN the/DT University/NNP of/IN Pittsburgh/NNP Law/NNP School/NNP ./. | |
| He/PRP graduated/VBD near/IN the/DT top/NN of/IN his/PRP$ class/NN ,/, serving/VBG on/IN the/DT school/NN law/NN review/NN with/IN Richard/NNP Thornburgh/NNP ,/, who/WP went/VBD on/RP to/TO become/VB governor/NN of/IN Pennsylvania/NNP and/CC ,/, now/RB ,/, U.S./NNP Attorney/NNP General/NNP ./. | |
| It/PRP was/VBD also/RB in/IN law/NN school/NN that/IN Mr./NNP O'Kicki/NNP and/CC his/PRP$ first/JJ wife/NN had/VBD the/DT first/JJ of/IN seven/CD daughters/NNS ./. | |
| He/PRP divorced/VBD his/PRP$ first/JJ wife/NN three/CD years/NNS ago/RB and/CC married/VBD the/DT daughter/NN of/IN his/PRP$ court/NN clerk/NN ./. | |
| Last/JJ year/NN ,/, Pennsylvania/NNP Supreme/NNP Court/NNP Justice/NNP John/NNP P./NNP Flaherty/NNP called/VBD Mr./NNP O'Kicki/NNP one/CD of/IN the/DT finest/JJS judges/NNS ``/`` not/RB only/RB in/IN Pennsylvania/NNP but/CC in/IN the/DT United/NNP States/NNPS ./. ''/'' | |
| Clearly/RB ,/, the/DT judge/NN has/VBZ had/VBN his/PRP$ share/NN of/IN accomplishments/NNS ./. | |
| After/IN practicing/VBG law/NN locally/RB ,/, he/PRP was/VBD elected/VBN to/TO his/PRP$ first/JJ 10-year/JJ term/NN as/IN judge/NN in/IN 1971/CD ;/: in/IN 1981/CD ,/, he/PRP was/VBD effectively/RB re-elected/VBN ./. | |
| Six/CD years/NNS ago/RB ,/, Judge/NNP O'Kicki/NNP was/VBD voted/VBN president/NN of/IN the/DT Pennsylvania/NNP Conference/NNP of/IN State/NNP Trial/NNP Judges/NNP by/IN the/DT state/NN 's/POS 400/CD judges/NNS ./. | |
| He/PRP has/VBZ been/VBN considered/VBN several/JJ times/NNS for/IN appointments/NNS to/TO federal/JJ district/NN and/CC appellate/JJ court/NN vacancies/NNS in/IN Pennsylvania/NNP ./. | |
| And/CC when/WRB he/PRP ran/VBD unsuccessfully/RB for/IN a/DT state/NN appellate/JJ court/NN seat/NN in/IN 1983/CD ,/, the/DT Pennsylvania/NNP Bar/NNP Association/NNP rated/VBD him/PRP ``/`` one/CD of/IN the/DT best/RBS available/JJ ,/, ''/'' after/IN interviewing/VBG local/JJ lawyers/NNS ./. | |
| ``/`` He/PRP probably/RB was/VBD the/DT smartest/JJS guy/NN who/WP ever/RB sat/VBD on/IN our/PRP$ bench/NN ,/, ''/'' says/VBZ a/DT former/JJ president/NN of/IN Cambria/NNP County/NNP 's/POS 150-member/JJ bar/NN association/NN ,/, who/WP ,/, like/IN most/JJS lawyers/NNS in/IN Cambria/NNP County/NNP ,/, refuses/VBZ to/TO talk/VB about/IN the/DT judge/NN publicly/RB ./. | |
| ``/`` He/PRP 's/VBZ sharp/JJ as/IN a/DT tack/NN ./. | |
| He/PRP could/MD grasp/VB an/DT issue/NN with/IN the/DT blink/NN of/IN an/DT eye/NN ./. ''/'' | |
| For/IN more/JJR than/IN a/DT decade/NN ,/, virtually/RB no/DT one/NN complained/VBD about/IN Judge/NNP O'Kicki/NNP ./. | |
| ``/`` What/WP about/IN those/DT institutions/NNS that/WDT are/VBP supposed/VBN to/TO be/VB the/DT bedrock/NN of/IN society/NN ,/, the/DT banks/NNS and/CC the/DT bar/NN association/NN .../: ?/. ''/'' wrote/VBD a/DT columnist/NN for/IN the/DT Tribune-Democrat/NNP ,/, a/DT newspaper/NN in/IN nearby/JJ Johnstown/NNP ,/, shortly/RB after/IN the/DT scandal/NN became/VBD public/JJ ./. | |
| ``/`` If/IN only/RB a/DT banker/NN or/CC a/DT lawyer/NN had/VBD spoken/VBN out/RP years/NNS ago/RB ,/, the/DT judicial/JJ process/NN would/MD n't/RB be/VB under/IN the/DT taint/NN it/PRP is/VBZ today/NN ./. ''/'' | |
| Officials/NNS with/IN the/DT Pennsylvania/NNP Judicial/NNP Inquiry/NNP and/CC Review/NNP Board/NNP ,/, the/DT arm/NN of/IN the/DT state/NN that/WDT investigates/VBZ judicial/JJ misconduct/NN ,/, counter/VBP that/IN they/PRP had/VBD no/DT inkling/NN of/IN anything/NN amiss/JJ in/IN Ebensburg/NNP ./. | |
| ``/`` Nobody/NN told/VBD us/PRP ;/: nobody/NN called/VBD us/PRP ,/, ''/'' says/VBZ an/DT official/JJ close/NN to/TO the/DT case/NN who/WP asked/VBD not/RB to/TO be/VB named/VBN ./. | |
| ``/`` Nobody/NN had/VBD the/DT guts/NNS to/TO complain/VB ./. ''/'' | |
| Certainly/RB not/RB the/DT lawyers/NNS ./. | |
| Johnstown/NNP attorney/NN Richard/NNP J./NNP Green/NNP Jr./NNP shelled/VBD out/RP $/$ 500/CD in/IN loans/NNS to/TO the/DT judge/NN over/IN five/CD years/NNS ,/, he/PRP said/VBD in/IN testimony/NN to/TO the/DT grand/JJ jury/NN ./. | |
| ``/`` The/DT judge/NN never/RB made/VBD a/DT pretense/NN of/IN repaying/VBG the/DT money/NN ,/, ''/'' said/VBD Mr./NNP Green/NNP ./. | |
| Eventually/RB ,/, Mr./NNP Green/NNP testified/VBD ,/, he/PRP began/VBD ducking/VBG out/RB of/IN his/PRP$ office/NN rather/RB than/IN face/VB the/DT judge/NN when/WRB he/PRP visited/VBD ./. | |
| When/WRB Mr./NNP Green/NNP won/VBD a/DT $/$ 240,000/CD verdict/NN in/IN a/DT land/NN condemnation/NN case/NN against/IN the/DT state/NN in/IN June/NNP 1983/CD ,/, he/PRP says/VBZ Judge/NNP O'Kicki/NNP unexpectedly/RB awarded/VBD him/PRP an/DT additional/JJ $/$ 100,000/CD ./. | |
| Mr./NNP Green/NNP thought/VBD little/RB of/IN it/PRP ,/, he/PRP told/VBD the/DT grand/JJ jury/NN ,/, until/IN the/DT judge/NN walked/VBD up/RB to/TO him/PRP after/IN the/DT courtroom/NN had/VBD cleared/VBN and/CC suggested/VBD a/DT kickback/NN ./. | |
| ``/`` Do/VBP n't/RB you/PRP think/VB I/PRP ought/MD to/TO get/VB a/DT commission/NN .../: or/CC part/NN of/IN your/PRP$ fee/NN in/IN this/DT case/NN ?/. ''/'' Mr./NNP Green/NNP said/VBD the/DT judge/NN asked/VBD him/PRP ./. | |
| Appalled/JJ ,/, Mr./NNP Green/NNP never/RB paid/VBD the/DT money/NN ,/, he/PRP testified/VBD ./. | |
| But/CC he/PRP did/VBD n't/RB complain/VB to/TO the/DT state/NN 's/POS Judicial/NNP Inquiry/NNP and/CC Review/NNP Board/NNP ,/, either/RB ,/, saying/VBG later/RBR that/IN he/PRP feared/VBD retribution/NN ./. | |
| Mr./NNP O'Kicki/NNP said/VBD he/PRP will/MD respond/VB to/TO Mr./NNP Green/NNP 's/POS allegation/NN at/IN his/PRP$ trial/NN ./. | |
| Like/IN most/JJS of/IN Cambria/NNP County/NNP 's/POS lawyers/NNS and/CC residents/NNS who/WP had/VBD dealings/NNS with/IN the/DT judge/NN ,/, Mr./NNP Green/NNP declined/VBD to/TO be/VB interviewed/VBN for/IN this/DT article/NN ./. | |
| And/CC no/DT one/NN with/IN a/DT complaint/NN about/IN the/DT judge/NN would/MD allow/VB his/PRP$ name/NN to/TO be/VB printed/VBN ./. | |
| ``/`` I/PRP do/VBP n't/RB have/VB anything/NN much/JJ to/TO say/VB ,/, and/CC I/PRP think/VBP that/DT 's/VBZ what/WP you/PRP 're/VBP going/VBG to/TO find/VB from/IN everyone/NN else/RB you/PRP talk/VBP to/TO up/RB here/RB ,/, ''/'' says/VBZ local/JJ attorney/NN Edward/NNP F./NNP Peduzzi/NNP ./. | |
| Says/VBZ another/DT lawyer/NN :/: ``/`` The/DT practice/NN of/IN law/NN is/VBZ a/DT matter/NN of/IN biting/VBG one/PRP 's/POS lip/NN when/WRB you/PRP live/VBP in/IN a/DT small/JJ community/NN ./. | |
| One/PRP had/VBD best/RBS not/RB dance/VB on/IN top/NN of/IN a/DT coffin/NN until/IN the/DT lid/NN is/VBZ sealed/VBN tightly/RB shut/VBN ./. ''/'' | |
| The/DT judge/NN was/VBD considered/VBN imperious/JJ ,/, abrasive/JJ and/CC ambitious/JJ ,/, those/DT who/WP practiced/VBD before/IN him/PRP say/VBP ./. | |
| He/PRP sipped/VBD tea/NN sweetened/JJ with/IN honey/NN from/IN his/PRP$ high-backed/JJ leather/NN chair/NN at/IN his/PRP$ bench/NN ,/, while/IN scribbling/VBG notes/NNS ordering/VBG spectators/NNS to/TO stop/VB whispering/NN or/CC to/TO take/VB off/RP their/PRP$ hats/NNS in/IN his/PRP$ courtroom/NN ./. | |
| Four/CD years/NNS ago/RB ,/, he/PRP jailed/VBD all/DT nine/CD members/NNS of/IN the/DT Cambria/NNP County/NNP School/NNP Board/NNP for/IN several/JJ hours/NNS after/IN they/PRP defied/VBD his/PRP$ order/NN to/TO extend/VB the/DT school/NN year/NN by/IN several/JJ weeks/NNS to/TO make/VB up/RP for/IN time/NN lost/VBN during/IN a/DT teachers/NNS '/POS strike/NN ./. | |
| Visitors/NNS in/IN his/PRP$ chambers/NNS say/VBP he/PRP could/MD cite/VB precisely/RB the/DT years/NNS ,/, months/NNS ,/, weeks/NNS and/CC days/NNS remaining/VBG until/IN mandatory/JJ retirement/NN would/MD force/VB aside/RB the/DT presiding/VBG president/NN judge/NN ,/, giving/VBG Judge/NNP O'Kicki/NNP the/DT seniority/NN required/VBN to/TO take/VB over/RP as/IN the/DT county/NN 's/POS top/JJ court/NN administrator/NN ./. | |
| The/DT judge/NN ,/, they/PRP say/VBP ,/, was/VBD fiercely/RB proud/JJ of/IN his/PRP$ abilities/NNS and/CC accomplishments/NNS ./. | |
| ``/`` My/PRP$ name/NN is/VBZ judge/NN ,/, ''/'' Judge/NNP O'Kicki/NNP told/VBD a/DT car/NN salesman/NN in/IN Ebensburg/NN when/WRB he/PRP bought/VBD a/DT new/JJ red/JJ Pontiac/NNP Sunbird/NNP in/IN October/NNP 1984/CD ,/, according/VBG to/TO the/DT grand-jury/JJ report/NN ./. | |
| The/DT dealership/NN dutifully/RB recorded/VBD the/DT sale/NN under/IN the/DT name/NN ``/`` Judge/NNP O'Kicki/NNP ./. ''/'' | |
| Yet/RB ,/, despite/IN the/DT judge/NN 's/POS imperial/JJ bearing/NN ,/, no/DT one/NN ever/RB had/VBD reason/NN to/TO suspect/VB possible/JJ wrongdoing/NN ,/, says/VBZ John/NNP Bognato/NNP ,/, president/NN of/IN Cambria/NNP County/NNP 's/POS 150-member/JJ bar/NN association/NN ./. | |
| ``/`` The/DT arrogance/NN of/IN a/DT judge/NN ,/, his/PRP$ demeanor/NN ,/, the/DT way/NN he/PRP handles/VBZ people/NNS are/VBP not/RB a/DT basis/NN for/IN filing/VBG a/DT complaint/NN ,/, ''/'' says/VBZ Mr./NNP Bognato/NNP ./. | |
| ``/`` Until/IN this/DT came/VBD up/RB and/CC hit/VB the/DT press/NN ,/, there/EX was/VBD never/RB any/DT indication/NN that/IN he/PRP was/VBD doing/VBG anything/NN wrong/JJ ./. ''/'' | |
| State/NN investigators/NNS dispute/VBP that/DT view/NN now/RB ,/, particularly/RB in/IN light/NN of/IN the/DT judge/NN 's/POS various/JJ business/NN dealings/NNS in/IN Cambria/NNP County/NNP ./. | |
| The/DT judge/NN came/VBD under/IN scrutiny/NN in/IN late/JJ 1987/CD ,/, after/IN the/DT state/NN attorney/NN general/NN 's/POS office/NN launched/VBD an/DT unrelated/JJ investigation/NN into/IN corruption/NN in/IN Cambria/NNP County/NNP ./. | |
| The/DT inquiry/NN soon/RB focused/VBD on/IN the/DT judge/NN ./. | |
| Even/RB his/PRP$ routine/JJ business/NN transactions/NNS caused/VBD trouble/NN ,/, according/VBG to/TO the/DT grand/JJ jury/NN report/NN ./. | |
| When/WRB the/DT judge/NN bought/VBD his/PRP$ new/JJ Sunbird/NNP from/IN James/NNP E./NNP Black/NNP Pontiac-Cadillac/NNP in/IN Ebensburg/NNP five/CD years/NNS ago/RB ,/, the/DT dealership/NN had/VBD ``/`` certain/JJ apprehensions/NNS ''/'' about/IN the/DT judge/NN 's/POS reputation/NN ,/, according/VBG to/TO the/DT grand-jury/JJ report/NN ./. | |
| The/DT dealership/NN took/VBD the/DT extra/JJ step/NN of/IN having/VBG all/PDT the/DT paper/NN work/NN for/IN the/DT transaction/NN pre-approved/VBN by/IN Ebensburg/NNP 's/POS local/JJ lender/NN ,/, Laurel/NNP Bank/NNP ./. | |
| Then/RB ,/, as/IN an/DT additional/JJ precaution/NN ,/, the/DT car/NN dealership/NN took/VBD the/DT judge/NN 's/POS photograph/NN as/IN he/PRP stood/VBD next/JJ to/TO his/PRP$ new/JJ car/NN with/IN sales/NNS papers/NNS in/IN hand/NN --/: proof/NN that/IN he/PRP had/VBD received/VBN the/DT loan/NN documents/NNS ./. | |
| But/CC when/WRB the/DT judge/NN received/VBD his/PRP$ payment/NN book/NN ,/, he/PRP disavowed/VBD the/DT deal/NN ./. | |
| ``/`` There/EX was/VBD no/DT loan/NN ,/, there/EX is/VBZ no/DT loan/NN ,/, there/EX never/RB shall/MD be/VB a/DT loan/NN ,/, ''/'' the/DT judge/NN wrote/VBD the/DT bank/NN on/IN his/PRP$ judicial/JJ stationery/NN ,/, according/VBG to/TO the/DT report/NN ./. | |
| Later/RBR ,/, the/DT judge/NN went/VBD a/DT step/NN farther/RB ./. | |
| After/IN Laurel/NNP Bank/NNP tried/VBD to/TO repossess/VB the/DT car/NN ,/, a/DT vice/NN president/NN asked/VBD him/PRP to/TO intervene/VB in/IN an/DT unrelated/JJ legal/JJ dispute/NN involving/VBG a/DT trust/NN account/NN ./. | |
| The/DT judge/NN wrote/VBD again/RB ./. | |
| ``/`` I/PRP find/VBP myself/PRP in/IN an/DT adversary/NN relationship/NN with/IN Laurel/NNP Bank/NNP ,/, and/CC I/PRP am/VBP not/RB inclined/JJ to/TO extend/VB myself/PRP as/RB far/RB as/IN any/DT favors/NNS are/VBP concerned/VBN ,/, ''/'' the/DT judge/NN wrote/VBD back/RB in/IN a/DT letter/NN attached/VBN to/TO the/DT grand/JJ jury/NN 's/POS report/NN ./. | |
| ``/`` Perhaps/RB if/IN my/PRP$ personal/JJ matters/NNS can/MD be/VB resolved/VBN with/IN Laurel/NNP bank/NN in/IN the/DT near/JJ future/NN ,/, I/PRP may/MD be/VB inclined/VBN to/TO reconsider/VB your/PRP$ request/NN .../: ./. ''/'' | |
| The/DT judge/NN now/RB says/VBZ it/PRP was/VBD ``/`` unfortunate/JJ ''/'' that/IN he/PRP chose/VBD to/TO write/VB the/DT letter/NN but/CC says/VBZ ``/`` there/EX was/VBD certainly/RB no/RB intent/NN to/TO extort/VB there/RB ./. ''/'' | |
| The/DT bank/NN acquiesced/VBD ./. | |
| It/PRP refinanced/VBD the/DT judge/NN 's/POS loan/NN ,/, lowered/VBD its/PRP$ interest/NN rate/NN and/CC accepted/VBD a/DT trade-in/NN that/WDT had/VBD n't/RB originally/RB been/VBN part/NN of/IN the/DT deal/NN --/: a/DT beat/JJ up/JJ 1981/CD Chevy/NNP Citation/NNP the/DT dealer/NN had/VBD to/TO repair/VB before/IN it/PRP could/MD be/VB resold/VBN ./. | |
| The/DT incident/NN was/VBD n't/RB the/DT only/JJ time/NN the/DT judge/NN got/VBD special/JJ treatment/NN from/IN his/PRP$ local/JJ bank/NN ./. | |
| Two/CD years/NNS later/RB ,/, he/PRP wrote/VBD to/TO complain/VB that/IN the/DT interest/NN he/PRP was/VBD paying/VBG on/IN an/DT unsecured/JJ $/$ 10,000/CD loan/NN was/VBD ``/`` absolutely/RB onerous/JJ ./. ''/'' | |
| Paul/NNP L./NNP Kane/NNP ,/, Laurel/NNP 's/POS president/NN at/IN the/DT time/NN ,/, quickly/RB responded/VBD ./. | |
| The/DT bank/NN ,/, he/PRP wrote/VBD back/RB ,/, was/VBD ``/`` immediately/RB ''/'' lowering/VBG the/DT rate/NN by/IN 3.5/CD %/NN ,/, ``/`` as/IN a/DT concession/NN to/TO you/PRP ./. ''/'' | |
| The/DT judge/NN says/VBZ he/PRP ca/MD n't/RB discuss/VB in/IN detail/NN how/WRB he/PRP will/MD defend/VB himself/PRP at/IN his/PRP$ trial/NN ,/, although/IN he/PRP contends/VBZ that/IN if/IN he/PRP were/VBD as/RB corrupt/JJ as/IN state/NN prosecutors/NNS believe/VBP ,/, he/PRP would/MD be/VB far/RB wealthier/JJR than/IN he/PRP is/VBZ ./. | |
| His/PRP$ seven-bedroom/JJ cedar/NN and/CC brick/NN house/NN outside/IN of/IN Johnstown/NNP is/VBZ up/RB for/IN sale/NN to/TO pay/VB for/IN his/PRP$ lawyers/NNS ./. | |
| The/DT judge/NN says/VBZ he/PRP is/VBZ confident/JJ he/PRP will/MD return/VB to/TO his/PRP$ old/JJ bench/NN ./. | |
| Already/RB ,/, he/PRP notes/VBZ ,/, the/DT 76/CD charges/NNS originally/RB filed/VBN against/IN him/PRP have/VBP been/VBN trimmed/VBN to/TO 27/CD ./. | |
| Most/JJS of/IN the/DT allegations/NNS no/RB longer/RB pending/VBG were/VBD ethics/NNS charges/NNS withdrawn/VBN by/IN state/NN prosecutors/NNS as/IN part/NN of/IN a/DT pre-trial/JJ agreement/NN ./. | |
| The/DT heart/NN of/IN the/DT case/NN --/: ``/`` official/JJ oppression/NN ''/'' --/: remains/VBZ intact/JJ ./. | |
| ``/`` If/IN I/PRP lose/VBP ,/, I/PRP lose/VBP my/PRP$ position/NN ,/, my/PRP$ career/NN ,/, my/PRP$ pension/NN ,/, my/PRP$ home/NN and/CC my/PRP$ investments/NNS ,/, ''/'' says/VBZ the/DT judge/NN ./. | |
| ``/`` My/PRP$ God/NNP and/CC I/PRP know/VBP I/PRP am/VBP correct/JJ and/CC innocent/JJ ./. | |
| Many/JJ thanks/NNS for/IN Alexander/NNP Cockburn/NNP 's/POS comic/JJ masterpiece/NN (/-LRB- ``/`` U.S./NNP ./. Economy/NN :/: A/DT House/NN Built/VBN on/IN Junk-Bond/NN Sand/NN ,/, ''/'' Viewpoint/NN ,/, Oct./NNP 19/CD )/-RRB- ./. | |
| The/DT use/NN of/IN the/DT abominable/JJ construction/NN practices/NNS in/IN the/DT Soviet/NNP Union/NNP --/: as/IN evidenced/VBN by/IN the/DT collapse/NN of/IN sand/NN apartment/NN blocks/NNS during/IN the/DT Armenian/JJ earthquake/NN --/: as/IN a/DT metaphor/NN for/IN the/DT U.S./NNP economic/JJ system/NN was/VBD a/DT sublime/JJ example/NN of/IN Mr./NNP Cockburn/NNP 's/POS satirical/JJ muse/NN ./. | |
| I/PRP await/VBP his/PRP$ sequel/NN :/: the/DT economic/JJ and/CC social/JJ resiliency/NN of/IN the/DT San/NNP Francisco/NNP Bay/NNP area/NN and/CC the/DT outstanding/JJ work/NN of/IN the/DT local/JJ governments/NNS and/CC the/DT private/JJ charitable/JJ organizations/NNS there/RB as/IN metaphors/NNS for/IN the/DT supremacy/NN of/IN whatever/WDT failed/JJ system/NN Mr./NNP Cockburn/NNP now/RB believes/VBZ in/IN ./. | |
| It/PRP should/MD be/VB a/DT scream/NN ./. | |
| William/NNP S./NNP Smith/NNP | |
| As/IN a/DT money/NN manager/NN and/CC a/DT grass-roots/JJ environmentalist/NN ,/, I/PRP was/VBD very/RB disappointed/JJ to/TO read/VB in/IN the/DT premiere/JJ issue/NN of/IN Garbage/NNP that/IN The/DT Wall/NNP Street/NNP Journal/NNP uses/VBZ 220,000/CD metric/JJ tons/NNS of/IN newsprint/NN each/DT year/NN ,/, but/CC that/IN only/RB 1.4/CD %/NN of/IN it/PRP comes/VBZ from/IN recycled/JJ paper/NN ./. | |
| By/IN contrast/NN ,/, the/DT Los/NNP Angeles/NNP Times/NNP ,/, for/IN example/NN ,/, uses/VBZ 83/CD %/NN recycled/JJ paper/NN ./. | |
| With/IN newspapers/NNS being/VBG the/DT largest/JJS single/JJ component/NN of/IN solid/JJ waste/NN in/IN our/PRP$ landfills/NNS ,/, and/CC with/IN our/PRP$ country/NN overflowing/VBG with/IN trash/NN ,/, all/DT sectors/NNS of/IN our/PRP$ society/NN and/CC all/DT types/NNS of/IN businesses/NNS must/MD become/VB more/RBR responsible/JJ in/IN our/PRP$ use/NN and/CC disposal/NN of/IN precious/JJ natural/JJ resources/NNS ./. | |
| The/DT Wall/NNP Street/NNP Journal/NNP is/VBZ an/DT excellent/JJ publication/NN that/IN I/PRP enjoy/VBP reading/VBG (/-LRB- and/CC must/MD read/VB )/-RRB- daily/RB ./. | |
| Please/VB make/VB me/PRP and/CC thousands/NNS of/IN other/JJ readers/NNS more/RBR comfortable/JJ with/IN our/PRP$ daily/JJ purchase/NN of/IN your/PRP$ newspaper/NN by/IN raising/VBG your/PRP$ environmental/JJ standards/NNS to/TO your/PRP$ overall/JJ impeccable/JJ quality/NN levels/NNS ,/, and/CC increase/VB your/PRP$ use/NN of/IN recycled/JJ paper/NN ./. | |
| Virginia/NNP M.W./NNP Gardiner/NNP | |
| FIRST/NNP AMERICAN/NNP FINANCIAL/NNP Corp./NNP declared/VBD a/DT special/JJ dividend/NN of/IN one/CD share/NN of/IN Class/NN B/NNP common/JJ stock/NN for/IN each/DT share/NN of/IN Class/NN A/NNP common/JJ stock/NN ,/, payable/JJ to/TO holders/NNS of/IN record/NN on/IN Nov./NNP 10/CD if/IN the/DT Securities/NNPS and/CC Exchange/NNP Commission/NNP approves/VBZ this/DT as/IN the/DT effective/JJ date/NN of/IN the/DT registration/NN statement/NN ./. | |
| Shareholders/NNS of/IN the/DT Santa/NNP Ana/NNP ,/, Calif./NNP ,/, title-insurance/JJ company/NN approved/VBD the/DT creation/NN of/IN this/DT second/JJ class/NN of/IN stock/NN ,/, which/WDT will/MD be/VB traded/VBN on/IN the/DT national/JJ over-the-counter/JJ market/NN and/CC which/WDT the/DT company/NN said/VBD would/MD be/VB used/VBN for/IN acquisitions/NNS and/CC other/JJ general/JJ corporate/JJ purposes/NNS ./. | |
| The/DT following/JJ were/VBD among/IN yesterday/NN 's/POS offerings/NNS and/CC pricings/NNS in/IN the/DT U.S./NNP and/CC non-U.S./JJ capital/NN markets/NNS ,/, with/IN terms/NNS and/CC syndicate/NN manager/NN ,/, as/IN compiled/VBN by/IN Dow/NNP Jones/NNP Capital/NNP Markets/NNPS Report/NNP :/: | |
| Continental/NNP Cablevision/NNP Inc./NNP --/: | |
| $/$ 350/CD million/CD of/IN senior/JJ subordinated/JJ debentures/NNS ,/, due/JJ Nov./NNP 1/CD ,/, 2004/CD ,/, was/VBD priced/VBN at/IN par/JJ to/TO yield/VB 12/CD 7/8/CD %/NN ./. | |
| Rated/VBN single-B-1/JJ by/IN Moody/NNP 's/POS Investors/NNPS Service/NNP Inc./NNP and/CC single-B/JJ by/IN Standard/NNP &/CC Poor/NNP 's/POS Corp./NN ,/, the/DT issue/NN ,/, which/WDT is/VBZ non-callable/JJ for/IN five/CD years/NNS ,/, will/MD be/VB sold/VBN through/IN underwriters/NNS led/VBN by/IN Morgan/NNP Stanley/NNP &/CC Co/NNP ./. | |
| Beatrice/NNP Co./NNP --/: | |
| $/$ 251/CD million/CD of/IN notes/NNS ,/, due/JJ Nov./NNP 1/CD ,/, 1997/CD ,/, was/VBD priced/VBN in/IN a/DT two-part/JJ offering/NN through/IN underwriters/NNS at/IN Salomon/NNP Brothers/NNPS Inc/NNP ./. | |
| The/DT size/NN of/IN the/DT issue/NN was/VBD scaled/VBN back/RP from/IN an/DT originally/RB planned/VBN $/$ 350/CD million/CD ./. | |
| The/DT first/JJ part/NN ,/, consisting/VBG of/IN $/$ 151/CD million/CD of/IN 13/CD 3/4/CD %/NN senior/JJ subordinated/JJ reset/JJ notes/NNS ,/, was/VBD priced/VBN at/IN 99.75/CD ./. | |
| The/DT rate/NN on/IN the/DT notes/NNS will/MD be/VB reset/VB annually/RB to/TO give/VB the/DT issue/NN a/DT market/NN value/NN of/IN 101/CD ./. | |
| However/RB ,/, the/DT maximum/NN coupon/NN at/IN which/WDT the/DT notes/NNS can/MD be/VB reset/VB is/VBZ 16/CD 1/4/CD %/NN ./. | |
| The/DT minimum/JJ coupon/NN is/VBZ 13/CD 3/4/CD %/NN ./. | |
| The/DT second/JJ part/NN ,/, consisting/VBG of/IN $/$ 100/CD million/CD of/IN senior/JJ subordinated/JJ floating-rate/JJ notes/NNS ,/, was/VBD priced/VBN at/IN 99/CD 3/4/CD to/TO float/VB 4.25/CD %/NN above/IN the/DT three-month/JJ London/NNP interbank/NN offered/JJ rate/NN ./. | |
| The/DT initial/JJ coupon/NN on/IN the/DT floating-rate/JJ notes/NNS will/MD be/VB 12.9375/CD %/NN ./. | |
| The/DT issue/NN is/VBZ rated/VBN single-B-3/JJ by/IN Moody/NNP 's/POS and/CC single-B-plus/JJ by/IN S&P/NNP ./. | |
| New/NNP Jersey/NNP Wastewater/NNP Treatment/NNP Trust/NNP --/: | |
| $/$ 75.1/CD million/CD ,/, two-part/JJ offering/NN of/IN bonds/NNS apparently/RB was/VBD won/VBN by/IN a/DT Merrill/NNP Lynch/NNP Capital/NNP Markets/NNPS group/NN ./. | |
| The/DT group/NN 's/POS bid/NN for/IN $/$ 40.9/CD million/CD of/IN wastewater/NN treatment/NN insured/JJ bonds/NNS ,/, Series/NN 1989/CD A/NNP ,/, produced/VBD a/DT 7.0826/CD %/NN true/JJ interest/NN cost/NN ./. | |
| The/DT Series/NN 1989/CD A/NNP bonds/NNS are/VBP insured/JJ and/CC rated/VBN triple-A/JJ by/IN Moody/NNP 's/POS and/CC S&P/NNP ./. | |
| The/DT group/NN 's/POS bid/NN for/IN $/$ 34.2/CD million/CD of/IN wastewater/NN treatment/NN bonds/NNS ,/, Series/NN 1989/CD B/NNP ,/, produced/VBD a/DT 7.0808/CD %/NN true/JJ interest/NN cost/NN ./. | |
| The/DT Series/NN 1989/CD B/NNP bonds/NNS are/VBP uninsured/JJ and/CC rated/VBN double-A/JJ by/IN Moody/NNP 's/POS and/CC S&P/NNP ./. | |
| Both/DT the/DT Series/NN 1989/CD A/NNP and/CC Series/NNP 1989/CD B/NNP bonds/NNS were/VBD priced/VBN to/TO yield/VB from/IN 6/CD %/NN in/IN 1991/CD to/TO 7.15/CD %/NN in/IN 2008-2009/CD ,/, according/VBG to/TO a/DT Merrill/NNP Lynch/NNP official/NN ./. | |
| Matagorda/NNP County/NNP Navigation/NNP District/NNP No./NNP 1/CD ,/, Texas/NNP --/: | |
| $/$ 70.3/CD million/CD of/IN pollution/NN control/NN revenue/NN bonds/NNS (/-LRB- Houston/NNP Lighting/NNP &/CC Power/NNP Co/NNP ./. Project/NN )/-RRB- ,/, due/JJ Oct./NNP 1/CD ,/, 2019/CD ,/, were/VBD tentatively/RB priced/VBN by/IN a/DT Goldman/NNP ,/, Sachs/NNP &/CC Co./NNP group/NN at/IN 98/CD 1/4/CD to/TO yield/VB 7.649/CD %/NN with/IN a/DT coupon/NN of/IN 7/CD 1/2/CD %/NN ./. | |
| Interest/NN on/IN the/DT bonds/NNS will/MD be/VB treated/VBN as/IN a/DT preference/NN item/NN in/IN calculating/VBG the/DT federal/JJ alternative/NN minimum/JJ tax/NN that/WDT may/MD be/VB imposed/VBN on/IN certain/JJ investors/NNS ./. | |
| The/DT bonds/NNS are/VBP insured/JJ and/CC rated/VBN triple-A/JJ by/IN Moody/NNP 's/POS and/CC S&P/NNP ./. | |
| Federal/NNP Home/NNP Loan/NNP Mortgage/NNP Corp./NNP --/: | |
| $/$ 500/CD million/CD of/IN Remic/NNP mortgage/NN securities/NNS is/VBZ being/VBG offered/VBN in/IN 11/CD classes/NNS by/IN a/DT Morgan/NNP Stanley/NNP group/NN ./. | |
| The/DT offering/NN ,/, Series/NNP 109/CD ,/, is/VBZ backed/VBN by/IN Freddie/NNP Mac/NNP 10/CD %/NN securities/NNS ./. | |
| Complete/JJ details/NNS were/VBD n't/RB immediately/RB available/JJ ./. | |
| Lomas/NNP Mortgage/NNP Funding/NNP Corp./NNP II/NNP --/: | |
| $/$ 100/CD million/CD issue/NN of/IN collateralized/JJ mortgage/NN obligations/NNS is/VBZ being/VBG offered/VBN in/IN four/CD classes/NNS by/IN a/DT Morgan/NNP Stanley/NNP group/NN ./. | |
| The/DT securities/NNS yield/VBP from/IN 9.35/CD %/NN to/TO 10.48/CD %/NN for/IN a/DT 30-year/JJ issue/NN with/IN an/DT average/JJ life/NN of/IN 21.18/CD years/NNS ./. | |
| The/DT 10.48/CD %/NN yield/NN represents/VBZ a/DT spread/NN to/TO the/DT 20-year/JJ Treasury/NNP of/IN 2.45/CD percentage/NN points/NNS ./. | |
| The/DT collateral/NN consists/VBZ of/IN collateralized/JJ whole/JJ loans/NNS with/IN a/DT weighted/JJ average/JJ coupon/NN rate/NN of/IN 11.08/CD %/NN and/CC weighted/JJ average/NN remaining/VBG term/NN to/TO maturity/NN of/IN 28/CD years/NNS ./. | |
| The/DT issue/NN is/VBZ rated/VBN triple-A/JJ by/IN S&P/NNP ,/, Moody/NNP 's/POS and/CC Fitch/NNP Investors/NNPS Service/NNP Inc/NNP ./. | |
| The/DT issue/NN is/VBZ 6/CD %/NN to/TO 7/CD %/NN overcollateralized/VBN ,/, and/CC 75/CD %/NN of/IN the/DT loans/NNS are/VBP covered/VBN by/IN a/DT General/NNP Electric/NNP pool/NN policy/NN covering/VBG losses/NNS of/IN as/RB much/JJ as/IN 10/CD %/NN of/IN the/DT original/JJ principal/JJ balance/NN of/IN the/DT loans/NNS ./. | |
| J.C./NNP Penney/NNP Co./NNP --/: | |
| $/$ 350/CD million/CD of/IN JCP/NNP Master/NNP Credit/NNP Card/NNP Trust/NNP asset-backed/JJ certificates/NNS ,/, Series/NNP B/NNP ,/, with/IN a/DT final/JJ stated/VBN maturity/NN of/IN Oct./NNP 15/CD ,/, 2001/CD ,/, was/VBD priced/VBN at/IN 99.1875/CD to/TO yield/VB 9.192/CD %/NN with/IN a/DT coupon/NN of/IN 8.95/CD %/NN ./. | |
| The/DT certificates/NNS ,/, which/WDT have/VBP an/, average/JJ life/NN of/IN 10.05/CD years/NNS ,/, were/VBD priced/VBN at/IN 1.31/CD percentage/NN points/NNS over/IN the/DT benchmark/JJ Treasury/NNP 10-year/JJ note/NN ./. | |
| Rated/VBN triple-A/JJ by/IN Moody/NNP 's/POS and/CC S&P/NNP ,/, the/DT issue/NN will/MD be/VB sold/VBN through/IN First/NNP Boston/NNP Corp/NNP ./. | |
| The/DT issue/NN is/VBZ backed/VBN by/IN a/DT 12/CD %/NN letter/NN of/IN credit/NN from/IN Credit/NNP Suisse/NNP ./. | |
| Keio/NNP Teito/NNP Electric/NNP Railway/NNP Co/NNP ./. (/-LRB- Japan/NNP )/-RRB- --/: | |
| $/$ 300/CD million/CD of/IN bonds/NNS due/JJ Nov./NNP 16/CD ,/, 1993/CD ,/, with/IN equity-purchase/JJ warrants/NNS ,/, indicating/VBG a/DT 3/CD 3/4/CD %/NN coupon/NN at/IN par/JJ via/IN Nomura/NNP International/NNP Ltd/NNP ./. | |
| Each/DT $/$ 5,000/CD bond/NN carries/VBZ one/CD warrant/NN ,/, exercisable/JJ from/IN Nov./NNP 30/CD through/IN Nov./NNP 2/CD ,/, 1993/CD ,/, to/TO buy/VB company/NN shares/NNS at/IN an/DT expected/JJ premium/NN of/IN 2/CD 1/2/CD %/NN to/TO the/DT closing/VBG share/NN price/NN when/WRB terms/NNS are/VBP fixed/VBN Tuesday/NNP ./. | |
| Diesel/NNP Kiki/NNP Co/NNP ./. (/-LRB- Japan/NNP )/-RRB- --/: | |
| $/$ 200/CD million/CD of/IN bonds/NNS due/JJ Nov./NNP 16/CD ,/, 1994/CD ,/, with/IN equity-purchase/JJ warrants/NNS ,/, indicating/VBG a/DT 4/CD 1/2/CD %/NN coupon/NN at/IN par/JJ via/IN Yamaichi/NNP International/NNP Europe/NNP Ltd/NNP ./. | |
| Each/DT $/$ 5,000/CD bond/NN carries/VBZ one/CD warrant/NN ,/, exercisable/JJ from/IN Nov./NNP 30/CD through/IN Nov./NNP 2/CD ,/, 1994/CD ,/, to/TO buy/VB company/NN shares/NNS at/IN an/DT expected/JJ premium/NN of/IN 2/CD 1/2/CD %/NN to/TO the/DT closing/VBG share/NN price/NN when/WRB terms/NNS are/VBP fixed/VBN Monday/NNP ./. | |
| Chugoku/NNP Electric/NNP Power/NNP Co/NNP ./. (/-LRB- Japan/NNP )/-RRB- --/: | |
| $/$ 150/CD million/CD of/IN 8/CD 7/8/CD %/NN bonds/NNS due/JJ Nov./NNP 29/CD ,/, 1996/CD ,/, priced/VBN at/IN 101/CD 7/8/CD to/TO yield/VB 8/CD 7/8/CD %/NN less/CC full/JJ fees/NNS via/IN Nikko/NNP Securities/NNPS Ltd/NNP ./. | |
| Fees/NNS 1/CD 7/8/CD ./. | |
| Monte/NNP dei/FW Paschi/NNP di/FW Siena/NNP ,/, Singapore/NNP branch/NN (/-LRB- Italian/JJ parent/NN )/-RRB- ,/, via/IN the/DT Law/NNP Debenture/NNP Trust/NNP Corp./NNP --/: | |
| 10/CD billion/CD yen/NNS (/-LRB- $/$ 70/CD million/CD )/-RRB- of/IN 6/CD %/NN bonds/NNS due/JJ Feb./NNP 24/CD ,/, 1993/CD ,/, priced/VBN at/IN 101/CD 1/4/CD ,/, via/IN Daiwa/NNP Europe/NNP Ltd/NNP ./. | |
| Okobank/NNP (/-LRB- Finland/NNP )/-RRB- --/: | |
| 10/CD billion/CD yen/NNS of/IN 6/CD %/NN bonds/NNS due/JJ Nov./NNP 30/CD ,/, 1992/CD ,/, priced/VBN at/IN 101.225/CD to/TO yield/VB 6.056/CD %/NN via/IN IBJ/NNP International/NNP ./. | |
| EG&G/NNP Inc./NNP said/VBD it/PRP acquired/VBD Laboratorium/NNP Prof./NNP Dr./NNP Berthold/NNP ,/, a/DT German/JJ maker/NN of/IN scientific/JJ instruments/NNS ./. | |
| Terms/NNS were/VBD n't/RB disclosed/VBN ./. | |
| The/DT Wellesley/NNP ,/, Mass./NNP ,/, maker/NN of/IN scientific/JJ instruments/NNS and/CC electronic/JJ parts/NNS said/VBD Berthold/NNP expects/VBZ 1989/CD sales/NNS of/IN more/JJR than/IN 100/CD million/CD Deutsche/FW marks/NNS (/-LRB- $/$ 54.5/CD million/CD )/-RRB- and/CC employs/VBZ about/IN 400/CD people/NNS ./. | |
| Berthold/NNP is/VBZ based/VBN in/IN Wildbad/NNP ,/, West/NNP Germany/NNP ,/, and/CC also/RB has/VBZ operations/NNS in/IN Belgium/NNP ./. | |
| John/NNP M./NNP Kucharski/NNP ,/, EG&G/NNP 's/POS chairman/NN and/CC chief/JJ executive/NN ,/, said/VBD the/DT acquisition/NN ``/`` will/MD extend/VB EG&G/NNP 's/POS core/NN technologies/NNS ,/, strengthen/VB its/PRP$ position/NN in/IN the/DT European/NNP Economic/NNP Community/NNP and/CC assure/VB a/DT strength/NN and/CC presence/NN in/IN the/DT Eastern/JJ European/JJ market/NN ./. ''/'' | |
| He/PRP said/VBD it/PRP especially/RB will/MD strengthen/VB the/DT company/NN 's/POS efforts/NNS in/IN the/DT rapidly/RB growing/VBG field/NN of/IN bio-analytical/JJ instrumentation/NN ,/, and/CC in/IN applied/JJ nuclear/JJ physics/NNS ./. | |
| Separately/RB ,/, EG&G/NNP said/VBD it/PRP sold/VBD most/JJS of/IN its/PRP$ Mason/NNP Research/NNP Institute/NNP subsidiary/NN to/TO Transgenic/NNP Sciences/NNPS Inc./NNP ,/, a/DT closely/RB held/JJ biotechnology/NN company/NN based/VBN in/IN Worcester/NNP ,/, Mass/NNP ./. | |
| The/DT sale/NN ,/, for/IN $/$ 7/CD million/CD in/IN cash/NN and/CC securities/NNS ,/, will/MD leave/VB EG&G/NNP with/IN a/DT 12/CD %/NN stake/NN in/IN Transgenic/NNP ,/, executives/NNS said/VBD ./. | |
| Mason/NNP is/VBZ the/DT largest/JJS toxicology/NN lab/NN in/IN New/NNP England/NNP ,/, with/IN annual/JJ revenue/NN of/IN $/$ 8/CD million/CD and/CC 140/CD employees/NNS ./. | |
| Mason/NNP serves/VBZ commercial/JJ and/CC government/NN customers/NNS ,/, including/VBG the/DT National/NNP Institutes/NNPS of/IN Health/NNP ./. | |
| The/DT combined/JJ companies/NNS will/MD become/VB profitable/JJ by/IN January/NNP 1990/CD ,/, said/VBD James/NNP P./NNP Sherblom/NNP ,/, Transgenic/NNP 's/POS chairman/NN and/CC chief/JJ executive/NN officer/NN ./. | |
| The/DT Internal/NNP Revenue/NNP Service/NNP said/VBD it/PRP is/VBZ willing/JJ to/TO let/VB the/DT U.S./NNP Tax/NNP Court/NNP decide/VB how/WRB much/JJ oil/NN man/NN William/NNP Herbert/NNP Hunt/NNP will/MD owe/VB the/DT government/NN after/IN his/PRP$ assets/NNS are/VBP liquidated/VBN ./. | |
| The/DT surprise/NN announcement/NN came/VBD after/IN the/DT IRS/NNP broke/VBD off/RP negotiations/NNS with/IN Mr./NNP Hunt/NNP on/IN a/DT settlement/NN of/IN the/DT one-time/JJ tycoon/NN 's/POS personal/JJ bankruptcy/NN case/NN ./. | |
| Although/IN the/DT action/NN removes/VBZ one/CD obstacle/NN in/IN the/DT way/NN of/IN an/DT overall/JJ settlement/NN to/TO the/DT case/NN ,/, it/PRP also/RB means/VBZ that/IN Mr./NNP Hunt/NNP could/MD be/VB stripped/VBN of/IN virtually/RB all/DT of/IN his/PRP$ assets/NNS if/IN the/DT Tax/NNP Court/NNP rules/VBZ against/IN him/PRP in/IN a/DT 1982/CD case/NN heard/VBN earlier/RBR this/DT year/NN in/IN Washington/NNP ,/, D.C/NNP ./. | |
| The/DT IRS/NNP has/VBZ been/VBN seeking/VBG more/JJR than/IN $/$ 300/CD million/CD in/IN back/JJ taxes/NNS from/IN Mr./NNP Hunt/NNP ./. | |
| Separately/RB ,/, a/DT federal/JJ judge/NN hearing/VBG Mr./NNP Hunt/NNP 's/POS bankruptcy/NN case/NN yesterday/NN turned/VBD down/RP a/DT proposed/VBN $/$ 65.7/CD million/CD settlement/NN between/IN Mr./NNP Hunt/NNP and/CC Minpeco/NNP S.A./NNP ,/, another/DT major/JJ creditor/NN in/IN the/DT case/NN ./. | |
| The/DT Peruvian/JJ minerals/NNS concern/NN had/VBD been/VBN seeking/VBG a/DT claim/NN of/IN $/$ 251/CD million/CD against/IN Mr./NNP Hunt/NNP ./. | |
| In/IN addition/NN to/TO turning/VBG down/RP the/DT compromise/NN ,/, Judge/NNP Harold/NNP C./NNP Abramson/NNP said/VBD he/PRP would/MD allow/VB a/DT claim/NN of/IN only/RB $/$ 19.7/CD million/CD ./. | |
| Minpeco/NNP attorneys/NNS said/VBD they/PRP would/MD appeal/VB the/DT decision/NN to/TO a/DT federal/JJ district/NN court/NN ./. | |
| Regarding/VBG Mr./NNP Hunt/NNP 's/POS taxes/NNS ,/, he/PRP and/CC the/DT IRS/NNP have/VBP apparently/RB agreed/VBN on/IN a/DT basic/JJ formula/NN for/IN liquidating/VBG his/PRP$ estate/NN in/IN which/WDT the/DT IRS/NNP would/MD get/VB 70/CD %/NN of/IN the/DT proceeds/NNS from/IN a/DT liquidating/JJ trust/NN and/CC 30/CD %/NN would/MD go/VB to/TO other/JJ creditors/NNS ./. | |
| But/CC they/PRP have/VBP been/VBN at/IN odds/NNS over/IN how/WRB much/JJ Mr./NNP Hunt/NNP would/MD owe/VB the/DT government/NN after/IN his/PRP$ assets/NNS are/VBP sold/VBN ./. | |
| The/DT IRS/NNP had/VBD demanded/VBN $/$ 90/CD million/CD but/CC Mr./NNP Hunt/NNP would/MD agree/VB to/TO no/DT more/JJR than/IN $/$ 60/CD million/CD ./. | |
| Grover/NNP Hartt/NNP III/NNP ,/, a/DT government/NN lawyer/NN ,/, warned/VBD that/IN Mr./NNP Hunt/NNP stood/VBD to/TO lose/VB certain/JJ oil/NN and/CC gas/NN properties/NNS ,/, $/$ 200,000/CD in/IN English/JJ pottery/NN ,/, a/DT Colorado/NNP condominium/NN and/CC other/JJ assets/NNS he/PRP might/MD have/VB kept/VBN if/IN he/PRP had/VBD settled/VBN with/IN the/DT IRS/NNP ./. | |
| ``/`` But/CC they/PRP wanted/VBD to/TO roll/VB the/DT dice/NNS and/CC we/PRP 're/VBP going/VBG to/TO let/VB them/PRP ,/, ''/'' Mr./NNP Hartt/NNP said/VBD ./. | |
| Stephen/NNP McCartin/NNP ,/, Mr./NNP Hunt/NNP 's/POS attorney/NN ,/, said/VBD his/PRP$ client/NN welcomed/VBD the/DT gamble/NN ./. | |
| The/DT Tax/NNP Court/NNP is/VBZ n't/RB expected/VBN to/TO rule/VB before/IN early/RB next/JJ year/NN ./. | |
| Japan/NNP has/VBZ found/VBN another/DT safe/JJ outlet/NN for/IN its/PRP$ money/NN :/: U.S./NNP home/NN mortgages/NNS ./. | |
| An/DT increasing/VBG number/NN of/IN big/JJ Japanese/JJ investors/NNS are/VBP buying/VBG up/RP U.S./NNP home/NN mortgages/NNS that/WDT have/VBP been/VBN pooled/VBN and/CC packaged/VBN for/IN sale/NN as/IN interest-bearing/JJ instruments/NNS known/VBN as/IN mortgage-backed/JJ securities/NNS ./. | |
| As/RB much/JJ as/IN 10/CD %/NN of/IN new/JJ U.S./NNP mortgage/NN securities/NNS issued/VBN by/IN the/DT Federal/NNP National/NNP Mortgage/NNP Association/NNP ,/, or/CC Fannie/NNP Mae/NNP ,/, and/CC Federal/NNP Home/NNP Loan/NNP Mortgage/NNP Corp./NNP ,/, or/CC Freddie/NNP Mac/NNP ,/, now/RB flow/VBP into/IN Japanese/JJ hands/NNS ./. | |
| That/DT may/MD not/RB come/VB as/IN a/DT surprise/NN to/TO Americans/NNPS who/WP have/VBP watched/VBN the/DT Japanese/NNPS snap/VBP up/RP properties/NNS in/IN the/DT U.S./NNP from/IN golf/NN courses/NNS to/TO a/DT stake/NN in/IN Rockefeller/NNP Center/NNP ./. | |
| But/CC it/PRP marks/VBZ a/DT big/JJ change/NN for/IN the/DT Japanese/NNPS ,/, who/WP shunned/VBD mortgage/NN securities/NNS after/IN getting/VBG burned/VBN by/IN a/DT big/JJ downturn/NN in/IN interest/NN rates/NNS a/DT few/JJ years/NNS back/RB ./. | |
| ``/`` You/PRP ca/MD n't/RB say/VB it/PRP 's/VBZ a/DT ``/`` tsunami/NN ''/'' (/-LRB- tidal/JJ wave/NN )/-RRB- ,/, but/CC we/PRP 're/VBP making/VBG some/DT headway/NN ,/, ''/'' says/VBZ Fannie/NNP Mae/NNP 's/POS chairman/NN ,/, David/NNP O./NNP Maxwell/NNP ,/, who/WP visits/VBZ Tokyo/NNP at/IN least/JJS once/RB a/DT year/NN to/TO explain/VB and/CC drum/VB up/RP investor/NN interest/NN in/IN mortgage/NN securities/NNS ./. | |
| ``/`` Interest/NN is/VBZ a/DT great/JJ deal/NN higher/JJR than/IN it/PRP was/VBD a/DT year/NN ago/RB ./. ''/'' | |
| The/DT steady/JJ growth/NN of/IN the/DT mortgage/NN securities/NNS market/NN in/IN the/DT U.S./NNP has/VBZ even/RB triggered/VBN talk/NN of/IN building/NN up/RP a/DT similar/JJ market/NN here/RB ./. | |
| Evidence/NN of/IN the/DT growing/VBG Japanese/JJ demand/NN for/IN mortgage/NN securities/NNS abounds/VBZ ./. | |
| Earlier/RBR this/DT year/NN ,/, Blackstone/NNP Group/NNP ,/, a/DT New/NNP York/NNP investment/NN bank/NN ,/, had/VBD no/DT trouble/NN selling/VBG out/RP a/DT special/JJ $/$ 570/CD million/CD mortgage-securities/JJ trust/NN it/PRP created/VBD for/IN Japanese/JJ investors/NNS ./. | |
| Industrial/NNP Bank/NNP of/IN Japan/NNP ,/, which/WDT claims/VBZ to/TO be/VB the/DT biggest/JJS Japanese/JJ buyer/NN of/IN U.S./NNP mortgage/NN securities/NNS ,/, says/VBZ it/PRP will/MD more/RBR than/IN double/VB its/PRP$ purchases/NNS this/DT year/NN ,/, to/TO an/DT amount/NN one/CD official/NN puts/VBZ at/IN several/JJ billion/CD dollars/NNS ./. | |
| And/CC a/DT Fannie/NNP Mae/NNP seminar/NN this/DT week/NN promises/VBZ to/TO draw/VB hundreds/NNS of/IN prospective/JJ investors/NNS ,/, who/WP can/MD be/VB expected/VBN to/TO channel/VB tens/NNS of/IN billions/NNS of/IN dollars/NNS into/IN the/DT market/NN in/IN the/DT next/JJ few/JJ years/NNS ./. | |
| ``/`` Last/JJ year/NN ,/, there/EX were/VBD only/RB several/JJ big/JJ investors/NNS who/WP were/VBD interested/JJ ,/, ''/'' says/VBZ Kinji/NNP Kato/NNP ,/, a/DT vice/NN president/NN at/IN the/DT international/JJ arm/NN of/IN Nomura/NNP Securities/NNPS Co/NNP ./. | |
| ``/`` This/DT year/NN ,/, some/DT investors/NNS are/VBP changing/VBG their/PRP$ policies/NNS and/CC investing/VBG a/DT lot/NN ./. ''/'' | |
| Ultimately/RB ,/, he/PRP says/VBZ ,/, strong/JJ demand/NN could/MD help/VB to/TO drive/VB down/RP interest/NN rates/NNS on/IN mortgage/NN securities/NNS ./. | |
| At/IN the/DT moment/NN ,/, Nomura/NNP is/VBZ the/DT only/JJ Japanese/JJ institution/NN authorized/VBN to/TO act/VB as/IN a/DT primary/JJ seller/NN of/IN Fannie/NNP Mae/NNP instruments/NNS ./. | |
| But/CC other/JJ Japanese/JJ institutions/NNS say/VBP privately/RB that/IN they/PRP are/VBP considering/VBG asking/VBG to/TO join/VB the/DT 59-dealer/JJ selling/VBG group/NN ./. | |
| These/DT securities/NNS are/VBP attractive/JJ to/TO Japanese/JJ investors/NNS for/IN three/CD reasons/NNS ./. | |
| First/LS ,/, they/PRP are/VBP safe/JJ ./. | |
| While/IN they/PRP are/VBP n't/RB backed/VBN by/IN the/DT full/JJ faith/NN and/CC credit/NN of/IN the/DT U.S./NNP government/NN ,/, as/IN Treasury/NNP bonds/NNS are/VBP ,/, it/PRP is/VBZ widely/RB assumed/VBN that/IN the/DT government/NN would/MD support/VB them/PRP if/IN necessary/JJ ./. | |
| (/-LRB- U.S./NNP Treasury/NNP bonds/NNS are/VBP still/RB the/DT dollar-denominated/JJ investment/NN of/IN choice/NN for/IN long-term/JJ Japanese/JJ investors/NNS )/-RRB- ./. | |
| Second/LS ,/, they/PRP are/VBP liquid/JJ ./. | |
| The/DT secondary/JJ market/NN in/IN federally/RB backed/JJ mortgage/NN securities/NNS now/RB exceeds/VBZ $/$ 900/CD billion/CD ,/, or/CC nearly/RB half/NN of/IN the/DT $/$ 2.2/CD trillion/CD in/IN U.S./NNP residential/JJ mortgages/NNS issued/VBN ./. | |
| Third/LS ,/, they/PRP offer/VBP high/JJ yields/NNS ./. | |
| At/IN the/DT moment/NN ,/, some/DT offer/VBP as/RB much/JJ as/IN 1.6/CD to/TO 1.8/CD percentage/NN points/NNS over/IN Treasury/NNP securities/NNS of/IN similar/JJ maturities/NNS ./. | |
| But/CC there/EX is/VBZ a/DT risk/NN ,/, which/WDT the/DT Japanese/NNPS discovered/VBD when/WRB they/PRP first/RB dipped/VBD their/PRP$ toes/NNS into/IN the/DT market/NN nearly/RB five/CD years/NNS ago/RB ./. | |
| Since/IN most/JJS mortgages/NNS can/MD be/VB prepaid/VBN or/CC refinanced/VBN at/IN any/DT time/NN ,/, issuers/NNS of/IN mortgage/NN securities/NNS retain/VBP the/DT right/NN to/TO buy/VB back/RB their/PRP$ bonds/NNS before/IN maturity/NN ./. | |
| That/DT 's/VBZ a/DT headache/NN for/IN long-term/JJ investors/NNS ,/, since/IN it/PRP forces/VBZ them/PRP to/TO reinvest/VB their/PRP$ money/NN --/: usually/RB at/IN lower/JJR rates/NNS than/IN the/DT original/JJ mortgage/NN securities/NNS carried/VBD ./. | |
| ``/`` Two/CD or/CC three/CD years/NNS ago/RB ,/, the/DT problem/NN was/VBD that/IN people/NNS did/VBD n't/RB understand/VB the/DT prepayment/NN risk/NN ,/, ''/'' says/VBZ Nomura/NN 's/POS Mr./NNP Kato/NNP ./. | |
| ``/`` So/RB they/PRP were/VBD surprised/JJ and/CC very/RB disappointed/JJ by/IN prepayment/NN ./. ''/'' | |
| Compounding/VBG the/DT trouble/NN to/TO Japanese/JJ investors/NNS ,/, mortgage/NN securities/NNS pay/VBP interest/NN monthly/RB ,/, since/IN most/JJS mortgages/NNS require/VBP homeowners/NNS to/TO make/VB monthly/JJ payments/NNS ./. | |
| But/CC Japanese/JJ institutional/JJ investors/NNS are/VBP used/VBN to/TO quarterly/JJ or/CC semiannual/JJ payments/NNS on/IN their/PRP$ investments/NNS ,/, so/IN the/DT monthly/JJ cash/NN flow/NN posed/VBD administrative/JJ problems/NNS ./. | |
| As/IN a/DT result/NN ,/, Japanese/JJ investors/NNS steered/VBD clear/RB of/IN the/DT mortgage/NN securities/NNS ./. | |
| But/CC they/PRP did/VBD n't/RB lose/VB touch/NN with/IN the/DT U.S./NNP issuers/NNS ./. | |
| Since/IN 1985/CD ,/, Japanese/JJ investors/NNS have/VBP bought/VBN nearly/RB 80/CD %/NN of/IN $/$ 10/CD billion/CD in/IN Fannie/NNP Mae/NNP corporate/JJ debt/NN issued/VBN to/TO foreigners/NNS ,/, money/NN that/IN Fannie/NNP Mae/NNP uses/VBZ to/TO buy/VB mortgages/NNS from/IN U.S./NNP banks/NNS ./. | |
| And/CC Japanese/JJ investors/NNS took/VBD up/RP nearly/RB all/DT of/IN two/CD $/$ 200/CD million/CD Real/JJ Estate/NNP Mortgage/NNP Investment/NNP Conduits/NNS ,/, a/DT kind/NN of/IN collateralized/JJ mortgage/NN obligation/NN ,/, that/WDT were/VBD offered/VBN to/TO foreigners/NNS this/DT year/NN ./. | |
| In/IN addition/NN ,/, further/JJ packaging/NN of/IN mortgage-backed/JJ securities/NNS ,/, such/JJ as/IN Blackstone/VBP 's/POS fund/NN ,/, have/VB reduced/VBN the/DT effects/NNS of/IN prepayment/NN risk/NN and/CC automatically/RB reinvest/VB monthly/JJ payments/NNS so/IN institutions/NNS do/VBP n't/RB have/VB to/TO ./. | |
| Freddie/NNP Mac/NNP for/IN years/NNS has/VBZ offered/VBN a/DT so-called/JJ participation/NN certificate/NN that/WDT guarantees/VBZ it/PRP wo/MD n't/RB be/VB prepaid/VBN for/IN a/DT set/NN number/NN of/IN years/NNS and/CC offers/VBZ semiannual/JJ payments/NNS ./. | |
| As/IN Georgia-Pacific/NNP 's/POS bid/NN for/IN Great/NNP Northern/NNP Nekoosa/NNP has/VBZ shown/VBN ,/, uninvited/JJ takeovers/NNS are/VBP still/RB alive/JJ despite/IN premature/JJ reports/NNS of/IN their/PRP$ demise/NN ./. | |
| Therefore/RB ,/, the/DT debate/NN about/IN poison/NN pills/NNS will/MD continue/VB to/TO rage/VB in/IN the/DT boardrooms/NNS of/IN corporations/NNS and/CC the/DT halls/NNS of/IN academia/NN ./. | |
| Although/IN poison/NN pills/NNS come/VBP in/IN different/JJ colors/NNS and/CC shapes/NNS ,/, they/PRP usually/RB give/VBP current/JJ shareholders/NNS the/DT right/NN to/TO buy/VB more/JJR stock/NN of/IN their/PRP$ corporation/NN at/IN a/DT large/JJ discount/NN if/IN certain/JJ events/NNS occur/VBP --/: typically/RB ,/, if/IN a/DT hostile/JJ bidder/NN acquires/VBZ more/JJR than/IN a/DT specified/JJ percentage/NN of/IN the/DT corporation/NN 's/POS stock/NN ./. | |
| However/RB ,/, these/DT discount/NN purchase/NN rights/NNS may/MD generally/RB be/VB redeemed/VBN at/IN a/DT nominal/JJ cost/NN by/IN the/DT corporation/NN 's/POS directors/NNS if/IN they/PRP approve/VBP of/IN a/DT bidder/NN ./. | |
| Supporters/NNS of/IN poison/NN pills/NNS argue/VBP that/DT their/PRP$ adoption/NN forces/VBZ bidders/NNS to/TO negotiate/VB with/IN a/DT corporation/NN 's/POS directors/NNS ,/, who/WP are/VBP thereby/RB put/VBN in/IN a/DT better/JJR position/NN to/TO pursue/VB the/DT long-term/JJ interests/NNS of/IN the/DT corporation/NN ./. | |
| Recent/JJ studies/NNS by/IN Georgeson/NNP &/CC Co./NNP conclude/VBP that/IN corporations/NNS with/IN poison/NN pills/NNS have/VBP experienced/VBN greater/JJR stock-price/JJ appreciation/NN than/IN corporations/NNS without/IN poison/NN pills/NNS during/IN the/DT past/JJ few/JJ years/NNS ./. | |
| Critics/NNS of/IN poison/NN pills/NNS argue/VBP that/IN they/PRP harm/VBP shareholders/NNS by/IN letting/VBG corporate/JJ management/NN defeat/VB takeover/NN bids/NNS at/IN premium/JJ prices/NNS and/CC by/IN deterring/VBG premium/JJ bids/NNS from/IN ever/RB being/VBG made/VBN to/TO shareholders/NNS ./. | |
| These/DT critics/NNS are/VBP backed/VBN by/IN several/JJ academic/JJ studies/NNS showing/VBG that/IN the/DT adoption/NN of/IN poison/NN pills/NNS reduces/VBZ shareholder/NN values/NNS not/RB merely/RB in/IN the/DT short/JJ run/NN ,/, but/CC also/RB over/IN longer/JJR periods/NNS ./. | |
| Institutional/JJ investors/NNS that/WDT must/MD evaluate/VB poison/NN pills/NNS on/IN a/DT regular/JJ basis/NN are/VBP interested/JJ less/RBR in/IN this/DT general/JJ debate/NN than/IN in/IN the/DT answers/NNS to/TO specific/JJ questions/NNS about/IN the/DT corporation/NN issuing/VBG the/DT pill/NN ./. | |
| Does/VBZ this/DT corporation/NN have/VB a/DT high-quality/JJ management/NN team/NN with/IN a/DT good/JJ track/NN record/NN ?/. | |
| Does/VBZ this/DT team/NN have/VB a/DT viable/JJ strategy/NN for/IN improving/VBG shareholder/NN values/NNS ,/, and/CC does/VBZ this/DT strategy/NN require/VB implementation/NN over/IN an/DT extended/JJ period/NN ?/. | |
| Will/MD the/DT adoption/NN of/IN this/DT particular/JJ form/NN of/IN a/DT poison/NN pill/NN significantly/RB improve/VB the/DT chances/NNS for/IN management/NN to/TO carry/VB out/RP this/DT strategy/NN ?/. | |
| If/IN the/DT answers/NNS to/TO these/DT questions/NNS are/VBP affirmative/JJ ,/, then/RB institutional/JJ investors/NNS are/VBP likely/JJ to/TO be/VB favorably/RB disposed/JJ toward/IN a/DT specific/JJ poison/NN pill/NN ./. | |
| However/RB ,/, the/DT problem/NN is/VBZ that/DT once/RB most/JJS poison/JJ pills/NNS are/VBP adopted/VBN ,/, they/PRP survive/VBP forever/RB ./. | |
| Although/IN the/DT current/JJ management/NN team/NN may/MD be/VB outstanding/JJ ,/, who/WP will/MD be/VB the/DT CEO/NNP in/IN 10/CD years/NNS ?/. | |
| Although/IN the/DT five-year/JJ strategy/NN may/MD be/VB excellent/JJ ,/, what/WP will/MD be/VB the/DT strategy/NN in/IN 25/CD years/NNS ?/. | |
| The/DT solution/NN to/TO this/DT problem/NN is/VBZ a/DT time-limited/JJ poison/NN pill/NN ./. | |
| The/DT limit/NN could/MD range/VB from/IN three/CD years/NNS to/TO seven/CD years/NNS ,/, depending/VBG on/IN the/DT composition/NN of/IN the/DT management/NN team/NN and/CC the/DT nature/NN of/IN its/PRP$ strategic/JJ plan/NN ./. | |
| At/IN the/DT end/NN of/IN this/DT period/NN ,/, the/DT poison/NN pill/NN would/MD be/VB eliminated/VBN automatically/RB ,/, unless/IN a/DT new/JJ poison/NN pill/NN were/VBD approved/VBN by/IN the/DT then-current/JJ shareholders/NNS ,/, who/WP would/MD have/VB an/DT opportunity/NN to/TO evaluate/VB the/DT corporation/NN 's/POS strategy/NN and/CC management/NN team/NN at/IN that/DT time/NN ./. | |
| One/CD rare/JJ example/NN of/IN a/DT time-limited/JJ poison/NN pill/NN is/VBZ the/DT shareholder/NN rights/NNS plan/NN adopted/VBN by/IN Pennzoil/NNP last/JJ year/NN after/IN it/PRP received/VBD a/DT huge/JJ litigation/NN settlement/NN from/IN Texaco/NNP ./. | |
| Pennzoil/NNP 's/POS poison/NN pill/NN covers/VBZ five/CD years/NNS in/IN order/NN to/TO give/VB current/JJ management/NN enough/JJ time/NN to/TO put/VB these/DT proceeds/NNS to/TO work/VB in/IN a/DT prudent/JJ manner/NN ./. | |
| Another/DT interesting/JJ example/NN is/VBZ the/DT poison/NN pill/NN adopted/VBN recently/RB by/IN Pittsburgh-based/JJ National/NNP Intergroup/NNP Inc./NNP ,/, a/DT diversified/JJ holding/VBG company/NN ./. | |
| The/DT State/NNP of/IN Wisconsin/NNP Investment/NNP Board/NNP ,/, which/WDT owned/VBD about/IN 7/CD %/NN of/IN the/DT company/NN 's/POS voting/NN stock/NN ,/, worked/VBD with/IN management/NN to/TO devise/VB a/DT time-limited/JJ poison/NN pill/NN ./. | |
| This/DT pill/NN automatically/RB expires/VBZ after/IN three/CD years/NNS unless/IN continued/VBN by/IN a/DT vote/NN of/IN the/DT shareholders/NNS ./. | |
| The/DT attitude/NN of/IN the/DT Wisconsin/NNP Investment/NNP Board/NNP reflects/VBZ a/DT growing/VBG receptivity/NN to/TO time-limited/JJ poison/NN pills/NNS on/IN the/DT part/NN of/IN institutional/JJ investors/NNS ,/, as/IN shown/VBN by/IN the/DT discussions/NNS at/IN recent/JJ meetings/NNS of/IN the/DT Council/NNP of/IN Institutional/NNP Investors/NNPS and/CC my/PRP$ informal/JJ survey/NN of/IN several/JJ retirement/NN plans/NNS with/IN large/JJ stock/NN positions/NNS ./. | |
| More/RBR widespread/JJ time/NN limits/NNS on/IN poison/NN pills/NNS would/MD allow/VB shareholders/NNS to/TO evaluate/VB a/DT specific/JJ poison/NN pill/NN within/IN the/DT context/NN of/IN a/DT specific/JJ management/NN team/NN 's/POS strategy/NN ./. | |
| Such/JJ concrete/JJ analysis/NN is/VBZ likely/JJ to/TO lead/VB to/TO more/RBR fruitful/JJ dialogue/NN between/IN management/NN and/CC shareholders/NNS than/IN the/DT abstract/JJ debate/NN about/IN poison/NN pills/NNS ./. | |
| Mr./NNP Pozen/NNP is/VBZ the/DT general/JJ counsel/NN and/CC a/DT managing/VBG director/NN of/IN Fidelity/NNP Investments/NNPS in/IN Boston/NNP ./. | |
| Michael/NNP Blair/NNP ,/, former/JJ president/NN and/CC chief/JJ executive/NN officer/NN of/IN Enfield/NNP Corp./NNP ,/, failed/VBD to/TO win/VB election/NN to/TO the/DT company/NN 's/POS board/NN at/IN a/DT special/JJ shareholder/NN meeting/NN ./. | |
| Mr./NNP Blair/NNP said/VBD after/IN the/DT meeting/NN that/IN he/PRP had/VBD filed/VBN separate/JJ lawsuits/NNS in/IN the/DT Ontario/NNP Supreme/NNP Court/NNP for/IN unjust/JJ dismissal/NN against/IN Enfield/NNP and/CC for/IN libel/NN against/IN its/PRP$ largest/JJS shareholder/NN ,/, Canadian/NNP Express/NNP Ltd./NNP ,/, and/CC two/CD executives/NNS of/IN Hees/NNP International/NNP Bancorp/NNP Inc./NNP ,/, which/WDT controls/VBZ Canadian/NNP Express/NNP ./. | |
| Holders/NNS at/IN the/DT meeting/NN elected/VBD a/DT full/JJ slate/NN of/IN Canadian/NNP Express/NNP nominees/NNS to/TO Enfield/NNP 's/POS 11-member/JJ board/NN ./. | |
| Mr./NNP Blair/NNP and/CC Hees/NNP have/VBP been/VBN feuding/VBG for/IN months/NNS ./. | |
| Yesterday/NN 's/POS election/NN was/VBD a/DT sequel/NN to/TO Enfield/NNP 's/POS annual/JJ meeting/NN in/IN June/NNP when/WRB Mr./NNP Blair/NNP disallowed/VBD proxies/NNS in/IN favor/NN of/IN two/CD Hees/NNP nominees/NNS ./. | |
| The/DT Ontario/NNP Supreme/NNP Court/NNP overturned/VBD Mr./NNP Blair/NNP 's/POS decision/NN ./. | |
| He/PRP later/RB resigned/VBD from/IN his/PRP$ executive/NN positions/NNS with/IN Enfield/NNP ,/, saying/VBG that/IN actions/NNS by/IN its/PRP$ board/NN ``/`` amounted/VBD to/TO {/-LRB- my/PRP$ }/-RRB- dismissal/NN ./. ''/'' | |
| Mr./NNP Blair/NNP said/VBD his/PRP$ libel/NN suit/NN seeks/VBZ 10/CD million/CD Canadian/JJ dollars/NNS (/-LRB- US$/$ 8.5/CD million/CD )/-RRB- from/IN Canadian/NNP Express/NNP and/CC Hees/NNP executives/NNS Manfred/NNP Walt/NNP and/CC Willard/NNP L'Heureux/NNP ./. | |
| He/PRP said/VBD his/PRP$ suit/NN against/IN Enfield/NNP seeks/VBZ two/CD years/NNS severance/NN pay/NN ,/, equivalent/JJ to/TO C$/$ 720,000/CD ./. | |
| Hees/NNP and/CC Canadian/NNP Express/NNP executives/NNS could/MD n't/RB be/VB reached/VBN for/IN comment/NN ./. | |
| Enfield/NNP is/VBZ a/DT holding/VBG company/NN with/IN interests/NNS in/IN manufacturing/VBG concerns/NNS ./. | |
| It/PRP is/VBZ 38.5/CD %/NN owned/VBN by/IN Canadian/NNP Express/NNP ,/, another/DT holding/VBG company/NN ./. | |
| Hees/NNP is/VBZ a/DT merchant/NN bank/NN controlled/VBN by/IN Toronto/NNP financiers/NNS Peter/NNP and/CC Edward/NNP Bronfman/NNP ./. | |
| All/PDT the/DT concerns/NNS are/VBP based/VBN in/IN Toronto/NNP ./. | |
| Buying/VBG 51/CD %/NN of/IN Rockefeller/NNP Group/NNP Inc./NNP is/VBZ right/RB up/RB Mitsubishi/NNP Estate/NNP Co./NNP 's/POS alley/NN in/IN one/CD sense/NN :/: The/DT huge/JJ Japanese/JJ real/JJ estate/NN company/NN is/VBZ entering/VBG a/DT long-term/JJ relationship/NN with/IN a/DT similarly/RB conservative/JJ U.S./NNP owner/NN of/IN tony/JJ urban/JJ property/NN ./. | |
| But/CC in/IN another/DT sense/NN ,/, the/DT $/$ 846/CD million/CD purchase/NN is/VBZ uncharacteristically/RB nervy/JJ ,/, industry/NN analysts/NNS say/VBP ./. | |
| The/DT usually/RB cautious/JJ giant/NN will/MD become/VB the/DT majority/NN owner/NN of/IN the/DT company/NN that/WDT owns/VBZ New/NNP York/NNP 's/POS beloved/JJ Rockefeller/NNP Center/NNP at/IN a/DT time/NN when/WRB tensions/NNS over/IN Japanese/JJ purchases/NNS of/IN U.S./NNP property/NN are/VBP at/IN an/DT all-time/JJ high/NN ./. | |
| Officials/NNS of/IN Rockefeller/NNP Group/NNP and/CC Mitsubishi/NNP Estate/NNP prefer/VBP to/TO focus/VB on/IN the/DT affinities/NNS ,/, nearly/RB dismissing/VBG the/DT threat/NN of/IN a/DT backlash/NN from/IN the/DT U.S./NNP public/NN ./. | |
| ``/`` We/PRP think/VBP there/EX will/MD be/VB positive/JJ as/RB well/RB as/IN negative/JJ reactions/NNS ,/, ''/'' says/VBZ Raymond/NNP Pettit/NNP ,/, senior/JJ vice/NN president/NN and/CC chief/JJ financial/JJ officer/NN of/IN Rockefeller/NNP Group/NNP ./. | |
| ``/`` On/IN balance/NN ,/, we/PRP think/VBP it/PRP will/MD be/VB positive/JJ ./. ''/'' | |
| But/CC some/DT Japanese/JJ government/NN officials/NNS and/CC businessmen/NNS worry/VBP that/IN the/DT prominent/JJ purchase/NN is/VBZ just/RB the/DT sort/NN of/IN deal/NN that/WDT should/MD be/VB avoided/VBN for/IN the/DT time/NN being/VBG ./. | |
| In/RB particular/RB ,/, they/PRP criticize/VBP the/DT timing/NN ,/, coming/VBG as/IN it/PRP does/VBZ on/IN the/DT heels/NNS of/IN Sony/NNP Corp./NNP 's/POS controversial/JJ purchase/NN of/IN Columbia/NNP Pictures/NNPS Entertainment/NNP Inc/NNP ./. | |
| ``/`` Officially/RB ,/, yes/UH ,/, we/PRP encourage/VBP the/DT free/JJ flow/NN of/IN direct/JJ investment/NN ,/, ''/'' says/VBZ a/DT Foreign/NNP Ministry/NNP official/NN ./. | |
| ``/`` But/CC they/PRP did/VBD n't/RB have/VB to/TO choose/VB this/DT particular/JJ moment/NN ./. ''/'' | |
| During/IN the/DT past/JJ year/NN ,/, government/NN officials/NNS and/CC leading/VBG business/NN organizations/NNS have/VBP repeatedly/RB urged/VBN Japanese/JJ companies/NNS to/TO refrain/VB from/IN flashy/JJ real/JJ estate/NN purchases/NNS in/IN the/DT | |
| Since/IN the/DT mid-1980s/NNS ,/, Japan/NNP 's/POS other/JJ major/JJ real/JJ estate/NN purchases/NNS in/IN the/DT U.S./NNP include/VBP Dai-Ichi/NNP Seimei/NNP America/NNP Corp./NNP 's/POS $/$ 670/CD million/CD purchase/NN of/IN an/DT office/NN building/NN at/IN 153/CD East/NNP 53rd/CD St./NNP in/IN Manhattan/NNP in/IN 1987/CD and/CC Mitsui/NNP Fudosan/NNP Inc./NNP 's/POS $/$ 610/CD million/CD purchase/NN of/IN the/DT Exxon/NNP Building/NNP ,/, part/NN of/IN Rockefeller/NNP Center/NNP ,/, in/IN 1986/CD ./. | |
| In/IN Los/NNP Angeles/NNP ,/, Arco/NNP Plaza/NNP was/VBD sold/VBN to/TO Shuwa/NNP Corp./NNP for/IN $/$ 620/CD million/CD in/IN 1986/CD ,/, and/CC Sumitomo/NNP Life/NNP Insurance/NNP Co./NNP paid/VBD $/$ 300/CD million/CD for/IN Atlanta/NNP 's/POS IBM/NNP Tower/NNP last/JJ year/NN ./. | |
| Altogether/RB ,/, annual/JJ Japanese/JJ investment/NN in/IN U.S./NNP commercial/JJ real/NN estate/NN grew/VBD from/IN about/IN $/$ 1.3/CD billion/CD in/IN 1985/CD to/TO about/IN $/$ 7.1/CD billion/CD in/IN 1988/CD ./. | |
| Many/JJ Japanese/JJ companies/NNS have/VBP taken/VBN the/DT warnings/NNS by/IN the/DT country/NN 's/POS leaders/NNS to/TO heart/NN and/CC sought/VBD development/NN partnerships/NNS rather/RB than/IN landmark/NN properties/NNS ./. | |
| Critics/NNS say/VBP Mitsubishi/NNP Estate/NNP 's/POS decision/NN to/TO buy/VB into/IN Rockefeller/NNP reflects/VBZ the/DT degree/NN to/TO which/WDT companies/NNS are/VBP irritated/JJ by/IN the/DT pressure/NN to/TO act/VB for/IN the/DT good/NN of/IN Japan/NNP ./. | |
| ``/`` Those/DT who/WP have/VBP no/DT money/NN and/CC are/VBP n't/RB buying/VBG think/VB it/PRP 's/VBZ right/JJ to/TO refrain/VB ,/, but/CC those/DT with/IN money/NN who/WP want/VBP to/TO buy/VB for/IN themselves/PRP pay/VBP no/DT attention/NN ,/, ''/'' says/VBZ an/DT official/NN of/IN the/DT Japan-U.S/NNP ./. Business/NNP Council/NNP ./. | |
| But/CC to/TO Mitsubishi/NNP Estate/NNP ,/, the/DT acquisition/NN has/VBZ just/RB the/DT elements/NNS that/WDT should/MD win/VB support/NN from/IN both/DT sides/NNS ./. | |
| First/RB of/IN all/RB ,/, it/PRP is/VBZ a/DT friendly/JJ acquisition/NN in/IN which/WDT Rockefeller/NNP sought/VBD out/RP Mitsubishi/NNP Estate/NNP and/CC asked/VBD it/PRP to/TO buy/VB a/DT majority/NN share/NN ./. | |
| Secondly/RB ,/, the/DT two/CD companies/NNS found/VBD a/DT similarity/NN in/IN their/PRP$ business/NN and/CC development/NN philosophies/NNS and/CC intend/VBP to/TO cooperate/VB in/IN a/DT range/NN of/IN activities/NNS from/IN real/JJ estate/NN to/TO telecommunications/NN ./. | |
| Finally/RB ,/, Mitsubishi/NNP Estate/NNP has/VBZ no/DT plans/NNS to/TO interfere/VB with/IN Rockefeller/NNP 's/POS management/NN beyond/IN taking/VBG a/DT place/NN on/IN the/DT board/NN ./. | |
| ``/`` We/PRP 'll/MD continue/VB to/TO work/VB with/IN them/PRP ,/, in/IN keeping/VBG with/IN the/DT reputation/NN of/IN the/DT company/NN ,/, and/CC we/PRP 'll/MD rely/VB very/RB much/RB on/IN their/PRP$ leadership/NN ,/, ''/'' says/VBZ Mitsubishi/NNP Estate/NNP President/NNP Jotaro/NNP Takagi/NNP ./. | |
| Rockefeller/NNP may/MD well/RB have/VB found/VBN its/PRP$ match/NN in/IN Mitsubishi/NNP Estate/NNP ,/, a/DT company/NN of/IN long/JJ history/NN ,/, strong/JJ government/NN ties/NNS and/CC sound/JJ resources/NNS ./. | |
| In/IN asset/NN terms/NNS ,/, Mitsubishi/NNP Estate/NNP is/VBZ the/DT largest/JJS real/JJ estate/NN firm/NN in/IN Japan/NNP ./. | |
| The/DT core/NN of/IN its/PRP$ holdings/NNS is/VBZ 190,000/CD square/JJ meters/NNS of/IN incredibly/RB expensive/JJ property/NN in/IN the/DT Marunouchi/NNP district/NN ,/, the/DT business/NN and/CC financial/JJ center/NN of/IN Tokyo/NNP ,/, often/RB jokingly/RB called/VBN ``/`` Mitsubishi/NNP Village/NNP ./. ''/'' | |
| The/DT Mitsubishi/NNP family/NN company/NN acquired/VBD that/IN property/NN from/IN the/DT government/NN some/DT 100/CD years/NNS ago/RB when/WRB it/PRP was/VBD a/DT portion/NN of/IN samurai/NN residential/JJ land/NN running/VBG from/IN the/DT moat/NN of/IN the/DT Imperial/NNP Palace/NNP east/RB toward/IN the/DT hodgepodge/NN of/IN tiny/JJ shops/NNS and/CC twisted/JJ alleys/NNS that/WDT made/VBD up/RP the/DT merchants/NNS '/POS district/NN ./. | |
| At/IN the/DT time/NN ,/, Japan/NNP had/VBD just/RB opened/VBN its/PRP$ doors/NNS to/TO the/DT world/NN after/IN about/IN 250/CD years/NNS of/IN isolation/NN and/CC needed/VBD a/DT Western-style/JJ business/NN center/NN ./. | |
| Mitsubishi/NNP built/VBD the/DT government/NN 's/POS dream/NN development/NN ,/, the/DT story/NN goes/VBZ ,/, in/IN exchange/NN for/IN the/DT official/JJ decision/NN to/TO locate/VB Tokyo/NNP 's/POS central/JJ railway/NN station/NN there/RB ./. | |
| That/DT was/VBD just/RB an/DT early/JJ step/NN in/IN a/DT relationship/NN with/IN government/NN that/WDT has/VBZ earned/VBN the/DT Mitsubishi/NNP group/NN the/DT dubious/JJ moniker/NN of/IN ``/`` seisho/FW ,/, ''/'' literally/RB government-business/NN ,/, a/DT title/NN that/WDT has/VBZ the/DT pejorative/JJ connotation/NN of/IN doing/VBG the/DT government/NN 's/POS bidding/NN ,/, but/CC also/RB suggests/VBZ the/DT clout/NN inherent/JJ in/IN maintaining/VBG such/JJ close/JJ ties/NNS ./. | |
| Mitsubishi/NNP Estate/NNP is/VBZ one/CD of/IN the/DT dozens/NNS of/IN companies/NNS in/IN today/NN 's/POS Mitsubishi/NNP group/NN ./. | |
| It/PRP 's/VBZ known/JJ for/IN its/PRP$ cautiousness/NN in/IN part/NN because/IN it/PRP has/VBZ had/VBN little/JJ need/NN for/IN bold/JJ overseas/JJ ventures/NNS :/: In/IN the/DT year/NN ended/VBN March/NNP 31/CD ,/, 57.4/CD %/NN of/IN its/PRP$ total/JJ revenue/NN came/VBD from/IN office/NN building/NN management/NN ./. | |
| Its/PRP$ earnings/NNS can/MD rise/VB 10/CD %/NN to/TO 12/CD %/NN annually/RB simply/RB from/IN the/DT natural/JJ turnover/NN of/IN tenants/NNS and/CC automatic/JJ rent/NN increases/NNS ,/, says/VBZ Graeme/NNP McDonald/NNP ,/, an/DT industry/NN analyst/NN at/IN James/NNP Capel/NNP Pacific/NNP Ltd/NNP ./. | |
| For/IN the/DT latest/JJS fiscal/JJ year/NN ,/, the/DT company/NN 's/POS net/JJ income/NN jumped/VBD a/DT robust/JJ 19/CD %/NN to/TO 35.5/CD billion/CD yen/NNS (/-LRB- $/$ 250.2/CD million/CD )/-RRB- ./. | |
| For/IN Mitsubishi/NNP Estate/NNP ,/, the/DT Rockefeller/NNP purchase/NN will/MD catapult/VB it/PRP firmly/RB into/IN the/DT overseas/JJ real/JJ estate/NN business/NN ,/, the/DT one/CD area/NN where/WRB it/PRP has/VBZ lagged/VBN notably/RB behind/IN Japanese/JJ competitors/NNS such/JJ as/IN Mitsui/NNP ,/, which/WDT had/VBD purchased/VBN the/DT Exxon/NNP Building/NNP ./. | |
| ``/`` Japanese/JJ companies/NNS need/VBP to/TO invest/VB in/IN overseas/JJ real/JJ estate/NN for/IN diversification/NN ,/, ''/'' says/VBZ Yoshio/NNP Shima/NNP ,/, an/DT industry/NN analyst/NN at/IN Goldman/NNP Sachs/NNP (/-LRB- Japan/NNP )/-RRB- Corp/NNP ./. | |
| Rockefeller/NNP is/VBZ n't/RB the/DT first/JJ overseas/JJ purchase/NN for/IN Mitsubishi/NNP Estate/NNP --/: it/PRP has/VBZ already/RB played/VBN a/DT leading/VBG role/NN in/IN designing/VBG Los/NNP Angeles/NNP 's/POS Citicorp/NNP Plaza/NNP ./. | |
| But/CC the/DT Rockefeller/NNP investment/NN is/VBZ its/PRP$ largest/JJS ./. | |
| Nonetheless/RB ,/, it/PRP will/MD barely/RB make/VB a/DT dent/NN in/IN Mitsubishi/NNP Estate/NNP 's/POS finances/NNS ,/, analysts/NNS say/VBP ./. | |
| Mitsubishi/NNP Estate/NNP has/VBZ n't/RB decided/VBN how/WRB it/PRP will/MD raise/VB the/DT funds/NNS for/IN the/DT purchase/NN ,/, which/WDT are/VBP due/JJ in/IN cash/NN next/IN April/NNP ,/, but/CC the/DT Marunouchi/NNP holdings/NNS alone/RB are/VBP estimated/VBN to/TO have/VB a/DT market/NN value/NN of/IN as/RB much/JJ as/IN 10/CD trillion/CD yen/NNS to/TO 11/CD trillion/CD yen/NNS ./. | |
| Moreover/RB ,/, as/IN a/DT member/NN of/IN the/DT Mitsubishi/NNP group/NN ,/, which/WDT is/VBZ headed/VBN by/IN one/CD of/IN Japan/NNP 's/POS largest/JJS banks/NNS ,/, it/PRP is/VBZ sure/JJ to/TO win/VB a/DT favorable/JJ loan/NN ./. | |
| Analysts/NNS say/VBP the/DT company/NN also/RB could/MD easily/RB issue/VB new/JJ convertible/JJ bonds/NNS or/CC warrants/NNS ./. | |
| Meanwhile/RB ,/, at/IN home/NN ,/, Mitsubishi/NNP has/VBZ control/VB of/IN some/DT major/JJ projects/NNS ./. | |
| It/PRP is/VBZ the/DT largest/JJS private-sector/JJ landowner/NN of/IN the/DT Minato-Mirai/NNP 21/CD project/NN ,/, a/DT multibillion-yen/JJ development/NN in/IN the/DT port/JJ city/NN of/IN Yokohama/NNP ,/, about/IN an/DT hour/NN outside/IN Tokyo/NNP ./. | |
| The/DT project/NN is/VBZ one/CD of/IN a/DT select/JJ group/NN of/IN public/JJ projects/NNS opened/VBN to/TO U.S./NNP firms/NNS under/IN a/DT U.S.-Japan/JJ construction/NN trade/NN agreement/NN reached/VBD last/JJ year/NN ./. | |
| The/DT centerpiece/NN of/IN that/DT complex/NN ,/, the/DT Landmark/NNP Tower/NNP ,/, will/MD be/VB Japan/NNP 's/POS tallest/JJS building/NN when/WRB it/PRP is/VBZ completed/VBN in/IN 1993/CD ./. | |
| Mitsubishi/NNP is/VBZ also/RB pushing/VBG ahead/RP with/IN a/DT controversial/JJ plan/NN to/TO redevelop/VB Marunouchi/NNP into/IN a/DT business/NN center/NN of/IN high-tech/JJ buildings/NNS ,/, a/DT project/NN budgeted/VBN for/IN 30/CD years/NNS and/CC six/CD trillion/CD yen/NNS ./. | |
| Time/NNP Warner/NNP Inc./NNP and/CC Sony/NNP Corp./NNP may/MD be/VB today/NN 's/POS public/JJ enemies/NNS ,/, but/CC the/DT two/CD entertainment/NN giants/NNS could/MD end/VB up/RP becoming/VBG partners/NNS in/IN a/DT number/NN of/IN ventures/NNS as/IN part/NN of/IN a/DT settlement/NN of/IN their/PRP$ acrimonious/JJ legal/JJ dispute/NN over/IN Hollywood/NNP producers/NNS Peter/NNP Guber/NNP and/CC Jon/NNP Peters/NNP ./. | |
| The/DT Warner/NNP Bros./NNPS studio/NN and/CC Sony/NNP signaled/VBD they/PRP are/VBP close/JJ to/TO a/DT settlement/NN yesterday/NN ,/, asking/VBG a/DT Los/NNP Angeles/NNP Superior/NNP Court/NNP to/TO postpone/VB a/DT hearing/NN scheduled/VBN for/IN tomorrow/NN on/IN Warner/NNP 's/POS request/NN for/IN a/DT preliminary/JJ injunction/NN blocking/VBG Mr./NNP Guber/NNP and/CC Mr./NNP Peters/NNP from/IN taking/VBG the/DT top/JJ posts/NNS at/IN Columbia/NNP Pictures/NNPS Entertainment/NNP Inc/NNP ./. | |
| In/IN separate/JJ statements/NNS ,/, the/DT two/CD sides/NNS said/VBD they/PRP want/VBP to/TO have/VB ``/`` further/JJ discussions/NNS ./. ''/'' | |
| Sony/NNP is/VBZ acquiring/VBG Columbia/NNP and/CC Guber-Peters/NNP Entertainment/NNP Co./NNP in/IN two/CD separate/JJ transactions/NNS valued/VBN at/IN more/JJR than/IN $/$ 5/CD billion/CD ./. | |
| Warner/NNP Communications/NNPS Inc./NNP ,/, which/WDT is/VBZ being/VBG acquired/VBN by/IN Time/NNP Warner/NNP ,/, has/VBZ filed/VBN a/DT $/$ 1/CD billion/CD breach-of-contract/JJ suit/NN against/IN Sony/NNP and/CC the/DT two/CD producers/NNS ./. | |
| Warner/NNP has/VBZ a/DT five-year/JJ exclusive/JJ contract/NN with/IN Mr./NNP Guber/NNP and/CC Mr./NNP Peters/NNP that/WDT requires/VBZ them/PRP to/TO make/VB movies/NNS exclusively/RB at/IN the/DT Warner/NNP Bros./NNPS studio/NN ./. | |
| The/DT two/CD sides/NNS in/IN the/DT legal/JJ battle/NN have/VBP hurled/VBN accusations/NNS of/IN duplicity/NN at/IN each/DT other/JJ for/IN weeks/NNS ,/, and/CC both/DT Warner/NNP and/CC Sony/NNP have/VBP accused/VBN each/DT other/JJ of/IN trying/VBG to/TO sabotage/VB each/DT other/JJ 's/POS prospects/NNS for/IN success/NN in/IN the/DT entertainment/NN business/NN ./. | |
| But/CC it/PRP may/MD amount/VB to/TO little/RB more/JJR than/IN posturing/NN ;/: the/DT two/CD have/VBP continued/VBN on-again/JJ ,/, off-again/JJ settlement/NN talks/NNS over/IN the/DT last/JJ few/JJ weeks/NNS ,/, and/CC people/NNS familiar/JJ with/IN the/DT talks/NNS say/VBP the/DT matter/NN could/MD be/VB resolved/VBN within/IN a/DT week/NN ./. | |
| Both/DT Warner/NNP and/CC Sony/NNP declined/VBD to/TO comment/VB on/IN the/DT terms/NNS of/IN the/DT settlement/NN discussions/NNS ./. | |
| But/CC the/DT people/NNS familiar/JJ with/IN the/DT talks/NNS said/VBD that/IN Warner/NNP is/VBZ n't/RB expected/VBN to/TO get/VB any/DT cash/NN in/IN the/DT settlement/NN ./. | |
| Instead/RB ,/, Sony/NNP is/VBZ likely/JJ to/TO agree/VB to/TO let/VB Warner/NNP participate/VB in/IN certain/JJ of/IN its/PRP$ businesses/NNS ,/, such/JJ as/IN the/DT record/NN club/NN of/IN Sony/NNP 's/POS CBS/NNP Records/NNPS unit/NN ./. | |
| Warner/NNP has/VBZ surpassed/VBN Sony/NNP as/IN the/DT largest/JJS record/NN company/NN ,/, but/CC it/PRP does/VBZ n't/RB have/VB a/DT powerful/JJ world-wide/JJ record/NN club/NN like/IN CBS/NNP ./. | |
| The/DT two/CD sides/NNS are/VBP also/RB discussing/VBG certain/JJ business/NN ventures/NNS involving/VBG cable/NN rights/NNS to/TO Columbia/NNP 's/POS movies/NNS ./. | |
| In/IN addition/NN ,/, Sony/NNP is/VBZ expected/VBN to/TO agree/VB to/TO swap/VB Columbia/NNP 's/POS 35/CD %/NN stake/NN in/IN the/DT sprawling/JJ Burbank/NNP ,/, Calif./NNP ,/, studio/NN that/IN Warner/NNP and/CC Columbia/NNP share/NN ,/, in/IN exchange/NN for/IN the/DT old/JJ MGM/NNP studio/NN lot/NN that/IN Warner/NNP acquired/VBD with/IN the/DT purchase/NN of/IN Lorimar/NNP Telepictures/NNPS Corp/NNP ./. | |
| Still/RB ,/, it/PRP may/MD be/VB tough/JJ for/IN the/DT two/CD to/TO have/VB a/DT smooth/JJ partnership/NN in/IN anything/NN ,/, in/IN the/DT wake/NN of/IN sworn/VBN affidavits/NNS filed/VBN over/IN the/DT last/JJ week/NN ./. | |
| One/CD ,/, for/IN example/NN ,/, came/VBD from/IN CBS/NNP Records/NNPS Chairman/NNP Walter/NNP Yetnikoff/NNP ,/, who/WP will/MD head/VB a/DT committee/NN that/WDT will/MD oversee/VB Sony/NNP 's/POS entertainment/NN division/NN ,/, including/VBG both/DT records/NNS and/CC movies/NNS ./. | |
| In/IN his/PRP$ affidavit/NN ,/, Mr./NNP Yetnikoff/NNP accused/VBD Warner/NNP Chairman/NNP Steven/NNP J./NNP Ross/NNP of/IN having/VBG an/DT ``/`` antiSony/JJ ,/, anti-Japanese/JJ bias/NN ''/'' and/CC said/VBD that/IN Mr./NNP Ross/NNP had/VBD tried/VBN to/TO talk/VB him/PRP out/RB of/IN letting/VBG Sony/NNP buy/VB CBS/NNP Records/NNPS two/CD years/NNS ago/RB for/IN that/DT reason/NN ./. | |
| Mr./NNP Ross/NNP ,/, who/WP will/MD be/VB chairman/NN and/CC co-chief/JJ executive/NN officer/NN of/IN Time/NNP Warner/NNP after/IN the/DT merger/NN is/VBZ complete/JJ ,/, denied/VBD that/IN in/IN his/PRP$ own/JJ affidavit/NN ,/, and/CC called/VBD Mr./NNP Yetnikoff/NNP 's/POS remarks/NNS ``/`` vicious/JJ ''/'' and/CC his/PRP$ claims/NNS ``/`` reckless/JJ ,/, irresponsible/JJ and/CC baseless/JJ ,/, ''/'' saying/VBG Warner/NNP under/IN his/PRP$ leadership/NN has/VBZ started/VBN a/DT number/NN of/IN businesses/NNS in/IN Japan/NNP ./. | |
| Mr./NNP Ross/NNP also/RB said/VBD he/PRP enjoys/VBZ ``/`` warm/JJ professional/NN and/CC personal/JJ relationships/NNS ''/'' with/IN Japanese/JJ executives/NNS including/VBG Sony/NNP Chairman/NNP Akio/NNP Morita/NNP ,/, ``/`` who/WP has/VBZ visited/VBN my/PRP$ home/NN here/RB ./. ''/'' | |
| But/CC despite/IN the/DT acrimony/NN between/IN Mr./NNP Ross/NNP and/CC Mr./NNP Yetnikoff/NNP ,/, officials/NNS of/IN the/DT Time/NNP side/NN of/IN Time/NNP Warner/NNP have/VBP reportedly/RB been/VBN increasingly/RB interested/JJ in/IN a/DT settlement/NN that/WDT might/MD yield/VB attractive/JJ business/NN opportunities/NNS ./. | |
| Time/NNP executives/NNS such/JJ as/IN the/DT company/NN 's/POS president/NN ,/, N.J/NNP ./. Nicholas/NNS ,/, who/WP will/MD eventually/RB be/VB co-chief/JJ executive/NN of/IN Time/NNP Warner/NNP alongside/IN Mr./NNP Ross/NNP ,/, have/VBP no/DT personal/JJ relationships/NNS or/CC ego/NN at/IN stake/NN in/IN the/DT fight/NN over/IN the/DT Guber-Peters/NNP duo/NN ,/, and/CC were/VBD never/RB directly/RB drawn/VBN into/IN the/DT fray/NN ./. | |
| Talks/NNS between/IN the/DT two/CD sides/NNS could/MD unravel/VB ,/, of/IN course/NN ,/, as/IN they/PRP have/VBP more/RBR than/IN once/RB since/IN Sony/NNP announced/VBD its/PRP$ plans/NNS to/TO hire/VB Mr./NNP Guber/NNP and/CC Mr./NNP Peters/NNP ./. | |
| But/CC both/DT sides/NNS appear/VBP to/TO be/VB more/RBR willing/JJ now/RB to/TO meet/VB each/DT other/JJ 's/POS terms/NNS to/TO resolve/VB the/DT issue/NN ./. | |
| And/CC although/IN Warner/NNP has/VBZ said/VBN it/PRP wanted/VBD the/DT producers/NNS to/TO fulfill/VB the/DT terms/NNS of/IN their/PRP$ contract/NN ,/, the/DT producers/NNS said/VBD in/IN sworn/VBN court/NN declarations/NNS that/IN they/PRP did/VBD n't/RB believe/VB the/DT relationship/NN could/MD be/VB repaired/VBN after/IN the/DT acrimony/NN of/IN the/DT legal/JJ battle/NN ./. | |
| Any/DT settlement/NN is/VBZ also/RB expected/VBN to/TO exclude/VB Mr./NNP Guber/NNP and/CC Mr./NNP Peters/NNP from/IN any/DT of/IN the/DT projects/NNS they/PRP were/VBD working/VBG on/IN at/IN Warner/NNP ./. | |
| The/DT Guber-Peters/NNP duo/NN have/VBP 50/CD projects/NNS in/IN various/JJ stages/NNS of/IN development/NN and/CC production/NN at/IN Warner/NNP ,/, including/VBG ``/`` Bonfire/NN of/IN the/DT Vanities/NNS ''/'' and/CC ``/`` A/DT Bright/JJ Shining/VBG Lie/NN ./. ''/'' | |
| But/CC that/IN does/VBZ n't/RB mean/VB Mr./NNP Guber/NNP and/CC Mr./NNP Peters/NNP might/MD not/RB eventually/RB get/VB their/PRP$ hands/NNS on/IN some/DT of/IN their/PRP$ projects/NNS ;/: studios/NNS develop/VBP hundreds/NNS of/IN movies/NNS but/CC produce/VBP only/RB 10/CD to/TO 20/CD each/DT year/NN ./. | |
| Once/RB a/DT studio/NN chooses/VBZ not/RB to/TO actually/RB make/VB a/DT movie/NN that/WDT is/VBZ in/IN development/NN ,/, producers/NNS are/VBP typically/RB free/JJ to/TO take/VB it/PRP elsewhere/RB ./. | |
| Mr./NNP Guber/NNP and/CC Mr./NNP Peters/NNP also/RB almost/RB certainly/RB would/MD n't/RB be/VB able/JJ to/TO participate/VB in/IN future/JJ sequels/NNS to/TO ``/`` Batman/NNP ,/, ''/'' the/DT blockbuster/NN hit/NN they/PRP produced/VBD for/IN Warner/NNP ./. | |
| But/CC in/IN acquiring/VBG Guber-Peters/NNP Entertainment/NNP ,/, Sony/NNP will/MD actually/RB get/VB a/DT piece/NN of/IN the/DT profits/NNS from/IN ``/`` Batman/NNP ,/, ''/'' since/IN the/DT publicly/RB held/JJ concern/NN gets/VBZ certain/JJ revenue/NN from/IN the/DT movies/NNS Mr./NNP Guber/NNP and/CC Mr./NNP Peters/NNP produce/VBP ./. | |
| The/DT two/CD producers/NNS own/VBP a/DT combined/JJ 28/CD %/NN stake/NN in/IN Guber-Peters/NNP ./. | |
| Southern/NNP Co./NNP 's/POS Gulf/NNP Power/NNP Co./NNP subsidiary/NN pleaded/VBD guilty/JJ to/TO two/CD felony/NN charges/NNS of/IN conspiracy/NN to/TO make/VB illegal/JJ political/JJ contributions/NNS and/CC tax/NN evasion/NN ,/, and/CC paid/VBD $/$ 500,000/CD in/IN fines/NNS ./. | |
| Gulf/NNP Power/NNP 's/POS guilty/JJ plea/NN before/IN U.S./NNP District/NNP Judge/NNP Robert/NNP L./NNP Vining/NNP yesterday/NN marks/VBZ the/DT end/NN of/IN only/JJ one/CD part/NN of/IN a/DT wide-ranging/JJ inquiry/NN of/IN Southern/NNP Co/NNP ./. | |
| The/DT company/NN is/VBZ the/DT subject/NN of/IN a/DT federal/JJ grand/JJ jury/NN investigation/NN into/IN whether/IN its/PRP$ officials/NNS and/CC its/PRP$ utility/NN subsidiaries/NNS conspired/VBD to/TO cover/VB up/RP their/PRP$ accounting/NN for/IN spare/JJ parts/NNS to/TO evade/VB federal/JJ income/NN taxes/NNS ./. | |
| ``/`` The/DT terms/NNS announced/VBD today/NN are/VBP strictly/RB between/IN the/DT United/NNP States/NNPS and/CC Gulf/NNP Power/NNP ,/, ''/'' said/VBD U.S./NNP Attorney/NNP Robert/NNP L./NNP Barr/NNP ./. | |
| ``/`` This/DT is/VBZ only/RB a/DT further/JJ step/NN in/IN a/DT lengthy/JJ investigation/NN ./. ''/'' | |
| The/DT plea/NN settlement/NN does/VBZ not/RB allow/VB Southern/NNP Co./NNP to/TO charge/VB any/DT of/IN the/DT $/$ 500,000/CD to/TO its/PRP$ customers/NNS ,/, or/CC take/VB action/NN against/IN employees/NNS who/WP provided/VBD information/NN during/IN the/DT federal/JJ inquiry/NN ./. | |
| Gulf/NNP Power/NNP had/VBD been/VBN under/IN investigation/NN for/IN violating/VBG the/DT Utility/NNP Holding/NNP Company/NNP Act/NNP ,/, which/WDT prohibits/VBZ public/JJ utilities/NNS from/IN making/VBG political/JJ contributions/NNS ./. | |
| In/IN a/DT statement/NN ,/, Southern/NNP Co./NNP President/NNP Edward/NNP L./NNP Addison/NNP said/VBD ,/, ``/`` We/PRP believe/VBP our/PRP$ decision/NN to/TO plead/VB (/-LRB- guilty/JJ )/-RRB- to/TO these/DT charges/NNS is/VBZ responsible/JJ and/CC proper/JJ ./. | |
| And/CC our/PRP$ action/NN today/NN will/MD allow/VB Gulf/NNP Power/NNP to/TO avoid/VB prolonged/JJ ,/, distracting/JJ legal/JJ proceedings/NNS ./. ''/'' | |
| He/PRP did/VBD not/RB say/VB what/WDT effect/NN ,/, if/IN any/DT ,/, the/DT $/$ 500,000/CD fine/NN would/MD have/VB on/IN the/DT company/NN 's/POS earnings/NNS ./. | |
| Mr./NNP Barr/NNP said/VBD yesterday/NN 's/POS plea/NN by/IN Gulf/NNP Power/NNP ,/, which/WDT came/VBD after/IN months/NNS of/IN negotiations/NNS ,/, was/VBD based/VBN on/IN evidence/NN that/IN Gulf/NNP Power/NNP had/VBD set/VBN up/RP an/DT elaborate/JJ payment/NN system/NN through/IN which/WDT it/PRP reimbursed/VBD outside/JJ vendors/NNS --/: primarily/RB three/CD Florida/NNP advertising/NN agencies/NNS --/: for/IN making/VBG illegal/JJ political/JJ contributions/NNS on/IN its/PRP$ behalf/NN ./. | |
| The/DT Appleyard/NNP Agency/NNP ,/, for/IN example/NN ,/, allegedly/RB made/VBD contributions/NNS from/IN 1982/CD to/TO 1984/CD to/TO various/JJ funds/NNS for/IN political/JJ candidates/NNS ,/, then/RB submitted/VBD bills/NNS to/TO Gulf/NNP Power/NNP ./. | |
| The/DT contributions/NNS were/VBD funded/VBN by/IN monthly/JJ payments/NNS of/IN $/$ 1,000/CD to/TO $/$ 2,000/CD to/TO Appleyard/NNP in/IN the/DT guise/NN of/IN a/DT ``/`` special/JJ production/NN fee/NN ''/'' --/: in/IN effect/NN ,/, hiding/VBG the/DT nature/NN of/IN the/DT payments/NNS from/IN the/DT Internal/NNP Revenue/NNP Service/NNP ,/, federal/JJ prosecutors/NNS said/VBD ./. | |
| The/DT government/NN also/RB indicated/VBD that/DT former/JJ Gulf/NNP Power/NNP senior/JJ vice/NN president/NN Jacob/NNP F./NNP ``/`` Jake/NNP ''/'' Horton/NNP was/VBD the/DT mastermind/NN behind/IN the/DT use/NN of/IN the/DT ad/NN agencies/NNS --/: Appleyard/NNP ,/, Dick/NNP Leonard/NNP Group/NNP II/NNP Inc./NNP and/CC Hemmer/NNP &/CC Yates/NNP Corp./NNP --/: to/TO make/VB payments/NNS to/TO various/JJ political/JJ candidates/NNS from/IN 1981/CD to/TO 1988/CD ./. | |
| Mr./NNP Horton/NNP ,/, who/WP oversaw/VBD Gulf/NNP Power/NNP 's/POS governmental-affairs/JJ efforts/NNS ,/, died/VBD mysteriously/RB in/IN a/DT plane/NN crash/NN in/IN April/NNP after/IN learning/VBG he/PRP might/MD be/VB fired/VBN following/VBG the/DT uncovering/VBG of/IN irregularities/NNS in/IN a/DT company/NN audit/NN ./. | |
| Government/NN officials/NNS declined/VBD to/TO say/VB whether/IN the/DT investigation/NN includes/VBZ the/DT ad/NN agencies/NNS or/CC the/DT politicians/NNS involved/VBN ./. | |
| In/IN New/NNP York/NNP Stock/NNP Exchange/NNP trading/NN ,/, Southern/NNP Co./NNP rose/VBD 50/CD cents/NNS a/DT share/NN to/TO $/$ 27.125/CD ./. | |
| `/`` Frequent/JJ Drinker/NN '/'' Offer/NN Stirs/VBZ Up/RP Spirited/JJ Debate/NN | |
| TO/TO GRAB/NNP a/DT bigger/JJR piece/NN of/IN the/DT declining/VBG scotch/NN market/NN ,/, Seagram/NNP Co./NNP has/VBZ launched/VBN a/DT controversial/JJ ``/`` frequent/JJ drinker/NN ''/'' promotion/NN for/IN its/PRP$ Chivas/NNP Regal/NNP brand/NN ./. | |
| Under/IN the/DT program/NN ,/, dubbed/VBN Chivas/NNP Class/NNP ,/, customers/NNS who/WP send/VBP in/RP two/CD labels/NNS from/IN Chivas/NNP bottles/NNS will/MD receive/VB an/DT upgrade/NN in/IN seating/VBG class/NN on/IN some/DT Trans/NNP World/NNP Airlines/NNPS flights/NNS ./. | |
| Repeat/NN customers/NNS also/RB can/MD purchase/VB luxury/NN items/NNS at/IN reduced/JJ prices/NNS ./. | |
| But/CC at/IN a/DT time/NN of/IN mounting/VBG concern/NN over/IN alcohol/NN abuse/NN ,/, some/DT liquor/NN marketers/NNS consider/VBP Seagram/NNP 's/POS frequent/JJ buyer/NN promotion/NN risky/JJ ./. | |
| ``/`` I/PRP 'm/VBP surprised/JJ they/PRP 're/VBP doing/VBG this/DT ,/, ''/'' says/VBZ Penn/NNP Kavanagh/NNP ,/, president/NN of/IN Schieffelin/NNP &/CC Somerset/NNP Co./NNP ,/, which/WDT markets/VBZ Johnnie/NNP Walker/NNP scotches/NNS ./. | |
| ``/`` I/PRP would/MD be/VB very/RB leery/JJ of/IN anything/NN that/WDT says/VBZ if/IN you/PRP drink/VBP more/JJR ,/, you/PRP get/VBP more/JJR ./. ''/'' | |
| Others/NNS question/VBP the/DT impact/NN on/IN Chivas/NNP 's/POS upscale/JJ image/NN of/IN a/DT promotion/NN that/WDT has/VBZ customers/NNS soaking/VBG off/RP labels/NNS ./. | |
| ``/`` It/PRP 's/VBZ really/RB bizarre/JJ ,/, ''/'' says/VBZ Albert/NNP Lerman/NNP ,/, creative/JJ director/NN at/IN the/DT Wells/NNP Rich/NNP Greene/NNP ad/NN agency/NN ./. | |
| ``/`` Chivas/NNP has/VBZ an/DT image/NN of/IN something/NN you/PRP would/MD savor/VB ,/, rather/RB than/IN guzzle/VB ./. ''/'' | |
| Chivas/NNP Class/NNP is/VBZ n't/RB the/DT first/JJ such/JJ promotion/NN ./. | |
| Last/JJ year/NN ,/, J&B/NNP Scotch/NNP offered/VBD 500/CD TWA/NNP frequent/JJ flier/NN miles/NNS in/IN exchange/NN for/IN a/DT label/NN ./. | |
| And/CC Dewar/NNP 's/POS gave/VBD discounts/NNS on/IN Scottish/JJ merchandise/NN to/TO people/NNS who/WP sent/VBD in/RP bottle/NN labels/NNS ./. | |
| But/CC the/DT scope/NN of/IN Seagram/NNP 's/POS Chivas/NNP promotion/NN sets/VBZ it/PRP apart/RB ./. | |
| The/DT current/JJ campaign/NN is/VBZ just/RB the/DT first/JJ leg/NN of/IN an/DT aggressive/JJ three-to-five-year/JJ direct/JJ marketing/NN plan/NN ./. | |
| Seagram/NNP says/VBZ the/DT promotion/NN is/VBZ designed/VBN to/TO build/VB brand/NN loyalty/NN rather/RB than/IN promote/VB heavy/JJ drinking/NN ./. | |
| Seagram/NNP asks/VBZ customers/NNS to/TO buy/VB only/RB two/CD or/CC three/CD bottles/NNS over/IN a/DT 12-month/JJ period/NN ,/, says/VBZ Richard/NNP Shaw/NNP ,/, vice/NN president/NN of/IN U.S./NNP direct/JJ marketing/NN ./. | |
| ``/`` We/PRP 're/VBP not/RB asking/VBG them/PRP to/TO save/VB up/RP 50/CD proof-of-purchases/NNS ./. | |
| We/PRP 're/VBP not/RB saying/VBG drink/VB more/JJR ,/, we/PRP 're/VBP saying/VBG trade/NN up/RP ./. ''/'' | |
| Goya/NNP Concocts/VBZ a/DT Milk/NN For/IN Hispanic/JJ Tastes/NNS | |
| MOST/JJS FOOD/NN companies/NNS these/DT days/NNS are/VBP trimming/VBG the/DT fat/NN and/CC cholesterol/NN content/NN of/IN their/PRP$ products/NNS to/TO appeal/VB to/TO health-conscious/JJ consumers/NNS ./. | |
| But/CC Goya/NNP Foods/NNPS Inc./NNP believes/VBZ it/PRP can/MD milk/VB some/DT sales/NNS by/IN bucking/VBG the/DT trend/NN ./. | |
| The/DT Secaucus/NNP ,/, N.J./NNP ,/, company/NN has/VBZ formed/VBN a/DT joint/JJ venture/NN with/IN a/DT distributor/NN called/VBN La/NNP Lecheria/NNP to/TO market/VB a/DT higher-fat/JJR milk/NN targeted/VBN at/IN Hispanic/JJ consumers/NNS ./. | |
| To/TO give/VB Leche/NNP Fresca/NNP the/DT creamier/JJR taste/NN Goya/NNP says/VBZ Hispanics/NNPS prefer/VBP ,/, the/DT new/JJ brand/NN has/VBZ a/DT butterfat/NN content/NN of/IN 3.8/CD %/NN ./. | |
| That/DT compares/VBZ with/IN 3.5/CD %/NN butterfat/NN for/IN whole/JJ milk/NN ./. | |
| A/DT spokesman/NN for/IN Borden/NNP Inc./NNP ,/, the/DT nation/NN 's/POS largest/JJS milk/NN producer/NN ,/, concedes/VBZ Goya/NNP may/MD be/VB on/IN to/TO something/NN ./. | |
| Borden/NNP sells/VBZ considerably/RB more/JJR whole/JJ milk/NN than/IN reduced-fat/JJ milks/NNS in/IN southern/JJ and/CC Hispanic/JJ markets/NNS ,/, he/PRP says/VBZ ./. | |
| Borden/NNP even/RB tested/VBD a/DT milk/NN with/IN 4/CD %/NN butterfat/NN in/IN the/DT South/NNP ,/, but/CC decided/VBD the/DT market/NN was/VBD too/RB small/JJ ./. | |
| Goya/NNP is/VBZ selling/VBG Leche/NNP Fresca/NNP in/IN nearly/RB 500/CD grocery/NN stores/NNS and/CC bodegas/NNS in/IN New/NNP York/NNP and/CC parts/NNS of/IN New/NNP Jersey/NNP ./. | |
| And/CC it/PRP 's/VBZ adding/VBG 15/CD to/TO 20/CD new/JJ outlets/NNS a/DT day/NN ,/, says/VBZ Greg/NNP Ricca/NNP ,/, sales/NNS director/NN at/IN La/NNP Lecheria/NNP ./. | |
| Because/IN of/IN Leche/NNP Fresca/NNP 's/POS success/NN ,/, he/PRP says/VBZ ,/, the/DT joint/JJ venture/NN is/VBZ developing/VBG other/JJ dairy/NN products/NNS tailored/VBN to/TO Hispanic/JJ tastes/NNS ./. | |
| Jewelry/NN Makers/NNS Copy/VBP Cosmetics/NNS Sales/NNS Ploys/NNS | |
| FOR/IN YEARS/NNS ,/, costume/JJ jewelry/NN makers/NNS fought/VBD a/DT losing/JJ battle/NN ./. | |
| Jewelry/NN displays/NNS in/IN department/NN stores/NNS were/VBD often/RB cluttered/JJ and/CC uninspired/JJ ./. | |
| And/CC the/DT merchandise/NN was/VBD ,/, well/UH ,/, fake/JJ ./. | |
| As/IN a/DT result/NN ,/, marketers/NNS of/IN faux/JJ gems/NNS steadily/RB lost/VBD space/NN in/IN department/NN stores/NNS to/TO more/RBR fashionable/JJ rivals/NNS --/: cosmetics/NNS makers/NNS ./. | |
| But/CC lately/RB ,/, retailers/NNS say/VBP ,/, fake/JJ has/VBZ become/VBN more/RBR fashionable/JJ ./. | |
| And/CC jewelry/NN makers/NNS are/VBP beginning/VBG to/TO use/VB many/JJ of/IN the/DT same/JJ marketing/NN tricks/NNS honed/VBN in/IN the/DT aggressive/JJ world/NN of/IN cosmetics/NNS ./. | |
| Last/JJ year/NN ,/, the/DT total/JJ women/NNS 's/POS fashion/NN jewelry/NN business/NN topped/VBD $/$ 4.9/CD billion/CD ,/, says/VBZ Karen/NNP Alberg/NNP ,/, editor/NN of/IN Accessories/NNP magazine/NN ./. | |
| And/CC it/PRP 's/VBZ growing/VBG fast/RB ,/, with/IN annual/JJ sales/NNS gains/NNS of/IN more/JJR than/IN 10/CD %/NN ./. | |
| To/TO increase/VB their/PRP$ share/NN of/IN that/DT business/NN ,/, jewelry/NN makers/NNS such/JJ as/IN Crystal/NNP Brands/NNPS Inc./NNP 's/POS Trifari/NNP and/CC Monet/NNP units/NNS and/CC Swank/NNP Inc./NNP ,/, maker/NN of/IN Anne/NNP Klein/NNP jewelry/NN ,/, are/VBP launching/VBG new/JJ lines/NNS with/IN as/RB much/JJ fanfare/NN as/IN the/DT fragrance/NN companies/NNS ./. | |
| They/PRP 're/VBP hiring/VBG models/NNS to/TO stroll/VB the/DT aisles/NNS sporting/VBG their/PRP$ jewels/NNS ,/, and/CC they/PRP 're/VBP even/RB beginning/VBG to/TO borrow/VB a/DT perennial/JJ favorite/NN of/IN the/DT beauty/NN business/NN --/: offering/VBG a/DT gift/NN when/WRB consumers/NNS make/VBP a/DT purchase/NN ./. | |
| ``/`` We/PRP 've/VBP started/VBN trying/VBG just/RB about/IN anything/NN to/TO keep/VB sales/NNS moving/VBG in/IN the/DT stores/NNS ,/, ''/'' says/VBZ Kim/NNP Renk/NNP ,/, a/DT Swank/NNP vice/NN president/NN ./. | |
| But/CC there/EX are/VBP limits/NNS ./. | |
| Ms./NNP Renk/NNP says/VBZ retailers/NNS nixed/VBD a/DT promotion/NN for/IN pins/NNS with/IN animal/NN motifs/NNS ./. | |
| Her/PRP$ idea/NN :/: bring/VB in/RP live/JJ zoo/NN animals/NNS ./. | |
| Trifari/NNP ,/, whose/WP$ national/JJ ads/NNS earlier/RB this/DT year/NN included/VBD paper/NN cutouts/NNS of/IN its/PRP$ costume/NN finery/NN ,/, takes/VBZ a/DT tamer/JJR approach/NN ./. | |
| The/DT company/NN focuses/VBZ on/IN the/DT how-to/JJ aspects/NNS ,/, says/VBZ Andrew/NNP E./NNP Philip/NNP ,/, president/NN ./. | |
| Trifari/NNP now/RB trains/VBZ sales/NNS help/NN to/TO advise/VB customers/NNS on/IN the/DT best/JJS earring/NN styles/NNS ./. | |
| But/CC cosmetics/NNS firms/NNS still/RB have/VBP one/CD big/JJ marketing/NN edge/NN :/: They/PRP motivate/VBP sales/NNS people/NNS with/IN commissions/NNS ./. | |
| Jewelry/NN makers/NNS rarely/RB pay/VBP commissions/NNS and/CC are/VBP n't/RB expected/VBN to/TO anytime/RB soon/RB ./. | |
| Odds/NNS and/CC Ends/NNS | |
| DESPITE/IN GROWING/VBG interest/NN in/IN the/DT environment/NN ,/, U.S./NNP consumers/NNS have/VBP n't/RB shown/VBN much/JJ interest/NN in/IN refillable/JJ packages/NNS for/IN household/NN products/NNS ./. | |
| Procter/NNP &/CC Gamble/NNP Co./NNP recently/RB introduced/VBD refillable/JJ versions/NNS of/IN four/CD products/NNS ,/, including/VBG Tide/NNP and/CC Mr./NNP Clean/NNP ,/, in/IN Canada/NNP ,/, but/CC does/VBZ n't/RB plan/VB to/TO bring/VB them/PRP to/TO the/DT U.S./NNP ./. | |
| Marketers/NNS believe/VBP most/JJS Americans/NNPS wo/MD n't/RB make/VB the/DT convenience/NN trade-off/NN .../: ./. | |
| Braumeisters/NNPS Ltd./NNP tests/VBZ a/DT beer/NN brewed/VBN with/IN oat/NN bran/NN ,/, rather/RB than/IN rice/NN or/CC corn/NN ./. | |
| Called/VBN Otto/NNP 's/POS Original/NNP Oat/NNP Bran/NNP Beer/NNP ,/, the/DT brew/NN costs/VBZ about/IN $/$ 12.75/CD a/DT case/NN ./. | |
| No/DT cholesterol/NN ,/, of/IN course/NN ./. | |
| Northwest/NNP Airlines/NNPS settled/VBD the/DT remaining/VBG lawsuits/NNS filed/VBN on/IN behalf/NN of/IN 156/CD people/NNS killed/VBN in/IN a/DT 1987/CD crash/NN ,/, but/CC claims/NNS against/IN the/DT jetliner/NN 's/POS maker/NN are/VBP being/VBG pursued/VBN ,/, a/DT federal/JJ judge/NN said/VBD ./. | |
| Northwest/NNP ,/, a/DT unit/NN of/IN NWA/NNP Inc./NNP ,/, and/CC McDonnell/NNP Douglas/NNP Corp./NNP ,/, which/WDT made/VBD the/DT MD-80/NN aircraft/NN ,/, also/RB are/VBP pursuing/VBG counterclaims/NNS against/IN each/DT other/JJ in/IN the/DT crash/NN near/IN Detroit/NNP Metropolitan/NNP Airport/NNP ./. | |
| Terms/NNS of/IN the/DT settlements/NNS for/IN the/DT remaining/VBG 145/CD lawsuits/NNS against/IN Northwest/NNP were/VBD n't/RB disclosed/VBN ./. | |
| A/DT total/NN of/IN 157/CD lawsuits/NNS were/VBD filed/VBN on/IN behalf/NN of/IN crash/NN victims/NNS ./. | |
| U.S./NNP District/NNP Judge/NNP Julian/NNP A./NN Cook/NNP Jr./NNP announced/VBD the/DT settlements/NNS as/IN the/DT jury/NN trial/NN was/VBD to/TO begin/VB yesterday/NN ./. | |
| He/PRP reset/VB opening/JJ arguments/NNS for/IN today/NN ./. | |
| The/DT jury/NN will/MD resolve/VB the/DT claims/NNS against/IN McDonnell/NNP Douglas/NNP ,/, Northwest/NNP 's/POS claim/NN that/IN a/DT defect/NN in/IN the/DT aircraft/NN caused/VBD the/DT crash/NN ,/, and/CC McDonnell/NNP Douglas/NNP '/POS claim/NN that/IN the/DT plane/NN was/VBD improperly/RB flown/VBN ./. | |
| The/DT National/NNP Transportation/NNP Safety/NNP Board/NNP ruled/VBD that/IN pilots/NNS failed/VBD to/TO set/VB the/DT plane/NN 's/POS wing/NN flaps/NNS and/CC slats/NNS properly/RB for/IN takeoff/NN and/CC failed/VBD to/TO make/VB mandatory/JJ preflight/JJ checks/NNS that/WDT would/MD have/VB detected/VBN the/DT error/NN ./. | |
| Also/RB ,/, a/DT cockpit/NN warning/VBG system/NN failed/VBD to/TO alert/VB the/DT pilots/NNS the/DT flaps/NNS and/CC slats/NNS were/VBD not/RB set/VBN for/IN takeoff/NN ,/, the/DT NTSB/NNP said/VBD ./. | |
| The/DT only/JJ passenger/NN who/WP survived/VBD the/DT crash/NN was/VBD Cecelia/NNP Cichan/NNP ,/, then/RB 4/CD ,/, of/IN Tempe/NNP ,/, Ariz./NNP ,/, whose/WP$ parents/NNS and/CC brother/NN died/VBD in/IN the/DT crash/NN ./. | |
| She/PRP now/RB lives/VBZ with/IN relatives/NNS in/IN Alabama/NNP ./. | |
| Sun/NNP Myung/NNP Moon/NNP ,/, the/DT Korean/JJ evangelist-industrialist/NN who/WP in/IN 1954/CD founded/VBD the/DT Unification/NNP Church/NNP ,/, remains/VBZ the/DT mystery/NN man/NN behind/IN a/DT multimillion-dollar/JJ political/JJ and/CC publishing/VBG operation/NN based/VBN in/IN this/DT country/NN and/CC catering/VBG to/TO the/DT American/JJ right/NN ./. | |
| But/CC there/EX may/MD be/VB less/JJR there/RB than/IN meets/VBZ the/DT eye/NN ./. | |
| Mr./NNP Moon/NNP planned/VBD to/TO convert/VB millions/NNS of/IN Americans/NNPS to/TO his/PRP$ unique/JJ brand/NN of/IN Christianity/NNP --/: in/IN which/WDT he/PRP plays/VBZ the/DT role/NN of/IN Old/NNP Testament-style/JJ temporal/JJ ,/, political/JJ messiah/NN --/: and/CC then/RB to/TO make/VB the/DT U.S./NNP part/NN of/IN a/DT unified/JJ international/JJ theocracy/NN ./. | |
| His/PRP$ original/JJ strategy/NN (/-LRB- in/IN itself/PRP a/DT brilliant/JJ innovation/NN for/IN spreading/VBG a/DT religion/NN )/-RRB- was/VBD to/TO create/VB new/JJ economic/JJ enterprises/NNS each/DT time/NN he/PRP wanted/VBD to/TO extend/VB and/CC fund/VB his/PRP$ various/JJ religious/JJ missions/NNS ./. | |
| Tax-exempt/JJ airport/NN and/CC street-corner/JJ solicitations/NNS were/VBD intended/VBN only/RB to/TO provide/VB start-up/JJ funds/NNS ./. | |
| More/RBR stable/JJ industries/NNS were/VBD to/TO build/VB an/DT economically/RB viable/JJ infrastructure/NN for/IN the/DT Moon/NNP movement/NN in/IN North/NNP America/NNP ,/, as/IN they/PRP had/VBD in/IN Japan/NNP and/CC South/NNP Korea/NNP ./. | |
| Then/RB he/PRP would/MD move/VB his/PRP$ movement/NN to/TO Europe/NNP ./. | |
| But/CC that/DT was/VBD not/RB to/TO be/VB ./. | |
| Throughout/IN the/DT 1970s/NNS and/CC early/RB 1980s/NNS spokesmen/NNS for/IN both/DT the/DT Unification/NNP Church/NNP and/CC its/PRP$ opponents/NNS in/IN the/DT anticult/NN movement/NN gave/VBD wildly/RB exaggerated/JJ membership/NN figures/NNS ./. | |
| Their/PRP$ legacy/NN lives/VBZ on/RP ./. | |
| It/PRP is/VBZ still/RB common/JJ to/TO read/VB in/IN the/DT press/NN that/IN the/DT church/NN has/VBZ 10,000/CD or/CC more/JJR full-time/JJ American/JJ members/NNS and/CC 25,000/CD ``/`` associates/NNS ./. ''/'' | |
| Some/DT estimates/NNS have/VBP gone/VBN as/RB high/JJ as/IN 80,000/CD members/NNS ./. | |
| But/CC internal/JJ church/NN documents/NNS clearly/RB show/VBP that/IN at/IN its/PRP$ publicity-seeking/JJ heights/NNS ,/, as/IN when/WRB it/PRP organized/VBD a/DT spectacular/JJ Yankee/NNP Stadium/NNP bicentennial/JJ rally/NN in/IN 1976/CD ,/, there/EX actually/RB were/VBD only/JJ about/IN 2,000/CD full-time/JJ Unification/NNP Church/NNP members/NNS in/IN the/DT U.S./NNP | |
| Mr./NNP Moon/NNP 's/POS support/NN for/IN a/DT Watergate-beleaguered/JJ Richard/NNP Nixon/NNP ,/, the/DT Koreagate/NNP scandal/NN ,/, and/CC his/PRP$ prison/NN sentence/NN for/IN income-tax/NN evasion/NN did/VBD not/RB help/VB the/DT church/NN 's/POS recruitment/NN efforts/NNS ./. | |
| Defections/NNS ,/, burnouts/NNS ,/, and/CC abduction/NN ``/`` deprogrammings/NNS ''/'' kept/VBN member/NN turnover/NN high/RB ./. | |
| That/IN the/DT membership/NN number/NN has/VBZ even/RB kept/VBN close/RB to/TO its/PRP$ 1976/CD size/NN is/VBZ the/DT result/NN of/IN the/DT ``/`` graying/NN ''/'' of/IN the/DT church/NN ./. | |
| Many/JJ of/IN the/DT enthusiastic/JJ young/JJ ``/`` Moonies/NNPS ''/'' of/IN the/DT Nixon/NNP era/NN who/WP remained/VBD faithful/NN to/TO Father/NNP Moon/NNP are/VBP now/RB parents/NNS ,/, producing/VBG new/JJ members/NNS by/IN procreation/NN rather/RB than/IN conversion/NN ./. | |
| The/DT reputed/JJ wealth/NN of/IN the/DT Unification/NNP Church/NNP is/VBZ another/DT matter/NN of/IN contention/NN ./. | |
| For/IN a/DT while/NN in/IN the/DT 1970s/NNS it/PRP seemed/VBD Mr./NNP Moon/NNP was/VBD on/IN a/DT spending/JJ spree/NN ,/, with/IN such/JJ purchases/NNS as/IN the/DT former/JJ New/NNP Yorker/NNP Hotel/NNP and/CC its/PRP$ adjacent/JJ Manhattan/NNP Center/NNP ;/: a/DT fishing/processing/JJ conglomerate/NN with/IN branches/NNS in/IN Alaska/NNP ,/, Massachusetts/NNP ,/, Virginia/NNP and/CC Louisiana/NNP ;/: a/DT former/JJ Christian/NNP Brothers/NNPS monastery/NN and/CC the/DT Seagram/NNP family/NN mansion/NN (/-LRB- both/DT picturesquely/RB situated/VBN on/IN the/DT Hudson/NNP River/NNP )/-RRB- ;/: shares/NNS in/IN banks/NNS from/IN Washington/NNP to/TO Uruguay/NNP ;/: a/DT motion/NN picture/NN production/NN company/NN ,/, and/CC newspapers/NNS ,/, such/JJ as/IN the/DT Washington/NNP Times/NNP ,/, the/DT New/NNP York/NNP City/NNP Tribune/NNP (/-LRB- originally/RB the/DT News/NNP World/NNP )/-RRB- ,/, and/CC the/DT successful/JJ Spanish-language/JJ Noticias/NNP del/FW Mundo/NNP ./. | |
| Yet/RB these/DT purchases/NNS can/MD be/VB misleading/JJ ./. | |
| Most/JJS were/VBD obtained/VBN with/IN huge/JJ inputs/NNS of/IN church/NN money/NN from/IN South/NNP Korea/NNP and/CC Japan/NNP ,/, minimum/NN cash/NN downpayments/NNS and/CC sizable/JJ mortgages/NNS ./. | |
