new_tag.train

In IN
an DT
Oct. NNP
19 CD
review NN
of IN
`` ``
The DT
Misanthrope NN
'' ''
at IN
Chicago NNP
's POS
Goodman NNP
Theatre NNP
( (
`` ``
Revitalized VBN
Classics NNS
Take VBP
the DT
Stage NN
in IN
Windy NNP
City NNP
, ,
'' ''
Leisure NN
& CC
Arts NNS
) )
, ,
the DT
role NN
of IN
Celimene NNP
, ,
played VBN
by IN
Kim NNP
Cattrall NNP
, ,
was VBD
mistakenly RB
attributed VBN
to TO
Christina NNP
Haag NNP
. .
Ms. NNP
Haag NNP
plays VBZ
Elianti NNP
. .



( (
See VB
: :
`` ``
Revitalized VBN
Classics NNS
Take VBP
the DT
Stage NN
in IN
Windy NNP
City NNP
'' ''
-- :
WSJ NNP
Oct. NNP
19 CD
, ,
1989 CD
) )







Rolls-Royce NNP
Motor NNP
Cars NNPS
Inc. NNP
said VBD
it PRP
expects VBZ
its PRP$
U.S. NNP
sales NNS
to TO
remain VB
steady JJ
at IN
about IN
1,200 CD
cars NNS
in IN
1990 CD
. .
The DT
luxury NN
auto NN
maker NN
last JJ
year NN
sold VBD
1,214 CD
cars NNS
in IN
the DT
U.S. NNP
Howard NNP
Mosher NNP
, ,
president NN
and CC
chief JJ
executive NN
officer NN
, ,
said VBD
he PRP
anticipates VBZ
growth NN
for IN
the DT
luxury NN
auto NN
maker NN
in IN
Britain NNP
and CC
Europe NNP
, ,
and CC
in IN
Far JJ
Eastern JJ
markets NNS
. .





BELL NNP
INDUSTRIES NNP
Inc. NNP
increased VBD
its PRP$
quarterly NN
to TO
10 CD
cents NNS
from IN
seven CD
cents NNS
a DT
share NN
. .
The DT
new JJ
rate NN
will MD
be VB
payable JJ
Feb. NNP
15 CD
. .
A DT
record NN
date NN
has VBZ
n't RB
been VBN
set VBN
. .
Bell NNP
, ,
based VBN
in IN
Los NNP
Angeles NNP
, ,
makes VBZ
and CC
distributes VBZ
electronic JJ
, ,
computer NN
and CC
building NN
products NNS
. .





Investors NNS
are VBP
appealing VBG
to TO
the DT
Securities NNPS
and CC
Exchange NNP
Commission NNP
not RB
to TO
limit VB
their PRP$
access NN
to TO
information NN
about IN
stock NN
purchases NNS
and CC
sales NNS
by IN
corporate JJ
insiders NNS
. .



A DT
SEC NNP
proposal NN
to TO
ease VB
reporting NN
requirements NNS
for IN
some DT
company NN
executives NNS
would MD
undermine VB
the DT
usefulness NN
of IN
information NN
on IN
insider NN
trades NNS
as IN
a DT
stock-picking JJ
tool NN
, ,
individual JJ
investors NNS
and CC
professional JJ
money NN
managers NNS
contend VBP
. .



They PRP
make VBP
the DT
argument NN
in IN
letters NNS
to TO
the DT
agency NN
about IN
rule NN
changes NNS
proposed VBD
this DT
past JJ
summer NN
that IN
, ,
among IN
other JJ
things NNS
, ,
would MD
exempt VB
many JJ
middle-management JJ
executives NNS
from IN
reporting VBG
trades NNS
in IN
their PRP$
own JJ
companies NNS
' POS
shares NNS
. .
The DT
proposed VBN
changes NNS
also RB
would MD
allow VB
executives NNS
to TO
report VB
exercises NNS
of IN
options NNS
later RBR
and CC
less RBR
often RB
. .



Many JJ
of IN
the DT
letters NNS
maintain VBP
that IN
investor NN
confidence NN
has VBZ
been VBN
so RB
shaken VBN
by IN
the DT
1987 CD
stock NN
market NN
crash NN
-- :
and CC
the DT
markets NNS
already RB
so RB
stacked VBN
against IN
the DT
little JJ
guy NN
-- :
that IN
any DT
decrease NN
in IN
information NN
on IN
insider-trading NN
patterns NNS
might MD
prompt VB
individuals NNS
to TO
get VB
out RB
of IN
stocks NNS
altogether RB
. .



`` ``
The DT
SEC NNP
has VBZ
historically RB
paid VBN
obeisance NN
to TO
the DT
ideal NN
of IN
a DT
level JJ
playing NN
field NN
, ,
'' ''
wrote VBD
Clyde NNP
S. NNP
McGregor NNP
of IN
Winnetka NNP
, ,
Ill. NNP
, ,
in IN
one CD
of IN
the DT
92 CD
letters NNS
the DT
agency NN
has VBZ
received VBN
since IN
the DT
changes NNS
were VBD
proposed VBN
Aug. NNP
17 CD
. .
`` ``
Apparently RB
the DT
commission NN
did VBD
not RB
really RB
believe VB
in IN
this DT
ideal NN
. .
'' ''


Currently RB
, ,
the DT
rules NNS
force VBP
executives NNS
, ,
directors NNS
and CC
other JJ
corporate JJ
insiders NNS
to TO
report VB
purchases NNS
and CC
sales NNS
of IN
their PRP$
companies NNS
' POS
shares NNS
within IN
about IN
a DT
month NN
after IN
the DT
transaction NN
. .
But CC
about IN
25 CD
% NN
of IN
the DT
insiders NNS
, ,
according VBG
to TO
SEC NNP
figures NNS
, ,
file VBP
their PRP$
reports NNS
late RB
. .



The DT
changes NNS
were VBD
proposed VBN
in IN
an DT
effort NN
to TO
streamline VB
federal JJ
bureaucracy NN
and CC
boost VB
compliance NN
by IN
the DT
executives NNS
`` ``
who WP
are VBP
really RB
calling VBG
the DT
shots NNS
, ,
'' ''
said VBD
Brian NNP
Lane NNP
, ,
special JJ
counsel NN
at IN
the DT
SEC NNP
's POS
office NN
of IN
disclosure NN
policy NN
, ,
which WDT
proposed VBD
the DT
changes NNS
. .



Investors NNS
, ,
money NN
managers NNS
and CC
corporate JJ
officials NNS
had VBD
until IN
today NN
to TO
comment VB
on IN
the DT
proposals NNS
, ,
and CC
the DT
issue NN
has VBZ
produced VBN
more JJR
mail NN
than IN
almost RB
any DT
other JJ
issue NN
in IN
memory NN
, ,
Mr. NNP
Lane NNP
said VBD
. .
The DT
SEC NNP
will MD
probably RB
vote VB
on IN
the DT
proposal NN
early RB
next JJ
year NN
, ,
he PRP
said VBD
. .



Not RB
all PDT
those DT
who WP
wrote VBD
oppose VBP
the DT
changes NNS
. .
The DT
Committee NNP
on IN
Federal NNP
Regulation NNP
of IN
Securities NNPS
for IN
the DT
American NNP
Bar NNP
Association NNP
argues VBZ
, ,
for IN
example NN
, ,
in IN
its PRP$
lengthy JJ
letter NN
to TO
the DT
SEC NNP
, ,
that IN
the DT
proposed VBN
changes NNS
`` ``
would MD
substantially RB
improve VB
the DT
{ (
law NN
} )
by IN
conforming VBG
it PRP
more RBR
closely RB
to TO
contemporary JJ
business NN
realities NNS
. .
'' ''


What WP
the DT
investors NNS
who WP
oppose VBP
the DT
proposed VBN
changes NNS
object VBP
to TO
most RBS
is VBZ
the DT
effect NN
they PRP
say VBP
the DT
proposal NN
would MD
have VB
on IN
their PRP$
ability NN
to TO
spot VB
telltale JJ
`` ``
clusters NNS
'' ''
of IN
trading NN
activity NN
-- :
buying NN
or CC
selling NN
by IN
more JJR
than IN
one CD
officer NN
or CC
director NN
within IN
a DT
short JJ
period NN
of IN
time NN
. .
According VBG
to TO
some DT
estimates NNS
, ,
the DT
rule NN
changes NNS
would MD
cut VB
insider NN
filings NNS
by IN
more JJR
than IN
a DT
third NN
. .



The DT
SEC NNP
's POS
Mr. NNP
Lane NNP
vehemently RB
disputed VBD
those DT
estimates NNS
. .
The DT
rules NNS
will MD
eliminate VB
filings NNS
policy-making VBG
divisions NNS
, ,
such JJ
as IN
sales NNS
, ,
marketing NN
, ,
finance NN
and CC
research NN
and CC
development NN
, ,
Mr. NNP
Lane NNP
said VBD
. .



The DT
proposed VBN
rules NNS
also RB
would MD
be VB
tougher JJR
on IN
the DT
insiders NNS
still RB
required JJ
to TO
file VB
reports NNS
, ,
he PRP
said VBD
. .
Companies NNS
would MD
be VB
compelled VBN
to TO
publish VB
in IN
annual JJ
proxy NN
statements NNS
the DT
names NNS
of IN
insiders NNS
who WP
fail VBP
to TO
file VB
reports NNS
on IN
time NN
. .



Considered VBN
as IN
a DT
whole NN
, ,
Mr. NNP
Lane NNP
said VBD
, ,
the DT
filings NNS
required VBN
under IN
the DT
proposed VBN
rules NNS
`` ``
will MD
be VB
at IN
least RBS
as IN
effective JJ
, ,
if IN
not RB
more RBR
so RB
, ,
for IN
investors NNS
following VBG
transactions NNS
. .
'' ''


But CC
Robert NNP
Gabele NNP
, ,
president NN
of IN
Invest\ Net NNP
, ,
a DT
North NNP
Miami NNP
, ,
Fla. NNP
, ,
company NN
that WDT
packages VBZ
and CC
sells VBZ
the DT
insider-trading NN
data NNS
, ,
said VBD
the DT
proposal NN
is VBZ
worded VBN
so RB
vaguely RB
that IN
key JJ
officials NNS
may MD
fail VB
to TO
file VB
the DT
reports NNS
. .



Many JJ
investors NNS
wrote VBD
asking VBG
the DT
SEC NNP
to TO
require VB
insiders NNS
to TO
report VB
their PRP$
purchases NNS
and CC
sales NNS
immediately RB
, ,
not RB
a DT
month NN
later RB
. .
But CC
Mr. NNP
Lane NNP
said VBD
that IN
while IN
the DT
SEC NNP
regulates VBZ
who WP
files VBZ
, ,
the DT
law NN
tells VBZ
them PRP
when WRB
to TO
do VB
so RB
. .
Investors NNS
who WP
want VBP
to TO
change VB
the DT
required JJ
timing NN
should MD
write VB
their PRP$
representatives NNS
in IN
Congress NNP
, ,
he PRP
added VBD
. .
The DT
SEC NNP
would MD
likely RB
be VB
amenable JJ
to TO
legislation NN
that WDT
required VBD
insiders NNS
to TO
file VB
transactions NNS
on IN
a DT
more RBR
timely JJ
basis NN
, ,
he PRP
said VBD
. .





The DT
nation NN
's POS
largest JJS
pension NN
fund NN
, ,
which WDT
oversees VBZ
$ $
80 CD
billion CD
for IN
college NN
employees NNS
, ,
plans VBZ
to TO
offer VB
two CD
new JJ
investment NN
options NNS
to TO
its PRP$
1.2 CD
million CD
participants NNS
. .



The DT
Teachers NNPS
Insurance NNP
and CC
Annuity NNP
Association-College NNP
Retirement NNP
Equities NNPS
Fund NNP
said VBD
it PRP
will MD
introduce VB
a DT
stock NN
and CC
bond NN
fund NN
that WDT
will MD
invest VB
in IN
`` ``
socially RB
responsible JJ
'' ''
companies NNS
, ,
and CC
a DT
bond NN
fund NN
. .



Both DT
funds NNS
are VBP
expected VBN
to TO
begin VB
operation NN
around IN
March NNP
1 CD
, ,
subject JJ
to TO
Securities NNPS
and CC
Exchange NNP
Commission NNP
approval NN
. .
For IN
its PRP$
employees NNS
to TO
sign VB
up RB
for IN
the DT
options NNS
, ,
a DT
college NN
also RB
must MD
approve VB
the DT
plan NN
. .
Some DT
4,300 CD
institutions NNS
are VBP
part NN
of IN
the DT
pension NN
fund NN
. .



The DT
new JJ
options NNS
carry VBP
out RP
part NN
of IN
an DT
agreement NN
that IN
the DT
pension NN
fund NN
, ,
under IN
pressure NN
to TO
relax VB
its PRP$
strict JJ
participation NN
rules NNS
and CC
to TO
provide VB
more JJR
investment NN
options NNS
, ,
reached VBN
with IN
the DT
SEC NNP
in IN
December NNP
. .



The DT
new JJ
`` ``
social JJ
choice NN
'' ''
fund NN
will MD
shun VB
securities NNS
of IN
companies NNS
linked VBN
to TO
South NNP
Africa NNP
, ,
nuclear JJ
power NN
and CC
in IN
some DT
cases NNS
, ,
Northern NNP
Ireland NNP
. .
Also RB
excluded VBN
will MD
be VB
investments NNS
in IN
companies NNS
with IN
`` ``
significant JJ
'' ''
business NN
stemming VBG
from IN
weapons NNS
manufacture NN
, ,
alcoholic JJ
beverages NNS
or CC
tobacco NN
. .
Sixty CD
percent NN
of IN
the DT
fund NN
will MD
be VB
invested VBN
in IN
stocks NNS
, ,
with IN
the DT
rest NN
going VBG
into IN
bonds NNS
or CC
short-term JJ
investments NNS
. .



The DT
bond NN
fund NN
will MD
invest VB
in IN
high-grade JJ
or CC
medium-grade JJ
bonds NNS
, ,
mortgages NNS
or CC
asset-backed JJ
securities NNS
, ,
including VBG
as JJ
much RB
as IN
15 CD
% NN
in IN
foreign JJ
securities NNS
. .
The DT
fund NN
also RB
might MD
buy VB
and CC
sell VB
futures NNS
and CC
options NNS
contracts NNS
, ,
subject JJ
to TO
approval NN
by IN
the DT
New NNP
York NNP
State NNP
Insurance NNP
Department NNP
. .



Under IN
two CD
new JJ
features NNS
, ,
participants NNS
will MD
be VB
able JJ
to TO
transfer VB
money NN
from IN
the DT
new JJ
funds NNS
to TO
other JJ
investment NN
funds NNS
or CC
, ,
if IN
their PRP$
jobs NNS
are VBP
terminated VBN
, ,
receive VB
cash NN
from IN
the DT
funds NNS
. .



The DT
investment NN
choices NNS
offered VBN
by IN
the DT
pension NN
fund NN
currently RB
are VBP
limited VBN
to TO
a DT
stock NN
fund NN
, ,
an DT
annuity NN
and CC
a DT
money-market NN
fund NN
. .





New NNP
Brunswick NNP
Scientific NNP
Co. NNP
, ,
a DT
maker NN
of IN
biotechnology NN
instrumentation NN
and CC
equipment NN
, ,
said VBD
it PRP
adopted VBD
an DT
anti-takeover JJ
plan NN
giving VBG
shareholders NNS
the DT
right NN
to TO
purchase VB
shares NNS
at IN
half JJ
price NN
under IN
certain JJ
conditions NNS
. .



The DT
company NN
said VBD
the DT
plan NN
, ,
under IN
review NN
for IN
some DT
time NN
, ,
will MD
protect VB
shareholders NNS
against IN
`` ``
abusive JJ
takeover NN
tactics NNS
. .
'' ''






W. NNP
Ed NNP
Tyler NNP
, ,
37 CD
years NNS
old JJ
, ,
a DT
senior JJ
vice NN
president NN
at IN
this DT
printing VBG
concern NN
, ,
was VBD
elected VBN
president NN
of IN
its PRP$
technology NN
group NN
, ,
a DT
new JJ
position NN
. .





Solo JJ
woodwind NN
players NNS
have VBP
to TO
be VB
creative JJ
if IN
they PRP
want VBP
to TO
work VB
a DT
lot NN
, ,
because IN
their PRP$
repertoire NN
and CC
audience NN
appeal NN
are VBP
limited JJ
. .
The DT
oboist NN
Heinz NNP
Holliger NNP
has VBZ
taken VBN
a DT
hard JJ
line NN
about IN
the DT
problem NN
: :
He PRP
commissions VBZ
and CC
splendidly RB
interprets VBZ
fearsome JJ
contemporary JJ
scores NNS
and CC
does VBZ
some DT
conducting NN
, ,
so IN
he PRP
does VBZ
n't RB
have VB
to TO
play VB
the DT
same JJ
Mozart NNP
and CC
Strauss NNP
concertos NNS
over RB
and CC
over RB
again RB
. .



Richard NNP
Stoltzman NNP
has VBZ
taken VBN
a DT
gentler JJR
, ,
more RBR
audience-friendly JJ
approach NN
. .
Years NNS
ago RB
, ,
he PRP
collaborated VBD
with IN
the DT
new JJ
music NN
gurus NNS
Peter NNP
Serkin NNP
and CC
Fred NNP
Sherry NNP
in IN
the DT
very RB
countercultural JJ
chamber NN
group NN
Tashi NNP
, ,
which WDT
won VBD
audiences NNS
over RP
to TO
dreaded JJ
contemporary JJ
scores NNS
like IN
Messiaen NNP
's POS
`` ``
Quartet NN
for IN
the DT
End NN
of IN
Time NN
. .
'' ''


Today NN
, ,
the DT
pixie-like JJ
clarinetist NN
has VBZ
mostly RB
dropped VBN
the DT
missionary JJ
work NN
( (
though IN
a DT
touch NN
of IN
the DT
old JJ
Tashi NNP
still RB
survives VBZ
) )
and CC
now RB
goes VBZ
on IN
the DT
road NN
with IN
piano NN
, ,
bass NN
, ,
a DT
slide NN
show NN
, ,
and CC
a DT
repertoire NN
that WDT
ranges VBZ
from IN
light JJ
classical JJ
to TO
light JJ
jazz NN
to TO
light JJ
pop NN
, ,
with IN
a DT
few JJ
notable JJ
exceptions NNS
. .
Just RB
the DT
thing NN
for IN
the DT
Vivaldi-at-brunch JJ
set NN
, ,
the DT
yuppie NN
audience NN
that WDT
has VBZ
embraced VBN
New NNP
Age NNP
as IN
its PRP$
very RB
own JJ
easy JJ
listening NN
. .
But CC
you PRP
ca MD
n't RB
dismiss VB
Mr. NNP
Stoltzman NNP
's POS
music NN
or CC
his PRP$
motives NNS
as RB
merely RB
commercial JJ
and CC
lightweight JJ
. .
He PRP
believes VBZ
in IN
what WP
he PRP
plays VBZ
, ,
and CC
he PRP
plays VBZ
superbly RB
. .
His PRP$
recent JJ
appearance NN
at IN
the DT
Metropolitan NNP
Museum NNP
, ,
dubbed VBN
`` ``
A DT
Musical JJ
Odyssey NN
, ,
'' ''
was VBD
a DT
case NN
in IN
point NN
. .
It PRP
felt VBD
more RBR
like IN
a DT
party NN
, ,
or CC
a DT
highly RB
polished JJ
jam NN
session NN
with IN
a DT
few JJ
friends NNS
, ,
than IN
a DT
classical JJ
concert NN
. .



Clad VBN
in IN
his PRP$
trademark NN
black JJ
velvet NN
suit NN
, ,
the DT
soft-spoken JJ
clarinetist NN
announced VBD
that IN
his PRP$
new JJ
album NN
, ,
`` ``
Inner JJ
Voices NNS
, ,
'' ''
had VBD
just RB
been VBN
released VBN
, ,
that IN
his PRP$
family NN
was VBD
in IN
the DT
front NN
row NN
, ,
and CC
that IN
it PRP
was VBD
his PRP$
mother NN
's POS
birthday NN
, ,
so RB
he PRP
was VBD
going VBG
to TO
play VB
her PRP$
favorite JJ
tune NN
from IN
the DT
record NN
. .
He PRP
launched VBD
into IN
Saint-Saens NNP
's POS
`` ``
The DT
Swan NN
'' ''
from IN
`` ``
Carnival NN
of IN
the DT
Animals NNS
, ,
'' ''
a DT
favorite JJ
encore NN
piece NN
for IN
cellists NNS
, ,
with IN
lovely JJ
, ,
glossy JJ
tone NN
and CC
no DT
bite NN
. .
Then RB
, ,
as IN
if IN
to TO
show VB
that IN
he PRP
could MD
play VB
fast RB
as IN
well RB
, ,
he PRP
offered VBD
the DT
second JJ
movement NN
from IN
Saint-Saens NNP
's POS
Sonata NN
for IN
Clarinet NN
, ,
a DT
whimsical JJ
, ,
puckish JJ
tidbit NN
that WDT
reflected VBD
the DT
flip JJ
side NN
of IN
the DT
Stoltzman NNP
personality NN
. .



And CC
so RB
it PRP
went VBD
through IN
the DT
first JJ
half NN
: :
an DT
ingeniously RB
chosen VBN
potpourri NN
of IN
pieces NNS
, ,
none NN
longer JJR
than IN
five CD
minutes NNS
, ,
none NN
that WDT
would MD
disturb VB
or CC
challenge VB
a DT
listener NN
. .
Mr. NNP
Stoltzman NNP
introduced VBD
his PRP$
colleagues NNS
: :
Bill NNP
Douglas NNP
, ,
pianist\ bassoonist\ composer NN
and CC
an DT
old JJ
buddy NN
from IN
Yale NNP
, ,
and CC
jazz NN
bassist NN
Eddie NNP
Gomez NNP
. .
An DT
improvisational JJ
section NN
was VBD
built VBN
around IN
pieces NNS
by IN
Mr. NNP
Douglas NNP
, ,
beginning NN
with IN
`` ``
Golden JJ
Rain NN
, ,
'' ''
a DT
lilting JJ
, ,
laid-back JJ
lead NN
in IN
to TO
the DT
uptempo JJ
`` ``
Sky NN
, ,
'' ''
which WDT
gave VBD
Mr. NNP
Stoltzman NNP
the DT
opportunity NN
to TO
wail VB
in IN
a DT
high JJ
register NN
and CC
show VB
off RP
his PRP$
fleet JJ
fingers NNS
. .
Bach NNP
's POS
`` ``
Air NN
'' ''
followed VBD
. .
Mr. NNP
Stoltzman NNP
tied VBD
the DT
composer NN
in RP
by IN
proclaiming VBG
him PRP
`` ``
the DT
great JJ
improviser NN
of IN
the DT
18th JJ
century NN
, ,
'' ''
and CC
then RB
built VBD
on IN
the DT
image NN
by IN
joining VBG
with IN
Mr. NNP
Douglas NNP
in IN
some DT
Bach NNP
two-part JJ
inventions NNS
, ,
cleverly RB
arranged VBN
for IN
clarinet NN
and CC
bassoon NN
by IN
Mr. NNP
Douglas NNP
. .
Keeping VBG
the DT
mood NN
light JJ
, ,
the DT
two CD
then RB
chanted VBD
and CC
chortled VBD
their PRP$
way NN
through IN
some DT
murderous JJ
polyrhythms NNS
, ,
devised VBN
by IN
Mr. NNP
Douglas NNP
as IN
an DT
alternative NN
to TO
Hindemith NNP
's POS
dry JJ
theory-teaching VBG
techniques NNS
, ,
and CC
then RB
, ,
with IN
Mr. NNP
Gomez NNP
, ,
soared VBD
and CC
improvised VBD
on IN
the DT
composer NN
's POS
tight JJ
`` ``
Bebop NNP
Etudes NNP
. .
'' ''


The DT
end NN
of IN
the DT
first JJ
half NN
, ,
however RB
, ,
brought VBD
what WP
the DT
standing-room-only JJ
crowd NN
seemed VBD
to TO
be VB
waiting VBG
for IN
: :
the DT
pop NN
singer NN
Judy NNP
Collins NNP
, ,
who WP
appears VBZ
on IN
`` ``
Inner JJ
Voices NNS
. .
'' ''
Glamorous JJ
and CC
pure-voiced JJ
as IN
ever RB
, ,
Ms. NNP
Collins NNP
sang VBD
Joni NNP
Mitchell NNP
's POS
`` ``
For IN
Free RB
'' ''
-- :
about IN
an DT
encounter NN
with IN
a DT
street-corner JJ
clarinetist NN
, ,
to TO
which WDT
Mr. NNP
Stoltzman NNP
contributed VBD
a DT
clarinet NN
obligatto NN
-- :
and CC
Mr. NNP
Douglas NNP
's POS
lush JJ
setting NN
of IN
a DT
Gaelic JJ
blessing NN
, ,
`` ``
Deep JJ
Peace NN
. .
'' ''
`` ``
Deep JJ
Peace NN
'' ''
also RB
featured VBD
a DT
slide NN
show NN
of IN
lovely JJ
but CC
predictable JJ
images NNS
of IN
clouds NNS
, ,
beaches NNS
, ,
deserts NNS
, ,
sunsets NNS
, ,
etc FW
. .
It PRP
was VBD
all RB
too RB
mellow JJ
to TO
be VB
believed VBN
, ,
but CC
they PRP
probably RB
would MD
have VB
gotten VBN
away RB
with IN
it PRP
, ,
had VBD
they PRP
not RB
felt VBD
compelled VBN
to TO
add VB
Ms. NNP
Collins NNP
's POS
signature NN
tune NN
, ,
`` ``
Amazing JJ
Grace NN
, ,
'' ''
and CC
ask VB
for IN
audience NN
participation NN
. .
That WDT
went VBD
over IN
the DT
permissible JJ
line NN
for IN
warm JJ
and CC
fuzzy JJ
feelings NNS
. .



Was VBD
this DT
why WRB
some DT
of IN
the DT
audience NN
departed VBD
before IN
or CC
during IN
the DT
second JJ
half NN
? .
Or CC
was VBD
it PRP
because IN
Ms. NNP
Collins NNP
had VBD
gone VBN
? .
Either DT
way NN
it PRP
was VBD
a DT
pity NN
, ,
because IN
Mr. NNP
Stolzman NNP
offered VBD
the DT
most RBS
substantial JJ
music NN
of IN
the DT
evening NN
just RB
after IN
intermission NN
: :
Steve NNP
Reich NNP
's POS
`` ``
New NNP
York NNP
Counterpoint NN
, ,
'' ''
one CD
of IN
a DT
series NN
of IN
Reich NNP
works NNS
that WDT
juxtapose VBP
a DT
live JJ
performer NN
with IN
recorded JJ
tracks NNS
of IN
his PRP$
or CC
her PRP$
own JJ
playing NN
. .
( (
Mr. NNP
Reich NNP
's POS
new JJ
`` ``
Different JJ
Trains NNS
'' ''
for IN
string NN
quartet NN
uses VBZ
the DT
technique NN
magisterially RB
. .
) )


Mr. NNP
Stoltzman NNP
must MD
have VB
worried VBN
that IN
his PRP$
audience NN
might MD
not RB
be VB
able JJ
to TO
take VB
it PRP
: :
He PRP
warned VBD
us PRP
in IN
advance NN
that IN
`` ``
New NNP
York NNP
Counterpoint NN
'' ''
lasts VBZ
11 CD
1\ 2 CD
minutes NNS
. .
He PRP
also RB
unfortunately RB
illustrated VBD
this DT
intricate JJ
, ,
jazzy JJ
tapestry NN
with IN
Mr. NNP
Pearson NNP
's POS
images NNS
, ,
this DT
time NN
of IN
geometric JJ
or CC
repeating JJ
objects NNS
, ,
in IN
a DT
kitschy JJ
mirroring NN
of IN
the DT
musical JJ
structure NN
that WDT
was VBD
thoroughly RB
distracting VBG
from IN
Mr. NNP
Reich NNP
's POS
piece NN
and CC
Mr. NNP
Stoltzman NNP
's POS
elegant JJ
execution NN
of IN
it PRP
. .
The DT
rest NN
of IN
the DT
concert NN
was VBD
more JJR
straight JJ
jazz NN
and CC
mellow JJ
sounds NNS
written VBN
by IN
Charlie NNP
Parker NNP
, ,
Ornette NNP
Coleman NNP
, ,
Bill NNP
Douglas NNP
and CC
Eddie NNP
Gomez NNP
, ,
with IN
pictures NNS
for IN
the DT
Douglas NNP
pieces NNS
. .
It PRP
was VBD
enjoyable JJ
to TO
hear VB
accomplished JJ
jazz NN
without IN
having VBG
to TO
sit VB
in IN
a DT
smoke-filled JJ
club NN
, ,
but CC
like IN
the DT
first JJ
half NN
, ,
much JJ
of IN
it PRP
was VBD
easy JJ
to TO
take VB
and CC
ultimately RB
forgettable JJ
. .



Is VBZ
this DT
the DT
future NN
of IN
chamber NN
music NN
? .
Managers NNS
and CC
presenters NNS
insist VBP
that IN
chamber NN
music NN
concerts NNS
are VBP
a DT
hard JJ
sell NN
, ,
but CC
can MD
audiences NNS
really RB
enjoy VB
them PRP
only RB
if IN
the DT
music NN
is VBZ
purged VBN
of IN
threatening JJ
elements NNS
, ,
served VBN
up RB
in IN
bite-sized JJ
morsels NNS
and CC
accompanied VBN
by IN
visuals NNS
? .
What WP
's VBZ
next JJ
? .
Slides NNS
to TO
illustrate VB
Shostakovich NNP
quartets NNS
? .
It PRP
was VBD
not RB
an DT
unpleasant JJ
evening NN
, ,
certainly RB
, ,
thanks NNS
to TO
the DT
high JJ
level NN
of IN
performance NN
, ,
the DT
compositional JJ
talents NNS
of IN
Mr. NNP
Douglas NNP
, ,
and CC
the DT
obvious JJ
sincerity NN
with IN
which WDT
Mr. NNP
Stoltzman NNP
chooses VBZ
his PRP$
selections NNS
. .
But CC
it PRP
was VBD
neither RB
deep JJ
nor CC
lasting JJ
: :
light JJ
entertainment NN
that WDT
was VBD
no DT
substitute NN
for IN
an DT
evening NN
of IN
Brahms NNP
. .



Ms. NNP
Waleson NNP
is VBZ
a DT
free-lance JJ
writer NN
based VBN
in IN
New NNP
York NNP
. .





One CD
of IN
Ronald NNP
Reagan NNP
's POS
attributes NNS
as IN
President NNP
was VBD
that IN
he PRP
rarely RB
gave VBD
his PRP$
blessing NN
to TO
the DT
claptrap NN
that WDT
passes VBZ
for IN
`` ``
consensus NN
'' ''
in IN
various JJ
international JJ
institutions NNS
. .
In IN
fact NN
, ,
he PRP
liberated VBD
the DT
U.S. NNP
from IN
one CD
of IN
the DT
world NN
's VBZ
most RBS
corrupt JJ
organizations NNS
-- :
UNESCO NNP
. .
This DT
is VBZ
the DT
U.N. NNP
group NN
that WDT
managed VBD
to TO
traduce VB
its PRP$
own JJ
charter NN
of IN
promoting VBG
education NN
, ,
science NN
and CC
culture NN
. .
Ever RB
since IN
, ,
the DT
remaining VBG
members NNS
have VBP
been VBN
desperate JJ
for IN
the DT
United NNP
States NNPS
to TO
rejoin VB
this DT
dreadful JJ
group NN
. .



Now RB
UNESCO NNP
apologists NNS
are VBP
lobbying VBG
President NNP
Bush NNP
to TO
renege VB
on IN
President NNP
Reagan NNP
's POS
decision NN
to TO
depart VB
. .
But CC
we PRP
can MD
think VB
of IN
many JJ
reasons NNS
to TO
stay VB
out RB
for IN
the DT
foreseeable JJ
future NN
and CC
well RB
beyond IN
. .



The DT
U.S. NNP
, ,
along IN
with IN
Britain NNP
and CC
Singapore NNP
, ,
left VBD
the DT
agency NN
when WRB
its PRP$
anti-Western JJ
ideology NN
, ,
financial JJ
corruption NN
and CC
top JJ
leadership NN
got VBD
out IN
of IN
hand NN
. .
The DT
personal JJ
antics NNS
of IN
agency NN
Director NNP
Amadou-Mahtar NNP
M'Bow NNP
drew VBD
much JJ
attention NN
, ,
such JJ
as IN
when WRB
several JJ
of IN
his PRP$
top JJ
aides NNS
were VBD
uncovered VBN
as IN
KGB NNP
plants NNS
and CC
ejected VBN
from IN
France NNP
and CC
when WRB
a DT
mysterious JJ
office NN
fire NN
was VBD
set VBN
just RB
before IN
Congress NNP
sent VBD
accountants NNS
to TO
trace VB
U.S. NNP
funds NNS
. .



Mr. NNP
M'Bow NNP
was VBD
an DT
extreme JJ
case NN
, ,
but CC
even RB
his PRP$
replacement NN
, ,
the DT
more RBR
personally RB
genial JJ
Spanish JJ
biochemist NN
Federico NNP
Mayor NNP
, ,
has VBZ
had VBN
little JJ
success NN
at IN
achieving VBG
reforms NNS
. .
Several JJ
ridiculous JJ
projects NNS
continue VBP
, ,
including VBG
the DT
`` ``
New JJ
International JJ
Economic JJ
Order NN
, ,
'' ''
which WDT
means VBZ
redistributionism NN
from IN
the DT
West NNP
to TO
pay VB
for IN
everyone NN
else RB
's POS
statism NN
. .
The DT
Orwellian NNP
`` ``
New JJ
World NN
Information NN
Order NN
'' ''
would MD
give VB
government NN
officials NNS
rights NNS
against IN
the DT
press NN
; :
journalists NNS
would MD
be VB
obliged VBN
to TO
kowtow VB
to TO
their PRP$
government NN
, ,
which WDT
would MD
have VB
licensing NN
and CC
censorship NN
powers NNS
and CC
, ,
indeed RB
, ,
duties NNS
to TO
block VB
printing NN
of IN
`` ``
wrong JJ
'' ''
ideas NNS
. .



UNESCO NNP
somehow RB
converted VBD
the DT
founding JJ
U.N. NNP
ideals NNS
of IN
individual JJ
rights NNS
and CC
liberty NN
into IN
`` ``
peoples NNS
' POS
rights NNS
. .
'' ''
Million-dollar JJ
conferences NNS
were VBD
held VBN
to TO
chew VB
on IN
subjects NNS
such JJ
as IN
`` ``
ethical JJ
responsibilities NNS
of IN
scientists NNS
in IN
support NN
of IN
disarmament NN
'' ''
and CC
`` ``
the DT
impact NN
of IN
the DT
activities NNS
of IN
transnational JJ
corporations NNS
. .
'' ''


The DT
agency NN
was VBD
so RB
totally RB
subverted VBN
from IN
the DT
high JJ
principles NNS
of IN
its PRP$
founding NN
that IN
even RB
the DT
Soviets NNPS
now RB
wonder VBP
about IN
an DT
agency NN
that WDT
seemed VBD
so RB
congenial JJ
to TO
them PRP
. .
Glasnost FW
may MD
be VB
partly RB
responsible JJ
, ,
but CC
Soviet NNP
Foreign NNP
Minister NNP
Eduard NNP
Shevardnadze NNP
last JJ
year NN
admitted VBD
, ,
`` ``
The DT
exaggerated JJ
ideological JJ
approach NN
undermined VBD
tolerance NN
intrinsic JJ
to TO
UNESCO NNP
. .
'' ''


UNESCO NNP
is VBZ
now RB
holding VBG
its PRP$
biennial JJ
meetings NNS
in IN
Paris NNP
to TO
devise VB
its PRP$
next JJ
projects NNS
. .
Mr. NNP
Mayor NNP
's POS
hope NN
that IN
references NNS
to TO
`` ``
press NN
freedom NN
'' ''
would MD
survive VB
unamended JJ
seems VBZ
doomed VBN
to TO
failure NN
; :
the DT
current JJ
phrasing NN
is VBZ
`` ``
educating VBG
the DT
public NN
and CC
media NNS
to TO
avoid VB
manipulation NN
. .
'' ''
He PRP
has VBZ
n't RB
been VBN
able JJ
to TO
replace VB
the DT
M'Bow NNP
cabal NN
. .
Soviets NNPS
remain VBP
in IN
charge NN
of IN
education NN
programs NNS
, ,
a DT
former JJ
head NN
of IN
an DT
African JJ
military JJ
tribunal NN
for IN
executions NNS
is VBZ
in IN
charge NN
of IN
culture NN
, ,
and CC
a DT
hard-line JJ
Polish JJ
communist NN
in IN
exile NN
directs VBZ
the DT
human-rights JJ
and CC
peace NN
division NN
. .
Of IN
the DT
agency NN
's POS
2,750 CD
staff NN
members NNS
, ,
230 CD
are VBP
in IN
the DT
field NN
working VBG
on IN
actual JJ
projects NNS
, ,
such JJ
as IN
literacy NN
and CC
oceanographic JJ
research NN
. .



The DT
position NN
of IN
the DT
United NNP
States NNPS
, ,
which WDT
once RB
contributed VBD
25 CD
% NN
of IN
the DT
budget NN
, ,
is VBZ
that IN
nothing NN
has VBZ
changed VBN
. .
John NNP
Bolton NNP
, ,
the DT
assistant NN
secretary NN
of IN
state NN
for IN
international JJ
organizations NNS
, ,
told VBD
Congress NNP
that IN
the DT
continuing VBG
`` ``
statist JJ
, ,
restrictive JJ
, ,
nondemocratic JJ
'' ''
programs NNS
make VBP
rejoining VBG
any DT
time NN
soon RB
`` ``
extremely RB
unlikely JJ
. .
'' ''
This DT
has VBZ
n't RB
much RB
bothered VBN
the DT
UNESCO NNP
delegates NNS
, ,
who WP
last JJ
week NN
could MD
n't RB
even RB
agree VB
to TO
raise VB
funds NNS
by IN
selling VBG
off RP
a DT
fancy JJ
19th-century JJ
French JJ
chateau NN
the DT
agency NN
somehow RB
owns VBZ
. .
Other JJ
countries NNS
, ,
including VBG
West NNP
Germany NNP
, ,
may MD
have VB
a DT
hard JJ
time NN
justifying VBG
continued JJ
membership NN
. .



We PRP
see VBP
an DT
even RB
stronger JJR
argument NN
against IN
UNESCO NNP
than IN
its PRP$
unsurprising JJ
failure NN
to TO
reform NN
. .
This DT
is VBZ
that IN
the DT
Reagan NNP
Revolution NNP
spanning VBG
Eastern NNP
Europe NNP
and CC
Tiananmen NNP
Square NNP
shows VBZ
the DT
power NN
of IN
ideas NNS
unencumbered JJ
by IN
international JJ
civil JJ
servants NNS
or CC
government NN
functionaries NNS
. .
Free JJ
markets NNS
, ,
free JJ
minds NNS
and CC
free JJ
elections NNS
have VBP
an DT
appeal NN
that WDT
seems VBZ
to TO
get VB
muddled VBN
only RB
when WRB
delivered VBN
through IN
U.N. NNP
organizations NNS
-- :
which WDT
of IN
course NN
are VBP
made VBN
up RB
largely RB
of IN
governments NNS
that WDT
fear VBP
these DT
principles NNS
at IN
home NN
. .



The DT
Babelists NNS
of IN
the DT
United NNP
Nations NNPS
are VBP
experts NNS
at IN
obfuscation NN
. .
This DT
can MD
have VB
its PRP$
purposes NNS
at IN
times NNS
, ,
but CC
there EX
's VBZ
no DT
reason NN
to TO
cloud VB
the DT
importance NN
and CC
allure NN
of IN
Western JJ
concepts NNS
of IN
freedom NN
and CC
justice NN
. .
We PRP
can MD
see VB
plenty RB
of IN
reasons NNS
to TO
stay VB
out RB
, ,
and CC
none NN
to TO
rejoin VB
UNESCO NNP
. .





Researchers NNS
at IN
Plant NNP
Genetic NNP
Systems NNP
N.V. NNP
in IN
Belgium NNP
said VBD
they PRP
have VBP
developed VBN
a DT
genetic JJ
engineering NN
technique NN
for IN
creating VBG
hybrid JJ
plants NNS
for IN
a DT
number NN
of IN
key JJ
crops NNS
. .



The DT
researchers NNS
said VBD
they PRP
have VBP
isolated VBN
a DT
plant NN
gene NN
that WDT
prevents VBZ
the DT
production NN
of IN
pollen NN
. .
The DT
gene NN
thus RB
can MD
prevent VB
a DT
plant NN
from IN
fertilizing VBG
itself PRP
. .
Such JJ
so-called JJ
male-sterile JJ
plants NNS
can MD
then RB
be VB
fertilized VBN
by IN
pollen NN
from IN
another DT
strain NN
of IN
the DT
plant NN
, ,
thereby RB
producing VBG
hybrid JJ
seed NN
. .
The DT
new JJ
generation NN
of IN
plants NNS
will MD
possess VB
the DT
flourishing JJ
, ,
high-production JJ
trait NN
known VBN
as IN
`` ``
hybrid JJ
vigor NN
, ,
'' ''
similar JJ
to TO
that DT
now RB
seen VBN
in IN
hybrid JJ
corn NN
. .



`` ``
The DT
development NN
could MD
have VB
a DT
dramatic JJ
effect NN
on IN
farm NN
production NN
, ,
especially RB
cotton NN
, ,
'' ''
said VBD
Murray NNP
Robinson NNP
, ,
president NN
of IN
Delta NNP
& CC
Pine NNP
Land NNP
Co. NNP
, ,
a DT
Southwide NNP
Inc. NNP
subsidiary NN
that WDT
is VBZ
one CD
of IN
the DT
largest JJS
cotton NN
seed NN
producers NNS
in IN
the DT
U.S NNP
. .



On IN
a DT
commercial JJ
scale NN
, ,
the DT
sterilization NN
of IN
the DT
pollen-producing VBG
male JJ|NN
part NN
has VBZ
only RB
been VBN
achieved VBN
in IN
corn NN
and CC
sorghum NN
feed NN
grains NNS
. .
That DT
's VBZ
because IN
the DT
male NN
part NN
, ,
the DT
tassel NN
, ,
and CC
the DT
female NN
, ,
the DT
ear NN
, ,
are VBP
some DT
distance NN
apart RB
on IN
the DT
corn NN
plant NN
. .
In IN
a DT
labor-intensive JJ
process NN
, ,
the DT
seed NN
companies NNS
cut VBD
off RP
the DT
tassels NNS
of IN
each DT
plant NN
, ,
making VBG
it PRP
male JJ
sterile JJ
. .
They PRP
sow VBP
a DT
row NN
of IN
male-fertile JJ
plants NNS
nearby RB
, ,
which WDT
then RB
pollinate VBP
the DT
male-sterile JJ
plants NNS
. .
The DT
first JJ
hybrid JJ
corn NN
seeds NNS
produced VBN
using VBG
this DT
mechanical JJ
approach NN
were VBD
introduced VBN
in IN
the DT
1930s NNS
and CC
they PRP
yielded VBD
as RB
much JJ
as IN
20 CD
% NN
more JJR
corn NN
than IN
naturally RB
pollinated VBN
plants NNS
. .
The DT
vast JJ
majority NN
of IN
the DT
U.S. NNP
corn NN
crop NN
now RB
is VBZ
grown VBN
from IN
hybrid JJ
seeds NNS
produced VBN
by IN
seed NN
companies NNS
. .



A DT
similar JJ
technique NN
is VBZ
almost RB
impossible JJ
to TO
apply VB
to TO
other JJ
crops NNS
, ,
such JJ
as IN
cotton NN
, ,
soybeans NNS
and CC
rice NN
. .
The DT
male JJ
part NN
, ,
the DT
anthers NNS
of IN
the DT
plant NN
, ,
and CC
the DT
female NN
, ,
the DT
pistils NNS
, ,
of IN
the DT
same JJ
plant NN
are VBP
within IN
a DT
fraction NN
of IN
an DT
inch NN
or CC
even RB
attached VBN
to TO
each DT
other JJ
. .
The DT
anthers NNS
in IN
these DT
plants NNS
are VBP
difficult JJ
to TO
clip VB
off RP
. .
In IN
China NNP
, ,
a DT
great JJ
number NN
of IN
workers NNS
are VBP
engaged VBN
in IN
pulling VBG
out RP
the DT
male JJ
organs NNS
of IN
rice NN
plants NNS
using VBG
tweezers NNS
, ,
and CC
one-third NN
of IN
rice NN
produced VBN
in IN
that DT
country NN
is VBZ
grown VBN
from IN
hybrid JJ
seeds NNS
. .
At IN
Plant NNP
Genetic NNP
Systems NNPS
, ,
researchers NNS
have VBP
isolated VBN
a DT
pollen-inhibiting JJ
gene NN
that WDT
can MD
be VB
inserted VBN
in IN
a DT
plant NN
to TO
confer VB
male JJ
sterility NN
. .
Jan NNP
Leemans NNP
, ,
research NN
director NN
, ,
said VBD
this DT
gene NN
was VBD
successfully RB
introduced VBN
in IN
oil-producing JJ
rapeseed NN
plants NNS
, ,
a DT
major JJ
crop NN
in IN
Europe NNP
and CC
Canada NNP
, ,
using VBG
as IN
a DT
carrier NN
a DT
`` ``
promoter NN
gene NN
'' ''
developed VBN
by IN
Robert NNP
Goldberg NNP
at IN
the DT
University NNP
of IN
California NNP
in IN
Los NNP
Angeles NNP
. .



The DT
sterilizing VBG
gene NN
is VBZ
expressed VBN
just RB
before IN
the DT
pollen NN
is VBZ
about IN
to TO
develop VB
and CC
it PRP
deactivates VBZ
the DT
anthers NNS
of IN
every DT
flower NN
in IN
the DT
plant NN
. .
Mr. NNP
Leemans NNP
said VBD
this DT
genetic JJ
manipulation NN
does VBZ
n't RB
hurt VB
the DT
growth NN
of IN
that DT
plant NN
. .



The DT
researchers NNS
also RB
pulled VBD
off RP
a DT
second JJ
genetic JJ
engineering NN
trick NN
in IN
order NN
to TO
get VB
male-sterile JJ
plants NNS
in IN
large JJ
enough JJ
numbers NNS
to TO
produce VB
a DT
commercial JJ
hybrid JJ
seed NN
crop NN
. .
They PRP
attached VBD
a DT
second JJ
gene NN
, ,
for IN
herbicide NN
resistance NN
, ,
to TO
the DT
pollen-inhibiting JJ
gene NN
. .
Both DT
genes NNS
are VBP
then RB
inserted VBN
into IN
a DT
few JJ
greenhouse NN
plants NNS
, ,
which WDT
are VBP
then RB
pollinated VBN
and CC
allowed VBN
to TO
mature VB
and CC
produce VB
seed NN
. .



The DT
laws NNS
of IN
heredity NN
dictate VBP
that IN
half NN
of IN
the DT
plants NNS
springing VBG
from IN
these DT
greenhouse-produced JJ
seeds NNS
will MD
be VB
male NN
sterile JJ
and CC
herbicide NN
resistant JJ
and CC
half NN
will MD
be VB
male NN
fertile JJ
and CC
herbicide NN
susceptible JJ
. .
The DT
application NN
of IN
herbicide NN
would MD
kill VB
off RP
the DT
male-fertile JJ
plants NNS
, ,
leaving VBG
a DT
large JJ
field NN
of IN
male-sterile JJ
plants NNS
that WDT
can MD
be VB
cross-pollinated VBN
to TO
produce VB
hybrid NN
seed NN
. .



Mr. NNP
Leemans NNP
said VBD
the DT
hybrid NN
rapeseeds NNS
created VBN
with IN
this DT
genetic JJ
engineering NN
yield NN
15 CD
% NN
to TO
30 CD
% NN
more JJR
output NN
than IN
the DT
commercial JJ
strains NNS
used VBN
currently RB
. .



`` ``
This DT
technique NN
is VBZ
applicable JJ
to TO
a DT
wide JJ
variety NN
of IN
crops NNS
, ,
'' ''
he PRP
said VBD
, ,
and CC
added VBD
that IN
some DT
modifications NNS
may MD
be VB
necessary JJ
to TO
accommodate VB
the DT
peculiarities NNS
of IN
each DT
type NN
of IN
crop NN
. .
He PRP
said VBD
the DT
company NN
is VBZ
experimenting VBG
with IN
the DT
technique NN
on IN
alfalfa NN
, ,
and CC
plans VBZ
to TO
include VB
cotton NN
and CC
corn NN
, ,
among IN
other JJ
crops NNS
. .
He PRP
said VBD
that IN
even RB
though IN
virtually RB
all DT
corn NN
seeds NNS
currently RB
planted VBN
are VBP
hybrids NNS
, ,
the DT
genetic JJ
approach NN
will MD
obviate VB
the DT
need NN
for IN
mechanical JJ
emasculation NN
of IN
anthers NNS
, ,
which WDT
costs VBZ
U.S. NNP
seed NN
producers NNS
about IN
$ $
70 CD
million CD
annually RB
. .



In IN
recent JJ
years NNS
, ,
demand NN
for IN
hybrid NN
seeds NNS
has VBZ
spurred VBN
research NN
at IN
a DT
number NN
of IN
chemical NN
and CC
biotechnology NN
companies NNS
, ,
including VBG
Monsanto NNP
Co. NNP
, ,
Shell NNP
Oil NNP
Co. NNP
and CC
Eli NNP
Lilly NNP
& CC
Co NNP
. .
One CD
technique NN
developed VBN
by IN
some DT
of IN
these DT
companies NNS
involves VBZ
a DT
chemical NN
spray NN
supposed VBD
to TO
kill VB
only RB
a DT
plant NN
's POS
pollen NN
. .
But CC
there EX
have VBP
been VBN
problems NNS
with IN
chemical NN
sprays NNS
damaging VBG
plants NNS
' POS
female JJ
reproductive JJ
organs NNS
and CC
concern NN
for IN
the DT
toxicity NN
of IN
such JJ
chemical NN
sprays NNS
to TO
humans NNS
, ,
animals NNS
and CC
beneficial JJ
insects NNS
. .



However RB
, ,
Paul NNP
Johanson NNP
, ,
Monsanto NNP
's POS
director NN
of IN
plant NN
sciences NNS
, ,
said VBD
the DT
company NN
's POS
chemical NN
spray NN
overcomes VBZ
these DT
problems NNS
and CC
is VBZ
`` ``
gentle JJ
on IN
the DT
female JJ
organ NN
. .
'' ''


Biosource NNP
Genetics NNP
Corp. NNP
, ,
Vacaville NNP
, ,
Calif. NNP
, ,
is VBZ
developing VBG
a DT
spray NN
containing VBG
a DT
gene NN
that WDT
spreads VBZ
from IN
cell NN
to TO
cell NN
and CC
interferes VBZ
with IN
the DT
genes NNS
that WDT
are VBP
responsible JJ
for IN
producing VBG
pollen NN
. .
This DT
gene NN
, ,
called VBN
`` ``
gametocide NN
, ,
'' ''
is VBZ
carried VBN
into IN
the DT
plant NN
by IN
a DT
virus NN
that WDT
remains VBZ
active JJ
for IN
a DT
few JJ
days NNS
. .
Robert NNP
Erwin NNP
, ,
president NN
of IN
Biosource NNP
, ,
called VBD
Plant NNP
Genetic NNP
's POS
approach NN
`` ``
interesting JJ
'' ''
and CC
`` ``
novel JJ
, ,
'' ''
and CC
`` ``
complementary JJ
rather RB
than IN
competitive JJ
. .
'' ''
`` ``
There EX
is VBZ
a DT
large JJ
market NN
out IN
there RB
hungry JJ
for IN
hybrid JJ
seeds NNS
, ,
'' ''
he PRP
said VBD
. .



Mr. NNP
Robinson NNP
of IN
Delta NNP
& CC
Pine NNP
, ,
the DT
seed NN
producer NN
in IN
Scott NNP
, ,
Miss. NNP
, ,
said VBD
Plant NNP
Genetic NNP
's POS
success NN
in IN
creating VBG
genetically RB
engineered VBN
male NN
steriles NNS
does VBZ
n't RB
automatically RB
mean VB
it PRP
would MD
be VB
simple JJ
to TO
create VB
hybrids NNS
in IN
all DT
crops NNS
. .
That DT
's VBZ
because RB
pollination NN
, ,
while IN
easy JJ
in IN
corn NN
because IN
the DT
carrier NN
is VBZ
wind NN
, ,
is VBZ
more RBR
complex JJ
and CC
involves VBZ
insects NNS
as IN
carriers NNS
in IN
crops NNS
such JJ
as IN
cotton NN
. .
`` ``
It PRP
's VBZ
one CD
thing NN
to TO
say VB
you PRP
can MD
sterilize VB
, ,
and CC
another DT
to TO
then RB
successfully RB
pollinate VB
the DT
plant NN
, ,
'' ''
he PRP
said VBD
. .
Nevertheless RB
, ,
he PRP
said VBD
, ,
he PRP
is VBZ
negotiating VBG
with IN
Plant NNP
Genetic NNP
to TO
acquire VB
the DT
technology NN
to TO
try VB
breeding VBG
hybrid JJ
cotton NN
. .





A DT
bitter JJ
conflict NN
with IN
global JJ
implications NNS
has VBZ
erupted VBN
between IN
Nomura NNP
Securities NNPS
Co. NNP
and CC
Industrial NNP
Bank NNP
of IN
Japan NNP
, ,
two CD
of IN
the DT
world NN
's VBZ
most RBS
powerful JJ
financial JJ
companies NNS
. .



The DT
clash NN
is VBZ
a DT
sign NN
of IN
a DT
new JJ
toughness NN
and CC
divisiveness NN
in IN
Japan NNP
's POS
once-cozy JJ
financial JJ
circles NNS
. .
Not RB
only RB
are VBP
Japan NNP
's POS
financial JJ
institutions NNS
putting VBG
their PRP$
enormous JJ
clout NN
to TO
work VB
; :
increasingly RB
they PRP
're VBP
squaring VBG
off RB
against IN
one CD
another DT
in IN
unprecedented JJ
public JJ
fashion NN
. .
Already RB
, ,
the DT
consequences NNS
are VBP
being VBG
felt VBN
by IN
other JJ
players NNS
in IN
the DT
financial JJ
markets NNS
-- :
even JJ
governments NNS
. .



What WP
triggered VBD
the DT
latest JJS
clash NN
was VBD
a DT
skirmish NN
over IN
the DT
timing NN
of IN
a DT
New NNP
Zealand NNP
government NN
bond NN
issue NN
. .
Nomura NNP
was VBD
attempting VBG
to TO
organize VB
the DT
50 CD
billion-yen JJ
( (
$ $
352 CD
million CD
) )
borrowing NN
in IN
Japan NNP
at IN
a DT
time NN
when WRB
many JJ
Japanese JJ
banks NNS
, ,
led VBN
by IN
Industrial NNP
Bank NNP
of IN
Japan NNP
, ,
were VBD
pressuring VBG
the DT
Wellington NNP
government NN
to TO
help VB
them PRP
recover VB
loans NNS
made VBN
to TO
a DT
defunct JJ
investment NN
bank NN
that WDT
had VBD
been VBN
owned VBN
by IN
New NNP
Zealand NNP
's POS
civil-service JJ
pension NN
fund NN
. .
Unwilling JJ
to TO
put VB
up RP
new JJ
money NN
for IN
New NNP
Zealand NNP
until IN
those DT
debts NNS
are VBP
repaid VBN
, ,
most JJS
banks NNS
refused VBD
even RB
to TO
play VB
administrative JJ
roles NNS
in IN
the DT
new JJ
financing NN
, ,
forcing VBG
an DT
embarrassed JJ
Nomura NNP
to TO
postpone VB
it PRP
this DT
week NN
. .



The DT
dispute NN
shows VBZ
clearly RB
the DT
global JJ
power NN
of IN
Japan NNP
's POS
financial JJ
titans NNS
. .
Aside RB
from IN
Nomura NNP
's POS
injured JJ
pride NN
, ,
the DT
biggest JJS
victim NN
so RB
far RB
has VBZ
been VBN
the DT
New NNP
Zealand NNP
government NN
. .



Barred VBN
by IN
its PRP$
budget NN
law NN
from IN
making VBG
any DT
new JJ
domestic JJ
bond NN
issues NNS
, ,
Wellington NNP
's POS
Debt NNP
Management NNP
Office NNP
had VBD
been VBN
casting VBG
abroad RB
to TO
raise VB
the DT
3 CD
billion CD
New NNP
Zealand NNP
dollars NNS
( (
US$ $
1.76 CD
billion CD
) )
to TO
NZ$ $
4 CD
billion CD
it PRP
needs VBZ
to TO
come VB
up RB
with IN
by IN
the DT
end NN
of IN
its PRP$
fiscal JJ
year NN
next IN
June NNP
30 CD
. .
With IN
Japan NNP
's POS
cash-flush JJ
banks NNS
aligned VBN
against IN
it PRP
, ,
though RB
, ,
raising VBG
money NN
may MD
be VB
difficult JJ
. .
Not RB
only RB
can MD
they PRP
block VB
Wellington NNP
from IN
raising VBG
money NN
in IN
Japan NNP
, ,
bankers NNS
here RB
say VBP
, ,
but CC
as IN
the DT
largest JJS
underwriters NNS
in IN
the DT
Eurobond NN
market NN
, ,
they PRP
might MD
be VB
able JJ
to TO
scuttle VB
borrowings NNS
there RB
, ,
too RB
. .



New NNP
Zealand NNP
's POS
finance NN
minister NN
, ,
David NNP
Caygill NNP
, ,
lashed VBD
out RB
at IN
such JJ
suggestions NNS
. .
He PRP
told VBD
reporters NNS
in IN
Wellington NNP
Tuesday NNP
that IN
the DT
government NN
had VBD
n't RB
guaranteed VBN
the DT
loans NNS
to TO
DFC NNP
New NNP
Zealand NNP
Ltd. NNP
, ,
an DT
investment NN
bank NN
80%-owned JJ
by IN
the DT
National NNP
Provident NNP
Fund NNP
, ,
and CC
would MD
n't RB
bail VB
it PRP
out RP
. .



`` ``
It PRP
may MD
very RB
well RB
be VB
what WP
the DT
Japanese JJ
banks NNS
want VBP
, ,
'' ''
he PRP
told VBD
Radio NNP
New NNP
Zealand NNP
. .
`` ``
I PRP
think VBP
it PRP
would MD
be VB
irresponsible JJ
and CC
I PRP
am VBP
not RB
about IN
to TO
be VB
blackmailed VBN
by IN
Japanese JJ
banks NNS
or CC
any DT
other JJ
international JJ
interests NNS
. .
'' ''


No DT
less RBR
significant JJ
than IN
the DT
Japanese JJ
banks NNS
' POS
attempt NN
to TO
cut VB
off RP
funds NNS
to TO
pressure VB
a DT
foreign JJ
government NN
are VBP
the DT
implications NNS
of IN
a DT
confrontation NN
between IN
Japan NNP
securities NNS
and CC
banking VBG
industries NNS
. .
Anxiety NN
is VBZ
rising VBG
over IN
recent JJ
government NN
proposals NNS
to TO
eventually RB
lower VB
the DT
strict JJ
barriers NNS
that WDT
now RB
separate VBP
-- :
and CC
protect VBP
-- :
the DT
two CD
industries NNS
from IN
each DT
other JJ
. .



Both DT
sides NNS
are VBP
jealously RB
guarding VBG
their PRP$
turf NN
, ,
and CC
relations NNS
have VBP
been VBN
at IN
a DT
flashpoint NN
for IN
months NNS
. .
The DT
banks NNS
badly RB
want VBP
to TO
break VB
into IN
all DT
aspects NNS
of IN
the DT
securities NNS
business NN
. .
Meanwhile RB
, ,
the DT
securities NNS
companies NNS
-- :
most JJS
of IN
them PRP
smaller JJR
than IN
the DT
banks NNS
-- :
are VBP
seeking VBG
access NN
only RB
to TO
limited JJ
kinds NNS
of IN
banking NN
that WDT
would MD
n't RB
open VB
them PRP
to TO
the DT
full JJ
brunt NN
of IN
competition NN
from IN
the DT
banks NNS
. .



Nomura NNP
, ,
the DT
world NN
's POS
biggest JJS
securities NNS
company NN
largely RB
by IN
virtue NN
of IN
its PRP$
protected JJ
home NN
field NN
, ,
and CC
Industrial NNP
Bank NNP
of IN
Japan NNP
, ,
Japan NNP
's POS
most RBS
innovative JJ
and CC
aggressive JJ
bank NN
in IN
capital NN
markets NNS
abroad RB
, ,
captain VBP
the DT
opposing VBG
sides NNS
. .
And CC
their PRP$
suspicions NNS
of IN
each DT
other JJ
run VBP
deep RB
. .



In IN
the DT
past JJ
year NN
, ,
both DT
have VBP
tried VBN
to TO
stretch VB
the DT
limits NNS
of IN
their PRP$
businesses NNS
. .
Nomura NNP
started VBD
a DT
credit-card NN
venture NN
with IN
American NNP
Express NNP
Co. NNP
that WDT
allowed VBD
cardholders NNS
to TO
use VB
their PRP$
Nomura NNP
securities NNS
accounts NNS
like IN
a DT
bank NN
account NN
, ,
attracting VBG
the DT
wrath NN
of IN
banks NNS
. .
And CC
Industrial NNP
Bank NNP
of IN
Japan NNP
started VBD
up RP
a DT
London NNP
securities NNS
subsidiary NN
that WDT
sells VBZ
Japanese JJ
stocks NNS
to TO
non-Japanese JJ
institutions NNS
overseas RB
, ,
a DT
move NN
that WDT
stirred VBD
the DT
anger NN
of IN
the DT
stock NN
brokerage NN
firms NNS
. .
The DT
New NNP
Zealand NNP
bond NN
issue NN
simply RB
has VBZ
brought VBN
the DT
two CD
institutions NNS
face-to-face RB
. .





ITEL NNP
CORP. NNP
reported VBD
third-quarter JJ
earnings NNS
, ,
which WDT
were VBD
mistakenly RB
shown VBN
in IN
the DT
Quarterly JJ
Earnings NNS
Surprises NNS
table NN
in IN
yesterday NN
's POS
edition NN
to TO
be VB
lower JJR
than IN
the DT
average NN
of IN
analysts NNS
' POS
estimates NNS
. .
On IN
a DT
pretax JJ
basis NN
, ,
Itel NNP
's POS
third-quarter JJ
earnings NNS
of IN
30 CD
cents NNS
a DT
share NN
were VBD
actually RB
7.14 CD
% NN
higher JJR
than IN
the DT
average NN
of IN
estimates NNS
. .



( (
See VB
: :
`` ``
Quarterly JJ
Earnings NNS
Surprises NNS
'' ''
-- :
WSJ NNP
Oct. NNP
31 CD
, ,
1989 CD
) )







Raymond NNP
E. NNP
Ross NNP
, ,
53 CD
years NNS
old JJ
, ,
formerly RB
group NN
vice NN
president NN
, ,
U.S. NNP
plastics NNS
machinery NN
, ,
at IN
this DT
machine NN
tool NN
, ,
plastics NNS
machinery NN
and CC
robots NNS
concern NN
, ,
was VBD
named VBN
senior JJ
vice NN
president NN
, ,
industrial JJ
systems NNS
, ,
succeeding VBG
David NNP
A. NN
Entrekin NNP
, ,
who WP
resigned VBD
Monday NNP
. .





John NNP
A. NN
Conlon NNP
Jr. NNP
, ,
45 CD
, ,
was VBD
named VBN
a DT
managing VBG
director NN
at IN
this DT
investment-banking JJ
company NN
. .
He PRP
will MD
be VB
in IN
charge NN
of IN
research NN
, ,
equity NN
sales NNS
and CC
trading NN
, ,
and CC
the DT
syndicate NN
operation NN
of IN
Rothschild NNP
. .
Mr. NNP
Conlon NNP
was VBD
executive NN
vice NN
president NN
and CC
director NN
of IN
the DT
equity NN
division NN
of IN
the DT
international JJ
division NN
of IN
Nikko NNP
Securities NNPS
Co NNP
. .





As IN
Yogi NNP
Berra NNP
might MD
say VB
, ,
it PRP
's VBZ
deja NN
vu NN
all RB
over RB
again RB
. .



Crouched VBN
at IN
shortstop NN
, ,
Bert NNP
Campaneris NNP
, ,
once RB
Oakland NNP
's POS
master NN
thief NN
, ,
effortlessly RB
scoops VBZ
up RP
a DT
groundball NN
and CC
flips VBZ
it PRP
to TO
second JJ
. .
In IN
the DT
outfield NN
, ,
Paul NNP
Blair NNP
, ,
the DT
Orioles NNP
' POS
eight-time JJ
Gold NNP
Glove NNP
winner NN
, ,
elegantly RB
shags VBZ
a DT
fly NN
. .
On IN
the DT
mound NN
, ,
former JJ
Red NNP
Sox NNP
great JJ
Luis NNP
Tiant NNP
, ,
the DT
wily JJ
master NN
of IN
1,001 CD
moves NNS
, ,
throws VBZ
an DT
off-speed JJ
strike NN
. .



`` ``
Babies NNS
, ,
kiddies NNS
, ,
'' ''
growls VBZ
their PRP$
manager NN
-- :
a DT
fellow NN
named VBN
Earl NNP
Weaver NNP
, ,
who WP
, ,
in IN
a DT
different JJ
time NN
, ,
handled VBD
four CD
World NNP
Series NNP
teams NNS
and CC
now RB
handles VBZ
the DT
Gold NNP
Coast NNP
Suns NNPS
. .
`` ``
Old-time JJ
kiddies NNS
, ,
'' ''
he PRP
says VBZ
. .



Perhaps RB
. .
But CC
for IN
the DT
next JJ
few JJ
months NNS
, ,
these DT
boys NNS
of IN
summers NNS
long JJ
past NN
are VBP
going VBG
to TO
be VB
reveling VBG
in IN
an DT
Indian JJ
summer NN
of IN
the DT
soul NN
. .
Now RB
that IN
the DT
baseball NN
season NN
is VBZ
officially RB
over RP
, ,
you PRP
see VBP
, ,
it PRP
's VBZ
time NN
for IN
a DT
new JJ
season NN
to TO
begin VB
. .



Today NN
is VBZ
the DT
debut NN
of IN
the DT
Senior NNP
Professional NNP
Baseball NNP
Association NNP
, ,
a DT
new JJ
eight-team JJ
pro JJ
sports NNS
circuit NN
, ,
modeled VBN
after IN
the DT
highly RB
successful JJ
senior JJ
tennis NN
and CC
golf NN
tours NNS
and CC
complete JJ
with IN
good JJ
salaries NNS
, ,
a DT
cable NN
television NN
contract NN
and CC
even RB
expansion NN
plans NNS
. .
One CD
hundred CD
and CC
ninety CD
two CD
former JJ
greats NNS
, ,
near JJ
greats NNS
, ,
hardly RB
knowns NNS
and CC
unknowns NNS
begin VBP
a DT
72-game JJ
, ,
three-month JJ
season NN
in IN
spring-training NN
stadiums NNS
up RB
and CC
down RB
Florida NNP
. .
For IN
everyone NN
involved VBN
, ,
it PRP
's VBZ
one CD
more JJR
swig NN
of IN
that DT
elixir NN
of IN
youth NN
, ,
baseball NN
. .



`` ``
Someone NN
always RB
makes VBZ
you PRP
quit VB
, ,
'' ''
says VBZ
legendary JJ
St. NNP
Louis NNP
Cardinals NNPS
centerfielder NN
Curt NNP
Flood NNP
, ,
the DT
league NN
's POS
commissioner NN
. .
`` ``
You PRP
feel VBP
you PRP
want VBP
one CD
more JJR
-- :
one NN
more JJR
at-bat NN
, ,
one CD
more JJR
hit NN
, ,
one CD
more JJR
game NN
. .
'' ''


Until IN
the DT
baby-faced JJ
heroes NNS
of IN
today NN
reclaim VBP
these DT
ballparks NNS
for IN
spring NN
training NN
, ,
there EX
is VBZ
one CD
more JJR
. .



And CC
not RB
just RB
for IN
the DT
players NNS
. .
It PRP
's VBZ
one CD
more JJR
for IN
the DT
baseball-loving JJ
lawyers NNS
, ,
accountants NNS
and CC
real JJ
estate NN
developers NNS
who WP
ponied VBD
up RP
about IN
$ $
1 CD
million CD
each DT
for IN
the DT
chance NN
to TO
be VB
an DT
owner NN
, ,
to TO
step VB
into IN
the DT
shoes NNS
of IN
a DT
Gene NNP
Autry NNP
or CC
have VB
a DT
beer NN
with IN
Rollie NNP
Fingers NNP
. .



`` ``
Nothing NN
can MD
be VB
better JJR
than IN
this DT
, ,
'' ''
says VBZ
Don NNP
Sider NNP
, ,
owner NN
of IN
the DT
West NNP
Palm NNP
Beach NNP
Tropics NNPS
. .
Early RB
in IN
the DT
morning NN
Mr. NNP
Sider NNP
, ,
an DT
estate NN
lawyer NN
, ,
pores VBZ
over IN
last JJ
wills NNS
and CC
testaments NNS
. .
Midmorning NN
, ,
he PRP
dons VBZ
an DT
orange-and-blue JJ
uniform NN
and CC
, ,
for IN
fun NN
, ,
may MD
field VB
a DT
bunt NN
from IN
Dave NNP
Kingman NNP
. .



It PRP
's VBZ
one CD
more JJR
, ,
too RB
, ,
for IN
the DT
fans NNS
who WP
dream VBP
of IN
a DT
season NN
that WDT
never RB
ends VBZ
. .
`` ``
I PRP
feel VBP
like IN
a DT
little JJ
kid NN
, ,
'' ''
says VBZ
a DT
gleeful JJ
Alex NNP
de FW
Castro NNP
, ,
a DT
car NN
salesman NN
, ,
who WP
has VBZ
stopped VBN
by IN
a DT
workout NN
of IN
the DT
Suns NNPS
to TO
slip VB
six CD
Campaneris NNP
cards NNS
to TO
the DT
Great JJ
Man NN
Himself PRP
to TO
be VB
autographed VBN
. .
The DT
league NN
's POS
promoters NNS
hope VBP
retirees NNS
and CC
tourists NNS
will MD
join VB
die-hard JJ
fans NNS
like IN
Mr. NNP
de FW
Castro NNP
and CC
pack VB
the DT
stands NNS
to TO
see VB
the DT
seniors NNS
. .



The DT
league NN
is VBZ
the DT
brainchild NN
of IN
Colorado NNP
real JJ
estate NN
developer NN
James NNP
Morley NNP
-- :
once RB
a DT
minor-leaguer NN
himself PRP
-- :
who WP
says VBZ
he PRP
had VBD
the DT
idea NN
last JJ
January NNP
while IN
lying VBG
on IN
a DT
beach NN
in IN
Australia NNP
. .
When WRB
he PRP
sent VBD
letters NNS
offering VBG
1,250 CD
retired JJ
major JJ
leaguers NNS
the DT
chance NN
of IN
another DT
season NN
, ,
730 CD
responded VBD
. .
Eventually RB
, ,
about IN
250 CD
made VBD
the DT
trip NN
to TO
Florida NNP
to TO
compete VB
for IN
the DT
available JJ
slots NNS
. .
( (
Players NNS
have VBP
to TO
be VB
35 CD
or CC
older JJR
, ,
except IN
for IN
catchers NNS
, ,
who WP
are VBP
eligible JJ
at IN
32 CD
because IN
life NN
behind IN
the DT
plate NN
is VBZ
so RB
rough JJ
. .
) )


For IN
some DT
players NNS
, ,
the DT
lure NN
is VBZ
money NN
-- :
up RB
to TO
$ $
15,000 CD
a DT
month NN
. .
Others NNS
, ,
just RB
released VBN
from IN
the DT
majors NNS
, ,
hope VBP
the DT
senior JJ
league NN
will MD
be VB
their PRP$
bridge NN
back RB
into IN
the DT
big-time JJ
. .



But CC
as IN
they PRP
hurl VBP
fireballs NNS
that WDT
smolder VBP
rather RB
than IN
burn VBP
, ,
and CC
relive VBP
old JJ
duels NNS
in IN
the DT
sun NN
, ,
it PRP
's VBZ
clear JJ
that IN
most JJS
are VBP
there RB
to TO
make VB
their PRP$
fans NNS
cheer VB
again RB
or CC
recapture VB
the DT
camaraderie NN
of IN
seasons NNS
past JJ
or CC
prove VB
to TO
themselves PRP
and CC
their PRP$
colleagues NNS
that IN
they PRP
still RB
have VBP
it PRP
-- :
or CC
something NN
close RB
to TO
it PRP
. .



`` ``
My PRP$
fastball NN
is VBZ
good JJ
. .
Real RB
good JJ
, ,
'' ''
says VBZ
39-year-old JJ
Pete NNP
Broberg NNP
, ,
working VBG
in IN
the DT
midday NN
heat NN
of IN
the DT
Tropics NNPS
camp NN
. .
Mr. NNP
Broberg NNP
, ,
who WP
started VBD
with IN
the DT
now-defunct JJ
Washington NNP
Senators NNPS
, ,
says VBZ
that IN
when WRB
he PRP
left VBD
baseball NN
in IN
1978 CD
, ,
he PRP
`` ``
never RB
looked VBD
back RB
. .
'' ''
For IN
a DT
long JJ
time NN
, ,
he PRP
ignored VBD
baseball NN
altogether RB
, ,
even RB
the DT
sports NNS
pages NNS
. .



Now RB
Mr. NNP
Broberg NNP
, ,
a DT
lawyer NN
, ,
claims VBZ
he PRP
'd MD
play VB
for IN
free RB
. .
`` ``
You PRP
ca MD
n't RB
give VB
it PRP
up RP
that IN
easily RB
, ,
'' ''
he PRP
says VBZ
. .
`` ``
I PRP
tried VBD
. .
'' ''


The DT
nagging JJ
memory NN
of IN
one CD
afternoon NN
fourteen CD
years NNS
ago RB
drove VBD
Jim NNP
Gideon NNP
, ,
a DT
lean JJ
36-year-old JJ
righthander NN
to TO
take VB
a DT
four-month JJ
leave NN
from IN
selling VBG
insurance NN
in IN
Texas NNP
to TO
try VB
out RB
for IN
Mr. NNP
Weaver NNP
's POS
team NN
. .



