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+1	The Arizona regulatory ruling calls for $ 42 million in added revenue yearly , compared with a $ 57 million boost proposed by the commission hearing officer	The company had sought increases totaling $ 80.3 million , or 22 %
+2	The proposed holding company 's primary purpose would be to allow Great American to continue engaging in real estate development activities	Those activities generated $ 26.1 million in operating profit last year . But according to Great American , such profits do n't count toward meeting the San Diego savings bank 's new capitalization requirements under 1989 federal law
+2	Those activities generated $ 26.1 million in operating profit last year . But according to Great American , such profits do n't count toward meeting the San Diego savings bank 's new capitalization requirements under 1989 federal law	The new real estate unit would have a separate capital structure to comply with the law
+5	that the magazine in January would begin publishing without advertising	Mr. Lang will do away with expensive circulation drives , not to mention sales staff , and attempt to publish the 17-year-old magazine supported by circulation revenue alone
+1	Any fool can publish a money-losing magazine	I want to publish one that succeeds
+1	Their reaction was to do nothing and ride it out	He said Sassy will keep its irreverent tone , but added , `` We will keep a close watch on the editorial content of the magazine
+6	Sassy already has recovered	circulation has quickly passed the 500,000 mark and advertising pages have stabilized this year at more than 300
+8	But Sassy has a different spirit	It gets more mail in a month than McCall 's got in a year , and it 's not from mothers
+8	It gets more mail in a month than McCall 's got in a year , and it 's not from mothers	I feel about Sassy like I did about Working Woman 10 years ago
+8	The magazine Success , however , was for years lackluster and unfocused	Only recently has it been attractively redesigned and its editorial product improved
+5	Only recently has it been attractively redesigned and its editorial product improved	Success is expected to gain at least because of the recent folding of rival Venture , another magazine for growing companies
+1	Working Woman and Working Mother have operated as part of Working Woman/McCall 's Group , a less-than-successful joint venture between Mr. Lang and Time Warner Inc	The joint venture is being undone , with McCall 's magazine being sold last summer to the New York Times Co. 's Magazine Group for about $ 80 million , and Time Warner agreeing to sell back its 50 % interest in Working Woman and Working Mother to Mr. Lang
+0	the joint venture with Mr. Lang was n't a good one	The venture , formed in 1986 , was supposed to be Time 's low-cost , safe entry into women 's magazines
+0	The venture , formed in 1986 , was supposed to be Time 's low-cost , safe entry into women 's magazines	Mr. Lang surprised Time soon after joining forces when he said he would negotiate rates individually with advertisers , a practice common in broadcasting but considered taboo by magazine publishers
+8	In addition , McCall 's put in a less than stellar performance	Until a recent comeback , it saw steep losses in ad pages and circulation
+5	Until a recent comeback , it saw steep losses in ad pages and circulation	Time executives complained about the shoddy editorial quality
+2	that Time 's priorities changed	Their management changed right after { the venture was formed } , and I do n't think they were comfortable getting into the competitive wars of women 's service magazines
+8	his magazines will offer what many women 's magazines do n't	We write straight for women on their level
+8	We write straight for women on their level	We do n't have passive readers
+8	We do n't have passive readers	that even Success , in part , fits the company 's image , since about 30 % of its readership is female
+8	Mr. Lang has named Carol Taber , 43 , as group publisher of New York-based Lang Communications	She will oversee Working Woman , Working Mother and Success magazines , and retain her post as publisher of Working Woman
+2	he is n't scouting new acquisitions , at least for now	We would have to go outside to banks to get the money and I am not ready to do that
+8	Besides , we have enough on our plate	There is plenty of work to be done on what we have
+5	In the nine months , the company 's net income was $ 21.5 million , or $ 1.88 a share , compared with a year-earlier loss of $ 97.8 million , or $ 8.96 a share	Revenue rose 17 % to $ 1.62 billion from $ 1.39 billion
+5	Acting more than a year after Ms. Bertussi filed a complaint , the panel issued a `` letter of reproval '' saying Rep. Bates had admitted conduct that violated a House rule forbidding discrimination against employees on account of their sex	It ordered Rep. Bates to write letters of apology to Ms. Bertussi and to a second complainant , Karen Dryden
+2	he would write the letters as ordered	I accept the resolution of the matter by the Ethics Committee
+2	But Farmington , N.M.-based Mesa said the offer was for $ 7 in cash and unspecified StatesWest securities valued at $ 3 a share	Based on the number of Mesa shares outstanding not already owned by StatesWest , the proposed takeover would have a value of about $ 15.3 million
+1	Last week , Mesa rejected a general proposal from StatesWest that the two carriers combine	In response to the specific offer management will ask directors to employ a financial consultant to advise them
+8	Fleet/Norstar Financial Group reported a 12 % increase in net income in the third quarter	Fleet 's net was $ 96.4 million , or 86 cents a primary share , compared with $ 85.8 million , or 79 cents a share , a year earlier
+1	the charges will result in a full-year after-tax loss	Last year , the company had net income of $ 117.3 million , or $ 1.30 a share
+5	it will report $ 179 milllion in one-time charges against continuing operations for the third quarter	it will take a $ 10 million fourth-quarter charge against discontinued operations
+5	The redemption then would be at 1.5 % of the total debt , increasing to 2.5 % in February 1991 , and to 3 % at six-month intervals thereafter	A revised provision would be included for the conversion of short-term claims inside the net to long-term loans outside the net
+10	The redemption then would be at 1.5 % of the total debt , increasing to 2.5 % in February 1991 , and to 3 % at six-month intervals thereafter	A revised provision would be included for the conversion of short-term claims inside the net to long-term loans outside the net
+8	Net surged to $ 210.8 million , or $ 2.68 a share , from $ 26.7 million , or 33 cents a share , a year earlier	The latest quarter included a gain of $ 193.3 million , or $ 2.46 a share , from the sale of New York Times Cable , completed in August
+1	and an 8.7 % decline in advertising linage at the New York Times , the company 's flagship newspaper	Advertising volume at the company 's 35 regional newspapers decreased 1.1 %
+8	Mr. Taylor 's overwhelming victory against Republican Tom Anderson reclaims a seat the Republicans had held for 17 years	Mr. Taylor , a 36-year-old state senator from Bay St. Louis , won 65 % of the vote in a district that has voted Republican in the past five presidential elections
+2	Mr. Taylor 's victory was an embarrassment for both state and national Republicans	Mr. Anderson , a former Lott aide , received campaign assistance from the senator and from President Bush
+1	all 30 offices in Bay area were working , but in various states of disarray	Business was slow because many companies were closed yesterday
+2	ADVANCED MICRO DEVICES INC. , Sunnyvale , integrated circuit maker , annual sales of $ 1.12 billion , NYSE , had only minor structural damage	Most of its 4,500 workers were at work yesterday , and no production slowdown was anticipated as long as electricity remains available
+2	AMERICAN PRESIDENT COS. , Oakland , shipping concern , annual sales of $ 2.2 billion , NYSE , had little damage to the cranes , dock or rail track at its container-ship facility near the collapsed Route 880 overpass	The company expects to work a ship due in today with minimal delays , despite sporadic power
+2	APPLE COMPUTER CO. , Cupertino , computer maker , annual sales of $ 4.07 billion , OTC , sustained some structural damage	Offices were closed yesterday
+8	APPLIED MATERIALS INC. , Santa Clara , maker of computer-chip machine systems , annual sales of $ 490 million , OTC , had slight damage to headquarters , no damage to manufacturing plants	Company , with 1,750 workers in area , is fully functional
+2	but its computers were knocked out	Backup computer tapes were hand-carried to an IBM office in Philadelphia , and the company expects its mainframe to be up in a few days
+1	its Richmond warehouse north of San Francisco was closed because of debris and fallen shelves	It expects to be fully operational by next week
+0	BORLAND INTERNATIONAL , Scotts Valley , personal computer and software designer , annual sales of $ 72 million , had heavy damage to its headquarters and was conducting business from its parking lot	The company does n't expect any shipping delays
+1	all 16 corporate office and stores in the area were open with the exception of a retail center in San Francisco 's business district	That facility should reopen today
+2	nine of its 22 Emporium stores in the area were closed because of water damage , broken windows and fallen displays	sales are expected to be hurt , but the losses are covered by insurance
+1	but structural damage closed two of its seven buildings in San Ramone industrial park	Company expects to be fully operational by next week
+2	DIASONICS INC. , South San Francisco , maker of magnetic resonance imaging equipment , annual sales of $ 281 million , Amex , had minor damage , mostly in a stockroom	The company plans to be fully operational today
+2	its GE Nuclear Energy unit , with 1,600 Bay-area employees , had only minor damage at its San Jose headquarters	Business was n't disrupted
+2	GENERAL MOTORS CORP. , Detroit , auto maker , annual sales of $ 123.6 billion , NYSE , sustained about 10 injuries to workers and some ruptured water mains at its New United Motor Manufacturing Inc. facility in Fremont , a joint venture with Toyota Motor Corp	There was limited production of some models yesterday , but it was n't clear when the normal 750-car-a-day pace will resume
+2	but it was n't clear when the normal 750-car-a-day pace will resume	Plant officials are still assessing damage to parts suppliers and Port of Oakland facilities that handle shipments to the plant
+1	there will be a `` minimal suspension '' of manufacturing for an undefined period	The computer system was operating , so orders could be taken
+1	One building in Palo Alto may be damaged beyond repair	Others had lesser damage and there were no injuries among workers
+8	One building in Palo Alto may be damaged beyond repair.Others had lesser damage and there were no injuries among workers	Damage will be `` easily in the millions
+8	its headquarters was closed yesterday because of power failures and lack of water , but that it may reopen today	It expects any impact on its business to be slight
+1	three of its 17 Bay-area branches were closed yesterday	The company expects all branches to reopen today
+5	INMAC CORP. , Santa Clara , maker of computer accessories , annual sales of $ 250 million , OTC , said telephones were out at its headquarters but service should be restored by today	The company said it was doing a brisk business in computer power-surge protectors , cables and uninterruptable power sources
+2	flooding caused by broken water pipes closed its San Jose plant	The plant and its 8,500 employees gradually will resume operations over the next several days
+10	Also closed yesterday were the company 's Santa Teresa software-development lab and the Almaden research center	The concern 's National Service Division opened a center for emergency service in Walnut Creek as part of its disaster-recovery plan
+5	some structural damage to headquarters and no power	major problems transporting products to those stores that remained open
+1	major problems transporting products to those stores that remained open	no numbers on how many stores closed
+6	Firm will not , however , resume 24-hour service until power in city is restored	Office closed yesterday at 4:30 p.m. EDT
+5	SOUTHERN PACIFIC TRANSPORTATION CO. , San Francisco , railroad , annual sales of $ 2.41 billion , had only minor damage to headquarters and tracks , and expects to be fully operational tomorrow	St. Louis Southwestern Railway Co. unit halted all service Tuesday night but has since restored some freight lines and limited commuter service between San Francisco and San Jose
+10	SOUTHERN PACIFIC TRANSPORTATION CO. , San Francisco , railroad , annual sales of $ 2.41 billion , had only minor damage to headquarters and tracks , and expects to be fully operational tomorrow	St. Louis Southwestern Railway Co. unit halted all service Tuesday night but has since restored some freight lines and limited commuter service between San Francisco and San Jose
+1	SUN MICROSYSTEMS INC. , Mountain View , maker of desktop computers , annual sales $ 1.77 billion , OTC , no injured employees and very little damage to buildings	Closed yesterday due to power difficulties
+5	It could easily be two years before the well-traveled artery that helps connect Oakland with San Francisco is reopened , and the cost to build a new stretch of highway could soar to more than $ 250 million	total damage from the collapsed highway is estimated at around $ 500 million
+8	to bring double-decking to Los Angeles freeways by 1994	Caltrans plans to add a second deck for buses and car pools above the median of a 2.5-mile stretch of the Harbor Freeway just south of Los Angeles , near the Memorial Coliseum
+1	Caltrans plans to add a second deck for buses and car pools above the median of a 2.5-mile stretch of the Harbor Freeway just south of Los Angeles , near the Memorial Coliseum	Los Angeles County Supervisor Kenneth Hahn yesterday vowed to fight the introduction of double-decking in the area
+1	That temblor measured 6.1 on the Richter scale	Tuesday 's was
+8	The two-story roadway was supported by columns that apparently lacked the kind of steel reinforcement used in highways today	While the pillars did have long metal bars running vertically through them for reinforcement , they apparently lacked an adequate number of metal `` ties '' that run horizontally through the column
+1	While the pillars did have long metal bars running vertically through them for reinforcement , they apparently lacked an adequate number of metal `` ties '' that run horizontally through the column	Caltrans today uses a variation of the design Mr. Parker describes , with spiraling steel rods inside
+2	The results of the quake certainly raise questions about whether reasonable care was taken	Given the seismic history of the Bay Area , `` it seems to me that a 6.9 earthquake is a foreseeable event
+8	Caltrans ' Mr. Drago defended the agency 's work on the Nimitz Freeway	The work was done properly , '' he said
+0	The work was done properly	Basically , we had a severe earthquake of significant duration and it was just something the structure could n't withstand
+5	Robert I. Toussie , general partner of the investment group , said the Lionel response reflected management 's entrenched position , saying officials had failed to come up with a better alternative to his group 's offer	Mr. Toussie said he would respond to Lionel 's suit after his lawyers review it
+1	In a statement issued after the meeting , the aerospace giant said it wo n't increase its offer although adjustments within the proposed pay-and-benefit mix are possible	Machinists already have rejected a proposal that called for a 4 % pay increase and 8 % bonus in the first year
+9	that called for a 4 % pay increase and 8 % bonus in the first year	In the second year , workers would receive a 3 % wage boost and a 3 % bonus
+1	The company will not budge on anything	As the strike enters its 15th day today , some members are getting nervous but the majority of the 55,000 Machinists are prepared to `` wait it out as long as it takes
+5	In the aftermath of the California earthquake , President Bush and his aides flew into a whirlwind of earthquake-related activity yesterday morning	Some of it was necessary to get federal help flowing to victims , but some seemed designed mostly to project an image of a White House in action
+5	By noon , Mr. Bush had taken two phone calls from Vice President Dan Quayle	made a televised statement of concern
+5	By noon , Mr. Bush had taken two phone calls from Vice President Dan Quayle , who was in California ; made a televised statement of concern	signed a disaster proclamation
+5	By noon , Mr. Bush had taken two phone calls from Vice President Dan Quayle , who was in California ; made a televised statement of concern ; signed a disaster proclamation	received a written report from the Federal Emergency Management Agency
+6	Mr. Bush himself essentially acknowledged that he and his aides were trying to head off criticism	On his FEMA visit , Mr. Bush said that he hoped there would be `` less carping '' about the emergency office 's performance this time
+9	The White House already is talking of Mr. Bush visiting the California earthquake site this weekend	He visited the Hugo devastation but not until after local leaders urged him to do so
+1	The ground ruptured along a 20-to-30-mile stretch of the San Andreas Fault on Tuesday	In 1906 , the rupture was 300 miles long and a couple feet wide
+8	Landfill may feel like rock but it behaves like liquid when you shake it	It liquefies in a patchwork quilt pattern
+8	Landfill can be done if it 's properly compacted	You can drive piles on it and build on it
+6	You can drive piles on it and build on it	the example of San Francisco 's financial district , where many new glass towers survived almost unscathed
+1	Reinforcing such old building stock comes down to money	It 's a danger
+5	It 's a danger	We know it 's there
+2	The big one is still due	The Bay Area has three very dangerous faults , the San Andreas , the Hayward fault and the Calaveras fault
+2	The Bay Area has three very dangerous faults , the San Andreas , the Hayward fault and the Calaveras fault	It { Tuesday 's quake } has n't solved our problem
+5	It { Tuesday 's quake } has n't solved our problem	In California , this is the reality
+9	Coke said it will test market a caffeine-free version of its flagship brand , Coca-Cola Classic , beginning next week in Charlotte , N.C	Other , as yet unnamed , cities will follow
+9	Coke introduced a caffeine-free sugared cola based on its original formula in 1983	It switched to a caffeine-free formula using its new Coke in 1985
+1	As aftershocks shook the San Francisco Bay area , rescuers searched through rubble for survivors of Tuesday 's temblor	In Oakland , hopes faded for finding any more survivors within the concrete and steel from the collapse of an interstate highway
+9	At least 270 people were reported killed and 1,400 injured in the rush-hour tremor that caused billions of dollars of damage along 100 miles of the San Andreas fault	Bush declared the region a major disaster area and the military was mobilized to prevent looting
+1	The 77-year-old official was removed during a meeting of the 163-member Communist Party Central Committee in East Berlin	Honecker said he was resigning for health reasons
+5	At a nationally televised legislative session in Budapest , the Parliament overwhelmingly approved changes formally ending one-party domination in the country , regulating free elections by next summer and establishing the office of state president to replace a 21-member council	The country was renamed the Republic of Hungary
+9	The country was renamed the Republic of Hungary	Like other Soviet bloc nations , it had been known as a `` people 's republic '' since
+5	Last year 's figure was down from 13.4 % in 1987 and marked the fifth consecutive annual decline in the poverty rate	Per capita income rose 1.7 % to $ 13,120 , but median family income fell 0.2 %
+2	The Bush administration accused Israeli Prime Minister Shamir of hindering peace efforts in the Mideast with `` unhelpful '' and disappointing statements	Shamir said Tuesday that he was prepared to risk a policy conflict with the U.S. over an Egyptian plan to hold direct Israeli-Palestinian talks
+2	three-week-old talks by Lebanese lawmakers aimed at ending Lebanon 's civil war appeared about to collapse	Christian legislators are insisting on a Syrian troop pullout from Lebanon before agreeing to political changes giving the nation 's Moslems a greater role in Beirut 's government
+8	three-week-old talks by Lebanese lawmakers aimed at ending Lebanon 's civil war appeared about to collapse	Christian legislators are insisting on a Syrian troop pullout from Lebanon before agreeing to political changes giving the nation 's Moslems a greater role in Beirut 's government
+5	Dow 's third-quarter net fell to $ 589 million , or $ 3.29 a share , from $ 632 million , or $ 3.36 a share , a year ago	Sales in the latest quarter rose 2 % to $ 4.25 billion from $ 4.15 billion a year earlier
+5	Dow officials were signaling that the company would earn less than $ 15 a share this year even before they announced in July a plan to acquire 67 % of Marion Laboratories Inc	That acquisition could further dilute earnings per share this year
+1	That acquisition could further dilute earnings per share this year , the company spokeswoman said	Dow has n't said exactly what impact the Marion acquisition will have on 1989 earnings
+5	For the first nine months of the year , Dow earned $ 2.06 billion , or $ 11.41 a share , up 17 % from $ 1.76 billion , or $ 9.32 a share , a year ago	Sales for the latest nine months rose 7.7 % to $ 13.34 billion from $ 12.38 billion in the year-ago period
+2	Ethan Bronner 's `` Battle for Justice : How the Bork Nomination Shook America '' ( Norton , 399 pages , $ 22.50 ) is a spirited narrative of the nastiest of these hearings , done with journalistic verve , but with a flawed legal philosophy	While the book amply justifies its subtitle , the title itself is dubious
+2	While the book amply justifies its subtitle , the title itself is dubious	What shook America was not a battle for justice but for naked power
+1	Mr. Bronner seems to believe that the hearings could have gone either way	I doubt that
+2	I doubt that	Given Democratic frustration with the Reagan victories and Court appointments , the contingency plans in place , and Mr. Bork 's paper trail of vulnerable writings , it was pretty clear that Judge Bork never stood much chance of being confirmed
+5	Given Democratic frustration with the Reagan victories and Court appointments , the contingency plans in place , and Mr. Bork 's paper trail of vulnerable writings , it was pretty clear that Judge Bork never stood much chance of being confirmed	As Mr. Bronner himself says , the smell of `` raw meat '' was in the air
+6	Mr. Bork 's attackers come through more vividly than his defenders	Ralph Neas was the organizing genius , whipping a conglomerate of pressure groups into an irresistible attacking force
+5	Ralph Neas was the organizing genius	Harvard 's Laurence Tribe was the constitutional heavy
+5	But it was Ted Kennedy who scored most effectively with his searing portrayal of `` Robert Bork 's America	Sen. Kennedy emoted brilliantly
+7	I add two others	Republican Sen. Arlen Specter of Pennsylvania engaged the nominee in a verbal contest aimed at showing that Mr. Bork was willing to stretch the Constitution in one area ( free speech ) while remaining rigid in all the others
+8	Republican Sen. Arlen Specter of Pennsylvania engaged the nominee in a verbal contest aimed at showing that Mr. Bork was willing to stretch the Constitution in one area ( free speech ) while remaining rigid in all the others	It achieved a good media play , and enabled Sen. Specter and others to vote against Mr. Bork out of `` conscience
+5	Republican Sen. Arlen Specter of Pennsylvania engaged the nominee in a verbal contest aimed at showing that Mr. Bork was willing to stretch the Constitution in one area ( free speech ) while remaining rigid in all the others.It achieved a good media play , and enabled Sen. Specter and others to vote against Mr. Bork out of `` conscience	Further ammunition came from left legal theorist Ronald Dworkin , who in the New York Review of Books painted a picture of a constitutional zombie willfully reading his personal prejudices into the Constitution , particularly in the area of `` original intent
+2	Further ammunition came from left legal theorist Ronald Dworkin	The charge of being `` outside the mainstream '' of legal thought gravely undercut Mr. Bork 's scholarly standing
+8	that anti-Bork blacks and women could furnish the margin to punish them in their next Senate elections	Demographics converged with `` mainstream '' and demonizing to seal Robert Bork 's fate
+8	Another upshot , however , was the chilling message the Bork hearings sent into the judicial culture from which the Supreme Court draws its talent	The word went forth to every law school that those with federal court ambitions must travel a safe constitutional journey , with no paper trail and no bite to their tongue or pen
+8	Unfortunately , the author simply does n't supply the philosophical frame to sustain his reportorial talents	He has too readily swallowed the case for the activist law school culture
+1	He has too readily swallowed the case for the activist law school culture	Probing more deeply into the doctrine of `` judicial restraint , '' he would have found a long history going back to the great decisions of Justice Holmes
+2	Still , the long view of Robert Bork as constitutional thinker must be a spotty one	His strength lies in his majoritarian doctrine , which keeps the Court clear of transient group pressures and leaves most decisions in a democracy to elected legislatures and executives.Unfortunately , Mr. Bork failed to distinguish between such pressures and the emergence of great issues critical to a society that must be settled judicially if it is to cohere
+1	His strength lies in his majoritarian doctrine , which keeps the Court clear of transient group pressures and leaves most decisions in a democracy to elected legislatures and executives	Unfortunately , Mr. Bork failed to distinguish between such pressures and the emergence of great issues critical to a society that must be settled judicially if it is to cohere
+5	The question of segregated schools , in Brown vs.Board of Education , was such an issue	In our time abortion has become another , best left to a line of Supreme Court decisions rather than to the chaos of 50 state legislatures
+2	In our time abortion has become another , best left to a line of Supreme Court decisions rather than to the chaos of 50 state legislatures	A reflective and growing consensus of Americans clearly wishes to apply the right to privacy in contraceptive matters ( decided in the Griswold case ) to abortion as well
+2	A reflective and growing consensus of Americans clearly wishes to apply the right to privacy in contraceptive matters ( decided in the Griswold case ) to abortion as well	One can understand Mr. Bork 's fear that the new right to privacy will become intolerably stretched , though a Supreme Court composed of men and women with realism , guts and a sense of limits should be able to manage it
+1	though a Supreme Court composed of men and women with realism , guts and a sense of limits should be able to manage it	What is certain is that if Americans allow another happening like the degrading Bork confirmation circus , it will be at their peril
+8	What Sotheby 's is doing closely resembles an underwriting by an investment bank	A corporation that wants to sell stock or bonds goes to a Wall Street firm , which purchases the securities outright , accepting the financial risk of finding buyers
+9	A corporation that wants to sell stock or bonds goes to a Wall Street firm , which purchases the securities outright , accepting the financial risk of finding buyers	If the investment bank can sell the securities at a higher price than it paid the issuer , it makes a profit
+5	At the initial sale last night , for example bids totaled $ 116 million	That was slightly above Sotheby 's presale estimate of $ 111 million
+8	the statement `` means exactly what it says	We have some level of financial interest '' in the collection
+1	We have some level of financial interest '' in the collection	We do n't disclose specifics
+10	In November 1987 , Sotheby 's essentially offered a Wall Street-style `` bridge loan '' of about $ 27 million to Australian businessman Alan Bond to enable him to purchase Vincent van Gogh 's `` Irises '' for $ 53.9 million	It was the highest bid in history for a work of art
+8	Sotheby 's is offering such deals because it 's an art sellers ' market , at least where the best works are concerned	There seems to be a lot of art for sale , but there 's more competition
+6	Sotheby 's has been aggressively promoting the Dorrance sale	At a news conference last May announcing plans for the auction , Sotheby 's estimated its value in excess of $ 100 million
+1	At a news conference last May announcing plans for the auction , Sotheby 's estimated its value in excess of $ 100 million	More recently , Sotheby 's has predicted the collection will fetch $ 140 million
+2	Meanwhile , Sotheby 's guarantee is raising eyebrows in the art world	The consumer has to throw out the idea that the auction house is a disinterested middleman
+5	The consumer has to throw out the idea that the auction house is a disinterested middleman	While that he has no problem with auction houses who sell works in which they have a financial interest , `` It ought not to be hidden in some small print
+2	There 's more and more of this cash-up-front going on at every level	Dealers and auction houses `` know if they do n't lay out a half a million for this , another one will
+2	if they do n't lay out a half a million for this , another one will	it 's that competitive
+2	Mr. Krenz almost certainly will be a younger version of Erich Honecker , his rigid predecessor as dictator	Mr. Krenz has followed much the same career path as Mr. Honecker
+6	Mr. Krenz almost certainly will be a younger version of Erich Honecker , his rigid predecessor as dictator	Mr. Krenz has followed much the same career path as Mr. Honecker
+6	Mr. Krenz has followed much the same career path as Mr. Honecker	Both spent years overseeing the Freie Deutsche Jugend
+5	Both spent years overseeing the Freie Deutsche Jugend	More recently , Mr. Krenz has been in charge of East German security , and is the youngest member of the ruling Politburo
+2	But if East Germany 's arthritic Politburo does loosen up enough to permit Mr. Krenz to make serious efforts at reform , he will face a challenge just as fundamental	Abandoning socialism means abandoning the East German state 's reason for existence , and with it the justification for its watchdogs and its Wall
+2	Abandoning socialism means abandoning the East German state 's reason for existence , and with it the justification for its watchdogs and its Wall	In this scenario it 's hard to imagine that a pale imitation of the Federal Republic could avoid being pulled into some kind of tie with West Germany
+10	Mr. Krenz may need a bit of time to consolidate his empire , which would do a lot to promote Reunification Scenario One	Cartoonists in West Germany have already mocked the exodus by imagining an advertisement placed by Mr. Honecker : `` Wanted : one people
+5	Cartoonists in West Germany have already mocked the exodus by imagining an advertisement placed by Mr. Honecker : `` Wanted : one people	The West German embassies in Prague , Budapest and Warsaw are continuing to find refugees at their gates
+6	Of course East Germany , true to its tradition , could tighten its borders yet further	Two of the last gestures of the Honecker regime were to close the border to Czechoslovakia and install halogen lights in some spots along the frontier
+2	but one it must shoulder alone in the East Bloc	When Poland moves to reform , it can at least lean on its past
+6	but one it must shoulder alone in the East Bloc	When Poland moves to reform , it can at least lean on its past
+2	When Poland moves to reform , it can at least lean on its past	However flawed and short-lived Joseph Pilsudski 's interwar republic , it was a nonsocialist democracy
+5	However flawed and short-lived Joseph Pilsudski 's interwar republic , it was a nonsocialist democracy	Czech reformers can recall the Wilsonian ideals of the same period in their country
+5	Czech reformers can recall the Wilsonian ideals of the same period in their country	Even the Soviet Union has Peter the Great to rediscover , should it choose to
+1	Beyond that , it has to compete with West Germany for a claim to the German identity	Up to now , the main weapon of the `` worker and peasant state '' has been the ideology of socialism
+2	With talk today of a second economic miracle in West Germany , East Germany no longer can content itself with being the economic star in a loser league	Without Moscow 's military and party behind it , East Germany runs the risk of disintegrating
+6	Without Moscow 's military and party behind it , East Germany runs the risk of disintegrating	If it goes capitalist , and increases trade with West Germany , it will convert itself , willy-nilly , into an economic annex of the Federal Republic
+2	If it goes capitalist , and increases trade with West Germany , it will convert itself , willy-nilly , into an economic annex of the Federal Republic	There 's a certain cruel logic at work here : It 's particularly appropriate -- and tragic -- that the land that produced Karl Marx should prove socialism 's failure in an experiment that uses its own people as controls
+8	There 's a certain cruel logic at work here	It 's particularly appropriate -- and tragic -- that the land that produced Karl Marx should prove socialism 's failure in an experiment that uses its own people as controls
+8	There may be forces that would delay this scenario	Ideologues are the last to surrender , and Germans are an ideological people
+6	and Germans are an ideological people	The protesters who greeted Mikhail Gorbachev at East Berlin 's airport earlier this month were n't shouting `` Go U.S.A '' -- they were chanting `` Gorby , Help Us
+6	Ideologues on the other side of the border can also slow the process	Helmut Kohl 's governing conservative coalition is proving admirably true to the West German constitution by making more than 500,000 people of German descent automatic citizens this year alone
+8	In a statement that was as close as East Germany gets to practicing `` glasnost '' , Otto Reinhold , an East German party theorist , actually acknowledged the reunification dilemma	The main problem , '' Mr. Reinhold said in an East German radio interview monitored by Radio Free Europe in Munich , stems from the fact that `` the GDR is different '' from other East European states
+8	The main problem stems from the fact that `` the GDR is different '' from other East European states	What kind of right to exist would a capitalist German Democratic Republic have alongside a capitalist Federal Republic
+6	But most businesses in the Bay area , including Silicon Valley , were n't greatly affected	Computer and software companies in the region are expecting virtually no long-term disruption in shipments
+2	Leveraged buy-outs may be curbed by two rules in pending congressional legislation	The provisions , in deficit-reduction bills recently passed by the House and Senate , could raise the price tags of such deals by up to 10 % and cool the takeover boom
+5	A capital-gains tax cut plan has been worked out by Senate Republicans	A similar proposal may be introduced soon by Senate Democrats
+5	The British carrier also confirmed it is n't committed to going forward with any new bid	UAL 's stock fell $ 6.25 , to $ 191.75
+8	Stock prices rose slightly as trading slowed	The Dow Jones industrials gained 4.92 , to 2643.65
+2	B.A.T Industries may delay part of its defensive restructuring plan	the recent turmoil in financial markets
+8	that largely removes it from the advertising business	The London-based concern will sell most of its ad unit to France 's Eurocom
+2	Sears is negotiating to refinance its Sears Tower for close to $ 850 million	The retailer was unable to find a buyer for the building
+2	We 're trading with a very wary eye on Wall Street	No one is willing to place a firm bet that the stock market wo n't take another tumultuous ride
+1	In late New York trading yesterday , the dollar was quoted at 1.8485 marks , down from 1.8667 marks late Tuesday , and at 141.45 yen , down from 142.75 yen late Tuesday	Sterling was quoted at $ 1.5920 , up from $ 1.5753 late Tuesday
+5	For now , traders say the foreign exchange market is scrutinizing both federal funds and events on Wall Street	They note that the dollar remains extremely vulnerable to the slightest bad news from the stock exchange
+9	Indeed , the U.S. unit edged lower as the Dow Jones Industrial Average dropped about 13 points in early trading	A slight recovery in the stock market gave currency traders confidence to push the dollar higher
+2	that the only positive news on the horizon that could detract attention from equities transactions is September 's U.S. consumer price data	The figures , due for release Friday , are expected to show an uptick in inflation to 4.8 % from 4.7 % in August
+9	market players overnight in Tokyo began bidding up oil prices	The rally spread into European markets
+5	West Texas Intermediate was bid up more than 20 cents a barrel in many overseas markets	At the opening of the New York Mercantile Exchange , West Texas Intermediate for November delivery shot up 10 cents a barrel , to $ 20.85
+2	In the San Francisco area , roughly 800,000 barrels a day of crude is processed daily , according to industry data	For more than the past year , even the rumor of a major West Coast refinery shutdown has been enough to spark a futures rally because the gasoline market is so tight
+5	But yesterday , as the morning wore on , some major West Coast refinery operators said their refineries were n't damaged and were continuing to operate normally	Most said they shut down their petroleum pipeline operations as a precaution but did n't see any immediate damage
+5	they shut down their petroleum pipeline operations as a precaution but did n't see any immediate damage	Gasoline terminals were also largely unhurt
+5	As the news spread that the refineries were intact , crude prices plunged , ending the day at $ 20.56 a barrel , down 19 cents	Gasoline for November delivery was off 1.26 cents a gallon to 54.58 cents
+5	As the news spread that the refineries were intact , crude prices plunged , ending the day at $ 20.56 a barrel , down 19 cents.Gasoline for November delivery was off 1.26 cents a gallon to 54.58 cents	Heating oil finished at 60.6 cents , down 0.45 cent
+8	and focused on crude oil inventories	After the market closed Tuesday , the American Petroleum Institute had reported that crude stocks increased by 5.7 million barrels in the week ended Friday
+2	earthquake speculation could have more impact on the oil markets	the question is was there any structural damage to the pipelines or anything else
+6	Futures prices eased on indications of improvement in the industry 's labor situation	The December contract declined 1.85 cents a pound to $ 1.2645
+2	The December contract declined 1.85 cents a pound to $ 1.2645	According to one analyst , workers at the Cananea copper mine in Mexico , which has n't been operating since it was declared bankrupt by the Mexican government in late August , are set to return to work
+0	According to one analyst , workers at the Cananea copper mine in Mexico are set to return to work	it will take about two to three months before the mine begins to produce copper in significant quantities
+5	According to one analyst , workers at the Cananea copper mine in Mexico , which has n't been operating since it was declared bankrupt by the Mexican government in late August , are set to return to work it will take about two to three months before the mine begins to produce copper in significant quantities	that the Highland Valley mine strike in British Columbia is regarded as settled
+2	the Cananea return to operation may not be as near as some expect	There are still negotiations taking place on whether there will be a loss of jobs
+2	Nevertheless , the increasing likelihood that these two major supply disruptions will be resolved weighed on the market	Both of these mines are normally major suppliers of copper to Japan
+6	which has been buying copper on the world market	that the Japanese bought copper earlier in the week in London
+1	The focus for some time has been on the copper supply , and good demand has been taken for granted	Now that the supply situation seems to be improving , it would be best for traders to switch their concentration to the demand side
+2	Futures prices extended Tuesday 's gains	The March delivery ended with an advance of 0.16 cent a pound to 14.27 cents , for a two-day gain of 0.3 cent
+1	The announcement was made because of reports Tuesday that Cuba would delay shipments to Japan scheduled for later this year , into early next year	the quantity mentioned in the Japanese announcement is so small that it 's meaningless
+1	One analyst said he thought the market continued to be supported to some degree by a delay in the Cuban sugar harvest caused by adverse weather	The dealer said India might be the real factor that is keeping futures prices firm
+2	India might be the real factor that is keeping futures prices firm	That country recently bought 200,000 tons of sugar and had been expected to seek a like quantity last week
+5	The Agriculture Department is expected to announce tomorrow that the number of cattle in the 13 major ranch states slipped 4 % to 8.21 million on Oct. 1 compared with the level a year earlier	Cattle prices have risen in recent weeks on speculation that the government 's quarterly report will signal tighter supplies of beef
+2	the drug , called FK-506 , could revolutionize the transplantation field by reducing harmful side effects and by lowering rejection rates	Rejection has been the major obstacle in the approximately 30,000 organ transplants performed world-wide each year
+9	the drug , called FK-506 , could revolutionize the transplantation field by reducing harmful side effects and by lowering rejection rates	Rejection has been the major obstacle in the approximately 30,000 organ transplants performed world-wide each year
+9	Researchers began using the drug in February on patients who had received kidney , liver , heart and pancreas transplants	Only two of 111 transplants have been rejected
+5	We 're shocked by it , because it 's worked so fast , '' said Dr. Thomas E. Starzl , director of the University of Pittsburgh Transplantation Program , at a news conference here yesterday	We consider it a life-saving drug , like one for AIDS , '' said Dr. John Fung , an immunologist at the University of Pittsburgh
+8	compared with cyclosporine , which can cause renal failure , morbidity , nausea and other problems	The side effects { of cyclosporine } have made the penalty for its success rather high
+5	the research has been largely financed by the National Institute of Health and by university funds , and that Fujisawa did n't give the hospital any grants	that the research team had no financial stake in the drug
+2	Fortunately , volunteers and charities are not motivated by self-interest , but by altruism	Why should they have to co-exist with opportunists rushing in to turn a quick profit
+1	Mr. Laband , meanwhile , gets an A for his rote recital of economic-efficiency arguments	Give him an F for his failure to understand the ethics of economic equity
+8	Mr. Laband gives us an idea why economists ' predictions are usually wrong	They set up absurd situations , detached from reality , and then try to reason from them
+5	They set up absurd situations , detached from reality , and then try to reason from them	I 'm surprised he did n't advocate letting people loot , since that behavior can also be foreseen in a disaster and `` every individual has an incentive to alter the distribution of income in his favor
+6	he did n't mention certain other of their effects	They divert law-enforcement resources at a time they are most needed for protecting lives and property
+2	Mr. Laband should beware , since he lives in South Carolina	In a free market , his insurance rates can be raised to recover insurance-company losses
+8	I have a different perspective	Mine comes from seeing thriving communities devastated -- but only temporarily
+1	and always with the help of neighbors	The shock of seeing homes destroyed and city services disrupted may cause some to confuse priorities such as the true economic value of a freezer full of meat
+8	We here in the affected areas were dazzled by Mr. Laband 's analysis of time values and his comparisons of effectiveness concerning research and development	His theoretical approach and its publication in this venerable paper are no doubt a noteworthy accomplishment for him
+2	His theoretical approach and its publication in this venerable paper are no doubt a noteworthy accomplishment for him	Too bad theory fails in practice
+2	We consumers tend to have long memories	The businesses subscribing to Mr. Laband 's effective price system will be remembered when normalcy returns
+9	The businesses subscribing to Mr. Laband 's effective price system will be remembered when normalcy returns	Perhaps , considering the value of our time , we will be unable to patronize their establishments in the post-Hugo era
+2	This seems to be the season for revivals in Chicago	Though the Cubs ' championship season ended with the National League playoffs , a revival of the Organic Theater 's production of `` Bleacher Bums , '' a play in nine innings set in the Wrigley Field bleachers , continues within spitting distance of the ballpark
+5	Mr. Wilbur concentrated his formidable artistry on rendering the Alexandrine French verse into sprightly and theatrical English iambic pentameter	The Wilbur translation is remarkable -- well worth a read and even better seen in the theater if you ever have the opportunity
+2	But if you happen to be coming to Chicago in the next few weeks , do n't fail to have a look at Robert Falls 's `` The Misanthrope '' at the Goodman	If Mr. Wilbur 's translation is a finely ground lens through which we see the pettiness and corruption of 17th-century Paris , Mr. Falls 's production is a mirror in which we see ourselves
+8	Mr. Falls , the Goodman 's artistic director , took a recent adaptation by Neil Bartlett and significantly adapted it	Mr. Bartlett had slimmed Moliere 's cast of characters to six and set them in the London media world of Thatcherite Britain.Mr . Falls transfers the setting to Hollywood , and transforms the characters into what passes for aristocracy there -- agents , producers , actors , writers and sycophants
+9	Mr. Bartlett had slimmed Moliere 's cast of characters to six and set them in the London media world of Thatcherite Britain	Mr. Falls transfers the setting to Hollywood , and transforms the characters into what passes for aristocracy there -- agents , producers , actors , writers and sycophants
+9	Mr. Bartlett managed to more or less maintain Moliere 's Alexandrine verse form , 12 syllable lines in rhyming couplets	Mr. Falls kept the form , but Americanized it with Mr. Bartlett 's further help
+5	Silences were lengthy -- nobody moved or gestured	Nobody smiled onstage , and nobody in the audience was encouraged to laugh
+2	But under Jerry Perry 's direction the current Steppenwolf production , scheduled to play through Nov. 19 , breaks through the flat and boring ritual that `` The Homecoming '' had become	Led by a near-perfect performance by Alan Wilder as Max , the father , the play is at once an appalling and hilarious dissection of a family 's rage , bitterness , fear and isolation
+1	Three of the family members , Max and his two sons , Lenny and Joey , live off the flesh : Max is a retired butcher , Lenny a pimp and Joey an aspiring boxer	Sam , Max 's brother , has escaped the flesh by working as a liveried chauffeur and never seeking a wife
+5	Sam , Max 's brother , has escaped the flesh by working as a liveried chauffeur and never seeking a wife	Teddy , the eldest of Max 's sons , has made the most dramatic escape by becoming a professor of philosophy at an American university
+1	Curiously , Randall Arney as Teddy seems the only cast member unable to get beyond the zombie approach to a Pinter character	As Ruth , Moira Harris begins almost immediately to overpower each of the men
+2	In the end , Teddy returns alone to America , leaving Ruth in Max 's chair	We have seen her develop within a few hours from a shy and unknown in-law to a goddess of the flesh who will replace the dead mother , and then some
+2	to buy a piece of real estate in the city 's rapidly reviving North Halsted Street restaurant and theater district	Within a year Steppenwolf will move into a new 500-seat theater on that site
+10	Within a year he hopes Steppenwolf will move into a new 500-seat theater on that site	The troupe currently performs in a converted dairy that seats 211 and provides little capacity for staging anything beyond a simple one-set production
+1	Within a year he hopes Steppenwolf will move into a new 500-seat theater on that site	The troupe currently performs in a converted dairy that seats 211 and provides little capacity for staging anything beyond a simple one-set production
+2	The troupe currently performs in a converted dairy that seats 211 and provides little capacity for staging anything beyond a simple one-set production	If we wanted to stage ` Death of a Salesman Willie Loman would have to live in a ranch house because of the low ceiling
+2	Steppenwolf needs the extra seats even more than the fly space	It 's currently forced to turn away many potential subscribers beyond the 13,000 who can be accommodated in its present digs
+5	It 's currently forced to turn away many potential subscribers beyond the 13,000 who can be accommodated in its present digs	For all the attention that Chicago theater has received during the past decade , not one new building has been devoted to it
+5	that includes approximately $ 4 million of tax exempt bonds issued by the State of Illinois ( the first time that a state has used its educational facilities authority to support construction of a theater ) , and approximately $ 1 million in grants from the National Endowment for the Arts , the MacArthur Foundation , and a few other deep pockets	The rest can be raised
+2	The rest , he is confident , can be raised	His board members alone have pledged $ 800,000 and he is just beginning to massage local foundations and corporations
+5	The Nasdaq Composite Index jumped 0.7 % , or 3.35 , to 463.28	It rose more than the New York Stock Exchange Composite , which improved 0.2 %
+5	It rose more than the New York Stock Exchange Composite , which improved 0.2 %	Among bigger stocks , the Nasdaq 100 Index rose 1 % , or 4.56 , to 453.05 , while the Dow Jones Industrial Average was up 0.2 %
+6	the OTC market has a habit of lagging big moves on the New York Stock Exchange	While the industrial average rallied on Monday following last Friday 's collapse , the OTC market , which did n't suffer too badly during the correction , tumbled
+2	Much of the jockeying by OTC traders and investors centered on shares of companies that might be financially affected by damage from the devastating earthquake in northern California	shares of a number of companies that might either profit or face problems because of the disaster were actively traded
+8	the hurricane damage was n't extensive enough to prompt premium boosts	The companies just gave back what they had reserved for
+1	The companies just gave back what they had reserved for	Now , they 'll have to increase their coffers to protect for the future and that means rate increases
+6	Overall OTC insurance issues were mixed	Safeco fell 1/8 to 32 5/8 on 462,900 shares
+1	Safeco fell 1/8 to 32 5/8 on 462,900 shares	Ohio Casualty rose 1/4 to 51 3/4 on 137,200 shares
+5	Ohio Casualty rose 1/4 to 51 3/4 on 137,200 shares	St. Paul Cos. jumped 2 to 59 3/4 on 517,500 shares
+1	St. Paul Cos. jumped 2 to 59 3/4 on 517,500 shares	Academy Insurance fell 1/32 to 1 3/16
+5	Investors expect SunGard Data Systems , a company that provides disaster recovery services for computer-dependent businesses , to profit from the earthquake	SunGard 's stock rose 1 3/4 to 21 1/4 on 194,000 shares
+6	But most of those stocks fared well	Apple Computer gained 1 to 48 1/4
+5	Apple Computer gained 1 to 48 1/4	Ashton-Tate rose 3/8 to 10 3/8
+5	But most of those stocks fared well.Apple Computer gained 1 to 48 1/4 ; Ashton-Tate rose 3/8 to 10 3/8.Intel also added 3/8 to 33 7/8.But Sun Microsystems slipped 1/4 to 17 1/4	Shares of biotechnology companies in the area were also higher
+6	Shares of biotechnology companies in the area were also higher	Chiron was up 1/2 to 27
+6	The stocks of computer-related companies located outside California improved , too	Microsoft advanced 1 7/8 to 80 1/2
+2	In other earthquake-related news , Hambrecht & Quist 's OTC market makers were excused from trading yesterday and its positions were frozen for the day by the National Association of Securities Dealers	Power could n't be restored at the company 's San Francisco headquarters to allow trading yesterday morning
+1	In other trading , Medco Containment Services gained 7/8 to 15 on 1.9 million shares after reporting a loss for the first quarter , which ended Sept. 30	The company earned $ 6.6 million in the year-earlier quarter
+5	Jaguar 's American depositary receipts added 3/8 to 10 3/4 on volume of 1.1 million	Analysts in London believe investors , despite their stampede to dump takeover stocks , should hold on tight to their Jaguar shares
+8	as a result of troubles facing its competitor , Genetics Institute , over the anti-anemia drug EPO	that it is embroiled in a dispute with Boehringer Mannheim , which distributes the drug , regarding the usability of some batches
+1	Merieux , a vaccine manufacturer based in Lyon , France , is 51 % -held by French state-owned Rhone-Poulenc S.A	Ciba-Geigy is a major pharmaceutical concern based in Basel , Switzerland
+5	Ciba-Geigy is a major pharmaceutical concern based in Basel , Switzerland	Chiron , another pharmaceutical concern , is based in Emeryville , Calif
+5	Ciba-Geigy is a major pharmaceutical concern based in Basel , Switzerland.Chiron , another pharmaceutical concern , is based in Emeryville , Calif	Connaught is a biotechnology research and vaccine manufacturing concern
+2	Institut Merieux 's bid for Toronto-based Connaught has run into problems with the Canadian government	Merieux officials are expected to meet with federal officials in Ottawa today to discuss the decision
+9	As a result , he took the lead in arguing that the cut should be blocked on procedural grounds	He helped persuade 10 of these senators to support him and Majority Leader George Mitchell on these grounds
+9	He helped persuade 10 of these senators to support him and Majority Leader George Mitchell on these grounds	The budget reconciliation had to be dealt with by the Oct. 15 deadline , and these Senate Democrats refused to agree to allow a vote to append capital gains to the budget bill
+8	Denied a vote on substance , the GOP leadership in the Senate on Friday morning was confronted with a hard choice	It could throw in the towel and hope to win on capital gains late this month , or it could follow the White House strategy , to veto reconciliation unless capital gains was appended
+2	The U.S. Chamber of Commerce has been in the forefront in supporting the Bush proposal	It endorsed the White House strategy , believing it to be the surest way to victory
+2	Two hours later , the first word emerged on Capitol Hill that the administration had agreed to reconciliation with no such assurances from Senate Democrats	Mr. Rahn was shocked , telephoning the office of Richard Darman , director of the Office of Management and Budget , and the administration 's chief strategist on this issue
+2	The stock market reacted as Mr. Rahn did	The stock market , after all , represents the collective expectations about the value of the future income stream of the nation 's capital stock , discounted to present value
+5	The total value of privately held assets is easily more than $ 15 trillion	The value traded on the exchanges is close to $ 3 trillion
+8	A 30 % cut in this year 's capital gains alone amounts to roughly $ 50 billion	We 're talking real money
+8	When Richard Rahn advised the financial press that the market crash was caused by the setback to capital gains , he was generally ignored and mildly ridiculed.Instead , the press corps readily accepted the notion that a snag in the takeover financing of United Airlines instantly knocked 7 % off the value of the nation 's capital stock and caused convulsions around the world	Mr. Rahn was pointing out an elephant rumbling through Wall Street while conventional wisdom had fastened on the UAL flea
+4	For one thing , quite a number of the leading spokesmen on Wall Street are not portfolio managers	They are economists and financial reporters
+1	Yet they somehow think that Wall Street is indifferent to losing the tax cut that seemed so close Friday morning and is now problematic	The market rebound Monday followed weekend assurances from Mr. Darman that the administration has other plans to win the cut , which is alive and well
+6	Sen. Bradley 's argument is that a capital-gains tax cut would be bad for the economy in the longer run	It would inevitably lead to an increase in marginal income-tax rates in 1990 when the White House is forced to ask for higher taxes to meet budget targets
+1	That is , with capital gains cut , the glue of the 1986 accord will be gone , and political realities will push up income-tax rates	The counter-argument is that if he and his fellow Democrats are successful in killing the president 's proposal , the revenue gap will open up tremendously in 1990 because of the weakened economy
+2	The counter-argument is that if he and his fellow Democrats are successful in killing the president 's proposal , the revenue gap will open up tremendously in 1990 because of the weakened economy	there would be no serious consideration of tax increases
+5	If Sen. Bradley would permit a vote on capital gains , though , it would pass , Christmas retail sales would be strong instead of burdened by a falling stock market , the 1990 economy would be robust , and the revenue gains at every level of government , including New Jersey 's , would be surprisingly high	No tax increases would be necessary
+5	The struggle over capital gains is the most important game in town	In Washington and on Wall Street
+8	The Tennessee Valley Authority issued $ 4 billion in bonds in the federal utility 's first public debt offering in 15 years . Proceeds from the bonds , with coupon rates in the 8 % range , will be used to replace bonds with an average interest rate of 13.1 % .The TVA said the refinancing should save $ 75 million a year in interest payments . The refinancing is part of the TVA 's strategy of dealing with what has been an intractable problem : its staggering $ 18.5 billion debt , most of which is owed to the Treasury Department 's Federal Financing Bank	The TVA currently plans to issue a total of $ 6.7 billion in bonds to refinance its high-interest debt
+9	The TVA , in fact , decided to proceed with the bond offering following an agreement last week with the Financing Bank	The Treasury contended that TVA could n't borrow from both it and the public debt market
+8	Mr. Templeton owns shares in several of the 33 funds that his firm manages , but only in three of the 10 available to U.S. investors , according to filings with the Securities and Exchange Commission	Those are Templeton Global Income , Templeton Emerging Markets and now the Value Fund
+1	He bought at share prices ranging from $ 9.375 to $ 9.625	The fund closed yesterday in New York Stock Exchange composite trading at $ 9.625 , up 12.5 cents
+2	The executives showed good timing	In Big Board trading yesterday , James River shares closed at $ 28.375 , down 12.5 cents
+8	On Sept. 6 , Robert Joseph Sherry , the firm 's senior vice president of employee and public relations , sold 4,000 shares	Including a sale of stock last February , Mr. Sherry has sold 88 % of his stake in the company this year , according to SEC filings
+2	Cincinnati Gas & Electric Co. tops the companies portion of the accompanying Insider Trading table this week	Three of the utility 's directors have at least doubled their holdings in the company since July
+8	The largest purchase was by Dudley Taft , who bought 4,400 shares for $ 125,075	Mr. Taft , who is also president of Taft Broadcasting Co. , said he bought the shares because he keeps a utility account at the brokerage firm of Salomon Brothers Inc. , which had recommended the stock as a good buy
+8	which had recommended the stock as a good buy	Salomon Brothers confirmed that it has had a buy recommendation on the stock for about two years
+5	The two could n't be reached for comment	A company spokesman said he could n't explain their sudden bullishness
+2	he could n't explain their sudden bullishness	I do n't know of any news or anything unusual happening here
+8	Glenn and Sharon Beebe of Cincinnati had sued the com- pany in 1981 after installing Burlington carpets in their office	The Beebes alleged that toxic fumes from the carpets made them sick
+2	the Beebes ' symptoms were not related to the carpeting	that ill effects from new carpets manifest themselves immediately but that the Beebes ' symptoms appeared months later
+2	the verdict would not discourage other plaintiffs from filing such suits	Scientists are only beginning to understand what causes sick-building syndrome and much of that research was unavailable when the Beebes filed the case
+8	the court 's ruling clears the way for proceedings to condemn buildings in the area	This project is ready to move
+2	that obstacles still remain	As part of the agreement with the state , the developers said they would not proceed with condemnation proceedings while there was `` significant litigation '' pending
+1	To do so the U.S. courts must review the judicial process in the foreign country independently of the State Department 's assessment	that in this case he concurred with the State Department 's decision that Mr. Ahmad should be extradited
+6	FORMER CANADIAN AMBASSADOR to the U.S. Allan E. Gotlieb has joined the Philadelphia law firm of Pepper , Hamilton & Scheetz as a consultant	Mr. Gotlieb is advising Pepper Hamilton 's Washington office on legal matters related to Canadian-U.S. investment , corporate finance and international transactions
+1	Commentators who agreed on little else unanimously proclaimed a ` shift in direction ' on the court	I take these pronouncements with a grain of salt
+2	I take these pronouncements with a grain of salt	In an era of ` sound bites ' and instant opinion polls it is dangerous to apply broad labels to a single term
+2	The Arab states , always bitterly resentful of U.S. support toward Israel , realized they held an irresistable weapon -- oil	Early in October , six Arab nations in the Persian Gulf jacked up prices sharply
+9	Early in October , six Arab nations in the Persian Gulf jacked up prices sharply	On Oct. 22 , led by Saudi Arabia , the world 's largest exporter , they embargoed oil shipments to the U.S. and to the Netherlands , Israel 's staunchest European ally
+6	The Arabs had tried embargos before	In 1956 Arab producers cut off supplies to Europe
+1	In 1956 Arab producers cut off supplies to Europe	Texas simply pumped harder
+6	But Middle East supplies were growing in importance	By 1973 , the U.S. was bringing in two million barrels of Arab oil a day , more than 10 % of the 17.3 million barrels consumed daily
+6	Politics and economics conspired	Japan and Europe , far more dependent on Mideast oil than the U.S. , would n't offend the Arabs or trade off their precious supplies
+1	Japan and Europe would n't offend the Arabs or trade off their precious supplies	The U.S. did manage to supply the Dutch with oil by relabeling supplies
+2	The U.S. did manage to supply the Dutch with oil by relabeling supplies	once oil is shipped , no one can tell its source
+8	although neither really applied	The spot dislocations that showed up were largely the result of confusion ( much of it in Washington )
+2	The embargo lasted only six months , but the price hikes became a fact of life	What the Arabs started , inflation finished
+5	At Bear Stearns Cos. , for example , the 15 executive officers led by Chairman Alan `` Ace '' Greenberg got a pay increase to $ 35.9 million for the 14-month period ended June 30 from $ 22.9 million for the 12 months ended April 30 , 1988	The figures do n't include substantial dividends on holdings of Bear Stearns stock
+5	Because it operates on a fiscal year , Bear Stearns 's yearly filings are available much earlier than those of other firms	The latest period includes 14 months instead of 12 because Bear Stearns changed to a fiscal year ending in June instead of April
+8	William J. Montgoris , chief financial officer , defended the lofty salaries at Bear Stearns	All of us are on a base salary of $ 200,000 if the firm makes nothing -- and that 's pretty low as far as Wall Street goes , '' Mr. Montgoris said
+5	According to the proxy statement , James E. Cayne , 55 , Bear Stearns 's president , made $ 3.9 million	an executive vice president , Michael L. Tarnopol , 53 , made nearly $ 3.4 million
+2	the firm has a `` straight mathematical formula '' for determining compensation , based on the firm 's earnings	Just because a particular element of the firm is down , '' such as stockbrokerage , `` does n't mean the executive committee should be paid less
+2	both Messrs.Eward and Whittington had planned to leave the bank earlier , but Mr. Craven had persuaded them to remain until the bank was in a healthy position	If there 's any coincidence about the departures it 's that they are leaving at a time when the business is in reasonably good shape and going forward very well
+6	when the business is in reasonably good shape and going forward very well	Last month , Morgan Grenfell announced its pretax profit rose 49.6 % to # 32.8 million in the first half
+8	The first part , consisting of $ 2 billion of bonds due Oct. 1 , 2019 , with a five-year non-call provision , was priced as 8 3/4 % securities at 96.808 to yield 9.06 %	The 30-year issue was priced at a spread of 105 basis points above the Treasury 's 30-year bellwether bond
+8	The second part , consisting of $ 1 billion of noncallable bonds due Oct. 1 , 1999 , was priced as 8 3/8 % securities at 99.691 to yield 8.42 %	The 10-year issue was priced at a spread of 43 basis points above the Treasury 's 10-year note
+8	The third part , consisting of $ 1 billion of noncallable bonds due Oct. 1 , 1994 , was priced as 8 1/4 % securities at 99.672 to yield 8.33 %	The five-year issue was priced at a spread of 43 basis points above the Treasury 's comparable note
+9	it was advised by the U.S. attorney for Maryland that it is one of a number of companies being investigated by a federal grand jury for alleged violations of the federal Food , Drug and Cosmetic Act	Par was already the subject of a federal criminal inquiry into the drug-approval process and a Food and Drug Administration investigation
+8	The spokesman said he also understood that the inquiry related to the existence of an `` off-the-record '' production book	The book noted changes made at the manufacturing level that were n't disclosed to the FDA
+9	Mr. Patel resigned as senior vice president of Par in April	In July , Par and a 60 % -owned unit agreed to plead guilty in that inquiry , as did another former Par official
+6	it selected him for the posts of president and chief executive on a permanent basis because of his experience in the industry and his performance at Par	Mr. Sawyer had `` taken significant steps '' to restore the company 's credibility and sense of professionalism and integrity
+2	Just after midnight Monday , federal spending started to drop by $ 16 billion	What do you say we all close down the poker game , go home and bank the $ 16 billion
+1	Under the law , Gramm-Rudman 's across-the-board-cuts in federal programs are supposed to be permanent	Social Security and spending for poor people are exempted
+2	that the cuts are the way to go	It will reduce spending in a very effective fashion
+1	It will reduce spending in a very effective fashion	This attitude is being waved away by sophisticates around Washington as little more than tough talk
+1	This attitude is being waved away by sophisticates around Washington as little more than tough talk	It looks to us like a golden opportunity for George Bush to chop off at the knees all this talk about a timid , unserious presidency
+8	It looks to us like a golden opportunity for George Bush to chop off at the knees all this talk about a timid , unserious presidency	Mr. Bush would be acting in the public interest if he let the Washington elites who manipulate these budgets live for just one year on a restricted diet
+2	Mr. Bush would be acting in the public interest if he let the Washington elites who manipulate these budgets -- the bureaucrats , the lobbyists , the congressional staffers -- live for just one year on a restricted diet	thin is in
+2	thin is in	that in the 20 years before Gramm-Rudman was enacted in 1985 , federal spending grew by about 11 % a year ; since the law , it 's grown at under 5 % annually
+1	that in the 20 years before Gramm-Rudman was enacted in 1985 , federal spending grew by about 11 % a year	since the law , it 's grown at under 5 % annually
+1	George Bush 's continued support of the tax dam sustains this strategy of pressuring Congress to make choices among competing priorities	If Washington 's elites ever succeed in bursting the tax dam , Americans will be engulfed in a red sea of new spending programs , such as federalized child care
+5	Child care was one of the many `` extraneous '' bills pulled out of the Senate 's reconciliation bill last Friday	Others were the capital-gains cut , Section 89 repeal , the disabled workers bill , and the unprecedented reconsideration of the catastrophic health act
+2	House Speaker Foley ought to deliver that promise	This is the way government is supposed to work
+1	We have as much nostalgia as anyone for those leafy , breezy days in Washington when honorable men and women dickered over budgets and even log-rolled a bit to see that the bridges got build , roads paved , soldiers paid or that the desperately poor were cared for	Those days are gone
+9	The $ 475,000 sale price earlier this month was the lowest in nearly three years	Exchange seats hit a peak of $ 1,150,000 in September 1987
+5	Tokyo 's Nikkei Index of 225 stocks jumped 527.39 points to close at 34996.08	The rise came a day after the year 's biggest drop on Monday , when the Nikkei fell 647.33 , or 1.8 % , in response to Friday 's 6.9 % plunge on Wall Street
+5	Japanese domestic institutions , including trust banks and investment management firms , that had been on the sidelines during Monday 's fall were back in the market	Foreign investors started off selling but later joined in the buying
+2	This time we do n't really have to worry about Tokyo	Nothing has changed fundamentally in the Tokyo market
+8	People are placing small bets	There 's no huge buying
+8	There 's no huge buying	Really brave views right now would be foolhardy
+5	Among steel shares , NKK rose 19 to 705 yen ( $ 4.97 ) a share , and Nippon Steel gained 17 to 735	Construction shares that gained included Shimizu , which rose 130 to 2,080
+5	Construction shares that gained included Shimizu , which rose 130 to 2,080	In the real estate sector , Mitsui Real Estate Development was up 100 at 2,760 , and Mitsubishi Estate gained 80 to 2,360
+8	London 's Financial Times-Stock Exchange 100-share index fell 27.9 points to 2135.5	It was down more than 40 points a half-hour before the close
+5	It was down more than 40 points a half-hour before the close , marking a 61.5-point turnaround from its high , reached in the first 15 minutes of trading	The narrower Financial Times 30-share index fell 29.6 to 1730.7
+9	But the advance faltered as index-options traders and investors jittery about the U.K. economic outlook took over	The unexpectedly wide U.S. August trade deficit of $ 10.77 billion hit an already jittery U.K. market in midafternoon
+8	It 's a nervous market	It was all over the place
+2	It was all over the place	If you bought , you wish you had n't , and if you sold , you wish you had n't
+5	If you bought , you wish you had n't , and if you sold , you wish you had n't	the current market `` is all about sentiment , and the sentiment in London is 90 % anxiety and worry
+2	and the sentiment in London is 90 % anxiety and worry	Britain 's economic fundamentals do n't look very bright
+6	Merchant banks were stronger across the board	Morgan Grenfell rose 20 to 392 pence ( $ 6.18 ) a share
+5	Morgan Grenfell rose 20 to 392 pence ( $ 6.18 ) a share	S.G. Warburg finished 22 higher at 400
+5	Morgan Grenfell rose 20 to 392 pence ( $ 6.18 ) a share.S.G . Warburg finished 22 higher at 400	Hambros rose 5 to 204
+9	On the corporate front , Ford Motor announced that it raised its stake in U.K. luxury car maker Jaguar to 10.4 % from 5 %	Jaguar shares jumped 23 before easing to close at 654 , up 6
+9	Amstrad , a British computer hardware and communications equipment maker , eased 4 to 47	It announced a 52 % plunge in pretax profit for the latest year
+6	Brewery stocks were firm to higher on talk of early bargain-hunting , but most ended below their peaks	Bass ended up 3 higher at 966 , Guinness closed at 589 , down 7 , and Scottish & Newcastle dropped 11 to 359 , but Whitbread Class A shares rose 17 to 363
+2	but Whitbread Class A shares rose 17 to 363	there was late talk of a Whitbread sale of brewing operations to Scottish & Newcastle
+2	The most active shares were major blue-chips	the action in them largely to defensive positioning in a volatile market
+5	British Gas finished at 197 , down 2 , on 13 million shares , British Petroleum fell 8 to 291 on 9.4 million shares , and British Telecom was 4 lower at 261 on turnover of 10 million shares	Cable & Wireless fell 20 to 478
