2013 lines
409 KiB
Plaintext
2013 lines
409 KiB
Plaintext
Rockwell International Corp. 's Tulsa unit said it signed a tentative agreement extending its contract with Boeing Co. to provide structural parts for Boeing 's 747 jetliners . NNP NNP NNP POS NNP NN VBD PRP VBD DT JJ NN VBG PRP$ NN IN NNP NNP TO VB JJ NNS IN NNP POS CD NNS .
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Rockwell said the agreement calls for it to supply 200 additional so-called shipsets for the planes . NNP VBD DT NN VBZ IN PRP TO VB CD JJ JJ NNS IN DT NNS .
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These include , among other parts , each jetliner 's two major bulkheads , a pressure floor , torque box , fixed leading edges for the wings and an aft keel beam . DT VBP , IN JJ NNS , DT NN POS CD JJ NNS , DT NN NN , NN NN , VBN VBG NNS IN DT NNS CC DT JJ NN NN .
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Under the existing contract , Rockwell said , it has already delivered 793 of the shipsets to Boeing . IN DT VBG NN , NNP VBD , PRP VBZ RB VBN CD IN DT NNS TO NNP .
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Rockwell , based in El Segundo , Calif. , is an aerospace , electronics , automotive and graphics concern . NNP , VBN IN NNP NNP , NNP , VBZ DT NN , NNS , JJ CC NNS VBP .
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Frank Carlucci III was named to this telecommunications company 's board , filling the vacancy created by the death of William Sobey last May . NNP NNP NNP VBD VBN TO DT NNS NN POS NN , VBG DT NN VBN IN DT NN IN NNP NNP JJ NNP .
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Mr. Carlucci , 59 years old , served as defense secretary in the Reagan administration . NNP NNP , CD NNS JJ , VBN IN NN NN IN DT NNP NN .
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In January , he accepted the position of vice chairman of Carlyle Group , a merchant banking concern . IN NNP , PRP VBD DT NN IN NN NN IN NNP NNP , DT NN NN NN .
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SHEARSON LEHMAN HUTTON Inc . NNP NNP NNP NNP .
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Thomas E. Meador , 42 years old , was named president and chief operating officer of Balcor Co. , a Skokie , Ill. , subsidiary of this New York investment banking firm . NNP NNP NNP , CD NNS JJ , VBD VBN NN CC JJ VBG NN IN NNP NNP , DT NNP , NNP , NN IN DT NNP NNP NN NN NN .
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Balcor , which has interests in real estate , said the position is newly created . NNP , WDT VBZ NNS IN JJ NN , VBD DT NN VBZ RB VBN .
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Mr. Meador had been executive vice president of Balcor . NNP NNP VBD VBN JJ NN NN IN NNP .
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In addition to his previous real-estate investment and asset-management duties , Mr. Meador takes responsibility for development and property management . IN NN TO PRP$ JJ NN NN CC NN NNS , NNP NNP VBZ NN IN NN CC NN NN .
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Those duties had been held by Van Pell , 44 , who resigned as an executive vice president . DT NNS VBD VBN VBN IN NNP NNP , CD , WP VBD IN DT JJ NN NN .
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Shearson is about 60%-held by American Express Co . NNP VBZ IN JJ IN NNP NNP NNP .
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Great American Bank , citing depressed Arizona real estate prices , posted a third-quarter loss of $ 59.4 million , or $ 2.48 a share . NNP NNP NNP , VBG JJ NNP JJ NN NNS , VBD DT JJ NN IN $ CD CD , CC $ CD DT NN .
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A year earlier , the savings bank had earnings of $ 8.1 million , or 33 cents a share . DT NN RBR , DT NNS VBP VBD NNS IN $ CD CD , CC CD NNS DT NN .
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For the nine months , it had a loss of $ 58.3 million , or $ 2.44 a share , after earnings of $ 29.5 million , or $ 1.20 a share , in the 1988 period . IN DT CD NNS , PRP VBD DT NN IN $ CD CD , CC $ CD DT NN , IN NNS IN $ CD CD , CC $ CD DT NN , IN DT CD NN .
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Great American said it increased its loan-loss reserves by $ 93 million after reviewing its loan portfolio , raising its total loan and real estate reserves to $ 217 million . NNP NNP VBD PRP VBD PRP$ NN NNS IN $ CD CD IN VBG PRP$ NN NN , VBG PRP$ JJ NN CC JJ NN NNS TO $ CD CD .
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Before the loan-loss addition , it said , it had operating profit of $ 10 million for the quarter . IN DT NN NN , PRP VBD , PRP VBD VBG NN IN $ CD CD IN DT NN .
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The move followed a round of similar increases by other lenders against Arizona real estate loans , reflecting a continuing decline in that market . DT NN VBD DT NN IN JJ NNS IN JJ NNS IN NNP JJ NN NNS , VBG DT VBG NN IN DT NN .
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In addition to the increased reserve , the savings bank took a special charge of $ 5 million representing general and administrative expenses from staff reductions and other matters , and it posted a $ 7.6 million reduction in expected mortgage servicing fees , reflecting the fact that more borrowers are prepaying their mortgages . IN NN TO DT VBN NN , DT NNS VBP VBD DT JJ NN IN $ NN CD VBG JJ CC JJ NNS IN NN NNS CC JJ NNS , CC PRP VBD DT $ CD CD NN IN VBN NN NN NNS , VBG DT NN IN JJR NNS VBP VBG PRP$ NNS .
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Arbitragers were n't the only big losers in the collapse of UAL Corp. stock . NNS VBD RB DT RB JJ NNS IN DT NN IN NNP NNP NN .
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Look at what happened to UAL 's chairman , Stephen M. Wolf , and its chief financial officer , John C. Pope . VB IN WP VBD TO NNP POS NN , NNP NNP NNP , CC PRP$ JJ JJ NN , NNP NNP NNP .
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On a day some United Airlines employees wanted Mr. Wolf fired and takeover stock speculators wanted his scalp , Messrs. Wolf and Pope saw their prospective personal fortunes continue to plummet as shares of UAL , United 's parent company , dived $ 24.875 on the Big Board to close at $ 198 . IN DT NN DT NNP NNPS NNS VBD NNP NNP VBD CC NN NN NNS VBD PRP$ NN , NNP NNP CC NNP VBD PRP$ JJ JJ NNS VBP TO VB IN NNS IN NNP , NNP POS NN NN , VBD $ CD IN DT NNP NNP TO VB IN $ CD .
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Including Monday 's plunge , that has given the two executives paper losses of $ 49.5 million , based on what they would have realized had the pilots and management-led buy-out of UAL gone through at $ 300 a share . VBG NNP POS NN , WDT VBZ VBN DT CD NNS NN NNS IN $ CD CD , VBN IN WP PRP MD VB VBN VBN DT NNS CC JJ NN IN NNP VBN IN IN $ CD DT NN .
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When bank financing for the buy-out collapsed last week , so did UAL 's stock . WRB NN NN IN DT NN VBD JJ NN , RB VBD NNP POS NN .
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Even if the banks resurrect a financing package at $ 250 a share , the two executives would still get about $ 25 million less than they stood to gain in the initial transaction . RB IN DT NNS VBP DT NN NN IN $ CD DT NN , DT CD NNS MD RB VB RB $ CD CD JJR IN PRP VBD TO VB IN DT JJ NN .
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Mr. Wolf owns 75,000 UAL shares and has options to buy another 250,000 at $ 83.3125 each . NNP NNP VBZ CD NNP NNS CC VBZ NNS TO VB DT CD IN $ CD DT .
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In the $ 300-a-share buyout , that totaled about $ 76.7 million . IN DT $ JJ NN , WDT VBD RB $ CD CD .
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By yesterday 's close of trading , it was good for a paltry $ 43.5 million . IN NN POS NN IN NN , PRP VBD JJ IN DT JJ $ CD CD .
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Of course , Mr. Wolf , 48 years old , has some savings . IN NN , NNP NNP , CD NNS JJ , VBZ DT NNS .
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He left his last two jobs at Republic Airlines and Flying Tiger with combined stock-option gains of about $ 22 million , and UAL gave him a $ 15 million bonus when it hired him . PRP VBD PRP$ JJ CD NNS IN NNP NNPS CC NNP NNP IN VBN NN NNS IN RB $ CD CD , CC NNP VBD PRP DT $ CD CD NN WRB PRP VBD PRP .
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His 1988 salary was $ 575,000 , with a $ 575,000 bonus . PRP$ CD NN VBD $ CD , IN DT $ CD NN .
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The 40-year old Mr. Pope has n't changed jobs enough -- at least the right ones -- to stash away that kind of money . DT JJ JJ NNP NNP VBZ RB VBN NNS RB : IN JJS DT NN NNS : TO VB RB DT NN IN NN .
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United paid him a $ 375,000 bonus to lure him away from American Airlines , and he was paid a salary of $ 342,122 last year with a $ 280,000 bonus . NNP VBD PRP DT $ CD NN TO VB PRP RB IN NNP NNPS , CC PRP VBD VBN DT NN IN $ CD JJ NN IN DT $ CD NN .
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Mr. Pope owns 10,000 UAL shares and has options to buy another 150,000 at $ 69 each . NNP NNP VBZ CD NNP NNS CC VBZ NNS TO VB DT CD IN $ CD DT .
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That came to a combined $ 37.7 million under the $ 300-a-share buy-out , but just $ 21.3 million at yesterday 's close . DT VBD TO DT VBN $ CD CD IN DT $ JJ NN , CC RB $ CD CD IN NN POS NN .
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Of the combined $ 114.4 million the two men were scheduled to reap under the buy-out , they agreed to invest in the buy-out just $ 15 million , angering many of the thousands of workers asked to make pay concessions so the buy-out would be a success . IN DT VBN $ CD CD DT CD NNS VBD VBN TO VB IN DT NN , PRP VBD TO VB IN DT NN RB $ CD CD , VBG NN IN DT NNS IN NNS VBD TO VB NN NNS RB DT NN MD VB DT NN .
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United 's directors voted themselves , and their spouses , lifetime access to the Friendly Skies -- free first-class travel , and $ 20,000 a year for life as well . NNP POS NNS VBD PRP , CC PRP$ NNS , NN NN TO DT NNP NNPS : JJ JJ NN , CC $ CD DT NN IN NN IN RB .
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Conceivably , in a scaled-back buy-out , they could be bumped back to coach seats for life . RB , IN DT JJ NN , PRP MD VB VBN RB TO NN NNS IN NN .
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Thomas H. Johnson , president of the Coatedboard division of Mead Corp. , was named president of Manville Forest Products Corp. , a Manville unit , and senior vice president of Manville Corp . NNP NNP NNP , NN IN DT NNP NN IN NNP NNP , VBD VBN NN IN NNP NNP NNP NNP , DT NNP NN , CC JJ NN NN IN NNP NNP .
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Mr. Johnson succeeds Harry W. Sherman , who resigned to pursue other interests , in both positions . NNP NNP VBZ NNP NNP NNP , WP VBD TO VB JJ NNS , IN DT NNS .
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Manville is a building and forest products concern . NNP VBZ DT NN CC NN NNS VBP .
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US Facilities Corp. said Robert J. Percival agreed to step down as vice chairman of the insurance holding company . PRP NNP NNP VBD NNP NNP NNP VBD TO VB RB IN NN NN IN DT NN VBG NN .
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`` There was a difference of opinion as to the future direction of the company , '' a spokeswoman said . `` EX VBD DT NN IN NN IN TO DT NN NN IN DT NN , '' DT NN VBD .
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Mr. Percival declined to comment . NNP NNP VBD TO VB .
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In a statement , US Facilities said Mr. Percival 's employment contract calls for him to act as a consultant to the company for two years . IN DT NN , PRP NNPS VBD NNP NNP POS NN NN VBZ IN PRP TO VB IN DT NN TO DT NN IN CD NNS .
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He will also remain a director , US Facilities said , but wo n't serve on any board committees . PRP MD RB VB DT NN , PRP NNPS VBD , CC MD RB VB IN DT NN NNS .
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Mr. Percival will be succeeded on an interim basis by George Kadonada , US Facilities chairman and president . NNP NNP MD VB VBN IN DT JJ NN IN NNP NNP , PRP NNPS NN CC NN .
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In the same statement , US Facilities also said it had bought back 112,000 of its common shares in a private transaction . IN DT JJ NN , PRP NNPS RB VBD PRP VBD VBN RB CD IN PRP$ JJ NNS IN DT JJ NN .
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Terms were n't disclosed . NNS VBD RB VBN .
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The buy-back represents about 3 % of the company 's shares , based on the 3.7 million shares outstanding as of Sept. 30 . DT NN VBZ IN CD NN IN DT NN POS NNS , VBN IN DT CD CD NNS JJ IN IN NNP CD .
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In national over-the-counter trading yesterday , US Facilities closed at $ 3.625 , unchanged . IN JJ JJ NN NN , PRP NNPS VBD IN $ CD , JJ .
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Three leading drug companies reported robust third-quarter earnings , bolstered by strong sales of newer , big-selling prescriptions drugs that provide hefty profit margins . CD VBG NN NNS VBD JJ JJ NNS , VBN IN JJ NNS IN JJR , JJ NNS NNS WDT VBP JJ NN NNS .
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Merck & Co. reported a 25 % increase in earnings ; Warner-Lambert Co. 's profit rose 22 % and Eli Lilly & Co. 's net income rose 24 % . NNP CC NNP VBD DT CD NN NN IN NNS : NNP NNP POS NN VBD CD NN CC NNP NNP CC NNP POS JJ NN VBD CD NN .
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The results were in line with analysts ' expectations . DT NNS VBD IN NN IN NNS POS NNS .
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Merck & Co . NNP CC NNP .
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Merck , Rahway , N.J. , continued to lead the industry with a strong sales performance in the human and animal health-products segment . NNP , NNP , NNP , VBD TO VB DT NN IN DT JJ NNS NN IN DT NN CC NN NNS VBP .
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A stronger U.S. dollar reduced third-quarter and first-nine-month sales growth 2 % and 3 % , respectively . DT JJR NNP NN VBD JJ CC JJ NNS NN CD NN CC CD NN , RB .
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International sales accounted for 47 % of total company sales for the nine months , compared with 50 % a year earlier . JJ NNS VBD IN CD NN IN JJ NN NNS IN DT CD NNS , VBN IN CD NN DT NN RBR .
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Sales for the quarter rose to $ 1.63 billion from $ 1.47 billion . NNS IN DT NN VBD TO $ CD CD IN $ CD CD .
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Mevacor , Merck 's new cholesterol-lowering drug , had higher sales than any other prescription medicine has ever achieved in the U.S. in the year following introduction , the company said . NNP , NNP POS JJ JJ NN , VBD JJR NNS IN DT JJ NN NN VBZ RB VBN IN DT NNP IN DT NN VBG NN , DT NN VBD .
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The drug was introduced in West Germany this year . DT NN VBD VBN IN NNP NNP DT NN .
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Intense competition , however , led to unit sales declines for a group of Merck 's established human and animal-health products , including Aldomet and Indocin . JJ NN , RB , VBN TO NN NNS NNS IN DT NN IN NNP POS VBN NN CC NN NNS , VBG NNP CC NNP .
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In New York Stock Exchange composite trading yesterday , Merck shares closed at $ 75.25 , up 50 cents . IN NNP NNP NNP NNP JJ NN NN , NNP NNS VBD IN $ CD , IN CD NNS .
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Warner-Lambert Co . NNP NNP .
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Warner-Lambert , Morris Plains , N.J. , reported sales that were a record for any quarter and the eighth quarter in a row of 20 % or more per-share earnings growth . NNP , NNP NNP , NNP , VBD NNS WDT VBD DT NN IN DT NN CC DT JJ NN IN DT NN IN CD NN CC RBR JJ NNS NN .
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Spurred by growth in world-wide sales of the company 's prescription drugs , Warner-Lambert said 1989 will be the best year in its history , with per-share earnings expected to increase more than 20 % to about $ 6.10 . VBN IN NN IN JJ NNS IN DT NN POS NN NNS , NNP VBD CD MD VB DT JJS NN IN PRP$ NN , IN JJ NNS VBN TO VB JJR IN CD NN TO RB $ CD .
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Sales for the quarter rose to $ 1.11 billion from $ 1.03 billion . NNS IN DT NN VBD TO $ CD CD IN $ CD CD .
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Prescription-drug world-wide sales rose 9 % in the quarter to $ 340 million ; U.S. sales rose 15 % . NN JJ NNS VBD CD NN IN DT NN TO $ CD CD : NNP NNS VBD CD NN .
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The segment 's growth was led by sales of the cardiovascular drugs Lopid , a lipid regulator , and Dilzem , a calcium channel blocker . DT NN POS NN VBD VBN IN NNS IN DT JJ NNS NNP , DT NN NN , CC NNP , DT NN NN NN .
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World-wide sales of Warner-Lambert 's non-prescription health-care products , such as Halls cough tablets , Rolaids antacid , and Lubriderm skin lotion , increased 3 % to $ 362 million in the third quarter ; U.S. sales rose 5 % . JJ NNS IN NNP POS JJ NN NNS , JJ IN NNP NN NNS , NNP NN , CC NNP NN NN , VBN CD NN TO $ CD CD IN DT JJ NN : NNP NNS VBD NN NN .
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Confectionery products sales also had strong growth in the quarter . JJ NNS NNS RB VBD JJ NN IN DT NN .
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World-wide sales of Trident gum , Certs breath mints , and Clorets gum and breath mints , increased 12 % to $ 277 million . JJ NNS IN NNP NN , NNP NN NNS , CC NNP NN CC NN NNS , VBN CD NN TO $ CD CD .
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Warner-Lambert shares closed at $ 109.50 a share , up $ 1.50 , in Big Board composite trading yesterday . NNP NNS VBD IN $ CD DT NN , IN $ CD , IN NNP NNP JJ NN NN .
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Eli Lilly & Co . NNP NNP CC NNP .
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Lilly attributed record third-quarter and nine-month results to world-wide gains for pharmaceuticals , medical instruments and plant-science products despite poor exchange rates for the dollar that slowed sales abroad . NNP VBD NN JJ CC JJ NNS TO JJ NNS IN NNS , JJ NNS CC NN NNS IN JJ NN NNS IN DT NN WDT VBD NNS RB .
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Earnings continued to pace sales because of a lower tax rate , profit from the renegotiation of the debt instrument received from Faberge Inc. in connection with Lilly 's sale of Elizabeth Arden Inc. in 1987 , and net proceeds from the settlement of patent litigation at Lilly 's Hybritech Inc. unit . NNS VBD TO VB NNS IN IN DT JJR NN NN , NN IN DT NN IN DT NN NN VBD IN NNP NNP IN NN IN NNP POS NN IN NNP NNP NNP IN CD , CC JJ NNS IN DT NN IN NN NN IN NNP POS NNP NNP NN .
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Third-quarter sales of the Indianapolis , Ind. , company rose 11 % to $ 1.045 billion from $ 940.6 million . JJ NNS IN DT NNP , NNP , NN VBD CD NN TO $ CD CD IN $ CD CD .
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Nine-month sales grew 12 % to $ 3.39 billion from $ 3.03 billion a year earlier . JJ NNS VBD CD NN TO $ CD CD IN $ CD CD DT NN RBR .
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Sales of Prozac , an anti-depressant , led drug-sales increases . NNS IN NNP , DT NN , VBN NNS NNS .
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Higher sales of pesticides and other plant-science products more than offset a slight decline in the sales of animal-health products to fuel the increase in world-wide agricultural product sales , Lilly said . JJR NNS IN NNS CC JJ NN NNS JJR IN VB DT JJ NN IN DT NNS IN NN NNS TO VB DT NN IN JJ JJ NN NNS , NNP VBD .
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Advanced Cardiovascular Systems Inc. and Cardiac Pacemakers Inc. units led growth in the medical-instrument systems division . NNP NNP NNP NNP CC NNP NNPS NNP NNS VBD NN IN DT JJ NNS NN .
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Lilly shares closed yesterday in composite trading on the Big Board at $ 62.25 , down 12.5 cents . NNP NNS VBD NN IN JJ NN IN DT NNP NNP IN $ CD , RB CD NNS .
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Reuben Mark , chairman of Colgate-Palmolive Co. , said he is `` comfortable '' with analysts ' estimates that third-quarter earnings rose to between 95 cents and $ 1.05 a share . NNP NNP , NN IN NNP NNP , VBD PRP VBZ `` JJ '' IN NNS POS NNS IN JJ NNS VBD TO IN CD NNS CC $ CD DT NN .
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That compares with per-share earnings from continuing operations of 69 cents the year earlier ; including discontinued operations , per-share was 88 cents a year ago . DT VBZ IN JJ NNS IN VBG NNS IN CD NNS DT NN RBR : VBG VBN NNS , NN VBD CD NNS DT NN RB .
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The per-share estimates mean the consumer-products company 's net income , increased to between $ 69.5 million and $ 76 million , from $ 47.1 million the year-before period . DT JJ NNS VBP DT NNS NN POS JJ NN , VBN TO IN $ CD CD CC $ CD CD , IN $ CD CD DT JJ NN .
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Analysts estimate Colgate 's world-wide third-quarter sales rose about 8 % to $ 1.29 billion . NNS VBP NNP POS JJ JJ NNS VBD IN CD NN TO $ CD CD .
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Mr. Mark attributed the earnings growth to strong sales in Latin America , Asia and Europe . NNP NNP VBD DT NNS NN TO JJ NNS IN NNP NNP , NNP CC NNP .
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Results were also bolstered by `` a very meaningful '' increase in operating profit by Colgate 's U.S. business , Mr. Mark said . NNS VBD RB VBN IN `` DT RB JJ '' NN IN VBG NN IN NNP POS NNP NN , NNP NNP VBD .
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Operating profit at Colgate 's U.S. household products and personal-care businesses jumped 25 % in the quarter , Mr. Mark added . NN NN IN NNP POS NNP NN NNS CC JJ NNS VBD CD NN IN DT NN , NNP NNP VBD .
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He said the improvement was a result of cost savings achieved by consolidating manufacturing operations , blending two sales organizations and focusing more carefully the company 's promotional activities . PRP VBD DT NN VBD DT NN IN NN NNS VBN IN VBG NN NNS , VBG CD NNS NNS CC VBG RBR RB DT NN POS JJ NNS .
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The estimated improvement in Colgate 's U.S. operations took some analysts by surprise . DT VBN NN IN NNP POS NNP NNS VBD DT NNS IN NN .
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Colgate 's household products business , which includes such brands as Fab laundry detergent and Ajax cleanser , has been a weak performer . NNP POS NN NNS NN , WDT VBZ JJ NNS IN NNP NN NN CC NNP NN , VBZ VBN DT JJ NN .
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Analysts estimate Colgate 's sales of household products in the U.S. were flat for the quarter , and they estimated operating margins at only 1 % to 3 % . NNS VBP NNP POS NNS IN NN NNS IN DT NNP VBD JJ IN DT NN , CC PRP VBD VBG NNS IN RB CD NN TO CD NN .
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`` If you could say their business in the U.S. was mediocre , but great everywhere else , that would be fine , '' says Bonita Austin , an analyst with Wertheim Schroder & Co . `` IN PRP MD VB PRP$ NN IN DT NNP VBD JJ , CC JJ RB RB , WDT MD VB JJ , '' VBZ NNP NNP , DT NN IN NNP NNP CC NNP .
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`` But it 's not mediocre , it 's a real problem . '' `` CC PRP VBZ RB JJ , PRP VBZ DT JJ NN . ''
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Mr. Mark conceded that Colgate 's domestic business , apart from its highly profitable Hill 's Pet Products unit , has lagged . NNP NNP VBD IN NNP POS JJ NN , RB IN PRP$ RB JJ NNP POS NNP NNPS NN , VBZ VBN .
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`` We 've done a lot to improve -LCB- U.S. . -RCB- results , and a lot more will be done , '' Mr. Mark said . `` PRP VBP VBN DT NN TO VB ( NNP . ) NNS , CC DT NN JJR MD VB VBN , '' NNP NNP VBD .
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`` Improving profitability of U.S. operations is an extremely high priority in the company . '' `` VBG NN IN NNP NNS VBZ DT RB JJ NN IN DT NN . ''
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To focus on its global consumer-products business , Colgate sold its Kendall health-care business in 1988 . TO VB IN PRP$ JJ NNS NN , NNP VBD PRP$ NNP NN NN IN CD .
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H. Anthony Ittleson was elected a director of this company , which primarily has interests in radio and television stations , increasing the number of seats to five . NNP NNP NNP VBD VBN DT NN IN DT NN , WDT RB VBZ NNS IN NN CC NN NNS , VBG DT NN IN NNS TO CD .
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Osborn also operates Muzak franchises , entertainment properties and small cable-television systems . NNP RB VBZ NNP NNS , NN NNS CC JJ NN NNS .
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Mr. Ittleson is executive , special projects , at CIT Group Holdings Inc. , which is controlled by Manufacturers Hanover Corp . NNP NNP VBZ NN , JJ NNS , IN NNP NNP NNP NNP , WDT VBZ VBN IN NNP NNP NNP .
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The Boston Globe says its newly redesigned pages have a `` crisper '' look with revamped fixtures aimed at making the paper `` more consistent '' and `` easier to read . '' DT NNP NNP VBZ PRP$ RB VBN NNS VBP DT `` NN '' VB IN VBN NNS VBN IN VBG DT NN `` RBR JJ '' CC `` JJR TO VB . ''
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Maybe so -- if you can find where your favorite writer went . RB RB : IN PRP MD VB WRB PRP$ JJ NN VBD .
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Beantown scribes , who spare no invective when taking on local luminaries such as Michael `` Pee Wee '' Dukakis , or New England Patriots Coach Raymond `` Rev. Ray '' Berry , yesterday poured ridicule on new drawings of Globe columnists that replaced old photos in the revamped pages this week . NNP NNS , WP VB DT NN WRB VBG IN JJ NNS JJ IN NNP `` NNP NNP '' NNP , CC NNP NNP NNPS NNP NNP `` NNP NNP '' NNP , NN VBD NN IN JJ NNS IN NNP NNS WDT VBD JJ NNS IN DT VBN NNS DT NN .
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By late last night , Globe Managing Editor Thomas Mulvoy , bending to the will of his troops , scrapped the new drawings . IN JJ JJ NN , NNP NNP NNP NNP NNP , VBG TO DT MD IN PRP$ NNS , VBD DT JJ NNS .
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For a few days at least , he says , no pictures or drawings of any kind will adorn the columns . IN DT JJ NNS IN JJS , PRP VBZ , DT NNS CC NNS IN DT NN MD VB DT NNS .
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Trouble was , nobody thought they looked right . NN VBD , NN VBD PRP VBD NN .
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Globe columnist Mike Barnicle -- in the second attack on his employer in as many weeks -- averred that his shadowy countenance was so bad , it looked `` like a face you 'd find on a bottle of miracle elixir that promises to do away with diarrhea in our lifetime . '' NNP NN NNP NNP : IN DT JJ NN IN PRP$ NN IN IN JJ NNS : VBD IN PRP$ JJ NN VBD RB JJ , PRP VBD `` IN DT NN PRP MD VB IN DT NN IN NN NN WDT VBZ TO VB RB IN NN IN PRP$ NN . ''
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Mr. Barnicle reminded readers that he still has n't forgiven Globe management for questioning a $ 20 expense chit he submitted for parking his car while chasing a story . NNP NNP VBD NNS IN PRP RB VBZ RB VBN NNP NN IN VBG DT $ CD NN NN PRP VBD IN VBG PRP$ NN IN VBG DT NN .
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`` I thought -LCB- the drawing -RCB- a cross between someone you 'd spot whipping open his trench coat ... or a guy who boasted he 'd been Charles Manson 's roommate for the last 19 years , '' he said . `` PRP VBD ( DT VBG ) DT NN IN NN PRP MD VB VBG JJ PRP$ NN NN : CC DT NN WP VBD PRP MD VBN NNP NNP POS NN IN DT JJ CD NNS , '' PRP VBD .
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Mr. Barnicle was hardly kinder to the renderings of colleagues Michael Madden -LRB- `` appears to be a pervert '' -RRB- , Will McDonough -LRB- `` looks as if he drove for Abe Lincoln '' -RRB- or Bella English , whose `` little girl now screams hysterically every time she sees a newspaper . '' NNP NNP VBD RB JJR TO DT NNS IN NNS NNP NNP ( `` VBZ TO VB DT NN '' ) , MD NNP ( `` VBZ IN IN PRP VBD IN NNP NNP '' ) CC NNP NNP , WP$ `` JJ NN RB VBZ RB DT NN PRP VBZ DT NN . ''
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Lynn Staley , the Globe 's assistant managing editor for design , acknowledges that the visages were `` on the low end of the likeness spectrum . '' NNP NNP , DT NNP POS NN VBG NN IN NN , VBZ IN DT NNS VBD `` IN DT JJ NN IN DT NN NN . ''
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Rival Boston Herald columnist Howie Carr , who usually rails at Statehouse `` hacks '' and nepotism , argued that the new drawings were designed to hide Mr. Madden 's `` rapidly growing forehead '' and the facial defects of `` chinless '' Dan Shaughnessy , a Globe sports columnist . NNP NNP NNP NN NNP NNP , WP RB VBZ IN NN `` NNS '' CC NN , VBD IN DT JJ NNS VBD VBN TO VB NNP NNP POS `` RB VBG NN '' CC DT JJ NNS IN `` JJ '' NNP NNP , DT NNP NNS NN .
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`` But think of the money you , the reader , will save on Halloween , '' said Mr. Barnicle . `` CC VBP IN DT NN PRP , DT NN , MD VB IN NNP , '' VBD NNP NNP .
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`` Instead of buying masks for your kids , just cut out the columnists ' pictures ... . `` RB IN VBG NNS IN PRP$ NNS , RB VB RP IN NNS POS NNS : .
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Deeply ingrained in both the book review `` Kissing Nature Good-bye '' by Stephen MacDonald -LRB- Leisure & Arts , Sept. 27 -RRB- and the books reviewed is the assumption that global warming is entirely a result of human activity . RB JJ IN DT DT NN NN `` VBG NNP UH '' IN NNP NNP ( NNP CC NNP , NNP CD ) CC DT NNS VBN VBZ DT NN IN JJ NN VBZ RB DT NN IN JJ NN .
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Is such a view justified ? VBZ JJ DT NN VBN .
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In the absence of humans , would the Earth enjoy a constant climate over the long term ? IN DT NN IN NNS , MD DT NNP VB DT JJ NN IN DT JJ NN .
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Clearly not . RB RB .
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About 20,000 years ago the last ice age ended . IN CD NNS RB DT JJ NN NN VBD .
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Enormous ice sheets retreated from the face of North America , northern Europe and Asia . JJ NN NNS VBD IN DT NN IN NNP NNP , JJ NNP CC NNP .
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This global warming must have been entirely natural -- nobody would blame it on a few hundred thousand hunter-gatherers hunting mammoths and scratching around in caves . DT JJ NN MD VB VBN RB JJ : NN MD VB PRP IN DT JJ CD CD NNS NN NNS CC VBG IN IN NNS .
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Furthermore , no bell has yet rung to announce the end of this immense episode of natural global warming . RB , DT NN VBZ RB VBN TO VB DT NN IN DT JJ NN IN JJ JJ NN .
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It is probably continuing and may well account for most of , or all of , present-day global warming . PRP VBZ RB VBG CC MD RB VB IN RBS IN , CC DT IN , JJ JJ NN .
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I bow to no one in my regard for our terrestrial heritage , but if we are serious about global warming we must look at the big picture and not allow the Dominant Culture to lock us into the capitalist-exploiters-greedy-American-consumers-global - warming scenario as the sole model for discussion . PRP VBP TO DT CD IN PRP$ NN IN PRP$ JJ NN , CC IN PRP VBP JJ IN JJ NN PRP MD VB IN DT JJ NN CC RB VB DT NNP NNP TO VB PRP IN DT JJ : NN NN IN DT JJ NN IN NN .
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Jocelyn Tomkin Astronomy Department University of NNP NNP NNP NNP NNP IN
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The Internal Revenue Service plans to restructure itself more like a private corporation . DT NNP NNP NNP VBZ TO VB PRP JJR IN DT JJ NN .
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In addition , the tax-collecting agency says that it will take the unusual step of looking to the private sector to fill two new high-level positions to guide the 120,000-employee agency : a comptroller to oversee daily finances and a chief information officer to update the information system , which includes probably the largest computer data base in the world . IN NN , DT JJ NN VBZ IN PRP MD VB DT JJ NN IN VBG TO DT JJ NN TO VB CD JJ JJ NNS TO VB DT JJ NN : DT NN TO VB JJ NNS CC DT JJ NN NN TO VB DT NN NN , WDT VBZ RB DT JJS NN NNS VBP IN DT NN .
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The IRS also said that it would create the position of chief financial officer , who will be hired from within the agency . DT NNP RB VBD IN PRP MD VB DT NN IN JJ JJ NN , WP MD VB VBN IN IN DT NN .
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IRS Commissioner Fred T. Goldberg said the changes are intended to bring `` accountability '' to the agency , which has an annual budget of more than $ 5 billion and collects about $ 1 trillion a year . NNP NNP NNP NNP NNP VBD DT NNS VBP VBN TO VB `` NN '' TO DT NN , WDT VBZ DT JJ NN IN JJR IN $ NN CD CC VBZ RB $ CD CD DT NN .
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`` My assessment and everyone 's assessment is that we do not have the kinds of information that let us responsibly and effectively formulate and execute our budget , '' Mr. Goldberg said . `` PRP$ NN CC NN POS NN VBZ IN PRP VBP RB VB DT NNS IN NN WDT VBP PRP RB CC RB VB CC VB PRP$ NN , '' NNP NNP VBD .
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`` And we do n't have internal controls and discipline that we need to have to spend $ 5 billion properly . '' `` CC PRP VBP RB VB JJ NNS CC NN IN PRP VBP TO VB TO VB $ NN CD RB . ''
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Mr. Goldberg , who took over as head of the IRS in July , has been disturbed by what he considers the inefficiency , waste and lack of coordination among the branches of the vast federal agency . NNP NNP , WP VBD IN IN NN IN DT NNP IN NNP , VBZ VBN VBN IN WP PRP VBZ DT NN , NN CC NN IN NN IN DT NNS IN DT JJ JJ NN .
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The IRS operates on a computer system designed in 1961 , which it has been trying to modernize for years . DT NNP VBZ IN DT NN NN VBN IN CD , WDT PRP VBZ VBN VBG TO VB IN NNS .
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And the agency , which operated throughout fiscal 1989 with a $ 360 million budget shortfall , has been under a hiring freeze since last fall . CC DT NN , WDT VBD IN JJ CD IN DT $ CD CD NN NN , VBZ VBN IN DT VBG NN IN JJ NN .
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The new commissioner says that closer scrutiny of how the agency uses its resources will go a long way toward enhancing its ability to collect more tax revenue . DT JJ NN VBZ IN JJR NN IN WRB DT NN VBZ PRP$ NNS MD VB DT JJ NN IN VBG PRP$ NN TO VB JJR NN NN .
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`` I think that you will see a significant improvement in the budget formulation and execution process which , in turn , I believe will result in a significant increase in revenue , '' he said . `` PRP VBP IN PRP MD VB DT JJ NN IN DT NN NN CC NN NN WDT , IN NN , PRP VBP MD VB IN DT JJ NN IN NN , '' PRP VBD .
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The IRS hopes to fill the new positions soon . DT NNP VBZ TO VB DT JJ NNS RB .
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Customarily , it would appoint career civil servants from within the agency , but Mr. Goldberg said he plans to `` scour the world '' for the chief information officer and the comptroller . RB , PRP MD VB NN JJ NNS IN IN DT NN , CC NNP NNP VBD PRP VBZ TO `` VBP DT NN '' IN DT JJ NN NN CC DT NN .
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Although the jobs will probably pay between $ 70,000 and $ 80,000 a year , IRS officials are confident that they can attract top-notch candidates from the private sector . IN DT NNS MD RB VB IN $ CD CC $ CD DT NN , NNP NNS VBP JJ IN PRP MD VB JJ NNS IN DT JJ NN .
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`` You 're telling someone they can spend the next three or four or five or six years of their life bringing about the most difficult and costly modernization of an information system on the civil side ever , '' Mr. Goldberg said . `` PRP VBP VBG NN PRP MD VB DT JJ CD CC CD CC CD CC CD NNS IN PRP$ NN VBG IN DT RBS JJ CC JJ NN IN DT NN NN IN DT JJ NN RB , '' NNP NNP VBD .
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`` On the comptroller side , you 're developing and making work financial controls governing a $ 6 billion budget . `` IN DT NN NN , PRP VBP VBG CC VBG NN JJ NNS VBG DT $ CD CD NN .
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When Maj. Moises Giroldi , the leader of the abortive coup in Panama , was buried , his body bore several gunshot wounds , a cracked skull and broken legs and ribs . WRB NNP NNP NNP , DT NN IN DT JJ NN IN NNP , VBD VBN , PRP$ NN VBD JJ NN NNS , DT VBN NN CC VBN NNS CC NNS .
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They were the signature of his adversary , Panamanian leader Manuel Antonio Noriega . PRP VBD DT NN IN PRP$ NN , JJ NN NNP NNP NNP .
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The rebel officer 's slow and painful death , at the headquarters of Panama 's Battalion-2000 squad , was personally supervised by Gen. Noriega , says a U.S. official with access to intelligence reports . DT NN NN POS JJ CC JJ NN , IN DT NN IN NNP POS NN NN , VBD RB VBN IN NNP NNP , VBZ DT NNP NN IN NN TO NN NNS .
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Leaping into rages , sinking into bouts of drunkenness and mistrust , Mr. Noriega has put to death some 70 of his troops involved in the coup , according to U.S. officials monitoring crematoriums and funeral parlors in Panama City . VBG IN VBZ , VBG IN NNS IN NN CC NN , NNP NNP VBZ VBN TO NN DT CD IN PRP$ NNS VBN IN DT NN , VBG TO NNP NNS NN NNS CC NN NNS IN NNP NNP .
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He is now changing the place he sleeps every night , sometimes more than once a night . PRP VBZ RB VBG DT NN PRP VBZ DT NN , RB JJR IN RB DT NN .
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His meals are most often prepared by women he trusts -- his full-time mistress , Vicky Amado , and her mother , Norma . PRP$ NNS VBP RBS RB VBN IN NNS PRP VBZ : PRP$ JJ NN , NNP NNP , CC PRP$ NN , NNP .
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And he is collecting the names of those who telephoned the coup-makers to congratulate them during their brief time in control of his headquarters . CC PRP VBZ VBG DT NNS IN DT WP VBD DT NNS TO VB PRP IN PRP$ JJ NN IN NN IN PRP$ NN .
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More enemies to be dealt with . JJR NNS TO VB VBN RB .
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In the two weeks since the rebellion , which the U.S. hesitantly backed , Mr. Noriega has been at his most brutal - and efficient - in maintaining power . IN DT CD NNS IN DT NN , WDT DT NNP RB VBD , NNP NNP VBZ VBN IN PRP$ RBS JJ : CC JJ : IN VBG NN .
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Yet , while the failed coup is a major U.S. foreign policy embarrassment , it is merely the latest chapter in a byzantine relationship between Mr. Noriega and Washington that stretches back three decades . RB , IN DT VBN NN VBZ DT JJ NNP JJ NN NN , PRP VBZ RB DT JJS NN IN DT JJ NN IN NNP NNP CC NNP IN NNS RB CD NNS .
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America 's war on the dictator over the past two years , following his indictment on drug charges in February 1988 , is the legacy of that relationship . NNP POS NN IN DT NN IN DT JJ CD NNS , VBG PRP$ NN IN NN NNS IN NNP CD , VBZ DT NN IN DT NN .
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Before American foreign policy set out to destroy Noriega , it helped create him out of the crucible of Panama 's long history of conspirators and pirates . IN JJ JJ NN VBN IN TO VB NNP , PRP VBD VB PRP IN IN DT NN IN NNP POS JJ NN IN NNS CC NNS .
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For most of the past 30 years , the marriage was one of convenience . IN RBS IN DT JJ CD NNS , DT NN VBD CD IN NN .
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In 1960 , for example , when Mr. Noriega was both a cadet at an elite military academy in Peru and a spy-in-training for the U.S. Defense Intelligence Agency , he was detained by Lima authorities for allegedly raping and savagely beating a prostitute , according to a U.S. Embassy cable from that period . IN CD , IN NN , WRB NNP NNP VBD DT DT NN IN DT NN JJ NN IN NNP CC DT NN IN DT NNP NNP NNP NNP , PRP VBD VBN IN NNP NNS IN RB VBG CC RB VBG DT NN , VBG TO DT NNP NNP NN IN DT NN .
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The woman had nearly died . DT NN VBD RB VBN .
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But U.S. intelligence , rather than rein in or cut loose its new spy , merely filed the report away . CC NNP NN , RB IN NN IN CC NN JJ PRP$ JJ NN , RB VBN DT NN RB .
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Mr. Noriega 's tips on emerging leftists at his school were deemed more important to U.S. interests . NNP NNP POS NNS IN VBG NNS IN PRP$ NN VBD VBN RBR JJ TO NNP NNS .
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From that point on , the U.S. would make a practice of overlooking the Panamanian 's misadventures . IN DT NN IN , DT NNP MD VB DT NN IN VBG DT NNP POS NNS .
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The U.S. has befriended and later turned against many dictators , but none quite so resourceful . DT NNP VBZ VBN CC RB VBD IN JJ NNS , CC NN RB RB JJ .
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The 55-year-old Mr. Noriega is n't as smooth as the shah of Iran , as well-born as Nicaragua 's Anastasio Somoza , as imperial as Ferdinand Marcos of the Philippines or as bloody as Haiti 's Baby Doc Duvalier . DT NNP NNP NNP VBZ RB RB JJ IN DT NN IN NNP , RB JJ IN NNP POS NNP NNP , RB JJ IN NNP NNP IN DT NNP CC RB JJ IN NNP POS NNP NNP NNP .
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Yet he has proved more resilient than any of them . RB PRP VBZ VBN RBR JJ IN DT IN PRP .
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And out of necessity : The U.S. can make mistakes and still hope to remove him from power , but a single error on his part could cost him his life . CC IN IN NN : DT NNP MD VB NNS CC JJ NN TO VB PRP IN NN , CC DT JJ NN IN PRP$ NN MD VB PRP PRP$ NN .
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`` The U.S. underestimated Noriega all along , '' says Ambler Moss , a former Ambassador to Panama . `` DT NNP VBD NNP DT IN , '' VBZ NNP NNP , DT JJ NNP TO NNP .
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`` He has mastered the art of survival . '' `` PRP VBZ VBN DT NN IN NN . ''
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In keeping with America 's long history of propping up Mr. Noriega , recent U.S. actions have extended rather than shortened his survival . IN VBG IN NNP POS JJ NN IN VBG IN NNP NNP , JJ NNP NNS VBP VBN RB IN VBN PRP$ NN .
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Mr. Noriega might have fallen of his own weight in 1988 because of Panama 's dire economic situation , says Mr. Moss , but increasing external pressure has only given him additional excuses for repression , and a scapegoat for his own mismanagement . NNP NNP MD VB VBN IN PRP$ JJ NN IN CD IN IN NNP POS JJ JJ NN , VBZ NNP NNP , CC VBG JJ NN VBZ RB VBN PRP JJ NNS IN NN , CC DT NN IN PRP$ JJ NN .
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`` If the U.S. had sat back and done nothing , he might not have made it through 1988 , '' Mr. Moss contends . `` IN DT NNP VBD VBN RB CC VBN NN , PRP MD RB VB VBN PRP IN CD , '' NNP NNP VBZ .
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Perhaps most important , Mr. Noriega 's allies have intervened to encourage -- in some cases , to demand -- that the dictator maintain his grip of the throne . RB RBS JJ , NNP NNP POS NNS VBP VBN TO VB : IN DT NNS , TO VB : IN DT NN VB PRP$ NN IN DT NN .
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One Colombian drug boss , upon hearing in 1987 that Gen. Noriega was negotiating with the U.S. to abandon his command for a comfortable exile , sent him a hand-sized mahogany coffin engraved with his name . CD JJ NN NN , IN NN IN CD IN NNP NNP VBD VBG IN DT NNP TO VB PRP$ NN IN DT JJ NN , VBD PRP DT JJ NN NN VBN IN PRP$ NN .
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`` He is cornered , '' says the Rev. Fernando Guardia , who has led Catholic Church opposition against Noriega . `` PRP VBZ VBN , '' VBZ DT NNP NNP NNP , WP VBZ VBN NNP NNP NN IN NNP .
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`` The Americans have left him without a way out . `` DT NNPS VBP VBN PRP IN DT NN RB .
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It is easy to fight when you do n't have any other option . '' PRP VBZ JJ TO VB WRB PRP VBP RB VB DT JJ NN . ''
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His chief advantage in the fight : his intimate knowledge of American ways and weaknesses . PRP$ JJ NN IN DT NN : PRP$ JJ NN IN JJ NNS CC NNS .
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Mr. Noriega often tells friends that patience is the best weapon against the gringos , who have a short attention span and little stomach for lasting confrontation . NNP NNP RB VBZ NNS WDT NN VBZ DT JJS NN IN DT NNS , WP VBP DT JJ NN NN CC JJ NN IN VBG NN .
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The U.S. discovered the young Tony Noriega in late 1959 , when he was in his second year at the Chorrillos Military Academy in Lima , according to former U.S. intelligence officials . DT NNP VBD DT JJ NNP NNP IN JJ CD , WRB PRP VBD IN PRP$ JJ NN IN DT NNP NNP NNP IN NNP , VBG TO JJ NNP NN NNS .
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The contact occurred through Mr. Noriega 's half-brother , a Panamanian diplomat based in Peru named Luis Carlos Noriega Hurtado . DT NN VBD IN NNP NNP POS NN , DT JJ NN VBN IN NNP VBD NNP NNP NNP NNP .
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Luis Carlos , knowing that helping the Americans could advance the career of any Panamanian officer , relayed Tony 's reports on the leftist tendencies he observed among his fellow students and , more important , among his officers and instructors . NNP NNP , VBG IN VBG DT NNPS MD VB DT NN IN DT JJ NN , VBD NNP POS NNS IN DT JJ NNS PRP VBD IN PRP$ NN NNS CC , RBR JJ , IN PRP$ NNS CC NNS .
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A spy was born . DT NN VBD VBN .
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It was a heady experience for the pockmarked and slightly built Mr. Noriega , who was known to his friends as Cara la Pina -- pineapple face . PRP VBD DT JJ NN IN DT JJ CC RB VBN NNP NNP , WP VBD VBN TO PRP$ NNS IN NNP FW NNP : NN NN .
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Born the illegitimate son of his father 's maid , he was raised on the mean streets of the central market district of Panama City . VBN DT JJ NN IN PRP$ NN POS NN , PRP VBD VBN IN DT NN NNS IN DT JJ NN NN IN NNP NNP .
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Tony was four years older than most of his fellow cadets , and gained admission to the academy because his brother had falsified his birth certificate . NNP VBD CD NNS JJR IN RBS IN PRP$ NN NNS , CC VBD NN TO DT NN IN PRP$ NN VBD VBN PRP$ NN NN .
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He considered himself intellectually superior to his Peruvian peers , many of whom were wayward sons sent by their well-off families to the highly disciplined , French-modeled academy as a sort of reform school . PRP VBD PRP RB JJ TO PRP$ JJ NNS , NN IN WP VBD JJ NNS VBN IN PRP$ JJ NNS TO DT RB VBN , JJ NN IN DT NN IN NN NN .
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In his peaked military cap and neatly pressed , French-made uniform , Noriega felt more respected and powerful than ever in his underprivileged life , friends from the period say . IN PRP$ VBD JJ NN CC RB VBN , JJ NN , NNP VBD RBR VBN CC JJ IN RB IN PRP$ JJ NN , NNS IN DT NN VBP .
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`` He had an elegant uniform with gold buttons in a country where there was a cult of militarism , where officers were the elite with special privileges , '' recalls Darien Ayala , a fellow student in Peru and a lifelong friend . `` PRP VBD DT JJ NN IN NN NNS IN DT NN WRB EX VBD DT NN IN NN , WRB NNS VBD DT NN IN JJ NNS , '' VBZ NNP NNP , DT NN NN IN NNP CC DT JJ NN .
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Mr. Noriega 's relationship to American intelligence agencies became contractual in either 1966 or 1967 , intelligence officials say . NNP NNP POS NN TO JJ NN NNS VBD JJ IN DT CD CC CD , NN NNS VBP .
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His commanding officer at the Chiriqui Province garrison , Major Omar Torrijos , gave him an intriguing assignment : Mr. Noriega would organize the province 's first intelligence service . PRP$ NN NN IN DT NNP NNP NN , NNP NNP NNP , VBD PRP DT JJ NN : NNP NNP MD VB DT NN POS JJ NN NN .
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The spy network would serve two clients : the Panamanian government , by monitoring political opponents in the region , and the U.S. , by tracking the growing Communist influence in the unions organized at United Fruit Co. 's banana plantations in Bocas del Toros and Puerto Armuelles . DT NN NN MD VB CD NNS : DT JJ NN , IN VBG JJ NNS IN DT NN , CC DT NNP , IN VBG DT VBG NNP NN IN DT NNS VBN IN NNP NNP NNP POS NN NNS IN NNP NNP NNP CC NNP NNP .
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United Fruit was one of the two largest contributors to Panama 's national income . NNP NNP VBD CD IN DT CD JJS NNS TO NNP POS JJ NN .
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Satisfying its interests was a priority for any Panamanian leader . VBG PRP$ NNS VBD DT NN IN DT JJ NN .
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Mr. Noriega 's initial retainer was only $ 50 to $ 100 a month , plus occasional gifts of liquor or groceries from the American PX , a former intelligence official says . NNP NNP POS JJ NN VBD RB $ CD TO $ CD DT NN , CC JJ NNS IN NN CC NNS IN DT NNP NNP , DT JJ NN NN NNS .
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It was modest pay by American standards , but a healthy boost to his small military salary , which fellow officers remember as having been $ 300 to $ 400 monthly . PRP VBD JJ NN IN JJ NNS , CC DT JJ NN TO PRP$ JJ JJ NN , WDT NN NNS VBP IN VBG VBN $ CD TO $ CD JJ .
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`` He did it very well , '' recalls Boris Martinez , a former Panamanian colonel who managed Mr. Noriega and his operation . `` PRP VBD PRP RB RB , '' VBZ NNP NNP , DT JJ JJ NN WP VBD NNP NNP CC PRP$ NN .
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`` He started building the files that helped him gain power . '' `` PRP VBD VBG DT NNS WDT VBD PRP VBP NN . ''
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A National Guard job assumed by Capt. Noriega in 1964 -- as chief of the transit police in David City , capital of the Chiriqui Province -- was tailor-made for an aspiring super-spy . DT NNP NNP NN VBN IN NNP NNP IN CD : IN NN IN DT NN NN IN NNP NNP , NN IN DT NNP NNP : VBD JJ IN DT JJ NN .
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By pressuring taxi and bus drivers who needed licenses , he gained a ready cache of information . IN VBG NN CC NN NNS WP VBD NNS , PRP VBD DT JJ NN IN NN .
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He knew which local luminaries had been caught driving drunk , which had been found with their mistresses . PRP VBD WDT JJ NNS VBD VBN VBN VBG JJ , WDT VBD VBN VBN IN PRP$ NNS .
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This proved particularly valuable to the Panamanian government in 1967 , when union leaders were planning a May Day march that the government feared could turn violent . DT VBD RB JJ TO DT JJ NN IN CD , WRB NN NNS VBD VBG DT NNP NNP NN IN DT NN VBD MD VB JJ .
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Mr. Noriega had learned that a local union leader was sleeping with the wife of his deputy . NNP NNP VBD VBN IN DT JJ NN NN VBD VBG IN DT NN IN PRP$ NN .
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So he splashed the information on handbills that he distributed throughout the banana-exporting city of Puerto Armuelles , which was ruled by United Fruit Co . RB PRP VBD DT NN IN NNS IN PRP VBD IN DT JJ NN IN NNP NNP , WDT VBD VBN IN NNP NNP NNP .
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The campaign so divided union leaders that the government found them far easier to control . DT NN RB VBD NN NNS IN DT NN VBD PRP RB JJR TO VB .
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`` It was like a play on Broadway , '' recalls Mr. Martinez . `` PRP VBD IN DT NN IN NNP , '' VBZ NNP NNP .
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`` Noriega managed the whole thing . `` NNP VBD DT JJ NN .
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He was superb . PRP VBD JJ .
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Noriega was an expert at bribing and blackmailing people . '' NNP VBD DT NN IN VBG CC VBG NNS . ''
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During his years in Chiriqui , however , Mr. Noriega also revealed himself as an officer as perverse as he was ingenious . IN PRP$ NNS IN NNP , RB , NNP NNP RB VBD PRP IN DT NN RB JJ IN PRP VBD JJ .
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Rodrigo Miranda , a local lawyer and human-rights monitor , recalls an intoxicated Noriega visiting prisoners in their cells at the 5th Zone Garrison headquarters in David , where he had his offices . NNP NNP , DT JJ NN CC JJ NN , VBZ DT JJ NNP VBG NNS IN PRP$ NNS IN DT NNP NNP NNP NN IN NNP , WRB PRP VBD PRP$ NNS .
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Mr. Noriega would order them all to take off their clothes and run around the courtyard naked , laughing at them and then retreating to his office . NNP NNP MD VB PRP DT TO VB IN PRP$ NNS CC VB IN DT NN JJ , VBG IN PRP CC RB VBG TO PRP$ NN .
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`` People started wondering if something was wrong with him , '' Mr. Miranda recalls . `` NNS VBD VBG IN NN VBD JJ IN PRP , '' NNP NNP VBZ .
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But through this period , so far as the U.S. military was concerned , Mr. Noriega was a model recruit . CC IN DT NN , RB RB IN DT NNP NN VBD VBN , NNP NNP VBD DT NN NN .
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He signed up for intelligence and counter-intelligence training under American officers at Fort Gulick in Panama in July 1967 , according to a copy of a 1983 resume with details Mr. Noriega has since classified as secret . PRP VBD IN IN NN CC JJ NN IN JJ NNS IN NNP NNP IN NNP IN NNP CD , VBG TO DT NN IN DT CD NN IN NNS NNP NNP VBZ IN VBN IN NN .
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He flew to Fort Bragg , N.C. , in September of that year for a course in psychological operations , returning to the School of the Americas in Panama for a two-month course called `` military intelligence for officers . '' PRP VBD TO NNP NNP , NNP , IN NNP IN DT NN IN DT NN IN JJ NNS , VBG TO DT NNP IN DT NNP IN NNP IN DT JJ NN VBN `` JJ NN IN NNS . ''
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Some American officers interpreted his eagerness and studiousness as a sign of loyalty , but they did so falsely . DT JJ NNS VBD PRP$ NN CC NN IN DT NN IN NN , CC PRP VBD RB RB .
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He rose to chief of intelligence in Panama 's socalled G-2 in 1970 after providing populist dictator Torrijos the critical support to defeat a coup attempt against him a year earlier . PRP VBD TO NN IN NN IN NNP POS JJ NN IN CD IN VBG JJ NN NNP DT JJ NN TO VB DT NN NN IN PRP DT NN RBR .
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He became Gen. Torrijos 's inseparable shadow , and the holder of all Panama 's secrets . PRP VBD NNP NNP POS JJ NN , CC DT NN IN DT NNP POS NNS .
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Mr. Noriega , by now a lieutenant colonel , expanded his contacts to include the Cubans -- not to mention the Israelis , the Taiwanese and any other intelligence service that came knocking . NNP NNP , IN RB DT NN NN , VBD PRP$ NNS TO VB DT NNPS : RB TO VB DT NNPS , DT JJ CC DT JJ NN NN WDT VBD VBG .
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When U.S. diplomats complained to the CIA of Col. Noriega 's moonlighting , intelligence experts always insisted that his allegiance was first to the Americans . WRB NNP NNS VBD TO DT NNP IN NNP NNP POS NN , NN NNS RB VBD IN PRP$ NN VBD JJ TO DT NNPS .
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`` Early on in the State Department , we took to calling him the rent-a-colonel , in tribute to his ability to simultaneously milk the antagonistic intelligence services of Cuba and the United States , '' recalls Francis J. McNeil , who , as deputy assistant secretary of state for inter-American affairs , first ran across reports about Mr. Noriega in 1977 . `` RB IN IN DT NNP NNP , PRP VBD TO VBG PRP DT NN , IN NN TO PRP$ NN TO RB NN DT JJ NN NNS IN NNP CC DT NNP NNPS , '' VBZ NNP NNP NNP , WP , IN NN NN NN IN NN IN JJ NNS , JJ VBD IN NNS IN NNP NNP IN CD .
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`` Some of us wondered how our intelligence people could put so much stock in his information when he was just as close to the Cubans . '' `` DT IN PRP VBD WRB PRP$ NN NNS MD VB RB JJ NN IN PRP$ NN WRB PRP VBD RB IN RB TO DT NNPS . ''
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Even at this early stage , drugs caused additional concerns . RB IN DT JJ NN , NNS VBD JJ NNS .
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During the Nixon administration , the Drug Enforcement Administration became dismayed at the extent of the G-2 's connections to arrested drug traffickers . IN DT NNP NN , DT NNP NNP NNP VBD VBN IN DT NN IN DT NN POS NNS TO VBN NN NNS .
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One DEA agent drew up a list of five options for dealing with Col. Noriega , one of which was assassination . CD NNP NN VBD IN DT NN IN CD NNS IN VBG IN NNP NNP , CD IN WDT VBD NN .
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The head of the DEA at the time , John Ingersoll , scotched the assassination plan . DT NN IN DT NNP IN DT NN , NNP NNP , VBD DT NN NN .
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But he did fly to Panama to scold dictator Torrijos on the drug ties of Panamanian officials , including Mr. Noriega . CC PRP VBD VB TO NNP TO VB NN NNP IN DT NN NNS IN JJ NNS , VBG NNP NNP .
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Mr. Ingersoll later recalled that Gen. Torrijos seemed afraid to act on the concerns of the U.S. . NNP NNP RB VBD IN NNP NNP VBD JJ TO VB IN DT NNS IN DT NNP .
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`` Everybody was afraid of him , '' Mr. Ingersoll says . `` NN VBD JJ IN PRP , '' NNP NNP VBZ .
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Mr. Noriega became an even greater threat in 1976 , when U.S. intelligence services discovered that he had been buying recordings of electronically monitored conversations from three sergeants working for the U.S. Army 's 470th Military Intelligence Group . NNP NNP VBD DT RB JJR NN IN CD , WRB NNP NN NNS VBN IN PRP VBD VBN VBG NNS IN RB VBN NNS IN CD NNS VBG IN DT NNP NNP POS NNP NNP NNP NNP .
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The tapes included wiretaps of Gen. Torrijos 's own phone , according to American intelligence officials . DT NNS VBD NNS IN NNP NNP POS JJ NN , VBG TO JJ NN NNS .
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`` We caught him with his hands on our cookie jar , '' says former CIA Director Stansfield Turner . `` PRP VBD PRP IN PRP$ NNS IN PRP$ NN NN , '' VBZ JJ NNP NNP NNP NNP .
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For the first time , the U.S. considered cutting Mr. Noriega from its intelligence payroll -- and the deliberations were intense , Mr. Turner says . IN DT JJ NN , DT NNP VBD VBG NNP NNP IN PRP$ NN NN : CC DT NNS VBD JJ , NNP NNP VBZ .
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`` In the world of intelligence , if you want to get information , you get it from seedy characters . `` IN DT NN IN NN , IN PRP VBP TO VB NN , PRP VBP PRP IN JJ NNS .
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The question is how much you get tied in with seedy characters so they can extort you . '' DT NN VBZ WRB JJ PRP VBP VBN IN IN JJ NNS IN PRP MD VB PRP . ''
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Intelligence officials to this day worry whether Mr. Noriega sold sensitive information on the recordings to the Cubans or others . NN NNS TO DT NN NN IN NNP NNP VBD JJ NN IN DT NNS TO DT NNPS CC NNS .
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Mr. Turner was troubled enough to cancel the U.S. contract with the rent-a-colonel at the beginning of the Carter administration . NNP NNP VBD JJ RB TO VB DT NNP NN IN DT NN IN DT NN IN DT NNP NN .
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The U.S. soon found new cause for concern : gun-running . DT NNP RB VBD JJ NN IN NN : JJ .
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Prosecutors in Southern Florida indicted five Panamanians on charges of illegally running arms to Sandinista rebels trying to overthrow the Nicaraguan government of Mr. Somoza . NNS IN NNP NNP VBD CD NNS IN NNS IN RB VBG NNS TO NNP NNS VBG TO VB DT JJ NN IN NNP NNP .
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They included one of Mr. Noriega 's closest friends and business partners , Carlos Wittgreen . PRP VBD CD IN NNP NNP POS JJS NNS CC NN NNS , NNP NNP .
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And the investigators were quickly closing in on Mr. Noriega himself . CC DT NNS VBD RB VBG IN IN NNP NNP PRP .
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At the time , though , in 1979 , the U.S. was once again flirting with its longtime Latin American spy . IN DT NN , RB , IN CD , DT NNP VBD RB RB VBG IN PRP$ JJ NNP JJ NN .