`` ``
It PRP
does VBZ
n't RB
replace VB
pitching VBG
in IN
the DT
majors NNS
, ,
but CC
it PRP
proves VBZ
to TO
me PRP
that IN
I PRP
would MD
have VB
been VBN
able JJ
to TO
play VB
if IN
I PRP
'd MD
stayed VBN
healthy JJ
, ,
'' ''
he PRP
says VBZ
. .
Back RB
in IN
1975 CD
, ,
late RB
in IN
the DT
season NN
, ,
a DT
then-21 JJ
Mr. NNP
Gideon NNP
made VBD
his PRP$
only JJ
major JJ
league NN
appearance NN
, ,
five CD
and CC
two-thirds NNS
innings NN
for IN
the DT
Texas NNP
Rangers NNPS
against IN
the DT
Chicago NNP
White NNP
Sox NNPS
. .
He PRP
gave VBD
up RP
seven CD
hits NNS
, ,
walked VBD
five CD
and CC
did VBD
n't RB
get VB
a DT
decision NN
. .
Arm NN
troubles NNS
forced VBD
him PRP
back RB
to TO
the DT
minors NNS
the DT
next JJ
year NN
. .



`` ``
There EX
's VBZ
a DT
satisfaction NN
in IN
going VBG
against IN
the DT
rules NNS
, ,
'' ''
offers VBZ
Will NNP
McEnaney NNP
, ,
once RB
a DT
stopper NN
with IN
Cincinnati NNP
's POS
Big JJ
Red JJ
Machine NN
. .
He PRP
means VBZ
the DT
rule NN
that IN
a DT
player NN
ca MD
n't RB
cut VB
it PRP
after IN
a DT
certain JJ
age NN
. .



These DT
days NNS
he PRP
hustles VBZ
to TO
house-painting JJ
jobs NNS
in IN
his PRP$
Chevy NNP
pickup NN
before IN
and CC
after IN
training NN
with IN
the DT
Tropics NNPS
. .
While IN
sipping VBG
a DT
beer NN
after IN
practice NN
, ,
he PRP
vividly RB
recounts VBZ
getting VBG
the DT
Red NNP
Sox NNPS
's POS
Carl NNP
Yastrzemski NNP
to TO
pop VB
out RB
to TO
end VB
the DT
1975 CD
World NNP
Series NNP
, ,
and CC
repeating VBG
the DT
feat NN
against IN
the DT
Yankees NNPS
' POS
Roy NNP
White NNP
in IN
1976 CD
. .



Some DT
of IN
the DT
game NN
's POS
reigning VBG
philosophers NNS
dislike VBP
the DT
idea NN
of IN
middle-aged JJ
men NNS
attempting VBG
a DT
young JJ
man NN
's POS
sport NN
. .



`` ``
I PRP
personally RB
do VBP
n't RB
enjoy VB
seeing VBG
players NNS
who WP
I PRP
remember VBP
vividly RB
from IN
their PRP$
playing JJ
days NNS
running VBG
about RB
and CC
being VBG
gallant JJ
about IN
their PRP$
deficiencies NNS
, ,
'' ''
says VBZ
Roger NNP
Angell NNP
, ,
New NNP
Yorker NNP
magazine NN
's POS
resident JJ
baseball NN
sage NN
. .
`` ``
I PRP
feel VBP
people NNS
should MD
be VB
allowed VBN
to TO
remember VB
players NNS
as IN
they PRP
were VBD
. .
'' ''


Worse JJR
, ,
says VBZ
baseball NN
author NN
Lawrence NNP
Ritter NNP
, ,
`` ``
Someone NN
will MD
get VB
a DT
heart NN
attack NN
and CC
that DT
will MD
be VB
the DT
end NN
of IN
the DT
whole JJ
story NN
. .
'' ''


But CC
the DT
ballplayers NNS
disagree VBP
. .
Most JJS
are VBP
trim JJ
. .
Some DT
have VBP
been VBN
training VBG
for IN
months NNS
; :
others NNS
only RB
recently RB
left VBD
active JJ
status NN
. .
( (
No DT
one NN
has VBZ
worked VBN
out RP
the DT
players NNS
' POS
average NN
age NN
, ,
but CC
most JJS
appear VB
to TO
be VB
in IN
their PRP$
late JJ
30s NNS
. .
) )
And CC
there EX
's VBZ
pride NN
. .
`` ``
I PRP
'm VBP
not RB
going VBG
to TO
look VB
stupid JJ
, ,
'' ''
vows VBZ
former JJ
Pittsburgh NNP
Pirate NNP
second JJ
baseman NN
Rennie NNP
Stennett NNP
, ,
sweat NN
dotting VBG
his PRP$
brow NN
as IN
he PRP
prepares VBZ
for IN
some DT
practice NN
swings NNS
. .



`` ``
It PRP
's VBZ
going VBG
to TO
be VB
a DT
tough JJ
league NN
, ,
'' ''
promises VBZ
the DT
47-year-old JJ
Mr. NNP
Campaneris NNP
. .
`` ``
There EX
will MD
be VB
a DT
lot NN
of IN
malice NN
. .
'' ''
Men NNS
who WP
have VBP
played VBN
hard RB
all DT
their PRP$
lives NNS
are VBP
n't RB
about IN
to TO
change VB
their PRP$
habits NNS
, ,
he PRP
says VBZ
. .



Nonetheless RB
, ,
one PRP
ca MD
n't RB
help VB
wonder VB
whether IN
the DT
game NN
will MD
be VB
just RB
a DT
little JJ
bit NN
slower JJR
. .



At IN
the DT
weatherbeaten JJ
Pompano NNP
Beach NNP
municipal JJ
stadium NN
, ,
Mr. NNP
Blair NNP
, ,
the DT
45-year-old JJ
former JJ
Oriole NNP
, ,
knows VBZ
his PRP$
power NN
is VBZ
n't RB
what WP
it PRP
used VBD
to TO
be VB
. .
So RB
he PRP
adjusts VBZ
. .
He PRP
no RB
longer RBR
crowds VBZ
the DT
plate NN
. .
He PRP
's VBZ
not RB
thinking VBG
about IN
home NN
runs NNS
anymore RB
, ,
just RB
base NN
hits NNS
. .
Still RB
, ,
`` ``
how WRB
sweet JJ
it PRP
is VBZ
, ,
'' ''
he PRP
says VBZ
, ,
savoring VBG
the DT
fat JJ
sound NN
of IN
the DT
well-hit JJ
line NN
drive NN
that IN
bounces VBZ
off RB|IN
the DT
center JJ
field NN
wall NN
. .



And CC
do VBP
n't RB
expect VB
many JJ
complete JJ
games NNS
by IN
pitchers NNS
-- :
perhaps RB
three CD
out IN
of IN
288 CD
, ,
laughs VBZ
Mr. NNP
Fingers NNP
, ,
the DT
former JJ
Oakland NNP
reliever NN
. .
Expect VB
`` ``
tricky JJ
'' ''
stuff NN
from IN
pitchers NNS
, ,
says VBZ
Mr. NNP
Weaver NNP
, ,
the DT
manager NN
. .
Expect VB
brushbacks NNS
but CC
no DT
beanballs NNS
, ,
says VBZ
Mr. NNP
McEnaney NNP
. .
Even RB
expect VB
stolen VBN
bases NNS
, ,
says VBZ
the DT
wiry JJ
and CC
fit JJ
Mr. NNP
Campaneris NNP
: :
`` ``
If IN
you PRP
know VBP
how WRB
to TO
slide VB
, ,
it PRP
's VBZ
no DT
problem NN
, ,
'' ''
he PRP
says VBZ
. .



And CC
expect VB
slower JJR
fastballs NNS
. .
`` ``
I PRP
'm VBP
not RB
so RB
young JJ
anymore RB
, ,
'' ''
concedes VBZ
the DT
cigar-chomping JJ
, ,
48-year-old JJ
Mr. NNP
Tiant NNP
. .
`` ``
I PRP
wo MD
n't RB
be VB
throwing VBG
90 CD
mph NN
, ,
but CC
I PRP
will MD
throw VB
80-plus JJ
, ,
'' ''
he PRP
says VBZ
. .



White-haired JJ
Pedro NNP
Ramos NNP
, ,
at IN
54 CD
the DT
league NN
's POS
oldest JJS
player NN
and CC
a DT
pitcher-coach NN
with IN
the DT
Suns NNPS
, ,
has VBZ
lost VBN
even RB
more JJR
speed NN
. .
Stuffing VBG
a DT
wad NN
of IN
Red NNP
Man NN
into IN
his PRP$
cheek NN
, ,
he PRP
admits VBZ
the DT
fastball NN
he PRP
brought VBD
into IN
the DT
majors NNS
in IN
1955 CD
has VBZ
become VBN
a DT
slowball NN
. .
Its PRP$
maximum JJ
velocity NN
is VBZ
72 CD
mph NN
. .
But CC
he PRP
is VBZ
n't RB
worried JJ
. .
He PRP
will MD
compensate VB
with IN
the DT
guile NN
learned VBN
from IN
his PRP$
years NNS
in IN
the DT
majors NNS
. .
He PRP
has VBZ
good JJ
control NN
. .
He PRP
will MD
keep VB
the DT
ball NN
down RP
, ,
move VB
it PRP
around RB
. .



After IN
all DT
, ,
he PRP
says VBZ
, ,
`` ``
Even RB
to TO
make VB
love VB
, ,
you PRP
need VBP
experience VB
. .
'' ''






Alltel NNP
Corp. NNP
said VBD
it PRP
will MD
acquire VB
the DT
55 CD
% NN
of IN
Pond NNP
Branch NNP
Telephone NNP
Company NNP
Inc. NNP
's POS
cellular JJ
franchise NN
that IN
it PRP
does VBZ
n't RB
own VB
already RB
. .
Terms NNS
were VBD
n't RB
disclosed VBN
. .



Alltel NNP
holds VBZ
45 CD
% NN
of IN
the DT
franchise NN
, ,
which WDT
has VBZ
operations NNS
in IN
Aiken NNP
, ,
S.C. NNP
, ,
and CC
Augusta NNP
, ,
Ga NNP
. .
Alltel NNP
, ,
which WDT
provides VBZ
local JJ
telephone NN
service NN
in IN
25 CD
states NNS
, ,
said VBD
it PRP
exercised VBD
its PRP$
right NN
of IN
first JJ
refusal NN
following VBG
an DT
offer NN
from IN
an DT
undisclosed JJ
third JJ
party NN
to TO
acquire VB
the DT
majority NN
position NN
in IN
the DT
franchise NN
. .





Stewart NNP
& SYM
Stevenson NNP
Services NNPS
Inc. NNP
said VBD
it PRP
received VBD
two CD
contracts NNS
totaling VBG
$ $
19 CD
million CD
to TO
build VB
gas-turbine JJ
generators NNS
. .
The DT
separate JJ
contracts NNS
were VBD
from IN
Paragould NNP
Light NNP
& CC
Water NNP
Commission NNP
, ,
a DT
utility NN
in IN
Paragould NNP
, ,
Ark. NNP
, ,
and CC
PSE NNP
Inc. NNP
, ,
a DT
cogeneration-plant NN
operator NN
in IN
Houston NNP
. .



Stewart NNP
& CC
Stevenson NNP
makes VBZ
equipment NN
powered VBN
with IN
diesel NN
and CC
gas NN
turbines NNS
. .





Liberty NNP
National NNP
Bancorp NNP
said VBD
its PRP$
acquisition NN
of IN
Florence NNP
Deposit NNP
Bank NNP
, ,
Florence NNP
, ,
Ky. NNP
, ,
first RB
announced VBN
in IN
April NNP
, ,
has VBZ
been VBN
completed VBN
in IN
a DT
transaction NN
valued VBN
at IN
$ $
13.1 CD
million CD
. .



Liberty NNP
National NNP
exchanged VBD
about IN
78.64 CD
shares NNS
of IN
its PRP$
common JJ
stock NN
for IN
each DT
of IN
Florence NNP
Deposit NNP
's POS
5,600 CD
shares NNS
outstanding JJ
. .



Liberty NNP
National NNP
, ,
a DT
bank NN
holding VBG
company NN
, ,
has VBZ
assets NNS
exceeding VBG
$ $
3 CD
billion CD
. .





Hani NNP
Zayadi NNP
was VBD
appointed VBN
president NN
and CC
chief JJ
executive NN
officer NN
of IN
this DT
financially RB
troubled JJ
department NN
store NN
chain NN
, ,
effective JJ
Nov. NNP
15 CD
, ,
succeeding VBG
Frank NNP
Robertson NNP
, ,
who WP
is VBZ
retiring VBG
early RB
. .
Mr. NNP
Zayadi NNP
was VBD
previously RB
president NN
and CC
chief JJ
operating VBG
officer NN
of IN
Zellers NNP
Inc. NNP
, ,
a DT
retail JJ
chain NN
that WDT
is VBZ
owned VBN
by IN
Toronto-based JJ
Hudson NNP
's POS
Bay NNP
Co. NNP
, ,
Canada NNP
's POS
largest JJS
department NN
store NN
operator NN
. .





Tuesday NNP
, ,
October NNP
31 CD
, ,
1989 CD



The DT
key JJ
U.S. NNP
and CC
foreign JJ
annual JJ
interest NN
rates NNS
below RB
are VBP
a DT
guide NN
to TO
general JJ
levels NNS
but CC
do VBP
n't RB
always RB
represent VB
actual JJ
transactions NNS
. .



PRIME JJ
RATE NN
: :
10 CD
1\ 2 CD
% NN
. .
The DT
base JJ
rate NN
on IN
corporate JJ
loans NNS
at IN
large JJ
U.S. NNP
money NN
center NN
commercial JJ
banks NNS
. .



FEDERAL JJ
FUNDS NNS
: :
9 CD
% NN
high JJ
, ,
8 CD
13\ 16 CD
% NN
low JJ
, ,
8 CD
7\ 8 CD
% NN
near IN
closing NN
bid NN
, ,
8 CD
15\ 16 CD
% NN
offered VBN
. .
Reserves NNS
traded VBD
among IN
commercial JJ
banks NNS
for IN
overnight JJ
use NN
in IN
amounts NNS
of IN
$ $
1 CD
million CD
or CC
more JJR
. .
Source NN
: :
Fulton NNP
Prebon NNP
( (
U.S.A NNP
. .
) )
Inc NNP
. .



DISCOUNT NN
RATE NN
: :
7 CD
% NN
. .
The DT
charge NN
on IN
loans NNS
to TO
depository NN
institutions NNS
by IN
the DT
New NNP
York NNP
Federal NNP
Reserve NNP
Bank NNP
. .



CALL JJ
MONEY NN
: :
9 CD
3\ 4 CD
% NN
to TO
10 CD
% NN
. .
The DT
charge NN
on IN
loans NNS
to TO
brokers NNS
on IN
stock NN
exchange NN
collateral NN
. .



COMMERCIAL JJ
PAPER NN
placed VBN
directly RB
by IN
General NNP
Motors NNPS
Acceptance NNP
Corp. NNP
: :
8.55 CD
% NN
30 CD
to TO
44 CD
days NNS
; :
8.25 CD
% NN
45 CD
to TO
59 CD
days NNS
; :
8.40 CD
% NN
60 CD
to TO
89 CD
days NNS
; :
8 CD
% NN
90 CD
to TO
119 CD
days NNS
; :
7.90 CD
% NN
120 CD
to TO
149 CD
days NNS
; :
7.80 CD
% NN
150 CD
to TO
179 CD
days NNS
; :
7.55 CD
% NN
180 CD
to TO
270 CD
days NNS
. .



COMMERCIAL JJ
PAPER NN
: :
High-grade JJ
unsecured JJ
notes NNS
sold VBN
through IN
dealers NNS
by IN
major JJ
corporations NNS
in IN
multiples NNS
of IN
$ $
1,000 CD
: :
8.62 CD
% NN
30 CD
days NNS
; :
8.55 CD
% NN
60 CD
days NNS
; :
8.45 CD
% NN
90 CD
days NNS
. .



CERTIFICATES NNS
OF IN
DEPOSIT NN
: :
8.09 CD
% NN
one CD
month NN
; :
8.04 CD
% NN
two CD
months NNS
; :
8.03 CD
% NN
three CD
months NNS
; :
7.96 CD
% NN
six CD
months NNS
; :
7.92 CD
% NN
one CD
year NN
. .
Average JJ
of IN
top JJ
rates NNS
paid VBN
by IN
major JJ
New NNP
York NNP
banks NNS
on IN
primary JJ
new JJ
issues NNS
of IN
negotiable JJ
C.D.s NNPS
, ,
usually RB
on IN
amounts NNS
of IN
$ $
1 CD
million CD
and CC
more JJR
. .
The DT
minimum JJ
unit NN
is VBZ
$ $
100,000 CD
. .
Typical JJ
rates NNS
in IN
the DT
secondary JJ
market NN
: :
8.53 CD
% NN
one CD
month NN
; :
8.50 CD
% NN
three CD
months NNS
; :
8.30 CD
% NN
six CD
months NNS
. .



BANKERS NNS
ACCEPTANCES NNS
: :
8.49 CD
% NN
30 CD
days NNS
; :
8.44 CD
% NN
60 CD
days NNS
; :
8.27 CD
% NN
90 CD
days NNS
; :
8.12 CD
% NN
120 CD
days NNS
; :
8.05 CD
% NN
150 CD
days NNS
; :
7.98 CD
% NN
180 CD
days NNS
. .
Negotiable JJ
, ,
bank-backed JJ
business NN
credit NN
instruments NNS
typically RB
financing VBG
an DT
import NN
order NN
. .



LONDON NNP
LATE JJ
EURODOLLARS NNS
: :
8 CD
3\ 4 CD
% NN
to TO
8 CD
5\ 8 CD
% NN
one CD
month NN
; :
8 CD
3\ 4 CD
% NN
to TO
8 CD
5\ 8 CD
% NN
two CD
months NNS
; :
8 CD
11\ 16 CD
% NN
to TO
8 CD
9\ 16 CD
% NN
three CD
months NNS
; :
8 CD
9\ 16 CD
% NN
to TO
8 CD
7\ 16 CD
% NN
four CD
months NNS
; :
8 CD
1\ 2 CD
% NN
to TO
8 CD
3\ 8 CD
% NN
five CD
months NNS
; :
8 CD
7\ 16 CD
% NN
to TO
8 CD
5\ 16 CD
% NN
six CD
months NNS
. .



LONDON NNP
INTERBANK NNP
OFFERED NNP
RATES NNPS
( (
LIBOR NNP
) )
: :
8 CD
3\ 4 CD
% NN
one CD
month NN
; :
8 CD
11\ 16 CD
% NN
three CD
months NNS
; :
8 CD
7\ 16 CD
% NN
six CD
months NNS
; :
8 CD
7\ 16 CD
% NN
one CD
year NN
. .
The DT
average NN
of IN
interbank NN
offered JJ
rates NNS
for IN
dollar NN
deposits NNS
in IN
the DT
London NNP
market NN
based VBN
on IN
quotations NNS
at IN
five CD
major JJ
banks NNS
. .



FOREIGN JJ
PRIME JJ
RATES NNS
: :
Canada NNP
13.50 CD
% NN
; :
Germany NNP
9 CD
% NN
; :
Japan NNP
4.875 CD
% NN
; :
Switzerland NNP
8.50 CD
% NN
; :
Britain NNP
15 CD
% NN
. .
These DT
rate NN
indications NNS
are VBP
n't RB
directly RB
comparable JJ
; :
lending JJ
practices NNS
vary VBP
widely RB
by IN
location NN
. .



TREASURY NN
BILLS NNS
: :
Results NNS
of IN
the DT
Monday NNP
, ,
October NNP
30 CD
, ,
1989 CD
, ,
auction NN
of IN
short-term JJ
U.S. NNP
government NN
bills NNS
, ,
sold VBN
at IN
a DT
discount NN
from IN
face JJ
value NN
in IN
units NNS
of IN
$ $
10,000 CD
to TO
$ $
1 CD
million CD
: :
7.78 CD
% NN
13 CD
weeks NNS
; :
7.62 CD
% NN
26 CD
weeks NNS
. .



FEDERAL NNP
HOME NNP
LOAN NNP
MORTGAGE NNP
CORP NNP
. .
( (
Freddie NNP
Mac NNP
) )
: :
Posted VBN
yields NNS
on IN
30-year JJ
mortgage NN
commitments NNS
for IN
delivery NN
within IN
30 CD
days NNS
. .
9.78 CD
% NN
, ,
standard JJ
conventional JJ
fixed-rate JJ
mortgages NNS
; :
7.875 CD
% NN
, ,
2 CD
% NN
rate NN
capped VBD
one-year JJ
adjustable JJ
rate NN
mortgages NNS
. .
Source NN
: :
Telerate NNP
Systems NNPS
Inc NNP
. .



FEDERAL NNP
NATIONAL NNP
MORTGAGE NNP
ASSOCIATION NNP
( (
Fannie NNP
Mae NNP
) )
: :
Posted VBN
yields NNS
on IN
30 CD
year NN
mortgage NN
commitments NNS
for IN
delivery NN
within IN
30 CD
days NNS
( (
priced VBN
at IN
par JJ
) )
9.75 CD
% NN
, ,
standard JJ
conventional JJ
fixed-rate JJ
mortgages NNS
; :
8.75 CD
% NN
, ,
6\ 2 CD
rate NN
capped VBD
one-year JJ
adjustable JJ
rate NN
mortgages NNS
. .
Source NN
: :
Telerate NNP
Systems NNPS
Inc NNP
. .



MERRILL NNP
LYNCH NNP
READY NNP
ASSETS NNPS
TRUST NNP
: :
8.63 CD
% NN
. .
Annualized VBN
average JJ
rate NN
of IN
return NN
after IN
expenses NNS
for IN
the DT
past JJ
30 CD
days NNS
; :
not RB
a DT
forecast NN
of IN
future JJ
returns NNS
. .





Canada NNP
's POS
gross JJ
domestic JJ
product NN
rose VBD
an DT
inflation-adjusted JJ
0.3 CD
% NN
in IN
August NNP
, ,
mainly RB
as IN
a DT
result NN
of IN
service-industry NN
growth NN
, ,
Statistics NNPS
Canada NNP
, ,
a DT
federal JJ
agency NN
, ,
said VBD
. .



The DT
August NNP
GDP NNP
was VBD
up RB
2.4 CD
% NN
from IN
its PRP$
year-earlier JJ
level NN
. .
GDP NNP
is VBZ
the DT
total JJ
value NN
of IN
a DT
nation NN
's POS
output NN
of IN
goods NNS
and CC
services NNS
. .



Statistics NNPS
Canada NNP
said VBD
service-industry NN
output NN
in IN
August NNP
rose VBD
0.4 CD
% NN
from IN
July NNP
. .
Output NN
of IN
goods-producing JJ
industries NNS
increased VBD
0.1 CD
% NN
. .



Separately RB
, ,
Statistics NNPS
Canada NNP
reported VBD
that DT
its PRP$
industrial-product NN
price NN
index NN
dropped VBD
0.2 CD
% NN
in IN
September NNP
, ,
its PRP$
third JJ
consecutive JJ
monthly JJ
decline NN
. .
It PRP
also RB
reported VBD
a DT
2.6 CD
% NN
decline NN
in IN
its PRP$
raw-materials NNS
price NN
index NN
for IN
September NNP
. .





Columbia NNP
Pictures NNPS
Entertainment NNP
Inc. NNP
was VBD
dropped VBN
, ,
effective JJ
today NN
, ,
from IN
the DT
recreational JJ
products NNS
and CC
services NNS
industry NN
group NN
of IN
the DT
Dow NNP
Jones NNP
Equity NNP
Market NNP
Index NNP
. .
Columbia NNP
Pictures NNPS
is VBZ
being VBG
acquired VBN
by IN
Sony NNP
Corp. NNP
, ,
which WDT
is VBZ
based VBN
in IN
Japan NNP
. .





People NNPS
's POS
Savings NNPS
Financial NNP
Corp. NNP
said VBD
it PRP
will MD
buy VB
back RB
as RB
much JJ
as IN
10 CD
% NN
of IN
its PRP$
2.4 CD
million CD
shares NNS
outstanding JJ
because IN
the DT
stock NN
is VBZ
undervalued VBN
. .



The DT
holding VBG
company NN
said VBD
it PRP
has VBZ
been VBN
`` ``
unfairly RB
associated VBN
'' ''
with IN
other JJ
banks NNS
in IN
New NNP
England NNP
that WDT
have VBP
had VBN
major JJ
loan NN
losses NNS
in IN
recent JJ
quarters NNS
. .
The DT
company NN
said VBD
its PRP$
People NNPS
's POS
Savings NNPS
Bank NNP
unit NN
does VBZ
n't RB
have VB
a DT
`` ``
large JJ
exposure NN
to TO
construction NN
and CC
commercial JJ
loans NNS
that WDT
have VBP
caused VBN
the DT
loan-loss JJ
problems NNS
in IN
many JJ
of IN
the DT
banks NNS
. .
'' ''






A DT
seat NN
on IN
the DT
Chicago NNP
Mercantile NNP
Exchange NNP
was VBD
sold VBN
for IN
$ $
410,000 CD
, ,
down RB
$ $
6,000 CD
from IN
the DT
previous JJ
sale NN
Oct NNP
. .



Seats NNS
currently RB
are VBP
quoted VBN
at IN
$ $
400,000 CD
bid NN
, ,
$ $
425,000 CD
asked VBN
. .
The DT
record NN
price NN
for IN
a DT
full JJ
membership NN
on IN
the DT
exchange NN
is VBZ
$ $
550,000 CD
, ,
set VBN
March NNP
9 CD
. .





In IN
a DT
surprise NN
move NN
, ,
the DT
British JJ
government NN
cleared VBD
the DT
way NN
for IN
a DT
bidding JJ
war NN
for IN
Jaguar NNP
PLC NNP
by IN
agreeing VBG
to TO
remove VB
an DT
obstacle NN
to TO
a DT
takeover NN
of IN
the DT
auto NN
maker NN
. .



Trade NNP
and CC
Industry NNP
Secretary NNP
Nicholas NNP
Ridley NNP
told VBD
the DT
House NNP
of IN
Commons NNPS
yesterday NN
that IN
he PRP
will MD
relinquish VB
the DT
government NN
's POS
so-called JJ
golden JJ
share NN
in IN
the DT
company NN
as RB
long RB
as IN
Jaguar NNP
shareholders NNS
agree VBP
. .
The DT
golden JJ
share NN
restricts VBZ
any DT
individual JJ
holding NN
to TO
15 CD
% NN
and CC
expires VBZ
at IN
the DT
end NN
of IN
1990 CD
. .
It PRP
was VBD
in IN
Jaguar NNP
's POS
best JJS
interests NNS
`` ``
for IN
the DT
company NN
's POS
future NN
to TO
be VB
assured VBN
and CC
the DT
present JJ
climate NN
of IN
uncertainty NN
resolved VBN
as RB
quickly RB
as IN
possible JJ
, ,
'' ''
Mr. NNP
Ridley NNP
said VBD
. .



Mr. NNP
Ridley NNP
's POS
decision NN
fires VBZ
the DT
starting JJ
pistol NN
for IN
perhaps RB
a DT
costly JJ
contest NN
between IN
the DT
world NN
's POS
auto NN
giants NNS
for IN
Britain NNP
's POS
leading JJ
luxury-car NN
maker NN
. .
Both DT
General NNP
Motors NNPS
Corp. NNP
and CC
Ford NNP
Motor NNP
Co. NNP
have VBP
been VBN
trying VBG
to TO
amass VB
15 CD
% JJ
stakes NNS
in IN
Jaguar NNP
. .
Ford NNP
, ,
which WDT
already RB
has VBZ
an DT
unwelcome JJ
13.2 CD
% NN
holding NN
, ,
is VBZ
prepared JJ
to TO
bid VB
for IN
the DT
entire JJ
company NN
and CC
had VBD
lobbied VBN
the DT
government NN
to TO
lift VB
the DT
takeover NN
restrictions NNS
early RB
. .
GM NNP
has VBZ
been VBN
negotiating VBG
a DT
friendly JJ
transaction NN
with IN
Jaguar NNP
that WDT
likely RB
would MD
involve VB
joint JJ
ventures NNS
and CC
an DT
eventual JJ
stake NN
of IN
just RB
under IN
30 CD
% NN
. .



But CC
the DT
government NN
's POS
action NN
, ,
which WDT
caught VBD
Jaguar NNP
management NN
flat-footed RB
, ,
may MD
scuttle VB
the DT
GM NNP
minority NN
deal NN
by IN
forcing VBG
it PRP
to TO
fight VB
for IN
all DT
of IN
Jaguar NNP
. .
`` ``
I PRP
ca MD
n't RB
believe VB
they PRP
( (
GM NNP
) )
will MD
let VB
Ford NNP
have VB
a DT
free JJ
run NN
, ,
'' ''
said VBD
Stephen NNP
Reitman NNP
, ,
a DT
European JJ
auto NN
industry NN
analyst NN
at IN
UBS-Phillips NNP
& CC
Drew NNP
. .
`` ``
I PRP
am VBP
sure JJ
they PRP
will MD
be VB
going VBG
for IN
a DT
full JJ
bid NN
. .
'' ''


Many JJ
investors NNS
certainly RB
believe VBP
a DT
bidding JJ
war NN
is VBZ
imminent JJ
. .
Jaguar NNP
shares NNS
skyrocketed VBD
yesterday NN
after IN
Mr. NNP
Ridley NNP
's POS
announcement NN
, ,
following VBG
their PRP$
temporary JJ
suspension NN
on IN
London NNP
's POS
Stock NNP
Exchange NNP
. .
In IN
late JJ
trading NN
, ,
the DT
shares NNS
were VBD
up RB
a DT
whopping JJ
122 CD
pence NN
( (
$ $
1.93 CD
) )
-- :
a DT
16.3 CD
% NN
gain NN
-- :
to TO
a DT
record NN
869 CD
pence NN
on IN
very RB
heavy JJ
volume NN
of IN
9.7 CD
million CD
shares NNS
. .
In IN
the DT
U.S. NNP
over-the-counter JJ
market NN
, ,
Jaguar NNP
shares NNS
trading VBG
as IN
American NNP
Depositary NNP
Receipts NNPS
closed VBD
at IN
$ $
13.625 CD
, ,
up RB
$ $
1.75 CD
. .



Analysts NNS
expect VBP
Ford NNP
will MD
make VB
the DT
first JJ
move NN
, ,
perhaps RB
today NN
, ,
with IN
an DT
initial JJ
offer NN
of IN
about IN
900 CD
pence NN
( (
$ $
14.25 CD
) )
a DT
share NN
. .
Such JJ
a DT
proposal NN
values VBZ
Jaguar NNP
at IN
more JJR
than IN
# #
1.6 CD
billion CD
( (
$ $
2.53 CD
billion CD
) )
. .
Speculation NN
about IN
a DT
takeover NN
fight NN
has VBZ
sent VBN
Jaguar NNP
shares NNS
soaring VBG
in IN
the DT
past JJ
six CD
weeks NNS
. .
The DT
share NN
price NN
was VBD
languishing VBG
at IN
about IN
400 CD
pence NN
before IN
Ford NNP
's POS
Sept. NNP
19 CD
announcement NN
of IN
its PRP$
interest NN
in IN
a DT
minority NN
stake NN
. .



Ford NNP
is VBZ
`` ``
in IN
the DT
driving JJ
seat NN
at IN
the DT
moment NN
, ,
'' ''
observed VBD
Bob NNP
Barber NNP
, ,
an DT
auto NN
analyst NN
at IN
brokers NNS
James NNP
Capel NNP
& CC
Co NNP
. .



An DT
aggressive JJ
Ford NNP
bid NN
for IN
Jaguar NNP
would MD
put VB
pressure NN
on IN
GM NNP
to TO
make VB
a DT
better JJR
offer NN
as IN
the DT
British JJ
company NN
's POS
`` ``
white JJ
knight NN
. .
'' ''
Such JJ
a DT
countermove NN
could MD
end VB
Jaguar NNP
's POS
hopes NNS
for IN
remaining VBG
independent JJ
and CC
British-owned JJ
. .
But CC
it PRP
is VBZ
n't RB
clear JJ
how WRB
long JJ
GM NNP
would MD
be VB
willing JJ
to TO
fight VB
Ford NNP
for IN
Jaguar NNP
. .
Because IN
of IN
their PRP$
longstanding JJ
rivalry NN
, ,
GM NNP
just RB
`` ``
wants VBZ
to TO
make VB
sure JJ
Ford NNP
pays VBZ
a DT
huge JJ
packet NN
for IN
( (
Jaguar NNP
) )
, ,
'' ''
said VBD
John NNP
Lawson NNP
, ,
an DT
auto NN
analyst NN
at IN
London NNP
's POS
Nomura NNP
Research NNP
Institute NNP
. .



People NNS
close RB
to TO
the DT
GM-Jaguar JJ
talks NNS
agreed VBD
that IN
Ford NNP
now RB
may MD
be VB
able JJ
to TO
shut VB
out RP
General NNP
Motors NNPS
. .
`` ``
It PRP
's VBZ
either CC
going VBG
to TO
be VB
a DT
shootout NN
, ,
or CC
there EX
only RB
may MD
be VB
one CD
player NN
in IN
town NN
, ,
'' ''
one CD
person NN
said VBD
. .
Another DT
person NN
close JJ
to TO
the DT
talks NNS
said VBD
, ,
`` ``
It PRP
is VBZ
very RB
hard JJ
to TO
justify VB
paying VBG
a DT
silly JJ
price NN
for IN
Jaguar NNP
if IN
an DT
out-and-out JJ
bidding JJ
war NN
were VBD
to TO
start VB
now RB
. .
'' ''


In IN
a DT
statement NN
, ,
Jaguar NNP
's POS
board NN
said VBD
they PRP
`` ``
were VBD
not RB
consulted VBN
about IN
the DT
( (
Ridley NNP
decision NN
) )
in IN
advance NN
and CC
were VBD
surprised VBN
at IN
the DT
action NN
taken VBN
. .
'' ''
The DT
statement NN
emphasized VBD
that IN
holders NNS
representing VBG
75 CD
% NN
of IN
the DT
shares NNS
voting VBG
at IN
a DT
special JJ
shareholders NNS
' POS
meeting NN
must MD
agree VB
to TO
lift VB
the DT
takeover NN
restrictions NNS
. .
Jaguar NNP
officials NNS
in IN
the DT
U.S. NNP
noted VBD
that IN
Ford NNP
, ,
as IN
Jaguar NNP
's POS
largest JJS
shareholder NN
, ,
now RB
has VBZ
the DT
power NN
to TO
call VB
for IN
such JJ
a DT
meeting NN
. .



U.S. NNP
auto NN
analysts NNS
also RB
noted VBD
that IN
Ford NNP
is VBZ
in IN
the DT
best JJS
position NN
to TO
benefit VB
from IN
the DT
large JJ
number NN
of IN
Jaguar NNP
shares NNS
that WDT
have VBP
moved VBN
over IN
the DT
past JJ
month NN
into IN
the DT
hands NNS
of IN
arbitragers NNS
waiting VBG
for IN
the DT
highest JJS
takeover NN
bid NN
. .
Jaguar NNP
's POS
own JJ
defenses NNS
against IN
a DT
hostile JJ
bid NN
are VBP
weakened VBN
, ,
analysts NNS
add VBP
, ,
because IN
fewer JJR
than IN
3 CD
% NN
of IN
its PRP$
shares NNS
are VBP
owned VBN
by IN
employees NNS
and CC
management NN
. .



Ford NNP
officials NNS
in IN
the DT
U.S. NNP
declined VBD
to TO
comment VB
on IN
the DT
British JJ
government NN
's POS
action NN
or CC
on IN
any DT
plans NNS
to TO
call VB
a DT
special JJ
Jaguar NNP
shareholders NNS
meeting NN
. .
But CC
GM NNP
officials NNS
said VBD
they PRP
, ,
too RB
, ,
were VBD
surprised VBN
by IN
the DT
move NN
, ,
which WDT
left VBD
them PRP
to TO
`` ``
consider VB
all DT
our PRP$
options NNS
and CC
explore VB
matters NNS
further RBR
. .
'' ''
Although IN
GM NNP
has VBZ
U.S. NNP
approval NN
to TO
buy VB
up IN
to TO
15 CD
% NN
of IN
Jaguar NNP
's POS
stock NN
, ,
it PRP
has VBZ
n't RB
yet RB
disclosed VBN
how WRB
many JJ
shares NNS
it PRP
now RB
owns VBZ
. .



In IN
a DT
prepared JJ
statement NN
, ,
GM NNP
suggested VBD
its PRP$
plans NNS
for IN
Jaguar NNP
would MD
be VB
more RBR
valuable JJ
in IN
the DT
long JJ
run NN
than IN
the DT
initial JJ
windfalls NNS
investors NNS
might MD
reap VB
from IN
a DT
hostile JJ
Ford NNP
bid NN
. .
`` ``
Our PRP$
intensive JJ
discussions NNS
with IN
Jaguar NNP
, ,
at IN
their PRP$
invitation NN
, ,
'' ''
GM NNP
said VBD
, ,
`` ``
have VBP
as RB
their PRP$
objectives NNS
to TO
create VB
a DT
cooperative JJ
business NN
relationship NN
with IN
Jaguar NNP
that WDT
would MD
provide VB
for IN
the DT
continued JJ
independence NN
of IN
this DT
great JJ
British JJ
car NN
company NN
, ,
to TO
ensure VB
a DT
secure JJ
future NN
for IN
its PRP$
employees NNS
and CC
to TO
provide VB
an DT
attractive JJ
long-term JJ
return NN
for IN
its PRP$
shareholders NNS
. .
'' ''


Jaguar NNP
was VBD
shocked VBN
by IN
Mr. NNP
Ridley NNP
's POS
decision NN
, ,
because IN
management NN
had VBD
believed VBN
the DT
government NN
would MD
n't RB
lift VB
the DT
golden JJ
share NN
without IN
consulting VBG
the DT
company NN
first RB
. .



Indeed RB
, ,
the DT
government NN
is VBZ
taking VBG
a DT
calculated JJ
risk NN
. .
Mr. NNP
Ridley NNP
's POS
announcement NN
set VBN
off RP
a DT
howl NN
of IN
protests NNS
from IN
members NNS
of IN
the DT
opposition NN
Labor NNP
Party NNP
, ,
who WP
accused VBD
the DT
Thatcher NNP
administration NN
of IN
backing VBG
down RB
on IN
promised JJ
protection NN
for IN
a DT
privatized JJ
company NN
. .
The DT
British JJ
government NN
retained VBD
the DT
single JJ
golden JJ
share NN
after IN
selling VBG
its PRP$
stake NN
in IN
Jaguar NNP
in IN


The DT
Conservative JJ
government NN
's POS
decision NN
may MD
reflect VB
its PRP$
desire NN
to TO
shed VB
a DT
politically RB
sensitive JJ
issue NN
well RB
before IN
the DT
next JJ
election NN
, ,
expected VBN
in IN
late JJ
1991 CD
. .
`` ``
It PRP
's VBZ
now RB
a DT
very RB
good JJ
time NN
politically RB
to TO
get VB
this DT
over RB
and CC
done RB
with IN
, ,
'' ''
observed VBD
Daniel NNP
Jones NNP
, ,
professor NN
of IN
motor NN
industry NN
management NN
at IN
the DT
University NNP
of IN
Cardiff NNP
in IN
Wales NNP
. .
The DT
government NN
, ,
already RB
buffeted VBN
by IN
high JJ
interest NN
rates NNS
and CC
a DT
slowing VBG
economy NN
, ,
has VBZ
been VBN
badly RB
hurt VBN
by IN
last JJ
week NN
's POS
shake-up NN
in IN
Mrs. NNP
Thatcher NNP
's POS
cabinet NN
. .



At IN
the DT
same JJ
time NN
, ,
the DT
government NN
did VBD
n't RB
want VB
to TO
appear VB
to TO
favor VB
GM NNP
by IN
allowing VBG
a DT
minority NN
stake NN
that WDT
might MD
preclude VB
a DT
full JJ
bid NN
by IN
Ford NNP
. .
Mr. NNP
Ridley NNP
hinted VBD
at IN
this DT
motive NN
in IN
answering VBG
questions NNS
from IN
members NNS
of IN
Parliament NNP
after IN
his PRP$
announcement NN
. .
He PRP
said VBD
he PRP
was VBD
giving VBG
up RP
the DT
golden JJ
share NN
`` ``
to TO
clear VB
the DT
way NN
so IN
the DT
playing NN
field NN
is VBZ
level JJ
between IN
all DT
contestants NNS
. .
'' ''


Bradley NNP
A. NN
Stertz NNP
in IN
Detroit NNP
contributed VBD
to TO
this DT
article NN
. .





Dow NNP
Chemical NNP
Co. NNP
, ,
Midland NNP
, ,
Mich. NNP
, ,
and CC
Eli NNP
Lilly NNP
& CC
Co. NNP
, ,
Indianapolis NNP
, ,
said VBD
they PRP
completed VBD
the DT
formation NN
of IN
Dow NNP
Elanco NNP
, ,
a DT
joint JJ
venture NN
combining VBG
their PRP$
plant-sciences JJ
businesses NNS
as RB
well RB
as IN
Dow NNP
's POS
industrial JJ
pest-control JJ
business NN
. .



The DT
companies NNS
said VBD
Dow NNP
Elanco NNP
will MD
be VB
the DT
largest JJS
research-based JJ
agricultural JJ
concern NN
in IN
North NNP
America NNP
, ,
with IN
projected VBN
first-year JJ
revenue NN
of IN
$ $
1.5 CD
billion CD
. .
Dow NNP
will MD
own VB
60 CD
% NN
of IN
the DT
venture NN
, ,
with IN
Eli NNP
Lilly NNP
holding VBG
the DT
rest NN
. .
The DT
venture NN
will MD
be VB
based VBN
in IN
Indianapolis NNP
. .





William NNP
A. NN
Wise NNP
, ,
44 CD
years NNS
old JJ
, ,
president NN
of IN
the DT
El NNP
Paso NNP
Natural NNP
Gas NNP
Co. NNP
unit NN
of IN
this DT
energy NN
and CC
natural-resources NNS
concern NN
, ,
was VBD
named VBN
to TO
the DT
additional JJ
post NN
of IN
chief JJ
executive NN
officer NN
, ,
succeeding VBG
Travis NNP
H. NNP
Petty NNP
, ,
61 CD
, ,
who WP
continues VBZ
as IN
a DT
vice NN
chairman NN
of IN
the DT
parent NN
. .





Erwin NNP
Tomash NNP
, ,
the DT
67-year-old JJ
founder NN
of IN
this DT
maker NN
of IN
data NNS|NN
communications NNS
products NNS
and CC
a DT
former JJ
chairman NN
and CC
chief JJ
executive NN
, ,
resigned VBD
as IN
a DT
director NN
. .
Dataproducts NNPS
is VBZ
fighting VBG
a DT
hostile JJ
tender NN
offer NN
by IN
DPC NNP
Acquisition NNP
Partners NNPS
, ,
a DT
group NN
led VBN
by IN
New NNP
York-based JJ
Crescott NNP
Investments NNPS
Associates NNPS
. .
Under IN
the DT
circumstances NNS
, ,
Dataproducts NNPS
said VBD
, ,
Mr. NNP
Tomash NNP
said VBD
he PRP
was VBD
unable JJ
to TO
devote VB
the DT
time NN
required JJ
because RB
of IN
other JJ
commitments NNS
. .
Mr. NNP
Tomash NNP
will MD
remain VB
as IN
a DT
director NN
emeritus NN
. .
The DT
company NN
had VBD
no DT
comment NN
on IN
whether IN
a DT
replacement NN
would MD
be VB
named VBN
. .





Robert NNP
Q. NNP
Marston NNP
, ,
president NN
emeritus NN
, ,
University NNP
of IN
Florida NNP
, ,
and CC
a DT
director NN
of IN
this DT
maker NN
of IN
medical JJ
devices NNS
, ,
was VBD
named VBN
chairman NN
. .
Dr. NNP
Marston NNP
, ,
66 CD
years NNS
old JJ
, ,
succeeds VBZ
Alexander NNP
T. NNP
Daignault NNP
, ,
72 CD
, ,
who WP
did VBD
n't RB
stand VB
for IN
re-election NN
due JJ
to TO
mandatory JJ
board NN
retirement NN
policy NN
. .





SFE NNP
Technologies NNPS
said VBD
William NNP
P. NNP
Kuehn NNP
was VBD
elected VBN
chairman NN
and CC
chief JJ
executive JJ
officer NN
of IN
this DT
troubled JJ
electronics NN
parts NNS
maker NN
. .



The DT
45-year-old JJ
Mr. NNP
Kuehn NNP
, ,
who WP
has VBZ
a DT
background NN
in IN
crisis NN
management NN
, ,
succeeds VBZ
Alan NNP
D. NNP
Rubendall NNP
, ,
45 CD
. .



Jerome NNP
J. NNP
Jahn NNP
, ,
executive NN
vice NN
president NN
and CC
chief JJ
financial JJ
officer NN
, ,
said VBD
Mr. NNP
Rubendall NNP
was VBD
resigning VBG
by IN
`` ``
mutual JJ
agreement NN
'' ''
with IN
the DT
board NN
. .
`` ``
He PRP
is VBZ
going VBG
to TO
pursue VB
other JJ
interests NNS
, ,
'' ''
Mr. NNP
Jahn NNP
said VBD
. .



Mr. NNP
Rubendall NNP
could MD
n't RB
be VB
reached VBN
. .
Mr. NNP
Kuehn NNP
, ,
the DT
company NN
said VBD
, ,
will MD
retain VB
the DT
rest NN
of IN
the DT
current JJ
management NN
team NN
. .



For IN
the DT
nine CD
months NNS
ended VBN
July NNP
29 CD
, ,
SFE NNP
Technologies NNPS
reported VBD
a DT
net JJ
loss NN
of IN
$ $
889,000 CD
on IN
sales NNS
of IN
$ $
23.4 CD
million CD
. .
That IN
compared VBN
with IN
an DT
operating NN
loss NN
of IN
$ $
1.9 CD
million CD
on IN
sales NNS
of IN
$ $
27.4 CD
million CD
in IN
the DT
year-earlier JJ
period NN
. .



In IN
national JJ
over-the-counter JJ
trading NN
, ,
SFE NNP
Technologies NNPS
shares NNS
closed VBD
yesterday NN
at IN
31.25 CD
cents NNS
a DT
share NN
, ,
up RB
6.25 CD
cents NNS
. .





Sales NNS
of IN
new JJ
cars NNS
in IN
Europe NNP
fell VBD
4.2 CD
% NN
in IN
September NNP
from IN
a DT
year NN
earlier RB
and CC
analysts NNS
say VBP
the DT
market NN
could MD
continue VB
to TO
soften VB
in IN
the DT
months NNS
ahead RB
. .



After IN
a DT
stronger-than-expected JJ
pace NN
early RB
this DT
year NN
, ,
analysts NNS
say VBP
the DT
market NN
, ,
after IN
a DT
series NN
of IN
sharp JJ
swings NNS
in IN
recent JJ
months NNS
, ,
now RB
shows VBZ
signs NNS
of IN
retreating VBG
. .



Statistics NNS
from IN
12 CD
countries NNS
which WDT
normally RB
account VBP
for IN
94 CD
% NN
of IN
non-communist JJ
Europe NNP
's POS
passenger NN
car NN
sales NNS
showed VBD
new JJ
car NN
registrations NNS
totaled VBD
911,606 CD
in IN
September NNP
, ,
down RB
21 CD
% NN
from IN
August NNP
and CC
down RB
4.2 CD
% NN
for IN
the DT
year NN
to TO
date NN
. .





Tokyo NNP
stocks NNS
rebounded VBD
Tuesday NNP
from IN
two CD
consecutive JJ
daily JJ
losses NNS
in IN
relatively RB
active JJ
dealings NNS
. .



London NNP
shares NNS
also RB
rose VBD
, ,
while IN
trading NN
in IN
Frankfurt NNP
, ,
West NNP
Germany NNP
, ,
ended VBD
higher RBR
. .



In IN
Tokyo NNP
, ,
the DT
Nikkei NNP
index NN
of IN
225 CD
selected VBN
issues NNS
was VBD
up RB
132.00 CD
points NNS
to TO
35549.44 CD
. .
The DT
index NN
fell VBD
109.85 CD
Monday NNP
. .



Volume NN
on IN
the DT
First JJ
Section NN
was VBD
estimated VBN
at IN
900 CD
million CD
shares NNS
, ,
up RB
from IN
582 CD
million CD
shares NNS
Monday NNP
. .
Advancing VBG
issues NNS
outnumbered VBD
decliners NNS
542 CD
to TO
362 CD
, ,
while IN
208 CD
issues NNS
were VBD
unchanged JJ
. .



Small-lot JJ
buying NN
targeted VBN
at IN
incentive-backed JJ
issues NNS
pushed VBN
up RP
the DT
Nikkei NNP
. .
But CC
other JJ
sectors NNS
failed VBD
to TO
attract VB
investor NN
interest NN
and CC
remained VBD
sluggish JJ
, ,
making VBG
overall JJ
trading NN
appear VB
mixed JJ
. .



Individuals NNS
and CC
corporations NNS
, ,
as RB
well RB
as IN
dealers NNS
trading VBG
for IN
their PRP$
own JJ
account NN
, ,
actively RB
bought VBD
Tuesday NNP
. .



An DT
official NN
at IN
Wako NNP
Securities NNPS
said VBD
these DT
investors NNS
feel VBP
the DT
need NN
to TO
make VB
quick JJ
profits NNS
, ,
despite IN
destabilizing JJ
external JJ
factors NNS
, ,
such JJ
as IN
political JJ
uncertainty NN
tied VBN
to TO
the DT
ruling VBG
party NN
's POS
fate NN
at IN
next JJ
year NN
's POS
Lower NNP
House NNP
elections NNS
- :
an DT
event NN
which WDT
could MD
directly RB
affect VB
the DT
stock NN
market NN
. .



The DT
Tokyo NNP
Stock NNP
Price NNP
Index NNP
of IN
all DT
issues NNS
listed VBN
in IN
the DT
First JJ
Section NN
, ,
which WDT
declined VBD
5.16 CD
on IN
Monday NNP
, ,
was VBD
up RB
16.05 CD
, ,
or CC
0.60 CD
% NN
, ,
at IN
2692.65 CD
on IN
Tuesday NNP
. .



The DT
Second JJ
Section NN
index NN
, ,
which WDT
fell VBD
21.44 CD
points NNS
Monday NNP
, ,
was VBD
up RB
6.84 CD
points NNS
, ,
or CC
0.19 CD
% NN
, ,
to TO
close VB
at IN
3642.90 CD
. .
Second JJ
Section NN
volume NN
was VBD
estimated VBN
at IN
14 CD
million CD
shares NNS
, ,
unchanged JJ
from IN
Monday NNP
. .



Institutional JJ
investors NNS
mostly RB
remained VBD
on IN
the DT
sidelines NNS
Tuesday NNP
. .



A DT
fund NN
manager NN
at IN
a DT
life-insurance NN
company NN
said VBD
three CD
factors NNS
make VBP
it PRP
difficult JJ
to TO
read VB
market NN
direction NN
. .
First LS
, ,
he PRP
said VBD
, ,
domestic JJ
interest NN
rates NNS
are VBP
likely JJ
to TO
stay VB
at IN
higher JJR
levels NNS
as IN
increased JJ
anticipation NN
of IN
inflation NN
followed VBD
rising VBG
consumer NN
prices NNS
reported VBN
last JJ
week NN
. .
Second LS
, ,
the DT
dollar NN
is VBZ
showing VBG
persistent JJ
strength NN
despite IN
a DT
slowdown NN
in IN
the DT
U.S. NNP
economy NN
shown VBN
by IN
economic JJ
indicators NNS
. .



Third LS
, ,
oil NN
prices NNS
have VBP
n't RB
declined VBN
although IN
supply NN
has VBZ
been VBN
increasing VBG
. .



The DT
topic NN
that WDT
attracted VBD
participants NNS
' POS
attention NN
was VBD
Mitsubishi NNP
Estate NNP
's POS
purchase NN
of IN
51 CD
% NN
of IN
Rockefeller NNP
Center NNP
Properties NNPS
, ,
announced VBD
late JJ
Monday NNP
in IN
New NNP
York NNP
. .
Mitsubishi NNP
Estate NNP
ended VBD
the DT
day NN
at IN
2680 CD
, ,
up RB
150 CD
. .
The DT
gains NNS
also RB
sparked VBD
buying NN
interest NN
in IN
other JJ
real-estate NN
companies NNS
, ,
traders NNS
said VBD
. .
Sumitomo NNP
Realty NNP
& CC
Development NNP
rose VBD
40 CD
to TO
2170 CD
. .
Heiwa NNP
Real NNP
Estate NNP
gained VBD
40 CD
to TO
2210 CD
. .



Investor NN
focus NN
shifted VBD
quickly RB
, ,
traders NNS
said VBD
. .
Many JJ
of IN
the DT
morning-session NN
winners NNS
turned VBD
out RB
to TO
be VB
losers NNS
by IN
afternoon NN
. .



In IN
other JJ
stock-market NN
news NN
, ,
the DT
Tokyo NNP
Stock NNP
Exchange NNP
said VBD
that IN
for IN
the DT
week NN
ended VBN
Friday NNP
, ,
the DT
balance NN
of IN
margin JJ
buying NN
rose VBD
189.8 CD
billion CD
yen NNS
( (
$ $
1.34 CD
billion CD
) )
, ,
to TO
7.160 CD
trillion CD
yen NNS
( (
$ $
50.46 CD
billion CD
) )
. .
The DT
balance NN
of IN
short JJ
positions NNS
outstanding JJ
fell VBD
159.7 CD
billion CD
yen NNS
, ,
to TO
779.8 CD
billion CD
yen NNS
. .



In IN
London NNP
, ,
prices NNS
finished VBD
at IN
intraday JJ
peaks NNS
, ,
comforted VBN
by IN
a DT
reassuring JJ
early JJ
performance NN
on IN
Wall NNP
Street NNP
and CC
news NN
that IN
the DT
British JJ
government NN
will MD
waive VB
its PRP$
`` ``
golden JJ
share NN
'' ''
in IN
auto NN
maker NN
Jaguar NNP
. .
But CC
trading NN
was VBD
very RB
sketchy JJ
, ,
as IN
investment NN
decision NN
makers NNS
remain VBP
wary JJ
from IN
gyrations NNS
and CC
upsets NNS
of IN
recent JJ
weeks NNS
. .



`` ``
Volume NN
has VBZ
been VBN
appalling JJ
, ,
'' ''
said VBD
a DT
dealer NN
at IN
a DT
British JJ
brokerage NN
concern NN
. .
`` ``
The DT
market NN
was VBD
dragged VBN
up RB
by IN
the DT
scruff NN
of IN
its PRP$
neck NN
by IN
Wall NNP
Street NNP
and CC
by IN
market NN
makers NNS
getting VBG
caught VBN
short JJ
. .
No DT
one NN
wants VBZ
stock NN
on IN
their PRP$
books NNS
. .
'' ''


Meanwhile RB
, ,
the DT
broad-based JJ
Financial NNP
Times NNP
100-share JJ
index NN
added VBD
30.4 CD
points NNS
to TO
end VB
at IN
2142.6 CD
, ,
while IN
reaching VBG
its PRP$
minimum NN
of IN
2120.5 CD
a DT
half JJ
hour NN
into IN
the DT
session NN
. .



At IN
the DT
close NN
, ,
the DT
narrower JJR
30-share JJ
index NN
was VBD
up RB
19.7 CD
points NNS
to TO
1721.4 CD
. .
Volume NN
totaled VBD
a DT
modest JJ
334.5 CD
million CD
shares NNS
, ,
up RB
from IN
257.8 CD
million CD
shares NNS
Monday NNP
. .



The DT
market NN
also RB
moved VBD
at IN
early JJ
afternoon NN
on IN
news NN
that IN
Jaguar NNP
shares NNS
were VBD
being VBG
temporarily RB
suspended VBN
at IN
746 CD
pence NN
( (
$ $
11.80 CD
) )
each DT
. .
Secretary NNP
of IN
State NNP
for IN
Trade NNP
and CC
Industry NNP
Nicholas NNP
Ridley NNP
said VBD
later RBR
in IN
the DT
day NN
that IN
the DT
government NN
would MD
abolish VB
its PRP$
golden JJ
share NN
in IN
Jaguar NNP
, ,
the DT
luxury NN
auto NN
maker NN
being VBG
stalked VBN
by IN
General NNP
Motors NNPS
and CC
Ford NNP
Motor NNP
. .



The DT
golden JJ
share NN
dates NNS
from IN
Jaguar NNP
's POS
public JJ
offering NN
in IN
1984 CD
and CC
was VBD
designed VBN
to TO
protect VB
the DT
company NN
from IN
takeover NN
. .
The DT
golden JJ
share NN
was VBD
scheduled VBN
to TO
expire VB
at IN
the DT
beginning NN
of IN


But CC
although IN
the DT
golden JJ
share NN
has VBZ
been VBN
waived VBN
, ,
a DT
hostile JJ
bidder NN
for IN
Jaguar NNP
would MD
still RB
have VB
to TO
alter VB
the DT
British JJ
concern NN
's POS
articles NNS
of IN
association NN
which WDT
ban VBP
shareholdings NNS
of IN
more JJR
than IN
15 CD
% NN
. .
Jaguar NNP
shares NNS
closed VBD
at IN
869 CD
pence NN
, ,
up RB
122 CD
pence NN
, ,
on IN
hefty JJ
turnover NN
of IN
9.7 CD
million CD
shares NNS
. .



As IN
the DT
London NNP
trading NN
session NN
drew VBD
to TO
a DT
close NN
, ,
the DT
market NN
was VBD
still RB
listening VBG
to TO
the DT
parliamentary JJ
debate NN
on IN
the DT
economy NN
, ,
with IN
new JJ
Chancellor NNP
of IN
the DT
Exchequer NNP
John NNP
Major NNP
expected VBN
to TO
clarify VB
his PRP$
approach NN
to TO
the DT
British JJ
economy NN
and CC
currency NN
issues NNS
. .



On IN
the DT
Frankfurt NNP
Stock NNP
Exchange NNP
, ,
share NN
prices NNS
closed VBD
higher JJR
in IN
fairly RB
thin JJ
trading NN
, ,
as IN
selective JJ
buying NN
by IN
foreigners NNS
helped VBD
propel VB
prices NNS
. .
The DT
DAX NNP
index NN
closed VBD
at IN
1472.76 CD
, ,
up RB
from IN
1466.29 CD
. .



Despite IN
the DT
modest JJ
gains NNS
, ,
traders NNS
said VBD
the DT
market NN
remains VBZ
dull JJ
, ,
with IN
investors NNS
remaining VBG
cautiously RB
on IN
the DT
sidelines NNS
. .



Contributing VBG
to TO
the DT
market NN
's POS
reserved JJ
stance NN
was VBD
the DT
release NN
later RBR
in IN
the DT
day NN
of IN
new JJ
data NNS
on IN
the DT
health NN
of IN
the DT
U.S. NNP
economy NN
, ,
in IN
the DT
form NN
of IN
the DT
U.S. NNP
index NN
of IN
leading VBG
indicators NNS
. .
Additionally RB
, ,
the DT
end NN
of IN
the DT
month NN
position-squaring NN
might MD
have VB
also RB
played VBN
a DT
minor JJ
role NN
, ,
traders NNS
said VBD
. .



Elsewhere RB
, ,
share NN
prices NNS
closed VBD
higher RBR
in IN
Amsterdam NNP
, ,
Brussels NNP
, ,
Milan NNP
and CC
Paris NNP
. .
Prices NNS
were VBD
mixed JJ
in IN
Zurich NNP
and CC
lower JJR
in IN
Stockholm NNP
. .



Stocks NNS
closed VBD
higher RBR
in IN
Hong NNP
Kong NNP
, ,
Manila NNP
, ,
Singapore NNP
, ,
Sydney NNP
and CC
Wellington NNP
, ,
but CC
were VBD
lower JJR
in IN
Seoul NNP
. .
Taipei NNP
was VBD
closed VBN
for IN
a DT
holiday NN
. .



Here RB
are VBP
price NN
trends NNS
on IN
the DT
world NN
's POS
major JJ
stock NN
markets NNS
, ,
as IN
calculated VBN
by IN
Morgan NNP
Stanley NNP
Capital NNP
International NNP
Perspective NNP
, ,
Geneva NNP
. .
To TO
make VB
them PRP
directly RB
comparable JJ
, ,
each DT
index NN
is VBZ
based VBN
on IN
the DT
close NN
of IN
1969 CD
equaling VBG
100 CD
. .
The DT
percentage NN
change NN
is VBZ
since IN
year-end NN
. .





French JJ
consumer NN
prices NNS
rose VBD
0.2 CD
% NN
in IN
September NNP
from IN
the DT
previous JJ
month NN
and CC
were VBD
up RB
3.4 CD
% NN
from IN
a DT
year NN
earlier RB
, ,
according VBG
to TO
definitive JJ
figures NNS
from IN
the DT
National NNP
Statistics NNPS
Institute NNP
. .



The DT
state NN
agency NN
's POS
figures NNS
confirm VBP
previous JJ
estimates NNS
and CC
leave VBP
the DT
index NN
at IN
178.9 CD
, ,
up RB
from IN
178.5 CD
in IN
August NNP
and CC
173.1 CD
a DT
year NN
earlier RB
. .
The DT
index NN
is VBZ
based VBN
on IN
1980 CD
equaling VBG
100 CD
. .



A DT
breakdown NN
showed VBD
that IN
food NN
prices NNS
were VBD
the DT
most RBS
active JJ
part NN
of IN
growth NN
with IN
a DT
rise NN
of IN
0.6 CD
% NN
. .
An DT
official NN
linked VBD
the DT
gain NN
essentially RB
to TO
higher JJR
prices NNS
for IN
beef NN
and CC
pork NN
. .
He PRP
said VBD
summer NN
drought NN
problems NNS
that WDT
had VBD
hit VBN
several JJ
southern JJ
agricultural JJ
regions NNS
had VBD
stopped VBN
being VBG
a DT
major JJ
source NN
of IN
price NN
pressure NN
in IN
September NNP
. .





Japan NNP
's POS
index NN
of IN
leading VBG
indicators NNS
rose VBD
to TO
63.6 CD
in IN
August NNP
, ,
above IN
the DT
so-called JJ
boom-or-bust JJ
line NN
of IN
50 CD
for IN
the DT
first JJ
time NN
since IN
May NNP
, ,
the DT
Economic NNP
Planning NNP
Agency NNP
said VBD
. .



The DT
leading VBG
index NN
recovered VBD
from IN
July NNP
's POS
revised JJ
level NN
of IN
36.6 CD
on IN
strong JJ
performances NNS
in IN
consumer NN
durables NNS
and CC
machinery NN
orders NNS
, ,
among IN
other JJ
factors NNS
, ,
according VBG
to TO
an DT
agency NN
spokeswoman NN
. .



The DT
index NN
is VBZ
intended VBN
to TO
measure VB
future JJ
economic JJ
performance NN
. .
A DT
figure NN
above IN
50 CD
indicates VBZ
the DT
economy NN
is VBZ
likely JJ
to TO
expand VB
; :
one CD
below IN
50 CD
indicates VBZ
a DT
contraction NN
may MD
be VB
ahead RB
. .





Metromedia NNP
Co. NNP
said VBD
its PRP$
Metromedia NNP
Long NNP
Distance NNP
unit NN
has VBZ
been VBN
renamed VBN
Metromedia-ITT NNP
Long NNP
Distance NNP
, ,
reflecting VBG
acquisitions NNS
from IN
ITT NNP
Corp. NNP
, ,
which WDT
licenses VBZ
its PRP$
name NN
to TO
closely RB
held JJ
Metromedia NNP
. .



Metromedia NNP
said VBD
its PRP$
unit NN
is VBZ
the DT
fifth-largest JJ
provider NN
of IN
long-distance NN
communications NNS
service NN
in IN
the DT
U.S. NNP
, ,
with IN
projected VBN
1989 CD
revenue NN
of IN
more JJR
than IN
$ $
550 CD
million CD
. .



Metromedia NNP
, ,
headed VBN
by IN
John NNP
W. NNP
Kluge NNP
, ,
has VBZ
interests NNS
in IN
telecommunications NN
, ,
robotic JJ
painting NN
, ,
computer NN
software NN
, ,
restaurants NNS
and CC
entertainment NN
. .





South JJ
Korean JJ
consumer NN
prices NNS
rose VBD
5 CD
% NN
in IN
the DT
first JJ
10 CD
months NNS
of IN
this DT
year NN
, ,
matching VBG
the DT
government NN
's POS
target NN
for IN
the DT
entire JJ
year NN
, ,
according VBG
to TO
the DT
Bank NNP
of IN
Korea NNP
and CC
the DT
Economic NNP
Planning NNP
Board NNP
. .



According VBG
to TO
reports NNS
released VBN
by IN
the DT
two CD
government NN
agencies NNS
, ,
domestic JJ
consumer NN
and CC
wholesale JJ
prices NNS
each DT
rose VBD
by IN
0.2 CD
% NN
in IN
October NNP
from IN
the DT
previous JJ
month NN
. .



As IN
a DT
result NN
, ,
consumer NN
prices NNS
for IN
the DT
first JJ
10 CD
months NNS
of IN
1989 CD
surged VBD
by IN
5 CD
% NN
and CC
wholesale JJ
prices NNS
by IN
1.3 CD
% NN
. .
The DT
South JJ
Korean JJ
government NN
had VBD
been VBN
projecting VBG
a DT
5 CD
% NN
consumer NN
price NN
increase NN
for IN
the DT
entire JJ
year NN
. .





Martin NNP
Marietta NNP
Corp. NNP
said VBD
it PRP
won VBD
a DT
$ $
38.2 CD
million CD
contract NN
from IN
the DT
U.S. NNP
Postal NNP
Service NNP
to TO
manufacture VB
and CC
install VB
automated JJ
mail-sorting VBG
machines NNS
. .



Under IN
terms NNS
of IN
the DT
three-year JJ
contract NN
, ,
Martin NNP
Marietta NNP
said VBD
it PRP
will MD
make VB
and CC
install VB
267 CD
of IN
the DT
new JJ
machines NNS
at IN
156 CD
postal JJ
offices NNS
. .
The DT
new JJ
machines NNS
are VBP
capable JJ
of IN
sorting VBG
by IN
zip NN
code NN
up IN
to TO
10,000 CD
large JJ
flat JJ
mail NN
pieces NNS
, ,
including VBG
magazines NNS
and CC
parcels NNS
, ,
an DT
hour NN
. .





Thomas NNP
A. NN
Donovan NNP
, ,
37 CD
years NNS
old JJ
, ,
formerly RB
vice NN
president NN
, ,
West NNP
Coast NNP
operations NNS
, ,
at IN
this DT
hazardous-waste-site NN
remediation NN
concern NN
, ,
was VBD
named VBN
executive NN
vice NN
president NN
and CC
chief JJ
operating VBG
officer NN
, ,
both DT
newly RB
created VBN
posts NNS
, ,
and CC
a DT
director NN
, ,
filling VBG
a DT
vacancy NN
. .
Canonie NNP
said VBD
it PRP
anticipates VBZ
naming VBG
Mr. NNP
Donovan NNP
to TO
succeed VB
Richard NNP
F. NNP
Brissette NNP
, ,
55 CD
, ,
as IN
president NN
and CC
chief JJ
executive NN
officer NN
, ,
effective JJ
March NNP
1 CD
. .
Mr. NNP
Brissette NNP
will MD
remain VB
a DT
Canonie NNP
board NN
member NN
and CC
will MD
be VB
a DT
consultant NN
to TO
the DT
company NN
. .





Yields NNS
on IN
savings-type JJ
certificates NNS
of IN
deposit NN
dropped VBD
slightly RB
in IN
the DT
week NN
ended VBN
yesterday NN
. .



The DT
average JJ
yield NN
on IN
a DT
six-month JJ
CD NN
of IN
$ $
50,000 CD
or CC
less JJR
was VBD
7.90 CD
% NN
, ,
compared VBN
with IN
7.94 CD
% NN
a DT
week NN
earlier RB
. .
The DT
average JJ
one-year JJ
savings-type JJ
CD NN
was VBD
down RB
to TO
7.99 CD
% NN
from IN
8.01 CD
% NN
, ,
according VBG
to TO
Banxquote NNP
Money NNP
Markets NNP
, ,
a DT
New NNP
York NNP
information NN
service NN
that WDT
tracks VBZ
CD NN
yields NNS
. .



`` ``
This DT
week NN
was VBD
uneventful JJ
for IN
the DT
CD NN
market NN
, ,
'' ''
said VBD
Norberto NNP
Mehl NNP
, ,
chairman NN
of IN
Banxquote NNP
. .
`` ``
The DT
major JJ
banks NNS
have VBP
n't RB
even RB
reacted VBN
to TO
sharp JJ
rises NNS
in IN
the DT
three-month JJ
Treasury NNP
bill NN
rates NNS
'' ''
in IN
the DT
past JJ
two CD
weeks NNS
. .
Banks NNS
that WDT
adjusted VBD
payouts NNS
on IN
CDs NNS
in IN
the DT
most RBS
recent JJ
week NN
made VBD
only RB
fractional JJ
moves NNS
, ,
he PRP
said VBD
. .



The DT
CD NN
trend NN
runs VBZ
counter RB
to TO
the DT
direction NN
of IN
short-term JJ
interest NN
rates NNS
at IN
the DT
Treasury NNP
bill NN
auction NN
Monday NNP
. .
The DT
average JJ
six-month JJ
bill NN
was VBD
sold VBN
with IN
a DT
yield NN
of IN
8.04 CD
% NN
, ,
up RB
from IN
7.90 CD
% NN
. .
The DT
average JJ
three-month JJ
issue NN
rose VBD
to TO
8.05 CD
% NN
from IN
7.77 CD
% NN
. .



Typically RB
, ,
banks NNS
offer VBP
CD NN
yields NNS
higher JJR
than IN
those DT
on IN
Treasury NNP
bills NNS
, ,
which WDT
are VBP
considered VBN
the DT
safest JJS
short-term JJ
investments NNS
; :
banks NNS
need VBP
a DT
competitive JJ
edge NN
to TO
sell VB
their PRP$
products NNS
. .
But CC
when WRB
market NN
interest NN
rates NNS
move VBP
up RB
rapidly RB
, ,
increases NNS
in IN
bank NN
CD NN
yields NNS
sometimes RB
lag VBP
. .



Most JJS
yields NNS
on IN
short-term JJ
jumbo JJ
CDs NNS
, ,
those DT
with IN
denominations NNS
over IN
$ $
90,000 CD
, ,
also RB
moved VBN
in IN
the DT
opposite JJ
direction NN
of IN
Treasury NNP
bill NN
yields NNS
. .
The DT
average JJ
six-month JJ
yield NN
on IN
a DT
jumbo JJ
CD NN
was VBD
at IN
7.90 CD
% NN
, ,
down RB
from IN
7.93 CD
% NN
, ,
Banxquote NNP
said VBD
. .
For IN
longer-term JJR
CDs NNS
, ,
yields NNS
were VBD
up RP
. .
The DT
average JJ
two-year JJ
and CC
five-year JJ
jumbos NNS
were VBD
up RB
0.02 CD
of IN
a DT
percentage NN
point NN
to TO
7.91 CD
% NN
and CC
7.96 CD
% NN
, ,
respectively RB
. .



However RB
, ,
CDs NNS
sold VBD
through IN
major JJ
broker-dealer JJ
networks NNS
were VBD
up RP
slightly RB
almost RB
across IN
the DT
board NN
. .
The DT
average JJ
six-month JJ
CD NN
in IN
that DT
category NN
added VBD
0.05 CD
percentage NN
point NN
to TO
8.35 CD
% NN
, ,
for IN
example NN
. .
Mr. NNP
Mehl NNP
attributed VBD
the DT
rise NN
specifically RB
to TO
the DT
Treasury NNP
bill NN
increase NN
. .



Among IN
the DT
major JJ
banks NNS
surveyed VBN
by IN
Banxquote NNP
in IN
six CD
regions NNS
of IN
the DT
country NN
, ,
8.33 CD
% NN
is VBZ
the DT
highest JJS
yield NN
available JJ
. .
It PRP
is VBZ
offered VBN
by IN
the DT
flagship NN
banks NNS
of IN
New NNP
York NNP
's POS
Manufacturers NNPS
Hanover NNP
Corp. NNP
in IN
the DT
one-year JJ
maturity NN
only RB
. .
The DT
yield NN
is VBZ
offered VBN
across IN
a DT
range NN
of IN
maturities NNS
at IN
San NNP
Francisco NNP
's POS
BankAmerica NNP
Corp. NNP
and CC
Wells NNP
Fargo NNP
& CC
Co NNP
. .
Just RB
two CD
weeks NNS
ago RB
, ,
BankAmerica NNP
's POS
yields NNS
in IN
many JJ
of IN
those DT
maturities NNS
was VBD
8.61 CD
% NN
. .



Still RB
, ,
on IN
average NN
, ,
the DT
major JJ
California NNP
banks NNS
have VBP
the DT
highest JJS
yields NNS
on IN
CDs NNS
, ,
according VBG
to TO
Banxquote NNP
. .
The DT
average JJ
yield NN
there RB
on IN
six-month JJ
issues NNS
is VBZ
8.32 CD
% NN
. .





I PRP
had VBD
to TO
reach VB
back RB
to TO
French NNP
101 CD
when WRB
the DT
monsieur NN
avec FW
clipboard NN
leaned VBD
over IN
my PRP$
shoulder NN
during IN
the DT
coffee NN
phase NN
of IN
dinner NN
and CC
asked VBD
whether IN
I PRP
wanted VBD
to TO
ride VB
in IN
a DT
montgolfiere FW
. .



I PRP
was VBD
a DT
last-minute JJ
( (
read VB
interloping VBG
) )
attendee NN
at IN
a DT
French JJ
journalism NN
convention NN
and CC
so RB
far RB
the DT
festivities NNS
had VBD
been VBN
taken VBN
up RB
entirely RB
by IN
eating NN
, ,
drinking NN
, ,
smoking NN
, ,
sleeping NN
and CC
drinking NN
. .
The DT
man NN
with IN
the DT
clipboard NN
represented VBD
a DT
halfhearted JJ
attempt NN
to TO
introduce VB
a DT
bit NN
of IN
les FW
sportif FW
into IN
our PRP$
itinerary NN
. .
But CC
as IN
the DT
French NNPS
embody VBP
a DT
Zen-like JJ
state NN
of IN
blase NN
when WRB
it PRP
comes VBZ
to TO
athletics NNS
( (
try VB
finding VBG
a DT
Nautilus JJ
machine NN
in IN
Paris NNP
) )
, ,
my PRP$
fellow JJ
conventioners NNS
were VBD
having VBG
none NN
of IN
it PRP
. .
The DT
diners NNS
at IN
my PRP$
table NN
simply RB
lit VBD
more JJR
Gauloises NNPS
and CC
scoffed VBD
at IN
the DT
suggestion NN
of IN
interrupting VBG
a DT
perfectly RB
good JJ
Saturday NNP
morning NN
to TO
go VB
golfing NN
or CC
even RB
montgolfing NN
( (
ballooning NN
to TO
you PRP
; :
the DT
brothers NNS
Montgolfier NNP
, ,
French JJ
of IN
course NN
, ,
were VBD
the DT
world NN
's POS
first JJ
hot-air JJ
balloonists NNS
) )
. .