+5	Also in active trading , British Steel fell 1 to 124 as 20 million shares changed hands	Racal Electric , which traded 11 million shares , declined 12 to 218
+1	In other European markets , share prices closed sharply higher in Frankfurt and Zurich and posted moderate rises in Stockholm , Amsterdam and Milan	Paris closed lower
+6	Elsewhere , share prices rebounded in Hong Kong , Sydney , Singapore , Wellington , Taipei , Manila and Seoul	In Hong Kong , Sydney and Singapore stocks recovered one-third to one-half of the ground they lost in Monday 's plunge , with major market indexes posting gains of 3.6 % to 4.4 %
+1	THE STOCK of Applied Power Inc. , which split 2-for-1 in May , has risen since August 1988	In yesterday 's edition , it was incorrectly stated that the company 's share price has softened since August 1988
+8	The solution , at least for some investors , may be a hedging technique that 's well known to players in the stock-options market	Called a `` married put , '' the technique is carried out by purchasing a stock and simultaneously buying a put option on that stock
+8	It 's like `` fire insurance	Because a put option gives its owner the right , but not the obligation , to sell a fixed number of shares of the stock at a stated price on or before the option 's expiration date , the investor is protected against a sudden drop in the stock 's price
+2	This is the type of fire insurance you only buy when the nearby woods are on fire	but you do n't always feel the need for your investments to be insured
+9	In addition to hedging new stock purchases , the married-put technique can be used to protect stocks that an investor already owns	In either case , the investor faces three possible outcomes
+2	If the stock goes up in price between now and the put 's expiration date , the put will probably expire worthless	The investor will be out the cost of the put and this loss will reduce the stock-market profit
+2	If the stock stays at the same price between now and the put 's expiration date , the investor 's loss will be limited to the cost of the put , less any amount realized from a closing sale of the put	The worst-case scenario would be if the put expires worthless
+8	If the price of the stock declines , the put will increase in value	Once the stock price is less than the exercise price , or `` strike price , '' of the put , the gain will match the loss on the stock dollar for dollar
+2	For example , Tenneco Inc. pays a quarterly dividend of 76 cents , which would be received before the February option expires and , thus , reduce the cost of using the technique by that amount	In this case , the investor 's risk would n't exceed 3.6 % of the total investment
+2	But the effort became snagged on the question of what would become of other issues	Many members feel there are important features of the House bill that should be enacted
+2	Many members feel there are important features of the House bill that should be enacted	If there is any support for reducing the bill , it is conditioned on their desire to see them passed in another form
+2	You 've got to give these chairmen the opportunity to see if they can work things out	This is a democratic process -- you ca n't slam-dunk anything around here
+1	TRADING VOLUME in Standard & Poor 's 500 stock-index futures contracts on the Chicago Mercantile Exchange Monday totaled 73,803 contracts	Yesterday 's edition incorrectly reported Monday 's trading volume as a record for the S & P 500 contract
+1	NCNB Corp. raised $ 1 billion in new capital during the third quarter	In yesterday 's edition , the amount of new capital was misstated
+1	One unit , called the Escort , uses a new digital signal-processing technology to detect radar signals much sooner than was previously possible , the company said	The other , called the Solo , is battery operated and is the first high-performance radar detector that does n't need a power cord , the company said
+10	The merchandise trade deficit widened in August to $ 10.77 billion , the Commerce Department reported , a sharp deterioration from July 's $ 8.24 billion and the largest deficit of any month this year	Exports fell for the second month in a row , while imports rose to a record
+1	This is one of the worst trade releases we 've had since the dollar troughed out in 1987 , '' said Geoffrey Dennis , chief international economist at James Capel Inc	Like most analysts , Mr. Dennis was hesitant to read too much into one month 's numbers
+6	The number had a troubling effect on Wall Street	The Dow Jones Industrial Average tumbled more than 60 points after the report 's release , before recovering to close 18.65 points lower at 2638.73
+8	This bad trade number raises some deeper issues about the market decline	It raises questions about more deep-seated problems , the budget deficit and the trade deficit and the seeming lack of ability to come to grips with them
+8	The trade report drew yet another unsettling parallel to October 1987	On Oct. 14 of that year , the announcement of an unusually large August trade deficit helped trigger a steep market decline
+9	On Oct. 14 of that year , the announcement of an unusually large August trade deficit helped trigger a steep market decline	The slide continued until the record 508-point market drop on Oct. 19
+6	The bleak trade report was played down by the Bush administration	Commerce Secretary Robert Mosbacher called the worsening trade figures `` disappointing after two very good months
+2	The figures today add further evidence to support the view that the improvement in the U.S. trade deficit has essentially stalled out at a level of about a $ 110 billion annual rate	That 's still an improvement over last year , but it leads one to conclude that basically we 've gotten all the mileage we can out of past dollar depreciation and past marginal cuts in the federal budget deficit
+2	In addition , the rise in the value of the dollar against foreign currencies over the past several months has increased the price of U.S. products in overseas markets and hurt the country 's competitiveness	Since March , exports have been virtually flat
+1	August 's decline in exports reflected decreases in sales of industrial supplies , capital goods and food abroad and increases in sales of motor vehicles , parts and engines	The jump in imports stemmed from across-the-board increases in purchases of foreign goods
+5	Universities can now buy a Next computer without an optical storage device for $ 4,995	A computer with the optical device will still cost $ 6,495 , but from now on Next will outfit every computer with a hard drive and supply one at no cost to those who have already bought Next machines
+8	Next 's decision to rely on the more-established hard drive in every Next computer does n't signal a retreat from optical storage	We 're extremely committed to optical storage technology
+2	We 're extremely committed to optical storage technology	We think everything will go this way in a few years
+6	Universities , however , say Next 's prices must go even lower before large numbers of students purchase the machine	We 'd still like to see a student model , '' priced at about $ 3,500 , said Ronald Johnson , director of academic computing at Minnesota 's Gustavus Adolphus College
+8	Broad acceptance of Next 's computer also is hindered by difficulty in distributing software for it	Most software is distributed on cheap floppy disks , but the Next computer does n't come with a device that reads them
+6	he expects more soon	he expects Lotus Development Corp. to introduce a Next version of its popular 1-2-3 spreadsheet program in 1990
+2	Educators added that Next needs to soon offer a color version of its computer	Every major maker offers computers with color displays
+1	For the nine months , Ashton-Tate had a loss of $ 27.6 million , or $ 1.05 a share	In the year-ago period , the company had profit of $ 34.3 million , or $ 1.32 a share
+5	Edward M. Esber , chairman , president and chief executive officer , attributed the decline to reduced domestic revenue because of $ 4.9 million spent to upgrade existing software inventories to the new database IV Version 1.1 , and $ 1.8 million spent on the recent reduction in work force	He said the company was `` encouraged by feedback '' it received from selected customers now testing Version 1.1
+5	The loss is in line with our expectations	gross margins and operating profit `` eroded quite dramatically '' from the prior quarter , along with sales of existing software product lines like Multimate and Framework
+1	And while the company has n't made a definite statement , it now looks like that 's not going to be anytime soon , '' Mr. Maxwell said	The company said in a statement that it expects to ship new products `` during the next two quarters
+1	unless the company can start shipments of the new product sometime this quarter , the fourth-quarter loss is likely to be `` comparable to the third quarter 's	If the company can start to ship during this quarter , it could stem some , if not all of the red ink
+2	These rate indications are n't directly comparable	lending practices vary widely by location
+1	Ethyl Corp. reported that third-quarter net income fell 12 % from a year-earlier quarter helped by a gain from discontinued operations	Profit from continuing operations rose 19 %
+1	net in the latest quarter was $ 54.8 million , or 45 cents a share	In the year-earlier quarter , net was $ 62.2 million , or 51 cents a share
+5	pretax profit from its insurance segment , excluding investment gains , rose 28 % in the latest quarter to $ 28.6 million from $ 22.4 million	In the chemicals segment , pretax profit rose 7 % to $ 69.2 million from $ 64.9 million
+1	Net in the latest period included $ 11.9 million from discontinued operations and a charge of $ 6.2 million from a plant closing	In the year-ago period , net included $ 32.7 million from discontinued operations
+1	Per-share figures this year reflect $ 6.8 million in preferred-share dividends	the 1988 quarter did n't have such a payout
+5	Nine-month net climbed 19 % to $ 174.8 million , or $ 2.21 a primary share , from $ 147.5 million , or $ 1.94 a share	Nine-month per-share figures for 1989 reflect $ 12.9 million in preferred dividends that had no counterpart in the year-earlier quarter
+1	the tendered units will raise its ownership of the partnership to more than 99 % from 87 %	About 900,000 units will continue to be publicly traded on the New York Stock Exchange
+1	while Israel Sheinberg resigned as a director	Mr. Sheinberg remains as executive vice president
+5	Mr. Hurley was formerly a vice president and general manager of an Avery International division	Mr. Vanourek was a former group vice president of Pitney Bowes Inc
+8	relating to criminal charges against the company and two former executives , William G. Moore Jr. and Robert W. Reedy	The former executives were indicted last October on charges of fraud , theft and conspiracy
+5	In New York Stock Exchange composite trading , Recognition rose 87.5 cents to $ 6.625	Prospect slipped 25 cents to $ 10.50 in national over-the-counter trading
+2	I approached `` Mastergate , '' Larry Gelbart 's new comedy at the Criterion Center , with considerable trepidation	Nothing , I assumed , would be more hopelessly dated than a political satire on the Iran-Contra affair
+2	and the persistence of scandal in Washington	Though the play clearly is framed around the events of Iran-Contra , it takes in the wide sweep of scandals over the past 30 years
+5	Onstage , a congressional hearing is in progress , complete with elegant crystal chandelier overhead and a lifesize reproduction of the signing of the Constitution in the background	The witness table is center stage and below it , the paraphernalia for the ever-present media , in this case TNN , the Total News Network
+8	The witness table is center stage and below it , the paraphernalia for the ever-present media , in this case TNN , the Total News Network	Not only are there camera operators on all sides , but the proceedings are shown on monitors throughout the theater
+2	The metaphor of theater is not entirely coincidental	Mr. Gelbart clearly feels that all the participants in a congressional hearing are performers
+5	The man , it seems , has a Lichtenstein corporation , licensed in Libya and sheltered in the Bahamas	He himself lives in a `` consecutive series of unnumbered houses in a town in Switzerland
+1	Soon the studio is producing a $ 40 million picture called `` Tet , the Motion Picture	The picture is a cover for sending $ 800 million of arms to Los Otros
+6	Director Michael Engler has assembled a top-flight cast to carry out the impersonations of well-known political figures	Daniel von Bargen is ramrod-stiff but totally assured as Major Battle , mixing just the right brand of self-righteousness and patriotism
+5	Daniel von Bargen is ramrod-stiff but totally assured as Major Battle , mixing just the right brand of self-righteousness and patriotism	Jeff Weiss is fire , brimstone and teary-eyed emotionalism as the far-right senator who serves as a friendly interrogator of Major Battle
+5	Daniel von Bargen is ramrod-stiff but totally assured as Major Battle , mixing just the right brand of self-righteousness and patriotism ; Jeff Weiss is fire , brimstone and teary-eyed emotionalism as the far-right senator who serves as a friendly interrogator of Major Battle	Zach Grenier is maddeningly officious playing a succession of lawyers
+5	Daniel von Bargen is ramrod-stiff but totally assured as Major Battle , mixing just the right brand of self-righteousness and patriotism ; Jeff Weiss is fire , brimstone and teary-eyed emotionalism as the far-right senator who serves as a friendly interrogator of Major Battle ; Zach Grenier is maddeningly officious playing a succession of lawyers	Joseph Daly has the perfect `` aw , shucks '' demeanor of George Bush in his portrayal of the vice president
+8	and Ann McDonough is first-rate as a succession of witnesses ' wives	With one she is pregnant , with Major Battle she is knitting an American flag , and as the vice president 's wife she rushes in with white hair , wearing a tailored suit and pearls , imitating Barbara Bush 's gestures down to the last detail
+8	Mr. Gelbart also has fun with language	Mastergate '' is subtitled `` a play on words , '' and Mr. Gelbart plays that game as well as anyone
+6	and Mr. Gelbart plays that game as well as anyone	He describes a Mastergate flunky as one who experienced a `` meteoric disappearance '' and found himself `` handling blanket appeals at the Bureau of Indian Affairs
+2	This interest in words goes beyond puns and playfulness , however	Mr. Gelbart deplores the obfuscation , the circumlocution and the debasement of language he sees on all sides
+6	Mr. Gelbart deplores the obfuscation , the circumlocution and the debasement of language he sees on all sides	As the hearings begin , the self-important Sen . Bowman ( Jerome Kilty ) announces : `` Let me emphaticize one thing at the outset : We are not looking for hides to skin nor goats to scape
+5	As the hearings begin , the self-important Sen . Bowman ( Jerome Kilty ) announces : `` Let me emphaticize one thing at the outset : We are not looking for hides to skin nor goats to scape	Major Battle himself speaks in pure Pentagonese : `` Without further monetary-stroke-military aid , scores of Ambiguan freedom lovers , who had gone way out on their life and limbs for us , were literally cut off at the knees without a paddle
+5	Major Battle himself speaks in pure Pentagonese : `` Without further monetary-stroke-military aid , scores of Ambiguan freedom lovers , who had gone way out on their life and limbs for us , were literally cut off at the knees without a paddle	At another point he intones : `` Publicity is a small price to pay for secrecy
+8	Most of the evening , though , is filled with rare and welcome wit	In `` Mastergate , '' Mr. Gelbart has provided us not just one but two commodities that have all but disappeared from the Broadway theater : sharp political satire and an even sharper appreciation of the value of language
+8	Fannie Mae faces a number of challenges with the restructuring of the thrift industry and the push to broaden its activities overseas	There 's no shortage of major things to do
+1	Then the Gutfreunds determined to put up a 22-foot Christmas tree	For this , a crane needed to be mounted on the Postels ' terrace
+1	For this , a crane needed to be mounted on the Postels ' terrace	The Postels did not give permission
+2	and in a neighborly spirit hit both the Gutfreunds and the building with a $ 35 million lawsuit	Nothing less , it seemed , could console them for their traumas
+6	and then as a rough-and-tumble syndicator	Get off your . . . , ' he would bellow , '' say the authors
+1	Get off your . . . , ' he would bellow , '' say the authors	Rising in the firm , he became powerful and bland
+5	Limited partner Billy Salomon was not consulted	Mr. Gutfreund collected $ 32 million , while Billy Salomon got $ 10 million , much less than if he had conducted the sale
+2	Mr. Gutfreund collected $ 32 million , while Billy Salomon got $ 10 million , much less than if he had conducted the sale	I felt betrayed
+1	I felt betrayed , '' he later said	Worse , Salomon 's timing had been off
+2	Worse , Salomon 's timing had been off	Its profits , unlike Phibro 's , soared over the next two years , and had it held out , Salomon could have gotten an even bigger bundle
+8	The book also recounts the not dissimilar maneuvers surrounding the changing of the guard at Lehman Bros. and other grand old firms	Often the genteel , conservative , long-term-oriented investment bankers were displaced by crude traders
+8	The earlier generation of `` our crowd '' bankers had stressed above all probity , tradition , continuity and reputation	They were old-fashioned elegant gentlemen
+5	The old guard had every right , however , to disdain the newcomers ' new ways of making money , such as greenmail	A Fortune article on Saul Steinberg was entitled , `` Fear and Loathing in the Corporate Boardrooms
+8	Their other staple has been corporate takeovers , often hostile and financed by junk bonds	Hostile takeovers are quite a new phenomenon
+7	First , by making management focus on short-term results , they inhibit building for the future -- just the opposite of Japan	Second , a long-term shareholder of a good company need n't worry too much when the stock price drops temporarily : It will bounce back
+2	Second , a long-term shareholder of a good company need n't worry too much when the stock price drops temporarily	It will bounce back
+6	The raiders , meanwhile , have evolved their own pattern for spending their new millions	As described in `` The New Crowd , '' they take on ambitious new wives , move to Greenwich , Conn. , or Bedford , N.Y. , buy OK pictures , and let their wives share the wealth with decorators
+5	As described in `` The New Crowd , '' they take on ambitious new wives , move to Greenwich , Conn. , or Bedford , N.Y. , buy OK pictures , and let their wives share the wealth with decorators	Having donated heavily to museums , they demand a place on their boards
+2	However , on balance , the charity game helps America	If those who have the money do n't get involved with the museums and the charities , then City Hall will do it , badly
+8	The book is patronizing about this nouveau riche struggle for respectability , which has its tawdry aspects.However , on balance , the charity game helps America.If those who have the money do n't get involved with the museums and the charities , then City Hall will do it , badly	It has been rightly observed that the main thing wrong with tainted money is , t'aint enough of it
+6	A handful of the New Crowd operators have crossed the line from the immoral to the illegal , and have ended up in the slammer or paying huge fines : Ivan Boesky , Dennis Levine , Martin Siegel , Victor and Steven Posner , and now Michael Milken and perhaps Leona Helmsley	The glitzy office that Ivan Boesky vacated for a prison cell had previously contained commodity operators Marc Rich and `` Pinky '' Green , today fugitives from a potential century apiece of jail sentences
+8	However , the phenomenon is not specifically Jewish	It has always been true that those outside the club want to climb in , and that a few will cut corners in the process
+8	It has always been true that those outside the club want to climb in , and that a few will cut corners in the process	Some pretty seamy stuff built the turn-of-the-century families ' Fifth Avenue and Newport palazzi and endowed their daughters ' weddings to foreign noblemen
+5	Some pretty seamy stuff built the turn-of-the-century families ' Fifth Avenue and Newport palazzi and endowed their daughters ' weddings to foreign noblemen	Mr. Boesky was a piker compared to Jay Gould and Jim Fiske
+8	Valhi Inc. , another of Mr. Simmons ' companies , responded to an article Monday in The Wall Street Journal	Valhi said the articles did n't accurately reflect Valhi and its affiliates ' intentions toward Lockheed
+9	Industries in both countries have requested a speedup of tariff cuts on hundreds of products	Some tariffs were eliminated when the trade pact took effect Jan. 1
+5	Some tariffs were eliminated when the trade pact took effect Jan. 1	The remainder were to be phased out in five or 10 annual installments , with all tariffs eliminated by January 1998
+8	The U.S. Commerce Department is planning to try out similar trips on U.S. businessmen in coming months under its Canada First ! Outreach Program	Participants in the U.S. missions to Canada are to be assisted by members of the Service Corps of Retired Executives , a volunteer group , in dealing with their export challenges
+1	The Canadian government also has recently opened new trade offices in San Diego ; San Juan , Puerto Rico ; Miami ; Princeton , N.J. , and Denver , bringing the total number of such Canadian offices in the U.S. to 27	The U.S. has six trade promotion offices in Canada
+5	The defense electronics maker said delivery will begin in October 1991 and run through mid-1995	Loral said the contract with Turkey will provide opportunities for Loral to supply that country with other defense systems
+9	Apogee Robotics Inc. said its board extended until Feb. 1 the exercise period of Apogee 's existing stock purchase warrants outstanding	The expiration date had been Nov. 3
+1	Each of the 1,075,000 warrants entitle the holders to purchase one share of Apogee common stock for $ 2.25	Apogee was quoted in the over-the-counter market yesterday at $ 2 bid
+5	that the company expects to record pretax gains of $ 100 million to $ 125 million from the sale of its leasing operations and of certain financial processing services	it expects to realize those gains before year end
+6	Nonperforming assets continued to pile up in the latest quarter , rising to $ 900 million , or 3.52 % of loans and leases , from $ 667 million , or 2.68 % , at the end of the second quarter	Some $ 170 million of the $ 233 million increase in nonperforming loans was related to real estate
+5	that , despite continued weakness in the region 's real estate market , Bank of New England expects the rate of increase in nonperforming assets to slow in coming quarters	that net third-quarter charge-offs , at $ 63 million , improved slightly from the $ 67 million in the second quarter
+5	The company increased its loan loss reserve to $ 354 million from $ 342 million at the end of the second quarter	Total assets slipped to $ 31.4 billion , from $ 32 billion as of June 30
+2	it will close its loan production offices in Chicago , New York and Philadelphia	The Chicago office figured prominently in the bank 's problems earlier this year , when $ 65 million in loans to Chicago businessman William Stoecker went sour
+8	August imports claimed 18.5 % of the U.S. market , compared with 19.3 % in July and 20.5 % in August 1988	The latest month 's figures show that imports of steel from European Community nations fell to 466,000 tons from 481,000 a month earlier , while imports from Japan rose to 323,000 tons from 288,000 in July
+5	while imports from Japan rose to 323,000 tons from 288,000 in July	Imports from Canada rose to 272,000 tons in August from 209,000 in July
+8	imports for the first eight months of 1989 were below the level allowed by the Voluntary Restraint Agreement program	that , excluding semifinished steel products , year-to-date imports represented 15.2 % of consumption , compared with a permitted maximum of 18.5 %
+6	It can happen in any industry	Consider the difficulties faced by Audi salespeople when the car was tainted by false charges of sudden acceleration , or Exxon dealers ' problems in the wake of the Valdez oil spill
+2	Wang 's are finding ways to combat the bad news	It 's very important that we exude confidence
+2	and avoid discussions of finances	Responding to such questions is `` defensive
+1	At one sales strategy meeting , an executive suggested ordering salespeople to become experts on the annual report	Mr. Miller vetoed that
+2	Mr. Miller vetoed that	Even I ca n't understand all the footnotes
+8	Mike Metschan , a salesman in Wang 's Austin , Texas , office , has a breezier method	We tell them $ 3 billion companies do n't go out of business
+5	We tell them $ 3 billion companies do n't go out of business	We tell them all the major companies are having financial difficulties
+1	We tell them all the major companies are having financial difficulties	Numerous computer companies are having sales slumps and earnings declines , but very few have had losses comparable to Wang 's or are carrying such a large debt load
+2	that after a sharp sales slump in July and August , sales stabilized in September	Although Wang will report a loss for the first quarter ended Sept. 30 and the full fiscal year , Mr. Miller says he expects the company will return to profitability by the fourth quarter
+2	anyone representing a troubled company must walk a fine line	If a salesman jeopardizes his credibility in this time of trouble , it will be a problem for the long run
+2	The customer will react to strength	Ignore the present condition
+4	Ignore the present condition	Show it 's business as usual
+2	That is n't easy	Wang 's customers are data processing managers who want to be sure that their suppliers are stable , wellrun companies that will be around to fix bugs and upgrade computers for years to come
+8	but they 've come a long way	They were on the road to recovery in terms of customer attitudes until this bad quarter happened
+2	The first priority for Wang 's sales force is to make sure it holds on to existing customers	Wang 's installed base is one of its greatest assets , and many of those customers remain extremely loyal
+8	New customers are even tougher	You ca n't sell a VS to a new customer
+2	The financial problems are particularly frustrating for salespeople pushing Wang 's image systems	Consultants say that Wang 's technology is among the best available in the image market
+6	But salespeople often found that news of Wang 's problems superseded their sales efforts	William Tait , a former sales manager in Indianapolis , says that his office had all but sold a $ 1.5 million image system to pharmaceutical maker Eli Lilly & Co
+1	that his office had all but sold a $ 1.5 million image system to pharmaceutical maker Eli Lilly & Co	When they were making the decision , all hell broke loose with the finances
+2	When they were making the decision , all hell broke loose with the finances	the Lilly executives told him they could n't take the risk with Wang
+2	he does n't blame Lilly	Buyers have to rely on a supplier `` continually upgrading and replacing the product
+2	Buyers have to rely on a supplier `` continually upgrading and replacing the product	When a company realizes that , it 's hard to go with Wang
+2	It can be hard for a salesperson to fight off feelings of discouragement	You have pride in your job
+2	You think you can go out and turn things around	It 's a tough thing when you ca n't
+2	It 's a tough thing when you ca n't	The reason does n't relate to your selling skills
+8	Discouragement feeds on itself	The problem is , if people get down in the dumps , they stop selling
+1	The bad news is , you 'll be rejected more	The good news is , it 's not your fault
+8	But Mr. Miller , Wang 's new president , recently warned his salespeople about negativism	Our customers watch us for the hidden message , '' he said
+2	Our customers watch us for the hidden message	Look a customer right in the eye and say , ` I 'm glad to be at Wang
+1	The parent company is diversifying into other industries around the world	Everytime we talked about Blinder International , { people } thought it was the brokerage house
+1	Everytime we talked about Blinder International , { people } thought it was the brokerage house	the change was n't related to the brokerage 's recent troubles
+5	Net was $ 24 million , or $ 1.15 a share , up from $ 19 million , or 90 cents a share , a year earlier	Sales rose 7.4 % to $ 580 million from $ 540 million
+1	The chemical segment had a $ 6 million gain on the sale of ammonia and urea businesses , which was offset by a $ 6 million charge for future environmental expenditures	Profit in Olin 's defense and ammunition segment rose to $ 8 million from $ 7 million
+1	Profit in Olin 's defense and ammunition segment rose to $ 8 million from $ 7 million	The metals segment , hurt by a strike , had break-even results , against $ 3 million a year ago
+5	In the first nine months , net rose 21 % to $ 93 million , or $ 4.52 a share , from $ 77 million , or $ 3.62 a share a year ago	Sales rose 13 % to $ 1.91 billion from $ 1.69 billion
+1	GTE Corp. and MCI Communications Corp. reported strong earnings gains to record levels for the third quarter	Southwestern Bell Corp. and Cincinnati Bell posted slight declines
+1	the quarter included a 10 % increase in local-exchange usage for long-distance calling and a 5 % increase in the number of access lines in service	Earlier rate reductions in Texas and California reduced the quarter 's revenue and operating profit $ 55 million
+1	Earlier rate reductions in Texas and California reduced the quarter 's revenue and operating profit $ 55 million	a year earlier , operating profit in telephone operations was reduced by a similar amount as a result of a provision for a reorganization
+5	Revenue in the telecommunications products and services unit rose 27 % to $ 728.8 million , but operating profit was unchanged at $ 26.3 million , partly because of start-up expenses	Electrical products ' sales fell to $ 496.7 million from $ 504.5 million with higher world-wide lighting volume offset by lower domestic prices and the impact of weaker currencies in Europe and South America
+5	Electrical products ' sales fell to $ 496.7 million from $ 504.5 million with higher world-wide lighting volume offset by lower domestic prices and the impact of weaker currencies in Europe and South America	Operating profit of $ 37.2 million was unchanged
+5	MCI , which stepped up efforts to sell long-distance telephone service to residential customers , reported a 59 % jump in earnings	Revenue rose 23 % to $ 1.67 billion from $ 1.36 billion
+5	while operating margins rose to 16.1 % from 15.9 % the previous quarter and 12.6 % a year ago	the company sees further improvements in operating margins
+8	the company sees further improvements in operating margins	We think we can take it to the 18 % range over next 18 to 24 months
+2	In national over-the-counter trading , MCI fell $ 2.625 to $ 42.375	some investors apparently expected slightly better revenue growth
+2	MCI claims about 12 % of the overall long-distance telephone market but just under 10 % of the $ 23 billion residential market	It has been trying to improve its share of the residential market
+2	It has been trying to improve its share of the residential market	The company wants its business mix to more closely match that of AT & T -- a step it says will help prevent cross subsidization
+8	MCI recorded `` another solid cash positive quarter	The current quarter looks fine
+8	The current quarter looks fine	We think revenue will continue to grow and that we can control costs and thus improve profitability
+1	net declined 1.8 %	that the year-ago period was particularly strong , with an increase of nearly 70 %
+5	Revenue jumped nearly 17 % to $ 223.3 million from $ 191.4 million	In composite trading on the New York Stock Exchange , Cincinnati Bell fell 25 cents to $ 29
+9	Frank Carlucci III was named to this telecommunications company 's board	Mr. Carlucci , 59 years old , served as defense secretary in the Reagan administration
+9	In addition to his previous real-estate investment and asset-management duties , Mr. Meador takes responsibility for development and property management	Those duties had been held by Van Pell , 44
+1	A year earlier , the savings bank had earnings of $ 8.1 million , or 33 cents a share	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
+1	it increased its loan-loss reserves by $ 93 million after reviewing its loan portfolio	Before the loan-loss addition it had operating profit of $ 10 million for the quarter
+6	Arbitragers were n't the only big losers in the collapse of UAL Corp. stock	Look at what happened to UAL 's chairman , Stephen M. Wolf , and its chief financial officer , John C. Pope
+2	When bank financing for the buy-out collapsed last week , so did UAL 's stock	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
+2	Mr. Wolf owns 75,000 UAL shares and has options to buy another 250,000 at $ 83.3125 each	In the $ 300-a-share buyout , that totaled about $ 76.7 million
+1	In the $ 300-a-share buyout , that totaled about $ 76.7 million	By yesterday 's close of trading , it was good for a paltry $ 43.5 million
+2	Of course , Mr. Wolf , 48 years old , has some savings	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
+5	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	His 1988 salary was $ 575,000 , with a $ 575,000 bonus
+8	The 40-year old Mr. Pope has n't changed jobs enough -- at least the right ones -- to stash away that kind of money	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
+1	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	Conceivably , in a scaled-back buy-out , they could be bumped back to coach seats for life
+7	Merck & Co. reported a 25 % increase in earnings	Warner-Lambert Co. 's profit rose 22 %
+8	Merck & Co. reported a 25 % increase in earnings ; Warner-Lambert Co. 's profit rose 22 % and Eli Lilly & Co. 's net income rose 24 %	The results were in line with analysts ' expectations
+1	Merck , Rahway , N.J. , continued to lead the industry with a strong sales performance in the human and animal health-products segment	A stronger U.S. dollar reduced third-quarter and first-nine-month sales growth 2 % and 3 % , respectively
+8	A stronger U.S. dollar reduced third-quarter and first-nine-month sales growth 2 % and 3 % , respectively	International sales accounted for 47 % of total company sales for the nine months , compared with 50 % a year earlier
+5	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	The drug was introduced in West Germany this year
+2	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	1989 will be the best year in its history
+5	with per-share earnings expected to increase more than 20 % to about $ 6.10	Sales for the quarter rose to $ 1.11 billion from $ 1.03 billion
+1	Prescription-drug world-wide sales rose 9 % in the quarter to $ 340 million	U.S. sales rose 15 %
+8	U.S. sales rose 15 %	The segment 's growth was led by sales of the cardiovascular drugs Lopid , a lipid regulator , and Dilzem , a calcium channel blocker
+1	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 %
+8	Confectionery products sales also had strong growth in the quarter	World-wide sales of Trident gum , Certs breath mints , and Clorets gum and breath mints , increased 12 % to $ 277 million
+5	Third-quarter sales of the Indianapolis , Ind. , company rose 11 % to $ 1.045 billion from $ 940.6 million	Nine-month sales grew 12 % to $ 3.39 billion from $ 3.03 billion a year earlier
+5	Sales of Prozac , an anti-depressant , led drug-sales increases	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
+1	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
+5	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	Colgate 's world-wide third-quarter sales rose about 8 % to $ 1.29 billion
+2	The estimated improvement in Colgate 's U.S. operations took some analysts by surprise	Colgate 's household products business has been a weak performer
+0	that Colgate 's domestic business , apart from its highly profitable Hill 's Pet Products unit , has lagged	We 've done a lot to improve { U.S. } results
+2	and a lot more will be done	Improving profitability of U.S. operations is an extremely high priority in the company
+2	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	By late last night , Globe Managing Editor Thomas Mulvoy , bending to the will of his troops , scrapped the new drawings
+6	Trouble was , nobody thought they looked right	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
+5	Globe columnist Mike Barnicle 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	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
+5	I thought { the drawing } 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	Mr. Barnicle was hardly kinder to the renderings of colleagues Michael Madden ( `` appears to be a pervert '' ) , Will McDonough ( `` looks as if he drove for Abe Lincoln '' ) or Bella English , whose `` little girl now screams hysterically every time she sees a newspaper
+2	But think of the money you , the reader , will save on Halloween	Instead of buying masks for your kids , just cut out the columnists ' pictures
+1	Deeply ingrained in both the book review `` Kissing Nature Good-bye '' by Stephen MacDonald ( Leisure & Arts , Sept. 27 ) and the books reviewed is the assumption that global warming is entirely a result of human activity	Is such a view justified
+8	About 20,000 years ago the last ice age ended	Enormous ice sheets retreated from the face of North America , northern Europe and Asia
+5	Furthermore , no bell has yet rung to announce the end of this immense episode of natural global warming	It is probably continuing
+5	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	On the comptroller side , you 're developing and making work financial controls governing a $ 6 billion budget
+5	The rebel officer 's slow and painful death was personally supervised by Gen. Noriega	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
+7	He is now changing the place he sleeps every night , sometimes more than once a night	His meals are most often prepared by women he trusts -- his full-time mistress , Vicky Amado , and her mother , Norma
+8	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	More enemies to be dealt with
+8	it is merely the latest chapter in a byzantine relationship between Mr. Noriega and Washington that stretches back three decades	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
+5	America 's war on the dictator over the past two years is the legacy of that relationship	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
+2	for allegedly raping and savagely beating a prostitute , according to a U.S. Embassy cable from that period	The woman had nearly died
+2	But U.S. intelligence , rather than rein in or cut loose its new spy , merely filed the report away	Mr. Noriega 's tips on emerging leftists at his school were deemed more important to U.S. interests
+5	But U.S. intelligence , rather than rein in or cut loose its new spy , merely filed the report away.Mr . Noriega 's tips on emerging leftists at his school were deemed more important to U.S. interests	From that point on , the U.S. would make a practice of overlooking the Panamanian 's misadventures
+2	The U.S. has befriended and later turned against many dictators , but none quite so resourceful	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.Yet he has proved more resilient than any of them
+2	The U.S. underestimated Noriega all along	He has mastered the art of survival
+6	In keeping with America 's long history of propping up Mr. Noriega , recent U.S. actions have extended rather than shortened his survival	Mr. Noriega might have fallen of his own weight in 1988 because of Panama 's dire economic situation but increasing external pressure has only given him additional excuses for repression , and a scapegoat for his own mismanagement
+6	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	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
+2	He is cornered	The Americans have left him without a way out
+6	His chief advantage in the fight : his intimate knowledge of American ways and weaknesses	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
+8	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	The contact occurred through Mr. Noriega 's half-brother , a Panamanian diplomat based in Peru named Luis Carlos Noriega Hurtado.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
+2	The contact occurred through Mr. Noriega 's half-brother , a Panamanian diplomat based in Peru named Luis Carlos Noriega Hurtado	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
+2	Luis Carlos relayed Tony 's reports on the leftist tendencies he observed among his fellow students and , more important , among his officers and instructors	A spy was born
+2	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	Born the illegitimate son of his father 's maid , he was raised on the mean streets of the central market district of Panama City
+2	In his peaked military cap and neatly pressed , French-made uniform , Noriega felt more respected and powerful than ever in his underprivileged life	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
+9	Mr. Noriega 's relationship to American intelligence agencies became contractual in either 1966 or 1967	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
+8	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
+2	United Fruit was one of the two largest contributors to Panama 's national income	Satisfying its interests was a priority for any Panamanian leader
+8	Mr. Noriega 's initial retainer was only $ 50 to $ 100 a month , plus occasional gifts of liquor or groceries from the American PX	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
+2	He did it very well	He started building the files that helped him gain power
+2	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	By pressuring taxi and bus drivers who needed licenses , he gained a ready cache of information
+2	By pressuring taxi and bus drivers who needed licenses , he gained a ready cache of information	He knew which local luminaries had been caught driving drunk , which had been found with their mistresses
+9	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	The campaign so divided union leaders that the government found them far easier to control
+8	He was superb	Noriega was an expert at bribing and blackmailing people
+6	During his years in Chiriqui , however , Mr. Noriega also revealed himself as an officer as perverse as he was ingenious	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.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
+8	an intoxicated Noriega visiting prisoners in their cells at the 5th Zone Garrison headquarters in David	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
+2	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	People started wondering if something was wrong with him
+6	But through this period , so far as the U.S. military was concerned , Mr. Noriega was a model recruit	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
+9	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	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
+10	Some American officers interpreted his eagerness and studiousness as a sign of loyalty , but they did so falsely	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
+9	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	He became Gen. Torrijos 's inseparable shadow , and the holder of all Panama 's secrets
+5	He became Gen. Torrijos 's inseparable shadow , and the holder of all Panama 's secrets	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
+1	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	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
+5	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	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
+6	Even at this early stage , drugs caused additional concerns	During the Nixon administration , the Drug Enforcement Administration became dismayed at the extent of the G-2 's connections to arrested drug traffickers
+5	During the Nixon administration , the Drug Enforcement Administration became dismayed at the extent of the G-2 's connections to arrested drug traffickers	One DEA agent drew up a list of five options for dealing with Col. Noriega , one of which was assassination
+2	that Gen. Torrijos seemed afraid to act on the concerns of the U.S	Everybody was afraid of him
+8	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	The tapes included wiretaps of Gen. Torrijos 's own phone , according to American intelligence officials
+2	For the first time , the U.S. considered cutting Mr. Noriega from its intelligence payroll -- and the deliberations were intense	In the world of intelligence , if you want to get information , you get it from seedy characters
+2	In the world of intelligence , if you want to get information , you get it from seedy characters	The question is how much you get tied in with seedy characters so they can extort you
+10	Intelligence officials to this day worry whether Mr. Noriega sold sensitive information on the recordings to the Cubans or others	Mr. Turner was troubled enough to cancel the U.S. contract with the rent-a-colonel at the beginning of the Carter administration
+10	The U.S. soon found new cause for concern : gun-running	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
+2	At the time , though , in 1979 , the U.S. was once again flirting with its longtime Latin American spy	Mr. Noriega made plans to fly to Washington for a meeting with his counterpart at the Pentagon
+9	Mr. Noriega made plans to fly to Washington for a meeting with his counterpart at the Pentagon	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
+8	The Pentagon foiled the plan	According to military officers at the time , word was passed to Mr. Noriega by his American hosts that the police would be waiting
+9	According to military officers at the time , word was passed to Mr. Noriega by his American hosts that the police would be waiting	On Monday , U.S. officials received a routine , unclassified message from the military group commander in Panama
+8	Prosecutors in Miami received yet another setback	Their original indictment against Mr. Wittgreen , the friend of Mr. Noriega , and the other four was dismissed on a technicality
+10	Prosecutors in Miami received yet another setback	Their original indictment against Mr. Wittgreen , the friend of Mr. Noriega , and the other four was dismissed on a technicality
+5	Panamanian dictator Torrijos , he was told , had granted the shah of Iran asylum in Panama as a favor to Washington	Mr. Sanford was told Mr. Noriega 's friend , Mr. Wittgreen , would be handling the shah 's security
+2	Mr. Noriega 's friend , Mr. Wittgreen , would be handling the shah 's security	It would n't be a good idea to indict him -- much less Mr. Noriega
+8	After prodding from Mr. Sanford , U.S. Attorney Jack Eskenazi pleaded with Justice Department officials in Washington to let the indictment proceed	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
+2	if we had been allowed to go ahead then we would n't have the problems we have now	If he had been found guilty , we could have stopped him
+1	Soon , the military became a veritable mafia controlling legal and illegal businesses	The Reagan administration also put Mr. Noriega 's G-2 back on the U.S. payroll
+2	Although working for U.S. intelligence , Mr. Noriega was hardly helping the U.S. exclusively	During the Reagan years he expanded his business and intelligence contacts with the Cubans and the Sandinistas
+5	During the Reagan years he expanded his business and intelligence contacts with the Cubans and the Sandinistas	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
+8	But Mr. Noriega was convinced the Reagan White House would n't act against him because he had an insurance policy : his involvement with the Contra rebels in Nicaragua	the general allowed the Contras to set up a secret training center in Panama
+2	Mr. Blandon says the general allowed the Contras to set up a secret training center in Panama.Mr . Noriega also conveyed intelligence from his spy operation inside the Nicaraguan capital of Managua.And on at least one occasion , in the spring of 1985 , he helped arrange a sabotage attack on a Sandinista arsenal in Nicaragua	Although , his help for the Contra cause was limited , it was enough to win him important protectors in the Reagan administration
+8	Although , his help for the Contra cause was limited , it was enough to win him important protectors in the Reagan administration	Noriega played U.S. intelligence agencies and the U.S. government like a violin
+6	An incident in 1984 suggested one additional means by which Mr. Noriega might have maintained such influence with Washington -- by compromising U.S. officials	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
+2	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	Mr. Windsor notified Everett E. Briggs , the U.S. ambassador to Panama , of the invitation
+2	Briggs screamed	he was being set up for a `` honey trap
+6	Yet , his political setbacks mounted	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
+2	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.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.And , all the while , Panama 's debt problems continued to grow	Mr. Noriega was growing desperate
+8	In late 1986 , he made an offer he thought the U.S. could n't refuse	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 { U.S. } ban on military sales to the Panamanian Defense Forces
+9	North has told Noriega 's representative that U.S. law forbade such actions	The representative responded that Noriega had numerous assets in place in Nicaragua and could accomplish many essential things , just as Noriega had helped { the U.S. } the previous year in blowing up a Sandinista arsenal
+9	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	Mr. Noriega 's proposal was turned down
+2	The end of the marriage was at hand	Within weeks the unfolding Iran-Contra scandal took away Mr. Noriega 's insurance policy
+8	Within weeks the unfolding Iran-Contra scandal took away Mr. Noriega 's insurance policy	The death of CIA Director William Casey and resignation of Oliver North allowed anti-Noriega political forces to gain influence
+9	Within weeks the unfolding Iran-Contra scandal took away Mr. Noriega 's insurance policy.The death of CIA Director William Casey and resignation of Oliver North allowed anti-Noriega political forces to gain influence	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
+2	Within weeks the unfolding Iran-Contra scandal took away Mr. Noriega 's insurance policy.The death of CIA Director William Casey and resignation of Oliver North allowed anti-Noriega political forces to gain influence.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	Few American officials were willing any longer to defend him
+2	Now , neither side -- the U.S. nor Mr. Noriega -- has an easy out	President Bush has sworn to bring him to justice.Mr . Noriega believes he has n't any alternative but to continue clutching to power
+1	President Bush has sworn to bring him to justice	Mr. Noriega believes he has n't any alternative but to continue clutching to power
+2	President Bush has sworn to bring him to justice.Mr . Noriega believes he has n't any alternative but to continue clutching to power	It is a knock-out battle -- perhaps to the death
+2	For short-term gains , people were willing to put up with him	That allowed him to get stronger and stronger
+8	For short-term gains , people were willing to put up with him.That allowed him to get stronger and stronger	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
+8	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	They need to do something about this
+6	Measures of manufacturing activity fell more than the overall measures	Factory output dropped 0.2 % , its first decline since February , after having been unchanged in October
+1	Factory output dropped 0.2 % , its first decline since February , after having been unchanged in October	Factories operated at 83.7 % of capacity , the lowest rate in more than a year and down from 84.1 % in September
+1	Output of business equipment was unchanged in September	Production of factory equipment , one indication of the strength of manufacturers ' investment spending , fell 0.3 %
+2	Some economists expect further declines in investment spending	Whenever corporate profits are weak that means capital spending is going to soften subsequently
+5	A decline in truck production more than offset a sharp rise in auto assemblies	Analysts do n't expect the September surge in auto production to be repeated in the coming months
+5	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	William R. Attridge resigned those posts , as well as a seat on NESB 's board
+6	The National Cancer Institute report compares mortality rates of two groups of people between the ages of 35 and 44 a decade apart	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 %
+1	a decline of 28.7 %	Measured the same way , the decline for black males was 14.2 %
+1	Measured the same way , the decline for black males was 14.2 %	The drop in mortality rates for women was less steep -- 8.9 % for blacks and 5.3 % for whites
+2	Even though these favorable trends in lung-cancer mortality affect all sex and race groups , they ca n't be taken for granted	Smoking prevention programs should reach larger segments of the population , especially children , adolescents and minorities
+2	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	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
+8	The NCI report attributes the differences in mortality rates by race to different smoking patterns	A higher proportion of black men smoke than white men
+5	A higher proportion of black men smoke than white men	While nearly equal percentages of black and white women currently smoke , in both sexes more whites have given up smoking than blacks
+5	Asians and native Americans were n't studied	Hispanics were included with whites
+8	After gaining strength during a brief run-up when trading began , the Nasdaq Composite Index weakened under selling pressure	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
+8	During the last two hours of trading , the composite almost drew even on the day before slipping again	The Nasdaq Composite closed down 1.05 , or 0.2 % , to 459.93
+5	The Nasdaq 100 Index began the day at 449.89 , lost 2 % at one point , and was up 0.4 % at another	The barometer of the biggest nonfinancial stocks settled at 448.49 , off 1.40
+2	The volatility was dizzying for traders	The market must have turned up and down 15 different times
+8	The market must have turned up and down 15 different times	Every time you thought it was going into a rally it gave up , and every time you thought it would rally it came down
+8	Every time you thought it was going into a rally it gave up , and every time you thought it would rally it came down	This is a tough market
+2	the market is still settling down after the recent correction	Most of trading action now is from professional traders who are trying to take advantage of the price swings to turn a quick profit
+5	Everybody 's confused and no one has an opinion that lasts longer than 30 seconds	A lot of the professional traders are just going back and forth
+2	A lot of the professional traders are just going back and forth	They 're just as confused
+8	program trading is keeping the markets unsettled	that the volatile conditions created by program trading has `` thoroughly confused '' investors about where the market is headed
+8	that the volatile conditions created by program trading has `` thoroughly confused '' investors about where the market is headed	Program trading is `` benefiting a few to the detriment of many
+8	Trading activity cooled off from Monday 's sizzling pace	Share turnover subsided to 161.5 million
+5	Share turnover subsided to 161.5 million	Advancing and declining issues finished about even
+8	Advancing and declining issues finished about even	Of the 4,345 stocks that changed hands , 1,174 declined and 1,040 advanced
+8	One big technology issue , Novell , rode the roller coaster	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
+8	It was a jarring day for investors in Genetics Institute	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
+9	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	The stock recovered somewhat to finish 1 1/4 lower at 26 1/4
+2	Price Co. jumped 2 1/4 to 44 on 1.7 million shares	The wholesaler of cash and carry merchandise reported fiscal fourthquarter earnings that were better than analysts had expected
+2	Every year we 've been waiting for stepped-up expansion from the company	The news could n't have been better
+9	Intermec , a maker of optical character-recognition devices , also reported higher third-quarter earnings	Its shares added 3/4 to 30 3/4
+6	But favorable earnings was n't a guarantee that a stock 's price would improve yesterday	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
+2	Capital Associates dropped 1 to 5 3/8	The company reported substantially lower net income for its fiscal first quarter
+10	Then cast-iron sewer pipe and the flush toilet were followed by sewage- and water-treatment plants toward the end of the 19th century	Medicine in the 19th century was dedicated mostly to combating sepsis and diagnostic analysis
+6	These apocalyptic predictions were advanced by such stalwarts as Paul Ehrlich , Barry Commoner , Rene Dubois and George Wald	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
+7	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	Mr. Ehrlich predicted unprecedented famine by 1980
+7	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.Mr . Ehrlich predicted unprecedented famine by 1980	There were many more
+7	These apocalyptic predictions were advanced by such stalwarts as Paul Ehrlich , Barry Commoner , Rene Dubois and George Wald.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.Mr . Ehrlich predicted unprecedented famine by 1980.There were many more	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
+7	These apocalyptic predictions were advanced by such stalwarts as Paul Ehrlich , Barry Commoner , Rene Dubois and George Wald.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.Mr . Ehrlich predicted unprecedented famine by 1980.There were many more.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	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
+6	Meanwhile , the New Environmentalists systematically opposed the methods of the Old Environmentalists	Local pollution problems require cheap energy and capital for their solution.But the New Environmentalists oppose private wealth creation ( which , they claim , depletes natural resources ) and nuclear power ( even though it would counteract the greenhouse effect
+5	But the New Environmentalists oppose private wealth creation ( which , they claim , depletes natural resources ) and nuclear power ( even though it would counteract the greenhouse effect	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
+2	New Environmentalism is an emotional attack on proven methods of improving our quality of life and a bid for political power	Let 's rationalize our priorities by solving pollution problems at the local level as heretofore
+4	Nor was it intended to dictate a set of prescriptive solutions , although various points were raised	Each speaker was asked to address a specific topic , not deliver a point of view
+0	Each speaker was asked to address a specific topic , not deliver a point of view	Each scientist independently concluded society and government are underreacting when it comes to substantive policy change
+2	This leads to a very special sense of urgency	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
+2	The environment can no longer be a normal issue , to be dealt with on a business-as-usual basis with comfortable increments of change	We have literally altered the chemistry and physics of our planet 's atmosphere
+8	This portends consequences from what we have already done that will be very destabilizing to social and economic systems	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
+2	The consensus from the scientific community is that there is sufficient evidence to advise major policy changes	No , we are not overreacting
+10	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 %	A company spokesman said yesterday that Coca-Cola Enterprises sticks by its 1989 forecast
+1	Excluding that bottling business , Coca-Cola Enterprises ' volume , measured by cases of soda , rose only 1 %	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
+2	Coca-Cola Enterprises blamed the lower volume on its soft-drink prices , which were about 3 % higher in the third quarter	Consumers have been accustomed to buying soft-drinks at discounted prices for several years
+2	Consumers have been accustomed to buying soft-drinks at discounted prices for several years	it had to boost spending for trade and dealer incentives to try to keep volumes from slipping
+1	it had to boost spending for trade and dealer incentives to try to keep volumes from slipping	consumers will adjust to higher-priced soft drinks
+8	it had to boost spending for trade and dealer incentives to try to keep volumes from slipping	consumers will adjust to higher-priced soft drinks
+8	A spokesman attributed the bulk of a 14 % increase in selling , administrative and general expenses -- to $ 324.9 million -- to marketing costs	They 're out there promoting like crazy , trying to get prices up by promotion
+5	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	Revenue was flat at about $ 2.97 billion
+5	fiscal third-quarter net rose 11 % to $ 269.3 million , or $ 1.02 a share , from $ 241.6 million , or 91 cents a share	Sales rose 25 % to $ 3.90 billion from $ 3.13 billion
+1	In composite trading on the New York Stock Exchange , Coca-Cola Enterprises closed at $ 16.375 a share , down 62.5 cents	PepsiCo closed at $ 58.50 a share , up $ 1.375
+8	GE Capital has a working relationship with L.J . Hooker	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
+1	At the time , the Merksamer chain had 11 stores in operation	Today , there are 77 units , all located in shopping malls
+2	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	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
+5	According to those familiar with the situation , other bidders included Ratners Group PLC of London and Kay Jewelers Inc	First Boston Corp. is advising L.J . Hooker on the sale of the Merksamer business
+9	The company was founded in Sacramento in 1929 by two brothers , Ralph and Walter Merksamer , who operated as DeVon 's Jewelers	In 1979 , the pair split the company in half , with Walter and his son , Sam , agreeing to operate under the Merksamer Jewelery name
+9	Robert J. Regal was named president and chief executive officer of this company 's Universal-Rundle Corp. unit	Mr. Regal had been president and chief executive of RBS Industries Inc
+9	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	The one-hour program will be repeated with updates throughout Saturday mornings
+2	We do n't need cartoons anymore	They only accounted for 5 % , at best , of the station 's total revenues
+5	An NBC spokesman says the network will `` closely monitor '' the Sacramento situation , and says it is the only station to defect	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
+2	The youthful audience for Saturday programming is no longer dependent on the networks	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
+6	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
+5	The network 's own production company , NBC Productions , supplies a half-hour family-oriented show titled `` Saved By The Bell	NBC Productions or NBC News could supply the network with other Saturday morning shows , a move that would control costs
+2	NBC Productions or NBC News could supply the network with other Saturday morning shows , a move that would control costs	Animated shows , which are made by outside production companies , cost the network about $ 300,000 per episode
+5	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	Sales rose 5.2 % to $ 2.04 billion from $ 1.94 billion the previous year
+9	Stephen N. Wertheimer was named managing director and group head of investment banking in Asia , based in Tokyo	Mr. Wertheimer , 38 years old , had been a first vice president in the industrial group in investment banking
+8	This is written to correct a misquotation in your Oct. 3 article `` Deaths From Advanced Colon Cancer Can Be Reduced by Using Two Drugs	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 . '' I did n't say this , and I 'm totally opposed to the philosophy expressed by the quote
+8	I did n't say this , and I 'm totally opposed to the philosophy expressed by the quote	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
+8	This is not nearly good enough	any physician who truly cares about cancer patients , both today and tomorrow , should offer the hope of something better than that
+8	The initial $ 11 million research program will conduct the most extensive testing to date of reformulated gasolines	It will compare 21 different blends of gasolines with three mixtures of up to 85 % methanol
+5	Further investigation may result in further actions against Lincoln 's executives including fraud actions	Mr. Keating , for his part , has filed suit alleging that regulators unlawfully seized the thrift
+1	Some of those debtholders have filed a suit , saying they believed they were buying government-insured certificates of deposit	We have no plans at this time to pay off those notes
+2	we totally disagree	they have `` oversimplified and made some erroneous assumptions that make their analysis completely off-base
+5	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	He insisted , as he has before , that creditors would be paid in full under the plan
+8	But after selling off pieces such as its East Coast shuttle , its Philadelphia hub and various planes , Eastern hit a stumbling block	It could n't sell its South American routes , one of the major assets marked for disposal
+1	Those routes were to be sold to AMR Corp. 's American Airlines	A last-minute snag in negotiations with AMR caused the deal to collapse
+8	but the creditors committee has been having problems with the revisions	The committee has two groups of experts it calls on to analyze Eastern 's plans.Both said the new plan would n't work
+10	Eastern would have to issue new debt to cover its costs , and that it would generate far less cash than anticipated	Other costs also would increase , including maintenance , because Eastern has an older fleet
+8	At the news conference , Mr. Lorenzo and Eastern President Phil Bakes presented a far rosier assessment	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.Starting next month , Eastern will begin flying 775 flights daily instead of the previously announced 700 , they said . 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.These accounts hold several hundred million dollars , primarily from asset sales.The plan Eastern hopes to pursue , he said , calls for Eastern to have $ 390 million in cash by year 's end.Both he and Mr. Lorenzo predicted that plan might be confirmed in January
+10	At the news conference , Mr. Lorenzo and Eastern President Phil Bakes presented a far rosier assessment	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.Starting next month , Eastern will begin flying 775 flights daily instead of the previously announced 700 , they said . 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.These accounts hold several hundred million dollars , primarily from asset sales.The plan Eastern hopes to pursue , he said , calls for Eastern to have $ 390 million in cash by year 's end.Both he and Mr. Lorenzo predicted that plan might be confirmed in January
+5	Eastern has exceeded its operational goals and is filling its seats	Starting next month , Eastern will begin flying 775 flights daily instead of the previously announced 700
+4	it 's not a requirement that the plan be accepted by creditors	It must be accepted by the court
+5	Under bankruptcy law , Eastern has exclusive rights for a certain period to develop its own reorganization plan	That deadline has been extended once and could be extended again
+2	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
+1	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	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
+2	Now the Senate 's stripped-down bill omits any proposal to deal with the corporate tax	Proponents of simplification fear that the chances of getting it into the final bill are waning
+6	Proponents of simplification fear that the chances of getting it into the final bill are waning	We hear it has low priority on the House side , '' says Samuel Starr of Coopers & Lybrand , CPAs
+1	We hear it has low priority on the House side	If the law is n't changed we are left staring at rules that are almost impossible to implement , because there are so many complex depreciation calculations to do
+8	This law aids hurricane-wracked locales named by the president as disaster areas , as well as regions so designated after other 1989 disasters	It lets victims elect to deduct casualty losses on either 1989 or amended 1988 returns , whichever offers the larger tax benefit
+5	victims may pick the year when income is lower and deductions higher	In filing an original ( not amended ) return , a couple should consider whether damaged property is owned jointly or separately and whether one spouse has larger income
+1	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	Interest will be imposed on unpaid taxes
+5	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	Excise-tax returns due by Oct. 31 or Nov. 30 may be delayed to Jan. 16
+5	Excise-tax returns due by Oct. 31 or Nov. 30 may be delayed to Jan. 16	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
+10	USED-CAR BUYERS who try to avoid sales tax by understating prices paid in private deals are the targets of a New York drive	Estimating that the state may lose $ 15 million a year , officials announced the filing of 15 criminal actions and `` hundreds '' of civil penalties
+8	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
+1	BRIEFS : 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	The court rejected his incredible claims , denied his deductions , and imposed a negligence penalty
+9	Kay Peterson mounts her bicycle and grinds up yet another steep , rocky path seemingly suitable only for mountain goats	After a tortuous climb , she is rewarded by a picture-postcard vista : a glade of golden aspens under an azure Indian-summer sky
+2	Twelve hundred miles away , rangers at a Napa County , Calif. , state park are among the many who do n't quite share the enthusiasm	This summer , speeding bikers were blamed for an accident in the Napa County park , in which a horse broke its leg
+8	Twelve hundred miles away , rangers at a Napa County , Calif. , state park are among the many who do n't quite share the enthusiasm	This summer , speeding bikers were blamed for an accident in the Napa County park , in which a horse broke its leg
+2	This summer , speeding bikers were blamed for an accident in the Napa County park , in which a horse broke its leg	The animal had to be destroyed
+5	The animal had to be destroyed	the bikers fled and were never found
+5	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	They have even sent helicopters in pursuit of bikers after hikers and equestrians complained they were being driven from trails
+2	We were being overrun	Two years ago , the district decided to limit the bikes to fire roads in its 65,000 hilly acres
+5	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	At least half that growth will have come in the past three years alone
+6	Key to the issue is that the bikes , in skillful hands , can go virtually anywhere , and in reckless hands can become vehicles of terror	An adept bicyclist can leap from a dead stop to the top of a picnic table without losing balance
+6	For harried public-land managers across the nation , the response is increasingly to shut the gates	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
+7	Most other states have enacted similar bans	The bikes are unwelcome on trails in national parks
+5	The bikes are unwelcome on trails in national parks	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
+8	Often these closings come after vigorous anti-bike lobbying by conservation organizations , the politically potent Sierra Club among them	Sierra has been instrumental in securing a number of the California bans
+5	Sierra has been instrumental in securing a number of the California bans	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
+2	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	Pressure from these members prompted the club recently to soften its anti-bike rhetoric
+6	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	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
+2	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
+6	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	Mr. Langton 's group , Concerned Off-Road Bicyclists Association , mounted petition drives to help keep open certain Santa Monica Mountain trails designated for closing
+5	Mr. Langton 's group , Concerned Off-Road Bicyclists Association , mounted petition drives to help keep open certain Santa Monica Mountain trails designated for closing	Biking groups in Montana , Idaho , Michigan and Massachusetts have won similar concessions
+6	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
+1	Even staunch anti-bike Sierra members concede that 10 % of all riders cause most of the problems	While some are renegade riders who simply scorn regulations , much bad riding simply reflects ignorance that can be corrected through `` education and peer pressure
+2	when , a decade ago , some Marin County bicycle enthusiasts created a hybrid bike using fat tires , lightweight metallurgy and multi-gear technology	They wanted a machine that would allow them to pedal into rugged terrain then inaccessible to cycles
+8	when , a decade ago , some Marin County bicycle enthusiasts created a hybrid bike using fat tires , lightweight metallurgy and multi-gear technology.They wanted a machine that would allow them to pedal into rugged terrain then inaccessible to cycles	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