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Mr. Noriega made plans to fly to Washington for a meeting with his counterpart at the Pentagon . NNP NNP VBD NNS TO VB TO NNP IN DT NN IN PRP$ NN IN DT NNP .
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Dade County and federal authorities , learning that he intended to fly through Miami , made plans to arrest him on the gun-running charges as soon as he hit U.S. soil . NNP NNP CC JJ NNS , VBG IN PRP VBD TO VB IN NNP , VBN NNS TO VB PRP IN DT JJ NNS RB RB IN PRP VBD NNP NN .
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It was a Friday in June . PRP VBD DT NNP IN NNP .
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The Pentagon foiled the plan . DT NNP VBD DT NN .
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According to military officers at the time , word was passed to Mr. Noriega by his American hosts that the police would be waiting . VBG TO JJ NNS IN DT NN , NN VBD VBN TO NNP NNP IN PRP$ JJ NNS IN DT NN MD VB VBG .
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On Monday , U.S. officials received a routine , unclassified message from the military group commander in Panama . IN NNP , NNP NNS VBD DT NN , JJ NN IN DT JJ NN NN IN NNP .
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`` Due to health reasons , Lt. Col. Noriega has elected to postpone his visit to Washington , '' it read . `` JJ TO NN NNS , NNP NNP NNP VBZ VBN TO VB PRP$ NN TO NNP , '' PRP VBP .
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Prosecutors in Miami received yet another setback . NNS IN NNP VBD RB DT NN .
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Their original indictment against Mr. Wittgreen , the friend of Mr. Noriega , and the other four was dismissed on a technicality . PRP$ JJ NN IN NNP NNP , DT NN IN NNP NNP , CC DT JJ CD VBD VBN IN DT NN .
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But now , along with reindicting Mr. Noriega 's pal , they intended to charge Mr. Noriega himself , on allegations that he was involved in the illegal trading of some $ 2 million in arms . CC RB , IN IN VBG NNP NNP POS NN , PRP VBD TO VB NNP NNP PRP , IN NNS IN PRP VBD VBN IN DT JJ NN IN DT $ CD CD IN NNS .
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In January 1980 , Jerome Sanford , as assistant U.S. attorney , was summoned to a meeting with a Federal Bureau of Investigation agent assigned to the Bureau of Alcohol , Tobacco and Firearms in Miami . IN NNP CD , NNP NNP , IN NN NNP NN , VBD VBN TO DT NN IN DT NNP NNP IN NNP NN VBN TO DT NNP IN NN , NNP CC NNP IN NNP .
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Panamanian dictator Torrijos , he was told , had granted the shah of Iran asylum in Panama as a favor to Washington . JJ NN NNP , PRP VBD VBN , VBD VBN DT NN IN NNP NN IN NNP IN DT NN TO NNP .
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Mr. Sanford was told Mr. Noriega 's friend , Mr. Wittgreen , would be handling the shah 's security . NNP NNP VBD VBN NNP NNP POS NN , NNP NNP , MD VB VBG DT NN POS NN .
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It would n't be a good idea to indict him -- much less Mr. Noriega , the prosecutor was told . PRP MD RB VB DT JJ NN TO VB PRP : RB JJR NNP NNP , DT NN VBD VBN .
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After prodding from Mr. Sanford , U.S. Attorney Jack Eskenazi pleaded with Justice Department officials in Washington to let the indictment proceed . IN VBG IN NNP NNP , NNP NNP NNP NNP VBD IN NNP NNP NNS IN NNP TO VB DT NN VB .
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`` Unfortunately , '' Mr. Eskenazi wrote in a letter , `` those of us in law enforcement in Miami find ourselves frequently attempting to enforce the laws of the United States but simultaneously being caught between foreign policy considerations over which we have no control . '' `` RB , '' NNP NNP VBD IN DT NN , `` DT IN PRP IN NN NN IN NNP NN PRP RB VBG TO VB DT NNS IN DT NNP NNPS CC RB VBG VBN IN JJ NN NNS IN WDT PRP VBP DT NN . ''
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The letter , along with a detailed prosecution memo , sat on the desks of Justice officials for months before the case died a quiet death . DT NN , IN IN DT VBN NN NN , VBD IN DT NNS IN NNP NNS IN NNS IN DT NN VBD DT JJ NN .
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`` I think if we had been allowed to go ahead then we would n't have the problems we have now , '' Mr. Sanford says . `` PRP VBP IN PRP VBD VBN VBN TO VB RB RB PRP MD RB VB DT NNS PRP VBP RB , '' NNP NNP VBZ .
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`` If he had been found guilty , we could have stopped him . '' `` IN PRP VBD VBN VBN JJ , PRP MD VB VBN PRP . ''
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In August 1983 , Mr. Noriega took over as General and de-facto dictator of Panama , having maneuvered his way to the top only two years after the mysterious death in a plane crash of his old boss Omar Torrijos . IN NNP CD , NNP NNP VBD IN IN NNP CC JJ NN IN NNP , VBG VBN PRP$ NN TO DT JJ RB CD NNS IN DT JJ NN IN DT NN NN IN PRP$ JJ NN NNP NNP .
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Soon , the military became a veritable mafia controlling legal and illegal businesses . RB , DT NN VBD DT JJ NN VBG JJ CC JJ NNS .
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The Reagan administration also put Mr. Noriega 's G-2 back on the U.S. payroll . DT NNP NN RB VB NNP NNP POS NN RB IN DT NNP NN .
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Payments averaged nearly $ 200,000 a year from the U.S. Defense Intelligence Agency and the CIA . NNS VBD RB $ CD DT NN IN DT NNP NNP NNP NNP CC DT NNP .
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Although working for U.S. intelligence , Mr. Noriega was hardly helping the U.S. exclusively . IN VBG IN NNP NN , NNP NNP VBD RB VBG DT NNP RB .
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During the Reagan years he expanded his business and intelligence contacts with the Cubans and the Sandinistas . IN DT NNP NNS PRP VBD PRP$ NN CC NN NNS IN DT NNPS CC DT NNPS .
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He allegedly entered into Panama 's first formal business arrangement with Colombian drug bosses , according to Floyd Carlton , a pilot who once worked for Mr. Noriega and who testified before the U.S. grand jury in Miami that would ultimately indict the Panamanian on drug charges . PRP RB VBD IN NNP POS JJ JJ NN NN IN JJ NN NNS , VBG TO NNP NNP , DT NN WP RB VBD IN NNP NNP CC WP VBD IN DT NNP JJ NN IN NNP WDT MD RB VB DT JJ IN NN NNS .
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But Mr. Noriega was convinced the Reagan White House would n't act against him , recalls his close ally Jose Blandon , because he had an insurance policy : his involvement with the Contra rebels in Nicaragua . CC NNP NNP VBD VBN DT NNP NNP NNP MD RB VB IN PRP , VBZ PRP$ NN NN NNP NNP , IN PRP VBD DT NN NN : PRP$ NN IN DT NNP NNS IN NNP .
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Mr. Blandon says the general allowed the Contras to set up a secret training center in Panama . NNP NNP VBZ DT JJ VBN DT NNPS TO VB IN DT JJ NN NN IN NNP .
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Mr. Noriega also conveyed intelligence from his spy operation inside the Nicaraguan capital of Managua . NNP NNP RB VBD NN IN PRP$ NN NN IN DT JJ NN IN NNP .
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And on at least one occasion , in the spring of 1985 , he helped arrange a sabotage attack on a Sandinista arsenal in Nicaragua . CC IN IN JJS CD NN , IN DT NN IN CD , PRP VBD VB DT NN NN IN DT NNP NN IN NNP .
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Although , his help for the Contra cause was limited , it was enough to win him important protectors in the Reagan administration , says Sen. Patrick Leahy , a Vermont Democrat who then served on the Senate Intelligence Committee . IN , PRP$ NN IN DT NNP NN VBD JJ , PRP VBD RB TO VB PRP JJ NNS IN DT NNP NN , VBZ NNP NNP NNP , DT NNP NNP WP RB VBN IN DT NNP NNP NNP .
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`` Noriega played U.S. intelligence agencies and the U.S. government like a violin , '' he says . `` NNP VBD NNP NN NNS CC DT NNP NN IN DT NN , '' PRP VBZ .
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An incident in 1984 suggested one additional means by which Mr. Noriega might have maintained such influence with Washington -- by compromising U.S. officials . DT NN IN CD VBD CD JJ NNS IN WDT NNP NNP MD VB VBN JJ NN IN NNP : IN VBG NNP NNS .
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Curtin Windsor , then the ambassador to Costa Rica , recalls being invited to Panama by Mr. Noriega 's brother Luis Carlos for a weekend of deep sea fishing and `` quiet , serious conversation '' on the Aswara Peninsula . NNP NNP , RB DT NN TO NNP NNP , VBZ VBG VBN TO NNP IN NNP NNP POS NN NNP NNP IN DT NN IN JJ NN NN CC `` JJ , JJ NN '' IN DT NNP NNP .
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Mr. Windsor notified Everett E. Briggs , the U.S. ambassador to Panama , of the invitation . NNP NNP VBD NNP NNP NNP , DT NNP NN TO NNP , IN DT NN .
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`` Briggs screamed , '' Mr. Windsor recalls . `` NNP VBD , '' NNP NNP VBZ .
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He says Mr. Briggs told him he was being set up for a `` honey trap , '' in which Mr. Noriega would try to involve him in an orgy and then record the event `` with sound and video . '' PRP VBZ NNP NNP VBD PRP PRP VBD VBG VBN IN IN DT `` NN NN , '' IN WDT NNP NNP MD VB TO VB PRP IN DT NN CC JJ NN DT NN `` IN NN CC NN . ''
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Mr. Briggs , on vacation after resigning his position at the National Security Council , could n't be reached for comment . NNP NNP , IN NN IN VBG PRP$ NN IN DT NNP NNP NNP , MD RB VB VBN IN NN .
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As Mr. Noriega 's political troubles grew , so did his offers of assistance to the Contras , an apparent attempt to curry more favor in Washington . IN NNP NNP POS JJ NNS VBD , RB VBD PRP$ NNS IN NN TO DT NNPS , DT JJ NN TO VB JJR NN IN NNP .
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For instance , he helped steal the May 1984 Panamanian elections for the ruling party . IN NN , PRP VBD VB DT NNP CD JJ NNS IN DT NN NN .
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But just one month later , he also contributed $ 100,000 to a Contra leader , according to documents released for Oliver North 's criminal trial in Washington , D.C . CC RB CD NN RB , PRP RB VBD $ CD TO DT NNP NN , VBG TO NNS VBN IN NNP NNP POS JJ NN IN NNP , NNP .
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Yet , his political setbacks mounted . RB , PRP$ JJ NNS VBN .
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Mr. Noriega was accused of ordering in 1985 the beheading of Hugo Spadafora , his most outspoken political opponent and the first man to publicly finger Mr. Noriega on drug trafficking charges . NNP NNP VBD VBN IN VBG IN CD DT NN IN NNP NNP , PRP$ RBS JJ JJ NN CC DT JJ NN TO RB NN NNP NNP IN NN NN NNS .
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He then ousted President Nicholas Ardito Barletta , a former World Bank official with close ties to the U.S. , after Mr. Barletta tried to create a commission to investigate the murder . PRP RB VBD NNP NNP NNP NNP , DT JJ NNP NNP NN IN NN NNS TO DT NNP , IN NNP NNP VBD TO VB DT NN TO VB DT NN .
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And , all the while , Panama 's debt problems continued to grow . CC , PDT DT NN , NNP POS NN NNS VBD TO VB .
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Mr. Noriega was growing desperate . NNP NNP VBD VBG JJ .
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In late 1986 , he made an offer he thought the U.S. could n't refuse . IN JJ CD , PRP VBD DT NN PRP VBD DT NNP MD RB VB .
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As recounted in a stipulation that summarized government documents released for the North trial , Mr. Noriega offered to assassinate the Sandinista leadership in exchange `` for a promise to help clean up Noriega 's image and a commitment to lift the -LCB- U.S. . -RCB- ban on military sales to the Panamanian Defense Forces . '' IN VBN IN DT NN WDT VBD NN NNS VBN IN DT NNP NN , NNP NNP VBD TO VB DT NNP NN IN NN `` IN DT NN TO VB JJ IN NNP POS NN CC DT NN TO VB DT ( NNP . ) NN IN JJ NNS TO DT NNP NNP NNPS . ''
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`` North , '' the document went on , referring to Oliver North , `` has told Noriega 's representative that U.S. law forbade such actions . `` NNP , '' DT NN VBD IN , VBG TO NNP NNP , `` VBZ VBN NNP POS NN IN NNP NN VBD JJ NNS .
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The representative responded that Noriega had numerous assets in place in Nicaragua and could accomplish many essential things , just as Noriega had helped -LCB- the U.S. . -RCB- the previous year in blowing up a Sandinista arsenal . '' DT NN VBD IN NNP VBD JJ NNS IN NN IN NNP CC MD VB JJ JJ NNS , RB IN NNP VBD VBN ( DT NNP . ) DT JJ NN IN VBG IN DT NNP NN . ''
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Col. North conveyed the request to his superiors and to Assistant Secretary of State Elliot Abrams , who relayed it to Secretary of State George Shultz . NNP NNP VBD DT NN TO PRP$ NNS CC TO NNP NNP IN NNP NNP NNP , WP VBD PRP TO NNP IN NNP NNP NNP .
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Mr. Noriega 's proposal was turned down . NNP NNP POS NN VBD VBN RB .
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And Mr. Shultz curtly told Mr. Abrams that the general should be told that only he could repair his tarnished image . CC NNP NNP RB VBD NNP NNP IN DT NN MD VB VBN IN RB PRP MD VB PRP$ VBN NN .
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The end of the marriage was at hand . DT NN IN DT NN VBD IN NN .
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Within weeks the unfolding Iran-Contra scandal took away Mr. Noriega 's insurance policy . IN NNS DT VBG NNP NN VBD RB NNP NNP POS NN NN .
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The death of CIA Director William Casey and resignation of Oliver North allowed anti-Noriega political forces to gain influence . DT NN IN NNP NNP NNP NNP CC NN IN NNP NNP VBD JJ JJ NNS TO VB NN .
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Public protests against him were triggered in June 1987 due to charges by Diaz Herrera , his former chief of staff , that Mr. Noriega had stolen the 1984 election and had ordered the killing of Messrs. Spadafora and Torrijos . JJ NNS IN PRP VBD VBN IN NNP CD JJ TO NNS IN NNP NNP , PRP$ JJ NN IN NN , IN NNP NNP VBD VBN DT CD NN CC VBD VBN DT NN IN NNP NNP CC NNP .
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Few American officials were willing any longer to defend him . NNP JJ NNS VBD JJ RB RB TO VB PRP .
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Lawyers in Miami -- this time working virtually without impediment -- prepared to have him indicted on drug charges in February 1988 . NNS IN NNP : DT NN VBG RB IN NN : VBN TO VB PRP VBN IN NN NNS IN NNP CD .
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During negotiations with American officials in May 1988 over proposals to drop the U.S. indictments in exchange for his resignation , Mr. Noriega often asked almost plaintively how the Americans , whom he had helped for so many years , could turn against him . IN NNS IN JJ NNS IN NNP CD IN NNS TO VB DT NNP NNS IN NN IN PRP$ NN , NNP NNP RB VBD RB RB WRB DT NNPS , WP PRP VBD VBN IN RB JJ NNS , MD VB IN PRP .
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Now , neither side -- the U.S. nor Mr. Noriega -- has an easy out . RB , DT NN : DT NNP CC NNP NNP : VBZ DT JJ RB .
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President Bush has sworn to bring him to justice . NNP NNP VBZ VBN TO VB PRP TO NN .
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Mr. Noriega believes he has n't any alternative but to continue clutching to power . NNP NNP VBZ PRP VBZ RB DT NN CC TO VB VBG TO VB .
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It is a knock-out battle -- perhaps to the death . PRP VBZ DT JJ NN : RB TO DT NN .
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In the end , is Mr. Noriega the political equivalent of Frankenstein 's monster , created by a well-intentioned but misguided foreign power ? IN DT NN , VBZ NNP NNP DT JJ NN IN NNP POS NN , VBN IN DT JJ CC JJ JJ NN .
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Not quite , Sen. Leahy contends . RB RB , NNP NNP VBZ .
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`` For short-term gains , people were willing to put up with him . `` IN JJ NNS , NNS VBD JJ TO VB IN IN PRP .
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That allowed him to get stronger and stronger , '' he says . DT VBN PRP TO VB JJR CC JJR , '' PRP VBZ .
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`` I do n't think we created him as much as we fed him , nurtured him and let him grow up to be big and strong . `` PRP VBP RB VB PRP VBD PRP RB JJ IN PRP VBD PRP , VBD PRP CC VB PRP VB VB TO VB JJ CC JJ .
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UPJOHN Co. reported that third-quarter net income rose to $ 96 million , or 52 cents a share , from $ 89.6 million , or 49 cents a share , a year earlier . NNP NNP VBD IN JJ JJ NN VBD TO $ CD CD , CC CD NNS DT NN , IN $ CD CD , CC CD NNS DT NN , DT NN RBR .
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Yesterday 's edition provided analysts ' estimates for the company when actual earnings were available . NN POS NN VBD NNS POS NNS IN DT NN WRB JJ NNS VBD JJ .
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Industrial production declined 0.1 % in September , reinforcing other signs that the manufacturing sector continues its slowing trend . JJ NN VBD CD NN IN NNP , VBG JJ NNS IN DT NN NN VBZ PRP$ NN NN .
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The Federal Reserve Board said output of the nation 's factories , mines and utilities expanded at an annual rate of 1.3 % in the third quarter , substantially slower than the 3.3 % annual rate in the second quarter . DT NNP NNP NNP VBD NN IN DT NN POS NNS , NNS CC NNS VBN IN DT JJ NN IN CD NN IN DT JJ NN , RB JJR IN DT CD NN JJ NN IN DT JJ NN .
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`` Capital spending and exports , which have been the driving force in this expansion , are showing clear signs of having the steam taken out of them , '' said Robert Dederick , economist for Northern Trust Co. in Chicago . `` NNP NN CC NNS , WDT VBP VBN DT VBG NN IN DT NN , VBP VBG JJ NNS IN VBG DT NN VBN IN IN PRP , '' VBD NNP NNP , NN IN NNP NNP NNP IN NNP .
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The new reports of sluggishness , which were foreshadowed by an earlier Labor Department report that manufacturing payrolls dropped by 105,000 in September , give the Fed another reason to further ease its grip on credit and lower interest rates . DT JJ NNS IN NN , WDT VBD VBN IN DT RBR NNP NNP NN IN NN NNS VBN IN CD IN NNP , VB DT NNP DT NN TO VB VB PRP$ NN IN NN CC JJR NN NNS .
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`` They need to do something about this , '' said Maury Harris , economist at PaineWebber Group Inc . `` PRP VBP TO VB NN IN DT , '' VBD NNP NNP , NN IN NNP NNP NNP .
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The Fed also said U.S. industry operated at 83.6 % of capacity last month , down from 83.8 % in August . DT NNP RB VBD NNP NN VBN IN CD NN IN NN JJ NN , RB IN CD NN IN NNP .
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Measures of manufacturing activity fell more than the overall measures . NNS IN NN NN VBD JJR IN DT JJ NNS .
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Factory output dropped 0.2 % , its first decline since February , after having been unchanged in October . NN NN VBD CD NN , PRP$ JJ NN IN NNP , IN VBG VBN JJ IN NNP .
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Factories operated at 83.7 % of capacity , the lowest rate in more than a year and down from 84.1 % in September . NNS VBN IN CD NN IN NN , DT JJS NN IN JJR IN DT NN CC RB IN CD NN IN NNP .
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The declines mainly reflected widespread weakness in durable goods , those intended to last more than three years . DT NNS RB VBD JJ NN IN JJ NNS , DT VBN TO VB JJR IN CD NNS .
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The biggest drop was recorded by primary metals producers , a category that includes the steel industry . DT JJS NN VBD VBN IN JJ NNS NNS , DT NN WDT VBZ DT NN NN .
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Output of business equipment was unchanged in September . NN IN NN NN VBD JJ IN NNP .
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Production of factory equipment , one indication of the strength of manufacturers ' investment spending , fell 0.3 % . NN IN NN NN , CD NN IN DT NN IN NNS POS NN NN , VBD CD NN .
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Some economists expect further declines in investment spending . DT NNS VBP JJ NNS IN NN NN .
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`` Whenever corporate profits are weak that means capital spending is going to soften subsequently , '' Mr. Harris said . `` WRB JJ NNS VBP JJ WDT VBZ NN NN VBZ VBG TO VB RB , '' NNP NNP VBD .
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`` You have n't seen the full effect of that yet . '' `` PRP VBP RB VBN DT JJ NN IN DT RB . ''
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A decline in truck production more than offset a sharp rise in auto assemblies , the Fed noted . DT NN IN NN NN JJR IN VB DT JJ NN IN NN NNS , DT NNP VBD .
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Analysts do n't expect the September surge in auto production to be repeated in the coming months . NNS VBP RB VB DT NNP NN IN NN NN TO VB VBN IN DT VBG NNS .
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Here is a summary of the Federal Reserve Board 's report on industrial production in September . RB VBZ DT NN IN DT NNP NNP NNP POS NN IN JJ NN IN NNP .
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The figures are seasonally adjusted . DT NNS VBP RB VBN .
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142.3 % of the 1977 average . CD NN IN DT CD JJ .
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Robin Honiss , president and chief executive officer of this bank holding company , was elected to the additional posts of chairman , president and chief executive of the company 's New England Savings Bank subsidiary . NNP NNP , NN CC JJ JJ NN IN DT NN VBG NN , VBD VBN TO DT JJ NNS IN NN , NN CC JJ NN IN DT NN POS NNP NNP NNP NNP NN .
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William R. Attridge resigned those posts , as well as a seat on NESB 's board . NNP NNP NNP VBD DT NNS , RB RB IN DT NN IN NNP POS NN .
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NESB is also the parent of Omnibank . NNP VBZ RB DT NN IN NNP .
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Lung-cancer mortality rates for people under 45 years of age have begun to decline , federal researchers report . NN NN NNS IN NNS IN CD NNS IN NN VBP VBN TO VB , JJ NNS VBP .
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The drop is particularly large for white males , although black males and white and black women also show lower mortality rates . DT NN VBZ RB JJ IN JJ NNS , IN JJ NNS CC JJ CC JJ NNS RB VBP JJR NN NNS .
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A report in this week 's issue of the Journal of the National Cancer Institute also projects that overall U.S. mortality rates from lung cancer , the leading cause of cancer death , should begin to drop in several years if cigarette smoking continues to abate . DT NN IN DT NN POS NN IN DT NNP IN DT NNP NNP NNP RB VBZ IN JJ NNP NN NNS IN NN NN , DT VBG NN IN NN NN , MD VB TO VB IN JJ NNS IN NN NN VBZ TO VB .
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The report , which comes 25 years after the U.S. Surgeon General issued a report warning against the dangers of smoking , is the strongest indication to date that the reduction in smoking is leading to lower death rates from lung cancer . DT NN , WDT VBZ CD NNS IN DT NNP NNP NNP VBD DT NN NN IN DT NNS IN NN , VBZ DT JJS NN TO VB IN DT NN IN NN VBZ VBG TO JJR NN NNS IN NN NN .
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`` What this is saying is that the surgeon general 's message is having an impact , '' said Melvyn Tockman , an epidemiologist at the Johns Hopkins School of Hygiene and Public Health in Baltimore . `` WP DT VBZ VBG VBZ IN DT NN NN POS NN VBZ VBG DT NN , '' VBD NNP NNP , DT NN IN DT NNP NNP NNP IN NNP CC NNP NNP IN NNP .
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The National Cancer Institute report compares mortality rates of two groups of people between the ages of 35 and 44 a decade apart . DT NNP NNP NNP NN VBZ NN NNS IN CD NNS IN NNS IN DT NNS IN CD CC CD DT NN RB .
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The death rate from lung cancer of white males aged 35 to 44 in the mid-1970s was 13.4 per 100,000 , but the mortality rate of the same age group in the mid-1980s was 9.6 , a decline of 28.7 % . DT NN NN IN NN NN IN JJ NNS VBN CD TO CD IN DT NNS VBD CD IN CD , CC DT NN NN IN DT JJ NN NN IN DT NNS VBD CD , DT NN IN CD NN .
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Measured the same way , the decline for black males was 14.2 % . VBN DT JJ NN , DT NN IN JJ NNS VBD CD NN .
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The drop in mortality rates for women was less steep -- 8.9 % for blacks and 5.3 % for whites . DT NN IN NN NNS IN NNS VBD RBR JJ : CD NN IN NNS CC CD NN IN NNS .
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The study , by Susan Devesa , William Blot and Joseph Fraumeni of the institute 's staff , also shows that the incidence of lung cancer as well as the death rate declined over the decade for all groups in the 35-44 age bracket , except black men . DT NN , IN NNP NNP , NNP NNP CC NNP NNP IN DT NN POS NN , RB VBZ IN DT NN IN NN NN RB RB IN DT NN NN VBD IN DT NN IN DT NNS IN DT JJ NN NN , IN JJ NNS .
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Although lung-cancer mortality rates are increasing for the nation as a whole , the report projects that death rates will begin to decline in the 1990s for men and after the year 2000 for women . IN NN NN NNS VBP VBG IN DT NN IN DT NN , DT NN VBZ IN NN NNS MD VB TO VB IN DT CD IN NNS CC IN DT NN CD IN NNS .
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Lung-cancer mortality rates increase with age and are continuing to rise for all age groups over 55 , with sharp increases for everybody but white men . NN NN NNS VBP IN NN CC VBP VBG TO VB IN DT NN NNS IN NN , IN JJ NNS IN NN CC JJ NNS .
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But Dr. Fraumeni , one of the authors of the report , said `` the declining rates we 're seeing for younger people we believe may be a harbinger of declining mortality in the future . '' CC NNP NNP , CD IN DT NNS IN DT NN , VBD `` DT VBG NNS PRP VBP VBG IN JJR NNS PRP VBP MD VB DT NN IN VBG NN IN DT NN . ''
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However , he stressed that the improvement depends on a continued reduction in smoking . RB , PRP VBD IN DT NN VBZ IN DT VBN NN IN NN .
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`` Even though these favorable trends in lung-cancer mortality affect all sex and race groups , they ca n't be taken for granted , '' the report says . `` RB IN DT JJ NNS IN NN NN NN DT NN CC NN NNS , PRP MD RB VB VBN IN VBN , '' DT NN NNS .
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`` Smoking prevention programs should reach larger segments of the population , especially children , adolescents and minorities . '' `` NNP NN NNS MD VB JJR NNS IN DT NN , RB NNS , NNS CC NNS . ''
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An editorial in the NCI Journal says the report of declining lung-cancer mortality `` among young men and women in the U.S. indicates that we finally may be winning the battle -- this even in a country where the tobacco industry spends over $ 2 billion a year for promotion of the addictive habit of smoking . '' DT NN IN DT NNP NNP VBZ DT NN IN VBG NN NN `` IN JJ NNS CC NNS IN DT NNP VBZ IN PRP RB MD VB VBG DT NN : DT RB IN DT NN WRB DT NN NN VBZ IN $ CD CD DT NN IN NN IN DT JJ NN IN NN . ''
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But the editorial , by Jan Stjernsward of the World Health Organization , notes that tobacco consumption and lung-cancer mortality rates are rising in developing countries . CC DT NN , IN NNP NNP IN DT NNP NNP NNP , VBZ DT NN NN CC NN NN NNS VBP VBG IN VBG NNS .
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`` Non-smoking should be established as the norm of social behavior '' around the world , the editorial says , through the enactment of laws that limit advertising , boost tobacco prices and promote anti-smoking education . `` NN MD VB VBN IN DT NN IN JJ NN '' IN DT NN , DT NN VBZ , IN DT NN IN NNS WDT VBP VBG , VB NN NNS CC VB JJ NN .
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Asked for comment , Walker Merryman , a vice president of the Tobacco Institute , said new efforts to restrict tobacco advertising in the U.S. could violate the First Amendment protection of free speech . VBN IN NN , NNP NNP , DT NN NN IN DT NNP NNP , VBD JJ NNS TO VB NN NN IN DT NNP MD VB DT NNP NNP NN IN JJ NN .
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According to the American Cancer Society , smoking is responsible for 85 % of the lung-cancer cases among men and 75 % among women . VBG TO DT NNP NNP NNP , NN VBZ JJ IN CD NN IN DT NN NNS IN NNS CC CD NN IN NNS .
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The NCI report attributes the differences in mortality rates by race to different smoking patterns . DT NNP NN VBZ DT NNS IN NN NNS IN NN TO JJ NN NNS .
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A higher proportion of black men smoke than white men . DT JJR NN IN JJ NNS VBP IN JJ NNS .
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While nearly equal percentages of black and white women currently smoke , in both sexes more whites have given up smoking than blacks . IN RB JJ NNS IN JJ CC JJ NNS JJ NN , IN DT NNS JJR NNS VBP VBN IN NN IN NNS .
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In comparing changes in mortality rates over the past decade , the NCI study looked only at blacks and whites . IN VBG NNS IN NN NNS IN DT JJ NN , DT NNP NN VBD RB IN NNS CC NNS .
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Asians and native Americans were n't studied ; Hispanics were included with whites . NNS CC JJ NNPS VBD RB VBN : NNPS VBD VBN IN NNS .
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Recent changes in average annual age-specific lung-cancer rates per 100,000 population by race and sex . JJ NNS IN JJ JJ JJ NN NNS IN CD NN IN NN CC NN .
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White Males NNP NNPS
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White Females NNP NNPS
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Black Males NNP NNPS
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Black Females NNP NNPS
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Directors elected R. Marvin Womack , currently vice president\/product supply , purchasing , to head the company 's Washington , D.C. , office . NNS VBD NNP NNP NNP , JJ NN NN NN , VBG , TO VB DT NN POS NNP , NNP , NN .
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As vice president\/national-government relations , Mr. Womack will work with P&G 's top management and with the company 's government-relations staff `` to represent P&G 's interests at the federal level , '' said John G. Smale , chairman and chief executive officer . IN NN NN NNS , NNP NNP MD VB IN NNP POS JJ NN CC IN DT NN POS NNS VBP `` TO VB NNP POS NNS IN DT JJ NN , '' VBD NNP NNP NNP , NN CC JJ JJ NN .
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Mr. Smale said the appointment `` recognizes the growing influence of government on our business . '' NNP NNP VBD DT NN `` VBZ DT VBG NN IN NN IN PRP$ NN . ''
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Mr. Womack , 53 years old , has been with the big producer of household products , food and pharmaceuticals for 30 years . NNP NNP , CD NNS JJ , VBZ VBN IN DT JJ NN IN NN NNS , NN CC NNS IN CD NNS .
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Traders trying to profit from the recent volatility in financial markets invaded the Nasdaq over-the-counter market , prompting even more swings in stock prices . NNS VBG TO VB IN DT JJ NN IN JJ NNS VBD DT NNP JJ NN , VBG RB JJR NNS IN NN NNS .
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After gaining strength during a brief run-up when trading began , the Nasdaq Composite Index weakened under selling pressure . IN VBG NN IN DT JJ NN WRB NN VBD , DT NNP NNP NNP VBD IN VBG NN .
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The forces at work included computer-guided trading , as well as profit-driven market makers and institutional investors who had bought stock on the cheap during the recent correction . DT NNS IN NN VBD JJ NN , RB RB IN CD NN NNS CC JJ NNS WP VBD VBN NN IN DT NN IN DT JJ NN .
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During the last two hours of trading , the composite almost drew even on the day before slipping again . IN DT JJ CD NNS IN NN , DT JJ RB VBD RB IN DT NN IN VBG RB .
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The Nasdaq Composite closed down 1.05 , or 0.2 % , to 459.93 . DT NNP NNP VBD RB CD , CC CD NN , TO CD .
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The action was confined to Nasdaq 's biggest and most liquid stocks , traders said . DT NN VBD VBN TO NNP POS JJS CC RBS JJ NNS , NNS VBD .
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The Nasdaq 100 Index began the day at 449.89 , lost 2 % at one point , and was up 0.4 % at another . DT NNP CD NNP VBD DT NN IN CD , VBD CD NN IN CD NN , CC VBD IN CD NN IN DT .
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The barometer of the biggest nonfinancial stocks settled at 448.49 , off 1.40 . DT NN IN DT JJS JJ NNS VBD IN CD , IN CD .
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Its counterpart , the Nasdaq Financial Index , was weak for most of the day , sliding 2.51 to 453.57 by the end of trading . PRP$ NN , DT NNP NNP NNP , VBD JJ IN RBS IN DT NN , VBG CD TO CD IN DT NN IN NN .
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The volatility was dizzying for traders . DT NN VBD JJ IN NNS .
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`` The market must have turned up and down 15 different times , '' commented Lance Zipper , head of OTC trading at Kidder Peabody . `` DT NN MD VB VBN IN CC RB CD JJ NNS , '' VBD NNP NNP , NN IN NNP NN IN NNP NNP .
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`` Every time you thought it was going into a rally it gave up , and every time you thought it would rally it came down . `` DT NN PRP VBD PRP VBD VBG IN DT NN PRP VBD IN , CC DT NN PRP VBD PRP MD VB PRP VBD RB .
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This is a tough market . '' DT VBZ DT JJ NN . ''
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Mr. Zipper said the market is still settling down after the recent correction . NNP NNP VBD DT NN VBZ RB VBG RB IN DT JJ NN .
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Most of trading action now is from professional traders who are trying to take advantage of the price swings to turn a quick profit , he and other traders said . JJS IN NN NN RB VBZ IN JJ NNS WP VBP VBG TO VB NN IN DT NN NNS TO VB DT JJ NN , PRP CC JJ NNS VBD .
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`` Everybody 's confused and no one has an opinion that lasts longer than 30 seconds , '' said Mr. Zipper . `` NN POS VBN CC DT CD VBZ DT NN WDT VBZ RB IN CD NNS , '' VBD NNP NNP .
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`` A lot of the professional traders are just going back and forth . `` DT NN IN DT JJ NNS VBP RB VBG RB CC RB .
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They 're just as confused . '' PRP VBP RB IN VBN . ''
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William Rothe , head of OTC trading at Alex . Brown & Sons , in Baltimore , said program trading is keeping the markets unsettled . NNP NNP , NN IN NNP NN IN NNP . NNP CC NNP , IN NNP , VBD NN NN VBZ VBG DT NNS JJ .
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He believes that the volatile conditions created by program trading has `` thoroughly confused '' investors about where the market is headed . PRP VBZ IN DT JJ NNS VBN IN NN NN VBZ `` RB VBN '' NNS IN WRB DT NN VBZ VBN .
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Program trading is `` benefiting a few to the detriment of many and I wish someone would do something about it , '' he complained . NN NN VBZ `` VBG DT JJ TO DT NN IN JJ CC PRP VBP NN MD VB NN IN PRP , '' PRP VBD .
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Trading activity cooled off from Monday 's sizzling pace . NN NN VBN IN IN NNP POS JJ NN .
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Share turnover subsided to 161.5 million . NN NN VBD TO CD CD .
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Advancing and declining issues finished about even . VBG CC VBG NNS VBD IN RB .
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Of the 4,345 stocks that changed hands , 1,174 declined and 1,040 advanced . IN DT CD NNS WDT VBD NNS , CD VBD CC CD VBD .
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One big technology issue , Novell , rode the roller coaster . CD JJ NN NN , NNP , VBD DT NN NN .
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The stock , which finished Monday at 29 1\/2 , traded as high as 29 3\/4 and as low as 28 3\/4 before closing at 29 1\/4 , down 1\/4 . DT NN , WDT VBD NNP IN CD CD , VBD RB JJ IN CD CD CC RB JJ IN CD CD IN VBG IN CD CD , RB CD .
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It was a jarring day for investors in Genetics Institute . PRP VBD DT VBG NN IN NNS IN NNP NNP .
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The stock tumbled 2 3\/4 on news that it might have to take a charge against earnings if it ca n't successfully resolve a dispute with its European licensee , Boehringer Mannheim , over its anti-anemia drug , EPO . DT NN VBD CD CD IN NN IN PRP MD VB TO VB DT NN IN NNS IN PRP MD RB RB VB DT NN IN PRP$ JJ NN , NNP NNP , IN PRP$ NN NN , NNP .
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The stock recovered somewhat to finish 1 1\/4 lower at 26 1\/4 . DT NN VBD RB TO VB CD CD JJR IN CD CD .
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In a statement , Genetics Institute said the dispute with Boehringer centers on questions of the usability of certain batches of EPO material valued at $ 13.6 million . IN DT NN , NNP NNP VBD DT NN IN NNP NNS IN NNS IN DT NN IN JJ NNS IN NNP NN VBN IN $ CD CD .
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Earlier this week , Genetics Institute reported wider losses in its fiscal third quarter ended Aug. 31 . RBR DT NN , NNP NNP VBD JJR NNS IN PRP$ JJ JJ NN VBN NNP CD .
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Price Co. jumped 2 1\/4 to 44 on 1.7 million shares . NNP NNP VBD CD CD TO CD IN CD CD NNS .
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The wholesaler of cash and carry merchandise reported fiscal fourthquarter earnings that were better than analysts had expected . DT NN IN NN CC VB NN VBD JJ NN NNS WDT VBD JJR IN NNS VBD VBN .
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The company also pleased analysts by announcing four new store openings planned for fiscal 1990 , ending next August . DT NN RB VBD NNS IN VBG CD JJ NN NNS VBN IN JJ CD , VBG JJ NNP .
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That will bring the total for the year to 10 , from five during fiscal 1989 . DT MD VB DT NN IN DT NN TO CD , IN CD IN JJ CD .
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`` Every year we 've been waiting for stepped-up expansion from the company . `` DT NN PRP VBP VBN VBG IN JJ NN IN DT NN .
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The news could n't have been better , '' said Linda Kristiansen , a Dean Witter Reynolds analyst , in an interview . DT NN MD RB VB VBN JJR , '' VBD NNP NNP , DT NNP NNP NNP NN , IN DT NN .
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Intermec , a maker of optical character-recognition devices , also reported higher third-quarter earnings . NNP , DT NN IN JJ NN NNS , RB VBD JJR JJ NNS .
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Its shares added 3\/4 to 30 3\/4 . PRP$ NNS VBD CD TO CD CD .
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But favorable earnings was n't a guarantee that a stock 's price would improve yesterday . CC JJ NNS VBD RB DT NN IN DT NN POS NN MD VB NN .
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MCI Communications tumbled 2 5\/8 to 42 3\/8 on 4.7 million shares even though the telecommunications giant reported a 63 % increase in third-quarter profit . NNP NNPS VBD CD CD TO CD CD IN CD CD NNS RB IN DT NNS NN VBD DT CD NN NN IN JJ NN .
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CoreStates Financial slipped 3\/8 to 43 1\/8 in active trading after reporting that third-quarter earnings improved to $ 1.27 a share from $ 1.15 a share a year earlier . NNP NNP VBD CD TO CD CD IN JJ NN IN VBG IN JJ NNS VBN TO $ CD DT NN IN $ CD DT NN DT NN RBR .
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However , the bank holding company 's loan-loss reserves rose to $ 177.3 million from $ 154 million a year earlier . RB , DT NN VBG NN POS NN NNS VBD TO $ CD CD IN $ CD CD DT NN RBR .
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A&W Brands lost 1\/4 to 27 . NNP NNP VBD CD TO CD .
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But its thirdquarter earnings rose to 26 cents a share from 18 cents a share last year . CC PRP$ JJ NNS VBD TO CD NNS DT NN IN CD NNS DT NN JJ NN .
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Capital Associates dropped 1 to 5 3\/8 . NNP NNPS VBD CD TO VB CD .
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The company , which leases technology equipment , reported substantially lower net income for its fiscal first quarter , which ended Aug. 31 . DT NN , WDT VBZ NN NN , VBD RB JJR JJ NN IN PRP$ JJ JJ NN , WDT VBN NNP CD .
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Robert M. Jelenic , 39 , was named president and chief operating officer of this closely held publisher . NNP NNP NNP , CD , VBD VBN NN CC JJ VBG NN IN DT RB VBN NN .
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The post had been vacant for more than a year . DT NN VBD VBN JJ IN JJR IN DT NN .
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Mr. Jelenic had been executive vice president for operations . NNP NNP VBD VBN JJ NN NN IN NNS .
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In addition , Ralph Ingersoll II , 43 , chairman and chief executive , said he would take on additional responsibilities as editor in chief of the company . IN NN , NNP NNP NNP , CD , NN CC JJ NN , VBD PRP MD VB IN JJ NNS IN NN IN NN IN DT NN .
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John Wilpers resigned as editor in chief . NNP NNP VBD IN NN IN NN .
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Mr. Ingersoll remains editor in chief of the company 's recently launched daily , the St. Louis Sun . NNP NNP VBZ NN IN NN IN DT NN POS RB VBN JJ , DT NNP NNP NNP .
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Also , Jean B. Clifton , 28 , was named executive vice president , treasurer and chief financial officer . RB , NNP NNP NNP , CD , VBD VBN JJ NN NN , NN CC JJ JJ NN .
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Michael Applebaum resigned after less than a year in the posts . NNP NNP VBD IN JJR IN DT NN IN DT NNS .
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Ms. Clifton had been executive financial assistant to the chairman . NNP NNP VBD VBN NN JJ NN TO DT NN .
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Certainly conservative environmentalists can defend their limited government position by differentiating between Old Environmentalism and New Environmentalism -LRB- `` Journalists and Others for Saving the Planet , '' by David Brooks , editorial page , Oct. 5 -RRB- . RB JJ NNS MD VB PRP$ JJ NN NN IN VBG IN NNP NNP CC NNP NNP ( `` NNS CC NNS IN VBG DT NNP , '' IN NNP NNP , NN NN , NNP NN ) .
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Old Environmentalism involved microbe hunters and sanitationists . NNP NNP VBD NN NNS CC NNS .
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It started with improvements in hygiene made possible by affordable soap and washable underwear during the Industrial Revolution . PRP VBD IN NNS IN NN VBD JJ IN JJ NN CC JJ NN IN DT NNP NNP .
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Then cast-iron sewer pipe and the flush toilet were followed by sewage - and water-treatment plants toward the end of the 19th century . RB NN NN NN CC DT JJ NN VBD VBN IN NN : CC NN NNS IN DT NN IN DT JJ NN .
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Medicine in the 19th century was dedicated mostly to combating sepsis and diagnostic analysis . NNP IN DT JJ NN VBD VBN RB TO VBG NN CC JJ NN .
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Then the 20th century saw the evolution of private-sector wonder drugs , which promulgated medical therapy . RB DT JJ NN VBD DT NN IN JJ NN NNS , WDT VBD JJ NN .
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The process dramatically increased our average life expectancy , eliminated much pain and constantly improved health and well-being . DT NN RB VBD PRP$ JJ NN NN , VBN JJ NN CC RB VBN NN CC NN .
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Most public-health measures were handled at the local level . JJS JJ NNS VBD VBN IN DT JJ NN .
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New Environmentalism probably started in 1962 with the publication of Rachel Carson 's book `` Silent Spring . '' NNP NNP RB VBD IN CD IN DT NN IN NNP NNP POS NN `` NNP NNP . ''
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Shortly thereafter , hysterical articles began to appear predicting that advanced industrial societies would produce a blackened , uninhabitable planet possibly by the turn of the century . RB RB , JJ NNS VBD TO VB VBG WDT VBD JJ NNS MD VB DT VBN , JJ NN RB IN DT NN IN DT NN .
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These apocalyptic predictions were advanced by such stalwarts as Paul Ehrlich , Barry Commoner , Rene Dubois and George Wald . DT JJ NNS VBD VBN IN JJ NNS IN NNP NNP , NNP NNP , NNP NNP CC NNP NNP .
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Writing in the 1960s Ms. Carson suggested that the human race could be eliminated in 20 years , and Mr. Wald suggested that life on earth might end by 1985 . VBG IN DT CD NNP NNP VBD IN DT JJ NN MD VB VBN IN CD NNS , CC NNP NNP VBD DT NN IN NN MD VB IN CD .
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Mr. Ehrlich predicted unprecedented famine by 1980 . NNP NNP VBD JJ NN IN CD .
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There were many more . EX VBD RB JJR .
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Thousands of chemical products were categorized as carcinogenic , with recommendations that they be banned from industrial use because they produced malignant tumors in overdosed rats . NNS IN NN NNS VBD VBN IN JJ , IN NNS IN PRP VBP VBN IN JJ NN IN PRP VBD JJ NNS IN VBN NNS .
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Unknown before 1960 were the inconclusive effects of acid rain , greenhouse warming and ozone depletion , all of which required burgeoning political power and gargantuan expense . JJ IN CD VBD DT JJ NNS IN NN NN , NN NN CC NN NN , DT IN WDT VBD VBG JJ NN CC JJ NN .
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Meanwhile , the New Environmentalists systematically opposed the methods of the Old Environmentalists . RB , DT NNP NNS RB VBN DT NNS IN DT NNP NNS .
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Local pollution problems require cheap energy and capital for their solution . JJ NN NNS VBP JJ NN CC NN IN PRP$ NN .
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But the New Environmentalists oppose private wealth creation -LRB- which , they claim , depletes natural resources -RRB- and nuclear power -LRB- even though it would counteract the greenhouse effect -RRB- . CC DT NNP NNS VBP JJ NN NN ( WDT , PRP VBP , VBZ JJ NNS ) CC JJ NN ( RB IN PRP MD VB DT NN NN ) .
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They are in the forefront of opposing the search for new landfills and methods of incineration and even oppose new methods of research such as genetic engineering . PRP VBP IN DT NN IN VBG DT NN IN JJ NNS CC NNS IN NN CC RB VB JJ NNS IN NN JJ IN JJ NN .
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New Environmentalism is an emotional attack on proven methods of improving our quality of life and a bid for political power . NNP NNP VBZ DT JJ NN IN VBN NNS IN VBG PRP$ NN IN NN CC DT NN IN JJ NN .
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Let 's rationalize our priorities by solving pollution problems at the local level as heretofore . VB POS VB PRP$ NNS IN VBG NN NNS IN DT JJ NN IN RB .
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Harry Lee Smith Alpharetta , Ga . NNP NNP NNP NNP , NNP .
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Your story missed some essential points of the conference on `` The Global Environment : Are We Overreacting ? '' PRP$ NN VBD DT JJ NNS IN DT NN IN `` DT NNP NNP : VBP PRP VBG . ''
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First and foremost , the vignettes presented by the various scientists represent a general consensus among specialists working in the respective aspects of the global environment . NNP CC JJ , DT NNS VBN IN DT JJ NNS VBP DT JJ NN IN NNS VBG IN DT JJ NNS IN DT JJ NN .
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Consider , for example , the greenhouse effect and climate change ; numerous blue-ribbon scientific committees , including one from the National Academy of Science , judge there is a greater than 50 % probability of a grave problem in the offing . VB , IN NN , DT NN NN CC NN NN : JJ JJ JJ NNS , VBG CD IN DT NNP NNP IN NNP , NN EX VBZ DT JJR IN CD NN NN IN DT JJ NN IN DT NN .
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The point was to answer the question in the conference title , not to try to create news stories for the event itself . DT NN VBD TO VB DT NN IN DT NN NN , RB TO VB TO VB NN NNS IN DT NN PRP .
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Nor was it intended to dictate a set of prescriptive solutions , although various points were raised . CC VBD PRP VBD TO VB DT NN IN JJ NNS , IN JJ NNS VBD VBN .
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Each speaker was asked to address a specific topic , not deliver a point of view . DT NN VBD VBN TO VB DT JJ NN , RB VB DT NN IN NN .
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Each scientist independently concluded society and government are underreacting when it comes to substantive policy change . DT NN RB VBD NN CC NN VBP VBG WRB PRP VBZ TO JJ NN NN .
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This leads to a very special sense of urgency . DT VBZ TO DT RB JJ NN IN NN .
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If the media decide to work harder at educating the public about these complex and technical issues , that hardly can be termed non-objective journalism . IN DT NNS VBP TO VB JJR IN VBG DT NN IN DT JJ CC JJ NNS , IN RB MD VB VBN JJ NN .
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The environment can no longer be a normal issue , to be dealt with on a business-as-usual basis with comfortable increments of change . DT NN MD RB RB VB DT JJ NN , TO VB VBN IN IN DT JJ NN IN JJ NNS IN NN .
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We have literally altered the chemistry and physics of our planet 's atmosphere . PRP VBP RB VBN DT NN CC NN IN PRP$ NN POS NN .
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This portends consequences from what we have already done that will be very destabilizing to social and economic systems . DT VBZ NNS IN WP PRP VBP RB VBN WDT MD VB RB VBG TO JJ CC JJ NNS .
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The problems of the environment are so interrelated , so inextricably entwined with our current way of life and so large that it is unlikely we will be able to address them effectively unless major changes are made in less than 10 years . DT NNS IN DT NN VBP RB VBN , RB RB VBN IN PRP$ JJ NN IN NN CC RB JJ IN PRP VBZ JJ PRP MD VB JJ TO VB PRP RB IN JJ NNS VBP VBN IN JJR IN CD NNS .
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The consensus from the scientific community is that there is sufficient evidence to advise major policy changes . DT NN IN DT JJ NN VBZ IN EX VBZ JJ NN TO VB JJ NN NNS .
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No , we are not overreacting . DT , PRP VBP RB VBG .
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Thomas E. Lovejoy Assistant Secretary for External Affairs Smithsonian Institution NNP NNP NNP NNP NNP IN NNP NNP NNP NNP
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Coca-Cola Enterprises Inc. , fulfilling its dismal earnings forecast for 1989 , said its third-quarter net income fell 68 % on flat revenue . NNP NNPS NNP , VBG PRP$ JJ NNS NN IN CD , VBD PRP$ JJ JJ NN VBD CD NN IN JJ NN .
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Stung by higher marketing costs and slowing volume growth , the giant Coke bottling operation said net fell to $ 12.7 million , or six cents a share , from $ 39.9 million , or 26 cents a share , the year earlier . VBN IN JJR NN NNS CC VBG NN NN , DT NN NNP NN NN VBD NN VBD TO $ CD CD , CC CD NNS DT NN , IN $ CD CD , CC CD NNS DT NN , DT NN RBR .
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The results met estimates of analysts , who had already slashed their projections after the company said in late August that its 1989 earnings could tumble as much as 37 % . DT NNS VBD NNS IN NNS , WP VBD RB VBN PRP$ NNS IN DT NN VBD IN JJ NNP IN PRP$ CD NNS MD VB RB JJ IN CD NN .
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A company spokesman said yesterday that Coca-Cola Enterprises sticks by its 1989 forecast . DT NN NN VBD NN IN NNP NNPS NNS IN PRP$ CD NN .
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Third-quarter revenue was flat at $ 1.02 billion . JJ NN VBD JJ IN $ CD CD .
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The year-ago results , however , included the operations of a bottling business , which was sold last December . DT JJ NNS , RB , VBD DT NNS IN DT NN NN , WDT VBD VBN JJ NNP .
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Excluding that bottling business , Coca-Cola Enterprises ' volume , measured by cases of soda , rose only 1 % . VBG DT NN NN , NNP NNPS POS NN , VBN IN NNS IN NN , VBD RB CD NN .
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The volume is well below the industry 's 4 % to 5 % growth rate of recent years , but in line with other soft-drink companies for the third quarter . DT NN VBZ RB IN DT NN POS CD NN TO VB NN NN NN IN JJ NNS , CC IN NN IN JJ NN NNS IN DT JJ NN .
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The latest third-quarter volume also compares with a very strong 10 % growth in the year-ago quarter . DT JJS JJ NN RB VBZ IN DT RB JJ CD NN NN IN DT JJ NN .
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Coca-Cola Enterprises blamed the lower volume on its soft-drink prices , which were about 3 % higher in the third quarter . NNP NNPS VBD DT JJR NN IN PRP$ NN NNS , WDT VBD IN CD NN JJR IN DT JJ NN .
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Consumers have been accustomed to buying soft-drinks at discounted prices for several years . NNS VBP VBN VBN TO VBG NNS IN VBN NNS IN JJ NNS .
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Coca-Cola Enterprises said it had to boost spending for trade and dealer incentives to try to keep volumes from slipping . NNP NNPS VBD PRP VBD TO VB NN IN NN CC NN NNS TO VB TO VB NNS IN VBG .
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The company said it expects consumers will adjust to higher-priced soft drinks . DT NN VBD PRP VBZ NNS MD VB TO JJ JJ NNS .
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A spokesman attributed the bulk of a 14 % increase in selling , administrative and general expenses -- to $ 324.9 million -- to marketing costs . DT NN VBD DT NN IN DT CD NN NN IN VBG , JJ CC JJ NNS : TO $ CD CD : TO NN NNS .
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`` They 're out there promoting like crazy , trying to get prices up by promotion , '' said Roy Burry , an analyst with Kidder , Peabody & Co . `` PRP VBP IN RB VBG IN JJ , VBG TO VB NNS IN IN NN , '' VBD NNP NNP , DT NN IN NNP , NNP CC NNP .
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For the nine months , Coca-Cola Enterprises ' net fell 31 % to $ 65 million , or 39 cents a share , from $ 93.8 million , or 63 cents a share . IN DT CD NNS , NNP NNPS POS NN VBD CD NN TO $ CD CD , CC CD NNS DT NN , IN $ CD CD , CC CD NNS DT NN .
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Revenue was flat at about $ 2.97 billion . NN VBD JJ IN RB $ CD CD .
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Coca-Cola Enterprises , which is 49%-owned by Coca-Cola Co. , also said it repurchased about 1.2 million of its common shares during the third quarter . NNP NNPS , WDT VBZ JJ IN NNP NNP , RB VBD PRP VBD IN CD CD IN PRP$ JJ NNS IN DT JJ NN .
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The buy-back is part of a 25-million-share repurchase plan , under which Coca-Cola Enterprises so far has acquired a total of 9.7 million shares . DT NN VBZ NN IN DT JJ NN NN , IN WDT NNP NNPS RB RB VBZ VBN DT NN IN CD CD NNS .
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Separately , Purchase , N.Y.-based PepsiCo Inc. , as expected , said fiscal third-quarter net rose 11 % to $ 269.3 million , or $ 1.02 a share , from $ 241.6 million , or 91 cents a share . RB , NNP , JJ NNP NNP , IN VBN , VBD JJ JJ NN VBD CD NN TO $ CD CD , CC $ CD DT NN , IN $ CD CD , CC CD NNS DT NN .
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Sales rose 25 % to $ 3.90 billion from $ 3.13 billion . NNS VBD CD NN TO $ CD CD IN $ CD CD .
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The year-ago quarter 's results include an after-tax charge of $ 5.9 million from the sale of a winery in Spain . DT JJ NN POS NNS VBP DT JJ NN IN $ CD CD IN DT NN IN DT NN IN NNP .
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In composite trading on the New York Stock Exchange , Coca-Cola Enterprises closed at $ 16.375 a share , down 62.5 cents . IN JJ NN IN DT NNP NNP NNP NNP , NNP NNPS VBD IN $ CD DT NN , RB CD NNS .
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PepsiCo closed at $ 58.50 a share , up $ 1.375 . NNP VBD IN $ CD DT NN , IN $ CD .
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L.J. Hooker Corp. is expected to reach an agreement in principle this week to sell Merksamer Jewelers Inc. to management , say executives familiar with the talks . NNP NNP NNP VBZ VBN TO VB DT NN IN NN DT NN TO VB NNP NNP NNP TO NN , VBP NNS JJ IN DT NNS .
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L.J. Hooker , based in Atlanta , filed for Chapter 11 bankruptcy protection earlier this year . NNP NNP , VBN IN NNP , VBN IN NN CD NN NN RBR DT NN .
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Currently , its parent company , Hooker Corp. of Sydney , Australia , is being managed by a court-appointed liquidator . RB , PRP$ NN NN , NNP NNP IN NNP , NNP , VBZ VBG VBN IN DT JJ NN .
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It is expected that GE Capital Corp. , a financial-services subsidiary of General Electric Co. , will provide much of the funding for the proposed leveraged buy-out of Merksamer , based in Sacramento , Calif . PRP VBZ VBN IN NNP NNP NNP , DT NNS NN IN NNP NNP NNP , MD VB NN IN DT NN IN DT VBN JJ NN IN NNP , VBN IN NNP , NNP .
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A spokesman for GE Capital declined to comment . DT NN IN NNP NNP VBD TO VB .
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GE Capital has a working relationship with L.J. Hooker . NNP NNP VBZ DT VBG NN IN NNP NNP .
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It is providing $ 50 million in emergency financing to the company and has agreed to buy as much as $ 75 million in receivables from B. Altman & Co. and Bonwit Teller , L.J. Hooker 's two fully owned department-store chains . PRP VBZ VBG $ CD CD IN NN NN TO DT NN CC VBZ VBN TO VB RB JJ IN $ CD CD IN NN IN NNP NNP CC NNP CC NNP NNP , NNP NNP POS CD RB VBN NN NNS .
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Sam Merksamer , chief executive officer of the nationwide jewelry chain , and Sanford Sigoloff , chief executive of L.J. Hooker Corp. , both declined to comment . NNP NNP , JJ JJ NN IN DT JJ NN NN , CC NNP NNP , JJ NN IN NNP NNP NNP , DT VBD TO VB .
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Currently , Mr. Merksamer owns 20 % of the company ; L.J. Hooker acquired its 80 % interest in the firm in May 1986 . RB , NNP NNP VBZ CD NN IN DT NN : NNP NNP VBD PRP$ CD NN NN IN DT NN IN NNP CD .
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At the time , the Merksamer chain had 11 stores in operation . IN DT NN , DT NNP NN VBD CD NNS IN NN .
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Today , there are 77 units , all located in shopping malls . NN , EX VBP CD NNS , DT VBN IN NN NNS .
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In recent weeks Mr. Merksamer has approached a number of his suppliers and asked them to provide letters of intent saying they will continue shipping merchandise to the chain following the buy-out , say those familiar with the situation . IN JJ NNS NNP NNP VBZ VBN DT NN IN PRP$ NNS CC VBD PRP TO VB NNS IN NN VBG PRP MD VB VBG NN TO DT NN VBG DT NN , VBP DT NN IN DT NN .
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This year , a number of retail leveraged buyouts have failed , causing jitters among suppliers , and Mr. Merksamer apparently wanted assurances that he wo n't have delivery problems . DT NN , DT NN IN JJ JJ NNS VBP VBN , VBG NNS IN NNS , CC NNP NNP RB VBD NNS IN PRP MD RB VB NN NNS .
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For the year ended June 30 , 1989 , Merksamer Jewelers had $ 62 million of revenue and operating profit of $ 2.5 million . IN DT NN VBN NNP CD , CD , NNP NNPS VBD $ CD CD IN NN CC VBG NN IN $ CD CD .
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The jewelery chain was put up for sale in June . DT NN NN VBD VBN IN IN NN IN NNP .
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According to those familiar with the situation , other bidders included Ratners Group PLC of London and Kay Jewelers Inc . VBG TO DT NN IN DT NN , JJ NNS VBD NNP NNP NNP IN NNP CC NNP NNP NNP .
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First Boston Corp. is advising L.J. Hooker on the sale of the Merksamer business . NNP NNP NNP VBZ VBG NNP NNP IN DT NN IN DT NNP NN .
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Merksamer was the first in a series of retail acquisitions made by L.J. Hooker . NNP VBD DT JJ IN DT NN IN JJ NNS VBN IN NNP NNP .
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The company was founded in Sacramento in 1929 by two brothers , Ralph and Walter Merksamer , who operated as DeVon 's Jewelers . DT NN VBD VBN IN NNP IN CD IN CD NNS , NNP CC NNP NNP , WP VBD IN NNP POS NNPS .
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In 1979 , the pair split the company in half , with Walter and his son , Sam , agreeing to operate under the Merksamer Jewelery name . IN CD , DT NN NN DT NN IN NN , IN NNP CC PRP$ NN , NNP , VBG TO VB IN DT NNP NNP NN .
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The sale of Merksamer Jewelers is subject to approval by Judge Tina Brozman of U.S. Bankruptcy Court . DT NN IN NNP NNPS VBZ NN TO NN IN NNP NNP NNP IN NNP NNP NNP .
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As earlier reported , L.J. Hooker this week received a $ 409 million bid for its three shopping malls , plus other properties from a consortium led by Honolulu real-estate investor Jay Shidler and A. Boyd Simpson , an Atlanta developer and former L.J. Hooker senior executive . IN RBR VBD , NNP NNP DT NN VBD DT $ CD CD NN IN PRP$ CD NN NNS , CC JJ NNS IN DT NN VBN IN NNP NN NN NNP NNP CC NNP NNP NNP , DT NNP NN CC JJ NNP NNP JJ NN .
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The offer , which did n't include the Merksamer chain , is being reviewed by Mr. Sigoloff . DT NN , WDT VBD RB VB DT NNP NN , VBZ VBG VBN IN NNP NNP .
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Robert J. Regal was named president and chief executive officer of this company 's Universal-Rundle Corp. unit . NNP NNP NNP VBD VBN NN CC JJ JJ NN IN DT NN POS NNP NNP NN .