| Those/DT teams/NNS of/IN young/JJ fund-raisers/NNS selling/VBG flowers/NNS ,/, peanuts/NNS or/CC begging/VBG outright/RB at/IN traffic/NN intersections/NNS brought/VBN in/RP somewhere/RB near/IN $/$ 20/CD million/CD a/DT year/NN during/IN the/DT mid-to-late/JJ 1970s/NNS ,/, but/CC those/DT revenues/NNS were/VBD a/DT pittance/NN compared/VBN to/TO the/DT costs/NNS of/IN Mr./NNP Moon/NNP 's/POS lavish/JJ international/JJ conferences/NNS ,/, speaking/NN tours/NNS ,/, and/CC assorted/JJ land/NN buys/NNS ./. | |
| Only/JJ his/PRP$ factories/NNS in/IN Japan/NNP and/CC Korea/NNP ,/, employing/VBG his/PRP$ followers/NNS at/IN subsistence/NN wages/NNS and/CC producing/VBG everything/NN from/IN rifles/NNS to/TO ginseng/NN to/TO expensive/JJ marble/NN vases/NNS ,/, kept/VBD the/DT money/NN flowing/VBG westward/RB ./. | |
| Virginia/NNP Commonwealth/NNP University/NNP sociologist/NN David/NNP Bromley/NNP ,/, who/WP more/RBR than/IN any/DT other/JJ researcher/NN has/VBZ delved/VBN into/IN the/DT complex/JJ world/NN of/IN Unificationist/JJ finances/NNS ,/, has/VBZ concluded/VBN that/IN profitable/JJ operations/NNS in/IN the/DT U.S./NNP have/VBP been/VBN the/DT exceptions/NNS rather/RB than/IN the/DT rule/NN ./. | |
| Likewise/RB ,/, journalists/NNS John/NNP Burgess/NNP and/CC Michael/NNP Isikoff/NNP of/IN the/DT Washington/NNP Post/NNP have/VBP estimated/VBN that/IN at/IN least/JJS $/$ 800/CD million/CD was/VBD transferred/VBN from/IN Japan/NNP to/TO the/DT U.S./NNP to/TO deal/VB with/IN the/DT church/NN 's/POS annual/JJ operating/NN losses/NNS in/IN this/DT country/NN ./. | |
| Mr./NNP Moon/NNP 's/POS two/CD English-language/JJ U.S./NNP newspapers/NNS illustrate/VBP the/DT scope/NN of/IN this/DT financial/JJ drain/NN ./. | |
| Start-up/JJ costs/NNS for/IN the/DT Washington/NNP Times/NNPS alone/RB were/VBD close/JJ to/TO $/$ 50/CD million/CD ,/, and/CC the/DT total/JJ amount/NN lost/VBN in/IN this/DT journalistic/JJ black/JJ hole/NN was/VBD estimated/VBN at/IN $/$ 150/CD million/CD by/IN 1984/CD ./. | |
| Since/IN then/RB ,/, Moon/NNP 's/POS organization/NN has/VBZ inaugurated/VBN a/DT pair/NN of/IN high-quality/JJ glossy/JJ opinion/NN magazines/NNS ,/, The/DT World/NNP and/CC I/NNP and/CC Insight/NNP ,/, which/WDT are/VBP a/DT further/JJ drain/NN ./. | |
| Insiders/NNS say/VBP that/IN not/RB even/RB their/PRP$ editors/NNS know/VBP for/IN sure/JJ how/WRB much/JJ these/DT show-piece/JJ publications/NNS ,/, along/IN with/IN the/DT newspapers/NNS ,/, have/VBP cost/VBN Mr./NNP Moon/NNP ./. | |
| Many/JJ American/JJ church-owned/JJ businesses/NNS ,/, such/JJ as/IN a/DT $/$ 30/CD million/CD factory/NN to/TO build/VB fishing/NN vessels/NNS ,/, are/VBP defunct/JJ ./. | |
| Some/DT components/NNS of/IN the/DT American/JJ church/NN had/VBD their/PRP$ budgets/NNS cut/VBN in/IN half/NN last/JJ year/NN and/CC again/RB this/DT year/NN ./. | |
| The/DT relatively/RB small/JJ academic/JJ conferences/NNS that/WDT have/VBP attracted/VBN conservative/JJ guests/NNS --/: and/CC press/NN scrutiny/NN --/: in/IN recent/JJ years/NNS are/VBP much/RB more/RBR narrowly/RB targeted/JJ and/CC austere/JJ than/IN the/DT thousand-person/JJ get-togethers/NNS in/IN fancy/JJ digs/NNS and/CC exotic/JJ locales/NNS of/IN years/NNS past/JJ ./. | |
| I/PRP attended/VBD several/JJ of/IN these/DT in/IN the/DT dual/JJ role/NN as/IN a/DT presenter/NN of/IN research/NN findings/NNS as/RB well/RB as/IN an/DT investigator/NN of/IN my/PRP$ hosts/NNS ./. | |
| (/-LRB- Mr./NNP Moon/NNP 's/POS Paragon/NNP House/NNP eventually/RB even/RB published/VBD three/CD of/IN my/PRP$ co-edited/JJ books/NNS on/IN religion/NN and/CC politics/NNS ./. )/-RRB- | |
| According/VBG to/TO veteran/NN watchers/NNS of/IN Unificationist/JJ affairs/NNS ,/, such/JJ as/IN Dr./NNP J./NNP Gordon/NNP Melton/NNP ,/, director/NN of/IN the/DT Institute/NNP for/IN the/DT Study/NNP of/IN American/NNP Religion/NNP ,/, almost/RB all/DT operations/NNS are/VBP being/VBG drastically/RB reduced/VBN as/IN Mr./NNP Moon/NNP now/RB concentrates/VBZ more/RBR on/IN developing/VBG his/PRP$ empire/NN in/IN the/DT Far/NNP East/NNP ./. | |
| ``/`` Everything/NN ,/, ''/'' one/CD non-``/`` Moonie/NN ''/'' senior/JJ consultant/NN to/TO the/DT Unification/NNP Church/NNP recently/RB told/VBD me/PRP in/IN an/DT interview/NN ,/, ``/`` is/VBZ going/VBG back/RB to/TO Korea/NNP and/CC Japan/NNP ./. ''/'' | |
| (/-LRB- Europe/NNP had/VBD proved/VBN even/RB less/RBR hospitable/JJ than/IN North/NNP America/NNP ./. | |
| European/JJ politicians/NNS were/VBD less/RBR reluctant/JJ to/TO have/VB their/PRP$ governments/NNS investigate/VB and/CC harass/VB new/JJ religions/NNS ./. )/-RRB- | |
| So/RB Mr./NNP Moon/NNP is/VBZ in/IN retreat/NN ,/, refocusing/VBG on/IN the/DT Far/NNP East/NNP ./. | |
| South/NNP Korea/NNP and/CC Japan/NNP continue/VBP to/TO be/VB profitable/JJ ./. | |
| Moon/NNP 's/POS Tong'Il/NNP industry/NN conglomerate/NN is/VBZ now/RB investing/VBG heavily/RB in/IN China/NNP ,/, where/WRB church/NN accountants/NNS have/VBP high/JJ hopes/NNS of/IN expanding/VBG and/CC attracting/VBG converts/NNS even/RB in/IN the/DT wake/NN of/IN the/DT bloody/JJ massacre/NN in/IN Tiananmen/NNP Square/NNP ./. | |
| Panda/NNP Motors/NNPS is/VBZ one/CD such/JJ investment/NN ./. | |
| According/VBG to/TO senior/JJ consultants/NNS to/TO the/DT church/NN ,/, Mr./NNP Moon/NNP has/VBZ successfully/RB negotiated/VBN a/DT joint/JJ venture/NN with/IN the/DT Chinese/JJ government/NN to/TO build/VB an/DT automobile-parts/JJ plant/NN in/IN Guangdong/NNP Province/NNP ,/, an/DT area/NN of/IN China/NNP with/IN a/DT substantial/JJ Korean/JJ minority/NN ./. | |
| Mr./NNP Moon/NNP has/VBZ agreed/VBN to/TO put/VB up/RP $/$ 10/CD million/CD a/DT year/NN for/IN 25/CD years/NNS and/CC keep/VB the/DT profits/NNS in/IN China/NNP ./. | |
| In/IN return/NN ,/, he/PRP has/VBZ the/DT government/NN 's/POS blessing/NN to/TO build/VB churches/NNS and/CC spread/VBD Unificationism/NNP in/IN that/DT country/NN ./. | |
| Whatever/WDT respectability/NN and/CC ties/NNS to/TO intellectuals/NNS and/CC opinion-makers/NNS the/DT publications/NNS and/CC conferences/NNS bring/VBP really/RB are/VBP salvage/NN --/: not/RB the/DT Rev./NNP Moon/NNP 's/POS original/JJ final/JJ goals/NNS ,/, but/CC the/DT ones/NNS for/IN which/WDT he/PRP will/MD have/VB to/TO settle/VB ./. | |
| Mr./NNP Shupe/NNP is/VBZ co-author/NN (/-LRB- with/IN David/NNP G./NNP Bromley/NNP )/-RRB- of/IN ``/`` `/`` Moonies/NNS '/'' in/IN America/NNP :/: Cult/NN ,/, Church/NN ,/, and/CC Crusade/NN ''/'' and/CC ``/`` Strange/JJ Gods/NNS :/: The/DT Great/JJ American/JJ Cult/NNP Scare/NNP ./. | |
| The/DT Manville/NNP Personal/NNP Injury/NNP Settlement/NNP Trust/NNP said/VBD it/PRP is/VBZ considering/VBG several/JJ ways/NNS to/TO ease/VB a/DT liquidity/NN crunch/NN that/WDT could/MD include/VB the/DT sale/NN of/IN Manville/NNP Corp./NNP to/TO a/DT third/JJ party/NN ./. | |
| In/IN a/DT filing/NN with/IN the/DT Securities/NNPS and/CC Exchange/NNP Commission/NNP ,/, the/DT majority/NN holder/NN of/IN Manville/NNP acknowledged/VBD that/IN the/DT cash/NN portion/NN of/IN its/PRP$ initial/JJ funding/NN of/IN $/$ 765/CD million/CD will/MD be/VB depleted/VBN next/JJ year/NN ,/, and/CC that/IN alternative/JJ sources/NNS of/IN funds/NNS will/MD be/VB necessary/JJ to/TO meet/VB its/PRP$ obligations/NNS ./. | |
| The/DT trust/NN ,/, which/WDT was/VBD created/VBN as/IN part/NN of/IN Manville/NNP 's/POS bankruptcy-law/NN reorganization/NN to/TO compensate/VB victims/NNS of/IN asbestos-related/JJ diseases/NNS ,/, ultimately/RB expects/VBZ to/TO receive/VB $/$ 2.5/CD billion/CD from/IN Manville/NNP ,/, but/CC its/PRP$ cash/NN flow/NN from/IN investments/NNS has/VBZ so/RB far/RB lagged/VBN behind/IN its/PRP$ payments/NNS to/TO victims/NNS ./. | |
| Spokespersons/NNS for/IN both/DT the/DT trust/NN and/CC the/DT company/NN refused/VBD to/TO comment/VB on/IN whether/IN any/DT talks/NNS with/IN a/DT possible/JJ acquirer/NN of/IN Manville/NNP had/VBD actually/RB taken/VBN place/NN ./. | |
| The/DT trust/NN is/VBZ considering/VBG a/DT sale/NN of/IN its/PRP$ Manville/NNP holdings/NNS ,/, but/CC Manville/NNP has/VBZ the/DT right/NN of/IN first/JJ refusal/NN on/IN any/DT sales/NNS of/IN its/PRP$ stock/NN held/VBN by/IN the/DT trust/NN ./. | |
| Manville/NNP ,/, a/DT forest/NN and/CC building/NN products/NNS concern/NN ,/, has/VBZ offered/VBN to/TO pay/VB the/DT trust/NN $/$ 500/CD million/CD for/IN a/DT majority/NN of/IN Manville/NNP 's/POS convertible/JJ preferred/JJ stock/NN ./. | |
| Manville/NNP and/CC the/DT trust/NN are/VBP discussing/VBG the/DT offer/NN ,/, but/CC no/DT decision/NN has/VBZ been/VBN made/VBN ./. | |
| The/DT filing/NN also/RB said/VBD the/DT trust/NN is/VBZ considering/VBG a/DT sale/NN of/IN Manville/NNP securities/NNS in/IN the/DT open/JJ market/NN ;/: an/DT extraordinary/JJ dividend/NN on/IN the/DT common/JJ stock/NN ;/: or/CC a/DT recapitalization/NN of/IN Manville/NNP ./. | |
| The/DT Soviet/NNP Union/NNP 's/POS jobless/JJ rate/NN is/VBZ soaring/VBG to/TO 27/CD %/NN in/IN some/DT areas/NNS ,/, Pravda/NNP said/VBD ./. | |
| It/PRP said/VBD the/DT situation/NN is/VBZ caused/VBN by/IN efforts/NNS to/TO streamline/VB bloated/JJ factory/NN payrolls/NNS ./. | |
| Unemployment/NN has/VBZ reached/VBN 27.6/CD %/NN in/IN Azerbaijan/NNP ,/, 25.7/CD %/NN in/IN Tadzhikistan/NNP ,/, 22.8/CD %/NN in/IN Uzbekistan/NNP ,/, 18.8/CD %/NN in/IN Turkmenia/NNP ,/, 18/CD %/NN in/IN Armenia/NNP and/CC 16.3/CD %/NN in/IN Kirgizia/NNP ,/, the/DT Communist/NNP Party/NNP newspaper/NN said/VBD ./. | |
| All/DT are/VBP non-Russian/JJ republics/NNS along/IN the/DT southern/JJ border/NN of/IN the/DT Soviet/NNP Union/NNP ,/, and/CC all/DT but/CC Kirgizia/NNP have/VBP reported/VBN rioting/NN in/IN the/DT past/JJ six/CD months/NNS ./. | |
| The/DT newspaper/NN said/VBD it/PRP is/VBZ past/JJ time/NN for/IN the/DT Soviet/NNP Union/NNP to/TO create/VB unemployment/NN insurance/NN and/CC retraining/VBG programs/NNS like/IN those/DT of/IN the/DT West/NNP ./. | |
| Pravda/NNP gave/VBD no/DT estimate/NN for/IN overall/JJ unemployment/NN but/CC said/VBD an/DT ``/`` Association/NNP of/IN the/DT Unemployed/NNP ''/'' has/VBZ cropped/VBN up/RP that/DT says/VBZ the/DT number/NN of/IN jobless/JJ is/VBZ 23/CD million/CD Soviets/NNPS ,/, or/CC 17/CD %/NN of/IN the/DT work/NN force/NN ./. | |
| An/DT 11-week/JJ dispute/NN involving/VBG Australia/NNP 's/POS 1,640/CD domestic/JJ pilots/NNS has/VBZ slashed/VBN airline/NN earnings/NNS and/CC crippled/VBN much/JJ of/IN the/DT continent/NN 's/POS tourist/NN industry/NN ./. | |
| ``/`` The/DT only/JJ people/NNS who/WP are/VBP flying/VBG are/VBP those/DT who/WP have/VBP to/TO ,/, ''/'' said/VBD Frank/NNP Moore/NNP ,/, chairman/NN of/IN the/DT Australian/NNP Tourist/NNP Industry/NNP Association/NNP ./. | |
| He/PRP added/VBD :/: ``/`` How/WRB is/VBZ a/DT travel/NN agent/NN going/VBG to/TO sell/VB a/DT holiday/NN when/WRB he/PRP can/MD not/RB guarantee/VB a/DT return/NN flight/NN ?/. ''/'' | |
| Transport/VB giant/NN TNT/NNP ,/, which/WDT owns/VBZ half/NN of/IN one/CD of/IN the/DT country/NN 's/POS two/CD major/JJ domestic/JJ carriers/NNS ,/, said/VBD the/DT cost/NN of/IN the/DT dispute/NN had/VBD been/VBN heavy/JJ ,/, cutting/VBG TNT/NNP 's/POS profits/NNS 70/CD %/NN to/TO $/$ 12/CD million/CD in/IN the/DT three/CD months/NNS to/TO Sept./NNP 30/CD ./. | |
| Brazilian/JJ financier/NN Naji/NNP Nahas/NNP ,/, who/WP was/VBD arrested/VBN on/IN Monday/NNP after/IN 102/CD days/NNS in/IN hiding/NN ,/, is/VBZ likely/JJ to/TO be/VB interrogated/VBN next/JJ week/NN by/IN the/DT Brazilian/JJ judiciary/NN ./. | |
| Mr./NNP Nahas/NNP ,/, who/WP single-handedly/RB provoked/VBD a/DT one-day/JJ closure/NN of/IN Brazil/NNP 's/POS stock/NN markets/NNS in/IN June/NNP when/WRB he/PRP failed/VBD to/TO honor/VB a/DT debt/NN of/IN $/$ 31.1/CD million/CD owed/VBN to/TO his/PRP$ brokers/NNS ,/, yesterday/NN blamed/VBD his/PRP$ predicament/NN on/IN the/DT president/NN of/IN the/DT Sao/NNP Paulo/NNP stock/NN exchange/NN ;/: a/DT few/JJ days/NNS before/IN Mr./NNP Nahas/NNP 's/POS failure/NN ,/, the/DT exchange/NN raised/VBD the/DT required/JJ margin/NN on/IN stock-margin/JJ transactions/NNS ./. | |
| China/NNP 's/POS parliament/NN ousted/VBD two/CD Hong/NNP Kong/NNP residents/NNS from/IN a/DT panel/NN drafting/VBG a/DT new/JJ constitution/NN for/IN the/DT colony/NN ./. | |
| The/DT two/CD ,/, Szeto/NNP Wah/NNP and/CC Martin/NNP Lee/NNP ,/, were/VBD deemed/VBN unfit/JJ because/IN they/PRP had/VBD condemned/VBN China/NNP 's/POS crackdown/NN on/IN its/PRP$ pro-democracy/JJ movement/NN ./. | |
| The/DT committee/NN is/VBZ formulating/VBG Hong/NNP Kong/NNP 's/POS constitution/NN for/IN when/WRB it/PRP reverts/VBZ to/TO Chinese/JJ control/NN in/IN 1997/CD ,/, and/CC Chinese/JJ lawmakers/NNS said/VBD the/DT two/CD can/MD only/RB return/VB if/IN they/PRP ``/`` abandon/VBP their/PRP$ antagonistic/JJ stand/NN against/IN the/DT Chinese/JJ government/NN and/CC their/PRP$ attempt/NN to/TO nullify/VB the/DT Sino-British/JJ joint/NN declaration/NN on/IN Hong/NNP Kong/NNP ./. ''/'' | |
| NUCLEAR/NN REACTOR/NN FOR/IN ISRAEL/NNP ?/. | |
| Israeli/JJ officials/NNS confirmed/VBD that/IN Energy/NNP Minister/NNP Moshe/NNP Shahal/NNP and/CC his/PRP$ Canadian/JJ counterpart/NN ,/, Jake/NNP Epp/NNP ,/, discussed/VBD a/DT possible/JJ Israeli/JJ purchase/NN of/IN a/DT $/$ 1.1/CD billion/CD Canadian/JJ nuclear/JJ reactor/NN for/IN producing/VBG electricity/NN ./. | |
| However/RB ,/, a/DT Canadian/NNP Embassy/NNP official/NN in/IN Tel/NNP Aviv/NNP said/VBD that/IN Canada/NNP was/VBD unlikely/JJ to/TO sell/VB the/DT Candu/NNP heavy-water/NN reactor/NN to/TO Israel/NNP since/IN Israel/NNP has/VBZ n't/RB signed/VBN the/DT Nuclear/NNP Non-Proliferation/NNP Treaty/NNP ./. | |
| Israel/NNP has/VBZ been/VBN accused/VBN in/IN the/DT past/NN of/IN using/VBG subterfuge/NN to/TO seek/VB elements/NNS needed/VBN to/TO develop/VB nuclear/JJ weapons/NNS ./. | |
| The/DT South/JJ Korean/JJ government/NN is/VBZ signing/VBG a/DT protocol/NN today/NN establishing/VBG formal/JJ diplomatic/JJ relations/NNS with/IN Poland/NNP ./. | |
| The/DT two/CD are/VBP also/RB signing/VBG a/DT trade/NN agreement/NN ./. | |
| South/JJ Korean/JJ government/NN officials/NNS said/VBD they/PRP do/VBP n't/RB expect/VB that/IN Seoul/NNP can/MD loan/VB money/NN to/TO Warsaw/NNP ,/, but/CC it/PRP can/MD ``/`` offer/VB experience/NN ./. ''/'' | |
| Poland/NNP is/VBZ the/DT second/JJ Communist/JJ nation/NN to/TO recognize/VB the/DT Seoul/NNP government/NN ;/: South/NNP Korea/NNP established/VBD diplomatic/JJ relations/NNS with/IN Hungary/NNP in/IN February/NNP 1989/CD ./. | |
| Venezuela/NNP will/MD hold/VB a/DT debt-equity/JJ auction/NN Friday/NNP ,/, with/IN 32/CD potential/JJ bidders/NNS participating/VBG ./. | |
| Earlier/RBR this/DT year/NN ,/, Venezuela/NNP announced/VBD it/PRP was/VBD opening/VBG up/RP debt-equity/NN swaps/NNS to/TO foreign/JJ investors/NNS but/CC said/VBD the/DT program/NN would/MD be/VB limited/JJ to/TO a/DT net/JJ disbursement/NN of/IN $/$ 600/CD million/CD a/DT year/NN ./. | |
| Friday/NNP 's/POS auction/NN will/MD be/VB limited/JJ to/TO $/$ 150/CD million/CD disbursed/VBN by/IN the/DT Central/NNP Bank/NNP to/TO potential/JJ investors/NNS ./. | |
| The/DT office/NN of/IN foreign/JJ investment/NN has/VBZ authorized/VBN some/DT $/$ 1.78/CD billion/CD worth/NN of/IN investment/NN proposals/NNS ,/, said/VBD Edwin/NNP Perozo/NNP ,/, superintendent/NN of/IN foreign/JJ investment/NN ./. | |
| Most/JJS of/IN the/DT proposals/NNS are/VBP in/IN tourism/NN ,/, basic/JJ industry/NN and/CC fishery/NN and/CC agro-industry/JJ projects/NNS ,/, he/PRP said/VBD ./. | |
| Under/IN the/DT debt-equity/JJ program/NN ,/, potential/JJ investors/NNS will/MD submit/VB sealed/JJ bids/NNS on/IN the/DT percentage/NN of/IN discount/NN they/PRP are/VBP willing/JJ to/TO purchase/VB the/DT debt/NN at/IN ,/, and/CC the/DT bids/NNS will/MD be/VB allocated/VBN based/VBN on/IN these/DT discount/NN offers/NNS ./. | |
| The/DT Venezuelan/JJ central/JJ bank/NN set/VBD a/DT 30/CD %/NN floor/NN on/IN the/DT bidding/NN ./. | |
| A/DT song/NN by/IN American/JJ singer/NN Tracy/NNP Chapman/NNP praising/VBG jailed/JJ black/JJ leader/NN Nelson/NNP Mandela/NNP was/VBD banned/VBN from/IN South/JJ African/JJ state/NN radio/NN and/CC television/NN ./. | |
| The/DT South/NNP African/NNP Broadcasting/NNP Corp./NNP said/VBD the/DT song/NN ``/`` Freedom/NN Now/RB ''/'' was/VBD ``/`` undesirable/JJ for/IN broadcasting/NN ./. ''/'' .../: | |
| Britain/NNP 's/POS House/NNP of/IN Commons/NNPS passed/VBD a/DT law/NN that/WDT will/MD force/VB English/JJ soccer/NN fans/NNS to/TO carry/VB identity/NN cards/NNS to/TO enter/VB stadiums/NNS ./. | |
| The/DT ``/`` anti-hooligan/JJ ''/'' law/NN ,/, which/WDT would/MD deprive/VB troublemakers/NNS of/IN cards/NNS ,/, must/MD be/VB ratified/VBN by/IN the/DT House/NNP of/IN Lords/NNPS and/CC is/VBZ expected/VBN to/TO become/VB effective/JJ early/JJ next/JJ year/NN ./. | |
| A/DT federal/JJ judge/NN ruled/VBD that/IN Imelda/NNP Marcos/NNP was/VBD n't/RB brought/VBN to/TO the/DT U.S./NNP against/IN her/PRP$ will/NN and/CC that/IN marital/JJ privileges/NNS ,/, which/WDT protect/VBP spouses/NNS from/IN incriminating/VBG each/DT other/JJ ,/, do/VBP n't/RB apply/VB in/IN her/PRP$ case/NN ./. | |
| As/IN a/DT result/NN ,/, Judge/NNP John/NNP F./NNP Keenan/NNP of/IN New/NNP York/NNP ordered/VBD Mrs./NNP Marcos/NNP to/TO turn/VB over/RP to/TO the/DT court/NN all/DT pleadings/NNS and/CC documents/NNS she/PRP may/MD have/VB filed/VBN in/IN foreign/JJ countries/NNS in/IN opposition/NN to/TO U.S./NNP requests/NNS for/IN evidence/NN ./. | |
| Mrs./NNP Marcos/NNP had/VBD claimed/VBN that/IN she/PRP did/VBD n't/RB have/VB to/TO turn/VB over/RP the/DT documents/NNS because/IN she/PRP was/VBD brought/VBN here/RB involuntarily/RB and/CC because/RB providing/VBG the/DT materials/NNS would/MD violate/VB her/PRP$ marital/JJ privilege/NN ./. | |
| In/IN 1988/CD ,/, a/DT year/NN and/CC a/DT half/NN after/IN Mrs./NNP Marcos/NNP and/CC her/PRP$ late/JJ husband/NN ,/, Ferdinand/NNP Marcos/NNP ,/, the/DT ousted/JJ president/NN of/IN the/DT Philippines/NNPS ,/, fled/VBD the/DT Philippines/NNPS for/IN Hawaii/NNP ,/, they/PRP were/VBD charged/VBN with/IN racketeering/NN ,/, conspiracy/NN ,/, obstruction/NN of/IN justice/NN and/CC mail/NN fraud/NN in/IN a/DT scheme/NN in/IN which/WDT they/PRP allegedly/RB embezzled/VBD more/JJR than/IN $/$ 100/CD million/CD from/IN their/PRP$ homeland/NN ./. | |
| Much/JJ of/IN the/DT money/NN was/VBD fraudulently/RB concealed/VBN through/IN purchases/NNS of/IN prime/JJ Manhattan/NNP real/JJ estate/NN ,/, federal/JJ prosecutors/NNS have/VBP charged/VBN ./. | |
| Mrs./NNP Marcos/NNP 's/POS trial/NN is/VBZ expected/VBN to/TO begin/VB in/IN March/NNP ./. | |
| U.S./NNP law/NN requires/VBZ criminal/JJ defendants/NNS to/TO turn/VB over/RP foreign/JJ documents/NNS such/JJ as/IN those/DT sought/VBN in/IN the/DT Marcos/NNP case/NN ./. | |
| The/DT law/NN is/VBZ meant/VBN to/TO overcome/VB delays/NNS caused/VBN by/IN defendants/NNS '/POS use/NN of/IN foreign/JJ procedures/NNS to/TO block/VB U.S./NNP requests/NNS for/IN records/NNS ,/, Judge/NNP Keenan/NNP said/VBD in/IN his/PRP$ opinion/NN ./. | |
| For/IN instance/NN ,/, the/DT documents/NNS could/MD involve/VB foreign/JJ business/NN dealings/NNS or/CC bank/NN accounts/NNS ./. | |
| The/DT U.S./NNP has/VBZ charged/VBN that/IN the/DT Marcoses/NNPS '/POS alleged/VBN crimes/NNS involved/VBD bank/NN accounts/NNS in/IN the/DT Philippines/NNPS ,/, Hong/NNP Kong/NNP ,/, the/DT U.S./NNP and/CC other/JJ countries/NNS ./. | |
| On/IN the/DT allegation/NN of/IN kidnapping/NN ,/, Judge/NNP Keenan/NNP wrote/VBD ,/, ``/`` The/DT suggestion/NN that/IN Mrs./NNP Marcos/NNP was/VBD brought/VBN to/TO this/DT country/NN against/IN her/PRP$ will/NN is/VBZ unsupported/JJ by/IN affidavit/NN or/CC affirmation/NN ./. ''/'' | |
| The/DT judge/NN also/RB said/VBD the/DT two/CD marital/JJ testimonial/JJ privileges/NNS cited/VBN by/IN Mrs./NNP Marcos/NNP do/VBP n't/RB apply/VB ./. | |
| The/DT first/JJ one/NN permits/VBZ a/DT witness/NN to/TO refuse/VB to/TO testify/VB against/IN her/PRP$ spouse/NN ./. | |
| But/CC Judge/NNP Keenan/NNP said/VBD that/DT privilege/NN 's/POS purpose/NN is/VBZ ``/`` fostering/VBG harmony/NN in/IN marriage/NN ./. ''/'' | |
| Because/IN Mr./NNP Marcos/NNP died/VBD Sept./NNP 28/CD ,/, the/DT privilege/NN can/MD no/RB longer/RB apply/VB ,/, the/DT judge/NN said/VBD ./. | |
| The/DT second/JJ marital/JJ privilege/NN cited/VBN by/IN Mrs./NNP Marcos/NNP protects/VBZ confidential/JJ communications/NNS between/IN spouses/NNS ./. | |
| But/CC Judge/NNP Keenan/NNP said/VBD that/DT privilege/NN is/VBZ meant/VBN to/TO protect/VB private/JJ utterances/NNS --/: not/RB litigation/NN papers/NNS filed/VBN with/IN foreign/JJ governments/NNS ,/, as/IN Mrs./NNP Marcos/NNP 's/POS attorneys/NNS maintained/VBD ./. | |
| Though/IN Judge/NNP Keenan/NNP threw/VBD out/RP most/JJS of/IN Mrs./NNP Marcos/NNP 's/POS objections/NNS ,/, he/PRP agreed/VBD with/IN one/CD of/IN her/PRP$ concerns/NNS :/: that/IN turning/VBG over/RP the/DT foreign/JJ documents/NNS could/MD violate/VB the/DT defendant/NN 's/POS constitutional/JJ right/NN against/IN self-incrimination/NN ./. | |
| As/IN a/DT result/NN ,/, he/PRP said/VBD he/PRP will/MD examine/VB the/DT Marcos/NNP documents/NNS sought/VBN by/IN the/DT prosecutors/NNS to/TO determine/VB whether/IN turning/VBG over/RP the/DT filings/NNS is/VBZ self-incrimination/NN ./. | |
| Judge/NNP Keenan/NNP also/RB directed/VBD the/DT prosecutors/NNS to/TO show/VB that/IN Mrs./NNP Marcos/NNP 's/POS Fifth/NNP Amendment/NNP right/NN against/IN self-incrimination/NN wo/MD n't/RB be/VB violated/VBN ./. | |
| Mrs./NNP Marcos/NNP 's/POS attorney/NN in/IN New/NNP York/NNP ,/, Sandor/NNP Frankel/NNP ,/, declined/VBD to/TO comment/VB on/IN the/DT ruling/NN ./. | |
| Mrs./NNP Marcos/NNP has/VBZ n't/RB admitted/VBN that/IN she/PRP filed/VBD any/DT documents/NNS such/JJ as/IN those/DT sought/VBN by/IN the/DT government/NN ./. | |
| Charles/NNP LaBella/NNP ,/, the/DT assistant/NN U.S./NNP attorney/NN prosecuting/VBG the/DT Marcos/NNP case/NN ,/, did/VBD n't/RB return/VB phone/NN calls/NNS seeking/VBG comment/NN ./. | |
| U.S./NNP ./. AND/CC BRITISH/JJ LAW/NN FIRMS/NNS announce/VBP rare/JJ joint/JJ venture/NN in/IN Tokyo/NNP ./. | |
| Sidley/NNP &/CC Austin/NNP ,/, a/DT leading/VBG Chicago-based/JJ law/NN firm/NN ,/, and/CC Ashurst/NNP Morris/NNP Crisp/NNP ,/, a/DT midsized/JJ London/NNP firm/NN of/IN solicitors/NNS ,/, are/VBP scheduled/VBN today/NN to/TO announce/VB plans/NNS to/TO open/VB a/DT joint/JJ office/NN in/IN Tokyo/NNP ./. | |
| The/DT firms/NNS will/MD be/VB registered/VBN under/IN Japanese/JJ law/NN as/IN foreign/JJ legal/JJ consultants/NNS and/CC their/PRP$ practice/NN with/IN Japanese/JJ clients/NNS will/MD be/VB limited/VBN to/TO advising/VBG them/PRP on/IN matters/NNS of/IN foreign/JJ law/NN ./. | |
| The/DT office/NN may/MD also/RB be/VB able/JJ to/TO advise/VB foreign/JJ and/CC multinational/JJ clients/NNS on/IN international/JJ law/NN and/CC general/JJ matters/NNS ./. | |
| The/DT office/NN will/MD provide/VB ``/`` one-stop/JJ shopping/NN ''/'' for/IN Japanese/JJ financial/JJ institutions/NNS and/CC other/JJ clients/NNS seeking/VBG advice/NN on/IN access/NN to/TO the/DT world/NN capital/NN markets/NNS ,/, according/VBG to/TO A./NN Bruce/NNP Schimberg/NNP ,/, Sidley/NNP 's/POS senior/JJ banking/NN specialist/NN ,/, who/WP will/MD move/VB to/TO Tokyo/NNP from/IN Chicago/NNP to/TO open/VB the/DT office/NN next/JJ year/NN ./. | |
| The/DT Sidley-Ashurst/NNP venture/NN will/MD also/RB be/VB staffed/VBN by/IN another/DT Sidley/NNP partner/NN specializing/VBG in/IN corporate/JJ law/NN ,/, a/DT partner/NN from/IN Ashurst/NNP concentrating/VBG on/IN acquisitions/NNS and/CC a/DT Japanese/JJ attorney/NN ./. | |
| The/DT office/NN will/MD tap/VB the/DT resources/NNS of/IN Sidley/NNP 's/POS 700/CD lawyers/NNS in/IN the/DT U.S./NNP ,/, London/NNP and/CC Singapore/NNP as/RB well/RB as/IN the/DT 400/CD Ashurst/NNP staff/NN members/NNS in/IN London/NNP and/CC Brussels/NNP ./. | |
| Ashurst/NNP is/VBZ new/JJ to/TO the/DT Far/NNP East/NNP ./. | |
| Sidley/NNP will/MD maintain/VB its/PRP$ association/NN with/IN the/DT Hashidate/NNP Law/NNP Office/NNP in/IN Tokyo/NNP ./. | |
| THE/DT UNITED/NNP AUTO/NNP WORKERS/NNPS said/VBD it/PRP will/MD seek/VB a/DT rehearing/NN of/IN a/DT U.S./NNP appellate/JJ court/NN ruling/NN against/IN the/DT union/NN 's/POS claim/NN that/IN the/DT state/NN of/IN Michigan/NNP engages/VBZ in/IN wage-discrimination/NN against/IN female/JJ employees/NNS ./. | |
| A/DT three-judge/JJ panel/NN of/IN the/DT court/NN in/IN Cincinnati/NNP made/VBD the/DT ruling/NN Saturday/NNP ./. | |
| The/DT UAW/NNP is/VBZ seeking/VBG a/DT hearing/NN by/IN the/DT full/JJ 14-judge/JJ panel/NN ./. | |
| The/DT union/NN sued/VBD the/DT state/NN in/IN November/NNP 1985/CD ,/, alleging/VBG that/IN it/PRP intentionally/RB segregated/VBD job/NN classifications/NNS by/IN sex/NN and/CC paid/VBD employees/NNS in/IN predominantly/RB female/JJ jobs/NNS less/JJR than/IN males/NNS in/IN comparable/JJ jobs/NNS ./. | |
| The/DT UAW/NNP also/RB charged/VBD that/IN the/DT state/NN applied/VBD its/PRP$ own/JJ standards/NNS for/IN determining/VBG pay/NN in/IN a/DT discriminatory/JJ manner/NN ./. | |
| In/IN November/NNP 1987/CD ,/, a/DT district/NN court/NN judge/NN in/IN Detroit/NNP ruled/VBD against/IN the/DT UAW/NNP ./. | |
| The/DT union/NN is/VBZ the/DT bargaining/NN representative/NN for/IN more/JJR than/IN 20,000/CD Michigan/NNP state/NN employees/NNS ./. | |
| NEW/NNP JERSEY/NNP MERGER/NN :/: | |
| One/CD of/IN the/DT largest/JJS law/NN firms/NNS in/IN central/JJ New/NNP Jersey/NNP has/VBZ been/VBN created/VBN through/IN the/DT merger/NN of/IN Norris/NNP ,/, McLaughlin/NNP &/CC Marcus/NNP ,/, a/DT 41-lawyer/JJ firm/NN ,/, and/CC Manger/NNP ,/, Kalison/NNP ,/, McBride/NNP &/CC Webb/NNP ,/, a/DT health-care/NN specialty/NN law/NN firm/NN with/IN 14/CD lawyers/NNS ./. | |
| Norris/NNP McLaughlin/NNP is/VBZ a/DT general-practice/JJ firm/NN that/WDT has/VBZ expanded/VBN recently/RB into/IN such/JJ specialties/NNS as/IN banking/NN ,/, labor/NN and/CC environmental/JJ work/NN ./. | |
| The/DT merged/VBN firm/NN will/MD carry/VB Norris/NNP McLaughlin/NNP 's/POS name/NN ./. | |
| DRUG/NN WARS/NNS :/: | |
| A/DT Texas/NNP legislator/NN proposes/VBZ color-coding/VBG drivers/NNS '/POS licenses/NNS of/IN some/DT drug/NN offenders/NNS ./. | |
| The/DT bill/NN would/MD authorize/VB courts/NNS to/TO order/VB the/DT licenses/NNS as/IN a/DT condition/NN of/IN probation/NN ./. | |
| State/NNP Senator/NNP J.E./NNP ``/`` Buster/NNP ''/'' Brown/NNP ,/, a/DT Republican/NNP who/WP is/VBZ running/VBG for/IN Texas/NNP attorney/NN general/NN ,/, introduced/VBD the/DT bill/NN ./. | |
| He/PRP said/VBD an/DT altered/JJ license/NN would/MD be/VB an/DT ``/`` embarrassment/NN ''/'' to/TO teenagers/NNS and/CC young/JJ adults/NNS and/CC would/MD act/VB as/IN a/DT deterrant/JJ to/TO drug/NN use/NN ./. | |
| Richard/NNP Avena/NNP ,/, executive/NN director/NN of/IN the/DT Texas/NNP Civil/NNP Liberties/NNPS Union/NNP ,/, called/VBD the/DT proposal/NN ``/`` political/JJ gimmickry/NN ,/, ''/'' and/CC said/VBD it/PRP fails/VBZ to/TO recognize/VB the/DT drug/NN problem/NN as/IN a/DT health/NN issue/NN ./. | |
| The/DT amendment/NN ,/, offered/VBN by/IN Rep./NNP Douglas/NNP Bosco/NNP (/-LRB- D./NNP ,/, Calif./NNP )/-RRB- ,/, was/VBD approved/VBN 283-132/JJ during/IN debate/NN on/IN a/DT bill/NN designed/VBN to/TO strengthen/VB the/DT Transportation/NNP Department/NNP 's/POS authority/NN in/IN dealing/VBG with/IN leveraged/JJ buy-outs/NNS of/IN airlines/NNS ./. | |
| The/DT bill/NN would/MD require/VB the/DT agency/NN to/TO block/VB the/DT acquisition/NN of/IN 15/CD %/NN or/CC more/JJR of/IN an/DT airline/NN 's/POS stock/NN if/IN the/DT purchase/NN threatened/VBD safety/NN ,/, reduced/VBD the/DT carrier/NN 's/POS ability/NN to/TO compete/VB ,/, or/CC put/VBD the/DT airline/NN under/IN foreign/JJ control/NN ./. | |
| Debate/NN on/IN the/DT legislation/NN ,/, which/WDT faces/VBZ a/DT veto/NN threat/NN from/IN President/NNP Bush/NNP ,/, is/VBZ to/TO continue/VB today/NN ./. | |
| The/DT amendment/NN would/MD require/VB the/DT department/NN to/TO block/VB the/DT purchase/NN of/IN a/DT major/JJ airline/NN by/IN anyone/NN who/WP has/VBZ run/VBN two/CD or/CC more/JJR carriers/NNS that/WDT have/VBP filed/VBN for/IN protection/NN from/IN creditors/NNS under/IN Chapter/NN 11/CD of/IN the/DT Bankruptcy/NNP Code/NNP ./. | |
| In/IN 1983/CD ,/, Texas/NNP Air/NNP 's/POS Continental/NNP Airlines/NNPS filed/VBD for/IN bankruptcy/NN ./. | |
| Earlier/RBR this/DT year/NN ,/, Texas/NNP Air/NNP 's/POS Eastern/NNP Airlines/NNPS filed/VBD for/IN bankruptcy/NN ./. | |
| ``/`` This/DT ought/MD to/TO be/VB subtitled/VBN the/DT `/`` Do/VBP n't/RB let/VB Frank/NNP Lorenzo/NNP take/VB over/RP another/DT airline/NN '/'' amendment/NN ,/, ''/'' said/VBD Rep./NNP James/NNP Oberstar/NNP (/-LRB- D./NNP ,/, Minn./NNP )/-RRB- ,/, chairman/NN of/IN the/DT House/NNP aviation/NN subcommittee/NN ,/, who/WP argued/VBD that/IN the/DT provision/NN was/VBD unnecessary/JJ because/IN the/DT bill/NN already/RB would/MD give/VB the/DT department/NN ample/JJ power/NN to/TO block/VB undesirable/JJ deals/NNS ./. | |
| For/IN years/NNS ,/, a/DT strict/JJ regimen/NN governed/VBD the/DT staff/NN meetings/NNS at/IN Nissan/NNP Motor/NNP Co./NNP 's/POS technical/JJ center/NN in/IN Tokyo/NNP 's/POS western/JJ suburbs/NNS ./. | |
| Employees/NNS wore/VBD identification/NN badges/NNS listing/VBG not/RB only/RB their/PRP$ names/NNS but/CC also/RB their/PRP$ dates/NNS of/IN hire/NN ./. | |
| No/DT one/NN could/MD voice/VB an/DT opinion/NN until/IN everybody/NN with/IN more/JJR seniority/NN had/VBD spoken/VBN first/RB ,/, so/RB younger/JJR employees/NNS --/: often/RB the/DT most/RBS enthusiastic/JJ and/CC innovative/JJ --/: seldom/RB spoke/VBD up/RP at/IN all/DT ./. | |
| But/CC in/IN 1986/CD ,/, the/DT badges/NNS and/CC the/DT ``/`` do/VBP n't/RB speak/VB out/IN of/IN turn/NN ''/'' rule/NN were/VBD abolished/VBN --/: early/JJ steps/NNS in/IN a/DT cultural/JJ revolution/NN still/RB rolling/VBG on/RB with/IN all/PDT the/DT subtlety/NN of/IN a/DT freight/NN train/NN ./. | |
| In/IN recent/JJ years/NNS ,/, Nissan/NNP has/VBZ instituted/VBN flex-time/JJ work/NN schedules/NNS and/CC allowed/VBN employees/NNS to/TO dress/VB casually/RB ,/, even/RB in/IN blue/JJ jeans/NNS ./. | |
| A/DT rule/NN forbidding/VBG staffers/NNS to/TO own/JJ competitors/NNS '/POS cars/NNS has/VBZ been/VBN lifted/VBN ,/, and/CC now/RB many/JJ designers/NNS drive/VBP foreign/JJ cars/NNS to/TO get/VB useful/JJ ideas/NNS ./. | |
| Nissan/NNP 's/POS decades-old/JJ corporate/JJ song/NN filled/VBN with/IN references/NNS to/TO Mount/NNP Fuji/NNP has/VBZ been/VBN scrapped/VBN in/IN favor/NN of/IN a/DT snappy/JJ tune/NN sung/VBN by/IN a/DT popular/JJ Japanese/JJ vocalist/NN ./. | |
| And/CC in/IN a/DT Japanese/JJ corporate/JJ first/JJ ,/, Nissan/NNP recently/RB opened/VBD the/DT first/JJ coed/NN company/NN dormitory/NN for/IN single/JJ employees/NNS at/IN the/DT suburban/JJ Tokyo/NNP technical/JJ center/NN ./. | |
| ``/`` We/PRP had/VBD lots/NNS of/IN internal/JJ debate/NN about/IN this/DT one/NN ,/, ''/'' concedes/VBZ Tadahiko/NNP Fukuyama/NNP ,/, a/DT senior/JJ public-relations/NNS official/NN ./. | |
| ``/`` But/CC in/IN the/DT end/NN ,/, top/JJ management/NN decided/VBD to/TO follow/VB the/DT voice/NN of/IN the/DT younger/JJR generation/NN ./. ''/'' | |
| This/DT corporate/JJ glasnost/FW is/VBZ a/DT big/JJ reason/NN Nissan/NNP ,/, after/IN years/NNS of/IN making/VBG lackluster/JJ cars/NNS and/CC lousy/JJ profits/NNS ,/, has/VBZ loosened/VBN up/RP its/PRP$ rigid/JJ ways/NNS and/CC now/RB is/VBZ riding/VBG a/DT string/NN of/IN hits/NNS ,/, ranging/VBG from/IN the/DT sleek/JJ Maxima/NNP sedan/NN and/CC Porsche-like/JJ 300ZX/NNP to/TO the/DT whimsically/RB nostalgic/JJ Pao/NNP ,/, a/DT minicar/NN sold/VBN only/RB in/IN Japan/NNP ./. | |
| The/DT company/NN 's/POS turnaround/NN is/VBZ far/RB from/IN complete/JJ ;/: many/JJ crucial/JJ tests/NNS are/VBP just/RB beginning/VBG ./. | |
| But/CC its/PRP$ surprising/JJ progress/NN so/RB far/RB holds/VBZ important/JJ lessons/NNS for/IN companies/NNS in/IN trouble/NN ./. | |
| The/DT big/JJ one/NN :/: A/DT company/NN 's/POS culture/NN ca/MD n't/RB be/VB radically/RB changed/VBN unless/IN top/JJ management/NN first/RB admits/VBZ that/IN things/NNS have/VBP gone/VBN badly/RB awry/RB and/CC then/RB publicly/RB leads/VBZ the/DT charge/NN ./. | |
| Atsushi/NNP Muramatsu/NNP ,/, Nissan/NNP 's/POS executive/NN vice/NN president/NN for/IN finance/NN ,/, helped/VBD set/VB the/DT tone/NN in/IN December/NNP 1986/CD ,/, when/WRB the/DT company/NN was/VBD heading/VBG toward/IN the/DT first/JJ operating/NN loss/NN by/IN a/DT Japanese/JJ auto/NN maker/NN since/IN the/DT nation/NN 's/POS postwar/JJ recovery/NN ./. | |
| ``/`` This/DT is/VBZ a/DT time/NN of/IN self-criticism/NN to/TO discover/VB what/WP is/VBZ wrong/JJ with/IN us/PRP ,/, ''/'' he/PRP said/VBD ./. | |
| Yutaka/NNP Kume/NNP ,/, who/WP took/VBD the/DT helm/NN as/IN Nissan/NNP 's/POS president/NN in/IN June/NNP 1985/CD ,/, added/VBD simply/RB ,/, ``/`` I/PRP am/VBP deeply/RB disappointed/JJ ./. ''/'' | |
| No/DT wonder/NN ./. | |
| Nissan/NNP ,/, Japan/NNP 's/POS second-largest/JJ auto/NN maker/NN and/CC the/DT world/NN 's/POS fourth-largest/JJ ,/, was/VBD getting/VBG beat/NN up/RP not/RB only/RB by/IN its/PRP$ bigger/JJR rival/NN ,/, Toyota/NNP Motor/NNP Corp./NNP ,/, but/CC also/RB by/IN Honda/NNP Motor/NNP Co./NNP ,/, the/DT most/RBS successful/JJ Japanese/JJ car/NN company/NN in/IN the/DT U.S./NNP but/CC a/DT relative/JJ pipsqueak/NN in/IN Japan/NNP ./. | |
| Nissan/NNP 's/POS market/NN share/NN in/IN Japan/NNP had/VBD been/VBN dropping/VBG year/NN by/IN year/NN since/IN the/DT beginning/NN of/IN the/DT decade/NN ./. | |
| Its/PRP$ U.S./NNP sales/NNS sagged/VBD ,/, partly/RB because/IN of/IN price/NN increases/NNS due/JJ to/TO the/DT rising/VBG yen/NNS ./. | |
| Worst/RBS of/IN all/DT ,/, Nissan/NNP was/VBD preoccupied/VBN with/IN management/NN infighting/NN ,/, cronyism/NN and/CC corporate/JJ rigidity/NN ./. | |
| Consider/VB the/DT experience/NN of/IN Satoko/NNP Kitada/NNP ,/, a/DT 30-year-old/JJ designer/NN of/IN vehicle/NN interiors/NNS who/WP joined/VBD Nissan/NNP in/IN 1982/CD ./. | |
| At/IN that/DT time/NN ,/, tasks/NNS were/VBD assigned/VBN strictly/RB on/IN the/DT basis/NN of/IN seniority/NN ./. | |
| ``/`` The/DT oldest/JJS designer/NN got/VBD to/TO work/VB on/IN the/DT dashboard/NN ,/, ''/'' she/PRP recalls/VBZ ./. | |
| ``/`` The/DT next/JJ level/NN down/RB did/VBD doors/NNS ./. | |
| If/IN a/DT new/JJ person/NN got/VBD to/TO work/VB on/IN part/NN of/IN the/DT speedometer/NN ,/, that/WDT was/VBD a/DT big/JJ deal/NN ./. ''/'' | |
| This/DT system/NN produced/VBD boring/JJ ,/, boxy/JJ cars/NNS that/IN consumers/NNS just/RB were/VBD n't/RB buying/VBG ./. | |
| Desperately/RB hoping/VBG to/TO spark/VB sales/NNS ,/, Nissan/NNP transferred/VBD 5,000/CD middle/JJ managers/NNS and/CC plant/NN workers/NNS to/TO dealerships/NNS ./. | |
| Meanwhile/RB ,/, President/NNP Kume/NNP ordered/VBD everyone/NN from/IN top/JJ executives/NNS to/TO rookie/NN designers/NNS to/TO go/VB ``/`` town/NN watching/NN ,/, ''/'' to/TO visit/VB chic/JJ parts/NNS of/IN Tokyo/NNP to/TO try/VB to/TO gain/VB insights/NNS into/IN developing/VBG cars/NNS for/IN trend-setters/NNS ./. | |
| Some/DT town-watching/JJ excursions/NNS were/VBD downright/RB comic/JJ ./. | |
| One/CD group/NN of/IN middle-aged/JJ manufacturing/VBG men/NNS from/IN the/DT company/NN 's/POS Zama/NNP plant/NN outside/IN Tokyo/NNP was/VBD supposed/VBN to/TO check/VB out/RP a/DT trendy/JJ restaurant/NN in/IN the/DT city/NN ./. | |
| But/CC when/WRB they/PRP arrived/VBD at/IN the/DT door/NN ,/, all/DT were/VBD afraid/JJ to/TO go/VB in/RB ,/, fearing/VBG that/IN they/PRP would/MD be/VB out/IN of/IN place/NN ./. | |
| Other/JJ trips/NNS were/VBD more/RBR productive/JJ ./. | |
| Mr./NNP Kume/NNP himself/PRP visited/VBD Honda/NNP 's/POS headquarters/NN in/IN Tokyo/NNP 's/POS upscale/JJ Aoyama/NNP district/NN ./. | |
| He/PRP liked/VBD the/DT well-lighted/JJ lobby/NN display/NN of/IN Honda/NNP 's/POS cars/NNS and/CC trucks/NNS so/RB much/RB that/IN he/PRP had/VBD Nissan/NNP 's/POS gloomy/JJ lobby/NN exhibit/NN refurbished/VBN ./. | |
| Later/RB ,/, Nissan/NNP borrowed/VBD other/JJ Honda/NNP practices/NNS ,/, including/VBG an/DT engineering/NN ``/`` idea/NN contest/NN ''/'' to/TO promote/VB inventiveness/NN ./. | |
| One/CD engineer/NN developed/VBD a/DT ``/`` crab/NN car/NN ''/'' that/WDT moves/VBZ sideways/RB ./. | |
| Such/JJ sudden/JJ cultural/JJ shifts/NNS may/MD come/VB across/RP as/IN a/DT bit/RB forced/JJ ,/, but/CC they/PRP seem/VBP to/TO be/VB genuine/JJ --/: so/RB much/RB so/IN ,/, in/IN fact/NN ,/, that/IN some/DT older/JJR employees/NNS have/VBP resisted/VBN ./. | |
| Nissan/NNP handled/VBD the/DT die-hards/NNS in/IN a/DT typically/RB Japanese/JJ fashion/NN :/: They/PRP were/VBD n't/RB fired/VBN but/CC instead/RB ``/`` were/VBD neglected/VBN ,/, ''/'' says/VBZ Kouji/NNP Hori/NNP ,/, the/DT personnel/JJ manager/NN at/IN the/DT Nissan/NNP Technical/NNP Center/NNP ./. | |
| Despite/IN the/DT pain/NN of/IN adjusting/NN ,/, the/DT cultural/JJ revolution/NN has/VBZ begun/VBN to/TO yield/VB exciting/JJ cars/NNS ./. | |
| A/DT year/NN ago/RB ,/, the/DT company/NN completely/RB revamped/VBD its/PRP$ near-luxury/JJ sedan/NN ,/, the/DT $/$ 17,699/CD Maxima/NNP ,/, which/WDT competes/VBZ against/IN a/DT broad/JJ range/NN of/IN upscale/NN sedans/NNS ;/: it/PRP replaced/VBD its/PRP$ boxy/JJ ,/, pug-nosed/JJ body/NN with/IN sleek/JJ ,/, aerodynamic/JJ lines/NNS ./. | |
| Since/IN then/RB ,/, Nissan/NN also/RB has/VBZ launched/VBN new/JJ versions/NNS of/IN the/DT $/$ 13,249/CD 240SX/NNP sporty/JJ coupe/NN and/CC 300ZX/NNP sports/NNS car/NN ./. | |
| The/DT restyled/JJ 300ZX/NNP costs/VBZ as/RB much/JJ as/IN $/$ 33,000/CD and/CC is/VBZ squared/VBN off/RP against/IN the/DT Porche/NNP 944/CD ,/, which/WDT begins/VBZ at/IN $/$ 41,900/CD ./. | |
| Besides/IN new/JJ styling/NN ,/, the/DT new/JJ Nissans/NNPS have/VBP more/RBR powerful/JJ engines/NNS and/CC more/RBR sophisticated/JJ suspension/NN systems/NNS ./. | |
| All/DT three/CD new/JJ models/NNS are/VBP outselling/VBG their/PRP$ predecessors/NNS by/IN wide/JJ margins/NNS ./. | |
| In/IN its/PRP$ home/NN market/NN ,/, Nissan/NNP has/VBZ grabbed/VBN attention/NN with/IN limited-production/JJ minicars/NNS featuring/VBG styling/VBG odd/JJ enough/RB to/TO be/VB cute/JJ ./. | |
| One/CD is/VBZ the/DT Pao/NNP ,/, a/DT tiny/JJ coupe/NN with/IN a/DT peelback/JJ canvas/NN top/NN and/CC tilted/JJ headlights/NNS that/WDT give/VBP it/PRP a/DT droopy-eyed/JJ look/NN ./. | |
| Nissan/NNP initially/RB planned/VBD to/TO sell/VB just/RB 10,000/CD Paos/NNPS ,/, but/CC sales/NNS have/VBP passed/VBN 50,000/CD ,/, and/CC there/EX 's/VBZ a/DT one-year/JJ waiting/NN list/NN for/IN the/DT car/NN ./. | |
| Then/RB ,/, there/EX 's/VBZ the/DT S-Cargo/NNP ,/, an/DT offbeat/JJ delivery/NN van/NN with/IN a/DT snail-like/JJ body/NN that/WDT inspired/VBD its/PRP$ name/NN ./. | |
| Nissan/NNP helped/VBD develop/VB a/DT Tokyo/NNP restaurant/NN with/IN both/DT vehicles/NNS as/IN its/PRP$ design/NN theme/NN ./. | |
| The/DT chairs/NNS are/VBP S-Cargo/NNP seats/NNS ,/, and/CC a/DT gift/NN shop/NN sells/VBZ such/JJ items/NNS as/IN alarm/NN clocks/NNS styled/VBN like/IN the/DT Pao/NNP 's/POS oversized/JJ speedometer/NN ./. | |
| All/PDT these/DT vehicles/NNS have/VBP sharply/RB improved/VBN Nissan/NNP 's/POS morale/NN and/CC image/NN --/: but/CC have/VBP n't/RB done/VBN much/RB for/IN its/PRP$ market/NN share/NN ./. | |
| Nissan/NNP had/VBD 29/CD %/NN of/IN the/DT Japanese/JJ car/NN market/NN in/IN 1980/CD before/IN beginning/VBG a/DT depressing/JJ eight-year/JJ slide/NN that/WDT continued/VBD through/IN last/JJ year/NN ./. | |
| Strong/JJ sales/NNS so/RB far/RB this/DT year/NN are/VBP certain/JJ to/TO turn/VB the/DT tide/NN ,/, but/CC even/RB the/DT 25/CD %/NN market/NN share/NN that/IN Nissan/NNP expects/VBZ in/IN 1989/CD will/MD leave/VB it/PRP far/RB below/IN its/PRP$ position/NN at/IN the/DT beginning/NN of/IN the/DT decade/NN ./. | |
| Nissan/NNP concedes/VBZ that/IN it/PRP wo/MD n't/RB recoup/VB all/DT its/PRP$ market-share/NN losses/NNS in/IN Japan/NNP until/IN at/IN least/JJS 1995/CD ,/, and/CC even/RB that/DT timetable/NN might/MD prove/VB optimistic/JJ ./. | |
| ``/`` Everyone/NN else/JJ is/VBZ going/VBG to/TO catch/VB up/RP ''/'' with/IN Nissan/NNP 's/POS innovative/JJ designs/NNS ,/, says/VBZ A./NN Rama/NNP Krishna/NNP ,/, auto/NN analyst/NN at/IN First/JJ Boston/NNP (/-LRB- Japan/NNP )/-RRB- Ltd/NNP ./. | |
| Nissan/NNP 's/POS pace/NN of/IN new-model/JJ hits/NNS will/MD slow/VB ,/, he/PRP adds/VBZ ,/, just/RB as/IN arch-rival/JJ Toyota/NNP unleashes/VBZ its/PRP$ own/JJ batch/NN of/IN new/JJ cars/NNS ./. | |
| Likewise/RB ,/, in/IN the/DT U.S./NNP ,/, Nissan/NNP has/VBZ grabbed/VBN 5.2/CD %/NN of/IN the/DT car/NN market/NN so/RB far/RB this/DT year/NN ,/, up/RB from/IN 4.5/CD %/NN a/DT year/NN ago/RB ./. | |
| But/CC even/RB that/WDT brings/VBZ Nissan/NNP only/RB to/TO the/DT share/NN it/PRP had/VBD in/IN 1987/CD ,/, and/CC leaves/VBZ the/DT company/NN behind/IN its/PRP$ high/NN of/IN 5.5/CD %/NN in/IN 1980/CD and/CC 1982/CD ./. | |
| Why/WRB ?/. | |
| So/RB far/RB ,/, Nissan/NNP 's/POS new-model/NN successes/NNS are/VBP mostly/RB specialized/JJ vehicles/NNS with/IN limited/JJ sales/NNS potential/NN ./. | |
| In/IN compact/NN and/CC subcompact/NN cars/NNS ,/, the/DT bread-and-butter/JJ sales/NNS generators/NNS for/IN Japanese/JJ auto/NN makers/NNS ,/, Nissan/NNP still/RB trails/VBZ Toyota/NNP and/CC Honda/NNP ./. | |
| Nissan/NNP hopes/VBZ that/IN that/DT will/MD start/VB to/TO change/VB this/DT fall/NN ,/, with/IN its/PRP$ new/JJ version/NN of/IN the/DT Stanza/NNP compact/JJ sedan/NN ./. | |
| The/DT Stanza/NNP has/VBZ been/VBN a/DT nonentity/NN compared/VBN with/IN Honda/NNP 's/POS hugely/RB successful/JJ Accord/NNP and/CC Toyota/NNP 's/POS Camry/NNP ./. | |
| But/CC this/DT year/NN ,/, Honda/NNP has/VBZ revamped/VBN the/DT Accord/NNP and/CC made/VBD it/PRP a/DT midsized/JJ car/NN ./. | |
| Nissan/NNP instead/RB has/VBZ kept/VBN its/PRP$ new/JJ Stanza/NNP a/DT bit/RB smaller/JJR than/IN that/DT and/CC cut/VBN the/DT base/JJ price/NN 6/CD %/NN ;/: at/IN $/$ 11,450/CD ,/, Stanza/NNP prices/NNS start/VBP $/$ 749/CD below/IN the/DT predecessor/NN model/NN yet/RB have/VBP a/DT more-powerful/JJR engine/NN ./. | |
| Accord/NNP prices/NNS start/VBP at/IN $/$ 12,345/CD ./. | |
| Nissan/NNP 's/POS risk/NN is/VBZ that/IN its/PRP$ low-base-price/JJ strategy/NN might/MD get/VB lost/VBN amid/IN the/DT highly/RB publicized/JJ rebates/NNS being/VBG offered/VBN by/IN Detroit/NNP 's/POS Big/JJ Three/CD ./. | |
| But/CC ``/`` on/IN a/DT new/JJ car/NN ,/, a/DT rebate/NN does/VBZ n't/RB work/VB well/RB ''/'' because/IN it/PRP cheapens/VBZ the/DT vehicle/NN 's/POS image/NN ,/, contends/VBZ Thomas/NNP D./NNP Mignanelli/NNP ,/, executive/NN vice/NN president/NN of/IN Nissan/NNP 's/POS U.S./NNP sales/NNS arm/NN ./. | |
| Even/RB if/IN the/DT new/JJ Stanza/NNP succeeds/VBZ ,/, Nissan/NNP will/MD remain/VB behind/RB in/IN the/DT subcompact/NN segment/NN ,/, where/WRB its/PRP$ Sentra/NNP does/VBZ n't/RB measure/VB up/RP to/TO the/DT Honda/NNP Civic/NNP and/CC Toyota/NNP Corolla/NNP ./. | |
| Nissan/NNP will/MD introduce/VB a/DT completely/RB revamped/VBN Sentra/NNP next/JJ fall/NN ./. | |
| At/IN the/DT opposite/JJ end/NN of/IN the/DT market/NN ,/, Nissan/NNP launches/VBZ its/PRP$ luxury/NN Infiniti/NNP division/NN on/IN Nov./NNP 8/CD --/: three/CD years/NNS after/IN Honda/NN pioneered/VBD Japanese/JJ luxury/NN cars/NNS and/CC two/CD months/NNS after/IN Toyota/NNP 's/POS Lexus/NNP went/VBD on/IN sale/NN ./. | |
| Nissan/NNP started/VBD advertising/VBG Infiniti/NNP fully/RB eight/CD months/NNS before/IN the/DT cars/NNS hit/VBD American/JJ showrooms/NNS ./. | |
| The/DT ads/NNS featured/VBD fences/NNS ,/, rocks/NNS and/CC pussy-willow/NN buds/NNS --/: almost/RB anything/NN but/CC the/DT cars/NNS themselves/PRP ./. | |
| The/DT ads/NNS have/VBP generated/VBN some/DT laughs/NNS but/CC also/RB plenty/NN of/IN attention/NN because/IN they/PRP are/VBP so/RB unlike/IN any/DT other/JJ U.S./NNP auto/NN advertising/NN ./. | |
| On/IN the/DT other/JJ hand/NN ,/, Nissan/NNP 's/POS sales/NNS goals/NNS for/IN Infiniti/NNP are/VBP modest/JJ compared/VBN with/IN Toyota/NNP 's/POS targets/NNS for/IN Lexus/NNP ./. | |
| Nissan/NNP will/MD build/VB only/RB about/IN 3,500/CD of/IN the/DT $/$ 38,000/CD Infiniti/NNP Q45/NNP sedans/NNS each/DT month/NN ,/, sending/VBG about/IN 2,000/CD of/IN them/PRP to/TO the/DT U.S./NNP and/CC keeping/VBG the/DT rest/NN for/IN sale/NN in/IN Japan/NNP ./. | |
| Toyota/NNP wants/VBZ to/TO sell/VB about/IN 49,000/CD Lexus/NNP LS400/NN sedans/NNS next/JJ year/NN in/IN the/DT U.S./NNP alone/RB ./. | |
| ``/`` When/WRB I/PRP saw/VBD the/DT Lexus/NNP sales/NNS projections/NNS ,/, I/PRP got/VBD worried/JJ ,/, ''/'' confesses/VBZ Takashi/NNP Oka/NNP ,/, who/WP led/VBD the/DT Infiniti/NNP development/NN team/NN ./. | |
| But/CC on/IN reflection/NN ,/, Mr./NNP Oka/NNP says/VBZ ,/, he/PRP concluded/VBD that/IN Nissan/NNP is/VBZ being/VBG prudent/JJ in/IN following/VBG its/PRP$ slow-startup/JJ strategy/NN instead/RB of/IN simply/RB copying/VBG Lexus/NNP ./. | |
| ``/`` Infiniti/NNP is/VBZ Nissan/NNP 's/POS big/JJ business/NN move/NN for/IN the/DT 21st/JJ century/NN ,/, and/CC we/PRP 're/VBP in/IN no/DT hurry/NN to/TO generate/VB large/JJ profits/NNS right/RB away/RB ,/, ''/'' Mr./NNP Oka/NNP says/VBZ ./. | |
| Despite/IN plans/NNS to/TO add/VB two/CD new/JJ Infiniti/NNP models/NNS next/IN year/NN ,/, bringing/VBG the/DT total/NN to/TO four/CD ,/, Infiniti/NNP wo/MD n't/RB show/VB profits/NNS for/IN at/IN least/JJS five/CD years/NNS ,/, he/PRP adds/VBZ ./. | |
| These/DT days/NNS Nissan/NNP can/MD afford/VB that/DT strategy/NN ,/, even/RB though/IN profits/NNS are/VBP n't/RB exactly/RB robust/JJ ./. | |
| Nissan/NNP had/VBD record/NN net/JJ income/NN of/IN 114.63/CD billion/CD yen/NNS (/-LRB- $/$ 868/CD million/CD )/-RRB- in/IN the/DT fiscal/JJ year/NN ended/VBN last/JJ March/NNP 31/CD ,/, a/DT remarkable/JJ recovery/NN from/IN the/DT 20.39/CD billion/CD yen/NNS of/IN two/CD years/NNS earlier/RB ,/, when/WRB the/DT company/NN lost/VBD money/NN on/IN operations/NNS ./. | |
| Nissan/NNP has/VBZ increased/VBN earnings/NNS more/RBR than/IN market/NN share/NN by/IN cutting/VBG costs/NNS and/CC by/IN taking/VBG advantage/NN of/IN a/DT general/JJ surge/NN in/IN Japanese/JJ car/NN sales/NNS ./. | |
| But/CC Nissan/NNP expects/VBZ to/TO earn/VB only/RB 120/CD billion/CD yen/NNS in/IN the/DT current/JJ fiscal/JJ year/NN ,/, a/DT modest/JJ increase/NN of/IN 4.7/CD %/NN ./. | |
| The/DT big/JJ reason/NN :/: For/IN all/DT its/PRP$ cost-cutting/NN ,/, Nissan/NNP remains/VBZ less/RBR efficient/JJ than/IN Toyota/NNP ./. | |
| In/IN its/PRP$ last/JJ fiscal/JJ year/NN ,/, Nissan/NNP 's/POS profit/NN represented/VBD just/RB 2.3/CD %/NN of/IN sales/NNS ,/, compared/VBN with/IN 4.3/CD %/NN at/IN Toyota/NNP ./. | |
| To/TO help/VB close/RB the/DT gap/NN ,/, Nissan/NNP recently/RB established/VBD a/DT top-level/JJ cost-cutting/JJ committee/NN ./. | |
| Nissan/NNP is/VBZ the/DT world/NN 's/POS only/JJ auto/NN maker/NN currently/RB building/VBG vehicles/NNS in/IN all/DT three/CD of/IN the/DT world/NN 's/POS key/JJ economic/JJ arenas/NNS --/: the/DT U.S./NNP ,/, Japan/NNP and/CC Europe/NNP ./. | |
| That/DT gives/VBZ it/PRP an/DT enviable/JJ strategic/JJ advantage/NN ,/, at/IN least/JJS until/IN its/PRP$ rivals/NNS catch/VB up/RB ,/, but/CC also/RB plenty/NN of/IN managerial/JJ headaches/NNS ./. | |
| For/IN example/NN ,/, Nissan/NNP 's/POS U.S./NNP operations/NNS include/VBP 10/CD separate/JJ subsidiaries/NNS --/: for/IN manufacturing/NN ,/, sales/NNS ,/, design/NN ,/, research/NN ,/, etc./FW --/: that/WDT report/VBP separately/RB back/RB to/TO Japan/NNP ./. | |
| And/CC in/IN July/NNP ,/, Nissan/NNP 's/POS Tennessee/NNP manufacturing/NN plant/NN beat/VBD back/RP a/DT United/NNP Auto/NNP Workers/NNPS organizing/VBG effort/NN with/IN aggressive/JJ tactics/NNS that/WDT have/VBP left/VBN some/DT workers/NNS bitter/JJ ./. | |
| ``/`` We/PRP are/VBP in/IN a/DT transitional/JJ phase/NN from/IN being/VBG a/DT Japanese/JJ company/NN to/TO becoming/VBG an/DT international/JJ company/NN based/VBN in/IN Japan/NNP ,/, ''/'' says/VBZ Mr./NNP Muramatsu/NNP ,/, the/DT executive/NN vice/NN president/NN ./. | |
| He/PRP promises/VBZ that/DT Nissan/NNP will/MD soon/RB establish/VB a/DT holding/VBG company/NN overseeing/VBG all/DT U.S./NNP operations/NNS ,/, just/RB as/IN it/PRP 's/VBZ doing/VBG in/IN Europe/NNP ./. | |
| Perhaps/RB the/DT biggest/JJS challenge/NN ,/, however/RB ,/, will/MD be/VB to/TO prevent/VB a/DT return/NN to/TO its/PRP$ former/JJ corporate/JJ rigidity/NN as/IN its/PRP$ recovery/NN continues/VBZ ./. | |
| Already/RB ,/, personnel/NNS officials/NNS are/VBP talking/VBG about/IN the/DT need/NN for/IN a/DT ``/`` Phase/NN Two/CD ''/'' cultural-reform/NN effort/NN of/IN some/DT sort/NN ./. | |
| ``/`` We/PRP are/VBP still/RB only/RB half/JJ way/NN through/IN the/DT turnaround/NN of/IN this/DT company/NN ,/, and/CC there/EX are/VBP many/RB more/JJR things/NNS to/TO do/VB ,/, ''/'' President/NNP Kume/NNP says/VBZ ./. | |
| He/PRP adds/VBZ ,/, however/RB ,/, that/IN ``/`` the/DT momentum/NN we/PRP have/VBP generated/VBN is/VBZ unstoppable/JJ ./. | |
| As/IN expected/VBN ,/, Warner/NNP Bros/NNPS ./. Records/NNPS said/VBD it/PRP agreed/VBD to/TO form/VB a/DT recorded-music/JJ and/CC music-publishing/JJ joint/JJ venture/NN with/IN former/JJ MCA/NNP Records/NNPS Chairman/NNP Irving/NNP Azoff/NNP ./. | |
| Warner/NNP said/VBD it/PRP will/MD provide/VB financing/NN for/IN the/DT venture/NN ,/, but/CC did/VBD n't/RB disclose/VB terms/NNS ./. | |
| Mr./NNP Azoff/NNP has/VBZ n't/RB named/VBD the/DT company/NN yet/RB ,/, but/CC any/DT records/NNS it/PRP produces/VBZ will/MD be/VB distributed/VBN by/IN Warner/NNP ./. | |
| Warner/NNP is/VBZ part/NN of/IN Warner/NNP Communications/NNPS Inc./NNP ,/, which/WDT is/VBZ in/IN the/DT process/NN of/IN being/VBG acquired/VBN by/IN Time/NNP Warner/NNP Inc/NNP ./. | |
| Mr./NNP Azoff/NNP resigned/VBD as/IN head/NN of/IN MCA/NNP Records/NNPS ,/, a/DT unit/NN of/IN MCA/NNP Inc./NNP ,/, in/IN September/NNP ,/, and/CC had/VBD been/VBN discussing/VBG a/DT joint/JJ venture/NN with/IN both/DT Warner/NNP and/CC MCA/NNP ./. | |
| In/IN a/DT statement/NN yesterday/NN ,/, Mr./NNP Azoff/NNP said/VBD he/PRP chose/VBD Warner/NNP ,/, the/DT largest/JJS record/NN company/NN ,/, because/IN ``/`` their/PRP$ standing/NN in/IN the/DT entertainment/NN industry/NN is/VBZ second/JJ to/TO none/NN ./. | |
| President/NNP Bush/NNP and/CC Soviet/JJ leader/NN Mikhail/NNP Gorbachev/NNP will/MD hold/VB an/DT informal/JJ meeting/NN in/IN early/JJ December/NNP ,/, a/DT move/NN that/WDT should/MD give/VB both/DT leaders/NNS a/DT political/JJ boost/NN at/IN home/NN ./. | |
| The/DT White/NNP House/NNP is/VBZ purposely/RB not/RB calling/VBG the/DT meeting/NN a/DT summit/NN so/IN that/IN there/EX wo/MD n't/RB be/VB any/DT expectation/NN of/IN detailed/JJ negotiations/NNS or/CC agreements/NNS ./. | |
| Rather/RB ,/, senior/JJ administration/NN officials/NNS said/VBD that/IN the/DT unexpected/JJ meeting/NN was/VBD scheduled/VBN at/IN Mr./NNP Bush/NNP 's/POS request/NN because/IN of/IN his/PRP$ preference/NN for/IN conducting/VBG diplomacy/NN through/IN highly/RB personal/JJ and/CC informal/JJ meetings/NNS with/IN other/JJ leaders/NNS ./. | |
| The/DT two/CD leaders/NNS will/MD meet/VB on/IN Dec./NNP 2/CD and/CC 3/CD ,/, alternating/VBG the/DT two/CD days/NNS of/IN meetings/NNS between/IN a/DT U.S./NNP and/CC a/DT Soviet/JJ naval/JJ vessel/NN in/IN the/DT Mediterranean/NNP Sea/NNP ./. | |
| The/DT unusual/JJ seaborne/JJ meeting/NN wo/MD n't/RB disrupt/VB plans/NNS for/IN a/DT formal/JJ summit/NN meeting/VBG next/JJ spring/NN or/CC summer/NN ,/, at/IN which/WDT an/DT arms-control/NN treaty/NN is/VBZ likely/JJ to/TO be/VB completed/VBN ./. | |
| In/IN announcing/VBG the/DT meeting/NN yesterday/NN ,/, Mr./NNP Bush/NNP told/VBD reporters/NNS at/IN the/DT White/NNP House/NNP that/IN neither/CC he/PRP nor/CC Mr./NNP Gorbachev/NNP expects/VBZ any/DT ``/`` substantial/JJ decisions/NNS or/CC agreements/NNS ./. ''/'' | |
| Instead/RB ,/, he/PRP said/VBD that/IN the/DT purpose/NN is/VBZ simply/RB for/IN the/DT two/CD to/TO get/VB ``/`` better/RBR acquainted/VBN ''/'' and/CC discuss/VB a/DT wide/JJ range/NN of/IN issues/NNS without/IN a/DT formal/JJ agenda/NN ./. | |
| Despite/IN the/DT informal/JJ nature/NN of/IN the/DT session/NN and/CC the/DT calculated/JJ effort/NN to/TO hold/VB down/RP expectations/NNS ,/, the/DT meeting/NN could/MD pay/VB significant/JJ political/JJ dividends/NNS for/IN both/DT leaders/NNS ./. | |
| Mr./NNP Gorbachev/NNP badly/RB needs/VBZ a/DT diversion/NN from/IN the/DT serious/JJ economic/JJ problems/NNS and/CC ethnic/JJ unrest/NN he/PRP faces/VBZ at/IN home/NN ./. | |
| American/JJ officials/NNS have/VBP said/VBN that/IN a/DT meeting/NN with/IN the/DT leader/NN of/IN the/DT U.S./NNP could/MD help/VB bolster/VB his/PRP$ stature/NN among/IN Soviet/JJ politicians/NNS and/CC academics/NNS ,/, whose/WP$ support/NN he/PRP needs/VBZ ./. | |
| For/IN his/PRP$ part/NN ,/, Mr./NNP Bush/NNP has/VBZ been/VBN criticized/VBN regularly/RB at/IN home/NN for/IN moving/VBG too/RB slowly/RB and/CC cautiously/RB in/IN reacting/VBG to/TO Mr./NNP Gorbachev/NNP 's/POS reforms/NNS and/CC the/DT historic/JJ moves/NNS away/RB from/IN communism/NN in/IN Eastern/NNP Europe/NNP ./. | |
| A/DT face-to-face/JJ meeting/NN with/IN Mr./NNP Gorbachev/NNP should/MD damp/VB such/JJ criticism/NN ,/, though/IN it/PRP will/MD hardly/RB eliminate/VB it/PRP ./. | |
| Senate/NNP Majority/NNP Leader/NNP George/NNP Mitchell/NNP (/-LRB- D./NNP ,/, Maine/NNP )/-RRB- ,/, who/WP has/VBZ been/VBN the/DT most/RBS prominent/JJ Democratic/JJ critic/NN of/IN Mr./NNP Bush/NNP 's/POS handling/NN of/IN the/DT Soviet/JJ relationship/NN ,/, praised/VBD the/DT president/NN for/IN arranging/VBG the/DT meeting/NN ./. | |
| But/CC he/PRP added/VBD :/: ``/`` The/DT mere/JJ fact/NN of/IN a/DT meeting/NN does/VBZ n't/RB deal/VB with/IN the/DT substance/NN of/IN policy/NN ./. ''/'' | |
| Mr./NNP Bush/NNP said/VBD that/IN the/DT December/NNP meeting/NN ,/, which/WDT was/VBD announced/VBN simultaneously/RB in/IN Moscow/NNP ,/, will/MD be/VB held/VBN in/IN the/DT unusual/JJ setting/NN of/IN ships/NNS at/IN sea/NN to/TO hold/VB down/RP the/DT ``/`` fanfare/NN ''/'' and/CC force/VB the/DT two/CD sides/NNS to/TO limit/VB participation/NN to/TO just/RB small/JJ groups/NNS of/IN advisers/NNS ./. | |
| ``/`` By/IN doing/VBG it/PRP in/IN this/DT manner/NN we/PRP can/MD have/VB ,/, I/PRP would/MD say/VB ,/, more/JJR time/NN without/IN the/DT press/NN of/IN social/JJ activities/NNS or/CC mandatory/JJ joint/JJ appearances/NNS ,/, things/NNS of/IN that/DT nature/NN for/IN public/JJ consumption/NN ,/, ''/'' Mr./NNP Bush/NNP said/VBD ./. | |
| Soviet/NNP Foreign/NNP Minister/NNP Eduard/NNP Shevardnadze/NNP ,/, at/IN a/DT news/NN conference/NN in/IN Moscow/NNP ,/, said/VBD ,/, ``/`` As/IN the/DT two/CD sides/NNS plan/VBP to/TO hold/VB a/DT full-scale/JJ summit/NN in/IN late/JJ spring-early/JJ summer/NN next/IN year/NN ,/, they/PRP found/VBD it/PRP useful/JJ ,/, I/PRP would/MD say/VB even/RB necessary/JJ ,/, to/TO hold/VB an/DT interim/JJ informal/JJ meeting/NN ./. ''/'' | |
| Although/IN no/DT specific/JJ agreements/NNS are/VBP expected/VBN ,/, Mr./NNP Shevardnadze/NNP said/VBD ``/`` that/WDT does/VBZ n't/RB mean/VB they/PRP will/MD be/VB without/IN an/DT agenda/NN ./. ''/'' | |
| If/IN the/DT two/CD leaders/NNS cover/VBP the/DT subjects/NNS that/WDT have/VBP been/VBN featured/VBN in/IN lower/JJR level/NN U.S.-Soviet/JJ meetings/NNS ,/, their/PRP$ talks/NNS would/MD include/VB human/JJ rights/NNS ,/, Soviet/JJ reforms/NNS ,/, regional/JJ disputes/NNS ,/, relations/NNS with/IN allies/NNS ,/, economic/JJ cooperation/NN ,/, arms/NNS control/NN ,/, and/CC joint/JJ efforts/NNS to/TO fight/VB narcotics/NNS ,/, terrorism/NN and/CC pollution/NN ./. | |
| The/DT president/NN specifically/RB mentioned/VBD U.S./NNP economic/JJ advice/NN to/TO Moscow/NNP as/IN a/DT possible/JJ topic/NN ./. | |
| Mr./NNP Gorbachev/NNP has/VBZ for/IN months/NNS been/VBN publicly/RB urging/VBG the/DT U.S./NNP to/TO drop/VB its/PRP$ restrictions/NNS on/IN Soviet/JJ trade/NN ./. | |
| He/PRP recently/RB told/VBD a/DT small/JJ group/NN of/IN American/JJ businessmen/NNS in/IN Moscow/NNP that/IN he/PRP hoped/VBD to/TO sign/VB a/DT general/JJ trade/NN agreement/NN with/IN the/DT U.S./NNP ,/, possibly/RB at/IN the/DT 1990/CD summit/NN ./. | |
| The/DT Soviets/NNPS hope/VBP a/DT trade/NN agreement/NN would/MD give/VB them/PRP Most-Favored/JJS Nation/NN status/NN ,/, which/WDT would/MD lower/VB the/DT tariffs/NNS on/IN Soviet/JJ exports/NNS to/TO the/DT U.S./NNP ./. | |
| In/IN an/DT unusually/RB candid/JJ article/NN about/IN the/DT latest/JJS economic/JJ woe/NN --/: unemployment/NN --/: Pravda/NNP yesterday/NN reported/VBD that/IN three/CD million/CD Soviets/NNPS have/VBP lost/VBN their/PRP$ jobs/NNS as/IN a/DT result/NN of/IN perestroika/FW and/CC the/DT number/NN could/MD grow/VB to/TO 16/CD million/CD by/IN the/DT year/NN 2005/CD ./. | |
| Economists/NNS in/IN Moscow/NNP are/VBP now/RB proposing/VBG that/IN the/DT state/NN start/VB a/DT system/NN of/IN unemployment/NN benefits/NNS ./. | |
| But/CC one/CD Bush/NNP administration/NN official/NN knowledgeable/JJ about/IN the/DT summit/NN plan/NN cautioned/VBD against/IN assuming/VBG that/IN there/EX will/MD be/VB bold/JJ new/JJ initiatives/NNS on/IN the/DT Soviet/JJ economy/NN or/CC other/JJ issues/NNS ./. | |
| ``/`` Do/VBP n't/RB take/VB this/DT as/IN some/DT big/JJ opening/NN for/IN major/JJ movement/NN on/IN economic/JJ cooperation/NN ,/, or/CC arms/NNS control/NN ,/, or/CC the/DT environment/NN ,/, ''/'' he/PRP said/VBD ./. | |
| ``/`` Those/DT things/NNS will/MD all/DT come/VB up/RP ,/, but/CC in/IN a/DT fairly/RB informal/JJ way/NN ./. ''/'' | |
| Instead/RB ,/, this/DT official/NN said/VBD ,/, ``/`` This/DT is/VBZ vintage/JJ George/NNP Bush/NNP ./. | |
| This/DT was/VBD George/NNP Bush/NNP 's/POS own/JJ idea/NN ./. | |
| It/PRP 's/POS George/NNP Bush/NNP wanting/VBG to/TO meet/VB a/DT foreign/JJ leader/NN and/CC talk/VB to/TO him/PRP directly/RB ./. ''/'' | |
| Aside/RB from/IN the/DT Soviet/JJ economic/JJ plight/NN and/CC talks/NNS on/IN cutting/VBG strategic/JJ and/CC chemical/JJ arms/NNS ,/, one/CD other/JJ issue/NN the/DT Soviets/NNPS are/VBP likely/JJ to/TO want/VB to/TO raise/VB is/VBZ naval/JJ force/NN reductions/NNS ./. | |
| Western/JJ analysts/NNS say/VBP that/IN ,/, given/VBN the/DT meeting/NN 's/POS setting/NN at/IN sea/NN ,/, Gorbachev/NNP is/VBZ unlikely/JJ to/TO pass/VB up/RP the/DT opportunity/NN to/TO press/VB once/RB again/RB for/IN negotiated/VBN cuts/NNS in/IN the/DT navies/NNS of/IN both/DT the/DT North/NNP Atlantic/NNP Treaty/NNP Organization/NNP and/CC the/DT Warsaw/NNP Pact/NNP ./. | |
| That/DT theme/NN has/VBZ been/VBN a/DT recurring/VBG one/NN for/IN Soviet/JJ military/JJ officials/NNS for/IN much/JJ of/IN this/DT year/NN ./. | |
| They/PRP argue/VBP that/IN as/IN the/DT Kremlin/NNP follows/VBZ through/RP on/IN announced/JJ plans/NNS to/TO cut/VB land/NN forces/NNS --/: the/DT Soviets/NNPS '/POS area/NN of/IN greatest/JJS strength/NN --/: the/DT U.S./NNP should/MD show/VB more/JJR willingness/NN to/TO cut/VB sea/NN forces/NNS --/: Washington/NNP 's/POS area/NN of/IN greatest/JJS superiority/NN ./. | |
| One/CD of/IN the/DT reasons/NNS Bush/NNP administration/NN aides/NNS are/VBP anxious/JJ to/TO insist/VB that/IN the/DT coming/VBG meeting/NN will/MD be/VB informal/JJ is/VBZ to/TO avoid/VB comparisons/NNS with/IN the/DT last/JJ such/JJ loosely/RB structured/JJ superpower/NN gathering/NN ,/, former/JJ President/NNP Reagan/NNP 's/POS 1986/CD meeting/NN with/IN Mr./NNP Gorbachev/NNP in/IN Reykjavik/NNP ,/, Iceland/NNP ./. | |
| That/DT meeting/NN sent/VBD shivers/NNS through/IN the/DT Western/JJ alliance/NN because/IN Mr./NNP Reagan/NNP was/VBD pulled/VBN into/IN discussing/VBG the/DT possible/JJ elimination/NN of/IN nuclear/JJ weapons/NNS without/IN consulting/VBG American/JJ allies/NNS ./. | |
| Mr./NNP Bush/NNP said/VBD that/IN he/PRP initiated/VBD talks/NNS with/IN the/DT Soviets/NNPS on/IN the/DT informal/JJ meeting/NN by/IN sending/VBG a/DT proposal/NN to/TO Mr./NNP Gorbachev/NNP last/JJ July/NNP ,/, which/WDT the/DT Soviet/JJ leader/NN readily/RB accepted/VBD ./. | |
| But/CC word/NN of/IN the/DT possible/JJ session/NN was/VBD closely/RB held/VBN by/IN the/DT president/NN and/CC a/DT handful/NN of/IN top/JJ aides/NNS ,/, and/CC word/NN of/IN it/PRP did/VBD n't/RB reach/VB many/JJ second-level/JJ officials/NNS until/IN the/DT past/JJ few/JJ days/NNS ./. | |
| Indeed/RB ,/, many/JJ senior/JJ officials/NNS had/VBD been/VBN insisting/VBG for/IN weeks/NNS that/IN Mr./NNP Bush/NNP was/VBD n't/RB interested/JJ in/IN such/JJ an/DT informal/JJ get-together/NN ./. | |
| Though/IN President/NNP Bush/NNP 's/POS political/JJ critics/NNS at/IN home/NN have/VBP been/VBN urging/VBG him/PRP to/TO open/VB a/DT more/RBR direct/JJ dialogue/NN with/IN Mr./NNP Gorbachev/NNP ,/, it/PRP actually/RB was/VBD the/DT arguments/NNS of/IN leaders/NNS within/IN the/DT Soviet/JJ bloc/NN itself/PRP that/WDT led/VBD the/DT president/NN to/TO seek/VB the/DT December/NNP meeting/NN ./. | |
| Mr./NNP Bush/NNP decided/VBD he/PRP wanted/VBD the/DT meeting/NN after/IN talking/VBG in/IN Europe/NNP in/IN July/NNP with/IN the/DT leaders/NNS of/IN Poland/NNP and/CC Hungary/NNP ,/, who/WP urged/VBD him/PRP to/TO support/VB Mr./NNP Gorbachev/NNP 's/POS efforts/NNS to/TO transform/VB the/DT Soviet/JJ system/NN and/CC to/TO urge/VB him/PRP to/TO loosen/VB his/PRP$ grip/NN on/IN Eastern/NNP Europe/NNP ,/, a/DT senior/JJ aide/NN said/VBD ./. | |
| While/IN flying/VBG home/RB from/IN those/DT discussions/NNS ,/, Mr./NNP Bush/NNP drafted/VBD a/DT letter/NN to/TO Mr./NNP Gorbachev/NNP suggesting/VBG an/DT informal/JJ get-together/NN to/TO precede/VB their/PRP$ formal/JJ summit/NN next/IN year/NN ./. | |
| Peter/NNP Gumbel/NNP in/IN Moscow/NNP contributed/VBD to/TO this/DT article/NN ./. | |
| Banca/NNP Nazionale/NNP del/FW Lavoro/NNP said/VBD its/PRP$ potential/JJ losses/NNS from/IN lending/VBG to/TO Iraq/NNP could/MD reach/VB 1.175/CD trillion/CD lire/NNS (/-LRB- $/$ 872/CD million/CD )/-RRB- ,/, marking/VBG the/DT bank/NN 's/POS first/JJ quantification/NN of/IN potential/JJ costs/NNS of/IN unauthorized/JJ lending/NN by/IN its/PRP$ Atlanta/NNP branch/NN ./. | |
| BNL/NNP previously/RB reported/VBD that/DT its/PRP$ Georgia/NNP branch/NN had/VBD taken/VBN on/RP loan/NN commitments/NNS topping/VBG $/$ 3/CD billion/CD without/IN the/DT Rome-based/JJ management/NN 's/POS approval/NN ./. | |
| State-owned/JJ BNL/NNP ,/, Italy/NNP 's/POS largest/JJS bank/NN ,/, has/VBZ filed/VBN charges/NNS against/IN the/DT branch/NN 's/POS former/JJ manager/NN ,/, Christopher/NNP Drogoul/NNP ,/, and/CC a/DT former/JJ branch/NN vice/NN president/NN ,/, alleging/VBG fraud/NN and/CC breach/NN of/IN their/PRP$ fiduciary/JJ duties/NNS ./. | |
| BNL/NNP also/RB said/VBD that/DT its/PRP$ board/NN had/VBD approved/VBN ``/`` after/IN an/DT in-depth/JJ discussion/NN ,/, ''/'' a/DT letter/NN to/TO the/DT Bank/NNP of/IN Italy/NNP outlining/VBG measures/NNS the/DT state-owned/JJ bank/NN has/VBZ taken/VBN or/CC plans/VBZ to/TO take/VB to/TO improve/VB controls/NNS on/IN its/PRP$ foreign/JJ branches/NNS ./. | |
| The/DT central/JJ bank/NN had/VBD ordered/VBN BNL/NNP to/TO come/VB up/RP with/IN a/DT suitable/JJ program/NN by/IN yesterday/NN ./. | |
| Bank/NNP of/IN Italy/NNP has/VBZ also/RB ordered/VBN BNL/NNP to/TO shore/VB up/RP its/PRP$ capital/NN base/NN to/TO account/VB for/IN potential/JJ foreign/JJ loan/NN losses/NNS ,/, and/CC the/DT Rome/NNP bank/NN has/VBZ outlined/VBN a/DT 3/CD trillion/CD lire/NNS capital-raising/JJ operation/NN ./. | |
| BNL/NNP was/VBD unable/JJ to/TO elaborate/VB on/IN what/WDT measures/NNS were/VBD planned/VBN by/IN the/DT bank/NN to/TO improve/VB controls/NNS on/IN its/PRP$ branches/NNS abroad/RB ./. | |
| Hardly/RB a/DT day/NN passes/VBZ without/IN news/NN photos/NNS of/IN the/DT police/NN dragging/VBG limp/JJ protesters/NNS from/IN some/DT building/NN or/CC thoroughfare/NN in/IN one/CD of/IN our/PRP$ cities/NNS ./. | |
| Of/IN recent/JJ note/NN are/VBP the/DT activities/NNS of/IN the/DT pro-/JJ and/CC anti-abortionists/NNS ,/, anti-nuclear/JJ activists/NNS ,/, animal/NN rights/NNS protesters/NNS ,/, college/NN students/NNS concerned/JJ about/IN racism/NN ,/, anti-apartheid/JJ groups/NNS ,/, various/JJ self-styled/JJ ``/`` environmentalists/NNS ''/'' and/CC those/DT dissatisfied/JJ with/IN the/DT pace/NN of/IN the/DT war/NN against/IN AIDS/NNP ./. | |
| Maybe/RB he/PRP did/VBD n't/RB start/VB it/PRP ,/, but/CC Mohandas/NNP Gandhi/NNP certainly/RB provided/VBD a/DT recognizable/JJ beginning/NN to/TO non-violent/JJ civil/JJ disobedience/NN as/IN we/PRP know/VBP it/PRP today/NN ./. | |
| The/DT Mahatma/NNP ,/, or/CC ``/`` great/RB souled/JJ one/NN ,/, ''/'' instigated/VBD several/JJ campaigns/NNS of/IN passive/JJ resistance/NN against/IN the/DT British/JJ government/NN in/IN India/NNP ./. | |
| Unfortunately/RB ,/, according/VBG to/TO Webster/NNP 's/POS Biographical/NNP Dictionary/NNP ,/, ``/`` His/PRP$ policies/NNS went/VBD beyond/IN his/PRP$ control/NN and/CC resulted/VBD .../: in/IN riots/NNS and/CC disturbances/NNS ''/'' and/CC later/RBR a/DT renewed/VBN campaign/NN of/IN civil/JJ disobedience/NN ``/`` resulted/VBD in/IN rioting/NN and/CC a/DT second/JJ imprisonment/NN ./. ''/'' | |
| I/PRP am/VBP not/RB a/DT proponent/NN of/IN everything/NN Gandhi/NNP did/VBD ,/, but/CC some/DT of/IN his/PRP$ law/NN breaking/NN was/VBD justified/JJ because/IN India/NNP was/VBD then/RB under/IN occupation/NN by/IN a/DT foreign/JJ power/NN ,/, and/CC Indians/NNPS were/VBD not/RB able/JJ to/TO participate/VB fully/RB in/IN decisions/NNS that/WDT vitally/RB affected/VBD them/PRP ./. | |
| It/PRP is/VBZ difficult/JJ ,/, however/RB ,/, to/TO justify/VB civil/JJ disobedience/NN ,/, non-violent/JJ or/CC not/RB ,/, where/WRB citizens/NNS have/VBP full/JJ recourse/NN to/TO the/DT ballot/NN box/NN to/TO effect/NN change/NN ./. | |
| Where/WRB truly/RB representative/JJ governments/NNS are/VBP safeguarded/VBN by/IN constitutional/JJ protections/NNS of/IN human/JJ rights/NNS and/CC an/DT independent/JJ judiciary/NN to/TO construe/VB those/DT rights/NNS ,/, there/EX is/VBZ no/DT excuse/NN for/IN breaking/VBG the/DT law/NN because/IN some/DT individual/NN or/CC group/NN disagrees/VBZ with/IN it/PRP ./. | |
| There/EX may/MD be/VB a/DT few/JJ cases/NNS where/WRB the/DT law/NN breaking/NN is/VBZ well/RB pinpointed/JJ and/CC so/RB completely/RB non-invasive/JJ of/IN the/DT rights/NNS of/IN others/NNS that/IN it/PRP is/VBZ difficult/JJ to/TO criticize/VB it/PRP ./. | |
| The/DT case/NN of/IN Rosa/NNP Parks/NNP ,/, the/DT black/JJ woman/NN who/WP refused/VBD to/TO sit/VB at/IN the/DT back/NN of/IN the/DT bus/NN ,/, comes/VBZ to/TO mind/VB as/IN an/DT illustration/NN ./. | |
| But/CC most/JJS cases/NNS of/IN non-violent/JJ civil/JJ disobedience/NN are/VBP not/RB nearly/RB so/RB benign/JJ ./. | |
| The/DT public/NN has/VBZ a/DT tendency/NN to/TO equate/VB lawful/JJ demonstrations/NNS with/IN non-violent/JJ civil/JJ disobedience/NN ./. | |
| It/PRP is/VBZ true/JJ that/IN both/DT are/VBP non-violent/JJ ,/, but/CC there/EX is/VBZ a/DT fundamental/JJ difference/NN between/IN them/PRP ./. | |
| Lawful/JJ demonstrations/NNS ,/, such/JJ as/IN peaceful/JJ picketing/NN and/CC other/JJ assemblages/NNS that/WDT do/VBP not/RB disturb/VB the/DT peace/NN or/CC cause/VB a/DT public/JJ nuisance/NN or/CC interfere/VB with/IN the/DT rights/NNS of/IN others/NNS ,/, are/VBP rights/NNS guaranteed/VBN by/IN any/DT truly/RB free/JJ system/NN of/IN government/NN ./. | |
| Civil/JJ disobedience/NN ,/, violent/JJ or/CC non-violent/JJ ,/, is/VBZ intentional/JJ law/NN breaking/NN ./. | |
| The/DT subject/NN of/IN this/DT discussion/NN is/VBZ non-violent/JJ civil/JJ disobedience/NN ;/: but/CC ,/, before/IN we/PRP get/VBP on/RP with/IN that/DT ,/, let/VB me/PRP make/VB just/RB a/DT few/JJ tangential/JJ remarks/NNS about/IN lawful/JJ demonstrations/NNS ./. | |
| They/PRP are/VBP useful/JJ to/TO call/VB public/JJ attention/NN to/TO grievances/NNS ,/, but/CC they/PRP have/VBP little/JJ value/NN in/IN educating/VBG anyone/NN about/IN the/DT issues/NNS in/IN dispute/NN ./. | |
| The/DT delight/NN of/IN television/NN in/IN dramatic/JJ confrontation/NN encourages/VBZ overuse/NN of/IN slogans/NNS chanted/VBN through/IN bullhorns/NNS ,/, militant/JJ gestures/NNS ,/, accusatory/JJ signs/NNS and/CC other/JJ emotionally/RB inspired/JJ tactics/NNS ./. | |
| Civilized/JJ discourse/NN and/CC an/DT environment/NN where/WRB compromise/NN can/MD begin/VB are/VBP lost/VBN in/IN a/DT hostile/JJ posture/NN abetted/VBN by/IN superficial/JJ media/NNS interviews/NNS ./. | |
| At/IN best/JJS ,/, demonstrations/NNS are/VBP overused/JJ and/CC boringly/RB uninformative/JJ ;/: at/IN worst/JJS ,/, they/PRP can/MD become/VB the/DT stimuli/NNS that/WDT lead/VBP to/TO law/NN breaking/NN ./. | |
| Demonstrations/NNS are/VBP particularly/RB apt/JJ to/TO degenerate/VB into/IN criminal/JJ conduct/NN when/WRB they/PRP leave/VBP the/DT site/NN of/IN the/DT grievance/NN and/CC become/VBP mobile/JJ ./. | |
| Petty/JJ criminals/NNS and/CC street/NN people/NNS looking/VBG for/IN excitement/NN attach/VBP themselves/PRP like/IN remora/NNS to/TO the/DT fringes/NNS of/IN the/DT crowd/NN and/CC use/VBP the/DT protest/NN as/IN an/DT excuse/NN for/IN rock/NN throwing/NN ,/, auto/NN trashing/NN ,/, arson/NN ,/, window/NN breaking/NN ,/, looting/NN ,/, pocket/NN picking/NN and/CC general/JJ hooliganism/NN ./. | |
| Soon/RB the/DT whole/JJ purpose/NN of/IN the/DT demonstration/NN is/VBZ lost/VBN in/IN mob/NN mania/NN ./. | |
| There/EX are/VBP better/JJR ways/NNS to/TO promote/VB a/DT cause/NN ./. | |
| Where/WRB non-violent/JJ civil/JJ disobedience/NN is/VBZ the/DT centerpiece/NN ,/, rather/RB than/IN a/DT lawful/JJ demonstration/NN that/WDT may/MD only/RB attract/VB crime/NN ,/, it/PRP is/VBZ difficult/JJ to/TO justify/VB ./. | |
| Some/DT find/VBP no/DT harm/NN in/IN the/DT misdemeanors/NNS of/IN trespass/NN ,/, minor/JJ property/NN destruction/NN ,/, blocking/VBG traffic/NN and/CC the/DT like/JJ ./. | |
| They/PRP say/VBP these/DT are/VBP small/JJ prices/NNS to/TO pay/VB for/IN galvanizing/VBG action/NN for/IN the/DT all-important/JJ cause/NN ./. | |
| The/DT crimes/NNS may/MD appear/VB small/JJ ,/, but/CC the/DT prices/NNS can/MD be/VB huge/JJ ./. | |
| Here/RB are/VBP two/CD cases/NNS to/TO illustrate/VB ./. | |
| Assume/VB a/DT neighborhood/NN demonstration/NN to/TO protest/VB speeding/NN on/IN a/DT certain/JJ road/NN or/CC a/DT careless/JJ accident/NN involving/VBG a/DT police/NN car/NN ./. | |
| The/DT protesters/NNS lie/VBP down/RB in/IN the/DT street/NN ,/, blocking/VBG traffic/NN ,/, and/CC will/MD not/RB move/VB until/IN the/DT authorities/NNS carry/VBP them/PRP away/RB ./. | |
| Assume/VB that/IN someone/NN caught/VBD in/IN the/DT jam/NN has/VBZ a/DT heart/NN attack/NN ./. | |
| There/EX is/VBZ no/DT way/NN to/TO get/VB an/DT ambulance/NN in/IN quickly/RB to/TO move/VB him/PRP to/TO a/DT hospital/NN ./. | |
| He/PRP dies/VBZ ./. | |
| The/DT demonstration/NN was/VBD non-violent/JJ and/CC involved/VBN only/RB a/DT simple/JJ misdemeanor/NN ,/, but/CC its/PRP$ impact/NN on/IN that/DT individual/NN was/VBD violent/JJ and/CC terminal/JJ ./. | |
| Assume/VB that/IN a/DT TV/NN network/NN is/VBZ airing/VBG a/DT celebrity/NN interview/NN program/NN with/IN a/DT live/JJ audience/NN ./. | |
| The/DT politician/NN appearing/VBG is/VBZ highly/RB controversial/JJ and/CC has/VBZ recently/RB generated/VBN a/DT good/JJ deal/NN of/IN rancor/NN amid/IN certain/JJ groups/NNS ./. | |
| In/IN a/DT planned/JJ protest/NN against/IN his/PRP$ appearance/NN ,/, several/JJ members/NNS of/IN the/DT studio/NN audience/NN chain/VBP themselves/PRP in/IN front/NN of/IN the/DT TV/NN cameras/NNS in/IN such/JJ a/DT way/NN that/IN the/DT program/NN can/MD not/RB continue/VB ./. | |
| The/DT network/NN must/MD refund/VB money/NN to/TO the/DT advertisers/NNS and/CC loses/VBZ considerable/JJ revenue/NN and/CC prestige/NN ./. | |
| The/DT demonstrators/NNS have/VBP been/VBN non-violent/JJ ,/, but/CC the/DT result/NN of/IN their/PRP$ trespasses/NNS has/VBZ been/VBN to/TO seriously/RB impair/VB the/DT rights/NNS of/IN others/NNS unconnected/JJ with/IN their/PRP$ dispute/NN ./. | |
| It/PRP might/MD be/VB alleged/VBN that/DT TV/NN has/VBZ done/VBN more/JJR than/IN its/PRP$ share/NN to/TO popularize/VB and/CC promote/VB non-violent/JJ civil/JJ disobedience/NN ,/, so/RB the/DT second/JJ situation/NN hypothesized/VBN above/RB would/MD be/VB simply/RB a/DT case/NN of/IN ``/`` chickens/NNS coming/VBG home/RB to/TO roost/VB ./. ''/'' | |
| Or/CC maybe/RB the/DT TV/NN network/NN would/MD lose/VB nothing/NN ./. | |
| Geraldo/NNP or/CC Phil/NNP would/MD probably/RB pull/VB up/RP another/DT camera/NN and/CC interview/VB the/DT chained/JJ protesters/NNS ./. | |
| Let/VB us/PRP look/VB for/IN a/DT moment/NN at/IN another/DT type/NN of/IN non-violent/JJ civil/JJ disobedience/NN that/WDT only/RB harms/VBZ other/JJ people/NNS indirectly/RB ,/, yet/RB does/VBZ irreparable/JJ damage/NN to/TO the/DT nation/NN as/IN a/DT whole/NN ./. | |
| I/PRP am/VBP referring/VBG to/TO those/DT young/JJ men/NNS who/WP chose/VBD to/TO disobey/VB their/PRP$ country/NN 's/POS call/NN to/TO arms/NNS during/IN the/DT Vietnam/NNP war/NN and/CC fled/VBD to/TO Canada/NNP or/CC some/DT other/JJ sanctuary/NN to/TO avoid/VB combat/NN ./. | |
| Their/PRP$ cowardly/JJ acts/NNS of/IN civil/JJ disobedience/NN ,/, which/WDT they/PRP tried/VBD to/TO hide/VB under/IN the/DT cloak/NN of/IN outrage/NN at/IN a/DT war/NN they/PRP characterized/VBD as/IN ``/`` immoral/JJ ,/, ''/'' weakened/VBD the/DT national/JJ fabric/NN and/CC threw/VBD additional/JJ burdens/NNS on/IN those/DT who/WP served/VBD honorably/RB in/IN that/DT conflict/NN ./. | |
| Even/RB more/JJR at/IN fault/NN are/VBP those/DT leaders/NNS in/IN and/CC out/IN of/IN government/NN who/WP urged/VBD and/CC supported/VBD their/PRP$ defections/NNS ,/, thereby/RB giving/VBG great/JJ help/NN and/CC comfort/NN to/TO the/DT enemy/NN propagandists/NNS ./. | |
| It/PRP is/VBZ amazing/JJ that/IN the/DT ensuing/VBG mass/NN executions/NNS in/IN Vietnam/NNP and/CC Cambodia/NNP do/VBP not/RB weight/VB more/RBR heavily/RB on/IN minds/NNS so/RB morally/RB fine-tuned/JJ ./. | |
| Worse/JJR ,/, it/PRP remained/VBD to/TO a/DT well-meaning/JJ but/CC naive/JJ president/NN of/IN the/DT United/NNP States/NNPS to/TO administer/VB the/DT final/JJ infamy/NN upon/IN those/DT who/WP fought/VBD and/CC died/VBD in/IN Vietnam/NNP ./. | |
| Under/IN the/DT guise/NN of/IN ``/`` healing/VBG the/DT wounds/NNS of/IN the/DT nation/NN ,/, ''/'' President/NNP Carter/NNP pardoned/VBD thousands/NNS of/IN draft/NN evaders/NNS ,/, thus/RB giving/VBG dignity/NN to/TO their/PRP$ allegations/NNS of/IN the/DT war/NN 's/POS ``/`` immorality/NN ./. ''/'' | |
| The/DT precedent/NN having/VBG been/VBN set/VBN ,/, who/WP can/MD complain/VB if/IN future/JJ generations/NNS called/VBN upon/RB to/TO defend/VB the/DT U.S./NNP yield/VBP to/TO the/DT temptation/NN to/TO avoid/VB the/DT danger/NN of/IN combat/NN by/IN simply/RB declaring/VBG the/DT war/NN immoral/JJ and/CC hiding/VBG until/IN it/PRP is/VBZ over/RP ?/. | |
| Finally/RB ,/, I/PRP think/VBP it/PRP important/JJ to/TO point/VB out/RP the/DT extraordinarily/RB high/JJ visibility/NN of/IN non-violent/JJ civil/JJ disobedience/NN in/IN these/DT days/NNS of/IN intensive/JJ media/NNS coverage/NN ./. | |
| Give/VB television/NN a/DT chance/NN to/TO cover/VB live/RB any/DT breaking/NN of/IN the/DT law/NN ,/, and/CC no/DT second/JJ invitation/NN will/MD be/VB required/VBN ./. | |
| This/DT brings/VBZ into/IN question/NN the/DT motives/NNS of/IN those/DT who/WP lead/VBP civil/JJ disobedience/NN demonstrations/NNS ./. | |
| Do/VBP they/PRP want/VB the/DT spotlight/NN for/IN themselves/PRP or/CC for/IN their/PRP$ cause/NN ?/. | |
| Here/RB is/VBZ a/DT good/JJ rule/NN of/IN thumb/NN :/: If/IN the/DT movement/NN produced/VBD the/DT leader/NN ,/, the/DT chance/NN that/IN he/PRP is/VBZ sincere/JJ is/VBZ much/RB greater/JJR than/IN if/IN the/DT leader/NN produced/VBD the/DT movement/NN ./. | |
| In/IN either/DT case/NN ,/, ask/VB yourself/PRP whether/IN you/PRP have/VBP become/VBN better/RBR informed/JJ on/IN the/DT issues/NNS under/IN protest/NN by/IN watching/VBG the/DT act/NN of/IN civil/JJ disobedience/NN ./. | |
| If/IN you/PRP have/VBP not/RB ,/, it/PRP is/VBZ probable/JJ that/IN a/DT thorough/JJ airing/NN of/IN the/DT dispute/NN by/IN calm/JJ and/CC rational/JJ debate/NN would/MD have/VB been/VBN the/DT better/JJR course/NN ./. | |
| Mr./NNP Agnew/NNP was/VBD vice/NN president/NN of/IN the/DT U.S./NNP from/IN 1969/CD until/IN he/PRP resigned/VBD in/IN 1973/CD ./. | |
| Gov./NNP George/NNP Deukmejian/NNP and/CC key/JJ legislators/NNS agreed/VBD to/TO back/VB a/DT temporary/JJ one-quarter-cent/JJ increase/NN in/IN the/DT state/NN sales/NNS tax/NN to/TO raise/VB $/$ 800/CD million/CD for/IN repairs/NNS and/CC relief/NN associated/VBN with/IN last/JJ month/NN 's/POS earthquake/NN ./. | |
| The/DT tax/NN increase/NN ,/, which/WDT will/MD be/VB considered/VBN at/IN a/DT special/JJ session/NN of/IN the/DT state/NN legislature/NN that/WDT begins/VBZ tomorrow/NN ,/, would/MD cover/VB only/JJ part/NN of/IN the/DT estimated/VBN $/$ 4/CD billion/CD to/TO $/$ 6/CD billion/CD in/IN total/JJ damage/NN caused/VBN by/IN the/DT Oct./NNP 17/CD quake/NN ./. | |
| Aside/RB from/IN as/RB much/JJ as/IN $/$ 3.45/CD billion/CD in/IN recently/RB approved/VBN federal/JJ aid/NN ,/, the/DT state/NN is/VBZ expected/VBN to/TO draw/VB from/IN a/DT gubernatorial/JJ emergency/NN fund/NN that/WDT currently/RB stands/VBZ at/IN an/DT estimated/VBN $/$ 700/CD million/CD ./. | |
| ``/`` I/PRP am/VBP not/RB aware/JJ that/IN there/EX is/VBZ anything/NN but/CC bipartisan/JJ agreement/NN for/IN the/DT general/JJ outline/NN ''/'' of/IN the/DT revenue-raising/JJ plan/NN ,/, said/VBD a/DT spokesman/NN for/IN the/DT governor/NN ,/, after/IN a/DT Monday/NNP meeting/NN with/IN legislative/JJ leaders/NNS over/IN the/DT quake-relief/JJ question/NN ./. | |
| The/DT tax/NN increase/NN --/: on/IN top/NN of/IN the/DT current/JJ six-cent/JJ per/IN dollar/NN sales/NNS tax/NN --/: would/MD become/VB effective/JJ this/DT Dec./NNP 1/CD and/CC expire/VB Dec./NNP 31/CD ,/, 1990/CD ./. | |
| The/DT sales-tax/NN plan/NN was/VBD preferred/VBN over/IN an/DT alternative/NN that/WDT would/MD have/VB boosted/VBN the/DT state/NN gasoline/NN tax/NN ./. | |
| Some/DT legislators/NNS expressed/VBD concern/NN that/IN a/DT gas-tax/NN increase/NN would/MD take/VB too/RB long/RB and/CC possibly/RB damage/VB chances/NNS of/IN a/DT major/JJ gas-tax-increasing/JJ ballot/NN initiative/NN that/IN voters/NNS will/MD consider/VB next/JJ June/NNP ./. | |
| Despite/IN continuing/VBG problems/NNS in/IN its/PRP$ newsprint/NN business/NN ,/, Kimberly-Clark/NNP Corp./NNP posted/VBD a/DT 20/CD %/NN gain/NN in/IN third-quarter/JJ net/JJ income/NN ./. | |
| The/DT consumer-products/NNS and/CC newsprint/NN company/NN said/VBD net/NN rose/VBD to/TO $/$ 108.8/CD million/CD ,/, or/CC $/$ 1.35/CD a/DT share/NN ,/, from/IN $/$ 90.5/CD million/CD ,/, or/CC $/$ 1.12/CD a/DT share/NN ,/, a/DT year/NN ago/RB ./. | |
| Sales/NNS rose/VBD 6.2/CD %/NN to/TO $/$ 1.45/CD billion/CD from/IN $/$ 1.37/CD billion/CD ./. | |
| After/IN a/DT flat/JJ second/JJ quarter/NN tied/VBN largely/RB to/TO lower/JJR newsprint/NN earnings/NNS ,/, Kimberly-Clark/NNP attributed/VBD the/DT gain/NN to/TO improved/VBN results/NNS in/IN its/PRP$ consumer/NN businesses/NNS in/IN North/NNP America/NNP ,/, Brazil/NNP and/CC Korea/NNP ./. | |
| Those/DT gains/NNS came/VBD from/IN higher/JJR prices/NNS ,/, particularly/RB for/IN disposable/JJ diapers/NNS and/CC tissue/NN products/NNS ,/, and/CC from/IN increased/VBN sales/NNS ,/, primarily/RB for/IN feminine-care/JJ products/NNS ,/, the/DT company/NN said/VBD ./. | |
| Newsprint/NN results/NNS continued/VBD to/TO be/VB depressed/JJ ,/, the/DT company/NN added/VBD ,/, because/IN of/IN industrywide/JJ price/NN discounting/NN ./. | |
| The/DT quarter-to-quarter/JJ comparison/NN was/VBD also/RB enhanced/VBN by/IN charges/NNS taken/VBN in/IN the/DT year-earlier/JJ period/NN ,/, including/VBG $/$ 11/CD million/CD related/JJ to/TO the/DT modernization/NN of/IN a/DT pulp/NN and/CC newsprint/NN mill/NN in/IN Alabama/NNP ./. | |
| In/IN the/DT 1989/CD period/NN also/RB ,/, interest/NN expense/NN and/CC tax/NN rates/NNS were/VBD lower/JJR than/IN a/DT year/NN ago/RB ./. | |
| In/IN the/DT first/JJ nine/CD months/NNS ,/, profit/NN rose/VBD 10/CD %/NN to/TO $/$ 313.2/CD million/CD ,/, or/CC $/$ 3.89/CD a/DT share/NN ,/, from/IN $/$ 283.9/CD million/CD ,/, or/CC $/$ 3.53/CD a/DT share/NN ./. | |
| Sales/NNS rose/VBD 6.7/CD %/NN to/TO $/$ 4.27/CD billion/CD from/IN $/$ 4/CD billion/CD ./. | |
| In/IN New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN ,/, Kimberly-Clark/NNP closed/VBD at/IN $/$ 66.50/CD a/DT share/NN ,/, up/RB $/$ 1.50/CD ./. | |
| INTENSIVE/JJ AUDITS/NNS are/VBP coming/VBG to/TO 55,500/CD taxpayers/NNS as/IN research/NN guinea/NN pigs/NNS ./. | |
| This/DT is/VBZ the/DT year/NN :/: Unsuspecting/JJ filers/NNS of/IN 1988/CD personal/JJ returns/NNS are/VBP being/VBG picked/VBD randomly/RB for/IN thorough/JJ audits/NN to/TO help/VB the/DT IRS/NNP update/VB its/PRP$ criteria/NNS for/IN enforcement/NN ,/, audit/NN selection/NN ,/, and/CC use/NN of/IN resources/NNS ./. | |
| The/DT last/JJ Taxpayer/NNP Compliance/NNP Measurement/NNP Program/NNP survey/NN covered/VBD 1985/CD returns/NNS ./. | |
| The/DT 1988-return/JJ project/NN starts/VBZ Jan./NNP 1/CD and/CC is/VBZ to/TO be/VB done/VBN by/IN May/NNP 31/CD ,/, 1991/CD ./. | |
| Specially/RB trained/JJ IRS/NNP agents/NNS will/MD look/VB for/IN under-reported/JJ income/NN and/CC unsupported/JJ deductions/NNS and/CC credits/NNS ./. | |
| The/DT agents/NNS will/MD make/VB more/JJR than/IN routine/JJ inquiries/NNS about/IN such/JJ items/NNS as/IN marital/JJ status/NN and/CC dependents/NNS ;/: they/PRP want/VBP to/TO look/VB at/IN living/NN standards/NNS and/CC business/NN assets/NNS ./. | |
| But/CC they/PRP also/RB are/VBP to/TO see/VB that/IN taxpayers/NNS get/VBP all/DT allowable/JJ tax/NN benefits/NNS and/CC to/TO ask/VB if/IN filers/NNS who/WP sought/VBD IRS/NNP aid/NN were/VBD satisfied/JJ with/IN it/PRP ./. | |
| Courts/NNS have/VBP ruled/VBN that/IN taxpayers/NNS must/MD submit/VB to/TO TCMP/NNP audits/NN ,/, but/CC the/DT IRS/NNP will/MD excuse/VB from/IN the/DT fullscale/JJ rigors/NNS anyone/NN who/WP was/VBD audited/VBN without/IN change/NN for/IN either/DT 1986/CD or/CC 1987/CD ./. | |
| Rewards/NNS have/VBP been/VBN suggested/VBN --/: but/CC never/RB adopted/VBN --/: for/IN filers/NNS who/WP come/VBP through/IN TCMP/NNP audits/NN without/IN change/NN ./. | |
| PENALTY/NN OVERHAUL/NN is/VBZ still/RB likely/JJ ,/, congressional/JJ sources/NNS say/VBP ./. | |
| Long-debated/JJ proposals/NNS to/TO simplify/VB the/DT more/JJR than/IN 150/CD civil/JJ penalties/NNS and/CC make/VB them/PRP fairer/JJR and/CC easier/JJR to/TO administer/VB are/VBP in/IN the/DT House/NNP tax/NN bill/NN ./. | |
| But/CC they/PRP were/VBD stripped/VBN from/IN the/DT Senate/NNP bill/NN after/IN staffers/NNS estimated/VBD penalty/NN revenue/NN would/MD fall/VB by/IN $/$ 216/CD million/CD over/IN five/CD years/NNS ./. | |
| Still/RB ,/, congressional/JJ aides/NNS say/VBP penalty/NN reform/NN is/VBZ a/DT strong/JJ candidate/NN for/IN enactment/NN ,/, even/RB if/IN not/RB this/DT time/NN around/RB ,/, although/IN some/DT provisions/NNS may/MD be/VB modified/VBN ./. | |
| Sen./NNP Pryor/NNP (/-LRB- D./NNP ,/, Ark./NNP )/-RRB- ,/, a/DT leader/NN on/IN the/DT issue/NN who/WP generally/RB backs/VBZ the/DT House/NNP plan/NN ,/, wants/VBZ some/DT changes/NNS --/: for/IN one/CD ,/, separate/JJ sanctions/NNS for/IN negligence/NN and/CC large/JJ misstatements/NNS of/IN tax/NN owed/VBN ,/, not/RB a/DT single/JJ penalty/NN ./. | |
| He/PRP would/MD ease/VB the/DT proposed/VBN penalties/NNS for/IN delayed/JJ payroll-tax/NN deposits/NNS and/CC for/IN faulty/JJ Form/NN 1099/CD and/CC other/JJ reports/NNS that/IN taxpayers/NNS correct/VBP voluntarily/RB ./. | |
| The/DT General/NNP Accounting/NNP Office/NNP urges/VBZ Congress/NNP to/TO ensure/VB that/IN all/DT penalties/NNS retain/VBP their/PRP$ force/NN as/IN deterrents/NNS ./. | |
| TAXPAYERS/NNS '/POS RIGHTS/NNS are/VBP defined/VBN by/IN a/DT growing/VBG number/NN of/IN states/NNS ./. | |
| The/DT 1988/CD tax/NN act/NN created/VBD a/DT federal/JJ bill/NN of/IN rights/NNS spelling/VBG out/RP IRS/NNP duties/NNS to/TO protect/VB taxpayers/NNS '/POS rights/NNS in/IN the/DT assessment/NN and/CC collection/NN of/IN taxes/NNS ./. | |
| States/NNS are/VBP following/VBG suit/NN ./. | |
| California/NNP enacted/VBD a/DT rights/NNS law/NN in/IN 1988/CD ./. | |
| In/IN 1989/CD ,/, Illinois/NNP ,/, Kansas/NNP ,/, Ohio/NNP ,/, Oregon/NNP and/CC South/NNP Carolina/NNP have/VBP adopted/VBN rights/NNS laws/NNS ,/, the/DT Federation/NNP of/IN Tax/NNP Administrators/NNPS ,/, a/DT state/NN officials/NNS '/POS group/NN ,/, reports/VBZ ;/: the/DT features/NNS vary/VBP ./. | |
| And/CC taxpayer/NN groups/NNS are/VBP urging/VBG legislation/NN in/IN many/JJ other/JJ states/NNS ./. | |
| One/CD group/NN is/VBZ the/DT Committee/NN on/IN State/NNP Taxation/NNP ,/, which/WDT comprises/VBZ 330/CD multistate/NN corporations/NNS and/CC advises/VBZ the/DT Council/NNP of/IN State/NNP Chambers/NNPS of/IN Commerce/NNP ./. | |
| The/DT group/NN 's/POS Mark/NNP Cahoon/NNP says/VBZ its/PRP$ efforts/NNS begun/VBN in/IN 1989/CD have/VBP led/VBN to/TO the/DT introduction/NN of/IN bills/NNS in/IN Massachusetts/NNP ,/, Minnesota/NNP and/CC Colorado/NNP to/TO establish/VB evenhanded/JJ procedures/NNS affecting/VBG all/DT kinds/NNS of/IN taxpayers/NNS ./. | |
| The/DT group/NN also/RB seeks/VBZ uniformity/NN among/IN states/NNS in/IN provisions/NNS for/IN taxpayers/NNS '/POS rights/NNS ./. | |
| This/DT week/NN ,/, New/NNP York/NNP City/NNP announced/VBD a/DT 10-point/JJ policy/NN patterned/VBN on/IN the/DT federal/JJ bill/NN of/IN rights/NNS for/IN taxpayers/NNS ./. | |
| THE/DT MILEAGE/NN RATE/NN allowed/VBN for/IN business/NN use/NN of/IN a/DT car/NN in/IN 1989/CD has/VBZ risen/VBN to/TO 25.5/CD cents/NNS a/DT mile/NN for/IN the/DT first/JJ 15,000/CD from/IN 24/CD cents/NNS in/IN 1988/CD ,/, the/DT IRS/NNP says/VBZ ;/: the/DT rate/NN stays/VBZ 11/CD cents/NNS for/IN each/DT added/VBN mile/NN ./. | |
| Also/RB unaltered/JJ :/: 12/CD cents/NNS for/IN charitable/JJ activities/NNS and/CC nine/CD cents/NNS for/IN medical/JJ and/CC moving/NN costs/NNS ./. | |
| IRA/NNP BALANCES/NNS could/MD be/VB used/VBN to/TO qualify/VB for/IN bank/NN services/NNS under/IN a/DT bill/NN entered/VBN by/IN Reps./NNPS Chandler/NNP (/-LRB- R./NNP ,/, Wash/NNP ./. )/-RRB- and/CC Andrews/NNP (/-LRB- D./NNP ,/, Texas/NNP )/-RRB- ./. | |
| The/DT bill/NN would/MD thwart/VB a/DT recent/JJ Labor/NNP Department/NNP opinion/NN that/IN investing/VBG individual-retirement-account/NN funds/NNS to/TO earn/VB free/JJ checking/NN violates/VBZ the/DT law/NN ./. | |
| HUGO/NNP FELLED/VBD vast/JJ timberlands/NNS ./. | |
| South/NNP Carolina/NNP 's/POS congressional/JJ delegation/NN has/VBZ entered/VBN Senate/NNP and/CC House/NNP bills/NNS to/TO provide/VB special/JJ casualty-loss/JJ treatment/NN and/CC other/JJ tax/NN relief/NN for/IN timber/NN growers/NNS in/IN the/DT hurricane/NN disaster/NN areas/NNS ./. | |
| HE/PRP RODE/VBD HIS/PRP$ HOBBY/NN ,/, but/CC he/PRP could/MD n't/RB milk/VB it/PRP ,/, the/DT Tax/NNP Court/NNP says/VBZ ./. | |
| The/DT court/NN often/RB weighs/VBZ deductions/NNS of/IN sideline-business/JJ costs/NNS :/: Do/VBP they/PRP stem/VB from/IN a/DT profit-seeking/JJ activity/NN or/CC a/DT nondeductible/JJ hobby/NN ?/. | |
| But/CC it/PRP 's/VBZ rare/JJ to/TO see/VB both/DT functions/NNS in/IN one/CD case/NN ./. | |
| Charles/NNP O./NNP Givens/NNP of/IN Mount/NNP Vernon/NNP ,/, Ind./NNP -/: investment/NN broker/NN ,/, ex-accountant/NN ,/, and/CC son/NN of/IN a/DT former/JJ stable/NN owner/NN -/: bred/VBD Tennessee/NNP Walking/VBG Horses/NNS for/IN six/CD years/NNS ,/, raised/VBD cattle/NNS for/IN four/CD ,/, and/CC never/RB made/VBD a/DT profit/NN on/IN either/DT ./. | |
| He/PRP claimed/VBD losses/NNS totaling/VBG $/$ 42,455/CD --/: and/CC the/DT IRS/NNP denied/VBD them/PRP all/DT ./. | |
| Special/JJ Judge/NNP Galloway/NNP noted/VBD that/IN Givens/NNP managed/VBD horse-breeding/NN in/IN a/DT businesslike/JJ way/NN :/: He/PRP kept/VBD detailed/JJ accounts/NNS ,/, practiced/VBD soil/NN conservation/NN ,/, enhanced/VBD his/PRP$ experience/NN by/IN consulting/VBG experts/NNS ,/, spent/VBD several/JJ hours/NNS a/DT day/NN doing/VBG chores/NNS ,/, and/CC dropped/VBD the/DT sideline/NN when/WRB his/PRP$ best/JJS brood/NN mare/NN died/VBD ./. | |
| Yet/CC he/PRP took/VBD little/RB businesslike/JJ care/NN with/IN his/PRP$ cattle/NNS :/: He/PRP had/VBD no/DT prior/JJ experience/NN and/CC did/VBD n't/RB seek/VB business/NN counsel/NN about/IN them/PRP ./. | |
| The/DT judge/NN said/VBD Givens/NNP may/MD deduct/VB his/PRP$ $/$ 30,180/CD of/IN losses/NNS from/IN horse/NN breeding/NN ,/, but/CC rejected/VBD the/DT $/$ 12,275/CD in/IN deductions/NNS from/IN the/DT cattle/NNS operation/NN ./. | |
| BRIEFS/NNS :/: | |
| The/DT IRS/NNP already/RB is/VBZ doing/VBG intensive/JJ TCMP/NNP audits/NN of/IN 19,000/CD returns/NNS for/IN 1987/CD and/CC fiscal/JJ 1988/CD filed/VBN by/IN corporations/NNS with/IN under/IN $/$ 10/CD million/CD in/IN assets/NNS .../: ./. | |
| President/NNP Bush/NNP says/VBZ he/PRP will/MD name/VB Donald/NNP E./NNP Kirkendall/NNP to/TO the/DT new/JJ Treasury/NNP post/NN of/IN inspector/NN general/NN ,/, which/WDT has/VBZ responsibilities/NNS for/IN the/DT IRS/NNP .../: ./. | |
| The/DT U.S./NNP and/CC Finland/NNP signed/VBD an/DT income-tax/NN treaty/NN ,/, subject/JJ to/TO ratification/NN ./. | |
| An/DT arbitrator/NN awarded/VBD Eastern/NNP Airlines/NNPS pilots/NNS between/IN $/$ 60/CD million/CD and/CC $/$ 100/CD million/CD in/IN back/JJ pay/NN ,/, a/DT decision/NN that/WDT could/MD complicate/VB the/DT carrier/NN 's/POS bankruptcy-law/NN reorganization/NN ./. | |
| Eastern/NNP ,/, a/DT unit/NN of/IN Texas/NNP Air/NNP Corp./NNP ,/, said/VBD it/PRP is/VBZ examining/VBG the/DT ruling/NN to/TO determine/VB if/IN it/PRP can/MD appeal/VB ./. | |
| It/PRP 's/VBZ unclear/JJ whether/IN Eastern/NNP will/MD succeed/VB in/IN overturning/VBG the/DT arbitrator/NN 's/POS decision/NN ,/, made/VBN in/IN a/DT long-simmering/JJ ``/`` pay/NN parity/NN ''/'' dispute/NN that/WDT predates/VBZ both/DT the/DT carrier/NN 's/POS Chapter/NN 11/CD petition/NN and/CC its/PRP$ 1986/CD acquisition/NN by/IN Texas/NNP Air/NNP ./. | |
| All/DT Eastern/NNP 's/POS previous/JJ court/NN efforts/NNS to/TO head/VB off/RP the/DT pilots/NNS '/POS demands/NNS have/VBP failed/VBN ./. | |
| An/DT Eastern/NNP spokesman/NN said/VBD he/PRP does/VBZ n't/RB expect/VB that/IN the/DT arbitrator/NN 's/POS ruling/NN ``/`` will/MD have/VB any/DT overall/JJ material/JJ effect/NN on/IN the/DT company/NN 's/POS strategic/JJ plan/NN ./. ''/'' | |
| Bankruptcy/NN experts/NNS said/VBD the/DT law/NN is/VBZ n't/RB clear/JJ on/IN how/WRB such/JJ an/DT arbitration/NN ruling/NN can/MD affect/VB a/DT company/NN 's/POS case/NN ./. | |
| Like/IN any/DT other/JJ creditor/NN ,/, the/DT pilots/NNS will/MD have/VB to/TO apply/VB to/TO the/DT court/NN for/IN payment/NN of/IN their/PRP$ claim/NN ./. | |
| That/DT may/MD leave/VB a/DT lot/NN of/IN leeway/NN for/IN U.S./NNP Bankruptcy/NNP Judge/NNP Burton/NNP R./NNP Lifland/NNP to/TO decide/VB what/WP ,/, if/IN anything/NN ,/, the/DT pilots/NNS actually/RB collect/VBP ./. | |
| In/IN August/NNP ,/, he/PRP issued/VBD the/DT ruling/NN that/WDT let/VBD the/DT pilots/NNS pursue/VB their/PRP$ back-pay/NN grievance/NN before/IN the/DT arbitrator/NN ./. | |
| The/DT pilots/NNS '/POS contract/NN with/IN Eastern/NNP calls/VBZ for/IN a/DT mutually/RB acceptable/JJ private/JJ arbitrator/NN to/TO resolve/VB such/JJ grievances/NNS ./. | |
| In/IN a/DT statement/NN to/TO employees/NNS ,/, Eastern/NNP said/VBD the/DT company/NN was/VBD disappointed/JJ by/IN the/DT ruling/NN ./. | |
| ``/`` The/DT obligation/NN is/VBZ totally/RB unwarranted/JJ ,/, ''/'' the/DT statement/NN said/VBD ./. | |