+1	When the bikes first entered mass production in 1981 , they were dismissed as a fad	Last year , 25 % of the 10 million bicycles sold in the U.S. were mountain bikes
+8	Last year , 25 % of the 10 million bicycles sold in the U.S. were mountain bikes	In California , a bellwether market , they accounted for more than 80 % of all bike sales
+2	The majority of the bikes never even make it into the high country	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
+8	Crested Butte , population 1,200 , is a bastion of the sport	By one estimate , everyone here under 50 owns at least one bike
+7	By one estimate , everyone here under 50 owns at least one bike	The town is home to the Mountain Bike Hall of Fame and it hosts the annual Fat Tire Bike Week
+5	and it hosts the annual Fat Tire Bike Week	This summer , the jamboree attracted more visitors than the busiest week of the town 's winter ski season
+2	that the bike 's popularity may be a combination of technology and nostalgia	The mountain bike feels as comfortable as the ` paperboy ' bike you had as a kid , but it can do so much more
+5	The Dow Jones Industrial Average , down more than 60.25 points early in the day , finished 18.65 points lower at 2638.73	Long-term Treasury issues declined about half a point , or $ 5 for each $ 1,000 face amount
+2	The stock market clearly is leading the bond markets	People are breathing a major sigh of relief that the world did n't end Monday morning '' or yesterday
+8	Federal Reserve officials sent another signal of their determination to shore up investor confidence	In an apparent attempt to keep a lid on short-term interest rates , the Fed once again pumped money into the banking system
+8	Fed officials appear reluctant to ease their credit grip any further because a bold move does n't appear necessary	The Fed has allowed a key short-term interest rate to decline about one-quarter percentage point
+5	The Fed has allowed a key short-term interest rate to decline about one-quarter percentage point	The federal funds rate on overnight loans between banks has been hovering around 8 3/4 % , down from 9 % previously
+6	some traders predict that relationship will reverse during the next few weeks	Nikko 's Mr. Conlon fears a huge wave of Treasury borrowing early next month will drive down Treasury bond prices
+2	Nikko 's Mr. Conlon fears a huge wave of Treasury borrowing early next month will drive down Treasury bond prices	That , coupled with poor third-quarter corporate-earnings comparisons , `` will make trouble for the equity market for the next two to three months
+8	But several other traders contend investors have overreacted to junk-bond jitters , and that stock prices will continue to recover	They shot the whole orchestra just because the piano player hit a bad note , '' said Laszlo Birinyi , president of Birinyi Associates Inc
+8	The dollar was mixed	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
+5	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	Sales rose 9 % to $ 7.54 billion from $ 6.95 billion
+1	while paper operations were dogged by higher costs , soft newsprint exports and a strong Japanese yen	Some competing forest-products firms have recently reported improved results due to strong pulp and paper business
+1	export log and lumber markets will be weak , while panel and plywood markets will be stronger	Pulp and paper performance depends on cost and price variables
+8	Step up to the plate and take the big swing	Get the problem behind you and do n't look back
+8	Get the problem behind you and do n't look back	Bankers Trust `` has had the capacity to do this for some time
+5	Bankers Trust `` has had the capacity to do this for some time , '' the analyst said	He expects Citicorp to take a similar step this year
+8	Three other major U.S. banks posted earnings increases	Wells Fargo & Co. of San Francisco posted a 17 % jump.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 %
+7	Wells Fargo & Co. of San Francisco posted a 17 % jump	PNC Financial Corp. , the parent of Pittsburgh National Bank , reported net income climbed 9.8 %
+6	Analysts were only slightly disappointed by Citicorp 's numbers	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
+8	Earnings from the bank 's global consumer business grew 27 %	The consumer business continues to drive the earnings stream
+1	Citicorp 's venture-capital gains of $ 93 million before taxes `` strong	A `` concerning '' item was the 10 % jump in expenses
+8	Wells Fargo continued to generate one of the highest profit margins among major banks	Its margin fell only seven basis points , or 7/100ths of a percentage point , from a year ago
+1	As a result , Wells Fargo 's net interest income rose $ 36.3 million , or 7 % , to $ 537 million for the quarter	Non-interest income fell slightly to $ 191.9 million from $ 193.3 million
+8	But the amount was still 39 % higher than the year-ago level , and 25 % higher as a percentage of total loans	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
+2	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	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
+2	Fees from syndicating loans dropped 48 % , to $ 21 million	We did n't take part in a lot of deals '' in the quarter
+5	Net interest income in the third quarter edged up 1.4 % , to $ 317.7 million	Trust income grew 15 % , to $ 49.9 million
+6	Elections in this large , diverse and passionate nation are always hard to predict	Much depends on the opposition , a loose group of regional and ideological parties led by former Gandhi cabinet minister Vishwanath Pratap Singh
+2	Elections in this large , diverse and passionate nation are always hard to predict	Much depends on the opposition , a loose group of regional and ideological parties led by former Gandhi cabinet minister Vishwanath Pratap Singh
+8	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	The elections will be held in different states on one of the two days
+7	His early promises to make India a modern nation remain bogged down in bloated bureaucracy	His pledge to clean up local administration and Indian politics , including his own party , went unfulfilled
+7	His early promises to make India a modern nation remain bogged down in bloated bureaucracy.His pledge to clean up local administration and Indian politics , including his own party , went unfulfilled	His `` Mr.Clean '' image was muddied by an arms-kickback scandal , which will be a major campaign issue
+5	His `` Mr.Clean '' image was muddied by an arms-kickback scandal , which will be a major campaign issue	Some analysts predict that disappointment in Mr. Gandhi 's spent pledge to reduce corruption and heavy-handed local government will crest at the polls
+6	Some analysts predict that disappointment in Mr. Gandhi 's spent pledge to reduce corruption and heavy-handed local government will crest at the polls	There 's a wide feeling of indignation across the country , '' says Bhabani Sen Gupta of the Center for Policy Research , in New Delhi
+8	There 's a wide feeling of indignation across the country	the people will be judging the regime by a petty policeman , by a corrupt revenue collector
+8	the people will be judging the regime by a petty policeman , by a corrupt revenue collector	This could be a big protest against an administrative failure
+1	Even if the Congress ( I ) retains control of the government , Mr. Gandhi 's ability to push through major initiatives might be hobbled by a thinner majority	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
+1	In 1984 , the Congress ( I ) captured 405 seats , the largest victory in the history of Indian democracy	The landslide was fueled by panic that prevailed in India at the time
+8	The landslide was fueled by panic that prevailed in India at the time	Mrs. Gandhi had been assassinated by separatist Sikhs , and many Indians feared their country might split apart
+5	Mrs. Gandhi had been assassinated by separatist Sikhs , and many Indians feared their country might split apart	In the previous three general elections , similar national issues clinched the vote
+6	In the previous three general elections , similar national issues clinched the vote	In 1971 , the Congress Party won after India 's victory in the Bangladesh war
+7	In 1971 , the Congress Party won after India 's victory in the Bangladesh war	In 1977 , Mrs. Gandhi was thrown out of office after her 19-month emergency rule
+1	Congress ( I ) will win only 150 seats , a quarter of the house , if the opposition fields single candidates in 80 % of the races	the opposition will struggle this week to unite
+9	In April 1987 , evidence surfaced that commissions were paid	The opposition charged that the money was used to bribe Indian government officials
+9	But many of his statements on the issue in Parliament subsequently were proven wrong by documentary evidence	The scandal has faded and flared
+5	and that has helped galvanize the opposition , which last week blocked passage of two constitutional amendment bills	It was the first time in 20 years that such government bills were defeated
+2	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	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
+0	That illustrates the kind of disappointment many Indians feel toward Mr. Gandhi	His term has produced no spectacular failures in politics , in the economy or on the military front , and has chalked up some successes
+2	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	His failures in those two areas deeply , and sometimes bitterly , disappointed many Indians
+2	We do n't like the Congress ( I )	The Congress government is taking the farmers ' bread and not giving us any support
+8	and not giving us any support	When there are well problems , light problems , road problems , the government tells us to forget it
+2	The greatest thing going for Mr. Gandhi and the Congress ( I ) Party is the poor reputation of the opposition	Even if it unites for the elections , its coherence is likely to be temporary
+6	Even if it unites for the elections , its coherence is likely to be temporary	When the Congress ( I ) lost the 1977 election , following Mrs. Gandhi 's hated emergency rule , a similar coalition took power and then disintegrated
+5	June 1 , 1987 : Sweden 's National Audit Bureau releases its report confirming payment of about $ 40 million to unidentified Indians	The report says that investigations were severely hampered by lack of cooperation from Bofors
+1	The report says that investigations were severely hampered by lack of cooperation from Bofors	Bofors says it ca n't disclose the names of the middlemen because it would jeopardize industrial confidentiality
+5	Bofors says it ca n't disclose the names of the middlemen because it would jeopardize industrial confidentiality	A portion of the report containing names of the middlemen is withheld by officials citing bank secrecy requirements
+2	that he suggested in May 1987 that the government cancel the Bofors contract	According to Gen. Sundarji , that would have forced Bofors to disclose the names of the middlemen who received kickbacks from the company
+2	Bond investors were hoping that stock prices would continue to fall	When stocks stabilized , that was a disappointment
+5	The intervention has been friendly , meaning that they really did n't have to do it	a more aggressive move was n't needed
+1	But most junk bonds closed unchanged after opening slightly higher on bargain-hunting by institutional investors	Some so-called high-quality junk issues , such as R.H. Macy & Co. 's 14 1/2 % subordinated debentures , rose
+8	Some so-called high-quality junk issues , such as R.H. Macy & Co. 's 14 1/2 % subordinated debentures , rose	The Macy 's issue closed up about one point at a bid price of 97
+8	hedging related to the TVA pricing also pressured Treasury bonds	Underwriters of the TVA bonds reduced their market risk by selling Treasurys to cover at least part of their { TVA } holdings
+8	Another agency issue came to market yesterday	it priced a four-part $ 2.27 billion bond offering for the banks to yield from 8.125 % to 8.375 %
+8	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	The August gap was expected to have expanded to $ 9.1 billion
+5	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	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 %
+8	Short-term rates increased	The discount rate on three-month bills rose to 7.52 % for a bond-equivalent yield of 7.75 %
+6	Short-term rates increased	The discount rate on three-month bills rose to 7.52 % for a bond-equivalent yield of 7.75 %
+5	The discount rate on three-month bills rose to 7.52 % for a bond-equivalent yield of 7.75 %	The rate on six-month bills rose to 7.53 % for a bond-equivalent yield of 7.92 %
+8	The TVA 's huge $ 4 billion offering dominated attention in the new-issue market	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 %
+5	The revival of the real estate mortgage investment conduit market reflected the relative calm in the mortgage market after two days of volatile trading	that it 's difficult to structure new Remics when prices are moving widely
+10	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	Freddie Mac 9 % securities were at 97 5/32 , down 3/32
+1	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	Freddie Mac 9 % securities were at 97 5/32 , down 3/32
+10	West Germany 's 7 % bond due October 1999 was at 99.95 late yesterday , off 0.10 point from Monday , to yield 7.01 %	The 6 3/4 % notes due April 1994 were up 0.10 point to 97.85 to yield 7.31 %
+1	West Germany 's 7 % bond due October 1999 was at 99.95 late yesterday , off 0.10 point from Monday , to yield 7.01 %	The 6 3/4 % notes due April 1994 were up 0.10 point to 97.85 to yield 7.31 %
+6	British government bonds surged on renewed volatility in the stock market	The Treasury 11 3/4 % bond due 2003/2007 rose 23/32 to 112 10/32 to yield 10.03 %
+6	But Japanese bonds ended weaker	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 %
+1	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	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
+8	and conservative Sen. Phil Gramm cast the fight as a populist stand against monied interests	We are stewards here , not of the mortgage companies , but the taxpayers , '' said the Texas Republican
+8	as the administration won final congressional approval of $ 9 million in assistance for elections scheduled in Nicaragua in February	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
+2	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	Final approval -- on a 64-35 roll call -- was never in doubt
+1	but more than half is likely to go to the Union Nacional Opositora party	Critics warned such cash contributions may only undercut the opposition party 's standing
+8	and the measure further commits Congress to a set of costly projects , including the first construction funds for the space station	The station is promised $ 1.8 billion within the $ 5.36 billion provided for research and development in the National Aeronautics and Space Administration
+2	To an unusual degree , the massive bill has become a vehicle for lawmakers to earmark funds for projects in home states	the conference agreement is laced with veterans ' hospitals , environmental projects and urban grants designated for specific communities
+1	the conference agreement is laced with veterans ' hospitals , environmental projects and urban grants designated for specific communities	The most striking example yesterday may have been in community development funds
+8	that includes a sweeping ban on smoking on most domestic airline flights	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
+5	And among domestic programs , the most serious threat is White House opposition to abortion riders	The same issue threatens to spill over to the foreign aid debate
+8	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	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
+1	Markets usually get noticed because they soar or plunge	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
+8	Gold 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
+8	The settlement prices of the December , February and April gold contracts were even with Monday 's final prices	The December 1989 contract , which has the greatest trading volume , ended at $ 371.20 an ounce
+5	The December 1989 contract ended at $ 371.20 an ounce	The other months posted advances of 10 cents to 20 cents an ounce
+1	Yesterday , gold traded within a narrow range	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
+2	and is having difficulty breaking out above that	Producers at the moment regard that area a good one in which to sell gold
+2	there is little to motivate gold traders to buy the metal	Investors in the U.S. and Europe are comfortable with the actions of the { Federal Reserve } in its willingness to supply liquidity to financial system
+2	There is n't any rush on the part of investors in the West to buy gold	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
+8	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	It 's an experience they do n't want to repeat
+1	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	There is little incentive to buy gold because if the stock market goes higher , it may be just a false alarm
+2	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.There is little incentive to buy gold because if the stock market goes higher , it may be just a false alarm	This is keeping the gold traders handcuffed
+8	that the U.S. merchandise trade deficit has been having less and less impact on the gold market	The dollar has n't reacted much to it , so gold has n't either
+8	ENERGY : Crude oil prices rose slightly in lackluster activity as traders in the pits tried to assess action in the stock market	Since stock market indexes plummeted last Friday , participants in all markets have been wary
+1	Since stock market indexes plummeted last Friday , participants in all markets have been wary	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
+10	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	Crude oil for November delivery edged up by 16 cents a barrel to $ 20.75 a barrel
+1	Heating oil prices also rose	November gasoline slipped slightly
+8	Futures prices rose on a report that Cuba may seek to postpone some sugar shipments	The March contract advanced 0.14 cent a pound to 14.11 cents.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
+2	and has asked Japan to accept a delay of shipments scheduled for later this year , into early next year	Japan is perceived as a wealthy nation that can turn elsewhere in the world market and buy the sugar
+8	Japan is perceived as a wealthy nation that can turn elsewhere in the world market and buy the sugar	It was the possibility of this demand that helped firm prices
+10	It was the possibility of this demand that helped firm prices , the analyst said	Another analyst noted that Cuba has been deferring shipments in recent years
+2	that Cuba has been deferring shipments in recent years	To the professionals in the trade it did n't cause much surprise
+2	To the professionals in the trade it did n't cause much surprise	The March futures contract traded as high as 14.24 cents , but could n't sustain the advance
+5	The prices of most livestock futures contracts had dropped sharply Monday	Cattle futures prices were also supported yesterday by signs that supermarket chains are making plans to increase their promotions concerning beef
+5	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	Traders are especially sensitive to reports of possible U.S. soybean sales because U.S. exports are lagging
+8	because U.S. exports are lagging	Since Sept. 1 , about 13 million fewer bushels of U.S. soybeans have been sold overseas than for the same period last year
+8	Moody 's Investors Service Inc placed about $ 2.8 billion in company securities under review for possible downgrade	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
+8	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	it is assessing the strategies Ryder 's management may follow in addressing significant challenges in some major markets
+3	The nations of southern Africa know a lot about managing elephants	their herds are thriving
+2	But the nations of Europe and North America have decided they know better	At this week 's U.N. conference in Lausanne , they imposed a global ivory ban that seeks to overturn local policies
+2	that the ban would `` guarantee the extinction of the elephant	Legitimate ranchers , who have an interest in preserving the herds , would go out of business
+5	Legitimate ranchers , who have an interest in preserving the herds , would go out of business	Poachers would control the underground trade
+2	Many delegates were willing to craft a compromise , but U.S. delegate Constance Harriman and others thundered that down	The Greens from the First World wanted a morality play , not a negotiation
+8	Fortunately , the nations of southern Africa have n't totally surrendered their sovereignty	Five countries announced they would not honor what one Zimbabwean delegate wryly called the `` made in Switzerland '' solution
+6	In fact , they seemed a mite resentful	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
+1	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	That 's not fair
+2	That 's not fair	they 're not all fat
+9	The State Development Board set up a Hugo Hotline to accept business-to-business help	After NBC weather man Willard Scott broadcast the hot-line number , it was flooded with 10,000 calls
+5	After NBC weather man Willard Scott broadcast the hot-line number , it was flooded with 10,000 calls	Last week , the U.S. Chamber of Commerce began using its national TV show to seek help , such as equipment , for business owners
+5	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	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
+2	There is also worry that the Pepper Commission studying long-term health care will again push lawmakers toward employerpaid solutions	The Section 89 victory could have a downside
+2	Sen. Lloyd Bentsen ( D. , Texas ) 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	Even though the announcement was true in the end , it was issued without the senator 's permission
+8	Even though the announcement was true in the end , it was issued without the senator 's permission	I blew it
+1	Sen. Strom Thurmond ( R. , S.C. ) protests pending legislation to end the preference that the federal prison system gets in selling prisoner-made furniture and other goods to government agencies	Small-business suppliers want prisons to stop getting high priority , especially as prison production grows with swelling inmate populations
+2	But the warranty on simpler parts would be lowered to two years or 24,000 miles	they would benefit because car owners would be less likely to go back to dealers for the simpler repairs after two years
+6	The repair shops are n't united , however	Shops represented by the Automotive Service Industry Association and the Motor Equipment Manufacturers Association oppose any increase in warranty length
+2	Shops represented by the Automotive Service Industry Association and the Motor Equipment Manufacturers Association oppose any increase in warranty length	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
+5	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	He will remain on the Banc One board
+7	It was `` the Soviets ' Vietnam	The Kabul regime would fall
+7	It was `` the Soviets ' Vietnam . '' The Kabul regime would fall	Millions of refugees would rush home
+7	It was `` the Soviets ' Vietnam . '' The Kabul regime would fall.Millions of refugees would rush home	A resistance government would walk into Kabul
+1	It was `` the Soviets ' Vietnam . '' The Kabul regime would fall.Millions of refugees would rush home.A resistance government would walk into Kabul	Those who bought that illusion are now bewildered
+2	Those who bought that illusion are now bewildered	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
+2	But there never was a chance that the Afghan resistance would overthrow the Kabul regime quickly and easily	Soviet leaders said they would support their Kabul clients by all means necessary -- and did.The U.S. said it would fully support the resistance -- and did n't
+1	Soviet leaders said they would support their Kabul clients by all means necessary -- and did	The U.S. said it would fully support the resistance -- and did n't
+2	With the February 1987 U.N. accords `` relating to Afghanistan , '' the Soviet Union got everything it needed to consolidate permanent control	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
+5	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	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
+9	But as soon as the accords were signed , American officials sharply reduced aid	In February 1989 , when the Soviets said they had completed their pullout , the U.S. cut it further
+8	Not so the Soviets	Gen. Gromov himself said Soviet troops expected to leave behind more than $ 1 billion of military equipment and installations for the Kabul regime
+5	Gen. Gromov himself said Soviet troops expected to leave behind more than $ 1 billion of military equipment and installations for the Kabul regime	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
+9	By early May , Moscow had delivered , for example , 1,000 trucks , about 100 tanks , artillery and hundreds of other combat vehicles	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
+5	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	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
+5	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 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
+2	Moscow claims this is all needed to protect the Kabul regime against the guerrilla resistance	It is well-known that the regular Afghan infantry is filled with reluctant conscripts
+2	But this is not the entire Afghan army , and it is no longer Kabul 's only military force	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
+8	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
+6	Since 1981 , Indian military advisers have been assisting the Kabul regime	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
+5	Cuban military personnel also have been active in Afghanistan since 1979	The Soviets cut a deal with Iran : a future Iranian role in Afghanistan in exchange for Iranian support of Soviet policy
+9	The Soviets cut a deal with Iran : a future Iranian role in Afghanistan in exchange for Iranian support of Soviet policy	The deal was symbolized by the restoration of the Shi'ite Sultan Ali Keshtmand to the Afghan prime ministry
+6	Moreover , serious questions have been raised about the claimed withdrawal of Soviet forces	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
+5	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	Rep. Bill McCollum ( R. , Fla. ) reports that these included 20,000 to 30,000 Soviet Central Asian KGB Border Guards , ethnically indistinguishable from Afghans and wearing unmarked uniforms
+8	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	This heavy outside support for the worst has undermined better , moderate leaders
+2	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	The deal fell through , and Kandahar remains a major regime base
+5	The resistance lacks not only air power , armor and expertise but often such essentials as maps , mine detectors , or even winter gloves	Experienced resistance commanders wanted to use guerrilla action and siege tactics to wear down the regime
+8	Instead , they were pressured by Pakistan 's ISI , the channel for their support , into attacking Jalalabad	They took more than 25 % casualties ; journalists report that they faced minefields without mine detectors
+2	They took more than 25 % casualties	that they faced minefields without mine detectors
+8	They took more than 25 % casualties	that they faced minefields without mine detectors
+2	The resistance lacks not only air power , armor and expertise but often such essentials as maps , mine detectors , or even winter gloves.Experienced resistance commanders wanted to use guerrilla action and siege tactics to wear down the regime.Instead , they were pressured by Pakistan 's ISI , the channel for their support , into attacking Jalalabad.They took more than 25 % casualties ; journalists report that they faced minefields without mine detectors	The wonder is not that the resistance has failed to topple the Kabul regime , but that it continues to exist and fight at all
+8	The resistance lacks not only air power , armor and expertise but often such essentials as maps , mine detectors , or even winter gloves.Experienced resistance commanders wanted to use guerrilla action and siege tactics to wear down the regime.Instead , they were pressured by Pakistan 's ISI , the channel for their support , into attacking Jalalabad.They took more than 25 % casualties ; journalists report that they faced minefields without mine detectors	The wonder is not that the resistance has failed to topple the Kabul regime , but that it continues to exist and fight at all
+5	For months the resistance has been defenseless against air attack	Thus far there is no indication that they have been re-supplied with Stingers or other anti-aircraft weapons
+4	No settlement negotiated by others can force the Afghan people to give up their struggle	A cutoff of U.S. military aid would merely abandon them to die in vain
+2	A cutoff of U.S. military aid would merely abandon them to die in vain	Creation of a new , realistic U.S. policy is long overdue
+2	It is n't surprising that President Bush has n't led a crusade to pump up the Contras or SDI	Though he nominally supports both programs , Mr. Bush has n't been a passionate champion of either cause , as Mr. Reagan was
+1	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	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
+8	But it 's like kicking your father in the pants	You hate to do it because he 's your father
+1	You hate to do it because he 's your father	conservatives ' unhappiness with Mr. Bush 's cautious handling of the recent unsuccessful coup in Panama will make them more willing to speak out
+6	Of course , neither President Bush nor the Congress has actually abandoned the Contras or SDI	Mr. Bush has struck a deal with congressional leaders to provide nonlethal aid to the Contras until Nicaragua holds national elections next February
+2	and after the February election their future in any form will be murky at best	Instead of focusing on the Contras , Mr. Bush has switched to urging members of Congress to approve financing for the election campaign of political opponents of Nicaragua 's Sandinista government
+2	But the strong pitch by Mr. Cheney may be too little too late to prevent damage to SDI	The House has already voted for a deep cut in funding
+8	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	The Soviets have agreed to complete a treaty cutting strategic weapons without including restrictions on space-based defenses
+8	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	The short of it is that the most hard-bitten among us can not get into too sour a mood with communism collapsing
+10	One longtime champion of these programs in Congress , Republican whip Newt Gingrich of Georgia , is distracted by questions about his ethics , conservatives note	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
+8	neither the Contra nor the SDI cause can be pushed much further without more presidential support	For there to be wind in the sails of any program , the chief executive has to be blowing in the sails
+6	All this causes Rep. Hyde to muse about an alternate way to drum up more enthusiasm	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
+8	His recent speech caused an uproar when its title leaked out	Mr. Allen 's commissioners voted to call his unread speech `` thoughtless , disgusting and unnecessarily inflammatory
+6	Mr. Allen 's commissioners voted to call his unread speech `` thoughtless , disgusting and unnecessarily inflammatory	Commissioner Mary Francis Berry said it was `` another sad episode in the saga of the unguided missile who is chairman
+7	Commissioner Mary Francis Berry said it was `` another sad episode in the saga of the unguided missile who is chairman	Rep. Don Edwards , the California Democrat , warned Mr. Allen that the speech would be `` outside the scope of the commission 's jurisdiction
+7	Commissioner Mary Francis Berry said it was `` another sad episode in the saga of the unguided missile who is chairman . '' Rep. Don Edwards , the California Democrat , warned Mr. Allen that the speech would be `` outside the scope of the commission 's jurisdiction	Thomas Stoddard , head of the Lambda Legal Defense Fund , called the prospect of the speech `` frankly shocking
+8	Mr. Allen began it with a warning to his hosts , a California church group that opposes rights for homosexuals	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
+5	because it seems to `` assimilate the status of blacks to that of animals -- as a mere project of charity , of humaneness	Rights on such a basis , whether for blacks or homosexuals , are `` mere indulgences
+8	the title of his speech was to make his point that Americans have rights as individuals , not as members of certain select groups	His speech criticized the `` idiocy of notions of protected groups in society '' as opposed to individual equality
+2	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	Instead of lobbying for special treatment 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
+2	This hardly sounds like an anti-homosexual screed	What 's really going on here
+6	Mr. Allen has spent years arguing that civil rights are individuals ' rights	He last made waves when he dared to defend an Indian girl who had been adopted by non-Indian parents off her reservation
+9	He last made waves when he dared to defend an Indian girl who had been adopted by non-Indian parents off her reservation	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
+1	Indeed , the gap is so large that Mr. Allen 's critics refuse to engage the debate	Their ridicule of him is no substitute for argument
+5	Their ridicule of him is no substitute for argument	Their effort to run him out of Washington is an embarrassment to the original purpose of their own movement
+2	Their effort to run him out of Washington is an embarrassment to the original purpose of their own movement	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
+7	George L. LaMore , president and chief executive officer , will become chairman and chief executive upon Mr. Cunin 's retirement	John C. Dannemiller , executive vice president and chief operating officer , will become president and chief operating officer
+1	At the Archer-Daniels-Midland Co. stand , Mrs. Nelson Rockefeller , a board member , offered him a soy burger	He did n't bite
+1	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	At the GM stall , they barely looked at a gleaming Cadillac , preferring to talk about cooperation possibilities
+8	but the West 's embargo on military deals and uncertainty about the nation 's stability kept many foreign exhibitors away	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
+5	Japanese air-conditioner maker Daikin Industries Ltd. was fined two million yen ( $ 14,000 ) for exporting to the Soviet Union a chemical solution that could be used in missile-guidance systems	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
+8	A Soviet legislative panel rejected as not radical enough a government proposal on decentralizing economic control	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
+9	Scott Paper Co. said it is abandoning a proposed $ 650 million tree-farming project in Indonesia	The eucalyptus plantation and pulp mill had been approved by Indonesia 's investment board
+5	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	In Brussels , Hotel de Ventes Horta auctioned pistols and sabers-along with paintings and jewels
+2	Berlin 's Villa Grisebach will auction art works with pre-sale estimates of less than $ 1,600 on Nov. 25	The auction house is providing `` a service to clients who do n't want to sell just their fabulous oil paintings
+6	Antwerp auctioneer Campo is less concerned with market niches than with Belgium 's crushing tax and auction-fee burden	Everything has to be the same between countries , '' says Campo 's Stefan Campo , who is asking clients to sign protest petitions
+2	Everything has to be the same between countries	Then there 'll be fair competition
+2	Ending tax-free shopping in the European Community after 1992 could threaten more than 3,000 jobs	Instead of banning such shopping , the confederation proposed amending controls to be sure the privilege is n't abused
+1	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	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
+8	I 'm somewhat skeptical about the underlying demand '' for Polaroid products	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
+5	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	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
+1	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	the film , One Film , is currently carried at about 15,000 retail outlets , including drugstores and supermarkets
+1	For the nine months , Polaroid reported earnings of $ 98.5 million , or $ 1.27 a share	Last year , the company had a nine-month loss of $ 15.1 million , or 23 cents a share
+8	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
+6	And , apparently , it is here to stay	Richard Bernstein , senior quantitative analyst at Merrill Lynch & Co , says , `` My gut feel is that we 'll live with those swings for a while
+2	Institutions are herding animals	We watch the same indicators and listen to the same prognosticators
+2	We watch the same indicators and listen to the same prognosticators	Like lemmings , we tend to move in the same direction at same time
+2	Trading in futures and options can add to volatility	Investors believe they can can rely on such derivative securities to get in and out of the stock market without actually selling any stocks
+2	These and other modern trading methods `` tend to promote dramatic shifts in assets	It 's the idea that what goes in easy can come out easy
+9	it quickly boosted stock positions in its `` aggressive '' accounts to 75 % from 55 % to take advantage of plunging prices Friday	It added another 5 % Monday before stocks rallied
+1	now widely discredited	Before the 1987 crash , an estimated $ 60 billion in institutional money was managed under this hedging technique
+1	Yet even today , institutions are quietly practicing forms of portfolio insurance by nervously rushing to and fro in the markets	Others are doing `` index arbitrage '' a strategy of taking advantage of price discrepancies between stocks and futures
+8	Brokers do n't deny that	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
+6	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	I think everyone 's a little more leery , '' says Jack Baker , head of equity trading at Shearon Lehman Hutton Inc
+7	I think everyone 's a little more leery , '' says Jack Baker , head of equity trading at Shearon Lehman Hutton Inc	The institutions have driven ( commission ) 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
+8	The institutions have driven ( commission ) rates down to the point where it makes no sense to commit capital	Why should I risk money for a guy for who 's paying me five cents a dance
+6	Lack of liquidity can also result from exchange `` reforms	that `` circuit breakers '' put in place to damp volatility after the 1987 crash actually added to volatility when the stock market plunged Friday
+8	that `` circuit breakers '' put in place to damp volatility after the 1987 crash actually added to volatility when the stock market plunged Friday	The circuit breakers caused a 30-minute shutdown in trading in Standard & Poor 's 500-stock index futures contract as the markets were falling
+5	With the futures-trading halt , you could only sell stocks '' to cut exposure to the market	It was scary to people thinking that they could n't get their trades off
+2	UAL Corp. is a good example	Valued as a buy-out target , the airline stock was trading at nearly $ 280 a share.When the deal ran into trouble , the stock tumbled ; it closed at $ 198 yesterday
+9	Valued as a buy-out target , the airline stock was trading at nearly $ 280 a share	When the deal ran into trouble , the stock tumbled ; it closed at $ 198 yesterday
+6	When the deal ran into trouble , the stock tumbled	it closed at $ 198 yesterday
+2	it closed at $ 198 yesterday	Presumably , UAL is now trading closer to its value based on earnings
+2	By contrast , traditional buy-and-hold investors are unlikely to generate sudden price moves	that for those who invest on fundamentals , `` the value of a stock from day to day does n't change all that much
+8	markets are n't as volatile as widely assumed	the current volatility in U.S. markets pales in comparison to the 1930s
+2	the current volatility in U.S. markets pales in comparison to the 1930s , decades before derivative instruments such as options and futures were introduced	I just ca n't believe that the innovations in the financial market are causing any of this volatility
+6	Some people think the search for liquidity is fruitless	In 1936 , John Maynard Keynes wrote that `` of the maxims of orthodox finance none , surely , is more antisocial than the fetish of liquidity
+2	that `` of the maxims of orthodox finance none , surely , is more antisocial than the fetish of liquidity	It leads investors to focus on short-term price movements rather than on long-term fundamental valuation
+5	Mr. Redmond said the intruder had n't yet done any harm but the agency feared `` garbage data could be substituted for real data	He estimated it could take a day for a computer security manager to expunge the virus from a computer system
+9	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	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 . . . . You talk of times of peace for all , and then prepare for war
+9	The worm also looks for elementary passwords that confer more privileges on the user.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	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
+5	that , on Monday , about four computer centers were affected	Yesterday , the number grew to 40
+9	that , on Monday , about four computer centers were affected	Yesterday , the number grew to 40
+5	Yesterday , the number grew to 40	today the number is expected to grow to 100
+9	Yesterday , the number grew to 40	today the number is expected to grow to 100
+2	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	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
+5	So far Galileo has been delayed twice	the Galileo worm had nothing to do with either delay
+6	hackers have gone after SPAN before	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
+6	Yet it is also axiomatic that the power to create new crimes belongs only to the legislature , and not to courts	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
+1	it has never been statutorily defined	In 1983 , the Supreme Court tried to supply a workable definition in the Dirks v.SEC decision
+6	Gradually , however , lower courts and prosecutors have pushed this definition to its breaking point	Consider the facts underlying the 1989 conviction of Robert Chestman
+9	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	She called her daughter to take her to the bank , who , in turn , persuaded her husband , a Mr. Loeb , to run this errand
+9	who , in turn , persuaded her husband , a Mr. Loeb , to run this errand	Hearing of this information , the husband discussed it with his broker , Mr. Chestman
+2	She called her daughter to take her to the bank , who , in turn , persuaded her husband , a Mr. Loeb , to run this errand.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	Basically , Mr. Chestman was a fourth-level tippee
+2	Basically , Mr. Chestman was a fourth-level tippee	Did Mr. Loeb , his tipper , breach a fiduciary duty ( and , if so , to whom
+2	when he was told by another prominent trader , Bernard `` Bunny '' Lasker , that the deal was in trouble	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
+9	when he was told by another prominent trader , Bernard `` Bunny '' Lasker , that the deal was in trouble	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
+9	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	Mr. Siegel asked Mr. Freeman who his source was
+1	The illegal `` tip '' of the bunny 's good nose was then largely a confirmation of rumors already known to many in the market	Had the case gone to trial the same issues would have surfaced : Was there a fiduciary breach in order to obtain personal gain
+1	It is not my contention that either Mr. Chestman or Mr. Freeman was an innocent victim of prosecutorial overzealousness	Arguably , both were on notice that their behavior was at least risky
+8	Courts and legislatures make decisions in very different ways and are each susceptible to very different kinds of errors	After-the-fact judicial examination of an actor 's conduct has always been the common law 's method
+2	After-the-fact judicial examination of an actor 's conduct has always been the common law 's method	When only civil liability is involved , this method has the undeniable strengths of factual specificity and avoidance of overgeneralization
+8	Still , case-by-case retrospective decision making of this sort is vulnerable to the tunnel vision caused by a fixation on ad hoc ( and usually sleazy ) examples	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
+1	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	Today , after Mr. Freeman 's plea , there is an uncertainty that is both unfair and inefficient
+8	The federal mail and wire fraud statutes provide even better illustrations of the rapid evolution of a federal common law of white-collar crime	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.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 . '' At a stroke , this may criminalize all fiduciary breaches ( and possibly all misrepresentations by an agent or employee
+2	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	At a stroke , this may criminalize all fiduciary breaches
+8	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	We are confronted less with a judicial power grab than with a legislative giveaway
+2	We are confronted less with a judicial power grab than with a legislative giveaway	Predictably , when confronted with morally dubious behavior , prosecutors will exploit the latitude such openended statutes give them
+1	The telecommunications , specialty glass , ceramic products and laboratory-services concern said the latest quarter included a tax-loss carry-forward of $ 600,000	A year earlier , net included a $ 700,000 taxlow carry-forward
+2	that the stock market remains fragile and volatile a few days after its shocking 190.58-point plunge	Nervous investors continued to limit their buying to blue-chip stocks while dumping takeover-related issues
+10	New York Stock Exchange volume was a heavy 224,070,000 shares	Decliners on the Big Board outnumbered advancers , 931 to 658
+8	UAL was watched closely and traded heavily	The stock tumbled 24 7/8 to 198 on volume of 2.8 million shares
+2	The market is still very touchy about rumors and news on pending takeovers	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
+8	UAL represents the future of one of the most powerful ingredients in the bull market-corporate restructuring	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
+2	The volatility wo n't end soon	This Friday brings the `` double witching hour
+2	This Friday brings the `` double witching hour	Traders are already buckling their seat belts
+2	Traders are already buckling their seat belts	Previous monthly expirations of the Major Market Index futures and Standard & Poor 's 100-stock index options have produced spectacular volatility
+8	Investors were buying yesterday , but they were running scared to premier blue chips such as Procter & Gamble	Investors `` are buying stocks that have predictable earnings
+7	Chase Manhattan closed down 1/8 to 40	Citicorp fell 1/2 to 32
+8	airline stocks took a beating as well	The Dow Jones Transportation Average fell 49.96 to close at 1254.27
+8	The Dow Jones Transportation Average fell 49.96 to close at 1254.27	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.The stock fell 3 1/4 to 73 1/4 on 3.4 million shares
+8	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	The stock fell 3 1/4 to 73 1/4 on 3.4 million shares
+10	The stock fell 3 1/4 to 73 1/4 on 3.4 million shares	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
+2	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	it is ahead of schedule in resuming its operations after filing earlier this year for Chapter 11 bankruptcy protection
+5	Philip Morris , the most active Big Board issue for the second consecutive session , was unchanged at 43 1/4 on 3.9 million shares	Other blue-chip consumer issues also fared relatively well
+6	Other blue-chip consumer issues also fared relatively well	PepsiCo rose 1 3/8 to 58 1/2
+7	PepsiCo rose 1 3/8 to 58 1/2	Coca-Cola Co. was unchanged at 66 3/4
+7	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
+6	Broader averages also fell	Standard & Poor 's 500-stock index fell 1.69 to 341.16
+7	Among the takeover-related stocks that sold off yesterday were Disney , which closed down 2 1/8 to 121 1/4	Philips Industries tumbled 3/8 to 22 7/8
+7	Philips Industries tumbled 3/8 to 22 7/8	Hilton Hotels fell 2 1/2 to 92
+7	Among other blue chips , Exxon gained 1/8 to 45 1/2	International Paper fell 1 3/8 to 51 1/2
+1	The only industry group to show a gain from the industrial average 's record high on Oct. 9 is restaurants	Among the three worst-performing groups , with declines of 10 % to 20 % , are airlines , casinos and securities brokers
+8	Trading also was heavy in the over-the-counter market	The Nasdaq composite index closed down 1.05 to 459.93 on volume of 161.5 million shares
+2	The environment is a lot more trading-oriented	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
+2	B.F. Goodrich dropped 1 3/8 to 49 1/8	The company 's third-quarter earnings were below both analysts ' forecasts and the year-earlier level
+2	Intertan jumped 2 1/4 to 56 7/8	The company reported that earnings from operations for the September quarter were up about 25 % from a year earlier
+7	Fruit of the Loom slipped 1/8 to 12 3/8 on 501,200 shares	DWG Corp. jumped 1 1/4 to 15 on 454,100 shares
+7	Fruit of the Loom slipped 1/8 to 12 3/8 on 501,200 shares.DWG Corp. jumped 1 1/4 to 15 on 454,100 shares	Carnival Cruise Lines Class A dropped 1 to 21 1/8 on 331,400 shares
+8	Amex issues with big percentage price gains included two Eastern Air Lines preferred stocks	Eastern 's Class F preferred rose 12 % , or 1 1/4 , to 11 3/4
+7	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
+2	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	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
+2	And they wo n't consider such a dividend , the trust added , before results are available for the first quarter of 1990	the need to retain cash for possible acquisitions
+5	In part , the trust cited the need to retain cash for possible acquisitions	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
+2	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	Investors can get slightly higher yields on deposits below $ 50,000 than they can on deposits of $ 90,000 and up
+5	Banks want to remain competitive	October is a big rollover month
+6	Some bankers are reporting more inquiries than usual about CDs since Friday	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
+8	Reports from branches are that there has been greater interest in the last day or so	deposits Monday were about $ 5 million higher than usual
+8	Average yields on CDs aimed at individual investors fell less than half as much as yields on Treasury bills sold at Monday 's auction	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.The yield on six-month T-bills fell to 7.82 % on Monday , from 8.01 % the week before
+1	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	The yield on six-month T-bills fell to 7.82 % on Monday , from 8.01 % the week before
+8	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	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
+1	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	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
+2	CD yields are generally expected to fall further in coming weeks	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
+2	Even before the market drop , rates were down about half a percentage point	That puts pressure on CD rates
+2	Conservatives have an important decision to make this fall	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
+2	the administration probably will agree to a multibillion-dollar increase	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
+6	The IMF has several reasons for requesting the increase	Its role in the economies of developing countries has grown steadily since the 1970s
+5	Its role in the economies of developing countries has grown steadily since the 1970s	The size and pace of disbursements will accelerate further under the Brady Plan , which promises larger and earlier disbursements to approved countries
+2	Third , the IMF would like to meet Japan 's request for increased ownership ( currently 4.5 %	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
+8	there is a clear economic case against it	Opponents of the increase argue that the IMF practices central planning while supporting ineffective governments
+7	Opponents of the increase argue that the IMF practices central planning while supporting ineffective governments	They question whether the IMF has any role in developing countries , given its original mandate to assist industrial countries in balance-of-payments emergencies
+7	Opponents of the increase argue that the IMF practices central planning while supporting ineffective governments.They question whether the IMF has any role in developing countries , given its original mandate to assist industrial countries in balance-of-payments emergencies . Opponents show that there are already more funds available than commendable reform efforts	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
+7	Opponents of the increase argue that the IMF practices central planning while supporting ineffective governments.They question whether the IMF has any role in developing countries , given its original mandate to assist industrial countries in balance-of-payments emergencies . Opponents show that there are already more funds available than commendable reform efforts.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	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
+7	Opponents of the increase argue that the IMF practices central planning while supporting ineffective governments.They question whether the IMF has any role in developing countries , given its original mandate to assist industrial countries in balance-of-payments emergencies . Opponents show that there are already more funds available than commendable reform efforts.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.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	They point at the numerous developing-country governments that have inflated , taxed and regulated themselves into despair under successive IMF programs
+8	The politics of the 1990 congressional authorization are likely to be similar to those of previous authorizations	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.Conservative Republicans will be given the choice of supporting or fighting their party 's popular president in an election year
+1	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	Conservative Republicans will be given the choice of supporting or fighting their party 's popular president in an election year
+6	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	Commentators would fret over the implications for the G-7 coordination process and the stability of world financial markets
+5	Commentators would fret over the implications for the G-7 coordination process and the stability of world financial markets	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
+2	On the other hand , a decision to increase the IMF 's capital would reinforce the central economic role of multilateral institutions in developing countries	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
+2	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	Upping the ante could slow economic development even further , as countries delay market-opening steps in anticipation of richer multilateral support
+2	Conservatives should take a position prior to the administration 's year-end deadline	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
+8	Gary N. Roberts was disciplined following the exchange 's investigation of his trading in several commodities pits from July to November 1988	Mr. Roberts withheld from the market certain orders in cooperation with another trader , David Stein
+2	and has been eager to keep Showtime as a healthy competitor	It is important to the cable industry that we have a vibrant and competitive pay-television marketplace
+5	Showtime 's suit against HBO `` does n't involve us , and nothing we 're doing here bears any relationship to that	We do n't intend to be drawn into it
+2	The TCI investment is a big victory for Viacom 's chief executive officer , Frank Biondi , and Winston H. Cox , president of the Showtime unit	This takes any question of Showtime 's viability and puts it away once and for all
+2	It will take several meetings to resolve this	We do n't want to bring back something the members will reject
+9	Intelogic Trace , a computer services company , was spun off to Datapoint holders in 1985 , after Mr. Edelman gained control	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
+6	The report takes a more alarmed view of AIDS	It warns that the AIDS epidemic `` may reduce the rate of growth of the work force , curb productivity gains and slow economic growth
+8	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	The dollar finished at its intraday highs
+1	The U.S. Commerce Department reported a $ 10.77 billion deficit in August	Economists had expected a $ 9.1 billion gap
+2	The dollar 's near-term path remains foggy , according to currencny analysts	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
+10	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	Sterling was unchanged at $ 1.5753
+8	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	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
+10	instead they landed in 16th and 18th place	The highest-rated show continues to be ABC 's `` Roseanne
+1	NBC had five of the top 10 shows	ABC had four
+2	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	The acquisition `` gives us additional production capacity for the food service coffee business and a stronger distribution network
+7	it borrowed 215 million Dutch guilders ( US $ 102 million ) from a group of Dutch institutional investors	the 8.1 % loan is due Oct. 16 , 1996
+7	it borrowed 215 million Dutch guilders ( US $ 102 million ) from a group of Dutch institutional investors the 8.1 % loan is due Oct. 16 , 1996	Funds will be used to repay existing short-term debt and to finance capital spending
+9	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	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 ( US $ 105.4 million
+8	However , that does n't mean they can benefit from the vaccine	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
+1	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	We 've demonstrated that you can
+5	certain volunteers developed kinds of antibodies associated with early AIDS	Other antibodies sparked by the preparation are of a sort rarely present in large quantities in infected or ill individuals
+1	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	The administration officials do n't ordinarily meet with the entire membership of the open market committee
+5	Net fell to $ 40.1 million , or $ 1.50 a share , from $ 60.7 million , or $ 2.32 a share , a year earlier	Sales for the quarter slipped 2.7 % to $ 601.3 million from $ 618.1 million
+8	Polyvinyl chloride capacity `` has overtaken demand and we are experiencing reduced profit margins as a result	Prices for general-purpose PVC resin have dropped more than 15 % since last December
+8	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	Third-quarter operating profit of the specialty-chemicals group declined slightly to $ 24.3 million from $ 24.9 million
+1	Ford 's latest move increases the pressure on GM to complete its current talks with Jaguar quickly	GM is likely to reach the cooperative operating pact it has been seeking in about two weeks
+2	At that point investors may face a long , bumpy ride	A victor in the fight for Jaguar may not emerge until after the expiration late next year of British government takeover restrictions
+2	A victor in the fight for Jaguar may not emerge until after the expiration late next year of British government takeover restrictions	The curbs prevent a buyer from purchasing more than 15 % of Jaguar shares without permission
+2	The curbs prevent a buyer from purchasing more than 15 % of Jaguar shares without permission	This is an exceptionally odd takeover battle
+2	Last week , many Jaguar shareholders took their money and ran	Fears that Ford 's ardor might be cooling put Jaguar shares into reverse after GM confirmed its friendly negotiations with Jaguar
+8	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	Sit tight '' through the coming volatility
+1	Jaguar shareholders would have to bless such a far-reaching accord	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
+8	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	I think Ford is going to come out with full guns blazing
+2	Ford is going to come out with full guns blazing	Ford wants { Jaguar } very much
+5	Ford wants { Jaguar } very much	U.S. takeover-stock speculators , who may own between 20 % and 30 % of Jaguar , could give Ford enough votes to block the GM deal
+2	Then you get a bidding war between two very rich , very determined international companies	Jaguar 's share price could zoom to between # 8 and # 10 ( $ 12.60 to $ 15.80
+2	There 's quite a bit of value left in the { Jaguar } shares here even though they have run up '' lately	At the moment , he intends to keep the firm 's 180,000 Jaguar shares
+2	if GM 's agreement with Jaguar effectively locks out its U.S. rival	Ford 's appetite to attack { Jaguar } could gradually wane over time
+5	particularly if Saab is a reasonably attractive proposition	He thinks Saab-Scania AB on Friday will announce the sale of 50 % of its car division to Ford
+2	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	I thought the probabilities of { a bidding war } happening were less
+1	I thought the probabilities of { a bidding war } happening were less	Of course , that was before Ford 's latest move
+5	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	Revenue rose to $ 235.2 million , from $ 176.4 million
+1	Microsoft 's stock rose $ 2.875 a share in national over-the-counter trading to $ 78.625	The stock had hit a high of $ 81 a share early last week but collapsed to $ 73.50 in the Friday stock plunge
+8	the strong results also reflected continuing high demand for its software applications and operating systems	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
+5	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	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
+5	it expects its first RISC-based mainframe machine to be introduced next year	The accord with MIPS calls for Control Data to share its expertise in data storage
+8	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	UAL has fallen $ 87.25 , or 31 % , in the three trading days since disclosure of the buy-out 's collapse jolted the stock market
+8	Stock prices fell broadly in heavy trading , dominated by futures-related program selling and further declines by UAL and other airline stocks	The Dow Jones industrials closed off 18.65 points , at 2638.73 , after plunging over 60.25 points in the morning
+5	The Dow Jones industrials closed off 18.65 points , at 2638.73 , after plunging over 60.25 points in the morning	Bond prices ended lower after an early rally , while the dollar was mixed
+8	prompting worries that the nation 's export drive had stalled	Exports declined for the second month in a row
+5	Exports declined for the second month in a row , while imports rose to a record	An analyst called it one of the worst trade reports since the dollar bottomed out in
+2	Industrial output fell 0.1 % in September , the latest sign manufacturing is slowing	weaker capital spending and exports
+8	Three big drug makers posted robust third-quarter earnings	Merck 's profit climbed 25 % , Warner-Lambert 's 22 % and Eli Lilly 's 24 %
+2	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	the test initially will be used in conjunction with biopsies and other tests , but eventually might become the benchmark for tumor analysis
+2	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.But the test may prove to be more sensitive in determining whether a tumor has spread or returned following treatment	We do n't know yet how useful it 's going to be
+5	Couch-potato jocks watching ABC 's `` Monday Night Football '' can now vote during halftime for the greatest play in 20 years from among four or five filmed replays	Two weeks ago , viewers of several NBC daytime consumer segments started calling a 900 number for advice on various life-style issues
+2	We 've been spending a lot of time in Los Angeles talking to TV production people	With the competitiveness of the television market these days , everyone is looking for a way to get viewers more excited
+6	and special consultants are springing up to exploit the new tool	Blair Entertainment has just formed a subsidiary -- 900 Blair -- to apply the technology to television
+1	The use of 900 toll numbers has been expanding rapidly in recent years	For a while , high-cost pornography lines and services that tempt children to dial ( and redial ) movie or music information earned the service a somewhat sleazy image
+8	Up to now , 900 numbers have mainly been used on local TV stations and cable channels	MTV used one to give away the house that rock star Jon Bon Jovi grew up in
+5	MTV used one to give away the house that rock star Jon Bon Jovi grew up in	For several years , Turner Broadcasting System 's Cable News Network has invited viewers to respond nightly to topical issues
+6	The newest uses of the 900-interactive technology demonstrate the growing variety of applications	Capital Cities/ABC Inc. , CBS Inc. and General Electric Co. 's National Broadcasting Co. unit are expected to announce soon a joint campaign to raise awareness about hunger
+8	Capital Cities/ABC Inc. , CBS Inc. and General Electric Co. 's National Broadcasting Co. unit are expected to announce soon a joint campaign to raise awareness about hunger	The subject will be written into the plots of prime-time shows , and viewers will be given a 900 number to call
+9	and viewers will be given a 900 number to call	Callers will be sent educational booklets , and the call 's modest cost will be an immediate method of raising money
+6	Other network applications have very different goals	ABC Sports was looking for ways to lift deflated halftime ratings for `` Monday Night Football
+5	ABC Sports was looking for ways to lift deflated halftime ratings for `` Monday Night Football	that now `` tens of thousands '' of fans call its 900 number each week to vote for the best punt return , quarterback sack , etc
+8	but ABC Sports also uses the calls as a sales tool	After thanking callers for voting , Frank Gifford offers a football videotape for $ 19.95
+6	Each weekday matches a sponsor and a topic	On Mondays , Unilever N.V. 's Lever Bros. sponsors tips on diet and exercise , followed by a 30-second Lever Bros. commercial
+5	Viewers can call a 900 number for additional advice , which will be tailored to their needs based on the numbers they punch ( `` Press one if you 're pregnant , '' etc	If the caller stays on the line and leaves a name and address for the sponsor , coupons and a newsletter will be mailed , and the sponsor will be able to gather a list of desirable potential customers
+8	NBC has been able to charge premium rates for this ad time	but to be about 40 % above regular daytime rates
+5	TV executives are considering the use of 900 numbers for `` talk shows , game shows , news and opinion surveys	Experts are predicting a big influx of new shows in 1990 , when a service called `` automatic number information '' will become widely available
+2	Experts are predicting a big influx of new shows in 1990 , when a service called `` automatic number information '' will become widely available	This service identifies each caller 's phone number , and it can be used to generate instant mailing lists
+6	Hard Copy , '' the new syndicated tabloid show from Paramount Pictures , will use its 900 number for additional purposes that include research	For a piece on local heroes of World War II , we can ask people to leave the name and number of anyone they know who won a medal
+2	For a piece on local heroes of World War II , we can ask people to leave the name and number of anyone they know who won a medal	That 'll save us time and get people involved
+8	But Mr. Monsky sees much bigger changes ahead	These are just baby steps toward real interactive video , which I believe will be the biggest thing yet to affect television
+6	These are just baby steps toward real interactive video , which I believe will be the biggest thing yet to affect television	Although it would be costly to shoot multiple versions , TV programmers could let audiences vote on different endings for a movie
+6	TV programmers could let audiences vote on different endings for a movie	Fox Broadcasting experimented with this concept last year when viewers of `` Married . . . With Children '' voted on whether Al should say `` I love you '' to Peg on Valentine 's Day
+6	Someday , viewers may also choose different depths of news coverage	A menu by phone could let you decide , ` I 'm interested in just the beginning of story No . 1 , and I want story No . 2 in depth
+8	A menu by phone could let you decide , ` I 'm interested in just the beginning of story No . 1 , and I want story No . 2 in depth	You 'll start to see shows where viewers program the program
+6	The sales force is viewed as a critical asset in Integrated 's attempt to sell its core companies	Whitehall cited concerns about how long Integrated would be able to hold together the sales force as one reason its talks with Integrated failed
+5	Numerous injuries were reported	Some buildings collapsed , gas and water lines ruptured and fires raged
+5	Some buildings collapsed , gas and water lines ruptured and fires raged	The quake , which also caused damage in San Jose and Berkeley , knocked out electricity and telephones , cracked roadways and disrupted subway service in the Bay Area
+1	The World Psychiatric Association voted at an Athens parley to conditionally readmit the Soviet Union	Moscow could be suspended if the misuse of psychiatry against dissenters is discovered during a review within a year
+8	NASA postponed the liftoff of the space shuttle Atlantis because of rain near the site of the launch pad in Cape Canaveral , Fla	The flight was rescheduled for today
+2	The Bush administration is seeking an understanding with Congress to ease restrictions on U.S. involvement in foreign coups that might result in the death of a country 's leader	that while Bush would n't alter a longstanding ban on such involvement , `` there 's a clarification needed '' on its interpretation
+9	An assassin in Colombia killed a federal judge on a Medellin street	An anonymous caller to a local radio station said cocaine traffickers had slain the magistrate in retaliation for the extraditions of Colombians wanted on drug charges in the U.S
+1	Libyan leader Gadhafi met with Egypt 's President Mubarak , and the two officials pledged to respect each other 's laws , security and stability	They stopped short of resuming diplomatic ties , severed in 1979
+8	The stock has fallen $ 87.25 , or 31 % , in the three trading days since announcement of the collapse of the $ 300-a-share takeover jolted the entire stock market into its second-worst plunge ever	This is a total bloodbath '' for takeover-stock traders
+5	Adding insult to injury , United 's 25,000-member Machinists ' union , which helped scuttle financing for the first bid , yesterday asked UAL Chairman Stephen Wolf and other UAL directors to resign	A similar demand was made by a group that represents some of United 's 26,000 noncontract employees
+2	John Peterpaul , Machinists union general vice president , attacked Mr. Wolf as `` greedy and irresponsible '' for pursuing the buy-out	Although Mr. Wolf and John Pope , UAL 's chief financial officer , stood to pocket $ 114.3 million for stock and options in the buy-out , UAL executives planned to reinvest only $ 15 million in the new company
+9	Yesterday 's selling began after a Japanese news agency reported that Japanese banks , which balked at the first bid , were ready to reject a revised version at around $ 250 a share , or $ 5.65 billion	Several reports as the day progressed gave vague or conflicting indications about whether banks would sign up
+9	The machinists also asked for an investigation by the Securities and Exchange Commission into possible securities-law violations in the original bid for UAL by Mr. Davis , as well as in the response by UAL	Last week , just before the bank commitments were due , the union asked the U.S. Labor Department to study whether the bid violated legal standards of fairness governing employee investment funds
+8	The huge drop in UAL stock prompted one takeover stock trader , George Kellner , managing partner of Kellner , DiLeo & Co. , to deny publicly rumors that his firm was going out of business	Mr. Kellner said that despite losses on UAL stock , his firm 's health is `` excellent
+2	The stock 's decline also has left the UAL board in a quandary	Although it may not be legally obligated to sell the company if the buy-out group ca n't revive its bid , it may have to explore alternatives if the buyers come back with a bid much lower than the group 's original $ 300-a-share proposal
+6	Berlitz intends to pay quarterly dividends on the stock	it expects to pay the first dividend , of 12.5 cents a share , in the 1990 first quarter
+7	Right away you notice the following things about a Philip Glass concert	It attracts people with funny hair