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Mr. Regal had been president and chief executive of RBS Industries Inc . NNP NNP VBD VBN NN CC JJ NN IN NNP NNP NNP .
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Robert H. Carlson , previous president and chief executive of Universal-Rundle , will assume the title of chairman of the unit , a vitreous-china maker . NNP NNP NNP , JJ NN CC JJ NN IN NNP , MD VB DT NN IN NN IN DT NN , DT NN NN .
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The days may be numbered for animated shows featuring Alf , the Karate Kid and the Chipmunks . DT NNS MD VB VBN IN JJ NNS VBG NNP , DT NNP NNP CC DT NNPS .
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NBC , a leader in morning , prime-time and late night programs but an also-ran on Saturday mornings , when children rule the TV set , is contemplating getting out of the cartoon business . NNP , DT NN IN NN , JJ CC JJ NN NNS CC DT NN IN NNP NNS , WRB NNS VBP DT NN VBN , VBZ VBG VBG IN IN DT NN NN .
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Instead , network officials say , it may `` counterprogram '' with shows for an audience that is virtually ignored in that time period : adults . RB , NN NNS VBP , PRP MD `` VB '' IN VBZ IN DT NN WDT VBZ RB VBN IN DT NN NN : NNS .
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`` There is talk of some revamping and we 're certainly heading in the direction of less and less animation , '' said Joseph S. Cicero , vice president of finance and administration for National Broadcasting Co. , a unit of General Electric Co . `` EX VBZ VB IN DT VBG CC PRP VBP RB VBG IN DT NN IN JJR CC JJR NN , '' VBD NNP NNP NNP , NN NN IN NN CC NN IN NNP NNP NNP , DT NN IN NNP NNP NNP .
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Mr. Cicero said that NBC Entertainment president Brandon Tartikoff , who declined to be interviewed , is `` looking at options now and may put some things into the schedule by mid-season . '' NNP NNP VBD IN NNP NNP NNP NNP NNP , WP VBD TO VB VBN , VBZ `` VBG IN NNS RB CC MD VB DT NNS IN DT NN IN NN . ''
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He declined to elaborate . PRP VBD TO VB .
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NBC 's options could range from news-oriented programming to sports shows , although the network declined to comment . NNP POS NNS MD VB IN JJ NN TO NNS VBZ , IN DT NN VBD TO VB .
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One major NBC affiliate , KCRA in Sacramento , plans to cancel the NBC Saturday morning line-up as of January and replace it with a local newscast . CD JJ NNP NN , NNP IN NNP , VBZ TO VB DT NNP NNP NN NN IN IN NNP CC VB PRP IN DT JJ NN .
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The one-hour program will be repeated with updates throughout Saturday mornings . DT JJ NN MD VB VBN IN NNS IN NNP NNS .
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`` We feel there is an opportunity for an audience that is not being served by any network , so we want to take the lead , '' says KCRA 's general manager , John Kueneke . `` PRP VBP EX VBZ DT NN IN DT NN WDT VBZ RB VBG VBN IN DT NN , IN PRP VBP TO VB DT NN , '' VBZ NNP POS JJ NN , NNP NNP .
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`` We do n't need cartoons anymore . `` PRP VBP RB VB NNS RB .
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They only accounted for 5 % , at best , of the station 's total revenues . '' PRP RB VBD IN NN NN , IN JJS , IN DT NN POS JJ NNS . ''
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An NBC spokesman says the network will `` closely monitor '' the Sacramento situation , and says it is the only station to defect . DT NNP NN VBZ DT NN MD `` RB VB '' DT NNP NN , CC VBZ PRP VBZ DT JJ NN TO VB .
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Spokesmen for the television networks of CBS Inc. and Capital Cities\/ABC Inc. , say there are no plans to alter the children 's line-up on Saturday mornings . NNS IN DT NN NNS IN NNP NNP CC NNP NNP NNP , VBP EX VBP DT NNS TO VB DT NNS POS NN IN NNP NNS .
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The youthful audience for Saturday programming is no longer dependent on the networks . DT JJ NN IN NNP NN VBZ RB RB JJ IN DT NNS .
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There has been a surge in syndicated children 's shows to independent stations , as well as competition from videocassettes for kids and from cable outlets such as Nickelodeon and the Disney Channel . EX VBZ VBN DT NN IN VBN NNS POS VBZ TO JJ NNS , RB RB IN NN IN NNS IN NNS CC IN NN NNS JJ IN NNP CC DT NNP NNP .
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At the same time , there appears to be a market for news-oriented programming ; Turner Broadcasting System Inc. 's Cable News Network has its highest ratings , outside of prime time , on Saturday mornings . IN DT JJ NN , EX VBZ TO VB DT NN IN JJ NN : NNP NNP NNP NNP POS NNP NNP NNP VBZ PRP$ JJS NNS , IN IN JJ NN , IN NNP NNS .
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NBC has on previous occasions considered replacing cartoons with a Saturday version of `` Today , '' which is produced by NBC News . NNP VBZ IN JJ NNS VBN VBG NNS IN DT NNP NN IN `` NN , '' WDT VBZ VBN IN NNP NNP .
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The network 's own production company , NBC Productions , supplies a half-hour family-oriented show titled `` Saved By The Bell . '' DT NN POS JJ NN NN , NNP NNPS , VBZ DT NN JJ NN VBN `` NNP IN DT NNP . ''
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NBC Productions or NBC News could supply the network with other Saturday morning shows , a move that would control costs . NNP NNPS CC NNP NNP MD VB DT NN IN JJ NNP NN VBZ , DT NN WDT MD VB NNS .
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Animated shows , which are made by outside production companies , cost the network about $ 300,000 per episode . JJ NNS , WDT VBP VBN IN IN NN NNS , NN DT NN RB $ CD IN NN .
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Rohm & Haas Co. said third-quarter net income skidded 35 % to $ 32.6 million , or 49 cents a share . NNP CC NNP NNP VBD JJ JJ NN VBD CD NN TO $ CD CD , CC CD NNS DT NN .
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In the year-earlier quarter , the chemicals company had net of $ 49.8 million , or 75 cents a share . IN DT JJ NN , DT NNS NN VBD NN IN $ CD CD , CC CD NNS DT NN .
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Sales were $ 623 million , up 0.5 % from $ 619.8 million a year ago . NNS VBD $ CD CD , IN CD NN IN $ CD CD DT NN RB .
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Rohm & Haas , which plans to start operating seven new production units this year , attributed the profit slide partly to higher start-up expense . NNP CC NNP , WDT VBZ TO VB VBG CD JJ NN NNS DT NN , VBD DT NN NN RB TO JJR JJ NN .
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The company also cited the stronger dollar , which cuts the value of overseas profit when it is translated into dollars . DT NN RB VBD DT JJR NN , WDT VBZ DT NN IN JJ NN WRB PRP VBZ VBN IN NNS .
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In addition , the company said , it was hurt by higher than previous-year costs for raw materials , though those costs have declined since the second quarter . IN NN , DT NN VBD , PRP VBD VBN IN JJR IN JJ NNS IN JJ NNS , IN DT NNS VBP VBN IN DT JJ NN .
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Incrementally higher production of those chemicals which remain in heavy demand also has forced up costs , such as overtime pay . RB JJR NN IN DT NNS WDT VBP IN JJ NN RB VBZ VBN IN NNS , JJ IN NN NN .
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For the nine months , Rohm & Haas net totaled $ 155 million , or $ 2.33 a share , down 17 % from $ 187.8 million , or $ 2.82 a share , a year ago . IN DT CD NNS , NNP CC NNP NN VBD $ CD CD , CC $ CD DT NN , RB CD NN IN $ CD CD , CC $ CD DT NN , DT NN RB .
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Sales rose 5.2 % to $ 2.04 billion from $ 1.94 billion the previous year . NNS VBD CD NN TO $ CD CD IN $ CD CD DT JJ NN .
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In New York Stock Exchange composite trading , Rohm & Haas closed at $ 33 a share , down $ 1.75 . IN NNP NNP NNP NNP JJ NN , NNP CC NNP VBD IN $ CD DT NN , RB $ CD .
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Michael A. Gaskin , 55 years old , was named president and chief executive officer of this manufacturer of industrial robots , succeeding Walter K. Weisel . NNP NNP NNP , NN NNS JJ , VBD VBN NN CC JJ JJ NN IN DT NN IN JJ NNS , VBG NNP NNP NNP .
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Mr. Weisel , 49 , resigned as president and chief executive and will work on special projects , said John J. Wallace , chairman . NNP NNP , CD , VBD IN NN CC JJ NN CC MD VB IN JJ NNS , VBD NNP NNP NNP , NN .
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Mr. Gaskin formerly was president and chief executive of Taylor & Gaskin Inc. and was a director of Prab Robots since 1985 . NNP NNP RB VBD NN CC JJ NN IN NNP CC NNP NNP CC VBD DT NN IN NNP NNP IN CD .
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Stephen N. Wertheimer was named managing director and group head of investment banking in Asia , based in Tokyo . NNP NNP NNP VBD VBN VBG NN CC NN NN IN NN NN IN NNP , VBN IN NNP .
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Mr. Wertheimer , 38 years old , had been a first vice president in the industrial group in investment banking . NNP NNP , CD NNS JJ , VBD VBN DT JJ NN NN IN DT JJ NN IN NN NN .
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He succeeds Everett Meyers , who resigned in May . PRP VBZ NNP NNP , WP VBD IN NNP .
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This is written to correct a misquotation in your Oct. 3 article `` Deaths From Advanced Colon Cancer Can Be Reduced by Using Two Drugs . '' DT VBZ VBN TO VB DT NN IN PRP$ NNP CD NN `` NNP IN NNP NNP NNP MD VB NNP IN VBG CD NNS . ''
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In this article , I was alleged to have said , `` Any patient with high-risk colon cancer is really getting short shrift if he 's not getting this therapy . '' IN DT NN , PRP VBD VBN TO VB VBD , `` DT NN IN JJ NN NN VBZ RB VBG JJ NN IN PRP VBZ RB VBG DT NN . ''
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I did n't say this , and I 'm totally opposed to the philosophy expressed by the quote . PRP VBD RB VB DT , CC PRP VBP RB VBN TO DT NN VBN IN DT NN .
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I have not offered and will not offer routine therapy with the two drugs , levamisole and 5-fluorouracil , to any of my colon-cancer patients . PRP VBP RB VBN CC MD RB VB JJ NN IN DT CD NNS , NN CC JJ , TO DT IN PRP$ NN NNS .
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With this treatment we have reduced deaths in high-risk colon cancer by one-third -- but this leaves the two-thirds who are dying of cancer . IN DT NN PRP VBP VBN NNS IN JJ NN NN IN NN : CC DT VBZ DT NNS WP VBP VBG IN NN .
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This is not nearly good enough . DT VBZ RB RB JJ RB .
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I believe any physician who truly cares about cancer patients , both today and tomorrow , should offer the hope of something better than that . PRP VBP DT NN WP RB VBZ IN NN NNS , DT NN CC NN , MD VB DT NN IN NN JJR IN DT .
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My statement , read verbatim from a printed text available to all reporters attending the National Cancer Institute news conference , was the following : `` New clinical trials are already in operation seeking to improve these results . PRP$ NN , VB RB IN DT VBN NN JJ TO DT NNS VBG DT NNP NNP NNP NN NN , VBD DT VBG : `` NNP JJ NNS VBP RB IN NN VBG TO VB DT NNS .
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These research protocols offer to the patient not only the very best therapy which we have established today but also the hope of something still better . DT NN NNS VBP TO DT NN RB RB DT RB JJS NN WDT PRP VBP VBN NN CC RB DT NN IN NN RB JJR .
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I feel any patient with high-risk cancer is getting short shrift if he is not offered this opportunity . '' PRP VBP DT NN IN JJ NN VBZ VBG JJ NN IN PRP VBZ RB VBN DT NN . ''
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We have very exciting prospects for far more impressive advances in the treatment of colon cancer during the years immediately ahead . PRP VBP RB JJ NNS IN RB RBR JJ NNS IN DT NN IN NN NN IN DT NNS RB RB .
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This hope , however , will never be realized if we use levamisole and 5-fluorouracil as a stopping point . DT NN , RB , MD RB VB VBN IN PRP VBP NN CC JJ IN DT VBG NN .
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Charles G. Moertel M.D . Mayo Clinic Rochester , Minn . NNP NNP NNP NNP . NNP NNP NNP , NNP .
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The oil and auto industries , united in their dislike of President Bush 's proposal for cars that run on alternative fuels , announced a joint research program that could turn up a cleaner-burning gasoline . DT NN CC NN NNS , VBN IN PRP$ NN IN NNP NNP POS NN IN NNS WDT VBP IN NN NNS , VBD DT JJ NN NN WDT MD VB IN DT JJ NN .
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Officials of the Big Three auto makers and 14 petroleum companies said they are setting out to find the most cost-effective fuel for reducing cities ' air-pollution problems , with no bias toward any fuel in particular . NNS IN DT NNP CD NN NNS CC CD NN NNS VBD PRP VBP VBG IN TO VB DT RBS JJ NN IN VBG NNS POS NN NNS , IN DT NN IN DT NN IN NN .
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However , their search notably wo n't include natural gas or pure methanol -- the two front-running alternative fuels -- in tests to be completed by next summer . RB , PRP$ NN RB MD RB VB JJ NN CC JJ NN : DT CD JJ NN NNS : IN NNS TO VB VBN IN JJ NN .
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Instead , the tests will focus heavily on new blends of gasoline , which are still undeveloped but which the petroleum industry has been touting as a solution for automobile pollution that is choking urban areas . RB , DT NNS MD VB RB IN JJ NNS IN NN , WDT VBP RB JJ CC WDT DT NN NN VBZ VBN VBG IN DT NN IN NN NN WDT VBZ VBG JJ NNS .
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Environmentalists criticized the program as merely a public-relations attempt to head off a White House proposal to require a million cars a year that run on cleaner-burning fuels by 1997 . NNS VBD DT NN IN RB DT NNS VBP TO VB IN DT NNP NNP NN TO VB DT CD NNS DT NN WDT VBP IN JJ NNS IN CD .
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While major oil companies have been experimenting with cleaner-burning gasoline blends for years , only Atlantic Richfield Co. is now marketing a lower-emission gasoline for older cars currently running on leaded fuel . IN JJ NN NNS VBP VBN VBG IN JJ NN NNS IN NNS , RB NNP NNP NNP VBZ RB VBG DT NN NN IN JJR NNS RB VBG IN JJ NN .
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The initial $ 11 million research program will conduct the most extensive testing to date of reformulated gasolines , said Joe Colucci , head of fuels and lubricants at General Motors Corp. research laboratories . DT JJ $ CD CD NN NN MD VB DT RBS JJ NN TO VB IN VBN NNS , VBD NNP NNP , NN IN NNS CC NNS IN NNP NNPS NNP NN NNS .
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It will compare 21 different blends of gasolines with three mixtures of up to 85 % methanol . PRP MD VB CD JJ NNS IN NNS IN CD NNS IN IN TO CD NN NN .
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A second phase of research , which is still being planned , will test reformulated gasolines on newer engine technologies now being developed for use in 1992 or 1993 cars . DT JJ NN IN NN , WDT VBZ RB VBG VBN , MD VB VBN NNS IN JJR NN NNS RB VBG VBN IN NN IN CD CC CD NNS .
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There was no cost estimate for the second phase . EX VBD DT NN NN IN DT JJ NN .
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`` The whole idea here is the automobile and oil companies have joint customers , '' said Keith McHenry , a senior vice president of technology at Amoco Corp . `` DT JJ NN RB VBZ DT NN CC NN NNS VBP JJ NNS , '' VBD NNP NNP , DT JJ NN NN IN NN IN NNP NNP .
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`` And we are looking for the most cost-effective way to clean up the air . '' `` CC PRP VBP VBG IN DT RBS JJ NN TO VB IN DT NN . ''
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But David Hawkins , an environmental lawyer with the Natural Resources Defense Council , said the research appears merely to be a way to promote reformulated gasoline . CC NNP NNP , DT JJ NN IN DT NNP NNP NNP NNP , VBD DT NN VBZ RB TO VB DT NN TO VB VBN NN .
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Oil and auto companies supported a move on Capitol Hill last week to gut Mr. Bush 's plans to require auto makers to begin selling alternative-fueled cars by 1995 . NNP CC NN NNS VBD DT NN IN NNP NNP JJ NN TO VB NNP NNP POS NNS TO VB NN NNS TO VB VBG JJ NNS IN CD .
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Instead , a House subcommittee adopted a clean-fuels program that specifically mentions reformulated gasoline as an alternative . RB , DT NNP NN VBD DT NNS VBP WDT RB VBZ VBN NN IN DT NN .
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The Bush administration has said it will try to resurrect its plan when the House Energy and Commerce Committee takes up a comprehensive clean-air bill . DT NNP NN VBZ VBD PRP MD VB TO VB PRP$ NN WRB DT NNP NNP CC NNP NNP VBZ IN DT JJ JJ NN .
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William Seidman , chairman of the Federal Deposit Insurance Corp. , said Lincoln Savings & Loan Association should have been seized by the government in 1986 to contain losses that he estimated will cost taxpayers as much as $ 2 billion . NNP NNP , NN IN DT NNP NNP NNP NNP , VBD NNP NNP CC NNP NNP MD VB VBN VBN IN DT NN IN CD TO VB NNS IN PRP VBD MD VB NNS RB JJ IN $ CD CD .
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Mr. Seidman , who has been the nation 's top bank regulator , inherited the problems of Lincoln , based in Irvine , Calif. , after his regulatory role was expanded by the new savings-and-loan bailout law . NNP NNP , WP VBZ VBN DT NN POS JJ NN NN , VBD DT NNS IN NNP , VBN IN NNP , NNP , IN PRP$ JJ NN VBD VBN IN DT JJ JJ NN NN .
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He made his comments before House Banking Committee hearings to investigate what appears to be the biggest thrift disaster in a scandal-ridden industry . PRP VBD PRP$ NNS IN NNP NNP NNP NNS TO VB WP VBZ TO VB DT JJS NN NN IN DT JJ NN .
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The inquiry also will cover the actions of Charles Keating Jr. , who is chairman of American Continental Corp. , Lincoln 's parent , and who contributed heavily to several U.S. senators . DT NN RB MD VB DT NNS IN NNP NNP NNP , WP VBZ NN IN NNP NNP NNP , NNP POS NN , CC WP VBD RB TO JJ NNP NNS .
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Mr. Seidman told the committee that the Resolution Trust Corp. , the agency created to sell sick thrifts , has studied Lincoln 's examination reports by former regulators dating back to 1986 . NNP NNP VBD DT NN IN DT NNP NNP NNP , DT NN VBN TO VB JJ NNS , VBZ VBN NNP POS NN NNS IN JJ NNS VBG RB TO CD .
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`` My staff indicated that had we made such findings in one of our own institutions , we would have sought an immediate cease-and-desist order to stop the hazardous operations , '' Mr. Seidman said . `` PRP$ NN VBD WDT VBD PRP VBD JJ NNS IN CD IN PRP$ JJ NNS , PRP MD VB VBN DT JJ JJ NN TO VB DT JJ NNS , '' NNP NNP VBD .
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When Lincoln was seized by the government , for example , 15 % of its loans , or $ 250 million , were to borrowers who were buying real estate from one of American Continental 's 50 other subsidiaries , according to Mr. Seidman . WRB NNP VBD VBN IN DT NN , IN NN , CD NN IN PRP$ NNS , CC $ CD CD , VBD TO NNS WP VBD VBG JJ NN IN CD IN NNP NNP POS CD JJ NNS , VBG TO NNP NNP .
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But the government did n't step in until six months ago , when thrift officials put Lincoln into conservatorship -- the day after American Continental filed for Chapter 11 bankruptcy protection from creditors . CC DT NN VBD RB VB IN IN CD NNS RB , WRB NN NNS VBP NNP IN NN : DT NN IN NNP NNP VBD IN NN CD NN NN IN NNS .
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The bankruptcy filing , the government has charged in a $ 1.1 billion civil lawsuit , was part of a pattern to shift insured deposits to the parent company , which used the deposits as a cache for real-estate deals . DT NN NN , DT NN VBZ VBN IN DT $ CD CD JJ NN , VBD NN IN DT NN TO VB VBN NNS TO DT NN NN , WDT VBD DT NNS IN DT NN IN NN NNS .
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The deposits that have been transferred to other subsidiaries are now under the jurisdiction of the bankruptcy court . DT NNS WDT VBP VBN VBN TO JJ NNS VBP RB IN DT NN IN DT NN NN .
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`` I think it 's fairly clear -LCB- Mr. Keating -RCB- knew , '' that regulators were set to seize Lincoln , Mr. Seidman said . `` PRP VBP PRP VBZ RB JJ ( NNP NNP ) VBD , '' IN NNS VBD VBN TO VB NNP , NNP NNP VBD .
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Further investigation , he said , may result in further actions against Lincoln 's executives , said Mr. Seidman , `` including fraud actions . '' JJ NN , PRP VBD , MD VB IN JJ NNS IN NNP POS NNS , VBD NNP NNP , `` VBG NN NNS . ''
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Mr. Keating , for his part , has filed suit alleging that regulators unlawfully seized the thrift . NNP NNP , IN PRP$ NN , VBZ VBN NN VBG IN NNS RB VBN DT NN .
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Leonard Bickwit , an attorney in Washington for Mr. Keating , declined to comment on the hearings , except to say , `` We will be responding comprehensively in several forums to each of these allegations at the appropriate time . '' NNP NNP , DT NN IN NNP IN NNP NNP , VBD TO VB IN DT NNS , VB TO VB , `` PRP MD VB VBG RB IN JJ NNS TO DT IN DT NNS IN DT JJ NN . ''
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Lincoln 's treatment by former thrift regulators , in an agency disbanded by the new law , has proved embarrassing for five senators who received thousands of dollars in campaign contributions from Mr. Keating . NNP POS NN IN JJ NN NNS , IN DT NN VBN IN DT JJ NN , VBZ VBN JJ IN CD NNS WP VBD NNS IN NNS IN NN NNS IN NNP NNP .
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Mr. Seidman said yesterday , for example , that Sen. Dennis DeConcini -LRB- D. , Ariz. -RRB- , who received $ 48,100 in contributions from Mr. Keating , phoned Mr. Seidman to request that he push for a sale of Lincoln before it would be seized . NNP NNP VBD NN , IN NN , IN NNP NNP NNP ( NNP , NNP ) , WP VBD $ CD IN NNS IN NNP NNP , VBD NNP NNP TO VB IN PRP VBP IN DT NN IN NNP IN PRP MD VB VBN .
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After the government lawsuit was filed against Lincoln , Sen. DeConcini returned the campaign contributions . IN DT NN NN VBD VBN IN NNP , NNP NNP VBD DT NN NNS .
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The senator 's spokesman said yesterday that he pushed for the sale of Lincoln because `` hundreds of Arizona jobs -LCB- at Lincoln -RCB- were on the line . '' DT NN POS NN VBD NN IN PRP VBD IN DT NN IN NNP IN `` NNS IN NNP NNS ( IN NNP ) VBD IN DT NN . ''
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Senate Banking Committee Chairman Donald Riegle -LRB- D. , Mich . -RRB- has also returned contributions he received from Mr. Keating a year ago . NNP NNP NNP NNP NNP NNP ( NNP , NNP . ) VBZ RB VBN NNS PRP VBD IN NNP NNP DT NN RB .
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Sens. John Glenn -LRB- D. , Ohio -RRB- , John McCain , -LRB- R. , Ariz. -RRB- and Alan Cranston -LRB- D. , Calif. -RRB- also received substantial contributions from Mr. Keating and sought to intervene on behalf of Lincoln . NNP NNP NNP ( NNP , NNP ) , NNP NNP , ( NNP , NNP ) CC NNP NNP ( NNP , NNP ) RB VBD JJ NNS IN NNP NNP CC VBD TO VB IN NN IN NNP .
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House Banking Committee Chairman Henry Gonzalez -LRB- D. , Texas -RRB- said Sen. Cranston volunteered to appear before the House committee , if necessary . NNP NNP NNP NNP NNP NNP ( NNP , NNP ) VBD NNP NNP VBD TO VB IN DT NNP NN , IN JJ .
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But a committee staff member said the panel is unlikely to pursue closely the role of the senators . CC DT NN NN NN VBD DT NN VBZ JJ TO VB RB DT NN IN DT NNS .
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At the hearing , Mr. Seidman said the RTC has already pumped $ 729 million into Lincoln for liquidity . IN DT NN , NNP NNP VBD DT NNP VBZ RB VBN $ CD CD IN NNP IN NN .
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He also held out little hope of restitution for purchasers of $ 225 million in American Continental subordinated debt . PRP RB VBD IN JJ NN IN NN IN NNS IN $ CD CD IN NNP NNP VBD NN .
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Some of those debtholders have filed a suit , saying they believed they were buying government-insured certificates of deposit . DT IN DT NNS VBP VBN DT NN , VBG PRP VBD PRP VBD VBG JJ NNS IN NN .
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`` We have no plans at this time to pay off those notes , '' he said . `` PRP VBP DT NNS IN DT NN TO VB IN DT NNS , '' PRP VBD .
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Eastern Airlines ' creditors committee , unhappy with the carrier 's plans for emerging from bankruptcy-law proceedings , asked its own experts to devise alternate approaches to a reorganization . NNP NNPS POS NNS NN , JJ IN DT NN POS NNS IN VBG IN NN NNS , VBD PRP$ JJ NNS TO VB JJ NNS TO DT NN .
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Representatives of the accounting firm of Ernst & Young and the securities firm of Goldman , Sachs & Co. , hired by creditors to consult on Eastern 's financial plans , told the committee in a private meeting yesterday that Eastern 's latest plan to emerge from bankruptcy-law protection is far riskier than an earlier one which won the creditors ' approval . NNS IN DT NN NN IN NNP CC NNP CC DT NNS NN IN NNP , NNP CC NNP , VBN IN NNS TO VB IN NNP POS JJ NNS , VBD DT NN IN DT JJ NN NN IN NNP POS JJS NN TO VB IN NN NN VBZ RB JJR IN DT RBR CD WDT VBD DT NNS POS NN .
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According to one person present at the meeting , Eastern 's new plan is financially `` overly optimistic . '' VBG TO CD NN JJ IN DT NN , NNP POS JJ NN VBZ RB `` RB JJ . ''
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Asked about the consultants ' reports , an Eastern spokeswoman said `` we totally disagree . '' VBN IN DT NNS POS NNS , DT NNP NN VBD `` PRP RB VBP . ''
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She said they have `` oversimplified and made some erroneous assumptions that make their analysis completely off-base . '' PRP VBD PRP VBP `` VBN CC VBD DT JJ NNS WDT VBP PRP$ NN RB JJ . ''
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At a later news conference here , Frank Lorenzo , chairman of Eastern 's parent Texas Air Corp. , said Eastern was exceeding its goals for getting back into operation and predicted it would emerge from Chapter 11 protection from creditors early next year , operating with more service than it originally had scheduled . IN DT JJ NN NN RB , NNP NNP , NN IN NNP POS NN NNP NNP NNP , VBD NNP VBD VBG PRP$ NNS IN VBG RB IN NN CC VBD PRP MD VB IN NN CD NN IN NNS JJ JJ NN , VBG IN JJR NN IN PRP RB VBD VBN .
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He insisted , as he has before , that creditors would be paid in full under the plan . PRP VBD , IN PRP VBZ RB , IN NNS MD VB VBN IN JJ IN DT NN .
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Mr. Lorenzo made no mention of creditors ' negative response to his plan . NNP NNP VBD DT NN IN NNS POS JJ NN TO PRP$ NN .
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`` We 're in the process of discussing an amended plan with the creditors and anticipate filing that amended plan shortly , '' Mr. Lorenzo told reporters . `` PRP VBP IN DT NN IN VBG DT VBN NN IN DT NNS CC VB NN WDT VBD NN RB , '' NNP NNP VBD NNS .
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`` We 're meeting and surpassing our goals , '' he added . `` PRP VBP VBG CC VBG PRP$ NNS , '' PRP VBD .
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In July , Eastern and its creditors agreed on a reorganization plan that called for Eastern to sell $ 1.8 billion in assets and to emerge from bankruptcy-law protection at two-thirds its former size . IN NNP , NNP CC PRP$ NNS VBD IN DT NN NN WDT VBD IN NNP TO VB $ CD CD IN NNS CC TO VB IN NN NN IN NNS PRP$ JJ NN .
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But after selling off pieces such as its East Coast shuttle , its Philadelphia hub and various planes , Eastern hit a stumbling block . CC IN VBG IN NNS JJ IN PRP$ NNP NNP NN , PRP$ NNP NN CC JJ NNS , NNP VBD DT VBG NN .
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It could n't sell its South American routes , one of the major assets marked for disposal . PRP MD RB VB PRP$ JJ JJ NNS , CD IN DT JJ NNS VBN IN NN .
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Those routes , valued by the creditors ' professionals at about $ 400 million , were to be sold to AMR Corp. 's American Airlines . DT NNS , VBN IN DT NNS POS NNS IN RB $ CD CD , VBD TO VB VBN TO NNP NNP POS NNP NNPS .
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A last-minute snag in negotiations with AMR , over an unrelated lawsuit between American and another Texas Air unit , caused the deal to collapse . DT JJ NN IN NNS IN NNP , IN DT JJ NN IN NNP CC DT NNP NNP NN , VBD DT NN TO VB .
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Eastern ultimately decided it would have to keep and operate the routes itself , which would leave it with less cash for its reorganization . NNP RB VBD PRP MD VB TO VB CC VB DT NNS PRP , WDT MD VB PRP IN JJR NN IN PRP$ NN .
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It also would leave Eastern a bigger carrier than the scaled-down one proposed under the initial plan . PRP RB MD VB NNP DT JJR NN IN DT JJ CD VBN IN DT JJ NN .
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Those changes in its condition meant the reorganization plan previously presented to creditors would have to be revamped . DT NNS IN PRP$ NN VBD DT NN NN RB VBD TO NNS MD VB TO VB VBN .
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Since then , Eastern has been negotiating with creditors over revisions , but the creditors committee has been having problems with the revisions . IN RB , NNP VBZ VBN VBG IN NNS IN NNS , CC DT NNS NN VBZ VBN VBG NNS IN DT NNS .
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The committee has two groups of experts it calls on to analyze Eastern 's plans . DT NN VBZ CD NNS IN NNS PRP VBZ IN TO VB NNP POS NNS .
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Both said the new plan would n't work . DT VBD DT JJ NN MD RB VB .
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Ernst & Young said Eastern 's plans will miss its projections of earnings before interest , tax and depreciation by $ 100 million , and that Eastern 's plan presented no comfort level , according to a source present at yesterday 's session . NNP CC NNP VBD NNP POS NNS MD VB PRP$ NNS IN NNS IN NN , NN CC NN IN $ CD CD , CC IN NNP POS NN VBD DT NN NN , VBG TO DT NN JJ IN NN POS NN .
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Experts from Goldman Sachs estimated Eastern would miss the same mark by $ 120 million to $ 135 million , the source said . NNS IN NNP NNP VBD NNP MD VB DT JJ NN IN $ CD CD TO $ CD CD , DT NN VBD .
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The experts said they expected Eastern would have to issue new debt to cover its costs , and that it would generate far less cash than anticipated . DT NNS VBD PRP VBD NNP MD VB TO VB JJ NN TO VB PRP$ NNS , CC IN PRP MD VB RB JJR NN IN VBN .
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Other costs also would increase , including maintenance , because Eastern has an older fleet . JJ NNS RB MD VB , VBG NN , IN NNP VBZ DT JJR NN .
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At the news conference , Mr. Lorenzo and Eastern President Phil Bakes presented a far rosier assessment . IN DT NN NN , NNP NNP CC NNP NNP NNP NNP VBD DT RB JJR NN .
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Flanked by flight attendants , pilots and gate agents dressed in spiffy new blue uniforms , they said Eastern has exceeded its operational goals and is filling its seats . VBN IN NN NNS , NNS CC NN NNS VBN IN JJ JJ JJ NNS , PRP VBD NNP VBZ VBN PRP$ JJ NNS CC VBZ VBG PRP$ NNS .
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Starting next month , Eastern will begin flying 775 flights daily instead of the previously announced 700 , they said . VBG JJ NN , NNP MD VB VBG CD NNS JJ RB IN DT RB VBN CD , PRP VBD .
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Mr. Bakes declined to give out Eastern 's daily losses , but said he did n't expect Eastern would have to dip into the cash from asset sales currently held in escrow . NNP NNP VBD TO VB IN NNP POS JJ NNS , CC VBD PRP VBD RB VB NNP MD VB TO VB IN DT NN IN NN NNS RB VBN IN NN .
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These accounts hold several hundred million dollars , primarily from asset sales . DT NNS VBP JJ CD CD NNS , RB IN NN NNS .
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The plan Eastern hopes to pursue , he said , calls for Eastern to have $ 390 million in cash by year 's end . DT NN NNP VBZ TO VB , PRP VBD , VBZ IN NNP TO VB $ CD CD IN NN IN NN POS NN .
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Both he and Mr. Lorenzo predicted that plan might be confirmed in January . DT PRP CC NNP NNP VBD DT NN MD VB VBN IN NNP .
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As to negotiations with creditors , Mr. Lorenzo said in remarks after the conference `` we 'll have to see how they -LCB- talks -RCB- come along . '' IN TO NNS IN NNS , NNP NNP VBD IN NNS IN DT NN `` PRP MD VB TO VB WRB PRP ( NNS ) VB IN . ''
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However , he added , `` it 's not a requirement that the plan be accepted by creditors . RB , PRP VBD , `` PRP VBZ RB DT NN IN DT NN VB VBN IN NNS .
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It must be accepted by the court . '' PRP MD VB VBN IN DT NN . ''
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Under bankruptcy law , Eastern has exclusive rights for a certain period to develop its own reorganization plan . IN NN NN , NNP VBZ JJ NNS IN DT JJ NN TO VB PRP$ JJ NN NN .
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That deadline has been extended once and could be extended again . DT NN VBZ VBN VBN RB CC MD VB VBN RB .
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If Eastern can get creditor support , court confirmation of its plan could be relatively swift . IN NNP MD VB NN NN , NN NN IN PRP$ NN MD VB RB JJ .
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But creditors are free to press for court approval of their own plan , or the court could ignore both sides and draw its own . CC NNS VBP JJ TO VB IN NN NN IN PRP$ JJ NN , CC DT NN MD VB DT NNS CC VB PRP$ JJ .
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In any event , some people familiar with the case question whether the court will act by January as forecast by Mr. Lorenzo and Mr. Bakes . IN DT NN , DT NNS JJ IN DT NN NN IN DT NN MD VB IN NNP IN NN IN NNP NNP CC NNP NNP .
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Eastern sought bankruptcy-law protection a few days after a crippling strike began March 4 . NNP VBD NN NN DT JJ NNS IN DT JJ NN VBD NNP CD .
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Mr. Lorenzo told reporters the reorganization Eastern is pursuing would create a carrier 85 % to 90 % of the size of the pre-bankruptcy Eastern . NNP NNP VBD NNS DT NN NNP VBZ VBG MD VB DT NN CD NN TO CD NN IN DT NN IN DT NN NNP .
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He projected it would be operating about 1,000 flights a day by late spring , only slightly fewer than the carrier 's old volume of 1,050 a day . PRP VBD PRP MD VB VBG IN CD NNS DT NN IN JJ NN , RB RB JJR IN DT NN POS JJ NN IN CD DT NN .
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HOPES OF SIMPLIFYING the corporate minimum tax before 1990 are weakening . NNS IN VBG DT JJ JJ NN IN CD VBP VBG .
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The method of calculating the 20 % tax , paid if it exceeds tax figured the regular way , is due for a change in 1990 , thanks to 1986 's tax act . DT NN IN VBG DT CD NN NN , VBN IN PRP VBZ NN VBD DT JJ NN , VBZ JJ IN DT NN IN CD , VBZ TO CD POS NN NN .
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But most experts agree that the concept that is to be introduced drags in great complexity ; they have been trying to head it off this year . CC RBS NNS VBP IN DT NN WDT VBZ TO VB VBN VBZ IN JJ NN : PRP VBP VBN VBG TO VB PRP IN DT NN .
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Ways and Means Chairman Rostenkowski backed a simplification plan in the pending House tax bill , but the plan turns out to be a big revenue loser . NNS CC NNP NNP NNP VBD DT NN NN IN DT VBG NNP NN NN , CC DT NN VBZ IN TO VB DT JJ NN NN .
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Now the Senate 's stripped-down bill omits any proposal to deal with the corporate tax . RB DT NNP POS JJ NN VBZ DT NN TO VB IN DT JJ NN .
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Proponents of simplification fear that the chances of getting it into the final bill are waning . NNS IN NN NN IN DT NNS IN VBG PRP IN DT JJ NN VBP VBG .
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`` We hear it has low priority on the House side , '' says Samuel Starr of Coopers & Lybrand , CPAs . `` PRP VBP PRP VBZ JJ NN IN DT NNP NN , '' VBZ NNP NNP IN NNP CC NNP , NNS .
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If the law is n't changed , he says , `` we are left staring at rules that are almost impossible to implement , because there are so many complex depreciation calculations to do . '' IN DT NN VBZ RB VBN , PRP VBZ , `` PRP VBP VBN VBG IN NNS WDT VBP RB JJ TO VB , IN EX VBP RB JJ JJ NN NNS TO VB . ''
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But Congress still could resolve the issue with other legislation this year or next , Starr adds . CC NNP RB MD VB DT NN IN JJ NN DT NN CC JJ , NNP VBZ .
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HUGO 'S RAVAGES may be offset by immediate claims for tax refunds . NNP VBZ NNS MD VB VB IN JJ NNS IN NN NNS .
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This law aids hurricane-wracked locales named by the president as disaster areas , as well as regions so designated after other 1989 disasters . DT NN VBZ JJ NNS VBN IN DT NN IN NN NNS , RB RB IN NNS RB VBN IN JJ CD NNS .
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It lets victims elect to deduct casualty losses on either 1989 or amended 1988 returns , whichever offers the larger tax benefit ; they have until April 16 to choose . PRP VBZ NNS VBP TO VB NN NNS IN DT CD CC VBN CD NNS , WDT VBZ DT JJR NN NN : PRP VBP IN NNP CD TO VB .
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Amending a 1988 return to claim a refund brings cash faster ; but for personal losses , there are other factors to consider , notes publisher Prentice Hall . VBG DT CD NN TO VB DT NN VBZ NN RBR : CC IN JJ NNS , EX VBP JJ NNS TO VB , NNS NN NNP NNP .
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A loss -- after insurance recoveries -- is deductible only to the extent that it exceeds $ 100 and that the year 's total losses exceed 10 % of adjusted gross income ; victims may pick the year when income is lower and deductions higher . DT NN : IN NN NNS : VBZ JJ RB TO DT NN IN PRP VBZ $ CD CC IN DT NN POS JJ NNS VBP CD NN IN VBN JJ NN : NNS MD VB DT NN WRB NN VBZ JJR CC NNS JJR .
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In filing an original -LRB- not amended -RRB- return , a couple should consider whether damaged property is owned jointly or separately and whether one spouse has larger income ; that may determine whether they should file jointly or separately . IN VBG DT JJ ( RB VBN ) NN , DT NN MD VB IN VBN NN VBZ VBN RB CC RB CC IN CD NN VBZ JJR NN : WDT MD VB IN PRP MD VB RB CC RB .
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THE IRS DELAYS several deadlines for Hugo 's victims . DT NNP VBZ JJ NNS IN NNP POS NNS .
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Returns for 1988 from people with six-month filing extensions were due Monday , but the IRS says people in the disaster areas wo n't be penalized for late filing if their returns are marked `` Hugo '' and postmarked by Jan. 16 . NNS IN CD IN NNS IN JJ NN NNS VBD JJ NNP , CC DT NNP VBZ NNS IN DT NN NNS MD RB VB VBN IN JJ NN IN PRP$ NNS VBP VBN `` NNP '' CC VBN IN NNP CD .
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Interest will be imposed on unpaid taxes , but late-payment penalties on the returns will be waived if the balance due and paid is 10 % or less of the liability . NN MD VB VBN IN JJ NNS , CC NN NNS IN DT NNS MD VB VBN IN DT NN JJ CC VBN VBZ CD NN CC JJR IN DT NN .
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IRS Notice 89-136 describes this and other deadline relief for Hugo 's victims . NNP NN CD VBZ DT CC JJ NN NN IN NNP POS NNS .
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Among the provisions : Fiscal-year taxpayers with returns due last Monday wo n't be penalized if they file -- or request an extension -- and pay tax due by Nov. 15 . IN DT NNS : JJ NNS IN NNS JJ JJ NNP MD RB VB VBN IN PRP VBP : CC VB DT NN : CC VB NN JJ IN NNP CD .
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Excise-tax returns due by Oct. 31 or Nov. 30 may be delayed to Jan. 16 . JJ NNS JJ IN NNP CD CC NNP CD MD VB VBN TO NNP CD .
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Extensions ca n't be granted for filing employment-tax returns due Oct. 31 or for depositing withheld taxes , but late penalties will be abated for deposits made by Nov. 15 . NNS MD RB VB VBN IN VBG JJ NNS JJ NNP CD CC IN VBG VBN NNS , CC JJ NNS MD VB VBN IN NNS VBN IN NNP CD .
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The notice also grants relief for certain estate-tax returns . DT NN RB VBZ NN IN JJ JJ NNS .
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ONE-DAY JAUNTS in a chartered boat were perks for permanent staffers of American Business Service Corp. , a Costa Mesa , Calif. , supplier of temporary workers . JJ NNS IN DT JJ NN VBD NNS IN JJ NNS IN NNP NNP NNP NNP , DT NNP NNP , NNP , NN IN JJ NNS .
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The IRS denied cost deductions because few of the temps got to go aboard . DT NNP VBD NN NNS IN NN IN DT NNS VBD TO VB RB .
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But the Tax Court said the limitations were reasonable and realistic and allowed the deductions . CC DT NNP NNP VBD DT NNS VBD JJ CC JJ CC VBD DT NNS .
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USED-CAR BUYERS who try to avoid sales tax by understating prices paid in private deals are the targets of a New York drive . NN NNS WP VBP TO VB NNS VB IN VBG NNS VBN IN JJ NNS VBP DT NNS IN DT NNP NNP NN .
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Estimating that the state may lose $ 15 million a year , officials announced the filing of 15 criminal actions and `` hundreds '' of civil penalties . VBG IN DT NN MD VB $ CD CD DT NN , NNS VBD DT NN IN CD JJ NNS CC `` NNS '' IN JJ NNS .
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WHEN AN IRA OWNER dies , the trustee of the individual retirement account must file forms 5498 reporting market values relating to the decedent and each beneficiary , with copies to the executor and beneficiaries . WRB DT NNP NNP VBZ , DT NN IN DT JJ NN NN MD VB NNS CD VBG NN NNS VBG TO DT NN CC DT NN , IN NNS TO DT NN CC NNS .
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IRS Revenue Procedure 89-52 describes the reporting requirements . NNP NN NN CD VBZ DT VBG NNS .
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BIGGER THAN A BREADBOX was this cash hoarder 's reputation for honesty . JJR IN DT NN VBD DT NN NN POS NN IN NN .
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People often cite frugality and distrust of banks to justify cash caches to the IRS . NNS RB VBP NN CC NN IN NNS TO VB NN NNS TO DT NNP .
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Gregory Damonne Brown of Fremont , Calif. , a hardworking , reclusive young bachelor , told that story to the Tax Court . NNP NNP NNP IN NNP , NNP , DT JJ , JJ JJ NN , VBD DT NN TO DT NNP NNP .
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But judges usually find the real aim is to escape tax on hidden income ; and the IRS said Brown must have had such income -- although it uncovered no source -- because he deposited $ 124,732 in a bank account in 1982-84 while reporting income of only $ 52,012 . CC NNS RB VBP DT JJ NN VBZ TO VB NN IN VBN NN : CC DT NNP VBD NNP MD VB VBN JJ NN : IN PRP VBD DT NN : IN PRP VBD $ CD IN DT NN NN IN CD IN VBG NN IN RB $ CD .
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Brown 's story : NNP POS NN :
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The deposits came from savings kept in a Tupperware breadbox ; he saved $ 47,000 in 1974-81 by living with family members and pinching pennies and $ 45,000 of secret gifts from his remorseful father , who had abandoned the family in 1955 . DT NNS VBD IN NNS VBD IN DT NNP NN : PRP VBD $ CD IN CD IN VBG IN NN NNS CC VBG NNS CC $ CD IN JJ NNS IN PRP$ JJ NN , WP VBD VBN DT NN IN CD .
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Brown had no proof ; but testimony of his mother and stepmother about his father and of an ex-employer about his honesty and habits satisfied a judge that Brown was truthful and his tale of gifts was possible . NNP VBD DT NN : CC NN IN PRP$ NN CC NN IN PRP$ NN CC IN DT NN IN PRP$ NN CC NNS VBD DT NN IN NNP VBD JJ CC PRP$ NN IN NNS VBD JJ .
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The IRS offered no evidence of hidden sources of taxable income , so Judge Shields rejected its claims . DT NNP VBD DT NN IN VBN NNS IN JJ NN , RB NNP NNP VBD PRP$ NNS .
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BRIEFS : NNS :
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Asked how he made charitable gifts of $ 26,350 out of reported two-year income of $ 46,892 , Thomas H. McFall of Bryan , Texas , told the Tax Court he had understated his income . VBN WRB PRP VBD JJ NNS IN $ CD IN IN VBN JJ NN IN $ CD , NNP NNP NNP IN NNP , NNP , VBD DT NNP NNP PRP VBD VBN PRP$ NN .
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The court rejected his incredible claims , denied his deductions , and imposed a negligence penalty ... . DT NN VBD PRP$ JJ NNS , VBD PRP$ NNS , CC VBD DT NN NN : .
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Rep. Schaefer -LRB- R. , Colo. -RRB- entered a bill to exempt from tax rewards for tips leading to the arrest of violent criminals . NNP NNP ( NNP , NNP ) VBD DT NN TO VB IN NN NNS IN NNS VBG TO DT NN IN JJ NNS .
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Kay Peterson mounts her bicycle and grinds up yet another steep , rocky path seemingly suitable only for mountain goats . NNP NNP NNS PRP$ NN CC VBZ IN RB DT NN , JJ NN RB JJ RB IN NN NNS .
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After a tortuous climb , she is rewarded by a picture-postcard vista : a glade of golden aspens under an azure Indian-summer sky . IN DT JJ NN , PRP VBZ VBN IN DT NN NN : DT NN IN JJ NNS IN DT JJ JJ NN .
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This place is 12 miles into the back country -- a day-long trudge for a hiker , but reached by Ms. Peterson and six others in a mere two hours of pedaling fat-tired mountain bikes . DT NN VBZ CD NNS IN DT JJ NN : DT JJ NN IN DT NN , CC VBD IN NNP NNP CC CD NNS IN DT JJ CD NNS IN VBG JJ NN NNS .
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`` This , '' says Ms. Peterson , `` is what it 's all about . '' `` DT , '' VBZ NNP NNP , `` VBZ WP PRP VBZ DT IN . ''
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Twelve hundred miles away , rangers at a Napa County , Calif. , state park are among the many who do n't quite share the enthusiasm . CD CD NNS RB , NNS IN DT NNP NNP , NNP , NN NN VBP IN DT JJ WP VBP RB RB VBP DT NN .
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This summer , speeding bikers were blamed for an accident in the Napa County park , in which a horse -- spooked on a trail that was closed to bikers -- broke its leg . DT NN , VBG NNS VBD VBN IN DT NN IN DT NNP NNP NN , IN WDT DT NN : VBN IN DT NN WDT VBD VBN TO NNS : VBD PRP$ NN .
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The animal had to be destroyed ; the bikers fled and were never found . DT NN VBD TO VB VBN : DT NNS VBD CC VBD RB VBN .
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In numerous parks near San Francisco , rangers have been forced to close trails , set up speed traps and use radar guns to curb fast and reckless riding . IN JJ NNS IN NNP NNP , NNS VBP VBN VBN TO VB NNS , VBN IN NN NNS CC NN NN NNS TO VB RB CC JJ NN .
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They have even sent helicopters in pursuit of bikers after hikers and equestrians complained they were being driven from trails . PRP VBP RB VBN NNS IN NN IN NNS IN NNS CC NNS VBD PRP VBD VBG VBN IN NNS .
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`` We were being overrun , '' says Steve Fiala , trails coordinator of the East Bay Regional Park District . `` PRP VBD VBG VBN , '' VBZ NNP NNP , NNS NN IN DT NNP NNP NNP NNP NNP .
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Two years ago , the district decided to limit the bikes to fire roads in its 65,000 hilly acres . CD NNS RB , DT NN VBD TO VB DT NNS TO VB NNS IN PRP$ CD JJ NNS .
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From about 200,000 six years ago , the number of mountain bikes in the U.S. is expected to grow to 10 million in 1990 . IN IN CD CD NNS RB , DT NN IN NN NNS IN DT NNP VBZ VBN TO VB TO CD CD IN CD .
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At least half that growth will have come in the past three years alone . IN JJS PDT DT NN MD VB VBN IN DT JJ CD NNS RB .
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The controversy kicked up by the proliferation of these all-terrain bicycles is one of the most divisive storms to blow through the national conservation movement in recent memory . DT NN VBD IN IN DT NN IN DT JJ NNS VBZ CD IN DT RBS JJ NNS TO VB IN DT JJ NN NN IN JJ NN .
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Bikers -- many of them ardent environmentalists -- proclaim their sport an efficient , safe , fitness-promoting way to get back to nature , while asserting a right , as taxpayers , to pedal on public lands . NNS : NN IN PRP JJ NNS : VB PRP$ NN DT JJ , JJ , JJ NN TO VB RB TO NN , IN VBG DT NN , IN NNS , TO VB IN JJ NNS .
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But the bikes ' burgeoning numbers , safety concerns and fear that they damage fragile landscapes have prompted pleas , from the Sierras to the Eastern Seaboard , to ban them from the back country . CC DT NNS POS VBG NNS , NN NNS CC NN IN PRP VBP JJ NNS VBP VBN NNS , IN DT NNPS TO DT NNP NNP , TO VB PRP IN DT JJ NN .
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Key to the issue is that the bikes , in skillful hands , can go virtually anywhere , and in reckless hands can become vehicles of terror . NNP TO DT NN VBZ IN DT NNS , IN JJ NNS , MD VB RB RB , CC IN JJ NNS MD VB NNS IN NN .
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An adept bicyclist can leap from a dead stop to the top of a picnic table without losing balance . DT JJ NN MD VB IN DT JJ NN TO DT NN IN DT NN NN IN VBG NN .
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Such skills allow riders to fly down treacherous mountain grades at speeds of up to 40 miles an hour -- a thrill for the cyclist but a nightmare for unsuspecting hikers or equestrians . JJ NNS VBP NNS TO VB RB JJ NN NNS IN NNS IN IN TO CD NNS DT NN : DT NN IN DT NN CC DT NN IN JJ NNS CC NNS .
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For harried public-land managers across the nation , the response is increasingly to shut the gates . IN VBN JJ NNS IN DT NN , DT NN VBZ RB TO VB DT NNS .
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The state of California , following the lead of some regional parks , recently adopted regulations that closed nearly all hiking paths in state parks to mountain bicycles . DT NN IN NNP , VBG DT NN IN DT JJ NNS , RB VBN NNS WDT VBD RB DT VBG NNS IN NN NNS TO NN NNS .
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The move largely consigns them to roads used by motorized vehicles . DT NN RB VBZ PRP TO NNS VBN IN JJ NNS .
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Most other states have enacted similar bans . JJS JJ NNS VBP VBN JJ NNS .
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The bikes are unwelcome on trails in national parks . DT NNS VBP JJ IN NNS IN JJ NNS .
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Even the U.S. Forest Service , whose lenient `` multiple-use '' philosophy permits motorized vehicles on thousands of miles of its trails across the U.S. , has begun to close some lands to the bikes , including major portions of the popular Pacific Crest Trail , which stretches from California to Canada . RB DT NNP NNP NNP , WP$ JJ `` JJ '' NN VBZ VBN NNS IN NNS IN NNS IN PRP$ NNS IN DT NNP , VBZ VBN TO VB DT NNS TO DT NNS , VBG JJ NNS IN DT JJ NNP NNP NNP , WDT VBZ IN NNP TO NNP .
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Often these closings come after vigorous anti-bike lobbying by conservation organizations , the politically potent Sierra Club among them . RB DT NNS VBP IN JJ JJ NN IN NN NNS , DT RB JJ NNP NNP IN PRP .
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Sierra has been instrumental in securing a number of the California bans . NNP VBZ VBN JJ IN VBG DT NN IN DT NNP NNS .
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It has been waging an all-out campaign to beat back a proposal , pushed by Utah bike groups , to allow the cycles in federally designated wilderness areas , where they are now prohibited . PRP VBZ VBN VBG DT JJ NN TO VB RB DT NN , VBN IN NNP NN NNS , TO VB DT NNS IN RB VBN NN NNS , WRB PRP VBP RB VBN .
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Yet Sierra 's hard-line stance has created something of a rift in the organization , which estimates that 17 % of its 500,000 members own mountain bikes . RB NNP POS JJ NN VBZ VBN NN IN DT NN IN DT NN , WDT VBZ IN CD NN IN PRP$ CD NNS JJ NN NNS .
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Pressure from these members prompted the club recently to soften its anti-bike rhetoric ; it no longer , for example , lumps the bikes into the same category as motorcycles and other terrain-marring off-road vehicles . NN IN DT NNS VBD DT NN RB TO VB PRP$ JJ NN : PRP RB RB , IN NN , VBZ DT NNS IN DT JJ NN IN NNS CC JJ JJ JJ NNS .
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But the club still insists that public lands ought to be closed to the bikes unless studies indicate the bikes wo n't injure the environment or other users . CC DT NN RB VBZ IN JJ NNS MD TO VB VBN TO DT NNS IN NNS VBP DT NNS MD RB VB DT NN CC JJ NNS .
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`` I have a mountain bike , yet as a hiker I 've been run off the road by kids careening down a fire trail on them , '' says Gene Coan , an official at Sierra 's headquarters in San Francisco , echoing the concerns of many members . `` PRP VBP DT NN NN , RB IN DT NN PRP VBP VBN VB IN DT NN IN NNS VBG RP DT NN NN IN PRP , '' VBZ NNP NNP , DT NN IN NNP POS NN IN NNP NNP , VBG DT NNS IN JJ NNS .
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`` People who feel that cyclists should be banned from an area are n't looking at the whole picture , '' complains Mark Langton , associate editor of Mountain and City Biking magazine in Canoga Park , Calif . `` NNS WP VBP IN NNS MD VB VBN IN DT NN VBP RB VBG IN DT JJ NN , '' VBZ NNP NNP , JJ NN IN NNP CC NNP NNP NN IN NNP NNP , NNP .
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Mr. Langton is among the legions of bikers who got their first taste of wilderness as hikers or backpackers . NNP NNP VBZ IN DT NNS IN NNS WP VBD PRP$ JJ NN IN NN IN NNS CC NNS .
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He says fellow bikers show the same concern for the land that they demonstrated as hikers ; many are appalled that the conservation community would suddenly consider them the enemy . PRP VBZ NN NNS VBP DT JJ NN IN DT NN IN PRP VBD IN NNS : JJ VBP VBN IN DT NN NN MD RB VB PRP DT NN .
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To fight back , activists such as Mr. Langton are forming groups to lobby land managers over access issues and undertake education programs to show that the bikes can responsibly share trails . TO VB RB , NNS JJ IN NNP NNP VBP VBG NNS TO VB NN NNS IN NN NNS CC VB NN NNS TO VB IN DT NNS MD RB VB NNS .
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Mr. Langton 's group , Concerned Off-Road Bicyclists Association , mounted petition drives to help keep open certain Santa Monica Mountain trails designated for closing . NNP NNP POS NN , NNP NNP NNPS NNP , VBN NN NNS TO VB VB JJ JJ NNP NNP NNP NNS VBN IN VBG .
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Biking groups in Montana , Idaho , Michigan and Massachusetts have won similar concessions , says Tim Blumenthal , mountain bike editor of Bicycling magazine . NNP NNS IN NNP , NNP , NNP CC NNP VBP VBN JJ NNS , VBZ NNP NNP , NN NN NN IN NNP NN .
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These groups have been trying to improve the mountain biker 's image ; in the San Francisco-area park district where a ranger was clobbered by a cyclist this summer bikers have formed a volunteer patrol to help rangers enforce regulations , and to school riders in proper trail etiquette . DT NNS VBP VBN VBG TO VB DT NN NN POS NN : IN DT NNP JJ NN NN WRB DT NN VBD VBN IN DT NN DT NN NNS VBP VBN DT NN NN TO VB NNS VB NNS , CC TO VB NNS IN JJ NN NN .
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Even staunch anti-bike Sierra members concede that 10 % of all riders cause most of the problems . RB JJ JJ NNP NNS VBP IN CD NN IN DT NNS VBP RBS IN DT NNS .
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While some are renegade riders who simply scorn regulations , much bad riding simply reflects ignorance that can be corrected through `` education and peer pressure , '' says Jim Hasenauer , a director of the International Mountain Biking Association . IN DT VBP NN NNS WP JJ NN NNS , JJ JJ NN RB VBZ NN WDT MD VB VBN IN `` NN CC NN NN , '' VBZ NNP NNP , DT NN IN DT NNP NNP NNP NNP .
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`` I think we 're making progress . '' `` PRP VBP PRP VBP VBG NN . ''
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Few would have foreseen such a furor when , a decade ago , some Marin County bicycle enthusiasts created a hybrid bike using fat tires , lightweight metallurgy and multi-gear technology . JJ MD VB VBN JJ DT NN WRB , DT NN RB , DT NNP NNP NN NNS VBD DT JJ NN VBG JJ NNS , JJ NN CC JJ NN .
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They wanted a machine that would allow them to pedal into rugged terrain then inaccessible to cycles . PRP VBD DT NN WDT MD VB PRP TO VB IN JJ NN RB JJ TO NNS .
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They got a machine more responsive , more stable and in many ways easier to ride than the thin-tired racing bikes that then were the rage . PRP VBD DT NN RBR JJ , RBR JJ CC IN JJ NNS JJR TO VB IN DT JJ NN NNS IN RB VBD DT NN .
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When the bikes first entered mass production in 1981 , they were dismissed as a fad . WRB DT NNS JJ VBD NN NN IN CD , PRP VBD VBN IN DT NN .
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Last year , 25 % of the 10 million bicycles sold in the U.S. were mountain bikes . JJ NN , CD NN IN DT CD CD NNS VBN IN DT NNP VBD NN NNS .
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In California , a bellwether market , they accounted for more than 80 % of all bike sales . IN NNP , DT NN NN , PRP VBD IN JJR IN CD NN IN DT NN NNS .
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The majority of the bikes never even make it into the high country . DT NN IN DT NNS RB RB VB PRP IN DT JJ NN .
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City dwellers love them because they shift smoothly in traffic , bounce easily over curbs and roll through road glass with far fewer flat tires than racing bikes . NN NNS VBP PRP IN PRP VBP RB IN NN , VB RB IN NNS CC NN IN NN NN IN RB RBR JJ NNS IN VBG NNS .
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Crested Butte , population 1,200 , is a bastion of the sport . NNP NNP , NN CD , VBZ DT NN IN DT NN .
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By one estimate , everyone here under 50 owns at least one bike . IN CD NN , NN RB IN CD VBZ IN JJS CD NN .
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The town is home to the Mountain Bike Hall of Fame and it hosts the annual Fat Tire Bike Week . DT NN VBZ NN TO DT NNP NNP NNP IN NNP CC PRP VBZ DT JJ NNP NNP NNP NNP .
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This summer , the jamboree attracted more visitors than the busiest week of the town 's winter ski season . DT NN , DT NN VBN JJR NNS IN DT JJS NN IN DT NN POS NN NN NN .
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David Lindsey , chairman of the Fat Tire Bike celebration , muses that the bike 's popularity may be a combination of technology and nostalgia . NNP NNP , NN IN DT NNP NNP NNP NN , VBZ IN DT NN POS NN MD VB DT NN IN NN CC NN .
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`` The mountain bike feels as comfortable as the ` paperboy ' bike you had as a kid , but it can do so much more , '' he says . `` DT NN NN VBZ RB JJ IN DT `` NN '' NN PRP VBD IN DT NN , CC PRP MD VB RB RB JJR , '' PRP VBZ .
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The following issues were recently filed with the Securities and Exchange Commission : DT VBG NNS VBD RB VBN IN DT NNP CC NNP NNP :
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Canada 's Province of Nova Scotia , shelf offering of up to $ 550 million of debentures . NNP POS NNP IN NNP NNP , NN NN IN IN TO $ CD CD IN NNS .
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Golar Gas Holding Co. , a subsidiary of Gotaas-Larsen Shipping Corp. , offering of $ 280 million first preferred ship mortgage notes , via Merrill Lynch Capital Markets . NNP NNP NNP NNP , DT NN IN NNP NNP NNP , NN IN $ CD CD JJ JJ NN NN NNS , IN NNP NNP NNP NNPS .