Back RB
in IN
the DT
U.S.A. NNP
this DT
kind NN
of IN
chi-chi JJ
airborne JJ
activity NN
wins VBZ
heartwarmingly RB
covetous JJ
responses NNS
. .
As IN
in IN
: :
`` ``
You PRP
went VBD
ballooning VBG
? .
? .
! .
! .
In IN
France NNP
? .
? .
! .
! .
'' ''
Americans NNPS
it PRP
seems VBZ
have VBP
followed VBN
Malcolm NNP
Forbes NNP
's POS
hot-air JJ
lead NN
and CC
taken VBN
to TO
ballooning NN
in IN
a DT
heady JJ
way NN
. .
During IN
the DT
past JJ
25 CD
years NNS
, ,
the DT
number NN
of IN
balloonists NNS
( (
those DT
who WP
have VBP
passed VBN
a DT
Federal NNP
Aviation NNP
Authority NNP
lighter-than-air JJ
test NN
) )
have VBP
swelled VBN
from IN
a DT
couple JJ
hundred CD
to TO
several JJ
thousand CD
, ,
with IN
some DT
estimates NNS
running VBG
as RB
high JJ
as IN
10,000 CD
. .
Some DT
30 CD
balloon NN
shows NNS
are VBP
held VBN
annually RB
in IN
the DT
U.S. NNP
, ,
including VBG
the DT
world NN
's POS
largest JJS
convocation NN
of IN
ersatz JJ
Phineas NNP
Foggs NNP
-- :
the DT
nine-day JJ
Albuquerque NNP
International NNP
Balloon NNP
Fiesta NNP
that WDT
attracts VBZ
some DT
800,000 CD
enthusiasts NNS
and CC
more JJR
than IN
500 CD
balloons NNS
, ,
some DT
of IN
which WDT
are VBP
fetchingly RB
shaped VBN
to TO
resemble VB
Carmen NNP
Miranda NNP
, ,
Garfield NNP
or CC
a DT
12-story-high JJ
condom NN
. .
( (
The DT
condom NN
balloon NN
was VBD
denied VBN
official JJ
entry NN
status NN
this DT
year NN
. .
) )


But CC
in IN
Epinal NNP
, ,
a DT
gray JJ
16th-century JJ
river NN
town NN
adjacent JJ
to TO
France NNP
's POS
Vosges NNP
mountain NN
region NN
, ,
none NN
of IN
these DT
Yankee-come-lately JJ
enthusiasms NNS
for IN
things NNS
aloft RB
was VBD
evident JJ
. .
Ballooning NN
at IN
the DT
de FW
rigueur FW
hour NN
of IN
6 CD
a.m. RB
held VBD
all PDT
the DT
attraction NN
for IN
most JJS
people NNS
of IN
sunrise NN
root-canal NN
work NN
. .
Feeling VBG
the DT
naggings NNS
of IN
a DT
culture NN
imperative NN
, ,
I PRP
promptly RB
signed VBD
up RB
. .



The DT
first JJ
thing NN
anybody NN
will MD
tell VB
you PRP
about IN
ballooning NN
is VBZ
that IN
it PRP
requires VBZ
zip NN
in IN
the DT
way NN
of IN
athletic JJ
prowess NN
, ,
or CC
even RB
a DT
measure NN
of IN
derring-do NN
. .
( (
So RB
long RB
as IN
you PRP
do VBP
n't RB
look VB
down RB
. .
) )
They PRP
will MD
also RB
tell VB
you PRP
that RB
even RB
if IN
you PRP
hate VBP
heights NNS
, ,
you PRP
can MD
still RB
balloon VB
. .
( (
I PRP
still RB
say VB
do VBP
n't RB
look VB
down RB
. .
At IN
least JJS
not RB
when WRB
you PRP
are VBP
ascending VBG
. .
) )
What WP
they PRP
wo MD
n't RB
tell VB
you PRP
is VBZ
not RB
to TO
go VB
aloft RB
in IN
anything NN
you PRP
do VBP
n't RB
want VB
to TO
get VB
wet JJ
. .
I PRP
'm VBP
not RB
referring VBG
to TO
the DT
traditional JJ
champagne NN
drenching NN
during IN
the DT
back-on-terra-firma JJ
toast NN
. .
I PRP
'm VBP
talking VBG
about IN
landing NN
in IN
a DT
canal NN
. .
In IN
a DT
porous JJ
wicker NN
basket NN
. .
With IN
a DT
pilot NN
who WP
speaks VBZ
no DT
English NNP
. .



To TO
wit NN
, ,
my PRP$
maiden JJ
voyage NN
( (
and CC
novitiates NNS
are VBP
referred VBN
to TO
as IN
virgins NNS
) )
began VBD
at IN
dawn NN
on IN
a DT
dew-sodden JJ
fairway NN
and CC
ended VBD
at IN
noon NN
in IN
a DT
soggy JJ
field NN
. .
( (
Balloon NN
flights NNS
almost RB
always RB
occur VBP
at IN
dawn NN
or CC
dusk NN
, ,
when WRB
the DT
winds NNS
are VBP
lightest JJS
. .
) )
In IN
between IN
came VBD
lots NNS
of IN
coffee NN
drinking NN
while IN
watching VBG
the DT
balloons NNS
inflate VB
and CC
lots NNS
of IN
standing VBG
around RB
deciding VBG
who WP
would MD
fly VB
in IN
what WDT
balloon NN
and CC
in IN
what WDT
order NN
( (
the DT
baskets NNS
hold VBP
no RB
more JJR
than IN
four CD
passengers NNS
) )
. .
When WRB
it PRP
was VBD
n't RB
my PRP$
turn NN
in IN
the DT
balloon NN
I PRP
followed VBD
its PRP$
progress NN
from IN
the DT
`` ``
chase JJ
car NN
, ,
'' ''
listening VBG
to TO
the DT
driver NN
holler VB
into IN
a DT
walkie-talkie NN
. .
After IN
long JJ
stretches NNS
of IN
this DT
attendant JJ
ground NN
activity NN
came VBD
20 CD
or CC
so RB
lovely JJ
minutes NNS
of IN
drifting VBG
above IN
the DT
Vosges NNPS
watching VBG
the DT
silver NN
mists NNS
rise VB
off IN
the DT
river NN
and CC
the DT
French JJ
cows NNS
amble VB
about RB
the DT
fields NNS
. .
It PRP
's VBZ
hard JJ
not RB
to TO
feel VB
that IN
God NNP
's VBZ
in IN
his PRP$
heaven NN
with IN
this DT
kind NN
of IN
bird's-eye JJ
view NN
of IN
the DT
world NN
, ,
even RB
if IN
your PRP$
pilote FW
in IN
silly JJ
plaid NN
beret NN
kept VBD
pointing VBG
out RB
how WRB
`` ``
belle FW
'' ''
it PRP
all DT
was VBD
. .
Eventually RB
little JJ
French JJ
farmers NNS
and CC
their PRP$
little JJ
French JJ
farmwives NNS
came VBD
out IN
of IN
their PRP$
stone NN
houses NNS
and CC
put VB
their PRP$
hands NNS
above IN
their PRP$
tiny JJ
eyes NNS
and CC
squinted VBD
at IN
us PRP
. .



No DT
wonder NN
. .
We PRP
were VBD
coming VBG
down RB
straight RB
into IN
their PRP$
canal NN
. .
See VB
, ,
the DT
other JJ
rule NN
of IN
thumb NN
about IN
ballooning NN
is VBZ
that IN
you PRP
ca MD
n't RB
steer VB
. .
And CC
neither RB
can MD
your PRP$
pilot NN
. .
You PRP
can MD
go VB
only RB
up RB
or CC
down RB
( (
by IN
heating VBG
the DT
balloon NN
's POS
air NN
with IN
a DT
propane NN
burner NN
, ,
which WDT
does VBZ
make VB
the DT
top NN
of IN
your PRP$
head NN
feel VB
hot JJ
) )
and CC
ride VB
the DT
air NN
currents NNS
. .
Which WDT
makes VBZ
the DT
chase NN
car NN
necessary JJ
. .
Most JJS
balloonists NNS
seldom RB
go VB
higher RBR
than IN
2,000 CD
feet NNS
and CC
most JJS
average VBP
a DT
leisurely JJ
5-10 JJ
miles NNS
an DT
hour NN
. .
When WRB
the DT
balloon NN
is VBZ
cruising VBG
along RB
at IN
a DT
steady JJ
altitude NN
there EX
is VBZ
little JJ
sense NN
of IN
motion NN
. .
Only RB
when WRB
one NN
is VBZ
ascending VBG
-- :
or CC
in IN
our PRP$
case NN
descending VBG
a DT
tad RB
trop FW
rapidement FW
-- :
does VBZ
one CD
feel NN
, ,
well UH
, ,
airborne JJ
in IN
a DT
picnic NN
basket NN
. .



`` ``
What WP
's VBZ
he PRP
doing VBG
? .
'' ''
hissed VBD
my PRP$
companion NN
, ,
who WP
was VBD
the DT
only RB
other JJ
English-speaking JJ
member NN
of IN
the DT
convention NN
and CC
whose WP$
knuckles NNS
were VBD
white JJ
. .
`` ``
Attention VB
, ,
'' ''
yelled VBD
our PRP$
pilot NN
as IN
our PRP$
basket NN
plunged VBD
into IN
the DT
canal NN
. .
`` ``
You PRP
bet RB
attention NN
, ,
'' ''
I PRP
yelled VBD
back RB
, ,
leaping VBG
atop IN
the DT
propane NN
tanks NNS
, ,
`` ``
I PRP
'm VBP
wearing VBG
alligator NN
loafers NNS
! .
'' ''
Our PRP$
pilot NN
simply RB
laughed VBD
, ,
fired VBD
up RP
the DT
burner NN
and CC
with IN
another DT
blast NN
of IN
flame NN
lifted VBD
us PRP
, ,
oh UH
, ,
a DT
good JJ
12-inches NNS
above IN
the DT
water NN
level NN
. .
We PRP
scuttled VBD
along IN
for IN
a DT
few JJ
feet NNS
before IN
he PRP
plunged VBD
us PRP
into IN
the DT
drink NN
again RB
. .



Eventually RB
we PRP
came VBD
to TO
rest VB
in IN
a DT
soggy JJ
patch NN
of IN
field NN
where WRB
we PRP
had VBD
the DT
exquisite JJ
pleasure NN
of IN
scrambling VBG
out IN
of IN
the DT
basket NN
into IN
the DT
mud NN
while IN
the DT
French JJ
half NN
of IN
our PRP$
ballooning NN
tag NN
team NN
scrambled VBD
in RB
. .
I PRP
looked VBD
at IN
my PRP$
watch NN
. .
Barely RB
half-an-hour NN
aloft RB
. .
Back RB
in IN
the DT
chase NN
car NN
, ,
we PRP
drove VBD
around RB
some DT
more JJR
, ,
got VBD
stuck VBN
in IN
a DT
ditch NN
, ,
enlisted VBD
the DT
aid NN
of IN
a DT
local JJ
farmer NN
to TO
get VB
out RP
the DT
trailer NN
hitch NN
and CC
pull VB
us PRP
out IN
of IN
the DT
ditch NN
. .
We PRP
finally RB
rendezvoused VBD
with IN
our PRP$
balloon NN
, ,
which WDT
had VBD
come VBN
to TO
rest VB
on IN
a DT
dirt NN
road NN
amid IN
a DT
clutch NN
of IN
Epinalers NNPS
who WP
watched VBD
us PRP
disassemble VB
our PRP$
craft NN
-- :
another DT
half-an-hour NN
of IN
non-flight JJ
activity NN
-- :
that WDT
included VBD
the DT
precision NN
routine NN
of IN
yanking VBG
the DT
balloon NN
to TO
the DT
ground NN
, ,
punching VBG
all PDT
the DT
air NN
out IN
of IN
it PRP
, ,
rolling VBG
it PRP
up RP
and CC
cramming VBG
it PRP
and CC
the DT
basket NN
into IN
the DT
trailer NN
. .
It PRP
was VBD
the DT
most JJS
exercise NN
we PRP
'd VBD
had VBN
all DT
morning NN
and CC
it PRP
was VBD
followed VBN
by IN
our PRP$
driving VBG
immediately RB
to TO
the DT
nearest JJS
watering NN
hole NN
. .



This DT
meant VBD
returning VBG
to TO
the DT
golf NN
course NN
, ,
where WRB
we PRP
watched VBD
a DT
few JJ
French JJ
duffers NNS
maul VB
the DT
first JJ
tee NN
while IN
we PRP
sat VBD
under IN
Cinzano NNP
umbrellas NNS
, ,
me PRP
nursing VBG
an DT
espresso NN
and CC
my PRP$
ego NN
. .
A DT
whole JJ
morning NN
of IN
ballooning NN
and CC
I PRP
had VBD
been VBN
off IN
the DT
ground NN
barely RB
30 CD
minutes NNS
. .
Still RB
, ,
I PRP
figured VBD
the DT
event NN
's POS
envy-quotient NN
back RB
in IN
the DT
U.S.A. NN
was VBD
near RB
peerless JJ
. .



As IN
for IN
the DT
ride NN
back RB
to TO
camp NN
, ,
our PRP$
pilot NN
and CC
all PDT
the DT
other JJ
French-speaking JJ
passengers NNS
clambered VBD
into IN
the DT
chase JJ
car NN
. .
My PRP$
American JJ
companion NN
and CC
I PRP
were VBD
left VBN
to TO
ride VB
alfresco RB
in IN
the DT
wicker NN
basket NN
. .
As IN
we PRP
streaked VBD
by IN
a DT
blase JJ
gendarme NN
, ,
I PRP
could MD
n't RB
resist VB
rearing VBG
up RB
on IN
my PRP$
soggy JJ
loafers NNS
and CC
saluting VBG
. .



Ms. NNP
de NNP
Vries NNP
is VBZ
a DT
free-lance JJ
writer NN
. .





Treasury NNP
Undersecretary NNP
David NNP
Mulford NNP
defended VBD
the DT
Treasury NNP
's POS
efforts NNS
this DT
fall NN
to TO
drive VB
down RP
the DT
value NN
of IN
the DT
dollar NN
, ,
saying VBG
it PRP
helped VBD
minimize VB
damage NN
from IN
the DT
190-point JJ
drop NN
in IN
the DT
stock NN
market NN
Oct. NNP
13 CD
. .



Testifying VBG
before IN
a DT
House NNP
subcommittee NN
, ,
Mr. NNP
Mulford NNP
said VBD
that IN
if IN
the DT
Treasury NNP
had VBD
n't RB
intervened VBN
in IN
foreign-exchange JJ
markets NNS
in IN
September NNP
and CC
early JJ
October NNP
to TO
reduce VB
the DT
dollar NN
's POS
value NN
, ,
the DT
plunge NN
in IN
the DT
stock NN
market NN
might MD
have VB
provoked VBN
a DT
steep JJ
fall NN
in IN
the DT
currency NN
that WDT
might MD
have VB
`` ``
unhinged VBN
financial JJ
markets NNS
. .
'' ''


Mr. NNP
Mulford NNP
, ,
responding VBG
to TO
critics NNS
of IN
intervention NN
, ,
also RB
said VBD
intervention NN
is VBZ
`` ``
highly RB
visible JJ
, ,
'' ''
is VBZ
taken VBN
seriously RB
by IN
financial JJ
markets NNS
and CC
works VBZ
better RBR
than IN
`` ``
was VBD
recognized VBN
some DT
time NN
ago RB
. .
'' ''


Differences NNS
between IN
the DT
Treasury NNP
and CC
the DT
Federal NNP
Reserve NNP
on IN
the DT
usefulness NN
of IN
intervention NN
to TO
help VB
restrain VB
the DT
dollar NN
resurfaced VBD
at IN
the DT
hearing NN
. .
Fed NNP
Vice NNP
Chairman NNP
Manuel NNP
Johnson NNP
, ,
who WP
had VBD
dissented VBN
from IN
the DT
Treasury NNP
's POS
policy NN
, ,
told VBD
lawmakers NNS
, ,
`` ``
I PRP
became VBD
convinced JJ
about IN
what WP
looked VBD
to TO
me PRP
like IN
an DT
attempt NN
to TO
push VB
the DT
dollar NN
down RP
against IN
the DT
fundamentals NNS
in IN
the DT
market NN
. .
'' ''


Intervention NN
, ,
he PRP
added VBD
, ,
is VBZ
useful JJ
only RB
to TO
smooth VB
disorderly JJ
markets NNS
, ,
not RB
to TO
fundamentally RB
influence VB
the DT
dollar NN
's POS
value NN
. .



Rep. NNP
John NNP
LaFalce NNP
( (
D. NNP
, ,
N.Y NNP
. .
) )
said VBD
Mr. NNP
Johnson NNP
refused VBD
to TO
testify VB
jointly RB
with IN
Mr. NNP
Mulford NNP
and CC
instead RB
asked VBD
to TO
appear VB
after IN
the DT
Treasury NNP
official NN
had VBD
completed VBN
his PRP$
testimony NN
. .
A DT
Fed NNP
spokesman NN
denied VBD
Mr. NNP
LaFalce NNP
's POS
statement NN
. .



Mr. NNP
Mulford NNP
said VBD
reports NNS
of IN
tension NN
between IN
the DT
Treasury NNP
and CC
Fed NNP
have VBP
been VBN
exaggerated JJ
, ,
insisting VBG
that IN
they PRP
involved VBD
`` ``
nuances NNS
. .
'' ''
Mr. NNP
Johnson NNP
also RB
said VBD
that IN
`` ``
in IN
the DT
scheme NN
of IN
things NNS
, ,
these DT
things NNS
are VBP
minor JJ
. .
'' ''


On IN
other JJ
matters NNS
, ,
Mr. NNP
Mulford NNP
said VBD
West NNP
Germany NNP
is VBZ
contributing VBG
to TO
imbalances NNS
in IN
the DT
world NN
economy NN
because IN
of IN
its PRP$
success NN
as IN
an DT
exporter NN
. .
`` ``
The DT
solution NN
is VBZ
stronger JJR
domestic JJ
growth NN
{ (
in IN
Germany NNP
} )
, ,
'' ''
he PRP
said VBD
. .
But CC
because IN
the DT
growth NN
of IN
the DT
German JJ
economy NN
has VBZ
been VBN
stronger JJR
than IN
expected VBN
, ,
Mr. NNP
Mulford NNP
said VBD
, ,
it PRP
's VBZ
difficult JJ
for IN
the DT
U.S. NNP
to TO
argue VB
that IN
Germany NNP
ought MD
to TO
adopt VB
more RBR
stimulative JJ
monetary JJ
and CC
fiscal JJ
policies NNS
. .



Germany NNP
's POS
trade NN
surplus NN
is VBZ
largely RB
with IN
other JJ
European JJ
countries NNS
rather RB
than IN
with IN
the DT
U.S. NNP
, ,
Mr. NNP
Mulford NNP
acknowledged VBD
. .
But CC
nonetheless RB
U.S. NNP
companies NNS
might MD
be VB
more RBR
successful JJ
in IN
European JJ
markets NNS
if IN
not RB
for IN
the DT
German JJ
export NN
push NN
, ,
he PRP
said VBD
. .





Five CD
officials NNS
of IN
this DT
investment NN
banking VBG
firm NN
were VBD
elected VBN
directors NNS
: :
E. NNP
Garrett NNP
Bewkes NNP
III NNP
, ,
a DT
38-year-old JJ
managing VBG
director NN
in IN
the DT
mergers NNS
and CC
acquisitions NNS
department NN
; :
Michael NNP
R. NNP
Dabney NNP
, ,
44 CD
, ,
a DT
managing VBG
director NN
who WP
directs VBZ
the DT
principal JJ
activities NNS
group NN
which WDT
provides VBZ
funding NN
for IN
leveraged JJ
acquisitions NNS
; :
Richard NNP
Harriton NNP
, ,
53 CD
, ,
a DT
general JJ
partner NN
who WP
heads VBZ
the DT
correspondent NN
clearing NN
services NNS
; :
Michael NNP
Minikes NNP
, ,
46 CD
, ,
a DT
general JJ
partner NN
who WP
is VBZ
treasurer NN
; :
and CC
William NNP
J. NNP
Montgoris NNP
, ,
42 CD
, ,
a DT
general JJ
partner NN
who WP
is VBZ
also RB
senior JJ
vice NN
president NN
of IN
finance NN
and CC
chief JJ
financial JJ
officer NN
. .
The DT
board NN
increased VBN
by IN
one CD
to TO
26 CD
members NNS
. .
In IN
the DT
past NN
year NN
, ,
one CD
inside JJ
director NN
resigned VBD
, ,
while IN
three CD
others NNS
retired VBD
. .





Some DT
U.S. NNP
allies NNS
are VBP
complaining VBG
that IN
President NNP
Bush NNP
is VBZ
pushing VBG
conventional-arms JJ
talks NNS
too RB
quickly RB
, ,
creating VBG
a DT
risk NN
that IN
negotiators NNS
will MD
make VB
errors NNS
that WDT
could MD
affect VB
the DT
security NN
of IN
Western NNP
Europe NNP
for IN
years NNS
. .



Concerns NNS
about IN
the DT
pace NN
of IN
the DT
Vienna NNP
talks NNS
-- :
which WDT
are VBP
aimed VBN
at IN
the DT
destruction NN
of IN
some DT
100,000 CD
weapons NNS
, ,
as RB
well RB
as IN
major JJ
reductions NNS
and CC
realignments NNS
of IN
troops NNS
in IN
central JJ
Europe NNP
-- :
also RB
are VBP
being VBG
registered VBN
at IN
the DT
Pentagon NNP
. .
Mr. NNP
Bush NNP
has VBZ
called VBN
for IN
an DT
agreement NN
by IN
next JJ
September NNP
at IN
the DT
latest JJS
. .
But CC
some DT
American JJ
defense NN
officials NNS
believe VBP
the DT
North NNP
Atlantic NNP
Treaty NNP
Organization NNP
should MD
take VB
more JJR
time NN
to TO
examine VB
the DT
long-term JJ
implications NNS
of IN
the DT
options NNS
being VBG
considered VBN
. .



For IN
one CD
thing NN
, ,
Pentagon NNP
officials NNS
, ,
who WP
asked VBD
not RB
to TO
be VB
identified VBN
, ,
worry VBP
that IN
the DT
U.S. NNP
will MD
have VB
a DT
much RB
tougher JJR
time NN
persuading VBG
Europeans NNPS
to TO
keep VB
some DT
short-range JJ
nuclear JJ
weapons NNS
on IN
their PRP$
soil NN
once IN
Soviet JJ
armored JJ
forces NNS
are VBP
thinned VBN
out RP
. .
At IN
the DT
same JJ
time NN
, ,
they PRP
contend VBP
that IN
a DT
reduction NN
of IN
NATO NNP
forces NNS
under IN
a DT
treaty NN
will MD
increase VB
the DT
possibility NN
of IN
a DT
conventional JJ
Soviet JJ
attack NN
unless IN
the DT
West NNP
retains VBZ
a DT
residual JJ
force NN
of IN
nuclear JJ
weapons NNS
in IN
Europe NNP
. .



Allies NNS
concerned VBN
about IN
the DT
deadline NN
include VBP
the DT
British NNPS
, ,
French NNPS
and CC
smaller JJR
NATO NNP
allies NNS
, ,
some DT
of IN
whom WP
do VBP
n't RB
have VB
adequate JJ
staffs NNS
to TO
provide VB
quick JJ
answers NNS
to TO
the DT
questions NNS
being VBG
raised VBN
by IN
what WP
generally RB
are VBP
considered VBN
the DT
most RBS
complex JJ
arms-control NN
talks NNS
ever RB
attempted VBN
. .



So RB
far RB
, ,
no DT
ally NN
has VBZ
complained VBN
openly RB
, ,
preserving VBG
the DT
impression NN
that IN
NATO NNP
is VBZ
in IN
line NN
with IN
the DT
Bush NNP
position NN
that IN
a DT
quick JJ
agreement NN
bringing VBG
Soviet JJ
conventional JJ
forces NNS
down RB
to TO
parity NN
with IN
NATO NNP
is VBZ
the DT
West NNP
's POS
top JJ
bargaining NN
priority NN
. .



But CC
even RB
though IN
NATO NNP
negotiators NNS
have VBP
only RB
10 CD
months NNS
left VBN
under IN
the DT
Bush NNP
timetable NN
, ,
they PRP
are VBP
still RB
wrestling VBG
over IN
such JJ
seemingly RB
fundamental JJ
questions NNS
as IN
`` ``
What WP
is VBZ
a DT
tank NN
? .
'' ''
Five CD
of IN
the DT
six CD
categories NNS
of IN
weapons NNS
under IN
negotiation NN
have VBP
n't RB
even RB
been VBN
defined VBN
. .



Tanks NNS
currently RB
are VBP
defined VBN
as IN
armored JJ
vehicles NNS
weighing VBG
25 CD
tons NNS
or CC
more JJR
that IN
carry VB
large JJ
guns NNS
. .
The DT
Soviets NNPS
complicated VBD
the DT
issue NN
by IN
offering VBG
to TO
include VB
light JJ
tanks NNS
, ,
which WDT
are VBP
as RB
light JJ
as IN
10 CD
tons NNS
. .
Oleg NNP
A. NN
Grinevsky NNP
, ,
the DT
chief JJ
Soviet JJ
negotiator NN
in IN
the DT
conventional-arms JJ
talks NNS
, ,
argued VBD
that IN
this DT
would MD
mean VB
the DT
Soviets NNPS
would MD
have VB
to TO
destroy VB
some DT
1,800 CD
tanks NNS
, ,
while IN
the DT
U.S. NNP
would MD
lose VB
none NN
because IN
it PRP
has VBZ
no DT
light JJ
tanks NNS
in IN
Europe NNP
. .



But CC
the DT
issue NN
is VBZ
stickier JJR
than IN
it PRP
seems VBZ
. .
France NNP
, ,
Britain NNP
and CC
Italy NNP
all DT
have VBP
light JJ
tanks NNS
they PRP
would MD
like VB
to TO
keep VB
out IN
of IN
the DT
talks NNS
. .
And CC
some DT
U.S. NNP
Army NNP
analysts NNS
worry VBP
that IN
the DT
proposed VBN
Soviet JJ
redefinition NN
is VBZ
aimed VBN
at IN
blocking VBG
the DT
U.S. NNP
from IN
developing VBG
lighter JJR
, ,
more RBR
transportable JJ
, ,
high-technology JJ
tanks NNS
. .



Defining VBG
combat NN
aircraft NN
is VBZ
even RB
tougher JJR
. .
The DT
Soviets NNPS
insisted VBD
that DT
aircraft NN
be VB
brought VBN
into IN
the DT
talks NNS
, ,
then RB
argued VBD
for IN
exempting VBG
some DT
4,000 CD
Russian JJ
planes NNS
because IN
they PRP
are VBP
`` ``
solely RB
defensive JJ
. .
'' ''


NATO NNP
has VBZ
n't RB
budged VBN
from IN
its PRP$
insistence NN
that IN
any DT
gun-carrying JJ
plane NN
has VBZ
offensive JJ
capability NN
. .
The DT
dispute NN
over IN
that DT
issue NN
, ,
according VBG
to TO
one CD
U.S. NNP
official NN
, ,
is VBZ
a DT
`` ``
potential JJ
treaty NN
stopper NN
, ,
'' ''
and CC
only RB
President NNP
Bush NNP
and CC
Soviet JJ
leader NN
Mikhail NNP
Gorbachev NNP
may MD
be VB
able JJ
to TO
resolve VB
it PRP
. .



Accounting NN
problems NNS
raise VBP
more JJR
knotty JJ
issues NNS
. .
Greece NNP
and CC
Turkey NNP
, ,
for IN
example NN
, ,
are VBP
suspected VBN
of IN
overstating VBG
their PRP$
arsenals NNS
in IN
hopes NNS
that IN
they PRP
can MD
emerge VB
from IN
the DT
arms-reduction JJ
treaty NN
with IN
large JJ
remaining VBG
forces NNS
to TO
deter VB
each DT
other JJ
. .



Other JJ
nations NNS
are VBP
n't RB
sure JJ
how WRB
many JJ
weapons NNS
they PRP
have VBP
in IN
their PRP$
own JJ
arsenals NNS
. .
`` ``
It PRP
's VBZ
just RB
going VBG
to TO
be VB
sloppy JJ
, ,
both DT
on IN
our PRP$
side NN
and CC
theirs PRP
{ (
the DT
Warsaw NNP
Pact NNP
's POS
} )
, ,
'' ''
says VBZ
one CD
NATO NNP
analyst NN
. .



So RB
far RB
, ,
neither CC
the DT
Bush NNP
administration NN
nor CC
arms-control JJ
experts NNS
in IN
Congress NNP
seem VBP
moved VBN
by IN
arguments NNS
that IN
these DT
problems NNS
may MD
take VB
more JJR
time NN
to TO
thrash VB
out RB
than IN
President NNP
Bush NNP
has VBZ
allowed VBN
. .
They PRP
argue VBP
that IN
the DT
bigger JJR
danger NN
would MD
be VB
that IN
the DT
West NNP
would MD
delay VB
action NN
so RB
long RB
that IN
the DT
Soviets NNPS
might MD
back VB
away RB
from IN
the DT
current JJ
conciliatory JJ
attitude NN
. .



`` ``
So RB
what WP
if IN
you PRP
miss VBP
50 CD
tanks NNS
somewhere RB
? .
'' ''
asks VBZ
Rep. NNP
Norman NNP
Dicks NNP
( (
D. NNP
, ,
Wash. NNP
) )
, ,
a DT
member NN
of IN
the DT
House NNP
group NN
that WDT
visited VBD
the DT
talks NNS
in IN
Vienna NNP
. .
`` ``
The DT
bottom JJ
line NN
is VBZ
that IN
if IN
we PRP
can MD
get VB
that DT
{ (
Warsaw NNP
Pact NNP
} )
superiority NN
brought VBD
down RB
to TO
parity NN
, ,
we PRP
ought MD
to TO
keep VB
pressing VBG
ahead RB
as RB
quickly RB
as IN
possible JJ
. .
I PRP
worry VBP
more RBR
about IN
things NNS
becoming VBG
so RB
unraveled JJ
on IN
the DT
other JJ
side NN
that IN
they PRP
might MD
become VB
unable JJ
to TO
negotiate VB
. .
'' ''






International NNP
Lease NNP
Finance NNP
Corp. NNP
announced VBD
a DT
leasing NN
contract NN
with IN
charter NN
carrier NN
American JJ
Trans NNP
Air NNP
Inc. NNP
, ,
in IN
a DT
transaction NN
involving VBG
six CD
Boeing NNP
Co. NNP
757-200s NNS
. .
The DT
value NN
of IN
the DT
jets NNS
, ,
including VBG
spares NNS
, ,
is VBZ
in IN
excess NN
of IN
$ $
250 CD
million CD
. .



Two CD
of IN
the DT
757-200s NNS
are VBP
new JJ
aircraft NNS
to TO
be VB
delivered VBN
to TO
American NNP
Trans NNP
Air NNP
, ,
the DT
main JJ
subsidiary NN
of IN
Amtran NNP
Inc. NNP
, ,
in IN
December NNP
1991 CD
and CC
January NNP
1992 CD
. .
Four CD
of IN
the DT
planes NNS
were VBD
purchased VBN
by IN
International NNP
Lease NNP
from IN
Singapore NNP
Airlines NNPS
in IN
a DT
previously RB
announced JJ
transaction NN
. .



Delivery NN
of IN
the DT
first JJ
aircraft NN
is VBZ
set VBN
for IN
early JJ
November NNP
, ,
a DT
second NN
for IN
December NNP
and CC
two CD
for IN
April NNP
1990 CD
. .





Norway NNP
's POS
unemployment NN
rate NN
for IN
October NNP
was VBD
3.6 CD
% NN
, ,
unchanged JJ
from IN
September NNP
but CC
up RB
from IN
2.6 CD
% NN
in IN
the DT
same JJ
month NN
last JJ
year NN
. .
The DT
figure NN
excludes VBZ
a DT
record NN
number NN
employed VBN
by IN
extraordinary JJ
government NN
work NN
programs NNS
, ,
the DT
Labor NNP
Directorate NNP
announced VBD
Tuesday NNP
. .



Including VBG
those DT
in IN
the DT
state NN
programs NNS
, ,
there EX
were VBD
143,800 CD
Norwegians NNPS
, ,
or CC
about IN
6.5 CD
% NN
of IN
the DT
work NN
force NN
, ,
without IN
permanent JJ
employment NN
in IN
October NNP
, ,
up RB
from IN
September NNP
's POS
136,800 CD
. .



The DT
number NN
of IN
people NNS
registered VBN
as IN
jobless JJ
at IN
the DT
end NN
of IN
October NNP
declined VBD
by IN
900 CD
from IN
September NNP
to TO
78,600 CD
. .
Those DT
employed VBN
in IN
state-funded JJ
special JJ
programs NNS
increased VBN
by IN
7,400 CD
to TO
65,200 CD
in IN
the DT
same JJ
period NN
, ,
the DT
Directorate NNP
said VBD
. .



In IN
October NNP
1988 CD
, ,
there EX
were VBD
40,800 CD
fewer JJR
employed VBN
by IN
government NN
programs NNS
. .





Coca-Cola NNP
Co. NNP
, ,
aiming VBG
to TO
boost VB
soft-drink NN
volume NN
in IN
Singapore NNP
, ,
said VBD
it PRP
is VBZ
discussing VBG
a DT
joint JJ
venture NN
with IN
Fraser NNP
& CC
Neave NNP
Ltd. NNP
, ,
its PRP$
bottling VBG
franchisee NN
in IN
that DT
country NN
. .



The DT
venture NN
would MD
be VB
the DT
latest JJS
in IN
Coke NNP
's POS
rapid JJ
expansion NN
of IN
overseas JJ
investment NN
. .
So RB
far RB
this DT
year NN
, ,
it PRP
has VBZ
put VBN
nearly RB
$ $
700 CD
million CD
into IN
bottling VBG
operations NNS
in IN
Australia NNP
, ,
New NNP
Zealand NNP
and CC
France NNP
. .



The DT
move NN
also RB
reflects VBZ
Coke NNP
's POS
eagerness NN
to TO
have VB
a DT
hand NN
in IN
developing VBG
the DT
soft-drink NN
markets NNS
in IN
Pacific NNP
Basin NNP
countries NNS
. .
Aside RB
from IN
Europe NNP
, ,
the DT
Pacific NNP
division NN
is VBZ
where WRB
Coke NNP
will MD
be VB
focusing VBG
much RB
of IN
its PRP$
attention NN
for IN
years NNS
to TO
come VB
. .



That DT
's VBZ
because IN
when WRB
Coke NNP
looks VBZ
to TO
the DT
Pacific NNP
area NN
, ,
it PRP
sees VBZ
an DT
economic JJ
and CC
demographic JJ
gold NN
mine NN
. .
In IN
countries NNS
such JJ
as IN
Taiwan NNP
, ,
South NNP
Korea NNP
and CC
Singapore NNP
, ,
economies NNS
are VBP
growing VBG
, ,
resulting VBG
in IN
a DT
rise NN
in IN
disposable JJ
income NN
that IN
consumers NNS
can MD
use VB
for IN
soft JJ
drinks NNS
. .
And CC
unlike IN
Europe NNP
and CC
the DT
U.S. NNP
, ,
where WRB
populations NNS
are VBP
aging VBG
, ,
the DT
Pacific NNP
Basin NNP
countries NNS
have VBP
growing VBG
proportions NNS
of IN
youths NNS
-- :
the DT
heaviest JJS
consumers NNS
of IN
Coca-Cola NNP
and CC
other JJ
sodas NNS
. .



A DT
Coca-Cola NNP
spokesman NN
said VBD
it PRP
is VBZ
too RB
early JJ
to TO
say VB
how WRB
the DT
joint JJ
venture NN
would MD
be VB
structured VBN
, ,
or CC
how WRB
much JJ
the DT
company NN
would MD
invest VB
in IN
the DT
transaction NN
. .
In IN
the DT
past NN
, ,
however RB
, ,
Coke NNP
has VBZ
typically RB
taken VBN
a DT
minority NN
stake NN
in IN
such JJ
ventures NNS
. .
By IN
acquiring VBG
stakes NNS
in IN
bottling VBG
companies NNS
in IN
the DT
U.S. NNP
and CC
overseas RB
, ,
Coke NNP
has VBZ
been VBN
able JJ
to TO
improve VB
bottlers NNS
' POS
efficiency NN
and CC
production NN
, ,
and CC
in IN
some DT
cases NNS
, ,
marketing NN
. .
Coke NNP
has VBZ
tended VBN
to TO
increase VB
its PRP$
control NN
when WRB
results NNS
were VBD
sluggish JJ
in IN
a DT
given VBN
country NN
. .



That IN
does VBZ
n't RB
appear VB
to TO
be VB
the DT
case NN
in IN
Singapore NNP
, ,
a DT
country NN
of IN
about IN
three CD
million CD
people NNS
with IN
a DT
relatively RB
high JJ
soft-drink NN
consumption NN
rate NN
-- :
a DT
key JJ
indicator NN
of IN
Coke NNP
's POS
success NN
in IN
a DT
market NN
. .
In IN
Singapore NNP
, ,
per-capita JJ
consumption NN
is VBZ
about IN
one-third NN
that IN
of IN
the DT
U.S NNP
. .
And CC
combining VBG
Fraser NNP
& CC
Neave NNP
's POS
own JJ
soft JJ
drinks NNS
with IN
Coca-Cola NNP
's POS
gives VBZ
the DT
Singapore NNP
company NN
more JJR
than IN
half PDT
the DT
share NN
of IN
the DT
soda NN
market NN
there RB
, ,
Coke NNP
said VBD
. .



Fraser NNP
& CC
Neave NNP
, ,
which WDT
also RB
has VBZ
interests NNS
in IN
packaging NN
, ,
beer NN
and CC
dairy NN
products NNS
, ,
holds VBZ
the DT
Coke NNP
licenses NNS
for IN
Malaysia NNP
and CC
Brunei NNP
, ,
where WRB
per-capita JJ
consumption NN
is VBZ
n't RB
as RB
high JJ
as IN
in IN
Singapore NNP
. .
Coke NNP
could MD
be VB
interested JJ
in IN
more RBR
quickly RB
developing VBG
some DT
of IN
the DT
untapped JJ
potential NN
in IN
those DT
markets NNS
. .
A DT
Coke NNP
spokesman NN
said VBD
he PRP
could MD
n't RB
say VB
whether IN
that DT
is VBZ
the DT
direction NN
of IN
the DT
talks NNS
. .



Coke NN
said VBD
the DT
joint-venture NN
arrangement NN
, ,
which WDT
needs VBZ
approval NN
from IN
both DT
companies NNS
' POS
boards NNS
, ,
should MD
be VB
completed VBN
early JJ
next JJ
year NN
. .





AMERICAN NNP
BRANDS NNPS
Inc. NNP
, ,
Old NNP
Greenwich NNP
, ,
Conn. NNP
, ,
said VBD
it PRP
increased VBD
its PRP$
quarterly JJ
11 CD
% NN
to TO
68 CD
cents NNS
a DT
share NN
from IN
61 CD
cents NNS
, ,
payable JJ
Dec. NNP
1 CD
to TO
stock NN
of IN
record NN
Nov. NNP
10 CD
. .
The DT
increase NN
follows VBZ
the DT
company NN
's POS
report NN
of IN
strong JJ
earnings NNS
for IN
the DT
third JJ
quarter NN
, ,
and CC
reflects VBZ
what WP
American NNP
Brands NNPS
called VBD
its PRP$
`` ``
tradition NN
of IN
sharing VBG
earnings NNS
growth NN
'' ''
with IN
shareholders NNS
. .
American NNP
Brands NNPS
is VBZ
a DT
consumer NN
products NNS
company NN
with IN
core NN
businesses NNS
in IN
tobacco NN
, ,
distilled JJ
spirits NNS
and CC
life NN
insurance NN
. .
As IN
of IN
Sept. NNP
30 CD
, ,
American NNP
Brands NNPS
had VBD
95.2 CD
million CD
shares NNS
outstanding JJ
. .





Giovanni NNP
Agnelli NNP
& CC
Co. NNP
announced VBD
a DT
transaction NN
that WDT
will MD
strengthen VB
its PRP$
indirect JJ
control NN
of IN
Fiat NNP
S.p NNP
. .
A. NNP
and CC
will MD
admit VB
Prince NNP
Karim NNP
Aga NNP
Khan NNP
as IN
its PRP$
first JJ
non-family JJ
shareholder NN
. .



Giovanni NNP
Agnelli NNP
, ,
a DT
limited JJ
partnership NN
that WDT
is VBZ
the DT
master NN
holding VBG
company NN
for IN
Fiat NNP
's POS
Agnelli NNP
family NN
, ,
owns VBZ
approximately RB
75 CD
% NN
of IN
the DT
shares NNS
in IN
Istituto NNP
Finanziario NNP
Industriale NNP
, ,
which WDT
in IN
turn NN
owns VBZ
approximately RB
40 CD
% NN
of IN
Fiat NNP
, ,
Italy NNP
's POS
biggest JJS
private-sector NN
industrial JJ
group NN
. .



The DT
company NN
said VBD
Maria NNP
Sole NNP
Agnelli NNP
Teodorani NNP
, ,
sister NN
of IN
Fiat NNP
Chairman NNP
Giovanni NNP
Agnelli NNP
, ,
agreed VBD
to TO
trade VB
her PRP$
shares NNS
in IN
IFI NNP
for IN
new JJ
ordinary JJ
shares NNS
in IN
the DT
limited JJ
partnership NN
, ,
which WDT
will MD
give VB
her PRP$
control NN
of IN
4.67 CD
% NN
of IN
Giovanni NNP
Agnelli NNP
& CC
Co NNP
. .



The DT
Aga NNP
Khan NNP
, ,
meanwhile RB
, ,
agreed VBD
to TO
trade VB
some DT
of IN
his PRP$
stake NN
in IN
Luxembourg-based JJ
Ifint NNP
S.A. NNP
, ,
another DT
Agnelli NNP
family NN
company NN
, ,
for IN
7.45 CD
% NN
of IN
Giovanni NNP
Agnelli NNP
& CC
Co. NNP
's POS
capital NN
. .
His PRP$
new JJ
stake NN
would MD
be VB
in IN
the DT
form NN
of IN
preferred JJ
shares NNS
, ,
which WDT
receive VBP
higher JJR
dividends NNS
but CC
have VBP
voting VBG
rights NNS
only RB
in IN
extraordinary JJ
shareholders NNS
assemblies NNS
. .
The DT
Aga NNP
Khan NNP
owns VBZ
10 CD
% NN
of IN
Ifint NNP
's POS
capital NN
, ,
while IN
IFI NNP
owns VBZ
23 CD
% NN
. .



As IN
a DT
result NN
of IN
the DT
transaction NN
, ,
which WDT
is VBZ
expected VBN
to TO
be VB
approved VBN
at IN
a DT
shareholders NNS
meeting NN
Nov. NNP
24 CD
, ,
Giovanni NNP
Agnelli NNP
& CC
Co. NNP
will MD
control VB
79.18 CD
% NN
of IN
IFI NNP
's POS
ordinary JJ
shares NNS
. .
Its PRP$
capital NN
will MD
also RB
be VB
raised VBN
to TO
232.4 CD
billion CD
lire NNS
( (
$ $
172.5 CD
million CD
) )
from IN
the DT
current JJ
204.3 CD
billion CD
lire NNS
. .
IFI NNP
also RB
has VBZ
nonvoting JJ
preferred JJ
shares NNS
, ,
which WDT
are VBP
quoted VBN
on IN
the DT
Milan NNP
stock NN
exchange NN
. .



The DT
value NN
of IN
the DT
two CD
transactions NNS
was VBD
n't RB
disclosed VBN
, ,
but CC
an DT
IFI NNP
spokesman NN
said VBD
no DT
cash NN
would MD
change VB
hands NNS
. .



The DT
move NN
strengthens VBZ
the DT
existing VBG
links NNS
between IN
the DT
Agnellis NNPS
and CC
the DT
Aga NNP
Khan NNP
, ,
the DT
head NN
of IN
the DT
world NN
's POS
Ismaili NNP
Moslems NNPS
who WP
is VBZ
a DT
longtime JJ
family NN
friend NN
and CC
frequently RB
goes VBZ
sailing NN
with IN
Mr. NNP
Agnelli NNP
. .



Mr. NNP
Agnelli NNP
and CC
the DT
Aga NNP
Khan NNP
also RB
have VBP
some DT
business NN
ties NNS
, ,
and CC
a DT
spokesman NN
for IN
the DT
Agnelli NNP
company NN
did VBD
n't RB
rule VB
out RB
that IN
the DT
current JJ
agreement NN
could MD
lead VB
to TO
further JJ
collaboration NN
. .
For IN
instance NN
, ,
Ifint NNP
earlier RBR
this DT
year NN
bought VBD
an DT
18 CD
% NN
stake NN
in IN
Alisarda NNP
, ,
the DT
Aga NNP
Khan NNP
's POS
airline NN
, ,
which WDT
flies VBZ
between IN
Italy NNP
and CC
Sardinia NNP
. .



Giovanni NNP
Agnelli NNP
& CC
Co. NNP
, ,
which WDT
was VBD
formed VBN
in IN
January NNP
1987 CD
as IN
a DT
way NN
of IN
keeping VBG
the DT
Agnellis NNPS
' POS
controlling VBG
stake NN
in IN
Fiat NNP
together RB
despite IN
an DT
ever-growing JJ
family NN
tree NN
, ,
has VBZ
been VBN
playing VBG
a DT
more RBR
active JJ
role NN
in IN
the DT
Agnelli NNP
group NN
of IN
late RB
. .



It PRP
raised VBD
financing NN
of IN
300 CD
billion CD
lire NNS
for IN
the DT
purchase NN
this DT
summer NN
by IN
another DT
Agnelli-related JJ
group NN
of IN
the DT
food NN
concern NN
Galbani NNP
S.p NNP
. .
A. NNP
, ,
by IN
selling VBG
a DT
chunk NN
of IN
its PRP$
IFI NNP
shares NNS
to TO
Mediobanca NNP
S.p NNP
. .
A. NNP
Mediobanca NNP
said VBD
during IN
the DT
weekend NN
that IN
it PRP
agreed VBD
to TO
sell VB
the DT
shares NNS
back RP
to TO
Giovanni NNP
Agnelli NNP
for IN
333 CD
billion CD
lire NNS
. .





Your PRP$
Oct. NNP
2 CD
page-one JJ
article NN
on IN
people NNS
riding VBG
so-called JJ
`` ``
railbikes NNS
'' ''
on IN
railroad NN
tracks NNS
was VBD
a DT
disservice NN
to TO
your PRP$
readers NNS
. .
It PRP
unfortunately RB
encourages VBZ
others NNS
to TO
engage VB
in IN
a DT
highly RB
dangerous JJ
and CC
illegal JJ
activity NN
that IN
only RB
a DT
very RB
few JJ
are VBP
doing VBG
now RB
. .
And CC
it PRP
treats VBZ
such JJ
activities NNS
in IN
a DT
frivolous JJ
, ,
cavalier JJ
fashion NN
, ,
with IN
total JJ
indifference NN
to TO
common JJ
sense NN
and CC
public JJ
safety NN
. .



Saul NNP
Resnick NNP



Vice NNP
President NNP



Public NNP
Affairs NNPS



Conrail NNP



Philadelphia NNP







MCI NNP
Communications NNPS
Corp. NNP
said VBD
it PRP
received VBD
a DT
three-year JJ
contract NN
valued VBN
at IN
more JJR
than IN
$ $
15 CD
million CD
to TO
provide VB
network NN
, ,
credit-card NN
and CC
other JJ
telecommunications NN
services NNS
to TO
Drexel NNP
Burnham NNP
Lambert NNP
Inc NNP
. .





Congressional JJ
Democrats NNPS
and CC
the DT
Bush NNP
administration NN
agreed VBD
on IN
a DT
compromise NN
minimum-wage NN
bill NN
, ,
opening VBG
the DT
way NN
for IN
the DT
first JJ
wage-floor JJ
boost NN
in IN
more JJR
than IN
nine CD
years NNS
. .



The DT
agreement NN
ended VBD
a DT
long JJ
impasse NN
between IN
the DT
congressional JJ
leaders NNS
and CC
the DT
White NNP
House NNP
over IN
the DT
wage NN
issue NN
. .
President NNP
Bush NNP
in IN
June NNP
vetoed VBD
a DT
measure NN
passed VBN
by IN
Congress NNP
and CC
said VBD
he PRP
would MD
n't RB
accept VB
any DT
minimum-wage NN
rise NN
that WDT
went VBD
beyond IN
limits NNS
he PRP
set VBD
early RB
in IN
this DT
year NN
's POS
debate NN
on IN
the DT
issue NN
. .



The DT
compromise NN
was VBD
a DT
somewhat RB
softened JJ
version NN
of IN
what WP
the DT
White NNP
House NNP
had VBD
said VBN
it PRP
would MD
accept VB
. .
Under IN
the DT
agreement NN
with IN
the DT
House NNP
and CC
Senate NNP
leaders NNS
, ,
the DT
minimum NN
wage NN
would MD
rise VB
from IN
the DT
current JJ
$ $
3.35 CD
an DT
hour NN
to TO
$ $
4.25 CD
an DT
hour NN
by IN
April NNP
1991 CD
. .
Employers NNS
could MD
also RB
pay VB
a DT
subminimum JJ
`` ``
training NN
wage NN
'' ''
for IN
90 CD
days NNS
to TO
new JJ
workers NNS
who WP
are VBP
up RB
to TO
19 CD
years NNS
old JJ
, ,
and CC
then RB
for IN
another DT
90 CD
days NNS
if IN
the DT
company NN
institutes NN
a DT
specific JJ
training VBG
program NN
for IN
the DT
newcomers NNS
. .



White NNP
House NNP
officials NNS
were VBD
delighted JJ
that IN
the DT
compromise NN
includes VBZ
the DT
concept NN
of IN
a DT
training NN
wage NN
, ,
which WDT
Mr. NNP
Bush NNP
has VBZ
fought VBN
for IN
throughout IN
the DT
year NN
. .



`` ``
For IN
the DT
first JJ
time NN
in IN
history NN
, ,
we PRP
have VBP
a DT
training NN
wage NN
that WDT
will MD
be VB
part NN
'' ''
of IN
the DT
nation NN
's POS
labor NN
laws NNS
, ,
said VBD
Roger NNP
Porter NNP
, ,
assistant NN
to TO
the DT
president NN
for IN
economic JJ
and CC
domestic JJ
policy NN
. .



White NNP
House NNP
aides NNS
said VBD
that IN
although IN
they PRP
made VBD
a DT
small JJ
compromise NN
on IN
the DT
length NN
of IN
a DT
training NN
wage NN
, ,
the DT
final JJ
minimum-wage NN
increase NN
will MD
meet VB
the DT
standards NNS
set VBN
by IN
Mr. NNP
Bush NNP
. .



The DT
bill NN
vetoed VBN
by IN
the DT
president NN
in IN
June NNP
, ,
which WDT
the DT
House NNP
failed VBD
to TO
override VB
, ,
would MD
have VB
lifted VBN
the DT
minimum NN
wage NN
to TO
$ $
4.55 CD
an DT
hour NN
by IN
late JJ
1991 CD
, ,
with IN
a DT
training NN
wage NN
for IN
up RB
to TO
two CD
months NNS
, ,
generally RB
for IN
a DT
worker NN
's POS
first JJ
job NN
. .



Mr. NNP
Bush NNP
had VBD
been VBN
holding VBG
out RB
for IN
a DT
bill NN
boosting VBG
the DT
wage NN
floor NN
to TO
$ $
4.25 CD
an DT
hour NN
by IN
the DT
end NN
of IN
1991 CD
, ,
coupled VBN
with IN
a DT
six-month JJ
training NN
wage NN
for IN
workers NNS
newly RB
hired VBN
by IN
any DT
employer NN
. .
Under IN
the DT
compromise NN
, ,
the DT
$ $
4.25 CD
level NN
would MD
be VB
reached VBN
nine CD
months NNS
earlier RB
, ,
while IN
the DT
training NN
subminimum JJ
would MD
be VB
shorter JJR
, ,
unless IN
it PRP
is VBZ
tied VBN
to TO
a DT
training NN
plan NN
. .



Democrats NNP
argued VBD
that IN
the DT
training NN
wage NN
was VBD
a DT
way NN
of IN
allowing VBG
employers NNS
to TO
pay VB
less JJR
than IN
the DT
minimum NN
wage NN
, ,
while IN
new JJ
workers NNS
need VBP
far RB
less JJR
than IN
six CD
months NNS
to TO
be VB
trained VBN
for IN
their PRP$
jobs NNS
. .



Democrats NNPS
had VBD
been VBN
negotiating VBG
with IN
some DT
Republican JJ
congressional JJ
leaders NNS
on IN
a DT
compromise NN
lately RB
. .
With IN
congressional JJ
elections NNS
next IN
year NN
, ,
GOP NNP
leaders NNS
have VBP
worried VBN
about IN
opposing VBG
a DT
minimum-wage NN
rise NN
for IN
low-paid JJ
workers NNS
at IN
a DT
time NN
when WRB
Congress NNP
is VBZ
moving VBG
toward IN
a DT
capital-gains NNS
tax NN
cut NN
that WDT
would MD
directly RB
benefit VB
wealthier JJR
taxpayers NNS
. .
Republicans NNPS
have VBP
been VBN
imploring VBG
the DT
White NNP
House NNP
to TO
compromise VB
on IN
the DT
wage NN
issue NN
. .



In IN
the DT
Senate NNP
, ,
Edward NNP
Kennedy NNP
( (
D. NNP
, ,
Mass. NNP
) )
, ,
chairman NN
of IN
the DT
Labor NNP
Committee NNP
, ,
and CC
Pete NNP
Domenici NNP
, ,
( (
R. NNP
, ,
N.M NNP
. .
) )
ranking VBG
minority NN
member NN
of IN
the DT
Budget NNP
Committee NNP
, ,
have VBP
been VBN
working VBG
on IN
a DT
compromise NN
, ,
and CC
their PRP$
soundings NNS
showed VBD
that IN
the DT
Senate NNP
appeared VBD
to TO
be VB
heading VBG
toward IN
enough JJ
strength NN
to TO
override VB
another DT
Bush NNP
veto NN
, ,
a DT
Democratic JJ
staff NN
official NN
said VBD
. .



The DT
House NNP
is VBZ
scheduled VBN
to TO
vote VB
this DT
week NN
on IN
the DT
compromise NN
, ,
as IN
a DT
substitute NN
to TO
a DT
new JJ
Democratic JJ
bill NN
, ,
itself PRP
watered VBD
down RB
from IN
last JJ
spring NN
's POS
version NN
. .
The DT
Senate NNP
will MD
probably RB
vote VB
not RB
long RB
afterward RB
. .



Some DT
Democrats NNPS
thought VBD
they PRP
might MD
have VB
compromised VBN
too RB
much RB
. .
Rep. NNP
Austin NNP
Murphy NNP
( (
D. NNP
, ,
Pa. NNP
) )
, ,
chairman NN
of IN
the DT
House NNP
labor NN
standards NNS
subcommittee NN
, ,
said VBD
they PRP
might MD
have VB
done VBN
better RBR
`` ``
if IN
we PRP
'd VBD
held VBN
their PRP$
feet NNS
to TO
the DT
fire NN
. .
'' ''
Mr. NNP
Kennedy NNP
suggested VBD
Democrats NNPS
`` ``
yielded VBD
a DT
great JJ
deal NN
'' ''
on IN
the DT
size NN
of IN
the DT
increase NN
, ,
but CC
he PRP
cited VBD
concessions NNS
from IN
the DT
White NNP
House NNP
on IN
the DT
training NN
wage NN
, ,
which WDT
he PRP
said VBD
make VB
it PRP
`` ``
less RBR
harsh JJ
. .
'' ''


With IN
only RB
16-year-olds NNS
to TO
19-year-olds NNS
eligible JJ
, ,
68 CD
% NN
of IN
workers NNS
getting VBG
less JJR
than IN
$ $
4.25 CD
an DT
hour NN
, ,
who WP
are VBP
adults NNS
, ,
wo MD
n't RB
be VB
subject JJ
to TO
the DT
training NN
wage NN
, ,
he PRP
said VBD
. .
The DT
AFL-CIO NNP
, ,
which WDT
previously RB
opposed VBD
the DT
administration NN
's POS
subminimum JJ
idea NN
, ,
said VBD
the DT
compromise NN
has VBZ
`` ``
adequate JJ
safeguards NNS
, ,
so IN
the DT
youth NN
are VBP
not RB
exploited VBN
and CC
older JJR
workers NNS
are VBP
not RB
displaced VBN
. .
'' ''


Gerald NNP
F. NNP
Seib NNP
contributed VBD
to TO
this DT
article NN
. .





Moody NNP
's POS
Investors NNPS
Service NNP
Inc. NNP
said VBD
it PRP
lowered VBD
the DT
ratings NNS
on IN
about IN
$ $
3.2 CD
billion CD
of IN
Houston NNP
Lighting NNP
& CC
Power NNP
Co. NNP
's POS
securities NNS
because IN
of IN
the DT
company NN
's POS
low JJ
levels NNS
of IN
interest NN
coverage NN
and CC
internal JJ
cash NN
generation NN
. .



Houston NNP
Lighting NNP
is VBZ
a DT
unit NN
of IN
Houston NNP
Industries NNPS
Inc. NNP
, ,
a DT
utility NN
holding VBG
company NN
in IN
Houston NNP
. .



Downgraded VBN
by IN
Moody NNP
's POS
were VBD
Houston NNP
Lighting NNP
's POS
first-mortgage JJ
bonds NNS
and CC
secured JJ
pollution-control JJ
bonds NNS
to TO
single-A-3 JJ
from IN
single-A-2 JJ
; :
unsecured JJ
pollution-control NN
bonds NNS
to TO
Baa-1 JJ
from IN
single-A-3 JJ
; :
preferred JJ
stock NN
to TO
single-A-3 JJ
from IN
single-A-2 JJ
; :
a DT
shelf NN
registration NN
for IN
preferred JJ
stock NN
to TO
a DT
preliminary JJ
rating NN
of IN
single-A-3 JJ
from IN
a DT
preliminary JJ
rating NN
of IN
single-A-2 JJ
; :
two CD
shelf NN
registrations NNS
for IN
collateralized JJ
debt NN
securities NNS
to TO
a DT
preliminary JJ
rating NN
of IN
single-A-3 JJ
from IN
a DT
preliminary JJ
rating NN
of IN
single-A-2 JJ
, ,
and CC
the DT
unit NN
's POS
rating NN
for IN
commercial JJ
paper NN
to TO
Prime-2 JJ
from IN
Prime-1 JJ
. .



Moody NNP
's POS
said VBD
Houston NNP
Lighting NNP
's POS
current JJ
situation NN
has VBZ
some DT
positive JJ
aspects NNS
, ,
including VBG
managing VBG
`` ``
very RB
well RB
'' ''
the DT
construction NN
and CC
commercial JJ
operation NN
risks NNS
of IN
Units NNS
1 CD
and CC
2 CD
of IN
the DT
South NNP
Texas NNP
Project NNP
nuclear JJ
power NN
plant NN
. .
Capital NN
requirements NNS
will MD
be VB
declining VBG
and CC
no DT
new JJ
generating VBG
facilities NNS
will MD
be VB
required VBN
for IN
several JJ
years NNS
, ,
Moody NNP
's POS
said VBD
. .





Scott NNP
C. NNP
Smith NNP
, ,
formerly RB
vice NN
president NN
, ,
finance NN
, ,
and CC
chief JJ
financial JJ
officer NN
of IN
this DT
media NNS
concern NN
, ,
was VBD
named VBN
senior JJ
vice NN
president NN
. .
Mr. NNP
Smith NNP
, ,
39 CD
, ,
retains VBZ
the DT
title NN
of IN
chief JJ
financial JJ
officer NN
. .





Armstrong NNP
World NNP
Industries NNPS
Inc. NNP
agreed VBD
in IN
principle NN
to TO
sell VB
its PRP$
carpet NN
operations NNS
to TO
Shaw NNP
Industries NNPS
Inc NNP
. .
The DT
price NN
was VBD
n't RB
disclosed VBN
but IN
one CD
analyst NN
estimated VBD
that IN
it PRP
was VBD
$ $
150 CD
million CD
. .



Armstrong NNP
, ,
which WDT
has VBZ
faced VBN
a DT
takeover NN
threat NN
from IN
the DT
Belzberg NNP
family NN
of IN
Canada NNP
since IN
July NNP
, ,
said VBD
that IN
disposing VBG
of IN
the DT
carpet NN
business NN
would MD
improve VB
`` ``
total JJ
financial JJ
performance NN
. .
'' ''
The DT
move NN
also RB
would MD
allow VB
the DT
company NN
to TO
concentrate VB
on IN
core JJ
businesses NNS
, ,
which WDT
include VBP
ceramic JJ
tile NN
, ,
floor NN
coverings NNS
and CC
furniture NN
. .



Moreover JJR
, ,
such PDT
a DT
sale NN
could MD
help VB
Armstrong NNP
reassure VB
its PRP$
investors NNS
and CC
deter VB
the DT
Belzbergs NNPS
, ,
who WP
own VBP
a DT
9.85 CD
% NN
stake NN
in IN
the DT
Lancaster NNP
, ,
Pa. NNP
, ,
company NN
. .
Analysts NNS
expect VBP
Armstrong NNP
to TO
use VB
proceeds NNS
of IN
the DT
sale NN
to TO
reduce VB
debt NN
, ,
buy VB
back RB
stock NN
or CC
perhaps RB
finance VB
an DT
acquisition NN
. .



The DT
carpet NN
division NN
had VBD
1988 CD
sales NNS
of IN
$ $
368.3 CD
million CD
, ,
or CC
almost RB
14 CD
% NN
of IN
Armstrong NNP
's POS
$ $
2.68 CD
billion CD
total NN
revenue NN
. .
The DT
company NN
has VBZ
been VBN
manufacturing VBG
carpet NN
since IN
1967 CD
. .
Recently RB
it PRP
upgraded VBD
its PRP$
plants NNS
so IN
that IN
it PRP
could MD
make VB
stain-resistant JJ
products NNS
with IN
higher JJR
quality JJ|NN
dyes NNS
. .



For IN
the DT
past JJ
year NN
or CC
two CD
, ,
the DT
carpet NN
division NN
's POS
operating NN
profit NN
margins NNS
have VBP
hovered VBN
around IN
5 CD
% NN
, ,
high JJ
by IN
industry NN
standards NNS
, ,
but CC
disappointing JJ
compared VBN
with IN
the DT
13 CD
% NN
to TO
19 CD
% NN
margins NNS
for IN
two CD
of IN
Armstrong NNP
's POS
chief JJ
businesses NNS
, ,
flooring NN
and CC
building NN
products NNS
. .



Analysts NNS
hailed VBD
the DT
planned JJ
transaction NN
as IN
being VBG
beneficial JJ
to TO
Armstrong NNP
and CC
Shaw NNP
, ,
the DT
market NN
leader NN
in IN
the DT
U.S. NNP
carpet NN
industry NN
, ,
with IN
an DT
estimated VBN
17 CD
% NN
to TO
20 CD
% NN
share NN
. .
Shaw NNP
, ,
based VBN
in IN
Dalton NNP
, ,
Ga. NNP
, ,
has VBZ
annual JJ
sales NNS
of IN
about IN
$ $
1.18 CD
billion CD
, ,
and CC
has VBZ
economies NNS
of IN
scale NN
and CC
lower JJR
raw-material NN
costs NNS
that WDT
are VBP
expected JJ
to TO
boost VB
the DT
profitability NN
of IN
Armstrong NNP
's POS
brands NNS
, ,
sold VBN
under IN
the DT
Armstrong NNP
and CC
Evans-Black NNP
names NNS
. .



Yesterday NN
, ,
in IN
composite JJ
trading NN
on IN
the DT
New NNP
York NNP
Stock NNP
Exchange NNP
, ,
Shaw NNP
's POS
shares NNS
closed VBD
ex-dividend NN
at IN
$ $
26.125 CD
, ,
up RB
$ $
2.25 CD
. .
Armstrong NNP
's POS
shares NNS
, ,
also RB
listed VBN
on IN
the DT
Big NNP
Board NNP
, ,
closed VBD
at IN
$ $
39.125 CD
, ,
up RB
12.5 CD
cents NNS
. .



Yesterday NN
, ,
Armstrong NNP
reported VBD
flat JJ
earnings NNS
for IN
the DT
third JJ
quarter NN
and CC
nine CD
months NNS
, ,
worsened VBN
by IN
the DT
stock NN
dilution NN
of IN
an DT
employee NN
stock NN
ownership NN
plan NN
adopted VBN
earlier RBR
this DT
year NN
. .



For IN
the DT
quarter NN
, ,
earnings NNS
were VBD
$ $
47 CD
million CD
, ,
or CC
92 CD
cents NNS
a DT
share NN
, ,
including VBG
a DT
one-time JJ
gain NN
of IN
$ $
5.9 CD
million CD
. .
In IN
the DT
year-ago JJ
quarter NN
, ,
earnings NNS
were VBD
$ $
42.9 CD
million CD
, ,
or CC
93 CD
cents NNS
a DT
share NN
. .



Yesterday NN
, ,
Armstrong NNP
announced VBD
an DT
agreement NN
to TO
sell VB
its PRP$
small JJ
Applied NNP
Color NNP
Systems NNPS
unit NN
to TO
a DT
subsidiary NN
of IN
the DT
Swiss JJ
company NN
, ,
Brauerei NNP
Eichof NNP
Ltd NNP
. .
The DT
price NN
was VBD
n't RB
disclosed VBN
. .



Armstrong NNP
expects VBZ
to TO
close VB
the DT
sale NN
of IN
the DT
color NN
unit NN
in IN
late JJ
November NNP
and CC
the DT
carpet NN
sale NN
in IN
December NNP
, ,
with IN
the DT
gains NNS
to TO
be VB
applied VBN
to TO
fourth JJ
quarter NN
or CC
first-quarter JJ
results NNS
. .





The DT
government NN
's POS
primary JJ
economic-forecasting JJ
gauge NN
rose VBD
a DT
slight JJ
0.2 CD
% NN
in IN
September NNP
, ,
but CC
economists NNS
said VBD
the DT
report NN
offered VBD
little JJ
new JJ
information NN
on IN
the DT
degree NN
to TO
which WDT
the DT
U.S. NNP
economy NN
is VBZ
slowing VBG
. .



The DT
small JJ
increase NN
in IN
the DT
index NN
of IN
leading VBG
indicators NNS
, ,
which WDT
had VBD
climbed VBN
0.5 CD
% NN
in IN
August NNP
but CC
was VBD
unchanged JJ
in IN
July NNP
, ,
does VBZ
lend VB
support NN
to TO
the DT
view NN
that IN
the DT
economy NN
has VBZ
slowed VBN
noticeably RB
. .
However RB
, ,
it PRP
does VBZ
n't RB
give VB
much RB
of IN
a DT
clue NN
as IN
to TO
whether IN
a DT
recession NN
is VBZ
on IN
the DT
horizon NN
. .



`` ``
I PRP
do VBP
n't RB
think VB
it PRP
provides VBZ
much RB
new JJ
information NN
on IN
the DT
economy NN
, ,
'' ''
said VBD
Richard NNP
Rippe NNP
, ,
economist NN
at IN
Dean NNP
Witter NNP
Reynolds NNP
Inc NNP
. .
So RB
far RB
this DT
year NN
, ,
the DT
index NN
of IN
leading VBG
indicators NNS
has VBZ
risen VBN
in IN
four CD
months NNS
, ,
fallen VBN
in IN
four CD
months NNS
and CC
remained VBD
unchanged JJ
in IN
the DT
other JJ
month NN
. .



In IN
another DT
report NN
yesterday NN
, ,
the DT
Commerce NNP
Department NNP
said VBD
sales NNS
of IN
new JJ
single-family JJ
houses NNS
plunged VBD
14 CD
% NN
in IN
September NNP
to TO
an DT
annual JJ
rate NN
of IN
618,000 CD
from IN
719,000 CD
in IN
August NNP
. .
The DT
declines NNS
were VBD
particularly RB
pronounced VBN
in IN
the DT
Northeast NNP
and CC
in IN
the DT
South NNP
, ,
where WRB
Hurricane NNP
Hugo NNP
was VBD
a DT
factor NN
. .



Although IN
September NNP
's POS
weakness NN
followed VBD
two CD
strong JJ
months NNS
for IN
home NN
sales NNS
, ,
the DT
decline NN
supports VBZ
other JJ
indications NNS
that IN
the DT
drop NN
in IN
mortgage NN
rates NNS
earlier RBR
this DT
year NN
has VBZ
had VBN
only RB
a DT
limited JJ
beneficial JJ
effect NN
on IN
the DT
housing NN
market NN
. .



The DT
September NNP
drop NN
was VBD
the DT
largest JJS
since IN
a DT
19 CD
% NN
drop NN
in IN
January NNP
1982 CD
, ,
but CC
monthly JJ
changes NNS
in IN
this DT
measure NN
are VBP
even RB
less RBR
reliable JJ
than IN
those DT
in IN
other JJ
economic JJ
indicators NNS
. .
Because IN
the DT
figures NNS
are VBP
based VBN
on IN
a DT
small JJ
sample NN
, ,
the DT
department NN
said VBD
it PRP
is VBZ
90 CD
% NN
confident JJ
only RB
that IN
new-home JJ
sales NNS
fell VBD
somewhere RB
between IN
5 CD
% NN
and CC
23 CD
% NN
during IN
the DT
month NN
. .
The DT
department NN
also RB
said VBD
it PRP
takes VBZ
four CD
months NNS
to TO
establish VB
a DT
trend NN
. .



So RB
far RB
this DT
year NN
, ,
534,000 CD
newly RB
built VBN
homes NNS
have VBP
been VBN
sold VBN
, ,
down RB
4.5 CD
% NN
from IN
the DT
like JJ
months NNS
of IN
1988 CD
. .



The DT
index NN
of IN
leading VBG
indicators NNS
got VBD
a DT
major JJ
boost NN
in IN
September NNP
from IN
a DT
surge NN
in IN
consumer NN
expectations NNS
as IN
measured VBN
by IN
the DT
University NNP
of IN
Michigan NNP
. .
This DT
measure NN
had VBD
dropped VBN
sharply RB
in IN
August NNP
. .
The DT
Commerce NNP
Department NNP
said VBD
that IN
as IN
a DT
result NN
of IN
a DT
new JJ
adjustment NN
to TO
the DT
formula NN
used VBN
to TO
calculate VB
the DT
index NN
, ,
the DT
influence NN
of IN
this DT
component NN
has VBZ
been VBN
reduced VBN
. .



Of IN
the DT
11 CD
components NNS
to TO
the DT
index NN
, ,
only RB
three CD
others NNS
rose VBD
in IN
September NNP
: :
the DT
money NN
supply NN
, ,
the DT
length NN
of IN
the DT
average JJ
work NN
week NN
and CC
stock NN
prices NNS
. .



Several JJ
components NNS
that WDT
track VBP
the DT
health NN
of IN
the DT
manufacturing VBG
sector NN
of IN
the DT
economy NN
turned VBD
down RB
in IN
September NNP
. .
These DT
include VBP
new JJ
orders NNS
for IN
manufactured JJ
consumer NN
goods NNS
, ,
lead JJ
times NNS
on IN
vendor NN
deliveries NNS
, ,
orders NNS
for IN
new JJ
plant NN
and CC
equipment NN
, ,
and CC
backlogs NNS
of IN
orders NNS
for IN
durable JJ
goods NNS
. .



Meanwhile RB
, ,
the DT
National NNP
Association NNP
of IN
Manufacturers NNPS
said VBD
yesterday NN
a DT
recent JJ
poll NN
of IN
53 CD
executives NNS
on IN
its PRP$
board NN
found VBD
that IN
61 CD
% NN
do VBP
n't RB
expect VB
a DT
recession NN
to TO
occur VB
until IN
1991 CD
or CC
later RBR
. .
The DT
remainder NN
expect VBP
a DT
downturn NN
to TO
begin VB
sometime RB
in IN


Although IN
manufacturers NNS
often RB
are VBP
quick JJ
to TO
call VB
for IN
lower JJR
interest NN
rates NNS
, ,
60 CD
% NN
of IN
the DT
executives NNS
said VBD
they PRP
would MD
prefer VB
that IN
the DT
Fed NNP
keep VB
inflation-fighting NN
as IN
its PRP$
top JJ
priority NN
even RB
if IN
that DT
means VBZ
higher JJR
rates NNS
. .
The DT
other JJ
40 CD
% NN
said VBD
the DT
Fed NNP
ought MD
to TO
worry VB
less RBR
about IN
inflation NN
and CC
bring VB
interest NN
rates NNS
down RP
. .



All PDT
the DT
figures NNS
are VBP
adjusted VBN
to TO
remove VB
usual JJ
seasonal JJ
patterns NNS
. .



Here RB
are VBP
the DT
net JJ
contributions NNS
of IN
the DT
components NNS
of IN
the DT
Commerce NNP
Department NNP
's POS
index NN
of IN
leading VBG
indicators NNS
. .
After IN
various JJ
adjustments NNS
, ,
they PRP
produced VBD
a DT
0.5 CD
% NN
rise NN
in IN
the DT
index NN
for IN
August NNP
and CC
a DT
0.2 CD
% NN
rise NN
for IN
September NNP
. .
September NNP
, ,
and CC
the DT
change NN
from IN
August NNP
, ,
are VBP
: :
from IN
1.11 CD
in IN
the DT
previous JJ
month NN
. .





Boston NNP
Edison NNP
Co. NNP
said VBD
it PRP
will MD
take VB
a DT
previously RB
reported VBN
$ $
60 CD
million CD
charge NN
against IN
earnings NNS
in IN
the DT
fourth JJ
quarter NN
. .