+7	It attracts people with funny hair	Whoever constitute the local Left Bank come out in force , dressed in black
+7	Whoever constitute the local Left Bank come out in force , dressed in black , along with a smattering of yuppies who want to be on the cutting edge	People in Glass houses tend to look stoned
+8	Currently in the middle of a four-week , 20-city tour as a solo pianist , Mr. Glass has left behind his synthesizers , equipment and collaborators in favor of going it alone	He sits down at the piano and plays
+5	Either one likes it or one does n't	The typical Glass audience certainly does
+8	The work , though , sounds like Muzak for spaceships	Philip Glass is the emperor , and his music the new clothes , of the avant-garde
+5	Mr. Glass looks and sounds more like a shaggy poet describing his work than a classical pianist playing a recital	The piano compositions are relentlessly tonal ( therefore unthreatening ) , unvaryingly rhythmic ( therefore soporific ) , and unflaggingly harmonious but unmelodic ( therefore both pretty and unconventional
+2	The piano compositions are relentlessly tonal ( therefore unthreatening ) , unvaryingly rhythmic ( therefore soporific ) , and unflaggingly harmonious but unmelodic ( therefore both pretty and unconventional	It is music for people who want to hear something different but do n't want to work especially hard at the task
+8	It is music for people who want to hear something different but do n't want to work especially hard at the task	It is E-Z listening for the now generation
+3	Mr. Glass has inverted the famous modernist dictum `` less is more	His more is always less
+8	His more is always less	Far from being minimalist , the music unabatingly torments us with apparent novelties not so cleverly disguised in the simplicities of 4/4 time , octave intervals , and ragtime or gospel chord progressions
+6	and Mr. Glass has constructed his solo program around a move from the simple to the relatively complex	Opening '' ( 1981 ) , from Glassworks , introduces the audience to the Glass technique
+8	Opening '' ( 1981 ) , from Glassworks , introduces the audience to the Glass technique	Never straying too far from the piano 's center , Mr. Glass works in the two octaves on either side of middle C , and his fingers seldom leave the keys
+2	There is a recognizable musical style here , but not a particular performance style	The music is not especially pianistic
+2	indeed , it 's hard to imagine a bad performance of it	Nothing bravura , no arpeggios , no ticklish fingering problems challenge the performer
+2	Nothing bravura , no arpeggios , no ticklish fingering problems challenge the performer	We hear , we may think , inner voices , but they all seem to be saying the same thing
+6	With `` Planet News Mr. Glass gets going	His hands sit farther apart on the keyboard
+5	His hands sit farther apart on the keyboard	Seventh chords make you feel as though he may break into a ( very slow ) improvisatory riff
+5	His hands sit farther apart on the keyboard.Seventh chords make you feel as though he may break into a ( very slow ) improvisatory riff	The chords modulate
+5	His hands sit farther apart on the keyboard.Seventh chords make you feel as though he may break into a ( very slow ) improvisatory riff.The chords modulate , but there is little filigree even though his fingers begin to wander over more of the keys	Contrasts predictably accumulate
+5	Contrasts predictably accumulate : First the music is loud , then it becomes soft , then ( you realize ) it becomes louder again	The Fourth Knee Play , '' an interlude from `` Einstein on the Beach , '' is like a toccata but it does n't seem to move much beyond its left-hand ground in `` Three Blind Mice
+8	When Mr. Glass decides to get really fancy , he crosses his hands and hits a resonant bass note with his right hand	He does this in at least three of his solo pieces
+2	He does this in at least three of his solo pieces	You might call it a leitmotif or a virtuoso accomplishment
+6	Not only is the typical Glasswork open-ended , it is also often multiple in its context ( s	Mad Rush '' began its life as the accompaniment to the Dalai Lama 's first public address in the U.S. , when Mr. Glass played it on the organ at New York 's Cathedral of St. John the Divine.Later it was performed on Radio Bremen in Germany , and then Lucinda Childs took it for one of her dance pieces
+8	The evening ended with Mr. Glass 's `` Metamorphosis , '' another multiple work	Parts 1 , 2 , and 5 come from the soundtrack of Errol Morris 's acclaimed film , `` The Thin Blue Line , '' and the two other parts from incidental music to two separate dramatizations of the Kafka story of the same name
+8	Parts 1 , 2 , and 5 come from the soundtrack of Errol Morris 's acclaimed film , `` The Thin Blue Line	When used as background in this way , the music has an appropriate eeriness , as when a two-note phrase , a descending minor third , accompanies the seemingly endless litany of reports , interviews and confessions of witnesses in the Morris film
+2	this comparison ignores the intensely claustrophobic nature of Mr. Glass 's music	Its supposedly austere minimalism overlays a bombast that makes one yearn for the astringency of neoclassical Stravinsky , the genuinely radical minimalism of Berg and Webern , and what in retrospect even seems like concision in Mahler
+2	but indicated it intends to hold at least 20 % of the joint venture 's stock long term	A 20 % stake would allow Honeywell to include Yamatake earnings in its results
+1	Overall , Honeywell reported earnings of $ 74.4 million , or $ 1.73 a share , for the three months ended Oct. 1 compared with a loss of $ 41.4 million , or 98 cents a share , a year earlier	The previous period 's results included a $ 108 million pretax charge related to unrecoverable contract costs and a $ 12.3 million pretax gain on real estate sales
+5	The previous period 's results included a $ 108 million pretax charge related to unrecoverable contract costs and a $ 12.3 million pretax gain on real estate sales	Sales for the latest quarter were flat , at $ 1.72 billion
+10	The previous period 's results included a $ 108 million pretax charge related to unrecoverable contract costs and a $ 12.3 million pretax gain on real estate sales	Sales for the latest quarter were flat , at $ 1.72 billion
+5	For the nine months , Honeywell reported earnings of $ 212.1 million , or $ 4.92 a share , compared with earnings of $ 47.9 million , or $ 1.13 a share , a year earlier	Sales declined slightly to $ 5.17 billion
+8	Once again , your editorial page misstates the law to conform to your almost beatific misperceptions	In an excursus of little relevance to his central point about private enforcement suits by environmental groups , Michael S. Greve informs your readers , `` . . . the Clean Water Act is written upon the presumption -- the pretense , rather -- that nothing but zero risk will do ; it establishes a legal standard of zero discharge '' ( `` Congress 's Environmental Buccaneers , '' Sept. 18 ) . This statement surely buttresses your editorial viewpoint that environmental protection is generally silly or excessive , but it is simply wrong
+2	the Clean Water Act is written upon the presumption -- the pretense , rather -- that nothing but zero risk will do	it establishes a legal standard of zero discharge
+2	but it is simply wrong	The Clean Water Act contains no `` legal standard '' of zero discharge
+4	The Clean Water Act contains no `` legal standard '' of zero discharge	It requires that `` discharges of pollutants '' into the `` waters of the United States '' be authorized by permits that reflect the effluent limitations developed under section 301
+2	It requires that `` discharges of pollutants '' into the `` waters of the United States '' be authorized by permits that reflect the effluent limitations developed under section 301	Whatever may be the problems with this system , it scarcely reflects `` zero risk '' or `` zero discharge
+0	Perhaps Mr. Greve was confused by Congress 's meaningless statement of `` the national goal '' in section 101 , which indeed calls for the elimination of discharges -- by 1985 , no less	This fatuous statement was not taken seriously when enacted in 1972 , and should not now be confused with the operative provisions of the statute
+8	Thus , you do the public a great disservice when Mr. Greve suggests , even facetiously , that the Clean Water Act prohibits the preparation of a scotch and water	your tippling readers may be led to believe that nothing but chance or oversight protects them , as they cower in the night with their scotch and waters , from the hairyknuckled knock of the Sierra Club at their doors
+8	the magazine just has n't kept up with the times	it has n't been able to shake its reputation as a magazine boys like to flip through in search of topless tribe women
+2	Advertisers do n't think of the magazine first	What we want to do is take a more aggressive stance
+2	What we want to do is take a more aggressive stance	People did n't believe we were in tune with the marketplace , and in many ways we were n't
+9	What we want to do is take a more aggressive stance	People did n't believe we were in tune with the marketplace , and in many ways we were n't
+2	The 101-year-old magazine has never had to woo advertisers with quite so much fervor before	It largely rested on its hard-to-fault demographics
+2	Perhaps the biggest of those factors is its high ad prices	When ad dollars are tight , the high page cost is a major deterrent for advertisers
+6	But Ms. McCraw says the magazine is fighting back	It now offers 30 regional editions , it very recently began running ads adjacent to articles , and it has been beefing up its sales force
+6	The campaign takes advantage of the eye-catching photography that National Geographic is known for	In one ad , a photo of the interior of the Sainte-Chapelle in Paris is paired with the headline , `` The only book more respected than ours does n't accept advertising
+5	In one ad , a photo of the interior of the Sainte-Chapelle in Paris is paired with the headline , `` The only book more respected than ours does n't accept advertising	Another ad pictures a tree ant , magnified 80 times , with the headline , `` For impact far beyond your size consider our regional editions
+1	Her goal : to top 300 ad pages in 1990 , up from about 274 this year	Whether she can meet that ambitious goal is still far from certain
+8	The ad campaign is meant to contemporize the thought of National Geographic	We want it to be a '90s kind of image
+9	Stephen Novick , 49 , was named executive vice president , deputy creative director at Grey Advertising , New York	He was executive vice president , director of broadcast production
+2	The issue exploded this year after a Federal Bureau of Investigation operation led to charges of widespread trading abuses at the Chicago Board of Trade and Chicago Mercantile Exchange	While not specifically mentioned in the FBI charges , dual trading became a focus of attempts to tighten industry regulations
+2	While not specifically mentioned in the FBI charges , dual trading became a focus of attempts to tighten industry regulations	Critics contend that traders were putting buying or selling for their own accounts ahead of other traders ' customer orders
+2	that dual trading improves liquidity in the markets because traders can buy or sell even when they do n't have a customer order in hand	liquidity becomes a severe problem for thinly traded contracts such as those with a long time remaining before expiration
+2	The CFTC may take those arguments into account by allowing exceptions to its restrictions	The agency did n't cite specific situations where dual trading might be allowed , but smaller exchanges or contracts that need additional liquidity are expected to be among them
+8	The study , by the CFTC 's division of economic analysis , shows that `` a trade is a trade	Whether a trade is done on a dual or non-dual basis does n't seem to have much economic impact
+6	Members of Congress have proposed restricting dual trading in bills to reauthorize CFTC operations	The House 's bill would prohibit dual trading in markets with daily average volume of 7,000 contracts or more
+5	The House 's bill would prohibit dual trading in markets with daily average volume of 7,000 contracts or more	The Senate bill would force the CFTC to suspend dual trading if an exchange ca n't show that its oversight system can detect dual-trading abuses
+8	So far , one test of restricting dual trading has worked well	The Chicago Merc banned dual trading in its Standard & Poor 's 500-stock index futures pit in 1987.Under the rules , traders decide before a session begins whether they will trade for their own account or for customers.Traders who stand on the pit 's top step , where most customer orders are executed , ca n't trade for themselves . A Merc spokesman said the plan has n't made much difference in liquidity in the pit
+2	The Chicago Merc banned dual trading in its Standard & Poor 's 500-stock index futures pit in 1987	Under the rules , traders decide before a session begins whether they will trade for their own account or for customers
+5	Under the rules , traders decide before a session begins whether they will trade for their own account or for customers	Traders who stand on the pit 's top step , where most customer orders are executed , ca n't trade for themselves
+5	the plan has n't made much difference in liquidity in the pit	It 's too soon to tell . . . but people do n't seem to be unhappy with it
+5	It 's too soon to tell . . . but people do n't seem to be unhappy with it , '' he said	He said he would n't comment on the CFTC plan until the exchange has seen the full proposal
+2	Dual trading is definitely worth saving	It adds something to the market
+5	But only two-thirds of Lexus dealers are constructing new buildings according to the Lexus specs	Some are even coming up with their own novel designs
+0	Yet some dealers have turned down Infiniti or Lexus franchises because they were unwilling or unable to meet the design requirements	Infiniti `` was a bear on interiors '' but at least let him retrofit an existing building -- without the stream
+1	Infiniti `` was a bear on interiors '' but at least let him retrofit an existing building -- without the stream	he turned down a Lexus franchise in part because `` the building was gorgeous but very expensive
+8	PRODUCTS DO N'T have to be first to be winners	That 's the lesson offered through one case study featured in a design exhibit
+2	Dictaphone Corp. was caught off guard in 1974 when its main competitor , Lanier Office Products of Japan , introduced a microcassette dictation recorder half the size of standard cassette devices	Blocked by patent protection from following suit , Dictaphone decided to go a step further and cut the cassette in half again -- down to the length of a paperclip
+2	Blocked by patent protection from following suit , Dictaphone decided to go a step further and cut the cassette in half again	By 1979 , designers and engineers at Dictaphone , a Pitney Bowes subsidiary , had produced a working model of a `` picocassette '' recorder
+5	But others said pico should proceed	Both were right
+8	Dictaphone went ahead and introduced the pico in 1985 , but it has n't sold well	To date it has `` broken even or shown a small loss
+6	Nevertheless , the device has been successful in other ways	It helped Dictaphone attract better engineers , and it provided new technology for other company products
+8	His crude device worked	The lower teeth gathered the leaves into a pile , while the higher , harder teeth moved the top of the pile
+6	But other rake makers have their doubts	Richard Mason , president of Ames Co. in Parkersburg , W. Va. , says the Barrett rake `` makes sense , '' but it would be `` tough '' to explain to consumers
+4	people do n't want to move a leaf pile	They either pick it up or they start pulling from a fresh direction
+2	NO MORE STUBBED toes or bruised shins , promises Geste Corp. of Goshen , Ind. , the designer of a bed support to replace traditional frames	Four tubular steel `` Bedfellows , '' each roughly in the shape of a `` W , '' are attached to the bottom of the box spring in a recessed position
+2	The Pentagon is a haunted house	Living there for six years was really scary
+2	Living there for six years was really scary	The ghosts of the past are everywhere
+6	Some can be bought off relatively cheaply	During the Korean War , Gen. Douglas MacArthur demanded and got , in addition to his U.N. command in Korea , his own naval command in Japan , NavforJapan
+8	During the Korean War , Gen. Douglas MacArthur demanded and got , in addition to his U.N. command in Korea , his own naval command in Japan , NavforJapan	Those obsolete operations cost less than $ 2 billion a year , and keep Mac 's ghost quiet
+8	That 's about all it costs to appease Adm. Erich Raeder 's ghost	In 1941 , Raeder and the German navy threatened to attack the Panama Canal , so we created the Southern Command in Panama
+5	so we created the Southern Command in Panama	The Southern Command has grown even bigger since the war because Raeder 's ghost sometimes runs through the E ring dressed like Gen. Noriega
+2	because Raeder 's ghost sometimes runs through the E ring dressed like Gen. Noriega	The Command 's huge bureaucracy is needed to analyze whether leaders of coups against Gen. Noriega meet the War Powers Act 's six points , Cap Weinberger 's seven points , the Intelligence Committee 's 32 points and Woodrow Wilson 's 14 points necessary to justify U.S. support
+0	The Command 's huge bureaucracy is needed to analyze whether leaders of coups against Gen. Noriega meet the War Powers Act 's six points , Cap Weinberger 's seven points , the Intelligence Committee 's 32 points and Woodrow Wilson 's 14 points necessary to justify U.S. support	So far no one has
+2	The ghost of the Soviet brigade discovered in Cuba back in the '70s costs just a few hundred million : the price of the Caribbean Command in Key West that President Carter created in 1980	The brigade has n't been heard from since , but we keep the staff around just in case
+2	George Marshall 's ghost is much more difficult to keep happy	We keep a lot of shrines to him around the Pentagon : statues , busts , relics and such
+8	We keep a lot of shrines to him around the Pentagon : statues , busts , relics and such	The Army headquarters on the third deck of the Pentagon used to burn a lot of incense to him
+2	but the Navy headquarters on the fourth deck made them stop it	Marshall had this thing about the Navy and the Marines -- he wanted to make them part of the Army
+2	but Secretary of the Navy James Forrestal blocked him	Now his ghost wo n't let up till it 's done
+6	Which brings up the worst and meanest ghost of all -- the ghost of the shah of Iran	When the shah died , President Carter was so scared that the shah 's ghost would blame him for shoving him out to make way for the ayatollah that he declared the Carter Doctrine
+8	When the shah died , President Carter was so scared that the shah 's ghost would blame him for shoving him out to make way for the ayatollah that he declared the Carter Doctrine	Mr. Carter said he would go to war to stop anyone from trying to grab Iran
+2	But that ghost was n't fooled	he knew the RDF was neither rapid nor deployable nor a force
+8	I saw what he did to them firsthand	It made my shoelaces dance with terror
+2	It made my shoelaces dance with terror	Why , he used to lay in wait for Cap ; suddenly he 'd leap from behind some statue of Marshall onto Cap 's chest and grab him by the throat and choke him till he coughed up an additional $ 2 billion or so
+6	It made my shoelaces dance with terror	Why , he used to lay in wait for Cap ; suddenly he 'd leap from behind some statue of Marshall onto Cap 's chest and grab him by the throat and choke him till he coughed up an additional $ 2 billion or so
+9	Why , he used to lay in wait for Cap	suddenly he 'd leap from behind some statue of Marshall onto Cap 's chest
+5	Cap added four more divisions to the Army , two active and two reserve ; two carrier groups to the Navy ; a division -- equivalent to the Marines ; and the C-5B , KC-10 , C-17 and a thousand tactical aircraft to the Air Force	He bought $ 4 billion in prepositioning ships and $ 7 billion in ammo and equipment to fill them , and parked them at a new $ 6 billion base at Diego Garcia in the middle of the Indian Ocean
+2	One night both Marshall 's ghost and the shah 's ghost together caught Cap and threw him to the ground	Before they let him go he added a thousand bureaucrats to the RDF in Tampa and renamed it Central Command
+5	Before they let him go he added a thousand bureaucrats to the RDF in Tampa and renamed it Central Command	He gave those bureaucrats charge of all naval operations in the Persian Gulf and Indian Ocean
+5	Marshall figured it would be good training for those soldiers	They had fun moving the carriers around
+1	Then suddenly Ike 's ghost came to visit and said , `` What the hell are you doing planning for a land war in Asia 12,000 miles away ? We 'd get our asses kicked	Lucky for Cap , Ike was easygoing and soon went away
+5	Still , Berbera was the best we could get , so we stay in bed with President Barrah	All these reports about him committing genocide are probably exaggerated anyway
+2	Questions like that really stir up Marshall 's ghost	He appeared late one night in the bedroom of the new defense secretary , Dick Cheney
+9	Marshall came clanking in like Marley 's ghost dragging those chains of brigades and air wings and links with Arab despots	He would n't leave until Mr. Cheney promised to do whatever the Pentagon systems analysts told him
+2	On the other hand , Mr. Cheney retained all those new land forces	Marshall 's ghost is satisfied for now
+2	What with Halloween coming and bigger defense cuts looming , more and more Pentagon bureaucrats are crawling under their desks	They know that they can hold off the ghosts only a little while longer by cutting carriers and ships
+8	Then the whole thing will start to collapse , just as it did in the 1970s , and the ghosts and banshees will be howling through the place turning people 's hair white	Gives me the willies just thinking about it
+8	At the moment , however , the painting is a nagging reminder of the problems that have engulfed CenTrust and its flamboyant chairman and chief executive , David L. Paul	In an international buying spree that began barely two years ago , Mr. Paul amassed a collection of about 30 pre-18th-century works , including the Preti , at a total cost of $ 28 million . By midnight Oct. 6 , all of the paintings were supposed to have been sold off , under orders from Florida 's comptroller , whose office regulates the state 's S & Ls.CenTrust did n't meet the deadline . The collection was at the heart of a grandiose plan Mr. Paul had in which the art was to do double duty -- as an investment for CenTrust and as decoration for the S & L 's new office tower , designed by I.M . Pei.The rub is that the $ 28 million was plucked from the funds of this federally insured institution even as CenTrust was losing money hand over fist.Mr . Paul had no right to buy art for the S & L in the first place -- it is n't on the comptroller 's `` permissible '' list -- without seeking a special dispensation , which he did not do.Besides that , some of the paintings that were to grace the walls of CenTrust actually ended up hanging in the chairman 's estate on La Gorce Isle off Miami Beach
+1	By midnight Oct. 6 , all of the paintings were supposed to have been sold off	CenTrust did n't meet the deadline
+5	The rub is that the $ 28 million was plucked from the funds of this federally insured institution even as CenTrust was losing money hand over fist	Mr. Paul had no right to buy art for the S & L in the first place -- it is n't on the comptroller 's `` permissible '' list -- without seeking a special dispensation , which he did not do
+2	Last spring , the comptroller 's office called a halt to Mr. Paul 's fling , giving him six months to sell the paintings	The acquisitions were `` unsafe , unsound and unauthorized
+10	So far , Mr. Paul has unloaded but three of his masterpieces , he wo n't say to whom	The comptroller 's office says it is `` monitoring the situation
+5	So far , Mr. Paul has unloaded but three of his masterpieces , he wo n't say to whom	The comptroller 's office says it is `` monitoring the situation
+2	The last six months has established the quality of the collection	There 's no fire sale here
+2	Paintings are just part of the picture	Although Mr. Paul has pared a $ 1.35 billion junk-bond portfolio to less than $ 900 million since April , the high-yield debt market has plummeted
+2	Although Mr. Paul has pared a $ 1.35 billion junk-bond portfolio to less than $ 900 million since April , the high-yield debt market has plummeted	Divesting itself of what is left , as is required of all thrift institutions by July 1994 under the new federal S & L bailout law , may well prove difficult
+6	And CenTrust has other problems	Late last week federal regulators ordered the thrift institution to stop paying dividends on its preferred stock
+5	Late last week federal regulators ordered the thrift institution to stop paying dividends on its preferred stock	Mr. Paul has a plan to bring in $ 150 million by selling off 63 of CenTrust 's 71 branches , but it has yet to be approved by regulators
+6	It is Mr. Paul 's art venture , however , that has drawn the most attention from investors and regulators , not to mention galleries throughout the world	Embittered shareholders ( some of whom are suing ) say the chairman and his collection epitomize the excesses of speculation that set off the national S & L crisis
+8	Embittered shareholders ( some of whom are suing ) say the chairman and his collection epitomize the excesses of speculation that set off the national S & L crisis	CenTrust shares have fallen sharply in price from a high of $ 15.125 in 1986 to close yesterday at $ 2.875
+4	Collectors do n't say `` It 's a van Gogh '' anymore	They say , ` Johnny Payson got $ 53 million for his , so certainly $ 10 million is n't too much for mine
+6	and the new buyers are brilliant men who made money in the stock market or in takeovers and rushed into collecting	Mr. Payson , an art dealer and collector , sold Vincent van Gogh 's `` Irises '' at a Sotheby 's auction in November 1987 to Australian businessman Alan Bond
+2	He established his reputation as a freespender in January last year at Sotheby 's auction of the Linda and Gerald Guterman collection in New York	There , on one of his first shopping trips , Mr. Paul picked up several paintings at stunning prices
+8	He paid $ 2.2 million , for instance , for a still life by Jan Jansz . den Uyl that was expected to fetch perhaps $ 700,000	The price paid was a record for the artist
+5	Some 64 % of items offered at the Guterman auction were sold , at an average price of $ 343,333	The rest were withdrawn for lack of acceptable bids
+1	And he tells me , ` If you want to see your paintings , you 'll have to come to my house in Florida	Mr. Paul denies phoning and gloating
+8	Mr. Paul denies phoning and gloating	It 's just not true , '' he says
+2	Mr. Paul `` was known to spend a lot of money	People were interested in seeing him
+5	Mr. Paul was eager to assemble a collection for the headquarters CenTrust has been moving into for the greater part of a year	Sotheby 's was hoping to stir up interest in old masters as it strove to build its U.S. business
+8	In March 1989 , just 15 months into his campaign , Mr. Paul was named by Art & Antiques magazine as one of the top 100 individual collectors in the U.S	An unknown quantity to most of the art world , Paul is no stranger to lavish spending , '' the magazine said
+6	that he does n't stop at paint on canvas but also spends big on art you can eat	He recently bid $ 30,000 at a Paris charity auction for a dinner cooked by six of the world 's great chefs , but the final party cost closer to $ 100,000
+1	He recently bid $ 30,000 at a Paris charity auction for a dinner cooked by six of the world 's great chefs , but the final party cost closer to $ 100,000	Mr.Paul says it was n't that high
+5	In other words : Get rid of all the pictures	The state obliquely noted that unsafe banking practices are grounds for removing an officer or director
+1	that at one point he did indeed have eight or nine of the paintings at home and that the rest were in storage at Sotheby 's	that he was `` merely storing the paintings at home -- with some display -- because of the special dehumidified environment '' required for their safekeeping , until CenTrust 's new building was ready for them
+5	For instance , he got a $ 3 million loan from the S & L , negotiated at a below-market rate	He owns 43 % of CenTrust 's shares
+8	The $ 12 million lavished on the Rubens , for example , was a record price for the artist and maybe twice its value , given a dispute among scholars about its provenance	scholars question the authenticity of the Rubens
+2	scholars question the authenticity of the Rubens	It may have been painted instead by a Rubens associate
+8	that the price paid at the time was excessive in any event	It sounds like with the Rubens he got absolutely taken to the cleaners
+8	that getting rid of it any time soon for a similar sum would be quite a feat	It 's not beyond credibility the Rubens will someday be worth $ 12 million , but whether it could be sold for that amount tomorrow remains to be seen
+3	Still , predicting is tricky	I 'm forever dumbfounded by what I see making these high prices
+2	Jonathan H. Kress , the son of the painting 's former owner , Mrs . Rush Kress , dismisses the price talk as `` sour grapes	Dealers contemptuous of the purchase price were themselves interested in buying the Rubens but lost out
+8	a lot of the experts have never seen the thing itself	Most of them were n't even born the last time the painting was displayed publicly
+6	Art prices are skyrocketing , but a good deal of legerdemain is involved in compiling statistics on sales	Salomon Brothers Inc. , the investment-banking firm , in its annual tally of investment returns , reported that old masters appreciated 51 % in the year ended June 1 , the greatest return of any of 13 assets it tracked
+1	Salomon Brothers Inc. , the investment-banking firm , in its annual tally of investment returns , reported that old masters appreciated 51 % in the year ended June 1 , the greatest return of any of 13 assets it tracked	Impressionist and modern paintings , not tracked by Salomon , are ranked even higher at 74 % by Sotheby 's
+0	Salomon , moreover , gets its data on art appreciation from Sotheby 's , whose prices go up with clients like Mr. Paul in its thrall	The percentages omit from consideration the many paintings that go begging at auction
+8	The percentages omit from consideration the many paintings that go begging at auction	Art indexes track winners , not losers
+2	Also , at any of Sotheby 's auctions of old masters , roughly one-third to one-fifth of what is offered does n't sell at any price	It 's not that there are n't any bids , but the bids do n't meet the minimum `` reserve '' prices set by the sellers
+2	that he spotted bargains in old masters just before they took an upward turn	They went up 51 % last year , and they 'll do it again this year
+8	They went up 51 % last year , and they 'll do it again this year	They were a sleeper
+2	They were a sleeper	Everybody was out buying Monets
+8	a number of { the artworks } have already been sold , and at a substantial profit	Mr. Paul claims to have sold three paintings , at more than a 10 % profit
+1	Mr. Paul claims to have sold three paintings , at more than a 10 % profit	That is n't 51 % , and the claim is n't documented
+2	that he relied too heavily on Sotheby 's or Mr. Wachter	he had not one but four advisers and that he never bid impulsively
+2	and that he never bid impulsively	After all , he had the counsel of `` curators from the most reputable museums in the world
+2	That is , he is being compelled to put them on the market too soon , and has already gotten offers that are less than he paid for some of the art works	After a few years , you can argue there has been natural appreciation But quick turnover in artwork is `` like pawning your jewelry -- you end up with 50 %
+2	But quick turnover in artwork is `` like pawning your jewelry -- you end up with 50 %	People hold out and try to get a bargain
+6	Sotheby 's defends itself and Mr. Paul in the matter	Mr. Wachter says Mr. Paul was a quick study who worked intensely and bought the best pictures available at the moment
+1	Mr. Paul was a quick study who worked intensely and bought the best pictures available at the moment	On occasion , he paid a high price
+5	it `` definite conflict of interest for an auction house to both advise a client on purchases and to set price estimates on the paintings to be purchased	Sotheby 's is `` wearing both hats
+2	I ca n't see why there would be a conflict of interest	Estimates are based on the previous price of similar works sold at auction and current market conditions , and are not affected by any knowledge of who the potential buyer could be
+5	and are not affected by any knowledge of who the potential buyer could be	Frequently , clients express interest in paintings but do n't end up bidding
+1	he `` would have loved to buy '' a Jan Davids de Heem painting from the bank	I tried to steal the picture and { Sotheby 's } would n't do it
+8	and { Sotheby 's } would n't do it	They were protecting his interests
+6	Meanwhile , Mr. Paul and CenTrust executives are getting squeamish about opulence	Mr. Paul has been characterized as `` the Great Gatsby or something , '' complains Karen E. Brinkman , an executive vice president of CenTrust
+8	Mr. Paul has been characterized as `` the Great Gatsby or something	The media have distorted his personal life
+8	Mr. Paul nods in agreement	I do n't think I have a life style that is , frankly , so flamboyant , '' he says
+5	the ceiling in his executive suite is gold-leaf inlay	The offices are done in hardwood and oriental rugs
+4	Do n't say it 's a gold ceiling	Just say the offices are tastefully appointed
+2	The new Financial Accounting Standards Board ( FASB ) was created in 1972 to replace the Accounting Principles Board of the American Institute of Certified Public Accountants	All of the former board 's members were CPAs , provoking conflict-of-interest criticism because they were writing rules while handling clients ' books at the same time
+2	The climate was right for the new FASB	In the late 1960s some CPAs failed to correct such abuses as clients picking permissive rules that hyped earnings and stock prices
+6	The climate was right for the new FASB	In the late 1960s some CPAs failed to correct such abuses as clients picking permissive rules that hyped earnings and stock prices
+9	The FASB had its initial meeting on March 28 , 1973	On Dec. 13 , 1973 , it issued its first rule
+8	On Dec. 13 , 1973 , it issued its first rule	it required companies to disclose foreign currency translations in U.S. dollars
+2	more than 99 % of their 7 1/4 % convertible subordinated debentures due 2011 were tendered for conversion into UnionFed common stock	The conversion increased total equity capital by about $ 38.5 million to a total of $ 156.8 million
+10	As president , Mr . Lung , 42 years old , succeeds his father , Mervin D. Lung , 66 , who founded the company in 1959	Mervin Lung remains chairman and chief executive officer
+5	As president , Mr . Lung , 42 years old , succeeds his father , Mervin D. Lung , 66 , who founded the company in 1959	Mervin Lung remains chairman and chief executive officer
+5	Reynolds Metals Co. said third-quarter net income dropped nearly 10 % to $ 123.7 million , or $ 2.10 a share , from $ 137.2 million , or $ 2.56 a share , a year earlier	The latest earnings reflect an increase of about 5.5 million in common shares outstanding
+5	Reynolds Metals Co. said third-quarter net income dropped nearly 10 % to $ 123.7 million , or $ 2.10 a share , from $ 137.2 million , or $ 2.56 a share , a year earlier.The latest earnings reflect an increase of about 5.5 million in common shares outstanding	Revenue rose 3 % to $ 1.52 billion from $ 1.48 billion
+3	Reynolds is the third big aluminum company since Friday to report disappointing earnings	The No . 1 domestic aluminum producer , Aluminum Co. of America , Friday said its earnings fell 3.2 % to $ 219 million , or $ 2.46 a share
+0	The No . 1 domestic aluminum producer , Aluminum Co. of America , Friday said its earnings fell 3.2 % to $ 219 million , or $ 2.46 a share.And Alcan Aluminium Ltd. yesterday reported net income slid 30 % to $ 180 million , or 77 cents a share , from $ 258 million , or $ 1.07 a share	Analysts on average had been expecting about $ 2.70 for Alcoa and $ 1 for Alcan
+5	the ingot price `` appears to have bottomed out	shipments are continuing at a `` healthy '' pace and the company has no excess inventory
+5	shipments are continuing at a `` healthy '' pace and the company has no excess inventory	Aluminum shipments of 329,600 metric tons were nearly equal to the year-earlier period
+2	But quite a few money managers are n't buying it	Weakening corporate earnings are no prescription for a bull market
+5	The stock market ai n't going to do much of anything '' for a while	that Friday 's market decline may have a second leg , perhaps a 10 % to 15 % drop later on
+1	Bulls say the market is an incredible bargain , priced at only about 12 times estimated 1989 earnings for stocks in the Standard & Poor 's 500 index	Before the 1987 crash , the P/E was more than 20
+1	The common view is that there will be `` mild economic growth , modest profit expansion , and things are going to be hunky-dory	Our view is that we may see a profit decline
+10	Our view is that we may see a profit decline	Some think investors should sell into rallies
+5	Our view is that we may see a profit decline	Some think investors should sell into rallies
+2	Some think investors should sell into rallies	The market `` is going to wind down
+8	The market `` is going to wind down	Things are a little less overpriced '' after Friday 's jolt in the market.He expects stocks to decline an additional 5 % to 30 %
+1	Things are a little less overpriced '' after Friday 's jolt in the market	stocks to decline an additional 5 % to 30 %
+5	Things are a little less overpriced '' after Friday 's jolt in the market	stocks to decline an additional 5 % to 30 %
+5	After Friday 's decline , Mr. Perritt 's firm ran statistical tests on 100 high-quality stocks	He found 85 still overvalued and 15 fairly valued
+2	Nicholas Parks , a New York money manager , expects the market to decline about 15 %	I 've been two-thirds in cash since July , and I continue to think that having a defensive position is appropriate
+2	that having a defensive position is appropriate	Companies that piled on debt in leveraged buy-outs during the past two years `` will continue to surface as business problems
+5	Money manager Robert Ross , head of Duncan Ross Associates Ltd. in Vancouver , British Columbia , says stocks would have to fall 15 % to 20 % before they are competitive with less risky investment alternatives	Fredric Russell , a money manager in Tulsa , Okla. , says Friday 's cave-in `` is going to have more of a permanent impact on the psyche of many investors than Wall Street would want to admit
+6	There are still bulls out there	I still think we will have a 3000 Dow , whether it 's six months or 12 months from now I do n't know , '' says David Dreman , managing partner of Dreman Value Management in New York
+2	I still think we will have a 3000 Dow	We 're doing a little buying '' in some stocks `` that have really been smashed down
+6	Many brokerage house officials also are optimistic	Yesterday , Goldman Sachs , Merrill Lynch and Dean Witter all increased the proportion of assets they recommend investors commit to stocks
+8	Yesterday , Goldman Sachs , Merrill Lynch and Dean Witter all increased the proportion of assets they recommend investors commit to stocks	Dean Witter now recommends 85 % , Goldman 65 % and Merrill Lynch 50 %
+8	Friday 's sell-off was a good thing , because it deflated a lot of crazy takeover speculation	It was a healthy cleansing
+2	The fundamentals are pretty strong	I do n't see this as a bear market at all
+4	I do n't see this as a bear market at all	It 's a recognition that there was much too much fluff in the LBO market
+8	Friday 's big fall was `` just a blunder by the stock market	It was an overreaction to an event that does n't mean that much to lots of stocks
+2	Many investors have nagging worries , however	Newspapers are full of headlines about companies defaulting on their debts and banks writing off real estate loans.That hurts investors ' confidence in the economy and stocks
+6	Not even all the brokerage firms see clear sailing ahead	Disappointing profits are likely to get worse in the next two quarters , '' says Mary Farrell , a market strategist at PaineWebber
+8	the market could drop about 10 % in the next few months , then recover and go higher	Companies with steady earnings growth could do well while others with high debt or poor earnings could see their shares decline far more than 10 %
+6	Managers at five chains have said in recent weeks that they intend to bid for their companies	The chains include Bloomingdale 's , owned by Campeau Corp. , Toronto ; Saks Fifth Avenue and Marshall Field 's , owned by B.A.T Industries PLC , London ; and B. Altman & Co. and Sakowitz Inc. , owned by Hooker Corp. , which is now being managed by a court-appointed provisional liquidator
+2	The pricing will become more realistic , which should help management	Investors are n't going to be throwing money at any of the proposed LBOs , but doing deals on the basis of ridiculous assumptions never made sense , either
+1	Earlier this year , bankers and other investors were willing to provide financing because they assumed there would be major gains in both profitability and sales	Those days are over now
+2	But when prices were crazy , it was even harder to do an LBO	Bankers believed in the greater-fool theory that says somebody else is always willing to pay more
+1	Bankers believed in the greater-fool theory that says somebody else is always willing to pay more	This is no longer true today
+2	It would also help us in our search for equity partners	To make an LBO work , now we are going to need more than just junk bonds
+2	the proposed management LBOs will be easy to complete , especially at B. Altman & Co. , which is under Chapter 11 bankruptcy protection	Not only could the Wall Street gyrations damp Christmas sales if consumers lose confidence in the economy , but potential junk-bond buyers are sure to demand even stronger covenants and greater management equity participation
+8	Further , many institutions today holding troubled retailers ' debt securities will be reticent to consider additional retailing investments	It 's called bad money driving out good money
+2	It 's called bad money driving out good money	Institutions that usually buy retail paper have to be more concerned
+2	that retail chains will be sold on the basis of their sales and earnings , not liquidation values	Retailers who had good track records of producing profits will have a better chance to buy back their companies
+8	But the hurdle of financing still has to be resolved	Potential bondholders will either look for greater equity participation on behalf of management , or insist the equity component of the deals be substantially greater than in the past
+8	Judge John E. Sprizzo issued the order in Manhattan federal court	The judge held that the combination of colors used for the Sony products is distinctive and subject to protection under New York state law , rather than federal law
+1	According to industry lawyers , the ruling gives pipeline companies an important second chance to resolve remaining disputes and take advantage of the cost-sharing mechanism	The court left open whether FERC could reimpose a new deadline later
+0	Among other things , the restructured facilities will substantially reduce the group 's required amortization of the term loan portion of the credit facilities through September 1992 , MLX said	Certain details of the restructured facilities remain to be negotiated
+5	Certain details of the restructured facilities remain to be negotiated	The agreement is subject to completion of a definitive amendment and appropriate approvals
+9	Mr. Kossuth , 52 years old , succeeds Ermanno Pascutto , 36 , who resigned to join Hong Kong 's Securities and Futures Commission	Mr. Kossuth was vice president and director , corporate finance , of Nesbitt Thomson Deacon Inc. , a Toronto investment dealer
+6	But opponents fear overcrowding	This city already has too many tourists , and it ca n't hold them all , '' says Pierluigi Beggiato , the president of the Venice hoteliers association
+6	Not all Poles are pleased	What do we want casinos for when we have n't got anything in the shops ? '' one housewife asked
+2	Algeria plans to increase natural-gas sales to Europe and the U.S	According to the Middle East Economic Survey , the North African nation is holding talks with Italy for adding a fourth pipe to a section of the Trans-Mediterranean pipeline , expanding capacity by up to six billion cubic meters a year from 12.5 billion
+9	The Swedish publishers of a new Estonian-language newspaper rushed an extra edition across the Baltic on Oct. 10 after the first run sold out in one day	plans had called for 7,000 copies of the monthly Are Paev ( Business Paper ) to be sold at newsstands and an additional 3,000 promotion issues to be sent by direct mail
+5	plans had called for 7,000 copies of the monthly Are Paev ( Business Paper ) to be sold at newsstands and an additional 3,000 promotion issues to be sent by direct mail	13,000 more copies were sent to Estonia because of strong sales
+1	China 's top film actress , Liu Xiaoqing , paid $ 4,555 in back taxes and fines in Shandong province , the People 's Daily reported	The amount is equal to about 30 years earnings for the average peasant , who makes $ 145 a year
+0	THE R.H. MACY & CO. department-store chain is n't for sale	In yesterday 's edition , it was incorrectly included with a list of New York chains up for sale
+8	They are enjoying domestic sales that are more than making up for lost overseas sales	South Korean consumers are expected to buy almost 500,000 passenger cars this year , up 60 % from 1988
+8	As it is , waiting lists of a month are n't unusual for popular models	Demand is so strong that all of the domestic makers -- Hyundai , Kia Motors Corp. , Daewoo Motor Co. and even upstart SsangYong Motor Co. -- plan to build more factories
+8	Demand is so strong that all of the domestic makers -- Hyundai , Kia Motors Corp. , Daewoo Motor Co. and even upstart SsangYong Motor Co. -- plan to build more factories	Industry analysts predict that by 1995 , South Korea will be building three million cars a year -- about half of that for export
+2	and that demand in Korea will stay strong	Currently only one in 38 South Koreans owns a car , up from one in 200 a decade ago
+1	Currently only one in 38 South Koreans owns a car , up from one in 200 a decade ago	In the year 2000 it will be one car per family
+8	The reason for the tremendous demand is simple	South Koreans suddenly have a lot more money
+6	The reason for the tremendous demand is simple : South Koreans suddenly have a lot more money	We never thought we 'd own a car , '' says Kwang Ok Kyong , who just bought a Daewoo LeMans on a five-year loan
+9	it took over the dying Dong-A Motor Co. in 1986	SsangYong began making variations of the Jeep-like `` Korando '' vehicle
+6	SsangYong began making variations of the Jeep-like `` Korando '' vehicle . ( Dong-A had had a technology agreement with Jeep maker American Motors Corp. , now a part of Chrysler Corp	The most popular style is the stretched `` Family , '' which resembles a Ford Bronco or Chevy Blazer
+5	The four-wheel-drive vehicles start at $ 15,000	a Family can cost over $ 25,000
+5	SsangYong will sell about 18,000 of its models this year , twice as many as last year	It sees sales rising 45 % to 26,000 units next year
+2	Kia , the only Korean car maker that has seen its overseas sales grow in 1989 , aims at Korea 's common man	Its advantage has been the peppy little Pride , sold as the Ford Festiva in the U.S
+2	Its advantage has been the peppy little Pride , sold as the Ford Festiva in the U.S	At 3.8 million won , or $ 5,700 , the econobox is the lowest-priced car in South Korea
+6	Kia is the most aggressive of the Korean Big Three in offering financing	Loans for as long as five years make the cars very accessible , with monthly payments as low as 80,000 won , or $ 120
+8	Daewoo Motor , a 50-50 joint venture with General Motors Corp. and the Daewoo Group conglomerate , is the only auto maker that appears to be hurting	Shipments of its Lemans to GM 's Pontiac division are off about 65 % from a year ago , versus a 44 % decline for Hyundai and an 18 % increase for Kia
+5	Kia is reportedly also considering such a plan	Even giant Samsung Group is rumored in the Korean press to be considering getting into the auto-making business
+0	Even giant Samsung Group is rumored in the Korean press to be considering getting into the auto-making business	a company spokesman had no comment
+9	Robert P. Bulseco , 44 years old , was named president and chief administrative officer of this regional commercial bank	Both posts had been vacant
+5	Net outflows from Fidelity 's stock funds stood at less than $ 300 million , or below 15 % of the $ 2 billion cash position of the firm 's stock portfolios	Much of the money was switched into the firm 's money market funds
+5	Much of the money was switched into the firm 's money market funds	Outflows since the close of trading Friday remain below one-third their level of two years ago
+1	Two years ago , there was a lot of redemption activity and trouble with people getting through on the phone	This time , `` We do n't have that at all
+6	But funds generally are better prepared this time around	As a group , their cash position of 10.2 % of assets in August is 14 % higher than two years earlier
+8	As a group , their cash position of 10.2 % of assets in August is 14 % higher than two years earlier	Many fund managers have boosted their cash levels in recent weeks
+6	The biggest flurry of investor activity came early in the day	Vanguard Group Inc. saw heavy exchanges from stock funds into money market funds after the telephone lines opened at 8:30 a.m
+8	Vanguard Group Inc. saw heavy exchanges from stock funds into money market funds after the telephone lines opened at 8:30 a.m	In the first hour , the real nervous folks came along
+1	At Scudder , Stevens & Clark Inc. , phone calls came in at 40 % more than the normal pace through early afternoon	Most of that increase came in the first hour after the phone lines opened at 8 a.m
+2	At Scudder and at the smaller Ivy funds group in Hingham , Mass. , for instance , some shareholders called early in the morning to switch money from stock funds to money market funds , but later called back to reverse the switches	Because mutual fund trades do n't take effect until the market close these shareholders effectively stayed put
+2	Instead of selling bonds to meet redemptions , however , some funds have borrowed from banks to meet withdrawal requests	This avoids knocking down prices further
+6	some funds have borrowed from banks to meet withdrawal requests.This avoids knocking down prices further	The $ 1.1 billion T. Rowe Price High Yield Fund was among the funds that borrowed during the Campeau crisis
+9	That way We did n't have to sell securities in a sloppy market	When the market stabilized the firm sold the bonds
+1	Amcore , also a bank holding company , has assets of $ 1.06 billion	Central 's assets are $ 240 million
+2	But the new lens became the eye of a storm	In September 1971 California officials seized `` bootlegged '' lenses after some showed traces of bacteria
+9	In September 1971 California officials seized `` bootlegged '' lenses after some showed traces of bacteria	In October doctors were debating the product 's safety , some claiming it caused infections
+1	And there were Senate hearings on the questions in July 1972	The product overcame the bad publicity and kept evolving
+9	The early soft lenses were expected to last for a year	In 1983 `` extended wear '' versions , designed to be worn for 30 days at a time , wree offered
+9	In 1983 `` extended wear '' versions , designed to be worn for 30 days at a time , wree offered	Eighteen months ago a `` disposable '' seven-day model bowed
+2	In the wake of Friday 's plunge and yesterday 's rebound , some companies are already postponing deals , and others wish they could	As in other jittery times , many small businesses expect a particularly rough time raising funds as investors shun risky deals , seeking safety in bigger companies
+5	The implication of an unsettled situation is that the thing could drop dramatically	The more variables that indicate risk , the more the investor is going to drive a hard bargain
+6	Other companies figure they ca n't avoid the market	We have capital requirements , '' says Mr. Linsert , `` so we have to go ahead '' with a planned $ 1.5 billion private placement
+0	We have capital requirements so we have to go ahead '' with a planned $ 1.5 billion private placement	Unless the market goes right back up it may take us six to nine months to find the money , instead of three
+2	Life is particularly nerve-racking for companies that had planned to go public this week	Hand-holding is becoming an investment-banking job requirement
+1	Robertson , Stephens & Co. , a San Francisco investment banking concern , has a client that looked forward to making its initial public offering yesterday	Officers of the company , a health-care concern , `` were very discouraged on Friday and felt they should n't go public
+1	and felt they should n't go public	we felt they should
+9	As the market dropped Friday , Robertson Stephens slashed the value of the offering by 7 %	Yesterday , when similar securities rebounded , it bumped the valuation up again
+8	because the market for IPOs was showing signs of strengthening after several years of weakness	We were just beginning to look at the increase in IPOs , seeing the light at the end of the tunnel
+5	Companies planning to go public `` are definitely taking a second look , '' says Allen Hadhazy , senior analyst at the Institute for Econometric Research , Fort Lauderdale , Fla. , which publishes the New Issues newsletter on IPOs	He calculates that the recent market slide translated into a 5 % to 7 % reduction in IPO proceeds to companies
+6	Many companies are hesitating	Exabyte Corp. had been planning to sell 10 % of its stock this week in an IPO that would raise up to $ 28.5 million
+2	We 're making decisions on a day-to-day basis	Debt-free and profitable , the Boulder , Colo. , computer-products concern could borrow funds if it decides against an IPO now
+8	it is still planning to go ahead with its IPO this week or next -- unless conditions change	It 's a wait-and-see situation right now
+6	Delayed financings also would affect the operations of many companies	Sierra Tucson Cos. , a Tucson , Ariz. , operator of addiction-treatment centers , has a planned doubling of capacity riding on an IPO scheduled for next week
+1	he still thinks the IPO will succeed	If it does n't the company would have to change its expansion timetable
+2	But the market turmoil could be partially beneficial for some small businesses	In a sagging market , the Federal Reserve System `` might flood the market with funds , and that should bring interest rates down
+8	the market turmoil `` is an absolute non-event for small business	For small companies interest rates are far more important than what happens on stock exchanges
+6	market uncertainty may encourage small companies to form more strategic alliances with big corporations	Partly because the 1987 market crash made it harder for them to find financing , many high-technology concerns have made such alliances recently
+6	Partly because the 1987 market crash made it harder for them to find financing , many high-technology concerns have made such alliances recently	Some even see a silver lining in the dark clouds
+6	Some even see a silver lining in the dark clouds	Alan Wells , president of Bollinger , Wells , Lett & Co. , a New York merger specialist , thinks panicky investors may lose their enthusiasm for leveraged buy-out and giant takeover deals
+2	the market 's gyrations will underline the investors ' lack of control in big stock investments	This will add to the appeal of small business where investors often have a degree of influence
+5	a `` substantial part '' of its debt outstanding is in default as a result of inability to sell certain properties quickly and lower-than-expected prices for sales made	its real estate portfolio is `` highly leveraged , '' while about two-thirds of its investments are n't income-producing
+1	it had a net loss in its fourth quarter ended June 30 of $ 36.2 million , or $ 9.33 a share , on revenue of $ 13.1 million	A year earlier , the company had a loss of $ 10.8 million , or $ 3.04 a share , on revenue of $ 10.8 million
+1	For the year , it had a net loss of $ 62 million , or $ 15.97 a share , on revenue of $ 44.3 million	In the previous year , it had a loss of $ 22.5 million , or $ 6.52 a share , on revenue of $ 41.1 million
+5	the fair-market value of its holdings , minus debt , was equal to $ 6.02 a share at June 30 based on a recent appraisal	Book value per share , which is based on investments at cost , was a negative $ 6.69 a share
+5	Results for the 1988 quarter included a gain of $ 1.05 a share from sale of the Reda Pump and Oilwell Cable units , partly offset by a charge of 69 cents a share for recall of faulty truck steering systems	The latest quarter included a gain of 11 cents a share as a partial reversal of the recall charge
+2	Automotive sales jumped 16 % to $ 791 million , mainly because of higher sales of air bags and other passenger restraint systems	The group had an operating profit of $ 65 million , against a loss of $ 13 million a year earlier
+5	For the nine months , TRW 's net was $ 199 million , or $ 3.22 a share , down 3 % from $ 205 million , or $ 3.33 a share , a year earlier	Sales rose 2.9 % to $ 5.42 billion , from $ 5.27 billion
+8	In fact , Kazuo Ishiguro 's `` The Remains of the Day '' ( Knopf , 245 pages , $ 18.95 ) is both an homage to traditional English forms and a dramatic critique of them	It implies that the British Empire was rooted in its subjects ' minds , manners and morals , and argues , tacitly , that its self-destructive flaws were embodied in the defensive snobbery , willful blindness , role-playing and especially the locutions of its domestic servants
+2	we see how pious cant subverts the soul	Stevens 's dutiful conflation of the public and private realms -- like his beloved master 's -- destroys all it was designed to preserve
+5	Stevens 's dutiful conflation of the public and private realms -- like his beloved master 's -- destroys all it was designed to preserve	Such armor crushes the soldier
+5	Such armor crushes the soldier	The mask cuts to the quick
+2	Yet I would venture that the landscape of our country alone would justify the use of this lofty adjective	It is the very lack of obvious drama or spectacle that sets the beauty of our land apart
+8	It is the very lack of obvious drama or spectacle that sets the beauty of our land apart	What is pertinent is the calmness of that beauty , its sense of restraint
+8	what is a ` great ' butler	one `` possessed of a dignity in keeping with his position
+2	one `` possessed of a dignity in keeping with his position	Such dignity `` has to do crucially with a butler 's ability not to abandon the professional being he inhabits
+2	Such dignity `` has to do crucially with a butler 's ability not to abandon the professional being he inhabits	He `` will not be shaken out by external events , however surprising , alarming or vexing
+2	He `` will not be shaken out by external events , however surprising , alarming or vexing	Continentals are unable to be butlers because they are as a breed incapable of the emotional restraint which only the English race are capable of
+2	Despite his racial advantage , to be a great butler is a heroic calling	one 's pantry is `` not unlike general 's headquarters during a battle
+2	Please do n't think me unduly improper in not ascending to see my father in his deceased condition just at this moment	You see , I know my father would have wished me to carry on just now
+6	Now shifting his scene from the country he left at five to the England he has lived in for nearly 30 years , he has fashioned a novel in the mode of Henry James and E.M. Forster	With great aplomb he considers not only filial devotion and ( utterly repressed ) sexual love , but British anti-Semitism , the gentry 's impatience with democracy and support of Hitler , and the moral problematics of loyalty
+1	It is , in practice , simply not possible to adopt such a critical attitude towards an employer and at the same time provide good service	This employer embodies all that I find noble and admirable.I will hereafter devote myself to serving him . ' This is loyalty intelligently bestowed
+2	This employer embodies all that I find noble and admirable	I will hereafter devote myself to serving him
+8	This employer embodies all that I find noble and admirable.I will hereafter devote myself to serving him	This is loyalty intelligently bestowed
+8	I trusted	I trusted in his lordship 's wisdom
+2	I trusted in his lordship 's wisdom	I ca n't even say I made my own mistakes
+5	I ca n't even say I made my own mistakes	Really what dignity is there in that
+2	That 's not all	Aer Rianta , the Irish airport authority , could build a cargo terminal in the Soviet Union
+7	Aer Rianta , the Irish airport authority , could build a cargo terminal in the Soviet Union	Aeroflot could lease some of its cargo planes to Aer Lingus , through GPA , for a joint-venture cargo airline
+2	Have the freedoms of glasnost gone to Mr. Ovcharenko 's head ? Hardly	The Irish-Soviet aviation connection is alive and well here at Shannon Airport
+8	Have the freedoms of glasnost gone to Mr. Ovcharenko 's head ? Hardly	The Irish-Soviet aviation connection is alive and well here at Shannon Airport
+6	The Irish-Soviet aviation connection is alive and well here at Shannon Airport	GPA is indeed talking about leasing Western planes to Aeroflot and even about buying Soviet-built Tupolev 204s
+5	GPA is indeed talking about leasing Western planes to Aeroflot and even about buying Soviet-built Tupolev 204s	Aer Lingus is in discussions with the Soviet carrier about a cargo venture and other possibilities
+5	GPA is indeed talking about leasing Western planes to Aeroflot and even about buying Soviet-built Tupolev 204s.Aer Lingus is in discussions with the Soviet carrier about a cargo venture and other possibilities	Aer Rianta already has so many ventures with Aeroflot that its chief executive is studying Russian
+6	Irish and Soviet people are similar	They look the same
+5	They look the same	They 're very friendly
+2	Moreover Irish companies are small but spunky	We have to study their experience very well
+2	We have to study their experience very well	We must find any way to get business
+8	and Shannon Airport , the airline 's largest transit airport outside the Soviet Union , saw 1,400 Aeroflot flights and 250,000 passengers pass through	An apartment complex down the road is the crew-rest and staging area for more than 130 Aeroflot pilots and flight attendants
+8	The airport 's biggest supplier of aircraft fuel is the Soviet Union	Tankers from the Latvian port of Ventspils each year unload 25 million gallons of fuel into a special tank farm at the airport
+9	Tankers from the Latvian port of Ventspils each year unload 25 million gallons of fuel into a special tank farm at the airport	What Aeroflot does n't pour into its own gas-guzzling Ilyushins is bartered to the airport authority
+6	That is n't all	Last year , the Irish airport authority , in a joint venture with Aeroflot , opened four hard-currency duty-free shops at Moscow 's Sheremetyevo Airport
+7	Last year , the Irish airport authority , in a joint venture with Aeroflot , opened four hard-currency duty-free shops at Moscow 's Sheremetyevo Airport	Aer Rianta now manages duty-free sales on all Aeroflot international flights out of Moscow
+7	Last year , the Irish airport authority , in a joint venture with Aeroflot , opened four hard-currency duty-free shops at Moscow 's Sheremetyevo Airport.Aer Rianta now manages duty-free sales on all Aeroflot international flights out of Moscow	Duty-free shops in Leningrad 's Pulkova Airport opened in July
+7	Aeroflot 's international fleet of 285 planes is being repainted and refurbished at Shannon Airport	Thanks to a new air-traffic agreement and the ability of Irish travel agents to issue Aeroflot tickets , tourists here are taking advantage of Aeroflot 's reasonable prices to board flights in Shannon for holidays in Havana , Kingston and Mexico City
+6	tourists here are taking advantage of Aeroflot 's reasonable prices to board flights in Shannon for holidays in Havana , Kingston and Mexico City	The round-trip fare to Havana is 410 Irish punts ( $ 578
+5	The round-trip fare to Havana is 410 Irish punts ( $ 578	Jamaica costs 504 punts
+8	It all started with geography	When it opened in 1939 , Shannon was the first landfall in Europe for thirsty airplanes flying from North America
+9	When it opened in 1939 , Shannon was the first landfall in Europe for thirsty airplanes flying from North America	Advances in aircraft fuel efficiency over the years made a Shannon stop unnecessary for most Western air fleets
+8	The new technology radically reduces the costs of making flat-rolled sheets	the company 's plant eventually will make a ton of steel in 1.5 man hours , compared with four to six man hours at a conventional mill
+8	We 've had the Russians and Chinese , and people from India visiting us	Everyone in the world is watching us very closely
+8	Especially his neighbors , the major U.S. steelmakers	Already , USX Corp. and Armco Inc. are studying Nucor 's technology to see if they can adopt it
+8	Already , USX Corp. and Armco Inc. are studying Nucor 's technology to see if they can adopt it	It 's damn worrisome
+2	The once-staid steel industry is about to be turned topsy-turvy by a 1990s technology revolution	New , efficient and sophisticated processes make it easier for smaller , less cash-rich companies to make steel at a fraction of what Big Steel paid decades ago
+2	But such thin-slab technology is only the beginning	Eager engineers espouse direct-steelmaking and direct casting , which by the end of the 1990s will enable production without coke ovens and blast furnaces
+6	But such thin-slab technology is only the beginning	Eager engineers espouse direct-steelmaking and direct casting , which by the end of the 1990s will enable production without coke ovens and blast furnaces
+9	Eager engineers espouse direct-steelmaking and direct casting , which by the end of the 1990s will enable production without coke ovens and blast furnaces	Those massive structures effectively locked out all but deep-pocketed giants from steelmaking
+2	But that wo n't suffice	It 's no longer enough to beat the guy down the street
+4	It 's no longer enough to beat the guy down the street	You have to beat everyone around the world
+2	You have to beat everyone around the world	He wants to see steelmakers more involved in computers and artificial intelligence
+2	The technology revolution is going to be very threatening to established producers	They 've got too much invested in the old stuff
+2	minimills to eclipse major integrated steelmakers	Nucor 's plant in Crawfordsville , Ind. , ultimately will produce only one million tons annually , a drop in the 40-million-ton-a-year flat-rolled steel bucket
+6	Moreover , the process is n't without its headaches	Because all operations are connected , one equipment failure forces a complete plant shutdown
+2	one equipment failure forces a complete plant shutdown	On some days , the Nucor plant does n't produce anything
+8	In the past steelmakers made a product and set it out on the loading dock	We said : ` We 've got a product : if you want it , you can buy it
+1	We said : ` We 've got a product : if you want it , you can buy it	Now we 're figuring out what people need , and are going back to make it
+6	But steelmakers must also find new markets	After letting aluminum-makers take the recycling lead , a group of the nation 's largest steelmakers started a recycling institute to promote steel cans to an environmentally conscious nation
+10	Weirton Steel Corp. , Weirton , W. Va. , for example , is touting to homeowners fashionable steel doors , with leaded glass inserts , as a secure and energy-efficient alternative to wooden or aluminum ones	Other steelmakers envision steel roofs covering suburbia
+5	Weirton Steel Corp. , Weirton , W. Va. , for example , is touting to homeowners fashionable steel doors , with leaded glass inserts , as a secure and energy-efficient alternative to wooden or aluminum ones	Other steelmakers envision steel roofs covering suburbia
+6	Still others are looking at overseas markets	USX is funneling drilling pipe to steel-hungry Soviet Union
+8	USX is funneling drilling pipe to steel-hungry Soviet Union	This year , the nation 's largest steelmaker reactivated its overseas sales operation
+8	Producers also are trying to differentiate by concentrating on higher-profit output , such as coated and electrogalvanized products	Almost all capital-improvement programs announced by major steelmakers within the past year involve building electrogalvanizing lines
+8	But unfortunately , that segment is much smaller than the bread-and-butter flat-rolled steel	It 's like everyone climbing out of the QE II and getting into a lifeboat
+2	It 's like everyone climbing out of the QE II and getting into a lifeboat	After a while , someone has to go over the side
+2	After a while , someone has to go over the side	Although he does n't expect any bankruptcies , he does see more plants being sold or closed
+8	Robert Crandall , with the Brookings Institute , agrees	Unless there is an enormous rate of economic growth or a further drop in the dollar , it 's unlikely that consumption of U.S. produced steel will grow sufficiently to offset the growth of minimills
+3	Not to mention the incursion of imports	Japanese and European steelmakers are anxiously awaiting the lifting of trade restraints in 1992
+6	Moreover , the U.S. can expect more competition from low-cost producing Pacific Rim and Latin American countries	A Taiwanese steelmaker recently announced plans to build a Nucor-like plant
+1	People think of the steel business as an old and mundane smokestack business	They 're dead wrong
+0	Kodak will be ordered to pay $ 1 billion to $ 1.5 billion for infringing on seven Polaroid patents	That may be the largest patent award ever , but it is well below the $ 12 billion Polaroid seeks
+2	Few analysts think it is worth their time to slog through the Polaroid trial testimony	It 's like panning for gold outside of Grand Central Station
+8	It 's like panning for gold outside of Grand Central Station	You might find something , but the chances are low
+2	and whether the infringement was `` willful and deliberate	If so , the damages could be tripled
+6	testimony by Kodak 's patent counsel , Francis T. Carr of Kenyon & Kenyon , showed that `` he worked with Kodak continuously from the outset of the project '' in an effort to avoid infringement	Carr told Kodak on many occasions to avoid various features because of Polaroid 's patent positions , '' and Kodak followed his advice in every instance
+2	the fact that seven patents were infringed `` suggests that infringement was willful	It 's difficult to be that consistently wrong
+2	because it would result in a larger award	it could have manufactured and sold all the instant cameras and film sold by Kodak if Kodak had n't entered the market
+6	Each side has called a Harvard Business School professor to testify on that issue	Kodak hired Robert Buzzell and Polaroid brought in Robert J. Dolan
+8	IBM , Armonk , N.Y. , remained upbeat	The computer giant , whose U.S. results have been dismal for years , noted that revenue rose again in the U.S. in the third quarter , following an increase in the second period
+5	The computer giant , whose U.S. results have been dismal for years , noted that revenue rose again in the U.S. in the third quarter , following an increase in the second period	The company said in a statement that `` demand for IBM products and services continues to be good world-wide
+5	that `` demand for IBM products and services continues to be good world-wide	We do not see anything in the fundamentals of our business that would cause us to change our strategy of investing for profitable growth
+6	Securities analysts , however , remained downbeat	I think 1990 will be another mediocre year , '' said Steve Milunovich of First Boston
+6	IBM has hurt itself unnecessarily	IBM has priced its leases aggressively , thinking that would help win business.But IBM would have won the business anyway as a sale to a third party that would have then leased the equipment to the customer
+2	But IBM would have won the business anyway as a sale to a third party that would have then leased the equipment to the customer	IBM has not only hurt its short-term revenue outlook but has also been losing money on its leases
+5	In the nine months , IBM earned $ 3.17 billion , or $ 5.43 a share , down 8.4 % from the year-earlier $ 3.46 billion , or $ 5.83 a share	Revenue increased 6.5 % to $ 42.25 billion from $ 39.68 billion
+1	they are looking for $ 3.30 to $ 3.35 a share	After today 's announcement , that range could increase to $ 3.35 to $ 3.40 a share
+8	and pricing	its soft-drink prices were about 2 % higher in the quarter
+1	that soft-drink volume rose a hefty 9 % in last year 's third quarter	International soft-drink volume was up about 6 %
+10	Snack-food tonnage increased a strong 7 % in the third quarter , while domestic profit increased in double digits	Excluding the British snack-food business acquired in July , snack-food international tonnage jumped 40 % , with sales strong in Spain , Mexico and Brazil
+5	Snack-food tonnage increased a strong 7 % in the third quarter , while domestic profit increased in double digits	Excluding the British snack-food business acquired in July , snack-food international tonnage jumped 40 % , with sales strong in Spain , Mexico and Brazil