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H.F. Ahmanson & Co. , offering of four million shares of noncumulative convertible preferred stock , Series B. , via Goldman , Sachs & Co , First Boston Corp. , and Merrill Lynch . NNP NNP CC NNP , NN IN CD CD NNS IN JJ JJ JJ NN , NNP NNP , IN NNP , NNP CC NNP , NNP NNP NNP , CC NNP NNP .
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Shared Technologies Inc. , offering of 2.5 million common shares , via Smetek , Van Horn & Cormack Inc. and Oakes , Fitzwilliams & Co . NNP NNP NNP , NN IN CD CD JJ NNS , IN NNP , NNP NNP CC NNP NNP CC NNP , NNP CC NNP .
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Stock-market tremors again shook bond prices , while the dollar turned in a mixed performance . NN NNS RB VBD NN NNS , IN DT NN VBD IN DT VBN NN .
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Early yesterday , investors scrambled to buy Treasury bonds for safety as stock prices plummeted and fears mounted of a replay of Friday . JJ NN , NNS VBD TO VB NNP NNS IN NN IN NN NNS VBD CC NNS VBN IN DT NN IN NNP .
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But stocks later recovered , erasing most of their early declines . CC NNS RB VBD , VBG RBS IN PRP$ JJ NNS .
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That cut short the rally in Treasury bonds and depressed prices moderately below late Monday 's levels . DT NN VB DT NN IN NNP NNS CC JJ NNS RB IN JJ NNP POS NNS .
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The Dow Jones Industrial Average , down more than 60.25 points early in the day , finished 18.65 points lower at 2638.73 . DT NNP NNP NNP NNP , RB JJR IN CD NNS RB IN DT NN , VBD CD NNS JJR IN CD .
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Long-term Treasury issues declined about half a point , or $ 5 for each $ 1,000 face amount . NNP NNP NNS VBD IN PDT DT NN , CC $ NN IN DT $ CD NN NN .
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`` The stock market clearly is leading the bond markets , '' said Jack Conlon , an executive vice president at Nikko Securities . `` DT NN NN RB VBZ VBG DT NN NNS , '' VBD NNP NNP , DT JJ NN NN IN NNP NNP .
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`` People are breathing a major sigh of relief that the world did n't end Monday morning '' or yesterday . `` NNS VBP VBG DT JJ NN IN NN IN DT NN VBD RB VB NNP NN '' CC NN .
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Gold , a closely watched barometer of investor anxiety , was little changed . NNP , DT RB VBN NN IN NN NN , VBD RB VBN .
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The dollar initially fell against other major currencies on news that the U.S. trade deficit surged in August to $ 10.77 billion . DT NN RB VBD IN JJ JJ NNS IN NN IN DT NNP NN NN VBD IN NNP TO $ CD CD .
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But the dollar later rebounded , finishing slightly higher against the yen although slightly lower against the mark . CC DT NN RB VBD , VBG RB JJR IN DT NN IN RB JJR IN DT NN .
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Federal Reserve officials sent another signal of their determination to shore up investor confidence . NNP NNP NNS VBD DT NN IN PRP$ NN TO VB IN NN NN .
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In an apparent attempt to keep a lid on short-term interest rates , the Fed once again pumped money into the banking system . IN DT JJ NN TO VB DT NN IN JJ NN NNS , DT NNP RB RB VBN NN IN DT NN NN .
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But the Fed move was a small gesture , traders said . CC DT NNP NN VBD DT JJ NN , NNS VBD .
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Fed officials appear reluctant to ease their credit grip any further because a bold move does n't appear necessary , several investment managers said . JJ NNS VBP JJ TO VB PRP$ NN NN DT JJ IN DT JJ NN VBZ RB VB JJ , JJ NN NNS VBD .
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The Fed has allowed a key short-term interest rate to decline about one-quarter percentage point . DT NNP VBZ VBN DT JJ JJ NN NN TO VB IN NN NN NN .
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The federal funds rate on overnight loans between banks has been hovering around 8 3\/4 % , down from 9 % previously . DT JJ NNS NN IN JJ NNS IN NNS VBZ VBN VBG IN CD CD NN , RB IN CD NN RB .
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Although stocks have led bonds this week , some traders predict that relationship will reverse during the next few weeks . IN NNS VBP VBN NNS DT NN , DT NNS VBP DT NN MD VB IN DT JJ JJ NNS .
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Nikko 's Mr. Conlon fears a huge wave of Treasury borrowing early next month will drive down Treasury bond prices . NNP POS NNP NNP VBZ DT JJ NN IN NNP NN JJ JJ NN MD VB RB NNP NN NNS .
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That , coupled with poor third-quarter corporate-earnings comparisons , `` will make trouble for the equity market for the next two to three months , '' he says . DT , VBN IN JJ JJ NNS NNS , `` MD VB NN IN DT NN NN IN DT JJ CD TO CD NNS , '' PRP VBZ .
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But several other traders contend investors have overreacted to junk-bond jitters , and that stock prices will continue to recover . CC JJ JJ NNS VBP NNS VBP VBN TO NN NNS , CC IN NN NNS MD VB TO VB .
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`` They shot the whole orchestra just because the piano player hit a bad note , '' said Laszlo Birinyi , president of Birinyi Associates Inc. , referring to the stock market 's plunge Friday on news of trouble in financing the UAL Corp . buy-out . `` PRP NN DT JJ NN RB IN DT NN NN VBD DT JJ NN , '' VBD NNP NNP , NN IN NNP NNP NNP , VBG TO DT NN NN POS NN NNP IN NN IN NN IN VBG DT NNP NNP . NN .
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In major market activity : Treasury bond prices fell . IN JJ NN NN : NNP NN NNS VBD .
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The yield on 30-year Treasury bonds climbed back above 8 % , ending the day at 8.03 % . DT NN IN NNP NNP NNS VBD RB IN CD NN , VBG DT NN IN CD NN .
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The dollar was mixed . DT NN VBD VBN .
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Late yesterday in New York , the dollar rose to 142.75 yen from 141.80 yen Monday , but fell to 1.8667 marks from 1.8685 marks . JJ NN IN NNP NNP , DT NN VBD TO CD NN IN CD NN NNP , CC VBD TO CD NNS IN CD NNS .
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The Consumer News and Business Channel cable network and U.S. News & World Report have formed a joint venture to produce cable program versions of special issues of the magazine . DT NNP NNP CC NNP NNP NN NN CC NNP NNP CC NNP NNP VBP VBN DT JJ NN TO VB NN NN NNS IN JJ NNS IN DT NN .
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The programs will run on the cable network the Sunday evening immediately prior to the release of the special issue of U.S. News & World Report . DT NNS MD VB IN DT NN NN DT NNP NN RB RB TO DT NN IN DT JJ NN IN NNP NNP CC NNP NNP .
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CNBC is a joint venture of the National Broadcasting Co. , a unit of General Electric Co. , and Cablevision System Corp . NNP VBZ DT JJ NN IN DT NNP NNP NNP , DT NN IN NNP NNP NNP , CC NNP NNP NNP .
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Advertisers will be offered an advertising package , which for a single price , will include time on the CNBC program and ad pages in the special guides . NNS MD VB VBN DT NN NN , WDT IN DT JJ NN , MD VB NN IN DT NNP NN CC NN NNS IN DT JJ NNS .
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CNBC will produce six , one-hour programs , beginning in April 1990 . NNP MD VB CD , JJ NNS , VBG IN NNP CD .
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The first program scheduled in the joint venture is `` The 1990 Homeowner 's Guide . '' DT JJ NN VBN IN DT JJ NN VBZ `` DT CD NNP POS NNP . ''
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Other programs and special issues will be based on themes of health , jobs , personal finance , the best colleges , and investments . JJ NNS CC JJ NNS MD VB VBN IN NNS IN NN , NNS , JJ NN , DT JJS NNS , CC NNS .
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The programs will be written and produced by CNBC , with background and research provided by staff from U.S. News & World Report . DT NNS MD VB VBN CC VBN IN NNP , IN NN CC NN VBN IN NN IN NNP NNP CC NNP NNP .
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Skoal Daze NNP NNP
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I 've learned the hard way that too much booze Takes revenge the next day about nine ; No wonder I say , `` I drink to your health '' -- It certainly is n't to mine ! PRP VBP VBD DT JJ NN IN RB JJ NN VBZ NN DT JJ NN IN CD : DT NN PRP VBP , `` PRP VBP TO PRP$ NN '' : PRP RB VBZ RB TO VB .
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-- George O. Ludcke . : NNP NNP NNP .
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Spaced Out NNP IN
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Those supermarket tabloids Make me feel slow Because I still have n't seen DT NN NNS VBP PRP VBP JJ IN PRP RB VBP RB VBN
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-- Bruce Kafaroff . : NNP NNP .
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Daffynition NN
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Repression : emote control . NN : VB NN .
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-- Daisy Brown . : NNP NNP .
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Weyerhaeuser Co. reported a one-time gain and strong wood-product sales that offset weakness in pulp and paper to fuel a 15 % jump in third-quarter net income to $ 166.8 million , or 78 cents a share . NNP NNP VBD DT JJ NN CC JJ NN NNS WDT VBP NN IN NN CC NN TO VB DT CD NN NN IN JJ JJ NN TO $ CD CD , CC CD NNS DT NN .
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In the 1988 third quarter , the forest-products company reported profit of $ 144.9 million , or 69 cents a share . IN DT CD JJ NN , DT NNS NN VBD NN IN $ CD CD , CC CD NNS DT NN .
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Sales rose 9 % to $ 2.57 billion from $ 2.36 billion . NNS VBD CD NN TO $ CD CD IN $ CD CD .
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For the nine months , the company posted a 14 % rise in profit to $ 469.8 million , or $ 2.21 a share , from $ 410.3 million , or $ 1.95 a share . IN DT CD NNS , DT NN VBD DT CD NN NN IN NN TO $ CD CD , CC $ CD DT NN , IN $ CD CD , CC $ CD DT NN .
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Sales rose 9 % to $ 7.54 billion from $ 6.95 billion . NNS VBD CD NN TO $ CD CD IN $ CD CD .
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Results for the 1989 third quarter and nine months include a pretax loss of $ 33 million from the company 's business improvement and refocusing program , and a gain of $ 49 million on the sale of a subsidiary 's common stock . NNS IN DT CD JJ NN CC CD NNS VBP DT JJ NN IN $ CD CD IN DT NN POS NN NN CC NN NN , CC DT NN IN $ CD CD IN DT NN IN DT NN POS JJ NN .
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Forest-products operations strengthened in the third quarter , while paper operations were dogged by higher costs , soft newsprint exports and a strong Japanese yen . NNS NNS VBN IN DT JJ NN , IN NN NNS VBD VBN IN JJR NNS , JJ NN NNS CC DT JJ JJ NN .
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Some competing forest-products firms have recently reported improved results due to strong pulp and paper business . DT VBG NNS NNS VBP RB VBN VBN NNS JJ TO JJ NN CC NN NN .
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Weyerhaeuser 's pulp and paper operations were up for the nine months , but full-year performance depends on the balance of operating and maintenance costs , plus pricing of certain products , the company said . NNP POS NN CC NN NNS VBD IN IN DT CD NNS , CC JJ NN VBZ IN DT NN IN VBG CC NN NNS , CC NN IN JJ NNS , DT NN VBD .
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Looking ahead to the fourth quarter , the company said export log and lumber markets will be weak , while panel and plywood markets will be stronger . VBG RB TO DT JJ NN , DT NN VBD NN NN CC NN NNS MD VB JJ , IN NN CC NN NNS MD VB JJR .
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Pulp and paper performance depends on cost and price variables , the company said . NNP CC NN NN VBZ IN NN CC NN NNS , DT NN VBD .
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Bankers Trust New York Corp. became the latest major U.S. bank to increase reserves for its loans to less-developed countries , making a $ 1.6 billion third-quarter addition to its provision . NNP NNP NNP NNP NNP VBD DT JJS JJ NNP NN TO VB NNS IN PRP$ NNS TO JJ NNS , VBG DT $ CD CD JJ NN TO PRP$ NN .
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The bank also said it expects to report a $ 1.42 billion loss for the third quarter and a loss for the full year . DT NN RB VBD PRP VBZ TO VB DT $ CD CD NN IN DT JJ NN CC DT NN IN DT JJ NN .
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The new reserves bring the company 's provision for loans to Third World countries to $ 2.6 billion , or 85 % of Bankers Trust 's medium and long-term loans to these countries . DT JJ NNS VBP DT NN POS NN IN NNS TO NNP NNP NNS TO $ CD CD , CC CD NN IN NNP NNP POS NN CC JJ NNS TO DT NNS .
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`` Step up to the plate and take the big swing . `` NN IN TO DT NN CC VB DT JJ NN .
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Get the problem behind you and do n't look back , '' said James J. McDermott , analyst at Keefe , Bruyette & Woods , in approving of the move . VB DT NN IN PRP CC VBP RB VB RB , '' VBD NNP NNP NNP , NN IN NNP , NNP CC NNP , IN VBG IN DT NN .
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Bankers Trust `` has had the capacity to do this for some time , '' the analyst said . NNP NNP `` VBZ VBN DT NN TO VB DT IN DT NN , '' DT NN VBD .
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He expects Citicorp to take a similar step this year . PRP VBZ NNP TO VB DT JJ NN DT NN .
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Citicorp yesterday reported a 9 % third-quarter earnings drop , which analysts called a bit disappointing , while Manufacturers Hanover Corp. posted a $ 789 million loss for the quarter after adding $ 950 million to its reserve for loans to less-developed countries . NN NN VBD DT CD NN JJ NNS NN , WDT NNS VBD DT NN JJ , IN NNP NNP NNP VBD DT $ CD CD NN IN DT NN IN VBG $ CD CD TO PRP$ NN IN NNS TO JJ NNS .
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Three other major U.S. banks posted earnings increases . CD JJ JJ NNP NNS VBD NNS NNS .
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Wells Fargo & Co. of San Francisco posted a 17 % jump . NNP NNP CC NNP IN NNP NNP VBD DT CD NN NN .
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PNC Financial Corp. , the parent of Pittsburgh National Bank , reported net income climbed 9.8 % , while net for Banc One Corp. of Columbus , Ohio , grew 3.8 % . NNP NNP NNP , DT NN IN NNP NNP NNP , VBD JJ NN VBD CD NN , IN JJ IN NNP CD NNP IN NNP , NNP , VBD CD NN .
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Citicorp NNP
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Analysts were only slightly disappointed by Citicorp 's numbers . NNS VBD RB RB VBN IN NNP POS NNS .
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`` There 's nothing in here that 's horrible and nothing to make you think they 're setting the world on fire , '' said Carole Berger , analyst for C.J. Lawrence , Morgan Grenfell Inc . `` EX VBZ NN IN RB DT VBZ NN CC NN TO VB PRP VB PRP VBP VBG DT NN IN NN , '' VBD NNP NNP , NN IN NNP NNP , NNP NNP NNP .
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Earnings from the bank 's global consumer business grew 27 % . NNS IN DT NN POS JJ NN NN VBD CD NN .
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`` The consumer business continues to drive the earnings stream , '' said Mr. McDermott of Keefe , Bruyette & Woods . `` DT NN NN VBZ TO VB DT NNS NN , '' VBD NNP NNP IN NNP , NNP CC NNP .
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Corporate finance and trading results in member countries of the Organization for Economic Cooperation and Development were `` relatively flat , sometimes choppy , '' the bank said , and profit for the area sank 27 % . JJ NN CC NN NNS IN NN NNS IN DT NNP IN NNP NNP CC NNP VBD `` RB JJ , RB JJ , '' DT NN VBD , CC NN IN DT NN VBD CD NN .
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The cross-border loan portfolio reflected `` adjustment problems and episodic payment patterns , '' the bank said no interest payments from Argentina in the nine months and none from Brazil in the third quarter , while Venezuela brought itself `` substantially current . '' DT JJ NN NN VBD `` NN NNS CC JJ NN NNS , '' DT NN VBD DT NN NNS IN NNP IN DT CD NNS CC NN IN NNP IN DT JJ NN , IN NNP VBD PRP `` RB JJ . ''
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Overall , the portfolio narrowed its quarterly loss to $ 70 million from $ 80 million a year earlier . RB , DT NN VBD PRP$ JJ NN TO $ CD CD IN $ CD CD DT NN RBR .
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`` People were waiting to see if we would take an additional provision '' for medium-term and long-term loans to less-developed countries , a Citicorp spokesman said . `` NNS VBD VBG TO VB IN PRP MD VB DT JJ NN '' IN JJ CC JJ NNS TO JJ NNS , DT NNP NN VBD .
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But he reiterated the bank 's position that it is comfortable with the current level of $ 2.6 billion , covering about 30 % of the $ 8.9 billion of such loans outstanding . CC PRP VBD DT NN POS NN IN PRP VBZ JJ IN DT JJ NN IN $ CD CD , VBG IN CD NN IN DT $ CD CD IN JJ NNS JJ .
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Ronald I. Mandle , analyst at Sanford C. Bernstein & Co. , called Citicorp 's venture-capital gains of $ 93 million before taxes `` strong . '' NNP NNP NNP , NN IN NNP NNP NNP CC NNP , VBN NNP POS JJ NNS IN $ CD CD IN NNS `` JJ . ''
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A `` concerning '' item the analyst cited was the 10 % jump in expenses , which the bank attributes to costs of expanding both its consumer credit-card operations and its overseas branch business . DT `` VBG '' NN DT NN VBD VBD DT CD NN NN IN NNS , WDT DT NN NNS TO NNS IN VBG DT PRP$ NN NN NNS CC PRP$ JJ NN NN .
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Citicorp 's spokesman said , however , that the bank is maintaining those expenses in proportion to revenue growth . NNP POS NN VBD , RB , IN DT NN VBZ VBG DT NNS IN NN TO NN NN .
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Wells Fargo NNP NNP
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Wells Fargo continued to generate one of the highest profit margins among major banks , minimizing a drop in net interest margin with 13 % third-quarter growth in high-yielding business loans and similar growth in mortgages . NNP NNP VBD TO VB CD IN DT JJS NN NNS IN JJ NNS , VBG DT NN IN JJ NN NN IN CD NN JJ NN IN JJ NN NNS CC JJ NN IN NNS .
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Its margin fell only seven basis points , or 7\/100ths of a percentage point , from a year ago , compared with a 13-point drop at Security Pacific Corp. and much larger declines among banks in other parts of the country . PRP$ NN VBD RB CD NN NNS , CC CD IN DT NN NN , IN DT NN RB , VBN IN DT JJ NN IN NNP NNP NNP CC RB JJR NNS IN NNS IN JJ NNS IN DT NN .
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As a result , Wells Fargo 's net interest income rose $ 36.3 million , or 7 % , to $ 537 million for the quarter . IN DT NN , NNP NNP POS JJ NN NN VBD $ CD CD , CC CD NN , TO $ CD CD IN DT NN .
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Non-interest income fell slightly to $ 191.9 million from $ 193.3 million , while Wells Fargo continued to rigorously control non-interest expense , which was almost flat at $ 393.4 million . JJ NN VBD RB TO $ CD CD IN $ CD CD , IN NNP NNP VBD TO RB VBP JJ NN , WDT VBD RB JJ IN $ CD CD .
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The combination of solid loan growth with tight expense control gave Wells Fargo a 1.25 % return on average assets for the quarter , about 40 % higher than Security Pacific 's and a profit ratio matched by only two or three other major banks in the U.S. . DT NN IN JJ NN NN IN JJ NN NN VBD NNP NNP DT CD NN NN IN JJ NNS IN DT NN , IN CD NN JJR IN NNP NNP POS CC DT NN NN VBN IN RB CD CC CD JJ JJ NNS IN DT NNP .
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Wells Fargo 's return on equity increased to 24.4 % from 23.8 % . NNP NNP POS NN IN NN VBN TO CD NN IN CD NN .
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Wells Fargo has sold all of its non-trade loans made to less-developed countries , and managed to partly reverse the sharp rise in domestic non-accrual loans , which fell 8 % from the previous quarter to $ 806.8 million from $ 880.9 million . NNP NNP VBZ VBN DT IN PRP$ JJ NNS VBN TO JJ NNS , CC VBD TO RB VB DT JJ NN IN JJ JJ NNS , WDT VBD CD NN IN DT JJ NN TO $ CD CD IN $ CD CD .
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But the amount was still 39 % higher than the year-ago level , and 25 % higher as a percentage of total loans . CC DT NN VBD RB CD NN JJR IN DT JJ NN , CC CD NN JJR IN DT NN IN JJ NNS .
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That trend , and Wells Fargo 's heavy exposure to leveraged buy-outs , are about the only worries analysts have about Wells Fargo 's financial picture . DT NN , CC NNP NNP POS JJ NN TO JJ NNS , VBP IN DT RB VBZ NNS VBP IN NNP NNP POS JJ NN .
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Wells Fargo is rebuilding its loan-loss reserve , which increased to $ 711 million at Sept. 30 from $ 664 million the previous quarter but was down from $ 852 million a year ago , when the bank still had some shaky foreign loans . NNP NNP VBZ VBG PRP$ NN NN , WDT VBD TO $ CD CD IN NNP CD IN $ CD CD DT JJ NN CC VBD RB IN $ CD CD DT NN RB , WRB DT NN RB VBD DT JJ JJ NNS .
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Manufacturers Hanover NNP NNP
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Manufacturers Hanover said that excluding the addition to its reserves , certain tax benefits , and a one-time $ 16 million gain on the sale of an interest in a foreign leasing company , third-quarter earnings were $ 75 million . NNP NNP VBD IN VBG DT NN TO PRP$ NNS , JJ NN NNS , CC DT JJ $ CD CD NN IN DT NN IN DT NN IN DT JJ NN NN , JJ NNS VBD $ CD CD .
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The comparable year-earlier number was $ 56 million , a spokesman said . DT JJ JJ NN VBD $ CD CD , DT NN VBD .
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The bank 's additional provisions brought reserves for loans to less-developed countries to $ 2.4 billion , covering 36 % of its medium and long-term loans outstanding to these nations . DT NN POS JJ NNS VBD NNS IN NNS TO JJ NNS TO $ CD CD , VBG CD NN IN PRP$ NN CC JJ NNS JJ TO DT NNS .
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The net interest margin - the difference between the bank 's cost of funds and what it receives as interest payments -- improved in the quarter , as did certain areas of wholesale banking . DT JJ NN NN : DT NN IN DT NN POS NN IN NNS CC WP PRP VBZ IN NN NNS : VBN IN DT NN , IN VBD JJ NNS IN JJ NN .
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Fees from syndicating loans dropped 48 % , to $ 21 million . NNS IN VBG NNS VBD CD NN , TO $ CD CD .
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`` We did n't take part in a lot of deals '' in the quarter `` because their credit quality was poor , '' the spokesman said . `` PRP VBD RB VB NN IN DT NN IN NNS '' IN DT NN `` IN PRP$ NN NN VBD JJ , '' DT NN VBD .
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Expenses unrelated to interest rose 5.4 % , to $ 541 million . NNS JJ TO VB VBD CD NN , TO $ CD CD .
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PNC Financial NNP NNP
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PNC Financial cited higher income from sources unrelated to interest and said it continues to cut costs . NNP NNP VBD JJR NN IN NNS JJ TO VB CC VBD PRP VBZ TO VB NNS .
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Net interest income in the third quarter edged up 1.4 % , to $ 317.7 million . JJ NN NN IN DT JJ NN VBD IN CD NN , TO $ CD CD .
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Trust income grew 15 % , to $ 49.9 million , while service charges , fees and commissions increased 22 % , to $ 79.4 million . NN NN VBD CD NN , TO $ CD CD , IN NN NNS , NNS CC NNS VBN CD NN , TO $ CD CD .
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The bank 's total allowance for credit losses was $ 502.1 million , or 1.82 % of total loans . DT NN POS JJ NN IN NN NNS VBD $ CD CD , CC CD NN IN JJ NNS .
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Prime Minister Rajiv Gandhi set a date next month for general elections that some analysts say could cost him and his ruling Congress -LRB- I -RRB- Party control of the government . NNP NNP NNP NNP VBD DT NN JJ NN IN JJ NNS IN DT NNS VBP MD VB PRP CC PRP$ NN NNP ( PRP ) NNP NN IN DT NN .
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Other analysts say the Indian leader could retain control with a slim majority or be forced to rule as the dominant partner in a coalition with other parties . JJ NNS VBP DT NNP NN MD VB NN IN DT JJ NN CC VB VBN TO VB IN DT JJ NN IN DT NN IN JJ NNS .
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Elections in this large , diverse and passionate nation are always hard to predict . NNS IN DT JJ , JJ CC JJ NN VBP RB JJ TO VB .
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Much depends on the opposition , a loose group of regional and ideological parties led by former Gandhi cabinet minister Vishwanath Pratap Singh . RB VBZ IN DT NN , DT JJ NN IN JJ CC JJ NNS VBN IN JJ NNP NN NNP NNP NNP NNP .
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The biggest certainty is that the elections will be a vote for or against Mr. Gandhi and his five years in power -- five years of ups and downs , promises and disappointments and wide fluctuations in popularity . DT JJS NN VBZ IN DT NNS MD VB DT NN IN CC IN NNP NNP CC PRP$ CD NNS IN NN : CD NNS IN NNS CC NNS , VBZ CC NNS CC JJ NNS IN NN .
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Yesterday , four days after an unusual parliamentary defeat for the ruling party , Mr. Gandhi called elections for the lower house of Parliament on Nov. 22 and 24 . NN , CD NNS IN DT JJ JJ NN IN DT NN NN , NNP NNP VBD NNS IN DT JJR NN IN NNP IN NNP CD CC CD .
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The elections will be held in different states on one of the two days . DT NNS MD VB VBN IN JJ NNS IN CD IN DT CD NNS .
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-LRB- The lower house 's five-year term expires in January ; the Parliament 's upper house is appointed . -RRB- ( DT JJR NN POS JJ NN VBZ IN NNP : DT NNP POS JJ NN VBZ VBN . )
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The elections will be a rigorous test for the 45-year-old prime minister and Congress -LRB- I -RRB- , which in various forms has ruled for 40 of India 's 42 years of independence . DT NNS MD VB DT JJ NN IN DT JJ JJ NN CC NNP ( PRP ) , WDT IN JJ NNS VBZ VBN IN CD IN NNP POS CD NNS IN NN .
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After a landslide win in 1984 in polls held after the assassination of his mother , Indira Gandhi , Mr. Gandhi saw his popularity begin a roller coaster ride . IN DT NN NN IN CD IN NNS VBN IN DT NN IN PRP$ NN , NNP NNP , NNP NNP VBD PRP$ NN VB DT NN NN NN .
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His early promises to make India a modern nation remain bogged down in bloated bureaucracy . PRP$ JJ NNS TO VB NNP DT JJ NN VB VBD RB IN JJ NN .
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His pledge to clean up local administration and Indian politics , including his own party , went unfulfilled . PRP$ NN TO VB IN JJ NN CC NNP NNS , VBG PRP$ JJ NN , VBD JJ .
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His `` Mr. Clean '' image was muddied by an arms-kickback scandal , which will be a major campaign issue . PRP$ `` NNP NNP '' NN VBD VBN IN DT NN NN , WDT MD VB DT JJ NN NN .
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Some analysts predict that disappointment in Mr. Gandhi 's spent pledge to reduce corruption and heavy-handed local government will crest at the polls . DT NNS VBP DT NN IN NNP NNP POS VBD NN TO VB NN CC JJ JJ NN MD VB IN DT NNS .
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`` There 's a wide feeling of indignation across the country , '' says Bhabani Sen Gupta of the Center for Policy Research , in New Delhi . `` EX VBZ DT JJ NN IN NN IN DT NN , '' VBZ NNP NNP NNP IN DT NNP IN NNP NNP , IN NNP NNP .
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`` I think the people will be judging the regime by a petty policeman , by a corrupt revenue collector . `` PRP VBP DT NNS MD VB VBG DT NN IN DT JJ NN , IN DT JJ NN NN .
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This could be a big protest against an administrative failure . '' DT MD VB DT JJ NN IN DT JJ NN . ''
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Even if the Congress -LRB- I -RRB- retains control of the government , Mr. Gandhi 's ability to push through major initiatives might be hobbled by a thinner majority . RB IN DT NNP ( PRP ) VBZ NN IN DT NN , NNP NNP POS NN TO VB IN JJ NNS MD VB VBN IN DT JJR NN .
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Economic analysts call his trail-blazing liberalization of the Indian economy incomplete , and many are hoping for major new liberalizations if he is returned firmly to power . JJ NNS VBP PRP$ JJ NN IN DT NNP NN JJ , CC JJ VBP VBG IN JJ JJ NNS IN PRP VBZ VBN RB TO VB .
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The Lok Sabha , or lower house of Parliament , has 542 elected and two appointed seats . DT NNP NNP , CC JJR NN IN NNP , VBZ CD VBN CC CD VBN NNS .
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In 1984 , the Congress -LRB- I -RRB- captured 405 seats , the largest victory in the history of Indian democracy . IN CD , DT NNP ( PRP ) VBN CD NNS , DT JJS NN IN DT NN IN NNP NN .
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The landslide was fueled by panic that prevailed in India at the time . DT NN VBD VBN IN NN WDT VBD IN NNP IN DT NN .
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Mrs. Gandhi had been assassinated by separatist Sikhs , and many Indians feared their country might split apart . NNP NNP VBD VBN VBN IN JJ NNPS , CC JJ NNPS VBD PRP$ NN MD VB RB .
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In the previous three general elections , similar national issues clinched the vote . IN DT JJ CD JJ NNS , JJ JJ NNS VBD DT NN .
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In 1971 , the Congress Party won after India 's victory in the Bangladesh war . IN CD , DT NNP NNP VBD IN NNP POS NN IN DT NNP NN .
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In 1977 , Mrs. Gandhi was thrown out of office after her 19-month emergency rule , and in 1980 , after her successors made a mess of their three years in power , she was restored to office . IN CD , NNP NNP VBD VBN IN IN NN IN PRP$ JJ NN NN , CC IN CD , IN PRP$ NNS VBD DT NN IN PRP$ CD NNS IN NN , PRP VBD VBN TO NN .
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Most political analysts say that if Mr. Gandhi 's opposition unites to field single candidates in most precincts , the Congress -LRB- I -RRB- will lose big . JJS JJ NNS VBP IN IN NNP NNP POS NN VBZ TO VB JJ NNS IN RBS NNS , DT NNP ( PRP ) MD VB JJ .
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But if the opposition remains fractured , the Congress -LRB- I -RRB- could win a small majority , or lead a coalition government . CC IN DT NN VBZ VBN , DT NNP ( PRP ) MD VB DT JJ NN , CC VB DT NN NN .
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Chimanbhai Mehta , a parliamentarian and former Gandhi ally , predicts Congress -LRB- I -RRB- will win only 150 seats , a quarter of the house , if the opposition fields single candidates in 80 % of the races . NNP NNP , DT NN CC JJ NNP NN , VBZ NNP ( PRP ) MD VB RB CD NNS , DT NN IN DT NN , IN DT NN VBZ JJ NNS IN CD NN IN DT NNS .
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Analysts say the opposition will struggle this week to unite , and its success will be clear only when it announces its final list of parliamentary candidates . NNS VBP DT NN MD VB DT NN TO VB , CC PRP$ NN MD VB JJ RB WRB PRP VBZ PRP$ JJ NN IN JJ NNS .
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The arms-kickback scandal is likely to be one of the big talking points in the campaign , but it 's unclear how it is viewed by average Indian voters . DT NN NN VBZ JJ TO VB CD IN DT JJ NN NNS IN DT NN , CC PRP VBZ JJ WRB PRP VBZ VBN IN JJ NNP NNS .
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In 1986 , India signed a $ 1.4 billion contract with AB Bofors , a unit of Nobel Industries Sweden AB , to purchase 400 artillery pieces . IN CD , NNP VBD DT $ CD CD NN IN NNP NNP , DT NN IN NNP NNP NNP NNP , TO VB CD NN NNS .
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The contract was negotiated by the countries ' two prime ministers , and was supposed to be free of commissions or agents ' costs . DT NN VBD VBN IN DT NNS POS CD JJ NNS , CC VBD VBN TO VB JJ IN NNS CC NNS POS NNS .
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In April 1987 , evidence surfaced that commissions were paid . IN NNP CD , NN VBD IN NNS VBD VBN .
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The opposition charged that the money was used to bribe Indian government officials , an allegation denied by Mr. Gandhi 's administration . DT NN VBN IN DT NN VBD VBN TO VB NNP NN NNS , DT NN VBN IN NNP NNP POS NN .
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But many of his statements on the issue in Parliament subsequently were proven wrong by documentary evidence . CC NN IN PRP$ NNS IN DT NN IN NNP RB VBD VBN JJ IN NN NN .
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The scandal has faded and flared , but recent disclosures propelled it back onto the front pages , and that has helped galvanize the opposition , which last week blocked passage of two constitutional amendment bills . DT NN VBZ VBN CC VBN , CC JJ NNS VBN PRP RB IN DT NN NNS , CC DT VBZ VBN VB DT NN , WDT JJ NN VBD NN IN CD JJ NN NNS .
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It was the first time in 20 years that such government bills were defeated . PRP VBD DT JJ NN IN CD NNS IN JJ NN NNS VBD VBN .
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In a country where a bribe is needed to get a phone , a job , and even into a school , the name Bofors has become a potent rallying cry against the government . IN DT NN WRB DT NN VBZ VBN TO VB DT NN , DT NN , CC RB IN DT NN , DT NN NNP VBZ VBN DT JJ NN NN IN DT NN .
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That illustrates the kind of disappointment many Indians feel toward Mr. Gandhi , whom they zestfully elected and enthusiastically supported in his first two years in power . DT VBZ DT NN IN NN JJ NNPS VBP IN NNP NNP , WP PRP RB VBD CC RB VBN IN PRP$ JJ CD NNS IN NN .
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His term has produced no spectacular failures in politics , in the economy or on the military front , and has chalked up some successes . PRP$ NN VBZ VBN DT JJ NNS IN NNS , IN DT NN CC IN DT JJ NN , CC VBZ VBN IN DT NNS .
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But the average Indian had tremendous hope in the youthful leader and his promise to make both government and the ruling party more effective and less corrupt . CC DT JJ NNP VBD JJ NN IN DT JJ NN CC PRP$ NN TO VB DT NN CC DT NN NN RBR JJ CC RBR JJ .
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His failures in those two areas deeply , and sometimes bitterly , disappointed many Indians . PRP$ NNS IN DT CD NNS RB , CC RB RB , VBN JJ NNPS .
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`` We do n't like the Congress -LRB- I -RRB- , '' says Sooraji Jath , a farmer in the western state of Gujarat . `` PRP VBP RB IN DT NNP ( PRP ) , '' VBZ NNP NNP , DT NN IN DT JJ NN IN NN .
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`` The Congress government is taking the farmers ' bread and not giving us any support . `` DT NNP NN VBZ VBG DT NNS POS NN CC RB VBG PRP DT NN .
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When there are well problems , light problems , road problems , the government tells us to forget it . '' WRB EX VBP JJ NNS , NN NNS , NN NNS , DT NN VBZ PRP TO VB PRP . ''
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The greatest thing going for Mr. Gandhi and the Congress -LRB- I -RRB- Party is the poor reputation of the opposition . DT JJS NN VBG IN NNP NNP CC DT NNP ( PRP ) NNP VBZ DT JJ NN IN DT NN .
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Even if it unites for the elections , its coherence is likely to be temporary . RB IN PRP VBZ IN DT NNS , PRP$ NN VBZ JJ TO VB JJ .
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When the Congress -LRB- I -RRB- lost the 1977 election , following Mrs. Gandhi 's hated emergency rule , a similar coalition took power and then disintegrated . WRB DT NNP ( PRP ) VBD DT CD NN , VBG NNP NNP POS VBD NN NN , DT JJ NN VBD NN CC RB VBD .
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Many Indians fear a repeat of that experience . JJ NNPS NN DT NN IN DT NN .
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March 24 , 1986 : NNP CD , CD :
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AB Bofors , a unit of Nobel Industries Sweden AB , enters into a $ 1.4 billion contract with India 's Defense Ministry to supply 400 Bofors FH-77B 155-mm field howitzer guns . NNP NNP , DT NN IN NNP NNP NNP NNP , VBZ IN DT $ CD CD NN IN NNP POS NNP NNP TO VB CD NNP NNP JJ NN NN NNS .
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In 1985 , Prime Minister Rajiv Gandhi , in his talks with then Swedish Prime Minister Olof Palme , imposed the condition that the contract have no middlemen . IN CD , NNP NNP NNP NNP , IN PRP$ NNS IN RB NNP NNP NNP NNP NNP , VBD DT NN IN DT NN VBP DT NNS .
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April 16 , 1987 : NNP CD , CD :
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Swedish National Radio reports that about $ 40 million -- nearly 3 % of the total contract -- was paid by Bofors as commissions to middlemen . NNP NNP NNP NNS IN RB $ CD CD : RB CD NN IN DT JJ NN : VBD VBN IN NNP IN NNS TO NNS .
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June 1 , 1987 : NNP CD , CD :
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Sweden 's National Audit Bureau releases its report confirming payment of about $ 40 million to unidentified Indians . NNP POS NNP NNP NNP NNS PRP$ NN VBG NN IN RB $ CD CD TO JJ NNPS .
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The report says that investigations were severely hampered by lack of cooperation from Bofors . DT NN VBZ IN NNS VBD RB VBN IN NN IN NN IN NNP .
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Bofors says it ca n't disclose the names of the middlemen because it would jeopardize industrial confidentiality . NNP VBZ PRP MD RB VB DT NNS IN DT NNS IN PRP MD VB JJ NN .
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A portion of the report containing names of the middlemen is withheld by officials citing bank secrecy requirements . DT NN IN DT NN VBG NNS IN DT NNS VBZ VBN IN NNS VBG NN NN NNS .
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Aug. 6 , 1987 : NNP CD , CD :
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Prime Minister Gandhi tells the Indian Parliament , `` ... neither I nor any member of my family has received any consideration in these transactions . NNP NNP NNP VBZ DT NNP NNP , `` : DT PRP CC DT NN IN PRP$ NN VBZ VBN DT NN IN DT NNS .
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That is the truth . '' DT VBZ DT NN . ''
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Aug. 26 , 1987 : NNP CD , CD :
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Bofors admits payments of $ 41 million to middlemen . NNP VBZ NNS IN $ CD CD TO NNS .
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April 22 , 1988 : NNP CD , CD :
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The Hindu newspaper publishes facsimiles of bank documents for foreign-exchange remittances and letters between Bofors and certain private companies related to the sale of the guns to India . DT NNP NN VBZ NNS IN NN NNS IN JJ NNS CC NNS IN NNP CC JJ JJ NNS VBN TO DT NN IN DT NNS TO NNP .
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April 26 , 1988 : NNP CD , CD :
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A parliamentary investigative committee dominated by the Congress -LRB- I -RRB- Party concludes that there were no middlemen in the deal and no payment to any Indian individual or company . DT JJ JJ NN VBN IN DT NNP ( PRP ) NNP VBZ IN EX VBD DT NNS IN DT NN CC DT NN TO DT NNP NN CC NN .
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July 18 , 1989 : NNP CD , CD :
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The comptroller and auditor-general of India reports serious lapses in the government 's technical and financial evaluation of the Bofors deal . DT NN CC NN IN NNP VBZ JJ NNS IN DT NN POS JJ CC JJ NN IN DT NNP NN .
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Sept. 15 , 1989 : NNP CD , CD :
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Retired army Chief of Staff Krishnaswami Sundarji discloses in an interview that he suggested in May 1987 that the government cancel the Bofors contract . JJ NN NNP IN NNP NNP NNP VBZ IN DT NN IN PRP VBD IN NNP CD IN DT NN NN DT NNP NN .
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According to Gen. Sundarji , that would have forced Bofors to disclose the names of the middlemen who received kickbacks from the company . VBG TO NNP NNP , WDT MD VB VBN NNP TO VB DT NNS IN DT NNS WP VBD NNS IN DT NN .
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His recommendation was rejected by the government . PRP$ NN VBD VBN IN DT NN .
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Oct. 9. 1989 : NNP CD CD :
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The Hindu newspaper publishes the withheld portion of the Swedish National Audit Bureau 's report . DT NNP NN VBZ DT VBN NN IN DT NNP NNP NNP NNP POS NN .
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The disclosures state that commissions were paid by Bofors to an Indian agent of the arms company . DT NNS VBP IN NNS VBD VBN IN NNP TO DT NNP NN IN DT NNS NN .
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Parsow Partnership Ltd. and Elkhorn Partners L.P. said they may seek proposals from third parties relating to a sale or restructuring of CACI International Inc . NNP NNP NNP CC NNP NNP NNP VBD PRP MD VB NNS IN JJ NNS VBG TO DT NN CC NN IN NNP NNP NNP .
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In a filing with the Securities and Exchange Commission , Parsow and Elkhorn , which together hold 8.685 % of CACI 's common shares , said they think it is in the best interest of CACI stockholders that the company be sold . IN DT NN IN DT NNP CC NNP NNP , NNP CC NNP , WDT RB VB CD NN IN NNP POS JJ NNS , VBD PRP VBP PRP VBZ IN DT JJS NN IN NNP NNS IN DT NN VB VBN .
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CACI , based in Arlington , Va. , said it had n't seen the filing by Parsow and Elkhorn and therefore had no comment . NNP , VBN IN NNP , NNP , VBD PRP VBD RB VBN DT NN IN NNP CC NNP CC RB VBD DT NN .
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The partnerships said they may seek board representation , and they may seek the support of CACI 's board and other major shareholders in connection with their plans . DT NNS VBD PRP MD VB NN NN , CC PRP MD VB DT NN IN NNP POS NN CC JJ JJ NNS IN NN IN PRP$ NNS .
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According to the filing , Parsow and Elkhorn are based in Elkhorn , Neb. , and are controlled by the same general partner , Alan S. Parsow . VBG TO DT NN , NNP CC NNP VBP VBN IN NNP , NNP , CC VBP VBN IN DT JJ JJ NN , NNP NNP NNP .
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Their combined stake consists of 880,500 CACI common shares , including 86,500 shares bought in the past 60 days at $ 2.3125 to $ 2.4375 a share . PRP$ VBN NN VBZ IN CD NNP JJ NNS , VBG CD NNS VBD IN DT JJ CD NNS IN $ CD TO $ CD DT NN .
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Additional shares may be bought or sold in the open market , in private transactions or otherwise , depending on market conditions and other factors . JJ NNS MD VB VBN CC VBN IN DT JJ NN , IN JJ NNS CC RB , VBG IN NN NNS CC JJ NNS .
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The inverse trading relationship between bonds and stocks was interrupted yesterday as bonds fell despite a modest decline in stock prices . DT JJ NN NN IN NNS CC NNS VBD VBN NN IN NNS VBD IN DT JJ NN IN NN NNS .
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But bond investors continue to keep a close watch on the jittery stock market . CC NN NNS VBP TO VB DT NN NN IN DT JJ NN NN .
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In early trading , investors were bidding bond prices higher as stocks tumbled and fears mounted that Friday 's stock market debacle would be repeated . IN JJ NN , NNS VBD NN NN NNS JJR IN NNS VBD CC NNS VBN IN NNP POS NN NN NN MD VB VBN .
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But a partial recovery in the Dow Jones Industrial Average , which had been down more than 60 points in midmorning , dashed those expectations . CC DT JJ NN IN DT NNP NNP NNP NNP , WDT VBD VBN RB JJR IN CD NNS IN NN , VBD DT NNS .
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Treasury bonds also were hurt late in the day by a $ 4 billion offering by the Tennessee Valley Authority and the prospect of a huge amount of new agency debt . NN NNS RB VBD VBN RB IN DT NN IN DT $ CD CD NN IN DT NNP NNP NNP CC DT NN IN DT JJ NN IN JJ NN NN .
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`` Bond investors were hoping that stock prices would continue to fall , '' said Roger Early , a vice president at Federated Investors Inc. , Pittsburgh . `` NNP NNS VBD VBG IN NN NNS MD VB TO VB , '' VBD NNP NNP , DT NN NN IN NNP NNP NNP , NNP .
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`` When stocks stabilized , that was a disappointment . '' `` WRB NNS VBN , WDT VBD DT NN . ''
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Meanwhile , for the second straight day , the bond market paid little attention to the Federal Reserve 's open market operations . RB , IN DT JJ JJ NN , DT NN NN VBD JJ NN TO DT NNP NNP POS JJ NN NNS .
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Fed officials injected more cash into the banking system by arranging $ 1.5 billion of repurchase agreements during the usual pre-noon intervention period . JJ NNS VBN JJR NN IN DT NN NN IN VBG $ CD CD IN NN NNS IN DT JJ NN NN NN .
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The move was meant to keep a lid on interest rates and to boost investor confidence . DT NN VBD VBN TO VB DT NN IN NN NNS CC TO VB NN NN .
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`` The intervention has been friendly , meaning that they really did n't have to do it , '' said Maria Fiorini Ramirez , money-market economist at Drexel Burnham Lambert Inc . `` DT NN VBZ VBN JJ , NN IN PRP RB VBD RB VB TO VB PRP , '' VBD NNP NNP NNP , JJ NN IN NNP NNP NNP NNP .
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She said a more aggressive move was n't needed . PRP VBD DT RBR JJ NN VBD RB VBN .
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The Fed also appears reluctant to ease credit conditions further . DT NNP RB VBZ JJ TO VB NN NNS JJ .
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It already has allowed the closely watched federal funds rate to decline 1\/4 percentage point to about 8 3\/4 % from its previous target level of about 9 % . PRP RB VBZ VBN DT RB VBN JJ NNS NN TO VB CD NN NN TO IN CD CD NN IN PRP$ JJ NN NN IN IN CD NN .
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The rate , which banks charge each other on overnight loans , is considered an early signal of changes in Fed policy . DT NN , WDT NNS VBP DT NN IN JJ NNS , VBZ VBN DT JJ NN IN NNS IN NNP NN .
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It ended at about 8 11\/16 % yesterday , but was as low as 8 1\/2 % Monday . PRP VBD IN IN CD CD NN NN , CC VBD RB JJ IN CD CD NN NNP .
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The Treasury 's benchmark 30-year bond fell more than 1\/2 point , or over $ 5 for each $ 1,000 face amount , while the yield moved above 8 % for the first time since Thursday . DT NNP POS NN JJ NN VBD JJR IN CD NN , CC IN $ NN IN DT $ CD NN NN , IN DT NN VBD IN CD NN IN DT JJ NN IN NNP .
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Investment-grade corporate , municipal and mortgage-backed securities also fell . JJ JJ , JJ CC JJ NNS RB VBD .
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But most junk bonds closed unchanged after opening slightly higher on bargain-hunting by institutional investors . CC RBS NN NNS VBD JJ IN NN RB JJR IN NN IN JJ NNS .
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Some so-called high-quality junk issues , such as R.H. Macy & Co. 's 14 1\/2 % subordinated debentures , rose . DT JJ JJ NN NNS , JJ IN NNP NNP CC NNP POS CD CD NN VBD NNS , VBD .
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The Macy 's issue closed up about one point at a bid price of 97 . DT NNP POS NN VBD IN IN CD NN IN DT NN NN IN CD .
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The TVA 's public debt offering was its first in 15 years . DT NNP POS JJ NN NN VBD PRP$ JJ IN CD NNS .
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Strong investor demand prompted it to boost the size of the issue from $ 3 billion . JJ NN NN VBD PRP TO VB DT NN IN DT NN IN $ CD CD .
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Traders said hedging related to the TVA pricing also pressured Treasury bonds . NNS VBD VBG VBN TO DT NNP NN RB VBD NNP NNS .
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`` Underwriters of the TVA bonds reduced their market risk by selling Treasurys to cover at least part of their -LCB- TVA -RCB- holdings , '' said James R. Capra , a senior vice president at Shearson Lehman Government Securities Inc . `` NNS IN DT NNP NNS VBD PRP$ NN NN IN VBG NNPS TO VB IN JJS NN IN PRP$ ( NNP ) NNS , '' VBD NNP NNP NNP , DT JJ NN NN IN NNP NNP NNP NNP NNP .
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The TVA bonds also `` served to remind the market that there will be even more new supply , '' said Lawrence N. Leuzzi , a managing director at S.G. Warburg Securities & Co . DT NNP NNS RB `` VBN TO VB DT NN IN EX MD VB RB RBR JJ NN , '' VBD NNP NNP NNP , DT VBG NN IN NNP NNP NNPS CC NNP .
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Today the Treasury will announce the size of its next two-year note sale and Resolution Funding Corp. will announce details of its first bond offering . NN DT NNP MD VB DT NN IN PRP$ JJ JJ NN NN CC NNP NNP NNP MD VB NNS IN PRP$ JJ NN NN .
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Some traders estimate $ 9.75 billion of new two-year Treasurys will be sold next week , and they expect Refcorp to offer $ 4 billion to $ 6 billion of long-term `` bailout '' bonds . DT NNS VBP $ CD CD IN JJ JJ NNPS MD VB VBN JJ NN , CC PRP VBP NNP TO VB $ CD CD TO $ CD CD IN JJ `` NN '' NNS .
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Refcorp was created to help fund the thrift bailout . NNP VBD VBN TO VB VB DT NN NN .
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Another agency issue came to market yesterday . DT NN NN VBD TO VB NN .
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The Office of Finance of the Federal Home Loan Banks said it priced a four-part $ 2.27 billion bond offering for the banks to yield from 8.125 % to 8.375 % . DT NNP IN NNP IN DT NNP NNP NNP NNP VBD PRP VBD DT JJ $ CD CD NN NN IN DT NNS TO VB IN CD NN TO CD NN .
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The release of several economic reports had little impact on the market , including a report that the U.S. trade deficit expanded to a surprisingly wide $ 10.77 billion in August , up from a revised $ 8.24 billion in July . DT NN IN JJ JJ NNS VBD JJ NN IN DT NN , VBG DT NN IN DT NNP NN NN VBN TO DT RB JJ $ CD CD IN NNP , IN IN DT VBN $ CD CD IN NNP .
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The August gap was expected to have expanded to $ 9.1 billion . DT NNP NN VBD VBN TO VB VBN TO $ CD CD .
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Treasury Securities NNP NNPS
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Treasury securities were essentially flat to about 1\/2 point lower . NN NNS VBD RB JJ TO IN CD NN JJR .
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The benchmark 30-year bond was quoted late at 100 28\/32 to yield 8.04 % , compared with 101 19\/32 to yield 7.97 % Monday . DT NN JJ NN VBD VBN RB IN CD CD TO VB CD NN , VBN IN CD CD TO VB CD NN NNP .
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The latest 10-year notes were quoted late at 99 25\/32 to yield 8.01 % , compared with 100 1\/32 to yield 7.97 % . DT JJS JJ NNS VBD VBN RB IN CD CD TO VB CD NN , VBN IN CD CD TO VB CD NN .
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Short-term rates increased . JJ NNS VBN .
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The discount rate on three-month bills rose to 7.52 % for a bond-equivalent yield of 7.75 % . DT NN NN IN JJ NNS VBD TO CD NN IN DT JJ NN IN CD NN .
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The rate on six-month bills rose to 7.53 % for a bond-equivalent yield of 7.92 % . DT NN IN JJ NNS VBD TO CD NN IN DT JJ NN IN CD NN .
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Corporate , Other Issues JJ , JJ NNS
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Investment-grade corporate bonds ended 1\/4 to 1\/2 point lower , while most junk bonds ended unchanged . JJ JJ NNS VBD CD TO CD NN JJR , IN RBS NN NNS VBD JJ .
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The TVA 's huge $ 4 billion offering dominated attention in the new-issue market . DT NNP POS JJ $ CD CD NN VBD NN IN DT JJ NN .
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TVA offered $ 2 billion of 30-year bonds priced to yield 9.06 % ; $ 1 billion in 10-year notes priced to yield 8.42 % ; and $ 1 billion in five-year notes priced to yield 8.33 % . NNP VBD $ CD CD IN JJ NNS VBN TO VB CD NN : $ CD CD IN JJ NNS VBN TO VB CD NN : CC $ CD CD IN JJ NNS VBN TO VB CD NN .
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The TVA , which operates one of the nation 's largest electric power systems , is a corporation wholly owned by the U.S. government . DT NNP , WDT VBZ CD IN DT NN POS JJS JJ NN NNS , VBZ DT NN RB VBD IN DT NNP NN .
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Yesterday 's bond sale was part of a $ 6.7 billion refinancing plan to pay off high-interest debt the TVA owes the Federal Financing Bank , an arm of the Treasury . NN POS NN NN VBD NN IN DT $ CD CD NN NN TO VB IN JJ NN DT NNP VBZ DT NNP NNP NNP , DT NN IN DT NNP .
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Meanwhile , Lockheed Corp. priced a $ 300 million note offering to yield 9.39 % . RB , NNP NNP VBD DT $ CD CD NN NN TO VB CD NN .
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Mortgage-Backed Securities JJ NNPS
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The derivative mortgage-backed market revived after a brief hiatus as two new Remics totaling $ 850 million were offered and talk circulated about two more issues that could be priced today . DT JJ JJ NN VBN IN DT JJ NN IN CD JJ NNS VBG $ CD CD VBD VBN CC VB VBD IN CD JJR NNS WDT MD VB VBN NN .
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The revival of the real estate mortgage investment conduit market reflected the relative calm in the mortgage market after two days of volatile trading . DT NN IN DT JJ NN NN NN NN NN VBD DT JJ NN IN DT NN NN IN CD NNS IN JJ NN .
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Dealers noted that it 's difficult to structure new Remics when prices are moving widely . NNS VBD IN PRP VBZ JJ TO VB JJ NNS WRB NNS VBP VBG RB .
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The two Remics priced were a $ 500 million Federal Home Loan Mortgage Corp. issue underwritten by Salomon Brothers Inc. and a $ 350 million Federal National Mortgage Association deal underwritten by Greenwich Capital Markets . DT CD NNS VBN VBD DT $ CD CD NNP NNP NNP NNP NNP NN VBN IN NNP NNP NNP CC DT $ CD CD NNP NNP NNP NNP NN VBN IN NNP NNP NNPS .
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The Remic issuance supported prices of Freddie Mac and Fannie Mae securities , which held up better than Government National Mortgage Association securities during an afternoon sell-off . DT NNP NN VBD NNS IN NNP NNP CC NNP NNP NNS , WDT VBD IN JJR IN NNP NNP NNP NNP NNS IN DT NN NN .
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Ginnie Mae 9 % securities for November delivery ended at 97 29\/32 , down 7\/32 ; 9 1\/2 % securities at 99 31\/32 , down 6\/32 ; and 10 % securities at 101 29\/32 , down 5\/32 . NNP NNP CD NN NNS IN NNP NN VBD IN CD CD , RB CD : CD CD NN NNS IN CD CD , RB CD : CC CD NN NNS IN CD CD , RB CD .
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Freddie Mac 9 % securities were at 97 5\/32 , down 3\/32 . NNP NNP CD NN NNS VBD IN CD CD , RB CD .
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The Ginnie Mae 9 % issue was yielding 9.43 % to a 12-year average life assumption , as the spread above the Treasury 10-year note held at 1.42 percentage points . DT NNP NNP CD NN NN VBD VBG CD NN TO DT JJ JJ NN NN , IN DT NN IN DT NNP JJ NN VBN IN CD NN NNS .
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Municipals NNS
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Confusion over the near-term trend for rates dominated the municipal arena , as gyrations in the stock market continued to buffet bonds . NN IN DT JJ NN IN NNS VBD DT JJ NN , IN NNS IN DT NN NN VBD TO VB NNS .
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Long tax-exempt dollar bonds were mostly flat to 3\/8 point lower after a whipsaw session of moving inversely to stocks in modest dealer-led trading . NNP JJ NN NNS VBD RB JJ TO CD NN JJR IN DT JJ NN IN VBG RB TO NNS IN JJ JJ NN .
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Prices of pre-refunded municipal bonds were capped by news that Chemical Securities Inc. , as agent for a customer , will accept bids today for two large lists of bonds that include many such issues . NNS IN JJ JJ NNS VBD VBN IN NN IN NNP NNP NNP , IN NN IN DT NN , MD VB NNS NN IN CD JJ NNS IN NNS WDT VBP JJ JJ NNS .
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The lists total $ 654.5 million . DT NNS JJ $ CD CD .
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Pre-refunded bonds are called at their earliest call date with the escrowed proceeds of another bond issue . JJ NNS VBP VBN IN PRP$ JJS NN NN IN DT VBN NNS IN DT NN NN .
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Meanwhile , several new issues were priced . RB , JJ JJ NNS VBD VBN .
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Underwriters led by PaineWebber Inc. set preliminary pricing for $ 144.4 million of California Health Facilities Financing Authority revenue bonds for Kaiser Permanente . NNS VBN IN NNP NNP VBD JJ NN IN $ CD CD IN NNP NNP NNP NNP NNP NN NNS IN NNP NNP .
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Tentative reoffering yields were set from 6.25 % in 1993 to 7.227 % in 2018 . JJ NN NNS VBD VBN IN CD NN IN CD TO CD NN IN CD .
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As part of its College Savings Plan , Connecticut offered $ 100.4 million of general obligation capital appreciation bonds priced to yield to maturity from 6.25 % in 1994 to 6.90 % in 2006 , 2007 and 2009 . IN NN IN PRP$ NNP NNP NNP , NNP VBD $ CD CD IN JJ NN NN NN NNS VBN TO VB TO NN IN CD NN IN CD TO CD NN IN CD , CD CC CD .
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A Chemical Securities group won a $ 100 million Oregon general obligation veterans ' tax note issue due Nov. 1 , 1990 . DT NNP NNPS NN VBD DT $ CD CD NNP JJ NN NNS POS NN NN NN JJ NNP CD , CD .
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The 6 3\/4 % notes yield 6.25 % . DT CD CD NN NNS VBP CD NN .
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Foreign Bonds JJ NNS
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West German government bond prices took a wild roller-coaster ride , pulled down by Monday 's U.S. stock market gains then up by a wider-than-expected U.S. trade deficit and falling U.S. stock prices . JJ JJ NN NN NNS VBD DT JJ NN NN , VBD RB IN NNP POS NNP NN NN NNS RB IN IN DT JJ NNP NN NN CC VBG NNP NN NNS .
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West Germany 's 7 % bond due October 1999 was at 99.95 late yesterday , off 0.10 point from Monday , to yield 7.01 % . NNP NNP POS CD NN NN JJ NNP CD VBD IN CD JJ NN , IN CD NN IN NNP , TO VB CD NN .
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The 6 3\/4 % notes due April 1994 were up 0.10 point to 97.85 to yield 7.31 % . DT CD CD NN NNS JJ NNP CD VBD IN CD NN TO CD TO VB CD NN .
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British government bonds surged on renewed volatility in the stock market . JJ NN NNS VBD IN VBN NN IN DT NN NN .
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The Treasury 11 3\/4 % bond due 2003\/2007 rose 23\/32 to 112 10\/32 to yield 10.03 % . DT NNP CD CD NN NN JJ CD VBD CD TO CD CD TO VB CD NN .
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But Japanese bonds ended weaker . CC JJ NNS VBD JJR .
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The benchmark No. 111 4.6 % bond due 1998 ended on brokers ' screens at a price of 96 , off 0.15 point to yield 5.27 % . DT NN NN CD CD NN NN JJ CD VBD IN NNS POS NNS IN DT NN IN CD , IN CD NN TO VB CD NN .
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A House-Senate conference approved an estimated $ 67 billion fiscal 1990 spending bill that provides a 28 % increase for space research and development and incorporates far-reaching provisions affecting the federal mortgage market . DT NNP NN VBD DT VBN $ CD CD JJ CD NN NN WDT VBZ DT CD NN NN IN NN NN CC NN CC VBZ JJ NNS VBG DT JJ NN NN .
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The current ceiling on home loans insured by the Federal Housing Administration would be increased to $ 124,875 . DT JJ NN IN NN NNS VBN IN DT NNP NNP NNP MD VB VBN TO $ CD .
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Separately , the bill gives authority to the Bush administration to facilitate the refinancing of federally subsidized loans for low-income and moderate-income homeowners . RB , DT NN VBZ NN TO DT NNP NN TO VB DT NN IN RB JJ NNS IN JJ CC JJ NNS .
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The second provision , affecting so-called 235 mortgages , has met strong opposition from investment bankers represented by the Public Securities Association . DT JJ NN , VBG JJ CD NNS , VBZ VBN JJ NN IN NN NNS VBN IN DT NNP NNP NNP .
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And a squad of influential former Senate aides employed by the Wall Street firm Salomon Brothers came to the Capitol in a vain attempt to strip the provision . CC DT NN IN JJ JJ NNP NNS VBN IN DT NNP NNP NN NNP NNPS VBD TO DT NNP IN DT JJ NN TO VB DT NN .
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By an 11-2 margin , Senate negotiators voted to preserve the 235 mortgage refinancing plan , and despite powerful allies , the opposition found itself undercut by an unusual alliance of liberals and conservatives . IN DT JJ NN , NNP NNS VBD TO VB DT CD NN NN NN , CC IN JJ NNS , DT NN VBD PRP VBP IN DT JJ NN IN NNS CC NNS .