The DT
charge NN
resulted VBD
from IN
a DT
settlement NN
approved VBN
yesterday NN
by IN
the DT
Massachusetts NNP
Department NNP
of IN
Public NNP
Utilities NNPS
. .
As IN
expected VBN
, ,
the DT
settlement NN
limits VBZ
rate NN
increases NNS
for IN
three CD
years NNS
and CC
ties VBZ
future JJ
charges NNS
to TO
customers NNS
for IN
operation NN
of IN
the DT
troubled JJ
Pilgrim NNP
Nuclear NNP
Power NNP
Station NNP
to TO
that DT
plant NN
's POS
performance NN
. .



In IN
its PRP$
order NN
, ,
the DT
state NN
regulatory JJ
agency NN
said VBD
the DT
company NN
`` ``
must MD
be VB
held VBN
accountable JJ
for IN
the DT
mistakes NNS
made VBN
in IN
the DT
management NN
of IN
the DT
plant NN
's POS
operation NN
. .
'' ''
Pilgrim NNP
had VBD
been VBN
closed JJ
for IN
32 CD
months NNS
. .





The DT
average JJ
interest NN
rate NN
rose VBD
to TO
8.3875 CD
% NN
at IN
Citicorp NNP
's POS
$ $
50 CD
million CD
weekly JJ
auction NN
of IN
91-day JJ
commercial JJ
paper NN
, ,
or CC
corporate JJ
IOUs NNS
, ,
from IN
8.337 CD
% NN
at IN
last JJ
week NN
's POS
sale NN
. .



Bids NNS
totaling VBG
$ $
515 CD
million CD
were VBD
submitted VBN
. .
Accepted JJ
bids NNS
ranged VBD
from IN
8.38 CD
% NN
to TO
8.395 CD
% NN
. .



Citicorp NNP
also RB
said VBD
that IN
the DT
average JJ
rate NN
rose VBD
to TO
8.0087 CD
% NN
at IN
its PRP$
$ $
50 CD
million CD
auction NN
of IN
182-day JJ
commercial JJ
paper NN
from IN
7.962 CD
% NN
at IN
last JJ
week NN
's POS
sale NN
. .



Bids NNS
totaling VBG
$ $
475 CD
million CD
were VBD
submitted VBN
. .
Accepted JJ
bids NNS
ranged VBD
from IN
8 CD
% NN
to TO
8.019 CD
% NN
. .
The DT
bank NN
holding NN
company NN
will MD
auction VB
another DT
$ $
50 CD
million CD
in IN
each DT
maturity NN
next IN
Tuesday NNP
. .





An DT
imaginative JJ
novelist NN
writing VBG
a DT
thriller NN
about IN
amateur JJ
spy-chasing NN
might MD
invent VB
a DT
Clifford NNP
Stoll NNP
, ,
but CC
it PRP
's VBZ
unlikely JJ
. .
It PRP
's VBZ
also RB
unnecessary JJ
. .
Amateur JJ
spy-chaser NN
Clifford NNP
Stoll NNP
is VBZ
a DT
real JJ
person NN
, ,
or CC
as IN
he PRP
might MD
waggishly RB
put VB
it PRP
, ,
a DT
surreal JJ
person NN
. .



He PRP
is VBZ
37 CD
, ,
an DT
astronomer NN
with IN
impressive JJ
credentials NNS
, ,
and CC
something NN
of IN
a DT
genius NN
at IN
making VBG
computers NNS
do VB
his PRP$
bidding NN
. .
He PRP
once RB
described VBD
himself PRP
as IN
a DT
`` ``
Berkeley NNP
Hippie NNP
, ,
'' ''
and CC
played VBD
the DT
role NN
well RB
; :
obligatory JJ
ragged JJ
jeans NNS
, ,
a DT
thicket NN
of IN
long JJ
hair NN
and CC
rejection NN
of IN
all DT
things NNS
conventional JJ
, ,
including VBG
, ,
for IN
a DT
time NN
at IN
least JJS
, ,
formal JJ
marriage NN
to TO
his PRP$
`` ``
sweetheart NN
, ,
'' ''
Martha NNP
Matthews NNP
. .
He PRP
also RB
is VBZ
an DT
entertaining JJ
writer NN
, ,
combining VBG
wisecracks NNS
and CC
wordplay NN
with IN
programmatic JJ
detail NN
and CC
lucid JJ
explanations NNS
of IN
how WRB
computers NNS
work VBP
. .
In IN
`` ``
The DT
Cuckoo NN
's POS
Egg NN
'' ''
( (
Doubleday NNP
, ,
326 CD
pages NNS
, ,
$ $
19.95 CD
) )
, ,
he PRP
spins VBZ
a DT
remarkable JJ
tale NN
of IN
his PRP$
efforts NNS
over IN
18 CD
months NNS
to TO
catch VB
a DT
computer NN
spy NN
. .



The DT
result NN
last JJ
spring NN
was VBD
the DT
arrest NN
by IN
West JJ
German NNP
authorities NNS
of IN
five CD
young JJ
West NNPS
Germans NNPS
, ,
accused VBN
of IN
stealing VBG
information NN
from IN
computers NNS
in IN
the DT
U.S. NNP
and CC
Europe NNP
and CC
selling VBG
it PRP
to TO
the DT
Soviet NNP
KGB NNP
. .
One CD
of IN
them PRP
, ,
25-year-old JJ
Markus NNP
Hess NNP
of IN
Hannover NNP
, ,
allegedly RB
used VBD
the DT
international JJ
telecommunications NN
network NN
to TO
break VB
into IN
more JJR
than IN
30 CD
high-security JJ
computers NNS
in IN
the DT
U.S. NNP
, ,
searching VBG
for IN
secrets NNS
. .
He PRP
probably RB
did VBD
n't RB
penetrate VB
any DT
top-secret JJ
files NNS
, ,
but CC
the DT
KGB NNP
in IN
East NNP
Berlin NNP
was VBD
willing JJ
to TO
pay VB
two CD
of IN
his PRP$
associates NNS
, ,
Peter NNP
Carl NNP
and CC
Dirk NNP
Brezinski NNP
, ,
$ $
15,000 CD
for IN
some DT
of IN
the DT
material NN
Hess NNP
collected VBD
. .
They PRP
promised VBD
yet RB
more JJR
for IN
really RB
good JJ
stuff NN
. .



Mr. NNP
Stoll NNP
draws VBZ
his PRP$
title NN
from IN
the DT
cuckoo NN
's POS
habit NN
of IN
laying VBG
eggs NNS
in IN
the DT
nests NNS
of IN
other JJ
birds NNS
, ,
making VBG
them PRP
surrogate JJ
parents NNS
. .
The DT
computer NN
spy NN
had VBD
discovered VBN
that IN
a DT
popular JJ
editing\ electronic JJ
mail NN
program NN
called VBN
Gnu-Emacs NNP
could MD
do VB
tricks NNS
with IN
the DT
widely RB
used JJ
Unix NNP
operating VBG
system NN
created VBN
by IN
AT&T NNP
. .
Using VBG
Gnu-Emacs NNP
, ,
the DT
spy NN
could MD
substitute VB
a DT
bogus JJ
`` ``
atrun JJ
'' ''
program NN
for IN
the DT
one NN
that WDT
routinely RB
cleans VBZ
up RP
the DT
Unix NNP
system NN
every DT
five CD
minutes NNS
. .
Once RB
his PRP$
cuckoo NN
's POS
egg NN
was VBD
laid VBN
, ,
he PRP
could MD
enter VB
Unix NNP
and CC
become VB
a DT
`` ``
super-user NN
, ,
'' ''
with IN
access NN
to TO
everything NN
. .



Mr. NNP
Stoll NNP
was VBD
scanning VBG
the DT
heavens NNS
at IN
the DT
Keck NNP
observatory NN
of IN
the DT
Lawrence NNP
Berkeley NNP
Laboratory NNP
in IN
1986 CD
when WRB
his PRP$
grant NN
ran VBD
low RB
and CC
he PRP
was VBD
asked VBN
to TO
switch VB
to TO
helping VBG
run VB
the DT
lab NN
's POS
computers NNS
. .
He PRP
discovered VBD
a DT
75-cent JJ
discrepancy NN
in IN
the DT
charges NNS
made VBN
to TO
various JJ
departments NNS
for IN
computer NN
time NN
and CC
traced VBD
it PRP
to TO
a DT
user NN
named VBN
`` ``
Hunter NNP
, ,
'' ''
who WP
had VBD
no DT
valid JJ
billing NN
address NN
. .
Mr. NNP
Stoll NNP
suspected VBD
the DT
intruder NN
was VBD
one CD
of IN
those DT
precocious JJ
students NNS
who WP
has VBZ
fun NN
breaking VBG
into IN
computers NNS
. .



But CC
after IN
much JJ
tracking NN
, ,
it PRP
became VBD
evident JJ
to TO
Mr. NNP
Stoll NNP
, ,
through IN
various JJ
clues NNS
, ,
that IN
the DT
hacker NN
was VBD
not RB
on IN
the DT
Berkeley NNP
campus NN
or CC
even RB
in IN
California NNP
. .
Finding VBG
him PRP
became VBD
an DT
obsession NN
for IN
Mr. NNP
Stoll NNP
. .
He PRP
made VBD
a DT
midnight NN
requisition NN
of IN
all PDT
the DT
printers NNS
he PRP
could MD
lay VB
hands NNS
on RB
so IN
that IN
he PRP
could MD
monitor VB
all PDT
the DT
telephone NN
lines NNS
coming VBG
into IN
the DT
lab NN
's POS
computers NNS
. .
After IN
discovering VBG
that IN
the DT
hacker NN
had VBD
taken VBN
over RP
the DT
dormant JJ
account NN
of IN
a DT
legitimate JJ
user NN
named VBN
Joe NNP
Sventek NNP
, ,
he PRP
rigged VBD
up RP
an DT
alarm NN
system NN
, ,
including VBG
a DT
portable JJ
beeper NN
, ,
to TO
alert VB
him PRP
when WRB
Sventek NNP
came VBD
on IN
the DT
line NN
. .
Some DT
nights NNS
he PRP
slept VBD
under IN
his PRP$
desk NN
. .
His PRP$
boss NN
complained VBD
about IN
neglect NN
of IN
other JJ
chores NNS
. .



The DT
hacker NN
was VBD
pawing VBG
over IN
the DT
Berkeley NNP
files NNS
but CC
also RB
using VBG
Berkeley NNP
and CC
other JJ
easily RB
accessible JJ
computers NNS
as IN
stepping JJ
stones NNS
to TO
the DT
network NN
of IN
computers NNS
used VBN
by IN
the DT
military NN
and CC
national JJ
security NN
agencies NNS
. .
The DT
White NNP
Sands NNPS
missile NN
range NN
and CC
CIA NNP
contractor NN
Mitre NNP
Inc. NNP
were VBD
among IN
the DT
targets NNS
. .
When WRB
the DT
hacker NN
moved VBD
, ,
Mr. NNP
Stoll NNP
moved VBD
too RB
, ,
calling VBG
up RP
other JJ
systems NNS
managers NNS
to TO
alert VB
them PRP
but CC
keeping VBG
his PRP$
own JJ
system NN
open JJ
to TO
avoid VB
arousing VBG
suspicion NN
. .
Sometimes RB
, ,
if IN
the DT
hacker NN
seemed VBD
to TO
be VB
into IN
a DT
sensitive JJ
file NN
, ,
he PRP
would MD
drag VB
his PRP$
keychain NN
across IN
the DT
terminal NN
to TO
create VB
static JJ
or CC
slow VB
the DT
system NN
down RP
to TO
frustrate VB
his PRP$
quarry NN
. .



The DT
FBI NNP
initially RB
showed VBD
little JJ
interest NN
, ,
and CC
he PRP
had VBD
the DT
impression NN
other JJ
federal JJ
security NN
agencies NNS
were VBD
tangled VBN
up RB
in IN
legal JJ
red JJ
tape NN
. .
The DT
CIA NNP
told VBD
him PRP
it PRP
does VBZ
not RB
do VB
domestic JJ
counterespionage NN
. .
One PRP
learns VBZ
a DT
lot NN
from IN
this DT
book NN
, ,
or CC
seems VBZ
to TO
, ,
about IN
crippling JJ
federal JJ
bureaucracy NN
. .
`` ``
Seems VBZ
to TO
'' ''
because IN
it PRP
's VBZ
possible JJ
that IN
the DT
CIA NNP
and CC
the DT
National NNP
Security NNP
Agency NNP
were VBD
more RBR
interested JJ
than IN
they PRP
let VB
on RB
to TO
Mr. NNP
Stoll NNP
. .



Finally RB
, ,
he PRP
got VBD
help NN
. .
Tymnet NNP
is VBZ
a DT
major JJ
network NN
linking VBG
computers NNS
. .
One CD
of IN
its PRP$
international JJ
specialists NNS
, ,
Steve NNP
White NNP
, ,
took VBD
a DT
quick JJ
interest NN
in IN
Mr. NNP
Stoll NNP
's POS
hunt NN
, ,
ultimately RB
tracing VBG
the DT
hacker NN
to TO
West NNP
Germany NNP
. .
The DT
West NNPS
Germans NNPS
then RB
took VBD
over RB
and CC
finally RB
found VBD
Markus NNP
Hess NNP
. .



Eventually RB
, ,
Mr. NNP
Stoll NNP
was VBD
invited VBN
to TO
both DT
the DT
CIA NNP
and CC
NSA NNP
to TO
brief VB
high-ranking JJ
officers NNS
on IN
computer NN
theft NN
. .
He PRP
savored VBD
the DT
humor NN
of IN
his PRP$
uncombed JJ
appearance NN
among IN
these DT
buttoned-up JJ
chaps NNS
. .
Back RB
in IN
Berkeley NNP
, ,
he PRP
was VBD
violently RB
scolded VBN
by IN
a DT
left-wing JJ
lady NN
friend NN
for IN
consorting VBG
with IN
such JJ
people NNS
. .
He PRP
became VBD
angry JJ
in IN
return NN
. .
He PRP
had VBD
developed VBN
a DT
hatred NN
for IN
the DT
hacker NN
and CC
a DT
grudging JJ
appreciation NN
of IN
the DT
federal JJ
`` ``
spooks NNS
'' ''
who WP
make VBP
national JJ
security NN
their PRP$
business NN
. .
At IN
several JJ
different JJ
levels NNS
, ,
it PRP
's VBZ
a DT
fascinating JJ
tale NN
. .



Mr. NNP
Melloan NNP
is VBZ
deputy JJ
editor NN
of IN
the DT
Journal NNP
. .





Mips NNP
Computer NNP
Systems NNPS
Inc. NNP
today NN
will MD
unveil VB
a DT
new JJ
general-purpose JJ
computer NN
that WDT
will MD
compete VB
with IN
more RBR
expensive JJ
machines NNS
from IN
companies NNS
such JJ
as IN
Sun NNP
Microsystems NNPS
Inc. NNP
and CC
Digital NNP
Equipment NNP
Corp NNP
. .



The DT
closely RB
held JJ
Sunnyvale NNP
, ,
Calif. NNP
, ,
company NN
also RB
will MD
announce VB
an DT
agreement NN
to TO
supply VB
computers NNS
to TO
Control NNP
Data NNP
Corp. NNP
, ,
which WDT
will MD
sell VB
Mips NNP
machines NNS
under IN
its PRP$
own JJ
label NN
. .



The DT
new JJ
Mips NNP
machine NN
, ,
called VBN
the DT
RC6280 NN
, ,
will MD
cost VB
$ $
150,000 CD
for IN
a DT
basic JJ
system NN
. .
The DT
computer NN
processes VBZ
55 CD
million CD
instructions NNS
per IN
second NN
and CC
uses VBZ
only RB
one CD
central JJ
processing VBG
chip NN
, ,
unlike IN
many JJ
rival JJ
machines NNS
using VBG
several JJ
processors NNS
. .
The DT
machine NN
employs VBZ
reduced JJ
instruction-set JJ
computing NN
, ,
or CC
RISC NNP
, ,
technology NN
. .



At IN
that DT
price NN
, ,
an DT
analyst NN
familiar JJ
with IN
the DT
machine NN
said VBD
, ,
the DT
computer NN
offers VBZ
up IN
to TO
10 CD
times NNS
the DT
performance NN
of IN
similar JJ
machines NNS
. .
`` ``
In IN
the DT
price NN
range NN
it PRP
's VBZ
a DT
tremendously RB
high-performing JJ
product NN
, ,
'' ''
said VBD
Sandy NNP
Gant NNP
, ,
an DT
analyst NN
at IN
the DT
market-research JJ
firm NN
InfoCorp NNP
. .



The DT
machine NN
is VBZ
part NN
of IN
an DT
effort NN
by IN
Mips NNP
to TO
establish VB
itself PRP
as IN
a DT
supplier NN
of IN
computers NNS
, ,
not RB
just RB
of IN
integrated-circuit JJ
technology NN
. .
Mips NNP
also RB
wants VBZ
to TO
wedge VB
into IN
markets NNS
other JJ
than IN
traditional JJ
RISC NNP
applications NNS
such JJ
as IN
engineering NN
; :
Mips NNP
said VBD
the DT
new JJ
machine NN
will MD
also RB
be VB
used VBN
by IN
businesses NNS
and CC
for IN
communications NNS
. .
`` ``
This DT
clearly RB
demonstrates VBZ
that IN
Mips NNP
is VBZ
a DT
systems NNS
company NN
rather RB
than IN
just RB
a DT
chip NN
company NN
, ,
'' ''
said VBD
Mips NNP
Vice NNP
President NNP
John NNP
Hime NNP
. .



The DT
Control NNP
Data NNP
deal NN
is VBZ
a DT
boon NN
for IN
Mips NNP
because IN
it PRP
gives VBZ
the DT
the DT
five-year-old JJ
company NN
one CD
more JJR
ally NN
as IN
it PRP
battles VBZ
more RBR
established JJ
electronic JJ
concerns NNS
such JJ
as IN
Sun NNP
, ,
Hewlett-Packard NNP
Co. NNP
, ,
Motorola NNP
Inc. NNP
and CC
Intel NNP
Corp. NNP
for IN
the DT
emerging VBG
market NN
for IN
RISC NNP
machines NNS
. .
RISC NNP
technology NN
speeds VBZ
up RP
a DT
computer NN
by IN
simplifying VBG
the DT
internal JJ
software NN
. .



For IN
Mips NNP
, ,
which WDT
expects VBZ
revenue NN
of IN
$ $
100 CD
million CD
this DT
year NN
, ,
big-name JJ
allies NNS
such JJ
as IN
Control NNP
Data NNP
are VBP
essential JJ
to TO
attract VB
software NN
developers NNS
to TO
the DT
company NN
's POS
RISC NNP
architecture NN
. .
`` ``
The DT
thing NN
it PRP
says VBZ
about IN
Mips NNP
is VBZ
that IN
they PRP
're VBP
on IN
a DT
roll NN
right RB
now RB
, ,
'' ''
said VBD
Ms. NNP
Gant NNP
at IN
InfoCorp NNP
. .
`` ``
They PRP
're VBP
getting VBG
some DT
major JJ
wins NNS
, ,
'' ''
she PRP
added VBD
. .



Last JJ
month NN
, ,
for IN
example NN
, ,
Mips NNP
agreed VBD
to TO
supply VB
its PRP$
computers NNS
to TO
Nixdorf NNP
Computer NNP
AG NNP
of IN
West NNP
Germany NNP
and CC
France NNP
's POS
Groupe NNP
Bull NNP
. .
Sony NNP
Corp. NNP
, ,
Tandem NNP
Computers NNPS
Inc. NNP
and CC
Digital NNP
Equipment NNP
have VBP
agreed VBN
to TO
sell VB
MIPS NNP
computers NNS
and CC
companies NNS
such JJ
as IN
Japan NNP
's POS
NEC NNP
Corp. NNP
and CC
West NNP
Germany NNP
's POS
Siemens NNP
A.G. NNP
have VBP
agreed VBN
to TO
make VB
Mips NNP
chips NNS
under IN
license NN
. .



Today NN
's POS
agreement NN
gives VBZ
Control NNP
Data NNP
a DT
machine NN
to TO
compete VB
against IN
Digital NNP
and CC
other JJ
general-purpose JJ
computer NN
makers NNS
, ,
said VBD
John NNP
Logan NNP
, ,
a DT
computer-market JJ
analyst NN
at IN
Aberdeen NNP
Group NNP
Inc. NNP
of IN
Boston NNP
. .
The DT
machine NN
is VBZ
essentially RB
a DT
mainframe NN
computer NN
, ,
he PRP
said VBD
. .
`` ``
Suddenly RB
CDC NNP
( (
Control NNP
Data NNP
) )
has VBZ
a DT
competitive JJ
product NN
to TO
fight VB
back RB
against IN
the DT
VAX9000 NN
, ,
'' ''
a DT
machine NN
Digital NNP
announced VBD
last JJ
month NN
, ,
he PRP
added VBD
. .



Control NNP
Data NNP
, ,
based VBN
in IN
Minneapolis NNP
, ,
Minn. NNP
, ,
expects VBZ
its PRP$
sales NNS
of IN
Mips NNP
systems NNS
, ,
including VBG
the DT
new JJ
RC6280 NN
, ,
to TO
amount VB
to TO
more JJR
than IN
$ $
100 CD
million CD
by IN
the DT
end NN
of IN
1991 CD
, ,
Mips NNP
said VBD
. .
Nixdorf NNP
, ,
Bull NNP
and CC
others NNS
will MD
also RB
sell VB
versions NNS
of IN
the DT
machine NN
, ,
said VBD
Mips NNP
President NNP
Robert NNP
Miller NNP
. .



Mips NNP
will MD
start VB
shipping VBG
its PRP$
new JJ
machine NN
in IN
the DT
first JJ
quarter NN
of IN
1990 CD
, ,
he PRP
said VBD
. .
The DT
machine NN
uses VBZ
a DT
single JJ
processor NN
, ,
which WDT
makes VBZ
it PRP
easier JJR
to TO
program VB
than IN
competing VBG
machines NNS
using VBG
several JJ
processors NNS
. .
The DT
computer NN
can MD
process VB
13.3 CD
million CD
calculations NNS
called VBD
floating-point JJ
operations NNS
every DT
second NN
. .
The DT
machine NN
can MD
run VB
software NN
written VBN
for IN
other JJ
Mips NNP
computers NNS
, ,
the DT
company NN
said VBD
. .





Another DT
fight NN
is VBZ
brewing VBG
between IN
Congress NNP
and CC
the DT
Bush NNP
administration NN
over IN
how WRB
to TO
pay VB
for IN
the DT
savings-and-loan NN
bailout NN
without IN
adding VBG
to TO
the DT
federal JJ
budget NN
deficit NN
. .



In IN
a DT
hearing NN
before IN
the DT
House NNP
Ways NNPS
and CC
Means NNPS
Committee NNP
, ,
the DT
General NNP
Accounting NNP
Office NNP
and CC
the DT
Congressional NNP
Budget NNP
Office NNP
, ,
which WDT
both DT
are VBP
arms NNS
of IN
Congress NNP
, ,
advised VBD
the DT
new JJ
S&L NN
bailout NN
agency NN
to TO
abandon VB
plans NNS
to TO
raise VB
temporary JJ
working JJ
capital NN
through IN
debt NN
issued VBN
from IN
an DT
agency NN
that WDT
would MD
n't RB
be VB
counted VBN
on IN
the DT
federal JJ
budget NN
. .



Officials NNS
of IN
the DT
Resolution NNP
Trust NNP
Corp. NNP
have VBP
said VBN
privately RB
that IN
such PDT
a DT
plan NN
was VBD
the DT
most RBS
likely JJ
alternative NN
to TO
raise VB
short-term JJ
cash NN
for IN
the DT
bailout NN
. .



Instead RB
, ,
the DT
GAO NNP
and CC
the DT
Congressional NNP
Budget NNP
Office NNP
said VBD
, ,
the DT
RTC NNP
should MD
consider VB
using VBG
Treasury NNP
debt NN
, ,
which WDT
is VBZ
less RBR
expensive JJ
and CC
subject JJ
to TO
oversight NN
by IN
Congress NNP
. .
The DT
spending NN
could MD
be VB
exempted VBN
from IN
meeting VBG
deficit-reduction JJ
targets NNS
in IN
the DT
Gramm-Rudman NNP
budget NN
law NN
. .



The DT
RTC NNP
has VBZ
projected VBN
that IN
it PRP
will MD
require VB
between IN
$ $
50 CD
billion CD
to TO
$ $
100 CD
billion CD
in IN
temporary JJ
working JJ
capital NN
. .
The DT
borrowing NN
to TO
raise VB
these DT
funds NNS
would MD
be VB
paid VBN
off RB
as IN
assets NNS
of IN
sick JJ
thrifts NNS
are VBP
sold VBN
. .
The DT
new JJ
S&L NN
law NN
allows VBZ
the DT
RTC NNP
to TO
issue VB
notes NNS
for IN
as RB
much JJ
as IN
85 CD
% NN
of IN
the DT
value NN
of IN
the DT
assets NNS
it PRP
holds VBZ
. .



But CC
higher JJR
interest NN
rates NNS
paid VBN
on IN
off-budget JJ
debt NN
could MD
add VB
billions NNS
to TO
the DT
bailout NN
costs NNS
, ,
and CC
would MD
n't RB
be VB
subject JJ
to TO
congressional JJ
scrutiny NN
, ,
Ways NNPS
and CC
Means NNPS
members NNS
argued VBD
. .
`` ``
To TO
allow VB
this DT
massive JJ
level NN
of IN
unfettered JJ
federal JJ
borrowing NN
without IN
prior JJ
congressional JJ
approval NN
would MD
be VB
irresponsible JJ
, ,
'' ''
said VBD
Rep. NNP
Fortney NNP
Stark NNP
( (
D. NNP
, ,
Calif. NNP
) )
, ,
who WP
has VBZ
introduced VBN
a DT
bill NN
to TO
limit VB
the DT
RTC NNP
's POS
authority NN
to TO
issue VB
debt NN
. .



The DT
RTC NNP
will MD
have VB
to TO
sell VB
or CC
merge VB
hundreds NNS
of IN
insolvent JJ
thrifts NNS
over IN
the DT
next JJ
three CD
years NNS
. .
The DT
new JJ
S&L NN
bailout NN
law NN
allows VBZ
$ $
50 CD
billion CD
to TO
be VB
spent VBN
to TO
sell VB
or CC
merge VB
sick JJ
S&Ls NNS
and CC
their PRP$
assets NNS
, ,
but CC
that DT
is VBZ
a DT
net JJ
cost NN
. .
In IN
the DT
meantime NN
, ,
the DT
agency NN
must MD
raise VB
cash NN
to TO
maintain VB
assets NNS
, ,
such JJ
as IN
real JJ
estate NN
, ,
until IN
they PRP
can MD
be VB
sold VBN
. .
Then RB
the DT
short-term JJ
debt NN
is VBZ
paid VBN
off RB
through IN
the DT
proceeds NNS
of IN
selling VBG
the DT
assets NNS
. .



David NNP
Mullins NNP
, ,
assistant NN
secretary NN
of IN
the DT
Treasury NNP
, ,
said VBD
that IN
the DT
working JJ
capital NN
is VBZ
necessary JJ
to TO
reduce VB
the DT
final JJ
costs NNS
of IN
the DT
bailout NN
, ,
by IN
allowing VBG
the DT
agency NN
to TO
sell VB
savings NNS
and CC
loans NNS
without IN
their PRP$
bad JJ
assets NNS
, ,
then RB
hold VB
the DT
assets NNS
until IN
they PRP
can MD
be VB
sold VBN
under IN
favorable JJ
conditions NNS
. .



He PRP
said VBD
it PRP
has VBZ
n't RB
yet RB
been VBN
determined VBN
how WRB
the DT
RTC NNP
will MD
raise VB
the DT
cash NN
, ,
but CC
the DT
administration NN
does VBZ
n't RB
want VB
it PRP
to TO
be VB
included VBN
on IN
the DT
federal JJ
budget NN
, ,
because IN
it PRP
would MD
`` ``
distort VB
'' ''
the DT
budget NN
process NN
by IN
requiring VBG
either CC
exemptions NNS
from IN
Gramm-Rudman NNP
or CC
big JJ
increases NNS
in IN
the DT
budget NN
deficit NN
. .



But CC
the DT
worst JJS
possibility NN
would MD
be VB
raising VBG
no DT
working JJ
capital NN
, ,
he PRP
said VBD
. .
`` ``
If IN
working JJ
capital NN
financing NN
is VBZ
not RB
provided VBN
, ,
'' ''
he PRP
said VBD
, ,
`` ``
the DT
RTC NNP
may MD
have VB
to TO
slow VB
{ (
S&L NN
sales NNS
} )
or CC
dump VB
acquired VBN
assets NNS
through IN
fire NN
sales NNS
. .
'' ''






Panhandle NNP
Eastern NNP
Corp. NNP
said VBD
it PRP
applied VBD
, ,
on IN
behalf NN
of IN
two CD
of IN
its PRP$
subsidiaries NNS
, ,
to TO
the DT
Federal NNP
Energy NNP
Regulatory NNP
Commission NNP
for IN
permission NN
to TO
build VB
a DT
352-mile JJ
, ,
$ $
273 CD
million CD
pipeline NN
system NN
from IN
Pittsburg NNP
County NNP
, ,
Okla. NNP
, ,
to TO
Independence NNP
, ,
Miss NNP
. .



The DT
natural JJ
gas NN
pipeline NN
concern NN
said VBD
the DT
500 CD
million CD
cubic JJ
feet NNS
a DT
day NN
capacity NN
pipeline NN
would MD
be VB
built VBN
by IN
a DT
proposed VBN
joint NN
venture NN
between IN
two CD
Panhandle NNP
Eastern NNP
units NNS
- :
Texas NNP
Eastern NNP
Transmission NNP
Corp. NNP
and CC
Trunkline NNP
Gas NNP
Co NNP
. .
Texas NNP
Eastern NNP
Transmission NNP
will MD
build VB
and CC
operate VB
the DT
system NN
, ,
which WDT
will MD
connect VB
the DT
Arkoma NNP
Basin NNP
with IN
several JJ
interstate JJ
pipelines NNS
. .





Now RB
was VBD
that IN
a DT
quarter NN
cup NN
or CC
a DT
half JJ
cup NN
? .



Not RB
a DT
gripping JJ
question NN
, ,
unless IN
you PRP
're VBP
the DT
pastry NN
chef NN
of IN
this DT
city NN
's POS
Chez NNP
Panisse NNP
restaurant NN
and CC
you PRP
've VBP
just RB
lost VBN
your PRP$
priceless JJ
personal JJ
dessert NN
notebook NN
. .



Chez NNP
Panisse NNP
was VBD
listed VBN
among IN
the DT
top JJ
30 CD
restaurants NNS
in IN
the DT
world NN
this DT
year NN
by IN
Connoisseur NNP
magazine NN
. .
The DT
tattered JJ
black JJ
binder NN
, ,
bulging VBG
with IN
18 CD
years NNS
' POS
worth NN
of IN
recipes NNS
held VBN
together RB
by IN
rubber NN
bands NNS
, ,
was VBD
in IN
chef NN
Lindsey NNP
Shere NNP
's POS
purse NN
when WRB
it PRP
was VBD
stolen VBN
from IN
her PRP$
house NN
recently RB
. .



The DT
Berkeley NNP
police NNS
do VBP
n't RB
have VB
any DT
leads NNS
but CC
doubt VB
the DT
crime NN
was VBD
driven VBN
by IN
a DT
passion NN
for IN
sweets NNS
. .
Instead RB
, ,
they PRP
figure VBP
the DT
culprit NN
probably RB
took VBD
money NN
from IN
Ms. NNP
Shere NNP
's POS
wallet NN
and CC
discarded VBD
all PDT
the DT
tips NNS
in IN
the DT
five-by-eight-inch JJ
looseleaf NN
. .



Chez NNP
Panisse NNP
, ,
whose WP$
founder NN
, ,
Alice NNP
Waters NNP
, ,
is VBZ
considered VBN
the DT
inventor NN
of IN
the DT
cooking JJ
style NN
known VBN
as IN
California NNP
cuisine NN
and CC
whose WP$
patrons NNS
make VBP
reservations NNS
a DT
month NN
in IN
advance NN
, ,
has VBZ
n't RB
exactly RB
subjected VBN
diners NNS
to TO
vanilla NN
ice NN
cream NN
because IN
of IN
the DT
theft NN
. .
For IN
one CD
thing NN
, ,
Ms. NNP
Shere NNP
can MD
draw VB
on IN
her PRP
cookbook NN
, ,
published VBN
by IN
Random NNP
House NNP
four CD
years NNS
ago RB
, ,
which WDT
is VBZ
teeming VBG
with IN
recipes NNS
for IN
such JJ
specialties NNS
as IN
kiwi NN
sherbet NN
, ,
gooseberry NN
fool NN
( (
a DT
creamy JJ
dish NN
made VBN
with IN
crushed JJ
stewed JJ
berries NNS
) )
and CC
hazelnut NN
`` ``
oeufs FW
a FW
la FW
neige FW
. .
'' ''
For IN
another DT
, ,
sympathetic JJ
fans NNS
have VBP
sent VBN
Ms. NNP
Shere NNP
copies NNS
of IN
her PRP$
recipes NNS
clipped VBN
from IN
magazines NNS
over IN
the DT
years NNS
. .



Still RB
, ,
the DT
restaurant NN
's POS
ever-changing JJ
menu NN
of IN
five-course JJ
dinners NNS
-- :
it PRP
supposedly RB
has VBZ
n't RB
repeated VBN
a DT
meal NN
since IN
opening VBG
in IN
1971 CD
-- :
requires VBZ
constant JJ
improvisation NN
. .
And CC
that DT
puts VBZ
added JJ
pressure NN
on IN
Chez NNP
Panisse NNP
dessert-menu NN
planners NNS
. .
`` ``
We PRP
make VBP
what WP
we PRP
know VBP
how WRB
to TO
make VB
, ,
'' ''
says VBZ
business NN
manager NN
Richard NNP
Mazzera NNP
. .



Many JJ
in IN
the DT
Bay NNP
Area NNP
's POS
pastry NN
community NN
express VBP
disbelief NN
that IN
Ms. NNP
Shere NNP
kept VBD
only RB
one CD
copy NN
of IN
such JJ
valuable JJ
notes NNS
, ,
but CC
she PRP
has VBZ
received VBN
moral JJ
support NN
from IN
Baker NNP
's POS
Dozen NNP
, ,
a DT
group NN
of IN
California NNP
pastry NN
chefs NNS
that WDT
meets VBZ
regularly RB
to TO
discuss VB
issues NNS
like VB
how WRB
to TO
keep VB
meringues NNS
from IN
weeping VBG
and CC
how WRB
bovine JJ
eating JJ
habits NNS
affect VBP
butter NN
texture NN
. .



Ms. NNP
Shere NNP
has VBZ
offered VBN
a DT
$ $
500 CD
reward NN
for IN
the DT
book NN
's POS
return NN
but CC
figures VBZ
she PRP
'll MD
have VB
to TO
reinvent VB
many JJ
recipes NNS
from IN
scratch NN
. .
`` ``
It PRP
's VBZ
an DT
overwhelming JJ
job NN
, ,
'' ''
she PRP
says VBZ
. .
`` ``
There EX
are VBP
so RB
many JJ
possible JJ
proportions NNS
when WRB
you PRP
consider VBP
how WRB
many JJ
things NNS
are VBP
made VBN
out IN
of IN
eggs NNS
and CC
butter NN
and CC
milk NN
. .
'' ''






Newport NNP
Electronics NNPS
Inc. NNP
named VBD
a DT
new JJ
slate NN
of IN
officers NNS
, ,
a DT
move NN
that WDT
follows VBZ
replacement NN
of IN
the DT
company NN
's POS
five CD
incumbent JJ
directors NNS
last JJ
week NN
. .



Milton NNP
B. NNP
Hollander NNP
, ,
60 CD
years NNS
old JJ
, ,
was VBD
named VBN
chief JJ
executive NN
officer NN
, ,
succeeding VBG
Barrett NNP
B. NNP
Weekes NNP
. .
Mr. NNP
Hollander NNP
's POS
Stamford NNP
, ,
Conn.-based JJ
High NNP
Technology NNP
Holding NNP
Co. NNP
acquired VBD
most JJS
of IN
its PRP$
49.4 CD
% NN
stake NN
in IN
Newport NNP
in IN
August NNP
. .
Mr. NNP
Hollander NNP
was VBD
named VBN
chairman NN
last JJ
week NN
, ,
succeeding VBG
Mr. NNP
Weekes NNP
, ,
who WP
was VBD
among IN
the DT
ousted VBN
directors NNS
. .



The DT
company NN
has VBZ
declined VBN
requests NNS
to TO
discuss VB
the DT
changes NNS
, ,
but CC
Mr. NNP
Weekes NNP
has VBZ
said VBN
that IN
Mr. NNP
Hollander NNP
wanted VBD
to TO
have VB
his PRP$
own JJ
team NN
. .



Scott NNP
Wakeman NNP
was VBD
named VBN
president NN
and CC
chief JJ
operating VBG
officer NN
of IN
U.S. NNP
operations NNS
, ,
titles NNS
that WDT
had VBD
been VBN
held VBN
by IN
Mr. NNP
Weekes NNP
. .
Mr. NNP
Wakeman NNP
was VBD
vice NN
president NN
of IN
the DT
instrument NN
and CC
controls NNS
division NN
of IN
closely RB
held JJ
Omega NNP
Engineering NNP
Inc. NNP
, ,
another DT
company NN
controlled VBN
by IN
Mr. NNP
Hollander NNP
. .
A DT
company NN
spokesman NN
did VBD
n't RB
know VB
Mr. NNP
Wakeman NNP
's POS
age NN
. .



James NNP
R. NNP
Lees NNP
, ,
51 CD
, ,
vice NN
president NN
of IN
Newport NNP
's POS
European JJ
operations NNS
, ,
was VBD
named VBN
executive NN
vice NN
president NN
and CC
chief JJ
operating VBG
officer NN
of IN
European JJ
operations NNS
, ,
assuming VBG
some DT
former JJ
duties NNS
of IN
Mr. NNP
Weekes NNP
. .



Arthur NNP
B. NNP
Crozier NNP
, ,
34 CD
, ,
an DT
attorney NN
, ,
was VBD
named VBN
secretary NN
, ,
succeeding VBG
John NNP
Virtue NNP
, ,
who WP
was VBD
another DT
of IN
the DT
ousted VBN
directors NNS
. .





UNIFIRST NNP
Corp. NNP
declared VBD
a DT
2-for-1 JJ
stock NN
split NN
. .
The DT
Wilmington NNP
, ,
Mass. NNP
, ,
garment NN
service NN
company NN
also RB
boosted VBD
its PRP$
quarterly JJ
dividend NN
20 CD
% NN
to TO
three CD
cents NNS
a DT
share NN
adjusted VBN
for IN
the DT
split NN
. .
The DT
dividend NN
had VBD
been VBN
five CD
cents NNS
a DT
share NN
. .
The DT
split NN
and CC
quarterly JJ
dividend NN
will MD
be VB
payable JJ
Jan. NNP
3 CD
to TO
stock NN
of IN
record NN
Nov. NNP
16 CD
, ,
the DT
company NN
said VBD
. .
The DT
split NN
will MD
raise VB
the DT
number NN
of IN
shares NNS
outstanding JJ
to TO
about IN
10.2 CD
million CD
. .
Separately RB
, ,
UniFirst NNP
reported VBD
that DT
net JJ
income NN
rose VBD
21 CD
% NN
to TO
$ $
3 CD
million CD
, ,
or CC
29 CD
cents NNS
a DT
share NN
adjusted VBN
for IN
the DT
split NN
, ,
for IN
the DT
fourth JJ
quarter NN
ended VBN
Aug. NNP
26 CD
. .
A DT
year NN
earlier RB
UniFirst NNP
earned VBD
$ $
2.4 CD
million CD
, ,
or CC
24 CD
cents NNS
a DT
share NN
adjusted VBN
for IN
the DT
split NN
. .
Sales NNS
rose VBD
to TO
$ $
52.4 CD
million CD
from IN
$ $
50.1 CD
million CD
. .





Fibreboard NNP
Corp. NNP
said VBD
it PRP
completed VBD
the DT
previously RB
reported JJ
sale NN
of IN
approximately RB
27,500 CD
acres NNS
of IN
timberland NN
near IN
Truckee NNP
, ,
Calif. NNP
, ,
to TO
closely RB
held JJ
Sierra NNP
Pacific NNP
Industries NNPS
Corp. NNP
, ,
Arcata NNP
, ,
Calif. NNP
, ,
for IN
$ $
32.5 CD
million CD
. .
The DT
lumber NN
, ,
insulation NN
and CC
fireproofing NN
concern NN
said VBD
the DT
transaction NN
, ,
which WDT
includes VBZ
a DT
swap NN
of IN
other JJ
timber NN
interests NNS
, ,
would MD
result VB
in IN
a DT
$ $
13.5 CD
million CD
after-tax JJ
gain NN
, ,
to TO
be VB
recorded VBN
in IN
the DT
fourth JJ
quarter NN
. .





Healthcare NNP
International NNP
Inc. NNP
said VBD
it PRP
reached VBD
a DT
120-day JJ
standstill NN
agreement NN
with IN
its PRP$
HealthVest NNP
affiliate NN
calling VBG
for IN
Healthcare NNP
to TO
pay VB
HealthVest NNP
$ $
5 CD
million CD
right RB
away RB
and CC
additional JJ
amounts NNS
in IN
the DT
future NN
. .



Under IN
the DT
agreement NN
, ,
Healthcare NNP
, ,
a DT
manager NN
of IN
health-care NN
facilities NNS
, ,
said VBD
it PRP
would MD
pay VB
HealthVest NNP
$ $
3.9 CD
million CD
in IN
overdue JJ
rent NN
and CC
mortgage NN
payments NNS
and CC
repay VB
$ $
1.1 CD
million CD
in IN
funds NNS
that IN
HealthVest NNP
advanced VBD
for IN
construction NN
work NN
on IN
facilities NNS
. .
In IN
return NN
, ,
HealthVest NNP
agreed VBD
that IN
it PRP
wo MD
n't RB
exercise VB
its PRP$
rights NNS
and CC
remedies NNS
against IN
Healthcare NNP
during IN
the DT
120-day JJ
period NN
. .



After IN
the DT
payment NN
, ,
Healthcare NNP
still RB
will MD
be VB
$ $
6.5 CD
million CD
in IN
arrears NNS
on IN
rent NN
and CC
mortgage NN
payments NNS
to TO
HealthVest NNP
, ,
a DT
real JJ
estate NN
investment NN
trust NN
whose WP$
portfolio NN
consists VBZ
largely RB
of IN
properties NNS
operated VBN
by IN
Healthcare NNP
. .
Healthcare NNP
has VBZ
given VBN
HealthVest NNP
a DT
12 CD
% NN
note NN
for IN
that DT
overdue JJ
amount NN
, ,
to TO
be VB
repaid VBN
over IN
three CD
years NNS
. .



In IN
addition NN
, ,
Healthcare NNP
agreed VBD
to TO
make VB
monthly JJ
rent NN
and CC
mortgage NN
payments NNS
of IN
$ $
2.7 CD
million CD
to TO
$ $
3 CD
million CD
to TO
HealthVest NNP
during IN
the DT
standstill JJ
period NN
, ,
to TO
be VB
paid VBN
when WRB
Healthcare NNP
successfully RB
completes VBZ
asset NN
sales NNS
. .
Because IN
Healthcare NNP
actually RB
owes VBZ
HealthVest NNP
$ $
4.2 CD
million CD
in IN
rent NN
and CC
mortgage NN
payments NNS
each DT
month NN
, ,
the DT
amount NN
due JJ
above IN
the DT
amount NN
paid VBN
will MD
be VB
added VBN
to TO
the DT
three-year JJ
note NN
. .



The DT
funds NNS
should MD
help VB
ease VB
a DT
cash NN
bind NN
at IN
HealthVest NNP
, ,
which WDT
has VBZ
been VBN
unable JJ
to TO
pay VB
its PRP$
debts NNS
because IN
Healthcare NNP
has VBZ
n't RB
made VBD
complete JJ
rent NN
and CC
mortgage NN
payments NNS
since IN
July NNP
. .
A DT
spokesman NN
said VBD
HealthVest NNP
has VBZ
paid VBN
two CD
of IN
the DT
three CD
banks NNS
it PRP
owed VBD
interest NN
to TO
in IN
October NNP
and CC
is VBZ
in IN
negotiations NNS
with IN
the DT
third JJ
bank NN
. .



Healthcare NNP
, ,
which WDT
has VBZ
been VBN
in IN
a DT
severe JJ
liquidity NN
bind NN
, ,
said VBD
it PRP
is VBZ
able JJ
to TO
make VB
the DT
payments NNS
because IN
it PRP
completed VBD
a DT
transaction NN
with IN
Greenery NNP
Rehabilitation NNP
Group NNP
Inc. NNP
in IN
which WDT
Greenery NNP
purchased VBD
stock NN
and CC
warrants NNS
for IN
$ $
500,000 CD
and CC
loaned VBD
Healthcare NNP
$ $
9 CD
million CD
. .
The DT
loan NN
is VBZ
backed VBN
by IN
Healthcare NNP
's POS
5.4 CD
% NN
stake NN
in IN
HealthVest NNP
and CC
interest NN
in IN
certain JJ
facilities NNS
. .





I PRP
was VBD
pleased JJ
to TO
note VB
that DT
your PRP$
Oct. NNP
23 CD
Centennial NNP
Journal NNP
item NN
recognized VBD
the DT
money-fund NN
concept NN
as IN
one CD
of IN
the DT
significant JJ
events NNS
of IN
the DT
past JJ
century NN
. .
Actually RB
, ,
about IN
two CD
years NNS
ago RB
, ,
the DT
Journal NNP
listed VBD
the DT
creation NN
of IN
the DT
money NN
fund NN
as IN
one CD
of IN
the DT
10 CD
most RBS
significant JJ
events NNS
in IN
the DT
world NN
of IN
finance NN
in IN
the DT
20th JJ
century NN
. .
But CC
the DT
Reserve NNP
Fund NNP
, ,
America NNP
's POS
first JJ
money NN
fund NN
, ,
was VBD
not RB
named VBN
, ,
nor CC
were VBD
the DT
creators NNS
of IN
the DT
money-fund NN
concept NN
, ,
Harry NNP
Brown NNP
and CC
myself PRP
. .
We PRP
innovated VBD
telephone NN
redemptions NNS
, ,
daily JJ
dividends NNS
, ,
total JJ
elimination NN
of IN
share NN
certificates NNS
and CC
the DT
constant JJ
$ $
1 CD
pershare JJ
pricing NN
, ,
all DT
of IN
which WDT
were VBD
painfully RB
thought VBN
out RB
and CC
not RB
the DT
result NN
of IN
some DT
inadvertence NN
on IN
the DT
part NN
of IN
the DT
SEC NNP
. .



President NN



The DT
Reserve NNP
Fund NNP



New JJ
York NNP







The DT
crowning JJ
moment NN
in IN
the DT
career NN
of IN
Joseph NNP
F. NNP
O'Kicki NNP
came VBD
as IN
300 CD
local JJ
and CC
state NN
dignitaries NNS
packed VBD
into IN
his PRP$
elegant JJ
, ,
marble-columned JJ
courtroom NN
here RB
last JJ
year NN
for IN
his PRP$
swearing NN
in RB
as IN
President NNP
Judge NNP
of IN
Cambria NNP
County NNP
. .



Baskets NNS
of IN
roses NNS
and CC
potted JJ
palms NNS
adorned VBD
his PRP$
bench NN
. .
The DT
local JJ
American NNP
Legion NNP
color NN
guard NN
led VBD
the DT
way NN
. .
As IN
the DT
judge NN
marched VBD
down IN
the DT
center JJ
aisle NN
in IN
his PRP$
flowing VBG
black JJ
robe NN
, ,
he PRP
was VBD
heralded VBN
by IN
a DT
trumpet NN
fanfare NN
. .



To TO
many JJ
, ,
it PRP
was VBD
a DT
ceremony NN
more RBR
befitting JJ
a DT
king NN
than IN
a DT
rural JJ
judge NN
seated VBN
in IN
the DT
isolated JJ
foothills NNS
of IN
the DT
southern JJ
Allegheny NNP
Mountains NNPS
. .
But CC
then RB
Judge NNP
O'Kicki NNP
often RB
behaved VBD
like IN
a DT
man NN
who WP
would MD
be VB
king NN
-- :
and CC
, ,
some DT
say VBP
, ,
an DT
arrogant JJ
and CC
abusive JJ
one NN
. .
While IN
his PRP$
case NN
may MD
be VB
extreme JJ
, ,
it PRP
reflects VBZ
the DT
vulnerability NN
of IN
many JJ
small JJ
communities NNS
to TO
domineering JJ
judges NNS
. .



Last JJ
March NNP
, ,
nine CD
months NNS
after IN
the DT
judge NN
's POS
swearing-in NN
, ,
the DT
state NN
attorney NN
general NN
's POS
office NN
indicted VBD
him PRP
on IN
a DT
sweeping JJ
array NN
of IN
charges NNS
alleging VBG
more JJR
than IN
10 CD
years NNS
of IN
`` ``
official JJ
oppression NN
'' ''
in IN
Cambria NNP
County NNP
, ,
a DT
depressed JJ
steel NN
and CC
mining NN
community NN
in IN
western JJ
Pennsylvania NNP
. .
The DT
allegations NNS
, ,
ranging VBG
from IN
theft NN
and CC
bribery NN
to TO
coercion NN
and CC
lewdness NN
, ,
paint VBP
a DT
disquieting JJ
picture NN
. .



According VBG
to TO
testimony NN
in IN
a DT
public NN
, ,
80-page JJ
grand-jury NN
report NN
handed VBD
up RB
to TO
the DT
state NN
attorney NN
general NN
, ,
Judge NNP
O'Kicki NNP
extorted VBD
cash NN
from IN
lawyers NNS
, ,
muscled VBD
favorable JJ
loans NNS
from IN
banks NNS
and CC
bullied VBD
local JJ
businesses NNS
for IN
more JJR
than IN
a DT
decade NN
. .



Prosecutors NNS
, ,
in IN
an DT
indictment NN
based VBN
on IN
the DT
grand JJ
jury NN
's POS
report NN
, ,
maintain VBP
that IN
at IN
various JJ
times NNS
since IN
1975 CD
, ,
he PRP
owned VBD
a DT
secret JJ
and CC
illegal JJ
interest NN
in IN
a DT
beer NN
distributorship NN
; :
plotted VBD
hidden JJ
ownership NN
interests NNS
in IN
real JJ
estate NN
that WDT
presented VBD
an DT
alleged JJ
conflict NN
of IN
interest NN
; :
set VBN
up RP
a DT
dummy JJ
corporation NN
to TO
buy VB
a DT
car NN
and CC
obtain VB
insurance NN
for IN
his PRP$
former JJ
girlfriend NN
( (
now RB
his PRP$
second JJ
wife NN
) )
; :
and CC
maintained VBD
54 CD
accounts NNS
in IN
six CD
banks NNS
in IN
Cambria NNP
County NNP
. .



In IN
testimony NN
recorded VBN
in IN
the DT
grand JJ
jury NN
report NN
, ,
court NN
employees NNS
said VBD
the DT
judge NN
, ,
now RB
59 CD
years NNS
old JJ
, ,
harassed VBD
his PRP$
secretaries NNS
, ,
made VBD
imperial JJ
demands NNS
on IN
his PRP$
staff NN
and CC
hounded VBD
anyone NN
who WP
crossed VBD
him PRP
. .
Bailiffs NNS
claimed VBD
they PRP
were VBD
required VBN
to TO
chauffeur VB
him PRP
to TO
and CC
from IN
work NN
, ,
mow VB
his PRP$
lawn NN
, ,
chop VB
his PRP$
wood NN
, ,
fix VB
his PRP$
car NN
and CC
even RB
drop VB
by IN
his PRP$
house NN
to TO
feed VB
his PRP$
two CD
grown JJ
mutts NNS
, ,
Dixie NNP
and CC
Husky NNP
. .
One CD
former JJ
bailiff NN
charged VBD
that IN
the DT
judge NN
double-crossed VBD
him PRP
by IN
reneging VBG
on IN
a DT
promise NN
of IN
a DT
better RBR
paying JJ
job NN
after IN
pocketing VBG
a DT
$ $
500 CD
bribe NN
. .



Some DT
of IN
the DT
allegations NNS
are VBP
simply RB
bizarre JJ
. .
Two CD
former JJ
secretaries NNS
told VBD
the DT
grand JJ
jury NN
they PRP
were VBD
summoned VBN
to TO
the DT
judge NN
's POS
chambers NNS
on IN
separate JJ
occasions NNS
to TO
take VB
dictation NN
, ,
only RB
to TO
find VB
the DT
judge NN
in IN
his PRP$
bikini NN
underwear NN
. .
One CD
secretary NN
testified VBD
that IN
the DT
judge NN
once RB
called VBD
her PRP
to TO
his PRP$
office NN
while IN
wearing VBG
nothing NN
at IN
all DT
. .



The DT
judge NN
, ,
suspended VBN
from IN
his PRP$
bench NN
pending VBG
his PRP$
trial NN
, ,
which WDT
began VBD
this DT
week NN
, ,
vehemently RB
denies VBZ
all PDT
the DT
allegations NNS
against IN
him PRP
, ,
calling VBG
them PRP
`` ``
ludicrous JJ
'' ''
and CC
`` ``
imaginative JJ
, ,
political JJ
demagoguery NN
. .
'' ''
He PRP
blames VBZ
the DT
indictment NN
on IN
local JJ
political JJ
feuding NN
, ,
unhappiness NN
with IN
his PRP$
aggressive JJ
efforts NNS
to TO
clear VB
the DT
courthouse NN
's POS
docket NN
and CC
a DT
vendetta NN
by IN
state NN
investigators NNS
and CC
prosecutors NNS
angered VBN
by IN
some DT
of IN
his PRP$
rulings NNS
against IN
them PRP
. .



`` ``
I PRP
do VBP
n't RB
know VB
whose WP$
toes NNS
I PRP
've VBP
stepped VBN
on IN
, ,
'' ''
says VBZ
the DT
judge NN
. .
`` ``
I PRP
'll MD
find VB
out RB
, ,
eventually RB
, ,
who WP
pushed VBD
the DT
state NN
police NN
buttons NNS
into IN
action NN
. .
'' ''


Even RB
if IN
only RB
some DT
of IN
the DT
allegations NNS
stand VBP
up RP
, ,
however RB
, ,
they PRP
provide VBP
ample JJ
testimony NN
to TO
the DT
awesome JJ
power NN
of IN
judges NNS
in IN
rural JJ
communities NNS
. .
That DT
power NN
can MD
sometimes RB
be VB
abused JJ
, ,
particularly RB
since IN
jurists NNS
in IN
smaller JJR
jurisdictions NNS
operate VBP
without IN
many JJ
of IN
the DT
restraints NNS
that WDT
serve VBP
as IN
corrective JJ
measures NNS
in IN
urban JJ
areas NNS
. .



Lawyers NNS
and CC
their PRP$
clients NNS
who WP
frequently RB
bring VBP
business NN
to TO
a DT
country NN
courthouse NN
can MD
expect VB
to TO
appear VB
before IN
the DT
same JJ
judge NN
year NN
after IN
year NN
. .
Fear NN
of IN
alienating VBG
that DT
judge NN
is VBZ
pervasive JJ
, ,
says VBZ
Maurice NNP
Geiger NNP
, ,
founder NN
and CC
director NN
of IN
the DT
Rural NNP
Justice NNP
Center NNP
in IN
Montpelier NNP
, ,
Vt. NNP
, ,
a DT
public JJ
interest NN
group NN
that WDT
researches VBZ
rural JJ
justice NN
issues NNS
. .



As IN
a DT
result NN
, ,
says VBZ
Mr. NNP
Geiger NNP
, ,
lawyers NNS
think VBP
twice RB
before RB
appealing VBG
a DT
judge NN
's POS
ruling NN
, ,
are VBP
reluctant JJ
to TO
mount VB
, ,
or CC
even RB
support VB
, ,
challenges NNS
against IN
him PRP
for IN
re-election NN
and CC
are VBP
usually RB
loath JJ
to TO
file VB
complaints NNS
that WDT
might MD
impugn VB
a DT
judge NN
's POS
integrity NN
. .



Judge NNP
O'Kicki NNP
, ,
a DT
stern JJ
and CC
forbidding-looking JJ
man NN
, ,
has VBZ
been VBN
a DT
fixture NN
in IN
the DT
local JJ
legal JJ
community NN
for IN
more JJR
than IN
two CD
decades NNS
. .
The DT
son NN
of IN
an DT
immigrant JJ
stonemason NN
of IN
Slovenian JJ
descent NN
, ,
he PRP
was VBD
raised VBN
in IN
a DT
small JJ
borough NN
outside IN
Ebensburg NNP
, ,
the DT
Cambria NNP
County NNP
seat NN
, ,
and CC
put VBD
himself PRP
through IN
the DT
University NNP
of IN
Pittsburgh NNP
Law NNP
School NNP
. .
He PRP
graduated VBD
near IN
the DT
top NN
of IN
his PRP$
class NN
, ,
serving VBG
on IN
the DT
school NN
law NN
review NN
with IN
Richard NNP
Thornburgh NNP
, ,
who WP
went VBD
on RB
to TO
become VB
governor NN
of IN
Pennsylvania NNP
and CC
, ,
now RB
, ,
U.S. NNP
Attorney NNP
General NNP
. .
It PRP
was VBD
also RB
in IN
law NN
school NN
that IN
Mr. NNP
O'Kicki NNP
and CC
his PRP$
first JJ
wife NN
had VBD
the DT
first JJ
of IN
seven CD
daughters NNS
. .
He PRP
divorced VBD
his PRP$
first JJ
wife NN
three CD
years NNS
ago RB
and CC
married VBD
the DT
daughter NN
of IN
his PRP$
court NN
clerk NN
. .



Last JJ
year NN
, ,
Pennsylvania NNP
Supreme NNP
Court NNP
Justice NNP
John NNP
P. NNP
Flaherty NNP
called VBD
Mr. NNP
O'Kicki NNP
one CD
of IN
the DT
finest JJS
judges NNS
`` ``
not RB
only RB
in IN
Pennsylvania NNP
but CC
in IN
the DT
United NNP
States NNPS
. .
'' ''
Clearly RB
, ,
the DT
judge NN
has VBZ
had VBN
his PRP$
share NN
of IN
accomplishments NNS
. .
After IN
practicing VBG
law NN
locally RB
, ,
he PRP
was VBD
elected VBN
to TO
his PRP$
first JJ
10-year JJ
term NN
as IN
judge NN
in IN
1971 CD
; :
in IN
1981 CD
, ,
he PRP
was VBD
effectively RB
re-elected VBN
. .
Six CD
years NNS
ago RB
, ,
Judge NNP
O'Kicki NNP
was VBD
voted VBN
president NN
of IN
the DT
Pennsylvania NNP
Conference NNP
of IN
State NNP
Trial NNP
Judges NNP
by IN
the DT
state NN
's POS
400 CD
judges NNS
. .
He PRP
has VBZ
been VBN
considered VBN
several JJ
times NNS
for IN
appointments NNS
to TO
federal JJ
district NN
and CC
appellate JJ
court NN
vacancies NNS
in IN
Pennsylvania NNP
. .
And CC
when WRB
he PRP
ran VBD
unsuccessfully RB
for IN
a DT
state NN
appellate JJ
court NN
seat NN
in IN
1983 CD
, ,
the DT
Pennsylvania NNP
Bar NNP
Association NNP
rated VBD
him PRP
`` ``
one CD
of IN
the DT
best RBS
available JJ
, ,
'' ''
after IN
interviewing VBG
local JJ
lawyers NNS
. .



`` ``
He PRP
probably RB
was VBD
the DT
smartest JJS
guy NN
who WP
ever RB
sat VBD
on IN
our PRP$
bench NN
, ,
'' ''
says VBZ
a DT
former JJ
president NN
of IN
Cambria NNP
County NNP
's POS
150-member JJ
bar NN
association NN
, ,
who WP
, ,
like IN
most JJS
lawyers NNS
in IN
Cambria NNP
County NNP
, ,
refuses VBZ
to TO
talk VB
about IN
the DT
judge NN
publicly RB
. .
`` ``
He PRP
's VBZ
sharp JJ
as IN
a DT
tack NN
. .
He PRP
could MD
grasp VB
an DT
issue NN
with IN
the DT
blink NN
of IN
an DT
eye NN
. .
'' ''


For IN
more JJR
than IN
a DT
decade NN
, ,
virtually RB
no DT
one NN
complained VBD
about IN
Judge NNP
O'Kicki NNP
. .
`` ``
What WP
about IN
those DT
institutions NNS
that WDT
are VBP
supposed VBN
to TO
be VB
the DT
bedrock NN
of IN
society NN
, ,
the DT
banks NNS
and CC
the DT
bar NN
association NN
... :
? .
'' ''
wrote VBD
a DT
columnist NN
for IN
the DT
Tribune-Democrat NNP
, ,
a DT
newspaper NN
in IN
nearby JJ
Johnstown NNP
, ,
shortly RB
after IN
the DT
scandal NN
became VBD
public JJ
. .
`` ``
If IN
only RB
a DT
banker NN
or CC
a DT
lawyer NN
had VBD
spoken VBN
out RB
years NNS
ago RB
, ,
the DT
judicial JJ
process NN
would MD
n't RB
be VB
under IN
the DT
taint NN
it PRP
is VBZ
today NN
. .
'' ''


Officials NNS
with IN
the DT
Pennsylvania NNP
Judicial NNP
Inquiry NNP
and CC
Review NNP
Board NNP
, ,
the DT
arm NN
of IN
the DT
state NN
that WDT
investigates VBZ
judicial JJ
misconduct NN
, ,
counter VBP
that IN
they PRP
had VBD
no DT
inkling NN
of IN
anything NN
amiss JJ
in IN
Ebensburg NNP
. .
`` ``
Nobody NN
told VBD
us PRP
; :
nobody NN
called VBD
us PRP
, ,
'' ''
says VBZ
an DT
official JJ
close NN
to TO
the DT
case NN
who WP
asked VBD
not RB
to TO
be VB
named VBN
. .
`` ``
Nobody NN
had VBD
the DT
guts NNS
to TO
complain VB
. .
'' ''


Certainly RB
not RB
the DT
lawyers NNS
. .
Johnstown NNP
attorney NN
Richard NNP
J. NNP
Green NNP
Jr. NNP
shelled VBD
out RP
$ $
500 CD
in IN
loans NNS
to TO
the DT
judge NN
over IN
five CD
years NNS
, ,
he PRP
said VBD
in IN
testimony NN
to TO
the DT
grand JJ
jury NN
. .
`` ``
The DT
judge NN
never RB
made VBD
a DT
pretense NN
of IN
repaying VBG
the DT
money NN
, ,
'' ''
said VBD
Mr. NNP
Green NNP
. .
Eventually RB
, ,
Mr. NNP
Green NNP
testified VBD
, ,
he PRP
began VBD
ducking VBG
out RB
of IN
his PRP$
office NN
rather RB
than IN
face VB
the DT
judge NN
when WRB
he PRP
visited VBD
. .



When WRB
Mr. NNP
Green NNP
won VBD
a DT
$ $
240,000 CD
verdict NN
in IN
a DT
land NN
condemnation NN
case NN
against IN
the DT
state NN
in IN
June NNP
1983 CD
, ,
he PRP
says VBZ
Judge NNP
O'Kicki NNP
unexpectedly RB
awarded VBD
him PRP
an DT
additional JJ
$ $
100,000 CD
. .
Mr. NNP
Green NNP
thought VBD
little RB
of IN
it PRP
, ,
he PRP
told VBD
the DT
grand JJ
jury NN
, ,
until IN
the DT
judge NN
walked VBD
up RB
to TO
him PRP
after IN
the DT
courtroom NN
had VBD
cleared VBN
and CC
suggested VBD
a DT
kickback NN
. .



`` ``
Do VBP
n't RB
you PRP
think VB
I PRP
ought MD
to TO
get VB
a DT
commission NN
... :
or CC
part NN
of IN
your PRP$
fee NN
in IN
this DT
case NN
? .
'' ''
Mr. NNP
Green NNP
said VBD
the DT
judge NN
asked VBD
him PRP
. .



Appalled JJ
, ,
Mr. NNP
Green NNP
never RB
paid VBD
the DT
money NN
, ,
he PRP
testified VBD
. .
But CC
he PRP
did VBD
n't RB
complain VB
to TO
the DT
state NN
's POS
Judicial NNP
Inquiry NNP
and CC
Review NNP
Board NNP
, ,
either RB
, ,
saying VBG
later RBR
that IN
he PRP
feared VBD
retribution NN
. .
Mr. NNP
O'Kicki NNP
said VBD
he PRP
will MD
respond VB
to TO
Mr. NNP
Green NNP
's POS
allegation NN
at IN
his PRP$
trial NN
. .



Like IN
most JJS
of IN
Cambria NNP
County NNP
's POS
lawyers NNS
and CC
residents NNS
who WP
had VBD
dealings NNS
with IN
the DT
judge NN
, ,
Mr. NNP
Green NNP
declined VBD
to TO
be VB
interviewed VBN
for IN
this DT
article NN
. .
And CC
no DT
one NN
with IN
a DT
complaint NN
about IN
the DT
judge NN
would MD
allow VB
his PRP$
name NN
to TO
be VB
printed VBN
. .



`` ``
I PRP
do VBP
n't RB
have VB
anything NN
much JJ
to TO
say VB
, ,
and CC
I PRP
think VBP
that DT
's VBZ
what WP
you PRP
're VBP
going VBG
to TO
find VB
from IN
everyone NN
else RB
you PRP
talk VBP
to TO
up RB
here RB
, ,
'' ''
says VBZ
local JJ
attorney NN
Edward NNP
F. NNP
Peduzzi NNP
. .



Says VBZ
another DT
lawyer NN
: :
`` ``
The DT
practice NN
of IN
law NN
is VBZ
a DT
matter NN
of IN
biting VBG
one PRP
's POS
lip NN
when WRB
you PRP
live VBP
in IN
a DT
small JJ
community NN
. .
One PRP
had VBD
best RBS
not RB
dance VB
on IN
top NN
of IN
a DT
coffin NN
until IN
the DT
lid NN
is VBZ
sealed VBN
tightly RB
shut VBN
. .
'' ''


The DT
judge NN
was VBD
considered VBN
imperious JJ
, ,
abrasive JJ
and CC
ambitious JJ
, ,
those DT
who WP
practiced VBD
before IN
him PRP
say VBP
. .
He PRP
sipped VBD
tea NN
sweetened JJ
with IN
honey NN
from IN
his PRP$
high-backed JJ
leather NN
chair NN
at IN
his PRP$
bench NN
, ,
while IN
scribbling VBG
notes NNS
ordering VBG
spectators NNS
to TO
stop VB
whispering NN
or CC
to TO
take VB
off RP
their PRP$
hats NNS
in IN
his PRP$
courtroom NN
. .
Four CD
years NNS
ago RB
, ,
he PRP
jailed VBD
all DT
nine CD
members NNS
of IN
the DT
Cambria NNP
County NNP
School NNP
Board NNP
for IN
several JJ
hours NNS
after IN
they PRP
defied VBD
his PRP$
order NN
to TO
extend VB
the DT
school NN
year NN
by IN
several JJ
weeks NNS
to TO
make VB
up RB
for IN
time NN
lost VBN
during IN
a DT
teachers NNS
' POS
strike NN
. .



Visitors NNS
in IN
his PRP$
chambers NNS
say VBP
he PRP
could MD
cite VB
precisely RB
the DT
years NNS
, ,
months NNS
, ,
weeks NNS
and CC
days NNS
remaining VBG
until IN
mandatory JJ
retirement NN
would MD
force VB
aside RB
the DT
presiding VBG
president NN
judge NN
, ,
giving VBG
Judge NNP
O'Kicki NNP
the DT
seniority NN
required VBN
to TO
take VB
over RB
as IN
the DT
county NN
's POS
top JJ
court NN
administrator NN
. .
The DT
judge NN
, ,
they PRP
say VBP
, ,
was VBD
fiercely RB
proud JJ
of IN
his PRP$
abilities NNS
and CC
accomplishments NNS
. .



`` ``
My PRP$
name NN
is VBZ
judge NN
, ,
'' ''
Judge NNP
O'Kicki NNP
told VBD
a DT
car NN
salesman NN
in IN
Ebensburg NN
when WRB
he PRP
bought VBD
a DT
new JJ
red JJ
Pontiac NNP
Sunbird NNP
in IN
October NNP
1984 CD
, ,
according VBG
to TO
the DT
grand-jury JJ
report NN
. .
The DT
dealership NN
dutifully RB
recorded VBD
the DT
sale NN
under IN
the DT
name NN
`` ``
Judge NNP
O'Kicki NNP
. .
'' ''


Yet RB
, ,
despite IN
the DT
judge NN
's POS
imperial JJ
bearing NN
, ,
no DT
one NN
ever RB
had VBD
reason NN
to TO
suspect VB
possible JJ
wrongdoing NN
, ,
says VBZ
John NNP
Bognato NNP
, ,
president NN
of IN
Cambria NNP
County NNP
's POS
150-member JJ
bar NN
association NN
. .



`` ``
The DT
arrogance NN
of IN
a DT
judge NN
, ,
his PRP$
demeanor NN
, ,
the DT
way NN
he PRP
handles VBZ
people NNS
are VBP
not RB
a DT
basis NN
for IN
filing VBG
a DT
complaint NN
, ,
'' ''
says VBZ
Mr. NNP
Bognato NNP
. .
`` ``
Until IN
this DT
came VBD
up RB
and CC
hit VB
the DT
press NN
, ,
there EX
was VBD
never RB
any DT
indication NN
that IN
he PRP
was VBD
doing VBG
anything NN
wrong JJ
. .
'' ''


State NN
investigators NNS
dispute VBP
that DT
view NN
now RB
, ,
particularly RB
in IN
light NN
of IN
the DT
judge NN
's POS
various JJ
business NN
dealings NNS
in IN
Cambria NNP
County NNP
. .
The DT
judge NN
came VBD
under IN
scrutiny NN
in IN
late JJ
1987 CD
, ,
after IN
the DT
state NN
attorney NN
general NN
's POS
office NN
launched VBD
an DT
unrelated JJ
investigation NN
into IN
corruption NN
in IN
Cambria NNP
County NNP
. .



The DT
inquiry NN
soon RB
focused VBD
on IN
the DT
judge NN
. .
Even RB
his PRP$
routine JJ
business NN
transactions NNS
caused VBD
trouble NN
, ,
according VBG
to TO
the DT
grand JJ
jury NN
report NN
. .
When WRB
the DT
judge NN
bought VBD
his PRP$
new JJ
Sunbird NNP
from IN
James NNP
E. NNP
Black NNP
Pontiac-Cadillac NNP
in IN
Ebensburg NNP
five CD
years NNS
ago RB
, ,
the DT
dealership NN
had VBD
`` ``
certain JJ
apprehensions NNS
'' ''
about IN
the DT
judge NN
's POS
reputation NN
, ,
according VBG
to TO
the DT
grand-jury JJ
report NN
. .
The DT
dealership NN
took VBD
the DT
extra JJ
step NN
of IN
having VBG
all PDT
the DT
paper NN
work NN
for IN
the DT
transaction NN
pre-approved VBN
by IN
Ebensburg NNP
's POS
local JJ
lender NN
, ,
Laurel NNP
Bank NNP
. .



Then RB
, ,
as IN
an DT
additional JJ
precaution NN
, ,
the DT
car NN
dealership NN
took VBD
the DT
judge NN
's POS
photograph NN
as IN
he PRP
stood VBD
next JJ
to TO
his PRP$
new JJ
car NN
with IN
sales NNS
papers NNS
in IN
hand NN
-- :
proof NN
that IN
he PRP
had VBD
received VBN
the DT
loan NN
documents NNS
. .



But CC
when WRB
the DT
judge NN
received VBD
his PRP$
payment NN
book NN
, ,
he PRP
disavowed VBD
the DT
deal NN
. .
`` ``
There EX
was VBD
no DT
loan NN
, ,
there EX
is VBZ
no DT
loan NN
, ,
there EX
never RB
shall MD
be VB
a DT
loan NN
, ,
'' ''
the DT
judge NN
wrote VBD
the DT
bank NN
on IN
his PRP$
judicial JJ
stationery NN
, ,
according VBG
to TO
the DT
report NN
. .



Later RBR
, ,
the DT
judge NN
went VBD
a DT
step NN
farther RB
. .
After IN
Laurel NNP
Bank NNP
tried VBD
to TO
repossess VB
the DT
car NN
, ,
a DT
vice NN
president NN
asked VBD
him PRP
to TO
intervene VB
in IN
an DT
unrelated JJ
legal JJ
dispute NN
involving VBG
a DT
trust NN
account NN
. .
The DT
judge NN
wrote VBD
again RB
. .



`` ``
I PRP
find VBP
myself PRP
in IN
an DT
adversary NN
relationship NN
with IN
Laurel NNP
Bank NNP
, ,
and CC
I PRP
am VBP
not RB
inclined JJ
to TO
extend VB
myself PRP
as RB
far RB
as IN
any DT
favors NNS
are VBP
concerned VBN
, ,
'' ''
the DT
judge NN
wrote VBD
back RB
in IN
a DT
letter NN
attached VBN
to TO
the DT
grand JJ
jury NN
's POS
report NN
. .
`` ``
Perhaps RB
if IN
my PRP$
personal JJ
matters NNS
can MD
be VB
resolved VBN
with IN
Laurel NNP
bank NN
in IN
the DT
near JJ
future NN
, ,
I PRP
may MD
be VB
inclined VBN
to TO
reconsider VB
your PRP$
request NN
... :
. .
'' ''
The DT
judge NN
now RB
says VBZ
it PRP
was VBD
`` ``
unfortunate JJ
'' ''
that IN
he PRP
chose VBD
to TO
write VB
the DT
letter NN
but CC
says VBZ
`` ``
there EX
was VBD
certainly RB
no RB
intent NN
to TO
extort VB
there RB
. .
'' ''


The DT
bank NN
acquiesced VBD
. .
It PRP
refinanced VBD
the DT
judge NN
's POS
loan NN
, ,
lowered VBD
its PRP$
interest NN
rate NN
and CC
accepted VBD
a DT
trade-in NN
that WDT
had VBD
n't RB
originally RB
been VBN
part NN
of IN
the DT
deal NN
-- :
a DT
beat JJ
up JJ
1981 CD
Chevy NNP
Citation NNP
the DT
dealer NN
had VBD
to TO
repair VB
before IN
it PRP
could MD
be VB
resold VBN
. .