+5	Led by Pizza Hut and Taco Bell , restaurant earnings increased about 25 % in the third quarter on a 22 % sales increase	Same-store sales for Pizza Hut rose about 13 % , while Taco Bell 's increased 22 % , as the chain continues to benefit from its price-value strategy
+8	as the chain continues to benefit from its price-value strategy	Taco Bell has turned around declining customer counts by permanently lowering the price of its tacos
+10	Taco Bell has turned around declining customer counts by permanently lowering the price of its tacos	Same store-sales for Kentucky Fried Chicken rose only 1 %
+5	Taco Bell has turned around declining customer counts by permanently lowering the price of its tacos	Same store-sales for Kentucky Fried Chicken rose only 1 %
+2	because `` the contract 's objectives ca n't be fulfilled	Maine regulators ' refusal to approve the contract earlier this year halted work on transmission lines and stopped negotiations for resale of electricity carried through Maine to other utilities
+2	Maine regulators ' refusal to approve the contract earlier this year halted work on transmission lines and stopped negotiations for resale of electricity carried through Maine to other utilities	It would now be physically impossible to begin deliveries in 1992
+5	Maine regulators ' refusal to approve the contract means Central Maine Power has lost its place in line	We wo n't sign any new contracts { with deliveries } beginning earlier than 2000
+5	We wo n't sign any new contracts { with deliveries } beginning earlier than 2000	Hydro-Quebec already has some `` customers in mind '' for the power that was to be delivered to Maine
+5	He said Hydro-Quebec already has some `` customers in mind '' for the power that was to be delivered to Maine	Nothing has happened since we signed the contract to undermine our conviction that Hydro-Quebec was the lowest-cost , most environmentally acceptable choice for meeting a part of our customers ' energy needs through the year 2020 , '' said Central Maine senior vice president Donald F. Kelly
+8	that given the high degree of leverage in the options market , it is `` very easy for these guys to get wiped out	That may just be the nature of these highly leveraged little creatures
+5	Options traders who , in return for a small fee , or premium , had previously sold put options on stocks or stock indexes were forced on Friday to buy those contracts back at the previously agreed prices , which were substantially above those in the market as it was falling	They then had no choice in many cases but to sell the contracts at prevailing prices -- in most cases at a substantial loss
+5	that , unlike the futures market , the options exchange has to open in a rotation that allows each different options series to trade	that they would n't have been able to make such a rotation with the time remaining Friday afternoon
+1	The damage was so bad at Fossett Corp. , an options trading firm here , that it was forced to transfer its accounts to First Options of Chicago , a unit of Continental Bank Corp. , as a result of options trading losses	Fosset so far is the only member of a financial exchange to be forced to be taken over by another firm as a result of Friday 's rout
+2	Steve and his firm were still worth a lot of money	A package of credit support was put together
+4	but that conditions were n't dictated by those agencies	It was their business decision
+8	that the $ 50 million guarantee was unprecedented , but was necessary to help insure the integrity of the options markets	It was an extraordinary situation that needed extraordinary steps
+9	Debora Foster takes off her necklace , settles herself on a padded chair and gently leans forward	With a jazz-piano tape playing softly in the background , the soothing hands of Sabina Vidunas begin to work on Ms. Foster 's neck and shoulders
+8	With a jazz-piano tape playing softly in the background , the soothing hands of Sabina Vidunas begin to work on Ms. Foster 's neck and shoulders	It 's like an oasis in this room
+8	on-site massage is certainly infiltrating corporate America	In some companies middle managers sneak massage therapists into the office , fearful that upper-level executives wo n't approve
+2	The blood flows to your head , you feel lightheaded and you do n't feel tension around the head or neck	When you leave the room after your massage , people say you look like you 're glowing
+6	Not everyone , however , is at ease with office massage	Three years ago , the Internal Revenue Service 's office in San Jose , Calif. , opened its doors to on-site massage.And even though employees paid the bill , taxpayers grumbled
+2	Last month , the complaints intensified and the massages ended	Now we 're looking for a room with thicker walls
+2	Massage also has an image problem to contend with	Some masseurs have tried to get around this by calling themselves `` bodyworkers '' and describing their office visits as `` reinvigoration breaks
+2	Phil Harms , a software engineer , was an eager customer	You build up a lot of tension working at a terminal all day
+1	But after about eight months , the vice president of the division , Ed Soule , learned about the sessions and brought them to a halt	his only beef was that the massages were being given in a company conference room
+1	his only beef was that the massages were being given in a company conference room	the department 's supervised health facility would have been fine
+2	the department 's supervised health facility would have been fine	In my view , { massages } should be managed with an appropriate mixture of males and females around
+6	Given such attitudes , some corporate masseurs prefer to go about their business quietly	Russell Borner of Park Ridge , N.J. , says he has been working for the past year at a huge chemical and manufacturing concern in New York -- unbeknownst to the company 's executives
+5	He visits the same department every two or three weeks	His massage chair is kept in a closet , and a secretary escorts him past security
+2	This is common with a lot of large companies	Managers are afraid how they 're going to look in the eyes of their peers
+5	My vision is to change human consciousness towards touch	My attitude is : Let 's come out of the closet
+6	Occasionally , all that 's needed is a little coaxing	Elisa Byler , a St. Louis masseuse , won over officials at Emerson Electric Co. , a maker of electrical and electronic equipment , by providing documents and other articles trumpeting the therapeutic benefits of massage
+2	I pull my hair back , wear a little makeup and look corporate	If I go in there as I normally dress , they 'd ask , ` Who is this hippie
+2	The self-proclaimed father of on-site massage is David Palmer , a 41-year-old San Francisco masseur whose mission is to save the touch-starved masses	To help do this , Mr. Palmer developed a portable massage chair three years ago that he hopes will bring `` structured touching '' into mainstream America
+2	The culture is not ready to take off its clothes , lie down and be touched for an hour for $ 45	The idea is to keep the clothes on and to keep people seated
+8	The idea is to keep the clothes on and to keep people seated	The chair is a way to package massage
+8	Sitting in one of Mr. Palmer 's chairs is a bit like straddling a recliner	Customers lean forward , rest their knees on side supports and bury their face in padding on the back of the chair
+8	Customers lean forward , rest their knees on side supports and bury their face in padding on the back of the chair	she has heard the odd-looking contraption compared to something out of the Spanish Inquisition
+8	Scot MacInnis , a masseur in Boulder , Colo. , had a scary experience while massaging a man in a natural-foods supermarket as part of a store promotion	Three minutes into the massage , the man curled up , began shaking and turned red
+2	Three minutes into the massage , the man curled up , began shaking and turned red	Paramedics were called
+5	there were still six people in line waiting for a massage	The next woman was older , and I was afraid to touch her
+6	some purists look down on it	Linda Aldridge , who does full-body work in Pittsburgh , says that while on-site massage is better than nothing , tired workers should realize it is only the tip of the iceberg
+2	that clothes ruin the experience	There 's nothing like skin to skin
+2	The decision to cancel the loan exemplifies the tough attitude bankers have taken toward China since June 4	international lenders remain nervous about China 's economic troubles and foreign debt -- $ 40 billion at the end of 1988
+5	Many loans are being renegotiated , especially those tied to the hotel sector , which has been hit hard by a post-June 4 tourism slump	Many bankers view property-sector loans as particularly risky
+8	The canceled Shanghai loan leaves Asia Development , a small concern , saddled with a half-completed 32-story apartment building and heavy debts	The company owes $ 11 million to the Shui On Group , the project 's Hong Kong contractor , and a significant , though unspecified , amount in legal fees to Coudert Brothers , a U.S. law firm
+6	The project , known as Lotus Mansion , has been mired in controversy	When the loan agreement was announced , it was hailed as one of the first Western-style financing transactions ever used in China
+9	The project , known as Lotus Mansion , has been mired in controversy	When the loan agreement was announced , it was hailed as one of the first Western-style financing transactions ever used in China
+2	When the loan agreement was announced , it was hailed as one of the first Western-style financing transactions ever used in China	Unlike most loans to China , there was no Chinese guarantor
+5	Instead , the banks secured a promise from state-owned Bank of Communications that it would lend Asia Development the entire $ 55 million at maturity to finance repayment of the original borrowing	The loan was to have matured in just two to three years , as soon as construction was completed
+5	Warehouse clubs typically carry general merchandise and food products , which they sell for close to wholesale prices in no-frills stores	Shoppers , many of whom operate small businesses , pay annual membership fees , which provide an income base for the stores
+1	The company had losses for several years before turning profitable in fiscal 1988	In the year ended Jan. 31 , Pace rang up profit of $ 9.4 million , or 72 cents a share , after a tax-loss carry-forward , on sales of $ 1.3 billion
+6	But some analysts contend K mart has agreed to pay too much for Pace	Even if you look at it as a turnaround situation , it 's expensive , '' said Wayne Hood of Prudential-Bache Securities Inc
+8	Even if you look at it as a turnaround situation , it 's expensive	In my opinion , you would only pay that kind of price if you were getting a premier player in the industry
+8	Ms. McGlade of PaineWebber raised a more fundamental question about the deal	If K mart ca n't get its act together in discounting , why is it spending time worrying about other growing markets
+8	If K mart ca n't get its act together in discounting , why is it spending time worrying about other growing markets	K mart 's number one job is to address its market-share loss { in discount stores } , which longer-term will lead to improved profit margins
+5	In composite trading on the New York Stock Exchange , K mart closed yesterday at $ 36 a share , up 12.5 cents	Pace rose $ 2.625 to close at $ 22.125 a share in national over-the-counter trading
+5	Among the conditions of the offer is that Pace shareholders tender a majority of the company 's shares outstanding	Pace would ill continue to operate under its present management
+9	Traders nervously watching their Quotron electronic-data machines yesterday morning were stunned to see the Dow Jones Industrial Average plummet 99 points in seconds	A minute later it soared 128 points
+8	It was crazy	It was like flying without a pilot in the front of the plane
+2	But those who said `` This ca n't be happening '' were right	The Quotrons were wrong
+8	Quotron Systems Inc. , a Citicorp unit , blamed the 30-minute foul-up on `` a timing problem in our software '' caused by the enormous early volume	The prices of the individual stocks that make up the average were correct but the average was wrong
+6	Meanwhile , there was an awful lot of confusion	At about 10:40 a.m. on the over-the-counter trading desk at a major brokerage firm , a veteran trader who buys and sells some of the most active stocks looked at a senior official and asked , `` What 's going on ? Is the market up or down
+6	And there were other blunders	When the market opened at 9:30 a.m. EST , a reporter for the Reuters newswire miscalculated the industrial average 's drop as a 4 % decline when it really was down 0.7 %
+8	When the market opened at 9:30 a.m. EST , a reporter for the Reuters newswire miscalculated the industrial average 's drop as a 4 % decline when it really was down 0.7 %	It was a case of human error
+2	But it was the Quotron problems that had lingering effects	that she was still viewing prices and other data as subject to verification , and portfolio managers continued to question the numbers they saw on the screen
+3	It was the second time in less than a week that Quotron has had problems calculating the industrial average	At the start of trading last Wednesday , the average appeared to plunge more than 200 points.Actually , it was down only a few points at the time
+1	At the start of trading last Wednesday , the average appeared to plunge more than 200 points	Actually , it was down only a few points at the time
+2	recent software changes may have contributed to yesterday 's problems	Quotron switched to a backup system until the problems were corrected
+2	Today of all days	The eyes of the world were watching us
+5	Steven F. Kaplan was named a senior vice president of this graphics equipment company	He retains his current positions as chief strategic officer of AM International and president of AM Ventures
+9	When Ms . Parks and her mother heard about what had happened they volunteered that they would like to give Mr. Alexander a good walloping	he passed that along to his adversary
+6	some details are in place	he agreed to strike Mr. Alexander above the belt
+1	he agreed to strike Mr. Alexander above the belt	Ms . Parks and her mother indicated they want to `` catch him unawares from behind
+5	Ms . Parks and her mother indicated they want to `` catch him unawares from behind	Mr. Alexander , for his part , insisted that the punchers ca n't assign their pummeling rights to anyone else , ca n't use a blunt instrument and ca n't take a running start
+10	Ms . Parks and her mother indicated they want to `` catch him unawares from behind	Mr. Alexander , for his part , insisted that the punchers ca n't assign their pummeling rights to anyone else , ca n't use a blunt instrument and ca n't take a running start
+5	However , he acknowledges they `` have the option of taking a swat at me if they really want to	Mr . Friend says his side is `` dead serious
+10	However , he acknowledges they `` have the option of taking a swat at me if they really want to	Mr . Friend says his side is `` dead serious
+2	his side is `` dead serious	Although they do n't contemplate delivering any disabling blows that Mr. Alexander will be asked to sign a release from liability , just in case
+2	Many institutions and individual investors have shied away from stock-index futures , blaming them for speeding the stock market crash on Black Monday two years ago	Since the crash , many futures traders have n't assumed large positions for fear that the S & P 500 market , with much of its customer order flow missing , would dry up if prices turned against them
+8	More than 400 traders jammed the S & P 500 futures pit to await the opening bell	Traders were shouting bids and offers a full five minutes before the start of trading at 8:30 am
+9	But several traders quickly stepped up and bid for contracts , driving prices sharply higher	The market hovered near Friday 's closing price of 328.85 for about a half hour , moving several index points higher or lower in seconds , then broke higher and did n't look back
+2	Traders five feet from each other were making bids and offers that were a full point apart	You could buy at the bid and sell at the offer and make a fortune
+8	Several of Wall Street 's largest securities firms , including Salomon Brothers Inc. and PaineWebber Inc. , were also large buyers	Salomon Brothers was among the largest sellers of stock-index futures last week
+2	But the junk recovery was precarious	No trading existed for the vast majority of junk bonds
+9	No trading existed for the vast majority of junk bonds	On Friday , trading in practically every issue ground to a halt as potential buyers fled and brokerage firms were unwilling to provide bid and offer prices for most issues
+1	I was prepared to be in a very bad mood tonight	Now , I feel maybe there 's a little bit of euphoria
+6	Analysts are concerned that much of the high-yield market will remain treacherous for investors	Paul Asquith , associate professor at the Massachusetts Institute of Technology 's Sloan School of Management , citing a pattern of junk-bond default rates that are low in the early years after issuance and rise later , says , `` We 're now in a period where we 're starting to see defaults from the big issue years of 1984 to 1986
+8	Junk bonds are a highly stratified market	There 's a whole bunch of stuff that 's money good and a whole bunch of stuff that 's not so good
+6	Analysts at Standard & Poor 's say junk bond offerings by `` tightly stretched '' issuers seem to be growing	Almost $ 8 billion of junk bonds that are considered untradeable include issues from SCI TV , Gillette Holdings ( not related to Gillette Co. ) , Interco , Seaman Furniture , Allied Stores , Federated Department Stores , National Gypsum , M.D.C. Holdings , Micropolis , Leaseway Transportation and Price Communications
+8	You could still have some very bad times ahead	It 's possible to have a 10 % default rate in one year , because we 're already seeing big problems in the midst of a pretty strong economy
+2	It 's possible to have a 10 % default rate in one year , because we 're already seeing big problems in the midst of a pretty strong economy	I 'm certainly not comfortable saying we 've seen the bottom
+8	But yesterday 's rally among `` good '' junk was a badly needed tonic for the market	Many issues `` bounced off the floor and benchmark junk issues `` recovered all of their losses '' from Friday and early yesterday
+2	Sometimes a shakeout is healthy	People will learn to be more circumspect
+8	to be more circumspect	If they do good credit analysis , they will avoid the hand grenades
+2	If they do good credit analysis , they will avoid the hand grenades	the market is in good shape
+8	If they do good credit analysis , they will avoid the hand grenades	the market is in good shape
+9	he was dropping it `` in light of the recent change in market conditions	he might now sell his AMR stake , buy more shares , or make another offer at a lower price
+8	that showed signs of stalling even before problems emerged with the UAL deal	After reaching an intraday high of $ 107.50 the day Mr. Trump disclosed his bid Oct. 5 , AMR 's stock had retreated as low as $ 97.75 last week
+8	He still has n't proven his mettle as a big-league take-out artist	He 's done this thing where he 'll buy a little bit of a company and then trade out of it
+0	He 's done this thing where he 'll buy a little bit of a company and then trade out of it	He 's written this book , ` The Art of the Deal
+2	He 's written this book , ` The Art of the Deal	Why does n't he just follow through on one of these things
+1	Mr. Trump withdrew his bid before the AMR board ever formally considered it	AMR had weighed a wide range of possible responses , from flat rejection to recapitalizations and leveraged buy-outs that might have included either employees , a friendlier buyer such as Texas billionaire Robert Bass , or both
+5	AMR had also sought to foil Mr. Trump in Congress by lobbying for legislation that would have bolstered the authority of the Transportation Department to reject airline buy-outs	Yesterday , Mr. Trump tried to put the blame for the collapse of the UAL deal on Congress , saying it was rushing through a bill to protect AMR executives
+6	Some analysts said they believed Mr. Trump might come back with a lower bid	Ray Neidl of Dillon Read & Co. said Mr. Trump `` is stepping back and waiting for the dust to settle
+2	Mr. Trump `` is stepping back and waiting for the dust to settle	he still wants AMR
+6	But others remained skeptical	I was never sure Donald Trump really wanted to take AMR , '' said John Mattis , a bond analyst with Shearson Lehman Hutton Inc
+2	I was never sure Donald Trump really wanted to take AMR	What happened with United was a gracious way for him to bow out
+1	At $ 250 a share , the group would have to borrow about $ 6.1 billion from banks	The first UAL deal unraveled after Citibank and Chase could n't raise $ 7.2 billion
+0	The first UAL deal unraveled after Citibank and Chase could n't raise $ 7.2 billion	Citibank and Chase had agreed to commit $ 3 billion , and said they were `` highly confident '' of raising another $ 4.2 billion
+2	But other banks balked at the low interest rate and banking fees the UAL group was willing to pay them	the UAL buy-out group is now willing to pay higher bank fees and interest
+2	Nor is the group likely to come forward with a revised offer within the next 48 hours despite the hopes of many traders	The group 's advisers want to make certain they have firm bank commitments the second time around
+2	especially since there are n't any competing bids	Los Angeles investor Marvin Davis has n't shown signs of pursuing a $ 300-a-share back-up bid he made last month
+2	they are crucial to any sale or restructuring because they can refuse to fly the airplanes	If they were to insist on a low bid of , say $ 200 a share , the board might n't be able to obtain a higher offer from other bidders because banks might hesitate to finance a transaction the pilots oppose
+2	Also , because UAL Chairman Stephen Wolf and other UAL executives have joined the pilots ' bid , the board might be forced to exclude him from its deliberations in order to be fair to other bidders	That could cost him the chance to influence the outcome and perhaps join the winning bidder
+8	The bill would prevent the Resolution Trust Corp. from raising temporary working capital by having an RTC-owned bank or thrift issue debt that would n't be counted on the federal budget	to restrict the RTC to Treasury borrowings only , unless the agency receives specific congressional authorization
+9	But the RTC also requires `` working '' capital to maintain the bad assets of thrifts that are sold	That debt would be paid off as the assets are sold
+2	It 's a problem that clearly has to be resolved	The agency has already spent roughly $ 19 billion selling 34 insolvent S & Ls , and it is likely to sell or merge 600 by the time the bailout concludes
+8	Absent other working capital the RTC would be forced to delay other thrift resolutions until cash could be raised by selling the bad assets	We would have to wait until we have collected on those assets before we can move forward
+5	That secrecy leads to a proposal like the one from Ways and Means , which seems to me sort of draconian	The RTC is going to have to pay a price of prior consultation on the Hill if they want that kind of flexibility
+1	Just days after the 1987 crash , major brokerage firms rushed out ads to calm investors	This time around , they 're moving even faster
+5	PaineWebber Inc. filmed a new television commercial at 4 p.m. EDT yesterday and had it on the air by last night	Fidelity Investments placed new ads in newspapers yesterday , and wrote another new ad appearing today
+5	PaineWebber Inc. filmed a new television commercial at 4 p.m. EDT yesterday and had it on the air by last night.Fidelity Investments placed new ads in newspapers yesterday , and wrote another new ad appearing today	Shearson Lehman Hutton Inc. by yesterday afternoon had already written new TV ads
+5	It considered running them during tomorrow night 's World Series broadcast but decided not to when the market recovered yesterday	Other brokerage firms , including Merrill Lynch & Co. , were plotting out potential new ad strategies
+10	It considered running them during tomorrow night 's World Series broadcast but decided not to when the market recovered yesterday	Other brokerage firms , including Merrill Lynch & Co. , were plotting out potential new ad strategies
+2	The brokerage firms learned a lesson the last time around	This time , the firms were ready
+9	Fidelity , for example , prepared ads several months ago in case of a market plunge	When the market went into its free fall Friday afternoon , the investment firm ordered full pages in the Monday editions of half a dozen newspapers
+2	A lot of investor confidence comes from the fact that they can speak to us	To maintain that dialogue is absolutely crucial
+1	To maintain that dialogue is absolutely crucial	It would have been too late to think about on Friday
+2	It would have been too late to think about on Friday	We had to think about it ahead of time
+8	Today 's Fidelity ad goes a step further , encouraging investors to stay in the market or even to plunge in with Fidelity	Underneath the headline `` Diversification , '' it counsels , `` Based on the events of the past week , all investors need to know their portfolios are balanced to help protect them against the market 's volatility . '' It goes on to plug a few diversified Fidelity funds by name
+9	Underneath the headline `` Diversification , '' it counsels , `` Based on the events of the past week , all investors need to know their portfolios are balanced to help protect them against the market 's volatility	It goes on to plug a few diversified Fidelity funds by name
+8	PaineWebber also was able to gear up quickly thanks to the 1987 crash	In the aftermath of the 1987 debacle , the brokerage firm began taping commercials in-house , ultimately getting its timing down fast enough to tape a commercial after the market closed and rush it on the air that night
+8	The new PaineWebber commercial features Mary Farrell , one of the firm 's most visible investment strategists , sounding particularly bullish	Taped just as the market closed yesterday , it offers Ms. Farrell advising , `` We view the market here as going through a relatively normal cycle . . . . We continue to feel that the stock market is still the place to be for long-term appreciation
+5	We view the market here as going through a relatively normal cycle	We continue to feel that the stock market is still the place to be for long-term appreciation
+2	We 're saying the worst thing that anyone can do is to see the market go down and dump everything	If you owned it and liked it Friday , the true value has n't changed
+5	If you owned it and liked it Friday , the true value has n't changed	This is n't 1987 revisited
+6	With the market fluctuating and then closing up more than 88 points yesterday , investment firms had to constantly revise their approach	At Shearson Lehman , executives created potential new commercials Friday night and throughout the weekend , then had to regroup yesterday afternoon
+2	But in a meeting after the market closed yesterday , Shearson executives decided not to go ahead with the stock-market ad	We do n't think at this point anything needs to be said
+2	We do n't think at this point anything needs to be said	The market seems to be straightening out
+2	The market seems to be straightening out	we 're taking a wait-and-see attitude
+2	But it remains to be seen whether their ads will be any more effective	In 1987 , despite a barrage of ads from most of the major investment firms , individuals ran from the market en masse
+2	In 1987 , despite a barrage of ads from most of the major investment firms , individuals ran from the market en masse	Now the firms must try their hardest to prove that advertising can work this time around
+1	Mr. Eskandarian becomes chairman and chief executive of Arnold	John Verret , the agency 's president and chief executive , will retain the title of president
+9	Separately , McDonald 's Corp. , Oak Brook , Ill. , named Arnold to handle its estimated $ 4 million cooperative ad account for the Hartford , Conn. , area	That account had been handled by Della Femina , McNamee WCRS
+8	and the mean ol ' law caught up with the San Francisco Giants in the World Series last weekend	The team that dumped runs by the bushel on the Chicago Cubs in the National League playoffs was held to just one in two games by the home-team Oakland A 's
+6	In game two , on a cool Sunday evening in this land of perpetual autumn , a lot of the catching up was done by the A 's catcher , Terry Steinbach	He hit a 2-0 pitch from Rick Reuschel into the left-field stands in inning four to stretch his team 's lead from 2-1 to a decisive 5-1 , where it stayed
+2	So what if Steinbach had struck just seven home runs in 130 regular-season games , and batted in the seventh position of the A 's lineup	If you get your pitch , and take a good swing , anything can happen
+6	On Saturday night , quite a few of the boys in green and gold salted away successes to salve the pain of past and , no doubt , future droughts	Mark McGwire , the big , red-haired Oakland first baseman , had three hits in four at bats , two more than he 'd had in the five-game Dodger series in which he 'd gone 1-for-17
+5	Mark McGwire , the big , red-haired Oakland first baseman , had three hits in four at bats , two more than he 'd had in the five-game Dodger series in which he 'd gone 1-for-17	The A-men batting Nos . 6 through 9 , a.k.a . the `` bottom of the order , '' got seven of their team 's 11 hits and scored four of its runs in a 5-0 decision
+5	The stat to reckon with here says that about three of four clubs ( 29 of 39 ) that took 2-0 Series leads went on to win it all	That 's not an average to soothe Giant rooters
+8	but they observe them in relative calm	Partisans of the two combatants sat side by side in the 49,000-plus seats of Oakland Coliseum , and while they cheered their favorites and booed the opposition , hostilities advanced no further , at least as far as I could see
+6	A few folks even showed up wearing caps bearing the colors and emblems of both teams	I 'm for the Giants today , but only because they lost yesterday.I love 'em both.The only thing I 'm rooting for is for the Series to go seven games , '' said David Williams , a Sacramento septuagenarian , at the Coliseum before Sunday 's go
+5	I 'm for the Giants today , but only because they lost yesterday	I love 'em both
+2	I love 'em both	The only thing I 'm rooting for is for the Series to go seven games
+1	although it probably springs from the fact that just about everyone out here , including the A 's and Giants , is originally from somewhere else	Suffice it to say that if this were a New York Yankees-Mets series , or one between the Chicago Cubs and White Sox ( hey , it 's possible ) , you 'd need uniformed police in every other seat to separate opposing fans
+6	Anyway , the A 's gave you a lot of heroes to root for	In the opening game , besides Steinbach and Stewart , there was Walt Weiss , a twiggy-looking , second-year shortstop who had lost a couple months of the season to knee surgery
+8	there was Walt Weiss , a twiggy-looking , second-year shortstop who had lost a couple months of the season to knee surgery	He was flawless afield ( ditto in game two ) , moved a runner along in the A 's three-run second inning , and homered for his team 's final tally
+0	Such is his reputation among the East Bay Bashers that when he hit his first career home run last season , the fan who caught it agreed to turn the ball over to him in return for an autograph	Not his autograph
+8	An A 's co-hero of the second game was Rickey Henderson , who exemplifies the hot side of the hot-cold equation	He smoked Toronto in the playoffs with six hits , seven walks and eight stolen bases in 22 at bats , and continued that by going 3-for-3 at the plate Sunday , along with walking , stealing a base and scoring a run
+8	He smoked Toronto in the playoffs with six hits , seven walks and eight stolen bases in 22 at bats , and continued that by going 3-for-3 at the plate Sunday , along with walking , stealing a base and scoring a run	When you 're in the groove , you see every ball tremendously
+1	They combined for 25 hits , six home runs and 24 runs batted in in the five games against the Cubs	They went a collective 5-for-24 here , with zero homers and ribbies
+2	It 's that last set of numbers , as much as anything else , that gives the Giants hope in the Series games to come	I believe in the law of averages
+2	I believe in the law of averages	I 'd rather see a so-so hitter who 's hot come up for the other side than a good hitter who 's cold
+8	But the old Dodger slugger wisely offered no prediction about when good times would return to his side	When it goes , you never know when you 'll get it back , '' he said
+5	But per-share profit dropped only 2 % to $ 1.23 a share from $ 1.26 a share , as the company continued its stock buy-back plan	Average shares outstanding dropped to 75.8 million from 82.1 million
+5	Average shares outstanding dropped to 75.8 million from 82.1 million	Revenue fell 1 % to $ 1.39 billion from $ 1.41 billion
+5	Mr. Hingorani said he lowered his full-year estimates for 1989 to $ 5.35 a share from $ 5.50 a share	Revenue projections were slashed to $ 6.03 billion from $ 6.20 billion
+1	he lowered his full-year estimates for 1989 to $ 5.35 a share from $ 5.50 a share.Revenue projections were slashed to $ 6.03 billion from $ 6.20 billion	Last year , NCR had net income of $ 439.3 million , or $ 5.33 a share , on $ 5.99 billion in revenue
+5	For the nine months , the company 's earnings fell 9 % to $ 264.6 million , or $ 3.40 a share , from $ 289.7 million , or $ 3.49 a share	Revenues declined 1 % to $ 4.17 billion from $ 4.19 billion
+2	but then he had been up most of the night at home	I had calls all night long from the States
+8	I had calls all night long from the States	I was woken up every hour -- 1:30 , 2:30 , 3:30 , 4:30
+9	For many of London 's securities traders , it was a day that started nervously in the small hours	By lunchtime , the selling was at near-panic fever
+8	And it left mixed signals for London	Tokyo stocks closed off a significant but less-than-alarming 1.8 % on thin volume ; Hong Kong stocks declined 6.5 % in orderly trading
+1	Tokyo stocks closed off a significant but less-than-alarming 1.8 % on thin volume	Hong Kong stocks declined 6.5 % in orderly trading
+2	The Jefferies office , a branch of the Los Angeles-based firm , played it conservatively , seeking to avoid risk	This is not the sort of market to have a big position in
+2	This is not the sort of market to have a big position in	We tend to run a very tight book
+9	All the takeover stocks -- Scottish & Newcastle , B.A.T , DRG -- are getting pretty well pasted this morning , '' Mr. Smith said	Seconds later , a 7,500-share `` sell '' order for Scottish & Newcastle came in
+2	Seconds later , a 7,500-share `` sell '' order for Scottish & Newcastle came in	For the third time in 15 minutes , a trader next to Mr. Smith left the no-smoking area to have a cigarette
+5	For the third time in 15 minutes , a trader next to Mr. Smith left the no-smoking area to have a cigarette	On the screens , only two forlorn blue figures remained , but the index had recovered a few points and was off about 140
+10	For the third time in 15 minutes , a trader next to Mr. Smith left the no-smoking area to have a cigarette	On the screens , only two forlorn blue figures remained , but the index had recovered a few points and was off about 140
+9	Because Tokyo did n't collapse , let 's pick up a little stock , '' Mr. Smith said	He targeted 7,500 shares of Reuters and punched a button to call up on his screen other dealers ' price quotes
+9	He targeted 7,500 shares of Reuters and punched a button to call up on his screen other dealers ' price quotes	The vivid yellow figures showed the best price at 845 pence , ( $ 13.27 ) and Mr. Smith 's traders started putting out feelers
+2	When I want to buy , they run from you -- they keep changing their prices	It 's very frustrating
+2	It 's very frustrating	He temporarily abandoned his search for the Reuters shares
+2	He was right	By midday , the London market was in full retreat
+8	By midday , the London market was in full retreat	It 's falling like a stone
+2	It 's falling like a stone	Only half the usual lunchtime crowd gathered at the tony Corney & Barrow wine bar on Old Broad Street nearby
+5	Only half the usual lunchtime crowd gathered at the tony Corney & Barrow wine bar on Old Broad Street nearby	Conversation was subdued as most patrons watched the latest market statistics on television
+5	France opened the limit down , off at least 10 % if you could calculate the index	Spain is down 10 % and suspended , Sweden 's down 8 % , Norway 11 %
+8	Spain is down 10 % and suspended , Sweden 's down 8 % , Norway 11 %	This market has been very badly damaged
+2	In the center of the trading floor , chief trader Roger Streeter and two colleagues scrambled for the telephones as soon as the New York market opened -- plummeting more than 60 points in the first few minutes	They saw an opportunity created by the sell-off
+8	They saw an opportunity created by the sell-off	As Wall Street traders dumped American Depositary Receipts in Jaguar PLC , Mr. Streeter and trader Sam Ruiz bought them to resell in the U.K
+2	As Wall Street traders dumped American Depositary Receipts in Jaguar PLC , Mr. Streeter and trader Sam Ruiz bought them to resell in the U.K	Investors here still expect Ford Motor Co. or General Motors Corp. to bid for Jaguar
+8	As Wall Street strengthened , the London trading room went wild	Traders shouted as their screens posted an ever-narrowing loss on Wall Street
+2	As the London market rallied , some wondered whether the weekend of worrying and jitters had been worth it	The London index closed at 2163.4 , its high for the day , off 70.5 , or about 3.3 %
+8	The measure drew criticism from the Bush administration and a parting shot from financier Donald Trump	In a letter to subcommittee Chairman James Oberstar ( D. , Minn. ) , Mr. Trump criticized the bill as an explicit effort to thwart his bid for AMR , and said it contributed to the collapse of the deal
+1	the withdrawal of the Trump bid for AMR is n't likely to deflate efforts to push the legislation	It 's still on the fast track and we still want to do it
+5	The bill would allow the secretary to reject a buy-out if sufficient information has n't been provided , or if the buy-out is likely to weaken the carrier financially , result in a substantial reduction in size of the airline through disposal of assets , or give control to a foreign interest	If more information is needed , the secretary would have authority to extend the review period 20 days
+5	It could be a long meeting or it could be a short one	We 're encouraged that talks are scheduled again but beyond that , we have made no expression of expectations
+2	And at the company 's Wichita , Kan. , plant , about 2,400 of the 11,700 machinists still are working	Under Kansas right-to-work laws , contracts can not require workers to be union members
+8	Dataproducts announced a restructuring plan in September	The company 's restructuring includes plans to split into three sectors , to phase out domestic printer manufacturing operations and to sell its New England subsidiary
+5	The company 's restructuring includes plans to split into three sectors , to phase out domestic printer manufacturing operations and to sell its New England subsidiary	As part of the plan , Dataproducts announced a pact to sell $ 63 million of its real estate holdings to Trizec Properties Inc. , a unit of Canada 's Trizec Corp
+5	Jack Davis , Dataproducts ' president , chairman and chief executive officer , said the company `` is at a loss to understand DPC 's intentions	He called today 's announcement `` opportunistic and disruptive
+2	In my view , the stock market will stabilize relatively quickly	There may be one or other psychological or technical reactions , but they are n't based on fundamentals
+5	but they are n't based on fundamentals	The economy of West Germany and the EC { European Community } is highly stable
+5	Paris also was hard hit	Share prices fell in Milan , Amsterdam , Zurich , Madrid and Stockholm
+8	One of the sharpest declines came in the financial center of Europe 's strongest economy	The DAX Index of 30 West German blue chips plunged 12.8 % , a one-day record , wiping out the summer 's gains
+9	The DAX Index of 30 West German blue chips plunged 12.8 % , a one-day record , wiping out the summer 's gains	The index closed at 1385.72 , down 203.56 points
+2	This time , however , many small investors may have been hurt by acting so swiftly	They all went in the wrong direction
+1	They all went in the wrong direction	he told clients to buy selected West German blue chips after they fell by about 10 %
+8	The beginning was chaotic	It took three-quarters of an hour before enough prices could be worked out to get a reading on the market
+8	Institutional investors and bankers were cautiously optimistic after the mild 1.8 % decline in Tokyo stock prices	Everybody was still confident , including most institutional investors
+10	It was big institutions such as Norwich Union Insurance Group , Scottish Amicable Investment Managers and Standard Life Assurance Co. that spearheaded the rally	Attracted by low prices and encouraged by New York 's performance , they scooped up equities across the board
+5	Late buying gave the Paris Bourse a parachute after its free fall early in the day	The CAC General Index ended down 5.4 % at 523.6 , a drop of 29.6 points from Friday
+6	There was a volatility in the market that I have never seen before	When Wall Street turned around shortly after the opening , there was panic buying in Paris
+1	The latest quarter 's loss equals $ 9.92 a share	In the year-earlier quarter , Morgan earned $ 233.6 million , or $ 1.25 a share
+2	Net interest income sank 27 % in the quarter to $ 254 million from $ 347 million	The interest rate on short-term funds was `` sharply higher
+1	Morgan received $ 2 million of interest payments on its medium and long-term Brazilian loans	had they been accruing interest , net interest income would have been $ 35 million higher in the quarter
+1	Income from sources other than interest climbed 12 % to $ 414 million	These increases were partly offset by lower trading-related '' income
+5	These increases were partly offset by lower trading-related '' income	Non-interest expenses grew 16 % to $ 496 million
+8	The Charlotte , N.C. , company said earnings rose to $ 143.6 million , or $ 1.45 a share , from $ 58.9 million , or 69 cents a share , a year earlier	The latest quarter included a gain of $ 56.1 million , or 59 cents a share , related to the purchase of the remaining 51 % of NCNB Texas National Bank from the Federal Deposit Insurance Corp
+8	The strong performance , however , contrasted with an unexpectedly large increase in the size of NCNB 's problem loans , particularly in the Southeast	In the third quarter , nonperforming assets jumped to $ 474.1 million , or 1.43 % of net loans and leases , from $ 232.8 million , or 1.13 % in the second quarter
+1	In the third quarter , nonperforming assets jumped to $ 474.1 million , or 1.43 % of net loans and leases , from $ 232.8 million , or 1.13 % in the second quarter	Nonperformers totaled $ 230.8 million , or 1.27 % in the year-ago third quarter
+6	and to acquire several small failed thrifts to fill out its regional franchise	it purchased both Freedom Savings & Loan Association , Tampa , Fla. , and University Federal Savings Association of San Antonio , Texas , for $ 169.4 million
+5	Security Pacific 's loan-loss provision was down 22 % , or $ 30.4 million , because it added to its foreign-debt reserve the year before	Non-interest income fell 6 % in the quarter , mainly because of an unusual gain a year earlier from the sale of Hong Kong banking operations
+1	Non-interest income fell 6 % in the quarter , mainly because of an unusual gain a year earlier from the sale of Hong Kong banking operations	Non-interest expense grew only 4 % in the period
+10	Non-interest income fell 6 % in the quarter , mainly because of an unusual gain a year earlier from the sale of Hong Kong banking operations	Non-interest expense grew only 4 % in the period
+5	The new offer , which seeks 50.3 % of the cellular and broadcasting concern , is for $ 125 a share for 22 million LIN shares	McCaw 's revised tender offer would require McCaw to begin an auction process in July 1994 that would buy out remaining holders at a per-share price roughly equivalent to what a third party might then have to pay for all of LIN
+5	LIN is asking McCaw to clarify its tender offer , which challenges an agreement between BellSouth Corp. and LIN to merge their cellular-telephone businesses	BellSouth has notified LIN that it would `` shortly respond to the McCaw proposal in as full and effective a manner as is warranted
+2	holders may be misled by the provision in the McCaw proposal that `` guarantees '' private market value after five years for the remaining shares	McCaw has `` no obligation to purchase and the definition of private market value is uncertain
+5	McCaw has `` no obligation to purchase and the definition of private market value is uncertain	that McCaw would be able to control LIN 's operations and could , `` therefore , operate LIN in a manner which could diminish its private market value and attractiveness to a third-party purchaser in five years
+1	Dow Jones , publisher of The Wall Street Journal , has launched an $ 18-a-share , or $ 576 million , tender offer to acquire the remaining Telerate shares outstanding ; Dow Jones owns 67 % of Telerate	Telerate has rejected the offer , which expires Nov. 3
+5	that the dispute-settlement panel rejected this Canadian government argument	We fully expect that Canada will comply with the panel 's ruling '' that the `` landing requirement '' also must be ended
+2	the U.S. wo n't accept any delays after Nov. 13 because U.S. fish-processing firms enter into contracts in the fall to purchase the next season 's catch	the Canadian restrictions must be removed before such contracts are concluded
+5	The FDIC will continue to maintain $ 90 million in preferred stock in the Tulsa bank unit	In exchange for the other $ 40 million , the FDIC will receive additional warrants entitling it to buy 60 % of BancOklahoma 's common stock outstanding
+8	it is making the offer to shrink its capital and increase shareholder value	If all the bondholders and holders of one million common shares accept the offer , BSN will increase its debt by $ 9 million , but it also will recognize a $ 2 million gain from retiring the old debt
+1	If all the bondholders and holders of one million common shares accept the offer , BSN will increase its debt by $ 9 million	We have sufficient cash flow to handle that
+5	At Merrill Lynch , third-period net was $ 41 million , or 34 cents a share , down from $ 65.6 million , or 58 cents a share , a year ago	Total revenue reached $ 2.83 billion , up 10 % from $ 2.57 billion
+5	The firm 's drop in net reflected weaker revenue in transactions for its own account -- a decline of 19 % to $ 314.6 million on reduced revenue from trading fixed-income securities	Investment banking revenue fell 22 % to $ 296.6 million on fewer equity and municipal underwritings
+10	The firm 's drop in net reflected weaker revenue in transactions for its own account -- a decline of 19 % to $ 314.6 million on reduced revenue from trading fixed-income securities	Investment banking revenue fell 22 % to $ 296.6 million on fewer equity and municipal underwritings
+5	Merrill Lynch 's commission revenue grew 21 % , however , to $ 462.8 million , on higher share prices and volume and on strong sales of mutual funds	Revenue derived from interest and dividends jumped 30 % to $ 1.4 billion
+5	Merrill Lynch 's commission revenue grew 21 % , however , to $ 462.8 million , on higher share prices and volume and on strong sales of mutual funds.Revenue derived from interest and dividends jumped 30 % to $ 1.4 billion	Asset-management fee revenue grew 12 % to $ 151 million
+5	Bear Stearns said net in the first quarter ended Sept. 29 reached $ 22.1 million , or 23 cents a share , from $ 20.5 million , or 20 cents a share , in the year-earlier quarter	Gross revenue rose 21 % to $ 580.4 million from $ 478.9 million
+1	Profit from trading for its own account dropped	Investment banking revenue climbed 25 % , while commission revenue advanced 31 % on a stronger retail market
+5	Separately , PaineWebber posted net income for the third quarter of $ 16.8 million , or 41 cents a share	Retail profit surged , but the company said it was only a `` modest contributor '' to third-quarter results
+5	A year ago , net at the New York investment banking firm was $ 20.9 million , or 50 cents a share , including a special pretax gain of $ 46.3 million from the sale of the company 's interest in National Car Rental Systems Inc	Revenue was $ 444.9 million , including net interest , down slightly from $ 450.7 million
+2	Individual investors , investment firms and arbitragers who speculate in the stocks of takeover candidates can suffer liquidity and payment problems when stocks dive	those investors often borrow heavily to buy their holdings and use the stocks as collateral for loans
+1	but it 's been very quiet	Now , as for tomorrow , hell , who knows
+6	After the 1987 plunge , markets agreed that it would be wise to halt trading whenever panic conditions arose	The New York Stock Exchange adopted two specific circuit breakers : If the Dow Jones index falls 250 points in a day , the exchange will halt trading for one hour ; if the decline hits 400 points , the exchange will close for an additional two hours
+8	The New York Stock Exchange adopted two specific circuit breakers	If the Dow Jones index falls 250 points in a day , the exchange will halt trading for one hour
+7	If the Dow Jones index falls 250 points in a day , the exchange will halt trading for one hour	if the decline hits 400 points , the exchange will close for an additional two hours
+2	It is impossible to know whether that theory is realistic	A temporary cessation of trading may indeed discourage a selling panic from feeding on itself.But there is also the possibility that shutting down markets will intensify fears and cause an even more abrupt slide in prices
+8	What happened Friday was the worst of all worlds	The futures exchanges followed their own pre-set circuit breakers and shut down at about 3 p.m. for 30 minutes , after the Standard & Poor 's 500 stock index had fallen 12 points , or about 100 points on the Dow Jones index.Options markets stopped trading in many securities.The New York Stock Exchange , under its own rules , remained open . With nowhere else to go , sellers , and particularly program traders , focused all their selling on the New York Stock Exchange.As liquidity on that market weakened , prices fell sharply
+5	The futures exchanges followed their own pre-set circuit breakers and shut down at about 3 p.m. for 30 minutes , after the Standard & Poor 's 500 stock index had fallen 12 points , or about 100 points on the Dow Jones index	Options markets stopped trading in many securities
+10	The futures exchanges followed their own pre-set circuit breakers and shut down at about 3 p.m. for 30 minutes , after the Standard & Poor 's 500 stock index had fallen 12 points , or about 100 points on the Dow Jones index	Options markets stopped trading in many securities
+1	Options markets stopped trading in many securities	The New York Stock Exchange , under its own rules , remained open
+9	With nowhere else to go , sellers , and particularly program traders , focused all their selling on the New York Stock Exchange	As liquidity on that market weakened , prices fell sharply
+2	It is time to recognize that the New York Stock Exchange , the futures markets and the options markets , though physically separate , have actually become so closely intertwined as to constitute one market effectively	Traders can vary their strategies and execute their orders in any one of them
+1	It therefore makes no sense for each market to adopt different circuit breakers	To achieve maximum liquidity and minimize price volatility , either all markets should be open to trading or none
+2	Synchronized circuit breakers would not have halted the slide in prices on Friday , but they probably would have made for smoother , less volatile executions	It 's time for the exchanges and the Securities and Exchange Commission to agree on joint conditions for halting trading or staying open
+2	It 's time for the exchanges and the Securities and Exchange Commission to agree on joint conditions for halting trading or staying open	Let 's not have one market shut down for 30 minutes when the Dow declines 100 points and another shut down for an hour after a 250-point decline
+1	The rules should be established by agreement of the officials of all affected exchanges acting under the oversight and with the approval of the government regulatory agencies	Should the SEC and the Commodities Futures Trading Commission ( which , with the SEC , regulates the Chicago stock-index markets ) be unable to agree , the issue may have to be resolved by decision of the Treasury secretary
+6	In many ways , our financial markets are better prepared today to handle a decline than they were two years ago	The New York Stock Exchange now has the capacity to handle a volume of nearly a billion shares a day
+5	The New York Stock Exchange now has the capacity to handle a volume of nearly a billion shares a day	Telephone service has been improved for customers trying to reach their brokers , and specialists have larger capital positions
+1	and specialists -- who I believe should stay , despite the urgings of some post-crash critics -- have larger capital positions	Of course , specialists ' actions alone can never prevent a major crack in stock prices
+6	Of course , specialists ' actions alone can never prevent a major crack in stock prices	Witness the fact that trading in some stocks closed early Friday and opened late Monday because of an excess of sell orders
+2	unions also wo n't like plant relocations and needed restructuring , which means layoffs	Many employers have already begun moving to southern countries such as Spain and Italy , where wages are low and unions are weaker
+2	Many employers have already begun moving to southern countries such as Spain and Italy	demand for trained labor and managers will rise there
+8	More taunting in the parking lot led to a fight	he was punched and kicked by one player and that the other broke his jaw with a baseball bat
+2	But it opposes an American Medical Association proposal for creating a `` registered care technologist , '' as `` potentially divisive	the job would entail an unwanted new doctor 's `` bedside '' extension
+5	Many also use recruiting bonuses , tuition reimbursement , loan repayment or child-care help	Some give lump-sum incentives
+2	TREATING EMPLOYEES with respect is crucial for managers	It 's in their top five `` work values
+5	It 's in their top five `` work values	Fully 80 % of employees who say their bosses treat them with respect , but only a third of those who do n't feel respected say they 're satisfied with where they work
+5	About 200 employees of the Maryland Department of Economic and Employment Development for four months painted walls , polished and carpeted floors , bought plants , cleaned windows and blinds , and hung pictures at the agency 's Baltimore office	The 3,000 hours of work will save the state $ 55,000
+2	About 200 employees of the Maryland Department of Economic and Employment Development for four months painted walls , polished and carpeted floors , bought plants , cleaned windows and blinds , and hung pictures at the agency 's Baltimore office	The 3,000 hours of work will save the state $ 55,000
+8	CURBING WAGE BOOSTS will get high priority again in 1990 collective bargaining	Despite labor-shortage warnings , 80 % aim for first-year wage increases of under 4 %
+8	TEMPORARY WORKERS have good educations	its survey of 2,508 such employees shows 82 % with more than a high-school education , and 31 % with college degrees
+5	its survey of 2,508 such employees shows 82 % with more than a high-school education , and 31 % with college degrees	About 12 % have retired from a full-time job , while 54 % were asked to stay on full time
+5	About 72 % reimburse for all or some losses	Since 1984 , more companies give sales-loss aid , as many real-estate values depreciated
+6	Since 1984 , more companies give sales-loss aid	RJR Nabisco pays up to $ 30,000 of losses , including improvements
+1	RJR Nabisco pays up to $ 30,000 of losses , including improvements	Goodrich wo n't ensure loss coverage , but will prevent a `` catastrophic loss
+6	but will prevent a `` catastrophic loss	it has given some employees the full purchase price when values fell from concern over dangers posed by a disposal site
+1	Goodrich wo n't ensure loss coverage , but will prevent a `` catastrophic loss '' ; it has given some employees the full purchase price when values fell from concern over dangers posed by a disposal site	Federal Express , Dow Chemical , Ford and National City Corp. will buy the home or let the worker sell to an outside firm , but usually wo n't cover a loss
+8	Big Board officials were self-congratulatory about how well the day had gone	They said the exchange 's trading procedures , personnel , equipment and links with other exchanges could n't have performed better
+8	We had no operating problems at all	All the things that we set up to slow down the process worked extremely well
+5	Prices for the 416.3 million shares that changed hands during the session were carried on the exchange 's trading tape with barely a delay	While reaching blockbuster proportions yesterday , the volume was still well within the 600 million-share capacity that the exchange has said it can handle daily since beefing up its computers after the October 1987 crash
+1	the links with the Chicago futures market worked as planned in Friday 's rout to provide a cooling-off period	Of greater help was the `` natural circuit breaker '' of the weekend
+6	The loss of more customers is the latest in a string of problems	Church 's Fried Chicken Inc. and Popeye 's Famous Fried Chicken Inc. , which have merged , are still troubled by overlapping restaurant locations
+5	A Kentucky Fried Chicken spokesman , however , disputed the notion that the delivery service experienced problems in some markets where testing has been discontinued	He says the test is continuing in Chicago , Columbus , Ohio , and a few other cities
+2	Kentucky Fried Chicken will post an 11 % drop in 1989 net income	They 've been laggard
+8	CALL IT un-advertising	Pittsburgh consultant David Bear is selling a soft approach to clients who want exposure yet shun pushy ads
+8	New un-advertisers include Burt Hill Kosar Rittlemann Associates , a Butler , Pa. , architectural firm	Its radio series features such spots as `` Floodlights : Evening Wear for Urban Structures '' and `` Building a Place to Park
+2	New un-advertisers include Burt Hill Kosar Rittlemann Associates , a Butler , Pa. , architectural firm.Its radio series features such spots as `` Floodlights : Evening Wear for Urban Structures '' and `` Building a Place to Park	A harder sell would `` detract from the profession
+2	But such spots can be too soft	There 's always a risk of lost messages
+8	There 's always a risk of lost messages	It 's a question of how much credibility you gain for the possible loss of recognition
+2	the chain is still reviewing its product list to avoid such problems	Our intent is to promote the best alternative
+6	But in the end , customers ' wishes are what will prevail	Big Bear does n't care for disposable diapers , which are n't biodegradable.Yet parents demand them
+2	Yet parents demand them	We 'll still be forced to sell items we might not philosophically agree with
+5	For the third year in a row , consumers voted Bill Cosby first and James Garner second in persuasiveness as spokesmen in TV commercials , according to Video Storyboard Tests , New York	Michael J . Fox replaced Bruce Willis in third place
+5	For the third year in a row , consumers voted Bill Cosby first and James Garner second in persuasiveness as spokesmen in TV commercials , according to Video Storyboard Tests , New York.Michael J . Fox replaced Bruce Willis in third place	Cher placed fourth for the second time
+1	Dr. Novello 's office said she would n't talk with reporters , and it refused to release any information about her	The newsletter Medicine & Health , which first disclosed her selection by Dr. Sullivan , said she is 44 years old and she studied at the University of Puerto Rico School of Medicine
+2	The HUD budget has dropped by more than 70 % since 1980	We 've taken more than our fair share
+3	But NAHB support for subsidies is not related to the current housing crunch	over the years the NAHB has backed a host of public programs
+6	over the years the NAHB has backed a host of public programs	It once pushed for a national housing production goal set by the federal government and has regularly advanced anti-recession housing measures
+7	It would like to peg the ceiling on Federal Housing Administration mortgage guarantees to 95 % of the median price in a particular market , instead of limiting it to $ 101,250	reduce ( or even eliminate ) FHA down-payment requirements
+7	It would like to peg the ceiling on Federal Housing Administration mortgage guarantees to 95 % of the median price in a particular market , instead of limiting it to $ 101,250 ; reduce ( or even eliminate ) FHA down-payment requirements and increase the availability of variable-rate mortgages	expand the Veterans Affairs Department loan guarantee program
+7	It would like to peg the ceiling on Federal Housing Administration mortgage guarantees to 95 % of the median price in a particular market , instead of limiting it to $ 101,250 ; reduce ( or even eliminate ) FHA down-payment requirements and increase the availability of variable-rate mortgages ; expand the Veterans Affairs Department loan guarantee program	provide `` adequate '' funding for the Farmers Home Administration ( FmHA
+7	It would like to peg the ceiling on Federal Housing Administration mortgage guarantees to 95 % of the median price in a particular market , instead of limiting it to $ 101,250 ; reduce ( or even eliminate ) FHA down-payment requirements and increase the availability of variable-rate mortgages ; expand the Veterans Affairs Department loan guarantee program ; provide `` adequate '' funding for the Farmers Home Administration ( FmHA	increase federal funding and tax incentives for the construction of low-income and rental housing , including $ 4 billion in block grants to states and localities
+1	Direct federal subsidies for housing construction have proved intolerably expensive in the past , and inevitably are twisted to the benefit of well-connected developers and lobbyists , as demonstrated by the ongoing HUD scandal , or congressmen	Indirect subsidies , through the FHA , for instance , are little better
+1	the mere diversion of funds from other parts of the economy and from other forms of housing ( such as low-income ) to the single-family home market would result in a major expense	More important , housing programs run by HUD , the VA , and FmHA are awash in red ink
+6	More important , housing programs run by HUD , the VA , and FmHA are awash in red ink	The FHA alone lost $ 4.2 billion in fiscal 1988
+5	The FHA alone lost $ 4.2 billion in fiscal 1988	the government 's equity in the agency , essentially its reserve fund , fell to minus $ 2.9 billion
+5	The FHA alone lost $ 4.2 billion in fiscal 1988 ; the government 's equity in the agency , essentially its reserve fund , fell to minus $ 2.9 billion	The federal government has had to pump in $ 2.28 billion into the VA housing program since 1984 to keep the fund afloat and the VA requested an additional $ 120 million for the fiscal year just ended
+5	The FHA alone lost $ 4.2 billion in fiscal 1988 ; the government 's equity in the agency , essentially its reserve fund , fell to minus $ 2.9 billion.The federal government has had to pump in $ 2.28 billion into the VA housing program since 1984 to keep the fund afloat and the VA requested an additional $ 120 million for the fiscal year just ended	All told , the federal government already guarantees more than $ 900 billion of mortgages
+6	In its nicely produced publication `` Where Will Our Children Live ? '' the NAHB does acknowledge that `` of course , the full measure of housing affordability can not be provided by the federal government	It points to the pernicious impact of local government regulation , particularly zoning and building fees , which pushes the price of housing out of the reach of low- and middle-income people
+8	The association , a majority of whose 156,000 members build fewer than 25 units a year , is like many other business lobbies	It treads in two worlds
+2	It treads in two worlds	The builders like the subsidies , but at the same time they tend to be fiscal conservatives in terms of major issues , such as the balanced-budget amendment
+1	The builders like the subsidies , but at the same time they tend to be fiscal conservatives in terms of major issues , such as the balanced-budget amendment	Unfortunately , the organization 's desire for pork tends to override its commitment to overall fiscal responsibility
+6	Unfortunately , the organization 's desire for pork tends to override its commitment to overall fiscal responsibility	Two years ago when the NAHB lobbied for the $ 19 billion omnibus housing bill , the organization `` basically dropped out of the taxpayers ' coalition
+4	Government is not going to solve the problem	The real key is to have the economy working and interest rates down
+2	The real key is to have the economy working and interest rates down	More money for HUD will increase the deficit and destabilize the economy ; more money to municipalities that are wrecking their local housing markets will further insulate them from the destructive effects of their policies
+1	More money for HUD will increase the deficit and destabilize the economy ; more money to municipalities that are wrecking their local housing markets will further insulate them from the destructive effects of their policies	Is this what the home builders want
+2	Setting a date to start treaty negotiations has no legal significance in itself , but could be viewed as an important psychological push	French President Francois Mitterrand fought to set a date for the conference during the EC summit in Madrid last June , but the move was scuttled because of opposition by Mrs. Thatcher and West German Chancellor Helmut Kohl
+8	The latest crewcut in the equities markets reminds me of the joke T. Boone Pickens tells about the guy who was run over by the parade	When asked `` What went wrong ? '' the unfortunate victim replied , `` It was a combination of things
+2	The ceremonies began Friday afternoon when word spread that the UAL buy-out was collapsing	Although the union-bidder expects to patch together a substitute offer , consisting of less cash , the failure to get cash from Japanese and American banks confirmed a growing fear among arbitragers that the pageant of high-leverage takeover deals is ending
+6	Deal stocks led the market down as they absorbed the heaviest losses	UAL opened Monday at $ 224 , down about 20 % from Thursday 's close
+5	UAL opened Monday at $ 224 , down about 20 % from Thursday 's close	AMR opened Monday at $ 80 , down nearly 20 % from Thursday 's close
+5	UAL , which triggered the slide , opened Monday at $ 224 , down about 20 % from Thursday 's close.AMR opened Monday at $ 80 , down nearly 20 % from Thursday 's close	Both took further hits yesterday
+5	UAL , which triggered the slide , opened Monday at $ 224 , down about 20 % from Thursday 's close.AMR opened Monday at $ 80 , down nearly 20 % from Thursday 's close . ( Both took further hits yesterday . ) Hilton lost 20 % on Friday	Paramount lost almost 11 %
+1	A careful look reveals that where deal financing has been secured , the target 's stock price was not affected on Friday	The multibillion-dollar prospects were where the damage was concentrated
+6	The market for so-called junk bonds has been setting the stage for Friday 's dramatic march for several weeks	The growing financial difficulties of recent high-leverage restructurings or takeovers , such as Resorts International , Integrated Resources , and Campeau 's retailing empire , have cast a pall over the entire market for high-yield securities
+9	The growing financial difficulties of recent high-leverage restructurings or takeovers , such as Resorts International , Integrated Resources , and Campeau 's retailing empire , have cast a pall over the entire market for high-yield securities	Investors have reacted by ignoring recent efforts to float junk bonds by Ohio Mattress and by forcing Ramada to postpone indefinitely its planned junk-bond sale and restructuring
+2	If it is correct to find that concerns over corporate debt and LBOs caused Gray Friday , what are the implications for policy makers	After all , the stock market 's response to the collapse of the UAL deal might be taken to confirm the anti-debt direction of regulators
+2	After all , the stock market 's response to the collapse of the UAL deal might be taken to confirm the anti-debt direction of regulators	Is this a case where private markets are approving of Washington 's bashing of Wall Street
+8	that Wall Street and the private markets are fully capable of imposing the appropriate incentives and sanctions on corporate behavior	The national economic interests are much better served allowing the private interests of bankers and investors be the ultimate judges of the investment quality of various LBO deals and leveraged restructurings
+8	The national economic interests are much better served allowing the private interests of bankers and investors be the ultimate judges of the investment quality of various LBO deals and leveraged restructurings	The recent difficulties in the junk-bond markets and the scarcity of bank capital for recent deals underscores the wisdom of letting the free markets operate
+5	but they rode the tiger up all year	Not surprisingly , he sometimes bites
+1	while the besieged managers of prospective targets cheered lustily	If you identify with the besieged managers , you must concede that speedy and effective relief from the excesses of the takeover market is more likely to come from the marketplace than from Washington
+1	If you identify with the besieged managers , you must concede that speedy and effective relief from the excesses of the takeover market is more likely to come from the marketplace than from Washington	If you side with the arbitragers and raiders , you clearly have more to fear from private investors than from regulators
+2	actual legislation would probably impose considerable harm	Any such attempt to distinguish `` good debt '' from `` bad debt , '' or to draw the line at a particular industry is likely to blunt the spur that the proper amount of leverage provides both to equity markets and economic efficiency in general
+1	Tokyo share prices rebounded Tuesday morning , with the Nikkei index of 225 selected stocks rising 618.69 points to close the morning session at 35087.38	The index slid 647.33 points , or 1.8 % , on Monday
+5	In the first 25 minutes of Tuesday 's trading the Nikkei index soared 664.83 points , to 35133.83	By 10 a.m. Tokyo time , the index was up 435.11 points , to 34903.80 as investors hailed New York 's overnight rally
+10	Shares also closed sharply lower across Europe , particularly in Frankfurt , although London and a few other markets recovered some ground after stocks began to rebound in New York	Other Asian and Pacific markets had sharper losses than Tokyo , but the selling wave stopped short of precipitating another market crash
+1	Shares also closed sharply lower across Europe , particularly in Frankfurt , although London and a few other markets recovered some ground after stocks began to rebound in New York	Other Asian and Pacific markets had sharper losses than Tokyo , but the selling wave stopped short of precipitating another market crash
+8	as our policy now is to wait and see	We would like to wait and see until trading goes around through Europe and New York
+10	At the close , the Nikkei average of 225 stocks stood at 34468.69 , down 647.33 points , or 1.8 %	The broader Tokyo Stock Price Index sank 45.66 , or 1.7 % , to 2600.88
+1	At the close , the Nikkei average of 225 stocks stood at 34468.69 , down 647.33 points , or 1.8 %	The broader Tokyo Stock Price Index sank 45.66 , or 1.7 % , to 2600.88
+9	The market opened sharply lower , with the Nikkei average down nearly 600 after 20 minutes	A midmorning rebound brought it back to show a gain of about 200 at the end of the morning session
+8	The smaller stocks in the Tokyo market 's second section also posted their biggest decline of the year	The Tokyo Stock Exchange index for the second section fell 100.96 , or 2.7 % , to 3655.40
+1	On Oct. 16 , 1987 -- the Friday before the Black Monday crash -- the New York market dropped 4.6 % , and Tokyo followed on Monday with a 2.4 % drop	This time , Wall Street 's plunge of 6.9 % Friday was followed by yesterday 's 1.8 % loss in Tokyo
+8	Now we are looking for the time to place buy orders	For us institutional investors , the chance for buying has come
+8	Isao Ushikubo , general manager of the investment research department at Toyo Trust & Banking Co. , also was optimistic	He described Friday 's plunge in the U.S. as a `` fleeting '' event resulting in part from excessive merger and acquisition activity
+2	this is the best time to buy	Those shares which had posted gains on M & A speculation were dashed with cold water , but as far as major stocks are concerned , there is n't much impact
+6	Other fund managers were similarly sanguine	We have no plans to adjust our asset allocation in foreign equities , '' said Masato Murakami , chief portfolio manager in the pension fund management department at Yasuda Trust & Banking Co
+2	We have no plans to adjust our asset allocation in foreign equities	Friday 's Wall Street decline was `` well within the range of volatility '' that Yasuda Trust plans for when it charts its overseas investment strategy