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The government currently is subsidizing an estimated 23,000 loans above 11 % under the 235 program , and however disruptive to private investors , the refinancing is expected to yield at least $ 15 million in savings in fiscal 1990 . DT NN RB VBZ VBG DT VBN CD NNS IN CD NN IN DT CD NN , CC RB JJ TO JJ NNS , DT NN VBZ VBN TO VB IN JJS $ CD CD IN NNS IN JJ CD .
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This sum has been guarded jealously by appropriators anxious to offset spending elsewhere , and conservative Sen. Phil Gramm cast the fight as a populist stand against monied interests . DT NN VBZ VBN VBN RB IN NNS JJ TO VB NN RB , CC JJ NNP NNP NNP NN DT NN IN DT JJ NN IN JJ NNS .
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`` We are stewards here , not of the mortgage companies , but the taxpayers , '' said the Texas Republican . `` PRP VBP NNS RB , RB IN DT NN NNS , CC DT NNS , '' VBD DT NNP NNP .
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The action came as the administration won final congressional approval of $ 9 million in assistance for elections scheduled in Nicaragua in February . DT NN VBD IN DT NN VBD JJ JJ NN IN $ CD CD IN NN IN NNS VBN IN NNP IN NNP .
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The bulk of the money would be funneled through the National Endowment for Democracy , but the legislation is so vaguely written that it has been dogged by questions regarding the money 's true purpose and its ultimate destination . DT NN IN DT NN MD VB VBN IN DT NNP NNP IN NNP , CC DT NN VBZ RB RB VBN IN PRP VBZ VBN VBN IN NNS VBG DT NN POS JJ NN CC PRP$ JJ NN .
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The Senate had refused late Friday to invoke cloture and limit debate , but behind the bipartisan leadership , a solid majority took shape yesterday and brushed aside amendments seeking to cut the total package or steer it away from direct aid to political parties . DT NNP VBD VBN JJ NNP TO VB NN CC NN NN , CC IN DT JJ NN , DT JJ NN VBD NN NN CC VBD RB NNS VBG TO VB DT JJ NN CC VB PRP RB IN JJ NN TO JJ NNS .
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Final approval -- on a 64-35 roll call -- was never in doubt , but the opposition drew an unusual mix of senators , including Republicans Jesse Helms and Warren Rudman and Democrats Bill Bradley and John Glenn . JJ NN : IN DT JJ NN NN : VBD RB IN NN , CC DT NN VBD DT JJ NN IN NNS , VBG NNP NNP NNP CC NNP NNP CC NNP NNP NNP CC NNP NNP .
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The money will be applied for voter registration and election monitoring , but more than half is likely to go to the Union Nacional Opositora party . DT NN MD VB VBN IN NN NN CC NN NN , CC JJR IN NN VBZ JJ TO VB TO DT NNP NNP NNP NN .
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Critics warned such cash contributions may only undercut the opposition party 's standing , and one irony is that under Nicaraguan law a major portion of the opposition party 's funds must be shared with the government 's Supreme Electoral Council . NNS VBD JJ NN NNS MD RB VB DT NN NN POS VBG , CC CD NN VBZ IN IN JJ NN DT JJ NN IN DT NN NN POS NNS MD VB VBN IN DT NN POS NNP NNP NNP .
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Within the appropriations conference yesterday , the $ 67 billion measure is the second largest of the annual domestic spending bills and covers a disparate collection of accounts for science , housing , veterans and the environment . IN DT NNS NN NN , DT $ CD CD NN VBZ DT JJ JJS IN DT JJ JJ NN NNS CC VBZ DT JJ NN IN NNS IN NN , NN , NNS CC DT NN .
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The decision to raise the ceiling on FHA home loans still faces strong opposition in the House . DT NN TO VB DT NN IN NNP NN NNS RB VBZ JJ NN IN DT NNP .
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But it is driven by the same fiscal pressures that have forced lawmakers to resort to various bookkeeping devices to juggle as much as $ 1 billion in spending that would otherwise put the bill over budget . CC PRP VBZ VBN IN DT JJ JJ NNS WDT VBP VBN NNS TO VB TO JJ NN NNS TO VB RB JJ IN $ CD CD IN NN WDT MD RB VB DT NN IN NN .
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These costs will complicate the budget picture in fiscal 1991 , and the measure further commits Congress to a set of costly projects , including the first construction funds for the space station . DT NNS MD VB DT NN NN IN JJ CD , CC DT NN JJ VBZ NNP TO DT NN IN JJ NNS , VBG DT JJ NN NNS IN DT NN NN .
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The station is promised $ 1.8 billion within the $ 5.36 billion provided for research and development in the National Aeronautics and Space Administration , and the nation 's high-speed aerospace plane -- cut by the Senate -- could receive as much as $ 60 million in new funds or transfers . DT NN VBZ VBN $ CD CD IN DT $ CD CD VBN IN NN CC NN IN DT NNP NNP CC NNP NNP , CC DT NN POS JJ NN NN : VB IN DT NNP : MD VB RB JJ IN $ CD CD IN JJ NNS CC NNS .
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Similarly , the House agreed to add back $ 62 million to continue work on the advanced communications technology satellite , being developed by General Electric Co . RB , DT NNP VBD TO VB RB $ CD CD TO VB NN IN DT VBN NNS NN NN , VBG VBN IN NNP NNP NNP .
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And while setting a statutory limit of $ 1.6 billion on the automated space probe , the conference appropriated $ 30 million for the start-up of the CRAF-Cassini mission , a successor to the Voyager space probe . CC IN VBG DT JJ NN IN $ CD CD IN DT VBN NN NN , DT NN VBN $ CD CD IN DT NN IN DT NNP NN , DT NN TO DT NNP NN NN .
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Among major domestic agencies , the Environmental Protection Agency stands to receive increases significantly beyond those sought by the administration , with pollution abatement and control accounts growing by 14 % to about $ 829.9 million . IN JJ JJ NNS , DT NNP NNP NNP VBZ TO VB NNS RB IN DT VBN IN DT NN , IN NN NN CC NN NNS VBG IN CD NN TO RB $ CD CD .
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An estimated $ 1.57 billion is separately allocated for the National Science Foundation , and within the Housing and Urban Development Department , more than $ 9.2 billion is provided for federally assisted housing , including an expanded effort to modernize public housing units that serve the poorest families . DT VBN $ CD CD VBZ RB VBN IN DT NNP NNP NNP , CC IN DT NNP CC NNP NNP NNP , JJR IN $ CD CD VBZ VBN IN RB VBN NN , VBG DT VBN NN TO VB JJ NN NNS WDT VBP DT JJS NNS .
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To an unusual degree , the massive bill has become a vehicle for lawmakers to earmark funds for projects in home states . TO DT JJ NN , DT JJ NN VBZ VBN DT NN IN NNS TO VB NNS IN NNS IN NN NNS .
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While the practice was discouraged in the past , the conference agreement is laced with veterans ' hospitals , environmental projects and urban grants designated for specific communities . IN DT NN VBD VBN IN DT NN , DT NN NN VBZ VBN IN NNS POS NNS , JJ NNS CC JJ NNS VBN IN JJ NNS .
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The most striking example yesterday may have been in community development funds , where the two houses had separately approved a total of 27 projects valued at $ 20 million , and the conference added 15 more valued at $ 8 million to ostensibly preserve `` balance '' between the House and Senate . DT RBS JJ NN NN MD VB VBN IN NN NN NNS , WRB DT CD NNS VBD RB VBN DT NN IN CD NNS VBN IN $ CD CD , CC DT NN VBD CD RBR VBN IN $ CD CD TO RB VB `` NN '' IN DT NNP CC NNP .
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Yesterday 's conference agreement is the second major bill to emerge from negotiations this week , as appropriators approved a fiscal 1990 transportation bill late Monday that includes a sweeping ban on smoking on most domestic airline flights . NN POS NN NN VBZ DT JJ JJ NN TO VB IN NNS DT NN , IN NNS VBD DT JJ CD NN NN JJ NNP WDT VBZ DT VBG NN IN NN IN RBS JJ NN NNS .
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An exemption will remain for flights longer than six hours to Hawaii and Alaska , but estimates by the tobacco industry yesterday indicate all but about 30 flights would be covered . DT NN MD VB IN NNS RB IN CD NNS TO NNP CC NNP , CC NNS IN DT NN NN NN VB DT CC IN CD NNS MD VB VBN .
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Separately , a third conference report covering an $ 18.4 billion Treasury and Postal Service bill was sent to the Senate after passing the House on a 383-30 roll call yesterday . RB , DT JJ NN NN VBG DT $ CD CD NNP CC NNP NNP NN VBD VBN TO DT NNP IN VBG DT NNP IN DT JJ NN NN NN .
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And after weeks of delay , the appropriations process is beginning to take some final shape . CC IN NNS IN NN , DT NNS VBP VBZ VBG TO VB DT JJ NN .
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Defense and foreign aid are the two most critical areas remaining from the administration 's standpoint . NNP CC JJ NN VBP DT CD RBS JJ NNS VBG IN DT NN POS NN .
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And among domestic programs , the most serious threat is White House opposition to abortion riders attached to separate bills funding the District of Columbia and Department of Health and Human Services . CC IN JJ NNS , DT RBS JJ NN VBZ NNP NNP NN TO NN NNS VBN TO VB NNS VBG DT NNP IN NNP CC NNP IN NNP CC NNP NNP .
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The same issue threatens to spill over to the foreign aid debate , and Mr. Bush also is threatening to veto any agreement that preserves Senate-passed provisions renewing U.S. support for the United Nations Fund for Population Activities . DT JJ NN VBZ TO VB IN TO DT JJ NN NN , CC NNP NNP RB VBZ VBG TO VB DT NN WDT VBZ JJ NNS VBG NNP NN IN DT NNP NNP NNP IN NNP NNP .
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In a sharply written letter , Rep. David Obey , chairman of the House appropriations subcommittee for foreign operations , warned Mr. Bush that the result of his `` ultimatum '' could weaken efforts to accommodate the administration elsewhere . IN DT RB VBN NN , NNP NNP NNP , NN IN DT NNP NNS NN IN JJ NNS , VBD NNP NNP IN DT NN IN PRP$ `` NN '' MD VB NNS TO VB DT NN RB .
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`` As a result of your ultimatum , '' writes the Wisconsin Democrat , `` I guess there is no longer any point in taking administration views into account on other items in conference , inasmuch regardless of their resolution you apparently intend to veto this bill . `` IN DT NN IN PRP$ NN , '' VBZ DT NNP NNP , `` PRP VBP EX VBZ RB RB DT NN IN VBG NN NNS IN NN IN JJ NNS IN NN , RB RB IN PRP$ NN PRP RB VBP TO VB DT NN .
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Markets usually get noticed because they soar or plunge . NNS RB VB VBD IN PRP VBP CC NN .
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Gold , which has n't risen or fallen significantly in quite some time , yesterday achieved what may be a new level of impassiveness : The most actively traded futures contracts closed unchanged despite nervous fluctuations in both the dollar and the stock market . NNP , WDT VBZ RB VBN CC VBN RB IN RB DT NN , NN VBN WP MD VB DT JJ NN IN NN : DT RBS RB VBN NNS NNS VBD JJ IN JJ NNS IN DT DT NN CC DT NN NN .
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The settlement prices of the December , February and April gold contracts were even with Monday 's final prices . DT NN NNS IN DT NNP , NNP CC NNP NN NNS VBD RB IN NNP POS JJ NNS .
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The December 1989 contract , which has the greatest trading volume , ended at $ 371.20 an ounce . DT NNP CD NN , WDT VBZ DT JJS NN NN , VBD IN $ CD DT NN .
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The other months posted advances of 10 cents to 20 cents an ounce . DT JJ NNS VBD NNS IN CD NNS TO CD NNS DT NN .
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According to one analyst , Bernard Savaiko of PaineWebber , New York , the stock market 's ability on Monday to rally from last Friday 's decline -- which seemed to indicate that the economy was n't going to fall either -- took the starch out of precious metals prices , and out of gold 's , in particular . VBG TO CD NN , NNP NNP IN NNP , NNP NNP , DT NN NN POS NN IN NNP TO VB IN JJ NNP POS NN : WDT VBD TO VB IN DT NN VBD RB VBG TO VB DT : VBD DT NN IN IN JJ NNS NNS , CC IN IN NN POS , IN NN .
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Yesterday , gold traded within a narrow range . NN , NN VBN IN DT JJ NN .
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Gold tried to rally on Monday but ran into the same situation that has subdued gold prices for more than a year : selling by gold producers , who want to fix the highest possible price for their gold . NNP VBD TO VB IN NNP CC VBD IN DT JJ NN WDT VBZ VBN NN NNS IN JJR IN DT NN : VBG IN NN NNS , WP VBP TO VB DT JJS JJ NN IN PRP$ NN .
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`` December delivery gold is trading in a range of $ 365 to $ 375 -LCB- an ounce -RCB- and is having difficulty breaking out above that , '' Mr. Savaiko said . `` NNP NN NN VBZ VBG IN DT NN IN $ CD TO $ CD ( DT NN ) CC VBZ VBG NN VBG IN IN DT , '' NNP NNP VBD .
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`` Producers at the moment regard that area a good one in which to sell gold . '' `` NNS IN DT NN NN DT NN DT JJ CD IN WDT TO VB NN . ''
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Also , Mr. Savaiko noted , stock market investors seeking greater safety are veering toward buying bonds rather than precious metals because `` we are tending more toward a disinflationary economy that does n't make gold and precious metals attractive . '' RB , NNP NNP VBD , NN NN NNS VBG JJR NN VBP VBG IN VBG NNS RB IN JJ NNS IN `` PRP VBP VBG JJR IN DT JJ NN WDT VBZ RB VB NN CC JJ NNS JJ . ''
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Jeffrey Nichols , president of APMS Canada , Toronto precious metals advisers , said there is little to motivate gold traders to buy the metal . NNP NNP , NN IN NNP NNP , NNP JJ NNS NNS , VBD EX VBZ JJ TO VB NN NNS TO VB DT NN .
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`` Investors in the U.S. and Europe are comfortable with the actions of the -LCB- Federal Reserve -RCB- in its willingness to supply liquidity to financial system , which helped the stock market rebound on Monday , '' he said . `` NNS IN DT NNP CC NNP VBP JJ IN DT NNS IN DT ( NNP NNP ) IN PRP$ NN TO VB NN TO JJ NN , WDT VBD DT NN NN NN IN NNP , '' PRP VBD .
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There is n't any rush on the part of investors in the West to buy gold , he said . EX VBZ RB DT NN IN DT NN IN NNS IN DT NNP TO VB NN , PRP VBD .
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`` They still bear the memory of October 1987 , when they bought gold after the stock market crashed and ended up losing money because gold prices subsequently fell , '' Mr. Nichols said . `` PRP RB VBP DT NN IN NNP CD , WRB PRP VBD NN IN DT NN NN VBD CC VBD IN VBG NN IN NN NNS RB VBD , '' NNP NNP VBD .
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`` It 's an experience they do n't want to repeat . '' `` PRP VBZ DT NN PRP VBP RB VB TO VB . ''
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At the moment gold traders are n't concerned about inflation , he said , and as for the dollar , `` gold 's association with the currency has been diminishing recently so drops in the currency are n't having much impact on gold . '' IN DT NN NN NNS VBP RB VBN IN NN , PRP VBD , CC IN IN DT NN , `` NN POS NN IN DT NN VBZ VBN VBG RB RB VBZ IN DT NN VBP RB VBG JJ NN IN NN . ''
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Dinsa Mehta , chief bullion trader for Chase Manhattan Bank , said : `` There is little incentive on the part of traders to sell gold because the stock market may go lower and gold may retain some of its ` flight to safety ' quality . NNP NNP , JJ NN NN IN NNP NNP NNP , VBD : `` EX VBZ JJ NN IN DT NN IN NNS TO VB NN IN DT NN NN MD VB JJR CC NN MD VB DT IN PRP$ `` NN TO VB POS NN .
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There is little incentive to buy gold because if the stock market goes higher , it may be just a false alarm . EX VBZ JJ NN TO VB NN IN IN DT NN NN VBZ JJR , PRP MD VB RB DT JJ NN .
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This is keeping the gold traders handcuffed . '' DT VBZ VBG DT NN NNS VBN . ''
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The most remarkable feature about yesterday 's action was that the price of roughly $ 370 an ounce was regarded as attractive enough by gold producers around the world to aggressively sell gold , Mr. Mehta said . DT RBS JJ NN IN NN POS NN VBD IN DT NN IN RB $ CD DT NN VBD VBN IN JJ RB IN NN NNS IN DT NN TO RB VB NN , NNP NNP VBD .
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`` I do n't know what it means over the long run , but for the short term , it appears that gold producers are grateful for the $ 10 or so that gold has risen over the past week or so , '' he said . `` PRP VBP RB VB WP PRP VBZ IN DT JJ NN , CC IN DT JJ NN , PRP VBZ IN NN NNS VBP JJ IN DT $ CD CC RB DT NN VBZ VBN IN DT JJ NN CC RB , '' PRP VBD .
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Previously , he noted , gold producers tended to back off from a rising gold market , letting prices rise as much as possible before selling . RB , PRP VBD , NN NNS VBD TO RB IN IN DT VBG NN NN , VBG NNS VBP RB JJ IN JJ IN VBG .
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Mr. Mehta observed that the U.S. merchandise trade deficit , which rose sharply in August , according to yesterday 's report , has been having less and less impact on the gold market . NNP NNP VBD IN DT NNP NN NN NN , WDT VBD RB IN NNP , VBG TO NN POS NN , VBZ VBN VBG JJR CC JJR NN IN DT NN NN .
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`` The dollar has n't reacted much to it , so gold has n't either , '' he said . `` DT NN VBZ RB VBN JJ TO PRP , RB NN VBZ RB DT , '' PRP VBD .
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In other commodity markets yesterday : IN JJ NN NNS NN :
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ENERGY : NN :
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Crude oil prices rose slightly in lackluster activity as traders in the pits tried to assess action in the stock market . JJ NN NNS VBD RB IN JJ NN IN NNS IN DT NNS VBD TO VB NN IN DT NN NN .
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Since stock market indexes plummeted last Friday , participants in all markets have been wary . IN NN NN NNS VBD JJ NNP , NNS IN DT NNS VBP VBN JJ .
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When traders become confident that the stock market has stabilized , oil prices are expected to rise as supply and demand fundamentals once again become the major consideration . WRB NNS VBP JJ IN DT NN NN VBZ VBN , NN NNS VBP VBN TO VB IN NN CC NN NNS RB RB VB DT JJ NN .
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Crude oil for November delivery edged up by 16 cents a barrel to $ 20.75 a barrel . JJ NN IN NNP NN VBD IN IN CD NNS DT NN TO $ CD DT NN .
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Heating oil prices also rose . NN NN NNS RB VBD .
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|
November gasoline slipped slightly . NNP NN VBD RB .
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|
SUGAR : NN :
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Futures prices rose on a report that Cuba may seek to postpone some sugar shipments . NNS NNS VBD IN DT NN IN NNP MD VB TO VB DT NN NNS .
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The March contract advanced 0.14 cent a pound to 14.11 cents . DT NNP NN VBD CD NN DT NN TO CD NNS .
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According to an analyst , Cuba ca n't meet all its shipment commitments and has asked Japan to accept a delay of shipments scheduled for later this year , into early next year . VBG TO DT NN , NNP MD RB VB DT PRP$ NN NNS CC VBZ VBN NNP TO VB DT NN IN NNS VBN IN RB DT NN , IN JJ JJ NN .
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`` Japan is perceived as a wealthy nation that can turn elsewhere in the world market and buy the sugar , '' the analyst said . `` NNP VBZ VBN IN DT JJ NN WDT MD VB RB IN DT NN NN CC VB DT NN , '' DT NN VBD .
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It was the possibility of this demand that helped firm prices , the analyst said . PRP VBD DT NN IN DT NN WDT VBD NN NNS , DT NN VBD .
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Another analyst noted that Cuba has been deferring shipments in recent years . DT NN VBD IN NNP VBZ VBN VBG NNS IN JJ NNS .
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`` To the professionals in the trade it did n't cause much surprise . `` TO DT NNS IN DT NN PRP VBD RB VB JJ NN .
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The March futures contract traded as high as 14.24 cents , but could n't sustain the advance , '' he said . DT NNP NNS VBP VBN RB JJ IN CD NNS , CC MD RB VB DT NN , '' PRP VBD .
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LIVESTOCK AND MEATS : NNP CC NNPS :
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The prices of cattle , hogs and pork belly futures contracts rebounded as livestock traders shook off fears that the Friday stock market plunge would chill consumer spending , which in turn would hurt retail sales of beef and pork . DT NNS IN NNS , NNS CC NN NN NNS NNS VBD IN NN NNS VBD IN NNS IN DT NNP NN NN NN MD VB NN NN , WDT IN NN MD VB JJ NNS IN NN CC NN .
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The prices of most livestock futures contracts had dropped sharply Monday . DT NNS IN RBS NN NNS NNS VBD VBN RB NNP .
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Cattle futures prices were also supported yesterday by signs that supermarket chains are making plans to increase their promotions concerning beef . NNS NNS NNS VBD RB VBN NN IN VBZ IN NN NNS VBP VBG NNS TO VB PRP$ NNS VBG NN .
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GRAINS AND SOYBEANS : NNS CC NNS :
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The prices of most soybean and soybean-meal futures contracts rose amid rumors that the Soviet Union is interested in buying from the U.S. or South America about 250,000 metric tons of soybeans and as many as 400,000 metric tons of soybean meal . DT NNS IN RBS NN CC NN NNS NNS VBD IN NNS IN DT NNP NNP VBZ JJ IN VBG IN DT NNP CC NNP NNP IN CD JJ NNS IN NNS CC RB JJ IN CD JJ NNS IN NN NN .
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Traders are especially sensitive to reports of possible U.S. soybean sales because U.S. exports are lagging . NNS VBP RB JJ TO NNS IN JJ NNP NN NNS IN NNP NNS VBP VBG .
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Since Sept. 1 , about 13 million fewer bushels of U.S. soybeans have been sold overseas than for the same period last year . IN NNP CD , IN CD CD JJR NNS IN NNP NNS VBP VBN VBN JJ IN IN DT JJ NN JJ NN .
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Corn futures prices rose slightly while wheat prices settled mixed . NN NNS NNS VBD RB IN NN NNS VBD VBN .
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Moody 's Investors Service Inc. , fretting about increasing competitive pressure on Ryder , placed about $ 2.8 billion in company securities under review for possible downgrade . NNP POS NNP NNP NNP , VBG IN VBG JJ NN IN NNP , VBD RB $ CD CD IN NN NNS IN NN IN JJ NN .
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Ratings under review are Ryder 's A-1 collateral trust debentures , A-2 senior notes and bonds , A-2 preferred stock and the company 's Prime-1 rating for commercial paper . NNS IN NN VBP NNP POS JJ NN NN NNS , NN JJ NNS CC NNS , NN JJ NN CC DT NN POS JJ NN IN JJ NN .
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Moody 's said it is assessing the strategies Ryder 's management may follow in addressing significant challenges in some major markets . NNP POS VBD PRP VBZ VBG DT NNS NNP POS NN MD VB IN VBG JJ NNS IN DT JJ NNS .
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The rating agency said it is focusing especially on the transportation service company 's efforts to control costs , improve margins and enhance its competitive position in its primary business , vehicle leasing and rental . DT NN NN VBD PRP VBZ VBG RB IN DT NN NN NN POS NNS TO VB NNS , VB NNS CC VB PRP$ JJ NN IN PRP$ JJ NN , NN NN CC JJ .
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The nations of southern Africa know a lot about managing elephants ; their herds are thriving . DT NNS IN JJ NNP VB DT NN IN VBG NNS : PRP$ NNS VBP VBG .
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But the nations of Europe and North America have decided they know better . CC DT NNS IN NNP CC NNP NNP VBP VBN PRP VBP JJR .
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At this week 's U.N. conference in Lausanne , they imposed a global ivory ban that seeks to overturn local policies . IN DT NN POS NNP NN IN NNP , PRP VBD DT JJ NN NN WDT VBZ TO VB JJ NNS .
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A Zimbabwean delegate argued that the ban would `` guarantee the extinction of the elephant . '' DT NNP NN VBD IN DT NN MD `` VB DT NN IN DT NN . ''
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Legitimate ranchers , who have an interest in preserving the herds , would go out of business . JJ NNS , WP VBP DT NN IN VBG DT NNS , MD VB IN IN NN .
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Poachers would control the underground trade . NNS MD VB DT JJ NN .
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Many delegates were willing to craft a compromise , but U.S. delegate Constance Harriman and others thundered that down . JJ NNS VBD JJ TO VB DT NN , CC NNP NN NNP NNP CC NNS VBD DT RB .
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The Greens from the First World wanted a morality play , not a negotiation . DT NNPS IN DT NNP NNP VBD DT NN NN , RB DT NN .
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Fortunately , the nations of southern Africa have n't totally surrendered their sovereignty . RB , DT NNS IN JJ NNP VBP RB RB VBD PRP$ NN .
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Five countries announced they would not honor what one Zimbabwean delegate wryly called the `` made in Switzerland '' solution . CD NNS VBD PRP MD RB VB WP CD NNP NN RB VBD DT `` VBN IN NNP '' NN .
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In fact , they seemed a mite resentful . IN NN , PRP VBD DT NN JJ .
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The director of Zimbabwe 's Wildlife Department described American conservationists as `` fat little puppies from urban environments who do n't know a thing about Africa . '' DT NN IN NNP POS NNP NNP VBD JJ NNS IN `` JJ JJ NNS IN JJ NNS WP VBP RB VB DT NN IN NNP . ''
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That 's not fair ; they 're not all fat . DT VBZ RB JJ : PRP VBP RB DT NN .
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HUGO'S BLAST generates pleas for aid from South Carolina small businesses . NNP NN VBZ NNS IN NN IN NNP NNP JJ NNS .
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The Small Business Administration has received more than 5,000 formal requests for disaster loans because of the hurricane . DT NNP NNP NNP VBZ VBN JJR IN CD JJ NNS IN NN NNS IN IN DT NN .
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About 45 % of requests for SBA relief loans , which also are available to homeowners , come from small businesses , compared with a 25 % business share after most disasters . IN CD NN IN NNS IN NNP NN NNS , WDT RB VBP JJ TO NNS , VB IN JJ NNS , VBN IN DT CD NN NN NN IN RBS NNS .
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The SBA expects to make about $ 1 billion in Hurricane Hugo loans . DT NNP VBZ TO VB RB $ CD CD IN NNP NNP NNS .
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The disaster fund is replenished by loan repayments . DT NN NN VBZ VBN IN NN NNS .
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Hardest hit by Hugo in South Carolina were small retailers tied to the tourist industry and businesses in agriculture and cultivated seafood . RBS VBN IN NNP IN NNP NNP VBD JJ NNS VBN TO DT NN NN CC NNS IN NN CC VBN NN .
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The State Development Board set up a Hugo Hotline to accept business-to-business help . DT NNP NNP NNP VBD IN DT NNP NNP TO VB JJ NN .
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After NBC weather man Willard Scott broadcast the hot-line number , it was flooded with 10,000 calls . IN NNP NN NN NNP NNP NN DT NN NN , PRP VBD VBN IN CD VBZ .
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Last week , the U.S. Chamber of Commerce began using its national TV show to seek help , such as equipment , for business owners . JJ NN , DT NNP NNP IN NNP VBD VBG PRP$ JJ NN NN TO VB NN , JJ IN NN , IN NN NNS .
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Local bankers and accountants help applicants fill out forms . JJ NNS CC NNS VBP NNS VBP IN NNS .
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`` It helps us , and people feel better talking to someone who 's gone through the same thing , '' an SBA official says . `` PRP VBZ PRP , CC NNS VBP JJR VBG TO NN WP VBZ VBN IN DT JJ NN , '' DT NNP NN NNS .
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HEALTH BENEFITS remain a central lobbying effort , even as Section 89 fades . NN NNS VBP DT JJ NN NN , RB IN NN CD NNS .
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The Senate , after deleting Section 89 repeal from its deficit-reduction bill , still is expected to join the House in voting to kill the law , which forces companies to provide comparable benefits to laborers and executives alike . DT NNP , IN VBG NN CD NN IN PRP$ NN NN , RB VBZ VBN TO VB DT NNP IN NN TO VB DT NN , WDT VBZ NNS TO VB JJ NNS TO NNS CC NNS RB .
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In lobbying on other health-coverage topics , the National Federation of Independent Business will press for legislation that would give self-employed people a 100 % tax deduction for their own health plans , up from 25 % currently . IN VBG IN JJ NN NNS , DT NNP NNP IN NNP NNP MD VB IN NN WDT MD VB JJ NNS DT CD NN NN NN IN PRP$ JJ NN NNS , IN IN CD NN RB .
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And the group will urge that the federal government pre-empt state rules on what must be covered by employers ' health insurance . CC DT NN MD VB IN DT JJ NN VB NN NNS IN WP MD VB VBN IN NNS POS NN NN .
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Small-business groups also will fight the medical-leave provision of legislation that would expand parental leaves . NN NNS RB MD VB DT JJ NN IN NN WDT MD VB JJ NNS .
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And they still oppose as too costly an employer-paid health insurance bill sponsored by Sen. Edward Kennedy -LRB- D. , Mass . -RRB- despite his proposal to phase in small business only gradually . CC PRP RB VBP IN RB JJ DT JJ NN NN NN VBN IN NNP NNP NNP ( NNP , NNP . ) IN PRP$ NN TO VB IN JJ NN RB RB .
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There is also worry that the Pepper Commission studying long-term health care will again push lawmakers toward employerpaid solutions . EX VBZ RB VB IN DT NNP NNP VBG JJ NN NN MD RB VB NNS IN JJ NNS .
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The Section 89 victory could have a downside by making it harder to oppose lawmakers on other health proposals . DT NN CD NN MD VB DT NN IN VBG PRP JJR TO VB NNS IN JJ NN NNS .
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`` With the repeal of Section 89 , we can no longer say they 're discouraging businesses from offering health plans , '' says Christine Russell , the Chamber of Commerce 's small-business advocate . `` IN DT NN IN NN CD , PRP MD RB RB VB PRP VBP VBG NNS IN NN NN NNS , '' VBZ NNP NNP , DT NNP IN NNP POS NN NN .
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JUMPING THE GUN : NNP DT NNP :
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Sen. Lloyd Bentsen -LRB- D. , Texas -RRB- was outraged after a private word to John Motley , lobbyist for the National Federation of Independent Business , resulted in a news release saying that the Senate Finance Committee chairman would recommend repeal of Section 89 . NNP NNP NNP ( NNP , NNP ) VBD VBN IN DT JJ NN TO NNP NNP , NN IN DT NNP NNP IN NNP NNP , VBD IN DT NN NN VBG IN DT NNP NNP NNP NN MD VB NN IN NN CD .
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Even though the announcement was true in the end , it was issued without the senator 's permission . RB IN DT NN VBD JJ IN DT NN , PRP VBD VBN IN DT NN POS NN .
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`` I blew it , '' Mr. Motley says apologetically . `` PRP VBD PRP , '' NNP NNP VBZ RB .
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`` It was a timing mistake . '' `` PRP VBD DT NN NN . ''
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PRISON-SHOP BLUES : NNP NNPS :
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Sen. Strom Thurmond -LRB- R. , S.C . -RRB- protests pending legislation to end the preference that the federal prison system gets in selling prisoner-made furniture and other goods to government agencies . NNP NNP NNP ( NNP , NNP . ) NNS VBG NN TO VB DT NN IN DT JJ NN NN VBZ IN VBG JJ NN CC JJ NNS TO NN NNS .
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Small-business suppliers want prisons to stop getting high priority , especially as prison production grows with swelling inmate populations . NN NNS VBP NNS TO VB VBG JJ NN , RB IN NN NN VBZ IN VBG NN NNS .
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Last year , the prisons ' sales to the Pentagon totaled $ 336 million . JJ NN , DT NNS POS NNS TO DT NNP VBD $ CD CD .
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REPAIR SHOPS SCRAP for more access to work on auto-emissions systems . NN NNS VBP IN JJR NN TO VB IN NNS NNS .
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Groups representing some independent auto-repair shops join a compromise on the Clean Air legislation worked out between environmentalists and Rep. Henry Waxman -LRB- D. , Calif . -RRB- . NNS VBG DT JJ JJ NNS VBP DT NN IN DT NNP NNP NN VBD RP IN NNS CC NNP NNP NNP ( NNP , NNP . ) .
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The plan would increase the warranty on auto-emission systems to eight years or 80,000 miles from five years or 50,000 for major parts . DT NN MD VB DT NN IN NN NNS TO CD NNS CC CD NNS IN CD NNS CC CD IN JJ NNS .
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But the warranty on simpler parts would be lowered to two years or 24,000 miles . CC DT NN IN JJR NNS MD VB VBN TO CD NNS CC CD NNS .
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The garage owners say they would benefit because car owners would be less likely to go back to dealers for the simpler repairs after two years . DT NN NNS VBP PRP MD VB IN NN NNS MD VB RBR JJ TO VB RB TO NNS IN DT JJR NNS IN CD NNS .
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The repair shops are n't united , however . DT NN NNS VBP RB VBN , RB .
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Shops represented by the Automotive Service Industry Association and the Motor Equipment Manufacturers Association oppose any increase in warranty length . NNS VBN IN DT NNP NNP NNP NNP CC DT NNP NNP NNP NNP VB DT NN IN NN NN .
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They say the longer the warranty , the longer customers will automatically return to new-car dealers , which then find non-warranty work that might otherwise go to repair shops . PRP VBP DT RB DT NN , DT RB NNS MD RB VB TO NN NNS , WDT RB VB NN NN WDT MD RB VB TO VB NNS .
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The House Energy Committee will debate the issue later this month . DT NNP NNP NNP MD VB DT NN RB DT NN .
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Stan Hathcock , an Atlanta garage owner who opposes a longer warranty , estimates that the current plan costs him as much as $ 15,000 a year in lost business . NNP NNP , DT NNP NN NN WP VBZ DT RB NN , VBZ IN DT JJ NN NNS PRP RB JJ IN $ CD DT NN IN VBN NN .
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SMALL TALK : NNP NNP :
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Some 70 % of graduates who recently earned an M.B.A. degree say they 'd prefer to work in or own a small company , yet most take jobs with large concerns , says a survey by the Foster McKay Group , a New York recruiting firm ... . DT CD NN IN NNS WP RB VBD DT NNP NN VBP PRP MD VB TO VB IN CC VB DT JJ NN , RB RBS VB NNS IN JJ NNS , VBZ DT NN IN DT NNP NNP NNP , DT NNP NNP VBG NN : .
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Cardinal Scientific Inc. of Waldorf , Md. , seeks a Small Business Innovation Research grant to produce a `` nozzle assembly for an Army mass delousing outfit . NNP NNP NNP IN NNP , NNP , VBZ DT NNP NNP NNP NNP NN TO VB DT `` NN NN IN DT NNP NN VBG NN .
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Banc One Corp. said Frank E. McKinney plans to retire as the bank holding company 's president effective Jan. 12 . NNP CD NNP VBD NNP NNP NNP VBZ TO VB IN DT NN VBG NN POS NN JJ NNP CD .
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Banc One said `` it is contemplated '' that John B. McCoy , chairman and chief executive officer , will assume the additional position of president upon Mr. McKinney 's retirement . NNP CD VBD `` PRP VBZ VBN '' IN NNP NNP NNP , NN CC JJ JJ NN , MD VB DT JJ NN IN NN IN NNP NNP POS NN .
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Mr. McKinney , 50 years old , was chairman and chief executive of American Fletcher Corp. , Indianapolis , when that bank holding company merged into Banc One in January 1987 . NNP NNP , CD NNS JJ , VBD NN CC JJ NN IN NNP NNP NNP , NNP , WRB DT NN VBG NN VBN IN NNP CD IN NNP CD .
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The company said Mr. McKinney plans to retire because the process of affiliating American Fletcher into Banc One `` is considered completed . '' DT NN VBD NNP NNP VBZ TO VB IN DT NN IN VBG NNP NNP IN NNP CD `` VBZ VBN VBN . ''
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Mr. McKinney will continue as chairman of the board and chairman of the executive committee of Banc One Indiana Corp. , the successor company to American Fletcher Corp. , but will no longer be active in day-to-day management . NNP NNP MD VB IN NN IN DT NN CC NN IN DT JJ NN IN NNP CD NNP NNP , DT NN NN TO NNP NNP NNP , CC MD RB RB VB JJ IN JJ NN .
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He will remain on the Banc One board . PRP MD VB IN DT NNP CD NN .
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The Treasury plans to raise $ 1.55 billion in new cash with the sale Monday of about $ 15.6 billion in short-term bills to redeem $ 14.1 billion in maturing bills . DT NNP VBZ TO VB $ CD CD IN JJ NN IN DT NN NNP IN RB $ CD CD IN JJ NNS TO VB $ CD CD IN VBG NNS .
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The offering will be divided evenly between 13-week and 26-week bills maturing on Jan. 25 , 1990 , and April 26 , 1990 , respectively . DT NN MD VB VBN RB IN JJ CC JJ NNS VBG IN NNP CD , CD , CC NNP CD , CD , RB .
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Tenders for the bills , available in minimum $ 10,000 denominations , must be received by 1 p.m. EDT Monday at the Treasury or at Federal Reserve banks or branches . NNS IN DT NNS , JJ IN JJ $ CD NNS , MD VB VBN IN CD NN NNP NNP IN DT NNP CC IN NNP NNP NNS CC NNS .
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Moody 's Investors Service Inc. said it lowered ratings on about $ 650 million of Beatrice Co. debt , citing the closely held Chicago food concern 's proposed recapitalization . NNP POS NNP NNP NNP VBD PRP VBD NNS IN RB $ CD CD IN NNP NNP NN , VBG DT RB VBN NNP NN NN POS VBN NN .
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The ratings concern said it downgraded Beatrice notes , Euronotes and certain industrial revenue bonds to single-B-1 from Ba-3 and the company 's subordinated debentures to single-B-3 from single-B-2 . DT NNS VBP VBD PRP VBD NNP NNS , NNS CC JJ JJ NN NNS TO JJ IN JJ CC DT NN POS VBN NNS TO NNP IN NN .
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Moody 's said the proposed recaptilization may `` limit the company 's ability to realize its profit potential '' and that paying dividends from a new series of preferred could squeeze `` basic business operations . '' NNP POS VBD DT VBN NN MD `` VB DT NN POS NN TO VB PRP$ NN JJ '' CC IN VBG NNS IN DT JJ NN IN JJ MD VB `` JJ NN NNS . ''
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A Beatrice spokesman did n't return calls seeking comment . DT NNP NN VBD RB VB VBZ VBG VB .
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Beatrice , which went private in an $ 8.2 billion leveraged buy-out in 1986 , said last month that it might borrow again to help pay investors as much as $ 983 million in preferred stock and debt securities . NNP , WDT VBD JJ IN DT $ CD CD JJ NN IN CD , VBD JJ NN IN PRP MD VB RB TO VB VB NNS RB JJ IN $ CD CD IN JJ NN CC NN NNS .
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When the Soviets announced their last soldier had left Afghanistan in February , the voices of skepticism were all but drowned out by an international chorus of euphoria . WRB DT NNPS VBD PRP$ JJ NN VBD VBN NNP IN NNP , DT NNS IN NN VBD DT CC VBN IN IN DT JJ NN IN NN .
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It was `` the Soviets ' Vietnam . '' PRP VBD `` DT NNPS '' NNP . ''
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The Kabul regime would fall . DT NNP NN MD VB .
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Millions of refugees would rush home . NNS IN NNS MD VB NN .
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A resistance government would walk into Kabul . DT NN NN MD VB IN NNP .
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Those who bought that illusion are now bewildered . DT WP VBD DT NN VBP RB VBN .
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Eight months after Gen. Boris Gromov walked across the bridge into the U.S.S.R. , a Soviet-controlled regime remains in Kabul , the refugees sit in their camps , and the restoration of Afghan freedom seems as far off as ever . CD NNS IN NNP NNP NNP VBD IN DT NN IN DT NNP , DT JJ NN VBZ IN NNP , DT NNS VBP IN PRP$ NNS , CC DT NN IN JJ NN VBZ IN RB IN IN RB .
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But there never was a chance that the Afghan resistance would overthrow the Kabul regime quickly and easily . CC EX RB VBD DT NN IN DT JJ NN MD VB DT NNP NN RB CC RB .
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Soviet leaders said they would support their Kabul clients by all means necessary -- and did . JJ NNS VBD PRP MD VB PRP$ NNP NNS IN DT VBZ JJ : CC VBD .
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The U.S. said it would fully support the resistance -- and did n't . DT NNP VBD PRP MD RB VB DT NN : CC VBD RB .
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With the February 1987 U.N. accords `` relating to Afghanistan , '' the Soviet Union got everything it needed to consolidate permanent control . IN DT NNP CD NNP NNS `` VBG TO NNP , '' DT NNP NNP VBD NN PRP VBD TO VB JJ NN .
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The terms of the Geneva accords leave Moscow free to provide its clients in Kabul with assistance of any kind -- including the return of Soviet ground forces -- while requiring the U.S. and Pakistan to cut off aid . DT NNS IN DT NNP NNS VBP NNP JJ TO VB PRP$ NNS IN NNP IN NN IN DT NN : VBG DT NN IN JJ NN NNS : IN VBG DT NNP CC NNP TO VB IN NN .
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The only fly in the Soviet ointment was the last-minute addition of a unilateral American caveat , that U.S. aid to the resistance would continue as long as Soviet aid to Kabul did . DT JJ NN IN DT JJ NN VBD DT JJ NN IN DT JJ JJ NN , IN NNP NN TO DT NN MD VB RB RB IN JJ NN TO NNP VBD .
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But as soon as the accords were signed , American officials sharply reduced aid . CC RB RB IN DT NNS VBD VBN , JJ NNS RB VBN NN .
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In February 1989 , when the Soviets said they had completed their pullout , the U.S. cut it further . IN NNP CD , WRB DT NNPS VBD PRP VBD VBN PRP$ NN , DT NNP NN PRP JJ .
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Not so the Soviets . RB RB DT NNPS .
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Gen. Gromov himself said Soviet troops expected to leave behind more than $ 1 billion of military equipment and installations for the Kabul regime . NNP NNP PRP VBD JJ NNS VBN TO VB IN JJR IN $ CD CD IN JJ NN CC NNS IN DT NNP NN .
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Since the troop withdrawal , Moscow has poured in an additional $ 200 to $ 300 million worth per month -- nearly $ 2 billion since February , equivalent to the total U.S. aid to the resistance in nine years . IN DT NN NN , NNP VBZ VBN IN DT JJ $ CD TO $ CD CD JJ IN NN : RB $ CD CD IN NNP , NN TO DT JJ NNP NN TO DT NN IN CD NNS .
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This includes what Deputy Foreign Minister Yuli Vorontsov fetchingly called `` new peaceful long-range weapons , '' including more than 800 SCUD missiles . DT VBZ WP NNP NNP NNP NNP NNP RB VBD `` JJ JJ JJ NNS , '' VBG JJR IN CD NNP NNS .
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By early May , Moscow had delivered , for example , 1,000 trucks , about 100 tanks , artillery and hundreds of other combat vehicles . IN JJ NNP , NNP VBD VBN , IN NN , CD NNS , IN CD NNS , NN CC NNS IN JJ NN NNS .
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Later that month , it added an entire tank brigade , including 120 T-72 tanks and more than 40 BMP state-of-the-art infantry fighting vehicles . RB DT NN , PRP VBD DT JJ NN NN , VBG CD NN NNS CC JJR IN CD NN JJ NN VBG NNS .
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By September , a new Reinforced Motorized Rifle Brigade with an additional 300 combat vehicles , 1,000 more trucks and 10,000 Soviet-trained Afghan troops had arrived in Kandahar . IN NNP , DT JJ NNP NNP NNP NNP IN DT JJ CD NN NNS , CD JJR NNS CC CD JJ JJ NNS VBD VBN IN NNP .
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In the last few weeks , Moscow has added FROG-7B missiles , the bomber version of the An-12 , MiG-23BN high-altitude aircraft , MiG-29s , which can outfly Pakistan 's U.S.-built F16s , and Sukhoi SU-27 fighter-bombers , which can outfly the MiG-29s . IN DT JJ JJ NNS , NNP VBZ VBN NN NNS , DT NN NN IN DT NN , NN JJ NN , NNS , WDT MD VB NNP POS JJ NNS , CC NNP NN NNS , WDT MD VB DT NNS .
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Moscow claims this is all needed to protect the Kabul regime against the guerrilla resistance . NNP VBZ DT VBZ DT VBN TO VB DT NNP NN IN DT NN NN .
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It is well-known that the regular Afghan infantry is filled with reluctant conscripts . PRP VBZ JJ IN DT JJ JJ NN VBZ VBN IN JJ NNS .
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But this is not the entire Afghan army , and it is no longer Kabul 's only military force . CC DT VBZ RB DT JJ JJ NN , CC PRP VBZ RB RB NNP POS RB JJ NN .
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Complete units have been trained and indoctrinated in the U.S.S.R. and other East bloc nations ; 30,000 to 40,000 of these troops have returned . JJ NNS VBP VBN VBN CC VBN IN DT NNP CC JJ NNP NN NNS : CD TO CD IN DT NNS VBP VBN .
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In addition , the regime has established well-paid paramilitary forces totaling more than 100,000 , including 35,000 Soviet-trained troops of the Interior Ministry -LRB- KHAD\/WAD -RRB- , which still is directed by 1,500 Soviet KGB officers . IN NN , DT NN VBZ VBN JJ JJ NNS VBG JJR IN CD , VBG CD JJ NNS IN DT NNP NNP ( NN ) , WDT RB VBZ VBN IN CD NNP NNP NNS .
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Even if not all these forces are committed to the regime , they are now dependent on it . RB IN RB PDT DT NNS VBP VBN TO DT NN , PRP VBP RB JJ IN PRP .
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And thousands of Afghan children have been taken to the Soviet Union , where they are hostage for the behavior of their families . CC NNS IN JJ NNS VBP VBN VBN TO DT NNP NNP , WRB PRP VBP NN IN DT NN IN PRP$ NNS .
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Since 1981 , Indian military advisers have been assisting the Kabul regime . IN CD , NNP JJ NNS VBP VBN VBG DT NNP NN .
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In preparation for the withdrawal , Moscow , Kabul and New Delhi signed two agreements for several hundred newly civilian Indian experts to replace some of the more visible Soviet military personnel . IN NN IN DT NN , NNP , NNP CC NNP NNP VBD CD NNS IN JJ CD RB JJ NNP NNS TO VB DT IN DT RBR JJ JJ JJ NNS .
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Cuban military personnel also have been active in Afghanistan since 1979 . JJ JJ NNS RB VBP VBN JJ IN NNP IN CD .
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The Soviets cut a deal with Iran : a future Iranian role in Afghanistan in exchange for Iranian support of Soviet policy . DT NNPS NN DT NN IN NNP : DT NN JJ NN IN NNP IN NN IN JJ NN IN JJ NN .
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The deal was symbolized by the restoration of the Shi'ite Sultan Ali Keshtmand to the Afghan prime ministry . DT NN VBD VBN IN DT NN IN DT NNP NNP NNP NNP TO DT JJ JJ NN .
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Moreover , serious questions have been raised about the claimed withdrawal of Soviet forces . RB , JJ NNS VBP VBN VBN IN DT VBN NN IN JJ NNS .
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Before his assassination in 1988 , President Zia of Pakistan repeatedly stated that fresh Soviet troops were being inserted into Afghanistan even as others were ostentatiously withdrawn . IN PRP$ NN IN CD , NNP NNP IN NNP RB VBD IN JJ JJ NNS VBD VBG VBN IN NNP RB IN NNS VBD RB VBN .
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Rep. Bill McCollum -LRB- R. , Fla. -RRB- reports that these included 20,000 to 30,000 Soviet Central Asian KGB Border Guards , ethnically indistinguishable from Afghans and wearing unmarked uniforms . NNP NNP NNP ( NNP , NNP ) NNS IN DT VBD CD TO CD NNP NNP NNP NNP NNP NNPS , RB JJ IN NNPS CC VBG JJ NNS .
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Meanwhile , the Kabul regime is increasingly successful at portraying the resistance as bloody-minded fanatics . RB , DT NNP NN VBZ RB JJ IN VBG DT NN IN JJ NNS .
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In this they are aided by years of American , European , Pakistani and Saudi support for the most extreme factions -- radical Islamic fanatics with leaders whose policies are anathema to the Afghan public . IN DT PRP VBP VBN IN NNS IN NNP , JJ , JJ CC NNP NN IN DT RBS JJ NNS : JJ NNP NNS IN NNS WP$ NNS VBP NN TO DT JJ NN .
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This heavy outside support for the worst has undermined better , moderate leaders . DT NN IN NN IN DT JJS VBZ VBN JJR , JJ NNS .
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In autumn last year , for example , the regime garrison at Kandahar was prepared to surrender the city to resistance moderates . IN NN JJ NN , IN NN , DT NN NN IN NNP VBD VBN TO VB DT NN TO NN NNS .
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At the last minute , however , Pakistani officials sent in Gulbuddin Hekhmatyar , perhaps the most hated and feared of the extremists , with a demand that the surrender be made to his forces . IN DT JJ NN , RB , JJ NNS VBD IN NNP NNP , RB DT RBS VBD CC VBD IN DT NNS , IN DT NN IN DT NN VB VBN TO PRP$ NNS .
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The deal fell through , and Kandahar remains a major regime base . DT NN VBD IN , CC NNP VBZ DT JJ NN NN .
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The resistance lacks not only air power , armor and expertise but often such essentials as maps , mine detectors , or even winter gloves . DT NN VBZ RB JJ NN NN , NN CC NN CC RB JJ NNS IN NNS , NN NNS , CC JJ NN NNS .
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Experienced resistance commanders wanted to use guerrilla action and siege tactics to wear down the regime . VBN NN NNS VBD TO VB NN NN CC NN NNS TO VB RP DT NN .
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Instead , they were pressured by Pakistan 's ISI , the channel for their support , into attacking Jalalabad . RB , PRP VBD VBN IN NNP POS NNP , DT NN IN PRP$ NN , IN VBG NNP .
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They took more than 25 % casualties ; journalists report that they faced minefields without mine detectors . PRP VBD JJR IN CD NN NNS : NNS VBP IN PRP VBD NNS IN NN NNS .
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The wonder is not that the resistance has failed to topple the Kabul regime , but that it continues to exist and fight at all . DT NN VBZ RB IN DT NN VBZ VBN TO VB DT NNP NN , CC IN PRP VBZ TO VB CC NN IN DT .
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Last summer , in response to congressional criticism , the State Department and the CIA said they had resumed military aid to the resistance months after it was cut off ; but it is not clear how much is being sent or when it will arrive . JJ NN , IN NN TO JJ NN , DT NNP NNP CC DT NNP VBD PRP VBD VBN JJ NN TO DT NN NNS IN PRP VBD VBN IN : CC PRP VBZ RB JJ WRB NN VBZ VBG VBN CC WRB PRP MD VB .
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For months the resistance has been defenseless against air attack . IN NNS DT NN VBZ VBN JJ IN NN NN .
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Thus far there is no indication that they have been re-supplied with Stingers or other anti-aircraft weapons . RB RB EX VBZ DT NN IN PRP VBP VBN VBN IN NNPS CC JJ JJ NNS .
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Indeed , U.S. officials have indicated to the press that the continuation of aid depends on what success the weakened resistance achieves by the end of this year . RB , NNP NNS VBP VBN TO DT NN IN DT NN IN NN VBZ IN WP NN DT VBN NN VBZ IN DT NN IN DT NN .
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Moscow and Kabul must have found that information useful . NNP CC NNP MD VB VBN DT NN JJ .
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For a decade U.S. policy has been incoherent , based on miscalculation and the defense of bureaucratic and political turf . IN DT NN NNP NN VBZ VBN JJ , VBN IN NN CC DT NN IN JJ CC JJ NN .
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No settlement negotiated by others can force the Afghan people to give up their struggle . DT NN VBN IN NNS MD VB DT JJ NNS TO VB IN PRP$ NN .
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A cutoff of U.S. military aid would merely abandon them to die in vain . DT NN IN NNP JJ NN MD RB VB PRP TO VB IN JJ .
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Creation of a new , realistic U.S. policy is long overdue . NN IN DT JJ , JJ NNP NN VBZ JJ JJ .
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Ms. Klass , editor and co-author of `` Afghanistan : The Great Game Revisited '' -LRB- Freedom House -RRB- , directs the Freedom House program on Afghanistan\/Southwest Asia . NNP NNP , NN CC NN IN `` NNP : DT NNP NNP NNP '' ( NNP NNP ) , VBZ DT NNP NNP NN IN NNP NNP .
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Nothing stirred the soul of Ronald Reagan and his disciples as much as the crusade to aid Nicaragua 's Contra rebels , or the dream of building a space-based defense shield to knock out Soviet nuclear missiles . NN VBD DT NN IN NNP NNP CC PRP$ NNS RB JJ IN DT NN TO VB NNP POS NNP NNS , CC DT NN IN VBG DT JJ NN NN TO VB IN JJ JJ NNS .
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Yet under Mr. Reagan 's preferred successor , President Bush , those two cherished national-security causes are withering on the vine . RB IN NNP NNP POS JJ NN , NNP NNP , DT CD VBN NN NNS VBP VBG IN DT NN .
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And , surprisingly , little more than a whimper of protest is being heard , even though Reaganauts once breathed fire supporting the Contras and the Strategic Defense Initiative . CC , RB , RB JJR IN DT NN IN NN VBZ VBG VBN , RB IN NNS RB VBD NN VBG DT NNPS CC DT NNP NNP NNP .
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`` The programs have arthritis , '' says Rep. Henry Hyde , a conservative Republican from Illinois . `` DT NNS VBP NN , '' VBZ NNP NNP NNP , DT JJ NNP IN NNP .
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Yet , he asserts , `` you look around ... and you say , ` Who are the leaders ? RB , PRP VBZ , `` PRP VBP IN : CC PRP VBP , `` WP VBP DT NNS .
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Who is going to carry the water ? ' '' WP VBZ VBG TO VB DT NN . '' ''
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It is n't surprising that President Bush has n't led a crusade to pump up the Contras or SDI . PRP VBZ RB JJ IN NNP NNP VBZ RB VBN DT NN TO VB IN DT NNPS CC NNP .
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Though he nominally supports both programs , Mr. Bush has n't been a passionate champion of either cause , as Mr. Reagan was . IN PRP RB VBZ DT NNS , NNP NNP VBZ RB VBN DT JJ NN IN DT NN , IN NNP NNP VBD .
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What 's surprising is that there is n't more of a conservative outcry as the Bush administration lets the programs slip down the national-priority list . WP VBZ JJ VBZ IN EX VBZ RB JJR IN DT JJ NN IN DT NNP NN VBZ DT NNS VBP RP DT JJ NN .
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A combination of factors -- a weariness among some conservatives , a decline in the perception of a Soviet threat and a preoccupation with other issues -- seem to explain the strange tranquility . DT NN IN NNS : DT NN IN DT NNS , DT NN IN DT NN IN DT JJ NN CC DT NN IN JJ NNS : VB TO VB DT JJ NN .
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Above all , though , conservative Republicans who have championed both the Contras and SDI are reluctant to attack a Republican president for failing to do more -- though that reluctance may be receding . IN DT , RB , JJ NNPS WP VBP VBN DT DT NNPS CC NNP VBP JJ TO VB DT NNP NN IN VBG TO VB JJR : IN DT NN MD VB VBG .
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`` We want to complain , we want to say something about it , and we 're going to as it gets worse , '' says Rep. Dan Burton , an Indiana Republican who has been a staunch Contra backer . `` PRP VBP TO VB , PRP VBP TO VB NN IN PRP , CC PRP VBP VBG TO IN PRP VBZ JJR , '' VBZ NNP NNP NNP , DT NNP NNP WP VBZ VBN DT JJ NNP NN .
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`` But it 's like kicking your father in the pants . `` CC PRP VBZ IN VBG PRP$ NN IN DT NNS .
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You hate to do it because he 's your father . '' PRP VBP TO VB PRP IN PRP VBZ PRP$ NN . ''
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Mr. Burton says conservatives ' unhappiness with Mr. Bush 's cautious handling of the recent unsuccessful coup in Panama will make them more willing to speak out . NNP NNP VBZ NNS POS NN IN NNP NNP POS JJ NN IN DT JJ JJ NN IN NNP MD VB PRP RBR JJ TO VB RB .
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Of course , neither President Bush nor the Congress has actually abandoned the Contras or SDI . IN NN , DT NNP NNP CC DT NNP VBZ RB VBN DT NNPS CC NNP .
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Mr. Bush has struck a deal with congressional leaders to provide nonlethal aid to the Contras until Nicaragua holds national elections next February . NNP NNP VBZ VBN DT NN IN JJ NNS TO VB JJ NN TO DT NNPS IN NNP VBZ JJ NNS JJ NNP .
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But the administration has dropped any effort to win military aid for the rebels . CC DT NN VBZ VBN DT NN TO VB JJ NN IN DT NNS .
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And the administration 's deal with Congress gives several congressional committees the right to cut off even humanitarian aid next month , though the committees are likely to let aid continue until February . CC DT NN POS NN IN NNP VBZ JJ JJ NNS DT NN TO VB IN RB JJ NN JJ NN , IN DT NNS VBP JJ TO VB NN VB IN NNP .
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Most analysts think there 's little prospect the Contras can be a significant fighting force without U.S. arms , and after the February election their future in any form will be murky at best . JJS NNS VBP EX VBZ JJ NN DT NNPS MD VB DT JJ NN NN IN NNP NNS , CC IN DT NNP NN PRP$ NN IN DT NN MD VB JJ IN JJS .
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Instead of focusing on the Contras , Mr. Bush has switched to urging members of Congress -- most recently in a White House meeting yesterday -- to approve financing for the election campaign of political opponents of Nicaragua 's Sandinista government . RB IN VBG IN DT NNPS , NNP NNP VBZ VBN TO VBG NNS IN NNP : RBS RB IN DT NNP NNP NN NN : TO VB NN IN DT NN NN IN JJ NNS IN NNP POS NNP NN .
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The administration continues to support SDI , or Star Wars , and it recently lobbied to persuade the Senate to restore some of the funds it planned to cut from the program . DT NN VBZ TO VB NNP , CC NNP NNP , CC PRP RB VBD TO VB DT NNP TO VB DT IN DT NNS PRP VBD TO VB IN DT NN .
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And just last week , Defense Secretary Dick Cheney gave a strong speech listing `` compelling reasons '' to push ahead with SDI and saying he 'd urge President Bush to veto a defense bill with `` inadequate '' funding for the program . CC RB JJ NN , NNP NNP NNP NNP VBD DT JJ NN NN `` JJ NNS '' TO VB RB IN NNP CC VBG PRP MD VB NNP NNP TO VB DT NN NN IN `` JJ '' NN IN DT NN .
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But the strong pitch by Mr. Cheney may be too little too late to prevent damage to SDI . CC DT JJ NN IN NNP NNP MD VB RB JJ RB JJ TO VB NN TO NNP .
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The House has already voted for a deep cut in funding , and in the end the program 's backers will be hard pressed to head off some reduction in spending next year . DT NNP VBZ RB VBN IN DT JJ NN IN NN , CC IN DT NN DT NN POS NNS MD VB RB VBN TO VB IN DT NN IN NN JJ NN .
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And while the defense secretary is speaking out , President Bush himself has n't launched any high-visibility campaign to drum up support , as President Reagan did . CC IN DT NN NN VBZ VBG IN , NNP NNP PRP VBZ RB VBN DT JJ NN TO VB IN NN , IN NNP NNP VBD .
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The administration also acknowledges that it is n't pursuing Mr. Reagan 's original vision of an `` impenetrable shield '' protecting the whole U.S. , but rather a more modest version . DT NN RB VBZ IN PRP VBZ RB VBG NNP NNP POS JJ NN IN DT `` JJ NN '' VBG DT JJ NNP , CC RB DT RBR JJ NN .
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More ominous to SDI supporters , the Bush administration appears to have tacitly accepted a new arms-control proposal from the Soviet Union that spells long-term trouble for Star Wars . RBR JJ TO NNP NNS , DT NNP NN VBZ TO VB RB VBN DT JJ NN NN IN DT NNP NNP WDT VBZ JJ NN IN NNP NNPS .
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The Soviets have agreed to complete a treaty cutting strategic weapons without including restrictions on space-based defenses . DT NNPS VBP VBN TO VB DT NN VBG JJ NNS IN VBG NNS IN JJ NNS .
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But the Soviets also are insisting that they will reserve the right to withdraw from the completed strategic-arms treaty later on if the U.S. does SDI testing or deployment that the Soviets think violates the existing anti-ballistic-missile treaty . CC DT NNPS RB VBP VBG IN PRP MD VB DT NN TO VB IN DT VBN JJ NN RB IN IN DT NNP VBZ NNP NN CC NN IN DT NNPS VBP VBZ DT VBG JJ NN .
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It will be hard down the road to persuade Congress to approve money for SDI plans if lawmakers fear those plans could scuttle a completed treaty . PRP MD VB JJ RP DT NN TO VB NNP TO VB NN IN NNP VBZ IN NNS VBP DT NNS MD VB DT VBN NN .