The DT
incident NN
was VBD
n't RB
the DT
only JJ
time NN
the DT
judge NN
got VBD
special JJ
treatment NN
from IN
his PRP$
local JJ
bank NN
. .
Two CD
years NNS
later RB
, ,
he PRP
wrote VBD
to TO
complain VB
that IN
the DT
interest NN
he PRP
was VBD
paying VBG
on IN
an DT
unsecured JJ
$ $
10,000 CD
loan NN
was VBD
`` ``
absolutely RB
onerous JJ
. .
'' ''
Paul NNP
L. NNP
Kane NNP
, ,
Laurel NNP
's POS
president NN
at IN
the DT
time NN
, ,
quickly RB
responded VBD
. .
The DT
bank NN
, ,
he PRP
wrote VBD
back RB
, ,
was VBD
`` ``
immediately RB
'' ''
lowering VBG
the DT
rate NN
by IN
3.5 CD
% NN
, ,
`` ``
as IN
a DT
concession NN
to TO
you PRP
. .
'' ''


The DT
judge NN
says VBZ
he PRP
ca MD
n't RB
discuss VB
in IN
detail NN
how WRB
he PRP
will MD
defend VB
himself PRP
at IN
his PRP$
trial NN
, ,
although IN
he PRP
contends VBZ
that IN
if IN
he PRP
were VBD
as RB
corrupt JJ
as IN
state NN
prosecutors NNS
believe VBP
, ,
he PRP
would MD
be VB
far RB
wealthier JJR
than IN
he PRP
is VBZ
. .
His PRP$
seven-bedroom JJ
cedar NN
and CC
brick NN
house NN
outside IN
of IN
Johnstown NNP
is VBZ
up RB
for IN
sale NN
to TO
pay VB
for IN
his PRP$
lawyers NNS
. .



The DT
judge NN
says VBZ
he PRP
is VBZ
confident JJ
he PRP
will MD
return VB
to TO
his PRP$
old JJ
bench NN
. .
Already RB
, ,
he PRP
notes VBZ
, ,
the DT
76 CD
charges NNS
originally RB
filed VBN
against IN
him PRP
have VBP
been VBN
trimmed VBN
to TO
27 CD
. .
Most JJS
of IN
the DT
allegations NNS
no RB
longer RB
pending VBG
were VBD
ethics NNS
charges NNS
withdrawn VBN
by IN
state NN
prosecutors NNS
as IN
part NN
of IN
a DT
pre-trial JJ
agreement NN
. .
The DT
heart NN
of IN
the DT
case NN
-- :
`` ``
official JJ
oppression NN
'' ''
-- :
remains VBZ
intact JJ
. .



`` ``
If IN
I PRP
lose VBP
, ,
I PRP
lose VBP
my PRP$
position NN
, ,
my PRP$
career NN
, ,
my PRP$
pension NN
, ,
my PRP$
home NN
and CC
my PRP$
investments NNS
, ,
'' ''
says VBZ
the DT
judge NN
. .
`` ``
My PRP$
God NNP
and CC
I PRP
know VBP
I PRP
am VBP
correct JJ
and CC
innocent JJ
. .
'' ''






Many JJ
thanks NNS
for IN
Alexander NNP
Cockburn NNP
's POS
comic JJ
masterpiece NN
( (
`` ``
U.S NNP
. .
Economy NN
: :
A DT
House NN
Built VBN
on IN
Junk-Bond NN
Sand NN
, ,
'' ''
Viewpoint NN
, ,
Oct. NNP
19 CD
) )
. .
The DT
use NN
of IN
the DT
abominable JJ
construction NN
practices NNS
in IN
the DT
Soviet NNP
Union NNP
-- :
as IN
evidenced VBN
by IN
the DT
collapse NN
of IN
sand NN
apartment NN
blocks NNS
during IN
the DT
Armenian JJ
earthquake NN
-- :
as IN
a DT
metaphor NN
for IN
the DT
U.S. NNP
economic JJ
system NN
was VBD
a DT
sublime JJ
example NN
of IN
Mr. NNP
Cockburn NNP
's POS
satirical JJ
muse NN
. .



I PRP
await VBP
his PRP$
sequel NN
: :
the DT
economic JJ
and CC
social JJ
resiliency NN
of IN
the DT
San NNP
Francisco NNP
Bay NNP
area NN
and CC
the DT
outstanding JJ
work NN
of IN
the DT
local JJ
governments NNS
and CC
the DT
private JJ
charitable JJ
organizations NNS
there RB
as IN
metaphors NNS
for IN
the DT
supremacy NN
of IN
whatever WDT
failed JJ
system NN
Mr. NNP
Cockburn NNP
now RB
believes VBZ
in IN
. .
It PRP
should MD
be VB
a DT
scream NN
. .



William NNP
S. NNP
Smith NNP



Los NNP
Angeles NNP







As IN
a DT
money NN
manager NN
and CC
a DT
grass-roots JJ
environmentalist NN
, ,
I PRP
was VBD
very RB
disappointed JJ
to TO
read VB
in IN
the DT
premiere JJ
issue NN
of IN
Garbage NNP
that IN
The DT
Wall NNP
Street NNP
Journal NNP
uses VBZ
220,000 CD
metric JJ
tons NNS
of IN
newsprint NN
each DT
year NN
, ,
but CC
that IN
only RB
1.4 CD
% NN
of IN
it PRP
comes VBZ
from IN
recycled JJ
paper NN
. .
By IN
contrast NN
, ,
the DT
Los NNP
Angeles NNP
Times NNP
, ,
for IN
example NN
, ,
uses VBZ
83 CD
% NN
recycled JJ
paper NN
. .
With IN
newspapers NNS
being VBG
the DT
largest JJS
single JJ
component NN
of IN
solid JJ
waste NN
in IN
our PRP$
landfills NNS
, ,
and CC
with IN
our PRP$
country NN
overflowing VBG
with IN
trash NN
, ,
all DT
sectors NNS
of IN
our PRP$
society NN
and CC
all DT
types NNS
of IN
businesses NNS
must MD
become VB
more RBR
responsible JJ
in IN
our PRP$
use NN
and CC
disposal NN
of IN
precious JJ
natural JJ
resources NNS
. .



The DT
Wall NNP
Street NNP
Journal NNP
is VBZ
an DT
excellent JJ
publication NN
that IN
I PRP
enjoy VBP
reading VBG
( (
and CC
must MD
read VB
) )
daily RB
. .
Please VB
make VB
me PRP
and CC
thousands NNS
of IN
other JJ
readers NNS
more RBR
comfortable JJ
with IN
our PRP$
daily JJ
purchase NN
of IN
your PRP$
newspaper NN
by IN
raising VBG
your PRP$
environmental JJ
standards NNS
to TO
your PRP$
overall JJ
impeccable JJ
quality NN
levels NNS
, ,
and CC
increase VB
your PRP$
use NN
of IN
recycled JJ
paper NN
. .



Virginia NNP
M.W. NNP
Gardiner NNP



Philadelphia NNP







FIRST NNP
AMERICAN NNP
FINANCIAL NNP
Corp. NNP
declared VBD
a DT
special JJ
dividend NN
of IN
one CD
share NN
of IN
Class NN
B NNP
common JJ
stock NN
for IN
each DT
share NN
of IN
Class NN
A NNP
common JJ
stock NN
, ,
payable JJ
to TO
holders NNS
of IN
record NN
on IN
Nov. NNP
10 CD
if IN
the DT
Securities NNPS
and CC
Exchange NNP
Commission NNP
approves VBZ
this DT
as IN
the DT
effective JJ
date NN
of IN
the DT
registration NN
statement NN
. .
Shareholders NNS
of IN
the DT
Santa NNP
Ana NNP
, ,
Calif. NNP
, ,
title-insurance JJ
company NN
approved VBD
the DT
creation NN
of IN
this DT
second JJ
class NN
of IN
stock NN
, ,
which WDT
will MD
be VB
traded VBN
on IN
the DT
national JJ
over-the-counter JJ
market NN
and CC
which WDT
the DT
company NN
said VBD
would MD
be VB
used VBN
for IN
acquisitions NNS
and CC
other JJ
general JJ
corporate JJ
purposes NNS
. .





The DT
following JJ
were VBD
among IN
yesterday NN
's POS
offerings NNS
and CC
pricings NNS
in IN
the DT
U.S. NNP
and CC
non-U.S. JJ
capital NN
markets NNS
, ,
with IN
terms NNS
and CC
syndicate NN
manager NN
, ,
as IN
compiled VBN
by IN
Dow NNP
Jones NNP
Capital NNP
Markets NNPS
Report NNP
: :


Continental NNP
Cablevision NNP
Inc. NNP
-- :
$ $
350 CD
million CD
of IN
senior JJ
subordinated JJ
debentures NNS
, ,
due JJ
Nov. NNP
1 CD
, ,
2004 CD
, ,
was VBD
priced VBN
at IN
par JJ
to TO
yield VB
12 CD
7\ 8 CD
% NN
. .
Rated VBN
single-B-1 JJ
by IN
Moody NNP
's POS
Investors NNPS
Service NNP
Inc. NNP
and CC
single-B JJ
by IN
Standard NNP
& CC
Poor NNP
's POS
Corp. NN
, ,
the DT
issue NN
, ,
which WDT
is VBZ
non-callable JJ
for IN
five CD
years NNS
, ,
will MD
be VB
sold VBN
through IN
underwriters NNS
led VBN
by IN
Morgan NNP
Stanley NNP
& CC
Co NNP
. .



Beatrice NNP
Co. NNP
-- :
$ $
251 CD
million CD
of IN
notes NNS
, ,
due JJ
Nov. NNP
1 CD
, ,
1997 CD
, ,
was VBD
priced VBN
in IN
a DT
two-part JJ
offering NN
through IN
underwriters NNS
at IN
Salomon NNP
Brothers NNPS
Inc NNP
. .
The DT
size NN
of IN
the DT
issue NN
was VBD
scaled VBN
back RB
from IN
an DT
originally RB
planned VBN
$ $
350 CD
million CD
. .
The DT
first JJ
part NN
, ,
consisting VBG
of IN
$ $
151 CD
million CD
of IN
13 CD
3\ 4 CD
% NN
senior JJ
subordinated JJ
reset JJ
notes NNS
, ,
was VBD
priced VBN
at IN
99.75 CD
. .
The DT
rate NN
on IN
the DT
notes NNS
will MD
be VB
reset VB
annually RB
to TO
give VB
the DT
issue NN
a DT
market NN
value NN
of IN
101 CD
. .
However RB
, ,
the DT
maximum NN
coupon NN
at IN
which WDT
the DT
notes NNS
can MD
be VB
reset VB
is VBZ
16 CD
1\ 4 CD
% NN
. .
The DT
minimum JJ
coupon NN
is VBZ
13 CD
3\ 4 CD
% NN
. .
The DT
second JJ
part NN
, ,
consisting VBG
of IN
$ $
100 CD
million CD
of IN
senior JJ
subordinated JJ
floating-rate JJ
notes NNS
, ,
was VBD
priced VBN
at IN
99 CD
3\ 4 CD
to TO
float VB
4.25 CD
% NN
above IN
the DT
three-month JJ
London NNP
interbank NN
offered JJ
rate NN
. .
The DT
initial JJ
coupon NN
on IN
the DT
floating-rate JJ
notes NNS
will MD
be VB
12.9375 CD
% NN
. .
The DT
issue NN
is VBZ
rated VBN
single-B-3 JJ
by IN
Moody NNP
's POS
and CC
single-B-plus JJ
by IN
S&P NNP
. .



New NNP
Jersey NNP
Wastewater NNP
Treatment NNP
Trust NNP
-- :
$ $
75.1 CD
million CD
, ,
two-part JJ
offering NN
of IN
bonds NNS
apparently RB
was VBD
won VBN
by IN
a DT
Merrill NNP
Lynch NNP
Capital NNP
Markets NNPS
group NN
. .
The DT
group NN
's POS
bid NN
for IN
$ $
40.9 CD
million CD
of IN
wastewater NN
treatment NN
insured JJ
bonds NNS
, ,
Series NN
1989 CD
A NNP
, ,
produced VBD
a DT
7.0826 CD
% NN
true JJ
interest NN
cost NN
. .
The DT
Series NN
1989 CD
A NNP
bonds NNS
are VBP
insured JJ
and CC
rated VBN
triple-A JJ
by IN
Moody NNP
's POS
and CC
S&P NNP
. .
The DT
group NN
's POS
bid NN
for IN
$ $
34.2 CD
million CD
of IN
wastewater NN
treatment NN
bonds NNS
, ,
Series NN
1989 CD
B NNP
, ,
produced VBD
a DT
7.0808 CD
% NN
true JJ
interest NN
cost NN
. .
The DT
Series NN
1989 CD
B NNP
bonds NNS
are VBP
uninsured JJ
and CC
rated VBN
double-A JJ
by IN
Moody NNP
's POS
and CC
S&P NNP
. .
Both DT
the DT
Series NN
1989 CD
A NNP
and CC
Series NNP
1989 CD
B NNP
bonds NNS
were VBD
priced VBN
to TO
yield VB
from IN
6 CD
% NN
in IN
1991 CD
to TO
7.15 CD
% NN
in IN
2008-2009 CD
, ,
according VBG
to TO
a DT
Merrill NNP
Lynch NNP
official NN
. .



Matagorda NNP
County NNP
Navigation NNP
District NNP
No. NNP
1 CD
, ,
Texas NNP
-- :
$ $
70.3 CD
million CD
of IN
pollution NN
control NN
revenue NN
bonds NNS
( (
Houston NNP
Lighting NNP
& CC
Power NNP
Co NNP
. .
Project NN
) )
, ,
due JJ
Oct. NNP
1 CD
, ,
2019 CD
, ,
were VBD
tentatively RB
priced VBN
by IN
a DT
Goldman NNP
, ,
Sachs NNP
& CC
Co. NNP
group NN
at IN
98 CD
1\ 4 CD
to TO
yield VB
7.649 CD
% NN
with IN
a DT
coupon NN
of IN
7 CD
1\ 2 CD
% NN
. .
Interest NN
on IN
the DT
bonds NNS
will MD
be VB
treated VBN
as IN
a DT
preference NN
item NN
in IN
calculating VBG
the DT
federal JJ
alternative NN
minimum JJ|NN
tax NN
that WDT
may MD
be VB
imposed VBN
on IN
certain JJ
investors NNS
. .
The DT
bonds NNS
are VBP
insured JJ
and CC
rated VBN
triple-A JJ
by IN
Moody NNP
's POS
and CC
S&P NNP
. .



Federal NNP
Home NNP
Loan NNP
Mortgage NNP
Corp. NNP
-- :
$ $
500 CD
million CD
of IN
Remic NNP
mortgage NN
securities NNS
is VBZ
being VBG
offered VBN
in IN
11 CD
classes NNS
by IN
a DT
Morgan NNP
Stanley NNP
group NN
. .
The DT
offering NN
, ,
Series NNP
109 CD
, ,
is VBZ
backed VBN
by IN
Freddie NNP
Mac NNP
10 CD
% NN
securities NNS
. .
Complete JJ
details NNS
were VBD
n't RB
immediately RB
available JJ
. .



Lomas NNP
Mortgage NNP
Funding NNP
Corp. NNP
II NNP
-- :
$ $
100 CD
million CD
issue NN
of IN
collateralized JJ
mortgage NN
obligations NNS
is VBZ
being VBG
offered VBN
in IN
four CD
classes NNS
by IN
a DT
Morgan NNP
Stanley NNP
group NN
. .
The DT
securities NNS
yield VBP
from IN
9.35 CD
% NN
to TO
10.48 CD
% NN
for IN
a DT
30-year JJ
issue NN
with IN
an DT
average JJ
life NN
of IN
21.18 CD
years NNS
. .
The DT
10.48 CD
% NN
yield NN
represents VBZ
a DT
spread NN
to TO
the DT
20-year JJ
Treasury NNP
of IN
2.45 CD
percentage NN
points NNS
. .
The DT
collateral NN
consists VBZ
of IN
collateralized JJ
whole JJ
loans NNS
with IN
a DT
weighted JJ
average JJ
coupon NN
rate NN
of IN
11.08 CD
% NN
and CC
weighted JJ
average NN
remaining VBG
term NN
to TO
maturity NN
of IN
28 CD
years NNS
. .
The DT
issue NN
is VBZ
rated VBN
triple-A JJ
by IN
S&P NNP
, ,
Moody NNP
's POS
and CC
Fitch NNP
Investors NNPS
Service NNP
Inc NNP
. .
The DT
issue NN
is VBZ
6 CD
% NN
to TO
7 CD
% NN
overcollateralized VBN
, ,
and CC
75 CD
% NN
of IN
the DT
loans NNS
are VBP
covered VBN
by IN
a DT
General NNP
Electric NNP
pool NN
policy NN
covering VBG
losses NNS
of IN
as RB
much JJ
as IN
10 CD
% NN
of IN
the DT
original JJ
principal JJ
balance NN
of IN
the DT
loans NNS
. .



J.C. NNP
Penney NNP
Co. NNP
-- :
$ $
350 CD
million CD
of IN
JCP NNP
Master NNP
Credit NNP
Card NNP
Trust NNP
asset-backed JJ
certificates NNS
, ,
Series NNP
B NNP
, ,
with IN
a DT
final JJ
stated VBN
maturity NN
of IN
Oct. NNP
15 CD
, ,
2001 CD
, ,
was VBD
priced VBN
at IN
99.1875 CD
to TO
yield VB
9.192 CD
% NN
with IN
a DT
coupon NN
of IN
8.95 CD
% NN
. .
The DT
certificates NNS
, ,
which WDT
have VBP
an ,
average JJ
life NN
of IN
10.05 CD
years NNS
, ,
were VBD
priced VBN
at IN
1.31 CD
percentage NN
points NNS
over IN
the DT
benchmark JJ
Treasury NNP
10-year JJ
note NN
. .
Rated VBN
triple-A JJ
by IN
Moody NNP
's POS
and CC
S&P NNP
, ,
the DT
issue NN
will MD
be VB
sold VBN
through IN
First NNP
Boston NNP
Corp NNP
. .
The DT
issue NN
is VBZ
backed VBN
by IN
a DT
12 CD
% NN
letter NN
of IN
credit NN
from IN
Credit NNP
Suisse NNP
. .



Keio NNP
Teito NNP
Electric NNP
Railway NNP
Co NNP
. .
( (
Japan NNP
) )
-- :
$ $
300 CD
million CD
of IN
bonds NNS
due JJ
Nov. NNP
16 CD
, ,
1993 CD
, ,
with IN
equity-purchase JJ
warrants NNS
, ,
indicating VBG
a DT
3 CD
3\ 4 CD
% NN
coupon NN
at IN
par JJ
via IN
Nomura NNP
International NNP
Ltd NNP
. .
Each DT
$ $
5,000 CD
bond NN
carries VBZ
one CD
warrant NN
, ,
exercisable JJ
from IN
Nov. NNP
30 CD
through IN
Nov. NNP
2 CD
, ,
1993 CD
, ,
to TO
buy VB
company NN
shares NNS
at IN
an DT
expected JJ
premium NN
of IN
2 CD
1\ 2 CD
% NN
to TO
the DT
closing VBG
share NN
price NN
when WRB
terms NNS
are VBP
fixed VBN
Tuesday NNP
. .



Diesel NNP
Kiki NNP
Co NNP
. .
( (
Japan NNP
) )
-- :
$ $
200 CD
million CD
of IN
bonds NNS
due JJ
Nov. NNP
16 CD
, ,
1994 CD
, ,
with IN
equity-purchase JJ
warrants NNS
, ,
indicating VBG
a DT
4 CD
1\ 2 CD
% NN
coupon NN
at IN
par JJ
via IN
Yamaichi NNP
International NNP
Europe NNP
Ltd NNP
. .
Each DT
$ $
5,000 CD
bond NN
carries VBZ
one CD
warrant NN
, ,
exercisable JJ
from IN
Nov. NNP
30 CD
through IN
Nov. NNP
2 CD
, ,
1994 CD
, ,
to TO
buy VB
company NN
shares NNS
at IN
an DT
expected JJ
premium NN
of IN
2 CD
1\ 2 CD
% NN
to TO
the DT
closing VBG
share NN
price NN
when WRB
terms NNS
are VBP
fixed VBN
Monday NNP
. .



Chugoku NNP
Electric NNP
Power NNP
Co NNP
. .
( (
Japan NNP
) )
-- :
$ $
150 CD
million CD
of IN
8 CD
7\ 8 CD
% NN
bonds NNS
due JJ
Nov. NNP
29 CD
, ,
1996 CD
, ,
priced VBN
at IN
101 CD
7\ 8 CD
to TO
yield VB
8 CD
7\ 8 CD
% NN
less CC
full JJ
fees NNS
via IN
Nikko NNP
Securities NNPS
Ltd NNP
. .
Fees NNS
1 CD
7\ 8 CD
. .



Monte NNP
dei FW
Paschi NNP
di FW
Siena NNP
, ,
Singapore NNP
branch NN
( (
Italian JJ
parent NN
) )
, ,
via IN
the DT
Law NNP
Debenture NNP
Trust NNP
Corp. NNP
-- :
10 CD
billion CD
yen NNS
( (
$ $
70 CD
million CD
) )
of IN
6 CD
% NN
bonds NNS
due JJ
Feb. NNP
24 CD
, ,
1993 CD
, ,
priced VBN
at IN
101 CD
1\ 4 CD
, ,
via IN
Daiwa NNP
Europe NNP
Ltd NNP
. .



Okobank NNP
( (
Finland NNP
) )
-- :
10 CD
billion CD
yen NNS
of IN
6 CD
% NN
bonds NNS
due JJ
Nov. NNP
30 CD
, ,
1992 CD
, ,
priced VBN
at IN
101.225 CD
to TO
yield VB
6.056 CD
% NN
via IN
IBJ NNP
International NNP
. .





EG&G NNP
Inc. NNP
said VBD
it PRP
acquired VBD
Laboratorium NNP
Prof. NNP
Dr. NNP
Berthold NNP
, ,
a DT
German JJ
maker NN
of IN
scientific JJ
instruments NNS
. .



Terms NNS
were VBD
n't RB
disclosed VBN
. .
The DT
Wellesley NNP
, ,
Mass. NNP
, ,
maker NN
of IN
scientific JJ
instruments NNS
and CC
electronic JJ
parts NNS
said VBD
Berthold NNP
expects VBZ
1989 CD
sales NNS
of IN
more JJR
than IN
100 CD
million CD
Deutsche FW
marks NNS
( (
$ $
54.5 CD
million CD
) )
and CC
employs VBZ
about IN
400 CD
people NNS
. .
Berthold NNP
is VBZ
based VBN
in IN
Wildbad NNP
, ,
West NNP
Germany NNP
, ,
and CC
also RB
has VBZ
operations NNS
in IN
Belgium NNP
. .



John NNP
M. NNP
Kucharski NNP
, ,
EG&G NNP
's POS
chairman NN
and CC
chief JJ
executive NN
, ,
said VBD
the DT
acquisition NN
`` ``
will MD
extend VB
EG&G NNP
's POS
core NN
technologies NNS
, ,
strengthen VB
its PRP$
position NN
in IN
the DT
European NNP
Economic NNP
Community NNP
and CC
assure VB
a DT
strength NN
and CC
presence NN
in IN
the DT
Eastern JJ
European JJ
market NN
. .
'' ''
He PRP
said VBD
it PRP
especially RB
will MD
strengthen VB
the DT
company NN
's POS
efforts NNS
in IN
the DT
rapidly RB
growing VBG
field NN
of IN
bio-analytical JJ
instrumentation NN
, ,
and CC
in IN
applied JJ
nuclear JJ
physics NNS
. .



Separately RB
, ,
EG&G NNP
said VBD
it PRP
sold VBD
most JJS
of IN
its PRP$
Mason NNP
Research NNP
Institute NNP
subsidiary NN
to TO
Transgenic NNP
Sciences NNPS
Inc. NNP
, ,
a DT
closely RB
held JJ
biotechnology NN
company NN
based VBN
in IN
Worcester NNP
, ,
Mass NNP
. .
The DT
sale NN
, ,
for IN
$ $
7 CD
million CD
in IN
cash NN
and CC
securities NNS
, ,
will MD
leave VB
EG&G NNP
with IN
a DT
12 CD
% NN
stake NN
in IN
Transgenic NNP
, ,
executives NNS
said VBD
. .
Mason NNP
is VBZ
the DT
largest JJS
toxicology NN
lab NN
in IN
New NNP
England NNP
, ,
with IN
annual JJ
revenue NN
of IN
$ $
8 CD
million CD
and CC
140 CD
employees NNS
. .



Mason NNP
serves VBZ
commercial JJ
and CC
government NN
customers NNS
, ,
including VBG
the DT
National NNP
Institutes NNPS
of IN
Health NNP
. .
The DT
combined JJ
companies NNS
will MD
become VB
profitable JJ
by IN
January NNP
1990 CD
, ,
said VBD
James NNP
P. NNP
Sherblom NNP
, ,
Transgenic NNP
's POS
chairman NN
and CC
chief JJ
executive NN
officer NN
. .





The DT
Internal NNP
Revenue NNP
Service NNP
said VBD
it PRP
is VBZ
willing JJ
to TO
let VB
the DT
U.S. NNP
Tax NNP
Court NNP
decide VB
how WRB
much JJ
oil NN
man NN
William NNP
Herbert NNP
Hunt NNP
will MD
owe VB
the DT
government NN
after IN
his PRP$
assets NNS
are VBP
liquidated VBN
. .



The DT
surprise NN
announcement NN
came VBD
after IN
the DT
IRS NNP
broke VBD
off RP
negotiations NNS
with IN
Mr. NNP
Hunt NNP
on IN
a DT
settlement NN
of IN
the DT
one-time JJ
tycoon NN
's POS
personal JJ
bankruptcy NN
case NN
. .
Although IN
the DT
action NN
removes VBZ
one CD
obstacle NN
in IN
the DT
way NN
of IN
an DT
overall JJ
settlement NN
to TO
the DT
case NN
, ,
it PRP
also RB
means VBZ
that IN
Mr. NNP
Hunt NNP
could MD
be VB
stripped VBN
of IN
virtually RB
all DT
of IN
his PRP$
assets NNS
if IN
the DT
Tax NNP
Court NNP
rules VBZ
against IN
him PRP
in IN
a DT
1982 CD
case NN
heard VBN
earlier RBR
this DT
year NN
in IN
Washington NNP
, ,
D.C NNP
. .
The DT
IRS NNP
has VBZ
been VBN
seeking VBG
more JJR
than IN
$ $
300 CD
million CD
in IN
back JJ
taxes NNS
from IN
Mr. NNP
Hunt NNP
. .



Separately RB
, ,
a DT
federal JJ
judge NN
hearing VBG
Mr. NNP
Hunt NNP
's POS
bankruptcy NN
case NN
yesterday NN
turned VBD
down RP
a DT
proposed VBN
$ $
65.7 CD
million CD
settlement NN
between IN
Mr. NNP
Hunt NNP
and CC
Minpeco NNP
S.A. NNP
, ,
another DT
major JJ
creditor NN
in IN
the DT
case NN
. .
The DT
Peruvian JJ
minerals NNS
concern NN
had VBD
been VBN
seeking VBG
a DT
claim NN
of IN
$ $
251 CD
million CD
against IN
Mr. NNP
Hunt NNP
. .
In IN
addition NN
to TO
turning VBG
down RP
the DT
compromise NN
, ,
Judge NNP
Harold NNP
C. NNP
Abramson NNP
said VBD
he PRP
would MD
allow VB
a DT
claim NN
of IN
only RB
$ $
19.7 CD
million CD
. .
Minpeco NNP
attorneys NNS
said VBD
they PRP
would MD
appeal VB
the DT
decision NN
to TO
a DT
federal JJ
district NN
court NN
. .



Regarding VBG
Mr. NNP
Hunt NNP
's POS
taxes NNS
, ,
he PRP
and CC
the DT
IRS NNP
have VBP
apparently RB
agreed VBN
on IN
a DT
basic JJ
formula NN
for IN
liquidating VBG
his PRP$
estate NN
in IN
which WDT
the DT
IRS NNP
would MD
get VB
70 CD
% NN
of IN
the DT
proceeds NNS
from IN
a DT
liquidating JJ
trust NN
and CC
30 CD
% NN
would MD
go VB
to TO
other JJ
creditors NNS
. .
But CC
they PRP
have VBP
been VBN
at IN
odds NNS
over IN
how WRB
much JJ
Mr. NNP
Hunt NNP
would MD
owe VB
the DT
government NN
after IN
his PRP$
assets NNS
are VBP
sold VBN
. .
The DT
IRS NNP
had VBD
demanded VBN
$ $
90 CD
million CD
but CC
Mr. NNP
Hunt NNP
would MD
agree VB
to TO
no DT
more JJR
than IN
$ $
60 CD
million CD
. .



Grover NNP
Hartt NNP
III NNP
, ,
a DT
government NN
lawyer NN
, ,
warned VBD
that IN
Mr. NNP
Hunt NNP
stood VBD
to TO
lose VB
certain JJ
oil NN
and CC
gas NN
properties NNS
, ,
$ $
200,000 CD
in IN
English JJ
pottery NN
, ,
a DT
Colorado NNP
condominium NN
and CC
other JJ
assets NNS
he PRP
might MD
have VB
kept VBN
if IN
he PRP
had VBD
settled VBN
with IN
the DT
IRS NNP
. .
`` ``
But CC
they PRP
wanted VBD
to TO
roll VB
the DT
dice NNS
and CC
we PRP
're VBP
going VBG
to TO
let VB
them PRP
, ,
'' ''
Mr. NNP
Hartt NNP
said VBD
. .



Stephen NNP
McCartin NNP
, ,
Mr. NNP
Hunt NNP
's POS
attorney NN
, ,
said VBD
his PRP$
client NN
welcomed VBD
the DT
gamble NN
. .



The DT
Tax NNP
Court NNP
is VBZ
n't RB
expected VBN
to TO
rule VB
before IN
early RB
next JJ
year NN
. .





Japan NNP
has VBZ
found VBN
another DT
safe JJ
outlet NN
for IN
its PRP$
money NN
: :
U.S. NNP
home NN
mortgages NNS
. .



An DT
increasing VBG
number NN
of IN
big JJ
Japanese JJ
investors NNS
are VBP
buying VBG
up RP
U.S. NNP
home NN
mortgages NNS
that WDT
have VBP
been VBN
pooled VBN
and CC
packaged VBN
for IN
sale NN
as IN
interest-bearing JJ
instruments NNS
known VBN
as IN
mortgage-backed JJ
securities NNS
. .
As RB
much JJ
as IN
10 CD
% NN
of IN
new JJ
U.S. NNP
mortgage NN
securities NNS
issued VBN
by IN
the DT
Federal NNP
National NNP
Mortgage NNP
Association NNP
, ,
or CC
Fannie NNP
Mae NNP
, ,
and CC
Federal NNP
Home NNP
Loan NNP
Mortgage NNP
Corp. NNP
, ,
or CC
Freddie NNP
Mac NNP
, ,
now RB
flow VBP
into IN
Japanese JJ
hands NNS
. .



That DT
may MD
not RB
come VB
as IN
a DT
surprise NN
to TO
Americans NNPS
who WP
have VBP
watched VBN
the DT
Japanese NNPS
snap VBP
up RP
properties NNS
in IN
the DT
U.S. NNP
from IN
golf NN
courses NNS
to TO
a DT
stake NN
in IN
Rockefeller NNP
Center NNP
. .
But CC
it PRP
marks VBZ
a DT
big JJ
change NN
for IN
the DT
Japanese NNPS
, ,
who WP
shunned VBD
mortgage NN
securities NNS
after IN
getting VBG
burned VBN
by IN
a DT
big JJ
downturn NN
in IN
interest NN
rates NNS
a DT
few JJ
years NNS
back RB
. .



`` ``
You PRP
ca MD
n't RB
say VB
it PRP
's VBZ
a DT
`` ``
tsunami NN
'' ''
( (
tidal JJ
wave NN
) )
, ,
but CC
we PRP
're VBP
making VBG
some DT
headway NN
, ,
'' ''
says VBZ
Fannie NNP
Mae NNP
's POS
chairman NN
, ,
David NNP
O. NNP
Maxwell NNP
, ,
who WP
visits VBZ
Tokyo NNP
at IN
least JJS
once RB
a DT
year NN
to TO
explain VB
and CC
drum VB
up RP
investor NN
interest NN
in IN
mortgage NN
securities NNS
. .
`` ``
Interest NN
is VBZ
a DT
great JJ
deal NN
higher JJR
than IN
it PRP
was VBD
a DT
year NN
ago RB
. .
'' ''
The DT
steady JJ
growth NN
of IN
the DT
mortgage NN
securities NNS
market NN
in IN
the DT
U.S. NNP
has VBZ
even RB
triggered VBN
talk NN
of IN
building NN
up RP
a DT
similar JJ
market NN
here RB
. .



Evidence NN
of IN
the DT
growing VBG
Japanese JJ
demand NN
for IN
mortgage NN
securities NNS
abounds VBZ
. .
Earlier RBR
this DT
year NN
, ,
Blackstone NNP
Group NNP
, ,
a DT
New NNP
York NNP
investment NN
bank NN
, ,
had VBD
no DT
trouble NN
selling VBG
out RP
a DT
special JJ
$ $
570 CD
million CD
mortgage-securities JJ
trust NN
it PRP
created VBD
for IN
Japanese JJ
investors NNS
. .
Industrial NNP
Bank NNP
of IN
Japan NNP
, ,
which WDT
claims VBZ
to TO
be VB
the DT
biggest JJS
Japanese JJ
buyer NN
of IN
U.S. NNP
mortgage NN
securities NNS
, ,
says VBZ
it PRP
will MD
more RBR
than IN
double VB
its PRP$
purchases NNS
this DT
year NN
, ,
to TO
an DT
amount NN
one CD
official NN
puts VBZ
at IN
several JJ
billion CD
dollars NNS
. .
And CC
a DT
Fannie NNP
Mae NNP
seminar NN
this DT
week NN
promises VBZ
to TO
draw VB
hundreds NNS
of IN
prospective JJ
investors NNS
, ,
who WP
can MD
be VB
expected VBN
to TO
channel VB
tens NNS
of IN
billions NNS
of IN
dollars NNS
into IN
the DT
market NN
in IN
the DT
next JJ
few JJ
years NNS
. .



`` ``
Last JJ
year NN
, ,
there EX
were VBD
only RB
several JJ
big JJ
investors NNS
who WP
were VBD
interested JJ
, ,
'' ''
says VBZ
Kinji NNP
Kato NNP
, ,
a DT
vice NN
president NN
at IN
the DT
international JJ
arm NN
of IN
Nomura NNP
Securities NNPS
Co NNP
. .
`` ``
This DT
year NN
, ,
some DT
investors NNS
are VBP
changing VBG
their PRP$
policies NNS
and CC
investing VBG
a DT
lot NN
. .
'' ''
Ultimately RB
, ,
he PRP
says VBZ
, ,
strong JJ
demand NN
could MD
help VB
to TO
drive VB
down RP
interest NN
rates NNS
on IN
mortgage NN
securities NNS
. .



At IN
the DT
moment NN
, ,
Nomura NNP
is VBZ
the DT
only JJ
Japanese JJ
institution NN
authorized VBN
to TO
act VB
as IN
a DT
primary JJ
seller NN
of IN
Fannie NNP
Mae NNP
instruments NNS
. .
But CC
other JJ
Japanese JJ
institutions NNS
say VBP
privately RB
that IN
they PRP
are VBP
considering VBG
asking VBG
to TO
join VB
the DT
59-dealer JJ
selling VBG
group NN
. .



These DT
securities NNS
are VBP
attractive JJ
to TO
Japanese JJ
investors NNS
for IN
three CD
reasons NNS
. .
First LS
, ,
they PRP
are VBP
safe JJ
. .
While IN
they PRP
are VBP
n't RB
backed VBN
by IN
the DT
full JJ
faith NN
and CC
credit NN
of IN
the DT
U.S. NNP
government NN
, ,
as IN
Treasury NNP
bonds NNS
are VBP
, ,
it PRP
is VBZ
widely RB
assumed VBN
that IN
the DT
government NN
would MD
support VB
them PRP
if IN
necessary JJ
. .
( (
U.S. NNP
Treasury NNP
bonds NNS
are VBP
still RB
the DT
dollar-denominated JJ
investment NN
of IN
choice NN
for IN
long-term JJ
Japanese JJ
investors NNS
) )
. .
Second LS
, ,
they PRP
are VBP
liquid JJ
. .
The DT
secondary JJ
market NN
in IN
federally RB
backed JJ
mortgage NN
securities NNS
now RB
exceeds VBZ
$ $
900 CD
billion CD
, ,
or CC
nearly RB
half NN
of IN
the DT
$ $
2.2 CD
trillion CD
in IN
U.S. NNP
residential JJ
mortgages NNS
issued VBN
. .
Third LS
, ,
they PRP
offer VBP
high JJ
yields NNS
. .
At IN
the DT
moment NN
, ,
some DT
offer VBP
as RB
much JJ
as IN
1.6 CD
to TO
1.8 CD
percentage NN
points NNS
over IN
Treasury NNP
securities NNS
of IN
similar JJ
maturities NNS
. .



But CC
there EX
is VBZ
a DT
risk NN
, ,
which WDT
the DT
Japanese NNPS
discovered VBD
when WRB
they PRP
first RB
dipped VBD
their PRP$
toes NNS
into IN
the DT
market NN
nearly RB
five CD
years NNS
ago RB
. .
Since IN
most JJS
mortgages NNS
can MD
be VB
prepaid VBN
or CC
refinanced VBN
at IN
any DT
time NN
, ,
issuers NNS
of IN
mortgage NN
securities NNS
retain VBP
the DT
right NN
to TO
buy VB
back RB
their PRP$
bonds NNS
before IN
maturity NN
. .
That DT
's VBZ
a DT
headache NN
for IN
long-term JJ
investors NNS
, ,
since IN
it PRP
forces VBZ
them PRP
to TO
reinvest VB
their PRP$
money NN
-- :
usually RB
at IN
lower JJR
rates NNS
than IN
the DT
original JJ
mortgage NN
securities NNS
carried VBD
. .



`` ``
Two CD
or CC
three CD
years NNS
ago RB
, ,
the DT
problem NN
was VBD
that IN
people NNS
did VBD
n't RB
understand VB
the DT
prepayment NN
risk NN
, ,
'' ''
says VBZ
Nomura NN
's POS
Mr. NNP
Kato NNP
. .
`` ``
So RB
they PRP
were VBD
surprised JJ
and CC
very RB
disappointed JJ
by IN
prepayment NN
. .
'' ''


Compounding VBG
the DT
trouble NN
to TO
Japanese JJ
investors NNS
, ,
mortgage NN
securities NNS
pay VBP
interest NN
monthly RB
, ,
since IN
most JJS
mortgages NNS
require VBP
homeowners NNS
to TO
make VB
monthly JJ
payments NNS
. .
But CC
Japanese JJ
institutional JJ
investors NNS
are VBP
used VBN
to TO
quarterly JJ
or CC
semiannual JJ
payments NNS
on IN
their PRP$
investments NNS
, ,
so IN
the DT
monthly JJ
cash NN
flow NN
posed VBD
administrative JJ
problems NNS
. .
As IN
a DT
result NN
, ,
Japanese JJ
investors NNS
steered VBD
clear RB
of IN
the DT
mortgage NN
securities NNS
. .



But CC
they PRP
did VBD
n't RB
lose VB
touch NN
with IN
the DT
U.S. NNP
issuers NNS
. .
Since IN
1985 CD
, ,
Japanese JJ
investors NNS
have VBP
bought VBN
nearly RB
80 CD
% NN
of IN
$ $
10 CD
billion CD
in IN
Fannie NNP
Mae NNP
corporate JJ
debt NN
issued VBN
to TO
foreigners NNS
, ,
money NN
that IN
Fannie NNP
Mae NNP
uses VBZ
to TO
buy VB
mortgages NNS
from IN
U.S. NNP
banks NNS
. .
And CC
Japanese JJ
investors NNS
took VBD
up RB
nearly RB
all DT
of IN
two CD
$ $
200 CD
million CD
Real JJ
Estate NNP
Mortgage NNP
Investment NNP
Conduits NNS
, ,
a DT
kind NN
of IN
collateralized JJ
mortgage NN
obligation NN
, ,
that WDT
were VBD
offered VBN
to TO
foreigners NNS
this DT
year NN
. .



In IN
addition NN
, ,
further JJ
packaging NN
of IN
mortgage-backed JJ
securities NNS
, ,
such JJ
as IN
Blackstone VBP
's POS
fund NN
, ,
have VB
reduced VBN
the DT
effects NNS
of IN
prepayment NN
risk NN
and CC
automatically RB
reinvest VB
monthly JJ
payments NNS
so IN
institutions NNS
do VBP
n't RB
have VB
to TO
. .
Freddie NNP
Mac NNP
for IN
years NNS
has VBZ
offered VBN
a DT
so-called JJ
participation NN
certificate NN
that WDT
guarantees VBZ
it PRP
wo MD
n't RB
be VB
prepaid VBN
for IN
a DT
set NN
number NN
of IN
years NNS
and CC
offers VBZ
semiannual JJ
payments NNS
. .





As IN
Georgia-Pacific NNP
's POS
bid NN
for IN
Great NNP
Northern NNP
Nekoosa NNP
has VBZ
shown VBN
, ,
uninvited JJ
takeovers NNS
are VBP
still RB
alive JJ
despite IN
premature JJ
reports NNS
of IN
their PRP$
demise NN
. .
Therefore RB
, ,
the DT
debate NN
about IN
poison NN
pills NNS
will MD
continue VB
to TO
rage VB
in IN
the DT
boardrooms NNS
of IN
corporations NNS
and CC
the DT
halls NNS
of IN
academia NN
. .



Although IN
poison NN
pills NNS
come VBP
in IN
different JJ
colors NNS
and CC
shapes NNS
, ,
they PRP
usually RB
give VBP
current JJ
shareholders NNS
the DT
right NN
to TO
buy VB
more JJR
stock NN
of IN
their PRP$
corporation NN
at IN
a DT
large JJ
discount NN
if IN
certain JJ
events NNS
occur VBP
-- :
typically RB
, ,
if IN
a DT
hostile JJ
bidder NN
acquires VBZ
more JJR
than IN
a DT
specified JJ
percentage NN
of IN
the DT
corporation NN
's POS
stock NN
. .
However RB
, ,
these DT
discount NN
purchase NN
rights NNS
may MD
generally RB
be VB
redeemed VBN
at IN
a DT
nominal JJ
cost NN
by IN
the DT
corporation NN
's POS
directors NNS
if IN
they PRP
approve VBP
of IN
a DT
bidder NN
. .



Supporters NNS
of IN
poison NN
pills NNS
argue VBP
that DT
their PRP$
adoption NN
forces VBZ
bidders NNS
to TO
negotiate VB
with IN
a DT
corporation NN
's POS
directors NNS
, ,
who WP
are VBP
thereby RB
put VBN
in IN
a DT
better JJR
position NN
to TO
pursue VB
the DT
long-term JJ
interests NNS
of IN
the DT
corporation NN
. .
Recent JJ
studies NNS
by IN
Georgeson NNP
& CC
Co. NNP
conclude VBP
that IN
corporations NNS
with IN
poison NN
pills NNS
have VBP
experienced VBN
greater JJR
stock-price JJ
appreciation NN
than IN
corporations NNS
without IN
poison NN
pills NNS
during IN
the DT
past JJ
few JJ
years NNS
. .



Critics NNS
of IN
poison NN
pills NNS
argue VBP
that IN
they PRP
harm VBP
shareholders NNS
by IN
letting VBG
corporate JJ
management NN
defeat VB
takeover NN
bids NNS
at IN
premium JJ
prices NNS
and CC
by IN
deterring VBG
premium JJ
bids NNS
from IN
ever RB
being VBG
made VBN
to TO
shareholders NNS
. .
These DT
critics NNS
are VBP
backed VBN
by IN
several JJ
academic JJ
studies NNS
showing VBG
that IN
the DT
adoption NN
of IN
poison NN
pills NNS
reduces VBZ
shareholder NN
values NNS
not RB
merely RB
in IN
the DT
short JJ
run NN
, ,
but CC
also RB
over IN
longer JJR
periods NNS
. .



Institutional JJ
investors NNS
that WDT
must MD
evaluate VB
poison NN
pills NNS
on IN
a DT
regular JJ
basis NN
are VBP
interested JJ
less RBR
in IN
this DT
general JJ
debate NN
than IN
in IN
the DT
answers NNS
to TO
specific JJ
questions NNS
about IN
the DT
corporation NN
issuing VBG
the DT
pill NN
. .
Does VBZ
this DT
corporation NN
have VB
a DT
high-quality JJ
management NN
team NN
with IN
a DT
good JJ
track NN
record NN
? .
Does VBZ
this DT
team NN
have VB
a DT
viable JJ
strategy NN
for IN
improving VBG
shareholder NN
values NNS
, ,
and CC
does VBZ
this DT
strategy NN
require VB
implementation NN
over IN
an DT
extended JJ
period NN
? .
Will MD
the DT
adoption NN
of IN
this DT
particular JJ
form NN
of IN
a DT
poison NN
pill NN
significantly RB
improve VB
the DT
chances NNS
for IN
management NN
to TO
carry VB
out RP
this DT
strategy NN
? .



If IN
the DT
answers NNS
to TO
these DT
questions NNS
are VBP
affirmative JJ
, ,
then RB
institutional JJ
investors NNS
are VBP
likely JJ
to TO
be VB
favorably RB
disposed JJ
toward IN
a DT
specific JJ
poison NN
pill NN
. .
However RB
, ,
the DT
problem NN
is VBZ
that DT
once RB
most JJS
poison JJ
pills NNS
are VBP
adopted VBN
, ,
they PRP
survive VBP
forever RB
. .
Although IN
the DT
current JJ
management NN
team NN
may MD
be VB
outstanding JJ
, ,
who WP
will MD
be VB
the DT
CEO NNP
in IN
10 CD
years NNS
? .
Although IN
the DT
five-year JJ
strategy NN
may MD
be VB
excellent JJ
, ,
what WP
will MD
be VB
the DT
strategy NN
in IN
25 CD
years NNS
? .



The DT
solution NN
to TO
this DT
problem NN
is VBZ
a DT
time-limited JJ
poison NN
pill NN
. .
The DT
limit NN
could MD
range VB
from IN
three CD
years NNS
to TO
seven CD
years NNS
, ,
depending VBG
on IN
the DT
composition NN
of IN
the DT
management NN
team NN
and CC
the DT
nature NN
of IN
its PRP$
strategic JJ
plan NN
. .
At IN
the DT
end NN
of IN
this DT
period NN
, ,
the DT
poison NN
pill NN
would MD
be VB
eliminated VBN
automatically RB
, ,
unless IN
a DT
new JJ
poison NN
pill NN
were VBD
approved VBN
by IN
the DT
then-current JJ
shareholders NNS
, ,
who WP
would MD
have VB
an DT
opportunity NN
to TO
evaluate VB
the DT
corporation NN
's POS
strategy NN
and CC
management NN
team NN
at IN
that DT
time NN
. .



One CD
rare JJ
example NN
of IN
a DT
time-limited JJ
poison NN
pill NN
is VBZ
the DT
shareholder NN
rights NNS
plan NN
adopted VBN
by IN
Pennzoil NNP
last JJ
year NN
after IN
it PRP
received VBD
a DT
huge JJ
litigation NN
settlement NN
from IN
Texaco NNP
. .
Pennzoil NNP
's POS
poison NN
pill NN
covers VBZ
five CD
years NNS
in IN
order NN
to TO
give VB
current JJ
management NN
enough JJ
time NN
to TO
put VB
these DT
proceeds NNS
to TO
work VB
in IN
a DT
prudent JJ
manner NN
. .



Another DT
interesting JJ
example NN
is VBZ
the DT
poison NN
pill NN
adopted VBN
recently RB
by IN
Pittsburgh-based JJ
National NNP
Intergroup NNP
Inc. NNP
, ,
a DT
diversified JJ
holding VBG
company NN
. .
The DT
State NNP
of IN
Wisconsin NNP
Investment NNP
Board NNP
, ,
which WDT
owned VBD
about IN
7 CD
% NN
of IN
the DT
company NN
's POS
voting NN
stock NN
, ,
worked VBD
with IN
management NN
to TO
devise VB
a DT
time-limited JJ
poison NN
pill NN
. .
This DT
pill NN
automatically RB
expires VBZ
after IN
three CD
years NNS
unless IN
continued VBN
by IN
a DT
vote NN
of IN
the DT
shareholders NNS
. .



The DT
attitude NN
of IN
the DT
Wisconsin NNP
Investment NNP
Board NNP
reflects VBZ
a DT
growing VBG
receptivity NN
to TO
time-limited JJ
poison NN
pills NNS
on IN
the DT
part NN
of IN
institutional JJ
investors NNS
, ,
as IN
shown VBN
by IN
the DT
discussions NNS
at IN
recent JJ
meetings NNS
of IN
the DT
Council NNP
of IN
Institutional NNP
Investors NNPS
and CC
my PRP$
informal JJ
survey NN
of IN
several JJ
retirement NN
plans NNS
with IN
large JJ
stock NN
positions NNS
. .



More RBR
widespread JJ
time NN
limits NNS
on IN
poison NN
pills NNS
would MD
allow VB
shareholders NNS
to TO
evaluate VB
a DT
specific JJ
poison NN
pill NN
within IN
the DT
context NN
of IN
a DT
specific JJ
management NN
team NN
's POS
strategy NN
. .
Such JJ
concrete JJ
analysis NN
is VBZ
likely JJ
to TO
lead VB
to TO
more RBR
fruitful JJ
dialogue NN
between IN
management NN
and CC
shareholders NNS
than IN
the DT
abstract JJ
debate NN
about IN
poison NN
pills NNS
. .



Mr. NNP
Pozen NNP
is VBZ
the DT
general JJ
counsel NN
and CC
a DT
managing VBG
director NN
of IN
Fidelity NNP
Investments NNPS
in IN
Boston NNP
. .





Michael NNP
Blair NNP
, ,
former JJ
president NN
and CC
chief JJ
executive NN
officer NN
of IN
Enfield NNP
Corp. NNP
, ,
failed VBD
to TO
win VB
election NN
to TO
the DT
company NN
's POS
board NN
at IN
a DT
special JJ
shareholder NN
meeting NN
. .



Mr. NNP
Blair NNP
said VBD
after IN
the DT
meeting NN
that IN
he PRP
had VBD
filed VBN
separate JJ
lawsuits NNS
in IN
the DT
Ontario NNP
Supreme NNP
Court NNP
for IN
unjust JJ
dismissal NN
against IN
Enfield NNP
and CC
for IN
libel NN
against IN
its PRP$
largest JJS
shareholder NN
, ,
Canadian NNP
Express NNP
Ltd. NNP
, ,
and CC
two CD
executives NNS
of IN
Hees NNP
International NNP
Bancorp NNP
Inc. NNP
, ,
which WDT
controls VBZ
Canadian NNP
Express NNP
. .



Holders NNS
at IN
the DT
meeting NN
elected VBD
a DT
full JJ
slate NN
of IN
Canadian NNP
Express NNP
nominees NNS
to TO
Enfield NNP
's POS
11-member JJ
board NN
. .



Mr. NNP
Blair NNP
and CC
Hees NNP
have VBP
been VBN
feuding VBG
for IN
months NNS
. .
Yesterday NN
's POS
election NN
was VBD
a DT
sequel NN
to TO
Enfield NNP
's POS
annual JJ
meeting NN
in IN
June NNP
when WRB
Mr. NNP
Blair NNP
disallowed VBD
proxies NNS
in IN
favor NN
of IN
two CD
Hees NNP
nominees NNS
. .
The DT
Ontario NNP
Supreme NNP
Court NNP
overturned VBD
Mr. NNP
Blair NNP
's POS
decision NN
. .
He PRP
later RB
resigned VBD
from IN
his PRP$
executive NN
positions NNS
with IN
Enfield NNP
, ,
saying VBG
that IN
actions NNS
by IN
its PRP$
board NN
`` ``
amounted VBD
to TO
{ (
my PRP$
} )
dismissal NN
. .
'' ''


Mr. NNP
Blair NNP
said VBD
his PRP$
libel NN
suit NN
seeks VBZ
10 CD
million CD
Canadian JJ
dollars NNS
( (
US$ $
8.5 CD
million CD
) )
from IN
Canadian NNP
Express NNP
and CC
Hees NNP
executives NNS
Manfred NNP
Walt NNP
and CC
Willard NNP
L'Heureux NNP
. .
He PRP
said VBD
his PRP$
suit NN
against IN
Enfield NNP
seeks VBZ
two CD
years NNS
severance NN
pay NN
, ,
equivalent JJ
to TO
C$ $
720,000 CD
. .
Hees NNP
and CC
Canadian NNP
Express NNP
executives NNS
could MD
n't RB
be VB
reached VBN
for IN
comment NN
. .



Enfield NNP
is VBZ
a DT
holding VBG
company NN
with IN
interests NNS
in IN
manufacturing VBG
concerns NNS
. .
It PRP
is VBZ
38.5 CD
% NN
owned VBN
by IN
Canadian NNP
Express NNP
, ,
another DT
holding VBG
company NN
. .
Hees NNP
is VBZ
a DT
merchant NN
bank NN
controlled VBN
by IN
Toronto NNP
financiers NNS
Peter NNP
and CC
Edward NNP
Bronfman NNP
. .
All PDT
the DT
concerns NNS
are VBP
based VBN
in IN
Toronto NNP
. .





Buying VBG
51 CD
% NN
of IN
Rockefeller NNP
Group NNP
Inc. NNP
is VBZ
right RB
up RB
Mitsubishi NNP
Estate NNP
Co. NNP
's POS
alley NN
in IN
one CD
sense NN
: :
The DT
huge JJ
Japanese JJ
real JJ
estate NN
company NN
is VBZ
entering VBG
a DT
long-term JJ
relationship NN
with IN
a DT
similarly RB
conservative JJ
U.S. NNP
owner NN
of IN
tony JJ
urban JJ
property NN
. .



But CC
in IN
another DT
sense NN
, ,
the DT
$ $
846 CD
million CD
purchase NN
is VBZ
uncharacteristically RB
nervy JJ
, ,
industry NN
analysts NNS
say VBP
. .
The DT
usually RB
cautious JJ
giant NN
will MD
become VB
the DT
majority NN
owner NN
of IN
the DT
company NN
that WDT
owns VBZ
New NNP
York NNP
's POS
beloved JJ
Rockefeller NNP
Center NNP
at IN
a DT
time NN
when WRB
tensions NNS
over IN
Japanese JJ
purchases NNS
of IN
U.S. NNP
property NN
are VBP
at IN
an DT
all-time JJ
high NN
. .



Officials NNS
of IN
Rockefeller NNP
Group NNP
and CC
Mitsubishi NNP
Estate NNP
prefer VBP
to TO
focus VB
on IN
the DT
affinities NNS
, ,
nearly RB
dismissing VBG
the DT
threat NN
of IN
a DT
backlash NN
from IN
the DT
U.S. NNP
public NN
. .
`` ``
We PRP
think VBP
there EX
will MD
be VB
positive JJ
as RB
well RB
as IN
negative JJ
reactions NNS
, ,
'' ''
says VBZ
Raymond NNP
Pettit NNP
, ,
senior JJ
vice NN
president NN
and CC
chief JJ
financial JJ
officer NN
of IN
Rockefeller NNP
Group NNP
. .
`` ``
On IN
balance NN
, ,
we PRP
think VBP
it PRP
will MD
be VB
positive JJ
. .
'' ''


But CC
some DT
Japanese JJ
government NN
officials NNS
and CC
businessmen NNS
worry VBP
that IN
the DT
prominent JJ
purchase NN
is VBZ
just RB
the DT
sort NN
of IN
deal NN
that WDT
should MD
be VB
avoided VBN
for IN
the DT
time NN
being VBG
. .
In RB
particular RB
, ,
they PRP
criticize VBP
the DT
timing NN
, ,
coming VBG
as IN
it PRP
does VBZ
on IN
the DT
heels NNS
of IN
Sony NNP
Corp. NNP
's POS
controversial JJ
purchase NN
of IN
Columbia NNP
Pictures NNPS
Entertainment NNP
Inc NNP
. .



`` ``
Officially RB
, ,
yes UH
, ,
we PRP
encourage VBP
the DT
free JJ
flow NN
of IN
direct JJ
investment NN
, ,
'' ''
says VBZ
a DT
Foreign NNP
Ministry NNP
official NN
. .
`` ``
But CC
they PRP
did VBD
n't RB
have VB
to TO
choose VB
this DT
particular JJ
moment NN
. .
'' ''


During IN
the DT
past JJ
year NN
, ,
government NN
officials NNS
and CC
leading VBG
business NN
organizations NNS
have VBP
repeatedly RB
urged VBN
Japanese JJ
companies NNS
to TO
refrain VB
from IN
flashy JJ
real JJ
estate NN
purchases NNS
in IN
the DT



Since IN
the DT
mid-1980s NNS
, ,
Japan NNP
's POS
other JJ
major JJ
real JJ
estate NN
purchases NNS
in IN
the DT
U.S. NNP
include VBP
Dai-Ichi NNP
Seimei NNP
America NNP
Corp. NNP
's POS
$ $
670 CD
million CD
purchase NN
of IN
an DT
office NN
building NN
at IN
153 CD
East NNP
53rd CD
St. NNP
in IN
Manhattan NNP
in IN
1987 CD
and CC
Mitsui NNP
Fudosan NNP
Inc. NNP
's POS
$ $
610 CD
million CD
purchase NN
of IN
the DT
Exxon NNP
Building NNP
, ,
part NN
of IN
Rockefeller NNP
Center NNP
, ,
in IN
1986 CD
. .
In IN
Los NNP
Angeles NNP
, ,
Arco NNP
Plaza NNP
was VBD
sold VBN
to TO
Shuwa NNP
Corp. NNP
for IN
$ $
620 CD
million CD
in IN
1986 CD
, ,
and CC
Sumitomo NNP
Life NNP
Insurance NNP
Co. NNP
paid VBD
$ $
300 CD
million CD
for IN
Atlanta NNP
's POS
IBM NNP
Tower NNP
last JJ
year NN
. .



Altogether RB
, ,
annual JJ
Japanese JJ
investment NN
in IN
U.S. NNP
commercial JJ
real NN
estate NN
grew VBD
from IN
about IN
$ $
1.3 CD
billion CD
in IN
1985 CD
to TO
about IN
$ $
7.1 CD
billion CD
in IN
1988 CD
. .



Many JJ
Japanese JJ
companies NNS
have VBP
taken VBN
the DT
warnings NNS
by IN
the DT
country NN
's POS
leaders NNS
to TO
heart NN
and CC
sought VBD
development NN
partnerships NNS
rather RB
than IN
landmark NN
properties NNS
. .
Critics NNS
say VBP
Mitsubishi NNP
Estate NNP
's POS
decision NN
to TO
buy VB
into IN
Rockefeller NNP
reflects VBZ
the DT
degree NN
to TO
which WDT
companies NNS
are VBP
irritated JJ
by IN
the DT
pressure NN
to TO
act VB
for IN
the DT
good NN
of IN
Japan NNP
. .
`` ``
Those DT
who WP
have VBP
no DT
money NN
and CC
are VBP
n't RB
buying VBG
think VB
it PRP
's VBZ
right JJ
to TO
refrain VB
, ,
but CC
those DT
with IN
money NN
who WP
want VBP
to TO
buy VB
for IN
themselves PRP
pay VBP
no DT
attention NN
, ,
'' ''
says VBZ
an DT
official NN
of IN
the DT
Japan-U.S NNP
. .
Business NNP
Council NNP
. .



But CC
to TO
Mitsubishi NNP
Estate NNP
, ,
the DT
acquisition NN
has VBZ
just RB
the DT
elements NNS
that WDT
should MD
win VB
support NN
from IN
both DT
sides NNS
. .
First RB
of IN
all RB
, ,
it PRP
is VBZ
a DT
friendly JJ
acquisition NN
in IN
which WDT
Rockefeller NNP
sought VBD
out RP
Mitsubishi NNP
Estate NNP
and CC
asked VBD
it PRP
to TO
buy VB
a DT
majority NN
share NN
. .
Secondly RB
, ,
the DT
two CD
companies NNS
found VBD
a DT
similarity NN
in IN
their PRP$
business NN
and CC
development NN
philosophies NNS
and CC
intend VBP
to TO
cooperate VB
in IN
a DT
range NN
of IN
activities NNS
from IN
real JJ
estate NN
to TO
telecommunications NN
. .
Finally RB
, ,
Mitsubishi NNP
Estate NNP
has VBZ
no DT
plans NNS
to TO
interfere VB
with IN
Rockefeller NNP
's POS
management NN
beyond IN
taking VBG
a DT
place NN
on IN
the DT
board NN
. .



`` ``
We PRP
'll MD
continue VB
to TO
work VB
with IN
them PRP
, ,
in IN
keeping VBG
with IN
the DT
reputation NN
of IN
the DT
company NN
, ,
and CC
we PRP
'll MD
rely VB
very RB
much RB
on IN
their PRP$
leadership NN
, ,
'' ''
says VBZ
Mitsubishi NNP
Estate NNP
President NNP
Jotaro NNP
Takagi NNP
. .



Rockefeller NNP
may MD
well RB
have VB
found VBN
its PRP$
match NN
in IN
Mitsubishi NNP
Estate NNP
, ,
a DT
company NN
of IN
long JJ
history NN
, ,
strong JJ
government NN
ties NNS
and CC
sound JJ
resources NNS
. .
In IN
asset NN
terms NNS
, ,
Mitsubishi NNP
Estate NNP
is VBZ
the DT
largest JJS
real JJ
estate NN
firm NN
in IN
Japan NNP
. .
The DT
core NN
of IN
its PRP$
holdings NNS
is VBZ
190,000 CD
square JJ
meters NNS
of IN
incredibly RB
expensive JJ
property NN
in IN
the DT
Marunouchi NNP
district NN
, ,
the DT
business NN
and CC
financial JJ
center NN
of IN
Tokyo NNP
, ,
often RB
jokingly RB
called VBN
`` ``
Mitsubishi NNP
Village NNP
. .
'' ''


The DT
Mitsubishi NNP
family NN
company NN
acquired VBD
that IN
property NN
from IN
the DT
government NN
some DT
100 CD
years NNS
ago RB
when WRB
it PRP
was VBD
a DT
portion NN
of IN
samurai NN
residential JJ
land NN
running VBG
from IN
the DT
moat NN
of IN
the DT
Imperial NNP
Palace NNP
east RB
toward IN
the DT
hodgepodge NN
of IN
tiny JJ
shops NNS
and CC
twisted JJ
alleys NNS
that WDT
made VBD
up RP
the DT
merchants NNS
' POS
district NN
. .
At IN
the DT
time NN
, ,
Japan NNP
had VBD
just RB
opened VBN
its PRP$
doors NNS
to TO
the DT
world NN
after IN
about IN
250 CD
years NNS
of IN
isolation NN
and CC
needed VBD
a DT
Western-style JJ
business NN
center NN
. .
Mitsubishi NNP
built VBD
the DT
government NN
's POS
dream NN
development NN
, ,
the DT
story NN
goes VBZ
, ,
in IN
exchange NN
for IN
the DT
official JJ
decision NN
to TO
locate VB
Tokyo NNP
's POS
central JJ
railway NN
station NN
there RB
. .



That DT
was VBD
just RB
an DT
early JJ
step NN
in IN
a DT
relationship NN
with IN
government NN
that WDT
has VBZ
earned VBN
the DT
Mitsubishi NNP
group NN
the DT
dubious JJ
moniker NN
of IN
`` ``
seisho FW
, ,
'' ''
literally RB
government-business NN
, ,
a DT
title NN
that WDT
has VBZ
the DT
pejorative JJ
connotation NN
of IN
doing VBG
the DT
government NN
's POS
bidding NN
, ,
but CC
also RB
suggests VBZ
the DT
clout NN
inherent JJ
in IN
maintaining VBG
such JJ
close JJ
ties NNS
. .



Mitsubishi NNP
Estate NNP
is VBZ
one CD
of IN
the DT
dozens NNS
of IN
companies NNS
in IN
today NN
's POS
Mitsubishi NNP
group NN
. .
It PRP
's VBZ
known JJ
for IN
its PRP$
cautiousness NN
in IN
part NN
because IN
it PRP
has VBZ
had VBN
little JJ
need NN
for IN
bold JJ
overseas JJ
ventures NNS
: :
In IN
the DT
year NN
ended VBN
March NNP
31 CD
, ,
57.4 CD
% NN
of IN
its PRP$
total JJ
revenue NN
came VBD
from IN
office NN
building NN
management NN
. .
Its PRP$
earnings NNS
can MD
rise VB
10 CD
% NN
to TO
12 CD
% NN
annually RB
simply RB
from IN
the DT
natural JJ
turnover NN
of IN
tenants NNS
and CC
automatic JJ
rent NN
increases NNS
, ,
says VBZ
Graeme NNP
McDonald NNP
, ,
an DT
industry NN
analyst NN
at IN
James NNP
Capel NNP
Pacific NNP
Ltd NNP
. .
For IN
the DT
latest JJS
fiscal JJ
year NN
, ,
the DT
company NN
's POS
net JJ
income NN
jumped VBD
a DT
robust JJ
19 CD
% NN
to TO
35.5 CD
billion CD
yen NNS
( (
$ $
250.2 CD
million CD
) )
. .



For IN
Mitsubishi NNP
Estate NNP
, ,
the DT
Rockefeller NNP
purchase NN
will MD
catapult VB
it PRP
firmly RB
into IN
the DT
overseas JJ
real JJ
estate NN
business NN
, ,
the DT
one CD
area NN
where WRB
it PRP
has VBZ
lagged VBN
notably RB
behind IN
Japanese JJ
competitors NNS
such JJ
as IN
Mitsui NNP
, ,
which WDT
had VBD
purchased VBN
the DT
Exxon NNP
Building NNP
. .



`` ``
Japanese JJ
companies NNS
need VBP
to TO
invest VB
in IN
overseas JJ
real JJ
estate NN
for IN
diversification NN
, ,
'' ''
says VBZ
Yoshio NNP
Shima NNP
, ,
an DT
industry NN
analyst NN
at IN
Goldman NNP
Sachs NNP
( (
Japan NNP
) )
Corp NNP
. .



Rockefeller NNP
is VBZ
n't RB
the DT
first JJ
overseas JJ
purchase NN
for IN
Mitsubishi NNP
Estate NNP
-- :
it PRP
has VBZ
already RB
played VBN
a DT
leading VBG
role NN
in IN
designing VBG
Los NNP
Angeles NNP
's POS
Citicorp NNP
Plaza NNP
. .
But CC
the DT
Rockefeller NNP
investment NN
is VBZ
its PRP$
largest JJS
. .
Nonetheless RB
, ,
it PRP
will MD
barely RB
make VB
a DT
dent NN
in IN
Mitsubishi NNP
Estate NNP
's POS
finances NNS
, ,
analysts NNS
say VBP
. .



Mitsubishi NNP
Estate NNP
has VBZ
n't RB
decided VBN
how WRB
it PRP
will MD
raise VB
the DT
funds NNS
for IN
the DT
purchase NN
, ,
which WDT
are VBP
due JJ
in IN
cash NN
next IN
April NNP
, ,
but CC
the DT
Marunouchi NNP
holdings NNS
alone RB
are VBP
estimated VBN
to TO
have VB
a DT
market NN
value NN
of IN
as RB
much JJ
as IN
10 CD
trillion CD
yen NNS
to TO
11 CD
trillion CD
yen NNS
. .
Moreover RB
, ,
as IN
a DT
member NN
of IN
the DT
Mitsubishi NNP
group NN
, ,
which WDT
is VBZ
headed VBN
by IN
one CD
of IN
Japan NNP
's POS
largest JJS
banks NNS
, ,
it PRP
is VBZ
sure JJ
to TO
win VB
a DT
favorable JJ
loan NN
. .
Analysts NNS
say VBP
the DT
company NN
also RB
could MD
easily RB
issue VB
new JJ
convertible JJ
bonds NNS
or CC
warrants NNS
. .



Meanwhile RB
, ,
at IN
home NN
, ,
Mitsubishi NNP
has VBZ
control VB
of IN
some DT
major JJ
projects NNS
. .
It PRP
is VBZ
the DT
largest JJS
private-sector JJ
landowner NN
of IN
the DT
Minato-Mirai NNP
21 CD
project NN
, ,
a DT
multibillion-yen JJ
development NN
in IN
the DT
port JJ
city NN
of IN
Yokohama NNP
, ,
about IN
an DT
hour NN
outside IN
Tokyo NNP
. .
The DT
project NN
is VBZ
one CD
of IN
a DT
select JJ
group NN
of IN
public JJ
projects NNS
opened VBN
to TO
U.S. NNP
firms NNS
under IN
a DT
U.S.-Japan JJ
construction NN
trade NN
agreement NN
reached VBD
last JJ
year NN
. .
The DT
centerpiece NN
of IN
that DT
complex NN
, ,
the DT
Landmark NNP
Tower NNP
, ,
will MD
be VB
Japan NNP
's POS
tallest JJS
building NN
when WRB
it PRP
is VBZ
completed VBN
in IN
1993 CD
. .



Mitsubishi NNP
is VBZ
also RB
pushing VBG
ahead RB
with IN
a DT
controversial JJ
plan NN
to TO
redevelop VB
Marunouchi NNP
into IN
a DT
business NN
center NN
of IN
high-tech JJ
buildings NNS
, ,
a DT
project NN
budgeted VBN
for IN
30 CD
years NNS
and CC
six CD
trillion CD
yen NNS
. .





Time NNP
Warner NNP
Inc. NNP
and CC
Sony NNP
Corp. NNP
may MD
be VB
today NN
's POS
public JJ
enemies NNS
, ,
but CC
the DT
two CD
entertainment NN
giants NNS
could MD
end VB
up RB
becoming VBG
partners NNS
in IN
a DT
number NN
of IN
ventures NNS
as IN
part NN
of IN
a DT
settlement NN
of IN
their PRP$
acrimonious JJ
legal JJ
dispute NN
over IN
Hollywood NNP
producers NNS
Peter NNP
Guber NNP
and CC
Jon NNP
Peters NNP
. .



The DT
Warner NNP
Bros. NNPS
studio NN
and CC
Sony NNP
signaled VBD
they PRP
are VBP
close JJ
to TO
a DT
settlement NN
yesterday NN
, ,
asking VBG
a DT
Los NNP
Angeles NNP
Superior NNP
Court NNP
to TO
postpone VB
a DT
hearing NN
scheduled VBN
for IN
tomorrow NN
on IN
Warner NNP
's POS
request NN
for IN
a DT
preliminary JJ
injunction NN
blocking VBG
Mr. NNP
Guber NNP
and CC
Mr. NNP
Peters NNP
from IN
taking VBG
the DT
top JJ
posts NNS
at IN
Columbia NNP
Pictures NNPS
Entertainment NNP
Inc NNP
. .



In IN
separate JJ
statements NNS
, ,
the DT
two CD
sides NNS
said VBD
they PRP
want VBP
to TO
have VB
`` ``
further JJ
discussions NNS
. .
'' ''


Sony NNP
is VBZ
acquiring VBG
Columbia NNP
and CC
Guber-Peters NNP
Entertainment NNP
Co. NNP
in IN
two CD
separate JJ
transactions NNS
valued VBN
at IN
more JJR
than IN
$ $
5 CD
billion CD
. .
Warner NNP
Communications NNPS
Inc. NNP
, ,
which WDT
is VBZ
being VBG
acquired VBN
by IN
Time NNP
Warner NNP
, ,
has VBZ
filed VBN
a DT
$ $
1 CD
billion CD
breach-of-contract JJ
suit NN
against IN
Sony NNP
and CC
the DT
two CD
producers NNS
. .
Warner NNP
has VBZ
a DT
five-year JJ
exclusive JJ
contract NN
with IN
Mr. NNP
Guber NNP
and CC
Mr. NNP
Peters NNP
that WDT
requires VBZ
them PRP
to TO
make VB
movies NNS
exclusively RB
at IN
the DT
Warner NNP
Bros. NNPS
studio NN
. .



The DT
two CD
sides NNS
in IN
the DT
legal JJ
battle NN
have VBP
hurled VBN
accusations NNS
of IN
duplicity NN
at IN
each DT
other JJ
for IN
weeks NNS
, ,
and CC
both DT
Warner NNP
and CC
Sony NNP
have VBP
accused VBN
each DT
other JJ
of IN
trying VBG
to TO
sabotage VB
each DT
other JJ
's POS
prospects NNS
for IN
success NN
in IN
the DT
entertainment NN
business NN
. .
But CC
it PRP
may MD
amount VB
to TO
little RB
more JJR
than IN
posturing NN
; :
the DT
two CD
have VBP
continued VBN
on-again JJ
, ,
off-again JJ
settlement NN
talks NNS
over IN
the DT
last JJ
few JJ
weeks NNS
, ,
and CC
people NNS
familiar JJ
with IN
the DT
talks NNS
say VBP
the DT
matter NN
could MD
be VB
resolved VBN
within IN
a DT
week NN
. .



Both DT
Warner NNP
and CC
Sony NNP
declined VBD
to TO
comment VB
on IN
the DT
terms NNS
of IN
the DT
settlement NN
discussions NNS
. .
But CC
the DT
people NNS
familiar JJ
with IN
the DT
talks NNS
said VBD
that IN
Warner NNP
is VBZ
n't RB
expected VBN
to TO
get VB
any DT
cash NN
in IN
the DT
settlement NN
. .
Instead RB
, ,
Sony NNP
is VBZ
likely JJ
to TO
agree VB
to TO
let VB
Warner NNP
participate VB
in IN
certain JJ
of IN
its PRP$
businesses NNS
, ,
such JJ
as IN
the DT
record NN
club NN
of IN
Sony NNP
's POS
CBS NNP
Records NNPS
unit NN
. .
Warner NNP
has VBZ
surpassed VBN
Sony NNP
as IN
the DT
largest JJS
record NN
company NN
, ,
but CC
it PRP
does VBZ
n't RB
have VB
a DT
powerful JJ
world-wide JJ
record NN
club NN
like IN
CBS NNP
. .



The DT
two CD
sides NNS
are VBP
also RB
discussing VBG
certain JJ
business NN
ventures NNS
involving VBG
cable NN
rights NNS
to TO
Columbia NNP
's POS
movies NNS
. .
In IN
addition NN
, ,
Sony NNP
is VBZ
expected VBN
to TO
agree VB
to TO
swap VB
Columbia NNP
's POS
35 CD
% NN
stake NN
in IN
the DT
sprawling JJ
Burbank NNP
, ,
Calif. NNP
, ,
studio NN
that IN
Warner NNP
and CC
Columbia NNP
share NN
, ,
in IN
exchange NN
for IN
the DT
old JJ
MGM NNP
studio NN
lot NN
that IN
Warner NNP
acquired VBD
with IN
the DT
purchase NN
of IN
Lorimar NNP
Telepictures NNPS
Corp NNP
. .