+5	Among other Asian and Pacific markets , Malaysia and Singapore had the biggest losses , with the Kuala Lumpur composite index in Malaysia falling 11.5 % and Singapore 's Straits Times Industrial Index down 10 %	Major indexes declined more than 8 % in Australia and New Zealand and 6.5 % in Hong Kong
+5	Major indexes declined more than 8 % in Australia and New Zealand and 6.5 % in Hong Kong	Bangkok , Manila , Seoul , Taipei and Jakarta escaped with slightly smaller losses
+8	It 's pure psychology	Markets in this region are n't so geared to leveraged buy-outs , and their economies generally are in good shape , but there 's no doubt that Asia is still following America 's lead
+5	Singapore took the hit because when people want to get out , they tend to go where the liquidity is	that even after Monday 's 10 % decline , the Straits Times index is up 24 % this year , so investors who bailed out generally did so profitably
+5	In Hong Kong , the Hang Seng Index fell 180.60 to finish at 2601.70	Trading was heavy at about one billion shares , compared with 473.9 million Friday
+8	but is close	If New York does n't collapse , I see maybe another 5 % on the downside
+1	London 's Financial Times-Stock Exchange 100-share index , the most closely watched market barometer , ended at its intraday high of 2163.4 , down 70.5 , or 3.2 %	At its low , shortly before Wall Street opened , it was off more than 130 points
+5	The Financial Times 30-share index closed 79.3 points lower at 1738.7	Volume more than doubled to 959.3 million shares from 457.7 million Friday
+8	Prices on the Frankfurt Stock Exchange tumbled in heavy trading	The decline in the German Stock Index of 203.56 points , or 12.8 % , to 1385.72 was the Frankfurt market 's steepest fall ever
+2	Retail investors dumped holdings on a massive scale , pushing some blue-chip shares down as much as 20 %	memories of two years ago , when many small investors held on to their shares after the October crash but the West German market continued to decline steeply for the next three months
+1	Frank Lloyd Wright is reported to have said once that if you tipped the world on its side , everything loose would end up in California	We 've always thought that Mr. Wright underestimated California 's vitality , but maybe the state 's la-la factions are starting to overwhelm the forces that made it such a significant place
+2	but maybe the state 's la-la factions are starting to overwhelm the forces that made it such a significant place	What else is one to make of the whacky save-the-earth initiative just proposed by several major environmental groups and organized by the state 's attorney general
+1	The initiative is based largely on the wish-lists of the green lobby : the Sierra Club , the League of Conservation Voters , the Natural Resources Defense Council , the National Toxics Campaign and the Citizens for a Better Environment	Interestingly , the Environmental Defense Fund is having nothing to do with this one
+2	Not only Californians but all Americans would pay if this thing passed	The initiative bars the sale of any crops in California that do n't meet the initiative 's standards
+2	The initiative bars the sale of any crops in California that do n't meet the initiative 's standards	Kansas wheat farmers and Florida fruit growers would have to adjust or give up the California market
+6	As usual the green lobby 's proposal is disconnected from scientific reality	Consider the greenhouse-effect provision
+8	Consider the greenhouse-effect provision	The proposed initiative would mandate a reduction of carbon dioxide of 40 %
+1	The proposed initiative would mandate a reduction of carbon dioxide of 40 %	Even if one buys into the whole greenhouse theory , it is inconceivable that reductions in a single state could have any impact on what is billed as a global problem
+8	The key here is the ambition of state Attorney General John Van de Kamp	He 's running for governor
+5	and cobbled them into a single unwieldy initiative to be placed on the ballot for election on Nov. 6 , 1990	That 's also the day of the gubernatorial election
+8	And it allows Mr. Van de Kamp to get around campaign spending limits	He can spend the legal maximum for his campaign
+5	He can spend the legal maximum for his campaign	all the spending for the Van de Kamp initiative is gravy
+2	He can spend the legal maximum for his campaign ; all the spending for the Van de Kamp initiative ( on which there are no limits ) is gravy	This initiative is being labeled The Big Green , but maybe it should be called The Big Greenback
+1	This initiative is being labeled The Big Green , but maybe it should be called The Big Greenback	The Republican candidate , Sen. Pete Wilson , is playing the initiative fundraising game too , sponsoring his own crime initiative
+2	it is of course conceivable that in modern California it could slide through	This is the state that recently passed the Prop . 65 anti-toxic initiative
+4	That means the NRDC and such groups no longer would have to spend as much money on litigation	taxpayers would bear the cost
+1	Mr. Van de Kamp and his allies may be hoping that the environment is such a mom and apple-pie issue among certain segments of California 's population now that almost any collection of anti-scientific , anti-pocketbook nonsense can pass under its rubric	Of course the state 's liberals are not yet a nation unto themselves
+5	it was strictly a big-stock rally fed by huge buying by bargain-hunting institutions and program traders	A troubling sign : Declining stocks on the Big Board outnumbered advancers , 975 to 749 , and the over-the-counter market that includes many smaller stocks suffered aftershocks of Friday 's late Big Board plunge
+8	and the over-the-counter market that includes many smaller stocks suffered aftershocks of Friday 's late Big Board plunge	The Nasdaq OTC index closed down 6.31 to 460.98
+8	Transports plunged on takeover disappointments in two airline stocks , UAL and AMR , which each fell more than 20 % when they reopened for trading yesterday after being suspended Friday afternoon	UAL , the takeover stock at the center of Friday 's 190.58-point market plunge , fell 56 7/8 to 222 7/8 on nearly 2.3 million shares
+8	Overall , `` this is a pleasant rally but it 's very selective	Everyone was a little concerned about the general narrowness of the rally and failure of the OTC market to get into plus territory
+2	Everyone was a little concerned about the general narrowness of the rally and failure of the OTC market to get into plus territory	It 's just a strange feeling
+5	It 's just a strange feeling	anyone left the place whistling Dixie
+9	Then computerized sell programs kicked in	There was heavy stock-index arbitrage
+1	There was heavy stock-index arbitrage , as traders sold big baskets of stock and bought stock-index futures to profit from the price discrepancies between the two markets	This was a hangover from Friday , when Standard & Poor 's 500-stock index futures had closed at a sharp discount to stocks
+8	The onslaught of the program selling dashed any hopes that some of the big program trading firms would hold off until the market stabilized	They did n't
+2	They did n't	The Dow accelerated its slide , losing 63.52 in the first 40 minutes of trading
+2	And this time , it was n't just the program traders who were responsible	All the selling had pushed stocks to such cheap values that big investment banks and major money management firms started buying stocks heavily
+5	the `` first thing we did was to double our orders '' yesterday morning	With the market down like this , we 'll probably take another $ 50 million and put it in '' the market
+8	Trading in Walt Disney Co. particularly caught traders ' eyes	According to Big Board officials , Disney had one of the biggest sell-order imbalances on Friday
+8	According to Big Board officials , Disney had one of the biggest sell-order imbalances on Friday	it was one of the seven stocks that could n't finish trading that day
+6	Around Wall Street , trading desks were relieved that they could at least play the market yesterday , in contrast to Friday 's gridlock	At Donaldson , Lufkin & Jenrette Inc. , head equity trader Dudley Eppel said : `` I think the opening was constructive
+2	the opening was constructive	It was orderly
+5	It was orderly	We put some orders together
+5	We put some orders together	There was n't a lot of panic selling , either domestically or internationally
+8	There was n't a lot of panic selling , either domestically or internationally	Not like Friday where they just took { the market } apart
+6	On the Big Board floor and on trading desks , traders yelped their approval	Grinned Griffith Peck , a trader in Shearson Lehman Hutton Inc. 's OTC department : `` I tell you , this market acts healthy
+10	Grinned Griffith Peck , a trader in Shearson Lehman Hutton Inc. 's OTC department : `` I tell you , this market acts healthy	Around him , scores of traders seemed to get a burst of energy
+2	Around him , scores of traders seemed to get a burst of energy	their boss broke out bottles of Perrier water to cool them off
+6	But not everybody was making money	The carnage on the Chicago Board Options Exchange , the nation 's major options market , was heavy after the trading in S & P 100 stock-index options was halted Friday
+5	The carnage on the Chicago Board Options Exchange , the nation 's major options market , was heavy after the trading in S & P 100 stock-index options was halted Friday	Many market makers in the S & P 100 index options contract had bullish positions Friday , and when the shutdown came they were frozen with huge losses
+9	Many market makers in the S & P 100 index options contract had bullish positions Friday , and when the shutdown came they were frozen with huge losses	Over the weekend , clearing firms told the Chicago market makers to get out of their positions at any cost Monday morning
+1	that then we needed a savior to go into the Major Market Index , spend $ 2 million and get the program rally started	This time { institutions } saw the programs coming and backed away
+8	However , according to one analyst , the timing of Major Market Index futures buying just before the turnaround was similar to that of Terrible Tuesday	Futures were pulling the stock market higher , '' said Donald Selkin , head of stock-index futures research at Prudential-Bache Securities Inc
+5	Among other major issues , Coca-Cola Co. closed up 2 at 66 3/4 on 1.7 million shares and American Telephone & Telegraph rose 3 1/4 to 43 on nearly 7.8 million shares	Shares of International Business Machines , which reported earnings yesterday , finished at 103 , up 1 , after slipping below 100 during Friday 's session for the first time in five years
+10	Among other major issues , Coca-Cola Co. closed up 2 at 66 3/4 on 1.7 million shares and American Telephone & Telegraph rose 3 1/4 to 43 on nearly 7.8 million shares	Shares of International Business Machines , which reported earnings yesterday , finished at 103 , up 1 , after slipping below 100 during Friday 's session for the first time in five years
+8	Shares of three brokerage firms rose after they reported earnings	Merrill Lynch added 1 3/4 to 28 , PaineWebber rose 3/4 to 18 1/2 and Bear Stearns rose 3/8 to 14 1/4
+0	that program trading strategies were n't responsible for triggering Friday 's decline	Some 24 million of the more than 100 million shares traded in the final 90 minutes of Friday 's session , when the plunge in stock prices was concentrated , were program-related
+5	Mr. Phelan expressed relief that the market rebounded yesterday	Obviously , every time we get this kind of reaction , it 's going to make everybody nervous , including me , '' he said
+8	Meanwhile , Peter DaPuzzo , Shearson 's head of retail equity trading , praised institutional investors in the OTC market , who were heavy buyers of the Nasdaq 's biggest technology issues yesterday amid a flood of selling by other investors	The institutions ca n't be criticized for their behavior , '' Mr. DaPuzzo said in an interview
+2	The institutions ca n't be criticized for their behavior	It was the opposite of what happened on Oct. 19
+8	It was the opposite of what happened on Oct. 19	They used their judgment
+5	They used their judgment	They did n't panic during the first round of selling this morning
+8	the performance of specialists during Friday 's plunge was admirable , because out of 1,640 Big Board common stocks traded during the day only seven were closed and were n't reopened before the close	They did an excellent job
+8	West Germany 's Green Party joined its ideological soulmates Jeremy Rifkin and the Christic Institute in the legal battle to ground the Atlantis shuttle and its plutonium-powered Galileo probe to Jupiter	The anti-defense Greens wanted a Washington federal appeals court to block today 's scheduled liftoff long enough for them to ask the World Court to `` order '' a permanent cancellation of the $ 1.5 billion flight
+1	The anti-defense Greens wanted a Washington federal appeals court to block today 's scheduled liftoff long enough for them to ask the World Court to `` order '' a permanent cancellation of the $ 1.5 billion flight	A three-judge appeals panel yesterday refused to comply , though liberal Judge Pat Wald went out of her way to deny that this was a `` frivolous '' case
+1	though liberal Judge Pat Wald went out of her way to deny that this was a `` frivolous '' case	Of course it was
+2	Of course it was	NASA should now sue for fines against all three politico-plaintiffs , foreign and domestic , for bringing this mischievous case
+1	But the six-hour compromise was soon agreed to in subsequent discussions	As a practical matter , flights from the West Coast to Hawaii would be covered as they are under the time limit , but the language would exempt longer routes beginning , for example , in Chicago or on the East Coast
+2	Within the Senate , the ban has had aggressive support from Sen. Frank Lautenberg ( D. , N.J. ) , who has used his position as a Senate Appropriations subcommittee chairman to garner votes for the initiative	The measure is attached to the more than $ 26 billion fiscal 1990 transportation bill within Mr. Lautenberg 's jurisdiction , and the final compromise is laced with more than $ 205 million in road projects earmarked by members as well as funds sought by major airports , including Denver
+6	But the industry retains support in the House leadership through the influence of grower states , such as North Carolina	Majority Whip William Gray owes a political debt to Southern agriculture lawmakers for his rise in the House
+8	the underlying bill was the subject of behind-the-scenes lobbying because of its impact on air transportation and the more mundane , but politically important , projects of members	In a stark lesson in the power of the appropriations committees , the House deliberately killed a handful of projects backed by lawmakers in Florida , Illinois and Pennsylvania
+1	Though smaller in total dollars , the conference agreed to preserve an estimated $ 30.6 million in controversial subsidies to carriers serving rural or isolated airports	The sum is more than double what the House had approved for the program , but the list of qualified airports would be cut by 22 under new distance requirements and limits on the level of subsidy
+9	Sony two weeks ago agreed to acquire Columbia for $ 3.4 billion , or $ 27 a share	Warner sued Sony and Guber-Peters late last week
+9	Warner sued Sony and Guber-Peters late last week	Sony and Guber-Peters have countersued
+5	Guber-Peters 's net income in the latest quarter compared with a net loss of $ 6.9 million , or 62 cents a share , in the year-earlier period	revenue rose 138 % , to $ 10.9 million from $ 4.6 million
+8	so it is getting ready to send its own version of a CARE package	Last month , the Senate voted to send a delegation of congressional staffers to Poland to assist its legislature , the Sejm , in democratic procedures
+1	Senator Pete Domenici calls this effort `` the first gift of democracy	The Poles might do better to view it as a Trojan Horse
+2	The Poles might do better to view it as a Trojan Horse	It is the vast shadow government of 15,000 congressional staffers that helps create such legislative atrocities as the 1,376 page , 13-pound reconciliation bill that claimed to be the budget of the United States
+2	It was a pretty wild day	Our markets were closely tied to the stock market
+8	The bond market seemed to ignore evidence that the Federal Reserve eased credit conditions slightly by allowing the federal funds rate to drift as low as 8 1/2 %	The closely watched rate on federal funds , or overnight loans between banks , slid to about 8 3/4 % last week , down from its perceived target level of about 9 %
+5	In fact , some economists contend that the latest easing started last week	Others note that some investors were disappointed because they had expected a more aggressive easing
+8	The reversal was even more evident among shorter-term Treasury securities	After Treasury bill rates plummeted as much as 0.70 percentage point on Friday , they gave back three-fourths of that amount yesterday
+8	But prices of junk bonds rebounded to post small gains after a volatile trading session	Junk bonds opened as much as four points lower but staged a modest comeback as stock prices firmed
+6	trading in Tokyo was `` very active '' but highly volatile	We went down 3/4 point in 10 minutes right before lunch , then after lunch we went up 3/4 point in 12 minutes
+2	Tokyo 's market turned out to be a bad bellwether for U.S. trading	When the market opened here , bonds prices fell as the stock market regained strength
+5	Industrial production is expected to have declined 0.2 % , according to a consensus of economists surveyed by Dow Jones Capital Markets Report	The August trade deficit is expected to have widened to $ 9.1 billion from $ 7.58 billion in July
+8	A widening of that magnitude is `` not a favorable number	It could do damage to us
+2	There 's lots of supply	We have a couple or three tough weeks coming
+5	The benchmark 30-year Treasury bond was quoted late at a price of 101 19/32 , compared with a closing price of 103 12/32 Friday	The yield on the benchmark issue rose to 7.97 % from 7.82 %
+10	The benchmark 30-year Treasury bond was quoted late at a price of 101 19/32 , compared with a closing price of 103 12/32 Friday	The yield on the benchmark issue rose to 7.97 % from 7.82 %
+6	Short-term interest rates fell yesterday at the government 's weekly Treasury bill auction	The average discount rate on new three-month Treasury bills was 7.37 % , the lowest since the average of 7.36 % at the auction on Oct. 17 , 1988
+5	The average discount rate on new three-month Treasury bills was 7.37 % , the lowest since the average of 7.36 % at the auction on Oct. 17 , 1988	The average discount rate was 7.42 % on new six-month bills , the lowest since the average of 7.35 % at the auction on July 31 , 1989
+5	and 10 % securities were at 102 2/32 , off 24/32	Federal Home Loan Mortgage Corp. 9 % securities were at 97 1/4 , down 3/4
+10	and 10 % securities were at 102 2/32 , off 24/32	Federal Home Loan Mortgage Corp. 9 % securities were at 97 1/4 , down 3/4
+1	Federal Home Loan Mortgage Corp. 9 % securities were at 97 1/4 , down 3/4	On Friday , mortgage issues gained as much as 1 5/32
+8	Trading was hectic during the morning , with players trying to gauge whether equities would continue Friday 's free fall or stabilize after a brief spot of weakness	Tax-exempts started the session flat to a touch higher on anticipation of further stock market erosion , but bond prices rapidly turned south as it became more clear that a repeat of the October 1987 crash was n't at hand
+2	Professionals dominated municipal trading throughout the session	retail investors seemed to be hugging the sidelines until a measure of volatility is wrung out of the market
+5	Florida Board of Education 's 7 1/4 % issue of 2023 was 5/8 point weaker at 99 1/2 bid	The 7 1/8 % issue of Triborough Bridge and Tunnel Authority of New York , due 2019 , was off 5/8 at 98 1/8 bid
+5	Sales surged 40 % to 250.17 billion yen from 178.61 billion	Net income rose 11 % to 29.62 billion yen from 26.68 billion
+1	Sales surged 40 % to 250.17 billion yen from 178.61 billion	Net income rose 11 % to 29.62 billion yen from 26.68 billion
+1	Net income rose 11 % to 29.62 billion yen from 26.68 billion	Pershare net fell to 423.3 yen from 457.7 yen because of expenses and capital adjustments
+2	There is no pressing need to sell the unit	We are only going to sell at the right price
+10	Hertz Equipment had operating profit before depreciation of $ 90 million on revenue of $ 150 million in 1988	The closely held Hertz Corp. had annual revenue of close to $ 2 billion in 1988 , of which $ 1.7 billion was contributed by its Hertz Rent A Car operations world-wide
+5	Hertz Equipment had operating profit before depreciation of $ 90 million on revenue of $ 150 million in 1988	The closely held Hertz Corp. had annual revenue of close to $ 2 billion in 1988 , of which $ 1.7 billion was contributed by its Hertz Rent A Car operations world-wide
+1	the third-quarter estimate indicates profit for the nine months of $ 4.65 a share , `` almost equal to the full-year 1988 earnings '' of $ 108.6 million , or $ 4.81 a share	In the first nine months of 1988 , net was $ 85 million , or $ 3.76 a share
+2	that as of the close of business yesterday , 560,839 shares had been tendered	Including the stake DIG already held , DIG holds a total of about 25 % of Di Giorgio 's shares on a fully diluted basis
+2	If you guessed black-and-white snapshots , you 're right	After years of fading into the background , two-tone photography is coming back
+5	Trendy magazine advertisements feature stark black-and-white photos of Hollywood celebrities pitching jeans , shoes and liquor	Portrait studios accustomed to shooting only in color report a rush to black-and-white portrait orders
+6	What 's happening in photography mirrors the popularity of black and white in fashion , home furnishings and cinematography	On Seventh Avenue , designers have been advancing the monochrome look with clothing collections done entirely in black and white
+6	Photographic companies are scrambling to tap the resurging market , reviving some black-and-white product lines and developing new ones	At Kodak , which largely ignored the market for years , black-and-white film sales now account for nearly 15 % of the company 's $ 3 billion in film and paper sales annually , up from 10 % three years ago . The Rochester , N.Y. , photographic giant recently began marketing T-Max 3200 , one of the fastest and most sensitive monochrome films
+8	Also trying to snare a portion of the $ 2 billion-a-year industry is Agfa Corp. , a unit of Bayer AG	Agfa recently signed Olympic gold medalist Florence Griffith-Joyner to endorse a new line of black-and-white paper
+8	that 's geared to consumers and will compete directly with Kodak 's papers	Slated for market by the end of the year , the paper `` could have been introduced a long time ago but the market was n't there then , '' says an Agfa spokesman
+8	The biggest beneficiary of the black-and-white revival is likely to be International Paper Co. 's Ilford division , known in the industry for its premium products	Sales of Ilford 's four varieties of black-and-white film this year are outpacing growth in the overall market , although the company wo n't say by exactly how much
+2	Sales of Ilford 's four varieties of black-and-white film this year are outpacing growth in the overall market	We hope the trend lasts
+5	For baby boomers who grew up being photographed in color , black and white seems eye-catching and exotic	It has an archival , almost nostalgic quality to it
+5	It has an archival , almost nostalgic quality to it	You can shift out of reality with black and white
+8	Such features have been especially attractive to professional photographers and marketing executives , who have been steadily increasing their use of black and white in advertising	Processing of black-and-white commercial film jumped 24 % last year to 18.7 million rolls
+1	Consider Gap Inc. , whose latest ad campaign features black-and-white shots of Hollywood stars , artists and other well-known personalities modeling the retailer 's jeans and T-shirts	Gap did n't intentionally choose black and white to distinguish its ads from the color spreads of competitors
+2	Even food products and automobiles are making the switch	Companies `` feel black and white will convey a stronger statement
+2	Portrait studios have also latched onto the trend	Using black and white , `` we can make housewives look like stars
+3	she spurned a color portrait for black and white because `` it 's more dramatic	I show it to my friends , and they all say 'wow
+6	she spurned a color portrait for black and white because `` it 's more dramatic	I show it to my friends , and they all say 'wow
+2	I show it to my friends , and they all say 'wow	It is n't ordinary like color
+2	One big obstacle is that few drugstores develop the film anymore	Typically , it must be mailed to a handful of processors and may take a week or more to be processed and returned
+6	Other companies are introducing related products	Charles Beseler Co. , a leading maker of photographic enlargers , introduced last month a complete darkroom starter kit targeted at teen-agers who want to process their own black-and-white photographs
+8	The kit , which has a suggested retail price of $ 250 and has already become a bestseller , was introduced after retailers noticed numerous requests from parents for children 's photography equipment	It seems computers as hobbies have waned
+2	the resurgence of black and white is only a fad	the emergence of still electronic photography , more newspapers turning to color on their pages and measurable improvements in the quality of color prints
+8	the resurgence of black and white is only a fad	the emergence of still electronic photography , more newspapers turning to color on their pages and measurable improvements in the quality of color prints
+6	Black and white has n't made the same quantum leaps in technological development as color	The color print today is far superior to prints of 10 years ago
+1	The color print today is far superior to prints of 10 years ago	You ca n't say the same with black and white
+2	But when Popular Photography , a leading magazine for photographers , selected 15 of the greatest photos ever made for its latest issue celebrating photography 's 150th anniversary , all were black and white	It 's got a classic spirit and carries over emotionally
+5	For the nine months , the newspaper chain had almost a 23 % increase in profit to $ 23.6 million , or 83 cents a share , from $ 19.2 million , or 68 cents a share	Sales grew almost 7 % to $ 279.1 million from $ 261.3 million
+1	that the Swiss oil concern was examining the offer , submitted last Friday , along with two other offers , also submitted last week	Those two offers were private and the spokesman refused to identify the bidding companies
+5	The latest reading of 223.0 was up from 222.3 in July and 215.3 as recently as March	The August rise marked the fifth straight monthly gain for the indicator , which uses the 1967 average as a base of 100
+2	In contrast , the Commerce Department 's widely followed index of leading indicators , while up in August , has fallen repeatedly since reaching a high early this year	Its ragged behavior through much of 1989 has prompted some forecasters to anticipate the start of a new recession perhaps before year 's end
+8	the Columbia analysts foresee uninterrupted economic growth through the rest of this year and next year as well	They expect a 2.6 % rise in 1990 in the gross national product , after adjustment for inflation
+8	Underlying this optimism is the index 's longstanding ability to signal recessions or recoveries , as the case may be , by substantially greater periods than the Commerce Department 's index of leading indicators	Over the full post-World War II era , the Columbia index , on the average , has entered sustained declines 14 months before the onset of recessions and turned up eight months before recoveries
+8	The Columbia economists also have reconstructed how the long leading index would have behaved , had it existed , in 1929 , before the stock market crash in October that ushered in the Great Depression	The indicator reached a peak in January 1929 and then fell steadily up to and through the crash
+2	The indicator reached a peak in January 1929 and then fell steadily up to and through the crash	It was an entirely different pattern from what we 're seeing now
+8	As recently as 1975 , the stock market -- as reflected in the Standard & Poor 's index of 500 common stocks -- was rated by the National Bureau of Economic Research as the best of the 12 leading indicators that then made up the Commerce index	It was assigned a mark of 80 out of a possible 100 , compared with scores ranging as low as 69 for the other components
+1	BSN will initially acquire a 15 % interest in Birkel , a closely held concern	The French group has an agreement giving it the right to buy all the shares outstanding
+5	it reduced its rating on $ 281 million of senior and subordinated debt of this thrift holding company , to C from Ca	it confirmed American Continental 's preferred stock rating at C
+8	The rating agency also reduced the ratings for long-term deposits to B-3 from Ba-3 and for preferred stock to Ca from Caa	about $ 85 million in securities was affected
+8	THE STOCK MARKET AVOIDED a repeat of Black Monday as prices recovered from an early slide , spurred by bargain-hunting institutions and program traders	The Dow Jones industrials closed up 88.12 points , at 2657.38 , the fourth-biggest gain ever , after being down as much as 63.52 points in the morning
+1	The Dow Jones industrials closed up 88.12 points , at 2657.38 , the fourth-biggest gain ever , after being down as much as 63.52 points in the morning	The rally erased about half of Friday 's 190.58-point plunge , but analysts are cautious about the market 's outlook
+5	The dollar also rebounded , while bond prices plummeted and Treasury bill rates soared	Junk bonds also recovered somewhat , though trading remained stalled
+5	Junk bonds also recovered somewhat , though trading remained stalled	Gold also rose
+2	Donald Trump withdrew his $ 7.54 billion offer for American Air	AMR slid $ 22.125 , to $ 76.50
+5	Also , a UAL group tried to get financing for a lower bid , possibly $ 250 a share	UAL fell $ 56.875 , to $ 222.875
+1	U.S. auto makers plan to decrease car production 10.4 % in the fourth quarter , with virtually all the decline coming from the Big Three	Output at Japanese-owned and managed plants in the U.S. is due to rise 42 %
+2	Budget director Darman said he wo n't give federal agencies much leeway in coping with Gramm-Rudman spending cuts	Darman hopes to prod Congress to finish a deficit plan
+2	The S & L bailout agency would be restricted by a new bill in how it raises capital	The Ways and Means plan would create another possible obstacle to selling sick thrifts
+9	A natural gas rule was struck down by a federal appeals court	The regulation had prevented pipeline firms from passing part of $ 1 billion in costs along to customers
+10	Merrill Lynch 's profit slid 37 % in the third quarter	Bear Stearns posted a 7.5 % gain , while PaineWebber had a decline due to a year-ago gain
+1	Merrill Lynch 's profit slid 37 % in the third quarter	Bear Stearns posted a 7.5 % gain , while PaineWebber had a decline due to a year-ago gain
+2	Blue Arrow of Britain plans to return to the name Manpower and take a big write-off	The moves may help the firm solidify its dominance of the U.S. temporary-help market
+1	J.P. Morgan posted a $ 1.82 billion loss for the third quarter , reflecting a big addition to loan-loss reserves	NCNB 's profit more than doubled
+2	These rate indications are n't directly comparable	lending practices vary widely by location
+5	Under the agreement , Intel will invest $ 3 million to acquire a 4 % stake in Alliant , a maker of minisupercomputers for scientists and engineers	Alliant will license its parallel-computing technologies to Intel , providing users a way to let many i860 microprocessors in a single computer work on a problem simultaneously
+1	Alliant said it plans to use the microprocessor in future products	It declined to discuss its plans for upgrading its current product line
+2	the sale completes a previously announced program to divest itself of its hardware and plumbing supplies operations	The company 's remaining business is the manufacture and sale of engine and transmissions products for industrial and transportation applications
+5	it sustained a net loss of $ 1.6 million , or nine cents a share , compared with net income of $ 1.3 million , or eight cents a share , a year earlier	Operating revenue rose 13 % to $ 22.2 million from $ 19.7 million in the year-earlier quarter
+6	To the extent Mr. Stanley has done anything wrong , it may be that he is out of step with the consensus of world intellectuals that the Namibian guerrillas were above all else the victims of suppression by neighboring South Africa	SWAPO has enjoyed favorable Western media treatment ever since the U.N. General Assembly declared it the `` sole , authentic representative '' of Namibia 's people in
+10	In July , Mr. Stanley , editor of American Press International , a Washington D.C.-based conservative wire service , visited Namibia to report on the U.N.-monitored election campaign	He interviewed Mr. O'Linn , head of a commission charged with investigating electoral intimidation , and reported that Mr. O'Linn was openly sympathetic to SWAPO and indeed had defended its leaders in court
+9	He interviewed Mr. O'Linn , head of a commission charged with investigating electoral intimidation , and reported that Mr. O'Linn was openly sympathetic to SWAPO and indeed had defended its leaders in court	After Mr. Stanley 's article was published in two Namibian newspapers , Mr. O'Linn had criminal charges brought against their editors , publisher and lawyer
+9	After Mr. Stanley 's article was published in two Namibian newspapers , Mr. O'Linn had criminal charges brought against their editors , publisher and lawyer	Mr. Stanley was arrested and charged along with the others when he returned to Namibia this month
+2	Mr. Stanley 's arrest is the latest in a series of incidents that threaten to derail Namibia 's elections	Both South African and SWAPO extremists are intimidating voters
+8	Mr. Stanley 's arrest is the latest in a series of incidents that threaten to derail Namibia 's elections	Both South African and SWAPO extremists are intimidating voters
+5	Both South African and SWAPO extremists are intimidating voters	The U.S. is in the habit of arranging peace settlements and then washing its hands over the tragic results
+1	The U.S. is in the habit of arranging peace settlements and then washing its hands over the tragic results	It now has the chance to redress that record in Namibia
+8	It now has the chance to redress that record in Namibia	State and the human-rights community should insist that Mr. Stanley and his fellow defendants be released and that the United Nation 's monitors make certain that Mr. O'Linn 's commission investigates election complaints from all sides
+8	Copper and crude oil reacted sharply to the concern that a crash yesterday could have a potentially devastating effect on the economy	Copper fell and showed little rebound through the day as one of the major supply problems that had been supporting prices appeared to be solved
+5	Copper fell and showed little rebound through the day as one of the major supply problems that had been supporting prices appeared to be solved	Crude oil declined early , but as the stock market retained early gains , it , too , became stronger , ending with a small net loss
+10	Copper fell and showed little rebound through the day as one of the major supply problems that had been supporting prices appeared to be solved	Crude oil declined early , but as the stock market retained early gains , it , too , became stronger , ending with a small net loss
+5	and platinum behaved independently	Silver performed quietly
+10	and platinum behaved independently	Silver performed quietly
+1	The spot October gold price rose $ 4 to $ 367.30 an ounce	The more active December delivery gold settled with a gain of $ 3.90 an ounce at $ 371.20 , after trading as high as $ 374
+5	The more active December delivery gold settled with a gain of $ 3.90 an ounce at $ 371.20 , after trading as high as $ 374	December silver was up 2.3 cents an ounce at $ 5.163
+10	The more active December delivery gold settled with a gain of $ 3.90 an ounce at $ 371.20 , after trading as high as $ 374	December silver was up 2.3 cents an ounce at $ 5.163
+5	December silver was up 2.3 cents an ounce at $ 5.163	Platinum behaved more like an industrial metal , easing early on concern over a possible weaker economy , but recovering later , as the stock market strengthened
+1	For one thing , last Friday , precious metals markets closed before the stock market went into its late-in-the-day nose dive , so it could n't react to it	Back on Friday , Oct. 16 , l987 , the stock market declined during the day , and gold prices surged as the stock market fell
+8	and gold prices surged as the stock market fell	The October 1987 contract that day rose as much as $ 8.70 to as high as $ 471.60
+9	The October 1987 contract that day rose as much as $ 8.70 to as high as $ 471.60	On Black Monday , Oct. 19 , 1987 , the October contract tacked on further gains , rising to as high as $ 491.50 for a gain of almost $ 20 on top of the Friday advances , before giving up almost $ 10 of that at the close
+5	Yesterday 's October gain of $ 4 was miniscule compared with that	the gold market already had some good price-supporting technical factors that would have caused prices to rise , with or without the stock market
+2	the gold market already had some good price-supporting technical factors that would have caused prices to rise , with or without the stock market	What the stock market did was cause the rise to take place earlier than it would have happened
+2	What the stock market did was cause the rise to take place earlier than it would have happened	There 's a good chance that gold will retain its gains and rise further
+2	There 's a good chance that gold will retain its gains and rise further	He expects a drop in interest rates , which would help gold by keeping the dollar from rising
+8	petroleum futures traders called a halt to the recent string of increases in crude oil futures prices	The U.S. benchmark crude , West Texas Intermediate , closed at $ 20.59 a barrel for November delivery , down 30 cents
+2	that Friday 's stock market drop is what dampened spirits in the petroleum pits yesterday	Until yesterday , futures prices had been headed up on expectations that world oil demand will continue to be strong
+8	Until yesterday , futures prices had been headed up on expectations that world oil demand will continue to be strong	The Organization of Petroleum Exporting Countries increased its production ceiling for the fourth quarter based on projections of robust demand
+6	Futures prices fell	The December contract declined 3.05 cents a pound to $ 1.2745
+5	The December contract declined 3.05 cents a pound to $ 1.2745	Prices were down from the outset of trading
+2	Last week that company and union negotiations had overcome the major hurdle , the contracting out of work by the company	Now only minor points remain to be cleaned up
+8	Now only minor points remain to be cleaned up	For all intents and purposes , an agreement appears to have been achieved
+1	Copper inventories in New York 's Commodity Exchange warehouses rose yesterday by 516 tons , to 10,004 tons	London Metal Exchange copper inventories last week declined 13,575 tons , to 89,300 tons
+6	However , this was brushed aside by concern over the stock market	At one point in futures trading , as the stock market firmed , the December contract rose to as high as $ 1.2965 , but it was n't able to sustain the gain
+2	but it was n't able to sustain the gain	It was simply overbought
+6	Futures prices eased	The December contract ended with a loss of 0.22 cent a pound , at 74.48 cents
+9	prices began to slip late Friday	That selling continued yesterday and kept prices under pressure
+1	Colder weather is being predicted for the high plains of Texas and the northern states of the Delta during the coming weekend	That has n't yet captured traders ' attention
+6	Futures prices declined	The March contract was off 0.32 cent a pound at 13.97 cents
+1	The March contract was off 0.32 cent a pound at 13.97 cents	At one point in early trading the March price rose to as high as 14.22 cents when the stock market recovered
+0	that India did n't make any purchases	India recently bought 200,000 tons and was expected to buy more
+8	Another analyst thought that India may have pulled back because of the concern over the stock market	India may have felt that if there was a severe drop in the stock market and it affected sugar , it could buy at lower prices , '' said Judith Ganes , analyst for Shearson Lehman Hutton , New York
+1	India may have felt that if there was a severe drop in the stock market and it affected sugar , it could buy at lower prices	At any rate India needs the sugar , so it will be in sooner or later to buy it
+1	The prices of most grain futures contracts rose slightly yesterday out of relief that the stock market was showing signs of recovering	Earlier in the session , the prices of several soybean contracts set new lows
+1	Earlier in the session , the prices of several soybean contracts set new lows	A broad rally began when several major processors began buying futures contracts
+8	the third-quarter earnings that the company plans to report Oct. 24 are expected to be up	he was `` comfortable '' with revised analysts ' projections that the company would report earnings of between 62 cents and 64 cents a share , compared with the 53 cents a share it reported for the 1988 third quarter
+1	Golden West Financial Corp posted a 16 % increase of third-quarter earnings to $ 41.8 millon , or 66 cents a share	The company earned $ 36 million , or 57 cents a share , in the year-ago quarter
+1	which involves the use of a multilayer plastic bag during repairs to capture the gaseous substance and transport it to a recycling center	Earlier repairs vented the CFCs out of the home through a hose directly into the atmosphere
+6	and a number of companies are seeking to curtail use , or at least emission , of the substance	Whirpool said , `` We see this process as a small but important step toward eventual elimination of CFC use in appliance manufacture
+5	However , Maxus said it believes the reserves in the field are about 10 million barrels of oil	The Intan Field has estimated reserves of 50 million barrels and the Widuri Field has estimated reserves of 225 million barrels
+5	the restatement will reduce its net for the nine months ended July 31 to $ 2.5 million , or 17 cents a share , from $ 3.7 million , or 26 cents a share	Net for the third quarter , restated , is $ 1.6 million , or 10 cents a share
+2	But because of confusion , it took those credits again in reporting its results through the first nine months	the change increases the company 's effective tax rate to about 35 % from 20 %
+10	In American Stock Exchange composite trading , ISI closed up $ 3.125 at $ 18.625	In Montreal Exchange trading , Memotec closed unchanged at 10.625 Canadian dollars ( US $ 9.05
+5	In American Stock Exchange composite trading , ISI closed up $ 3.125 at $ 18.625	In Montreal Exchange trading , Memotec closed unchanged at 10.625 Canadian dollars ( US $ 9.05
+1	Charles Johnston , ISI chairman and president , agreed to sell his 60 % stake in ISI to Memotec upon completion of the tender offer for a combination of cash , Memotec stock and debentures	the tender offer is conditioned on , among other things , holders tendering at least 15 % of the shares outstanding
+5	its board has instructed management to accept inquiries from any others interested in making a bid	it can withdraw from the merger agreement with Memotec if a better bid surfaces
+5	2.6 million shares have been purchased since then	it will buy additional shares `` from time to time in the open market or in private transactions at prevailing market prices
+1	CWA 's New Jersey Commercial local , which represents about 2,500 service representatives and marketing employees , rejected the tentative agreement	Both the union and the regional telephone company said they were working together to resolve differences
+5	and investors large and small seemed to accept Friday 's dizzying 190-point plunge as a sharp correction , not a calamity	Many went bargain-hunting
+2	At first , it seemed as if history might repeat itself	As trading opened yesterday morning on the Big Board , stocks of many of the nation 's biggest companies could n't open for trading because a wave of sell orders was overwhelming buyers
+2	As trading opened yesterday morning on the Big Board , stocks of many of the nation 's biggest companies could n't open for trading because a wave of sell orders was overwhelming buyers	By 10:10 , the Dow Industrials were off 63.52 points
+9	it began to turn around	It ended with a gain of 88.12 points
+2	it began to turn around	It ended with a gain of 88.12 points
+0	By the market 's close , volume on the New York exchange totaled more than 416 million , the fourth highest on record	The Big Board handled the huge volume without any obvious strain , in sharp contrast to Black Monday of 1987
+1	The Frankfurt stock exchange was hardest hit of the major markets , with blue chips there falling 12.8 %	In London , a midday rally left the market 's major index off 3.2 %
+5	and Tokyo 's leading stock index fell only 1.8 % in surprisingly lackluster trading	Other , more thinly traded Asian markets were hit harder than Tokyo 's , but there were no free-fall declines
+8	they learned valuable lessons since the 1987 crash	In this age of computerized trading , huge corrections or runups in a few hours ' time must be expected
+2	There was less panic than in 1987	We had been through it once
+8	In Somerset , Wis. , Adrian Sween agrees	I look at it as a ho-hum matter
+6	Many other factors played a part in yesterday 's comeback	The Federal Reserve signaled its willingness to provide liquidity
+8	The Federal Reserve signaled its willingness to provide liquidity	the interest rate on its loans to major banks inched downward early in the day
+5	The Federal Reserve signaled its willingness to provide liquidity ; the interest rate on its loans to major banks inched downward early in the day	Foreign stock markets , which kicked off Black Monday with a huge selling spree , began the day off by relatively modest amounts
+5	Foreign stock markets , which kicked off Black Monday with a huge selling spree , began the day off by relatively modest amounts	The dollar , after falling sharply in overnight trading to 139.10 yen , bounced back strongly to 141.8 , thus easing fears that foreigners would unload U.S. stocks
+6	some market professionals cautioned that there is nothing present in the current market system to prevent another dizzying drop such as Friday 's	There is too much complacency , '' says money manager Barry Schrager
+8	where the Nikkei average of 225 blue-chip stocks got off to a rocky start	The average plunged some 600 points , or 1.7 % , in the first 20 minutes of trading
+6	Unlike two years ago , most of Japan 's major investors chose to sit this calamity out	In Merrill Lynch & Co. 's Tokyo trading room , some 40 traders and assistants sat quietly , with few orders to process
+2	In Merrill Lynch & Co. 's Tokyo trading room , some 40 traders and assistants sat quietly , with few orders to process	Clients `` are all staying out '' of the market
+6	The relative calm in Tokyo proved little comfort to markets opening up in Europe	Frankfurt 's opening was delayed a half hour because of a crush of sell orders
+8	Frankfurt 's opening was delayed a half hour because of a crush of sell orders	The beginning was chaotic
+2	In London , the view from the trading floor of an American securities firm , Jefferies & Co. , also was troubling	A computer screen displaying 100 blue-chip stocks colors each one red when its price is falling.The screen was a sea of red
+8	In London , the view from the trading floor of an American securities firm , Jefferies & Co. , also was troubling	A computer screen displaying 100 blue-chip stocks colors each one red when its price is falling.The screen was a sea of red
+0	The screen was a sea of red	I see concern , but I do n't see panic
+9	When trading opened in New York at 9:30 a.m. EDT , stocks fell sharply -- as expected	Futures markets in Chicago had opened at a level suggesting the Dow would fall by about 60 points
+5	Futures markets in Chicago had opened at a level suggesting the Dow would fall by about 60 points	With sell orders piled up from Friday , about half the stocks in the Dow could n't open on time
+9	With sell orders piled up from Friday , about half the stocks in the Dow could n't open on time	By 9:45 , the industrial average had dropped 27 points
+5	By 9:45 , the industrial average had dropped 27 points	By 10 a.m. , it was down 49
+9	By 9:45 , the industrial average had dropped 27 points	By 10 a.m. , it was down 49
+9	By 10 a.m. , it was down 49	Ten minutes later , the Dow hit bottom-down 63.52 points , another 2.5 %
+6	But shortly before then they sensed a turn	The first thing that caught my eye that was encouraging was Treasury bonds were off
+2	The first thing that caught my eye that was encouraging was Treasury bonds were off	It meant that people were n't running pell-mell to the safety of bonds
+2	Shortly after 10 a.m. , the Major Market Index , a Chicago Board of Trade futures contract of 20 stocks designed to mimic the DJIA , exploded upward	Stock traders were buoyed
+9	The MMI has gone better , '' shouted a trader in the London office of Shearson Lehman Hutton	Shearson 's London trading room went wild
+8	Shearson 's London trading room went wild	Traders shouted out as their Reuters , Quotron and Telerate screens posted an ever-narrowing loss on Wall Street
+2	Then , nine minutes later , Wall Street suddenly rebounded to a gain on the day	Rally , rally , rally , '' shouted Shearson 's Andy Rosen
+5	Japanese were said to be heavy buyers	German and Dutch investors reportedly loaded up on Kellogg Co
+1	Japanese were said to be heavy buyers	German and Dutch investors reportedly loaded up on Kellogg Co
+2	By 10:25 , the Dow had turned up for the day , prompting cheers on trading desks and exchange floors	Among Big Board specialists , the cry was `` Pull your offers
+8	It was bedlam on the upside	What we had was a real , old-fashioned rally
+8	Typical , perhaps , was Batterymarch 's Dean LeBaron	Mr. LeBaron , who manages $ 10 billion , says , `` We turned the trading system on , and it did whatever it was programmed to do
+1	Mr. LeBaron says , `` We turned the trading system on , and it did whatever it was programmed to do	Asked what stocks the computer bought , the money manager says , `` I do n't know
+6	Not everybody was making money	The carnage on the Chicago Board Options Exchange , the nation 's major options market , was heavy after the trading in S & P 100 stock-index options was halted Friday
+2	The carnage on the Chicago Board Options Exchange , the nation 's major options market , was heavy after the trading in S & P 100 stock-index options was halted Friday	Many market makers in the S & P 100 index options contract had bullish positions Friday , and when the shutdown came they were frozen with huge losses
+2	Many market makers in the S & P 100 index options contract had bullish positions Friday , and when the shutdown came they were frozen with huge losses	Over the weekend , clearing firms told the Chicago market makers to get out of their positions at any cost Monday morning
+2	Meanwhile , a test of the stock market 's rally came at about 2 p.m. , with the Dow at 2600 , up 31 points on the day	bargain hunting had explained the Dow 's strength up to that point and that many market professionals were anticipating a drop in the Dow
+9	Instead , the rally only paused for about 25 minutes and then steamed forward as institutions resumed buying	The market closed minutes after reaching its high for the day of
+2	Instead , the rally only paused for about 25 minutes and then steamed forward as institutions resumed buying	The market closed minutes after reaching its high for the day of
+6	Across the country , many people took yesterday 's events in stride , while remaining generally uneasy about the stock market in general	Says James Norman , the mayor of Ava , Mo . : `` I do n't invest in stocks.I much prefer money I can put my hands on . '' While Mayor Norman found the market 's performance Monday reassuring , he says , he remains uneasy
+2	I do n't invest in stocks	I much prefer money I can put my hands on
+2	he remains uneasy	We have half the experts saying one thing and half the other '' about the course of the economy
+2	You 're on a roller coaster , and that may last	The public is still cautious
+1	and Pizza Hut Inc. questioned whether the purchase would violate National Pizza 's franchise agreements	National Pizza said it settled its dispute with Pizza Hut , allowing it to make the purchase
+5	For the 12 weeks ended Sept. 3 , Skipper 's had net income of $ 361,000 , or 13 cents a share , compared with a net loss a year earlier	Revenue was $ 19.9 million
+8	Gorbachev blamed the Soviet Union 's press for contributing to the nation 's mounting problems	At a meeting Friday , the Kremlin leader complained about recent articles that raised the possiblity of civil unrest , and accused the media of fueling panic buying of goods by publishing stories about impending shortages
+5	and a federal appeals court in Washington dismissed a lawsuit by anti-nuclear groups to delay the flight because the plutonium-powered Galileo space probe was aboard	it did n't expect weather or protesters to block the liftoff
+1	but did n't show any real signs of resuming full diplomatic ties	The Egyptian president said he would visit Libya today to resume the talks
+5	Freed black nationalists resumed political activity in South Africa and vowed to fight against apartheid , raising fears of a possible white backlash	The nation 's main white opposition party warned that the government 's release Sunday of eight black political prisoners risked bringing chaos and eventual black Marxist rule to the nation
+1	Freed black nationalists resumed political activity in South Africa and vowed to fight against apartheid , raising fears of a possible white backlash	The nation 's main white opposition party warned that the government 's release Sunday of eight black political prisoners risked bringing chaos and eventual black Marxist rule to the nation
+1	Bush is `` fully satisfied '' with CIA Director Webster and the intelligence agency 's performance during the Oct. 3 failed coup in Panama	that unidentified senior administration officials were frustrated with Webster 's low-profile activities during the insurrection and wanted him replaced
+1	Mr. Farley said the sale of three of Cluett 's four main divisions plus other `` anticipated '' West Point-Pepperell asset sales by December , should bring in a total of about $ 700 million	He did n't elaborate on other asset sales being considered
+2	The moves also could erase shareholders ' perception of Blue Arrow as a company in turmoil	It further reinforces the concept that Blue Arrow is a thing of the past
+9	In a widely publicized boardroom coup , Mr. Fromstein ousted Antony Berry as Blue Arrow chief executive in January	Mr. Fromstein solidified his control in April by taking over from Mr. Berry as chairman
+8	different British and American accounting standards produce higher reported earnings for British companies	Under British rules , Blue Arrow was able to write off at once the $ 1.15 billion in good will arising from the purchase.As a U.S.-based company , Blue Arrow would have to amortize the good will over as many as 40 years , creating a continuing drag on reported earnings
+1	Under British rules , Blue Arrow was able to write off at once the $ 1.15 billion in good will arising from the purchase	As a U.S.-based company , Blue Arrow would have to amortize the good will over as many as 40 years , creating a continuing drag on reported earnings
+2	But with so many shares now held in the U.S. , Blue Arrow reports its earnings two ways , based on both U.K. and U.S. accounting standards	Our balance sheets look like they came from Alice 's wonderland
+6	Our balance sheets look like they came from Alice 's wonderland	The British version shows `` a handful of pounds of net worth '' following the 1987 write-off of good will , while the American version reflects `` $ 1 billion of net worth because almost none of { the good will } has been written off
+1	but would n't specify how much	People close to Blue Arrow suggested the write-down would represent a sizable chunk , with executives claiming prior management overstated the extent of Manpower 's good will
+6	and its profits have dropped	Last year 's earnings of $ 1.3 million , including $ 815,000 from a restructuring gain , were far below the year-earlier $ 8.4 million
+2	Besides spurring Barry Wright 's sales , which were $ 201.7 million in 1988 , Mr. Sim must pare its costs and product line	The question is how long it 's going to take Barry Wright to make a contribution
+8	The answer will help determine whether Applied continues to reach the ambitious goals set by Mr. Sim	The Butler , Wis. , manufacturer went public at $ 15.75 a share in August 1987 , and Mr. Sim 's goal then was a $ 29 per-share price by 1992
+5	and Mr. Sim 's goal then was a $ 29 per-share price by 1992	Strong earnings growth helped achieve that price far ahead of schedule , in August 1988
+1	Strong earnings growth helped achieve that price far ahead of schedule , in August 1988	The stock has since softened
+8	In Barry Wright , Mr. Sim sees a situation `` very similar '' to the one he faced when he joined Applied as president and chief operating officer in 1985	Applied , then a closely held company , was stagnating under the management of its controlling family
+8	Applied , then a closely held company , was stagnating under the management of its controlling family	While profitable , it `` was n't growing and was n't providing a satisfactory return on invested capital
+2	the new unit 's operations `` fundamentally sound that Barry Wright has been fairly successful in moving into markets that have n't interested larger competitors	With a little patience , these businesses will perform very satisfactorily
+1	it will be easier to turn Barry Wright around since he 's now in the driver 's seat	When he came to Applied , `` I did n't have the power to execute as I do today
+2	At Applied , Mr. Sim set growth as his first objective	He took the company public in an offering that netted Applied about $ 12.6 million , which helped launch the company 's acquisition program
+5	He took the company public in an offering that netted Applied about $ 12.6 million , which helped launch the company 's acquisition program	Sales climbed to an estimated $ 245 million in fiscal 1989 , ended Aug. 31 , from $ 99.9 million in fiscal 1985
+5	Sales climbed to an estimated $ 245 million in fiscal 1989 , ended Aug. 31 , from $ 99.9 million in fiscal 1985	The company expects that earnings reached about $ 20.8 million , or $ 1.58 a share , in the fiscal year just ended , up from $ 15.2 million in fiscal 1988 and $ 3.9 million in 1985
+7	Some `` circuit breakers '' installed after the October 1987 crash failed their first test unable to cool the selling panic in both stocks and futures	The 49 stock specialist firms on the Big Board floor once again could n't handle the selling pressure
+7	Some `` circuit breakers '' installed after the October 1987 crash failed their first test unable to cool the selling panic in both stocks and futures.The 49 stock specialist firms on the Big Board floor -- the buyers and sellers of last resort who were criticized after the 1987 crash -- once again could n't handle the selling pressure . Big investment banks refused to step up to the plate to support the beleaguered floor traders by buying big blocks of stock	Heavy selling of Standard & Poor 's 500-stock index futures in Chicago relentlessly beat stocks downward
+6	The finger-pointing has already begun	The equity market was illiquid.Once again { the specialists } were not able to handle the imbalances on the floor of the New York Stock Exchange , '' said Christopher Pedersen , senior vice president at Twenty-First Securities Corp
+2	The equity market was illiquid	Once again { the specialists } were not able to handle the imbalances on the floor of the New York Stock Exchange
+1	It is easy to say the specialist is n't doing his job	When the dollar is in a free-fall , even central banks ca n't stop it
+8	Then in a lightning plunge , the Dow Jones industrials in barely an hour surrendered about a third of their gains this year , chalking up a 190.58-point , or 6.9 % , loss on the day in gargantuan trading volume	Final-hour trading accelerated to 108.1 million shares , a record for the Big Board
+5	Final-hour trading accelerated to 108.1 million shares , a record for the Big Board	At the end of the day , 251.2 million shares were traded
+5	At the end of the day , 251.2 million shares were traded	The Dow Jones industrials closed at 2569.26
+1	In percentage terms , however , the Dow 's dive was the 12th-worst ever and the sharpest since the market fell 156.83 , or 8 % , a week after Black Monday	The Dow fell 22.6 % on Black Monday
+9	Shares of UAL , the parent of United Airlines , were extremely active all day Friday , reacting to news and rumors about the proposed $ 6.79 billion buy-out of the airline by an employee-management group	Wall Street 's takeover-stock speculators , or `` risk arbitragers , '' had placed unusually large bets that a takeover would succeed and UAL stock would rise
+2	At 2:43 p.m. EDT , came the sickening news : The Big Board was halting trading in UAL , `` pending news	On the exchange floor , `` as soon as UAL stopped trading , we braced for a panic
+5	On the exchange floor , `` as soon as UAL stopped trading , we braced for a panic	Several traders could be seen shaking their heads when the news flashed
+6	The market crumbled	Arbitragers could n't dump their UAL stock -- but they rid themselves of nearly every `` rumor '' stock they had
+2	The market crumbled	Arbitragers could n't dump their UAL stock -- but they rid themselves of nearly every `` rumor '' stock they had
+2	But as panic spread , speculators began to sell blue-chip stocks such as Philip Morris and International Business Machines to offset their losses	When trading was halted in Philip Morris , the stock was trading at 41 , down 3 3/8 , while IBM closed 5 5/8 lower at 102
+8	Selling snowballed because of waves of automatic `` stop-loss '' orders , which are triggered by computer when prices fall to certain levels	Most of the stock selling pressure came from Wall Street professionals , including computer-guided program traders
+8	Now , at 3:07 , one of the market 's post-crash `` reforms '' took hold as the S & P 500 futures contract had plunged 12 points , equivalent to around a 100-point drop in the Dow industrials	Under an agreement signed by the Big Board and the Chicago Mercantile Exchange , trading was temporarily halted in Chicago
+9	As a result , the link between the futures and stock markets ripped apart	Without the guidepost of stock-index futures -- the barometer of where traders think the overall stock market is headed -- many traders were afraid to trust stock prices quoted on the Big Board
+8	Without the guidepost of stock-index futures many traders were afraid to trust stock prices quoted on the Big Board	The futures halt was even assailed by Big Board floor traders
+6	The futures halt was even assailed by Big Board floor traders	It screwed things up , '' said one major specialist
+2	When the airline information came through , it cracked every model we had for the marketplace	We did n't even get a chance to do the programs we wanted to do
+6	But stocks kept falling	The Dow industrials were down 55 points at 3 p.m. before the futures-trading halt
+1	The Dow industrials were down 55 points at 3 p.m. before the futures-trading halt	At 3:30 p.m. , at the end of the `` cooling off '' period , the average was down 114.76 points
+5	the circuit breaker `` worked well mechanically	it 's nonproductive at this point to get into a debate if index arbitrage would have helped or hurt things
+2	At about 3:30 p.m. EDT , S & P futures resumed trading , and for a brief time the futures and stock markets started to come back in line	Buyers stepped in to the futures pit
+8	At about 3:45 , the S & P market careened to still another limit , of 30 points down , and trading was locked again	the S & P was signaling that the Dow could fall as much as 200 points
+2	I have a hunch that this particular decline today is something ` more ado about less	It would be my inclination to advise clients not to sell , to look for an opportunity to buy
+8	At Merrill Lynch & Co. , the nation 's biggest brokerage firm , a news release was prepared headlined `` Merrill Lynch Comments on Market Drop	The release cautioned that `` there are significant differences between the current environment and that of October 1987 '' and that there are still `` attractive investment opportunities '' in the stock market
+2	And I think a lot of people will harp on program trading	It 's going to bring the debate right back to the forefront
+5	As the Dow average ground to its final 190.58 loss Friday , the S & P pit stayed locked at its 30-point trading limit	2,000 S & P contracts were for sale on the close , the equivalent of $ 330 million in stock
+2	it left the market vulnerable to continued selling this morning	Stock-index futures contracts settled at much lower prices than indexes of the stock market itself
+1	Stock-index futures contracts settled at much lower prices than indexes of the stock market itself	At those levels , stocks are set up to be hammered by index arbitragers , who lock in profits by buying futures when futures prices fall , and simultaneously sell off stocks
+8	But the exchange will `` look at the performance of all specialists in all stocks	Obviously we 'll take a close look at any situation in which we think the dealer-community obligations were n't met
+1	But specialists complain privately that just as in the 1987 crash , the `` upstairs '' firms -- big investment banks that support the market by trading big blocks of stock -- stayed on the sidelines during Friday 's blood-letting	Mr. Phelan said , `` It will take another day or two '' to analyze who was buying and selling Friday
+4	It 's a few hundred years since England has been a kingdom	It 's now the United Kingdom of Great Britain and Northern Ireland , comprising Wales , Northern Ireland , Scotland , and . . . oh yes , England , too
+1	Hooker 's philosophy was to build and sell	We want to build and hold
+10	L.J . Hooker , based in Atlanta , is operating with protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code	Its parent company , Hooker Corp. of Sydney , Australia , is currently being managed by a court-appointed provisional liquidator
+0	The $ 409 million bid is estimated by Mr. Simpson as representing 75 % of the value of all Hooker real-estate holdings in the U.S	Not included in the bid are Bonwit Teller or B. Altman & Co. , L.J . Hooker 's department-store chains
+9	L.J . Hooker was a small home-building company based in Atlanta in 1979 when Mr. Simpson was hired to push it into commercial development	The company grew modestly until 1986 , when a majority position in Hooker Corp. was acquired by Australian developer George Herscu , currently Hooker 's chairman
+5	In addition , Robert Sakowitz , chief executive of the Sakowitz chain , is seeking funds to buy out the Hooker interest in his company	The Merksamer chain is currently being offered for sale by First Boston Corp
+3	the various Hooker malls can become profitable with new management	These are n't mature assets , but they have the potential to be so Managed properly , and with a long-term outlook , these can become investment-grade quality properties
+8	These are n't mature assets , but they have the potential to be so	Managed properly , and with a long-term outlook , these can become investment-grade quality properties
+5	The bills will be dated Oct. 26 and will mature Oct. 25 , 1990	They will be available in minimum denominations of $ 10,000
+5	At Fidelity Investments , the nation 's largest fund company , telephone volume was up sharply , but it was still at just half the level of the weekend preceding Black Monday in 1987	stock-fund redemptions were running at less than one-third the level two years ago
+5	stock-fund redemptions were running at less than one-third the level two years ago	As of yesterday afternoon , the redemptions represented less than 15 % of the total cash position of about $ 2 billion of Fidelity 's stock funds
+1	Two years ago there were massive redemption levels over the weekend and a lot of fear around	This feels more like a one-shot deal
+2	This feels more like a one-shot deal	People are n't panicking
+2	The test may come today	Friday 's stock market sell-off came too late for many investors to act
+8	Friday 's stock market sell-off came too late for many investors to act	Some shareholders have held off until today because any fund exchanges made after Friday 's close would take place at today 's closing prices
+1	Some shareholders have held off until today because any fund exchanges made after Friday 's close would take place at today 's closing prices	Stock fund redemptions during the 1987 debacle did n't begin to snowball until after the market opened on Black Monday
+6	they 're ready	Many have raised cash levels , which act as a buffer against steep market declines
+7	Mario Gabelli , for instance , holds cash positions well above 20 % in several of his funds	Windsor Fund 's John Neff and Mutual Series ' Michael Price said they had raised their cash levels to more than 20 % and 30 % , respectively , this year
+8	A major reason is that investors already have sharply scaled back their purchases of stock funds since Black Monday	Stock-fund sales have rebounded in recent months , but monthly net purchases are still running at less than half 1987 levels
+6	Many fund managers argue that now 's the time to buy	Vincent Bajakian , manager of the $ 1.8 billion Wellington Fund , added to his positions in Bristol-Myers Squibb , Woolworth and Dun & Bradstreet Friday
+5	Fidelity 's Mr. Lynch , for his part , snapped up Southern Co. shares Friday after the stock got hammered	If the market drops further today he 'll be buying blue chips such as Bristol-Myers and Kellogg
+2	If the market drops further today he 'll be buying blue chips such as Bristol-Myers and Kellogg	If they croak stocks like that it presents an opportunity that is `` the kind of thing you dream about
+2	But most investors were seeking share prices and other information	Trading volume was only modestly higher than normal
+2	Still , fund groups are n't taking any chances	They hope to avoid the jammed phone lines and other snags that infuriated some fund investors in October 1987
+0	Fidelity on Saturday opened its 54 walk-in investor centers across the country	The centers normally are closed through the weekend
+6	In an unusual move , several funds moved to calm investors with recordings on their toll-free phone lines	We view { Friday 's } market decline as offering us a buying opportunity as long-term investors , '' a recording at Gabelli & Co. funds said over the weekend
+5	We view { Friday 's } market decline as offering us a buying opportunity as long-term investors , '' a recording at Gabelli & Co. funds said over the weekend	The Janus Group had a similar recording for investors
+8	Several fund managers expect a rough market this morning before prices stabilize	Some early selling is likely to stem from investors and portfolio managers who want to lock in this year 's fat profits
+2	who want to lock in this year 's fat profits	Stock funds have averaged a staggering gain of 25 % through September , according to Lipper Analytical Services Inc
+2	she expects the stock market wo n't decline more than 10 % to 15 % from recent highs	This is not a major crash
+1	Half of them are really scared and want to sell but I 'm trying to talk them out of it	If they all were bullish , I 'd really be upset
+2	The backdrop to Friday 's slide was markedly different from that of the October 1987 crash	Two years ago , unlike today , the dollar was weak , interest rates were rising and the market was very overvalued
+2	From the investors ' standpoint , institutions and individuals learned a painful lesson . . . by selling at the lows '' on Black Monday	This time , `` I do n't think we 'll get a panic reaction
+2	Mr. Otradovec said Boeing told America West that the 757 it was supposed to get this Thursday would n't be delivered until Nov. 7 -- the day after the airline had been planning to initiate service at Houston with four daily flights , including three nonstops to Phoenix and one nonstop to Las Vegas	Now , those routes are n't expected to begin until Jan
+2	that the company can really stand or would want a prolonged walkout	their customers would like it very much
+1	America West , though , is a smaller airline and therefore more affected by the delayed delivery of a single plane than many of its competitors would be	that American and United probably have such a hard time counting all the planes in their fleets , they might not miss one at all
+6	Indeed , a random check Friday did n't seem to indicate that the strike was having much of an effect on other airline operations	Southwest Airlines has a Boeing 737-300 set for delivery at the end of this month and expects to have the plane on time
+8	and expects to have the plane on time	It 's so close to completion , Boeing 's told us there wo n't be a problem
+5	A spokesman for AMR Corp. said Boeing has assured American Airlines it will deliver a 757 on time later this month	American is preparing to take delivery of another 757 in early December and 20 more next year and is n't anticipating any changes in that timetable
+2	No date has yet been set to get back to the bargaining table	We want to make sure they know what they want before they come back