| James/NNP Linsey/NNP ,/, a/DT lawyer/NN for/IN the/DT Air/NNP Line/NNP Pilots/NNPS Association/NNP ,/, said/VBD the/DT pilots/NNS were/VBD extremely/RB pleased/JJ ./. | |
| ``/`` This/DT is/VBZ a/DT blow/NN not/RB only/RB to/TO Eastern/NNP but/CC to/TO the/DT creditors/NNS committee/NN ,/, ''/'' he/PRP said/VBD ./. | |
| Eastern/NNP 's/POS creditors/NNS committee/NN ,/, along/IN with/IN the/DT company/NN ,/, has/VBZ consistently/RB opposed/VBN the/DT pilots/NNS '/POS claim/NN ,/, which/WDT if/IN paid/VBN would/MD have/VB to/TO come/VB out/IN of/IN money/NN both/DT hope/VBP to/TO use/VB to/TO pay/VB off/RP other/JJ bankruptcy/NN claims/NNS ./. | |
| Eastern/NNP and/CC its/PRP$ creditors/NNS are/VBP in/IN the/DT final/JJ ,/, delicate/JJ stages/NNS of/IN negotiating/VBG a/DT second/JJ reorganization/NN plan/NN to/TO pay/VB off/RP the/DT airline/NN 's/POS debts/NNS ./. | |
| An/DT earlier/JJR plan/NN ,/, which/WDT had/VBD received/VBN the/DT creditors/NNS '/POS approval/NN in/IN July/NNP ,/, fell/VBD apart/RB when/WRB Eastern/NNP changed/VBD its/PRP$ business/NN plan/NN ./. | |
| It/PRP is/VBZ n't/RB known/JJ whether/IN the/DT pilot/NN claim/NN was/VBD figured/VBN into/IN either/DT plan/NN ./. | |
| The/DT dispute/NN between/IN Eastern/NNP and/CC its/PRP$ pilots/NNS is/VBZ over/IN a/DT ``/`` pay/NN parity/NN ''/'' clause/NN in/IN the/DT pilots/NNS '/POS contract/NN ./. | |
| The/DT clause/NN was/VBD part/NN of/IN an/DT agreement/NN in/IN which/WDT pilots/NNS accepted/VBD a/DT substantial/JJ pay/NN cut/NN as/RB long/RB as/IN no/DT other/JJ labor/NN group/NN got/VBD a/DT raise/NN ./. | |
| Shortly/RB after/IN Texas/NNP Air/NNP took/VBD control/NN of/IN Eastern/NNP ,/, some/DT Machinists/NNS union/NN supervisors/NNS received/VBD a/DT 20/CD %/NN pay/NN raise/NN ./. | |
| The/DT pilots/NNS argued/VBD that/IN this/DT triggered/VBD a/DT pay/NN raise/NN for/IN them/PRP ./. | |
| Eastern/NNP has/VBZ disputed/VBN the/DT claim/NN ,/, but/CC a/DT federal/JJ district/NN court/NN ,/, an/DT appeals/NNS court/NN and/CC now/RB the/DT arbitrator/NN have/VBP all/DT sided/VBN with/IN the/DT pilots/NNS ./. | |
| The/DT two/CD sides/NNS do/VBP n't/RB even/RB agree/VB about/IN how/WRB much/JJ money/NN is/VBZ at/IN issue/NN ./. | |
| The/DT pilots/NNS put/VBD the/DT amount/NN as/RB high/JJ as/IN $/$ 100/CD million/CD ,/, the/DT company/NN at/IN $/$ 65/CD million/CD ./. | |
| Another/DT arbitrator/NN is/VBZ hearing/VBG another/DT pay/NN parity/NN case/NN between/IN Eastern/NNP and/CC its/PRP$ pilots/NNS ,/, resulting/VBG from/IN a/DT similar/JJ set/NN of/IN circumstances/NNS involving/VBG a/DT separate/JJ pay/NN raise/NN granted/VBN another/DT union/NN ./. | |
| A/DT decision/NN on/IN that/DT case/NN is/VBZ n't/RB expected/VBN before/IN mid-November/NNP ./. | |
| Ironically/RB ,/, many/JJ of/IN the/DT pilots/NNS involved/VBN have/VBP left/VBN Eastern/NNP or/CC are/VBP still/RB striking/VBG the/DT carrier/NN ,/, which/WDT filed/VBD for/IN bankruptcy/NN protection/NN March/NNP 9/CD ./. | |
| About/IN 800/CD have/VBP crossed/VBN the/DT picket/NN lines/NNS and/CC returned/VBN to/TO work/VB ./. | |
| Few/JJ people/NNS in/IN the/DT advertising/NN business/NN have/VBP raised/VBN as/IN many/JJ hackles/NNS as/IN Alvin/NNP A./NN Achenbaum/NNP ./. | |
| The/DT general/JJ public/NN may/MD not/RB know/VB his/PRP$ name/NN ,/, but/CC he/PRP 's/VBZ famous/JJ --/: make/VB that/DT infamous/JJ --/: in/IN advertising/NN circles/NNS :/: A/DT marketing/VBG consultant/NN ,/, he/PRP pioneered/VBD slashing/VBG ad/NN agency/NN commissions/NNS ,/, to/TO the/DT delight/NN of/IN advertising/NN clients/NNS and/CC the/DT dismay/NN of/IN agencies/NNS ./. | |
| Now/RB ,/, after/IN beating/VBG them/PRP ,/, Mr./NNP Achenbaum/NNP is/VBZ joining/VBG them/PRP ./. | |
| Backer/NNP Spielvogel/NNP Bates/NNP Worldwide/NNP named/VBD Mr./NNP Achenbaum/NNP ,/, 62/CD ,/, vice/NN chairman/NN of/IN professional/JJ services/NNS ,/, reporting/VBG directly/RB to/TO Carl/NNP Spielvogel/NNP ,/, chairman/NN and/CC chief/JJ executive/NN officer/NN ./. | |
| He/PRP joins/VBZ Nov./NNP 13/CD ,/, dissolving/VBG his/PRP$ consulting/VBG firm/NN ,/, Canter/NNP ,/, Achenbaum/NNP Associates/NNPS ./. | |
| In/IN years/NNS past/RB ,/, the/DT ad/NN industry/NN 's/POS most/RBS distinguished/JJ executives/NNS did/VBD n't/RB hesitate/VB to/TO excorciate/VB Mr./NNP Achenbaum/NNP ./. | |
| They/PRP have/VBP since/RB mellowed/VBN ,/, although/IN one/CD senior/JJ Young/NNP &/CC Rubicam/NNP executive/NN ,/, echoing/VBG others/NNS ,/, said/VBD :/: ``/`` I/PRP think/VBP ad/NN agencies/NNS owe/VBP Carl/NNP {/-LRB- Spielvogel/NNP }/-RRB- a/DT vote/NN of/IN thanks/NNS for/IN getting/VBG him/PRP out/IN of/IN the/DT consulting/NN business/NN ./. ''/'' | |
| But/CC industry/NN executives/NNS also/RB believe/VBP hiring/VBG Mr./NNP Achenbaum/NNP is/VBZ a/DT shrewd/JJ move/NN for/IN Backer/NNP Spielvogel/NNP ,/, a/DT unit/NN of/IN Saatchi/NNP &/CC Saatchi/NNP ./. | |
| Mr./NNP Achenbaum/NNP has/VBZ counted/VBN among/IN his/PRP$ clients/NNS some/DT of/IN the/DT most/RBS visible/JJ blue-chip/JJ advertisers/NNS in/IN the/DT country/NN ,/, including/VBG Nissan/NNP ,/, Toyota/NNP ,/, Seagram/NNP and/CC Backer/NNP Spielvogel/NNP clients/NNS Hyundai/NNP and/CC J.P./NNP Morgan/NNP ./. | |
| At/IN Backer/NNP Spielvogel/NNP ,/, he/PRP will/MD work/VB with/IN clients/NNS and/CC potential/JJ clients/NNS on/IN marketing/NN strategies/NNS ;/: aside/RB from/IN agency/NN compensation/NN issues/NNS ,/, he/PRP helped/VBD Nissan/NNP ,/, for/IN example/NN ,/, come/VB up/RP with/IN its/PRP$ positioning/NN and/CC pricing/NN for/IN its/PRP$ new/JJ Infiniti/NNP line/NN ./. | |
| His/PRP$ client/NN contacts/NNS ,/, meanwhile/RB ,/, could/MD prove/VB a/DT gold/NN mine/NN for/IN an/DT agency/NN that/WDT has/VBZ had/VBN few/JJ new/JJ business/NN wins/NNS of/IN late/RB ./. | |
| ``/`` I/PRP 've/VBP done/VBN over/IN 40/CD ad/NN agency/NN searches/NNS {/-LRB- for/IN clients/NNS }/-RRB- ,/, so/RB I/PRP have/VBP a/DT pretty/RB good/JJ notion/NN of/IN what/WP clients/NNS are/VBP interested/JJ in/IN when/WRB they/PRP look/VBP for/IN an/DT agency/NN ,/, ''/'' Mr./NNP Achenbaum/NNP said/VBD ./. | |
| As/IN a/DT consultant/NN ,/, he/PRP has/VBZ given/VBN seminars/NNS at/IN agencies/NNS including/VBG Ogilvy/NNP &/CC Mather/NNP on/IN how/WRB to/TO win/VB new/JJ business/NN ./. | |
| Mr./NNP Spielvogel/NNP said/VBD he/PRP hopes/VBZ Mr./NNP Achenbaum/NNP will/MD do/VB some/DT strategic/JJ consulting/NN at/IN the/DT agency/NN for/IN ``/`` non-clients/NNS ,/, in/IN hopes/NNS that/IN they/PRP become/VBP clients/NNS ./. ''/'' | |
| At/IN Backer/NNP Spielvogel/NNP ,/, Mr./NNP Spielvogel/NNP 's/POS hallmark/NN has/VBZ been/VBN personal/JJ involvement/NN with/IN all/DT major/JJ clients/NNS ./. | |
| He/PRP pampers/VBZ them/PRP ;/: he/PRP invites/VBZ them/PRP to/TO fabulous/JJ parties/NNS ;/: he/PRP strokes/VBZ them/PRP ./. | |
| Mr./NNP Achenbaum/NNP ,/, too/RB ,/, delves/VBZ into/IN his/PRP$ clients/NNS '/POS business/NN ./. | |
| ``/`` Carl/NNP has/VBZ a/DT much/RB higher/JJR degree/NN of/IN intimacy/NN with/IN his/PRP$ clients/NNS than/IN is/VBZ ordinary/JJ for/IN an/DT agency/NN his/PRP$ size/NN ./. | |
| And/CC with/IN Al/NNP 's/POS record/NN of/IN being/VBG a/DT delver/NN and/CC a/DT detail/NN guy/NN ,/, you/PRP can/MD see/VB how/WRB the/DT two/CD fit/VBP ,/, ''/'' said/VBD Alan/NNP Gottesman/NNP ,/, an/DT analyst/NN with/IN PaineWebber/NNP ./. | |
| Mr./NNP Achenbaum/NNP 's/POS move/NN follows/VBZ the/DT announcement/NN last/JJ month/NN that/IN his/PRP$ consulting/VBG partner/NN ,/, Stanley/NNP Canter/NNP ,/, 66/CD ,/, would/MD retire/VB ./. | |
| When/WRB the/DT announcement/NN came/VBD out/RB ,/, ``/`` I/PRP picked/VBD up/RP the/DT phone/NN and/CC said/VBD ,/, `/`` Why/WRB do/VBP n't/RB you/PRP come/VB to/TO us/PRP ?/. '/'' ''/'' Mr./NNP Spielvogel/NNP said/VBD ./. | |
| Mr./NNP Achenbaum/NNP ,/, who/WP had/VBD been/VBN considering/VBG paring/VBG down/RP his/PRP$ firm/NN or/CC merging/VBG it/PRP with/IN another/DT small/JJ consulting/NN outfit/NN ,/, soon/RB agreed/VBD ./. | |
| The/DT two/CD men/NNS are/VBP longtime/JJ friends/NNS and/CC tennis/NN partners/NNS ,/, having/VBG met/VBN about/IN 25/CD years/NNS ago/RB ./. | |
| Before/IN becoming/VBG a/DT consultant/NN in/IN 1974/CD ,/, Mr./NNP Achenbaum/NNP was/VBD a/DT senior/JJ executive/NN at/IN J./NNP Walter/NNP Thompson/NNP Co/NNP ./. | |
| He/PRP spent/VBD most/JJS of/IN his/PRP$ career/NN formulating/VBG marketing/NN strategies/NNS ,/, but/CC became/VBD best-known/JJS for/IN chipping/VBG away/RB at/IN ad/NN agency/NN compensation/NN ./. | |
| Ad/NN agencies/NNS typically/RB earned/VBD a/DT straight/JJ 15/CD %/NN commission/NN ;/: if/IN a/DT client/NN spent/VBN $/$ 100/CD million/CD on/IN TV/NN time/NN ,/, the/DT agency/NN made/VBD $/$ 15/CD million/CD ./. | |
| But/CC Mr./NNP Achenbaum/NNP pioneered/VBD negotiated/JJ fees/NNS ,/, which/WDT often/RB worked/VBD out/RP to/TO less/JJR than/IN 15/CD %/NN ./. | |
| More/RBR recently/RB ,/, he/PRP negotiated/VBD ``/`` indemnification/NN ''/'' clauses/NNS in/IN which/WDT an/DT ad/NN agency/NN in/IN some/DT cases/NNS must/MD pay/VB a/DT client/NN if/IN it/PRP drops/VBZ the/DT account/NN ./. | |
| He/PRP ultimately/RB became/VBD so/RB well-known/JJ for/IN cutting/VBG compensation/NN ,/, however/RB ,/, that/IN clients/NNS did/VBD n't/RB seek/VB him/PRP out/RP for/IN anything/NN else/JJ ./. | |
| ``/`` I/PRP was/VBD very/RB frustrated/JJ ,/, ''/'' he/PRP said/VBD ./. | |
| ``/`` The/DT fact/NN of/IN the/DT matter/NN is/VBZ ,/, I/PRP am/VBP a/DT marketer/NN ./. | |
| That/DT 's/VBZ another/DT reason/NN {/-LRB- for/IN the/DT Backer/NNP Spielvogel/NNP job/NN }/-RRB- ./. | |
| It/PRP struck/VBD me/PRP as/IN a/DT way/NN to/TO get/VB back/RB to/TO what/WP I/PRP really/RB want/VBP to/TO do/VB ./. ''/'' | |
| Mr./NNP Spielvogel/NNP added/VBD pointedly/RB :/: ``/`` The/DT pressure/NN on/IN commissions/NNS did/VBD n't/RB begin/VB with/IN Al/NNP Achenbaum/NNP ./. ''/'' | |
| Mr./NNP Spielvogel/NNP said/VBD Mr./NNP Achenbaum/NNP will/MD work/VB with/IN clients/NNS to/TO determine/VB the/DT mix/NN of/IN promotion/NN ,/, merchandising/NN ,/, publicity/NN and/CC other/JJ marketing/VBG outlets/NNS ,/, and/CC to/TO integrate/VB those/DT services/NNS ./. | |
| He/PRP will/MD concentrate/VB on/IN ,/, among/IN others/NNS ,/, J.P./NNP Morgan/NNP and/CC Hyundai/NNP ./. | |
| Mr./NNP Achenbaum/NNP helped/VBD Morgan/NNP in/IN its/PRP$ recent/JJ agency/NN search/NN ,/, and/CC he/PRP has/VBZ a/DT long/JJ relationship/NN with/IN Hyundai/NNP ,/, which/WDT is/VBZ having/VBG severe/JJ troubles/NNS ,/, including/VBG declining/VBG sales/NNS ./. | |
| ``/`` The/DT trail/NN of/IN revenue/NN is/VBZ increasingly/RB going/VBG away/RB from/IN pure/JJ advertising/NN ,/, and/CC going/VBG towards/IN other/JJ services/NNS ,/, ''/'' Mr./NNP Spielvogel/NNP said/VBD ./. | |
| Instead/RB of/IN being/VBG just/RB an/DT ad/NN agency/NN ,/, he/PRP said/VBD :/: ``/`` We/PRP have/VBP redefined/VBD our/PRP$ mission/NN here/RB ./. | |
| Our/PRP$ mission/NN is/VBZ to/TO help/VB our/PRP$ clients/NNS grow/VB ,/, and/CC to/TO use/VB every/DT tool/NN of/IN marketing/NN communications/NNS to/TO accomplish/VB that/DT ./. ''/'' | |
| Industry/NN executives/NNS are/VBP wishing/VBG Mr./NNP Achenbaum/NNP well/RB ./. | |
| Leonard/NNP Matthews/NNP ,/, then-president/JJ of/IN the/DT American/NNP Association/NNP of/IN Advertising/NNP Agencies/NNPS ,/, called/VBD Mr./NNP Achenbaum/NNP a/DT ``/`` quisling/NN ''/'' in/IN an/DT incendiary/JJ 1987/CD speech/NN ./. | |
| Yesterday/NN ,/, Mr./NNP Matthews/NNP ,/, now/RB a/DT consultant/NN with/IN the/DT Stamford/NNP ,/, Conn./NNP ,/, firm/NN Matthews/NNP &/CC Johnston/NNP ,/, quipped/VBD ,/, ``/`` I/PRP think/VBP he/PRP 'll/MD be/VB very/RB good/JJ at/IN that/DT {/-LRB- new/JJ job/NN }/-RRB- ./. | |
| And/CC much/RB better/JJR at/IN that/DT than/IN at/IN {/-LRB- the/DT price-cutting/NN }/-RRB- he/PRP 's/VBZ been/VBN doing/VBG recently/RB ./. ''/'' | |
| Cotton/NNP Inc/NNP ./. Campaign/NN | |
| Cotton/NNP Inc./NNP ,/, the/DT fiber/NN company/NN that/WDT represents/VBZ cotton/NN growers/NNS ,/, will/MD begin/VB a/DT new/JJ ad/NN campaign/NN ,/, developed/VBN by/IN Ogilvy/NNP &/CC Mather/NNP ,/, Thanksgiving/NNP Day/NNP ./. | |
| J./NNP Nicholas/NNP Hahn/NNP ,/, Cotton/NNP Inc./NNP 's/POS president/NN and/CC chief/JJ executive/NN ,/, was/VBD an/DT outspoken/JJ critic/NN of/IN WPP/NNP Group/NNP 's/POS acquisition/NN of/IN Ogilvy/NNP Group/NNP earlier/RBR this/DT year/NN ./. | |
| During/IN the/DT takeover/NN ,/, Mr./NNP Hahn/NNP said/VBD he/PRP would/MD put/VB his/PRP$ account/NN up/RP for/IN review/NN if/IN WPP/NNP 's/POS bid/NN were/VBD successful/JJ ,/, but/CC he/PRP did/VBD n't/RB ./. | |
| Cotton/NNP Inc./NNP 's/POS new/JJ $/$ 9/CD million/CD campaign/NN calls/VBZ cotton/NN the/DT ``/`` Fabric/NN of/IN Our/PRP$ Lives/NNS ./. ''/'' | |
| The/DT campaign/NN replaces/VBZ its/PRP$ ``/`` Take/VB Comfort/NN in/IN Cotton/NN ''/'' ads/NNS and/CC marks/VBZ the/DT end/NN of/IN its/PRP$ national/JJ cooperative/JJ advertising/NN efforts/NNS ./. | |
| For/IN years/NNS ,/, the/DT company/NN 's/POS ads/NNS were/VBD tied/VBN in/RP with/IN pitches/NNS for/IN Cannon/NNP sheets/NNS or/CC Martex/NNP towels/NNS ,/, for/IN example/NN ,/, and/CC an/DT announcer/NN at/IN the/DT end/NN of/IN the/DT ads/NNS would/MD tell/VB customers/NNS where/WRB to/TO ``/`` find/VB the/DT true/JJ performance/NN label/NN ./. ''/'' | |
| With/IN the/DT new/JJ TV/NN spots/NNS ,/, Ogilvy/NNP &/CC Mather/NNP has/VBZ opted/VBN for/IN a/DT family/NN style/NN with/IN lots/NNS of/IN laughter/NN ,/, hugs/NNS and/CC tears/NNS ./. | |
| ``/`` We/PRP 're/VBP making/VBG a/DT fairly/RB obvious/JJ plea/NN for/IN some/DT emotional/JJ reaction/NN ,/, ''/'' says/VBZ Tom/NNP Rost/NNP ,/, creative/JJ director/NN at/IN Ogilvy/NNP &/CC Mather/NNP ./. | |
| Cotton/NNP Inc./NNP will/MD spend/VB nearly/RB $/$ 2/CD million/CD on/IN broadcasting/NN on/IN Thanksgiving/NNP Day/NNP alone/RB ,/, advertising/VBG on/IN such/JJ programs/NNS as/IN ``/`` Good/JJ Morning/NN America/NNP ,/, ''/'' ``/`` Macy/NNP 's/POS Thanksgiving/NNP Day/NNP Parade/NNP ''/'' and/CC the/DT NFL/NNP holiday/NN game/NN ./. | |
| Frank/NNP Mingo/NNP Dies/VBZ at/IN 49/CD | |
| Frank/NNP L./NNP Mingo/NNP ,/, one/CD of/IN the/DT pioneers/NNS of/IN advertising/NN targeted/VBN at/IN black/JJ audiences/NNS ,/, died/VBD at/IN the/DT age/NN of/IN 49/CD after/IN a/DT stroke/NN ./. | |
| Mr./NNP Mingo/NNP was/VBD chief/JJ executive/NN officer/NN of/IN the/DT Mingo/NNP Group/NNP ,/, which/WDT he/PRP founded/VBD in/IN 1977/CD and/CC which/WDT created/VBD ads/NNS for/IN the/DT black/JJ market/NN ./. | |
| Clients/NNS include/VBP Miller/NNP Brewing/NNP Co./NNP and/CC General/NNP Motors/NNPS ./. | |
| Mr./NNP Mingo/NNP was/VBD hospitalized/VBN Sept./NNP 23/CD and/CC died/VBD Monday/NNP ,/, according/VBG to/TO Samuel/NNP J./NNP Chisholm/NNP ,/, the/DT agency/NN 's/POS president/NN and/CC chief/NN operating/VBG officer/NN ./. | |
| Ad/NN Notes/NNS .../: ./. | |
| EARNINGS/NNS :/: | |
| Omnicom/NNP Group/NNP Inc./NNP ,/, New/NNP York/NNP ,/, reported/VBD third-quarter/JJ net/JJ income/NN rose/VBD 54/CD %/NN to/TO $/$ 5.6/CD million/CD ,/, or/CC 22/CD cents/NNS a/DT share/NN ,/, from/IN $/$ 3.6/CD million/CD ,/, or/CC 15/CD cents/NNS a/DT share/NN ,/, a/DT year/NN earlier/RB ./. | |
| Revenue/NN increased/VBD 20/CD %/NN to/TO $/$ 246.6/CD million/CD from/IN $/$ 204.8/CD million/CD ./. | |
| Prime/NNP Minister/NNP Lee/NNP Kuan/NNP Yew/NNP ,/, Singapore/NNP 's/POS leader/NN and/CC one/CD of/IN Asia/NNP 's/POS leading/VBG statesmen/NNS for/IN 30/CD years/NNS ,/, recently/RB announced/VBD his/PRP$ intention/NN to/TO retire/VB next/JJ year/NN --/: though/IN not/RB necessarily/RB to/TO end/VB his/PRP$ influence/NN ./. | |
| The/DT prime/JJ minister/NN ,/, whose/WP$ hair/NN is/VBZ thinning/VBG and/CC gray/JJ and/CC whose/WP$ face/NN has/VBZ a/DT perpetual/JJ pallor/NN ,/, nonetheless/RB continues/VBZ to/TO display/VB an/DT energy/NN ,/, a/DT precision/NN of/IN thought/NN and/CC a/DT willingness/NN to/TO say/VB publicly/RB what/WP most/JJS other/JJ Asian/JJ leaders/NNS dare/VBP say/VB only/RB privately/RB ./. | |
| The/DT 66-year-old/JJ Mr./NNP Lee/NNP recently/RB spent/VBD an/DT hour/NN discussing/VBG the/DT state/NN of/IN Asia/NN and/CC the/DT world/NN with/IN two/CD Journal/NNP reporters/NNS in/IN his/PRP$ plainly/RB furnished/JJ ,/, wood-paneled/JJ office/NN ./. | |
| The/DT interview/NN did/VBD not/RB touch/VB on/IN Singapore/NNP 's/POS domestic/JJ affairs/NNS ./. | |
| Skipping/VBG personal/JJ pleasantries/NNS ,/, Mr./NNP Lee/NNP picked/VBD up/RP exactly/RB where/WRB he/PRP left/VBD off/RP several/JJ months/NNS earlier/RB --/: before/IN the/DT government/NN crackdown/NN in/IN China/NNP --/: when/WRB he/PRP had/VBD warned/VBN that/IN the/DT orthodox/JJ leadership/NN in/IN Beijing/NNP feared/VBD a/DT plurality/NN of/IN views/NNS ./. | |
| Excerpts/NNS follow/VBP :/: | |
| On/IN China/NNP 's/POS turmoil/NN :/: ``/`` It/PRP is/VBZ a/DT very/RB unhappy/JJ scene/NN ,/, ''/'' he/PRP said/VBD ./. | |
| ``/`` It/PRP took/VBD Zhao/NNP Ziyang/NNP (/-LRB- former/JJ premier/NN and/CC party/NN chief/NN )/-RRB- 10/CD years/NNS to/TO build/VB a/DT team/NN of/IN economists/NNS who/WP understood/VBD how/WRB the/DT Western/JJ economies/NNS work/VBP and/CC now/RB that/DT team/NN is/VBZ part/NN in/IN exile/NN ,/, part/NN being/VBG rusticated/VBN and/CC part/NN missing/VBG ./. ''/'' | |
| Rebuilding/VBG that/DT team/NN ,/, Mr./NNP Lee/NNP predicted/VBD ,/, will/MD take/VB another/DT 10/CD years/NNS ./. | |
| ``/`` That/DT 's/VBZ very/RB sad/JJ for/IN China/NNP and/CC for/IN Asia/NNP because/IN China/NNP could/MD have/VB been/VBN a/DT good/JJ engine/NN for/IN growth/NN ,/, not/RB just/RB for/IN Hong/NNP Kong/NNP and/CC Taiwan/NNP but/CC for/IN Japan/NNP ,/, Korea/NNP and/CC the/DT rest/NN of/IN Asia/NNP ./. ''/'' | |
| On/IN similarities/NNS between/IN China/NNP and/CC the/DT Soviet/NNP Union/NNP :/: ``/`` In/IN important/JJ particulars/NNS ,/, the/DT Soviets/NNPS are/VBP different/JJ from/IN the/DT Chinese/NNPS ./. | |
| They/PRP are/VBP already/RB industrialized/JJ .../: ./. | |
| Their/PRP$ problem/NN is/VBZ one/CD of/IN inefficiency/NN of/IN an/DT industrial/JJ economy/NN ./. | |
| The/DT Chinese/JJ problem/NN is/VBZ much/RB greater/JJR --/: it/PRP 's/POS how/WRB to/TO industrialize/VB to/TO begin/VB with/RP ./. ''/'' | |
| Asked/VBN if/IN the/DT Soviets/NNPS ,/, like/IN Chinese/JJ officials/NNS ,/, wo/MD n't/RB one/CD day/NN face/VB a/DT similar/JJ conflict/NN between/IN the/DT desire/NN to/TO liberalize/VB economically/RB and/CC yet/RB retain/VB political/JJ control/NN ,/, Mr./NNP Lee/NNP said/VBD ,/, ``/`` I/PRP would/MD think/VB that/IN the/DT Soviets/NNPS face/VBP a/DT deeper/JJR dilemma/NN because/IN they/PRP have/VBP been/VBN more/RBR in/IN blinkers/NNS than/IN the/DT Chinese/NNPS --/: I/PRP mean/VBP keeping/VBG their/PRP$ people/NNS cut/VBN off/RP from/IN the/DT outside/JJ world/NN ./. ''/'' | |
| Mikhail/NNP Gorbachev/NNP ,/, he/PRP said/VBD ,/, is/VBZ ahead/RB of/IN China/NNP 's/POS leaders/NNS in/IN his/PRP$ awareness/NN of/IN the/DT world/NN ./. | |
| ``/`` But/CC I/PRP think/VBP the/DT Soviet/JJ peoples/NNS are/VBP more/RBR introverted/JJ than/IN the/DT Chinese/NNPS ./. ''/'' | |
| Regardless/RB ,/, he/PRP said/VBD ,/, he/PRP still/RB believes/VBZ the/DT Soviet/NNP Union/NNP ,/, while/IN falling/VBG far/RB short/RB of/IN the/DT efficiency/NN of/IN a/DT Western/JJ economy/NN ,/, may/MD well/RB manage/VB to/TO improve/VB considerably/RB ./. | |
| On/IN Asia-Pacific/NNP prosperity/NN :/: ``/`` If/IN America/NNP can/MD keep/VB up/RP the/DT present/JJ situation/NN --/: her/PRP$ markets/NNS open/JJ for/IN another/DT 15/CD years/NNS ,/, with/IN adjustments/NNS ,/, and/CC Japan/NNP can/MD grow/VB and/CC not/RB cut/VB back/RB ,/, and/CC so/RB too/RB ,/, Korea/NNP ,/, Taiwan/NNP ,/, Hong/NNP Kong/NNP ,/, Singapore/NNP ,/, ASEAN/NNP ,/, Australia/NNP and/CC New/NNP Zealand/NNP --/: then/RB in/IN 15/CD years/NNS ,/, the/DT economies/NNS of/IN these/DT countries/NNS would/MD be/VB totally/RB restructured/VBN to/TO be/VB able/JJ to/TO almost/RB sustain/VB growth/NN by/IN themselves/PRP ./. ''/'' | |
| In/IN such/JJ an/DT arrangement/NN ,/, ``/`` all/DT benefit/VBP ,/, ''/'' he/PRP said/VBD ./. | |
| ``/`` And/CC if/IN the/DT Europeans/NNPS come/VBN in/RB ,/, they/PRP benefit/VBP too/RB ./. | |
| It/PRP 's/VBZ not/RB a/DT zero-sum/JJ game/NN ./. ''/'' | |
| Asked/VBN about/IN the/DT possibility/NN of/IN greater/JJR economic/JJ cooperation/NN among/IN Asia-Pacific/NNP nations/NNS ,/, which/WDT will/MD be/VB discussed/VBN Nov./NNP 6/CD and/CC 7/CD at/IN a/DT ministerial/JJ meeting/NN in/IN Canberra/NNP ,/, Mr./NNP Lee/NNP said/VBD the/DT goal/NN ``/`` is/VBZ to/TO have/VB a/DT free/JJ and/CC open/JJ world/NN trading/VBG system/NN ./. ''/'' | |
| An/DT Asian/JJ bloc/NN is/VBZ n't/RB intended/JJ ,/, he/PRP said/VBD ./. | |
| ``/`` That/DT 's/VBZ not/RB possible/JJ ./. ''/'' | |
| On/IN U.S.-Japan/JJ relations/NNS :/: ``/`` I/PRP 'm/VBP encouraged/JJ ./. | |
| I/PRP think/VBP the/DT earlier/JJR strident/JJ notes/NNS struck/VBN by/IN {/-LRB- U.S./NNP Commerce/NNP Secretary/NNP Robert/NNP }/-RRB- Mosbacher/NNP and/CC {/-LRB- U.S./NNP Trade/NNP Representative/NNP }/-RRB- Carla/NNP Hills/NNP have/VBP been/VBN more/RBR rounded/JJ ./. | |
| I/PRP believe/VBP the/DT U.S./NNP is/VBZ becoming/VBG more/RBR patient/JJ and/CC circumspect/JJ ,/, ''/'' he/PRP said/VBD ./. | |
| ``/`` It/PRP 's/VBZ the/DT total/NN relationship/NN that/WDT is/VBZ important/JJ ./. ''/'' | |
| The/DT total/NN relationship/NN ,/, as/IN Mr./NNP Lee/NNP sees/VBZ it/PRP ,/, is/VBZ ``/`` the/DT flow/NN of/IN dollars/NNS to/TO the/DT U.S./NNP to/TO fund/VB the/DT deficits/NNS ,/, the/DT investments/NNS the/DT Japanese/NNPS are/VBP making/VBG in/IN the/DT U.S./NNP in/IN order/NN to/TO satisfy/VB American/JJ demand/NN that/IN American/JJ products/NNS consumed/VBN in/IN America/NNP should/MD be/VB made/VBN as/RB much/RB as/IN possible/JJ in/IN America/NNP by/IN Americans/NNPS with/IN Japanese/JJ technology/NN and/CC capital/NN ./. ''/'' | |
| Japan/NNP 's/POS recent/JJ political/JJ turbulence/NN ,/, Mr./NNP Lee/NNP said/VBD ,/, may/MD mean/VB Japan/NNP will/MD slow/VB market/NN adjustments/NNS ./. | |
| ``/`` They/PRP 'll/MD be/VB more/RBR timorous/JJ in/IN tackling/VBG their/PRP$ own/JJ voters/NNS ,/, like/IN opening/VBG up/RP more/RBR to/TO agricultural/JJ imports/NNS from/IN America/NNP ,/, hurting/VBG their/PRP$ farmers/NNS ./. ''/'' | |
| On/IN U.S./NNP military/JJ presence/NN in/IN Asia/NNP :/: Asked/VBN if/IN his/PRP$ offer/NN to/TO allow/VB the/DT American/JJ military/NN to/TO use/VB facilities/NNS in/IN Singapore/NNP would/MD help/VB preserve/VB America/NNP 's/POS presence/NN in/IN the/DT region/NN at/IN bases/NNS in/IN the/DT Philippines/NNPS ,/, he/PRP said/VBD ,/, ``/`` What/WP we/PRP have/VBP done/VBN is/VBZ make/VB it/PRP easier/JJR for/IN the/DT Philippines/NNPS to/TO continue/VB to/TO host/VB American/JJ bases/NNS without/IN it/PRP being/VBG said/VBN they/PRP are/VBP lackeys/NNS of/IN the/DT imperialists/NNS and/CC the/DT only/JJ ones/NNS in/IN Asia/NNP or/CC in/IN Southeast/NNP Asia/NNP ./. | |
| We/PRP are/VBP willing/JJ to/TO share/VB the/DT political/JJ burden/NN of/IN being/VBG host/NN to/TO America/NNP ,/, an/DT imperial/JJ power/NN ./. | |
| We/PRP think/VBP it/PRP is/VBZ n't/RB such/JJ a/DT great/JJ burden/NN ,/, that/IN it/PRP carries/VBZ no/DT stigma/NN ,/, and/CC we/PRP are/VBP prepared/JJ to/TO do/VB it/PRP ./. ''/'' | |
| On/IN U.S.-Philippine/JJ relations/NNS :/: ``/`` It/PRP 's/VBZ such/JJ a/DT mixed-up/JJ relationship/NN going/VBG back/RB into/IN history/NN .../: ./. | |
| I/PRP really/RB do/VBP not/RB understand/VB how/WRB it/PRP is/VBZ that/IN Filipinos/NNPS feel/VBP so/RB passionately/RB involved/JJ in/IN this/DT father/NN figure/NN that/WDT they/PRP want/VBP to/TO dispose/VB of/IN and/CC yet/RB they/PRP need/VBP ./. | |
| I/PRP just/RB do/VBP n't/RB understand/VB it/PRP ./. | |
| My/PRP$ relationships/NNS with/IN the/DT British/NNPS are/VBP totally/RB different/JJ ./. | |
| They/PRP lorded/VBD it/PRP over/IN me/PRP ./. | |
| They/PRP did/VBD me/PRP some/DT good/JJ ./. | |
| They/PRP did/VBD themselves/PRP even/RB more/RBR good/JJ ./. | |
| They/PRP let/VB me/PRP down/RP when/WRB the/DT Japanese/NNPS came/VBD down/RB {/-LRB- during/IN World/NNP War/NNP II/NNP }/-RRB- .../: ./. | |
| I/PRP do/VBP n't/RB feel/VB down/RB or/CC done/VBN in/RB because/IN I/PRP show/VBP British/JJ serials/NNS on/IN my/PRP$ television/NN network/NN or/CC read/VBP their/PRP$ books/NNS ./. | |
| I/PRP mean/VBP it/PRP is/VBZ a/DT normal/JJ adult/NN relationship/NN ./. | |
| ``/`` But/CC the/DT Filipinos/NNPS and/CC the/DT Americans/NNPS ,/, when/WRB I/PRP talk/VBP to/TO them/PRP ,/, there/EX 's/VBZ so/RB much/JJ passion/NN about/IN Filipino/JJ manhood/NN being/VBG diminished/VBN as/IN a/DT result/NN of/IN being/VBG squatted/VBN upon/IN by/IN the/DT Americans/NNPS and/CC so/RB on/RB ./. | |
| The/DT occasional/JJ Englishman/NNP tries/VBZ to/TO put/VB on/RP airs/NNS but/CC we/PRP let/VBP it/PRP pass/VB .../: ./. | |
| It/PRP 's/VBZ just/RB comic/JJ when/WRB they/PRP try/VBP to/TO pretend/VB they/PRP 're/VBP still/RB the/DT master/NN race/NN ./. ''/'' | |
| Mr./NNP Lee/NNP added/VBD that/IN the/DT Filipinos/NNPS are/VBP ``/`` making/VBG it/PRP very/RB difficult/JJ ''/'' for/IN the/DT U.S./NNP military/JJ presence/NN to/TO last/VB beyond/IN five/CD or/CC 10/CD years/NNS ./. | |
| On/IN military/JJ alternatives/NNS if/IN the/DT U.S./NNP pulls/VBZ back/RB :/: ``/`` The/DT Soviets/NNPS already/RB are/VBP present/JJ ./. | |
| I/PRP suppose/VBP sooner/RBR or/CC later/RBR ,/, the/DT Japanese/NNPS would/MD have/VB to/TO fill/VB up/RP a/DT large/JJ part/NN of/IN the/DT gap/NN on/IN the/DT naval/JJ side/NN ./. | |
| Maybe/RB the/DT Chinese/NNPS ,/, maybe/RB even/RB the/DT Indians/NNPS ./. ''/'' | |
| On/IN economic/JJ consequences/NNS of/IN a/DT diminished/JJ U.S./NNP presence/NN :/: ``/`` America/NNP is/VBZ the/DT only/RB major/JJ power/NN in/IN recent/JJ history/NN that/WDT has/VBZ used/VBN its/PRP$ military/JJ might/NN to/TO sustain/VB a/DT system/NN that/WDT enables/VBZ all/DT participants/NNS to/TO equally/RB benefit/VB without/IN her/PRP as/IN the/DT provider/NN of/IN the/DT security/NN taking/VBG royalties/NNS ./. ''/'' | |
| Asked/VBN why/WRB so/RB few/JJ nations/NNS seem/VBP to/TO share/VB his/PRP$ views/NNS of/IN America/NNP ,/, he/PRP said/VBD ,/, ``/`` Many/JJ people/NNS see/VBP it/PRP that/DT way/NN ./. | |
| But/CC they/PRP have/VBP just/RB taken/VBN it/PRP for/IN granted/VBN ./. ''/'' | |
| On/IN Cambodia/NNP :/: ``/`` Let/VB 's/PRP assume/VB that/DT {/-LRB- former/JJ Cambodian/JJ leader/NN Prince/NNP Norodom/NNP }/-RRB- Sihanouk/NNP does/VBZ what/WP the/DT press/NN wants/VBZ him/PRP to/TO do/VB and/CC joins/VBZ up/RP with/IN {/-LRB- Vietnamese-backed/JJ Cambodian/JJ leader/NN }/-RRB- Hun/NNP Sen/NNP ./. | |
| Is/VBZ the/DT trouble/NN over/RP ?/. | |
| Can/MD Sihanouk/NNP and/CC Hun/NNP Sen/NNP knock/VB off/RP the/DT Khmer/NNP Rouge/NNP still/RB supported/VBN by/IN China/NNP ?/. | |
| He/PRP ca/MD n't/RB ./. | |
| ``/`` What/WP is/VBZ the/DT way/NN forward/RB ?/. | |
| To/TO get/VB the/DT Khmer/NNP Rouge/NNP as/IN part/NN of/IN a/DT process/NN for/IN elections/NNS ./. | |
| And/CC when/WRB they/PRP lose/VBP ,/, then/RB we/PRP can/MD expect/VB China/NNP to/TO stop/VB aid/NN ./. | |
| Let/VB 's/PRP put/VB it/PRP bluntly/RB ./. | |
| The/DT Chinese/NNPS can/MD not/RB be/VB seen/VBN to/TO have/VB made/VBN use/NN of/IN the/DT Khmer/NNP Rouge/NNP and/CC then/RB discard/VB them/PRP ./. ''/'' | |
| Ms./NNP House/NNP is/VBZ vice/NN president/NN of/IN Dow/NNP Jones/NNP International/NNP Group/NNP ./. | |
| Mr./NNP Wain/NNP is/VBZ editor/NN of/IN The/DT Asian/NNP Wall/NNP Street/NNP Journal/NNP ./. | |
| Everything/NN looked/VBD good/JJ as/IN neurosurgeon/NN Walter/NNP Levy/NNP and/CC colleagues/NNS carefully/RB cut/VB away/RB a/DT woman/NN 's/POS spinal/JJ tumor/NN at/IN the/DT Cleveland/NNP Clinic/NNP in/IN 1978/CD ./. | |
| Using/VBG small/JJ electrical/JJ shocks/NNS applied/VBN to/TO her/PRP$ feet/NNS ,/, they/PRP were/VBD able/JJ to/TO monitor/VB sensory/JJ nerves/NNS ./. | |
| The/DT shocks/NNS generated/VBD nerve/NN impulses/NNS that/WDT traveled/VBD via/IN spine/NN to/TO brain/NN and/CC showed/VBD up/RP clearly/RB on/IN a/DT brain-wave/JJ monitor/NN ,/, indicating/VBG no/DT damage/NN to/TO the/DT delicate/JJ spinal/JJ tissue/NN ./. | |
| Then/RB ,/, says/VBZ Dr./NNP Levy/NNP ,/, ``/`` she/PRP woke/VBD up/RP paralyzed/JJ ./. ''/'' | |
| The/DT damage/NN was/VBD to/TO her/PRP$ motor/NN nerves/NNS ,/, which/WDT could/MD n't/RB be/VB monitored/VBN along/IN with/IN the/DT sensory/JJ nerves/NNS ,/, he/PRP explains/VBZ ./. | |
| The/DT tragedy/NN ,/, he/PRP adds/VBZ ,/, ``/`` galvanized/VBD me/PRP ''/'' to/TO look/VB for/IN a/DT way/NN to/TO prevent/VB similar/JJ cases/NNS ./. | |
| Dr./NNP Levy/NNP 's/POS answer/NN may/MD come/VB with/IN a/DT new/JJ kind/NN of/IN magnetic/JJ brain/NN probe/NN ,/, a/DT device/NN that/IN he/PRP and/CC dozens/NNS of/IN U.S./NNP researchers/NNS are/VBP studying/VBG with/IN great/JJ hope/NN ./. | |
| Besides/IN holding/VBG the/DT promise/NN of/IN safer/JJR spinal/NN surgery/NN ,/, the/DT probe/NN could/MD improve/VB the/DT diagnosis/NN of/IN brain/NN and/CC nerve/NN disorders/NNS such/JJ as/IN strokes/NNS and/CC multiple/JJ sclerosis/NN ./. | |
| Perhaps/RB most/RBS exciting/JJ ,/, the/DT device/NN is/VBZ thrusting/VBG open/RP a/DT window/NN to/TO the/DT workings/NNS of/IN the/DT brain/NN ./. | |
| The/DT probe/NN ,/, which/WDT is/VBZ painless/JJ ,/, non-invasive/JJ and/CC apparently/RB harmless/JJ ,/, employs/VBZ strong/JJ magnetic/JJ fields/NNS to/TO induce/VB small/JJ whirlwinds/NNS of/IN electricity/NN within/IN the/DT brain/NN ./. | |
| If/IN positioned/VBN over/IN the/DT brain/NN 's/POS motor-control/JJ area/NN ,/, the/DT hand-held/JJ electromagnets/NNS generate/VBP nerve/NN impulses/NNS that/WDT zip/VBP down/IN motor/NN nerves/NNS and/CC activate/VBP muscles/NNS ,/, making/VBG ,/, say/VB ,/, a/DT finger/NN twitch/VB ./. | |
| In/IN principle/NN ,/, they/PRP will/MD enable/VB doctors/NNS to/TO check/VB the/DT body/NN 's/POS motor/NN system/NN the/DT way/NN an/DT electrician/NN tests/VBZ a/DT home/NN 's/POS electrical/JJ circuits/NNS by/IN running/VBG current/NN through/IN them/PRP ./. | |
| ``/`` Until/IN now/RB ,/, we/PRP 've/VBP had/VBN no/DT objective/JJ way/NN of/IN measuring/VBG motor/NN function/NN ,/, ''/'' says/VBZ Keith/NNP Chiappa/NNP ,/, a/DT neurologist/NN conducting/VBG clinical/JJ tests/NNS with/IN the/DT devices/NNS at/IN Boston/NNP 's/POS Massachusetts/NNP General/NNP Hospital/NNP ./. | |
| ``/`` All/DT we/PRP could/MD do/VB was/VBD tell/VB a/DT patient/NN ,/, `/`` squeeze/VB my/PRP$ fingers/NNS as/RB hard/RB as/IN you/PRP can/MD '/'' or/CC `/`` raise/VB your/PRP$ arm/NN ./. '/'' | |
| ``/`` Under/IN the/DT best/JJS circumstances/NNS such/JJ tests/NNS are/VBP subjective/JJ ;/: when/WRB a/DT patient/NN is/VBZ unconscious/JJ ,/, they/PRP do/VBP n't/RB work/VB at/IN all/DT ./. | |
| Magnetic/JJ brain/NN tweaking/NN started/VBD in/IN the/DT early/JJ 1900s/NNS ,/, when/WRB researchers/NNS produced/VBD flashes/NNS of/IN light/NN in/IN the/DT visual/JJ field/NN with/IN magnets/NNS ./. | |
| In/IN the/DT 1960s/NNS ,/, Mayo/NNP Clinic/NNP researchers/NNS developed/VBD magnetic/JJ devices/NNS to/TO stimulate/VB motor/NN nerves/NNS in/IN the/DT hand/NN and/CC other/JJ limbs/NNS ./. | |
| But/CC for/IN brain/NN tests/NNS ,/, the/DT unwieldy/JJ machines/NNS ``/`` would/MD have/VB required/VBN patients/NNS to/TO stand/VB on/IN their/PRP$ heads/NNS ,/, ''/'' says/VBZ Reginald/NNP Bickford/NNP ,/, a/DT researcher/NN at/IN the/DT University/NNP of/IN California/NNP at/IN San/NNP Diego/NNP ./. | |
| The/DT field/NN took/VBD off/RB in/IN 1985/CD after/IN scientists/NNS at/IN Britain/NNP 's/POS Sheffield/NNP University/NNP developed/VBD a/DT handy/JJ ,/, compact/JJ magnet/NN for/IN brain/NN stimulation/NN ./. | |
| Since/IN then/RB ,/, at/IN least/JJS two/CD commercial/JJ versions/NNS have/VBP been/VBN put/VBN on/IN the/DT U.S./NNP market/NN ,/, and/CC an/DT estimated/VBN 500/CD have/VBP been/VBN sold/VBN ./. | |
| In/IN August/NNP ,/, a/DT Chicago/NNP conference/NN on/IN such/JJ devices/NNS attracted/VBD more/JJR than/IN 100/CD researchers/NNS ,/, who/WP reported/VBD studies/NNS on/IN everything/NN from/IN brain/NN mapping/NN to/TO physical/JJ therapy/NN ./. | |
| ``/`` We/PRP do/VBP n't/RB feel/VB we/PRP can/MD use/VB {/-LRB- the/DT devices/NNS }/-RRB- routinely/RB in/IN surgery/NN yet/RB ,/, but/CC we/PRP 're/VBP getting/VBG close/JJ ,/, ''/'' says/VBZ Dr./NNP Levy/NNP ,/, who/WP is/VBZ now/RB with/IN the/DT University/NNP of/IN Pittsburgh/NNP ./. | |
| A/DT problem/NN ,/, he/PRP adds/VBZ ,/, is/VBZ that/IN anesthetized/JJ brains/NNS are/VBP more/RBR resistant/JJ to/TO magnetic/JJ stimulation/NN than/IN awake/JJ ones/NNS ./. | |
| The/DT devices/NNS could/MD help/VB indicate/VB when/WRB surgery/NN would/MD help/VB ,/, says/VBZ Charles/NNP Tator/NNP ,/, a/DT University/NNP of/IN Toronto/NNP neurosurgeon/NN ./. | |
| For/IN example/NN ,/, paralyzed/JJ car-crash/JJ victims/NNS occasionally/RB have/VBP some/DT intact/JJ spinal/JJ tissues/NNS that/WDT ,/, if/IN preserved/VBN by/IN emergency/NN surgery/NN ,/, enable/VBP partial/JJ recovery/NN ./. | |
| But/CC such/JJ operations/NNS typically/RB are/VBP n't/RB performed/VBN because/IN there/EX is/VBZ no/DT sign/NN right/RB after/IN an/DT injury/NN that/DT surgery/NN would/MD be/VB beneficial/JJ ./. | |
| ``/`` The/DT cost/NN {/-LRB- of/IN magnetic/JJ stimulators/NNS }/-RRB- would/MD seem/VB like/IN peanuts/NNS if/IN we/PRP could/MD retrieve/VB limb/NN function/NN ''/'' in/IN such/JJ people/NNS ,/, Dr./NNP Tator/NNP says/VBZ ./. | |
| Scientists/NNS caution/VBP there/EX is/VBZ a/DT chance/NN the/DT magnet/NN technique/NN might/MD spark/VB seizures/NNS in/IN epileptics/NNS ./. | |
| But/CC no/DT significant/JJ problems/NNS have/VBP been/VBN reported/VBN among/IN hundreds/NNS of/IN people/NNS tested/VBN with/IN the/DT devices/NNS ./. | |
| The/DT main/JJ sensation/NN ,/, besides/IN feeling/NN like/IN a/DT puppet/NN jerked/VBN with/IN invisible/JJ strings/NNS ,/, is/VBZ ``/`` like/IN a/DT rap/NN on/IN the/DT head/NN ,/, ''/'' says/VBZ Sam/NNP Bridgers/NNP ,/, a/DT neurologist/NN who/WP has/VBZ studied/VBN the/DT brain/NN stimulators/NNS at/IN Yale/NNP University/NNP ./. | |
| One/CD apparent/JJ side/NN effect/NN is/VBZ a/DT minor/JJ increase/NN in/IN a/DT brain/NN hormone/NN ./. | |
| And/CC some/DT doctors/NNS who/WP have/VBP conducted/VBN hours/NNS of/IN tests/NNS on/IN themselves/PRP report/VBP temporary/JJ headaches/NNS ./. | |
| At/IN least/JJS two/CD companies/NNS ,/, Cadwell/NNP Laboratories/NNPS Inc./NNP of/IN Kennewick/NNP ,/, Wash./NNP ,/, and/CC Novametrix/NNP Medical/NNP Systems/NNPS Inc./NNP of/IN Wallingford/NNP ,/, Conn./NNP ,/, now/RB sell/VBP versions/NNS of/IN the/DT magnetic/JJ devices/NNS ./. | |
| The/DT machines/NNS ,/, which/WDT at/IN $/$ 12,500/CD are/VBP inexpensive/JJ by/IN medical/JJ standards/NNS ,/, have/VBP n't/RB been/VBN approved/VBN in/IN the/DT U.S./NNP for/IN marketing/NN as/IN brain/NN stimulators/NNS but/CC are/VBP sold/VBN for/IN stimulating/JJ nerves/NNS in/IN the/DT hand/NN ,/, legs/NNS and/CC other/JJ non-brain/JJ areas/NNS ./. | |
| Researchers/NNS can/MD apply/VB for/IN permission/NN to/TO use/VB the/DT probes/NNS for/IN brain/NN studies/NNS ./. | |
| At/IN the/DT University/NNP of/IN Kentucky/NNP ,/, a/DT team/NN led/VBN by/IN Dean/NNP Currier/NNP ,/, a/DT physical/JJ therapy/NN researcher/NN ,/, is/VBZ testing/VBG the/DT stimulators/NNS in/IN conjunction/NN with/IN electric/JJ shocks/NNS to/TO induce/VB muscle/NN contractions/NNS to/TO help/VB prevent/VB wasting/NN of/IN thigh/NN muscles/NNS after/IN knee/NN surgery/NN ./. | |
| Similarly/RB ,/, a/DT Purdue/NNP University/NNP team/NN led/VBN by/IN heart/NN researcher/NN W.A./NNP Tacker/NNP hopes/VBZ to/TO develop/VB ways/NNS to/TO magnetically/RB induce/VB cardiac/JJ muscle/NN contractions/NNS ./. | |
| The/DT devices/NNS might/MD someday/RB serve/VB as/IN temporary/JJ pacemakers/NNS or/CC restarters/NNS for/IN stopped/VBN hearts/NNS ,/, says/VBZ Dr./NNP Tacker/NNP ,/, whose/WP$ prototype/NN was/VBD dubbed/VBN the/DT ``/`` Tacker/NNP whacker/NN ./. ''/'' | |
| The/DT devices/NNS '/POS most/RBS remarkable/JJ possibilities/NNS ,/, though/RB ,/, involve/VBP the/DT brain/NN ./. | |
| Probing/VBG with/IN the/DT stimulators/NNS ,/, National/NNP Institutes/NNPS of/IN Health/NNP scientists/NNS recently/RB showed/VBD how/WRB the/DT brain/NN reorganizes/VBZ motor-control/JJ resources/NNS after/IN an/DT amputation/NN ./. | |
| Similar/JJ studies/NNS are/VBP expected/VBN to/TO reveal/VB how/WRB stroke/NN patients/NNS '/POS brains/NNS regroup/VBP --/: a/DT first/JJ step/NN toward/IN finding/VBG ways/NNS to/TO bolster/VB that/DT process/NN and/CC speed/NN rehabilitation/NN ./. | |
| Scientists/NNS also/RB are/VBP exploring/VBG memory/NN and/CC perception/NN with/IN the/DT new/JJ machines/NNS ./. | |
| At/IN the/DT State/NNP University/NNP of/IN New/NNP York/NNP at/IN Brooklyn/NNP ,/, researchers/NNS flash/VBP two/CD groups/NNS of/IN different/JJ letters/NNS on/IN a/DT computer/NN screen/NN in/IN front/NN of/IN human/JJ guinea/NN pigs/NNS ./. | |
| Between/IN flashes/NNS ,/, certain/JJ areas/NNS in/IN subjects/NNS '/POS brains/NNS are/VBP jolted/VBN with/IN a/DT magnetic/JJ stimulator/NN ./. | |
| When/WRB the/DT jolt/NN is/VBZ timed/VBN just/RB right/RB ,/, the/DT subjects/NNS do/VBP n't/RB recall/VB seeing/VBG the/DT first/JJ group/NN of/IN letters/NNS ./. | |
| ``/`` Where/WRB does/VBZ that/IN first/JJ stimulus/NN go/VB ?/. ''/'' exclaims/VBZ SUNY/NNP neurologist/NN Paul/NNP Maccabee/NNP ./. | |
| ``/`` Trying/VBG to/TO answer/VB that/DT is/VBZ suggesting/VBG all/DT kinds/NNS of/IN theories/NNS ,/, ''/'' such/JJ as/IN precisely/RB where/WRB and/CC how/WRB the/DT brain/NN processes/VBZ incoming/JJ signals/NNS from/IN the/DT eyes/NNS ./. | |
| He/PRP and/CC others/NNS say/VBP that/IN the/DT machines/NNS are/VBP weak/JJ enough/RB that/IN they/PRP do/VBP n't/RB jeopardize/VB the/DT memory/NN ./. | |
| Both/DT the/DT SUNY/NNP team/NN and/CC researchers/NNS at/IN the/DT National/NNP Magnet/NNP Laboratory/NNP in/IN Cambridge/NNP ,/, Mass./NNP ,/, are/VBP working/VBG with/IN more/RBR potent/JJ magnetic/JJ brain/NN stimulators/NNS ./. | |
| Among/IN other/JJ things/NNS ,/, the/DT stronger/JJR devices/NNS may/MD be/VB able/JJ to/TO summon/VB forth/RB half-forgotten/JJ memories/NNS and/CC induce/VB mood/NN changes/NNS ,/, neurologists/NNS say/VBP ./. | |
| Du/NNP Pont/NNP Co./NNP ,/, Hewlett-Packard/NNP Co./NNP and/CC Los/NNP Alamos/NNP National/NNP Laboratory/NNP said/VBD they/PRP signed/VBD a/DT three-year/JJ ,/, $/$ 11/CD million/CD agreement/NN to/TO collaborate/VB on/IN superconductor/NN research/NN ./. | |
| The/DT collaboration/NN will/MD include/VB at/IN least/JJS 25/CD researchers/NNS and/CC will/MD be/VB aimed/VBN primarily/RB at/IN developing/VBG thin/JJ films/NNS of/IN high-temperature/JJ superconductors/NNS for/IN use/NN in/IN electronics/NNS ,/, the/DT companies/NNS said/VBD ./. | |
| The/DT materials/NNS ,/, discovered/VBN during/IN the/DT past/JJ three/CD years/NNS ,/, conduct/VBP electricity/NN without/IN resistance/NN and/CC promise/VBP smaller/JJR ,/, faster/JJR computers/NNS and/CC other/JJ new/JJ technologies/NNS ./. | |
| Joint-research/JJ programs/NNS have/VBP proliferated/VBN as/IN U.S./NNP companies/NNS seek/VBP to/TO spread/VB the/DT risks/NNS and/CC costs/NNS of/IN commercializing/VBG new/JJ superconductors/NNS and/CC to/TO meet/VB the/DT challenges/NNS posed/VBN by/IN foreign/JJ consortia/NN ,/, especially/RB in/IN Japan/NNP ./. | |
| The/DT latest/JJS research/NN pact/NN bolsters/VBZ Du/NNP Pont/NNP 's/POS growing/VBG portfolio/NN of/IN investments/NNS in/IN superconductors/NNS ./. | |
| The/DT Wilmington/NNP ,/, Del./NNP ,/, chemicals/NNS concern/NN previously/RB signed/VBD research/NN superconductor/NN agreements/NNS with/IN Oak/NNP Ridge/NNP National/NNP Laboratory/NNP and/CC with/IN Argonne/NNP National/NNP Laboratory/NNP ./. | |
| Last/JJ year/NN ,/, Du/NNP Pont/NNP agreed/VBD to/TO pay/VB $/$ 4.5/CD million/CD for/IN rights/NNS to/TO superconductor/NN work/NN at/IN the/DT University/NNP of/IN Houston/NNP ./. | |
| Hewlett-Packard/NNP is/VBZ a/DT Palo/NNP Alto/NNP ,/, Calif./NNP ,/, computer/NN maker/NN ./. | |
| The/DT Los/NNP Alamos/NNP laboratory/NN is/VBZ one/CD of/IN three/CD U.S./NNP Department/NNP of/IN Energy/NNP national/JJ laboratories/NNS designed/VBN as/IN pilot/NN centers/NNS to/TO foster/VB joint/JJ industry-government/JJ programs/NNS to/TO speed/VB the/DT transfer/NN of/IN new/JJ superconductors/NNS to/TO the/DT marketplace/NN ./. | |
| J.C./NNP PENNEY/NNP Co./NNP ,/, Dallas/NNP ,/, said/VBD it/PRP issued/VBD $/$ 350/CD million/CD of/IN securities/NNS backed/VBN by/IN credit-card/NN receivables/NN ./. | |
| The/DT offering/NN was/VBD priced/VBN with/IN an/DT 8.95/CD %/NN coupon/NN rate/NN at/IN 99.1875/CD %/NN to/TO yield/VB 9.19/CD %/NN ./. | |
| The/DT retailer/NN said/VBD the/DT securities/NNS are/VBP expected/VBN to/TO be/VB rated/VBN triple-A/JJ by/IN Standard/NNP &/CC Poor/NNP 's/POS Corp./NNP and/CC Aaa/JJ by/IN Moody/NNP 's/POS Investors/NNPS Service/NNP Inc/NNP ./. | |
| They/PRP pay/VBP interest/NN only/RB for/IN 115/CD months/NNS ,/, with/IN principal/JJ payments/NNS beginning/VBG thereafter/RB ./. | |
| The/DT expected/JJ average/JJ life/NN of/IN the/DT certificates/NNS is/VBZ 10/CD years/NNS ,/, with/IN the/DT final/JJ scheduled/JJ payment/NN in/IN October/NNP ,/, 2001/CD ./. | |
| First/NNP Boston/NNP Corp./NNP is/VBZ sole/JJ underwriter/NN ./. | |
| As/IN part/NN of/IN the/DT transaction/NN ,/, J.C./NNP Penney/NNP will/MD sell/VB a/DT portion/NN of/IN its/PRP$ credit-card/NN receivables/NN to/TO its/PRP$ JCP/NNP Receivables/NNPS Inc./NNP unit/NN ,/, which/WDT will/MD then/RB transfer/VB them/PRP to/TO a/DT master/NN trust/NN ./. | |
| The/DT trust/NN will/MD issue/VB the/DT certificates/NNS ./. | |
| Credit/NN support/NN will/MD be/VB provided/VBN by/IN a/DT letter/NN of/IN credit/NN facility/NN from/IN Credit/NNP Suisse/NNP in/IN favor/NN of/IN the/DT trustee/NN ,/, Fuji/NNP Bank/NNP &/CC Trust/NNP Co./NNP ,/, for/IN the/DT benefit/NN of/IN the/DT certificate/NN holders/NNS ./. | |
| J.C./NNP Penney/NNP will/MD continue/VB to/TO service/VB the/DT receivables/NN ./. | |
| Battle-tested/JJ Japanese/JJ industrial/JJ managers/NNS here/RB always/RB buck/VBP up/RP nervous/JJ newcomers/NNS with/IN the/DT tale/NN of/IN the/DT first/JJ of/IN their/PRP$ countrymen/NNS to/TO visit/VB Mexico/NNP ,/, a/DT boatload/NN of/IN samurai/FW warriors/NNS blown/VBN ashore/RB 375/CD years/NNS ago/RB ./. | |
| ``/`` From/IN the/DT beginning/NN ,/, it/PRP took/VBD a/DT man/NN with/IN extraordinary/JJ qualities/NNS to/TO succeed/VB in/IN Mexico/NNP ,/, ''/'' says/VBZ Kimihide/NNP Takimura/NNP ,/, president/NN of/IN Mitsui/NNP group/NN 's/POS Kensetsu/NNP Engineering/NNP Inc./NNP unit/NN ./. | |
| Here/RB in/IN this/DT new/JJ center/NN for/IN Japanese/JJ assembly/NN plants/NNS just/RB across/IN the/DT border/NN from/IN San/NNP Diego/NNP ,/, turnover/NN is/VBZ dizzying/JJ ,/, infrastructure/NN shoddy/JJ ,/, bureaucracy/NN intense/JJ ./. | |
| Even/RB after-hours/NNS drag/VBP ;/: ``/`` karaoke/FW ''/'' bars/NNS ,/, where/WRB Japanese/JJ revelers/NNS sing/VBP over/IN recorded/JJ music/NN ,/, are/VBP prohibited/VBN by/IN Mexico/NNP 's/POS powerful/JJ musicians/NNS union/NN ./. | |
| Still/RB ,/, 20/CD Japanese/JJ companies/NNS ,/, including/VBG giants/NNS such/JJ as/IN Sanyo/NNP Industries/NNP Corp./NNP ,/, Matsushita/NNP Electronics/NNP Components/NNP Corp./NNP and/CC Sony/NNP Corp./NNP have/VBP set/VBN up/RP shop/NN in/IN the/DT state/NN of/IN Northern/NNP Baja/NNP California/NNP ./. | |
| Keeping/VBG the/DT Japanese/NNPS happy/JJ will/MD be/VB one/CD of/IN the/DT most/RBS important/JJ tasks/NNS facing/VBG conservative/JJ leader/NN Ernesto/NNP Ruffo/NNP when/WRB he/PRP takes/VBZ office/NN Nov./NNP 1/CD ,/, as/IN the/DT first/JJ opposition/NN governor/NN in/IN Mexico/NNP 's/POS modern/JJ history/NN ./. | |
| Mexico/NNP ,/, with/IN its/PRP$ desperate/JJ need/NN for/IN investment/NN ,/, and/CC Japan/NNP ,/, with/IN its/PRP$ huge/JJ budget/NN surplus/NN ,/, would/MD seem/VB like/IN a/DT perfect/JJ match/NN ./. | |
| But/CC the/DT two/CD countries/NNS remain/VBP separated/JJ by/IN a/DT cultural/JJ barrier/NN wider/JJR than/IN the/DT ocean/NN ./. | |
| Conservative/JJ Japanese/JJ investors/NNS are/VBP put/VBN off/RP by/IN what/WP they/PRP consider/VBP Mexico/NNP 's/POS restrictive/JJ investment/NN regulations/NNS and/CC loose/JJ work/NN habits/NNS ./. | |
| From/IN the/DT Mexicans/NNPS '/POS viewpoint/NN ,/, vaunted/JJ tactics/NNS of/IN methodical/JJ Japanese/JJ managers/NNS do/VBP n't/RB count/VB for/IN much/JJ in/IN a/DT land/NN where/WRB a/DT saying/NN says/VBZ ``/`` there/EX are/VBP no/DT fixed/JJ rules/NNS ./. ''/'' | |
| Japan/NNP ranks/VBZ as/IN only/RB the/DT fourth/JJ largest/JJS foreign/JJ investor/NN in/IN Mexico/NNP ,/, with/IN 5/CD %/NN of/IN the/DT total/JJ investments/NNS ./. | |
| That/DT is/VBZ just/RB 1/CD %/NN of/IN all/PDT the/DT money/NN Japan/NNP has/VBZ invested/VBN abroad/RB ./. | |
| Mexican/NNP President/NNP Carlos/NNP Salinas/NNP de/NNP Gortari/NNP would/MD like/VB to/TO change/VB that/DT ./. | |
| The/DT young/JJ president/NN so/RB admires/VBZ Japanese/JJ discipline/NN that/IN he/PRP sends/VBZ his/PRP$ children/NNS to/TO a/DT Japanese/JJ school/NN in/IN Mexico/NNP City/NNP ./. | |
| He/PRP already/RB has/VBZ finagled/VBN a/DT $/$ 2/CD billion/CD loan/NN from/IN the/DT Japanese/JJ government/NN ./. | |
| But/CC Mexico/NNP urgently/RB needs/VBZ more/JJR help/NN ./. | |
| Mr./NNP Salinas/NNP 's/POS unpopular/JJ Institutional/NNP Revolutionary/NNP Party/NNP ,/, or/CC PRI/NNP ,/, faces/VBZ congressional/JJ elections/NNS in/IN 1991/CD ./. | |
| For/IN the/DT PRI/NNP to/TO stand/VB a/DT chance/NN ,/, Mr./NNP Salinas/NNP has/VBZ to/TO press/VB on/RP with/IN an/DT economic/JJ program/NN that/WDT so/RB far/RB has/VBZ succeeded/VBN in/IN lowering/VBG inflation/NN and/CC providing/VBG moderate/JJ economic/JJ growth/NN ./. | |
| But/CC maintaining/VBG the/DT key/JJ components/NNS of/IN his/PRP$ strategy/NN --/: a/DT stable/JJ exchange/NN rate/NN and/CC high/JJ level/NN of/IN imports/NNS --/: will/MD consume/VB enormous/JJ amounts/NNS of/IN foreign/JJ exchange/NN ./. | |
| Mr./NNP Salinas/NNP needs/VBZ big/JJ investment/NN inflows/NNS --/: quickly/RB ./. | |
| The/DT problem/NN is/VBZ that/IN Japanese/JJ businesses/NNS make/VBP decisions/NNS with/IN a/DT view/NN well/RB beyond/IN the/DT coming/JJ months/NNS that/WDT weigh/VBP so/RB heavily/RB on/IN Mr./NNP Salinas/NNP ./. | |
| ``/`` The/DT Japanese/NNPS will/MD come/VB to/TO Mexico/NNP ,/, but/CC not/RB immediately/RB ,/, ''/'' says/VBZ Kazushige/NNP Suzuki/NNP ,/, director-general/NN of/IN the/DT Japanese/NNP External/NNP Trade/NNP Organization/NNP in/IN Mexico/NNP ./. | |
| If/IN not/RB now/RB ,/, when/WRB ?/. | |
| ``/`` When/WRB the/DT fruit/NN is/VBZ ripe/JJ ,/, it/PRP falls/VBZ from/IN the/DT tree/NN by/IN itself/PRP ,/, ''/'' he/PRP says/VBZ ./. | |
| Pressed/VBN on/IN the/DT matter/NN ,/, he/PRP is/VBZ more/RBR specific/JJ ./. | |
| ``/`` There/EX will/MD be/VB big/JJ Japanese/JJ investments/NNS probably/RB five/CD to/TO 10/CD years/NNS from/IN now/RB ./. ''/'' | |
| Ryukichi/NNP Imai/NNP ,/, Japan/NNP 's/POS ambassador/NN to/TO Mexico/NNP ,/, agrees/VBZ that/IN Mexico/NNP may/MD be/VB too/RB eager/JJ ./. | |
| ``/`` There/EX seems/VBZ to/TO be/VB a/DT presumption/NN in/IN some/DT sectors/NNS of/IN (/-LRB- Mexico/NNP 's/POS )/-RRB- government/NN that/IN there/EX is/VBZ a/DT lot/NN of/IN Japanese/JJ money/NN waiting/VBG behind/IN the/DT gate/NN ,/, and/CC that/IN by/IN slightly/RB opening/VBG the/DT gate/NN ,/, that/DT money/NN will/MD enter/VB Mexico/NNP ./. | |
| I/PRP do/VBP n't/RB think/VB that/DT is/VBZ the/DT case/NN ./. ''/'' | |
| Mexican/JJ officials/NNS maintain/VBP the/DT Japanese/JJ reserve/NN is/VBZ only/RB a/DT result/NN of/IN unfamiliarity/NN ./. | |
| ``/`` Because/IN of/IN distance/NN ,/, it/PRP takes/VBZ a/DT while/NN for/IN them/PRP to/TO appreciate/VB the/DT economic/JJ stability/NN we/PRP 've/VBP achieved/VBN ,/, ''/'' says/VBZ one/CD economic/JJ policymaker/NN ./. | |
| Mexico/NNP is/VBZ sending/VBG a/DT number/NN of/IN missions/NNS to/TO Japan/NNP looking/VBG for/IN a/DT major/JJ breakthrough/NN investment/NN in/IN telecommunications/NNS ,/, petrochemicals/NNS or/CC tourism/NN ./. | |
| It/PRP is/VBZ hoped/VBN that/IN other/JJ Japanese/NNPS would/MD then/RB follow/VB the/DT leader/NN ./. | |
| But/CC Japanese/JJ investors/NNS say/VBP that/IN their/PRP$ reluctance/NN to/TO invest/VB stems/VBZ not/RB only/RB from/IN concerns/NNS about/IN Mexico/NNP 's/POS economic/JJ outlook/NN ,/, but/CC also/RB reservations/NNS about/IN Mexico/NNP 's/POS recently/RB revamped/VBN investment/NN law/NN ./. | |
| Unable/JJ to/TO get/VB a/DT new/JJ law/NN through/IN a/DT congress/NN with/IN a/DT strong/JJ leftist/JJ bloc/NN ,/, Mexico/NNP jury-rigged/VBD the/DT existing/VBG law/NN 's/POS regulations/NNS ./. | |
| It/PRP created/VBD special/JJ 20-year/JJ trusts/NNS to/TO allow/VB foreigners/NNS 100/CD %/NN ownership/NN in/IN some/DT once-closed/JJ industries/NNS ./. | |
| It/PRP also/RB made/VBD artful/JJ use/NN of/IN semantics/NNS ,/, redefining/VBG as/IN non-strategic/JJ industries/NNS some/DT that/WDT had/VBD been/VBN in/IN the/DT national/JJ domain/NN ./. | |
| ``/`` Those/DT devices/NNS do/VBP n't/RB give/VB sufficient/JJ certainty/NN to/TO our/PRP$ bosses/NNS in/IN Japan/NNP ,/, ''/'' says/VBZ Yasuo/NNP Nakamura/NNP ,/, representative/NN of/IN the/DT Industrial/NNP Bank/NNP of/IN Japan/NNP ./. | |
| Mr./NNP Nakamura/NNP cites/VBZ the/DT case/NN of/IN a/DT customer/NN who/WP wants/VBZ to/TO build/VB a/DT giant/JJ tourism/NN complex/NN in/IN Baja/NN and/CC has/VBZ been/VBN trying/VBG for/IN eight/CD years/NNS to/TO get/VB around/IN Mexican/NNP restrictions/NNS on/IN foreign/JJ ownership/NN of/IN beachfront/JJ property/NN ./. | |
| He/PRP could/MD develop/VB the/DT beach/NN through/IN a/DT trust/NN ,/, but/CC instead/RB is/VBZ trying/VBG have/VB his/PRP$ grandson/NN become/VB a/DT naturalized/JJ Mexican/NNP so/IN his/PRP$ family/NN gains/VBZ direct/JJ control/NN ./. | |
| Some/DT say/VBP the/DT best/JJS hope/NN for/IN the/DT Mexicans/NNPS is/VBZ catching/VBG the/DT eye/NN of/IN Japan/NNP by/IN promoting/VBG the/DT one/CD industry/NN the/DT Japanese/NNPS clearly/RB like/VBP --/: the/DT border/NN assembly/NN plants/NNS ,/, known/VBN as/IN ``/`` maquiladoras/FW ,/, ''/'' which/WDT are/VBP open/JJ to/TO 100/CD %/NN foreign/JJ control/NN ./. | |
| ``/`` We/PRP must/MD do/VB more/JJR to/TO help/VB the/DT Japanese/NNPS here/RB in/IN Baja/NNP if/IN we/PRP want/VBP them/PRP to/TO invest/VB elsewhere/RB ,/, ''/'' says/VBZ Mr./NNP Ruffo/NNP ,/, the/DT governor-elect/NN of/IN the/DT National/NNP Action/NNP Party/NNP and/CC himself/PRP a/DT succesful/JJ businessman/NN ./. | |
| Plant/NN operators/NNS are/VBP heartened/VBN by/IN Mr./NNP Ruffo/NNP 's/POS pledge/NN to/TO cut/VB corruption/NN associated/VBN with/IN the/DT ruling/VBG party/NN officials/NNS ./. | |
| But/CC Mr./NNP Ruffo/NNP frets/VBZ that/IN an/DT even/RB bigger/JJR problem/NN could/MD be/VB protectionism/NN from/IN the/DT U.S./NNP ,/, where/WRB some/DT politicians/NNS oppose/VBP what/WP they/PRP consider/VBP Japanese/JJ efforts/NNS to/TO use/VB maquiladoras/FW to/TO crack/VB the/DT U.S./NNP market/NN through/IN the/DT back/JJ door/NN ./. | |
| Shaken/VBN by/IN tumbling/VBG stock/NN prices/NNS and/CC pessimistic/JJ projections/NNS of/IN U.S./NNP economic/JJ growth/NN ,/, currency/NN analysts/NNS around/IN the/DT world/NN have/VBP toned/VBN down/RP their/PRP$ assessments/NNS of/IN the/DT dollar/NN 's/POS near-term/JJ performance/NN ./. | |
| Most/JJS of/IN the/DT 10/CD analysts/NNS polled/VBN last/JJ week/NN by/IN Dow/NNP Jones/NNP International/NNP News/NNP Service/NNP in/IN Frankfurt/NNP ,/, Tokyo/NNP ,/, London/NNP and/CC New/NNP York/NNP expect/VBP the/DT U.S./NNP dollar/NN to/TO ease/VB only/RB mildly/RB in/IN November/NNP ./. | |
| Opinion/NN is/VBZ mixed/JJ over/IN its/PRP$ three-month/JJ prospects/NNS ./. | |
| Half/NN of/IN those/DT polled/VBN see/VBP the/DT currency/NN trending/VBG lower/JJR over/IN the/DT next/JJ three/CD months/NNS ,/, while/IN the/DT others/NNS forecast/VBP a/DT modest/JJ rebound/NN after/IN the/DT New/NNP Year/NN ./. | |
| In/IN late/JJ afternoon/NN New/NNP York/NNP trading/NN yesterday/NN ,/, the/DT dollar/NN stood/VBD at/IN 1.8415/CD West/JJ German/JJ marks/NNS ,/, up/RB from/IN 1.8340/CD marks/NNS late/RB Monday/NNP ,/, and/CC at/IN 142.85/CD yen/NNS ,/, up/RB from/IN 141.90/CD yen/NNS late/RB Monday/NNP ./. | |
| A/DT month/NN ago/RB ,/, a/DT similar/JJ survey/NN predicted/VBD the/DT dollar/NN would/MD be/VB trading/VBG at/IN 1.8690/CD marks/NNS and/CC 139.75/CD yen/NNS by/IN the/DT end/NN of/IN October/NNP ./. | |
| Sterling/NN was/VBD trading/VBG at/IN $/$ 1.5805/CD ,/, down/RB from/IN $/$ 1.5820/CD late/JJ Monday/NNP ./. | |
| In/IN Tokyo/NNP Wednesday/NNP ,/, the/DT U.S./NNP currency/NN was/VBD trading/VBG at/IN about/RB 142.95/CD yen/NNS at/IN midmorning/NN ,/, up/RB from/IN 142.80/CD yen/NNS at/IN the/DT opening/NN and/CC up/RB from/IN Tuesday/NNP 's/POS Tokyo/NNP close/NN of/IN 142.15/CD yen/NNS ./. | |
| The/DT average/NN of/IN estimates/NNS of/IN the/DT 10/CD economists/NNS polled/VBN puts/VBZ the/DT dollar/NN around/IN 1.8200/CD marks/NNS at/IN the/DT end/NN of/IN November/NNP and/CC at/IN 141.33/CD yen/NNS ./. | |
| By/IN late/JJ January/NNP ,/, the/DT consensus/NN calls/VBZ for/IN the/DT dollar/NN to/TO be/VB trading/VBG around/IN 1.8200/CD marks/NNS and/CC near/IN 142/CD yen/NNS ./. | |
| Those/DT with/IN a/DT bullish/JJ view/NN see/VBP the/DT dollar/NN trading/VBG up/RB near/IN 1.9000/CD marks/NNS and/CC 145/CD yen/NNS ,/, while/IN the/DT dollar/NN bears/NNS see/VBP the/DT U.S./NNP currency/NN trading/VBG around/IN 1.7600/CD marks/NNS and/CC 138/CD yen/NNS ./. | |
| A/DT number/NN of/IN those/DT polled/VBN predict/VBP the/DT dollar/NN will/MD slip/VB as/IN the/DT Federal/NNP Reserve/NNP eases/VBZ interest/NN rates/NNS ./. | |
| David/NNP Owen/NNP ,/, an/DT economist/NN at/IN Kleinwort/NNP Benson/NNP &/CC Co./NNP in/IN London/NNP ,/, said/VBD he/PRP expects/VBZ further/JJ cuts/NNS in/IN short-term/JJ U.S./NNP rates/NNS in/IN an/DT effort/NN to/TO encourage/VB a/DT narrowing/NN of/IN the/DT trade/NN gap/NN and/CC to/TO ensure/VB a/DT soft/JJ landing/NN in/IN the/DT U.S./NNP economy/NN ./. | |
| Robert/NNP White/NNP ,/, a/DT vice/NN president/NN and/CC manager/NN of/IN corporate/JJ trade/NN at/IN First/NNP Interstate/NNP of/IN California/NNP ,/, agreed/VBD with/IN that/DT view/NN and/CC predicted/VBD the/DT U.S./NNP federal/JJ funds/NNS rate/NN will/MD drop/VB to/TO between/IN 7/CD 3/4/CD %/NN and/CC 8/CD %/NN within/IN 60/CD days/NNS from/IN its/PRP$ current/JJ level/NN at/IN 8/CD 13/16/CD %/NN ./. | |
| Fed/NNP funds/NNS is/VBZ the/DT rate/NN banks/NNS charge/VBP each/DT other/JJ on/IN overnight/JJ loans/NNS ;/: the/DT Fed/NNP influences/VBZ the/DT rate/NN by/IN adding/VBG or/CC draining/VBG reserves/NNS from/IN the/DT banking/NN system/NN ./. | |
| Mr./NNP White/NNP also/RB predicted/VBD a/DT half-point/JJ cut/NN in/IN the/DT U.S./NNP discount/NN rate/NN in/IN the/DT near/JJ future/NN ./. | |
| The/DT discount/NN rate/NN ,/, currently/RB 7/CD %/NN ,/, is/VBZ the/DT rate/NN the/DT Fed/NNP charges/VBZ member/NN banks/NNS for/IN loans/NNS ,/, using/VBG government/NN securities/NNS as/IN collateral/NN ./. | |
| He/PRP expects/VBZ such/PDT a/DT cut/NN ``/`` because/IN of/IN problems/NNS in/IN several/JJ sectors/NNS of/IN the/DT economy/NN ,/, particularly/RB real/JJ estate/NN and/CC automobiles/NNS ./. ''/'' | |
| Bolstering/VBG his/PRP$ argument/NN ,/, the/DT Commerce/NNP Department/NNP reported/VBD yesterday/NN that/IN new/JJ home/NN sales/NNS for/IN September/NNP were/VBD down/RB 14/CD %/NN from/IN August/NNP 's/POS revised/JJ 3.1/CD %/NN fall/NN ./. | |
| The/DT drop/NN marked/VBD the/DT largest/JJS monthly/JJ tumble/NN since/IN a/DT 19/CD %/NN slide/NN in/IN January/NNP 1982/CD ./. | |
| In/IN last/JJ month/NN 's/POS survey/NN ,/, a/DT number/NN of/IN currency/NN analysts/NNS predicted/VBD the/DT dollar/NN would/MD be/VB pressured/VBN by/IN a/DT narrowing/NN of/IN interest/NN rate/NN differentials/NNS between/IN the/DT U.S./NNP and/CC West/NNP Germany/NNP ./. | |
| Indeed/RB ,/, in/IN early/JJ October/NNP the/DT West/JJ German/JJ central/JJ bank/NN raised/VBD its/PRP$ discount/NN and/CC Lombard/NNP rates/NNS by/IN a/DT full/JJ percentage/NN point/NN ./. | |
| Several/JJ other/JJ European/JJ central/JJ banks/NNS ,/, notably/RB in/IN Britain/NNP ,/, followed/VBD the/DT West/JJ German/JJ Bundesbank/NNP 's/POS lead/NN by/IN raising/VBG their/PRP$ own/JJ key/NN rates/NNS ./. | |
| And/CC a/DT week/NN later/RB ,/, Japan/NNP raised/VBD its/PRP$ official/JJ discount/NN rate/NN by/IN a/DT half/JJ point/NN to/TO 3.75/CD %/NN ./. | |
| The/DT Japanese/JJ discount/NN rate/NN is/VBZ the/DT central/JJ bank/NN 's/POS base/JJ rate/NN on/IN loans/NNS to/TO commercial/JJ banks/NNS ./. | |
| After/IN a/DT surprisingly/RB sharp/JJ widening/NN in/IN the/DT U.S./NNP August/NNP merchandise/NN trade/NN deficit/NN --/: $/$ 10.77/CD billion/CD from/IN a/DT revised/JJ $/$ 8.24/CD billion/CD in/IN July/NNP and/CC well/RB above/IN expectations/NNS --/: and/CC a/DT startling/JJ 190-point/JJ drop/NN in/IN stock/NN prices/NNS on/IN Oct./NNP 13/CD ,/, the/DT Federal/NNP Reserve/NNP relaxed/VBD short-term/JJ interest/NN rates/NNS ,/, knocking/VBG fed/VBN funds/NNS from/IN around/IN 9/CD %/NN to/TO 8/CD 3/4/CD %/NN ./. | |
| But/CC predictions/NNS that/IN central/JJ banks/NNS of/IN the/DT Group/NNP of/IN Seven/NNP (/-LRB- G-7/NNP )/-RRB- major/JJ industrial/JJ nations/NNS would/MD continue/VB their/PRP$ massive/JJ dollar/NN sales/NNS went/VBD astray/RB ,/, as/IN the/DT market/NN drove/VBD the/DT dollar/NN downward/RB on/IN its/PRP$ own/JJ ,/, reacting/VBG to/TO Wall/NNP Street/NNP 's/POS plunge/NN and/CC subsequent/JJ price/NN volatility/NN ,/, lower/JJR U.S./NNP interest/NN rates/NNS and/CC signs/NNS of/IN a/DT slowing/VBG U.S./NNP economy/NN ./. | |
| G-7/NNP consists/VBZ of/IN the/DT U.S./NNP ,/, Japan/NNP ,/, Britain/NNP ,/, West/NNP Germany/NNP ,/, Canada/NNP ,/, France/NNP and/CC Italy/NNP ./. | |
| Tomoshige/NNP Kakita/NNP ,/, senior/JJ deputy/NN manager/NN in/IN the/DT treasury/NN department/NN of/IN Mitsui/NNP Bank/NNP Ltd./NNP in/IN Tokyo/NNP ,/, suggested/VBD that/IN uncertainty/NN about/IN U.S./NNP stocks/NNS and/CC bonds/NNS has/VBZ made/VBN Japanese/JJ investors/NNS leery/JJ of/IN holding/VBG those/DT securities/NNS in/IN the/DT near/JJ term/NN ,/, thus/RB damping/VBG dollar/NN demand/NN ./. | |
| But/CC ,/, Mr./NNP Kakita/NNP added/VBD ,/, once/RB U.S./NNP equities/NNS regain/VBP some/DT stability/NN ,/, players/NNS will/MD move/VB back/RB into/IN dollar-denominated/JJ investments/NNS ,/, especially/RB Treasury/NNP bonds/NNS ,/, whose/WP$ value/NN rises/VBZ when/WRB interest/NN rates/NNS decline/VBP ./. | |
| Mr./NNP Kakita/NNP said/VBD the/DT key/JJ dollar-yen/JJ exchange/NN rate/NN is/VBZ at/IN 135/CD yen/NNS ./. | |
| ``/`` If/IN 135/CD is/VBZ broken/VBN ,/, some/DT panic/NN will/MD be/VB seen/VBN ,/, ''/'' he/PRP predicted/VBD ,/, explaining/VBG that/IN Japanese/JJ institutions/NNS are/VBP comfortable/JJ with/IN the/DT dollar/NN anywhere/RB between/IN current/JJ levels/NNS and/CC 135/CD yen/NNS ./. | |
| Jens-Uwe/NNP Fischer/NNP ,/, a/DT senior/JJ trader/NN at/IN Manufacturers/NNP Hanover/NNP Trust/NNP Co./NNP in/IN Frankfurt/NNP ,/, said/VBD he/PRP expects/VBZ the/DT dollar/NN to/TO recover/VB within/IN the/DT next/JJ three/CD months/NNS to/TO around/IN 1.88/CD marks/NNS as/IN U.S./NNP economic/JJ data/NNS ,/, particularly/RB U.S./NNP trade/NN figures/NNS ,/, level/VBP off/RP ./. | |
| He/PRP contended/VBD that/IN the/DT Fed/NNP wo/MD n't/RB ease/VB rates/NNS further/RB ,/, but/CC predicted/VBD Bundesbank/NNP officials/NNS will/MD relax/VB key/JJ rates/NNS in/IN West/NNP Germany/NNP ./. | |
| Alfred/NNP Zapfel/NNP ,/, chief/JJ trader/NN at/IN Bank/NNP of/IN Boston/NNP in/IN Frankfurt/NNP ,/, took/VBD an/DT opposite/JJ stance/NN ./. | |
| He/PRP said/VBD he/PRP expects/VBZ U.S./NNP interest/NN rates/NNS to/TO decline/VB ,/, dragging/VBG the/DT dollar/NN down/RB to/TO around/IN 1.80/CD marks/NNS by/IN the/DT end/NN of/IN January/NNP after/IN a/DT short-lived/JJ dash/NN to/TO 1.87/CD marks/NNS by/IN the/DT end/NN of/IN November/NNP ./. | |
| West/JJ German/JJ interest/NN rates/NNS ,/, he/PRP said/VBD ,/, will/MD remain/VB unchanged/JJ ./. | |
| ``/`` But/CC I/PRP 'm/VBP not/RB one/CD of/IN these/DT great/JJ dollar/NN bears/NNS you/PRP see/VBP more/JJR of/IN these/DT days/NNS ,/, ''/'' Mr./NNP Zapfel/NNP said/VBD ./. | |
| ``/`` I/PRP ca/MD n't/RB really/RB see/VB it/PRP dropping/VBG far/RB below/IN 1.80/CD marks/NNS ./. ''/'' | |
| Scott/NNP Greene/NNP ,/, chief/JJ foreign/JJ exchange/NN dealer/NN with/IN Julius/NNP Baer/NNP &/CC Co./NNP in/IN New/NNP York/NNP ,/, fits/VBZ the/DT description/NN of/IN a/DT ``/`` great/JJ dollar/NN bear/NN ./. ''/'' | |
| He/PRP predicted/VBD the/DT U.S./NNP unit/NN will/MD skid/VB below/IN 1.80/CD marks/NNS to/TO around/IN 1.78/CD marks/NNS this/DT month/NN and/CC 1.75/CD marks/NNS by/IN the/DT beginning/NN of/IN the/DT new/JJ year/NN ./. | |
| ``/`` We/PRP 're/VBP finally/RB seeing/VBG the/DT culmination/NN of/IN all/PDT the/DT recessionary/JJ buildup/NN of/IN the/DT last/JJ few/JJ months/NNS ,/, ''/'' he/PRP said/VBD ,/, noting/VBG a/DT continuing/VBG downward/JJ trend/NN in/IN U.S./NNP interest/NN rates/NNS ,/, a/DT shaky/JJ stock/NN market/NN and/CC ``/`` gloomier/JJR economic/JJ times/NNS ahead/RB ''/'' all/DT signal/VBP a/DT significantly/RB lower/JJR dollar/NN ./. | |
| In/IN the/DT wake/NN of/IN British/NNP Chancellor/NNP of/IN the/DT Exchequer/NNP Nigel/NNP Lawson/NNP 's/POS surprise/JJ resignation/NN and/CC sterling/NN 's/POS subsequent/JJ nose-dive/NN ,/, most/JJS analysts/NNS had/VBD little/JJ good/JJ to/TO say/VB about/IN the/DT pound/NN 's/POS near-term/JJ prospects/NNS ./. | |
| Mr./NNP Owen/NNP of/IN Kleinwort/NNP Benson/NNP suggested/VBD that/IN the/DT new/JJ chancellor/NN ,/, John/NNP Major/NNP ,/, will/MD take/VB a/DT tough/JJ line/NN in/IN his/PRP$ autumn/NN statement/NN later/RB this/DT month/NN ,/, helping/VBG to/TO underpin/VB the/DT pound/NN ./. | |
| But/CC ,/, he/PRP warned/VBD ,/, the/DT currency/NN will/MD remain/VB at/IN risk/NN ./. | |
| On/IN the/DT Commodity/NNP Exchange/NNP in/IN New/NNP York/NNP ,/, gold/NN for/IN current/JJ delivery/NN dropped/VBD $/$ 3.10/CD to/TO $/$ 374.70/CD an/DT ounce/NN in/IN moderate/JJ trading/NN ./. | |
| Estimated/JJ volume/NN was/VBD 3.5/CD million/CD ounces/NNS ./. | |
| In/IN early/RB trading/NN in/IN Hong/NNP Kong/NNP Wednesday/NNP ,/, gold/NN was/VBD quoted/VBN at/IN $/$ 373.80/CD an/DT ounce/NN ./. | |
| Christopher/NNP Hill/NNP in/IN Tokyo/NNP ,/, Nicholas/NNP Hastings/NNP in/IN London/NNP ,/, Erik/NNP Kirschbaum/NNP in/IN Frankfurt/NNP and/CC Caitlin/NNP Randall/NNP and/CC Douglas/NNP Appell/NNP in/IN New/NNP York/NNP contributed/VBD to/TO this/DT article/NN ./. | |
| West/NNP Germany/NNP will/MD repeal/VB the/DT unpopular/JJ turnover/NN tax/NN on/IN securities/NNS transactions/NNS as/IN of/IN Jan./NNP 1/CD ,/, 1991/CD ,/, Economics/NNP Minister/NNP Helmut/NNP Haussmann/NNP said/VBD ./. | |
| He/PRP said/VBD the/DT government/NN will/MD also/RB repeal/VB the/DT 1/CD %/NN transaction/NN tax/NN on/IN the/DT first-time/JJ purchase/NN of/IN stakes/NNS in/IN companies/NNS ./. | |
| The/DT announcement/NN follows/VBZ several/JJ comments/NNS by/IN government/NN officials/NNS that/IN the/DT government/NN will/MD speed/VB up/RP the/DT repeal/NN of/IN the/DT tax/NN ,/, which/WDT was/VBD originally/RB scheduled/VBN to/TO fall/VB with/IN the/DT start/NN of/IN the/DT single/JJ internal/JJ market/NN in/IN the/DT European/NNP Community/NNP at/IN the/DT end/NN of/IN 1992/CD ./. | |
| The/DT securities-turnover/JJ tax/NN has/VBZ been/VBN long/RB criticized/VBN by/IN the/DT West/JJ German/JJ financial/JJ community/NN because/IN it/PRP tends/VBZ to/TO drive/VB securities/NNS trading/NN and/CC other/JJ banking/NN activities/NNS out/IN of/IN Frankfurt/NNP into/IN rival/JJ financial/JJ centers/NNS ,/, especially/RB London/NNP ,/, where/WRB trading/NN transactions/NNS is/VBZ n't/RB taxed/VBN ./. | |
| The/DT tax/NN has/VBZ raised/VBN less/JJR than/IN one/CD billion/CD marks/NNS (/-LRB- $/$ 545.3/CD million/CD )/-RRB- annually/RB in/IN recent/JJ years/NNS ,/, but/CC the/DT government/NN has/VBZ been/VBN reluctant/JJ to/TO abolish/VB the/DT levy/NN for/IN budgetary/JJ concerns/NNS ./. | |
| In/IN the/DT interview/NN ,/, Mr./NNP Haussmann/NNP did/VBD n't/RB specify/VB the/DT amount/NN of/IN revenue/NN the/DT government/NN will/MD lose/VB after/IN the/DT tax/NN disappears/VBZ ./. | |
| The/DT new/JJ date/NN means/VBZ that/IN the/DT tax/NN will/MD be/VB officially/RB repealed/VBN before/IN the/DT end/NN of/IN the/DT current/JJ parliamentary/JJ term/NN at/IN the/DT end/NN of/IN 1990/CD and/CC guarantees/VBZ its/PRP$ abolition/NN even/RB if/IN the/DT current/JJ center-right/JJ coalition/NN loses/VBZ the/DT elections/NNS in/IN December/NNP 1990/CD ./. | |
| Earlier/RBR this/DT year/NN ,/, President/NNP Bush/NNP made/VBD a/DT final/JJ ``/`` take-it-or-leave/JJ it/PRP ''/'' offer/NN on/IN the/DT minimum/JJ wage/NN :/: an/DT increase/NN to/TO $/$ 4.25/CD an/DT hour/NN over/IN three/CD years/NNS ,/, and/CC only/RB if/IN accompanied/VBN by/IN a/DT lower/JJR wage/NN for/IN the/DT first/JJ six/CD months/NNS of/IN a/DT job/NN ./. | |
| Now/RB ,/, the/DT White/NNP House/NNP has/VBZ decided/VBN to/TO accept/VB the/DT higher/JJR wage/NN over/IN only/RB two/CD years/NNS ./. | |
| The/DT sub-minimum/JJ wage/NN would/MD apply/VB only/RB to/TO first-time/JJ teen-age/JJ workers/NNS for/IN 90/CD days/NNS ./. | |
| The/DT White/NNP House/NNP had/VBD enough/JJ votes/NNS to/TO sustain/VB a/DT veto/NN but/CC chose/VBD to/TO avoid/VB a/DT confrontation/NN ./. | |
| The/DT only/JJ permanent/JJ losers/NNS will/MD be/VB the/DT 200,000/CD or/CC so/RB workers/NNS everyone/NN agrees/VBZ will/MD be/VB priced/VBN out/IN of/IN a/DT job/NN at/IN the/DT $/$ 4.25/CD rate/NN Congress/NNP is/VBZ likely/JJ to/TO approve/VB today/NN ./. | |
| It/PRP is/VBZ compromises/NNS such/JJ as/IN this/DT that/WDT convince/VBP Washington/NNP 's/POS liberals/NNS that/IN if/IN they/PRP simply/RB stay/VBP the/DT course/NN ,/, this/DT administration/NN will/MD stray/VB from/IN its/PRP$ own/JJ course/NN on/IN this/DT and/CC other/JJ issues/NNS ./. | |
| The/DT head/JJ trader/NN of/IN Chemical/NNP Banking/NNP Corp./NNP 's/POS interest-rate/NN options/NNS group/NN has/VBZ left/VBN the/DT company/NN ,/, following/VBG valuation/NN errors/NNS that/WDT resulted/VBD in/IN a/DT $/$ 33/CD million/CD charge/NN against/IN its/PRP$ third-quarter/JJ results/NNS ./. | |
| Chemical/NNP said/VBD Steven/NNP Edelson/NNP resigned/VBD recently/RB ,/, but/CC one/CD individual/NN close/RB to/TO the/DT situation/NN said/VBD the/DT resignation/NN was/VBD forced/VBN ./. | |
| Mr./NNP Edelson/NNP could/MD n't/RB be/VB reached/VBN for/IN comment/NN ./. | |
| A/DT separate/JJ inquiry/NN by/IN Chemical/NNP cleared/VBD Mr./NNP Edelson/NNP of/IN allegations/NNS that/IN he/PRP had/VBD been/VBN lavishly/RB entertained/VBN by/IN a/DT New/NNP York/NNP money/NN broker/NN ./. | |
| That/DT inquiry/NN has/VBZ n't/RB resolved/VBD similar/JJ allegations/NNS involving/VBG another/DT Chemical/NNP options/NNS trader/NN ./. | |
| In/IN other/JJ personnel/NNS changes/NNS stemming/VBG from/IN problems/NNS in/IN its/PRP$ options/NNS unit/NN :/: | |
| --/: Chemical/NNP named/VBD James/NNP Kennedy/NNP ,/, a/DT trader/NN in/IN swaps/NNS contracts/NNS for/IN the/DT bank/NN ,/, to/TO assume/VB Mr./NNP Edelson/NNP 's/POS duties/NNS and/CC to/TO be/VB trading/NN manager/NN for/IN derivative/JJ products/NNS ,/, including/VBG swaps/NNS and/CC interest-rate/NN options/NNS ./. | |
| --/: Lee/NNP Wakeman/NNP ,/, vice/NN president/NN in/IN charge/NN of/IN options/NNS research/NN who/WP discovered/VBD the/DT valuation/NN errors/NNS and/CC was/VBD asked/VBN by/IN senior/JJ management/NN to/TO straighten/VB out/RP the/DT mess/NN ,/, resigned/VBD to/TO take/VB a/DT position/NN in/IN asset/NN and/CC liability/NN management/NN at/IN Continental/NNP Bank/NNP in/IN Chicago/NNP ./. | |
| Mr./NNP Wakeman/NNP ,/, whom/WP Chemical/NNP tried/VBD to/TO keep/VB ,/, did/VBD n't/RB return/VB calls/NNS for/IN comment/NN ./. | |
| Separately/RB ,/, Chemical/NNP confirmed/VBD that/IN it/PRP took/VBD an/DT undisclosed/JJ charge/NN in/IN the/DT second/JJ quarter/NN for/IN losses/NNS on/IN forward-rate/JJ agreements/NNS involving/VBG foreign/JJ currency/NN written/VBN by/IN its/PRP$ branch/NN in/IN Frankfurt/NNP ,/, West/NNP Germany/NNP ./. | |
| A/DT Chemical/NNP spokeswoman/NN said/VBD the/DT second-quarter/JJ charge/NN was/VBD ``/`` not/RB material/JJ ''/'' and/CC that/IN no/DT personnel/NNS changes/NNS were/VBD made/VBN as/IN a/DT result/NN ./. | |
| The/DT spokeswoman/NN said/VBD the/DT Frankfurt/NNP situation/NN was/VBD ``/`` totally/RB different/JJ ''/'' from/IN problems/NNS in/IN the/DT interest-rate/NN options/NNS unit/NN ./. | |
| According/VBG to/TO individuals/NNS familiar/JJ with/IN the/DT situation/NN ,/, the/DT Frankfurt/NNP loss/NN stemmed/VBD from/IN a/DT computer/NN program/NN for/IN calculating/VBG prices/NNS on/IN forward-rate/JJ agreements/NNS that/WDT failed/VBD to/TO envision/VB an/DT interest-rate/NN environment/NN where/WRB short-term/JJ rates/NNS were/VBD equal/JJ to/TO or/CC higher/JJR than/IN long-term/JJ rates/NNS ./. | |
| While/IN the/DT incidents/NNS involving/VBG interest-rate/NN options/NNS and/CC forward-rate/JJ agreements/NNS are/VBP unrelated/JJ ,/, some/DT observers/NNS say/VBP they/PRP echo/VBP a/DT 1987/CD incident/NN in/IN which/WDT Bankers/NNP Trust/NNP New/NNP York/NNP Corp./NNP restated/VBD the/DT value/NN of/IN its/PRP$ foreign/JJ exchange/NN options/NNS contracts/NN downward/RB by/IN about/RB $/$ 80/CD million/CD ./. | |
| These/DT complex/JJ products/NNS require/VBP close/JJ monitoring/NN because/IN each/DT must/MD be/VB valued/VBN separately/RB in/IN light/NN of/IN current/JJ market/NN conditions/NNS ./. | |
| In/IN an/DT interest-rate/NN options/NNS contract/NN ,/, a/DT client/NN pays/VBZ a/DT fee/NN to/TO a/DT bank/NN for/IN custom-tailored/JJ protection/NN against/IN adverse/JJ interest-rate/NN swings/NNS for/IN a/DT specified/JJ period/NN ./. | |
| In/IN a/DT forward-rate/JJ agreement/NN ,/, a/DT client/NN agrees/VBZ to/TO an/DT exchange/NN rate/NN on/IN a/DT future/JJ currency/NN transaction/NN ./. | |
| Some/DT competitors/NNS maintain/VBP the/DT interestrate/NN option/NN loss/NN ,/, in/IN particular/JJ ,/, may/MD have/VB resulted/VBN more/RBR from/IN Chemical/NNP 's/POS taking/VBG large/JJ and/CC often/RB contrarian/JJ positions/NNS than/IN a/DT valuation/NN problem/NN ./. | |
| Started/VBN three/CD years/NNS ago/RB ,/, Chemical/NNP 's/POS interest-rate/NN options/NNS group/NN was/VBD a/DT leading/JJ force/NN in/IN the/DT field/NN ./. | |
| From/IN 1987/CD to/TO 1988/CD ,/, the/DT value/NN of/IN Chemical/NNP 's/POS option/NN contracts/NNS outstanding/JJ mushroomed/VBD to/TO $/$ 37/CD billion/CD from/IN $/$ 17/CD billion/CD ./. | |
| More/RBR importantly/RB ,/, the/DT volume/NN of/IN options/NNS written/VBN exceeded/VBD those/DT purchased/VBN by/IN almost/RB 2-to-1/JJ ./. | |
| With/IN such/PDT a/DT lopsided/JJ book/NN of/IN options/NNS ,/, traders/NNS say/VBP ,/, Chemical/NNP was/VBD more/RBR vulnerable/JJ to/TO erroneous/JJ valuation/NN assumptions/NNS ./. | |
| The/DT Chemical/NNP spokeswoman/NN said/VBD the/DT bank/NN has/VBZ examined/VBN its/PRP$ methodologies/NNS and/CC internal/JJ controls/NNS ./. | |
| ``/`` We/PRP consider/VBP our/PRP$ internal/JJ controls/NNS to/TO have/VB worked/VBN well/RB ,/, ''/'' she/PRP said/VBD ,/, adding/VBG that/IN some/DT procedures/NNS have/VBP been/VBN strengthened/VBN ./. | |
| Its/PRP$ valuation/NN methodologies/NNS ,/, she/PRP said/VBD ,/, ``/`` are/VBP recognized/VBN as/IN some/DT of/IN the/DT best/JJS on/IN the/DT Street/NNP ./. | |
| Not/RB a/DT lot/NN was/VBD needed/VBN to/TO be/VB done/VBN ./. | |
| When/WRB Thomas/NNP W./NNP Wathen/NNP went/VBD big/JJ league/NN last/JJ year/NN ,/, he/PRP acquired/VBD a/DT treasure-trove/NN of/IN Americana/NNS along/IN with/IN a/DT well-known/JJ but/CC ailing/JJ security/NN business/NN :/: Pinkerton/NNP 's/POS Inc/NNP ./. | |
| There/EX was/VBD a/DT wanted/JJ poster/NN offering/VBG ``/`` Rewards/NNS for/IN the/DT Arrest/NN of/IN Express/NN and/CC Train/NN Robbers/NNS Frank/NNP James/NNP and/CC Jesse/NNP W./NNP James/NNP ''/'' and/CC the/DT original/JJ Pinkerton/NNP 's/POS logo/NN with/IN an/DT open/JJ eye/NN and/CC the/DT inscription/NN ``/`` We/PRP Never/RB Sleep/VBP ,/, ''/'' which/WDT inspired/VBD the/DT phrase/NN ``/`` private/JJ eye/NN ./. ''/'' | |
| Then/RB there/EX were/VBD two/CD gold/NN watches/NNS once/RB owned/VBN by/IN Allan/NNP Pinkerton/NNP ,/, who/WP founded/VBD the/DT company/NN in/IN Chicago/NNP in/IN 1850/CD ./. | |
| But/CC there/EX were/VBD supposed/VBN to/TO be/VB three/CD ,/, Mr./NNP Wathen/NNP 's/POS company/NN claims/VBZ ./. | |
| The/DT missing/JJ watch/NN is/VBZ emblematic/JJ of/IN the/DT problems/NNS Mr./NNP Wathen/NNP encountered/VBD in/IN building/VBG his/PRP$ closely/RB held/VBN California/NNP Plant/NNP Protection/NNP Security/NNP Service/NNP into/IN the/DT largest/JJS detective/NN and/CC security/NN agency/NN in/IN the/DT U.S./NNP through/IN acquisitions/NNS ./. | |
| The/DT ever-optimistic/JJ Mr./NNP Wathen/NNP has/VBZ learned/VBN that/IN while/IN acquiring/VBG a/DT big/JJ brand-name/JJ company/NN can/MD be/VB a/DT shortcut/NN to/TO growth/NN ,/, it/PRP can/MD also/RB bring/VB a/DT host/NN of/IN unforeseen/JJ problems/NNS ./. | |
| ``/`` We/PRP cleared/VBD out/RP a/DT lot/NN of/IN rats/NNS '/POS nests/NNS ,/, ''/'' says/VBZ the/DT 60-year-old/JJ security/NN veteran/NN ./. | |
| Mr./NNP Wathen/NNP ,/, who/WP started/VBD his/PRP$ career/NN as/IN an/DT Air/NNP Force/NNP investigator/NN and/CC worked/VBD as/IN a/DT security/NN officer/NN for/IN several/JJ large/JJ companies/NNS ,/, built/VBD his/PRP$ California/NNP Plant/NNP Protection/NNP from/IN a/DT tiny/JJ mom-and-pop/JJ security/NN patrol/NN firm/NN here/RB in/IN the/DT San/NNP Fernando/NNP Valley/NNP ./. | |
| He/PRP joined/VBD the/DT firm/NN in/IN 1963/CD and/CC bought/VBD it/PRP from/IN the/DT owners/NNS the/DT next/JJ year/NN ./. | |
| Over/IN the/DT next/JJ 20/CD years/NNS ,/, California/NNP Plant/NNP Protection/NNP opened/VBD 125/CD offices/NNS around/IN the/DT country/NN ./. | |
| Yet/CC although/IN California/NNP Plant/NNP Protection/NNP was/VBD netting/VBG bigger/JJR and/CC bigger/JJR clients/NNS --/: the/DT firm/NN provided/VBD security/NN for/IN the/DT 1984/CD Summer/NNP Olympics/NNP in/IN Los/NNP Angeles/NNP --/: it/PRP still/RB did/VBD n't/RB have/VB the/DT name/NN recognition/NN of/IN Pinkerton/NNP 's/POS ./. | |
| So/RB when/WRB American/NNP Brands/NNP Inc./NNP decided/VBD to/TO sell/VB the/DT unit/NN in/IN 1987/CD as/IN part/NN of/IN a/DT divestiture/NN of/IN its/PRP$ food/NN and/CC security/NN industries/NNS operations/NNS ,/, Mr./NNP Wathen/NNP saw/VBD a/DT chance/NN to/TO accomplish/VB several/JJ objectives/NNS ./. | |
| He/PRP decided/VBD he/PRP could/MD easily/RB merge/VB Pinkerton/NNP 's/POS operations/NNS with/IN his/PRP$ own/JJ while/NN slashing/VBG overhead/JJ costs/NNS because/IN the/DT two/CD already/RB operated/VBD in/IN many/JJ of/IN the/DT same/JJ cities/NNS ./. | |
| He/PRP could/MD acquire/VB a/DT staff/NN of/IN loyal/JJ Pinkerton/NNP 's/POS employees/NNS ,/, many/DT of/IN whom/WP had/VBD spent/VBN their/PRP$ entire/JJ careers/NNS with/IN the/DT firm/NN ,/, he/PRP could/MD eliminate/VB a/DT competitor/NN and/CC he/PRP could/MD get/VB the/DT name/NN recognition/NN he/PRP 'd/VBD wanted/VBN ./. | |
| Mr./NNP Wathen/NNP also/RB relished/VBD the/DT chance/NN to/TO demonstrate/VB an/DT entrepreneur/NN like/IN himself/PRP ,/, who/WP 'd/VBD spent/VBN his/PRP$ whole/JJ career/NN in/IN the/DT security/NN business/NN ,/, could/MD run/VB Pinkerton/NNP 's/POS better/RBR than/IN an/DT unfocused/JJ conglomerate/NN or/CC investment/NN banker/NN ./. | |
| ``/`` The/DT security/NN business/NN is/VBZ my/PRP$ favorite/JJ subject/NN ./. | |
| I/PRP love/VBP this/DT business/NN ,/, ''/'' he/PRP says/VBZ ./. | |
| ``/`` Most/JJS of/IN the/DT LBO/NNP guys/NNS do/VBP n't/RB know/VB how/WRB to/TO run/VB a/DT business/NN anyway/RB ./. ''/'' | |
| But/CC there/EX were/VBD hitches/NNS ,/, not/RB the/DT least/JJS of/IN which/WDT was/VBD that/DT ,/, Mr./NNP Wathen/NNP says/VBZ ,/, he/PRP proceeded/VBD almost/RB blindly/RB in/IN doing/VBG the/DT $/$ 95/CD million/CD acquisition/NN ,/, which/WDT was/VBD completed/VBN in/IN January/NNP 1988/CD ./. | |
| ``/`` We/PRP were/VBD n't/RB allowed/VBN to/TO do/VB any/DT due/JJ diligence/NN because/IN of/IN competitive/JJ reasons/NNS ./. | |
| If/IN we/PRP had/VBD ,/, it/PRP might/MD have/VB scared/VBN us/PRP off/RP ,/, ''/'' he/PRP says/VBZ ./. | |
| Five/CD years/NNS of/IN rapid/JJ expansion/NN under/IN American/NNP Brands/NNP ,/, with/IN an/DT emphasis/NN on/IN marketing/VBG the/DT agency/NN 's/POS services/NNS instead/RB of/IN improving/VBG them/PRP ,/, had/VBD hurt/VBN Pinkerton/NNP 's/POS profits/NNS ,/, Mr./NNP Wathen/NNP claims/VBZ ./. | |
| He/PRP says/VBZ his/PRP$ team/NN could/MD n't/RB tell/VB whether/IN accounts/NNS receivable/JJ had/VBD been/VBN paid/VBN or/CC not/RB ./. | |
| Pinkerton/NNP 's/POS had/VBD locked/VBN itself/PRP into/IN low-price/JJ contracts/NNS to/TO win/VB new/JJ business/NN ,/, with/IN no/DT hope/NN of/IN profitability/NN until/IN the/DT contracts/NNS expired/VBD ,/, he/PRP adds/VBZ ./. | |
| And/CC regional/JJ offices/NNS were/VBD ``/`` egregiously/RB overstaffed/JJ ,/, ''/'' he/PRP claims/VBZ ./. | |
| One/CD office/NN had/VBD 19/CD people/NNS doing/VBG the/DT work/NN of/IN three/CD ,/, ``/`` and/CC half/NN of/IN the/DT employees/NNS had/VBD company/NN automobiles/NNS ./. ''/'' | |
| American/NNP Brands/NNP declined/VBD to/TO comment/VB on/IN Mr./NNP Wathen/NNP 's/POS accusations/NNS ./. | |
| The/DT acquisition/NN combined/VBD the/DT country/NN 's/POS second-largest/JJ security/NN company/NN ,/, Pinkerton/NNP 's/POS ,/, with/IN 1987/CD sales/NNS of/IN $/$ 410/CD million/CD ,/, and/CC the/DT fourth/JJ largest/JJS ,/, California/NNP Plant/NNP Protection/NNP ,/, with/IN $/$ 250/CD million/CD in/IN sales/NNS ,/, creating/VBG the/DT industry/NN 's/POS biggest/JJS firm/NN ,/, which/WDT took/VBD on/RP the/DT Pinkerton/NNP 's/POS name/NN ./. | |
| Even/RB after/IN divesting/VBG itself/PRP of/IN $/$ 120/CD million/CD of/IN unprofitable/JJ business/NN ,/, the/DT new/JJ Pinkerton/NNP 's/POS will/MD have/VB sales/NNS of/IN about/RB $/$ 610/CD million/CD this/DT year/NN and/CC operating/NN profit/NN roughly/RB double/RB the/DT industry/NN average/NN of/IN 2%-3/JJ %/NN of/IN sales/NNS ,/, says/VBZ Lloyd/NNP Greif/NNP of/IN Sutro/NNP &/CC Co./NNP in/IN Los/NNP Angeles/NNP ,/, which/WDT arranged/VBD the/DT Pinkerton/NNP 's/POS acquisition/NN ./. | |
| Mr./NNP Wathen/NNP says/VBZ his/PRP$ turnaround/NN strategy/NN has/VBZ been/VBN simple/JJ :/: just/RB hack/VB away/RP at/IN the/DT fat/NN ./. | |
| He/PRP began/VBD by/IN closing/VBG 120/CD of/IN the/DT combined/JJ companies/NNS '/POS 260/CD offices/NNS in/IN two/CD months/NNS ,/, eliminating/VBG about/RB 31/CD %/NN of/IN the/DT company/NN 's/POS 2,500-person/JJ adminstrative/JJ staff/NN ,/, including/VBG more/JJR than/IN 100/CD sales/NNS positions/NNS ./. | |
| He/PRP shut/VBD down/RP the/DT company/NN 's/POS tony/JJ New/NNP York/NNP headquarters/NN ./. | |
| Pinkerton/NNP 's/POS world/NN headquarters/NN today/NN is/VBZ a/DT nondescript/JJ ,/, two-story/JJ office/NN building/NN across/IN the/DT street/NN from/IN the/DT small/JJ Van/NNP Nuys/NNP Airport/NNP ./. | |
| Next/RB ,/, Mr./NNP Wathen/NNP raised/VBD Pinkerton/NNP 's/POS rates/NNS ,/, which/WDT were/VBD 75-cents-an-hour/NNS lower/JJR than/IN California/NNP Plant/NNP Protection/NNP 's/POS average/JJ rate/NN of/IN around/IN $/$ 8.63/CD ./. | |
| And/CC he/PRP got/VBD rid/JJ of/IN low-margin/JJ businesses/NNS that/WDT just/RB were/VBD n't/RB making/VBG money/NN for/IN the/DT company/NN ./. | |
| Mr./NNP Wathen/NNP ,/, who/WP says/VBZ Pinkerton/NNP 's/POS had/VBD a/DT loss/NN of/IN nearly/RB $/$ 8/CD million/CD in/IN 1987/CD under/IN American/NNP Brands/NNP ,/, boasts/VBZ that/IN he/PRP 's/VBZ made/VBN Pinkerton/NNP 's/POS profitable/JJ again/RB ./. | |
| But/CC Mr./NNP Wathen/NNP 's/POS team/NN still/RB must/MD pay/VB down/RP about/RB $/$ 82/CD million/CD of/IN long-term/JJ bank/NN debt/NN from/IN the/DT acquisition/NN within/IN the/DT next/JJ four/CD years/NNS ./. | |
| Last/JJ year/NN ,/, earnings/NNS of/IN the/DT combined/JJ companies/NNS did/VBD n't/RB cover/VB debt/NN service/NN and/CC Pinkerton/NNP 's/POS was/VBD forced/VBN to/TO borrow/VB $/$ 20/CD million/CD of/IN subordinated/JJ debt/NN ./. | |
| ``/`` We/PRP would/MD n't/RB have/VB had/VBN to/TO refinance/VB if/IN a/DT lot/NN of/IN the/DT problems/NNS had/VBD n't/RB been/VBN there/RB ,/, ''/'' Mr./NNP Wathen/NNP says/VBZ ./. | |
| This/DT year/NN ,/, Mr./NNP Wathen/NNP says/VBZ the/DT firm/NN will/MD be/VB able/JJ to/TO service/VB debt/NN and/CC still/RB turn/VB a/DT modest/JJ profit/NN ./. | |
| Now/RB Pinkerton/NNP 's/POS could/MD become/VB entangled/JJ in/IN a/DT protracted/JJ legal/JJ fracas/NN with/IN its/PRP$ former/JJ parent/NN ./. | |
| The/DT company/NN recently/RB filed/VBD suit/NN in/IN state/NN court/NN in/IN Los/NNP Angeles/NNP against/IN American/NNP Brands/NNP ,/, seeking/VBG at/IN least/JJS $/$ 40/CD million/CD in/IN damages/NNS from/IN the/DT Old/NNP Greenwich/NNP ,/, Conn.-based/JJ company/NN ./. | |
| The/DT suit/NN alleges/VBZ that/IN American/NNP Brands/NNP misrepresented/VBD the/DT financial/JJ condition/NN of/IN Pinkerton/NNP 's/POS before/IN the/DT sale/NN ,/, failed/VBD to/TO disclose/VB pending/VBG lawsuits/NNS and/CC material/JJ contracts/NNS in/IN which/WDT Pinkerton/NNP 's/POS was/VBD in/IN default/NN ,/, had/VBD n't/RB registered/VBN the/DT Pinkerton/NNP 's/POS name/NN and/CC trademark/NN in/IN the/DT United/NNP Kingdom/NNP and/CC did/VBD n't/RB tell/VB California/NNP Plant/NNP Protection/NNP about/IN some/DT labor/NN controversies/NNS ./. | |
| ``/`` We/PRP have/VBP previously/RB had/VBN discussions/NNS with/IN representatives/NNS of/IN Pinkerton/NNP 's/POS Inc./NN concerning/VBG the/DT {/-LRB- sale/NN of/IN the/DT company/NN }/-RRB- and/CC we/PRP concluded/VBD that/IN we/PRP did/VBD not/RB have/VB liability/NN under/IN the/DT contract/NN ,/, ''/'' says/VBZ American/NNP Brands/NNP ./. | |
| ``/`` As/IN this/DT is/VBZ now/RB a/DT litigation/NN matter/NN ,/, we/PRP have/VBP no/DT further/JJ comment/NN ./. ''/'' | |
| And/CC then/RB there/EX 's/VBZ the/DT case/NN of/IN the/DT missing/JJ gold/NN watch/NN ./. | |
| The/DT lawsuit/NN alleges/VBZ that/IN an/DT inventory/NN of/IN Pinkerton/NNP 's/POS memorabilia/NNS disclosed/VBD that/IN one/CD of/IN the/DT watches/NNS had/VBD n't/RB been/VBN forked/VBN over/RP by/IN American/NNP Brands/NNP ./. | |
| ``/`` American/NNP Brand/NNP 's/POS failure/NN to/TO surrender/VB the/DT gold/NN watch/NN has/VBZ damaged/VBN new/JJ Pinkerton/NNP 's/POS in/IN an/DT amount/NN as/RB yet/RB {/-LRB- to/TO be/VB }/-RRB- determined/VBN and/CC deprived/VBN it/PRP of/IN a/DT valuable/JJ artifact/NN for/IN which/WDT it/PRP had/VBD bargained/VBN ,/, ''/'' the/DT suit/NN charges/VBZ ./. | |
| The/DT key/NN to/TO Pinkerton/NNP 's/POS future/NN will/MD be/VB sticking/VBG to/TO what/WP it/PRP does/VBZ best/RBS --/: being/VBG a/DT security/NN company/NN ,/, says/VBZ Mr./NNP Wathen/NNP ./. | |
| The/DT company/NN is/VBZ also/RB renewing/VBG its/PRP$ emphasis/NN on/IN investigations/NNS ,/, particularly/RB undercover/JJ investigations/NNS for/IN corporations/NNS ./. | |
| Although/IN investigations/NNS now/RB account/VBP for/IN only/RB about/RB 5/CD %/NN of/IN Pinkerton/NNP 's/POS total/JJ revenue/NN ,/, that/DT side/NN of/IN the/DT business/NN has/VBZ traditionally/RB been/VBN the/DT more/RBR ``/`` glamorous/JJ ''/'' of/IN the/DT two/CD and/CC it/PRP carries/VBZ historical/JJ and/CC sentimental/JJ value/NN ./. | |
| (/-LRB- Author/NN Dashiell/NNP Hammett/NNP ,/, who/WP wrote/VBD ``/`` The/DT Maltese/JJ Falcon/NN ,/, ''/'' was/VBD a/DT former/JJ Pinkerton/NNP 's/POS detective/NN ./. )/-RRB- | |
| American/NNP Brands/NNP ``/`` just/RB had/VBD a/DT different/JJ approach/NN ,/, ''/'' Mr./NNP Wathen/NNP says/VBZ ./. | |
| ``/`` Their/PRP$ approach/NN did/VBD n't/RB work/NN ;/: mine/PRP is/VBZ ./. | |
| Farm/NN prices/NNS in/IN October/NNP edged/VBD up/RB 0.7/CD %/NN from/IN September/NNP as/IN raw/JJ milk/NN prices/NNS continued/VBD their/PRP$ rise/NN ,/, the/DT Agriculture/NNP Department/NNP said/VBD ./. | |
| Milk/NN sold/VBN to/TO the/DT nation/NN 's/POS dairy/NN plants/NNS and/CC dealers/NNS averaged/VBD $/$ 14.50/CD for/IN each/DT hundred/CD pounds/NNS ,/, up/RB 50/CD cents/NNS from/IN September/NNP and/CC up/RB $/$ 1.50/CD from/IN October/NNP 1988/CD ,/, the/DT department/NN said/VBD ./. | |
| Commercial/JJ vegetables/NNS ,/, led/VBN by/IN lettuce/NN and/CC tomatoes/NNS ,/, rose/VBD 19/CD %/NN in/IN October/NNP ;/: oranges/NNS and/CC other/JJ fruits/NNS rose/VBD 5/CD %/NN ./. | |
| Broiler/NN prices/NNS fell/VBD 6.5/CD cents/NNS in/IN October/NNP to/TO 30.6/CD cents/NNS a/DT pound/NN ,/, while/IN turkey/NN prices/NNS rose/VBD 1.2/CD cents/NNS a/DT pound/NN to/TO 38.5/CD cents/NNS ./. | |
| Egg/NN prices/NNS averaged/VBD 64.2/CD cents/NNS a/DT dozen/NN ,/, down/RB 0.2/CD cent/NN from/IN September/NNP ./. | |
| Hogs/NNS rose/VBD $/$ 3.40/CD to/TO $/$ 46.80/CD a/DT hundredweight/NN in/IN October/NNP ,/, while/IN beef/NN cattle/NNS slipped/VBD 80/CD cents/NNS to/TO $/$ 67.40/CD for/IN each/DT hundred/CD pounds/NNS and/CC calves/NNS dropped/VBD 90/CD cents/NNS to/TO $/$ 90.20/CD ./. | |
| Soybeans/NNS averaged/VBD $/$ 5.28/CD a/DT bushel/NN ,/, down/RB 42/CD cents/NNS from/IN September/NNP ;/: corn/NN averaged/VBD $/$ 2.20/CD ,/, down/RB seven/CD cents/NNS ,/, and/CC sorghum/NN grain/NN averaged/VBD $/$ 3.61/CD for/IN each/DT hundred/CD pounds/NNS ,/, down/RB 19/CD cents/NNS ,/, according/VBG to/TO the/DT department/NN ./. | |
| Paramount/NNP Communications/NNP Inc./NNP ,/, New/NNP York/NNP ,/, completed/VBD the/DT sale/NN of/IN its/PRP$ Associates/NNP Corp./NNP consumer/NN and/CC commercial/JJ finance/NN subsidiary/NN to/TO a/DT unit/NN of/IN Ford/NNP Motor/NNP Co./NNP for/IN $/$ 3.35/CD billion/CD ./. | |
| Paramount/NNP ,/, which/WDT agreed/VBD to/TO sell/VB the/DT unit/NN in/IN July/NNP ,/, said/VBD it/PRP would/MD realize/VB net/JJ proceeds/NNS from/IN the/DT sale/NN of/IN $/$ 2.6/CD billion/CD ,/, with/IN an/DT after-tax/JJ gain/NN of/IN $/$ 1.2/CD billion/CD ./. | |
| Paramount/NNP said/VBD the/DT gain/NN would/MD be/VB recorded/VBN in/IN its/PRP$ fourth/JJ quarter/NN ,/, which/WDT ended/VBD yesterday/NN ./. | |
| Paramount/NNP said/VBD the/DT sale/NN ``/`` completes/VBZ the/DT strategic/JJ restructuring/NN ''/'' it/PRP began/VBD in/IN 1983/CD ,/, and/CC would/MD enable/VB it/PRP to/TO focus/VB on/IN its/PRP$ entertainment/NN and/CC publishing/NN businesses/NNS ./. | |
| Ford/NNP said/VBD in/IN July/NNP it/PRP planned/VBD to/TO operate/VB Associates/NNP ,/, based/VBN in/IN Dallas/NNP ,/, as/IN a/DT separate/JJ entity/NN in/IN its/PRP$ Ford/NNP Financial/NNP Services/NNP Group/NNP ./. | |
| Paramount/NNP said/VBD Associates/NNP has/VBZ about/RB $/$ 14/CD billion/CD in/IN total/JJ assets/NNS ,/, making/VBG it/PRP third-largest/JJ in/IN terms/NNS of/IN assets/NNS among/IN independent/JJ finance/NN companies/NNS in/IN the/DT U.S./NNP ./. | |
| Sea/NNP Containers/NNP Ltd./NNP ,/, in/IN a/DT long-awaited/JJ move/NN to/TO repel/VB a/DT hostile/JJ takeover/NN bid/NN ,/, said/VBD it/PRP will/MD sell/VB $/$ 1.1/CD billion/CD of/IN assets/NNS and/CC use/VB some/DT of/IN the/DT proceeds/NNS to/TO buy/VB about/RB 50/CD %/NN of/IN its/PRP$ common/JJ shares/NNS for/IN $/$ 70/CD apiece/RB ./. | |
| Together/RB with/IN the/DT 3.6/CD million/CD shares/NNS currently/RB controlled/VBN by/IN management/NN ,/, subsidiaries/NNS and/CC directors/NNS ,/, the/DT completed/VBN tender/NN offer/NN would/MD give/VB Sea/NNP Containers/NNP a/DT controlling/VBG stake/NN ./. | |
| Describing/VBG itself/PRP as/IN ``/`` asset/NN rich/JJ ,/, ''/'' Sea/NNP Containers/NNP said/VBD it/PRP will/MD move/VB immediately/RB to/TO sell/VB two/CD ports/NNS ,/, various/JJ ferries/NNS ,/, ferry/NN services/NNS ,/, containers/NNS ,/, and/CC other/JJ investments/NNS ./. | |
| Of/IN the/DT proceeds/NNS ,/, $/$ 500/CD million/CD will/MD be/VB used/VBN to/TO fund/VB its/PRP$ tender/NN offer/NN ./. | |
| Sea/NNP Containers/NNP added/VBD that/IN the/DT recapitalization/NN plan/NN will/MD reduce/VB its/PRP$ debt/NN by/IN more/JJR than/IN $/$ 500/CD million/CD ./. | |
| The/DT company/NN ,/, which/WDT has/VBZ 13.8/CD million/CD common/JJ shares/NNS outstanding/JJ ,/, said/VBD in/IN mid-June/NNP that/IN it/PRP was/VBD considering/VBG a/DT restructuring/NN to/TO ward/VB off/RP a/DT hostile/NN takeover/NN attempt/NN by/IN two/CD European/JJ shipping/NN concerns/NNS ./. | |
| In/IN late/JJ May/NNP ,/, Stena/NNP Holding/NNP AG/NNP and/CC Tiphook/NNP PLC/NNP ,/, launched/VBD a/DT $/$ 50-a-share/JJ ,/, or/CC $/$ 777/CD million/CD ,/, tender/NN offer/NN for/IN the/DT Hamilton/NNP ,/, Bermuda-based/JJ Sea/NNP Containers/NNP ./. | |
| In/IN mid-August/NNP ,/, the/DT companies/NNS ,/, through/IN their/PRP$ jointly/RB owned/VBN holding/VBG company/NN ,/, Temple/NNP Holdings/NNP Ltd./NNP ,/, sweetened/VBD the/DT offer/NN to/TO $/$ 63/CD a/DT share/NN ,/, or/CC $/$ 963/CD million/CD ./. | |
| Officials/NNP for/IN Temple/NNP declined/VBD to/TO comment/VB ./. | |
| News/NN of/IN the/DT restructuring/NN plan/NN sent/VBD Sea/NNP Containers/NNP '/POS shares/NNS up/IN $/$ 1/CD to/TO $/$ 62/CD in/IN New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN ./. | |
| Walter/NNP Kirchberger/NNP ,/, an/DT analyst/NN with/IN PaineWebber/NNP Inc./NNP ,/, said/VBD that/IN offering/VBG holders/NNS a/DT higher/JJR ,/, $/$ 70-a-share/JJ price/NN is/VBZ ``/`` a/DT fairly/RB effective/JJ method/NN of/IN blocking/VBG ''/'' the/DT Stena-Tiphook/NNP bid/NN ./. | |
| Michael/NNP Carstens/NNP ,/, an/DT analyst/NN with/IN Tucker/NNP Anthony/NNP &/CC R.L./NNP Day/NNP ,/, added/VBD that/IN the/DT sale/NN of/IN assets/NNS would/MD allow/VB Sea/NNP Containers/NNP to/TO focus/VB on/IN its/PRP$ core/JJ container/NN businesses/NNS ./. | |
| For/IN holders/NNS who/WP decide/VBP not/RB to/TO tender/VB their/PRP$ shares/NNS ,/, Sea/NNP Containers/NNP will/MD issue/VB one/CD share/NN of/IN preferred/JJ stock/NN with/IN a/DT stated/JJ value/NN of/IN $/$ 25/CD ,/, plus/CC a/DT cash/NN dividend/NN on/IN the/DT common/JJ stock/NN ./. | |
| The/DT company/NN said/VBD its/PRP$ directors/NNS ,/, management/NN and/CC subsidiaries/NNS will/MD remain/VB long-term/JJ investors/NNS and/CC wo/MD n't/RB tender/VB any/DT of/IN their/PRP$ shares/NNS under/IN the/DT offer/NN ./. | |
| Sea/NNP Containers/NNP said/VBD the/DT offer/NN will/MD proceed/VB after/IN the/DT Bermuda/NNP Supreme/NNP Court/NNP lifts/VBZ or/CC modifies/VBZ an/DT interim/JJ injunction/NN restraining/VBG the/DT company/NN from/IN buying/VBG its/PRP$ shares/NNS ./. | |
| That/DT injunction/NN resulted/VBD from/IN litigation/NN between/IN Temple/NNP and/CC Sea/NNP Containers/NNP last/JJ May/NNP ./. | |
| The/DT company/NN said/VBD the/DT court/NN has/VBZ indicated/VBN it/PRP will/MD make/VB a/DT decision/NN on/IN or/CC about/IN Nov./NNP 27/CD ./. | |
| Sea/NNP Containers/NNP will/MD soon/RB set/VB a/DT date/NN for/IN its/PRP$ annual/JJ shareholder/NN meeting/NN to/TO seek/VB holder/NN approval/NN for/IN the/DT offer/NN ./. | |
| You/PRP 'd/MD think/VB all/PDT the/DT stories/NNS about/IN well-heeled/JJ communities/NNS and/CC developers/NNS getting/VBG HUD/NNP grants/NNS would/MD prompt/VB Congress/NNP to/TO tighten/VB up/RP on/IN upscale/JJ housing/NN subsidies/NNS ./. | |
| No/DT way/NN ./. | |
| Congress/NNP has/VBZ just/RB made/VBN it/PRP easier/JJR for/IN the/DT affluent/JJ to/TO qualify/VB for/IN insured/JJ loans/NNS from/IN the/DT deficit-ridden/JJ Federal/NNP Housing/NNP Administration/NNP ./. | |