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As a result , Frank Gaffney , a former Reagan Pentagon aide who now heads the Center for Security Policy , charges that the administration 's `` professions of continued commitment to development and deployment of the SDI program strain credulity . '' IN DT NN , NNP NNP , DT JJ NNP NNP NN WP RB VBZ DT NNP IN NNP NNP , VBZ IN DT NN POS `` NNS IN VBN NN TO NN CC NN IN DT NNP NN NN NN . ''
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Still , proponents may be shying away from more drumbeating because they sense political tides have turned against arming the Nicaraguan rebels or boosting spending on SDI -- particularly when the public perceives the Soviet threat is declining under Mikhail Gorbachev . RB , NNS MD VB VBG RB IN JJR NN IN PRP VBP JJ NNS VBP VBN IN NN DT JJ NNS CC VBG NN IN NNP : RB WRB DT NN VBZ DT JJ NN VBZ VBG IN NNP NNP .
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In fact , because communism seems to be beating a global retreat , some conservatives may simply be so pleased that their anti-communist philosophy is prevailing that they do n't have the fire at the moment to push controversial programs . IN NN , IN NN VBZ TO VB VBG DT JJ NN , DT NNS MD RB VB RB VBN IN PRP$ JJ NN VBZ VBG IN PRP VBP RB VB DT NN IN DT NN TO VB JJ NNS .
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`` The short of it is that the most hard-bitten among us can not get into too sour a mood with communism collapsing , '' says Mitchell Daniels , a former Reagan White House aide who now is president of the Hudson Institute . `` DT NN IN PRP VBZ IN DT RBS JJ IN PRP MD RB VB IN RB VB DT NN IN NN VBG , '' VBZ NNP NNP , DT JJ NNP NNP NNP NN WP RB VBZ NN IN DT NNP NNP .
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Some activists are toiling to raise the profile of the two causes . DT NNS VBP VBG TO VB DT NN IN DT CD NNS .
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But they say they ca n't make much headway because of a lack of willing leaders in a position to turn the tide . CC PRP VBP PRP MD RB VB JJ NN IN IN DT NN IN JJ NNS IN DT NN TO VB DT NN .
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One longtime champion of these programs in Congress , Republican whip Newt Gingrich of Georgia , is distracted by questions about his ethics , conservatives note . CD JJ NN IN DT NNS IN NNP , NNP NN NNP NNP IN NNP , VBZ VBN IN NNS IN PRP$ NNS , NNS VBP .
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Other conservative champions , like Wyoming Republican Sen. Malcolm Wallop , a longtime SDI advocate , do n't have the clout with the Bush White House that they enjoyed with President Reagan . JJ JJ NNS , IN NNP NNP NNP NNP NNP , DT JJ NNP NN , VBP RB VB DT NN IN DT NNP NNP NNP IN PRP VBD IN NNP NNP .
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Above all , though , proponents say neither the Contra nor the SDI cause can be pushed much further without more presidential support . IN DT , RB , NNS VBP DT DT NNP CC DT NNP NN MD VB VBN JJ JJ IN RBR JJ NN .
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`` For there to be wind in the sails of any program , the chief executive has to be blowing in the sails , '' says Rep. Burton . `` IN EX TO VB NN IN DT NNS IN DT NN , DT JJ NN VBZ TO VB VBG IN DT NNS , '' VBZ NNP NNP .
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All this causes Rep. Hyde to muse about an alternate way to drum up more enthusiasm . DT DT NNS NNP NNP TO VB IN DT JJ NN TO VB IN JJR NN .
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`` What I 'd like to see , if he is up to it , is for Reagan to take to the hustings to regenerate enthusiasm for SDI , '' the congressman says . `` WP PRP MD VB TO VB , IN PRP VBZ IN TO PRP , VBZ IN NNP TO VB TO DT NN TO VB NN IN NNP , '' DT NN NNS .
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We 're sorry to report that on Monday President Bush accepted the resignation of William Allen as chairman of the U.S. Civil Rights Commission . PRP VBP JJ TO VB IN IN NNP NNP NNP VBD DT NN IN NNP NNP IN NN IN DT NNP NNP NNP NNP .
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Mr. Allen , appointed by President Reagan , grew understandably tired of dealing with the guerrilla tactics of his enemies . NNP NNP , VBN IN NNP NNP , VBD RB VBN IN VBG IN DT NN NNS IN PRP$ NNS .
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His recent speech , provocatively titled `` Blacks ? Animals ? Homosexuals ? What is a Minority ? '' caused an uproar when its title leaked out . PRP$ JJ NN , RB VBN `` NNS . NNS . NNS . WP VBZ DT NNP . '' VBN DT NN WRB PRP$ NN VBN RB .
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Mr. Allen 's commissioners voted to call his unread speech `` thoughtless , disgusting and unnecessarily inflammatory . '' NNP NNP POS NNS VBD TO VB PRP$ JJ NN `` JJ , JJ CC RB JJ . ''
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Commissioner Mary Francis Berry said it was `` another sad episode in the saga of the unguided missile who is chairman . '' NNP NNP NNP NNP VBD PRP VBD `` DT JJ NN IN DT NN IN DT JJ NN WP VBZ NN . ''
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Rep. Don Edwards , the California Democrat , warned Mr. Allen that the speech would be `` outside the scope of the commission 's jurisdiction . '' NNP NNP NNP , DT NNP NNP , VBD NNP NNP IN DT NN MD VB `` IN DT NN IN DT NN POS NN . ''
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Thomas Stoddard , head of the Lambda Legal Defense Fund , called the prospect of the speech `` frankly shocking . '' NNP NNP , NN IN DT NNP NNP NNP NNP , VBD DT NN IN DT NN `` RB JJ . ''
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We 've actually read the speech . PRP VBP RB VB DT NN .
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Mr. Allen began it with a warning to his hosts , a California church group that opposes rights for homosexuals . NNP NNP VBD PRP IN DT NN TO PRP$ NNS , DT NNP NN NN WDT VBZ NNS IN NNS .
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He said that other participants in the conference `` do not believe that the rights of Americans should be guaranteed to citizens who are homosexual , '' but that `` I mean to persuade you to the opposite view . '' PRP VBD IN JJ NNS IN DT NN `` VBP RB VB IN DT NNS IN NNPS MD VB VBN TO NNS WP VBP JJ , '' CC IN `` PRP VBP TO VB PRP TO DT JJ NN . ''
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He recalled to the audience a `` strange , infelicitous '' analogy he once heard arguing `` now that we have finally recognized that American blacks have rights , we need to do the same for animals . PRP VBD TO DT NN DT `` JJ , JJ '' NN PRP RB VBD VBG `` RB IN PRP VBP RB VBN IN JJ NNS VBP NNS , PRP VBP TO VB DT JJ IN NNS .
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'' Mr. Allen objected to this analogy because it seems to `` assimilate the status of blacks to that of animals -- as a mere project of charity , of humaneness . '' '' NNP NNP VBD TO DT NN IN PRP VBZ TO `` VB DT NN IN NNS TO IN IN NNS : IN DT JJ NN IN NN , IN NN . ''
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Rights on such a basis , whether for blacks or homosexuals , are `` mere indulgences , '' he said , subject to being taken back . NNS IN JJ DT NN , IN IN NNS CC NNS , VBP `` JJ NNS , '' PRP VBD , NN TO VBG VBN RB .
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He says the title of his speech was to make his point that Americans have rights as individuals , not as members of certain select groups . PRP VBZ DT NN IN PRP$ NN VBD TO VB PRP$ NN IN NNPS VBP NNS IN NNS , RB IN NNS IN JJ VB NNS .
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His speech criticized the `` idiocy of notions of protected groups in society '' as opposed to individual equality or , as he put it , in `` a common destiny as Americans . '' PRP$ NN VBD DT `` NN IN NNS IN VBN NNS IN NN '' IN VBN TO JJ NN CC , IN PRP VBP PRP , IN `` DT JJ NN IN NNPS . ''
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Instead of lobbying for special treatment , Mr. Allen said that homosexuals and others should try to ensure equal treatment under the law and not aim for special privileges that would risk `` invidious retrenchment with government complicity . '' RB IN VBG IN JJ NN , NNP NNP VBD IN NNS CC NNS MD VB TO VB JJ NN IN DT NN CC RB VB IN JJ NNS WDT MD VB `` JJ NN IN NN NN . ''
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This hardly sounds like an anti-homosexual screed . DT RB VBZ IN DT JJ NN .
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What 's really going on here ? WP VBZ RB VBG IN RB .
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The three most important things to understand about Mr. Allen is that he is a black conservative intellectual -- a triple threat to the liberal establishment . DT CD RBS JJ NNS TO VB IN NNP NNP VBZ IN PRP VBZ DT JJ JJ JJ : DT JJ NN TO DT JJ NN .
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Mr. Allen , who teaches government at prestigious Harvey Mudd College in California and will remain a member of the commission , has spent years arguing that civil rights are individuals ' rights . NNP NNP , WP VBZ NN IN JJ NNP NNP NNP IN NNP CC MD VB DT NN IN DT NN , VBZ VBN NNS VBG IN JJ NNS VBP NNS POS NNS .
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He last made waves when he dared to defend an Indian girl who had been adopted by non-Indian parents off her reservation . PRP RB VBN NNS WRB PRP VBD TO VB DT NNP NN WP VBD VBN VBN IN JJ NNS IN PRP$ NN .
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Mr. Allen quickly ran up against the liberal establishment again , which somehow elevated the vague concept of `` Indian rights '' above the rights of individual Indians . NNP NNP RB VBD IN IN DT JJ NN RB , WDT RB VBN DT JJ NN IN `` NNP NNS '' IN DT NNS IN JJ NNPS .
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There is a huge divide between Mr. Allen 's we're-all-in-this-together view and the divisive litigation approach of the civil rights groups . EX VBZ DT JJ NN IN NNP NNP POS JJ NN CC DT JJ NN NN IN DT JJ NNS NNS .
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Indeed , the gap is so large that Mr. Allen 's critics refuse to engage the debate . RB , DT NN VBZ RB JJ IN NNP NNP POS NNS VBP TO VB DT NN .
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Their ridicule of him is no substitute for argument . PRP$ NN IN PRP VBZ DT NN IN NN .
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Their effort to run him out of Washington is an embarrassment to the original purpose of their own movement . PRP$ NN TO VB PRP IN IN NNP VBZ DT NN TO DT JJ NN IN PRP$ JJ NN .
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We hope the next head of the Civil Rights Commission will be as brave as Mr. Allen in making the case for equality of civil rights . PRP VBP DT JJ NN IN DT NNP NNP NNP MD VB RB JJ IN NNP NNP IN VBG DT NN IN NN IN JJ NNS .
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Bearings Inc. said its chairman , John R. Cunin , will retire as an officer of the company on Jan. 2 . NNP NNP VBD PRP$ NN , NNP NNP NNP , MD VB IN DT NN IN DT NN IN NNP CD .
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George L. LaMore , president and chief executive officer , will become chairman and chief executive upon Mr. Cunin 's retirement . NNP NNP NNP , NN CC JJ JJ NN , MD VB NN CC JJ NN IN NNP NNP POS NN .
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John C. Dannemiller , executive vice president and chief operating officer , will become president and chief operating officer . NNP NNP NNP , JJ NN NN CC JJ VBG NN , MD VB NN CC JJ VBG NN .
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Mr. Cunin , 65 years old , was chief executive of the distributor of bearings and power-transmission products from 1982 to 1988 . NNP NNP , CD NNS JJ , VBD JJ NN IN DT NN IN NNS CC JJ NNS IN CD TO CD .
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He will continue as a director . PRP MD VB IN DT NN .
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Mr. LaMore , 63 , a 48-year veteran at Bearings , has been president since 1983 . NNP NNP , CD , DT JJ NN IN NNP , VBZ VBN NN IN CD .
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Mr. Dannemiller , 51 , joined Bearings in August 1988 from Leaseway Transportation Corp. , where he was president and chief operating officer . NNP NNP , CD , VBD NNP IN NNP CD IN NNP NNP NNP , WRB PRP VBD NN CC JJ VBG NN .
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He has been a Bearings director since 1985 . PRP VBZ VBN DT NNP NN IN CD .
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The appointments are part of a planned succession at the company . DT NNS VBP NN IN DT VBN NN IN DT NN .
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Soviet leader Mikhail Gorbachev opened a major U.S. trade exhibition in Moscow and spent two hours touring some of the 150 stalls representing such blue-chip companies as General Motors Corp. , International Business Machines Corp. and Johnson & Johnson . JJ NN NNP NNP VBD DT JJ NNP NN NN IN NNP CC VBD CD NNS VBG DT IN DT CD NNS VBG JJ JJ NNS IN NNP NNPS NNP , NNP NNP NNP NNP CC NNP CC NNP .
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At the Archer-Daniels-Midland Co. stand , Mrs. Nelson Rockefeller , a board member , offered him a soy burger . IN DT NNP NNP VB , NNP NNP NNP , DT NN NN , VBD PRP DT NN NN .
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He did n't bite . PRP VBD RB VB .
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The exhibition by the U.S.-U.S.S.R. Trade and Economic Council underscores the growing U.S. interest in that nation 's market , though trade between the two countries is a minuscule $ 3 billion . DT NN IN DT NNP NNP CC NNP NNP VBZ DT VBG NNP NN IN DT NN POS NN , IN NN IN DT CD NNS VBZ DT JJ $ CD CD .
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The Soviet president and his prime minister , Nikolai Ryzhkov , spent the longest time , about 15 minutes , at the IBM stand , where they got souvenir computer-chip key rings . DT JJ NN CC PRP$ JJ NN , NNP NNP , VBD DT JJS NN , IN CD NNS , IN DT NNP NN , WRB PRP VBD NN NN JJ NNS .
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At the GM stall , they barely looked at a gleaming Cadillac , preferring to talk about cooperation possibilities . IN DT NNP NN , PRP RB VBD IN DT VBG NNP , VBG TO VB IN NN NNS .
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In Beijing , meantime , China opened an international aviation show , but the West 's embargo on military deals and uncertainty about the nation 's stability kept many foreign exhibitors away . IN NNP , NN , NNP VBD DT JJ NN NN , CC DT NNP POS NN IN JJ NNS CC NN IN DT NN POS NN VBD JJ JJ NNS RB .
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Officials said 91 companies from 14 countries , including the U.S. , had displays , down from about 260 firms from more than 20 countries at the last show in NNS VBD CD NNS IN CD NNS , VBG DT NNP , VBD NNS , RB IN IN CD NNS IN JJR IN CD NNS IN DT JJ NN IN
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Japanese air-conditioner maker Daikin Industries Ltd. was fined two million yen -LRB- $ 14,000 -RRB- for exporting to the Soviet Union a chemical solution that could be used in missile-guidance systems . JJ NN NN NNP NNP NNP VBD VBN CD CD NN ( $ CD ) IN VBG TO DT NNP NNP DT NN NN WDT MD VB VBN IN JJ NNS .
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A Daikin executive in charge of exports when the high-purity halogenated hydrocarbon was sold to the Soviets in 1986 received a suspended 10-month jail sentence . DT NNP NN IN NN IN NNS WRB DT NN VBD NN VBD VBN TO DT NNPS IN CD VBD DT VBN JJ NN NN .
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Judge Masaaki Yoneyama told the Osaka District Court Daikin 's `` responsibility is heavy because illegal exports lowered international trust in Japan . '' NNP NNP NNP VBD DT NNP NNP NNP NNP POS `` NN VBZ JJ IN JJ NNS VBD JJ NN IN NNP . ''
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Sale of the solution in concentrated form to Communist countries is prohibited by Japanese law and by international agreement . NNP IN DT NN IN VBN NN TO NNP NNS VBZ VBN IN JJ NN CC IN JJ NN .
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A Soviet legislative panel rejected as not radical enough a government proposal on decentralizing economic control . DT JJ JJ NN VBD IN RB JJ RB DT NN NN IN VBG JJ NN .
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The newspaper Leninskoye Zamya said the committee decided the plan to parcel out economic powers previously exercised by Moscow to the country 's 15 republics `` does n't reflect the radical changes in the Soviet federation . '' DT NN NNP NNP VBD DT NN VBD DT NN TO VB RP JJ NNS RB VBN IN NNP TO DT NN POS CD NNS `` VBZ RB VB DT JJ NNS IN DT JJ NN . ''
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The committee gave the government until Nov. 15 to revise the proposal . DT NN VBD DT NN IN NNP CD TO VB DT NN .
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The move reflected the growing confidence of the revamped Supreme Soviet . DT NN VBD DT VBG NN IN DT VBN NNP JJ .
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Scott Paper Co. said it is abandoning a proposed $ 650 million tree-farming project in Indonesia because it no longer expects to use as much eucalyptus pulp as previously anticipated . NNP NNP NNP VBD PRP VBZ VBG DT VBN $ CD CD JJ NN IN NNP IN PRP RB RB VBZ TO VB IN JJ NN NN IN RB VBN .
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The eucalyptus plantation and pulp mill , which would have covered about 175,000 acres in the Irian Jaya region , had been approved by Indonesia 's investment board . DT NN NN CC NN NN , WDT MD VB VBN IN CD NNS IN DT NNP NNP NN , VBD VBN VBN IN NNP POS NN NN .
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But it was opposed by some environmentalists as a threat to Irian Jaya 's forests and a potential source of social unrest for the primitive tribes who inhabit them . CC PRP VBD VBN IN DT NNS IN DT NN TO NNP NNP POS NNS CC DT JJ NN IN JJ NN IN DT JJ NNS WP VBP PRP .
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Yaohan Departmentstore Co. of Japan is moving its international-operations headquarters and holding company to Hong Kong to gain from the British colony 's economic advantages and tax structure . NNP NNP NNP IN NNP VBZ VBG PRP$ NNS NN CC VBG NN TO NNP NNP TO VB IN DT JJ NN POS JJ NNS CC NN NN .
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With funds of 5.56 billion Hong Kong dollars -LRB- US$ 712 million -RRB- , the new company , Yaohan International Co. , plans to acquire 10 of Hong Kong 's top restaurants . IN NNS IN CD CD NNP NNP NNS ( $ CD CD ) , DT JJ NN , NNP NNP NNP , VBZ TO VB CD IN NNP NNP POS JJ NNS .
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It also intends to set up an international wholesale market with the Singapore government next May and to open a department store in Bangkok and shopping centers in Malaysia , Taiwan , Canada , Chicago and Seattle by December 1990 . PRP RB VBZ TO VB IN DT JJ JJ NN IN DT NNP NN JJ NNP CC TO VB DT NN NN IN NNP CC NN NNS IN NNP , NNP , NNP , NNP CC NNP IN NNP CD .
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The chain currently has 90 retail outlets in Japan , seven in the U.S. , three in Hong Kong and a dozen more scattered around the globe . DT NN RB VBZ CD JJ NNS IN NNP , CD IN DT NNP , CD IN NNP NNP CC DT NN RBR VBN IN DT NN .
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Major European auction houses are turning increasingly to specialized sales . NNP JJ NN NNS VBP VBG RB TO JJ NNS .
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Christie 's will soon have a sale of Dada and Symbolist art while Sotheby 's is luring collectors with sales of Swiss , German , Spanish , Australian and Canadian paintings . NNP POS MD RB VB DT NN IN NNP CC NNP NN IN NNP POS VBZ VBG NNS IN NNS IN JJ , JJ , JJ , JJ CC JJ NNS .
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In Brussels , Hotel de Ventes Horta auctioned pistols and sabers - along with paintings and jewels . IN NNP , NNP FW NNP NNP VBD NNS CC NNS : IN IN NNS CC NNS .
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Berlin 's Villa Grisebach will auction art works with pre-sale estimates of less than $ 1,600 on Nov. 25 . NNP POS NNP NNP MD VB NN NNS IN JJ NNS IN JJR IN $ CD IN NNP CD .
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The auction house , known for its sales of top-drawer 19th and 20th century works , is providing `` a service to clients who do n't want to sell just their fabulous oil paintings , '' says Villa Grisebach 's Vivien Reuter . DT NN NN , VBN IN PRP$ NNS IN NN JJ CC JJ NN NNS , VBZ VBG `` DT NN TO NNS WP VBP RB VB TO VB RB PRP$ JJ NN NNS , '' VBZ NNP NNP POS NNP NNP .
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Antwerp auctioneer Campo is less concerned with market niches than with Belgium 's crushing tax and auction-fee burden . NNP NN NNP VBZ RBR VBN IN NN NNS IN IN NNP POS VBG NN CC JJ NN .
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`` Everything has to be the same between countries , '' says Campo 's Stefan Campo , who is asking clients to sign protest petitions . `` NN VBZ TO VB DT JJ IN NNS , '' VBZ NNP POS NNP NNP , WP VBZ VBG NNS TO VB NN NNS .
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`` Then there 'll be fair competition . '' `` RB EX MD VB JJ NN . ''
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Ending tax-free shopping in the European Community after 1992 could threaten more than 3,000 jobs , the International Duty Free Confederation said . VBG JJ NN IN DT NNP NNP IN CD MD VB JJR IN CD NNS , DT NNP NNP NNP NNP VBD .
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Instead of banning such shopping , the confederation proposed amending controls to be sure the privilege is n't abused ... . RB IN VBG JJ NN , DT NN VBN VBG NNS TO VB JJ DT NN VBZ RB VBN : .
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British and Argentine diplomats opened talks in Madrid aimed at restoring ties severed because of their 1982 war over the Falkland Islands . JJ CC JJ NNS VBD NNS IN NNP VBD IN VBG NNS VBN IN IN PRP$ CD NN IN DT NNP NNPS .
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Britain 's U.N. representative and delegation head Crispin Tickell called the first meeting `` good , interesting and businesslike . NNP POS NNP NN CC NN NN NNP NNP VBD DT JJ NN `` JJ , JJ CC JJ .
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Polaroid Corp. , benefiting from staff-reduction savings , reported a strong gain in third-quarter operating results and net income of $ 29.9 million , or 40 cents a share , after preferred-stock requirements . NNP NNP , VBG IN NN NNS , VBD DT JJ NN IN JJ NN NNS CC JJ NN IN $ CD CD , CC CD NNS DT NN , IN JJ NNS .
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Analysts said the numbers were better than expectations , partly because of strong profit margins and a positive foreign-currency translation . NNS VBD DT NNS VBD JJR IN NNS , RB IN IN JJ NN NNS CC DT JJ NN NN .
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However , they said the company 's flat revenue was a disappointment , and an indication that sales of Polaroid 's new conventional film in the U.S. have been sluggish . RB , PRP VBD DT NN POS JJ NN VBD DT NN , CC DT NN IN NNS IN NNP POS JJ JJ NN IN DT NNP VBP VBN JJ .
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Revenue in the third quarter was $ 437.7 million , almost unchanged from $ 436.3 million a year earlier . NN IN DT JJ NN VBD $ CD CD , RB JJ IN $ CD CD DT NN RBR .
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Polaroid reported operating profit before taxes and interest costs of $ 63.1 million for the third quarter , more than double the year-before $ 24 million . NNP VBD VBG NN IN NNS CC NN NNS IN $ CD CD IN DT JJ NN , JJR IN VB DT JJ $ CD CD .
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Charges for staff cuts and other restructuring produced a net loss of $ 54.1 million , or 77 cents a share , in 1988 's third quarter . NNS IN NN NNS CC JJ NN VBD DT JJ NN IN $ CD CD , CC CD NNS DT NN , IN CD POS JJ NN .
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`` I 'm somewhat skeptical about the underlying demand '' for Polaroid products , said Michael Ellmann , an analyst with Wertheim Schroder & Co . `` PRP VBP RB JJ IN DT VBG NN '' IN NNP NNS , VBD NNP NNP , DT NN IN NNP NNP CC NNP .
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`` If you believe that a good performance next year is contingent on an acceleration of revenue , there is n't a lot here to base optimism on . '' `` IN PRP VBP IN DT JJ NN JJ NN VBZ JJ IN DT NN IN NN , EX VBZ RB DT NN RB TO VB NN IN . ''
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Alex Henderson , an analyst with Prudential-Bache , says Polaroid officials told him yesterday that U.S. sales of the company 's new conventional film product , introduced in the second quarter , have been `` disappointing '' after a promising start . NNP NNP , DT NN IN NNP , VBZ NNP NNS VBN PRP NN IN NNP NNS IN DT NN POS JJ JJ NN NN , VBN IN DT JJ NN , VBP VBN `` JJ '' IN DT JJ NN .
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Sam Yanes , a Polaroid spokesman , said `` I do n't know about disappointing , '' but added that the company has n't been able to get the product on the shelves of some mass-merchandise , discount retailers that it had hoped would be carrying the product already . NNP NNP , DT NNP NN , VBD `` PRP VBP RB VB IN JJ , '' CC VBD IN DT NN VBZ RB VBN JJ TO VB DT NN IN DT NNS IN DT NN , NN NNS IN PRP VBD VBN MD VB VBG DT NN RB .
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Mr. Yanes said the film , One Film , is currently carried at about 15,000 retail outlets , including drugstores and supermarkets . NNP NNP VBD DT NN , CD NNP , VBZ RB VBN IN IN CD JJ NNS , VBG NNS CC NNS .
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For the nine months , Polaroid reported earnings of $ 98.5 million , or $ 1.27 a share . IN DT CD NNS , NNP VBD NNS IN $ CD CD , CC $ CD DT NN .
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Last year , the company had a nine-month loss of $ 15.1 million , or 23 cents a share . JJ NN , DT NN VBD DT JJ NN IN $ CD CD , CC CD NNS DT NN .
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In New York Stock Exchange composite trading , Polaroid closed at $ 47 , up $ 1.125 . IN NNP NNP NNP NNP JJ NN , NNP VBD IN $ CD , IN $ CD .
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Why is the stock market suddenly so volatile ? WRB VBZ DT NN NN RB RB JJ .
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Yesterday , the Dow Jones Industrial Average did a now familiar dance : It plunged 60.25 points before lunch , with most of the drop occurring in 25 minutes . NN , DT NNP NNP NNP NNP VBD DT RB JJ NN : PRP VBD CD NNS IN NN , IN RBS IN DT NN VBG IN CD NNS .
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Then , it rebounded to finish down only 18.65 points . RB , PRP VBD TO VB RB RB CD NNS .
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And those swings paled beside Friday 's 190.58-point plunge and Monday 's 88.12-point recovery . CC DT NNS VBD IN NNP POS JJ NN CC NNP POS JJ NN .
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`` It 's madness -- that in an hour you can whack off so much value , '' says Stanford Calderwood , chairman of Trinity Investment Management Corp. , Boston . `` PRP VBZ NN : IN IN DT NN PRP MD VB IN RB JJ NN , '' VBZ NNP NNP , NN IN NNP NNP NNP NNP , NNP .
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And , apparently , it is here to stay . CC , RB , PRP VBZ RB TO VB .
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Richard Bernstein , senior quantitative analyst at Merrill Lynch & Co , says , `` My gut feel is that we 'll live with those swings for a while . '' NNP NNP , JJ JJ NN IN NNP NNP CC NNP , VBZ , `` PRP$ NN NN VBZ IN PRP MD VB IN DT NNS IN DT NN . ''
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There are many reasons for the market 's jumpiness : new trading vehicles such as stock-index futures and options ; computer-driven strategies like program trading ; and crowd psychology . EX VBP JJ NNS IN DT NN POS NN : JJ NN NNS JJ IN NN NNS CC NNS : JJ NNS IN NN NN : CC NN NN .
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But most are linked by a single theme : liquidity -- the ability to get in and out of the market quickly . CC RBS VBP VBN IN DT JJ NN : NN : DT NN TO VB IN CC IN IN DT NN RB .
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Prices are moving up and down so fast because investors are employing ways to turn over shares at ever-faster rates and increasingly acting in concert . NNS VBP VBG IN CC RB RB RB IN NNS VBP VBG NNS TO VB IN NNS IN JJ NNS CC RB VBG IN NN .
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`` Institutions are herding animals , '' says Peter Anderson , who heads the pension-fund management arm of IDS Financial Services Inc . `` NNS VBP VBG NNS , '' VBZ NNP NNP , WP VBZ DT NN NN NN IN NNP NNP NNP NNP .
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`` We watch the same indicators and listen to the same prognosticators . `` PRP VBP DT JJ NNS CC VB TO DT JJ NNS .
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Like lemmings , we tend to move in the same direction at same time . '' IN NNS , PRP VBP TO VB IN DT JJ NN IN JJ NN . ''
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And that , naturally , exacerbates price movements . CC IN , RB , VBZ NN NNS .
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Institutions -- who now account for most trading -- count on being able to buy and sell big blocks of stock at an eye-blink . NNS : WP JJ NN IN RBS NN : NN IN VBG JJ TO VB CC VB JJ NNS IN NN IN DT NN .
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But when they discover that markets are n't always as liquid as they supposed -- markets jump . CC WRB PRP VBP IN NNS VBP RB RB RB JJ IN PRP VBD : NNS VBP .
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On Monday , for instance , Howard Ward , a principal at Scudder , Stevens & Clark , found that `` you could n't buy blue-chips at quoted prices without paying up . '' IN NNP , IN NN , NNP NNP , DT NN IN NNP , NNP CC NNP , VBD IN `` PRP MD RB VB NNS IN VBN NNS IN VBG IN . ''
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And when many firms had to `` pay up , '' Monday 's sudden rally was sparked . CC WRB JJ NNS VBD TO `` VB IN , '' NNP POS JJ NN VBD VBN .
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Trading in futures and options , some people believe , can add to volatility . NN IN NNS CC NNS , DT NNS VBP , MD VB TO NN .
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Investors believe they can can rely on such derivative securities to get in and out of the stock market without actually selling any stocks ; that is , a way of staying liquid even when they own stocks . NNS VBP PRP MD MD VB IN JJ JJ NNS TO VB IN CC IN IN DT NN NN IN RB VBG DT NNS : DT VBZ , DT NN IN VBG JJ RB WRB PRP JJ NNS .
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These and other modern trading methods `` tend to promote dramatic shifts in assets , '' says George Douglas , first vice president at Drexel Burnham Lambert Inc . DT CC JJ JJ NN NNS `` VBP TO VB JJ NNS IN NNS , '' VBZ NNP NNP , JJ NN NN IN NNP NNP NNP NNP .
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`` It 's the idea that what goes in easy can come out easy '' -- so that bouts of higher volatility get built into the stock market . `` PRP VBZ DT NN IN WP VBZ IN JJ MD VB IN JJ '' : RB IN NNS IN JJR NN VB VBN IN DT NN NN .
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One new investment style called `` asset allocation '' shifts portfolio weightings between stocks , bonds and cash when computer models say one is more attractive . CD JJ NN NN VBN `` NN NN '' NNS NN NNS IN NNS , NNS CC NN WRB NN NNS VBP CD VBZ RBR JJ .
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For instance , First Quadrant Corp. , an asset allocator based in Morristown , N.J. , said it quickly boosted stock positions in its `` aggressive '' accounts to 75 % from 55 % to take advantage of plunging prices Friday . IN NN , NNP NNP NNP , DT NN NN VBN IN NNP , NNP , VBD PRP RB VBD NN NNS IN PRP$ `` JJ '' NNS TO CD NN IN NN NN TO VB NN IN VBG NNS NNP .
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It added another 5 % Monday before stocks rallied . PRP VBD DT NN NN NNP IN NNS VBD .
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When they did , the firm reduced those stock holdings to about 70 % . WRB PRP VBD , DT NN VBD DT NN NNS TO IN CD NN .
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A classic example of institutions ' hunger for liquidity is portfolio insurance , now widely discredited . DT JJ NN IN NNS POS NN IN NN VBZ NN NN , RB RB VBN .
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Before the 1987 crash , an estimated $ 60 billion in institutional money was managed under this hedging technique . IN DT CD NN , DT VBN $ CD CD IN JJ NN VBD VBN IN DT VBG NN .
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The idea was to `` insure '' the value of a portfolio by selling futures when stock prices dropped -- eliminating the need to sell the stocks themselves . DT NN VBD TO `` VB '' DT NN IN DT NN IN VBG NNS WRB NN NNS VBD : VBG DT NN TO VB DT NNS PRP .
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But in October 1987 , when portfolio insurers rushed to sell at the same time , they overwhelmed both the stock and futures markets . CC IN NNP CD , WRB NN NNS VBD TO VB IN DT JJ NN , PRP VBD DT DT NN CC NNS NNS .
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Yet even today , institutions are quietly practicing forms of portfolio insurance by nervously rushing to and fro in the markets . RB JJ NN , NNS VBP RB VBG NNS IN NN NN IN RB VBG TO CC RB IN DT NNS .
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Others are doing `` index arbitrage '' a strategy of taking advantage of price discrepancies between stocks and futures . NNS VBP VBG `` NN NN '' DT NN IN VBG NN IN NN NNS IN NNS CC NNS .
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Unlike traditional buy-and-hold strategies , all of the above require that market makers be on hand to provide liquidity by buying and selling stocks in a crunch . IN JJ JJ NNS , DT IN DT IN VB IN NN NNS VBP IN NN TO VB NN IN VBG CC VBG NNS IN DT NN .
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But institutions say Wall Street brokerage firms are less willing to make markets . CC NNS VBP NNP NNP NN NNS VBP RBR JJ TO VB NNS .
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Brokers do n't deny that . NNS VBP RB VB DT .
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Wall Street traders say that , with institutional brokerage commissions far lower than in the 1970s , securities firms ca n't afford to take the risk of buying too much stock . NNP NNP NNS VBP IN , IN JJ NN NNS RB JJR IN IN DT NNS , NNS NNS MD RB VB TO VB DT NN IN VBG RB JJ NN .
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`` I think everyone 's a little more leery , '' says Jack Baker , head of equity trading at Shearon Lehman Hutton Inc . `` PRP VBP NN VBZ DT RB RBR JJ , '' VBZ NNP NNP , NN IN NN NN IN NNP NNP NNP NNP .
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`` The institutions have driven -LRB- commission -RRB- rates down to the point where it makes no sense to commit capital , '' says Tom Gallagher , senior executive vice president in charge of institutional trading at Oppenheimer & Co . `` DT NNS VBP VBN ( NN ) NNS RB TO DT NN WRB PRP VBZ DT NN TO VB NN , '' VBZ NNP NNP , JJ JJ NN NN IN NN IN JJ NN IN NNP CC NNP .
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`` Why should I risk money for a guy for who 's paying me five cents a dance ? `` WRB MD PRP VB NN IN DT NN IN WP VBZ VBG PRP CD NNS DT NN .
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All you get is risk . '' DT PRP VBP VBZ NN . ''
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Lack of liquidity can also result from exchange `` reforms . '' NN IN NN MD RB VB IN NN `` NNS . ''
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Many traders say that `` circuit breakers '' put in place to damp volatility after the 1987 crash actually added to volatility when the stock market plunged Friday . JJ NNS VBP IN `` NN NNS '' VB IN NN TO VB NN IN DT CD NN RB VBD TO NN WRB DT NN NN VBD NNP .
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The circuit breakers caused a 30-minute shutdown in trading in Standard & Poor 's 500-stock index futures contract as the markets were falling . DT NN NNS VBD DT JJ NN IN NN IN NNP CC NNP POS JJ NN NNS VBP IN DT NNS VBD VBG .
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`` With the futures-trading halt , you could only sell stocks '' to cut exposure to the market , says a money manager . `` IN DT JJ NN , PRP MD RB VB NNS '' TO VB NN TO DT NN , VBZ DT NN NN .
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`` It was scary to people thinking that they could n't get their trades off . '' `` PRP VBD JJ TO NNS VBG IN PRP MD RB VB PRP$ NNS IN . ''
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`` It was like they put you in a room with a gorilla and told you there were three doors to exit , '' said one Chicago-based futures trader . `` PRP VBD IN PRP VBP PRP IN DT NN IN DT NN CC VBD PRP EX VBD CD NNS TO VB , '' VBD CD JJ NNS NN .
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`` Then they said , ` By the way , two of the doors are locked . ' '' `` RB PRP VBD , `` IN DT NN , CD IN DT NNS VBP VBN . '' ''
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The takeover mania also adds to volatility . DT NN NN RB VBZ TO NN .
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UAL Corp. is a good example . NNP NNP VBZ DT JJ NN .
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Valued as a buy-out target , the airline stock was trading at nearly $ 280 a share . VBN IN DT NN NN , DT NN NN VBD VBG IN RB $ CD DT NN .
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When the deal ran into trouble , the stock tumbled ; it closed at $ 198 yesterday . WRB DT NN VBD IN NN , DT NN VBD : PRP VBD IN $ CD NN .
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Presumably , UAL is now trading closer to its value based on earnings . RB , NNP VBZ JJ NN JJR TO PRP$ NN VBN IN NNS .
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By contrast , traditional buy-and-hold investors are unlikely to generate sudden price moves . IN NN , JJ JJ NNS VBP JJ TO VB JJ NN NNS .
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Scott Black , a value-oriented money manager who heads Delphi Management Inc. , points out that for those who invest on fundamentals , `` the value of a stock from day to day does n't change all that much . '' NNP NNP , DT JJ NN NN WP VBZ NNP NNP NNP , VBZ RP IN IN DT WP VBP IN NNS , `` DT NN IN DT NN IN NN TO NN VBZ RB VB DT NN NN . ''
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Some experts say markets are n't as volatile as widely assumed . DT NNS VBP NNS VBP RB RB JJ IN RB VBN .
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Hans Stoll , finance professor at Vanderbilt University , says the current volatility in U.S. markets pales in comparison to the 1930s , decades before derivative instruments such as options and futures were introduced . NNP NNP , NN NN IN NNP NNP , VBZ DT JJ NN IN NNP NNS VBZ IN NN TO DT CD , NNS IN JJ NNS JJ IN NNS CC NNS VBD VBN .
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`` I just ca n't believe that the innovations in the financial market are causing any of this volatility , '' he says . `` PRP RB MD RB VB IN DT NNS IN DT JJ NN VBP VBG DT IN DT NN , '' PRP VBZ .
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And Robert D. Arnott , president of asset allocator First Quadrant , notes that before Friday 's tailspin , daily volatility on the New York Stock Exchange in recent weeks had reached `` historically low levels . '' CC NNP NNP NNP , NN IN NN NN NNP NNP , VBZ IN IN NNP POS NN , JJ NN IN DT NNP NNP NNP NNP IN JJ NNS VBD VBN `` RB JJ NNS . ''
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Some people tend to ignore that a 50-point move is less in percentage terms than it was when the stock market was lower . DT NNS VBP TO VB IN DT JJ NN VBZ JJR IN NN NNS IN PRP VBD WRB DT NN NN VBD JJR .
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John J. Phelan Jr. , chairman of the Big Board , asserts that `` 1988 and 1989 have been two of the least volatile years in the last 30 or 40 years . '' NNP NNP NNP NNP , NN IN DT NNP NNP , VBZ IN `` CD CC CD VBP VBN CD IN DT JJS JJ NNS IN DT JJ CD CC CD NNS . ''
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But the low average volatility Mr. Phelan is talking about is n't any comfort in a period of rapid stock-market moves like the past week . CC DT JJ JJ NN NNP NNP VBZ VBG IN VBZ RB DT NN IN DT NN IN JJ NN NNS IN DT JJ NN .
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In addition , Sanford Grossman , a Wharton School finance professor , says volatile jumps in stock prices will continue as long as liquidity falls short of the voracious demands of institutions `` who can go out and say ` I have a billion dollars of stocks to sell . ' '' IN NN , NNP NNP , DT NNP NNP NN NN , VBZ JJ NNS IN NN NNS MD VB RB RB IN NN VBZ NN IN DT JJ NNS IN NNS `` WP MD VB IN CC VBP `` PRP VBP DT CD NNS IN NNS TO VB . '' ''
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Some people think the search for liquidity is fruitless . DT NNS VBP DT NN IN NN VBZ JJ .
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In 1936 , John Maynard Keynes wrote that `` of the maxims of orthodox finance none , surely , is more antisocial than the fetish of liquidity . '' IN CD , NNP NNP NNP VBD IN `` IN DT NNS IN JJ NN NN , RB , VBZ RBR JJ IN DT NN IN NN . ''
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It leads investors to focus on short-term price movements -- `` a game of musical chairs , '' he called it -- rather than on long-term fundamental valuation . PRP VBZ NNS TO VB IN JJ NN NNS : `` DT NN IN JJ NNS , '' PRP VBD PRP : RB IN IN JJ JJ NN .
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James A. White contributed to this article . NNP NNP NNP VBD TO DT NN .
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The National Aeronautics and Space Administration said a computer virus has infected one of its networks and is spreading anti-nuclear messages related to its Galileo space probe , which is to be launched today . DT NNP NNP CC NNP NNP VBD DT NN NN VBZ VBN CD IN PRP$ NNS CC VBZ VBG JJ NNS VBN TO PRP$ NNP NN NN , WDT VBZ TO VB VBN NN .
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Charles Redmond , a NASA spokesman , said the agency discovered the virus on Monday on the collection of computer networks collectively called Internet and expected 100 university centers to be infected by today . NNP NNP , DT NNP NN , VBD DT NN VBD DT NN IN NNP IN DT NN IN NN NNS RB VBN NNP CC VBN CD NN NNS TO VB VBN IN NN .
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Although the network is n't connected to the computer systems that operate either Galileo or the shuttle , part of the network will carry analyses of Galileo data once the craft gets spaceborn . IN DT NN VBZ RB VBN TO DT NN NNS WDT VBP DT NNP CC DT NN , NN IN DT NN MD VB NNS IN NNP NNS RB DT NN VBZ JJ .
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Mr. Redmond said the intruder had n't yet done any harm but the agency feared `` garbage data could be substituted for real data . '' NNP NNP VBD DT NN VBD RB RB VBN DT NN CC DT NN VBD `` NN NNS MD VB VBN IN JJ NNS . ''
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He estimated it could take a day for a computer security manager to expunge the virus from a computer system . PRP VBD PRP MD VB DT NN IN DT NN NN NN TO VB DT NN IN DT NN NN .
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The intruder , among the broadest yet to hit a research network , appeared to affect only Digital Equipment Corp. hardware that uses Digital 's VAX\/VMS operating system . DT NN , IN DT JJS RB TO VB DT NN NN , VBD TO VB RB NNP NNP NNP NN WDT VBZ NNP POS NNP VBG NN .
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It is unrelated to the much-publicized virus that last year infected Arpanet , a much larger network used by researchers at universities , laboratories and government agencies around the world . PRP VBZ JJ TO DT JJ NN IN JJ NN VBN NNP , DT RB JJR NN VBN IN NNS IN NNS , NNS CC NN NNS IN DT NN .
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In the lingo of computer security , the NASA intruder is technically a computer worm , Mr. Redmond said . IN DT NN IN NN NN , DT NNP NN VBZ RB DT NN NN , NNP NNP VBD .
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A worm resides in the operating system of a computer and spreads by boring into other computers contacted through networks . DT NN VBZ IN DT VBG NN IN DT NN CC VBZ IN JJ IN JJ NNS VBN IN NNS .
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The Galileo worm apparently was hatched on a computer in France hooked up to NASA 's Space Physics Analysis Network , Mr. Redmond said . DT NNP NN RB VBD VBN IN DT NN IN NNP VBD IN TO NNP POS NNP NNP NNP NNP , NNP NNP VBD .
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NASA said the Galileo worm had n't affected its computers or the computers of other government agencies because they had modified their systems to reject worms . NNP VBD DT NNP NN VBD RB VBN PRP$ NNS CC DT NNS IN JJ NN NNS IN PRP VBD VBN PRP$ NNS TO VB NNS .
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But Mr. Redmond said the worm hit universities that had n't elected to make the changes . CC NNP NNP VBD DT NN VBD NNS WDT VBD RB VBN TO VB DT NNS .
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Michael Alexander , a senior editor at Computerworld , a trade publication , said he was told that the worm gets into a computer center by looking for obvious passwords -- such as ones that are the same as the user 's name . NNP NNP , DT JJ NN IN NNP , DT NN NN , VBD PRP VBD VBN IN DT NN VBZ IN DT NN NN IN VBG IN JJ NNS : JJ IN NNS WDT VBP DT JJ IN DT NN POS NN .
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If it finds one and gets into the system , it will display a screen when a user logs on that says , `` Worms Against Nuclear Killers ... . IN PRP VBZ CD CC VBZ IN DT NN , PRP MD VB DT NN WRB DT NN NNS IN DT VBZ , `` NNPS IN NNP NNPS : .
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You talk of times of peace for all , and then prepare for war . '' PRP VBP IN NNS IN NN IN DT , CC RB VB IN NN . ''
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In addition , Mr. Alexander said , the worm sends strange messages to other machines at the center -- such as , `` George Orwell was an optimist , '' or `` Do n't feed the bats tonight . '' IN NN , NNP NNP VBD , DT NN VBZ JJ NNS TO JJ NNS IN DT NN : JJ IN , `` NNP NNP VBD DT NN , '' CC `` VBP RB VB DT NNS RB . ''
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The worm also looks for elementary passwords that confer more privileges on the user . DT NN RB VBZ IN JJ NNS WDT VBP JJR NNS IN DT NN .
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The passwords are included in the system software when it is installed but are supposed to be replaced as soon as the system is up and running . DT NNS VBP VBN IN DT NN NN WRB PRP VBZ VBN CC VBP VBN TO VB VBN RB RB IN DT NN VBZ IN CC VBG .
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If it finds one of those passwords , Mr. Alexander said , the worm will do such things as change users ' passwords to a series of random numbers , preventing them from signing on to the network . IN PRP VBZ CD IN DT NNS , NNP NNP VBD , DT NN MD VB JJ NNS IN NN NNS POS NNS TO DT NN IN JJ NNS , VBG PRP IN VBG IN TO DT NN .
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NASA estimated that , on Monday , about four computer centers were affected . NNP VBD IN , IN NNP , IN CD NN NNS VBD VBN .
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Yesterday , the number grew to 40 ; today the number is expected to grow to 100 . NN , DT NN VBD TO CD : NN DT NN VBZ VBN TO VB TO CD .
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NASA said it will take about a week before it knows exactly how many centers of the 6,000 connected to Internet were affected and the extent of the damage , if any . NNP VBD PRP MD VB IN DT NN IN PRP VBZ RB WRB JJ NNS IN DT CD VBN TO NNP VBD VBN CC DT NN IN DT NN , IN DT .
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Anti-nuclear activists have protested the launch of the Galileo space probe to Jupiter because it uses plutonium to generate the electricity needed to run the craft . JJ NNS VBP VBN DT NN IN DT NNP NN NN TO NNP IN PRP VBZ NN TO VB DT NN VBN TO VB DT NN .
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Activists fear that if the shuttle carrying Galileo into orbit should explode , or if Galileo itself crashes into the Earth during the two times it flies close to the planet , fatal levels of plutonium would be released into the atmosphere . NNS VBP IN IN DT NN VBG NNP IN NN MD VB , CC IN NNP PRP VBZ IN DT NNP IN DT CD NNS PRP VBZ RB TO DT NN , JJ NNS IN NN MD VB VBN IN DT NN .
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So far Galileo has been delayed twice , once because of a computer malfunction connected with a space-shuttle engine , and yesterday because of the weather . RB RB NNP VBZ VBN VBN RB , RB IN IN DT NN NN VBN IN DT NN NN , CC NN IN IN DT NN .
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NASA said the Galileo worm had nothing to do with either delay . NNP VBD DT NNP NN VBD NN TO VB IN DT NN .
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Mr. Alexander of Computerworld said hackers have gone after SPAN before . NNP NNP IN NNP VBD NNS VBP VBN IN NNP RB .
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He said the Chaos Computer Club , of West Germany , once managed to invade SPAN and do such things as change the value of pi , messing up some calculations . PRP VBD DT NNP NNP NNP , IN NNP NNP , RB VBD TO VB NNP CC VBP JJ NNS IN NN DT NN IN NN , VBG IN DT NNS .
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It is now a commonplace that prosecutors are bringing criminal indictments in cases where until a few years ago only a civil action at most would have been brought . PRP VBZ RB DT NN IN NNS VBP VBG JJ NNS IN NNS WRB IN DT JJ NNS RB RB DT JJ NN IN RBS MD VB VBN VBN .
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Yet it is also axiomatic that the power to create new crimes belongs only to the legislature , and not to courts . RB PRP VBZ RB JJ IN DT NN TO VB JJ NNS VBZ RB TO DT NN , CC RB TO NNS .
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Beginning in the early 19th century , with U.S. v. Hudson and Goodwin , the Supreme Court has repeatedly held that a judicial power to declare conduct to be against the public interest and hence criminal , while well established in British law , would usurp legislative authority under the doctrine of separation of powers . VBG IN DT JJ JJ NN , IN NNP CC NNP CC NNP , DT NNP NNP VBZ RB VBN IN DT JJ NN TO VB NN TO VB IN DT JJ NN CC RB JJ , IN RB VBN IN JJ NN , MD VB JJ NN IN DT NN IN NN IN NNS .
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That 's the conventional theory anyway . DT VBZ DT JJ NN RB .
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In practice , however , the line between interpretation and redefinition of the criminal law long ago began to blur . IN NN , RB , DT NN IN NN CC NN IN DT JJ NN JJ RB VBD TO VB .
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In particular , a common law of white-collar crime has developed with surprising rapidity over the past decade . IN JJ , DT JJ NN IN JJ NN VBZ VBN IN JJ NN IN DT JJ NN .
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For example , although insider trading has long been criminal , it has never been statutorily defined . IN NN , IN NN NN VBZ RB VBN JJ , PRP VBZ RB VBN RB VBN .
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In 1983 , the Supreme Court tried to supply a workable definition in the Dirks v. SEC decision , which found that liability depended on whether the tipper had breached his fiduciary duty to the corporation in order to obtain `` some personal gain '' and whether the tippee knew or recklessly disregarded this fact . IN CD , DT NNP NNP VBD TO VB DT JJ NN IN DT NNP CC NNP NN , WDT VBD DT NN VBD IN IN DT NN VBD VBN PRP$ JJ NN TO DT NN IN NN TO VB `` DT JJ NN '' CC IN DT NN VBD CC RB VBD DT NN .
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Gradually , however , lower courts and prosecutors have pushed this definition to its breaking point . RB , RB , JJR NNS CC NNS VBP VBN DT NN TO PRP$ NN NN .
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Consider the facts underlying the 1989 conviction of Robert Chestman . VB DT NNS VBG DT CD NN IN NNP NNP .
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Prior to a tender offer by A&P for Waldbaum Inc. in 1986 , the founder of the Waldbaum 's supermarket chain called an elderly relative to tell her to assemble her stock certificates for delivery . RB TO DT NN NN IN NNP IN NNP NNP IN CD , DT NN IN DT NNP POS NN NN VBD DT JJ JJ TO VB PRP$ TO VB PRP$ NN NNS IN NN .
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She called her daughter to take her to the bank , who , in turn , persuaded her husband , a Mr. Loeb , to run this errand . PRP VBD PRP$ NN TO VB PRP$ TO DT NN , WP , IN NN , VBD PRP$ NN , DT NNP NNP , TO VB DT NN .
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Hearing of this information , the husband discussed it with his broker , Mr. Chestman , and Mr. Chestman then bought for his own account and other clients . NNP IN DT NN , DT NN VBD PRP IN PRP$ NN , NNP NNP , CC NNP NNP RB VBD IN PRP$ JJ NN CC JJ NNS .
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Basically , Mr. Chestman was a fourth-level tippee . RB , NNP NNP VBD DT JJ NN .
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Did Mr. Loeb , his tipper , breach a fiduciary duty -LRB- and , if so , to whom -RRB- ? VBD NNP NNP , PRP$ NN , NN DT JJ NN ( CC , IN RB , TO WP ) .
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Did Mr. Loeb seek personal gain -LRB- and if so , how -RRB- ? VBD NNP NNP VB JJ NN ( CC IN RB , WRB ) .
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Or did Mr. Chestman only hear a market rumor -LRB- which one may lawfully trade upon -RRB- ? CC VBD NNP NNP RB VB DT NN NN ( WDT PRP MD RB VB IN ) .
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The line seems awfully thin for criminal-law purposes . DT NN VBZ RB JJ IN NN NNS .
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A second illustration is supplied by the recent guilty plea entered by Robert Freeman , formerly head of arbitrage at Goldman , Sachs & Co . DT JJ NN VBZ VBN IN DT JJ JJ NN VBN IN NNP NNP , RB VBP IN NN IN NNP , NNP CC NNP .
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Essentially , Mr. Freeman had invested heavily in the Beatrice leveraged buy-out , when he was told by another prominent trader , Bernard `` Bunny '' Lasker , that the deal was in trouble . RB , NNP NNP VBD VBN RB IN DT NNP JJ NN , WRB PRP VBD VBN IN DT JJ NN , NNP `` NNP '' NNP , IN DT NN VBD IN NN .
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After placing orders to sell , Mr. Freeman called Martin Siegel , an investment banker at Kidder , Peabody & Co. , who was advising on the deal , to confirm these rumors . IN VBG NNS TO VB , NNP NNP VBD NNP NNP , DT NN NN IN NNP , NNP CC NNP , WP VBD VBG IN DT NN , TO VB DT NNS .
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Mr. Siegel asked Mr. Freeman who his source was and , on hearing that it was Bunny Lasker , responded : `` Well , your bunny has a good nose . '' NNP NNP VBD NNP NNP WP PRP$ NN VBD CC , IN NN IN PRP VBD NNP NNP , VBD : `` UH , PRP$ NN VBZ DT JJ NN . ''
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The illegal `` tip '' of the bunny 's good nose was then largely a confirmation of rumors already known to many in the market . DT JJ `` NN '' IN DT NN POS JJ NN VBD RB RB DT NN IN NNS RB VBN TO VB IN DT NN .
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Had the case gone to trial the same issues would have surfaced : VBD DT NN VBN TO VB DT JJ NNS MD VB VBN :
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Was there a fiduciary breach in order to obtain personal gain ? VBD EX DT JJ NN IN NN TO VB JJ NN .
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Did Mr. Freeman have notice of this ? VBD NNP NNP VBP NN IN DT .
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Finally , was the information material ? RB , VBD DT NN NN .
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Yet , all these issues are subsidiary to a more central issue : Who is and who should be making the criminal law here ? RB , PDT DT NNS VBP NN TO DT RBR JJ NN : WP VBZ CC WP MD VB VBG DT JJ NN RB .
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It is not my contention that either Mr. Chestman or Mr. Freeman was an innocent victim of prosecutorial overzealousness . PRP VBZ RB PRP$ NN IN DT NNP NNP CC NNP NNP VBD DT JJ NN IN JJ NN .
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Arguably , both were on notice that their behavior was at least risky . RB , DT VBD IN NN IN PRP$ NN VBD IN JJS JJ .
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But even if they behaved recklessly , reasons still exist to fear and resist this steady process of case-by-case judicial extension of the law of insider trading . CC RB IN PRP VBD RB , NNS RB VBP TO VB CC VB DT JJ NN IN JJ JJ NN IN DT NN IN NN NN .
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Courts and legislatures make decisions in very different ways and are each susceptible to very different kinds of errors . NNS CC NNS VBP NNS IN RB JJ NNS CC VBP DT JJ TO RB JJ NNS IN NNS .
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After-the-fact judicial examination of an actor 's conduct has always been the common law 's method . JJ JJ NN IN DT NN POS NN VBZ RB VBN DT JJ NN POS NN .
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When only civil liability is involved , this method has the undeniable strengths of factual specificity and avoidance of overgeneralization . WRB RB JJ NN VBZ VBN , DT NN VBZ DT JJ NNS IN JJ NN CC NN IN NN .
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Still , case-by-case retrospective decision making of this sort is vulnerable to the tunnel vision caused by a fixation on ad hoc -LRB- and usually sleazy -RRB- examples . RB , JJ NN NN VBG IN DT NN VBZ JJ TO DT NN NN VBN IN DT NN IN NN FW ( CC RB JJ ) NNS .
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When a court decides that a particular actor 's conduct was culpable and so extends the definition of insider trading to reach this conduct , it does not see the potentially enormous number of other cases that will be covered by the expanded rule . WRB DT NN VBZ IN DT JJ NN POS NN VBD JJ CC RB VBZ DT NN IN NN NN TO VB DT NN , PRP VBZ RB VB DT RB JJ NN IN JJ NNS WDT MD VB VBN IN DT VBN NN .
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Thus , a court is poorly positioned to make judgments about the social utility of the expanded rule . RB , DT NN VBZ RB VBN TO VB NNS IN DT JJ NN IN DT VBN NN .
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For example , in focusing on Mr. Freeman 's attempt to gain nonpublic information about a deal 's collapse , one does not naturally think about the reverse side of the coin : What if the rumor had been false ? IN NN , IN VBG IN NNP NNP POS NN TO VB JJ NN IN DT NN POS NN , CD VBZ RB RB VB IN DT NN NN IN DT NN : WP IN DT NN VBD VBN JJ .
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Can a security analyst call an investment banker to make certain that a seemingly improbable rumor is in fact false ? MD DT NN NN NN DT NN NN TO VB JJ IN DT RB JJ NN VBZ IN NN JJ .
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In the past , not only would reputable professionals have rushed to check out such rumors with the company , but companies listed on the major stock exchanges were encouraged by the exchanges to respond openly to such inquiries from securities analysts . IN DT NN , RB RB MD JJ NNS VB VBN TO VB RP JJ NNS IN DT NN , CC NNS VBN IN DT JJ NN NNS VBD VBN IN DT NNS TO VB RB TO JJ NNS IN NNS NNS .
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Today , after Mr. Freeman 's plea , there is an uncertainty that is both unfair and inefficient . NN , IN NNP NNP POS NN , EX VBZ DT NN WDT VBZ DT JJ CC JJ .
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In this light , the comparative advantages of legislative law-making become clear : -LRB- 1 -RRB- Before it acts , the legislature typically will hear the views of representatives of all those affected by its decision , not just the immediate parties before the court ; and -LRB- 2 -RRB- the legislature can frame `` bright line '' standards that create less uncertainty than the fact-bound decisions of courts . IN DT NN , DT JJ NNS IN JJ NNS VBP JJ : ( CD ) IN PRP VBZ , DT NN RB MD VB DT NNS IN NNS IN PDT DT VBN IN PRP$ NN , RB RB DT JJ NNS IN DT NN : CC ( CD ) DT NN MD VB `` JJ NN '' NNS WDT VBP JJR NN IN DT JJ NNS IN NNS .
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Although legislative lines can result in under-inclusion -LRB- which explains why the SEC has long resisted a legislative definition of insider trading -RRB- , judicial lawmaking inevitably creates uncertainty because of the shadowy outer edges and implications of most judicial decisions . IN JJ NNS MD VB IN NN ( WDT VBZ WRB DT NNP VBZ RB VBN DT JJ NN IN NN NN ) , JJ JJ RB VBZ NN IN IN DT JJ JJ NNS CC NNS IN RBS JJ NNS .
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At least when the stakes are high , uncertainty in turn results in overinclusion , as individuals do not dare to approach an uncertain line closely . IN JJS WRB DT NNS VBP JJ , NN IN NN NNS IN NN , IN NNS VBP RB VB TO VB DT JJ NN RB .
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The federal mail and wire fraud statutes provide even better illustrations of the rapid evolution of a federal common law of white-collar crime . DT JJ NN CC NN NN NNS VBP RB JJR NNS IN DT JJ NN IN DT JJ JJ NN IN JJ NN .
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In 1987 , the Supreme Court attempted in McNally v. U.S. to halt the inexorable expansion of these statutes by adopting a rule of strict construction for ambiguous criminal statues . IN CD , DT NNP NNP VBD IN NNP CC NNP TO VB DT JJ NN IN DT NNS IN VBG DT NN IN JJ NN IN JJ JJ NNS .
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Yet , late last year , Congress effectively reversed this decision by enacting a one-sentence statute that defined fraud to include any scheme to deprive another of `` the intangible right of honest services . '' RB , JJ JJ NN , NNP RB VBD DT NN IN VBG DT JJ NN WDT VBD NN TO VB DT NN TO VB DT IN `` DT JJ NN IN JJ NNS . ''
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At a stroke , this may criminalize all fiduciary breaches -LRB- and possibly all misrepresentations by an agent or employee -RRB- . IN DT NN , DT MD VB DT JJ NNS ( CC RB DT NNS IN DT NN CC NN ) .
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Such a statute illustrates the fundamental problem : Congress finds it is easier to pass sweepingly moralistic prohibitions , which the courts must thereafter interpret , than to engage in the difficult line-drawing distinctions that are inherently its responsibility . JJ DT NN VBZ DT JJ NN : NNP VBZ PRP VBZ JJR TO VB RB JJ NNS , WDT DT NNS MD RB VB , IN TO VB IN DT JJ JJ NNS WDT VBP RB PRP$ NN .
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We are confronted less with a judicial power grab than with a legislative giveaway . PRP VBP VBN JJR IN DT JJ NN NN IN IN DT JJ NN .
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Predictably , when confronted with morally dubious behavior , prosecutors will exploit the latitude such openended statutes give them . RB , WRB VBN IN RB JJ NN , NNS MD VB DT NN JJ VBN NNS VBP PRP .
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Over the long run , however , sleazy cases will make bad law . IN DT JJ NN , RB , JJ NNS MD VB JJ NN .