+2	The investment community , for one , has been anticipating a speedy resolution	Though Boeing 's stock price was battered along with the rest of the market Friday , it actually has risen over the last two weeks on the strength of new orders
+8	Though Boeing 's stock price was battered along with the rest of the market Friday , it actually has risen over the last two weeks on the strength of new orders	The market has taken two views : that the labor situation will get settled in the short term and that things look very rosy for Boeing in the long term
+0	The market has taken two views : that the labor situation will get settled in the short term and that things look very rosy for Boeing in the long term	Boeing 's shares fell $ 4 Friday to close at $ 57.375 in composite trading on the New York Stock Exchange
+2	Still it 's possible that the strike could last considerably longer	I would n't expect an immediate resolution to anything
+5	the letter -- and the company 's offer of a 10 % wage increase over the life of the pact , plus bonuses -- `` very weak	that the company miscalculated the union 's resolve and the workers ' disgust with being forced to work many hours overtime
+9	The union is continuing to work through its expired contract , however	It had planned a strike vote for next Sunday , but that has been pushed back indefinitely
+8	The projects are big	They can be C $ 1 billion plus
+4	But we would n't go into them alone , '' and Canadian Utilities ' equity stake would be small	Ideally , we 'd like to be the operator { of the project } and a modest equity investor
+8	Britain 's government plans to raise about # 20 billion ( $ 31.05 billion ) from the sale of most of its giant water and electric utilities	The planned electric utility sale , scheduled for next year , is alone expected to raise # 13 billion
+8	and Canadian Utilities hopes to capitalize on it	This is a real thrust on our utility side
+6	Canadian Utilities is n't alone in exploring power generation opportunities in Britain , in anticipation of the privatization program	We 're certainly looking at some power generating projects in England , '' said Bruce Stram , vice president , corporate strategy and corporate planning , with Enron Corp. , Houston , a big natural gas producer and pipeline operator
+1	CONCORDE trans-Atlantic flights are $ 2,400 to Paris and $ 3,200 to London	In a Centennial Journal article Oct. 5 , the fares were reversed
+4	There are really very few companies that have adequate capital to buy properties in a raw state for cash	Typically , developers option property , and then once they get the administrative approvals , they buy it
+8	Typically , developers option property , and then once they get the administrative approvals , they buy it	We usually operate in that conservative manner
+8	By setting up the joint venture , Kaufman & Broad can take the more aggressive approach of buying raw land , while avoiding the negative impacts to its own balance sheet	The company is putting up only 10 % of the capital , although it is responsible for providing management , planning and processing services to the joint venture
+2	The timing of Quantum 's chief executive officer , John Hoyt Stookey , appeared to be nothing less than inspired , because he had just increased Quantum 's reliance on plastics	The company outpaced much of the chemical industry as annual profit grew fivefold in two years
+2	But now prices have nose-dived and Quantum 's profit is plummeting	Some securities analysts are looking for no better than break-even results from the company for the third quarter
+8	To a degree , Quantum represents the new times that have arrived for producers of the so-called commodity plastics that pervade modern life	Having just passed through one of the most profitable periods in their history , these producers now see their prices eroding
+8	And the financial decline of some looks steep only in comparison with the heady period that is just behind them	We were all wonderful heroes last year Now we 're at the bottom of the heap
+1	We were all wonderful heroes last year	Now we 're at the bottom of the heap
+2	At Quantum the trouble is magnified by the company 's heavy dependence on plastics	the company exited the wine and spirits business and plowed more of its resources into plastics after Mr. Stookey took the chief executive 's job in 1986
+6	In recent months the price of polyethylene , even more than that of other commodity plastics , has taken a dive	Benchmark grades , which still sold for as much as 50 cents a pound last spring , have skidded to between 35 cents and 40 cents
+8	By many accounts , an early hint of a price rout in the making came at the start of this year	China , which had been putting in huge orders for polyethylene , abruptly halted them
+8	to learn how much inventories had swelled throughout the distribution chain as prices spiraled up	People were even hoarding bags
+8	One doubter is George Krug , a chemical-industry analyst at Oppenheimer & Co. and a bear on plastics stocks	Noting others ' estimates of when price increases can be sustained , he remarks , `` Some say October.Some say November.I say 1992
+1	Some say October	Some say November
+1	Some say November	I say 1992
+3	I say 1992	that efforts to firm up prices will be undermined by producers ' plans to expand production capacity
+8	A quick turnaround is crucial to Quantum because its cash requirements remain heavy	The company is trying to carry out a three-year , $ 1.3 billion plant-expansion program started this year
+1	Quantum described the payout at the time as a way for it to share the bonanza with its holders , because its stock price was n't reflecting the huge profit increases	Some analysts saw the payment as an effort also to dispel takeover speculation
+8	On top of everything else , Quantum confronts a disaster at its plant in Morris , Ill	After an explosion idled the plant in June , the company progressed in September to within 12 hours of completing the drawn-out process of restarting it.Then a second explosion occurred.Two workers died and six remain in the hospital
+2	Then a second explosion occurred	Two workers died and six remain in the hospital
+2	This human toll adds the most painful dimension yet to the sudden change in Quantum 's fortunes	Until this year , the company had been steadily lowering its accident rate and picking up trade-group safety awards
+2	A prolonged production halt at the plant could introduce another imponderable into Quantum 's financial future	When a plant has just been running flat out to meet demand , calculating lost profit and thus claims under business-interruption insurance is straightforward.But the numbers become trickier -- and subject to dickering between insured and insurer -- when demand is shifting
+2	Not everything looks grim for Quantum	The plant expansion should strengthen the company 's sway in the polyethylene business , where market share is often taken through sheer capacity
+5	The plant expansion should strengthen the company 's sway in the polyethylene business , where market share is often taken through sheer capacity	By lifting ethylene production , the expansion will also lower the company 's raw material costs
+8	Quantum is also tightening its grip on its one large business outside chemicals , propane marketing	Through a venture with its investment banker , First Boston Corp. , Quantum completed in August an acquisition of Petrolane Inc. in a transaction valued at $ 1.18 billion
+5	Petrolane is the second-largest propane distributor in the U.S	The largest , Suburban Propane , was already owned by Quantum
+3	Still , Quantum has a crisis to get past right now	the weakening stock may yet attract a suitor
+8	the weakening stock may yet attract a suitor	The name surfacing in rumors is British Petroleum Co
+5	that it is shutting down the RJR Nabisco Broadcast unit , and dismissing its 14 employees , in a move to save money	RJR is discussing its network-buying plans with its two main advertising firms , FCB/Leber Katz and McCann Erickson
+9	The broadcast group had been based in New York until a year ago , when RJR 's previous management moved it to Atlanta	RJR moved 11 employees of the group back to New York in September because `` there was supposed to be a future
+5	RJR moved 11 employees of the group back to New York in September because `` there was supposed to be a future	the company hired three more buyers for the unit within the past two weeks , wooing them from jobs with advertising agencies
+1	the company moved the 11 employees to New York last month because the group had then been in the midst of purchasing ad time for the networks ' upcoming season	The studies { on closing the unit } could n't be completed until now
+5	Brazil is expected to negotiate a somewhat bigger share of the U.S. market than it had under the previous five-year steel quotas , which expired Sept. 30	Brazil and Venezuela are the only two countries that have n't completed steel talks with the U.S. for the year ending Oct. 1 , 1990
+5	In recent years , U.S. steelmakers have supplied about 80 % of the 100 million tons of steel used annually by the nation	Of the remaining 20 % needed , the steel-quota negotiations allocate about 15 % to foreign suppliers
+5	which is n't included in the quota program	Other countries that do n't have formal steel quotas with the U.S. , such as Taiwan , Sweden and Argentina , also have supplied steel
+8	It also said it would use that two-and-a-half year period to work toward an international consensus on freeing up the international steel trade , which has been notoriously managed , subsidized and protected by governments	The U.S. termed its plan , a `` trade liberalization program , '' despite the fact that it is merely an extension
+1	Mexico virtually doubled its quota to 0.95 % of the U.S. steel market from 0.48 % under the previous quotas	South Korea is set to get a small increase to about 1.95 %
+7	Mexico virtually doubled its quota to 0.95 % of the U.S. steel market from 0.48 % under the previous quotas	South Korea is set to get a small increase to about 1.95 %
+5	South Korea is set to get a small increase to about 1.95 %	That increase rises to slightly more than 2 % of the U.S. market if a joint Korean-U.S. steel project is included
+6	The EC and Japan -- the U.S. 's largest steel suppliers -- have n't been filling their quotas to the full extent	The EC steel industry has been supplying about 5 % of the U.S. market compared with recent quotas of about 6.7 %
+5	The EC steel industry has been supplying about 5 % of the U.S. market compared with recent quotas of about 6.7 %	Japan has been shipping steel to total about 4.5 % of the U.S. market compared with a quota of 5.9 %
+5	Japan , the EC , Brazil , Mexico and South Korea provide about 80 % of the steel imported to the U.S. under the quota program	The balance is supplied by a host of smaller exporters , such as Australia and Venezuela
+8	The U.S. had about an extra 2 % of the domestic steel market to give to foreign suppliers in its quota talks	That was essentially made up of a 1 % increase in the overall quota program and 1 % from cutting Japan 's allowance
+5	Elcotel , a telecommunications company , had net income of $ 272,000 , or five cents a share , in its year-earlier second quarter , ended Sept. 30	Revenue totaled $ 5 million
+1	Elcotel , a telecommunications company , had net income of $ 272,000 , or five cents a share , in its year-earlier second quarter , ended Sept. 30.Revenue totaled $ 5 million	that earnings in the most recent quarter will be about two cents a share on revenue of just under $ 4 million
+2	The lower results reflect a 12-month decline in industry sales of privately owned pay telephones , Elcotel 's primary business	Elcotel will also benefit from moving into other areas
+8	Foremost among those is the company 's entrance into the public facsimile business	Within the next year , Elcotel expects to place 10,000 fax machines in hotels , municipal buildings , drugstores and other public settings around the country
+5	Within the next year , Elcotel expects to place 10,000 fax machines , made by Minolta in Japan , in hotels , municipal buildings , drugstores and other public settings around the country	Elcotel will provide a credit-card reader for the machines to collect , store and forward billing data
+8	Elcotel has also developed an automatic call processor that will make further use of the company 's system for automating and handling credit-card calls and collect calls	Automatic call processors will provide that system for virtually any telephone not just phones produced by Elcotel
+2	The Cincinnati consumer-products giant got clobbered two years ago in Japan when Kao introduced a powerful detergent , called Attack , which quickly won a 30 % stake in the Japanese markets	They do n't want to get caught again
+9	that shipments to Phoenix started late last month	the company will study results from this market before expanding to others
+2	Superconcentrates are n't entirely new for P & G	The company introduced a superconcentrated Lemon Cheer in Japan after watching the success of Attack
+8	after watching the success of Attack	When Attack hit the shelves in 1987 , P & G 's share of the Japanese market fell to about 8 % from more than 20 %
+1	When Attack hit the shelves in 1987 , P & G 's share of the Japanese market fell to about 8 % from more than 20 %	With the help of Lemon Cheer , P & G 's share is now estimated to be 12 %
+2	With superconcentrates , however , it is n't always easy to persuade consumers that less is more	many people tend to dump too much detergent into the washing machine
+1	it will take up less shelf space	When shelf space was cheap , bigger was better
+2	But with so many brands vying for space , that 's no longer the case	If the new Cheer sells well , the trend toward smaller packaging is likely to accelerate as competitors follow with their own superconcentrates
+0	Competition is bound to get tougher if Kao introduces a product like Attack in the U.S	To be sure , Kao would n't have an easy time taking U.S. market share away from the mighty P & G , which has about 23 % of the market
+6	Some believe P & G 's interest in a superconcentrated detergent goes beyond the concern for the Japanese	This is something P & G would do with or without Kao , '' says Mr. Zurkuhlen
+2	With economic tension between the U.S. and Japan worsening , many Japanese had feared last week 's visit from U.S. Trade Representative Carla Hills	They expected a new barrage of demands that Japan do something quickly to reduce its trade surplus with the U.S
+2	Instead , they got a discussion of the need for the U.S. and Japan to work together and of the importance of the long-term view	Mrs. Hills ' first trip to Japan as America 's chief trade negotiator had a completely different tone from last month 's visit by Commerce Secretary Robert A. Mosbacher
+8	Mr. Mosbacher called for concrete results by next spring in negotiations over fundamental Japanese business practices that supposedly inhibit free trade	He said such results should be `` measurable in dollars and cents '' in reducing the U.S. trade deficit with Japan
+0	that the objective `` is not to get definitive action by spring or summer , it is rather to have a blueprint for action	that she expected `` perhaps to have a down payment . . . some small step to convince the American people and the Japanese people that we 're moving in earnest
+6	American and Japanese officials offered several theories for the difference in approach betwen Mr. Mosbacher and Mrs. Hills	Many called it simply a contrast in styles
+1	But some saw it as a classic negotiating tactic	Others said the Bush administration may feel the rhetoric on both sides is getting out of hand
+1	I think my line has been very consistent	I am painted sometimes as ferocious , perhaps because I have a ferocious list of statutes to implement
+1	I am painted sometimes as ferocious , perhaps because I have a ferocious list of statutes to implement	I do n't feel very ferocious
+8	I do n't feel very ferocious	I do n't feel either hard or soft
+4	I do n't feel either hard or soft	I feel committed to the program of opening markets and expanding trade
+5	Mrs. Hills firmly reiterated the need for progress in removing barriers to trade in forest products , satellites and supercomputers , three areas targeted under the Super 301 provision of the 1988 trade bill	She highlighted exclusionary business practices that the U.S. government has identified
+8	But her main thrust was to promote the importance of world-wide free trade and open competition	She said the trade imbalance was mainly due to macroeconomic factors and should n't be tackled by setting quantitative targets
+8	At her news conference for Japanese reporters , one economics journalist summed up the Japanese sense of relief	My impression was that you would be a scary old lady , '' he said
+5	The U.S. share of the Japanese market has been stuck around 10 % for years	Many Americans have interpreted a 1986 agreement as assuring U.S. companies a 20 % share by 1991 , but the Japanese have denied making any such promise
+2	I am against managed trade	I will not enter into an agreement that stipulates to a percentage of the market
+1	The company did n't break out its fourth-quarter results	In the latest nine months net income was $ 4.7 million , or $ 1.31 a share , on revenue of $ 44.3 million
+5	Major oil companies in the next few days are expected to report much less robust earnings than they did for the third quarter a year ago , largely reflecting deteriorating chemical prices and gasoline profitability	The gasoline picture may improve this quarter , but chemicals are likely to remain weak
+8	Typical is what happened to the price of ethylene	It has plunged 13 % since July to around 26 cents a pound
+1	It has plunged 13 % since July to around 26 cents a pound	A year ago ethylene sold for 33 cents
+2	Beginning in mid-1987 , prices began accelerating as a growing U.S. economy and the weak dollar spurred demand	Companies added capacity furiously
+1	Companies added capacity furiously	Now , greatly increased supplies are on the market , while the dollar is stronger , and domestic economic growth is slower
+8	Third-quarter profits from gasoline were weaker	Refining margins were so good in the third quarter of last year and generally not very good this year
+2	Oil company refineries ran flat out to prepare for a robust holiday driving season in July and August that did n't materialize	The excess supply pushed gasoline prices down in that period
+8	many industry officials believe gasoline profits will rebound this quarter , though still not to the level of 1988 's fourth quarter	During the 1988 second half , many companies posted record gasoline and chemical profits
+2	Crude oil production may turn out to be the most surprising element of companies ' earnings this year	Prices have stayed well above most companies ' expectations
+2	Prices have stayed well above most companies ' expectations	Demand has been much stronger than anticipated
+2	Demand has been much stronger than anticipated , and it typically accelerates in the fourth quarter	We could see higher oil prices this year
+6	While oil prices have been better than expected , natural gas prices have been worse	In the third quarter , they averaged about 5 % less than they were in 1988
+8	The main reason remains weather	Last summer was notable for a heat wave and drought that caused utilities to burn more natural gas to feed increased electrical demand from air conditioning use
+8	that Olivetti exported $ 25 million in `` embargoed , state-of-the-art , flexible manufacturing systems to the Soviet aviation industry	Olivetti reportedly began shipping these tools in 1984
+10	A State Department spokesman acknowledged that the U.S. is discussing the allegations with the Italian government and Cocom , but declined to confirm any details	Italian President Francesco Cossiga promised a quick investigation into whether Olivetti broke Cocom rules
+5	A State Department spokesman acknowledged that the U.S. is discussing the allegations with the Italian government and Cocom , but declined to confirm any details	Italian President Francesco Cossiga promised a quick investigation into whether Olivetti broke Cocom rules
+8	the disclosure could n't be better timed to support the position of export-control hawks in the Pentagon and the intelligence community	It seems to me that a story like this breaks just before every important Cocom meeting
+6	The Bush administration has sent conflicting signals about its export-control policies , reflecting unhealed divisions among several competing agencies	Last summer , Mr. Bush moved the administration in the direction of gradual liberalization when he told a North Atlantic Treaty Organization meeting that he would allow some exceptions to the Cocom embargo of strategic goods.But more recently , the Pentagon and the Commerce Department openly feuded over the extent to which Cocom should liberalize exports of personal computers to the bloc
+2	However , these agencies generally agree that the West should be cautious about any further liberalization	There 's no evidence that the Soviet program to ( illegally ) acquire Western technology has diminished
+2	The 50 million warrants will be priced at HK $ 1.25 each and are expected to carry a premium to the share price of about 26 % .In trading on the Stock Exchange of Hong Kong , the shares closed Wednesday at HK $ 4.80 each	At this price , the shares would have to rise above HK $ 6.05 for subscribers to Salomon 's issue to profitably convert their warrants
+5	In a suit filed in federal court Thursday , the S & L alleged that a `` disproportionate number '' of the bonds it purchased in 1984 declined in value	Financial Corp. purchased the bonds , the suit alleged , after Mr. Boesky and Drexel negotiated an agreement for Vagabond Hotels to purchase a 51 % stake in the thrift for about $ 34 million
+1	But HOFI 's first offer would have given Ideal 's other shareholders about 10 % of the combined company	Ideal 's directors rejected that offer , although they said they endorsed the merger proposal
+8	the U.S. government would slightly increase the number of acres farmers can plant in wheat for next year and still qualify for federal support payments	that the new plan will boost production next year by about 66 million bushels
+2	The government estimates that the new plan will boost production next year by about 66 million bushels	It now estimates production for next year at just under 2.6 billion bushels , compared with this year 's estimated 2.04 billion and a drought-stunted 1.81 billion in 1988
+2	But the full effect on prices of the winter wheat now being planted wo n't be felt until the second half of next year	Until then , limited stocks are likely to keep prices near the $ 4-a-bushel level
+6	Until then , limited stocks are likely to keep prices near the $ 4-a-bushel level	On the Chicago Board of Trade Friday , wheat for December delivery settled at $ 4.0675 a bushel , unchanged
+2	In July , the CBOT ordered Ferruzzi Finanziaria S.p.A. to liquidate futures positions equal to about 23 million bushels of soybeans	it feared that some members would n't be able to find enough soybeans to deliver and would have to default on their contractual obligation to the Italian conglomerate , which had refused requests to reduce its holdings
+1	which had refused requests to reduce its holdings	Ferruzzi has denied it was trying to manipulate the soybean futures market
+5	For example , in the Oklahoma panhandle , 40 % or more of the topsoil is short of moisture	That figure climbs to about 47 % in wheat-growing portions of Kansas
+6	but many analysts expect Moscow to place sizable orders for U.S. wheat in the next few months , further supporting prices	Wheat prices will increasingly pivot off of Soviet demand '' in coming weeks , predicted Richard Feltes , vice president , research , for Refco Inc. in Chicago
+8	Late Thursday , after the close of trading , the market received what would normally have been a bullish U.S. Department of Agriculture estimate of the 1989-90 Florida orange crop	It was near the low range of estimates , at 130 million 90-pound boxes , compared with 146.6 million boxes last season
+2	However , as expected , Brazil waited for the crop estimate to come out and then cut the export price of its juice concentrate to about $ 1.34 a pound from around $ 1.55	Friday 's consequent selling of futures contracts erased whatever supportive effect the U.S. report might have had and sent the November orange juice contract down as much as 6.55 cents a pound at one time
+2	Brazilian juice is beginning to arrive in the U.S. in large quantities	Brazil wants to stimulate demand for its product , which is going to be in plentiful supply
+2	The price cut appeared to be aimed even more at Europe , where consumption of Brazilian juice has fallen	It 's a dollar-priced product , and the strong dollar has made it more expensive in Europe
+5	New York futures prices have dropped significantly from more than $ 2 a pound at midyear	Barring a cold snap or other crop problems in the growing areas , downward pressure on prices is likely to continue into January , when harvesting and processing of oranges in Florida reach their peak
+6	Friday capped a week of steadily rising crude oil prices in both futures and spot markets	On the New York Mercantile Exchange , West Texas Intermediate crude for November delivery finished at $ 20.89 a barrel , up 42 cents on the day
+8	This market still wants to go higher , '' said Nauman Barakat , a first vice president at Shearson Lehman Hutton Inc	He predicted that the November contract will reach $ 21.50 a barrel or more on the New York Mercantile Exchange
+1	There has been little news to account for such buoyancy in the oil markets	Analysts generally cite a lack of bearish developments as well as rumors of a possible tightening of supplies of some fuels and crudes
+2	There also are recurring reports that the Soviet Union is having difficulties with its oil exports and that Nigeria has about reached its production limit and ca n't produce as much as it could sell	Many traders foresee a tightening of near-term supplies , particularly of high-quality crudes such as those produced in the North Sea and in Nigeria
+5	And Carl Spielvogel , chief executive officer of Saatchi 's big Backer Spielvogel Bates advertising unit , said he had offered to lead a management buy-out of the company , but was rebuffed by Charles Saatchi	Mr. Spielvogel said he would n't launch a hostile bid
+5	But { otherwise } it would undoubtedly come back '' with an offer by management	any buy-out would be led by the current board , whose chairman is Maurice Saatchi and whose strategic guiding force is believed to be Charles Saatchi
+1	The executive denied speculation that Saatchi was bringing in the new chief executive officer only to clean up the company financially so that the brothers could lead a buy-back	That speculation abounded Friday as industry executives analyzed the appointment of the new chief executive , Robert Louis-Dreyfus , who joins Saatchi and becomes a member of its board on Jan. 1
+2	That speculation abounded Friday as industry executives analyzed the appointment of the new chief executive , Robert Louis-Dreyfus , who joins Saatchi and becomes a member of its board on Jan. 1	Mr. Louis-Dreyfus has a reputation as a savvy financial manager , and will be charged largely with repairing Saatchi 's poor financial state
+4	That is n't the reason Dreyfus has been brought in	He was brought in to turn around the company
+7	It has n't had any impact on us , nor do we expect it to , '' said a spokeswoman for Miller Brewing Co. , a major client of Backer Spielvogel	John Lampe , director of advertising at PaineWebber Inc. , a Saatchi & Saatchi Advertising client , said : `` We have no problem with the announcement , because we do n't know what change it 's going to bring about
+5	We have no problem with the announcement , because we do n't know what change it 's going to bring about	We are n't going to change agencies because of a change in London
+5	Executives at Backer Spielvogel client Avis Inc. , as well as at Saatchi client Philips Lighting Co. , also said they saw no effect	Executives at Prudential-Bache Securities Inc. , a Backer Spielvogel client that is reviewing its account , declined comment
+1	Executives at Prudential-Bache Securities Inc. , a Backer Spielvogel client that is reviewing its account , declined comment	Mr. Spielvogel had said that Prudential-Bache was prepared to finance either a management buy-out and restructuring , or a buy-out of Backer Spielvogel alone , led by him
+8	The Samsung Group and Bozell Inc. agreed to establish a joint venture advertising agency in South Korea	Bozell Cheil Corp. , as the new agency will be called , will be based in Seoul and is 70 % owned by Samsung and 30 % owned by Bozell
+5	net income rose to $ 4.8 million , or 23 cents a share , from year-earlier net of $ 1.1 million , or five cents a share	Revenue soared to $ 117 million from $ 81.5 million
+5	its results were boosted by $ 2 million in payments received from a supplier , for a certain line of products that Maxtor is n't going to sell anymore	effects from discontinuing the line may have a positive effect on future earnings and revenue
+2	effects from discontinuing the line may have a positive effect on future earnings and revenue	the discontinued product has never been a major source of revenue or profit
+5	In the fiscal first half , net was $ 7 million , or 34 cents a share , up from the year-earlier $ 3.1 million , or 15 cents a share	Revenue rose to $ 225.5 million from $ 161.8 million
+2	The real estate and thrift concern , operating under bankruptcy-law proceedings , said it told the SEC it could n't provide financial statements by the end of its first extension `` without unreasonable burden or expense	The company asked for a 15-day extension Sept. 30 , when the financial reports were due
+5	MedChem said the court 's ruling was issued as part of a `` first-phase trial '' in the patent-infringement proceedings and concerns only one of its defenses in the case	It said it is considering `` all of its options in light of the decision , including a possible appeal
+5	it is considering `` all of its options in light of the decision , including a possible appeal	that it plans to `` assert its other defenses '' against Pharmacia 's lawsuit , including the claim that it has n't infringed on Pharmacia 's patent
+6	seasonal retail ad spending patterns in newspapers have been upset by shifts in ownership and general hardships within the retail industry	In New York , the Bonwit Teller and B. Altman & Co. department stores have filed for protection from creditors under Chapter 11 of the federal Bankruptcy Code
+1	Until recently , industry analysts believed decreases in retail ad spending had bottomed out and would in fact increase in this year 's third and fourth quarters	All bets are off , analysts say , because of the shifting ownership of the retail chains
+8	Improved paper prices will help offset weakness in linage , but the retailers ' problems have affected the amount of ad linage they usually run	Retailers are just in disarray
+8	but advertising revenue rose because of a higher circulation rate base and increased rates	Gannett 's 83 daily and 35 non-daily newspapers reported a 3 % increase in advertising and circulation revenue
+5	Gannett 's 83 daily and 35 non-daily newspapers reported a 3 % increase in advertising and circulation revenue	Total advertising linage was `` modestly '' lower as classified-ad volume increased , while there was `` softer demand '' for retail and national ad linage
+5	While USA Today 's total paid ad pages for the year to date totaled 2,735 , a decrease of 4 % from last year , the paper 's ad revenue increased 8 % in the quarter and 13 % in the nine months	In the nine months , Gannett 's net rose 9.5 % to $ 270 million , or $ 1.68 a share , from $ 247 million , or $ 1.52 a share
+5	In the nine months , Gannett 's net rose 9.5 % to $ 270 million , or $ 1.68 a share , from $ 247 million , or $ 1.52 a share	Revenue gained 6 % to $ 2.55 billion from $ 2.4 billion
+8	At Dow Jones & Co. , third-quarter net income fell 9.9 % from the year-earlier period	Net fell to $ 28.8 million , or 29 cents a share , from $ 32 million , or 33 cents a share
+1	Net fell to $ 28.8 million , or 29 cents a share , from $ 32 million , or 33 cents a share	The year-earlier period included a one-time gain of $ 3.5 million , or four cents a share
+8	The drop in profit reflected , in part , continued softness in financial advertising at The Wall Street Journal and Barron 's magazine	Ad linage at the Journal fell 6.1 % in the third quarter
+8	Affiliated Publications Inc. reversed a year-earlier third quarter net loss	The publisher of the Boston Globe reported net of $ 8.5 million , or 12 cents a share , compared with a loss of $ 26.5 million , or 38 cents a share , for the third quarter in 1988
+1	Third-quarter profit estimates for several companies are being strongly affected by the price of newsprint , which in the last two years has had several price increases	analysts are encouraged , because they do n't expect a price increase for the rest of this year
+6	Companies with daily newspapers in the Northeast will need the stable newsprint prices to ease damage from weak ad linage	that Times Mirror Co. 's earnings were down for the third quarter , because of soft advertising levels at its Long Island Newsday and Hartford Courant newspapers
+1	that Times Mirror Co. 's earnings were down for the third quarter , because of soft advertising levels at its Long Island Newsday and Hartford Courant newspapers	Trouble on the East Coast was likely offset by improved ad linage at the Los Angeles Times
+2	GM is under intense pressure to close factories that became unprofitable as the giant auto maker 's U.S. market share skidded during the past decade	The company , currently using about 80 % of its North American vehicle capacity , has vowed it will run at 100 % of capacity by 1992
+2	The company , currently using about 80 % of its North American vehicle capacity , has vowed it will run at 100 % of capacity by 1992	Just a month ago , GM announced it would make an aging assembly plant in Lakewood , Ga. , the eighth U.S. assembly facility to close since 1987
+2	Another is that United Auto Workers union officials have signaled they want tighter no-layoff provisions in the new Big Three national contract that will be negotiated next year	GM officials want to get their strategy to reduce capacity and the work force in place before those talks begin
+2	The problem , however , is that GM 's moves are coming at a time when UAW leaders are trying to silence dissidents who charge the union is too passive in the face of GM layoffs	Against that backdrop , UAW Vice President Stephen P. Yokich issued a statement Friday blasting GM 's `` flagrant insensitivity '' toward union members
+8	Against that backdrop , UAW Vice President Stephen P. Yokich , who recently became head of the union 's GM department , issued a statement Friday blasting GM 's `` flagrant insensitivity '' toward union members	The auto maker 's decision to let word of the latest shutdowns and product reassignments trickle out in separate communiques to the affected plants showed `` disarray '' and an `` inability or unwillingness to provide consistent information , '' Mr. Yokich said
+2	The shutdowns will idle about 3,000 Canadian assembly workers and about 2,500 workers in Ohio	Robert White , Canadian Auto Workers union president , used the impending Scarborough shutdown to criticize the U.S.-Canada free trade agreement and its champion , Prime Minister Brian Mulroney
+4	Workers at plants in Van Nuys , Calif. , Oklahoma City and Pontiac , Mich. , were told their facilities are no longer being considered to build the next generation of the Pontiac Firebird and Chevrolet Camaro muscle cars	GM is studying whether it can build the new Camaro-Firebird profitably at a plant in St. Therese , Quebec , company and union officials said
+2	That announcement left union officials in Van Nuys and Oklahoma City uncertain about their futures	The Van Nuys plant does n't have a product to build after 1993
+1	The Van Nuys plant , which employs about 3,000 workers , does n't have a product to build after 1993	the facility was asked to draw up plans to continue working as a `` flex plant
+1	the plant has no new product lined up , and `` none of us knows '' when the A-body cars will die	he believes GM has plans to keep building A-body cars into the mid-1990s
+2	Union officials have taken a beating politically as a result	Dissident UAW members have used the Fiero plant as a symbol of labor-management cooperation 's failure
+1	the government 's minister of industry , science and technology told it that he was n't convinced that the purchase is likely to be of `` net benefit '' to Canada	Canadian investment rules require that big foreign takeovers meet that standard
+8	The government 's action was unusual	it marked the first time in its four-year history that the agency has made an adverse net-benefit decision about the acquisition of a publicly traded company
+5	it marked the first time in its four-year history that the agency has made an adverse net-benefit decision about the acquisition of a publicly traded company	it has reached the same conclusions about some attempts to buy closely held concerns , but eventually allowed those acquisitions to proceed
+2	This is n't a change in government policy	this provision has been used before
+2	the move that could allow the transaction to go ahead as planned could be an out-of-court settlement of Connaught 's dispute with the University of Toronto	The University is seeking to block the acquisition of Connaught by foreign interests , citing concerns about the amount of research that would be done in Canada
+1	The company said it planned to offer an undetermined number of common shares in exchange for the 585,000 shares of its preferred stock outstanding	The exchange ratio was never established
+5	The energy-services concern said , however , that in January 1990 , it may resume payments of dividends on the preferred stock	and said it has n't any plans to catch up on dividends in arrears about $ 6 million , but will do so some time in the future
+1	that Merck & Co. , Eli Lilly & Co. , Warner-Lambert Co. and the Squibb Corp. unit of Bristol-Myers Squibb Co. all benefited from strong sales of relatively new , higher-priced medicines that provide wide profit margins	Less robust earnings at Pfizer Inc. and Upjohn Co. were attributed to those companies ' older products , many of which face stiffening competition from generic drugs and other medicines
+8	profit for the dozen or so big drug makers , as a group , is estimated to have climbed between 11 % and 14 %	While that 's not spectacular that the rate of growth will `` look especially good as compared to other companies if the economy turns downward
+8	that Merck 's profit for the quarter rose by about 22 % , propelled by sales of its line-up of fast-growing prescription drugs	Profit climbed even though Merck 's sales were reduced by `` one to three percentage points '' as a result of the strong dollar
+8	Profit climbed even though Merck 's sales were reduced by `` one to three percentage points '' as a result of the strong dollar	In the third quarter of 1988 , Merck earned $ 311.8 million , or 79 cents a share
+8	that Lilly 's earnings for the quarter jumped about 20 % , largely because of the performance of its new anti-depressant Prozac	The drug , introduced last year , is expected to generate sales of about $ 300 million this year
+8	The drug , introduced last year , is expected to generate sales of about $ 300 million this year	It 's turning out to be a real blockbuster
+2	The company is praised by analysts for sharply lowering its costs in recent years and shedding numerous companies with low profit margins	The company 's lean operation allowed sharp-rising sales from its cholesterol drug , Lopid , to power earnings growth
+2	The company 's lean operation allowed sharp-rising sales from its cholesterol drug , Lopid , to power earnings growth	Lopid sales are expected to be about $ 300 million this year , up from $ 190 million in 1988
+5	Lopid sales are expected to be about $ 300 million this year , up from $ 190 million in 1988	In Morris Plains , N.J. , a spokesman for the company said the analysts ' projections are `` in the ballpark
+5	the company has `` no problems '' with the average estimate by a analysts that third-quarter earnings per share rose by about 19 % , to $ 1	The company expects to achieve the 20 % increase in full-year earnings per share
+8	Pfizer 's recent string of lackluster quarterly performances continued , as earnings in the quarter were expected to decline by about 5 %	Sales of Pfizer 's important drugs , Feldene for treating arthritis , and Procardia , a heart medicine , have shrunk because of increased competition
+1	it expects a $ 2 million net loss for the fiscal first quarter ended Sept. 30	analysts had been expecting a small profit for the period
+5	Revenue is expected to be `` up modestly '' from the $ 26.5 million reported a year ago	Relational Technology reported net income of $ 1.5 million , or 12 cents a share , in the year-earlier period
+1	While our international operations showed strong growth , our domestic business was substantially below expectations	the company 's first quarter is historically soft , and computer companies in general are experiencing slower sales
+1	Mr. Newton said he accepted the resignation of Thomas Wilson , vice president of corporate sales , and that his marketing responsibilities have been reassigned	The company said Mr. Wilson 's resignation was n't related to the sales shortfall
+1	It fell $ 1.875 a share Friday , to $ 6.25 , a new low , in over-the-counter trading	Its high for the past year was $ 16.375 a share
+8	But Laura Cunningham 's Bronx , her childhood Bronx of the '50s , is something else altogether	In a lovely , novelistic memoir , `` Sleeping Arrangements '' ( Knopf , 195 pages , $ 18.95 ) , she remembers an exotic playground , peopled mainly by Jewish eccentrics and the occasional Catholic
+8	Ms. Cunningham , a novelist and playwright , has a vivid and dramatically outsized sense of recall	She transforms her `` Bronx of the emotions , a place where the flats of mediocrity are only relieved by steep descents into hysteria '' into the `` Babylonian Bronx , '' a world simmering with sex and death and intrigue
+6	She transforms her `` Bronx of the emotions , a place where the flats of mediocrity are only relieved by steep descents into hysteria '' into the `` Babylonian Bronx , '' a world simmering with sex and death and intrigue	In the Babylonian Bronx , Jewish working-class people lived in drab , Soviet-style buildings `` glamorized '' with names like AnaMor Towers ( after owners Anna and Morris Snezak ) , whose lobbies and hallways were decorated with murals of ancient Syrians and Greeks , friezes of Pompeii
+6	Little Lily , as Ms. Cunningham calls herself in the book , really was n't ordinary	She was raised , for the first eight years , by her mother , Rosie , whom she remembers as a loving liar , who realigned history to explain why Lily 's father did n't live with them
+2	Little Lily , as Ms. Cunningham calls herself in the book , really was n't ordinary	She was raised , for the first eight years , by her mother , Rosie , whom she remembers as a loving liar , who realigned history to explain why Lily 's father did n't live with them
+8	who realigned history to explain why Lily 's father did n't live with them	Rosie reinvented this man , who may or may not have known about his child , as a war hero for Lily 's benefit
+6	Ms. Cunningham makes it all sound like a great adventure	Without official knowledge of sex or death , we flirted with both , '' she writes
+6	She analyzed families by their sleeping arrangements	Her friend Susan slept on a narrow bed wedged into her parents ' bedroom , as though she were a temporary visitor
+7	Her friend Susan , whose parents kept reminding her she was unwanted , slept on a narrow bed wedged into her parents ' bedroom , as though she were a temporary visitor	Her friend Diana 's father was a professional thief ; they did n't seem to have any bedrooms at all
+6	Maybe Lily became so obsessed with where people slept and how because her own arrangements kept shifting	When Rosie died , her uncles moved in
+6	and let her make the sleeping and other household arrangements	They painted the apartment orange , pink and white , according to her instructions
+2	They came by their strangeness honestly	Lily 's grandmother , no cookie baker , excised the heads of disliked relatives from the family album , and lugged around her perennial work-in-progress , `` Philosophy for Women
+6	whose continuing flirtation with drugs and marginal types in Hollywood and New York seems quaintly out-of-synch	Harry fondly remembers the `` old '' days of the early '70s , when people like his friend Travis would take a psychiatrist on a date to analyze what Travis was doing wrong
+8	when people like his friend Travis would take a psychiatrist on a date to analyze what Travis was doing wrong	An L.A. solution
+8	But it does n't take too many lines to figure Harry out	He 's a bore
+1	Gulf Resources earlier this year proposed a reorganization plan that would make it a unit of a Bermuda concern , potentially exempting it from liability for the smelter 's cleanup costs	that as part of its agreement with the EPA , it `` made certain voluntary undertakings with respect to intercorporate transactions entered into after the reorganization
+5	The company said that as part of its agreement with the EPA , it `` made certain voluntary undertakings with respect to intercorporate transactions entered into after the reorganization	The company said that $ 1 million of the payment was previously provided for in its financial statements and that $ 500,000 will be recognized in its 1989 third-quarter statement
+1	that $ 1 million of the payment was previously provided for in its financial statements and that $ 500,000 will be recognized in its 1989 third-quarter statement	The agreement and consent decree are subject to court approval
+5	Under the agreement , Gulf must give the U.S. government 45 days ' advance written notice before issuing any dividends on common stock	The company 's net worth can not fall below $ 185 million after the dividends are issued
+1	Under the agreement , Gulf must give the U.S. government 45 days ' advance written notice before issuing any dividends on common stock.The company 's net worth can not fall below $ 185 million after the dividends are issued	The terms of that agreement only become effective the date of Gulf 's reorganization
+5	In addition , Gulf must give the government 20 days ' advance written notice of any loans exceeding $ 50 million that are made to the Bermuda-based holding company	Gulf 's net worth after those transaction must be at least $ 150 million
+6	Assuming that the market does n't head into a bottomless free fall , some executives think Friday 's action could prove a harbinger of good news -- as a sign that the leveraged buy-out and takeover frenzy of recent years may be abating	This is a reaction to artificial LBO valuations , rather than to any fundamentals , '' said John Young , chairman of Hewlett-Packard Co. , whose shares dropped $ 3.125 to $ 48.125
+6	A few of the executives here for the fall meeting of the Business Council were only too happy to personalize their criticism	People wish the government would do something about leveraged buy-outs , do something about takeovers , do something about Donald Trump , '' said Rand Araskog , chairman of ITT Corp. , whose stock dropped $ 3.375
+1	People wish the government would do something about leveraged buy-outs , do something about takeovers , do something about Donald Trump	Where 's the leadership ?
+8	Where 's the leadership	Where 's the guy who can say : ` Enough is enough
+2	I 'm not going to worry about one day 's decline	I did n't bother calling anybody ; I did n't even turn on TV
+5	I did n't bother calling anybody	I did n't even turn on TV
+5	There has n't been any fundamental change in the economy	The fact that this happened two years ago and there was a recovery gives people some comfort that this wo n't be a problem
+8	Indeed , one chief executive who was downright delighted by Friday 's events was Robert Crandall , chairman of AMR Corp. , the parent of American Airlines and the target of a takeover offer by Mr. Trump	Asked whether Friday 's action could help him avoid being Trumped by the New York real estate magnate , Mr. Crandall smiled broadly and said : `` No comment
+5	On Friday morning , before the market 's sell-off , the business leaders issued a report predicting the economy would grow at roughly an inflation-adjusted 2 % annual rate , through next year , then accelerate anew in 1991	Of the 19 economists who worked on the Business Council forecast , only two projected periods of decline in the nation 's output over the next two years , and in `` both instances the declines are too modest to warrant the phrase recession
+2	In Manhattan , once-desirable store sites sit vacant and newly constructed space has been slow to fill	tenants are reluctant to sign leases because of uncertainty about the local economy , turmoil in their own industries and a belief that rents have not yet hit bottom
+6	There is an unbelievable amount of space available	There are about 2,000 stores for rent , up from a more typical range of 1,200 to 1,500
+2	There are about 2,000 stores for rent , up from a more typical range of 1,200 to 1,500	This further confuses retailers
+2	This further confuses retailers	They wonder should they sign a lease if prices are still coming down
+7	They wonder should they sign a lease if prices are still coming down	Is this the wrong time to open a store
+7	They wonder should they sign a lease if prices are still coming down ? Is this the wrong time to open a store	Who is going to be in the space next door
+5	But on average , Manhattan retail rents have dropped 10 % to 15 % in the past six months alone	That follows a more subtle decline in the prior six months
+2	The same factors limiting demand for office space have affected retailing	As businesses contract or depart , the number of employees who might use retail services shrinks
+1	He says financial problems plaguing electronics , fur and furniture companies have further deflated the market	Hardest hit are what he calls `` secondary '' sites that primarily serve neighborhood residents
+8	Hardest hit are what he calls `` secondary '' sites that primarily serve neighborhood residents	In these locations Retailers are increasingly cautious about expanding and rents have remained steady or in some cases have declined
+5	In these locations Retailers are increasingly cautious about expanding and rents have remained steady or in some cases have declined	Weakness in the restaurant industry , which is leaving retail space vacant , exacerbates the problem for landlords
+6	It is also no comfort to landlords and small New York retailers when the future of larger department stores , which anchor retail neighborhoods , are in doubt	Hooker Corp. , parent of Bonwit Teller and B. Altman 's , is mired in bankruptcy proceedings and Bloomingdale 's is for sale by its owner , Campeau Corp
+1	Certainly , the recent drop in prices does n't mean Manhattan comes cheap	New York retail rents still run well above the going rate in other U.S. cities
+6	New York retail rents still run well above the going rate in other U.S. cities	Madison and Fifth Avenues and East 57th Street can command rents of up to $ 500 a square foot
+1	Madison and Fifth Avenues and East 57th Street can command rents of up to $ 500 a square foot , and $ 250 is not uncommon	The thriving 34th Street area offers rents of about $ 100 a square foot , as do up-and-coming locations along lower Fifth Avenue
+9	AIM Telephones Inc. , a Parsippany , N.J. , telecommunications equipment supply company , started trading with the symbol AIM	It had traded over-the-counter
+9	Columbia Laboratories Inc. , Miami , began trading with the symbol COB	The pharmaceuticals maker had traded over-the-counter
+8	Every indication is that the four are prepared to accept this new role , and the frustrations that go with it , but in different ways	Justices Brennan and Stevens appear philosophical about it ; Justices Marshall and Blackmun appear fighting mad
+1	Justices Brennan and Stevens appear philosophical about it	Justices Marshall and Blackmun appear fighting mad
+2	The change is most dramatic for Justice Brennan , the last survivor of the mid-1960s liberal majority under Chief Justice Earl Warren	In the seven Supreme Court terms from the fall of 1962 through the spring of 1967 , the height of the Warren Court 's power , Justice Brennan cast only 25 dissenting votes in 555 cases decided by the court
+1	In the seven Supreme Court terms from the fall of 1962 through the spring of 1967 , the height of the Warren Court 's power , Justice Brennan cast only 25 dissenting votes in 555 cases decided by the court	Last term alone he cast 52 dissenting votes in 133 decisions
+8	But Justice Brennan foresaw his new role , strongly defending the importance of dissents in a 1985 speech	Each time the court revisits an issue , the justices will be forced by a dissent to reconsider the fundamental questions and to rethink the result , '' he said
+5	Moreover , in recent months he has said that when he was on the winning side in the 1960s , he knew that the tables might turn in the future	He has said that he now knows how Justice John Harlan felt
+8	but is feisty about his role and determined to speak out against the court 's cutbacks in civil rights	We could sweep it under the rug and hide it , but I 'm not going to do it , '' he said in a speech last month
+6	a point that has n't escaped legal scholars	Harvard Law School Professor Laurence Tribe says there is a `` generation-skipping '' flavor to current dissents
+8	Harvard Law School Professor Laurence Tribe says there is a `` generation-skipping '' flavor to current dissents	The dissenters in the Warren Court , he says , appeared to be writing for the short-term , suggesting that the court 's direction might change soon . `` Brennan and Marshall are speaking in their dissents to a more distant future , '' he says
+1	The dissenters in the Warren Court appeared to be writing for the short-term	Brennan and Marshall are speaking in their dissents to a more distant future
+8	Justice Blackmun also seems feisty about his new role	Associates say he takes some defeats more personally than his colleagues
+8	But his level of frustration showed in a recent , impassioned speech to a group of hundreds of lawyers in Chicago	He concluded his remarks by quoting , emotionally and at some length , according to those present , the late Martin Luther King 's famous `` I Have a Dream '' speech from the 1963 March on Washington
+8	it also differs in an important way from recent history	The dissenters of the Warren Court were often defending a legal legacy that they inherited but the dissenters today are defending a legacy that they created
+5	Two of the four big thrifts were sold to NCNB Corp. , Charlotte , N.C	A Canadian bank bought another thrift , in the first RTC transaction with a foreign bank
+5	Under these deals , the RTC sells just the deposits and the healthy assets	These `` clean-bank '' transactions leave the bulk of bad assets , mostly real estate , with the government , to be sold later
+8	but the delays illustrate the tough chore facing the agency	These thrifts are beached whales
+8	NCNB continued its foray into the Florida and Texas markets	NCNB will acquire University Federal Savings Association , Houston
+8	NCNB will acquire University Federal Savings Association , Houston , which had assets of $ 2.8 billion	NCNB Texas National Bank will pay the RTC a premium of $ 129 million for $ 3.5 billion in deposits
+2	NCNB also acquired Freedom Savings & Loan Association , Tampa , Fla. , which had total assets of $ 900 million	NCNB will pay the RTC a premium of $ 40.4 million for $ 1.1 billion in deposits
+8	Meridian Bancorp Inc. , Reading , Pa. , will acquire Hill Financial Savings Association , Red Hill , Pa. , which had $ 2.3 billion in assets	Meridian will pay a premium of $ 30.5 million to assume $ 2 billion in deposits
+8	In the first RTC transaction with a foreign buyer , Royal Trustco Ltd. , Toronto , will acquire Pacific Savings Bank , Costa Mesa , Calif. , which had $ 949 million in assets	Royal Trustco will pay the RTC $ 25 million to assume $ 989 million in deposits
+7	Time will `` dramatically de-emphasize '' its use of electronic giveaways such as telephones in television subscription drives	cut the circulation it guarantees advertisers by 300,000 , to four million
+8	Time is following the course of some other mass-circulation magazines that in recent years have challenged the publishing myth that maintaining artificially high , and expensive , circulations is the way to draw advertisers	In recent years , Reader 's Digest , New York Times Co. 's McCall 's , and most recently News Corp. 's TV Guide , have cut their massive circulation rate bases to eliminate marginal circulation
+6	Besides , Time executives think selling a news magazine with a clock radio is tacky	Giveaways just give people the wrong image , '' said Mr. Heinemann
+2	Giveaways just give people the wrong image	That perception takes the focus off the magazine
+8	Time magazine executives predictably paint the circulation cut as a show of strength and actually a benefit to advertisers	What we are doing is screening out the readers who are only casually related to the magazine and do n't really read it , '' said Mr. Heinemann
+8	What we are doing is screening out the readers who are only casually related to the magazine and do n't really read it	We are trying to create quality and involvement
+6	Still , Time 's move is being received well , once again	It 's terrific for advertisers to know the reader will be paying more , '' said Michael Drexler , national media director at Bozell Inc. ad agency
+5	It 's terrific for advertisers to know the reader will be paying more	A few drops in circulation are of no consequence
+2	A few drops in circulation are of no consequence	It 's not a show of weakness
+4	It 's not a show of weakness	they are improving the quality of circulation while insuring their profits
+8	the changes represent a new focus in the magazine industry : a magazine 's net revenue per subscriber , or the actual revenue from subscribers after discounts and the cost of premiums have been stripped away	The question is how much are we getting from each reader
+1	When the news broke of an attempted coup in Panama two weeks ago , Sen. Christopher Dodd called the State Department for a briefing	They said , ` follow CNN
+8	That shows how far Ted Turner 's Cable News Network has come since its birth nine years ago	It is bigger , faster and more profitable than the news divisions of any of the three major broadcast networks
+7	It is bigger , faster and more profitable than the news divisions of any of the three major broadcast networks	Its niche as the `` network of record '' during major crises draws elite audiences around the world
+8	But for all its success , CNN has hit a plateau	Although viewership soars when big news breaks , it ebbs during periods of calm
+2	Although viewership soars when big news breaks , it ebbs during periods of calm	CNN executives worry that the network 's punchy but repetitive news format may be getting stale
+8	Just the fact we 're on 24 hours is no longer bulletin	You ca n't live on that
+2	So CNN , a unit of Atlanta-based Turner Broadcasting System Inc. , is trying to reposition itself as a primary channel	Tonight , to kick off the effort , CNN will premiere its first prime-time newscast in years , an hourlong show at 6 p.m. Eastern time to air head-to-head against the network newscasts
+5	The new show is perhaps the boldest in a number of steps the network is taking to build audience loyalty	To distinguish itself , CNN is also expanding international coverage and adding a second global-news program
+5	To distinguish itself , CNN is also expanding international coverage and adding a second global-news program	It is paying higher salaries -- after years of scrimping -- to lure and keep experienced staffers
+2	But that wo n't be easy	Networks , like other consumer products , develop images in peoples ' minds that are n't easy to change
+8	The repositioning bid is aimed at CNN 's unsteady viewership -- and what may happen to it as the cable-TV news market grows more competitive	Already , CNN is facing stronger competition from Financial News Network Inc. and General Electric Co. 's Consumer News and Business Channel
+2	CNN wants to change its viewers ' habits	Its watchers are , on the whole , a disloyal group of channel-zapping `` grazers '' and news junkies , who spend an average of just 26 minutes a day watching CNN , according to audience research
+1	Its watchers are , on the whole , a disloyal group of channel-zapping `` grazers '' and news junkies , who spend an average of just 26 minutes a day watching CNN , according to audience research	That 's less than one-third the time that viewers watch the major broadcast networks
+5	That 's less than one-third the time that viewers watch the major broadcast networks	The brief attention viewers give CNN could put it at a disadvantage as ratings data , and advertising , become more important to cable-TV channels
+2	Its strategy in the past has been to serve as a TV wire service	It focused on building up its news bureaus around the world , so as events took place it could go live quicker and longer than other networks
+5	It focused on building up its news bureaus around the world , so as events took place it could go live quicker and longer than other networks	It filled its daily schedule with newscasts called `` Daybreak , '' `` Daywatch , '' `` Newsday , '' and `` Newsnight , '' but the shows varied little in content , personality or look
+8	Now , the push is on for more-distinctive shows	Our goal is to create more programs with an individual identity
+6	Some in the industry are skeptical	I find it hard to conceive of people switching over to CNN for what , at least in the public 's mind , is the same news , '' says Reuven Frank , the former two-time president of NBC News and creator of the Huntley-Brinkley Report
+2	The evening news is also slated as CNN 's stage for its big push into investigative journalism	In August , the network hired award-winning producer Pamela Hill , the former head of news specials at ABC
+2	She 's assembling a staff of about 35 investigative reporters who will produce weekly , in-depth segments , with an eye toward breaking big stories	the headlines created by such scoops will generate excitement for its `` branded '' programs , in the way `` 60 Minutes '' did so well for CBS
+6	that many in the industry are skeptical CNN will follow through with its investigative commitment , especially after it sees the cost of producing in-depth pieces	They 've never shown any inclination to spend money on production , '' says Michael Mosettig , a senior producer with MacNeil-Lehrer NewsHour
+5	The network 's salaries have always ranged far below industry standards , resulting in a less-experienced work force	CNN recently gave most employees raises of as much as 15 % , but they 're still drastically underpaid compared with the networks
+2	CNN is my wire service	they 're on top of everything
+2	In any case , cable-TV-system operators have reason to fear any tinkering with CNN 's format	They market cable-TV on the very grazing opportunities CNN seeks to discourage
+2	They market cable-TV on the very grazing opportunities CNN seeks to discourage	We would obviously be upset if those kinds of services evolved into more general-interest , long-format programming
+8	The fundamental rule of contract law applied to both cases was that courts will not enforce agreements to which the parties did not intend to be bound	In the Pennzoil/Texaco litigation , the courts found Pennzoil and Getty Oil intended to be bound ; in Arcadian Phosphates they found there was no intention to be bound
+1	In the Pennzoil/Texaco litigation , the courts found Pennzoil and Getty Oil intended to be bound	in Arcadian Phosphates they found there was no intention to be bound
+9	The S & L lawyers were encouraged last month by an appellate-court ruling in two cases brought against defunct Sunbelt Savings & Loan Association of Dallas by the developers of the Valley Ranch , best known as the training center for the Dallas Cowboys football team	Sunbelt foreclosed on the ranch
+6	We 're asking the court for a number of things he can grant in addition to the thrill of victory	We 'd take the Valley Ranch free and clear as a booby prize
+8	citing personal reasons	Mr. Thygerson said he had planned to travel between the job in Denver and his San Diego home , but has found the commute too difficult to continue
+8	Bush indicated there might be `` room for flexibility '' in a bill to allow federal funding of abortions for poor women who are vicitims of rape and incest	He reiterated his opposition to such funding , but expressed hope of a compromise
+8	The White House said minors have n't any right to abortion without the consent of their parents	The administration 's policy was stated in a friend-of-the-court brief urging the Supreme Court to give states more leeway to restrict abortions
+1	that the FBI has been given the authority to seize U.S. fugitives overseas without the permission of foreign governments	that the new policy would n't be invoked by the Bush administration without full consideration of foreign-policy implications
+8	South Korea 's President Roh traveled to the U.S. for a five-day visit	Roh is to meet with Bush tomorrow and is to address a joint session of Congress on Wednesday
+10	Hundreds of East Germans flocked to Bonn 's Embassy in Warsaw , bringing to more than 1,200 the number of emigres expected to flee to the West beginning today	More than 2,100 others escaped to West Germany through Hungary over the Weekend
+7	Hundreds of East Germans flocked to Bonn 's Embassy in Warsaw , bringing to more than 1,200 the number of emigres expected to flee to the West beginning today	More than 2,100 others escaped to West Germany through Hungary over the Weekend
+10	More than 2,100 others escaped to West Germany through Hungary over the Weekend	In Leipzig , activists vowed to continue street protests to demand internal change
+7	More than 2,100 others escaped to West Germany through Hungary over the Weekend	In Leipzig , activists vowed to continue street protests to demand internal change
+1	Zaire 's President Mobutu met in southern France with Angolan rebel leader Savimbi and a senior U.S. envoy in a bid to revive an accord to end Angola 's civil war	Details of the talks were n't disclosed
+8	Lebanese Christian lawmakers presented to Arab mediators at talks in Saudi Arabia proposals for a new timetable for the withdrawal of Syria 's forces from Lebanon	A plan currently under study gives Damascus two years to pull back to eastern Lebanon , starting from the time Beirut 's legislature increases political power for Moslems
+2	Hurricane Jerry threatened to combine with the highest tides of the year to swamp the Texas-Louisiana coast	Thousands of residents of low-lying areas were ordered to evacuate as the storm headed north in the Gulf of Mexico with 80 mph winds
+8	Friday , 42 franchisees announced the formation of an association -- called A.P . Association Inc. -- to `` preserve the integrity of the Arby 's system	The franchisees , owners or operators of 1,000 of the 1,900 franchised Arby 's in the U.S. , said : `` We have concluded that continued control of Arby 's by Victor Posner is totally unacceptable to us , because it is extremely likely to cause irreparable damage to the Arby 's system
+2	We have concluded that continued control of Arby 's by Victor Posner is totally unacceptable to us , because it is extremely likely to cause irreparable damage to the Arby 's system	We support all efforts to remove Victor Posner from control of Arby 's Inc. and the Arby 's system
+5	analysts said it did play a role in the market 's decline	Analysts immediately viewed the price data , the grimmest inflation news in months , as evidence that the Federal Reserve was unlikely to allow interest rates to fall
+2	But Sung Won Sohn , chief economist at Norwest Corp. in Minneapolis , blamed rising energy prices and the annual autumn increase in car prices for most of the September jump	I would say this is not bad news
+4	I would say this is not bad news	this is a blip
+2	this is a blip	The core rate is not really out of line
+1	Overall , the index has climbed at a 5.1 % compound annual rate since the start of the year	While far more restrained than the pace at the beginning of the year , that is still a steeper rise than the 4.0 % increase for all of 1988
+1	Moreover , this year 's good inflation news may have ended last month , when energy prices zoomed up 6.5 % after plunging 7.3 % in August	Some analysts expect oil prices to remain relatively stable in the months ahead , leaving the future pace of inflation uncertain
+2	but the 0.9 % climb was higher than most anticipated	the resurgence { in inflation } is going to continue for a few months
+1	the resurgence { in inflation } is going to continue for a few months	that inflation will moderate next year
+5	the resurgence { in inflation } is going to continue for a few months	that inflation will moderate next year
+2	that last month 's rise `` is n't as bad an omen '' as the 0.9 % figure suggests	If you examine the data carefully , the increase is concentrated in energy and motor vehicle prices , rather than being a broad-based advance in the prices of consumer and industrial goods
+1	Passenger car prices jumped 3.8 % in September , after climbing 0.5 % in August and declining in the late spring and summer	the September increase was a one-time event , coming as dealers introduced their 1990 models
+1	Many analysts said the September increase was a one-time event , coming as dealers introduced their 1990 models	Although all the price data were adjusted for normal seasonal fluctuations , car prices rose beyond the customary autumn increase
+1	Prices for capital equipment rose a hefty 1.1 % in September , while prices for home electronic equipment fell 1.1 %	Food prices declined 0.6 % , after climbing 0.3 % in August
+7	Prices for capital equipment rose a hefty 1.1 % in September , while prices for home electronic equipment fell 1.1 %	Food prices declined 0.6 % , after climbing 0.3 % in August
+1	Producer prices for intermediate goods grew 0.4 % in September , after dropping for three consecutive months	Prices for crude goods , an array of raw materials , jumped 1.1 % after declining 1.9 % in August and edging up 0.2 % in July
+7	Producer prices for intermediate goods grew 0.4 % in September , after dropping for three consecutive months	Prices for crude goods , an array of raw materials , jumped 1.1 % after declining 1.9 % in August and edging up 0.2 % in July
+8	the loss stems from several factors	nonperforming assets rose to slightly more than $ 700 million from $ 516 million between June and September
+8	nonperforming assets rose to slightly more than $ 700 million from $ 516 million between June and September	Approximately 85 % of the total consisted of nonperforming commercial real estate assets
+5	David L. Paul , chairman and chief executive officer , criticized the federal Office of Thrift Supervision , which issued the directive , saying it was `` inappropriate '' and based on `` insufficient '' reasons	He said the thrift will try to get regulators to reverse the decision
+5	In March , regulators labeled CenTrust a `` troubled institution , '' largely because of its big junk-bond holdings and its operating losses	In the same month , the Office of Thrift Supervision ordered the institution to stop paying common stock dividends until its operations were on track
+1	CenTrust holds one of the largest junk-bond portfolios of any thrift in the nation	Since April , it has pared its high-yield bond holdings to about $ 890 million from $ 1.35 billion
+5	Since April , it has pared its high-yield bond holdings to about $ 890 million from $ 1.35 billion	only about $ 150 million of the current holdings are tradeable securities registered with the Securities and Exchange Commission
+1	only about $ 150 million of the current holdings are tradeable securities registered with the Securities and Exchange Commission	The remainder are commercial loan participations , or private placements , that are n't filed with the SEC and do n't have a ready market
+8	CenTrust and regulators have been in a dispute over market valuations for the junk bonds	The Office of Thrift Supervision has been hounding CenTrust to provide current market values for its holdings , but CenTrust has said it ca n't easily obtain such values because of the relative illiquidity of the bonds and lack of a ready market
+2	Regulators have become increasingly antsy about CenTrust 's and other thrifts ' junk-bond holdings in light of the recent federal thrift bailout legislation and the recent deep decline in the junk-bond market	The legislation requires thrifts to divest themselves of junk bonds in the new , somber regulatory climate
+8	The branch sale is the centerpiece of CenTrust 's strategy to transform itself into a traditional S & L from a high-flying institution that relied heavily on securities trading for profits , according to Mr. Paul	Most analysts and thrift executives had expected a decision on the proposed transaction long before now
+2	Most analysts and thrift executives had expected a decision on the proposed transaction long before now	Many interpret the delay as an indication that regulators are skeptical about the proposal
+5	CenTrust , however , touts the branch sale , saying it would bring in $ 150 million and reduce the thrift 's assets to $ 6.7 billion from $ 9 billion	It said the sale would give it positive tangible capital of $ 82 million , or about 1.2 % of assets , from a negative $ 33 million as of Sept. 30 , thus bringing CenTrust close to regulatory standards
+1	The most militant opposition to American TV imports has come from French television and movie producers , who have demanded quotas ensuring that a full 60 % of Europe 's TV shows be produced in Europe	So far , the French have failed to win enough broad-based support to prevail