| It/PRP appears/VBZ that/IN the/DT only/JJ thing/NN Congress/NNP is/VBZ learning/VBG from/IN the/DT HUD/NNP story/NN is/VBZ how/WRB to/TO enlarge/VB its/PRP$ control/NN of/IN the/DT honey/NN pot/NN going/VBG to/TO special/JJ interests/NNS ./. | |
| Right/RB now/RB ,/, the/DT largest/JJS loan/NN the/DT FHA/NNP can/MD insure/VB in/IN high-cost/JJ housing/NN markets/NNS is/VBZ $/$ 101,250/CD ./. | |
| Last/JJ week/NN ,/, housing/NN lobbies/NNS persuaded/VBD Congress/NNP to/TO raise/VB the/DT ceiling/NN to/TO $/$ 124,875/CD ,/, making/VBG FHA/NNP loans/NNS more/RBR accessible/JJ to/TO the/DT well-to-do/JJ ./. | |
| But/CC it/PRP does/VBZ that/DT at/IN the/DT cost/NN of/IN deepening/VBG the/DT taxpayer/NN 's/POS exposure/NN if/IN the/DT FHA/NNP is/VBZ forced/VBN to/TO pay/VB for/IN more/JJR loans/NNS going/VBG sour/JJ ./. | |
| This/DT is/VBZ no/DT idle/JJ fear/NN last/JJ year/NN the/DT FHA/NNP lost/VBD $/$ 4.2/CD billion/CD in/IN loan/NN defaults/NNS ./. | |
| But/CC the/DT higher/JJR mortgage/NN ceiling/NN is/VBZ only/RB the/DT starter/JJ kit/NN for/IN what/WP Senator/NNP Alan/NNP Cranston/NNP and/CC Majority/NNP Leader/NNP George/NNP Mitchell/NNP have/VBP in/IN mind/NN for/IN housing/NN ./. | |
| The/DT Senate/NNP Banking/NNP Committee/NNP will/MD begin/VB hearings/NNS next/IN week/NN on/IN their/PRP$ proposal/NN to/TO expand/VB existing/VBG federal/JJ housing/NN programs/NNS ./. | |
| Other/JJ Senators/NNP want/VBP to/TO lower/VB the/DT down/JJ payments/NNS required/VBN on/IN FHA-insured/JJ loans/NNS ./. | |
| That/DT would/MD be/VB a/DT formula/NN for/IN ensuring/VBG even/RB more/JJR FHA/NNP red/JJ ink/NN ./. | |
| Experience/NN has/VBZ shown/VBN that/IN the/DT most/RBS important/JJ element/NN in/IN predicting/VBG a/DT housing-loan/NN default/NN is/VBZ the/DT down/JJ payment/NN ./. | |
| Because/IN a/DT purchaser/NN can/MD use/VB an/DT FHA/NNP loan/NN to/TO finance/VB all/DT points/NNS and/CC closing/NN costs/NNS ,/, the/DT FHA/NNP can/MD wind/VB up/RP lending/VBG more/JJR than/IN a/DT house/NN is/VBZ worth/IN ./. | |
| If/IN housing/NN prices/NNS continue/VBP to/TO fall/VB ,/, many/JJ borrowers/NNS would/MD be/VB better/JJR off/RP walking/VBG away/RB from/IN their/PRP$ homes/NNS and/CC leaving/VBG taxpayers/NNS with/IN the/DT losses/NNS ./. | |
| Much/RB the/DT same/JJ thing/NN happened/VBD with/IN busted/JJ S&Ls/NNS ,/, a/DT problem/NN Congress/NNP just/RB ``/`` solved/VBD ''/'' with/IN a/DT $/$ 166/CD billion/CD bailout/NN ./. | |
| We/PRP hear/VBP that/IN HUD/NNP Secretary/NNP Jack/NNP Kemp/NNP is/VBZ toying/VBG with/IN going/VBG along/RP with/IN some/DT of/IN the/DT Cranston-Mitchell/NNP proposals/NNS ./. | |
| That/DT sounds/VBZ like/IN a/DT formula/NN for/IN ensuring/VBG that/IN he/PRP gets/VBZ dragged/VBN into/IN the/DT next/JJ HUD/NNP tar/NN pit/NN ./. | |
| A/DT group/NN of/IN 27/CD Senators/NNPS has/VBZ written/VBN Mr./NNP Kemp/NNP urging/VBG him/PRP to/TO reject/VB Cranston-Mitchell/NNP and/CC focus/VB on/IN programs/NNS that/WDT empower/VBP the/DT poor/JJ rather/RB than/IN create/VB vast/JJ new/JJ government/NN obligations/NNS ./. | |
| But/CC even/RB if/IN he/PRP agrees/VBZ ,/, Mr./NNP Kemp/NNP does/VBZ n't/RB write/VB the/DT nation/NN 's/POS housing/NN law/NN --/: Congress/NNP does/VBZ ./. | |
| And/CC the/DT majority/NN of/IN Members/NNS cynically/RB view/VBP the/DT current/JJ discrediting/NN of/IN HUD/NNP as/IN mainly/RB a/DT chance/NN to/TO shove/VB through/RP their/PRP$ own/JJ slate/NN of/IN projects/NNS ./. | |
| Exhibit/NN A/NN is/VBZ last/JJ week/NN 's/POS House/NNP vote/NN to/TO fund/VB 40/CD pet/JJ projects/NNS out/IN of/IN the/DT same/JJ discretionary/JJ fund/NN that/WDT is/VBZ at/IN the/DT heart/NN of/IN the/DT HUD/NNP scandal/NN ./. | |
| None/NN of/IN the/DT grants/NNS had/VBD been/VBN requested/VBN by/IN HUD/NNP ,/, judged/VBN competitively/RB or/CC were/VBD the/DT subject/NN of/IN a/DT single/JJ hearing/NN ./. | |
| More/JJR and/CC more/JJR observers/NNS now/RB realize/VBP that/IN the/DT key/NN to/TO ending/VBG future/JJ HUD/NNP scandals/NNS lies/VBZ in/IN forcing/VBG Congress/NNP to/TO clean/VB up/RP its/PRP$ own/JJ act/NN ./. | |
| This/DT week/NN ,/, a/DT Baltimore/NNP Sun/NNP editorial/NN said/VBD the/DT Lantos/NNP subcommittee/NN on/IN HUD/NNP should/MD forget/VB about/IN Sam/NNP Pierce/NNP 's/POS testimony/NN for/IN the/DT moment/NN and/CC call/VB some/DT other/JJ witnesses/NNS :/: the/DT various/JJ congressional/JJ sponsors/NNS of/IN the/DT 40/CD pork-barrel/JJ projects/NNS ./. | |
| The/DT Sun/NNP concluded/VBD that/IN Mr./NNP Pierce/NNP is/VBZ only/RB part/NN of/IN the/DT problem/NN --/: and/CC a/DT part/NN that/WDT 's/VBZ gone/VBN ./. | |
| ``/`` If/IN HUD/NNP is/VBZ to/TO be/VB reformed/VBN ,/, ''/'' it/PRP concluded/VBD ,/, Members/NNPS of/IN Congress/NNP will/MD ``/`` have/VB to/TO start/VB looking/VBG into/IN ,/, and/CC doing/VBG something/NN about/IN ,/, the/DT practices/NNS of/IN their/PRP$ colleagues/NNS ./. ''/'' | |
| Of/IN course/NN ,/, self-reform/NN is/VBZ about/RB the/DT last/JJ thing/NN this/DT Congress/NNP is/VBZ interested/JJ in/IN ./. | |
| Proponents/NNS of/IN expanding/VBG FHA/NNP programs/NNS say/VBP they/PRP merely/RB want/VBP to/TO help/VB home/NN buyers/NNS who/WP are/VBP frozen/VBN out/IN of/IN high-priced/JJ markets/NNS ./. | |
| But/CC the/DT FHA/NNP program/NN is/VBZ hemorrhaging/VBG bad/JJ loans/NNS ./. | |
| Jack/NNP Kemp/NNP has/VBZ submitted/VBN a/DT package/NN of/IN reforms/NNS ,/, and/CC they/PRP are/VBP surely/RB headed/VBN for/IN the/DT Capitol/NNP Hill/NNP sausage-grinder/NN ./. | |
| Like/IN the/DT S&L/NNP mess/NN before/IN it/PRP ,/, this/DT is/VBZ a/DT problem/NN Congress/NNP should/MD be/VB solving/VBG ,/, not/RB ignoring/VBG ./. | |
| Gillette/NNP Co./NNP ,/, Boston/NNP ,/, said/VBD it/PRP is/VBZ planning/VBG to/TO restructure/VB its/PRP$ South/JJ African/JJ subsidiary/NN ./. | |
| Under/IN the/DT plan/NN ,/, Gillette/NNP South/NNP Africa/NNP will/MD sell/VB manufacturing/NN facilities/NNS in/IN Springs/NNP ,/, South/NNP Africa/NNP ,/, and/CC its/PRP$ business/NN in/IN toiletries/NNS and/CC plastic/NN bags/NNS to/TO Twins/NNP Pharmaceuticals/NNP Ltd./NNP ,/, an/DT affiliate/NN of/IN Anglo/NNP American/NNP Corp./NNP ,/, a/DT South/JJ African/JJ company/NN ./. | |
| Terms/NNS were/VBD not/RB disclosed/VBN ./. | |
| A/DT final/JJ agreement/NN has/VBZ not/RB been/VBN signed/VBN ,/, and/CC the/DT moves/NNS will/MD not/RB have/VB a/DT material/JJ effect/NN on/IN the/DT company/NN ,/, Gillette/NNP said/VBD ./. | |
| The/DT company/NN said/VBD it/PRP is/VBZ part/NN of/IN a/DT continuing/VBG world-wide/JJ restructuring/NN in/IN which/WDT it/PRP has/VBZ downsized/VBN or/CC sold/VBN operations/NNS in/IN several/JJ countries/NNS ./. | |
| Gillette/NNP said/VBD its/PRP$ continued/JJ presence/NN in/IN South/NNP Africa/NNP ``/`` enables/VBZ it/PRP to/TO make/VB meaningful/JJ contributions/NNS to/TO South/JJ African/JJ society/NN ,/, to/TO the/DT lives/NNS of/IN its/PRP$ employees/NNS and/CC to/TO the/DT communities/NNS in/IN which/WDT it/PRP operates/VBZ ./. ''/'' | |
| Gillette/NNP South/NNP Africa/NNP employs/VBZ about/RB 250/CD people/NNS ./. | |
| About/RB 60/CD %/NN of/IN the/DT work/NN force/NN will/MD continue/VB with/IN Gillette/NNP or/CC transfer/VB to/TO Twins/NNP Pharmaceuticals/NNPS ,/, the/DT company/NN said/VBD ./. | |
| The/DT Soviet/JJ legislature/NN approved/VBD a/DT 1990/CD budget/NN yesterday/NN that/WDT halves/VBZ its/PRP$ huge/JJ deficit/NN with/IN cuts/NNS in/IN defense/NN spending/NN and/CC capital/NN outlays/NNS while/IN striving/VBG to/TO improve/VB supplies/NNS to/TO frustrated/JJ consumers/NNS ./. | |
| The/DT vote/NN to/TO approve/VB was/VBD | |
| A/DT proposal/NN to/TO raise/VB prices/NNS of/IN beer/NN ,/, tobacco/NN and/CC luxuries/NNS was/VBD rejected/VBN 338-44/RB ./. | |
| Soviet/NNP President/NNP Mikhail/NNP S./NNP Gorbachev/NNP told/VBD the/DT legislators/NNS they/PRP had/VBD made/VBN a/DT good/JJ start/NN ,/, but/CC that/IN the/DT most/RBS difficult/JJ work/NN was/VBD still/RB ahead/RB ./. | |
| The/DT Tass/NNP news/NN agency/NN said/VBD the/DT 1990/CD budget/NN anticipates/VBZ income/NN of/IN 429.9/CD billion/CD rubles/NNS (/-LRB- US$/$ 693.4/CD billion/CD )/-RRB- and/CC expenditures/VBZ of/IN 489.9/CD billion/CD rubles/NNS (/-LRB- US$/$ 790.2/CD billion/CD )/-RRB- ./. | |
| Those/DT figures/NNS are/VBP almost/RB exactly/RB what/WP the/DT government/NN proposed/VBD to/TO legislators/NNS in/IN September/NNP ./. | |
| If/IN the/DT government/NN can/MD stick/VB with/IN them/PRP ,/, it/PRP will/MD be/VB able/JJ to/TO halve/VB this/DT year/NN 's/POS 120/CD billion/CD ruble/NN (/-LRB- US$/$ 193/CD billion/CD )/-RRB- deficit/NN ./. | |
| Officials/NNS proposed/VBD a/DT cut/NN in/IN the/DT defense/NN budget/NN this/DT year/NN to/TO 70.9/CD billion/CD rubles/NNS (/-LRB- US$/$ 114.3/CD billion/CD )/-RRB- from/IN 77.3/CD billion/CD rubles/NNS (/-LRB- US$/$ 125/CD billion/CD )/-RRB- as/RB well/RB as/IN large/JJ cuts/NNS in/IN outlays/NNS for/IN new/JJ factories/NNS and/CC equipment/NN ./. | |
| Tass/NNP said/VBD the/DT final/JJ budget/NN and/CC economic/JJ plan/NN calls/VBZ for/IN a/DT sharp/JJ increase/NN in/IN the/DT production/NN of/IN consumer/NN goods/NNS ./. | |
| Trial/NN and/CC Terror/NN | |
| At/IN times/NNS I/PRP sequester/VBP my/PRP$ mind/NN When/WRB I/PRP must/MD think/VB with/IN precision/NN ,/, Detached/VBN from/IN all/DT other/JJ thoughts/NNS While/IN trying/VBG to/TO reach/VB a/DT decision/NN ./. | |
| But/CC often/RB nothing/NN 's/VBZ resolved/VBN ,/, To/TO my/PRP$ frustration/NN and/CC fury/NN :/: With/IN pros/NNS and/CC cons/NNS in/IN limbo/NN ,/, I/PRP feel/VBP like/IN a/DT hung/JJ jury/NN ./. | |
| --/: Arnold/NNP J./NNP Zarett/NNP ./. | |
| Daffynition/NN | |
| Rodeo/NN applause/NN :/: broncs/NNS cheer/NN ./. | |
| --/: Marvin/NNP Alisky/NNP ./. | |
| Ocean/NNP Drilling/NNP &/CC Exploration/NNP Co./NNP will/MD sell/VB its/PRP$ contract-drilling/NN business/NN ,/, and/CC took/VBD a/DT $/$ 50.9/CD million/CD loss/NN from/IN discontinued/VBN operations/NNS in/IN the/DT third/JJ quarter/NN because/IN of/IN the/DT planned/JJ sale/NN ./. | |
| The/DT New/NNP Orleans/NNP oil/NN and/CC gas/NN exploration/NN and/CC diving/NN operations/NNS company/NN added/VBD that/IN it/PRP does/VBZ n't/RB expect/VB any/DT further/JJ adverse/JJ financial/JJ impact/NN from/IN the/DT restructuring/NN ./. | |
| In/IN the/DT third/JJ quarter/NN ,/, the/DT company/NN ,/, which/WDT is/VBZ 61%-owned/JJ by/IN Murphy/NNP Oil/NNP Corp./NNP of/IN Arkansas/NNP ,/, had/VBD a/DT net/JJ loss/NN of/IN $/$ 46.9/CD million/CD ,/, or/CC 91/CD cents/NNS a/DT share/NN ,/, compared/VBN with/IN a/DT restated/JJ loss/NN of/IN $/$ 9/CD million/CD ,/, or/CC 18/CD cents/NNS a/DT share/NN ,/, a/DT year/NN ago/RB ./. | |
| The/DT latest/JJS period/NN had/VBD profit/NN from/IN continuing/JJ operations/NNS of/IN $/$ 4/CD million/CD ./. | |
| Revenue/NN gained/VBD 13/CD %/NN to/TO $/$ 77.3/CD million/CD from/IN $/$ 68.5/CD million/CD ./. | |
| Ocean/NNP Drilling/NNP said/VBD it/PRP will/MD offer/VB 15/CD %/NN to/TO 20/CD %/NN of/IN the/DT contract-drilling/NN business/NN through/IN an/DT initial/JJ public/JJ offering/NN in/IN the/DT near/JJ future/NN ./. | |
| It/PRP has/VBZ long/RB been/VBN rumored/VBN that/IN Ocean/NNP Drilling/NNP would/MD sell/VB the/DT unit/NN to/TO concentrate/VB on/IN its/PRP$ core/NN oil/NN and/CC gas/NN business/NN ./. | |
| Ocean/NNP Drilling/NNP said/VBD it/PRP wo/MD n't/RB hold/VB any/DT shares/NNS of/IN the/DT new/JJ company/NN after/IN the/DT restructuring/VBG ./. | |
| After/IN 20/CD years/NNS of/IN pushing/VBG labor/NN proposals/NNS to/TO overhaul/VB the/DT nation/NN 's/POS health-care/NN system/NN ,/, Bert/NNP Seidman/NNP of/IN the/DT AFL-CIO/NNP is/VBZ finding/VBG interest/NN from/IN an/DT unlikely/JJ quarter/NN :/: big/JJ business/NN ./. | |
| Corporate/JJ leaders/NNS ,/, frustrated/VBN by/IN double-digit/JJ increases/NNS in/IN health-care/NN costs/NNS ,/, are/VBP beginning/VBG to/TO sound/VB like/IN liberal/JJ Democrats/NNPS ./. | |
| Failure/NN to/TO check/VB rising/VBG medical/JJ costs/NNS ultimately/RB could/MD ``/`` lead/VB some/DT of/IN us/PRP who/WP today/NN are/VBP free-market/NN advocates/NNS to/TO re-examine/VB our/PRP$ thinking/NN and/CC positions/NNS with/IN respect/NN to/TO government-sponsored/JJ national/JJ health/NN insurance/NN ,/, ''/'' Arthur/NNP Puccini/NNP ,/, a/DT General/NNP Electric/NNP Co./NNP vice/NN president/NN ,/, warned/VBD earlier/RBR this/DT year/NN ./. | |
| The/DT pocketbook/NN impact/NN of/IN health/NN benefits/NNS has/VBZ driven/VBN business/NN and/CC labor/NN to/TO a/DT surprising/JJ consensus/NN ./. | |
| Both/DT the/DT AFL-CIO/NNP and/CC the/DT National/NNP Association/NNP of/IN Manufacturers/NNPS are/VBP calling/VBG for/IN measures/NNS to/TO control/VB rising/VBG costs/NNS ,/, improve/VB quality/NN and/CC provide/VB care/NN to/TO the/DT 31/CD million/CD Americans/NNPS who/WP currently/RB lack/VBP health/NN insurance/NN ./. | |
| Agreement/NN on/IN these/DT points/NNS is/VBZ a/DT long/JJ way/NN from/IN a/DT specific/JJ program/NN ,/, and/CC nobody/NN expects/VBZ the/DT U.S./NNP to/TO rush/VB toward/IN radical/JJ restructuring/NN of/IN the/DT health-care/NN system/NN ./. | |
| But/CC there/EX are/VBP signs/NNS that/IN labor-management/JJ cooperation/NN could/MD change/VB the/DT politics/NNS of/IN health-care/NN legislation/NN and/CC the/DT economics/NNS of/IN medicine/NN ./. | |
| ``/`` I/PRP ca/MD n't/RB remember/VB a/DT time/NN when/WRB virtually/RB everyone/NN can/MD agree/VB on/IN what/WP the/DT problem/NN is/VBZ ,/, ''/'' says/VBZ Mr./NNP Seidman/NNP ,/, who/WP heads/VBZ the/DT AFL-CIO/NNP 's/POS department/NN dealing/VBG with/IN health/NN matters/NNS ./. | |
| Because/IN the/DT Bush/NNP administration/NN is/VBZ n't/RB taking/VBG the/DT initiative/NN on/IN health/NN issues/NNS ,/, business/NN executives/NNS are/VBP dealing/VBG with/IN congressional/JJ Democrats/NNPS who/WP champion/VBP health-care/NN revision/NN ./. | |
| ``/`` Business/NN across/IN the/DT country/NN is/VBZ spending/VBG more/JJR time/NN addressing/VBG this/DT issue/NN ,/, ''/'' says/VBZ Sen./NNP Edward/NNP Kennedy/NNP (/-LRB- D./NNP ,/, Mass/NNP ./. )/-RRB- ./. | |
| ``/`` It/PRP 's/VBZ a/DT bottom-line/JJ issue/NN ./. ''/'' | |
| Business/NN complained/VBD earlier/RBR this/DT year/NN when/WRB Sen./NNP Kennedy/NNP introduced/VBD a/DT bill/NN that/WDT would/MD require/VB employers/NNS to/TO provide/VB a/DT minimum/JJ level/NN of/IN health/NN insurance/NN to/TO workers/NNS but/CC does/VBZ n't/RB contain/VB cost-control/JJ measures/NNS ./. | |
| Partly/RB in/IN response/NN ,/, a/DT bipartisan/JJ group/NN of/IN senators/NNS from/IN the/DT finance/NN and/CC labor/NN committees/NNS is/VBZ drafting/VBG a/DT plan/NN to/TO attract/VB broader/JJR support/NN ./. | |
| It/PRP will/MD feature/VB a/DT cost-containment/JJ provision/NN designed/VBN to/TO keep/VB expanded/JJ benefits/NNS from/IN fueling/VBG higher/JJR care/NN prices/NNS ./. | |
| At/IN 11.1/CD %/NN of/IN gross/JJ national/JJ product/NN ,/, U.S./NNP health/NN costs/NNS already/RB are/VBP the/DT highest/JJS in/IN the/DT world/NN ./. | |
| By/IN contrast/NN ,/, Japan/NNP 's/POS equal/VBP 6.7/CD %/NN of/IN GNP/NN ,/, a/DT nation/NN 's/POS total/JJ output/NN of/IN goods/NNS and/CC services/NNS ./. | |
| Management/NN and/CC labor/NN worry/VBP that/IN the/DT gap/NN makes/VBZ U.S./NNP companies/NNS less/RBR competitive/JJ ./. | |
| Chrysler/NNP Corp./NNP estimates/VBZ that/IN health/NN costs/NNS add/VBP $/$ 700/CD to/TO the/DT price/NN of/IN each/DT of/IN its/PRP$ cars/NNS ,/, about/RB $/$ 300/CD to/TO $/$ 500/CD more/JJR per/IN car/NN than/IN foreign/JJ competitors/NNS pay/VBP for/IN health/NN ./. | |
| ``/`` The/DT cost/NN of/IN health/NN care/NN is/VBZ eroding/VBG standards/NNS of/IN living/NN and/CC sapping/VBG industrial/JJ strength/NN ,/, ''/'' complains/VBZ Walter/NNP Maher/NNP ,/, a/DT Chrysler/NNP health-and-benefits/JJ specialist/NN ./. | |
| Labor/NN is/VBZ upset/JJ because/IN many/JJ companies/NNS are/VBP using/VBG higher/JJR employee/NN insurance/NN premiums/NNS ,/, deductibles/NNS and/CC co-payments/NNS to/TO deflect/VB surging/JJ medical/JJ costs/NNS to/TO workers/NNS ./. | |
| Health/NNP benefits/NNS are/VBP contentious/JJ issues/NNS in/IN the/DT strikes/NNS against/IN Pittston/NNP Co./NNP and/CC Nynex/NNP Corp/NNP ./. | |
| In/IN their/PRP$ new/JJ contract/NN this/DT year/NN ,/, American/NNP Telephone/NNP &/CC Telegraph/NNP Co./NNP and/CC the/DT Communications/NNP Workers/NNP of/IN America/NNP agreed/VBD to/TO look/VB for/IN ``/`` prompt/JJ and/CC lasting/JJ national/JJ solutions/NNS ''/'' to/TO rising/VBG health-care/NN costs/NNS ./. | |
| Some/DT analysts/NNS are/VBP cynical/JJ about/IN the/DT new/JJ corporate/JJ interest/NN in/IN health-care/NN overhaul/NN ./. | |
| Carl/NNP Schramm/NNP ,/, president/NN of/IN the/DT Health/NNP Insurance/NNP Association/NNP of/IN America/NNP ,/, scoffs/VBZ at/IN ``/`` capitalists/NNS who/WP want/VBP to/TO socialize/VB the/DT entire/JJ financing/NN system/NN ''/'' for/IN health/NN ./. | |
| ``/`` They/PRP hope/VBP they/PRP can/MD buy/VB some/DT government/NN cost/NN discipline/NN ,/, ''/'' but/CC this/DT is/VBZ a/DT false/JJ hope/NN ,/, Mr./NNP Schramm/NNP says/VBZ ./. | |
| He/PRP asserts/VBZ that/DT government/NN has/VBZ done/VBN an/DT even/RB worse/JJR job/NN of/IN controlling/VBG its/PRP$ health/NN bill/NN than/IN business/NN ./. | |
| So/RB far/RB neither/CC the/DT Bush/NNP administration/NN nor/CC Congress/NNP is/VBZ prepared/VBN to/TO lead/VB the/DT way/NN toward/IN revamping/VBG health/NN care/NN ./. | |
| The/DT administration/NN lacks/VBZ a/DT comprehensive/JJ health-care/NN policy/NN ./. | |
| Congress/NNP still/RB is/VBZ struggling/VBG to/TO dismantle/VB the/DT unpopular/JJ Catastrophic/NNP Care/NNP Act/NNP of/IN 1988/CD ,/, which/WDT boosted/VBD benefits/NNS for/IN the/DT elderly/JJ and/CC taxed/VBD them/PRP to/TO pay/VB for/IN the/DT new/JJ coverage/NN ./. | |
| A/DT bipartisan/JJ commission/NN established/VBN by/IN Congress/NNP and/CC headed/VBN by/IN Sen./NNP John/NNP Rockefeller/NNP (/-LRB- D./NNP ,/, W.Va/NNP ./. )/-RRB- is/VBZ scheduled/VBN to/TO present/VB new/JJ plans/NNS for/IN dealing/VBG with/IN the/DT uninsured/JJ and/CC long-term/JJ care/NN for/IN the/DT elderly/JJ by/IN next/JJ March/NNP 1/CD ./. | |
| A/DT quadrennial/JJ commission/NN appointed/VBN by/IN Health/NNP and/CC Human/NNP Services/NNP Secretary/NNP Louis/NNP Sullivan/NNP is/VBZ taking/VBG a/DT broad/JJ look/NN at/IN the/DT economics/NNS of/IN Medicare/NNP for/IN the/DT elderly/JJ ,/, Medicaid/NNP for/IN the/DT poor/JJ and/CC the/DT health/NN system/NN in/IN general/NN ./. | |
| It/PRP is/VBZ expected/VBN to/TO report/VB next/JJ summer/NN ./. | |
| ``/`` No/DT magic/JJ bullet/NN will/MD be/VB discovered/VBN next/JJ year/NN ,/, an/DT election/NN year/NN ,/, ''/'' says/VBZ Rep./NNP Fortney/NNP Stark/NNP (/-LRB- D./NNP ,/, Calif/NNP ./. )/-RRB- | |
| But/CC 1991/CD could/MD be/VB a/DT window/NN for/IN action/NN ./. | |
| The/DT pressure/NN for/IN change/NN will/MD rise/VB with/IN costs/NNS ./. | |
| ``/`` I/PRP think/VBP employers/NNS are/VBP really/RB going/VBG to/TO be/VB the/DT ones/NNS to/TO push/VB for/IN major/JJ change/NN ,/, ''/'' says/VBZ Sharon/NNP Canner/NNP ,/, a/DT health/NN expert/NN at/IN NAM/NNP ./. | |
| Any/DT major/JJ attempt/NN to/TO revamp/VB the/DT health-care/NN system/NN is/VBZ likely/JJ to/TO trigger/VB opposition/NN from/IN politically/RB powerful/JJ interest/NN groups/NNS ,/, particularly/RB the/DT American/NNP Medical/NNP Association/NNP ,/, and/CC perhaps/RB from/IN the/DT public/NN as/RB well/RB ,/, if/IN Congress/NNP takes/VBZ steps/NNS that/IN patients/NNS fear/VBP will/MD limit/VB the/DT availability/NN of/IN care/NN ./. | |
| The/DT NAM/NNP embraces/VBZ efforts/NNS ,/, which/WDT both/CC the/DT administration/NN and/CC the/DT medical/JJ profession/NN have/VB begun/VBN ,/, to/TO measure/VB the/DT effectiveness/NN of/IN medical/JJ treatments/NNS and/CC then/RB to/TO draft/VB medical-practice/NN guidelines/NNS ./. | |
| Advocates/NNS hope/VBP that/IN such/JJ standards/NNS will/MD improve/VB treatment/NN while/IN limiting/VBG unnecessary/JJ tests/NNS and/CC medical/JJ procedures/NNS ./. | |
| HHS/NNP Secretary/NNP Sullivan/NNP estimates/VBZ that/IN as/RB much/JJ as/IN 25/CD %/NN of/IN the/DT medical/JJ procedures/NNS performed/VBN each/DT year/NN may/MD be/VB inappropriate/JJ or/CC unnecessary/JJ ./. | |
| Limiting/VBG care/NN wo/MD n't/RB be/VB easy/JJ or/CC popular/JJ ./. | |
| ``/`` To/TO slow/VB the/DT rise/NN in/IN total/JJ spending/NN ,/, it/PRP will/MD be/VB necessary/JJ to/TO reduce/VB per-capita/JJ use/NN of/IN services/NNS ,/, ''/'' the/DT NAM/NNP warns/VBZ in/IN a/DT policy/NN statement/NN ./. | |
| This/DT will/MD ``/`` require/VB us/PRP to/TO define/VB --/: and/CC redefine/VB --/: what/WP is/VBZ `/`` necessary/JJ '/'' or/CC `/`` appropriate/JJ '/'' care/NN ./. | |
| This/DT involves/VBZ trade-offs/NNS and/CC {/-LRB- it/PRP }/-RRB- cuts/VBZ against/IN the/DT grain/NN of/IN existing/VBG consumer/NN and/CC even/RB provider/NN conceptions/NNS of/IN what/WP is/VBZ `/`` necessary/JJ ./. '/'' ''/'' | |
| The/DT AFL-CIO/NNP also/RB embraces/VBZ treatment/NN guidelines/NNS ./. | |
| In/IN addition/NN ,/, it/PRP 's/VBZ toying/VBG with/IN an/DT approach/NN that/WDT would/MD impose/VB health-expenditure/JJ ceilings/NNS or/CC budgets/NNS on/IN the/DT government/NN as/IN a/DT whole/NN and/CC on/IN individual/JJ states/NNS as/IN a/DT way/NN to/TO slow/VB health-care/NN spending/NN ./. | |
| At/IN a/DT meeting/NN here/RB on/IN Nov./NNP 15/CD ,/, the/DT labor/NN federation/NN plans/NNS to/TO launch/VB a/DT major/JJ effort/NN to/TO build/VB grass-roots/JJ support/NN for/IN health-care/NN overhaul/NN ./. | |
| Stelco/NNP Inc./NNP said/VBD it/PRP plans/VBZ to/TO shut/VB down/RP three/CD Toronto-area/JJ plants/NNS ,/, moving/VBG their/PRP$ fastener/NN operations/NNS to/TO a/DT leased/VBN facility/NN in/IN Brantford/NNP ,/, Ontario/NNP ./. | |
| The/DT company/NN said/VBD the/DT fastener/NN business/NN ``/`` has/VBZ been/VBN under/IN severe/JJ cost/NN pressures/NNS for/IN some/DT time/NN ./. ''/'' | |
| The/DT fasteners/NNS ,/, nuts/NNS and/CC bolts/NNS ,/, are/VBP sold/VBN to/TO the/DT North/JJ American/JJ auto/NN market/NN ./. | |
| A/DT company/NN spokesman/NN declined/VBD to/TO estimate/VB the/DT impact/NN of/IN the/DT closures/NNS on/IN earnings/NNS ./. | |
| He/PRP said/VBD the/DT new/JJ facility/NN will/MD employ/VB 500/CD of/IN the/DT existing/VBG 600/CD employees/NNS ./. | |
| The/DT steelmaker/NN employs/VBZ about/RB 16,000/CD people/NNS ./. | |
| Stelco/NN said/VBD it/PRP has/VBZ an/DT option/NN to/TO lease/VB a/DT 350,000-square-foot/JJ building/NN in/IN Brantford/NNP and/CC proposes/VBZ to/TO spend/VB 24.5/CD million/CD Canadian/JJ dollars/NNS (/-LRB- US$/$ 20.9/CD million/CD )/-RRB- on/IN the/DT facility/NN ./. | |
| The/DT three/CD existing/VBG plants/NNS and/CC their/PRP$ land/NN will/MD be/VB sold/VBN ./. | |
| First/NNP Security/NNP Corp./NNP said/VBD it/PRP tentatively/RB agreed/VBD to/TO acquire/VB Deseret/NNP Bancorp./NNP for/IN stock/NN valued/VBN at/IN about/RB $/$ 18/CD million/CD ./. | |
| Terms/NNS call/VBP for/IN First/NNP Security/NNP to/TO issue/VB about/RB 0.55/CD share/NN of/IN its/PRP$ stock/NN for/IN each/DT Deseret/NNP share/NN held/VBN ,/, or/CC a/DT total/NN of/IN about/RB 550,000/CD First/NNP Security/NNP shares/NNS ./. | |
| It/PRP has/VBZ about/RB 12.3/CD million/CD shares/NNS outstanding/JJ ./. | |
| Deseret/NNP ,/, with/IN about/RB $/$ 100/CD million/CD in/IN assets/NNS ,/, is/VBZ the/DT parent/NN of/IN the/DT Deseret/NNP Bank/NNP ,/, which/WDT has/VBZ six/CD offices/NNS and/CC headquarters/NNS at/IN Pleasant/NNP Grove/NNP ,/, Utah/NNP ./. | |
| The/DT purchase/NN price/NN is/VBZ equal/JJ to/TO about/RB 1.65/CD times/NNS Deseret/NNP 's/VBZ roughly/RB $/$ 10.7/CD million/CD book/NN value/NN ,/, or/CC assets/NNS less/CC liabilities/NNS ./. | |
| Salt/NNP Lake/NNP City-based/JJ First/NNP Security/NNP ,/, with/IN $/$ 5.4/CD billion/CD in/IN assets/NNS ,/, said/VBD the/DT agreement/NN is/VBZ subject/JJ to/TO shareholder/NN and/CC regulatory/JJ approval/NN ,/, and/CC that/IN it/PRP hopes/VBZ to/TO complete/VB the/DT transaction/NN early/RB next/JJ year/NN ./. | |
| Georgia-Pacific/NNP Corp./NNP 's/POS unsolicited/JJ $/$ 3.19/CD billion/CD bid/NN for/IN Great/NNP Northern/NNP Nekoosa/NNP Corp./NNP was/VBD hailed/VBN by/IN Wall/NNP Street/NNP despite/IN a/DT cool/JJ reception/NN by/IN the/DT target/NN company/NN ./. | |
| William/NNP R./NNP Laidig/NNP ,/, Nekoosa/NNP 's/POS chairman/NN ,/, chief/JJ executive/JJ officer/NN and/CC president/NN ,/, characterized/VBD the/DT $/$ 58-a-share/JJ bid/NN as/IN ``/`` uninvited/JJ ''/'' and/CC said/VBD Nekoosa/NNP 's/POS board/NN would/MD consider/VB the/DT offer/NN ``/`` in/IN due/JJ course/NN ./. ''/'' | |
| T./NNP Marshall/NNP Hahn/NNP Jr./NNP ,/, Georgia-Pacific/NNP 's/POS chairman/NN and/CC chief/JJ executive/NN ,/, said/VBD in/IN an/DT interview/NN that/IN all/DT terms/NNS of/IN the/DT offer/NN are/VBP negotiable/JJ ./. | |
| He/PRP added/VBD that/IN he/PRP had/VBD spoken/VBN with/IN Mr./NNP Laidig/NNP ,/, whom/WP he/PRP referred/VBD to/TO as/IN a/DT friend/NN ,/, by/IN telephone/NN Monday/NNP evening/NN ./. | |
| ``/`` I/PRP 'm/VBP hopeful/JJ that/IN we/PRP 'll/MD have/VB further/JJ discussions/NNS ,/, ''/'' Mr./NNP Hahn/NNP said/VBD ./. | |
| On/IN Wall/NNP Street/NNP ,/, takeover/NN stock/NN traders/NNS bid/VBD Nekoosa/NNP 's/POS stock/NN well/RB above/IN the/DT Georgia-Pacific/NNP bid/NN ,/, assuming/VBG that/IN Nekoosa/NNP 's/POS will/MD either/CC be/VB sold/VBN to/TO a/DT rival/JJ bidder/NN or/CC to/TO Georgia-Pacific/NNP at/IN a/DT higher/JJR price/NN --/: as/RB much/JJ as/IN $/$ 75/CD a/DT share/NN ,/, according/VBG to/TO some/DT estimates/NNS ./. | |
| Yesterday/NN ,/, Nekoosa/NNP common/JJ closed/VBD in/IN composite/JJ New/NNP York/NNP Stock/NNP Exchange/NNP trading/NN at/IN $/$ 62.875/CD ,/, up/RB $/$ 20.125/CD ,/, on/IN volume/NN of/IN almost/RB 6.3/CD million/CD shares/NNS ./. | |
| Georgia-Pacific/NNP closed/VBD down/RB $/$ 2.50/CD ,/, at/IN $/$ 50.875/CD in/IN Big/NNP Board/NNP trading/NN ./. | |
| Takeover/NN stock/NN traders/NNS noted/VBD that/IN with/IN the/DT junk-bond/NN market/NN in/IN disarray/NN ,/, Georgia-Pacific/NNP 's/POS bid/NN is/VBZ an/DT indication/NN of/IN where/WRB the/DT takeover/NN game/NN is/VBZ headed/VBN :/: namely/RB ,/, industrial/JJ companies/NNS can/MD continue/VB bidding/NN for/IN one/CD another/DT ,/, but/CC financial/JJ buyers/NNS such/JJ as/IN leveraged/JJ buy-out/NN firms/NNS will/MD be/VB at/IN a/DT disadvantage/NN in/IN obtaining/VBG financing/NN ./. | |
| ``/`` The/DT way/NN the/DT world/NN is/VBZ shaping/VBG up/RP ,/, the/DT strategic/JJ buyer/NN is/VBZ going/VBG to/TO be/VB the/DT rule/NN and/CC the/DT financial/JJ buyer/NN is/VBZ going/VBG to/TO be/VB the/DT exception/NN ,/, ''/'' said/VBD one/CD trader/NN ./. | |
| For/IN the/DT paper/NN industry/NN specifically/RB ,/, most/JJS analysts/NNS said/VBD the/DT deal/NN will/MD spur/VB a/DT wave/NN of/IN paper-company/NN takeovers/NNS ,/, possibly/RB involving/VBG such/JJ companies/NNS as/IN Union/NNP Camp/NNP Corp./NNP ,/, Federal/NNP Paperboard/NNP Co./NNP and/CC Mead/NNP Corp/NNP ./. | |
| The/DT analysts/NNS argued/VBD that/IN Georgia-Pacific/NNP 's/POS offer/NN ,/, the/DT first/JJ hostile/NN bid/NN ever/RB among/IN major/JJ players/NNS in/IN the/DT paper/NN industry/NN ,/, ends/VBZ the/DT unwritten/JJ taboo/NN on/IN hostile/JJ bids/NNS ,/, and/CC will/MD push/VB managements/NNS to/TO look/VB closely/RB at/IN the/DT industry/NN 's/POS several/JJ attractive/JJ takeover/NN candidates/NNS ./. | |
| ``/`` Consolidation/NN has/VBZ been/VBN long/RB overdue/JJ ./. | |
| It/PRP was/VBD just/RB the/DT culture/NN of/IN the/DT industry/NN that/WDT kept/VBD it/PRP from/IN happening/VBG ./. | |
| The/DT Georgia-Pacific/NNP offer/NN has/VBZ definitely/RB changed/VBN the/DT landscape/NN ,/, ''/'' said/VBD Gary/NNP Palmero/NNP of/IN Oppenheimer/NNP &/CC Co/NNP ./. | |
| Added/VBD Mark/NNP Rogers/NNP of/IN Prudential-Bache/NNP Securities/NNPS Inc./NNP :/: ``/`` It/PRP 's/VBZ much/RB easier/JJR to/TO be/VB second/JJ ./. ''/'' | |
| A/DT Georgia-Pacific/NNP acquisition/NN of/IN Nekoosa/NNP would/MD create/VB the/DT largest/JJS U.S./NNP forest-products/JJ company/NN ./. | |
| Based/VBN on/IN 1988/CD sales/NNS ,/, Georgia-Pacific/NNP ranked/VBD third/JJ at/IN $/$ 9.51/CD billion/CD ,/, behind/IN Weyerhaeuser/NNP Co./NNP at/IN $/$ 10/CD billion/CD and/CC International/NNP Paper/NNP Co./NNP at/IN $/$ 9.53/CD billion/CD ./. | |
| Nekoosa/NNP ranked/VBD 11th/JJ with/IN sales/NNS of/IN $/$ 3.59/CD billion/CD ./. | |
| The/DT combined/VBN company/NN would/MD have/VB had/VBN 1988/CD sales/NNS of/IN $/$ 13.1/CD billion/CD ./. | |
| But/CC such/PDT a/DT combination/NN also/RB presents/VBZ great/JJ risks/NNS ./. | |
| At/IN a/DT time/NN when/WRB most/JJS analysts/NNS and/CC industry/NN consultants/NNS say/VBP pulp/NN and/CC paper/NN prices/NNS are/VBP heading/VBG for/IN a/DT dive/NN ,/, adding/VBG capacity/NN and/CC debt/NN could/MD squeeze/VB Georgia-Pacific/NNP if/IN the/DT industry/NN declines/VBZ more/RBR than/IN the/DT company/NN expects/VBZ ./. | |
| Moreover/RB ,/, any/DT unexpected/JJ strengthening/NN of/IN the/DT dollar/NN would/MD hurt/VB Georgia-Pacific/NNP because/IN two/CD of/IN Nekoosa/NN 's/POS major/JJ product/NN lines/NNS --/: containerboard/NN ,/, which/WDT is/VBZ used/VBN to/TO make/VB shipping/NN boxes/NNS ,/, and/CC market/NN pulp/NN --/: are/VBP exported/VBN in/IN large/JJ quantities/NNS ./. | |
| ``/`` Nobody/NN knows/VBZ how/WRB deep/JJ the/DT cycle/NN is/VBZ going/VBG to/TO be/VB ,/, ''/'' said/VBD Rod/NNP Young/NNP ,/, vice/NN president/NN of/IN Resource/NNP Information/NNP Systems/NNP Inc./NNP ,/, a/DT Bedford/NNP ,/, Mass./NNP ,/, economic-forecasting/JJ firm/NN ./. | |
| ``/`` Depending/VBG on/IN how/WRB far/RB down/RB you/PRP go/VBP ,/, it/PRP may/MD be/VB difficult/JJ to/TO pay/VB off/RP that/DT debt/NN ./. ''/'' | |
| One/CD person/NN familiar/JJ with/IN Georgia-Pacific/NNP said/VBD the/DT acquisition/NN would/MD more/RBR than/IN double/VB the/DT company/NN 's/POS debt/NN of/IN almost/RB $/$ 3/CD billion/CD ./. | |
| It/PRP also/RB could/MD be/VB a/DT drag/NN on/IN Georgia-Pacific/NNP earnings/NNS because/IN the/DT roughly/RB $/$ 1.5/CD billion/CD in/IN goodwill/NN --/: the/DT amount/NN by/IN which/WDT the/DT bid/NN exceeds/VBZ Nekoosa/NNP 's/POS book/NN value/NN of/IN $/$ 1.5/CD billion/CD --/: will/MD have/VB to/TO be/VB subtracted/VBN from/IN earnings/NNS over/IN a/DT period/NN of/IN decades/NNS ./. | |
| Georgia-Pacific/NNP 's/POS Mr./NNP Hahn/NNP said/VBD that/IN a/DT combined/JJ operation/NN would/MD allow/VB savings/NNS in/IN many/JJ ways/NNS ./. | |
| The/DT two/CD companies/NNS each/DT produce/VBP market/NN pulp/NN ,/, containerboard/NN and/CC white/JJ paper/NN ./. | |
| That/DT means/VBZ goods/NNS could/MD be/VB manufactured/VBN closer/RBR to/TO customers/NNS ,/, saving/VBG shipping/NN costs/NNS ,/, he/PRP said/VBD ./. | |
| Moreover/RB ,/, production/NN runs/NNS would/MD be/VB longer/JJR ,/, cutting/VBG inefficiencies/NNS from/IN adjusting/VBG machinery/NN between/IN production/NN cycles/NNS ./. | |
| And/CC Georgia-Pacific/NNP could/MD save/VB money/NN in/IN selling/VBG pulp/NN ,/, because/IN the/DT company/NN uses/VBZ its/PRP$ own/JJ sales/NNS organization/NN while/IN Nekoosa/NNP employs/VBZ higher-cost/JJ agents/NNS ./. | |
| Mr./NNP Hahn/NNP said/VBD Georgia-Pacific/NNP has/VBZ accounted/VBN in/IN its/PRP$ strategy/NN for/IN a/DT ``/`` significant/JJ downturn/NN ''/'' in/IN the/DT pulp/NN and/CC paper/NN industry/NN ,/, an/DT event/NN that/IN he/PRP said/VBD would/MD temporarily/RB dilute/VB earnings/NNS ./. | |
| But/CC he/PRP said/VBD that/IN even/RB under/IN those/DT conditions/NNS ,/, the/DT company/NN still/RB would/MD realize/VB a/DT savings/NNS of/IN tens/NNS of/IN millions/NNS of/IN dollars/NNS in/IN the/DT first/JJ year/NN following/VBG a/DT merger/NN ./. | |
| ``/`` The/DT fit/NN is/VBZ so/RB good/JJ ,/, we/PRP see/VBP this/DT as/IN a/DT time/NN of/IN opportunity/NN ,/, ''/'' he/PRP said/VBD ./. | |
| Georgia-Pacific/NNP ,/, which/WDT has/VBZ suspended/VBN its/PRP$ stock-repurchase/JJ program/NN ,/, would/MD finance/VB the/DT acquisition/NN with/IN all/DT bank/NN debt/NN ,/, provided/VBN by/IN banks/NNS led/VBN by/IN BankAmerica/NNP Corp/NNP ./. | |
| Georgia-Pacific/NNP owns/VBZ 349,900/CD Nekoosa/NNP shares/NNS and/CC would/MD need/VB federal/JJ antitrust/JJ clearance/NN to/TO buy/VB more/JJR than/IN $/$ 15/CD million/CD worth/NN ./. | |
| U.S./NNP clearance/NN also/RB is/VBZ needed/VBN for/IN the/DT proposed/JJ acquisition/NN ./. | |
| For/IN Nekoosa/NNP ,/, defense/NN options/NNS may/MD be/VB undercut/JJ somewhat/RB by/IN the/DT precarious/JJ state/NN of/IN the/DT junk-bond/NN market/NN ,/, which/WDT limits/VBZ how/WRB much/JJ value/NN the/DT target/NN could/MD reach/VB in/IN a/DT debt-financed/JJ recapitalization/NN ./. | |
| The/DT company/NN 's/POS chairman/NN ,/, Mr./NNP Laidig/NNP ,/, and/CC a/DT group/NN of/IN advisers/NNS met/VBD at/IN the/DT offices/NNS of/IN Wachtel/NNP Lipton/NNP Rosen/NNP &/CC Katz/NNP ,/, a/DT law/NN firm/NN specializing/VBG in/IN takeover/NN defense/NN ./. | |
| Nekoosa/NNP also/RB is/VBZ being/VBG advised/VBN by/IN Goldman/NNP ,/, Sachs/NNP &/CC Co/NNP ./. | |
| Georgia-Pacific/NNP 's/POS advisers/NNS are/VBP Wasserstein/NNP ,/, Perella/NNP &/CC Co./NNP ,/, which/WDT stands/VBZ to/TO receive/VB a/DT $/$ 15/CD million/CD fee/NN if/IN the/DT takeover/NN succeeds/VBZ ,/, and/CC the/DT law/NN firm/NN of/IN Shearman/NNP &/CC Sterling/NNP ./. | |
| People/NNS familiar/JJ with/IN Nekoosa/NNP said/VBD its/PRP$ board/NN is/VBZ n't/RB likely/JJ to/TO meet/VB before/IN the/DT week/NN after/IN next/JJ to/TO respond/VB to/TO the/DT bid/NN ./. | |
| The/DT board/NN has/VBZ 10/CD business/NN days/NNS to/TO respond/VB ./. | |
| In/IN addition/NN to/TO the/DT usual/JJ array/NN of/IN defenses/NNS ,/, including/VBG a/DT so-called/JJ poison/NN pill/NN and/CC a/DT staggered/JJ board/NN ,/, Nekoosa/NNP has/VBZ another/DT takeover/NN defense/NN :/: a/DT Maine/NNP state/NN law/NN barring/VBG hostile/JJ bidders/NNS from/IN merging/VBG acquired/VBN businesses/NNS for/IN five/CD years/NNS ./. | |
| Nekoosa/NNP is/VBZ incorporated/VBN in/IN Maine/NNP ./. | |
| Georgia-Pacific/NNP has/VBZ filed/VBN a/DT lawsuit/NN in/IN federal/JJ court/NN in/IN Maine/NNP challenging/VBG the/DT poison/NN pill/NN and/CC the/DT Maine/NNP merger/NN law/NN ./. | |
| Nekoosa/NNP 's/POS poison/NN pill/NN allows/VBZ shareholders/NNS to/TO vote/VB to/TO rescind/VB it/PRP ,/, but/CC Georgia-Pacific/NNP is/VBZ n't/RB likely/JJ to/TO pursue/VB such/PDT a/DT course/NN immediately/RB because/IN that/DT would/MD take/VB 90/CD to/TO 120/CD days/NNS ,/, and/CC would/MD n't/RB affect/VB the/DT provisions/NNS of/IN the/DT Maine/NNP law/NN ./. | |
| Among/IN companies/NNS mentioned/VBN by/IN analysts/NNS as/IN possible/JJ counterbidders/NNS for/IN Nekoosa/NNP are/VBP International/NNP Paper/NNP ,/, Weyerhaeuser/NNP ,/, Canadian/NNP Pacific/NNP Ltd./NNP and/CC MacMillan/NNP Bloedel/NNP Ltd/NNP ./. | |
| ``/`` I/PRP 'm/VBP sure/JJ everybody/NN else/RB is/VBZ putting/VBG pencil/NN to/TO paper/NN ,/, ''/'' said/VBD Kathryn/NNP McAuley/NNP ,/, an/DT analyst/NN with/IN First/NNP Manhattan/NNP Co/NNP ./. | |
| International/NNP Paper/NNP and/CC Weyerhaeuser/NNP declined/VBD to/TO comment/VB ./. | |
| Canadian/NNP Pacific/NNP could/MD n't/RB be/VB reached/VBN for/IN comment/NN ,/, and/CC MacMillan/NNP Bloedel/NNP said/VBD it/PRP has/VBZ n't/RB any/DT plans/NNS to/TO make/VB a/DT bid/NN for/IN Nekoosa/NN ./. | |
| Investors/NNS were/VBD quick/JJ to/TO spot/VB other/JJ potential/JJ takeover/NN candidates/NNS ,/, all/DT of/IN which/WDT have/VBP strong/JJ cash/NN flows/NNS and/CC low-cost/JJ operations/NNS ./. | |
| Among/IN paper/NN company/NN stocks/NNS that/WDT rallied/VBD on/IN the/DT Big/NNP Board/NNP because/IN of/IN the/DT offer/NN were/VBD Union/NNP Camp/NNP ,/, up/RB $/$ 2.75/CD to/TO $/$ 37.75/CD ,/, Federal/NNP Paperboard/NNP ,/, up/RB $/$ 1.75/CD to/TO $/$ 27.875/CD ,/, Mead/NN ,/, up/RB $/$ 2.375/CD to/TO $/$ 38.75/CD ,/, and/CC Temple/NNP Inland/NNP Inc./NNP ,/, up/RB $/$ 3.75/CD to/TO $/$ 62.25/CD ./. | |
| In/IN over-the-counter/JJ national/JJ trading/NN ,/, Bowater/NNP Inc./NNP jumped/VBD $/$ 1.50/CD to/TO $/$ 27.50/CD ./. | |
| Some/DT analysts/NNS argued/VBD that/IN there/EX wo/MD n't/RB be/VB a/DT flurry/NN of/IN takeovers/NNS because/IN the/DT industry/NN 's/POS continuing/JJ capacity-expansion/JJ program/NN is/VBZ eating/VBG up/RP available/JJ cash/NN ./. | |
| Moreover/RB ,/, some/DT analysts/NNS said/VBD they/PRP expect/VBP a/DT foreign/JJ paper/NN company/NN with/IN deeper/JJR pockets/NNS than/IN Georgia-Pacific/NNP to/TO end/VB up/RP acquiring/VBG Nekoosa/NNP ,/, signaling/VBG to/TO the/DT rest/NN of/IN the/DT industry/NN that/IN hostile/JJ bids/NNS are/VBP unproductive/JJ ./. | |
| ``/`` This/DT is/VBZ a/DT one-time/JJ event/NN ,/, ''/'' said/VBD Lawrence/NNP Ross/NNP of/IN PaineWebber/NNP Inc./NNP ,/, referring/VBG to/TO the/DT Georgia-Pacific/NNP bid/NN ./. | |
| But/CC many/JJ analysts/NNS believe/VBP that/IN ,/, given/VBN the/DT attractiveness/NN of/IN paper/NN companies/NNS '/POS cash/NN flows/NNS ,/, as/RB well/RB as/IN the/DT frantic/JJ consolidation/NN of/IN the/DT paper/NN industry/NN in/IN Europe/NNP ,/, there/EX will/MD be/VB at/IN least/JJS a/DT few/JJ more/JJR big/JJ hostile/NN bids/NNS for/IN U.S./NNP companies/NNS within/IN the/DT next/JJ several/JJ months/NNS ./. | |
| The/DT buyers/NNS ,/, these/DT analysts/NNS added/VBD ,/, could/MD be/VB either/CC foreign/JJ or/CC other/JJ U.S./NNP concerns/NNS ./. | |
| ``/`` The/DT Georgia-Pacific/NNP bid/NN may/MD open/VB the/DT door/NN to/TO a/DT new/JJ era/NN of/IN consolidation/NN ''/'' in/IN the/DT paper/NN industry/NN ,/, said/VBD Mark/NNP Devario/NNP of/IN Shearson/NNP Lehman/NNP Hutton/NNP Inc/NNP ./. | |
| ``/`` I/PRP do/VBP n't/RB think/VB anyone/NN is/VBZ now/RB immune/JJ from/IN takeover/NN ,/, ''/'' said/VBD Robert/NNP Schneider/NNP of/IN Duff/NNP &/CC Phelps/NNP Inc./NNP ,/, Chicago/NNP ./. | |
| He/PRP added/VBD :/: ``/`` Every/DT paper/NN company/NN management/NN has/VBZ to/TO be/VB saying/VBG to/TO itself/PRP ,/, `/`` Before/IN someone/NN comes/VBZ after/IN me/PRP ,/, I/PRP 'm/VBP going/VBG to/TO go/VB after/IN somebody/NN ./. '/'' ''/'' | |
| Prudential-Bache/NNP 's/POS Mr./NNP Rodgers/NNP said/VBD he/PRP does/VBZ n't/RB see/VB the/DT industry/NN 's/POS capacity-expansion/NN program/NN hindering/VBG takeover/NN activity/NN ./. | |
| Several/JJ projects/NNS ,/, he/PRP said/VBD ,/, are/VBP still/RB on/IN the/DT drawing/VBG board/NN ./. | |
| Moreover/RB ,/, ``/`` it/PRP 's/VBZ a/DT lot/NN cheaper/JJR and/CC quicker/JJR to/TO buy/VB a/DT plant/NN than/IN to/TO build/VB one/NN ./. ''/'' | |
| Indeed/RB ,/, a/DT number/NN of/IN analysts/NNS said/VBD that/IN Japanese/JJ paper/NN companies/NNS are/VBP hungry/JJ to/TO acquire/VB additional/JJ manufacturing/NN capacity/NN anywhere/RB in/IN the/DT world/NN ./. | |
| Some/DT predicted/VBD that/IN Nekoosa/NNP will/MD end/VB up/RP being/VBG owned/VBN by/IN a/DT Japanese/JJ company/NN ./. | |
| Meanwhile/RB ,/, Shearson/NNP Lehman/NNP 's/POS Mr./NNP Devario/NNP said/VBD that/IN ,/, to/TO stay/VB competitive/JJ ,/, the/DT U.S./NNP paper/NN industry/NN needs/VBZ to/TO catch/VB up/RP with/IN the/DT European/JJ industry/NN ./. | |
| Since/IN the/DT most-recent/JJ wave/NN of/IN friendly/JJ takeovers/NNS was/VBD completed/VBN in/IN the/DT U.S./NNP in/IN 1986/CD ,/, there/EX have/VBP been/VBN more/JJR than/IN 100/CD mergers/NNS and/CC acquisitions/NNS within/IN the/DT European/JJ paper/NN industry/NN ,/, he/PRP said/VBD ./. | |
| Lyphomed/NNP Inc./NNP ,/, Rosemont/NNP ,/, Ill./NNP ,/, and/CC Medco/NNP Research/NNP Inc./NNP ,/, Los/NNP Angeles/NNP ,/, said/VBD the/DT Food/NNP and/CC Drug/NNP Administration/NNP granted/VBD full/JJ marketing/NN approval/NN for/IN a/DT new/JJ drug/NN for/IN the/DT treatment/NN of/IN a/DT condition/NN in/IN which/WDT the/DT heart/NN beats/VBZ between/IN 150/CD and/CC 200/CD beats/NNS a/DT minute/NN ./. | |
| The/DT condition/NN ,/, known/VBN as/IN paroxysmal/JJ supraventricular/JJ tachycardia/NN ,/, leads/VBZ to/TO dizziness/NN and/CC fainting/NN ./. | |
| The/DT typical/JJ healthy/JJ heart/NN beats/VBZ 70/CD times/NNS a/DT minute/NN ./. | |
| The/DT drug/NN ,/, called/VBN adenocard/NN ,/, returns/VBZ the/DT heart/NN to/TO a/DT normal/JJ rhythm/NN within/IN seconds/NNS ,/, according/VBG to/TO Lyphomed/NNP ./. | |
| Medco/NNP Research/NNP developed/VBD the/DT drug/NN and/CC licensed/VBD it/PRP to/TO Lyphomed/NNP for/IN sale/NN in/IN the/DT U.S./NNP and/CC Canada/NNP ./. | |
| Private/JJ industry/NN 's/POS labor/NN costs/NNS rose/VBD 1.2/CD %/NN in/IN the/DT third/JJ quarter/NN ,/, matching/VBG the/DT second-quarter/JJ pace/NN ,/, as/IN health/NN insurance/NN costs/NNS continued/VBD to/TO soar/VB ,/, the/DT Labor/NNP Department/NNP said/VBD ./. | |
| The/DT increase/NN in/IN wage/NN and/CC benefit/NN costs/NNS in/IN the/DT third/JJ quarter/NN was/VBD greater/JJR than/IN the/DT 1/CD %/NN rise/NN reported/VBN for/IN the/DT third/JJ quarter/NN of/IN 1988/CD ./. | |
| ``/`` Wage/NN increases/NNS and/CC overall/JJ compensation/NN increases/NNS are/VBP beginning/VBG to/TO curl/VB upward/RB a/DT little/JJ bit/NN ,/, ''/'' said/VBD Audrey/NNP Freedman/NNP ,/, a/DT labor/NN economist/NN at/IN the/DT Conference/NNP Board/NNP ,/, a/DT business/NN research/NN organization/NN ./. | |
| ``/`` One/PRP would/MD have/VB thought/VBN this/DT would/MD have/VB happened/VBN two/CD or/CC three/CD years/NNS ago/RB as/IN the/DT labor/NN market/NN tightened/VBD ./. | |
| It/PRP is/VBZ a/DT considerably/RB delayed/VBN reaction/NN and/CC it/PRP 's/VBZ not/RB a/DT severe/JJ one/NN at/IN all/DT ,/, ''/'' she/PRP added/VBD ./. | |
| The/DT new/JJ data/NNS underscored/VBD the/DT severity/NN of/IN the/DT nation/NN 's/POS health-care/NN cost/NN problem/NN ./. | |
| In/IN the/DT 12/CD months/NNS ended/VBN in/IN September/NNP ,/, wages/NNS and/CC salaries/NNS of/IN private-sector/JJ workers/NNS rose/VBD 4.4/CD %/NN ,/, while/IN health/NN insurance/NN costs/NNS spurted/VBN by/IN 13.7/CD %/NN ./. | |
| The/DT consumer/NN price/NN index/NN climbed/VBD 4.3/CD %/NN in/IN the/DT same/JJ period/NN ./. | |
| Despite/IN the/DT big/JJ increases/NNS in/IN health-care/NN costs/NNS ,/, wages/NNS still/RB account/VBP for/IN a/DT far/RB greater/JJR share/NN of/IN overall/JJ labor/NN costs/NNS ./. | |
| The/DT overall/JJ private-sector/JJ employment/NN cost/NN index/NN ,/, which/WDT includes/VBZ both/CC wages/NNS and/CC benefits/NNS ,/, rose/VBD 4.7/CD %/NN in/IN the/DT 12/CD months/NNS ended/VBN in/IN September/NNP ,/, compared/VBN with/IN 4.5/CD %/NN for/IN both/CC the/DT 12/CD months/NNS ended/VBN in/IN June/NNP and/CC the/DT 12/CD months/NNS ended/VBD September/NNP 1988/CD ./. | |
| Labor/NN costs/NNS are/VBP climbing/VBG at/IN a/DT far/RB more/RBR rapid/JJ pace/NN in/IN the/DT health/NN care/NN industry/NN than/IN in/IN other/JJ industries/NNS ./. | |
| For/IN instance/NN ,/, wages/NNS of/IN private-sector/JJ hospital/NN workers/NNS leaped/VBD 6.6/CD %/NN in/IN the/DT 12/CD months/NNS ended/VBN in/IN September/NNP ,/, compared/VBN with/IN 4.4/CD %/NN for/IN workers/NNS in/IN all/DT industries/NNS ./. | |
| In/IN the/DT third/JJ quarter/NN ,/, wages/NNS and/CC salaries/NNS in/IN all/DT private/JJ industry/NN rose/VBD 1.2/CD %/NN ,/, compared/VBN with/IN 1/CD %/NN increases/NNS in/IN both/CC the/DT second/JJ quarter/NN and/CC in/IN the/DT third/JJ quarter/NN of/IN 1988/CD ./. | |
| For/IN the/DT past/JJ five/CD years/NNS ,/, unions/NNS have/VBP n't/RB managed/VBN to/TO win/VB wage/NN increases/VBZ as/RB large/JJ as/IN those/DT granted/VBN to/TO nonunion/JJ workers/NNS ./. | |
| For/IN private-sector/JJ union/NN workers/NNS ,/, the/DT cost/NN of/IN wages/NNS and/CC benefits/NNS rose/VBD 0.9/CD %/NN in/IN the/DT third/JJ quarter/NN ./. | |
| For/IN nonunion/JJ workers/NNS ,/, the/DT costs/NNS rose/VBD 1.4/CD %/NN ./. | |
| Labor/NN costs/NNS continued/VBD to/TO rise/VB more/RBR rapidly/RB in/IN service/NN industries/NNS than/IN in/IN goods-producing/JJ industries/NNS ,/, the/DT report/NN showed/VBD ./. | |
| It/PRP also/RB found/VBD them/PRP rising/VBG much/RB more/RBR in/IN the/DT Northeast/NNP than/IN elsewhere/RB ./. | |
| Including/VBG employees/NNS of/IN state/NN and/CC local/JJ --/: but/CC not/RB the/DT federal/JJ --/: governments/NNS ,/, the/DT employment/NN cost/NN index/NN rose/VBD 1.6/CD %/NN in/IN the/DT third/JJ quarter/NN ,/, compared/VBN with/IN a/DT 1.3/CD %/NN rise/NN in/IN the/DT same/JJ quarter/NN in/IN 1988/CD ./. | |
| The/DT index/NN rose/VBD 1.1/CD %/NN in/IN the/DT second/JJ quarter/NN ./. | |
| For/IN the/DT 12/CD months/NNS ended/VBN in/IN September/NNP ,/, this/DT index/NN was/VBD up/RB 5.1/CD %/NN ./. | |
| It/PRP rose/VBD 4.8/CD %/NN for/IN the/DT 12/CD months/NNS ended/VBN in/IN June/NNP and/CC 4.7/CD %/NN in/IN the/DT 12/CD months/NNS ended/VBN in/IN September/NNP 1988/CD ./. | |
| Unlike/IN most/JJS economic/JJ indicators/NNS ,/, none/NN of/IN these/DT figures/NNS are/VBP adjusted/VBN for/IN seasonal/JJ variations/NNS ./. | |
| DeSoto/NNP Inc./NNP said/VBD it/PRP is/VBZ dismissing/VBG 200/CD employees/NNS as/IN part/NN of/IN a/DT restructuring/NN aimed/VBN at/IN producing/VBG pretax/JJ savings/NNS of/IN $/$ 10/CD million/CD annually/RB ./. | |
| Under/IN the/DT plan/NN ,/, DeSoto/NN said/VBD it/PRP will/MD sell/VB certain/JJ assets/NNS and/CC businesses/NNS that/WDT do/VBP n't/RB meet/VB strategic/JJ and/CC profitability/NN objectives/NNS ./. | |
| The/DT Des/NNP Plaines/NNP ,/, Ill./NNP ,/, chemical/JJ coatings/NNS concern/NN ,/, which/WDT has/VBZ about/RB 2,000/CD employees/NNS world-wide/RB ,/, said/VBD it/PRP plans/VBZ to/TO sell/VB its/PRP$ domestic/JJ rigid/JJ container/NN packaging/NN and/CC flexible/JJ adhesives/NNS businesses/NNS ,/, and/CC its/PRP$ Chicago/NNP Heights/NNP ,/, Ill./NNP ,/, resin/NN plant/NN ./. | |
| The/DT company/NN said/VBD it/PRP plans/VBZ to/TO use/VB the/DT sale/NN proceeds/NNS to/TO invest/VB in/IN business/NN opportunities/NNS more/RBR closely/RB identified/VBN with/IN the/DT company/NN 's/VBZ ``/`` refocused/VBN direction/NN ./. | |
| StatesWest/NNP Airlines/NNP ,/, Phoenix/NNP ,/, Ariz./NNP ,/, said/VBD it/PRP withdrew/VBD its/PRP$ offer/NN to/TO acquire/VB Mesa/NNP Airlines/NNP because/IN the/DT Farmington/NNP ,/, N.M./NNP ,/, carrier/NN did/VBD n't/RB respond/VB to/TO its/PRP$ offer/NN by/IN the/DT close/NN of/IN business/NN yesterday/NN ,/, a/DT deadline/NN StatesWest/NNP had/VBD set/VBN for/IN a/DT response/NN ./. | |
| However/RB ,/, StatesWest/NNP is/VBZ n't/RB abandoning/VBG its/PRP$ pursuit/NN of/IN the/DT much-larger/JJ Mesa/NNP ./. | |
| StatesWest/NNP ,/, which/WDT has/VBZ a/DT 7.25/CD %/NN stake/NN in/IN Mesa/NNP ,/, said/VBD it/PRP may/MD purchase/VB more/JJR Mesa/NNP stock/NN or/CC make/VB a/DT tender/NN offer/NN directly/RB to/TO Mesa/NNP shareholders/NNS ./. | |
| StatesWest/NNP had/VBD proposed/VBN acquiring/VBG Mesa/NNP for/IN $/$ 7/CD a/DT share/NN and/CC one/CD share/NN of/IN a/DT new/JJ series/NN of/IN StatesWest/NNP 6/CD %/NN convertible/JJ preferred/JJ stock/NN it/PRP values/VBZ at/IN $/$ 3/CD a/DT share/NN ./. | |
| Earlier/RBR ,/, Mesa/NNP had/VBD rejected/VBN a/DT general/JJ proposal/NN from/IN StatesWest/NNP to/TO combine/VB the/DT two/CD carriers/NNS in/IN some/DT way/NN ./. | |
| StatesWest/NNP serves/VBZ 10/CD cities/NNS in/IN California/NNP ,/, Arizona/NNP and/CC Nevada/NNP ./. | |
| Mesa/NNP flies/VBZ to/TO 42/CD cities/NNS in/IN New/NNP Mexico/NNP ,/, Arizona/NNP ,/, Wyoming/NNP ,/, Colorado/NNP and/CC Texas/NNP ./. | |
| A/DT shiny/JJ new/JJ takeover/NN deal/NN sparked/VBD a/DT big/JJ rally/NN in/IN stock/NN prices/NNS ,/, which/WDT buoyed/VBD the/DT dollar/NN ./. | |
| Bond/NN prices/NNS also/RB edged/VBD higher/RBR ./. | |
| Georgia-Pacific/NNP 's/POS $/$ 3.18/CD billion/CD bid/NN for/IN Great/NNP Northern/NNP Nekoosa/NNP helped/VBD drive/VB the/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP up/RB 41.60/CD points/NNS ,/, to/TO 2645.08/CD ,/, in/IN active/JJ trading/NN ./. | |
| The/DT dollar/NN drew/VBD strength/NN from/IN the/DT stock/NN market/NN 's/POS climb/NN ./. | |
| Long-term/JJ bond/NN prices/NNS rose/VBD despite/IN trepidation/NN about/IN what/WP a/DT key/JJ economic/JJ report/NN will/MD show/VB today/NN ./. | |
| Analysts/NNS said/VBD the/DT offer/NN for/IN Great/NNP Northern/NNP Nekoosa/NNP broke/VBD the/DT pall/NN that/WDT settled/VBD over/IN the/DT takeover/NN business/NN for/IN the/DT past/JJ three/CD weeks/NNS in/IN the/DT wake/NN of/IN the/DT collapsed/JJ UAL/NNP Corp/NNP ./. buy-out/NN ./. | |
| Great/NNP Northern/NNP Nekoosa/NNP soared/VBD $/$ 20.125/CD a/DT share/NN ,/, to/TO $/$ 62.875/CD ,/, substantially/RB above/IN the/DT $/$ 58/CD a/DT share/NN Georgia-Pacific/NNP is/VBZ offering/VBG ./. | |
| That/DT indicates/VBZ speculators/NNS are/VBP betting/VBG a/DT higher/JJR offer/NN is/VBZ in/IN the/DT wings/NNS ./. | |
| Prices/NNS of/IN other/JJ paper/NN makers/NNS rose/VBD sharply/RB ,/, although/IN Georgia-Pacific/NNP fell/VBD $/$ 2.50/CD a/DT share/NN ,/, to/TO $/$ 50.875/CD ./. | |
| Despite/IN all/PDT the/DT furor/NN over/IN program/NN trading/NN ,/, program/NN trading/NN played/VBD a/DT big/JJ role/NN in/IN yesterday/NN 's/POS rally/NN ./. | |
| Some/DT traders/NNS point/VBP out/RP that/IN as/IN the/DT big/JJ brokerage/NN firms/NNS back/VBP out/IN of/IN program/NN trading/NN for/IN their/PRP$ own/JJ accounts/NNS or/CC for/IN clients/NNS ,/, opportunities/NNS increase/VBP for/IN others/NNS to/TO engage/VB in/IN the/DT controversial/JJ practice/NN ./. | |
| That/DT 's/VBZ what/WP happened/VBD yesterday/NN ./. | |
| The/DT rally/NN notwithstanding/RB ,/, there/EX are/VBP plenty/NN of/IN worries/NNS about/IN the/DT short-term/JJ course/NN of/IN stock/NN prices/NNS ./. | |
| A/DT slowing/VBG economy/NN and/CC its/PRP$ effect/NN on/IN corporate/JJ earnings/NNS is/VBZ the/DT foremost/JJ concern/NN of/IN many/JJ traders/NNS and/CC analysts/NNS ./. | |
| Unless/IN the/DT Federal/NNP Reserve/NNP eases/VBZ interest/NN rates/NNS soon/RB to/TO stimulate/VB the/DT economy/NN ,/, profits/NNS could/MD remain/VB disappointing/JJ ./. | |
| Yesterday/NN 's/POS major/JJ economic/JJ news/NN --/: a/DT 0.2/CD %/NN rise/NN in/IN the/DT September/NNP index/NN of/IN leading/JJ economic/JJ indicators/NNS --/: had/VBD little/JJ impact/NN on/IN financial/JJ markets/NNS ./. | |
| But/CC the/DT next/JJ important/JJ piece/NN of/IN news/NN on/IN the/DT economy/NN 's/POS health/NN --/: this/DT morning/NN 's/POS release/NN of/IN the/DT national/JJ purchasing/NN manager/NN 's/POS survey/NN for/IN October/NNP --/: could/MD prompt/VB investors/NNS into/IN action/NN ./. | |
| A/DT report/NN late/RB yesterday/NN that/IN the/DT Chicago-area/JJ purchasing/NN managers/NNS survey/NN showed/VBD increased/JJ economic/JJ activity/NN in/IN that/DT part/NN of/IN the/DT country/NN cut/VBD into/IN bond-price/JJ gains/NNS ./. | |
| If/IN the/DT national/JJ survey/NN confirms/VBZ a/DT pickup/NN in/IN the/DT manufacturing/NN sector/NN ,/, it/PRP could/MD further/RBR depress/VB bond/NN prices/NNS while/IN bolstering/VBG stock/NN prices/NNS and/CC the/DT dollar/NN ./. | |
| Meanwhile/RB ,/, bond/NN investors/NNS are/VBP laboring/VBG under/IN the/DT onus/NN of/IN a/DT national/JJ debt/NN ceiling/NN debate/NN ./. | |
| Although/IN the/DT Treasury/NNP is/VBZ expected/VBN to/TO announce/VB details/NNS of/IN its/PRP$ November/NNP quarterly/JJ refunding/NN operation/NN today/NN ,/, the/DT Nov./NNP 79/CD schedule/NN could/MD be/VB delayed/VBN unless/IN Congress/NNP and/CC the/DT president/NN act/NN soon/RB to/TO lift/VB the/DT nation/NN 's/POS debt/NN ceiling/NN ./. | |
| In/IN major/JJ market/NN activity/NN :/: | |
| Stock/NNP prices/NNS rallied/VBD in/IN active/JJ trading/NN ./. | |
| Volume/NN on/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP totaled/VBD 176.1/CD million/CD shares/NNS ./. | |
| Advancing/VBG issues/NNS on/IN the/DT Big/NNP Board/NNP surged/VBD ahead/RB of/IN decliners/NNS 1,111/CD to/TO | |
| Bond/NN prices/NNS rose/VBD ./. | |
| The/DT Treasury/NNP 's/POS benchmark/JJ 30-year/JJ bond/NN gained/VBD less/JJR than/IN a/DT quarter/NN of/IN a/DT point/NN ,/, or/CC less/JJR than/IN $/$ 2.50/CD for/IN each/DT $/$ 1,000/CD of/IN face/NN amount/NN ./. | |
| The/DT yield/NN on/IN the/DT issue/NN slipped/VBD to/TO 7.91/CD %/NN ./. | |
| The/DT dollar/NN gained/VBN against/IN most/JJS foreign/JJ currencies/NNS ./. | |
| In/IN late/JJ afternoon/NN New/NNP York/NNP trading/NN ,/, the/DT dollar/NN was/VBD at/IN 1.8415/CD marks/NNS and/CC 142.85/CD yen/NNS compared/VBN with/IN 1.8340/CD marks/NNS and/CC 141.90/CD yen/NNS late/JJ Monday/NNP ./. | |
| Bouygues/NNP S.A./NNP ,/, a/DT diversified/JJ construction/NN concern/NN based/VBN in/IN Paris/NNP ,/, said/VBD its/PRP$ consolidated/JJ profit/NN for/IN the/DT 1989/CD first/JJ half/NN ,/, after/IN payments/NNS to/TO minority/NN interests/NNS ,/, surged/VBD to/TO 188/CD million/CD French/JJ francs/NNS (/-LRB- $/$ 30.2/CD million/CD )/-RRB- from/IN 65/CD million/CD francs/NNS a/DT year/NN earlier/RBR ./. | |
| Revenue/NN rose/VBD 21/CD %/NN to/TO 22.61/CD billion/CD francs/NNS from/IN 18.69/CD billion/CD francs/NNS ./. | |
| The/DT company/NN did/VBD n't/RB specify/VB reasons/NNS for/IN the/DT strong/JJ earnings/NNS gain/NN ./. | |
| But/CC Bouygues/NNP said/VBD its/PRP$ first-half/JJ profit/NN is/VBZ n't/RB indicative/JJ of/IN the/DT full-year/JJ trend/NN because/IN of/IN the/DT highly/RB seasonal/JJ nature/NN of/IN many/JJ of/IN the/DT company/NN 's/POS activities/NNS ./. | |
| For/IN all/DT of/IN 1988/CD ,/, Bouygues/NNS had/VBD consolidated/JJ profit/NN of/IN 519/CD million/CD francs/NNS ,/, after/IN payments/NNS to/TO minority/NN interests/NNS ,/, on/IN revenue/NN of/IN 50/CD billion/CD francs/NNS ./. | |
| The/DT group/NN has/VBZ forecast/VBN 1989/CD revenue/NN of/IN 56.9/CD billion/CD francs/NNS ./. | |
| QVC/NNP Network/NNP Inc./NNP said/VBD it/PRP completed/VBD its/PRP$ acquisition/NN of/IN CVN/NNP Cos./NNP for/IN about/RB $/$ 423/CD million/CD ./. | |
| QVC/NNP agreed/VBD to/TO pay/VB $/$ 19/CD and/CC one-eighth/NN QVC/NNP share/NN for/IN each/DT of/IN CVN/NNP 's/POS 20/CD million/CD fully/RB diluted/JJ shares/NNS ./. | |
| The/DT acquisition/NN brings/VBZ together/RB the/DT two/CD largest/JJS competitors/NNS to/TO Home/NNP Shopping/NNP Network/NNP Inc./NNP ,/, which/WDT now/RB reaches/VBZ more/JJR viewers/NNS than/IN any/DT other/JJ company/NN in/IN the/DT video/NN shopping/NN industry/NN ./. | |
| Among/IN them/PRP ,/, Home/NNP Shopping/NNP ,/, QVC/NNP and/CC CVN/NNP already/RB control/VBP most/JJS of/IN that/DT young/JJ and/CC fast-growing/JJ market/NN ,/, which/WDT last/JJ year/NN had/VBD sales/NNS of/IN about/RB $/$ 1.4/CD billion/CD ./. | |
| Coast/NNP Savings/NNP Financial/NNP Inc./NNP reported/VBD a/DT third-quarter/JJ loss/NN ,/, citing/VBG a/DT previously/RB announced/VBN capital/NN restructuring/NN program/NN ./. | |
| The/DT Los/NNP Angeles/NNP thrift/NN holding/VBG company/NN said/VBD it/PRP had/VBD a/DT loss/NN of/IN $/$ 92.2/CD million/CD ,/, or/CC $/$ 6.98/CD a/DT share/NN ,/, for/IN the/DT quarter/NN ended/VBN Sept./NN 30/CD ./. | |
| Coast/NNP earned/VBD $/$ 10.2/CD million/CD ,/, or/CC 67/CD cents/NNS a/DT share/NN ,/, in/IN the/DT year-ago/JJ quarter/NN ./. | |
| The/DT year-ago/JJ results/NNS have/VB been/VBN restated/VBN to/TO comply/VB with/IN government/NN regulations/NNS ./. | |
| The/DT restructuring/NN program/NN is/VBZ designed/VBN to/TO increase/VB the/DT company/NN 's/POS tangible/JJ capital/NN ratio/NN ./. | |
| It/PRP includes/VBZ removing/VBG $/$ 242/CD million/CD in/IN good/JJ will/NN from/IN the/DT books/NNS ,/, issuing/VBG $/$ 150/CD million/CD in/IN preferred/JJ stock/NN and/CC commencing/VBG an/DT exchange/NN offer/NN for/IN $/$ 52/CD million/CD in/IN convertible/JJ bonds/NNS ./. | |
| During/IN the/DT third/JJ quarter/NN ,/, the/DT company/NN charged/VBN about/RB $/$ 46/CD million/CD against/IN earnings/NNS in/IN reducing/VBG goodwill/NN ,/, added/VBD $/$ 20/CD million/CD to/TO its/PRP$ general/JJ loan/NN loss/NN reserves/NNS and/CC established/VBD a/DT $/$ 30/CD million/CD reserve/NN for/IN its/PRP$ high-yield/JJ bond/NN portfolio/NN ./. | |
| The/DT company/NN said/VBD its/PRP$ junk-bond/JJ portfolio/NN after/IN these/DT moves/NNS had/VBD been/VBN reduced/VBN to/TO less/JJR than/IN 1/CD %/NN of/IN assets/NNS ./. | |
| Philip/NNP Morris/NNP Cos./NNP is/VBZ launching/VBG a/DT massive/JJ corporate/JJ advertising/NN campaign/NN that/WDT will/MD put/VB the/DT tobacco/NN giant/NN 's/POS name/NN in/IN TV/NN commercials/NNS for/IN the/DT first/JJ time/NN since/IN the/DT early/JJ 1950s/CD ,/, when/WRB it/PRP stopped/VBD advertising/VBG its/PRP$ namesake/NN cigarette/NN brand/NN on/IN television/NN ./. | |
| The/DT campaign/NN ,/, a/DT patriotic/JJ celebration/NN of/IN the/DT 200th/JJ anniversary/NN of/IN the/DT Bill/NNP of/IN Rights/NNPS ,/, does/VBZ n't/RB mention/VB cigarettes/NNS or/CC smoking/NN ;/: cigarette/NN ads/NNS have/VBP been/VBN prohibited/VBN on/IN television/NN since/IN 1971/CD ./. | |
| But/CC even/RB before/IN it/PRP begins/VBZ ,/, the/DT campaign/NN is/VBZ drawing/VBG fire/NN from/IN anti-smoking/JJ advocates/NNS ,/, who/WP criticize/VB Philip/NNP Morris/NNP 's/POS attempt/NN to/TO bolster/VB its/PRP$ beleaguered/JJ image/NN by/IN wrapping/VBG itself/PRP in/IN the/DT document/NN that/WDT is/VBZ a/DT cornerstone/NN of/IN American/JJ democracy/NN ./. | |
| Philip/NNP Morris/NNP ,/, which/WDT became/VBD the/DT U.S./NNP 's/POS largest/JJS food/NN company/NN last/JJ year/NN with/IN its/PRP$ $/$ 12.9/CD billion/CD acquisition/NN of/IN Kraft/NNP Inc./NNP ,/, seems/VBZ determined/JJ to/TO evolve/VB beyond/IN its/PRP$ roots/NNS in/IN Marlboro/NNP country/NN ./. | |
| The/DT company/NN 's/POS research/NN suggests/VBZ that/IN its/PRP$ name/NN recognition/NN among/IN most/JJS consumers/NNS remains/VBZ unusually/RB low/JJ ,/, although/IN its/PRP$ array/NN of/IN brands/NNS --/: including/VBG Maxwell/NNP House/NNP coffee/NN ,/, Jell-O/NNP ,/, Cheez/NNP Whiz/NNP ,/, and/CC Miller/NNP beer/NN --/: blanket/VBP supermarket/NN shelves/NNS ./. | |
| The/DT company/NN is/VBZ expected/VBN to/TO spend/VB about/RB $/$ 30/CD million/CD a/DT year/NN on/IN its/PRP$ two-year/JJ corporate/JJ campaign/NN ,/, created/VBN by/IN WPP/NNP Group/NNP 's/POS Ogilvy/NNP &/CC Mather/NNP unit/NN in/IN New/NNP York/NNP ./. | |
| The/DT initial/JJ spots/NNS will/MD appear/VB during/IN morning/NN and/CC prime-time/NN news/NN shows/NNS ./. | |
| Philip/NNP Morris/NNP hopes/VBZ that/IN by/IN taking/VBG its/PRP$ Bill/NNP of/IN Rights/NNPS theme/NN to/TO the/DT airwaves/NNS ,/, in/IN addition/NN to/TO publications/NNS ,/, it/PRP will/MD reach/VB the/DT broadest/JJS possible/JJ audience/NN ./. | |
| Until/IN now/RB ,/, its/PRP$ corporate/JJ ads/NNS ,/, mainly/RB promoting/VBG its/PRP$ sponsorship/NN of/IN the/DT arts/NNS ,/, have/VB appeared/VBN almost/RB exclusively/RB in/IN newspapers/NNS and/CC magazines/NNS ./. | |
| ``/`` Most/JJS people/NNS --/: whether/IN in/IN Toledo/NNP ,/, Tucson/NNP or/CC Topeka/NNP --/: have/VBP n't/RB got/VBN a/DT clue/NN who/WP we/PRP are/VBP ,/, ''/'' says/VBZ Guy/NNP L./NNP Smith/NNP ,/, Philip/NNP Morris/NNP 's/POS vice/NN president/NN of/IN corporate/JJ affairs/NNS ./. | |
| ``/`` If/IN they/PRP think/VBP well/RB of/IN the/DT company/NN through/IN our/PRP$ support/NN of/IN the/DT Bill/NNP of/IN Rights/NNPS ,/, it/PRP follows/VBZ they/PRP 'll/MD think/VB well/RB of/IN our/PRP$ products/NNS ./. ''/'' | |
| Mr./NNP Smith/NNP says/VBZ the/DT Bill/NNP of/IN Rights/NNPS commercial/NN ,/, which/WDT trumpets/VBZ the/DT themes/NNS of/IN liberty/NN and/CC freedom/NN of/IN expression/NN ,/, is/VBZ n't/RB designed/VBN to/TO have/VB any/DT special/JJ appeal/NN for/IN smokers/NNS ./. | |
| Although/IN Philip/NNP Morris/NNP typically/RB tries/VBZ to/TO defend/VB the/DT rights/NNS of/IN smokers/NNS with/IN free-choice/JJ arguments/NNS ,/, ``/`` this/DT has/VBZ nothing/NN to/TO do/VB with/IN cigarettes/NNS ,/, nor/CC will/MD it/PRP ever/RB ,/, ''/'' the/DT spokesman/NN says/VBZ ./. | |
| But/CC some/DT anti-smoking/JJ activists/NNS disagree/VBP ,/, expressing/VBG anger/NN at/IN what/WP they/PRP see/VBP as/IN the/DT company/NN 's/POS attempt/NN to/TO purchase/VB innocence/NN by/IN association/NN ./. | |
| ``/`` I/PRP 'm/VBP outraged/JJ because/IN this/DT company/NN is/VBZ portraying/VBG itself/PRP at/IN the/DT heart/NN of/IN American/JJ culture/NN and/CC political/JJ freedom/NN and/CC in/IN fact/NN it/PRP 's/VBZ a/DT killer/NN ,/, ''/'' says/VBZ Michael/NNP Pertschuk/NNP ,/, former/JJ chairman/NN of/IN the/DT Federal/NNP Trade/NNP Commission/NNP and/CC a/DT tobacco-industry/NN critic/NN ./. | |
| ``/`` It/PRP should/MD be/VB treated/VBN like/IN the/DT Medellin/NNP {/-LRB- drug/NN }/-RRB- mafia/NN ,/, not/RB the/DT Founding/VBG Fathers/NNS ./. ''/'' | |
| Mr./NNP Pertschuk/NNP adds/VBZ that/IN the/DT new/JJ commercial/JJ dovetails/VBZ perfectly/RB with/IN major/JJ aspects/NNS of/IN Philip/NNP Morris/NNP 's/POS political/JJ strategy/NN ./. | |
| These/DT include/VB trying/VBG to/TO protect/VB its/PRP$ print/NN advertising/NN by/IN invoking/VBG the/DT First/NNP Amendment/NNP ,/, and/CC wooing/VBG blacks/NNS by/IN portraying/VBG itself/PRP as/IN a/DT protector/NN of/IN civil/JJ rights/NNS ./. | |
| (/-LRB- The/DT commercial/NN features/NNS ,/, among/IN others/NNS ,/, the/DT voice/NN of/IN Martin/NNP Luther/NNP King/NNP Jr./NNP ,/, the/DT slain/VBN civil/JJ rights/NNS leader/NN ./. )/-RRB- | |
| Many/JJ marketers/NNS say/VBP Philip/NNP Morris/NNP 's/POS approach/NN will/MD be/VB effective/JJ ,/, but/CC they/PRP agree/VBP that/IN the/DT ads/NNS '/POS implied/VBN smoking/NN message/NN is/VBZ unmistakable/JJ ./. | |
| ``/`` This/DT is/VBZ clever/JJ ,/, subliminal/JJ advertising/NN that/WDT really/RB says/VBZ ,/, `/`` Smokers/NNS have/VB rights/NNS ,/, too/RB ,/, '/'' ''/'' says/VBZ Al/NNP Ries/NNP ,/, chairman/NN of/IN Trout/NNP &/CC Ries/NNP Inc./NNP ,/, a/DT Greenwich/NNP ,/, Conn./NNP ,/, marketing/NN strategy/NN firm/NN ./. | |
| ``/`` This/DT is/VBZ designed/VBN to/TO get/VB the/DT wagons/NNS in/IN a/DT circle/NN and/CC defend/VB the/DT smoking/NN franchise/NN ./. ''/'' | |
| Richard/NNP Winger/NNP ,/, a/DT partner/NN at/IN Boston/NNP Consulting/NNP Group/NNP ,/, adds/VBZ :/: ``/`` It/PRP 's/VBZ very/RB popular/JJ to/TO drape/VB yourself/PRP in/IN the/DT flag/NN these/DT days/NNS ./. | |
| If/IN you/PRP can/MD do/VB that/DT and/CC at/IN the/DT same/JJ time/NN send/VB a/DT message/NN that/WDT supports/VBZ your/PRP$ business/NN ,/, that/DT 's/VBZ brilliant/JJ ./. ''/'' | |
| RJR/NNP Nabisco/NNP Inc./NNP and/CC American/NNP Brands/NNP Inc./NNP say/VBP they/PRP have/VBP no/DT plans/NNS to/TO follow/VB Philip/NNP Morris/NNP 's/POS lead/NN ./. | |
| (/-LRB- Indeed/RB ,/, RJR/NNP Nabisco/NNP is/VBZ currently/RB under/IN fire/NN for/IN having/VBG sent/VBD 80-second/JJ videotapes/NNS touting/VBG its/PRP$ Now/NNP brand/NN to/TO consumers/NNS who/WP smoke/VBP American/NNP Brands/NNP '/POS Carltons/NNPS ./. )/-RRB- | |
| Despite/IN the/DT criticism/NN ,/, Philip/NNP Morris/NNP 's/POS corporate/JJ campaign/NN runs/VBZ little/JJ risk/NN of/IN getting/VBG yanked/VBN off/IN the/DT tube/NN ./. | |
| ``/`` They/PRP are/VBP n't/RB showing/VBG James/NNP Madison/NNP taking/VBG a/DT puff/NN or/CC lighting/VBG up/RP ,/, ''/'' says/VBZ Laurence/NNP Tribe/NNP ,/, a/DT professor/NN of/IN constitutional/JJ law/NN at/IN Harvard/NNP University/NNP ./. | |
| ``/`` All/DT they/PRP are/VBP trying/VBG to/TO do/VB is/VBZ borrow/VB some/DT of/IN the/DT legitimacy/NN of/IN the/DT Bill/NNP of/IN Rights/NNPS itself/PRP ./. | |
| Technology/NN stocks/NNS woke/VBD up/RP ,/, helping/VBG the/DT over-the-counter/JJ market/NN rise/VB from/IN its/PRP$ recent/JJ doldrums/NNS ./. | |
| The/DT Nasdaq/NNP Composite/NNP Index/NNP surged/VBD 4.26/CD ,/, or/CC about/RB 0.94/CD %/NN ,/, to/TO 455.63/CD ./. | |
| It/PRP was/VBD the/DT market/NN 's/POS biggest/JJS gain/NN since/IN rising/VBG more/RBR than/IN 7/CD points/NNS on/IN Oct./NNP 19/CD ./. | |
| Advancing/VBG OTC/NNP stocks/NNS outpaced/VBD decliners/NNS by/IN 1,120/CD to/TO 806/CD ./. | |
| But/CC the/DT move/NN lagged/VBD a/DT stronger/JJR rise/NN in/IN New/NNP York/NNP Stock/NNP Exchange/NNP issues/NNS ./. | |
| The/DT Big/NNP Board/NNP 's/POS composite/JJ index/NN was/VBD up/RB more/JJR than/IN 1.4/CD %/NN ,/, and/CC the/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP jumped/VBD 1.6/CD %/NN ./. | |
| Nasdaq/NNP 's/POS gain/NN was/VBD led/VBN by/IN its/PRP$ biggest/JJS industrial/JJ stocks/NNS ./. | |
| The/DT Nasdaq/NNP 100/CD rose/VBD 7.08/CD to/TO 445.23/CD ./. | |
| The/DT Financial/NNP Index/NNP of/IN 100/CD biggest/JJS banks/NNS and/CC insurance/NN issues/NNS added/VBD 2.19/CD to/TO 447.76/CD ./. | |
| Other/JJ strong/JJ sectors/NNS were/VBD indicated/VBN in/IN gains/NNS of/IN the/DT Transportation/NNP Index/NNP ,/, up/RB 7.55/CD to/TO 475.35/CD ,/, and/CC the/DT Utility/NNP Index/NNP ,/, up/RB 8.68/CD to/TO 730.37/CD ./. | |
| National/NNP Market/NNP System/NNP volume/NN improved/VBD to/TO 94,425,000/CD shares/NNS from/IN 71.7/CD million/CD Monday/NNP ./. | |
| Many/JJ of/IN Nasdaq/NNP 's/POS biggest/JJS technology/NN stocks/NNS were/VBD in/IN the/DT forefront/NN of/IN the/DT rally/NN ./. | |
| Microsoft/NNP added/VBD 2/CD 1/8/CD to/TO 81/CD 3/4/CD and/CC Oracle/NNP Systems/NNP rose/VBD 1/CD 1/2/CD to/TO 23/CD 1/4/CD ./. | |
| Intel/NNP was/VBD up/RB 1/CD 3/8/CD to/TO 33/CD 3/4/CD ./. | |
| But/CC traders/NNS who/WP watch/VBP the/DT stocks/NNS warned/VBD the/DT rise/NN may/MD be/VB yet/RB another/DT ``/`` one-day/JJ phenomenon/NN ./. ''/'' | |
| Technology/NN stocks/NNS bore/VBD the/DT brunt/NN of/IN the/DT OTC/NNP market/NN 's/POS recent/JJ sell-off/NN ,/, and/CC traders/NNS say/VBP it/PRP 's/VBZ natural/JJ that/IN they/PRP rebound/VB sharply/RB now/RB that/IN the/DT market/NN has/VBZ turned/VBN around/RP ./. | |
| But/CC ,/, they/PRP caution/VBP ,/, conservative/JJ investors/NNS would/MD do/VB well/RB to/TO sell/VB into/IN the/DT strength/NN ./. | |
| ``/`` They/PRP are/VBP always/RB the/DT first/JJ to/TO be/VB sold/VBN when/WRB people/NNS are/VBP taking/VBG profits/NNS ,/, because/IN people/NNS are/VBP most/RBS scared/JJ of/IN the/DT high-technology/JJ stocks/NNS ,/, ''/'' said/VBD Robin/NNP West/NNP ,/, director/NN of/IN research/NN for/IN Ladenburg/NNP Thalmann/NNP 's/POS Lanyi/NNP division/NN ,/, which/WDT specializes/VBZ in/IN emerging/VBG growth/NN stocks/NNS ./. | |
| The/DT technology/NN group/NN includes/VBZ many/JJ of/IN the/DT OTC/NNP market/NN 's/POS biggest/JJS stocks/NNS ,/, which/WDT dominate/VBP the/DT market-weighted/JJ Nasdaq/NNP Composite/NNP Index/NNP ./. | |
| Analysts/NNS say/VBP rallies/NNS in/IN the/DT group/NN historically/RB have/VBP lifted/VBN the/DT market/NN ,/, while/IN weakness/NN in/IN the/DT sector/NN often/RB sank/VBD unlisted/JJ share/NN prices/NNS broadly/RB ./. | |
| But/CC increasing/VBG volatility/NN in/IN the/DT sector/NN has/VBZ exhausted/VBN investors/NNS who/WP try/VBP to/TO follow/VB its/PRP$ dips/NNS and/CC swings/NNS ./. | |
| The/DT stocks/NNS have/VBP been/VBN pummeled/VBN repeatedly/RB by/IN inventory/NN gluts/NNS and/CC disappointing/JJ earnings/NNS as/IN the/DT industry/NN matures/VBZ and/CC slows/VBZ ./. | |
| Some/DT even/RB claim/VBP the/DT group/NN has/VBZ become/VBN a/DT lagging/JJ ,/, not/RB leading/JJ ,/, indicator/NN ./. | |
| The/DT technology/NN sector/NN of/IN the/DT Dow/NNP Jones/NNP Equity/NNP Market/NNP Index/NNP has/VBZ risen/VBN only/RB about/RB 6.24/CD %/NN this/DT year/NN ,/, while/IN the/DT Nasdaq/NNP Composite/NNP Index/NNP has/VBZ gained/VBN 18.35/CD %/NN ./. | |
| While/IN the/DT composite/JJ index/NN lost/VBD less/JJR than/IN a/DT third/NN of/IN its/PRP$ year-to-date/JJ gains/NNS in/IN the/DT market/NN 's/POS recent/JJ decline/NN ,/, the/DT technology/NN group/NN 's/POS gains/NNS were/VBD more/RBR than/IN halved/JJ ./. | |
| The/DT OTC/NNP technology/NN sector/NN is/VBZ far/RB from/IN a/DT cohesive/JJ unit/NN ./. | |
| The/DT group/NN is/VBZ divided/VBN primarily/RB between/IN software/NN ,/, semiconductors/NNS and/CC computers/NNS ./. | |
| While/IN computer/NN stocks/NNS have/VBP taken/VBN the/DT biggest/JJS hit/NN from/IN the/DT slowdown/NN in/IN the/DT industry/NN ,/, many/JJ software/NN and/CC semiconductor/NN stocks/NNS have/VBP continued/VBN to/TO outperform/VB the/DT market/NN ./. | |
| Microsoft/NNP is/VBZ up/RB more/JJR than/IN 50/CD %/NN this/DT year/NN ,/, while/IN Intel/NNP is/VBZ up/RB more/JJR than/IN 40/CD %/NN ./. | |
| The/DT technology/NN group/NN is/VBZ also/RB split/VBN between/IN large/JJ companies/NNS and/CC small/JJ ,/, with/IN the/DT biggest/JJS stocks/NNS trading/VBG as/IN blue-chip/JJ issues/NNS in/IN the/DT institutional/JJ marketplace/NN ,/, while/IN the/DT smaller/JJR stocks/NNS churn/VBP on/IN their/PRP$ individual/JJ merits/NNS or/CC faults/NNS ,/, analysts/NNS say/VBP ./. | |
| The/DT volatility/NN of/IN smaller/JJR technology/NN companies/NNS has/VBZ served/VBN the/DT group/NN well/RB overall/RB in/IN recent/JJ stock/NN trading/NN ,/, according/VBG to/TO Hambrecht/NNP &/CC Quist/NNP 's/POS technology/NN stock/NN indexes/NNS ./. | |
| The/DT brokerage/NN firm/NN tracks/VBZ technology/NN stocks/NNS with/IN its/PRP$ Technology/NNP Index/NNP ,/, which/WDT appreciated/VBD only/RB 10.59/CD %/NN in/IN the/DT first/JJ nine/CD months/NNS of/IN this/DT year/NN ./. | |
| But/CC the/DT firm/NN also/RB tracks/VBZ smaller/JJR technology/NN companies/NNS as/IN a/DT subset/NN of/IN the/DT larger/JJR group/NN ./. | |
| That/DT index/NN ,/, which/WDT contains/VBZ technology/NN companies/NNS with/IN annual/JJ revenues/NNS of/IN $/$ 200/CD million/CD or/CC less/JJR ,/, gained/VBD 17.97/CD %/NN by/IN Sept./NNP 30/CD this/DT year/NN --/: still/RB lagging/VBG the/DT S&P/NN 500/CD ,/, but/CC leading/VBG larger/JJR technology/NN firms/NNS ./. | |
| Yesterday/NN ,/, bank/NN stocks/NNS lagged/VBD behind/IN the/DT overall/JJ OTC/NNP market/NN ./. | |
| The/DT Nasdaq/NNP Bank/NNP Index/NNP rose/VBD 0.17/CD to/TO 432.78/CD ./. | |
| George/NNP Jennison/NNP ,/, who/WP trades/VBZ bank/NN stocks/NNS for/IN Shearson/NNP Lehman/NNP Hutton/NNP ,/, said/VBD the/DT stocks/NNS tend/VBP to/TO fall/VB behind/RB because/IN they/PRP are/VBP n't/RB traded/VBN as/RB much/RB as/IN many/JJ other/JJ issues/NNS ./. | |
| But/CC ,/, he/PRP added/VBD ,/, interest-rate-sensitive/JJ stocks/NNS in/IN general/JJ are/VBP stalled/VBN ./. | |
| ``/`` The/DT interest-rate/NN sensitives/NNS are/VBP n't/RB rallying/VBG with/IN the/DT rest/NN of/IN the/DT market/NN because/IN of/IN fears/NNS about/IN what/WP the/DT (/-LRB- Federal/NNP Reserve/NNP )/-RRB- will/MD do/VB ,/, ''/'' Mr./NNP Jennison/NNP said/VBD ./. | |
| He/PRP said/VBD that/IN investors/NNS will/MD scour/VB the/DT October/NNP employment/NN report/NN ,/, due/JJ out/RB Friday/NNP ,/, for/IN clues/NNS about/IN the/DT direction/NN of/IN the/DT economy/NN and/CC the/DT immediate/JJ outlook/NN for/IN interest/NN rates/NNS ./. | |
| On/IN the/DT other/JJ hand/NN ,/, Mr./NNP Jennison/NNP noted/VBD that/IN the/DT recent/JJ slide/NN in/IN bank/NN and/CC thrift/NN stocks/NNS was/VBD at/IN least/JJS halted/VBN yesterday/NN ./. | |
| Shearson/NNP Lehman/NNP Hutton/NNP gave/VBD small/JJ investors/NNS some/DT welcome/JJ news/NN by/IN announcing/VBG that/IN it/PRP would/MD no/RB longer/RBR handle/VB index-arbitrage-related/JJ program/NN trades/NNS for/IN its/PRP$ accounts/NNS ./. | |
| Shearson/NNP ,/, with/IN its/PRP$ in-house/JJ order/NN execution/NN system/NN ,/, has/VBZ handled/VBN the/DT bulk/NN of/IN such/JJ program/NN trades/NNS in/IN the/DT over-the-counter/JJ market/NN ./. | |
| The/DT trading/NN has/VBZ been/VBN blamed/VBN for/IN much/JJ of/IN the/DT market/NN 's/POS recent/JJ volatility/NN ./. | |
| Jaguar/NNP topped/VBD the/DT most-active/JJ list/NN ,/, as/IN its/PRP$ American/JJ depository/NN receipts/NNS climbed/VBD 1/CD 3/4/CD to/TO 13/CD 5/8/CD with/IN more/JJR than/IN 6.6/CD million/CD ADRs/NNS traded/VBN ./. | |
| Britain/NNP said/VBD it/PRP would/MD waive/VB its/PRP$ ``/`` golden/JJ share/NN ''/'' in/IN the/DT luxury/JJ auto/NN maker/NN if/IN shareholders/NNS vote/VBP to/TO allow/VB a/DT suitor/NN to/TO acquire/VB more/JJR than/IN 15/CD %/NN of/IN the/DT company/NN ./. | |
| The/DT announcement/NN effectively/RB removes/VBZ the/DT British/JJ government/NN as/IN an/DT impediment/NN to/TO a/DT takeover/NN of/IN the/DT company/NN ,/, which/WDT is/VBZ being/VBG stalked/VBN by/IN General/NNP Motors/NNP and/CC Ford/NNP ./. | |
| Gen-Probe/NNP was/VBD another/DT active/JJ takeover/NN stock/NN ./. | |
| It/PRP surged/VBD 2/CD 3/4/CD to/TO 6/CD on/IN volume/NN of/IN more/JJR than/IN 1.7/CD million/CD shares/NNS after/IN the/DT company/NN agreed/VBD to/TO be/VB acquired/VBN by/IN Japan/NNP 's/POS Chugai/NNP Pharmaceutical/NNP for/IN about/RB $/$ 110/CD million/CD --/: almost/RB double/RB the/DT market/NN price/NN of/IN Gen-Probe/NNP 's/POS stock/NN ./. | |
| Priam/NNP Corp./NNP lost/VBD 5/32/CD to/TO 3/32/CD after/IN filing/VBG for/IN protection/NN from/IN its/PRP$ creditors/NNS under/IN Chapter/NN 11/CD of/IN the/DT federal/JJ Bankruptcy/NNP Code/NNP ./. | |
| MCI/NNP Communications/NNP added/VBD 1/CD 1/2/CD to/TO 43/CD 3/8/CD ./. | |
| The/DT company/NN has/VBZ toted/VBN up/RP over/IN $/$ 40/CD million/CD in/IN contracts/NNS in/IN the/DT past/JJ two/CD days/NNS ./. | |
| Monday/NNP ,/, MCI/NNP announced/VBD a/DT $/$ 27/CD million/CD multiyear/JJ contract/NN with/IN the/DT investment/NN bank/NN Stuart-James/NNP ./. | |
| Yesterday/NN ,/, it/PRP received/VBD a/DT $/$ 15/CD million/CD ,/, three-year/JJ contract/NN from/IN Drexel/NNP Burnham/NNP Lambert/NNP ./. | |
| Florida/NNP National/NNP Banks/NNP of/IN Fla./NNP slid/VBD 1/CD 1/8/CD to/TO 24/CD 3/4/CD ./. | |
| Late/RB Monday/NNP ,/, the/DT Federal/NNP Reserve/NNP Board/NNP said/VBD it/PRP is/VBZ delaying/VBG approval/NN of/IN First/NNP Union/NNP Corp./NNP 's/POS proposed/JJ $/$ 849/CD million/CD acquisition/NN of/IN Florida/NNP National/NNP Banks/NNPS pending/VBG the/DT outcome/NN of/IN an/DT examination/NN into/IN First/NNP Union/NNP 's/POS lending/NN practices/NNS in/IN low-income/JJ heighborhoods/NNS ./. | |
| Florida/NNP National/NNP said/VBD yesterday/NN that/IN it/PRP remains/VBZ committed/JJ to/TO the/DT merger/NN ./. | |
| Dycom/NNP Industries/NNP gained/VBD 3/4/CD to/TO 16/CD 3/4/CD after/IN it/PRP said/VBD it/PRP agreed/VBD to/TO buy/VB Ansco/NNP &/CC Associates/NNP and/CC two/CD affiliates/NNS for/IN cash/NN and/CC stock/NN ./. | |
| The/DT value/NN of/IN the/DT transaction/NN was/VBD n't/RB disclosed/VBN ./. | |
| The/DT companies/NNS being/VBG acquired/VBN provide/VBP telecommunications/NNS services/NNS to/TO the/DT telephone/NN industry/NN ./. | |
| Willamette/NNP Industries/NNP ,/, whose/WP$ stock/NN has/VBZ suffered/VBN steep/JJ losses/NNS in/IN recent/JJ sessions/NNS ,/, surged/VBD 1/CD 1/2/CD to/TO 49/CD ./. | |
| The/DT stock/NN was/VBD one/CD of/IN many/JJ in/IN the/DT paper/NN products/NNS industry/NN that/WDT rose/VBD following/VBG Georgia-Pacific/NNP 's/POS $/$ 3.18/CD billion/CD bid/NN for/IN Great/NNP Northern/NNP Nekoosa/NNP ./. | |
| A/DT permanent/JJ smoking/NN ban/NN on/IN virtually/RB all/DT domestic/JJ airline/NN routes/NNS won/VBD approval/NN from/IN the/DT House/NNP ,/, which/WDT separately/RB sent/VBD to/TO President/NNP Bush/NNP a/DT nearly/RB $/$ 67/CD billion/CD fiscal/JJ 1990/CD bill/NN including/VBG the/DT first/JJ construction/NN funds/NNS for/IN the/DT space/NN station/NN ./. | |
| The/DT smoking/NN prohibition/NN remains/VBZ attached/JJ to/TO a/DT $/$ 27.1/CD billion/CD transportation/NN bill/NN that/WDT must/MD still/RB overcome/VB budget/NN obstacles/NNS in/IN Congress/NNP ./. | |
| But/CC yesterday/NN 's/POS action/NN put/VBD to/TO rest/VB any/DT lingering/VBG resistance/NN from/IN tobacco/NN interests/NNS ./. | |
| Faced/VBN with/IN inevitable/JJ defeat/NN ,/, the/DT once/RB dominant/JJ industry/NN declined/VBD any/DT recorded/JJ vote/NN on/IN the/DT ban/NN ,/, which/WDT covers/VBZ all/DT but/IN a/DT fraction/NN of/IN 1/CD %/NN of/IN daily/JJ flights/NNS in/IN the/DT U.S./NNP ./. | |
| The/DT sole/JJ exceptions/NNS are/VBP an/DT estimated/JJ 30/CD flights/NNS of/IN six/CD hours/NNS or/CC more/RBR beginning/VBG or/CC ending/VBG in/IN Hawaii/NNP and/CC Alaska/NNP ./. | |
| Assuming/VBG final/JJ enactment/NN this/DT month/NN ,/, the/DT prohibition/NN will/MD take/VB effect/NN 96/CD days/NNS later/RB ,/, or/CC in/IN early/JJ February/NNP ./. | |
| On/IN a/DT 394-21/JJ roll/NN call/NN ,/, the/DT House/NNP adopted/VBD the/DT underlying/JJ transportation/NN measure/NN ./. | |
| But/CC the/DT bill/NN still/RB faces/VBZ budget/NN questions/NNS because/IN it/PRP also/RB is/VBZ the/DT vehicle/NN for/IN an/DT estimated/JJ $/$ 3.1/CD billion/CD in/IN supplemental/JJ appropriations/NNS for/IN law/NN enforcement/NN and/CC anti-drug/JJ programs/NNS ./. | |
| The/DT additional/JJ spending/NN pushes/VBZ the/DT measure/NN more/JJR than/IN $/$ 2/CD billion/CD above/IN its/PRP$ prescribed/JJ budget/NN ceiling/NN ,/, and/CC the/DT House/NNP Appropriations/NNP Committee/NNP leadership/NN must/MD now/RB seek/VB a/DT waiver/NN in/IN hopes/NNS of/IN completing/VBG action/NN today/NN ./. | |
| The/DT separate/JJ $/$ 67/CD billion/CD bill/NN sent/VBN to/TO the/DT White/NNP House/NNP had/VBD budget/NN difficulties/NNS ,/, too/RB ,/, but/CC was/VBD saved/VBN ultimately/RB by/IN its/PRP$ importance/NN to/TO a/DT broad/JJ spectrum/NN of/IN interests/NNS in/IN Congress/NNP and/CC the/DT administration/NN itself/PRP ./. | |
| No/DT single/JJ bill/NN this/DT year/NN includes/VBZ more/JJR discretionary/JJ spending/NN for/IN domestic/JJ programs/NNS and/CC ,/, apart/RB from/IN the/DT space/NN station/NN ,/, the/DT measure/NN incorporates/VBZ far-reaching/JJ provisions/NNS affecting/VBG the/DT federal/JJ mortgage/NN market/NN ./. | |
| The/DT current/JJ ceiling/NN on/IN home/NN loans/NNS insured/VBN by/IN the/DT Federal/NNP Housing/NNP Administration/NNP is/VBZ increased/VBN to/TO $/$ 124,875/CD during/IN fiscal/JJ 1990/CD ./. | |
| And/CC in/IN anticipation/NN of/IN increased/JJ lending/NN ,/, the/DT cap/NN on/IN FHA/NNP loan/NN guarantees/NNS would/MD rise/VB to/TO approximately/RB $/$ 73.8/CD billion/CD ./. | |
| Separately/RB ,/, the/DT bill/NN gives/VBZ authority/NN to/TO the/DT Department/NNP of/IN Housing/NNP and/CC Urban/NNP Development/NNP to/TO facilitate/VB the/DT refinancing/NN of/IN high-interest/JJ loans/NNS subsidized/VBN by/IN the/DT government/NN under/IN the/DT so-called/JJ Section/NN 235/CD home-ownership/NN program/NN for/IN lower-income/JJ families/NNS ./. | |
| This/DT provision/NN met/VBD early/JJ and/CC strong/JJ resistance/NN from/IN investment/NN bankers/NNS worried/VBN about/IN disruptions/NNS in/IN their/PRP$ clients/NNS '/POS portfolios/NNS ./. | |
| But/CC the/DT promise/NN of/IN at/IN least/JJS $/$ 15/CD million/CD in/IN new/JJ savings/NNS helped/VBD to/TO forge/VB a/DT partnership/NN between/IN HUD/NNP Secretary/NNP Jack/NNP Kemp/NNP and/CC lawmakers/NNS wanting/VBG to/TO protect/VB their/PRP$ projects/NNS elsewhere/RB ./. | |
| The/DT estimated/JJ $/$ 1.8/CD billion/CD for/IN the/DT space/NN station/NN would/MD be/VB double/RB last/JJ year/NN 's/POS level/NN ,/, and/CC total/JJ appropriations/NNS for/IN the/DT National/NNP Aeronautics/NNP and/CC Space/NNP Administration/NNP would/MD grow/VB 16/CD %/NN to/TO nearly/RB $/$ 12.4/CD billion/CD ./. | |
| A/DT string/NN of/IN costly/JJ projects/NNS ,/, including/VBG the/DT high-speed/JJ national/JJ aerospace/NN plane/NN and/CC the/DT advanced/JJ communications/NNS technology/NN satellite/NN ,/, would/MD continue/VB to/TO be/VB developed/VBN within/IN these/DT limits/NNS ./. | |
| And/CC while/IN imposing/VBG a/DT statutory/JJ cap/NN of/IN $/$ 1.6/CD billion/CD on/IN future/JJ spending/NN ,/, the/DT bill/NN would/MD give/VB NASA/NNP $/$ 30/CD million/CD for/IN the/DT start-up/NN of/IN the/DT CRAF-Cassini/NNP mission/NN ,/, a/DT successor/NN to/TO the/DT Voyager/NNP space/NN probe/NN ./. | |
| Separately/NNP ,/, the/DT National/NNP Science/NNP Foundation/NNP is/VBZ promised/VBN a/DT 7.7/CD %/NN increase/NN to/TO bring/VB its/PRP$ appropriations/NNS to/TO $/$ 2.07/CD billion/CD ./. | |
| And/CC while/IN pursuing/VBG these/DT initiatives/NNS ,/, Congress/NNP and/CC the/DT White/NNP House/NNP are/VBP squeezed/VBN too/RB by/IN steady/JJ increases/NNS --/: $/$ 551/CD million/CD --/: in/IN veteran/NN 's/POS medical/JJ care/NN ./. | |
| The/DT result/NN is/VBZ that/IN all/DT sides/NNS resort/VBP to/TO sleight/NN of/IN hand/NN to/TO make/VB room/NN for/IN competing/VBG housing/NN and/CC environmental/JJ programs/NNS ,/, and/CC the/DT commitments/NNS now/RB will/MD drive/VB excess/JJ spending/NN into/IN fiscal/JJ 1991/CD ./. | |
| Senior/JJ members/NNS of/IN the/DT House/NNP Budget/NNP Committee/NNP are/VBP reduced/VBN in/IN frustration/NN to/TO raising/VBG doomed/JJ parliamentary/JJ obstacles/NNS to/TO individual/JJ bills/NNS ,/, yet/CC admit/VBP that/IN much/JJ of/IN the/DT disorder/NN now/RB stems/VBZ from/IN the/DT fiscal/JJ legerdemain/NN associated/VBN with/IN their/PRP$ own/JJ summit/NN agreement/NN with/IN the/DT White/NNP House/NNP this/DT past/JJ spring/NN ./. | |
| ``/`` It/PRP 's/VBZ hard/JJ to/TO get/VB the/DT administration/NN 's/POS attention/NN on/IN anything/NN ,/, ''/'' said/VBD Rep./NNP Bill/NNP Frenzel/NNP (/-LRB- R./NNP ,/, Minn./NNP )/-RRB- ,/, ``/`` because/IN the/DT whole/JJ agreement/NN was/VBD built/VBN on/IN gimmickry/NN ./. ''/'' | |
| Among/IN the/DT subsidies/NNS continued/VBN in/IN the/DT transportation/NN bill/NN is/VBZ $/$ 30.7/CD million/CD to/TO maintain/VB commercial/JJ air/NN service/NN for/IN an/DT estimated/JJ 92/CD communities/NNS ,/, often/RB in/IN rural/JJ areas/NNS ./. | |
| Senate/NNP Appropriations/NNP Committee/NNP Chairman/NNP Robert/NNP Byrd/NNP (/-LRB- D./NNP ,/, W.Va/NNP ./. )/-RRB- strongly/RB resisted/VBD deeper/JJR cuts/NNS sought/VBN by/IN the/DT House/NNP ./. | |
| But/CC at/IN a/DT time/NN when/WRB the/DT White/NNP House/NNP wants/VBZ to/TO kill/VB the/DT entire/NN program/NN ,/, Republicans/NNPS have/VBP been/VBN among/IN its/PRP$ leading/JJ champions/NNS ./. | |
| Sen./NNP Pete/NNP Domenici/NNP (/-LRB- R./NNP ,/, N.M./NNP )/-RRB- ,/, the/DT ranking/JJ Republican/NNP on/IN the/DT Senate/NNP Budget/NNP Committee/NNP ,/, used/VBD his/PRP$ influence/NN to/TO preserve/VB more/JJR than/IN $/$ 132,000/CD in/IN subsidies/NNS for/IN air/NN service/NN to/TO Sante/NNP Fe/NNP ,/, N.M./NNP ,/, and/CC more/JJR than/IN $/$ 2.1/CD million/CD would/MD go/VB for/IN service/NN to/TO eight/CD communities/NNS in/IN the/DT western/JJ Nebraska/NNP district/NN of/IN GOP/NNP Rep./NNP Virginia/NNP Smith/NNP on/IN the/DT House/NNP Appropriations/NNP Committee/NNP ./. | |
| GP/NNP Express/NNP ,/, an/DT independent/JJ airline/NN serving/VBG much/JJ of/IN Nebraska/NNP ,/, estimates/VBZ that/IN nearly/RB 40/CD %/NN of/IN its/PRP$ revenues/NNS come/VBP from/IN the/DT subsidies/NNS that/WDT ,/, in/IN some/DT cases/NNS ,/, exceed/VBP the/DT cost/NN of/IN a/DT ticket/NN ./. | |
| For/IN example/NN ,/, a/DT passenger/NN can/MD fly/VB from/IN Chardon/NNP ,/, Neb./NNP ,/, to/TO Denver/NNP for/IN as/RB little/JJ as/IN $/$ 89/CD to/TO $/$ 109/CD ,/, according/VBG to/TO prices/NNS quoted/VBN by/IN the/DT company/NN ./. | |
| But/CC given/VBN the/DT few/JJ number/NN of/IN users/NNS ,/, the/DT cost/NN to/TO the/DT federal/JJ government/NN per/IN passenger/NN is/VBZ estimated/VBN at/IN $/$ 193/CD ,/, according/VBG to/TO House/NNP and/CC Senate/NNP appropriations/NNS committees/NNS ./. | |
| The/DT House/NNP action/NN yesterday/NN came/VBD as/IN the/DT Senate/NNP remained/VBD mired/JJ in/IN difficulties/NNS over/IN a/DT $/$ 17.25/CD billion/CD measure/NN covering/VBG the/DT budgets/NNS for/IN the/DT State/NNP ,/, Commerce/NNP ,/, and/CC Justice/NNP departments/NNS in/IN fiscal/JJ 1990/CD ./. | |
| The/DT compromise/NN bill/NN passed/VBD the/DT House/NNP last/JJ week/NN but/CC has/VBZ now/RB provoked/VBN jurisdictional/JJ fights/NNS with/IN the/DT Senate/NNP Foreign/NNP Relations/NNP Committee/NNP ,/, which/WDT jealously/RB protects/VBZ its/PRP$ prerogatives/NNS over/IN operations/NNS at/IN the/DT State/NNP Department/NNP ./. | |
| The/DT same/JJ jealousy/NN can/MD breed/VB confusion/NN ,/, however/RB ,/, in/IN the/DT absence/NN of/IN any/DT authorization/NN bill/NN this/DT year/NN ./. | |
| House/NNP and/CC Senate/NNP appropriators/NNS sought/VBD to/TO establish/VB a/DT Nov./NNP 30/CD deadline/NN after/IN which/WDT their/PRP$ bill/NN would/MD become/VB the/DT last/JJ word/NN on/IN how/WRB funds/NNS are/VBP distributed/VBN ./. | |
| But/CC on/IN a/DT 53-45/JJ roll/NN call/NN this/DT provision/NN was/VBD stripped/VBN from/IN the/DT bill/NN last/JJ night/NN after/IN Foreign/NNP Relations/NNPS Chairman/NNP Claiborne/NNP Pell/NNP (/-LRB- D./NNP ,/, R.I/NNP ./. )/-RRB- complained/VBD that/IN it/PRP was/VBD an/DT intrusion/NN on/IN exclusive/JJ powers/NNS vested/VBN in/IN his/PRP$ panel/NN for/IN more/RBR than/IN three/CD decades/NNS ./. | |
| Coda/NNP Energy/NNP Inc./NNP said/VBD it/PRP arranged/VBD a/DT $/$ 50/CD million/CD credit/NN facility/NN with/IN NCNB/NNP Texas/NNP National/NNP Bank/NNP ,/, a/DT unit/NN of/IN NCNB/NNP Corp./NNP ,/, of/IN Charlotte/NNP ,/, N.C/NNP ./. | |
| The/DT Dallas/NNP oil/NN and/CC gas/NN concern/NN said/VBD that/IN $/$ 10/CD million/CD of/IN the/DT facility/NN would/MD be/VB used/VBN to/TO consolidate/VB the/DT company/NN 's/POS $/$ 8.1/CD million/CD of/IN existing/VBG bank/NN debt/NN ,/, to/TO repurchase/VB 4/CD million/CD of/IN its/PRP$ 4.9/CD million/CD shares/NNS outstanding/JJ of/IN Series/NNP D/NNP convertible/JJ preferred/JJ stock/NN ,/, and/CC to/TO purchase/VB a/DT 10/CD %/NN net-profits/JJ interest/NN in/IN certain/JJ oil/NN and/CC gas/NN properties/NNS from/IN one/CD of/IN its/PRP$ existing/VBG lenders/NNS ,/, National/NNP Canada/NNP Corp/NNP ./. | |
| The/DT remaining/VBG $/$ 40/CD million/CD can/MD be/VB used/VBN over/IN three/CD years/NNS for/IN oil/NN and/CC gas/NN acquisitions/NNS ,/, the/DT company/NN said/VBD ./. | |
| Ted/NNP Eubank/NNP ,/, Coda/NNP 's/POS president/NN ,/, said/VBD the/DT loan/NN carries/VBZ an/DT interest/NN rate/NN of/IN prime/JJ plus/CC one/CD percentage/NN point/NN ,/, with/IN 85/CD %/NN of/IN the/DT company/NN 's/POS net/JJ oil/NN and/CC gas/NN revenue/NN each/DT month/NN dedicated/VBN to/TO repayment/NN ./. | |
| The/DT company/NN put/VBD up/RP ``/`` virtually/RB all/DT ''/'' of/IN its/PRP$ oil/NN and/CC gas/NN properties/NNS as/IN collateral/NN ,/, he/PRP said/VBD ./. | |
| General/NNP Dynamics/NNP Corp./NNP was/VBD given/VBN an/DT $/$ 843/CD million/CD Air/NNP Force/NNP contract/NN for/IN F-16/NNP aircraft/NNS and/CC related/JJ equipment/NN ./. | |
| Loral/NNP Corp./NNP 's/POS defense/NN systems/NNS division/NN received/VBD a/DT $/$ 54.9/CD million/CD Air/NNP Force/NNP contract/NN for/IN a/DT F-15/NNP weapons/NNS system/NN trainer/NN ./. | |
| Southern/NNP Air/NNP Transport/NNP Inc./NNP won/VBD $/$ 47.5/CD million/CD in/IN Air/NNP Force/NNP and/CC Navy/NNP contracts/NNS for/IN transportation/NN services/NNS ./. | |
| International/NNP Business/NNP Machines/NNPS Corp./NNP was/VBD given/VBN a/DT $/$ 31.2/CD million/CD Air/NNP Force/NNP contract/NN for/IN satellite/JJ data/NNS systems/NNS equipment/NN ./. | |
| Directed/NNP Technologies/NNPS received/VBD a/DT $/$ 28.3/CD million/CD Defense/NNP Advanced/NNP Research/NNP Projects/NNPS Agency/NNP contract/NN for/IN advanced/JJ propulsion/NN systems/NNS research/NN ./. | |
| Propper/NNP International/NNP Inc./NNP got/VBD a/DT $/$ 22.8/CD million/CD Defense/NNP Logistics/NNP Agency/NNP contract/NN for/IN combat/NN camouflage/NN trousers/NNS ./. | |
| Santa/NNP Fe/NNP Pacific/NNP was/VBD the/DT kind/NN of/IN story/NN Wall/NNP Street/NNP loved/VBD ./. | |
| Since/IN the/DT value/NN of/IN its/PRP$ assets/NNS was/VBD n't/RB known/VBN ,/, analysts/NNS were/VBD free/JJ to/TO pick/VB a/DT number/NN ./. | |
| In/IN one/CD of/IN many/JJ rosy/JJ scenarios/NNS ,/, Bear/NNP Stearns/NNP 's/POS Gary/NNP Schneider/NNP wrote/VBD in/IN March/NNP that/IN its/PRP$ real/JJ estate/NN alone/RB had/VBD a/DT value/NN of/IN $/$ 4.5/CD billion/CD ./. | |
| Throw/VB in/RP its/PRP$ railroad/NN ,/, minerals/NNS ,/, pipeline/NN and/CC oil/NN assets/NNS ,/, he/PRP and/CC others/NNS argued/VBD ,/, and/CC the/DT Chicago-based/JJ conglomerate/NN should/MD be/VB worth/IN 30/CD a/DT share/NN ./. | |
| And/CC why/WRB should/MD holders/NNS expect/VB to/TO realize/VB that/IN presumed/JJ ``/`` worth/NN ?/. ''/'' | |
| That/DT was/VBD another/DT reason/NN the/DT Street/NNP loved/VBD Santa/NNP Fe/NNP ./. | |
| With/IN real/JJ estate/NN experts/NNS Olympia/NNP &/CC York/NNP and/CC Samuel/NNP Zell/NNP 's/POS Itel/NNP owning/VBG close/RB to/TO 40/CD %/NN of/IN Santa/NNP Fe/NNP 's/POS stock/NN ,/, management/NN was/VBD under/IN pressure/NN --/: in/IN a/DT favored/JJ phrase/NN of/IN Wall/NNP Street/NNP --/: to/TO quickly/RB ``/`` maximize/VB values/NNS ./. ''/'' | |
| But/CC value/NN ,/, it/PRP turns/VBZ out/RP ,/, is/VBZ only/RB what/WP a/DT buyer/NN will/MD pay/VB ./. | |
| And/CC with/IN the/DT company/NN 's/POS recent/JJ announcement/NN that/IN it/PRP is/VBZ contemplating/VBG a/DT partial/JJ sale/NN of/IN its/PRP$ real/JJ estate/NN ,/, the/DT values/NNS suddenly/RB look/VBP poorer/JJR ./. | |
| Santa/NNP Fe/NNP has/VBZ disclosed/VBN that/IN it/PRP is/VBZ negotiating/VBG to/TO sell/VB a/DT 20/CD %/NN interest/NN in/IN its/PRP$ real/JJ estate/NN unit/NN to/TO the/DT California/NNP Public/NNP Employees/NNPS Retirement/NNP System/NNP for/IN roughly/RB $/$ 400/CD million/CD ./. | |
| Since/IN the/DT real/JJ estate/NN unit/NN also/RB includes/VBZ debt/NN ,/, the/DT imputed/JJ value/NN of/IN the/DT real/JJ estate/NN itself/PRP is/VBZ close/RB to/TO $/$ 3/CD billion/CD ./. | |
| ``/`` The/DT implied/JJ current/JJ net/JJ asset/NN value/NN of/IN 22.70/CD {/-LRB- per/IN share/NN }/-RRB- is/VBZ well/RB below/IN the/DT 30/CD level/NN that/WDT the/DT Street/NNP believed/VBD ,/, ''/'' PaineWebber/NNP says/VBZ ./. | |
| ``/`` The/DT upside/NN was/VBD in/IN the/DT intangible/JJ real/JJ estate/NN .../: which/WDT is/VBZ no/RB longer/RBR an/DT intangible/NN ./. ''/'' | |
| So/RB what/WP is/VBZ Santa/NNP Fe/NNP worth/IN ?/. | |
| If/IN the/DT railroad/NN is/VBZ valued/VBN on/IN a/DT private/JJ market/NN basis/NN --/: at/IN the/DT same/JJ multiple/NN of/IN earnings/NNS as/IN in/IN the/DT recent/JJ sale/NN of/IN CNW/NNP --/: it/PRP would/MD have/VB a/DT value/NN of/IN $/$ 1.65/CD billion/CD ./. | |
| A/DT compromise/NN between/IN bulls/NNS and/CC bears/NNS puts/VBZ remaining/VBG assets/NNS and/CC cash/NN --/: including/VBG its/PRP$ 44/CD %/NN stake/NN in/IN its/PRP$ publicly/RB traded/VBN pipeline/NN --/: at/IN $/$ 2/CD billion/CD ./. | |
| Santa/NNP Fe/NNP also/RB has/VBZ $/$ 3.7/CD billion/CD in/IN debt/NN ./. | |
| In/IN addition/NN ,/, its/PRP$ railroad/NN lost/VBD a/DT $/$ 750/CD million/CD antitrust/JJ suit/NN ,/, which/WDT is/VBZ on/IN appeal/NN ,/, and/CC which/WDT analysts/NNS say/VB could/MD be/VB settled/VBN for/IN one-third/RB that/DT amount/NN ./. | |
| That/DT nets/VBZ out/RP to/TO about/RB $/$ 17/CD a/DT share/NN for/IN the/DT company/NN on/IN a/DT private/JJ market/NN basis/NN ./. | |
| But/CC Santa/NNP Fe/NNP ,/, currently/RB trading/VBG at/IN 18/CD 7/8/CD ,/, is/VBZ n't/RB likely/JJ to/TO realize/VB private/JJ market/NN values/NNS by/IN selling/VBG assets/NNS ,/, because/IN the/DT tax/NN against/IN it/PRP would/MD be/VB onerous/JJ ./. | |
| Its/PRP$ plan/NN ,/, instead/RB ,/, is/VBZ to/TO spin/VB off/RP the/DT remainder/NN of/IN its/PRP$ real/JJ estate/NN unit/NN and/CC to/TO possibly/RB do/VB the/DT same/JJ with/IN its/PRP$ mining/NN and/CC energy/NN assets/NNS ./. | |
| Robert/NNP D./NNP Krebs/NNP ,/, Santa/NNP Fe/NNP 's/POS chairman/NN ,/, argues/VBZ that/IN since/IN its/PRP$ businesses/NNS are/VBP valued/VBN in/IN different/JJ ways/NNS ,/, ``/`` the/DT sum/NN of/IN the/DT parts/NNS may/MD be/VB greater/JJR than/IN the/DT whole/NN ./. ''/'' | |
| But/CC it/PRP is/VBZ n't/RB clear/JJ why/WRB that/DT should/MD be/VB so/RB ./. | |
| The/DT spinoff/NN argument/NN ,/, after/IN all/DT ,/, reverses/VBZ the/DT current/JJ notion/NN that/IN assets/NNS are/VBP worth/IN more/JJR to/TO private/JJ buyers/NNS than/IN to/TO public/JJ shareholders/NNS ./. | |
| And/CC real/JJ estate/NN usually/RB has/VBZ n't/RB traded/VBN well/RB under/IN public/JJ ownership/NN ./. | |