Still RB
, ,
it PRP
may MD
be VB
tough JJ
for IN
the DT
two CD
to TO
have VB
a DT
smooth JJ
partnership NN
in IN
anything NN
, ,
in IN
the DT
wake NN
of IN
sworn VBN
affidavits NNS
filed VBN
over IN
the DT
last JJ
week NN
. .
One CD
, ,
for IN
example NN
, ,
came VBD
from IN
CBS NNP
Records NNPS
Chairman NNP
Walter NNP
Yetnikoff NNP
, ,
who WP
will MD
head VB
a DT
committee NN
that WDT
will MD
oversee VB
Sony NNP
's POS
entertainment NN
division NN
, ,
including VBG
both DT
records NNS
and CC
movies NNS
. .
In IN
his PRP$
affidavit NN
, ,
Mr. NNP
Yetnikoff NNP
accused VBD
Warner NNP
Chairman NNP
Steven NNP
J. NNP
Ross NNP
of IN
having VBG
an DT
`` ``
antiSony JJ
, ,
anti-Japanese JJ
bias NN
'' ''
and CC
said VBD
that IN
Mr. NNP
Ross NNP
had VBD
tried VBN
to TO
talk VB
him PRP
out RB
of IN
letting VBG
Sony NNP
buy VB
CBS NNP
Records NNPS
two CD
years NNS
ago RB
for IN
that DT
reason NN
. .



Mr. NNP
Ross NNP
, ,
who WP
will MD
be VB
chairman NN
and CC
co-chief JJ
executive NN
officer NN
of IN
Time NNP
Warner NNP
after IN
the DT
merger NN
is VBZ
complete JJ
, ,
denied VBD
that IN
in IN
his PRP$
own JJ
affidavit NN
, ,
and CC
called VBD
Mr. NNP
Yetnikoff NNP
's POS
remarks NNS
`` ``
vicious JJ
'' ''
and CC
his PRP$
claims NNS
`` ``
reckless JJ
, ,
irresponsible JJ
and CC
baseless JJ
, ,
'' ''
saying VBG
Warner NNP
under IN
his PRP$
leadership NN
has VBZ
started VBN
a DT
number NN
of IN
businesses NNS
in IN
Japan NNP
. .



Mr. NNP
Ross NNP
also RB
said VBD
he PRP
enjoys VBZ
`` ``
warm JJ
professional NN
and CC
personal JJ
relationships NNS
'' ''
with IN
Japanese JJ
executives NNS
including VBG
Sony NNP
Chairman NNP
Akio NNP
Morita NNP
, ,
`` ``
who WP
has VBZ
visited VBN
my PRP$
home NN
here RB
. .
'' ''


But CC
despite IN
the DT
acrimony NN
between IN
Mr. NNP
Ross NNP
and CC
Mr. NNP
Yetnikoff NNP
, ,
officials NNS
of IN
the DT
Time NNP
side NN
of IN
Time NNP
Warner NNP
have VBP
reportedly RB
been VBN
increasingly RB
interested JJ
in IN
a DT
settlement NN
that WDT
might MD
yield VB
attractive JJ
business NN
opportunities NNS
. .
Time NNP
executives NNS
such JJ
as IN
the DT
company NN
's POS
president NN
, ,
N.J NNP
. .
Nicholas NNS
, ,
who WP
will MD
eventually RB
be VB
co-chief JJ
executive NN
of IN
Time NNP
Warner NNP
alongside IN
Mr. NNP
Ross NNP
, ,
have VBP
no DT
personal JJ
relationships NNS
or CC
ego NN
at IN
stake NN
in IN
the DT
fight NN
over IN
the DT
Guber-Peters NNP
duo NN
, ,
and CC
were VBD
never RB
directly RB
drawn VBN
into IN
the DT
fray NN
. .



Talks NNS
between IN
the DT
two CD
sides NNS
could MD
unravel VB
, ,
of IN
course NN
, ,
as IN
they PRP
have VBP
more RBR
than IN
once RB
since IN
Sony NNP
announced VBD
its PRP$
plans NNS
to TO
hire VB
Mr. NNP
Guber NNP
and CC
Mr. NNP
Peters NNP
. .
But CC
both DT
sides NNS
appear VBP
to TO
be VB
more RBR
willing JJ
now RB
to TO
meet VB
each DT
other JJ
's POS
terms NNS
to TO
resolve VB
the DT
issue NN
. .
And CC
although IN
Warner NNP
has VBZ
said VBN
it PRP
wanted VBD
the DT
producers NNS
to TO
fulfill VB
the DT
terms NNS
of IN
their PRP$
contract NN
, ,
the DT
producers NNS
said VBD
in IN
sworn VBN
court NN
declarations NNS
that IN
they PRP
did VBD
n't RB
believe VB
the DT
relationship NN
could MD
be VB
repaired VBN
after IN
the DT
acrimony NN
of IN
the DT
legal JJ
battle NN
. .



Any DT
settlement NN
is VBZ
also RB
expected VBN
to TO
exclude VB
Mr. NNP
Guber NNP
and CC
Mr. NNP
Peters NNP
from IN
any DT
of IN
the DT
projects NNS
they PRP
were VBD
working VBG
on IN
at IN
Warner NNP
. .
The DT
Guber-Peters NNP
duo NN
have VBP
50 CD
projects NNS
in IN
various JJ
stages NNS
of IN
development NN
and CC
production NN
at IN
Warner NNP
, ,
including VBG
`` ``
Bonfire NN
of IN
the DT
Vanities NNS
'' ''
and CC
`` ``
A DT
Bright JJ
Shining VBG
Lie NN
. .
'' ''


But CC
that IN
does VBZ
n't RB
mean VB
Mr. NNP
Guber NNP
and CC
Mr. NNP
Peters NNP
might MD
not RB
eventually RB
get VB
their PRP$
hands NNS
on IN
some DT
of IN
their PRP$
projects NNS
; :
studios NNS
develop VBP
hundreds NNS
of IN
movies NNS
but CC
produce VBP
only RB
10 CD
to TO
20 CD
each DT
year NN
. .
Once RB
a DT
studio NN
chooses VBZ
not RB
to TO
actually RB
make VB
a DT
movie NN
that WDT
is VBZ
in IN
development NN
, ,
producers NNS
are VBP
typically RB
free JJ
to TO
take VB
it PRP
elsewhere RB
. .



Mr. NNP
Guber NNP
and CC
Mr. NNP
Peters NNP
also RB
almost RB
certainly RB
would MD
n't RB
be VB
able JJ
to TO
participate VB
in IN
future JJ
sequels NNS
to TO
`` ``
Batman NNP
, ,
'' ''
the DT
blockbuster NN
hit NN
they PRP
produced VBD
for IN
Warner NNP
. .
But CC
in IN
acquiring VBG
Guber-Peters NNP
Entertainment NNP
, ,
Sony NNP
will MD
actually RB
get VB
a DT
piece NN
of IN
the DT
profits NNS
from IN
`` ``
Batman NNP
, ,
'' ''
since IN
the DT
publicly RB
held JJ
concern NN
gets VBZ
certain JJ
revenue NN
from IN
the DT
movies NNS
Mr. NNP
Guber NNP
and CC
Mr. NNP
Peters NNP
produce VBP
. .
The DT
two CD
producers NNS
own VBP
a DT
combined JJ
28 CD
% NN
stake NN
in IN
Guber-Peters NNP
. .





Southern NNP
Co. NNP
's POS
Gulf NNP
Power NNP
Co. NNP
subsidiary NN
pleaded VBD
guilty JJ
to TO
two CD
felony NN
charges NNS
of IN
conspiracy NN
to TO
make VB
illegal JJ
political JJ
contributions NNS
and CC
tax NN
evasion NN
, ,
and CC
paid VBD
$ $
500,000 CD
in IN
fines NNS
. .



Gulf NNP
Power NNP
's POS
guilty JJ
plea NN
before IN
U.S. NNP
District NNP
Judge NNP
Robert NNP
L. NNP
Vining NNP
yesterday NN
marks VBZ
the DT
end NN
of IN
only JJ
one CD
part NN
of IN
a DT
wide-ranging JJ
inquiry NN
of IN
Southern NNP
Co NNP
. .
The DT
company NN
is VBZ
the DT
subject NN
of IN
a DT
federal JJ
grand JJ
jury NN
investigation NN
into IN
whether IN
its PRP$
officials NNS
and CC
its PRP$
utility NN
subsidiaries NNS
conspired VBD
to TO
cover VB
up RP
their PRP$
accounting NN
for IN
spare JJ
parts NNS
to TO
evade VB
federal JJ
income NN
taxes NNS
. .



`` ``
The DT
terms NNS
announced VBD
today NN
are VBP
strictly RB
between IN
the DT
United NNP
States NNPS
and CC
Gulf NNP
Power NNP
, ,
'' ''
said VBD
U.S. NNP
Attorney NNP
Robert NNP
L. NNP
Barr NNP
. .
`` ``
This DT
is VBZ
only RB
a DT
further JJ
step NN
in IN
a DT
lengthy JJ
investigation NN
. .
'' ''


The DT
plea NN
settlement NN
does VBZ
not RB
allow VB
Southern NNP
Co. NNP
to TO
charge VB
any DT
of IN
the DT
$ $
500,000 CD
to TO
its PRP$
customers NNS
, ,
or CC
take VB
action NN
against IN
employees NNS
who WP
provided VBD
information NN
during IN
the DT
federal JJ
inquiry NN
. .
Gulf NNP
Power NNP
had VBD
been VBN
under IN
investigation NN
for IN
violating VBG
the DT
Utility NNP
Holding NNP
Company NNP
Act NNP
, ,
which WDT
prohibits VBZ
public JJ
utilities NNS
from IN
making VBG
political JJ
contributions NNS
. .



In IN
a DT
statement NN
, ,
Southern NNP
Co. NNP
President NNP
Edward NNP
L. NNP
Addison NNP
said VBD
, ,
`` ``
We PRP
believe VBP
our PRP$
decision NN
to TO
plead VB
( (
guilty JJ
) )
to TO
these DT
charges NNS
is VBZ
responsible JJ
and CC
proper JJ
. .
And CC
our PRP$
action NN
today NN
will MD
allow VB
Gulf NNP
Power NNP
to TO
avoid VB
prolonged JJ
, ,
distracting JJ
legal JJ
proceedings NNS
. .
'' ''
He PRP
did VBD
not RB
say VB
what WDT
effect NN
, ,
if IN
any DT
, ,
the DT
$ $
500,000 CD
fine NN
would MD
have VB
on IN
the DT
company NN
's POS
earnings NNS
. .



Mr. NNP
Barr NNP
said VBD
yesterday NN
's POS
plea NN
by IN
Gulf NNP
Power NNP
, ,
which WDT
came VBD
after IN
months NNS
of IN
negotiations NNS
, ,
was VBD
based VBN
on IN
evidence NN
that IN
Gulf NNP
Power NNP
had VBD
set VBN
up RP
an DT
elaborate JJ
payment NN
system NN
through IN
which WDT
it PRP
reimbursed VBD
outside JJ
vendors NNS
-- :
primarily RB
three CD
Florida NNP
advertising NN
agencies NNS
-- :
for IN
making VBG
illegal JJ
political JJ
contributions NNS
on IN
its PRP$
behalf NN
. .



The DT
Appleyard NNP
Agency NNP
, ,
for IN
example NN
, ,
allegedly RB
made VBD
contributions NNS
from IN
1982 CD
to TO
1984 CD
to TO
various JJ
funds NNS
for IN
political JJ
candidates NNS
, ,
then RB
submitted VBD
bills NNS
to TO
Gulf NNP
Power NNP
. .
The DT
contributions NNS
were VBD
funded VBN
by IN
monthly JJ
payments NNS
of IN
$ $
1,000 CD
to TO
$ $
2,000 CD
to TO
Appleyard NNP
in IN
the DT
guise NN
of IN
a DT
`` ``
special JJ
production NN
fee NN
'' ''
-- :
in IN
effect NN
, ,
hiding VBG
the DT
nature NN
of IN
the DT
payments NNS
from IN
the DT
Internal NNP
Revenue NNP
Service NNP
, ,
federal JJ
prosecutors NNS
said VBD
. .



The DT
government NN
also RB
indicated VBD
that DT
former JJ
Gulf NNP
Power NNP
senior JJ
vice NN
president NN
Jacob NNP
F. NNP
`` ``
Jake NNP
'' ''
Horton NNP
was VBD
the DT
mastermind NN
behind IN
the DT
use NN
of IN
the DT
ad NN
agencies NNS
-- :
Appleyard NNP
, ,
Dick NNP
Leonard NNP
Group NNP
II NNP
Inc. NNP
and CC
Hemmer NNP
& CC
Yates NNP
Corp. NNP
-- :
to TO
make VB
payments NNS
to TO
various JJ
political JJ
candidates NNS
from IN
1981 CD
to TO
1988 CD
. .
Mr. NNP
Horton NNP
, ,
who WP
oversaw VBD
Gulf NNP
Power NNP
's POS
governmental-affairs JJ
efforts NNS
, ,
died VBD
mysteriously RB
in IN
a DT
plane NN
crash NN
in IN
April NNP
after IN
learning VBG
he PRP
might MD
be VB
fired VBN
following VBG
the DT
uncovering VBG
of IN
irregularities NNS
in IN
a DT
company NN
audit NN
. .



Government NN
officials NNS
declined VBD
to TO
say VB
whether IN
the DT
investigation NN
includes VBZ
the DT
ad NN
agencies NNS
or CC
the DT
politicians NNS
involved VBN
. .



In IN
New NNP
York NNP
Stock NNP
Exchange NNP
trading NN
, ,
Southern NNP
Co. NNP
rose VBD
50 CD
cents NNS
a DT
share NN
to TO
$ $
27.125 CD
. .





` ``
Frequent JJ
Drinker NN
' ''
Offer NN



Stirs VBZ
Up RP
Spirited JJ
Debate NN



TO TO
GRAB NNP
a DT
bigger JJR
piece NN
of IN
the DT
declining VBG
scotch NN
market NN
, ,
Seagram NNP
Co. NNP
has VBZ
launched VBN
a DT
controversial JJ
`` ``
frequent JJ
drinker NN
'' ''
promotion NN
for IN
its PRP$
Chivas NNP
Regal NNP
brand NN
. .



Under IN
the DT
program NN
, ,
dubbed VBN
Chivas NNP
Class NNP
, ,
customers NNS
who WP
send VBP
in IN
two CD
labels NNS
from IN
Chivas NNP
bottles NNS
will MD
receive VB
an DT
upgrade NN
in IN
seating VBG
class NN
on IN
some DT
Trans NNP
World NNP
Airlines NNPS
flights NNS
. .
Repeat NN
customers NNS
also RB
can MD
purchase VB
luxury NN
items NNS
at IN
reduced JJ
prices NNS
. .



But CC
at IN
a DT
time NN
of IN
mounting VBG
concern NN
over IN
alcohol NN
abuse NN
, ,
some DT
liquor NN
marketers NNS
consider VBP
Seagram NNP
's POS
frequent JJ
buyer NN
promotion NN
risky JJ
. .
`` ``
I PRP
'm VBP
surprised JJ
they PRP
're VBP
doing VBG
this DT
, ,
'' ''
says VBZ
Penn NNP
Kavanagh NNP
, ,
president NN
of IN
Schieffelin NNP
& CC
Somerset NNP
Co. NNP
, ,
which WDT
markets VBZ
Johnnie NNP
Walker NNP
scotches NNS
. .
`` ``
I PRP
would MD
be VB
very RB
leery JJ
of IN
anything NN
that WDT
says VBZ
if IN
you PRP
drink VBP
more JJR
, ,
you PRP
get VBP
more JJR
. .
'' ''


Others NNS
question VBP
the DT
impact NN
on IN
Chivas NNP
's POS
upscale JJ
image NN
of IN
a DT
promotion NN
that WDT
has VBZ
customers NNS
soaking VBG
off RP
labels NNS
. .
`` ``
It PRP
's VBZ
really RB
bizarre JJ
, ,
'' ''
says VBZ
Albert NNP
Lerman NNP
, ,
creative JJ
director NN
at IN
the DT
Wells NNP
Rich NNP
Greene NNP
ad NN
agency NN
. .
`` ``
Chivas NNP
has VBZ
an DT
image NN
of IN
something NN
you PRP
would MD
savor VB
, ,
rather RB
than IN
guzzle VB
. .
'' ''


Chivas NNP
Class NNP
is VBZ
n't RB
the DT
first JJ
such JJ
promotion NN
. .
Last JJ
year NN
, ,
J&B NNP
Scotch NNP
offered VBD
500 CD
TWA NNP
frequent JJ
flier NN
miles NNS
in IN
exchange NN
for IN
a DT
label NN
. .
And CC
Dewar NNP
's POS
gave VBD
discounts NNS
on IN
Scottish JJ
merchandise NN
to TO
people NNS
who WP
sent VBD
in IN
bottle NN
labels NNS
. .



But CC
the DT
scope NN
of IN
Seagram NNP
's POS
Chivas NNP
promotion NN
sets VBZ
it PRP
apart RB
. .
The DT
current JJ
campaign NN
is VBZ
just RB
the DT
first JJ
leg NN
of IN
an DT
aggressive JJ
three-to-five-year JJ
direct JJ
marketing NN
plan NN
. .



Seagram NNP
says VBZ
the DT
promotion NN
is VBZ
designed VBN
to TO
build VB
brand NN
loyalty NN
rather RB
than IN
promote VB
heavy JJ
drinking NN
. .
Seagram NNP
asks VBZ
customers NNS
to TO
buy VB
only RB
two CD
or CC
three CD
bottles NNS
over IN
a DT
12-month JJ
period NN
, ,
says VBZ
Richard NNP
Shaw NNP
, ,
vice NN
president NN
of IN
U.S. NNP
direct JJ
marketing NN
. .
`` ``
We PRP
're VBP
not RB
asking VBG
them PRP
to TO
save VB
up RP
50 CD
proof-of-purchases NNS
. .
We PRP
're VBP
not RB
saying VBG
drink VB
more JJR
, ,
we PRP
're VBP
saying VBG
trade NN
up RP
. .
'' ''


Goya NNP
Concocts VBZ
a DT
Milk NN



For IN
Hispanic JJ
Tastes NNS



MOST JJS
FOOD NN
companies NNS
these DT
days NNS
are VBP
trimming VBG
the DT
fat NN
and CC
cholesterol NN
content NN
of IN
their PRP$
products NNS
to TO
appeal VB
to TO
health-conscious JJ
consumers NNS
. .
But CC
Goya NNP
Foods NNPS
Inc. NNP
believes VBZ
it PRP
can MD
milk VB
some DT
sales NNS
by IN
bucking VBG
the DT
trend NN
. .



The DT
Secaucus NNP
, ,
N.J. NNP
, ,
company NN
has VBZ
formed VBN
a DT
joint JJ
venture NN
with IN
a DT
distributor NN
called VBN
La NNP
Lecheria NNP
to TO
market VB
a DT
higher-fat JJR
milk NN
targeted VBN
at IN
Hispanic JJ
consumers NNS
. .
To TO
give VB
Leche NNP
Fresca NNP
the DT
creamier JJR
taste NN
Goya NNP
says VBZ
Hispanics NNPS
prefer VBP
, ,
the DT
new JJ
brand NN
has VBZ
a DT
butterfat NN
content NN
of IN
3.8 CD
% NN
. .
That DT
compares VBZ
with IN
3.5 CD
% NN
butterfat NN
for IN
whole JJ
milk NN
. .



A DT
spokesman NN
for IN
Borden NNP
Inc. NNP
, ,
the DT
nation NN
's POS
largest JJS
milk NN
producer NN
, ,
concedes VBZ
Goya NNP
may MD
be VB
on IN
to TO
something NN
. .
Borden NNP
sells VBZ
considerably RB
more JJR
whole JJ
milk NN
than IN
reduced-fat JJ
milks NNS
in IN
southern JJ
and CC
Hispanic JJ
markets NNS
, ,
he PRP
says VBZ
. .
Borden NNP
even RB
tested VBD
a DT
milk NN
with IN
4 CD
% NN
butterfat NN
in IN
the DT
South NNP
, ,
but CC
decided VBD
the DT
market NN
was VBD
too RB
small JJ
. .



Goya NNP
is VBZ
selling VBG
Leche NNP
Fresca NNP
in IN
nearly RB
500 CD
grocery NN
stores NNS
and CC
bodegas NNS
in IN
New NNP
York NNP
and CC
parts NNS
of IN
New NNP
Jersey NNP
. .
And CC
it PRP
's VBZ
adding VBG
15 CD
to TO
20 CD
new JJ
outlets NNS
a DT
day NN
, ,
says VBZ
Greg NNP
Ricca NNP
, ,
sales NNS
director NN
at IN
La NNP
Lecheria NNP
. .
Because IN
of IN
Leche NNP
Fresca NNP
's POS
success NN
, ,
he PRP
says VBZ
, ,
the DT
joint JJ
venture NN
is VBZ
developing VBG
other JJ
dairy NN
products NNS
tailored VBN
to TO
Hispanic JJ
tastes NNS
. .



Jewelry NN
Makers NNS
Copy VBP



Cosmetics NNS
Sales NNS
Ploys NNS



FOR IN
YEARS NNS
, ,
costume JJ
jewelry NN
makers NNS
fought VBD
a DT
losing JJ
battle NN
. .
Jewelry NN
displays NNS
in IN
department NN
stores NNS
were VBD
often RB
cluttered JJ
and CC
uninspired JJ
. .
And CC
the DT
merchandise NN
was VBD
, ,
well UH
, ,
fake JJ
. .



As IN
a DT
result NN
, ,
marketers NNS
of IN
faux JJ
gems NNS
steadily RB
lost VBD
space NN
in IN
department NN
stores NNS
to TO
more RBR
fashionable JJ
rivals NNS
-- :
cosmetics NNS
makers NNS
. .



But CC
lately RB
, ,
retailers NNS
say VBP
, ,
fake JJ
has VBZ
become VBN
more RBR
fashionable JJ
. .
And CC
jewelry NN
makers NNS
are VBP
beginning VBG
to TO
use VB
many JJ
of IN
the DT
same JJ
marketing NN
tricks NNS
honed VBN
in IN
the DT
aggressive JJ
world NN
of IN
cosmetics NNS
. .



Last JJ
year NN
, ,
the DT
total JJ
women NNS
's POS
fashion NN
jewelry NN
business NN
topped VBD
$ $
4.9 CD
billion CD
, ,
says VBZ
Karen NNP
Alberg NNP
, ,
editor NN
of IN
Accessories NNP
magazine NN
. .
And CC
it PRP
's VBZ
growing VBG
fast RB
, ,
with IN
annual JJ
sales NNS
gains NNS
of IN
more JJR
than IN
10 CD
% NN
. .



To TO
increase VB
their PRP$
share NN
of IN
that DT
business NN
, ,
jewelry NN
makers NNS
such JJ
as IN
Crystal NNP
Brands NNPS
Inc. NNP
's POS
Trifari NNP
and CC
Monet NNP
units NNS
and CC
Swank NNP
Inc. NNP
, ,
maker NN
of IN
Anne NNP
Klein NNP
jewelry NN
, ,
are VBP
launching VBG
new JJ
lines NNS
with IN
as RB
much JJ
fanfare NN
as IN
the DT
fragrance NN
companies NNS
. .
They PRP
're VBP
hiring VBG
models NNS
to TO
stroll VB
the DT
aisles NNS
sporting VBG
their PRP$
jewels NNS
, ,
and CC
they PRP
're VBP
even RB
beginning VBG
to TO
borrow VB
a DT
perennial JJ
favorite NN
of IN
the DT
beauty NN
business NN
-- :
offering VBG
a DT
gift NN
when WRB
consumers NNS
make VBP
a DT
purchase NN
. .



`` ``
We PRP
've VBP
started VBN
trying VBG
just RB
about IN
anything NN
to TO
keep VB
sales NNS
moving VBG
in IN
the DT
stores NNS
, ,
'' ''
says VBZ
Kim NNP
Renk NNP
, ,
a DT
Swank NNP
vice NN
president NN
. .
But CC
there EX
are VBP
limits NNS
. .
Ms. NNP
Renk NNP
says VBZ
retailers NNS
nixed VBD
a DT
promotion NN
for IN
pins NNS
with IN
animal NN
motifs NNS
. .
Her PRP$
idea NN
: :
bring VB
in RP
live JJ
zoo NN
animals NNS
. .



Trifari NNP
, ,
whose WP$
national JJ
ads NNS
earlier RB
this DT
year NN
included VBD
paper NN
cutouts NNS
of IN
its PRP$
costume NN
finery NN
, ,
takes VBZ
a DT
tamer JJR
approach NN
. .
The DT
company NN
focuses VBZ
on IN
the DT
how-to JJ
aspects NNS
, ,
says VBZ
Andrew NNP
E. NNP
Philip NNP
, ,
president NN
. .
Trifari NNP
now RB
trains VBZ
sales NNS
help NN
to TO
advise VB
customers NNS
on IN
the DT
best JJS
earring NN
styles NNS
. .



But CC
cosmetics NNS
firms NNS
still RB
have VBP
one CD
big JJ
marketing NN
edge NN
: :
They PRP
motivate VBP
sales NNS
people NNS
with IN
commissions NNS
. .
Jewelry NN
makers NNS
rarely RB
pay VBP
commissions NNS
and CC
are VBP
n't RB
expected VBN
to TO
anytime RB
soon RB
. .



Odds NNS
and CC
Ends NNS



DESPITE IN
GROWING VBG
interest NN
in IN
the DT
environment NN
, ,
U.S. NNP
consumers NNS
have VBP
n't RB
shown VBN
much JJ
interest NN
in IN
refillable JJ
packages NNS
for IN
household NN
products NNS
. .
Procter NNP
& CC
Gamble NNP
Co. NNP
recently RB
introduced VBD
refillable JJ
versions NNS
of IN
four CD
products NNS
, ,
including VBG
Tide NNP
and CC
Mr. NNP
Clean NNP
, ,
in IN
Canada NNP
, ,
but CC
does VBZ
n't RB
plan VB
to TO
bring VB
them PRP
to TO
the DT
U.S NNP
. .
Marketers NNS
believe VBP
most JJS
Americans NNPS
wo MD
n't RB
make VB
the DT
convenience NN
trade-off NN
... :
. .
Braumeisters NNPS
Ltd. NNP
tests VBZ
a DT
beer NN
brewed VBN
with IN
oat NN
bran NN
, ,
rather RB
than IN
rice NN
or CC
corn NN
. .
Called VBN
Otto NNP
's POS
Original NNP
Oat NNP
Bran NNP
Beer NNP
, ,
the DT
brew NN
costs VBZ
about IN
$ $
12.75 CD
a DT
case NN
. .
No DT
cholesterol NN
, ,
of IN
course NN
. .





Northwest NNP
Airlines NNPS
settled VBD
the DT
remaining VBG
lawsuits NNS
filed VBN
on IN
behalf NN
of IN
156 CD
people NNS
killed VBN
in IN
a DT
1987 CD
crash NN
, ,
but CC
claims NNS
against IN
the DT
jetliner NN
's POS
maker NN
are VBP
being VBG
pursued VBN
, ,
a DT
federal JJ
judge NN
said VBD
. .



Northwest NNP
, ,
a DT
unit NN
of IN
NWA NNP
Inc. NNP
, ,
and CC
McDonnell NNP
Douglas NNP
Corp. NNP
, ,
which WDT
made VBD
the DT
MD-80 NN
aircraft NN
, ,
also RB
are VBP
pursuing VBG
counterclaims NNS
against IN
each DT
other JJ
in IN
the DT
crash NN
near IN
Detroit NNP
Metropolitan NNP
Airport NNP
. .



Terms NNS
of IN
the DT
settlements NNS
for IN
the DT
remaining VBG
145 CD
lawsuits NNS
against IN
Northwest NNP
were VBD
n't RB
disclosed VBN
. .
A DT
total NN
of IN
157 CD
lawsuits NNS
were VBD
filed VBN
on IN
behalf NN
of IN
crash NN
victims NNS
. .



U.S. NNP
District NNP
Judge NNP
Julian NNP
A. NN
Cook NNP
Jr. NNP
announced VBD
the DT
settlements NNS
as IN
the DT
jury NN
trial NN
was VBD
to TO
begin VB
yesterday NN
. .
He PRP
reset VB
opening JJ
arguments NNS
for IN
today NN
. .



The DT
jury NN
will MD
resolve VB
the DT
claims NNS
against IN
McDonnell NNP
Douglas NNP
, ,
Northwest NNP
's POS
claim NN
that IN
a DT
defect NN
in IN
the DT
aircraft NN
caused VBD
the DT
crash NN
, ,
and CC
McDonnell NNP
Douglas NNP
' POS
claim NN
that IN
the DT
plane NN
was VBD
improperly RB
flown VBN
. .



The DT
National NNP
Transportation NNP
Safety NNP
Board NNP
ruled VBD
that IN
pilots NNS
failed VBD
to TO
set VB
the DT
plane NN
's POS
wing NN
flaps NNS
and CC
slats NNS
properly RB
for IN
takeoff NN
and CC
failed VBD
to TO
make VB
mandatory JJ
preflight JJ
checks NNS
that WDT
would MD
have VB
detected VBN
the DT
error NN
. .
Also RB
, ,
a DT
cockpit NN
warning VBG
system NN
failed VBD
to TO
alert VB
the DT
pilots NNS
the DT
flaps NNS
and CC
slats NNS
were VBD
not RB
set VBN
for IN
takeoff NN
, ,
the DT
NTSB NNP
said VBD
. .



The DT
only JJ
passenger NN
who WP
survived VBD
the DT
crash NN
was VBD
Cecelia NNP
Cichan NNP
, ,
then RB
4 CD
, ,
of IN
Tempe NNP
, ,
Ariz. NNP
, ,
whose WP$
parents NNS
and CC
brother NN
died VBD
in IN
the DT
crash NN
. .
She PRP
now RB
lives VBZ
with IN
relatives NNS
in IN
Alabama NNP
. .





Sun NNP
Myung NNP
Moon NNP
, ,
the DT
Korean JJ
evangelist-industrialist NN
who WP
in IN
1954 CD
founded VBD
the DT
Unification NNP
Church NNP
, ,
remains VBZ
the DT
mystery NN
man NN
behind IN
a DT
multimillion-dollar JJ
political JJ
and CC
publishing VBG
operation NN
based VBN
in IN
this DT
country NN
and CC
catering VBG
to TO
the DT
American JJ
right NN
. .
But CC
there EX
may MD
be VB
less JJR
there RB
than IN
meets VBZ
the DT
eye NN
. .



Mr. NNP
Moon NNP
planned VBD
to TO
convert VB
millions NNS
of IN
Americans NNPS
to TO
his PRP$
unique JJ
brand NN
of IN
Christianity NNP
-- :
in IN
which WDT
he PRP
plays VBZ
the DT
role NN
of IN
Old NNP
Testament-style JJ
temporal JJ
, ,
political JJ
messiah NN
-- :
and CC
then RB
to TO
make VB
the DT
U.S. NNP
part NN
of IN
a DT
unified JJ
international JJ
theocracy NN
. .
His PRP$
original JJ
strategy NN
( (
in IN
itself PRP
a DT
brilliant JJ
innovation NN
for IN
spreading VBG
a DT
religion NN
) )
was VBD
to TO
create VB
new JJ
economic JJ
enterprises NNS
each DT
time NN
he PRP
wanted VBD
to TO
extend VB
and CC
fund VB
his PRP$
various JJ
religious JJ
missions NNS
. .
Tax-exempt JJ
airport NN
and CC
street-corner JJ
solicitations NNS
were VBD
intended VBN
only RB
to TO
provide VB
start-up JJ
funds NNS
. .
More RBR
stable JJ
industries NNS
were VBD
to TO
build VB
an DT
economically RB
viable JJ
infrastructure NN
for IN
the DT
Moon NNP
movement NN
in IN
North NNP
America NNP
, ,
as IN
they PRP
had VBD
in IN
Japan NNP
and CC
South NNP
Korea NNP
. .
Then RB
he PRP
would MD
move VB
his PRP$
movement NN
to TO
Europe NNP
. .



But CC
that DT
was VBD
not RB
to TO
be VB
. .



Throughout IN
the DT
1970s NNS
and CC
early RB
1980s NNS
spokesmen NNS
for IN
both DT
the DT
Unification NNP
Church NNP
and CC
its PRP$
opponents NNS
in IN
the DT
anticult NN
movement NN
gave VBD
wildly RB
exaggerated JJ
membership NN
figures NNS
. .
Their PRP$
legacy NN
lives VBZ
on RP
. .
It PRP
is VBZ
still RB
common JJ
to TO
read VB
in IN
the DT
press NN
that IN
the DT
church NN
has VBZ
10,000 CD
or CC
more JJR
full-time JJ
American JJ
members NNS
and CC
25,000 CD
`` ``
associates NNS
. .
'' ''
Some DT
estimates NNS
have VBP
gone VBN
as RB
high JJ
as IN
80,000 CD
members NNS
. .



But CC
internal JJ
church NN
documents NNS
clearly RB
show VBP
that IN
at IN
its PRP$
publicity-seeking JJ
heights NNS
, ,
as IN
when WRB
it PRP
organized VBD
a DT
spectacular JJ
Yankee NNP
Stadium NNP
bicentennial JJ
rally NN
in IN
1976 CD
, ,
there EX
actually RB
were VBD
only JJ
about IN
2,000 CD
full-time JJ
Unification NNP
Church NNP
members NNS
in IN
the DT
U.S. NNP
Mr. NNP
Moon NNP
's POS
support NN
for IN
a DT
Watergate-beleaguered JJ
Richard NNP
Nixon NNP
, ,
the DT
Koreagate NNP
scandal NN
, ,
and CC
his PRP$
prison NN
sentence NN
for IN
income-tax NN
evasion NN
did VBD
not RB
help VB
the DT
church NN
's POS
recruitment NN
efforts NNS
. .
Defections NNS
, ,
burnouts NNS
, ,
and CC
abduction NN
`` ``
deprogrammings NNS
'' ''
kept VBN
member NN
turnover NN
high RB
. .
That IN
the DT
membership NN
number NN
has VBZ
even RB
kept VBN
close RB
to TO
its PRP$
1976 CD
size NN
is VBZ
the DT
result NN
of IN
the DT
`` ``
graying NN
'' ''
of IN
the DT
church NN
. .
Many JJ
of IN
the DT
enthusiastic JJ
young JJ
`` ``
Moonies NNPS
'' ''
of IN
the DT
Nixon NNP
era NN
who WP
remained VBD
faithful NN
to TO
Father NNP
Moon NNP
are VBP
now RB
parents NNS
, ,
producing VBG
new JJ
members NNS
by IN
procreation NN
rather RB
than IN
conversion NN
. .



The DT
reputed JJ
wealth NN
of IN
the DT
Unification NNP
Church NNP
is VBZ
another DT
matter NN
of IN
contention NN
. .
For IN
a DT
while NN
in IN
the DT
1970s NNS
it PRP
seemed VBD
Mr. NNP
Moon NNP
was VBD
on IN
a DT
spending JJ
spree NN
, ,
with IN
such JJ
purchases NNS
as IN
the DT
former JJ
New NNP
Yorker NNP
Hotel NNP
and CC
its PRP$
adjacent JJ
Manhattan NNP
Center NNP
; :
a DT
fishing\ processing JJ
conglomerate NN
with IN
branches NNS
in IN
Alaska NNP
, ,
Massachusetts NNP
, ,
Virginia NNP
and CC
Louisiana NNP
; :
a DT
former JJ
Christian NNP
Brothers NNPS
monastery NN
and CC
the DT
Seagram NNP
family NN
mansion NN
( (
both DT
picturesquely RB
situated VBN
on IN
the DT
Hudson NNP
River NNP
) )
; :
shares NNS
in IN
banks NNS
from IN
Washington NNP
to TO
Uruguay NNP
; :
a DT
motion NN
picture NN
production NN
company NN
, ,
and CC
newspapers NNS
, ,
such JJ
as IN
the DT
Washington NNP
Times NNP
, ,
the DT
New NNP
York NNP
City NNP
Tribune NNP
( (
originally RB
the DT
News NNP
World NNP
) )
, ,
and CC
the DT
successful JJ
Spanish-language JJ
Noticias NNP
del FW
Mundo NNP
. .



Yet RB
these DT
purchases NNS
can MD
be VB
misleading JJ
. .
Most JJS
were VBD
obtained VBN
with IN
huge JJ
inputs NNS
of IN
church NN
money NN
from IN
South NNP
Korea NNP
and CC
Japan NNP
, ,
minimum NN
cash NN
downpayments NNS
and CC
sizable JJ
mortgages NNS
. .
Those DT
teams NNS
of IN
young JJ
fund-raisers NNS
selling VBG
flowers NNS
, ,
peanuts NNS
or CC
begging VBG
outright RB
at IN
traffic NN
intersections NNS
brought VBN
in RP
somewhere RB
near IN
$ $
20 CD
million CD
a DT
year NN
during IN
the DT
mid-to-late JJ
1970s NNS
, ,
but CC
those DT
revenues NNS
were VBD
a DT
pittance NN
compared VBN
to TO
the DT
costs NNS
of IN
Mr. NNP
Moon NNP
's POS
lavish JJ
international JJ
conferences NNS
, ,
speaking NN
tours NNS
, ,
and CC
assorted JJ
land NN
buys NNS
. .
Only JJ
his PRP$
factories NNS
in IN
Japan NNP
and CC
Korea NNP
, ,
employing VBG
his PRP$
followers NNS
at IN
subsistence NN
wages NNS
and CC
producing VBG
everything NN
from IN
rifles NNS
to TO
ginseng NN
to TO
expensive JJ
marble NN
vases NNS
, ,
kept VBD
the DT
money NN
flowing VBG
westward RB
. .



Virginia NNP
Commonwealth NNP
University NNP
sociologist NN
David NNP
Bromley NNP
, ,
who WP
more RBR
than IN
any DT
other JJ
researcher NN
has VBZ
delved VBN
into IN
the DT
complex JJ
world NN
of IN
Unificationist JJ
finances NNS
, ,
has VBZ
concluded VBN
that IN
profitable JJ
operations NNS
in IN
the DT
U.S. NNP
have VBP
been VBN
the DT
exceptions NNS
rather RB
than IN
the DT
rule NN
. .
Likewise RB
, ,
journalists NNS
John NNP
Burgess NNP
and CC
Michael NNP
Isikoff NNP
of IN
the DT
Washington NNP
Post NNP
have VBP
estimated VBN
that IN
at IN
least JJS
$ $
800 CD
million CD
was VBD
transferred VBN
from IN
Japan NNP
to TO
the DT
U.S. NNP
to TO
deal VB
with IN
the DT
church NN
's POS
annual JJ
operating NN
losses NNS
in IN
this DT
country NN
. .



Mr. NNP
Moon NNP
's POS
two CD
English-language JJ
U.S. NNP
newspapers NNS
illustrate VBP
the DT
scope NN
of IN
this DT
financial JJ
drain NN
. .
Start-up JJ
costs NNS
for IN
the DT
Washington NNP
Times NNPS
alone RB
were VBD
close JJ
to TO
$ $
50 CD
million CD
, ,
and CC
the DT
total JJ
amount NN
lost VBN
in IN
this DT
journalistic JJ
black JJ
hole NN
was VBD
estimated VBN
at IN
$ $
150 CD
million CD
by IN
1984 CD
. .
Since IN
then RB
, ,
Moon NNP
's POS
organization NN
has VBZ
inaugurated VBN
a DT
pair NN
of IN
high-quality JJ
glossy JJ
opinion NN
magazines NNS
, ,
The DT
World NNP
and CC
I NNP
and CC
Insight NNP
, ,
which WDT
are VBP
a DT
further JJ
drain NN
. .
Insiders NNS
say VBP
that IN
not RB
even RB
their PRP$
editors NNS
know VBP
for IN
sure JJ
how WRB
much JJ
these DT
show-piece JJ
publications NNS
, ,
along IN
with IN
the DT
newspapers NNS
, ,
have VBP
cost VBN
Mr. NNP
Moon NNP
. .



Many JJ
American JJ
church-owned JJ
businesses NNS
, ,
such JJ
as IN
a DT
$ $
30 CD
million CD
factory NN
to TO
build VB
fishing NN
vessels NNS
, ,
are VBP
defunct JJ
. .
Some DT
components NNS
of IN
the DT
American JJ
church NN
had VBD
their PRP$
budgets NNS
cut VBN
in IN
half NN
last JJ
year NN
and CC
again RB
this DT
year NN
. .
The DT
relatively RB
small JJ
academic JJ
conferences NNS
that WDT
have VBP
attracted VBN
conservative JJ
guests NNS
-- :
and CC
press NN
scrutiny NN
-- :
in IN
recent JJ
years NNS
are VBP
much RB
more RBR
narrowly RB
targeted JJ
and CC
austere JJ
than IN
the DT
thousand-person JJ
get-togethers NNS
in IN
fancy JJ
digs NNS
and CC
exotic JJ
locales NNS
of IN
years NNS
past JJ
. .
I PRP
attended VBD
several JJ
of IN
these DT
in IN
the DT
dual JJ
role NN
as IN
a DT
presenter NN
of IN
research NN
findings NNS
as RB
well RB
as IN
an DT
investigator NN
of IN
my PRP$
hosts NNS
. .
( (
Mr. NNP
Moon NNP
's POS
Paragon NNP
House NNP
eventually RB
even RB
published VBD
three CD
of IN
my PRP$
co-edited JJ
books NNS
on IN
religion NN
and CC
politics NNS
. .
) )


According VBG
to TO
veteran NN
watchers NNS
of IN
Unificationist JJ
affairs NNS
, ,
such JJ
as IN
Dr. NNP
J. NNP
Gordon NNP
Melton NNP
, ,
director NN
of IN
the DT
Institute NNP
for IN
the DT
Study NNP
of IN
American NNP
Religion NNP
, ,
almost RB
all DT
operations NNS
are VBP
being VBG
drastically RB
reduced VBN
as IN
Mr. NNP
Moon NNP
now RB
concentrates VBZ
more RBR
on IN
developing VBG
his PRP$
empire NN
in IN
the DT
Far NNP
East NNP
. .
`` ``
Everything NN
, ,
'' ''
one CD
non-`` ``
Moonie NN
'' ''
senior JJ
consultant NN
to TO
the DT
Unification NNP
Church NNP
recently RB
told VBD
me PRP
in IN
an DT
interview NN
, ,
`` ``
is VBZ
going VBG
back RB
to TO
Korea NNP
and CC
Japan NNP
. .
'' ''
( (
Europe NNP
had VBD
proved VBN
even RB
less RBR
hospitable JJ
than IN
North NNP
America NNP
. .
European JJ
politicians NNS
were VBD
less RBR
reluctant JJ
to TO
have VB
their PRP$
governments NNS
investigate VB
and CC
harass VB
new JJ
religions NNS
. .
) )


So RB
Mr. NNP
Moon NNP
is VBZ
in IN
retreat NN
, ,
refocusing VBG
on IN
the DT
Far NNP
East NNP
. .
South NNP
Korea NNP
and CC
Japan NNP
continue VBP
to TO
be VB
profitable JJ
. .
Moon NNP
's POS
Tong'Il NNP
industry NN
conglomerate NN
is VBZ
now RB
investing VBG
heavily RB
in IN
China NNP
, ,
where WRB
church NN
accountants NNS
have VBP
high JJ
hopes NNS
of IN
expanding VBG
and CC
attracting VBG
converts NNS
even RB
in IN
the DT
wake NN
of IN
the DT
bloody JJ
massacre NN
in IN
Tiananmen NNP
Square NNP
. .
Panda NNP
Motors NNPS
is VBZ
one CD
such JJ
investment NN
. .



According VBG
to TO
senior JJ
consultants NNS
to TO
the DT
church NN
, ,
Mr. NNP
Moon NNP
has VBZ
successfully RB
negotiated VBN
a DT
joint JJ
venture NN
with IN
the DT
Chinese JJ
government NN
to TO
build VB
an DT
automobile-parts JJ
plant NN
in IN
Guangdong NNP
Province NNP
, ,
an DT
area NN
of IN
China NNP
with IN
a DT
substantial JJ
Korean JJ
minority NN
. .
Mr. NNP
Moon NNP
has VBZ
agreed VBN
to TO
put VB
up RP
$ $
10 CD
million CD
a DT
year NN
for IN
25 CD
years NNS
and CC
keep VB
the DT
profits NNS
in IN
China NNP
. .
In IN
return NN
, ,
he PRP
has VBZ
the DT
government NN
's POS
blessing NN
to TO
build VB
churches NNS
and CC
spread VBD
Unificationism NNP
in IN
that DT
country NN
. .



Whatever WDT
respectability NN
and CC
ties NNS
to TO
intellectuals NNS
and CC
opinion-makers NNS
the DT
publications NNS
and CC
conferences NNS
bring VBP
really RB
are VBP
salvage NN
-- :
not RB
the DT
Rev. NNP
Moon NNP
's POS
original JJ
final JJ
goals NNS
, ,
but CC
the DT
ones NNS
for IN
which WDT
he PRP
will MD
have VB
to TO
settle VB
. .



Mr. NNP
Shupe NNP
is VBZ
co-author NN
( (
with IN
David NNP
G. NNP
Bromley NNP
) )
of IN
`` ``
` ``
Moonies NNS
' ''
in IN
America NNP
: :
Cult NN
, ,
Church NN
, ,
and CC
Crusade NN
'' ''
and CC
`` ``
Strange JJ
Gods NNS
: :
The DT
Great JJ
American JJ
Cult NNP
Scare NNP
. .
'' ''






The DT
Manville NNP
Personal NNP
Injury NNP
Settlement NNP
Trust NNP
said VBD
it PRP
is VBZ
considering VBG
several JJ
ways NNS
to TO
ease VB
a DT
liquidity NN
crunch NN
that WDT
could MD
include VB
the DT
sale NN
of IN
Manville NNP
Corp. NNP
to TO
a DT
third JJ
party NN
. .



In IN
a DT
filing NN
with IN
the DT
Securities NNPS
and CC
Exchange NNP
Commission NNP
, ,
the DT
majority NN
holder NN
of IN
Manville NNP
acknowledged VBD
that IN
the DT
cash NN
portion NN
of IN
its PRP$
initial JJ
funding NN
of IN
$ $
765 CD
million CD
will MD
be VB
depleted VBN
next JJ
year NN
, ,
and CC
that IN
alternative JJ
sources NNS
of IN
funds NNS
will MD
be VB
necessary JJ
to TO
meet VB
its PRP$
obligations NNS
. .
The DT
trust NN
, ,
which WDT
was VBD
created VBN
as IN
part NN
of IN
Manville NNP
's POS
bankruptcy-law NN
reorganization NN
to TO
compensate VB
victims NNS
of IN
asbestos-related JJ
diseases NNS
, ,
ultimately RB
expects VBZ
to TO
receive VB
$ $
2.5 CD
billion CD
from IN
Manville NNP
, ,
but CC
its PRP$
cash NN
flow NN
from IN
investments NNS
has VBZ
so RB
far RB
lagged VBN
behind IN
its PRP$
payments NNS
to TO
victims NNS
. .



Spokespersons NNS
for IN
both DT
the DT
trust NN
and CC
the DT
company NN
refused VBD
to TO
comment VB
on IN
whether IN
any DT
talks NNS
with IN
a DT
possible JJ
acquirer NN
of IN
Manville NNP
had VBD
actually RB
taken VBN
place NN
. .
The DT
trust NN
is VBZ
considering VBG
a DT
sale NN
of IN
its PRP$
Manville NNP
holdings NNS
, ,
but CC
Manville NNP
has VBZ
the DT
right NN
of IN
first JJ
refusal NN
on IN
any DT
sales NNS
of IN
its PRP$
stock NN
held VBN
by IN
the DT
trust NN
. .



Manville NNP
, ,
a DT
forest NN
and CC
building NN
products NNS
concern NN
, ,
has VBZ
offered VBN
to TO
pay VB
the DT
trust NN
$ $
500 CD
million CD
for IN
a DT
majority NN
of IN
Manville NNP
's POS
convertible JJ
preferred JJ
stock NN
. .
Manville NNP
and CC
the DT
trust NN
are VBP
discussing VBG
the DT
offer NN
, ,
but CC
no DT
decision NN
has VBZ
been VBN
made VBN
. .



The DT
filing NN
also RB
said VBD
the DT
trust NN
is VBZ
considering VBG
a DT
sale NN
of IN
Manville NNP
securities NNS
in IN
the DT
open JJ
market NN
; :
an DT
extraordinary JJ
dividend NN
on IN
the DT
common JJ
stock NN
; :
or CC
a DT
recapitalization NN
of IN
Manville NNP
. .



The DT
Soviet NNP
Union NNP
's POS
jobless JJ
rate NN
is VBZ
soaring VBG
to TO
27 CD
% NN
in IN
some DT
areas NNS
, ,
Pravda NNP
said VBD
. .
It PRP
said VBD
the DT
situation NN
is VBZ
caused VBN
by IN
efforts NNS
to TO
streamline VB
bloated JJ
factory NN
payrolls NNS
. .



Unemployment NN
has VBZ
reached VBN
27.6 CD
% NN
in IN
Azerbaijan NNP
, ,
25.7 CD
% NN
in IN
Tadzhikistan NNP
, ,
22.8 CD
% NN
in IN
Uzbekistan NNP
, ,
18.8 CD
% NN
in IN
Turkmenia NNP
, ,
18 CD
% NN
in IN
Armenia NNP
and CC
16.3 CD
% NN
in IN
Kirgizia NNP
, ,
the DT
Communist NNP
Party NNP
newspaper NN
said VBD
. .
All DT
are VBP
non-Russian JJ
republics NNS
along IN
the DT
southern JJ
border NN
of IN
the DT
Soviet NNP
Union NNP
, ,
and CC
all DT
but CC
Kirgizia NNP
have VBP
reported VBN
rioting NN
in IN
the DT
past JJ
six CD
months NNS
. .



The DT
newspaper NN
said VBD
it PRP
is VBZ
past JJ
time NN
for IN
the DT
Soviet NNP
Union NNP
to TO
create VB
unemployment NN
insurance NN
and CC
retraining VBG
programs NNS
like IN
those DT
of IN
the DT
West NNP
. .



Pravda NNP
gave VBD
no DT
estimate NN
for IN
overall JJ
unemployment NN
but CC
said VBD
an DT
`` ``
Association NNP
of IN
the DT
Unemployed NNP
'' ''
has VBZ
cropped VBN
up RB
that DT
says VBZ
the DT
number NN
of IN
jobless JJ
is VBZ
23 CD
million CD
Soviets NNPS
, ,
or CC
17 CD
% NN
of IN
the DT
work NN
force NN
. .



An DT
11-week JJ
dispute NN
involving VBG
Australia NNP
's POS
1,640 CD
domestic JJ
pilots NNS
has VBZ
slashed VBN
airline NN
earnings NNS
and CC
crippled VBN
much JJ
of IN
the DT
continent NN
's POS
tourist NN
industry NN
. .
`` ``
The DT
only JJ
people NNS
who WP
are VBP
flying VBG
are VBP
those DT
who WP
have VBP
to TO
, ,
'' ''
said VBD
Frank NNP
Moore NNP
, ,
chairman NN
of IN
the DT
Australian NNP
Tourist NNP
Industry NNP
Association NNP
. .
He PRP
added VBD
: :
`` ``
How WRB
is VBZ
a DT
travel NN
agent NN
going VBG
to TO
sell VB
a DT
holiday NN
when WRB
he PRP
can MD
not RB
guarantee VB
a DT
return NN
flight NN
? .
'' ''
Transport VB
giant NN
TNT NNP
, ,
which WDT
owns VBZ
half NN
of IN
one CD
of IN
the DT
country NN
's POS
two CD
major JJ
domestic JJ
carriers NNS
, ,
said VBD
the DT
cost NN
of IN
the DT
dispute NN
had VBD
been VBN
heavy JJ
, ,
cutting VBG
TNT NNP
's POS
profits NNS
70 CD
% NN
to TO
$ $
12 CD
million CD
in IN
the DT
three CD
months NNS
to TO
Sept. NNP
30 CD
. .



Brazilian JJ
financier NN
Naji NNP
Nahas NNP
, ,
who WP
was VBD
arrested VBN
on IN
Monday NNP
after IN
102 CD
days NNS
in IN
hiding NN
, ,
is VBZ
likely JJ
to TO
be VB
interrogated VBN
next JJ
week NN
by IN
the DT
Brazilian JJ
judiciary NN
. .
Mr. NNP
Nahas NNP
, ,
who WP
single-handedly RB
provoked VBD
a DT
one-day JJ
closure NN
of IN
Brazil NNP
's POS
stock NN
markets NNS
in IN
June NNP
when WRB
he PRP
failed VBD
to TO
honor VB
a DT
debt NN
of IN
$ $
31.1 CD
million CD
owed VBN
to TO
his PRP$
brokers NNS
, ,
yesterday NN
blamed VBD
his PRP$
predicament NN
on IN
the DT
president NN
of IN
the DT
Sao NNP
Paulo NNP
stock NN
exchange NN
; :
a DT
few JJ
days NNS
before IN
Mr. NNP
Nahas NNP
's POS
failure NN
, ,
the DT
exchange NN
raised VBD
the DT
required JJ
margin NN
on IN
stock-margin JJ
transactions NNS
. .



China NNP
's POS
parliament NN
ousted VBD
two CD
Hong NNP
Kong NNP
residents NNS
from IN
a DT
panel NN
drafting VBG
a DT
new JJ
constitution NN
for IN
the DT
colony NN
. .
The DT
two CD
, ,
Szeto NNP
Wah NNP
and CC
Martin NNP
Lee NNP
, ,
were VBD
deemed VBN
unfit JJ
because IN
they PRP
had VBD
condemned VBN
China NNP
's POS
crackdown NN
on IN
its PRP$
pro-democracy JJ
movement NN
. .
The DT
committee NN
is VBZ
formulating VBG
Hong NNP
Kong NNP
's POS
constitution NN
for IN
when WRB
it PRP
reverts VBZ
to TO
Chinese JJ
control NN
in IN
1997 CD
, ,
and CC
Chinese JJ
lawmakers NNS
said VBD
the DT
two CD
can MD
only RB
return VB
if IN
they PRP
`` ``
abandon VBP
their PRP$
antagonistic JJ
stand NN
against IN
the DT
Chinese JJ
government NN
and CC
their PRP$
attempt NN
to TO
nullify VB
the DT
Sino-British JJ
joint NN
declaration NN
on IN
Hong NNP
Kong NNP
. .
'' ''


NUCLEAR NN
REACTOR NN
FOR IN
ISRAEL NNP
? .



Israeli JJ
officials NNS
confirmed VBD
that IN
Energy NNP
Minister NNP
Moshe NNP
Shahal NNP
and CC
his PRP$
Canadian JJ
counterpart NN
, ,
Jake NNP
Epp NNP
, ,
discussed VBD
a DT
possible JJ
Israeli JJ
purchase NN
of IN
a DT
$ $
1.1 CD
billion CD
Canadian JJ
nuclear JJ
reactor NN
for IN
producing VBG
electricity NN
. .
However RB
, ,
a DT
Canadian NNP
Embassy NNP
official NN
in IN
Tel NNP
Aviv NNP
said VBD
that IN
Canada NNP
was VBD
unlikely JJ
to TO
sell VB
the DT
Candu NNP
heavy-water NN
reactor NN
to TO
Israel NNP
since IN
Israel NNP
has VBZ
n't RB
signed VBN
the DT
Nuclear NNP
Non-Proliferation NNP
Treaty NNP
. .
Israel NNP
has VBZ
been VBN
accused VBN
in IN
the DT
past NN
of IN
using VBG
subterfuge NN
to TO
seek VB
elements NNS
needed VBN
to TO
develop VB
nuclear JJ
weapons NNS
. .



The DT
South JJ
Korean JJ
government NN
is VBZ
signing VBG
a DT
protocol NN
today NN
establishing VBG
formal JJ
diplomatic JJ
relations NNS
with IN
Poland NNP
. .
The DT
two CD
are VBP
also RB
signing VBG
a DT
trade NN
agreement NN
. .
South JJ
Korean JJ
government NN
officials NNS
said VBD
they PRP
do VBP
n't RB
expect VB
that IN
Seoul NNP
can MD
loan VB
money NN
to TO
Warsaw NNP
, ,
but CC
it PRP
can MD
`` ``
offer VB
experience NN
. .
'' ''
Poland NNP
is VBZ
the DT
second JJ
Communist JJ
nation NN
to TO
recognize VB
the DT
Seoul NNP
government NN
; :
South NNP
Korea NNP
established VBD
diplomatic JJ
relations NNS
with IN
Hungary NNP
in IN
February NNP
1989 CD
. .



Venezuela NNP
will MD
hold VB
a DT
debt-equity JJ
auction NN
Friday NNP
, ,
with IN
32 CD
potential JJ
bidders NNS
participating VBG
. .



Earlier RBR
this DT
year NN
, ,
Venezuela NNP
announced VBD
it PRP
was VBD
opening VBG
up RP
debt-equity NN
swaps NNS
to TO
foreign JJ
investors NNS
but CC
said VBD
the DT
program NN
would MD
be VB
limited JJ
to TO
a DT
net JJ
disbursement NN
of IN
$ $
600 CD
million CD
a DT
year NN
. .
Friday NNP
's POS
auction NN
will MD
be VB
limited JJ
to TO
$ $
150 CD
million CD
disbursed VBN
by IN
the DT
Central NNP
Bank NNP
to TO
potential JJ
investors NNS
. .



The DT
office NN
of IN
foreign JJ
investment NN
has VBZ
authorized VBN
some DT
$ $
1.78 CD
billion CD
worth NN
of IN
investment NN
proposals NNS
, ,
said VBD
Edwin NNP
Perozo NNP
, ,
superintendent NN
of IN
foreign JJ
investment NN
. .
Most JJS
of IN
the DT
proposals NNS
are VBP
in IN
tourism NN
, ,
basic JJ
industry NN
and CC
fishery NN
and CC
agro-industry JJ
projects NNS
, ,
he PRP
said VBD
. .



Under IN
the DT
debt-equity JJ
program NN
, ,
potential JJ
investors NNS
will MD
submit VB
sealed JJ
bids NNS
on IN
the DT
percentage NN
of IN
discount NN
they PRP
are VBP
willing JJ
to TO
purchase VB
the DT
debt NN
at IN
, ,
and CC
the DT
bids NNS
will MD
be VB
allocated VBN
based VBN
on IN
these DT
discount NN
offers NNS
. .
The DT
Venezuelan JJ
central JJ
bank NN
set VBD
a DT
30 CD
% NN
floor NN
on IN
the DT
bidding NN
. .



A DT
song NN
by IN
American JJ
singer NN
Tracy NNP
Chapman NNP
praising VBG
jailed JJ
black JJ
leader NN
Nelson NNP
Mandela NNP
was VBD
banned VBN
from IN
South JJ
African JJ
state NN
radio NN
and CC
television NN
. .
The DT
South NNP
African NNP
Broadcasting NNP
Corp. NNP
said VBD
the DT
song NN
`` ``
Freedom NN
Now RB
'' ''
was VBD
`` ``
undesirable JJ
for IN
broadcasting NN
. .
'' ''
... :
Britain NNP
's POS
House NNP
of IN
Commons NNPS
passed VBD
a DT
law NN
that WDT
will MD
force VB
English JJ
soccer NN
fans NNS
to TO
carry VB
identity NN
cards NNS
to TO
enter VB
stadiums NNS
. .
The DT
`` ``
anti-hooligan JJ
'' ''
law NN
, ,
which WDT
would MD
deprive VB
troublemakers NNS
of IN
cards NNS
, ,
must MD
be VB
ratified VBN
by IN
the DT
House NNP
of IN
Lords NNPS
and CC
is VBZ
expected VBN
to TO
become VB
effective JJ
early JJ
next JJ
year NN
. .





A DT
federal JJ
judge NN
ruled VBD
that IN
Imelda NNP
Marcos NNP
was VBD
n't RB
brought VBN
to TO
the DT
U.S. NNP
against IN
her PRP$
will NN
and CC
that IN
marital JJ
privileges NNS
, ,
which WDT
protect VBP
spouses NNS
from IN
incriminating VBG
each DT
other JJ
, ,
do VBP
n't RB
apply VB
in IN
her PRP$
case NN
. .



As IN
a DT
result NN
, ,
Judge NNP
John NNP
F. NNP
Keenan NNP
of IN
New NNP
York NNP
ordered VBD
Mrs. NNP
Marcos NNP
to TO
turn VB
over RB
to TO
the DT
court NN
all DT
pleadings NNS
and CC
documents NNS
she PRP
may MD
have VB
filed VBN
in IN
foreign JJ
countries NNS
in IN
opposition NN
to TO
U.S. NNP
requests NNS
for IN
evidence NN
. .
Mrs. NNP
Marcos NNP
had VBD
claimed VBN
that IN
she PRP
did VBD
n't RB
have VB
to TO
turn VB
over RP
the DT
documents NNS
because IN
she PRP
was VBD
brought VBN
here RB
involuntarily RB
and CC
because RB
providing VBG
the DT
materials NNS
would MD
violate VB
her PRP$
marital JJ
privilege NN
. .



In IN
1988 CD
, ,
a DT
year NN
and CC
a DT
half NN
after IN
Mrs. NNP
Marcos NNP
and CC
her PRP$
late JJ
husband NN
, ,
Ferdinand NNP
Marcos NNP
, ,
the DT
ousted JJ
president NN
of IN
the DT
Philippines NNPS
, ,
fled VBD
the DT
Philippines NNPS
for IN
Hawaii NNP
, ,
they PRP
were VBD
charged VBN
with IN
racketeering NN
, ,
conspiracy NN
, ,
obstruction NN
of IN
justice NN
and CC
mail NN
fraud NN
in IN
a DT
scheme NN
in IN
which WDT
they PRP
allegedly RB
embezzled VBD
more JJR
than IN
$ $
100 CD
million CD
from IN
their PRP$
homeland NN
. .
Much JJ
of IN
the DT
money NN
was VBD
fraudulently RB
concealed VBN
through IN
purchases NNS
of IN
prime JJ
Manhattan NNP
real JJ
estate NN
, ,
federal JJ
prosecutors NNS
have VBP
charged VBN
. .
Mrs. NNP
Marcos NNP
's POS
trial NN
is VBZ
expected VBN
to TO
begin VB
in IN
March NNP
. .



U.S. NNP
law NN
requires VBZ
criminal JJ
defendants NNS
to TO
turn VB
over RP
foreign JJ
documents NNS
such JJ
as IN
those DT
sought VBN
in IN
the DT
Marcos NNP
case NN
. .
The DT
law NN
is VBZ
meant VBN
to TO
overcome VB
delays NNS
caused VBN
by IN
defendants NNS
' POS
use NN
of IN
foreign JJ
procedures NNS
to TO
block VB
U.S. NNP
requests NNS
for IN
records NNS
, ,
Judge NNP
Keenan NNP
said VBD
in IN
his PRP$
opinion NN
. .
For IN
instance NN
, ,
the DT
documents NNS
could MD
involve VB
foreign JJ
business NN
dealings NNS
or CC
bank NN
accounts NNS
. .
The DT
U.S. NNP
has VBZ
charged VBN
that IN
the DT
Marcoses NNPS
' POS
alleged VBN
crimes NNS
involved VBD
bank NN
accounts NNS
in IN
the DT
Philippines NNPS
, ,
Hong NNP
Kong NNP
, ,
the DT
U.S. NNP
and CC
other JJ
countries NNS
. .



On IN
the DT
allegation NN
of IN
kidnapping NN
, ,
Judge NNP
Keenan NNP
wrote VBD
, ,
`` ``
The DT
suggestion NN
that IN
Mrs. NNP
Marcos NNP
was VBD
brought VBN
to TO
this DT
country NN
against IN
her PRP$
will NN
is VBZ
unsupported JJ
by IN
affidavit NN
or CC
affirmation NN
. .
'' ''


The DT
judge NN
also RB
said VBD
the DT
two CD
marital JJ
testimonial JJ
privileges NNS
cited VBN
by IN
Mrs. NNP
Marcos NNP
do VBP
n't RB
apply VB
. .
The DT
first JJ
one NN
permits VBZ
a DT
witness NN
to TO
refuse VB
to TO
testify VB
against IN
her PRP$
spouse NN
. .
But CC
Judge NNP
Keenan NNP
said VBD
that DT
privilege NN
's POS
purpose NN
is VBZ
`` ``
fostering VBG
harmony NN
in IN
marriage NN
. .
'' ''
Because IN
Mr. NNP
Marcos NNP
died VBD
Sept. NNP
28 CD
, ,
the DT
privilege NN
can MD
no RB
longer RB
apply VB
, ,
the DT
judge NN
said VBD
. .



The DT
second JJ
marital JJ
privilege NN
cited VBN
by IN
Mrs. NNP
Marcos NNP
protects VBZ
confidential JJ
communications NNS
between IN
spouses NNS
. .
But CC
Judge NNP
Keenan NNP
said VBD
that DT
privilege NN
is VBZ
meant VBN
to TO
protect VB
private JJ
utterances NNS
-- :
not RB
litigation NN
papers NNS
filed VBN
with IN
foreign JJ
governments NNS
, ,
as IN
Mrs. NNP
Marcos NNP
's POS
attorneys NNS
maintained VBD
. .



Though IN
Judge NNP
Keenan NNP
threw VBD
out RP
most JJS
of IN
Mrs. NNP
Marcos NNP
's POS
objections NNS
, ,
he PRP
agreed VBD
with IN
one CD
of IN
her PRP$
concerns NNS
: :
that IN
turning VBG
over RP
the DT
foreign JJ
documents NNS
could MD
violate VB
the DT
defendant NN
's POS
constitutional JJ
right NN
against IN
self-incrimination NN
. .
As IN
a DT
result NN
, ,
he PRP
said VBD
he PRP
will MD
examine VB
the DT
Marcos NNP
documents NNS
sought VBN
by IN
the DT
prosecutors NNS
to TO
determine VB
whether IN
turning VBG
over RP
the DT
filings NNS
is VBZ
self-incrimination NN
. .
Judge NNP
Keenan NNP
also RB
directed VBD
the DT
prosecutors NNS
to TO
show VB
that IN
Mrs. NNP
Marcos NNP
's POS
Fifth NNP
Amendment NNP
right NN
against IN
self-incrimination NN
wo MD
n't RB
be VB
violated VBN
. .



Mrs. NNP
Marcos NNP
's POS
attorney NN
in IN
New NNP
York NNP
, ,
Sandor NNP
Frankel NNP
, ,
declined VBD
to TO
comment VB
on IN
the DT
ruling NN
. .
Mrs. NNP
Marcos NNP
has VBZ
n't RB
admitted VBN
that IN
she PRP
filed VBD
any DT
documents NNS
such JJ
as IN
those DT
sought VBN
by IN
the DT
government NN
. .
Charles NNP
LaBella NNP
, ,
the DT
assistant NN
U.S. NNP
attorney NN
prosecuting VBG
the DT
Marcos NNP
case NN
, ,
did VBD
n't RB
return VB
phone NN
calls NNS
seeking VBG
comment NN
. .



U.S NNP
. .
AND CC
BRITISH JJ
LAW NN
FIRMS NNS
announce VBP
rare JJ
joint JJ
venture NN
in IN
Tokyo NNP
. .



Sidley NNP
& CC
Austin NNP
, ,
a DT
leading VBG
Chicago-based JJ
law NN
firm NN
, ,
and CC
Ashurst NNP
Morris NNP
Crisp NNP
, ,
a DT
midsized JJ
London NNP
firm NN
of IN
solicitors NNS
, ,
are VBP
scheduled VBN
today NN
to TO
announce VB
plans NNS
to TO
open VB
a DT
joint JJ
office NN
in IN
Tokyo NNP
. .



The DT
firms NNS
will MD
be VB
registered VBN
under IN
Japanese JJ
law NN
as IN
foreign JJ
legal JJ
consultants NNS
and CC
their PRP$
practice NN
with IN
Japanese JJ
clients NNS
will MD
be VB
limited VBN
to TO
advising VBG
them PRP
on IN
matters NNS
of IN
foreign JJ
law NN
. .
The DT
office NN
may MD
also RB
be VB
able JJ
to TO
advise VB
foreign JJ
and CC
multinational JJ
clients NNS
on IN
international JJ
law NN
and CC
general JJ
matters NNS
. .



The DT
office NN
will MD
provide VB
`` ``
one-stop JJ
shopping NN
'' ''
for IN
Japanese JJ
financial JJ
institutions NNS
and CC
other JJ
clients NNS
seeking VBG
advice NN
on IN
access NN
to TO
the DT
world NN
capital NN
markets NNS
, ,
according VBG
to TO
A. NN
Bruce NNP
Schimberg NNP
, ,
Sidley NNP
's POS
senior JJ
banking NN
specialist NN
, ,
who WP
will MD
move VB
to TO
Tokyo NNP
from IN
Chicago NNP
to TO
open VB
the DT
office NN
next JJ
year NN
. .



The DT
Sidley-Ashurst NNP
venture NN
will MD
also RB
be VB
staffed VBN
by IN
another DT
Sidley NNP
partner NN
specializing VBG
in IN
corporate JJ
law NN
, ,
a DT
partner NN
from IN
Ashurst NNP
concentrating VBG
on IN
acquisitions NNS
and CC
a DT
Japanese JJ
attorney NN
. .
The DT
office NN
will MD
tap VB
the DT
resources NNS
of IN
Sidley NNP
's POS
700 CD
lawyers NNS
in IN
the DT
U.S. NNP
, ,
London NNP
and CC
Singapore NNP
as RB
well RB
as IN
the DT
400 CD
Ashurst NNP
staff NN
members NNS
in IN
London NNP
and CC
Brussels NNP
. .



Ashurst NNP
is VBZ
new JJ
to TO
the DT
Far NNP
East NNP
. .
Sidley NNP
will MD
maintain VB
its PRP$
association NN
with IN
the DT
Hashidate NNP
Law NNP
Office NNP
in IN
Tokyo NNP
. .



THE DT
UNITED NNP
AUTO NNP
WORKERS NNPS
said VBD
it PRP
will MD
seek VB
a DT
rehearing NN
of IN
a DT
U.S. NNP
appellate JJ
court NN
ruling NN
against IN
the DT
union NN
's POS
claim NN
that IN
the DT
state NN
of IN
Michigan NNP
engages VBZ
in IN
wage-discrimination NN
against IN
female JJ
employees NNS
. .
A DT
three-judge JJ
panel NN
of IN
the DT
court NN
in IN
Cincinnati NNP
made VBD
the DT
ruling NN
Saturday NNP
. .
The DT
UAW NNP
is VBZ
seeking VBG
a DT
hearing NN
by IN
the DT
full JJ
14-judge JJ
panel NN
. .
The DT
union NN
sued VBD
the DT
state NN
in IN
November NNP
1985 CD
, ,
alleging VBG
that IN
it PRP
intentionally RB
segregated VBD
job NN
classifications NNS
by IN
sex NN
and CC
paid VBD
employees NNS
in IN
predominantly RB
female JJ
jobs NNS
less JJR
than IN
males NNS
in IN
comparable JJ
jobs NNS
. .
The DT
UAW NNP
also RB
charged VBD
that IN
the DT
state NN
applied VBD
its PRP$
own JJ
standards NNS
for IN
determining VBG
pay NN
in IN
a DT
discriminatory JJ
manner NN
. .
In IN
November NNP
1987 CD
, ,
a DT
district NN
court NN
judge NN
in IN
Detroit NNP
ruled VBD
against IN
the DT
UAW NNP
. .
The DT
union NN
is VBZ
the DT
bargaining NN
representative NN
for IN
more JJR
than IN
20,000 CD
Michigan NNP
state NN
employees NNS
. .



NEW NNP
JERSEY NNP
MERGER NN
: :
One CD
of IN
the DT
largest JJS
law NN
firms NNS
in IN
central JJ
New NNP
Jersey NNP
has VBZ
been VBN
created VBN
through IN
the DT
merger NN
of IN
Norris NNP
, ,
McLaughlin NNP
& CC
Marcus NNP
, ,
a DT
41-lawyer JJ
firm NN
, ,
and CC
Manger NNP
, ,
Kalison NNP
, ,
McBride NNP
& CC
Webb NNP
, ,
a DT
health-care NN
specialty NN
law NN
firm NN
with IN
14 CD
lawyers NNS
. .
Norris NNP
McLaughlin NNP
is VBZ
a DT
general-practice JJ
firm NN
that WDT
has VBZ
expanded VBN
recently RB
into IN
such JJ
specialties NNS
as IN
banking NN
, ,
labor NN
and CC
environmental JJ
work NN
. .
The DT
merged VBN
firm NN
will MD
carry VB
Norris NNP
McLaughlin NNP
's POS
name NN
. .



DRUG NN
WARS NNS
: :
A DT
Texas NNP
legislator NN
proposes VBZ
color-coding VBG
drivers NNS
' POS
licenses NNS
of IN
some DT
drug NN
offenders NNS
. .
The DT
bill NN
would MD
authorize VB
courts NNS
to TO
order VB
the DT
licenses NNS
as IN
a DT
condition NN
of IN
probation NN
. .
State NNP
Senator NNP
J.E. NNP
`` ``
Buster NNP
'' ''
Brown NNP
, ,
a DT
Republican NNP
who WP
is VBZ
running VBG
for IN
Texas NNP
attorney NN
general NN
, ,
introduced VBD
the DT
bill NN
. .
He PRP
said VBD
an DT
altered JJ
license NN
would MD
be VB
an DT
`` ``
embarrassment NN
'' ''
to TO
teenagers NNS
and CC
young JJ
adults NNS
and CC
would MD
act VB
as IN
a DT
deterrant JJ
to TO
drug NN
use NN
. .
Richard NNP
Avena NNP
, ,
executive NN
director NN
of IN
the DT
Texas NNP
Civil NNP
Liberties NNPS
Union NNP
, ,
called VBD
the DT
proposal NN
`` ``
political JJ
gimmickry NN
, ,
'' ''
and CC
said VBD
it PRP
fails VBZ
to TO
recognize VB
the DT
drug NN
problem NN
as IN
a DT
health NN
issue NN
. .



The DT
amendment NN
, ,
offered VBN
by IN
Rep. NNP
Douglas NNP
Bosco NNP
( (
D. NNP
, ,
Calif. NNP
) )
, ,
was VBD
approved VBN
283-132 JJ
during IN
debate NN
on IN
a DT
bill NN
designed VBN
to TO
strengthen VB
the DT
Transportation NNP
Department NNP
's POS
authority NN
in IN
dealing VBG
with IN
leveraged JJ
buy-outs NNS
of IN
airlines NNS
. .