+8	A glance through the television listings and a few twists of the European television dial suggest one reason why	While there are some popular action and drama series , few boast the high culture and classy production values one might expect
+4	While there are some popular action and drama series , few boast the high culture and classy production values one might expect	More European air time is filled with low-budget game shows , variety hours , movies and talk shows
+7	One of France 's most popular Saturday night programs features semi-celebrities seeking out their grammar-school classmates for on-air reunions	A Flemish game show has as its host a Belgian pretending to be Italian
+7	One of France 's most popular Saturday night programs features semi-celebrities seeking out their grammar-school classmates for on-air reunions.A Flemish game show has as its host a Belgian pretending to be Italian	One of Italy 's favorite shows , `` Fantastico , '' a tepid variety show , is so popular that viewers clamored to buy a chocolate product , `` Cacao Fantastico , '' whose praises were sung each week by dancing showgirls -- even though the product did n't exist
+2	these shows need all the protection they can get	European programs usually target only their own local audience , and often only a small portion of that
+2	European programs usually target only their own local audience , and often only a small portion of that	Mega-hits in Germany or Italy rarely make it even to France or Great Britain , and almost never show up on U.S. screens
+6	Attempts to produce `` pan-European '' programs have generally resulted in disappointment	One annual co-production , the three-hour-long `` Eurovision Song Contest has been described as the world 's most boring TV show
+7	One annual co-production , the three-hour-long `` Eurovision Song Contest has been described as the world 's most boring TV show	Another , `` Jeux Sans Frontieres is a hit in France
+1	Another , `` Jeux Sans Frontieres is a hit in France	A U.S.-made imitation under the title `` Almost Anything Goes '' flopped fast
+2	For the most part , what 's made here stays here , and for good reason	The cream of the British crop , the literary dramas that are shown on U.S. public television as `` Masterpiece Theater , '' make up a relatively small part of British air time
+1	The cream of the British crop , the literary dramas that are shown on U.S. public television as `` Masterpiece Theater , '' make up a relatively small part of British air time	Most British programming is more of an acquired taste
+6	The most popular such shows focus on narrow national concerns	A French knock-off of `` Dallas , '' called `` Chateauvallon '' and set in a French vineyard , had a good run in France
+7	A French knock-off of `` Dallas , '' called `` Chateauvallon '' and set in a French vineyard , had a good run in France , which ended after the female lead was injured in a real-life auto accident	Schwarzwaldklinik , '' ( Black Forest Clinic ) , a kind of German `` St.Elsewhere '' set in a health spa , is popular in Germany , and has spread into France
+8	Italy 's most popular series is a drama called `` La Piovra , '' or `` The Octopus , '' which chronicles the fight of an idealistic young investigator in Palermo against the Mafia	It was front-page news in Italy earlier this year when the fictional inspector was gunned down in the series
+5	Italy 's most popular series is a drama called `` La Piovra , '' or `` The Octopus , '' which chronicles the fight of an idealistic young investigator in Palermo against the Mafia.It was front-page news in Italy earlier this year when the fictional inspector was gunned down in the series	Spain 's most popular mini-series this year was `` Juncal , '' the story of an aging bullfighter
+8	The trend is pretty well established now that local programs are the most popular , with American programs second	Given a choice , everybody will watch a home-produced show
+1	Thus , Europe has begun the recent crusade to produce more worthy shows of its own , programs with broader appeal	We 've basically got to start from scratch , to train writers and producers to make shows that other people will want to see
+2	Until recently , national governments in Europe controlled most of the air time and allowed little or no advertising	Since production costs were guaranteed , it did n't matter that a program could n't be sold abroad or put into syndication
+6	Now , however , commercial channels are coming to most European countries , and at the same time , satellite and cable technology is spreading rapidly	Just last week , Greece authorized two commercial channels for the first time
+2	Sky Channel , a British-based venture of Australian-American press tycoon Rupert Murdoch , offers what must be a baffling cultural mix to most of its audience	The financially struggling station offers programs obviously made available cheaply from its boss 's other ventures
+6	The financially struggling station offers programs obviously made available cheaply from its boss 's other ventures	In a Madrid hotel room recently , a viewer caught the end of a badly acted series about a fishing boat on Australia 's Great Barrier Reef , only to be urged by the British announcer to `` stay tuned for the further adventures of Skippy the Kangaroo
+2	After two years of talks , plans for the venture are sufficiently advanced for the companies to seek French and British government clearance	The companies hope for a final agreement by year-end
+5	The venture would strengthen the rapidly growing ties between the two companies , and help make them a leading force in European defense contracting	In recent months , a string of cross-border mergers and joint ventures have reshaped the once-balkanized world of European arms manufacture
+5	Already , British Aerospace and French government-controlled Thomson-CSF collaborate on a British missile contract and on an air-traffic control radar system	Just last week they announced they may make a joint bid to buy Ferranti International Signal PLC , a smaller British defense contractor rocked by alleged accounting fraud at a U.S. unit
+2	But it may be weeks before GEC and its potential partners decide whether to bid	GEC plans first to study Ferranti 's financial accounts
+2	Also , any GEC bid might be blocked by British antitrust regulators	Ferranti is GEC 's main competitor on several key defense-electronics contracts , and its purchase by GEC may heighten British Defense Ministry worries about concentration in the country 's defense industry
+8	it is n't interested in Ferranti	We have nothing to say about this affair , which does n't concern us , '' a Matra official said Sunday
+2	The missile venture is a needed response to the `` new environment '' in defense contracting	For both Thomson and British Aerospace , earnings in their home markets have come under pressure from increasingly tight-fisted defense ministries
+2	The venture 's importance for Thomson is great	the future of its defense business depends on building cooperation with other Europeans
+2	the future of its defense business depends on building cooperation with other Europeans	The European defense industry is consolidating
+2	In missiles , Thomson is already overshadowed by British Aerospace and by its home rival , France 's Aerospatiale S.A	to better compete they need a partnership
+1	that Canadian oil output will total about 1.64 million barrels a day by 1991 , 8 % lower than a previous estimate	Canadian crude production averaged about 1.69 million barrels a day during 1989 's first half , about 1 % below the 1988 level
+8	The capability of existing fields to deliver oil is dropping , '' and oil exploration activity is also down dramatically , as many producers shift their emphasis to natural gas	volume on Interprovincial 's system is down about 2 % since January and is expected to fall further , making expansion unnecessary until perhaps the mid-1990s
+2	the outlook for natural gas is better than it is for oil , and have shifted their exploration and development budgets accordingly	The number of active drilling rigs in Canada is down 30 % from a year ago , and the number of completed oil wells is `` down more than that , due to the increasing focus on gas exploration
+2	Canada 's current oil exports to the U.S. total about 600,000 barrels a day , or about 9.1 % of net U.S. crude imports	That ranks Canada as the fourth-largest source of imported crude , behind Saudi Arabia , Nigeria and Mexico
+5	Under terms of its proposed two-step expansion Interprovincial intended to add 200,000 barrels a day of additional capacity to its system	The system currently has a capacity of 1.55 million barrels a day
+5	At the same time , the integrated-steel business was hurt by continued increases in materials costs and repair and maintenance expenses , as well as higher labor costs under its new contract	The service-center business was hurt by reduced margins and start-up costs associated with its Joseph T. Ryerson & Son unit
+6	Microsoft 's surprising strength is one example of the difficulty facing investors looking for reassurances about the financial health of the computer firms	It 's hard to know what to expect at this point
+2	It 's hard to know what to expect at this point	The industry defies characterization
+8	Another contradictory message comes from Businessland Inc. , a computer retailer	In July , the company reported that booming sales of new personal computers from Apple and IBM had resulted in net income more than doubling for its fourth quarter ended June 30 to $ 7.4 million , or 23 cents a share . This month , however , Businessland warned investors that results for its first quarter ended Sept. 30 had n't met expectations
+8	This month , however , Businessland warned investors that results for its first quarter ended Sept. 30 had n't met expectations	it expects earnings of 14 to 17 cents a share , down from 25 cents a share in the year-earlier period
+6	Companies will continue to war over standards	In computer publishing , a battle over typefaces is hurting Adobe Systems Inc. , which sells software that controls the image produced by printers and displays
+8	In computer publishing , a battle over typefaces is hurting Adobe Systems Inc. , which sells software that controls the image produced by printers and displays	Until recently , Adobe had a lock on the market for image software , but last month Apple , Adobe 's biggest customer , and Microsoft rebelled
+2	The short-term outlook for Adobe 's business , however , appears strong	The company is beginning to ship a new software program that 's being heralded as a boon for owners of low-end printers sold by Apple
+2	Meanwhile , competition between various operating systems spells trouble for software firms generally	It creates uncertainty and usually slows down sales
+8	The gap between winners and laggards will grow	In personal computers , Apple , Compaq and IBM are expected to tighten their hold on their business.At the same time , second-tier firms will continue to lose ground
+2	Wyse Technology , for instance , is considered a candidate to sell its troubled operation	Wyse has done well establishing a distribution business , but they have n't delivered products that sell
+5	Wyse has done well establishing a distribution business , but they have n't delivered products that sell	Wyse will report a loss of 12 cents a share for its quarter ended Sept
+2	Personal-computer makers will continue to eat away at the business of more traditional computer firms	Ever-more powerful desk-top computers are expected to increasingly take on functions carried out by more expensive minicomputers and mainframes
+2	But they will have to act quickly	Compaq to unveil a family of high-end personal computers later this year that are powerful enough to serve as the hub for communications within large networks of desk-top machines
+6	But they will have to act quickly	Compaq to unveil a family of high-end personal computers later this year that are powerful enough to serve as the hub for communications within large networks of desk-top machines
+8	IOWA IS MAKING a comeback.So are Indiana , Ohio and Michigan	The population of all four states is on the upswing , according to new Census Bureau estimates , following declines throughout the early 1980s
+1	Between 1987 and 1988 , North Dakota was the only state in the Midwest to lose population , a loss of 4,000 people	Six of the 12 midwestern states have been growing steadily since 1980 -- Illinois , Kansas , Minnesota , Missouri , South Dakota and Wisconsin
+8	The Northeast has been holding its own in the population race	Seven of nine states have grown each year since 1980
+8	At the same time , several states in the South and West have had their own population turnaround	Seven states that grew in the early 1980s are now losing population
+1	This does n't mean they 're less likely to live alone , however	That share has remained at about 24 % since 1970
+8	What has changed is that more of the young elderly are living with spouses rather than with other relatives , such as children	In 1988 , 10 % of those aged 65 to 74 lived with relatives other than spouses , down from 15 % in 1970
+8	Like their younger counterparts , the older elderly are less likely to live with other relatives	Only 17 % of those aged 75 and older lived with relatives other than spouses in 1988 , down from 26 % in 1970
+8	At least that 's what a survey by Ernst & Young and Yankelovich , Clancy , Shulman indicates	Two-thirds of respondents said they strongly felt the need to be successful in their jobs , while fewer than half said they strongly felt the need to spend more time with their families
+5	Two-thirds of respondents said they strongly felt the need to be successful in their jobs , while fewer than half said they strongly felt the need to spend more time with their families	Being successful in careers and spending the money they make are top priorities for this group
+8	Unlike most studies of the affluent market , this survey excluded the super-rich	Average household income for the sample was $ 194,000 , and average net assets were reported as $ 775,000
+2	The goal was to learn about one of today 's fastest-growing income groups , the upper-middle class	Although they represent only 2 % of the population , they control nearly one-third of discretionary income
+5	Despite their considerable incomes and assets , 40 % of the respondents in the study do n't feel financially secure , and one-fourth do n't feel that they have made it	Twenty percent do n't even feel they are financially well off
+6	Many of the affluent are n't comfortable with themselves , either	About 40 % do n't feel they 're more able than others
+5	About 40 % do n't feel they 're more able than others	While twothirds feel some guilt about being affluent , only 25 % give $ 2,500 or more to charity each year
+8	THE NUMBER of women and minorities who hold jobs in top management in the nation 's largest banks has more than doubled since 1978	that women make up 47 % of officials and managers in the top 50 banks , up from 33 % in 1978.The share of minorities in those positions has risen to 16 % from 12 %
+7	that women make up 47 % of officials and managers in the top 50 banks , up from 33 % in 1978	The share of minorities in those positions has risen to 16 % from 12 %
+2	Per-capita personal income in the U.S. grew faster than inflation last year , according to the Bureau of Economic Analysis	The amount of income divvied up for each man , woman and child was $ 16,489 in 1988 , up 6.6 % from $ 15,472 in 1987
+5	There are 13.1 million students in college this fall , up 2 % from 1988	About 54 % are women , and 44 % are part-time students
+8	This small Dallas suburb 's got trouble	Trouble with a capital T and that rhymes with P and that stands for pool
+2	The council 's action is yet another blow to a sport that its fans claim has been maligned unjustly for years	Obviously they 're not in touch with what 's going on
+8	Obviously they 're not in touch with what 's going on	Pool is hot in New York and Chicago where `` upscale , suit-and-tie places '' are adding tables
+2	Pool is hot in New York and Chicago where `` upscale , suit-and-tie places '' are adding tables	With today 's tougher drunk driving laws people do n't want to just sit around and drink
+5	where rooms average $ 200 a night and the cheap mixed drinks go for $ 3.50 a pop	At the lounge , manager Elizabeth Dyer wo n't admit patrons in jeans , T-shirts or tennis shoes
+6	But a majority of the Addison council did n't buy those arguments	Introducing pool , argued Councilwoman Riley Reinker , would be `` dangerous
+2	Introducing pool would be `` dangerous	It would open a can of worms
+2	Addison is no stranger to cans of worms , either	After its previous mayor committed suicide last year , an investigation disclosed that town officials regularly voted on their own projects , gave special favors to developer friends and dipped into the town 's coffers for trips and retreats
+1	The revelations embarrassed town officials , although they argued that the problems were n't as severe as the media suggested	Now comes the pool flap
+5	I think there 's some people worried about something pretty ridiculous	I thought this was all taken care of in ` The Music Man
+4	For instance : `` Haole '' ( white ) is not the ultimate insult	Mainland haole '' is
+8	For instance : `` Haole '' ( white ) is not the ultimate insult ; `` Mainland haole '' is.Richard Chamberlain dresses as a `` Mainland haole , '' tucking in a Hawaiian shirt and rolling up its long sleeves.And the local expression for brother is `` brah , '' not `` bruddah . '' And even if a nurse would wear flowers in her hair while on duty , if she were engaged she would know to wear them behind her left , not right , ear	Sorry , the show does not even have the one redeeming quality of genuine local color
+8	Of all the ethnic tensions in America , which is the most troublesome right now	A good bet would be the tension between blacks and Jews in New York City
+2	Or so it must seem to Jackie Mason , the veteran Jewish comedian appearing in a new ABC sitcom airing on Tuesday nights ( 9:30-10 p.m. EDT )	Not only is Mr. Mason the star of `` Chicken Soup , '' he 's also the inheritor of a comedic tradition dating back to `` Duck Soup
+8	Here , in neutral language , is the gist of Mr. Mason 's remarks , quoted first in the Village Voice	Mr. Mason said that many Jewish voters feel guilty toward blacks , so they support black candidates uncritically
+5	Mr. Mason said that many Jewish voters feel guilty toward blacks , so they support black candidates uncritically	He said that many black voters feel bitter about racial discrimination , so they , too , support black candidates uncritically
+5	He said that many black voters feel bitter about racial discrimination , so they , too , support black candidates uncritically	He said that Jews have contributed more to black causes over the years than vice versa
+4	Of course , Mr. Mason did not use neutral language	As a practitioner of ethnic humor from the old days on the Borscht Belt , live television and the nightclub circuit , Mr. Mason instinctively reached for the vernacular
+8	Mr. Mason instinctively reached for the vernacular	He said Jews were `` sick with complexes
+3	that Mr. Mason is `` like a dinosaur	People are fast leaving the place where he is stuck
+8	Because despite all the media prattle about comedy and politics not mixing , they are similar in one respect	Both can serve as mechanisms for easing tensions and facilitating the co-existence of groups in conflict
+2	Both can serve as mechanisms for easing tensions and facilitating the co-existence of groups in conflict	That 's why it 's dangerous to have well-intentioned thought police , on college campuses and elsewhere , taboo all critical mention of group differences
+2	Perhaps intolerance would not boil over with such intensity if honest differences were allowed to simmer	The question is , if group conflicts still exist ( as undeniably they do ) , and if Mr. Mason 's type of ethnic humor is passe , then what other means do we have for letting off steam
+1	Do n't say the TV sitcom , because that happens to be a genre that , in its desperate need to attract everybody and offend nobody , resembles politics more than it does comedy	It is true that the best sitcoms do allow group differences to simmer
+8	It 's worth noting that both disapproving relatives are immigrants	At least , they both speak with strong accents , as do Jackie and Maddie
+2	At least , they both speak with strong accents , as do Jackie and Maddie	It could n't be more obvious that `` Chicken Soup '' is being made from an old recipe
+1	Clearly , the question with `` Chicken Soup '' is not whether the pot will boil over , but whether it will simmer at all	So far , the bubbles have been few and far between
+8	So far , the bubbles have been few and far between	Part of the problem is the tendency of all sitcoms to preach about social issues
+8	Part of the problem is the tendency of all sitcoms to preach about social issues	To some extent , this tendency emerges whenever the show tries to enlighten us about ethnic stereotypes by reversing them
+1	For instance , Michael dislikes Jackie not because he 's a shrewd Jewish businessman , but because he quits his well-paying job as a salesman in order to become a social worker	Even more problematic is the incompatibility between sitcom preachiness and Mr. Mason 's comic persona
+8	Even more problematic is the incompatibility between sitcom preachiness and Mr. Mason 's comic persona	The best moments in the show occur at the beginning and the end ( and occasionally in the middle ) , when Mr. Mason slips into his standup mode and starts meting out that old-fashioned Jewish mischief to other people as well as to himself
+2	I 'm not suggesting that the producers start putting together episodes about topics like the Catholic-Jewish dispute over the Carmelite convent at Auschwitz	That issue , like racial tensions in New York City , will have to cool down , not heat up , before it can simmer
+2	But I am suggesting that they stop requiring Mr. Mason to interrupt his classic shtik with some line about `` caring for other people '' that would sound shmaltzy on the lips of Miss America	At your age , Jackie , you ought to know that you ca n't make soup without turning up the flame
+5	The underlying economy remains sound	There is nothing wrong with the economy
+8	There is nothing wrong with the economy	all the indices are up
+8	Late Friday night , the Senate voted 87-7 to approve an estimated $ 13.5 billion measure that had been stripped of hundreds of provisions that would have widened , rather than narrowed , the federal budget deficit	Lawmakers drastically streamlined the bill to blunt criticism that it was bloated with special-interest tax breaks and spending increases
+2	that the administration would n't push to keep the capital-gains cut in the final version of the bill	We do n't need this as a way to get capital gains
+6	Opponents of the cut are playing hardball	Senate Majority Leader George Mitchell ( D. , Maine ) said he was `` confident '' that any House-Senate agreement on the deficit-reduction legislation would n't include a capital-gains tax cut
+1	The Senate bill was pared back in an attempt to speed deficit-reduction through Congress	Because the legislation has n't been completed , President Bush has until midnight tonight to enact across-the-board spending cuts mandated by the Gramm-Rudman deficit-reduction law
+1	Senators hope that the need to avoid those cuts will pressure the House to agree to the streamlined bill	The House appears reluctant to join the senators
+8	The House appears reluctant to join the senators	A key is whether House Republicans are willing to acquiesce to their Senate colleagues ' decision to drop many pet provisions
+6	The Senate bill was stripped of many popular , though revenue-losing , provisions	These include a child-care initiative and extensions of soon-to-expire tax breaks for low-income housing and research-and-development expenditures
+1	To the delight of some doctors , the bill dropped a plan passed by the Finance Committee that would have overhauled the entire physician-reimbursement system under Medicare	To the detriment of many low-income people , efforts to boost Medicaid funding , especially in rural areas , also were stricken
+2	We 're looking like idiots	Things had just gone too far
+5	that the move required sacrifice by every senator	It worked because there were no exceptions
+5	In addition , the bill dropped a plan to make permanent a 3 % excise tax on long-distance telephone calls	It no longer includes a plan that would have repealed what remains of the completed-contract method of accounting
+7	Also stricken was a fivefold increase in the maximum Occupational Safety and Health Administration penalties	A provision that would have made the Social Security Administration an independent agency was excised
+2	The approval of the Senate bill was especially sweet for Sen. Mitchell	Mr. Mitchell 's relations with Budget Director Darman have been strained since Mr. Darman chose to bypass the Maine Democrat and deal with other lawmakers earlier this year during a dispute over drug funding in the fiscal 1989 supplemental spending bill
+8	The deficit reduction bill contains $ 5.3 billion in tax increases in fiscal 1990 , and $ 26 billion over five years	The revenue-raising provisions , which affect mostly corporations , would : -- Prevent companies that have made leveraged buy-outs from getting federal tax refunds resulting from losses caused by interest payments on debt issued to finance the buy-outs , effective Aug. 2 , 1989 . -- Require mutual funds to include in their taxable income dividends paid to them on the date that the dividends are declared rather than received , effective the day after the tax bill is enacted . -- Close a loophole regarding employee stock ownership plans , effective June 6 , 1989 , that has been exploited by investment bankers in corporate takeovers.The measure repeals a 50 % exclusion given to banks on the interest from loans used to acquire securities for an ESOP , if the ESOP owns less than 30 % of the employer 's stock . -- Curb junk bonds by ending tax benefits for certain securities , such as zero-coupon bonds , that postpone cash interest payments . -- Raise $ 851 million by suspending for one year an automatic reduction in airport and airway taxes . -- Speed up the collection of the payroll tax from large companies , effective August 1990 . -- Impose a tax on ozone-depleting chemicals , such as those used in air conditioners and in Styrofoam , beginning at $ 1.10 a pound starting next year . -- Withhold income taxes from the paychecks of certain farm workers currently exempt from withholding . -- Change the collection of gasoline excise taxes to weekly from semimonthly , effective next year . -- Restrict the ability of real estate owners to escape taxes by swapping one piece of property for another instead of selling it for cash . -- Increase to $ 6 a person from $ 3 the international air-passenger departure tax , and impose a $ 3-a-person tax on international departures by commercial ships
+8	Close a loophole regarding employee stock ownership plans , effective June 6 , 1989 , that has been exploited by investment bankers in corporate takeovers	The measure repeals a 50 % exclusion given to banks on the interest from loans used to acquire securities for an ESOP , if the ESOP owns less than 30 % of the employer 's stock
+1	I was laid off in August 1988 , and after a thorough and exhausting job search , was hired in August 1989	My unemployment insurance ran out before I found a job
+7	My unemployment insurance ran out before I found a job	I found cutbacks and layoffs in many companies
+3	Are you kidding ?	Looking for a job was one of the most anxious periods of my life -- and is for most people
+2	Looking for a job was one of the most anxious periods of my life -- and is for most people	Your paper needs a serious reality check
+8	it reduced its rating on $ 165 million of subordinated debt of this Beverly Hills , Calif. , thrift	it reduced its rating on the thrift 's subordinated debt to B-2 from Ba-2
+1	Columbia Savings is a major holder of so-called junk bonds	New federal legislation requires that all thrifts divest themselves of such speculative securities over a period of years
+2	citing the troubles at its L.F. Rothschild subsidiary and the possible sale of other subsidiaries	They perhaps had concern that we were getting out of all these
+1	They perhaps had concern that we were getting out of all these	it was a little premature on their part
+1	Everyone will tell you that this time is different from 1987	Well , in some ways it is different , but technically it is just the same
+5	Right now they 're telling me to get the hell out and stay out	I see no major support until 2200
+1	I see no major support until 2200	I see a possibility of going to 2200 this month
+1	he would n't even think of buying until at least 600 to 700 stocks have hit 52-week lows	about 100 stocks hit new lows Friday
+4	Friday 's big drop was not a crash	This was an October massacre '' like those that occurred in 1978 and 1979
+2	Thus if the Dow Jones Industrial Average dropped below 2450 , `` It would just be a fluke	My advice is to buy
+8	There was a unique combination in 1987	Margin debt was at a record high.There was tremendous public enthusiasm for stock mutual funds.The main thing was portfolio insurance , '' a mechanical trading system intended to protect an investor against losses
+7	Margin debt was at a record high	There was tremendous public enthusiasm for stock mutual funds
+1	Margin debt was at a record high.There was tremendous public enthusiasm for stock mutual funds	The main thing was portfolio insurance , '' a mechanical trading system intended to protect an investor against losses
+2	The main thing was portfolio insurance , '' a mechanical trading system intended to protect an investor against losses . `` A hundred billion dollars in stock was subject '' to it	In 1987 , such selling contributed to a snowball effect
+9	the market will be heading down into November	We will probably have a year-end rally
+8	I think the market will be heading down into November We will probably have a year-end rally , and then go down again	Sort of a two-step bear market
+2	He expects the downturn to carry the Dow Jones Industrial Average down to around 2000 sometime next year	That would be a normal bear market
+2	That would be a normal bear market	I guess that 's my forecast
+8	the market is going through another October '87	that 's the case at all
+2	but there 's any need to rush	the market to open weaker Monday , but then it should find some stability
+6	He ticks off several major differences between now and two years ago	Unlike 1987 , interest rates have been falling this year
+7	Unlike 1987 , interest rates have been falling this year	Unlike 1987 , the dollar has been strong
+2	This is not a good environment to be fully invested '' in stocks	If I had come into Friday on margin or with very little cash in the portfolios , I would not do any buying
+8	But we came into Friday with a conservative portfolio , so I would look to do some modest buying '' on behalf of clients	We 're going to look for some of the better-known companies that got clocked '' Friday
+8	I see this as a reaction to the whole junk bond explosion	The explosion of junk bonds and takeovers has lodged a lot of insecure securities in the hands of investors and loaded the corporations that are the objects of takeovers or feared takeovers with huge amounts of debt rather than equity
+2	The explosion of junk bonds and takeovers has lodged a lot of insecure securities in the hands of investors and loaded the corporations that are the objects of takeovers or feared takeovers with huge amounts of debt rather than equity	This has both made investors uneasy and the corporations more vulnerable
+2	Nevertheless a depression does n't appear likely	There is more resiliency in the economy at large than we commonly suppose
+8	There is more resiliency in the economy at large than we commonly suppose	It takes more error now to have a major depression than back in the Thirties
+2	Examples are `` Ford looking at Jaguar , BellSouth looking at LIN Broadcasting	These sorts of takeovers do n't require junk bonds or big bank loans to finance them
+1	so a correction was to be expected	another crash is `` unlikely
+2	He sees `` economic problems , financial problems '' ahead for the U.S. , with a fairly strong possibility of a recession	Friday you could n't sell dollars
+6	He sees `` economic problems , financial problems '' ahead for the U.S. , with a fairly strong possibility of a recession	Friday you could n't sell dollars
+8	Friday you could n't sell dollars	Dealers `` would give you a quote , but then refuse to make the trade
+1	Mr. Rogers wo n't decide what to do today until he sees how the London and Tokyo markets go	He recommends that investors sell takeover-related stocks , but hang on to some other stocks
+1	Many people now claim to have predicted the 1987 crash	Queens newsletter writer Francis X. Curzio actually did it
+2	what happens now will depend a good deal on the Federal Reserve Board	If it promptly cuts the discount rate it charges on loans to banks That could quiet things down . '' If not , `` We could go to 2200 very soon
+1	If it promptly cuts the discount rate it charges on loans to banks That could quiet things down	If not , `` We could go to 2200 very soon
+8	Renaissance is keeping its money entirely in cash equivalents , primarily U.S. Treasury bills	T-bills probably are the right place to be
+8	Yes , he did	As I watched him on C-Span , I heard him speak those lovely words about the Bill of Rights , which he quotes from the transcript of the hearings
+8	He did repeat those nice platitudes several times as an indication of his support for the Constitution	He used about 56 words defending the witnesses ' constitutional rights
+8	Unfortunately , by my rough guess , he used better than 5,000 words heaping scorn on the witnesses for exercising the Fifth	He sandwiched his praise of constitutional meat between large loaves of bilious commentary
+2	He sandwiched his praise of constitutional meat between large loaves of bilious commentary	As your editorial rightly pointed out , Samuel Pierce , former HUD secretary , and Lance Wilson , Mr. Pierce 's former aide , `` are currently being held up to scorn for taking the Fifth Amendment
+1	As your editorial rightly pointed out , Samuel Pierce , former HUD secretary , and Lance Wilson , Mr. Pierce 's former aide , `` are currently being held up to scorn for taking the Fifth Amendment	That certainly is not the supposed `` distorted reading '' indicated by Mr. Lantos
+2	That his `` committee does not deal with any possible criminal activity at HUD	My colleagues and I fully realize we are not a court . . . etc
+1	Apparently , their verdict is in	Right now they 're pursuing evidence
+8	Apparently , their verdict is in.Right now they 're pursuing evidence	That 's not a bad way to proceed , just somewhat different from standard American practice
+5	Of course , Mr. Lantos doth protest that his subcommittee simply seeks information for legislative change	No doubt that 's partially true
+2	No doubt that 's partially true	Everything that Mr. Lantos says in his letter is partially true
+6	Everything that Mr. Lantos says in his letter is partially true	He 's right about his subcommittee 's responsibilities when it comes to obtaining information from prior HUD officials
+8	But if his explanation of motivation is true , why is his investigation so oriented as to identify criminal activity ? Why not simply questions designed to identify sources and causes of waste and inefficiency ? Such as , what happened when Congress wanted to know about $ 400 toilet seats or whatever they supposedly cost	No , Mr. Lantos 's complaints simply wo n't wash
+4	No , to my mind , the Journal did not `` defend sleaze , fraud , waste , embezzlement , influence-peddling and abuse of the public trust	it defended appropriate constitutional safeguards and practical common sense
+2	The system is the problem , not an individual member	Individuals can always have their hands slapped
+1	Individuals can always have their hands slapped	It 's when such slapping does n't occur that we 've got trouble
+8	But I think the kind of congressional investigation that has been pursued is a far greater danger to American notions of liberty and freedom than any incompetency ( and , yes , maybe criminality ) within HUD could possibly generate	The last time I saw a similar congressional hearing was when `` Tail Gunner Joe '' McCarthy did his work
+5	The Fifth Amendment states in relevant part that no person `` shall be compelled , in any criminal case , to be a witness against himself	This privilege against self-incrimination precludes the drawing of an adverse inference against a criminal defendant who chooses not to testify
+5	Thus , in a civil case , a defendant may be called as a witness , he may be forced to testify or take the Fifth , and his taking of the Fifth may permit the drawing of an adverse inference against him in the civil matter	He may take the Fifth in a civil matter only if he has a good faith and justifiable belief that his testimony may subject him to criminal prosecution
+8	He may take the Fifth in a civil matter only if he has a good faith and justifiable belief that his testimony may subject him to criminal prosecution	Allowing the defendant to take the Fifth in a civil matter is not based on a constitutional right to refuse to testify where one 's testimony harms him in the civil matter , but because the testimony in the civil matter could be unconstitutionally used against him in a subsequent criminal prosecution
+2	Allowing the defendant to take the Fifth in a civil matter is not based on a constitutional right to refuse to testify where one 's testimony harms him in the civil matter , but because the testimony in the civil matter could be unconstitutionally used against him in a subsequent criminal prosecution	Absent the risk of such prosecution , a court may order the defendant to testify
+2	one must conclude that he held a good-faith , justifiable belief that his testimony could be used against him in a subsequent criminal prosecution	The subcommittee , Congress and the American public have every right to draw the adverse inference and to concur with Mr. Pierce 's own belief that his testimony could help convict him of a crime
+8	Thus , when Mr. Pierce asserted the Fifth in a noncriminal proceeding , particularly after presumably receiving extensive advice from legal counsel , one must conclude that he held a good-faith , justifiable belief that his testimony could be used against him in a subsequent criminal prosecution.The subcommittee , Congress and the American public have every right to draw the adverse inference and to concur with Mr. Pierce 's own belief that his testimony could help convict him of a crime	Drawing the adverse inference in a noncriminal congressional hearing does not offend the Fifth Amendment shield against self-incrimination
+2	We could n't get dealers to answer their phones	It was { like } the Friday before Black Monday '' two years ago
+8	Nonetheless , the Nasdaq Composite Index suffered its biggest point decline of the year and its sixth worst ever , diving 14.90 , or 3 % , to 467.29	Ten points of the drop occurred during the last 45 minutes of trading
+1	Most of the complaints about unanswered phone calls came from regional brokers rather than individual investors	Mr. King of Robinson-Humphrey and others were quick to add that they believe the problem stemmed more from traders ' inability to handle the volume of calls , rather than a deliberate attempt to avoid making trades
+5	It was the last hour of trading on a Friday	There were too many phones ringing and too many things happening to expect market makers to be as efficient as robots
+8	There were too many phones ringing and too many things happening to expect market makers to be as efficient as robots	It was n't intentional , we were all busy
+2	It was just like two years ago	Everybody was trying to do the same thing at the same time
+5	On days like Friday , that means they must buy shares from sellers when no one else is willing to	When selling is so frenzied , prices fall steeply and fast
+8	When selling is so frenzied , prices fall steeply and fast	Two years ago , faced with the possibility of heavy losses on the stocks in their inventories , market makers themselves began dumping shares , exacerbating the slide in OTC stock prices
+8	some prices fell without trades taking place , as market makers kept dropping the prices at which they would buy shares	Everyone was hitting everyone else 's bid
+2	the damage was n't as bad as it was in 1987	Two years ago we were carrying huge inventories and that was the big culprit.I do n't know of anyone carrying big inventories now
+1	Two years ago we were carrying huge inventories and that was the big culprit	I do n't know of anyone carrying big inventories now
+1	that Piper Jaffray actually made money on Friday	It helped that his inventory is a third smaller now than it was two years ago
+5	The pace of trading was orderly	Nasdaq 's Small Order Execution System `` worked beautifully , '' as did the automated system for larger trades , according to Mr. Hardiman
+2	In the past , the OTC market thrived on a firm base of small-investor participation	Because Nasdaq 's trading volume has n't returned to pre-crash levels , traders and OTC market officials hope the damage wo n't be permanent
+6	But they are worried	We were just starting to get the public 's confidence back , '' lamented Mr. Mullins of Dean Witter
+1	some action from government policy makers would allay investor fears	It wo n't take much more to `` scare the hell out of retail investors
+1	retail investors nervously sold stock Friday and never returned to bargain-hunt	Institutional investors were calmer
+2	We had a good amount of selling from institutions , but not as much panic	If they could n't sell , some of them put the shares back on the shelf
+8	Nasdaq 's biggest stocks were hammered	The Nasdaq 100 Index of the largest nonfinancial issues , including the big OTC technology issues , tumbled 4.2 % , or 19.76 , to 449.33
+5	The Nasdaq 100 Index of the largest nonfinancial issues , including the big OTC technology issues , tumbled 4.2 % , or 19.76 , to 449.33	The Nasdaq Financial Index of giant insurance and banking stocks dropped 2 % , or 9.31 , to 462.98
+1	McCaw lost 8 % , or 3 1/2 , to 40	LIN Broadcasting , dropped 5 1/2 , or 5 % , to 107 1/2
+1	McCaw lost 8 % , or 3 1/2 , to 40.LIN Broadcasting , dropped 5 1/2 , or 5 % , to 107 1/2	The turnover in both issues was roughly normal
+2	On a day when negative takeover-related news did n't sit well with investors , Commercial Intertech , a maker of engineered metal parts , said Haas & Partners advised it that it does n't plan to pursue its previously reported $ 27.50-a-share bid to buy the company	Commercial Intertech plummeted 6 to 26
+6	The issues of companies with ties to the junk bond market also tumbled Friday	On the OTC market , First Executive , a big buyer of the high-risk , high-yield issues , slid 2 to 12 1/4
+7	Among other OTC issues , Intel , dropped 2 1/8 to 33 7/8	Laidlaw Transportation lost 1 1/8 to 19 1/2
+7	Among other OTC issues , Intel , dropped 2 1/8 to 33 7/8 ; Laidlaw Transportation lost 1 1/8 to 19 1/2	the American depositary receipts of Jaguar were off 1/4 to 10 1/4
+7	Among other OTC issues , Intel , dropped 2 1/8 to 33 7/8 ; Laidlaw Transportation lost 1 1/8 to 19 1/2 ; the American depositary receipts of Jaguar were off 1/4 to 10 1/4	MCI Communications slipped 2 1/4 to 43 1/2
+7	Among other OTC issues , Intel , dropped 2 1/8 to 33 7/8 ; Laidlaw Transportation lost 1 1/8 to 19 1/2 ; the American depositary receipts of Jaguar were off 1/4 to 10 1/4 ; MCI Communications slipped 2 1/4 to 43 1/2	Apple Computer fell 3 to 45 3/4
+2	These rate indications are n't directly comparable	lending practices vary widely by location
+8	To be sure , big investors might put away their checkbooks in a hurry if stocks open sharply lower today	They could still panic and bail out of the market
+5	Mr. Rogers spent half his cash on hand Friday for `` our favorite stocks that have fallen apart	He expects to invest the rest if the market weakens further
+8	Denver-based portfolio manager James Craig was n't daunted when Friday 's rout shaved $ 40 million from the value of the $ 752 million Janus Fund he oversees	I waited to make sure all the program trades had kicked through Then he jumped into the market : `` I spent $ 30 million in the last half-hour
+6	Other money managers also opened their wallets	I was buying at the close ( Friday ) and I 'll be buying again because I know we 're getting good value , '' said Frederick A. Moran , president of Moran Asset Management Inc. , Greenwich , Conn
+2	I was buying at the close ( Friday ) and I 'll be buying again because I know we 're getting good value	There is no justification on the fundamental level for this crash
+5	big investors such as pension funds and insurance companies can decide to ride out market storms without jettisoning stock	Most often , they do just that
+8	The last crash taught institutional investors that they have to be long-term holders , and that they ca n't react to short-term events , good or bad	Those that pulled out ( of stocks ) regretted it
+2	Stocks , as measured by the Standard & Poor 's 500-stock index , have been stellar performers this year , rising 27.97 % before Friday 's plunge , excluding dividends	Even Friday 's slump leaves investors ahead more than 20 % , well above the annual average for stocks over several decades
+2	Mr. Awad , however , worries that the market `` could go down 800 or 900 points in the next few days	It can happen before you can turn around
+5	It can happen before you can turn around	he discerns many parallels with 1987 , including the emphasis on takeover stocks and the re-emergence of computerized program trading
+8	he discerns many parallels with 1987 , including the emphasis on takeover stocks and the re-emergence of computerized program trading	The only thing you do n't have `` is the ` portfolio insurance ' phenomenon overlaid on the rest
+1	Not really insurance , this tactic was designed to soften the blow of declining stock prices and generate an offsetting profit by selling waves of S & P futures contracts	In its severest test , the $ 60 billion of portfolio insurance in effect in the 1987 crash did n't work , as stock buyers disappeared and stock and futures prices became disconnected
+6	Even without portfolio insurance , market conditions were grim Friday	Neil Weisman said he was besieged by Wall Street firms Friday asking him to take stock off their hands
+8	stocks will appear to stabilize in the next few days before declining again , trapping more investors	it will be a rigor mortis rally
+8	All that now has changed	We 're ahead for the year because of Friday
+8	We 're ahead for the year because of Friday	We 're not making a killing , but we had a good day
+1	it presented evidence it uncovered to the company indicating that Bolar substituted the brand-name product for its own to gain government approval to sell generic versions of Macrodantin	Bolar has denied that it switched the brand-name product for its own in such testing
+2	Should the courts uphold the validity of this type of defense , ASKO will then ask the court to overturn such a vote-diluting maneuver recently deployed by Koninklijke Ahold NV	the Dutch-based international food retailer had n't reasonable grounds to issue preferred stock to a friendly trust and thus dilute the worth and voting power of ASKO and other shareholders
+5	A spokesman for Ahold said his company is confident of its own position and the propriety of the preferred-share issue	He termed ASKO 's legal actions as `` unproductive '' to international cooperation among European retailers
+2	There are some very significant issues out there , such as the fiscal deficit , the trade deficit , our relations with Japan , that have to be the subject of major initiatives	I 'd like to see that initiative
+8	I 'd like to see that initiative , and I have n't	There is n't a big shot , an agenda
+2	The cuts are necessary because Congress and the administration have failed to reach agreement on a deficit-cutting bill	We simply do n't have strong leadership to try to reduce the deficit and make tough choices
+8	For the last two weeks , the Bush administration and the Federal Reserve have been engaged in a semi-public battle over international economic policy	The administration has been trying to push the dollar lower ; the Fed has been resisting
+1	The administration has been trying to push the dollar lower	the Fed has been resisting
+2	The administration has been trying to push the dollar lower ; the Fed has been resisting	One of the things that continues to worry me is this monetary warfare between the Treasury Department and the Federal Reserve Board
+8	And he has kept mum on how his decision might affect a bid for United Airlines	Some analysts say uncertainty about Washington 's anti-takeover policy was one reason that financing for the United Airlines takeover fell through
+8	In many ways , the backdrop to Friday 's stock decline is eerily similar to that of October 1987 's 508-point crash	Then , as now , the budget debate was behind schedule and automatic spending cuts were within days of taking hold.The Treasury was locked in a battle over international economic policy , although at that time it was with West German officials rather than the Federal Reserve.And concern about official actions aimed at takeovers -- then by the tax-writing House Ways and Means Committee rather than the Transportation Department -- were making markets nervous
+7	Then , as now , the budget debate was behind schedule and automatic spending cuts were within days of taking hold	The Treasury was locked in a battle over international economic policy
+2	But a similar outcome does n't seem likely this year	Lawmakers and administration officials agree that Friday 's drop , by itself , is n't enough to force both sides back to the table to try to reach a deficit-reduction agreement
+8	the economy and the market can survive a one-day 508-point tumble	Everybody thought we were looking at a repetition of 1929 , that we were looking at a recession That did not happen
+1	Everybody thought we were looking at a repetition of 1929 , that we were looking at a recession	That did not happen
+4	That did not happen	They learned they could survive it without much problem
+2	In that case , there will be plenty of blame to go around	There is an underlying concern on the part of the American people that the administration has not gone far enough in cutting this deficit and that Congress has been unwilling to cut what the administration asked us to cut
+6	there were signs that Senate Republicans and the administration were at odds	At the very moment that Senate Republicans were negotiating a deal to exclude capital gains from the deficit-reduction legislation , White House spokesman Marlin Fitzwater told reporters that it was the president 's policy to include it
+9	Oregon Sen. Bob Packwood , the ranking GOP member of the tax-writing Senate Finance Committee , hailed it	Asked if the administration agreed , he curtly replied : `` The adminstration will have to speak for itself
+2	The White House Office of Management and Budget , whose calculations determine whether the Gramm-Rudman targets are met , estimated that the House-passed deficit-reduction measure would cut the fiscal 1990 shortfall by $ 6.2 billion , almost half of the Congressional Budget Office 's estimate of $ 11.0 billion	Rep. Panetta said that OMB 's figure would still be enough to avoid permanent across-the-board cuts , but added : `` We 're getting very close to the margins here
+6	But some players were quick to seize the moment	Before the sun had set on Friday , Richard Rahn , the supply-side chief economist of the U.S. Chamber of Commerce , issued a statement attributing the drop in stock prices to the Senate decision to postpone action on capital gains
+8	Before the sun had set on Friday , Richard Rahn , the supply-side chief economist of the U.S. Chamber of Commerce , issued a statement attributing the drop in stock prices to the Senate decision to postpone action on capital gains	Investors , who had been holding assets in anticipation of a more favorable time to sell , were spooked , '' he said
+2	And I think institutions are going to come in and buy	I 'm going to hold on
+2	I 'm going to hold on	If I sell now , I 'll take a big loss
+6	Some evinced an optimism that had been rewarded when they did n't flee the market in 1987	Oh , I bet it 'll be up 50 points on Monday , '' said Lucy Crump , a 78-year-old retired housewife in Lexington , Ky
+5	Oh , I bet it 'll be up 50 points on Monday , '' said Lucy Crump , a 78-year-old retired housewife in Lexington , Ky	Mrs. Crump said her Ashwood Investment Club 's portfolio lost about one-third of its value following the Black Monday crash , `` but no one got discouraged , and we gained that back -- and more
+2	In fact , some of the association 's members welcomed the drop in prices	We hope to take advantage of it
+8	We hope to take advantage of it , '' said John Snyder , a member of a Los Angeles investors ' club	He has four stocks in mind to buy if the prices drop to the level he wants
+8	the market drop is one of `` a tremendous number of signs that the leveraged take-out era is ending	There 's no question that there 's a general distaste for leverage among lenders
+2	she 's generally skittish about the stock market and the takeover activity that seems to fuel it	I have this feeling that it 's built on sand
+2	I have this feeling that it 's built on sand that the market rises `` but there 's no foundation to it	She and her husband pulled most of their investments out of the market after the 1987 crash
+6	Others wonder how many more of these shocks the small investor can stand	We all assumed October '87 was a one-time shot , '' said San Francisco attorney David Greenberg
+2	We all assumed October '87 was a one-time shot	We told the little guy it could only happen once in a lifetime , come on back
+1	We told the little guy it could only happen once in a lifetime , come on back	Now it 's happening again
+1	Mr. Greenberg got out just before the 1987 crash and , to his regret , never went back even as the market soared	This time he 's ready to buy in `` when the panic wears off
+2	We ca n't have this kind of thing happen very often	When the little guy gets frightened , the big guys hurt badly
+8	When the little guy gets frightened , the big guys hurt badly	Merrill Lynch ca n't survive without the little guy
+5	Small investors have tiptoed back into the market following Black Monday , but mostly through mutual funds	Discount brokerage customers `` have been in the market somewhat but not whole hog like they were two years ago
+5	Discount brokerage customers `` have been in the market somewhat but not whole hog like they were two years ago	Schwab customers `` have been neutral to cautious recently about stocks
+2	Schwab customers `` have been neutral to cautious recently about stocks	Individual investors are still angry about program trading
+6	But it 's not only the stock market that has some small investors worried	Alan Helfman , general sales manager of a Chrysler dealership in Houston , said he and his mother have some joint stock investments , but the overall economy is his chief worry
+6	And , finally , there were the gloaters	I got out in 1987.Everything , '' said Pascal Antori , an Akron , Ohio , plumbing contractor who was visiting Chicago and stopped by Fidelity Investments ' LaSalle Street office
+8	I got out in 1987.Everything	I just stopped by to see how much I would have lost
+2	Are you kidding	When it comes to money : Once bitten , 2,000 times shy
+6	Compaq 's series of notebooks extends a trend toward downsizing in the personal computer market	One manufacturer already has produced a clipboard-sized computer called a notepad , and two others have introduced even smaller `` palmtops
+8	Compaq 's notebooks , by contrast , may be the first in their weight class not to skimp on features found in much bigger machines	Analysts say they 're faster and carry more memory than anything else of their size on the market
+5	Analysts say they 're faster and carry more memory than anything else of their size on the market -- and they 're priced aggressively at $ 2,400 to $ 5,000	All of this comes in a machine that weighs only six pounds and fits comfortably into most briefcases
+2	and that are called notebooks -- perhaps misleadingly	One analyst , noting that most such machines are about two inches thick , takes exception to the name
+8	One analyst , noting that most such machines are about two inches thick , takes exception to the name	This is n't quite a notebook -- I call it a phonebook
+2	That ca n't be said of the $ 2,400 notepad computer introduced a few weeks ago by GRiD Systems Corp. , a unit of Tandy	Instead of a keyboard , it features a writing surface , an electronic pen and the ability to `` read '' block printing
+2	Instead of a keyboard , it features a writing surface , an electronic pen and the ability to `` read '' block printing	At 4 1/2 pounds , it may be too ambitiously named , but it nevertheless opens up the kind of marketing possibilities that make analysts froth
+6	Palmtops are n't far behind	Atari Corp. 's Portfolio weighs less than a pound , costs a mere $ 400 and runs on three AA batteries , yet has the power to run some spreadsheets and word processing programs
+1	At stake is what Mike Swavely , Compaq 's president of North America operations , calls `` the Holy Grail of the computer industry '' -- the search for `` a real computer in a package so small you can take it everywhere	The market is so new , nobody knows yet how big it can be
+8	The market is so new , nobody knows yet how big it can be	I 've had a lot of people trying to sell me services to find out how big it is
+1	I 've had a lot of people trying to sell me services to find out how big it is	Whether it 's $ 5 billion or $ 3.5 billion , it does n't matter
+2	Whether it 's $ 5 billion or $ 3.5 billion , it does n't matter	It 's huge
+8	Consider the growth of portables , which now comprise 12 % of all personal computer sales	Laptops have become the fastest-growing personal computer segment , with sales doubling this year
+8	Responding to that demand , however , has led to a variety of compromises	Making computers smaller often means sacrificing memory
+2	Responding to that demand , however , has led to a variety of compromises	Making computers smaller often means sacrificing memory
+1	A Poquet spokesman , for example , criticizes the Atari Portfolio because it requires three batteries while the Poquet needs only two	Both palmtops are dismissed by notebook makers , who argue that they 're too small
+2	a problem Poquet also encountered in focus groups	Poquet , trying to avoid the `` gadget '' label , responded with the tag line , `` The Poquet PC -- a Very Big Computer
+2	Despite the sniping , few question the inevitability of the move to small machines that do n't make compromises	Toward that end the real battle will take place between center-stage players like Toshiba , Zenith and now Compaq
+6	Compaq is already taking aim at Zenith 's market share	Rod Canion , Compaq 's president and chief executive officer , notes pointedly that Zenith 's $ 2,000 MinisPort uses an `` unconventional '' two-inch floppy disk , whereas Compaq 's new machines use the more common 3 1/2-inch disk
+1	Rod Canion , Compaq 's president and chief executive officer , notes pointedly that Zenith 's $ 2,000 MinisPort uses an `` unconventional '' two-inch floppy disk , whereas Compaq 's new machines use the more common 3 1/2-inch disk	John P. Frank , president of Zenith Data Systems , simply shrugs off such criticism
+8	that 3 1/2-inch floppies were also `` unconventional '' when they first replaced five-inch disks	We do n't look at it as not being a standard , we look at it as a new standard
+6	Analysts do n't see it that way	I ca n't imagine that you 'll talk to anyone who wo n't tell you this is dynamite for Compaq and a stopper for everyone else , '' says Gene Talsky , president of Professional Marketing Management Inc
+5	Analysts do n't see it that way . `` I ca n't imagine that you 'll talk to anyone who wo n't tell you this is dynamite for Compaq and a stopper for everyone else , '' says Gene Talsky , president of Professional Marketing Management Inc	Adds Bill Lempesis , senior industry analyst for DataQuest , a high-technology market research firm : `` We basically think that these are very hot products
+8	We basically think that these are very hot products	The problem Compaq is going to have is that they wo n't be able to make enough of them
+5	Toshiba 's line of portables , for example , features the T-1000 and the T-1600 , which also uses a 286 microprocessor , but which weighs almost twice as much and is three times the size	A third model , marketed in Japan , may hit the U.S. by the end of the first quarter of 1990 , but by then Compaq will have established itself as one of three major players
+5	And among the issues hitting new highs were Detroit Edison Co. and Niagara Mohawk Power Corp	Other major issues hitting highs included American Telephone & Telegraph Co. , Westinghouse Electric Corp. , Exxon Corp. and Cigna Corp. , the big insurer
+6	Of course , many more issues -- 93 -- hit new lows	These included International Business Machines Corp. , which during Friday 's session traded below $ 100 a share for the first time since June 1984
+5	These included International Business Machines Corp. , which during Friday 's session traded below $ 100 a share for the first time since June 1984	IBM closed at $ 102 , down $ 5.625
+9	These included International Business Machines Corp. , which during Friday 's session traded below $ 100 a share for the first time since June 1984	IBM closed at $ 102 , down $ 5.625
+8	Meanwhile , two initial public offerings braved the cascading market in their maiden day of national over-the-counter trading Friday	Shares of Rally 's Inc. , an operator of fast-food restaurants , closed at $ 17 each , up from its $ 15 offering price and shares of Employee Benefit Plans Inc. , a health-care consultant , closed at $ 14.125 , up from its $ 12 offering price
+5	The No . 2 auto maker disclosed last month that it wants to buy as much as 15 % of the British luxury-car maker , the maximum allowed under current United Kingdom government restrictions	General Motors Corp. said it had discussed the possibility of a joint venture with Jaguar before Ford began buying shares
+5	it had discussed the possibility of a joint venture with Jaguar before Ford began buying shares	it still is talking with Jaguar about acquiring a minority interest
+9	Typically , a margin call occurs when the price of a stock falls below 75 % of its original value	If the investor does n't put up the extra cash to satisfy the call , the brokerage firm may begin liquidating the securities
+6	But some big brokerage firms said they do n't expect major problems as a result of margin calls	Margin calls since Friday `` have been higher than usual , but reasonable , '' a spokesman for Shearson Lehman Hutton Inc. said
+2	he did n't expect any immediate problems with margin calls for Schwab customers	Schwab had increased margin requirements
+2	Schwab had increased margin requirements `` so customers have more of a cushion	We learned a lesson in 1987 about volatility
+2	I can not see how this news by Hertz and Avis can not benefit Budget 's programs	Northwest and Midway are two of the five airlines with which Budget has agreements
+2	This year has been difficult for both Hertz and Avis	They 've been looking to get their costs down
+2	and having it run one hour is the best way to it	This will raise the energy level of the show
+10	Tandem expects to report the full results for the quarter next week	Analysts have predicted that the Cupertino , Calif. , company will report revenue of $ 430 million to $ 460 million and earnings of 35 cents to 40 cents a share
+8	That will spur Tandem 's growth	I 'd be disappointed if the company grew by less than 20 % next year
+8	But Mr. Treybig questions whether that will be enough to stop Tandem 's first mainframe from taking on some of the functions that large organizations previously sought from Big Blue 's machines	The answer is n't price reductions , but new systems
+5	Nevertheless , Tandem faces a variety of challenges , the biggest being that customers generally view the company 's computers as complementary to IBM 's mainframes	Even Mr. Treybig is reluctant to abandon this notion , insisting that Tandem 's new machines are n't replacements for IBM 's mainframes
+2	Do n't jump yet	The stock market 's swoon may turn out to be good news for the economy
+8	In one wild hour of trading , the market managed to accomplish what the Bush administration has been trying to do , unsuccessfully , for weeks	It is forcing the Federal Reserve to ease its grip on credit and it took the wind out of a previously irrepressible dollar
+2	It is forcing the Federal Reserve to ease its grip on credit and it took the wind out of a previously irrepressible dollar	The resulting decline in interest rates and the value of the dollar could reinvigorate American business -- indeed , the entire economy
+2	This may sound strangely optimistic	After all , until a few years ago , the stock market was viewed as a barometer of the national economy
+8	After all , until a few years ago , the stock market was viewed as a barometer of the national economy	When it went down , by all tradition , the economy followed
+2	That has changed , partly because the two years following the worst stock-market plunge in history have been reasonably comfortable	The 1987 crash was `` a false alarm however you view it
+8	The market seems increasingly disconnected from the rest of the nation	Its spasms ca n't be traced to fundamental business conditions , nor do they appear to presage major shifts in the economy
+8	Its spasms ca n't be traced to fundamental business conditions , nor do they appear to presage major shifts in the economy	The market today has a life of its own
+2	Of course , the health of the economy will be threatened if the market continues to dive this week	Sharply falling stock prices do reduce consumer wealth , damage business confidence and discourage the foreign investors upon whom the U.S. now relies for financial sustenance
+5	Sharply falling stock prices do reduce consumer wealth , damage business confidence and discourage the foreign investors upon whom the U.S. now relies for financial sustenance	The financial-services industry was battered by the 1987 crash
+2	What 's more , although the stock market is far less overvalued today than two years ago , the U.S. economy is weaker	Growth is slower
+6	What 's more , although the stock market is far less overvalued today than two years ago , the U.S. economy is weaker	Growth is slower
+7	Growth is slower	Profits are softer
+7	Growth is slower.Profits are softer	Debt burdens are heavier
+8	But if the stock market does n't continue to plummet , the beneficial effects of lower interest rates and a lower dollar may well dominate	The Fed is now poised to pour money into the economy if needed to soothe the markets
+1	The Fed is now poised to pour money into the economy if needed to soothe the markets	Fed officials may protest that this does n't necessarily mean a fundamental change in their interest-rate policies
+8	Treasury officials have been arguing for months that the dollar 's strength was out of whack with economic fundamentals	The market drop has now apparently convinced foreign investors that the Treasury was right about the overpriced dollar
+1	A modest drop in the dollar -- only a modest one , mind you -- would be welcomed by the U.S	That was n't the case in 1987 , when the dollar was so weak that some economists and government officials seriously worried that it might collapse , producing panic among foreign investors and diminishing the flow of foreign capital to the U.S
+8	Another big difference between 1987 and 1989 is n't so comforting	In the third quarter of 1987 , the economy spurted at an inflation-adjusted annual rate of 5.3 % .The consensus among economists is that it grew a much more sluggish 2.3 % in the third quarter of 1989 , which ended two weeks ago
+1	In the third quarter of 1987 , the economy spurted at an inflation-adjusted annual rate of 5.3 %	that it grew a much more sluggish 2.3 % in the third quarter of 1989
+2	The plunge in stock prices `` is happening at a time when the economy has already slowed down	A lot of pent-up demand is gone
+5	Consumer spending did drop in the months following Black Monday 1987 -- `` but only slightly and for a short period of time	That was offset by strength elsewhere
+2	That was offset by strength elsewhere	The effects } were much less severe and less prolonged than some had feared or expected
+1	The effects } were much less severe and less prolonged than some had feared or expected	Today exports and business investment spending may be insufficient to pick up the slack if stock prices sink this week and if consumers retrench in reaction
+2	What 's more , the corporate borrowing binge has n't abated in the past two years	We 've had two more years of significant accumulation of debt . . . just at the time when earnings are being squeezed
+2	The more a company relies on borrowed money , the greater its sensitivity to an economic slowdown	A company with a strong balance sheet can withstand an unanticipated storm ; a highly leveraged company may end up in bankruptcy court
+1	A company with a strong balance sheet can withstand an unanticipated storm	a highly leveraged company may end up in bankruptcy court
+5	But , in the process , the Fed risks reigniting inflation	Even before Friday 's events , Harvard University economist Benjamin Friedman was arguing that the Fed wo n't be able to live up to its tough words on eliminating inflation because of its responsibility to protect fragile financial markets , banks and highly leveraged corporations
+2	that the Fed wo n't be able to live up to its tough words on eliminating inflation because of its responsibility to protect fragile financial markets , banks and highly leveraged corporations	The biggest threat on the economic horizon right now is n't recession
+4	The biggest threat on the economic horizon right now is n't recession	it 's an outbreak of uncontrolled inflation
+1	multiply that a few times over , though , and it will	If the reactions of executives gathered Saturday at Hot Springs , Va. , for the Business Council meetings are typical , business leaders were n't overly rattled by Friday 's decline
+1	On the bottom line , the most comforting fact for the economic outlook is that we 've been through this before	Two years ago , about the only point of comparison was the 1929 crash and the subsequent Depression
+2	Two years ago , about the only point of comparison was the 1929 crash and the subsequent Depression	The doomsayers had a receptive audience
+1	The doomsayers had a receptive audience	The prosperity that followed Black Monday permits a more optimistic view today
+6	At the very least , the establishment here is taking comfort from the nation 's success in handling the last go-around	As Sen. Lloyd Bentsen ( D. , Texas ) observed yesterday , `` The Fed avoided a meltdown last time.They are more sophisticated this time
+5	The Fed avoided a meltdown last time	They are more sophisticated this time
+5	For some of these companies , this will be the first quarter with year-to-year negative comparisons	This could be the first of five or six down quarters
+2	Perhaps most prominent , Dow Chemical Co is expected to report that profit decreased in the latest quarter from a year earlier , if only by a shade	Though Dow has aggressively diversified into specialty chemicals and pharmaceuticals , the company still has a big stake in polyethylene
+8	At the investment firm of Smith Barney , Harris Upham & Co. , the commodity-chemical segment is seen pulling down overall profit for 20 companies representative of the whole industry by 8 % to 10 %	You will find the commodities off more than the others and the diversified companies about even or slightly better , '' says James Wilbur , a Smith Barney analyst
+6	Still , some industry giants are expected to report continuing gains , largely because so much of their business is outside commodity chemicals	Du Pont Co. is thought to have had steady profit growth in white pigments , fibers and polymers
+1	The estimates for Du Pont range from $ 2.25 to $ 2.45 a share	In the 1988 third quarter , the company earned $ 461 million , or $ 1.91 a share , on sales of $ 7.99 billion
+5	Monsanto Co. , too , is expected to continue reporting higher profit , even though its sales of crop chemicals were hurt in the latest quarter by drought in northern Europe and the western U.S	The St. Louis-based company is expected to report again that losses in its G.D. Searle & Co. pharmaceutical business are narrowing
+8	The St. Louis-based company is expected to report again that losses in its G.D. Searle & Co. pharmaceutical business are narrowing	Searle continued to operate in the red through the first half of the year , but Monsanto has said it expects Searle to post a profit for all of 1989
+1	Most estimates for Monsanto run between $ 1.70 and $ 2 a share	A year ago , the company posted third-quarter profit of $ 116 million , or $ 1.67 a share , on sales of $ 2.02 billion
+1	But the commodity-chemical producers are caught on the downside of a pricing cycle	By some accounts on Wall Street and in the industry , the inventory reductions are near an end , which may presage firmer demand
+6	In the latest quarter , at least , profit is expected to fall sharply	For Himont Inc. , `` how far down it is , we do n't know , '' says Leslie Ravitz at Salomon Brothers
+1	For Himont Inc. , `` how far down it is , we do n't know	The projections are in the neighborhood of 50 cents a share to 75 cents , compared with a restated $ 1.65 a share a year earlier , when profit was $ 107.8 million on sales of $ 435.5 million
+1	But the estimates range from break-even to 35 cents a share	In the 1988 third quarter , Quantum earned $ 99.8 million , or $ 3.92 a share , on sales of $ 724.4 million
+1	the principal-only securities were priced at 58 1/4 to yield 8.45 % , assuming an average life of eight years and a prepayment of 160 % of the PSA model	The interest-only securities were priced at 35 1/2 to yield 10.72 %