| Salomon/NNP Brothers/NNP says/VBZ ,/, ``/`` We/PRP believe/VBP the/DT real/JJ estate/NN properties/NNS would/MD trade/VB at/IN a/DT discount/NN .../: after/IN the/DT realty/NN unit/NN is/VBZ spun/VBN off/RP .../: ./. | |
| And/CC what/WP about/IN the/DT cost/NN ,/, and/CC risk/NN ,/, of/IN waiting/VBG to/TO realize/VB the/DT hypothetical/JJ private/JJ market/NN values/NNS ?/. ''/'' | |
| Some/DT analysts/NNS remain/VBP bullish/JJ ./. | |
| Mr./NNP Schneider/NNP of/IN Bear/NNP Stearns/NNP says/VBZ he/PRP is/VBZ recalculating/VBG the/DT worth/NN of/IN the/DT company/NN 's/POS assets/NNS and/CC ,/, in/IN the/DT meantime/NN ,/, is/VBZ sticking/VBG to/TO his/PRP$ ``/`` buy/VB ''/'' recommendation/NN on/IN the/DT belief/NN that/IN he/PRP will/MD find/VB ``/`` values/NNS ''/'' of/IN 30/CD a/DT share/NN ./. | |
| He/PRP adds/VBZ :/: ``/`` If/IN for/IN any/DT reason/NN I/PRP do/VBP n't/RB have/VB the/DT values/NNS ,/, then/RB I/PRP wo/MD n't/RB recommend/VB it/PRP ./. ''/'' | |
| First/RB Boston/NNP 's/POS Graeme/NNP Anne/NNP Lidgerwood/NNP values/VBZ Santa/NNP Fe/NNP at/IN 24/CD ,/, down/RB from/IN her/PRP$ earlier/JJR estimate/NN of/IN 29/CD ./. | |
| Her/PRP$ recent/JJ report/NN classifies/VBZ the/DT stock/NN as/IN a/DT ``/`` hold/VB ./. ''/'' | |
| But/CC it/PRP appears/VBZ to/TO be/VB the/DT sort/NN of/IN hold/NN one/CD makes/VBZ while/IN heading/VBG for/IN the/DT door/NN ./. | |
| Quoting/VBG from/IN the/DT report/NN :/: ``/`` The/DT stock/NN 's/POS narrow/JJ discount/NN to/TO asset/NN valuation/NN makes/VBZ it/PRP a/DT relatively/RB unappealing/JJ investment/NN at/IN current/JJ prices/NNS ,/, especially/RB given/VBN the/DT risk/NN that/IN our/PRP$ projections/NNS could/MD be/VB on/IN the/DT aggressive/JJ side/NN ./. ''/'' | |
| Chairman/NNP Krebs/NNP says/VBZ the/DT California/NNP pension/NN fund/NN is/VBZ getting/VBG a/DT bargain/NN price/NN that/WDT would/MD n't/RB have/VB been/VBN offered/VBN to/TO others/NNS ./. | |
| In/IN other/JJ words/NNS :/: The/DT real/JJ estate/NN has/VBZ a/DT higher/JJR value/NN than/IN the/DT pending/JJ deal/NN suggests/VBZ ./. | |
| Since/IN most/JJS of/IN the/DT unit/NN 's/POS real/JJ estate/NN is/VBZ in/IN California/NNP ,/, the/DT pension/NN fund/NN will/MD be/VB a/DT useful/JJ political/JJ ally/NN in/IN a/DT state/NN where/WRB development/NN is/VBZ often/RB held/VBN hostage/NN to/TO zoning/NN boards/NNS ./. | |
| And/CC ,/, as/IN Mr./NNP Zell/NNP says/VBZ ,/, with/IN Itel/NNP and/CC O&Y/NNP on/IN the/DT unit/NN 's/POS board/NN ,/, the/DT real/JJ estate/NN will/MD be/VB run/VBN by/IN ``/`` a/DT very/RB unusual/JJ group/NN ''/'' to/TO say/VB the/DT least/JJS ./. | |
| It/PRP is/VBZ possible/JJ then/RB that/IN Santa/NNP Fe/NNP 's/POS real/JJ estate/NN --/: even/RB in/IN a/DT state/NN imperiled/VBN by/IN earthquakes/NNS --/: could/MD ,/, one/CD day/NN ,/, fetch/VB a/DT king/NN 's/POS ransom/NN ./. | |
| But/CC as/IN Drexel/NNP analyst/NN Linda/NNP Dunn/NNP notes/VBZ ,/, its/PRP$ properties/NNS will/MD be/VB developed/VBN over/IN 15/CD to/TO 20/CD years/NNS ./. | |
| So/RB despite/IN Wall/NNP Street/NNP 's/POS rosy/JJ talk/NN of/IN quickly/RB ``/`` maximizing/VBG values/NNS ,/, ''/'' holders/NNS could/MD be/VB in/IN for/IN a/DT long/JJ wait/NN ./. | |
| Santa/NNP Fe/NNP Pacific/NNP (/-LRB- NYSE/NNP ;/: Symbol/NN :/: SFX/NNP )/-RRB- | |
| Business/NN :/: Railroad/NN ,/, natural/JJ resources/NNS and/CC real/JJ estate/NN | |
| Year/NN ended/VBN Dec./NNP 31/CD ,/, 1988/CD :/: | |
| Revenue/NN :/: $/$ 3.14/CD billion/CD | |
| Net/JJ loss/NN :/: $/$ 46.5/CD million/CD ;/: 30/CD cents/NNS a/DT share/NN | |
| Third/JJ quarter/NN ,/, Sept./NNP 30/CD ,/, 1989/CD :/: | |
| Net/JJ income/NN :/: 21/CD cents/NNS a/DT share/NN vs./FW net/JJ loss/NN of/IN $/$ 4.11/CD a/DT share/NN | |
| Average/JJ daily/JJ trading/NN volume/NN :/: 344,354/CD shares/NNS | |
| Orkem/NNP S.A./NNP ,/, a/DT French/JJ state-controlled/JJ chemical/JJ manufacturer/NN ,/, is/VBZ making/VBG a/DT friendly/JJ bid/NN of/IN 470/CD pence/NNS (/-LRB- $/$ 7.43/CD )/-RRB- a/DT share/NN for/IN the/DT 59.2/CD %/NN of/IN U.K./NNP specialty/NN chemical/JJ group/NN Coates/NNP Brothers/NNP PLC/NNP which/WDT it/PRP does/VBZ n't/RB already/RB own/VB ,/, the/DT two/CD sides/NNS said/VBD ./. | |
| The/DT offer/NN ,/, which/WDT values/VBZ the/DT whole/NN of/IN Coates/NNP at/IN #/# 301/CD million/CD ,/, has/VBZ already/RB been/VBN accepted/VBN by/IN Coates/NNP executives/NNS and/CC other/JJ shareholders/NNS owning/VBG 12.4/CD %/NN of/IN the/DT company/NN ./. | |
| The/DT acceptances/NNS give/VBP Orkem/VB a/DT controlling/JJ 53.2/CD %/NN stake/NN in/IN the/DT company/NN ./. | |
| Orkem/NNP and/CC Coates/NNP said/VBD last/JJ Wednesday/NNP that/IN the/DT two/CD were/VBD considering/VBG a/DT merger/NN ,/, through/IN Orkem/NNP 's/POS British/JJ subsidiary/NN ,/, Orkem/NNP Coatings/NNP U.K./NNP Ltd/NNP ./. | |
| Orkem/NNP ,/, France/NNP 's/POS third-largest/JJ chemical/JJ group/NN ,/, said/VBD it/PRP would/MD fund/VB the/DT acquisition/NN through/IN internal/JJ resources/NNS ./. | |
| The/DT takeover/NN would/MD be/VB followed/VBN by/IN a/DT restructuring/NN of/IN Orkem/NNP 's/POS U.K./NNP unit/NN ,/, including/VBG the/DT addition/NN of/IN related/JJ Orkem/NNP businesses/NNS and/CC possibly/RB further/JJ acquisitions/NNS ./. | |
| Orkem/NNP said/VBD it/PRP eventually/RB would/MD seek/VB to/TO make/VB a/DT public/JJ share/NN offering/NN in/IN its/PRP$ U.K./NNP business/NN ./. | |
| Intelogic/NNP Trace/NNP Inc./NNP said/VBD it/PRP is/VBZ exploring/VBG alternatives/NNS to/TO maximize/VB shareholder/NN value/NN ,/, including/VBG the/DT possible/JJ sale/NN of/IN the/DT company/NN ./. | |
| But/CC Asher/NNP B./NNP Edelman/NNP ,/, who/WP controls/VBZ about/RB 16/CD %/NN of/IN the/DT San/NNP Antonio/NNP ,/, Texas/NNP ,/, computer-servicing/JJ company/NN ,/, insisted/VBD that/IN the/DT announcement/NN did/VBD n't/RB have/VB anything/NN to/TO do/VB with/IN the/DT ongoing/JJ battle/NN for/IN control/NN of/IN Datapoint/NNP Corp/NNP ./. | |
| Any/DT sale/NN of/IN Intelogic/NNP could/MD have/VB an/DT impact/NN on/IN the/DT battle/NN between/IN Mr./NNP Edelman/NNP and/CC New/NNP York/NNP attorney/NN Martin/NNP Ackerman/NNP for/IN control/NN of/IN Datapoint/NNP ./. | |
| Intelogic/NNP holds/VBZ 27.5/CD %/NN of/IN Datapoint/NNP 's/POS common/JJ shares/NNS outstanding/JJ ./. | |
| Mr./NNP Edelman/NNP said/VBD the/DT decision/NN ``/`` has/VBZ nothing/NN to/TO do/VB with/IN Marty/NNP Ackerman/NNP ./. ''/'' | |
| Mr./NNP Ackerman/NNP contended/VBD that/IN it/PRP was/VBD a/DT direct/JJ response/NN to/TO his/PRP$ efforts/NNS to/TO gain/VB control/NN of/IN Datapoint/NNP ./. | |
| Intelogic/NNP was/VBD spun/VBN off/RP from/IN Datapoint/NNP four/CD years/NNS ago/RB ,/, shortly/RB after/IN Mr./NNP Edelman/NNP took/VBD control/NN of/IN Datapoint/NNP ./. | |
| Marks/NNP &/CC Spencer/NNP PLC/NNP reported/VBD a/DT 12/CD %/NN gain/NN in/IN first-half/JJ pretax/JJ profit/NN ,/, mainly/RB because/IN of/IN improving/VBG performances/NNS in/IN the/DT U.K./NN and/CC continental/JJ Europe/NNP ./. | |
| In/IN the/DT six/CD months/NNS ended/VBD Sept./NNP 30/CD ,/, pretax/JJ profit/NN at/IN the/DT British/JJ clothing/NN and/CC food/NN retailer/NN rose/VBD to/TO #/# 208.7/CD million/CD (/-LRB- $/$ 330.1/CD million/CD )/-RRB- from/IN #/# 185.5/CD million/CD a/DT year/NN ago/RB ./. | |
| The/DT results/NNS surpassed/VBD analysts/NNS '/POS forecasts/NNS ,/, which/WDT averaged/VBD around/RB #/# 200/CD million/CD ,/, and/CC Marks/NNP &/CC Spencer/NNP responded/VBD in/IN trading/NN on/IN London/NNP 's/POS Stock/NNP Exchange/NNP with/IN an/DT eight/CD pence/NNS rise/NN to/TO 188/CD pence/NNS ./. | |
| Profit/NN after/IN tax/NN and/CC minority/NN interest/NN but/CC before/IN extraordinary/JJ items/NNS rose/VBD 12/CD %/NN to/TO #/# 135.2/CD million/CD ;/: per-share/JJ earnings/NNS rose/VBD to/TO five/CD pence/NNS from/IN 4.5/CD pence/NNS ./. | |
| Marks/NNS declared/VBD an/DT interim/JJ per-share/JJ dividend/NN of/IN 1.85/CD pence/NNS ,/, compared/VBN with/IN 1.7/CD pence/NNS a/DT year/NN earlier/RBR ./. | |
| Sales/NNS increased/VBD 11/CD %/NN to/TO #/# 2.5/CD billion/CD from/IN #/# 2.25/CD billion/CD ,/, while/IN operating/NN profit/NN climbed/VBD 13/CD %/NN to/TO #/# 225.7/CD million/CD from/IN #/# 199.8/CD million/CD ./. | |
| Sales/NNS in/IN North/NNP America/NNP and/CC the/DT Far/NNP East/NNP were/VBD inflated/VBN by/IN acquisitions/NNS ,/, rising/VBG 62/CD %/NN to/TO #/# 278/CD million/CD ./. | |
| Operating/NN profit/NN dropped/VBD 35/CD %/NN ,/, however/RB ,/, to/TO #/# 3.8/CD million/CD ./. | |
| Brooks/NNP Brothers/NNP ,/, which/WDT Marks/NNP bought/VBD last/JJ year/NN ,/, saw/VBD operating/NN profit/NN drop/NN in/IN half/NN to/TO #/# 5/CD million/CD ./. | |
| Federal/JJ and/CC state/NN thrift/NN examiners/NNS said/VBD they/PRP saw/VBD evidence/NN of/IN criminal/JJ wrongdoing/NN in/IN the/DT collapse/NN of/IN Lincoln/NNP Savings/NNP &/CC Loan/NNP Association/NNP ,/, and/CC a/DT California/NNP regulator/NN described/VBD an/DT attempted/JJ ``/`` whitewash/NN ''/'' by/IN deputies/NNS of/IN chief/JJ federal/JJ regulator/NN Danny/NNP Wall/NNP ./. | |
| In/IN a/DT riveting/JJ day/NN of/IN hearings/NNS before/IN the/DT House/NNP Banking/NNP Committee/NNP ,/, the/DT examiners/NNS described/VBD finding/VBG shredded/JJ documents/NNS ,/, a/DT mysterious/JJ Panamanian/JJ subsidiary/NN ,/, millions/NNS of/IN dollars/NNS funneled/VBN into/IN a/DT Swiss/JJ bank/NN ,/, and/CC a/DT complacent/JJ attitude/NN by/IN Mr./NNP Wall/NNP 's/POS deputies/NNS ,/, one/CD of/IN whom/WP was/VBD portrayed/VBN as/IN acting/VBG more/RBR like/IN a/DT public-relations/NN man/NN for/IN the/DT thrift/NN than/IN a/DT federal/JJ regulator/NN ./. | |
| A/DT California/NNP official/NN also/RB said/VBD he/PRP sent/VBD the/DT Federal/NNP Bureau/NNP of/IN Investigation/NNP a/DT packet/NN of/IN documents/NNS relating/VBG to/TO a/DT previously/RB reported/VBN $/$ 400,000/CD contribution/NN from/IN Lincoln/NNP 's/POS parent/NN solicited/VBN by/IN Sen./NNP Alan/NNP Cranston/NNP (/-LRB- D./NNP ,/, Calif/NNP ./. )/-RRB- ./. | |
| Federal/JJ examiner/NN Alex/NNP Barabolak/NNP said/VBD Lincoln/NNP 's/POS operations/NNS amounted/VBD to/TO ``/`` pyramiding/VBG debt/NN to/TO provide/VB a/DT luxurious/JJ life/NN style/NN for/IN its/PRP$ owners/NNS ./. ''/'' | |
| Another/DT federal/JJ examiner/NN ,/, John/NNP Meek/NNP ,/, said/VBD Lincoln/NNP 's/POS principal/JJ owner/NN ,/, Charles/NNP Keating/NNP Jr./NNP ,/, and/CC his/PRP$ family/NN drew/VBD off/RP at/IN least/JJS $/$ 34/CD million/CD from/IN the/DT thrift/NN in/IN salaries/NNS ,/, bonuses/NNS and/CC proceeds/NNS from/IN securities/NNS sales/NNS in/IN the/DT 3/CD 1/2/CD years/NNS before/IN federal/JJ authorities/NNS seized/VBD it/PRP earlier/RBR this/DT year/NN ./. | |
| Lincoln/NNP 's/POS collapse/NN may/MD cost/VB taxpayers/NNS as/RB much/JJ as/IN $/$ 2.5/CD billion/CD ,/, according/VBG to/TO estimates/NNS ,/, making/VBG it/PRP the/DT most/RBS expensive/JJ thrift/NN failure/NN in/IN history/NN ./. | |
| ``/`` I/PRP think/VBP there/EX 's/POS overwhelming/JJ evidence/NN to/TO indicate/VB probable/JJ criminal/JJ activity/NN ,/, ''/'' said/VBD Mr./NNP Meek/NNP ,/, who/WP participated/VBD last/JJ year/NN in/IN an/DT examination/NN of/IN the/DT Irvine/NNP ,/, Calif./NNP ,/, thrift/NN ./. | |
| He/PRP said/VBD the/DT evidence/NN pointed/VBD to/TO wrongdoing/NN by/IN Mr./NNP Keating/NNP ``/`` and/CC others/NNS ,/, ''/'' although/IN he/PRP did/VBD n't/RB allege/VB any/DT specific/JJ violation/NN ./. | |
| Richard/NNP Newsom/NNP ,/, a/DT California/NNP state/NN official/NN who/WP last/JJ year/NN examined/VBD Lincoln/NNP 's/POS parent/NN ,/, American/NNP Continental/NNP Corp./NNP ,/, said/VBD he/PRP also/RB saw/VBD evidence/NN that/IN crimes/NNS had/VBD been/VBN committed/VBN ./. | |
| ``/`` It/PRP sure/RB smells/VBZ like/IN it/PRP ,/, ''/'' he/PRP said/VBD ./. | |
| He/PRP said/VBD 30/CD %/NN of/IN the/DT loans/NNS he/PRP sampled/VBN were/VBD ``/`` dead/JJ meat/NN on/IN the/DT day/NN they/PRP were/VBD made/VBN ./. ''/'' | |
| The/DT state/NN examiner/NN also/RB said/VBD supervisors/NNS of/IN a/DT parallel/JJ federal/JJ examination/NN seemed/VBD so/RB reluctant/JJ to/TO demand/VB write-downs/NNS of/IN Lincoln/NNP 's/POS bad/JJ loans/NNS that/IN he/PRP immediately/RB grew/VBD suspicious/JJ ./. | |
| ``/`` Later/RB on/RB ,/, my/PRP$ concerns/NNS about/IN a/DT whitewash/NN became/VBD even/RB more/RBR serious/JJ ,/, ''/'' he/PRP said/VBD ./. | |
| He/PRP called/VBD the/DT sour/JJ loans/NNS ``/`` appalling/JJ ''/'' and/CC added/VBD ,/, ``/`` You/PRP opened/VBD the/DT file/NN up/RP and/CC it/PRP just/RB jumped/VBD at/IN you/PRP ./. ''/'' | |
| Leonard/NNP Bickwit/NNP ,/, a/DT Washington/NNP attorney/NN for/IN Lincoln/NN 's/POS parent/NN corporation/NN ,/, said/VBD in/IN an/DT interview/NN ,/, ``/`` We/PRP deny/VBP any/DT criminal/JJ behavior/NN by/IN the/DT association/NN or/CC its/PRP$ officers/NNS ./. ''/'' | |
| ``/`` Those/DT who/WP testified/VBD {/-LRB- yesterday/NN }/-RRB- have/VB consistently/RB maintained/VBN that/IN anyone/NN who/WP did/VBD n't/RB agree/VB with/IN them/PRP is/VBZ part/NN of/IN a/DT coverup/NN ,/, a/DT whitewash/NN ,/, or/CC the/DT subject/NN of/IN excessive/JJ influence/NN ,/, ''/'' Mr./NNP Bickwit/NNP said/VBD ./. | |
| ``/`` We/PRP simply/RB do/VBP n't/RB agree/VB with/IN that/DT or/CC the/DT findings/NNS of/IN their/PRP$ investigation/NN ./. ''/'' | |
| Mr./NNP Wall/NNP 's/POS deputies/NNS complained/VBD that/IN they/PRP had/VBD n't/RB been/VBN given/VBN an/DT opportunity/NN to/TO respond/VB to/TO the/DT criticism/NN brought/VBD out/RP during/IN the/DT Banking/NNP Committee/NNP 's/POS hearings/NNS ,/, which/WDT Committee/NNP Chairman/NNP Henry/NNP Gonzalez/NNP (/-LRB- D./NNP ,/, Texas/NNP )/-RRB- has/VBZ used/VBN as/IN a/DT forum/NN to/TO flay/VB Mr./NNP Wall/NNP 's/POS handling/NN of/IN the/DT affair/NN and/CC to/TO demand/VB that/IN he/PRP step/VB aside/RB from/IN his/PRP$ job/NN ./. | |
| ``/`` A/DT couple/NN of/IN things/NNS Mr./NNP Newsom/NNP said/VBD were/VBD at/IN least/JJS misleading/JJ ,/, ''/'' said/VBD Kevin/NNP O'Connell/NNP ,/, one/CD of/IN the/DT Washington/NNP regulators/VBZ responsible/JJ for/IN the/DT handling/NN of/IN Lincoln/NNP ./. | |
| In/IN an/DT interview/NN ,/, he/PRP said/VBD federal/JJ regulators/NNS eventually/RB declared/VBD one/CD of/IN the/DT loans/NNS the/DT state/NN regulator/NN cited/VBD to/TO be/VB a/DT total/JJ loss/NN ,/, and/CC forced/VBD Lincoln/NNP to/TO make/VB an/DT $/$ 18/CD million/CD downward/JJ adjustment/NN on/IN another/DT ./. | |
| ``/`` Our/PRP$ response/NN to/TO the/DT whitewash/NN would/MD simply/RB be/VB ,/, look/VB what/WP happened/VBD ,/, ''/'' another/DT Washington/NNP official/NN ,/, Alvin/NNP Smuzynski/NNP ,/, said/VBD in/IN an/DT interview/NN ./. | |
| Federal/JJ officials/NNS seized/VBD the/DT association/NN in/IN April/NNP ,/, a/DT day/NN after/IN the/DT parent/NN corporation/NN entered/VBD bankruptcy-law/NN proceedings/NNS ./. | |
| The/DT government/NN later/RB brought/VBD a/DT $/$ 1.1/CD billion/CD fraud/NN suit/NN against/IN Mr./NNP Keating/NNP and/CC others/NNS ./. | |
| Rep./NNP Gonzalez/NNP has/VBZ complained/VBN that/IN regulators/NNS waited/VBD far/RB too/RB long/RB ,/, however/RB ,/, ignoring/VBG a/DT recommendation/NN from/IN regional/JJ officials/NNS to/TO place/VB Lincoln/NNP into/IN receivership/NN two/CD years/NNS before/IN it/PRP failed/VBD ./. | |
| ``/`` He/PRP took/VBD the/DT reckless/JJ course/NN of/IN ignoring/VBG the/DT evidence/NN ,/, ''/'' Rep./NNP Gonzalez/NNP said/VBD ./. | |
| State/NN thrift/NN examiner/NN Eugene/NNP Stelzer/NNP said/VBD he/PRP found/VBD the/DT chief/JJ federal/JJ examiner/NN Steve/NNP Scott/NNP to/TO be/VB totally/RB uninterested/JJ in/IN one/CD allegedly/RB fraudulent/JJ series/NN of/IN transactions/NNS ./. | |
| ``/`` Frankly/RB ,/, it/PRP was/VBD like/IN he/PRP worked/VBD for/IN the/DT Lincoln/NNP public-relations/NN department/NN ,/, ''/'' Mr./NNP Stelzer/NNP testified/VBD ./. | |
| And/CC David/NNP Riley/NNP ,/, a/DT federal/JJ examiner/NN who/WP worked/VBD under/IN Mr./NNP Scott/NNP ,/, said/VBD he/PRP found/VBD his/PRP$ chief/NN oddly/RB upbeat/JJ about/IN Lincoln/NNP ./. | |
| Asked/VBN to/TO comment/VB ,/, a/DT spokesman/NN for/IN Mr./NNP Scott/NNP said/VBD :/: ``/`` Mr./NNP Scott/NNP has/VBZ spoken/VBN to/TO his/PRP$ attorney/NN ,/, who/WP has/VBZ advised/VBN him/PRP not/RB to/TO talk/VB to/TO anybody/NN ./. ''/'' | |
| Mr./NNP Meek/NNP said/VBD that/IN a/DT day/NN or/CC two/CD before/IN Lincoln/NN 's/POS parent/NN entered/VBD bankruptcy/NN proceedings/NNS ,/, he/PRP and/CC other/JJ examiners/NNS saw/VBD ``/`` a/DT truck/NN with/IN a/DT sign/NN on/IN it/PRP that/WDT said/VBD it/PRP was/VBD from/IN the/DT `/`` Document/NNP Destruction/NNP Center/NNP ./. '/'' | |
| We/PRP observed/VBD at/IN least/JJS two/CD large/JJ plastic/NN bags/NNS of/IN shredded/JJ paper/NN loaded/VBN into/IN this/DT truck/NN ./. ''/'' | |
| Mr./NNP Bickwit/NNP said/VBD the/DT paper/NN had/VBD been/VBN donated/VBN to/TO ``/`` a/DT charitable/JJ organization/NN that/WDT sells/VBZ it/PRP for/IN recycling/VBG ./. | |
| They/PRP shredded/VBD it/PRP simply/RB because/IN it/PRP contained/VBD financial/JJ information/NN about/IN their/PRP$ creditors/NNS and/CC depositors/NNS ./. ''/'' | |
| Mr./NNP Meek/NNP said/VBD his/PRP$ suspicions/NNS were/VBD aroused/VBN by/IN several/JJ foreign/JJ investments/NNS by/IN Lincoln/NNP ,/, including/VBG $/$ 22/CD million/CD paid/VBN to/TO Credit/NNP Suisse/NNP of/IN Switzerland/NNP ,/, an/DT $/$ 18/CD million/CD interest/NN in/IN Saudi/NNP European/NNP Bank/NNP in/IN Paris/NNP ,/, a/DT $/$ 17.5/CD million/CD investment/NN in/IN a/DT Bahamas/NNPS trading/NN company/NN ,/, and/CC a/DT recently/RB discovered/VBN holding/NN in/IN a/DT Panama-based/JJ company/NN ,/, Southbrook/NNP Holdings/NNPS ./. | |
| Mr./NNP Bickwit/NNP said/VBD ,/, ``/`` I/PRP can/MD see/VB why/WRB an/DT S&L/NN examiner/NN would/MD regard/VB these/DT as/IN unusual/JJ activities/NNS ,/, ''/'' but/CC said/VBD the/DT overseas/JJ investments/NNS ``/`` essentially/RB broke/VBD even/RB ''/'' for/IN the/DT S&L/NN ./. | |
| LTV/NNP Steel/NNP Co./NNP is/VBZ boosting/VBG the/DT prices/NNS of/IN flat/JJ rolled/VBN steel/NN products/NNS by/IN an/DT average/NN of/IN 3/CD %/NN following/VBG a/DT recent/JJ erosion/NN in/IN the/DT prices/NNS of/IN such/JJ crucial/JJ steel/NN products/NNS ./. | |
| The/DT big/JJ questions/NNS are/VBP whether/IN the/DT increase/NN ,/, effective/JJ Jan./NNP 1/CD ,/, 1990/CD ,/, will/MD stick/VB ,/, and/CC whether/IN other/JJ major/JJ steelmakers/NNS will/MD follow/VB suit/NN ./. | |
| It/PRP is/VBZ widely/RB expected/VBN that/IN they/PRP will/MD ./. | |
| The/DT increase/NN is/VBZ on/IN the/DT base/JJ price/NN ,/, which/WDT is/VBZ already/RB being/VBG discounted/VBN by/IN virtually/RB all/DT steel/NN producers/NNS ./. | |
| But/CC LTV/NNP 's/POS move/NN marks/VBZ the/DT first/JJ effort/NN by/IN a/DT major/JJ steelmaker/NN to/TO counter/VB the/DT free/JJ fall/NN in/IN spot/NN prices/NNS ./. | |
| Major/JJ steel/NN producers/NNS are/VBP selling/VBG cold/JJ rolled/VBN sheet/NN steel/NN at/IN about/RB $/$ 370/CD a/DT ton/NN ,/, compared/VBN with/IN a/DT peak/JJ price/NN of/IN $/$ 520/CD a/DT ton/NN in/IN 1988/CD ./. | |
| Second-tier/JJ companies/NNS are/VBP receiving/VBG even/RB less/JJR per/IN ton/NN ./. | |
| LTV/NNP 's/POS planned/JJ increase/NN ,/, which/WDT was/VBD announced/VBN in/IN an/DT Oct./NNP 26/CD memo/NN to/TO district/NN managers/NNS ,/, does/VBZ n't/RB affect/VB electrogalvanized/JJ steel/NN or/CC tin/NN plate/NN ./. | |
| LTV/NNP confirmed/VBD the/DT price-increase/NN plan/NN ,/, saying/VBG the/DT move/NN is/VBZ designed/VBN to/TO more/RBR accurately/RB reflect/VB the/DT value/NN of/IN products/NNS and/CC to/TO put/VB steel/NN on/IN more/RBR equal/JJ footing/NN with/IN other/JJ commodities/NNS ./. | |
| A/DT spokesman/NN for/IN LTV/NNP Steel/NNP ,/, which/WDT is/VBZ a/DT unit/NN of/IN Dallas-based/JJ LTV/NNP Corp./NNP ,/, noted/VBD that/IN steel/NN prices/NNS ,/, adjusted/VBN for/IN inflation/NN ,/, increased/VBD only/RB 1.7/CD %/NN between/IN 1981/CD and/CC the/DT fourth/JJ quarter/NN of/IN 1988/CD ,/, while/IN the/DT prices/NNS of/IN other/JJ industrial/JJ commodities/NNS increased/VBD nearly/RB five/CD times/NNS as/RB much/JJ ./. | |
| At/IN the/DT same/JJ time/NN ,/, steelmakers/NNS are/VBP trying/VBG to/TO invest/VB more/JJR to/TO modernize/VB technology/NN and/CC make/VB themselves/PRP more/RBR competitive/JJ ./. | |
| But/CC analysts/NNS say/VBP the/DT company/NN is/VBZ also/RB trying/VBG to/TO prevent/VB further/JJ price/NN drops/NNS ./. | |
| Moreover/RB ,/, they/PRP note/VBP that/IN LTV/NNP may/MD be/VB trying/VBG to/TO send/VB a/DT signal/NN to/TO major/JJ customers/NNS ,/, such/JJ as/IN Chrysler/NNP Corp./NNP and/CC Whirlpool/NNP Corp./NNP ,/, that/IN steelmakers/NNS need/VBP more/JJR money/NN ./. | |
| Both/DT companies/NNS are/VBP in/IN the/DT process/NN of/IN negotiating/VBG contracts/NNS with/IN LTV/NNP and/CC others/NNS ./. | |
| ``/`` They/PRP {/-LRB- LTV/NNP }/-RRB- may/MD believe/VB this/DT can/MD impact/VB contract/NN negotiations/NNS and/CC is/VBZ their/PRP$ signal/NN to/TO the/DT world/NN that/WDT now/RB is/VBZ the/DT time/NN to/TO get/VB tough/JJ on/IN prices/NNS ,/, ''/'' said/VBD Peter/NNP Marcus/NNP ,/, an/DT analyst/NN with/IN PaineWebber/NNP Inc/NNP ./. | |
| Mr./NNP Marcus/NNP believes/VBZ spot/NN steel/NN prices/NNS will/MD continue/VB to/TO fall/VB through/IN early/JJ 1990/CD and/CC then/RB reverse/VB themselves/PRP ./. | |
| He/PRP is/VBZ n't/RB convinced/VBN ,/, though/RB ,/, that/IN the/DT price/NN decline/NN reflects/VBZ falling/VBG demand/NN because/IN the/DT world/NN economy/NN remains/VBZ relatively/RB strong/JJ ./. | |
| And/CC while/IN customers/NNS such/JJ as/IN steel/NN service/NN centers/NNS are/VBP continuing/VBG to/TO reduce/VB inventories/NNS through/IN the/DT fourth/JJ quarter/NN ,/, they/PRP eventually/RB will/MD begin/VB stocking/VBG up/RP again/RB ,/, he/PRP notes/VBZ ./. | |
| It/PRP wo/MD n't/RB be/VB clear/JJ for/IN months/NNS whether/IN the/DT price/NN increase/NN will/MD stick/VB ./. | |
| Steelmakers/NNS announced/VBD a/DT round/NN of/IN base-price/NN increases/NNS last/JJ year/NN ,/, but/CC began/VBD offering/VBG sizable/JJ discounts/NNS over/IN the/DT summer/NN ./. | |
| In/IN fact/NN ,/, LTV/NNP was/VBD the/DT first/JJ steelmaker/NN to/TO publicly/RB boost/VB discounts/NNS for/IN buyers/NNS of/IN cold/JJ rolled/VBN sheet/NN steel/NN and/CC hot-dipped/JJ galvanized/JJ sheet/NN steel/NN ./. | |
| In/IN composite/JJ New/NNP York/NNP Stock/NNP Exchange/NNP trading/NN yesterday/NN ,/, LTV/NNP common/JJ shares/NNS fell/VBD 12.5/CD cents/NNS to/TO close/VB at/IN $/$ 1.50/CD ./. | |
| The/DT Treasury/NNP plans/NNS to/TO raise/VB $/$ 2.3/CD billion/CD in/IN new/JJ cash/NN with/IN the/DT sale/NN Monday/NNP of/IN about/RB $/$ 16/CD billion/CD in/IN short-term/JJ bills/NNS to/TO redeem/VB $/$ 13.71/CD billion/CD in/IN maturing/VBG bills/NNS ./. | |
| However/RB ,/, the/DT Treasury/NNP said/VBD it/PRP will/MD postpone/VB the/DT auction/NN unless/IN it/PRP has/VBZ assurances/NNS of/IN enactment/NN of/IN legislation/NN to/TO raise/VB the/DT statutory/JJ debt/NN limit/NN before/IN the/DT scheduled/JJ auction/NN date/NN ./. | |
| The/DT offering/NN will/MD be/VB divided/VBN evenly/RB between/IN 13-week/JJ and/CC 26-week/JJ bills/NNS maturing/VBG on/IN Feb./NNP 8/CD ,/, 1990/CD ,/, and/CC May/NNP 10/CD ,/, 1990/CD ,/, respectively/RB ./. | |
| Tenders/NNS for/IN the/DT bills/NNS ,/, available/JJ in/IN minimum/JJ $/$ 10,000/CD denominations/NNS ,/, must/MD be/VB received/VBN by/IN 1/CD p.m./NN EST/NNP Monday/NNP at/IN the/DT Treasury/NNP or/CC at/IN Federal/NNP Reserve/NNP banks/NNS or/CC branches/NNS ./. | |
| J.C./NNP Penney/NNP Co./NNP is/VBZ extending/VBG its/PRP$ involvement/NN in/IN a/DT televised/JJ home-shopping/NN service/NN by/IN five/CD to/TO 10/CD years/NNS ./. | |
| Shop/NNP Television/NNP Network/NNP Inc./NNP ,/, of/IN Los/NNP Angeles/NNP ,/, said/VBD Penney/NNP agreed/VBD to/TO continue/VB its/PRP$ exclusive/JJ arrangement/NN with/IN Shop/NNP Television/NNP ,/, which/WDT does/VBZ the/DT production/NN ,/, marketing/NN and/CC cable/NN distribution/NN for/IN the/DT J.C./NNP Penney/NNP Television/NNP Shopping/NNP Channel/NNP ./. | |
| The/DT channel/NN reaches/VBZ 6.5/CD million/CD homes/NNS ,/, a/DT Penney/NNP spokesman/NN said/VBD ./. | |
| Michael/NNP Rosen/NNP ,/, president/NN of/IN Shop/NNP Television/NNP ,/, said/VBD Penney/NN decided/VBD to/TO extend/VB its/PRP$ involvement/NN with/IN the/DT service/NN for/IN at/IN least/JJS five/CD years/NNS ./. | |
| If/IN ,/, by/IN that/DT time/NN ,/, the/DT network/NN reaches/VBZ 14/CD million/CD homes/NNS ,/, the/DT contract/NN will/MD be/VB renewed/VBN for/IN five/CD more/JJR years/NNS ./. | |
| Earlier/RBR this/DT year/NN ,/, Penney/NNP abandoned/VBD another/DT home/NN shopping/NN venture/NN ,/, Telaction/NNP Corp./NNP ,/, after/IN investing/VBG $/$ 106/CD million/CD in/IN it/PRP ./. | |
| The/DT company/NN took/VBD a/DT $/$ 20/CD million/CD charge/NN in/IN the/DT fiscal/NN first/JJ quarter/NN ended/VBN April/NNP 29/CD ,/, related/VBN to/TO discontinuing/VBG the/DT service/NN ./. | |
| (/-LRB- During/IN its/PRP$ centennial/JJ year/NN ,/, The/DT Wall/NNP Street/NNP Journal/NNP will/MD report/VB events/NNS of/IN the/DT past/JJ century/NN that/DT stand/NN as/IN milestones/NNS of/IN American/JJ business/NN history/NN ./. )/-RRB- | |
| LUTHER/NNP BURBANK/NNP CROSS-BRED/VBD PLANTS/NNS to/TO produce/VB the/DT billion-dollar/JJ Idaho/NNP potato/NN ./. | |
| Bioengineers/NNS set/VBD out/RP to/TO duplicate/VB that/DT feat/NN --/: scientifically/RB and/CC commercially/RB --/: with/IN new/JJ life/NN forms/NNS ./. | |
| In/IN 1953/CD ,/, James/NNP Watson/NNP and/CC his/PRP$ colleagues/NNS unlocked/VBD the/DT double/JJ helix/NN of/IN DNA/NN (/-LRB- deoxyribonucleic/JJ acid/NN )/-RRB- ,/, the/DT genetic/JJ key/NN to/TO heredity/NN ./. | |
| Twenty/CD years/NNS later/RB ,/, two/CD California/NNP academics/NNS ,/, Stanley/NNP Cohen/NNP and/CC Herbert/NNP Boyer/NNP ,/, made/VBD ``/`` recombinant/JJ ''/'' DNA/NN ,/, transplanting/VBG a/DT toad/NN 's/POS gene/NN into/IN bacteria/NNS ,/, which/WDT then/RB reproduced/VBD toad/NN genes/NNS ./. | |
| When/WRB Boyer/NNP met/VBD Robert/NNP Swanson/NNP ,/, an/DT M.I.T.-trained/JJ chemist-turned-entrepreneur/NN in/IN 1976/CD ,/, they/PRP saw/VBD dollar/NN signs/NNS ./. | |
| With/IN $/$ 500/CD apiece/RB and/CC an/DT injection/NN of/IN outside/JJ capital/NN ,/, they/PRP formed/VBD Genentech/NNP Inc/NNP ./. | |
| Commercial/JJ gene-splicing/NN was/VBD born/VBN ./. | |
| Genentech/NNP 's/POS first/JJ product/NN ,/, a/DT brain/NN protein/NN called/VBD somatostatin/NN ,/, proved/VBD its/PRP$ technology/NN ./. | |
| The/DT next/JJ to/TO be/VB cloned/VBN ,/, human/JJ insulin/NN ,/, had/VBD market/NN potential/NN and/CC Genentech/NNP licensed/VBD it/PRP to/TO Eli/NNP Lilly/NNP ,/, which/WDT produced/VBD 80/CD %/NN of/IN the/DT insulin/NN used/VBN by/IN 1.5/CD million/CD U.S./NNP diabetics/NNS ./. | |
| Their/PRP$ laboratory/NN credentials/NNS established/VBN ,/, Boyer/NNP and/CC Swanson/NNP headed/VBD for/IN Wall/NNP Street/NNP in/IN 1980/CD ./. | |
| At/IN the/DT time/NN ,/, Genentech/NN had/VBD only/RB one/CD profitable/JJ year/NN behind/IN it/PRP (/-LRB- a/DT modest/JJ $/$ 116,000/CD on/IN revenue/NN of/IN $/$ 2.6/CD million/CD in/IN 1979/CD )/-RRB- and/CC no/DT product/NN of/IN its/PRP$ own/JJ on/IN the/DT market/NN ./. | |
| Nonetheless/RB ,/, the/DT $/$ 36/CD million/CD issue/NN they/PRP floated/VBD in/IN 1980/CD opened/VBD at/IN $/$ 35/CD and/CC leaped/VBD to/TO $/$ 89/CD within/IN 20/CD minutes/NNS ./. | |
| The/DT trip/NN from/IN the/DT test/NN tube/NN was/VBD not/RB without/IN snags/NNS ./. | |
| Boyer/NNP and/CC Cohen/NNP ,/, for/IN instance/NN ,/, both/DT still/RB university/NN researchers/NNS ,/, had/VBD to/TO be/VB talked/VBN into/IN applying/VBG for/IN a/DT patent/NN on/IN their/PRP$ gene-splicing/NN technique/NN --/: and/CC then/RB the/DT Patent/NNP Office/NNP refused/VBD to/TO grant/VB it/PRP ./. | |
| That/DT judgment/NN ,/, in/IN turn/NN ,/, was/VBD reversed/VBN by/IN the/DT U.S./NNP Supreme/NNP Court/NNP ,/, leaving/VBG Cohen/NNP and/CC Boyer/NNP holding/VBG the/DT first/JJ patents/NNS for/IN making/VBG recombinant/JJ DNA/NNP (/-LRB- now/RB assigned/VBN to/TO their/PRP$ schools/NNS )/-RRB- ./. | |
| Gene-splicing/NN now/RB is/VBZ an/DT integral/JJ part/NN of/IN the/DT drug/NN business/NN ./. | |
| Genentech/NN 's/POS 1988/CD sales/NNS were/VBD $/$ 335/CD million/CD ,/, both/CC from/IN licensing/NN and/CC its/PRP$ own/JJ products/NNS ./. | |
| The/DT portfolio/NN unit/NN of/IN the/DT French/JJ bank/NN group/NN Credit/NNP Lyonnais/NNP told/VBD stock/NN market/NN regulators/NNS that/IN it/PRP bought/VBD 43,000/CD shares/NNS of/IN Cie./NNP de/FW Navigation/NNP Mixte/NNP ,/, apparently/RB to/TO help/VB fend/VB off/RP an/DT unwelcome/JJ takeover/NN bid/NN for/IN the/DT company/NN ./. | |
| Earlier/RBR yesterday/NN ,/, the/DT Societe/NNP de/FW Bourses/NNP Francaises/NNP was/VBD told/VBN that/IN a/DT unit/NN of/IN Framatome/NNP S.A./NNP also/RB bought/VBD Navigation/NNP Mixte/NNP shares/NNS ,/, this/DT purchase/NN covering/VBG more/JJR than/IN 160,000/CD shares/NNS ./. | |
| Both/DT companies/NNS are/VBP allies/NNS of/IN Navigation/NNP Mixte/NNP in/IN its/PRP$ fight/NN against/IN a/DT hostile/JJ takeover/NN bid/NN launched/VBN last/JJ week/NN by/IN Cie/NNP ./. | |
| Financiere/NNP de/FW Paribas/NNP at/IN 1,850/CD French/JJ francs/NNS (/-LRB- $/$ 297/CD )/-RRB- a/DT share/NN ./. | |
| Navigation/NNP Mixte/NNP 's/POS chairman/NN had/VBD suggested/VBN that/IN friendly/JJ institutions/NNS were/VBD likely/JJ to/TO buy/VB its/PRP$ stock/NN as/RB soon/RB as/IN trading/NN opened/VBD Monday/NNP ./. | |
| The/DT Credit/NNP Lyonnais/NNP purchase/NN ,/, for/IN 33,000/CD regular/JJ common/JJ shares/NNS and/CC 10,000/CD newly/RB created/VBN shares/NNS ,/, is/VBZ valued/VBN at/IN about/RB slightly/RB more/JJR than/IN 80/CD million/CD French/JJ francs/NNS ./. | |
| Unocal/NNP Corp./NNP ,/, Los/NNP Angeles/NNP ,/, said/VBD it/PRP and/CC Petroleos/NNP de/FW Venezuela/NNP S.A./NNP would/MD create/VB a/DT petroleum/NN marketing/NN and/CC refining/NN general/JJ partnership/NN in/IN the/DT Midwest/NNP ./. | |
| The/DT joint/JJ venture/NN ,/, Uno-Ven/NNP Co./NNP ,/, would/MD generate/VB total/JJ annual/JJ revenue/NN of/IN about/RB $/$ 500/CD million/CD and/CC have/VB 1,100/CD employees/NNS ,/, a/DT Unocal/NNP spokesman/NN said/VBD ./. | |
| Unocal/NNP said/VBD the/DT venture/NN would/MD enable/VB it/PRP to/TO recover/VB more/JJR of/IN its/PRP$ refining/NN and/CC marketing/NN investment/NN and/CC prepare/VB for/IN expected/JJ growth/NN in/IN exploration/NN ,/, production/NN ,/, chemicals/NNS and/CC other/JJ areas/NNS ./. | |
| It/PRP said/VBD financing/NN would/MD consist/VB of/IN $/$ 250/CD million/CD from/IN a/DT private/JJ placement/NN obtained/VBN through/IN Shearson/NNP Lehman/NNP Hutton/NNP Inc./NNP and/CC a/DT $/$ 150/CD million/CD revolving/JJ credit/NN line/NN underwritten/VBN by/IN Chase/NNP Manhattan/NNP Bank/NNP ./. | |
| In/IN addition/NN to/TO Unocal/NNP 's/POS 153,000/CD barrel-a-day/JJ refinery/NN near/IN Lemont/NNP ,/, Ill./NNP ,/, the/DT new/JJ venture/NN would/MD control/VB 17/CD distribution/NN terminals/NNS ,/, a/DT lubricating-oil/NN blending/NN and/CC packaging/NN plant/NN ,/, and/CC 131/CD company-owned/JJ Unocal/NNP service/NN stations/NNS ./. | |
| It/PRP said/VBD the/DT venture/NN ,/, expected/VBN to/TO take/VB control/NN of/IN the/DT facilities/NNS Dec./NNP 1/CD ,/, would/MD also/RB serve/VB another/DT 3,300/CD independent/JJ Unocal/NNP gasoline/NN stations/NNS ./. | |
| Petroleos/NNP will/MD supply/VB 135,000/CD barrels/NNS of/IN oil/NN a/DT day/NN for/IN the/DT refinery/NN ,/, Unocal/NNP said/VBD ./. | |
| Mitsubishi/NNP Heavy/NNP Industries/NNP Ltd./NNP said/VBD unconsolidated/JJ pretax/JJ earnings/NNS in/IN the/DT fiscal/NN first/JJ half/NN surged/VBD 79/CD %/NN to/TO a/DT record/JJ 63.25/CD billion/CD yen/NNS (/-LRB- $/$ 445.7/CD million/CD )/-RRB- ,/, reflecting/VBG strong/JJ demand/NN for/IN a/DT variety/NN of/IN products/NNS ./. | |
| In/IN the/DT period/NN ended/VBN Sept./NNP 30/CD ,/, net/JJ income/NN rose/VBD 90/CD %/NN to/TO 31.18/CD billion/CD yen/NNS ,/, or/CC 9.34/CD yen/NNS a/DT share/NN ,/, from/IN 16.38/CD billion/CD yen/NNS ,/, or/CC 5.05/CD yen/NNS a/DT share/NN ./. | |
| A/DT year/NN ago/RB ,/, the/DT Tokyo/NNP company/NN had/VBD pretax/JJ profit/NN of/IN 35.38/CD billion/CD yen/NNS ./. | |
| Sales/NNS amounted/VBD to/TO 1.011/CD trillion/CD yen/NNS ,/, climbing/VBG 29/CD %/NN from/IN 787.02/CD billion/CD yen/NNS ./. | |
| Encouraged/VBN by/IN the/DT brisk/JJ performance/NN ,/, Mitsubishi/NNP plans/VBZ to/TO raise/VB its/PRP$ per-share/JJ dividend/NN to/TO 3.50/CD yen/NNS from/IN three/CD yen/NNS ./. | |
| Company/NN officials/NNS said/VBD the/DT current/JJ robust/JJ domestic/JJ demand/NN that/WDT has/VBZ been/VBN fueling/VBG sustained/JJ economic/JJ expansion/NN helped/VBD push/NN up/RP sales/NNS of/IN products/NNS like/IN ships/NNS ,/, steel/NN structures/NNS ,/, power/NN systems/NNS and/CC machinery/NN and/CC resulted/VBD in/IN sharply/RB higher/JJR profit/NN ./. | |
| Senate/NNP leaders/NNS traded/VBD proposals/NNS aimed/VBN at/IN speeding/VBG action/NN on/IN legislation/NN to/TO narrow/VB the/DT deficit/NN and/CC raise/VB the/DT federal/JJ government/NN 's/POS debt/NN limit/NN --/: but/CC the/DT major/JJ stumbling/JJ block/NN remains/VBZ President/NNP Bush/NNP 's/POS proposal/NN to/TO cut/VB the/DT capital-gains/NNS tax/NN rate/NN ./. | |
| Democrats/NNPS want/VBP the/DT tax/NN provision/NN to/TO be/VB a/DT separate/JJ bill/NN ,/, subject/JJ to/TO the/DT usual/JJ procedural/JJ obstacles/NNS ./. | |
| Republicans/NNPS ,/, meanwhile/RB ,/, want/VBP to/TO try/VB to/TO protect/VB the/DT measure/NN by/IN combining/VBG it/PRP with/IN two/CD politically/RB popular/JJ issues/NNS that/IN Democrats/NNPS could/MD find/VB hard/JJ to/TO block/VB ./. | |
| The/DT talks/NNS between/IN Senate/NNP Majority/NNP Leader/NNP George/NNP Mitchell/NNP of/IN Maine/NNP and/CC his/PRP$ GOP/NNP counterpart/NN ,/, Sen./NNP Robert/NNP Dole/NNP of/IN Kansas/NNP ,/, are/VBP expected/VBN to/TO resume/VB today/NN ./. | |
| Last/JJ night/NN ,/, after/IN meeting/NN with/IN Mr./NNP Bush/NNP and/CC administration/NN officials/NNS at/IN the/DT White/NNP House/NNP ,/, Mr./NNP Dole/NNP proposed/VBD streamlining/VBG the/DT fiscal/JJ 1990/CD deficit-reduction/JJ bill/NN ,/, now/RB stalled/VBN in/IN a/DT House-Senate/NNP conference/NN committee/NN ,/, and/CC passing/VBG a/DT long-term/JJ extension/NN of/IN the/DT federal/JJ debt/NN ceiling/NN without/IN any/DT accompanying/VBG amendments/NNS ./. | |
| Under/IN this/DT plan/NN ,/, two/CD provisions/NNS currently/RB in/IN the/DT House/NNP version/NN of/IN the/DT deficit-cutting/JJ bill/NN --/: repeal/NN of/IN both/DT the/DT catastrophic-illness/JJ insurance/NN program/NN and/CC a/DT controversial/JJ 1986/CD tax/NN provision/NN intended/VBN to/TO counter/VB discrimination/NN in/IN employee-benefit/JJ plans/NNS --/: would/MD be/VB made/VBN into/IN a/DT separate/JJ bill/NN ./. | |
| Republicans/NNPS would/MD try/VB to/TO attach/VB a/DT capital-gains/NNS provision/NN to/TO that/DT legislation/NN ,/, hoping/VBG the/DT political/JJ popularity/NN of/IN its/PRP$ other/JJ two/CD parts/NNS would/MD dissuade/VB Democrats/NNPS from/IN blocking/VBG it/PRP ./. | |
| Democrats/NNPS want/VBP to/TO avoid/VB having/VBG to/TO make/VB that/DT choice/NN by/IN making/VBG the/DT capital-gains/NNS tax/NN cut/NN an/DT individual/JJ bill/NN ./. | |
| Sen./NNP Mitchell/NNP is/VBZ confident/JJ he/PRP has/VBZ sufficient/JJ votes/NNS to/TO block/VB such/PDT a/DT measure/NN with/IN procedural/JJ actions/NNS ./. | |
| Both/DT plans/NNS would/MD drop/VB child-care/NN provisions/NNS from/IN the/DT House/NNP version/NN of/IN the/DT deficit-reduction/JJ legislation/NN and/CC let/VB it/PRP progress/VB as/IN a/DT separate/JJ bill/NN ./. | |
| While/IN that/DT could/MD make/VB it/PRP vulnerable/JJ to/TO a/DT veto/NN by/IN Mr./NNP Bush/NNP ,/, Democrats/NNP argue/VBP that/IN a/DT presidential/JJ rejection/NN would/MD give/VB their/PRP$ party/NN a/DT valuable/JJ issue/NN in/IN next/JJ year/NN 's/POS congressional/JJ elections/NNS ./. | |
| Senate/NNP Democrats/NNPS are/VBP to/TO meet/VB today/NN to/TO consider/VB the/DT GOP/NNP proposal/NN ./. | |
| Yesterday/NN ,/, Mr./NNP Dole/NNP seemed/VBD weary/JJ of/IN the/DT Bush/NNP administration/NN 's/POS strategy/NN of/IN pushing/VBG the/DT capital-gains/NNS measure/NN at/IN every/DT chance/NN in/IN the/DT face/NN of/IN Democratic/JJ procedural/JJ hurdles/NNS ./. | |
| Pushing/VBG the/DT issue/NN on/IN legislation/NN needed/VBN to/TO avoid/VB default/NN by/IN the/DT federal/JJ government/NN ,/, he/PRP told/VBD reporters/NNS ,/, ``/`` does/VBZ n't/RB seem/VB to/TO be/VB very/RB good/JJ strategy/NN to/TO me/PRP ./. ''/'' | |
| At/IN 12:01/CD a.m./NN EST/RB today/NN ,/, the/DT federal/JJ government/NN 's/POS temporary/JJ $/$ 2.87/CD trillion/CD debt/NN limit/NN expired/VBD ./. | |
| To/TO avoid/VB default/NN ,/, lawmakers/NNS must/MD pass/VB legislation/NN raising/VBG the/DT limit/NN to/TO $/$ 3.12/CD trillion/CD from/IN $/$ 2.80/CD trillion/CD by/IN next/JJ Wednesday/NNP ,/, according/VBG to/TO the/DT Treasury/NNP ./. | |
| Pressed/VBN by/IN Chairman/NNP Dan/NNP Rostenkowski/NNP (/-LRB- D./NNP ,/, Ill/NNP ./. )/-RRB- of/IN the/DT House/NNP Ways/NNP and/CC Means/NNP Committee/NNP ,/, Treasury/NNP Undersecretary/NNP Robert/NNP Glauber/NNP told/VBD a/DT congressional/JJ hearing/NN that/IN the/DT administration/NN would/MD give/VB up/RP its/PRP$ demand/NN for/IN the/DT capital-gains/NNS tax/NN cut/NN if/IN faced/VBN with/IN a/DT potential/JJ default/NN ./. | |
| Price/NNP Stern/NNP Sloan/NNP Inc./NNP said/VBD it/PRP hired/VBD an/DT investment/NN banking/NN firm/NN to/TO assist/VB in/IN evaluating/VBG restructuring/NN or/CC merger/NN alternatives/NNS and/CC reported/VBD a/DT net/JJ loss/NN of/IN $/$ 8.1/CD million/CD ,/, or/CC $/$ 2.14/CD a/DT share/NN ,/, for/IN the/DT third/JJ quarter/NN ended/VBN Sept/NNP ./. | |
| These/DT results/NNS compare/VBP with/IN net/JJ income/NN of/IN $/$ 1.8/CD million/CD ,/, or/CC 44/CD cents/NNS a/DT share/NN ,/, for/IN the/DT corresponding/JJ period/NN last/JJ year/NN ./. | |
| This/DT quarter/NN 's/POS loss/NN includes/VBZ pretax/JJ charges/NNS of/IN $/$ 4.9/CD million/CD on/IN the/DT proposed/JJ discontinuation/NN of/IN the/DT company/NN 's/POS troubled/JJ British/JJ subsidiary/NN ,/, and/CC $/$ 3.7/CD million/CD of/IN other/JJ write-offs/NNS the/DT company/NN said/VBD were/VBD non-recurring/JJ and/CC principally/RB related/VBN to/TO inventory/NN ,/, publishing/NN advances/NNS and/CC pre-publication/JJ costs/NNS ./. | |
| The/DT publishing/NN concern/NN said/VBD it/PRP retained/VBD the/DT investment/NN banking/NN firm/NN of/IN Donaldson/NNP ,/, Lufkin/NNP &/CC Jenrette/NNP Securities/NNP Inc./NNP to/TO act/VB as/IN its/PRP$ financial/JJ adviser/NN ,/, assisting/VBG in/IN the/DT evaluation/NN of/IN various/JJ financial/JJ and/CC strategic/JJ alternatives/NNS ,/, including/VBG debt/NN refinancing/NN ,/, raising/VBG capital/NN ,/, recapitalization/NN ,/, a/DT merger/NN or/CC sale/NN of/IN the/DT company/NN ./. | |
| The/DT company/NN also/RB retained/VBD attorney/NN Martin/NNP P./NNP Levin/NNP ,/, a/DT director/NN of/IN the/DT company/NN and/CC former/JJ head/NN of/IN the/DT Times-Mirror/NNP Publishing/NNP Group/NNP ,/, as/IN an/DT adviser/NN ./. | |
| Net/JJ sales/NNS for/IN this/DT year/NN 's/POS third/JJ quarter/NN were/VBD $/$ 14/CD million/CD ,/, down/RB from/IN $/$ 21.4/CD million/CD last/JJ year/NN ./. | |
| The/DT company/NN attributed/VBD the/DT decrease/NN in/IN part/NN to/TO the/DT exclusion/NN of/IN the/DT company/NN 's/POS British/JJ sales/NNS from/IN the/DT current/JJ year/NN 's/POS figures/NNS as/IN a/DT result/NN of/IN the/DT subsidiary/NN 's/POS status/NN as/IN a/DT proposed/JJ discontinued/JJ operation/NN and/CC ,/, in/IN part/NN ,/, to/TO lower/VB sales/NNS in/IN certain/JJ key/JJ foreign/JJ and/CC domestic/JJ accounts/NNS ./. | |
| U.K./NNP sales/NNS for/IN last/JJ year/NN 's/POS quarter/NN were/VBD about/RB $/$ 3/CD million/CD ./. | |
| Stock/NN prices/NNS surged/VBD as/IN a/DT multibillion-dollar/JJ takeover/NN proposal/NN helped/VBD restore/VB market/NN players/NNS '/POS confidence/NN about/IN the/DT prospects/NNS for/IN further/JJ deal-making/NN ./. | |
| Paper/NN and/CC forest-products/NNS stocks/NNS were/VBD especially/RB strong/JJ ,/, as/IN the/DT offer/NN for/IN Great/NNP Northern/NNP Nekoosa/NNP by/IN Georgia-Pacific/NNP triggered/VBD speculation/NN that/IN the/DT industry/NN could/MD be/VB in/IN for/IN a/DT wave/NN of/IN merger/NN activity/NN ./. | |
| The/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP climbed/VBD 41.60/CD to/TO 2645.08/CD even/RB though/IN some/DT late/JJ selling/NN caused/VBD the/DT market/NN to/TO retreat/VB from/IN session/NN highs/NNS ./. | |
| Trading/NN was/VBD moderate/JJ ,/, with/IN 176,100,000/CD shares/NNS changing/VBG hands/NNS on/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ./. | |
| Aside/RB from/IN the/DT takeover/NN news/NN ,/, big/JJ buy/NN orders/NNS were/VBD placed/VBN for/IN blue-chip/JJ shares/NNS in/IN afternoon/NN trading/NN ./. | |
| Traders/NNS said/VBD the/DT buy/NN programs/NNS came/VBD from/IN very/RB large/JJ institutional/JJ accounts/NNS that/WDT were/VBD also/RB active/JJ in/IN the/DT stock-index/NN futures/NNS markets/NNS ./. | |
| At/IN one/CD point/NN ,/, almost/RB all/DT of/IN the/DT shares/NNS in/IN the/DT 20-stock/JJ Major/NNP Market/NNP Index/NNP ,/, which/WDT mimics/VBZ the/DT industrial/JJ average/NN ,/, were/VBD sharply/RB higher/JJR ./. | |
| Some/DT 1,111/CD Big/NNP Board/NNP issues/NNS advanced/VBD in/IN price/NN and/CC only/RB 448/CD declined/VBD ,/, while/IN broader/JJR market/NN averages/NNS rose/VBD sharply/RB ./. | |
| Standard/NNP &/CC Poor/NNP 's/POS 500-Stock/NNP Index/NNP climbed/VBD 5.29/CD to/TO 340.36/CD ,/, the/DT Dow/NNP Jones/NNP Equity/NNP Market/NNP Index/NNP added/VBD 4.70/CD to/TO 318.79/CD and/CC the/DT New/NNP York/NNP Stock/NNP Exchange/NNP Composite/NNP Index/NNP climbed/VBD 2.65/CD to/TO | |
| Great/NNP Northern/NNP surged/VBD 20/CD 1/8/CD to/TO 62/CD 7/8/CD ,/, well/RB above/IN Georgia-Pacific/NNP 's/POS offering/NN price/NN of/IN $/$ 58/CD a/DT share/NN ,/, amid/IN speculation/NN that/IN other/JJ suitors/NNS for/IN the/DT company/NN would/MD surface/VB or/CC that/IN the/DT bid/NN would/MD be/VB raised/VBN ./. | |
| Nearly/RB 6.3/CD million/CD shares/NNS ,/, or/CC about/RB 11.5/CD %/NN of/IN the/DT company/NN 's/POS shares/NNS outstanding/JJ ,/, changed/VBD hands/NNS in/IN Big/NNP Board/NNP composite/JJ trading/NN ./. | |
| With/IN stocks/NNS having/VBG been/VBN battered/VBN lately/RB because/IN of/IN the/DT collapse/NN of/IN takeover/NN offers/NNS for/IN UAL/NNP ,/, the/DT parent/NN company/NN of/IN United/NNP Airlines/NNPS ,/, and/CC AMR/NNP ,/, the/DT parent/NN of/IN American/NNP Airlines/NNPS ,/, analysts/NNS viewed/VBD the/DT proposal/NN as/IN a/DT psychological/JJ lift/NN for/IN the/DT market/NN ./. | |
| The/DT $/$ 3.18/CD billion/CD bid/NN ,/, which/WDT had/VBD been/VBN rumored/VBN since/IN last/JJ week/NN ,/, ``/`` creates/VBZ a/DT better/JJR feeling/NN that/IN there/EX 's/VBZ value/NN in/IN the/DT market/NN at/IN current/JJ levels/NNS and/CC renews/VBZ prospects/NNS for/IN a/DT hot/JJ tape/NN ,/, ''/'' says/VBZ A.C./NNP Moore/NNP ,/, director/NN of/IN research/NN at/IN Argus/NNP Research/NNP Corp/NNP ./. | |
| Traders/NNS and/CC analysts/NNS alike/RB said/VBD the/DT market/NN 's/POS surge/NN also/RB reflected/VBD an/DT easing/NN of/IN concerns/NNS about/IN volatility/NN because/IN of/IN moves/NNS by/IN a/DT number/NN of/IN brokerage/NN firms/NNS to/TO curtail/VB or/CC cease/VB stock-index/JJ arbitrage/NN ./. | |
| Much/JJ of/IN the/DT instability/NN in/IN stock/NN prices/NNS lately/RB has/VBZ been/VBN blamed/VBN on/IN arbitrage/NN trading/NN ,/, designed/VBN to/TO profit/VB from/IN differences/NNS in/IN prices/NNS between/IN stocks/NNS and/CC index/NN futures/NNS ./. | |
| ``/`` People/NNS are/VBP looking/VBG for/IN an/DT ability/NN to/TO try/VB and/CC read/VB the/DT market/NN ,/, rather/RB than/IN be/VB manipulated/VBN ,/, ''/'' said/VBD Dudley/NNP A./NN Eppel/NNP ,/, manager/NN of/IN equity/NN trading/NN at/IN Donaldson/NNP ,/, Lufkin/NNP &/CC Jenrette/NNP ./. | |
| He/PRP noted/VBD that/IN institutional/JJ investors/NNS showed/VBD ``/`` pretty/RB general/JJ ''/'' interest/NN in/IN stocks/NNS in/IN the/DT latest/JJS session/NN ./. | |
| But/CC traders/NNS also/RB said/VBD arbitrage-related/JJ trading/NN contributed/VBD to/TO the/DT market/NN 's/POS surge/NN ,/, as/IN buy/NN programs/NNS boosted/VBD prices/NNS shortly/RB after/IN the/DT opening/NN and/CC sporadically/RB through/IN the/DT remainder/NN of/IN the/DT session/NN ./. | |
| Georgia-Pacific/NNP fell/VBD 2/CD 1/2/CD to/TO 50/CD 7/8/CD ,/, but/CC most/JJS paper/NN and/CC forest-products/NNS stocks/NNS firmed/VBD as/IN market/NN players/NNS speculated/VBD about/IN other/JJ potential/JJ industry/NN takeover/NN targets/NNS ./. | |
| Within/IN the/DT paper/NN sector/NN ,/, Mead/NNP climbed/VBD 2/CD 3/8/CD to/TO 38/CD 3/4/CD on/IN 1.3/CD million/CD shares/NNS ,/, Union/NNP Camp/NNP rose/VBD 2/CD 3/4/CD to/TO 37/CD 3/4/CD ,/, Federal/NNP Paper/NNP Board/NNP added/VBD 1/CD 3/4/CD to/TO 23/CD 7/8/CD ,/, Bowater/NN gained/VBD 1/CD 1/2/CD to/TO 27/CD 1/2/CD ,/, Stone/NNP Container/NNP rose/VBD 1/CD to/TO 26/CD 1/8/CD and/CC Temple-Inland/NNP jumped/VBD 3/CD 3/4/CD to/TO 62/CD 1/4/CD ./. | |
| Forest-products/NNS issues/NNS showing/VBG strength/NN included/VBD Champion/NNP International/NNP ,/, which/WDT went/VBD up/RB 1/CD 3/8/CD to/TO 31/CD 7/8/CD ;/: Weyerhaeuser/NNP ,/, up/RB 3/4/CD to/TO 27/CD 1/4/CD ;/: Louisiana-Pacific/NNP ,/, up/RB 1/CD 1/8/CD to/TO 40/CD 3/8/CD ,/, and/CC Boise/NNP Cascade/NNP ,/, up/RB 5/8/CD to/TO 42/CD ./. | |
| The/DT theme/NN of/IN industry/NN consolidation/NN had/VBD surfaced/VBN earlier/RBR this/DT year/NN among/IN drug/NN stocks/NNS ,/, which/WDT posted/VBD solid/JJ gains/NNS in/IN the/DT latest/JJS session/NN ./. | |
| Pfizer/NNP gained/VBN 1/CD 7/8/CD to/TO 67/CD 5/8/CD ,/, Schering-Plough/NNP added/VBD 2/CD 1/4/CD to/TO 75/CD 3/4/CD ,/, Eli/NNP Lilly/NNP rose/VBD 1/CD 3/8/CD to/TO 62/CD 1/8/CD and/CC Upjohn/NNP firmed/VBD 3/4/CD to/TO 38/CD ./. | |
| Also/RB ,/, SmithKline/NNP Beecham/NNP rose/VBD 1/CD 3/8/CD to/TO 39/CD 1/2/CD ./. | |
| An/DT advisory/JJ committee/NN of/IN the/DT Food/NNP and/CC Drug/NNP Administration/NNP recommended/VBD that/IN the/DT agency/NN approve/VB Eminase/NNP ,/, the/DT company/NN 's/POS heart/NN drug/NN ./. | |
| Two/CD rumored/JJ restructuring/NN candidates/NNS in/IN the/DT oil/NN industry/NN moved/VBD higher/RBR :/: Chevron/NNP ,/, which/WDT rose/VBD 1/CD 3/4/CD to/TO 68/CD 1/4/CD on/IN 3.5/CD million/CD shares/NNS ,/, and/CC USX/NNP ,/, which/WDT gained/VBD 1/CD 1/4/CD to/TO 34/CD 5/8/CD ./. | |
| Pennzoil/NNP is/VBZ rumored/VBN to/TO be/VB accumulating/VBG a/DT stake/NN in/IN Chevron/NNP in/IN order/NN to/TO push/VB for/IN a/DT revamping/NN of/IN the/DT company/NN ;/: investor/NN Carl/NNP Icahn/NNP has/VBZ recently/RB increased/VBN his/PRP$ stake/NN in/IN USX/NNP ,/, which/WDT separately/RB reported/VBD earnings/NNS that/WDT were/VBD in/IN line/NN with/IN expectations/NNS ./. | |
| Paramount/NNP Communications/NNP ,/, which/WDT completed/VBD the/DT $/$ 3.35/CD billion/CD sale/NN of/IN its/PRP$ Associates/NNPS Corp/NNP ./. financial-services/NNS unit/NN to/TO Ford/NNP Motor/NNP ,/, gained/VBD 1/CD 1/8/CD to/TO 55/CD 7/8/CD after/IN losing/VBG one/CD point/NN Monday/NNP amid/IN rumors/NNS of/IN a/DT delay/NN ./. | |
| The/DT company/NN said/VBD the/DT sale/NN would/MD produce/VB a/DT $/$ 1.2/CD billion/CD gain/NN in/IN the/DT fourth/JJ quarter/NN ./. | |
| BankAmerica/NNP climbed/VBD 1/CD 3/4/CD to/TO 30/CD after/IN PaineWebber/NNP boosted/VBD its/PRP$ investment/NN opinion/NN on/IN the/DT stock/NN to/TO its/PRP$ highest/JJS rating/NN ./. | |
| The/DT upgrade/NN reflected/VBD the/DT 20/CD %/NN decline/NN in/IN shares/NNS of/IN the/DT bank/NN since/IN the/DT firm/NN lowered/VBD its/PRP$ rating/NN in/IN early/JJ October/NNP ,/, based/VBN on/IN the/DT belief/NN the/DT stock/NN had/VBD become/VBN expensive/JJ ./. | |
| Sea/NNP Containers/NNPS ,/, which/WDT unveiled/VBD a/DT proposed/JJ restructuring/NN ,/, advanced/VBD 1/CD to/TO 62/CD ./. | |
| The/DT company/NN said/VBD it/PRP would/MD repurchase/VBD half/NN of/IN its/PRP$ common/JJ shares/NNS at/IN $/$ 70/CD each/DT ,/, sell/VB an/DT estimated/JJ $/$ 1.1/CD billion/CD in/IN assets/NNS and/CC pay/VB a/DT special/JJ preferred-stock/JJ dividend/NN to/TO common-stock/JJ holders/NNS ./. | |
| Shaw/NNP Industries/NNP ,/, which/WDT agreed/VBD to/TO acquire/VB Armstrong/NNP World/NNP Industries/NNP '/POS carpet/NN operations/NNS for/IN an/DT undisclosed/JJ price/NN ,/, rose/VBD 2/CD 1/4/CD to/TO 26/CD 1/8/CD ./. | |
| Armstrong/NNP added/VBD 1/8/CD to/TO 39/CD 1/8/CD ./. | |
| ERC/NNP Corp./NNP rose/VBD 7/8/CD to/TO 12/CD ./. | |
| The/DT company/NN agreed/VBD definitively/RB to/TO be/VB acquired/VBN by/IN Ogden/NNP Corp./NNP in/IN a/DT stock/NN swap/NN valued/VBN at/IN about/RB $/$ 82.5/CD million/CD ./. | |
| Ogden/NNP gained/VBD 1/CD 1/4/CD to/TO 32/CD 7/8/CD ./. | |
| Ocean/NNP Drilling/NNP &/CC Research/NNP dropped/VBD 1/CD 1/4/CD to/TO 21/CD 1/2/CD following/VBG news/NN of/IN a/DT restructuring/NN plan/NN that/WDT calls/VBZ for/IN the/DT company/NN to/TO reorganize/VB its/PRP$ drilling/NN business/NN into/IN a/DT separate/JJ company/NN and/CC offer/VB a/DT 15/CD %/NN to/TO 20/CD %/NN stake/NN to/TO the/DT public/NN ./. | |
| The/DT American/NNP Stock/NNP Exchange/NNP Market/NNP Value/NNP Index/NNP rose/VBD 1.71/CD to/TO 370.58/CD ./. | |
| Volume/NN totaled/VBD 11,820,000/CD shares/NNS ./. | |
| Imperial/NNP Holly/NNP fell/VBD 1/CD 5/8/CD to/TO 27/CD 1/8/CD in/IN the/DT wake/NN of/IN its/PRP$ third-quarter/JJ earnings/NNS report/NN ./. | |
| Net/JJ income/NN was/VBD down/RB from/IN a/DT year/NN ago/RB ,/, when/WRB a/DT gain/NN from/IN the/DT restructuring/NN of/IN a/DT retirement/NN plan/NN boosted/VBD earnigs/NNS ./. | |
| Cilcorp/NNP Inc./NNP ,/, Peoria/NNP ,/, Ill./NNP ,/, said/VBD it/PRP agreed/VBD to/TO acquire/VB the/DT environmental/JJ consulting/NN and/CC analytical/JJ service/NN businesses/NNS of/IN Hunter/NNP Environmental/NNP Services/NNP Inc./NNP of/IN Southport/NNP ,/, Conn/NNP ./. | |
| The/DT utility/NN holding/VBG company/NN said/VBD Hunter/NNP will/MD receive/VB 390,000/CD shares/NNS of/IN a/DT new/JJ series/NN of/IN Cilcorp/NNP convertible/NN preferred/JJ stock/NN with/IN a/DT face/NN value/NN of/IN $/$ 39/CD million/CD for/IN the/DT businesses/NNS ./. | |
| Cilcorp/NNP will/MD also/RB assume/VB $/$ 22/CD million/CD of/IN Hunter/NNP 's/POS existing/VBG debt/NN ./. | |
| As/IN part/NN of/IN the/DT agreement/NN ,/, Cilcorp/NNP said/VBD it/PRP will/MD pay/VB Hunter/NNP $/$ 4/CD million/CD in/IN exchange/NN for/IN agreements/NNS not/RB to/TO compete/VB ./. | |
| Cilcorp/NN said/VBD the/DT businesses/NNS to/TO be/VB acquired/VBN had/VBD revenue/NN of/IN $/$ 76/CD million/CD for/IN the/DT year/NN ended/VBD March/NNP 31/CD ./. | |
| Separately/NNP ,/, Cilcorp/NNP said/VBD it/PRP plans/VBZ to/TO purchase/VB as/RB many/JJ as/IN 1.4/CD million/CD shares/NNS ,/, or/CC 10/CD %/NN of/IN its/PRP$ common/JJ stock/NN outstanding/JJ from/IN time/NN to/TO time/NN on/IN the/DT open/JJ market/NN and/CC through/IN privately/RB negotiated/VBN transactions/NNS ./. | |
| The/DT company/NN ,/, which/WDT currently/RB has/VBZ 13.5/CD million/CD common/JJ shares/NNS outstanding/JJ ,/, said/VBD it/PRP has/VBZ no/DT specific/NN plans/VBZ for/IN the/DT shares/NNS ./. | |
| BUSH/NNP AND/CC GORBACHEV/NNP WILL/MD HOLD/VB two/CD days/NNS of/IN informal/JJ talks/NNS next/JJ month/NN ./. | |
| The/DT president/NN said/VBD that/IN he/PRP and/CC the/DT Kremlin/NNP leader/NN would/MD meet/VB Dec./NNP 2-3/CD aboard/IN U.S./NNP and/CC Soviet/NNP naval/JJ vessels/NNS in/IN the/DT Mediterranean/NNP to/TO discuss/VB a/DT wide/JJ range/NN of/IN issues/NNS without/IN a/DT formal/JJ agenda/NN ./. | |
| A/DT simultaneous/JJ announcement/NN was/VBD made/VBN in/IN Moscow/NNP ./. | |
| Bush/NNP said/VBD that/IN neither/CC he/PRP nor/CC Gorbachev/NNP expected/VBD any/DT ``/`` substantial/JJ decisions/NNS or/CC agreements/NNS ./. ''/'' | |
| The/DT seaborne/JJ meetings/NNS wo/MD n't/RB disrupt/VB plans/NNS for/IN a/DT formal/JJ summit/NN next/JJ spring/NN or/CC summer/NN ,/, at/IN which/WDT an/DT arms-control/NN treaty/NN is/VBZ likely/JJ to/TO be/VB completed/VBN ./. | |
| The/DT two/CD leaders/NNS are/VBP expected/VBN to/TO discuss/VB changes/NNS sweeping/VBG the/DT East/JJ bloc/NN as/RB well/RB as/IN human-rights/NNS issues/NNS ,/, regional/JJ disputes/NNS and/CC economic/JJ cooperation/NN ./. | |
| Israel/NNP 's/POS army/NN lifted/VBD a/DT blockade/NN around/IN a/DT Palestinian/JJ town/NN in/IN the/DT occupied/JJ West/NNP Bank/NNP ,/, ending/VBG a/DT 42-day/JJ campaign/NN of/IN seizing/VBG cars/NNS ,/, furniture/NN and/CC other/JJ goods/NNS to/TO crush/VB a/DT tax/NN boycott/NN ./. | |
| While/IN residents/NNS claimed/VBD a/DT victory/NN ,/, military/JJ authorities/NNS said/VBD they/PRP had/VBD confiscated/VBN the/DT equivalent/NN of/IN more/JJR than/IN $/$ 1.5/CD million/CD to/TO make/VB up/RP for/IN the/DT unpaid/JJ taxes/NNS ./. | |
| East/JJ German/JJ leader/NN Krenz/NNP arrived/VBD in/IN Moscow/NNP for/IN talks/NNS today/NN with/IN Gorbachev/NNP on/IN restructuring/NN proposals/NNS ./. | |
| In/IN East/NNP Berlin/NNP ,/, Communist/NNP Party/NNP officials/NNS considered/VBD legalizing/VBG New/NNP Forum/NNP ,/, the/DT country/NN 's/POS largest/JJS opposition/NN alliance/NN ,/, as/IN about/RB 20,000/CD demonstrators/NNS staged/VBD protests/NNS in/IN three/CD cities/NNS to/TO press/VB demands/NNS for/IN democratic/JJ freedoms/NNS ./. | |
| The/DT House/NNP approved/VBD a/DT permanent/JJ smoking/NN ban/NN on/IN nearly/RB all/DT domestic/JJ airline/NN routes/NNS as/IN part/NN of/IN a/DT $/$ 27.1/CD billion/CD transportation/NN bill/NN that/WDT must/MD still/RB overcome/VB budget/NN obstacles/NNS in/IN Congress/NNP ./. | |
| The/DT chamber/NN also/RB sent/VBD to/TO Bush/NNP a/DT nearly/RB $/$ 67/CD billion/CD fiscal/JJ 1990/CD measure/NN that/WDT includes/VBZ the/DT first/JJ construction/NN funds/NNS for/IN a/DT space/NN station/NN ./. | |
| Nicaragua/NNP 's/POS Ortega/NNP postponed/VBD until/IN today/NN a/DT decision/NN on/IN whether/IN to/TO end/VB a/DT 19-month-old/JJ cease-fire/NN in/IN the/DT conflict/NN with/IN the/DT Contra/NNP rebels/NNS ./. | |
| In/IN Washington/NNP ,/, the/DT Senate/NNP voted/VBD to/TO condemn/VB Ortega/NNP 's/POS threat/NN to/TO cancel/VB the/DT truce/NN ,/, and/CC Bush/NNP said/VBD he/PRP would/MD review/VB U.S./NNP policy/NN toward/IN Managua/NNP ,/, including/VBG the/DT possibility/NN of/IN renewing/VBG military/JJ aid/NN to/TO the/DT rebels/NNS ./. | |
| Chinese/JJ leader/NN Deng/NNP told/VBD former/JJ President/NNP Nixon/NNP that/IN the/DT U.S./NNP was/VBD deeply/RB involved/VBN in/IN ``/`` the/DT turmoil/NN and/CC counterrevolutionary/JJ rebellion/NN ''/'' that/WDT gripped/VBD Beijing/NNP last/JJ spring/NN ./. | |
| Nixon/NNP ,/, on/IN the/DT fourth/JJ day/NN of/IN a/DT private/JJ visit/NN to/TO China/NNP ,/, said/VBD that/DT damage/NN to/TO Sino-U.S./JJ relations/NNS was/VBD ``/`` very/RB great/JJ ,/, ''/'' calling/VBG the/DT situation/NN ``/`` the/DT most/RBS serious/JJ ''/'' since/IN 1972/CD ./. | |
| Afghanistan/NNP 's/POS troops/NNS broke/VBD through/IN a/DT guerrilla/NN blockade/NN on/IN the/DT strategic/JJ Salang/NNP Highway/NNP ,/, allowing/VBG trucks/NNS carrying/VBG food/NN and/CC other/JJ necessities/NNS to/TO reach/VB Kabul/NNP after/IN a/DT missile/NN attack/NN on/IN rebel/NN strongholds/NNS ./. | |
| The/DT convoy/NN of/IN about/RB 100/CD vehicles/NNS was/VBD the/DT first/JJ to/TO make/VB deliveries/NNS to/TO the/DT capital/NN in/IN about/RB 10/CD days/NNS ./. | |
| Turkey/NNP 's/POS legislature/NN elected/VBD Prime/NNP Minister/NNP Ozal/NNP as/IN the/DT country/NN 's/POS first/JJ civilian/JJ president/NN since/IN 1960/CD ,/, opening/VBG the/DT way/NN for/IN a/DT change/NN of/IN government/NN under/IN a/DT new/JJ premier/NN he/PRP will/MD select/VB ./. | |
| The/DT vote/NN in/IN Ankara/NNP was/VBD boycotted/VBN by/IN opposition/NN politicians/NNS ,/, who/WP vowed/VBD to/TO oust/VB Ozal/NNP ./. | |
| He/PRP begins/VBZ his/PRP$ seven-year/JJ term/NN Nov./NNP 9/CD ,/, succeeding/VBG Kenan/NNP Evren/NNP ./. | |
| South/NNP Africa/NNP 's/POS government/NN dismissed/VBD demands/NNS by/IN right-wing/JJ Conservatives/NNPS ,/, the/DT nation/NN 's/POS main/JJ opposition/NN party/NN ,/, for/IN emergency/NN talks/NNS on/IN Pretoria/NNP 's/POS recent/JJ tolerance/NN of/IN dissent/NN ./. | |
| The/DT government/NN also/RB urged/VBD whites/NNS to/TO refrain/VB from/IN panic/NN over/IN growing/JJ black/JJ protests/NNS ,/, such/JJ as/IN the/DT massive/JJ anti-apartheid/JJ rally/NN Sunday/NNP on/IN the/DT outskirts/NNS of/IN Soweto/NNP ./. | |
| Researchers/NNP in/IN Belgium/NNP said/VBD they/PRP have/VBP developed/VBN a/DT genetic/JJ engineering/NN technique/NN for/IN creating/VBG hybrid/JJ plants/NNS for/IN a/DT number/NN of/IN crops/NNS ,/, such/JJ as/IN cotton/NN ,/, soybeans/NNS and/CC rice/NN ./. | |
| The/DT scientists/NNS at/IN Plant/NNP Genetic/NNP Systems/NNP N.V./NNP isolated/VBD a/DT gene/NN that/WDT could/MD lead/VB to/TO a/DT generation/NN of/IN plants/NNS possessing/VBG a/DT high-production/JJ trait/NN ./. | |
| A/DT bomb/NN exploded/VBD at/IN a/DT leftist/JJ union/NN hall/NN in/IN San/NNP Salvador/NNP ,/, killing/VBG at/IN least/JJS eight/CD people/NNS and/CC injuring/VBG about/RB 30/CD others/NNS ,/, including/VBG two/CD Americans/NNPS ,/, authorities/NNS said/VBD ./. | |
| The/DT blast/NN ,/, which/WDT wrecked/VBD the/DT opposition/NN labor/NN group/NN 's/POS offices/NNS ,/, was/VBD the/DT latest/JJS in/IN a/DT series/NN of/IN attacks/NNS in/IN El/NNP Salvador/NNP 's/POS 10-year-old/JJ civil/JJ war/NN ./. | |
| Hungary/NNP 's/POS Parliament/NNP voted/VBD to/TO hold/VB a/DT national/JJ referendum/NN on/IN an/DT election/NN to/TO fill/VB the/DT new/JJ post/NN of/IN president/NN ./. | |
| The/DT balloting/NN to/TO decide/VB when/WRB and/CC how/WRB to/TO fill/VB the/DT position/NN ,/, which/WDT replaces/VBZ a/DT collective/JJ presidency/NN under/IN a/DT pact/NN signed/VBN by/IN the/DT ruling/VBG Socialists/NNPS and/CC opposition/NN groups/NNS ,/, is/VBZ to/TO be/VB held/VBN Nov/NNP ./. | |
| The/DT State/NNP Department/NNP denied/VBD asylum/NN to/TO a/DT Vietnamese/JJ man/NN who/WP escaped/VBD from/IN his/PRP$ homeland/NN by/IN lashing/VBG himself/PRP to/TO the/DT rudder/NN housing/NN of/IN a/DT tanker/NN for/IN two/CD days/NNS in/IN monsoon/NN seas/NNS ./. | |
| A/DT spokesman/NN for/IN Democratic/JJ Sen./NNP Pell/NNP of/IN Rhode/NNP Island/NNP said/VBD ,/, however/RB ,/, that/IN the/DT Immigration/NNP and/CC Naturalization/NNP Service/NNP would/MD review/VB the/DT stowaway/NN 's/POS request/NN ./. | |
| Ogden/NNP Projects/NNPS Inc./NNP said/VBD net/JJ income/NN jumped/VBD to/TO $/$ 6.6/CD million/CD ,/, or/CC 18/CD cents/NNS a/DT share/NN ,/, in/IN the/DT third/JJ quarter/NN ./. | |
| The/DT Fairfield/NNP ,/, N.J./NNP ,/, company/NN ,/, which/WDT is/VBZ 92%-owned/JJ by/IN Ogden/NNP Corp./NNP ,/, New/NNP York/NNP ,/, had/VBD net/NN of/IN $/$ 1.1/CD million/CD ,/, or/CC four/CD cents/NNS a/DT share/NN ,/, a/DT year/NN ago/RB ./. | |
| Revenue/NN soared/VBD to/TO $/$ 101.7/CD million/CD from/IN $/$ 39.5/CD million/CD ./. | |
| Ogden/NNP Projects/NNPS ,/, whose/WP$ shares/NNS began/VBD trading/VBG on/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP in/IN August/NNP ,/, closed/VBD yesterday/NN at/IN $/$ 26.875/CD ,/, down/RB 75/CD cents/NNS ./. | |
| The/DT stock/NN began/VBD trading/VBG this/DT summer/NN at/IN $/$ 14/CD apiece/RB ./. | |
| Ogden/NNP Projects/NNPS ,/, which/WDT has/VBZ interests/NNS in/IN solid-waste/NN recovery/NN and/CC hazardous-waste/NN cleanup/NN ,/, said/VBD it/PRP has/VBZ 13/CD facilities/NNS in/IN operation/NN ,/, up/RB from/IN seven/CD a/DT year/NN ago/RB ./. | |
| Meanwhile/RB ,/, Ogden/NNP Corp./NNP ,/, which/WDT also/RB has/VBZ interests/NNS in/IN building/NN maintenance/NN and/CC management/NN ,/, reported/VBD third-quarter/JJ net/JJ income/NN of/IN $/$ 27.1/CD million/CD ,/, or/CC 67/CD cents/NNS a/DT share/NN ,/, more/JJR than/IN twice/RB the/DT $/$ 13.5/CD million/CD ,/, or/CC 34/CD cents/NNS a/DT share/NN ,/, a/DT year/NN earlier/RBR ./. | |
| Revenue/NN rose/VBD 33/CD %/NN to/TO $/$ 378.1/CD million/CD from/IN $/$ 283.8/CD million/CD ./. | |
| Under/IN attack/NN by/IN its/PRP$ own/JJ listed/JJ companies/NNS and/CC powerful/JJ floor/NN traders/NNS ,/, the/DT New/NNP York/NNP Stock/NNP Exchange/NNP is/VBZ considering/VBG reinstituting/VBG a/DT ``/`` collar/NN ''/'' on/IN program/NN trading/NN that/WDT it/PRP abandoned/VBD last/JJ year/NN ,/, according/VBG to/TO people/NNS familiar/JJ with/IN the/DT Big/NNP Board/NNP ./. | |
| The/DT exchange/NN also/RB may/MD step/VB up/RP its/PRP$ disclosure/NN of/IN firms/NNS engaged/VBN in/IN program/NN trading/NN ,/, these/DT people/NNS said/VBD ./. | |
| Big/NNP Board/NNP officials/NNS would/MD n't/RB comment/VB publicly/RB ./. | |
| But/CC in/IN an/DT interview/NN in/IN which/WDT he/PRP called/VBD the/DT stock/NN market/NN 's/POS volatility/NN a/DT ``/`` national/JJ problem/NN ,/, ''/'' Big/NNP Board/NNP Chairman/NNP John/NNP J./NNP Phelan/NNP Jr./NNP said/VBD ,/, ``/`` We/PRP are/VBP going/VBG to/TO try/VB to/TO do/VB some/DT things/NNS in/IN the/DT short/JJ intermediate/JJ term/NN ''/'' to/TO help/VB the/DT situation/NN ./. | |
| Mr./NNP Phelan/NNP has/VBZ been/VBN viewed/VBN by/IN many/JJ exchange/NN members/NNS as/IN being/VBG indifferent/JJ to/TO stock-price/JJ swings/NNS caused/VBN by/IN program/NN trades/NNS ./. | |
| He/PRP said/VBD he/PRP is/VBZ ``/`` very/RB surprised/JJ ''/'' by/IN the/DT furor/NN over/IN program/NN trading/NN and/CC the/DT exchange/NN 's/POS role/NN in/IN it/PRP that/WDT has/VBZ raged/VBN in/IN recent/JJ days/NNS ./. | |
| Mr./NNP Phelan/NNP said/VBD that/IN the/DT Big/NNP Board/NNP has/VBZ been/VBN trying/VBG to/TO deal/VB quietly/RB with/IN the/DT issue/NN ,/, but/CC that/IN banning/VBG computer-assisted/JJ trading/NN strategies/NNS entirely/RB ,/, as/IN some/DT investors/NNS want/VBP ,/, would/MD be/VB like/IN ``/`` taking/VBG everybody/NN out/IN of/IN an/DT automobile/NN and/CC making/VBG them/PRP ride/VB a/DT horse/NN ./. ''/'' | |
| The/DT exchange/NN has/VBZ a/DT board/NN meeting/NN scheduled/VBN for/IN tomorrow/NN ,/, and/CC it/PRP is/VBZ expected/VBN that/IN some/DT public/JJ announcement/NN could/MD be/VB made/VBN after/IN that/DT ./. | |
| Big/NNP Board/NNP officials/NNS have/VBP been/VBN under/IN seige/NN from/IN both/DT investors/NNS and/CC the/DT exchange/NN 's/POS own/JJ floor/NN traders/NNS since/IN the/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP 's/POS 190-point/JJ tumble/NN on/IN Oct./NNP 13/CD ./. | |
| Mr./NNP Phelan/NNP has/VBZ n't/RB been/VBN making/VBG public/JJ remarks/NNS in/IN recent/JJ days/NNS ,/, and/CC many/JJ people/NNS have/VBP urged/VBN him/PRP to/TO take/VB more/JJR of/IN a/DT leadership/NN role/NN on/IN the/DT program/NN trading/NN issue/NN ./. | |
| What/WP the/DT Big/NNP Board/NNP is/VBZ considering/VBG is/VBZ re-establishing/VBG a/DT ``/`` collar/NN ''/'' on/IN program/NN trading/NN when/WRB the/DT market/NN moves/VBZ significantly/RB ./. | |
| Early/RB last/JJ year/NN ,/, after/IN a/DT 140-point/JJ ,/, one-day/JJ drop/NN in/IN the/DT Dow/NNP ,/, the/DT Big/NNP Board/NNP instituted/VBD the/DT collar/NN ,/, which/WDT banned/VBD program/NN trading/NN through/IN the/DT Big/NNP Board/NNP 's/POS computers/NNS whenever/WRB the/DT Dow/NNP moved/VBD 50/CD points/NNS up/RB or/CC down/RB in/IN a/DT day/NN ./. | |
| It/PRP did/VBD n't/RB work/VB ./. | |
| ``/`` The/DT collar/NN was/VBD penetrated/VBN on/IN a/DT number/NN of/IN occasions/NNS ,/, ''/'' meaning/VBG securities/NNS firms/NNS figured/VBD out/RP ways/NNS to/TO conduct/VB program/NN trades/NNS to/TO circumvent/VB the/DT collar/NN and/CC use/VB the/DT Big/NNP Board/NNP 's/POS electronic/JJ trading/NN system/NN ,/, Mr./NNP Phelan/NNP said/VBD ./. | |
| That/DT was/VBD when/WRB the/DT exchange/NN took/VBD a/DT new/JJ tack/NN by/IN publishing/VBG monthly/JJ statistics/NNS listing/VBG the/DT top/JJ 15/CD program/NN trading/NN firms/NNS ./. | |
| Exchange/NN officials/NNS emphasized/VBD that/IN the/DT Big/NNP Board/NNP is/VBZ considering/VBG a/DT variety/NN of/IN actions/NNS to/TO deal/VB with/IN program/NN trading/NN ./. | |
| People/NNS familiar/JJ with/IN the/DT exchange/NN said/VBD another/DT idea/NN likely/RB to/TO be/VB approved/VBN is/VBZ expanding/VBG the/DT monthly/JJ reports/NNS on/IN program/NN trading/NN to/TO cover/VB specific/JJ days/NNS or/CC even/RB hours/NNS of/IN heavy/JJ program/NN trading/JJ and/CC who/WP was/VBD doing/VBG it/PRP ./. | |
| Meanwhile/RB ,/, another/DT big/JJ Wall/NNP Street/NNP brokerage/NN firm/NN joined/VBD others/NNS that/WDT have/VBP been/VBN pulling/VBG back/RP from/IN program/NN trading/NN ./. | |
| American/NNP Express/NNP Co./NNP 's/POS Shearson/NNP Lehman/NNP Hutton/NNP Inc./NNP unit/NN said/VBD it/PRP ceased/VBD all/DT index-arbitrage/NN program/NN trading/NN for/IN client/NN accounts/NNS ./. | |
| In/IN stock-index/NN arbitrage/NN ,/, traders/NNS buy/VBP and/CC sell/VBP large/JJ amounts/NNS of/IN stock/NN with/IN offsetting/VBG trades/NNS in/IN stock-index/NN futures/NNS to/TO profit/VB from/IN fleeting/JJ price/NN discrepancies/NNS between/IN the/DT two/CD markets/NNS ./. | |
| Shearson/NNP ,/, which/WDT in/IN September/NNP was/VBD the/DT 11th-biggest/JJ program/NN trader/NN on/IN the/DT Big/NNP Board/NNP ,/, had/VBD already/RB suspended/VBN stock-index/NN arbitrage/NN for/IN its/PRP$ own/JJ account/NN ./. | |
| Also/RB ,/, CS/NNP First/NNP Boston/NNP Inc./NNP 's/POS First/NNP Boston/NNP Corp./NNP unit/NN ,/, the/DT fifth-biggest/JJ program/NN trader/NN in/IN September/NNP ,/, is/VBZ ``/`` preparing/VBG a/DT response/NN ''/'' to/TO the/DT program-trading/NN outcry/NN ,/, officials/NNS of/IN the/DT firm/NN said/VBD ./. | |
| First/RB Boston/NNP is/VBZ one/CD of/IN the/DT few/JJ major/JJ Wall/NNP Street/NNP firms/NNS that/WDT have/VBP n't/RB pulled/VBN back/RP from/IN program/NN trading/NN in/IN recent/JJ days/NNS ./. | |
| Mr./NNP Phelan/NNP is/VBZ an/DT adroit/JJ diplomat/NN who/WP normally/RB appears/VBZ to/TO be/VB solidly/RB in/IN control/NN of/IN the/DT Big/NNP Board/NNP 's/POS factions/NNS ./. | |
| But/CC he/PRP has/VBZ been/VBN getting/VBG heat/NN from/IN all/DT sides/NNS over/IN program/NN trading/NN ./. | |
| Mr./NNP Phelan/NNP 's/POS recent/JJ remarks/NNS that/IN investors/NNS simply/RB must/MD get/VB used/VBN to/TO the/DT stock-market/NN volatility/NN from/IN program/NN trading/NN have/VBP drawn/VBN criticism/NN from/IN both/CC the/DT exchange/NN 's/POS stock/NN specialists/NNS ,/, who/WP make/VBP markets/NNS in/IN individual/JJ stocks/NNS ,/, and/CC from/IN many/JJ companies/NNS that/WDT have/VBP shares/NNS listed/VBN on/IN the/DT Big/NNP Board/NNP ./. | |
| Mr./NNP Phelan/NNP said/VBD that/IN his/PRP$ predicting/VBG continued/JJ volatility/NN is/VBZ just/RB ``/`` how/WRB the/DT world/NN is/VBZ ./. | |
| If/IN bringing/VBG the/DT message/NN is/VBZ a/DT crime/NN ,/, I/PRP 'm/VBP guilty/JJ of/IN it/PRP ./. ''/'' | |
| But/CC he/PRP said/VBD this/DT does/VBZ n't/RB mean/VB he/PRP is/VBZ satisfied/JJ with/IN the/DT market/NN 's/POS big/JJ swings/NNS ./. | |
| ``/`` We/PRP 're/VBP trying/VBG to/TO take/VB care/NN of/IN a/DT heck/NN of/IN a/DT lot/NN of/IN constituents/NNS ,/, ''/'' Mr./NNP Phelan/NNP said/VBD ./. | |
| ``/`` Each/DT one/NN has/VBZ a/DT different/JJ agenda/NN ./. ''/'' | |
| For/IN example/NN ,/, in/IN a/DT special/JJ meeting/NN Monday/NNP with/IN Mr./NNP Phelan/NNP ,/, senior/JJ officials/NNS of/IN some/DT of/IN the/DT Big/NNP Board/NNP 's/POS 49/CD stock/NN specialist/NN firms/NNS complained/VBD that/IN the/DT exchange/NN is/VBZ no/DT longer/RBR representing/VBG their/PRP$ interests/NNS ./. | |
| ``/`` We/PRP are/VBP looking/VBG for/IN representation/NN we/PRP have/VBP n't/RB had/VBD ,/, ''/'' a/DT specialist/NN said/VBD ./. | |
| ``/`` We/PRP 've/VB had/VBD dictation/NN ./. ''/'' | |
| After/IN another/DT session/NN Mr./NNP Phelan/NNP held/VBD yesterday/NN with/IN major/JJ brokerage/NN firms/NNS such/JJ as/IN Morgan/NNP Stanley/NNP &/CC Co./NNP ,/, Goldman/NNP ,/, Sachs/NNP &/CC Co./NNP ,/, PaineWebber/NNP Group/NNP Inc./NNP and/CC First/NNP Boston/NNP --/: all/DT of/IN which/WDT have/VBP engaged/VBN in/IN program/NN trading/NN --/: an/DT executive/NN of/IN a/DT top/JJ brokerage/NN firm/NN said/VBD ,/, ``/`` Clearly/RB ,/, the/DT firms/NNS want/VBP the/DT exchange/NN to/TO take/VB leadership/NN ./. ''/'' | |
| Many/JJ specialist/JJ firms/NNS resent/VBP the/DT Big/NNP Board/NNP 's/POS new/JJ ``/`` basket/NN ''/'' product/NN that/WDT allows/VBZ institutions/NNS to/TO buy/VB or/CC sell/VB all/DT stocks/NNS in/IN the/DT Standard/NNP &/CC Poor/NNP 's/POS 500-stock/JJ index/NN in/IN one/CD shot/NN ./. | |
| Ultimately/RB ,/, the/DT specialists/NNS view/VBP this/DT as/IN yet/RB another/DT step/NN toward/IN electronic/JJ trading/NN that/WDT could/MD eventually/RB destroy/VB their/PRP$ franchise/NN ./. | |
| ``/`` His/PRP$ {/-LRB- Phelan/NN 's/POS }/-RRB- own/JJ interests/NNS are/VBP in/IN building/VBG an/DT electronic/JJ marketplace/NN ,/, ''/'' said/VBD a/DT market/NN maker/NN ./. | |
| The/DT basket/NN product/NN ,/, while/IN it/PRP has/VBZ got/VBD off/RP to/TO a/DT slow/JJ start/NN ,/, is/VBZ being/VBG supported/VBN by/IN some/DT big/JJ brokerage/NN firms/NNS --/: another/DT member/NN of/IN Mr./NNP Phelan/NNP 's/POS splintered/JJ constituency/NN ./. | |
| Mr./NNP Phelan/NNP has/VBZ had/VBD difficulty/NN convincing/VBG the/DT public/NN that/IN the/DT Big/NNP Board/NNP is/VBZ serious/JJ about/IN curbing/VBG volatility/NN ,/, especially/RB as/IN the/DT exchange/NN clearly/RB relishes/VBZ its/PRP$ role/NN as/IN the/DT home/NN for/IN $/$ 200/CD billion/CD in/IN stock-index/NN funds/NNS ,/, which/WDT buy/VBP huge/JJ baskets/NNS of/IN stocks/NNS to/TO mimic/VB popular/JJ stock-market/NN indexes/NNS like/IN the/DT Standard/NNP &/CC Poor/NNP 's/POS 500/CD ,/, and/CC which/WDT sometimes/RB employ/VBP program/NN trading/NN ./. | |
| The/DT Big/NNP Board/NNP wants/VBZ to/TO keep/VB such/JJ index/NN funds/NNS from/IN fleeing/VBG to/TO overseas/JJ markets/NNS ,/, but/CC only/RB as/RB long/RB as/IN it/PRP ``/`` handles/VBZ it/PRP intelligently/RB ,/, ''/'' Mr./NNP Phelan/NNP said/VBD ./. | |
| Despite/IN what/WP some/DT investors/NNS are/VBP suggesting/VBG ,/, the/DT Big/NNP Board/NNP is/VBZ n't/RB even/RB considering/VBG a/DT total/JJ ban/NN on/IN program/NN trading/NN or/CC stock/NN futures/NNS ,/, exchange/NN officials/NNS said/VBD ./. | |
| Most/JJS revisions/NNS it/PRP will/MD propose/VB will/MD be/VB geared/VBN toward/IN slowing/VBG down/RP program/NN trading/NN during/IN stressful/JJ periods/NNS ,/, said/VBD officials/NNS working/VBG with/IN the/DT exchange/NN ./. | |
| Computers/NNS have/VBP made/VBN trading/NN more/RBR rapid/JJ ,/, but/CC that/DT can/MD be/VB fixed/VBN with/IN some/DT fine-tuning/NN ./. | |
| ``/`` I/PRP think/VBP if/IN you/PRP {/-LRB- can/MD }/-RRB- speed/VB things/NNS up/RP ,/, you/PRP can/MD slow/VB them/PRP down/RP ,/, ''/'' Mr./NNP Phelan/NNP said/VBD ./. | |
| ``/`` That/DT 's/VBZ different/JJ than/IN wrecking/VBG them/PRP ./. ''/'' | |
| While/IN volatility/NN wo/MD n't/RB go/VB away/RB ,/, he/PRP said/VBD ,/, ``/`` Volatility/NN is/VBZ greater/JJR than/IN program/NN trading/NN ./. | |
| What/WP I/PRP 'm/VBP trying/VBG to/TO say/VB to/TO people/NNS is/VBZ ,/, it/PRP 's/VBZ proper/JJ to/TO worry/VB about/IN program/NN trading/NN ,/, but/CC it/PRP 's/VBZ only/RB a/DT piece/NN of/IN the/DT business/NN ./. ''/'' | |
| For/IN example/NN ,/, Mr./NNP Phelan/NNP said/VBD that/IN big/JJ institutions/NNS have/VBP so/RB much/JJ control/NN over/IN public/JJ investments/NNS that/IN they/PRP can/MD cause/VB big/JJ swings/NNS in/IN the/DT market/NN ,/, regardless/RB of/IN index/NN arbitrage/NN ./. | |
| ``/`` A/DT lot/NN of/IN people/NNS would/MD like/VB to/TO go/VB back/RB to/TO 1970/CD ,/, ''/'' before/IN program/NN trading/NN ,/, he/PRP said/VBD ./. | |
| ``/`` I/PRP would/MD like/VB to/TO go/VB back/RB to/TO 1970/CD ./. | |
| But/CC we/PRP 're/VBP not/RB going/VBG back/RB to/TO 1970/CD ./. ''/'' | |
| Indeed/RB ,/, Mr./NNP Phelan/NNP said/VBD that/IN if/IN stock-market/NN volatility/NN persists/VBZ ,/, the/DT U.S./NNP may/MD lose/VB its/PRP$ edge/NN as/IN being/VBG the/DT best/JJS place/NN to/TO raise/VB capital/NN ./. | |
| ``/`` Japan/NNP 's/POS markets/NNS are/VBP more/RBR stable/JJ ,/, ''/'' he/PRP said/VBD ./. | |
| ``/`` If/IN that/DT continues/VBZ ,/, a/DT significant/JJ number/NN of/IN {/-LRB- U.S./NNP ./. }/-RRB- companies/NNS will/MD go/VB over/IN there/RB to/TO raise/VB money/NN ./. ''/'' | |
| In/IN coming/JJ days/NNS ,/, when/WRB the/DT Big/NNP Board/NNP formulates/VBZ its/PRP$ responses/NNS to/TO the/DT program-trading/NN problem/NN ,/, Mr./NNP Phelan/NNP may/MD take/VB a/DT more/RBR public/JJ role/NN in/IN the/DT issue/NN ./. | |
| Lewis/NNP L./NNP Glucksman/NNP ,/, vice/NN chairman/NN of/IN Smith/NNP Barney/NNP ,/, Harris/NNP Upham/NNP &/CC Co./NNP ,/, said/VBD :/: ``/`` This/DT is/VBZ a/DT problem/NN that/WDT 's/VBZ taking/VBG on/RP a/DT life/NN of/IN its/PRP$ own/JJ ./. | |
| The/DT program/NN trading/NN situation/NN seems/VBZ to/TO have/VB driven/VBN individual/JJ investors/NNS as/RB well/RB as/IN others/NNS out/IN of/IN the/DT market/NN ,/, and/CC even/RB Europeans/NNPS are/VBP suspicious/JJ ./. | |
| The/DT exchange/NN should/MD take/VB a/DT pro-active/JJ position/NN ./. ''/'' | |
| For/IN now/RB ,/, however/RB ,/, Mr./NNP Phelan/NNP said/VBD :/: ``/`` I/PRP refuse/VBP to/TO get/VB out/RB there/RB and/CC tell/VB everybody/NN everything/NN is/VBZ hunky-dory/JJ ./. | |
| We/PRP have/VBP a/DT major/JJ problem/NN ,/, and/CC that/DT problem/NN is/VBZ volatility/NN ./. ''/'' | |
| Craig/NNP Torres/NNP contributed/VBD to/TO this/DT article/NN ./. | |
| A/DT NEW/JJ MINIMUM-WAGE/NN PLAN/NN has/VBZ been/VBN worked/VBN out/RP by/IN Congress/NNP and/CC Bush/NNP ,/, opening/VBG the/DT way/NN for/IN the/DT first/JJ increase/NN in/IN over/IN nine/CD years/NNS ./. | |
| The/DT compromise/NN proposal/NN ,/, ending/VBG a/DT long/JJ impasse/NN between/IN Democrats/NNPS and/CC the/DT president/NN ,/, would/MD boost/VB the/DT minimum/JJ wage/NN to/TO $/$ 4.25/CD an/DT hour/NN by/IN April/NNP 1991/CD from/IN $/$ 3.35/CD now/RB ./. | |
| The/DT legislation/NN also/RB includes/VBZ a/DT lower/JJR ``/`` training/NN wage/NN ''/'' for/IN new/JJ workers/NNS who/WP are/VBP teen-agers/NNS ./. | |
| The/DT Big/NNP Board/NNP is/VBZ considering/VBG reviving/VBG a/DT curb/NN on/IN program/NN trading/NN when/WRB the/DT market/NN is/VBZ volatile/JJ ./. | |
| The/DT exchange/NN ,/, which/WDT abandoned/VBD such/PDT a/DT ``/`` collar/NN ''/'' last/JJ year/NN because/IN it/PRP did/VBD n't/RB prevent/VB sharp/JJ price/NN swings/NNS ,/, has/VBZ been/VBN under/IN attack/NN recently/RB for/IN not/RB taking/VBG action/NN against/IN program/NN trading/NN ./. | |
| Great/NNP Northern/NNP Nekoosa/NNP reacted/VBD coolly/RB to/TO Georgia-Pacific/NNP 's/POS takeover/NN bid/NN of/IN $/$ 58/CD a/DT share/NN ,/, or/CC $/$ 3.19/CD billion/CD ,/, though/IN the/DT suitor/NN said/VBD all/DT terms/NNS are/VBP negotiable/JJ ./. | |
| Great/NNP Northern/NNP 's/POS stock/NN soared/VBD $/$ 20.125/CD ,/, to/TO $/$ 62.875/CD ,/, on/IN speculation/NN that/IN a/DT higher/JJR bid/NN would/MD emerge/VB ./. | |
| Stock/NN prices/NNS rallied/VBD as/IN the/DT Georgia-Pacific/NNP bid/NN broke/VBD the/DT market/NN 's/POS recent/JJ gloom/NN ./. | |
| The/DT Dow/NNP Jones/NNP industrials/NNS finished/VBD up/RB 41.60/CD ,/, at/IN 2645.08/CD ./. | |
| The/DT dollar/NN and/CC bond/NN prices/NNS also/RB closed/VBD higher/JJR ./. | |
| Leading/JJ indicators/NNS rose/VBD a/DT slight/JJ 0.2/CD %/NN in/IN September/NNP ,/, a/DT further/JJ indication/NN the/DT economy/NN is/VBZ slowing/VBG but/CC without/IN any/DT clear/JJ sign/NN of/IN whether/IN a/DT recession/NN looms/VBZ ./. | |
| Meanwhile/RB ,/, new-home/JJ sales/NNS plunged/VBD 14/CD %/NN in/IN the/DT month/NN ./. | |
| Labor/NN costs/NNS climbed/VBD 1.2/CD %/NN in/IN private/JJ industry/NN during/IN the/DT third/JJ quarter/NN ,/, matching/VBG the/DT second-quarter/JJ rise/NN ./. | |
| Health-insurance/NN costs/NNS soared/VBD ./. | |
| Time/NN Warner/NNP and/CC Sony/NNP could/MD end/VB up/RP becoming/VBG partners/NNS in/IN several/JJ business/NN ventures/NNS as/IN part/NN of/IN a/DT settlement/NN of/IN their/PRP$ dispute/NN over/IN Hollywood/NNP producers/NNS Peter/NNP Guber/NNP and/CC Jon/NNP Peters/NNP ./. | |
| A/DT bidding/NN war/NN for/IN Jaguar/NN became/VBD more/RBR likely/JJ as/IN Britain/NNP unexpectedly/RB decided/VBD to/TO end/VB restrictions/NNS blocking/VBG a/DT takeover/NN of/IN the/DT luxury/NN car/NN maker/NN ./. | |
| Sea/NNP Containers/NNPS plans/VBZ to/TO sell/VB $/$ 1.1/CD billion/CD of/IN assets/NNS and/CC use/VB some/DT of/IN the/DT proceeds/NNS to/TO buy/VB about/RB 50/CD %/NN of/IN its/PRP$ common/JJ shares/NNS for/IN $/$ 70/CD each/DT ./. | |
| The/DT company/NN is/VBZ trying/VBG to/TO fend/VB off/RP a/DT hostile/JJ bid/NN by/IN two/CD European/JJ shipping/NN firms/NNS ./. | |
| Eastern/NNP Airlines/NNP pilots/NNS were/VBD awarded/VBN between/IN $/$ 60/CD million/CD and/CC $/$ 100/CD million/CD in/IN back/JJ pay/NN by/IN an/DT arbitrator/NN ,/, a/DT decision/NN that/WDT could/MD complicate/VB the/DT carrier/NN 's/POS bankruptcy/NN reorganization/NN ./. | |
| LTV/NNP Steel/NNP is/VBZ boosting/VBG prices/NNS of/IN flat/JJ rolled/VBN steel/NN products/NNS an/DT average/JJ 3/CD %/NN ,/, but/CC it/PRP 's/VBZ unclear/JJ whether/IN the/DT increases/NNS ,/, set/VBN for/IN Jan./NNP 1/CD ,/, 1990/CD ,/, will/MD stick/VB ./. | |
| Southern/NNP 's/POS Gulf/NNP Power/NNP unit/NN paid/VBD $/$ 500,000/CD in/IN fines/NNS after/IN pleading/VBG guilty/JJ to/TO conspiracy/NN to/TO make/VB illegal/JJ political/JJ contributions/NNS and/CC tax/NN evasion/NN ./. | |
| More/JJR big/JJ Japanese/NNP investors/NNS are/VBP buying/VBG U.S./NNP mortgage-backed/JJ securities/NNS ,/, reversing/VBG a/DT recent/JJ trend/NN ./. | |
| USX/NNP 's/POS profit/NN dropped/VBD 23/CD %/NN in/IN the/DT third/JJ quarter/NN as/IN improved/JJ oil/NN results/NNS failed/VBD to/TO offset/VB weakness/NN in/IN the/DT firm/NN 's/POS steel/NN and/CC natural/JJ gas/NN operations/NNS ./. | |
| Miniscribe/NNP reported/VBD a/DT negative/JJ net/JJ worth/NN and/CC hinted/VBD it/PRP may/MD file/VB for/IN Chapter/NNP 11/NNP ./. | |
| The/DT disk-drive/NN maker/NN disclosed/VBD a/DT major/JJ fraud/NN two/CD months/NNS ago/RB ./. | |
| Markets/NNS --/: | |
| Stocks/NNS :/: Volume/NN 176,100,000/CD shares/NNS ./. | |
| Dow/NNP Jones/NNP industrials/NNS 2645.08/CD ,/, up/IN 41.60/CD ;/: transportation/NN 1205.01/CD ,/, up/RB 13.15/CD ;/: utilities/NNS 219.19/CD ,/, up/RB 2.45/CD ./. | |
| Bonds/NNS :/: Shearson/NNP Lehman/NNP Hutton/NNP Treasury/NNP index/NN 3426.33/CD ,/, up/RB | |
| Commodities/NNS :/: Dow/NNP Jones/NNP futures/NNS index/NN 129.63/CD ,/, up/RB 0.25/CD ;/: spot/NN index/NN 129.84/CD ,/, off/RB 0.25/CD ./. | |
| Dollar/NN :/: 142.85/CD yen/NNS ,/, up/IN 0.95/CD ;/: 1.8415/CD marks/NNS ,/, up/IN 0.0075/CD ./. | |
| Bond/NN prices/NNS staggered/VBD in/IN seesaw/JJ trading/NN ,/, rising/VBG on/IN reports/NNS of/IN economic/JJ weakness/NN and/CC falling/VBG on/IN reports/NNS of/IN economic/JJ strength/NN ./. | |
| Treasury/NNP bonds/NNS got/VBD off/RB to/TO a/DT strong/JJ start/NN ,/, advancing/VBG modestly/RB during/IN overnight/JJ trading/NN on/IN foreign/JJ markets/NNS ./. | |
| ``/`` We/PRP saw/VBD good/JJ buying/NN in/IN Japan/NNP and/CC excellent/JJ buying/NN in/IN London/NNP ,/, ''/'' said/VBD Jay/NNP Goldinger/NNP ,/, market/NN strategist/NN and/CC trader/NN at/IN Capital/NNP Insight/NNP Inc./NNP ,/, Beverly/NNP Hills/NNP ,/, Calif/NNP ./. | |
| The/DT market/NN 's/POS tempo/NN was/VBD helped/VBN by/IN the/DT dollar/NN 's/POS resiliency/NN ,/, he/PRP said/VBD ./. | |
| Late/RB in/IN London/NNP ,/, the/DT dollar/NN was/VBD quoted/VBN at/IN 1.8410/CD West/JJ German/JJ marks/NNS and/CC 142.70/CD Japanese/JJ yen/NNS ,/, up/RB from/IN late/JJ Monday/NNP in/IN New/NNP York/NNP ./. | |
| British/JJ sterling/NN eased/VBD to/TO $/$ 1.5775/CD from/IN $/$ 1.5825/CD ./. | |
| When/WRB U.S./NNP trading/NN began/VBD ,/, Treasury/NNP bonds/NNS received/VBD an/DT additional/JJ boost/NN from/IN news/NN that/IN sales/NNS of/IN new/JJ single-family/JJ homes/NNS fell/VBD 14/CD %/NN in/IN September/NNP ./. | |
| The/DT contraction/NN was/VBD twice/RB as/RB large/JJ as/IN economists/NNS projected/VBD and/CC was/VBD the/DT sharpest/JJS decline/NN since/IN a/DT 19/CD %/NN drop/NN in/IN January/NNP 1982/CD ./. | |
| Economists/NNS said/VBD the/DT report/NN raised/VBD speculation/NN that/IN the/DT economic/JJ slowdown/NN could/MD turn/VB into/IN a/DT recession/NN ,/, which/WDT would/MD pave/VB the/DT way/NN for/IN the/DT Federal/NNP Reserve/NNP to/TO lower/VB interest/NN rates/NNS ./. | |
| But/CC later/RBR in/IN the/DT day/NN ,/, a/DT report/NN by/IN the/DT Purchasing/NNP Management/NNP Association/NNP of/IN Chicago/NNP cast/VBD doubt/NN on/IN the/DT recession/NN scenario/NN ./. | |
| The/DT association/NN said/VBD its/PRP$ October/NNP index/NN of/IN economic/JJ activity/NN rose/VBD to/TO 51.6/CD %/NN after/IN having/VBG been/VBN below/IN 50/CD %/NN for/IN three/CD consecutive/JJ months/NNS ./. | |
| A/DT reading/NN below/IN 50/CD %/NN indicates/VBZ that/IN the/DT manufacturing/NN industry/NN is/VBZ slowing/VBG while/IN a/DT reading/NN above/IN 50/CD %/NN suggests/VBZ that/IN the/DT industry/NN is/VBZ expanding/VBG ./. | |
| Bond/NN prices/NNS fell/VBD after/IN the/DT Chicago/NNP report/NN was/VBD released/VBN ./. | |
| By/IN the/DT end/NN of/IN the/DT day/NN ,/, bond/NN prices/NNS were/VBD mixed/JJ ./. | |
| The/DT benchmark/JJ 30-year/JJ bond/NN was/VBD nearly/RB 1/4/CD point/NN higher/JJR ,/, or/CC up/RB about/RB $/$ 2.50/CD for/IN each/DT $/$ 1,000/CD face/NN amount/NN ./. | |
| New/JJ two-year/JJ notes/NNS ended/VBD unchanged/JJ while/IN three-year/JJ and/CC four-year/JJ notes/NNS were/VBD slightly/RB lower/JJR ./. | |
| Municipal/JJ bonds/NNS ended/VBD unchanged/JJ to/TO as/RB much/JJ as/IN 1/2/CD point/NN higher/JJR while/IN mortgage-backed/JJ securities/NNS were/VBD up/RB about/RB 1/8/CD point/NN ./. | |
| Corporate/JJ bonds/NNS were/VBD unchanged/JJ ./. | |
| In/IN the/DT corporate/JJ market/NN ,/, an/DT expected/JJ debt/NN offering/NN today/NN by/IN International/NNP Business/NNP Machines/NNP Corp./NNP generated/VBD considerable/JJ attention/NN ./. | |
| The/DT giant/JJ computer/NN maker/NN is/VBZ slated/VBN to/TO offer/VB $/$ 500/CD million/CD of/IN 30-year/JJ non-callable/JJ debentures/NNS through/IN underwriters/NNS led/VBN by/IN Salomon/NNP Brothers/NNP Inc/NNP ./. | |
| Traders/NNS expect/VBP the/DT bonds/NNS to/TO yield/VB about/RB 0.60/CD to/TO 0.65/CD percentage/NN point/NN above/IN the/DT Treasury/NNP 's/POS benchmark/JJ 30-year/JJ bond/NN ,/, which/WDT ended/VBD Tuesday/NNP with/IN a/DT yield/NN of/IN about/RB 7.90/CD %/NN ./. | |
| The/DT last/JJ time/NN IBM/NNP tapped/VBD the/DT corporate/JJ debt/NN market/NN was/VBD in/IN April/NNP 1988/CD ,/, when/WRB it/PRP offered/VBD $/$ 500/CD million/CD of/IN debt/NN securities/NNS ./. | |
| IBM/NNP 's/POS visits/NNS to/TO the/DT debt/NN market/NN are/VBP closely/RB watched/VBN by/IN treasurers/NNS at/IN other/JJ corporations/NNS and/CC by/IN credit/NN market/NN analysts/NNS ./. | |
| Some/DT analysts/NNS believe/VBP the/DT company/NN has/VBZ the/DT ability/NN to/TO pinpoint/VB the/DT trough/NN in/IN interest-rate/JJ cycles/NNS ./. | |
| In/IN October/NNP 1979/CD ,/, just/RB days/NNS before/IN the/DT Federal/NNP Reserve/NNP raised/VBD interest/NN rates/NNS ,/, IBM/NNP offered/VBD $/$ 1/CD billion/CD in/IN debt/NN securities/NNS ./. | |
| The/DT boost/NN in/IN rates/NNS sent/VBD IBM/NNP 's/POS bonds/NNS tumbling/VBG ,/, leaving/VBG underwriters/NNS with/IN millions/NNS of/IN dollars/NNS of/IN losses/NNS and/CC triggering/VBG a/DT sell-off/NN in/IN the/DT overall/JJ market/NN ./. | |
| The/DT company/NN ``/`` ca/MD n't/RB be/VB bullish/JJ if/IN they/PRP 're/VBP doing/VBG a/DT sizable/JJ 30-year/JJ bullet/NN ,/, ''/'' said/VBD one/CD analyst/NN ./. | |
| Others/NNS said/VBD IBM/NNP might/MD increase/VB the/DT size/NN of/IN the/DT offering/NN to/TO as/RB much/JJ as/IN $/$ 1/CD billion/CD if/IN investor/NN demand/NN is/VBZ strong/JJ ./. | |
| The/DT company/NN has/VBZ $/$ 1/CD billion/CD in/IN debt/NN filed/VBN with/IN the/DT Securities/NNPS and/CC Exchange/NNP Commission/NNP ./. | |
| ``/`` I/PRP think/VBP the/DT $/$ 500/CD million/CD is/VBZ a/DT little/JJ bit/NN of/IN a/DT fire/NN drill/NN ,/, ''/'' said/VBD Jim/NNP Ednee/NNP ,/, head/NN of/IN the/DT industrial/JJ bond/NN department/NN at/IN Drexel/NNP Burnham/NNP Lambert/NNP Inc/NNP ./. | |
| ``/`` I/PRP think/VBP as/IN the/DT pricing/NN time/NN arrives/VBZ ,/, the/DT bonds/NNS will/MD come/VB a/DT little/JJ richer/JJR and/CC in/IN a/DT larger/JJR amount/NN ./. ''/'' | |
| Treasury/NNP Securities/NNS | |
| Treasury/NNP prices/NNS ended/VBD mixed/JJ in/IN light/JJ trading/NN ./. | |
| The/DT benchmark/JJ 30-year/JJ bond/NN was/VBD quoted/VBN late/RB at/IN 102/CD 12/32/CD to/TO yield/VB 7.90/CD %/NN compared/VBN with/IN 102/CD 7/32/CD to/TO yield/VB 7.92/CD %/NN Monday/NNP ./. | |
| The/DT latest/JJS 10-year/JJ notes/NNS were/VBD unchanged/JJ at/IN 100/CD 16/32/CD to/TO yield/VB 7.904/CD %/NN ./. | |
| Short-term/JJ rates/NNS also/RB were/VBD mixed/JJ ./. | |
| The/DT discount/NN rate/NN on/IN three-month/JJ Treasury/NNP bills/NNS rose/VBD slightly/RB from/IN the/DT average/JJ rate/NN at/IN Monday/NNP 's/POS auction/NN to/TO 7.79/CD %/NN for/IN a/DT bond-equivalent/JJ yield/NN of/IN 8.04/CD %/NN ./. | |
| The/DT discount/NN rate/NN on/IN six-month/JJ Treasury/NNP bills/NNS fell/VBD slightly/RB to/TO 7.60/CD %/NN for/IN a/DT bond-equivalent/JJ yield/NN of/IN 7.99/CD %/NN ./. | |
| Corporate/JJ Issues/NNS | |
| Two/CD junk/NN bond/NN issues/NNS were/VBD priced/VBN yesterday/NN ,/, including/VBG a/DT scaled-backed/JJ offering/NN by/IN Beatrice/NNP Co/NNP ./. | |
| A/DT spokesman/NN for/IN underwriters/NNS Salomon/NNP Brothers/NNP Inc./NNP said/VBD Beatrice/NN cut/VBD its/PRP$ high-yield/JJ offering/NN to/TO $/$ 251/CD million/CD from/IN a/DT planned/JJ $/$ 350/CD million/CD after/IN it/PRP became/VBD clear/JJ the/DT company/NN would/MD have/VB to/TO give/VB investors/NNS higher/JJR yields/NNS ./. | |
| In/IN the/DT two-part/JJ offering/NN ,/, $/$ 151/CD million/CD of/IN senior/JJ subordinated/JJ reset/JJ notes/NNS were/VBD priced/VBN at/IN 99.75/CD and/CC carried/VBD a/DT rate/NN of/IN 13/CD 3/4/CD %/NN ,/, while/IN the/DT $/$ 100/CD million/CD of/IN senior/JJ subordinated/JJ floating/JJ rate/NN notes/NNS were/VBD priced/VBN to/TO float/VB at/IN 4.25/CD percentage/NN points/NNS above/IN the/DT London/NNP Interbank/NNP Offered/NNP Rate/NNP ,/, or/CC LIBOR/NNP ./. | |
| The/DT one-year/JJ LIBOR/NNP rate/NN yesterday/NN was/VBD 8/CD 7/16/CD %/NN ./. | |
| Since/IN the/DT recent/JJ deterioration/NN of/IN the/DT junk-bond/NN market/NN ,/, at/IN least/JJS two/CD other/JJ junk/NN issuers/NNS have/VBP said/VBN they/PRP plan/VBP to/TO scale/VB back/RP planned/JJ high-yield/JJ offerings/NNS ,/, and/CC several/JJ issues/NNS have/VBP been/VBN postponed/VBN ./. | |
| William/NNP Carmichael/NNP ,/, Beatrice/NNP chief/JJ financial/JJ officer/NN ,/, said/VBD favorable/JJ market/NN conditions/NNS in/IN September/NNP prompted/VBD the/DT company/NN to/TO plan/VB more/JJR debt/NN than/IN necessary/JJ ./. | |
| ``/`` However/RB ,/, given/VBN the/DT changes/NNS in/IN the/DT market/NN conditions/NNS that/WDT have/VBP occurred/VBN since/IN then/RB ,/, we/PRP decided/VBD to/TO sell/VB only/RB the/DT amount/NN needed/VBD to/TO proceed/VB with/IN our/PRP$ contemplated/JJ recapitalization/NN ,/, ''/'' he/PRP said/VBD ./. | |
| Under/IN the/DT firm/NN 's/POS original/JJ bank/NN credit/NN agreement/NN ,/, it/PRP was/VBD required/VBN to/TO raise/VB $/$ 250/CD million/CD of/IN subordinated/JJ debt/NN to/TO be/VB used/VBN to/TO repay/VB some/DT of/IN the/DT bank/NN borrowings/NNS drawn/VBN to/TO redeem/VB $/$ 526.3/CD million/CD of/IN increasing/VBG rate/NN debentures/NNS in/IN August/NNP ./. | |
| A/DT month/NN ago/RB ,/, when/WRB Beatrice/NNP first/RB filed/VBD to/TO sell/VB debt/NN ,/, the/DT company/NN had/VBD planned/VBN to/TO offer/VB $/$ 200/CD million/CD of/IN its/PRP$ senior/JJ subordinated/JJ reset/JJ notes/NNS at/IN a/DT yield/NN of/IN 12/CD 3/4/CD %/NN ./. | |
| The/DT $/$ 150/CD million/CD in/IN senior/JJ subordinated/JJ floating-rate/JJ notes/NNS were/VBD targeted/VBN to/TO be/VB offered/VBN at/IN a/DT price/NN to/TO float/VB four/CD percentage/NN points/NNS above/IN the/DT three-month/JJ LIBOR/NNP ./. | |
| By/IN October/NNP ,/, however/RB ,/, market/NN conditions/NNS had/VBD deteriorated/VBN and/CC the/DT reset/NN notes/NNS were/VBD targeted/VBN to/TO be/VB offered/VBN at/IN a/DT yield/NN of/IN between/IN 13/CD 1/4/CD %/NN and/CC 13/CD 1/2/CD %/NN ./. | |
| Mr./NNP Carmichael/NNP said/VBD investors/NNS also/RB demanded/VBD stricter/JJR convenants/NNS ./. | |
| Continental/NNP Cablevision/NNP Inc./NNP ,/, via/IN underwriters/NNS at/IN Morgan/NNP Stanley/NNP &/CC Co./NNP ,/, priced/VBD $/$ 350/CD million/CD of/IN junk/NN bonds/NNS at/IN par/NN to/TO yield/VB 12/CD 7/8/CD %/NN ./. | |
| Mortgage-Backed/JJ Securities/NNS | |
| J.C./NNP Penney/NNP &/CC Co./NNP issued/VBD $/$ 350/CD million/CD of/IN securities/NNS backed/VBN by/IN credit-card/JJ receivables/NN ./. | |
| The/DT securities/NNS were/VBD priced/VBN at/IN 99.1875/CD to/TO yield/VB about/RB 9.19/CD %/NN ./. | |
| Underwriters/NNS at/IN First/NNP Boston/NNP Corp./NNP said/VBD the/DT J.C./NNP Penney/NNP credit-card/JJ securities/NNS are/VBP the/DT first/JJ with/IN a/DT 10-year/JJ average/JJ life/NN ,/, which/WDT is/VBZ much/RB longer/JJR than/IN previous/JJ such/JJ issues/NNS ./. | |
| Elsewhere/RB ,/, Ginnie/NNP Mae/NNP 's/POS 9/CD %/NN issue/NN for/IN November/NNP delivery/NN was/VBD quoted/VBN at/IN 98/CD 18/32/CD bid/NN ,/, up/RB 5/32/CD from/IN late/JJ Monday/NNP ,/, to/TO yield/VB about/RB 9.333/CD %/NN to/TO a/DT 12-year/JJ average/JJ life/NN assumption/NN ./. | |
| Freddie/NNP Mac/NNP 's/POS 9/CD 1/2/CD %/NN issue/NN was/VBD quoted/VBN at/IN 99/CD 20/32/CD ,/, up/RB 3/32/CD from/IN Monday/NNP ./. | |
| Fannie/NNP Mae/NNP 's/POS 9/CD %/NN issue/NN was/VBD at/IN 98/CD 7/32/CD ,/, up/RB 1/8/CD ./. | |
| On/IN the/DT pricing/NN front/NN ,/, an/DT 11-class/JJ issue/NN of/IN $/$ 500/CD million/CD Federal/NNP Home/NNP Loan/NNP Mortgage/NNP Corp/NNP ./. | |
| Remic/NNP mortgage/NN securities/NNS was/VBD launched/VBN by/IN a/DT Morgan/NNP Stanley/NNP group/NN ./. | |
| The/DT offering/NN is/VBZ backed/VBN by/IN Freddie/NNP Mac/NNP 's/POS 10/CD %/NN issue/NN with/IN a/DT weighted/JJ average/JJ term/NN to/TO maturity/NN of/IN 29.583/CD months/NNS ./. | |
| Municipal/JJ Issues/NNS | |
| Municipal/JJ bonds/NNS were/VBD little/RB changed/VBN to/TO 1/2/CD point/NN higher/JJR in/IN late/JJ dealings/NNS ./. | |
| ``/`` We/PRP were/VBD oversold/VBN and/CC today/NN we/PRP bounced/VBD back/RP ./. | |
| Some/DT accounts/NNS came/VBD in/RP for/IN some/DT blocks/NNS in/IN the/DT secondary/JJ {/-LRB- market/NN }/-RRB- ,/, which/WDT we/PRP have/VBP n't/RB seen/VBN for/IN a/DT while/NN ,/, ''/'' said/VBD one/CD trader/NN ./. | |
| ``/`` There/EX were/VBD no/DT {/-LRB- sell/VB }/-RRB- lists/NNS and/CC the/DT calendar/NN is/VBZ lightening/VBG up/RP a/DT bit/NN ./. | |
| There/EX 's/VBZ light/NN at/IN the/DT end/NN of/IN the/DT tunnel/NN for/IN municipals/NNS ,/, ''/'' he/PRP said/VBD ,/, adding/VBG that/IN he/PRP expects/VBZ prices/NNS to/TO ``/`` inch/VB up/RB ''/'' in/IN the/DT near/JJ term/NN ./. | |
| The/DT market/NN 's/POS tone/NN improved/VBD after/IN Monday/NNP 's/POS pricing/NN of/IN $/$ 813/CD million/CD New/NNP York/NNP City/NNP general/JJ obligation/NN bonds/NNS ./. | |
| The/DT issue/NN 's/POS smooth/JJ absorption/NN eased/VBD fears/NNS that/IN supply/NN would/MD overwhelm/VB demand/NN in/IN coming/JJ sessions/NNS ,/, traders/NNS said/VBD ./. | |