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Mr. Coffee is a professor at Columbia Law School . NNP NNP VBZ DT NN IN NNP NNP NNP .
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Corning Inc. posted a 38 % decline in third-quarter net income to $ 76.5 million , or 80 cents a share , from $ 123.9 million , or $ 1.37 a share , a year earlier . NNP NNP VBD DT CD NN NN IN JJ JJ NN TO $ CD CD , CC CD NNS DT NN , IN $ CD CD , CC $ CD DT NN , DT NN RBR .
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The year-earlier figure included a one-time gain of $ 59.9 million from the sale of Corning 's stakes in Japanese businesses . DT JJ NN VBD DT JJ NN IN $ CD CD IN DT NN IN NNP POS NNS IN JJ NNS .
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Without the gain , operating profit was $ 64 million , or 71 cents a share . IN DT NN , VBG NN VBD $ CD CD , CC CD NNS DT NN .
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The telecommunications , specialty glass , ceramic products and laboratory-services concern said the latest quarter included a tax-loss carry-forward of $ 600,000 . DT NNS , NN NN , JJ NNS CC JJ NN VBD DT JJS NN VBD DT NN NN IN $ CD .
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A year earlier , net included a $ 700,000 taxlow carry-forward . DT NN RBR , NN VBD DT $ CD NN NN .
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Sales rose 14 % to $ 715 million from $ 625.4 million . NNS VBD CD NN TO $ CD CD IN $ CD CD .
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Corning 's chairman and chief executive officer , James R. Houghton , said operating performance continued to be strong in the telecommunications and health and science segments . NNP POS NN CC JJ JJ NN , NNP NNP NNP , VBD VBG NN VBD TO VB JJ IN DT NNS CC NN CC NN NNS .
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But the specialty-material segment slowed somewhat and consumer products continued below expectations . CC DT JJ NN VBD RB CC NN NNS VBD IN NNS .
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As for joint ventures , Mr. Houghton said profit was `` essentially flat '' due primarily to a slow recovery at Samsung-Corning Co. in Korea following a strike at a major customer and the disruption of shipments to China . IN IN JJ NNS , NNP NNP VBD NN VBD `` RB JJ '' JJ RB TO DT JJ NN IN NNP NNP IN NNP VBG DT NN IN DT JJ NN CC DT NN IN NNS TO NNP .
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Also , profit was hurt by the strength of the dollar overseas which negatively affected the company 's currency-exchange rate . RB , NN VBD VBN IN DT NN IN DT NN JJ WDT RB VBN DT NN POS JJ NN .
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In New York Stock Exchange composite trading , Corning closed at $ 38.50 , down 75 cents . IN NNP NNP NNP NNP JJ NN , NNP VBD IN $ CD , RB CD NNS .
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UAL , the hair-trigger stock that exploded Friday 's market bombshell , briefly traumatized traders again yesterday . NNP , DT JJ NN WDT VBD NNP POS NN NN , NN VBD NNS RB NN .
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Within 10 minutes after an 11:13 a.m. trading halt in UAL , parent of United Airlines , the Dow Jones Industrial Average plunged nearly 27 points to a 60.25-point deficit . IN CD NNS IN DT CD NN NN NN IN NNP , NN IN NNP NNPS , DT NNP NNP NNP NNP VBD RB CD NNS TO DT JJ NN .
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Computer-guided buying then kicked in , and the industrials regained 27 points in five minutes . JJ NN RB VBD IN , CC DT NNS VBD CD NNS IN CD NNS .
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The lightning moves show that the stock market remains fragile and volatile -- ready to jump at the slightest rumor -- a few days after its shocking 190.58-point plunge . DT NN NNS VBP IN DT NN NN VBZ JJ CC JJ : JJ TO VB IN DT JJS NN : DT JJ NNS IN PRP$ JJ JJ NN .
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Nervous investors continued to limit their buying to blue-chip stocks while dumping takeover-related issues . JJ NNS VBD TO VB PRP$ NN TO JJ NNS IN VBG JJ NNS .
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The industrial average closed down 18.65 , to 2638.73 . DT JJ NN VBD RB CD , TO CD .
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New York Stock Exchange volume was a heavy 224,070,000 shares . NNP NNP NNP NNP NN VBD DT JJ CD NNS .
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Decliners on the Big Board outnumbered advancers , 931 to 658 . NNS IN DT NNP NNP VBD NNS , CD TO CD .
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UAL was watched closely and traded heavily . NNP VBD VBN RB CC VBN RB .
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The stock tumbled 24 7\/8 to 198 on volume of 2.8 million shares . DT NN VBD CD CD TO CD IN NN IN CD CD NNS .
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The market is still very touchy about rumors and news on pending takeovers . DT NN VBZ RB RB JJ IN NNS CC NN IN VBG NNS .
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UAL , which is trying to reconstruct a buy-out bid that banks would n't finance , represents the future of one of the most powerful ingredients in the bull market - corporate restructuring . NNP , WDT VBZ VBG TO VB DT NN NN IN NNS MD RB VB , VBZ DT NN IN CD IN DT RBS JJ NNS IN DT NN NN : JJ NN .
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An important element of this phenomenon -- the now-shaky market for junk bonds , used often to finance restructurings and takeovers -- continued to cast a pall over stocks . DT JJ NN IN DT NN : DT JJ NN IN NN NNS , VBD RB TO VB NNS CC NNS : VBD TO VB DT NN IN NNS .
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`` It was a very nervous day , '' said John Geary , partner of the Big Board specialist firm Ziebarth , Geary . `` PRP VBD DT RB JJ NN , '' VBD NNP NNP , NN IN DT NNP NNP NN NN NNP , NNP .
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The volatility wo n't end soon . DT NN MD RB VB RB .
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This Friday brings the `` double witching hour , '' Wall Street 's nickname for the monthly simultaneous expiration of a variety of stock index futures , index options and options on individual stocks . DT NNP VBZ DT `` JJ JJ NN , '' NNP NNP POS NN IN DT JJ JJ NN IN DT NN IN NN NN NNS , NN NNS CC NNS IN JJ NNS .
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Traders are already buckling their seat belts . NNS VBP RB VBG PRP$ NN NNS .
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Previous monthly expirations of the Major Market Index futures and Standard & Poor 's 100-stock index options have produced spectacular volatility . JJ JJ NNS IN DT NNP NNP NNP NNS CC NNP CC NNP POS JJ NN NNS VBP VBN JJ NN .
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`` We are in one of those phases where you are going to get a lot of volatile expiration action , '' said Donald Selkin , head of stock-index research at Prudential-Bache Securities . `` PRP VBP IN CD IN DT NNS WRB PRP VBP VBG TO VB DT NN IN JJ NN NN , '' VBD NNP NNP , NN IN NN NN IN NNP NNP .
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Investors were buying yesterday , but they were running scared to premier blue chips such as Procter & Gamble , which jumped 3 3\/8 to 127 . NNS VBD VBG NN , CC PRP VBD VBG VBN TO NN JJ NNS JJ IN NNP CC NNP , WDT VBD CD CD TO CD .
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Investors `` are buying stocks that have predictable earnings , '' said Edward J. Laux , head of block trading at Kidder Peabody . NNS `` VBP VBG NNS WDT VBP JJ NNS , '' VBD NNP NNP NNP , NN IN NN NN IN NNP NNP .
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Along the way , investors dumped takeover stocks and shares of banks that have leveraged-buy-out debt and risky real estate loans on their books . IN DT NN , NNS VBD NN NNS CC NNS IN NNS WDT VBP JJ NN CC JJ JJ NN NNS IN PRP$ NNS .
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`` These loans are more of a focus than lesser-developed-country debt now , '' said William Bee , senior block trader at Prudential-Bache Securities . `` DT NNS VBP JJR IN DT NN IN JJ NN RB , '' VBD NNP NNP , JJ NN NN IN NNP NNP .
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Chase Manhattan , which sold 14 million additional shares at 40 1\/8 Monday through an underwriting group led by Goldman Sachs , closed down 1\/8 to 40 . NNP NNP , WDT VBD CD CD JJ NNS IN CD CD NNP IN DT NN NN VBN IN NNP NNP , VBD RB CD TO CD .
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Citicorp fell 1\/2 to 32 , and Manufacturers Hanover slipped 3\/8 to 40 1\/4 . NNP VBD CD TO CD , CC NNP NNP VBD CD TO CD CD .
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Chase and Citicorp 's Citibank are involved in the UAL buy-out financing . NNP CC NNP POS NNP VBP VBN IN DT NNP NN NN .
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Both Citicorp and Manufacturers Hanover reported earnings yesterday . DT NNP CC NNP NNP VBD NNS NN .
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In the first hour of trading , about one million shares a minute changed hands on the Big Board as big stock-index arbitrage sell programs pushed prices lower . IN DT JJ NN IN NN , IN CD CD VBZ DT NN VBD NNS IN DT NNP NNP IN JJ NN NN NN NNS VBD NNS JJR .
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-LRB- In stock-index arbitrage , traders buy or sell big baskets of stocks against offsetting positions in futures . -RRB- ( IN NN NN , NNS VBP CC VB JJ NNS IN NNS IN VBG NNS IN NNS . )
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Traders said many of the sell programs are positions being established ahead of this Friday 's expiration . NNS VBD NN IN DT NN NNS VBP NNS VBG VBN RB IN DT NNP POS NN .
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Aside from computer-guided selling , airline stocks took a beating as well . RB IN JJ NN , NN NNS VBD DT NN IN RB .
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The Dow Jones Transportation Average fell 49.96 to close at 1254.27 . DT NNP NNP NNP NNP VBD CD TO VB IN CD .
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AMR , the parent of American Airlines , continued to retreat in the wake of New York developer Donald Trump 's decision to withdraw his $ 120-a-share takeover bid . NNP , DT NN IN NNP NNPS , VBD TO VB IN DT NN IN NNP NNP NN NNP NNP POS NN TO VB PRP$ $ JJ NN NN .
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The stock fell 3 1\/4 to 73 1\/4 on 3.4 million shares . DT NN VBD CD CD TO CD CD IN CD CD NNS .
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Delta Air Lines fell 1 7\/8 to 67 7\/8 , USAir Group dropped 3\/4 to 40 1\/4 , Southwest Airlines dipped 1\/2 to 25 and Alaska Air Group slid 3\/8 to 24 1\/4 . NNP NNP NNPS VBD CD CD TO CD CD , NNP NNP VBD CD TO CD CD , NNP NNPS VBD CD TO CD CC NNP NNP NNP VBD CD TO CD CD .
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But Texas Air , the owner of Continental and Eastern airlines , bucked the group 's decline by rising 7\/8 to 14 5\/8 in American Stock Exchange trading . CC NNP NNP , DT NN IN NNP CC NNP NNS , VBD DT NN POS NN IN VBG CD TO CD CD IN NNP NNP NNP NN .
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Eastern said it is ahead of schedule in resuming its operations after filing earlier this year for Chapter 11 bankruptcy protection , from which it expects to emerge early next year . NNP VBD PRP VBZ RB IN NN IN VBG PRP$ NNS IN NN RBR DT NN IN NN CD NN NN , IN WDT PRP VBZ TO VB JJ JJ NN .
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Philip Morris , the most active Big Board issue for the second consecutive session , was unchanged at 43 1\/4 on 3.9 million shares . NNP NNP , DT RBS JJ NNP NNP NN IN DT JJ JJ NN , VBD JJ IN CD CD IN CD CD NNS .
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Other blue-chip consumer issues also fared relatively well : PepsiCo rose 1 3\/8 to 58 1\/2 ; Coca-Cola Co. was unchanged at 66 3\/4 ; McDonald 's also closed unchanged at 30 1\/2 , and Merck rose 1\/2 to 75 1\/4 . JJ JJ NN NNS RB VBD RB RB : NNP VBD CD CD TO CD CD : NNP NNP VBD JJ IN CD CD : NNP POS RB VBD JJ IN CD CD , CC NNP VBD CD TO CD CD .
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Broader averages also fell . JJR NNS RB VBD .
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Standard & Poor 's 500-stock index fell 1.69 to 341.16 , and the New York Stock Exchange Composite Index fell 0.88 to 188.89 . NNP CC NNP POS JJ NN VBD CD TO CD , CC DT NNP NNP NNP NNP NNP NNP VBD CD TO CD .
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Among the takeover-related stocks that sold off yesterday were Disney , which closed down 2 1\/8 to 121 1\/4 . IN DT JJ NNS WDT VBD IN NN VBD NNP , WDT VBD RB CD CD TO CD CD .
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Philips Industries tumbled 3\/8 to 22 7\/8 ; Hilton Hotels fell 2 1\/2 to 92 and Holiday Corp. fell 2 1\/8 to 69 7\/8 . NNP NNPS VBD CD TO CD CD : NNP NNPS VBD CD CD TO CD CC NNP NNP VBD CD CD TO CD CD .
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Among other blue chips , Exxon gained 1\/8 to 45 1\/2 . IN JJ JJ NNS , NNP VBD CD TO CD CD .
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International Paper fell 1 3\/8 to 51 1\/2 , Union Carbide eased 7\/8 to 25 , Chevron gained 1\/8 to 64 , and Eastman Kodak closed down 3\/4 to 44 1\/4 . NNP NNP VBD CD CD TO CD CD , NNP NNP VBD CD TO CD , NNP VBD CD TO CD , CC NNP NNP VBD RB CD TO CD CD .
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The only industry group to show a gain from the industrial average 's record high on Oct. 9 is restaurants . DT JJ NN NN TO VB DT NN IN DT JJ NN POS NN JJ IN NNP CD VBZ NNS .
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Among the three worst-performing groups , with declines of 10 % to 20 % , are airlines , casinos and securities brokers . IN DT CD JJ NNS , IN NNS IN CD NN TO CD NN , VBP NNS , NNS CC NNS NNS .
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Trading also was heavy in the over-the-counter market . NN RB VBD JJ IN DT JJ NN .
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The Nasdaq composite index closed down 1.05 to 459.93 on volume of 161.5 million shares . DT NNP JJ NN VBD RB CD TO CD IN NN IN CD CD NNS .
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`` The environment is a lot more trading-oriented , '' said Gary Rosenbach , manager of equity trading at the OTC stock firm Needham & Co. in New York . `` DT NN VBZ DT NN RBR JJ , '' VBD NNP NNP , NN IN NN NN IN DT NNP NN NN NNP CC NNP IN NNP NNP .
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`` Because there is a lot more volatility now , if guys see that they can make a quick 10 % or 15 % profit , they 'll take it . '' `` IN EX VBZ DT NN JJR NN RB , IN NNS VBP IN PRP MD VB DT JJ CD NN CC CD NN NN , PRP MD VB PRP . ''
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Compaq Computer gained 2 1\/8 to 103 3\/4 on two million shares , reflecting market optimism about the prospects for its newly introduced notebook-sized computer . NNP NNP VBD CD CD TO CD CD IN CD CD NNS , VBG NN NN IN DT NNS IN PRP$ RB VBN JJ NN .
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B.F. Goodrich dropped 1 3\/8 to 49 1\/8 . NNP NNP VBD CD CD TO CD CD .
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The company 's third-quarter earnings were below both analysts ' forecasts and the year-earlier level . DT NN POS JJ NNS VBD IN DT NNS POS NNS CC DT JJ NN .
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Blue Arrow added 1\/2 to 17 1\/4 . NNP NNP VBD CD TO CD CD .
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The British company plans to change its name to Manpower , the name of its U.S. unit , and write off part of nearly $ 1.2 billion in good will as a possible prelude to reincorporating in the U.S. . DT JJ NN NNS TO VB PRP$ NN TO NNP , DT NN IN PRP$ NNP NN , CC VB IN NN IN RB $ CD CD IN JJ NN IN DT JJ NN TO VBG IN DT NNP .
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Dravo rose 5\/8 to 16 1\/8 . NNP VBD CD TO CD CD .
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Shearson Lehman Hutton began its coverage of the company with favorable ratings . NNP NNP NNP VBD PRP$ NN IN DT NN IN JJ NNS .
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Intertan jumped 2 1\/4 to 56 7\/8 . NNP VBD CD CD TO CD CD .
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The company reported that earnings from operations for the September quarter were up about 25 % from a year earlier . DT NN VBD IN NNS IN NNS IN DT NNP NN VBD IN IN CD NN IN DT NN RBR .
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Bay Financial , which said it may be forced to file under Chapter 11 if it ca n't reach an agreement with its lenders to relieve its debt burden , plunged 1 3\/8 to 2 1\/8 . NNP NNP , WDT VBD PRP MD VB VBN TO VB IN NN CD IN PRP MD RB VB DT NN IN PRP$ NNS TO VB PRP$ NN NN , VBD CD CD TO CD CD .
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The Amex Market Value Index fell 1.25 to 375.16 . DT NNP NNP NNP NNP VBD CD TO CD .
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Volume totaled 16,800,000 shares . NN VBD CD NNS .
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Among active Amex issues , the American depositary receipts of B.A.T Industries fell 1\/4 to 11 3\/4 on turnover of 885,800 . IN JJ NNP NNS , DT JJ NN NNS IN NNP NNPS VBD CD TO CD CD IN NN IN CD .
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Investment bankers and retailers said the turmoil on Wall Street may benefit managers who plan to bid for U.S. retailing units of the British firm because takeover prices may not be as high as before the recent correction . NN NNS CC NNS VBD DT NN IN NNP NNP MD VB NNS WP VBP TO VB IN NNP NN NNS IN DT JJ NN IN NN NNS MD RB VB RB JJ IN IN DT JJ NN .
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Fruit of the Loom slipped 1\/8 to 12 3\/8 on 501,200 shares . NNP IN DT NNP VBD CD TO CD CD IN CD NNS .
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DWG Corp. jumped 1 1\/4 to 15 on 454,100 shares . NNP NNP VBD CD CD TO CD IN CD NNS .
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Carnival Cruise Lines Class A dropped 1 to 21 1\/8 on 331,400 shares . NNP NNP NNP NNP DT VBD CD TO CD CD IN CD NNS .
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Amex issues with big percentage price gains included two Eastern Air Lines preferred stocks , reacting to the news about improved recovery in flight schedules after the company filed for bankruptcy protection . NNP NNS IN JJ NN NN NNS VBD CD NNP NNP NNPS JJ NNS , VBG TO DT NN IN VBN NN IN NN NNS IN DT NN VBN IN NN NN .
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Eastern 's Class F preferred rose 12 % , or 1 1\/4 , to 11 3\/4 ; the Class E preferred gained 7 % , or 5\/8 , to 10 1\/4 . NNP POS NNP NN JJ VBD CD NN , CC CD CD , TO CD CD : DT NNP NN JJ VBD CD NN , CC CD , TO CD CD .
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The biggest percentage gainer on the Amex was Enviropact , which jumped 23 % , or 5\/8 , to 3 3\/8 on volume of 29,000 shares . DT JJS NN NN IN DT NNP VBD NNP , WDT VBD CD NN , CC CD , TO CD CD IN NN IN CD NNS .
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On Monday , the company , a provider of environmental consulting services , reported a wider fiscal fourth-quarter loss and predicted a loss for its fiscal 1990 first quarter , but said a profit is expected for all of fiscal 1990 . IN NNP , DT NN , DT NN IN JJ NN NNS , VBD DT RBR JJ JJ NN CC VBD DT NN IN PRP$ JJ CD JJ NN , CC VBD DT NN VBZ VBN IN DT IN JJ CD .
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But its auditor , Ernst & Young , said Enviropact 's financial situation raises `` substantial doubt about its ability to continue as a going concern . '' CC PRP$ NN , NNP CC NNP , VBD NNP POS JJ NN VBZ `` JJ NN IN PRP$ NN TO VB IN DT VBG NN . ''
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Mission Resource Partners advanced 8 % , or 1 3\/8 , to 18 7\/8 . NNP NNP NNPS VBD CD NN , CC CD CD , TO CD CD .
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Sonja Steptoe and David Wilson contributed to this article . NNP NNP CC NNP NNP VBD TO DT NN .
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ONE LIBERTY PROPERTIES Inc. declared a dividend of 40 cents a share on its $ 16.50 cumulative convertible preferred stock , payable Jan. 2 to stock of record Dec. 8 . CD NNP NNPS NNP VBD DT NN IN CD NNS DT NN IN PRP$ $ CD JJ JJ JJ NN , JJ NNP CD TO VB IN NN NNP CD .
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But directors of the Great Neck , N.Y. , real estate investment trust did n't act on the common stock dividend . CC NNS IN DT NNP NNP , NNP , JJ NN NN NN VBD RB VB IN DT JJ NN NN .
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And they wo n't consider such a dividend , the trust added , before results are available for the first quarter of 1990 . CC PRP MD RB VB JJ DT NN , DT NN VBD , IN NNS VBP JJ IN DT JJ NN IN CD .
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In part , the trust cited the need to retain cash for possible acquisitions . IN NN , DT NN VBD DT NN TO VB NN IN JJ NNS .
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According to a spokesman , One Liberty will have paid out as dividends the required amount of its taxable income to maintain its legal status as a real estate investment trust . VBG TO DT NN , CD NNP MD VB VBN RP IN NNS DT VBN NN IN PRP$ JJ NN TO VB PRP$ JJ NN IN DT JJ NN NN NN .
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Banks are continuing to go after individual investors , despite falling interest rates . NNS VBP VBG TO VB IN JJ NNS , IN VBG NN NNS .
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Yields on small-denomination certificates of deposit fell at about half the rate of so-called jumbo CDs this week , according to Banxquote Money Markets , an information service based here . NNS IN NN NNS IN NN VBD IN IN PDT DT NN IN JJ JJ NNS DT NN , VBG TO NNP NNP NNPS , DT NN NN VBN RB .
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Investors can get slightly higher yields on deposits below $ 50,000 than they can on deposits of $ 90,000 and up . NNS MD VB RB JJR NNS IN NNS IN $ CD IN PRP MD IN NNS IN $ CD CC RB .
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`` Banks want to remain competitive , '' said Norberto Mehl , chairman of Banxquote . `` NNP VBP TO VB JJ , '' VBD NNP NNP , NN IN NNP .
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`` October is a big rollover month and perhaps they anticipate greater demand ... among people leaving the stock market . '' `` NNP VBZ DT JJ NN NN CC RB PRP VBP JJR NN : IN NNS VBG DT NN NN . ''
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Some bankers are reporting more inquiries than usual about CDs since Friday . DT NNS VBP VBG JJR NNS IN JJ IN NNS IN NNP .
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`` Reports from branches are that there has been greater interest in the last day or so , '' said Steven Braitman , a vice president at Chemical Bank in New York . `` NNS IN NNS VBP IN EX VBZ VBN JJR NN IN DT JJ NN CC RB , '' VBD NNP NNP , DT NN NN IN NNP NNP IN NNP NNP .
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Chemical said deposits Monday were about $ 5 million higher than usual and it expects more activity as investors receive the proceeds from sales of stock . NNP VBD NNS NNP VBD RB $ NN CD JJR IN JJ CC PRP VBZ JJR NN IN NNS VBP DT NNS IN NNS IN NN .
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`` This is no time to be playing in the street ... `` DT VBZ DT NN TO VB VBG IN DT NN :
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the Dow has more ups and downs than an elevator , '' proclaimed an advertisement Monday in New York newspapers , touting Lincoln Savings Bank 's one-year CD . DT NNP VBZ JJR NNS CC NNS IN DT NN , '' VBD DT NN NNP IN NNP NNP NNS , VBG NNP NNP NNP POS JJ NNP .
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Harold Jones , Lincoln 's chief retail banking officer , said there has n't yet been `` a discernible response , '' although the ad included a coupon that could arrive later in the week . NNP NNP , NNP POS JJ JJ NN NN , VBD EX VBZ RB RB VBN `` DT JJ NN , '' IN DT NN VBD DT NN WDT MD VB RB IN DT NN .
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Friday 's market rout came smack in the middle of the heaviest month for CD rollovers , when a number of banks and thrifts already have promotions under way . NNP POS NN NN VBD RB IN DT NN IN DT JJS NN IN NNP NNS , WRB DT NN IN NNS CC NNS RB VBP NNS IN NN .
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First National Bank of Boston , for example , is offering certain new depositors an extra quarter of a percentage point on six-month and 12-month CDs . NNP NNP NNP IN NNP , IN NN , VBZ VBG JJ JJ NNS DT JJ NN IN DT NN NN IN JJ CC JJ NNS .
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Some banks actually boosted yields on the shortest term CDs in the latest week . DT NNS RB VBD NNS IN DT JJS NN NNS IN DT JJS NN .
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New York 's Citibank , for instance , increased the yield on small-denomination three-month CDs to 8 % from 7.9 % . NNP NNP POS NNP , IN NN , VBD DT NN IN NN JJ NNS TO CD NN IN CD NN .
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On average , however , three-month CDs at major banks are yielding a tenth of a percentage point less than they were a week ago . IN JJ , RB , JJ NNS IN JJ NNS VBP VBG DT NN IN DT NN NN JJR IN PRP VBD DT NN RB .
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Average yields on CDs aimed at individual investors fell less than half as much as yields on Treasury bills sold at Monday 's auction . JJ NNS IN NNS VBN IN JJ NNS VBD JJR IN NN RB JJ IN NNS IN NNP NNS VBN IN NNP POS NN .
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Six-month CDs of $ 50,000 and less yielded an average 8.02 % in the week ended Tuesday , down from 8.10 % , according to Banxquote . JJ NNS IN $ CD CC JJR VBD DT JJ CD NN IN DT NN VBN NNP , RB IN CD NN , VBG TO NNP .
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The yield on six-month T-bills fell to 7.82 % on Monday , from 8.01 % the week before . DT NN IN JJ NNS VBD TO CD NN IN NNP , IN CD NN DT NN RB .
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Meanwhile , the average yield on six-month CDs of more than $ 90,000 fell to 7.93 % in the latest week , according to Banxquote , from 8.10 % the week before . RB , DT JJ NN IN JJ NNS IN JJR IN $ CD VBD TO CD NN IN DT JJS NN , VBG TO NNP , IN CD NN DT NN RB .
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Mr. Mehl noted that actual rates are almost identical on small and large-denomination CDs , but yields on CDs aimed at the individual investor are boosted by more frequent compounding . NNP NNP VBD IN JJ NNS VBP RB JJ IN JJ CC NN NNS , CC NNS IN NNS VBN IN DT JJ NN VBP VBN IN RBR JJ NN .
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CDs sold by major brokerage houses , which like jumbo CDs tend to closely follow interest rate trends , also posted larger drops in yields . NNS VBN IN JJ NN NNS , WDT IN JJ NNS VBP TO RB VB NN NN NNS , RB VBD JJR VBZ IN NNS .
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A six-month , broker-sold CD , for example , was yielding an average 8.09 % in the latest week , a fifth of a percentage point lower than the week before . DT JJ , JJ NNP , IN NN , VBD VBG DT JJ CD NN IN DT JJS NN , DT NN IN DT NN NN JJR IN DT NN RB .
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In late April , when interest rates were at their recent highs , short-term CDs sold by brokers were offering yields half a percentage point or more higher than banks . IN JJ NNP , WRB NN NNS VBD IN PRP$ JJ NNS , JJ NNS VBN IN NNS VBD NN NNS PDT DT NN NN CC JJR JJR IN NNS .
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CD yields are generally expected to fall further in coming weeks . JJ NNS VBP RB VBN TO VB JJ IN VBG NNS .
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`` What happened in the stock market and the bigger trade deficit '' reported yesterday `` make it unlikely that short-term interest rates will rise '' any time soon , said Mr. Mehl of Banxquote . `` WP VBD IN DT NN NN CC DT JJR NN NN '' VBD NN `` VB PRP JJ IN JJ NN NNS MD VB '' DT NN RB , VBD NNP NNP IN NNP .
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`` Even before the market drop , rates were down about half a percentage point , '' said Robert J. Hutchinson , senior vice president for retail marketing at Manufacturers Hanover Trust Co. in New York . `` RB IN DT NN NN , NNS VBD RB IN PDT DT NN NN , '' VBD NNP NNP NNP , JJ NN NN IN JJ NN IN NNP NNP NNP NNP IN NNP NNP .
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`` That puts pressure on CD rates . `` DT VBZ NN IN NNP NNS .
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Conservatives have an important decision to make this fall . NNS VBP DT JJ NN TO VB DT NN .
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At the recent meetings of the World Bank and International Monetary Fund , the Bush administration announced its intention to decide by yearend the size of the next increase in the IMF 's capital base . IN DT JJ NNS IN DT NNP NNP CC NNP NNP NNP , DT NNP NN VBD PRP$ NN TO VB IN NN DT NN IN DT JJ NN IN DT NNP POS NN NN .
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While the U.S. share of the increase probably will not reach the $ 12 billion or more implicit in the IMF 's request for a doubling of its $ 90 billion capital , the administration probably will agree to a multibillion-dollar increase . IN DT NNP NN IN DT NN RB MD RB VB DT $ CD CD CC RBR JJ IN DT NNP POS NN IN DT NN IN PRP$ $ CD CD NN , DT NN RB MD VB TO DT JJ NN .
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This would be consistent with its unwavering support for the Brady Plan and G-7 exchange-rate intervention , and with its financial commitment to Mexico , Poland and others . DT MD VB JJ IN PRP$ VBG NN IN DT NNP NNP CC NNP NN NN , CC IN PRP$ JJ NN TO NNP , NNP CC NNS .
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The IMF has several reasons for requesting the increase . DT NNP VBZ JJ NNS IN VBG DT NN .
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Its role in the economies of developing countries has grown steadily since the 1970s . PRP$ NN IN DT NNS IN VBG NNS VBZ VBN RB IN DT NNS .
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The size and pace of disbursements will accelerate further under the Brady Plan , which promises larger and earlier disbursements to approved countries . DT NN CC NN IN NNS MD VB JJ IN DT NNP NNP , WDT VBZ JJR CC JJR NNS TO VBD NNS .
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At least three other factors have encouraged the IMF to insist on increased capital . IN JJS CD JJ NNS VBP VBN DT NNP TO VB IN VBN NN .
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First , it argues that its capital base must be increased in order to maintain its size relative to world financial markets , for which it feels some responsibility . RB , PRP VBZ IN PRP$ NN NN MD VB VBN IN NN TO VB PRP$ NN JJ TO NN JJ NNS , IN WDT PRP VBZ DT NN .
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Second , the World Bank 's recent $ 75 billion capital increase -- $ 14 billion from the U.S. -- has left the IMF feeling less than first fiddle among international financial institutions . JJ , DT NNP NNP POS JJ $ CD CD NN NN : $ CD CD IN DT NNP : VBZ VBN DT NNP NN JJR IN JJ NN IN JJ JJ NNS .
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Third , the IMF would like to meet Japan 's request for increased ownership -LRB- currently 4.5 % -RRB- . NNP , DT NNP MD VB TO VB NNP POS NN IN VBN NN ( RB CD NN ) .
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Japan has supported a larger role for the IMF in developing-country debt issues , and is an important financial resource for IMF-guided programs in developing countries . NNP VBZ VBN DT JJR NN IN DT NNP IN JJ NN NNS , CC VBZ DT JJ JJ NN IN JJ NNS IN VBG NNS .
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While international politics may argue for the capital increase , there is a clear economic case against it . IN JJ NNS MD VB IN DT NN NN , EX VBZ DT JJ JJ NN IN PRP .
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Opponents of the increase argue that the IMF practices central planning while supporting ineffective governments . NNS IN DT NN VBP IN DT NNP NNS JJ NN IN VBG JJ NNS .
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They question whether the IMF has any role in developing countries , given its original mandate to assist industrial countries in balance-of-payments emergencies . PRP VBP IN DT NNP VBZ DT NN IN VBG NNS , VBN PRP$ JJ NN TO VB JJ NNS IN NNS NNS .
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Opponents show that there are already more funds available than commendable reform efforts . NNS VBP IN EX VBP RB JJR NNS JJ IN JJ NN NNS .
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They worry that new IMF funding of developing countries will simply end up substituting IMF debt for reschedulable commercial bank debt , a bad trade all around . PRP VBP IN JJ NNP NN IN VBG NNS MD RB VB IN VBG NNP NN IN JJ JJ NN NN , DT JJ NN DT RB .
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They believe microeconomics , which addresses the problems of markets , investment climate and management practices , is the key to developing-country growth , not the IMF 's Keynesian focus on trade deficits , quarterly targets and government debt . PRP VBP NNS , WDT VBZ DT NNS IN NNS , NN NN CC NN NNS , VBZ DT JJ TO JJ NN , RB DT NNP POS JJ NN IN NN NNS , JJ NNS CC NN NN .
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They point at the numerous developing-country governments that have inflated , taxed and regulated themselves into despair under successive IMF programs . PRP VBP IN DT JJ JJ NNS WDT VBP JJ , VBN CC VBN PRP IN NN IN JJ NNP NNS .
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Decisions on increases in the IMF 's capital base traditionally are made by the administration , with subsequent authorization by Congress . NNS IN NNS IN DT NNP POS NN NN RB VBP VBN IN DT NN , IN JJ NN IN NNP .
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The last U.S. congressional authorization , in 1983 , was a political donnybrook and carried a $ 6 billion housing program along with it to secure adequate votes . DT JJ NNP JJ NN , IN CD , VBD DT JJ NN CC VBD DT $ CD CD NN NN IN IN PRP TO VB JJ NNS .
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The politics of the 1990 congressional authorization are likely to be similar to those of previous authorizations . DT NNS IN DT CD JJ NN VBP JJ TO VB JJ TO DT IN JJ NNS .
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Liberals may support the stabilizing , quasi-governmental role of the IMF on two conditions : that the administration give assurances that liberal Democrats ' support will not be used against them in congressional re-election campaigns ; and that the legislation address -- with dollars -- social and environmental concerns . NNS MD VB DT VBG , JJ NN IN DT NNP IN CD NNS : IN DT NN NN NNS IN JJ NNPS POS NN MD RB VB VBN IN PRP IN JJ NN NNS : CC IN DT NN NN : IN NNS : JJ CC JJ NNS .
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Conservative Republicans will be given the choice of supporting or fighting their party 's popular president in an election year . NNP NNPS MD VB VBN DT NN IN VBG CC VBG PRP$ NN POS JJ NN IN DT NN NN .
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A U.S. decision to refuse the IMF its capital increase , or limit it to 25 % , would bring a major change in international economic policy , and could not be taken lightly . DT NNP NN TO VB DT NNP PRP$ NN NN , CC NN PRP TO CD NN , MD VB DT JJ NN IN JJ JJ NN , CC MD RB VB VBN RB .
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Commentators would fret over the implications for the G-7 coordination process and the stability of world financial markets . NNS MD VB IN DT NNS IN DT NNP NN NN CC DT NN IN NN JJ NNS .
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Because commercial banks and the developing-country governments believe they will get a piece of any capital increase , a scaled-down IMF mission would leave both feeling shortchanged . IN JJ NNS CC DT JJ NNS VBP PRP MD VB DT NN IN DT NN NN , DT JJ NNP NN MD VB DT NN VBN .
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Furthermore , a U.S. rejection of the capital increase -LRB- and transfer of shares to Japan -RRB- would give Japan an argument against future calls for economic burden-sharing . RB , DT NNP NN IN DT NN NN ( CC NN IN NNS TO NNP ) MD VB NNP DT NN IN NN VBZ IN JJ NN .
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On the other hand , a decision to increase the IMF 's capital would reinforce the central economic role of multilateral institutions in developing countries . IN DT JJ NN , DT NN TO VB DT NNP POS NN MD VB DT JJ JJ NN IN JJ NNS IN VBG NNS .
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With the increase , even more developing-country energy and talent would be diverted from creating profitable economic systems to setting up economic planning ministries that generate IMF-approved economic plans . IN DT NN , RB RBR JJ NN CC NN MD VB VBN IN VBG JJ JJ NNS TO VBG IN JJ NN NNS WDT VBP JJ JJ NNS .
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Upping the ante could slow economic development even further , as countries delay market-opening steps in anticipation of richer multilateral support . VBG DT NN MD VB JJ NN RB RBR , IN NNS VBP JJ NNS IN NN IN JJR JJ NN .
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Conservatives should take a position prior to the administration 's year-end deadline . NNS MD VB DT NN RB TO DT NN POS NN NN .
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The issues are too important to be left to the financial and budget ministries fighting over the size of the capital increase , rather than its purpose . DT NNS VBP RB JJ TO VB VBN TO DT JJ CC NN NNS VBG IN DT NN IN DT NN NN , RB IN PRP$ NN .
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If conservatives do n't support an increase in the IMF 's capital , then it is incumbent on them to speak up now and explain the alternative . IN NNS VBP RB VB DT NN IN DT NNP POS NN , RB PRP VBZ JJ IN PRP TO VB IN RB CC VB DT NN .
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Mr. Malpass directs the Republican staff of the Joint Economic Committee of Congress . NNP NNP VBZ DT NNP NN IN DT NNP NNP NNP IN NNP .
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The Chicago Mercantile Exchange fined and suspended two commodities traders accused of making prearranged trades with each other that allegedly cheated a customer . DT NNP NNP NNP VBD CC VBN CD NNS NNS VBN IN VBG VBN NNS IN DT NN IN RB VBN DT NN .
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Merc officials said Gary N. Roberts was disciplined following the exchange 's investigation of his trading in several commodities pits from July to November 1988 . NN NNS VBD NNP NNP NNP VBD VBN VBG DT NN POS NN IN PRP$ NN IN JJ NNS NNS IN NNP TO NNP CD .
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The Merc said Mr. Roberts withheld from the market certain orders in cooperation with another trader , David Stein . DT NNP VBD NNP NNP VBD IN DT NN JJ NNS IN NN IN DT NN , NNP NNP .
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The Merc fined Mr. Roberts $ 15,000 and suspended his trading membership for three years . DT NNP VBD NNP NNP $ CD CC VBN PRP$ NN NN IN CD NNS .
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Also , he and Mr. Stein were ordered to make restitution of $ 35,000 to a customer . RB , PRP CC NNP NNP VBD VBN TO VB NN IN $ CD TO DT NN .
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Mr. Stein was fined $ 25,000 and suspended for three years . NNP NNP VBD VBN $ CD CC VBN IN CD NNS .
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Messrs. Roberts and Stein could n't be reached for comment . NNP NNP CC NNP MD RB VB VBN IN NN .
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The Merc said that as part of the disciplinary settlement , neither man admitted , nor denied the alleged violations . DT NNP VBD IN IN NN IN DT JJ NN , DT NN VBD , CC VBD DT VBN NNS .
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Neither was among the 46 traders indicted last August in a federal investigation of traders at both the Merc and the Chicago Board of Trade . CC VBD IN DT CD NNS VBD JJ NNP IN DT JJ NN IN NNS IN DT DT NNP CC DT NNP NNP IN NNP .
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In a move that could pose a new competitive challenge to Time Warner Inc. 's powerful Home Box Office , cable giant Tele-Communications Inc. agreed to buy half of Showtime Networks Inc. from Viacom Inc. for $ 225 million . IN DT NN WDT MD VB DT JJ JJ NN TO NNP NNP NNP POS JJ NNP NNP NNP , NN NN NNP NNP VBD TO VB NN IN NNP NNP NNP IN NNP NNP IN $ CD CD .
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The purchase comes after nearly three years of on-again off-again talks between TCI and Viacom , which has also discussed the sale of an interest in Showtime with other cable operators . DT NN VBZ IN RB CD NNS IN JJ JJ NNS IN NNP CC NNP , WDT VBZ RB VBN DT NN IN DT NN IN NNP IN JJ NN NNS .
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Showtime is a distant No. 2 to Home Box Office , and in May filed a $ 2.5 billion antitrust suit against Time Warner , charging the company and its HBO and American Television cable units with conspiring to monopolize the pay TV business . NNP VBZ DT JJ NN CD TO NNP NNP NNP , CC IN NNP VBD DT $ CD CD JJ NN IN NNP NNP , VBG DT NN CC PRP$ NNP CC NNP NNP NN NNS IN VBG TO VB DT NN NN NN .
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HBO has close to 24 million subscribers to its HBO and Cinemax networks , while Showtime and its sister service , The Movie Channel , have only about 10 million , according to Paul Kagan Associates , a Carmel , Calif. , research firm . NNP VBZ RB TO CD CD NNS TO PRP$ NNP CC NNP NNS , IN NNP CC PRP$ NN NN , DT NNP NNP , VBP RB IN CD CD , VBG TO NNP NNP NNPS , DT NNP , NNP , NN NN .
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For TCI , the investment in Showtime puts it in an unusual position ; as the largest cable operator , with control of close to 12 million of the nation 's 52 million cable subscribers , TCI is HBO 's largest customer . IN NNP , DT NN IN NNP VBZ PRP IN DT JJ NN : IN DT JJS NN NN , IN NN IN RB TO CD CD IN DT NN POS CD CD NN NNS , NNP VBZ NNP POS JJS NN .
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But TCI President John Malone has long been concerned about HBO 's dominance of the pay TV business , and has been eager to keep Showtime as a healthy competitor . CC NNP NNP NNP NNP VBZ RB VBN VBN IN NNP POS NN IN DT NN NN NN , CC VBZ VBN JJ TO VB NNP IN DT JJ NN .
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`` It is important to the cable industry that we have a vibrant and competitive pay-television marketplace , '' Mr. Malone said in a statement . `` PRP VBZ JJ TO DT NN NN IN PRP VBP DT JJ CC JJ NN NN , '' NNP NNP VBD IN DT NN .
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In a telephone interview , Robert Thomson , TCI senior vice president , said Showtime 's suit against HBO `` does n't involve us , and nothing we 're doing here bears any relationship to that . '' IN DT NN NN , NNP NNP , NNP JJ NN NN , VBD NNP POS NN IN NNP `` VBZ RB VB PRP , CC NN PRP VBP VBG RB VBZ DT NN TO DT . ''
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He added , `` We do n't intend to be drawn into it , '' noting that TCI wo n't play any active role in the management of Showtime . PRP VBD , `` PRP VBP RB VB TO VB VBN IN PRP , '' VBG IN NNP MD RB VB DT JJ NN IN DT NN IN NNP .
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Linking up Showtime with the largest cable operator in the U.S. could sharply boost its subscribers . VBG IN NNP IN DT JJS NN NN IN DT NNP MD RB VB PRP$ NNS .
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TCI said it may bring in other cable operators as investors , a practice it has employed in the past with investments in other cable networks , such as The Discovery Channel . NNP VBD PRP MD VB IN JJ NN NNS IN NNS , DT NN PRP VBZ VBN IN DT NN IN NNS IN JJ NN NNS , JJ IN DT NNP NNP .
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Additional cable partners could boost subscribers even further . JJ NN NNS MD VB NNS RB JJ .
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Time Warner declined comment . NNP NNP VBD VB .
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In addition to owning HBO , Time Warner owns American Television & Communications Inc. , the nation 's second largest cable operator after TCI . IN NN TO VBG NNP , NNP NNP VBZ NNP NNP CC NNP NNP , DT NN POS JJ JJS NN NN IN NNP .
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Viacom also owns cable systems , but it is the 14th largest operator of such systems , with less than one million subscribers . NNP RB VBZ NN NNS , CC PRP VBZ DT JJ JJS NN IN JJ NNS , IN JJR IN CD CD NNS .
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The TCI investment is a big victory for Viacom 's chief executive officer , Frank Biondi , and Winston H. Cox , president of the Showtime unit . DT NNP NN VBZ DT JJ NN IN NNP POS JJ JJ NN , NNP NNP , CC NNP NNP NNP , NN IN DT NNP NN .
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`` This takes any question of Showtime 's viability and puts it away once and for all , '' Mr. Biondi said in a telephone interview . `` DT VBZ DT NN IN NNP POS NN CC VBZ PRP RB RB CC IN DT , '' NNP NNP VBD IN DT NN NN .
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The fight between HBO and Showtime is particularly acrimonious because Mr. Biondi is the former chief executive of HBO , and Mr. Cox served as chief of marketing for the service . DT NN IN NNP CC NNP VBZ RB JJ IN NNP NNP VBZ DT JJ JJ NN IN NNP , CC NNP NNP VBD IN NN IN NN IN DT NN .
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They were both hired by Sumner Redstone , the Boston billionaire who took control of Viacom three years ago in a leveraged buy-out . PRP VBD DT VBN IN NNP NNP , DT NNP NN WP VBD NN IN NNP CD NNS RB IN DT JJ NN .
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Time Warner has vigorously denied all of Viacom 's allegations . NNP NNP VBZ RB VBN DT IN NNP POS NNS .
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Boeing Co. , already struck by its Machinists union , briefly called off contract talks with its engineers and labeled their demands `` grossly excessive . '' NNP NNP , RB VBN IN PRP$ NNS NN , NN VBN IN NN NNS IN PRP$ NNS CC VBN PRP$ NNS `` RB JJ . ''
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Later , however , the company agreed to meet on Monday with the Seattle Professional Engineering Employees Association after a federal mediator intervened , according to the union . RB , RB , DT NN VBD TO VB IN NNP IN DT NNP NNP NNP NNP NNP IN DT JJ NN VBD , VBG TO DT NN .
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A spokesman for the engineers said the company asked the union to reduce its demands , which included a 19 % pay hike in the first year and 8 % in the second and third years . DT NN IN DT NNS VBD DT NN VBD DT NN TO VB PRP$ NNS , WDT VBD DT CD NN NN NN IN DT JJ NN CC CD NN IN DT JJ CC JJ NNS .
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The union represents about 28,000 engineers and technical workers . DT NN VBZ IN CD NNS CC JJ NNS .
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Its contract expires Dec. 1 . PRP$ NN VBZ NNP CD .
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Meanwhile , a federal mediator is scheduled to meet today with Boeing officials and representatives of 55,000 striking Machinists . RB , DT JJ NN VBZ VBN TO VB NN IN NNP NNS CC NNS IN CD JJ NNS .
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`` It will take several meetings to resolve this , '' said a spokesman for the Machinists union . `` PRP MD VB JJ NNS TO VB DT , '' VBD DT NN IN DT NNS NN .
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`` We do n't want to bring back something the members will reject . '' `` PRP VBP RB VB TO VB JJ NN DT NNS MD VB . ''
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Machinists already have rejected a package that would have provided a 10 % pay raise plus bonuses over the three-year life of the contract . NNS RB VBP VBN DT NN WDT MD VB VBN DT CD NN NN NN CC NNS IN DT JJ NN IN DT NN .
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It also would have reduced mandatory overtime . PRP RB MD VB VBN JJ NN .
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Investor Asher Edelman increased his stake in Intelogic Trace Inc. and cleared the way for additional purchases . NNP NNP NNP VBD PRP$ NN IN NNP NNP NNP CC VBD DT NN IN JJ NNS .
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It was n't clear , however , whether the actions were related to a battle between the corporate raider and New York attorney Martin Ackerman for control of Datapoint Corp. , a San Antonio , Texas-based data-processing systems maker . PRP VBD RB JJ , RB , IN DT NNS VBD VBN TO DT NN IN DT JJ NN CC NNP NNP NN NNP NNP IN NN IN NNP NNP , DT NNP NNP , JJ NN NNS NN .
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Intelogic Trace , a computer services company , was spun off to Datapoint holders in 1985 , after Mr. Edelman gained control . NNP NNP , DT NN NNS NN , VBD VBN IN TO NNP NNS IN CD , IN NNP NNP VBD NN .
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After Mr. Ackerman announced he was soliciting consents from shareholders in order to wrest control of Datapoint from Mr. Edelman , the corporate raider purchased 30 % of Datapoint 's shares . IN NNP NNP VBD PRP VBD VBG NNS IN NNS IN NN TO VB NN IN NNP IN NNP NNP , DT JJ NN VBN CD NN IN NNP POS NNS .
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In a Securities and Exchange Commission filing , Mr. Edelman said from Sept. 29 to Oct. 13 , he acquired 309,500 shares of Intelogic common shares for $ 2.25 to $ 2.375 each . IN DT NNP CC NNP NNP NN , NNP NNP VBD IN NNP CD TO NNP CD , PRP VBD CD NNS IN NNP JJ NNS IN $ CD TO $ CD DT .
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The purchases increased his stake to 16.2 % of the shares outstanding . DT NNS VBD PRP$ NN TO CD NN IN DT NNS JJ .
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The filing also said certain provisions which apply to persons acquiring 20 % or more of Intelogic common stock , were waived by Intelogic for Mr. Edelman , who is chairman of the company . DT NN RB VBD JJ NNS WDT VBP TO NNS VBG CD NN CC JJR IN NNP JJ NN , VBD VBN IN NNP IN NNP NNP , WP VBZ NN IN DT NN .
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Mr. Edelman could n't be reached for comment . NNP NNP MD RB VB VBN IN NN .
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The federal government should make free , voluntary testing for the AIDS virus the cornerstone of an expanded campaign to stop the spread of acquired immune deficiency syndrome , the Hudson Institute recommended . DT JJ NN MD VB JJ , JJ NN IN DT NNP NN DT NN IN DT VBN NN TO VB DT NN IN VBN JJ NN NN , DT NNP NNP VBD .
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`` By encouraging massive , routine , voluntary testing we can enable society to voluntarily segregate itself sexually into two groups : those who carry the virus and those who do not , '' the Indianapolis research organization said in a new report . `` IN VBG JJ , JJ , JJ NN PRP MD VB NN TO RB VB PRP RB IN CD NNS : DT WP VBP DT NN CC DT WP VBP RB , '' DT NNP NN NN VBD IN DT JJ NN .
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The report takes a more alarmed view of AIDS and recommends a more sweeping response than many other analyses . DT NN VBZ DT RBR VBN NN IN NNP CC VBZ DT JJR VBG NN IN JJ JJ NNS .
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It warns that the AIDS epidemic `` may reduce the rate of growth of the work force , curb productivity gains and slow economic growth . '' PRP VBZ IN DT NNP NN `` MD VB DT NN IN NN IN DT NN NN , VB NN NNS CC JJ JJ NN . ''
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It contends that current government policy is failing to stem the AIDS epidemic because it suggests the use of condoms can make sex `` safe . '' PRP VBZ IN JJ NN NN VBZ VBG TO VB DT NNP NN IN PRP VBZ DT NN IN NNS MD VB NN `` JJ . ''
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But the report says : `` The only safe sex is sex between uninfected partners , '' and testing is the only way to learn of infection . CC DT NN VBZ : `` DT RB JJ NN VBZ NN IN JJ NNS , '' CC NN VBZ DT JJ NN TO VB IN NN .
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Hudson 's researchers estimated that it would cost less than $ 650 million a year to test the entire population between the ages of 12 and 65 years old . NNP POS NNS VBN IN PRP MD VB JJR IN $ CD CD DT NN TO VB DT JJ NN IN DT NNS IN CD CC CD NNS JJ .
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In addition , the report recommends that federal and state governments provide free treatment to all who test positive . IN NN , DT NN VBZ IN JJ CC NN NNS VBP JJ NN TO DT WP VBP JJ .
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An unexpectedly sharp widening in the U.S. trade gap for August dragged the dollar lower Tuesday , but profit-taking on short positions helped the currency rebound to close mixed against major counterparts . DT RB JJ NN IN DT NNP NN NN IN NNP VBD DT NN JJR NNP , CC NN IN JJ NNS VBD DT NN NN TO VB VBN IN JJ NNS .
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While the market kept careful tabs on Wall Street 's gyrations , it shrugged off a modest downturn in equities to bid the dollar well above the day 's lows . IN DT NN VBD JJ NNS IN NNP NNP POS NNS , PRP VBD IN DT JJ NN IN NNS TO VB DT NN RB IN DT NN POS NNS .
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Soon after the release of the U.S. trade figures , the dollar plunged to an intraday low of 140.95 yen . RB IN DT NN IN DT NNP NN NNS , DT NN VBD TO DT JJ NN IN CD NN .
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It also declined against the mark but did n't reach its intraday low of 1.8435 marks until two hours later . PRP RB VBD IN DT NN CC VBD RB VB PRP$ JJ NN IN CD NNS IN CD NNS RB .
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The unit stabilized about midday New York time at around 1.85 marks and 141 yen , prompting unconfirmed rumors that the U.S. Federal Reserve had intervened to blunt the unit 's tumble . DT NN VBN IN NN NNP NNP NN IN IN CD NNS CC CD NN , VBG JJ NNS IN DT NNP NNP NNP VBD VBN TO VB DT NN POS NN .
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The dollar finished at its intraday highs . DT NN VBD IN PRP$ JJ NNS .
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Dealers noted that the foreign exchange market 's initial bearish reaction to the U.S. trade figures was tempered later by a `` calmer reassessment of the data . '' NNS VBD IN DT JJ NN NN POS JJ JJ NN TO DT NNP NN NNS VBD VBN RB IN DT `` JJR NN IN DT NNS . ''
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The U.S. Commerce Department reported a $ 10.77 billion deficit in August , compared with a revised July deficit of $ 8.24 billion . DT NNP NNP NNP VBD DT $ CD CD NN IN NNP , VBN IN DT VBN NNP NN IN $ CD CD .
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Economists had expected a $ 9.1 billion gap . NNS VBD VBN DT $ CD CD NN .
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The August figure reflected a 6.4 % rise in imports and a 0.2 % drop in exports . DT NNP NN VBD DT CD NN NN IN NNS CC DT CD NN NN IN NNS .
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Marc M. Goloven , an economist with Manufacturers Hanover Trust in New York , said that while the figures appear to indicate a sadly deteriorating U.S. trade performance , there 's still enough positive news in the data to justify buying dollars . NNP NNP NNP , DT NN IN NNP NNP NNP IN NNP NNP , VBD IN IN DT NNS VBP TO VB DT RB VBG NNP NN NN , EX VBZ RB RB JJ NN IN DT NNS TO VB VBG NNS .
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He said that while the U.S. trade gap with Canada has widened significantly , the trade deficit with Western Europe and Japan continues to narrow . PRP VBD IN IN DT NNP NN NN IN NNP VBZ VBN RB , DT NN NN IN NNP NNP CC NNP VBZ TO VB .
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And he added that manufactured goods exports are still rising . CC PRP VBD WDT VBD NNS NNS VBP RB VBG .
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The dollar 's near-term path remains foggy , according to currencny analysts , who characterize the market as `` bewildering . '' DT NN POS JJ NN VBZ JJ , VBG TO NN NNS , WP VBP DT NN IN `` VBG . ''
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In late New York trading yesterday , the dollar was quoted at 1.8667 marks , down from 1.8685 marks late Monday , and at 142.75 yen , up from 141.85 yen late Monday . IN JJ NNP NNP NN NN , DT NN VBD VBN IN CD NNS , RB IN CD NNS JJ NNP , CC IN CD NN , IN IN CD NN JJ NNP .
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Sterling was unchanged at $ 1.5753 . NNP VBD JJ IN $ CD .
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In Tokyo Wednesday , the U.S. currency opened for trading at 142.55 yen , unchanged from Tuesday 's Tokyo close . IN NNP NNP , DT NNP NN VBD IN NN IN CD NN , JJ IN NNP POS NNP NN .
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Later , the U.S. currency fell to about 142.25 yen on news reports of the San Francisco earthquake . RB , DT NNP NN VBD TO IN CD NN IN NN NNS IN DT NNP NNP NN .
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Some analysts remain bullish and point out that the dollar continues to be well bid despite key rate increases in Europe and Japan , several weeks of aggressive dollar sales by the world central banks -- some traders estimate that the barrage of sales topped $ 12 billion -- and a 190-point plunge on the New York Stock Exchange . DT NNS VBP JJ CC NN RP IN DT NN VBZ TO VB JJ NN IN JJ NN NNS IN NNP CC NNP , JJ NNS IN JJ NN NNS IN DT NN JJ NNS : DT NNS VBP IN DT NN IN NNS VBD $ CD CD : CC DT JJ NN IN DT NNP NNP NNP NNP .
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They note that the U.S. unit is trading at the upper end of the presumed target zones established by the Group of Seven trading partners . PRP VBP IN DT NNP NN VBZ VBG IN DT JJ NN IN DT VBN NN NNS VBN IN DT NNP IN CD NN NNS .
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The G-7 comprises West Germany , the U.S. , France , the U.K. , Italy , Canada and Japan . DT NNP VBZ NNP NNP , DT NNP , NNP , DT NNP , NNP , NNP CC NNP .
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The so-called Louvre accord was seen to have set ranges of 1.70 marks to 1.90 marks and 120 yen to 140 yen . DT NNP NNP NN VBD VBN TO VB VBN NNS IN CD NNS TO CD NNS CC CD NN TO CD NN .
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They say that the recent injection of liquidity into the U.S. banking system has been modest , and they do n't anticipate significant easing by the U.S. Federal Reserve . PRP VBP IN DT JJ NN IN NN IN DT NNP NN NN VBZ VBN JJ , CC PRP VBP RB VB JJ NN IN DT NNP NNP NNP .
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The Fed arranged $ 1.5 billion of customer repurchase agreements Tuesday , the second repurchase agreement in two days . DT NNP VBD $ CD CD IN NN NN NNS NNP , DT JJ NN NN IN CD NNS .
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The move , which injects capital into the system , is seen as an effort to reassure the finanicial markets that the U.S. central bank is ready to provide the ample liquidity . DT NN , WDT VBZ NN IN DT NN , VBZ VBN IN DT NN TO VB DT JJ NNS IN DT NNP JJ NN VBZ JJ TO VB DT JJ NN .
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But other analysts contend that while the Fed 's move to loosen credit has n't been aggressive , it nevertheless sends a clear signal that , at least for now , the Fed has relaxed its grip on credit . CC JJ NNS VBP IN IN DT NNP POS NN TO VB NN VBZ RB VBN JJ , PRP RB VBZ DT JJ NN IN , IN JJS IN RB , DT NNP VBZ VBN PRP$ NN IN NN .
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They add that the Fed has allowed the key federal funds interest rate to dip to about 8 5\/8 % from its levels of just below 9 % last week . PRP VBP IN DT NNP VBZ VBN DT JJ JJ NNS VBP NN TO VB TO IN CD CD NN IN PRP$ NNS IN RB IN CD NN JJ NN .
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The federal funds rate is the overnight lending rate that banks charge each other . DT JJ NNS NN VBZ DT JJ NN NN IN NNS VBP DT NN .
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Market participants said that the mark continues to post the most significant gains against the dollar . NN NNS VBD IN DT NN VBZ TO VB DT RBS JJ NNS IN DT NN .
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On the Commodity Exchange in New York , gold for current delivery settled at $ 367.40 an ounce , up 10 cents . IN DT NNP NNP IN NNP NNP , NN IN JJ NN VBD IN $ CD DT NN , IN CD NNS .
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Estimated volume was a moderate 3.5 million ounces . VBN NN VBD DT JJ CD CD NNS .
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In early trading in Hong Kong Wednesday , gold was at $ 366.55 an ounce . IN JJ NN IN NNP NNP NNP , NN VBD IN $ CD DT NN .
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National Semiconductor Corp. said it settled a four-year-old patent infringement case against Linear Technology Corp. by accepting a $ 3 million payment from Linear in exchange for granting Linear irrevocable licenses for all products involved . NNP NNP NNP VBD PRP VBD DT JJ NN NN NN IN NNP NNP NNP IN VBG DT $ CD CD NN IN NNP IN NN IN VBG NNP JJ NNS IN DT NNS VBN .
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The two companies also agreed to settle any future property rights issues over the next 10 years through binding arbitration , both companies said . DT CD NNS RB VBD TO VB DT NN NN NNS NNS IN DT JJ CD NNS IN NN NN , DT NNS VBD .
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The products are so-called analog integrated circuits that have applications in the consumer electronics , automobile and electronic instrumentation markets . DT NNS VBP JJ NN VBN NNS WDT VBP NNS IN DT NN NNS , NN CC JJ NN NNS .
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Linear Technology , Milpitas , Calif. , called the settlement `` positive , '' since products covered by the disputed patents account for about 20 % of its annual sales . NNP NNP , NNP , NNP , VBD DT NN `` JJ , '' IN NNS VBN IN DT VBN NNS VBP IN IN CD NN IN PRP$ JJ NNS .
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The electronics concern said it already has paid $ 2 million of the settlement to National Semiconductor , Santa Clara , Calif. , and will pay the remaining $ 1 million in equal installments over the next eight quarters . DT NNS VBP VBD PRP RB VBZ VBN $ CD CD IN DT NN TO NNP NNP , NNP NNP , NNP , CC MD VB DT VBG $ CD CD IN JJ NNS IN DT JJ CD NNS .
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The payments are n't expected to have an impact on coming operating results , Linear added . DT NNS VBP RB VBN TO VB DT NN IN VBG VBG NNS , NNP VBD .
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NBC 's winning streak has been canceled . NNP POS VBG NN VBZ VBN VBN .
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The National Broadcasting Co. , a unit of General Electric Co. , had its record-breaking 68-week reign as the prime-time ratings leader snapped yesterday by ABC-TV , a subsidiary of Capital Cities\/ABC Inc . DT NNP NNP NNP , DT NN IN NNP NNP NNP , VBD PRP$ JJ JJ NN IN DT JJ NNS NN VBD NN IN NNP , DT NN IN NNP NNP NNP .
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In the ratings compiled by the A.C. Nielsen Co. , ABC , which broadcast the World Series , topped the competition with a 14.8 rating and 25 share . IN DT NNS VBN IN DT NNP NNP NNP , NNP , WDT NN DT NNP NNP , VBD DT NN IN DT CD NN CC CD NN .