The DT
bill NN
would MD
require VB
the DT
agency NN
to TO
block VB
the DT
acquisition NN
of IN
15 CD
% NN
or CC
more JJR
of IN
an DT
airline NN
's POS
stock NN
if IN
the DT
purchase NN
threatened VBD
safety NN
, ,
reduced VBD
the DT
carrier NN
's POS
ability NN
to TO
compete VB
, ,
or CC
put VBD
the DT
airline NN
under IN
foreign JJ
control NN
. .
Debate NN
on IN
the DT
legislation NN
, ,
which WDT
faces VBZ
a DT
veto NN
threat NN
from IN
President NNP
Bush NNP
, ,
is VBZ
to TO
continue VB
today NN
. .



The DT
amendment NN
would MD
require VB
the DT
department NN
to TO
block VB
the DT
purchase NN
of IN
a DT
major JJ
airline NN
by IN
anyone NN
who WP
has VBZ
run VBN
two CD
or CC
more JJR
carriers NNS
that WDT
have VBP
filed VBN
for IN
protection NN
from IN
creditors NNS
under IN
Chapter NN
11 CD
of IN
the DT
Bankruptcy NNP
Code NNP
. .



In IN
1983 CD
, ,
Texas NNP
Air NNP
's POS
Continental NNP
Airlines NNPS
filed VBD
for IN
bankruptcy NN
. .
Earlier RBR
this DT
year NN
, ,
Texas NNP
Air NNP
's POS
Eastern NNP
Airlines NNPS
filed VBD
for IN
bankruptcy NN
. .



`` ``
This DT
ought MD
to TO
be VB
subtitled VBN
the DT
` ``
Do VBP
n't RB
let VB
Frank NNP
Lorenzo NNP
take VB
over IN
another DT
airline NN
' ''
amendment NN
, ,
'' ''
said VBD
Rep. NNP
James NNP
Oberstar NNP
( (
D. NNP
, ,
Minn. NNP
) )
, ,
chairman NN
of IN
the DT
House NNP
aviation NN
subcommittee NN
, ,
who WP
argued VBD
that IN
the DT
provision NN
was VBD
unnecessary JJ
because IN
the DT
bill NN
already RB
would MD
give VB
the DT
department NN
ample JJ
power NN
to TO
block VB
undesirable JJ
deals NNS
. .





For IN
years NNS
, ,
a DT
strict JJ
regimen NN
governed VBD
the DT
staff NN
meetings NNS
at IN
Nissan NNP
Motor NNP
Co. NNP
's POS
technical JJ
center NN
in IN
Tokyo NNP
's POS
western JJ
suburbs NNS
. .



Employees NNS
wore VBD
identification NN
badges NNS
listing VBG
not RB
only RB
their PRP$
names NNS
but CC
also RB
their PRP$
dates NNS
of IN
hire NN
. .
No DT
one NN
could MD
voice VB
an DT
opinion NN
until IN
everybody NN
with IN
more JJR
seniority NN
had VBD
spoken VBN
first RB
, ,
so RB
younger JJR
employees NNS
-- :
often RB
the DT
most RBS
enthusiastic JJ
and CC
innovative JJ
-- :
seldom RB
spoke VBD
up RB
at IN
all DT
. .



But CC
in IN
1986 CD
, ,
the DT
badges NNS
and CC
the DT
`` ``
do VBP
n't RB
speak VB
out IN
of IN
turn NN
'' ''
rule NN
were VBD
abolished VBN
-- :
early JJ
steps NNS
in IN
a DT
cultural JJ
revolution NN
still RB
rolling VBG
on RB
with IN
all PDT
the DT
subtlety NN
of IN
a DT
freight NN
train NN
. .
In IN
recent JJ
years NNS
, ,
Nissan NNP
has VBZ
instituted VBN
flex-time JJ
work NN
schedules NNS
and CC
allowed VBN
employees NNS
to TO
dress VB
casually RB
, ,
even RB
in IN
blue JJ
jeans NNS
. .
A DT
rule NN
forbidding VBG
staffers NNS
to TO
own JJ
competitors NNS
' POS
cars NNS
has VBZ
been VBN
lifted VBN
, ,
and CC
now RB
many JJ
designers NNS
drive VBP
foreign JJ
cars NNS
to TO
get VB
useful JJ
ideas NNS
. .
Nissan NNP
's POS
decades-old JJ
corporate JJ
song NN
filled VBN
with IN
references NNS
to TO
Mount NNP
Fuji NNP
has VBZ
been VBN
scrapped VBN
in IN
favor NN
of IN
a DT
snappy JJ
tune NN
sung VBN
by IN
a DT
popular JJ
Japanese JJ
vocalist NN
. .



And CC
in IN
a DT
Japanese JJ
corporate JJ
first JJ
, ,
Nissan NNP
recently RB
opened VBD
the DT
first JJ
coed NN
company NN
dormitory NN
for IN
single JJ
employees NNS
at IN
the DT
suburban JJ
Tokyo NNP
technical JJ
center NN
. .
`` ``
We PRP
had VBD
lots NNS
of IN
internal JJ
debate NN
about IN
this DT
one NN
, ,
'' ''
concedes VBZ
Tadahiko NNP
Fukuyama NNP
, ,
a DT
senior JJ
public-relations NNS
official NN
. .
`` ``
But CC
in IN
the DT
end NN
, ,
top JJ
management NN
decided VBD
to TO
follow VB
the DT
voice NN
of IN
the DT
younger JJR
generation NN
. .
'' ''


This DT
corporate JJ
glasnost FW
is VBZ
a DT
big JJ
reason NN
Nissan NNP
, ,
after IN
years NNS
of IN
making VBG
lackluster JJ
cars NNS
and CC
lousy JJ
profits NNS
, ,
has VBZ
loosened VBN
up RP
its PRP$
rigid JJ
ways NNS
and CC
now RB
is VBZ
riding VBG
a DT
string NN
of IN
hits NNS
, ,
ranging VBG
from IN
the DT
sleek JJ
Maxima NNP
sedan NN
and CC
Porsche-like JJ
300ZX NNP
to TO
the DT
whimsically RB
nostalgic JJ
Pao NNP
, ,
a DT
minicar NN
sold VBN
only RB
in IN
Japan NNP
. .
The DT
company NN
's POS
turnaround NN
is VBZ
far RB
from IN
complete JJ
; :
many JJ
crucial JJ
tests NNS
are VBP
just RB
beginning VBG
. .
But CC
its PRP$
surprising JJ
progress NN
so RB
far RB
holds VBZ
important JJ
lessons NNS
for IN
companies NNS
in IN
trouble NN
. .



The DT
big JJ
one NN
: :
A DT
company NN
's POS
culture NN
ca MD
n't RB
be VB
radically RB
changed VBN
unless IN
top JJ
management NN
first RB
admits VBZ
that IN
things NNS
have VBP
gone VBN
badly RB
awry RB
and CC
then RB
publicly RB
leads VBZ
the DT
charge NN
. .
Atsushi NNP
Muramatsu NNP
, ,
Nissan NNP
's POS
executive NN
vice NN
president NN
for IN
finance NN
, ,
helped VBD
set VB
the DT
tone NN
in IN
December NNP
1986 CD
, ,
when WRB
the DT
company NN
was VBD
heading VBG
toward IN
the DT
first JJ
operating NN
loss NN
by IN
a DT
Japanese JJ
auto NN
maker NN
since IN
the DT
nation NN
's POS
postwar JJ
recovery NN
. .
`` ``
This DT
is VBZ
a DT
time NN
of IN
self-criticism NN
to TO
discover VB
what WP
is VBZ
wrong JJ
with IN
us PRP
, ,
'' ''
he PRP
said VBD
. .
Yutaka NNP
Kume NNP
, ,
who WP
took VBD
the DT
helm NN
as IN
Nissan NNP
's POS
president NN
in IN
June NNP
1985 CD
, ,
added VBD
simply RB
, ,
`` ``
I PRP
am VBP
deeply RB
disappointed JJ
. .
'' ''


No DT
wonder NN
. .
Nissan NNP
, ,
Japan NNP
's POS
second-largest JJ
auto NN
maker NN
and CC
the DT
world NN
's POS
fourth-largest JJ
, ,
was VBD
getting VBG
beat NN
up RB
not RB
only RB
by IN
its PRP$
bigger JJR
rival NN
, ,
Toyota NNP
Motor NNP
Corp. NNP
, ,
but CC
also RB
by IN
Honda NNP
Motor NNP
Co. NNP
, ,
the DT
most RBS
successful JJ
Japanese JJ
car NN
company NN
in IN
the DT
U.S. NNP
but CC
a DT
relative JJ
pipsqueak NN
in IN
Japan NNP
. .



Nissan NNP
's POS
market NN
share NN
in IN
Japan NNP
had VBD
been VBN
dropping VBG
year NN
by IN
year NN
since IN
the DT
beginning NN
of IN
the DT
decade NN
. .
Its PRP$
U.S. NNP
sales NNS
sagged VBD
, ,
partly RB
because IN
of IN
price NN
increases NNS
due JJ
to TO
the DT
rising VBG
yen NNS
. .
Worst RBS
of IN
all DT
, ,
Nissan NNP
was VBD
preoccupied VBN
with IN
management NN
infighting NN
, ,
cronyism NN
and CC
corporate JJ
rigidity NN
. .



Consider VB
the DT
experience NN
of IN
Satoko NNP
Kitada NNP
, ,
a DT
30-year-old JJ
designer NN
of IN
vehicle NN
interiors NNS
who WP
joined VBD
Nissan NNP
in IN
1982 CD
. .
At IN
that DT
time NN
, ,
tasks NNS
were VBD
assigned VBN
strictly RB
on IN
the DT
basis NN
of IN
seniority NN
. .
`` ``
The DT
oldest JJS
designer NN
got VBD
to TO
work VB
on IN
the DT
dashboard NN
, ,
'' ''
she PRP
recalls VBZ
. .
`` ``
The DT
next JJ
level NN
down RB
did VBD
doors NNS
. .
If IN
a DT
new JJ
person NN
got VBD
to TO
work VB
on IN
part NN
of IN
the DT
speedometer NN
, ,
that WDT
was VBD
a DT
big JJ
deal NN
. .
'' ''


This DT
system NN
produced VBD
boring JJ
, ,
boxy JJ
cars NNS
that IN
consumers NNS
just RB
were VBD
n't RB
buying VBG
. .
Desperately RB
hoping VBG
to TO
spark VB
sales NNS
, ,
Nissan NNP
transferred VBD
5,000 CD
middle JJ
managers NNS
and CC
plant NN
workers NNS
to TO
dealerships NNS
. .
Meanwhile RB
, ,
President NNP
Kume NNP
ordered VBD
everyone NN
from IN
top JJ
executives NNS
to TO
rookie NN
designers NNS
to TO
go VB
`` ``
town NN
watching NN
, ,
'' ''
to TO
visit VB
chic JJ
parts NNS
of IN
Tokyo NNP
to TO
try VB
to TO
gain VB
insights NNS
into IN
developing VBG
cars NNS
for IN
trend-setters NNS
. .



Some DT
town-watching JJ
excursions NNS
were VBD
downright RB
comic JJ
. .
One CD
group NN
of IN
middle-aged JJ
manufacturing VBG
men NNS
from IN
the DT
company NN
's POS
Zama NNP
plant NN
outside IN
Tokyo NNP
was VBD
supposed VBN
to TO
check VB
out RP
a DT
trendy JJ
restaurant NN
in IN
the DT
city NN
. .
But CC
when WRB
they PRP
arrived VBD
at IN
the DT
door NN
, ,
all DT
were VBD
afraid JJ
to TO
go VB
in RB
, ,
fearing VBG
that IN
they PRP
would MD
be VB
out IN
of IN
place NN
. .



Other JJ
trips NNS
were VBD
more RBR
productive JJ
. .
Mr. NNP
Kume NNP
himself PRP
visited VBD
Honda NNP
's POS
headquarters NN
in IN
Tokyo NNP
's POS
upscale JJ
Aoyama NNP
district NN
. .
He PRP
liked VBD
the DT
well-lighted JJ
lobby NN
display NN
of IN
Honda NNP
's POS
cars NNS
and CC
trucks NNS
so RB
much RB
that IN
he PRP
had VBD
Nissan NNP
's POS
gloomy JJ
lobby NN
exhibit NN
refurbished VBN
. .
Later RB
, ,
Nissan NNP
borrowed VBD
other JJ
Honda NNP
practices NNS
, ,
including VBG
an DT
engineering NN
`` ``
idea NN
contest NN
'' ''
to TO
promote VB
inventiveness NN
. .
One CD
engineer NN
developed VBD
a DT
`` ``
crab NN
car NN
'' ''
that WDT
moves VBZ
sideways RB
. .



Such JJ
sudden JJ
cultural JJ
shifts NNS
may MD
come VB
across IN
as IN
a DT
bit RB
forced JJ
, ,
but CC
they PRP
seem VBP
to TO
be VB
genuine JJ
-- :
so RB
much RB
so IN
, ,
in IN
fact NN
, ,
that IN
some DT
older JJR
employees NNS
have VBP
resisted VBN
. .
Nissan NNP
handled VBD
the DT
die-hards NNS
in IN
a DT
typically RB
Japanese JJ
fashion NN
: :
They PRP
were VBD
n't RB
fired VBN
but CC
instead RB
`` ``
were VBD
neglected VBN
, ,
'' ''
says VBZ
Kouji NNP
Hori NNP
, ,
the DT
personnel JJ
manager NN
at IN
the DT
Nissan NNP
Technical NNP
Center NNP
. .



Despite IN
the DT
pain NN
of IN
adjusting NN
, ,
the DT
cultural JJ
revolution NN
has VBZ
begun VBN
to TO
yield VB
exciting JJ
cars NNS
. .
A DT
year NN
ago RB
, ,
the DT
company NN
completely RB
revamped VBD
its PRP$
near-luxury JJ
sedan NN
, ,
the DT
$ $
17,699 CD
Maxima NNP
, ,
which WDT
competes VBZ
against IN
a DT
broad JJ
range NN
of IN
upscale NN
sedans NNS
; :
it PRP
replaced VBD
its PRP$
boxy JJ
, ,
pug-nosed JJ
body NN
with IN
sleek JJ
, ,
aerodynamic JJ
lines NNS
. .
Since IN
then RB
, ,
Nissan NN
also RB
has VBZ
launched VBN
new JJ
versions NNS
of IN
the DT
$ $
13,249 CD
240SX NNP
sporty JJ
coupe NN
and CC
300ZX NNP
sports NNS
car NN
. .
The DT
restyled JJ
300ZX NNP
costs VBZ
as RB
much JJ
as IN
$ $
33,000 CD
and CC
is VBZ
squared VBN
off RB
against IN
the DT
Porche NNP
944 CD
, ,
which WDT
begins VBZ
at IN
$ $
41,900 CD
. .
Besides IN
new JJ
styling NN
, ,
the DT
new JJ
Nissans NNPS
have VBP
more RBR
powerful JJ
engines NNS
and CC
more RBR
sophisticated JJ
suspension NN
systems NNS
. .
All DT
three CD
new JJ
models NNS
are VBP
outselling VBG
their PRP$
predecessors NNS
by IN
wide JJ
margins NNS
. .



In IN
its PRP$
home NN
market NN
, ,
Nissan NNP
has VBZ
grabbed VBN
attention NN
with IN
limited-production JJ
minicars NNS
featuring VBG
styling VBG
odd JJ
enough RB
to TO
be VB
cute JJ
. .
One CD
is VBZ
the DT
Pao NNP
, ,
a DT
tiny JJ
coupe NN
with IN
a DT
peelback JJ
canvas NN
top NN
and CC
tilted JJ
headlights NNS
that WDT
give VBP
it PRP
a DT
droopy-eyed JJ
look NN
. .
Nissan NNP
initially RB
planned VBD
to TO
sell VB
just RB
10,000 CD
Paos NNPS
, ,
but CC
sales NNS
have VBP
passed VBN
50,000 CD
, ,
and CC
there EX
's VBZ
a DT
one-year JJ
waiting NN
list NN
for IN
the DT
car NN
. .
Then RB
, ,
there EX
's VBZ
the DT
S-Cargo NNP
, ,
an DT
offbeat JJ
delivery NN
van NN
with IN
a DT
snail-like JJ
body NN
that WDT
inspired VBD
its PRP$
name NN
. .
Nissan NNP
helped VBD
develop VB
a DT
Tokyo NNP
restaurant NN
with IN
both DT
vehicles NNS
as IN
its PRP$
design NN
theme NN
. .
The DT
chairs NNS
are VBP
S-Cargo NNP
seats NNS
, ,
and CC
a DT
gift NN
shop NN
sells VBZ
such JJ
items NNS
as IN
alarm NN
clocks NNS
styled VBN
like IN
the DT
Pao NNP
's POS
oversized JJ
speedometer NN
. .



All PDT
these DT
vehicles NNS
have VBP
sharply RB
improved VBN
Nissan NNP
's POS
morale NN
and CC
image NN
-- :
but CC
have VBP
n't RB
done VBN
much RB
for IN
its PRP$
market NN
share NN
. .
Nissan NNP
had VBD
29 CD
% NN
of IN
the DT
Japanese JJ
car NN
market NN
in IN
1980 CD
before IN
beginning VBG
a DT
depressing JJ
eight-year JJ
slide NN
that WDT
continued VBD
through IN
last JJ
year NN
. .
Strong JJ
sales NNS
so RB
far RB
this DT
year NN
are VBP
certain JJ
to TO
turn VB
the DT
tide NN
, ,
but CC
even RB
the DT
25 CD
% NN
market NN
share NN
that IN
Nissan NNP
expects VBZ
in IN
1989 CD
will MD
leave VB
it PRP
far RB
below IN
its PRP$
position NN
at IN
the DT
beginning NN
of IN
the DT
decade NN
. .



Nissan NNP
concedes VBZ
that IN
it PRP
wo MD
n't RB
recoup VB
all DT
its PRP$
market-share NN
losses NNS
in IN
Japan NNP
until IN
at IN
least JJS
1995 CD
, ,
and CC
even RB
that DT
timetable NN
might MD
prove VB
optimistic JJ
. .
`` ``
Everyone NN
else JJ
is VBZ
going VBG
to TO
catch VB
up RB
'' ''
with IN
Nissan NNP
's POS
innovative JJ
designs NNS
, ,
says VBZ
A. NN
Rama NNP
Krishna NNP
, ,
auto NN
analyst NN
at IN
First JJ
Boston NNP
( (
Japan NNP
) )
Ltd NNP
. .
Nissan NNP
's POS
pace NN
of IN
new-model JJ
hits NNS
will MD
slow VB
, ,
he PRP
adds VBZ
, ,
just RB
as IN
arch-rival JJ
Toyota NNP
unleashes VBZ
its PRP$
own JJ
batch NN
of IN
new JJ
cars NNS
. .



Likewise RB
, ,
in IN
the DT
U.S. NNP
, ,
Nissan NNP
has VBZ
grabbed VBN
5.2 CD
% NN
of IN
the DT
car NN
market NN
so RB
far RB
this DT
year NN
, ,
up RB
from IN
4.5 CD
% NN
a DT
year NN
ago RB
. .
But CC
even RB
that WDT
brings VBZ
Nissan NNP
only RB
to TO
the DT
share NN
it PRP
had VBD
in IN
1987 CD
, ,
and CC
leaves VBZ
the DT
company NN
behind IN
its PRP$
high NN
of IN
5.5 CD
% NN
in IN
1980 CD
and CC
1982 CD
. .



Why WRB
? .
So RB
far RB
, ,
Nissan NNP
's POS
new-model NN
successes NNS
are VBP
mostly RB
specialized JJ
vehicles NNS
with IN
limited JJ
sales NNS
potential NN
. .
In IN
compact NN
and CC
subcompact NN
cars NNS
, ,
the DT
bread-and-butter JJ
sales NNS
generators NNS
for IN
Japanese JJ
auto NN
makers NNS
, ,
Nissan NNP
still RB
trails VBZ
Toyota NNP
and CC
Honda NNP
. .



Nissan NNP
hopes VBZ
that IN
that DT
will MD
start VB
to TO
change VB
this DT
fall NN
, ,
with IN
its PRP$
new JJ
version NN
of IN
the DT
Stanza NNP
compact JJ
sedan NN
. .
The DT
Stanza NNP
has VBZ
been VBN
a DT
nonentity NN
compared VBN
with IN
Honda NNP
's POS
hugely RB
successful JJ
Accord NNP
and CC
Toyota NNP
's POS
Camry NNP
. .
But CC
this DT
year NN
, ,
Honda NNP
has VBZ
revamped VBN
the DT
Accord NNP
and CC
made VBD
it PRP
a DT
midsized JJ
car NN
. .
Nissan NNP
instead RB
has VBZ
kept VBN
its PRP$
new JJ
Stanza NNP
a DT
bit RB
smaller JJR
than IN
that DT
and CC
cut VBN
the DT
base JJ
price NN
6 CD
% NN
; :
at IN
$ $
11,450 CD
, ,
Stanza NNP
prices NNS
start VBP
$ $
749 CD
below IN
the DT
predecessor NN
model NN
yet RB
have VBP
a DT
more-powerful JJR
engine NN
. .
Accord NNP
prices NNS
start VBP
at IN
$ $
12,345 CD
. .



Nissan NNP
's POS
risk NN
is VBZ
that IN
its PRP$
low-base-price JJ
strategy NN
might MD
get VB
lost VBN
amid IN
the DT
highly RB
publicized JJ
rebates NNS
being VBG
offered VBN
by IN
Detroit NNP
's POS
Big JJ
Three CD
. .
But CC
`` ``
on IN
a DT
new JJ
car NN
, ,
a DT
rebate NN
does VBZ
n't RB
work VB
well RB
'' ''
because IN
it PRP
cheapens VBZ
the DT
vehicle NN
's POS
image NN
, ,
contends VBZ
Thomas NNP
D. NNP
Mignanelli NNP
, ,
executive NN
vice NN
president NN
of IN
Nissan NNP
's POS
U.S. NNP
sales NNS
arm NN
. .



Even RB
if IN
the DT
new JJ
Stanza NNP
succeeds VBZ
, ,
Nissan NNP
will MD
remain VB
behind RB
in IN
the DT
subcompact NN
segment NN
, ,
where WRB
its PRP$
Sentra NNP
does VBZ
n't RB
measure VB
up RB
to TO
the DT
Honda NNP
Civic NNP
and CC
Toyota NNP
Corolla NNP
. .
Nissan NNP
will MD
introduce VB
a DT
completely RB
revamped VBN
Sentra NNP
next JJ
fall NN
. .



At IN
the DT
opposite JJ
end NN
of IN
the DT
market NN
, ,
Nissan NNP
launches VBZ
its PRP$
luxury NN
Infiniti NNP
division NN
on IN
Nov. NNP
8 CD
-- :
three CD
years NNS
after IN
Honda NN
pioneered VBD
Japanese JJ
luxury NN
cars NNS
and CC
two CD
months NNS
after IN
Toyota NNP
's POS
Lexus NNP
went VBD
on IN
sale NN
. .
Nissan NNP
started VBD
advertising VBG
Infiniti NNP
fully RB
eight CD
months NNS
before IN
the DT
cars NNS
hit VBD
American JJ
showrooms NNS
. .
The DT
ads NNS
featured VBD
fences NNS
, ,
rocks NNS
and CC
pussy-willow NN
buds NNS
-- :
almost RB
anything NN
but CC
the DT
cars NNS
themselves PRP
. .
The DT
ads NNS
have VBP
generated VBN
some DT
laughs NNS
but CC
also RB
plenty NN
of IN
attention NN
because IN
they PRP
are VBP
so RB
unlike IN
any DT
other JJ
U.S. NNP
auto NN
advertising NN
. .



On IN
the DT
other JJ
hand NN
, ,
Nissan NNP
's POS
sales NNS
goals NNS
for IN
Infiniti NNP
are VBP
modest JJ
compared VBN
with IN
Toyota NNP
's POS
targets NNS
for IN
Lexus NNP
. .
Nissan NNP
will MD
build VB
only RB
about IN
3,500 CD
of IN
the DT
$ $
38,000 CD
Infiniti NNP
Q45 NNP
sedans NNS
each DT
month NN
, ,
sending VBG
about IN
2,000 CD
of IN
them PRP
to TO
the DT
U.S. NNP
and CC
keeping VBG
the DT
rest NN
for IN
sale NN
in IN
Japan NNP
. .
Toyota NNP
wants VBZ
to TO
sell VB
about IN
49,000 CD
Lexus NNP
LS400 NN
sedans NNS
next JJ
year NN
in IN
the DT
U.S. NNP
alone RB
. .



`` ``
When WRB
I PRP
saw VBD
the DT
Lexus NNP
sales NNS
projections NNS
, ,
I PRP
got VBD
worried JJ
, ,
'' ''
confesses VBZ
Takashi NNP
Oka NNP
, ,
who WP
led VBD
the DT
Infiniti NNP
development NN
team NN
. .
But CC
on IN
reflection NN
, ,
Mr. NNP
Oka NNP
says VBZ
, ,
he PRP
concluded VBD
that IN
Nissan NNP
is VBZ
being VBG
prudent JJ
in IN
following VBG
its PRP$
slow-startup JJ
strategy NN
instead RB
of IN
simply RB
copying VBG
Lexus NNP
. .
`` ``
Infiniti NNP
is VBZ
Nissan NNP
's POS
big JJ
business NN
move NN
for IN
the DT
21st JJ
century NN
, ,
and CC
we PRP
're VBP
in IN
no DT
hurry NN
to TO
generate VB
large JJ
profits NNS
right RB
away RB
, ,
'' ''
Mr. NNP
Oka NNP
says VBZ
. .
Despite IN
plans NNS
to TO
add VB
two CD
new JJ
Infiniti NNP
models NNS
next IN
year NN
, ,
bringing VBG
the DT
total NN
to TO
four CD
, ,
Infiniti NNP
wo MD
n't RB
show VB
profits NNS
for IN
at IN
least JJS
five CD
years NNS
, ,
he PRP
adds VBZ
. .



These DT
days NNS
Nissan NNP
can MD
afford VB
that DT
strategy NN
, ,
even RB
though IN
profits NNS
are VBP
n't RB
exactly RB
robust JJ
. .
Nissan NNP
had VBD
record NN
net JJ
income NN
of IN
114.63 CD
billion CD
yen NNS
( (
$ $
868 CD
million CD
) )
in IN
the DT
fiscal JJ
year NN
ended VBN
last JJ
March NNP
31 CD
, ,
a DT
remarkable JJ
recovery NN
from IN
the DT
20.39 CD
billion CD
yen NNS
of IN
two CD
years NNS
earlier RB
, ,
when WRB
the DT
company NN
lost VBD
money NN
on IN
operations NNS
. .
Nissan NNP
has VBZ
increased VBN
earnings NNS
more RBR
than IN
market NN
share NN
by IN
cutting VBG
costs NNS
and CC
by IN
taking VBG
advantage NN
of IN
a DT
general JJ
surge NN
in IN
Japanese JJ
car NN
sales NNS
. .



But CC
Nissan NNP
expects VBZ
to TO
earn VB
only RB
120 CD
billion CD
yen NNS
in IN
the DT
current JJ
fiscal JJ
year NN
, ,
a DT
modest JJ
increase NN
of IN
4.7 CD
% NN
. .
The DT
big JJ
reason NN
: :
For IN
all DT
its PRP$
cost-cutting NN
, ,
Nissan NNP
remains VBZ
less RBR
efficient JJ
than IN
Toyota NNP
. .
In IN
its PRP$
last JJ
fiscal JJ
year NN
, ,
Nissan NNP
's POS
profit NN
represented VBD
just RB
2.3 CD
% NN
of IN
sales NNS
, ,
compared VBN
with IN
4.3 CD
% NN
at IN
Toyota NNP
. .
To TO
help VB
close RB
the DT
gap NN
, ,
Nissan NNP
recently RB
established VBD
a DT
top-level JJ
cost-cutting JJ
committee NN
. .



Nissan NNP
is VBZ
the DT
world NN
's POS
only JJ
auto NN
maker NN
currently RB
building VBG
vehicles NNS
in IN
all DT
three CD
of IN
the DT
world NN
's POS
key JJ
economic JJ
arenas NNS
-- :
the DT
U.S. NNP
, ,
Japan NNP
and CC
Europe NNP
. .
That DT
gives VBZ
it PRP
an DT
enviable JJ
strategic JJ
advantage NN
, ,
at IN
least JJS
until IN
its PRP$
rivals NNS
catch VB
up RB
, ,
but CC
also RB
plenty NN
of IN
managerial JJ
headaches NNS
. .



For IN
example NN
, ,
Nissan NNP
's POS
U.S. NNP
operations NNS
include VBP
10 CD
separate JJ
subsidiaries NNS
-- :
for IN
manufacturing NN
, ,
sales NNS
, ,
design NN
, ,
research NN
, ,
etc. FW
-- :
that WDT
report VBP
separately RB
back RB
to TO
Japan NNP
. .
And CC
in IN
July NNP
, ,
Nissan NNP
's POS
Tennessee NNP
manufacturing NN
plant NN
beat VBD
back RB
a DT
United NNP
Auto NNP
Workers NNPS
organizing VBG
effort NN
with IN
aggressive JJ
tactics NNS
that WDT
have VBP
left VBN
some DT
workers NNS
bitter JJ
. .



`` ``
We PRP
are VBP
in IN
a DT
transitional JJ
phase NN
from IN
being VBG
a DT
Japanese JJ
company NN
to TO
becoming VBG
an DT
international JJ
company NN
based VBN
in IN
Japan NNP
, ,
'' ''
says VBZ
Mr. NNP
Muramatsu NNP
, ,
the DT
executive NN
vice NN
president NN
. .
He PRP
promises VBZ
that DT
Nissan NNP
will MD
soon RB
establish VB
a DT
holding VBG
company NN
overseeing VBG
all DT
U.S. NNP
operations NNS
, ,
just RB
as IN
it PRP
's VBZ
doing VBG
in IN
Europe NNP
. .



Perhaps RB
the DT
biggest JJS
challenge NN
, ,
however RB
, ,
will MD
be VB
to TO
prevent VB
a DT
return NN
to TO
its PRP$
former JJ
corporate JJ
rigidity NN
as IN
its PRP$
recovery NN
continues VBZ
. .
Already RB
, ,
personnel NNS
officials NNS
are VBP
talking VBG
about IN
the DT
need NN
for IN
a DT
`` ``
Phase NN
Two CD
'' ''
cultural-reform NN
effort NN
of IN
some DT
sort NN
. .
`` ``
We PRP
are VBP
still RB
only RB
half JJ
way NN
through IN
the DT
turnaround NN
of IN
this DT
company NN
, ,
and CC
there EX
are VBP
many RB
more JJR
things NNS
to TO
do VB
, ,
'' ''
President NNP
Kume NNP
says VBZ
. .
He PRP
adds VBZ
, ,
however RB
, ,
that IN
`` ``
the DT
momentum NN
we PRP
have VBP
generated VBN
is VBZ
unstoppable JJ
. .
'' ''






As IN
expected VBN
, ,
Warner NNP
Bros NNPS
. .
Records NNPS
said VBD
it PRP
agreed VBD
to TO
form VB
a DT
recorded-music JJ
and CC
music-publishing JJ
joint JJ
venture NN
with IN
former JJ
MCA NNP
Records NNPS
Chairman NNP
Irving NNP
Azoff NNP
. .



Warner NNP
said VBD
it PRP
will MD
provide VB
financing NN
for IN
the DT
venture NN
, ,
but CC
did VBD
n't RB
disclose VB
terms NNS
. .
Mr. NNP
Azoff NNP
has VBZ
n't RB
named VBD
the DT
company NN
yet RB
, ,
but CC
any DT
records NNS
it PRP
produces VBZ
will MD
be VB
distributed VBN
by IN
Warner NNP
. .



Warner NNP
is VBZ
part NN
of IN
Warner NNP
Communications NNPS
Inc. NNP
, ,
which WDT
is VBZ
in IN
the DT
process NN
of IN
being VBG
acquired VBN
by IN
Time NNP
Warner NNP
Inc NNP
. .
Mr. NNP
Azoff NNP
resigned VBD
as IN
head NN
of IN
MCA NNP
Records NNPS
, ,
a DT
unit NN
of IN
MCA NNP
Inc. NNP
, ,
in IN
September NNP
, ,
and CC
had VBD
been VBN
discussing VBG
a DT
joint JJ
venture NN
with IN
both DT
Warner NNP
and CC
MCA NNP
. .
In IN
a DT
statement NN
yesterday NN
, ,
Mr. NNP
Azoff NNP
said VBD
he PRP
chose VBD
Warner NNP
, ,
the DT
largest JJS
record NN
company NN
, ,
because IN
`` ``
their PRP$
standing NN
in IN
the DT
entertainment NN
industry NN
is VBZ
second JJ
to TO
none NN
. .
'' ''






President NNP
Bush NNP
and CC
Soviet JJ
leader NN
Mikhail NNP
Gorbachev NNP
will MD
hold VB
an DT
informal JJ
meeting NN
in IN
early JJ
December NNP
, ,
a DT
move NN
that WDT
should MD
give VB
both DT
leaders NNS
a DT
political JJ
boost NN
at IN
home NN
. .



The DT
White NNP
House NNP
is VBZ
purposely RB
not RB
calling VBG
the DT
meeting NN
a DT
summit NN
so IN
that IN
there EX
wo MD
n't RB
be VB
any DT
expectation NN
of IN
detailed JJ
negotiations NNS
or CC
agreements NNS
. .
Rather RB
, ,
senior JJ
administration NN
officials NNS
said VBD
that IN
the DT
unexpected JJ
meeting NN
was VBD
scheduled VBN
at IN
Mr. NNP
Bush NNP
's POS
request NN
because IN
of IN
his PRP$
preference NN
for IN
conducting VBG
diplomacy NN
through IN
highly RB
personal JJ
and CC
informal JJ
meetings NNS
with IN
other JJ
leaders NNS
. .



The DT
two CD
leaders NNS
will MD
meet VB
on IN
Dec. NNP
2 CD
and CC
3 CD
, ,
alternating VBG
the DT
two CD
days NNS
of IN
meetings NNS
between IN
a DT
U.S. NNP
and CC
a DT
Soviet JJ
naval JJ
vessel NN
in IN
the DT
Mediterranean NNP
Sea NNP
. .
The DT
unusual JJ
seaborne JJ
meeting NN
wo MD
n't RB
disrupt VB
plans NNS
for IN
a DT
formal JJ
summit NN
meeting VBG
next JJ
spring NN
or CC
summer NN
, ,
at IN
which WDT
an DT
arms-control NN
treaty NN
is VBZ
likely JJ
to TO
be VB
completed VBN
. .



In IN
announcing VBG
the DT
meeting NN
yesterday NN
, ,
Mr. NNP
Bush NNP
told VBD
reporters NNS
at IN
the DT
White NNP
House NNP
that IN
neither CC
he PRP
nor CC
Mr. NNP
Gorbachev NNP
expects VBZ
any DT
`` ``
substantial JJ
decisions NNS
or CC
agreements NNS
. .
'' ''
Instead RB
, ,
he PRP
said VBD
that IN
the DT
purpose NN
is VBZ
simply RB
for IN
the DT
two CD
to TO
get VB
`` ``
better RBR
acquainted VBN
'' ''
and CC
discuss VB
a DT
wide JJ
range NN
of IN
issues NNS
without IN
a DT
formal JJ
agenda NN
. .



Despite IN
the DT
informal JJ
nature NN
of IN
the DT
session NN
and CC
the DT
calculated JJ
effort NN
to TO
hold VB
down RP
expectations NNS
, ,
the DT
meeting NN
could MD
pay VB
significant JJ
political JJ
dividends NNS
for IN
both DT
leaders NNS
. .
Mr. NNP
Gorbachev NNP
badly RB
needs VBZ
a DT
diversion NN
from IN
the DT
serious JJ
economic JJ
problems NNS
and CC
ethnic JJ
unrest NN
he PRP
faces VBZ
at IN
home NN
. .
American JJ
officials NNS
have VBP
said VBN
that IN
a DT
meeting NN
with IN
the DT
leader NN
of IN
the DT
U.S. NNP
could MD
help VB
bolster VB
his PRP$
stature NN
among IN
Soviet JJ
politicians NNS
and CC
academics NNS
, ,
whose WP$
support NN
he PRP
needs VBZ
. .



For IN
his PRP$
part NN
, ,
Mr. NNP
Bush NNP
has VBZ
been VBN
criticized VBN
regularly RB
at IN
home NN
for IN
moving VBG
too RB
slowly RB
and CC
cautiously RB
in IN
reacting VBG
to TO
Mr. NNP
Gorbachev NNP
's POS
reforms NNS
and CC
the DT
historic JJ
moves NNS
away RB
from IN
communism NN
in IN
Eastern NNP
Europe NNP
. .
A DT
face-to-face JJ
meeting NN
with IN
Mr. NNP
Gorbachev NNP
should MD
damp VB
such JJ
criticism NN
, ,
though IN
it PRP
will MD
hardly RB
eliminate VB
it PRP
. .



Senate NNP
Majority NNP
Leader NNP
George NNP
Mitchell NNP
( (
D. NNP
, ,
Maine NNP
) )
, ,
who WP
has VBZ
been VBN
the DT
most RBS
prominent JJ
Democratic JJ
critic NN
of IN
Mr. NNP
Bush NNP
's POS
handling NN
of IN
the DT
Soviet JJ
relationship NN
, ,
praised VBD
the DT
president NN
for IN
arranging VBG
the DT
meeting NN
. .
But CC
he PRP
added VBD
: :
`` ``
The DT
mere JJ
fact NN
of IN
a DT
meeting NN
does VBZ
n't RB
deal VB
with IN
the DT
substance NN
of IN
policy NN
. .
'' ''


Mr. NNP
Bush NNP
said VBD
that IN
the DT
December NNP
meeting NN
, ,
which WDT
was VBD
announced VBN
simultaneously RB
in IN
Moscow NNP
, ,
will MD
be VB
held VBN
in IN
the DT
unusual JJ
setting NN
of IN
ships NNS
at IN
sea NN
to TO
hold VB
down RP
the DT
`` ``
fanfare NN
'' ''
and CC
force VB
the DT
two CD
sides NNS
to TO
limit VB
participation NN
to TO
just RB
small JJ
groups NNS
of IN
advisers NNS
. .
`` ``
By IN
doing VBG
it PRP
in IN
this DT
manner NN
we PRP
can MD
have VB
, ,
I PRP
would MD
say VB
, ,
more JJR
time NN
without IN
the DT
press NN
of IN
social JJ
activities NNS
or CC
mandatory JJ
joint JJ
appearances NNS
, ,
things NNS
of IN
that DT
nature NN
for IN
public JJ
consumption NN
, ,
'' ''
Mr. NNP
Bush NNP
said VBD
. .



Soviet NNP
Foreign NNP
Minister NNP
Eduard NNP
Shevardnadze NNP
, ,
at IN
a DT
news NN
conference NN
in IN
Moscow NNP
, ,
said VBD
, ,
`` ``
As IN
the DT
two CD
sides NNS
plan VBP
to TO
hold VB
a DT
full-scale JJ
summit NN
in IN
late JJ
spring-early JJ
summer NN
next IN
year NN
, ,
they PRP
found VBD
it PRP
useful JJ
, ,
I PRP
would MD
say VB
even RB
necessary JJ
, ,
to TO
hold VB
an DT
interim JJ
informal JJ
meeting NN
. .
'' ''
Although IN
no DT
specific JJ
agreements NNS
are VBP
expected VBN
, ,
Mr. NNP
Shevardnadze NNP
said VBD
`` ``
that WDT
does VBZ
n't RB
mean VB
they PRP
will MD
be VB
without IN
an DT
agenda NN
. .
'' ''


If IN
the DT
two CD
leaders NNS
cover VBP
the DT
subjects NNS
that WDT
have VBP
been VBN
featured VBN
in IN
lower JJR
level NN
U.S.-Soviet JJ
meetings NNS
, ,
their PRP$
talks NNS
would MD
include VB
human JJ
rights NNS
, ,
Soviet JJ
reforms NNS
, ,
regional JJ
disputes NNS
, ,
relations NNS
with IN
allies NNS
, ,
economic JJ
cooperation NN
, ,
arms NNS
control NN
, ,
and CC
joint JJ
efforts NNS
to TO
fight VB
narcotics NNS
, ,
terrorism NN
and CC
pollution NN
. .



The DT
president NN
specifically RB
mentioned VBD
U.S. NNP
economic JJ
advice NN
to TO
Moscow NNP
as IN
a DT
possible JJ
topic NN
. .
Mr. NNP
Gorbachev NNP
has VBZ
for IN
months NNS
been VBN
publicly RB
urging VBG
the DT
U.S. NNP
to TO
drop VB
its PRP$
restrictions NNS
on IN
Soviet JJ
trade NN
. .
He PRP
recently RB
told VBD
a DT
small JJ
group NN
of IN
American JJ
businessmen NNS
in IN
Moscow NNP
that IN
he PRP
hoped VBD
to TO
sign VB
a DT
general JJ
trade NN
agreement NN
with IN
the DT
U.S. NNP
, ,
possibly RB
at IN
the DT
1990 CD
summit NN
. .
The DT
Soviets NNPS
hope VBP
a DT
trade NN
agreement NN
would MD
give VB
them PRP
Most-Favored JJS
Nation NN
status NN
, ,
which WDT
would MD
lower VB
the DT
tariffs NNS
on IN
Soviet JJ
exports NNS
to TO
the DT
U.S NNP
. .



In IN
an DT
unusually RB
candid JJ
article NN
about IN
the DT
latest JJS
economic JJ
woe NN
-- :
unemployment NN
-- :
Pravda NNP
yesterday NN
reported VBD
that IN
three CD
million CD
Soviets NNPS
have VBP
lost VBN
their PRP$
jobs NNS
as IN
a DT
result NN
of IN
perestroika FW
and CC
the DT
number NN
could MD
grow VB
to TO
16 CD
million CD
by IN
the DT
year NN
2005 CD
. .
Economists NNS
in IN
Moscow NNP
are VBP
now RB
proposing VBG
that IN
the DT
state NN
start VB
a DT
system NN
of IN
unemployment NN
benefits NNS
. .



But CC
one CD
Bush NNP
administration NN
official NN
knowledgeable JJ
about IN
the DT
summit NN
plan NN
cautioned VBD
against IN
assuming VBG
that IN
there EX
will MD
be VB
bold JJ
new JJ
initiatives NNS
on IN
the DT
Soviet JJ
economy NN
or CC
other JJ
issues NNS
. .



`` ``
Do VBP
n't RB
take VB
this DT
as IN
some DT
big JJ
opening NN
for IN
major JJ
movement NN
on IN
economic JJ
cooperation NN
, ,
or CC
arms NNS
control NN
, ,
or CC
the DT
environment NN
, ,
'' ''
he PRP
said VBD
. .
`` ``
Those DT
things NNS
will MD
all DT
come VB
up RB
, ,
but CC
in IN
a DT
fairly RB
informal JJ
way NN
. .
'' ''


Instead RB
, ,
this DT
official NN
said VBD
, ,
`` ``
This DT
is VBZ
vintage JJ
George NNP
Bush NNP
. .
This DT
was VBD
George NNP
Bush NNP
's POS
own JJ
idea NN
. .
It PRP
's POS
George NNP
Bush NNP
wanting VBG
to TO
meet VB
a DT
foreign JJ
leader NN
and CC
talk VB
to TO
him PRP
directly RB
. .
'' ''


Aside RB
from IN
the DT
Soviet JJ
economic JJ
plight NN
and CC
talks NNS
on IN
cutting VBG
strategic JJ
and CC
chemical JJ
arms NNS
, ,
one CD
other JJ
issue NN
the DT
Soviets NNPS
are VBP
likely JJ
to TO
want VB
to TO
raise VB
is VBZ
naval JJ
force NN
reductions NNS
. .
Western JJ
analysts NNS
say VBP
that IN
, ,
given VBN
the DT
meeting NN
's POS
setting NN
at IN
sea NN
, ,
Gorbachev NNP
is VBZ
unlikely JJ
to TO
pass VB
up RP
the DT
opportunity NN
to TO
press VB
once RB
again RB
for IN
negotiated VBN
cuts NNS
in IN
the DT
navies NNS
of IN
both DT
the DT
North NNP
Atlantic NNP
Treaty NNP
Organization NNP
and CC
the DT
Warsaw NNP
Pact NNP
. .



That DT
theme NN
has VBZ
been VBN
a DT
recurring VBG
one NN
for IN
Soviet JJ
military JJ
officials NNS
for IN
much JJ
of IN
this DT
year NN
. .
They PRP
argue VBP
that IN
as IN
the DT
Kremlin NNP
follows VBZ
through RB
on IN
announced JJ
plans NNS
to TO
cut VB
land NN
forces NNS
-- :
the DT
Soviets NNPS
' POS
area NN
of IN
greatest JJS
strength NN
-- :
the DT
U.S. NNP
should MD
show VB
more JJR
willingness NN
to TO
cut VB
sea NN
forces NNS
-- :
Washington NNP
's POS
area NN
of IN
greatest JJS
superiority NN
. .



One CD
of IN
the DT
reasons NNS
Bush NNP
administration NN
aides NNS
are VBP
anxious JJ
to TO
insist VB
that IN
the DT
coming VBG
meeting NN
will MD
be VB
informal JJ
is VBZ
to TO
avoid VB
comparisons NNS
with IN
the DT
last JJ
such JJ
loosely RB
structured JJ
superpower NN
gathering NN
, ,
former JJ
President NNP
Reagan NNP
's POS
1986 CD
meeting NN
with IN
Mr. NNP
Gorbachev NNP
in IN
Reykjavik NNP
, ,
Iceland NNP
. .
That DT
meeting NN
sent VBD
shivers NNS
through IN
the DT
Western JJ
alliance NN
because IN
Mr. NNP
Reagan NNP
was VBD
pulled VBN
into IN
discussing VBG
the DT
possible JJ
elimination NN
of IN
nuclear JJ
weapons NNS
without IN
consulting VBG
American JJ
allies NNS
. .



Mr. NNP
Bush NNP
said VBD
that IN
he PRP
initiated VBD
talks NNS
with IN
the DT
Soviets NNPS
on IN
the DT
informal JJ
meeting NN
by IN
sending VBG
a DT
proposal NN
to TO
Mr. NNP
Gorbachev NNP
last JJ
July NNP
, ,
which WDT
the DT
Soviet JJ
leader NN
readily RB
accepted VBD
. .
But CC
word NN
of IN
the DT
possible JJ
session NN
was VBD
closely RB
held VBN
by IN
the DT
president NN
and CC
a DT
handful NN
of IN
top JJ
aides NNS
, ,
and CC
word NN
of IN
it PRP
did VBD
n't RB
reach VB
many JJ
second-level JJ
officials NNS
until IN
the DT
past JJ
few JJ
days NNS
. .
Indeed RB
, ,
many JJ
senior JJ
officials NNS
had VBD
been VBN
insisting VBG
for IN
weeks NNS
that IN
Mr. NNP
Bush NNP
was VBD
n't RB
interested JJ
in IN
such JJ
an DT
informal JJ
get-together NN
. .



Though IN
President NNP
Bush NNP
's POS
political JJ
critics NNS
at IN
home NN
have VBP
been VBN
urging VBG
him PRP
to TO
open VB
a DT
more RBR
direct JJ
dialogue NN
with IN
Mr. NNP
Gorbachev NNP
, ,
it PRP
actually RB
was VBD
the DT
arguments NNS
of IN
leaders NNS
within IN
the DT
Soviet JJ
bloc NN
itself PRP
that WDT
led VBD
the DT
president NN
to TO
seek VB
the DT
December NNP
meeting NN
. .
Mr. NNP
Bush NNP
decided VBD
he PRP
wanted VBD
the DT
meeting NN
after IN
talking VBG
in IN
Europe NNP
in IN
July NNP
with IN
the DT
leaders NNS
of IN
Poland NNP
and CC
Hungary NNP
, ,
who WP
urged VBD
him PRP
to TO
support VB
Mr. NNP
Gorbachev NNP
's POS
efforts NNS
to TO
transform VB
the DT
Soviet JJ
system NN
and CC
to TO
urge VB
him PRP
to TO
loosen VB
his PRP$
grip NN
on IN
Eastern NNP
Europe NNP
, ,
a DT
senior JJ
aide NN
said VBD
. .
While IN
flying VBG
home RB
from IN
those DT
discussions NNS
, ,
Mr. NNP
Bush NNP
drafted VBD
a DT
letter NN
to TO
Mr. NNP
Gorbachev NNP
suggesting VBG
an DT
informal JJ
get-together NN
to TO
precede VB
their PRP$
formal JJ
summit NN
next IN
year NN
. .



Peter NNP
Gumbel NNP
in IN
Moscow NNP
contributed VBD
to TO
this DT
article NN
. .





Banca NNP
Nazionale NNP
del FW
Lavoro NNP
said VBD
its PRP$
potential JJ
losses NNS
from IN
lending VBG
to TO
Iraq NNP
could MD
reach VB
1.175 CD
trillion CD
lire NNS
( (
$ $
872 CD
million CD
) )
, ,
marking VBG
the DT
bank NN
's POS
first JJ
quantification NN
of IN
potential JJ
costs NNS
of IN
unauthorized JJ
lending NN
by IN
its PRP$
Atlanta NNP
branch NN
. .



BNL NNP
previously RB
reported VBD
that DT
its PRP$
Georgia NNP
branch NN
had VBD
taken VBN
on RP
loan NN
commitments NNS
topping VBG
$ $
3 CD
billion CD
without IN
the DT
Rome-based JJ
management NN
's POS
approval NN
. .
State-owned JJ
BNL NNP
, ,
Italy NNP
's POS
largest JJS
bank NN
, ,
has VBZ
filed VBN
charges NNS
against IN
the DT
branch NN
's POS
former JJ
manager NN
, ,
Christopher NNP
Drogoul NNP
, ,
and CC
a DT
former JJ
branch NN
vice NN
president NN
, ,
alleging VBG
fraud NN
and CC
breach NN
of IN
their PRP$
fiduciary JJ
duties NNS
. .



BNL NNP
also RB
said VBD
that DT
its PRP$
board NN
had VBD
approved VBN
`` ``
after IN
an DT
in-depth JJ
discussion NN
, ,
'' ''
a DT
letter NN
to TO
the DT
Bank NNP
of IN
Italy NNP
outlining VBG
measures NNS
the DT
state-owned JJ
bank NN
has VBZ
taken VBN
or CC
plans VBZ
to TO
take VB
to TO
improve VB
controls NNS
on IN
its PRP$
foreign JJ
branches NNS
. .
The DT
central JJ
bank NN
had VBD
ordered VBN
BNL NNP
to TO
come VB
up RB
with IN
a DT
suitable JJ
program NN
by IN
yesterday NN
. .
Bank NNP
of IN
Italy NNP
has VBZ
also RB
ordered VBN
BNL NNP
to TO
shore VB
up RP
its PRP$
capital NN
base NN
to TO
account VB
for IN
potential JJ
foreign JJ
loan NN
losses NNS
, ,
and CC
the DT
Rome NNP
bank NN
has VBZ
outlined VBN
a DT
3 CD
trillion CD
lire NNS
capital-raising JJ
operation NN
. .



BNL NNP
was VBD
unable JJ
to TO
elaborate VB
on IN
what WDT
measures NNS
were VBD
planned VBN
by IN
the DT
bank NN
to TO
improve VB
controls NNS
on IN
its PRP$
branches NNS
abroad RB
. .





Hardly RB
a DT
day NN
passes VBZ
without IN
news NN
photos NNS
of IN
the DT
police NN
dragging VBG
limp JJ
protesters NNS
from IN
some DT
building NN
or CC
thoroughfare NN
in IN
one CD
of IN
our PRP$
cities NNS
. .
Of IN
recent JJ
note NN
are VBP
the DT
activities NNS
of IN
the DT
pro- JJ
and CC
anti-abortionists NNS
, ,
anti-nuclear JJ
activists NNS
, ,
animal NN
rights NNS
protesters NNS
, ,
college NN
students NNS
concerned JJ
about IN
racism NN
, ,
anti-apartheid JJ
groups NNS
, ,
various JJ
self-styled JJ
`` ``
environmentalists NNS
'' ''
and CC
those DT
dissatisfied JJ
with IN
the DT
pace NN
of IN
the DT
war NN
against IN
AIDS NNP
. .



Maybe RB
he PRP
did VBD
n't RB
start VB
it PRP
, ,
but CC
Mohandas NNP
Gandhi NNP
certainly RB
provided VBD
a DT
recognizable JJ
beginning NN
to TO
non-violent JJ
civil JJ
disobedience NN
as IN
we PRP
know VBP
it PRP
today NN
. .
The DT
Mahatma NNP
, ,
or CC
`` ``
great RB
souled JJ
one NN
, ,
'' ''
instigated VBD
several JJ
campaigns NNS
of IN
passive JJ
resistance NN
against IN
the DT
British JJ
government NN
in IN
India NNP
. .
Unfortunately RB
, ,
according VBG
to TO
Webster NNP
's POS
Biographical NNP
Dictionary NNP
, ,
`` ``
His PRP$
policies NNS
went VBD
beyond IN
his PRP$
control NN
and CC
resulted VBD
... :
in IN
riots NNS
and CC
disturbances NNS
'' ''
and CC
later RBR
a DT
renewed VBN
campaign NN
of IN
civil JJ
disobedience NN
`` ``
resulted VBD
in IN
rioting NN
and CC
a DT
second JJ
imprisonment NN
. .
'' ''
I PRP
am VBP
not RB
a DT
proponent NN
of IN
everything NN
Gandhi NNP
did VBD
, ,
but CC
some DT
of IN
his PRP$
law NN
breaking NN
was VBD
justified JJ
because IN
India NNP
was VBD
then RB
under IN
occupation NN
by IN
a DT
foreign JJ
power NN
, ,
and CC
Indians NNPS
were VBD
not RB
able JJ
to TO
participate VB
fully RB
in IN
decisions NNS
that WDT
vitally RB
affected VBD
them PRP
. .



It PRP
is VBZ
difficult JJ
, ,
however RB
, ,
to TO
justify VB
civil JJ
disobedience NN
, ,
non-violent JJ
or CC
not RB
, ,
where WRB
citizens NNS
have VBP
full JJ
recourse NN
to TO
the DT
ballot NN
box NN
to TO
effect NN
change NN
. .
Where WRB
truly RB
representative JJ
governments NNS
are VBP
safeguarded VBN
by IN
constitutional JJ
protections NNS
of IN
human JJ
rights NNS
and CC
an DT
independent JJ
judiciary NN
to TO
construe VB
those DT
rights NNS
, ,
there EX
is VBZ
no DT
excuse NN
for IN
breaking VBG
the DT
law NN
because IN
some DT
individual NN
or CC
group NN
disagrees VBZ
with IN
it PRP
. .
There EX
may MD
be VB
a DT
few JJ
cases NNS
where WRB
the DT
law NN
breaking NN
is VBZ
well RB
pinpointed JJ
and CC
so RB
completely RB
non-invasive JJ
of IN
the DT
rights NNS
of IN
others NNS
that IN
it PRP
is VBZ
difficult JJ
to TO
criticize VB
it PRP
. .
The DT
case NN
of IN
Rosa NNP
Parks NNP
, ,
the DT
black JJ
woman NN
who WP
refused VBD
to TO
sit VB
at IN
the DT
back NN
of IN
the DT
bus NN
, ,
comes VBZ
to TO
mind VB
as IN
an DT
illustration NN
. .
But CC
most JJS
cases NNS
of IN
non-violent JJ
civil JJ
disobedience NN
are VBP
not RB
nearly RB
so RB
benign JJ
. .



The DT
public NN
has VBZ
a DT
tendency NN
to TO
equate VB
lawful JJ
demonstrations NNS
with IN
non-violent JJ
civil JJ
disobedience NN
. .
It PRP
is VBZ
true JJ
that IN
both DT
are VBP
non-violent JJ
, ,
but CC
there EX
is VBZ
a DT
fundamental JJ
difference NN
between IN
them PRP
. .
Lawful JJ
demonstrations NNS
, ,
such JJ
as IN
peaceful JJ
picketing NN
and CC
other JJ
assemblages NNS
that WDT
do VBP
not RB
disturb VB
the DT
peace NN
or CC
cause VB
a DT
public JJ
nuisance NN
or CC
interfere VB
with IN
the DT
rights NNS
of IN
others NNS
, ,
are VBP
rights NNS
guaranteed VBN
by IN
any DT
truly RB
free JJ
system NN
of IN
government NN
. .
Civil JJ
disobedience NN
, ,
violent JJ
or CC
non-violent JJ
, ,
is VBZ
intentional JJ
law NN
breaking NN
. .



The DT
subject NN
of IN
this DT
discussion NN
is VBZ
non-violent JJ
civil JJ
disobedience NN
; :
but CC
, ,
before IN
we PRP
get VBP
on RB
with IN
that DT
, ,
let VB
me PRP
make VB
just RB
a DT
few JJ
tangential JJ
remarks NNS
about IN
lawful JJ
demonstrations NNS
. .
They PRP
are VBP
useful JJ
to TO
call VB
public JJ
attention NN
to TO
grievances NNS
, ,
but CC
they PRP
have VBP
little JJ
value NN
in IN
educating VBG
anyone NN
about IN
the DT
issues NNS
in IN
dispute NN
. .
The DT
delight NN
of IN
television NN
in IN
dramatic JJ
confrontation NN
encourages VBZ
overuse NN
of IN
slogans NNS
chanted VBN
through IN
bullhorns NNS
, ,
militant JJ
gestures NNS
, ,
accusatory JJ
signs NNS
and CC
other JJ
emotionally RB
inspired JJ
tactics NNS
. .
Civilized JJ
discourse NN
and CC
an DT
environment NN
where WRB
compromise NN
can MD
begin VB
are VBP
lost VBN
in IN
a DT
hostile JJ
posture NN
abetted VBN
by IN
superficial JJ
media NNS
interviews NNS
. .



At IN
best JJS
, ,
demonstrations NNS
are VBP
overused JJ
and CC
boringly RB
uninformative JJ
; :
at IN
worst JJS
, ,
they PRP
can MD
become VB
the DT
stimuli NNS
that WDT
lead VBP
to TO
law NN
breaking NN
. .
Demonstrations NNS
are VBP
particularly RB
apt JJ
to TO
degenerate VB
into IN
criminal JJ
conduct NN
when WRB
they PRP
leave VBP
the DT
site NN
of IN
the DT
grievance NN
and CC
become VBP
mobile JJ
. .
Petty JJ
criminals NNS
and CC
street NN
people NNS
looking VBG
for IN
excitement NN
attach VBP
themselves PRP
like IN
remora NNS
to TO
the DT
fringes NNS
of IN
the DT
crowd NN
and CC
use VBP
the DT
protest NN
as IN
an DT
excuse NN
for IN
rock NN
throwing NN
, ,
auto NN
trashing NN
, ,
arson NN
, ,
window NN
breaking NN
, ,
looting NN
, ,
pocket NN
picking NN
and CC
general JJ
hooliganism NN
. .
Soon RB
the DT
whole JJ
purpose NN
of IN
the DT
demonstration NN
is VBZ
lost VBN
in IN
mob NN
mania NN
. .
There EX
are VBP
better JJR
ways NNS
to TO
promote VB
a DT
cause NN
. .



Where WRB
non-violent JJ
civil JJ
disobedience NN
is VBZ
the DT
centerpiece NN
, ,
rather RB
than IN
a DT
lawful JJ
demonstration NN
that WDT
may MD
only RB
attract VB
crime NN
, ,
it PRP
is VBZ
difficult JJ
to TO
justify VB
. .
Some DT
find VBP
no DT
harm NN
in IN
the DT
misdemeanors NNS
of IN
trespass NN
, ,
minor JJ
property NN
destruction NN
, ,
blocking VBG
traffic NN
and CC
the DT
like JJ
. .
They PRP
say VBP
these DT
are VBP
small JJ
prices NNS
to TO
pay VB
for IN
galvanizing VBG
action NN
for IN
the DT
all-important JJ
cause NN
. .
The DT
crimes NNS
may MD
appear VB
small JJ
, ,
but CC
the DT
prices NNS
can MD
be VB
huge JJ
. .
Here RB
are VBP
two CD
cases NNS
to TO
illustrate VB
. .



Assume VB
a DT
neighborhood NN
demonstration NN
to TO
protest VB
speeding NN
on IN
a DT
certain JJ
road NN
or CC
a DT
careless JJ
accident NN
involving VBG
a DT
police NN
car NN
. .
The DT
protesters NNS
lie VBP
down RB
in IN
the DT
street NN
, ,
blocking VBG
traffic NN
, ,
and CC
will MD
not RB
move VB
until IN
the DT
authorities NNS
carry VBP
them PRP
away RB
. .
Assume VB
that IN
someone NN
caught VBD
in IN
the DT
jam NN
has VBZ
a DT
heart NN
attack NN
. .
There EX
is VBZ
no DT
way NN
to TO
get VB
an DT
ambulance NN
in IN
quickly RB
to TO
move VB
him PRP
to TO
a DT
hospital NN
. .
He PRP
dies VBZ
. .
The DT
demonstration NN
was VBD
non-violent JJ
and CC
involved VBN
only RB
a DT
simple JJ
misdemeanor NN
, ,
but CC
its PRP$
impact NN
on IN
that DT
individual NN
was VBD
violent JJ
and CC
terminal JJ
. .



Assume VB
that IN
a DT
TV NN
network NN
is VBZ
airing VBG
a DT
celebrity NN
interview NN
program NN
with IN
a DT
live JJ
audience NN
. .
The DT
politician NN
appearing VBG
is VBZ
highly RB
controversial JJ
and CC
has VBZ
recently RB
generated VBN
a DT
good JJ
deal NN
of IN
rancor NN
amid IN
certain JJ
groups NNS
. .
In IN
a DT
planned JJ
protest NN
against IN
his PRP$
appearance NN
, ,
several JJ
members NNS
of IN
the DT
studio NN
audience NN
chain VBP
themselves PRP
in IN
front NN
of IN
the DT
TV NN
cameras NNS
in IN
such JJ
a DT
way NN
that IN
the DT
program NN
can MD
not RB
continue VB
. .
The DT
network NN
must MD
refund VB
money NN
to TO
the DT
advertisers NNS
and CC
loses VBZ
considerable JJ
revenue NN
and CC
prestige NN
. .
The DT
demonstrators NNS
have VBP
been VBN
non-violent JJ
, ,
but CC
the DT
result NN
of IN
their PRP$
trespasses NNS
has VBZ
been VBN
to TO
seriously RB
impair VB
the DT
rights NNS
of IN
others NNS
unconnected JJ
with IN
their PRP$
dispute NN
. .



It PRP
might MD
be VB
alleged VBN
that DT
TV NN
has VBZ
done VBN
more JJR
than IN
its PRP$
share NN
to TO
popularize VB
and CC
promote VB
non-violent JJ
civil JJ
disobedience NN
, ,
so RB
the DT
second JJ
situation NN
hypothesized VBN
above RB
would MD
be VB
simply RB
a DT
case NN
of IN
`` ``
chickens NNS
coming VBG
home RB
to TO
roost VB
. .
'' ''
Or CC
maybe RB
the DT
TV NN
network NN
would MD
lose VB
nothing NN
. .
Geraldo NNP
or CC
Phil NNP
would MD
probably RB
pull VB
up RP
another DT
camera NN
and CC
interview VB
the DT
chained JJ
protesters NNS
. .
Let VB
us PRP
look VB
for IN
a DT
moment NN
at IN
another DT
type NN
of IN
non-violent JJ
civil JJ
disobedience NN
that WDT
only RB
harms VBZ
other JJ
people NNS
indirectly RB
, ,
yet RB
does VBZ
irreparable JJ
damage NN
to TO
the DT
nation NN
as IN
a DT
whole NN
. .
I PRP
am VBP
referring VBG
to TO
those DT
young JJ
men NNS
who WP
chose VBD
to TO
disobey VB
their PRP$
country NN
's POS
call NN
to TO
arms NNS
during IN
the DT
Vietnam NNP
war NN
and CC
fled VBD
to TO
Canada NNP
or CC
some DT
other JJ
sanctuary NN
to TO
avoid VB
combat NN
. .
Their PRP$
cowardly JJ
acts NNS
of IN
civil JJ
disobedience NN
, ,
which WDT
they PRP
tried VBD
to TO
hide VB
under IN
the DT
cloak NN
of IN
outrage NN
at IN
a DT
war NN
they PRP
characterized VBD
as IN
`` ``
immoral JJ
, ,
'' ''
weakened VBD
the DT
national JJ
fabric NN
and CC
threw VBD
additional JJ
burdens NNS
on IN
those DT
who WP
served VBD
honorably RB
in IN
that DT
conflict NN
. .



Even RB
more JJR
at IN
fault NN
are VBP
those DT
leaders NNS
in IN
and CC
out IN
of IN
government NN
who WP
urged VBD
and CC
supported VBD
their PRP$
defections NNS
, ,
thereby RB
giving VBG
great JJ
help NN
and CC
comfort NN
to TO
the DT
enemy NN
propagandists NNS
. .
It PRP
is VBZ
amazing JJ
that IN
the DT
ensuing VBG
mass NN
executions NNS
in IN
Vietnam NNP
and CC
Cambodia NNP
do VBP
not RB
weight VB
more RBR
heavily RB
on IN
minds NNS
so RB
morally RB
fine-tuned JJ
. .
Worse JJR
, ,
it PRP
remained VBD
to TO
a DT
well-meaning JJ
but CC
naive JJ
president NN
of IN
the DT
United NNP
States NNPS
to TO
administer VB
the DT
final JJ
infamy NN
upon IN
those DT
who WP
fought VBD
and CC
died VBD
in IN
Vietnam NNP
. .



Under IN
the DT
guise NN
of IN
`` ``
healing VBG
the DT
wounds NNS
of IN
the DT
nation NN
, ,
'' ''
President NNP
Carter NNP
pardoned VBD
thousands NNS
of IN
draft NN
evaders NNS
, ,
thus RB
giving VBG
dignity NN
to TO
their PRP$
allegations NNS
of IN
the DT
war NN
's POS
`` ``
immorality NN
. .
'' ''
The DT
precedent NN
having VBG
been VBN
set VBN
, ,
who WP
can MD
complain VB
if IN
future JJ
generations NNS
called VBN
upon RB
to TO
defend VB
the DT
U.S. NNP
yield VBP
to TO
the DT
temptation NN
to TO
avoid VB
the DT
danger NN
of IN
combat NN
by IN
simply RB
declaring VBG
the DT
war NN
immoral JJ
and CC
hiding VBG
until IN
it PRP
is VBZ
over RP
? .



Finally RB
, ,
I PRP
think VBP
it PRP
important JJ
to TO
point VB
out RP
the DT
extraordinarily RB
high JJ
visibility NN
of IN
non-violent JJ
civil JJ
disobedience NN
in IN
these DT
days NNS
of IN
intensive JJ
media NNS
coverage NN
. .
Give VB
television NN
a DT
chance NN
to TO
cover VB
live RB
any DT
breaking NN
of IN
the DT
law NN
, ,
and CC
no DT
second JJ
invitation NN
will MD
be VB
required VBN
. .
This DT
brings VBZ
into IN
question NN
the DT
motives NNS
of IN
those DT
who WP
lead VBP
civil JJ
disobedience NN
demonstrations NNS
. .
Do VBP
they PRP
want VB
the DT
spotlight NN
for IN
themselves PRP
or CC
for IN
their PRP$
cause NN
? .
Here RB
is VBZ
a DT
good JJ
rule NN
of IN
thumb NN
: :
If IN
the DT
movement NN
produced VBD
the DT
leader NN
, ,
the DT
chance NN
that IN
he PRP
is VBZ
sincere JJ
is VBZ
much RB
greater JJR
than IN
if IN
the DT
leader NN
produced VBD
the DT
movement NN
. .
In IN
either DT
case NN
, ,
ask VB
yourself PRP
whether IN
you PRP
have VBP
become VBN
better RBR
informed JJ
on IN
the DT
issues NNS
under IN
protest NN
by IN
watching VBG
the DT
act NN
of IN
civil JJ
disobedience NN
. .
If IN
you PRP
have VBP
not RB
, ,
it PRP
is VBZ
probable JJ
that IN
a DT
thorough JJ
airing NN
of IN
the DT
dispute NN
by IN
calm JJ
and CC
rational JJ
debate NN
would MD
have VB
been VBN
the DT
better JJR
course NN
. .



Mr. NNP
Agnew NNP
was VBD
vice NN
president NN
of IN
the DT
U.S. NNP
from IN
1969 CD
until IN
he PRP
resigned VBD
in IN
1973 CD
. .





Gov. NNP
George NNP
Deukmejian NNP
and CC
key JJ
legislators NNS
agreed VBD
to TO
back VB
a DT
temporary JJ
one-quarter-cent JJ
increase NN
in IN
the DT
state NN
sales NNS
tax NN
to TO
raise VB
$ $
800 CD
million CD
for IN
repairs NNS
and CC
relief NN
associated VBN
with IN
last JJ
month NN
's POS
earthquake NN
. .



The DT
tax NN
increase NN
, ,
which WDT
will MD
be VB
considered VBN
at IN
a DT
special JJ
session NN
of IN
the DT
state NN
legislature NN
that WDT
begins VBZ
tomorrow NN
, ,
would MD
cover VB
only JJ
part NN
of IN
the DT
estimated VBN
$ $
4 CD
billion CD
to TO
$ $
6 CD
billion CD
in IN
total JJ
damage NN
caused VBN
by IN
the DT
Oct. NNP
17 CD
quake NN
. .
Aside RB
from IN
as RB
much JJ
as IN
$ $
3.45 CD
billion CD
in IN
recently RB
approved VBN
federal JJ
aid NN
, ,
the DT
state NN
is VBZ
expected VBN
to TO
draw VB
from IN
a DT
gubernatorial JJ
emergency NN
fund NN
that WDT
currently RB
stands VBZ
at IN
an DT
estimated VBN
$ $
700 CD
million CD
. .



`` ``
I PRP
am VBP
not RB
aware JJ
that IN
there EX
is VBZ
anything NN
but CC
bipartisan JJ
agreement NN
for IN
the DT
general JJ
outline NN
'' ''
of IN
the DT
revenue-raising JJ
plan NN
, ,
said VBD
a DT
spokesman NN
for IN
the DT
governor NN
, ,
after IN
a DT
Monday NNP
meeting NN
with IN
legislative JJ
leaders NNS
over IN
the DT
quake-relief JJ
question NN
. .



The DT
tax NN
increase NN
-- :
on IN
top NN
of IN
the DT
current JJ
six-cent JJ
per IN
dollar NN
sales NNS
tax NN
-- :
would MD
become VB
effective JJ
this DT
Dec. NNP
1 CD
and CC
expire VB
Dec. NNP
31 CD
, ,
1990 CD
. .
The DT
sales-tax NN
plan NN
was VBD
preferred VBN
over IN
an DT
alternative NN
that WDT
would MD
have VB
boosted VBN
the DT
state NN
gasoline NN
tax NN
. .
Some DT
legislators NNS
expressed VBD
concern NN
that IN
a DT
gas-tax NN
increase NN
would MD
take VB
too RB
long RB
and CC
possibly RB
damage VB
chances NNS
of IN
a DT
major JJ
gas-tax-increasing JJ
ballot NN
initiative NN
that IN
voters NNS
will MD
consider VB
next JJ
June NNP
. .





Despite IN
continuing VBG
problems NNS
in IN
its PRP$
newsprint NN
business NN
, ,
Kimberly-Clark NNP
Corp. NNP
posted VBD
a DT
20 CD
% NN
gain NN
in IN
third-quarter JJ
net JJ
income NN
. .



The DT
consumer-products NNS
and CC
newsprint NN
company NN
said VBD
net NN
rose VBD
to TO
$ $
108.8 CD
million CD
, ,
or CC
$ $
1.35 CD
a DT
share NN
, ,
from IN
$ $
90.5 CD
million CD
, ,
or CC
$ $
1.12 CD
a DT
share NN
, ,
a DT
year NN
ago RB
. .
Sales NNS
rose VBD
6.2 CD
% NN
to TO
$ $
1.45 CD
billion CD
from IN
$ $
1.37 CD
billion CD
. .



After IN
a DT
flat JJ
second JJ
quarter NN
tied VBN
largely RB
to TO
lower JJR
newsprint NN
earnings NNS
, ,
Kimberly-Clark NNP
attributed VBD
the DT
gain NN
to TO
improved VBN
results NNS
in IN
its PRP$
consumer NN
businesses NNS
in IN
North NNP
America NNP
, ,
Brazil NNP
and CC
Korea NNP
. .
Those DT
gains NNS
came VBD
from IN
higher JJR
prices NNS
, ,
particularly RB
for IN
disposable JJ
diapers NNS
and CC
tissue NN
products NNS
, ,
and CC
from IN
increased VBN
sales NNS
, ,
primarily RB
for IN
feminine-care JJ
products NNS
, ,
the DT
company NN
said VBD
. .
Newsprint NN
results NNS
continued VBD
to TO
be VB
depressed JJ
, ,
the DT
company NN
added VBD
, ,
because IN
of IN
industrywide JJ
price NN
discounting NN
. .



The DT
quarter-to-quarter JJ
comparison NN
was VBD
also RB
enhanced VBN
by IN
charges NNS
taken VBN
in IN
the DT
year-earlier JJ
period NN
, ,
including VBG
$ $
11 CD
million CD
related JJ
to TO
the DT
modernization NN
of IN
a DT
pulp NN
and CC
newsprint NN
mill NN
in IN
Alabama NNP
. .
In IN
the DT
1989 CD
period NN
also RB
, ,
interest NN
expense NN
and CC
tax NN
rates NNS
were VBD
lower JJR
than IN
a DT
year NN
ago RB
. .



In IN
the DT
first JJ
nine CD
months NNS
, ,
profit NN
rose VBD
10 CD
% NN
to TO
$ $
313.2 CD
million CD
, ,
or CC
$ $
3.89 CD
a DT
share NN
, ,
from IN
$ $
283.9 CD
million CD
, ,
or CC
$ $
3.53 CD
a DT
share NN
. .
Sales NNS
rose VBD
6.7 CD
% NN
to TO
$ $
4.27 CD
billion CD
from IN
$ $
4 CD
billion CD
. .



In IN
New NNP
York NNP
Stock NNP
Exchange NNP
composite JJ
trading NN
, ,
Kimberly-Clark NNP
closed VBD
at IN
$ $
66.50 CD
a DT
share NN
, ,
up RB
$ $
1.50 CD
. .





INTENSIVE JJ
AUDITS NNS
are VBP
coming VBG
to TO
55,500 CD
taxpayers NNS
as IN
research NN
guinea NN
pigs NNS
. .