| Demand/NN for/IN the/DT bonds/NNS was/VBD strong/JJ enough/RB to/TO permit/VB underwriters/NNS to/TO trim/VB some/DT yields/NNS in/IN the/DT tax-exempt/JJ portion/NN of/IN the/DT offering/NN late/JJ Monday/NNP ./. | |
| A/DT two-part/JJ $/$ 75.1/CD million/CD offering/NN of/IN wastewater/NN treatment/NN bonds/NNS by/IN the/DT New/NNP Jersey/NNP Wastewater/NNP Treatment/NNP Trust/NNP was/VBD more/RBR than/IN half/RB sold/VBN by/IN late/RB in/IN the/DT session/NN ,/, according/VBG to/TO lead/JJ underwriter/NN Merrill/NNP Lynch/NNP Capital/NNP Markets/NNP ./. | |
| The/DT debt/NN was/VBD reoffered/VBN priced/VBN to/TO yield/VB from/IN 6/CD %/NN in/IN 1991/CD to/TO 7.15/CD %/NN in/IN 2008-2009/CD ./. | |
| Foreign/JJ Bonds/NNS | |
| Most/JJS foreign/JJ government/NN bonds/NNS markets/NNS were/VBD quiet/JJ ./. | |
| West/JJ German/JJ bonds/NNS firmed/VBD a/DT bit/NN after/IN Monday/NNP 's/POS fall/NN ,/, but/CC traders/NNS said/VBD the/DT market/NN remains/VBZ bearish/JJ due/RB to/TO speculation/NN that/IN interest/NN rates/NNS could/MD rise/VB again/RB ./. | |
| In/IN a/DT speech/NN given/VBN Friday/NNP but/CC released/VBN late/JJ Monday/NNP ,/, Bundesbank/NNP Vice/NNP President/NNP Helmut/NNP Schlesinger/NNP suggested/VBD that/IN it/PRP was/VBD risky/JJ to/TO claim/VB that/IN the/DT booming/JJ German/JJ economy/NN has/VBZ reached/VBN the/DT peak/NN of/IN its/PRP$ cycle/NN ./. | |
| His/PRP$ comments/NNS were/VBD interpreted/VBN as/IN a/DT sign/NN that/IN higher/JJR interest/NN rates/NNS are/VBP possible/JJ ./. | |
| On/IN Oct./NNP 5/CD ,/, the/DT Bundesbank/NNP raised/VBD the/DT Lombard/NNP and/CC discount/NN rates/NNS by/IN one/CD percentage/NN point/NN to/TO 8/CD %/NN and/CC 6/CD %/NN ,/, respectively/RB ,/, the/DT highest/JJS levels/NNS in/IN seven/CD years/NNS ./. | |
| Germany/NNP 's/POS 7/CD %/NN bond/NN due/JJ October/NNP 1999/CD was/VBD unchanged/JJ at/IN 99.35/CD to/TO yield/VB 7.09/CD %/NN while/IN the/DT 6/CD 3/4/CD %/NN notes/NNS due/JJ July/NNP 1994/CD rose/VBD 0.025/CD point/NN to/TO 97.275/CD to/TO yield/VB 7.445/CD %/NN ./. | |
| Japanese/JJ government/NN bonds/NNS showed/VBD little/JJ change/NN ./. | |
| Japan/NNP 's/POS benchmark/JJ No./NN 111/CD issue/NN due/JJ 1998/CD ended/VBD on/IN brokers/NNS '/POS screens/NNS at/IN 95.90/CD ,/, down/RB 0.02/CD point/NN ,/, to/TO yield/VB 5.435/CD %/NN ./. | |
| British/JJ government/NN bonds/NNS were/VBD little/RB changed/VBN as/IN investors/NNS awaited/VBD an/DT address/NN on/IN economic/JJ policy/NN by/IN John/NNP Major/NNP ,/, the/DT new/JJ Chancellor/NNP of/IN the/DT Exchequer/NNP ./. | |
| Britain/NNP 's/POS benchmark/JJ 11/CD 3/4/CD %/NN bond/NN due/JJ 2003/2007/CD rose/VBD 2/32/CD to/TO 111/CD 1/2/CD to/TO yield/VB 10.14/CD %/NN while/IN the/DT 11/CD 3/4/CD %/NN notes/NNS due/JJ 1991/CD were/VBD unchanged/JJ at/IN 98/CD 21/32/CD to/TO yield/VB 12.95/CD %/NN ./. | |
| Paramount/NNP Communications/NNP Inc./NNP said/VBD it/PRP sold/VBD two/CD Simon/NNP &/CC Schuster/NNP information/NN services/NNS units/NNS to/TO Macmillan/NNP Inc./NNP ,/, a/DT subsidiary/NN of/IN Maxwell/NNP Communication/NNP Corp/NNP ./. | |
| The/DT two/CD units/NNS are/VBP Prentice/NNP Hall/NNP Information/NNP Services/NNP ,/, which/WDT publishes/VBZ tax/NN ,/, financial/JJ planning/NN and/CC business/NN law/NN information/NN ,/, among/IN other/JJ services/NNS ,/, and/CC Prentice/NNP Hall/NNP Information/NNP Network/NNP ,/, which/WDT electronically/RB delivers/VBZ tax/NN information/NN ./. | |
| Terms/NNS were/VBD n't/RB disclosed/VBN ,/, but/CC industry/NN executives/NNS said/VBD the/DT units/NNS were/VBD sold/VBN for/IN $/$ 40/CD million/CD ./. | |
| Arthur/NNP H./NNP Rosenfeld/NNP ,/, previously/RB president/NN of/IN the/DT Prentice/NNP Hall/NNP Tax/NNP and/CC Professional/NNP Services/NNP division/NN ,/, was/VBD named/VBN president/NN of/IN the/DT newly/RB formed/VBN Macmillan/NNP Professional/NNP and/CC Business/NNP Reference/NNP division/NN ./. | |
| Simon/NNP &/CC Schuster/NNP retains/VBZ the/DT Corporation/NNP Law/NNP looseleaf/NN service/NN ,/, which/WDT will/MD become/VB part/NN of/IN its/PRP$ Prentice/NNP Hall/NNP Law/NNP &/CC Business/NNP unit/NN ./. | |
| A/DT governing/VBG body/NN of/IN both/CC the/DT Financial/NNP Accounting/NNP Standards/NNP Board/NNP and/CC the/DT Governmental/NNP Accounting/NNP Standards/NNP Board/NNP voted/VBD to/TO give/VB the/DT FASB/NNP jurisdiction/NN over/IN accounting/NN standards/NNS for/IN certain/JJ government-owned/JJ entities/NNS ./. | |
| The/DT Financial/NNP Accounting/NNP Foundation/NNP voted/VBD 12-2/RB that/DT FASB/NNP accounting/NN rules/NNS supercede/VBP GASB/NNP rules/NNS in/IN regard/NN to/TO utilities/NNS ,/, hospitals/NNS ,/, and/CC colleges/NNS and/CC universities/NNS owned/VBN by/IN the/DT government/NN ./. | |
| GASB/NNP rules/NNS still/RB apply/VBP for/IN other/JJ government/NN units/NNS ./. | |
| After/IN the/DT GASB/NNP was/VBD founded/VBN in/IN 1984/CD ,/, 11/CD years/NNS after/IN the/DT FASB/NNP ,/, the/DT government-owned/JJ entities/NNS were/VBD supposed/VBN to/TO follow/VB FASB/NNP rules/NNS unless/IN the/DT GASB/NNP superceded/VBD them/PRP ./. | |
| The/DT GASB/NNP had/VBD told/VBN governments/NNS they/PRP did/VBD n't/RB have/VB to/TO follow/VB FASB/NNP rules/NNS on/IN depreciation/NN ,/, making/VBG it/PRP difficult/JJ for/IN bond-rating/JJ agencies/NNS to/TO compare/VB private/JJ and/CC state-owned/JJ schools/NNS ,/, which/WDT compete/VBP in/IN the/DT public/JJ bond/NN market/NN ./. | |
| The/DT foundation/NN vote/NN is/VBZ effective/JJ for/IN the/DT affected/JJ government/NN entities/NNS with/IN fiscal/JJ years/NNS that/WDT begin/VBP starting/VBG next/JJ Jan./NNP 1/CD and/CC makes/VBZ the/DT financial/JJ results/NNS of/IN the/DT hospitals/NNS ,/, colleges/NNS and/CC schools/NNS easier/JJR to/TO compare/VB with/IN for-profit/JJ businesses/NNS ./. | |
| But/CC it/PRP may/MD lead/VB to/TO separate/JJ financial/JJ reports/NNS based/VBN on/IN different/JJ rules/NNS for/IN the/DT government/NN entities/NNS under/IN FASB/NNP rules/NNS and/CC those/DT still/RB under/IN GASB/NNP rules/NNS ./. | |
| ``/`` Managers/NNS of/IN government/NN entities/NNS are/VBP often/RB more/RBR concerned/JJ with/IN the/DT political/JJ and/CC legal/JJ structure/NN and/CC financial-report/JJ comparability/NN with/IN profit-making/JJ businesses/NNS is/VBZ n't/RB always/RB as/RB high/JJ a/DT priority/NN ,/, ''/'' a/DT foundation/NN spokesman/NN said/VBD ./. | |
| Avery/NNP Inc./NNP said/VBD it/PRP completed/VBD the/DT sale/NN of/IN Uniroyal/NNP Chemical/NNP Holding/NNP Co./NNP to/TO a/DT group/NN led/VBN by/IN management/NN of/IN Uniroyal/NNP Chemical/NNP Co./NNP ,/, the/DT unit/NN 's/POS main/JJ business/NN ./. | |
| It/PRP valued/VBD the/DT transaction/NN at/IN $/$ 800/CD million/CD ./. | |
| Avery/NNP ,/, which/WDT continues/VBZ to/TO operate/VB a/DT coal/NN company/NN it/PRP expects/VBZ to/TO sell/VB at/IN a/DT loss/NN ,/, said/VBD in/IN proxy/JJ materials/NNS it/PRP intends/VBZ to/TO seek/VB control/NN of/IN one/CD or/CC more/JJR companies/NNS ./. | |
| After/IN fees/NNS and/CC repayment/NN of/IN debt/NN ,/, Avery/NNP is/VBZ left/VBN with/IN about/RB $/$ 24/CD million/CD in/IN cash/NN and/CC securities/NNS from/IN the/DT Uniroyal/NNP sale/NN ./. | |
| Avery/NNP paid/VBD $/$ 750/CD million/CD ,/, including/VBG various/JJ legal/JJ and/CC financing/NN fees/NNS ,/, to/TO acquire/VB Uniroyal/NNP Chemical/NNP ,/, Middlebury/NNP ,/, Conn./NNP ,/, in/IN 1986/CD --/: a/DT move/NN that/WDT burdened/VBD Avery/NNP with/IN debt/NN ./. | |
| In/IN over-the-counter/JJ trading/NN ,/, Avery/NNP shares/NNS were/VBD quoted/VBN yesterday/NN at/IN a/DT bid/NN price/NN of/IN 93.75/CD cents/NNS a/DT share/NN ./. | |
| According/VBG to/TO Avery/NNP ,/, for/IN the/DT year/NN ended/VBN Sept./NNP 30/CD ,/, 1988/CD ,/, Uniroyal/NNP Chemical/NNP had/VBD sales/NNS of/IN $/$ 734.2/CD million/CD and/CC a/DT net/JJ loss/NN of/IN $/$ 47.1/CD million/CD ./. | |
| An/DT Avery/NNP spokesman/NN said/VBD that/IN the/DT loss/NN was/VBD magnified/VBN by/IN accounting/NN adjustments/NNS and/CC that/IN the/DT company/NN 's/POS loss/NN was/VBD smaller/JJR on/IN a/DT cash/NN basis/NN ./. | |
| Uniroyal/NNP has/VBZ 2,600/CD employees/NNS and/CC facilities/NNS in/IN the/DT U.S./NNP ,/, Canada/NNP ,/, Brazil/NNP ,/, Italy/NNP and/CC Taiwan/NNP ./. | |
| In/IN a/DT related/JJ development/NN ,/, Avery/NNP said/VBD it/PRP completed/VBD a/DT recapitalization/NN in/IN which/WDT its/PRP$ controlling/VBG shareholders/NNS and/CC top/JJ officers/NNS ,/, Nelson/NNP Peltz/NNP and/CC Peter/NNP W./NNP May/NNP ,/, surrendered/VBD warrants/NNS and/CC preferred/JJ stock/NN in/IN exchange/NN for/IN a/DT larger/JJR stake/NN in/IN Avery/NNP 's/POS common/JJ shares/NNS ./. | |
| On/IN a/DT fully/RB diluted/JJ basis/NN ,/, the/DT two/CD raised/VBD their/PRP$ stake/NN to/TO 68/CD %/NN from/IN 51/CD %/NN ./. | |
| In/IN December/NNP 1988/CD ,/, Messrs./NNPS Peltz/NNP and/CC May/NNP sold/VBD their/PRP$ stock/NN in/IN Triangle/NNP Industries/NNP Inc./NNP ,/, a/DT packaging/NN company/NN they/PRP controlled/VBD ,/, to/TO Pechiney/NNP Corp./NNP of/IN France/NNP ./. | |
| The/DT executives/NNS had/VBD profited/VBN handsomely/RB by/IN building/VBG American/NNP National/NNP Can/MD Co./NNP ,/, Triangle/NNP 's/POS chief/JJ asset/NN ./. | |
| In/IN January/NNP 1989/CD ,/, the/DT two/CD men/NNS acquired/VBD the/DT non-packaging/JJ assets/NNS of/IN Triangle/NNP ,/, including/VBG a/DT controlling/JJ stake/NN in/IN Avery/NNP and/CC ,/, by/IN extension/NN ,/, Uniroyal/NNP Chemical/NNP ./. | |
| In/IN the/DT August/NNP proxy/NN material/NN ,/, Avery/NNP said/VBD that/IN unless/IN it/PRP sold/VBD Uniroyal/NNP ,/, its/PRP$ ability/NN to/TO service/NN debt/NN would/MD be/VB hurt/VBN and/CC Avery/NNP 's/POS shareholder/NN value/NN would/MD ``/`` continue/VB to/TO erode/VB ./. ''/'' | |
| Until/IN Avery/NNP makes/VBZ an/DT acquisition/NN ,/, Messrs./NNPS Peltz/NNP and/CC May/NNP will/MD waive/VB their/PRP$ direct/JJ salaries/NNS and/CC bonuses/NNS ,/, the/DT company/NN said/VBD ./. | |
| For/IN at/IN least/JJS the/DT next/JJ six/CD months/NNS ,/, however/RB ,/, Avery/NNP will/MD continue/VB to/TO pay/VB $/$ 200,000/CD a/DT month/NN for/IN management/NN services/NNS to/TO a/DT company/NN controlled/VBN by/IN Messrs./NN Peltz/NNP and/CC May/NNP ,/, according/VBG to/TO the/DT proxy/JJ material/NN ./. | |
| Clarcor/NNP Inc./NNP said/VBD a/DT plan/NN to/TO sell/VB its/PRP$ J.L./NNP Clark/NNP Inc./NNP subsidiary/NN to/TO a/DT group/NN headed/VBN by/IN Anderson/NNP Industries/NNPS Inc./NNP for/IN $/$ 70.3/CD million/CD has/VBZ been/VBN terminated/VBN ./. | |
| Clarcor/NNP ,/, a/DT maker/NN of/IN packaging/NN and/CC filtration/NN products/NNS ,/, said/VBD the/DT two/CD companies/NNS could/MD n't/RB agree/VB on/IN terms/NNS of/IN a/DT definitive/JJ agreement/NN ./. | |
| The/DT sale/NN price/NN of/IN the/DT unit/NN ,/, which/WDT makes/VBZ packaging/NN products/NNS ,/, was/VBD to/TO consist/VB of/IN cash/NN ,/, notes/NNS and/CC an/DT amount/NN to/TO be/VB determined/VBN by/IN the/DT unit/NN 's/POS future/JJ performance/NN ./. | |
| Clarcor/NNP said/VBD it/PRP is/VBZ inviting/VBG proposals/NNS from/IN other/JJ prospective/JJ purchasers/NNS of/IN the/DT unit/NN ./. | |
| Both/DT Clarcor/NNP and/CC Anderson/NNP are/VBP based/VBN in/IN Rockford/NNP ,/, Ill/NNP ./. | |
| Rally/NNP 's/POS Inc./NN said/VBD it/PRP adopted/VBD a/DT shareholders/NNS rights/NNS plan/NN to/TO protect/VB shareholders/NNS from/IN an/DT inadequately/RB priced/VBN takeover/NN offer/NN ./. | |
| The/DT plan/NN provides/VBZ for/IN the/DT distribution/NN of/IN one/CD common/JJ stock-purchase/JJ right/NN as/IN a/DT dividend/NN for/IN each/DT share/NN of/IN common/JJ outstanding/JJ ./. | |
| Each/DT right/NN entitles/VBZ shareholders/NNS to/TO buy/VB one-half/JJ share/NN of/IN common/JJ for/IN $/$ 30/CD ./. | |
| Earlier/RBR this/DT month/NN ,/, a/DT group/NN led/VBN by/IN three/CD of/IN the/DT company/NN 's/POS directors/NNS ,/, Burt/NNP Sugarman/NNP ,/, James/NNP M./NNP Trotter/NNP III/NNP and/CC Willam/NNP E./NNP Trotter/NNP II/NNP ,/, indicated/VBD it/PRP had/VBD a/DT 45.2/CD %/NN stake/NN in/IN the/DT Louisville/NNP ,/, Ky./NNP ,/, fast-food/NN company/NN and/CC that/IN it/PRP planned/VBD to/TO seek/VB a/DT majority/NN of/IN seats/NNS on/IN Rally/NNP 's/POS nine-member/JJ board/NN ./. | |
| The/DT company/NN said/VBD it/PRP was/VBD ``/`` concerned/VBN about/IN the/DT announced/JJ intent/NN to/TO acquire/VB control/NN of/IN the/DT company/NN ''/'' by/IN a/DT Sugarman-led/JJ group/NN ./. | |
| Fujitsu/NNP Ltd./NNP said/VBD it/PRP wants/VBZ to/TO withdraw/VB its/PRP$ controversial/JJ one-yen/JJ bid/NN to/TO design/VB a/DT waterworks/NN computer/NN system/NN for/IN the/DT city/NN of/IN Hiroshima/NNP ./. | |
| Meanwhile/RB ,/, Japan/NNP 's/POS Fair/NNP Trade/NNP Commission/NNP said/VBD it/PRP was/VBD considering/VBG launching/VBG an/DT investigation/NN into/IN whether/IN the/DT bid/NN ,/, the/DT equivalent/NN of/IN less/JJR than/IN a/DT penny/NN ,/, violates/VBZ anti-monopoly/JJ laws/NNS ./. | |
| Hiroshima/NNP last/JJ week/NN held/VBD an/DT auction/NN to/TO pick/VB the/DT contractor/NN ,/, expecting/VBG to/TO pay/VB about/RB 11/CD million/CD yen/NNS for/IN the/DT project/NN ./. | |
| Eight/CD companies/NNS submitted/VBD bids/NNS ,/, but/CC Fujitsu/NNP won/VBD the/DT contract/NN by/IN essentially/RB saying/VBG it/PRP would/MD do/VB the/DT job/NN for/IN free/JJ ./. | |
| News/NNP of/IN the/DT bid/NN drew/VBD sharp/JJ criticism/NN from/IN other/JJ computer/NN companies/NNS and/CC industry/NN observers/NNS ./. | |
| Fujitsu/NNP itself/PRP ,/, which/WDT said/VBD the/DT bid/NN had/VBD n't/RB been/VBN approved/VBN by/IN its/PRP$ headquarters/NNS ,/, was/VBD clearly/RB embarrassed/JJ ./. | |
| The/DT bid/NN was/VBD n't/RB ``/`` socially/RB acceptable/JJ ,/, ''/'' a/DT company/NN spokeswoman/NN said/VBD ./. | |
| Hiroshima/NNP officials/NNS said/VBD they/PRP still/RB consider/VBP the/DT contract/NN in/IN effect/NN and/CC had/VBD no/DT immediate/JJ plans/NNS to/TO cancel/VB it/PRP ./. | |
| They/PRP said/VBD they/PRP wanted/VBD to/TO wait/VB for/IN the/DT outcome/NN of/IN any/DT government/NN investigation/NN before/IN deciding/VBG what/WP to/TO do/VB ./. | |
| The/DT city/NN 's/POS Department/NNP of/IN Consumer/NNP Affairs/NNP charged/VBD Newmark/NNP &/CC Lewis/NNP Inc./NNP with/IN failing/VBG to/TO deliver/VB on/IN its/PRP$ promise/NN of/IN lowering/VBG prices/NNS ./. | |
| In/IN a/DT civil/JJ suit/NN commenced/VBD in/IN state/NN Supreme/NNP Court/NNP in/IN New/NNP York/NNP ,/, the/DT agency/NN alleged/VBD that/IN the/DT consumer-electronics/NNS and/CC appliance/NN discount-retailing/NN chain/NN engaged/VBD in/IN deceptive/JJ advertising/NN by/IN claiming/VBG to/TO have/VB ``/`` lowered/VBN every/DT price/NN on/IN every/DT item/NN ''/'' as/IN part/NN of/IN an/DT advertising/NN campaign/NN that/WDT began/VBD June/NNP 1/CD ./. | |
| The/DT agency/NN said/VBD it/PRP monitored/VBD Newmark/NNP &/CC Lewis/NNP 's/POS advertised/JJ prices/NNS before/IN and/CC after/IN the/DT ad/NN campaign/NN ,/, and/CC found/VBD that/IN the/DT prices/NNS of/IN at/IN least/JJS 50/CD different/JJ items/NNS either/CC increased/VBD or/CC stayed/VBD the/DT same/JJ ./. | |
| In/IN late/JJ May/NNP ,/, Newmark/NNP &/CC Lewis/NNP announced/VBD a/DT plan/NN to/TO cut/VB prices/NNS 5/CD %/NN to/TO 20/CD %/NN and/CC eliminate/VB what/WP it/PRP called/VBD a/DT ``/`` standard/JJ discount-retailing/NN practice/NN ''/'' of/IN negotiating/VBG individual/JJ deals/NNS with/IN customers/NNS ./. | |
| The/DT consumer/NN agency/NN also/RB disputed/VBN Newmark/NNP &/CC Lewis/NNP 's/POS continuing/VBG strategy/NN of/IN advertising/VBG ``/`` new/JJ lower/JJR prices/NNS ''/'' when/WRB allgedly/RB there/EX have/VBP n't/RB been/VBN price/NN reductions/NNS since/IN June/NNP 1/CD ./. | |
| Richard/NNP D./NNP Lewis/NNP ,/, president/NN of/IN the/DT 47-store/JJ chain/NN ,/, defended/VBD the/DT company/NN 's/POS pricing/NN campaign/NN ,/, saying/VBG it/PRP did/VBD n't/RB use/VB ``/`` the/DT misleading/JJ expression/NN `/`` reduced/VBN from/IN original/JJ prices/NNS ./. '/'' ''/'' | |
| Mr./NNP Lewis/NNP said/VBD the/DT company/NN marked/VBD price/NN tags/NNS and/CC advertised/VBD at/IN its/PRP$ ``/`` lowest/JJS possible/JJ prices/NNS ''/'' for/IN all/PDT its/PRP$ merchandise/NN to/TO reduce/VB public/JJ confusion/NN ./. | |
| Mr./NNP Lewis/NNP said/VBD the/DT company/NN gave/VBD the/DT Consumer/NNP Affairs/NNP department/NN ``/`` volumes/NNS of/IN documents/NNS ''/'' to/TO substantiate/VB its/PRP$ statements/NNS ,/, and/CC made/VBD ``/`` every/DT effort/NN to/TO comply/VB ''/'' with/IN all/DT the/DT agency/NN 's/POS policies/NNS ./. | |
| In/IN its/PRP$ suit/NN ,/, the/DT consumer/NN agency/NN seeks/VBZ fines/NNS of/IN $/$ 1,000/CD per/IN violation/NN of/IN the/DT city/NN 's/POS Consumer/NNP Protection/NNP Law/NNP ,/, costs/NNS of/IN investigation/NN ,/, and/CC an/DT injunction/NN to/TO prevent/VB Newmark/NNP &/CC Lewis/NNP from/IN continuing/VBG its/PRP$ allegedly/RB deceptive/JJ advertising/NN ./. | |
| Wary/JJ investors/NNS have/VBP been/VBN running/VBG for/IN the/DT stock/NN market/NN 's/POS equivalent/NN of/IN bomb/NN shelters/NNS ,/, buying/VBG shares/NNS of/IN gold-mining/NN and/CC utility/NN companies/NNS ./. | |
| Those/DT two/CD groups/NNS have/VBP recently/RB been/VBN leading/VBG the/DT list/NN of/IN stocks/NNS setting/VBG new/JJ highs/NNS ./. | |
| On/IN Friday/NNP ,/, when/WRB only/RB a/DT dozen/NN common/JJ stocks/NNS hit/VBD 52-week/JJ highs/NNS on/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ,/, five/CD were/VBD gold-mining/NN issues/NNS ,/, and/CC another/DT four/CD were/VBD utilities/NNS ./. | |
| On/IN Monday/NNP ,/, when/WRB a/DT mere/JJ seven/CD common/JJ stocks/NNS managed/VBD new/JJ highs/NNS ,/, six/CD were/VBD utilities/NNS or/CC golds/NNS ./. | |
| At/IN first/JJ glance/NN ,/, gold/NN and/CC utilities/NNS seem/VBP strange/JJ bedfellows/NNS ./. | |
| After/IN all/DT ,/, gold/NN prices/NNS usually/RB soar/VBP when/WRB inflation/NN is/VBZ high/JJ ./. | |
| Utility/NN stocks/NNS ,/, on/IN the/DT other/JJ hand/NN ,/, thrive/VBP on/IN disinflation/NN ,/, because/IN the/DT fat/JJ dividends/NNS utilities/NNS pay/VBP look/VBP more/RBR attractive/JJ when/WRB prices/NNS are/VBP falling/VBG (/-LRB- or/CC rising/VBG slowly/RB )/-RRB- ./. | |
| But/CC the/DT two/CD groups/NNS have/VBP something/NN very/RB important/JJ in/IN common/JJ :/: They/PRP are/VBP both/DT havens/NNS for/IN scared/JJ money/NN ,/, stocks/NNS for/IN people/NNS who/WP hate/VBP stocks/NNS ./. | |
| It/PRP 's/POS as/IN if/IN investors/NNS ,/, the/DT past/JJ few/JJ days/NNS ,/, are/VBP betting/VBG that/IN something/NN is/VBZ going/VBG to/TO go/VB wrong/JJ --/: even/RB if/IN they/PRP do/VBP n't/RB know/VB what/WP ./. | |
| If/IN the/DT stock/NN market/NN and/CC the/DT economy/NN catch/VBP their/PRP$ breath/NN and/CC show/VBP that/IN they/PRP 're/VBP on/IN firmer/JJR footing/NN ,/, these/DT stocks/NNS might/MD well/RB fall/VB back/RB ./. | |
| Indeed/RB ,/, that/DT happened/VBD to/TO some/DT extent/NN yesterday/NN ,/, as/IN industrial/JJ stocks/NNS rebounded/VBD ,/, partly/RB on/IN news/NN of/IN takeovers/NNS in/IN the/DT paper/NN industry/NN ./. | |
| Still/RB ,/, a/DT lot/NN of/IN investors/NNS clearly/RB have/VBP revived/VBN their/PRP$ interest/NN in/IN gold/NN and/CC utility/NN shares/NNS ./. | |
| ``/`` The/DT primary/JJ overriding/JJ thing/NN is/VBZ that/IN people/NNS are/VBP frightened/JJ ,/, ''/'' says/VBZ Martin/NNP Sass/NNP ,/, a/DT New/NNP York/NNP money/NN manager/NN ./. | |
| ``/`` The/DT aftershocks/NNS of/IN Oct./NNP 13/CD (/-LRB- when/WRB the/DT Dow/NNP Jones/NNP Industrial/NNP Average/NNP dropped/VBD 190/CD points/NNS )/-RRB- are/VBP still/RB reverberating/VBG ./. ''/'' | |
| Certainly/RB ,/, the/DT Oct./NNP 13/CD sell-off/NN did/VBD n't/RB settle/VB any/DT stomachs/NNS ./. | |
| Beyond/IN that/DT ,/, money/NN managers/NNS and/CC analysts/NNS see/VBP other/JJ problems/NNS ./. | |
| Inventories/NNS are/VBP creeping/VBG up/RB ;/: car/NN inventories/NNS are/VBP already/RB high/JJ ,/, and/CC big/JJ auto/NN makers/NNS are/VBP idling/VBG plants/NNS ./. | |
| Takeover/NN fever/NN has/VBZ cooled/VBN ,/, removing/VBG a/DT major/JJ horse/NN from/IN the/DT market/NN 's/POS cart/NN ./. | |
| Britain/NNP 's/POS unsettled/JJ political/JJ scene/NN also/RB worries/VBZ some/DT investors/NNS ./. | |
| ``/`` The/DT gyrations/NNS in/IN the/DT British/JJ government/NN ''/'' add/VB political/JJ uncertainty/NN on/IN top/NN of/IN high/JJ inflation/NN and/CC a/DT ragged/JJ stock/NN market/NN ,/, says/VBZ John/NNP Hoffman/NNP ,/, assistant/JJ director/NN of/IN research/NN at/IN Smith/NNP Barney/NNP ,/, Harris/NNP Upham/NNP &/CC Co/NNP ./. | |
| ``/`` One/CD of/IN the/DT three/CD major/JJ markets/NNS in/IN the/DT world/NN is/VBZ getting/VBG chewed/VBD up/RP pretty/RB bad/RB ./. ''/'' | |
| ``/`` If/IN the/DT Fed/NNP does/VBZ not/RB come/VBN to/TO the/DT rescue/NN and/CC produce/VB lower/JJR short-term/JJ interest/NN rates/NNS over/IN the/DT next/JJ 30/CD days/NNS ,/, the/DT market/NN 's/VBZ going/VBG to/TO flounder/VB ,/, ''/'' says/VBZ Larry/NNP Wachtel/NNP ,/, a/DT market/NN analyst/NN with/IN Prudential-Bache/NNP Securities/NNP ./. | |
| With/IN this/DT sort/NN of/IN sentiment/NN common/JJ ,/, it/PRP 's/VBZ natural/JJ for/IN investors/NNS to/TO seek/VB out/RP ``/`` defensive/JJ ''/'' investments/NNS ./. | |
| Utilities/NNS are/VBP a/DT classic/JJ example/NN :/: Even/RB in/IN recessions/NNS ,/, people/NNS continue/VBP to/TO use/VB electric/JJ power/NN ,/, water/NN and/CC gas/NN at/IN a/DT fairly/RB steady/JJ rate/NN ./. | |
| Such/JJ defensive/NN issues/NNS as/IN food/NN ,/, tobacco/NN ,/, and/CC drug/NN stocks/NNS have/VBP been/VBN in/IN favor/NN for/IN some/DT time/NN ./. | |
| But/CC many/JJ of/IN these/DT stocks/NNS have/VBP now/RB become/VBN expensive/JJ ./. | |
| Mr./NNP Wachtel/NNP points/NNS to/TO Coca-Cola/NNP Co./NNP and/CC PepsiCo/NNP Inc./NNP as/IN examples/NNS :/: They/PRP 're/VBP selling/VBG for/IN 18/CD to/TO 22/CD times/NNS estimated/JJ 1990/CD per-share/JJ earnings/NNS ./. | |
| Gold/NN stocks/NNS are/VBP n't/RB cheap/JJ on/IN this/DT basis/NN ,/, either/RB ,/, with/IN many/JJ selling/VBG for/IN 20/CD times/NNS earnings/NNS or/CC more/JJR ./. | |
| Even/RB utility/NN stocks/NNS are/VBP n't/RB all/RB that/RB inexpensive/JJ ,/, at/IN an/DT average/NN of/IN 14/CD times/NNS earnings/NNS ./. | |
| But/CC the/DT two/CD groups/NNS represent/VBP a/DT further/JJ step/NN in/IN defensiveness/NN ./. | |
| If/IN gold/JJ stocks/NNS and/CC utilities/NNS continue/VBP to/TO lead/VB ,/, it/PRP may/MD signal/VB that/IN the/DT market/NN is/VBZ in/IN for/IN rough/JJ times/NNS ./. | |
| That/DT 's/VBZ just/RB what/WP Joseph/NNP Granville/NNP expects/VBZ ./. | |
| ``/`` We/PRP are/VBP going/VBG to/TO explode/VB lower/JJR ,/, ''/'' says/VBZ the/DT flamboyant/JJ market/NN seer/NN ,/, who/WP had/VBD a/DT huge/JJ following/NN a/DT few/JJ years/NNS back/RB ./. | |
| ``/`` Anyone/NN telling/VBG you/PRP to/TO buy/VB stocks/NNS in/IN this/DT market/NN is/VBZ technically/RB irresponsible/JJ ./. | |
| You/PRP do/VBP n't/RB want/VB to/TO own/VB anything/NN long/RB except/IN gold/NN stocks/NNS ./. ''/'' | |
| One/CD reason/NN for/IN his/PRP$ gloom/NN is/VBZ a/DT weekly/JJ tally/NN he/PRP keeps/VBZ of/IN stocks/NNS within/IN a/DT point/NN of/IN hitting/VBG new/JJ highs/NNS or/CC lows/NNS ./. | |
| Last/JJ Friday/NNP ,/, 96/CD stocks/NNS on/IN the/DT Big/NNP Board/NNP hit/VBD new/JJ 12-month/JJ lows/NNS ./. | |
| But/CC by/IN Mr./NNP Granville/NNP 's/POS count/NN ,/, 493/CD issues/NNS were/VBD within/IN one/CD point/NN of/IN such/JJ lows/NNS ./. | |
| Robert/NNP Stovall/NNP ,/, a/DT veteran/JJ New/NNP York/NNP money/NN manager/NN and/CC president/NN of/IN Stovall/Twenty-First/NNP Securities/NNP ,/, has/VBZ money/NN in/IN both/CC gold/NN and/CC utility/NN issues/NNS ./. | |
| ``/`` I/PRP think/VBP we/PRP could/MD very/RB well/RB have/VB {/-LRB- an/DT economic/JJ }/-RRB- slowdown/NN ,/, beginning/VBG very/RB soon/RB if/IN not/RB already/RB ,/, ''/'' he/PRP says/VBZ ./. | |
| Mr./NNP Stovall/NNP does/VBZ n't/RB expect/VB an/DT actual/JJ recession/NN ./. | |
| But/CC he/PRP does/VBZ expect/VB ``/`` a/DT muffler/NN dragger/NN ''/'' of/IN an/DT economy/NN ,/, with/IN ``/`` very/RB slow/JJ growth/NN ,/, maybe/RB one/CD quarter/NN of/IN no/DT growth/NN at/IN all/DT ./. ''/'' | |
| In/IN such/PDT a/DT climate/NN ,/, utility/NN stocks/NNS look/VBP good/JJ to/TO him/PRP ./. | |
| He/PRP favors/VBZ FPL/NNP Group/NNP Inc./NNP ,/, Florida/NNP Progress/NNP Corp./NNP ,/, TECO/NNP Energy/NNP Inc./NNP ,/, Wisconsin/NNP Energy/NNP Corp./NNP ,/, and/CC Dominion/NNP Resources/NNP Inc/NNP ./. | |
| The/DT appeal/NN of/IN gold/NN issues/NNS ,/, Mr./NNP Stovall/NNP says/VBZ ,/, is/VBZ that/IN ``/`` they/PRP 're/VBP a/DT counter/JJ group/NN ./. | |
| You/PRP go/VBP into/IN them/PRP because/IN they/PRP move/VBP counter/RB to/TO the/DT general/JJ market/NN ./. ''/'' | |
| He/PRP adds/VBZ that/IN gold/NN stocks/NNS had/VBD been/VBN down/RB so/RB long/RB they/PRP were/VBD ``/`` ready/JJ for/IN a/DT bounce/NN ./. ''/'' | |
| His/PRP$ favorites/NNS are/VBP American/NNP Barrick/NNP Resources/NNP Corp./NNP ,/, Echo/NNP Bay/NNP Mines/NNP Ltd./NNP and/CC Coeur/NNP d'Alene/NNP Mines/NNP Corp/NNP ./. | |
| Nevertheless/RB ,/, Mr./NNP Stovall/NNP emphasizes/VBZ that/IN ``/`` you/PRP do/VBP n't/RB buy/VB {/-LRB- gold/NN stocks/NNS }/-RRB- based/VBN on/IN powerful/JJ fundamentals/NNS ./. ''/'' | |
| In/IN addition/NN to/TO having/VBG high/JJ price-earnings/JJ ratios/NNS ,/, most/JJS pay/VBP puny/JJ dividends/NNS ,/, if/IN any/DT ./. | |
| ``/`` The/DT earning/NN power/NN {/-LRB- of/IN gold/NN mining/NN companies/NNS }/-RRB- is/VBZ restricted/JJ unless/IN the/DT gold/NN price/NN hops/VBZ up/IN over/IN $/$ 425/CD an/DT ounce/NN ,/, ''/'' he/PRP says/VBZ ./. | |
| Abby/NNP Cohen/NNP ,/, an/DT investment/NN strategist/NN for/IN Drexel/NNP Burnham/NNP Lambert/NNP ,/, also/RB thinks/VBZ it/PRP makes/VBZ sense/NN to/TO have/VB some/DT money/NN in/IN both/CC utilities/NNS and/CC gold/NN ./. | |
| ``/`` My/PRP$ outlook/NN is/VBZ for/IN a/DT decline/NN of/IN about/RB 10/CD %/NN in/IN corporate/JJ profits/NNS ''/'' in/IN 1990/CD ,/, she/PRP says/VBZ ./. | |
| But/CC ``/`` a/DT bunch/NN of/IN utilities/NNS ''/'' should/MD post/VB profit/NN increases/NNS ./. | |
| Among/IN utilities/NNS ,/, Drexel/NNP currently/RB favors/VBZ Entergy/NNP Corp./NNP and/CC General/NNP Public/NNP Utilities/NNP Corp/NNP ./. | |
| As/IN for/IN gold/NN ,/, she/PRP notes/VBZ that/IN it/PRP usually/RB rises/VBZ when/WRB the/DT dollar/NN is/VBZ weak/JJ ,/, as/IN it/PRP has/VBZ been/VBN lately/RB ./. | |
| Among/IN gold/JJ stocks/NNS ,/, Drexel/NNP likes/VBZ Battle/NNP Mountain/NNP Gold/NNP Co./NNP ,/, Newmont/NNP Gold/NNP Co./NNP and/CC Freeport-McMoRan/NNP Gold/NNP Co/NNP ./. | |
| It/PRP never/RB ceases/VBZ to/TO amaze/VB me/PRP how/WRB the/DT business/NN world/NN continues/VBZ to/TO trivialize/VB the/DT world/NN 's/POS environmental/JJ problems/NNS (/-LRB- ``/`` Is/VBZ Science/NN ,/, or/CC Private/JJ Gain/NN ,/, Driving/VBG Ozone/NN Policy/NN ?/. ''/'' by/IN George/NNP Melloan/NNP ,/, Business/NNP World/NNP ,/, Oct./NNP 24/CD )/-RRB- ./. | |
| To/TO suggest/VB that/IN a/DT 10/CD %/NN drop/NN in/IN ozone/NN by/IN the/DT middle/NN of/IN the/DT next/JJ century/NN would/MD be/VB negligible/JJ is/VBZ irresponsible/JJ and/CC shortsighted/JJ ./. | |
| Consider/VB the/DT fact/NN that/IN a/DT mere/JJ 2/CD %/NN drop/NN in/IN ozone/NN would/MD increase/VB birth/NN defects/NNS and/CC mutations/NNS by/IN allowing/VBG solar/JJ radiation/NN to/TO alter/VB the/DT DNA/NN structure/NN ./. | |
| Even/RB a/DT small/JJ reduction/NN is/VBZ unacceptable/JJ and/CC to/TO suggest/VB otherwise/RB is/VBZ penny-wise/JJ and/CC pound-foolish/JJ ./. | |
| The/DT reason/NN environmentalists/NNS ``/`` do/VBP n't/RB mind/VB seeing/VBG new/JJ crises/NNS arise/VB ''/'' is/VBZ because/IN there/EX are/VBP new/JJ crises/NNS ./. | |
| Crises/NNS larger/JJR and/CC more/RBR dangerous/JJ to/TO the/DT quality/NN of/IN life/NN than/IN they/PRP were/VBD 10/CD years/NNS ago/RB ./. | |
| If/IN you/PRP are/VBP doubtful/JJ ,/, consider/VB for/IN a/DT moment/NN that/IN the/DT Pomton/NNP Lakes/NNP Reservoirs/NNP in/IN northern/JJ New/NNP Jersey/NNP ,/, which/WDT supply/VBP the/DT tristate/JJ area/NN with/IN drinking/NN water/NN ,/, are/VBP riddled/JJ with/IN toxic/JJ PCBs/NNS ./. | |
| This/DT is/VBZ a/DT fact/NN and/CC not/RB the/DT product/NN of/IN some/DT environmental/JJ doomsayer/NN or/CC a/DT group/NN 's/POS ploy/NN to/TO create/VB a/DT market/NN ./. | |
| It/PRP 's/POS time/NN business/NN leaders/NNS and/CC the/DT general/JJ public/NN learn/VBP that/IN mankind/NN does/VBZ not/RB rule/VB over/IN this/DT natural/JJ environment/NN but/CC is/VBZ rather/RB the/DT integral/JJ ,/, symbiotic/JJ player/NN within/IN nature/NN 's/POS workings/NNS ./. | |
| Mark/NNP T./NNP Kuiper/NNP Jersey/NNP City/NNP ,/, N.J/NNP ./. | |
| Mr./NNP Melloan/NNP 's/POS column/NN was/VBD right/RB on/IN the/DT money/NN ,/, but/CC I/PRP wish/VBP it/PRP could/MD have/VB gone/VBN one/CD step/NN further/RBR ./. | |
| As/IN an/DT employee/NN of/IN a/DT major/JJ refrigerator/NN and/CC freezer/NN manufacturer/NN ,/, I/PRP have/VBP been/VBN heavily/RB involved/VBN in/IN dealing/VBG with/IN the/DT political/JJ manifestations/NNS of/IN the/DT Rowland-Molina/NNP theory/NN (/-LRB- named/VBN after/IN the/DT researchers/NNS who/WP found/VBD in/IN 1974/CD that/IN chlorofluorocarbons/NNS contributed/VBD to/TO the/DT depletion/NN of/IN ozone/NN in/IN the/DT earth/NN 's/POS atmosphere/NN )/-RRB- and/CC the/DT Montreal/NNP Protocol/NNP ./. | |
| An/DT important/JJ part/NN of/IN my/PRP$ effort/NN has/VBZ been/VBN to/TO understand/VB the/DT science/NN so/IN I/PRP can/MD explain/VB it/PRP to/TO corporate/JJ colleagues/NNS facing/VBG major/JJ changes/NNS in/IN product/NN design/NN ./. | |
| In/IN my/PRP$ research/NN ,/, I/PRP have/VBP found/VBN a/DT paper/NN by/IN Joseph/NNP Scotto/NNP of/IN the/DT National/NNP Cancer/NNP Institute/NNP and/CC several/JJ colleagues/NNS reporting/VBG an/DT 11-year/JJ decrease/NN in/IN UV-B/NNP radiation/NN at/IN eight/CD U.S./NNP measurement/NN sites/NNS ./. | |
| Our/PRP$ concern/NN for/IN the/DT ozone/NN layer/NN ,/, of/IN course/NN ,/, grows/VBZ out/IN of/IN the/DT potential/NN for/IN increasing/VBG UV-B/NN radiation/NN ,/, which/WDT could/MD damage/VB flora/NNS and/CC fauna/NNS ./. | |
| The/DT last/JJ of/IN the/DT measurements/NNS reported/VBN was/VBD in/IN 1985/CD ,/, but/CC recent/JJ conversations/NNS with/IN Mr./NNP Scotto/NNP indicated/VBD that/IN he/PRP knew/VBD of/IN no/DT recent/JJ changes/NNS in/IN the/DT trend/NN ./. | |
| I/PRP understand/VBP ,/, but/CC have/VBP n't/RB yet/RB verified/VBN ,/, that/IN there/EX are/VBP studies/NNS by/IN Norwegians/NNPS ,/, Russians/NNPS and/CC the/DT Max/NNP Planck/NNP Institute/NNP that/WDT show/VBP either/DT unchanging/JJ or/CC declining/VBG UV-B/NN at/IN the/DT surface/NN ./. | |
| To/TO me/PRP ,/, this/DT calls/VBZ into/IN question/NN the/DT validity/NN of/IN the/DT Rowland-Molina/NNP theory/NN and/CC hence/RB the/DT whole/JJ chlorofluorocarbons/NNS replacement/NN effort/NN ./. | |
| This/DT ,/, in/IN turn/NN ,/, threatens/VBZ the/DT massive/JJ vested/JJ interests/NNS of/IN which/WDT you/PRP have/VBP written/VBN ./. | |
| My/PRP$ questions/NNS on/IN this/DT subject/NN at/IN a/DT recent/JJ meeting/NN at/IN the/DT World/NNP Resources/NNPS Institute/NNP with/IN representatives/NNS of/IN the/DT National/NNP Resource/NNP Development/NNP Commission/NNP ,/, the/DT Environmental/NNP Protection/NNP Agency/NNP ,/, Friends/NNPS of/IN the/DT Earth/NNP ,/, etc./NN were/VBD greeted/VBN with/IN derision/NN and/CC some/DT mumbled/VBN comments/NNS about/IN that/DT report/NN being/VBG discredited/VBN ./. | |
| When/WRB I/PRP expressed/VBD amazement/NN that/IN no/DT one/NN was/VBD undertaking/VBG a/DT more/RBR current/JJ and/CC credible/JJ UV-B/NN study/NN ,/, I/PRP was/VBD urged/VBN to/TO get/VB back/RB to/TO the/DT agenda/NN topic/NN ,/, which/WDT was/VBD ,/, ironically/RB ,/, a/DT schedule/NN for/IN getting/VBG rid/JJ of/IN HCFCs/NNS ,/, the/DT so-called/JJ soft/JJ CFCs/NNS that/WDT are/VBP such/PDT an/DT important/JJ part/NN of/IN the/DT CFC/NNP substitution/NN scenario/NN ./. | |
| Subsequently/NNP ,/, I/PRP have/VBP learned/VBN that/IN a/DT private/JJ group/NN ,/, of/IN which/WDT Du/NNP Pont/NNP is/VBZ a/DT part/NN ,/, is/VBZ funding/VBG a/DT modest/JJ program/NN to/TO continue/VB data/NNS gathering/NN at/IN the/DT Scotto/NNP report/NN stations/NNS as/RB well/RB as/IN to/TO develop/VB more/RBR sophisticated/JJ UVB/NN measuring/NN instruments/NNS ./. | |
| But/CC this/DT is/VBZ almost/RB an/DT underground/JJ activity/NN ./. | |
| To/TO my/PRP$ knowledge/NN ,/, no/DT government/NN entities/NNS ,/, including/VBG the/DT EPA/NNP ,/, are/VBP pursuing/VBG UV-B/NN measurements/NNS ./. | |
| The/DT topic/NN never/RB comes/VBZ up/RP in/IN ozonedepletion/NN ``/`` establishment/NN ''/'' meetings/NNS ,/, of/IN which/WDT I/PRP have/VBP attended/VBN many/JJ ./. | |
| It/PRP seems/VBZ to/TO me/PRP that/IN such/JJ measurements/NNS are/VBP a/DT vital/JJ part/NN of/IN any/DT intellectually/RB honest/JJ evaluation/NN of/IN the/DT threat/NN posed/VBN by/IN CFCs/NNS ./. | |
| While/IN recognizing/VBG that/IN professional/JJ environmentalists/NNS may/MD feel/VB threatened/JJ ,/, I/PRP intend/VBP to/TO urge/VB that/IN UV-B/JJ be/VB monitored/VBN whenever/WRB I/PRP can/MD ./. | |
| Frederick/NNP H./NNP Hallett/NNP Vice/NNP President/NNP Industry/NNP and/CC Government/NNP Relations/NNP White/NNP Consolidated/NNP Industries/NNP Inc/NNP ./. Washington/NNP | |
| The/DT relationship/NN between/IN surface/NN release/NN of/IN CFCs/NNS and/CC global/JJ stratospheric/JJ ozone/NN loss/NN was/VBD identified/VBN back/RB in/IN 1974/CD ./. | |
| Although/IN ,/, like/IN all/DT scientific/JJ theories/NNS ,/, it/PRP had/VBD its/PRP$ initial/JJ opponents/NNS ,/, few/JJ experts/NNS question/VBP the/DT connection/NN now/RB ./. | |
| The/DT discovery/NN of/IN the/DT ozone/NN ``/`` hole/NN ''/'' over/IN Antarctica/NNP and/CC the/DT results/NNS of/IN ground-based/JJ and/CC high-altitude/JJ aircraft/NN experiments/NNS conducted/VBN over/IN the/DT past/JJ several/JJ years/NNS serve/VBP as/IN evidence/NN that/IN ozone/NN depletion/NN is/VBZ related/VBN to/TO CFC/NNP concentrations/NNS ./. | |
| In/IN the/DT September/NNP issue/NN of/IN Scientific/NNP American/NNP ,/, Thomas/NNP E./NNP Graedel/NNP ,/, distinguished/JJ member/NN of/IN the/DT technical/JJ staff/NN at/IN AT&T/NNP Bell/NNP Laboratories/NNPS ,/, and/CC Paul/NNP J./NNP Crutzen/NNP ,/, director/NN of/IN the/DT air/NN chemistry/NN division/NN of/IN the/DT Max/NNP Planck/NNP Institute/NNP for/IN Chemistry/NNP in/IN Mainz/NNP ,/, West/NNP Germany/NNP ,/, wrote/VBD ,/, ``/`` It/PRP is/VBZ now/RB quite/RB evident/JJ that/IN chlorofluorocarbons/NNS ,/, particularly/RB CFC-11/NN and/CC CFC-12/NN are/VBP the/DT major/JJ culprits/NNS responsible/JJ for/IN ozone/NN depletion/NN ./. ''/'' | |
| Mr./NNP Melloan/NNP quotes/VBZ Peter/NNP Teagan/NNP and/CC invokes/VBZ the/DT name/NN of/IN Arthur/NNP D./NNP Little/NNP Inc./NNP to/TO support/VB his/PRP$ statement/NN ./. | |
| However/RB ,/, unlike/IN Messrs./NNPS Graedel/NNP and/CC Crutzen/NNP ,/, who/WP are/VBP both/DT pioneers/NNS in/IN the/DT study/NN of/IN atmospheric/JJ chemistry/NN ,/, Mr./NNP Teagan/NNP has/VBZ no/DT special/JJ expertise/NN in/IN the/DT area/NN ./. | |
| He/PRP is/VBZ a/DT mechanical/JJ engineer/NN ,/, not/RB an/DT atmospheric/JJ chemist/NN ./. | |
| It/PRP is/VBZ insulting/JJ and/CC demeaning/JJ to/TO say/VB that/IN scientists/NNS ``/`` needed/VBD new/JJ crises/NNS to/TO generate/VB new/JJ grants/NNS and/CC contracts/NNS ''/'' and/CC that/IN environmental/JJ groups/NNS need/VBP them/PRP to/TO stay/VB in/IN business/NN ./. | |
| Solving/VBG the/DT global/JJ environmental/JJ problems/NNS we/PRP all/DT face/VBP will/MD require/VB an/DT unprecedented/JJ level/NN of/IN cooperation/NN and/CC communication/NN among/IN industry/NN ,/, policy/NN makers/NNS and/CC the/DT scientific/JJ community/NN world-wide/RB ./. | |
| Karen/NNP Fine/NNP Coburn/NNP Publisher/NN Global/NNP Environmental/NNP Change/NNP Report/NNP Arlington/NNP ,/, Mass/NNP ./. | |
| Nearly/RB two/CD months/NNS after/IN saying/VBG it/PRP had/VBD been/VBN the/DT victim/NN of/IN widespread/JJ fraud/NN ,/, MiniScribe/NNP Corp./NNP disclosed/VBD it/PRP had/VBD a/DT negative/JJ net/JJ worth/NN of/IN $/$ 88/CD million/CD as/IN of/IN July/NNP 2/CD and/CC hinted/VBD that/IN it/PRP might/MD be/VB forced/VBN to/TO file/VB for/IN protection/NN under/IN bankruptcy/NN laws/NNS ./. | |
| Richard/NNP Rifenburgh/NNP ,/, chairman/NN and/CC chief/JJ executive/NN of/IN the/DT Longmont/NNP ,/, Colo./NNP ,/, disk-drive/NN maker/NN ,/, also/RB said/VBD the/DT company/NN continued/VBD losing/VBG money/NN in/IN the/DT third/JJ quarter/NN and/CC expects/VBZ to/TO sustain/VB further/JJ losses/NNS through/IN the/DT end/NN of/IN the/DT year/NN ./. | |
| Mr./NNP Rifenburgh/NNP told/VBD industry/NN analysts/NNS he/PRP is/VBZ moving/VBG ``/`` aggressively/RB ''/'' to/TO negotiate/VB out-of-court/JJ settlements/NNS on/IN a/DT number/NN of/IN shareholder/NN lawsuits/NNS ,/, but/CC noted/VBD that/IN the/DT company/NN could/MD file/VB for/IN bankruptcy-law/NN protection/NN if/IN settlement/NN talks/NNS fail/VBP ./. | |
| Mr./NNP Rifenburgh/NNP also/RB noted/VBD that/IN 150/CD million/CD shares/NNS of/IN MiniScribe/NNP common/JJ stock/NN were/VBD traded/VBN during/IN the/DT past/JJ three/CD years/NNS ,/, ``/`` so/IN there/EX 's/VBZ a/DT tremendous/JJ amount/NN of/IN exposure/NN ./. ''/'' | |
| MiniScribe/NNP has/VBZ said/VBD that/IN its/PRP$ financial/JJ results/NNS for/IN the/DT past/JJ three/CD fiscal/NN years/NNS would/MD have/VB to/TO be/VB restated/VBN because/RB of/IN the/DT allegedly/RB fraudulent/JJ accounting/NN and/CC marketing/NN practices/NNS that/IN inflated/VBD revenues/NNS and/CC net/JJ income/NN ./. | |
| MiniScribe/NNP also/RB has/VBZ n't/RB filed/VBN any/DT financial/JJ statements/NNS for/IN 1989/CD ./. | |
| Mr./NNP Rifenburgh/NNP said/VBD such/JJ statements/NNS should/MD be/VB ready/JJ by/IN the/DT end/NN of/IN November/NNP ./. | |
| He/PRP said/VBD he/PRP expects/VBZ the/DT company/NN to/TO have/VB $/$ 500/CD million/CD in/IN sales/NNS for/IN this/DT year/NN ./. | |
| He/PRP did/VBD n't/RB say/VB what/WP the/DT company/NN expected/VBD to/TO report/VB for/IN year-earlier/JJ sales/NNS ,/, which/WDT will/MD be/VB restated/VBN from/IN the/DT previously/RB reported/VBN $/$ 603/CD million/CD ./. | |
| The/DT release/NN of/IN MiniScribe/NNP 's/POS new/JJ balance/NN sheet/NN came/VBD one/CD day/NN after/IN it/PRP introduced/VBD its/PRP$ new/JJ line/NN of/IN one-inch/JJ disk/NN drives/NNS ,/, on/IN which/WDT it/PRP is/VBZ pinning/VBG much/JJ of/IN its/PRP$ hope/NN for/IN survival/NN ./. | |
| Although/IN it/PRP is/VBZ not/RB the/DT first/JJ company/NN to/TO produce/VB the/DT thinner/JJR drives/NNS ,/, which/WDT store/VBP information/NN in/IN personal/JJ computers/NNS ,/, MiniScribe/NNP says/VBZ it/PRP is/VBZ the/DT first/JJ with/IN an/DT 80-megabyte/JJ drive/NN ;/: the/DT company/NN plans/VBZ to/TO introduce/VB a/DT 120-megabyte/JJ drive/NN next/JJ year/NN ./. | |
| Analysts/NNS and/CC consultants/NNS had/VBD mixed/JJ reactions/NNS to/TO yesterday/NN 's/POS announcements/NNS ,/, praising/VBG Mr./NNP Rifenburgh/NNP 's/POS efforts/NNS but/CC questioning/VBG whether/IN the/DT company/NN can/MD survive/VB in/IN a/DT highly/RB competitive/JJ marketplace/NN ./. | |
| ``/`` It/PRP 's/VBZ a/DT wait-and-see/JJ attitude/NN ,/, ''/'' said/VBD Dave/NNP Vellante/NNP ,/, vice/NN president/NN of/IN storage/NN research/NN for/IN International/NNP Data/NNP Corp/NNP ./. | |
| Others/NNS pointed/VBD out/RP that/IN at/IN least/JJS four/CD other/JJ disk-drive/NN makers/NNS will/MD have/VB competitive/JJ one-inch/JJ drives/NNS early/RB next/JJ year/NN and/CC that/IN the/DT industry/NN already/RB operates/VBZ on/IN very/RB thin/JJ margins/NNS ./. | |
| The/DT company/NN also/RB faces/VBZ delisting/NN by/IN the/DT National/NNP Association/NNP of/IN Securities/NNPS Dealers/NNPS ./. | |
| The/DT company/NN continues/VBZ to/TO trade/VB in/IN the/DT over-the-counter/JJ market/NN with/IN an/DT exception/NN to/TO listing/NN requirements/NNS ./. | |
| MiniScribe/NNP filed/VBD a/DT status/NN report/NN with/IN the/DT NASD/NNP on/IN Monday/NNP ,/, detailing/VBG its/PRP$ efforts/NNS to/TO comply/VB with/IN listing/NN requirements/NNS and/CC requesting/VBG an/DT extension/NN of/IN the/DT exception/NN ,/, but/CC has/VBZ n't/RB received/VBD a/DT response/NN ./. | |
| MiniScribe/NNP common/JJ closed/VBD yesterday/NN at/IN $/$ 1.9375/CD ,/, down/RB 6.25/CD cents/NNS ,/, and/CC has/VBZ been/VBN trading/VBG for/IN several/JJ months/NNS at/IN less/JJR than/IN $/$ 3/CD a/DT share/NN ./. | |
| Meanwhile/RB ,/, U.S./NNP Attorney/NNP Jerry/NNP Rafferty/NNP in/IN Denver/NNP is/VBZ reviewing/VBG the/DT report/NN prepared/VBN by/IN MiniScribe/NNP 's/POS outside/JJ directors/NNS ,/, to/TO determine/VB if/IN criminal/JJ charges/NNS should/MD be/VB brought/VBN before/IN a/DT grand/JJ jury/NN ./. | |
| The/DT MiniScribe/NNP report/NN outlines/VBZ a/DT host/NN of/IN allegedly/RB fraudulent/JJ practices/NNS ,/, including/VBG the/DT shipment/NN of/IN bricks/NNS and/CC defective/JJ disk/NN drives/NNS that/WDT were/VBD booked/VBN as/IN sales/NNS ,/, and/CC inventory/NN forgeries/NNS in/IN accounting/NN records/NNS ./. | |
| The/DT internal/JJ investigation/NN also/RB criticized/VBD MiniScribe/NNP 's/POS auditors/NNS ,/, Coopers/NNP &/CC Lybrand/NNP ,/, for/IN allegedly/RB ignoring/VBG numerous/JJ red/JJ flags/NNS ./. | |
| Mr./NNP Rifenburgh/NNP said/VBD the/DT board/NN still/RB has/VBZ n't/RB acted/VBN on/IN most/JJS of/IN the/DT internal/JJ report/NN 's/POS recommendations/NNS ,/, pending/VBG restatement/NN of/IN the/DT balance/NN sheet/NN ./. | |
| He/PRP added/VBD that/IN he/PRP expects/VBZ to/TO make/VB a/DT recommendation/NN within/IN a/DT few/JJ weeks/NNS on/IN whether/IN MiniScribe/NNP should/MD file/VB its/PRP$ own/JJ lawsuits/NNS against/IN former/JJ company/NN officers/NNS and/CC directors/NNS ./. | |
| American/NNP Enterprise/NNP Institute/NNP scholar/NN Norman/NNP Ornstein/NNP in/IN the/DT Oct./NNP 21/CD TV/NNP Guide/NNP on/IN ``/`` What/WP TV/NN News/NN Does/VBZ n't/RB Report/VB About/IN Congress/NNP --/: and/CC Should/MD ''/'' :/: | |
| By/IN concentrating/VBG all/PDT their/PRP$ resources/NNS on/IN the/DT pay/NN raise/NN ,/, Wright/NNP and/CC Tower/NNP ,/, the/DT networks/NNS actually/RB overlooked/VBD some/DT major/JJ stories/NNS that/WDT showed/VBD the/DT flaws/NNS and/CC shortcomings/NNS of/IN the/DT institution/NN .../: ./. | |
| An/DT imaginative/JJ producer/NN could/MD easily/RB have/VB created/VBN a/DT fast-moving/JJ and/CC interesting/JJ piece/NN about/IN how/WRB Congress/NNP really/RB works/VBZ --/: and/CC why/WRB voters/NNS in/IN ,/, say/UH ,/, West/NNP Virginia/NNP got/VBD a/DT federally/RB funded/JJ university/NN project/NN and/CC building/NN while/IN voters/NNS in/IN Arkansas/NNS did/VBD not/RB ./. | |
| But/CC nobody/NN did/VBD such/PDT a/DT piece/NN ,/, reflecting/VBG a/DT contemporary/JJ axiom/NN :/: the/DT more/RBR a/DT scandal/NN has/VBZ to/TO do/VB with/IN a/DT congressman/NN 's/POS duties/NNS as/IN a/DT congressman/NN ,/, the/DT less/RBR likely/JJ it/PRP is/VBZ to/TO catch/VB the/DT fancy/NN of/IN a/DT network/NN ./. | |
| Ethicist/NN Michael/NNP Josephson/NNP ,/, in/IN one/CD of/IN his/PRP$ institute/NN 's/POS recent/JJ publications/NNS on/IN ``/`` Journalism/NN :/: In/IN the/DT Year/NN 2000/CD ''/'' :/: | |
| The/DT operative/JJ definition/NN of/IN newsworthiness/NN will/MD favor/VB virtually/RB unrestrained/JJ use/NN of/IN personal/JJ ,/, sensitive/JJ and/CC intimate/JJ facts/NNS ./. | |
| Traditional/JJ standards/NNS of/IN relevancy/NN and/CC importance/NN (/-LRB- ``/`` is/NNS this/DT something/NN the/DT public/NN ought/MD to/TO know/VB ''/'' )/-RRB- will/MD be/VB replaced/VBN by/IN a/DT much/RB broader/JJR test/NN (/-LRB- ``/`` is/NNS this/DT something/NN the/DT public/NN is/VBZ interested/JJ in/IN knowing/VBG ''/'' )/-RRB- ./. | |
| And/CC ,/, since/IN the/DT public/NN has/VBZ always/RB been/VBN fascinated/VBN by/IN gossip/NN and/CC voyeurism/NN ,/, reporters/NNS and/CC editors/NNS will/MD strain/VB for/IN creative/JJ angles/NNS to/TO justify/VB the/DT inclusion/NN of/IN collateral/JJ facts/NNS about/IN private/JJ lives/NNS including/VBG sexual/JJ activities/NNS and/CC domestic/JJ relationships/NNS ,/, activities/NNS of/IN family/NN members/NNS ,/, and/CC all/DT matters/NNS about/IN mental/JJ and/CC physical/JJ health/NN ./. | |
| Similarly/RB ,/, visual/JJ images/NNS will/MD be/VB more/RBR vivid/JJ ,/, sensational/JJ and/CC ,/, sometimes/RB ,/, gruesome/JJ ./. | |
| One/CD consequence/NN of/IN the/DT trend/NN toward/IN tabloid/JJ standards/NNS of/IN taste/NN will/MD be/VB fierce/JJ attacks/NNS from/IN politicians/NNS who/WP will/MD find/VB sufficient/JJ evidence/NN of/IN abuse/NN to/TO arouse/VB an/DT already/RB cynical/JJ public/NN to/TO control/VB the/DT press/NN ./. | |
| Bankers/NNPS Trust/NNP New/NNP York/NNP Corp./NNP won/VBD permission/NN from/IN the/DT Federal/NNP Reserve/NNP Board/NNP to/TO move/VB the/DT company/NN 's/POS private/JJ placement/NN department/NN to/TO its/PRP$ fledgling/JJ securities/NNS subsidiary/NN ./. | |
| The/DT seemingly/RB mundane/JJ action/NN ,/, which/WDT was/VBD opposed/VBN by/IN the/DT Securities/NNPS Industry/NNP Association/NNP ,/, a/DT trade/NN group/NN ,/, has/VBZ important/JJ implications/NNS for/IN banks/NNS '/POS recent/JJ entry/NN into/IN the/DT underwriting/NN of/IN corporate/JJ securities/NNS ./. | |
| The/DT Fed/NNP 's/POS action/NN increases/VBZ the/DT volume/NN of/IN publicly/RB registered/VBN securities/NNS that/IN banks/NNS '/POS securities/NNS affiliates/NNS will/MD be/VB able/JJ to/TO underwrite/VB ./. | |
| Several/JJ other/JJ banks/NNS have/VBP similar/JJ applications/NNS pending/JJ ./. | |
| Over/IN the/DT past/JJ two/CD years/NNS ,/, the/DT Fed/NNP has/VBZ given/VBN a/DT handful/NN of/IN banks/NNS '/POS securities/NNS affiliates/NNS permission/NN to/TO underwrite/VB and/CC deal/VB in/IN a/DT variety/NN of/IN corporate/JJ ,/, asset-backed/JJ and/CC municipal/JJ securities/NNS that/WDT had/VBD previously/RB been/VBN the/DT sole/JJ domain/NN of/IN securities/NNS firms/NNS ./. | |
| Securities/NNS firms/NNS have/VBP challenged/VBN those/DT Fed/NNP approvals/NNS ,/, saying/VBG they/PRP violate/VBP federal/JJ laws/NNS separating/VBG the/DT banking/NN and/CC securities/NNS businesses/NNS ./. | |
| However/RB ,/, the/DT Fed/NNP limited/VBD the/DT revenue/NN that/WDT banks/NNS could/MD earn/VB from/IN these/DT new/JJ underwriting/NN activities/NNS to/TO no/DT more/JJR than/IN 10/CD %/NN of/IN the/DT revenue/NN earned/VBN from/IN other/JJ securities/NNS activities/NNS long/RB open/RB to/TO banks/NNS ,/, such/JJ as/IN dealing/VBG in/IN U.S./NNP Treasurys/NNPS ./. | |
| For/IN some/DT banks/NNS that/DT 10/CD %/NN ceiling/NN created/VBD problems/NNS ./. | |
| But/CC ,/, by/IN allowing/VBG BT/NNP Securities/NNP Inc./NNP to/TO handle/VB private/JJ placements/NNS ,/, the/DT Fed/NNP boosted/VBD the/DT volume/NN of/IN new/JJ types/NNS of/IN underwriting/NN that/IN the/DT unit/NN can/MD do/VB ./. | |
| Private/JJ placements/NNS involve/VBP debt/NN and/CC equity/NN securities/NNS ,/, typically/RB in/IN denominations/NNS of/IN $/$ 1/CD million/CD ,/, that/WDT are/VBP sold/VBN to/TO institutional/JJ investors/NNS and/CC are/VBP n't/RB registered/JJ with/IN the/DT Securities/NNP and/CC Exchange/NNP Commission/NNP ./. | |
| Last/JJ year/NN ,/, Bankers/NNP Trust/NNP said/VBD it/PRP placed/VBD $/$ 10/CD billion/CD of/IN corporate/JJ debt/NN and/CC equities/NNS privately/RB ./. | |
| Companies/NNS listed/VBN below/RB reported/VBD quarterly/JJ profit/NN substantially/RB different/JJ from/IN the/DT average/NN of/IN analysts/NNS '/POS estimates/NNS ./. | |
| The/DT companies/NNS are/VBP followed/VBN by/IN at/IN least/JJS three/CD analysts/NNS ,/, and/CC had/VBD a/DT minimum/JJ five-cent/JJ change/NN in/IN actual/JJ earnings/NNS per/IN share/NN ./. | |
| Estimated/JJ and/CC actual/JJ results/NNS involving/VBG losses/NNS are/VBP omitted/VBN ./. | |
| The/DT percent/NN difference/NN compares/VBZ actual/JJ profit/NN with/IN the/DT 30-day/JJ estimate/NN where/WRB at/IN least/JJS three/CD analysts/NNS have/VBP issues/NNS forecasts/NNS in/IN the/DT past/JJ 30/CD days/NNS ./. | |
| Otherwise/RB ,/, actual/JJ profit/NN is/VBZ compared/VBN with/IN the/DT 300-day/JJ estimate/NN ./. | |
| Bonnie/NNP J./NNP Stedt/NNP was/VBD named/VBN an/DT executive/JJ vice/NN president/NN of/IN the/DT American/NNP Express/NNP Travel/NNP Related/NNP Services/NNPS Co./NNP unit/NN of/IN this/DT travel/NN and/CC financial/JJ services/NNS firm/NN ./. | |
| She/PRP retains/VBZ her/PRP$ duties/NNS of/IN human-resources/NNS director/NN ./. | |
| Joe/NNP F./NNP Lynch/NNP ,/, the/DT 56-year-old/JJ chairman/NN and/CC chief/JJ executive/JJ officer/NN of/IN First/NNP Continental/NNP Real/NNP Estate/NNP Investment/NNP Trust/NNP ,/, was/VBD named/VBN to/TO the/DT new/JJ post/NN of/IN vice/NN chairman/NN of/IN this/DT bank/NN holding/VBG company/NN ./. | |
| Every/DT workday/NN at/IN 11/CD a.m./RB ,/, 40-year-old/JJ Mike/NNP Sinyard/NNP dons/VBZ cycling/NN clothes/NNS ,/, hops/VBZ on/IN a/DT bike/NN he/PRP keeps/VBZ at/IN his/PRP$ Morgan/NNP Hill/NNP ,/, Calif./NNP ,/, office/NN and/CC sets/VBZ out/RP to/TO cover/VB a/DT distance/NN most/JJS people/NNS would/MD travel/VB only/RB by/IN car/NN ./. | |
| As/RB many/JJ as/IN 50/CD of/IN his/PRP$ employees/NNS at/IN Specialized/NNP Bicycle/NNP Components/NNP Inc./NNP ride/VBP with/IN him/PRP ./. | |
| When/WRB they/PRP return/VBP to/TO their/PRP$ desks/NNS at/IN 1/CD p.m./NN ,/, they/PRP have/VBP pedaled/VBN 20/CD miles/NNS ./. | |
| Such/JJ fervor/NN for/IN cycling/NN helped/VBD Mr./NNP Sinyard/NNP build/VB a/DT creative/JJ company/NN at/IN the/DT forefront/NN of/IN its/PRP$ industry/NN ./. | |
| Founded/VBN by/IN bike/NN enthusiasts/NNS rather/RB than/IN businessmen/NNS ,/, Specialized/NNP spotted/VBD the/DT appeal/NN of/IN fat-tired/JJ bikes/NNS that/WDT go/VBP almost/RB anywhere/RB and/CC began/VBD mass-producing/VBG them/PRP in/IN 1981/CD ./. | |
| In/IN the/DT past/JJ five/CD years/NNS ,/, the/DT company/NN 's/POS sales/NNS have/VBP grown/VBN to/TO $/$ 80/CD million/CD from/IN $/$ 26/CD million/CD ./. | |
| Today/NN ,/, so-called/JJ mountain/NN bikes/NNS account/VBP for/IN two-thirds/NNS of/IN the/DT $/$ 2/CD billion/CD spent/VBN annually/RB on/IN all/DT bicycles/NNS in/IN the/DT U.S./NNP ./. | |
| With/IN 65/CD %/NN of/IN its/PRP$ sales/NNS coming/VBG from/IN mountain/NN bikes/NNS ,/, Specialized/NNP is/VBZ widely/RB considered/VBN to/TO be/VB a/DT market/NN leader/NN ./. | |
| (/-LRB- Accessories/NNS ,/, largely/RB for/IN mountain-bike/NN users/NNS ,/, account/VBP for/IN much/JJ of/IN the/DT rest/NN of/IN sales/NNS ./. )/-RRB- | |
| But/CC today/NN ,/, the/DT company/NN needs/VBZ its/PRP$ entrepreneurial/JJ spirit/NN more/RBR than/IN ever/RB ./. | |
| One/CD large/JJ competitor/NN after/IN another/DT is/VBZ leaping/VBG into/IN the/DT booming/JJ market/NN Specialized/NNP helped/VBD create/VB ,/, turning/VBG out/RP mountain/NN bikes/NNS with/IN such/JJ well-known/JJ names/NNS as/IN Schwinn/NNP ,/, Peugeot/NNP ,/, Raleigh/NNP and/CC Nishiki/NNP ./. | |
| Thus/RB ,/, Mr./NNP Sinyard/NNP 's/POS company/NN must/MD innovate/VB more/RBR than/IN ever/RB to/TO stay/VB ahead/RB of/IN them/PRP ,/, by/IN developing/VBG new/JJ products/NNS specifically/RB for/IN mountain/NN biking/NN ./. | |
| At/IN the/DT same/JJ time/NN ,/, though/RB ,/, it/PRP must/MD become/VB more/RBR structured/JJ to/TO better/RBR manage/VB its/PRP$ growth/NN ./. | |
| Accomplishing/VBG both/DT will/MD be/VB a/DT balancing/NN act/NN as/RB challenging/JJ as/IN riding/VBG a/DT unicycle/NN ./. | |
| It/PRP is/VBZ a/DT problem/NN common/JJ to/TO small/JJ companies/NNS that/WDT have/VBP grown/VBN fast/RB --/: especially/RB when/WRB their/PRP$ success/NN attracts/VBZ big-time/JJ competitors/NNS ./. | |
| ``/`` The/DT big/JJ word/NN around/IN Specialized/NNP is/VBZ passion/NN ,/, ''/'' says/VBZ Erik/NNP Eidsmo/NNP ,/, a/DT former/JJ ski-industry/NN executive/NN whom/WP Mr./NNP Sinyard/NNP recruited/VBD from/IN Citicorp/NNP to/TO run/VB marketing/NN and/CC sales/NNS ./. | |
| ``/`` What/WP I/PRP hope/VBP to/TO bring/VB to/TO this/DT is/VBZ another/DT word/NN :/: process/NN ./. | |
| That/IN 's/POS my/PRP$ challenge/NN ./. | |
| It/PRP 's/VBZ Mike/NNP 's/POS challenge/NN as/RB well/RB ./. ''/'' | |
| Mr./NNP Eidsmo/NNP is/VBZ one/CD of/IN several/JJ key/JJ people/NNS from/IN outside/IN the/DT cycling/NN industry/NN who/WP were/VBD hired/VBN to/TO bring/VB the/DT free-wheeling/JJ ,/, fast-growing/JJ company/NN under/IN tighter/JJR control/NN ./. | |
| ``/`` We/PRP had/VBD a/DT lot/NN of/IN problems/NNS ,/, ''/'' Mr./NNP Sinyard/NNP says/VBZ ./. | |
| While/IN the/DT company/NN 's/POS sales/NNS were/VBD soaring/VBG ,/, ``/`` We/PRP still/RB had/VBD a/DT system/NN that/WDT was/VBD probably/RB appropriate/JJ for/IN $/$ 10/CD million/CD to/TO $/$ 20/CD million/CD in/IN sales/NNS ./. ''/'' | |
| Adds/VBZ Mr./NNP Eidsmo/NNP ,/, ``/`` What/WP felt/VBD good/JJ that/IN day/NN was/VBD done/VBN that/DT day/NN ./. ''/'' | |
| Since/IN his/PRP$ arrival/NN in/IN May/NNP ,/, Mr./NNP Eidsmo/NNP has/VBZ put/VBN in/IN place/NN techniques/NNS learned/VBN while/IN working/VBG for/IN Citicorp/NNP ,/, such/JJ as/IN management-by-objective/NN ,/, detailed/JJ project/NN plans/NNS and/CC forecasts/NNS of/IN company/NN sales/NNS and/CC product/NN trends/NNS ./. | |
| ``/`` We/PRP 're/VBP finally/RB getting/VBG --/: and/CC it/PRP 's/VBZ been/VBN very/RB painful/JJ --/: some/DT understanding/NN of/IN what/WP the/DT company/NN 's/POS long-term/JJ horizon/NN should/MD begin/VB to/TO look/VB like/IN ,/, ''/'' Mr./NNP Eidsmo/NNP says/VBZ ./. | |
| ``/`` But/CC it/PRP 's/VBZ risky/JJ ,/, ''/'' he/PRP says/VBZ of/IN Specialized/NNP 's/POS attempt/NN to/TO adopt/VB a/DT corporate/JJ structure/NN ./. | |
| ``/`` You/PRP do/VBP n't/RB want/VB to/TO lose/VB the/DT magic/NN ''/'' of/IN the/DT company/NN 's/POS creative/JJ drive/NN ./. | |
| Hoping/VBG to/TO stay/VB ahead/RB of/IN the/DT pack/NN ,/, the/DT company/NN is/VBZ emphasizing/VBG innovation/NN ./. | |
| At/IN a/DT recent/JJ trade/NN show/NN ,/, convention-goers/NNS lined/VBD up/RP to/TO view/VB a/DT new/JJ Specialized/NNP bike/NN frame/NN that/WDT weighs/VBZ just/RB 2.7/CD pounds/NNS --/: a/DT pound/NN less/JJR than/IN the/DT lightest/JJS mountain-bike/NN frame/NN on/IN the/DT market/NN ./. | |
| By/IN replacing/VBG the/DT frame/NN 's/POS steel/NN lugs/NNS with/IN titanium/NN ones/NNS ,/, Mr./NNP Sinyard/NNP 's/POS company/NN plans/VBZ to/TO make/VB its/PRP$ next/JJ generation/NN of/IN frames/NNS even/RB lighter/JJR ./. | |
| At/IN the/DT trade/NN show/NN ,/, Specialized/NNP also/RB unveiled/VBD a/DT revolutionary/JJ three-spoked/JJ bike/NN wheel/NN developed/VBD jointly/RB by/IN Specialized/NNP and/CC Du/NNP Pont/NNP Co/NNP ./. | |
| Made/VBN of/IN space-age/JJ materials/NNS ,/, the/DT wheel/NN spokes/NNS are/VBP designed/VBN like/IN airplane/NN wings/NNS to/TO shave/VB 10/CD minutes/NNS off/IN the/DT time/NN of/IN a/DT rider/NN in/IN a/DT 100-mile/JJ race/NN ,/, the/DT company/NN claims/VBZ ./. | |
| It/PRP currently/RB costs/VBZ $/$ 750/CD ,/, though/IN Mr./NNP Sinyard/NNP thinks/VBZ the/DT price/NN can/MD be/VB reduced/VBN within/IN three/CD years/NNS to/TO between/IN $/$ 200/CD and/CC $/$ 250/CD ./. | |
| He/PRP was/VBD able/JJ to/TO slash/VB the/DT price/NN of/IN the/DT company/NN 's/POS least/RBS expensive/JJ mountain/NN bike/NN to/TO $/$ 279/CD from/IN $/$ 750/CD in/IN | |
| But/CC demands/NNS on/IN the/DT company/NN 's/POS creativity/NN are/VBP certain/JJ to/TO grow/VB ./. | |
| Competition/NN is/VBZ intensifying/VBG as/RB larger/JJR companies/NNS invade/VBP a/DT mountain-bike/NN market/NN Mr./NNP Sinyard/NNP 's/POS company/NN once/RB had/VBD virtually/RB all/RB to/TO itself/PRP ./. | |
| U.S./NNP Cycling/NNP Federation/NNP official/NN Philip/NNP Milburn/NNP says/VBZ mountain/NN biking/NN is/VBZ ``/`` growing/VBG at/IN such/PDT a/DT monstrous/JJ rate/NN that/IN a/DT lot/NN of/IN companies/NNS are/VBP getting/VBG into/IN this/DT ./. ''/'' | |
| One/NN especially/RB coveted/JJ Specialized/NNP market/NN the/DT new/JJ players/NNS are/VBP targeting/VBG is/VBZ mountain-bike/NN accessories/NNS ,/, which/WDT Mr./NNP Eidsmo/NNP calls/VBZ ``/`` the/DT future/NN of/IN our/PRP$ business/NN ./. ''/'' | |
| Accessories/NNS not/RB only/RB sell/VBP faster/RBR than/IN whole/JJ bikes/NNS ,/, they/PRP also/RB offer/VBP profit/NN margins/NNS nearly/RB double/RB the/DT 25/CD %/NN to/TO 30/CD %/NN or/CC so/RB on/IN sales/NNS of/IN complete/JJ cycles/NNS ./. | |
| To/TO get/VB a/DT piece/NN of/IN the/DT business/NN ,/, Nike/NNP Inc./NNP ,/, Beaverton/NNP ,/, Ore./NNP ,/, introduced/VBD a/DT line/NN of/IN mountain-bike/NN shoes/NNS ./. | |
| About/RB a/DT month/NN ago/RB ,/, Michelin/NNP Tire/NNP Corp./NNP ,/, Greenville/NNP ,/, S.C./NNP ,/, began/VBD selling/VBG mountain-bike/NN tires/NNS ,/, for/IN years/NNS a/DT Specialized/NNP stronghold/NN ./. | |
| Competition/NN in/IN the/DT sale/NN of/IN complete/JJ bikes/NNS is/VBZ heating/VBG up/RP too/RB ./. | |
| Trek/NNP Bicycle/NNP Corp./NNP ,/, which/WDT accounts/VBZ for/IN one-quarter/NN of/IN the/DT $/$ 400/CD million/CD in/IN annual/JJ sales/NNS at/IN its/PRP$ Milwaukee-based/JJ parent/NN ,/, Intrepid/NNP Corp./NNP ,/, entered/VBD the/DT mountain-bike/NN business/NN in/IN 1983/CD ./. | |
| Trek/NNP previously/RB made/VBD only/JJ traditional/JJ road/NN bikes/NNS ,/, but/CC ``/`` it/PRP did/VBD n't/RB take/VB a/DT rocket/NN scientist/NN to/TO change/VB a/DT road/NN bike/NN into/IN a/DT mountain/NN bike/NN ,/, ''/'' says/VBZ Trek/NNP 's/POS president/NN ,/, Dick/NNP Burke/NNP ./. | |
| The/DT segment/NN now/RB makes/VBZ up/RP roughly/RB two-thirds/NNS of/IN his/PRP$ company/NN 's/POS total/JJ sales/NNS ./. | |
| At/IN Giant/NNP Bicycle/NNP Inc./NNP ,/, Rancho/NNP Dominguez/NNP ,/, Calif./NNP ,/, sales/NNS have/VBP tripled/VBN since/IN the/DT company/NN entered/VBD the/DT U.S./NNP mountain-bike/NN business/NN in/IN 1987/CD ./. | |
| A/DT subsidiary/NN of/IN a/DT Taiwanese/JJ holding/VBG company/NN with/IN world-wide/JJ sales/NNS of/IN $/$ 150/CD million/CD ,/, Giant/NNP is/VBZ one/CD example/NN of/IN the/DT sudden/JJ globalization/NN of/IN Mr./NNP Sinyard/NNP 's/POS once-cozy/JJ market/NN niche/NN ./. | |
| Schwinn/NNP Bicycle/NNP Co./NNP ,/, Chicago/NNP ,/, established/VBD joint/JJ ventures/NNS with/IN bike/NN companies/NNS in/IN mainland/JJ China/NNP and/CC Hungary/NNP to/TO sell/VB bikes/NNS ./. | |
| In/IN the/DT past/JJ year/NN ,/, Derby/NNP International/NNP Corp./NNP ,/, Luxembourg/NNP ,/, has/VBZ acquired/VBN such/JJ major/JJ brands/NNS as/IN Peugeot/NNP ,/, Raleigh/NNP and/CC Nishiki/NNP ./. | |
| In/IN response/NN to/TO the/DT internationalization/NN of/IN the/DT business/NN ,/, Mr./NNP Sinyard/NNP 's/POS company/NN is/VBZ replacing/VBG independent/JJ distributors/NNS overseas/RB with/IN wholly/RB owned/VBN subsidiaries/NNS ./. | |
| The/DT move/NN will/MD cut/VB out/RP the/DT cost/NN of/IN a/DT middleman/NN and/CC give/VB Specialized/NNP more/JJR control/NN over/IN marketing/NN and/CC sales/NNS ./. | |
| But/CC as/IN Bill/NNP Austin/NNP ,/, Giant/NNP 's/POS president/NN ,/, puts/VBZ it/PRP ,/, ``/`` With/IN some/DT of/IN the/DT bigger/JJR players/NNS consolidating/VBG their/PRP$ strength/NN ,/, the/DT game/NN has/VBZ changed/VBN ./. | |
| Carl/NNP E./NNP Pfeiffer/NNP ,/, chief/JJ executive/JJ officer/NN ,/, was/VBD named/VBN to/TO the/DT additional/JJ post/NN of/IN chairman/NN of/IN this/DT specialty-metals/NNS manufacturing/NN concern/NN ./. | |
| Robert/NNP C./NNP Snyder/NNP ,/, a/DT director/NN and/CC chief/NN operating/NN officer/NN of/IN the/DT company/NN ,/, succeeds/VBZ Mr./NNP Pfeiffer/NNP as/IN president/NN ./. | |
| Roger/NNP M./NNP Marino/NNP ,/, president/NN ,/, was/VBD named/VBN to/TO the/DT new/JJ post/NN of/IN vice/NN chairman/NN ./. | |
| Michael/NNP Ruettgers/NNP ,/, who/WP had/VBD been/VBN executive/JJ vice/NN president/NN ,/, operations/NNS ,/, was/VBD named/VBN president/NN and/CC chief/NN operating/NN officer/NN ./. | |
| EMC/NNP manufactures/VBZ data-storage/JJ systems/NNS for/IN mainframes/NNS and/CC minicomputers/NNS ./. | |
| Richard/NNP J./NNP Riordan/NNP was/VBD elected/VBN a/DT director/NN of/IN this/DT single-family/JJ home/NN builder/NN ,/, increasing/VBG the/DT board/NN to/TO nine/CD ./. | |
| He/PRP is/VBZ a/DT senior/JJ partner/NN with/IN the/DT law/NN firm/NN of/IN Riordan/NNP &/CC McKinzie/NNP and/CC is/VBZ a/DT partner/NN in/IN Riordan/NNP Venture/NNP Management/NNP ./. | |
| John/NNP Franco/NNP ,/, 47/CD years/NNS old/JJ ,/, formerly/RB vice/NN chairman/NN of/IN Capital/NNP Holding/NNP Corp./NNP and/CC president/NN of/IN its/PRP$ Accumulation/NNP Investment/NNP Group/NNP ,/, was/VBD named/VBN chief/JJ executive/JJ officer/NN of/IN this/DT insurance/NN holding/VBG company/NN ,/, effective/JJ Dec./NNP 1/CD ,/, succeeding/VBG Robert/NNP T./NNP Shaw/NNP ,/, who/WP remains/VBZ chairman/NN ./. | |
| I.C.H./NNP also/RB named/VBD Steven/NNP B./NNP Bing/NNP ,/, 42/CD ,/, senior/JJ vice/NN president/NN since/IN 1986/CD ,/, as/IN president/NN ,/, succeeding/VBG John/NNP W./NNP Gardiner/NNP ,/, who/WP will/MD join/VB the/DT HMS/NNP Acquisition/NNP Corp./NNP division/NN of/IN Hicks/NNP ,/, Muse/NNP &/CC Co./NNP ,/, which/WDT has/VBZ agreed/VBN to/TO buy/VB most/JJS of/IN I.C.H./NNP 's/POS Denver-based/JJ subsidiaries/NNS ./. | |
| MCI/NNP Communications/NNP Corp./NNP said/VBD it/PRP won/VBD a/DT $/$ 27/CD million/CD contract/NN from/IN Stuart-James/NNP Co./NNP ,/, a/DT Denver/NNP investment/NN banking/NN concern/NN ,/, to/TO provide/VB voice/NN and/CC data/NN telecommunications/NNS services/NNS ./. | |
| The/DT agreement/NN calls/VBZ for/IN MCI/NNP to/TO provide/VB data/NN service/NN ,/, 800/CD and/CC Vnet/NNP service/NN ,/, a/DT virtual/JJ private/JJ network/NN service/NN ./. | |
| The/DT companies/NNS would/MD n't/RB disclose/VB the/DT length/NN of/IN the/DT contract/NN except/IN to/TO say/VB it/PRP was/VBD a/DT multiyear/JJ agreement/NN ./. | |
| The/DT head/NN of/IN British/NNP Satellite/NNP Broadcasting/NNP Ltd./NNP said/VBD he/PRP hopes/VBZ to/TO raise/VB about/RB #/# 450/CD million/CD (/-LRB- $/$ 711/CD million/CD )/-RRB- before/IN the/DT satellite-TV/JJ venture/NN makes/VBZ its/PRP$ delayed/JJ debut/NN next/JJ spring/NN --/: with/IN a/DT major/JJ chunk/NN coming/VBG from/IN new/JJ investors/NNS ./. | |
| ``/`` We/PRP 'll/MD raise/VB it/PRP through/IN bank/NN loans/NNS ./. | |
| We/PRP 'll/MD raise/VB it/PRP through/IN {/-LRB- new/JJ }/-RRB- equity/NN ./. | |
| And/CC we/PRP 'll/MD raise/VB it/PRP through/IN existing/VBG shareholders/NNS ''/'' as/RB well/RB as/IN through/IN junk/NN bonds/NNS ,/, said/VBD Anthony/NNP Simonds-Gooding/NNP ,/, the/DT private/JJ consortium/NN 's/POS chief/JJ executive/NN ./. | |
| He/PRP said/VBD he/PRP believes/VBZ the/DT bank/NN loan/NN ,/, to/TO be/VB arranged/VBN by/IN February/NNP ,/, will/MD supply/VB about/RB half/NN of/IN the/DT financing/NN ./. | |
| British/NNP Satellite/NNP ,/, which/WDT already/RB has/VBZ raised/VBN #/# 423.5/CD million/CD from/IN 10/CD backers/NNS ,/, initially/RB expected/VBD to/TO seek/VB an/DT additional/JJ #/# 400/CD million/CD ./. | |
| Mr./NNP Simonds-Gooding/NNP said/VBD the/DT additional/JJ financing/NN may/MD leave/VB British/NNP Satellite/NNP owned/VBN by/IN about/RB 20/CD investors/NNS ,/, including/VBG Australian/JJ entrepreneur/NN Alan/NNP Bond/NNP ,/, whose/WP$ nearly/RB 36/CD %/NN stake/NN would/MD be/VB reduced/VBN to/TO as/RB little/JJ as/IN 20/CD %/NN ./. | |
| Bond/NNP Corp./NNP ,/, British/NNP Satellite/NNP 's/POS biggest/JJS investor/NN ,/, would/MD like/VB to/TO withdraw/VB from/IN the/DT satellite-TV/JJ consortium/NN ,/, and/CC analysts/NNS have/VBP speculated/VBN Hollywood/NNP studios/NNS might/MD buy/VB the/DT Bond/NNP stake/NN ./. | |
| But/CC Mr./NNP Simonds-Gooding/NNP said/VBD he/PRP is/VBZ n't/RB talking/VBG to/TO any/DT studios/NNS about/IN investing/VBG ./. | |
| Besides/IN Bond/NNP Corp./NNP ,/, British/NNP Satellite/NNP 's/POS other/JJ backers/NNS include/VBP Pearson/NNP PLC/NNP ,/, Reed/NNP International/NNP PLC/NNP and/CC Granada/NNP Group/NNP PLC/NNP ./. | |
| The/DT consortium/NN faced/VBD a/DT setback/NN in/IN May/NNP when/WRB technical/JJ problems/NNS forced/VBD it/PRP to/TO postpone/VB the/DT September/NNP launch/NN until/IN next/JJ spring/NN ./. | |
| Continued/JJ uncertainty/NN about/IN the/DT timing/NN of/IN the/DT consortium/NN 's/POS debut/NN could/MD make/VB it/PRP hard/JJ to/TO find/VB a/DT #/# 450/CD million/CD cash/NN injection/NN ./. | |
| Mr./NNP Simonds-Gooding/NNP conceded/VBD that/IN British/NNP Satellite/NNP 's/POS potential/JJ U.K./NNP lenders/NNS ``/`` are/VBP saying/VBG ,/, `/`` When/WRB you/PRP 're/VBP on/IN the/DT air/NN ,/, you/PRP 'll/MD {/-LRB- actually/RB }/-RRB- get/VB the/DT money/NN ./. '/'' ''/'' | |
| The/DT bankers/NNS also/RB insist/VBP that/IN the/DT loans/NNS depend/VBP on/IN the/DT consortium/NN raising/VBG more/JJR money/NN from/IN new/JJ and/CC existing/VBG backers/NNS ./. | |
| British/NNP Satellite/NNP today/NN is/VBZ unveiling/VBG a/DT #/# 30/CD million/CD advertising/NN and/CC promotional/JJ drive/NN for/IN the/DT consortium/NN 's/VBZ planned/JJ five/CD channels/NNS of/IN movies/NNS ,/, sports/NNS ,/, entertainment/NN and/CC news/NN shows/NNS ./. | |
| As/IN part/NN of/IN the/DT drive/NN ,/, the/DT first/JJ 50,000/CD viewers/NNS who/WP put/VBP up/RP #/# 10/CD each/DT will/MD get/VB a/DT package/NN valued/VBN at/IN #/# 170/CD --/: including/VBG a/DT satellite/NN receiving/NN dish/NN ,/, equipment/NN installation/NN and/CC a/DT three-month/JJ subscription/NN to/TO its/PRP$ pay-movie/JJ service/NN ./. | |
| British/NNP Satellite/NNP faces/VBZ competition/NN from/IN Sky/NNP Television/NNP ,/, a/DT satellite-TV/JJ venture/NN begun/VBN last/JJ February/NNP and/CC owned/VBN by/IN Rupert/NNP Murdoch/NNP 's/POS News/NNP Corp/NNP ./. | |
| The/DT rivals/NNS currently/RB are/VBP locked/VBN in/IN a/DT costly/JJ bidding/NN contest/NN for/IN Hollywood/NNP film/NN rights/NNS ./. | |
| Shares/NNS closed/VBD sharply/RB higher/JJR in/IN London/NNP in/IN the/DT year/NN 's/POS thinnest/JJS volume/NN Monday/NNP ,/, supported/VBN largely/RB by/IN a/DT technical/JJ bounce/NN after/IN last/JJ week/NN 's/POS sharp/JJ declines/NNS ./. | |
| Tokyo/NNP stocks/NNS posted/VBD a/DT second-consecutive/JJ loss/NN Monday/NNP ,/, while/IN trading/VBG in/IN Frankfurt/NNP ,/, West/NNP Germany/NNP ,/, was/VBD mixed/JJ ./. | |
| In/IN London/NNP ,/, the/DT Financial/NNP Times/NNP 100-share/JJ index/NN finished/VBD 30.1/CD points/NNS higher/JJR at/IN 2112.2/CD ./. | |
| The/DT index/NN settled/VBD off/IN the/DT high/JJ of/IN 2117.1/CD posted/VBN after/IN Wall/NNP Street/NNP opened/VBD stronger/JJR ./. | |
| But/CC it/PRP showed/VBD strength/NN throughout/IN the/DT session/NN ,/, hitting/VBG a/DT low/NN of/IN only/RB 2102.2/CD within/IN the/DT first/JJ few/JJ minutes/NNS of/IN dealings/NNS ./. | |
| The/DT 30-share/JJ index/NN settled/VBD 23.2/CD points/NNS higher/JJR at/IN 1701.7/CD ./. | |
| Volume/NN was/VBD only/RB 256.6/CD million/CD shares/NNS ,/, breaking/VBG the/DT previous/JJ 1989/CD low/NN of/IN 276.8/CD million/CD shares/NNS recorded/VBN Oct./NNP 23/CD ./. | |
| Turnover/NN was/VBD also/RB down/RB substantially/RB from/IN 840.8/CD million/CD shares/NNS on/IN Friday/NNP ./. | |
| Dealers/NNS said/VBD the/DT market/NN was/VBD supported/VBN to/TO some/DT extent/NN by/IN a/DT firmer/JJR pound/NN ,/, gains/NNS on/IN Wall/NNP Street/NNP and/CC shopping/NN by/IN market-makers/NNS to/TO cover/VB internal/JJ requirements/NNS for/IN selected/JJ stocks/NNS in/IN the/DT 100-share/JJ index/NN ./. | |
| Dealers/NNS attributed/VBD most/JJS of/IN the/DT day/NN 's/POS gains/NNS to/TO market-makers/NNS moving/VBG prices/NNS higher/RBR ,/, rather/RB than/IN an/DT outbreak/NN of/IN significant/JJ buying/NN interest/NN ./. | |
| Prices/NNS were/VBD up/RB across/IN the/DT board/NN ,/, with/IN most/RBS blue-chip/JJ stocks/NNS registering/VBG solid/JJ gains/NNS ./. | |
| Though/IN the/DT market/NN was/VBD stronger/JJR ,/, dealers/NNS said/VBD fresh/JJ buying/NN interest/NN was/VBD sidelined/VBN ahead/RB of/IN a/DT potential/JJ market-affecting/JJ debate/NN in/IN the/DT House/NNP of/IN Commons/NNP set/NN for/IN Tuesday/NNP ./. | |
| It/PRP will/MD be/VB Chancellor/NNP of/IN the/DT Exchequer/NNP John/NNP Major/NNP 's/POS first/JJ appearance/NN before/IN the/DT opposition/NN Labor/NNP Party/NNP ./. | |
| The/DT market/NN is/VBZ keenly/RB interested/JJ in/IN hearing/VBG what/WP he/PRP has/VBZ to/TO say/VB about/IN the/DT status/NN of/IN the/DT current/JJ 15/CD %/NN base/JJ lending/NN rate/NN ./. | |
| In/IN London/NNP trading/NN ,/, Courtaulds/NNP ,/, a/DT chemicals/NNS and/CC textiles/NNS company/NN ,/, increased/VBD 15/CD pence/NN to/TO 362/CD after/IN it/PRP disclosed/VBD plans/NNS to/TO spin/VB off/RP its/PRP$ textiles/NNS operations/NNS into/IN a/DT separately/RB listed/VBN company/NN on/IN Jan./NNP 1/CD ./. | |
| It/PRP was/VBD the/DT most/RBS active/JJ of/IN the/DT 100-share/JJ index/NN at/IN 8.3/CD million/CD shares/NNS ,/, 6.5/CD million/CD of/IN which/WDT were/VBD traded/VBN by/IN midday/NN ./. | |
| Jaguar/NNP ended/VBD 22/CD higher/JJR at/IN 747/CD ./. | |
| Dealers/NNS said/VBD fresh/JJ buying/NN was/VBD drawn/VBN into/IN Jaguar/NNP after/IN a/DT senior/JJ executive/NN of/IN Daimler-Benz/NNP ,/, the/DT auto/NN maker/NN ,/, told/VBD a/DT British/JJ television/NN interviewer/NN during/IN the/DT weekend/NN that/IN the/DT West/JJ German/JJ company/NN held/VBD talks/NNS with/IN the/DT luxury/NN auto/NN maker/NN over/IN possible/JJ joint/JJ ventures/NNS ./. | |
| Although/IN Daimler/NNP has/VBZ said/VBD it/PRP is/VBZ n't/RB interested/JJ in/IN mounting/VBG a/DT bid/NN for/IN Jaguar/NNP ,/, dealers/NNS said/VBD its/PRP$ name/NN further/RB underlined/VBD the/DT growing/VBG interest/NN in/IN the/DT British/JJ concern/NN ./. | |
| Glaxo/NNP was/VBD the/DT biggest/JJS gainer/NN ,/, jumping/VBG 35/CD to/TO #/# 13.78/CD (/-LRB- $/$ 21.72/CD )/-RRB- on/IN anticipation/NN of/IN a/DT stock/NN split/NN next/JJ week/NN ./. | |
| Total/JJ turnover/NN in/IN Glaxo/NNP was/VBD a/DT thin/JJ 975,000/CD shares/NNS ./. | |
| In/IN Tokyo/NNP ,/, stocks/NNS had/VBD a/DT second-consecutive/JJ loss/NN Monday/NNP in/IN quiet/JJ trading/NN with/IN the/DT exception/NN of/IN concentrated/JJ buying/NN in/IN some/DT incentive-backed/JJ issues/NNS ./. | |
| The/DT Nikkei/NNP index/NN of/IN 225/CD selected/JJ issues/NNS fell/VBD 109.85/CD points/NNS to/TO 35417.44/CD ./. | |
| The/DT index/NN fell/VBD 151.20/CD Friday/NNP ./. | |
| In/IN early/JJ trading/NN in/IN Tokyo/NNP Tuesday/NNP ,/, the/DT Nikkei/NNP index/NN rose/VBD 35.28/CD points/NNS to/TO 35452.72/CD ./. | |
| On/IN Monday/NNP ,/, volume/NN on/IN the/DT First/NNP Section/NNP was/VBD estimated/VBN at/IN 600/CD million/CD shares/NNS ,/, down/IN from/IN 1.24/CD billion/CD shares/NNS Friday/NNP ./. | |
| Declining/VBG issues/NNS outnumbered/VBD advancers/NNS 551/CD to/TO 349/CD ;/: 224/CD issues/NNS were/VBD unchanged/JJ ./. | |
| Investors/NNS ,/, who/WP took/VBD profits/NNS Friday/NNP ,/, mostly/RB took/VBD a/DT wait-and-see/JJ attitude/NN Monday/NNP amid/IN uncertainty/NN in/IN the/DT foreign-currency/NN market/NN and/CC New/NNP York/NNP stocks/NNS ,/, traders/NNS said/VBD ./. | |
| Takamori/NNP Matsuda/NNP ,/, an/DT analyst/NN at/IN Dresdner-ABD/NNP Securities/NNP ,/, said/VBD fading/JJ expectation/NN for/IN lower/JJR interest/NN rates/NNS made/VBD investors/NNS step/VB back/RB from/IN real-estate/NN shares/NNS ,/, which/WDT advanced/VBD last/JJ week/NN ./. | |
| Some/DT traders/NNS said/VBD institutions/NNS were/VBD waiting/VBG to/TO see/VB the/DT U.S./NNP jobless/JJ rate/NN to/TO be/VB issued/VBN Friday/NNP ./. | |
| The/DT Tokyo/NNP Stock/NNP Price/NNP Index/NNP of/IN all/DT issues/NNS listed/VBN in/IN the/DT First/NNP Section/NNP ,/, which/WDT fell/VBD 15.82/CD points/NNS Friday/NNP ,/, was/VBD down/RB 5.16/CD points/NNS ,/, or/CC 0.19/CD %/NN ,/, at/IN 2676.60/CD ./. | |
| The/DT Second/NNP Section/NNP index/NN ,/, which/WDT fell/VBD 36.87/CD points/NNS Friday/NNP ,/, was/VBD down/RB 21.44/CD points/NNS ,/, or/CC 0.59/CD %/NN ,/, to/TO close/VB at/IN 3636.06/CD ./. | |
| Second/NNP Section/NNP volume/NN was/VBD estimated/VBN at/IN 15/CD million/CD shares/NNS ,/, down/RB from/IN 24.5/CD million/CD shares/NNS Friday/NNP ./. | |
| Monday/NNP 's/POS losers/NNS included/VBD railway/NN ,/, electric-utility/JJ and/CC high-technology/NN issues/NNS ./. | |
| The/DT energy/NN of/IN participating/VBG investors/NNS streamed/VBD into/IN Tokyu/NNP Group/NNP shares/NNS ,/, pushing/VBG prices/NNS of/IN its/PRP$ companies/NNS up/RP across/IN the/DT board/NN ./. | |
| Tokyu/NNP Group/NNP announced/VBD during/IN the/DT weekend/NN that/IN each/DT Group/NNP company/NN will/MD buy/VB the/DT others/NNS '/POS stocks/NNS to/TO defend/VB themselves/PRP against/IN a/DT rumored/JJ takeover/NN ./. | |
| The/DT announcement/NN fueled/VBD speculation/NN for/IN future/JJ advances/NNS in/IN the/DT shares/NNS ./. | |
| Tokyu/NNP Department/NNP Store/NNP advanced/VBD 260/CD to/TO 2410/CD ./. | |
| Tokyu/NNP Corp./NNP was/VBD up/RB 150/CD at/IN 2890/CD ./. | |
| Tokyu/NNP Construction/NNP gained/VBD 170/CD to/TO 1610/CD ./. | |
| Other/JJ winners/NNS Monday/NNP included/VBD nonferrous/JJ metals/NNS ,/, which/WDT attracted/VBD investors/NNS because/IN of/IN a/DT surge/NN in/IN gold/NN prices/NNS on/IN the/DT back/NN of/IN the/DT unstable/JJ dollar/NN ./. | |
| Petroleum/NN companies/NNS were/VBD also/RB popular/JJ because/IN of/IN expectations/NNS of/IN a/DT weaker/JJR dollar/NN ,/, which/WDT cuts/VBZ dollar-denominated/JJ crude-oil/JJ prices/NNS ./. | |
| Share/NN prices/NNS in/IN Frankfurt/NN closed/VBD narrowly/RB mixed/JJ after/IN listless/JJ and/CC directionless/JJ trading/NN ./. | |
| The/DT DAX/NNP index/NN closed/VBD at/IN 1466.29/CD ,/, up/RB only/RB 3.36/CD ./. | |
| Traders/NNS said/VBD turnover/NN was/VBD particularly/RB thin/JJ as/IN investors/NNS waited/VBD for/IN Wall/NNP Street/NNP to/TO set/VB the/DT direction/NN for/IN the/DT week/NN ./. | |
| Most/JJS expect/VBP the/DT decline/NN in/IN New/NNP York/NNP stock/NN prices/NNS to/TO continue/VB this/DT week/NN ./. | |
| Another/DT factor/NN weighing/VBG on/IN the/DT Frankfurt/NNP market/NN involves/VBZ fears/NNS about/IN the/DT impending/JJ wage/NN talks/NNS between/IN the/DT IG/NNP Metall/NNP metal-workers/NNS union/NN and/CC industry/NN representatives/NNS ,/, which/WDT could/MD result/VB in/IN a/DT wave/NN of/IN strikes/NNS next/IN spring/NN ,/, traders/NNS said/VBD ./. | |
| A/DT few/JJ blue-chip/JJ stocks/NNS posted/VBD strong/JJ gains/NNS ,/, boosted/VBN by/IN special/JJ factors/NNS ,/, while/IN the/DT majority/NN of/IN shares/NNS ended/VBD little/RB changed/JJ ./. | |
| Elsewhere/RB ,/, stock/NN prices/NNS were/VBD lower/JJR in/IN Brussels/NNP ,/, Milan/NNP and/CC Stockholm/NNP ,/, and/CC mixed/JJ in/IN Amsterdam/NNP ,/, Paris/NNP and/CC Zurich/NNP ./. | |
| Stocks/NNS closed/VBD higher/JJR in/IN Hong/NNP Kong/NNP ,/, Manila/NNP ,/, Seoul/NNP ,/, Sydney/NNP ,/, Taipei/NNP and/CC Wellington/NNP ,/, but/CC were/VBD lower/JJR in/IN Singapore/NNP ./. | |
| 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 ./. | |
| Deere/NNP &/CC Co./NNP said/VBD it/PRP reached/VBD a/DT tentative/JJ agreement/NN with/IN the/DT machinists/NNS '/POS union/NN at/IN its/PRP$ Horicon/NNP ,/, Wis./NNP ,/, plant/NN ,/, ending/VBG a/DT month-old/JJ strike/NN by/IN workers/NNS at/IN the/DT facility/NN ./. | |
| The/DT maker/NN of/IN farm/NN equipment/NN said/VBD the/DT three-year/JJ labor/NN agreement/NN with/IN the/DT International/NNP Association/NNP of/IN Machinists/NNP and/CC Aerospace/NNP Workers/NNP at/IN John/NNP Deere/NNP Horicon/NNP Works/NNP ,/, Deere/NNP 's/POS primary/JJ facility/NN for/IN producing/VBG lawn/NN and/CC grounds-care/JJ equipment/NN ,/, takes/VBZ effect/NN immediately/RB and/CC extends/VBZ through/IN Oct./NNP 1/CD ,/, 1992/CD ./. | |
| About/RB 1,150/CD employees/NNS are/VBP covered/VBN by/IN the/DT new/JJ agreement/NN ,/, Deere/NNP said/VBD ./. | |
| Courtaulds/NNP PLC/NNP announced/VBD plans/NNS to/TO spin/VB off/RP its/PRP$ textiles/NNS operations/NNS to/TO existing/VBG shareholders/NNS in/IN a/DT restructuring/NN to/TO boost/VB shareholder/NN value/NN ./. | |
| The/DT British/JJ chemical/NN and/CC textile/NN company/NN 's/POS plan/NN ,/, which/WDT requires/VBZ shareholder/NN approval/NN ,/, would/MD create/VB a/DT new/JJ ,/, listed/JJ U.K./NNP stock/NN with/IN a/DT probable/JJ market/NN capitalization/NN between/IN #/# 300/CD million/CD (/-LRB- $/$ 473/CD million/CD )/-RRB- and/CC #/# 400/CD million/CD ,/, analysts/NNS said/VBD ./. | |
| The/DT establishment/NN of/IN the/DT separate/JJ company/NN ,/, to/TO be/VB called/VBN Courtaulds/NNP Textiles/NNP ,/, could/MD be/VB effective/JJ as/RB early/RB as/IN next/JJ year/NN 's/POS first/JJ quarter/NN ./. | |
| Investors/NNS welcomed/VBD the/DT move/NN ./. | |
| Courtaulds/NNP '/POS shares/NNS rose/VBD 15/CD pence/NN to/TO 362/CD pence/NN ,/, valuing/VBG the/DT entire/JJ company/NN at/IN about/RB #/# 1.44/CD billion/CD ./. | |
| Courtaulds/NNP '/POS spinoff/NN reflects/VBZ pressure/NN on/IN British/JJ industry/NN to/TO boost/VB share/NN prices/NNS beyond/IN the/DT reach/NN of/IN corporate/JJ raiders/NNS ./. | |
| Courtaulds/NNP '/POS restructuring/NN is/VBZ among/IN the/DT largest/JJS thus/RB far/RB in/IN Britain/NNP ,/, though/IN it/PRP is/VBZ dwarfed/VBN by/IN B.A.T/NNP Industries/NNPS PLC/NNP 's/POS plans/NNS to/TO spin/VB off/RP roughly/RB #/# 4/CD billion/CD in/IN assets/NNS to/TO help/VB fend/VB off/RP a/DT takeover/NN bid/NN from/IN Anglo-French/JJ financier/NN Sir/NNP James/NNP Goldsmith/NNP ./. | |
| The/DT divested/JJ Courtaulds/NNP textile/NN operations/NNS had/VBD operating/NN profit/NN of/IN #/# 50/CD million/CD on/IN #/# 980/CD million/CD in/IN revenue/NN in/IN the/DT year/NN ended/VBN March/NNP 31/CD ./. | |
| Some/DT analysts/NNS have/VBP said/VBD Courtaulds/NNP '/POS moves/NNS could/MD boost/VB the/DT company/NN 's/POS value/NN by/IN 5/CD %/NN to/TO 10/CD %/NN ,/, because/IN the/DT two/CD entities/NNS separately/RB will/MD carry/VB a/DT higher/JJR price/NN earnings/NNS multiple/NN than/IN they/PRP did/VBD combined/JJ ./. | |
| In/IN addition/NN ,/, Courtaulds/NNP said/VBD the/DT moves/NNS are/VBP logical/JJ because/IN they/PRP will/MD allow/VB both/DT the/DT chemicals/NNS and/CC textile/NN businesses/NNS to/TO focus/VB more/RBR closely/RB on/IN core/NN activities/NNS ./. | |
| Courtaulds/NNP has/VBZ been/VBN under/IN pressure/NN to/TO enhance/VB shareholder/NN value/NN since/IN takeover/NN speculators/NNS --/: including/VBG Australian/JJ financier/NN Kerry/NNP Packer/NNP --/: surfaced/VBD holding/VBG small/JJ stakes/NNS last/JJ year/NN ./. | |
| Though/IN Mr./NNP Packer/NNP has/VBZ since/IN sold/VBN his/PRP$ stake/NN ,/, Courtaulds/NNP is/VBZ moving/VBG to/TO keep/VB its/PRP$ institutional/JJ shareholders/NNS happy/JJ ./. | |
| Even/RB without/IN a/DT specific/NN takeover/NN threat/NN ,/, Courtaulds/NNP is/VBZ giving/VBG shareholders/NNS ``/`` choice/NN and/CC value/NN ,/, ''/'' said/VBD Julia/NNP Blake/NNP ,/, an/DT analyst/NN at/IN London/NNP stockbrokers/NNS Barclays/NNP de/IN Zoete/NNP Wedd/NNP ./. | |
| In/IN a/DT statement/NN ,/, the/DT company/NN said/VBD :/: ``/`` Both/DT parts/NNS can/MD only/RB realize/VB their/PRP$ full/JJ potential/NN and/CC be/VB appropriately/RB valued/VBN by/IN the/DT market/NN if/IN they/PRP are/VBP separately/RB quoted/VBN companies/NNS ./. | |
| The/DT sharper/JJR definition/NN and/CC the/DT autonomy/NN which/WDT each/DT will/MD thereby/RB gain/VB will/MD benefit/VB shareholders/NNS ,/, customers/NNS and/CC employees/NNS ./. ''/'' | |
| Courtaulds/NNP Chairman/NNP and/CC Chief/NNP Executive/NNP Sir/NNP Christopher/NNP Hogg/NNP will/MD remain/VB in/IN both/DT posts/NNS at/IN the/DT surviving/VBG chemical/NN company/NN after/IN the/DT spinoff/NN ./. | |
| Sanwa/NNP Shutter/NNP Corp./NNP said/VBD its/PRP$ affiliated/JJ company/NN in/IN Malaysia/NN ,/, established/VBN this/DT April/NNP ,/, will/MD begin/VB manufacturing/VBG steel/NN doors/NNS Wednesday/NNP ./. | |
| Its/PRP$ partner/NN in/IN the/DT joint/JJ venture/NN is/VBZ Sin/NNP Kean/NNP Boon/NNP Metal/NNP Industries/NNP ,/, Penang/NNP ,/, Malaysia/NNP ./. | |
| Company/NN officials/NNS said/VBD the/DT new/JJ company/NN ,/, Sin/NNP Kean/NNP Boon-Sanwa/NNP (/-LRB- J.V/NNP ./. )/-RRB- is/VBZ capitalized/VBN at/IN the/DT equivalent/NN of/IN 54/CD million/CD yen/NNS (/-LRB- $/$ 381,000/CD )/-RRB- ./. | |
| The/DT Japanese/JJ concern/NN has/VBZ a/DT 40/CD %/NN stake/NN ,/, while/IN the/DT local/JJ partner/NN has/VBZ a/DT 60/CD %/NN stake/NN ./. | |
| The/DT new/JJ company/NN was/VBD created/VBN to/TO meet/VB growing/VBG demand/NN for/IN steel/NN doors/NNS ,/, concurrent/JJ with/IN increasing/VBG local/JJ concern/NN about/IN fire/NN prevention/NN ,/, the/DT company/NN said/VBD ./. | |
| Barbara/NNP Hackman/NNP Franklin/NNP ,/, president/NN of/IN Franklin/NNP Associates/NNPS ,/, was/VBD elected/VBN a/DT director/NN of/IN this/DT building/NN products/NNS maker/NN ./. | |
| Ms./NNP Franklin/NNP ,/, 49/CD years/NNS old/JJ ,/, fills/VBZ the/DT position/NN vacated/VBN by/IN Naomi/NNP G./NNP Albanese/NNP ,/, who/WP retired/VBD earlier/RBR this/DT year/NN at/IN age/NN 72/CD ./. | |
| NEC/NNP Corp./NNP said/VBD it/PRP plans/VBZ to/TO more/RBR than/IN double/VB its/PRP$ British/NNP subsidiary/NN 's/POS capacity/NN for/IN the/DT production/NN of/IN semiconductor/NN wafers/NNS ./. | |
| Officials/NNS at/IN the/DT Japanese/JJ semiconductor/NN maker/NN said/VBD the/DT company/NN intends/VBZ to/TO increase/VB investment/NN in/IN plant/NN and/CC equipment/NN by/IN 10/CD billion/CD yen/NNS (/-LRB- $/$ 70.6/CD million/CD )/-RRB- ,/, to/TO 90/CD billion/CD yen/NNS ,/, in/IN the/DT year/NN ending/VBG March/NNP 31/CD ,/, with/IN the/DT extra/JJ funds/NNS used/VBN to/TO increase/VB production/NN overseas/RB ./. | |
| Officials/NNS said/VBD they/PRP were/VBD n't/RB sure/JJ how/WRB the/DT money/NN will/MD be/VB distributed/VBN among/IN overseas/JJ units/NNS ,/, but/CC added/VBD that/IN NEC/NNP Semiconductors/NNP U.K./NNP Ltd./NNP will/MD receive/VB priority/NN ./. | |
| Officials/NNS also/RB disclosed/VBD it/PRP 's/VBZ possible/JJ that/IN NEC/NNP may/MD reduce/VB domestic/JJ production/NN of/IN one-megabit/JJ chips/NNS to/TO five/CD million/CD a/DT month/NN from/IN six/CD million/CD ,/, beginning/VBG January/NNP ,/, because/IN of/IN deteriorating/VBG market/NN prices/NNS ./. | |
| Japan/NNP 's/POS steel/NN exports/NNS fell/VBD 12.2/CD %/NN in/IN September/NNP from/IN a/DT year/NN earlier/RBR and/CC were/VBD down/RB 1.1/CD %/NN from/IN the/DT previous/JJ month/NN ,/, the/DT Japan/NNP Iron/NNP and/CC Steel/NNP Federation/NNP reported/VBD ./. | |
| September/NNP was/VBD the/DT 10th/JJ consecutive/JJ month/NN in/IN which/WDT steel/NN exports/NNS failed/VBD to/TO reach/VB the/DT year-earlier/JJ level/NN ./. | |
| A/DT federation/NN official/NN attributed/VBD the/DT decline/NN to/TO brisk/JJ demand/NN from/IN domestic/JJ industries/NNS backed/VBN by/IN continuing/VBG economic/JJ expansion/NN in/IN Japan/NNP ./. | |
| Japanese/JJ steel/NN companies/NNS are/VBP apparently/RB focusing/VBG on/IN domestic/JJ sales/NNS ,/, but/CC the/DT official/NN said/VBD it/PRP does/VBZ n't/RB necessarily/RB mean/VB that/IN local/JJ sales/NNS contracts/NNS are/VBP increasing/VBG that/RB markedly/RB ./. | |
| ``/`` They/PRP are/VBP just/RB too/RB busy/JJ to/TO meet/VB domestic/JJ demand/NN and/CC have/VBP little/JJ room/NN for/IN overseas/JJ shipments/NNS ,/, ''/'' the/DT official/NN said/VBD ./. | |
| After/IN a/DT bad/JJ start/NN ,/, Treasury/NNP bonds/NNS were/VBD buoyed/VBN by/IN a/DT late/JJ burst/NN of/IN buying/VBG to/TO end/VB modestly/RB higher/RBR ./. | |
| ``/`` The/DT market/NN was/VBD pretty/RB dull/JJ ''/'' for/IN most/JJS of/IN the/DT day/NN ,/, said/VBD Robert/NNP H./NNP Chandross/NNP ,/, vice/NN president/NN at/IN Lloyds/NNP Bank/NNP PLC/NNP ./. | |
| He/PRP said/VBD some/DT investors/NNS were/VBD reluctant/JJ to/TO plunge/VB into/IN the/DT market/NN ahead/RB of/IN several/JJ key/JJ economic/JJ indicators/NNS due/RB this/DT week/NN ,/, especially/RB Friday/NNP 's/POS potentially/RB market-moving/JJ employment/NN report/NN ./. | |
| During/IN the/DT first/JJ hour/NN of/IN trading/NN yesterday/NN ,/, prices/NNS fell/VBD as/RB much/RB as/IN 1/4/CD point/NN ,/, or/CC down/RB about/RB $/$ 2.50/CD for/IN each/DT $/$ 1,000/CD face/NN amount/NN ./. | |
| But/CC market/NN activity/NN was/VBD energized/VBN as/IN investors/NNS started/VBD to/TO view/VB the/DT lower/JJR price/NN levels/NNS as/IN attractive/JJ ./. | |
| And/CC the/DT Treasury/NNP 's/POS $/$ 17.6/CD billion/CD auction/NN of/IN short-term/JJ bills/NNS ,/, which/WDT generated/VBD strong/JJ buying/NN interest/NN ,/, helped/VBD to/TO lift/VB the/DT bond/NN market/NN out/IN of/IN the/DT doldrums/NN ./. | |
| ``/`` We/PRP saw/VBD good/JJ retail/JJ demand/NN by/IN small/JJ banks/NNS ,/, individuals/NNS and/CC institutions/NNS and/CC that/DT is/VBZ one/CD reason/NN why/WRB the/DT market/NN advanced/VBD ''/'' late/RB in/IN the/DT day/NN ,/, said/VBD Sung/NNP Won/NNP Sohn/NNP ,/, senior/JJ vice/NN president/NN and/CC chief/JJ economist/NN at/IN Norwest/NNP Corp./NNP ,/, Minneapolis/NNP ./. | |
| He/PRP said/VBD the/DT change/NN in/IN sentiment/NN also/RB reflected/VBD perceptions/NNS that/IN the/DT slate/NN of/IN economic/JJ statistic/NN due/RB this/DT week/NN will/MD be/VB ``/`` conducive/JJ to/TO a/DT bond/NN market/NN rally/NN ./. ''/'' | |
| The/DT employment/NN report/NN ,/, which/WDT will/MD provide/VB the/DT first/JJ official/JJ measure/NN of/IN the/DT economy/NN 's/POS strength/NN in/IN October/NNP ,/, is/VBZ expected/VBN to/TO show/VB smaller/JJR gains/NNS in/IN the/DT generation/NN of/IN new/JJ jobs/NNS ./. | |
| Other/JJ key/JJ economic/JJ indicators/NNS due/RB this/DT week/NN include/VBP today/NN 's/POS release/NN of/IN the/DT September/NNP leading/VBG indicators/NNS index/NN and/CC new-home/JJ sales/NNS ./. | |
| Tomorrow/NNP ,/, the/DT October/NNP purchasing/NN managers/NNS report/NN is/VBZ due/JJ and/CC on/IN Thursday/NNP comes/VBZ October/NNP chain-store/JJ sales/NNS ./. | |
| Despite/IN yesterday/NN 's/POS modest/JJ bond/NN market/NN gains/NNS ,/, economists/NNS say/VBP investors/NNS are/VBP anxious/JJ about/IN the/DT Treasury/NNP 's/POS huge/JJ quarterly/NN refunding/VBG of/IN government/NN debt/NN ,/, the/DT timing/NN of/IN which/WDT depends/VBZ on/IN Congressional/JJ efforts/NNS to/TO raise/VB the/DT debt/NN ceiling/NN ./. | |
| Although/IN the/DT Treasury/NNP will/MD announce/VB details/NNS of/IN the/DT November/NNP refunding/NN tomorrow/NN ,/, it/PRP could/MD be/VB delayed/VBN if/IN Congress/NNP and/CC President/NNP Bush/NNP fail/VBP to/TO increase/VB the/DT Treasury/NNP 's/POS borrowing/NN capacity/NN ./. | |
| The/DT debt/NN ceiling/NN is/VBZ scheduled/VBN to/TO fall/VB to/TO $/$ 2.8/CD trillion/CD from/IN $/$ 2.87/CD trillion/CD at/IN midnight/NN tonight/NN ./. | |
| The/DT Treasury/NNP 's/POS benchmark/NN 30-year/JJ bond/NN rose/VBD 1/8/CD point/NN ./. | |
| Mortgage-backed/JJ securities/NNS were/VBD up/RB less/JJR than/IN 1/8/CD point/NN and/CC investment-grade/JJ corporate/JJ bonds/NNS were/VBD unchanged/JJ ./. | |
| Strong/JJ demand/NN for/IN New/NNP York/NNP City/NNP 's/POS $/$ 813/CD million/CD general/JJ obligation/NN bonds/NNS propped/VBN up/RP the/DT municipal/JJ market/NN ./. | |
| Traders/NNS said/VBD most/JJS municipal/JJ bonds/NNS ended/VBD 1/2/CD point/NN higher/RBR ./. | |
| The/DT New/NNP York/NNP City/NNP issue/NN included/VBD $/$ 757/CD million/CD of/IN tax-exempt/JJ bonds/NNS priced/VBN to/TO yield/VB between/IN 6.50/CD %/NN to/TO 7.88/CD %/NN ,/, depending/VBG on/IN the/DT maturity/NN ./. | |
| The/DT $/$ 56/CD million/CD of/IN New/NNP York/NNP 's/POS taxable/JJ general/JJ obligation/NN bonds/NNS were/VBD priced/VBN to/TO yield/VB between/IN 9.125/CD %/NN to/TO 9.90/CD %/NN ./. | |
| As/IN expected/VBN ,/, the/DT longer-term/JJ tax-exempt/JJ New/NNP York/NNP bonds/NNS had/VBD yields/NNS nearly/RB as/RB high/JJ as/IN those/DT on/IN taxable/JJ long-term/JJ Treasury/NNP bonds/NNS ./. | |
| The/DT yield/NN on/IN the/DT benchmark/JJ 30-year/JJ Treasury/NNP bond/NN ended/VBD yesterday/NN at/IN about/RB 7.92/CD %/NN ./. | |
| Bond/NN dealers/NNS said/VBD the/DT rates/NNS for/IN the/DT long-term/JJ tax-exempt/JJ New/NNP York/NNP City/NNP bonds/NNS were/VBD among/IN the/DT highest/JJS ,/, as/IN a/DT percentage/NN of/IN Treasury/NNP rates/NNS ,/, for/IN any/DT New/NNP York/NNP City/NNP issue/NN in/IN recent/JJ memory/NN ./. | |
| A/DT spokesman/NN for/IN New/NNP York/NNP City/NNP Comptroller/NNP Harrison/NNP Goldin/NNP said/VBD the/DT high/JJ rates/NNS reflect/VBP investors/NNS concerns/NNS about/IN the/DT city/NN 's/POS financial/JJ health/NN and/CC political/JJ uncertainties/NNS ./. | |
| New/NNP York/NNP bonds/NNS ,/, which/WDT have/VBP been/VBN hammered/VBN in/IN recent/JJ weeks/NNS on/IN the/DT pending/VBG supply/NN and/CC reports/NNS that/IN the/DT city/NN 's/POS economy/NN is/VBZ growing/VBG weaker/JJR ,/, rose/VBD 1/2/CD point/NN yesterday/NN ./. | |
| Treasury/NNP Securities/NNP | |
| Treasury/NNP bonds/NNS ended/VBD slightly/RB higher/RBR in/IN light/JJ trading/VBG ./. | |
| The/DT benchmark/NN 30-year/JJ bond/NN ended/VBN at/IN 102/CD 7/32/CD to/TO yield/VB 7.92/CD %/NN ,/, compared/VBN with/IN Friday/NNP 's/POS price/NN of/IN 102/CD 2/32/CD to/TO yield/VB 7.93/CD %/NN ./. | |
| The/DT latest/JJS 10-year/JJ notes/NNS ended/VBD at/IN about/RB 100/CD 16/32/CD to/TO yield/VB 7.90/CD %/NN ,/, compared/VBN with/IN 100/CD 11/32/CD to/TO yield/VB 7.93/CD %/NN on/IN Friday/NNP ./. | |
| Short-term/JJ interest/NN rates/NNS rose/VBD at/IN the/DT government/NN 's/POS regular/JJ weekly/JJ Treasury-bill/NN auction/NN ./. | |
| The/DT average/JJ discount/NN rate/NN on/IN three-month/JJ bills/NNS was/VBD 7.78/CD %/NN and/CC the/DT rate/NN on/IN six-month/JJ bills/NNS was/VBD 7.62/CD %/NN ./. | |
| Those/DT rates/NNS are/VBP up/RB from/IN 7.52/CD %/NN and/CC 7.50/CD %/NN ,/, respectively/RB ,/, at/IN last/JJ week/NN 's/POS auction/NN ./. | |
| Due/JJ to/TO the/DT Treasury/NNP 's/POS need/NN to/TO raise/VB funds/NNS quickly/RB before/IN the/DT current/JJ authority/NN to/TO issue/VB debt/NN expires/VBZ at/IN midnight/NN tonight/NN ,/, yesterday/NN 's/POS auction/NN was/VBD structured/VBN differently/RB from/IN previous/JJ sales/NNS ./. | |
| The/DT Treasury/NNP bills/NNS sold/VBD yesterday/NN settle/VB today/NN ,/, rather/RB than/IN the/DT standard/JJ settlement/NN day/NN of/IN Thursday/NNP ./. | |
| And/CC because/IN of/IN the/DT early/JJ settlement/NN ,/, the/DT three-month/JJ bills/NNS actually/RB have/VBP a/DT 93-day/JJ maturity/NN ,/, and/CC the/DT six-month/JJ bills/NNS have/VBP an/DT 184-day/JJ maturity/NN ./. | |
| Because/IN of/IN the/DT early/JJ settlement/NN ,/, the/DT Federal/NNP Reserve/NNP was/VBD unable/JJ to/TO purchase/VB bills/NNS for/IN its/PRP$ system/NN account/NN ./. | |
| However/RB ,/, analysts/NNS expect/VBP the/DT Fed/NNP to/TO buy/VB Treasury/NNP bills/NNS that/WDT were/VBD auctioned/VBN yesterday/NN in/IN the/DT secondary/JJ market/NN ./. | |
| The/DT Treasury/NNP also/RB held/VBD a/DT hastily/RB scheduled/VBN $/$ 2/CD billion/CD sale/NN of/IN 51-cash/JJ management/NN bills/NNS yesterday/NN ./. | |
| Here/RB are/VBP details/NNS of/IN yesterday/NN 's/POS three-month/JJ and/CC six-month/JJ bill/NN auction/NN :/: | |
| 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/NN 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 31/CD ./. | |
| The/DT 13-week/JJ bills/NNS mature/VBP Feb./NNP 1/CD ,/, and/CC the/DT 26-week/JJ bills/NNS mature/VBP May/NNP 3/CD ,/, 1990/CD ./. | |
| Here/RB are/VBP details/NNS of/IN yesterday/NN 's/POS 51-day/JJ cash/NN management/NN bill/NN auction/NN :/: | |
| Interest/NN rate/NN 8.07/CD %/NN | |
| The/DT bills/NNS are/VBP dated/VBN Oct./NNP 31/CD and/CC mature/NNP Dec./NNP 21/CD ,/, 1989/CD ./. | |
| Corporate/NNP Issues/NNP | |
| The/DT junk/NN bond/NN prices/NNS of/IN Western/NNP Union/NNP Corp./NNP tumbled/VBD after/RB the/DT company/NN said/VBD it/PRP wo/MD n't/RB proceed/VB with/IN an/DT exchange/NN offer/NN to/TO holders/NNS of/IN its/PRP$ reset/NN notes/NNS ./. | |