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NBC was second with a 13.9 rating and 24 share followed by CBS Inc. 's television network with a 12.5 rating and 21 share . NNP VBD JJ IN DT CD NN CC CD NN VBN IN NNP NNP POS NN NN IN DT CD NN CC CD NN .
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-LRB- A ratings point represents 904,000 television households ; shares indicate the percentage of sets in use . -RRB- ( DT NNS VBP VBZ CD NN NNS : NNS VBP DT NN IN NNS IN NN . )
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The first two games of the World Series between the Oakland Athletics and San Francisco Giants did n't finish in the top 10 ; instead they landed in 16th and 18th place . DT JJ CD NNS IN DT NNP NNP IN DT NNP NNP CC NNP NNP NNP VBD RB VB IN DT JJ CD : RB PRP VBD IN JJ CC JJ NN .
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The highest-rated show continues to be ABC 's `` Roseanne . '' DT JJ NN VBZ TO VB NNP POS `` NNP . ''
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NBC had five of the top 10 shows ; ABC had four and CBS had one . NNP VBD CD IN DT JJ CD VBZ : NNP VBD CD CC NNP VBD CD .
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CBS held the previous record for consecutive No. 1 victories -- 46 weeks -- during the 1962-63 season . NNP VBD DT JJ NN IN JJ NN CD NNS : CD NNS : IN DT CD NN .
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Procter & Gamble Co. , Cincinnati , expanding its presence in the food service market , said it acquired Maryland Club Foods , a coffee supplier , from an investor group led by F. Philip Handy of Winter Park , Fla . NNP CC NNP NNP , NNP , VBG PRP$ NN IN DT NN NN NN , VBD PRP VBD NNP NNP NNPS , DT NN NN , IN DT NN NN VBN IN NNP NNP NNP IN NNP NNP , NNP .
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Terms were n't disclosed . NNS VBD RB VBN .
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Houston-based Maryland Club Foods , which had sales of about $ 200 million last year , sells coffee under the Maryland Club and Butter-Nut brands to restaurants , hotels , offices and airlines . NNP NNP NNP NNPS , WDT VBD NNS IN RB $ CD CD JJ NN , VBZ NN IN DT NNP NNP CC NNP NNS TO NNS , NNS , NNS CC NNS .
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The acquisition `` gives us additional production capacity for the food service coffee business and a stronger distribution network , '' a P&G spokesman said . DT NN `` VBZ PRP JJ NN NN IN DT NN NN NN NN CC DT JJR NN NN , '' DT NNP NN VBD .
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P&G already sells its Folgers ground roast coffee to food service concerns , but not to as many markets as Maryland Club . NNP RB VBZ PRP$ NNP NN NN NN TO NN NN NNS , CC RB TO IN JJ NNS IN NNP NNP .
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For example , P&G up until now has n't sold coffee to airlines and does only limited business with hotels and large restaurant chains . IN NN , NNP IN IN RB VBZ RB VBN NN TO NNS CC VBZ RB JJ NN IN NNS CC JJ NN NNS .
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Maryland Club also distributes tea , which fits well with P&G 's Tender Leaf brand , and hot cocoa products . NNP NNP RB VBZ NN , WDT VBZ RB IN NNP POS NN NN NN , CC JJ NN NNS .
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The company said the acquisition has been completed and reviewed by the Federal Trade Commission . DT NN VBD DT NN VBZ VBN VBN CC VBN IN DT NNP NNP NNP .
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The purchase includes a coffee-roasting plant in Omaha , Neb. , and a leased facility in Houston . DT NN VBZ DT JJ NN IN NNP , NNP , CC DT VBN NN IN NNP .
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MACMILLAN BLOEDEL Ltd. said it borrowed 215 million Dutch guilders -LRB- US$ 102 million -RRB- from a group of Dutch institutional investors . NNP NNP NNP VBD PRP VBD CD CD JJ NNS ( $ CD CD ) IN DT NN IN JJ JJ NNS .
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MacMillan Bloedel , a Vancouver , British Columbia , forest products concern , said the 8.1 % loan is due Oct. 16 , 1996 . NNP NNP , DT NNP , NNP NNP , NN NNS VBP , VBD DT CD NN NN VBZ JJ NNP CD , CD .
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Funds will be used to repay existing short-term debt and to finance capital spending , it said . NNS MD VB VBN TO VB VBG JJ NN CC TO VB NN NN , PRP VBD .
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President Bush will veto a bill funding the Departments of Labor , Education and Health and Human Services because it would allow federal funding of abortions for victims of rape and incest , the White House said . NNP NNP MD VB DT NN VBG DT NNPS IN NNP , NNP CC NNP CC NNP NNP IN PRP MD VB JJ NN IN NNS IN NNS IN NN CC NN , DT NNP NNP VBD .
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Mr. Bush had threatened a veto previously . NNP NNP VBD VBN DT NN RB .
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But he put off a firm decision while his aides and legislators searched for a compromise that would tighten requirements for such abortions in a way acceptable to the president . CC PRP VBP IN DT NN NN IN PRP$ NNS CC NNS VBD IN DT NN WDT MD VB NNS IN JJ NNS IN DT NN JJ TO DT NN .
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White House Press Secretary Marlin Fitzwater said negotiations between Bush aides and lawmakers ended Monday without success . NNP NNP NNP NNP NNP NNP VBD NNS IN NNP NNS CC NNS VBD NNP IN NN .
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Most lawmakers think it will be extremely difficult for Mr. Bush 's opponents on the abortion issue to round up the votes needed to override the veto . JJS NNS VBP PRP MD VB RB JJ IN NNP NNP POS NNS IN DT NN NN TO VB IN DT NNS VBN TO VB DT NN .
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But there still may be prolonged debate and political maneuvering that holds up the $ 156.7 billion funding bill for the fiscal year that began Oct. 1 . CC EX RB MD VB VBN NN CC JJ NN WDT VBZ IN DT $ CD CD NN NN IN DT JJ NN WDT VBD NNP CD .
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Mr. Bush has said he personally approves of abortions in the cases of rape , incest and danger to the life of the mother . NNP NNP VBZ VBD PRP RB VBZ IN NNS IN DT NNS IN NN , NN CC NN TO DT NN IN DT NN .
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But he has opposed Medicaid funding of abortions for poor women who say they are victims of rape and incest , arguing that those exceptions are enforced so loosely that they open the way for abortions for other women . CC PRP VBZ VBN NNP NN IN NNS IN JJ NNS WP VBP PRP VBP NNS IN NN CC NN , VBG IN DT NNS VBP VBN RB RB IN PRP VB DT NN IN NNS IN JJ NNS .
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NEWSPAPERS : NNS :
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Media General Inc. intends to sell two of its West Coast weekly newspaper chains , Golden West Publishing Inc. and Highlander Publications , which together comprise 31 papers . NNP NNP NNP VBZ TO VB CD IN PRP$ NNP NNP JJ NN NNS , NNP NNP NNP NNP CC NNP NNP , WDT RB VBP CD NNS .
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Media General said it has had inquiries from potential buyers and expects to complete a sale in 1989 . NNP NNP VBD PRP VBZ VBN NNS IN JJ NNS CC VBZ TO VB DT NN IN CD .
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It would n't discuss a price . PRP MD RB VB DT NN .
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Lee Dirks & Associates is to sell the chains . NNP NNP CC NNPS VBZ TO VB DT NNS .
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J.P. Morgan & Co. , New York , will help the statutory managers of DFC New Zealand Ltd. to evaluate the failed investment bank 's condition . NNP NNP CC NNP , NNP NNP , MD VB DT JJ NNS IN NNP NNP NNP NNP TO VB DT VBN NN NN POS NN .
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Earlier this month , the Reserve Bank of New Zealand , the country 's central bank , appointed the managers to run the investment bank and pay creditors . RBR DT NN , DT NNP NNP IN NNP NNP , DT NN POS JJ NN , VBD DT NNS TO VB DT NN NN CC VB NNS .
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DFC asked the central bank to appoint managers after it revised loan-loss provisions to around the same level of shareholders ' funds of 180 million New Zealand dollars -LRB- US$ 105.4 million -RRB- . NNP VBD DT JJ NN TO VB NNS IN PRP VBD NN NNS TO IN DT JJ NN IN NNS POS NNS IN CD CD NNP NNP NNS ( $ CD CD ) .
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DFC is held 80 % by National Provident Fund , New Zealand 's largest pension fund , and 20 % by Salomon Brothers Inc. , the investment-bank and securities-firm subsidiary of Salomon Inc. in New York . NNP VBZ VBN CD NN IN NNP NNP NNP , NNP NNP POS JJS NN NN , CC CD NN IN NNP NNP NNP , DT JJ CC NN NN IN NNP NNP IN NNP NNP .
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A spokeswoman for J.P. Morgan , parent of the bank Morgan Guaranty Trust Co. , confirmed its appointment to assist the managers but declined to elaborate . DT NN IN NNP NNP , NN IN DT NN NNP NNP NNP NNP , VBD PRP$ NN TO VB DT NNS CC VBD TO VB .
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The managers said in a brief statement yesterday that Morgan will help evaluate DFC 's position and help determine alternatives . DT NNS VBD IN DT JJ NN NN IN NNP MD VB VB NNP POS NN CC VB VB NNS .
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The managers do n't expect to complete the evaluation until Nov. 30 . DT NNS VBP RB VB TO VB DT NN IN NNP CD .
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An experimental vaccine can alter the immune response of people infected with the AIDS virus , a prominent U.S. scientist said . DT JJ NN MD VB DT JJ NN IN NNS VBN IN DT NNP NN , DT JJ NNP NN VBD .
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However , that does n't mean they can benefit from the vaccine . RB , WDT VBZ RB VB PRP MD VB IN DT NN .
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Its effectiveness ca n't be determined until a large clinical trial is undertaken by the Army in January , according to Robert Redfield , chief of acquired immune deficiency syndrome research at Walter Reed Army Institute of Research . PRP$ NN MD RB VB VBN IN DT JJ JJ NN VBZ VBN IN DT NNP IN NNP , VBG TO NNP NNP , NN IN VBN JJ NN NN NN IN NNP NNP NNP NNP IN NNP .
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Dr. Redfield 's report on early experiments using an AIDS vaccine made by MicroGeneSys Inc. of West Haven , Conn. , came at a meeting of AIDS vaccine researchers in Florida late Monday . NNP NNP POS NN IN JJ NNS VBG DT NNP NN VBN IN NNP NNP IN NNP NNP , NNP , VBD IN DT NN IN NNP NN NNS IN NNP JJ NNP .
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The vaccine , VaxSyn HIV-1 , has been safely given to 14 people , some of whom are experiencing substantial increases in certain antibodies . DT NN , NNP NNP , VBZ VBN RB VBN TO CD NNS , DT IN WP VBP VBG JJ NNS IN JJ NNS .
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`` The conventional wisdom used to be that you could n't modify the immune response of an infected individual '' by innoculating them with synthetic viral proteins , Dr. Redfield said . `` DT JJ NN VBN TO VB IN PRP MD RB VB DT JJ NN IN DT VBN JJ '' IN VBG PRP IN JJ JJ NNS , NNP NNP VBD .
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`` We 've demonstrated that you can . '' `` PRP VBP VBN IN PRP MD . ''
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He said certain volunteers developed kinds of antibodies associated with early AIDS . PRP VBD JJ NNS VBD NNS IN NNS VBN IN JJ NNP .
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Other antibodies sparked by the preparation are of a sort rarely present in large quantities in infected or ill individuals , he added . JJ NNS VBN IN DT NN VBP IN DT NN RB JJ IN JJ NNS IN VBN CC JJ NNS , PRP VBD .
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One of the mysteries of AIDS remains why infected people produce large quantities of antibodies , but deteriorate nonetheless . CD IN DT NNS IN NNP VBZ WRB VBN NNS VBP JJ NNS IN NNS , CC VB RB .
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Cross & Trecker Corp. said it reached an agreement to sell its Wiedemann division to recently created Murata Wiedemann Inc. , a U.S. affiliate of Murata Machinery Ltd. of Kyoto , Japan . NNP CC NNP NNP VBD PRP VBD DT NN TO VB PRP$ NNP NN TO RB VBN NNP NNP NNP , DT NNP NN IN NNP NNP NNP IN NNP , NNP .
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The agreement also includes the purchase of Cross & Trecker 's Warner & Swasey -LRB- Switzerland -RRB- AG unit by a European affiliate of Murata Machinery . DT NN RB VBZ DT NN IN NNP CC NNP POS NNP CC NNP ( NNP ) NNP NN IN DT JJ NN IN NNP NNP .
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Cross & Trecker is also selling its equity interest in a Japanese joint venture , Murata Warner Swasey , to Murata Machinery . NNP CC NNP VBZ RB VBG PRP$ NN NN IN DT JJ JJ NN , NNP NNP NNP , TO NNP NNP .
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Cross & Trecker , a Bloomfield Hills , Mich. , machine-tool maker , said the net sales price of the total transaction is $ 24 million . NNP CC NNP , DT NNP NNP , NNP , JJ NN , VBD DT JJ NNS NN IN DT JJ NN VBZ $ CD CD .
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The Wiedemann division was one of three businesses put up for sale in Cross & Trecker 's restructuring program announced in July . DT NNP NN VBD CD IN CD NNS VBP IN IN NN IN NNP CC NNP POS NN NN VBD IN NNP .
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Cross & Trecker said negotiations are under way for the sale of another company , RobertsCorp . NNP CC NNP VBD NNS VBP IN NN IN DT NN IN DT NN , NNP .
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The average interest rate fell to 8.292 % at Citicorp 's $ 50 million weekly auction of 91-day commercial paper , or corporate IOUs , from 8.483 % at last week 's sale . DT JJ NN NN VBD TO CD NN IN NNP POS $ CD CD JJ NN IN JJ JJ NN , CC JJ NNS , IN CD NN IN JJ NN POS NN .
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Bids totaling $ 465 million were submitted , and accepted bids were at 8.292 % . NNS VBG $ CD CD VBD VBN , CC VBD NNS VBD IN CD NN .
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Citicorp also said that the average rate fell to 7.986 % at its $ 50 million auction of 182-day commercial paper from 8.1255 % at last week 's sale . NNP RB VBD IN DT JJ NN VBD TO CD NN IN PRP$ $ CD CD NN IN JJ JJ NN IN CD NN IN JJ NN POS NN .
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Bids totaling $ 415 million were submitted , and accepted bids were at 7.986 % . NNS VBG $ CD CD VBD VBN , CC VBD NNS VBD IN CD NN .
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The bank holding company will auction another $ 50 million of commercial paper in each maturity next Tuesday . DT NN VBG NN MD VB DT $ CD CD IN JJ NN IN DT NN JJ NNP .
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Matra S.A. reported its 1989 first-half profit soared 88 % , and indicated that its previous estimate of a 50 % rise in earnings for all of 1989 will be exceeded by a wide margin . NNP NNP VBD PRP$ CD JJ NN VBD CD NN , CC VBD IN PRP$ JJ NN IN DT CD NN NN IN NNS IN DT IN CD MD VB VBN IN DT JJ NN .
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The French electronics and defense group said attributable consolidated net profit for the first six months of 1989 totaled 244 million francs -LRB- $ 38.4 million -RRB- , compared with 130 million francs -LRB- $ 20.5 million -RRB- in the corresponding period of DT JJ NNS CC NN NN VBD JJ JJ JJ NN IN DT JJ CD NNS IN CD VBD CD CD NNS ( $ CD CD ) , VBN IN CD CD NNS ( $ CD CD ) IN DT JJ NN IN
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Operating profit climbed 51 % , to 572 million francs from 378 million in the first half of 1988 . NN NN VBD CD NN , TO CD CD NNS IN CD CD IN DT JJ NN IN CD .
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Matra said the sharp improvement in net profit partly reflected a decline of 59 million francs in the group 's net loss from nonrecurring items in the first half of this year to 104 million francs from 163 million a year earlier . NNP VBD DT JJ NN IN JJ NN RB VBD DT NN IN CD CD NNS IN DT NN POS JJ NN IN VBG NNS IN DT JJ NN IN DT NN TO CD CD NNS IN CD CD DT NN RBR .
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There was also a decline in the group 's net financial costs to 25 million francs from 50 million a year before . EX VBD RB DT NN IN DT NN POS JJ JJ NNS TO CD CD NNS IN CD CD DT NN RB .
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These movements were offset , however , by a steep rise in corporate income tax payments to 199 million francs from 35 million in the first six months of 1988 . DT NNS VBD VBN , RB , IN DT JJ NN IN JJ NN NN NNS TO CD CD NNS IN CD CD IN DT JJ CD NNS IN CD .
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Matra said the sharp rise in its first-half earnings was based on a 15 % gain in consolidated revenue to 10.16 billion francs from 8.85 billion a year earlier . NNP VBD DT JJ NN IN PRP$ JJ NNS VBD VBN IN DT CD NN NN IN JJ NN TO CD CD NNS IN CD CD DT NN RBR .
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Rep. Lee Hamilton -LRB- D. , Ind . -RRB- said he and Rep. Byron Dorgan -LRB- D. , N.D . -RRB- are backing away from their proposal to make the Treasury Secretary a voting member of the Federal Reserve panel that sets monetary policy . NNP NNP NNP ( NNP , NNP . ) VBD PRP CC NNP NNP NNP ( NNP , NNP . ) VBP VBG RB IN PRP$ NN TO VB DT NNP NNP DT NN NN IN DT NNP NNP NN IN NNS JJ NN .
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Rep. Hamilton said the bill will be modified substantially to call for two meetings each year between the Fed 's open market committee and the Treasury Secretary , the chairman of the Council of Economic Advisers and the director of the Office of Management and Budget . NNP NNP VBD DT NN MD VB VBN RB TO VB IN CD NNS DT NN IN DT NNP POS JJ NN NN CC DT NNP NNP , DT NN IN DT NNP IN NNP NNPS CC DT NN IN DT NNP IN NNP CC NNP .
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The original bill was strongly opposed by the Fed and publicly criticized by friends of the Fed as an attempt to undermine the central bank 's independence . DT JJ NN VBD RB VBN IN DT NNP CC RB VBN IN NNS IN DT NNP IN DT NN TO VB DT JJ NN POS NN .
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Fed critics , however , hailed it as a long overdue attempt to bring a measure of openness and democracy to the setting of monetary policy . JJ NNS , RB , VBD PRP IN DT JJ JJ NN TO VB DT NN IN NN CC NN TO DT NN IN JJ NN .
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Rep. Hamilton said the purpose of the meetings would be to `` improve communications and perhaps coordination between the executive branch and the Fed . '' NNP NNP VBD DT NN IN DT NNS MD VB TO `` VB NNS CC RB NN IN DT JJ NN CC DT NNP . ''
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Fed Chairman Alan Greenspan meets regularly for lunch with Treasury Secretary Nicholas Brady and talks frequently with Budget Director Richard Darman and Michael Boskin , chairman of the Council of Economic Advisers . NNP NNP NNP NNP VBZ RB IN NN IN NNP NNP NNP NNP CC NNS RB IN NNP NNP NNP NNP CC NNP NNP , NN IN DT NNP IN NNP NNPS .
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The administration officials do n't ordinarily meet with the entire membership of the open market committee . DT NN NNS VBP RB RB VB IN DT JJ NN IN DT JJ NN NN .
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B.F. Goodrich Co. said third-quarter profits dropped 34 % because of lower prices for polyvinyl chloride materials , the company 's largest product group . NNP NNP NNP VBD JJ NNS VBD CD NN IN IN JJR NNS IN NN NN NNS , DT NN POS JJS NN NN .
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Net fell to $ 40.1 million , or $ 1.50 a share , from $ 60.7 million , or $ 2.32 a share , a year earlier . NN VBD TO $ CD CD , CC $ CD DT NN , IN $ CD CD , CC $ CD DT NN , DT NN RBR .
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Sales for the quarter slipped 2.7 % to $ 601.3 million from $ 618.1 million . NNS IN DT NN VBD CD NN TO $ CD CD IN $ CD CD .
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Polyvinyl chloride capacity `` has overtaken demand and we are experiencing reduced profit margins as a result , '' said John D. Ong , chairman and chief executive . NN NN NN `` VBZ VBN NN CC PRP VBP VBG VBN NN NNS IN DT NN , '' VBD NNP NNP NNP , NN CC JJ NN .
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Prices for general-purpose PVC resin have dropped more than 15 % since last December , he said . NNS IN JJ NNP NN VBP VBN JJR IN CD NN IN JJ NNP , PRP VBD .
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The plastic resin is used in a wide range of products , including siding , pipe and electrical wire insulation . DT NN NN VBZ VBN IN DT JJ NN IN NNS , VBG NN , NN CC JJ NN NN .
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Goodrich 's vinyl-products segment reported operating profit for the quarter of $ 30.1 million , less than half the $ 64.1 million of the year-earlier quarter . NNP POS NNS VBP VBD VBG NN IN DT NN IN $ CD CD , JJR IN PDT DT $ CD CD IN DT JJ NN .
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Third-quarter operating profit of the specialty-chemicals group declined slightly to $ 24.3 million from $ 24.9 million . JJ NN NN IN DT NNS VBP VBD RB TO $ CD CD IN $ CD CD .
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But operating profit from aerospace products rose nearly 50 % to $ 15 million from $ 10.1 million . CC VBG NN IN NN NNS VBD RB CD NN TO $ CD CD IN $ CD CD .
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In New York Stock Exchange composite trading , shares of the Akron , Ohio-based company fell $ 1.375 to $ 49.125 . IN NNP NNP NNP NNP JJ NN , VBZ IN DT NNP , JJ NN VBD $ CD TO $ CD .
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Fiat S.p . A. , Italy 's leading industrial group , is conducting `` concrete '' talks with West Germany 's Daimler-Benz AG on a series of projects in the aerospace sector , Fiat officials said . NNP NNP . NNP , NNP POS VBG JJ NN , VBZ VBG `` JJ '' NNS IN NNP NNP POS NNP NNP IN DT NN IN NNS IN DT NN NN , NNP NNS VBD .
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However , the officials said it was too early to disclose the nature of the proposed projects or indicate when the talks might be concluded . RB , DT NNS VBD PRP VBD RB JJ TO VB DT NN IN DT VBN NNS CC VB WRB DT NNS MD VB VBN .
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Daimler-Benz Chairman Edzard Reuter told Milan 's financial daily Il Sole 24 Ore that talks are taking place between both companies ' aerospace units . NNP NNP NNP NNP VBD NNP POS JJ JJ FW NNP CD NNP IN NNS VBP VBG NN IN DT NNS POS NN NNS .
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`` While Mr. Reuter 's comments please us very much , there currently are no talks in progress regarding the automotive industry , '' a Fiat spokeswoman said . `` IN NNP NNP POS NNS VBP PRP RB RB , EX RB VBP DT NNS IN NN VBG DT JJ NN , '' DT NNP NN VBD .
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In the interview , Mr. Reuter said he is thinking foremost of cooperation in the truck sector , but `` in the long run , I do n't want to rule out that we can also come a bit closer in personal cars . '' IN DT NN , NNP NNP VBD PRP VBZ VBG JJ IN NN IN DT NN NN , CC `` IN DT JJ NN , PRP VBP RB VB TO VB RP IN PRP MD RB VB DT NN JJR IN JJ NNS . ''
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Roberto Morelli , Italy analyst for County Natwest Securities in London , said that right now `` the market is n't being influenced by that kind of news , '' referring to the conditional nature of the talks mentioned by Mr. Reuter and by the uncertainty surrounding world stock exchanges this week . NNP NNP , NNP NN IN NNP NNP NNPS IN NNP , VBD DT RB RB `` DT NN VBZ RB VBG VBN IN DT NN IN NN , '' VBG TO DT JJ NN IN DT NNS VBN IN NNP NNP CC IN DT NN VBG NN NN VBZ DT NN .
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Paul Tanner was named president , chief executive officer and chairman of this oil and natural gas company . NNP NNP VBD VBN NN , JJ JJ NN CC NN IN DT NN CC JJ NN NN .
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He succeeds John A. Boudreau , who resigned for personal reasons . PRP VBZ NNP NNP NNP , WP VBD IN JJ NNS .
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Mr. Tanner had been president of Penn Pacific 's National Southwest Capital Group subsidiary . NNP NNP VBD VBN NN IN NNP NNP POS NNP NNP NNP NNP NN .
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Mr. Boudreau will remain with Penn Pacific as a director and a member of the executive committee . NNP NNP MD VB IN NNP NNP IN DT NN CC DT NN IN DT JJ NN .
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He has also agreed to become president of a new subsidiary to be formed to make future acquisitions , the company said . PRP VBZ RB VBN TO VB NN IN DT JJ NN TO VB VBN TO VB NN NNS , DT NN VBD .
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Spooked investors , despite their stampede to dump takeover stocks , should hold on tight to their Jaguar shares . VBN NNS , IN PRP$ NN TO VB NN NNS , MD VB IN JJ TO PRP$ NNP NNS .
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That 's the view of some analysts here who argue that Britain 's leading maker of luxury cars still may have two U.S. auto giants battling for it . DT VBZ DT NN IN DT NNS RB WP VBP IN NNP POS VBG NN IN NN NNS RB MD VB CD NNP NN NNS VBG IN PRP .
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Yesterday , Ford Motor disclosed that it has raised its holding in Jaguar to 10.4 % from 5 % . NN , NNP NNP VBD IN PRP VBZ VBN PRP$ NN IN NNP TO CD NN IN NN NN .
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Both Ford and its rival General Motors recently set their sights on grabbing significant minority stakes in the British company . DT NNP CC PRP$ JJ NNP NNPS RB VBN PRP$ NNS IN VBG JJ NN NNS IN DT JJ NN .
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Ford 's latest move increases the pressure on GM to complete its current talks with Jaguar quickly . NNP POS JJS NN VBZ DT NN IN NNP TO VB PRP$ JJ NNS IN NNP RB .
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GM is likely to reach the cooperative operating pact it has been seeking in about two weeks , knowledgeable individuals say . NNP VBZ JJ TO VB DT JJ NN NN PRP VBZ VBN VBG IN IN CD NNS , JJ NNS VBP .
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At that point investors may face a long , bumpy ride . IN DT NN NNS MD VB DT JJ , JJ NN .
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A victor in the fight for Jaguar may not emerge until after the expiration late next year of British government takeover restrictions . DT NN IN DT NN IN NNP MD RB VB IN IN DT NN JJ JJ NN IN JJ NN NN NNS .
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The curbs prevent a buyer from purchasing more than 15 % of Jaguar shares without permission . DT NNS VBP DT NN IN VBG JJR IN CD NN IN NNP NNS IN NN .
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`` This is an exceptionally odd takeover battle , '' says London analyst Christopher Will of Shearson Lehman Hutton . `` DT VBZ DT RB JJ NN NN , '' VBZ NNP NN NNP MD IN NNP NNP NNP .
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Jaguar 's American depositary receipts were up 3\/8 yesterday in a down market , closing at 10 3\/8 . NNP POS JJ NN NNS VBD IN CD NN IN DT JJ NN , VBG IN CD CD .
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-LRB- Jaguar 's ADRs make the company one of the most widely held United Kingdom stocks in the U.S. , with more than one-fourth of its shares owned there . -RRB- ( NNP POS NNS VBP DT NN CD IN DT RBS RB VBN NNP NNP NNS IN DT NNP , IN JJR IN NN IN PRP$ NNS VBN RB . )
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Jaguar topped the most-active list for the U.S. over-the-counter market Monday . NNP VBD DT JJ NN IN DT NNP JJ NN NNP .
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And on London 's Stock Exchange Monday , 18.5 million shares were traded , far above the usual volume . CC IN NNP POS NNP NNP NNP , CD CD NNS VBD VBN , RB IN DT JJ NN .
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Ford 's share purchases undoubtedly accounted for much of Monday 's heavy trading . NNP POS NN NNS RB VBD IN NN IN NNP POS JJ NN .
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Last week , many Jaguar shareholders took their money and ran . JJ NN , JJ NNP NNS VBD PRP$ NN CC VBD .
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Fears that Ford 's ardor might be cooling put Jaguar shares into reverse after GM confirmed its friendly negotiations with Jaguar . NNS IN NNP POS NN MD VB NN NN NNP NNS IN NN IN NNP VBD PRP$ JJ NNS IN NNP .
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But yesterday 's announcement indicates that Ford has n't lost interest . CC NN POS NN VBZ IN NNP VBZ RB VBN NN .
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Both Shearson 's Mr . Will and Stephen Reitman , European auto analyst at the London brokerage firm UBS-Phillips & Drew , recently switched their Jaguar recommendations to hold from buy . DT NNP POS NNP . MD CC NNP NNP , JJ NN NN IN DT NNP NN NN NNP CC NNP , RB VBD PRP$ NNP NNS TO VB IN NN .
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`` Sit tight '' through the coming volatility , Mr. Reitman suggests , though he concedes that many small investors will find Jaguar 's zigzags `` too hard to swallow . '' `` VB JJ '' IN DT VBG NN , NNP NNP VBZ , IN PRP VBZ IN JJ JJ NNS MD VB NNP POS NNS `` RB JJ TO VB . ''
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But a crucial point is how Ford reacts when GM , the world 's largest auto maker , firms up its proposed deal with Jaguar . CC DT JJ NN VBZ WRB NNP VBZ WRB NNP , DT NN POS JJS NN NN , VBZ IN PRP$ VBN NN IN NNP .
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At the moment , Ford executives will say little beyond reiterating their desire to raise Ford 's Jaguar stake to about 15 % . IN DT NN , NNP NNS MD VB JJ IN VBG PRP$ NN TO VB NNP POS NNP NN TO IN CD NN .
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GM is expected to inject roughly # 200 million -LRB- $ 316 million -RRB- by acquiring some Jaguar shares , and then win Jaguar management 's promise of an eventual 30 % stake . NNP VBZ VBN TO VB RB # CD CD ( $ CD CD ) IN VBG DT NNP NNS , CC RB VB NNP NN POS NN IN DT JJ CD NN NN .
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Analysts believe the car makers also will create joint ventures to develop new executive models , doubling Jaguar 's yearly output of 50,000 cars . NNS VBP DT NN NNS RB MD VB JJ NNS TO VB JJ NN NNS , VBG NNP POS JJ NN IN CD NNS .
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Jaguar shareholders would have to bless such a far-reaching accord . NN NNS MD VB TO VB JJ DT JJ NN .
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Ford might challenge the proposal by offering a full bid if holders and the U.K. government agreed to drop the anti-takeover barrier early . NNP MD VB DT NN IN VBG DT JJ NN IN NNS CC DT NNP NN VBD TO VB DT JJ NN JJ .
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`` I think Ford is going to come out with full guns blazing , '' Mr. Reitman says . `` PRP VBP NNP VBZ VBG TO VB IN IN JJ NNS VBG , '' NNP NNP VBZ .
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`` Ford wants -LCB- Jaguar -RCB- very much . '' `` NNP VBZ ( NNP ) RB RB . ''
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U.S. takeover-stock speculators , who may own between 20 % and 30 % of Jaguar , could give Ford enough votes to block the GM deal . NNP JJ NNS , WP MD VB IN CD NN CC CD NN IN NNP , MD VB NNP RB VBZ TO VB DT NNP NN .
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GM might counterbid . NNP MD NN .
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Then , Mr . Will says , `` you get a bidding war between two very rich , very determined international companies . '' RB , NNP . MD VBZ , `` PRP VBP DT NN NN IN CD RB JJ , RB VBN JJ NNS . ''
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He believes Jaguar 's share price could zoom to between # 8 and # 10 -LRB- $ 12.60 to $ 15.80 -RRB- . PRP VBZ NNP POS NN NN MD VB TO IN # CD CC # CD ( $ CD TO $ CD ) .
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`` There 's quite a bit of value left in the -LCB- Jaguar -RCB- shares here even though they have run up '' lately , says Doug Johnson , a fund manager for Seattle-based Safeco Asset Management . `` EX VBZ RB DT NN IN NN VBN IN DT ( NNP ) NNS RB RB IN PRP VBP VBN IN '' RB , VBZ NNP NNP , DT NN NN IN JJ NNP NNP NNP .
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At the moment , he intends to keep the firm 's 180,000 Jaguar shares . IN DT NN , PRP VBZ TO VB DT NN POS CD NNP NNS .
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The risk is that Jaguar 's share price could slump if GM 's agreement with Jaguar effectively locks out its U.S. rival . DT NN VBZ IN NNP POS NN NN MD VB IN NNP POS NN IN NNP RB VBZ IN PRP$ NNP JJ .
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`` Ford 's appetite to attack -LCB- Jaguar -RCB- could gradually wane over time , particularly if Saab is a reasonably attractive proposition , '' says John Lawson , an auto analyst at London 's Nomura Research Institute . `` NNP POS NN TO VB ( NNP ) MD RB VB IN NN , RB IN NNP VBZ DT RB JJ NN , '' VBZ NNP NNP , DT NN NN IN NNP POS NNP NNP NNP .
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He thinks Saab-Scania AB on Friday will announce the sale of 50 % of its car division to Ford ; the companies have been discussing closer cooperation for months . PRP VBZ NNP NNP IN NNP MD VB DT NN IN CD NN IN PRP$ NN NN TO NNP : DT NNS VBP VBN VBG JJR NN IN NNS .
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Clifford Stahl , president and chief investment officer of C-S Capital Advisors Inc. , two weeks ago sold his Cincinnati firm 's 107,100 Jaguar ADRs at about 10 each , making a tidy profit on a holding purchased at 4 7\/8 in early May . NNP NNP , NN CC JJ NN NN IN NNP NNP NNP NNP , CD NNS RB VBN PRP$ NNP NN POS CD NNP NNS IN IN CD DT , VBG DT JJ NN IN DT VBG VBN IN CD CD IN JJ NNP .
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`` I thought the probabilities of -LCB- a bidding war -RCB- happening were less , '' he says . `` PRP VBD DT NNS IN ( DT NN NN ) VBG VBD JJR , '' PRP VBZ .
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Of course , that was before Ford 's latest move . IN NN , WDT VBD IN NNP POS JJS NN .
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Jaguar -LRB- OTC ; Symbol : JAGRY -RRB- NNP ( NNP : NN : NNP )
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Business : Luxury cars NN : NN NNS
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Year ended Dec. 31 , 1988 : NN VBN NNP CD , CD :
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Revenue : $ 1.71 billion NN : $ CD CD
|
|
Net income : $ 44.9 million ; or 25 cents a share JJ NN : $ CD CD : CC CD NNS DT NN
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First half ended , June 30 , 1989 : JJ NN VBD , NNP CD , CD :
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Net loss : $ 1.7 million vs. net income : $ 21.2 million ; or 12 cents a share JJ NN : $ CD CD IN JJ NN : $ CD CD : CC CD NNS DT NN
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Averae daily trading volume : Ordinary shares outstanding : 182.9 million NNP JJ NN NN : JJ NNS JJ : CD CD
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NOTE : All figures are translated into U.S. dollars based on current exchange rates . NN : DT NNS VBP VBN IN NNP NNS VBN IN JJ NN NNS .
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A.F. Sloan , 60 years old , announced that he will retire next April as chairman and chief executive officer of this snack food and bakery products maker . NNP NNP , CD NNS JJ , VBD IN PRP MD VB JJ NNP IN NN CC JJ JJ NN IN DT NN NN CC NN NNS NN .
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No replacement was immediately named . DT NN VBD RB VBN .
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Mr. Sloan plans to remain on the board until his current term expires in April 1991 , a Lance spokesman said . NNP NNP VBZ TO VB IN DT NN IN PRP$ JJ NN VBZ IN NNP CD , DT NNP NN VBD .
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Newport Electronics Inc. of Santa Ana , Calif. , said Milton B. Hollander , who holds a 49.4 % stake , requested a special shareholders ' meeting next Wednesday to remove four current directors and elect an alternative slate . NNP NNP NNP IN NNP NNP , NNP , VBD NNP NNP NNP , WP VBZ DT CD NN NN , VBD DT JJ NNS POS NN JJ NNP TO VB CD JJ NNS CC VB DT NN NN .
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Mr. Hollander 's High Technology Holding Co. of Stamford , Conn. , acquired most of its stake last August in an $ 11-a-share tender offer for Newport , a maker of electronic-measuring devices . NNP NNP POS NNP NNP NNP NNP IN NNP , NNP , VBN RBS IN PRP$ NN JJ NNP IN DT $ JJ NN NN IN NNP , DT NN IN JJ NNS .
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Newport said Mr. Hollander is asking shareholders to retain only one director , James R. Lees , a Newport vice president . NNP VBD NNP NNP VBZ VBG NNS TO VB RB CD NN , NNP NNP NNP , DT NNP NN NN .
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The board is n't proposing a slate of its own and the other four current directors do n't want to serve beyond the special meeting date , Newport said . DT NN VBZ RB VBG DT NN IN PRP$ JJ CC DT JJ CD JJ NNS VBP RB VB TO VB IN DT JJ NN NN , NNP VBD .
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Mr. Hollander `` is the new owner and wants to exercise control , '' said Barret B. Weekes , Newport 's chairman . NNP NNP `` VBZ DT JJ NN CC VBZ TO VB NN , '' VBD NNP NNP NNP , NNP POS NN .
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Sandoz AG , a major Swiss chemical and pharmaceutical group , said that its group sales rose 25 % to 9.482 billion francs -LRB- $ 5.80 billion -RRB- in the first nine months of this year , with strong gains in all divisions . NNP NNP , DT JJ JJ NN CC JJ NN , VBD IN PRP$ NN NNS VBD CD NN TO CD CD NNS ( $ CD CD ) IN DT JJ CD NNS IN DT NN , IN JJ NNS IN DT NNS .
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A year earlier sales totaled 7.567 billion francs . DT NN JJR NNS VBD CD CD NNS .
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Positive currency rates and strong sales growth led to a substantial rise in consolidated profit in the period , although the company did n't provide figures , as is customary with Swiss companies . JJ NN NNS CC JJ NNS NN VBN TO DT JJ NN IN JJ NN IN DT NN , IN DT NN VBD RB VB NNS , IN VBZ JJ IN JJ NNS .
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Sandoz said it expects a `` substantial increase '' in consolidated profit for the full year , barring major currency rate changes . NNP VBD PRP VBZ DT `` JJ NN '' IN JJ NN IN DT JJ NN , VBG JJ NN NN NNS .
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Amstrad PLC , a British maker of computer hardware and communications equipment , posted a 52 % plunge in pretax profit for the latest year . NNP NNP , DT JJ NN IN NN NN CC NNS NN , VBD DT CD NN NN IN JJ NN IN DT JJS NN .
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The # 76.6 million -LRB- $ 120.6 million -RRB- in pretax profit for the 12 months to June 30 was down from # 160 million -LRB- $ 252 million -RRB- a year earlier and below market expectations of # 80 million and # 90 million . DT # CD CD ( $ CD CD ) IN JJ NN IN DT CD NNS TO NNP CD VBD RB IN # CD CD ( $ CD CD ) DT NN RBR CC IN NN NNS IN # CD CD CC # CD CD .
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The slump in profit , which came despite steady sales , was attributed to increased costs for parts and problems with model introductions . DT NN IN NN , WDT VBD IN JJ NNS , VBD VBN TO VB NNS IN NNS CC NNS IN NN NNS .
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Amstrad 's profit after taxes fell a similarly steep 51 % , to # 51.1 million from # 105 million a year earlier . NNP POS NN IN NNS VBD DT RB JJ CD NN , TO # CD CD IN # CD CD DT NN RBR .
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Sales edged up fractionally to # 626.3 million from # 625.4 million a year earlier . NNS VBD IN RB TO # CD CD IN # CD CD DT NN RBR .
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Microsoft Corp. 's earnings growth continued to outstrip that of most of its competitors and customers in the personal-computer industry , as it reported a 36 % jump in fiscal first-quarter earnings on a 33 % revenue gain . NNP NNP POS NNS NN VBD TO VB IN IN RBS IN PRP$ NNS CC NNS IN DT NN NN , IN PRP VBD DT CD NN NN IN JJ JJ NNS IN DT CD NN NN NN .
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The Redmond , Wash. company , a bellwether provider of operating systems and software for personal-computer makers and users , reported net income for the quarter ended Sept. 30 of $ 49.6 million , or 87 cents a share , up from $ 36.6 million , or 65 cents a share , in the year-ago period . DT NNP , NNP NN , DT NN NN IN VBG NNS CC NN IN NN NNS CC NNS , VBD JJ NN IN DT NN VBN NNP CD IN $ CD CD , CC CD NNS DT NN , IN IN $ CD CD , CC CD NNS DT NN , IN DT JJ NN .
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Revenue rose to $ 235.2 million , from $ 176.4 million . NN VBD TO $ CD CD , IN $ CD CD .
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Microsoft previously indicated it would have a strong quarter by forecasting its revenue gain on Oct. 4 , causing a $ 6.50 a share jump in its stock . NNP RB VBD PRP MD VB DT JJ NN IN VBG PRP$ NN NN IN NNP CD , VBG DT $ CD DT NN NN IN PRP$ NN .
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But its stock jumped again yesterday as it disclosed surprisingly strong margins on those sales . CC PRP$ NN VBD RB NN IN PRP VBD RB JJ NNS IN DT NNS .
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Microsoft 's stock rose $ 2.875 a share in national over-the-counter trading to $ 78.625 . NNP POS NN VBD $ CD DT NN IN JJ JJ NN TO $ CD .
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The stock had hit a high of $ 81 a share early last week but collapsed to $ 73.50 in the Friday stock plunge . DT NN VBD VBN DT NN IN $ CD DT NN JJ JJ NN CC VBD TO $ CD IN DT NNP NN NN .
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The company had been experiencing softening margins because of increased sales of software applications , which have lower margins than do operating systems . DT NN VBD VBN VBG VBG NNS IN IN VBN NNS IN NN NNS , WDT VBP JJR NNS IN VBP VBG NNS .
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But the company said that trend was offset in the first quarter by better economies of scale and efficiencies in manufacturing . CC DT NN VBD DT NN VBD VBN IN DT JJ NN IN JJR NNS IN NN CC NNS IN NN .
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As a result , Microsoft 's cost of goods , as a percentage of sales , fell 17 % from the year-ago quarter and 13 % from the previous period . IN DT NN , NNP POS NN IN NNS , IN DT NN IN NNS , VBD CD NN IN DT JJ NN CC CD NN IN DT JJ NN .
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The trend drove up the aftertax margin -- net income as a percentage of revenues -- to 21.1 % in the quarter , compared with 20.7 % a year earlier . DT NN VBD IN DT JJ NN : JJ NN IN DT NN IN NNS : TO CD NN IN DT NN , VBN IN CD NN DT NN RBR .
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Microsoft officials said the strong results also reflected continuing high demand for its software applications and operating systems . NNP NNS VBD DT JJ NNS RB VBD VBG JJ NN IN PRP$ NN NNS CC VBG NNS .
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While it has predicted that overall growth in unit sales of personal computers is slowing to about a 10 % yearly rate , its own products are selling at a much faster rate because many are geared to the high-performance end of the market . IN PRP VBZ VBN IN JJ NN IN NN NNS IN JJ NNS VBZ VBG TO IN DT CD NN JJ NN , PRP$ JJ NNS VBP VBG IN DT JJ JJR NN IN JJ VBP VBN TO DT JJ NN IN DT NN .
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That segment continues to post strong quarter-to-quarter gains , while the low-end , or commodity segment , of the industry is experiencing sluggish growth or even sales declines . DT NN VBZ TO VB JJ JJ NNS , IN DT NN , CC NN NN , IN DT NN VBZ VBG JJ NN CC RB VBZ NNS .
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Compared with its previous quarter , the final period of its 1989 fiscal year , net rose 9 % , and sales rose 7 % . VBN IN PRP$ JJ NN , DT JJ NN IN PRP$ CD JJ NN , NN VBD CD NN , CC NNS VBD CD NN .
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Control Data Corp. , Minneapolis , signed a joint development agreement with MIPS Computer Systems Inc. to incorporate an emerging computing architecture in future machines . NNP NNP NNP , NNP , VBD DT JJ NN NN IN NNP NNP NNP NNP TO VB DT VBG VBG NN IN NN NNS .
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MIPS is a leader in what is known as reduced-instruction set computing , or RISC , a technology combining microprocessors and sophisticated software . NNP VBZ DT NN IN WP VBZ VBN IN NN VBN VBG , CC NNP , DT NN VBG NNS CC JJ NN .
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In joining MIPS , Control Data follows several competitors in embracing RISC as a new design approach . IN VBG NNP , NNP NNP VBZ JJ NNS IN VBG NNP IN DT JJ NN NN .
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Digital Equipment Corp. , Tandem Computers Inc. , NEC Corp. and Group Bull , among others , have similar arrangements with MIPs , based in Sunnyvale , Calif . NNP NNP NNP , NNP NNP NNP , NNP NNP CC NNP NNP , IN NNS , VBP JJ NNS IN NNP , VBN IN NNP , NNP .
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Control Data said it expects its first RISC-based mainframe machine to be introduced next year . NNP NNP VBD PRP VBZ PRP$ JJ JJ NN NN TO VB VBN JJ NN .
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The accord with MIPS calls for Control Data to share its expertise in data storage , the companies said . DT NN IN NNP VBZ IN NNP NNP TO VB PRP$ NN IN NNS NN , DT NNS VBD .
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Control Data also said it is developing what it called a `` supermainframe '' computer , the Cyber 2000 , intended for scientists , engineers and other users of generalpurpose high-performance computers . NNP NNP RB VBD PRP VBZ VBG WP PRP VBD DT `` NN '' NN , DT NNP CD , VBN IN NNS , NNS CC JJ NNS IN JJ JJ NNS .
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UAL'S STOCK SKIDDED an additional $ 24.875 , to $ 198 , as British Airways indicated it may balk at any hastily revised version of the aborted $ 6.79 billion buy-out of United Air 's parent . NNP NN VBD DT JJ $ CD , TO $ CD , IN JJ NNPS VBD PRP MD VB IN DT RB VBN NN IN DT JJ $ CD CD NN IN NNP NNP POS NN .
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UAL has fallen $ 87.25 , or 31 % , in the three trading days since disclosure of the buy-out 's collapse jolted the stock market . NNP VBZ VBN $ CD , CC CD NN , IN DT CD NN NNS IN NN IN DT NN POS NN VBD DT NN NN .
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Meanwhile , investor Marvin Davis said he remains interested in UAL , but he dropped his earlier $ 300-a-share back-up bid . RB , NN NNP NNP VBD PRP VBZ JJ IN NNP , CC PRP VBD PRP$ RBR $ JJ NN NN .
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Stock prices fell broadly in heavy trading , dominated by futures-related program selling and further declines by UAL and other airline stocks . NN NNS VBD RB IN JJ NN , VBN IN JJ NN VBG CC JJ NNS IN NNP CC JJ NN NNS .
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The Dow Jones industrials closed off 18.65 points , at 2638.73 , after plunging over 60.25 points in the morning . DT NNP NNP NNS VBD IN CD NNS , IN CD , IN VBG IN CD NNS IN DT NN .
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Bond prices ended lower after an early rally , while the dollar was mixed . NN NNS VBD JJR IN DT JJ NN , IN DT NN VBD VBN .
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The U.S. trade deficit swelled to $ 10.77 billion in August , prompting worries that the nation 's export drive had stalled . DT NNP NN NN VBD TO $ CD CD IN NNP , VBG NNS IN DT NN POS NN NN VBD VBN .
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Exports declined for the second month in a row , while imports rose to a record . NNS VBD IN DT JJ NN IN DT NN , IN NNS VBD TO DT NN .
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An analyst called it one of the worst trade reports since the dollar bottomed out in DT NN VBD PRP CD IN DT JJS NN NNS IN DT NN VBN IN IN
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Industrial output fell 0.1 % in September , the latest sign manufacturing is slowing . JJ NN VBD CD NN IN NNP , DT JJS NN NN VBZ VBG .
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An analyst cited weaker capital spending and exports . DT NN VBD JJR NN NN CC NNS .
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Bankers Trust added $ 1.6 billion to reserves for Third World loans , the latest big bank to take such a step . NNP NNP VBD $ CD CD TO NNS IN NNP NNP NNS , DT JJS JJ NN TO VB JJ DT NN .
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It expects a $ 1.42 billion quarterly loss . PRP VBZ DT $ CD CD JJ NN .
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Citicorp posted a 9 % drop in quarterly profit . NNP VBD DT CD NN NN IN JJ NN .
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Manufacturers Hanover had a loss due to a big reserve addition . NNP NNP VBD DT NN JJ TO DT JJ NN NN .
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Bank of New England plans to sell some operations and lay off 4 % of its work force after a year of weak earnings and mounting loan problems . NNP IN NNP NNP VBZ TO VB DT NNS CC VBD IN CD NN IN PRP$ NN NN IN DT NN IN JJ NNS CC VBG NN NNS .
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Eastern Airlines ' creditors have begun exploring alternative approaches to a Chapter 11 reorganization because they are unhappy with the carrier 's latest proposal . NNP NNPS POS NNS VBP VBN VBG NN NNS TO DT NN CD NN IN PRP VBP JJ IN DT NN POS JJS NN .
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Tele-Communications agreed to buy half of Showtime Networks from Viacom for $ 225 million . NNP VBD TO VB NN IN NNP NNP IN NNP IN $ CD CD .
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The move could pose a new challenge to Time Warner 's Home Box Office . DT NN MD VB DT JJ NN TO NNP NNP POS NNP NNP NNP .
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The CFTC plans to curb dual trading on commodities markets , in which traders buy and sell both for their own account and for clients . DT NNP VBZ TO VB JJ NN IN NNS NNS , IN WDT NNS VBP CC VB DT IN PRP$ JJ NN CC IN NNS .
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The move is likely to anger traders . DT NN VBZ JJ TO NN NNS .
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FDIC Chairman Seidman said that Lincoln Savings & Loan of California should have been seized in 1986 to contain losses he estimated will cost taxpayers as much as $ 2 billion . NNP NNP NNP VBD IN NNP NNP CC NNP IN NNP MD VB VBN VBN IN CD TO VB NNS PRP VBD MD VB NNS RB JJ IN $ CD CD .
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A $ 67 billion spending bill was approved by House-Senate conferees that includes major provisions affecting the federal mortgage market . DT $ CD CD NN NN VBD VBN IN NNP NNS WDT VBZ JJ NNS VBG DT JJ NN NN .
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Hooker 's U.S. unit is expected to agree in principle this week to sell its Merksamer Jewelers chain to management , according to executives . NNP POS NNP NN VBZ VBN TO VB IN NN DT NN TO VB PRP$ NNP NNPS NN TO NN , VBG TO NNS .
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The deficit-reduction bill became snagged over efforts to streamline the House version of the legislation in advance of a House-Senate conference . DT NN NN VBD VBN IN NNS TO VB DT NNP NN IN DT NN IN NN IN DT NNP NN .
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Integrated Resources said talks have ended with another potential buyer of its core businesses . NNP NNPS VBD NNS VBP VBN IN DT JJ NN IN PRP$ NN NNS .
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Three big drug makers posted robust third-quarter earnings . CD JJ NN NNS VBD JJ JJ NNS .
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Merck 's profit climbed 25 % , Warner-Lambert 's 22 % and Eli Lilly 's 24 % . NNP POS NN VBD CD NN , NNP POS CD NN CC NNP NNP POS CD NN .
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Markets -- NNS :
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Stocks : Volume 224,070,000 shares . NNS : NN CD NNS .
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Dow Jones industrials 2638.73 , off 18.65 ; transportation 1254.27 , off 49.96 ; utilities 214.54 , off 0.19 . NNP NNP NNS CD , IN CD : NN CD , IN CD : NNS CD , IN CD .
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Bonds : Shearson Lehman Hutton Treasury index 3377.43 , off NNS : NNP NNP NNP NNP NN CD , IN
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Commodities : Dow Jones futures index 129.72 , unchanged ; spot index 129.97 , off 0.19 . NNS : NNP NNP NNS NN CD , JJ : NN NN CD , IN CD .
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Dollar : 142.75 yen , up 0.95 ; 1.8667 marks , off 0.0018 . NN : CD NN , IN CD : CD NNS , IN CD .
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Paul Ely , general partner of Alpha Partners , a venture-capital firm based in Menlo Park , Calif. , was named a director of this computer company . NNP NNP , JJ NN IN NNP NNPS , DT JJ NN VBN IN NNP NNP , NNP , VBD VBN DT NN IN DT NN NN .
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Mr. Ely , 57 years old , temporarily increases the board to seven members . NNP NNP , CD NNS JJ , RB VBZ DT NN TO CD NNS .
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However , director Thomas O'Rourke has said he wo n't seek re-election at the company 's annual meeting next month . RB , NN NNP NNP VBZ VBD PRP MD RB VB NN IN DT NN POS JJ NN JJ NN .
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BroadBeach Associates Inc. , the Los Angeles investment partnership whose $ 62-a-share bid for McGill Manufacturing Co. was topped recently by a competing offer from a Swedish concern , disclosed that it sold its entire 7 % McGill stake . NNP NNP NNP , DT NNP NNP NN NN WP$ $ JJ NN IN NNP NNP NNP VBD VBN RB IN DT VBG NN IN DT JJ NN , VBN IN PRP VBD PRP$ JJ CD NN NNP NN .
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McGill , a Valparaiso , Ind. , ball-bearing manufacturer , had rebuffed BroadBeach 's proposal . NNP , DT NNP , NNP , NN NN , VBD VBN NNP POS NN .
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It has since asked holders not to immediately tender their shares under a recent $ 72-a-share , or $ 104 million , bid from AB SKF of Sweden , until McGill directors have completed their evaluation . PRP VBZ IN VBN NNS RB TO RB VBP PRP$ NNS IN DT JJ $ JJ , CC $ CD CD , NN IN NNP NNP IN NNP , IN NNP NNS VBP VBN PRP$ NN .
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In a Securities and Exchange Commission filing , BroadBeach said it sold the 101,000 McGill shares for $ 7.3 million in a private transaction on Oct. 12 . IN DT NNP CC NNP NNP NN , NNP VBD PRP VBD DT CD NNP NNS IN $ CD CD IN DT JJ NN IN NNP CD .
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BroadBeach did n't identify the buyer of the shares , but the date of the selloff followed by one day the Swedish concern 's tender offer , and the indicated price of the shares sold equals SKF 's $ 72-a-share tender offer price . NNP VBD RB VB DT NN IN DT NNS , CC DT NN IN DT NN VBN IN CD NN DT JJ NN POS NN NN , CC DT VBN NN IN DT NNS VBN VBZ NNP POS $ JJ NN NN NN .
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A BroadBeach spokeswoman said the company sold the stock in the open market and thus could n't identify the buyer or buyers . DT NNP NN VBD DT NN VBD DT NN IN DT JJ NN CC RB MD RB VB DT NN CC NNS .
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Luis Nogales , 45 years old , has been elected to the board of this brewer . NNP NNP , CD NNS JJ , VBZ VBN VBN TO DT NN IN DT NN .
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Mr. Nogales , former president of United Press International and the Univision Spanish-language network , most recently co-founded Nogales Castro Partners , a California-based media acquisition firm . NNP NNP , JJ NN IN NNP NNP NNP CC DT NNP JJ NN , RBS RB VBD NNP NNP NNPS , DT JJ NNS NN NN .
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Mr. Nogales , the first Hispanic person to serve as a Coors director , is an addition to the board , increasing its membership to nine . NNP NNP , DT JJ JJ NN TO VB IN DT NNP NN , VBZ DT NN TO DT NN , VBG PRP$ NN TO CD .
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Hachette S.A. , a European media and publishing group , reported a small rise in its attributable first-half group profit , excluding exceptional items , to 133.8 million francs -LRB- $ 21.1 million -RRB- from 130.1 million francs a year earlier . NNP NNP , DT JJ NNS CC NN NN , VBD DT JJ NN IN PRP$ JJ JJ NN NN , VBG JJ NNS , TO CD CD NNS ( $ CD CD ) IN CD CD NNS DT NN RBR .
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The Paris-based group said its earlier projection -- that group profit for all of 1989 would be close to the 322.7 million francs posted for 1988 -- remains valid . DT JJ NN VBD PRP$ JJR NN : DT NN NN IN DT IN CD MD VB RB TO DT CD CD NNS VBD IN CD : VBZ JJ .
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Taking into account nonrecurring gains and losses , Hachette 's group net income for the first six months of this year totaled 246.6 million francs , practically double the year-earlier figure of 124.5 million francs . VBG IN NN VBG NNS CC NNS , NNP POS NN JJ NN IN DT JJ CD NNS IN DT NN VBD CD CD NNS , RB VB DT JJ NN IN CD CD NNS .
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Analysts said Hachette 's earnings in the second half might be boosted by a capital gain from the sale of the Paris headquarters of a newspaper-delivery company that is 49 % owned by Hachette . NNS VBD NNP POS NNS IN DT JJ NN MD VB VBN IN DT NN NN IN DT NN IN DT NNP NN IN DT NN NN WDT VBZ CD NN VBN IN NNP .
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Oncor Inc. , Gaithersburg , Md. , said it received approval from the U.S. Food and Drug Administration to market a genetic test that will assist in diagnosis and treatment of leukemia and lymph cancer . NNP NNP , NNP , NNP , VBD PRP VBD NN IN DT NNP NNP CC NNP NNP TO VB DT JJ NN WDT MD VB IN NN CC NN IN NN CC NN NN .
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The B\/T gene rearrangement test is more accurate than existing tests for diagnosing the type of cancer , whether it has spread or whether there is a recurrence following treatment , said Oncor President Stephen Turner . DT NNP NN NN NN VBZ RBR JJ IN VBG NNS IN VBG DT NN IN NN , IN PRP VBZ NN CC IN EX VBZ DT NN VBG NN , VBD NNP NNP NNP NNP .
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Mr. Turner said the test initially will be used in conjunction with biopsies and other tests , but eventually might become the benchmark for tumor analysis . NNP NNP VBD DT NN RB MD VB VBN IN NN IN NNS CC JJ NNS , CC RB MD VB DT NN IN NN NN .
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Mr. Turner said the test will be shipped in 45 days to hospitals and clinical laboratories . NNP NNP VBD DT NN MD VB VBN IN CD NNS TO NNS CC JJ NNS .
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Dr. Wyndham Wilson , a cancer treatment specialist at the National Cancer Institute , said the test is widely used in research centers but is n't having a major impact because it is only occasionally useful in choosing the most effective treatment . NNP NNP NNP , DT NN NN NN IN DT NNP NNP NNP , VBD DT NN VBZ RB VBN IN NN NNS CC VBZ RB VBG DT JJ NN IN PRP VBZ RB RB JJ IN VBG DT RBS JJ NN .
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But the test may prove to be more sensitive in determining whether a tumor has spread or returned following treatment , Dr. Wilson said . CC DT NN MD VB TO VB RBR JJ IN VBG IN DT NN VBZ NN CC VBN VBG NN , NNP NNP VBD .
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`` We do n't know yet how useful it 's going to be , '' he said . `` PRP VBP RB VB RB WRB JJ PRP VBZ VBG TO VB , '' PRP VBD .
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Oncor , a six-year-old developer of genetic medical tests , projects that the cancer test will help it to post its first-ever profit during the first quarter of 1990 , Mr. Turner said . NNP , DT JJ NN IN JJ JJ NNS , VBZ IN DT NN NN MD VB PRP TO VB PRP$ JJ NN IN DT JJ NN IN CD , NNP NNP VBD .
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The company will charge $ 35 for a test and projects about $ 2 million in revenue from the test during the first 12 months of marketing , he said . DT NN MD VB $ CD IN DT NN CC NNS RB $ CD CD IN NN IN DT NN IN DT JJ CD NNS IN NN , PRP VBD .
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Unilab Corp. , Norcross , Ga. , said it acquired the clinical laboratories of closely held Central Diagnostic Laboratory Inc. in a cash and securities transaction valued at $ 85 million . NNP NNP , NNP , NNP , VBD PRP VBD DT JJ NNS IN RB VBN NNP NNP NNP NNP IN DT NN CC NNS NN VBN IN $ CD CD .
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Unilab said its wholly owned MetWest Inc. unit paid $ 25 million in cash , provided $ 30 million in notes and $ 30 million in preferred stock to acquire Central 's labs in the Western U.S. . NNP VBD PRP$ RB VBN NNP NNP NN VBN $ CD CD IN NN , VBD $ CD CD IN NNS CC $ CD CD IN JJ NN TO VB NNP POS NNS IN DT NNP NNP .
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Unilab , which provides clinical laboratory services , competed with Central , based in Tarzana , Calif. , in a number of areas . NNP , WDT VBZ JJ NN NNS , VBD IN NNP , VBN IN NNP , NNP , IN DT NN IN NNS .
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Beyond removing a competitor , the combination should provide `` synergies , '' said Fred Harlow , Unilab 's chief financial officer . IN VBG DT NN , DT NN MD VB `` NNS , '' VBD NNP NNP , NNP POS JJ JJ NN .
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It also will hand Unilab new markets . PRP RB MD VB NNP JJ NNS .
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In Los Angeles , for example , Central has had a strong market position while Unilab 's presence has been less prominent , according to Mr. Harlow . IN NNP NNP , IN NN , NNP VBZ VBN DT JJ NN NN IN NNP POS NN VBZ VBN RBR JJ , VBG TO NNP NNP .
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