This DT
is VBZ
the DT
year NN
: :
Unsuspecting JJ
filers NNS
of IN
1988 CD
personal JJ
returns NNS
are VBP
being VBG
picked VBD
randomly RB
for IN
thorough JJ
audits NN
to TO
help VB
the DT
IRS NNP
update VB
its PRP$
criteria NNS
for IN
enforcement NN
, ,
audit NN
selection NN
, ,
and CC
use NN
of IN
resources NNS
. .
The DT
last JJ
Taxpayer NNP
Compliance NNP
Measurement NNP
Program NNP
survey NN
covered VBD
1985 CD
returns NNS
. .
The DT
1988-return JJ
project NN
starts VBZ
Jan. NNP
1 CD
and CC
is VBZ
to TO
be VB
done VBN
by IN
May NNP
31 CD
, ,
1991 CD
. .
Specially RB
trained JJ
IRS NNP
agents NNS
will MD
look VB
for IN
under-reported JJ
income NN
and CC
unsupported JJ
deductions NNS
and CC
credits NNS
. .



The DT
agents NNS
will MD
make VB
more JJR
than IN
routine JJ
inquiries NNS
about IN
such JJ
items NNS
as IN
marital JJ
status NN
and CC
dependents NNS
; :
they PRP
want VBP
to TO
look VB
at IN
living NN
standards NNS
and CC
business NN
assets NNS
. .
But CC
they PRP
also RB
are VBP
to TO
see VB
that IN
taxpayers NNS
get VBP
all DT
allowable JJ
tax NN
benefits NNS
and CC
to TO
ask VB
if IN
filers NNS
who WP
sought VBD
IRS NNP
aid NN
were VBD
satisfied JJ
with IN
it PRP
. .
Courts NNS
have VBP
ruled VBN
that IN
taxpayers NNS
must MD
submit VB
to TO
TCMP NNP
audits NN
, ,
but CC
the DT
IRS NNP
will MD
excuse VB
from IN
the DT
fullscale JJ
rigors NNS
anyone NN
who WP
was VBD
audited VBN
without IN
change NN
for IN
either DT
1986 CD
or CC
1987 CD
. .



Rewards NNS
have VBP
been VBN
suggested VBN
-- :
but CC
never RB
adopted VBN
-- :
for IN
filers NNS
who WP
come VBP
through IN
TCMP NNP
audits NN
without IN
change NN
. .



PENALTY NN
OVERHAUL NN
is VBZ
still RB
likely JJ
, ,
congressional JJ
sources NNS
say VBP
. .



Long-debated JJ
proposals NNS
to TO
simplify VB
the DT
more JJR
than IN
150 CD
civil JJ
penalties NNS
and CC
make VB
them PRP
fairer JJR
and CC
easier JJR
to TO
administer VB
are VBP
in IN
the DT
House NNP
tax NN
bill NN
. .
But CC
they PRP
were VBD
stripped VBN
from IN
the DT
Senate NNP
bill NN
after IN
staffers NNS
estimated VBD
penalty NN
revenue NN
would MD
fall VB
by IN
$ $
216 CD
million CD
over IN
five CD
years NNS
. .
Still RB
, ,
congressional JJ
aides NNS
say VBP
penalty NN
reform NN
is VBZ
a DT
strong JJ
candidate NN
for IN
enactment NN
, ,
even RB
if IN
not RB
this DT
time NN
around RB
, ,
although IN
some DT
provisions NNS
may MD
be VB
modified VBN
. .



Sen. NNP
Pryor NNP
( (
D. NNP
, ,
Ark. NNP
) )
, ,
a DT
leader NN
on IN
the DT
issue NN
who WP
generally RB
backs VBZ
the DT
House NNP
plan NN
, ,
wants VBZ
some DT
changes NNS
-- :
for IN
one CD
, ,
separate JJ
sanctions NNS
for IN
negligence NN
and CC
large JJ
misstatements NNS
of IN
tax NN
owed VBN
, ,
not RB
a DT
single JJ
penalty NN
. .
He PRP
would MD
ease VB
the DT
proposed VBN
penalties NNS
for IN
delayed JJ
payroll-tax NN
deposits NNS
and CC
for IN
faulty JJ
Form NN
1099 CD
and CC
other JJ
reports NNS
that IN
taxpayers NNS
correct VBP
voluntarily RB
. .
The DT
General NNP
Accounting NNP
Office NNP
urges VBZ
Congress NNP
to TO
ensure VB
that IN
all DT
penalties NNS
retain VBP
their PRP$
force NN
as IN
deterrents NNS
. .



TAXPAYERS NNS
' POS
RIGHTS NNS
are VBP
defined VBN
by IN
a DT
growing VBG
number NN
of IN
states NNS
. .



The DT
1988 CD
tax NN
act NN
created VBD
a DT
federal JJ
bill NN
of IN
rights NNS
spelling VBG
out RP
IRS NNP
duties NNS
to TO
protect VB
taxpayers NNS
' POS
rights NNS
in IN
the DT
assessment NN
and CC
collection NN
of IN
taxes NNS
. .
States NNS
are VBP
following VBG
suit NN
. .
California NNP
enacted VBD
a DT
rights NNS
law NN
in IN
1988 CD
. .
In IN
1989 CD
, ,
Illinois NNP
, ,
Kansas NNP
, ,
Ohio NNP
, ,
Oregon NNP
and CC
South NNP
Carolina NNP
have VBP
adopted VBN
rights NNS
laws NNS
, ,
the DT
Federation NNP
of IN
Tax NNP
Administrators NNPS
, ,
a DT
state NN
officials NNS
' POS
group NN
, ,
reports VBZ
; :
the DT
features NNS
vary VBP
. .
And CC
taxpayer NN
groups NNS
are VBP
urging VBG
legislation NN
in IN
many JJ
other JJ
states NNS
. .



One CD
group NN
is VBZ
the DT
Committee NN
on IN
State NNP
Taxation NNP
, ,
which WDT
comprises VBZ
330 CD
multistate NN
corporations NNS
and CC
advises VBZ
the DT
Council NNP
of IN
State NNP
Chambers NNPS
of IN
Commerce NNP
. .
The DT
group NN
's POS
Mark NNP
Cahoon NNP
says VBZ
its PRP$
efforts NNS
begun VBN
in IN
1989 CD
have VBP
led VBN
to TO
the DT
introduction NN
of IN
bills NNS
in IN
Massachusetts NNP
, ,
Minnesota NNP
and CC
Colorado NNP
to TO
establish VB
evenhanded JJ
procedures NNS
affecting VBG
all DT
kinds NNS
of IN
taxpayers NNS
. .
The DT
group NN
also RB
seeks VBZ
uniformity NN
among IN
states NNS
in IN
provisions NNS
for IN
taxpayers NNS
' POS
rights NNS
. .



This DT
week NN
, ,
New NNP
York NNP
City NNP
announced VBD
a DT
10-point JJ
policy NN
patterned VBN
on IN
the DT
federal JJ
bill NN
of IN
rights NNS
for IN
taxpayers NNS
. .



THE DT
MILEAGE NN
RATE NN
allowed VBN
for IN
business NN
use NN
of IN
a DT
car NN
in IN
1989 CD
has VBZ
risen VBN
to TO
25.5 CD
cents NNS
a DT
mile NN
for IN
the DT
first JJ
15,000 CD
from IN
24 CD
cents NNS
in IN
1988 CD
, ,
the DT
IRS NNP
says VBZ
; :
the DT
rate NN
stays VBZ
11 CD
cents NNS
for IN
each DT
added VBN
mile NN
. .
Also RB
unaltered JJ
: :
12 CD
cents NNS
for IN
charitable JJ
activities NNS
and CC
nine CD
cents NNS
for IN
medical JJ
and CC
moving NN
costs NNS
. .



IRA NNP
BALANCES NNS
could MD
be VB
used VBN
to TO
qualify VB
for IN
bank NN
services NNS
under IN
a DT
bill NN
entered VBN
by IN
Reps. NNPS
Chandler NNP
( (
R. NNP
, ,
Wash NNP
. .
) )
and CC
Andrews NNP
( (
D. NNP
, ,
Texas NNP
) )
. .
The DT
bill NN
would MD
thwart VB
a DT
recent JJ
Labor NNP
Department NNP
opinion NN
that IN
investing VBG
individual-retirement-account NN
funds NNS
to TO
earn VB
free JJ
checking NN
violates VBZ
the DT
law NN
. .



HUGO NNP
FELLED VBD
vast JJ
timberlands NNS
. .
South NNP
Carolina NNP
's POS
congressional JJ
delegation NN
has VBZ
entered VBN
Senate NNP
and CC
House NNP
bills NNS
to TO
provide VB
special JJ
casualty-loss JJ
treatment NN
and CC
other JJ
tax NN
relief NN
for IN
timber NN
growers NNS
in IN
the DT
hurricane NN
disaster NN
areas NNS
. .



HE PRP
RODE VBD
HIS PRP$
HOBBY NN
, ,
but CC
he PRP
could MD
n't RB
milk VB
it PRP
, ,
the DT
Tax NNP
Court NNP
says VBZ
. .



The DT
court NN
often RB
weighs VBZ
deductions NNS
of IN
sideline-business JJ
costs NNS
: :
Do VBP
they PRP
stem VB
from IN
a DT
profit-seeking JJ
activity NN
or CC
a DT
nondeductible JJ
hobby NN
? .
But CC
it PRP
's VBZ
rare JJ
to TO
see VB
both DT
functions NNS
in IN
one CD
case NN
. .
Charles NNP
O. NNP
Givens NNP
of IN
Mount NNP
Vernon NNP
, ,
Ind. NNP
- :
investment NN
broker NN
, ,
ex-accountant NN
, ,
and CC
son NN
of IN
a DT
former JJ
stable NN
owner NN
- :
bred VBD
Tennessee NNP
Walking VBG
Horses NNS
for IN
six CD
years NNS
, ,
raised VBD
cattle NNS
for IN
four CD
, ,
and CC
never RB
made VBD
a DT
profit NN
on IN
either DT
. .
He PRP
claimed VBD
losses NNS
totaling VBG
$ $
42,455 CD
-- :
and CC
the DT
IRS NNP
denied VBD
them PRP
all DT
. .



Special JJ
Judge NNP
Galloway NNP
noted VBD
that IN
Givens NNP
managed VBD
horse-breeding NN
in IN
a DT
businesslike JJ
way NN
: :
He PRP
kept VBD
detailed JJ
accounts NNS
, ,
practiced VBD
soil NN
conservation NN
, ,
enhanced VBD
his PRP$
experience NN
by IN
consulting VBG
experts NNS
, ,
spent VBD
several JJ
hours NNS
a DT
day NN
doing VBG
chores NNS
, ,
and CC
dropped VBD
the DT
sideline NN
when WRB
his PRP$
best JJS
brood NN
mare NN
died VBD
. .
Yet CC
he PRP
took VBD
little RB
businesslike JJ
care NN
with IN
his PRP$
cattle NNS
: :
He PRP
had VBD
no DT
prior JJ
experience NN
and CC
did VBD
n't RB
seek VB
business NN
counsel NN
about IN
them PRP
. .



The DT
judge NN
said VBD
Givens NNP
may MD
deduct VB
his PRP$
$ $
30,180 CD
of IN
losses NNS
from IN
horse NN
breeding NN
, ,
but CC
rejected VBD
the DT
$ $
12,275 CD
in IN
deductions NNS
from IN
the DT
cattle NNS
operation NN
. .



BRIEFS NNS
: :
The DT
IRS NNP
already RB
is VBZ
doing VBG
intensive JJ
TCMP NNP
audits NN
of IN
19,000 CD
returns NNS
for IN
1987 CD
and CC
fiscal JJ
1988 CD
filed VBN
by IN
corporations NNS
with IN
under IN
$ $
10 CD
million CD
in IN
assets NNS
... :
. .
President NNP
Bush NNP
says VBZ
he PRP
will MD
name VB
Donald NNP
E. NNP
Kirkendall NNP
to TO
the DT
new JJ
Treasury NNP
post NN
of IN
inspector NN
general NN
, ,
which WDT
has VBZ
responsibilities NNS
for IN
the DT
IRS NNP
... :
. .
The DT
U.S. NNP
and CC
Finland NNP
signed VBD
an DT
income-tax NN
treaty NN
, ,
subject JJ
to TO
ratification NN
. .





An DT
arbitrator NN
awarded VBD
Eastern NNP
Airlines NNPS
pilots NNS
between IN
$ $
60 CD
million CD
and CC
$ $
100 CD
million CD
in IN
back JJ
pay NN
, ,
a DT
decision NN
that WDT
could MD
complicate VB
the DT
carrier NN
's POS
bankruptcy-law NN
reorganization NN
. .



Eastern NNP
, ,
a DT
unit NN
of IN
Texas NNP
Air NNP
Corp. NNP
, ,
said VBD
it PRP
is VBZ
examining VBG
the DT
ruling NN
to TO
determine VB
if IN
it PRP
can MD
appeal VB
. .



It PRP
's VBZ
unclear JJ
whether IN
Eastern NNP
will MD
succeed VB
in IN
overturning VBG
the DT
arbitrator NN
's POS
decision NN
, ,
made VBN
in IN
a DT
long-simmering JJ
`` ``
pay NN
parity NN
'' ''
dispute NN
that WDT
predates VBZ
both DT
the DT
carrier NN
's POS
Chapter NN
11 CD
petition NN
and CC
its PRP$
1986 CD
acquisition NN
by IN
Texas NNP
Air NNP
. .
All DT
Eastern NNP
's POS
previous JJ
court NN
efforts NNS
to TO
head VB
off RP
the DT
pilots NNS
' POS
demands NNS
have VBP
failed VBN
. .



An DT
Eastern NNP
spokesman NN
said VBD
he PRP
does VBZ
n't RB
expect VB
that IN
the DT
arbitrator NN
's POS
ruling NN
`` ``
will MD
have VB
any DT
overall JJ
material JJ
effect NN
on IN
the DT
company NN
's POS
strategic JJ
plan NN
. .
'' ''


Bankruptcy NN
experts NNS
said VBD
the DT
law NN
is VBZ
n't RB
clear JJ
on IN
how WRB
such JJ
an DT
arbitration NN
ruling NN
can MD
affect VB
a DT
company NN
's POS
case NN
. .
Like IN
any DT
other JJ
creditor NN
, ,
the DT
pilots NNS
will MD
have VB
to TO
apply VB
to TO
the DT
court NN
for IN
payment NN
of IN
their PRP$
claim NN
. .



That DT
may MD
leave VB
a DT
lot NN
of IN
leeway NN
for IN
U.S. NNP
Bankruptcy NNP
Judge NNP
Burton NNP
R. NNP
Lifland NNP
to TO
decide VB
what WP
, ,
if IN
anything NN
, ,
the DT
pilots NNS
actually RB
collect VBP
. .
In IN
August NNP
, ,
he PRP
issued VBD
the DT
ruling NN
that WDT
let VBD
the DT
pilots NNS
pursue VB
their PRP$
back-pay NN
grievance NN
before IN
the DT
arbitrator NN
. .
The DT
pilots NNS
' POS
contract NN
with IN
Eastern NNP
calls VBZ
for IN
a DT
mutually RB
acceptable JJ
private JJ
arbitrator NN
to TO
resolve VB
such JJ
grievances NNS
. .



In IN
a DT
statement NN
to TO
employees NNS
, ,
Eastern NNP
said VBD
the DT
company NN
was VBD
disappointed JJ
by IN
the DT
ruling NN
. .
`` ``
The DT
obligation NN
is VBZ
totally RB
unwarranted JJ
, ,
'' ''
the DT
statement NN
said VBD
. .



James NNP
Linsey NNP
, ,
a DT
lawyer NN
for IN
the DT
Air NNP
Line NNP
Pilots NNPS
Association NNP
, ,
said VBD
the DT
pilots NNS
were VBD
extremely RB
pleased JJ
. .
`` ``
This DT
is VBZ
a DT
blow NN
not RB
only RB
to TO
Eastern NNP
but CC
to TO
the DT
creditors NNS
committee NN
, ,
'' ''
he PRP
said VBD
. .



Eastern NNP
's POS
creditors NNS
committee NN
, ,
along IN
with IN
the DT
company NN
, ,
has VBZ
consistently RB
opposed VBN
the DT
pilots NNS
' POS
claim NN
, ,
which WDT
if IN
paid VBN
would MD
have VB
to TO
come VB
out IN
of IN
money NN
both DT
hope VBP
to TO
use VB
to TO
pay VB
off RP
other JJ
bankruptcy NN
claims NNS
. .



Eastern NNP
and CC
its PRP$
creditors NNS
are VBP
in IN
the DT
final JJ
, ,
delicate JJ
stages NNS
of IN
negotiating VBG
a DT
second JJ
reorganization NN
plan NN
to TO
pay VB
off RP
the DT
airline NN
's POS
debts NNS
. .
An DT
earlier JJR
plan NN
, ,
which WDT
had VBD
received VBN
the DT
creditors NNS
' POS
approval NN
in IN
July NNP
, ,
fell VBD
apart RB
when WRB
Eastern NNP
changed VBD
its PRP$
business NN
plan NN
. .
It PRP
is VBZ
n't RB
known JJ
whether IN
the DT
pilot NN
claim NN
was VBD
figured VBN
into IN
either DT
plan NN
. .



The DT
dispute NN
between IN
Eastern NNP
and CC
its PRP$
pilots NNS
is VBZ
over IN
a DT
`` ``
pay NN
parity NN
'' ''
clause NN
in IN
the DT
pilots NNS
' POS
contract NN
. .
The DT
clause NN
was VBD
part NN
of IN
an DT
agreement NN
in IN
which WDT
pilots NNS
accepted VBD
a DT
substantial JJ
pay NN
cut NN
as RB
long RB
as IN
no DT
other JJ
labor NN
group NN
got VBD
a DT
raise NN
. .



Shortly RB
after IN
Texas NNP
Air NNP
took VBD
control NN
of IN
Eastern NNP
, ,
some DT
Machinists NNS
union NN
supervisors NNS
received VBD
a DT
20 CD
% NN
pay NN
raise NN
. .
The DT
pilots NNS
argued VBD
that IN
this DT
triggered VBD
a DT
pay NN
raise NN
for IN
them PRP
. .
Eastern NNP
has VBZ
disputed VBN
the DT
claim NN
, ,
but CC
a DT
federal JJ
district NN
court NN
, ,
an DT
appeals NNS
court NN
and CC
now RB
the DT
arbitrator NN
have VBP
all DT
sided VBN
with IN
the DT
pilots NNS
. .



The DT
two CD
sides NNS
do VBP
n't RB
even RB
agree VB
about IN
how WRB
much JJ
money NN
is VBZ
at IN
issue NN
. .
The DT
pilots NNS
put VBD
the DT
amount NN
as RB
high JJ
as IN
$ $
100 CD
million CD
, ,
the DT
company NN
at IN
$ $
65 CD
million CD
. .



Another DT
arbitrator NN
is VBZ
hearing VBG
another DT
pay NN
parity NN
case NN
between IN
Eastern NNP
and CC
its PRP$
pilots NNS
, ,
resulting VBG
from IN
a DT
similar JJ
set NN
of IN
circumstances NNS
involving VBG
a DT
separate JJ
pay NN
raise NN
granted VBN
another DT
union NN
. .
A DT
decision NN
on IN
that DT
case NN
is VBZ
n't RB
expected VBN
before IN
mid-November NNP
. .



Ironically RB
, ,
many JJ
of IN
the DT
pilots NNS
involved VBN
have VBP
left VBN
Eastern NNP
or CC
are VBP
still RB
striking VBG
the DT
carrier NN
, ,
which WDT
filed VBD
for IN
bankruptcy NN
protection NN
March NNP
9 CD
. .
About IN
800 CD
have VBP
crossed VBN
the DT
picket NN
lines NNS
and CC
returned VBN
to TO
work VB
. .





Few JJ
people NNS
in IN
the DT
advertising NN
business NN
have VBP
raised VBN
as IN
many JJ
hackles NNS
as IN
Alvin NNP
A. NN
Achenbaum NNP
. .
The DT
general JJ
public NN
may MD
not RB
know VB
his PRP$
name NN
, ,
but CC
he PRP
's VBZ
famous JJ
-- :
make VB
that DT
infamous JJ
-- :
in IN
advertising NN
circles NNS
: :
A DT
marketing VBG
consultant NN
, ,
he PRP
pioneered VBD
slashing VBG
ad NN
agency NN
commissions NNS
, ,
to TO
the DT
delight NN
of IN
advertising NN
clients NNS
and CC
the DT
dismay NN
of IN
agencies NNS
. .



Now RB
, ,
after IN
beating VBG
them PRP
, ,
Mr. NNP
Achenbaum NNP
is VBZ
joining VBG
them PRP
. .
Backer NNP
Spielvogel NNP
Bates NNP
Worldwide NNP
named VBD
Mr. NNP
Achenbaum NNP
, ,
62 CD
, ,
vice NN
chairman NN
of IN
professional JJ
services NNS
, ,
reporting VBG
directly RB
to TO
Carl NNP
Spielvogel NNP
, ,
chairman NN
and CC
chief JJ
executive NN
officer NN
. .
He PRP
joins VBZ
Nov. NNP
13 CD
, ,
dissolving VBG
his PRP$
consulting VBG
firm NN
, ,
Canter NNP
, ,
Achenbaum NNP
Associates NNPS
. .



In IN
years NNS
past RB
, ,
the DT
ad NN
industry NN
's POS
most RBS
distinguished JJ
executives NNS
did VBD
n't RB
hesitate VB
to TO
excorciate VB
Mr. NNP
Achenbaum NNP
. .
They PRP
have VBP
since RB
mellowed VBN
, ,
although IN
one CD
senior JJ
Young NNP
& CC
Rubicam NNP
executive NN
, ,
echoing VBG
others NNS
, ,
said VBD
: :
`` ``
I PRP
think VBP
ad NN
agencies NNS
owe VBP
Carl NNP
{ (
Spielvogel NNP
} )
a DT
vote NN
of IN
thanks NNS
for IN
getting VBG
him PRP
out IN
of IN
the DT
consulting NN
business NN
. .
'' ''


But CC
industry NN
executives NNS
also RB
believe VBP
hiring VBG
Mr. NNP
Achenbaum NNP
is VBZ
a DT
shrewd JJ
move NN
for IN
Backer NNP
Spielvogel NNP
, ,
a DT
unit NN
of IN
Saatchi NNP
& CC
Saatchi NNP
. .
Mr. NNP
Achenbaum NNP
has VBZ
counted VBN
among IN
his PRP$
clients NNS
some DT
of IN
the DT
most RBS
visible JJ
blue-chip JJ
advertisers NNS
in IN
the DT
country NN
, ,
including VBG
Nissan NNP
, ,
Toyota NNP
, ,
Seagram NNP
and CC
Backer NNP
Spielvogel NNP
clients NNS
Hyundai NNP
and CC
J.P. NNP
Morgan NNP
. .
At IN
Backer NNP
Spielvogel NNP
, ,
he PRP
will MD
work VB
with IN
clients NNS
and CC
potential JJ
clients NNS
on IN
marketing NN
strategies NNS
; :
aside RB
from IN
agency NN
compensation NN
issues NNS
, ,
he PRP
helped VBD
Nissan NNP
, ,
for IN
example NN
, ,
come VB
up RB
with IN
its PRP$
positioning NN
and CC
pricing NN
for IN
its PRP$
new JJ
Infiniti NNP
line NN
. .



His PRP$
client NN
contacts NNS
, ,
meanwhile RB
, ,
could MD
prove VB
a DT
gold NN
mine NN
for IN
an DT
agency NN
that WDT
has VBZ
had VBN
few JJ
new JJ
business NN
wins NNS
of IN
late RB
. .
`` ``
I PRP
've VBP
done VBN
over IN
40 CD
ad NN
agency NN
searches NNS
{ (
for IN
clients NNS
} )
, ,
so RB
I PRP
have VBP
a DT
pretty RB
good JJ
notion NN
of IN
what WP
clients NNS
are VBP
interested JJ
in IN
when WRB
they PRP
look VBP
for IN
an DT
agency NN
, ,
'' ''
Mr. NNP
Achenbaum NNP
said VBD
. .
As IN
a DT
consultant NN
, ,
he PRP
has VBZ
given VBN
seminars NNS
at IN
agencies NNS
including VBG
Ogilvy NNP
& CC
Mather NNP
on IN
how WRB
to TO
win VB
new JJ
business NN
. .



Mr. NNP
Spielvogel NNP
said VBD
he PRP
hopes VBZ
Mr. NNP
Achenbaum NNP
will MD
do VB
some DT
strategic JJ
consulting NN
at IN
the DT
agency NN
for IN
`` ``
non-clients NNS
, ,
in IN
hopes NNS
that IN
they PRP
become VBP
clients NNS
. .
'' ''


At IN
Backer NNP
Spielvogel NNP
, ,
Mr. NNP
Spielvogel NNP
's POS
hallmark NN
has VBZ
been VBN
personal JJ
involvement NN
with IN
all DT
major JJ
clients NNS
. .
He PRP
pampers VBZ
them PRP
; :
he PRP
invites VBZ
them PRP
to TO
fabulous JJ
parties NNS
; :
he PRP
strokes VBZ
them PRP
. .
Mr. NNP
Achenbaum NNP
, ,
too RB
, ,
delves VBZ
into IN
his PRP$
clients NNS
' POS
business NN
. .
`` ``
Carl NNP
has VBZ
a DT
much RB
higher JJR
degree NN
of IN
intimacy NN
with IN
his PRP$
clients NNS
than IN
is VBZ
ordinary JJ
for IN
an DT
agency NN
his PRP$
size NN
. .
And CC
with IN
Al NNP
's POS
record NN
of IN
being VBG
a DT
delver NN
and CC
a DT
detail NN
guy NN
, ,
you PRP
can MD
see VB
how WRB
the DT
two CD
fit VBP
, ,
'' ''
said VBD
Alan NNP
Gottesman NNP
, ,
an DT
analyst NN
with IN
PaineWebber NNP
. .



Mr. NNP
Achenbaum NNP
's POS
move NN
follows VBZ
the DT
announcement NN
last JJ
month NN
that IN
his PRP$
consulting VBG
partner NN
, ,
Stanley NNP
Canter NNP
, ,
66 CD
, ,
would MD
retire VB
. .
When WRB
the DT
announcement NN
came VBD
out RB
, ,
`` ``
I PRP
picked VBD
up RP
the DT
phone NN
and CC
said VBD
, ,
` ``
Why WRB
do VBP
n't RB
you PRP
come VB
to TO
us PRP
? .
' ''
'' ''
Mr. NNP
Spielvogel NNP
said VBD
. .



Mr. NNP
Achenbaum NNP
, ,
who WP
had VBD
been VBN
considering VBG
paring VBG
down RP
his PRP$
firm NN
or CC
merging VBG
it PRP
with IN
another DT
small JJ
consulting NN
outfit NN
, ,
soon RB
agreed VBD
. .
The DT
two CD
men NNS
are VBP
longtime JJ
friends NNS
and CC
tennis NN
partners NNS
, ,
having VBG
met VBN
about IN
25 CD
years NNS
ago RB
. .



Before IN
becoming VBG
a DT
consultant NN
in IN
1974 CD
, ,
Mr. NNP
Achenbaum NNP
was VBD
a DT
senior JJ
executive NN
at IN
J. NNP
Walter NNP
Thompson NNP
Co NNP
. .
He PRP
spent VBD
most JJS
of IN
his PRP$
career NN
formulating VBG
marketing NN
strategies NNS
, ,
but CC
became VBD
best-known JJS
for IN
chipping VBG
away RB
at IN
ad NN
agency NN
compensation NN
. .



Ad NN
agencies NNS
typically RB
earned VBD
a DT
straight JJ
15 CD
% NN
commission NN
; :
if IN
a DT
client NN
spent VBN
$ $
100 CD
million CD
on IN
TV NN
time NN
, ,
the DT
agency NN
made VBD
$ $
15 CD
million CD
. .
But CC
Mr. NNP
Achenbaum NNP
pioneered VBD
negotiated JJ
fees NNS
, ,
which WDT
often RB
worked VBD
out RB
to TO
less JJR
than IN
15 CD
% NN
. .
More RBR
recently RB
, ,
he PRP
negotiated VBD
`` ``
indemnification NN
'' ''
clauses NNS
in IN
which WDT
an DT
ad NN
agency NN
in IN
some DT
cases NNS
must MD
pay VB
a DT
client NN
if IN
it PRP
drops VBZ
the DT
account NN
. .



He PRP
ultimately RB
became VBD
so RB
well-known JJ
for IN
cutting VBG
compensation NN
, ,
however RB
, ,
that IN
clients NNS
did VBD
n't RB
seek VB
him PRP
out RP
for IN
anything NN
else JJ
. .
`` ``
I PRP
was VBD
very RB
frustrated JJ
, ,
'' ''
he PRP
said VBD
. .
`` ``
The DT
fact NN
of IN
the DT
matter NN
is VBZ
, ,
I PRP
am VBP
a DT
marketer NN
. .
That DT
's VBZ
another DT
reason NN
{ (
for IN
the DT
Backer NNP
Spielvogel NNP
job NN
} )
. .
It PRP
struck VBD
me PRP
as IN
a DT
way NN
to TO
get VB
back RB
to TO
what WP
I PRP
really RB
want VBP
to TO
do VB
. .
'' ''


Mr. NNP
Spielvogel NNP
added VBD
pointedly RB
: :
`` ``
The DT
pressure NN
on IN
commissions NNS
did VBD
n't RB
begin VB
with IN
Al NNP
Achenbaum NNP
. .
'' ''


Mr. NNP
Spielvogel NNP
said VBD
Mr. NNP
Achenbaum NNP
will MD
work VB
with IN
clients NNS
to TO
determine VB
the DT
mix NN
of IN
promotion NN
, ,
merchandising NN
, ,
publicity NN
and CC
other JJ
marketing VBG
outlets NNS
, ,
and CC
to TO
integrate VB
those DT
services NNS
. .
He PRP
will MD
concentrate VB
on IN
, ,
among IN
others NNS
, ,
J.P. NNP
Morgan NNP
and CC
Hyundai NNP
. .
Mr. NNP
Achenbaum NNP
helped VBD
Morgan NNP
in IN
its PRP$
recent JJ
agency NN
search NN
, ,
and CC
he PRP
has VBZ
a DT
long JJ
relationship NN
with IN
Hyundai NNP
, ,
which WDT
is VBZ
having VBG
severe JJ
troubles NNS
, ,
including VBG
declining VBG
sales NNS
. .



`` ``
The DT
trail NN
of IN
revenue NN
is VBZ
increasingly RB
going VBG
away RB
from IN
pure JJ
advertising NN
, ,
and CC
going VBG
towards IN
other JJ
services NNS
, ,
'' ''
Mr. NNP
Spielvogel NNP
said VBD
. .
Instead RB
of IN
being VBG
just RB
an DT
ad NN
agency NN
, ,
he PRP
said VBD
: :
`` ``
We PRP
have VBP
redefined VBD
our PRP$
mission NN
here RB
. .
Our PRP$
mission NN
is VBZ
to TO
help VB
our PRP$
clients NNS
grow VB
, ,
and CC
to TO
use VB
every DT
tool NN
of IN
marketing NN
communications NNS
to TO
accomplish VB
that DT
. .
'' ''


Industry NN
executives NNS
are VBP
wishing VBG
Mr. NNP
Achenbaum NNP
well RB
. .
Leonard NNP
Matthews NNP
, ,
then-president JJ
of IN
the DT
American NNP
Association NNP
of IN
Advertising NNP
Agencies NNPS
, ,
called VBD
Mr. NNP
Achenbaum NNP
a DT
`` ``
quisling NN
'' ''
in IN
an DT
incendiary JJ
1987 CD
speech NN
. .
Yesterday NN
, ,
Mr. NNP
Matthews NNP
, ,
now RB
a DT
consultant NN
with IN
the DT
Stamford NNP
, ,
Conn. NNP
, ,
firm NN
Matthews NNP
& CC
Johnston NNP
, ,
quipped VBD
, ,
`` ``
I PRP
think VBP
he PRP
'll MD
be VB
very RB
good JJ
at IN
that DT
{ (
new JJ
job NN
} )
. .
And CC
much RB
better JJR
at IN
that DT
than IN
at IN
{ (
the DT
price-cutting NN
} )
he PRP
's VBZ
been VBN
doing VBG
recently RB
. .
'' ''


Cotton NNP
Inc NNP
. .
Campaign NN



Cotton NNP
Inc. NNP
, ,
the DT
fiber NN
company NN
that WDT
represents VBZ
cotton NN
growers NNS
, ,
will MD
begin VB
a DT
new JJ
ad NN
campaign NN
, ,
developed VBN
by IN
Ogilvy NNP
& CC
Mather NNP
, ,
Thanksgiving NNP
Day NNP
. .



J. NNP
Nicholas NNP
Hahn NNP
, ,
Cotton NNP
Inc. NNP
's POS
president NN
and CC
chief JJ
executive NN
, ,
was VBD
an DT
outspoken JJ
critic NN
of IN
WPP NNP
Group NNP
's POS
acquisition NN
of IN
Ogilvy NNP
Group NNP
earlier RBR
this DT
year NN
. .
During IN
the DT
takeover NN
, ,
Mr. NNP
Hahn NNP
said VBD
he PRP
would MD
put VB
his PRP$
account NN
up RP
for IN
review NN
if IN
WPP NNP
's POS
bid NN
were VBD
successful JJ
, ,
but CC
he PRP
did VBD
n't RB
. .



Cotton NNP
Inc. NNP
's POS
new JJ
$ $
9 CD
million CD
campaign NN
calls VBZ
cotton NN
the DT
`` ``
Fabric NN
of IN
Our PRP$
Lives NNS
. .
'' ''
The DT
campaign NN
replaces VBZ
its PRP$
`` ``
Take VB
Comfort NN
in IN
Cotton NN
'' ''
ads NNS
and CC
marks VBZ
the DT
end NN
of IN
its PRP$
national JJ
cooperative JJ
advertising NN
efforts NNS
. .
For IN
years NNS
, ,
the DT
company NN
's POS
ads NNS
were VBD
tied VBN
in RB
with IN
pitches NNS
for IN
Cannon NNP
sheets NNS
or CC
Martex NNP
towels NNS
, ,
for IN
example NN
, ,
and CC
an DT
announcer NN
at IN
the DT
end NN
of IN
the DT
ads NNS
would MD
tell VB
customers NNS
where WRB
to TO
`` ``
find VB
the DT
true JJ
performance NN
label NN
. .
'' ''


With IN
the DT
new JJ
TV NN
spots NNS
, ,
Ogilvy NNP
& CC
Mather NNP
has VBZ
opted VBN
for IN
a DT
family NN
style NN
with IN
lots NNS
of IN
laughter NN
, ,
hugs NNS
and CC
tears NNS
. .
`` ``
We PRP
're VBP
making VBG
a DT
fairly RB
obvious JJ
plea NN
for IN
some DT
emotional JJ
reaction NN
, ,
'' ''
says VBZ
Tom NNP
Rost NNP
, ,
creative JJ
director NN
at IN
Ogilvy NNP
& CC
Mather NNP
. .



Cotton NNP
Inc. NNP
will MD
spend VB
nearly RB
$ $
2 CD
million CD
on IN
broadcasting NN
on IN
Thanksgiving NNP
Day NNP
alone RB
, ,
advertising VBG
on IN
such JJ
programs NNS
as IN
`` ``
Good JJ
Morning NN
America NNP
, ,
'' ''
`` ``
Macy NNP
's POS
Thanksgiving NNP
Day NNP
Parade NNP
'' ''
and CC
the DT
NFL NNP
holiday NN
game NN
. .



Frank NNP
Mingo NNP
Dies VBZ
at IN
49 CD



Frank NNP
L. NNP
Mingo NNP
, ,
one CD
of IN
the DT
pioneers NNS
of IN
advertising NN
targeted VBN
at IN
black JJ
audiences NNS
, ,
died VBD
at IN
the DT
age NN
of IN
49 CD
after IN
a DT
stroke NN
. .



Mr. NNP
Mingo NNP
was VBD
chief JJ
executive NN
officer NN
of IN
the DT
Mingo NNP
Group NNP
, ,
which WDT
he PRP
founded VBD
in IN
1977 CD
and CC
which WDT
created VBD
ads NNS
for IN
the DT
black JJ
market NN
. .
Clients NNS
include VBP
Miller NNP
Brewing NNP
Co. NNP
and CC
General NNP
Motors NNPS
. .
Mr. NNP
Mingo NNP
was VBD
hospitalized VBN
Sept. NNP
23 CD
and CC
died VBD
Monday NNP
, ,
according VBG
to TO
Samuel NNP
J. NNP
Chisholm NNP
, ,
the DT
agency NN
's POS
president NN
and CC
chief NN
operating VBG
officer NN
. .



Ad NN
Notes NNS
... :
. .



EARNINGS NNS
: :
Omnicom NNP
Group NNP
Inc. NNP
, ,
New NNP
York NNP
, ,
reported VBD
third-quarter JJ
net JJ
income NN
rose VBD
54 CD
% NN
to TO
$ $
5.6 CD
million CD
, ,
or CC
22 CD
cents NNS
a DT
share NN
, ,
from IN
$ $
3.6 CD
million CD
, ,
or CC
15 CD
cents NNS
a DT
share NN
, ,
a DT
year NN
earlier RB
. .
Revenue NN
increased VBD
20 CD
% NN
to TO
$ $
246.6 CD
million CD
from IN
$ $
204.8 CD
million CD
. .





Prime NNP
Minister NNP
Lee NNP
Kuan NNP
Yew NNP
, ,
Singapore NNP
's POS
leader NN
and CC
one CD
of IN
Asia NNP
's POS
leading VBG
statesmen NNS
for IN
30 CD
years NNS
, ,
recently RB
announced VBD
his PRP$
intention NN
to TO
retire VB
next JJ
year NN
-- :
though IN
not RB
necessarily RB
to TO
end VB
his PRP$
influence NN
. .
The DT
prime JJ
minister NN
, ,
whose WP$
hair NN
is VBZ
thinning VBG
and CC
gray JJ
and CC
whose WP$
face NN
has VBZ
a DT
perpetual JJ
pallor NN
, ,
nonetheless RB
continues VBZ
to TO
display VB
an DT
energy NN
, ,
a DT
precision NN
of IN
thought NN
and CC
a DT
willingness NN
to TO
say VB
publicly RB
what WP
most JJS
other JJ
Asian JJ
leaders NNS
dare VBP
say VB
only RB
privately RB
. .



The DT
66-year-old JJ
Mr. NNP
Lee NNP
recently RB
spent VBD
an DT
hour NN
discussing VBG
the DT
state NN
of IN
Asia NN
and CC
the DT
world NN
with IN
two CD
Journal NNP
reporters NNS
in IN
his PRP$
plainly RB
furnished JJ
, ,
wood-paneled JJ
office NN
. .
The DT
interview NN
did VBD
not RB
touch VB
on IN
Singapore NNP
's POS
domestic JJ
affairs NNS
. .
Skipping VBG
personal JJ
pleasantries NNS
, ,
Mr. NNP
Lee NNP
picked VBD
up RB
exactly RB
where WRB
he PRP
left VBD
off RB
several JJ
months NNS
earlier RB
-- :
before IN
the DT
government NN
crackdown NN
in IN
China NNP
-- :
when WRB
he PRP
had VBD
warned VBN
that IN
the DT
orthodox JJ
leadership NN
in IN
Beijing NNP
feared VBD
a DT
plurality NN
of IN
views NNS
. .
Excerpts NNS
follow VBP
: :


On IN
China NNP
's POS
turmoil NN
: :
`` ``
It PRP
is VBZ
a DT
very RB
unhappy JJ
scene NN
, ,
'' ''
he PRP
said VBD
. .
`` ``
It PRP
took VBD
Zhao NNP
Ziyang NNP
( (
former JJ
premier NN
and CC
party NN
chief NN
) )
10 CD
years NNS
to TO
build VB
a DT
team NN
of IN
economists NNS
who WP
understood VBD
how WRB
the DT
Western JJ
economies NNS
work VBP
and CC
now RB
that DT
team NN
is VBZ
part NN
in IN
exile NN
, ,
part NN
being VBG
rusticated VBN
and CC
part NN
missing VBG
. .
'' ''
Rebuilding VBG
that DT
team NN
, ,
Mr. NNP
Lee NNP
predicted VBD
, ,
will MD
take VB
another DT
10 CD
years NNS
. .
`` ``
That DT
's VBZ
very RB
sad JJ
for IN
China NNP
and CC
for IN
Asia NNP
because IN
China NNP
could MD
have VB
been VBN
a DT
good JJ
engine NN
for IN
growth NN
, ,
not RB
just RB
for IN
Hong NNP
Kong NNP
and CC
Taiwan NNP
but CC
for IN
Japan NNP
, ,
Korea NNP
and CC
the DT
rest NN
of IN
Asia NNP
. .
'' ''


On IN
similarities NNS
between IN
China NNP
and CC
the DT
Soviet NNP
Union NNP
: :
`` ``
In IN
important JJ
particulars NNS
, ,
the DT
Soviets NNPS
are VBP
different JJ
from IN
the DT
Chinese NNPS
. .
They PRP
are VBP
already RB
industrialized JJ
... :
. .
Their PRP$
problem NN
is VBZ
one CD
of IN
inefficiency NN
of IN
an DT
industrial JJ
economy NN
. .
The DT
Chinese JJ
problem NN
is VBZ
much RB
greater JJR
-- :
it PRP
's POS
how WRB
to TO
industrialize VB
to TO
begin VB
with RP
. .
'' ''


Asked VBN
if IN
the DT
Soviets NNPS
, ,
like IN
Chinese JJ
officials NNS
, ,
wo MD
n't RB
one CD
day NN
face VB
a DT
similar JJ
conflict NN
between IN
the DT
desire NN
to TO
liberalize VB
economically RB
and CC
yet RB
retain VB
political JJ
control NN
, ,
Mr. NNP
Lee NNP
said VBD
, ,
`` ``
I PRP
would MD
think VB
that IN
the DT
Soviets NNPS
face VBP
a DT
deeper JJR
dilemma NN
because IN
they PRP
have VBP
been VBN
more RBR
in IN
blinkers NNS
than IN
the DT
Chinese NNPS
-- :
I PRP
mean VBP
keeping VBG
their PRP$
people NNS
cut VBN
off RB
from IN
the DT
outside JJ
world NN
. .
'' ''
Mikhail NNP
Gorbachev NNP
, ,
he PRP
said VBD
, ,
is VBZ
ahead RB
of IN
China NNP
's POS
leaders NNS
in IN
his PRP$
awareness NN
of IN
the DT
world NN
. .
`` ``
But CC
I PRP
think VBP
the DT
Soviet JJ
peoples NNS
are VBP
more RBR
introverted JJ
than IN
the DT
Chinese NNPS
. .
'' ''
Regardless RB
, ,
he PRP
said VBD
, ,
he PRP
still RB
believes VBZ
the DT
Soviet NNP
Union NNP
, ,
while IN
falling VBG
far RB
short RB
of IN
the DT
efficiency NN
of IN
a DT
Western JJ
economy NN
, ,
may MD
well RB
manage VB
to TO
improve VB
considerably RB
. .



On IN
Asia-Pacific NNP
prosperity NN
: :
`` ``
If IN
America NNP
can MD
keep VB
up RP
the DT
present JJ
situation NN
-- :
her PRP$
markets NNS
open JJ
for IN
another DT
15 CD
years NNS
, ,
with IN
adjustments NNS
, ,
and CC
Japan NNP
can MD
grow VB
and CC
not RB
cut VB
back RB
, ,
and CC
so RB
too RB
, ,
Korea NNP
, ,
Taiwan NNP
, ,
Hong NNP
Kong NNP
, ,
Singapore NNP
, ,
ASEAN NNP
, ,
Australia NNP
and CC
New NNP
Zealand NNP
-- :
then RB
in IN
15 CD
years NNS
, ,
the DT
economies NNS
of IN
these DT
countries NNS
would MD
be VB
totally RB
restructured VBN
to TO
be VB
able JJ
to TO
almost RB
sustain VB
growth NN
by IN
themselves PRP
. .
'' ''
In IN
such JJ
an DT
arrangement NN
, ,
`` ``
all DT
benefit VBP
, ,
'' ''
he PRP
said VBD
. .
`` ``
And CC
if IN
the DT
Europeans NNPS
come VBN
in RB
, ,
they PRP
benefit VBP
too RB
. .
It PRP
's VBZ
not RB
a DT
zero-sum JJ
game NN
. .
'' ''


Asked VBN
about IN
the DT
possibility NN
of IN
greater JJR
economic JJ
cooperation NN
among IN
Asia-Pacific NNP
nations NNS
, ,
which WDT
will MD
be VB
discussed VBN
Nov. NNP
6 CD
and CC
7 CD
at IN
a DT
ministerial JJ
meeting NN
in IN
Canberra NNP
, ,
Mr. NNP
Lee NNP
said VBD
the DT
goal NN
`` ``
is VBZ
to TO
have VB
a DT
free JJ
and CC
open JJ
world NN
trading VBG
system NN
. .
'' ''
An DT
Asian JJ
bloc NN
is VBZ
n't RB
intended JJ
, ,
he PRP
said VBD
. .
`` ``
That DT
's VBZ
not RB
possible JJ
. .
'' ''


On IN
U.S.-Japan JJ
relations NNS
: :
`` ``
I PRP
'm VBP
encouraged JJ
. .
I PRP
think VBP
the DT
earlier JJR
strident JJ
notes NNS
struck VBN
by IN
{ (
U.S. NNP
Commerce NNP
Secretary NNP
Robert NNP
} )
Mosbacher NNP
and CC
{ (
U.S. NNP
Trade NNP
Representative NNP
} )
Carla NNP
Hills NNP
have VBP
been VBN
more RBR
rounded JJ
. .
I PRP
believe VBP
the DT
U.S. NNP
is VBZ
becoming VBG
more RBR
patient JJ
and CC
circumspect JJ
, ,
'' ''
he PRP
said VBD
. .
`` ``
It PRP
's VBZ
the DT
total NN
relationship NN
that WDT
is VBZ
important JJ
. .
'' ''
The DT
total NN
relationship NN
, ,
as IN
Mr. NNP
Lee NNP
sees VBZ
it PRP
, ,
is VBZ
`` ``
the DT
flow NN
of IN
dollars NNS
to TO
the DT
U.S. NNP
to TO
fund VB
the DT
deficits NNS
, ,
the DT
investments NNS
the DT
Japanese NNPS
are VBP
making VBG
in IN
the DT
U.S. NNP
in IN
order NN
to TO
satisfy VB
American JJ
demand NN
that IN
American JJ
products NNS
consumed VBN
in IN
America NNP
should MD
be VB
made VBN
as RB
much RB
as IN
possible JJ
in IN
America NNP
by IN
Americans NNPS
with IN
Japanese JJ
technology NN
and CC
capital NN
. .
'' ''


Japan NNP
's POS
recent JJ
political JJ
turbulence NN
, ,
Mr. NNP
Lee NNP
said VBD
, ,
may MD
mean VB
Japan NNP
will MD
slow VB
market NN
adjustments NNS
. .
`` ``
They PRP
'll MD
be VB
more RBR
timorous JJ
in IN
tackling VBG
their PRP$
own JJ
voters NNS
, ,
like IN
opening VBG
up RB
more RBR
to TO
agricultural JJ
imports NNS
from IN
America NNP
, ,
hurting VBG
their PRP$
farmers NNS
. .
'' ''


On IN
U.S. NNP
military JJ
presence NN
in IN
Asia NNP
: :
Asked VBN
if IN
his PRP$
offer NN
to TO
allow VB
the DT
American JJ
military NN
to TO
use VB
facilities NNS
in IN
Singapore NNP
would MD
help VB
preserve VB
America NNP
's POS
presence NN
in IN
the DT
region NN
at IN
bases NNS
in IN
the DT
Philippines NNPS
, ,
he PRP
said VBD
, ,
`` ``
What WP
we PRP
have VBP
done VBN
is VBZ
make VB
it PRP
easier JJR
for IN
the DT
Philippines NNPS
to TO
continue VB
to TO
host VB
American JJ
bases NNS
without IN
it PRP
being VBG
said VBN
they PRP
are VBP
lackeys NNS
of IN
the DT
imperialists NNS
and CC
the DT
only JJ
ones NNS
in IN
Asia NNP
or CC
in IN
Southeast NNP
Asia NNP
. .
We PRP
are VBP
willing JJ
to TO
share VB
the DT
political JJ
burden NN
of IN
being VBG
host NN
to TO
America NNP
, ,
an DT
imperial JJ
power NN
. .
We PRP
think VBP
it PRP
is VBZ
n't RB
such JJ
a DT
great JJ
burden NN
, ,
that IN
it PRP
carries VBZ
no DT
stigma NN
, ,
and CC
we PRP
are VBP
prepared JJ
to TO
do VB
it PRP
. .
'' ''


On IN
U.S.-Philippine JJ
relations NNS
: :
`` ``
It PRP
's VBZ
such JJ
a DT
mixed-up JJ
relationship NN
going VBG
back RB
into IN
history NN
... :
. .
I PRP
really RB
do VBP
not RB
understand VB
how WRB
it PRP
is VBZ
that IN
Filipinos NNPS
feel VBP
so RB
passionately RB
involved JJ
in IN
this DT
father NN
figure NN
that WDT
they PRP
want VBP
to TO
dispose VB
of IN
and CC
yet RB
they PRP
need VBP
. .
I PRP
just RB
do VBP
n't RB
understand VB
it PRP
. .
My PRP$
relationships NNS
with IN
the DT
British NNPS
are VBP
totally RB
different JJ
. .
They PRP
lorded VBD
it PRP
over IN
me PRP
. .
They PRP
did VBD
me PRP
some DT
good JJ
. .
They PRP
did VBD
themselves PRP
even RB
more RBR
good JJ
. .
They PRP
let VB
me PRP
down RP
when WRB
the DT
Japanese NNPS
came VBD
down RB
{ (
during IN
World NNP
War NNP
II NNP
} )
... :
. .
I PRP
do VBP
n't RB
feel VB
down RB
or CC
done VBN
in RB
because IN
I PRP
show VBP
British JJ
serials NNS
on IN
my PRP$
television NN
network NN
or CC
read VBP
their PRP$
books NNS
. .
I PRP
mean VBP
it PRP
is VBZ
a DT
normal JJ
adult NN
relationship NN
. .
`` ``
But CC
the DT
Filipinos NNPS
and CC
the DT
Americans NNPS
, ,
when WRB
I PRP
talk VBP
to TO
them PRP
, ,
there EX
's VBZ
so RB
much JJ
passion NN
about IN
Filipino JJ
manhood NN
being VBG
diminished VBN
as IN
a DT
result NN
of IN
being VBG
squatted VBN
upon IN
by IN
the DT
Americans NNPS
and CC
so RB
on RB
. .
The DT
occasional JJ
Englishman NNP
tries VBZ
to TO
put VB
on RP
airs NNS
but CC
we PRP
let VBP
it PRP
pass VB
... :
. .
It PRP
's VBZ
just RB
comic JJ
when WRB
they PRP
try VBP
to TO
pretend VB
they PRP
're VBP
still RB
the DT
master NN
race NN
. .
'' ''
Mr. NNP
Lee NNP
added VBD
that IN
the DT
Filipinos NNPS
are VBP
`` ``
making VBG
it PRP
very RB
difficult JJ
'' ''
for IN
the DT
U.S. NNP
military JJ
presence NN
to TO
last VB
beyond IN
five CD
or CC
10 CD
years NNS
. .



On IN
military JJ
alternatives NNS
if IN
the DT
U.S. NNP
pulls VBZ
back RB
: :
`` ``
The DT
Soviets NNPS
already RB
are VBP
present JJ
. .
I PRP
suppose VBP
sooner RBR
or CC
later RBR
, ,
the DT
Japanese NNPS
would MD
have VB
to TO
fill VB
up RP
a DT
large JJ
part NN
of IN
the DT
gap NN
on IN
the DT
naval JJ
side NN
. .
Maybe RB
the DT
Chinese NNPS
, ,
maybe RB
even RB
the DT
Indians NNPS
. .
'' ''


On IN
economic JJ
consequences NNS
of IN
a DT
diminished JJ
U.S. NNP
presence NN
: :
`` ``
America NNP
is VBZ
the DT
only RB
major JJ
power NN
in IN
recent JJ
history NN
that WDT
has VBZ
used VBN
its PRP$
military JJ
might NN
to TO
sustain VB
a DT
system NN
that WDT
enables VBZ
all DT
participants NNS
to TO
equally RB
benefit VB
without IN
her PRP
as IN
the DT
provider NN
of IN
the DT
security NN
taking VBG
royalties NNS
. .
'' ''
Asked VBN
why WRB
so RB
few JJ
nations NNS
seem VBP
to TO
share VB
his PRP$
views NNS
of IN
America NNP
, ,
he PRP
said VBD
, ,
`` ``
Many JJ
people NNS
see VBP
it PRP
that DT
way NN
. .
But CC
they PRP
have VBP
just RB
taken VBN
it PRP
for IN
granted VBN
. .
'' ''


On IN
Cambodia NNP
: :
`` ``
Let VB
's PRP
assume VB
that DT
{ (
former JJ
Cambodian JJ
leader NN
Prince NNP
Norodom NNP
} )
Sihanouk NNP
does VBZ
what WP
the DT
press NN
wants VBZ
him PRP
to TO
do VB
and CC
joins VBZ
up RB
with IN
{ (
Vietnamese-backed JJ
Cambodian JJ
leader NN
} )
Hun NNP
Sen NNP
. .
Is VBZ
the DT
trouble NN
over RP
? .
Can MD
Sihanouk NNP
and CC
Hun NNP
Sen NNP
knock VB
off RP
the DT
Khmer NNP
Rouge NNP
still RB
supported VBN
by IN
China NNP
? .
He PRP
ca MD
n't RB
. .



`` ``
What WP
is VBZ
the DT
way NN
forward RB
? .
To TO
get VB
the DT
Khmer NNP
Rouge NNP
as IN
part NN
of IN
a DT
process NN
for IN
elections NNS
. .
And CC
when WRB
they PRP
lose VBP
, ,
then RB
we PRP
can MD
expect VB
China NNP
to TO
stop VB
aid NN
. .
Let VB
's PRP
put VB
it PRP
bluntly RB
. .
The DT
Chinese NNPS
can MD
not RB
be VB
seen VBN
to TO
have VB
made VBN
use NN
of IN
the DT
Khmer NNP
Rouge NNP
and CC
then RB
discard VB
them PRP
. .
'' ''


Ms. NNP
House NNP
is VBZ
vice NN
president NN
of IN
Dow NNP
Jones NNP
International NNP
Group NNP
. .
Mr. NNP
Wain NNP
is VBZ
editor NN
of IN
The DT
Asian NNP
Wall NNP
Street NNP
Journal NNP
. .





Everything NN
looked VBD
good JJ
as IN
neurosurgeon NN
Walter NNP
Levy NNP
and CC
colleagues NNS
carefully RB
cut VB
away RB
a DT
woman NN
's POS
spinal JJ
tumor NN
at IN
the DT
Cleveland NNP
Clinic NNP
in IN
1978 CD
. .



Using VBG
small JJ
electrical JJ
shocks NNS
applied VBN
to TO
her PRP$
feet NNS
, ,
they PRP
were VBD
able JJ
to TO
monitor VB
sensory JJ
nerves NNS
. .
The DT
shocks NNS
generated VBD
nerve NN
impulses NNS
that WDT
traveled VBD
via IN
spine NN
to TO
brain NN
and CC
showed VBD
up RB
clearly RB
on IN
a DT
brain-wave JJ
monitor NN
, ,
indicating VBG
no DT
damage NN
to TO
the DT
delicate JJ
spinal JJ
tissue NN
. .



Then RB
, ,
says VBZ
Dr. NNP
Levy NNP
, ,
`` ``
she PRP
woke VBD
up RB
paralyzed JJ
. .
'' ''


The DT
damage NN
was VBD
to TO
her PRP$
motor NN
nerves NNS
, ,
which WDT
could MD
n't RB
be VB
monitored VBN
along IN
with IN
the DT
sensory JJ
nerves NNS
, ,
he PRP
explains VBZ
. .
The DT
tragedy NN
, ,
he PRP
adds VBZ
, ,
`` ``
galvanized VBD
me PRP
'' ''
to TO
look VB
for IN
a DT
way NN
to TO
prevent VB
similar JJ
cases NNS
. .



Dr. NNP
Levy NNP
's POS
answer NN
may MD
come VB
with IN
a DT
new JJ
kind NN
of IN
magnetic JJ
brain NN
probe NN
, ,
a DT
device NN
that IN
he PRP
and CC
dozens NNS
of IN
U.S. NNP
researchers NNS
are VBP
studying VBG
with IN
great JJ
hope NN
. .
Besides IN
holding VBG
the DT
promise NN
of IN
safer JJR
spinal NN
surgery NN
, ,
the DT
probe NN
could MD
improve VB
the DT
diagnosis NN
of IN
brain NN
and CC
nerve NN
disorders NNS
such JJ
as IN
strokes NNS
and CC
multiple JJ
sclerosis NN
. .
Perhaps RB
most RBS
exciting JJ
, ,
the DT
device NN
is VBZ
thrusting VBG
open RP
a DT
window NN
to TO
the DT
workings NNS
of IN
the DT
brain NN
. .



The DT
probe NN
, ,
which WDT
is VBZ
painless JJ
, ,
non-invasive JJ
and CC
apparently RB
harmless JJ
, ,
employs VBZ
strong JJ
magnetic JJ
fields NNS
to TO
induce VB
small JJ
whirlwinds NNS
of IN
electricity NN
within IN
the DT
brain NN
. .
If IN
positioned VBN
over IN
the DT
brain NN
's POS
motor-control JJ
area NN
, ,
the DT
hand-held JJ
electromagnets NNS
generate VBP
nerve NN
impulses NNS
that WDT
zip VBP
down IN
motor NN
nerves NNS
and CC
activate VBP
muscles NNS
, ,
making VBG
, ,
say VB
, ,
a DT
finger NN
twitch VB
. .
In IN
principle NN
, ,
they PRP
will MD
enable VB
doctors NNS
to TO
check VB
the DT
body NN
's POS
motor NN
system NN
the DT
way NN
an DT
electrician NN
tests VBZ
a DT
home NN
's POS
electrical JJ
circuits NNS
by IN
running VBG
current NN
through IN
them PRP
. .



`` ``
Until IN
now RB
, ,
we PRP
've VBP
had VBN
no DT
objective JJ
way NN
of IN
measuring VBG
motor NN
function NN
, ,
'' ''
says VBZ
Keith NNP
Chiappa NNP
, ,
a DT
neurologist NN
conducting VBG
clinical JJ
tests NNS
with IN
the DT
devices NNS
at IN
Boston NNP
's POS
Massachusetts NNP
General NNP
Hospital NNP
. .
`` ``
All DT
we PRP
could MD
do VB
was VBD
tell VB
a DT
patient NN
, ,
` ``
squeeze VB
my PRP$
fingers NNS
as RB
hard RB
as IN
you PRP
can MD
' ''
or CC
` ``
raise VB
your PRP$
arm NN
. .
' ''
`` ``
Under IN
the DT
best JJS
circumstances NNS
such JJ
tests NNS
are VBP
subjective JJ
; :
when WRB
a DT
patient NN
is VBZ
unconscious JJ
, ,
they PRP
do VBP
n't RB
work VB
at IN
all DT
. .



Magnetic JJ
brain NN
tweaking NN
started VBD
in IN
the DT
early JJ
1900s NNS
, ,
when WRB
researchers NNS
produced VBD
flashes NNS
of IN
light NN
in IN
the DT
visual JJ
field NN
with IN
magnets NNS
. .
In IN
the DT
1960s NNS
, ,
Mayo NNP
Clinic NNP
researchers NNS
developed VBD
magnetic JJ
devices NNS
to TO
stimulate VB
motor NN
nerves NNS
in IN
the DT
hand NN
and CC
other JJ
limbs NNS
. .
But CC
for IN
brain NN
tests NNS
, ,
the DT
unwieldy JJ
machines NNS
`` ``
would MD
have VB
required VBN
patients NNS
to TO
stand VB
on IN
their PRP$
heads NNS
, ,
'' ''
says VBZ
Reginald NNP
Bickford NNP
, ,
a DT
researcher NN
at IN
the DT
University NNP
of IN
California NNP
at IN
San NNP
Diego NNP
. .



The DT
field NN
took VBD
off RB
in IN
1985 CD
after IN
scientists NNS
at IN
Britain NNP
's POS
Sheffield NNP
University NNP
developed VBD
a DT
handy JJ
, ,
compact JJ
magnet NN
for IN
brain NN
stimulation NN
. .
Since IN
then RB
, ,
at IN
least JJS
two CD
commercial JJ
versions NNS
have VBP
been VBN
put VBN
on IN
the DT
U.S. NNP
market NN
, ,
and CC
an DT
estimated VBN
500 CD
have VBP
been VBN
sold VBN
. .
In IN
August NNP
, ,
a DT
Chicago NNP
conference NN
on IN
such JJ
devices NNS
attracted VBD
more JJR
than IN
100 CD
researchers NNS
, ,
who WP
reported VBD
studies NNS
on IN
everything NN
from IN
brain NN
mapping NN
to TO
physical JJ
therapy NN
. .



`` ``
We PRP
do VBP
n't RB
feel VB
we PRP
can MD
use VB
{ (
the DT
devices NNS
} )
routinely RB
in IN
surgery NN
yet RB
, ,
but CC
we PRP
're VBP
getting VBG
close JJ
, ,
'' ''
says VBZ
Dr. NNP
Levy NNP
, ,
who WP
is VBZ
now RB
with IN
the DT
University NNP
of IN
Pittsburgh NNP
. .
A DT
problem NN
, ,
he PRP
adds VBZ
, ,
is VBZ
that IN
anesthetized JJ
brains NNS
are VBP
more RBR
resistant JJ
to TO
magnetic JJ
stimulation NN
than IN
awake JJ
ones NNS
. .



The DT
devices NNS
could MD
help VB
indicate VB
when WRB
surgery NN
would MD
help VB
, ,
says VBZ
Charles NNP
Tator NNP
, ,
a DT
University NNP
of IN
Toronto NNP
neurosurgeon NN
. .
For IN
example NN
, ,
paralyzed JJ
car-crash JJ
victims NNS
occasionally RB
have VBP
some DT
intact JJ
spinal JJ
tissues NNS
that WDT
, ,
if IN
preserved VBN
by IN
emergency NN
surgery NN
, ,
enable VBP
partial JJ
recovery NN
. .
But CC
such JJ
operations NNS
typically RB
are VBP
n't RB
performed VBN
because IN
there EX
is VBZ
no DT
sign NN
right RB
after IN
an DT
injury NN
that DT
surgery NN
would MD
be VB
beneficial JJ
. .



`` ``
The DT
cost NN
{ (
of IN
magnetic JJ
stimulators NNS
} )
would MD
seem VB
like IN
peanuts NNS
if IN
we PRP
could MD
retrieve VB
limb NN
function NN
'' ''
in IN
such JJ
people NNS
, ,
Dr. NNP
Tator NNP
says VBZ
. .



Scientists NNS
caution VBP
there EX
is VBZ
a DT
chance NN
the DT
magnet NN
technique NN
might MD
spark VB
seizures NNS
in IN
epileptics NNS
. .
But CC
no DT
significant JJ
problems NNS
have VBP
been VBN
reported VBN
among IN
hundreds NNS
of IN
people NNS
tested VBN
with IN
the DT
devices NNS
. .



The DT
main JJ
sensation NN
, ,
besides IN
feeling NN
like IN
a DT
puppet NN
jerked VBN
with IN
invisible JJ
strings NNS
, ,
is VBZ
`` ``
like IN
a DT
rap NN
on IN
the DT
head NN
, ,
'' ''
says VBZ
Sam NNP
Bridgers NNP
, ,
a DT
neurologist NN
who WP
has VBZ
studied VBN
the DT
brain NN
stimulators NNS
at IN
Yale NNP
University NNP
. .
One CD
apparent JJ
side NN
effect NN
is VBZ
a DT
minor JJ
increase NN
in IN
a DT
brain NN
hormone NN
. .
And CC
some DT
doctors NNS
who WP
have VBP
conducted VBN
hours NNS
of IN
tests NNS
on IN
themselves PRP
report VBP
temporary JJ
headaches NNS
. .



At IN
least JJS
two CD
companies NNS
, ,
Cadwell NNP
Laboratories NNPS
Inc. NNP
of IN
Kennewick NNP
, ,
Wash. NNP
, ,
and CC
Novametrix NNP
Medical NNP
Systems NNPS
Inc. NNP
of IN
Wallingford NNP
, ,
Conn. NNP
, ,
now RB
sell VBP
versions NNS
of IN
the DT
magnetic JJ
devices NNS
. .
The DT
machines NNS
, ,
which WDT
at IN
$ $
12,500 CD
are VBP
inexpensive JJ
by IN
medical JJ
standards NNS
, ,
have VBP
n't RB
been VBN
approved VBN
in IN
the DT
U.S. NNP
for IN
marketing NN
as IN
brain NN
stimulators NNS
but CC
are VBP
sold VBN
for IN
stimulating JJ
nerves NNS
in IN
the DT
hand NN
, ,
legs NNS
and CC
other JJ
non-brain JJ
areas NNS
. .
Researchers NNS
can MD
apply VB
for IN
permission NN
to TO
use VB
the DT
probes NNS
for IN
brain NN
studies NNS
. .



At IN
the DT
University NNP
of IN
Kentucky NNP
, ,
a DT
team NN
led VBN
by IN
Dean NNP
Currier NNP
, ,
a DT
physical JJ
therapy NN
researcher NN
, ,
is VBZ
testing VBG
the DT
stimulators NNS
in IN
conjunction NN
with IN
electric JJ
shocks NNS
to TO
induce VB
muscle NN
contractions NNS
to TO
help VB
prevent VB
wasting NN
of IN
thigh NN
muscles NNS
after IN
knee NN
surgery NN
. .
Similarly RB
, ,
a DT
Purdue NNP
University NNP
team NN
led VBN
by IN
heart NN
researcher NN
W.A. NNP
Tacker NNP
hopes VBZ
to TO
develop VB
ways NNS
to TO
magnetically RB
induce VB
cardiac JJ
muscle NN
contractions NNS
. .
The DT
devices NNS
might MD
someday RB
serve VB
as IN
temporary JJ
pacemakers NNS
or CC
restarters NNS
for IN
stopped VBN
hearts NNS
, ,
says VBZ
Dr. NNP
Tacker NNP
, ,
whose WP$
prototype NN
was VBD
dubbed VBN
the DT
`` ``
Tacker NNP
whacker NN
. .
'' ''


The DT
devices NNS
' POS
most RBS
remarkable JJ
possibilities NNS
, ,
though RB
, ,
involve VBP
the DT
brain NN
. .
Probing VBG
with IN
the DT
stimulators NNS
, ,
National NNP
Institutes NNPS
of IN
Health NNP
scientists NNS
recently RB
showed VBD
how WRB
the DT
brain NN
reorganizes VBZ
motor-control JJ
resources NNS
after IN
an DT
amputation NN
. .
Similar JJ
studies NNS
are VBP
expected VBN
to TO
reveal VB
how WRB
stroke NN
patients NNS
' POS
brains NNS
regroup VBP
-- :
a DT
first JJ
step NN
toward IN
finding VBG
ways NNS
to TO
bolster VB
that DT
process NN
and CC
speed NN
rehabilitation NN
. .



Scientists NNS
also RB
are VBP
exploring VBG
memory NN
and CC
perception NN
with IN
the DT
new JJ
machines NNS
. .
At IN
the DT
State NNP
University NNP
of IN
New NNP
York NNP
at IN
Brooklyn NNP
, ,
researchers NNS
flash VBP
two CD
groups NNS
of IN
different JJ
letters NNS
on IN
a DT
computer NN
screen NN
in IN
front NN
of IN
human JJ
guinea NN
pigs NNS
. .
Between IN
flashes NNS
, ,
certain JJ
areas NNS
in IN
subjects NNS
' POS
brains NNS
are VBP
jolted VBN
with IN
a DT
magnetic JJ
stimulator NN
. .
When WRB
the DT
jolt NN
is VBZ
timed VBN
just RB
right RB
, ,
the DT
subjects NNS
do VBP
n't RB
recall VB
seeing VBG
the DT
first JJ
group NN
of IN
letters NNS
. .



`` ``
Where WRB
does VBZ
that IN
first JJ
stimulus NN
go VB
? .
'' ''
exclaims VBZ
SUNY NNP
neurologist NN
Paul NNP
Maccabee NNP
. .
`` ``
Trying VBG
to TO
answer VB
that DT
is VBZ
suggesting VBG
all DT
kinds NNS
of IN
theories NNS
, ,
'' ''
such JJ
as IN
precisely RB
where WRB
and CC
how WRB
the DT
brain NN
processes VBZ
incoming JJ
signals NNS
from IN
the DT
eyes NNS
. .
He PRP
and CC
others NNS
say VBP
that IN
the DT
machines NNS
are VBP
weak JJ
enough RB
that IN
they PRP
do VBP
n't RB
jeopardize VB
the DT
memory NN
. .



Both DT
the DT
SUNY NNP
team NN
and CC
researchers NNS
at IN
the DT
National NNP
Magnet NNP
Laboratory NNP
in IN
Cambridge NNP
, ,
Mass. NNP
, ,
are VBP
working VBG
with IN
more RBR
potent JJ
magnetic JJ
brain NN
stimulators NNS
. .
Among IN
other JJ
things NNS
, ,
the DT
stronger JJR
devices NNS
may MD
be VB
able JJ
to TO
summon VB
forth RB
half-forgotten JJ
memories NNS
and CC
induce VB
mood NN
changes NNS
, ,
neurologists NNS
say VBP
. .





Du NNP
Pont NNP
Co. NNP
, ,
Hewlett-Packard NNP
Co. NNP
and CC
Los NNP
Alamos NNP
National NNP
Laboratory NNP
said VBD
they PRP
signed VBD
a DT
three-year JJ
, ,
$ $
11 CD
million CD
agreement NN
to TO
collaborate VB
on IN
superconductor NN
research NN
. .



The DT
collaboration NN
will MD
include VB
at IN
least JJS
25 CD
researchers NNS
and CC
will MD
be VB
aimed VBN
primarily RB
at IN
developing VBG
thin JJ
films NNS
of IN
high-temperature JJ
superconductors NNS
for IN
use NN
in IN
electronics NNS
, ,
the DT
companies NNS
said VBD
. .
The DT
materials NNS
, ,
discovered VBN
during IN
the DT
past JJ
three CD
years NNS
, ,
conduct VBP
electricity NN
without IN
resistance NN
and CC
promise VBP
smaller JJR
, ,
faster JJR
computers NNS
and CC
other JJ
new JJ
technologies NNS
. .



Joint-research JJ
programs NNS
have VBP
proliferated VBN
as IN
U.S. NNP
companies NNS
seek VBP
to TO
spread VB
the DT
risks NNS
and CC
costs NNS
of IN
commercializing VBG
new JJ
superconductors NNS
and CC
to TO
meet VB
the DT
challenges NNS
posed VBN
by IN
foreign JJ
consortia NN
, ,
especially RB
in IN
Japan NNP
. .



The DT
latest JJS
research NN
pact NN
bolsters VBZ
Du NNP
Pont NNP
's POS
growing VBG
portfolio NN
of IN
investments NNS
in IN
superconductors NNS
. .
The DT
Wilmington NNP
, ,
Del. NNP
, ,
chemicals NNS
concern NN
previously RB
signed VBD
research NN
superconductor NN
agreements NNS
with IN
Oak NNP
Ridge NNP
National NNP
Laboratory NNP
and CC
with IN
Argonne NNP
National NNP
Laboratory NNP
. .
Last JJ
year NN
, ,
Du NNP
Pont NNP
agreed VBD
to TO
pay VB
$ $
4.5 CD
million CD
for IN
rights NNS
to TO
superconductor NN
work NN
at IN
the DT
University NNP
of IN
Houston NNP
. .



Hewlett-Packard NNP
is VBZ
a DT
Palo NNP
Alto NNP
, ,
Calif. NNP
, ,
computer NN
maker NN
. .
The DT
Los NNP
Alamos NNP
laboratory NN
is VBZ
one CD
of IN
three CD
U.S. NNP
Department NNP
of IN
Energy NNP
national JJ
laboratories NNS
designed VBN
as IN
pilot NN
centers NNS
to TO
foster VB
joint JJ
industry-government JJ
programs NNS
to TO
speed VB
the DT
transfer NN
of IN
new JJ
superconductors NNS
to TO
the DT
marketplace NN
. .





J.C. NNP
PENNEY NNP
Co. NNP
, ,
Dallas NNP
, ,
said VBD
it PRP
issued VBD
$ $
350 CD
million CD
of IN
securities NNS
backed VBN
by IN
credit-card NN
receivables NN
. .
The DT
offering NN
was VBD
priced VBN
with IN
an DT
8.95 CD
% NN
coupon NN
rate NN
at IN
99.1875 CD
% NN
to TO
yield VB
9.19 CD
% NN
. .
The DT
retailer NN
said VBD
the DT
securities NNS
are VBP
expected VBN
to TO
be VB
rated VBN
triple-A JJ
by IN
Standard NNP
& CC
Poor NNP
's POS
Corp. NNP
and CC
Aaa JJ
by IN
Moody NNP
's POS
Investors NNPS
Service NNP
Inc NNP
. .
They PRP
pay VBP
interest NN
only RB
for IN
115 CD
months NNS
, ,
with IN
principal JJ
payments NNS
beginning VBG
thereafter RB
. .
The DT
expected JJ
average JJ
life NN
of IN
the DT
certificates NNS
is VBZ
10 CD
years NNS
, ,
with IN
the DT
final JJ
scheduled JJ
payment NN
in IN
October NNP
, ,
2001 CD
. .
First NNP
Boston NNP
Corp. NNP
is VBZ
sole JJ
underwriter NN
. .
As IN
part NN
of IN
the DT
transaction NN
, ,
J.C. NNP
Penney NNP
will MD
sell VB
a DT
portion NN
of IN
its PRP$
credit-card NN
receivables NN
to TO
its PRP$
JCP NNP
Receivables NNPS
Inc. NNP
unit NN
, ,
which WDT
will MD
then RB
transfer VB
them PRP
to TO
a DT
master NN
trust NN
. .
The DT
trust NN
will MD
issue VB
the DT
certificates NNS
. .
Credit NN
support NN
will MD
be VB
provided VBN
by IN
a DT
letter NN
of IN
credit NN
facility NN
from IN
Credit NNP
Suisse NNP
in IN
favor NN
of IN
the DT
trustee NN
, ,
Fuji NNP
Bank NNP
& CC
Trust NNP
Co. NNP
, ,
for IN
the DT
benefit NN
of IN
the DT
certificate NN
holders NNS
. .
J.C. NNP
Penney NNP
will MD
continue VB
to TO
service VB
the DT
receivables NN
. .