| The/DT Upper/NNP Saddle/NNP River/NNP ,/, N.J./NNP ,/, communications/NNS firm/NN said/VBD it/PRP is/VBZ considering/VBG alternatives/NNS to/TO the/DT restructuring/VBG of/IN the/DT senior/JJ secured/VBN notes/NNS because/IN of/IN changes/NNS in/IN the/DT high-yield/JJ market/NN ./. | |
| In/IN June/NNP ,/, Western/NNP Union/NNP was/VBD forced/VBN to/TO reset/VB the/DT interest/NN rate/NN on/IN the/DT senior/JJ secured/VBN notes/NNS due/RB in/IN 1992/CD to/TO 19/CD 1/4/CD %/NN from/IN 16/CD 1/2/CD %/NN ,/, a/DT move/NN which/WDT increased/VBD the/DT firm/NN 's/POS annual/JJ interest/NN payments/NNS by/IN $/$ 13.8/CD million/CD ./. | |
| Although/IN the/DT notes/NNS held/VBD at/IN a/DT price/NN of/IN 92/CD to/TO 93/CD immediately/RB after/IN the/DT reset/NN ,/, they/PRP started/VBD falling/VBG soon/RB afterward/RB ./. | |
| Yesterday/NN ,/, Western/NNP Union/NNP 's/POS senior/JJ secured/VBN reset/NN notes/NNS fell/VBD 3/CD 3/4/CD points/NNS ,/, or/CC about/RB $/$ 37.50/CD for/IN each/DT $/$ 1,000/CD face/NN amount/NN ,/, to/TO close/VB at/IN 50/CD 1/4/CD ./. | |
| Other/JJ Western/NNP Union/NNP securities/NNS were/VBD also/RB lower/JJR ./. | |
| The/DT company/NN 's/POS 7.90/CD %/NN sinking/NN fund/NN debentures/NNS were/VBD quoted/VBN at/IN a/DT bid/NN price/NN of/IN 14/CD 1/4/CD and/CC an/DT offered/VBN price/NN of/IN 30/CD ,/, while/IN the/DT 10/CD 3/4/CD %/NN subordinated/VBD debentures/NNS of/IN 1997/CD were/VBD being/VBG bid/VBN for/IN at/IN 28/CD and/CC offered/VBD at/IN around/RB 34/CD 3/4/CD ./. | |
| The/DT 10/CD 3/4/CD %/NN debentures/NNS last/RB traded/VBD at/IN 35/CD ./. | |
| High-yield/JJ traders/NNS said/VBD spreads/NNS between/IN the/DT bid/NN and/CC offered/VBN prices/NNS of/IN Western/NNP Union/NNP junk/NN bonds/NNS have/VBP been/VBN widening/VBG for/IN some/DT time/NN ,/, and/CC in/IN certain/JJ cases/NNS ,/, bids/NNS for/IN Western/NNP Union/NNP securities/NNS are/VBP not/RB available/JJ ./. | |
| Elsewhere/RB ,/, prices/NNS of/IN investment-grade/JJ and/CC high-risk/JJ ,/, high-yield/JJ junk/NN bonds/NNS ended/VBD unchanged/JJ ./. | |
| In/IN the/DT new-issue/JJ market/NN for/IN junk/NN securities/NNS ,/, underwriters/NNS at/IN Salomon/NNP Brothers/NNP Inc./NNP are/VBP expected/VBN to/TO price/VB today/NN a/DT $/$ 350/CD million/CD junk/NN bond/NN offering/NN by/IN Beatrice/NNP Co./NNP ./. | |
| The/DT two-part/JJ issue/NN consists/VBZ of/IN $/$ 200/CD million/CD of/IN senior/JJ subordinated/VBN reset/NN notes/NNS maturing/VBG in/IN 1997/CD and/CC $/$ 150/CD million/CD of/IN subordinated/VBN floating/VBG rate/NN notes/NNS also/RB maturing/VBG in/IN 1997/CD ./. | |
| Portfolio/NN managers/NNS said/VBD expectations/NNS are/VBP for/IN the/DT issue/NN to/TO be/VB priced/VBN at/IN a/DT discount/NN with/IN a/DT coupon/NN of/IN 13/CD 3/4/CD %/NN and/CC a/DT yield/NN of/IN about/RB 14/CD %/NN ./. | |
| The/DT Chicago-based/JJ food/NN and/CC consumer/NN goods/NNS concern/NN was/VBD acquired/VBN in/IN April/NNP 1986/CD in/IN a/DT $/$ 6.2/CD billion/CD leveraged/VBN buy-out/NN engineered/VBN by/IN Kohlberg/NNP Kravis/NNP Roberts/NNP &/CC Co/NNP ./. | |
| Proceeds/NNS from/IN the/DT note/NN sale/NN will/MD be/VB used/VBN to/TO repay/VB a/DT portion/NN of/IN the/DT bank/NN borrowings/NNS used/VBN by/IN Beatrice/NNP to/TO redeem/VB its/PRP$ $/$ 526.3/CD million/CD principal/JJ amount/NN of/IN increasing/VBG rate/NN debentures/NNS in/IN August/NNP ./. | |
| Meanwhile/RB ,/, underwriters/NNS at/IN Morgan/NNP Stanley/NNP &/CC Co./NNP are/VBP expected/VBN today/NN to/TO price/VB a/DT $/$ 350/CD million/CD high-yield/JJ offering/NN by/IN Continental/NNP Cablevision/NNP Inc/NNP ./. | |
| The/DT senior/JJ subordinated/VBN debentures/NNS maturing/VBG in/IN 2004/CD are/VBP targeted/VBN to/TO be/VB offered/VBN at/IN a/DT yield/NN of/IN between/IN 12/CD 5/8/CD %/NN to/TO 12/CD 3/4/CD %/NN ./. | |
| Mortgage-Backed/JJ Securities/NNP | |
| Mortgage/NN securities/NNS ended/VBD 2/32/CD to/TO 4/32/CD higher/RBR in/IN light/JJ trading/NN ./. | |
| Ginnie/NNP Mae/NNP 's/POS 9/CD %/NN issue/NN for/IN November/NNP delivery/NN finished/VBN at/IN 98/CD 1/2/CD ,/, up/RB 4/32/CD ,/, and/CC its/PRP$ 10/CD %/NN issue/NN at/IN 102/CD 3/8/CD ,/, up/RB 4/32/CD ./. | |
| Freddie/NNP Mac/NNP 's/POS 9/CD %/NN issue/NN ended/VBN at/IN 97/CD 19/32/CD ,/, up/RB 2/32/CD ./. | |
| In/IN the/DT derivative/JJ market/NN ,/, insurance/NN companies/NNS have/VBP scaled/VBN back/RP their/PRP$ purchases/NNS of/IN Remic/NNP securities/NNS ,/, or/CC real/JJ estate/NN mortgage/NN investment/NN conduits/NNS ,/, as/IN they/PRP assess/VBP potential/JJ claims/NNS from/IN the/DT recent/JJ California/NNP earthquake/NN and/CC hurricane/NN in/IN the/DT Carolinas/NNPS ./. | |
| This/DT could/MD mean/VB diminished/JJ issuance/NN of/IN derivative/JJ mortgage/NN issues/NNS during/IN the/DT next/JJ few/JJ weeks/NNS ./. | |
| Insurance/NN companies/NNS have/VBP been/VBN major/JJ buyers/NNS of/IN prepayment-protected/JJ planned/VBN amortization/NN classes/NNS (/-LRB- PACs/NNPS )/-RRB- during/IN the/DT past/JJ few/JJ months/NNS ./. | |
| The/DT PACs/NNPS appeal/NN to/TO insurance/NN companies/NNS and/CC other/JJ investors/NNS because/IN they/PRP have/VBP higher/JJR yields/NNS than/IN topgrade/JJ corporate/JJ bonds/NNS and/CC carry/VBP the/DT guarantee/NN of/IN Freddie/NNP Mac/NNP and/CC Fannie/NNP Mae/NNP ,/, quasi-federal/JJ agencies/NNS ./. | |
| In/IN the/DT asset-backed/JJ market/NN ,/, Beneficial/NNP Corp./NNP offered/VBD $/$ 248/CD million/CD of/IN securities/NNS backed/VBN by/IN home-equity/NN loans/NNS ,/, the/DT second/JJ large/JJ deal/NN in/IN the/DT past/NN week/NN ./. | |
| Last/JJ week/NN ,/, a/DT unit/NN of/IN MNC/NNP Financial/NNP Corp./NNP offered/VBD $/$ 268/CD million/CD of/IN home-equity/NN securities/NNS ./. | |
| Both/DT the/DT MNC/NNP and/CC Beneficial/NNP offering/NN were/VBD underwritten/JJ by/IN Merrill/NNP Lynch/NNP Capital/NNP Markets/NNP ,/, the/DT leading/VBG Wall/NNP Street/NNP firm/NN in/IN the/DT home-equity/NN securities/NNS market/NN ,/, which/WDT was/VBD created/VBN early/RB this/DT year/NN ./. | |
| Municipal/NNP Issues/NNP | |
| The/DT improved/JJ tone/NN in/IN the/DT municipal/JJ market/NN ,/, largely/RB an/DT offshoot/NN of/IN the/DT New/NNP York/NNP City/NNP sale/NN 's/POS reception/NN ,/, helped/VBD municipal/JJ futures/NNS rebound/VB from/IN early/JJ lows/NNS ,/, but/CC the/DT spread/NN between/IN the/DT contract/NN and/CC Tbond/JJ futures/NNS continued/VBD to/TO grow/VB more/RBR negative/JJ ./. | |
| The/DT MOB/NNP spread/NN ,/, or/CC difference/NN between/IN the/DT municipal/JJ and/CC T-bond/JJ futures/NNS contracts/NNS ,/, has/VBZ been/VBN near/IN all-time/JJ lows/NNS in/IN recent/JJ trading/NN ,/, driven/VBN basically/RB by/IN concerns/NNS that/IN new-issue/JJ supply/NN would/MD overwhelm/VB demand/NN ./. | |
| December/NNP municipal/JJ futures/NNS ended/VBN up/RP 11/32/CD point/NN to/TO 92-14/CD ,/, having/VBG pulled/VBN off/RP a/DT morning/NN low/NN of/IN 91-23/CD as/IN cash/NN municipals/NNS rebounded/VBD ./. | |
| But/CC front/JJ month/NN T-bond/JJ futures/NNS settled/VBD the/DT afternoon/NN session/NN up/RB a/DT slightly/RB greater/JJR 13/32/CD at/IN 99-04/CD ./. | |
| Foreign/NNP Bonds/NNP | |
| British/JJ government/NN bonds/NNS ended/VBD moderately/RB higher/RBR ,/, encouraged/VBN by/IN a/DT steadier/JJR pound/NN and/CC a/DT rise/NN in/IN British/JJ stocks/NNS ./. | |
| The/DT benchmark/NN 11/CD 3/4/CD %/NN bond/NN due/JJ 2003/2007/CD rose/VBD 10/32/CD to/TO 111/CD 14/32/CD to/TO yield/VB 10.14/CD %/NN ,/, while/IN the/DT Treasury/NNP 's/POS 12/CD %/NN notes/NNS due/JJ 1995/CD rose/VBD 7/32/CD to/TO 103/CD 5/8/CD to/TO yield/VB 11.04/CD %/NN ./. | |
| West/NNP German/NNP government/NN bonds/NNS fell/VBD as/RB much/RB as/IN 0.60/CD point/NN in/IN light/JJ ,/, nervous/JJ trading/VBG ./. | |
| The/DT 7/CD %/NN Treasury/NNP bond/NN due/JJ October/NNP 1999/CD ended/VBD off/RB 0.60/CD point/NN to/TO 99.35/CD to/TO yield/VB 7.09/CD %/NN ,/, while/IN the/DT 6/CD 3/4/CD %/NN notes/NNS due/JJ 1994/CD fell/VBD 0.35/CD point/NN to/TO 97.25/CD to/TO yield/VB 7.45/CD %/NN ./. | |
| Japanese/JJ government/NN bonds/NNS continued/VBD to/TO erode/VB as/IN the/DT dollar/NN remained/VBD resilient/JJ against/IN the/DT yen/NN ./. | |
| Japan/NNP 's/POS No./NN 111/CD 4.6/CD %/NN bond/NN due/JJ 1998/CD ended/VBD the/DT day/NN on/IN brokers/NNS screens/NNS at/IN 95.11/CD to/TO yield/VB 5.43/CD %/NN ./. | |
| So-called/JJ cross-border/JJ acquisitions/NNS totaled/VBD $/$ 23.1/CD billion/CD in/IN the/DT second/JJ quarter/NN ,/, down/RB from/IN $/$ 33.6/CD billion/CD a/DT year/NN earlier/RB ,/, according/VBG to/TO the/DT accounting/NN firm/NN KPMG/NNP Peat/NNP Marwick/NNP ./. | |
| In/IN a/DT cross-border/JJ transaction/NN ,/, the/DT buyer/NN is/VBZ in/IN a/DT different/JJ region/NN of/IN the/DT globe/NN from/IN the/DT target/NN ./. | |
| Such/JJ transactions/NNS numbered/VBD 670/CD in/IN the/DT second/JJ quarter/NN ,/, up/IN from/IN 527/CD a/DT year/NN earlier/RB ./. | |
| However/RB ,/, the/DT total/JJ value/NN declined/VBD for/IN deals/NNS of/IN $/$ 100/CD million/CD and/CC up/RB ./. | |
| The/DT downturn/NN in/IN total/JJ value/NN may/MD be/VB only/RB temporary/JJ ,/, suggested/VBD Herb/NNP Adler/NNP ,/, a/DT KPMG/NNP Peat/NNP Marwick/NNP partner/NN ./. | |
| He/PRP explained/VBD ,/, in/IN part/NN ,/, that/IN restructuring/VBG to/TO prepare/VB for/IN the/DT Common/NNP Market/NNP expansion/NN due/NN in/IN 1992/CD ``/`` has/VBZ become/VBN more/JJR of/IN a/DT strategic/JJ priority/NN ,/, both/DT for/IN companies/NNS inside/IN and/CC outside/IN the/DT European/NNP Community/NNP ./. ''/'' | |
| In/IN the/DT second/JJ quarter/NN ,/, middle-market/JJ cross-border/JJ transactions/NNS --/: deals/NNS under/IN $/$ 100/CD million/CD each/DT --/: numbered/VBD 619/CD and/CC totaled/VBD $/$ 6/CD billion/CD ,/, compared/VBN with/IN 478/CD such/JJ transactions/NNS totaling/VBG $/$ 4.9/CD billion/CD a/DT year/NN earlier/RB ,/, the/DT firm/NN said/VBD ./. | |
| Large/JJ cross-border/JJ deals/NNS numbered/VBD 51/CD and/CC totaled/VBD $/$ 17.1/CD billion/CD in/IN the/DT second/JJ quarter/NN ,/, the/DT firm/NN added/VBD ./. | |
| That/DT compared/VBD with/IN 49/CD such/JJ transactions/NNS totaling/VBG $/$ 28.7/CD billion/CD as/IN year/NN earlier/RB ./. | |
| Rymer/NNP Foods/NNP Inc./NNP said/VBD its/PRP$ board/NN authorized/VBD the/DT purchase/NN of/IN as/RB many/JJ as/IN 500,000/CD of/IN its/PRP$ common/JJ stock/NN purchase/NN warrants/NNS at/IN a/DT price/NN of/IN $/$ 4/CD a/DT warrant/NN ./. | |
| The/DT food/NN company/NN ,/, which/WDT has/VBZ 720,000/CD warrants/NNS and/CC about/RB 2.9/CD million/CD common/JJ shares/NNS outstanding/JJ ,/, said/VBD it/PRP may/MD increase/VB the/DT offer/NN to/TO purchase/VB any/DT or/CC all/DT warrants/NNS that/WDT are/VBP properly/RB tendered/VBN ./. | |
| A/DT warrant/NN permits/VBZ a/DT holder/NN to/TO acquire/VB one/CD share/NN of/IN common/JJ stock/NN for/IN $/$ 17.50/CD a/DT share/NN ./. | |
| The/DT warrants/NNS expire/VBP on/IN Oct./NNP 15/CD ,/, 1992/CD ,/, and/CC may/MD be/VB called/VBN by/IN the/DT company/NN at/IN a/DT price/NN of/IN $/$ 5.25/CD ./. | |
| The/DT offer/NN is/VBZ scheduled/VBN to/TO expire/VB on/IN Nov./NNP 28/CD ,/, unless/IN extended/VBN ./. | |
| In/IN New/NNP York/NNP Stock/NNP Exchange/NNP composite/JJ trading/NN ,/, Rymer/NNP closed/VBD yesterday/NN at/IN $/$ 10.875/CD ,/, down/RB 12.5/CD cents/NNS ./. | |
| Seasonal/NNP Stackup/NNP | |
| Air-traffic/NN problems/NNS ,/, though/RB often/RB quite/RB grim/JJ ,/, This/DT time/NN of/IN year/NN leave/VBP us/PRP in/IN stitches/NNS ,/, When/WRB we/PRP notice/VBP around/IN our/PRP$ airport/NN A/DT holding/NN pattern/NN for/IN witches/NNS ./. | |
| --/: Edward/NNP F./NNP Dempsey/NNP ./. | |
| Double-Jointed/NNP | |
| ``/`` I/PRP am/VBP beside/RB myself/PRP ,/, ''/'' I/PRP 've/VBP said/VBD in/IN moments/NNS of/IN heat/NN ,/, Without/IN ever/RB bothering/VBG To/TO marvel/VB at/IN the/DT feat/NN ./. | |
| --/: Joshua/NNP Adams/NNP ./. | |
| Humility/NNP Helper/NNP | |
| The/DT ultimate/JJ blow/NN to/TO the/DT ego/NN is/VBZ learning/VBG that/IN even/RB your/PRP$ mistakes/NNS go/VBP unnoticed/JJ ./. | |
| --/: Ivern/NNP Ball/NNP ./. | |
| Gen-Probe/NNP Inc./NNP ,/, a/DT biotechnology/NN concern/NN ,/, said/VBD it/PRP signed/VBD a/DT definitive/JJ agreement/NN to/TO be/VB acquired/VBN by/IN Chugai/NNP Pharmaceutical/NNP Co./NNP of/IN Tokyo/NNP for/IN about/RB $/$ 110/CD million/CD ,/, or/CC almost/RB double/RB the/DT market/NN price/NN of/IN Gen-Probe/NNP 's/POS stock/NN ./. | |
| The/DT move/NN is/VBZ sure/JJ to/TO heighten/VB concerns/NNS about/IN increased/VBN Japanese/JJ investment/NN in/IN U.S./NNP biotechnology/NN firms/NNS ./. | |
| It/PRP is/VBZ also/RB likely/JJ to/TO bolster/VB fears/NNS that/IN the/DT Japanese/NNP will/MD use/VB their/PRP$ foothold/NN in/IN U.S./NNP biotechnology/NN concerns/NNS to/TO gain/VB certain/JJ trade/NN and/CC competitive/JJ advantages/NNS ./. | |
| Gen-Probe/NNP ,/, an/DT industry/NN leader/NN in/IN the/DT field/NN of/IN genetic/JJ probes/NNS ,/, which/WDT is/VBZ a/DT new/JJ technology/NN used/VBN in/IN diagnostic/JJ tests/NNS ,/, last/JJ year/NN signed/VBD an/DT agreement/NN for/IN Chugai/NNP to/TO exclusively/RB market/VB its/PRP$ diagnostic/JJ products/NNS in/IN Japan/NNP for/IN infectious/JJ diseases/NNS and/CC cancer/NN ./. | |
| Chugai/NNP agreed/VBD then/RB to/TO fund/VB certain/JJ associated/VBN research/NN and/CC development/NN costs/NNS ./. | |
| That/DT arrangement/NN apparently/RB has/VBZ worked/VBN well/RB ,/, and/CC Thomas/NNP A./NNP Bologna/NNP ,/, president/NN and/CC chief/JJ executive/JJ officer/NN of/IN Gen-Probe/NNP ,/, founded/VBN in/IN 1983/CD ,/, said/VBD the/DT sale/NN of/IN the/DT company/NN means/VBZ ``/`` we/PRP will/MD be/VB able/JJ to/TO concentrate/VB on/IN running/VBG the/DT business/NN rather/RB than/IN always/RB looking/VBG for/IN sources/NNS of/IN financing/NN ./. ''/'' | |
| Chugai/NNP agreed/VBD to/TO pay/VB $/$ 6.25/CD a/DT share/NN for/IN Gen-Probe/NNP 's/POS 17.6/CD million/CD common/JJ shares/NNS outstanding/JJ on/IN a/DT fully/RB diluted/VBN basis/NN ./. | |
| Yesterday/NN ,/, in/IN national/JJ trading/NN in/IN the/DT over-the-counter/JJ market/NN ,/, Gen-Probe/NNP common/NN closed/VBD at/IN $/$ 3.25/CD a/DT share/NN ./. | |
| Because/IN the/DT U.S./NNP leads/VBZ in/IN most/JJS areas/NNS of/IN biotechnology/NN --/: largely/RB because/IN of/IN research/NN investment/NN by/IN the/DT U.S./NNP government/NN --/: the/DT sale/NN is/VBZ sure/JJ to/TO increase/VB concerns/NNS that/IN Japanese/JJ companies/NNS will/MD buy/VB American/NNP know-how/NN and/CC use/VB it/PRP to/TO obtain/VB the/DT upper/JJ hand/NN in/IN biotechnology/NN trade/NN and/CC competition/NN ./. | |
| ``/`` The/DT biotechnology/NN firms/NNS may/MD be/VB setting/VBG up/RP their/PRP$ own/JJ competitors/NNS ,/, ''/'' said/VBD Richard/NNP Godown/NNP ,/, president/NN of/IN the/DT Industrial/NNP Biotechnology/NNP Association/NNP ./. | |
| He/PRP added/VBD that/IN until/IN now/RB the/DT Japanese/NNS have/VBP only/RB acquired/VBN equity/NN positions/NNS in/IN U.S./NNP biotechnology/NN companies/NNS ./. | |
| ``/`` They/PRP are/VBP piggybacking/VBG onto/IN developed/VBN technology/NN ,/, ''/'' he/PRP said/VBD ./. | |
| During/IN the/DT past/JJ five/CD years/NNS ,/, Japanese/JJ concerns/NNS have/VBP invested/VBN in/IN several/JJ of/IN the/DT U.S./NNP 's/POS 431/CD independent/JJ biotechnology/NN companies/NNS ./. | |
| Chugai/NNP has/VBZ been/VBN one/CD of/IN the/DT most/RBS active/JJ Japanese/JJ players/NNS in/IN U.S./NNP biotechnology/NN companies/NNS ;/: it/PRP has/VBZ an/DT equity/NN investment/NN in/IN Genetics/NNP Institute/NNP Inc./NNP ,/, Cambridge/NNP ,/, Mass./NNP ,/, and/CC a/DT joint-venture/JJ agreement/NN with/IN Upjohn/NNP Co./NNP ,/, Kalamazoo/NNP ,/, Mich/NNP ./. | |
| The/DT Japanese/JJ government/NN ,/, Mr./NNP Godown/NNP said/VBD ,/, has/VBZ stated/VBN that/IN it/PRP wants/VBZ 10/CD %/NN to/TO 11/CD %/NN of/IN its/PRP$ gross/JJ national/JJ product/NN to/TO come/VB from/IN biotechnology/NN products/NNS ./. | |
| ``/`` It/PRP is/VBZ becoming/VBG more/JJR of/IN a/DT horse/NN race/NN every/DT day/NN between/IN the/DT U.S./NNP and/CC Japan/NNP ,/, ''/'' he/PRP said/VBD ,/, adding/VBG that/IN some/DT fear/VBP that/IN as/IN with/IN the/DT semiconductor/NN ,/, electronics/NNS ,/, and/CC automobile/NN industries/NNS ,/, Japanese/JJ companies/NNS will/MD use/VB U.S.-developed/JJ technology/NN to/TO gain/VB trade/NN advantages/NNS ./. | |
| Mr./NNP Bologna/NNP said/VBD the/DT sale/NN would/MD allow/VB Gen-Probe/NNP to/TO speed/VB up/RP the/DT development/NN of/IN new/JJ technology/NN ,/, and/CC to/TO more/RBR quickly/RB apply/VB existing/VBG technology/NN to/TO an/DT array/NN of/IN diagnostic/JJ products/NNS the/DT company/NN wants/VBZ to/TO offer/VB ./. | |
| By/IN 1988/CD ,/, when/WRB only/RB 10/CD genetic/JJ probe-based/JJ tests/NNS of/IN diagnostic/JJ infectious/JJ diseases/NNS of/IN humans/NNS had/VBD been/VBN approved/VBN for/IN marketing/VBG by/IN the/DT Food/NNP and/CC Drug/NNP Administration/NNP ,/, eight/CD of/IN them/PRP had/VBD been/VBN developed/VBN and/CC sold/VBN by/IN Gen-Probe/NNP ./. | |
| Osamu/NNP Nagayama/NNP ,/, deputy/NN president/NN of/IN Chugai/NNP ,/, which/WDT spends/VBZ about/RB 15/CD %/NN of/IN its/PRP$ sales/NNS on/IN research/NN and/CC development/NN ,/, was/VBD unable/JJ to/TO pinpoint/VB how/WRB much/JJ money/NN Chugai/NNP would/MD pump/VB into/IN Gen-Probe/NNP ./. | |
| ``/`` We/PRP think/VBP Gen-Probe/NNP has/VBZ technology/NN important/JJ to/TO people/NNS 's/POS health/NN ,/, ''/'' he/PRP said/VBD ,/, adding/VBG :/: ``/`` We/PRP think/VBP it/PRP is/VBZ important/JJ for/IN us/PRP to/TO have/VB such/JJ technology/NN ./. ''/'' | |
| He/PRP and/CC Mr./NNP Bologna/NNP emphasized/VBD that/IN both/DT companies/NNS would/MD gain/VB technological/JJ knowledge/NN through/IN the/DT sale/NN of/IN Gen-Probe/NNP ,/, which/WDT will/MD expand/VB ``/`` significantly/RB ''/'' as/IN a/DT result/NN of/IN the/DT acquisition/NN ./. | |
| In/IN 1988/CD ,/, Chugai/NNP had/VBD net/JJ income/NN of/IN $/$ 60/CD million/CD on/IN revenue/NN of/IN $/$ 991/CD million/CD ./. | |
| GenProbe/NN had/VBD a/DT net/JJ loss/NN of/IN $/$ 9.5/CD million/CD on/IN revenue/NN of/IN $/$ 5.8/CD million/CD ./. | |
| Recently/RB ,/, Gen-Probe/NNP received/VBD a/DT broad/JJ U.S./NNP patent/NN for/IN a/DT technology/NN that/WDT helps/VBZ detect/VB ,/, identify/VB and/CC quantify/VB non-viral/JJ organisms/NNS through/IN the/DT targeting/VBG of/IN a/DT form/NN of/IN genetic/JJ material/NN called/VBN ribosomal/JJ RNA/NNP ./. | |
| Among/IN other/JJ things/NNS ,/, Mr./NNP Bologna/NNP said/VBD that/IN the/DT sale/NN will/MD facilitate/VB Gen-Probe/NNP 's/POS marketing/NN of/IN a/DT diagnostic/JJ test/NN for/IN acquired/VBN immune/JJ deficiency/NN syndrome/NN ,/, or/CC AIDS/NNP ./. | |
| Chugai/NNP also/RB will/MD help/VB Gen-Probe/NNP with/IN its/PRP$ regulatory/JJ and/CC marketing/NN expertise/NN in/IN Asia/NNP ,/, Mr./NNP Bologna/NNP said/VBD ./. | |
| The/DT tender/NN offer/NN for/IN Gen-Probe/NNP 's/POS shares/NNS is/VBZ expected/VBN to/TO begin/VB next/JJ Monday/NNP ,/, the/DT company/NN said/VBD ./. | |
| It/PRP was/VBD supposed/VBN to/TO be/VB a/DT routine/JJ courtesy/NN call/NN ./. | |
| A/DT half-dozen/JJ Soviet/JJ space/NN officials/NNS ,/, in/IN Tokyo/NNP in/IN July/NNP for/IN an/DT exhibit/NN ,/, stopped/VBD by/RP to/TO see/VB their/PRP$ counterparts/NNS at/IN the/DT National/NNP Space/NNP Development/NNP Agency/NNP of/IN Japan/NNP ./. | |
| But/CC after/IN a/DT few/JJ pleasantries/NNS ,/, the/DT Soviets/NNS unexpectedly/RB got/VBD serious/JJ ./. | |
| The/DT Soviets/NNS have/VBP a/DT world-leading/JJ space/NN program/NN ,/, the/DT guests/NNS noted/VBD ./. | |
| Would/MD n't/RB the/DT Japanese/NNS like/VB a/DT piece/NN of/IN it/PRP ?/. | |
| The/DT visitors/NNS then/RB listed/VBD technologies/NNS up/IN for/IN sale/NN ,/, including/VBG launch/NN services/NNS and/CC propulsion/NN hardware/NN ./. | |
| ``/`` We/PRP were/VBD just/RB surprised/VBN ,/, ''/'' says/VBZ Tad/NNP Inada/NNP ,/, NASDA/NNP 's/POS director/NN for/IN international/JJ affairs/NNS ./. | |
| ``/`` Shocked/VBN ./. ''/'' | |
| That/IN Moscow/NNP ,/, with/IN its/PRP$ dilapidated/JJ economic/JJ machine/NN ,/, would/MD try/VB to/TO sell/VB high/JJ technology/NN to/TO Japan/NNP ,/, one/CD of/IN the/DT world/NN 's/POS high-tech/NN leaders/NNS ,/, sounds/VBZ like/IN a/DT coals-to-Newcastle/JJ notion/NN ./. | |
| But/CC ``/`` the/DT Soviet/NNP Union/NNP has/VBZ areas/NNS where/WRB it/PRP is/VBZ n't/RB behind/IN Japan/NNP ,/, ''/'' says/VBZ Mikhail/NNP Shapovalov/NNP of/IN the/DT Soviet/NNP Ministry/NNP of/IN Foreign/NNP Economic/NNP Relations/NNP ./. | |
| ``/`` We/PRP have/VBP obtained/VBN through/IN the/DT development/NN of/IN Cosmos/NNP {/-LRB- the/DT Soviet/JJ space/NN program/NN }/-RRB- technologies/NNS you/PRP do/VBP n't/RB see/VB anywhere/RB else/RB ./. ''/'' | |
| The/DT sales/NNS pitch/NN might/MD n't/RB be/VB as/RB farfetched/JJ as/IN it/PRP seems/VBZ ./. | |
| Japan-U.S./JJ trade/NN relations/NNS are/VBP bumpy/JJ these/DT days/NNS ,/, and/CC some/DT Japanese/NNS favor/VBP decreasing/VBG their/PRP$ reliance/NN on/IN U.S./NNP technology/NN in/IN light/NN of/IN the/DT FSX/NNP fighter-plane/NN flap/NN ,/, when/WRB U.S./NNP officials/NNS reversed/VBD an/DT earlier/JJR decision/NN and/CC refused/VBD to/TO share/VB certain/JJ crucial/JJ fighter-plane/NN technology/NN ./. | |
| And/CC ,/, despite/IN its/PRP$ image/NN as/IN a/DT technology/NN superpower/NN ,/, Japan/NNP has/VBZ a/DT lot/NN of/IN weaknesses/NNS ./. | |
| It/PRP 's/VBZ a/DT world/NN leader/NN in/IN semiconductors/NNS ,/, but/CC behind/RB the/DT U.S./NNP in/IN making/VBG the/DT computers/NNS that/WDT use/VBP those/DT chips/NNS ./. | |
| It/PRP 's/VBZ a/DT world/NN leader/NN in/IN auto/NN manufacturing/NN ,/, but/CC its/PRP$ aviation/NN industry/NN is/VBZ struggling/VBG ,/, and/CC its/PRP$ space/NN program/NN is/VBZ years/NNS behind/IN the/DT U.S./NNP ,/, the/DT Europeans/NNS and/CC the/DT Soviets/NNS ./. | |
| One/CD question/NN being/VBG debated/VBN in/IN the/DT Soviet/NNP Union/NNP is/VBZ how/WRB to/TO use/VB the/DT defense/NN sector/NN 's/POS research-and-production/JJ expertise/NN in/IN the/DT rest/NN of/IN the/DT economy/NN ./. | |
| Many/JJ plants/NNS that/WDT used/VBD to/TO make/VB military/JJ equipment/NN are/VBP now/RB being/VBG ordered/VBN to/TO produce/VB televisions/NNS ,/, videocassette/NN recorders/NNS ,/, small/JJ tractors/NNS and/CC food-processing/JJ machinery/NN ./. | |
| The/DT Soviets/NNS also/RB hope/VBP to/TO make/VB better/JJR use/NN of/IN their/PRP$ considerable/JJ expertise/NN in/IN theoretical/JJ science/NN ,/, which/WDT has/VBZ helped/VBN them/PRP win/VB twice/RB as/RB many/JJ Nobel/NNP science/NN prizes/NNS as/IN the/DT Japanese/NNS ./. | |
| Where/WRB they/PRP lag/VBP behind/IN the/DT Japanese/NNS is/VBZ in/IN turning/VBG the/DT scientific/JJ inventiveness/NN into/IN improved/VBN production/NN ./. | |
| By/IN contrast/NN ,/, the/DT Japanese/NNS have/VBP proved/VBN adept/JJ at/IN making/VBG use/NN of/IN Soviet/JJ inventions/NNS ./. | |
| Kobe/NNP Steel/NNP Ltd./NNP adopted/VBD Soviet/JJ casting/VBG technology/NN in/IN 1966/CD and/CC used/VBD it/PRP for/IN 14/CD years/NNS until/IN it/PRP developed/VBD its/PRP$ own/JJ system/NN ./. | |
| Kawasaki/NNP Steel/NNP Corp./NNP bought/VBD a/DT Soviet/JJ steel-casting/JJ patent/NN two/CD years/NNS ago/RB and/CC has/VBZ jointly/RB developed/VBN the/DT system/NN with/IN the/DT Soviets/NNS ./. | |
| In/IN 1991/CD ,/, the/DT Soviets/NNS will/MD take/VB a/DT Japanese/JJ journalist/NN into/IN space/NN ,/, the/DT first/JJ Japanese/NN to/TO go/VB into/IN orbit/NN ./. | |
| Soviet/JJ efforts/NNS to/TO sell/VB their/PRP$ technology/NN abroad/RB do/VBP n't/RB appear/VB to/TO worry/VB the/DT U.S./NNP ,/, Japan/NNP 's/POS principal/JJ ally/NN ./. | |
| ``/`` We/PRP have/VBP never/RB opposed/VBN the/DT development/NN of/IN economic/JJ relations/NNS between/IN our/PRP$ allies/NNS and/CC the/DT Soviet/NNP Union/NNP ,/, ''/'' says/VBZ a/DT State/NNP Department/NNP official/NN ./. | |
| ``/`` Frankly/NNP ,/, I/PRP would/MD n't/RB expect/VB the/DT Japanese/NNP to/TO get/VB hooked/JJ on/IN anybody/NN 's/POS technology/NN ,/, least/JJS of/IN all/DT the/DT Soviets/NNP ./. ''/'' | |
| Under/IN Mikhail/NNP Gorbachev/NNP 's/POS perestroika/NN ,/, the/DT Soviets/NNS have/VBP sought/VBN economic/JJ ties/NNS all/DT over/IN the/DT world/NN ,/, including/VBG new/JJ export/NN markets/NNS ./. | |
| They/PRP believe/VBP technology/NN is/VBZ one/CD of/IN their/PRP$ best/JJS bets/NNS ,/, and/CC some/DT Soviet/JJ officials/NNS say/VBP Moscow/NNP will/MD even/RB consider/VB declassifying/VBG military/JJ know-how/NN if/IN the/DT price/NN is/VBZ right/JJ ./. | |
| The/DT Soviets/NNS held/VBD export/NN exhibitions/NNS that/WDT included/VBD high-tech/JJ items/NNS in/IN New/NNP York/NNP and/CC West/NNP Germany/NNP ./. | |
| Last/JJ week/NN ,/, a/DT Soviet/JJ delegation/NN came/VBD to/TO Japan/NNP to/TO push/VB more/JJR space/NN technologies/NNS ./. | |
| Japan/NNP is/VBZ a/DT major/JJ target/NN for/IN the/DT Soviets/NNS ./. | |
| In/IN August/NNP ,/, representatives/NNS of/IN Keidanren/NNP ,/, Japan/NNP 's/POS largest/JJS business/NN organization/NN ,/, visited/VBD Moscow/NNP to/TO explore/VB exports/NNS and/CC investments/NNS that/WDT would/MD help/VB the/DT Soviet/JJ economy/NN ./. | |
| Out/IN of/IN the/DT blue/NN ,/, the/DT Soviet/NNP Chamber/NNP of/IN Commerce/NNP handed/VBD over/RP details/NNS on/IN 59/CD technologies/NNS that/IN the/DT Japanese/NNS might/MD want/VB to/TO buy/VB ./. | |
| These/DT mainly/RB involved/VBD such/JJ areas/NNS as/IN materials/NNS --/: advanced/JJ soldering/JJ machines/NNS ,/, for/IN example/NN --/: and/CC medical/JJ developments/NNS derived/VBN from/IN experimentation/NN in/IN space/NN ,/, such/JJ as/IN artificial/JJ blood/NN vessels/NNS ./. | |
| A/DT main/JJ motive/NN is/VBZ hard/JJ cash/NN ./. | |
| But/CC ,/, while/IN the/DT Soviets/NNS ca/MD n't/RB expect/VB direct/JJ technology/NN flow/NN from/IN Japan/NNP ,/, they/PRP also/RB hope/VBP to/TO benefit/VB from/IN Japanese/JJ manufacturing/NN expertise/NN ./. | |
| ``/`` The/DT Soviet/NNP Union/NNP has/VBZ a/DT lot/NN of/IN know-how/NN ,/, but/CC it/PRP has/VBZ been/VBN difficult/JJ to/TO put/VB that/DT into/IN actual/JJ production/NN because/IN of/IN various/JJ structural/JJ problems/NNS in/IN the/DT economy/NN ,/, ''/'' says/VBZ Mr./NNP Shapovalov/NNP ,/, the/DT Foreign/NNP Ministry/NNP official/NN ./. | |
| The/DT Soviets/NNS are/VBP ``/`` contemplating/VBG a/DT flexible/JJ system/NN under/IN which/WDT it/PRP would/MD be/VB possible/JJ to/TO develop/VB {/-LRB- technology/NN }/-RRB- jointly/RB and/CC even/RB to/TO market/VB it/PRP jointly/RB ,/, ''/'' he/PRP says/VBZ ./. | |
| Even/RB if/IN the/DT Japanese/NNS find/VBP Soviet/JJ technology/NN desirable/JJ ,/, such/JJ discussions/NNS would/MD be/VB fraught/JJ with/IN political/JJ complications/NNS ./. | |
| Still/RB stinging/VBG from/IN the/DT international/JJ backlash/NN over/IN the/DT sale/NN two/CD years/NNS ago/RB of/IN sensitive/JJ military/JJ technology/NN to/TO the/DT Soviets/NNS by/IN a/DT subsidiary/NN of/IN Japan/NNP 's/POS Toshiba/NNP Corp./NNP ,/, many/JJ Japanese/NNS are/VBP eager/JJ to/TO avoid/VB appearing/VBG to/TO help/VB the/DT Soviets/NNS in/IN any/DT way/NN ./. | |
| Another/DT hurdle/NN concerns/VBZ Japan/NNP 's/POS attempts/NNS to/TO persuade/VB the/DT Soviet/NNP Union/NNP to/TO relinquish/VB its/PRP$ post-World/NNP War/NNP II/NNP control/NN of/IN four/CD islands/NNS north/RB of/IN Japan/NNP ./. | |
| So/IN far/RB ,/, the/DT Soviets/NNS have/VBP provided/VBN only/RB the/DT sketchiest/JJS information/NN about/IN their/PRP$ technology/NN and/CC business/NN plans/NNS ./. | |
| And/CC what/WP they/PRP have/VBP shown/VBN is/VBZ n't/RB impressive/JJ ./. | |
| ``/`` My/PRP$ impression/NN is/VBZ that/IN there/EX is/VBZ n't/RB anything/NN which/WDT arouses/VBZ our/PRP$ interest/NN at/IN first/JJ glance/NN ,/, ''/'' says/VBZ an/DT official/NN from/IN Japan/NNP 's/POS Ministry/NNP of/IN International/NNP Trade/NNP and/CC Industry/NNP ./. | |
| Peter/NNP Gumbel/NNP in/IN Moscow/NNP contributed/VBD to/TO this/DT article/NN ./. | |
| (/-LRB- During/IN its/PRP$ centennial/NN year/NN ,/, The/DT Wall/NNP Street/NNP Journal/NNP will/MD report/VB events/NNS of/IN the/DT past/JJ century/NN that/WDT stand/VBP as/IN milestones/NNS of/IN American/JJ business/NN history/NN ./. )/-RRB- | |
| MAY/NNP 1/CD ,/, 1975/CD ,/, SIGNALED/VBN A/DT DISTRESSFUL/JJ May/NNP Day/NNP for/IN securities/NNS houses/NNS ,/, which/WDT were/VBD forced/VBN to/TO end/VB 183/CD years/NNS of/IN charging/VBG fixed/VBN commissions/NNS ./. | |
| It/PRP scared/VBD brokers/NNS ,/, but/CC most/JJS survived/VBN ./. | |
| It/PRP took/VBD effect/NN after/IN seven/CD years/NNS of/IN bitter/JJ debate/NN between/IN the/DT Securities/NNP and/CC Exchange/NNP Commission/NNP and/CC traders/NNS and/CC exchanges/NNS ./. | |
| Despite/IN warnings/NNS from/IN such/JJ leaders/NNS as/IN former/JJ Federal/NNP Reserve/NNP Board/NNP Chairman/NNP William/NNP McChesney/NNP Martin/NNP that/IN unfixed/JJ commissions/NNS would/MD undo/VB the/DT industry/NN ,/, the/DT SEC/NNP in/IN September/NNP 1973/CD said/VBD full/JJ competition/NN must/MD start/VB May/NNP l/NN ,/, 1975/CD ./. | |
| The/DT timing/NN for/IN change/NN was/VBD right/JJ ./. | |
| Institutions/NNS had/VBD become/VBN active/JJ market/NN players/NNS in/IN the/DT early/JJ 1970s/CD and/CC sought/VBD exchange/NN seats/NNS to/TO handle/VB their/PRP$ own/JJ trades/NNS ./. | |
| And/CC the/DT industry/NN was/VBD rife/JJ with/IN brokers/NNS trying/VBG to/TO secure/VB big/JJ client/NN orders/NNS by/IN using/VBG kickbacks/NNS ,/, gifts/NNS ,/, women/NNS and/CC junkets/NNS ./. | |
| Within/IN three/CD weeks/NNS of/IN the/DT 1975/CD end/NN to/TO fixed/VBN rates/NNS there/EX were/VBD all-out/JJ price/NN wars/NNS among/IN brokers/NNS fighting/VBG for/IN institutional/JJ business/NN ,/, with/IN rate/NN slashes/NNS of/IN 35/CD %/NN to/TO 60/CD %/NN below/IN pre-May/JJ 1/CD levels/NNS ./. | |
| Ray/NNP Garrett/NNP Jr./NNP ,/, SEC/NNP chairman/NN ,/, said/VBD the/DT ``/`` breadth/NN and/CC depth/NN of/IN the/DT discounting/NN is/VBZ more/JJR than/IN I/PRP expected/VBD ./. ''/'' | |
| Even/RB a/DT federal/JJ measure/NN in/IN June/NNP allowing/VBG houses/NNS to/TO add/VB research/NN fees/NNS to/TO their/PRP$ commissions/NNS did/VBD n't/RB stop/VB it/PRP ./. | |
| Longer/JJR term/NN ,/, the/DT impact/NN is/VBZ unclear/JJ ./. | |
| The/DT change/NN prompted/VBD the/DT rise/NN of/IN discount/NN brokers/NNS and/CC a/DT reduction/NN in/IN securities/NNS research/NN firms/NNS ./. | |
| But/CC there/EX are/VBP currently/RB more/JJR exchange/NN members/NNS than/IN in/IN 1975/CD ,/, with/IN the/DT bigger/JJR houses/NNS gaining/VBG a/DT larger/JJR share/NN of/IN total/JJ commissions/NNS ./. | |
| Commissions/NNS ,/, however/RB ,/, account/VBP for/IN a/DT smaller/JJR share/NN of/IN investment-house/NN business/NN as/IN takeover/NN advisory/NN fees/NNS have/VBP soared/VBN ./. | |
| Foreign/JJ stock/NN markets/NNS ,/, with/IN which/WDT the/DT U.S./NNP is/VBZ entwined/VBN ,/, also/RB have/VBP ended/VBN fixed/VBN commissions/NNS in/IN recent/JJ years/NNS ./. | |
| It/PRP came/VBD in/IN London/NNP 's/POS ``/`` Big/NNP Bang/NNP ''/'' 1986/CD deregulation/NN ;/: and/CC Toronto/NNP 's/POS ``/`` Little/NNP Bang/NNP ''/'' the/DT same/JJ year/NN ./. | |
| Paris/NNP is/VBZ currently/RB phasing/VBG out/RP fixed/VBN commissions/NNS under/IN its/PRP$ ``/`` Le/NNP Petit/NNP Bang/NNP ''/'' plan/NN ./. | |
| President/NNP Bush/NNP said/VBD that/IN three/CD members/NNS of/IN his/PRP$ cabinet/NN will/MD lead/VB a/DT presidential/JJ mission/NN to/TO Poland/NNP to/TO gauge/VB how/WRB the/DT U.S./NNP can/MD help/VB the/DT new/JJ non-Communist/JJ government/NN 's/POS economic/JJ changes/NNS ./. | |
| Mr./NNP Bush/NNP announced/VBD several/JJ weeks/NNS ago/RB that/IN he/PRP intended/VBD to/TO send/VB such/JJ a/DT mission/NN ,/, composed/VBN of/IN top/JJ government/NN aides/NNS and/CC business/NN and/CC labor/NN leaders/NNS ./. | |
| The/DT mission/NN will/MD visit/VB Poland/NNP from/IN Nov./NNP 29/CD to/TO Dec./NNP 2/CD ,/, the/DT White/NNP House/NNP said/VBD ./. | |
| In/IN remarks/NNS at/IN a/DT White/NNP House/NNP ceremony/NN marking/VBG Polish/NNP Heritage/NNP Month/NNP ,/, Mr./NNP Bush/NNP announced/VBD that/IN Agriculture/NNP Secretary/NNP Clayton/NNP Yeutter/NNP ,/, Commerce/NNP Secretary/NNP Robert/NNP Mosbacher/NNP and/CC Labor/NNP Secretary/NNP Elizabeth/NNP Dole/NNP will/MD lead/VB the/DT U.S./NNP group/NN ./. | |
| Michael/NNP Boskin/NNP ,/, chairman/NN of/IN the/DT Council/NNP of/IN Economic/NNP Advisers/NNP ,/, also/RB will/MD be/VB a/DT member/NN ./. | |
| In/IN addition/NN ,/, the/DT White/NNP House/NNP said/VBD that/IN Charles/NNP Harper/NNP ,/, chairman/NN of/IN ConAgra/NNP Inc./NNP ,/, and/CC John/NNP McGillicuddy/NNP ,/, chairman/NN of/IN Manufacturers/NNP Hanover/NNP Corp./NNP ,/, will/MD be/VB among/IN a/DT group/NN of/IN at/IN least/JJS 15/CD business/NN and/CC labor/NN representatives/NNS in/IN the/DT presidential/JJ mission/NN ./. | |
| Mr./NNP Bush/NNP said/VBD the/DT group/NN is/VBZ to/TO ``/`` focus/VB on/IN economic/JJ sectors/NNS where/WRB U.S./NNP expertise/NN and/CC cooperation/NN can/MD indeed/RB make/VB a/DT difference/NN ./. ''/'' | |
| Mr./NNP Bush/NNP has/VBZ asked/VBN Congress/NNP to/TO provide/VB more/JJR than/IN $/$ 400/CD million/CD in/IN economic/JJ aid/NN and/CC food/NN grants/NNS for/IN Poland/NNP 's/POS new/JJ government/NN ,/, but/CC has/VBZ been/VBN chided/VBN by/IN Democrats/NNS for/IN failing/VBG to/TO do/VB more/JJR ./. | |
| Warner/NNP Communications/NNP Inc./NNP is/VBZ close/JJ to/TO an/DT agreement/NN to/TO back/VB a/DT new/JJ recorded/VBN music/NN and/CC music/NN publishing/NN company/NN in/IN partnership/NN with/IN Irving/NNP Azoff/NNP ,/, who/WP resigned/VBD in/IN September/NNP as/IN head/NN of/IN MCA/NNP Inc./NNP 's/POS MCA/NNP Records/NNP unit/NN ./. | |
| Warner/NNP and/CC Mr./NNP Azoff/NNP declined/VBD comment/NN ,/, as/IN did/VBD MCA/NNP ,/, where/WRB Mr./NNP Azoff/NNP had/VBD also/RB been/VBN discussing/VBG such/JJ a/DT venture/NN ./. | |
| But/CC record/NN industry/NN executives/NNS familiar/JJ with/IN the/DT talks/NNS said/VBD Mr./NNP Azoff/NNP and/CC Warner/NNP came/VBD to/TO an/DT agreement/NN yesterday/NN to/TO form/VB a/DT 50-50/JJ joint-venture/NN company/NN funded/VBN by/IN Warner/NNP and/CC run/VBN by/IN Mr./NNP Azoff/NNP ./. | |
| Among/IN other/JJ things/NNS ,/, they/PRP said/VBD ,/, Mr./NNP Azoff/NNP would/MD develop/VB musical/JJ acts/NNS for/IN a/DT new/JJ record/NN label/NN ./. | |
| The/DT agreement/NN is/VBZ said/VBD to/TO be/VB similar/JJ to/TO Warner/NNP 's/POS 50-50/JJ partnership/NN with/IN record/NN and/CC movie/NN producer/NN David/NNP Geffen/NNP ,/, whose/WP$ films/NNS and/CC records/NNS are/VBP distributed/VBN by/IN the/DT Warner/NNP Bros./NNP studio/NN and/CC the/DT Warner/NNP records/NNS unit/NN ./. | |
| Although/IN Mr./NNP Azoff/NNP wo/MD n't/RB produce/VB films/NNS at/IN first/JJ ,/, it/PRP is/VBZ possible/JJ that/IN he/PRP could/MD do/VB so/RB later/RB ,/, the/DT sources/NNS said/VBD ./. | |
| Like/IN Mr./NNP Geffen/NNP 's/POS arrangement/NN ,/, the/DT venture/NN gives/VBZ Mr./NNP Azoff/NNP a/DT link/NN to/TO the/DT world/NN 's/POS largest/JJS and/CC most/RBS successful/JJ record/NN distributor/NN ;/: in/IN the/DT U.S./NNP alone/RB ,/, Warner/NNP has/VBZ a/DT 40/CD %/NN share/NN of/IN the/DT market/NN ,/, about/RB double/JJ its/PRP$ nearest/JJS competitor/NN ,/, Sony/NNP Corp./NNP 's/POS CBS/NNP Records/NNP ./. | |
| For/IN Warner/NNP ,/, meanwhile/RB ,/, it/PRP gives/VBZ the/DT company/NN a/DT second/JJ young/JJ partner/NN with/IN a/DT finger/NN on/IN the/DT pulse/NN of/IN the/DT hottest/JJS trends/NNS in/IN the/DT music/NN business/NN ./. | |
| The/DT 41-year-old/CD Mr./NNP Azoff/NNP ,/, a/DT former/JJ rock/NN 'n'/CC roll/NN manager/NN ,/, is/VBZ credited/VBN with/IN turning/VBG around/RP MCA/NNP 's/POS once-moribund/JJ music/NN division/NN in/IN his/PRP$ six/CD years/NNS at/IN the/DT company/NN ./. | |
| But/CC Mr./NNP Azoff/NNP had/VBD been/VBN negotiating/VBG for/IN more/JJR than/IN a/DT year/NN to/TO get/VB out/IN of/IN his/PRP$ MCA/NNP contract/NN ,/, which/WDT expired/VBD in/IN 1991/CD ./. | |
| Mr./NNP Azoff/NNP reportedly/RB was/VBD bored/VBN and/CC frequently/RB clashed/VBN with/IN top/JJ MCA/NNP management/NN over/IN a/DT number/NN of/IN issues/NNS such/JJ as/IN compensation/NN and/CC business/NN plans/NNS ./. | |
| Mr./NNP Azoff/NNP also/RB was/VBD eager/JJ to/TO return/VB to/TO a/DT more/RBR entrepreneurial/JJ role/NN in/IN which/WDT he/PRP had/VBD a/DT big/JJ financial/JJ stake/NN in/IN his/PRP$ own/JJ efforts/NNS ./. | |
| In/IN an/DT interview/NN at/IN the/DT time/NN of/IN his/PRP$ resignation/NN from/IN MCA/NNP ,/, he/PRP said/VBD :/: ``/`` I/PRP 'd/MD rather/RB build/VB a/DT company/NN than/IN run/VB one/CD ./. | |
| Part/NN of/IN a/DT Series/NN }/-RRB- | |
| Tom/NNP Panelli/NNP had/VBD a/DT perfectly/RB good/JJ reason/NN for/IN not/RB using/VBG the/DT $/$ 300/CD rowing/NN machine/NN he/PRP bought/VBD three/CD years/NNS ago/RB ./. | |
| ``/`` I/PRP ate/VBD a/DT bad/JJ tuna/NN sandwich/NN ,/, got/VBD food/NN poisoning/NN and/CC had/VBD to/TO have/VB a/DT shot/NN in/IN my/PRP$ shoulder/NN ,/, ''/'' he/PRP says/VBZ ,/, making/VBG it/PRP too/RB painful/JJ to/TO row/VB ./. | |
| The/DT soreness/NN ,/, he/PRP admits/VBZ ,/, went/VBD away/RB about/RB a/DT week/NN after/IN the/DT shot/NN ./. | |
| Yet/CC the/DT rowing/NN machine/NN has/VBZ n't/RB been/VBN touched/VBN since/IN ,/, even/RB though/IN he/PRP has/VBZ moved/VBN it/PRP across/IN the/DT country/NN with/IN him/PRP twice/RB ./. | |
| A/DT San/NNP Francisco/NNP lawyer/NN ,/, Mr./NNP Panelli/NNP rowed/VBD religiously/RB when/WRB he/PRP first/RB got/VBD the/DT machine/NN ,/, but/CC ,/, he/PRP complains/VBZ ,/, it/PRP left/VBD grease/NN marks/NNS on/IN his/PRP$ carpet/NN ,/, ``/`` and/CC it/PRP was/VBD boring/VBG ./. | |
| It/PRP 's/VBZ a/DT horrible/JJ machine/NN ,/, actually/RB ./. | |
| I/PRP 'm/VBP ashamed/JJ I/PRP own/VBP the/DT stupid/JJ thing/NN ./. ''/'' | |
| Mr./NNP Panelli/NNP has/VBZ plenty/NN of/IN company/NN ./. | |
| Nearly/RB three-fourths/JJ of/IN the/DT people/NNS who/WP own/VBP home/NN exercise/NN equipment/NN do/VBP n't/RB use/VB it/PRP as/RB much/RB as/IN they/PRP planned/VBD ,/, according/VBG to/TO The/DT Wall/NNP Street/NNP Journal/NNP 's/POS ``/`` American/NNP Way/NNP of/IN Buying/NNP ''/'' survey/NN ./. | |
| The/DT Roper/NNP Organization/NNP ,/, which/WDT conducted/VBD the/DT survey/NN ,/, said/VBD almost/RB half/NN of/IN the/DT exercise/NN equipment/NN owners/NNS found/VBD it/PRP duller/RBR than/IN they/PRP expected/VBD ./. | |
| It/PRP is/VBZ n't/RB just/RB exercise/NN gear/NN that/WDT is/VBZ n't/RB getting/VBG a/DT good/JJ workout/NN ./. | |
| The/DT fitness/NN craze/NN itself/PRP has/VBZ gone/VBN soft/JJ ,/, the/DT survey/NN found/VBD ./. | |
| Fewer/JJR people/NNS said/VBD they/PRP were/VBD working/VBG up/RP a/DT sweat/NN with/IN such/JJ activities/NNS as/IN jogging/NN ,/, tennis/NN ,/, swimming/NN and/CC aerobics/NN ./. | |
| Half/NN of/IN those/DT surveyed/VBN said/VBD they/PRP simply/RB walk/VB these/DT days/NNS for/IN exercise/NN ./. | |
| That/IN 's/POS good/JJ news/NN for/IN marketers/NNS of/IN walking/NN shoes/NNS ./. | |
| The/DT survey/NN also/RB detected/VBD a/DT bit/NN more/JJR interest/NN in/IN golf/NN ,/, a/DT positive/JJ sign/NN for/IN country/NN clubs/NNS and/CC golf/NN club/NN makers/NNS ./. | |
| The/DT survey/NN 's/POS findings/NNS certainly/RB are/VBP n't/RB encouraging/JJ for/IN marketers/NNS of/IN health-club/JJ memberships/NNS ,/, tennis/NN rackets/NNS and/CC home/NN exercise/NN equipment/NN ,/, but/CC people/NNS 's/POS good/JJ intentions/NNS ,/, if/IN not/RB their/PRP$ actions/NNS ,/, are/VBP keeping/VBG sales/NNS of/IN some/DT fitness/NN products/NNS healthy/JJ ./. | |
| For/IN instance/NN ,/, sales/NNS of/IN treadmills/NNS ,/, exercise/NN bikes/NNS ,/, stair/NN climbers/NNS and/CC the/DT like/JJ are/VBP expected/VBN to/TO rise/VB 8/CD %/NN to/TO about/RB $/$ 1.52/CD billion/CD this/DT year/NN ,/, according/VBG to/TO the/DT National/NNP Sporting/NNP Goods/NNP Association/NNP ,/, which/WDT sees/VBZ the/DT home/NN market/NN as/IN one/CD of/IN the/DT hottest/JJS growth/NN areas/NNS for/IN the/DT 1990s/CD ./. | |
| But/CC even/RB that/DT group/NN knows/VBZ some/DT people/NNS do/VBP n't/RB use/VB their/PRP$ machines/NNS as/RB much/RB as/IN they/PRP should/MD ./. | |
| ``/`` The/DT first/JJ excuse/NN is/VBZ they/PRP do/VBP n't/RB have/VB enough/JJ time/NN ,/, ''/'' says/VBZ research/NN director/NN Thomas/NNP Doyle/NNP ./. | |
| ``/`` The/DT second/NN is/VBZ they/PRP do/VBP n't/RB have/VB enough/JJ discipline/NN ./. ''/'' | |
| With/IN more/RBR than/IN 15/CD million/CD exercise/NN bikes/NNS sold/VBN in/IN the/DT past/JJ five/CD years/NNS ,/, he/PRP adds/VBZ ,/, ``/`` a/DT lot/NN of/IN garages/NNS ,/, basements/NNS and/CC attics/NNS must/MD be/VB populated/VBN with/IN them/PRP ./. ''/'' | |
| Still/RB ,/, the/DT average/JJ price/NN of/IN such/JJ bikes/NNS rose/VBD last/JJ year/NN to/TO $/$ 145/CD ./. | |
| Mr./NNP Doyle/NNP predicts/VBZ a/DT trend/NN toward/IN fewer/JJR pieces/NNS of/IN home/NN exercise/NN equipment/NN being/VBG sold/VBN at/IN higher/JJR prices/NNS ./. | |
| Electronic/JJ gimmicks/NNS are/VBP key/JJ ./. | |
| Premark/NNP International/NNP Inc./NNP ,/, for/IN example/NN ,/, peddles/VBZ the/DT M8.7sp/NNP Electronic/NNP Cycling/NNP Simulator/NNP ,/, a/DT $/$ 2,000/CD stationary/JJ cycle/NN ./. | |
| On/IN a/DT video/NN screen/NN ,/, riders/NNS can/MD see/VB 30/CD different/JJ ``/`` rides/NNS ,/, ''/'' including/VBG urban/JJ ,/, mountain/NN and/CC desert/NN scenes/NNS ,/, and/CC check/VB how/WRB many/JJ calories/NNS are/VBP burned/VBN a/DT minute/NN ./. | |
| Nancy/NNP Igdaloff/NNP ,/, who/WP works/VBZ in/IN corporate/JJ payments/NNS at/IN Bank/NNP of/IN America/NNP in/IN San/NNP Francisco/NNP ,/, may/MD be/VB a/DT good/JJ prospect/NN for/IN such/JJ a/DT gizmo/NN ./. | |
| She/PRP 's/VBZ trying/VBG to/TO sell/VB a/DT $/$ 150/CD exercise/NN bike/NN she/PRP bought/VBD about/RB five/CD years/NNS ago/RB for/IN her/PRP$ roommate/NN ./. | |
| But/CC rather/RB than/IN write/VB off/RP home/NN fitness/NN equipment/NN ,/, she/PRP traded/VBD up/RB :/: Ms./NNP Igdaloff/NNP just/RB paid/VBD about/RB $/$ 900/CD for/IN a/DT fancier/JJR stationary/JJ bike/NN ,/, with/IN a/DT timer/NN ,/, dials/NNS showing/VBG average/JJ and/CC maximum/NN speeds/NNS and/CC a/DT comfortable/JJ seat/NN that/WDT feels/VBZ almost/RB like/IN a/DT chair/NN ./. | |
| ``/`` I/PRP 'm/VBP using/VBG it/PRP a/DT lot/NN ,/, ''/'' she/PRP says/VBZ ./. | |
| ``/`` I/PRP spent/VBD so/RB much/JJ money/NN that/IN if/IN I/PRP look/VBP at/IN it/PRP ,/, and/CC I/PRP 'm/VBP not/RB on/IN it/PRP ,/, I/PRP feel/VBP guilty/JJ ./. ''/'' | |
| The/DT poll/NN points/VBZ up/RP some/DT inconsistencies/NNS between/IN what/WDT people/NNS say/VBP and/CC what/WP they/PRP do/VBP ./. | |
| A/DT surprising/JJ 78/CD %/NN of/IN people/NNS said/VBD they/PRP exercise/VBP regularly/RB ,/, up/RB from/IN 73/CD %/NN in/IN 1981/CD ./. | |
| This/DT conjures/VBZ up/RP images/NNS of/IN a/DT nation/NN full/JJ of/IN trim/JJ ,/, muscular/JJ folks/NNS ,/, and/CC suggests/VBZ couch/NN potatoes/NNS are/VBP out/IN of/IN season/NN ./. | |
| Of/IN course/NN ,/, that/WDT is/VBZ n't/RB really/RB the/DT case/NN ./. | |
| The/DT discrepancy/NN may/MD be/VB because/RB asking/VBG people/NNS about/IN their/PRP$ fitness/NN regime/NN is/VBZ a/DT bit/NN like/IN inquiring/VBG about/IN their/PRP$ love/NN life/NN ./. | |
| They/PRP 're/VBP bound/VBN to/TO exaggerate/VB ./. | |
| ``/`` People/NNS say/VBP they/PRP swim/VBP ,/, and/CC that/DT may/MD mean/VB they/PRP 've/VBP been/VBN to/TO the/DT beach/NN this/DT year/NN ,/, ''/'' says/VBZ Krys/NNP Spain/NNP ,/, research/NN specialist/NN for/IN the/DT President/NNP 's/POS Council/NNP on/IN Physical/NNP Fitness/NNP and/CC Sports/NNP ./. | |
| ``/`` It/PRP 's/VBZ hard/JJ to/TO know/VB if/IN people/NNS are/VBP responding/VBG truthfully/RB ./. | |
| People/NNS are/VBP too/RB embarrassed/VBN to/TO say/VB they/PRP have/VBP n't/RB done/VBN anything/NN ./. ''/'' | |
| While/IN she/PRP applauds/VBZ the/DT fact/NN that/IN more/JJR Americans/NNS are/VBP getting/VBG up/RP from/IN the/DT television/NN to/TO stroll/VB or/CC garden/VB ,/, she/PRP says/VBZ the/DT percentage/NN of/IN Americans/NNS who/WP do/VBP ``/`` real/JJ exercise/NN to/TO build/VB the/DT heart/NN ''/'' is/VBZ only/RB 10/CD %/NN to/TO 20/CD %/NN ./. | |
| So/RB many/JJ people/NNS fudge/VBP on/IN answers/NNS about/IN exercise/NN ,/, the/DT president/NNP 's/POS council/NN now/RB uses/VBZ specific/JJ criteria/NNS to/TO determine/VB what/WP is/VBZ considered/VBN vigorous/JJ :/: It/PRP must/MD produce/VB contractions/NNS of/IN large/JJ muscle/NN groups/NNS ,/, must/MD achieve/VB 60/CD %/NN of/IN maximum/NN aerobic/JJ capacity/NN and/CC must/MD be/VB done/VBN three/CD or/CC more/JJR times/NNS a/DT week/NN for/IN a/DT minimum/NN of/IN 20/CD minutes/NNS ./. | |
| One/CD of/IN the/DT council/NN 's/POS goals/NNS ,/, set/VBN in/IN 1980/CD ,/, was/VBD to/TO see/VB more/JJR than/IN 60/CD %/NN of/IN adults/NNS under/IN 65/CD years/NNS of/IN age/NN getting/VBG vigorous/JJ exercise/NN by/IN 1990/CD ./. | |
| That/DT target/NN has/VBZ been/VBN revised/VBN to/TO 30/CD %/NN by/IN the/DT year/NN 2000/CD ./. | |
| But/CC even/RB that/DT goal/NN may/MD prove/VB optimistic/JJ ./. | |
| Of/IN 14/CD activities/NNS ,/, the/DT Journal/NNP survey/NN found/VBD that/IN 12/CD --/: including/VBG bicycling/NN ,/, skiing/NN and/CC swimming/NN --/: are/VBP being/VBG done/VBN by/IN fewer/JJR Americans/NNS today/NN than/IN eight/CD years/NNS ago/RB ./. | |
| Time/NN pressures/NNS and/CC the/DT ebb/NN of/IN the/DT fitness/NN fad/NN are/VBP cited/VBN as/IN reasons/NNS for/IN the/DT decline/NN ./. | |
| Only/RB walking/NN and/CC golf/NN increased/VBD in/IN popularity/NN during/IN the/DT 1980s/CD --/: and/CC only/RB slightly/RB ./. | |
| Jeanette/NNP Traverso/NNP ,/, a/DT California/NNP lawyer/NN ,/, gave/VBD up/RP running/NN three/CD times/NNS a/DT week/NN to/TO play/VB a/DT weekly/JJ round/NN of/IN golf/NN ,/, finding/VBG it/PRP more/RBR social/JJ and/CC serene/JJ ./. | |
| It/PRP 's/VBZ an/DT activity/NN she/PRP feels/VBZ she/PRP can/MD do/VB for/IN life/NN ,/, and/CC by/IN pulling/VBG a/DT golf/NN cart/NN ,/, she/PRP still/RB gets/VBZ a/DT good/JJ workout/NN ./. | |
| ``/`` I/PRP 'm/VBP really/RB wiped/VBN out/RP after/IN walking/VBG five/CD hours/NNS ,/, ''/'' she/PRP says/VBZ ./. | |
| Most/JJS people/NNS said/VBD they/PRP exercise/VBP both/DT for/IN health/NN and/CC enjoyment/NN ./. | |
| ``/`` If/IN you/PRP sit/VBP down/RP all/DT the/DT time/NN ,/, you/PRP 'll/MD go/VB stiff/JJ ,/, ''/'' says/VBZ Joyce/NNP Hagood/NNP ,/, a/DT Roxboro/NNP ,/, N.C./NNP ,/, homemaker/NN who/WP walks/VBZ several/JJ miles/NNS a/DT week/NN ./. | |
| ``/`` And/CC it/PRP 's/VBZ relaxing/JJ ./. | |
| Sometimes/RB ,/, if/IN you/PRP have/VBP a/DT headache/NN ,/, you/PRP can/MD go/VB out/RB and/CC walk/VB it/PRP right/RB off/RP ./. ''/'' | |
| Only/RB about/RB a/DT quarter/NN of/IN the/DT respondents/NNS said/VBD they/PRP exercise/VBP to/TO lose/VB weight/NN ./. | |
| Slightly/RB more/RBR ,/, like/IN Leslie/NNP Sherren/NNP ,/, a/DT law/NN librarian/NN in/IN San/NNP Francisco/NNP who/WP attends/VBZ dance/NN aerobics/NN five/CD times/NNS a/DT week/NN ,/, exercise/VBP to/TO relieve/VB stress/NN ./. | |
| ``/`` Working/VBG with/IN lawyers/NNS ,/, ''/'' she/PRP says/VBZ ,/, ``/`` I/PRP need/VBP it/PRP ./. ''/'' | |
| But/CC fully/RB 90/CD %/NN of/IN those/DT polled/VBN felt/VBD they/PRP did/VBD n't/RB need/VB to/TO belong/VB to/TO a/DT health/NN club/NN ./. | |
| ``/`` They/PRP 're/VBP too/RB crowded/VBN ,/, and/CC everybody/NN 's/VBZ showing/VBG off/RP ,/, ''/'' says/VBZ Joel/NNP Bryant/NNP ,/, a/DT 22-year-old/JJ student/NN from/IN Pasadena/NNP ,/, Calif/NNP ./. | |
| ``/`` The/DT guys/NNS are/VBP being/VBG macho/JJ ,/, and/CC the/DT girls/NNS are/VBP walking/VBG around/RP in/IN little/JJ things/NNS ./. | |
| They/PRP 're/VBP not/RB there/RB to/TO work/VB out/RP ./. ''/'' | |
| But/CC at/IN least/JJS they/PRP show/VBP up/RP ./. | |
| Nearly/RB half/NN of/IN those/DT who/WP joined/VBD health/NN clubs/NNS said/VBD they/PRP did/VBD n't/RB use/VB their/PRP$ membership/NN as/RB often/RB as/IN they/PRP planned/VBD ./. | |
| Feeling/VBG they/PRP should/MD devote/VB more/JJR time/NN to/TO their/PRP$ families/NNS or/CC their/PRP$ jobs/NNS ,/, many/JJ yuppies/NNS are/VBP skipping/VBG their/PRP$ once-sacred/JJ workout/NN ./. | |
| Even/RB so/RB ,/, the/DT Association/NNP of/IN Quality/NNP Clubs/NNP ,/, a/DT health-club/JJ trade/NN group/NN in/IN Boston/NNP ,/, says/VBZ membership/NN revenues/NNS will/MD rise/VB about/RB 5/CD %/NN this/DT year/NN from/IN last/JJ year/NN 's/POS $/$ 5/CD billion/CD ./. | |
| A/DT spokeswoman/NN adds/VBZ ,/, however/RB ,/, that/IN the/DT group/NN is/VBZ considering/VBG offering/VBG ``/`` a/DT behavior-modification/NN course/NN ,/, similar/JJ to/TO a/DT smoking-cessation/NN program/NN ,/, to/TO teach/VB people/NNS ways/NNS to/TO stay/VB with/IN it/PRP ./. ''/'' | |
| There/EX are/VBP die-hard/JJ bodies/NNS ,/, of/IN course/NN ./. | |
| The/DT proprietor/NN of/IN Sante/NNP West/NNP ,/, an/DT aerobics/NN studio/NN in/IN San/NNP Francisco/NNP 's/POS Marina/NNP district/NN ,/, which/WDT was/VBD hit/VBN hard/JJ by/IN the/DT earthquake/NN ,/, says/VBZ ,/, ``/`` People/NNS were/VBD going/VBG nuts/NNS the/DT minute/NN we/PRP opened/VBD ,/, ''/'' three/CD days/NNS after/IN the/DT quake/NN ./. | |
| ``/`` The/DT emotional/JJ aspect/NN is/VBZ so/RB draining/VBG ,/, they/PRP needed/VBD a/DT good/JJ workout/NN ./. ''/'' | |
| Perhaps/RB the/DT most/RBS disturbing/JJ finding/NN is/VBZ that/IN the/DT bowling/NN alley/NN may/MD be/VB an/DT endangered/VBN American/JJ institution/NN ./. | |
| The/DT survey/NN reported/VBD the/DT number/NN of/IN people/NNS who/WP said/VBD they/PRP bowl/VBP regularly/RB has/VBZ fallen/VBN to/TO just/RB 8/CD %/NN from/IN 17/CD %/NN in/IN 1981/CD ./. | |
| The/DT American/JJ Bowling/NNP Congress/NNP claims/VBZ a/DT higher/JJR percentage/NN of/IN the/DT public/JJ bowls/VBZ regularly/RB ,/, but/CC concedes/VBZ its/PRP$ membership/NN has/VBZ declined/VBN this/DT decade/NN ./. | |
| To/TO find/VB out/RP why/WRB ,/, the/DT group/NN recently/RB commissioned/VBD a/DT study/NN of/IN the/DT past/JJ 20/CD years/NNS of/IN bowling-related/JJ research/NN ./. | |
| Three/CD reasons/NNS were/VBD pinpointed/VBN :/: a/DT preference/NN for/IN watching/VBG bowling/NN and/CC other/JJ sports/NNS on/IN television/NN rather/RB than/IN actually/RB bowling/VBG ,/, dowdy/JJ bowling/NN centers/NNS ,/, and/CC dissatisfaction/NN with/IN bowling/VBG itself/PRP ./. | |
| People/NNS who/WP start/VBP bowling/NN expecting/VBG it/PRP to/TO be/VB a/DT pleasurable/JJ exercise/NN ``/`` have/VBP been/VBN generally/RB disappointed/VBN ,/, ''/'' the/DT report/NN said/VBD ./. | |
| But/CC not/RB Richard/NNP Cottrell/NNP ,/, a/DT San/NNP Francisco/NNP cab/NN driver/NN who/WP bowls/VBZ in/IN two/CD weekly/JJ leagues/NNS ./. | |
| He/PRP hit/VBD the/DT lanes/NNS three/CD years/NNS ago/RB on/IN the/DT advice/NN of/IN his/PRP$ doctor/NN ./. | |
| ``/`` It/PRP 's/VBZ good/JJ exercise/NN ,/, ''/'' he/PRP says/VBZ ./. | |
| ``/`` I/PRP ca/MD n't/RB do/VB anything/NN score-wise/JJ ,/, but/CC I/PRP like/VBP meeting/VBG the/DT girls/NNS ./. ''/'' | |
| He/PRP says/VBZ bowling/NN helps/VBZ him/PRP shed/VB pounds/NNS ,/, though/IN that/DT effort/NN is/VBZ sometimes/RB thwarted/VBN by/IN the/DT fact/NN that/IN ``/`` when/WRB I/PRP 'm/VBP drinking/VBG ,/, I/PRP bowl/VBP better/RB ./. ''/'' | |
| His/PRP$ Tuesday/NNP night/NN team/NN ,/, the/DT Leftovers/NNP ,/, is/VBZ in/IN first/JJ place/NN ./. | |
| WPP/NNP GROUP/NNP 'S/POS Ogilvy/NNP &/CC Mather/NNP expects/VBZ profit/NN margins/NNS to/TO improve/VB to/TO 11.5/CD %/NN in/IN 1990/CD in/IN the/DT U.S./NNP | |
| Yesterday/NN 's/POS edition/NN did/VBD n't/RB specify/VB where/WRB the/DT improvement/NN would/MD take/VB place/NN ./. | |
| Concerning/VBG your/PRP$ Sept./NNP 29/CD article/NN ``/`` Retailers/NNP Face/NNP Cutbacks/NNP ,/, Uncertain/NNP Future/NNP ''/'' :/: The/DT outcome/NN of/IN our/PRP$ leveraged/VBN buyout/NN is/VBZ looking/VBG very/RB positive/JJ ./. | |
| Unlike/IN most/JJS of/IN the/DT other/JJ retailers/NNS mentioned/VBN in/IN the/DT story/NN ,/, Jos./NNP A./NNP Bank/NNP Clothiers/NNP Inc./NNP is/VBZ not/RB in/IN serious/JJ financial/JJ problems/NNS ./. | |
| We/PRP did/VBD experience/VB some/DT difficulties/NNS with/IN the/DT initial/JJ LBO/NNP terms/NNS and/CC ,/, as/IN your/PRP$ article/NN made/VBD clear/JJ ,/, successfully/RB restructured/VBN our/PRP$ debt/NN earlier/RBR this/DT year/NN ,/, something/NN those/DT other/JJ retailers/NNS have/VBP yet/RB to/TO accomplish/VB ./. | |
| Your/PRP$ were/VBD on/IN target/NN regarding/VBG industry/NN problems/NNS ,/, but/CC wide/JJ of/IN the/DT mark/NN in/IN portraying/VBG the/DT financial/JJ health/NN of/IN this/DT company/NN ./. | |
| Chairman/NNP and/CC CEO/NNP Jos./NNP A./NNP Bank/NNP Clothiers/NNP Inc./NNP Owings/NNP Mills/NNP ,/, Md/NNP ./. | |
| Private/JJ housing/NN starts/NNS in/IN Japan/NNP were/VBD unchanged/JJ in/IN September/NNP from/IN a/DT year/NN earlier/RB at/IN 144,610/CD units/NNS ,/, the/DT Construction/NNP Ministry/NNP said/VBD ./. | |
| The/DT flat/JJ report/NN followed/VBD a/DT four-month/JJ string/NN of/IN declines/NNS ./. | |
| The/DT down/JJ trend/NN was/VBD partly/RB the/DT result/NN of/IN tighter/JJR credit/NN sparked/VBN by/IN a/DT discount/NN rate/NN increase/NN by/IN the/DT Bank/NNP of/IN Japan/NNP in/IN May/NNP ./. | |
| The/DT central/JJ bank/NN also/RB unexpectedly/RB raised/VBD the/DT base/NN rate/NN by/IN half/PDT a/DT percentage/NN point/NN to/TO 3.75/CD %/NN Oct./NNP 11/CD as/IN part/NN of/IN an/DT inflation-fighting/JJ move/NN that/WDT indirectly/RB increases/VBZ interest/NN rates/NNS charged/VBN on/IN new/JJ home/NN construction/NN loans/NNS ./. | |
| If/IN there/EX 's/VBZ somethin'/NN strange/JJ in/IN your/PRP$ neighborhood/NN .../: | |
| If/IN there/EX 's/VBZ something/NN '/'' weird/JJ and/CC it/PRP do/VBP n't/RB look/VB good/JJ ./. | |
| Who/WP ya/PRP gon/VB na/TO call/VB ?/. | |
| For/IN starters/NNS ,/, some/DT people/NNS call/VBP Ed/NNP and/CC Lorraine/NNP Warren/NNP ./. | |
| When/WRB it/PRP comes/VBZ to/TO busting/VBG ghosts/NNS ,/, the/DT Monroe/NNP ,/, Conn./NNP ,/, couple/NN are/VBP perfect/JJ demons/NNS ./. | |
| They/PRP claim/VBP to/TO have/VB busted/VBN spirits/NNS ,/, poltergeists/NNS and/CC other/JJ spooks/NNS in/IN hundreds/NNS of/IN houses/NNS around/IN the/DT country/NN ./. | |
| They/PRP say/VBP they/PRP now/RB get/VBP three/CD or/CC four/CD ``/`` legitimate/JJ ''/'' calls/VBZ a/DT week/NN from/IN people/NNS harried/VBN by/IN haunts/NNS ./. | |
| ``/`` I/PRP firmly/RB believe/VBP in/IN angels/NNS ,/, devils/NNS and/CC ghosts/NNS ,/, ''/'' says/VBZ Mr./NNP Warren/NNP ,/, whose/WP$ business/NN card/NN identifies/VBZ him/PRP as/IN a/DT ``/`` demonologist/NN ./. ''/'' | |
| If/IN psychics/NNS do/VBP n't/RB work/VB ,/, but/CC your/PRP$ house/NN still/RB seems/VBZ haunted/VBN ,/, you/PRP can/MD call/VB any/DT one/CD of/IN a/DT swelling/VBG band/NN of/IN skeptics/NNS such/JJ as/IN Richard/NNP Busch/NNP ./. | |
| A/DT professional/JJ magician/NN and/CC musician/NN ,/, he/PRP heads/VBZ the/DT Pittsburgh/NNP branch/NN of/IN the/DT Committee/NNP for/IN the/DT Scientific/NNP Investigation/NNP of/IN the/DT Paranormal/NNP ./. | |
| Mr./NNP Busch/NNP says/VBZ there/EX is/VBZ a/DT scientific/JJ explanation/NN for/IN all/DT haunts/NNS ,/, and/CC he/PRP can/MD even/RB tell/VB you/PRP how/WRB to/TO encourage/VB the/DT spirits/NNS ./. | |
| ``/`` All/DT you/PRP have/VBP to/TO do/VB is/VBZ eat/VB a/DT big/JJ pizza/NN ,/, and/CC then/RB go/VB to/TO bed/NN ,/, ''/'' he/PRP says/VBZ ./. | |
| ``/`` You/PRP 'll/MD have/VB weird/JJ dreams/NNS ,/, too/RB ./. ''/'' | |
| Either/CC way/NN ,/, the/DT ghostbusting/NN business/NN is/VBZ going/VBG like/IN gangbusters/NNS ./. | |
| Tales/NNS of/IN haunts/NNS and/CC horrors/NNS are/VBP proliferating/VBG beyond/IN the/DT nation/NN 's/POS Elm/NNP Streets/NNPS and/CC Amityvilles/NNPS ./. | |
| ``/`` I/PRP get/VBP calls/NNS nearly/RB every/DT day/NN from/IN people/NNS who/WP have/VBP ghosts/NNS in/IN their/PRP$ house/NN ,/, ''/'' says/VBZ Raymond/NNP Hyman/NNP ,/, a/DT skeptical/JJ psychology/NN professor/NN at/IN the/DT University/NNP of/IN Oregon/NNP ./. | |
| In/IN a/DT public/JJ opinion/NN poll/NN published/VBN in/IN the/DT October/NNP issue/NN of/IN Parents/NNP Magazine/NNP ,/, a/DT third/JJ of/IN those/DT queried/VBN said/VBD they/PRP believe/VBP that/IN ghosts/NNS or/CC spirits/NNS make/VBP themselves/PRP known/VBN to/TO people/NNS ./. | |
| ``/`` The/DT movies/NNS ,/, the/DT books/NNS ,/, the/DT tabloids/NNS --/: even/RB Nancy/NNP Reagan/NNP is/VBZ boosting/VBG this/DT stuff/NN ,/, ''/'' says/VBZ Paul/NNP Kurtz/NNP ,/, a/DT philosophy/NN professor/NN at/IN the/DT State/NNP University/NNP of/IN New/NNP York/NNP at/IN Buffalo/NNP ,/, who/WP heads/VBZ the/DT Committee/NNP for/IN the/DT Scientific/NNP Investigation/NNP of/IN the/DT Paranormal/NNP ./. | |
| The/DT committee/NN ,/, formed/VBN in/IN 1967/CD ,/, now/RB has/VBZ 60/CD chapters/NNS around/IN the/DT world/NN ./. | |
| The/DT spirits/NNS ,/, of/IN course/NN ,/, could/MD hardly/RB care/VB less/RBR whether/CC people/NNS do/VBP or/CC do/VBP n't/RB believe/VB in/IN them/PRP ./. | |
| They/PRP do/VBP n't/RB even/RB give/VB a/DT nod/NN to/TO human/JJ sensibilities/NNS by/IN celebrating/VBG Halloween/NNP ./. | |
| For/IN the/DT spooks/NNS it/PRP 's/VBZ just/RB another/DT day/NN of/IN ectoplasmic/JJ business/NN as/IN usual/JJ ,/, ghostbusters/NNS say/VBP ;/: the/DT holiday/NN seems/VBZ to/TO occasion/VB no/DT unusual/JJ number/NN of/IN ghost/NN reports/NNS ./. | |
| One/CD of/IN the/DT busiest/JJS ghostbusters/NNS is/VBZ Robert/NNP Baker/NNP ,/, a/DT 68-year-old/JJ semi-retired/JJ University/NNP of/IN Kentucky/NNP psychology/NN professor/NN whose/WP$ bushy/JJ gray/JJ eyebrows/NNS arch/VBP at/IN the/DT mere/JJ mention/NN of/IN a/DT ghost/NN ./. | |
| Mr./NNP Baker/NNP says/VBZ he/PRP has/VBZ personally/RB bested/VBN more/JJR than/IN 50/CD haunts/NNS ,/, from/IN aliens/NNS to/TO poltergeists/NNS ./. | |
| Mr./NNP Baker/NNP heads/VBZ the/DT Kentucky/NNP Association/NNP of/IN Science/NNP Educators/NNP and/CC Skeptics/NNP ./. | |
| Like/IN Hollywood/NNP 's/POS Ghostbusters/NNS ,/, Kentucky/NNP 's/POS stand/VBP ready/JJ to/TO roll/VB when/WRB haunts/NNS get/VBP out/IN of/IN hand/NN ./. | |
| But/CC they/PRP do/VBP n't/RB careen/VB around/RP in/IN an/DT old/JJ Cadillac/NN ,/, wear/VB funny/JJ suits/NNS or/CC blast/VB away/RP at/IN slimy/JJ spirits/NNS ./. | |
| Mr./NNP Baker/NNP drives/VBZ a/DT 1987/CD Chevy/NNP and/CC usually/RB wears/VBZ a/DT tweed/NN jacket/NN on/IN his/PRP$ ghostbusting/NN forays/NNS ./. | |
| ``/`` I/PRP 've/VBP never/RB met/VBN a/DT ghost/NN that/WDT could/MD n't/RB be/VB explained/VBN away/RP by/IN perfectly/RB natural/JJ means/NNS ,/, ''/'' he/PRP says/VBZ ./. | |
| When/WRB a/DT Louisville/NNP woman/NN complained/VBD that/IN a/DT ghost/NN was/VBD haunting/VBG her/PRP$ attic/NN ,/, Mr./NNP Baker/NNP discovered/VBD a/DT rat/NN dragging/VBG a/DT trap/NN across/IN the/DT rafters/NNS ./. | |
| A/DT foul-smelling/JJ demon/NN supposedly/RB plagued/VBD a/DT house/NN in/IN Mannington/NNP ,/, Ky/NNP ./. | |
| Mr./NNP Baker/NNP found/VBD an/DT opening/NN under/IN the/DT house/NN that/WDT led/VBD to/TO a/DT fume-filled/JJ coal/NN mine/NN ./. | |
| When/WRB the/DT weather/NN cools/VBZ ,/, Mr./NNP Baker/NNP says/VBZ ,/, hobos/NNS often/RB hole/VBP up/RP in/IN abandoned/VBN houses/NNS ./. | |
| ``/`` People/NNS see/VBP activity/NN in/IN there/RB ,/, and/CC the/DT next/JJ thing/NN you/PRP know/VBP ,/, you/PRP 've/VBP got/VBN a/DT haunting/NN ,/, ''/'' he/PRP says/VBZ ./. | |
| On/IN a/DT recent/JJ afternoon/NN ,/, Mr./NNP Baker/NNP and/CC a/DT reporter/NN go/VBP ghost-busting/NN ,/, visiting/VBG Kathleen/NNP Stinnett/NNP ,/, a/DT Lexington/NNP woman/NN who/WP has/VBZ phoned/VBN the/DT University/NNP of/IN Kentucky/NNP to/TO report/VB mysterious/JJ happenings/NNS in/IN her/PRP$ house/NN ./. | |
| Mrs./NNP Stinnett/NNP says/VBZ she/PRP never/RB believed/VBD in/IN ghosts/NNS before/RB ,/, but/CC lately/RB her/PRP$ vacuum/NN cleaner/NN turned/VBD itself/PRP on/RP ,/, a/DT telephone/NN flew/VBD off/IN its/PRP$ stand/NN ,/, doors/NNS slammed/VBD inexplicably/RB ,/, and/CC she/PRP heard/VBD footsteps/NNS in/IN her/PRP$ empty/JJ kitchen/NN ./. | |
| ``/`` I/PRP was/VBD doing/VBG the/DT laundry/NN and/CC nearly/RB broke/VBD my/PRP$ neck/NN running/VBG upstairs/NN to/TO see/VB who/WP was/VBD there/RB ,/, and/CC it/PRP was/VBD nobody/NN ,/, ''/'' she/PRP says/VBZ ,/, eyes/NNS wide/JJ at/IN the/DT recollection/NN ./. | |
| Mr./NNP Baker/NNP hears/VBZ her/PRP out/RP ,/, pokes/VBZ around/RP a/DT bit/NN ,/, asks/VBZ a/DT few/JJ questions/NNS and/CC proposes/VBZ some/DT explanations/NNS ./. | |
| Of/IN the/DT self-starting/JJ vacuum/NN cleaner/JJR ,/, he/PRP says/VBZ :/: ``/`` Could/MD be/VB Cuddles/NNP ,/, {/-LRB- Mrs./NNP Stinnett/NNP 's/POS dog/NN }/-RRB- ./. ''/'' | |
| The/DT flying/VBG telephone/NN :/: ``/`` You/PRP tangle/VBP the/DT base/NN cord/NN around/IN a/DT chair/NN leg/NN ,/, and/CC the/DT receiver/NN does/VBZ seem/VB to/TO fly/VB off/RB ./. ''/'' | |
| The/DT ghostly/JJ footsteps/NNS :/: ``/`` Interstate/NNP 64/CD is/VBZ a/DT block/NN away/RB ,/, and/CC heavy/JJ traffic/NN can/MD sure/RB set/VB a/DT house/NN to/TO vibrating/VBG ./. ''/'' | |
| ``/`` I/PRP 'm/VBP not/RB sure/RB he/PRP 's/POS explained/VBD everything/NN ,/, ''/'' Mrs./NNP Stinnett/NNP says/VBZ grudgingly/RB ./. | |
| ``/`` There/EX are/VBP some/DT things/NNS that/WDT have/VBP gone/VBN on/RP here/RB that/IN nobody/NN can/MD explain/VB ,/, ''/'' she/PRP says/VBZ ./. | |
| Mr./NNP Baker/NNP promises/VBZ to/TO return/VB if/IN the/DT haunting/NN continues/VBZ ./. | |
| For/IN especially/RB stubborn/JJ haunts/NNS ,/, Mr./NNP Baker/NNP carries/VBZ a/DT secret/JJ weapon/NN ,/, a/DT vial/NN of/IN cornstarch/NN ./. | |
| ``/`` I/PRP tell/VBP people/NNS it/PRP 's/VBZ the/DT groundup/JJ bones/NNS of/IN saints/NNS ,/, ''/'' he/PRP says/VBZ ./. | |
| ``/`` I/PRP sprinkle/VBP a/DT little/JJ around/RP and/CC tell/VBP the/DT demons/NNS to/TO leave/VB ./. | |
| It/PRP 's/VBZ reassuring/VBG ,/, and/CC it/PRP usually/RB works/VBZ ./. ''/'' | |
| Oregon/NNP 's/POS Mr./NNP Hyman/NNP has/VBZ investigated/VBN claims/NNS of/IN flying/VBG cats/NNS ,/, apparitions/NNS and/CC bouncing/VBG chandeliers/NNS and/CC has/VBZ come/VBN up/RP with/IN a/DT plausible/JJ explanation/NN ,/, he/PRP says/VBZ ,/, for/IN every/DT one/CD ./. | |
| ``/`` Invariably/RB ,/, ''/'' he/PRP says/VBZ ,/, ``/`` eyewitnesses/NNS are/VBP untrustworthy/JJ ./. ''/'' | |
| Two/CD years/NNS ago/RB ,/, a/DT Canadian/JJ reader/NN bet/VBD Omni/NNP Magazine/NNP $/$ 1,000/CD that/IN it/PRP could/MD n't/RB debunk/VB the/DT uncanny/JJ goings-on/NNS in/IN ``/`` the/DT Oregon/NNP Vortex/NNP ,/, ''/'' a/DT former/JJ Indian/JJ burial/NN ground/NN in/IN southern/JJ Oregon/NNP ./. | |
| To/TO viewers/NNS from/IN a/DT distance/NN ,/, visitors/NNS to/TO the/DT spot/NN seemed/VBD to/TO shrink/VB disproportionately/RB ,/, relative/JJ to/TO the/DT background/NN ./. | |
| The/DT magazine/NN called/VBN in/RP Mr./NNP Hyman/NNP as/IN a/DT consultant/NN ./. | |
| He/PRP showed/VBD up/RP with/IN a/DT carpenter/NN 's/POS level/NN ,/, carefully/RB measured/VBN every/DT surface/NN and/CC showed/VBD how/WRB the/DT apparent/JJ shrinkage/NN was/VBD caused/VBN by/IN the/DT perspective/NN ./. | |
| ``/`` A/DT very/RB striking/JJ illusion/NN ,/, ''/'' Mr./NNP Hyman/NNP says/VBZ now/RB ,/, his/PRP$ voice/NN dripping/VBG with/IN skepticism/NN ,/, ``/`` but/CC an/DT illusion/NN nevertheless/RB ./. ''/'' | |
| The/DT Canadian/NN wound/VBD up/RP writing/VBG a/DT check/NN ./. | |
| The/DT Rev./NNP Alphonsus/NNP Trabold/NNP ,/, a/DT theology/NN professor/NN and/CC exorcism/NN expert/NN at/IN St./NNP Bonaventure/NNP University/NNP in/IN Olean/NNP ,/, N.Y./NNP ,/, frequently/RB is/VBZ asked/VBN to/TO exorcise/VB unruly/JJ spirits/NNS ,/, and/CC he/PRP often/RB obliges/VBZ ./. | |
| ``/`` On/IN certain/JJ occasions/NNS a/DT spirit/NN could/MD be/VB earthbound/JJ and/CC make/VB itself/PRP known/VBN ,/, ''/'' he/PRP says/VBZ ./. | |
| ``/`` It/PRP happens/VBZ ./. ''/'' | |
| Father/NNP Trabold/NNP often/RB uses/VBZ what/WP he/PRP calls/VBZ ``/`` a/DT therapeutic/JJ exorcism/NN ''/'' :/: a/DT few/JJ prayers/NNS and/CC an/DT admonition/NN to/TO the/DT spirit/NN to/TO leave/VB ./. | |
| ``/`` If/IN the/DT person/NN believes/VBZ there/EX 's/VBZ an/DT evil/JJ spirit/NN ,/, you/PRP ask/VBP it/PRP to/TO be/VB gone/VBN ,/, ''/'' he/PRP says/VBZ ./. | |
| ``/`` The/DT suggestion/NN itself/PRP may/MD do/VB the/DT healing/NN ./. ''/'' | |
| But/CC sometimes/RB more/RBR energetic/JJ attacks/NNS are/VBP required/VBN ./. | |
| To/TO wrestle/VB with/IN a/DT demon/NN in/IN a/DT house/NN owned/VBN by/IN a/DT Litchfield/NNP ,/, Conn./NNP ,/, woman/NN ,/, the/DT Warrens/NNS recently/RB called/VBD in/RP an/DT exorcist/NN ,/, the/DT Rev./NNP Robert/NNP McKenna/NNP ,/, a/DT dissident/JJ clergyman/NN who/WP hews/VBZ to/TO the/DT Catholic/NNP Church/NNP 's/POS old/JJ Latin/NNP liturgy/NN ./. | |
| I/PRP attend/VBP ,/, and/CC so/RB does/VBZ a/DT television/NN crew/NN from/IN New/NNP York/NNP City/NNP ./. | |
| Mr./NNP Warren/NNP pronounces/VBZ the/DT Litchfield/NNP case/NN ``/`` your/PRP$ typical/JJ demonic/JJ infestation/NN ./. ''/'' | |
| A/DT Scottish/JJ dwarf/NN built/VBD the/DT small/JJ red/JJ house/NN 110/CD years/NNS ago/RB and/CC now/RB his/PRP$ demonic/JJ ghost/NN haunts/VBZ it/PRP ,/, Mr./NNP Warren/NNP says/VBZ ./. | |
| The/DT owner/NN ,/, who/WP begs/VBZ anonymity/NN ,/, asserts/VBZ that/IN the/DT dwarf/NN ,/, appearing/VBG as/IN a/DT dark/JJ shadow/NN ,/, has/VBZ manhandled/VBN her/PRP ,/, tossing/VBG her/PRP around/IN the/DT living/NN room/NN and/CC yanking/VBG out/RP a/DT hank/NN of/IN hair/NN ./. | |
| Two/CD previous/JJ exorcisms/NNS have/VBP failed/VBN ./. | |
| ``/`` This/DT is/VBZ a/DT very/RB tenacious/JJ ghost/NN ,/, ''/'' Mr./NNP Warren/NNP says/VBZ darkly/RB ./. | |
| Father/NNP McKenna/NNP moves/VBZ through/IN the/DT house/NN praying/VBG in/IN Latin/NNP ,/, urging/VBG the/DT demon/NN to/TO split/VB ./. | |
| Suddenly/RB the/DT woman/NN begins/VBZ swaying/VBG and/CC then/RB writhing/VBG ./. | |
| ``/`` She/PRP 's/VBZ being/VBG attacked/VBN by/IN the/DT demon/NN ,/, ''/'' Mrs./NNP Warren/NNP stagewhispers/VBZ as/IN the/DT priest/NN sprinkles/VBZ holy/JJ water/NN over/IN the/DT squirming/VBG woman/NN ,/, and/CC the/DT television/NN camera/NN grinds/VBZ ./. | |
| A/DT half-hour/NN later/RB ,/, the/DT woman/NN is/VBZ smiling/VBG and/CC chatting/VBG ;/: the/DT demon/NN seems/VBZ to/TO have/VB gone/VBN ./. | |
| But/CC Mr./NNP Warren/NNP says/VBZ the/DT woman/NN has/VBZ ``/`` psychic/JJ burns/NNS ''/'' on/IN her/PRP$ back/NN from/IN the/DT confrontation/NN ./. | |
| She/PRP declines/VBZ to/TO show/VB them/PRP ./. | |
| ``/`` This/DT was/VBD an/DT invisible/JJ ,/, powerful/JJ force/NN that/WDT 's/VBZ almost/RB impossible/JJ for/IN a/DT layman/NN to/TO contemplate/VB ,/, ''/'' Mr./NNP Warren/NNP says/VBZ solemnly/RB as/IN the/DT ghostbusting/NN entourage/NN packs/VBZ up/RP to/TO leave/VB ./. | |
| ``/`` This/DT time/NN though/IN ,/, ''/'' he/PRP says/VBZ ,/, ``/`` I/PRP think/VBP we/PRP got/VBD it/PRP ./. ''/'' | |
| Lyrics/NNS from/IN ``/`` Ghostbusters/NNP ''/'' by/IN Ray/NNP S./NNP Parker/NNP Jr./NNP 1984/CD by/IN Golden/NNP Torch/NNP Music/NNP Corp./NNP (/-LRB- ASCAP/NNP )/-RRB- and/CC Raydiola/NNP Music/NNP (/-LRB- ASCAP/NNP )/-RRB- ./. | |
| All/DT administrative/JJ rights/NNS for/IN the/DT U.S./NNP jointly/RB controlled/VBN by/IN both/DT companies/NNS ./. | |
| International/JJ copyright/NN secured/VBN ./. | |
| Made/VBN in/IN USA/NNP ./. | |
| All/DT rights/NNS Reserved/VBN ./. | |
| Reprinted/VBN by/IN permission/NN ./. | |
| BROKERAGE/NN HIRING/NN languishes/VBZ amid/IN market/NN turmoil/NN ./. | |
| But/CC survivors/NNS earn/VBP more/JJR ./. | |
| Shearson/NNP Lehman/NNP Hutton/NNP Inc./NNP counts/VBZ under/JJ 39,000/CD workers/NNS ,/, down/RB 100/CD from/IN the/DT start/NN of/IN the/DT year/NN and/CC off/IN 8,500/CD from/IN after/IN its/PRP$ merger/NN and/CC the/DT market/NN collapse/NN two/CD years/NNS ago/RB ./. | |
| Another/DT major/JJ firm/NN has/VBZ cut/VBN 6,000/CD workers/NNS ,/, 13/CD %/NN of/IN its/PRP$ staff/NN ,/, since/IN Black/NNP Monday/NNP ./. | |
| The/DT Bureau/NNP of/IN Labor/NNP Statistics/NNP says/VBZ securities/NNS firms/NNS in/IN New/NNP York/NNP City/NNP alone/RB have/VBP slashed/VBN 17,000/CD jobs/NNS from/IN the/DT December/NNP 1987/CD peak/NN of/IN 163,000/CD ./. | |
| Average/JJ annual/JJ earnings/NNS of/IN those/DT who/WP have/VBP hung/VBN on/RP ,/, though/RB ,/, surged/VBD to/TO $/$ 78,625/CD last/JJ year/NN from/IN $/$ 69,553/CD in/IN 1987/CD ./. | |
| Any/DT hiring/VBG is/VBZ confined/VBN to/TO retail/JJ sales/NNS ./. | |
| Illinois/NNP Company/NNP Investments/NNP had/VBD been/VBN trimming/VBG its/PRP$ ranks/NNS until/IN last/JJ summer/NN ./. | |
| But/CC then/RB it/PRP was/VBD acquired/VBN by/IN Household/NNP International/NNP Inc/NNP ./. | |
| Now/RB it/PRP offers/VBZ richer/JJR commissions/NNS to/TO lure/VB a/DT broker/NN a/DT week/NN ./. | |
| Interstate/Johnson/NNP Lane/NNP Inc./NNP this/DT year/NN adds/VBZ 70/CD people/NNS --/: 60/CD of/IN them/PRP in/IN retail/NN --/: to/TO its/PRP$ 1,300-member/JJ staff/NN ./. | |
| A.G./NNP Edwards/NNP &/CC Sons/NNP runs/VBZ training/NN classes/NNS and/CC looks/VBZ for/IN experienced/JJ brokers/NNS ./. | |
| ``/`` We/PRP 're/VBP always/RB going/VBG to/TO hire/VB someone/NN we/PRP consider/VBP to/TO be/VB a/DT winner/NN ,/, ''/'' an/DT Edwards/NNP official/NN says/VBZ ./. | |
| SKILLED/JJ WORKERS/NNS aplenty/JJ are/VBP available/JJ to/TO cope/VB with/IN earthquake/NN damage/NN ./. | |
| ``/`` I/PRP do/VBP n't/RB foresee/VB any/DT shortages/NNS over/IN the/DT next/JJ few/JJ months/NNS ,/, ''/'' says/VBZ Ken/NNP Allen/NNP ,/, an/DT official/NN of/IN Operating/NNP Engineers/NNP Local/NNP 3/CD in/IN San/NNP Francisco/NNP ./. | |
| Ironically/RB ,/, ``/`` up/IN until/IN the/DT quake/NN ,/, we/PRP desperately/RB tried/VBD to/TO fill/VB jobs/NNS ,/, ''/'' especially/RB for/IN crane/NN and/CC bulldozer/NN operators/NNS ./. | |
| But/CC the/DT Oct./NNP 17/CD temblor/NN put/VBD a/DT halt/NN to/TO much/JJ nonessential/JJ building/NN ,/, and/CC heavy/JJ rains/NNS last/JJ week/NN slowed/VBD the/DT rest/NN ,/, freeing/VBG construction/NN workers/NNS for/IN earthquake/NN repairs/NNS ./. | |
| The/DT supply/NN of/IN experienced/VBN civil/JJ engineers/NNS ,/, though/RB ,/, is/VBZ tighter/JJR ./. | |
| In/IN recent/JJ months/NNS ,/, California/NNP 's/POS Transportation/NNP Department/NNP has/VBZ been/VBN recruiting/VBG in/IN Pennsylvania/NNP ,/, Arizona/NNP and/CC Texas/NNP for/IN engineers/NNS experienced/VBN in/IN road/NN and/CC bridge/NN design/NN ./. | |
| But/CC ,/, with/IN the/DT state/NN offering/VBG only/RB $/$ 39,000/CD a/DT year/NN and/CC California/NNP 's/POS high/JJ standard/NN of/IN living/NN ,/, ``/`` there/EX are/VBP n't/RB too/RB many/JJ to/TO choose/VB from/IN ,/, ''/'' says/VBZ Brent/NNP Scott/NNP ,/, a/DT recruiting/NN officer/NN ./. | |
| He/PRP says/VBZ the/DT department/NN now/RB has/VBZ 75/CD openings/NNS and/CC wants/VBZ to/TO hire/VB 625/CD civil/JJ engineers/NNS over/IN the/DT next/JJ 15/CD months/NNS ./. | |
| THE/DT IRS/NNP may/MD taketh/VB what/WP the/DT Labor/NNP Department/NNP giveth/VBZ ./. | |
| But/CC stay/VB tuned/VBN ./. | |
| Employee-benefit/JJ specialists/NNS drew/VBD a/DT collective/JJ sigh/NN of/IN relief/NN in/IN early/JJ October/NNP when/WRB the/DT Labor/NNP Department/NNP backed/VBD away/RB from/IN a/DT proposal/NN that/IN companies/NNS let/VB former/JJ employees/NNS and/CC beneficiaries/NNS --/: along/IN with/IN active/JJ workers/NNS --/: borrow/VB against/IN balances/NNS in/IN 401/CD (/-LRB- k/NN )/-RRB- and/CC similar/JJ savings/NNS plans/NNS ./. | |
| In/IN an/DT advisory/JJ letter/NN ,/, the/DT department/NN said/VBD that/IN ,/, starting/VBG Oct./NNP 18/CD ,/, loans/NNS could/MD be/VB limited/VBN to/TO ``/`` parties/NNS in/IN interest/NN ,/, ''/'' which/WDT generally/RB means/VBZ active/JJ workers/NNS but/CC also/RB includes/VBZ retirees/NNS who/WP continue/VBP as/IN directors/NNS and/CC 10/CD %/NN shareholders/NNS ./. | |
| Now/RB comes/VBZ word/NN that/IN IRS/NNP regulations/NNS being/VBG drafted/VBN could/MD put/VB companies/NNS in/IN violation/NN of/IN the/DT tax/NN code/NN if/IN they/PRP make/VBP loans/NNS to/TO retiree/NN shareholders/NNS and/CC directors/NNS but/CC do/VBP n't/RB make/VB them/PRP available/JJ to/TO other/JJ former/JJ workers/NNS who/WP usually/RB earned/VBD less/JJR ./. | |
| The/DT IRS/NNP says/VBZ the/DT question/NN wo/MD n't/RB be/VB settled/VBN until/IN the/DT regulations/NNS are/VBP issued/VBN ``/`` shortly/RB ./. ''/'' | |
| But/CC violation/NN could/MD bring/VB substantial/JJ tax/NN penalties/NNS to/TO both/DT employer/NN and/CC employees/NNS ./. | |
| ``/`` It/PRP 's/VBZ a/DT severe/JJ case/NN of/IN regulatory/JJ whiplash/NN ,/, ''/'' complains/VBZ Henry/NNP Saveth/NNP of/IN consultant/NN A./NNP Foster/NNP Higgins/NNP &/CC Co/NNP ./. | |
| Frederick/NNP Rumack/NNP of/IN Buck/NNP Consultants/NNP has/VBZ asked/VBN Labor/NNP to/TO recraft/VB its/PRP$ rule/NN to/TO remove/VB the/DT IRS/NNP threat/NN ./. | |
| CORPORATE/JJ DOWNSIZING/NN digs/VBZ deeper/JJR ./. | |
| Outplacement/NN consultant/NN Right/NNP Associates/NNP says/VBZ the/DT average/JJ pay/NN of/IN its/PRP$ clients/NNS fell/VBD to/TO $/$ 66,743/CD last/JJ year/NN from/IN $/$ 70,765/CD in/IN 1987/CD ;/: severance/JJ pay/NN dropped/VBD to/TO 25/CD weeks/NNS from/IN 29/CD ./. | |
| Both/DT reflect/VBP the/DT dismissal/NN of/IN lower-level/JJ and/CC shorter-tenure/JJ executives/NNS ./. | |
| FIRST/RB TEACH/VB THYSELF/PRP ./. | |
| Executives/NNS universally/RB believe/VBP workers/NNS should/MD know/VB their/PRP$ employer-sponsored/JJ benefits/NNS ./. | |
| But/CC three/CD out/IN of/IN four/CD managers/NNS ca/MD n't/RB accurately/RB state/VBP the/DT value/NN of/IN their/PRP$ own/JJ packages/NNS ,/, consultant/NN Noble/NNP Lowndes/NNP says/VBZ ./. | |
| MEA/NNP CULPA/NNP ./. | |
| Fully/RB 62/CD %/NN of/IN the/DT doctors/NNS surveyed/VBN for/IN Metropolitan/NNP Life/NNP Insurance/NNP Co./NNP think/VBP their/PRP$ fellow/JJ physicians/NNS are/VBP responsible/JJ for/IN rising/JJ health-care/NN costs/NNS ,/, ahead/RB of/IN hospitals/NNS (/-LRB- 55/CD %/NN )/-RRB- and/CC patients/NNS (/-LRB- 48/CD %/NN )/-RRB- ./. | |
| NO/RB ,/, YOU/PRP WORK/VBP !/. | |
| Only/RB one/CD in/IN four/CD companies/NNS with/IN flexible/JJ benefit/NN plans/NNS lets/VBZ workers/NNS buy/VB or/CC sell/VB vacation/NN days/NNS ,/, consultant/NN Towers/NNP Perrin/NNP says/VBZ ./. | |
| Employees/NNS like/VBP the/DT option/NN but/CC firms/NNS say/VBP it/PRP 's/VBZ too/RB tough/JJ to/TO run/VB ./. | |
| STUDENTS/NNS SHUN/VBP burger/NN flipping/VBG for/IN jobs/NNS tied/VBN to/TO careers/NNS ./. | |
| Some/DT even/RB study/VBP ./. | |
| ``/`` Fast-food/NN jobs/NNS are/VBP n't/RB popular/JJ no/DT matter/NN what/WP they/PRP pay/VBP ,/, ''/'' says/VBZ a/DT Tufts/NNP official/NN ./. | |
| Working/JJ students/NNS ,/, she/PRP explains/VBZ ,/, want/VBP ``/`` some/DT satisfaction/NN ./. ''/'' | |
| University/NNP of/IN Michigan/NNP students/NNS look/VBP for/IN jobs/NNS related/VBN to/TO planned/VBN careers/NNS ./. | |
| Carnegie/NNP Mellon/NNP ,/, though/RB ,/, says/VBZ some/DT students/NNS conclude/VBP they/PRP can/MD help/VB their/PRP$ careers/NNS most/RBS by/IN hitting/VBG the/DT books/NNS :/: ``/`` They/PRP 're/VBP opting/VBG to/TO build/VB their/PRP$ resumes/NNS through/IN good/JJ grades/NNS and/CC leadership/NN roles/NNS in/IN fraternities/NNS ./. ''/'' | |
| Slowing/JJ economies/NNS in/IN some/DT areas/NNS limit/VBP student/NN choice/NN ./. | |
| Student/NN job/NN postings/NNS at/IN Boston/NNP University/NNP slip/VBP 10/CD %/NN this/DT year/NN following/VBG a/DT 10/CD %/NN drop/NN in/IN 1988/CD ./. | |
| Still/RB ,/, the/DT school/NN says/VBZ there/EX are/VBP an/DT ample/JJ number/NN and/CC pay/NN is/VBZ up/IN to/TO $/$ 7.20/CD an/DT hour/NN from/IN $/$ 6.90/CD last/JJ year/NN ./. | |
| M.B.A./NNP candidates/NNS at/IN the/DT University/NNP of/IN Pittsburgh/NNP earn/VBP up/IN to/TO $/$ 15/CD an/DT hour/NN on/IN marketing/NN or/CC computer/NN projects/NNS ./. | |
| THE/DT CHECKOFF/NN :/: Fiery/JJ ambition/NN :/: | |
| Hyatt/NNP Corp./NNP hires/VBZ a/DT University/NNP of/IN Wyoming/NNP graduate/NN with/IN degrees/NNS in/IN geology/NN and/CC petroleum/NN engineering/NN for/IN $/$ 7.50/CD an/DT hour/NN to/TO tend/VB wood/NN fires/NNS at/IN a/DT Colorado/NNP ski/NN resort/NN .../: ./. | |
| Is/VBZ somebody/NN telling/VBG us/PRP something/NN ?/. | |
| Our/PRP$ copy/NN of/IN Racine/NNP (/-LRB- Wis/NNP ./. )/-RRB- Labor/NN comes/VBZ through/IN the/DT mail/NN wrapped/VBN around/IN two/CD sections/NNS of/IN Baseball/NNP Card/NNP News/NNP ./. | |
| Democracy/NN is/VBZ making/VBG a/DT return/NN with/IN a/DT vengeance/NN to/TO Latin/NNP America/NNP 's/POS most/RBS populous/JJ and/CC deeply/RB indebted/JJ country/NN ./. | |
| On/IN Nov./NNP 15/CD ,/, when/WRB Brazilians/NNS elect/VBP a/DT president/NN for/IN the/DT first/JJ time/NN in/IN 29/CD years/NNS ,/, the/DT country/NN 's/POS 82/CD million/CD voters/NNS will/MD have/VB 22/CD candidates/NNS to/TO choose/VB from/IN ./. | |
| The/DT candidates/NNS have/VBP been/VBN crisscrossing/VBG this/DT huge/JJ country/NN of/IN 145/CD million/CD people/NNS ,/, holding/VBG rallies/NNS and/CC televised/VBN debates/NNS in/IN hope/NN of/IN being/VBG elected/VBN to/TO what/WP must/MD be/VB one/CD of/IN the/DT world/NN 's/POS most/RBS thankless/JJ political/JJ jobs/NNS :/: trying/VBG to/TO drag/VB Brazil/NNP out/IN of/IN its/PRP$ economic/JJ and/CC social/JJ mess/NN ./. | |
| ``/`` I/PRP feel/VBP sorry/RB for/IN whoever/WP wins/VBZ ,/, ''/'' says/VBZ a/DT Brazilian/JJ diplomat/NN ./. | |
| Who/WP that/DT winner/NN will/MD be/VB is/VBZ highly/RB uncertain/JJ ./. | |
| A/DT half-dozen/JJ candidates/NNS ,/, backing/VBG policies/NNS ranging/VBG from/IN Thatcherism/NNP to/TO watered-down/JJ Marxism/NNP ,/, are/VBP given/VBN a/DT chance/NN of/IN winning/VBG ./. | |
| ``/`` Whoever/WP says/VBZ he/PRP knows/VBZ which/WDT of/IN the/DT six/CD will/MD win/VB is/VBZ out/IN of/IN his/PRP$ mind/NN ,/, ''/'' says/VBZ Antonio/NNP Britto/NNP ,/, a/DT centrist/JJ member/NN of/IN Parliament/NNP ./. | |
| The/DT favorite/NN remains/VBZ Fernando/NNP Collor/NNP de/IN Mello/NNP ,/, a/DT 40-year-old/JJ former/JJ governor/NN of/IN the/DT state/NN of/IN Alagoas/NNP ./. | |
| He/PRP came/VBD out/IN of/IN nowhere/RB to/TO grab/VB the/DT lead/NN in/IN opinion/NN polls/NNS ,/, probably/RB less/RBR because/RB of/IN his/PRP$ vague/JJ program/NN to/TO ``/`` build/VB a/DT new/JJ Brazil/NNP ''/'' than/IN because/IN of/IN his/PRP$ good/JJ looks/NNS ,/, the/DT open/JJ backing/NN of/IN the/DT powerful/JJ Rede/NNP Globo/NNP television/NN network/NN and/CC his/PRP$ reputation/NN as/IN a/DT hunter/NN of/IN ``/`` maharajahs/NNS ,/, ''/'' or/CC overpaid/VBN and/CC underworked/JJ civil/JJ servants/NNS ./. | |
| But/CC after/RB building/VBG up/RP a/DT commanding/JJ lead/NN ,/, the/DT moderate/JJ to/TO conservative/JJ Mr./NNP Collor/NNP has/VBZ slipped/VBN to/TO about/RB 30/CD %/NN in/IN the/DT polls/NNS from/IN a/DT high/NN of/IN about/RB 43/CD %/NN only/RB a/DT few/JJ weeks/NNS ago/RB ./. | |
| To/TO avoid/VB a/DT runoff/NN ,/, one/CD candidate/NN would/MD have/VB to/TO win/VB 50/CD %/NN of/IN the/DT vote/NN --/: a/DT feat/NN that/IN most/JJS analysts/NNS consider/VBP impossible/JJ with/IN so/RB many/JJ candidates/NNS running/VBG ./. | |
| Two/CD left-wing/JJ politicians/NNS ,/, Socialist/NNP Leonel/NNP Brizola/NNP ,/, a/DT former/JJ governor/NN of/IN Rio/NNP de/IN Janeiro/NNP state/NN ,/, and/CC Marxist-leaning/NNP Luis/NNP Inacio/NNP da/NN Silva/NN ,/, currently/RB are/VBP running/VBG neck/NN and/CC neck/NN at/IN about/RB 15/CD %/NN ,/, and/CC three/CD other/JJ candidates/NNS are/VBP given/VBN a/DT chance/NN of/IN reaching/VBG the/DT Dec./NN 17/CD runoff/NN election/NN between/IN the/DT two/CD biggest/JJS vote-getters/NNS :/: Social/NNP Democrat/NNP Mario/NNP Covas/NNP and/CC two/CD conservatives/NNS ,/, Paulo/NNP Salim/NNP Maluf/NNP ,/, a/DT former/JJ governor/NN of/IN the/DT state/NN of/IN Sao/NNP Paulo/NNP ,/, and/CC Guilherme/NNP Afif/NNP Domingos/NNP ./. | |
| The/DT uncertainty/NN is/VBZ sending/VBG shivers/NNS through/IN Brazilian/JJ financial/JJ markets/NNS ./. | |
| The/DT dollar/NN ,/, the/DT best/JJS indicator/NN of/IN the/DT country/NN 's/POS mood/NN ,/, has/VBZ skyrocketed/VBN on/IN the/DT parallel/JJ market/NN ,/, as/IN has/VBZ gold/NN ./. | |
| Capital/NN flight/NN is/VBZ reported/VBN to/TO be/VB strong/JJ ./. | |
| The/DT big/JJ question/NN is/VBZ whether/IN the/DT new/JJ president/NN will/MD have/VB the/DT strength/NN and/CC the/DT political/JJ support/NN in/IN Congress/NNP to/TO take/VB steps/NNS to/TO cure/VB Brazil/NNP 's/POS economic/JJ ills/NNS ./. | |
| President/NNP Jose/NNP Sarney/NNP ,/, who/WP took/VBD office/NN in/IN 1985/CD when/WRB the/DT man/NN picked/VBN by/IN an/DT electoral/JJ college/NN became/VBD critically/RB ill/RB ,/, appears/VBZ to/TO be/VB simply/RB trying/VBG to/TO avoid/VB hyperinflation/NN ./. | |
| The/DT unpopular/JJ Mr./NNP Sarney/NNP ,/, whose/WP$ task/NN was/VBD to/TO bring/VB about/RP a/DT smooth/JJ transition/NN to/TO democracy/NN after/IN 21/CD years/NNS of/IN military/JJ rule/NN ,/, is/VBZ n't/RB seeking/VBG re-election/NN ./. | |
| What/WP comes/VBZ out/IN of/IN the/DT ballot/NN box/NN could/MD be/VB crucial/JJ in/IN determining/VBG whether/IN Brazil/NNP finally/RB lives/VBZ up/RP to/TO the/DT potential/NN of/IN the/DT world/NN 's/POS eighth/JJ largest/JJS economy/NN or/CC keeps/VBZ living/VBG up/RP to/TO its/PRP$ other/JJ ,/, less/RBR enviable/JJ title/NN :/: that/DT of/IN the/DT developing/JJ world/NN 's/POS largest/JJS debtor/NN ,/, teetering/VBG on/IN the/DT brink/NN of/IN hyperinflation/NN ,/, mired/VBN in/IN deficits/NNS and/CC stagnation/NN ,/, with/IN huge/JJ economic/JJ inequalities/NNS and/CC social/JJ discontent/NN boiling/VBG under/IN the/DT surface/NN ./. | |
| If/IN Brazil/NNP devises/VBZ an/DT economic/JJ strategy/NN allowing/VBG it/PRP to/TO resume/VB growth/NN and/CC service/VB debt/NN ,/, this/DT could/MD lead/VB it/PRP to/TO open/VB up/RP and/CC deregulate/VB its/PRP$ sheltered/JJ economy/NN ,/, analysts/NNS say/VBP ,/, just/RB as/IN Argentinian/JJ President/NNP Carlos/NNP Saul/NNP Menem/NNP has/VBZ been/VBN doing/VBG even/RB though/IN he/PRP was/VBD elected/VBN on/IN a/DT populist/JJ platform/NN ./. | |
| ``/`` Depending/VBG on/IN the/DT president/NN ,/, we/PRP could/MD either/RB be/VB a/DT trillion-dollar/JJ economy/NN by/IN the/DT end/NN of/IN the/DT century/NN or/CC stay/VB where/WRB we/PRP are/VBP ,/, ''/'' says/VBZ political/JJ scientist/NN Amaury/NNP de/IN Souza/NNP ./. | |
| ``/`` And/CC where/WRB we/PRP are/VBP is/VBZ bad/JJ ./. ''/'' | |
| Despite/IN valiant/JJ efforts/NNS by/IN Finance/NNP Minister/NNP Mailson/NNP Ferreira/NNP da/NNP Nobrega/NNP ,/, inflation/NN came/VBD to/TO 36/CD %/NN in/IN September/NNP alone/RB and/CC is/VBZ expected/VBN to/TO top/VB 1,000/CD %/NN for/IN the/DT year/NN ./. | |
| That/DT might/MD have/VB been/VBN considered/VBN hyperinflation/NN not/RB long/RB ago/RB ,/, but/CC Argentina/NNP endured/VBD price/NN increases/NNS of/IN almost/RB 200/CD %/NN in/IN July/NNP before/IN bringing/VBG the/DT rate/NN down/RP sharply/RB in/IN August/NNP and/CC September/NNP ./. | |
| Still/RB ,/, massive/JJ internal/JJ debt/NN has/VBZ forced/VBN the/DT government/NN to/TO borrow/VB massively/RB on/IN the/DT domestic/JJ market/NN and/CC to/TO offer/VB inflation-adjusted/JJ returns/NNS of/IN 2/CD %/NN to/TO 3/CD %/NN a/DT month/NN just/RB to/TO get/VB investors/NNS to/TO hold/VB on/RP to/TO its/PRP$ paper/NN ./. | |
| About/RB $/$ 70/CD billion/CD is/VBZ estimated/VBN to/TO be/VB tied/VBN up/RP in/IN the/DT short-term/JJ money/NN market/NN ,/, which/WDT acts/VBZ both/DT as/IN a/DT hedge/NN against/IN inflation/NN for/IN consumers/NNS and/CC an/DT accelerator/NN of/IN inflation/NN and/CC deficits/NNS for/IN the/DT government/NN ./. | |
| By/IN some/DT estimates/NNS ,/, Brazil/NNP 's/POS internal/JJ debt/NN ,/, or/CC combined/VBN public/JJ deficit/NN ,/, could/MD reach/VB 6.5/CD %/NN of/IN its/PRP$ $/$ 351/CD billion/CD gross/JJ domestic/JJ product/NN ./. | |
| Much/RB of/IN the/DT money/NN goes/VBZ into/IN subsidies/NNS or/CC keeping/VBG inefficient/JJ state-controlled/JJ companies/NNS operating/VBG ./. | |
| Among/IN the/DT results/NNS is/VBZ a/DT frequent/JJ breakdown/NN of/IN public/JJ services/NNS ./. | |
| It/PRP 's/VBZ not/RB uncommon/JJ to/TO wait/VB three/CD minutes/NNS for/IN a/DT dial/NN tone/NN after/IN picking/VBG up/RP the/DT telephone/NN ,/, and/CC then/RB to/TO be/VB interrupted/VBN by/IN a/DT busy/JJ signal/NN before/IN finishing/VBG dialing/VBG the/DT number/NN ./. | |
| Officials/NNS also/RB say/VBP a/DT national/JJ electricity/NN shortage/NN might/MD not/RB be/VB far/RB off/RP ./. | |
| Economists/NNS ,/, businessmen/NNS and/CC some/DT politicians/NNS agree/VBP that/IN the/DT answer/NN is/VBZ an/DT orthodox/JJ economic/JJ austerity/NN program/NN including/VBG reduced/VBN state/NN spending/NN ;/: focusing/VBG spending/NN on/IN vital/JJ areas/NNS such/JJ as/IN education/NN ,/, health/NN and/CC welfare/NN ;/: turning/VBG state/NN companies/NNS private/JJ ;/: reforming/VBG the/DT tax/NN system/NN ,/, raising/VBG public/JJ service/NN rates/NNS to/TO match/VB costs/NNS ;/: and/CC possibly/RB a/DT temporary/JJ wage/NN and/CC price/NN freeze/NN and/CC a/DT devaluation/NN of/IN the/DT cruzado/NN ./. | |
| Analysts/NNS also/RB say/VBP it/PRP 's/VBZ inevitable/JJ that/IN Brazil/NNP will/MD seek/VB to/TO renegotiate/VB its/PRP$ $/$ 115/CD billion/CD foreign/JJ debt/NN ,/, on/IN which/WDT it/PRP suspended/VBD interest/NN payments/NNS last/JJ month/NN ./. | |
| Analysts/NNS say/VBP ,/, however/RB ,/, that/IN a/DT tough/JJ economic/JJ program/NN would/MD have/VB to/TO be/VB accompanied/VBN by/IN measures/NNS to/TO shield/VB the/DT poor/JJ from/IN its/PRP$ recessionary/JJ effects/NNS ,/, for/IN instance/NN by/IN subsidizing/VBG staple/JJ food/NN items/NNS ./. | |
| About/RB 80/CD %/NN of/IN Brazil/NNP 's/POS voters/NNS are/VBP believed/VBN to/TO live/VB near/IN the/DT poverty/NN level/NN ./. | |
| Of/IN the/DT three/CD candidates/NNS with/IN a/DT serious/JJ chance/NN of/IN winning/VBG ,/, Mr./NNP Collor/NNP comes/VBZ closest/JJS to/TO advocating/VBG the/DT sort/NN of/IN measures/NNS that/IN economists/NNS say/VBP are/VBP necessary/JJ ./. | |
| But/CC his/PRP$ inexperience/NN raises/VBZ doubts/NNS that/IN he/PRP would/MD have/VB the/DT political/JJ power/NN to/TO carry/VB them/PRP out/RP ./. | |
| The/DT 67-year-old/JJ Mr./NNP Brizola/NNP has/VBZ been/VBN vague/JJ about/IN his/PRP$ intentions/NNS and/CC often/RB inflammatory/JJ in/IN his/PRP$ rhetoric/NN ,/, but/CC analysts/NNS say/VBP he/PRP probably/RB would/MD be/VB pragmatic/JJ ./. | |
| Mr./NNP da/NNP Silva/NNP ,/, a/DT 43-year-old/JJ former/JJ factory/NN worker/NN and/CC labor/NN leader/NN ,/, is/VBZ the/DT most/RBS radical/JJ ,/, vowing/VBG to/TO withhold/VB payments/NNS on/IN the/DT foreign/JJ debt/NN and/CC saying/VBG he/PRP ``/`` would/MD n't/RB go/VB around/RP putting/VBG the/DT country/NN up/RP for/IN sale/NN to/TO the/DT highest/JJS bidder/NN ./. ''/'' | |
| But/CC despite/IN the/DT differences/NNS in/IN what/WP they/PRP say/VBP ,/, according/VBG to/TO some/DT analysts/NNS here/RB ,/, economic/JJ constraints/NNS mean/VBP the/DT next/JJ president/NN may/MD not/RB have/VB many/JJ choices/NNS about/IN what/WP he/PRP does/VBZ ./. | |
| Hospital/NN Regulation/NN Sparks/VBZ Kentucky/NNP Feud/NN | |
| WHICH/WDT IS/VBZ the/DT best/JJS medicine/NN for/IN runaway/JJ health/NN costs/NNS :/: competition/NN or/CC regulation/NN ?/. | |
| The/DT question/NN is/VBZ at/IN the/DT root/NN of/IN a/DT brawl/NN between/IN Humana/NNP Inc./NNP ,/, the/DT big/JJ for-profit/JJ hospital/NN and/CC insurance/NN company/NN ,/, and/CC its/PRP$ not-for-profit/JJ brethren/NNS in/IN its/PRP$ home/NN state/NN of/IN Kentucky/NNP ./. | |
| The/DT battle/NN focuses/VBZ on/IN the/DT state/NN 's/POS certificate-of-need/NN law/NN ,/, which/WDT regulates/VBZ investment/NN in/IN new/JJ medical/JJ technology/NN ./. | |
| The/DT law/NN has/VBZ prevented/VBN $/$ 216/CD million/CD of/IN unnecessary/JJ expenditures/NNS since/IN 1986/CD ,/, according/VBG to/TO William/NNP S./NNP Conn/NNP ,/, president/NN of/IN the/DT Kentucky/NNP Hospital/NNP Association/NNP ./. | |
| But/CC according/VBG to/TO David/NNP Jones/NNP ,/, Humana/NNP 's/POS chief/JJ executive/NN ,/, it/PRP promotes/VBZ technology/NN monopolies/NNS ,/, stifles/VBZ innovation/NN and/CC raises/VBZ prices/NNS ./. | |
| If/IN the/DT Legislature/NNP does/VBZ n't/RB repeal/VB the/DT law/NN ,/, due/JJ for/IN revision/NN in/IN 1990/CD ,/, Mr./NNP Jones/NNP says/VBZ Humana/NNP may/MD move/VB its/PRP$ insurance/NN operations/NNS ,/, including/VBG 3,000/CD jobs/NNS in/IN Louisville/NNP ,/, to/TO another/DT state/NN ./. | |
| The/DT company/NN complains/VBZ that/IN it/PRP paid/VBD $/$ 10/CD million/CD to/TO non-Humana/JJ hospitals/NNS in/IN its/PRP$ latest/JJS fiscal/JJ year/NN for/IN services/NNS provided/VBN to/TO its/PRP$ insurance/NN plan/NN members/NNS ./. | |
| But/CC Humana/NNP says/VBZ its/PRP$ own/JJ facilities/NNS could/MD serve/VB its/PRP$ insured/VBN for/IN less/JJR if/IN they/PRP were/VBD properly/RB equipped/VBN ./. | |
| Mr./NNP Conn/NNP charges/VBZ that/IN Humana/NNP 's/POS own/JJ actions/NNS undermine/VBP its/PRP$ argument/NN ./. | |
| When/WRB a/DT hospital/NN in/IN Lexington/NNP installed/VBD a/DT lithotripter/NN last/JJ year/NN ,/, demand/NN for/IN a/DT similar/JJ kidney-stone/NN smashing/NN machine/NN at/IN a/DT Humana/NNP hospital/NN in/IN Louisville/NNP fell/VBD 34/CD %/NN ./. | |
| The/DT Humana/NNP hospital/NN responded/VBD by/IN jacking/VBG up/RP prices/NNS to/TO make/VB up/RP for/IN lost/VBN revenue/NN ,/, Mr./NNP Conn/NNP says/VBZ ,/, and/CC now/RB charges/VBZ as/RB much/JJ as/IN $/$ 8,000/CD for/IN the/DT procedure/NN ,/, which/WDT costs/VBZ only/RB about/RB $/$ 3,500/CD in/IN Lexington/NNP ./. | |
| Humana/NNP contends/VBZ that/IN $/$ 8,000/CD represents/VBZ an/DT extreme/JJ case/NN and/CC that/IN its/PRP$ regular/JJ charge/NN for/IN lithotripsy/NN is/VBZ $/$ 4,900/CD ./. | |
| Meanwhile/RB ,/, another/DT hospital/NN 's/POS proposal/NN for/IN a/DT new-generation/NN lithotripter/NN is/VBZ pending/VBG before/IN the/DT board/NN that/WDT administers/VBZ the/DT certificate-of-need/NN law/NN ./. | |
| Humana/NNP ,/, which/WDT wants/VBZ to/TO acquire/VB one/CD of/IN the/DT new/JJ machines/NNS itself/PRP ,/, is/VBZ on/IN the/DT record/NN as/IN opposed/VBN to/TO the/DT proposal/NN ./. | |
| Debt-Burdened/JJ Doctors/NNS Seek/VBP Financial/JJ Security/NN | |
| HEALTH-CARE/NN experts/NNS have/VBP long/RB worried/VBN that/IN young/JJ doctors/NNS emerging/VBG from/IN medical/JJ school/NN with/IN a/DT mountain/NN of/IN debt/NN will/MD choose/VB careers/NNS in/IN high-paying/JJ specialties/NNS instead/RB of/IN primary/JJ care/NN ,/, where/WRB more/JJR physicians/NNS are/VBP needed/VBN most/RBS ./. | |
| Now/RB there/EX 's/VBZ a/DT new/JJ wrinkle/NN in/IN what/WP young/JJ doctors/NNS want/VBP :/: More/JJR than/IN half/NN of/IN 300/CD residents/NNS responding/VBG to/TO recent/JJ survey/NN said/VBD they/PRP 'd/MD prefer/VB a/DT guaranteed/VBN salary/NN over/IN traditional/JJ fee-for-service/JJ compensation/NN in/IN their/PRP$ first/JJ professional/JJ position/NN ./. | |
| And/CC 81/CD %/NN preferred/VBD a/DT group/NN practice/NN or/CC health/NN maintenance/NN organization/NN ,/, while/IN just/RB 11/CD %/NN favored/VBD solo/NN practice/NN ./. | |
| ``/`` Ten/CD years/NNS ago/RB ,/, a/DT physician/NN would/MD go/VB to/TO a/DT town/NN and/CC take/VB out/RP a/DT loan/NN (/-LRB- to/TO start/VB a/DT practice/NN )/-RRB- ,/, ''/'' says/VBZ James/NNP Merritt/NNP ,/, president/NN of/IN Merritt/NNP ,/, Hawkins/NNP &/CC Associates/NNP ,/, an/DT Irvine/NNP ,/, Calif./NNP ,/, physician/NN recruiter/NN that/WDT conducted/VBD the/DT survey/NN ./. | |
| ``/`` They/PRP wo/MD n't/RB do/VB that/DT very/RB often/RB today/NN at/IN all/DT ./. | |
| They/PRP 're/VBP looking/VBG for/IN something/NN that/WDT 's/VBZ very/RB safe/JJ ./. ''/'' | |
| The/DT numbers/NNS behind/IN such/JJ fears/NNS :/: The/DT average/JJ debt/NN of/IN medical/JJ school/NN graduates/NNS who/WP borrowed/VBD to/TO pay/VB for/IN their/PRP$ education/NN jumped/VBD 10/CD %/NN to/TO $/$ 42,374/CD this/DT year/NN from/IN $/$ 38,489/CD in/IN 1988/CD ,/, says/VBZ the/DT Association/NNP of/IN American/NNP Medical/NNP Colleges/NNP ./. | |
| That/DT 's/VBZ 115/CD %/NN more/JJR than/IN in/IN 1981/CD ./. | |
| Money/NN is/VBZ n't/RB the/DT only/JJ reason/NN for/IN the/DT shift/NN in/IN practice/NN preferences/NNS ./. | |
| It/PRP reflects/VBZ values/NNS of/IN a/DT generation/NN that/WDT wants/VBZ more/JJR time/NN for/IN families/NNS and/CC personal/JJ interests/NNS ,/, says/VBZ John/NNP H./NNP Moxley/NNP III/NNP ,/, who/WP directs/VBZ physician-executive/JJ searches/NNS for/IN Korn/Ferry/NNP International/NNP ./. | |
| ``/`` This/DT is/VBZ a/DT change/NN in/IN the/DT social/JJ fabric/NN of/IN medicine/NN ,/, ''/'' he/PRP says/VBZ ./. | |
| Related/JJ Roommates/NNS Trim/VBP Hospital/NN Bills/NNS | |
| WHEN/WRB Catherine/NNP Bobar/NNP spent/VBD several/JJ weeks/NNS at/IN the/DT Medical/NNP Center/NNP of/IN Vermont/NNP recently/RB with/IN a/DT bone/NN infection/NN in/IN her/PRP$ toe/NN ,/, she/PRP shared/VBD a/DT room/NN just/RB like/IN most/JJS patients/NNS ./. | |
| But/CC unlike/IN most/JJS patients/NNS ,/, her/PRP$ roommate/NN was/VBD her/PRP$ husband/NN ./. | |
| ``/`` It/PRP was/VBD certainly/RB good/JJ to/TO have/VB him/PRP handy/JJ ,/, ''/'' Mrs./NNP Bobar/NNP says/VBZ ./. | |
| The/DT 12-bed/JJ ``/`` cooperative/JJ care/NN ''/'' unit/NN is/VBZ one/CD of/IN about/RB 18/CD nationwide/JJ where/WRB a/DT family/NN member/NN or/CC friend/NN helps/VBZ care/VB for/IN a/DT patient/NN in/IN the/DT hospital/NN ./. | |
| ``/`` The/DT philosophy/NN is/VBZ to/TO make/VB the/DT patient/NN and/CC the/DT family/NN very/RB responsible/JJ for/IN a/DT portion/NN of/IN their/PRP$ own/JJ care/NN ,/, ''/'' says/VBZ Anthony/NNP J./NNP Grieco/NNP ,/, medical/JJ director/NN of/IN cooperative/JJ care/NN at/IN New/NNP York/NNP University/NNP Medical/NNP Center/NNP ,/, where/WRB the/DT concept/NN began/VBD 10/CD years/NNS ago/RB ./. | |
| ``/`` It/PRP helps/VBZ us/PRP ,/, and/CC them/PRP ,/, while/IN they/PRP 're/VBP here/RB ,/, and/CC it/PRP certainly/RB makes/VBZ them/PRP a/DT better/JJR health-care/NN team/NN when/WRB they/PRP get/VBP home/NN ./. ''/'' | |
| It/PRP also/RB saves/VBZ money/NN ./. | |
| Because/IN patients/NNS require/VBP less/JJR attention/NN from/IN nurses/NNS and/CC other/JJ staff/NN ,/, room/NN charges/NNS are/VBP lower/JJR --/: about/RB $/$ 100/CD less/JJR per/IN day/NN than/IN a/DT regular/JJ room/NN at/IN the/DT Vermont/NNP hospital/NN ./. | |
| Cancer/NN patients/NNS needing/VBG prolonged/JJ radiation/NN therapy/NN ,/, diabetics/NNS learning/VBG to/TO manage/VB their/PRP$ blood/NN sugar/NN levels/NNS ,/, and/CC cardiac/JJ bypass/NN patients/NNS are/VBP among/IN those/DT who/WP spend/VBP time/NN on/IN cooperative-care/JJ units/NNS ./. | |
| The/DT approach/NN has/VBZ generated/VBN so/RB much/JJ interest/NN that/IN NYU/NNP is/VBZ host/NN to/TO the/DT first/JJ conference/NN on/IN cooperative/JJ care/NN Nov./NNP 30/CD ./. | |
| ``/`` It/PRP 's/VBZ really/RB part/NN of/IN the/DT hospital/NN of/IN the/DT 21st/JJ century/NN ,/, ''/'' Dr./NNP Grieco/NNP says/VBZ ./. | |
| Odds/NNS and/CC Ends/NNS | |
| THE/DT CHIEF/JJ NURSING/NN officer/NN can/MD be/VB responsible/JJ for/IN more/JJR than/IN 1,000/CD employees/NNS and/CC at/IN least/JJS one-third/JJ of/IN a/DT hospital/NN 's/POS budget/NN ;/: a/DT head/NN nurse/NN typically/RB oversees/VBZ up/IN to/TO 80/CD employees/NNS and/CC $/$ 8/CD million/CD ./. | |
| So/RB says/VBZ the/DT Commonwealth/NNP Fund/NNP ,/, a/DT New/NNP York/NNP philanthropist/NN that/WDT 's/VBZ sponsoring/VBG a/DT $/$ 1/CD million/CD project/NN to/TO develop/VB joint/JJ masters/NNS in/IN business/NN and/CC nursing/NN programs/NNS at/IN 10/CD universities/NNS .../: ./. | |
| Meharry/NNP Medical/NNP College/NNP in/IN Nashville/NNP ,/, Tenn./NNP ,/, launches/VBZ a/DT new/JJ research/NN publication/NN in/IN the/DT spring/NN :/: the/DT Journal/NNP on/IN Health/NNP Care/NNP for/IN the/DT Poor/NNP and/CC Underserved/NNP ./. | |
| A/DT group/NN of/IN Michigan/NNP investors/NNS has/VBZ offered/VBN to/TO buy/VB Knight-Ridder/NNP Inc./NNP 's/POS ailing/VBG Detroit/NNP Free/NNP Press/NNP for/IN $/$ 68/CD million/CD but/CC has/VBZ left/VBN unclear/JJ how/WRB the/DT offer/NN will/MD be/VB financed/VBN ./. | |
| The/DT offer/NN came/VBD just/RB prior/RB to/TO arguments/NNS before/IN the/DT U.S./NNP Supreme/NNP Court/NNP over/IN whether/IN the/DT Free/NNP Press/NNP should/MD be/VB allowed/VBN to/TO enter/VB into/IN a/DT joint/JJ operating/NN pact/NN with/IN Gannett/NNP Co./NNP 's/POS Detroit/NNP News/NNP ./. | |
| The/DT group/NN led/VBD by/IN Birmingham/NNP ,/, Mich./NNP ,/, publicist/NN William/NNP D./NNP McMaster/NNP did/VBD n't/RB name/VB an/DT investment/NN banker/NN backing/VBG the/DT deal/NN or/CC say/VB how/WRB much/JJ its/PRP$ members/NNS will/MD contribute/VB to/TO the/DT offer/NN ./. | |
| Indeed/UH ,/, some/DT individuals/NNS identified/VBN with/IN the/DT group/NN said/VBD they/PRP have/VBP n't/RB committed/VBN any/DT money/NN to/TO the/DT bid/NN and/CC were/VBD n't/RB aware/JJ of/IN it/PRP until/IN they/PRP heard/VBD about/IN it/PRP in/IN local/JJ news/NN accounts/NNS over/IN the/DT weekend/NN ./. | |
| Knight-Ridder/NNP would/MD n't/RB comment/VB on/IN the/DT offer/NN ./. | |
| The/DT company/NN has/VBZ said/VBD the/DT paper/NN is/VBZ n't/RB for/IN sale/NN ,/, and/CC has/VBZ rebuffed/VBN Mr./NNP McMaster/NNP 's/POS earlier/JJR requests/NNS for/IN access/NN to/TO Free/NNP Press/NNP financial/JJ statements/NNS ./. | |
| In/IN his/PRP$ letter/NN to/TO Knight-Ridder/NNP President/NNP James/NNP K./NNP Batten/NNP ,/, Mr./NNP McMaster/NNP said/VBD he/PRP arrived/VBD at/IN the/DT $/$ 68/CD million/CD figure/NN using/VBG Knight-Ridder/NNP 's/POS corporate/JJ financial/JJ statements/NNS and/CC comments/NNS by/IN Knight-Ridder/NNP officials/NNS that/IN the/DT Free/NNP Press/NNP has/VBZ a/DT $/$ 50/CD million/CD value/NN in/IN salvage/NN ./. | |
| But/CC in/IN an/DT interview/NN ,/, Mr./NNP McMaster/NNP said/VBD he/PRP and/CC his/PRP$ investment/NN banker/NN would/MD need/VB access/NN to/TO full/JJ financial/JJ records/NNS before/IN firming/VBG up/RP the/DT offer/NN ./. | |
| Mitsui/NNP &/CC Co./NNP said/VBD it/PRP started/VBD a/DT joint/JJ venture/NN with/IN Dae/NNP Woong/NNP Chemical/NNP Co./NNP ,/, a/DT major/JJ pharmaceutical/JJ manufacturer/NN in/IN South/NNP Korea/NNP ,/, to/TO manufacture/VB antibiotic/JJ medicines/NNS ./. | |
| The/DT new/JJ company/NN is/VBZ capitalized/VBN at/IN about/RB $/$ 3.5/CD million/CD ./. | |
| Mitsui/NNS expects/VBZ the/DT antibiotic/JJ products/NNS to/TO be/VB exported/VBN to/TO Southeast/NNP Asia/NNP and/CC Africa/NNP ./. | |
| It/PRP also/RB hopes/VBZ to/TO enter/VB the/DT U.S./NNP market/NN ./. | |
| NRM/NNP Energy/NNP Co./NNP said/VBD it/PRP filed/VBD materials/NNS with/IN the/DT Securities/NNP and/CC Exchange/NNP Commission/NNP calling/VBG for/IN it/PRP to/TO restructure/VB into/IN a/DT corporation/NN from/IN a/DT limited/VBN partnership/NN ./. | |
| The/DT partnership/NN said/VBD it/PRP is/VBZ proposing/VBG the/DT change/NN largely/RB because/IN the/DT provisions/NNS of/IN its/PRP$ senior/JJ notes/NNS restrict/VBP it/PRP from/IN making/VBG distributions/NNS on/IN its/PRP$ units/NNS outstanding/JJ ./. | |
| NRM/NNP suspended/VBD its/PRP$ common/JJ distribution/NN in/IN June/NNP 1988/CD and/CC the/DT distribution/NN on/IN its/PRP$ $/$ 2/CD cumulative/JJ convertible/JJ acquisition/NN preferred/VBN units/NNS in/IN September/NNP ./. | |
| However/RB ,/, unpaid/JJ distributions/NNS on/IN the/DT acquisition/NN preferred/VBN are/VBP cumulative/JJ and/CC would/MD total/VB $/$ 23/CD million/CD a/DT year/NN ,/, hurting/VBG NRM/NNP 's/POS financial/JJ flexibility/NN and/CC its/PRP$ ability/NN to/TO raise/VB capital/NN ,/, NRM/NNP said/VBD ./. | |
| In/IN following/VBG several/JJ other/JJ oil/NN and/CC gas/NN partnerships/NNS that/WDT have/VBP made/VBN the/DT conversion/NN to/TO a/DT corporation/NN in/IN the/DT last/JJ year/NN ,/, NRM/NNP also/RB noted/VBD that/IN tax/NN advantages/NNS for/IN partnerships/NNS have/VBP diminished/VBN under/IN new/JJ tax/NN laws/NNS and/CC said/VBD it/PRP would/MD save/VB $/$ 2/CD million/CD a/DT year/NN in/IN administrative/JJ costs/NNS from/IN the/DT change/NN ./. | |
| Under/IN the/DT plan/NN ,/, NRM/NNP said/VBD holders/NNS of/IN its/PRP$ common/JJ units/NNS will/MD receive/VB one/CD share/NN of/IN new/JJ common/JJ stock/NN in/IN Edisto/NNP Resources/NNP Corp./NNP for/IN every/DT 14.97/CD common/JJ units/NNS owned/VBN ./. | |
| Holders/NNS of/IN NRM/NNP 's/POS $/$ 2/CD cumulative/JJ convertible/JJ acquisition/NN preferred/VBD units/NNS will/MD receive/VB one/CD new/JJ common/JJ share/NN in/IN Edisto/NNP for/IN every/DT 1.342/CD units/NNS they/PRP own/VBP ./. | |
| After/IN the/DT transaction/NN ,/, current/JJ common/JJ unitholders/NNS will/MD own/VB about/RB 21.3/CD %/NN of/IN Edisto/NNP ,/, current/JJ acquisition/NN preferred/VBD holders/NNS will/MD own/VB 72.3/CD %/NN ,/, and/CC current/JJ stockholders/NNS of/IN Edisto/NNP will/MD own/VB about/RB 6.4/CD %/NN ,/, about/RB the/DT same/JJ stake/NN as/IN Edisto/NNP owns/VBZ now/RB in/IN NRM/NNP ./. | |
| Edisto/NNP currently/RB is/VBZ the/DT general/JJ partner/NN of/IN NRM/NNP ./. | |
| As/IN the/DT largest/JJS holder/NN of/IN acquisition/NN preferred/VBG units/NNS ,/, Mesa/NNP Limited/NNP Partnership/NNP would/MD own/VB about/RB 28/CD %/NN of/IN Edisto/NNP after/IN the/DT transaction/NN ./. | |
| As/IN part/NN of/IN the/DT transaction/NN ,/, Edisto/NNP agreed/VBD to/TO give/VB Mesa/NNP ,/, an/DT Amarillo/NNP ,/, Texas/NNP ,/, oil/NN and/CC gas/NN partnership/NN managed/VBN by/IN T./NNP Boone/NNP Pickens/NNP Jr./NNP ,/, a/DT seat/NN on/IN its/PRP$ board/NN ./. | |
| NRM/NNP said/VBD its/PRP$ $/$ 2.60/CD senior/JJ cumulative/JJ convertible/JJ preferred/VBN units/NNS will/MD be/VB converted/VBN into/IN an/DT equal/JJ number/NN of/IN shares/NNS of/IN $/$ 2.60/CD senior/JJ cumulative/JJ convertible/NN preferred/VBD stock/NN of/IN Edisto/NNP ./. | |
| The/DT transaction/NN is/VBZ subject/JJ to/TO approval/NN of/IN NRM/NNP unitholders/NNS of/IN record/NN on/IN Oct./NNP 23/CD ,/, among/IN other/JJ conditions/NNS ./. | |
| NRM/NNP said/VBD it/PRP expects/VBZ unitholders/NNS to/TO vote/VB on/IN the/DT restructuring/NN at/IN a/DT meeting/NN Dec./NNP 15/CD ./. | |
| Sherwin-Williams/NNP Co./NNP and/CC Whittaker/NNP Corp./NNP said/VBD they/PRP 've/VBP discontinued/VBN talks/NNS toward/IN a/DT definitive/JJ agreement/NN regarding/VBG Sherwin-Williams/NNP '/POS acquisition/NN of/IN Whittaker/NNP 's/POS chemical/NN coating/NN group/NN ./. | |
| The/DT companies/NNS reached/VBD an/DT agreement/NN in/IN principle/NN for/IN the/DT sale/NN in/IN August/NNP ./. | |
| Terms/NNS were/VBD n't/RB disclosed/VBN ./. | |
| Cleveland-based/JJ Sherwin-Williams/NNP produces/VBZ paints/NNS and/CC coatings/NNS ,/, while/IN the/DT Los/NNP Angeles-based/JJ Whittaker/NNP coatings/NNS group/NN produces/VBZ industrial/JJ coatings/NNS ./. | |
| USG/NNP Corp./NNP agreed/VBD to/TO sell/VB its/PRP$ headquarters/NNS building/NN here/RB to/TO Manufacturers/NNP Life/NNP Insurance/NNP Co./NNP of/IN Toronto/NNP ,/, and/CC will/MD lease/VB the/DT 19-story/JJ facility/NN until/IN it/PRP moves/VBZ to/TO a/DT new/JJ quarters/NNS in/IN 1992/CD ./. | |
| The/DT building-materials/NNS concern/NN did/VBD n't/RB disclose/VB terms/NNS of/IN the/DT sale/NN ,/, which/WDT will/MD close/VB in/IN the/DT first/JJ quarter/NN of/IN next/JJ year/NN ./. | |
| Proceeds/NNS from/IN the/DT planned/VBN sale/NN of/IN the/DT 250,000-square-foot/JJ building/NN ``/`` will/MD help/VB reduce/VB the/DT debt/NN incurred/VBN as/IN a/DT result/NN of/IN our/PRP$ July/NNP 1988/CD recapitalization/NN ,/, ''/'' said/VBD a/DT USG/NNP official/NN ./. | |
| The/DT recently/RB revived/VBN enthusiasm/NN among/IN small/JJ investors/NNS for/IN stock/NN mutual/JJ funds/NNS has/VBZ been/VBN damped/VBN by/IN a/DT jittery/JJ stock/NN market/NN and/CC the/DT tumult/NN over/IN program/NN trading/NN ./. | |
| After/IN hitting/VBG two-year/JJ highs/NNS this/DT summer/NN ,/, net/JJ sales/NNS of/IN stock/NN funds/NNS slowed/VBD in/IN September/NNP ,/, according/VBG to/TO the/DT Investment/NNP Company/NNP Institute/NNP ,/, a/DT trade/NN group/NN ./. | |
| The/DT sales/NNS recovery/NN screeched/VBD to/TO a/DT halt/NN this/DT month/NN ,/, some/DT analysts/NNS say/VBP ./. | |
| ``/`` Confidence/NN was/VBD starting/VBG to/TO come/VB back/RB because/IN we/PRP did/VBD n't/RB have/VB wildly/RB volatile/JJ days/NNS ,/, ''/'' says/VBZ Tyler/NNP Jenks/NNP ,/, research/NN director/NN for/IN Kanon/NNP Bloch/NNP Carre/NNP &/CC Co./NNP ,/, a/DT Boston/NNP research/NN firm/NN ./. | |
| ``/`` Now/RB everything/NN ''/'' --/: such/JJ as/IN program/NN trading/NN and/CC wide/JJ stock/NN market/NN swings/NNS --/: ``/`` that/IN everyone/NN had/VBD pushed/VBN back/RB in/IN their/PRP$ consciousness/NN is/VBZ just/RB sitting/VBG right/RB there/RB ./. ''/'' | |
| Net/JJ sales/NNS of/IN stock/NN funds/NNS in/IN September/NNP totaled/VBD $/$ 839.4/CD million/CD ,/, down/RB from/IN $/$ 1.1/CD billion/CD in/IN August/NNP ,/, the/DT institute/NN said/VBD ./. | |
| But/CC if/IN reinvested/VBN dividends/NNS are/VBP excluded/VBN ,/, investors/NNS put/VBD in/RB only/RB $/$ 340/CD million/CD more/JJR than/IN they/PRP pulled/VBD out/RP for/IN the/DT month/NN ./. | |
| October/NNP 's/POS numbers/NNS ,/, which/WDT wo/MD n't/RB be/VB released/VBN for/IN a/DT month/NN ,/, are/VBP down/RB further/RB ,/, mutual/JJ fund/NN executives/NNS say/VBP ./. | |
| Investors/NNS in/IN stock/NN funds/NNS did/VBD n't/RB panic/VB the/DT weekend/NN after/IN mid-October/JJ 's/POS 190-point/NN market/NN plunge/NN ./. | |
| Most/JJS of/IN the/DT those/DT who/WP left/VBD stock/NN funds/NNS simply/RB switched/VBD into/IN money/NN market/NN funds/NNS ./. | |
| And/CC some/DT fund/NN groups/NNS said/VBD investors/NNS actually/RB became/VBD net/JJ buyers/NNS ./. | |
| But/CC the/DT stock/NN market/NN swings/NNS have/VBP continued/VBN ./. | |
| The/DT recent/JJ outcry/NN over/IN program/NN trading/NN will/MD cast/VB a/DT pall/NN over/IN the/DT stock-fund/NN environment/NN in/IN the/DT coming/JJ months/NNS ,/, some/DT analysts/NNS say/VBP ./. | |
| ``/`` The/DT public/NN is/VBZ very/RB close/RB to/TO having/VBG had/VBD it/PRP ,/, ''/'' Mr./NNP Jenks/NNP says/VBZ ./. | |
| Investors/NNS pulled/VBD back/RP from/IN bond/NN funds/NNS in/IN September/NNP ,/, too/RB ./. | |
| Net/JJ sales/NNS of/IN bond/NN funds/NNS for/IN the/DT month/NN totaled/VBD $/$ 1.1/CD billion/CD ,/, down/RB two-thirds/NNS from/IN $/$ 3.1/CD billion/CD in/IN August/NNP ./. | |
| The/DT major/JJ reason/NN :/: heavy/NN outflows/NNS from/IN high-risk/JJ ,/, high-yield/JJ junk/NN bond/NN funds/NNS ./. | |
| Big/JJ withdrawals/NNS from/IN the/DT junk/NN funds/NNS have/VBP continued/VBN this/DT month/NN ./. | |
| Overall/JJ ,/, net/JJ sales/NNS of/IN all/DT mutual/JJ funds/NNS ,/, excluding/VBG money/NN market/NN funds/NNS ,/, fell/VBD to/TO $/$ 1.9/CD billion/CD in/IN September/NNP from/IN $/$ 4.2/CD billion/CD in/IN August/NNP ,/, the/DT trade/NN group/NN said/VBD ./. | |
| ``/`` Small/JJ net/JJ inflows/NNS into/IN stock/NN and/CC bond/NN funds/NNS were/VBD offset/VBN by/IN slight/JJ declines/NNS in/IN the/DT value/NN of/IN mutual/JJ fund/NN stock/NN and/CC bond/NN portfolios/NNS ''/'' stemming/VBG from/IN falling/VBG prices/NNS ,/, said/VBD Jacob/NNP Dreyer/NNP ,/, the/DT institute/NN 's/POS chief/JJ economist/NN ./. | |
| Many/JJ small/JJ investors/NNS went/VBD for/IN the/DT safety/NN of/IN money/NN market/NN funds/NNS ./. | |
| Assets/NNS of/IN these/DT and/CC other/JJ short-term/JJ funds/NNS surged/VBD more/RBR than/IN $/$ 5/CD billion/CD in/IN September/NNP ,/, the/DT institute/NN said/VBD ./. | |
| Analysts/NNS say/VBP additional/JJ investors/NNS transferred/VBD their/PRP$ assets/NNS into/IN money/NN funds/NNS this/DT month/NN ./. | |
| At/IN Fidelity/NNP Investments/NNP ,/, the/DT nation/NN 's/POS largest/JJS fund/NN group/NN ,/, money/NN funds/NNS continue/VBP to/TO draw/VB the/DT most/JJS business/NN ,/, says/VBZ Michael/NNP Hines/NNP ,/, vice/NN president/NN ,/, marketing/NN ./. | |
| In/IN October/NNP ,/, net/JJ sales/NNS of/IN stock/NN funds/NNS at/IN Fidelity/NNP dropped/VBD sharply/RB ,/, Mr./NNP Hines/NNP said/VBD ./. | |
| But/CC he/PRP emphasized/VBD that/IN new/JJ accounts/NNS ,/, new/JJ sales/NNS ,/, inquiries/NNS and/CC subsequent/JJ sales/NNS of/IN stock/NN funds/NNS are/VBP all/DT up/RB this/DT month/NN from/IN September/NNP 's/POS level/NN ./. | |
| Investor/NN interest/NN in/IN stock/NN funds/NNS ``/`` has/VBZ n't/RB stalled/VBN at/IN all/DT ,/, ''/'' Mr./NNP Hines/NNP maintains/VBZ ./. | |
| He/PRP notes/VBZ that/IN most/JJS of/IN the/DT net/JJ sales/NNS drop/NN stemmed/VBD from/IN a/DT three-day/JJ period/NN following/VBG the/DT Friday/NNP the/DT 13th/JJ plunge/NN ./. | |
| ``/`` If/IN that/DT follows/VBZ through/RP next/JJ month/NN ,/, then/RB it/PRP will/MD be/VB a/DT different/JJ story/NN ,/, ''/'' he/PRP says/VBZ ./. | |
| But/CC ,/, Mr./NNP Hines/NNP adds/VBZ ,/, sales/NNS ``/`` based/VBN on/IN a/DT few/JJ days/NNS '/POS events/NNS do/VBP n't/RB tell/VB you/PRP much/JJ about/IN October/NNP 's/POS trends/NNS ./. ''/'' | |
| One/CD trend/NN that/WDT continues/VBZ is/VBZ growth/NN in/IN the/DT money/NN invested/VBN in/IN funds/NNS ./. | |
| Buoyed/VBN by/IN the/DT continued/VBN inflows/NNS into/IN money/NN funds/NNS ,/, assets/NNS of/IN all/DT mutual/JJ funds/NNS swelled/VBD to/TO a/DT record/NN $/$ 953.8/CD billion/CD in/IN September/NNP ,/, up/RB fractionally/RB from/IN $/$ 949.3/CD billion/CD in/IN August/NNP ./. | |
| Stock-fund/NN managers/NNS ,/, meantime/RB ,/, went/VBD into/IN October/NNP with/IN less/JJR cash/NN on/IN hand/NN than/IN they/PRP held/VBD earlier/RBR this/DT year/NN ./. | |
| These/DT managers/NNS held/VBD 9.8/CD %/NN of/IN assets/NNS in/IN cash/NN at/IN the/DT end/NN of/IN September/NNP ,/, down/RB from/IN 10.2/CD %/NN in/IN August/NNP and/CC 10.6/CD %/NN in/IN September/NNP 1988/CD ./. | |
| Large/JJ cash/NN positions/NNS help/VBP buffer/VB funds/NNS from/IN market/NN declines/NNS but/CC can/MD cut/VB down/RP on/IN gains/NNS in/IN rising/VBG markets/NNS ./. | |
| Managers/NNS of/IN junk/NN funds/NNS were/VBD bolstering/VBG their/PRP$ cash/NN hoards/NNS after/IN the/DT September/NNP cash/NN crunch/NN at/IN Campeau/NNP Corp/NNP ./. | |
| Junk-portfolio/NN managers/NNS raised/VBD their/PRP$ cash/NN position/NN to/TO 9.4/CD %/NN of/IN assets/NNS in/IN September/NNP from/IN 8.3/CD %/NN in/IN August/NNP ./. | |
| In/IN September/NNP 1988/CD ,/, that/DT level/NN was/VBD 9.5/CD %/NN ./. | |
| Investors/NNS in/IN all/DT funds/NNS will/MD seek/VB safety/NN in/IN the/DT coming/JJ months/NNS ,/, some/DT analysts/NNS say/VBP ./. | |
| Among/IN stock/NN funds/NNS ,/, the/DT conservative/JJ growth-and-income/JJ portfolios/NNS probably/RB will/MD remain/VB popular/JJ ,/, fund/NN specialists/NNS say/VBP ./. | |
| ``/`` There/EX will/MD be/VB a/DT continuation/NN and/CC possibly/RB greater/JJR focus/NN on/IN conservative/JJ equity/NN funds/NNS ,/, at/IN the/DT expense/NN of/IN growth/NN and/CC aggressive/JJ growth/NN funds/NNS ,/, ''/'' says/VBZ Avi/NNP Nachmany/NNP ,/, an/DT analyst/NN at/IN Strategic/NNP Insight/NNP ,/, a/DT New/NNP York/NNP fund-research/JJ concern/NN ./. | |
| Secretary/NNP of/IN State/NNP Baker/NNP ,/, we/PRP read/VBP ,/, decided/VBD to/TO kill/VB a/DT speech/NN that/IN Robert/NNP Gates/NNP ,/, deputy/JJ national/JJ security/NN adviser/NN and/CC a/DT career/NN Soviet/NNP expert/NN ,/, was/VBD going/VBG to/TO give/VB to/TO a/DT student/NN colloquium/NN ,/, the/DT National/NNP Collegiate/NNP Security/NNP Conference/NNP ./. | |
| We/PRP keep/VBP wondering/VBG what/WP Mr./NNP Gates/NNP wanted/VBD to/TO say/VB ./. | |
| Perhaps/RB he/PRP might/MD have/VB cited/VBN Mr./NNP Gorbachev/NNP 's/POS need/NN for/IN ``/`` a/DT stable/JJ currency/NN ,/, free/JJ and/CC competitive/JJ markets/NNS ,/, private/JJ property/NN and/CC real/JJ prices/NNS ''/'' and/CC other/JJ pie-in-the-sky/NN reforms/NNS ./. | |
| Perhaps/RB he/PRP 'd/MD have/VB called/VBD for/IN ``/`` a/DT decentralized/VBN political/JJ and/CC economic/JJ system/NN ''/'' without/IN a/DT dominant/JJ communist/JJ party/NN ./. | |
| Or/CC political/JJ arrangements/NNS ``/`` to/TO alleviate/VB the/DT grievances/NNS and/CC demands/NNS of/IN Soviet/NNP ethnic/JJ minorities/NNS and/CC republics/NNS ./. ''/'' | |
| Why/WRB ,/, a/DT Bob/NNP Gates/NNP might/MD even/RB have/VB said/VBD ,/, ``/`` Nor/CC are/VBP Soviet/NNP problems/NNS susceptible/JJ to/TO rescue/NN from/IN abroad/RB through/IN abundant/JJ Western/JJ credits/NNS ./. ''/'' | |
| If/IN Mr./NNP Gates/NNP had/VBD been/VBN allowed/VBN to/TO say/VB these/DT things/NNS ,/, we/PRP would/MD now/RB be/VB hearing/VBG about/IN ``/`` discord/NN ''/'' and/CC ``/`` disarray/NN ''/'' on/IN foreign/JJ policy/NN ./. | |
| Dark/JJ hints/NNS would/MD be/VB raised/VBN that/IN parts/NNS of/IN the/DT administration/NN hope/VBP Mr./NNP Gorbachev/NNP would/MD fail/VB ,/, just/RB as/IN they/PRP were/VBD when/WRB Vice/NNP President/NNP Quayle/NNP voiced/VBD similar/JJ sentiments/NNS ./. | |
| It/PRP 's/VBZ somehow/RB OK/JJ for/IN Secretary/NNP Baker/NNP himself/PRP ,/, however/RB ,/, to/TO say/VB all/DT the/DT same/JJ things/NNS ./. | |
| In/IN fact/NN ,/, he/PRP did/VBD ;/: the/DT quotes/NNS above/RB are/VBP from/IN Mr./NNP Baker/NNP 's/POS speech/NN of/IN two/CD weeks/NNS ago/RB ./. | |
| So/RB far/RB as/IN we/PRP can/MD see/VB ,/, there/EX is/VBZ no/DT disagreement/NN among/IN Mr./NNP Baker/NNP ,/, Mr./NNP Quayle/NNP ,/, the/DT Mr./NNP Gates/NNP we/PRP 've/VBP read/VBN ,/, or/CC for/IN that/DT matter/NN President/NNP Bush/NNP ./. | |
| They/PRP all/DT understand/VBP point/NN one/CD :/: Nothing/NN the/DT U.S./NNP can/MD do/VB will/MD make/VB much/JJ difference/NN in/IN whether/IN Mr./NNP Gorbachev/NNP succeeds/VBZ with/IN perestroika/FW ./. | |
| Perhaps/RB Mr./NNP Gates/NNP would/MD emphasize/VB more/RBR than/IN Mr./NNP Baker/NNP the/DT many/JJ hurdles/NNS the/DT Soviet/JJ leader/NN must/MD leap/VB if/IN he/PRP is/VBZ going/VBG to/TO succeed/VB ./. | |
| But/CC everyone/NN agrees/VBZ that/IN Mr./NNP Gorbachev/NNP 's/POS problems/NNS result/VBP from/IN the/DT failure/NN of/IN his/PRP$ own/JJ system/NN ./. | |
| They/PRP can/MD be/VB relieved/VBN only/RB by/IN changing/VBG that/DT system/NN ,/, not/RB by/IN pouring/VBG Western/JJ money/NN into/IN it/PRP ./. | |
| GATT/NNP membership/NN will/MD not/RB matter/VB to/TO Donbas/NNP coal/NN miners/NNS short/JJ of/IN soap/NN ,/, nor/CC will/MD a/DT START/NNP treaty/NN make/VBP any/DT difference/NN to/TO Ukrainian/JJ nationalists/NNS ./. | |
| On/IN the/DT other/JJ hand/NN ,/, so/RB long/RB as/IN Mr./NNP Gorbachev/NNP is/VBZ easing/VBG his/PRP$ grip/NN on/IN his/PRP$ empire/NN ,/, everyone/NN we/PRP 've/VBP heard/VBN agrees/VBZ that/IN the/DT U.S./NNP can/MD benefit/VB by/IN engaging/VBG him/PRP ./. | |
| If/IN a/DT deal/NN can/MD be/VB made/VBN to/TO cut/VB the/DT world/NN 's/POS Ortegas/NNPS loose/RB from/IN Moscow/NNP ,/, why/WRB not/RB ?/. | |
| We/PRP do/VBP n't/RB expect/VB much/JJ good/NN from/IN nuclear-arms/NNS control/NN ,/, but/CC conventional-arms/NNS talks/NNS might/MD demilitarize/VB Eastern/NNP Europe/NNP ./. | |
| There/EX 's/VBZ nothing/NN in/IN the/DT least/JJS contradictory/NN in/IN all/DT this/DT ,/, and/CC it/PRP would/MD be/VB nice/JJ to/TO think/VB that/IN Washington/NNP could/MD tolerate/VB a/DT reasonably/RB sophisticated/JJ ,/, complex/JJ view/NN ./. | |
| Yet/RB much/JJ of/IN the/DT political/JJ culture/NN seems/VBZ intent/NN on/IN castigating/VBG the/DT Bush/NNP administration/NN for/IN not/RB ``/`` helping/VBG ''/'' Mr./NNP Gorbachev/NNP ./. | |
| So/IN every/DT time/NN a/DT Bush/NNP official/NN raises/VBZ a/DT doubt/NN about/IN Mr./NNP Gorbachev/NNP ,/, the/DT Washington/NNP community/NN shouts/VBZ ``/`` Cold/NNP War/NNP ''/'' and/CC ``/`` timidity/NN ,/, ''/'' and/CC an/DT administration/NN spokesman/NN is/VBZ quickly/RB trotted/VBN out/RP to/TO reply/VB ,/, ``/`` Mr./NNP Bush/NNP wants/VBZ perestroika/FW to/TO succeed/VB ./. ''/'' | |
| Mr./NNP Baker/NNP seems/VBZ especially/RB sensitive/JJ to/TO the/DT Washington/NNP ailment/NN known/VBN as/IN Beltway-itis/NN ./. | |
| Its/PRP$ symptoms/NNS include/VBP a/DT cold/JJ sweat/NN at/IN the/DT sound/NN of/IN debate/NN ,/, clammy/JJ hands/NNS in/IN the/DT face/NN of/IN congressional/JJ criticism/NN ,/, and/CC fainting/NN spells/NNS when/WRB someone/NN writes/VBZ the/DT word/NN ``/`` controversy/NN ./. ''/'' | |
| As/IN one/CD unidentified/JJ official/NN clearly/RB in/IN the/DT late/JJ stages/NNS of/IN the/DT disease/NN told/VBD the/DT Times/NNP :/: ``/`` Baker/NNP just/RB felt/VBD that/IN there/EX were/VBD some/DT lines/NNS in/IN the/DT speech/NN that/WDT could/MD be/VB misinterpreted/VBN and/CC seized/VBN by/IN the/DT press/NN ./. ''/'' | |
| In/IN short/JJ ,/, the/DT problem/NN is/VBZ not/RB intra-administration/JJ disagreement/NN ,/, but/CC preoccupation/NN with/IN the/DT prospect/NN that/DT perestrokia/NN might/MD fail/VB ,/, and/CC its/PRP$ political/JJ opponents/NNS will/MD ask/VB ``/`` Who/WP lost/VBD Gorbachev/NNP ?/. ''/'' | |
| Mr./NNP Baker/NNP may/MD want/VB to/TO avoid/VB criticism/NN from/IN Senate/NNP Majority/NNP Leader/NNP George/NNP Mitchell/NNP ,/, but/CC as/IN Secretary/NNP of/IN State/NNP his/PRP$ audience/NN is/VBZ the/DT entire/JJ Free/JJ World/NN ,/, not/RB just/RB Congress/NNP ./. | |
| In/IN any/DT case/NN ,/, he/PRP 's/VBZ likely/JJ to/TO find/VB that/IN the/DT more/RBR he/PRP muzzles/VBZ his/PRP$ colleagues/NNS ,/, the/DT more/JJR leaks/NNS will/MD pop/VB up/RP all/DT around/IN Washington/NNP ,/, a/DT lesson/NN once/RB learned/VBN by/IN Henry/NNP Kissinger/NNP ./. | |
| Letting/VBG officials/NNS express/VB their/PRP$ own/JJ nuances/NNS can/MD be/VB educational/JJ ./. | |
| We/PRP note/VBP that/IN in/IN Rome/NNP yesterday/NN Defense/NNP Secretary/NNP Cheney/NNP said/VBD that/IN European/JJ euphoria/NN over/IN Mr./NNP Gorbachev/NNP is/VBZ starting/VBG to/TO be/VB tempered/VBN by/IN a/DT recognition/NN of/IN ``/`` the/DT magnitude/NN of/IN the/DT problems/NNS he/PRP was/VBD trying/VBG to/TO deal/VB with/IN ./. ''/'' | |
| It/PRP is/VBZ in/IN the/DT Western/JJ interest/NN to/TO see/VB Mr./NNP Gorbachev/NNP succeed/VB ./. | |
| The/DT odds/NNS are/VBP against/IN him/PRP ,/, as/IN he/PRP himself/PRP would/MD no/RB doubt/VB tell/VB you/PRP ./. | |
| The/DT ultimate/JJ outcome/NN depends/VBZ on/IN what/WP he/PRP does/VBZ ,/, not/RB on/IN what/WP we/PRP do/VBP ./. | |
| Even/RB if/IN the/DT press/NN is/VBZ ready/JJ to/TO seize/VB and/CC misinterpret/VB ,/, these/DT are/VBP not/RB very/RB complicated/VBN thoughts/NNS ./. | |
| Surely/RB there/EX is/VBZ someone/NN in/IN the/DT administration/NN ,/, maybe/RB Bob/NNP Gates/NNP ,/, who/WP could/MD explain/VB them/PRP to/TO college/NN students/NNS ,/, or/CC even/RB schoolchildren/NNS ./. | |
| Vernon/NNP E./NNP Jordan/NNP was/VBD elected/VBN to/TO the/DT board/NN of/IN this/DT transportation/NN services/NNS concern/NN ./. | |
| Mr./NNP Jordan/NNP has/VBZ served/VBN as/IN executive/JJ director/NN of/IN the/DT United/NNP Negro/NNP College/NNP Fund/NNP ,/, director/NN of/IN the/DT Voter/NNP Education/NNP Project/NNP of/IN the/DT Southern/NNP Regional/NNP Council/NNP and/CC attorney-consultant/NN to/TO the/DT U.S./NNP Office/NNP of/IN Economic/NNP Opportunity/NNP ./. | |
| His/PRP$ election/NN increases/VBZ Ryder/NNP 's/POS board/NN to/TO 14/CD members/NNS ./. | |
| The/DT American/NNP Stock/NNP Exchange/NNP said/VBD a/DT seat/NN was/VBD sold/VBN for/IN $/$ 160,000/CD ,/, down/RB $/$ 5,000/CD from/IN the/DT previous/JJ sale/NN last/JJ Friday/NNP ./. | |
| Seats/NNS are/VBP currently/RB quoted/VBN at/IN $/$ 151,000/CD ,/, bid/VBN ,/, and/CC $/$ 162,000/CD ,/, asked/VBN ./. | |
| Two/CD gunmen/NNS entered/VBD a/DT Maryland/NNP restaurant/NN ,/, ordered/VBD two/CD employees/NNS to/TO lie/VB on/IN the/DT floor/NN and/CC shot/VBD them/PRP in/IN the/DT backs/NNS of/IN their/PRP$ heads/NNS ./. | |
| The/DT killers/NNS fled/VBD with/IN less/JJR than/IN $/$ 100/CD ./. | |
| Describing/VBG this/DT and/CC other/JJ grisly/JJ killings/NNS ,/, Sen./NNP Strom/NNP Thurmond/NNP (/-LRB- R./NNP ,/, S.C/NNP ./. )/-RRB- recently/RB urged/VBD fellow/JJ lawmakers/NNS to/TO revive/VB a/DT broad/JJ federal/JJ death/NN penalty/NN ./. | |
| ``/`` The/DT ultimate/JJ punishment/NN ,/, ''/'' he/PRP declared/VBD ,/, ``/`` will/MD protect/VB the/DT law-abiding/JJ from/IN the/DT vicious/JJ ,/, cruel/JJ individuals/NNS who/WP commit/VBP these/DT crimes/NNS ./. ''/'' | |
| There/EX 's/VBZ just/RB one/CD problem/NN :/: The/DT law/NN that/WDT Sen./NNP Thurmond/NNP is/VBZ pushing/VBG would/MD be/VB irrelevant/JJ in/IN the/DT case/NN of/IN the/DT Maryland/NNP restaurant/NN murders/NNS and/CC almost/RB all/DT other/JJ killings/NNS ./. | |
| Most/JJS murders/NNS are/VBP state/NN crimes/NNS ,/, so/IN any/DT federal/JJ capital-punishment/NN law/NN probably/RB would/MD turn/VB out/RP to/TO be/VB more/JJR symbolism/NN than/IN substance/NN ./. | |
| Yet/RB the/DT bill/NN is/VBZ riding/VBG high/JJ on/IN the/DT furor/NN over/IN drug/NN trafficking/NN ./. | |
| Senate/NNP Republicans/NNP ,/, after/IN repeatedly/RB failing/VBG to/TO attach/VB death-penalty/JJ amendments/NNS to/TO unrelated/JJ legislation/NN ,/, have/VBP finally/RB gotten/VBN a/DT full-blown/JJ death-penalty/NN bill/NN through/IN committee/NN ./. | |
| The/DT Democratic/JJ leadership/NN agreed/VBD to/TO allow/VB a/DT floor/NN vote/NN on/IN the/DT issue/NN before/IN the/DT end/NN of/IN the/DT year/NN --/: a/DT debate/NN certain/JJ to/TO focus/VB on/IN the/DT alleged/VBN racial/JJ inequality/NN of/IN death/NN sentencing/NN ./. | |
| Even/RB some/DT Democrats/NNS concede/VBP that/IN there/EX is/VBZ probably/RB a/DT majority/NN in/IN the/DT Senate/NNP that/WDT favors/VBZ some/DT kind/NN of/IN broad/JJ capital-punishment/NN measure/NN ./. | |
| The/DT pending/VBG bill/NN ,/, introduced/VBN by/IN Mr./NNP Thurmond/NNP ,/, would/MD revive/VB the/DT long-dormant/JJ federal/JJ death-penalty/NN laws/NNS by/IN instituting/VBG legal/JJ procedures/NNS required/VBN by/IN the/DT Supreme/NNP Court/NNP ./. | |
| In/IN 1972/CD ,/, the/DT high/JJ court/NN swept/VBD aside/RB all/DT capital-punishment/NN laws/NNS --/: federal/JJ and/CC state/NN alike/RB --/: as/IN unconstitutional/JJ ./. | |
| But/CC in/IN 1976/CD ,/, the/DT court/NN permitted/VBD resurrection/NN of/IN such/JJ laws/NNS ,/, if/IN they/PRP meet/VBP certain/JJ procedural/JJ requirements/NNS ./. | |
| For/IN instance/NN ,/, juries/NNS would/MD have/VB to/TO consider/VB specific/JJ ``/`` aggravating/JJ ''/'' and/CC ``/`` mitigating/JJ ''/'' factors/NNS before/IN deciding/VBG whether/IN to/TO condemn/VB someone/NN to/TO death/NN ./. | |
| Since/IN that/DT 1976/CD ruling/NN ,/, 37/CD states/NNS have/VBP reintroduced/VBN the/DT death/NN penalty/NN ./. | |
| But/CC congressional/JJ Democrats/NNS have/VBP blocked/VBN the/DT same/JJ from/IN occurring/VBG at/IN the/DT federal/JJ level/NN ,/, with/IN the/DT exception/NN of/IN a/DT 1988/CD law/NN allowing/VBG capital/JJ punishment/NN for/IN certain/JJ drug-related/JJ homicides/NNS ./. | |
| The/DT Thurmond/NNP bill/NN would/MD establish/VB a/DT federally/RB administered/VBN death/NN sentence/NN for/IN 23/CD crimes/NNS ,/, most/JJS of/IN which/WDT were/VBD formerly/RB punishable/JJ by/IN death/NN under/IN federal/JJ statutes/NNS that/IN the/DT Supreme/NNP Court/NNP invalidated/VBD ./. | |
| Among/IN these/DT crimes/NNS are/VBP murder/NN on/IN federal/JJ land/NN ,/, presidential/JJ assassination/NN and/CC espionage/NN ./. | |
| The/DT Thurmond/NNP bill/NN would/MD also/RB add/VB five/CD new/JJ crimes/NNS punishable/JJ by/IN death/NN ,/, including/VBG murder/NN for/IN hire/NN ./. | |
| (/-LRB- Separately/RB ,/, the/DT Senate/NNP last/JJ week/NN passed/VBD a/DT bill/NN permitting/VBG execution/NN of/IN terrorists/NNS who/WP kill/VBP Americans/NNS abroad/RB ./. )/-RRB- | |
| Amid/IN the/DT swirl/NN of/IN punitive/JJ rhetoric/NN surrounding/VBG the/DT issue/NN ,/, one/CD critical/JJ question/NN involves/VBZ whether/IN a/DT federal/JJ death/NN penalty/NN ,/, on/IN top/NN of/IN existing/VBG state/NN laws/NNS ,/, would/MD deter/VB any/DT would-be/JJ criminals/NNS ./. | |
| For/IN one/CD thing/NN ,/, it/PRP 's/VBZ unlikely/JJ that/IN many/JJ people/NNS would/MD receive/VB federal/JJ death/NN sentences/NNS ,/, let/VB alone/RB be/VB executed/VBN ./. | |
| Most/JJS of/IN the/DT crimes/NNS incorporated/VBN in/IN the/DT Thurmond/NNP bill/NN are/VBP exceedingly/RB rare/JJ --/: killing/VBG a/DT Supreme/NNP Court/NNP justice/NN ,/, for/IN instance/NN ,/, or/CC deliberately/RB causing/VBG a/DT train/NN wreck/NN that/WDT results/VBZ in/IN a/DT death/NN ./. | |
| In/IN fact/NN ,/, only/RB 28/CD defendants/NNS would/MD have/VB been/VBN eligible/JJ for/IN federal/JJ death/NN sentences/NNS if/IN the/DT Thurmond/NNP bill/NN had/VBD been/VBN in/IN effect/NN in/IN the/DT past/JJ three/CD years/NNS ,/, according/VBG to/TO a/DT study/NN by/IN the/DT Senate/NNP Judiciary/NNP Committee/NNP 's/POS Democratic/JJ staff/NN ./. | |
| The/DT last/JJ federal/JJ execution/NN before/IN the/DT Supreme/NNP Court/NNP 's/POS 1972/CD ruling/NN banning/VBG the/DT death/NN penalty/NN took/VBD place/NN in/IN 1963/CD ,/, meaning/VBG that/IN the/DT federal/JJ government/NN did/VBD n't/RB exercise/VB its/PRP$ execution/NN authority/NN for/IN eight/CD years/NNS ./. | |
| ``/`` In/IN that/DT sense/NN ,/, the/DT whole/JJ debate/NN is/VBZ sort/NN of/IN a/DT fraud/NN ,/, ''/'' argues/VBZ a/DT Democratic/JJ Senate/NNP staff/NN member/NN ./. | |
| ``/`` It/PRP 's/VBZ distracting/VBG attention/NN from/IN serious/JJ issues/NNS ,/, like/IN how/WRB to/TO make/VB DEA/NNP ,/, FBI/NNP and/CC Customs/NNP work/VB together/RB ''/'' on/IN drug/NN enforcement/NN ./. | |
| Republicans/NNS acknowledge/VBP that/IN few/JJ people/NNS would/MD be/VB executed/VBN under/IN the/DT Thurmond/NNP bill/NN ,/, but/CC they/PRP contend/VBP that/DT is/VBZ n't/RB the/DT point/NN ./. | |
| ``/`` Many/JJ scholars/NNS are/VBP of/IN the/DT opinion/NN that/IN the/DT mere/JJ existence/NN of/IN the/DT penalty/NN deters/VBZ many/JJ people/NNS from/IN the/DT commission/NN of/IN capital/JJ crimes/NNS ,/, ''/'' says/VBZ Sen./NNP Orrin/NNP Hatch/NNP (/-LRB- R./NNP ,/, Utah/NNP )/-RRB- ./. | |
| Executions/NNS ,/, regardless/RB of/IN how/WRB frequently/RB they/PRP occur/VBP ,/, are/VBP also/RB ``/`` proper/JJ retribution/NN ''/'' for/IN heinous/JJ crimes/NNS ,/, Mr./NNP Hatch/NNP argues/VBZ ./. | |
| Thomas/NNP Boyd/NNP ,/, a/DT senior/JJ Justice/NNP Department/NNP official/NN ,/, says/VBZ the/DT new/JJ federal/JJ drug-related/JJ crimes/NNS punishable/JJ by/IN death/NN since/IN last/JJ November/NNP may/MD result/VB in/IN a/DT jump/NN in/IN capital/JJ sentences/NNS ,/, though/IN that/DT has/VBZ n't/RB happened/VBN so/RB far/RB ./. | |
| In/IN addition/NN to/TO resuscitating/VBG the/DT old/JJ issue/NN of/IN whether/IN death/NN sentences/NNS deter/VBP criminals/NNS ,/, this/DT bill/NN has/VBZ made/VBN race/NN a/DT major/JJ part/NN of/IN the/DT death-penalty/NN debate/NN ./. | |
| Before/IN the/DT bill/NN left/VBD committee/NN ,/, Sen./NNP Edward/NNP Kennedy/NNP (/-LRB- D./NNP ,/, Mass/NNP ./. )/-RRB- attached/VBD an/DT amendment/NN that/WDT would/MD allow/VB a/DT defendant/NN to/TO escape/VB from/IN a/DT death/NN sentence/NN in/IN jurisdictions/NNS shown/VBN to/TO have/VB meted/VBN out/RP executions/NNS in/IN a/DT racist/NN manner/NN ./. | |
| The/DT amendment/NN prompted/VBD an/DT ironic/JJ protest/NN from/IN Mr./NNP Thurmond/NNP ,/, who/WP complained/VBD that/IN it/PRP would/MD ``/`` kill/VB ''/'' capital/JJ punishment/NN ./. | |
| A/DT large/JJ number/NN of/IN studies/NNS suggest/VBP that/IN state/NN judges/NNS and/CC juries/NNS have/VBP imposed/VBN the/DT penalty/NN in/IN a/DT racially/RB discriminatory/JJ fashion/NN ./. | |
| And/CC the/DT Kennedy/NNP amendment/NN would/MD invade/VB not/RB only/RB federal/JJ but/CC state/NN sentencings/NNS ,/, in/IN two/CD important/JJ ways/NNS ./. | |
| It/PRP would/MD allow/VB all/DT defendants/NNS to/TO introduce/VB statistical/JJ evidence/NN showing/VBG racially/RB disproportionate/JJ application/NN of/IN the/DT death/NN penalty/NN in/IN the/DT past/NN ./. | |
| And/CC it/PRP would/MD shift/VB the/DT burden/NN to/TO prosecutors/NNS to/TO disprove/VB that/IN discrimination/NN caused/VBD any/DT statistical/JJ racial/JJ disparities/NNS ./. | |
| ``/`` That/DT burden/NN is/VBZ very/RB difficult/JJ ,/, if/IN not/RB impossible/JJ ,/, to/TO meet/VB ,/, ''/'' says/VBZ Mr./NNP Boyd/NNP ./. | |
| ``/`` How/WRB do/VB you/PRP prove/VBP a/DT negative/NN ?/. ''/'' | |
| Since/IN most/JJS prosecutors/NNS would/MD n't/RB be/VB able/JJ to/TO demonstrate/VB conclusively/RB that/IN racial/JJ considerations/NNS did/VBD n't/RB affect/VB sentencing/VBG ,/, executions/NNS everywhere/RB might/MD come/VB to/TO a/DT halt/NN ,/, Mr./NNP Boyd/NNP explains/VBZ ./. | |
| At/IN least/JJS 15/CD major/JJ studies/NNS purport/VBP to/TO show/VB that/IN particular/JJ states/NNS have/VBP imposed/VBN the/DT death/NN penalty/NN disproportionately/RB against/IN killers/NNS of/IN whites/NNS compared/VBN with/IN blacks/NNS ,/, and/CC against/IN black/JJ defendants/NNS compared/VBN with/IN white/JJ defendants/NNS ./. | |
| Conservatives/NNS question/VBP the/DT validity/NN of/IN the/DT studies/NNS and/CC note/VBP that/IN the/DT Supreme/NNP Court/NNP ruled/VBD in/IN 1987/CD that/IN such/JJ research/NN ,/, regardless/RB of/IN its/PRP$ accuracy/NN ,/, is/VBZ n't/RB relevant/JJ to/TO a/DT constitutional/JJ attack/NN on/IN a/DT particular/JJ death/NN sentence/NN ./. | |
| The/DT Kennedy/NNP amendment/NN would/MD ,/, in/IN effect/NN ,/, legislate/VB around/IN the/DT Supreme/NNP Court/NNP ruling/NN ./. | |
| Lawyers/NNS would/MD eagerly/RB seize/VB on/IN the/DT provision/NN in/IN their/PRP$ death-penalty/NN appeals/NNS ,/, says/VBZ Richard/NNP Burr/NNP ,/, director/NN of/IN the/DT NAACP/NNP Legal/NNP Defense/NNP and/CC Educational/NNP Fund/NNP 's/POS capital-punishment/NN defense/NN team/NN ./. | |
| Mr./NNP Kennedy/NNP failed/VBD to/TO get/VB his/PRP$ amendment/NN incorporated/VBN into/IN last/JJ year/NN 's/POS anti-drug/JJ legislation/NN ,/, and/CC it/PRP will/MD be/VB severely/RB attacked/VBN on/IN the/DT Senate/NNP floor/NN this/DT time/NN around/RP ./. | |
| But/CC if/IN it/PRP survives/VBZ ,/, it/PRP could/MD prompt/VB other/JJ statutory/JJ changes/NNS ,/, according/VBG to/TO the/DT Mr./NNP Burr/NNP ./. | |
| It/PRP might/MD force/VB Congress/NNP and/CC the/DT states/NNS to/TO narrow/VB the/DT death/NN penalty/NN only/RB to/TO convictions/NNS shown/VBN to/TO be/VB relatively/RB free/JJ of/IN racial/JJ imbalance/NN --/: murders/NNS by/IN repeat/NN offenders/NNS who/WP torture/VBP their/PRP$ victims/NNS ,/, perhaps/RB ./. | |
| Narrowing/VBG the/DT penalty/NN in/IN this/DT fashion/NN would/MD clearly/RB reduce/VB whatever/WDT deterrent/NN effect/NN it/PRP now/RB has/VBZ ./. | |
| And/CC that/DT ,/, in/IN turn/NN ,/, would/MD only/RB strengthen/VB the/DT argument/NN of/IN those/DT who/WP oppose/VBP execution/NN under/IN any/DT circumstances/NNS ./. | |
| A/DT state/NN judge/NN postponed/VBD a/DT decision/NN on/IN a/DT move/NN by/IN holders/NNS of/IN Telerate/NNP Inc./NNP to/TO block/VB the/DT tender/NN offer/NN of/IN Dow/NNP Jones/NNP &/CC Co./NNP for/IN the/DT 33/CD %/NN of/IN Telerate/NNP it/PRP does/VBZ n't/RB already/RB own/VB ./. | |
| Vice/NNP Chancellor/NNP Maurice/NNP A./NNP Hartnett/NNP III/NNP of/IN Delaware/NNP 's/POS Court/NNP of/IN Chancery/NNP heard/VBD arguments/NNS for/IN more/JJR than/IN two/CD hours/NNS here/RB ,/, but/CC he/PRP made/VBD no/DT comment/NN and/CC asked/VBD no/DT questions/NNS ./. | |
| He/PRP could/MD rule/VB as/RB early/RB as/IN today/NN on/IN the/DT motion/NN seeking/VBG a/DT temporary/JJ injunction/NN against/IN the/DT Dow/NNP Jones/NNP offer/NN ./. | |
| Dow/NNP Jones/NNP has/VBZ offered/VBN to/TO pay/VB $/$ 18/CD a/DT share/NN ,/, or/CC about/RB $/$ 576/CD million/CD ,/, for/IN the/DT remaining/VBG Telerate/NNP stake/NN ./. | |
| The/DT offer/NN will/MD expire/VB at/IN 5/CD p.m./NN EST/NNP on/IN Nov./NNP 6/CD ,/, unless/IN extended/VBN again/RB ./. | |
| Robert/NNP Kornreich/NNP ,/, an/DT attorney/NN for/IN the/DT Telerate/NNP holders/NNS ,/, told/VBD Judge/NNP Hartnett/NNP the/DT Dow/NNP Jones/NNP offer/NN is/VBZ ``/`` arrogant/JJ ''/'' and/CC ``/`` hostile/JJ ./. ''/'' | |
| He/PRP accused/VBD Dow/NNP Jones/NNP of/IN ``/`` using/VBG unfair/JJ means/NNS to/TO obtain/VB the/DT stock/NN at/IN an/DT unfair/JJ price/NN ./. ''/'' | |
| Michael/NNP Rauch/NNP ,/, an/DT attorney/NN for/IN Dow/NNP Jones/NNP ,/, defended/VBD the/DT offer/NN as/IN adequate/JJ ,/, based/VBN on/IN what/WP the/DT company/NN considers/VBZ realistic/JJ projections/NNS of/IN Telerate/NNP 's/POS revenue/NN growth/NN ,/, in/IN the/DT range/NN of/IN 12/CD %/NN ./. | |
| He/PRP also/RB contended/VBD that/IN the/DT plaintiffs/NNS failed/VBD to/TO cite/VB any/DT legal/JJ authority/NN that/WDT would/MD justify/VB such/JJ an/DT injunction/NN ./. | |
| Telerate/NNP provides/VBZ information/NN about/IN financial/JJ markets/NNS through/IN an/DT electronic/JJ network/NN ./. | |
| Dow/NNP Jones/NNP publishes/VBZ The/DT Wall/NNP Street/NNP Journal/NNP ,/, Barron/NNP 's/POS magazine/NN ,/, other/JJ periodicals/NNS and/CC community/NN newspapers/NNS and/CC operates/VBZ electronic/JJ business/NN information/NN services/NNS ./. | |
| Japan/NNP 's/POS exports/NNS of/IN cars/NNS ,/, trucks/NNS and/CC buses/NNS declined/VBD 2.4/CD %/NN to/TO 535,322/CD units/NNS in/IN September/NNP from/IN a/DT year/NN earlier/RB ,/, the/DT Japan/NNP Automobile/NNP Manufacturers/NNP Association/NNP said/VBD ./. | |
| The/DT association/NN attributed/VBD the/DT drop/NN to/TO a/DT trend/NN among/IN auto/NN makers/NNS to/TO move/VB manufacturing/NN operations/NNS overseas/RB ./. | |
| With/IN the/DT exception/NN of/IN August/NNP ,/, when/WRB exports/NNS rose/VBD 2.1/CD %/NN ,/, exports/NNS have/VBP declined/VBN every/DT month/NN from/IN year-earlier/JJ levels/NNS since/IN March/NNP ./. | |
| Lone/NNP Star/NNP Technologies/NNP Inc./NNP said/VBD its/PRP$ Lone/NNP Star/NNP Steel/NNP Co./NNP unit/NN sued/VBD it/PRP in/IN federal/JJ court/NN here/RB ,/, seeking/VBG to/TO recover/VB an/DT intercompany/NN receivable/NN valued/VBN at/IN a/DT minimum/NN of/IN $/$ 23/CD million/CD ./. | |
| The/DT lawsuit/NN was/VBD filed/VBN by/IN Lone/NNP Star/NNP Steel/NNP 's/POS unsecured/JJ creditors/NNS '/POS committee/NN on/IN behalf/NN of/IN Lone/NNP Star/NNP Steel/NNP ,/, which/WDT has/VBZ been/VBN operating/VBG under/IN Chapter/NNP 11/CD of/IN the/DT federal/JJ Bankruptcy/NNP Code/NNP since/IN June/NNP 30/CD ./. | |
| Lone/NNP Star/NNP Technologies/NNP said/VBD it/PRP and/CC its/PRP$ subsidiary/NN 's/POS creditors/NNS agree/VBP that/IN the/DT parent/NN company/NN owes/VBZ the/DT unit/NN money/NN ,/, but/CC they/PRP have/VBP n't/RB been/VBN able/JJ to/TO reach/VB agreement/NN on/IN the/DT amount/NN ./. | |
| Judith/NNP Elkin/NNP ,/, lawyer/NN for/IN the/DT creditors/NNS ,/, said/VBD the/DT creditors/NNS group/NN is/VBZ challenging/VBG certain/JJ accounting/VBG entries/NNS on/IN the/DT parent/NN company/NN 's/POS books/NNS and/CC estimates/VBZ that/IN the/DT receivable/NN owed/VBN the/DT steel/NN company/NN could/MD be/VB as/RB much/JJ as/IN $/$ 40/CD million/CD ./. | |
| The/DT Lone/NNP Star/NNP Steel/NNP lawsuit/NN also/RB asks/VBZ the/DT court/NN to/TO rule/VB that/IN Lone/NNP Star/NNP Technologies/NNP is/VBZ jointly/RB responsible/JJ for/IN a/DT $/$ 4.5/CD million/CD Lone/NNP Star/NNP Steel/NNP pension/NN payment/NN that/WDT was/VBD due/JJ ,/, but/CC was/VBD n't/RB paid/VBD ,/, in/IN September/NNP and/CC that/IN the/DT parent/NN company/NN ca/MD n't/RB recover/VB the/DT amount/NN from/IN its/PRP$ subsidiary/NN if/IN the/DT parent/NN company/NN makes/VBZ the/DT payment/NN ./. | |
| Separately/RB ,/, Lone/NNP Star/NNP Technologies/NNP said/VBD the/DT bankruptcy/NN court/NN granted/VBD Lone/NNP Star/NNP Steel/NNP an/DT extension/NN until/IN year/NN end/NN on/IN its/PRP$ exclusive/JJ period/NN to/TO present/VB a/DT reorganization/NN plan/NN ./. | |
| The/DT 120-day/JJ exclusivity/NN period/NN was/VBD to/TO expire/VB yesterday/NN ./. | |
| Under/IN Chapter/NNP 11/CD ,/, a/DT company/NN continues/VBZ to/TO operate/VB ,/, but/CC is/VBZ protected/VBN from/IN creditor/NN lawsuits/NNS while/IN it/PRP tries/VBZ to/TO work/VB out/RP a/DT plan/NN to/TO pay/VB its/PRP$ debt/NN ./. | |
| Nothing/NN was/VBD going/VBG to/TO hold/VB up/RP the/DT long-delayed/JJ settlement/NN of/IN Britton/NNP vs./IN Thomasini/NNP ./. | |
| Not/RB even/RB an/DT earthquake/NN ./. | |
| On/IN the/DT afternoon/NN of/IN Oct./NNP 17/CD ,/, after/IN hours/NNS of/IN haggling/VBG with/IN five/CD insurance-claims/NNS adjusters/NNS over/IN settling/VBG a/DT toxic-waste/NN suit/NN ,/, four/CD lawyers/NNS had/VBD an/DT agreement/NN in/IN hand/NN ./. | |
| But/CC as/IN Judge/NNP Thomas/NNP M./NNP Jenkins/NNP donned/VBD his/PRP$ robes/NNS so/IN he/PRP could/MD give/VB final/JJ approval/NN ,/, the/DT major/JJ earthquake/NN struck/VBD ,/, its/PRP$ epicenter/NN not/RB far/RB from/IN his/PRP$ courtroom/NN in/IN Redwood/NNP City/NNP ,/, Calif/NNP ./. | |
| The/DT walls/NNS shook/VBD ;/: the/DT building/NN rocked/VBD ./. | |
| For/IN a/DT while/NN ,/, it/PRP looked/VBD like/IN the/DT deal/NN --/: not/RB to/TO mention/VB the/DT courtroom/NN itself/PRP --/: was/VBD on/IN the/DT verge/NN of/IN collapse/NN ./. | |
| ``/`` The/DT judge/NN came/VBD out/RB and/CC said/VBD ,/, `/`` Quick/RB ,/, let/VB 's/POS put/VB this/DT on/IN the/DT record/NN ,/, '/'' ''/'' says/VBZ Sandy/NNP Bettencourt/NNP ,/, the/DT judge/NN 's/POS court/NN reporter/NN ./. | |
| ``/`` I/PRP said/VBD ,/, `/`` NOW/RB ?/. '/'' | |
| I/PRP was/VBD shaking/VBG the/DT whole/JJ time/NN ./. ''/'' | |
| A/DT 10-gallon/JJ water/NN cooler/NN had/VBD toppled/VBN onto/IN the/DT floor/NN ,/, soaking/VBG the/DT red/JJ carpeting/NN ./. | |
| Lights/NNS flickered/VBD on/RP and/CC off/RP ;/: plaster/NN dropped/VBD from/IN the/DT ceiling/NN ,/, the/DT walls/NNS still/RB shook/VBD and/CC an/DT evacuation/NN alarm/NN blared/VBD outside/RB ./. | |
| The/DT four/CD lawyers/NNS climbed/VBD out/IN from/IN under/IN a/DT table/NN ./. | |
| ``/`` Let/VB 's/POS close/VB the/DT door/NN ,/, ''/'' said/VBD the/DT judge/NN as/IN he/PRP climbed/VBD to/TO his/PRP$ bench/NN ./. | |
| At/IN stake/NN was/VBD an/DT $/$ 80,000/CD settlement/NN involving/VBG who/WP should/MD pay/VB what/WP share/NN of/IN cleanup/NN costs/NNS at/IN the/DT site/NN of/IN a/DT former/JJ gas/NN station/NN ,/, where/WRB underground/JJ fuel/NN tanks/NNS had/VBD leaked/VBN and/CC contaminated/VBN the/DT soil/NN ./. | |
| And/CC the/DT lawyers/NNS were/VBD just/RB as/RB eager/JJ as/IN the/DT judge/NN to/TO wrap/VB it/PRP up/RP ./. | |
| ``/`` We/PRP were/VBD never/RB going/VBG to/TO get/VB these/DT insurance/NN companies/NNS to/TO agree/VB again/RB ,/, ''/'' says/VBZ John/NNP V./NNP Trump/NNP ,/, a/DT San/NNP Francisco/NNP defense/NN lawyer/NN in/IN the/DT case/NN ./. | |
| Indeed/RB ,/, the/DT insurance/NN adjusters/NNS had/VBD already/RB bolted/VBN out/IN of/IN the/DT courtroom/NN ./. | |
| The/DT lawyers/NNS went/VBD to/TO work/VB anyway/RB ,/, duly/RB noting/VBG that/IN the/DT proceeding/NN was/VBD taking/VBG place/NN during/IN a/DT major/JJ earthquake/NN ./. | |
| Ten/CD minutes/NNS later/RB ,/, it/PRP was/VBD done/VBN ./. | |
| For/IN the/DT record/NN ,/, Jeffrey/NNP Kaufman/NNP ,/, an/DT attorney/NN for/IN Fireman/NN 's/POS Fund/NN ,/, said/VBD he/PRP was/VBD ``/`` rattled/VBN --/: both/DT literally/RB and/CC figuratively/RB ./. ''/'' | |
| ``/`` My/PRP$ belief/NN is/VBZ always/RB ,/, if/IN you/PRP 've/VBP got/VBD a/DT settlement/NN ,/, you/PRP read/VBP it/PRP into/IN the/DT record/NN ./. ''/'' says/VBZ Judge/NNP Jenkins/NNP ,/, now/RB known/VBN in/IN his/PRP$ courthouse/NN as/IN ``/`` Shake/NNP 'Em/NNP Down/NNP Jenkins/NNP ./. ''/'' | |
| The/DT insurance/NN adjusters/NNS think/VBP differently/RB ./. | |
| ``/`` I/PRP did/VBD n't/RB know/VB if/IN it/PRP was/VBD World/NNP War/NNP III/NNP or/CC what/WP ,/, ''/'' says/VBZ Melanie/NNP Carvain/NNP of/IN Morristown/NNP ,/, N.J/NNP ./. | |
| ``/`` Reading/VBG the/DT settlement/NN into/IN the/DT record/NN was/VBD the/DT last/JJ thing/NN on/IN my/PRP$ mind/NN ./. | |
| Edison/NNP Brothers/NNP Stores/NNP Inc./NNP said/VBD it/PRP agreed/VBD to/TO buy/VB 229/CD Foxmoor/NNP women/NNS 's/POS apparel/NN stores/NNS from/IN Foxmoor/NNP Specialty/NNP Stores/NNP Corp./NNP ,/, a/DT unit/NN of/IN Dylex/NNP Ltd./NNP of/IN Toronto/NNP ./. | |
| Terms/NNS were/VBD n't/RB disclosed/VBN ./. | |
| Edison/NN said/VBD the/DT acquired/VBN stores/NNS would/MD be/VB integrated/VBN into/IN its/PRP$ current/JJ operations/NNS ./. | |
| BROWN-FORMAN/NNP Corp/NNP ./. (/-LRB- Louisville/NNP ,/, Ky./NNP )/-RRB- --/: | |
| David/NNP R./NNP Jackson/NNP ,/, formerly/RB vice/NN president/NN ,/, managing/VBG director/NN of/IN corporate/JJ communications/NNS for/IN Maxwell/NNP Communication/NNP Inc./NNP ,/, was/VBD named/VBN vice/NN president/NN and/CC assistant/NN to/TO the/DT chairman/NN of/IN this/DT maker/NN of/IN alcoholic/JJ beverages/NNS and/CC consumer/NN products/NNS ./. | |
| Your/PRP$ Oct./NNP 4/CD front/JJ page/NN noted/VBD that/IN British/JJ lawyers/NNS have/VBP to/TO wear/VB wigs/NNS in/IN court/NN and/CC that/IN these/DT wigs/NNS are/VBP made/VBN from/IN horses/NNS '/POS tails/NNS ./. | |
| Do/VBP you/PRP think/VB the/DT British/NNS know/VBP something/NN that/IN we/PRP do/VBP n't/RB ?/. | |
| Yale/NNP Jay/NNP Lubkin/NNP | |
| Owings/NNP ,/, Md/NNP ./. | |
| Applause/NN for/IN ``/`` Sometimes/RB ,/, Talk/NN Is/VBZ the/DT Best/JJS Medicine/NN ,/, ''/'' in/IN your/PRP$ Oct./NNP 5/CD Marketplace/NNP section/NN ./. | |
| Indeed/RB ,/, the/DT ``/`` art/NN of/IN doctoring/NN ''/'' does/VBZ contribute/VB to/TO better/JJR health/NN results/NNS and/CC discourages/VBZ unwarranted/JJ malpractice/NN litigation/NN ./. | |
| Elaborating/VBG on/IN the/DT concern/NN about/IN doctors/NNS '/POS sacrificing/VBG earnings/NNS in/IN order/NN to/TO spend/VB ``/`` talk/NN time/NN ''/'' with/IN patients/NNS ,/, we/PRP are/VBP finding/VBG the/DT quality/NN of/IN the/DT time/NN spent/VBN is/VBZ the/DT key/NN to/TO true/JJ rapport/NN ./. | |
| Even/RB brief/JJ conversations/NNS can/MD show/VB caring/NN and/CC trust/NN ,/, and/CC need/MD not/RB restrict/VB the/DT efficiency/NN of/IN the/DT communication/NN or/CC restrain/VB the/DT doctor/NN 's/POS earnings/NNS ./. | |
| The/DT issue/NN is/VBZ far-reaching/JJ ./. | |
| Right/RB now/RB ,/, the/DT American/JJ populace/NN is/VBZ spending/VBG about/RB 12/CD %/NN of/IN our/PRP$ gross/JJ national/JJ product/NN on/IN health/NN care/NN ./. | |
| That/DT amounts/VBZ to/TO more/JJR than/IN $/$ 350/CD billion/CD a/DT year/NN ./. | |
| And/CC it/PRP is/VBZ estimated/VBN that/IN more/JJR than/IN 20/CD %/NN of/IN that/DT ,/, $/$ 70/CD billion/CD ,/, goes/VBZ to/TO ``/`` defensive/JJ medicine/NN ''/'' --/: those/DT measures/NNS taken/VBN by/IN doctors/NNS to/TO protect/VB themselves/PRP from/IN the/DT most/RBS unlikely/JJ possibilities/NNS ./. | |
| So/IN we/PRP all/DT stand/VBP to/TO benefit/VB if/IN patient-physician/JJ relations/NNS become/VBP a/DT ``/`` partnership/NN ./. ''/'' | |
| President/NNP North/NNP American/NNP Physicians/NNP Insurance/NNP Risk/NNP Retention/NNP Group/NNP | |
| Chrysler/NNP Corp./NNP Chairman/NNP Lee/NNP A./NNP Iacocca/NNP said/VBD the/DT nation/NN 's/POS No./NN 3/CD auto/NN maker/NN will/MD need/VB to/TO close/VB one/CD or/CC two/CD of/IN its/PRP$ assembly/NN plants/NNS because/RB of/IN the/DT slowdown/NN hitting/VBG the/DT industry/NN ./. | |
| In/IN an/DT interview/NN with/IN the/DT trade/NN journal/NN Automotive/NNP News/NNP ,/, Mr./NNP Iacocca/NNP declined/VBD to/TO say/VB which/WDT plants/NNS will/MD close/VB or/CC when/WRB Chrysler/NNP will/MD make/VB the/DT moves/NNS ./. | |
| But/CC he/PRP said/VBD ,/, ``/`` we/PRP have/VBP too/RB many/JJ plants/NNS in/IN our/PRP$ system/NN ./. | |
| So/IN the/DT older/JJR or/CC most/RBS inefficient/JJ capacity/NN has/VBZ got/VBD to/TO go/VB ./. ''/'' | |
| According/VBG to/TO industry/NN analysts/NNS ,/, Chrysler/NNP plants/NNS most/RBS likely/JJ to/TO close/RB are/VBP the/DT St./NNP Louis/NNP No./NN 1/CD facility/NN ,/, which/WDT builds/VBZ Chrysler/NNP LeBaron/NNP and/CC Dodge/NNP Daytona/NNP models/NNS ;/: the/DT Toledo/NNP ,/, Ohio/NNP ,/, Jeep/NNP plant/NN ,/, which/WDT dates/VBZ back/RB to/TO the/DT early/JJ 1900s/CD ;/: and/CC two/CD Canadian/JJ plants/NNS that/WDT build/VBP the/DT Jeep/NNP Wrangler/NNP and/CC Chrysler/NNP 's/POS full-sized/JJ vans/NNS ./. | |
| Chrysler/NNP has/VBZ had/VBD to/TO temporarily/RB close/VB the/DT St./NNP Louis/NNP and/CC Toledo/NNP plants/NNS recently/RB because/IN of/IN excess/JJ inventories/NNS of/IN vehicles/NNS built/VBN there/RB ./. | |
| At/IN Chrysler/NNP 's/POS 1990/CD model/NN preview/NN last/JJ month/NN ,/, Chrysler/NNP Motors/NNP President/NNP Robert/NNP A./NNP Lutz/NNP said/VBD the/DT No./NN 3/CD auto/NN maker/NN ,/, along/IN with/IN other/JJ U.S./NNP manufacturers/NNS ,/, might/MD be/VB forced/VBN to/TO ``/`` realign/VB .../: capacity/NN ''/'' if/IN market/NN demand/NN does/VBZ n't/RB improve/VB ./. | |
| But/CC Mr./NNP Iacocca/NNP 's/POS remarks/NNS are/VBP the/DT most/RBS specific/JJ indication/NN to/TO date/NN of/IN how/WRB many/JJ plants/NNS could/MD be/VB in/IN jeopardy/NN ./. | |
| General/NNP Motors/NNP Corp./NNP has/VBZ signaled/VBN that/IN as/RB many/JJ as/IN five/CD of/IN its/PRP$ U.S./NNP and/CC Canadian/JJ plants/NNS may/MD not/RB survive/VB the/DT mid-1990s/NNS as/IN it/PRP struggles/VBZ to/TO trim/VB its/PRP$ excess/JJ vehicle-production/JJ capacity/NN ./. | |
| The/DT overcapacity/NN problem/NN has/VBZ intensified/VBN in/IN recent/JJ years/NNS ,/, with/IN foreign/JJ auto/NN makers/NNS beginning/VBG car/NN and/CC truck/NN production/NN in/IN the/DT U.S./NNP ./. | |
| With/IN companies/NNS such/JJ as/IN Honda/NNP Motor/NNP Co./NNP ,/, Toyota/NNP Motor/NNP Corp./NNP and/CC Nissan/NNP Motor/NNP Co./NNP running/VBG so-called/JJ transplant/NN auto/NN operations/NNS ,/, Japanese/JJ auto/NN production/NN in/IN the/DT U.S./NNP will/MD reach/VB one/CD million/CD vehicles/NNS this/DT year/NN ./. | |
| ``/`` Unless/IN the/DT market/NN goes/VBZ to/TO 19/CD million/CD units/NNS --/: which/WDT we/PRP all/DT know/VBP it/PRP 's/VBZ not/RB going/VBG to/TO do/VB --/: we/PRP have/VBP the/DT inescapable/JJ fact/NN that/IN the/DT transplants/NNS are/VBP adding/VBG capacity/NN ,/, ''/'' Mr./NNP Lutz/NNP said/VBD last/JJ month/NN ./. | |
| The/DT Japanese-managed/JJ plants/NNS eventually/RB will/MD have/VB the/DT capacity/NN to/TO build/VB some/DT 2.5/CD million/CD vehicles/NNS in/IN the/DT U.S./NNP and/CC that/DT will/MD translate/VB into/IN ``/`` market/NN share/NN that/WDT is/VBZ going/VBG to/TO have/VB to/TO come/VB out/IN of/IN somebody/NN ,/, ''/'' he/PRP added/VBD ./. | |
| Already/RB Chrysler/NNP has/VBZ closed/VBN the/DT Kenosha/NNP ,/, Wis./NNP ,/, plant/NN it/PRP acquired/VBD when/WRB it/PRP bought/VBD American/NNP Motors/NNP Corp./NNP in/IN 1987/CD ./. | |
| Chrysler/NNP has/VBZ also/RB launched/VBN a/DT $/$ 1/CD billion/CD cost-cutting/NN program/NN that/WDT will/MD cut/VB about/RB 2,300/CD white-collar/JJ workers/NNS from/IN the/DT payroll/NN in/IN the/DT next/JJ few/JJ months/NNS ./. | |
| Revco/NNP D.S./NNP Inc./NNP ,/, the/DT drugstore/NN chain/NN that/WDT filed/VBD for/IN bankruptcy-court/NN protection/NN last/JJ year/NN ,/, received/VBD a/DT $/$ 925/CD million/CD offer/NN from/IN a/DT group/NN led/VBD by/IN Texas/NNP billionaire/NN Robert/NNP Bass/NNP ./. | |
| Revco/NNP reacted/VBD cautiously/RB ,/, saying/VBG the/DT plan/NN would/MD add/VB $/$ 260/CD million/CD of/IN new/JJ debt/NN to/TO the/DT highly/RB leveraged/VBN company/NN ./. | |
| It/PRP was/VBD Revco/NNP 's/POS huge/JJ debt/NN from/IN its/PRP$ $/$ 1.3/CD billion/CD leveraged/VBN buy-out/NN in/IN 1986/CD that/IN forced/VBN it/PRP to/TO seek/VB protection/NN under/IN Chapter/NNP 11/CD of/IN the/DT federal/JJ Bankruptcy/NNP Code/NNP ./. | |
| Revco/NNP insists/VBZ that/IN the/DT proposal/NN is/VBZ simply/RB an/DT ``/`` expression/NN of/IN interest/NN ,/, ''/'' because/IN under/IN Chapter/NNP 11/CD Revco/NNP has/VBZ ``/`` exclusivity/NN rights/NNS ''/'' until/IN Feb./NNP 28/CD ./. | |
| Those/DT rights/NNS prevent/VBP anyone/NN other/JJ than/IN Revco/NNP from/IN proposing/VBG a/DT reorganization/NN plan/NN ./. | |
| Also/RB under/IN Chapter/NNP 11/CD ,/, a/DT reorganization/NN plan/NN is/VBZ subject/JJ to/TO approval/NN by/IN bondholders/NNS ,/, banks/NNS and/CC other/JJ creditors/NNS ./. | |
| A/DT financial/JJ adviser/NN for/IN Revco/NNP bondholders/NNS ,/, David/NNP Schulte/NNP ,/, of/IN Chilmark/NNP Partners/NNP ,/, had/VBD mixed/VBN reactions/NNS to/TO the/DT offer/NN ./. | |
| He/PRP said/VBD he/PRP feared/VBD a/DT Revco/NNP reorganization/NN might/MD force/VB bondholders/NNS to/TO accept/VB a/DT ``/`` cheap/JJ deal/NN ,/, ''/'' and/CC that/IN the/DT Bass/NNP group/NN 's/POS offer/NN would/MD give/VB them/PRP more/JJR money/NN ./. | |
| However/RB ,/, the/DT group/NN is/VBZ offering/VBG to/TO pay/VB off/RP bondholders/NNS in/IN cash/NN only/RB --/: $/$ 260.5/CD million/CD --/: and/CC no/DT equity/NN ./. | |
| The/DT Revco/NNP bonds/NNS are/VBP high-yield/JJ ,/, high-risk/JJ ``/`` junk/NN ''/'' bonds/NNS ;/: holders/NNS have/VBP $/$ 750/CD million/CD in/IN claims/NNS against/IN Revco/NNP ,/, Mr./NNP Schulte/NNP said/VBD ./. | |
| Revco/NNP received/VBD the/DT offer/NN Oct./NNP 20/CD ,/, but/CC issued/VBD a/DT response/NN yesterday/NN only/RB after/IN a/DT copy/NN of/IN the/DT proposal/NN was/VBD made/VBN public/NN by/IN bondholders/NNS ./. | |
| Acadia/NNP Partners/NNP Limited/NNP Partnership/NNP ,/, a/DT Fort/NNP Worth/NNP ,/, Texas/NNP ,/, partnership/NN that/WDT includes/VBZ the/DT Robert/NNP M./NNP Bass/NNP Group/NNP ,/, made/VBD the/DT proposal/NN ./. | |
| Mr./NNP Bass/NNP is/VBZ based/VBN in/IN Fort/NNP Worth/NNP ./. | |
| Analysts/NNS said/VBD the/DT nation/NN 's/POS second-largest/JJ drugstore/NN chain/NN was/VBD a/DT valuable/JJ company/NN ,/, despite/IN its/PRP$ financial/JJ woes/NNS ./. | |
| Its/PRP$ problem/NN ,/, they/PRP say/VBP ,/, is/VBZ that/DT management/NN paid/VBD too/RB much/JJ in/IN the/DT leveraged/VBN buy-out/NN and/CC the/DT current/JJ $/$ 515/CD million/CD debt/NN load/NN is/VBZ keeping/VBG Revco/NNP in/IN the/DT red/NN ./. | |
| ``/`` If/IN bought/VBN at/IN the/DT right/JJ price/NN ,/, it/PRP could/MD still/RB be/VB profitable/JJ ,/, ''/'' said/VBD Jeffrey/NNP Stein/NNP ,/, an/DT analyst/NN at/IN McDonald/NNP &/CC Co./NNP ,/, Cleveland/NNP ./. | |
| In/IN addition/NN ,/, Revco/NNP 's/POS 1,900/CD stores/NNS in/IN 27/CD states/NNS represent/VBP a/DT lot/NN of/IN real/JJ estate/NN ,/, he/PRP said/VBD ,/, and/CC demographics/NNS are/VBP helping/VBG pharmacies/NNS :/: The/DT nation/NN 's/POS aging/VBG population/NN will/MD boost/VB demand/NN for/IN prescription/NN drugs/NNS ./. | |
| Last/JJ week/NN ,/, Revco/NNP 's/POS parent/NN company/NN ,/, Anac/NNP Holding/NNP Corp./NNP ,/, said/VBD the/DT company/NN reported/VBD a/DT loss/NN of/IN $/$ 16.2/CD million/CD for/IN the/DT fiscal/JJ first/JJ quarter/NN ,/, compared/VBN with/IN a/DT loss/NN of/IN $/$ 27.9/CD million/CD in/IN the/DT year-earlier/JJ quarter/NN ./. | |
| Sales/NNS were/VBD $/$ 597.8/CD million/CD ,/, up/RB 2.4/CD %/NN from/IN the/DT previous/JJ year/NN ./. | |
| The/DT company/NN ,/, based/VBN in/IN Twinsburg/NNP ,/, Ohio/NNP ,/, said/VBD its/PRP$ operating/NN profit/NN before/IN depreciation/NN and/CC amortization/NN increased/VBD 51/CD %/NN ,/, to/TO $/$ 9.2/CD million/CD from/IN $/$ 6.1/CD million/CD ./. | |
| Acadia/NNP Partners/NNP and/CC the/DT Bass/NNP Group/NNP declined/VBD to/TO comment/VB ./. | |
| The/DT partnership/NN also/RB includes/VBZ American/NNP Express/NNP Co./NNP ,/, Equitable/NNP Life/NNP Assurance/NNP Society/NNP of/IN the/DT U.S./NNP and/CC Shearson/NNP Lehman/NNP Hutton/NNP Inc/NNP ./. | |
| The/DT offer/NN consists/VBZ of/IN $/$ 410.5/CD million/CD in/IN cash/NN and/CC the/DT rest/NN in/IN notes/NNS ./. | |
| Acadia/NNP would/MD sell/VB up/IN to/TO 10/CD %/NN of/IN the/DT equity/NN in/IN the/DT reorganized/VBN company/NN to/TO creditors/NNS and/CC bondholders/NNS in/IN exchange/NN for/IN the/DT cash/NN distribution/NN ,/, but/CC creditors/NNS and/CC bondholders/NNS would/MD receive/VB no/DT discount/NN for/IN their/PRP$ shares/NNS ./. | |
| Revco/NNP 's/POS chairman/NN and/CC chief/JJ executive/NN officer/NN ,/, Boake/NNP A./NNP Sells/NNP ,/, said/VBD both/DT the/DT company/NN and/CC the/DT bondholders/NNS have/VBP put/VBN forth/RP reorganization/NN plans/NNS ,/, but/CC little/JJ progress/NN has/VBZ been/VBN made/VBN since/IN negotiations/NNS began/VBD this/DT summer/NN ./. | |
| He/PRP said/VBD he/PRP has/VBZ not/RB met/VBN with/IN representatives/NNS from/IN Acadia/NNP ./. | |
| Any/DT reorganization/NN proposal/NN ,/, Mr./NNP Sells/NNP said/VBD ,/, is/VBZ difficult/JJ to/TO assess/VB because/IN it/PRP must/MD be/VB agreed/VBN upon/IN by/IN the/DT company/NN ,/, bondholders/NNS ,/, banks/NNS and/CC other/JJ creditors/NNS ./. | |
| Revco/NNP has/VBZ $/$ 1.5/CD billion/CD in/IN claims/NNS outstanding/JJ ./. | |
| ``/`` It/PRP 's/VBZ not/RB like/IN the/DT board/NN can/MD decide/VB ''/'' by/IN itself/PRP ,/, Mr./NNP Sells/NNP said/VBD ,/, adding/VBG ,/, ``/`` we/PRP 're/VBP indifferent/JJ to/TO (/-LRB- the/DT Bass/NNP )/-RRB- plan/NN ./. | |
| We/PRP just/RB want/VBP a/DT plan/NN that/IN satisfies/VBZ creditors/NNS and/CC at/IN the/DT end/NN leaves/VBZ a/DT healthy/JJ Revco/NNP ./. ''/'' | |
| But/CC Mr./NNP Schulte/NNP ,/, the/DT bondholders/NNS '/POS adviser/NN ,/, said/VBD Revco/NNP was/VBD dragging/VBG its/PRP$ feet/NNS in/IN responding/VBG to/TO the/DT proposal/NN ./. | |
| ``/`` They/PRP want/VBP to/TO pretend/VB it/PRP does/VBZ n't/RB exist/VB ,/, ''/'' he/PRP said/VBD ./. | |
| Mr./NNP Schulte/NNP ,/, who/WP met/VBD with/IN Acadia/NNP representatives/NNS on/IN Oct./NNP 10/CD ,/, said/VBD ,/, ``/`` It/PRP 's/VBZ certainly/RB a/DT responsible/JJ offer/NN ./. | |
| It/PRP 's/VBZ not/RB an/DT effort/NN to/TO steal/VB the/DT company/NN ''/'' in/IN the/DT middle/NN of/IN the/DT night/NN ./. | |
| Copper/NN futures/NNS prices/NNS failed/VBD to/TO extend/VB Friday/NNP 's/POS rally/NN ./. | |
| Declines/NNS came/VBD because/RB of/IN concern/NN that/IN demand/NN for/IN copper/NN may/MD slow/VB down/RP ./. | |
| The/DT December/NNP contract/NN was/VBD down/RB three/CD cents/NNS a/DT pound/NN ,/, settling/VBG at/IN $/$ 1.1280/CD ,/, which/WDT was/VBD just/RB above/IN the/DT day/NN 's/POS low/NN of/IN $/$ 1.1270/CD ./. | |
| Futures/NNS prices/NNS fell/VBD during/IN three/CD of/IN five/CD sessions/NNS last/JJ week/NN ,/, and/CC the/DT losses/NNS ,/, individually/RB and/CC cumulatively/RB ,/, were/VBD greater/JJR than/IN the/DT advances/NNS ./. | |
| Two/CD of/IN the/DT major/JJ factors/NNS buoying/VBG prices/NNS ,/, the/DT prolonged/JJ strikes/NNS at/IN the/DT Highland/NNP Valley/NNP mine/NN in/IN Canada/NNP and/CC the/DT Cananea/NNP mine/NN in/IN Mexico/NNP ,/, were/VBD finally/RB resolved/VBN ./. | |
| Also/RB ,/, the/DT premiums/NNS paid/VBN by/IN the/DT U.S./NNP government/NN on/IN a/DT purchase/NN of/IN copper/NN for/IN the/DT U.S./NNP Mint/NNP were/VBD lower/JJR than/IN expected/VBN ,/, and/CC acted/VBD as/IN a/DT price/NN depressant/NN ,/, analysts/NNS said/VBD ./. | |
| The/DT mint/NN purchases/NNS were/VBD at/IN premiums/NNS about/RB 4/CD 1/2/CD cents/NNS a/DT pound/NN above/IN the/DT respective/JJ prices/NNS for/IN the/DT copper/NN ./. | |
| At/IN the/DT time/NN merchants/NNS were/VBD asking/VBG for/IN premiums/NNS of/IN about/RB five/CD cents/NNS a/DT pound/NN ./. | |
| All/DT this/DT has/VBZ led/VBN to/TO prolonged/VBN selling/NN in/IN futures/NNS ,/, mostly/RB on/IN the/DT part/NN of/IN computer-guided/JJ funds/NNS ./. | |
| Prices/NNS fell/VBD through/IN levels/NNS regarded/VBN as/IN important/JJ support/NN areas/NNS ,/, which/WDT added/VBD to/TO the/DT selling/NN ./. | |
| The/DT reluctance/NN of/IN traders/NNS to/TO buy/VB contracts/NNS indicates/VBZ that/IN they/PRP have/VBP begun/VBN focusing/VBG on/IN demand/NN rather/RB than/IN supply/NN ./. | |
| At/IN least/JJS one/CD analyst/NN noted/VBD that/IN as/IN production/NN improves/VBZ ,/, the/DT concern/NN among/IN traders/NNS is/VBZ whether/IN the/DT prospective/JJ increased/VBN supply/NN will/MD find/VB buyers/NNS because/RB of/IN uncertainty/NN over/IN national/JJ economies/NNS ./. | |
| ``/`` Demand/NN from/IN Japan/NNP is/VBZ expected/VBN to/TO continue/VB strong/JJ ,/, but/CC not/RB from/IN other/JJ areas/NNS of/IN the/DT world/NN into/IN the/DT first/JJ quarter/NN of/IN next/JJ year/NN ,/, ''/'' he/PRP said/VBD ./. | |
| Japan/NNP normally/RB depends/VBZ heavily/RB on/IN the/DT Highland/NNP Valley/NNP and/CC Cananea/NNP mines/NNS as/RB well/RB as/IN the/DT Bougainville/NNP mine/NN in/IN Papua/NNP New/NNP Guinea/NNP ./. | |
| Recently/RB ,/, Japan/NNP has/VBZ been/VBN buying/VBG copper/NN elsewhere/RB ./. | |
| But/CC as/IN Highland/NNP Valley/NNP and/CC Cananea/NNP begin/VB operating/VBG ,/, they/PRP are/VBP expected/VBN to/TO resume/VB their/PRP$ roles/NNS as/IN Japan/NNP 's/POS suppliers/NNS ./. | |
| According/VBG to/TO Fred/NNP Demler/NNP ,/, metals/NNS economist/NN for/IN Drexel/NNP Burnham/NNP Lambert/NNP ,/, New/NNP York/NNP ,/, ``/`` Highland/NNP Valley/NNP has/VBZ already/RB started/VBN operating/VBG and/CC Cananea/NNP is/VBZ expected/VBN to/TO do/VB so/RB soon/RB ./. ''/'' | |
| The/DT Bougainville/NNP mine/NN is/VBZ generally/RB expected/VBN to/TO remain/VB closed/JJ until/IN at/IN least/JJS the/DT end/NN of/IN the/DT year/NN ./. | |
| It/PRP has/VBZ n't/RB been/VBN operating/VBG since/IN May/NNP 15/CD because/IN of/IN attacks/NNS by/IN native/JJ landowners/NNS ./. | |
| A/DT recent/JJ attempt/NN to/TO resume/VB operations/NNS was/VBD cut/VBN short/JJ quickly/RB by/IN these/DT attacks/NNS ./. | |
| However/RB ,/, traders/NNS disregarded/VBD a/DT potential/JJ production/NN disruption/NN in/IN Chile/NNP and/CC a/DT continued/VBN drop/NN in/IN inventories/NNS ./. | |
| Workers/NNS at/IN two/CD Chilean/JJ mines/NNS ,/, Los/NNP Bronces/NNP and/CC El/NNP Soldado/NNP ,/, which/WDT belong/VBP to/TO the/DT Exxon-owned/JJ Minera/NNP Disputado/NNP group/NN ,/, will/MD vote/VB Thursday/NNP on/IN whether/IN to/TO strike/VB after/RB a/DT two-year/JJ labor/NN pact/NN ends/VBZ today/NN ./. | |
| The/DT mines/NNS produced/VBD a/DT total/NN of/IN 110,000/CD tons/NNS of/IN copper/NN in/IN 1988/CD ./. | |
| According/VBG to/TO Drexel/NNP 's/POS Mr./NNP Demler/NNP ,/, the/DT potential/JJ strike/NN is/VBZ expected/VBN to/TO be/VB resolved/VBN quickly/RB ,/, which/WDT may/MD be/VB one/CD reason/NN why/WRB the/DT situation/NN did/VBD n't/RB affect/VB prices/NNS much/RB ./. | |
| Another/DT analyst/NN said/VBD that/IN ,/, if/IN there/EX was/VBD any/DT concern/NN ,/, it/PRP was/VBD that/IN a/DT strike/NN could/MD encourage/VB other/JJ walkouts/NNS in/IN Chile/NNP ./. | |
| London/NNP Metal/NNP Exchange/NNP copper/NN inventories/NNS fell/VBD 550/CD tons/NNS last/JJ week/NN to/TO 83,950/CD tons/NNS ,/, a/DT smaller-than-expected/JJ decline/NN ./. | |
| But/CC that/DT development/NN also/RB had/VBD little/JJ effect/NN on/IN traders/NNS '/POS sentiment/NN ./. | |
| Mr./NNP Demler/NNP said/VBD that/IN stocks/NNS of/IN copper/NN in/IN U.S./NNP producers/NNS '/POS hands/NNS at/IN the/DT end/NN of/IN September/NNP were/VBD down/RB 16,000/CD metric/JJ tons/NNS from/IN August/NNP to/TO 30,000/CD tons/NNS ./. | |
| Outside/IN the/DT U.S./NNP ,/, he/PRP said/VBD ,/, producer/NN stocks/NNS at/IN the/DT end/NN of/IN August/NNP were/VBD 273,000/CD tons/NNS ,/, down/RB 3,000/CD tons/NNS from/IN the/DT end/NN of/IN July/NNP ./. | |
| Consumer/NN stocks/NNS of/IN copper/NN in/IN the/DT U.S./NNP fell/VBD to/TO 44,000/CD tons/NNS at/IN the/DT end/NN of/IN September/NNP from/IN 54,000/CD tons/NNS a/DT month/NN earlier/RBR ,/, and/CC stocks/NNS of/IN copper/NN held/VBN by/IN consumers/NNS and/CC merchants/NNS outside/IN of/IN the/DT U.S./NNP at/IN the/DT end/NN of/IN July/NNP stood/VBD at/IN 123,000/CD tons/NNS ,/, down/RB from/IN 125,000/CD tons/NNS in/IN June/NNP ./. | |
| The/DT high/JJ point/NN of/IN foreigners/NNS '/POS copper/NN stocks/NNS this/DT year/NN was/VBD 136,000/CD tons/NNS at/IN the/DT end/NN of/IN April/NNP ,/, according/VBG to/TO Mr./NNP Demler/NNP ./. | |
| In/IN other/JJ commodity/NN markets/NNS yesterday/NN :/: | |
| GRAINS/NNS AND/CC SOYBEANS/NNS :/: | |
| The/DT prices/NNS of/IN most/JJS corn/NN ,/, soybean/NN and/CC wheat/NN futures/NNS contracts/NNS dropped/VBD slightly/RB as/IN farmers/NNS in/IN the/DT Midwest/NNP continued/VBN to/TO rebuild/VB stockpiles/NNS that/WDT were/VBD depleted/VBN by/IN the/DT 1988/CD drought/NN ./. | |
| Buying/NN by/IN the/DT Soviets/NNS has/VBZ helped/VBN to/TO prop/VB up/RP corn/NN prices/NNS in/IN recent/JJ weeks/NNS ,/, but/CC a/DT lack/NN of/IN any/DT new/JJ purchases/NNS kept/VBD prices/NNS in/IN the/DT doldrums/NN ./. | |
| COFFEE/NN :/: | |
| Futures/NNS prices/NNS rose/VBD slightly/RB in/IN a/DT market/NN filled/VBN with/IN rumors/NNS that/IN a/DT new/JJ international/JJ coffee/NN agreement/NN might/MD still/RB be/VB achieved/VBN ./. | |
| The/DT December/NNP contract/NN ended/VBD with/IN a/DT gain/NN of/IN 1.29/CD cents/NNS a/DT pound/NN at/IN 74.35/CD cents/NNS ./. | |
| According/VBG to/TO one/CD analyst/NN ,/, prices/NNS opened/VBD higher/RBR because/IN of/IN reports/NNS over/IN the/DT weekend/NN that/IN Brazil/NNP and/CC Colombia/NNP ,/, at/IN the/DT Pan-American/JJ summit/NN meeting/NN in/IN Costa/NNP Rica/NNP ,/, had/VBD agreed/VBN to/TO a/DT reduction/NN in/IN their/PRP$ coffee/NN export/NN quotas/NNS for/IN the/DT sake/NN of/IN creating/VBG a/DT new/JJ agreement/NN ./. | |
| The/DT reports/NNS ,/, attributed/VBN to/TO the/DT Colombian/JJ minister/NN of/IN economic/JJ development/NN ,/, said/VBD Brazil/NNP would/MD give/VB up/RP 500,000/CD bags/NNS of/IN its/PRP$ quota/NN and/CC Colombia/NNP 200,000/CD bags/NNS ,/, the/DT analyst/NN said/VBD ./. | |
| These/DT reports/NNS were/VBD later/RB denied/VBN by/IN a/DT high/JJ Brazilian/JJ official/NN ,/, who/WP said/VBD Brazil/NNP was/VBD n't/RB involved/VBN in/IN any/DT coffee/NN discussions/NNS on/IN quotas/NNS ,/, the/DT analyst/NN said/VBD ./. | |
| The/DT Colombian/JJ minister/NN was/VBD said/VBD to/TO have/VB referred/VBN to/TO a/DT letter/NN that/IN he/PRP said/VBD President/NNP Bush/NNP sent/VBD to/TO Colombian/JJ President/NNP Virgilio/NNP Barco/NNP ,/, and/CC in/IN which/WDT President/NNP Bush/NNP said/VBD it/PRP was/VBD possible/JJ to/TO overcome/VB obstacles/NNS to/TO a/DT new/JJ agreement/NN ./. | |
| The/DT minister/NN was/VBD also/RB quoted/VBN as/IN saying/VBG that/IN a/DT new/JJ pact/NN could/MD be/VB achieved/VBN during/IN the/DT first/JJ half/NN of/IN next/JJ year/NN ,/, according/VBG to/TO the/DT analyst/NN ./. | |
| PRECIOUS/JJ METALS/NNS :/: | |
| Futures/NNS prices/NNS showed/VBD modest/JJ changes/NNS in/IN light/JJ trading/NN volume/NN ./. | |
| December/NNP delivery/NN gold/NN eased/VBD 40/CD cents/NNS an/DT ounce/NN to/TO $/$ 380.80/CD ./. | |
| December/NNP silver/NN was/VBD off/RB 3.7/CD cents/NNS an/DT ounce/NN at/IN $/$ 5.2830/CD ./. | |
| January/NNP platinum/NN rose/VBD 90/CD cents/NNS an/DT ounce/NN at/IN $/$ 500.20/CD ./. | |
| The/DT market/NN turned/VBD quiet/JJ after/IN rising/VBG sharply/RB late/JJ last/JJ week/NN ,/, according/VBG to/TO one/CD analyst/NN ./. | |
| Last/JJ week/NN 's/POS uncertainty/NN in/IN the/DT stock/NN market/NN and/CC a/DT weaker/JJR dollar/NN triggered/VBD a/DT flight/NN to/TO safety/NN ,/, he/PRP said/VBD ,/, but/CC yesterday/NN the/DT market/NN lacked/VBD such/JJ stimuli/NNS ./. | |
| There/EX was/VBD some/DT profit-taking/NN because/IN prices/NNS for/IN all/DT the/DT precious/JJ metals/NNS had/VBD risen/VBN to/TO levels/NNS at/IN which/WDT there/EX was/VBD resistance/NN to/TO further/RBR advance/NN ,/, he/PRP said/VBD ./. | |
| The/DT dollar/NN was/VBD also/RB slightly/RB firmer/JJR and/CC prompted/VBD some/DT selling/NN ,/, as/IN well/RB ,/, according/VBG to/TO the/DT analyst/NN ./. | |
| Louisiana-Pacific/NNP Corp./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$ common/JJ shares/NNS for/IN employee/NN stock/NN plans/NNS and/CC other/JJ general/JJ corporate/JJ purposes/NNS ./. | |
| The/DT forest-products/NNS concern/NN currently/RB has/VBZ about/RB 38/CD million/CD shares/NNS outstanding/JJ ./. | |
| In/IN yesterday/NN 's/POS composite/JJ trading/NN on/IN the/DT New/NNP York/NNP Stock/NNP Exchange/NNP ,/, Louisiana-Pacific/NNP shares/NNS closed/VBD at/IN $/$ 39.25/CD ,/, down/RB 37.5/CD cents/NNS ./. | |
| When/WRB the/DT Supreme/NNP Soviet/NNP passed/VBD laws/NNS on/IN workers/NNS '/POS rights/NNS in/IN May/NNP 1987/CD and/CC on/IN self-managing/JJ cooperatives/NNS a/DT year/NN later/RBR ,/, some/DT Western/JJ observers/NNS assumed/VBD Mikhail/NNP Gorbachev/NNP had/VBD launched/VBN the/DT Soviet/NNP Union/NNP on/IN a/DT course/NN that/WDT would/MD lead/VB inevitably/RB to/TO the/DT creation/NN of/IN a/DT market/NN economy/NN ./. | |
| Their/PRP$ only/JJ doubt/NN concerned/VBD the/DT possibility/NN that/IN Mr./NNP Gorbachev/NNP might/MD not/RB survive/VB the/DT opposition/NN that/IN his/PRP$ reforms/NNS would/MD arouse/VB and/CC that/IN the/DT whole/JJ process/NN might/MD be/VB reversed/VBN ./. | |
| If/IN Mr./NNP Gorbachev/NNP 's/POS goal/NN is/VBZ the/DT creation/NN of/IN a/DT free/JJ market/NN ,/, he/PRP and/CC these/DT Western/JJ observers/NNS have/VBP good/JJ reason/NN to/TO fear/VB for/IN his/PRP$ future/NN ,/, as/IN economic/JJ liberalization/NN within/IN communist/JJ societies/NNS leads/VBZ inexorably/RB to/TO demands/NNS for/IN fundamental/JJ political/JJ reform/NN accompanied/VBN by/IN civil/JJ unrest/NN ./. | |
| These/DT fears/NNS were/VBD clearly/RB apparent/JJ when/WRB ,/, last/JJ week/NN ,/, Secretary/NNP of/IN State/NNP James/NNP Baker/NNP blocked/VBD a/DT speech/NN by/IN Robert/NNP Gates/NNP ,/, deputy/JJ national/JJ security/NN adviser/NN and/CC Soviet/NNP expert/NN ,/, on/IN the/DT ground/NN that/IN it/PRP was/VBD too/RB pessimistic/JJ about/IN the/DT chances/NNS of/IN Mr./NNP Gorbachev/NNP 's/POS economic/JJ reforms/NNS succeeding/VBG ./. | |
| Yet/CC the/DT Soviet/JJ leader/NN 's/POS readiness/NN to/TO embark/VB on/IN foreign/JJ visits/NNS and/CC steady/JJ accumulation/NN of/IN personal/JJ power/NN ,/, particularly/RB since/IN the/DT last/JJ Politburo/NNP reshuffle/NN on/IN Sept./NNP 30/CD ,/, do/VBP not/RB suggest/VB that/IN Mr./NNP Gorbachev/NNP is/VBZ on/IN the/DT verge/NN of/IN being/VBG toppled/VBN ;/: nor/CC does/VBZ he/PRP look/VB likely/RB to/TO reverse/VB the/DT powers/NNS of/IN perestroika/FW ./. | |
| Indeed/RB ,/, the/DT Soviet/JJ miners/NNS strike/NN this/DT summer/NN clearly/RB demonstrated/VBD that/IN Mr./NNP Gorbachev/NNP must/MD proceed/VB with/IN economic/JJ reform/NN ./. | |
| But/CC is/VBZ he/PRP so/RB clever/JJ that/IN he/PRP has/VBZ achieved/VBN the/DT political/JJ equivalent/NN of/IN making/VBG water/NN run/VB uphill/RB ?/. | |
| And/CC has/VBZ he/PRP truly/RB persuaded/VBD the/DT Communist/NNP Party/NNP to/TO accept/VB economic/JJ change/NN of/IN a/DT kind/NN that/WDT will/MD ,/, sooner/RB or/CC later/RB ,/, lead/VB to/TO its/PRP$ demise/NN ?/. | |
| An/DT alternative/JJ and/CC more/RBR convincing/JJ explanation/NN ,/, confirmed/VBN by/IN recent/JJ events/NNS and/CC a/DT close/JJ inspection/NN of/IN the/DT Gorbachev/NNP program/NN ,/, is/VBZ that/IN the/DT new/JJ Soviet/JJ economic/JJ and/CC social/JJ structures/NNS are/VBP intended/VBN to/TO conform/VB to/TO a/DT model/NN other/JJ than/IN that/DT of/IN the/DT market/NN ./. | |
| For/IN example/NN ,/, while/IN the/DT laws/NNS on/IN individual/JJ labor/NN activity/NN allow/VBP a/DT citizen/NN to/TO earn/VB a/DT living/NN independent/JJ of/IN the/DT state/NN ,/, strict/JJ provisions/NNS are/VBP attached/VBN on/IN how/WRB far/RB this/DT may/MD lead/VB to/TO the/DT development/NN of/IN a/DT free/JJ market/NN ./. | |
| Before/IN becoming/VBG self-employed/JJ ,/, or/CC setting/VBG up/RP a/DT cooperative/NN ,/, workers/NNS must/MD seek/VB permission/NN from/IN the/DT local/JJ soviet/JJ (/-LRB- council/NN )/-RRB- ./. | |
| Permission/NN is/VBZ far/RB from/IN automatic/JJ :/: The/DT soviets/NNS have/VBP the/DT legal/JJ right/NN to/TO turn/VB down/RP applications/NNS and/CC impose/VB conditions/NNS ,/, and/CC they/PRP appear/VBP to/TO be/VB exercising/VBG these/DT powers/NNS ./. | |
| Private/JJ dressmaking/NN ,/, for/IN example/NN ,/, is/VBZ allowed/VBN in/IN 10/CD Soviet/JJ republics/NNS but/CC banned/VBN by/IN five/CD ;/: shoemaking/VBG is/VBZ allowed/VBN in/IN seven/CD but/CC illegal/JJ in/IN nine/CD ./. | |
| The/DT controls/NNS on/IN cooperatives/NNS appeared/VBD relatively/RB liberal/JJ when/WRB first/RB introduced/VBN ./. | |
| But/CC that/DT changed/VBD following/VBG a/DT resolution/NN from/IN the/DT Supreme/NNP Soviet/NNP banning/VBG cooperatives/NNS from/IN operating/VBG in/IN some/DT areas/NNS of/IN the/DT economy/NN ,/, and/CC permitting/VBG activity/NN in/IN others/NNS only/RB if/IN the/DT cooperatives/NNS are/VBP under/IN contract/NN to/TO the/DT state/NN ./. | |
| All/DT independent/JJ media/NNS activity/NN is/VBZ now/RB illegal/JJ ,/, which/WDT perhaps/RB is/VBZ not/RB surprising/JJ ,/, but/CC so/RB is/VBZ the/DT manufacture/NN of/IN perfume/NN ,/, cosmetics/NNS ,/, household/NN chemicals/NNS and/CC sand/NN candles/NNS ./. | |
| Medical/JJ cooperatives/NNS ,/, among/IN the/DT most/RBS successful/JJ in/IN the/DT U.S.S.R./NNP ,/, are/VBP banned/VBN from/IN providing/VBG general-practitioner/NN services/NNS (/-LRB- their/PRP$ main/JJ source/NN of/IN income/NN )/-RRB- ,/, carrying/VBG out/RP surgery/NN ,/, and/CC treating/VBG cancer/NN patients/NNS ,/, drug/NN addicts/NNS and/CC pregnant/JJ women/NNS ./. | |
| Earlier/RB this/DT month/NN ,/, the/DT Supreme/NNP Soviet/NNP adopted/VBD two/CD more/JJR resolutions/NNS restricting/VBG the/DT freedom/NN of/IN cooperatives/NNS :/: The/DT first/JJ enables/VBZ the/DT soviets/NNS to/TO set/VB prices/NNS for/IN which/WDT goods/NNS may/MD be/VB sold/VBN ;/: the/DT second/JJ bans/VBZ cooperatives/NNS from/IN buying/VBG ``/`` industrial/JJ and/CC food/NN goods/NNS ''/'' from/IN the/DT state/NN or/CC other/JJ cooperatives/NNS ./. | |
| If/IN Mr./NNP Gorbachev/NNP is/VBZ looking/VBG toward/IN unleashing/VBG the/DT productive/JJ forces/NNS of/IN the/DT market/NN ,/, these/DT latest/JJS resolutions/NNS are/VBP nothing/NN short/JJ of/IN reckless/JJ ./. | |
| Along/IN with/IN some/DT other/JJ revealing/JJ indicators/NNS ,/, these/DT developments/NNS suggest/VBP that/IN while/IN Mr./NNP Gorbachev/NNP wishes/VBZ to/TO move/VB away/RB from/IN some/DT rigid/JJ central/JJ controls/NNS ,/, he/PRP is/VBZ bent/JJ on/IN creating/VBG economic/JJ structures/NNS of/IN a/DT kind/NN that/WDT would/MD scarcely/RB find/VB favor/NN with/IN the/DT Austrian/JJ or/CC Chicago/NNP schools/NNS of/IN economic/JJ thought/NN ./. | |
| Mr./NNP Gorbachev/NNP has/VBZ ruled/VBN out/RP the/DT use/NN of/IN the/DT market/NN to/TO solve/VB the/DT problem/NN of/IN insufficient/JJ consumer/NN goods/NNS ./. | |
| He/PRP told/VBD the/DT Congress/NNP of/IN People/NNS 's/POS Deputies/NNS on/IN May/NNP 30/CD :/: ``/`` We/PRP do/VBP not/RB share/VB this/DT approach/NN ,/, since/IN it/PRP would/MD immediately/RB destroy/VB the/DT social/JJ situation/NN and/CC disrupt/VB all/DT the/DT processes/NNS in/IN the/DT country/NN ./. ''/'' | |
| Having/VBG rejected/VBN central/JJ economic/JJ planning/NN for/IN economic/JJ reasons/NNS ,/, and/CC the/DT market/NN for/IN fear/NN of/IN the/DT social/JJ (/-LRB- political/JJ )/-RRB- consequences/NNS ,/, Mr./NNP Gorbachev/NNP seeks/VBZ a/DT ``/`` third/JJ way/NN ''/'' that/WDT would/MD combine/VB the/DT discipline/NN and/CC controls/NNS of/IN the/DT former/JJ with/IN the/DT economic/JJ benefits/NNS of/IN the/DT latter/JJ ./. | |
| Most/RBS important/JJ ,/, this/DT would/MD leave/VB the/DT party/NN intact/JJ and/CC its/PRP$ monopoly/NN of/IN political/JJ power/NN largely/RB undisturbed/JJ ./. | |
| Indeed/RB ,/, Mr./NNP Gorbachev/NNP 's/POS proposals/NNS display/VBP a/DT close/JJ conceptual/JJ resemblance/NN to/TO the/DT tenets/NNS of/IN Italian/JJ fascism/NN ,/, whose/WP$ architects/NNS spoke/VBD specifically/RB of/IN a/DT ``/`` third/JJ way/NN ''/'' :/: of/IN having/VBG produced/VBN a/DT historic/JJ synthesis/NN of/IN socialism/NN and/CC capitalism/NN ./. | |
| They/PRP ,/, too/RB ,/, promised/VBD to/TO combine/VB economic/JJ efficiency/NN with/IN order/NN and/CC discipline/NN ./. | |
| The/DT emergence/NN of/IN Russian/JJ corporatism/NN had/VBD been/VBN anticipated/VBN in/IN journalist/NN George/NNP Urban/NNP 's/POS introduction/NN to/TO a/DT series/NN of/IN colloquies/NNS --/: ``/`` Can/MD the/DT Soviet/JJ System/NN Survive/VB Reform/NN ?/. ''/'' --/: published/VBN this/DT spring/NN ./. | |
| ``/`` Communism/NNP will/MD reach/VB its/PRP$ final/JJ stage/NN of/IN development/NN in/IN a/DT feckless/JJ Russo/NNP --/: corporation-socialist/JJ in/IN form/NN ,/, nationalistic/JJ in/IN content/NN and/CC Oriental/JJ in/IN style/NN --/: that/WDT will/MD puzzle/VB the/DT world/NN with/IN alternating/VBG feats/NNS of/IN realism/NN and/CC recklessness/NN .../: ./. ''/'' | |
| The/DT fascist/JJ concept/NN of/IN corporatism/NN envisaged/VBD an/DT ``/`` organic/JJ ''/'' society/NN in/IN which/WDT citizens/NNS were/VBD spiritually/RB and/CC morally/RB unified/VBN ,/, and/CC prepared/VBD to/TO sacrifice/VB themselves/PRP for/IN the/DT nation/NN ./. | |
| This/DT unification/NN was/VBD to/TO be/VB brought/VBN about/RP through/IN policies/NNS and/CC institutions/NNS that/WDT would/MD unite/VB workers/NNS and/CC employers/NNS with/IN government/NN in/IN a/DT fully/RB integrated/VBN and/CC ``/`` harmonic/JJ ''/'' society/NN ./. | |
| The/DT key/NN to/TO the/DT creation/NN of/IN the/DT ``/`` organic/JJ ''/'' state/NN lay/VBD in/IN the/DT formation/NN of/IN ``/`` natural/JJ ''/'' groups/NNS that/WDT would/MD undertake/VB the/DT role/NN of/IN decision-making/NN ./. | |
| By/IN contrast/NN ,/, a/DT parliamentary/JJ system/NN based/VBN on/IN abstract/JJ political/JJ rights/NNS and/CC groups/NNS was/VBD held/VBN to/TO cause/VB ,/, rather/RB than/IN resolve/VB ,/, conflict/NN ./. | |
| The/DT closeness/NN of/IN Soviet/JJ perestroika/FW to/TO the/DT fascist/JJ social/JJ blueprint/NN of/IN Mussolini/NNP was/VBD evident/JJ when/WRB Mr./NNP Gorbachev/NNP presented/VBD his/PRP$ economic/JJ vision/NN to/TO the/DT Soviet/NNP Congress/NNP ./. | |
| In/IN doing/VBG so/RB ,/, he/PRP neither/RB rejected/VBD a/DT socialist/JJ planned/JJ economy/NN nor/CC embraced/VBD the/DT free/JJ market/NN ./. | |
| Instead/RB ,/, he/PRP proposed/VBD a/DT ``/`` law-governed/JJ economy/NN ,/, ''/'' in/IN which/WDT there/EX would/MD be/VB a/DT ``/`` clear-cut/JJ division/NN between/IN state/NN direction/NN of/IN the/DT economy/NN and/CC economic/JJ management/NN ./. ''/'' | |
| The/DT latter/JJ would/MD be/VB undertaken/VBN by/IN ``/`` enterprises/NNS ,/, joint/JJ stock/NN companies/NNS and/CC cooperatives/NNS ./. ''/'' | |
| These/DT would/MD not/RB function/VB independently/RB ,/, but/CC would/MD act/VB together/RB to/TO form/VB ``/`` combines/NNS ,/, unions/NNS and/CC associations/NNS ''/'' to/TO tackle/VB problems/NNS and/CC coordinate/VB their/PRP$ activities/NNS ./. | |
| Mr./NNP Gorbachev/NNP is/VBZ in/IN a/DT much/RB stronger/JJR position/NN to/TO pursue/VB the/DT corporatist/NN ideal/NN than/IN was/VBD Mussolini/NNP ,/, who/WP was/VBD never/RB able/JJ to/TO influence/VB business/NN giants/NNS such/JJ as/IN Pirelli/NNP and/CC Fiat/NNP ./. | |
| The/DT Soviet/NNP Communist/NNP Party/NNP has/VBZ the/DT power/NN to/TO shape/VB corporate/JJ development/NN and/CC mold/NN it/PRP into/IN a/DT body/NN dependent/JJ upon/IN it/PRP ./. | |
| To/TO ensure/VB the/DT loyalty/NN of/IN the/DT business/NN sector/NN ,/, Mr./NNP Gorbachev/NNP may/MD offer/VB concessions/NNS and/CC powers/NNS that/WDT will/MD allow/VB the/DT business/NN community/NN to/TO preserve/VB its/PRP$ own/JJ interests/NNS ,/, probably/RB by/IN restricting/VBG competition/NN ./. | |
| However/RB ,/, Mr./NNP Gorbachev/NNP must/MD ensure/VB that/IN within/IN this/DT ``/`` alliance/NN ''/'' the/DT business/NN sector/NN remains/VBZ subordinate/JJ to/TO the/DT party/NN ./. | |
| At/IN the/DT same/JJ time/NN ,/, he/PRP must/MD give/VB it/PRP sufficient/JJ freedom/NN to/TO provide/VB the/DT economic/JJ benefits/NNS so/RB desperately/RB needed/VBN ./. | |
| It/PRP is/VBZ the/DT promise/NN of/IN economic/JJ returns/NNS that/WDT is/VBZ supposed/VBN to/TO make/VB the/DT corporatist/NN model/NN attractive/JJ to/TO both/DT the/DT party/NN and/CC labor/NN ./. | |
| The/DT work/NN force/NN provides/VBZ the/DT third/JJ arm/NN of/IN the/DT ``/`` alliance/NN ./. ''/'' | |
| Within/IN the/DT alliance/NN it/PRP is/VBZ supposed/VBN to/TO act/VB as/IN a/DT balancing/VBG force/NN ,/, guarding/VBG against/IN excessive/JJ control/NN by/IN government/NN or/CC abuse/NN of/IN its/PRP$ economic/JJ position/NN by/IN business/NN ,/, for/IN either/DT could/MD result/VB in/IN a/DT deterioration/NN of/IN its/PRP$ living/NN standards/NNS (/-LRB- under/IN the/DT new/JJ resolutions/NNS ,/, workers/NNS councils/NNS may/MD demand/VB that/IN a/DT cooperative/NN be/VB closed/VBN or/CC its/PRP$ prices/NNS be/VB reduced/VBN )/-RRB- ./. | |
| By/IN providing/VBG workers/NNS with/IN the/DT opportunity/NN to/TO move/VB into/IN the/DT private/JJ sector/NN where/WRB wages/NNS tend/VB to/TO be/VB higher/JJR ,/, and/CC by/IN holding/VBG out/RP the/DT promise/NN of/IN more/JJR consumer/NN goods/NNS ,/, Mr./NNP Gorbachev/NNP hopes/VBZ to/TO revive/VB the/DT popularity/NN of/IN the/DT party/NN ./. | |
| At/IN the/DT same/JJ time/NN ,/, the/DT strategy/NN requires/VBZ that/IN he/PRP deal/VB effectively/RB with/IN those/DT who/WP seek/VBP genuine/JJ Western-style/JJ political/JJ pluralism/NN ./. | |
| The/DT most/RBS important/JJ development/NN in/IN Mr./NNP Gorbachev/NNP 's/POS policy/NN for/IN marginalizing/VBG the/DT opposition/NN movement/NN is/VBZ the/DT claim/NN that/IN the/DT U.S.S.R./NNP also/RB suffers/VBZ from/IN terrorism/NN ./. | |
| An/DT increasing/VBG number/NN of/IN references/NNS by/IN the/DT Soviet/JJ press/NN to/TO opposition/NN groups/NNS now/RB active/JJ in/IN the/DT U.S.S.R./NNP ,/, particularly/RB the/DT Democratic/NNP Union/NNP ,/, allege/VBP that/IN they/PRP show/VBP ``/`` terroristic/JJ tendencies/NNS ''/'' and/CC claim/VBP that/IN they/PRP would/MD be/VB prepared/VBN to/TO kill/VB in/IN order/NN to/TO achieve/VB their/PRP$ aims/NNS ./. | |
| It/PRP is/VBZ possible/JJ that/IN ,/, in/IN perpetuating/VBG such/JJ myths/NNS ,/, the/DT ground/NN is/VBZ being/VBG laid/VBN for/IN the/DT arrest/NN of/IN opposition/NN activists/NNS on/IN the/DT ground/NN of/IN terrorism/NN ./. | |
| Mr./NNP Gorbachev/NNP would/MD appear/VB to/TO see/VB his/PRP$ central/JJ task/NN ,/, however/RB ,/, as/IN that/DT of/IN ensuring/VBG that/IN foundations/NNS of/IN an/DT alliance/NN among/IN labor/NN ,/, capital/NN and/CC the/DT state/NN are/VBP properly/RB laid/VBN before/RB the/DT demands/NNS for/IN a/DT multiparty/NN system/NN reach/VBP a/DT crescendo/NN ./. | |
| If/IN he/PRP were/VBD able/JJ to/TO construct/VB a/DT popular/JJ and/CC efficient/JJ corporatist/NN system/NN ,/, he/PRP or/CC his/PRP$ heir/NN would/MD be/VB wellplaced/JJ to/TO rein/VB in/RP political/JJ opposition/NN ,/, and/CC to/TO re-establish/VB control/NN in/IN Eastern/NNP Europe/NNP ./. | |
| The/DT weaknesses/NNS in/IN his/PRP$ plan/NN do/VBP not/RB lie/VB in/IN the/DT political/JJ calculations/NNS --/: Mr./NNP Gorbachev/NNP is/VBZ a/DT consummate/JJ political/JJ leader/NN ,/, perhaps/RB one/CD of/IN the/DT greatest/JJS --/: but/CC in/IN its/PRP$ economic/JJ prescription/NN ./. | |
| Contrary/JJ to/TO widespread/JJ belief/NN ,/, Mussolini/NNP failed/VBD to/TO live/VB up/RP to/TO his/PRP$ promise/NN to/TO make/VB the/DT trains/NNS run/VB on/IN time/NN ;/: it/PRP is/VBZ doubtful/JJ whether/IN Soviet-style/JJ corporatism/NN will/MD make/VB Soviet/JJ trains/NNS run/VB on/IN time/NN ,/, or/CC fill/VB the/DT shops/NNS with/IN goods/NNS that/IN the/DT consumers/NNS so/RB desperately/RB crave/VBP ./. | |
| Miss/NNP Brady/NNP is/VBZ deputy/JJ director/NN of/IN the/DT Russian/NNP Research/NNP Foundation/NNP in/IN London/NNP ./. | |
| New/JJ construction/NN contracting/NN climbed/VBD 8/CD %/NN in/IN September/NNP to/TO an/DT annualized/VBN $/$ 274.2/CD billion/CD ,/, with/IN commercial/JJ ,/, industrial/JJ and/CC public-works/NNS contracts/NNS providing/VBG most/JJS of/IN the/DT increase/NN ,/, according/VBG to/TO F.W./NNP Dodge/NNP Group/NNP ./. | |
| Through/IN the/DT first/JJ nine/CD months/NNS of/IN the/DT year/NN ,/, the/DT unadjusted/JJ total/NN of/IN all/DT new/JJ construction/NN was/VBD $/$ 199.6/CD billion/CD ,/, flat/JJ compared/VBN with/IN a/DT year/NN earlier/RBR ./. | |
| The/DT South/NNP was/VBD off/RB 2/CD %/NN after/IN the/DT first/JJ nine/CD months/NNS ,/, while/IN the/DT North/NNP Central/NNP region/NN was/VBD up/RB 3/CD %/NN ./. | |
| The/DT Northeast/NNP and/CC West/NNP regions/NNS were/VBD unchanged/JJ ./. | |
| A/DT small/JJ decline/NN in/IN total/JJ construction/NN for/IN the/DT entire/JJ year/NN is/VBZ possible/JJ if/IN contracting/NN for/IN housing/NN does/VBZ n't/RB increase/VB in/IN response/NN to/TO this/DT year/NN 's/POS lower/JJR mortgage/NN rates/NNS ,/, said/VBD George/NNP A./NNP Christie/NNP ,/, vice/NN president/NN and/CC chief/JJ economist/NN of/IN Dodge/NNP ,/, the/DT forecasting/NN division/NN of/IN publisher/NN McGraw-Hill/NNP Inc/NNP ./. | |
| The/DT seasonally/RB adjusted/VBN Dodge/NNP Index/NNP reached/VBD 175/CD in/IN September/NNP ,/, its/PRP$ highest/JJS level/NN this/DT year/NN ,/, from/IN 162/CD in/IN August/NNP ./. | |
| The/DT index/NN uses/VBZ a/DT base/NN of/IN 100/CD in/IN 1982/CD ./. | |
| Newly/RB contracted/VBN residential/JJ work/NN edged/VBD up/RB 2/CD %/NN in/IN September/NNP to/TO an/DT annualized/VBN $/$ 121.2/CD billion/CD ,/, largely/RB because/IN multifamily/JJ building/VBG rebounded/VBD from/IN a/DT very/RB weak/JJ August/NNP ./. | |
| ``/`` At/IN the/DT end/NN of/IN the/DT third/JJ quarter/NN ,/, there/EX was/VBD still/RB no/DT evidence/NN of/IN renewed/VBN home/NN building/VBG in/IN response/NN to/TO the/DT midyear/NN decline/NN of/IN mortgage/NN rates/NNS ,/, ''/'' Mr./NNP Christie/NNP said/VBD ./. | |
| Housing/NN has/VBZ been/VBN weak/JJ all/DT year/NN and/CC especially/RB so/RB in/IN the/DT past/JJ five/CD months/NNS ./. | |
| Contracting/VBG for/IN non-residential/JJ buildings/NNS rose/VBD 10/CD %/NN in/IN September/NNP to/TO an/DT annualized/VBN $/$ 100.8/CD billion/CD ./. | |
| Commercial/JJ and/CC industrial/JJ construction/NN rose/VBD sharply/RB ,/, partly/RB because/IN of/IN three/CD large/JJ projects/NNS ,/, each/DT expected/VBN to/TO cost/VB more/JJR than/IN $/$ 100/CD million/CD ./. | |
| Institutional/JJ building/VBG ,/, such/JJ as/IN hospitals/NNS and/CC schools/NNS ,/, eased/VBD in/IN September/NNP following/VBG a/DT surge/NN in/IN August/NNP ./. | |
| Although/IN the/DT third/JJ quarter/NN was/VBD the/DT best/JJS so/RB far/RB this/DT year/NN for/IN non-residential/JJ building/VBG ,/, weakness/NN early/RB in/IN the/DT year/NN held/VBD the/DT nine-month/JJ total/NN to/TO $/$ 69.6/CD billion/CD ,/, up/RB just/RB 1/CD %/NN from/IN a/DT year/NN earlier/RBR ./. | |
| Public-works/NNS and/CC utility/NN projects/NNS ,/, also/RB known/VBN as/IN non-building/JJ contracting/NN ,/, grew/VBD 18/CD %/NN to/TO $/$ 52.2/CD billion/CD in/IN September/NNP ,/, but/CC the/DT nine-month/JJ total/NN of/IN $/$ 36.9/CD billion/CD was/VBD down/RB 3/CD %/NN from/IN a/DT year/NN earlier/RBR ./. | |
| The/DT Sept./NNP 30/CD end/NN of/IN the/DT federal/JJ fiscal/JJ year/NN may/MD have/VB prodded/VBN contractors/NNS to/TO get/VB any/DT behind-schedule/JJ road/NN and/CC bridge/NN construction/NN under/IN way/NN ``/`` before/IN the/DT clock/NN ran/VBD out/RP ,/, ''/'' Mr./NNP Christie/NNP said/VBD ,/, referring/VBG to/TO threatened/VBN 5/CD %/NN across-the-board/JJ budget/NN cuts/NNS ./. | |
| a/SYM -/: Monthly/JJ construction/NN contract/NN values/NNS are/VBP reported/VBN on/IN an/DT annualized/VBN ,/, seasonally/RB adjusted/VBN basis/NN ./. | |
| Moody/NNP 's/POS Investors/NNP Service/NNP Inc./NNP said/VBD it/PRP lowered/VBD ratings/NNS on/IN long-term/JJ debt/NN of/IN CS/NNP |
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